<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): July 17, 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
------------
Second Quarter Financial Results
-------------------------------
On July 17, 1996 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 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 second quarter
of 1996 contained in the press
release dated July 17, 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: July 17, 1996
THE BANK OF NEW YORK COMPANY, INC.
(Registrant)
By: \s\ Deno D. Papageorge
------------------------
Name: Deno D. Papageorge
Title: Senior Executive Vice President
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description
99 Unaudited interim financial
information and accompanying
discussion for the second quarter
of 1996 contained in the press
release dated July 17, 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 RECORD
-------------------------------------------------
SECOND QUARTER NET INCOME, E.P.S., ROE AND ROA
----------------------------------------------
Second Quarter Net Income Rises 23% to $278 Million;
Second Quarter E.P.S. Rises 21% to $1.32;
ROE Rises to 21.97%; ROA Rises to 2.05%
NEW YORK, N.Y., July 17, 1996 -- The Bank of New York Company, Inc. (NYSE:
BK) reported record second quarter net income of $278 million, up 23% from
$226 million earned in the same period last year. Second quarter fully
diluted earnings per share were a record $1.32, a 21% increase over the
$1.09 earned in the second quarter of 1995. Net income for the first six
months was $521 million, an increase of 19% over last year's $438 million.
Earnings per share, on a fully diluted basis, were $2.45 for the first
half of 1996 compared with $2.11 in 1995. The dilutive effect of stock
warrants reduced earnings per share for the second quarter of 1996 by 7
cents compared with 6 cents in the first quarter of 1996 and 3 cents in
last year's second quarter. This dilution was partially offset by the
effect of the Company's stock buyback program which increased earnings per
<PAGE> 2
share 4 cents in the second quarter of 1996 and 1 cent in the first
quarter of 1996.
In the second quarter, the Company recorded a $400 million pre-tax
gain on the sale of its AFL-CIO Union Privilege affinity credit card
portfolio. The Company also recorded a $350 million provision related to
its credit card portfolio in addition to its current quarterly provision
for loan losses of $75 million. Excluding both the gain on the sale and
the provision related to its credit card portfolio, the Company reported
earnings per share of $1.18, also a record quarterly result.
Net interest income, on a taxable equivalent basis, totaled $499
million in the second quarter compared with $514 million in the second
quarter of last year. Revenues from the Company's securities processing
business grew 58% over the second 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 increase of 12% with
ADR's, corporate trust, and government securities clearance particularly
strong.
Fees from other processing, which includes funds transfer, cash
management, and trade finance, grew 7% over last year's second quarter.
The largest contributor to this increase was fees from funds transfer
which were up 23%.
Fees from trust and investment grew 24% in the second quarter of 1996
over the second quarter of 1995 reflecting new business and generally
strong markets.
<PAGE> 3
Return on average assets for the second quarter was a record 2.05%
versus 1.79% in the first quarter of 1996 and 1.68% in the second quarter
of 1995. Return on average common equity was a record 21.97% in the second
quarter of 1996, compared with 18.86% in the first quarter of 1996 and
19.85% in the second quarter of 1995. Excluding the effect of the sale
of the Union credit card portfolio and the provision related to the credit
card portfolio, return on average assets was also a record 1.82% while
return on average common equity was 19.51%.
The Company's estimated Tier 1 capital and Total capital ratios were
7.97% and 12.92% at June 30, 1996 compared with 7.85% and 12.62% at March
31, 1996, and 8.62% and 13.20% at June 30, 1995. Tangible common equity
as a percent of total assets was 7.51% at June 30, 1996 compared with
7.58% at March 31, 1996 and 7.67% one year ago. The leverage ratio was
7.75% at June 30, 1996 compared with 7.94% at March 31, 1996 and 8.17% one
year ago. The decline in the capital ratios compared with June 1995
reflects the goodwill associated with the securities processing
acquisitions and the repurchase to date of $664 million (13.3 million
shares) of common stock under the Company's programs to buy back up to 26
million shares.
Credit Card Operations
During the second quarter of 1996 the Company sold its AFL-CIO Union
Privilege affinity credit card portfolio to Household International, Inc.
for $575 million. After settling its obligations to its marketing agent
and other transaction costs, the Company recorded a pre-tax gain of $400
million. The transaction related to approximately $3.4 billion in
<PAGE> 4
outstandings and included 2.2 million cards.
