<PAGE> 1
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 16, 1995
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 16, 1995 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 1995. 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 1995 contained in the press
release dated October 16, 1995, 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 16, 1995
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 1995 contained in the press
release dated October 16, 1995, 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, NY 10286
Contact:
For Release: PUBLIC AND INVESTOR RELATIONS DEPT.
IMMEDIATELY Paul J. Leyden, SVP
- ----------- (212) 495-1041
Andrew M. Merrill, VP
(212) 495-1721
Gregory A. Burton, AT
(212) 495-1619
THE BANK OF NEW YORK COMPANY, INC. REPORTS
RECORD THIRD QUARTER EPS, RETURN ON ASSETS, SPREADS, AND YIELDS
---------------------------------------------------------------
Third Quarter EPS Rises 16% to $1.11;
ROA 1.78%; Spread 3.47%; Yield 4.61%
NEW YORK, N.Y., October 16, 1995 -- The Bank of New York Company, Inc.
(NYSE: BK) reported record third quarter fully diluted earnings per share
of $1.11, a 16% increase over the 96 cents earned in the third quarter of
1994. Net income rose by 21% to $234 million from $194 million earned in
the same period last year. Earnings per share, on a fully diluted basis,
was $3.19 for the first nine months of 1995 compared with $2.70 in 1994.
Net income for the first nine months was $673 million, an increase of 23%
over last year's $548 million. Earnings per share for the third quarter
and first nine months of 1995 were reduced by $.05 and $.15, respectively
for the dilutive effect of stock warrants.
Net interest income, on a taxable equivalent basis, was a record $521
million in the third quarter, a $62 million or 14% increase over the third
<PAGE> 2
quarter of last year. Loan demand continued to strengthen, particularly
in corporate lending across the United States, in the middle market, and
in most of the special industry lending areas. The net interest rate
spread and yield set records in the third quarter. Also in the third
quarter, the Company took in a $47 million gain from the balance of the
sale of the ARCS Mortgage portfolio. All of this gain was reflected in
the higher than normal loan loss provision. Revenues from the Company's
securities processing business grew 14% over the third quarter of 1994 and
were once again led by strong performances from ADRs, corporate trust,
mutual funds custody, and master trust. Other processing fees grew 12%
over the same period lead by increases in trade finance and funds transfer
revenues. Expenses remained under tight control, up only 1%. The Putnam
Trust Company acquisition was effective for only one month.
Return on average assets for the third quarter was a record 1.78%
versus 1.68% in the second quarter of 1995 and 1.49% in the third quarter
of 1994. Return on average common equity was 19.28% in the third quarter
of 1995, compared with 19.85% in the second quarter of 1995 and 18.68% in
the third quarter of last year.
The Company's estimated Tier 1 capital and Total capital ratios were
8.86% and 13.59% at September 30, 1995 compared with 8.62% and 13.20% at
June 30, 1995, and 8.43% and 12.86% at September 30, 1994. Tangible
common equity as a percent of total assets was 8.55% at September 30, 1995
compared with 7.67% at June 30, 1995 and 6.99% one year ago.
<PAGE> 3
NET INTEREST INCOME
- -------------------
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 1995 1995 1994 1995 1994
----------------------------- ------------------
Net Interest Income $521 $514 $459 $1,538 $1,277
Net Interest Rate
Spread 3.47% 3.34% 3.35% 3.41% 3.26%
Net Yield on Interest-
Earning Assets 4.61 4.45 4.16 4.52 4.01
On a taxable equivalent basis, net interest income amounted to a
record $521 million in the third quarter of 1995, compared with $459
million in the same period of 1994, an increase of 14%. The net interest
rate spread was a record 3.47% in the third quarter of 1995 compared with
3.34% in the second quarter of 1995 and 3.35% one year ago. The net yield
on interest-earning assets was also a record at 4.61% compared with 4.45%
in the second quarter of 1995 and 4.16% in last year's third quarter.
For the first nine months of 1995, net interest income, on a taxable
equivalent basis, amounted to $1,538 million compared with $1,277 million
in the same period of 1994, an increase of 20%. The year-to-date net
interest rate spread was 3.41% in 1995 compared with 3.26% in 1994, while
the net yield on interest-earning assets was 4.52% in 1995 and 4.01% in
1994.
