<PAGE>
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, 1996
----------------
H. F. Ahmanson & Company
--------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 1-8930 95-0479700
--------------- ------------ -------------------
(State or other (Commission (IRS employer
jurisdiction of file number) identification no.)
incorporation)
4900 Rivergrade Road, Irwindale, California 91706
------------------------------------------- ----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (818) 960-6311
---------------
Not applicable
----------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On October 16, 1996, H. F. Ahmanson & Company (the "Company"),
issued a press release reporting its results of operations
during the quarter and nine months ended September 30, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99 Press release dated October 16, 1996 reporting results
of operations during the quarter and nine months ended
September 30, 1996.
<PAGE>
SIGNATURES
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.
Date: October 16, 1996
H. F. AHMANSON & COMPANY
/s/George Miranda
----------------------------
George Miranda
First Vice President and
Principal Accounting Officer
<PAGE>
H.F. AHMANSON & COMPANY HOME SAVINGS OF AMERICA
4900 RIVERGRADE ROAD SAVINGS OF AMERICA NEWS
IRWINDALE, CALIFORNIA 91706
(818) 814-7922
FOR IMMEDIATE RELEASE Contacts:
Media: Mary Trigg
818-814-7922
Investor: Steve Swartz
818-814-7986
AHMANSON REPORTS THIRD QUARTER EARNINGS PER SHARE OF $0.56
PRIOR TO CHARGE FOR FIRST INTERSTATE BRANCHES
AND SAIF RECAPITALIZATION
Irwindale, CA, October 16, 1996 -- H.F. Ahmanson & Company, (AHM-NYSE),
parent company of Home Savings of America, today reported third quarter net
income of $73.2 million, or $0.56 per fully diluted common share, before the
after tax charges of $8.3 million, or $0.07 per share, related to the
acquisition of 61 former First Interstate Bank branches from Wells Fargo &
Company, and $144.4 million, or $1.34 per share, for the special assessment to
recapitalize the Savings Association Insurance Fund (SAIF). Including these
charges, the company recorded a net loss of $79.5 million, or $0.85 per share.
In the 1995 third quarter, net income was $273.0 million, or $2.03 per
fully diluted common share, which included an after tax gain of $252.7 million
from the sale of the company's New York branch system. Before the gain and
certain charges taken in the third quarter of 1995, the company earned $65.6
million or $0.44 per fully diluted common share.
Commenting on the third quarter results, Charles R. Rinehart, Chairman
and Chief Executive Officer of Ahmanson and Home Savings, said, "We are quite
pleased with the company's progress in delivering stronger fee income and
controlling expenses. Despite continued high credit costs, we are encouraged
by declines in nonperforming assets and other signs of improvement in asset
quality.
"The successful completion of the acquisition of 61 former First
Interstate branches and accompanying customer base and employees has
accelerated our entry into small business banking, which is a major element of
our plan to become a real power in full-service consumer banking," continued
Rinehart. "We are now able to offer a complete range of products and services
to consumers and small business customers, including business loans and lines
of credit, a variety of business deposit products, and a full complement of
cash management services, all of which are expected to contribute to our
future results and to achieving our ROE goal of 15%."
<PAGE>
For the first nine months of 1996, the company's net income, before the
third quarter 1996 charges, was $206.7 million, or $1.49 per fully diluted
common share. Including these charges, net income was $54.0 million, or $0.16
per share. This compares with $155.5 million, or $1.00 per share, for the
first nine months of 1995, which included the sale of the New York branches
and the adoption of an accounting change that resulted in the write-off of
$234.7 million of goodwill related to acquisitions prior to 1982.
The acquisition of the 61 former First Interstate branches by Home
Savings was completed at the close of business on September 20, 1996. In the
transaction, the company acquired approximately $1.9 billion in deposits and
$1.1 billion in loans. The company recorded approximately $185 million in
goodwill related to the acquisition. The results of operations for the third
quarter and nine months of 1996 include operating results of the acquired
branches only after September 20, 1996.
On September 30, 1996, President Clinton signed a bill that included a
special assessment payable by all savings institutions to recapitalize SAIF.
