<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): January 16, 1997
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
------------
Fourth Quarter of 1996 Financial Results
-----------------------------------------
On January 16, 1997 The Bank of New York Company,
Inc. (the "Company") issued a press release
containing unaudited interim financial information
and accompanying discussion for the fourth 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 fourth quarter
of 1996 contained in the press
release dated January 16, 1997, 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: January 16, 1997
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 fourth quarter
of 1996 contained in the press
release dated January 16, 1997, 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 1996 E.P.S. OF $2.41, UP 12% AND
---------------------------------------
RECORD NET INCOME OF $1.02 BILLION ALSO UP 12%
----------------------------------------------
ROA AND ROE SET RECORDS AT 1.90% AND 19.98%
-------------------------------------------
FOURTH QUARTER E.P.S. UP 9% TO 61 CENTS
---------------------------------------
NEW YORK, N.Y., January 16, 1997 -- The Bank of New York Company, Inc.
(NYSE: BK) reported record 1996 earnings per share, on a fully diluted
basis, of $2.41 up 12% from $2.15 in 1995. Net income in 1996, for the
first time, exceeded $1 billion at $1,020 million, also up 12% from the
$914 million in 1995.
In the fourth quarter, fully diluted earnings per share were 61
cents, up 9% from the 56 cents in the fourth quarter of 1995. Net income
for the fourth quarter was $250 million, up 4% from the $241 million
earned in the same period last year.
For the year, return on average assets was a record 1.90% compared
with 1.72% in 1995. Return on average common equity totaled a record
19.98% in 1996 compared with 19.42% in 1995.
<PAGE> 2
Revenues from the Company's securities processing business continued
their strong advance, growing 59% for the full year to $655 million. 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 14% with
ADR's, corporate trust, and government securities clearance particularly
strong.
Overall, fees from other processing were up 9% for the year to $206
million. Funds transfer fees were ahead a strong 15%, cash management
fees were up by 8%, while revenues from the trade finance business were
flat from 1995.
Trust and investment continued its strong performance in 1996 with
fees growing 19% over last year to $161 million reflecting new business
and generally strong markets.
Net interest income, on a taxable equivalent basis, declined to
$1,999 million in 1996 from $2,068 million in the prior year, reflecting
the sale of the AFL-CIO Union credit card portfolio in the second quarter
of 1996.
Tangible fully diluted earnings per share (earnings before the
amortization of goodwill and intangibles) were $2.61 per share in 1996
compared with $2.29 per share in 1995. On the same basis, tangible return
on average assets was 2.10% in 1996 compared with 1.86% in 1995; and
tangible return on average common equity was 27.94% in 1996 compared with
24.14% in 1995.
During 1996 the Company bought back 48 million shares at a cost of
<PAGE> 3
$1.3 billion. This had the effect of reducing average shares outstanding
in 1996 by 26.3 million. The capital used in the share repurchase was
largely replenished by earnings, the conversion of debentures, and the
exercise of warrants. For the fourth quarter and year 1996, the net
effect of the conversion of warrants, the remaining outstanding warrants,
and the stock buyback was to dilute E.P.S. 1 cent and 10 cents.
The Company's estimated Tier 1 capital and Total capital ratios
remained strong at 8.24% and 12.64% at December 31, 1996 compared with
7.66% and 12.26% at September 30, 1996, and 8.42% and 13.08% at December
31, 1995. Tangible common equity as a percent of total assets was 6.99%
at December 31, 1996 compared with 7.44% at September 30, 1996 and 8.00%
one year ago. The leverage ratio was 8.88% at December 31, 1996 compared
with 8.17% at September 30, 1996 and 8.46% one year ago.
