<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 16, 1995
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 16, 1995 The Chase Manhattan Corporation issued a news
release announcing its earnings for the quarter ended September 30,
1995. 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 16, 1995.
<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 16, 1995 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 16, 1995
<PAGE> 1
EXHIBIT 99
News Release
The Chase Manhattan Corporation
Public Affairs Division
1 Chase Manhattan Plaza
New York, New York 10081
October 16, 1995
Press Contact: Steve Rautenberg (212) 552-4505
Investor Contact: William Maletz (212) 552-5329
Chase Reports Earnings of $283 Million For Third Quarter 1995
The Chase Manhattan Corporation today reported third quarter 1995
net income of $283 million ($1.40 per share), up from $281 million
($1.38 per share) for second quarter 1995 and down from $305 million
($1.49 per share) for third quarter 1994. The decline was due to
gains in the third quarter of 1994 from the disposition of real estate
assets and LDC investment securities.
Thomas G. Labrecque, Chase Chairman, said "We made substantial
progress this quarter in executing our business strategies. Net
income improved in both our core businesses over last year. In Global
Financial Services, investment banking fees continued their strong
growth and net income grew by more than 11%. We also completed the
acquisition of the securities processing business of U.S. Trust,
adding significantly to the scale and scope of our market leading
custody business. In retail banking, managed credit card receivables
are significantly higher and net income was up over 8%. In addition,
asset quality is outstanding, our capital position is strong and we
have been disciplined in managing expenses."
For the first nine months of 1995, Chase reported net income of $825
million ($4.07 per share), compared with $976 million ($4.76 per
share) for the same period in 1994.
Business Highlights:
- - Investment banking fees were up 35% over third quarter 1994.
- - Managed credit card receivables increased approximately $2
billion over third quarter 1994; however, net interest revenue
continued to be impacted by narrower loan spreads.
- - Combined trading and related net interest revenue was $210
million, in line with prior quarters.
- - Asset quality continues to be strong. The credit loss provision
declined to $70 million from $100 million in the same period last
year, benefiting from net recoveries on commercial loans and the
impact of credit card securitizations completed earlier this year.
- - The acquisition of the U.S. Trust securities processing business
was completed on September 2, 1995, increasing total trust and custody
assets to approximately $2 trillion.
- - On a comparable basis, operating expenses were flat compared with
third quarter 1994 and down from second quarter 1995.
<PAGE>2
The financial results of business operations are summarized below.
<TABLE>
<CAPTION>
Net Income Return On
($ in millions) Allocated Equity
3rd Qtr 2nd Qtr 3rd Qtr 3rd Qtr 2nd Qtr 3rd Qtr
1995 1995 1994 1995 1995 1994
<S> <C> <C> <C> <C> <C> <C>
Global Financial
Services $ 170 $ 175 $ 153 15.0% 15.6% 16.6%
Retail Businesses 113 115 104 14.6 15.6 16.7
Unallocated
Corporate Items* - (9) 48 N/M N/M N/M
Total $ 283 $ 281 $ 305 13.9% 14.2% 15.8%
<FN>
Prior periods restated to reflect certain modifications to internal
allocation methodologies and current organizational structure.
* Includes discontinued Real Estate Finance activities, LDC Portfolio
Management and other unallocated corporate items.
N/M - not meaningful
</TABLE>
<TABLE>
<CAPTION>
Net Interest Revenue
and Margin* 3rd Qtr 2nd Qtr 3rd Qtr Nine Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Net Interest Revenue $ 892 $ 888 $ 922 $ 2,671 $2,803
Net Interest Margin 3.46% 3.51% 3.74% 3.50% 3.89%
- - Adjusted for Credit
Card Securitization
Impact 3.65 3.68 3.88 3.67 4.04
<FN>
* Taxable equivalent basis
</TABLE>
For third quarter 1995, net interest revenue, on a taxable equivalent
basis, was $892 million, compared with $922 million for third quarter
1994. Average interest-earning assets were $102.2 billion, compared
with $97.9 billion for third quarter 1994.
