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FIRST FIDELITY REPORTS RECORD EARNINGS OF $398.8 MILLION FOR 1993, UP 27.1 PERCENT FROM $313.7 MILLION EARNED IN PREVIOUS YEAR

 LAWRENCEVILLE, N.J., Jan. 13 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) today reported record 1993 earnings of $398.8 million, or $4.58 per common share on a fully diluted basis, up 27.1 percent from the $313.7 million earned in 1992 and up 21.5 percent from $3.77 per common share earned in 1992.
 For the fourth quarter, First Fidelity earned $104.4 million, compared with fourth quarter 1992 earnings of $89.6 million and third quarter 1993 earnings of $101.5 million. Earnings per common share on a fully diluted basis for the fourth quarter were $1.19, compared with $1.06 per common share earned in the 1992 fourth quarter and $1.15 per common share earned in the third quarter of 1993.
 For the full year, pre-tax earnings were $574.5 million, an increase of 45 percent from 1992 pre-tax earnings of $396.1 million. For the fourth quarter, pre-tax earnings were $154.6 million, 36.3 percent higher than pre-tax earnings of $113.4 million earned in the fourth quarter a year ago. The company's full year 1993 and fourth quarter tax rates were 31 percent and 32.5 percent, respectively, compared to a 21 percent tax rate for both 1992 and the fourth quarter of that year.
 "Our 1993 results were on target and a recent strengthening of demand for business and consumer loans augurs well for the future," Tony Terracciano, chairman and chief executive officer, said. "Also, the geographic expansion of our distribution system through our acquisitions should provide opportunities for continued cost-effective growth in the now stronger economy."
 First Fidelity acquired five banks in 1993: the 68-branch Union Trust Company, of Stamford, Conn.; the 31-branch Peoples Westchester Savings Bank, of Hawthorne, N.Y.; the nine-branch Village Bank, of Port Chester, N.Y.; the eight-branch Dime Savings Bank of New Jersey; and the Pitcairn Private Bank, of Jenkintown, Pa., a Philadelphia suburb. Three additional acquisitions were announced and are expected to close in the first half of 1994: the seven-branch Greenwich (Conn.) Federal Savings and Loan; the four-branch Savings Bank of Rockland County, of Spring Valley, N.Y.; and the two-branch First Peoples National Bank of Edwardsville, Pa., near Wilkes-Barre. The acquisition of Peoples Westchester, which was completed on December 30, 1993 and was accounted for as a purchase, is reflected in the company's statement of condition but had no effect on its 1993 income statement.
 Return on average assets (ROA) for 1993 was 1.27 percent, compared to 1.06 percent for 1992. ROA for the fourth quarter of 1993 was 1.28 percent, compared to 1.15 percent for the fourth quarter of 1992 and 1.24 percent for the third quarter of 1993. Return on average stockholder's common equity (ROCE) for 1993 was 16.94 percent, compared to 15.96 percent for 1992. ROCE for the fourth quarter of 1993 was 16.61 percent, compared with 17.05 percent in the fourth quarter of 1992 and 16.50 percent in the third quarter of 1993.
 Net Interest Income
 Taxable-equivalent net interest income was $1.4 billion for 1993, an increase of $139.4 million or 11.2 percent over the $1.2 billion earned in 1992. In the fourth quarter of 1993, taxable-equivalent net interest income was $351.1 mill,? compared with $333.4 million earned in the same period in 1992, and $353.5 million earned in the third quarter of 1993. The year-over-year increases reflected the impact of consumer loan growth and acquisitions as well as declining interest rates on the company's core deposit base, partially offset by accelerated prepayments of mortgage-backed securities and refinancings of residential mortgages.
 Earning assets in the fourth quarter averaged $28.8 billion, compared with $29.1 billion in the third quarter and $28.2 billion in the fourth quarter of 1992. Average loans outstanding were $20.2 billion, compared with $19.9 billion in the third quarter, and average investment securities held were $7.4 billion, compared with $7.1 billion in the third quarter. The average maturity of the securities portfolio was 2.2 years at December 31, 1993, compared with 3.2 years a year earlier. Average short-term money market assets declined to $1.3 billion in the fourth quarter from $2.1 billion in the third quarter.
