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FIRST FIDELITY EARNS $101.5 MILLION IN THIRD QUARTER, UP 23.3 PERCENT FROM PRIOR YEAR'S PERIOD

    LAWRENCEVILLE, N.J., Oct. 14 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) today reported third quarter 1993 record earnings of $101.5 million, up 23.3 percent from third quarter 1992 earnings of $82.3 million and up 3.7 percent from $97.9 million earned in the second quarter of 1993.
    Earnings per share on a fully diluted basis were $1.15 in the third quarter of 1993, up 13.9 percent from $1.01 per share in the third quarter of 1992 and an increase of 1.8 percent from $1.13 per share earned in the second quarter this year.
    Income before income taxes advanced sharply to $148.6 million in the third quarter, up 42.6 percent from $104.2 million earned in the third quarter of 1992, and an increase of 6.2 percent from $139.9 million in this year's second quarter.  The company's 1993 third quarter tax rate was 31.7 percent, compared to 21.0 percent for the 1992 period.
    "We are pleased with our third-quarter performance, achieving continued earnings growth in the face of higher taxes, the initial expense of acquisitions, and the impact of the lackluster economy," Tony Terracciano, First Fidelity chairman and chief executive officer, said. "Our intensified marketing efforts have been successful in attracting new customers and our recent acquisitions have opened up new markets for both our loan and service products."
    Earnings in the quarter benefited from continued strong net interest income, a decline in the credit loss provision, an increase in non- interest income, and stable to lower operating expenses excluding the impact of mergers.
    Non-performing assets declined $154.4 million from the prior quarter reflecting both the continuing steady trend of asset quality improvement and the classification of $91.0 million in assets as "held for sale." The decision to sell these assets reflects an improvement in market pricing.  As a result, non-performing loans as a percentage of total loans declined from 2.42 percent in the prior quarter to 1.88 percent in the third quarter, and the reserve coverage of non-performing loans rose from 136 percent to 159 percent in the third quarter.
    Return on average assets (ROA) in the third quarter was 1.24 percent, compared to 1.26 percent in the second quarter of 1993, and return on average stockholders' equity (ROE) was 15.80 percent, compared to 16.33 percent in the second quarter.
    The third quarter results include the first full quarter of operations of Union Trust Company, of Stamford, Conn., and the New Jersey branches of the Dime Savings Bank.  The acquisition of the nine- branch Village Bank, of Port Chester, N.Y., was completed in mid-August and the quarter's results reflect about six weeks of that bank's operations.
    In the third quarter, First Fidelity also announced agreements to acquire Greenwich (Conn.) Financial Corporation (NASDAQ: GFCT) and its seven-branch Greenwich Federal Savings and Loan and the two-branch First Peoples National Bank, of Edwardsville, Pa., outside of Wilkes-Barre. Last Thursday, shareholders of the 31-branch Peoples Westchester Savings Bank (NASDAQ: PWSB) approved its merger into First Fidelity Bank, N.A., New York.  Pending regulatory approval, that transaction is expected to close by year-end.
    Net Interest Income
    Taxable equivalent net interest income was $353.5 million in the third quarter, up from $348.3 million in the second quarter of 1993 and $313.0 million in the third quarter of 1992.  The quarter-to-quarter increase primarily resulted from a higher level of average earning assets, largely the result of acquisitions, and was partially offset by a decrease in the net interest margin.
    Third quarter earning assets averaged $29.1 billion, up from $28.2 billion in the second quarter and $26.2 billion in the third quarter of 1992.  Average loans were $19.9 billion, compared to $19.3 billion in the second quarter, and average investment securities were $7.1 billion, compared to $6.7 billion in the previous quarter. Average short-term money market assets were reduced $79.5 million to $2.1 billion.
    Consumer deposits remained a stable funding source.  Demand deposit, NOW and savings accounts averaged $13.5 billion compared to $12.8 billion in the second quarter.  Consumer money market deposits averaged $4.1 billion, compared to $4.0 billion in the previous quarter. Consumer time deposits averaged $9.0 billion, compared to $8.9 billion in the second quarter.  Wholesale deposits were $649 million, virtually unchanged from the prior quarter.
