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MELLON REPORTS SHARPLY INCREASED EARNINGS IN SECOND QUARTER 1992

 MELLON REPORTS SHARPLY INCREASED EARNINGS IN SECOND QUARTER 1992
 -- Net Income Increases 30 Percent From Second Quarter of 1991;
 -- Earnings Per Share Increase 18 Percent
 -- Nonperforming Assets Decrease $43 Million, or 5 Percent, From
 March 31, 1992
 PITTSBURGH, July 21 /PRNewswire/ -- Mellon Bank Corp. (NYSE: MEL) today reported net income of $90 million for the second quarter of 1992, an increase of $20 million, or 30 percent, from $70 million in the second quarter of 1991.
 Net income per common share was $1.41 in the second quarter of 1992, up 18 percent from $1.20 in the second quarter of 1991.
 "Our strong second quarter results reflect Mellon's continuing earnings progress," said Frank V. Cahouet, chairman, president and chief executive officer of Mellon Bank Corp. "We are pleased to have achieved sharp increases in net income and earnings per share, as well as another drop in the level of our nonperforming assets."
 Compared with the second quarter of 1991, the corporation's second quarter 1992 results reflected increases in net interest revenue, service fee revenue, trading revenue and other revenue, offset in part by increased operating expense.
 Net interest revenue for the quarter was $281 million, up 18 percent from $238 million in the second quarter of 1991. Service fee revenue was $199 million in the second quarter of 1992, up 5 percent from $190 million in the prior year period. Trading revenue was $4 million in the second quarter of 1992, up from $2 million in the second quarter of 1991. Other revenue was $3 million, up from $1 million in the prior year period.
 Operating expense for the second quarter of 1992 was $333 million, compared with $304 million in the second quarter of 1991. Approximately half of the increase resulted from the corporation's year-end 1991 acquisition of United Penn Bank and other new business ventures and asset acquisitions. These activities also contributed to the second quarter 1992 increases in net interest revenue and service fee revenue.
 The provision for credit losses was $50 million in the second quarter of 1992, unchanged from the prior year period. Net credit losses were $66 million in the second quarter of 1992, compared with $56 million in the second quarter of 1991.
 Nonperforming assets totaled $825 million at June 30, 1992, down $43 million, or 5 percent, from $868 million at March 31, 1992.
 Annualized return on assets and return on common shareholders' equity were 1.22 percent and 17.78 percent, respectively, in the second quarter of 1992, compared with .95 percent and 16.47 percent, respectively, in the second quarter of 1991.
 The corporation noted that its results in the second quarters of both 1992 and 1991 were affected favorably by the corporation's tax position. Losses in 1987 and 1988 created tax benefits which, since that time, have reduced the corporation's federal tax liability. The corporation anticipates that these benefits will continue to exist throughout 1992, with the corporation returning to fully taxed status in 1993. On a pro forma fully taxed basis, the corporation's net income per common share was $.95 in the second quarter of 1992. Annualized return on assets and return on common shareholders' equity on a pro forma fully taxed basis were .88 percent and 11.37 percent, respectively.
 With assets of approximately $30 billion, Mellon Bank Corp. is a major bank holding company. Through its subsidiaries, it provides wholesale, middle market and retail banking, as well as numerous service products including trust and investment, cash management and financial information services.
 Detailed supplemental information follows.
 SUPPLEMENTAL INFORMATION
 Net Interest Revenue
 Three months Six months
 ended June 30, ended June 30,
 (dollar amounts
 in millions) 1992 1991 1992 1991
 Net interest revenue $281 $238 $561 $473
 Taxable equivalent
 increments 4 7 6 15
 Net interest revenue
 (taxable equivalent basis) $285 $245 $567 $488
 Average interest-earning
 assets $26,202 $25,847 $26,562 $25,774
 Net interest margin (pct.) 4.31 3.69 4.25 3.70
 Net interest margin
 (taxable equivalent basis) 4.37 3.80 4.30 3.82
 Net interest revenue increased by $43 million, or 18 percent, in the second quarter of 1992, compared with the second quarter of 1991, while the net interest margin increased by 62 basis points on a $355 million higher level of average interest-earning assets. The improved results primarily reflected wider spreads as the corporation's cost of funds supporting interest-earning assets decreased by 190 basis points compared with the second quarter of 1991, outpacing a 128-basis-point decrease in the yield on interest-earning assets compared with the prior-year period. Both net interest revenue and the net interest margin also benefited from a substantial increase in the level of higher-yielding credit card receivables, resulting principally from the May 1991 credit card portfolio acquisitions within the corporation's region, as well as a reduction in nonperforming assets and a $3 million increase in loan fees. The year-end 1991 acquisition of United Penn Bank (UPB) also contributed to the improved revenue compared with the prior-year period.
