<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 18, 1994
THE CHASE MANHATTAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5945 13-2633613
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1 Chase Manhattan Plaza, 10081
New York, New York (Zip Code)
(Address of principal executive offices)
(212) 552-2222
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On October 18, 1994 The Chase Manhattan Corporation issued a news
release announcing its earnings for the quarter ended September 30,
1994. A copy of the news release is attached hereto as Exhibit 99
and is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit 99: News Release dated October 18, 1994.
<PAGE> 3
SIGNATURE
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 hereunto duly authorized.
THE CHASE MANHATTAN CORPORATION
(Registrant)
DATE: October 18, 1994 By: /s/LESTER J. STEPHENS, JR.
Lester J. Stephens, Jr.
(Senior Vice President and Controller)
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Document
99 News Release Dated October 18, 1994
<PAGE> 1
Exhibit 99
October 18, 1994
Press Contact: Steve Rautenberg (212) 552-4505
Investor Contact: William Maletz (212) 552-5329
CHASE REPORTS EARNINGS OF $305 MILLION FOR THIRD QUARTER 1994,
$976 MILLION FOR FIRST NINE MONTHS 1994
The Chase Manhattan Corporation today reported third quarter 1994 net
income of $305 million ($1.49 per share), up 14% from the $267 million
($1.25 per share) reported for the third quarter of 1993.
Thomas G. Labrecque, Chairman said, "Our solid performance for the quarter,
in light of highly competitive markets in many of our businesses,
demonstrates the strength and diversity of our core franchises."
Third Quarter Highlights - 1994 vs. 1993:
- return on common equity of 15.8% versus 15.1%;
- continued strong growth in fees and commissions - up 13%, including
consumer banking - up 40% and trust and fiduciary - up 16%;
- trading revenue of $188 million;
- a lower provision for possible credit losses of $100 million, down
$115 million;
- continued decline of nonperforming assets, including a 16% decrease in
domestic commercial real estate nonperforming assets during the
quarter;
- the announcement of a voluntary early retirement program that is
estimated to achieve annual expense reductions of $55 million,
beginning in 1995.
<PAGE> 2
For the first nine months of 1994, Chase reported consolidated net income
of $976 million ($4.76 per share), up 49% from the $653 million ($3.23 per
share) reported for the same period of 1993.
During the third quarter of 1994, as part of the common stock repurchase
program announced in June 1994, Chase repurchased 4 million shares of its
common stock, which favorably impacted the earnings per share amounts.
NET INTEREST REVENUE - TAXABLE EQUIVALENT BASIS
Net interest revenue, on a taxable equivalent basis, was $922 million for
the third quarter of 1994, compared with $926 million for the third quarter
of 1993. Net interest margin was 3.81%, compared with 3.99% reported for
the third quarter of 1993. Average interest-earning assets increased to
$95.9 billion from the $92.1 billion level reported for the third quarter
of last year. Average loans were $60.0 billion for the current quarter,
compared with $61.7 billion for the third quarter of 1993.
For the first nine months of 1994, net interest revenue, on a taxable
equivalent basis, was $2,803 million, compared with $2,884 million for the
same period last year, which included $142 million of interest revenue from
Brazil PDI bonds. The net interest margin was 3.97% for the first nine
months of 1994, compared with 4.33% (4.12% excluding Brazil PDI bonds) for
the same period last year. Average interest-earning assets for the first
nine months of 1994 were $94.5 billion, compared with $89.0 billion for the
first nine months of 1993. For the first nine months of 1994, average
loans were $60.6 billion, compared with $61.2 billion reported for the same
period last year.
<TABLE>
<CAPTION>
FEES AND COMMISSIONS
Third Quarter Nine Months
($ in millions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Consumer Banking $162 $116 $ 470 $ 347
Trust and Fiduciary 141 122 423 340
Investment Banking 46 54 162 141
Other 109 114 329 332
Total Fees and Commissions $458 $406 $1,384 $1,160
</TABLE>
<PAGE> 3
Fees and commissions were $458 million for the third quarter of 1994, up
13% over the third quarter of 1993. For the first nine months of 1994,
fees and commissions were $1,384 million, up 19%, reflecting increases in
all major categories of fee revenue.
Total consumer banking fees, including credit card and mortgage banking
fees, increased 40% over the third quarter of 1993 and 35% over the first
nine months of last year. Mortgage banking fees improved substantially
over the same periods of 1993 primarily due to the absence of accelerated
writedowns of mortgage servicing assets in 1994.