    The net interest margin declined to 4.82 percent from 4.92 percent in the second quarter due to several factors.  The initial impact of the Northeast, Dime Savings and Village acquisitions was to lower the margin by about seven basis points in the third quarter while accelerated prepayments of mortgage-backed securities advanced expected maturities by about two quarters.
    Non-Interest Income
    Third quarter non-interest income, excluding securities gains, totaled $97.5 million, up from $94.6 million in the second quarter of the year and $81.1 million in the prior year's period.  Non-interest income, excluding securities gains, represented 22.1 percent of total revenue, up from 21.8 percent in the second quarter of 1993.
    Trust income increased to $27.6 million from $26.5 million in the second quarter and $20.5 million in the third quarter of 1992.  Other service charges, commissions and fees increased to $23.1 million from $21.5 million in the second quarter of 1993 and $18.2 million in the third quarter of 1992.  Net securities gains were a nominal $50,000 in the third quarter.
    Non-Interest Expense
    Non-interest expense was $260.2 million in the third quarter, compared to $253.8 million in the second quarter of this year and $224.3 million in the third quarter of 1992.  Virtually all of the increase was the result of acquisitions.
    The efficiency ratio -- the ratio of non-interest expense to taxable equivalent operating income -- was 57.7 percent for the third quarter, compared to 57.3 percent in the second quarter of 1993.  On a core basis, i.e., excluding net securities transactions and OREO expenses, the ratio was 56.5 percent, compared to 55.3 percent in this year's second quarter.
    Salaries and benefits expense in the third quarter was $123.5 million, compared to $117.0 million in this year's second quarter and net occupancy and equipment expense was $39.8 million, compared to $37.6 million in the second quarter of 1993.  Other expenses, excluding OREO expense, were $91.6 million in the third quarter, compared to $90.3 million in this year's second quarter.
    The OREO provision in the third quarter was $5.3 million, down from $6.0 million in the second quarter.
    Asset Quality
    Asset quality continued to improve during the quarter, with non- performing loans, non-performing assets and the provision for possible credit losses all continuing to decline.
    Non-performing loans totaled $381.1 million at Sept. 30, compared to $481.9 million at June 30, 1993, and $541.3 million at Sept. 30, 1992. OREO, net of the OREO reserve, was $130.4 million, compared to $184.0 million at June 30, 1993, and $209.9 million at Sept. 30 a year ago.  Non-performing assets were $511.5 million at Sept. 30, 1993, compared to $665.9 million at June 30, 1993, and $751.2 million at Sept. 30, 1992.
    Non-performing loans were 1.88 percent of total loans at Sept. 30, compared to 2.42 percent at June 30, 1993, and 3.25 percent at Sept. 30, 1992, and non-performing assets were 2.51 percent of loans plus OREO, compared to 3.32 percent at June 30 and 4.45 percent a year ago.
    The quarter-to-quarter decline in non-performing assets was attributable to the continuing steady trend of asset quality improvement and the classification of certain loans and OREO with a carrying value of $91.0 million as "held for sale" under an asset disposition program. "Held-for-sale" assets are included in "Other Assets" and are carried at the lower of cost or market.  The last table details the quarter-to- quarter changes in non-performing assets.
    The "held-for-sale" portfolio, primarily non-performing commercial loans and OREO, had an original exposure of $161.9 million.  After prior charge-offs of $22.1 million, a market-value adjustment of $42.2 million was taken against the existing reserve for possible credit losses and $6.6 million was taken against the OREO reserve in the current quarter. Therefore, the carrying value for the "held-for-sale" portfolio is approximately 56 percent of the original exposure.  At Sept. 30, approximately half of this portfolio was under contract for sale.  The total portfolio is expected to be sold within several quarters.
    Net charge-offs in the third quarter totaled $92.8 million, including the $42.2 million market-value adjustment for the "held-for- sale" portfolio, compared to $49.3 million in the second quarter of 1993 and $60.8 million in the third quarter of last year.
    The provision for possible credit losses was $33.0 million for the third quarter, down from $41.0 million for the previous quarter and $56.0 million for the third quarter of last year.  At Sept. 30, the reserve for possible credit losses was $605.2 million and represented 159 percent of non-performing loans, compared to $656.9 million and 136 percent at June 30, 1993 and $597.2 million and 110 percent at Sept. 30, 1992.
