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): October 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
------------
Third Quarter Financial Results
--------------------------------
On October 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
third 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 third quarter
of 1994 contained in the press
release dated October 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: October 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 third quarter
of 1994 contained in the press
release dated October 13, 1994, of The
Bank of New York Company, Inc.
<PAGE> 1.
EXHIBIT 99
THE BANK OF NEW YORK COMPANY, INC. NEWS
48 Wall Street, New York, N.Y. 10286
------------------------------------
Contact:
PUBLIC AND INVESTOR RELATIONS DEPT.
FOR RELEASE:
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 NET INCOME AND E.P.S.
-----------------------------------------------------------------------
96 Cents Third Quarter E.P.S. a 30% Increase Over Last Year;
Interest Spreads and 18.68% ROE Also Records
NEW YORK, N.Y., October 13, 1994 -- The Bank of New York Company, Inc.
(NYSE: BK) reported third quarter fully diluted earnings per share of 96
cents, a 30% increase over the 74 cents earned in the third quarter of
1993. Net income rose by 28% to $194 million from $151 million earned in
the same period last year.
Fully diluted earnings per share in the first nine months of 1994
were $2.70, a 38% increase over the $1.96 earned last year. Net income
for the first nine months was $548 million, up 36% over the $402 million
earned in the same period last year.
<PAGE> 2.
Net interest income, on a taxable equivalent basis, totaled $459
million in the third quarter, an all-time high, and a $70 million or 18%
increase over the third quarter of last year. Tax equivalent net interest
income also was up significantly from the second quarter, as it increased
by $38 million, or 9%. The net interest rate spread of 3.35%, also a
quarterly record, was 9 basis points higher than in the second quarter and
26 basis points higher than the third quarter of 1993. The Company also
noted a continued shift in asset mix toward higher yielding assets,
including strong growth in credit card outstandings. Revenues from the
Company's securities and other processing business remained strong. A
lower provision for loan losses, lower other real estate expenses, and
continued control of operating costs contributed to higher earnings.
On October 11, the Company's Board of Directors declared a quarterly
common stock cash dividend of 32 cents per share, a 16% increase over the
27.5 cents paid in the previous quarter. The increase results in an
annual rate of $1.28 per share, the highest in the Company's history.
This is the second increase in the common stock dividend in the last six
months. (On April 12, the dividend was raised 22% or 5 cents per share.)
Combined, these two actions have resulted in an increase in the quarterly
dividend of 42% or 9.5 cents per share. The dividend is payable on
November 3, 1994 to holders of record as of the close of business on
October 21, 1994.
The Company's estimated Tier I capital and Total capital ratios were
8.38% and 12.79% at September 30, 1994 compared with 8.29% and 12.76% at
June 30, 1994, and 8.51% and 13.33% one year ago. Tangible common equity
<PAGE> 3.
as a percent of total assets was 6.99% at September 30, 1994 compared with
6.49% at June 30, 1994 and 6.72% at September 30, 1993.
Return on average assets in the third quarter of 1994 was 1.49%,
slightly lower than the record 1.50% in the first quarter of 1994. Return
on average assets was 1.42% in the second quarter of 1994 and 1.28% in the
third quarter of 1993. Return on average common equity was a record
18.68% in the third quarter of 1994. Return on average common equity was
17.67% in the second quarter of 1994 and 15.95% in the third quarter of
1993.
NET INTEREST INCOME
- -------------------
(in millions)
1994 1993
------------------------- ----------------
3rd 2nd 1st 4th 3rd
Quarter Quarter Quarter Quarter Quarter
------- ------- ------- ------- -------
Net Interest Income $459 $421 $396 $392 $389
Net Interest Rate Spread 3.35% 3.26% 3.18% 3.12% 3.09%
Net Yield on Interest
Earning Assets 4.16% 3.98% 3.89% 3.83% 3.81%
On a taxable equivalent basis, net interest income amounted to a
record $459 million in the third quarter of 1994, compared with $389
million in the same period of 1993, an increase of 18%. The net interest
rate spread was a record 3.35% in the third quarter of 1994 compared with
3.26% in the second quarter of 1994 and 3.09% one year ago. The net yield
on interest earning assets, also a record, was 4.16% in the third quarter
of 1994 compared with 3.98% in the second quarter of 1994 and 3.81% 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
<PAGE> 4.
balance sheet.
