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FIRST UNION REPORTS RECORD '93 EARNINGS; UP 124 PERCENT

 CHARLOTTE, N.C., Jan. 17 /PRNewswire/ -- First Union Corporation (NYSE: FTU FTUpr) today reported record earnings applicable to common stockholders of $793 million in 1993, a 124 percent increase from a restated $353 million in 1992. Net income per common share increased to $4.73 from $2.23. The results of 1992 were restated for three pooling of interests accounting acquisitions in the first quarter of 1993. The increase in net income per common share from the originally reported 1992 results of $3.72 was 27 percent.
 Net income applicable to common stockholders in the fourth quarter of 1993 was $190 million, or $1.12 per common share, compared with a restated $11 million, or 5 cents per common share, in the same period a year ago. The increase in net income per common share from the originally reported fourth quarter 1992 results of 95 cents was 18 percent.
 "This was a year of solid performance by almost any measure, but we are especially proud of achieving record earnings, a return on average common equity of 17.42 percent and a return on average assets of 1.20 percent in 1993," said Edward E. Crutchfield Jr., First Union's chairman and chief executive officer.
 "I'm proud of the intense efforts and teamwork from our people in all areas of the corporation. They were able to reduce the level of nonperforming assets by $435 million in the past year. They focused their talent and their creativity on new financing solutions for our customers. They rapidly consolidated five 1993 merger partners representing $21 billion in assets into our system in only nine months. They completed the installation of the nation's first multistate deposit system. And they have diligently served our customers every day, striving to achieve the highest levels of service."
 In addition to the contributions from two second quarter purchase accounting acquisitions, key factors in First Union's 1993 earnings performance included:
 -- A 12 percent increase in tax-equivalent net interest income,
 reflecting both loan and investment growth;
 -- A 13 percent increase in noninterest income, including increases
 in capital management and trading account income;
 -- Lower credit-related costs, including a decline in the loan loss
 provision to $222 million in 1993 and $50 million in the fourth
 quarter; and
 -- A slight decline in noninterest expense, despite $91 million in
 additional mortgage servicing amortization related to heavy
 refinancing activity.
 "In 1994, we expect to see the benefit of cost savings related to our 1993 mergers," Crutchfield said, "and we are encouraged by loan growth, especially in North Carolina, Florida and our Corporate Banking Group." Average net loans increased 6 percent on an annualized basis between the end of the third and fourth quarters of 1993.
 Credit quality continues to strengthen. Net charge-offs as a percentage of average net loans were .58 percent in 1993, compared with .86 percent in 1992. The loan loss provision also declined to $222 million in 1993, compared with $415 million in 1992.
 Nonperforming assets declined to their lowest level in three years, to $916 million, or 1.95 percent of net loans and foreclosed properties, at December 31, 1993, compared with $1.351 billion, or 3.19 percent, a year ago. The segregated assets portfolio resulting from the Southeast Banks acquisition in 1991 declined to $347 million at December 31, 1993, compared with $531 million a year ago. The First American segregated assets portfolio has been reduced by 51 percent, to a net amount of $141 million, since its acquisition in the second quarter of 1993. The loan loss allowance at December 31, 1993, was $1.020 billion, or 111 percent of nonperforming assets, compared with $941 million, or 70 percent, at year-end 1992.
 Net loans at December 31, 1993, were $46.9 billion, compared with $41.9 billion at December 31, 1992. Loan growth reflected loan portfolios acquired with the 1993 purchase accounting acquisitions and, in recent months, increased lending activity from both retail and commercial lending.
 Deposits were $53.7 billion compared with $49.2 billion a year ago, primarily reflecting deposits acquired through the purchase accounting acquisitions. Total stockholders' equity was $5.21 billion at December 31, 1993, a 17 percent increase from $4.46 billion at December 31, 1992. At December 31, 1993, First Union Corporation had assets of $70.8 billion and operated 1,302 banking offices in Florida, North Carolina, South Carolina, Georgia, Virginia, Tennessee, Maryland and Washington, D.C., and 222 nonbanking offices in 36 states.
