KeyCorp, parent company of KeyBank of Utah, reported a strong increase in earnings for the second quarter compared to the same period in 1987.
Net income for the second quarter was $24.69 million up 18.5 percent from $20.83 million reported for the same period in 1987. On a per share basis this was equivalent to 65 cents per common share in 1988 vs. 59 cents last year, an increase of 10.2 percent.Net income for the first six months of 1988 rose 12.6 percent to $50.41 million up from $44.78 million in 1987. This was equivalent to $1.37 per common share, up 7.9 percent from the $1.27 per share reported for the same period a year earlier.
Net interest margin, a leading indicator of strong earnings performance, was 5.02 percent and this margin was trending upward toward the close of the quarter.
Earlier in the quarter KeyCorp announced that an agreement in principle had been reached to acquire the First Wyoming Bancorporation headquartered in Cheyenne, the largest state banking company.
With the announcement, KeyCorp said its expansion program is now complete and there will be no further major acquisitions until at least 1990 when it acquires the Marble Financial Corp. in Vermont.
"We have arrived at the time in our development when we must digest the additions we have made to the KeyCorp family of banks rather than ingest any further major acquisitions," said Victor J. Riley Jr., KeyCorp's president and chief executive officer.