<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) July 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 July 18, 1994 The Chase Manhattan Corporation issued a news
release announcing its earnings for the quarter ended June 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 July 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: July 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 July 18, 1994
<PAGE> 1
Exhibit 99
July 18, 1994
Press Contact: Steve Rautenberg (212) 552-4505
Investor Contact: William Maletz (212) 552-5329
CHASE REPORTS EARNINGS FOR SECOND QUARTER 1994,
UP 32% TO $307 MILLION
The Chase Manhattan Corporation today reported second quarter 1994 net
income of $307 million ($1.46 per share), up 32% from the $233 million
($1.20 per share) reported for the second quarter of 1993.
Thomas G. Labrecque, Chase Chairman said, "Chase's second quarter 1994
results represent solid financial performance in difficult markets. Our
revenue growth, particularly fee revenue, reflects the success of our
investment strategies in our core businesses. In addition, our asset
quality measures continue to improve, further reducing our credit costs."
Second Quarter Highlights - 1994 vs. 1993:
- improved profitability measures: return on assets and return on common
equity increased to 1.05% and 16.1%, respectively;
- continued strong growth in fees and commissions - up 24%: major
categories showed increases including consumer banking - up 44%, trust
and fiduciary - up 26%, and investment banking - up 36%;
- trading revenue of $151 million - achieved under adverse market
conditions;
- a lower provision for possible credit losses of $150 million, down $75
million;
- continued decline of nonperforming assets, including a 28% decrease in
domestic commercial real estate nonperforming assets during the
quarter.
<PAGE> 2
For the first six months of 1994, Chase reported consolidated net income of
$671 million ($3.27 per share), up 74% from the $386 million ($1.95 per
share) reported for the same period of 1993.
During second quarter 1994 Chase exchanged its eligible loans for
Brady bonds and past-due interest bonds pursuant to the Brazilian debt
restructuring. The Brady bonds are included in Chase's Trading Account
Assets. The past-due interest bonds are carried in the investment
securities available for sale portfolio and resulted in an unrealized gain
of approximately $46 million after taxes, being reflected in stockholders'
equity.
NET INTEREST REVENUE - TAXABLE EQUIVALENT BASIS
Net interest revenue, on a taxable equivalent basis, was $924 million for
the second quarter of 1994, compared with $902 million for the second
quarter of 1993. Net interest margin was 3.91%, compared with 4.10%
reported for the second quarter of 1993. Average interest-earning assets
were $94.8 billion, compared with $88.2 billion for the same period last
year. Average loans increased to $60.6 billion for the current quarter
from the $59.8 billion level reported for the second quarter of 1993.
For the first six months of 1994, net interest revenue, on a taxable
equivalent basis, was $1,882 million, compared with $1,958 million for the
same period last year, which included $142 million of interest revenue from
Brazil PDI bonds. The net interest margin was 4.05% for the first six
months of 1994, compared with 4.52% (4.19% excluding Brazil PDI bonds) for
the same period last year. Average interest-earning assets for the first
six months of 1994 were $93.8 billion, compared with $87.4 billion for the
first six months of 1993. For the first six months of 1994, average loans
were $60.9 billion, compared with $61.0 billion reported for the first six
months of 1993.
<PAGE> 3
<TABLE>
<CAPTION>
FEES AND COMMISSIONS
Second Quarter Six Months
($ in millions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Consumer Banking $164 $114 $309 $231
Trust and Fiduciary 140 111 282 218
Investment Banking 68 50 115 88
Other 108 113 220 218
Total Fees and Commissions $480 $388 $926 $755
</TABLE>
Fees and commissions were $480 million for the second quarter of 1994, up
24% over the second quarter of 1993. Total consumer banking fees,
including credit card and mortgage banking fees, increased 44%. Mortgage
banking fees improved substantially over the same period last year due to
the 1993 acquisition of Troy & Nichols and the absence of accelerated
writedowns of mortgage servicing assets in 1994.
Trust and fiduciary fee revenue increased 26% over the second quarter of
1993 primarily due to increased customer transaction volumes in the Global
Securities Services and Global Private Banking businesses. Investment
banking fee revenue from global corporate finance activities increased 36%
over the same period last year. This increase reflected improved
transaction volumes, particularly in loan syndication and project finance.
For the first six months of 1994, fees and commissions were $926 million,
up 23%, reflecting increases in all categories of fee revenue.
<TABLE>
<CAPTION>
TRADING REVENUE
Second Quarter Six Months
($ in millions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Foreign Exchange $ 78 $ 85 $163 $188
Trading Account 73 102 168 175
Total Trading Revenue $151 $187 $331 $363
</TABLE>
As a result of the generally unsettled condition of the global markets,
total trading revenue declined for the current quarter to $151 million,
compared with $187 million for the same period last year.
<PAGE> 4
For the first six months of 1994, total trading revenue was $331 million,
compared with $363 million for the same period last year.
<TABLE>
<CAPTION>
OTHER REVENUE
Second Quarter Six Months
($ in millions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Corporate Finance-Related
Equity Investment Gains $ 55 $ 21 $139 $ 97
Accelerated Disposition
Portfolio Gains 15 28 68 28
Investment Securities Gains 1 14 80 20
Other 98 55 111 89
Total Other Revenue $169 $118 $398 $234
</TABLE>
Total other revenue for the second quarter of 1994 was $169 million, up $51
million, from the same period in 1993. Included in other revenue of $98
million was a $55 million gain from the sale of Chase Arizona, a domestic
banking subsidiary.
Total other revenue for the first six months of 1994 totaled $398 million,
up $164 million, or 70%, from $234 million for the first six months of
1993.
OPERATING EXPENSES
Total operating expenses were $1,073 million for the second quarter of 1994
and $995 million for the second quarter of 1993. Operating expenses for
the second quarter of 1994 included $23 million of ORE valuation losses and
expenses, compared with $37 million for the same period last year. The
expense to revenue ratio, excluding ORE expenses, was 61% for the current
quarter.
Operating expenses for the second quarter of 1994 reflected Chase's
continued funding of strategic growth programs in its core businesses.
These programs contributed to the fee revenue growth realized this year.
For the first six months of 1994, other operating expenses were $2,131
million, compared with $1,978 (excluding first quarter 1993 provision for
ORE held for accelerated disposition) for the same period of 1993.
<PAGE> 5
INCOME TAXES
The second quarter of 1994 provision for income taxes was $188 million
representing an effective tax rate of 38%, compared with a tax provision of
$134 million for the second quarter of 1993.
For the first six months of 1994, the provision for income taxes was $412
million, compared with a net income tax benefit of $40 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 six months of 1993 would have been approximately $271
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.
<PAGE> 6
PROVISION FOR POSSIBLE CREDIT LOSSES AND NET LOAN CHARGE-OFFS
The provision for possible credit losses was $150 million, or $10 million
lower than the first quarter of 1994 and $75 million lower than the second
quarter of last year.
Net loan charge-offs were $146 million, down $76 million from the second
quarter of 1993.
<TABLE>
<CAPTION>
Provision For Possible Credit Losses & Net Loan Charge-Offs*
2nd Qtr. 1st Qtr. 2nd Qtr. Six Months
($ in millions) 1994 1994 1993 1994 1993
<S> <C> <C> <C> <C> <C>
PROVISION FOR POSSIBLE
CREDIT LOSSES $ 150 $ 160 $ 225 $ 310 $ 585
NET LOAN CHARGE-OFFS:
Domestic
- - - Consumer $ 90 $ 94 $ 95 $ 184 $ 198
- - - Commercial Real Estate 51 51 74 102 165
- - - Commercial & Other 5 11 55 16 83
Total Domestic 146 156 224 302 446
Total International** - - (2) - (4)
Total Net Loan
Charge-Offs $ 146 $ 156 $ 222 $ 302 $ 442
<FN>
* amounts exclude accelerated disposition portfolio.
**includes refinancing countries net loan charge-offs.
</TABLE>
The provision for possible credit losses for the first six months of 1994
was $310 million, compared with $585 million (excluding the accelerated
disposition portfolio) for the same period last year. Net loan charge-
offs for the first six months of 1994 were $302 million, down $140 million
from the first six months of 1993.
<PAGE> 7
<TABLE>
<CAPTION>
RESERVE FOR POSSIBLE CREDIT LOSSES
June 30, March 31, Dec. 31, June30,
($ in millions) 1994 1994 1993 1993
<S> <C> <C> <C> <C>
RESERVE FOR POSSIBLE
CREDIT LOSSES $1,435 $1,429 $1,425 $1,918
- - - As a % of Total Loans 2.37% 2.32% 2.36% 3.13%
- - - As a % of Nonaccrual Loans 166% 134% 135% 82%
</TABLE>
NONACCRUAL OUTSTANDINGS AND ORE
Total nonperforming assets declined $427 million or 23% during the second
quarter of 1994.
The distribution of nonaccrual outstandings based on the domicile of
obligors was as follows:
<TABLE>
<CAPTION>
June 30, March 31, Dec. 31, June 30,
($ in millions) 1994 1994 1993 1993
<S> <C> <C> <C> <C>
Domestic:
- - - Commercial Real Estate $ 330 $ 469 $ 475 $ 947
- - - Other Loans 369 399 407 517
Total Domestic 699 868 882 1,464
International:
- - - Refinancing Countries 60 69 74 747
- - - Other Loans 104 131 98 136
Total International 164 200 172 883
Total Nonaccrual Outstandings $ 863 $1,068 $1,054 $2,347
Total ORE * $ 597 $ 819 $ 905 $ 772
<FN>
* Includes insubstance foreclosures of $504 million at June 30, 1994,
$692 million at March 31, 1994, $766 million at December 31, 1993
and $611 million at June 30, 1993.
</TABLE>
DOMESTIC COMMERCIAL REAL ESTATE ASSETS
Chase continues to reduce its exposure to real estate risk. During the
second quarter of 1994, domestic commercial real estate assets decreased
$634 million to $3.0 billion at June 30, 1994. Contributing to this
decline were approximately $499 million of net repayments and sales of
outstanding assets, including $6 million of interest applied to principal,
and $135 million of charge-offs and valuation losses.
<PAGE> 8
<TABLE>
<CAPTION>
Domestic Commercial Real Estate Assets
June 30, March 31, Dec. 31, June 30,
($ in millions) 1994 1994 1993 1993
<S> <C> <C> <C> <C>
Loans:
Performing $2,098 $2,372 $2,624 $3,208
Nonaccrual 330 469 475 947
Total Loans 2,428 2,841 3,099 4,155
ORE 589 810 895 763
Total $3,017 $3,651 $3,994 $4,918
</TABLE>
We substantially completed the liquidation of assets held for accelerated
disposition during the second quarter of 1994 through repayments and
sales. At June 30, 1994, the carrying value of such assets was $45
million.
At June 30, 1994, approximately $1.6 billion of the total $2.4 billion of
domestic commercial real estate loans have been identified as being
consistent with Chase's ongoing core real estate portfolio activities.
The remaining noncore real estate loans of approximately $820 million
consist of approximately $490 million of performing loans and $330 million
of nonaccrual loans. The carrying value of these nonaccrual loans at June
30, 1994 was approximately 70% of their contractual amount. Chase
generally allocates a portion of its total reserve for possible credit
losses to its real estate portfolio. At June 30, 1994, the reserve for
possible credit losses for this noncore real estate portfolio segment was
$250 million and Management expects this reserve to cover any potential
future losses related to these loans.
The ratio of the remaining reserve for possible credit losses to the
balance of nonaccrual loans was 222% at June 30, 1994.