 FIRST UNION CORPORATION
 (Unaudited)
 FINANCIAL HIGHLIGHTS
 Three Months Ended Percent
 (In thousands except December 31, Increase
 per share data) 1993 1992 (Decrease)
 Net income $ 195,343 17,436 -
 Dividends on preferred stock 5,489 6,887 (20.3)
 Net income applicable to
 common stockholders $ 189,854 10,549 - %
 Net income per common share $ 1.12 .05 -
 Average common shares 169,981 163,387 4.0
 Common stockholders' equity $ 4,923,584 4,161,948 18.3
 Total stockholders' equity 5,207,625 4,459,163 16.8
 Book value per common share $ 28.90 25.25 14.5
 Actual common shares 170,338 164,849 3.3
 Common stock period-end
 price $ 41.250 43.625 (5.4)
 Series 1990 preferred stock
 period-end price $ 52.375 53.625 (2.3)%
 FINANCIAL HIGHLIGHTS
 Years Ended Percent
 (In thousands except December 31, Increase
 per share data) 1993 1992 (Decrease)
 Net income $ 817,521 385,051 112.3
 Dividends on preferred stock 24,900 31,979 (22.1)
 Net income applicable to
 common stockholders $ 792,621 353,072 124.5 %
 Net income per common share $ 4.73 2.23 112.1
 Average common shares 167,692 158,683 5.7
 Common stockholders' equity $ 4,923,584 4,161,948 18.3
 Total stockholders' equity 5,207,625 4,459,163 16.8
 Book value per common share $ 28.90 25.25 14.5
 Actual common shares 170,338 164,849 3.3
 Common stock period-end
 price $ 41.250 43.625 (5.4)
 Series 1990 preferred stock
 period-end price $ 52.375 53.625 (2.3)%
 EARNINGS SUMMARY
 1993 1992 Year Ended
 (In thousands except December 31,
 per share data) 4Q 4Q 1993
 Net interest income (a) $ 733,280 689,376 2,866,661
 Provision for loan losses 49,973 79,304 221,753
 Net interest income after
 provision for loan losses (a) 683,307 610,072 2,644,908
 Securities available for sale
 transactions 2,804 (1,286) 25,767
 Investment security
 transactions 3,049 769 7,435
 Noninterest income 317,727 255,196 1,165,086
 Noninterest expense 687,922 783,505 2,521,647
 Income before income taxes 318,965 81,246 1,321,549
 Income taxes 98,469 39,394 403,260
 Tax-equivalent adjustment 25,153 24,416 100,768
 Net income 195,343 17,436 817,521
 Dividends on preferred
 stock 5,489 6,887 24,900
 Net income applicable to
 common stockholders $ 189,854 10,549 792,621
 Net income per common share $ 1.12 .05 4.73
 (a) Tax-equivalent.
 EARNINGS SUMMARY
 Years Ended
 (In thousands except December 31,
 per share data) 1992 1991 1990
 Net interest income (a) 2,562,948 2,024,947 1,872,620
 Provision for loan losses 414,708 648,284 425,409
 Net interest income after
 provision for loan losses (a) 2,148,240 1,376,663 1,447,211
 Securities available for sale
 transactions 34,402 - -
 Investment security
 transactions (2,881) 155,048 7,884
 Noninterest income 1,032,651 914,511 690,672
 Noninterest expense 2,526,678 1,905,918 1,680,973
 Income before income taxes 685,734 540,304 464,794
 Income taxes 196,152 71,070 64,993
 Tax-equivalent adjustment 104,531 120,503 137,434
 Net income 385,051 348,731 262,367
 Dividends on preferred
 stock 31,979 34,570 33,868
 Net income applicable to
 common stockholders 353,072 314,161 228,499
 Net income per common share 2.23 2.24 1.68
 (a) Tax-equivalent.
 EARNINGS SUMMARY
 Years Ended
 (In thousands except December 31
 per share data) 1989 1988
 Net interest income (a) 1,623,631 1,604,020
 Provision for loan losses 139,291 107,551
 Net interest income after
 provision for loan losses (a) 1,484,340 1,496,469
 Securities available for sale
 transactions - -
 Investment security
 transactions 19,018 36,677
 Noninterest income 532,295 522,973
 Noninterest expense 1,445,836 1,407,715
 Income before income taxes 589,817 648,404
 Income taxes 87,840 98,442
 Tax-equivalent adjustment 148,154 156,674
 Net income 353,823 393,288
 Dividends on preferred
 stock 1,380 1,392
 Net income applicable to
 common stockholders 352,443 391,896
 Net income per common share 2.62 2.89
 (a) Tax-equivalent.
 OTHER FINANCIAL DATA 1993 1992 Year Ended
 December 31,
 (Dollars in thousands) 4Q 4Q 1993
 Return on average
 assets (a) (b) 1.07 % .11 1.20
 Return on average common
 equity (a) (c) 15.55 1.01 17.42
 Net interest margin 4.61 5.01 4.78
 Allowance as % of loans, net 2.18 2.24 2.18
 Allowance as % of nonaccrual
 and restructured loans 147 96 147
 Allowance as % of
 nonperforming assets 111 % 70 111
 Loan losses $ 86,602 112,395 329,560
 Loan recoveries 27,406 14,001 77,873
 Loan losses, net $ 59,196 98,394 251,687
 As % of average loans, net (a) .51 % .95 .58
 Nonperforming assets (d)
 Commercial nonaccrual $ 242,241 407,583 242,241
 Real estate nonaccrual 425,101 498,973 425,101
 Total nonaccrual loans 667,342 906,556 667,342
 Restructured loans 26,544 68,935 26,544
 Foreclosed properties 222,503 375,559 222,503
 Total nonperforming assets $ 916,389 1,351,050 916,389
 As % of loans, net and
 foreclosed properties 1.95 % 3.19 1.95
 Southeast segregated loss
 sharing nonperforming
 assets (f)
 Nonaccrual loans $ 254,496 450,190 254,496
 Foreclosed properties 126,019 126,067 126,019
 Total 380,515 576,257 380,515
 Less FDIC loss
 sharing (e) (323,438) (489,818) (323,438)
 Total $ 57,077 86,439 57,077
 First American segregated
 assets (g) $ 140,652 - 140,652
 (a) Quarterly amounts annualized.
 (b) Based on net income.
 (c) Based on net income applicable to common stockholders.
 (d) Excludes nonperforming assets related to Southeast Banks and
 First American
 (e) For a five-year period that began September 19, 1991, the FDIC
 will reimburse First Union for 85 percent of all net charge-
 offs related to acquired Southeast Banks loans except for
 installment loan reimbursements, which will decline 5 percent
 per year over the next three years from 75 percent to 65
 percent by 1996.
 (f) Allowance for segregated assets losses amounted to $33,313,000
 at December 31, 1993. This amount is not included in the
 allowance for loan losses.
 (g) First American segregated assets have been discounted to
 approximately 49 percent of First American's carrying value.
 OTHER FINANCIAL DATA Years Ended
 December 31,
 (Dollars in thousands) 1992 1991 1990
 Return on average
 assets (a) (b) .63 .63 .50
 Return on average common
 equity (a) (c) 9.08 10.03 7.78
 Net interest margin 4.77 4.08 3.99
 Allowance as % of loans, net 2.24 2.06 1.95
 Allowance as % of nonaccrual
 and restructured loans 96 72 77
 Allowance as % of
 nonperforming assets 70 50 56
 Loan losses 406,551 596,783 277,556
 Loan recoveries 50,676 43,260 33,499
 Loan losses, net 355,875 553,523 244,057
 As % of average loans, net (a) .86 1.48 .68
 Nonperforming assets (d)
 Commercial nonaccrual 407,583 494,649 300,334
 Real estate nonaccrual 498,973 574,324 574,732
 Total nonaccrual loans 906,556 1,068,973 875,066
 Restructured loans 68,935 116,893 38,867
 Foreclosed properties 375,559 530,524 330,984
 Total nonperforming assets 1,351,050 1,716,390 1,244,917
 As % of loans, net and
 foreclosed properties 3.19 4.10 3.42
 Southeast segregated loss
 sharing nonperforming
 assets (f)
 Nonaccrual loans 450,190 665,975 -
 Foreclosed properties 126,067 28,857 -
 Total 576,257 694,832 -
 Less FDIC loss
 sharing (e) (489,818) (590,607) -
 Total 86,439 104,225 -
 First American segregated
 assets (g) - - -
 (a) Quarterly amounts annualized.
 (b) Based on net income.
 (c) Based on net income applicable to common stockholders.
 (d) Excludes nonperforming assets related to Southeast Banks and
 First American
 (e) For a five-year period that began September 19, 1991, the FDIC
 will reimburse First Union for 85 percent of all net charge-
 installment loan reimbursements, which will decline 5 percent
 per year over the next three years from 75 percent to 65
 percent by 1996.