 Consumer deposits remained a stable funding source. Demand deposit, NOW and savings accounts averaged $13.9 billion in the fourth quarter of 1993 compared to $13.5 billion in the third quarter of the year. Consumer money market deposits averaged $3.9 billion in the fourth quarter, compared to $4.1 billion in the third quarter. Wholesale deposits were $650 million, compared to $649 million in the prior quarter. Other consumer time deposits averaged $8.5 billion in the fourth quarter of 1993 and $9.0 billion in the 1993 third quarter.
 The net interest margin increased slightly in the fourth quarter of 1993 to 4.84 percent from 4.82 percent in the third quarter, reflecting a greater decline in rates paid on interest bearing liabilities than rates earned on earning assets. The asset-liability structure is managed in such a manner that historically average changes in interest rates should have little impact on net interest income.
 Non-Interest Income
 Non-interest income, excluding net securities gains, rose to $376.5 million in 1993, an increase of $48.9 million or 14.9 percent over 1992 levels, primarily reflecting the full-year impact of the Howard Savings Bank acquisition and the partial-year impact of the acquisitions of Union Trust Company and Village Bank. Excluding net securities gains, non-interest income was $99.1 million for the fourth quarter of 1993, an increase of $11.9 million and $1.6 million over the 1992 fourth quarter and the 1993 third quarter, respectively.
 Trust income increased 21 percent to $104.5 million in 1993 from $86.4 million earned in 1992. For the fourth quarter of 1993, trust income was $27.2 million, up 19.3 percent over the same 1992 period.
 Service charges on deposit accounts increased by $13.0 million in 1993 compared to 1992 and were slightly higher in the fourth quarter of 1993 compared to the same period in 1992. Other service charges, commissions and fees totaled $85.7 million for 1993, up 12.3 percent from 1992. The 1993 fourth quarter total was $22.6 million, up from $20.1 million in the 1992 quarter.
 Net securities transactions were $7.0 million in 1993 compared to $4.8 million in 1992. For the fourth quarter of 1993, net securities transactions were $3.1 million, compared to an $80 thousand net loss in the fourth quarter of 1992.
 Other income for 1993 increased $8.2 million to $17.0 million from $8.8 million in 1992. Mostly reflecting various asset sales, other income for the fourth quarter of 1993 was $7.0 million, an increase of $4.5 million over the comparable 1992 quarter.
 Non-Interest Expense
 Total non-interest expense was $1,014.7 million for 1993, an increase of $97.9 million or 10.7 percent over 1992. In the fourth quarter of 1993, non-interest expense was $262.3 million, compared to $245.9 million in the fourth quarter of 1992 and $260.2 million in the third quarter of 1993. All of the annual and quarterly increases were related to the full-year impact of the 1992 acquisitions and the


partial-year impact of the 1993 acquisitions.
 Salaries and benefits increased $59.2 million or 14.5 percent year over year and $11.9 million for the fourth quarter of 1993 over the 1992 fourth quarter. Other expenses for 1993, excluding OREO expense, were $361.5 million, up $32.1 million or 9.7 percent over 1992. Such expenses increased $10.8 million, or 12.6 percent, in the fourth quarter compared to the 1992 fourth quarter. Total OREO expense in 1993 was $28.4 million or $1.4 million lower than in 1992. OREO expense was $5.5 million in the fourth quarter of 1993, compared to $13.8 million in the fourth quarter of 1992.
 The efficiency ratio -- the ratio of non-interest expense to taxable-equivalent operating income -- was 57.3 percent for 1993 compared to 58 percent in the prior year. In the fourth quarter of 1993, the ratio was 57.9 percent, compared to 57.7 percent for the third quarter of 1993. The somewhat higher efficiency ratio reflects the impact of recent acquisitions still in the process of being fully integrated. On a core basis, i.e. excluding net securities transactions and OREO expense, the ratio was 57.1 percent in the fourth quarter of 1993, compared to 56.5 percent for the third quarter of 1993.