The Company also recorded a provision for credit card loans of $350
million. The provision principally relates to a higher level of
anticipated losses on certain Consumer's Edge accounts opened in 1994 and
1995, and on the credit card portfolio generally, following a review
during the second quarter of performance data and industry and economic
trends. The provision also covers $99 million of charge-offs of the Union
receivables not sold to Household, all of which were classified as more
than 90 days past due or bankrupt.
The table below shows the performance of the Company's credit card
portfolio:
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
(In millions) 1996 1996 1995 1996 1995
----------------------------- ------------------
Number of Accounts 4.639 6.652 6.013 4.639 6.013
Period End Balance $5,508 $8,842 $7,721 $5,508 $7,721
Net Charge-offs 88* 96 60 184* 121
Net Charge-offs as a
Percent of Average
Loans Outstanding 4.57% 4.48% 3.17% 4.51% 3.24%
Accounts Delinquent
More Than 30 Days 5.35 4.32 3.19 5.35 3.19
* Excludes $99 million attributed to charge-offs of past due and bankrupt
Union credit card accounts not sold to Household.
<PAGE> 5
NET INTEREST INCOME
- -------------------
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
(In millions) 1996 1996 1995 1996 1995
----------------------------- ------------------
Net Interest Income $499 $517 $514 $1,017 $1,017
Net Interest Rate
Spread 3.32% 3.43% 3.34% 3.38% 3.38%
Net Yield on Interest-
Earning Assets 4.26 4.46 4.45 4.36 4.47
On a taxable equivalent basis, net interest income amounted to $499
million in the second quarter of 1996, compared with $514 million in the
same period of 1995. The net interest rate spread was 3.32% in the second
quarter of 1996, compared with 3.43% in the first quarter of 1996 and
3.34% one year ago. The net yield on interest-earning assets was 4.26%
compared with 4.46% in the first quarter of 1996 and 4.45% in last year's
second quarter. The decrease in the net interest rate spread and the net
yield from the first quarter of 1996 reflects the sale of the credit card
receivables and promotional rates on credit cards. The decline in the net
yield also reflects the financing of the stock buyback program.
For the first six months of 1996, net interest income, on a taxable
equivalent basis, amounted to $1,017 million the same as in the first half
of 1995. The year-to-date net interest rate spread was 3.38% in 1996
compared with 3.38% in 1995, while the net yield on interest-earning
assets was 4.36% in 1996 and 4.47% in 1995.
<PAGE> 6
NONINTEREST INCOME
- ------------------
2nd Quarter Year-to-date
----------- ------------
(In millions) 1996 1995 1996 1995
---------------- --------------------
Processing Fees
Securities $161 $102 $ 320 $200
Other 51 48 101 92
---- ---- ------ ----
212 150 421 292
Trust and Investment Fees 40 32 77 64
Service Charges and Fees 120 109 226 219
Securities Gains 30 13 63 20
Foreign Exchange and
Other Trading Activities 21 13 31 25
Sale of Credit Card Portfolio 400 - 400 -
Other 23 33 48 48
---- ---- ------ ----
Total Noninterest Income $846 $350 $1,266 $668
==== ==== ====== ====
Securities processing fees increased 58% to $161 million compared to
$102 million in the second quarter of 1995. In the first half of 1996,
securities processing fees were $320 million compared with $200 million
in 1995. Strong internal growth in all areas and acquisitions contributed
to the increase in revenue. Fees from other processing increased 7% over
the second quarter of last year. Service charges and fees increased $11
million primarily due to higher syndication and credit card interchange
fees. The Company reported $30 million of securities gains in the second
quarter of 1996 compared with $33 million in the first quarter and $13
million last year. The current quarter's gains reflect sales of
securities held in the Company's stock portfolio as well as returns on
certain limited partnership interests. Foreign exchange revenues were
strong increasing $10 million over the first quarter of 1996 and $12
million over the second quarter of 1995.
<PAGE> 7
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense for the second quarter was $457 million,
up 8% from $425 million in the same period last year and up from $444
million in the first quarter of this year. The rise in expenses in the
second 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 $902 million compared
with $841 million in 1995. Occupancy expense was down 5% compared with
last year's second quarter.
Excluding the gain on the sale of the credit card portfolio, the
efficiency ratio for the second quarter was 49.9% compared with 49.4%
reported in the first quarter of 1996 and 50.4% one year ago.
