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/FIRST AND FINAL ADD -- NY019 -- FIRST CHICAGO EARNINGS/

 /FIRST AND FINAL ADD -- NY019 -- FIRST CHICAGO EARNINGS/
 FIRST CHICAGO CORP. AND SUBSIDIARIES
 Consolidated Balance Sheet
 (Dollars in millions)
 6/30/92 6/30/91
 ASSETS
 Cash and due from banks--noninterest bearing $ 3,576 $ 2,832
 Due from banks--interest bearing 6,203 5,605
 Federal funds sold and securities under resale
 agreements 4,146 4,913
 Trading account assets 2,724 2,363
 Investment securities 1,859 1,869
 Loans 24,458 25,616
 Less allowance for credit losses 858 938
 Loans, net 23,600 24,678
 Premises and equipment 575 563
 Accrued income receivable 494 762
 Customers' acceptance liability 586 548
 Currency options purchased 752 1,620
 Other assets 2,876 2,344
 Total assets $47,391 $48,097
 LIABILITIES
 Deposits
 Demand $ 6,377 $ 5,133
 Savings 7,130 5,749
 Time 7,608 10,165
 Foreign offices 8,508 9,669
 Total deposits 29,623 30,716
 Federal funds purchased and securities under
 repurchase agreements 5,545 4,591
 Commercial paper 246 189
 Other funds borrowed 3,264 3,951
 Long-term debt 1,718 1,625
 Acceptances outstanding 586 548
 Currency options written 669 1,385
 Other liabilities 2,384 2,077
 Total liabilities 44,035 45,082
 STOCKHOLDERS' EQUITY
 Preferred stock--without par value,
 authorized 15,000,000
 Outstanding shares:
 Series A ($50 stated value)
 --2,410,000 shares 121 121
 Series B ($100 stated value)
 --1,191,000 shares 119 119
 Series C ($100 stated value)
 --713,800 shares 71 71
 Series D ($25 stated value)
 --6,000,000 shares 150 150
 Convertible Series A ($50 stated value)
 --2,151,451 shares 108 108
 Common stock--$5 par value 398 338
 1992 1991
 Number of shares authorized 150,000,000 150,000,000
 Number of shares issued 79,509,301 67,641,865
 Number of shares outstanding 79,413,213 67,455,209
 Surplus 1,563 1,267
 Retained earnings 827 842
 Translation adjustments 2 4
 Total 3,359 3,020
 Less Treasury stock at cost
 96,088 shares in 1992 and
 186,656 shares in 1991 3 5
 Stockholders' equity 3,356 3,015
 Total liabilities and
 stockholders' equity $47,391 $48,097
 FIRST CHICAGO CORPORATION AND SUBSIDIARIES
 Consolidated Income Statement
 (In millions, except for per share data)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Interest Income
 Interest and fees on loans $490.7 $ 631.9 $ 995.2 $1,317.1
 Interest on bank balances 88.8 120.9 184.7 258.1
 Interest on federal funds sold
 and securities under resale
 agreements 73.4 76.6 145.2 167.0
 Interest on trading account
 assets 65.4 56.3 128.2 114.7
 Interest on investment securities
 U.S. government and federal
 agency 8.6 7.8 15.7 15.5
 States and political
 subdivisions 4.2 5.2 8.8 10.4
 Other (including dividends) 6.6 9.8 14.9 24.7
 Total 737.7 908.5 1,492.7 1,907.5
 Interest expense
 Interest on deposits 263.9 447.7 558.0 938.7
 Interest on federal funds
 purchased and securities under
 repurchase agreements 89.3 98.4 175.3 231.3
 Interest on commercial paper 2.3 3.5 4.6 7.8
 Interest on other funds
 borrowed 58.6 63.5 113.0 118.4