Trust and fiduciary fee revenue increased 16% and 24% over the third
quarter and first nine months of 1993, respectively, primarily due to
increased customer transaction volumes in the Global Securities Services
business.
While investment banking fee revenue declined $8 million from the third
quarter of 1993, such fees for the first nine months of 1994 increased 15%
over the same period last year.
<TABLE>
<CAPTION>
TRADING REVENUE
Third Quarter Nine Months
($ in millions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Foreign Exchange $ 50 $ 93 $213 $281
Trading Account 138 93 306 268
Total Trading Revenue $188 $186 $519 $549
</TABLE>
Total trading revenue was $188 million, essentially unchanged from the
third quarter of last year, as strong results from emerging markets
trading activities more than offset the decline in foreign exchange and
derivative trading revenue.
For the first nine months of 1994, total trading revenue was $519
million, compared with $549 million for the same period last year.
<PAGE> 4
<TABLE>
<CAPTION>
OTHER REVENUE
Third Quarter Nine Months
($ in millions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Corporate Finance-Related
Equity Investment Gains $ 26 $ 52 $165 $149
Accelerated Disposition
Portfolio Gain 15 48 83 76
Investment Securities Gains 15 15 95 35
Other 25 13 135 103
Total Other Revenue $ 81 $128 $478 $363
</TABLE>
Total other revenue for the third quarter of 1994 was $81 million, compared
with $128 million for the same period in 1993, due to a reduction in gains
from the accelerated disposition portfolio and corporate finance-related
equity transactions.
Total other revenue for the first nine months of 1994 totaled $478 million,
up $115 million, or 32%, from $363 million for the first nine months of
1993.
OPERATING EXPENSES
Total operating expenses were $1,067 million for the third quarter of 1994
and $1,025 million for the third quarter of 1993. Compared with the same
period last year, operating expenses for the third quarter of 1994
reflected higher performance related compensation as well as increased
payroll and other costs related to the expansion of Chase's businesses.
Chase's results have begun to reflect the benefit of accelerated business
investments. In particular, in Chase's transaction based information
services business, revenue growth is more than covering increased
expenditures. In addition, operating expenses for the third quarter of
1994 included $6 million from the recent acquisition of American
Residential Holding Co., a mortgage origination and servicing business.
For the third quarter of 1994, operating expenses were favorably impacted
by $24 million in net ORE revenue, compared with $31 million of net ORE
expenses for the same period last year. The expense to revenue ratio was
65% (66% excluding ORE) for the current quarter.
<PAGE> 5
For the first nine months of 1994, other operating expenses were $3,197
million, compared with $3,003 million (excluding first quarter 1993
provision for ORE held for accelerated disposition) for the same period of
1993.
Yesterday, Chase announced a Voluntary Retirement Program which will be
offered during the fourth quarter to approximately 2,600 eligible employees.
Based on assumptions concerning the anticipated levels of participation by
employees, Management estimates that the annual savings in salary and
related benefits would be approximately $55 million per year, beginning in
1995. Based on these assumptions, the cost of the program to Chase is
estimated at $100 million (pre-tax) which will be reflected in the fourth
quarter of 1994 when actual employee acceptance is known. Together with
other anticipated fourth quarter items, such as the gain from the previously
announced sale of Chase Florida, the impact on earnings is not expected to
be material.
INCOME TAXES
The third quarter of 1994 provision for income taxes was $171 million,
compared with a tax provision of $132 million for the third quarter of
1993.
For the first nine months of 1994, the provision for income taxes was $583
million, compared with $93 million for the same period last year.
Excluding the tax benefits applicable to the special provision for the
accelerated disposition portfolio, Chase's tax provision for the first nine
months of 1993 would have been approximately $403 million. In addition,
Chase adopted SFAS 109 in the first quarter of 1993 resulting in a $500
million net benefit reflected as a cumulative effect of a change in
accounting principle.
The effective tax rates were 36% and 37% for the third quarter and first
nine months of 1994, respectively.
<PAGE> 6
PROVISION FOR POSSIBLE CREDIT LOSSES AND NET LOAN CHARGE-OFFS
The provision for possible credit losses was $100 million, or $50 million
lower than the second quarter of 1994 and $115 million lower than the third
quarter of last year.
Net loan charge-offs were $119 million, down $97 million from the third
quarter of 1993. Domestic commercial real estate net loan charge-offs were
$21 million for the third quarter of 1994 and are covered by the existing
reserve allocated to the noncore domestic commercial real estate portfolio.
<TABLE>
<CAPTION>
Provision For Possible Credit Losses & Net Loan Charge-Offs*
3rd Qtr. 2nd Qtr. 3rd Qtr. Nine Months
($ in millions) 1994 1994 1993 1994 1993
<S> <C> <C> <C> <C> <C>
PROVISION FOR POSSIBLE
CREDIT LOSSES $ 100 $ 150 $ 215 $ 410 $ 800
NET LOAN CHARGE-OFFS:
Domestic
- - Consumer $ 90 $ 90 $ 97 $ 274 $ 295
- - Commercial Real Estate 21 51 58 123 223
- - Commercial & Other 6 5 47 22 130
Total Domestic 117 146 202 419 648
Total International** 2 - 14 3 10
Total Net Loan
Charge-Offs $ 119 $ 146 $ 216 $ 422 $ 658
<FN>
* amounts exclude accelerated disposition portfolio.
**includes refinancing countries net loan charge-offs.
</TABLE>
The provision for possible credit losses for the first nine months of 1994
was $410 million, compared with $800 million (excluding the accelerated
disposition portfolio) for the same period last year. Net loan charge-
offs for the first nine months of 1994 were $422 million, down $236
million from the first nine months of 1993.
<PAGE> 7
<TABLE>
<CAPTION>
RESERVE FOR POSSIBLE CREDIT LOSSES
Sept. 30, June 30, Dec. 31, Sept. 30,
($ in millions) 1994 1994 1993 1993
<S> <C> <C> <C> <C>
RESERVE FOR POSSIBLE
CREDIT LOSSES $1,416 $1,435 $1,425 $1,916
- - As a % of Total Loans 2.31% 2.37% 2.36% 3.06%
- - As a % of Nonaccrual Loans 202%* 166%* 135% 96%
<FN>
* The ratio of reserve to nonaccrual loans, excluding the previously
identified noncore domestic commercial real estate portfolio, was 276%
at September 30, 1994 and 222% at June 30, 1994.
</TABLE>
NONACCRUAL OUTSTANDINGS AND ORE
Total nonperforming assets declined $249 million, or 17%, during the third
quarter of 1994.
The distribution of nonaccrual outstandings based on the domicile of
obligors was as follows:
<TABLE>
<CAPTION>
Sept. 30, June 30, Dec. 31, Sept.30,
($ in millions) 1994 1994 1993 1993
<S> <C> <C> <C> <C>
Domestic:
- - Commercial Real Estate $ 271 $ 330 $ 475 $ 705
- - Other Loans 281 369 407 503
Total Domestic 552 699 882 1,208
International:
- - Refinancing Countries 55 60 74 668
- - Other Loans 94 104 98 129
Total International 149 164 172 797
Total Nonaccrual Outstandings $ 701 $ 863 $1,054 $2,005
Total ORE * $ 510 $ 597 $ 905 $ 966
<FN>
* Includes insubstance foreclosures of $418 million at September 30,
1994, $504 million at June 30, 1994, $766 million at December 31, 1993
and $793 million at September 30, 1993.
</TABLE>
<PAGE> 8
DOMESTIC COMMERCIAL REAL ESTATE ASSETS
Chase continues to reduce its exposure to real estate. During the third
quarter of 1994, domestic commercial real estate assets decreased $321
million to $2.7 billion at September 30, 1994. Contributing to this
decline were approximately $296 million of net repayments and sales of
outstanding assets, and $25 million of charge-offs.