For the first nine months of 1994, net interest income, on a taxable
equivalent basis, amounted to $1,277 million compared with $1,157 million
in the same period of 1993, an increase of 10%. The year-to-date net
interest rate spread was 3.26% in 1994 compared with 3.13% in 1993, while
the net yield on interest-earning assets was 4.01% in 1994 and 3.85% in
1993.
The Company's credit card business continued its strong growth.
Managed outstandings were up by 24% to $7.2 billion and the number of card
accounts increased by 27% to 5.7 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 2.45% in the third
quarter of 1994, down from 2.86% in the second quarter and 2.97% one year
ago.
NONINTEREST INCOME
- ------------------
Noninterest income was $321 million and $991 million in the third
quarter and first nine months of 1994, compared with $335 million and
$1,011 million in the same periods last year. Securities transactions and
foreign exchange and other trading activities were lower in the third
quarter and nine month periods of 1994 compared with 1993.
Securities processing fees increased 15% to $90 million for the third
quarter of 1994 from $78 million in the third quarter of 1993. American
depositary receipts showed exceptional growth. Other areas of strength
included mutual fund custody, government securities clearance and
corporate trust. Other processing fees, principally funds transfer,
<PAGE> 5.
deposit services, and trade finance, were $43 million for the third
quarter of 1994, compared with $42 million in the same period last year,
an increase of 2%. Trade finance revenue was particularly strong,
increasing by 16% over last year's third quarter. Fees in the funds
transfer and deposit services areas were lower this quarter. This was due
to customers' increasing use of compensating balances in lieu of fees in
the current rising interest rate environment.
For the first nine months of 1994, securities processing fees
increased 16% to $268 million and other processing fees increased 8% to
$129 million, up from $231 million and $119 million in the same period of
1993.
Service charges and fees were $122 million in the third quarter of
1994, compared with $115 million in the third quarter of last year, an
increase of 6%. Factoring commissions reached a record level. Other
areas of strength included syndications and credit card interchange
income. In the third quarter, noninterest income attributable to the
Company's credit card securitization was $11 million less than the
comparable period of last year due to a portion of these assets returning
to the balance sheet. For the first nine months of 1994, service charges
and fees were $356 million compared with $344 million in 1993.
There was a $1 million securities loss recorded in the third quarter
of 1994, compared with a $12 million gain in the third quarter of 1993.
Year-to-date securities gains totaled $15 million and $60 million in 1994
and 1993. Third quarter and year-to-date foreign exchange profits and
trading activities totaled $10 million and $39 million in 1994, compared
with $22 million and $64 million in 1993.
<PAGE> 6.
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense was $420 million in the third quarter
compared with $405 million in 1993. The increase is partially
attributable to acquisitions related to the Company's factoring and
corporate trust businesses, as well as higher accruals for incentive
compensation. Year-to-date total noninterest expense was $1,232 million
in 1994 down slightly from $1,238 million in 1993.
OREO expense was down by $7 million, or 70% from last year's third
quarter. Decreases also were recorded in occupancy and furniture and
equipment expenses, which were down by a combined $2.4 million, or 3.5%.
Excluding the effect of the acquisitions, salaries increased 4% in the
third quarter from the same period of last year.
The effective tax rates for the third quarter and first nine months
of 1994 were 37.4% in both periods compared with 39.8% and 38.7% for the
same periods last year.
<PAGE> 7.
NONPERFORMING ASSETS
- --------------------
(dollars in millions)
Change
3Q 1994 vs
9/30/94 6/30/94 2Q 1994
-------------------------------------
Loans:
HLT $ 30 $ 51 (41)%
Commercial Real Estate 50 56 (11)
Other Commercial 79 119 (34)
Foreign 34 31 10
LDC 60 74 (19)
Community Banking 86 82 5
----- -----
Total Loans 339 413 (18)
Other Real Estate 64 67 (4)
----- -----
Total $ 403 $ 480 (16)
===== =====
Nonperforming Asset Ratio 1.2% 1.4%
Allowance/Nonperforming
Loans 246.0 214.3
Allowance/Nonperforming
Assets 206.9 184.4
Nonperforming assets showed a substantial decline. This was the
thirteenth consecutive quarter of decreases. NPAs totaled $403 million
at September 30, compared with $480 million at June 30, 1994, a decrease
of $77 million or 16%.
