Printer Friendly

BANC ONE REPORTS RECORD SECOND QUARTER AND YEAR-TO-DATE RESULTS

 BANC ONE REPORTS RECORD SECOND QUARTER
 AND YEAR-TO-DATE RESULTS
 COLUMBUS, Ohio, July 21 /PRNewswire/ -- Banc One Corporation (NYSE: ONE) reported record second quarter earnings of $181 million or $.87 per share. Earnings per share grew 24.3 percent over 1991 second quarter earnings of $.70 and 1.2 percent above the first quarter of 1992. The annualized return on average assets was 1.52 percent during the quarter, while return on common equity was 17.8 percent.
 Earnings for the first six months of 1992 were $360 million or $1.73 per share, up 26.3 percent from 1991's reported earnings of $1.37 per share.
 Banc One Chairman John B. McCoy said that, "A continued strong interest rate margin was a major contributor to the Corporation's fine performance." The net interest margin of 6.53 percent in the second quarter compares to 5.83 percent a year ago, although it declined from the seasonally high margin of 6.82 percent recorded in the first quarter of 1992.
 McCoy continued, "We were encouraged to see improvement during the quarter in all areas of credit quality." At quarter-end, Banc One reported total non-performing assets, including other real estate owned, of $621 million or 1.89 percent of loans. This compares to a non-performing asset-to-loan ratio of 1.98 percent at the end of the first quarter and 2.21 percent one year ago. McCoy also noted that the net loan charge-offs declined to annualized 1.18 percent of loans compared to 1.61 percent in the first quarter. The reserve was increased to 1.86 percent of ending loans compared to 1.84 percent at the end of the first quarter and 1.67 percent a year ago.
 During the second quarter, Banc One announced that Key Centurion Bancshares, Inc., a multi-bank holding company headquartered in Charleston, W.Va., had signed a letter of intent for the merger of Key Centurion with Banc One. Key Centurion Bancshares, Inc. had assets of $3.0 billion as of March 31, 1992, and operates 16 banks with 54 offices in West Virginia and Kentucky. As previously announced on April 14, 1992, Valley National Corporation, a multi-bank holding company headquartered in Phoenix, Ariz., has reached an agreement to join Banc One.
 Also during the second quarter, McCoy announced that Donald L. McWhorter had been promoted to president of Banc One Corporation. McWhorter had been chairman and chief executive officer of Banc One Ohio Corporation. McCoy continues as chairman and chief executive officer.
 Banc One Corporation had assets of $48.4 billion as of June 30, 1992, and total equity of $4.3 billion. Banc One operates 56 banks with 862 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- 7/21/92
 /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


DA -- CL012 -- 1166 07/21/92 09:41 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:Jul 21, 1992
Words:524
Previous Article:CYTRX CORPORATION ANNOUNCES PHASE II TRIALS OF RHEOTHRX(R) INJECTION FOR SICKLE CELL
Next Article:GTE REPORTS RECORD SECOND-QUARTER EARNINGS
Topics:


Related Articles
KEY CENTURION NET INCOME FOR 1992 UP FROM PREVIOUS YEAR
BANC ONE REPORTS RECORD THIRD QUARTER AND YEAR-TO-DATE RESULTS
BANC ONE REPORTS RECORD FIRST QUARTER 1994 RESULTS
BANC ONE REPORTS THIRD QUARTER AND YEAR-TO-DATE RESULTS
BANC ONE REPORTS RECORD 1995 EARNINGS INCREASE OF 27 PERCENT AND RECORD FOURTH QUARTER EARNINGS
BANC ONE CORPORATION REPORTS RECORD FIRST QUARTER 1996 EARNINGS
BANC ONE Reports Record Full Year and Fourth Quarter 1996 Earnings
Liberty Bancorp, Inc. Announces First Quarter Earnings
BANC ONE Completes Successful Quarter with Major Initiatives Accomplished and Confirms Strong Growth and Favorable Credit Quality Trends at Recently...
Gold Banc Announces Record First Quarter 1998 Results; Net Income Increases 44.6% as EPS Rises 37.5% to 22 Cents Per Share

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters