<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 15, 1996
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 15, 1996 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 1996. 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 1996 contained in the press
release dated October 15, 1996, 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 15, 1996
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 1996 contained in the press
release dated October 15, 1996, 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
Nicholas C. Silitch, VP
(212) 495-1721
Gregory A. Burton, AT
(212) 495-1619
THE BANK OF NEW YORK COMPANY, INC. REPORTS
------------------------------------------
THIRD QUARTER E.P.S. RISES 9% TO $0.60
--------------------------------------
Third Quarter Net Income Rises 6% to $249 Million;
Year-to-Date Net Income Rises 14% to a Record $770 Million
NEW YORK, N.Y., October 15, 1996 -- The Bank of New York Company, Inc.
(NYSE: BK) reported third quarter net income of $249 million, up 6% from
$234 million earned in the same period last year. Third quarter fully
diluted earnings per share were $0.60, a 9% increase over the $0.55 earned
in the third quarter of 1995. Net income for the first nine months was
a record $770 million, an increase of 14% over last year's $673 million.
Earnings per share, on a fully diluted basis, were $1.81 for the first
nine months of 1996 compared with $1.60 in 1995. In the third quarter,
the conversion of 2 million warrants into 8 million shares as well as the
remaining outstanding warrants diluted quarterly earnings by 4 cents per
share. This was largely offset by the Company's stock buyback program
which increased earnings per share by 3 cents.
Net interest income, on a taxable equivalent basis, declined to $476
<PAGE> 2
million in the third quarter compared with $521 million recorded last
year, reflecting the sale of the AFL-CIO Union Privilege affinity credit
card portfolio in the second quarter of 1996. This decline was partially
offset by the expiration of promotional rates on cards and the repricing
of certain accounts based on credit scores. Revenues from the Company's
securities processing business continued their strong advance, growing 60%
over the third quarter of 1995. This significant increase reflected
continued strong internal growth as well as the acquisition of the
corporate trust business of NationsBank and the custody businesses of
BankAmerica and J.P. Morgan. All areas of securities processing
contributed to an internal growth rate of 15% with ADR's, government
securities clearance, and custody particularly strong.
Fees from other processing, which includes funds transfer, cash
management, and trade finance, grew 11% over last year's third quarter.
The largest contributor to this increase was fees from funds transfer
which were up 16%.
Trust and investment continued its strong performance with fees
growing 28% in the third quarter of 1996 over the third quarter of 1995
reflecting new business and generally strong markets.
Return on average assets for the third quarter of 1996 was a record
1.92% versus 1.82% in the second quarter on a normalized basis with the
net gain on the sale of the credit card portfolio excluded and 1.78% in
the third quarter of 1995. Return on average common equity was 19.63% in
the third quarter of 1996, compared with 19.51% in the second quarter of
1996 on a normalized basis and 19.28% in the third quarter of 1995.
Tangible fully diluted earnings per share (earnings before the
<PAGE> 3
amortization of goodwill and intangibles) were $0.64 per share in the
third quarter of 1996 compared with $0.59 per share in the same period
last year. On the same basis, tangible return on average assets was 2.12%
in the third quarter of 1996 compared with a normalized 2.02% in the
second quarter and 1.92% in the third quarter of 1995; and tangible return
on average common equity was 27.83% in the third quarter of 1996 compared
with a normalized 27.59% in the second quarter and 23.58% in the third
quarter of 1995.
The Company's estimated Tier 1 capital and Total capital ratios were
7.65% and 12.25% at September 30, 1996 compared with 7.98% and 12.93% at
June 30, 1996, and 8.89% and 13.62% at September 30, 1995. Tangible
common equity as a percent of total assets was 7.44% at September 30, 1996
compared with 7.51% at June 30, 1996 and 8.60% one year ago. The leverage
ratio was a strong 8.17% at September 30, 1996 compared with 7.76% at June
30, 1996 and 8.96% one year ago. The decline in the capital ratios
compared with September 1995 reflects the goodwill associated with the
securities processing acquisitions and the repurchase to date of $1.036
billion (40 million shares) of common stock under the Company's programs
to buy back up to 52 million shares. Adding to capital and partially
offsetting the above, was the exercise of warrants and the conversion of
$94 million of debentures into common stock.