 Asset Quality
 Non-performing loans totaled $378.9 million at December 31, 1993, compared to $506.3 million at December 31, 1992 and $381.2 million at September 30, 1993. OREO, net of the OREO reserve, was $115.9 million at December 31, 1993, compared to $189.4 million at December 31, 1992. Total non-performing assets were $494.7 million at December 31, 1993, compared to $695.7 million at December 31, 1992 and $511.5 million at September 30, 1993.
 The company also has a "held-for-sale" asset portfolio included in "Other Assets," which is carried at the lower of cost or market. This portfolio is primarily composed of certain problem commercial loans and OREO. At December 31, 1993, the balance in this portfolio was $88.4 million, approximately the same level as at the end of the third quarter of 1993. During the fourth quarter, this portfolio was reduced by $47.3 million through sales and increased by $46.7 million mostly from the Peoples acquisition.
 Net charge-offs in the fourth quarter totaled $44.6 million, compared to $59.6 million in the fourth quarter of 1992 and $92.8 million in the third quarter of 1993, when the "held-for-sale" account was established.
 The provision for possible credit losses was $29.0 million for the fourth quarter, down from $52.0 million in the fourth quarter of last year and $33.0 million for the previous quarter. At December 31, 1993 the reserve for possible credit losses was $602.2 million and represented 159 percent of non-performing loans, compared to $610.4 million and 121 percent at December 31, 1992 and $605.2 million and 159 percent at September 30, 1993.
 The reserve for possible credit losses at December 31, 1993 was 2.82 percent of total loans outstanding, compared to 3.32 percent a year earlier.
 Loans that were contractually past-due 90 days but still accruing were $141.5 million at December 31, compared to $154.5 million at December 31 a year ago and $146.1 million at September 30, 1993. Of the December 31 total, $133.1 million were consumer loans, primarily first and second mortgage 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 -- are included in Other Assets and totaled $254.4 million at December 31, 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 $17.5 million with a special segregated loss reserve of $6.5 million.
 Capital and Balance Sheet
 There were 79,901,005 common shares outstanding at December 31, 1993, compared to 74,107,949 common shares outstanding at December 31, 1992 and 79,742,129 common shares outstanding at September 30, 1993. The period-end common shares outstanding figure includes the 2.4 million shares repurchased during the quarter which were then reissued at December 30 in conjunction with the Peoples Westchester transaction. Average common shares outstanding during the fourth quarter of 1993 totaled 78,703,514.
 At December 31, 1993, total stockholders' equity was $2.7 billion, compared to $2.3 billion at December 31, 1992 and $2.6 billion at September 30, 1993.
 At December 31, 1993, under the revised Federal Reserve Board rule, the Tier I leverage ratio was 7.22 percent, compared to 6.47 percent at December 31 a year earlier and 7.20 percent at September 30, 1993. The risk-adjusted Tier I capital ratio was an estimated 9.96 percent and the total risk-adjusted capital ratio was an estimated 13.40 percent, compared to 9.93 percent and 13.35 percent respectively at period-end a year ago and 10.44 percent and 13.98 percent respectively at the end of the third quarter 1993.
 The company elected early adoption of SFAS 115, "Accounting for Certain Investments in Debt and Equity Securities," and, accordingly, reclassified securities into three portfolios: "Held-to-maturity," "Available-for-sale," and "Trading." Under the new rule the "Available- for-sale" portfolio is required to be marked to market and the resulting unrealized gain or loss, net of taxes, is to be reflected in equity. At December 31, 1993, the market value adjustment resulted in an increase to equity of $27.3 million, net of taxes.
 At December 31, 1993, First Fidelity had total assets of $33.8 billion compared to $31.5 billion at December 31, 1992 and $32.6 billion at September 30, 1993. At December 31, 1993, total deposits were $28.1 billion, compared to $27.0 billion at December 31, 1992 and $27.4 billion at the end of the third quarter of 1993. At year-end, loans were $21.4 billion, compared to $18.4 billion a year ago and $20.3 billion at the end of the third quarter. The acquisition of Peoples Westchester at December 30, 1993, increased the company's total assets by $1.7 billion, its deposits by $1.5 billion and its loans by $908 million.