Net interest revenue reflected the impact of prior period credit card
securitizations. These securitizations resulted in lower net interest
revenue, offset by a lower provision for credit losses and higher fee
revenue, compared with third quarter 1994.
Net interest revenue in the current quarter benefited from continued
growth in consumer loans and from net interest revenue associated with
trading and transaction processing businesses. Average loans were
$64.2 billion for the current quarter, compared with $60.0 billion for
third quarter 1994.
For the first nine months of 1995, net interest revenue, on a taxable
equivalent basis, was $2,671 million, compared with $2,803 million for
the same period last year. For the first nine months of 1995, average
loans were $63.7 billion, compared with $60.6 billion reported for
1994. For the first nine months of 1995, average interest-earning
assets were $101.9 billion, compared with $96.3 billion for 1994.
<PAGE>3
<TABLE>
<CAPTION>
Fees and Commissions 3rd Qtr 2nd Qtr 3rd Qtr Nine Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Consumer Banking $ 180 $ 167 $ 162 $ 505 $ 470
Trust and Fiduciary 147 130 141 409 423
Investment Banking 62 79 46 207 162
Other 105 107 109 326 329
Total Fees and
Commissions $ 494 $ 483 $ 458 $1,447 $1,384
</TABLE>
Fees and commissions of $494 million increased from prior quarters.
Investment banking fees of $62 million were up significantly compared
with third quarter 1994, reflecting increased syndications and capital
raising activity for clients around the world. Trust and fiduciary
fee revenue increased from both the third quarter of 1994 and the
previous quarter of 1995, reflecting business growth and one month of
revenue from the business acquired from U.S. Trust. The increase in
consumer banking fees over prior quarters reflected the favorable
impact of credit card securitizations.
For the first nine months of 1995, fees and commissions were $1,447
million, up from the same period of 1994, primarily due to higher fees
from investment banking and consumer banking activities.
<TABLE>
<CAPTION>
Combined Trading and Related Net Interest Revenue *
3rd Qtr 2nd Qtr 3rd Qtr Nine Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Revenue by Product:
Foreign Exchange $ 71 $ 72 $ 58 $ 235 $ 216
Interest Rate and
Commodity Derivatives 65 62 33 183 130
Securities Trading and
Underwriting 74 73 128 95 278
Total $210 $207 $219 $513 $624
Foreign Exchange $ 45 $ 60 $ 50 $196 $213
Interest Rate and
Commodity Derivatives 42 55 23 139 95
Securities Trading and
Underwriting 50 20 115 (20) 211
Net Interest Revenue 73 72 31 198 105
Total $ 210 $207 $ 219 $ 513 $ 624
<FN>
* Prior period amounts have been reclassified to conform with current
presentation.
</TABLE>
Combined trading and related net interest revenue of $210 million for
third quarter 1995 was consistent with prior quarters. Foreign
exchange revenue of $71 million and interest rate and commodity
derivatives revenue of $65 million were both essentially level with
the second quarter of 1995, and showed significant improvement over
the same period last year due to improved customer demand. Securities
trading and underwriting revenue of $74 million reflected continued
strength, particularly in the emerging markets, while third quarter
1994 included significant gains in the emerging markets resulting from
improved market confidence.
For the first nine months of 1995, combined trading revenue was $513
million, lower than $624 million for 1994. Foreign exchange and
derivative revenues showed increases over last year due to improved
market conditions and customer demand. This improvement was offset by
the Mexican peso devaluation in December 1994 and its impact on
securities trading and underwriting in first quarter 1995.
<PAGE>4
<TABLE>
<CAPTION>
Other Revenue 3rd Qtr 2nd Qtr 3rd Qtr Nine Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Equity Gains $ 28 $ 83 $ 26 $ 185 $ 165
Accelerated Disposition
Portfolio Gains - - 15 - 83
Investment Securities
Gains 6 2 15 32 95
Other 52 47 25 160 135
Total Other Revenue $ 86 $ 132 $ 81 $ 377 $ 478
</TABLE>
For the third quarter of 1995, total other revenue was $86 million,
compared with $132 million for second quarter 1995 and $81 million for
the same period last year. Equity gains for third quarter 1995 were
in line with third quarter 1994 and down from the strong second
quarter 1995 level. The improvement in other revenue over the third
quarter of 1994 was due to Chase's mortgage banking activities.
Total other revenue for the first nine months of 1995 was $377
million, down from $478 million for the same period in 1994. The 1994
period included significant gains from the liquidation of real estate
assets held for accelerated disposition and investment securities
gains resulting from Chase's program of reducing its cross-border
Brady exposures in its available for sale investment portfolio.
<TABLE>
<CAPTION>
Total Operating
Expenses 3rd Qtr 2nd Qtr 3rd Qtr Nine Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Salaries and Benefits $ 585 $ 599 $ 586 $ 1,780 $ 1,667
Other Expenses 501 519 505 1,520 1,494
ORE Expenses /
(Revenue) (7) (14) (24) (39) 36
Total Operating
Expenses $1,079 $1,104 $ 1,067 $ 3,261 $ 3,197
</TABLE>
Total operating expenses were $1,079 million for the third quarter of
1995, compared with the second quarter 1995 level of $1,104 million
and $1,067 million for the same period of last year. Excluding the
favorable impact of net ORE revenue, operating expenses were down from
both prior periods. In addition, excluding a $19 million FDIC deposit
insurance refund and $12 million of operating expenses related to U.S.
Trust, operating expenses for third quarter 1995 decreased from second
quarter 1995 and were essentially level with third quarter 1994.
Total headcount was 33,670 at September 30, 1995 which included
approximately 1,010 from U.S. Trust. Excluding U.S. Trust personnel,
productivity initiatives continue to result in reductions, with total
headcount down approximately 875 during the quarter.
For the first nine months of 1995, other operating expenses were
$3,261 million, compared with $3,197 million for 1994. Operating
expenses for the first nine months of 1995 included the second quarter
1995 restructuring charge as well as the third quarter 1995 U.S. Trust
related expenses and FDIC refund.
Income Taxes
For the third quarter of 1995, the provision for income taxes was $172
million, compared with $172 million for second quarter 1995 and $171
million for the same period last year. The effective tax rate was 38%
for both the third and second quarters of 1995 and was 36% for third
quarter 1994.
For the first nine months of 1995, the provision for income taxes was
$498 million, compared with $583 million for the same period last
year.
<PAGE>5
Asset Quality
During the third quarter of 1995, asset quality remained strong.
<TABLE>
<CAPTION>
Provision For Possible Credit Losses & Net Loan Charge-Offs
3rd Qtr 2nd Qtr 3rd Qtr Nine Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Provision For Possible
Credit Losses $ 70 $ 75 $ 100 $ 210 $ 410
Net Loan Charge-Offs:
Domestic:
- Consumer $ 87 $ 92 $ 90 $ 269 $ 274
- Commercial & Other (6) (7) 27 (35) 145
Total Domestic 81 85 117 234 419
Total International (3) (8) 2 (17) 3
Total Net Loan Charge-Offs $ 78 $ 77 $ 119 $ 217 $ 422
</TABLE>
<TABLE>
<CAPTION>
Nonaccrual Outstandings September June 30, December September
and ORE 30, 30, 31, 30,
($ in millions) 1995 1995 1994 1994
<S> <C> <C> <C> <C>
Domestic:
- Commercial Real
Estate $ 169 $ 195 $ 266 $ 271
- Other Loans 303 290 244 281
Total Domestic 472 485 510 552
Total International 132 142 150 149
