Printer Friendly

FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR

 RALEIGH, N.C., Jan. 25 /PRNewswire/ -- First Citizens BancShares, Inc. (NASDAQ: FCNCA) reports increased earnings for 1992, according to Lewis R. Holding, chairman of the board.
 Consolidated net earnings for the year ended Dec. 31, 1992, totaled $51.8 million, compared to $29.2 million for 1991, an increase of 77.4 percent. Per share income for 1992 totaled $5.45 compared to $3.12 in 1991, an increase of 74.7 percent.
 Holding attributed the increase in year-end earnings to improved net interest income, which totaled $219.8 million in 1992, a 24.8 percent increase over 1991. The interest rate spread increased 132 basis points during the year.
 Net income for the fourth quarter totaled $12 million, compared to $8.1 million earned during the fourth quarter of 1991, a 48.2 percent increase. Per share income for the quarter ending Dec. 31, 1992, was $1.25, compared to 86 cents earned per share in the corresponding period of 1991, an increase of 45.3 percent.
 Higher net interest income was also the reason for the improved fourth quarter earnings, according to Holding. In addition, First Citizens experienced a $1.5 million reduction in the provision for loan losses for the period ending Dec. 31, 1992, largely due to a decrease in net charge-offs. Net charge-offs totaled $4.2 million for the fourth quarter of 1992, compared to $5.4 million for the fourth quarter of 1991.
 Total consolidated assets of First Citizens BancShares and subsidiary at Dec. 31, 1992, totaled $5.4 billion, compared to $5.5 billion at year-end 1991, a 1 percent decrease. The decrease in First Citizens' assets in 1992 was due primarily to weakened economic conditions that inhibited borrowing, particularly in the commerical sector, Holding said.
 Total deposits of First Citizens Bank as of Dec. 31, 1992, and 1991 were $4.8 billion.
 First Citizens BancShares is the holding company of First Citizens Bank, which serves 76 North Carolina counties with 320 offices in 170 towns and cities.
 CONDENSED STATEMENTS OF INCOME
 Three Months Ended Twelve Months Ended
 Dec. 31 Dec. 31
 1992 1991 1992 1991
 (thousands, except share data)
 Net interest income $57,395 $46,956 $219,822 $176,160
 Provision for loan
 losses 4,841 6,342 17,506 15,626
 Net interest income
 after provision for
 loan losses 52,554 40,614 202,316 160,534
 Other income 17,708 19,148 74,303 70,270
 Other expense 52,286 47,788 199,199 187,596
 Income before income
 taxes 17,976 11,974 77,420 43,208
 Income taxes 6,010 3,898 25,657 14,027
 Net income $11,966 $ 8,076 $51,763 $29,181
 Net income per share $1.25 $0.86 $5.45 $3.12
 Profitability Information
 (annualized)
 Return on average
 assets 0.89pct 0.59pct 0.98pct 0.57pct
 Return on average
 equity 14.54 11.56 16.82 11.03
 Taxable equivalent
 interest rate spread 4.47 3.43 4.25 3.38
 CONDENSED STATEMENTS OF CONDITION
 Dec. 31, Dec. 31, Pct.
 1992 1991 Change
 (thousands, except share data)
 Cash and due from banks $366,335 $402,614 (9.01)
 Investment securities 1,488,693 1,686,677 (11.74)
 Loans 3,207,875 3,123,806 2.69
 Reserve for loan losses (58,380) (53,730) 8.65
 Other assets 409,271 306,503 33.53
 Total assets $5,413,794 $5,465,870 (0.95)
 Deposits $4,816,624 $4,824,446 (0.16)
 Other liabilities 263,383 358,208 (26.47)
 Shareholders' equity 333,787 283,216 17.86
 Total liabilities and
 shareholders' equity $5,413,794 $5,465,870 (0.95)
 Book value per share $34.74 $29.97 15.92
 Asset Quality
 At period-end
 Nonaccrual loans $21,329 $13,034
 Other real estate 12,485 13,813
 Restructured loans 2,267 --
 Total nonperforming assets $36,081 $26,847
 Nonperforming assets to total
 loans plus foreclosed
 real estate 1.12pct 0.86pct
 Reserve for loan losses to
 nonperforming assets 161.80 200.13
 Reserve for loan losses to
 total loans 1.82 1.72
 Annualized net charge-offs to
 average total loans 0.41 0.48
 -0- 1/25/93
 /CONTACT: Noel McLaughlin, Communications Department, First Citizens BancShares, 919-755-2716/
 (FCNCA)


CO: First Citizens BancShares, Inc. ST: North Carolina IN: FIN SU: ERN

MM-CM -- CH010 -- 8712 01/25/93 16:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 25, 1993
Words:731
Previous Article:'MICKEY'S TOONTOWN AT DISNEYLAND' CELEBRATED ON COLLECTIBLE COCA-COLA CANS AND PACKAGING
Next Article:FIRST UNION REPORTS TRUST INVESTMENT PERFORMANCE
Topics:


Related Articles
FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR
FIRST CITIZENS REPORTS INCREASED THIRD QUARTER EARNINGS
FIRST CITIZENS REPORTS EARNINGS
FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR
CITIZENS BANCSHARES, INC. FIRST QUARTER 1994 EARNINGS
FIRST CITIZENS REPORTS EARNINGS FOR FIRST QUARTER
FIRST CITIZENS REPORTS DECREASED EARNINGS FOR SECOND QUARTER
FIRST CITIZENS REPORTS INCREASED EARNINGS FOR THIRD QUARTER
CITIZENS BANCSHARES, INC., ANNOUNCES SECOND QUARTER 1996 EARNINGS
Citizens Bancshares, Inc., Announces 1996 Record Earnings

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