Growth in the Company's credit card business continued. Compared
with last year's third quarter, managed outstandings were up 11% to $8.0
billion from $7.2 billion. Results were not impacted by the introduction,
on September 14, 1995, of the Company's first co-branded credit card,
which was issued in conjunction with Toys"R"Us (registered trademark).
<PAGE> 4
NONINTEREST INCOME
- ------------------
3rd Quarter Year-to-date
----------- ------------
(In millions) 1995 1994 1995 1994
---------------- ----------------
Processing Fees
Securities $103 $ 90 $ 303 $268
Other 48 43 140 129
---- ---- ------ ----
151 133 443 397
Trust and Investment Fees 33 34 97 101
Income from Credit Card
Securitization - 9 3 33
Other Service Charges and Fees 103 112 322 321
Securities Gains (Losses) 17 (1) 37 15
Foreign Exchange and
Other Trading Activities 18 10 43 39
Other 83 24 128 85
---- ---- ------ ----
Total Noninterest Income $405 $321 $1,073 $991
==== ==== ====== ====
Securities processing fees increased 14% to $103 million compared to
$90 million in the third quarter of 1994. In the first nine months of
1995 securities processing fees were $303 million compared to $268 million
in 1994. The strongest performers in securities processing continue to
be ADRs, corporate trust, mutual funds custody and master trust. In other
processing, trade finance revenue increased by 12% over the third quarter
of last year and in funds transfer, total revenues including balance
equivalents were up 17%. Credit card interchange income also showed
substantial strength. Foreign exchange and other trading activity
increased $8 million, or 80%, over the third quarter of 1994.
The pre-tax gain of $47 million from the sale of the ARCS Mortgage
<PAGE> 5
Inc. servicing portfolio was included in other noninterest income in the
third quarter and was completely offset by a comparable increase in the
loan loss provision. This brings the total gain from the sale of ARCS to
$58 million. As a result of the sale of ARCS, other service charges and
fees declined by $7 million in the third quarter of 1995. Other
noninterest income in the first nine months of 1994 included a $22 million
pre-tax gain on the sale of a portion of the Company's interest in Wing
Hang Bank, Ltd.
The return of the securitized credit card receivables to the balance
sheet reduced noninterest income by $9 million and $30 million compared
to the third quarter and first nine months of last year.
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
The Company continued to control expenses in the third quarter of
1995. Total noninterest expense was up only 1% to $424 million from $420
million in the same period last year. Year-to-date noninterest expense
was $1,265 million compared with $1,232 million in 1994. Salaries and
employee benefits increased 6% in the third quarter to $232 million from
$219 million in the same period last year due in part to acquisitions in
the Company's securities processing businesses and to the purchase of
Putnam Trust Company on September 1, 1995.
Excluding the ARCS gain, the efficiency ratio for the third quarter
improved to 49.1%. This ratio was 49.7% in the second quarter of 1995 and
53.4% in the third quarter of 1994.
The effective tax rates for the third quarter and first nine months
of 1995 were 38.4% and 38.3% compared with 37.4% for the third quarter and
first nine months of 1994.
<PAGE> 6
NONPERFORMING ASSETS
- --------------------
Change
3Q 1995 vs
(Dollars in millions) 9/30/95 6/30/95 2Q 1995
--------------------------------------
Loans:
HLT $ 15 $ 16 $ (1)
Commercial Real Estate 49 54 (5)
Other Commercial 48 49 (1)
Foreign 18 19 (1)
LDC 21 21 -
Community Banking 82 73 9
---- ----
Total Loans 233 232 1
Other Real Estate 81 88 (7)
---- ----
Total $314 $320 (6)
==== ====
Nonperforming Assets Ratio 0.8% 0.9%
Allowance/Nonperforming Loans 320.6 307.3
Allowance/Nonperforming Assets 237.9 222.8
This was the seventeenth consecutive quarter of net declines in
nonperforming assets. NPAs totaled $314 million at September 30, 1995,
compared with $320 million at June 30, 1995.