Total Nonaccrual $ 604 $ 627 $ 660 $ 701
Outstandings
Total ORE $ 163 $ 200 $ 257 $ 510
</TABLE>
<TABLE>
<CAPTION>
September June 30, December September
30, 30, 31, 30,
($ in millions) 1995 1995 1994 1994
<S> <C> <C> <C> <C>
Reserve for Possible
Credit Losses $1,404 $1,416 $1,414 $1,416
</TABLE>
<PAGE>6
Key Financial Highlights
<TABLE>
<CAPTION>
Summary of Results & Selected Statistical Data
($ in millions, except 3rd Qtr 2nd Qtr 3rd Qtr Nine Months
per share data) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Net Income $ 283 $ 281 $ 305 $ 825 $ 976
Per Common Share
- - Net Income
- Primary $ 1.40 $ 1.38 $ 1.49 $ 4.07 $ 4.76
- Fully diluted 1.38 1.37 1.48 4.04 4.73
- - Book Value (period-
end) 42.35 41.09 38.83
- - Closing Stock Price
(period-end) 61.13 47.00 34.63
Profitability Ratios
- - Return on Average
Common Stockholders'
Equity 13.9% 14.2% 15.8% 13.8% 17.3%
- - Return on Average
Assets .89 .88 .98 .88 1.09
Net Interest Revenue
(Fully Taxable Basis $892 $888 $922 $2,671 $2,803
- - Net Interest Margin 3.46% 3.51% 3.74% 3.50% 3.89%
Capital Ratios (period-
end)
- - Common Stockholders'
Equity 6.31% 6.04% 6.01%
- - Total Stockholders'
Equity 7.48 7.22 7.21
- - Risk-Based Capital
- Tier 1 Capital 8.24 8.22 8.51
- Total Capital 13.01 12.99 13.22
- - Tier 1 Leverage 7.47 7.19 7.31
</TABLE>
<TABLE>
<CAPTION>
Selected Average Balances 3rd Qtr 2nd Qtr 3rd Qtr Nine Months
($ in billions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Loans:
Domestic Offices $ 46.7 $ 46.9 $ 43.5 $ 46.6 $ 43.7
Overseas Offices 17.5 17.4 16.5 17.1 16.9
Total Loans $ 64.2 $ 64.3 $ 60.0 $ 63.7 $ 60.6
Interest-Earning Assets $ 102.2 $ 101.6 $ 97.9 $ 101.9 $ 96.3
Total Assets $ 125.6 $ 128.1 $ 123.0 $ 125.9 $119.7
Deposits:
Domestic Offices $ 32.7 $ 33.1 $ 36.5 $ 33.2 $ 38.1
Overseas Offices 37.7 38.4 34.9 38.3 33.9
Total Deposits $ 70.4 $ 71.5 $ 71.4 $ 71.5 $ 72.0
Common Stockholders
Equity $ 7.2 $ 7.1 $ 6.9 $ 7.1 $ 6.8
Total Stockholders'
Equity $ 8.6 $ 8.5 $ 8.3 $ 8.5 $ 8.2
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
Sept 30, Sept 30,
($ in millions) 1995 1994
- ---------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 5,141 $ 5,559
Interest-Bearing Deposits Placed with Banks 5,798 7,055
Federal Funds Sold and Securities Purchased
Under Resale Agreements 10,959 7,712
Trading Account Assets 14,827 19,302
Investment Securities:
Held to Maturity 1,900 2,018
Available for Sale Carried at Fair Value 5,807 5,813
- ---------------------------------------------------------------------------
Total Investment Securities 7,707 7,831
Loans 64,821 61,405
Reserve for Possible Credit Losses (1,404) (1,416)
Customers' Liability on Acceptances 862 599
Accrued Interest Receivable 1,201 1,033
Premises and Equipment 1,866 1,871
Other Assets 8,314 6,114
- ---------------------------------------------------------------------------
Total Assets $ 120,092 $ 117,065
===========================================================================
Liabilities and Stockholders' Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 12,196 $ 11,131
Interest-Bearing 19,917 22,389
Overseas Offices:
Noninterest-Bearing 3,258 2,533
Interest-Bearing 34,062 32,869
- ---------------------------------------------------------------------------
Total Deposits 69,433 68,922
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 12,539 11,959
Commercial Paper 1,564 1,459
Other Short-Term Borrowings 3,192 3,508
Trading Account Liabilities 10,959 11,841
Acceptances Outstanding 871 603
Accrued Interest Payable 734 568
Accounts Payable, Accrued Expenses and Other
Liabilities 6,304 4,734
Intermediate- and Long-Term Debt 5,518 5,031
- ---------------------------------------------------------------------------
Total Liabilities 111,114 108,625
- ---------------------------------------------------------------------------
Stockholders' Equity:
Nonredeemable Preferred Stock (Without Par Value, 1,400 1,400