<TABLE>
<CAPTION>
Domestic Commercial Real Estate Assets
Sept. 30, June 30, Dec. 31, Sept. 30,
($ in millions) 1994 1994 1993 1993
<S> <C> <C> <C> <C>
Loans:
Performing $1,923 $2,098 $2,624 $3,005
Nonaccrual 271 330 475 705
Total Loans 2,194 2,428 3,099 3,710
ORE 502 589 895 953
Total $2,696 $3,017 $3,994 $4,663
</TABLE>
<TABLE>
<CAPTION>
THE CHASE MANHATTAN CORPORATION
SELECTED AVERAGE BALANCES
Third Quarter Nine Months
($ in billions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Loans:
Domestic Offices $ 43.5 $ 42.6 $ 43.7 $ 42.8
Overseas Offices 16.5 19.1 16.9 18.4
Total Loans $ 60.0 $ 61.7 $ 60.6 $ 61.2
Interest-Earnings Assets $ 95.9 $ 92.1 $ 94.5 $ 89.0
Total Assets $121.1 $104.6 $118.0 $101.7
Deposits:
Domestic Offices $ 37.9 $ 42.2 $ 39.6 $ 41.6
Overseas Offices 33.2 30.2 32.3 28.4
Total Deposits $ 71.1 $ 72.4 $ 71.9 $ 70.0
Common Stockholders' Equity $ 6.9 $ 6.1 $ 6.8 $ 5.5
Total Stockholders' Equity $ 8.3 $ 7.7 $ 8.2 $ 7.1
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
THE CHASE MANHATTAN CORPORATION
FINANCIAL HIGHLIGHTS AND SELECTED STATISTICAL DATA
($ in millions
except per share data) Third Quarter Nine Months
1994 1993 1994 1993
<S> <C> <C> <C> <C>
NET INCOME $ 305 $ 267 $ 976 $ 653
PER COMMON SHARE
- - Net Income
- Primary $ 1.49 $ 1.25 $4.76 $3.23
- Fully diluted $ 1.48 $ 1.24 $4.73 $3.20
- - Book Value (period-end) $38.83 $33.87
- - Closing Stock Price
(period-end) $34.63 $37.13
PROFITABILITY RATIOS
- - Return on Average Common
Stockholders' Equity 15.8% 15.1% 17.3% 13.3%
- - Return on Average Assets 1.00% 1.01% 1.11% .86%
NET INTEREST REVENUE
(Fully Taxable Basis) $ 922 $ 926 $2,803 $2,884
- - Net Interest Margin 3.81% 3.99% 3.97% 4.33%
</TABLE>
<TABLE>
<CAPTION>
Sept. 30, June 30, Dec. 31, Sept. 30,
1994(a) 1994(a)(b) 1993 1993(c)
<S> <C> <C> <C> <C>
CAPITAL RATIOS
- - Common Stockholders' Equity 6.01% 6.08% 6.58% 6.18%
- - Total Stockholders' Equity 7.21% 7.32% 7.95% 7.57%
- - Risk-Based Capital
- Tier I Capital 8.51% 8.71% 8.44% 7.94%
- Total Capital 13.22% 13.32% 13.22% 12.63%
- - Tier I Leverage 7.31% 7.47% 7.81% 7.48%
<FN>
(a) On January 1, 1994, Chase adopted FASB Interpretation No. 39. As a
result of such adoption, Chase's Trading Account Assets and
Liabilities increased approximately $11 billion at September 30, 1994
and $13 billion at June 30, 1994. This had the effect of decreasing
the common and total equity ratios and the Tier I leverage ratios.
(b) Adjusted to reflect the redemption of all $227 million of Chase's
outstanding Series F Preferred Stock, announced on May 10, 1994.
(c) Total risk-based capital adjusted to reflect the redemption of all
$350 million of Chase's outstanding Floating Rate Subordinated Notes
Due 1995, in October 1993.