    Loans that were contractually past-due 90 days but still accruing were $146.1 million at Sept. 30, compared to $147.1 million at June 30, and $112.9 million at Sept. 30 a year ago.  Of the Sept. 30 total, $137.7 million were consumer loans, primarily shelter loans in the process of collection.
    Segregated assets -- non-performing assets acquired in the Howard Savings Bank acquisition and subject to loss sharing with the Federal Deposit Insurance Corporation (FDIC) -- are included in Other Assets and totaled $280.1 million at Sept. 30, 1993.  Since the FDIC assumes 80 percent of the first $130 million of losses and 95 percent thereafter on these assets, First Fidelity's risk share is $20.9 million with a special segregated loss reserve of $9.2 million.
    Capital and Balance Sheet
    At Sept. 30, 1993, total stockholders' equity was $2.6 billion, compared to $2.5 billion at June 30, 1993, and $2.1 billion at Sept. 30, 1992.
    There were 79,742,129 common shares outstanding at Sept. 30, 1993, compared to 78,193,836 common shares at June 30, 1993, and 71,274,154 common shares at Sept. 30, 1992.  Book value per share at Sept. 30 was $30.07, compared to $29.08 at June 30, 1993, and $26.50 at Sept. 30, 1992.
    At Sept. 30, 1993, under the revised Federal Reserve Board rule, the Tier I capital leverage ratio was 7.20 percent, compared to 7.15 percent at June 30, 1993 and 6.74 percent at Sept. 30, 1992.  The risk-adjusted Tier I capital ratio was approximately 10.50 percent and the total risk- adjusted capital ratio was approximately 14.05 percent compared to 10.39 percent and 14.03 percent, respectively, at June 30, 1993, and 10.42 percent and 14.03 percent, respectively, at Sept. 30, 1992.
    At Sept. 30, 1993, First Fidelity had total assets of $32.6 billion, compared to $32.3 billion at June 30, this year and $28.9 billion at Sept. 30, 1992.  Total deposits at Sept. 30 were $27.4 billion, compared with $27.3 billion at June 30, 1993, and $23.6 billion at Sept. 30, 1992.  Loans at Sept. 30 were $20.3 billion, compared with $19.9 billion at June 30, and $16.7 billion a year earlier.
    First Fidelity, one of the 25 largest banking companies in the country, operates more than 600 branch offices through its principal affiliates, Union Trust Company, of Connecticut, and the First Fidelity Banks in New Jersey, New York and Pennsylvania.
            FIRST FIDELITY BANCORPORATION AND SUBSIDIARIES
                          Financial Summary
                   (In thousands except per share)
    At period end               Sept. 30       Sept. 30      June 30
                                  1993           1992          1993
    Assets                     $32,602,706   $28,866,745   $32,323,909
    Deposits                    27,378,006    23,595,758    27,317,372
    Loans                       20,275,840    16,673,476    19,895,019
    Reserve for possible
     credit losses                 605,172       597,207       656,890
    Stockholders' equity         2,627,888     2,121,352     2,504,022
    Reserve for possible
     credit losses/loans(pct.)        2.98          3.58          3.30
    Tier I leverage ratio             7.20          6.74          7.15
    Tier I capital/
     risk-adjusted assets (A)        10.50         10.42         10.39
    Total risk-based capital/
     risk-adjusted assets (A)        14.05         14.03         14.03
    Per common share:
    Book value                      $30.07        $26.50        $29.08
    Market price                     46.38         34.88         49.13
    For the three months          Sept. 30       Sept. 30      June 30
     ended                          1993           1992          1993
    Net income                    $101,542       $82,336       $97,928
    Per common share:
    Net income-primary               $1.17         $1.03         $1.15
    Net income-fully diluted          1.15          1.01          1.13
    Return on average assets(pct.)    1.24          1.14          1.26
    Return on average
     stockholders' equity(pct.)      15.80         15.70         16.33
    Return on average common
     stockholders' equity(pct.)      16.50         16.53         17.11
    For the nine months           Sept. 30       Sept. 30
      ended                         1993           1992
    Income before cumulative
     effect of changes in
     accounting principles        $292,083      $224,141
    Cumulative effect of changes
     in accounting principles,
     net of tax                      2,373           ---
    Net income                     294,456       224,141
    Per common share:
    Primary:
    Income before cumulative
     effect of changes in
     accounting principles           $3.43         $2.80
    Cumulative effect of changes
     in accounting principles,
     net of tax                       0.03           ---
    Net income-primary                3.46          2.80
    Fully diluted:
    Income before cumulative
     effect of changes in
     accounting principles           $3.37         $2.76
    Cumulative effect of changes
     in accounting principles,
     net of tax                       0.03           ---
    Net income-fully diluted          3.40          2.76
    Return on average assets(pct.)    1.26          1.03
    Return on average
     stockholders' equity(pct.)      16.29         14.80
    Return on average common
     stockholders' equity(pct.)      17.07         15.54
    Average common shares and common
     stock equivalents outstanding:
    Primary                     80,579,969    74,415,982
    Fully diluted               84,359,232    78,230,227
    (A) Sept. 30, 1993, ratios are estimated.