The special assessment will be payable in the fourth quarter of 1996, but has
been reflected in Home Savings' third quarter results. Home Savings' share
will be approximately $244 million on a pre-tax basis or $144.4 million after
tax. Although savings institutions will still pay more than banks to the
Federal Deposit Insurance Corporation (approximately $0.06 per $100 in
deposits versus $0.01 to be paid by banks) for the next several years, the
recapitalization of SAIF is a big step forward that allows Home Savings to
compete on a more equal footing with banks.
Rinehart noted, "The drop in deposit insurance premiums will add
significantly to our company earnings going forward and we have sufficient
capital following payment of the special assessment to continue to satisfy the
regulatory test for being a well-capitalized financial institution."
<PAGE>
RESULTS OF OPERATIONS
NET INTEREST INCOME
Net interest income totaled $306.2 million for the third quarter of 1996,
compared to $314.4 million in the third quarter of 1995. The decrease in net
interest income from the third quarter of 1995 is due mainly to a decrease in
average interest earning assets.
For the third quarter of 1996, the net interest margin was 2.61%,
compared to 2.47% in the third quarter of 1995. At September 30, 1996, the
net interest margin was 2.67%.
OTHER INCOME
In the third quarter of 1996, other income was $57.3 million, compared to
$46.1 million in the third quarter of 1995, excluding the gain from the sale
of the New York branch system.
"We are particularly pleased with the strong improving trend in other fee
income," Rinehart said. "Other fee income has shown steady increases from
$26.7 million in last year's fourth quarter to $34.4 million in the third
quarter of 1996. Increased revenue by the Personal Financial Services
Division and by Griffin Financial Services, our insurance and investment
brokerage subsidiary, accounted for most of the improvement."
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses totaled $448.3 million in the third
quarter of 1996 including $243.9 million for the SAIF special assessment and
$14.0 million associated with the acquisition of 61 former First Interstate
Bank branches. This compares to $235.3 million in the third quarter of 1995,
which included certain charges of $36.7 million. Excluding the SAIF
recapitalization and acquisition charges, G&A expenses in the third quarter of
1996 were $190.4 million.
<PAGE>
REAL ESTATE HELD FOR INVESTMENT
The company added $19.0 million to its reserve for real estate
investments in the third quarter of 1996, principally due to a revision in
business plans for the disposition of one commercial project. REI assets now
total $192.8 million, net of reserves.
CREDIT COSTS
During the third quarter of 1996, the company provided $35.8 million for
loan losses, compared to $29.2 million in the third quarter of 1995. During
the first nine months of 1996, the company provided $115.6 million for loan
losses compared to $81.2 million in the first nine months of 1995.
Expenses for the operations of foreclosed real estate amounted to $25.2
million in the third quarter of 1996, compared to $21.0 million in the third
quarter of 1995. During the first nine months of 1996, these expenses
amounted to $78.2 million, compared to $61.7 million in the first nine months
of 1995.
TAXES
The company's results for the third quarter of 1996 and the nine months
ended
September 30, 1996 included tax benefits of $19.0 million resulting from a
reduction in the company's valuation allowance for deferred taxes. This
reduction is attributable to the company's development of tax planning
strategies relating to excess tax basis in certain investments.
ASSET QUALITY
During the third quarter of 1996, nonperforming assets (NPAs) decreased
by $56.1 million. This is the largest quarterly decline in NPAs since the
fourth quarter of 1993. At September 30, 1996, NPAs reached their lowest
level since August 1995 and totaled $897.6 million, or 1.77% of total assets,
compared to $916.5 million or 1.81% of total assets at September 30, 1995.
Troubled debt restructurings (TDRs) totaled $187.3 million at September 30,
1996.
<PAGE>
Net loan charge-offs for the third quarter of 1996 totaled $34.7 million,
compared to $33.8 million in the third quarter of 1995. For the first nine
months of 1996, net charge-offs totaled $112.9 million compared to $96.1
million in the first nine months of 1995.
In 1996, NPAs peaked in February, and since then the company has
experienced a trend of declines in NPAs along with improvements in other
indicators of asset quality. Single family recoveries were $7.4 million in
the third quarter of 1996, compared with $2.9 million in the third quarter of
1995.
LOAN ORIGINATIONS
Home Savings funded $1.3 billion of residential mortgages in the third
quarter of 1996, compared to $1.5 billion in the third quarter of 1995.
Consumer loan production totaled $71.1 million during the quarter compared to
$15.7 million in the third quarter of 1995. During the first nine months of
1996, the company originated $4.0 billion in residential mortgage loans and
$139.3 million in consumer loans.
CAPITAL
At September 30, 1996, Home Savings of America's capital ratios exceeded
all regulatory requirements for well-capitalized institutions, the highest
regulatory standard.
<PAGE>
STOCK PURCHASE PROGRAM
In the third quarter of 1996, the company purchased 1.9 million shares of
its outstanding common stock at an average price per share of $25.48. Of the
$150 million authorized for the company's second round of purchase activity,
$82.4 million remains. Since initiating the first stock purchase program in
October 1995, the company has purchased 13 million shares, or 11% of the then
outstanding common shares, at an average price of $24.36.
In addition, in the third quarter of 1996, the company redeemed its
Preferred Stock, Series B. This redemption will contribute approximately
$0.09 to annualized earnings per share.
Kevin M. Twomey, Senior Executive Vice President and Chief Financial
Officer, said, "We are pleased with the progress in executing our capital
plan. The steps we have taken are an integral part of our efforts to enhance
shareholder value."
At September 30, 1996, the parent company had $132 million in cash, ample
resources to complete the existing stock purchase program.
TAX CONTINGENCY
The company's financial statements do not contain any benefit related to
the company's recent determination that it is entitled to the deduction of the
tax bases in certain state branching rights when the company sells its deposit
branch businesses, thereby abandoning such branching rights in those states.
The company's position is that the tax bases result from the tax treatment of
property received as assistance from the Federal Savings and Loan Insurance
Corporation (FSLIC) in conjunction with FSLIC-assisted transactions. The
company's position regarding these tax benefits does not arise from or affect
its lawsuit against the United States government that seeks damages for breach
of contract arising from the requirement under FIRREA that supervisory
goodwill be deducted from capital in calculating compliance with regulatory
capital requirements.
<PAGE>
From 1981 through 1985, the company acquired thrift institutions in six
states through FSLIC-assisted transactions. No goodwill relating to these
acquisitions remains on the books of the company. The company's position is
that assistance received from the FSLIC included out-of-state branching rights
valued at approximately $740 million. As of September 30, 1996, the company
had sold its deposit branching businesses and abandoned such branching rights
in four of these states, the first of which was Missouri in 1993. The
potential tax benefit related to these abandonments as of September 30, 1996
could approach $167 million. The potential deferred tax benefit related to
branching rights not abandoned could approach $130 million.
The Internal Revenue Service (IRS) is currently examining the company's
1993 federal income tax return, including the company's recently proposed
adjustment related to the abandonment of its Missouri branching rights. The
company, after consultation with its tax advisors, believes that its position
with respect to the tax treatment of these rights is the correct
interpretation under the tax and regulatory law. However, the company also
believes that its position has never been directly addressed by any judicial
or administrative authority. It is therefore impossible to predict either the
IRS response to the company's position, or if the IRS contests the company's
position, the ultimate outcome of litigation that the company is prepared to
pursue. Because of these uncertainties, the company cannot presently
determine if any of the above described tax benefits will ever be realized and
there is no assurance to that effect. Therefore, in accordance with generally
accepted accounting principles, the company does not believe it is appropriate
<PAGE>
at this time to reflect these tax benefits in its financial statements. This
position will be reviewed by the company from time to time as these
uncertainties are resolved.
********
H.F. Ahmanson & Company, with $50.6 billion in assets, is the parent
company of Home Savings of America. Home Savings' deposit base is $35.4
billion. It operates 392 personal financial service centers in four states
and 99 mortgage lending offices in nine states.
********
Additional information, including monthly financial data, about H.F.
