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WACHOVIA ANNOUNCES FOURTH QUARTER EARNINGS

 WINSTON-SALEM, N.C., Jan. 14 /PRNewswire/ -- Wachovia Corporation's (NYSE: WB) net income per fully diluted share for the fourth quarter of 1992 was $1.25. Net income totaled $109.7 million and represented annualized returns of 16.3 percent on shareholders' equity and 1.35 percent on assets. In the year-earlier period, the corporation incurred a net loss of $.46 per fully diluted share or $40.6 million, reflecting special charges taken in connection with the merger of South Carolina National Corporation.
 For the full year, net income per fully diluted share was $4.96. Net income totaled $433.2 million and produced returns of 16.7 percent on equity and 1.36 percent on assets. For 1991, net income per fully diluted share was $2.65, and net income was $229.5 million. Year-to- year net income comparisons are not meaningful due to the special charges in 1991.
 Improved net yields on interest-earning assets, good gains in other service revenues, reduced credit losses and continued control of operating expenses contributed to the excellent earnings performance, according to John G. Medlin Jr., chief executive officer.
 Average interest-earning assets were up $161 million or under 1 percent for the quarter but decreased $263 million or almost 1 percent for the year. Average loans grew $417 million or 2.1 percent for the final period but were down $557 million or 2.7 percent for the full year.
 Taxable equivalent net interest income rose $22 million or 6.9 percent for the quarter and $70.2 million or 5.6 percent for the year. Noninterest income, excluding securities gains and the third quarter sale of a subsidiary, was up $13.8 million or 11 percent for the fourth period and $45.1 million or 9.2 percent for the year. Noninterest expense fell $47.4 million for the quarter and $865 thousand for the year, reflecting special merger related charges in 1991.
 The provision for loan losses was $28.6 million for the quarter and $119.4 million for the year. This compared with $163.1 million and $293 million, respectively, in 1991, which included merger related special provisions. Net loan losses totaled $28.3 million or .55 percent of average loans for the three months and $95.2 million or .48 percent of loans for the full year. Comparable figures for 1991 were $103.1 million or 2.04 percent and $203 million or .99 percent, respectively.
 At December 31, nonperforming assets were $265 million or 1.25 percent of loans and foreclosed property. The allowance for loan losses was $380 million or 1.80 percent of loans and 2.18 times nonperforming loans. Equity capital to total assets was 8.32 percent, while the approximate Tier I and total risk-based capital ratios were 10.1 percent and 11.7 percent, respectively.
 -0- 1/14/93
 /CONTACT: Nancy P. Lovelace, 919-770-5696, or (Analyst) 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 -- CH003 -- 4725 01/14/93 09:04 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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