 Net interest revenue in the first six months of 1992 increased by $88 million, or 19 percent, compared with the first half of 1991, principally as a result of the same factors responsible for the second quarter increase. The net interest margin on a taxable equivalent basis was 4.30 percent in the first six months of 1992, up 48 basis points from the first half of 1991.
 Provision and Net Credit Losses
 Three months Six months
 ended June 30, ended June 30,
 (dollar amounts
 in millions) 1992 1991 1992 1991
 Provision for credit
 losses $ 50 $ 50 $110 $ 95
 Net credit losses:
 Domestic:
 Real estate $ 41 $ 28 $ 78 $ 41
 Consumer credit 17 13 34 24
 Commercial & financial 5 10 15 22
 Total domestic 63 51 127 87
 International 3 5 6 17
 Total net credit losses $ 66 $ 56 $133 $104
 Annualized net credit losses
 to average loans (pct.) 1.48 1.21 1.46 1.12
 The provision for credit losses was $50 million in the second quarter of 1992, unchanged from the prior-year period. Net credit losses increased by $10 million compared with the second quarter of 1991, primarily reflecting the continued weakness in domestic commercial real estate markets. The $4 million increase in consumer net credit losses was largely attributable to the credit card portfolio acquisitions in 1991. Partially offsetting these factors was a $5 million decrease in commercial and financial net credit losses and a $2 million decrease in international net credit losses.
 Net credit losses in the first six months of 1992 increased by $29 million compared with the first half of 1991, principally as a result of the same factors responsible for the second quarter increase. International net credit losses in the first six months of 1992 were recorded in the commercial and industrial portfolio, while international net credit losses of $17 million in the prior-year period resulted principally from management's actions to virtually eliminate the corporation's exposure to lesser developed countries.
 Service Fee and Other Revenue
 Three months Six months
 ended June 30, ended June 30,
 (in millions) 1992 1991 1992 1991
 Trust and investment
 management fees (a) $ 72 $ 69 $143 $132
 Cash management fees and deposit
 transaction charges 42 38 82 74
 Information services fees (a) 35 33 69 66
 Credit card revenue 13 11 25 20
 Mortgage servicing fees 9 8 17 15
 Other service fee revenue 28 31 61 65
 Total service fee revenue 199 190 397 372
 Trading revenue 4 2 8 4
 Gains on sale of
 investment securities -- -- 45 1
 Other noninterest revenue 3 1 1 5
 Total service fee
 and other revenue $206 $193 $451 $382
 (a) Beginning in the first quarter of 1992, fees generated by the corporation's stock transfer and trust accounting services businesses, which were previously classified as "Trust and investment management fees," were combined with data processing fees and reported as "Information services fees". Accordingly, such fees totaling $10 and $19 million have been reclassified in the second quarter and first half of 1991, respectively.
 Service fee revenue increased by $9 million, or 5 percent, in the second quarter of 1992, compared with the second quarter of 1991. Principally responsible for this improvement were increases of 14 percent in credit card revenue, 10 percent in cash management fees, 6 percent in information services fees and 4 percent in trust and investment management fees. The increase in credit card revenue was primarily attributable to the May 1991 credit card portfolio acquisitions within the corporation's region. Other service fee revenue included revenue from a seasonal product, which will be lower in the remaining quarters of 1992. Total revenue generated by this seasonal product, including loan fees reported in net interest revenue, increased $2 million from the prior-year period.