 (f) Allowance for segregated assets losses amounted to $33,313,000
 at December 31, 1993. This amount is not included in the
 allowance for loan losses.
 (g) First American segregated assets have been discounted to
 approximately 49 percent of First American's carrying value.
 OTHER FINANCIAL DATA
 Years Ended
 December 31,
 (Dollars in thousands) 1989 1988
 Return on average
 assets (a) (b) .82 1.00
 Return on average common
 equity (a) (c) 12.78 15.63
 Net interest margin 4.15 4.52
 Allowance as % of loans, net 1.12 1.18
 Allowance as % of nonaccrual
 and restructured loans 131 150
 Allowance as % of
 nonperforming assets 89 103
 Loan losses 143,668 167,490
 Loan recoveries 27,832 28,506
 Loan losses, net 115,836 138,984
 As % of average loans, net (a) .39 .54
 Nonperforming assets (d)
 Commercial nonaccrual 122,407 125,564
 Real estate nonaccrual 122,540 80,433
 Total nonaccrual loans 244,947 205,997
 Restructured loans 25,849 14,512
 Foreclosed properties 126,531 102,014
 Total nonperforming assets 397,327 322,523
 As % of loans, net and
 foreclosed properties 1.25 1.14
 Southeast segregated loss
 sharing nonperforming
 assets (f)
 Nonaccrual loans - -
 Foreclosed properties - -
 Total - -
 Less FDIC loss
 sharing (e) - -
 Total - -
 First American segregated
 assets (g) - -
 (a) Quarterly amounts annualized.
 (b) Based on net income.
 (c) Based on net income applicable to common stockholders.
 (d) Excludes nonperforming assets related to Southeast Banks and
 First American
 (e) For a five-year period that began September 19, 1991, the FDIC
 will reimburse First Union for 85 percent of all net charge-
 offs related to acquired Southeast Banks loans except for
 installment loan reimbursements, which will decline 5 percent
 per year over the next three years from 75 percent to 65
 percent by 1996.
 (f) Allowance for segregated assets losses amounted to $33,313,000
 at December 31, 1993. This amount is not included in the
 allowance for loan losses.
 (g) First American segregated assets have been discounted to
 approximately 49 percent of First American's carrying value.
 AVERAGE BALANCE SHEET SUMMARY
 1993 1992 Year Ended
 December 31,
 (In thousands) 4Q 4Q 1993
 Loans, net $46,221,733 41,232,178 43,631,410
 Earning assets 63,495,402 54,734,343 59,913,951
 Total assets 72,186,652 62,521,083 68,101,222
 Noninterest-bearing deposits 10,609,800 8,646,804 9,540,069
 Consumer time deposits 39,837,463 36,690,658 38,481,864
 Other time deposits 2,358,917 2,266,410 2,226,915
 Common stockholders' equity 4,843,889 4,168,680 4,550,048
 Total stockholders' equity $ 5,127,929 4,465,952 4,839,397
 CAPITAL RATIOS (a)
 Tier 1 capital 8.88 % 9.22 8.88
 Total capital 14.32 14.31 14.32
 Leverage 6.11 % 6.55 6.11
 INTANGIBLE ASSETS
 (In thousands)
 Intangible assets
 Goodwill $ 712,485 643,978 712,485
 Deposit base premium 255,359 175,707 255,359
 Other 10,468 18,285 10,468
 Total $ 978,312 837,970 978,312
 Mortgage servicing rights $ 87,350 183,196 87,350
 Credit card premium $ 75,588 71,140 75,588
 (a) 1993 ratios are based on estimates. Capital ratios for 1990-
 1992 are not restated for pooling of interest acquisitions.
 AVERAGE BALANCE SHEET SUMMARY
 Years ended
 December 31,
 (In thousands) 1992 1991 1990
 Loans, net 41,270,991 37,314,358 35,877,585
 Earning assets 53,750,536 49,551,197 46,998,463
 Total assets 61,145,974 55,095,439 52,124,595
 Noninterest-bearing deposits 7,884,629 5,975,458 5,515,890
 Consumer time deposits 35,989,107 30,316,325 26,256,450
 Other time deposits 3,299,970 4,190,650 4,436,743
 Common stockholders' equity 3,889,256 3,131,716 2,937,441
 Total stockholders' equity 4,213,896 3,467,437 3,244,473
 CAPITAL RATIOS (a)
 Tier 1 capital 9.22 7.56 6.53
 Total capital 14.31 11.76 10.83
 Leverage 6.55 5.31 4.90
 INTANGIBLE ASSETS
 (In thousands)
 Intangible assets
 Goodwill 643,978 676,046 685,602
 Deposit base premium 175,707 179,152 176,043
 Other 18,285 15,324 9,508
 Total 837,970 870,522 871,153
 Mortgage servicing rights 183,196 196,706 173,915
 Credit card premium 71,140 73,792 24,785
 (a) 1993 ratios are based on estimates. Capital ratios for 1990-
 1992 are not restated for pooling of interest acquisitions.