Ahmanson & Company and Home Savings of America can be retrieved free of charge
by using the following services:
Corporate News on the Net: http://www.businesswire.com/cnn/ahm/htm
Internet: http://www.investquest.com
Fax-on-Demand: (614) 844-3860
On-line BBS: (614) 844-3868
<PAGE>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
(dollars in thousands except per share data)
<TABLE>
<CAPTION>
At End of Period September 30, 1996 June 30, 1996 September 30,1995
- ---------------- ------------------ ------------- ------------------
<S> <C> <C> <C>
Total assets $ 50,588,224 $ 49,506,630 $ 50,575,203
Investment portfolio $ 1,063,932 $ 1,124,122 $ 791,969
Loans receivable and mortgage-backed
securities (MBS) $ 46,717,332 $ 45,855,263 $ 47,465,463
ARMs included in loans receivable and MBS $ 44,981,245 $ 44,365,520 $ 45,877,571
Allowance for loan losses $ 398,290 $ 382,485 $ 385,289
Deposits $ 35,399,443 $ 33,281,931 $ 34,617,805
Borrowings $ 11,255,882 $ 12,351,740 $ 11,757,400
Stockholders' equity $ 2,472,634 $ 2,777,356 $ 3,071,081
Book value per common share $ 18.86 $ 19.78 $ 20.50
Tangible book value per common share $ 15.82 $ 18.47 $ 19.20
Total common shares outstanding 105,496,154 107,188,014 117,737,673
Home Savings of America Capital Ratios (Fully Phased-in):
Tangible capital (to adjusted total assets) 5.38% 6.00% 6.29%
Core capital (to adjusted total assets) 5.39% 6.01% 6.30%
Core capital (to risk-weighted assets) 8.51% 9.65% 9.99%
Risk-based capital 10.65% 11.81% 12.93%
FOR THE THREE MONTHS ENDED
- --------------------------
Net interest income $ 306,236 $ 311,574 $ 314,444
Provision for loan losses $ 35,783 $ 33,901 $ 29,175
Net income (loss) $ (79,478)* $ 68,734 $ 272,998
Net income (loss) per fully diluted
common share $ (0.85)* $ 0.50 $ 2.03
Dividends per common share $ 0.22 $ 0.22 $ 0.22
Loans originated and purchased (includes
FIB loans of $1.1 billion) $ 2,489,651 $ 1,438,941 $ 1,545,219
Average Interest Rates:
Yield on loans and MBS 7.39% 7.41% 7.50%
Yield on investment portfolio 8.25% 6.06% 6.33%
Yield on interest-earning assets 7.41% 7.39% 7.44%
Cost of deposits 4.48% 4.45% 4.76%
Cost of borrowings 6.39% 6.20% 6.92%
Cost of interest-costing liabilities 4.97% 4.91% 5.08%
Interest rate spread 2.44% 2.48% 2.36%
Net interest margin 2.61% 2.66% 2.47%
FOR THE NINE MONTHS ENDED
- -------------------------
Net interest income $ 934,792 $ 919,863
Provision for loan losses $ 115,626 $ 81,184
Income before cumulative effect of
accounting change $ 54,011 $ 390,237
Net income $ 54,011 $ 155,495
Net income per fully diluted
common share $ 0.16 $ 1.00
Dividends per common share $ 0.66 $ 0.66
Loans originated and purchased (includes
FIB loans of $1.1 billion) $ 5,268,371 $ 4,835,761
Average Interest Rates:
Yield on loans and MBS 7.43% 7.25%
Yield on investment portfolio 6.76% 6.17%
Yield on interest-earning assets 7.42% 7.19%
Cost of deposits 4.50% 4.55%
Cost of borrowings 6.29% 6.74%
Cost of interest-costing liabilities 4.96% 4.93%
Interest rate spread 2.46% 2.26%
Net interest margin 2.64% 2.37%
*Net income would have been $73.2 million or $0.56 per share before the SAIF special assessment and FIB
acquisition charges.
