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WACHOVIA CORPORATION ANNOUNCES QUARTERLY EARNINGS

 WACHOVIA CORPORATION ANNOUNCES QUARTERLY EARNINGS
 WINSTON-SALEM, N.C., Oct. 14 /PRNewswire/ -- The net income per


fully diluted share of Wachovia Corporation (NYSE: WB) for the third quarter of 1992 was $1.25, an increase of 21.2 percent from $1.03 a year earlier. Total net income for the quarter was $108.8 million, up 21.3 percent from $89.7 million, and represented annualized returns of 16.5 percent on shareholders' equity and 1.39 percent on assets.
 For the nine months, net income per fully diluted share was $3.71, a gain of 19.5 percent from $3.11 in the prior year. Net income totaled $323.6 million, up 19.8 percent from $270.1 million, and produced annualized returns of 16.8 percent on equity and 1.37 percent on assets.
 The earnings gains resulted from higher levels of net interest income and good growth in other revenues combined with reduced provisions for credit losses and continued control of operating expenses, according to John G. Medlin Jr., chief executive officer.
 Average interest-earning assets declined $611 million or 2.2 percent for the third quarter and $405 million or 1.4 percent for the nine months. Average loans were down $563 million or 2.8 percent for the quarter and $884 million or 4.3 percent for the year to date.
 Taxable equivalent net interest income increased $9.7 million or 3 percent for the third period and $48.2 million or 5.1 percent for the nine months. Noninterest income, excluding a subsidiary sale and securities gains, grew $10.4 million or 8.2 percent for the quarter and $31.2 million or 8.6 percent year to date. The sale in the third quarter of Provident Financial, South Carolina National Corporation's consumer finance subsidiary, resulted in a pretax gain of $19.5 million.
 Noninterest expense rose $28.7 million or 11 percent for the quarter and reflected $20.2 million of special charges, including write-downs of deposit base intangibles and mortgage servicing rights. For the nine months, noninterest expense was up $46.5 million or 6.1 percent.
 The provision for loan losses was $28.2 million for the three months and $90.9 million for the year to date reduced from $46.7 million and $129.9 million, respectively, in 1991. Net loan losses were $19.2 million or .39 percent of loans for the quarter, down from $39 million or .77 percent a year earlier. For the first nine months, net charge- offs were $66.9 million or .45 percent of loans compared with $99.9 million or .64 percent in the same period of 1991.
 At September 30, nonperforming assets were $280 million or 1.39 percent of total loans and foreclosed property. Also at period-end, the allowance for loan losses totaled $379 million and represented 1.89 percent of loans and 2.08 times nonperforming loans. The equity capital to total assets ratio at quarter-end was a strong 8.49 percent, while the approximate Tier I and total risk-based capital ratios were 9.8 percent and 11.5 percent, respectively.
 -0- 10/14/92
 /CONTACT: (Media) 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 -- CH004 -- 9704 10/14/92 09:06 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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