                   Consolidated Statements of Income
                         (thousands)
    Three months ended                                       Increase/
    Sept. 30                        1993          1992       (Decrease)
    Interest income:
    Interest and fees on loans    $389,528      $367,026       $22,502
    Interest on federal funds
     sold and securities
     purchased under
     agreements to resell            4,307        10,228        (5,921)
    Interest and dividends on
     investment securities:
    Taxable interest income         91,209        99,103        (7,894)
    Tax-exempt interest income      11,707        14,019        (2,312)
    Dividends                        1,069         1,047            22
    Interest on bank deposits       15,865        22,077        (6,212)
    Interest on trading
     account securities              1,485         1,459            26
    Total interest income          515,170       514,959           211
    Interest expense:
    Interest on:
    Deposits                       153,332       188,492       (35,160)
    Short-term borrowings            8,086        11,911        (3,825)
    Long-term debt                   9,432        11,116        (1,684)
    Total interest expense         170,850       211,519       (40,669)
    Net interest income            344,320       303,440        40,880
    Provision for possible
     credit losses                  33,000        56,000       (23,000)
    Net interest income after
     provision for possible
     credit losses                 311,320       247,440        63,880
    Non-interest income:
    Trust income                    27,578        20,465         7,113
    Service charges on deposit
     accounts                       38,208        35,256         2,952
    Other service charges,
     commissions and fees           23,104        18,234         4,870
    Trading revenue                  4,184         4,808          (624)
    Net securities transactions         50             6            44
    Other income                     4,378         2,350         2,028
    Total non-interest income       97,502        81,119        16,383
    Non-interest expense:
    Salaries and benefits expense  123,458       101,501        21,957
    Occupancy expense               28,456        25,659         2,797
    Equipment expense               11,339         9,802         1,537
    Other expenses                  96,956        87,375         9,581
    Total non-interest expense     260,209       224,337        35,872
    Income before income taxes     148,613       104,222        44,391
    Income taxes                    47,071        21,886        25,185
    Net income                     101,542        82,336        19,206
    Dividends on preferred stock     5,135         5,281          (146)
    Net income applicable
     to common stock                96,407        77,055        19,352
    Per common share:
    Net income-primary               $1.17         $1.03          $.14
    Net income-fully diluted          1.15          1.01           .14
                   Consolidated Statements of Income
                           (thousands)
    Three months ended             Sept. 30      June 30     Increase/
                                    1993          1993       (Decrease)
    Interest income:
    Interest and fees on loans    $389,528      $382,994        $6,534
    Interest on federal funds
     sold and securities
     purchased under
     agreements to resell            4,307         4,108           199
    Interest and dividends on
     investment securities:
    Taxable interest income         91,209        93,104        (1,895)
    Tax-exempt interest income      11,707        13,084        (1,377)
    Dividends                        1,069         1,092           (23)
    Interest on bank deposits       15,865        17,470        (1,605)
    Interest on trading
     account securities              1,485         1,545           (60)
    Total interest income          515,170       513,397         1,773
    Interest expense:
    Interest on:
    Deposits                       153,332       157,057        (3,725)
    Short-term borrowings            8,086         7,381           705
    Long-term debt                   9,432         9,049           383
    Total interest expense         170,850       173,487        (2,637)
    Net interest income            344,320       339,910         4,410
    Provision for possible
     credit losses                  33,000        41,000        (8,000)
    Net interest income after
     provision for possible
     credit losses                 311,320       298,910        12,410
    Non-interest income:
    Trust income                    27,578        26,476         1,102
    Service charges on deposit
     accounts                       38,208        39,905        (1,697)
    Other service charges,
     commissions and fees           23,104        21,453         1,651
    Trading revenue                  4,184         4,786          (602)
    Net securities transactions         50           194          (144)
    Other income                     4,378         2,020         2,358