 Earlier this week, First Fidelity received approval from the Office of the Comptroller of the Currency and consolidated its two largest affiliates, First Fidelity Bank, N.A., New Jersey and First Fidelity Bank, N.A., Pennsylvania into First Fidelity Bank, N.A. One of the 25 largest banking companies in the country, First Fidelity operates more than 650 branch offices through this affiliate and its two other principal affiliates, Union Trust Company, of Connecticut, and First Fidelity Bank, N.A., New York.
 FIRST FIDELITY BANCORPORATION AND SUBSIDIARIES
 Financial Summary
 (In thousands except per share)
 At period end Dec. 31 Dec. 31 Sept. 30
 1993 1992 1993
 Assets $33,762,585 $31,480,297 $32,602,706
 Deposits 28,143,022 27,004,835 27,378,006
 Loans 21,386,911 18,377,695 20,275,840
 Reserve for possible
 credit losses 602,183 610,353 605,172
 Stockholders' equity 2,738,428 2,257,650 2,627,888
 Reserve for possible
 credit losses/loans 2.82% 3.32% 2.98%
 Tier I leverage ratio 7.22 6.47 7.20
 Tier I capital/risk-
 adjusted assets(A) 9.96 9.93 10.44
 Total risk-based capital/
 risk-adjusted assets(A) 13.40 13.35 13.98
 Per common share:
 Book value $31.39 $27.33 $30.07
 Market price 45.50 44.00 46.38
 For the three months ended Dec. 31 Dec. 31 Sept. 30
 1993 1992 1993
 Net income $104,376 $89,596 $101,542
 Per common share:
 Net income-primary $1.22 $1.09 $1.17
 Net income-fully diluted 1.19 1.06 1.15
 Return on average assets 1.28% 1.15% 1.24%
 Return on average
 stockholders' equity 15.93 16.20 15.80
 Return on average common
 stockholders' equity 16.61 17.05 16.50
 For the 12 months ended Dec. 31 Dec. 31
 1993 1992
 Income before cumulative effect of
 changes in accounting principles $396,459 $313,737
 Cumulative effect of changes in
 accounting principles, net of tax 2,373 ---
 Net income 398,832 313,737
 Per common share:
 Primary:
 Income before cumulative effect of
 changes in accounting principles $4.63 $3.89
 Cumulative effect of changes in
 accounting principles, net of tax 0.03 ---
 Net income-primary 4.66 3.89
 Fully diluted:
 Income before cumulative effect of
 changes in accounting principles 4.55 3.77
 Cumulative effect of changes in
 accounting principles, net of tax 0.03 ---
 Net income-fully diluted 4.58 3.77
 Return on average assets 1.27% 1.06%
 Return on average
 stockholders' equity 16.19 15.18
 Return on average common
 stockholders' equity 16.94 15.96
 Average common shares and
 common stock equivalents outstanding:
 Primary 81,207,162 75,219,642
 Fully diluted 84,980,978 80,523,116
 (A) Dec. 31, 1993, ratios are estimated.