 AVERAGE BALANCE SHEET SUMMARY
 Years ended
 December 31,
 (In thousands) 1989 1988
 Loans, net 29,507,834 25,678,530
 Earning assets 39,125,939 35,472,425
 Total assets 43,224,474 39,463,500
 Noninterest-bearing deposits 4,682,976 4,830,851
 Consumer time deposits 21,067,707 19,057,559
 Other time deposits 4,053,460 3,320,148
 Common stockholders' equity 2,758,156 2,507,201
 Total stockholders' equity 2,771,982 2,521,116
 CAPITAL RATIOS (a)
 Tier 1 capital - -
 Total capital - -
 Leverage - -
 INTANGIBLE ASSETS
 (In thousands)
 Intangible assets
 Goodwill 260,800 280,956
 Deposit base premium 117,188 138,770
 Other 11,974 24,989
 Total 389,962 444,715
 Mortgage servicing rights 140,065 47,622
 Credit card premium 20,148 7,271
 (a) 1993 ratios are based on estimates. Capital ratios for 1990-
 1992 are not restated for pooling of interest acquisitions.
 CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended
 December 31,
 (In thousands) 1993 1992
 Interest income:
 Interest and fees on loans $ 951,799 913,160
 Interest and dividends on
 securities available for
 sale 82,157 62,064
 Interest and dividends on
 investment securities
 Taxable income 88,070 81,760
 Non-taxable income 22,256 20,264
 Trading account interest 18,418 4,014
 Other interest income 8,821 22,019
 Total interest income 1,171,521 1,103,281
 Interest expense:
 Interest on deposits 336,680 340,657
 Interest on short-term
 borrowings 83,945 52,858
 Interest on long-term debt 42,769 44,806
 Total interest expense 463,394 438,321
 Net interest income 708,127 664,960
 Provision for loan losses 49,973 79,304
 Net interest income after
 provision for loan losses 658,154 585,656
 Noninterest income:
 Trading account profits 21,413 5,594
 Service charges on deposit
 accounts 114,016 96,845
 Mortgage banking income 30,325 36,851
 Gain on sale of mortgage
 servicing rights 249 724
 Capital management income 49,383 46,122
 Securities available for sale
 transactions 2,804 (1,286)
 Investment security
 transactions 3,049 769
 Merchant discounts 14,485 15,517
 Insurance commissions 10,825 11,132
 Sundry income 77,031 42,411
 Total noninterest income 323,580 254,679
 Noninterest expense:
 Personnel expense 313,535 283,207
 Occupancy 63,402 63,863
 Equipment rentals,
 depreciation and
 maintenance 51,975 45,021
 Postage, printing and
 supplies 27,183 22,789
 FDIC insurance 30,798 26,963
 Owned real estate expense 15,252 49,011
 Amortization 38,675 33,757
 Sundry 147,102 258,894
 Total noninterest expense 687,922 783,505
 Income before income taxes 293,812 56,830
 Income taxes 98,469 39,394
 Net income 195,343 17,436
 Dividends on preferred stock 5,489 6,887
 Net income applicable to
 common stockholders $ 189,854 10,549
 CONSOLIDATED STATEMENTS OF INCOME
 Years Ended
 December 31,
 (In thousands) 1993 1992
 Interest income:
 Interest and fees on loans 3,683,945 3,690,543
 Interest and dividends on
 securities available for
 sale 320,860 185,488
 Interest and dividends on
 investment securities
 Taxable income 391,364 391,556
 Non-taxable income 84,043 102,232
 Trading account interest 38,029 24,153
 Other interest income 38,091 85,413
 Total interest income 4,556,332 4,479,385
 Interest expense:
 Interest on deposits 1,323,258 1,615,671
 Interest on short-term
 borrowings 307,352 217,626
 Interest on long-term debt 159,829 187,671
 Total interest expense 1,790,439 2,020,968
 Net interest income 2,765,893 2,458,417
 Provision for loan losses 221,753 414,708
 Net interest income after