Nonperforming commercial real estate assets, which include other
real estate owned, declined to $114 million at September 30, 1994, a $9
million, or 7% decrease from $123 million at June 30, 1994.
<PAGE> 8.
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
(in millions)
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
1994 1994 1993 1994 1993
---- ---- ---- ---- ----
Regular Provision $ 39 $ 39 $ 55 $123 $234
---- ---- ---- ---- ----
Net Charge-offs:
HLT (24) (8) (12) (32) (25)
Commercial Real Estate - (1) (7) (5) (40)
Other Commercial (21) (10) (19) (51) (53)
Consumer (38) (31) (31) (108) (103)
Foreign (6) (7) (2) (14) (39)
Other (2) (20) (10) (42) (34)
---- ---- ---- ---- ----
Total (91) (77) (81) (252) (294)
Credit Card Securitization 5 4 - 11 -
---- ---- ---- ---- ----
Decrease in Regular
Allowance $(47) $(34) $(26) $(118) $(60)
==== ==== ==== ==== ====
Other Real Estate
Expense $ 3 $ 2 $ 10 $ 7 $ 49
The allowance for loan losses was $834 million, or 2.56% of loans at
September 30, 1994 compared with $885 million, or 2.68% of loans at June
30, 1994. In the third quarter of 1994, the Company charged-off $4
million of LDC loans to Bulgaria.
***************************
(Financial highlights and detailed financial statements are attached.)
<PAGE> 9.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Financial Highlights
(Unaudited)
(Dollars in millions, except per share amounts)
<CAPTION>
For the Three Months Ended September 30: 1994 1993 Change
- ----------------------------------- ---- ---- ------
<S> <C> <C> <C>
Net Income $ 194 $ 151 28.5%
Per Common Share:
Primary Earnings $ 1.01 $ 0.78 29.5
Fully Diluted Earnings 0.96 0.74 29.7
Cash Dividends 0.275 0.225 22.2
Return on Average Common Shareholders'
Equity 18.68% 15.95%
Return on Average Assets 1.49 1.28
For the Nine Months Ended September 30:
- ---------------------------------------
Net Income $ 548 $ 402 36.3%
Per Common Share:
Primary Earnings $ 2.86 $ 2.06 38.8
Fully Diluted Earnings 2.70 1.96 37.8
Cash Dividends 0.775 0.605 28.1
Return on Average Common Shareholders'
Equity 18.30% 14.56%
Return on Average Assets 1.47 1.16
As of September 30:
- -------------------
Assets $50,306 $45,544 10.5%
Loans 32,569 30,368 7.2
Securities 4,813 5,394 -10.8
Deposits - Domestic 24,274 23,721 2.3
- Foreign 9,985 8,002 24.8
Long-Term Debt 1,476 1,740 -15.2
Preferred Shareholders' Equity 126 296 -57.4
Common Shareholders' Equity 4,095 3,667 11.7
Common Shareholders' Equity Per Share 21.78 19.49 11.7
Market Value Per Share of Common Stock 29.62 28.31 4.6
Allowance for Loan Losses as a Percent
of Loans 2.56% 3.31%
Tier I Capital Ratio 8.38 8.51
Total Capital Ratio 12.79 13.33
Leverage Ratio 7.65 7.85
Tangible Common Equity Ratio 6.99 6.72
</TABLE>
<PAGE> 10.