<PAGE> 4
NET INTEREST INCOME
- -------------------
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
(In millions) 1996 1996 1995 1996 1995
----------------------------- ------------------
Net Interest Income $476 $499 $521 $1,499 $1,538
Net Interest Rate
Spread 3.29% 3.32% 3.47% 3.37% 3.41%
Net Yield on Interest-
Earning Assets 4.28 4.26 4.61 4.35 4.52
On a taxable equivalent basis, net interest income amounted to $476
million in the third quarter of 1996, compared with $521 million in the
same period of 1995. The net interest rate spread was 3.29% in the third
quarter of 1996, compared with 3.32% in the second quarter of 1996 and
3.47% one year ago. The net yield on interest-earning assets was 4.28%
compared with 4.26% in the second quarter of 1996 and 4.61% in last year's
third quarter.
For the first nine months of 1996, net interest income, on a taxable
equivalent basis, amounted to $1,499 million compared with $1,538 million
in the same period of 1995. The year-to-date net interest rate spread was
3.37% in 1996 compared with 3.41% in 1995, while the net yield on
interest-earning assets was 4.35% in 1996 and 4.52% in 1995.
The decrease in net interest income and the net interest rate spread
reflects the sale of approximately $3.4 billion in credit card receivables
in the second quarter of 1996 partially offset by the expiration of
promotional rates on cards and the repricing of certain accounts based on
credit scores. The decline in the net yield from the third quarter of
1995 is attributable to the preceding factors as well as the costs of
financing the stock buyback program.
<PAGE> 5
NONINTEREST INCOME
- ------------------
3rd Quarter Year-to-date
----------- ------------
(In millions) 1996 1995 1996 1995
---------------- -------------------
Processing Fees
Securities $164 $103 $ 484 $ 303
Other 54 48 154 140
---- ---- ------ ------
218 151 638 443
Trust and Investment Fees 42 33 119 97
Service Charges and Fees 101 103 317 325
Securities Gains 15 17 78 37
Foreign Exchange and
Other Trading Activities 12 18 43 43
Sale of Credit Card Portfolio - - 400 -
Other 44 83 94 128
---- ---- ------ ------
Total Noninterest Income $432 $405 $1,689 $1,073
==== ==== ====== ======
Securities processing fees increased 60% to $164 million compared to
$103 million in the third quarter of 1995. In the first nine months of
1996, securities processing fees were $484 million compared with $303
million in 1995. Strong internal growth in all areas and acquisitions
contributed to the increase in revenue. Fees from other processing
increased 11% over the third quarter of last year. The Company reported
$15 million of securities gains in the third quarter of 1996 compared with
$17 million in the third quarter of 1995. Revenues from foreign exchange
were $11 million, declining 39% from the second quarter's $18 million.
Included in other income in the third quarters of 1996 and 1995 were a
gain of $21 million on the sale of a portion of our interest in Wing Hang
Bank and a $47 million gain on the sale of the ARCS mortgage servicing,
respectively.
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense for the third quarter was $455 million,
down slightly from $457 million in the second quarter of this year, but
up from $424 million in the same period last year. The rise in expenses
<PAGE> 6
compared with last year's third quarter was principally due to salary and
other expenses related to acquisitions of securities processing businesses
from J.P. Morgan, BankAmerica, and NationsBank as well as the acquisition
of The Putnam Trust Company. Year-to-date noninterest expense was $1,355
million compared with $1,265 million in 1995. Occupancy expense was down
4% compared with the first nine month's of 1995.
The efficiency ratio for the third quarter was 50.9% compared with
49.8% reported in the second quarter of 1996 and 49.1% one year ago. The
increase is primarily the result of a time lag between the loss of
revenues from the Union card portfolio and commensurate expense
reductions. The efficiency ratios exclude the gain on the sale of the
credit card portfolio in the second quarter of 1996 and the gain on the
sale of the ARCS mortgage servicing in the third quarter of 1995.
The effective tax rates for the third quarter and first nine months
of 1996 were 38.4% in both periods compared with 38.4% and 38.3% for the
third quarter and first nine months of 1995.
NONPERFORMING ASSETS
- -------------------- Change
3Q 1996 vs
(Dollars in millions) 9/30/96 6/30/96 2Q 1996
---------------------------------------
Loans:
Commercial Real Estate $ 22 $ 9 $ 13
Other Commercial 61 76 (15)
Foreign 40 40 -
Community Banking 73 76 (3)
---- ----
Total Loans 196 201 (5)
Other Real Estate 61 70 (9)
---- ----
Total $257 $271 (14)
==== ====
Nonperforming Assets Ratio 0.7% 0.8%
Allowance/Nonperforming Loans 488.3 489.0
Allowance/Nonperforming Assets 372.6 362.5
Nonperforming assets totaled $257 million at September 30, 1996,
<PAGE> 7
compared with $271 million at June 30, 1996, a decrease of $14 million or
5%. This was the twenty-first consecutive quarter of nonperforming asset
decreases.
