Printer Friendly

/FIRST ADD -- NY022 -- FIRST CHICAGO EARNINGS/

 FIRST CHICAGO CORPORATION
 For the Year
 1993 1992 Change
 Net interest income--tax-equivalent
 basis $1,264.0 $1,217.0 + 4%
 Provisions for credit and real estate
 losses (including provisions
 for assets held for accelerated
 disposition 274.2 1,106.9 --
 Noninterest income 2,202.4 1,488.2 + 48%
 Noninterest expense (excluding
 provisions for other real estate) 1,853.9 1,764.4 + 5%
 Income (loss) before cumulative
 effect of changes in accounting
 principles 804.5 (114.5) --
 Cumulative effect of changes in
 accounting principles --
 Valuation of venture capital
 investment securities -- 220.7 --
 Recognition of credit card
 solicitation costs -- (12.7) --
 Net income 804.5 93.5 --
 Earnings per share
 Primary
 Income (loss) before cumulative effect
 of changes in accounting principles 8.78 (2.08) --
 Cumulative effect of changes in
 accounting principles -- 2.72 --
 Net income 8.78 0.64 --
 Average common and common equivalent
 shares (in millions) 85.2 76.5 + 11%
 Fully Diluted
 Income (loss) before cumulative effect
 of changes in accounting principles 8.61 (2.08) --
 Cumulative effect of changes in
 accounting principles -- 2.72 --
 Net income 8.61 0.64 --
 Average shares, assuming full
 dilution (in millions) 88.4 79.7 + 11%
 Average balances
 Loans 21,997 24,347 - 10%
 Earning assets 48,517 46,706 + 4%
 Total assets 56,854 54,768 + 4%
 Common equity 3,092 2,733 + 13%
 Stockholders' equity 3,886 3,314 + 17%
 Net interest margin 2.61% 2.61% --
 Return on assets 1.42% 0.17% --
 Return on common stockholders' equity 24.2% 1.8% --
 At December 31
 1993 1992 Change
 Total assets $52,560 $49,281 + 7%
 Total deposits 28,186 29,740 - 5%
 Loans 23,103 22,692 + 2%
 Common stockholders' equity 3,503 2,732 + 28%
 Stockholders' equity equity 4,264 3,401 + 25%
 First Chicago Corporation and Subsidiaries
 Consolidated Balance Sheet
 December 31
 (Dollars in millions) 1993 1992
 Assets
 Cash and due from banks--noninterest-bearing $ 3,916 $ 3,222
 Due from banks--interest-bearing 6,037 6,116
 Federal funds sold and securities under resale
 agreements 8,783 6,892
 Trading account assets 4,536 3,312
 Investment securities 2,256 2,400
 Loans 23,103 22,692
 Less allowance for credit losses(A) 683 624
 Loans, net 22,420 22,068
 Assets held for accelerated disposition 107 876
 Premises and equipment 635 593
 Accrued income receivable 407 356
 Customers' acceptance liability 517 560
 Currency options purchased 536 622
 Other assets 2,410 2,264
 Total assets $52,560 $49,281
 Liabilities
 Deposits
 Demand $ 8,184 $ 7,575
 Savings 7,541 7,618
 Time 4,925 6,262
 Foreign offices 7,536 8,285
 Total deposits 28,186 29,740
 Federal funds purchased and securities under
 repurchase agreements 8,255 6,962
 Commercial paper 164 172
 Other funds borrowed 5,843 3,997
 Long-term debt 2,065 1,705
 Acceptances outstanding 517 560
 Currency options written 501 612
 Other liabilities 2,765 2,132
 Total liabilities 48,296 45,880
 Stockholders' Equity
 Preferred stock 761 669
 Common stock--$5 par value 434 412
 1993 1992
 Number of shares authorized 150,000,000 150,000,000
 Number of shares issued 86,715,812 82,353,507
 Number of shares outstanding 86,398,605 82,331,001
 Surplus 1,724 1,599
 Retained earnings 1,358 721
 Other adjustments -- 1
 Total 4,277 3,402
 Less Treasury stock at cost 317,207 shares
 in 1993 and 22,506 shares in 1992 13 1
 Stockholders' equity 4,264 3,401
 Total liabilities and stockholders'
 equity $52,560 $49,281
 (A) The Corporation reclassified its reserve for securitized credit card receivables from the allowance for credit losses to other assets. This reserve totaled $196 million at year-end 1993 compared with $167 million a year ago. This reclassification was made to be consistent with industry practice and had no impact on reserves available for losses or reported earnings.
 First Chicago Corporation and Subsidiaries
 Consolidated Income Statement
 Three Months Ended Twelve Months Ended
 December 31 December 31
 (In millions, except per share 1993 1992 1993 1992
 data)
 Interest Income
 Interest and fees on loans $415.3 $450.6 $1,687.4 $1,894.4
 Interest on bank balances 70.0 82.6 298.0 358.0
 Interest on federal funds sold
 and securities under resale
 agreements 89.6 74.8 344.8 284.8
 Interest on trading account
 assets 56.3 61.5 221.9 259.0
 Interest on investment
 securities (including
 dividends) 16.5 17.7 72.0 73.4
 Total 647.7 687.2 2,624.1 2,869.6
 Interest Expense
 Interest on deposits 156.7 186.0 644.1 973.7
 Interest on federal funds
 purchased and securities under
 repurchase agreements 81.1 87.5 308.1 345.3
 Interest on commercial paper 1.3 1.7 6.1 8.8
 Interest on other funds
 borrowed 68.9 61.9 289.7 231.9
 Interest on long-term debt 39.0 29.5 150.3 126.9
 Total 347.0 366.6 1,398.3 1,686.6
 Net Interest Income 300.7 320.6 1,225.8 1,183.0
 Provision for credit losses 70.0 80.0 270.0 425.0
 Provision for loans held for
 accelerated disposition -- -- -- 491.0
 Net Interest Income After
 Provision for Credit Losses
 and Provision for Loans Held
 for Accelerated Disposition 230.7 240.6 955.8 267.0
 Noninterest Income
 Trading account profits 46.8 3.7 179.7 67.8
 Foreign exchange trading
 profits 14.4 30.4 104.9 109.5
 Equity securities gains 40.1 89.2 480.2 204.6
 Investment securities gains
 (losses) 0.9 -- 0.3 8.6
 Market-driven revenue 102.2 123.3 765.1 390.5
 Credit card fee revenue 196.6 153.2 694.2 516.1
 Service charges and
 commissions 122.4 111.7 432.5 381.0
 Fiduciary and investment
 management fees 50.7 44.9 200.7 189.8
 Gains (losses) on sale of
 accelerated disposition
 portfolio assets 30.0 -- 60.0 --
 Other income 21.1 2.9 49.9 10.8
 Total 523.0 436.0 2,202.4 1,488.2
 -0- 1/17/94 AA NY022
 /SECOND ADD -- TABLULAR MATERIAL -- TO FOLLOW/
 (FNB)


CO: First Chicago Corporation ST: Illinois IN: FIN SU: ERN

LG -- NY022A -- 2435 01/17/94 10:03 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 17, 1994
Words:1053
Previous Article:WORLD TRADE CLUB SELECTS COMERICA'S MONAHAN 1994 WORLD TRADER OF THE YEAR
Next Article:/SECOND ADD -- NY022 -- FIRST CHICAGO EARNINGS/
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters