<PAGE>
PART I
------
FINANCIAL INFORMATION
---------------------
CENTRAL FIDELITY BANKS, INC.
ITEM 1. FINANCIAL STATEMENTS
The consolidated balance sheet as of September 30, 1994 and 1993; the
statement of consolidated income for the three-month and nine-month
periods ended September 30, 1994 and 1993 and the statement of
consolidated cash flows for the nine-month period ended September 30,
1994 and 1993 are unaudited and do not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all
adjustments (consisting only of normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results
for the three-month and nine-month periods ended September 30, 1994 are
not necessarily indicative of the results that may be expected for the
year ending December 31, 1994. For further information, refer to the
consolidated financial statements and footnotes included in the
Company's Annual Report on Form 10-K for the year ended December 31,
1993, which is the source of the Company's balance sheet as of that date.
<PAGE>
<TABLE>
CONSOLIDATED BALANCE SHEET
- ----------------------------------------------------------------------------------------------------
Central Fidelity Banks, Inc. and Subsidiaries
(In Thousands)
<CAPTION>
September 30, December 31,
1994 1993 1993
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
ASSETS
- ----------------------------------------------------------------------------------------------------
Cash and due from banks $253,693 $216,553 $264,531
Temporary investments:
Federal funds sold and securities purchased
under agreements to resell 274,439 424,599 193,131
Trading account securities 341 876 1,505
- ---------------------------------------------------------------- ---------- ---------- ----------
Total temporary investments 274,780 425,475 194,636
- ---------------------------------------------------------------- ---------- ---------- ----------
Assets available for sale:
Securities 3,501,470 3,773,060 4,100,106
Loans 2,282 15,517 37,773
- ---------------------------------------------------------------- ---------- ---------- ----------
Total assets available for sale 3,503,752 3,788,577 4,137,879
- ---------------------------------------------------------------- ---------- ---------- ----------
Total loans 5,595,128 4,395,296 4,774,736
Allowance for loan losses (110,000) (105,000) (105,000)
- ---------------------------------------------------------------- ---------- ---------- ----------
Net loans 5,485,128 4,290,296 4,669,736
- ---------------------------------------------------------------- ---------- ---------- ----------
Accrued interest receivable 60,023 60,230 65,754
Premises and equipment, net 146,321 146,893 146,933
Due from customers on acceptances 16,397 16,350 16,923
Other assets 194,918 161,469 165,892
- ---------------------------------------------------------------- ---------- ---------- ----------
Total assets $9,935,012 $9,105,843 $9,662,284
- ---------------------------------------------------------------- ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
CONSOLIDATED BALANCE SHEET (Continued)
<CAPTION>
LIABILITIES
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------
Deposits:
Demand $930,462 $876,073 $926,917
Savings and other time 5,991,741 5,273,892 5,291,413
Certificates of deposit $100,000 and over 235,283 492,351 437,686
- ---------------------------------------------------------------- ---------- ---------- ----------
Total deposits 7,157,486 6,642,316 6,656,016
- ---------------------------------------------------------------- ---------- ---------- ----------
Borrowings:
Federal funds purchased and securities sold
under agreements to repurchase 994,446 1,046,447 1,457,341
Other short-term borrowings 60,462 24,259 26,913
Medium-term notes 561,500 411,500 411,500
Federal Home Loan Bank borrowings 187,800 -- --
Long-term debt 150,449 151,398 151,389
Capitalized lease obligations 8,257 8,729 8,514
- ---------------------------------------------------------------- ---------- ---------- ----------
Total borrowings 1,962,914 1,642,333 2,055,657
- ---------------------------------------------------------------- ---------- ---------- ----------
Dividends payable 10,992 9,713 9,752
Accrued interest payable 27,628 24,739 25,148
Bank acceptances outstanding 16,397 16,350 16,923
Accounts payable and accrued liabilities 99,822 110,340 172,651
- ---------------------------------------------------------------- ---------- ---------- ----------
Total liabilities 9,275,239 8,445,791 8,936,147
- ---------------------------------------------------------------- ---------- ---------- ----------
SHAREHOLDERS' EQUITY
- ----------------------------------------------------------------------------------------------------
Preferred stock, none issued -- -- --
Common stock, par value $5 per share, authorized
100,000,000 shares, shares issued: 39,264,615,
38,851,452 and 39,022,790, respectively 196,323 194,257 195,114
Capital surplus 180,011 174,526 177,921
Retained earnings 360,629 291,269 307,249