<PAGE> 7
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 1995 1995 1994 1995 1994
----------------------------- ----------------
Provision $113 $ 62 $ 39 $ 225 $ 123
---- ---- ---- ----- -----
Net Charge-offs:
HLT (1) (5) (24) (6) (32)
Commercial Real Estate - (14) - (16) (5)
Other Commercial (4) (4) (21) (12) (51)
Consumer (66) (61) (38) (190) (108)
Foreign (9) - (6) (22) (14)
Other (6) (3) (2) (12) (42)
---- ---- ---- ----- -----
Total (86) (87) (91) (258) (252)
Acquisition 7 - - 8 -
Credit Card Securitization - 1 5 3 11
---- ---- ---- ----- -----
Change in Regular Allowance $ 34 $(24) $(47) $ (22) $(118)
==== ==== ==== ===== =====
Other Real Estate Expenses $ 1 $ 2 $ 3 $ 4 $ 7
The allowance for loan losses was $747 million, or 1.99% of loans at
September 30, 1995, compared with $713 million, or 1.97% of loans at June
30, 1995.
***************************
(Financial highlights and detailed financial statements are attached.)
<PAGE> 8
THE BANK OF NEW YORK COMPANY, INC.
Financial Highlights
(Unaudited)
(Dollars in millions, except per share amounts)
1995 1994 Change
---- ---- ------
For the Three Months Ended September 30:
- ---------------------------------------
Net Income $234 $194 20.6%
Per Common Share:
Primary Earnings $1.16 $1.01 14.9
Fully Diluted Earnings 1.11 0.96 15.6
Cash Dividends 0.36 0.275 30.9
Return on Average Common Shareholders'
Equity 19.28% 18.68%
Return on Average Assets 1.78 1.49
For the Nine Months Ended September 30:
- --------------------------------------
Net Income $673 $548 22.8%
Per Common Share:
Primary Earnings $3.36 $2.86 17.5
Fully Diluted Earnings 3.19 2.70 18.1
Cash Dividends 1.00 0.775 29.0
Return on Average Common Shareholders'
Equity 19.69% 18.30%
Return on Average Assets 1.70 1.47
As of September 30:
- ------------------
Assets $51,390 $50,191 2.4%
Loans 37,564 32,569 15.3
Securities 5,175 4,813 7.5
Deposits - Domestic 23,586 24,159 -2.4
- Foreign 10,423 9,985 4.4
Long-Term Debt 1,836 1,476 24.4
Preferred Shareholders' Equity 113 126 -10.3
Common Shareholders' Equity 4,987 4,095 21.8
Common Shareholders' Equity Per Share 25.34 21.78 16.3
Market Value Per Share of Common Stock 46.50 29.62 57.0
Allowance for Loan Losses as a Percent
of Loans 1.99% 2.56%
Tier 1 Capital Ratio 8.86 8.43
Total Capital Ratio 13.59 12.86
Leverage Ratio 8.96 7.65
Tangible Common Equity Ratio 8.55 6.99
<PAGE> 9
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Income
(Unaudited)
(In millions, except per share amounts)
For the three For the nine
months ended months ended
September 30, September 30,
1995 1994 1995 1994
---- ---- ---- ----
Interest Income
- ---------------
Loans $ 815 $ 632 $2,392 $1,705
Securities
Taxable 59 54 175 169
Exempt from Federal Income Taxes 10 13 33 43
----- ----- ------ ------
69 67 208 212
Deposits in Banks 22 22 83 45
Federal Funds Sold and Securities
Purchased Under Resale Agreements 31 53 159 107
Trading Assets 10 9 23 38
----- ----- ------ ------
Total Interest Income 947 783 2,865 2,107
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 309 225 952 583
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 41 25 110 79
Other Borrowed Funds 52 59 198 127
Long-Term Debt 33 26 97 78
---- ---- ------ ------
Total Interest Expense 435 335 1,357 867
---- ---- ------ ------
Net Interest Income 512 448 1,508 1,240
- -------------------
Provision for Loan Losses 113 39 225 123
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 399 409 1,283 1,117
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 103 90 303 268
Other 48 43 140 129
----- ----- ------ ------
151 133 443 397
Trust and Investment Fees 33 34 97 101
