<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 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 July 17, 1995 The Chase Manhattan Corporation issued a news
release announcing its earnings for the quarter ended June 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 July 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: July 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 July 17, 1995
<PAGE> 1
EXHIBIT 99
News Release
The Chase Manhattan Corporation
Public Affairs Division
1 Chase Manhattan Plaza
New York, New York 10081
July 17, 1995
Press Contact: Steve Rautenberg (212) 552-4505
Investor Contact: William Maletz (212) 552-5329
Chase Reports Earnings of $281 Million For Second Quarter 1995
The Chase Manhattan Corporation today reported second quarter
1995 net income of $281 million ($1.38 per share), up from $260
million ($1.29 per share) for first quarter 1995 and down from $307
million ($1.46 per share) for second quarter 1994. Net income for the
second quarter of 1994 included a $36 million after-tax gain from the
sale of Chase Arizona, a domestic banking subsidiary. Excluding this
gain, net income increased for second quarter 1995 over the same
period last year.
Thomas G. Labrecque, Chase Chairman, said "Our results for this
quarter reflect continued progress in delivering integrated financial
solutions to our wholesale and retail clients. Within Global
Financial Services, we set a quarterly record for investment banking
fees, reflecting our expertise in raising capital globally for our
clients. Also, our trading businesses had a solid recovery during the
quarter. On the retail side, we continued to market aggressively,
growing managed credit card receivables by approximately $1 billion
year-over-year, and introducing new technology-based initiatives such
as Chase Direct, to meet our customers' needs for alternative delivery
channels. Expenses-to-date are on target with our stated objectives
and we continue to make significant reductions in headcount. Looking
forward, we are confident that the initiatives we have in place today
- -- to improve overall productivity, enhance revenue growth and manage
our capital more efficiently -- will enable us to continue to enhance
shareholder value."
For the first six months of 1995, Chase reported net income of $541
million ($2.67 per share), compared with $671 million ($3.27 per
share) for the same period in 1994.
Business Highlights:
- - Continued strong corporate finance activity generated record
investment banking fees of $79 million and equity gains of $83
million.
- - Combined trading and related net interest revenue of $207 million
was up substantially from the prior quarter, reflecting the turnaround
in international capital markets activity and continued strong
customer demand for derivative products.
- - Growth in consumer loans was distributed across all the
businesses -- credit card, auto finance and mortgage.
- - Asset quality continues to be strong and the credit loss
provision declined significantly to $75 million from $150 million in
the same period last year.
<PAGE> 2
- - Operating expenses, adjusted for restructuring charges incurred
during the quarter, are essentially level with the prior quarter.
- - Headcount was further reduced during the quarter by 1,515.
The financial results of business operations are summarized below.
<TABLE>
<CAPTION>
Net Income Return On
($ in millions) Allocated Equity
2nd Qtr 1st Qtr 2nd Qtr 2nd Qtr 1st Qtr 2nd Qtr
1995 1995* 1994 1995 1995* 1994
<S> <C> <C> <C> <C> <C> <C>
Global Financial
Services $ 176 $ 118 $ 157 15.7% 9.8% 17.0%
Retail Businesses 115 115 183 15.6 16.3 31.3
Unallocated
Corporate
Items** (10) 27 (33) N/M N/M N/M
Total $ 281 $ 260 $ 307 14.2% 13.4% 16.1%
<FN>
* Restated to reflect certain modifications to internal allocation
methodologies implemented in second quarter 1995.
** Includes discontinued Real Estate Finance activities and LDC
Portfolio Management and other unallocated corporate items.
N/M - not meaningful
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
Net Interest Revenue
and Margin * 2nd Qtr 1st Qtr 2nd Qtr Six Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Net Interest Revenue $ 888 $ 891 $ 924 $1,779 $1,882
Net Interest Margin 3.51% 3.54% 3.83% 3.53% 3.92%
- - Adjusted for Credit
Card Securitization
Impact 3.68 3.67 3.97 3.67 4.12
<FN>
* Taxable equivalent basis
</TABLE>
For second quarter 1995, net interest revenue, on a taxable equivalent
basis, was $888 million, compared with $924 million for the second
quarter of 1994. Average interest-earning assets were $101.6 billion,
compared with $96.9 billion for second quarter 1994.