<PAGE> 4
NET INTEREST INCOME
- -------------------
4th 3rd 4th
Quarter Quarter Quarter
------- ------- -------
(In millions) 1996 1996 1995 1996 1995
----------------------------- -----------------
Net Interest Income $500 $476 $529 $1,999 $2,068
Net Interest Rate
Spread 3.35% 3.29% 3.41% 3.37% 3.41%
Net Yield on Interest-
Earning Assets 4.33 4.28 4.58 4.35 4.53
The net interest rate spread improved to 3.35% in the fourth quarter
of 1996, compared with 3.29% in the third quarter. The net yield on
interest earning assets also increased to 4.33% in the fourth quarter from
4.28% in the prior quarter. An important factor in the fourth quarter
spread and yield expansion was the expiration of promotional rates on
credit cards, and the repricing of certain segments of the Company's
credit card portfolio. Also contributing to the increase was continued
growth in the Company's loan portfolio.
The improvements in spreads and yields led to an increase in net
interest income on a taxable equivalent basis, to $500 million in the
fourth quarter, up from $476 million in the third quarter.
For 1996, net interest income, on a taxable equivalent basis,
amounted to $1,999 million compared with $2,068 million for 1995. The net
interest rate spread was 3.37% for 1996 compared with 3.41% for 1995,
while the net yield on interest-earning assets was 4.35% in 1996 compared
with 4.53% for 1995.
<PAGE> 5
NONINTEREST INCOME
- ------------------
4th Quarter
-----------
(In millions) 1996 1995 1996 1995
---------------- -------------------
Processing Fees
Securities $171 $108 $ 655 $ 411
Other 51 49 206 189
---- ---- ------ ------
222 157 861 600
Trust and Investment Fees 42 39 161 136
Service Charges and Fees 105 101 424 423
Securities Gains 19 78 97 115
Foreign Exchange and
Other Trading Activities 25 17 67 60
Sale of Credit Card Portfolio - - 400 -
Other 28 27 120 157
---- ---- ------ ------
Total Noninterest Income $441 $419 $2,130 $1,491
==== ==== ====== ======
Securities processing fees increased 58% to $171 million compared
with $108 million in the fourth quarter of 1995. Securities processing
fees were $655 million in 1996 compared with $411 million in 1995. Strong
internal growth in all areas and acquisitions contributed to the increase
in revenue. The Company reported $19 million of securities gains in the
fourth quarter of 1996 compared with $78 million in the fourth quarter of
1995. Revenues from foreign exchange and other trading activities were
$25 million compared with $17 million in the fourth quarter of 1995. For
the year, foreign exchange and other trading activities continued to
improve with revenues of $67 million, up 12%.
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense for the fourth quarter and year 1996 were
$480 million and $1,835 million, compared with $446 million and $1,708
million in 1995. The rise in expenses was principally related to
acquisitions of securities processing businesses from J.P. Morgan,
BankAmerica, and NationsBank.
<PAGE> 6
The efficiency ratios for the full year and fourth quarter of 1996
were 50.5% and 51.7% compared with 50.0% and 49.7% for the full year and
fourth quarter of 1995. The efficiency ratios exclude the gain on the
sale of the credit card portfolio in the second quarter of 1996, the
settlement with Northeast Bancorp in the fourth quarter of 1995, and the
gain on the sale of the ARCS mortgage servicing in the third quarter of
1995.
The effective tax rates for the fourth quarter and full year of 1996
were 37.9% and 38.3% compared with 38.4% and 38.3% last year.
NONPERFORMING ASSETS
- --------------------
Change
4Q 1996 vs
(Dollars in millions) 12/31/96 9/30/96 3Q 1996
---------------------------------------
Loans:
Commercial Real Estate $ 20 $ 22 $ (2)
Other Commercial 90 61 29
Foreign 38 40 (2)
Community Banking 65 73 (8)
---- ----
Total Loans 213 196 17
Other Real Estate 41 61 (20)
---- ----
Total $254 $257 (3)
==== ====
Nonperforming Assets Ratio 0.7% 0.7%
Allowance/Nonperforming Loans 423.7 488.3
Allowance/Nonperforming Assets 355.3 372.6
Nonperforming assets totaled $254 million at December 31, 1996,
compared with $257 million at September 30, 1996, a decrease of $3
million. This was the twenty-second consecutive quarter of nonperforming
asset decreases.
