<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): July 21, 1998
----------------
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 (626) 960-6311
---------------
Not applicable
----------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On July 21, 1998, H. F. Ahmanson & Company (the "Company"),
issued a press release reporting its results of operations
during the quarter and six months ended June 30, 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release dated July 21, 1998 reporting results
of operations during the quarter and six months ended
June 30, 1998.
<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: July 21, 1998
H. F. AHMANSON & COMPANY
/s/ George Miranda
----------------------------
George Miranda
First Vice President and
Principal Accounting Officer
<PAGE>
H. F. AHMANSON & COMPANY
4900 Rivergrade Road
Irwindale, California 91706 HOME SAVINGS OF AMERICA
SAVINGS OF AMERICA NEWS
FOR IMMEDIATE RELEASE CONTACTS:
- ---------------------
MEDIA: MARY TRIGG
(626) 814-7922
INVESTOR: STEVE SWARTZ
(626) 814-7986
AHMANSON REPORTS EARNINGS PER SHARE OF $1.12
- Lending Volume Increases -
- Nonperforming Assets Decline $59.0 Million; Credit Costs Lowest in
Over 10 Years -
Irwindale, CA, July 21, 1998 -- H. F. Ahmanson & Company,
(NYSE:AHM), parent company of Home Savings of America, today reported
second quarter 1998 net income of $137.3 million, a 19% increase
compared to the $115.7 million in the second quarter of 1997 and a 20%
increase compared to the $114.3 million in the first quarter of 1998.
On a diluted share basis, second quarter 1998 net income was $1.12,
11% above the $1.01 per share in the second quarter of 1997 and 15%
above the $0.97 per share in the first quarter of 1998. Strong second
quarter 1998 results reflect higher net interest income, higher fee
income, lower credit costs and lower expenses. In addition, loans
funded in the second quarter of 1998 increased to $2.9 billion, up 31%
from 1998's first quarter and 113% from the second quarter of 1997.
Results for the second quarter of 1997 include an after-tax gain
of $24.6 million, or $0.22 per diluted share, on the sale of the
company's deposit branch system on the West Coast of Florida (the West
Florida gain), and a net after-tax cost of $3.2 million, or $0.03 per
diluted share, as a result of its proposed merger with Great Western
Financial Corporation (the net Great Western costs). That proposal
was withdrawn on June 4, 1997. Excluding these items, earnings were
$94.3 million, or $0.82 per diluted share for the second quarter 1997.
First quarter 1998 net income and earnings per diluted share include
an after-tax transaction-related charge (the Coast charge) of
$13.7 million, or $0.12 per diluted share, associated with the
acquisition of Coast Savings Financial, Inc. (Coast), which was
consummated on February 13, 1998. Excluding this item, first quarter
1998 earnings were $128.0 million, or $1.09 per diluted share.
<PAGE>
Excluding the West Florida gain and the net Great Western costs
in the second quarter of 1997 and the Coast charge in the first
quarter of 1998, earnings per diluted share of $1.12 for the second
quarter of 1998 were 37% above the second quarter of 1997 and 3% above
the first quarter of 1998.
Cash earnings (net income excluding the amortization of goodwill
and qualifying core deposit intangibles) for the second quarter of
1998 were $147.3 million, 23% above the $119.5 million in the second
quarter of 1997 and 23% above the $120.1 million in the first quarter
of 1998. On a diluted share basis, second quarter 1998 cash earnings
were $1.20 per share, 14% above the $1.05 per share in the second
quarter of 1997 and 18% above the $1.02 per share in the first quarter
of 1998.
Return on average equity (ROE) for the second quarter of 1998 was
16.5%, compared to 19.3% in the second quarter of 1997 and 15.9% in
the first quarter of 1998. Excluding the items mentioned above, ROE
was 15.9% in the second quarter of 1997 and 17.8% in the first quarter
of 1998.
For the first six months of 1998, the company's net income was
$251.6 million, compared to $218.7 million in the first six months of
1997. Excluding the Coast charge, net income for the first six months
of 1998 was $265.3 million. This compares to net income of
$187.9 million in the first six months of 1997, excluding the West
Florida gain, the net Great Western costs, and an after-tax gain of
$9.5 million from the sale of the company's Arizona branches in the
first quarter of 1997 (the Arizona gain).