 Consolidated Statements of Income
 (thousands)
 Three months ended Increase/
 Dec. 31 1993 1992 (Decrease)
 Interest income:
 Interest and fees on loans $387,471 $387,107 $364
 Interest on federal funds sold and
 securities purchased under
 agreements to resell 932 6,582 (5,650)
 Interest and dividends
 on investment securities:
 Taxable interest income 92,080 99,298 (7,218)
 Tax-exempt interest income 11,490 13,556 (2,066)
 Dividends 1,235 1,004 231
 Interest on bank deposits 11,010 26,096 (15,086)
 Interest on trading account securities 1,940 1,871 69
 Total interest income 506,158 535,514 (29,356)
 Interest expense:
 Interest on:
 Deposits 143,520 192,055 (48,535)
 Short-term borrowings 9,336 8,691 645
 Long-term debt 9,550 10,530 (980)
 Total interest expense 162,406 211,276 (48,870)
 Net interest income 343,752 324,238 19,514
 Provision for possible credit losses 29,000 52,000 (23,000)
 Net interest income after provision
 for possible credit losses 314,752 272,238 42,514
 Non-interest income:
 Trust income 27,217 22,806 4,411
 Service charges on deposit accounts 38,459 38,168 291
 Other service charges,
 commissions and fees 22,560 20,115 2,445
 Trading revenue 3,805 3,465 340
 Net securities transactions 3,096 (80) 3,176
 Other income 7,014 2,563 4,451
 Total non-interest income 102,151 87,037 15,114
 Non-interest expense:
 Salaries and benefits expense 119,641 107,709 11,932
 Occupancy expense 28,931 27,287 1,644
 Equipment expense 11,826 11,383 443
 Other expenses 101,922 99,484 2,438
 Total non-interest expense 262,320 245,863 16,457
 Income before income taxes 154,583 113,412 41,171
 Income taxes 50,207 23,816 26,391
 Net income 104,376 89,596 14,780
 Dividends on preferred stock 5,130 5,221 (91)
 Net income applicable to common stock 99,246 84,375 14,871
 Per common share:
 Net income-primary $1.22 $1.09 $.13
 Net income-fully diluted 1.19 1.06 .13
 Consolidated Statements of Income
 (thousands)
 Three months ended Dec. 31 Sept. 30 Increase/
 1993 1993 (Decrease)
 Interest income:
 Interest and fees on loans $387,471 $389,528 $(2,057)
 Interest on federal funds sold and
 securities purchased under
 agreements to resell 932 4,307 (3,375)
 Interest and dividends
 on investment securities:
 Taxable interest income 92,080 91,209 871
 Tax-exempt interest income 11,490 11,707 (217)
 Dividends 1,235 1,069 166
 Interest on bank deposits 11,010 15,865 (4,855)
 Interest on trading account securities 1,940 1,485 455
 Total interest income 506,158 515,170 (9,012)
 Interest expense:
 Interest on:
 Deposits 143,520 153,332 (9,812)
 Short-term borrowings 9,336 8,086 1,250
 Long-term debt 9,550 9,432 118
 Total interest expense 162,406 170,850 (8,444)
 Net interest income 343,752 344,320 (568)
 Provision for possible credit losses 29,000 33,000 (4,000)
 Net interest income after provision
 for possible credit losses 314,752 311,320 3,432
 Non-interest income:
 Trust income 27,217 27,578 (361)
 Service charges on deposit accounts 38,459 38,208 251
 Other service charges,
 commissions and fees 22,560 23,104 (544)
 Trading revenue 3,805 4,184 (379)
 Net securities transactions 3,096 50 3,046
 Other income 7,014 4,378 2,636
 Total non-interest income 102,151 97,502 4,649
 Non-interest expense:
 Salaries and benefits expense 119,641 123,458 (3,817)
 Occupancy expense 28,931 28,456 475
 Equipment expense 11,826 11,339 487
 Other expenses 101,922 96,956 4,966
 Total non-interest expense 262,320 260,209 2,111
 Income before income taxes 154,583 148,613 5,970
 Income taxes 50,207 47,071 3,136
 Net income 104,376 101,542 2,834
 Dividends on preferred stock 5,130 5,135 (5)
 Net income applicable to common stock 99,246 96,407 2,839
