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Show First Security releases year-end earning figures First Security Corporation, Corpora-tion, bank holding company com-pany headquartered in Salt Lake City, announced announc-ed 1980 operating figures which show record high earning assets and deposits. At the regular quarterly quarter-ly directors meeting, George S. Eccles, chairman chair-man and chief executive officer, told directors that at the end of 1980, combined combin-ed resources of First Security Corporation, its banks and subsidiaries totaled $3.6 bilion, an all-time all-time high. This figure represents a 5.1 percent increase over the $3.4 billion in resources on Dec. 31, 1979. Corporation affiliate banks . reported total deposits at year-end of $2.7 biilion, compared with $2.6 billion recorded at year-end 1979. This year's deposits outdistanced out-distanced last year's by 4.71 percent. First Security Corpora-, tion previously reported a 10.5 percent increase for' ' 1980 in unaudited consolidated con-solidated income for shareholders before securities transactions, $40.9 million compared with $37.0 million. On a per share basis, the $3.44 per share figure for 1980 compares with 1979's $3.13. Unaudited income for 1980 after securities transactions tran-sactions was $37.7 million or $3.18 per share, compared com-pared with $35.1 million, or $2.97 per share for the year 1979. At year end, the corporation had 11,980,639 shares of common com-mon stock outstanding. Earnings for 1980 were achieved in the face of a total expense of $331.4 million, compared with $290 million in 1979, a 14.3 . percent increase. All categories of operating expense showed increases. in-creases. Interest paid on time deposits increased 25.91 percent from $126.9 million in 1979 to $159 million in 1980. A total of $68 million was reported for 1979 salaries and employee benefits. This figure represents a 10.37 percent increase over the figure reported in 1979. Eccles reported that as of Dec. 31, 1980, First Security banks and subsidiaries sub-sidiaries had loans outstanding, including leases, totaling $2.17 billion, compared to $2.15 billion the previous year. Mortgage loans of $250.8 million were sold during 1980 to outside markets in order to stimulate mortgage mor-tgage money available in the intermountain region. In addition to real estate loans totaling $1.04 billion on Dec. 31, 1980, First Security Corporation Corpora-tion banks and subsidiaries, sub-sidiaries, Utah Mortgage Loan Corporation and Securities Intermountain, Inc., were servicing real estate loans sold to investors in-vestors totaling $1.78 billion. Total real eastate loans owned and serviced at year-end amounted to $2.8 billion. |