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WACHOVIA ANNOUNCES FIRST QUARTER EARNINGS

 WINSTON-SALEM, N.C., April 14 /PRNewswire/ -- Wachovia Corporation's (NYSE: WB) net income per fully diluted share was $.69 for the first quarter of 1993, an increase of 14.2 percent from $.61 a year earlier. Per share data have been adjusted to reflect the two-for-one common stock split effective April 1, 1993.
 Net income totaled $121.6 million, up 14.6 percent from $106.1 million and represented annualized returns of 17.4 percent on shareholders' equity and 1.50 percent on assets.
 The earnings gain for the first quarter resulted from the combination of higher net interest income, good growth in other service revenues and a lower provision for credit losses, according to John G. Medlin Jr., chief executive officer.
 Average interest-earning assets increased $307 million or 1.1 percent in comparison with the same quarter a year earlier. Average loans were up $1.189 billion or 6 percent with growth occurring in both the retail and commercial credit portfolios.
 Taxable equivalent net interest income was higher by $8 million or 2.4 percent. Noninterest income grew $19.8 million or 15.3 percent for the quarter, after excluding pretax extraordinary gains totaling $17.9 million on the sales of equity securities and Wachovia Student Financial Services. Noninterest expense rose $25.9 million or 10 percent. Excluding $15.9 million of nonrecurring charges, noninterest expense was up $10 million or 3.9 percent.
 The provision for loan losses was $25.1 million compared with $34.6 million in the first quarter of 1992. Net loan losses were $14 million or .27 percent of average loans, down from $26.9 million or .54 percent in the year-earlier period.
 At March 31, nonperforming assets totaled $275 million or 1.26 percent of loans and foreclosed property. The allowance for loan losses was $391 million, representing 1.80 percent of period-end loans and 211 percent of nonperforming loans.
 The corporation's ratio of equity capital to total assets was 8.52 percent at first quarter-end, while the approximate Tier I and total capital to risk-adjusted assets ratios were 10 percent and 12.4 percent, respectively. Wachovia's capital ratios and indicators of credit quality remain among the strongest for major banking companies in the nation.
 -0- 4/14/93
 /CONTACT: (Media) Nancy P. Lovelace, 919-770-5696, or (Analysts) Robert S. McCoy Jr., 919-770-5926, or James C. Mabry, 919-770-5788, all of Wachovia Corporation/
 (WB)


CO: Wachovia Corporation ST: North Carolina IN: FIN SU: ERN

CM -- CH001 -- 5547 04/14/93 09:04 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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