<PAGE> 7
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
4th 3rd 4th
Quarter Quarter Quarter
------- ------- -------
(In millions) 1996 1996 1995 1996 1995
--------------------------- --------------
Provision $ 45 $ 40 $105 $600 $330
---- ---- ---- ---- ----
Net (Charge-offs) Recovery:
Commercial Real Estate (1) (7) - (11) (16)
Other Commercial (2) (12) (4) (20) (23)
Credit Card (93) (65) (81) (441) (267)
Other Consumer (2) (3) (2) (9) (5)
Foreign (1) 27 - 37 (22)
Other (2) (5) (8) (11) (20)
---- ---- ---- ---- ----
Total (101) (65) (95) (455) (353)
Other - - - - 11
---- ---- ---- ---- ----
Change in Allowance $(56) $(25) $ 10 $145 $(12)
==== ==== ==== ==== ====
Other Real Estate Expenses $ 3 $ - $ - $ 1 $ 5
Net charge-offs of credit card loans were $93 million for the
fourth quarter. As a percentage of average outstandings, net charge-
offs and accounts delinquent for more than thirty days were 7.02% and
7.20% in the fourth quarter.
Credit card loans outstanding were $5.414 billion at December 31,
1996 compared with $5.348 billion at September 30, 1996.
The allowance for loan losses was $901 million, or 2.43% of loans at
December 31, 1996, compared with $957 million, or 2.66% of loans at
September 30, 1996.
***************************
(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)
1996 1995 Change
---- ---- ------
For the Three Months Ended December 31:
- ---------------------------------------
Net Income $250 $241 3.7%
Per Common Share:
Primary Earnings $0.61 $0.58 5.2
Fully Diluted Earnings 0.61 0.56 8.9
Cash Dividends 0.22 0.18 22.2
Return on Average Common Shareholders'
Equity 19.48% 18.87%
Return on Average Assets 1.84 1.77
For the Twelve Months Ended December 31:
- ----------------------------------------
Net Income $1,020 $914 11.6%
Per Common Share:
Primary Earnings $2.47 $2.29 7.9
Fully Diluted Earnings 2.41 2.15 12.1
Cash Dividends 0.84 0.68 23.5
Return on Average Common Shareholders'
Equity 19.98% 19.42%
Return on Average Assets 1.90 1.72
As of December 31:
- ------------------
Assets $55,891 $53,720 4.0%
Loans 37,130 37,687 -1.5
Securities 5,053 4,870 3.8
Deposits - Domestic 26,653 26,405 0.9
- Foreign 12,815 9,513 34.7
Long-Term Debt 1,816 1,848 -1.7
Preferred Shareholders' Equity 112 113 -0.9
Common Shareholders' Equity 5,015 5,119 -2.0
Common Shareholders' Equity Per Share 13.01 12.93 0.6
Market Value Per Share of Common Stock 33.75 24.38 38.4
Allowance for Loan Losses as a Percent
of Loans 2.43% 2.01%
Tier 1 Capital Ratio 8.24 8.42
Total Capital Ratio 12.64 13.08
Leverage Ratio 8.88 8.46
Tangible Common Equity Ratio 6.99 8.00
<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 twelve
months ended months ended
December 31, December 31,
1996 1995 1996 1995
---- ---- ---- ----
Interest Income
- ---------------
Loans $ 756 $ 837 $3,073 $3,226
Securities
Taxable 59 60 240 235
Exempt from Federal Income Taxes 9 10 37 43
----- ----- ------ ------
68 70 277 278
Deposits in Banks 26 23 90 106
Federal Funds Sold and Securities
Purchased Under Resale Agreements 29 34 126 193
Trading Assets 4 5 17 28
----- ----- ------ ------
Total Interest Income 883 969 3,583 3,831
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 293 313 1,152 1,265
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 30 52 155 161
Other Borrowed Funds 39 49 186 246
Long-Term Debt 31 32 129 130
---- ---- ------ ------
Total Interest Expense 393 446 1,622 1,802
---- ---- ------ ------
Net Interest Income 490 523 1,961 2,029
- -------------------
Provision for Loan Losses 45 105 600 330