56,000,000 Shares Outstanding)
Common Stock ($2.00 Par Value):
<C> <C>
9/30/95 9/30/94
------------ ------------
Number of Shares:
Authorized 500,000,000 500,000,000
Issued 194,449,931 185,289,886
Outstanding 178,956,076 181,289,886 389 371
Surplus 4,357 3,939
Net Unrealized Gains on Investment Securities
- Available for Sale 5 23
Retained Earnings 3,484 2,853
- ---------------------------------------------------------------------------
Total 9,635 8,586
Less: Treasury Stock at Cost (15,493,855 and 657 146
4,00,000 Shares, Respectively)
- ---------------------------------------------------------------------------
Total Stockholders' Equity 8,978 8,440
- ---------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 120,092 $ 117,065
===========================================================================
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter Ended 9 Months Ended
Sept 30, Sept 30,
-------------------------------
($ in millions, except per share data) 1995 1994 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest Revenue
Interest and Fees on Loans $1,440 $1,252 $4,323 $3,929
Interest on Deposits Placed with Banks 133 108 426 365
Interest and Dividends on Investment
Securities:
Held to Maturity 32 29 96 112
Available for Sale 82 90 262 433
Interest on Federal Funds Sold and Securities
Purchased Under Resale Agreements 268 233 786 1,048
Interest on Trading Account Assets 119 89 332 300
- ------------------------------------------------------------------------------
Total Interest Revenue 2,074 1,801 6,225 6,187
- ------------------------------------------------------------------------------
Interest Expense
Deposits 651 538 1,964 1,717
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 302 203 902 503
Commercial Paper 24 16 79 45
Other Short-Term Borrowings 105 52 326 908
Intermediate- and Long-Term Debt 105 76 299 229
- ------------------------------------------------------------------------------
Total Interest Expense 1,187 885 3,570 3,402
- ------------------------------------------------------------------------------
Net Interest Revenue 887 916 2,655 2,785
Provision for Possible Credit Losses 70 100 210 410
- ------------------------------------------------------------------------------
Net Interest Revenue After Provision for
Possible Credit Losses 817 816 2,445 2,375
- ------------------------------------------------------------------------------
Other Operating Revenue
Fees and Commissions 494 458 1,447 1,384
Foreign Exchange Trading Revenue 45 50 196 213
Trading Account Revenue 92 138 119 306
Investment Securities Gains 6 15 32 95
Other Revenue 80 66 345 383
- ------------------------------------------------------------------------------
Total Other Operating Revenue 717 727 2,139 2,381
- ------------------------------------------------------------------------------
Other Operating Expenses
Salaries and Employee Benefits:
Salaries 458 464 1,362 1,298
Employee Benefits 127 122 418 369
- ------------------------------------------------------------------------------
585 586 1,780 1,667
Net Occupancy 95 98 278 296
Equipment Rentals, Depreciation
and Maintenance 82 77 249 222
Other Expenses 317 306 954 1,012
- ------------------------------------------------------------------------------
Total Other Operating Expenses 1,079 1,067 3,261 3,197
- ------------------------------------------------------------------------------
Income Before Taxes 455 476 1,323 1,559
Applicable Income Taxes 172 171 498 583
- ------------------------------------------------------------------------------
Net Income $ 283 $ 305 $ 825 $ 976
==============================================================================
Net Income Applicable to Common Stock $ 253 $ 274 $ 733 $ 880
==============================================================================
Average Common and Common Equivalent