    Total non-interest income       97,502        94,834         2,668
    Non-interest expense:
    Salaries and benefits expense  123,458       117,005         6,453
    Occupancy expense               28,456        26,791         1,665
    Equipment expense               11,339        10,785           554
    Other expenses                  96,956        99,268        (2,312)
    Total non-interest expense     260,209       253,849         6,360
    Income before income taxes     148,613       139,895         8,718
    Income taxes                    47,071        41,967         5,104
    Net income                     101,542        97,928         3,614
    Dividends on preferred stock     5,135         5,144            (9)
    Net income applicable
     to common stock                96,407        92,784         3,623
    Per common share:
    Net income-primary               $1.17         $1.15          $.02
    Net income-fully diluted          1.15          1.13           .02
    Nine months ended                                        Increase/
    Sept. 30                        1993          1992       (Decrease)
    Interest income:
    Interest and fees on loans  $1,144,429    $1,126,338       $18,091
    Interest on federal funds
     sold and securities
     purchased under
     agreements to resell           15,244        26,996       (11,752)
    Interest and dividends on
     investment securities:
    Taxable interest income        278,651       309,806       (31,155)
    Tax-exempt interest income      37,527        44,119        (6,592)
    Dividends                        3,324         3,033           291
    Interest on bank deposits       55,298        78,428       (23,130)
    Interest on trading
     account securities              4,565         5,047          (482)
    Total interest income        1,539,038     1,593,767       (54,729)
    Interest expense:
    Interest on:
    Deposits                       477,210       632,398      (155,188)
    Short-term borrowings           22,863        34,778       (11,915)
    Long-term debt                  29,034        42,260       (13,226)
    Total interest expense         529,107       709,436      (180,329)
    Net interest income          1,009,931       884,331       125,600
    Provision for possible
     credit losses                 119,000       176,000       (57,000)
    Net interest income after
     provision for possible
     credit losses                 890,931       708,331       182,600
    Non-interest income:
    Trust income                    77,300        63,590        13,710
    Service charges on deposit
     accounts                      113,881       101,142        12,739
    Other service charges,
     commissions and fees           63,181        56,259         6,922
    Trading revenue                 13,127        13,220           (93)
    Net securities transactions      3,921         4,905          (984)
    Other income                     9,939         6,223         3,716
    Total non-interest income      281,349       245,339        36,010
    Non-interest expense:
    Salaries and benefits expense  348,409       301,132        47,277
    Occupancy expense               83,798        79,982         3,816
    Equipment expense               32,157        30,035         2,122
    Other expenses                 288,015       259,834        28,181
    Total non-interest expense     752,379       670,983        81,396
    Income before income taxes and
     cumulative effect of changes
     in accounting principles      419,901       282,687       137,214
    Income taxes                   127,818        58,546        69,272
    Income before cumulative
     effect of changes in
     accounting principles         292,083       224,141        67,942
    Cumulative effect of changes
     in accounting principles,
     net of tax                      2,373           ---         2,373
    Net income                     294,456       224,141        70,315
    Dividends on preferred stock    15,523        15,840          (317)
    Net income applicable
     to common stock               278,933       208,301        70,632
    Per common share:
    Primary:
    Income before cumulative
     effect of changes in
     accounting principles           $3.43        $2.80           $.63
    Cumulative effect of changes
     in accounting principles,
     net of tax                        .03          ---            .03
    Net income-primary                3.46         2.80            .66
    Fully diluted:
    Income before cumulative effect
     of changes in accounting
     principles                       3.37         2.76            .61
    Cumulative effect of changes
     in accounting principles, net
     of tax                            .03          ---            .03
    Net income-fully diluted          3.40         2.76            .64
               Consolidated Statements of Condition (Thousands)
                                            Sept. 30
                                       1993        1992
    Assets:
    Cash and due from banks       $1,614,930     $1,662,567
    Interest bearing time deposits 1,135,786      1,885,012