 Payment for certain service products is made through the interest-earning capacity of customers' deposit balances rather than through fees. On an analytical basis, management views the fee-equivalent revenue from these deposit balances as service revenue, although it is reported in net interest revenue. This fee equivalent revenue was approximately $29 million in the second quarter of 1992 and $30 million in the second quarter of 1991. Including these amounts, service revenue was approximately 48 percent of the corporation's net interest and service revenue in the second quarter of 1992 and approximately 50 percent in the second quarter of 1991. The net interest revenue on these deposit balances contributed approximately 45 basis points to the net interest margin in the second quarter of 1992 and approximately 46 basis points in the second quarter of 1991.
 Trading revenue increased $2 million in the second quarter of 1992, compared with the second quarter of 1991, resulting from higher bond trading profits and foreign exchange gains. The $2 million increase in other noninterest revenue reflected higher gains on the sale of assets.
 Service fee revenue for the first six months of 1992 increased $25 million, or 7 percent, compared with the same period a year ago. Principally responsible for this improvement were increases of 22 percent in credit card revenue, 11 percent in cash management fees, 9 percent in trust and investment management fees and 4 percent in information services fees. Trading and other noninterest revenue for the first six months of 1992 increased $44 million, resulting principally from $45 million in gains on the sale of investment securities during the first quarter of 1992.
 Operating Expense
 Three months Six months
 ended June 30, ended June 30,
 (dollar amounts
 in millions) 1992 1991 1992 1991
 Staff expense $145 $135 $287 $271
 Net occupancy expense 36 34 72 67
 Professional, legal and
 other purchased services 30 27 55 52
 Equipment expense 25 23 50 47
 Amortization of goodwill, intangibles
 and issue costs 16 14 32 27
 FDIC assessment and
 regulatory examination fees 13 11 26 22
 Shares, capital and franchise taxes 6 5 12 10
 Other expense 57 45 115 95
 Operating expense before the net
 expense of foreclosed property 328 294 649 591
 Net expense of foreclosed property 5 10 51 17
 Total operating expense $333 $304 $700 $608
 Avg. full-time equivalent staff 17,400 16,400 17,400 16,400
 Operating expense before the net expense of foreclosed property increased by $34 million, or 11 percent, in the second quarter of 1992, compared with the second quarter of 1991. Approximately half of this increase resulted from the corporation's year-end 1991 acquisition of United Penn Bank (UPB) as well as from new business ventures and other asset acquisitions, including the purchase of two credit card portfolios in May 1991. The combined effect of these acquisitions contributed to higher expenses in nearly all expense categories and was primarily responsible for the increases in staff, net occupancy, equipment expense and the amortization of goodwill and other intangibles. FDIC assessment and regulatory examination fees increased $2 million, or 19 percent, compared with the second quarter of 1991, reflecting a significant increase in the FDIC assessment rate charged to all banks. The increase in the average full-time equivalent staff level, compared with the prior-year quarter was due primarily to the addition of the employees of UPB, as well as a higher level of temporary employees to support revenue increases in the corporation's service businesses.
 Operating expense before the net expense of foreclosed property totaled $649 million in the first six months of 1992, compared with $591 million in the first half of 1991. The increase was primarily the result of the same factors responsible for the second quarter increase.
 The net expense of foreclosed property decreased $5 million in the second quarter of 1992 compared with the second quarter of 1991. A $4 million increase in the provision to the reserve for real estate acquired (OREO) was offset by a $10 million gain from the sale of assets acquired. The $34 million increase in the net expense of foreclosed property in the first six months of 1992 compared with the first half of 1991 resulted from a $43 million increase in the provision to the reserve for OREO in the first quarter of 1992. This provision was recorded primarily to facilitate the possible liquidation of these assets.
 Income Taxes
 The provision for income taxes totaled $26 million in the first six months of 1992, compared with $14 million in the first half of 1991. At June 30, 1992, approximately $79 million of unrecognized tax benefits are available to offset federal income taxes, depending upon several factors, including profits earned in future periods. The corporation anticipates that these tax benefits will be available to continue to reduce federal income taxes throughout the remainder of 1992. During 1993, the corporation expects to return to a fully taxable status. Without the availability of unrecognized tax benefits to offset federal income taxes, the corporation's provision for income taxes for the first half of 1992 would have been $77 million.
