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BANC ONE REPORTS SECOND QUARTER AND YEAR-T0-DATE RESULTS

 COLUMBUS, Ohio, July 20 / PRNewswire/ -- Banc One Corporation (NYSE: ONE) reported second quarter earnings of $282 million or $1.01 per share. Earnings per share grew 16.1 percent over 1992 second quarter restated earnings of $243 million or $.87 per share. The annualized return on average assets was 1.53 percent during the quarter, while return on common equity was 17.91 percent.
 Earnings for the first six months of 1993 were $569 million, up $144 million from 1992's restated earnings of $425 million. For the same time periods, earnings per share grew 33.3 percent from $1.53 to $2.04. For reporting purposes, prior period results have been restated under the pooling of interests accounting method to include acquisitions which occurred since June 30, 1992.
 Banc One Chairman John B. McCoy said that, "We continue to generate strong results throughout the company. The net interest margin of 6.30 percent in the second quarter compares to 5.96 percent a year ago. We are encouraged by signs of increased loan growth in many of our markets. Paced by residential mortgages and consumer loans, total loans at June 30 were up 9.4 percent over a year ago and grew at an annualized rate of 13.9 percent in the second quarter.
 McCoy continued, "Credit quality has been improving in recent quarters and we were encouraged to see even further improvement throughout the portfolio this quarter." At quarter-end, Banc One reported total nonperforming assets, including other real estate owned, of $739 million or 1.49 percent of loans. Nonperforming assets have decreased by $88 million during the second quarter and are $260 million lower than restated nonperforming assets as of June 1992.
 The reserve for loan losses was 1.86 percent of ending loans, representing 184 percent of nonperforming loans.
 During the second quarter, four banking companies agreed to affiliate with Banc One. They include FirsTier Financial, Inc., a multi-bank holding company headquartered in Omaha, Neb., Central Banking Group, Inc., a multi-bank holding company headquartered in Oklahoma City, Mid States Bancshares, Inc., Moline, Ill., and United American Bancshares, Inc., in Palestine, Texas.
 Banc One Corporation had assets of $75.5 billion and common equity of $6.3 billion as of June 30, 1993. Banc One now operates 78 banks with 1,340 offices in Arizona, California, Colorado, Illinois, Indiana, Kentucky, Michigan, Ohio, Texas, Utah, West Virginia 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- 7/20/93
 /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

BM -- CL005 -- 6568 07/20/93 08:38 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:471
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