    Securities at amortized cost
     (market value of $5,930,685
     at Sept. 30, 1993, and
     $5,869,152 at Sept. 30, 1992) 5,782,106      5,690,692
    Securities at lower of cost
     or market (market value of
     $1,589,400 at Sept. 30, 1993
     and $813,410 at Sept. 30,
     1992)                         1,551,056        777,270
    Trading account securities
     at market value                 204,190        125,048
    Federal funds sold and
     securities purchased under
     agreements to resell            487,310      1,285,500
    Loans, net of unearned income 20,275,840     16,673,476
    Reserve for possible
     credit losses                  (605,172)      (597,207)
    Premises and equipment           393,782        296,641
    Customers' acceptance liability  233,028        164,616
    Other assets                   1,529,850        903,130
    Total assets                  32,602,706     28,866,745
    Liabilities:
    Deposits in domestic offices:
    Demand deposits (non-interest
     bearing)                      5,286,575      4,312,625
    Savings/NOW deposits           8,705,542      6,658,719
    Money market deposit accounts  3,870,255      3,661,407
    Other consumer time deposits   8,841,104      8,208,440
    Corporate certificates of
     deposit                         444,763        477,858
    Deposits in overseas offices     229,767        276,709
    Total deposits                27,378,006     23,595,758
    Short-term borrowings          1,275,457      1,987,128
    Acceptances outstanding          223,155        165,540
    Other liabilities                485,016        407,424
    Long-term debt                   613,184        589,543
    Total liabilities             29,974,818     26,745,393
    Stockholders' equity:
    Preferred stock                  230,422        232,236
    Common stock ($1 par)
    Authorized: 150 million
     shares. Issued: 79,868,388
     shares at Sept. 30, 1993;
     Issued and outstanding:
     71,274,154 shares at
     Sept. 30, 1992                   79,868         71,274
    Surplus                        1,190,666        944,012
    Retained earnings              1,132,609        873,830
    Less treasury stock, at cost:
     126,259 shares at
     Sept. 30, 1993                   (5,677)           ---
    Total common stockholders'
     equity                        2,397,466      1,889,116
    Total stockholders' equity     2,627,888      2,121,352
    Total liabilities and
     stockholders' equity         32,602,706     28,866,745
                     Net Interest Income Summary
                      (Taxable Equivalent Basis)
                            (Thousands)
    Three months ended    Average     Interest Income/  Average Interest
     Sept. 30, 1993       Balance        Expense         Rate (Percent)
    Assets:
    Earning assets:
    Loans in domestic offices:
    Commercial           $6,760,240        $121,771            7.05
    Installment           5,618,215         155,929            8.19
    Mortgage              7,373,503         153,424            8.32
    Loans in overseas
     offices                122,457           1,508            4.89
    Total loans          19,874,415         392,632            7.83
    Taxable mortgage-
     backed securities    3,803,131          56,922            5.99
    Other taxable
     securities           2,710,964          35,521            5.24
    Tax-exempt securities   612,117          17,523           11.45
    Time deposits with
     banks                1,446,322          15,865            4.29
    Federal funds sold and
     securities purchased
     under agreements to
     resell                 543,153           4,307            3.10
    Trading account
     securities             151,959           1,538            4.05
    Total earning assets 29,142,061         524,308            7.14
    Reserve for possible
     credit losses         (677,752)            ---             ---
    Cash and due from
     banks                1,806,406             ---             ---
    Other assets          2,087,344             ---             ---
    Total assets         32,358,059             ---             ---
    Liabilities and Stockholders' Equity:
    Demand deposits       4,976,133             ---             ---
    Interest-bearing liabilities:
    Savings/NOW deposits  8,547,301          42,603            1.98
    Money market deposit
     accounts             4,111,330          23,828            2.30
    Other consumer time
     deposits             8,979,133          81,855            3.62
    Corporate certificates
     of deposit             426,771           3,365            3.13
    Deposits in overseas
     offices                222,476           1,681            2.96
    Short-term borrowings 1,183,818           8,086            2.67
    Long-term debt          621,347           9,432            6.07
    Total interest-bearing
     liabilities         24,092,176         170,850            2.81
    Other liabilities       740,746             ---             ---
    Preferred stockholders'
     equity                 230,422             ---             ---
