SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): January 13, 1994
THE BANK OF NEW YORK COMPANY, INC.
----------------------------------
(exact name of registrant as specified in its charter)
NEW YORK
--------
(State or other jurisdiction of incorporation)
1-6152 13-2614959
------ ----------
(Commission file number) (I.R.S. employer identification
number)
48 Wall Street, New York, NY 10286
---------------------------- -----
(Address of principal executive (Zip code)
offices)
212 - 495 - 1784
----------------
(Registrant's telephone number,
including area code)
<PAGE> 2.
ITEM 5. Other Events
------------
Fourth Quarter Financial Results
--------------------------------
On January 13, 1994 The Bank of New York
Company, Inc. (the "Company") issued a press
release containing unaudited interim financial
information and accompanying discussion for
the fourth quarter of 1993. Exhibit 99 is a copy
of such press release and is incorporated herein
by reference.
ITEM 7. Financial Statements, Pro Forma Financial Information
and Exhibits
-----------------------------------------------------
(c) Exhibit Description
------- -----------
99 Unaudited interim financial
information and accompanying
discussion for the fourth quarter
of 1993 contained in the press
release dated January 13, 1994,
of The Bank of New York
Company, Inc.
<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 thereunto duly
authorized.
Dated: January 13, 1994
THE BANK OF NEW YORK COMPANY, INC.
(Registrant)
By: /s/ Robert E. Keilman
------------------------
Name: Robert E. Keilman
Title: Comptroller
<PAGE> 4.
EXHIBIT INDEX
Exhibit No. Description
99 Unaudited interim financial
information and accompanying
discussion for the fourth quarter
of 1993 contained in the press
release dated January 13, 1994,
of The Bank of New York
Company, Inc.
EXHIBIT 99
THE BANK OF NEW YORK COMPANY, INC. NEWS
48 Wall Street, New York, N.Y. 10286
Contact:
FOR RELEASE: PUBLIC AND INVESTOR RELATIONS DEPT.
IMMEDIATELY Michael M. Pascale, VP
- ----------- (212) 495-1041
Pierre S. Brull, VP
(212) 495-1721
Rhonda Barnat, AVP
(212) 495-1725
THE BANK OF NEW YORK COMPANY, INC. REPORTS
------------------------------------------
RECORD FOURTH QUARTER AND FULL YEAR NET INCOME AND E.P.S.
---------------------------------------------------------
Fourth Quarter Net Income $157 Million; E.P.S. $1.53, up 42%
Full Year Net Income $559 Million; E.P.S. $5.44, up 36%
NEW YORK, N.Y., January 13, 1994 -- The Bank of New York Company, Inc.
reported record fourth quarter net income of $157 million, which compares
with net income of $112 million in the fourth quarter of 1992. Fully
diluted earnings per share in the fourth quarter of 1993 were a record
$1.53 compared with $1.08 per share last year, an increase of 42%.
Spreads widened, reflecting a continuing shift in asset mix toward higher
yielding loans and a lower level of nonperforming assets. Fee income was
strong, especially from credit cards and securities and other processing.
A lower provision for loan losses and continued control of operating
<PAGE> 2.
expenses contributed to higher earnings. In addition, the acquisition of
62 branches from Barclays Bank of New York, N.A. (Barclays) in December,
1992, and improved performance at the 105-branch National Community Banks,
helped to increase earnings.
Net income for the full year 1993 was a record $559 million, a 42%
increase over the $393 million earned in 1992. Net income was a record
$5.44 per fully diluted share, a 36% increase over the $4.00 earned last
year. Net income for 1993 was affected by pre-tax restructuring charges
of $45 million ($30 million after-tax) recorded by National Community
Banks in the second quarter.
The Company's estimated Tier I capital and total capital ratios were
8.77% and 13.51% at December 31, 1993 compared with 8.51% and 13.33% at
September 30, and 7.59% and 12.30% at December 31, 1992. Tangible common
equity as a percent of total assets was 7.00% at December 31, 1993
compared with 6.72% at September 30 and 5.83% one year ago.
Return on average assets in the fourth quarter was 1.32% - a record
for the Company - compared with 1.28% in the third quarter of 1993 and
.94% in the fourth quarter of 1992. Return on average assets for the full
year 1993 was 1.20% - also a record for the Company - compared with .85%
for 1992.
Return on average common equity was 16.16% in the fourth quarter of
1993 compared with 15.95% in the third quarter and 12.52% in the fourth
quarter of 1992. Return on average common equity was 14.98% for the full
year compared with 12.00% for 1992.
<PAGE> 3.
NONPERFORMING ASSETS
- --------------------
(dollars in millions)
Change
12/31/93 vs.
12/31/93 9/30/93 12/31/92 12/31/92
--------------------------------------------------
Loans:
HLT $ 52 $ 58 $ 92 (43)%
Commercial Real Estate 72 71 143 (50)
Other Commercial 130 130 139 (6)
Foreign 34 68 89 (62)
LDC(1) 96 96 109 (12)
Community Banking 156 150 216 (28)
----- ----- -----
Total Loans 540 573 788 (31)
Other Real Estate 85 132 247 (66)
Other Assets 14 14 21 (33)
----- ----- -----
Total $ 639 $ 719 $1,056 (39)
===== ===== =====
Nonperforming Asset Ratio 2.1% 2.4% 3.6%
Allowance/Nonperforming
Loans 179.6 175.2 136.0
Allowance/Nonperforming
Assets 151.8 139.6 101.5
(1) Excludes $117 million of reduced rate Philippine obligations
secured by U.S. Treasury bonds.
Nonperforming assets declined for the tenth consecutive quarter to
$639 million from $719 million at September 30, a decrease of 11%. For
the full year, nonperforming assets declined by $417 million or 39%.
Nonperforming commercial real estate assets, which include other real
estate owned, declined to $157 million at December 31, a $46 million, or
23% decrease from $203 million at September 30, primarily due to sales of
four properties totaling $25 million. In the fourth quarter only $2
million of nonperforming real estate loans were added. For the year,
nonperforming commercial real estate assets declined by $233 million or
60%.
<PAGE> 4.
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
(in millions)
4th 3rd
Quarter Quarter Year to date
------- ------- ---------------
1993 1993 1993 1992
---- ---- --------------
Provision $ 50 $ 55 $ 284 $ 443
---- ---- ---- ----
Regular Net Charge-offs:
HLT 2 (12) (23) (89)
Commercial Real Estate (30) (7) (70) (90)
Other Commercial (6) (19) (59) (109)
Consumer (40) (31) (143) (154)
Foreign (6) (2) (45) (10)
LDC - (8) (8) (11)
Other (5) (10) (39) (48)
---- ---- ---- ----
Total (85) (89) (387) (511)
Acquisitions 1 - 1 56
Decrease in Regular
Allowance $ (34) $ (34) $(102) $(12)
==== ==== ==== ====
Other Real Estate
Expense $ 4 $ 10 $ 53 $106
The allowance for loan losses was $970 million, or 3.17% of loans
at December 31, compared with $1,004 million, or 3.31% of loans at
September 30, 1993.
NET INTEREST INCOME
- -------------------
On a taxable equivalent basis, net interest income amounted to $392
million in the fourth quarter of 1993, compared with $377 million in the
same period of 1992, an increase of 4%. The net interest rate spread was
3.12% in the fourth quarter of 1993 compared with 3.09% in the third
quarter and 2.95% one year ago. The net yield on interest earning assets
was 3.83% in the fourth quarter of 1993 compared with 3.81% in the third
quarter and 3.67% in the same period last year.
For the full year, net interest income on a taxable equivalent basis
<PAGE> 5.
was $1,550 million, compared with $1,434 million in the same period of
1992. The year to date net interest rate spread was 3.12% in 1993
compared with 2.91% in 1992, while the net yield on interest-earning
assets was 3.84% in 1993 and 3.61% in 1992.
There was continued strong performance in credit cards, as the number
of card accounts increased by 22% to 4.8 million and managed outstandings
were up by 19% to $6.2 billion from one year ago. The spread and yield
modestly benefitted from the start in November of the amortization phase
of the Company's credit card securitization. This phase will continue
through March 1995 and return $1.35 billion of credit card loans to the
balance sheet.
NONINTEREST INCOME
- ------------------
Noninterest income increased 6% to $307 million in the fourth
quarter, compared with $290 million in the same period last year.
Noninterest income totaled $1,319 million in 1993, compared with $1,185
million in 1992, an increase of 11%.
Trust, investment, and processing fees were $154 million for the
quarter, an $11 million, or 8% increase over the fourth quarter of last
year. The Barclays acquisition also contributed to the increase in
noninterest income.
Securities gains and foreign exchange profits and trading activities
were $18 million in the fourth quarter of 1993 compared with $14 million
in the same period last year. For the full year, securities gains and
foreign exchange profits and trading activities were $143 million in 1993
and $136 million in 1992.
<PAGE> 6.
TRUST, INVESTMENT, AND PROCESSING FEES
- --------------------------------------
(dollars in millions)
4th 4th
Qtr Qtr Year to date
1993 1992 Change 1993 1992 Change
------------------------------------------------------
Trust and Investment $ 34 $ 29 17% $ 131 $ 118 11%
==== ==== ==== ====
Processing:
Securities $ 78 $ 70 11 $ 307 $ 273 12
Other 42 44 (5) 161 148 9
---- ---- ---- ----
Total Processing $ 120 $ 114 5 $ 468 $ 421 11
==== ==== ==== ====
During the year, special strength was noted in institutional
investment management. Significant growth in the securities processing
area occurred in American depositary receipts, government securities
clearance, master trust, mutual fund custody, stock transfer, and
corporate trust. In other processing, there was strong performance in
funds transfer.
SERVICE CHARGES AND FEES
- ------------------------
Service charges and fees, excluding other processing fees, were $115
million in the fourth quarter of 1993, compared with $114 million in the
fourth quarter of last year. In the fourth quarter, noninterest income
attributable to the Company's credit card securitization was $2 million
less than the comparable period of last year due in part to these assets
starting to return to the balance sheet. For the year, service charges
and fees, excluding other processing fees, were $460 million, compared
with $442 million in 1992. Strong growth in credit cards contributed to
the full year rise.
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense was $409 million and $1,646 million in the
fourth quarter and full year compared with $390 million and $1,519 million
<PAGE> 7.
in 1992. Other real estate expense decreased to $4 million from $21
million in the fourth quarter of 1992.
Salaries increased 6% in the fourth quarter to $149 million from $140
million in the same period last year, and profit sharing increased to $16
million from $11 million. The Barclays acquisition contributed
significantly to the increase in these costs. Furniture and equipment
expenses and other employee benefits - primarily incentive compensation
and health care expenses - were unchanged from the fourth quarter of last
year.
The effective tax rate for the fourth quarter of 1993 was 31.4%
compared with 32.1% for the fourth quarter of 1992. The effective rate
for the full year was 36.9% compared with 33.2% for the same period last
year.
***************************
(Financial highlights and detailed financial statements are attached.)
<PAGE> 8.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Financial Highlights
(Unaudited)
(Dollars in millions, except per share amounts)
<CAPTION>
For the Three Months Ended December 31: 1993 1992 Change
- ---------------------------------------- ---- ---- ------
<S> <C> <C> <C>
Net Income $ 157 $ 112 40.2%
Per Common Share:
Primary Earnings $ 1.62 $ 1.13 43.4
Fully Diluted Earnings 1.53 1.08 41.7
Cash Dividends 0.50 0.38 31.6
Return on Average Common Shareholders'
Equity 16.16% 12.52%
Return on Average Assets 1.32 0.94
For the Twelve Months Ended December 31:
- -----------------------------------------
Net Income $ 559 $ 393 42.2%
Per Common Share:
Primary Earnings $ 5.74 $ 4.19 37.0
Fully Diluted Earnings 5.44 4.00 36.0
Cash Dividends 1.71 1.52 12.5
Return on Average Common Shareholders'
Equity 14.98% 12.00%
Return on Average Assets 1.20 0.85
As of December 31:
- -------------------
Assets $45,552 $45,210 0.8%
Loans 30,570 29,497 3.6
Securities 5,597 5,900 -5.1
Deposits - Domestic 23,790 24,712 -3.7
- Foreign 8,369 8,543 -2.0
Long-Term Debt 1,590 1,695 -6.2
Preferred Shareholders' Equity 294 428 -31.3
Common Shareholders' Equity 3,778 3,302 14.4
Common Shareholders' Equity Per Share 40.11 35.96 11.5
Market Value Per Share of Common Stock 57.00 53.88 5.8
Allowance for Loan Losses as a Percent
of Loans 3.17% 3.63%
Tier I Capital Ratio 8.77 7.59
Total Capital Ratio 13.51 12.30
Leverage Ratio 7.99 7.11
Tangible Common Equity Ratio 7.00 5.83
<FN>
The above amounts for 1992 have been restated for the adoption of the
liability method of accounting for income taxes and for the acquisition of
National Community Banks, Inc. on August 11, 1993 which was accounted for
as a pooling of interests.
</TABLE>
<PAGE> 9.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Income
(Unaudited)
(In millions, except per share amounts)
<CAPTION>
For the three For the twelve
months ended months ended
December 31, December 31,
1993 1992 1993 1992
----- ----- ----- -----
<S> <C> <C> <C> <C>
Interest Income
- ---------------
Loans $ 508 $ 507 $2,025 $2,102
Securities
Taxable 61 74 235 260
Exempt from Federal Income Taxes 16 20 69 86
----- ----- ----- -----
77 94 304 346
Deposits in Banks 5 19 24 76
Federal Funds Sold and Securities
Purchased Under Resale Agreements 20 20 97 85
Trading Assets 17 12 53 76
----- ----- ----- -----
Total Interest Income 627 652 2,503 2,685
----- ----- ----- -----
Interest Expense
- ----------------
Deposits 168 212 701 1,005
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 26 26 102 136
Other Borrowed Funds 22 25 86 85
Long-Term Debt 30 27 117 94
----- ----- ----- -----
Total Interest Expense 246 290 1,006 1,320
----- ----- ----- -----
Net Interest Income 381 362 1,497 1,365
- -------------------
Provision for Loan Losses 50 97 284 443
----- ----- ----- -----
Net Interest Income After Provision
for Loan Losses 331 265 1,213 922
----- ----- ----- -----
Noninterest Income
- ------------------
Trust and Securities Processing Fees 111 99 437 391
Service Charges and Fees 157 158 622 590
Securities Gains(Losses) 3 (14) 64 42
Other 36 47 196 162
----- ----- ----- -----
Total Noninterest Income 307 290 1,319 1,185
----- ----- ----- -----
Noninterest Expense
- -------------------
Salaries and Employee Benefits 199 185 813 714
Net Occupancy 45 43 178 168
Furniture and Equipment 24 24 95 97
Other 141 138 560 540
----- ----- ----- -----
Total Noninterest Expense 409 390 1,646 1,519
----- ----- ----- -----
Income Before Income Taxes 229 165 886 588
Income Taxes 72 53 327 195
----- ----- ----- -----
Net Income $ 157 $ 112 $ 559 $ 393
- ---------- ===== ===== ===== =====
Net Income Available to Common Shareholders $ 151 $ 103 $ 534 $ 360
- ------------------------------------------- ===== ===== ===== =====
Per Common Share Data:
- ----------------------
Primary Earnings $1.62 $1.13 $5.74 $4.19
Fully Diluted Earnings 1.53 1.08 5.44 4.00
Cash Dividends 0.50 0.38 1.71 1.52
Average Common Shares Outstanding 94 91 93 86
<FN>
The above amounts for 1992 have been restated for the adoption of the
liability method of accounting for income taxes and for the acquisition of
National Community Banks, Inc. on August 11, 1993 which was accounted for
as a pooling of interests.
</TABLE>
<PAGE> 10.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Condition
(Unaudited)
(Dollars in millions, except per share amounts)
<CAPTION>
Dec. 31, Dec. 31,
1993 1992
---- ----
<S> <C> <C>
Assets
Cash and Due from Banks $ 4,511 $ 5,506
Interest-Bearing Deposits in Banks 269 233
Securities:
Held for Investment 4,356 3,322
Held for Sale 1,241 2,578
------- -------
Total Securities 5,597 5,900
Trading Assets 1,325 736
Federal Funds Sold and Securities Purchased
Under Resale Agreements 43 265
Loans (Less allowance for loan losses of $970 in
1993 and $1,072 in 1992) 29,600 28,425
Premises and Equipment 945 974
Due from Customers on Acceptances 888 615
Accrued Interest Receivable 222 231
Other Assets 2,152 2,325
------- -------
Total Assets $45,552 $45,210
======= =======
Liabilities and Shareholders' Equity
Deposits
Noninterest-Bearing (principally domestic offices) $ 8,690 $ 8,761
Interest-Bearing
Domestic Offices 15,154 16,049
Foreign Offices 8,315 8,445
------- -------
Total Deposits 32,159 33,255
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 2,718 1,773
Other Borrowed Funds 2,781 3,029
Acceptances Outstanding 901 615
Accrued Taxes and Other Expenses 770 560
Accrued Interest Payable 111 153
Other Liabilities 450 400
Long-Term Debt 1,590 1,695
------- -------
Total Liabilities 41,480 41,480
------- -------
Shareholders' Equity
Preferred Stock-no par value, authorized 5,000,000
shares, outstanding 3,648,100 shares in 1993 and
4,400,792 shares in 1992 267 400
Class A Preferred Stock - par value $2.00 per share,
authorized 5,000,000 shares, outstanding 1,094,915
shares in 1993 and 1,150,000 shares in 1992 27 28
Common Stock-par value $7.50 per share, authorized
350,000,000 shares, issued 93,691,741 shares in
1993 and 91,079,286 shares in 1992 703 683
Additional Capital 1,544 1,467
Retained Earnings 1,536 1,153
------- -------
4,077 3,731
Less: Treasury Stock (86,599 shares in
1993 and 13,834 in 1992), at cost 5 1
------- -------
Total Shareholders' Equity 4,072 3,730
------- -------
Total Liabilities and Shareholders' Equity $45,552 $45,210
======= =======
<FN>
The above amounts for 1992 have been restated for the adoption of the
liability method of accounting for income taxes and for the acquisition of
National Community Banks, Inc. on August 11, 1993 which was accounted for
as a pooling of interests.
</TABLE>
<PAGE> 11.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
<CAPTION>
For the three For the three
months ended months ended
December 31, 1993 December 31, 1992
------------------------- -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
- ------
Interest-Bearing Deposits in
Banks (primarily foreign) $ 417 $ 5 5.09% $ 741 $ 19 10.03%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,546 20 3.04 2,598 20 3.04
Loans
Domestic Offices 20,900 391 7.45 19,183 368 7.64
Foreign Offices 10,067 117 4.62 11,229 140 4.96
------ ------ ------ ------
Total Loans 30,967 508 6.53 30,412 508 6.65
------ ------ ------ ------
Securities
U.S. Government Obligations 3,715 51 5.47 3,493 51 5.77
U.S. Government Agency
Obligations 381 6 6.44 1,073 18 6.73
Obligations of States and
Political Subdivisions 1,043 26 9.97 1,160 31 10.77
Other Securities,including
Trading Securities 1,754 22 5.02 1,459 20 5.53
------ ------ ------ ------
Total Securities 6,893 105 6.09 7,185 120 6.67
------ ------ ------ ------
Total Interest-Earning
Assets 40,823 638 6.22% 40,936 667 6.48%
------ ------
Allowance for Loan Losses (1,004) (1,046)
Cash and Due from Banks 2,924 2,490
Other Assets 4,592 4,731
------ ------
TOTAL ASSETS $47,335 $47,111
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts$ 3,619 22 2.37% $ 3,347 23 2.69%
Savings 8,427 47 2.24 7,951 52 2.60
Certificates of Deposit
$100,000 & Over 994 8 3.01 1,494 12 3.11
Other Time Deposits 2,417 26 4.32 2,735 32 4.69
Foreign Offices 8,362 65 3.10 9,408 93 3.94
------ ------ ------ ------
Total Interest-Bearing
Deposits 23,819 168 2.80 24,935 212 3.38
Federal Funds Purchased and
Securities Sold Under
Repurchase Agreements 3,566 26 2.87 3,559 26 2.92
Other Borrowed Funds 2,314 22 3.78 2,577 25 3.83
Long-Term Debt 1,719 30 6.86 1,586 27 6.73
------ ------ ------ ------
Total Interest-Bearing
Liabilities 31,418 246 3.10% 32,657 290 3.53%
------ ------
Noninterest-Bearing Deposits 9,364 8,369
Other Liabilities 2,547 2,387
Preferred Stock 295 430
Common Shareholders' Equity 3,711 3,268
------ ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $47,335 $47,111
======= =======
Net Interest Earnings
and Interest Rate Spread $392 3.12% $377 2.95%
====== ======
Net Yield on Interest-Earning
Assets 3.83% 3.67%
====== ======
<FN>
The above amounts for 1992 have been restated for the adoption of the
liability method of accounting for income taxes and for the acquisition of
National Community Banks, Inc. on August 11, 1993 which was accounted
for as a pooling of interests.
