<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) April 17, 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 April 17, 1995 The Chase Manhattan Corporation issued a news
release announcing its earnings for the quarter ended March 31,
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 April 17, 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: April 17, 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 April 17, 1995
<PAGE> 1
EXHIBIT 99
News Release
The Chase Manhattan Corporation
Public Affairs Division
1 Chase Manhattan Plaza
New York, New York 10081
April 17, 1995
Press Contact: Steve Rautenberg (212) 552-4505
Investor Contact: William Maletz (212) 552-5329
Chase Reports Earnings of $260 Million For First Quarter 1995
The Chase Manhattan Corporation today reported first quarter 1995
net income of $260 million ($1.29 per share), up from $229 million
($1.10 per share) and down from $364 million ($1.80 per share) for
fourth and first quarters of 1994, respectively.
Thomas G. Labrecque, Chase Chairman, said, "Our disciplined and
focused strategies, based on offering integrated solutions to the
financial needs of our clients, are showing positive results. This
quarter's earnings represent solid performance in several areas:
investment banking fees were up significantly; foreign exchange and
derivative product trading were strong, benefiting from our client
focus and investments in new technology; and asset quality improved as
did our credit card market share performance. In addition, our
ongoing productivity initiatives resulted in lower expenses relative
to the fourth quarter of 1994. We will make further significant
progress in this area during the remainder of the year through the
accelerated execution of existing programs and evolving initiatives.
These actions, the full impact of which will be realized in 1996, will
materially reduce our expense levels"
Highlights:
- - Investment banking fees increased 40% to $66 million and equity
gains of $74 million exceeded the average quarterly pace of 1994.
- - Credit card outstandings and market share performance improved
during the quarter due to Chase's intensified marketing efforts.
- - Foreign exchange and derivative product trading revenue of $136
million, primarily customer-driven, was more than double the level
of the fourth quarter of 1994. Significant losses were experienced
in emerging markets trading due to continuing volatility following
the Mexican peso devaluation.
- - Asset quality continued to improve and the credit loss provision,
which fully covered net charge-offs, declined significantly to
$65 million.
- - Operating expenses declined from the fourth quarter of last year.
After adjusting for a voluntary retirement program and other
streamlining costs, the decline was 4%. Virtually all businesses
contributed to this improvement.
- - Headcount was reduced by 1,640 from year-end 1994, distributed
across all businesses.
<PAGE> 2
Net Interest Revenue
For the first quarter of 1995, net interest revenue, on a taxable
equivalent basis, was $891 million, compared with $911 million for the
prior quarter and $958 million for the first quarter of 1994. The net
interest margin was 3.54%, compared with 3.62% and 4.13% for the
fourth and first quarters of 1994, respectively. Average interest-
earning assets were $102.0 billion, compared with $99.8 billion for
the prior quarter and $94.0 billion for first quarter 1994. Average
loans were $62.6 billion, compared with $61.2 billion and $61.3
billion for the fourth and first quarters of 1994, respectively. The
growth in average loans from the fourth and first quarters of 1994 was
virtually all within the Retail Businesses. Wholesale loans
decreased, compared with the first quarter of 1994.
Net interest revenue and margin continue to be impacted by the
changing mix of interest-earning assets, higher interest rates and by
competitive pressure on loan spreads. With respect to the credit
card, Chase's strategy to rebuild its market share through more
competitive repricing of selected market segments resulted in average
credit card balances increasing by approximately $600 million over
fourth quarter 1994. However, such repricing also had a negative
impact on net interest revenue and margin. Net interest revenue from
mortgages also declined during the quarter.
<TABLE>
<CAPTION>
Fees and Commissions 1st 4th 1st
Quarter Quarter Quarter
($ in millions) 1995 1994 1994
<S> <C> <C> <C>
Consumer Banking $ 158 $ 167 $ 144
Trust and Fiduciary 132 145 142
Investment Banking 66 72 47
Other 113 108 113
Total Fees and Commissions $ 469 $ 492 $ 446
</TABLE>
Fees and commissions were $469 million, up 5% from the first quarter
of 1994, reflecting significant investment banking fees as well as
increased consumer banking fees from mortgage servicing activities.
Investment banking fees increased to $66 million, as syndication
volume and global dealflow continued to strengthen, reflecting the
benefits of the GFS integrated business strategy.
Trust and fiduciary fees of $132 million were down from both the
fourth and first quarters of 1994 due to reduced custody and private
banking fees. The decline in custody fees resulted principally from
clients shifting assets from emerging markets into developed markets
and from lower emerging markets securities values. Private banking
fees were impacted by lower fixed income market values, compared with
first quarter 1994.