<PAGE> 9
<TABLE>
<CAPTION>
THE CHASE MANHATTAN CORPORATION
SELECTED AVERAGE BALANCES
Second Quarter Six Months
($ in billions) 1994 1993 1994 1993
<S> <C> <C> <C> <C>
Loans:
Domestic Offices $ 43.5 $ 41.6 $ 43.8 $ 42.9
Overseas Offices 17.1 18.2 17.1 18.1
Total Loans $ 60.6 $ 59.8 $ 60.9 $ 61.0
Interest-Earnings Assets $ 94.8 $ 88.2 $ 93.8 $ 87.4
Total Assets $116.9 $100.7 $116.4 $100.2
Deposits:
Domestic Offices $ 39.5 $ 41.4 $ 40.4 $ 41.3
Overseas Offices 32.7 28.1 31.9 27.5
Total Deposits $ 72.2 $ 69.5 72.3 $ 68.8
Common Stockholders' Equity $ 6.8 $ 5.3 $ 6.8 $ 5.2
Total Stockholders' Equity $ 8.3 $ 6.9 $ 8.2 $ 6.8
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
THE CHASE MANHATTAN CORPORATION
FINANCIAL HIGHLIGHTS AND SELECTED STATISTICAL DATA
($ in millions
except per share data) Second Quarter Six Months
1994 1993 1994 1993
<S> <C> <C> <C> <C>
NET INCOME $ 307 $ 233 $ 671 $ 386
PER COMMON SHARE
- - - Net Income
- Primary $1.46 $ 1.20 $3.27 $1.95
- Fully diluted $1.45 $ 1.19 $3.24 $1.94
- - - Book Value (period-end) $37.64 $32.86
- - - Closing Stock Price
(period-end) $38.25 $32.25
PROFITABILITY RATIOS
- - - Return on Average Common
Stockholders' Equity 16.1% 15.0% 18.1% 12.2%
- - - Return on Average Assets 1.05% .93% 1.16% .78%
NET INTEREST REVENUE
(Fully Taxable Basis) $ 924 $ 902 $1,882 $1,958
- - - Net Interest Margin 3.91% 4.10% 4.05% 4.52%
</TABLE>
<TABLE>
<CAPTION>
June 30, March 31, Dec. 31, June 30,
1994(a)(b) 1994(a) 1993 1993(c)
CAPITAL RATIOS
<S> <C> <C> <C> <C>
- - - Common Stockholders' Equity 6.08% 6.00% 6.58% 6.08%
- - - Total Stockholders' Equity 7.32% 7.24% 7.95% 7.51%
- - - Risk-Based Capital
- Tier I Capital 8.71% 8.43% 8.44% 7.74%
- Total Capital 13.32% 12.94% 13.22% 12.10%
- - - Tier I Leverage 7.47% 7.28% 7.81% 7.67%
<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 $13 billion at June 30, 1994 and
$10 billion at March 31, 1994. This had the effect of decreasing the
common and total equity ratios and the Tier 1 leverage ratios.
(b) Adjusted to reflect the redemption of all $227 million of Chase's
outstanding Series F Preferred Stock, announced on May 10, 1994.
(c) Reflects July 1993 Series E Preferred Stock redemption.
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
June 30,
--------------------
($ in millions) 1994 1993
- - -------------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 4,937 $ 4,844
Interest-Bearing Deposits Placed with Banks 5,968 6,045
Federal Funds Sold and Securities Purchased Under Resale
Agreements 6,986 5,974
Trading Account Assets 20,939 4,877
Investment Securities:
Held to Maturity 1,651 1,419
Available for Sale Carried at Fair Value 5,475 -
At Lower of Cost or Market - 6,044
- - -------------------------------------------------------------------------------
Total Investment Securities 7,126 7,463
Loans 60,482 61,236
Less: Reserve for Possible Credit Losses 1,435 1,918
- - -------------------------------------------------------------------------------
Loans, Net 59,047 59,318
Assets Held for Accelerated Disposition 45 884
Customers' Liability on Acceptances 633 745
Accrued Interest Receivable 901 841
Premises and Equipment 1,791 1,942
Other Assets 6,122 6,152
- - -------------------------------------------------------------------------------
Total Assets $114,495 $ 99,085
===============================================================================
Liabilities, Redeemable Preferred Stock and Stockholders' Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 11,835 $ 11,556
Interest-Bearing 25,147 28,206
Overseas Offices:
Noninterest-Bearing 2,859 1,961
Interest-Bearing 29,067 26,885
- - -------------------------------------------------------------------------------
Total Deposits 68,908 68,608
Federal Funds Purchased and Securities Sold Under
Repurchase Agreements 7,032 6,763
Commercial Paper 1,487 1,475
Other Short-Term Borrowings 2,631 1,824
Trading Account Liabilities 14,052 -
Acceptances Outstanding 644 755
Accrued Interest Payable 471 480
Accounts Payable, Accrued Expenses and Other Liabilities 5,852 5,238
Intermediate- and Long-Term Debt 4,825 6,220
- - -------------------------------------------------------------------------------