 CREDIT QUALITY
 Nonperforming and Past Due Assets
 June 30, March 31, Dec. 31, June 30,
 (dollar amounts
 in millions) 1992 1992 1991 1991
 Domestic nonperforming loans:
 Real estate $311 $328 $366 $390
 Other domestic 87 86 130 148
 International
 nonperforming loans 48 57 32 17
 Total nonperforming
 loans 446 471 528 555
 Assets acquired:
 Real estate acquired
 through foreclosures 221 219 245 198
 In-substance real
 estate foreclosures 179 181 140 140
 Reserve for real
 estate acquired (44) (42) (21) (11)
 Real estate acquired,
 net of reserve 356 358 364 327
 Other assets acquired 23 39 41 25
 Total foreclosed
 property 379 397 405 352
 Total nonperforming
 assets $825 $868 $933 $907
 Nonperforming loans as a
 percentage of
 total loans (pct.) 2.47 2.56 2.77 2.99
 Total nonperforming assets as a
 percentage of total loans
 and net foreclosed
 property (pct.) 4.48 4.61 4.78 4.79
 Past due loans $57 $72 $75 $70
 Nonperforming assets at June 30, 1992, decreased by $43 million, or 5 percent, compared with March 31, 1992. The quarterly addition of loans to nonaccrual status was the lowest in more than two years. Domestic nonperforming real estate assets, which include domestic nonperforming real estate loans and real estate acquired net of the reserve, decreased by $19 million during the quarter as a result of credit losses, sales of OREO and repayments. Other domestic nonperforming loans, which consist primarily of loans to borrowers in the commercial and industrial portfolio, increased by $1 million during the quarter as additions were offset primarily by repayments. The $9 million decrease in international nonperforming loans reflected credit losses and a transfer to other assets acquired as a result of an in-substance foreclosure on loans to a commercial borrower. Other assets acquired decreased $16 million during the quarter primarily as a result of an asset sale.
 Nonperforming assets decreased by $82 million, or 9 percent, compared with June 30, 1991, due primarily to a $50 million reduction in nonperforming domestic real estate assets compared with a year ago, despite the year-end 1991 addition of $23 million in nonperforming real estate assets from UPB. Other domestic nonperforming loans were down by $61 million, despite the addition of $14 million in UPB loans, primarily as a result of the first quarter 1992 sale of $44 million in loans made to one of the nation's largest natural gas systems. The $31 million increase in international nonperforming loans compared with June 30, 1991, primarily reflected the first quarter 1992 addition to nonaccrual status of a Canadian loan secured by real estate. Other assets acquired remained essentially unchanged compared with the prior-year period.
 Reserve for Credit Losses
 June 30, March 31, Dec. 31, June 30,
 (dollar amounts
 in millions) 1992 1992 1991 1991
 Reserve for credit
 losses $573 $589 $596 $526
 Reserve as a percentage of
 total loans (pct.) 3.18 3.20 3.12 2.83
 The reserve for credit losses decreased by $16 million during the second quarter of 1992. As a percentage of total loans, the reserve was 3.18 percent at June 30, 1992, compared with 3.20 percent at March 31, 1992. The reserve as a percentage of nonperforming loans rose to 129 percent at June 30, 1992, from 125 percent at March 31, 1992, and 95 percent at June 30, 1991. Compared with June 30, 1991, the $47 million increase in the reserve level primarily reflected $40 million of reserves attributable to the UPB acquisition. Management believes that the current reserve level is adequate to absorb future losses inherent in the loan portfolio, although the ultimate adequacy of the reserve is dependent upon future economic factors beyond the corporation's control.
 Selected Capital Data
 June 30, March 31, Dec. 31, June 30,
 (dollar amounts
 in millions) 1992 1992 1991 1991
 Common shareholders'
 equity $1,817 $1,727 $1,648 $1,531
 Total shareholders'
 equity 2,339 2,249 2,073 1,911
 Common shareholders'
 equity to
 assets ratio (pct.) 6.21 5.91 5.61 5.34
 Total shareholders'
 equity to
 assets ratio (pct.) 8.00 7.69 7.06 6.66
 Tier I capital
 ratio (a) (pct.) 7.10 (b) 6.68 5.66 5.11
 Total (Tier I and Tier II)
 capital
 ratio (a) (pct.) 11.20 (b) 10.75 9.86 9.31
 Leverage capital
 ratio (a) (pct.) 6.20 (b) 5.70 5.42 4.73
 Book value per
 common share (c) $33.49 $32.32 $31.29 $29.84
 Closing common
 stock price $41.125 $39.00 $34.875 $29.875
 Note: Ratios are based on unrounded numbers.