<PAGE> 3
<TABLE>
<CAPTION>
Combined Trading and Trading-Related Revenue *
1st 4th 1st
Quarter Quarter Quarter
($ in millions) 1995 1994 1994
<S> <C> <C> <C>
Income Statement Classification:
Foreign Exchange Trading $ 92 $ 67 $ 85
Interest Rate and Commodity Derivatives 44 (1) 45
Securities Trading and Underwriting (92) (34) 49
Net Interest Revenue 50 45 45
Combined Trading and Trading-Related
Revenue $ 94 $ 77 $ 224
<FN>
* Prior periods have been reclassified to conform with current
presentations.
</TABLE>
Combined trading revenue, including net interest revenue from trading-
related positions, was $94 million for first quarter 1995, down
substantially from the comparable 1994 period, primarily due to a $141
million swing in securities trading and underwriting revenue, most of
which related to emerging markets trading activities. Management's
actions to reduce certain trading positions contributed to emerging
markets losses in the current quarter, but reduced exposure to future
losses.
Partially offsetting the effect of emerging markets results was strong
foreign exchange trading revenue, which increased 37% over the prior
quarter and was up 8% from first quarter 1994. In addition, revenue
from customer-driven derivatives products improved significantly from
fourth quarter and was level with first quarter 1994.
<TABLE>
<CAPTION>
Other Revenue 1st 4th 1st
Quarter Quarter Quarter
($ in millions) 1995 1994 1994
<S> <C> <C> <C>
Equity Gains $ 74 $ 50 $ 84
Accelerated Disposition Portfolio Gains - 21 53
Investment Securities Gains 24 11 79
Other 61 66 12
Total Other Revenue $ 159 $ 148 $ 228
</TABLE>
For the first quarter of 1995, total other revenue was $159 million,
down from $228 million for the same period last year, which included
gains of $53 million from liquidation of real estate assets held for
accelerated disposition. Equity gains of $74 million for the first
quarter of 1995, while down from last year's first quarter high,
continued 1994's strong quarterly average.
The investment securities gains for all periods resulted principally
from Chase's program of reducing its cross-border Brady exposures in
its available for sale investment portfolio. Chase has no such
exposure in its held to maturity investment portfolio.
Included in other revenue were gains from the sale of mortgage
servicing rights of $36 million and $31 million, respectively, for
first quarter 1995 and fourth quarter 1994.
<PAGE> 4
<TABLE>
<CAPTION>
Total Operating Expenses 1st 4th 1st
Quarter Quarter Quarter
($ in millions) 1995 1994 1994
<S> <C> <C> <C>
Salaries and Benefits $ 596 $ 611* $ 544
Other Expenses 500 535* 476
ORE Expenses (18) (28) 37 (18)
Productivity Initiatives - 157 -
Total Operating Expenses $1,078 $1,275 $1,057
<FN>
* Reflects adjustments for productivity initiatives.
</TABLE>
Total operating expenses were $1,078 million for the first quarter of
1995, down from the fourth quarter 1994 level of $1,275 million and up
from $1,057 million for the same period of last year. On a comparable
basis, excluding the voluntary retirement program and other
productivity initiatives, operating expenses were 4% lower than the
fourth quarter of 1994. This decline reflected cost savings
realized from these productivity initiatives, including the
integration of recent acquisitions into the mortgage banking
network. Headcount was also reduced by 4% from 36,690 at year-
end 1994 to 35,050 at March 31, 1995, including the employees who
elected early retirement.
Compared with the first quarter of 1994, operating expenses increased
2% due to the third quarter 1994 acquisition of American Residential
Mortgage Company as well as investments made in key strategic
businesses. Investments and capital expenditures Chase made
throughout last year provide a foundation for continued growth in our
InfoServ businesses and strengthen our trading capabilities.
Income Taxes
For the first quarter of 1995, the provision for income taxes was $154
million, compared with $223 million for the same period last year.
For fourth quarter 1994, an income tax benefit of $18 million was
recorded, reflecting a $70 million reduction of the deferred federal
income tax valuation allowance. The effective tax rates were 37% and
38% for the first quarters of 1995 and 1994, respectively.
The financial results of business operations are summarized below.