Total Liabilities 105,902 91,363
- - -------------------------------------------------------------------------------
Redeemable Preferred Stock - 53
Stockholders' Equity:
Nonredeemable Preferred Stock(Without Par Value,60,539,738 1,627 1,649
and 56,439,738 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 185,052,955 183,194,093 370 366
Surplus 3,935 3,889
Net Unrealized Gains on Investment Securities -
Available for Sale 9 -
Retained Earnings 2,652 1,765
- - -------------------------------------------------------------------------------
Total Stockholders' Equity 8,593 7,669
- - -------------------------------------------------------------------------------
Total Liabilities, Redeemable Preferred Stock
and Stockholders' Equity $114,495 $ 99,085
===============================================================================
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter Ended Six Months Ended
June 30, June 30,
-------------------------------
($ in millions, except per share data) 1994 1993 1994 1993
- - ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest Revenue
Interest and Fees on Loans $1,376 $1,383 $2,677 $2,911
Interest on Deposits Placed with Banks 127 191 257 339
Interest and Dividends on Investment
Securities:
Held to Maturity 42 42 83 84
Available for Sale 178 - 343 -
At Lower of Cost or Market - 130 - 263
Interest on Federal Funds Sold and Securities
Purchased Under Resale Agreements 490 265 815 522
Interest on Trading Account Assets 92 47 211 99
- - ----------------------------------------------------------------------------
Total Interest Revenue 2,305 2,058 4,386 4,218
- - ----------------------------------------------------------------------------
Interest Expense
Deposits 654 493 1,178 1,032
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 176 155 300 293
Commercial Paper 17 12 30 22
Other Short-Term Borrowings 463 344 856 619
Intermediate- and Long-Term Debt 77 160 153 311
- - ----------------------------------------------------------------------------
Total Interest Expense 1,387 1,164 2,517 2,277
- - ----------------------------------------------------------------------------
Net Interest Revenue 918 894 1,869 1,941
Provision for Possible Credit Losses 150 225 310 585
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 768 669 1,559 790
- - ----------------------------------------------------------------------------
Other Operating Revenue
Fees and Commissions 480 388 926 755
Foreign Exchange Trading Revenue 78 85 163 188
Trading Account Revenue 73 102 168 175
Investment Securities Gains 1 14 80 20
Other Revenue 168 104 318 214
- - ----------------------------------------------------------------------------
Total Other Operating Revenue 800 693 1,655 1,352
- - ----------------------------------------------------------------------------
Other Operating Expenses
Salaries and Employee Benefits:
Salaries 418 387 833 762
Employee Benefits 118 115 247 240
- - ----------------------------------------------------------------------------
536 502 1,080 1,002
Net Occupancy 98 93 199 198
Equipment Rentals, Depreciation
and Maintenance 74 69 145 140
Provision for Other Real Estate Held for
Accelerated Disposition - - - 318
Other Expenses 365 331 707 638
- - ----------------------------------------------------------------------------
Total Other Operating Expenses 1,073 995 2,131 2,296
- - ----------------------------------------------------------------------------
Income (Loss) Before Taxes 495 367 1,083 (154)
Applicable Income Taxes (Benefits) 188 134 412 (40)
- - ----------------------------------------------------------------------------
Income (Loss) Before Cumulative Effect of
Change in Accounting Principle $ 307 $ 233 $ 671 $ (114)
Cumulative Effect of Change in Accounting
Principle - Adoption of SFAS 109 - - - 500
- - ----------------------------------------------------------------------------
Net Income $ 307 $ 233 $ 671 $ 386
============================================================================
Net Income Applicable to Common Stock $ 272 $ 196 $ 606 $ 313
============================================================================
Average Common Shares Outstanding (in
millions) 186.2 162.4 185.6 160.0