- ---------------------------------------------------------------- ---------- ---------- ----------
Total shareholders' equity before unrealized gains (losses) 736,963 660,052 680,284
- ---------------------------------------------------------------- ---------- ---------- ----------
Unrealized gains (losses) on securities available for sale (77,190) -- 45,853
- ---------------------------------------------------------------- ---------- ---------- ----------
Total shareholders' equity 659,773 660,052 726,137
- ---------------------------------------------------------------- ---------- ---------- ----------
Total liabilities and shareholders' equity $9,935,012 $9,105,843 $9,662,284
- ---------------------------------------------------------------- ========== ========== ==========
- ----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CONSOLIDATED INCOME
- -----------------------------------------------------------------------------------------------------------------------
Central Fidelity Banks, Inc. and Subsidiaries
(In thousands, except share and per share data)
<CAPTION>
For the three months For the nine months
ended September 30, ended September 30,
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------
1994 1993 1994 1993
- -----------------------------------------------------------------------------------------------------------------------
Income From Earning Assets
- -----------------------------------------------------------------------------------------------------------------------
Interest and fees on loans $114,896 $90,935 $320,899 $266,013
Interest on securities available for sale:
U.S. Government and agencies 39,033 1,338 120,882 1,878
States and political subdivisions 2,026 -- 6,188 --
Other 13,256 157 34,732 453
Interest on loans available for sale 14 275 399 275
Interest on investment securities:
U.S. Government and agencies -- 33,642 -- 102,028
States and political subdivisions -- 2,266 -- 6,943
Other -- 20,367 -- 79,221
Interest on money market investments 1,875 1,348 3,862 4,102
Interest on trading account securities 6 13 25 26
- ------------------------------------------------------------------- ------- ------- ------- -------
Total income from earning assets 171,106 150,341 486,987 460,939
- ------------------------------------------------------------------- ------- ------- ------- -------
Interest Expense
- -----------------------------------------------------------------------------------------------------------------------
Interest on deposits 63,855 60,128 174,081 181,840
Interest on federal funds purchased and securities
sold under agreements to repurchase 10,035 7,488 31,847 22,784
Interest on other short-term borrowings 461 168 1,118 496
Interest on medium-term notes 7,228 3,701 17,829 6,365
Interest on Federal Home Loan Bank borrowings 2,454 -- 3,197 --
Interest on long-term debt 2,312 1,694 6,175 5,638
Interest on capitalized lease obligations 183 194 554 594
- ------------------------------------------------------------------- ------- ------- ------- -------
Total interest expense 86,528 73,373 234,801 217,717
- ------------------------------------------------------------------- ------- ------- ------- -------
Net interest income 84,578 76,968 252,186 243,222
Provision for loan losses 3,900 42,807 16,321 74,141
- ------------------------------------------------------------------- ------- ------- ------- -------
Net income from earning assets 80,678 34,161 235,865 169,081
- ------------------------------------------------------------------- ------- ------- ------- -------
Noninterest Income
- -----------------------------------------------------------------------------------------------------------------------
Trust income 3,558 3,354 10,720 10,146
Deposit fees and charges 8,826 8,448 26,072 25,297
Profits (losses) on securities available for sale and
trading account securities (4,363) (16) 2,685 3,028
Investment securities gains -- 50,680 -- 50,680
Other income 7,529 5,893 30,877 17,879
- ------------------------------------------------------------------- ------- ------- ------- -------
Total noninterest income 15,550 68,359 70,354 107,030
- ------------------------------------------------------------------- ------- ------- ------- -------
Noninterest Expense
- -----------------------------------------------------------------------------------------------------------------------
Personnel expense 30,937 29,195 94,082 83,148
Occupancy and equipment expense 10,293 9,757 31,326 29,034
FDIC insurance expense 3,708 3,716 11,209 10,877
Other real estate expense 51 11,953 7,360 14,588
Other expense 10,931 10,016 34,529 28,487
- ------------------------------------------------------------------- ------- ------- ------- -------
Total noninterest expense 55,920 64,637 178,506 166,134
- ------------------------------------------------------------------- ------- ------- ------- -------
Earnings
- -----------------------------------------------------------------------------------------------------------------------