 (a) Calculated under the regulations applicable to year-end 1992.
 (b) Estimated.
 (c) The book value per common share assumes full conversion of the Series D preferred stock to common stock. Accordingly, this includes the additional paid-in capital on the Series D preferred stock because this paid-in capital has no liquidation preference over the common stock.
 Common shareholders' equity increased to 6.21 percent of total assets at June 30, 1992, from 5.91 percent at March 31, 1992, and 5.34 percent at June 30, 1991, primarily as a result of earnings retention. The estimated Tier I capital ratio increased to approximately 7.10 percent at June 30, 1992, from 6.68 percent at March 31, 1992, and increased nearly 200 basis points compared with June 30, 1991. The estimated leverage capital ratio of 6.20 percent at June 30, 1992, improved approximately 150 basis points compared with June 30, 1991. Compared with June 30, 1991, the improvement in the Tier I and leverage capital ratios primarily resulted from earnings retention, as well as a net increase in preferred equity.
 SUMMARY DATA
 Mellon Bank Corporation (and its subsidiaries)
 (dollar amounts
 in millions, Three months ended Six months ended
 except per
 share amounts; June 30, June 30,
 common shares
 in thousands) 1992 1991 1992 1991
 Selected key data (a)
 Net income per
 common share $ 1.41 $ 1.20 $ 2.77 $ 2.45
 Return on
 assets (pct.) 1.22 .95 1.17 .95
 Return on common
 shareholders'
 equity (pct.) 17.78 16.47 17.70 16.98
 Yield on int.-earning
 assets, on a taxable
 equiv. basis (pct.) 7.84 9.17 7.97 9.44
 Cost of funds supporting
 interest-earning
 assets (pct.) 3.47 5.37 3.67 5.62
 Dividends per
 common share $ .95 $ .74 $ 1.85 $ 1.51
 Return on assets(pct.) .88 .64 .84 .64
 Return on
 common shareholders'
 equity (pct.) 11.37 8.91 11.13 9.10
 Average balances for
 the period (c)
 Money market
 investments $ 1,618 $ 1,401 $ 1,661 $ 1,332
 Trading account
 securities 323 443 351 369
 Securities 6,406 5,501 6,199 5,332
 Loans 17,855 18,502 18,351 18,741
 Total interest-
 earning assets 26,202 25,847 26,562 25,774
 Total assets 29,753 29,473 30,206 29,417
 Deposits 22,409 21,691 22,500 21,800
 Total interest-
 bearing liabilities 21,460 22,597 22,028 22,582
 Common shareholders'
 equity 1,771 1,423 1,729 1,370
 Total shareholders'
 equity 2,293 1,802 2,240 1,749
 Computation of net income per
 common share
 Net income applicable to
 common stock (d) $ 78 $ 58 $ 152 $ 115
 Average common
 shares outstanding 52,339 46,530 51,930 45,267
 Average common shares issuable
 upon conversion of Series D
 preferred stock 1,523 1,443 1,523 1,443
 Other common stock equivalents,
 net of shares assumed
 repurchased 1,445 776 1,405 452
 Total stock and stock
 equivalents 55,307 48,749 54,858 47,162
 Net income per
 common share (e) $ 1.41 $ 1.20 $ 2.77 $ 2.45
 (a) Percentages are annualized where applicable, all amounts are based on unrounded numbers.
 (b) Pro forma fully taxed results were calculated by applying a normalized effective tax rate of approximately 38 percent to pretax income. The unrecorded tax benefit that existed at the beginning of each period presented was included in the determination of the return on common shareholders' equity.
 (c) Computed on a daily average basis.
 (d) After adding back Series D preferred stock dividends of less than $1 million in the second quarter of 1992 and 1991, and less than $2 million in the first half of 1992 and 1991.
 (e) Based on unrounded numbers.
