Printer Friendly

FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR FIRST QUARTER

 FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR FIRST QUARTER
 RALEIGH, N.C., April 27 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ-NMS: FCNCA) Reports increased earnings for the first quarter of 1992, according to Lewis R. Holding, chairman of the board.
 Net income for the first quarter totaled $12.4 million, compared to $4.5 million earned during the first quarter of 1991, an increase of 175.7 percent. Per share income for the quarter ending March 31, 1992, was $1.32, compared to 49 cents earned per share in the corresponding period of 1991, an increase of 169.4 percent.
 Holding attributed the increase in first quarter earnings to higher net interest income and nonrecurring securities gains.
 The improvement in net interest income was the results of a substantially improved interest rate spread. First Citizens also realized pre-tax gains totalling $2.4 million that resulted from the sale of all First Citizens' mortgage-backed securities. Holding said that the decision to sell the securities was due to the bank's philosophy to maintain a highly liquid investment portfolio consisting primarily of U.S. government securities.
 First Citizens BancShares is the holding company of First Citizens Bank, a statewide financial institution that serves 170 cities and towns with 320 offices.
 Three Months Ended
 Earnings Summary March 31
 (in thousands, except per 1992 1991
 share data)
 Net interest income $ 51,373 $ 40,422
 Provision for loan losses (4,258) (1,676)
 47,115 38,746
 Other income 20,015 14,096
 Other expense (48,466) (46,245)
 18,664 6,597
 Income taxes (6,245) (2,092)
 Net income $ 12,419 $ 4,505
 Earnings per share $ 1.32 $ 0.49
 Profitability Ratios
 (Averages)
 Annualized return
 on total assets (Pct.) 0.94 0.38
 Annualized return
 on shareholders'
 equity (Pct.) 17.29 7.21
 At March 31 1992 1991 Pct. Change
 (in thousands, except
 per share data)
 Loans $3,176,114 $2,669,930 18.96
 Total assets 5,346,434 4,850,508 10.22
 Deposits 4,752,333 4,284,680 10.91
 Shareholders' equity 294,757 259,345 13.65
 Book value per share 31.13 27.98 11.26
 Nonperforming assets 28,168 11,340
 Ratio of nonperforming
 assets to total loans plus
 foreclosed real estate 0.88 0.42
 Ratio of nonperforming
 assets to reserve 51.00 25.46
 -0- 4/27/92
 /CONTACT: Noel McLaughlin, Communications Department, First Citizens BancShares, Inc., 919-755-2716/
 (FCNCA) CO: First Citizens BancShares ST: North Carolina IN: FIN SU: ERN


DF -- CH012 -- 3413 04/27/92 17:28 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 27, 1992
Words:422
Previous Article:CITY OF SEATTLE, WASTE MANAGEMENT SHOW GOVERNMENT WORKS
Next Article:/ADD -- COMPUTER NETWORK TECHNOLOGY -- MN021/


Related Articles
FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR
FIRST CITIZENS REPORTS INCREASED EARNINGS FOR SECOND QUARTER
FIRST CITIZENS REPORTS INCREASED THIRD QUARTER EARNINGS
FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR
FIRST CITIZENS REPORTS INCREASED EARNINGS FOR FIRST QUARTER
FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR
FIRST CITIZENS REPORTS EARNINGS FOR FIRST QUARTER
FIRST CITIZENS REPORTS INCREASED EARNINGS FOR FIRST QUARTER
FIRST CITIZENS REPORTS EARNINGS
CITIZENS BANCSHARES, INC., ANNOUNCES THIRD QUARTER 1995 EARNINGS

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