Income before income taxes 40,308 37,883 127,713 109,977
Income tax expense 12,909 11,142 41,440 32,792
- ------------------------------------------------------------------- ------- ------- ------- -------
Net income $27,399 $26,741 $86,273 $77,185
- ------------------------------------------------------------------- ======= ======= ======= =======
Earnings Per Share
- -----------------------------------------------------------------------------------------------------------------------
Net income $0.70 $0.69 $2.21 $2.00
Average shares outstanding 39,207,086 38,816,446 39,125,706 38,669,771
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CONSOLIDATED CASH FLOWS
- ------------------------------------------------------------------------------------------------------------------
Central Fidelity Banks, Inc. and Subsidiaries
(In Thousands) For the nine months ended September 30,
<CAPTION>
1994 1993
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------------
OPERATING ACTIVITIES
- ------------------------------------------------------------------------------------------------------------------
Net income $86,273 $77,185
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses 16,321 74,141
Depreciation of premises and equipment 11,414 10,418
Net amortization of premium and accretion of discount on investment securities
and securities available for sale 1,530 11,338
Gains on investment securities -- (50,680)
Gains on securities available for sale (3,197) (3,393)
Deferred income taxes (4,713) (7,076)
(Increase) decrease in trading account securities 1,164 (132)
Net (increase) decrease in loans available for sale 35,491 (15,517)
Decrease in accrued interest receivable 5,731 7,879
Increase in accrued interest payable 2,480 7,879
Other, net (40,462) 113,465
- --------------------------------------------------------------------------------------- ---------- ----------
Net cash provided by operating activities 112,032 225,507
- --------------------------------------------------------------------------------------- ---------- ----------
INVESTING ACTIVITIES
- ------------------------------------------------------------------------------------------------------------------
Purchases of securities available for sale (1,549,091) (687,447)
Proceeds from sales of securities available for sale 1,508,998 239,430
Proceeds from maturities and repayments of securities available for sale 451,099 3,511
Purchases of investment securities -- (617,998)
Proceeds from sales of investment securities -- 626,426
Proceeds from maturities and repayments of investment securities -- 608,655
Net increase in loans (836,323) (547,511)
Purchases of premises and equipment (11,125) (9,811)
Proceeds from the disposition of premises and equipment 255 329
Proceeds from the disposition of other real estate owned 14,252 11,768
- --------------------------------------------------------------------------------------- ---------- ----------
Net cash used by investing activities (421,935) (372,648)
- --------------------------------------------------------------------------------------- ---------- ----------
FINANCING ACTIVITIES
- ------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in demand, interest checking and regular savings deposits (85,451) 151,920
Net decrease in money market accounts (18,831) (156,083)
Net increase in consumer certificates 808,155 19,243
Net decrease in certificates of deposit $100,000 and over (202,403) (45,217)
Net increase (decrease) in short-term borrowings (429,346) 280,464
Proceeds from medium-term notes and FHLB borrowings 337,800 --
Proceeds from long-term debt 100 --
Payments on long-term debt and capitalized lease obligations (1,297) (7,647)
Proceeds from issuance of common stock 3,299 10,070
Cash dividends (31,653) (27,397)
- --------------------------------------------------------------------------------------- ---------- ----------
Net cash provided by financing activities 380,373 225,353
- --------------------------------------------------------------------------------------- ---------- ----------
Increase in cash and cash equivalents 70,470 78,212
Cash and cash equivalents at beginning of year 457,662 562,940
- --------------------------------------------------------------------------------------- ---------- ----------
Cash and cash equivalents at end of period $528,132 $641,152
- --------------------------------------------------------------------------------------- ========== ==========
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
CENTRAL FIDELITY BANKS, INC.
ITEM 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
The purpose of this discussion is to address information about the
Company's financial condition and results of operations which is not
otherwise apparent from the consolidated financial statements and tables
included in this report. Reference should be made to those statements
and tables and other selected financial data presented elsewhere in this
report for an understanding of the following discussion and analysis.