 Interest on long-term debt 33.5 32.0 66.4 63.5
 Total 447.6 645.1 917.3 1,359.7
 Net interest income 290.1 263.4 575.4 547.8
 Provision for credit losses 105.0 90.0 200.0 185.0
 Net interest income after
 provision for credit losses 185.1 173.4 375.4 362.8
 Noninterest income
 Trading accounting profits 21.1 22.5 38.0 36.0
 Foreign exchange trading
 profits 15.9 19.3 30.4 48.8
 Equity securities gains 41.8 11.0 87.6 14.7
 Investment security gains 2.2 0.1 8.5 0.2
 Market-driven revenue 81.0 52.9 164.5 99.7
 Fiduciary and investment
 management fees 48.5 43.0 95.1 83.0
 Credit card fee revenue 116.6 98.5 224.3 190.0
 Service charges and commissions 87.6 99.2 177.7 173.1
 Other income 2.9 13.9 6.4 30.2
 Total 336.6 307.5 668.0 576.0
 Noninterest expense
 Salaries and employee benefits 183.2 176.8 371.1 356.4
 Occupancy expense of premises,
 net 37.2 37.5 75.4 74.1
 Equipment rentals, depreciation
 and maintenance 27.3 26.0 55.0 52.7
 Other expense 150.7 134.8 304.7 259.3
 Subtotal 398.4 375.1 806.2 742.5
 Provision for other real estate 22.0 19.7 45.0 34.3
 Total 420.4 394.8 851.2 776.8
 Income before income taxes 101.3 86.1 192.2 162.0
 Applicable income taxes 33.1 28.8 63.3 55.2
 Net Income $ 68.2 $ 57.3 $ 128.9 $ 106.8
 Net income attributable
 to common stockholders' equity $ 57.3 $ 48.7 $ 107.1 $ 90.8
 Earnings per common and
 common equivalent share $ 0.79 $ 0.73 $ 1.50 $ 1.36
 FIRST CHICAGO CORPORATION
 Credit Data
 (Dollars in millions, except for per-share data)
 Quarter ending 6/30/92 3/31/92 12/31/91 9/30/91 6/30/91
 Provision for Credit
 Losses:
 Commercial $65 $63 $103 $71 $45
 Consumer 40 32 47 34 45
 Total 105 95 150 105 90
 Total Charge-offs 133 128 162 181 173
 Total Recoveries 18 17 20 14 28
 Net Charge-offs:
 Commercial:
 Highly Leveraged
 Transactions (HLT) 6 24 23 32 23
 Commercial Real Estate 43 19 53 90 35
 Other Commercial 32 33 36 18 48
 Total Commercial 81 76 112 140 106
 Consumer 34 35 30 27 39
 Total 115 111 142 167 145
 Nonperforming Loans:
 Highly Leveraged
 Transactions (HLT) 132 153 115 112 186
 Commercial Real Estate 368 273 309 337 351
 Troubled-Country
 Debtor (TCD) 83 149 150 152 178
 Other 212 272 269 290 234
 Total 795 847 843 891 949
 Other Real Estate 479 486 457 553 615
 Nonperforming Loans as
 a Percentage of
 Related Loans:
 Commercial Real Estate 9.1 6.5 7.3 7.7 7.8
 Other Commercial 3.1 4.0 3.5 3.5 3.9
 Total Commercial 4.5 4.6 4.4 4.4 4.8
 Total Loans 3.3 3.4 3.3 3.4 3.7
 Commercial Reserve as
 a Percentage of Related
 Loans 3.4 3.3 3.2 3.1 3.5
 Consumer Reserve as a
 Percentage of Related
 Loans 3.9 4.1 4.1 4.2 4.1
 Total Reserve as a
 Percentage of
 Nonperforming Loans 108 102 105 98 99
 Capital Data
 (In percent)
 6/30/92 3/31/92 12/31/91 9/30/91 6/30/91
 Common Equity/Assets(A) 6.1 5.4 5.1 5.2 5.3
 Risk-Based Capital
 Ratios (B):
 Tier 1 6.4 5.8 5.5 5.6 5.5
 Total 10.7 10.0 9.4 9.3 9.3
 Leverage Ratio 6.6 5.9 5.8 5.8 5.7
 Book Value of Common
 Equity $35.09 $35.07 $34.90 $35.80 $36.27
 (A) -- Net of investment in First Chicago Capital Markets, Inc.
 (B) -- Based on 1992 guidelines. 6/30/92 ratios are estimated.
