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BANC ONE REPORTS RECORD FIRST QUARTER RESULTS

 COLUMBUS, Ohio, April 20 /PRNewswire/ -- Banc One Corporation (NYSE: ONE) reported record first quarter earnings of $272 million or $1.03 per share. Restated first quarter 1992 earnings were $171 million or $.64 per share and on this basis first quarter 1993 earnings per share grew 60.9 percent. For reporting purposes, prior period results must be restated under the pooling of interests accounting method to include the acquisition of Valley National Corporation on March 31, 1993, as well as three bank acquisitions which occurred during the last three quarters of 1992. The annualized return on average assets was 1.58 percent during the quarter and the return on common equity was 19.24 percent.
 Compared with originally reported earnings of $179 million or $.86 per share for the first quarter, earnings per share grew 19.8 percent over the first quarter 1992.
 John B. McCoy, chairman and chief executive officer of Banc One, said, "On all accounts, we had a broadly based exceptional first quarter." McCoy said that continued retail loan demand and the refund anticipation loan program favorably impacted the corporation's net interest margin. Banc One reported a net interest margin of 6.64 percent in the first quarter.
 McCoy also noted that Banc One adopted SFAS109 related to deferred taxes which produced a gain of $17.8 million during the first quarter. He further noted that Valley National incurred one-time expenses relating to the merger with Banc One of $20 million after tax.
 At the end of first quarter 1993, Banc One's non-performing assets were $803 million as compared to fourth quarter restated non-performing assets of $832 million or 1.75 percent and 1.81 percent of total loans, respectively. Annualized net charge-offs were .63 percent of average loans compared to 1.18 percent in the fourth quarter of 1992. The reserve for possible loan losses was increased to $911 million or 1.98 percent of ending loans.
 On April 19, Banc One announced the pending affiliation of FirsTier Financial, Inc., headquartered in Omaha, Neb. FirsTier Financial has assets of approximately $3 billion and operates in all major markets in Nebraska. After receiving regulatory and shareholder approval, FirsTier is expected to join Banc One during the fourth quarter this year. In addition, Banc One has received all regulatory and shareholder approvals to complete the affiliations of Key Centurion Bancshares, Inc., in Charleston, W.Va., and First Community Bancorp Inc. in Rockford, Ill. Both of these companies will join Banc One within the next 30 days.
 As of March 31, 1993, Banc One Corporation had assets of $70 billion and operates 60 banks with 1,277 offices in Arizona, California, Colorado, Indiana, Illinois, Kentucky, Michigan, Ohio, Texas, Utah and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, investment and merchant banking, trust, brokerage, investment management, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 4/20/93
 /CONTACT: Thomas P. Reed, 614-248-5143, or John A. Russell, 614-248-5989, both of Banc One Corporation/
 (ONE)


CO: Banc One Corporation ST: Ohio IN: FIN SU: ERN

AR -- CL007 -- 7792 04/20/93 08:39 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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