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
September 30,
--------------------
($ in millions) 1994 1993
- -------------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 5,559 $ 4,927
Interest-Bearing Deposits Placed with Banks 7,055 5,281
Federal Funds Sold and Securities Purchased Under Resale
Agreements 7,712 5,714
Trading Account Assets 19,302 5,141
Investment Securities:
Held to Maturity 2,018 1,462
Available for Sale Carried at Fair Value 5,813 -
At Lower of Cost or Market - 6,304
- -------------------------------------------------------------------------------
Total Investment Securities 7,831 7,766
Loans 61,405 62,638
Less: Reserve for Possible Credit Losses 1,416 1,916
- -------------------------------------------------------------------------------
Loans, Net 59,989 60,722
Assets Held for Accelerated Disposition 25 722
Customers' Liability on Acceptances 599 762
Accrued Interest Receivable 1,033 935
Premises and Equipment 1,871 1,977
Other Assets 6,089 6,648
- -------------------------------------------------------------------------------
Total Assets $117,065 $100,595
===============================================================================
Liabilities and Stockholders' Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 11,131 $ 11,677
Interest-Bearing 24,205 28,220
Overseas Offices:
Noninterest-Bearing 2,533 2,785
Interest-Bearing 31,053 27,547
- -------------------------------------------------------------------------------
Total Deposits 68,922 70,229
Federal Funds Purchased and Securities Sold Under
Repurchase Agreements 11,959 6,518
Commercial Paper 1,459 1,018
Other Short-Term Borrowings 3,508 1,781
Trading Account Liabilities 11,841 -
Acceptances Outstanding 603 774
Accrued Interest Payable 568 518
Accounts Payable, Accrued Expenses and Other Liabilities 4,734 5,908
Intermediate- and Long-Term Debt 5,031 6,230
- -------------------------------------------------------------------------------
Total Liabilities 108,625 92,976
- -------------------------------------------------------------------------------
Stockholders' Equity:
Nonredeemable Preferred Stock(Without Par Value,56,000,000 1,400 1,400
and 51,439,738 Shares Outstanding,Respectively)
Common Stock :
<C> <C>
1994 1993
------------ ------------
Par Value $2.00 $2.00
Authorized Shares 500,000,000 500,000,000
Outstanding Shares 185,289,886 183,608,157 371 367
Surplus 3,939 3,911
Net Unrealized Gains on Investment Securities -
Available for Sale 23 -
Retained Earnings 2,853 1,941
- -------------------------------------------------------------------------------
Total 8,586 7,619
Less: Treasury Stock at Cost (4,000,000 Shares) 146 -
- -------------------------------------------------------------------------------
Total Stockholders' Equity 8,440 7,619
- -------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $117,065 $100,595
===============================================================================
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter Ended Nine Months Ended
September 30, September 30,
-------------------------------
($ in millions, except per share data) 1994 1993 1994 1993
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest Revenue
Interest and Fees on Loans $1,252 $1,405 $3,929 $4,316
Interest on Deposits Placed with Banks 108 214 365 553
Interest and Dividends on Investment
Securities:
Held to Maturity 29 42 112 126
Available for Sale 90 - 433 -
At Lower of Cost or Market - 121 - 385
Interest on Federal Funds Sold and Securities
Purchased Under Resale Agreements 233 261 1,048 784
Interest on Trading Account Assets 89 51 300 150
- ----------------------------------------------------------------------------
Total Interest Revenue 1,801 2,094 6,187 6,314
- ----------------------------------------------------------------------------
Interest Expense
Deposits 538 513 1,717 1,545
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 203 150 503 443
Commercial Paper 16 13 45 35
Other Short-Term Borrowings 52 405 908 1,024
Intermediate- and Long-Term Debt 76 94 229 406
- ----------------------------------------------------------------------------
Total Interest Expense 885 1,175 3,402 3,453
- ----------------------------------------------------------------------------
Net Interest Revenue 916 919 2,785 2,861
Provision for Possible Credit Losses 100 215 410 800
Provision for Loans Held for
Accelerated Disposition - - - 566
- ----------------------------------------------------------------------------
Net Interest Revenue After Provision for
Possible Credit Losses and Provision for
Loans Held for Accelerated Disposition 816 704 2,375 1,495
- ----------------------------------------------------------------------------
Other Operating Revenue
Fees and Commissions 458 406 1,384 1,160
Foreign Exchange Trading Revenue 50 93 213 281
Trading Account Revenue 138 93 306 268
Investment Securities Gains 15 15 95 35
Other Revenue 66 113 383 328
- ----------------------------------------------------------------------------
Total Other Operating Revenue 727 720 2,381 2,072
- ----------------------------------------------------------------------------
Other Operating Expenses
Salaries and Employee Benefits:
Salaries 464 409 1,298 1,170
Employee Benefits 122 117 369 357
- ----------------------------------------------------------------------------
586 526 1,667 1,527
Net Occupancy 98 93 296 291
Equipment Rentals, Depreciation