Earnings on a diluted share basis were $2.09 in the first six
months of 1998, compared to $1.86 in the first six months of 1997.
Excluding the Coast charge, earnings per diluted share were $2.20 for
the first six months of 1998, while earnings for the first six months
of 1997 were $1.59 per diluted share, without the West Florida and
Arizona gains, and the net Great Western costs.
<PAGE>
ROE for the first six months of 1998 was 16.4%, compared to 18.3%
for the first six months of 1997. Excluding the items mentioned
above, ROE for the first six months of 1998 was 17.2%, compared to
15.9% for the first six months of 1997.
RESULTS OF OPERATIONS
NET INTEREST INCOME
Net interest income totaled $356.7 million for the second quarter
of 1998, compared to $308.1 million for the second quarter of 1997,
and $340.9 million in the first quarter of 1998. The increase in net
interest income was a result of an increase in interest-earning assets
due to the Coast acquisition and a wider net interest margin.
In the second quarter of 1998, the average net interest margin
was 2.80%, compared to 2.66% in the second quarter of 1997, and 2.77%
in the first quarter of 1998.
NONINTEREST INCOME
Noninterest income was $86.6 million in the second quarter of
1998, a decrease of $25.2 million, or 23%, from the $111.8 million
reported in the year ago quarter and an increase of $5.3 million, or
7%, from the $81.3 million reported in the first quarter of 1998.
Noninterest income for the first six months of 1998 was
$167.8 million, compared to $200.7 million in the first six months of
1997.
Excluding the West Florida gain, noninterest income was
$70.2 million in the second quarter of 1997. Excluding the West
Florida and the Arizona gains, noninterest income in the first six
months of 1997 was $143.1 million.
GAIN ON SALE OF LOANS
During the second quarter of 1998, the company had a gain on the
sale of loans of $12.8 million, compared to gains of $6.1 million and
$11.8 million in the second quarter of 1997 and first quarter of 1998,
respectively. The increased gain on sale resulted from the funding
and sale of a greater number of fixed rate residential loans. During
the second quarter of 1998, the
<PAGE>
company funded $2.2 billion of single family residential mortgage
loans, 63% of which were fixed rate loans originated for sale.
BANKING AND OTHER FEE INCOME
During the second quarter of 1998, banking and other fee income
(banking and other retail service fees and other fee income) reached
$53.6 million, compared to $45.6 million in the second quarter of 1997
and $46.9 million in the first quarter of 1998. Total banking and
other fee income in the second quarter of 1998 reflects higher banking
and loan fees as a result of the addition of the Coast customer base
to the existing Home Savings network and increased fee income from the
sales of nondeposit products by Griffin Financial Services (Griffin).
In the second quarter of 1998, Griffin core sales set a new milestone
as the average daily volume reached $5.8 million, compared to
$3.6 million in the second quarter of 1997. At June 30, 1998, Griffin
had approximately $1.5 billion in mutual funds and annuities under
management, compared to $915 million at June 30, 1997.
SERVICING INCOME
The decrease in second quarter 1998 servicing income of
$5.1 million compared to the first quarter of 1998 was due to a
reclassification as a result of conforming the accounting for the
Coast servicing portfolio to the company's methodology. Had the
accounting for the Coast servicing portfolio been conformed in the
first quarter of 1998, servicing income would have been $4.4 million
lower, while net interest income would have been higher by
approximately the same amount.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses (G&A) were $200.0 million in
the second quarter of 1998, compared to $180.5 million in the second
quarter of 1997 and $193.5 million in the first quarter of 1998. G&A
in the first quarter of 1998 exclude the pre-tax Coast charge of
$23.2 million related to the closure and consolidation of certain
Coast and Home Savings branches, certain conversion costs and customer
retention and marketing programs. The increase in G&A reflects the
additional expenses associated with the acquired Coast branch network.
<PAGE>
G&A for the first six months of 1998, excluding the pre-tax Coast
charge, were $393.6 million, compared to $367.2 million in the first
six months of 1997. During the second quarter of 1998, the company
realized substantially all of the expected cost savings from the Coast
acquisition.
The efficiency ratio -- G&A as a percentage of net interest
income, loan servicing and other fee income -- excluding the pre-tax
Coast charge in the applicable periods, was 46.9% in the second
quarter of 1998, compared to 48.7% and 47.3% in the second quarter of
1997 and the first quarter of 1998, respectively. For the first six
months of 1998, the company's efficiency ratio was 47.1%, compared to
48.9% for the first six months of 1997.