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 1996 1996 1995 1996 1995
--------------------------- --------------
Provision $ 40 $425* $113 $555* $225
---- ---- ---- ---- ----
Net (Charge-offs) Recovery:
Commercial Real Estate (7) - - (10) (16)
Other Commercial (12) (7) (5) (18) (18)
Credit Card** (65) (187) (65) (348) (187)
Other Consumer (3) (2) (1) (7) (3)
Foreign 27 13 (9) 39 (22)
Other (5) (2) (6) (10) (12)
---- ---- ---- ---- ----
Total (65) (185) (86) (354) (258)
Other - - 7 - 11
---- ---- ---- ---- ----
Change in Allowance $(25) $240 $ 34 $201 $(22)
==== ==== ==== ==== ====
Other Real Estate
Expenses (Recovery) $ - $ 1 $ 1 $ (1) $ 4
* Includes a provision of $350 million for credit card accounts.
** Includes a $21 million recovery in the third quarter of 1996 and a $99
million charge-off in the second quarter of 1996 related to past due and
bankrupt Union credit card accounts not sold.
On a pro-forma basis, excluding the impact of the sold Union card
portfolio, net charge-offs of credit card loans were $86 million for
the third quarter and $70 million in the second quarter. On the same
basis, as a percentage of average outstandings, net charge-offs and
accounts delinquent for more than thirty days were 6.34% and 6.48% in
<PAGE> 8
the third quarter, compared with 5.29% and 5.54% in the second quarter.
Credit card loans outstanding were $5.348 billion at September 30,
1996 compared with $5.508 billion at June 30, 1996.
The allowance for loan losses was $957 million, or 2.66% of loans at
September 30, 1996, compared with $982 million, or 2.76% of loans at June
30, 1996.
Foreign recoveries reflect a $20 million settlement with the Republic
of Croatia in the third quarter of 1996 and a $13 million settlement with
the Republic of Slovenia in the second quarter of 1996.
***************************
(Financial highlights and detailed financial statements are attached.)
<PAGE> 9
THE BANK OF NEW YORK COMPANY, INC.
Financial Highlights
(Unaudited)
(Dollars in millions, except per share amounts)
1996 1995 Change
---- ---- ------
For the Three Months Ended September 30:
- ---------------------------------------
Net Income $249 $234 6.4%
Per Common Share:
Primary Earnings $0.60 $0.58 3.4
Fully Diluted Earnings 0.60 0.55 9.1
Cash Dividends 0.22 0.18 22.2
Return on Average Common Shareholders'
Equity 19.63% 19.28%
Return on Average Assets 1.92 1.78
For the Nine Months Ended September 30:
- --------------------------------------
Net Income $770 $673 14.4%
Per Common Share:
Primary Earnings $1.86 $1.71 8.8
Fully Diluted Earnings 1.81 1.60 13.1
Cash Dividends 0.62 0.50 24.0
Return on Average Common Shareholders'
Equity 20.14% 19.69%
Return on Average Assets 1.92 1.70
As of September 30:
- ------------------
Assets $52,389 $51,087 2.5%
Loans 36,030 37,564 -4.1
Securities 5,127 5,175 -0.9
Deposits - Domestic 24,881 23,320 6.7
- Foreign 11,680 10,423 12.1
Long-Term Debt 1,816 1,836 -1.1
Preferred Shareholders' Equity 113 113 -
Common Shareholders' Equity 5,004 4,987 0.3
Common Shareholders' Equity Per Share 13.02 12.67 2.8
Market Value Per Share of Common Stock 29.37 23.25 26.3
Allowance for Loan Losses as a Percent
of Loans 2.66% 1.99%
Tier 1 Capital Ratio 7.65 8.89
Total Capital Ratio 12.25 13.62
Leverage Ratio 8.17 8.96
Tangible Common Equity Ratio 7.44 8.60
<PAGE> 10
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,
1996 1995 1996 1995
---- ---- ---- ----
Interest Income
- ---------------
Loans $ 724 $ 815 $2,318 $2,392
Securities
Taxable 61 59 181 175
Exempt from Federal Income Taxes 9 10 28 33
----- ----- ------ ------
70 69 209 208
Deposits in Banks 22 22 65 83
Federal Funds Sold and Securities
Purchased Under Resale Agreements 36 31 96 159
Trading Assets 4 10 13 23
----- ----- ------ ------
Total Interest Income 856 947 2,701 2,865
