Printer Friendly

BANC ONE REPORTS RECORD FIRST QUARTER RESULTS

 BANC ONE REPORTS RECORD FIRST QUARTER RESULTS
 COLUMBUS, Ohio, April 21 /PRNewswire/ -- Banc One Corporation


(NYSE: ONE) reported record first quarter earnings of $179 million, or $.86 per share, compared with $130 million, or $.67 per share, for the first quarter of 1991. Earnings per share grew 28.4 percent over 1991 first quarter and 21.1 percent above the fourth quarter of 1991. The annualized return on average assets was 1.50 percent during the quarter and the return on common equity was 18.1 percent. Prior period results have been restated to reflect inclusion of the two Illinois banking organizations which were affiliated during the first quarter of 1992 and accounted for as poolings. Last year's per share amounts also reflect the 10 percent stock dividend paid on March 2, 1992.
 John B. McCoy, chairman and chief executive officer of Banc One, said, "On all accounts, we are pleased with the first quarter results and the continued exceptional earnings performance of the corporation." McCoy also noted that the performance was broadly based as each of Banc One's six subsidiary state holding companies achieved a return on assets above 1 percent.
 McCoy said that continued strong retail loan demand and core deposit growth favorably impacted the corporation's net interest margin. Banc One reported a net interest margin of 6.82 percent in the first quarter, up from 5.93 percent in the previous quarter and 6.17 percent last year.
 At the end of the first quarter 1992, Banc One's non-performing assets were 1.98 percent of total loans or $645 million. Loans delinquent more than 90 days were .59 percent of loans, compared to .71 percent at year-end. Annualized net charge-offs were 1.61 percent of average loans compared to 1.85 percent in the fourth quarter of 1991. The reserve for possible loan losses was increased to $600 million or 1.84 percent of ending loans and the reserve coverage of non-performing loans was 130 percent.
 During the first quarter, Banc One announced the pending affiliation of Team Bancshares, headquartered in Dallas, Parke State Bank in Rockville, Ind. and DSB Corporation in Deerfield, Ill. In addition, on April 14, Banc One announced an agreement to purchase Valley National Corporation, an $11 billion banking organization headquartered in Phoenix, Ariz. Valley Bank has 202 offices in Arizona, 35 in Utah and seven in California.
 During the first quarter, Banc One also completed the purchase of the Marine Corporation, headquartered in Springfield, Ill., and First Illinois Corporation, headquartered in Evanston, Ill. There are now nine Bank One banks and 40 offices located in Illinois.
 Banc One Corporation had assets of $48.7 billion as of March 31, 1992 and total equity of $4.2 billion. Banc One operates 57 banks with 869 offices in Indiana, Illinois, Kentucky, Michigan, Ohio, Texas and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, investment and merchant banking, trust, brokerage, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 4/21/92
 /CONTACT: George R.L. Meiling, 614-248-5908; or John A. Russell, 614-248-5989, both of Banc One Corporation/
 (ONE) CO: Banc One Corporation ST: Ohio IN: FIN SU: ERN


KK -- CL004 -- 0411 04/21/92 09:09 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1992
Words:541
Previous Article:NEWELL REPORTS RECORD FIRST QUARTER RESULTS
Next Article:BIRD CORPORATION REPORTS IMPROVED FIRST QUARTER


Related Articles
BANC ONE REPORTS RECORD FOURTH QUARTER AND FULL YEAR EARNINGS
BANC ONE REPORTS RECORD SECOND QUARTER AND YEAR-TO-DATE RESULTS
BANC ONE REPORTS RECORD THIRD QUARTER AND YEAR-TO-DATE RESULTS
BANC ONE CORPORATION REPORTS RECORD 1992 EARNINGS
BANC ONE REPORTS RECORD FIRST QUARTER RESULTS
BANC ONE REPORTS RECORD FIRST QUARTER 1994 RESULTS
BANC ONE REPORTS RECORD SECOND QUARTER AND YEAR-TO-DATE RESULTS
BANC ONE REPORTS FIRST QUARTER 1995 RESULTS
BANC ONE BOARD AUTHORIZES THE REPURCHASE OF 10 MILLION SHARES AND DECLARES SECOND QUARTER CASH DIVIDEND
Banc One Reports 12 Percent Increase In First Quarter 1997 Earnings Per Share And Record First Quarter Earnings

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