 Per common share:
 Net income-primary $1.22 $1.17 $.05
 Net income-fully diluted 1.19 1.15 .04
 Consolidated Statements of Income
 (thousands)
 12 months ended Increase/
 Dec. 31 1993 1992 (Decrease)
 Interest income:
 Interest and fees on loans $1,531,900 $1,513,445 $18,455
 Interest on federal funds sold and
 securities purchased under
 agreements to resell 16,176 33,578 (17,402)
 Interest and dividends
 on investment securities:
 Taxable interest income 370,731 409,104 (38,373)
 Tax-exempt interest income 49,017 57,675 (8,658)
 Dividends 4,559 4,037 522
 Interest on bank deposits 66,308 104,524 (38,216)
 Interest on trading account securities 6,505 6,918 (413)
 Total interest income 2,045,196 2,129,281 (84,085)
 Interest expense:
 Interest on:
 Deposits 620,730 824,453 (203,723)
 Short-term borrowings 32,199 43,469 (11,270)
 Long-term debt 38,584 52,790 (14,206)
 Total interest expense 691,513 920,712 (229,199)
 Net interest income 1,353,683 1,208,569 145,114
 Provision for possible credit losses 148,000 228,000 (80,000)
 Net interest income after provision
 for possible credit losses 1,205,683 980,569 225,114
 Non-interest income:
 Trust income 104,517 86,396 18,121
 Service charges on deposit accounts 152,340 139,310 13,030
 Other service charges,
 commissions and fees 85,741 76,374 9,367
 Trading revenue 16,932 16,685 247
 Net securities transactions 7,017 4,825 2,192
 Other income 16,953 8,786 8,167
 Total non-interest income 383,500 332,376 51,124
 Non-interest expense:
 Salaries and benefits expense 468,050 408,841 59,209
 Occupancy expense 112,729 107,269 5,460
 Equipment expense 43,983 41,418 2,565
 Other expenses 389,937 359,318 30,619
 Total non-interest expense 1,014,699 916,846 97,853
 Income before income taxes and
 cumulative effect of changes
 in accounting principles 574,484 396,099 178,385
 Income taxes 178,025 82,362 95,663
 Income before cumulative effect of
 changes in accounting principles 396,459 313,737 82,722
 Cumulative effect of changes in
 accounting principles, net of tax 2,373 --- 2,373
 Net income 398,832 313,737 85,095
 Dividends on preferred stock 20,653 21,061 (408)
 Net income applicable to common
 stock 378,179 292,676 85,503
 Per common share:
 Primary:
 Income before cumulative effect of
 changes in accounting principles $4.63 $3.89 $.74
 Cumulative effect of changes in
 accounting principles, net of tax .03 --- .03
 Net income-primary 4.66 3.89 .77
 Fully diluted:
 Income before cumulative effect of
 changes in accounting principles $4.55 $3.77 $.78
 Cumulative effect of changes in
 accounting principles, net of tax .03 --- .03
 Net income-fully diluted 4.58 3.77 .81
 Consolidated Statements of Condition (Thousands)
 Dec. 31
 1993 1992
 Assets:
 Cash and due from banks $1,831,270 $1,913,177
 Interest bearing time deposits 979,769 2,635,938
 Securities held to maturity (market value
 of $5,321,239 at Dec. 31, 1993, and
 $5,697,822 at Dec. 31, 1992) 5,241,987 5,577,830
 Securities available for sale 2,656,721 755,128
 Trading account securities at market value 149,887 228,344
 Federal funds sold and securities
 purchased under agreements to resell 15,000 738,000
 Loans, net of unearned income 21,386,911 18,377,695
 Reserve for possible credit losses (602,183) (610,353)
 Premises and equipment 404,208 352,611
 Customers' acceptance liability 187,903 169,131
 Other assets 1,511,112 1,342,796
 Total assets 33,762,585 31,480,297
 Liabilities:
 Deposits in domestic offices:
 Demand deposits (non-interest bearing) 5,347,007 5,369,685
 Savings/NOW deposits 9,650,774 7,826,942
 Money market deposit accounts 3,893,130 3,904,739
 Other consumer time deposits 8,637,296 9,197,683
 Corporate certificates of deposit 398,435 442,422