As part of ongoing balance sheet management, Chase securitized $1
billion of credit card receivables on March 15, 1995 and an additional
$1.5 billion on June 15, 1995. The impact of these securitizations was
lower net interest revenue, offset by a lower provision for credit
losses and higher fee revenue, compared with second quarter 1994.
Net interest revenue in the current quarter benefited from loan
growth, but competitive pressure on loan spreads continued to reduce
consumer net interest revenue and margin. Average loans were $64.3
billion for the current quarter, compared with $60.6 billion for
second quarter 1994. Within the Retail businesses, there was growth
in all loan categories, especially in automobile financing and
mortgage lending. Wholesale loans increased from the prior year
quarter, principally from higher levels of global loan underwriting
and syndication activity.
For the first six months of 1995, net interest revenue, on a taxable
equivalent basis, was $1,779 million, compared with $1,882 million for
the same period last year. For the first six months of 1995, average
loans were $63.5 billion, compared with $60.9 billion reported for
1994. For the first six months of 1995, average interest-earning
assets were $101.8 billion, compared with $95.4 billion for 1994.
<TABLE>
<CAPTION>
Fees and Commissions 2nd Qtr 1st Qtr 2nd Qtr Six Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Consumer Banking $ 167 $ 158 $ 164 $ 325 $ 309
Trust and Fiduciary 130 132 140 262 282
Investment Banking 79 66 68 145 115
Other 107 113 108 220 220
Total Fees and
Comissions $ 483 $ 469 $ 480 $ 952 $ 926
</TABLE>
Fees and commissions of $483 million increased from the prior
quarters, primarily from significant investment banking fees of $79
million, reflecting increased capital raising activity, primarily for
clients in specialized industries around the world. Trust and
fiduciary fee revenue declined from second quarter 1994 and was
virtually flat with the previous quarter of 1995. While custody
assets continue to increase, current custody fees, based in part on
the prior quarters' securities values, do not yet fully reflect the
turnaround in emerging markets or recent business growth.
For the first six months of 1995, fees and commissions were $952
million, up from 1994, primarily due to higher fees from investment
banking activities as well as increased consumer banking fees from
mortgage servicing volumes.
<PAGE> 4
<TABLE>
<CAPTION>
Combined Trading and Related Net Interest Revenue *
2nd Qtr 1st Qtr 2nd Qtr Six Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Revenue by Product:
Foreign Exchange $ 74 $ 90 $ 69 $ 164 $ 159
Interest Rate and
Commodity Derivatives 60 55 39 115 95
Securities Trading and
Underwriting 73 (51) 73 22 152
Total $ 207 $ 94 $ 181 $ 301 $ 406
Foreign Exchange $ 60 $ 92 $ 78 $ 152 $ 163
Interest Rate and
Commodity Derivatives 53 44 29 97 75
Securities Trading and
Underwriting 22 (92) 44 (70) 93
Net Interest Revenue 72 50 30 122 75
Total $ 207 $ 94 $ 181 $ 301 $ 406
<FN>
* Prior period amounts have been reclassified to conform with current
presentation.
</TABLE>
The combined trading and related net interest revenue of $207 million
for second quarter 1995 was more than double that of the first quarter
of 1995. The substantial increase from first quarter 1995 was
primarily due to a significant improvement in securities trading and
underwriting revenue, most of which related to international capital
markets activity. Such revenue for the current quarter was $73
million. In addition, interest rate and commodity derivatives revenue
of $60 million was favorably impacted by improved customer demand,
especially compared with second quarter 1994. Foreign exchange
revenue of $74 million, although lower than the first quarter of 1995
due to a less volatile marketplace, was slightly higher than the same
period of 1994.
For the first six months of 1995, combined trading revenue was $301
million, compared with $406 million for 1994. The year-over-year
decline was largely a result of the Mexican peso devaluation and its
impact on the emerging markets during first quarter 1995.