<TABLE>
<CAPTION>
Net Income Return On
($ in millions) Allocated Equity
1st 4th 1st 1st 4th 1st
Quarter Quarter Quarter Quarter Quarter Quarter
1995 1994 1994 1995 1994 1994
<S> <C> <C> <C> <C> <C> <C>
Global Financial
Services $ 116 $ 32 $ 223 11.7% 1.9% 25.2%
Retail
Businesses 113 121 140 16.3 19.5 23.5
Real Estate
Finance 17 46 (22) N/M N/M N/M
LDC Portfolio
Management 22 17 37 N/M N/M N/M
Unallocated
Corporate Items (8) 13 (14) N/M N/M N/M
Total $ 260 $ 229 $ 364 13.4% 11.3% 20.2%
<FN>
N/M - not meaningful
</TABLE>
<PAGE> 5
Asset Quality
During the first quarter of 1995, asset quality measures continued to
improve, as nonaccrual outstandings, ORE and credit costs declined.
<TABLE>
<CAPTION>
Provision For Possible Credit Losses & Net Loan Charge-Offs
1st 4th 1st
Quarter Quarter Quarter
($ in millions) 1995 1994 1994
<S> <C> <C> <C>
Provision For Possible Credit Losses $ 65 $ 90 $160
Net Loan Charge-Offs:
Domestic:
- Consumer $ 91 $ 96 $ 94
- Commercial & Other (23) (1) 62
Total Domestic 68 95 156
Total International (6) - -
Total Net Loan Charge-Offs $ 62 $ 95 $156
</TABLE>
<TABLE>
<CAPTION>
Nonaccrual Outstandings and ORE 1st 4th 1st
Quarter Quarter Quarter
($ in millions) 1995 1994 1994
<S> <C> <C> <C>
Domestic:
- Commercial Real Estate $ 233 $ 266 $ 469
- Other Loans 275 244 399
Total Domestic 508 510 868
Total International 136 150 200
Total Nonaccrual Outstandings $ 644 $ 660 $1,068
Total ORE $ 220 $ 257 $ 819
</TABLE>
<TABLE>
<CAPTION>
March 31, December 31, March 31,
($ in millions) 1995 1994 1994
<S> <C> <C> <C>
Reserve For Possible Credit Losses $1,419 $1,414 $1,429
</TABLE>
Effective January 1, 1995, Chase adopted the new loan impairment
accounting standards SFAS 114 and SFAS 118. This did not have any
impact on Chase's results of operations or on its financial position,
including the reserve for possible credit losses.
<PAGE> 6
Key Financial Highlights
<TABLE>
<CAPTION>
Summary of Results & Selected Statistical Data
1st 4th 1st
Quarter Quarter Quarter
($ in millions, except per share data) 1995 1994 1994
<S> <C> <C> <C>
Net Income $260 $229 $364
Per Common Share
- - Net Income
- Primary $1.29 $1.10 $1.80
- Fully diluted 1.28 1.10 1.79
- - Book Value (period-end) 40.12 39.28 36.55
- - Closing Stock Price (period-end) 35.63 34.38 32.25
Profitability Ratios
- - Return on Average Common
Stockholders' Equity 13.4% 11.3% 20.2%
- - Return on Average Assets .85 .74 1.26
Net Interest Revenue
(Fully Taxable Basis) $891 $911 $958
- - Net Interest Margin 3.54% 3.62% 4.13%
Capital Ratios (period-end)
- - Common Stockholders' Equity 5.90% 6.10% 6.00%
- - Total Stockholders' Equity 7.06 7.33 7.24
- - Risk-Based Capital
- Tier 1 Capital 8.32 8.30 8.43
- Total Capital 12.91 12.78 12.94
- - Tier 1 Leverage 7.37 7.37 7.28
</TABLE>
<TABLE>
<CAPTION>
Selected Average Balances
1st 4th 1st
Quarter Quarter Quarter
($ in billions) 1995 1994 1994
<S> <C> <C> <C>
Loans:
Domestic Offices $ 46.2 $ 45.0 $ 44.2
Overseas Offices 16.4 16.2 17.1
Total Loans $ 62.6 $ 61.2 $ 61.3
Interest-Earning Assets $102.0 $ 99.8 $ 94.0
Total Assets $123.9 $122.6 $117.1
Deposits:
Domestic Offices $ 33.9 $ 35.3 $ 40.0
Overseas Offices 38.6 36.4 32.5
Total Deposits $ 72.5 $ 71.7 $ 72.5
Common Stockholders' Equity $ 6.9 $ 6.9 $ 6.7
Total Stockholders' Equity $ 8.3 $ 8.3 $ 8.1
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
Mar. 31, Dec. 31, Mar. 31,
($ in millions) 1995 1994 1994
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Cash and Due from Banks $ 4,424 $ 4,713 $ 4,483
Interest-Bearing Deposits Placed with Banks 6,521 6,791 5,054
Federal Funds Sold and Securities Purchased
Under Resale Agreements 7,347 7,280 6,556
Trading Account Assets 20,550 15,109 18,247
Investment Securities:
Held to Maturity 2,043 2,084 1,345
Available for Sale Carried at Fair Value 5,256 5,135 6,415
- -------------------------------------------------------------------------------
Total Investment Securities 7,299 7,219 7,760
Loans 64,135 63,038 61,635
Reserve for Possible Credit Losses (1,419) (1,414) (1,429)
Assets Held for Accelerated Disposition - - 121
Customers' Liability on Acceptances 889 520 705
Accrued Interest Receivable 1,202 1,276 917
Premises and Equipment 1,919 1,895 1,791
Other Assets 7,855 7,611 6,752
- -------------------------------------------------------------------------------
Total Assets $120,722 $114,038 $112,592
===============================================================================
