Exhibit 99.1 FOR IMMEDIATE RELEASE April 13, 1998 Contact: Investors Susan Carr (704-386-8059) or Kevin Stitt (704-386-5667) Media Bob Stickler (704-386-8465) SIGNIFICANT REVENUE GROWTH DRIVES 33 PERCENT INCREASE IN OPERATING EARNINGS AT NATIONSBANK CHARLOTTE, NC, April 13, 1998 -- NationsBank today reported record operating earnings of $1.14 billion, a gain of 33 percent from $855 million a year earlier driven by broad-based gains in revenue, merger benefits and tight expense controls. Operating earnings per share rose 33 percent to $1.20 from $.90. Prior results have been restated to include Barnett Banks, Inc., which was merged into NationsBank on January 9, 1998 as a pooling of interests. Including $642 million in non-recurring, after-tax merger and restructuring items resulting from the merger with Barnett, net income in the first quarter of 1998 was $497 million, or $.52 per share. "Our operating results demonstrate the growing momentum at NationsBank, reflecting the earning power of our franchise," said Hugh L. McColl Jr., chief executive officer. "We are quite pleased with the contribution from NationsBank West -- the former Boatmen's franchise -- which we expect to accelerate as we complete installation of the Model Bank in the second quarter. In addition, results in Florida, where we are working to assimilate Barnett and have already begun to introduce new products, have exceeded our expectations. Our transition plan is on schedule to be completed this fall, and we are excited about our opportunity to provide an unprecedented combination of convenience, products and service to Florida consumers and businesses." Return on average assets, before merger and restructuring items, rose to 1.47 percent from 1.22 percent a year ago. Return on equity increased to 19.01% from 14.69%. Cash operating earnings -- which exclude the amortization of intangibles -- increased 32 percent to $1.28 billion, or $1.34 per share, from a year earlier. Return on average tangible common shareholders' equity rose to 37.6 percent from 26.4 percent a year earlier, on an operating basis. Earnings Highlights (first quarter 1998 compared to first quarter 1997) - ----------------------------------------------------------------------- (bullet) Net revenues increased 15 percent to $4.3 billion. (bullet) Noninterest income rose 34 percent to $1.78 billion and reached 41 percent of net revenues compared to 35 percent a year earlier. (bullet) Managed loans and leases grew 7 percent to $192.1 billion. (bullet) The cash basis efficiency ratio improved to 53.3 percent from 56.1 percent, reflecting successful integration efforts and expense containment. Net Interest Income - ------------------- Taxable-equivalent net interest income increased 5 percent to $2.56 billion, as average earning assets grew 11 percent. The net yield on earning assets declined by 21 basis points to 3.82 percent due to a higher level of investment securities. Noninterest Income - ------------------ Noninterest income grew 34 percent to $1.78 billion, due to increases in almost all major categories. Investment banking and brokerage fees reflected the addition of NationsBanc Montgomery Securities in October 1997. The sale of a partial ownership in a mortgage company resulted in a pretax gain of approximately $110 million during the first quarter of 1998. Efficiency - ---------- Noninterest expense rose 10 percent to $2.45 billion, primarily due to the addition of NationsBanc Montgomery Securities last October. The efficiency ratio improved to 56.5 percent from 59.1 percent a year earlier, reflecting benefits from mergers and internal cost-control measures. The cash basis efficiency ratio decreased to 53.3 percent from 56.1 percent. Credit Quality - -------------- Nonperforming assets were $1.5 billion on March 31, 1998 and equaled .86 percent of net loans, leases, factored accounts receivable and foreclosed properties compared to $1.5 billion, or .81 percent a year earlier. The allowance for credit losses totaled $3.2 billion on March 31, 1998, equal to 234 percent of nonperforming loans and 1.81 percent of net loans, leases and factored accounts receivable. The provision for loan losses in the first quarter was $265 million. Net charge-offs were $277 million, equal to an annualized .63 percent of average net loans, leases and factored accounts receivable. Net charge-offs were $215 million,or .49 percent, a year earlier. Capital Strength - ---------------- Total shareholders' equity was $25.2 billion on March 31, 1998. This represented 8.02 percent of period-end assets, compared to 8.38 percent on March 31, 1997. Book value per common share rose 6 percent to $26.34 at March 31, 1998 from a year earlier. NationsBank Corporation, with $315 billion in assets, is the third largest U.S. bank with full-service operations in 16 states and the District of Columbia. NationsBank provides financial products and services to 18 million households and 1 million businesses as well as institutional investors and government agencies throughout the United States and in major markets around the world. The company's shares (Symbol: NB) are listed on the New York Stock Exchange. WWW.NATIONSBANK.COM NATIONSBANK CORPORATION