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 282 309 860 952
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 26 41 125 110
Other Borrowed Funds 49 52 148 198
Long-Term Debt 32 33 97 97
---- ---- ------ ------
Total Interest Expense 389 435 1,230 1,357
---- ---- ------ ------
Net Interest Income 467 512 1,471 1,508
- -------------------
Provision for Loan Losses 40 113 555 225
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 427 399 916 1,283
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 164 103 484 303
Other 54 48 154 140
----- ----- ------ ------
218 151 638 443
Trust and Investment Fees 42 33 119 97
Service Charges and Fees 101 103 317 325
Securities Gains 15 17 78 37
Other 56 101 537 171
----- ----- ------ ------
Total Noninterest Income 432 405 1,689 1,073
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 253 232 750 676
Net Occupancy 41 45 127 132
Furniture and Equipment 22 21 68 64
Other 139 126 410 393
----- ----- ------ ------
Total Noninterest Expense 455 424 1,355 1,265
----- ----- ------ ------
Income Before Income Taxes 404 380 1,250 1,091
Income Taxes 155 146 480 418
----- ----- ------ ------
Net Income $ 249 $ 234 $ 770 $ 673
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 246 $ 232 $ 762 $ 665
- ----------------------- ===== ===== ====== ======
Per Common Share Data:
- ----------------------
Primary Earnings $0.60 $0.58 $1.86 $1.71
Fully Diluted Earnings 0.60 0.55 1.81 1.60
Cash Dividends 0.22 0.18 0.62 0.50
Fully Diluted Shares Outstanding 414 423 422 421
<PAGE> 11
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except per share amounts)
September 30, December 31,
1996 1995
---- ----
Assets
- ------
Cash and Due from Banks $ 4,617 $ 4,711
Interest-Bearing Deposits in Banks 1,168 982
Securities:
Held-to-Maturity 1,212 1,252
Available-for-Sale 3,915 3,618
------- -------
Total Securities 5,127 4,870
Trading Assets at Fair Value 876 762
Federal Funds Sold and Securities Purchased
Under Resale Agreements 503 936
Loans (less allowance for loan losses
of $957 in 1996 and $756 in 1995) 35,073 36,931
Premises and Equipment 883 902
Due from Customers on Acceptances 968 918
Accrued Interest Receivable 301 270
Other Assets 2,873 2,438
------- -------
Total Assets $52,389 $53,720
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $ 9,379 $10,465
Interest-Bearing
Domestic Offices 15,548 16,005
Foreign Offices 11,634 9,448
------- -------
Total Deposits 36,561 35,918
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,916 3,933
Other Borrowed Funds 4,191 3,706
Acceptances Outstanding 970 928
Accrued Taxes and Other Expenses 1,347 1,378
Accrued Interest Payable 195 190
Other Liabilities 276 587
Long-Term Debt 1,816 1,848
------- -------
Total Liabilities 47,272 48,488
------- -------
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 45,404 shares in 1996 and
49,504 shares in 1995 2 2
Common Stock-par value $7.50 per share,
authorized 800,000,000 shares, issued
431,317,022 shares in 1996 and
408,324,810 shares in 1995 3,235 3,062
Additional Capital 237 125
Retained Earnings 2,637 2,120
Securities Valuation Allowance 39 58
------- -------
6,261 5,478
Less: Treasury Stock (45,711,104 shares in
1996 and 12,052,096 shares in 1995), at cost 1,126 228
Loan to ESOP (1,317,060 shares), at cost 18 18
------- -------
Total Shareholders' Equity 5,117 5,232
------- -------
Total Liabilities and Shareholders' Equity $52,389 $53,720
======= =======
<PAGE> 12
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, 1996 ended September 30, 1995
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,469 $ 22 5.92% $ 1,451 $ 23 6.18%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,607 36 5.41 2,127 31 5.77
Loans
Domestic Offices 22,531 523 9.23 24,480 610 9.90
Foreign Offices 12,178 202 6.61 11,237 206 7.26
------- ------ ------- ------