Service Charges and Fees 103 121 325 354
Securities Gains (Losses) 17 (1) 37 15
Other 101 34 171 124
----- ----- ------ ------
Total Noninterest Income 405 321 1,073 991
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 232 219 676 642
Net Occupancy 45 44 132 135
Furniture and Equipment 21 22 64 65
Other 126 135 393 390
----- ----- ------ ------
Total Noninterest Expense 424 420 1,265 1,232
----- ----- ------ ------
Income Before Income Taxes 380 310 1,091 876
Income Taxes 146 116 418 328
----- ----- ------ ------
Net Income $ 234 $ 194 $ 673 $ 548
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 232 $ 191 $ 665 $ 538
- ----------------------- ===== ===== ====== ======
Per Common Share Data:
- ----------------------
Primary Earnings $1.16 $1.01 $3.36 $2.86
Fully Diluted Earnings 1.11 0.96 3.19 2.70
Cash Dividends 0.36 0.275 1.00 0.775
Average Common Shares Outstanding 193 188 191 188
<PAGE> 10
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except per share amounts)
September 30, December 31,
1995 1994
---- ----
Assets
- ------
Cash and Due from Banks $ 1,909 $ 2,903
Interest-Bearing Deposits in Banks 1,092 992
Securities:
Held-to-Maturity 3,090 2,930
Available-for-Sale 2,085 1,721
------- -------
Total Securities 5,175 4,651
Trading Assets at Fair Value 938 940
Federal Funds Sold and Securities Purchased
Under Resale Agreements 1,147 3,019
Loans (less allowance for loan losses
of $747 in 1995 and $792 in 1994) 36,817 32,291
Premises and Equipment 906 914
Due from Customers on Acceptances 912 810
Accrued Interest Receivable 245 290
Other Assets 2,249 2,069
------- -------
Total Assets $51,390 $48,879
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $ 8,017 $ 8,579
Interest-Bearing
Domestic Offices 15,628 14,871
Foreign Offices 10,364 10,641
------- -------
Total Deposits 34,009 34,091
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 3,947 1,502
Other Borrowed Funds 3,647 4,738
Acceptances Outstanding 917 812
Accrued Taxes and Other Expenses 1,312 1,049
Accrued Interest Payable 228 213
Other Liabilities 394 404
Long-Term Debt 1,836 1,774
------- -------
Total Liabilities 46,290 44,583
------- -------
Shareholders' Equity
Preferred Stock-no par value, authorized
5,000,000 shares, outstanding 184,000 shares 111 111
Class A Preferred Stock - par value $2.00
per share, authorized 5,000,000 shares,
outstanding 50,304 shares in 1995 and
322,104 shares in 1994 2 8
Common Stock-par value $7.50 per share,
authorized 350,000,000 shares, issued
201,086,278 shares in 1995 and
190,213,322 shares in 1994 1,508 1,427
Additional Capital 1,046 858
Retained Earnings 2,523 2,048
Securities Valuation Allowance 51 (58)
------- -------
5,241 4,394
Less: Treasury Stock (3,727,354 shares in
1995 and 2,566,071 shares in 1994), at cost 121 78
Loan to ESOP (712,695 shares), at cost 20 20
------- -------
Total Shareholders' Equity 5,100 4,296
------- -------
Total Liabilities and Shareholders' Equity $51,390 $48,879
======= =======
<PAGE> 11
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
For the three months For the three months
ended September 30, 1995 ended September 30, 1994
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,451 $ 23 6.18% $ 1,739 $ 22 5.09%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,127 31 5.77 4,617 53 4.55
Loans
Domestic Offices 24,480 610 9.90 21,991 487 8.78
Foreign Offices 11,237 206 7.26 10,011 147 5.83
------- ------ ------- ------
Total Loans 35,717 816 9.07 32,002 634 7.86
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,998 43 5.65 2,867 40 5.59
U.S. Government Agency
Obligations 398 6 6.35 327 5 6.53
Obligations of States and
