Wachovia Corporation
Announces Second,
Quarter Results
Wachovia Corporation’s net
income per fully diluted share was
$.70 for the second quarter of 1993,
an increase of 12.5 percent from
$.62 a year earlier. Net income
totaled $123.1 million, an advance
of 13.4 percent from the $108.6
million earned in the same quarter
of 1992, and represented
annualized returns of 17.3 percent
on shareholders’ equity and 1.51
percent on qssets..
For the first six months of 1993,
net income per fully diluted share
was S1.39, up 13.4 percent from
$1.23 in the first half of 1992. Net
income was $244.7 million, a gain
of 13.9 percent from $214.7
million, and represented annualized
returns of 17.3 percent on equity
and 1.50 percent on assets.
The excellent earnings growth
resulted from expanded net interest
income and healthy gains in other
service revenues combined with
good expense management and a
reduced provision for credit losses,
according to John G. Medlin Jr.,
chief executive officer.
Average interest-earning assets
rose $1,212 billion or 4.4 percent
for the three months and $761.
million cr 2.7 percent for the first
half from prior year periods.
Average loans grew $1,419 billion
or 7.2 percent for the quarter and
$1,305 billion or 6.6 percent for the
first six nonths.
Taxabb equivalent net interest
income increa'sed $12.9 million or
3.9 percent for the second period
and $20 9 niillion or 3.1 percent
year to date. Noninterest income
rose $19.1 million or 14.7 percent
for the three months and $38.9
million or 15 percent for the first
half, excluding securities gains and
a first quarter subsidiary sale. Non
interest expense xyas up S7.4
million or 2.8 percent !'or the
quarter and $33.3 million or 6.4
percent for the six months.
Excluding $15.9 million of 1993
first quarter nonrecurring charges,
non-interest expense rose $174
million or 3.3 percent for the year
to date.
The provision for loan losses was
$26,1. million for the quarter and
$51.2 million year to date versus
$28 million and $62.6 million,
respectively, in 1992. Net loan
losses were $17.2 million or.32
percent of average loans for the
three months and $31.2 million or
.29 percent for the first half, down
from $20.9 milhon or 42 percent
and $47.8 million or .48 percent in
the same periods of 1992..
At June 30, non-performing
assets totaled $227 million or 1.04
percent of loans and foreclosed
property. The allowance for loan
losses was. $399 mill ion,
representing 1.84 percent of period-
end loans and 223 percent of non
performing loans. Equity capital to
total assets was 8.87 percent, while
the approximate Tier 1 and total
capital to risk-adjusted assets ratios
were 10.0 percent and 13.1 percent,
respectively. Wachovia’s credit
quality, and capital ratios remain
strong.
SATURDAY, AUGUST 7,1993—THE CAROfejiA
NAACP
Urges You To Support
30th Anniversary
March on Washington
Dry spell
Sat9s of liquor nationwide have
declined in the past d^ade,
though they reboundedlast
year. |
In millions of gallons
450,
^00;
350 .
300 I
250 J
200 J
150 ii
i
1982 '84'86 ’88 '90 '925
Liquor consumption on
average per-person among
adtiit Americans has,
declined. '
In gallons ii
1980 ’ i 3.0
1985, ' i2.S
1990 i 2.2
SOURCES; Dislilled Spiiits Council of the
United States and U.S. Depanment of
Agriculture
iOBS
All roads lead to Washington, D.C. This
demonstration will afford us an opportunity to
outline the NAACP’s position on a number of
pressing and critical national civil rights issues.
We must be seen as second to none in our support
and determination not to allow the forces of
retrogression to continue their attack on progress
and advancement for our people.
Lift every voice!
The issues are important!
The need is great! The time is NOW!
Your participation is critically needed!
SATURDAY*
AUGUST 28
W ashington, D.C.
mi
^ RIGHTS
PROTECTIOH
HEEDS ^
f^FFlRWMWE
action
/INVEST
ai/C/fr/o,
Urge your membership to join us in Washington, D.C., Saturday, August 28th. I
Encourage car pooling and help arrange transportation for those who wish to travc-l by bi|s.
For more information contact NAACP National Headquarters ;
Or Durham Branch, NAACP 682-4930 I
Streep Afcyj
When ItGaries To Investtnerits"
Yju Get WhatThey’iie Fhid For.
It’s not thal wc have anything
against stockbrokers or insurance
representatives or, for that mailer,
any investment advisor. It’s just that
we prefer to approach your invest
ment plan from an entirely different
perspective. Yours.
The investment counselors ai
Centura study your needs, your
Chcxisc From AWide
Rargc Of Investment And
Fir
Financial Options
• CDs
• Money Morlecf
Accoioif.s
• Slocks
• Municipal Bonds • IRAs
1-800-333-3811
For Free Fimincicil P/omiingMofcno/.s
.Midnol l-ioi(/,s
Anmiific.s .
Home lu{uil\’
Deposit products provided by Centura Bank. Mcmhirl-DK: • fa
goals, your own unic|uc siliiation.
rhey work with )'ou lo create a
linancial plan specifically (or you.
They thoroughly explain (in plain
English, no less) all of your invest-
menl options. And then, and only
then, they help you purchase the
invcstmenls thal are best for you.
Slocks. Bonds. Mutual funds.
riwaal Savin Im Smirilics offcml hy (IVliST Inmn
Annuilies. CDs.Whatever.
All ol this, wc cxpccl, is enough
10 raise )'our comfort lc\'cl consider
ably But if not, consider this. Ail of
ourTinancial counselors are highly
knowledgeable and fully qualified.
And they’re available in just about
every city Centura serves.
If you’re ready to start building
a ponlolio, or want lo improve the
one you already ha\’c, just call us al
1-800-333-3811 and ask for our
free financial planning maicrials. Or
stop by your local Centura office.
And, at last, gel the
investments thal pay off
best for you. Not for the
people who sell them. CfentUTa
1. Mt-m/xT .S/PC. /»!.'