Results of Operations
- ---------------------
Net income for the first nine months of 1994 was $86.3 million, 11.8%
higher than the $77.2 million earned in the first nine months of 1993.
On a per share basis, net income increased 10.5% to $2.21 from $2.00.
On a tax-equivalent basis, net interest income for the nine months
increased modestly to $258.1 million from the $250.6 million earned in
the corresponding 1993 period. The net interest margin was 3.88% for
the nine months ended September 30, 1994, down sixteen basis points from
4.04% during the same period in 1993. Average earning assets increased
by $600.7 million, or 7.24%, while income on the earning assets grew by
$24.5 million or 5.24%. The growth in volume, however, was mitigated by
declines in the rates earned. On the other side of the ledger, average
interest-bearing liabilities grew by $418.4 million, or 5.7%. The
increase in interest expense on these liabilities of $17.1 million, or
7.85%, was influenced by both volume as well as rate increases, with
volume having the greater impact. The lower growth in net interest
income and the decline in net interest margin during the nine-month
period were the direct result of the dynamic interaction of the
changing mix of the earning assets, their volumes and rates against
similar changes occurring in the interest-bearing liabilities. The
strains that these forces are exerting upon the Company's margins are
manifest in the interest sensitivity analysis and are the focus of
management's attention. Efforts are currently underway to determine the
necessary strategies and the time of their implementation that should be
employed to redress the imbalance.
The provision for loan losses was $16.3 million for the nine months
ended September 30, 1994 compared with $74.1 million recorded for the
corresponding period in 1993. The significant decline in the provision
tracks with comparable decreases in the charge-offs from one period to
the other. In the 1993 period, the commercial and commercial real estate
and construction loans incurred $61.0 million in net charge-offs while
in the 1994 period these same categories experienced only $1.4 million
in net charge-offs. In the 1993 period, the ratio (annualized) of net
charge-offs to average loans was 2.29%; improvements in the quality of
the portfolios have seen this ratio decline to .29% for 1994.
Noninterest income totalled $70.4 million for the first nine months of
1994 compared with $107.0 million for the 1993 level. This 34.3% decline
in noninterest income was primarily due to a $4.4 million securities
loss with the sale of treasury securities in July when compared to a
$53.7 million securities gain for 1993. The reinvestment of these
securities at higher yields will contribute to future earnings and
improvement in the Company's net interest margins and net interest
income. Excluding the impact of securities gains or losses, noninterest
income grew 26.9% for the nine months ended September 30, 1994.
Noninterest expense for the first nine months of 1994 increased 7.4% to
$178.5 million compared to the same period in 1993, due primarily to
higher costs relating to personnel, employee benefit and incentive
program and expenses associated with occupancy and equipment.
Balance Sheet
- -------------
Total assets as of September 30, 1994 were $9.9 billion, an increase of
9.1% from September 30, 1993. Total loans at September 30, 1994 were
$5.6 billion, or 26.9% higher than at September 30, 1993, reflecting
strong demand for all loan categories. Total deposits were $7.2 billion
at September 30, 1994, which grew 7.8% from September 30, 1993 as a
result of core deposit growth. The recent growth in fixed rate
certificates of deposit will reduce exposure to future rate increases.
Shareholders' equity at September 30, 1994 was $737.0 million, or 7.4%
of total assets. At September 30, 1993, shareholders' equity was $660.1
million, or 7.2% of total assets. The book value per share grew 10.5%
from $16.99 at September 30, 1993 to $18.77 at September 30, 1994.
The return on average total assets during the first nine months of 1994
was 1.23% compared to 1.17% for the comparable 1993 period. The return
on average shareholders' equity was 16.21% in 1994 versus 16.27% in 1993.
Asset Quality
- -------------
Nonperforming assets as of September 30, 1994 were $96.6 million, or
.97% of total assets, compared to $132.1 million or 1.37% of total
assets at December 31, 1993 and $135.2 million or 1.48% of total assets
at September 30, 1993. At September 30, 1994, nonperforming assets were
1.72% of loans and foreclosed properties, compared to 2.72% at December
31, 1993 and 3.04% at September 30, 1993. The lower level of
nonperforming assets was a result of improved real estate market across
the Commonwealth of Virginia and persistent success in problem loan
resolution.