 CONDENSED CONSOLIDATED INCOME STATEMENT
 Mellon Bank Corporation (and its subsidiaries)
 Three months ended Six months ended
 (in millions,
 except per June 30, June 30,
 share amounts) 1992 1991 1992 1991
 Interest revenue
 Loans and loan fees $363 $434 $ 758 $ 899
 Money market
 investments 17 22 35 45
 Trading account
 securities 5 8 12 14
 Securities 122 120 241 234
 Total interest
 revenue 507 584 1,046 1,192
 Interest expense
 Deposits in
 domestic offices 158 240 338 502
 Deposits in
 foreign offices 13 22 27 45
 Short-term borrowings 33 57 73 113
 Notes and debentures
 (with original maturities
 over one year) 22 27 47 59
 Total interest
 expense 226 346 485 719
 Net interest
 revenue 281 238 561 473
 Provision for
 credit losses 50 50 110 95
 Net interest
 revenue after
 provision for
 credit losses 231 188 451 378
 Service fee and
 other revenue
 Service fee revenue 199 190 397 372
 Trading revenue 4 2 8 4
 Gains on sale of
 investment
 securities -- -- 45 1
 Other noninterest
 revenue 3 1 1 5
 Total service
 fee and other
 revenue 206 193 451 382
 Operating expense
 Staff expense 145 135 287 271
 Net occupancy expense 36 34 72 67
 Professional, legal
 and other purchased
 services 30 27 55 52
 Equipment expense 25 23 50 47
 Amortization of
 goodwill, intangibles
 and issue costs 16 14 32 27
 FDIC assessment
 and regulatory
 examination fees 13 11 26 22
 Shares, capital
 and franchise taxes 6 5 12 10
 Other expense 57 45 115 95
 Net expense of
 foreclosed property 5 10 51 17
 Total operating
 expense 333 304 700 608
 Income before
 income taxes 104 77 202 152
 Provision for
 income taxes 14 7 26 14
 Net income 90 70 176 138
 Dividends on
 preferred stock 12 12 25 24
 Net income
 applicable to
 common stock $ 78 $ 58 $ 151 $ 114
 Net income per
 common share $1.41 $1.20 $2.77 $2.45
 CONDENSED CONSOLIDATED BALANCE SHEET
 Mellon Bank Corporation (and its subsidiaries)
 (dollar amounts
 in millions) June 30, Dec. 31, June 30,
 1992 1991 1991
 Assets
 Cash and due from banks $ 1,582 $ 1,635 $ 1,649
 Money market investments 1,648 1,183 1,020
 Trading account securities 65 85 22
 Securities (approximate
 market value of $6,543,
 $6,016 and $5,560) 6,345 5,744 5,509
 Loans, net of unearned discount
 of $85, $101 and $69 18,033 19,103 18,563
 Reserve for credit losses (573) (596) (526)
 Net loans 17,460 18,507 18,037
 Premises and equipment 440 440 429
 Foreclosed property, net of
 reserves of $44, $21 & $11 379 405 352
 Goodwill 215 220 227
 Other intangibles 329 331 314
 Other assets 782 805 1,106
 Total assets $29,245 $29,355 $28,665
 Liabilities
 Deposits in
 domestic offices $21,418 $21,471 $20,393
 Deposits in foreign offices 644 983 1,225
 Short-term borrowings 3,031 2,730 2,957
 Other liabilities 513 597 661
 Notes and debentures
 (with original maturities
 over one year) 1,300 1,501 1,424
 Total liabilities 26,906 27,282 26,660
 Redeemable preferred stock -- -- 94
 Shareholders' equity
 Preferred stock 522 425 380
 Common stock -
 $.50 par value
 Authorized -
 120,000,000 shares
 Issued - 52,922,670;
 51,401,066; and
 50,354,987 shares 26 26 25
 Additional paid-in capital 1,273 1,217 1,183
 Retained earnings 513 401 319
 Warrants 10 11 15
 Treasury stock - 183,354;
 256,021; and 486,240
 shares at cost (5) (7) (11)
 Total shareholders'
 equity 2,339 2,073 1,911
 Total liabilities,
 redeemable preferred
 stock and shareholders'
 equity $29,245 $29,355 $28,665
 /delval/
 -0- 7/21/92
 /CONTACT: Charles M. Johnston, analysts, 412-234-5601, or Thomas W. Butch, media, 412-234-6436, both of Mellon Bank/
 (MEL) CO: Mellon Bank Corp. ST: Pennsylvania IN: FIN SU: ERN


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