The effective tax rates for the second quarter and first six months
of 1996 were 38.4% in both periods compared with 38.4% and 38.3% for the
second quarter and first six months of 1995.
NONPERFORMING ASSETS
- --------------------
Change
2Q 1996 vs
(Dollars in millions) 6/30/96 3/31/96 1Q 1996
--------------------------------------
Loans:
Commercial Real Estate $ 9 $ 11 $ (2)
Other Commercial 76 101 (25)
Foreign 40 40 -
Community Banking 76 78 (2)
---- ----
Total Loans 201 230 (29)
Other Real Estate 70 58 12
---- ----
Total $271 $288 (17)
==== ====
Nonperforming Assets Ratio 0.8% 0.7%
Allowance/Nonperforming Loans 489.0 322.4
Allowance/Nonperforming Assets 362.5 258.0
<PAGE> 8
Nonperforming assets totaled $271 million at June 30, 1996, compared
with $288 million at March 31, 1996, a decrease of $17 million or 6%.
This was the twentieth consecutive quarter of nonperforming asset
decreases.
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 1996 1996 1995 1996 1995
----------------------------- --------------
Provision $425* $ 90 $ 62 $515* $112
---- ---- ---- ---- ----
Net (Charge-offs) Recovery:
Commercial Real Estate - (3) (14) (3) (16)
Other Commercial (7) 1 (9) (6) (13)
Credit Card (187)** (96) (60) (283)** (121)
Other Consumer (2) (2) (1) (4) (3)
Foreign 13 (1) (12) 12 (36)
Other (2) (3) (3) (5) (6)
---- ---- ---- ---- ----
Total (185) (104) (99) (289) (195)
Other - - 1 - 4
---- ---- ---- ---- ----
Change in Allowance $240 $(14) $(36) $226 $(79)
==== ==== ==== ==== ====
Other Real Estate
Expenses (Recovery) $ 1 $ (2) $ 2 $ (1) $ 3
* Includes a provision of $350 million for credit card accounts.
** Includes $99 million attributed to charge-offs of past due and bankrupt
Union credit card accounts not sold to Household.
<PAGE> 9
The allowance for loan losses was $982 million, or 2.76% of loans at
June 30, 1996, compared with $742 million, or 1.91% of loans at March 31,
1996.
The foreign recovery in the second quarter of 1996 reflects a $13
million settlement with the Republic of Slovenia related to Yugoslavian
debt.
***************************
(Financial highlights and detailed financial statements are attached.)
<PAGE> 10
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 June 30:
- -----------------------------------
Net Income $278 $226 23.0%
Per Common Share:
Primary Earnings $1.35 $1.14 18.4
Fully Diluted Earnings 1.32 1.09 21.1
Cash Dividends 0.40 0.32 25.0
Return on Average Common Shareholders'
Equity 21.97% 19.85%
Return on Average Assets 2.05 1.68
For the Six Months Ended June 30:
- ---------------------------------
Net Income $521 $438 18.9%
Per Common Share:
Primary Earnings $2.51 $2.26 11.1
Fully Diluted Earnings 2.45 2.11 16.1
Cash Dividends 0.80 0.64 25.0
Return on Average Common Shareholders'
Equity 20.40% 19.92%
Return on Average Assets 1.92 1.67
As of June 30:
- --------------
Assets $51,499 $53,464 -3.7%
Loans 33,523 36,187 -1.8
Securities 5,185 4,838 7.2
Deposits - Domestic 23,962 24,152 -0.8
- Foreign 11,532 12,726 -9.4
Long-Term Debt 1,914 1,710 11.9
Preferred Shareholders' Equity 113 117 -3.4
Common Shareholders' Equity 4,954 4,648 6.6
Common Shareholders' Equity Per Share 26.13 24.31 7.5
Market Value Per Share of Common Stock 51.25 40.38 26.9
Allowance for Loan Losses as a Percent
of Loans 2.76% 1.97%
Tier 1 Capital Ratio 7.97 8.62
Total Capital Ratio 12.92 13.20
Leverage Ratio 7.75 8.17
Tangible Common Equity Ratio 7.51 7.67
<PAGE> 11
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Income
(Unaudited)
(In millions, except per share amounts)
For the three For the six
months ended months ended
June 30, June 30,
1996 1995 1996 1995
---- ---- ---- ----
Interest Income
- ---------------
Loans $ 781 $ 812 $1,587 $1,577
Securities
Taxable 66 59 128 115
Exempt from Federal Income Taxes 5 12 10 24
----- ----- ------ ------
71 71 138 139
Deposits in Banks 21 30 43 60
Federal Funds Sold and Securities