The allowance for loan losses at September 30, 1994 was $110.0 million
or, 1.97% of loans, compared to $105.0 million or 2.18% of loans at
December 31, 1993 and $105.0 million or 2.38% of loans at September 30,
1993. At September 30, 1994, the allowance for loan losses to
nonperforming assets was 113.91%, compared to 79.49% at December 31,
1993 and 77.67% at September 30, 1993. Net loan charge-offs for the nine
months ended September 30, 1994 were $11.3 million, representing .29% of
average loans on an annualized basis compared to $76.3 million or 1.80%
for the year ended December 31, 1993 and $70.9 million or 2.29% for the
nine months ended September 30, 1993.
The allowance for loan losses represents management's estimate of an
amount adequate in relation to the risk of future losses inherent in the
loan portfolio. In assessing the adequacy of the allowance, management
relies predominately on its ongoing review of the loan portfolio, which
is undertaken both to ascertain whether there are probable losses to be
charged off and to assess the risk characteristics of the portfolio in
the aggregate. Among other factors, management considers the Company's
loan loss experience, the amount of past-due and nonperforming loans,
current and anticipated economic conditions, and the estimated current
values of collateral securing loans in assessing the level of the
allowance for loan losses.
While it is the Company's policy to charge off in the current period
loans in which a loss is considered probable, there are additional risks
of future losses which cannot be quantified precisely or attributed to
particular loans or classes of loans. Because these risks include the
state of the economy as well as conditions affecting individual
borrowers, management's judgment of the allowance is necessarily
approximate and imprecise. It is also subject to regulatory examinations
and determinations as to adequacy, which may take into account such
factors as the methodology used to calculate the allowance for loan
losses and the size of the allowance for loan losses in comparison to a
peer group identified by the regulatory agencies.
Capital Resources
- -----------------
The Company's risk-based capital and leverage ratios exceeded the
Federal Reserve's minimum guidelines at September 30, 1994. At September
30, 1994, the Company's total risk-based capital was $937.7 million, as
compared to $870.4 million at year-end 1993 and $847.0 million at
September 30, 1993. The ratio of total risk-based capital to
risk-weighted assets was 14.29% at September 30, 1994 compared to 14.88%
and 15.03% at December 31, 1993 and September 30, 1993, respectively. At
September 30, 1994, the Company's leverage ratio was 7.37%, compared to
7.10% and 6.98% at December 31, 1993 and September 30, 1993,
respectively. At September 30, 1994, the Bank's total risk-based capital
and leverage ratios were 13.63% and 6.93%, respectively.
The data related to shareholders' equity, book value, returns on average
total assets and average shareholders' equity and capital ratios
mentioned herein are computed without giving effect to the adjustment to
shareholders' equity required by Statement No. 115 of the Financial
Accounting Standards Board.
Derivatives
- -----------
Financial derivatives are used by the Company in the normal course of
its business and consist principally of interest-rate swaps. The
majority of swaps are simple interest-rate swaps, i.e., pay fixed -
receive variable, or pay variable - receive fixed. The Company has a few
index amortizing swaps that are substantially the same as the simple
swaps but contain provisions for early termination or scheduled
amortization of the notional amount in the event the index rate, (e.g.
LIBOR) is below a certain level at a specific time. The Company's market
risk exposure in derivatives is monitored by a unit independent of that
which enters into the transactions. Monitoring is performed via monthly
analyses that seek to quantify the impact on the Company's interest rate
risk position, capital and other elements of the Company's business. For
the nine months ended September 30, 1994, the Company earned $38.1
million in interest income and incurred $32.2 million of interest
expense on its derivatives activities. Included herein are schedules
which provide information on the notional amounts, interest rates,
maturities and current unrealized gains or losses on the swaps, as well
as the activity in swap transactions for the nine months ended September
30, 1994.