    Common stockholders'
     equity               2,318,582             ---             ---
    Total liabilities
     and stockholders'
     equity              32,358,059         170,850             ---
    Net interest income/
     spread                     ---         353,458             4.33
    Net interest margin         ---             ---             4.82
    Three months ended    Average     Interest Income/  Average Interest
    Sept. 30, 1992        Balance        Expense         Rate (Percent)
    Assets:
    Earning assets:
    Loans in domestic offices:
    Commercial           $6,549,412        $133,889            8.00
    Installment           4,759,623         112,631            9.41
    Mortgage              5,448,379         121,939            8.95
    Loans in overseas
     offices                121,189           1,858            6.10
    Total loans          16,878,603         370,317            8.69
    Taxable mortgage-
     backed securities    3,893,211          73,367            7.54
    Other taxable
     securities           1,601,595          26,973            6.73
    Tax-exempt securities   770,222          20,188           10.48
    Time deposits with
     banks                1,742,295          22,077            4.96
    Federal funds sold and
     securities purchased
     under agreements to
     resell               1,210,348          10,228            3.31
    Trading account
     securities             126,472           1,340            4.24
    Total earning assets 26,222,746         524,490            7.94
    Reserve for possible
     credit losses         (626,586)            ---             ---
    Cash and due from
     banks                1,628,277             ---             ---
    Other assets          1,409,203             ---             ---
    Total assets         28,633,640             ---             ---
    Liabilities and Stockholders' Equity:
    Demand deposits       4,354,953             ---             ---
    Interest-bearing liabilities:
    Savings/NOW deposits  6,676,082          49,924            2.97
    Money market deposit
     accounts             3,748,403          30,151            3.20
    Other consumer time
     deposits             8,449,227         101,281            4.77
    Corporate certificates
     of deposit             435,156           5,073            4.64
    Deposits in overseas
     offices                215,722           2,063            3.74
    Short-term borrowings 1,491,612          11,911            3.12
    Long-term debt          594,331          11,116            7.48
    Total interest-bearing
     liabilities         21,610,533         211,519            3.89
    Other liabilities       581,232             ---             ---
    Preferred stockholders'
     equity                 232,236             ---             ---
    Common stockholders'
     equity               1,854,686             ---             ---
    Total liabilities
     and stockholders'
     equity              28,633,640         211,519             ---
    Net interest income/
     spread                     ---         312,971            4.05
    Net interest margin         ---             ---            4.73
    Three months ended    Average     Interest Income/  Average Interest
    June 30, 1993         Balance        Expense         Rate (Percent)
    Assets:
    Earning assets:
    Loans in domestic offices:
    Commercial           $6,758,986        $126,963            7.43
    Installment           5,454,755         113,692            8.36
    Mortgage              6,956,299         143,790            8.27
    Loans in overseas
      offices               119,287           1,179            3.96
    Total loans          19,289,327         385,624            7.97
    Taxable mortgage-
     backed securities    4,168,996          65,272            6.26
    Other taxable
     securities           1,833,596          29,072            6.34
    Tax-exempt securities   669,550          18,636           11.13
    Time deposits with
     banks                1,540,243          17,470            4.49
    Federal funds sold and
     securities purchased
     under agreements to
     resell                 523,348           4,108            3.11
    Trading account
     securities             157,382           1,593            4.05
    Total earning assets 28,182,442         521,775            7.39
    Reserve for possible
     credit losses         (663,730)            ---             ---
    Cash and due from
     banks                1,678,397             ---             ---
    Other assets          1,997,138             ---             ---
    Total assets         31,194,247             ---             ---
    Liabilities and Stockholders' Equity:
    Demand deposits       4,658,296             ---             ---
    Interest-bearing liabilities:
    Savings/NOW deposits  8,144,337          44,373            2.19
    Money market deposit
     accounts             4,035,767          24,992            2.48
    Other consumer time
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Date:Oct 14, 1993
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