Liabilities and Stockholders' Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 10,541 $ 11,990 $ 11,429
Interest-Bearing 20,934 21,264 24,839
Overseas Offices:
Noninterest-Bearing 2,695 2,320 2,882
Interest-Bearing 34,127 34,382 29,476
- -------------------------------------------------------------------------------
Total Deposits 68,297 69,956 68,626
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 11,489 9,312 8,345
Commercial Paper 1,713 1,766 1,499
Other Short-Term Borrowings 2,640 2,884 2,892
Trading Account Liabilities 14,651 9,664 11,263
Acceptances Outstanding 893 525 715
Accrued Interest Payable 700 651 441
Accounts Payable, Accrued Expenses and Other
Liabilities 6,517 5,851 5,148
Intermediate- and Long-Term Debt 5,298 5,070 5,509
- -------------------------------------------------------------------------------
Total Liabilities 112,198 105,679 104,438
- -------------------------------------------------------------------------------
Stockholders' Equity:
Nonredeemable Preferred Stock (Without Par Value, 1,400 1,400 1,399
56,000,000, 56,000,000 and 51,439,738 Shares
Outstanding, Respectively)
Common Stock ($2.00 Par Value):
<C> <C> <C>
3/31/95 12/31/94 3/31/94
------------ ------------ ------------
Number of Shares:
Authorized 500,000,000 500,000,000 500,000,000
Issued 186,049,941 185,674,178 184,797,798
Outstanding 177,549,941 177,174,178 184,797,798 372 371 370
Surplus 3,958 3,949 3,935
Net Unrealized Gains (Losses) on Investment
Securities - Available for Sale (38) (35) 10
Retained Earnings 3,138 2,980 2,440
- -------------------------------------------------------------------------------
Total 8,830 8,665 8,154
Less: Treasury Stock at Cost (8,500,000 Shares) 306 306 -
- -------------------------------------------------------------------------------
Total Stockholders' Equity 8,524 8,359 8,154
- -------------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $120,722 $114,038 $112,592
===============================================================================
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
Quarter Ended
Mar. 31, Dec. 31, Mar. 31,
($ in millions, except per share data) 1995 1994 1994
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Interest Revenue
Interest and Fees on Loans $1,409 $1,341 $1,301
Interest on Deposits Placed with Banks 143 133 130
Interest and Dividends on Investment
Securities:
Held to Maturity 32 32 41
Available for Sale 94 92 165
Interest on Federal Funds Sold and Securities
Purchased Under Resale Agreements 250 228 326
Interest on Trading Account Assets 114 121 119
- ----------------------------------------------------------------------------
Total Interest Revenue 2,042 1,947 2,082
- ----------------------------------------------------------------------------
Interest Expense
Deposits 650 609 525
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 294 256 124
Commercial Paper 26 23 13
Other Short-Term Borrowings 93 72 393
Intermediate- and Long-Term Debt 94 83 76
- ----------------------------------------------------------------------------
Total Interest Expense 1,157 1,043 1,131
- ----------------------------------------------------------------------------
Net Interest Revenue 885 904 951
Provision for Possible Credit Losses 65 90 160
- ----------------------------------------------------------------------------
Net Interest Revenue After Provision for
Possible Credit Losses 820 814 791
- ----------------------------------------------------------------------------
Other Operating Revenue
Fees and Commissions 469 492 446
Foreign Exchange Trading Revenue 92 67 85
Trading Account Revenue (48) (35) 94
Investment Securities Gains 24 11 79
Other Revenue 135 137 149
- ----------------------------------------------------------------------------
Total Other Operating Revenue 672 672 853
- ----------------------------------------------------------------------------
Other Operating Expenses
Salaries and Employee Benefits:
Salaries 451 475 415
Employee Benefits 145 281 129
- ----------------------------------------------------------------------------
596 756 544
Net Occupancy 93 98 100
Equipment Rentals, Depreciation
and Maintenance 83 85 71
Other Expenses 306 336 342
- ----------------------------------------------------------------------------
Total Other Operating Expenses 1,078 1,275 1,057
- ----------------------------------------------------------------------------
Income Before Taxes 414 211 587
Applicable Income Taxes (Benefits) 154 (18) 223
