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): July 14, 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)
ITEM 5. Other Events
------------
Second Quarter Financial Results
--------------------------------
On July 14, 1994 The Bank of New York
Company, Inc. (the "Company") issued a press
release containing unaudited interim financial
information and accompanying discussion for the
second quarter of 1994. 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 second quarter
of 1994 contained in the press
release dated July 14, 1994, of The
Bank of New York Company, Inc.
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: July 14, 1994
THE BANK OF NEW YORK COMPANY, INC.
(Registrant)
By: /s/ Robert E. Keilman
------------------------
Name: Robert E. Keilman
Title: Comptroller
EXHIBIT INDEX
Exhibit No. Description
99 Unaudited interim financial
information and accompanying
discussion for the second quarter
of 1994 contained in the press
release dated July 14, 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
FOR RELEASE: CONTACT:
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
------------------------------------------
87 CENTS SECOND QUARTER E.P.S., A 53% INCREASE OVER LAST YEAR
-------------------------------------------------------------
NEW YORK, N.Y., July 14, 1994 -- The Bank of New York Company, Inc.
reported second quarter net income of $176 million, which compares with
net income of $118 million in the second quarter of 1993, a 49% increase.
Fully diluted earnings per share in the second quarter of 1994 were 87
cents compared with 57 cents per share in the same period last year, an
increase of 53%. The second quarter E.P.S. compares with 87 cents in the
first quarter, which included a special net gain of 6 cents per share.
All per share figures are adjusted for the 2-for-1 common stock split
that was paid on May 13, 1994.
Net income in the first half of 1994 was $355 million, a 41% increase
over the $252 million earned in the first six months of 1993. Net income
was $1.74 per fully diluted share, a 43% increase over the $1.22 earned
last year.
<PAGE> 2.
Net interest income, on a taxable equivalent basis, totaled $421
million in the second quarter, an all-time high and a $33 million or 9%
increase over the second quarter of last year. The net interest rate
spread of 3.26%, also a quarterly record, was 8 basis points higher than
in the first quarter and 6 basis points higher than the second quarter of
1993. The Company also noted increased loan demand and a continued shift
in asset mix toward higher yielding assets. Credit card outstandings
continued to show strong growth. A lower provision for loan losses,
substantially lower other real estate expenses, as well as good
performance in the Company's securities and other processing business also
contributed to earnings. Operating expenses remained under tight control.
The Company's estimated Tier I capital and total capital ratios were
8.31% and 12.79% at June 30, 1994 compared with 8.28% and 12.89% at March
31, 1994, and 8.24% and 13.34% one year ago. Tangible common equity as
a percent of total assets was 6.49% at June 30, 1994 compared with 6.84%
at March 31, 1994 and 6.49% at June 30, 1993.
Return on average assets in the second quarter of 1994 was 1.42%,
slightly lower than the all-time high of 1.50% recorded in the first
quarter of 1994. Return on average assets was 1.03% in the second quarter
of 1993. Return on average common equity was 17.67% in the second quarter
of 1994, slightly lower than the record 18.55% achieved in the first
quarter of 1994. Return on average common equity was 12.65% in the second
quarter of 1993.
<PAGE> 3.
NONPERFORMING ASSETS
- - --------------------
(dollars in millions)
Change
2Q 1994 vs
6/30/94 3/31/94 1Q 1994
-------------------------------------
Loans:
HLT $ 51 $ 51 -
Commercial Real Estate 56 55 2%
Other Commercial 119 105 13
Foreign 31 24 29
LDC 74 95 (22)
Community Banking 82 118 (31)
----- -----
Total Loans 413 448 (8)
Other Real Estate 67 84 (20)
----- -----
Total $ 480 $ 532 (10)
===== =====
Nonperforming Asset Ratio 1.4% 1.6%
Allowance/Nonperforming
Loans 214.3 208.5
Allowance/Nonperforming
Assets 184.4 175.6
Nonperforming assets declined for the twelfth consecutive quarter.
They totaled $480 million at June 30, compared with $532 million at March
31, 1994, a decrease of $52 million or 10%. During the second quarter the
Company recorded a $43 million bulk sale of small nonperforming loans.
Nonperforming commercial real estate assets, which include other
real estate owned, declined to $123 million at June 30, 1994, a $16
million, or 12% decrease from $139 million at March 31, 1994.
<PAGE> 4.
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- - ---------------------------------------
(in millions)
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
1994 1994 1993 1994 1993
---- ---- ---- ---- ----
Regular Provision $ 39 $ 45 $ 86 $ 84 $179
---- ---- ---- ---- ----
Net Charge-offs:
HLT (8) - (6) (8) (13)
Commercial Real Estate (1) (5) (15) (6) (33)
Other Commercial (10) (20) (2) (30) (34)
Consumer (31) (39) (36) (70) (72)
Foreign (7) - (35) (7) (37)
Other (20) (19) (18) (39) (24)
---- ---- ---- ---- ----
Total (77) (83) (112) (160) (213)
Credit Card Securitization 4 2 - 6 -
---- ---- ---- ---- ----
Decrease in Regular
Allowance $(34) $(36) $(26) $(70) $(34)
==== ==== ==== ==== ====
Other Real Estate
Expense $ 2 $ 2 $ 31 $ 4 $ 40
The allowance for loan losses was $885 million, or 2.68% of loans at June
30, 1994 compared with $934 million, or 2.87% of loans at March 31, 1994.
In the second quarter of 1994, the Company charged-off $15 million of LDC
loans to Yugoslavia.
NET INTEREST INCOME
On a taxable equivalent basis, net interest income amounted to a
record $421 million in the second quarter of 1994, compared with $388
million in the same period of 1993, an increase of 9%. The net interest
rate spread was 3.26% in the second quarter of 1994 compared with 3.18%
in the first quarter of 1994 and 3.20% one year ago. The net yield on
interest earning assets was 3.98% in the second quarter of 1994 compared
<PAGE> 5.
with 3.89% in the first quarter of 1994 and 3.90% in the same period last
year. The spread and yield benefitted modestly from the return of a
portion of the Company's credit card securitization to its balance sheet.
For the first six months of 1994, net interest income, on a taxable
equivalent basis, amounted to $817 million compared with $768 million in
the same period of 1993, an increase of 6%. The year-to-date net interest
rate spread was 3.21% in 1994 compared with 3.15% in 1993, while the net
yield on interest-earning assets was 3.94% in 1994 and 3.86% in 1993.
The Company's credit card business continued its strong growth.
Managed outstandings were up by 22% to $6.7 billion and the number of card
accounts increased by 28% to 5.5 million from one year ago. The credit
quality of the card portfolio continues to be excellent. Net charge-offs
as a percentage of managed average outstandings were 2.86% in the second
quarter of 1994, down significantly from 3.13% in the first quarter and
3.28% one year ago.
NONINTEREST INCOME
Noninterest income was $321 million and $671 million in the second
quarter and first six months of 1994, compared with $347 million and $677
million in the same periods last year. Securities gains and foreign
exchange and other trading activities were lower in the second quarter and
six month periods of 1994 compared with 1993. The first quarter of 1994
and the second quarter of 1993 included pre-tax gains of $22 million and
$24 million, respectively, from the sale of a portion of the Company's
interest in Wing Hang Bank, Ltd.
Securities processing fees increased 16% to $88 million for the
second quarter of 1994 from $76 million in the second quarter of 1993.
Most areas contributed to the increase. Among the strongest were
corporate trust, government securities clearance, American depositary
<PAGE> 6.
receipts and mutual fund custody. Other processing fees, principally
funds transfer, deposit services, and trade finance, were $43 million for
the second quarter of 1994, compared with $39 million in the same period
last year, an increase of 10%.
For the first six months of 1994, securities processing fees
increased 15% to $175 million and other processing fees increased 10% to
$85 million, compared with $152 million and $77 million in the same period
of 1993.
Service charges and fees were $119 million in the second quarter of
1994, compared with $116 million in the second quarter of last year, an
increase of 3%. Areas of particular strength included syndications, trade
finance and factoring commissions. In the second quarter, noninterest
income attributable to the Company's credit card securitization was $6
million less than the comparable period of last year due to a portion of
these assets returning to the balance sheet. For the first half of 1994,
service charges and fees were $238 million compared with $229 million in
1993.
Securities gains were $4 million and $23 million in the second
quarters of 1994 and 1993; year-to-date securities gains totaled $16
million and $49 million in 1994 and 1993. Second quarter and year-to-date
foreign exchange profits and trading activities totaled $13 million and
$29 million in 1994, compared with $19 million and $42 million in 1993.
Other noninterest income includes a pre-tax gain of $22 million in
the first quarter of 1994 and a pre-tax gain of $24 million in the second
quarter of 1993, from the sale of portions of the Company's interest in
Wing Hang Bank, Ltd.
<PAGE> 7.
NONINTEREST EXPENSE AND INCOME TAXES
Total noninterest expense decreased 7% to $410 million in the second
quarter from $441 million in 1993. Year-to-date total noninterest expense
was $812 million in 1994 compared with $832 million in 1993.
Other real estate expense declined $29 million to $2 million in the
second quarter.
The Company recorded restructuring charges related to its National
Community Division of $3 million in the first quarter of 1994 and $35
million in the second quarter of 1993.
Most noninterest expense categories were down from the second quarter
of 1993. Excluding restructuring charges and the effect of factoring and
corporate trust acquisitions, salaries increased 4% in the second quarter
from the same period of last year. Profit-sharing increased to $16
million from $13 million in last year's second quarter. Other employee
benefits -- primarily incentive compensation and health care expenses --
were equal to the $42 million recorded in the second quarter of last year.
The effective tax rates for the second quarter and first six months
of 1994 was 37.4% in both periods compared with 39.5% and 38.1% for the
same periods 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 June 30: 1994 1993 Change
- - ----------------------------------- ---- ---- ------
<S> <C> <C> <C>
Net Income $ 176 $ 118 49.2%
Per Common Share:
Primary Earnings $ 0.92 $ 0.59 55.9
Fully Diluted Earnings 0.87 0.57 52.6
Cash Dividends 0.275 0.19 44.7
Return on Average Common Shareholders'
Equity 17.67% 12.65%
Return on Average Assets 1.42 1.03
For the Six Months Ended June 30: 1994 1993 Change
- - ----------------------------------- ---- ---- ------
<S> <C> <C> <C>
Net Income $ 355 $ 252 40.9%
Per Common Share:
Primary Earnings $ 1.85 $ 1.28 44.5
Fully Diluted Earnings 1.74 1.22 42.6
Cash Dividends 0.50 0.38 31.6
Return on Average Common Shareholders'
Equity 18.10% 13.83%
Return on Average Assets 1.46 1.10
As of June 30:
- - ---------------
Assets $52,345 $45,082 16.1%
Loans 33,071 30,245 9.3
Securities 4,588 5,057 -9.3
Deposits - Domestic 23,685 24,018 -1.4
- Foreign 10,758 7,543 42.6
Long-Term Debt 1,526 1,981 -23.0
Preferred Shareholders' Equity 135 296 -54.4
Common Shareholders' Equity 3,986 3,553 12.2
Common Shareholders' Equity Per Share 21.19 18.92 12.0
Market Value Per Share of Common Stock 28.88 29.69 -2.7
Allowance for Loan Losses as a Percent
of Loans 2.68% 3.43%
Tier I Capital Ratio 8.31 8.24
Total Capital Ratio 12.79 13.34
Leverage Ratio 7.67 7.69
Tangible Common Equity Ratio 6.49 6.49
</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 six
months ended months ended
June 30, June 30,
1994 1993 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Income
Loans $ 561 $ 502 $1,073 $1,009
Securities
Taxable 58 60 115 116
Exempt from Federal Income Taxes 15 18 30 37
----- ----- ----- -----
73 78 145 153
Deposits in Banks 15 6 23 14
Federal Funds Sold and Securities
Purchased Under Resale Agreements 35 25 54 52
Trading Assets 14 14 29 22
----- ----- ----- -----
Total Interest Income 698 625 1,324 1,250
----- ----- ----- -----
Interest Expense
Deposits 192 175 358 362
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 27 27 54 49
Other Borrowed Funds 44 19 68 41
Long-Term Debt 26 29 52 57
---- ---- ---- ----
Total Interest Expense 289 250 532 509
---- ---- ---- ----
Net Interest Income 409 375 792 741
Provision for Loan Losses 39 86 84 179
----- ----- ----- -----
Net Interest Income After
Provision for Loan Losses 370 289 708 562
----- ----- ----- -----
Noninterest Income
Processing Fees
Securities 88 76 175 152
Other 43 39 85 77
----- ----- ----- -----
131 115 260 229
Trust and Investment Fees 33 32 66 65
Service Charges and Fees 119 116 238 229
Securities Gains 4 23 16 49
Other 34 61 91 105
----- ----- ----- -----
Total Noninterest Income 321 347 671 677
----- ----- ----- -----
Noninterest Expense
Salaries and Employee Benefits 212 211 423 410
Net Occupancy 44 45 91 88
Furniture and Equipment 21 26 43 48
Other 133 159 255 286
----- ----- ----- -----
Total Noninterest Expense 410 441 812 832
----- ----- ----- -----
Income Before Income Taxes 281 195 567 407
Income Taxes 105 77 212 155
----- ----- ----- -----
Net Income $ 176 $ 118 $ 355 $ 252
===== ===== ===== =====
Net Income Available to
Common Shareholders $ 173 $ 111 $ 347 $ 238
===== ===== ===== =====
Per Common Share Data:
Primary Earnings $0.92 $0.59 $1.85 $1.28
Fully Diluted Earnings 0.87 0.57 1.74 1.22
Cash Dividends 0.275 0.19 0.50 0.38
Average Common Shares Outstanding 188 186 188 185
</TABLE>
<PAGE> 10.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Condition
(Unaudited)
(Dollars in millions, except per share amounts)
<CAPTION>
June 30, Dec. 31,
1994 1993
---- ----
<S> <C> <C>
Assets
Cash and Due from Banks $ 7,268 $ 4,511
Interest-Bearing Deposits in Banks 818 269
Securities:
Held to Maturity 2,998 4,356
Available for Sale 1,590 1,241
------- -------
Total Securities 4,588 5,597
Trading Assets at Fair Value 2,497 1,325
Federal Funds Sold and Securities Purchased
Under Resale Agreements 253 36
Loans (Less allowance for loan losses of $885 in
1994 and $970 in 1993) 32,186 29,600
Premises and Equipment 926 945
Due from Customers on Acceptances 1,223 888
Accrued Interest Receivable 234 222
Other Assets 2,352 2,153
------- -------
Total Assets $52,345 $45,546
======= =======
Liabilities and Shareholders' Equity
Deposits
Noninterest-Bearing (principally domestic offices) $ 8,756 $ 8,690
Interest-Bearing
Domestic Offices 14,981 15,156
Foreign Offices 10,706 8,313
------- -------
Total Deposits 34,443 32,159
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 2,231 2,711
Other Borrowed Funds 7,323 2,781
Acceptances Outstanding 1,223 901
Accrued Taxes and Other Expenses 862 763
Accrued Interest Payable 180 111
Other Liabilities 436 458
Long-Term Debt 1,526 1,590
------- -------
Total Liabilities 48,224 41,474
------- -------
Shareholders' Equity
Preferred Stock-no par value, authorized 5,000,000
shares, outstanding 184,000 shares in 1994 and
3,648,100 shares in 1993 111 267
Class A Preferred Stock - par value $2.00 per share,
authorized 5,000,000 shares, outstanding 954,127
shares in 1994 and 1,085,415 shares in 1993 24 27
Common Stock-par value $7.50 per share, authorized
350,000,000 shares, issued 188,533,102 shares in
1994 and 187,400,962 shares in 1993 1,414 1,406
Additional Capital 846 841
Retained Earnings 1,770 1,536
Securities Valuation Allowance (24) -
------- -------
4,141 4,077
Less: Treasury Stock (699,196 shares in
1994 and 173,198 shares in 1993), at cost 20 5
------- -------
Total Shareholders' Equity 4,121 4,072
------- -------
Total Liabilities and Shareholders' Equity $52,345 $45,546
======= =======
</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
June 30, 1994 June 30, 1993
------------------------- -------------------------
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) $ 1,248 $ 15 4.96% $ 406 $ 6 5.77%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 3,508 35 3.98 3,358 25 3.03
Loans
Domestic Offices 21,236 430 8.12 19,806 383 7.76
Foreign Offices 10,264 132 5.17 10,025 121 4.84
------ ------ ------ -----
Total Loans 31,500 562 7.16 29,831 504 6.78
------ ------ ------ -----
Securities
U.S. Government Obligations 3,207 44 5.46 2,386 34 5.76
U.S. Government Agency
Obligations 336 5 6.52 1,239 20 6.30
Obligations of States and