Political Subdivisions 618 16 10.15 804 21 10.49
Other Securities,
including Trading
Securities 1,550 21 5.68 1,430 19 5.17
------- ------ ------- ------
Total Securities 5,564 86 6.21 5,428 85 6.26
------- ------ ------- ------
Total Interest-Earning
Assets 44,859 956 8.46% 43,786 794 7.20%
------ ------
Allowance for Loan Losses (705) (886)
Cash and Due from Banks 2,902 2,743
Other Assets 5,051 5,909
------- -------
TOTAL ASSETS $52,107 $51,552
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,370 38 4.46% $ 3,521 28 3.16%
Savings 7,982 62 3.10 8,145 47 2.30
Certificates of Deposit
$100,000 & Over 1,592 22 5.56 1,121 12 4.17
Other Time Deposits 2,453 32 5.24 2,271 24 4.15
Foreign Offices 11,234 155 5.46 10,645 114 4.27
------- ------ ------- ------
Total Interest-Bearing
Deposits 26,631 309 4.61 25,703 225 3.48
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,846 41 5.67 2,385 25 4.10
Other Borrowed Funds 3,357 52 6.20 5,009 59 4.70
Long-Term Debt 1,768 33 7.32 1,493 26 6.88
------- ------ ------- ------
Total Interest-Bearing
Liabilities 34,602 435 4.99% 34,590 335 3.85%
------ ------
Noninterest-Bearing
Deposits 8,974 8,740
Other Liabilities 3,646 4,039
Preferred Stock 113 128
Common Shareholders'
Equity 4,772 4,055
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $52,107 $51,552
======= =======
Net Interest Earnings
and Interest Rate Spread $ 521 3.47% $ 459 3.35%
====== ======
Net Yield on Interest-
Earning Assets 4.61% 4.16%
==== ====
<PAGE> 12
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
For the nine months For the nine months
ended September 30, 1995 ended September 30, 1994
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,761 $ 83 6.28% $ 1,188 $ 45 5.09%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 3,591 159 5.92 3,531 107 4.06
Loans
Domestic Offices 23,945 1,796 10.03 21,514 1,315 8.17
Foreign Offices 10,930 601 7.36 10,093 395 5.23
------- ------ ------- ------
Total Loans 34,875 2,397 9.19 31,607 1,710 7.23
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,927 126 5.73 3,251 132 5.44
U.S. Government Agency
Obligations 343 16 6.33 343 17 6.49
Obligations of States and
Political Subdivisions 664 53 10.60 931 69 9.83
Other Securities,
including Trading
Securities 1,349 61 6.13 1,653 64 5.15
------- ------ ------- ------
Total Securities 5,283 256 6.48 6,178 282 6.08
------- ------ ------- ------
Total Interest-Earning
Assets 45,510 2,895 8.51% 42,504 2,144 6.74%
------ ------
Allowance for Loan Losses (743) (930)
Cash and Due from Banks 2,782 2,831
Other Assets 5,208 5,552
------- -------
TOTAL ASSETS $52,757 $49,957
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,397 112 4.42% $ 3,582 75 2.79%
Savings 7,821 181 3.09 8,276 138 2.24
Certificates of Deposit
$100,000 & Over 1,767 76 5.74 936 25 3.60
Other Time Deposits 2,510 98 5.22 2,269 71 4.18
Foreign Offices 11,567 485 5.61 9,744 274 3.77
------- ------ ------- ------
Total Interest-Bearing
Deposits 27,062 952 4.70 24,807 583 3.15
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,537 110 5.77 3,036 79 3.45
Other Borrowed Funds 4,238 198 6.25 3,944 127 4.30
Long-Term Debt 1,758 97 7.37 1,527 78 6.83
------- ------ ------ ------
Total Interest-Bearing
Liabilities 35,595 1,357 5.10% 33,314 867 3.48%
------ ------
Noninterest-Bearing
Deposits 8,806 8,950
Other Liabilities 3,724 3,594
Preferred Stock 116 169
Common Shareholders'
Equity 4,516 3,930
------- ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $52,757 $49,957
======= =======
Net Interest Earnings
and Interest Rate Spread $1,538 3.41% $1,277 3.26%
====== ======
Net Yield on Interest-
Earning Assets 4.52% 4.01%
==== ====