CREDIT COSTS/ASSET QUALITY
Total credit costs (provision for loan losses of $784,000 and
expenses for the operations of foreclosed real estate of $7.6 million)
continued their improving trend, dropping by 48% from the first
quarter of 1998 and 79% from the second quarter of 1997. Credit costs
were $8.4 million during the second quarter of 1998, compared to
$39.9 million during the second quarter of 1997 and $16.1 million in
the first quarter of 1998. Net loan charge-offs for the 1998 second
quarter totaled $9.6 million, compared to $17.4 million in the second
quarter of 1997 and $12.5 million in the first quarter of 1998.
Approximately $5.2 million of the second quarter 1998 charge-offs were
from previously established specific reserves.
During the second quarter, nonperforming assets declined by $59.0
million, to $644.2 million, and were 1.22% of total assets at June 30,
1998, compared to $690.5 million, or 1.45%, at June 30, 1997, and
$703.2 million, or 1.29%, at March 31, 1998. Loans classified as
troubled debt restructurings (TDRs) were $262.5 million at June 30,
1998. The ratio of nonperforming assets and TDRs to total assets was
1.72% at June 30, 1998, compared to 1.90% at June 30, 1997.
At June 30, 1998, the allowances for loan losses and foreclosed
real estate were $471.9 million and $9.4 million, respectively. The
ratio of allowances for losses to nonperforming assets equaled 73.6%
at June 30, 1998, compared to 57.8% at June 30, 1997 and 68.8% at
March 31, 1998.
<PAGE>
LOAN FUNDINGS
In the second quarter of 1998, the company funded $2.9 billion in
loans compared to $1.4 billion and $2.2 billion in the second quarter
of 1997 and first quarter of 1998, respectively.
The company funded $2.6 billion of residential mortgage loans in
the second quarter of 1998, compared to $1.1 billion in the year-ago
quarter and $1.9 billion in the first quarter of 1998. All mortgage
loans were funded through the company's retail franchise.
The company also funded $303.6 million in consumer loans during
the second quarter of 1998, compared to $224.4 million in the second
quarter of 1997, and $248.3 million in the first quarter of 1998. In
June 1998, the company funded $108.6 million in consumer loans, its
highest month ever. The consumer loan portfolio totaled $1.3 billion
at June 30, 1998.
CAPITAL
At June 30, 1998, Home Savings of America's capital ratios
exceeded the regulatory requirements for well-capitalized
institutions, the highest regulatory standard.
REDEMPTION OF CONVERTIBLE PREFERRED STOCK, SERIES D
On July 16, 1998 the company announced that it is redeeming its
6% Cumulative Convertible Preferred Stock, Series D, at $51.50 per
Depositary Share, plus accrued and unpaid dividends to and including
the redemption date. Each Depositary Share is convertible into
2.05465 shares of the company's Common Stock at any time prior to the
close of business on August 24, 1998. The redemption date is set for
September 1, 1998. First Chicago Trust Company of New York will act
as redemption agent.
<PAGE>
SALE OF BRANCHES ON EAST COAST OF FLORIDA
The sale of the company's 27 East Coast Florida branches, with
$3.2 billion in deposits, was consummated on July 16, 1998 for an
after-tax gain of approximately $165 million. That gain will be
reflected in the third quarter 1998 results.
# # # #
H.F. Ahmanson & Company, with $52.8 billion in assets, is the
parent company of Home Savings of America, one of the nation's largest
full-service consumer and small business banks. It operates 382
financial service centers in 2 states and 115 mortgage lending offices
in 9 states.