- ----------------------------------------------------------------------------
Net Income $ 260 $ 229 $ 364
============================================================================
Net Income Applicable to Common Stock $ 229 $ 198 $ 333
============================================================================
Average Common Shares Outstanding (in 178.1 179.8 185.4
millions)
Primary Earnings Per Common Share $ 1.29 $ 1.10 $ 1.80
Cash Dividends Declared Per Common Share $ 0.40 $ 0.40 $ 0.33
============================================================================
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
SUMMARY OF CHANGES IN STOCKHOLDERS' EQUITY
Quarter Ended
Mar. 31, Dec. 31, Mar. 31,
($ in millions) 1995 1994 1994
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
Balance at Beginning of Period $8,359 $8,440 $8,122
Additions:
Net Income 260 229 364
Shares Issued Pursuant to:
Dividend Reinvestment and Stock Purchase Plan 3 4 7
Exercise of Stock Options 7 5 7
Net Unrealized Losses on Investment Securities
- Available for Sale (Net of Deferred Tax
Benefits of $7, $37 and $175, respectively) (3) (58) (254)
- ----------------------------------------------------------------------------
8,626 8,620 8,246
Deductions:
Cash Dividends:
Nonredeemable Preferred Stock 31 31 31
Common Stock 71 70 61
Treasury Stock - 160 -
- ----------------------------------------------------------------------------
Balance at End of Period $8,524 $8,359 $8,154
============================================================================
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
The Chase Manhattan Bank, N.A. and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
Mar. 31, Dec. 31, Mar. 31,
($ in millions) 1995 1994 1994
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Cash and Due from Banks $ 4,264 $ 4,518 $ 4,236
Interest-Bearing Deposits Placed with Banks 6,755 7,002 5,173
Federal Funds Sold and Securities Purchased
Under Resale Agreements 2,799 3,824 3,999
Trading Account Assets 17,253 13,088 15,524
Investment Securities:
Held to Maturity 1,737 1,760 706
Available for Sale Carried at Fair Value 4,521 4,502 5,707
- -------------------------------------------------------------------------------
Total Investment Securities 6,258 6,262 6,413
Loans 52,474 50,607 50,083
Reserve for Possible Credit Losses (1,097) (1,092) (1,099)
Assets Held for Accelerated Disposition - - 120
Customers' Liability on Acceptances 889 520 705
Accrued Interest Receivable 907 966 603
Premises and Equipment 1,785 1,759 1,626
Other Assets 6,748 6,525 5,770
- -------------------------------------------------------------------------------
Total Assets $ 99,035 $ 93,979 $ 93,153
===============================================================================
Liabilities and Stockholder's Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 10,224 $ 11,648 $ 11,005
Interest-Bearing 17,856 17,888 20,065
Overseas Offices:
Noninterest-Bearing 2,695 2,320 2,882
Interest-Bearing 33,155 33,645 29,494
- -------------------------------------------------------------------------------
Total Deposits 63,930 65,501 63,446
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 2,817 2,580 2,519
Other Short-Term Borrowings 1,704 2,308 2,156
Trading Account Liabilities 13,545 8,066 10,215
Acceptances Outstanding 893 525 715
Accrued Interest Payable 600 574 374
Accounts Payable, Accrued Expenses and Other
Liabilities 5,695 4,620 4,267
Intermediate- and Long-Term Debt 2,804 2,803 3,038
- -------------------------------------------------------------------------------
Total Liabilities 91,988 86,977 86,730
- -------------------------------------------------------------------------------
Stockholder's Equity:
Capital Stock ($15 Par Value):
<C> <C> <C>
3/31/95 12/31/94 3/31/94
------------ ------------ ------------
Number of Shares:
Authorized 81,744,445 81,744,445 81,744,445
Outstanding 61,127,184 61,038,415 60,794,266 917 916 912
Surplus 4,666 4,656 4,391
Net Unrealized Losses on Investment
Securities - Available for Sale (98) (65) (27)
Undivided Profits 1,562 1,495 1,147
- -------------------------------------------------------------------------------
Total Stockholder's Equity 7,047 7,002 6,423
- -------------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $ 99,035 $ 93,979 $ 93,153
===============================================================================
Member Federal Deposit Insurance Corporation
</TABLE>