and Maintenance 77 73 222 214
Provision for Other Real Estate Held for
Accelerated Disposition - - - 318
Other Expenses 306 333 1,012 971
- ----------------------------------------------------------------------------
Total Other Operating Expenses 1,067 1,025 3,197 3,321
- ----------------------------------------------------------------------------
Income Before Taxes 476 399 1,559 246
Applicable Income Taxes 171 132 583 93
- ----------------------------------------------------------------------------
Income Before Cumulative Effect of
Change in Accounting Principle $ 305 $ 267 $ 976 $ 153
Cumulative Effect of Change in Accounting
Principle - Adoption of SFAS 109 - - - 500
- ----------------------------------------------------------------------------
Net Income $ 305 $ 267 $ 976 $ 653
============================================================================
Net Income Applicable to Common Stock $ 274 $ 231 $ 880 $ 544
============================================================================
Average Common Shares Outstanding (in
millions) 184.4 184.3 185.0 168.2
Primary Earnings Per Common Share,
Before Cumulative Effect of Change
in Accounting Principle, Based on
Average Shares Outstanding $ 1.49 $ 1.25 $ 4.76 $ 0.26
Cumulative Effect of Change in Accounting
Principle - Adoption of SFAS 109 - - - 2.97
Primary Earnings Per Common Share $ 1.49 $ 1.25 $ 4.76 $ 3.23
Cash Dividends Declared Per Common Share $ 0.40 $ 0.30 $ 1.06 $ 0.90
============================================================================
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
SUMMARY OF CHANGES IN STOCKHOLDERS' EQUITY
Nine Months Ended
September 30,
---------------
($ in millions) 1994 1993
- ----------------------------------------------------------------------------
<S> <C> <C>
Balance at Beginning of Period $8,122 $6,511
Additions:
Net Income 976 653
Shares Issued Pursuant to:
Nonredeemable Preferred Stock Offering 228 173
Dividend Reinvestment and Stock Purchase Plan 14 45
Common Stock Offering - 746
Exercise of Stock Options 13 15
Net Unrealized Losses on Investment Securities -
Available for Sale (Net of Deferred Tax
Benefits of $167) (241) -
- ----------------------------------------------------------------------------
9,112 8,143
Deductions:
Cash Dividends:
Redeemable Preferred Stock - 3
Nonredeemable Preferred Stock 96 106
Common Stock 196 150
Redemption of Nonredeemable Preferred Stock 227 250
Treasury Stock 146 -
Other 7 15
- ----------------------------------------------------------------------------
Balance at End of Period $8,440 $7,619
============================================================================
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
The Chase Manhattan Bank, N.A. and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
September 30,
-----------------
($ in millions) 1994 1993
- -------------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 5,330 $ 4,629
Interest-Bearing Deposits Placed with Banks 7,247 5,375
Federal Funds Sold and Securities Purchased Under Resale
Agreements 3,392 4,185
Trading Account Assets 15,617 4,275
Investment Securities:
Held to Maturity 1,482 685
Available for Sale Carried at Fair Value 5,123 -
At Lower of Cost or Market - 5,557
- -------------------------------------------------------------------------------
Total Investment Securities 6,605 6,242
Loans 49,486 50,613
Less: Reserve for Possible Credit Losses 1,089 1,568
- -------------------------------------------------------------------------------
Loans, Net 48,397 49,045
Assets Held for Accelerated Disposition 24 625
Customers' Liability on Acceptances 599 762
Accrued Interest Receivable 707 606
Premises and Equipment 1,729 1,807
Other Assets 4,866 5,542
- -------------------------------------------------------------------------------
Total Assets $94,513 $83,093
===============================================================================
Liabilities and Stockholder's Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $10,788 $11,193
Interest-Bearing 18,096 21,513
Overseas Offices:
Noninterest-Bearing 2,533 2,785
Interest-Bearing 32,140 28,407
- -------------------------------------------------------------------------------
Total Deposits 63,557 63,898
Federal Funds Purchased and Securities Sold Under
Repurchase Agreements 3,003 3,279
Other Short-Term Borrowings 2,904 1,268
Trading Account Liabilities 10,707 -
Acceptances Outstanding 603 774
Accrued Interest Payable 490 439
Accounts Payable, Accrued Expenses and Other Liabilities 3,627 4,288
Intermediate- and Long-Term Debt 2,627 3,059
- -------------------------------------------------------------------------------
Total Liabilities 87,518 77,005
- -------------------------------------------------------------------------------
Stockholder's Equity:
Capital Stock:
<C> <C>
1994 1993
--------------- --------------
Par Value $15.00 $15.00
Authorized Shares 81,744,445 81,744,445
Outstanding Shares 60,955,569 60,588,329 914 909
Surplus 4,625 4,351
Net Unrealized Losses on Investment Securities -
Available for Sale (8) -
Undivided Profits 1,464 828
- -------------------------------------------------------------------------------
Total Stockholder's Equity 6,995 6,088
- -------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $94,513 $83,093
===============================================================================
Member Federal Deposit Insurance Corporation
</TABLE>