</TABLE>
<PAGE>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Assets September 30, 1996 June 30, 1996 December 31, 1995 September 30, 1995
- ------ ------------------ ------------- ----------------- ------------------
<S> <C> <C> <C> <C>
Cash and amounts due from banks $ 758,312 $ 722,581 $ 752,878 $ 645,369
Securities purchased under
agreements to resell 623,000 690,200 381,000 258,000
Other short-term investments 14,517 13,797 13,278 13,840
----------- ----------- ------------ -----------
Total cash and cash equivalents 1,395,829 1,426,578 1,147,156 917,209
Other investment securities held to
maturity 2,440 2,443 2,448 4,941
Other investment securities available
for sale 9,074 9,912 9,908 35,460
Investment in stock of Federal Home
Loan Bank (FHLB) 414,901 407,770 485,938 479,728
Mortgage-backed securities (MBS)
held to maturity 5,253,208 5,436,023 5,825,276 16,461,464
MBS available for sale 9,610,020 9,923,982 10,326,866 34,236
Loans receivable less allowance
for losses of
$398,290 (September 30, 1996),
$382,485 (June 30, 1996),
$380,886 (December 31, 1995) and
$385,289 (September 30, 1995) 31,728,580 30,375,794 30,273,514 30,830,642
Loans held for sale 125,524 119,464 981,865 139,121
Accrued interest receivable 215,238 218,529 228,111 158,139
Real estate held for development and
investment (REI) less allowance
for losses of
$164,298 (September 30, 1996),
$144,441 (June 30, 1996),
$283,748 (December 31, 1995) and
$321,209 (September 30, 1995) 192,846 212,561 234,855 321,467
Real estate owned held for sale (REO)
less allowance for losses of
$36,126 (September 30, 1996),
$37,493 (June 30, 1996),
$38,080 (December 31, 1995) and
$37,387 (September 30, 1995) 277,594 260,735 225,566 212,612
Premises and equipment 437,886 412,602 410,947 483,546
Goodwill and other intangible assets 321,088 140,022 147,974 152,497
Other assets 591,292 560,215 229,162 344,141
Income taxes 12,704 - - -
----------- ----------- ----------- -----------
$50,588,224 $49,506,630 $50,529,586 $50,575,203
=========== =========== =========== ===========
Liabilities and Stockholders' Equity
- ------------------------------------
Deposits $35,399,443 $33,281,931 $34,244,481 $34,617,805
Securities sold under agreements to
repurchase 1,705,000 2,689,000 3,519,311 5,487,682
Other short-term borrowings 50,000 200,000 - -
FHLB and other borrowings 9,500,882 9,462,740 8,717,117 6,269,718
Other liabilities 1,460,265 1,035,557 873,313 922,658
Income taxes - 60,046 118,442 206,259
----------- ----------- ----------- -----------
Total liabilities 48,115,590 46,729,274 47,472,664 47,504,122
Stockholders' equity 2,472,634 2,777,356 3,056,922 3,071,081
----------- ----------- ----------- -----------
$50,588,224 $49,506,630 $50,529,586 $50,575,203
=========== =========== =========== ===========
</TABLE>
<PAGE>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(dollars in thousands except per share data)
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
----------------------------------------- September 30,
September 30, June 30, September 30, -------------------------
1996 1996 1995 1996 1995
------------ ------------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Interest income:
Interest on loans $ 567,001 $ 559,078 $ 576,205 $ 1,700,934 $ 1,822,277
Interest on MBS 283,568 296,927 333,978 888,849 848,448
Interest and dividends on investments 17,406 11,231 38,983 40,298 121,989
----------- ----------- ----------- ----------- -----------
Total interest income 867,975 867,236 949,166 2,630,081 2,792,714
----------- ----------- ----------- ----------- -----------
Interest expense:
Deposits 377,011 372,997 504,241 1,137,181 1,428,477
Short-term borrowings 32,035 36,334 37,669 108,599 132,330
FHLB and other borrowings 152,693 146,331 92,812 449,509 312,044
----------- ----------- ----------- ----------- -----------
Total interest expense 561,739 555,662 634,722 1,695,289 1,872,851