<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 nine
months ended months ended
September 30, September 30,
1994 1993 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Income
Loans $ 632 $ 509 $1,705 $1,518
Securities
Taxable 54 57 169 174
Exempt from Federal Income Taxes 13 17 43 53
----- ----- ----- -----
67 74 212 227
Deposits in Banks 22 6 45 19
Federal Funds Sold and Securities
Purchased Under Resale Agreements 53 25 107 77
Trading Assets 9 14 38 36
----- ----- ----- -----
Total Interest Income 783 628 2,107 1,877
----- ----- ----- -----
Interest Expense
Deposits 225 170 583 532
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 25 28 79 76
Other Borrowed Funds 59 23 127 64
Long-Term Debt 26 31 78 88
---- ---- ----- -----
Total Interest Expense 335 252 867 760
---- ---- ----- -----
Net Interest Income 448 376 1,240 1,117
Provision for Loan Losses 39 55 123 234
----- ----- ----- -----
Net Interest Income After
Provision for Loan Losses 409 321 1,117 883
----- ----- ----- -----
Noninterest Income
Processing Fees
Securities 90 78 268 231
Other 43 42 129 119
----- ----- ----- -----
133 120 397 350
Trust and Investment Fees 33 32 99 97
Service Charges and Fees 122 115 356 344
Securities Gains (Losses) (1) 12 15 60
Other 34 56 124 160
----- ----- ----- -----
Total Noninterest Income 321 335 991 1,011
----- ----- ----- -----
Noninterest Expense
Salaries and Employee Benefits 219 202 642 614
Net Occupancy 44 46 135 134
Furniture and Equipment 22 23 65 71
Other 135 134 390 419
----- ----- ----- -----
Total Noninterest Expense 420 405 1,232 1,238
----- ----- ----- -----
Income Before Income Taxes 310 251 876 656
Income Taxes 116 100 328 254
----- ----- ----- -----
Net Income $ 194 $ 151 $ 548 $ 402
===== ===== ===== =====
Net Income Available to
Common Shareholders $ 191 $ 145 $ 538 $ 383
===== ===== ===== =====
Per Common Share Data:
Primary Earnings $1.01 $0.78 $2.86 $2.06
Fully Diluted Earnings 0.96 0.74 2.70 1.96
Cash Dividends 0.275 0.225 0.775 0.605
Average Common Shares Outstanding 188 186 188 186
</TABLE>
<PAGE> 11.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Condition
(Unaudited)
(Dollars in millions, except per share amounts)
<CAPTION>
Sept. 30, Dec. 31,
1994 1993
---- ----
<S> <C> <C>
Assets
Cash and Due from Banks $ 3,021 $ 4,511
Interest-Bearing Deposits in Banks 738 269
Securities:
Held to Maturity 2,956 4,356
Available for Sale 1,857 1,241
------- -------
Total Securities 4,813 5,597
Trading Assets 1,419 1,325
Federal Funds Sold and Securities Purchased
Under Resale Agreements 3,957 36
Loans (Less allowance for loan losses of $834 in
1994 and $970 in 1993) 31,735 29,600
Premises and Equipment 918 945
Due from Customers on Acceptances 1,007 888
Accrued Interest Receivable 240 222
Other Assets 2,458 2,153
------- -------
Total Assets $50,306 $45,546
======= =======
Liabilities and Shareholders' Equity
Deposits
Noninterest-Bearing (principally domestic offices) $ 9,536 $ 8,690
Interest-Bearing
Domestic Offices 14,796 15,156
Foreign Offices 9,927 8,313
------- -------
Total Deposits 34,259 32,159
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,473 2,711
Other Borrowed Funds 6,253 2,781
Acceptances Outstanding 1,008 901
Accrued Taxes and Other Expenses 970 763
Accrued Interest Payable 179 111
Other Liabilities 467 458
Long-Term Debt 1,476 1,590
------- -------
Total Liabilities 46,085 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 587,804
shares in 1994 and 1,085,415 shares in 1993 15 27
Common Stock-par value $7.50 per share, authorized
350,000,000 shares, issued 186,619,158 shares in
1994 and 187,400,962 shares in 1993 1,422 1,406
Additional Capital 855 841
Retained Earnings 1,910 1,536
Securities Valuation Allowance (35) -
------- -------
4,278 4,077
Less: Treasury Stock (1,840,897 shares in
1994 and 173,198 in 1993), at cost 57 5
------- -------
Total Shareholders' Equity 4,221 4,072
------- -------
Total Liabilities and Shareholders' Equity $50,306 $45,546
======= =======
</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 three For the three
months ended months ended