Purchased Under Resale Agreements 32 62 61 128
Trading Assets 5 6 9 13
----- ----- ------ ------
Total Interest Income 910 981 1,838 1,917
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 286 335 578 643
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 48 36 99 68
Other Borrowed Funds 55 74 99 146
Long-Term Debt 33 32 65 65
---- ---- ------ ------
Total Interest Expense 422 477 841 922
---- ---- ------ ------
Net Interest Income 488 504 997 995
- -------------------
Provision for Loan Losses 425 62 515 112
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 63 442 482 883
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 161 102 320 200
Other 51 48 101 92
----- ----- ------ ------
212 150 421 292
Trust and Investment Fees 40 32 77 64
Service Charges and Fees 120 109 226 222
Securities Gains 30 13 63 20
Other 444 46 479 70
----- ----- ------ ------
Total Noninterest Income 846 350 1,266 668
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 249 223 496 444
Net Occupancy 42 43 85 87
Furniture and Equipment 23 21 46 43
Other 143 138 275 267
----- ----- ------ ------
Total Noninterest Expense 457 425 902 841
----- ----- ------ ------
Income Before Income Taxes 452 367 846 710
Income Taxes 174 141 325 272
----- ----- ------ ------
Net Income $ 278 $ 226 $ 521 $ 438
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 276 $ 223 $ 516 $ 433
- ----------------------- ===== ===== ====== =====
Per Common Share Data:
- ----------------------
Primary Earnings $1.35 $1.14 $2.51 $2.26
Fully Diluted Earnings 1.32 1.09 2.45 2.11
Cash Dividends 0.40 0.32 0.80 0.64
Fully Diluted Shares Outstanding 209 207 211 207
<PAGE> 12
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except per share amounts)
June 30, December 31,
1996 1995
---- ----
Assets
- ------
Cash and Due from Banks $ 3,845 $ 4,711
Interest-Bearing Deposits in Banks 1,025 982
Securities:
Held-to-Maturity 1,231 1,252
Available-for-Sale 3,954 3,618
------- -------
Total Securities 5,185 4,870
Trading Assets at Fair Value 586 762
Federal Funds Sold and Securities Purchased
Under Resale Agreements 1,318 936
Loans (less allowance for loan losses
of $982 in 1996 and $756 in 1995) 34,541 36,931
Premises and Equipment 888 902
Due from Customers on Acceptances 922 918
Accrued Interest Receivable 296 270
Other Assets 2,893 2,438
------- -------
Total Assets $51,499 $53,720
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $ 8,969 $10,465
Interest-Bearing
Domestic Offices 15,041 16,005
Foreign Offices 11,484 9,448
------- -------
Total Deposits 35,494 35,918
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,756 3,933
Other Borrowed Funds 4,385 3,706
Acceptances Outstanding 923 928
Accrued Taxes and Other Expenses 1,443 1,378
Accrued Interest Payable 177 190
Other Liabilities 340 587
Long-Term Debt 1,914 1,848
------- -------
Total Liabilities 46,432 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 46,204 shares in 1996 and
49,504 shares in 1995 2 2
Common Stock-par value $7.50 per share,
authorized 350,000,000 shares, issued
206,277,119 shares in 1996 and
204,162,405 shares in 1995 1,547 1,531
Additional Capital 1,126 1,087
Retained Earnings 3,047 2,689
Securities Valuation Allowance 6 58
------- -------
5,839 5,478
Less: Treasury Stock (16,197,893 shares in
1996 and 6,026,048 shares in 1995), at cost 754 228
Loan to ESOP (658,530 shares), at cost 18 18
------- -------
Total Shareholders' Equity 5,067 5,232
------- -------
Total Liabilities and Shareholders' Equity $51,499 $53,720
======= =======
<PAGE> 13
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 June 30, 1996 ended June 30, 1995
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,503 $ 21 5.52% $ 1,929 $ 30 6.32%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,422 32 5.30 4,074 62 6.06
Loans
Domestic Offices 25,812 588 9.17 24,239 609 10.09
Foreign Offices 11,995 196 6.58 10,990 204 7.46