----------- ----------- ----------- ----------- -----------
Net interest income 306,236 311,574 314,444 934,792 919,863
Provision for loan losses 35,783 33,901 29,175 115,626 81,184
----------- ----------- ----------- ----------- -----------
Net interest income after provision
for loan losses 270,453 277,673 285,269 819,166 838,679
----------- ---------- ----------- ----------- -----------
Other income:
Gain (loss) on sales of MBS - (29) 2,586 (29) 11,866
Gain (loss) on sales of loans 3,307 6,166 (1,021) 24,501 989
Servicing income 18,114 16,657 16,688 49,916 44,550
Other fee income 34,386 31,291 26,542 92,496 76,896
Gain on sale of retail deposit branch system - - 514,671 - 514,671
Gain on sales of investment securities 313 - 142 313 254
Other operating income 1,140 1,915 1,179 6,593 963
----------- ----------- ----------- ----------- -----------
57,260 56,000 560,787 173,790 650,189
----------- ----------- ----------- ----------- -----------
Other expenses:
General and administrative expenses (G&A) 448,262 189,652 235,305 830,962 619,362
Operations of REI 19,295 7,535 42,148 33,573 45,856
Operations of REO 25,225 27,302 21,007 78,216 61,665
Amortization of goodwill and other intangible assets 3,955 3,958 8,103 11,907 21,948
----------- ----------- ----------- ----------- -----------
496,737 228,447 306,563 954,658 748,831
----------- ----------- ----------- ----------- -----------
Income (loss) before provision for income taxes and
cumulative effect of accounting change (169,024) 105,226 539,493 38,298 740,037
Provision for income taxes (benefit) (89,546) 36,492 266,495 (15,713) 349,800
----------- ----------- ----------- ----------- -----------
Income (loss) before cumulative effect of accounting change (79,478) 68,734 272,998 54,011 390,237
Cumulative effect of change in accounting for goodwill - - - - (234,742)
----------- ----------- ----------- ----------- -----------
Net income (loss) $ (79,478) $ 68,734 $ 272,998 $ 54,011 $ 155,495
=========== =========== =========== =========== ===========
Income (loss) per common share - primary:
Income (loss) before cumulative effect of accounting change$ (0.85) $ 0.51 $ 2.20 $ 0.16 $ 2.99
Cumulative effect of change in accounting for goodwill - - - - (1.99)
----------- ----------- ----------- ----------- -----------
Net income (loss) $ (0.85) $ 0.51 $ 2.20 $ 0.16 $ 1.00
=========== =========== =========== =========== ===========
Income (loss) per common share - fully diluted:
Income (loss) before cumulative effect of accounting change$ (0.85) $ 0.50 $ 2.03 $ 0.16 $ 2.80
Cumulative effect of change in accounting for goodwill - - - - (1.80)
----------- ----------- ----------- ----------- -----------
Net income (loss) $ (0.85) $ 0.50 $ 2.03 $ 0.16 $ 1.00
=========== =========== =========== =========== ===========
Common shares outstanding, weighted average:
Primary 107,294,488 110,016,213 118,507,477 110,750,825 118,059,572
Fully diluted 107,294,488 122,098,197 130,541,379 110,750,825 130,427,469
Return on average assets (1) 0.60% 0.56% 2.04% 0.56% 0.38%
Return on average equity (1) 10.86% 9.73% 37.72% 9.70% 7.28%
Return on average tangible equity (1),(2) 12.07% 10.84% 42.71% 10.81% 21.10%
Efficiency ratio (1) 53.08% 52.75% 65.79% 53.20% 59.48%
(1) Excludes the effect of the SAIF recapitalization of $243.9 million and FIB acquisition costs of $14.0 million,
which are included in G&A for the 1996 periods.
(2) Net income excluding amortization of goodwill and other intangible assets, and cumulative effect of change in
accounting for goodwill, as a percentage of average equity excluding goodwill and other intangible assets.
</TABLE>
SIGNATURES
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.
Date: October 16, 1996
H. F. AHMANSON & COMPANY
----------------------------
George Miranda
First Vice President and
Principal Accounting Officer
