The Index-Journal from Greenwood, South Carolina • Page 19

Wachovia announces net increase The net income per fully-diluted share of Wachovia Corporation for the third quarter of 1992 was $1.23, an increase of 21.2 percent from $1.03 a year earlier. Total net income for the quarter was $108.8 million, up 21.3 percent from $89.7 million, and represented annualized returns of 16.5 percent on shareholders' equity and 1.39 percent on assets. For the nine months, net income per fully-diluted share was $3.71, a gain of 19.5 percent from $3.11 in the prior year. Net income totaled $323.6 million up 19,8 percent from $270.1 million, and produced annualized returns of 16.8 percent on equity and 1.37 percent on assets. The earings gains resulted from higher levels of net interest incomes and good growth in other revenues combined with reduced provisions for credit loses and continued control of operating expenses, according to John G.

Medlin, chief executive officer. Average interest-earning asset declined $611 million or 2.2 percent for the third quarter and $405 million or 1.4 percent for the nine months. Average loans were down $563 million or 2.8 percent for the quarter and $884 million nor 4.3 percent for the year to date. Taxable equivalent net interest income increased $9.7 million or 3 percent for the third period and $48.2 million or 5.1 percent for the nine months. Noninterest income, excluding a subsidiary sale and securities gains, grew $10.4 million or 8.2 percent for the quarter and $31.2 million or 8.6 percent year to date.

The sale in the third quarter of Provident Financial, South Carolina National Corporation's consumer finance subsidiary, resulted in a pretax gain of $19.5 million. Noninterest expense rose $28.7 million or 1 1 percent for the quarter and reflected $20.2 million of special charges, including writedowns of deposit base intangibles and mortgage serving rights. For the nine months noninterest expense was up $46.5 million or 6.1 percent The provision for loan losses was $28.2 million for the three months and $90.9 million for the year to date reduced from $46.7 million and $129.9 million, respectively in 1991. Net loan losses were $19.2 million or .39 percent of loans for the quarter, down from $39 million or .77 percent a year earlier. For the first nine months, net charge-offs were $66.9 million or .45 percent of loans compared with $99.9 million nor .64 percent in the same period of 1991.

At September 30, nonperforming assets were $280 million or 1.39 percent of total loans and foreclosed property. Also a period- end, the allowance for loan losses totaled $379 million and represented 1.89 percent of loans and 2.08 times nonperforming loans. They equity capital to total assets ratio at quarter-end was a strong 8.49 percent, while the approximate Tier I and total risk-based capital ratios were 9.8 percent and 11.5 percent, respectively. Morradio given operating license for former WGSW Morradio, has been granted the operating license for the former WGSW Radio station. The assignment of license was granted by the Federal Communications Commission in Washington, D.C., on Oct 5.

Ron Moore, General manager for the station, announced that the new station would have offices at 311 Main Street in Greenwood and has applied for the call sign WLMA. The station expected to sign on the air at noon Oct 10. The station is also to be affiliated with the CBS Radio Network, Sun Radio Network, the Atlanta Hawks and Charlotte Hornets for professional basketball and the Atlanta Falcons for professional football as well as carrying the Mutual Radio Network's Sunday afternoon pro football line up. Immmmmm mil i in mm mmmm ml mm 4 i i 1 Hot Dog! The Hot Dog King More, located on Laurens Highway next to Greenwood Floor Service, is under new management Pictured from left are owners, Tina Ouzts and Linda Gail Ritchie. The Hot Dog King serves homemade chili, chicken stew and hash.

Also cheeseburgers and hot dogs. The Hot Dog King provides dine in, drive through or take out orders. The restaurant is open Mondays through Fridays from 11 aan. to 8:30 p.m. and on Saturdays from 11 a.m.

to 6 pjn. For more information or to order call 229-6163. (Staff photo by Lei Zimmerman) THE LEGAL PAD LA By JOHN R. McCRAVY Attorney at law Better Social Security benefits for disabled children Disabled children of low income families are enlisted to Social Security benefits known as Supplemental Security income (SSI). Until 1990, bowever, it was difficult for children to qualify.

Standards of disability designed for adults were unfairly applied to children, and many disorders unique to children such as Down's Syndrome were not even recognized. In the 1990 case of Zebley v. Sullivan, the Supreme Court of the United States decided that the regulations of the Social Security Administration were unfair to children. As a result, the Social Security Asministration changed their regulations to make it easier for children to qualify. Many parents who were denied benefits for their children in the 1980' have been notified of the changes and informed they can reapply.