Total Loans 34,709 725 8.31 35,717 816 9.07
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,950 43 5.84 2,998 43 5.65
U.S. Government Agency
Obligations 449 7 6.35 398 6 6.35
Obligations of States and
Political Subdivisions 671 15 8.85 618 16 10.15
Other Securities,
including Trading
Securities 1,353 17 4.94 1,550 21 5.68
------- ------ ------- ------
Total Securities 5,423 82 6.03 5,564 86 6.21
------- ------ ------- ------
Total Interest-Earning
Assets 44,208 865 7.78% 44,859 956 8.46%
------ ------
Allowance for Loan Losses (971) (705)
Cash and Due from Banks 2,516 2,902
Other Assets 5,724 5,051
------- -------
TOTAL ASSETS $51,477 $52,107
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,766 41 4.30% $ 3,370 38 4.46%
Savings 8,167 55 2.70 7,982 62 3.10
Certificates of Deposit
$100,000 & Over 811 11 5.32 1,592 22 5.56
Other Time Deposits 2,595 31 4.74 2,453 32 5.24
Foreign Offices 11,755 144 4.88 11,234 155 5.46
------- ------ ------- ------
Total Interest-Bearing
Deposits 27,094 282 4.14 26,631 309 4.61
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 1,977 26 5.11 2,846 41 5.67
Other Borrowed Funds 3,485 49 5.60 3,357 52 6.20
Long-Term Debt 1,862 32 6.86 1,768 33 7.32
------- ------ ------- ------
Total Interest-Bearing
Liabilities 34,418 389 4.49% 34,602 435 4.99%
------ ------
Noninterest-Bearing
Deposits 8,312 8,974
Other Liabilities 3,648 3,646
Preferred Stock 113 113
Common Shareholders'
Equity 4,986 4,772
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $51,477 $52,107
======= =======
Net Interest Earnings
and Interest Rate Spread $ 476 3.29% $ 521 3.47%
====== ======
Net Yield on Interest-
Earning Assets 4.28% 4.61%
==== ====
<PAGE> 13
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, 1996 ended September 30, 1995
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,516 $ 65 5.70% $ 1,761 $ 83 6.28%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,402 96 5.37 3,591 159 5.92
Loans
Domestic Offices 24,812 1,728 9.31 23,945 1,796 10.03
Foreign Offices 11,937 595 6.66 10,930 601 7.36
------- ------ ------- ------
Total Loans 36,749 2,323 8.45 34,875 2,397 9.19
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,937 127 5.76 2,927 126 5.73
U.S. Government Agency
Obligations 460 22 6.30 343 16 6.33
Obligations of States and
Political Subdivisions 653 44 8.95 664 53 10.60
Other Securities,
including Trading
Securities 1,293 52 5.33 1,349 61 6.13
------- ------ ------- ------
Total Securities 5,343 245 6.09 5,283 256 6.48
------- ------ ------- ------
Total Interest-Earning
Assets 46,010 2,729 7.92% 45,510 2,895 8.51%
------ ------
Allowance for Loan Losses (808) (743)
Cash and Due from Banks 2,730 2,782
Other Assets 5,568 5,208
------- -------
TOTAL ASSETS $53,500 $52,757
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,827 123 4.29% $ 3,397 112 4.42%
Savings 8,217 169 2.75 7,821 181 3.09
Certificates of Deposit
$100,000 & Over 940 37 5.32 1,767 76 5.74
Other Time Deposits 2,575 92 4.76 2,510 98 5.22
Foreign Offices 11,882 439 4.93 11,567 485 5.61
------- ------ ------- ------
Total Interest-Bearing
Deposits 27,441 860 4.18 27,062 952 4.70
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 3,165 125 5.26 2,537 110 5.77
Other Borrowed Funds 3,570 148 5.54 4,238 198 6.25
Long-Term Debt 1,888 97 6.86 1,758 97 7.37
------- ------ ------ ------
Total Interest-Bearing
Liabilities 36,064 1,230 4.55% 35,595 1,357 5.10%
------ ------
Noninterest-Bearing
Deposits 8,776 8,806
Other Liabilities 3,491 3,724
Preferred Stock 113 116
Common Shareholders'
Equity 5,056 4,516
------- ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $53,500 $52,757
======= =======
Net Interest Earnings
and Interest Rate Spread $1,499 3.37% $1,538 3.41%
====== ======
Net Yield on Interest-
Earning Assets 4.35% 4.52%
==== ====