# # # #
Additional information, including monthly financial data, about
H. F. Ahmanson & Company and Home Savings of America can be retrieved
by using the following service:
Corporate News on the Net: http://www.businesswire.com/cnn/ahm.shtml
For information regarding PC Banking, Home Loans, Investments,
Insurance, Business Banking and Consumer Loans, contact:
Home Savings Website: http://www.homesavings.com
<PAGE>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
(dollars in thousands except per share data)
<TABLE>
<CAPTION>
At End of Period June 30, 1998 March 31, 1998 June 30, 1997
- ---------------- ----------------- ----------------- ------------------
<S> <C> <C> <C>
Total assets $ 52,826,336 $ 54,519,346 $ 47,532,068
Investment portfolio $ 900,169 $ 775,560 $ 792,983
Loans receivable and mortgage-backed
securities (MBS) $ 48,624,012 $ 50,336,028 $ 44,356,772
ARMs included in loans receivable and MBS $ 45,968,615 $ 47,597,009 $ 42,374,376
Allowance for loan losses $ 471,911 $ 480,749 $ 388,287
Allowance for losses on REO $ 9,409 $ 10,676 $ 25,840
Deposits $ 37,407,119 $ 38,363,249 $ 32,741,870
Borrowings and trust capital securities $ 10,452,820 $ 11,403,768 $ 11,192,523
Stockholders' equity $ 3,463,986 $ 3,254,533 $ 2,463,416
Book value per common share $ 28.65 $ 27.07 $ 20.35
Tangible book value per common share $ 23.11 $ 21.27 $ 18.57
Total common shares outstanding 112,747,641 109,737,033 97,335,863
For the Three Months Ended
- --------------------------
Net interest income $ 356,699 $ 340,850 $ 308,069
Credit costs (1) $ 8,404 $ 16,073 $ 39,873
Net income (2) $ 137,330 $ 114,303 $ 115,656
Net income per diluted common share (2), (4) $ 1.12 $ 0.97 $ 1.01
Dividends per common share $ 0.22 $ 0.22 $ 0.22
Loans originated and purchased $ 2,909,775 $ 2,216,933 $ 1,365,298
Average Interest Rates:
Yield on loans and MBS 7.46% 7.53% 7.38%
Yield on investment portfolio 7.18% 6.97% 6.70%
Yield on interest-earning assets 7.46% 7.52% 7.37%
Cost of deposits 4.39% 4.45% 4.42%
Cost of borrowings and trust capital securities 6.34% 6.34% 6.24%
Cost of interest-costing liabilities 4.82% 4.90% 4.86%
Interest rate spread 2.64% 2.62% 2.51%
Net interest margin 2.80% 2.77% 2.66%
For the Six Months Ended
- ------------------------
Net interest income $ 697,549 $ 625,688
Credit costs (1) $ 24,477 $ 86,204
Net income (3) $ 251,633 $ 218,749
Net income per diluted common share (3), (4) $ 2.09 $ 1.86
Dividends per common share $ 0.44 $ 0.44
Loans originated and purchased $ 5,126,708 $ 2,528,267
Average Interest Rates:
Yield on loans and MBS 7.49% 7.36%
Yield on investment portfolio 7.07% 6.83%
Yield on interest-earning assets 7.49% 7.35%
Cost of deposits 4.41% 4.40%
Cost of borrowings and trust capital securities 6.34% 6.23%
Cost of interest-costing liabilities 4.86% 4.84%
Interest rate spread 2.63% 2.51%
Net interest margin 2.79% 2.65%
(1) Credit costs consist of provision for loan losses and the operations of REO.
(2) Net income for the three months ended March 31, 1998 would have been $128.0 million, or $1.09
per diluted share, before the Coast charge. Net income for the three months ended June 30, 1997
would have been $94.3 million, or $0.82 per diluted share, before the West Florida gain and net
acquisition costs.
(3) Net income for the six months ended June 30, 1998 would have been $265.3 million, or $2.20 per
diluted share, before the Coast charge. Net income for the six months ended June 30, 1997 would have
been $187.9 million, or $1.59 per diluted share, before the Arizona and West Florida gains and net
acquisition costs.
(4) The Company adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share"
as of December 31, 1997. SFAS No. 128 replaces primary earnings per share ("EPS") with basic EPS and
fully diluted EPS with diluted EPS. Basic EPS is computed by dividing income available to common
stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS
reflects the potential dilution of options, warrants and convertible securities. Net income per
diluted share for the three months and six months ended June 30, 1997 has been restated to reflect the
adoption of SFAS No. 128.