 FIRST CHICAGO CORP. AND SUBSIDIARIES
 Five-Quarter Consolidated Income Statement
 (Dollars in millions, except for per share data)
 Three months ended 6/30/92 3/31/92 12/31/91 9/30/91 6/30/91
 Interest Income:
 Interest and fees on
 loans $490.7 $504.5 $561.8 $597.1 $631.9
 Interest on bank
 balances 88.8 95.9 104.9 113.2 120.9
 Interest on federal
 funds sold and
 securities under
 resale agreements 73.4 71.8 83.6 78.7 76.6
 Interest on trading
 account assets 65.4 62.8 54.4 61.0 56.3
 Interest on investment
 securities
 U.S. government and
 federal agency 8.6 7.1 9.3 9.3 7.8
 States and political
 subdivisions 4.2 4.6 4.8 4.9 5.2
 Other (including
 dividends) 6.6 8.3 7.7 6.4 9.8
 Total 737.7 755.0 826.5 870.6 908.5
 Interest Expense
 Interest on deposits 263.9 294.1 371.0 404.2 447.7
 Interest on federal
 funds purchased and
 securities under
 repurchase agreements 89.3 86.0 99.5 97.4 98.4
 Interest on commercial
 paper 2.3 2.3 2.8 3.2 3.5
 Interest on other
 funds borrowed 58.6 54.4 59.5 62.5 63.5
 Interest on long-term
 debt 33.5 32.9 32.4 32.4 32.0
 Total 447.6 469.7 565.2 599.7 645.1
 Net Interest Income 290.1 285.3 261.3 270.9 263.4
 Provision for credit
 losses 105.0 95.0 150.0 105.0 90.0
 Net Interest Income
 After Provision for
 Credit Losses 185.1 190.3 111.3 165.9 173.4
 Noninterest Income:
 Trading account profits 21.1 16.9 24.7 30.0 22.5
 Foreign exchange
 trading profits 15.9 14.5 26.2 20.1 19.3
 Equity securities gains 41.8 45.8 32.7 15.6 11.0
 Investment security
 gains (losses) 2.2 6.3 (3.5) - 0.1
 Market-driven
 revenue 81.0 83.5 80.1 65.7 52.9
 Fiduciary and investment
 management fees 48.5 46.6 47.6 44.2 43.0
 Credit card fee revenue 116.6 107.7 113.8 108.0 98.5
 Service charges and
 commissions 87.6 90.1 93.7 81.9 99.2
 Other income 2.9 3.5 1.7 12.5 13.9
 Total 336.6 331.4 336.9 312.3 307.5
 Noninterest Expense:
 Salaries and employee
 benefits 183.2 187.9 187.7 178.7 176.8
 Occupancy expense of
 premises, net 37.2 38.2 41.4 37.3 37.5
 Equipment rentals,
 depreciation and
 maintenance 27.3 27.7 27.8 27.0 26.0
 Other expense 150.7 154.0 160.3 127.3 134.8
 Subtotal 398.4 407.8 417.2 370.3 375.1
 Provision for other
 real estate 22.0 23.0 30.0 40.0 19.7
 Restructuring provision - - 32.0 35.0 -
 Total 420.4 430.8 479.2 445.3 394.8
 Income (Loss) Before
 Income Taxes 101.3 90.9 (31.0) 32.9 86.1
 Applicable income
 taxes (benefit) 33.1 30.2 (15.9) 8.3 28.8
 Net Income (Loss) $ 68.2 $ 60.7 $(15.1) $ 24.6 $ 57.3
 Net Income (Loss)
 Attributable to Common
 Stockholders' Equity $ 57.3 $ 49.8 $(26.1) $ 13.4 $ 48.7
 Earnings (Loss) per Common
 and Common Equivalent
 Share $0.79 $0.71 $(0.40) $0.19 $0.73
 Net Interest Income--
 Tax-equivalent Basis $300.9 $296.2 $270.5 $280.9 $275.0
 Average Earning Assets 45,865 45,625 44,702 43,563 44,107
 Net Interest Margin
 (in percent) 2.64 2.61 2.40 2.56 2.50
 -0- 7/13/92 AA NY019
 /END FIRST AND FINAL ADD/
 (FNB) CO: First Chicago Corporation ST: Illinois IN: FIN SU: ERN


GK -- NY019A -- 8539 07/13/92 10:17 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 13, 1992
Words:1919
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