<TABLE>
<CAPTION>
Other Revenue 2nd Qtr 1st Qtr 2nd Qtr Six Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Equity Gains $ 83 $ 74 $ 55 $ 157 $ 139
Accelerated Disposition
Portfolio Gains - - 15 - 68
Investment Securities
Gains 2 24 1 26 80
Other 47 61 98 108 111
Total Other Revenue $ 132 $ 159 $ 169 $ 291 $ 398
</TABLE>
For the second quarter of 1995, total other revenue was $132 million,
down from $169 million for the same period last year, which included
in the other revenue category a pre-tax gain of $55 million from the
sale of Chase Arizona. Equity gains of $83 million for the second
quarter of 1995 were significantly above last year's average quarterly
pace.
Included in other revenue were gains from the sale of mortgage
servicing rights of $3 million for the second quarter of 1995,
compared with $36 million and $17 million for first quarter 1995 and
second quarter 1994, respectively. As of April 1, 1995, Chase adopted
the new accounting standard ("SFAS 122") for originated mortgage
servicing rights, resulting in a positive impact of $16 million in the
second quarter of 1995.
<PAGE> 5
Total other revenue for the first six months of 1995 was $291 million,
down from $398 million for the same period in 1994. The year ago
period included significant gains from the liquidation of real estate
assets held for accelerated disposition and investment securities
gains resulting from Chase's program of reducing its cross-border
Brady exposures in its available for sale investment portfolio.
<TABLE>
<CAPTION>
Total Operating
Expenses 2nd Qtr 1st Qtr 2nd Qtr Six Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Salaries and Benefits $ 599 $ 596 $ 536 $1,195 $1,080
Other Expenses 519 500 514 1,019 991
ORE Expenses (14) (18) 23 (32) 60
Total Operating
Expenses $1,104 $1,078 $1,073 $2,182 $2,131
</TABLE>
Total operating expenses were $1,104 million for the second quarter of
1995, compared with the first quarter 1995 level of $1,078 million and
$1,073 million for the same period of last year. Compared with the
second quarter of 1994, operating expenses increased due to the
acquisition of American Residential Mortgage Company as well as
investments made in key strategic businesses. In addition, second
quarter 1995 reflected a $15 million restructuring charge, primarily
related to the recently announced disposition of Chase's futures
brokerage business.
Productivity initiatives continue to result in headcount reductions,
with total headcount down 1,515 during the quarter to 33,535 at June
30,1995. Since year-end 1994, headcount has been reduced by over
3,100, including the employees who elected early retirement.
For the first six months of 1995, other operating expenses were $2,182
million, compared with $2,131 million for 1994. Excluding the impact
of the third quarter 1994 mortgage acquisition, operating expenses
were essentially level year over year.
Income Taxes
For the second quarter of 1995, the provision for income taxes was
$172 million, compared with $154 million for first quarter 1995 and
$188 million for the same period last year. The effective tax rate was
38%, compared with 37% and 38% for the first quarter 1995 and second
quarter 1994, respectively.
For the first six months of 1995, the provision for income taxes was
$326 million, compared with $412 for the same period last year.
<PAGE> 6
Asset Quality
During the second quarter of 1995, asset quality remained strong.