Shares Outstanding (in millions) 181.1 184.4 180.0 185.0
Primary Earnings Per Common Share $ 1.40 $ 1.49 $ 4.07 $ 4.76
Cash Dividends Declared Per Common Share $ 0.45 $ 0.40 $ 1.30 $ 1.06
==============================================================================
<PAGE> 9
</TABLE>
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
SUMMARY OF CHANGES IN STOCKHOLDERS' EQUITY
9 Months Ended
Sept 30,
---------------
($ in millions) 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C>
Balance at Beginning of Period $8,359 $8,122
Additions:
Net Income 825 976
Shares Issued Pursuant to:
Nonredeemable Preferred Stock Offering - 228
Dividend Reinvestment and Stock Purchase Plan 10 14
Acquisition of US Trust 363 -
Exercise of Stock Options 52 13
Net Change In Unrealized Gains (Losses) on Investment
Securities - Available for Sale (Net of Deferred
Tax (Benefits) of $19 and ($167), Respectively) 40 (241)
- ------------------------------------------------------------------------------
9,649 9,112
Deductions:
Cash Dividends:
Nonredeemable Preferred Stock 92 96
Common Stock 229 196
Redemption of Nonredeemable Preferred Stock Offering - 227
Treasury Stock 351 146
Other (1) 7
- ------------------------------------------------------------------------------
Balance at End of Period $8,978 $8,440
==============================================================================
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
The Chase Manhattan Bank, N.A. and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
Sept 30, Sept 30,
($ in millions) 1995 1994
- ----------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 5,014 $ 5,330
Interest-Bearing Deposits Placed with Banks 5,957 7,247
Federal Funds Sold and Securities Purchased
Under Resale Agreements 2,276 3,392
Trading Account Assets 12,526 15,617
Investment Securities:
Held to Maturity 1,863 1,482
Available for Sale Carried at Fair Value 5,117 5,123
- ---------------------------------------------------------------------------
Total Investment Securities 6,980 6,605
Loans 55,096 49,486
Reserve for Possible Credit Losses (1,131) (1,089)
Customers' Liability on Acceptances 862 599
Accrued Interest Receivable 901 707
Premises and Equipment 1,755 1,729
Other Assets 7,268 4,890
- ----------------------------------------------------------------------------
Total Assets $ 97,504 $ 94,513
============================================================================
Liabilities and Stockholder's Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 12,131 $ 10,788
Interest-Bearing 18,841 18,096
Overseas Offices:
Noninterest-Bearing 3,258 2,533
Interest-Bearing 32,702 32,140
- ----------------------------------------------------------------------------
Total Deposits 66,932 63,557
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 2,331 3,003
Other Short-Term Borrowings 2,265 2,904
Trading Account Liabilities 9,105 10,707
Acceptances Outstanding 871 603
Accrued Interest Payable 627 490
Accounts Payable, Accrued Expenses and Other
Liabilities 5,138 3,627
Intermediate- and Long-Term Debt 2,370 2,627
- ----------------------------------------------------------------------------
Total Liabilities 89,639 87,518
- ----------------------------------------------------------------------------
Stockholder's Equity:
Capital Stock ($15 Par Value):
<C> <C>
9/30/95 9/30/94
------------ ------------
Number of Shares:
Authorized 81,744,445 81,744,445
Outstanding 61,425,980 60,955,569 921 914
Surplus 5,244 4,625
Net Unrealized Losses on Investment
Securities - Available for Sale (43) (8)
Undivided Profits 1,743 1,464
- ----------------------------------------------------------------------------
Total Stockholder's Equity 7,865 6,995
- ----------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $ 97,504 $ 94,513
============================================================================
Member Federal Deposit Insurance Corporation
</TABLE>