 Deposits in overseas offices 216,380 263,364
 Total deposits 28,143,022 27,004,835
 Short-term borrowings 1,620,125 1,084,277
 Acceptances outstanding 196,117 176,587
 Other liabilities 451,835 375,440
 Long-term debt 613,058 581,508
 Total liabilities 31,024,157 29,222,647
 Stockholders' equity:
 Preferred stock 230,422 232,172
 Common stock ($1 par)
 Authorized: 150 million shares
 Issued: 79,937,719 shares at Dec. 31, 1993;
 Issued and outstanding: 74,107,949 shares
 at Dec. 31, 1992 79,938 74,108
 Surplus 1,202,373 1,014,905
 Retained earnings 1,227,368 936,465
 Less Treasury stock, at cost: 36,714
 shares at Dec. 31, 1993 (1,673) ---
 Total common stockholders' equity 2,508,006 2,025,478
 Total stockholders' equity 2,738,428 2,257,650
 Total liabilities and
 stockholders' equity 33,762,585 31,480,297
 Non-Performing Assets and Contractually Past Due Loans
 (Thousands)
 1993 1992
 Dec. 31 Sept. 30 June 30 March 31 Dec. 31
 Non-performing assets:
 Non-accruing loans:
 Domestic:
 Real estate $184,610 $177,821 $237,984 $227,099 $236,659
 Other 168,487 186,140 224,163 210,390 230,894
 Foreign 11,913 13,128 13,367 2,931 3,168
 Restructured loans 13,871 4,063 6,407 21,017 35,604
 Total non-performing
 loans 378,881 381,152 481,921 461,437 506,325
 Other real estate
 owned:
 Foreclosed
 property 103,344 114,074 144,805 140,847 155,050
 In-substance
 foreclosure 19,145 25,950 52,271 46,123 40,084
 Total other real
 estate owned 122,489 140,024 197,076 186,970 195,134
 Less reserve (6,622) (9,631) (13,092) (7,002) (5,765)
 Net other real
 estate owned 115,867 130,393 183,984 179,968 189,369
 Total non-performing
 assets 494,748(A) 511,545(A) 665,905 641,405 695,694
 Contractually past
 due loans:
 Consumer 133,112 137,709 140,265 141,870 142,077
 Other 8,373 8,398 6,829 6,140 12,422
 Total contractually
 past due loans(B) 141,485 146,107 147,094 148,010 154,499
 Non-performing
 loans/loans 1.77% 1.88% 2.42% 2.50% 2.76%
 Non-performing
 assets/loans and other
 real estate owned 2.30% 2.51% 3.32% 3.44% 3.75%
 (A) Excludes assets transferred to "Held for Sale" portfolio.
 (B) Accruing loans past due 90 days or more.
 Segregated Howard
 loss-sharing non-
 performing assets $254,358 $280,102 $300,982 $317,636 $310,045
 Less FDIC
 loss-sharing(C) 236,899 259,154 275,730 289,762 281,945
 Net(D) 17,459 20,948 25,252 27,874 28,100
 (C) Represents the FDIC loss sharing arrangement covering 80% of the first $130 million of losses and 95% thereafter.
 (D) Reserve for segregated losses was $6,489 at Dec. 31, 1993; $9,206 at Sept. 30, 1993; $13,377 at June 30, 1993; $15,505 at March 31, 1993; and $16,219 at Dec. 31, 1992.
 Reconciliation of Reserve for Possible Credit Losses
 (Thousands)
 Periods ended Three months 12 months
 Dec. 31 1993 1992 1993 1992
 Beginning balance $605,172 $597,207 $610,353 $609,599
 Provision 29,000 52,000 148,000 228,000
 Total 634,172 649,207 758,353 837,599
 Charge-offs 56,064 74,261 283,616 295,296
 Recoveries 11,434 14,687 45,730 47,330
 Net charge-offs 44,630 59,574 237,886 247,966
 Acquired reserves 12,641 20,720 81,716 20,720
 Ending balance 602,183 610,353 602,183 610,353
 Ratios:
 Net charge-offs as a
 percent of average
 loans (annualized) .88% 1.29% 1.23% 1.42%
 Reserve as a percent of
 loans 2.82 3.32 2.82 3.32
 Reserve as a percent of
 non-performing loans 159 121 159 121
 /delval/
 -0- 1/13/94
 /CONTACT: Paul J. Levine, 201-565-2949, or (analysts) Jonathan Stern, 201-565-3397, both of First Fidelity Bancorporation/
 (FFB)


CO: First Fidelity Bancorporation ST: New Jersey IN: FIN SU: ERN

MK-MP -- PH005 -- 1808 01/13/94 14:57 EST
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