------- ------ ------- ------
Total Loans 37,807 784 8.35 35,229 813 9.27
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,988 43 5.78 2,911 42 5.74
U.S. Government Agency
Obligations 480 7 6.24 314 5 6.32
Obligations of States and
Political Subdivisions 652 15 8.92 664 18 10.89
Other Securities,
including Trading
Securities 1,326 19 5.62 1,260 21 6.58
------- ------ ------- ------
Total Securities 5,446 84 6.16 5,149 86 6.64
------- ------ ------- ------
Total Interest-Earning
Assets 47,178 921 7.85% 46,381 991 8.57%
------ ------
Allowance for Loan Losses (728) (737)
Cash and Due from Banks 2,527 2,782
Other Assets 5,521 5,456
------- -------
TOTAL ASSETS $54,498 $53,882
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,713 39 4.23% $ 3,406 39 4.54%
Savings 8,264 55 2.70 7,787 62 3.18
Certificates of Deposit
$100,000 & Over 890 11 5.19 1,850 27 5.87
Other Time Deposits 2,533 29 4.68 2,588 34 5.33
Foreign Offices 12,383 152 4.90 12,056 173 5.75
------- ------ ------- ------
Total Interest-Bearing
Deposits 27,783 286 4.15 27,687 335 4.85
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 3,659 48 5.25 2,481 36 5.88
Other Borrowed Funds 4,081 55 5.41 4,680 74 6.29
Long-Term Debt 1,920 33 6.75 1,724 32 7.42
------- ------ ------- ------
Total Interest-Bearing
Liabilities 37,443 422 4.53% 36,572 477 5.23%
------ ------
Noninterest-Bearing
Deposits 8,472 8,686
Other Liabilities 3,420 4,000
Preferred Stock 113 117
Common Shareholders'
Equity 5,050 4,507
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $54,498 $53,882
======= =======
Net Interest Earnings
and Interest Rate Spread $ 499 3.32% $ 514 3.34%
====== ======
Net Yield on Interest-
Earning Assets 4.26% 4.45%
==== ====
<PAGE> 14
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
For the six months For the six months
ended June 30, 1996 ended June 30, 1995
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,540 $ 43 5.60% $ 1,918 $ 60 6.31%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,298 61 5.34 4,335 128 5.96
Loans
Domestic Offices 25,966 1,200 9.29 23,673 1,185 10.09
Foreign Offices 11,816 393 6.69 10,773 396 7.41
------- ------ ------- ------
Total Loans 37,782 1,593 8.47 34,446 1,581 9.26
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,931 83 5.72 2,892 83 5.78
U.S. Government Agency
Obligations 466 15 6.28 316 10 6.33
Obligations of States and
Political Subdivisions 644 29 9.01 688 37 10.80
Other Securities,
including Trading
Securities 1,263 34 5.54 1,246 40 6.41
------- ------ ------- ------
Total Securities 5,304 161 6.13 5,142 170 6.64
------- ------ ------- ------
Total Interest-Earning
Assets 46,924 1,858 7.96% 45,841 1,939 8.53%
------ ------
Allowance for Loan Losses (726) (762)
Cash and Due from Banks 2,838 2,720
Other Assets 5,489 5,288
------- -------
TOTAL ASSETS $54,525 $53,087
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,858 82 4.29% $ 3,410 74 4.40%
Savings 8,243 114 2.77 7,740 118 3.09
Certificates of Deposit
$100,000 & Over 1,005 27 5.32 1,857 54 5.82
Other Time Deposits 2,565 61 4.78 2,539 66 5.20
Foreign Offices 11,946 294 4.95 11,736 331 5.68
------- ------ ------- ------
Total Interest-Bearing
Deposits 27,617 578 4.21 27,782 643 4.75
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 3,766 99 5.30 2,379 68 5.83
Other Borrowed Funds 3,613 99 5.51 4,686 146 6.27
Long-Term Debt 1,901 65 6.85 1,753 65 7.39
------- ------ ------ ------
Total Interest-Bearing
Liabilities 36,897 841 4.58% 36,100 922 5.15%
------ ------
Noninterest-Bearing
Deposits 9,011 8,721
Other Liabilities 3,412 3,763
Preferred Stock 113 117
Common Shareholders'
Equity 5,092 4,386
------- ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $54,525 $53,087
======= =======
Net Interest Earnings
and Interest Rate Spread $1,017 3.38% $1,017 3.38%
====== ======
Net Yield on Interest-
Earning Assets 4.36% 4.47%
==== ====