</TABLE>
<PAGE> 12.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
<CAPTION>
For the twelve For the twelve
months ended months ended
December 31, 1993 December 31, 1992
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
- ------
Interest-Bearing Deposits in
Banks (primarily foreign) $ 452 $ 24 5.42% $ 753 $ 76 10.14%
Federal Funds Sold and
Securities Purchased Under
Resale Agreements 3,149 97 3.06 2,379 85 3.54
Loans
Domestic Offices 20,257 1,547 7.64 18,659 1,459 7.82
Foreign Offices 10,170 485 4.77 11,686 651 5.57
------ ------ ------ ------
Total Loans 30,427 2,032 6.68 30,345 2,110 6.95
------ ------ ------ ------
Securities
U.S. Government Obligations 2,884 161 5.60 2,658 170 6.39
U.S. Government Agency
Obligations 848 54 6.39 953 70 7.40
Obligations of States and
Political Subdivisions 1,070 110 10.29 1,224 135 11.04
Other Securities, including
Trading Securities 1,550 78 5.06 1,367 108 7.88
------ ------ ------ ------
Total Securities 6,352 403 6.36 6,202 483 7.79
------ ------ ------ ------
Total Interest-Earning Assets 40,380 2,556 6.33% 39,679 2,754 6.94%
------ ------
Allowance for Loan Losses (1,045) (1,057)
Cash and Due from Banks 2,735 2,522
Other Assets 4,574 5,083
------ ------
TOTAL ASSETS $46,644 $46,227
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts $ 3,666 91 2.48% $ 3,468 108 3.11%
Savings 8,379 198 2.37 7,189 216 3.01
Certificates of Deposit
$100,000 & Over 1,189 36 3.00 1,709 64 3.75
Other Time Deposits 2,701 119 4.39 2,965 152 5.15
Foreign Offices 7,887 257 3.26 10,004 465 4.64
------ ------ ------ ------
Total Interest-Bearing
Deposits 23,822 701 2.94 25,335 1,005 3.97
Federal Funds Purchased and
Securities Sold Under
Repurchase Agreements 3,467 102 2.94 4,001 136 3.40
Other Borrowed Funds 2,348 86 3.66 2,045 85 4.13
Long-Term Debt 1,729 117 6.79 1,386 94 6.77
------ ------ ------ ------
Total Interest-Bearing
Liabilities 31,366 1,006 3.21% 32,767 1,320 4.03%
------ ------
Noninterest-Bearing Deposits 9,015 7,902
Other Liabilities 2,366 2,153
Preferred Stock 334 409
Common Shareholders' Equity 3,563 2,996
------ ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $46,644 $46,227
====== ======
Net Interest Earnings and
Interest Rate Spread $1,550 3.12% $1,434 2.91%
====== ======
Net Yield on Interest-Earning
Assets 3.84% 3.61%
==== ====
<FN>
The above amounts for 1992 have been restated for the adoption of the
liability method of accounting for income taxes and for the acquisition of
National Community Banks, Inc. on August 11, 1993 which was accounted for as
a pooling of interests.
</TABLE>