<PAGE>
<TABLE>
TABLE 1 - DERIVATIVE FINANCIAL INSTRUMENTS - NOTIONAL AMOUNT
SEPTEMBER 30, 1994
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Pay Fixed/ Pay Variable/ Total
Receive Receive All
Variable Fixed Swaps
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------
Beginning balance $125,000 $850,000 $975,000
New swaps 76,792 -- 76,792
Terminated swaps -- -- --
Expired swaps (50,016) -- (50,016)
- ------------------------------------- -------- -------- ----------
Ending balance $151,776 $850,000 $1,001,776
- ------------------------------------- ======== ======== ==========
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
TABLE 2 - DERIVATIVE FINANCIAL INSTRUMENTS - EXPECTED MATURITIES
SEPTEMBER 30, 1994
<CAPTION>
- --------------------------------------------------------------------------------------------------------
1 Year 3rd Year 5th Year 7th Year
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Pay Fixed/Receive Variable
- --------------------------------------------------------------------------------------------------------
Notional amount $75,000 $50,000 $24,794 $1,982
Weighted average pay rate 5.37% 6.42% 6.80% 7.03%
Weighted average receive rate * 5.74% 7.00% 7.41% 7.70%
- --------------------------------------------------------------------------------------------------------
1 Year 2nd Year 3rd Year 4th Year 9th Year
- --------------------------------------------------------------------------------------------------------
Receive Fixed/Pay Variable
- --------------------------------------------------------------------------------------------------------
Notional amount $300,000 $200,000 $100,000 $100,000 $150,000
Weighted average pay rate 5.78% 6.69% 6.83% 7.15% 7.60%
Weighted average receive rate * 5.00% 4.83% 4.77% 5.59% 7.10%
- --------------------------------------------------------------------------------------------------------
* Weighted average variable rates based upon forward yield curve from date of analysis through maturity.
</TABLE>
<PAGE>
<TABLE>
TABLE 3 - DERIVATIVE FINANCIAL INSTRUMENTS - SUMMARY OF INTEREST-RATE SWAPS
SEPTEMBER 30, 1994
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Notional Weighted Average Rate Maturity Unrecognized
Amount Receive Pay In Years Gains (Losses)
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Pay Fixed/Receive Variable $151,776 4.95% 5.97% 2.05 $734
Receive Fixed/Pay Variable 850,000 5.37% 5.00% 2.72 (21,247)
- ---------------------------- ---------- ---------
Total Interest-rate swaps $1,001,776 5.31% 5.15% 2.62 ($20,513)
- ---------------------------- ========== =========
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PART II
-------
OTHER INFORMATION
-----------------
CENTRAL FIDELITY BANKS, INC.
ITEM 6. Exhibits and Reports on Form 8-K.
A. Exhibits:
11. Statement re computation of per share earnings -
filed herewith.
B. Reports on Form 8-K:
Reports on Form 8-K were filed on August 18, 1994 and September
14, 1994 reporting the passing of the Company's Chairman and Co-Chief
Executive Officer, Carroll L. Saine and that its President and Co-Chief
Executive Officer Lewis N. Miller, Jr. was elected Chairman of the Board
and Chief Executive Officer, respectively.
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
CENTRAL FIDELITY BANKS, INC.
- ----------------------------
(Registrant)
/s/ Charles W. Tysinger
Charles W. Tysinger
Corporate Executive Officer and Treasurer
(Principal Financial Officer)
/s/ James F. Campbell
James F. Campbell
Senior Vice President & Controller
(Principal Accounting Officer)
Date: November 14, 1994
<PAGE>
<TABLE>
EXHIBIT 11
CENTRAL FIDELITY BANKS, INC. AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(In Thousands)
<CAPTION>
For the Three Months For the Nine Months
ended September 30, ended September 30,
-------------------- -------------------
1994 1993 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
Earnings:
Net income $27,399 $26,741 $86,273 $77,185
======== ======== ======== ========
Shares:
Weighted average number of common shares used
in computing primary earnings per share 39,207 38,816 39,126 38,670
Dilutive stock options - based on treasury stock
method 785 884 800 888
-------- -------- -------- --------
Weighted average number of common shares used
in computing fully diluted earnings per share 39,992 39,700 39,926 39,558
======== ======== ======== ========
Earnings per share:
Primary earnings per share $0.70 $0.69 $2.21 $2.00
Fully diluted earnings per share $0.69 $0.67 $2.16 $1.95
</TABLE>