Political Subdivisions 969 23 9.55 1,080 28 10.27
Other Securities,including
Trading Securities 1,712 26 5.96 1,611 21 5.28
------ ------ ------ -----
Total Securities 6,224 98 6.29 6,316 103 6.52
------ ------ ------ -----
Total Interest-Earning
Assets 42,480 710 6.71% 39,911 638 6.41%
------ -----
Allowance for Loan Losses (934) (1,062)
Cash and Due from Banks 2,754 2,580
Other Assets 5,620 4,606
------ ------
TOTAL ASSETS $49,920 $46,035
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
- - ------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts$ 3,599 25 2.74% $ 3,703 23 2.52%
Savings 8,303 46 2.22 8,383 50 2.39
Certificates of Deposit
$100,000 & Over 798 7 3.36 1,268 9 2.89
Other Time Deposits 2,268 22 4.02 2,833 31 4.35
Foreign Offices 9,826 92 3.74 7,551 62 3.28
------ ------ ------ -----
Total Interest-Bearing
Deposits 24,794 192 3.10 23,738 175 2.95
Federal Funds Purchased and
Securities Sold Under
Repurchase Agreements 3,025 27 3.60 3,664 27 2.92
Other Borrowed Funds 4,188 44 4.23 2,070 19 3.77
Long-Term Debt 1,533 26 6.74 1,712 29 6.70
------ ------ ------ -----
Total Interest-Bearing
Liabilities 33,540 289 3.45% 31,184 250 3.21%
------ -----
Noninterest-Bearing Deposits 8,679 8,631
Other Liabilities 3,629 2,347
Preferred Stock 137 345
Common Shareholders' Equity 3,935 3,528
------ ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $49,920 $46,035
======= =======
Net Interest Earnings
and Interest Rate Spread $421 3.26% $388 3.20%
====== ======
Net Yield on Interest-Earning
Assets 3.98% 3.90%
====== =====
</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 six For the six
months ended months ended
June 30, 1994 June 30, 1993
------------------------- --------------------------
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) $ 907 $ 23 5.09% $ 490 $ 14 5.60%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,979 54 3.67 3,438 52 3.06
Loans
Domestic Offices 21,272 828 7.85 19,826 762 7.75
Foreign Offices 10,135 248 4.93 10,298 250 4.90
------ ------ ------ ------
Total Loans 31,407 1,076 6.91 30,124 1,012 6.78
------ ------ ------ ------
Securities
U.S. Government Obligations 3,446 92 5.38 2,354 68 5.80
U.S. Government Agency
Obligations 351 11 6.47 1,179 38 6.38
Obligations of States and
Political Subdivisions 996 48 9.55 1,107 57 10.38
Other Securities,including
Trading Securities 1,767 45 5.13 1,390 36 5.22
------ ------ ------ ------
Total Securities 6,560 196 6.00 6,030 199 6.62
------ ------ ------ ------
Total Interest-Earning
Assets 41,853 1,349 6.50% 40,082 1,277 6.42%
------ ------
Allowance for Loan Losses (952) (1,068)
Cash and Due from Banks 2,876 2,642
Other Assets 5,369 4,627
------ ------
TOTAL ASSETS $49,146 $46,283
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
- - ------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts$ 3,612 47 2.60% $ 3,701 47 2.55%
Savings 8,343 91 2.20 8,330 101 2.45
Certificates of Deposit
$100,000 & Over 841 13 3.21 1,340 20 3.04
Other Time Deposits 2,268 47 4.20 2,892 64 4.41
Foreign Offices 9,286 160 3.48 7,785 130 3.37
------ ------ ------ ------
Total Interest-Bearing
Deposits 24,350 358 2.97 24,048 362 3.03
Federal Funds Purchased and
Securities Sold Under
Repurchase Agreements 3,367 54 3.22 3,312 49 2.95
Other Borrowed Funds 3,403 68 4.00 2,322 41 3.60
Long-Term Debt 1,545 52 6.80 1,704 57 6.72
------ ------ ------ ------
Total Interest-Bearing
Liabilities 32,665 532 3.29% 31,386 509 3.27%
------ ------
Noninterest-Bearing Deposits 9,057 8,747
Other Liabilities 3,369 2,311
Preferred Stock 189 373
Common Shareholders' Equity 3,866 3,466
------ ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $49,146 $46,283
======= =======
Net Interest Earnings
and Interest Rate Spread $817 3.21% $768 3.15%
====== ======
Net Yield on Interest-Earning
Assets 3.94% 3.86%
====== ======
</TABLE>