<TABLE>
<CAPTION>
Provision For Possible Credit Losses & Net Loan Charge-Offs
2nd Qtr 1st Qtr 2nd Qtr Six Months
($ in millions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Provision For Possible
Credit Losses $ 75 $ 65 $ 150 $ 140 $ 310
Net Loan Charge-Offs:
Domestic:
- Consumer $ 92 $ 90 $ 91 $ 182 $ 187
- Commercial & Other (7) (22) 55 (29) 115
Total Domestic 85 68 146 153 302
Total International (8) (6) - (14) -
Total Net Loan Charge-Offs $ 77 $ 62 $ 146 $ 139 $ 302
</TABLE>
<TABLE>
<CAPTION>
Nonaccrual Outstandings and
ORE June 30, March 31, Dec.31, June 30, 31,
($ in millions) 1995 1995 1994 1994
<S> <C> <C> <C> <C>
Domestic:
- Commercial Real Estate $ 195 $ 233 $ 266 $ 330
- Other Loans 290 275 244 369
Total Domestic 485 508 510 699
Total International 142 136 150 164
Total Nonaccrual
Outstandings $ 627 $ 644 $ 660 $ 863
Total ORE $ 200 $ 220 $ 257 $ 597
</TABLE>
<TABLE>
<CAPTION>
June 30, March 31, Dec. 31 June 30,
($ in millions) 1995 1995 1994 1994
<S> <C> <C> <C> <C>
Reserve for Possible Credit
Losses $1,416 $1,419 $1,414 $1,435
</TABLE>
<PAGE> 7
Key Financial Highlights
<TABLE>
<CAPTION>
Summary of Results & Selected Statistical Data
($ in millions, except 2nd Qtr 1st Qtr 2nd Qtr Six Months
per share data) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Net Income $ 281 $ 260 $ 307 $ 541 $ 671
Per Common Share
- - Net Income
- Primary $ 1.38 $ 1.29 $ 1.46 $ 2.67 $ 3.27
- Fully diluted 1.37 1.28 1.45 2.64 3.24
- - Book Value (period-end) 41.09 40.12 37.64
- - Closing Stock Price
(period-end) 47.00 35.63 38.25
Profitability Ratios
- - Return on Average
Common Stockholders'
Equity 14.2% 13.4% 16.1% 13.8% 18.1%
- - Return on Average
Assets .88 .85 1.03 .87 1.15
Net Interest Revenue
(Fully Taxable Basis) $ 888 $ 891 $ 924 $ 1,779 $1,882
- - Net Interest Margin 3.51% 3.54% 3.83% 3.53% 3.92%
Capital Ratios (period-
end)
- - Common Stockholders'
Equity 6.04% 5.90% 6.08%
- - Total Stockholders'
Equity 7.22 7.06 7.32
- - Risk-Based Capital
- Tier 1 Capital 8.22 8.32 8.71
- Total Capital 12.99 12.91 13.32
- - Tier 1 Leverage 7.19 7.37 7.47
</TABLE>
<TABLE>
<CAPTION>
Selected Average Balances 2nd Qtr 1st Qtr 2nd Qtr Six Months
($ in billions) 1995 1995 1994 1995 1994
<S> <C> <C> <C> <C> <C>
Loans:
Domestic Offices $ 46.9 $ 46.2 $ 43.5 $ 46.6 $ 43.8
Overseas Offices 17.4 16.4 17.1 16.9 17.1
Total Loans $ 64.3 $ 62.6 $ 60.6 $ 63.5 $ 60.9
Interest-Earning Asset $101.6 $102.0 $ 96.9 $101.8 $ 95.4
Total Assets $128.1 $123.9 $119.0 $126.0 $118.0
Deposits:
Domestic Offices $ 33.1 $ 33.9 $ 37.9 $ 33.5 $ 38.9
Overseas Offices 38.4 38.6 34.3 38.5 33.4
Total Deposits $ 71.5 $ 72.5 $ 72.2 $ 72.0 $ 72.3
Common Stockholders'
Equity $ 7.1 $ 6.9 $ 6.8 $ 7.0 $ 6.7
Total Stockholders'
Equity $ 8.5 $ 8.3 $ 8.3 $ 8.4 $ 8.2
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
June 30, June 30,
($ in millions) 1995 1994
- ---------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 4,309 $ 4,937
Interest-Bearing Deposits Placed with Banks 6,623 5,968
Federal Funds Sold and Securities Purchased
Under Resale Agreements 8,722 6,986
Trading Account Assets 16,699 20,939
Investment Securities:
Held to Maturity 2,004 1,651
Available for Sale Carried at Fair Value 5,106 5,475
- ---------------------------------------------------------------------------
Total Investment Securities 7,110 7,126
Loans 64,239 60,482
Reserve for Possible Credit Losses (1,416) (1,435)
Customers' Liability on Acceptances 960 633
Accrued Interest Receivable 1,195 901
Premises and Equipment 1,940 1,791
Other Assets 8,375 6,167
- ---------------------------------------------------------------------------
Total Assets $ 118,756 $ 114,495
===========================================================================
Liabilities and Stockholders' Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 11,293 $ 11,835
Interest-Bearing 20,897 23,459
Overseas Offices:
Noninterest-Bearing 3,024 2,859
Interest-Bearing 33,068 30,755
- ---------------------------------------------------------------------------
Total Deposits 68,282 68,908
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 12,519 7,032
Commercial Paper 1,700 1,487
