First Security Corp. reports net income of $20.77 million for the second quarter, up 42.4 percent over the same period last year and the highest quarterly earnings in the financial services company's history.
For the first half, net income totaled $39.24 million, up $10.60 million or 37.0 percent over the first six months last year.Net income per share for the second quarter was 53 cents, up 11 cents or 26.2 percent over the second quarter of 1991. Year-to-date income per share totaled $1.01, up 18 cents or 21.7 percent over the same period a year ago. First Security said per-share data reflect three-for-two stock splits made in the form of 50 percent stock dividends paid in June 1991 and May 1992.
"Our earnings are now well into their sixth consecutive year of sustained growth," said Spencer F. Eccles chairman. "For both the second quarter of 1992 and the year-to-date period, this growth has been primarily due to the combination of higher levels of earning assets, lower funding costs and rising non-interest income."
Non-performing assets fell to $83.61 million as of June 30, a figure Eccles said was the lowest since 1981 and represents reductions of 19.8 percent from a year ago and 10.6 percent from year-end 1991.
Building a strong, conservatively positioned balance sheet continued to be a high priority for First Security, Eccles said. "I am pleased to report that stockholders' equity rose to a total of $605.94 million at June 30, growing $106.56 million (21.3 percent) from one year ago and $36.75 million (6.5 percent) from year-end 1991."