September 30, 1994 September 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) $ 1,739 $ 22 5.09% $ 412 $ 6 5.32%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 4,617 53 4.55 3,184 25 3.09
Loans
Domestic Offices 21,991 487 8.78 20,465 393 7.61
Foreign Offices 10,011 147 5.83 10,020 118 4.66
------ ------ ------ ------
Total Loans 32,002 634 7.86 30,485 511 6.64
------ ------ ------ ------
Securities
U.S. Government Obligations 2,867 40 5.59 3,094 42 5.45
U.S. Government Agency
Obligations 327 5 6.53 664 10 6.29
Obligations of States and
Political Subdivisions 804 21 10.49 1,028 27 10.39
Other Securities,including
Trading Securities 1,430 19 5.17 1,659 20 4.85
------ ------ ------ ------
Total Securities 5,428 85 6.26 6,445 99 6.17
------ ------ ------ ------
Total Interest-Earning
Assets 43,786 794 7.20% 40,526 641 6.27%
------ ------
Allowance for Loan Losses (886) (1,042)
Cash and Due from Banks 2,743 2,730
Other Assets 5,909 4,448
------ ------
TOTAL ASSETS $51,552 $46,662
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts$ 3,521 28 3.16% $ 3,643 22 2.45%
Savings 8,145 47 2.30 8,428 49 2.33
Certificates of Deposit
$100,000 & Over 1,121 12 4.17 1,087 8 2.90
Other Time Deposits 2,271 24 4.15 2,607 30 4.42
Foreign Offices 10,645 114 4.27 7,613 61 3.21
------ ------ ------ ------
Total Interest-Bearing
Deposits 25,703 225 3.48 23,378 170 2.89
Federal Funds Purchased and
Securities Sold Under
Repurchase Agreements 2,385 25 4.10 3,672 28 2.98
Other Borrowed Funds 5,009 59 4.70 2,434 23 3.65
Long-Term Debt 1,493 26 6.88 1,791 31 6.77
------ ------ ------ ------
Total Interest-Bearing
Liabilities 34,590 335 3.85% 31,275 252 3.18%
------ ------
Noninterest-Bearing Deposits 8,740 9,193
Other Liabilities 4,039 2,292
Preferred Stock 128 296
Common Shareholders' Equity 4,055 3,606
------ ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $51,552 $46,662
======= =======
Net Interest Earnings
and Interest Rate Spread $459 3.35% $389 3.09%
====== ======
Net Yield on Interest-Earning
Assets 4.16% 3.81%
====== ======
</TABLE>
<PAGE> 13.
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
<CAPTION>
For the nine For the nine
months ended months ended
September 30, 1994 September 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) $ 1,188 $ 45 5.09% $ 464 $ 19 5.52%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 3,531 107 4.06 3,352 77 3.07
Loans
Domestic Offices 21,514 1,315 8.17 20,041 1,155 7.70
Foreign Offices 10,093 395 5.23 10,205 368 4.82
------ ------ ------ ------
Total Loans 31,607 1,710 7.23 30,246 1,523 6.73
------ ------ ------ ------
Securities
U.S. Government Obligations 3,251 132 5.44 2,604 110 5.66
U.S. Government Agency
Obligations 343 17 6.49 1,006 48 6.37
Obligations of States and
Political Subdivisions 931 69 9.83 1,080 84 10.39
Other Securities,including
Trading Securities 1,653 64 5.15 1,481 56 5.08
------ ------ ------ ------
Total Securities 6,178 282 6.08 6,171 298 6.46
------ ------ ------ ------
Total Interest-Earning
Assets 42,504 2,144 6.74% 40,233 1,917 6.37%
------ ------
Allowance for Loan Losses (930) (1,059)
Cash and Due from Banks 2,831 2,672
Other Assets 5,552 4,565
------ ------
TOTAL ASSETS $49,957 $46,411
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts$ 3,582 75 2.79% $ 3,682 69 2.52%
Savings 8,276 138 2.24 8,363 151 2.41
Certificates of Deposit
$100,000 & Over 936 25 3.60 1,255 28 3.00
Other Time Deposits 2,269 71 4.18 2,796 92 4.41
Foreign Offices 9,744 274 3.77 7,727 192 3.32
------ ------ ------ ------
Total Interest-Bearing
Deposits 24,807 583 3.15 23,823 532 2.99
Federal Funds Purchased and
Securities Sold Under
Repurchase Agreements 3,036 79 3.45 3,433 76 2.96
Other Borrowed Funds 3,944 127 4.30 2,359 64 3.61
Long-Term Debt 1,527 78 6.83 1,733 88 6.73
------ ------ ------ ------
Total Interest-Bearing
Liabilities 33,314 867 3.48% 31,348 760 3.24%
------ ------
Noninterest-Bearing Deposits 8,950 8,897
Other Liabilities 3,594 2,306
Preferred Stock 169 347
Common Shareholders' Equity 3,930 3,513
------ ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $49,957 $46,411
======= =======
Net Interest Earnings
and Interest Rate Spread $1,277 3.26% $1,157 3.13%
====== ======
Net Yield on Interest-Earning
Assets 4.01% 3.85%
====== ======
</TABLE>
