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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A
AMENDMENT NO. 1
TO
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1998
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-5108
STATE STREET CORPORATION
(Exact name of registrant as specified in its charter)
COMMONWEALTH OF MASSACHUSETTS 04-2456637
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
225 Franklin Street 02110
Boston, Massachusetts (Zip Code)
(Address of principal
executive office)
617-786-3000
(Registrant's telephone number, including area code)
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [_]
The number of shares of the Registrant's Common Stock outstanding on July 31,
1998 was 161,485,867.
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AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 12, 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
STATE STREET CORPORATION
FORM 10-Q/A
AMENDMENT NO. 1
The undersigned registrant hereby amends Item 1. Financial Statements of
Part I of its Quarterly Report for the quarter ended June 30, 1998 on Form 10-Q,
as set forth on the pages attached hereto. This amendment is being filed to
revise the references to the reported periods in the tables for the registrant's
Consolidated Statement of Cash Flows (unaudited) on page 4 and Consolidated
Statement of Changes in Stockholders' Equity (Unaudited) on page 5 from the
"Three months ended June 30," to the "Six months ended June 30,". All of the
consolidated financial statement data presented in these tables in the original
filing was correct and properly stated for the six month periods ended June 30.
No changes have been made to the consolidated financial data; only the periods
referenced were corrected.
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PART I. ITEM 1.
FINANCIAL STATEMENTS (CONTINUED)
CONSOLIDATED STATEMENT OF CASH FLOWS - STATE STREET CORPORATION (UNAUDITED)
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<TABLE>
<CAPTION>
(Dollars in millions) Six months ended June 30, 1998 1997
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<S> <C> <C>
OPERATING ACTIVITIES
Net Income.................................................... $ 215 $ 178
Non-cash charges for depreciation, amortization, provision for
loan losses and deferred income taxes........................ 173 140
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Net income adjusted for non-cash charges.................... 388 318
Adjustments to reconcile to net cash provided (used) by
operating activities:
Net change in:
Trading account assets.................................... 59 129
Other, net................................................ 146 (606)
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NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES........ 593 (159)
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INVESTING ACTIVITIES
Payments for purchases of:
Available-for-sale securities............................... (5,862) (2,706)
Held-to-maturity securities................................. (1,077) (441)
Lease financing assets...................................... (452) (1,093)
Premises and equipment...................................... (233) (56)
Proceeds from:
Maturities of available-for-sale securities................. 6,328 1,335
Maturities of held-to-maturity securities................... 1,051 424
Sales of available-for-sale securities...................... 156 173
Principal collected from lease financing.................... 60 39
Net (payments for) proceeds from:
Interest-bearing deposits with banks........................ (2,365) (1,211)
Federal funds sold, resale agreements and securities
borrowed................................................... (7,410) (834)
Loans....................................................... (397) (548)
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NET CASH USED BY INVESTING ACTIVITIES................... (10,201) (4,918)
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FINANCING ACTIVITIES
Proceeds from issuance of:
Long-term debt.............................................. 148 300
Non-recourse debt for lease financing....................... 310 878
Notes payable............................................... 1
Treasury stock.............................................. 14 3
Payments for:
Maturities of notes payable................................. (44)
Non-recourse debt for lease financing....................... (94) (92)
Long-term debt.............................................. (1) (1)
Cash dividends.............................................. (41) (34)
Purchase of common stock.................................... (31) (89)
Net proceeds from (payments for):
Deposits.................................................... 4,543 5,339
Short-term borrowings....................................... 4,044 (862)
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NET CASH PROVIDED BY FINANCING ACTIVITIES............... 8,848 5,443
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NET (DECREASE) INCREASE................................. (760) 366
Cash and due from banks at beginning of period................ 2,411 1,623
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CASH AND DUE FROM BANKS AT END OF PERIOD................ $ 1,651 $1,989
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SUPPLEMENTAL DISCLOSURE
Interest paid............................................... $ 678 $ 587
Income taxes paid........................................... 59 45
</TABLE>
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The accompanying notes are an integral part of these financial statements.
4
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PART I. ITEM 1.
FINANCIAL STATEMENTS (CONTINUED)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - STATE STREET
CORPORATION (UNAUDITED)
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<TABLE>
<CAPTION>
(Dollars in millions, except per share data) Six
months ended
June 30, 1998 1997
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<S> <C> <C> <C> <C>
COMMON STOCK
Balance at beginning of period...................... $ 167 $ 84
Stock dividend, two-for-one split................... 83
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Balance at end of period.......................... 167 167
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SURPLUS
Balance at beginning of period...................... 102 105
Treasury stock issued............................... (28) (3)
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Balance at end of period.......................... 74 102
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RETAINED EARNINGS
Balance at beginning of period...................... 1,920 1,694
Net Income.......................................... 215 $215 178 $178
Stock dividend, two-for-one split................... (83)
Cash dividends declared ($.25 and $.21 per share)... (41) (34)
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Balance at end of period.......................... 2,094 1,755
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NET UNREALIZED GAINS (LOSSES)--OTHER COMPREHENSIVE
INCOME
Balance at beginning of period...................... 11 12
Foreign currency translation........................ (2) (2) (4) (4)
Net unrealized holding loss on available-for-sale
securities......................................... (1) (1) (2) (2)
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(3) (6)
Balance at end of period.......................... 8 6
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Comprehensive Income................................ $212 $172
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TREASURY STOCK, AT COST
Balance at beginning of period...................... (205) (120)
Common stock acquired (490,000 and 2,359,200
shares)............................................ (31) (89)
Treasury stock issued (1,165,729 and 430,262
shares)............................................ 51 11
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Balance at end of period.......................... (185) (198)
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TOTAL STOCKHOLDERS' EQUITY........................ $2,158 $1,832
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</TABLE>
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The accompanying notes are an integral part of these financial statements.
5
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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 THEREUNTO DULY AUTHORIZED.
State Street Corporation
Date: September 9, 1998 /s/ Rex S. Schuette
By:__________________________________
REX S. SCHUETTE
SENIOR VICE PRESIDENT AND CHIEF
ACCOUNTING OFFICER
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