Other Short-Term Borrowings 2,360 2,631
Trading Account Liabilities 11,787 14,052
Acceptances Outstanding 967 644
Accrued Interest Payable 686 471
Accounts Payable, Accrued Expenses and Other
Liabilities 6,318 5,852
Intermediate- and Long-Term Debt 5,568 4,825
- ---------------------------------------------------------------------------
Total Liabilities 110,187 105,902
- ---------------------------------------------------------------------------
Stockholders' Equity:
Nonredeemable Preferred Stock (Without Par Value, 1,400 1,627
56,000,000 and 60,539,738 Shares
Outstanding, Respectively)
Common Stock ($2.00 Par Value):
<C> <C>
6/30/95 6/30/94
------------ ------------
Number of Shares:
Authorized 500,000,000 500,000,000
Issued 186,958,341 185,052,955
Outstanding 174,458,341 185,052,955 374 370
Surplus 3,982 3,935
Net Unrealized Gains (Losses) on Investment
Securities - Available for Sale (7) 9
Retained Earnings 3,309 2,652
- ---------------------------------------------------------------------------
Total 9,058 8,593
Less: Treasury Stock at Cost (12,500,000 Shares) 489 -
- ---------------------------------------------------------------------------
Total Stockholders' Equity 8,569 8,593
- ---------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 118,756 $ 114,495
===========================================================================
</TABLE>
<PAGE> 9
<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) 1995 1994 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest Revenue
Interest and Fees on Loans $1,474 $1,376 $2,883 $2,677
Interest on Deposits Placed with Banks 151 127 294 257
Interest and Dividends on Investment
Securities:
Held to Maturity 31 42 63 83
Available for Sale 85 178 179 343
Interest on Federal Funds Sold and Securities
Purchased Under Resale Agreements 269 490 519 815
Interest on Trading Account Assets 98 92 212 211
- ------------------------------------------------------------------------------
Total Interest Revenue 2,108 2,305 4,150 4,386
- ------------------------------------------------------------------------------
Interest Expense
Deposits 664 654 1,314 1,178
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 306 176 600 300
Commercial Paper 28 17 54 30
Other Short-Term Borrowings 128 463 221 856
Intermediate- and Long-Term Debt 100 77 194 153
- ------------------------------------------------------------------------------
Total Interest Expense 1,226 1,387 2,383 2,517
- ------------------------------------------------------------------------------
Net Interest Revenue 882 918 1,767 1,869
Provision for Possible Credit Losses 75 150 140 310
- ------------------------------------------------------------------------------
Net Interest Revenue After Provision for
Possible Credit Losses 807 768 1,627 1,559
- ------------------------------------------------------------------------------
Other Operating Revenue
Fees and Commissions 483 480 952 926
Foreign Exchange Trading Revenue 60 78 152 163
Trading Account Revenue 75 73 27 168
Investment Securities Gains 2 1 26 80
Other Revenue 130 168 265 318
- ------------------------------------------------------------------------------
Total Other Operating Revenue 750 800 1,422 1,655
- ------------------------------------------------------------------------------
Other Operating Expenses
Salaries and Employee Benefits:
Salaries 453 418 904 833
Employee Benefits 146 118 291 247
- ------------------------------------------------------------------------------
599 536 1,195 1,080
Net Occupancy 89 98 182 199
Equipment Rentals, Depreciation
and Maintenance 85 74 168 145
Other Expenses 331 365 637 707
- ------------------------------------------------------------------------------
Total Other Operating Expenses 1,104 1,073 2,182 2,131
- ------------------------------------------------------------------------------
Income Before Taxes 453 495 867 1,083
Applicable Income Taxes 172 188 326 412
- ------------------------------------------------------------------------------
Net Income $ 281 $ 307 $ 541 $ 671
==============================================================================
Net Income Applicable to Common Stock $ 250 $ 272 $ 480 $ 606
