Newspapers / The Tryon Daily Bulletin … / Jan. 21, 1980, edition 1 / Page 9
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NCNB Earnings Up CHARLOTTE, N. C. — NCNB Corp, today reported consolidat ed income, before securities transactions and a non-recurring gain, of $44,458 million in 1979, compared to $35,567 million earned in 1978. Thomas I. Storrs, chairman of the board, said this was equivalent to $2.46 per share, an increase of 24.2 percent from the $1.98 earned in 1978. Net income was $2.53 per share, compared to $1.95 per share in 1978. Included in net income for 1979 is a gain of $.11 per share realized on the sale of 25 North Carolina offices of TranSouth Financial Corp. Consolidated income, before securities transactions, for the fourth quarter of 1979 was $11,177 million, compared to $9,619 million earned for the compar able period in 1978. This was equivalent to $.62 per share, compared to $.53 earned during the fourth quarter of 1978. All figures reflect the Dec. 3, 1979 merger with The Bank of Asheville, which was accounted for as a pooling of interests. It required restating 1978 earnings and diluted 1979 earnings by an estimated $.07 per share. Storrs stated that the initial earnings dilution resulting from the merger is temporary and is expected to be overcome in a short period as the merged strengths of the banks bring NOTICE For your convenience we will serve you from our location on Hwy. 11 near Gowensville. Beginning Jan. 14, we will be open Mon. and Tuesday 10 — 6. The Inman Store will be open Wed. — Fri. 10—5 and Sat. 10 — 2. Old South Nat. Ctr. 468-4560. adv. tf. OVERLOOKING COUNTRY CLUB This is a quality built home consisting of Living Room with fireplace, separate dining, kitchen and deri upstairs. Downstairs there are three B.R., sewing room and a total of 2% baths. TOWN & COUNTRY GALLERY OF HOMES BELOW STATE RATES ON THESE POLICIES FIRE HOMEOWNERS FARMOWNERS MOBILE HOMEOWNERS SPECIAL MULTI-PERIL (SMP) Let your Farm Bureau Insurance Agent assist you. Hwy. 108, P. O. Box 755 Columbus, N C 28722 704-894-3531 increased marketing results in mvivaocu iLiaiKvung results in y southwestern North Carolina. ( Storrs said, “Higher net * JAMES At VERLEE PAYNE interest income of North Carolina National Bank was the principal reason for improved earnings in 1979. It was a year of achievement for NCNB Corp. In addition to becoming a $6 billion institution with shareholders’ equity in excess of $300 million, we exceeded our near-term financial goals of a .80-percent Tryon Daily Bulletin, Mon., Jan. 21, 1980 30® LOCKHART RD. TRYON, N. C. DIAL: 009-3708 PAYNE’S TAXI AND AIRPORT SERVICE RADIO EQUIPPED - AIR CONDITIONED STATION WAGONS CONFIRMED BOOKINGS return on assets and a 15-percent U return on equity." ' Total assets of NCNB Corp, and subsidiaries on Dec. 31,1979 were $6,365 billion, compared to $5,026 billion on the same date in 1978. Total loans and leases (net of unearned income) were $2,867 billion, compared to $2,532 billion on Dec. 31, 1978. Total deposits of North Carolina National Bank, the major NCNB Corp, subsidiary, were $4,497 billion on Dec. 31, 1979, compared to $3,631 billion on Dec. 31, 1978. In addition to the bank, NCNB Corp, subsidiaries include NCNB Financial Services Inc., NCNB Mortgage Corp., MAR Inc., NCNB Properties Inc., NCNB Tri-South Corp., TranSouth Fin ancial Corp., and Trust Company of Florida. FIREWOOD FOR SALE: $25 mixed per load, $35 hardwood per load. Call 894-3523 or contact Charles Shehan. adv. m.w.f. tf Tryon Fine Arts Center All Welcome — No Admission Charge Free will offering benefit Fine Arts Center Showing his inimitable slides with sound on “EGYPT” North Carolina 22.5% The Tryon Photographic Society presents Davis Kirby Sunday, January 27th at 3 p.m. WANTED ORGANIST — CHOIR DIRECTOR Columbus Presbyterian Church $35 per week Please call 894-8148 FARM BUREAU Insurance WE NOW DEVIATE 253 N. Trade St. Tryon, N. C. 28782 704-859-5806 Mill St., Mike Sheehan Columbus, N. C. Randy Greene 894-3320
The Tryon Daily Bulletin (Tryon, N.C.)
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Jan. 21, 1980, edition 1
9
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