 provision for loan losses 2,544,140 2,043,709
 Noninterest income:
 Trading account profits 43,007 22,908
 Service charges on deposit
 accounts 420,285 386,118
 Mortgage banking income 138,608 155,800
 Gain on sale of mortgage
 servicing rights 973 10,637
 Capital management income 201,875 177,375
 Securities available for sale
 transactions 25,767 34,402
 Investment security
 transactions 7,435 (2,881)
 Merchant discounts 55,732 54,703
 Insurance commissions 43,876 44,047
 Sundry income 260,730 181,063
 Total noninterest income 1,198,288 1,064,172
 Noninterest expense:
 Personnel expense 1,155,899 1,065,302
 Occupancy 229,118 238,728
 Equipment rentals,
 depreciation and
 maintenance 189,589 167,063
 Postage, printing and
 supplies 92,842 76,057
 FDIC insurance 118,429 107,392
 Owned real estate expense 40,633 176,109
 Amortization 207,087 120,877
 Sundry 488,050 575,150
 Total noninterest expense 2,521,647 2,526,678
 Income before income taxes 1,220,781 581,203
 Income taxes 403,260 196,152
 Net income 817,521 385,051
 Dividends on preferred stock 24,900 31,979
 Net income applicable to
 common stockholders 792,621 353,072
 CONSOLIDATED BALANCE SHEETS
 December 31,
 (In thousands) 1993 1992
 Assets
 Cash and due from banks $ 3,351,963 3,142,426
 Interest-bearing bank
 balances 712,153 1,440,858
 Federal funds sold and
 securities purchased under
 resale agreements 351,754 780,639
 Total cash and cash
 equivalents 4,415,870 5,363,923
 Trading account assets 652,470 169,268
 Securities available for sale 11,744,942 5,203,344
 Investment securities 2,692,476 6,633,338
 Loans, net of unearned income 46,876,177 41,923,767
 Allowance for loan losses (1,020,191) (940,804)
 Loans, net 45,855,986 40,982,963
 Premises and equipment 1,524,855 1,334,505
 Due from customers on
 acceptances 246,095 167,225
 Mortgage servicing rights 87,350 183,196
 Credit card premium 75,588 71,140
 Other intangible assets 978,312 837,970
 Southeast segregated assets 347,202 530,895
 First American segregated
 assets 140,652 -
 Other assets 2,025,171 2,350,264
 Total assets $70,786,969 63,828,031
 Liabilities and Stockholders'
 Equity
 Deposits:
 Noninterest-bearing
 deposits 10,861,207 9,213,646
 Interest-bearing deposits 42,881,204 39,937,319
 Total deposits 53,742,411 49,150,965
 Short-term borrowings 7,254,178 5,065,337
 Bank acceptances outstanding 246,095 167,225
 Other liabilities 1,274,716 1,834,081
 Long-term debt 3,061,944 3,151,260
 Total liabilities 65,579,344 59,368,868
 Stockholders' equity
 Preferred stock:
 Class A, authorized
 40,000,000 shares:
 Series A, 11% cumulative
 perpetual; $25.00 stated
 and liquidation value - -
 Series A, $2.50 cumulative
 convertible, no-par
 value; $25.00 stated and
 liquidation value - 13,182
 Series B, none issued - -
 Series 1990 cumulative
 perpetual adjustable
 rate, no par value;
 $5.00 liquidation value;
 authorized 10,000,000
 shares 31,592 31,592
 Common stock, $3.33-1/3 par
 value; authorized
 750,000,000 shares 567,791 549,497
 Paid-in capital 1,591,275 1,396,701
 Retained earnings 3,016,967 2,468,191
 Total stockholders'
 equity 5,207,625 4,459,163
 Total liabilities and
 stockholders' equity $70,786,969 63,828,031
 -0- 1/17/94
 /CONTACT: (Media) Jeep Bryant, 704-374-2957 or (Home) 704-335-0415, or (Investor) Barbara Massa or Sean Fox, 704-374-7060, all of First Union Corporation/
 (FTU)


CO: First Union Corporation ST: North Carolina IN: FIN SU: ERN

CM -- CH001 -- 2392 01/17/94 08:51 EST
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