</TABLE>
<PAGE>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Assets June 30, 1998 March 31, 1998 December 31, 1997 June 30, 1997
- ------ ------------- -------------- ----------------- -------------
<S> <C> <C> <C> <C>
Cash and amounts due from banks $ 689,940 $ 732,599 $ 603,797 $ 515,171
Federal funds sold and securities
purchased under agreements to
resell 343,000 227,600 550,200 376,100
Other short-term investments 11,142 9,364 5,110 6,120
----------- ----------- ----------- -----------
Total cash and cash equivalents 1,044,082 969,563 1,159,107 897,391
Other investment securities 16,455 17,103 9,669 11,457
Investment in stock of Federal Home
Loan Bank (FHLB) 529,572 521,493 411,978 399,306
MBS 13,697,592 14,347,949 12,791,391 13,628,019
Loans receivable 34,926,420 35,988,079 30,484,191 30,728,753
Accrued interest receivable 234,737 245,487 194,038 203,052
Real estate held for development and
investment (REI) 136,836 138,237 146,518 146,845
Real estate owned held for sale (REO) 154,468 183,174 162,440 195,712
Premises and equipment 414,868 420,017 364,626 380,917
Goodwill and other intangible assets 767,541 784,731 280,296 292,713
Other assets 903,765 903,513 674,498 647,903
----------- ----------- ----------- -----------
$52,826,336 $54,519,346 $46,678,752 $47,532,068
=========== =========== =========== ===========
Liabilities, Capital Securities of Subsidiary Trust and Stockholders' Equity
- ----------------------------------------------------------------------------
Deposits $37,407,119 $38,363,249 $32,268,375 $32,741,870
Securities sold under agreements
to repurchase 1,650,000 2,025,000 1,675,000 2,525,000
Other short-term borrowings 1,113,000 801,963 837,861 539,373
FHLB and other borrowings 7,541,270 8,428,298 8,316,405 7,979,772
Other liabilities 1,338,545 1,316,874 954,470 1,022,887
Income taxes 163,866 180,922 82,732 111,372
----------- ----------- ----------- -----------
Total liabilities 49,213,800 51,116,306 44,134,843 44,920,274
Capital securities, Series A, of
subsidiary trust 148,550 148,507 148,464 148,378
Stockholders' equity 3,463,986 3,254,533 2,395,445 2,463,416
----------- ----------- ----------- -----------
$52,826,336 $54,519,346 $46,678,752 $47,532,068
=========== =========== =========== ===========
</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 Six Months Ended
--------------------------------------- June 30,
June 30, March 31, June 30, -------------------------
1998 1998 1997 1998 1997
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Interest income:
Loans $ 669,252 $ 632,892 $ 575,802 $ 1,302,144 $ 1,153,335
MBS 261,835 256,599 259,429 518,434 527,102
Investments 14,095 13,726 16,271 27,821 33,168
----------- ----------- ----------- ----------- -----------
Total interest income 945,182 903,217 851,502 1,848,399 1,713,605
----------- ----------- ----------- ----------- -----------
Interest expense:
Deposits 415,547 387,895 374,187 803,442 749,326
Short-term borrowings 41,293 41,732 42,924 83,025 76,044
FHLB and other borrowings 131,643 132,740 126,322 264,383 262,547
----------- ----------- ----------- ----------- -----------
Total interest expense 588,483 562,367 543,433 1,150,850 1,087,917
----------- ----------- ----------- ----------- -----------
Net interest income 356,699 340,850 308,069 697,549 625,688
Provision for loan losses 784 8,066 17,989 8,850 42,212
----------- ----------- ----------- ----------- -----------
Net interest income after provision
for loan losses 355,915 332,784 290,080 688,699 583,476
----------- ----------- ----------- ----------- -----------
Noninterest income:
Loss on sales of MBS - - (74) - (74)
Gain on sales of loans 12,798 11,771 6,137 24,569 14,126
Loan servicing income 16,624 21,675 17,078 38,299 33,826
Banking and other retail service fees 30,368 27,709 28,525 58,077 57,859
Other fee income 23,253 19,150 17,059 42,403 33,440
Gain on sales of retail deposit branch
systems - - 41,610 - 57,566
Gain on sales of investment securities 350 - 135 350 135
Other operating income 3,160 989 1,322 4,149 3,783
----------- ----------- ----------- ----------- -----------
Total noninterest income 86,553 81,294 111,792 167,847 200,661