If these persons qualify under the new regulations, they can receive back benefits from the time they originally applied. Nationwide, over 200,000 persons have reapplied for back benefits. (Suggestions, questions and comments are welcome. Address to "The Legal Pad, P.O. Box 3208, Greenwood, S.C.

29648) Copyright 1992 JRMcC Sprint announces record third quarter 'Premium Line. CashYou Ready CanlJ seWhen You're Ready" optic network. Its divisions provide global long-distance voice, data and video products and services, and local telephone services to more than 4 million subscriber lines in 17 states. Larry King Show on WLMA Radio Morradio, licensee of WLMA Radio, has announced that it has reached an agreement with the Mutual Broadcasting System to carry the Larry King Show. Mutual is the home of the Larry King and Jim Bohannon shows and both will be on WLMA Radio.

The station also announced that negotiations are being completed to carry the Gill Gross talk show from 8 to 11 p.m. most weeknights. Gill Gross is most widely known as the man who Paul Harvey's guest commentator. Greenwood's Davis elected to Tourism board COLUMBIA Neil C. Robinson, Parmer at Nexsen, Pruet, Jacobs, Pollard and Robinson, Attorneys Conselors at Law, of Charleston, has been reelected President of the South Carolina Tourism Council in elections of officers and board members during the Council's recent annual meeting held at Kiawah Island.

Kurt O. Wassen, of Summerville, President of Westvaco Development Corporation, partner on Hawthorn Suites in Charleston has been reelected SecretaryTreasurer. Other elected to the board are, John W. Davis, Greenwood, Greenwood Development Patrick W. McKenney, Charleston, Kiawah Resort Duncan C.

Newkirk, Charleston, Newkirk Environmental Consultants, L. Richard Nixon, Garden City Beach, Jensen's; William F. Pritchard, Myrtle Beach, Burroughs and Chapin Leonard H. Ronnie, Park Ridge, N.J., International Paper Realty E. Craig Wall, Conway, Canal Industries, and William M.

Webster, III, Greenville, Carabo, Inc. William J. Sigmon, Myrtle Beach, Chairman of the S.C. Parks, Recreation and Tourism Commission, and Wayne L. Sterling, Columbia, Director of the S.C.

State Development Board, serve as ex-officio members of the Board. The South Carolina Tourism Council, formed in September of 1986, is a coalition of businesses, associations; and individuals actively involved in land development and tourism, recreational and retirement development in South Carolina. The Council's primary purpose is to bring together industry leaders to help foster and promote land development and economic growth in South Carolina in an environmentally responsible manner. Accountants to meet Tuesday The Institute of Management Accountants will hold their monthly meeting Tuesday at 7 p.m. at the Greenwood County Club.

Peter J. Manning, CPA, will speak on tax tips for the small business. Manning is with the Greenville office of Elliot, Davis Co. In addition to being a CPA, Manning holds a law degree and is an accredited personal financial specialist. For more information call 223-8454.

Woolley to head state Chamber's communications COLUMBIA Deborah K. Woolley has been named vice president of communications for the South Carolina Chamber of Commerce, Chamber Executive Vice President S. Hunter Howard Jr. announced recently. Woolley, a communications professional for more than 20 years, comes to the Chamber from Newman Saylor Cregory, where she was a senior account manager working with full-service communications accounts, new business development and public relations accounts and projects.

-Chapter 7 Ill I IMIIUUHUU ft United Telephone's parent company, Sprint, announced recently the best third-quarter earnings in the telecommunication leader's history. Per-share earnings for stockholders totaled 52 cents, compared to 44 cents during the same period last year. Consolidated net income for the 1992 third quarter totaled $115 million on revenues of $2.33 billion. Commanding the lion's share of Srofits in the third quarter was print's long-distance are, which accumulated revenues totalling $1.43 billion, up 6.2 percent from the same time last year. "The excellent performance of our long-distance division is the result of marketing and product strengths and operational improvements developed over the last several said Sprint Chairman and Chief Executive Officer William T.

Esrey. Also impressive in the third quarter were the reported revenues of local telephone companies, one of which is United Telephone Southeast. Operating income for the local telephone companies was $163 million, up from $159 million during the third quarter of 1991. "Sprint's local operations continue to show strong performance, despite the weak economy," said Esrey. "Through -the third quarter of 1992, Sprint's local telephone access lines grew at an annual rate of 3.7 percent." Sprint is a diversified international telecommunications company with $9 billion in annual revenues and the United States' only nationwide all-digital, fiber There are a lot of occasions when you need a loan, but you're not sure exactly how much you need, and you don't need it all at once.

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