Primary Earnings (Loss) Per Common Share,
Before Cumulative Effect of Change
in Accounting Principle, Based on
Average Shares Outstanding $ 1.46 $ 1.20 $ 3.27 $(1.17)
Cumulative Effect of Change in Accounting
Principle - Adoption of SFAS 109 - - - 3.12
Primary Earnings Per Common Share $ 1.46 $ 1.20 $ 3.27 $ 1.95
Cash Dividends Declared Per Common Share $ 0.33 $ 0.30 $ 0.66 $ 0.60
============================================================================
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
SUMMARY OF CHANGES IN STOCKHOLDERS' EQUITY
Six Months Ended
June 30,
---------------
($ in millions) 1994 1993
- - ----------------------------------------------------------------------------
<S> <C> <C>
Balance at Beginning of Period $8,122 $6,511
Additions:
Net Income 671 386
Shares Issued Pursuant to:
Nonredeemable Preferred Stock Offering 228 172
Dividend Reinvestment and Stock Purchase Plan 10 39
Common Stock Offering - 746
Exercise of Stock Options 10 10
Net Unrealized Losses on Investment Securities -
Available for Sale (Net of Deferred Tax
Benefits of $177) (255) -
- - ----------------------------------------------------------------------------
8,786 7,864
Deductions:
Cash Dividends:
Redeemable Preferred Stock - 2
Nonredeemable Preferred Stock 65 72
Common Stock 122 94
Other 6 27
- - ----------------------------------------------------------------------------
Balance at End of Period $8,593 $7,669
============================================================================
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
The Chase Manhattan Bank, N.A. and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
June 30,
-----------------
($ in millions) 1994 1993
- - -------------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 4,658 $ 4,496
Interest-Bearing Deposits Placed with Banks 6,139 6,168
Federal Funds Sold and Securities Purchased Under Resale
Agreements 3,552 3,779
Trading Account Assets 18,831 3,955
Investment Securities:
Held to Maturity 1,086 684
Available for Sale Carried at Fair Value 4,775 -
At Lower of Cost or Market - 4,982
- - -------------------------------------------------------------------------------
Total Investment Securities 5,861 5,666
Loans 48,765 48,700
Less: Reserve for Possible Credit Losses 1,107 1,567
- - -------------------------------------------------------------------------------
Loans, Net 47,658 47,133
Assets Held for Accelerated Disposition 44 758
Customers' Liability on Acceptances 633 745
Accrued Interest Receivable 597 522
Premises and Equipment 1,653 1,765
Other Assets 5,080 4,713
- - -------------------------------------------------------------------------------
Total Assets $94,706 $79,700
===============================================================================
Liabilities and Stockholder's Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $11,442 $11,078
Interest-Bearing 19,003 21,383
Overseas Offices:
Noninterest-Bearing 2,859 1,961
Interest-Bearing 30,475 27,267
- - -------------------------------------------------------------------------------
Total Deposits 63,779 61,689
Federal Funds Purchased and Securities Sold Under
Repurchase Agreements 1,456 2,412
Other Short-Term Borrowings 2,027 1,482
Trading Account Liabilities 12,831 -
Acceptances Outstanding 644 755
Accrued Interest Payable 399 412
Accounts Payable, Accrued Expenses and Other Liabilities 4,276 3,659
Intermediate- and Long-Term Debt 2,544 3,435
- - -------------------------------------------------------------------------------
Total Liabilities 87,956 73,844
- - -------------------------------------------------------------------------------
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 60,874,205 60,480,218 913 907
Surplus 4,615 4,297
Net Unrealized Losses on Investment Securities -
Available for Sale (25) -
Undivided Profits 1,247 652
- - -------------------------------------------------------------------------------
Total Stockholder's Equity 6,750 5,856
- - -------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $94,706 $79,700
===============================================================================
Member Federal Deposit Insurance Corporation
</TABLE>