==============================================================================
Average Common Shares Outstanding (in
millions) 181.1 186.2 179.7 185.6
Primary Earnings Per Common Share $ 1.38 $ 1.46 $ 2.67 $ 3.27
Cash Dividends Declared Per Common Share $ 0.45 $ 0.33 $ 0.85 $ 0.66
==============================================================================
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
The Chase Manhattan Corporation and Subsidiaries
SUMMARY OF CHANGES IN STOCKHOLDERS' EQUITY
Six Months Ended
June 30,
---------------
($ in millions) 1995 1994
- ------------------------------------------------------------------------------
<S> <C> <C>
Balance at Beginning of Period $8,359 $8,122
Additions:
Net Income 541 671
Shares Issued Pursuant to:
Nonredeemable Preferred Stock Offering - 222
Dividend Reinvestment and Stock Purchase Plan 7 10
Exercise of Stock Options 29 10
Net Change in Unrealized Gains (Losses) on Investment
Securities - Available for Sale (Net of Deferred
Tax (Benefits) of $11 and ($177), Respectively) 28 (255)
- ------------------------------------------------------------------------------
8,964 8,780
Deductions:
Cash Dividends:
Nonredeemable Preferred Stock 61 65
Common Stock 151 122
Treasury Stock 183 -
- ------------------------------------------------------------------------------
Balance at End of Period $8,569 $8,593
==============================================================================
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
The Chase Manhattan Bank, N.A. and Subsidiaries
CONSOLIDATED STATEMENT OF CONDITION
June 30, June 30,
($ in millions) 1995 1994
- ----------------------------------------------------------------------------
<S> <C> <C>
Assets
Cash and Due from Banks $ 4,279 $ 4,658
Interest-Bearing Deposits Placed with Banks 6,752 6,139
Federal Funds Sold and Securities Purchased
Under Resale Agreements 1,665 3,552
Trading Account Assets 13,434 18,831
Investment Securities:
Held to Maturity 1,953 1,086
Available for Sale Carried at Fair Value 4,434 4,775
- ----------------------------------------------------------------------------
Total Investment Securities 6,387 5,861
Loans 54,881 48,765
Reserve for Possible Credit Losses (1,114) (1,107)
Customers' Liability on Acceptances 960 633
Accrued Interest Receivable 902 597
Premises and Equipment 1,824 1,653
Other Assets 7,423 5,124
- ----------------------------------------------------------------------------
Total Assets $ 97,393 $ 94,706
============================================================================
Liabilities and Stockholder's Equity
Deposits:
Domestic Offices:
Noninterest-Bearing $ 11,207 $ 11,442
Interest-Bearing 19,441 19,003
Overseas Offices:
Noninterest-Bearing 3,024 2,859
Interest-Bearing 32,318 30,475
- ----------------------------------------------------------------------------
Total Deposits 65,990 63,779
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 2,471 1,456
Other Short-Term Borrowings 1,455 2,027
Trading Account Liabilities 10,479 12,831
Acceptances Outstanding 967 644
Accrued Interest Payable 569 399
Accounts Payable, Accrued Expenses and Other
Liabilities 5,657 4,276
Intermediate- and Long-Term Debt 2,408 2,544
- ----------------------------------------------------------------------------
Total Liabilities 89,996 87,956
- ----------------------------------------------------------------------------
Stockholder's Equity:
Capital Stock ($15 Par Value):
<C> <C>
6/30/95 6/30/94
------------ ------------
Number of Shares:
Authorized 81,744,445 81,744,445
Outstanding 61,425,980 60,874,205 921 913
Surplus 4,869 4,615
Net Unrealized Losses on Investment
Securities - Available for Sale (47) (25)
Undivided Profits 1,654 1,247
- ----------------------------------------------------------------------------
Total Stockholder's Equity 7,397 6,750
- ----------------------------------------------------------------------------
Total Liabilities and Stockholder's Equity $ 97,393 $ 94,706
============================================================================
Member Federal Deposit Insurance Corporation
</TABLE>
