ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, January 12, 1996 TAG: 9601120020
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE: MAG POFF
First Union Corp. said Thursday that solid demand for loans and growth in fees had pushed its 1995 earnings to $1.48 billion.
The Charlotte, N.C.-based bank's profits were combined with those of First Fidelity Bancorp., which First Union acquired Jan. 1. Assets for the combined company totaled $131.9 billion. Profits equaled $5.04 per share of common stock after merger charges of 26 cents per share, or $73 million. The pre-charge earnings of $5.30 per share exceeded the company's projection of $5.29. This compares to 1994 earnings of $1.33 billion or $4.72 a share before a preferred stock redemption premium.
The combined company earned $404 million, or $1.45 a share, in the fourth quarter before merger-related charges, compared with $335 million, or $1.17 a share, the prior year.
The bank said virtually every fee income category showed growth in 1995. Together, they produced $1.8 billion, up 18 percent.
Key contributions came from the capital markets group, including merchant banking, loan syndication and asset securement, and the capital management group, including mutual funds, trust and brokerage services. First Union's Evergreen Funds have grown to assets of $10.4 billion.
Interest income, the difference between earnings on loans and interest paid on deposits, was up 4 percent.
Loans grew 16 percent to $90.6 billion. The bank said loan growth was particularly strong in the consumer portfolio.
Nonperforming assets, those yielding no income for the bank, were $826 million or 0.91 percent of loans at the end of December. That compares to $818 million or 0.95 percent of loans at the end of the third quarter.
LENGTH: Short : 38 linesby CNB