----------- ----------- ----------- ----------- -----------
Noninterest expense:
Compensation and other employee expenses 93,958 97,698 84,368 191,656 179,836
Occupancy expenses 26,389 28,692 26,647 55,081 53,359
Federal deposit insurance premiums
and assessments 7,757 6,779 6,269 14,536 12,818
Other general and administrative expenses 71,927 83,535 63,180 155,462 121,224
----------- ----------- ----------- ----------- -----------
General and administrative expenses 200,031 216,704 180,464 416,735 367,237
Net acquisition costs - - 5,475 - 5,475
Operations of REI 1,173 (319) 399 854 2,258
Operations of REO 7,620 8,007 21,884 15,627 43,992
Amortization of goodwill and other
intangible assets 13,914 8,883 6,447 22,797 12,837
----------- ----------- ----------- ----------- -----------
Total noninterest expense 222,738 233,275 214,669 456,013 431,799
----------- ----------- ----------- ----------- -----------
Income before provision for income taxes 219,730 180,803 187,203 400,533 352,338
Provision for income taxes 82,400 66,500 71,547 148,900 133,589
----------- ----------- ----------- ----------- -----------
Net income $ 137,330 $ 114,303 $ 115,656 $ 251,633 $ 218,749
=========== =========== =========== =========== ===========
Net income attributable to common shares:
Basic $ 133,426 $ 107,317 $ 107,249 $ 240,743 $ 201,934
=========== =========== =========== =========== ===========
Diluted $ 137,330 $ 111,573 $ 111,561 $ 248,903 $ 210,559
=========== =========== =========== =========== ===========
Income per common share (1):
Basic $ 1.21 $ 1.06 $ 1.11 $ 2.27 $ 2.03
Diluted $ 1.12 $ 0.97 $ 1.01 $ 2.09 $ 1.86
Common shares outstanding, weighted
average (1):
Basic 110,544,030 101,512,046 96,602,800 106,117,457 99,559,185
Diluted 123,148,072 115,015,982 110,022,428 119,139,883 113,084,856
(1) Income per share and the weighted average common shares outstanding for the three months and six months ended
June 30, 1997 have been restated to reflect the adoption of SFAS No. 128.
</TABLE>
<PAGE>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended June 30, 1998 March 31, 1998 June 30, 1997
- -------------------------- ------------- -------------- -------------
<S> <C> <C> <C>
Loans receivable (1) $35,918,112 $33,695,512 $31,111,587
MBS (2) 13,989,423 13,600,786 14,141,655
----------- ----------- -----------
Total loans and MBS 49,907,535 47,296,298 45,253,242
Investments 787,208 799,101 974,052
----------- ----------- -----------
Total interest-earning assets 50,694,743 48,095,399 46,227,294
Other assets 2,920,309 2,350,796 1,874,118
----------- ----------- -----------
Total assets $53,615,052 $50,446,195 $48,101,412
=========== =========== ===========
Deposits $38,008,434 $35,389,912 $33,946,754
Borrowings and trust capital securities 10,948,251 11,166,409 10,872,299
----------- ----------- -----------
Total interest-costing liabilities 48,956,685 46,556,321 44,819,053
Other liabilities 1,329,115 1,020,573 888,383
Stockholders' equity:
Preferred 266,093 418,897 482,500
Common 3,063,159 2,450,404 1,911,476
----------- ----------- -----------
Total liabilities and stockholders' equity $53,615,052 $50,446,195 $48,101,412
=========== =========== ===========
For the Six Months Ended
- ------------------------
Loans receivable (1) $34,812,952 $31,345,058
MBS (2) 13,796,178 14,305,395
----------- -----------
Total loans and MBS 48,609,130 45,650,453
Investments 793,122 978,941
----------- -----------
Total interest-earning assets 49,402,252 46,629,394
Other assets 2,637,125 1,932,551
----------- -----------
Total assets $52,039,377 $48,561,945
=========== ===========
Deposits $36,706,407 $34,306,517
Borrowings and trust capital securities 11,056,729 10,960,567
----------- -----------
Total interest-costing liabilities 47,763,136 45,267,084
Other liabilities 1,199,144 900,229
Stockholders' equity:
Preferred 357,323 482,500
Common 2,719,774 1,912,132
----------- -----------
Total liabilities and
stockholders' equity $52,039,377 $48,561,945
=========== ===========
(1) Excludes the allowance for losses.
(2) Excludes the unrealized gain/loss on MBS available for sale.
</TABLE>