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 445 418 1,361 1,699
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 171 108 655 411
Other 51 49 206 189
----- ----- ------ ------
222 157 861 600
Trust and Investment Fees 42 39 161 136
Service Charges and Fees 105 101 424 423
Securities Gains 19 78 97 115
Other 53 44 587 217
----- ----- ------ ------
Total Noninterest Income 441 419 2,130 1,491
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 264 237 1,014 913
Net Occupancy 41 43 167 175
Furniture and Equipment 24 23 93 87
Other 151 143 561 533
----- ----- ------ ------
Total Noninterest Expense 480 446 1,835 1,708
----- ----- ------ ------
Income Before Income Taxes 406 391 1,656 1,482
Income Taxes 154 150 634 568
Distribution on Preferred Securities 2 - 2 -
----- ----- ------ ------
Net Income $ 250 $ 241 $1,020 $ 914
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 247 $ 239 $1,010 $ 904
- ----------------------- ===== ===== ====== ======
Per Common Share Data:
- ----------------------
Primary Earnings $0.61 $0.58 $2.47 $2.29
Fully Diluted Earnings 0.61 0.56 2.41 2.15
Cash Dividends 0.22 0.18 0.84 0.68
Fully Diluted Shares Outstanding 407 430 420 424
<PAGE> 10
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except per share amounts)
December 31, December 31,
1996 1995
---- ----
Assets
- ------
Cash and Due from Banks $ 6,031 $ 4,711
Interest-Bearing Deposits in Banks 1,387 982
Securities:
Held-to-Maturity 1,170 1,252
Available-for-Sale 3,883 3,618
------- -------
Total Securities 5,053 4,870
Trading Assets at Fair Value 1,547 762
Federal Funds Sold and Securities Purchased
Under Resale Agreements 562 936
Loans (less allowance for loan losses
of $901 in 1996 and $756 in 1995) 36,229 36,931
Premises and Equipment 875 902
Due from Customers on Acceptances 985 918
Accrued Interest Receivable 308 270
Other Assets 2,914 2,438
------- -------
Total Assets $55,891 $53,720
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $11,819 $10,465
Interest-Bearing
Domestic Offices 15,386 16,005
Foreign Offices 12,263 9,448
------- -------
Total Deposits 39,468 35,918
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,737 3,933
Other Borrowed Funds 4,144 3,706
Acceptances Outstanding 1,015 928
Accrued Taxes and Other Expenses 1,417 1,378
Accrued Interest Payable 179 190
Other Liabilities 388 587
Long-Term Debt 1,816 1,848
------- -------
Total Liabilities 50,164 48,488
------- -------
Minority Interest - Preferred Securities 600 -
------- -------
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 40,429 shares in 1996 and
49,504 shares in 1995 1 2
Common Stock-par value $7.50 per share,
authorized 800,000,000 shares, issued
444,317,786 shares in 1996 and
408,324,810 shares in 1995 3,332 3,062
Additional Capital 344 125
Retained Earnings 2,798 2,120
Securities Valuation Allowance 82 58
------- -------
6,668 5,478
Less: Treasury Stock (57,849,845 shares in
1996 and 12,052,096 shares in 1995),
at cost 1,524 228
Loan to ESOP (1,195,719 shares in 1996
and 1,317,060 shares in 1995), at cost 17 18
------- -------
Total Shareholders' Equity 5,127 5,232
------- -------
Total Liabilities and Shareholders' Equity $55,891 $53,720
======= =======
<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 December 31, 1996 ended December 31, 1995
------------------------ ------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,792 $ 26 5.73% $ 1,448 $ 23 6.29%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,219 29 5.28 2,359 34 5.79
Loans
Domestic Offices 23,239 544 9.31 25,614 632 9.80
Foreign Offices 13,303 214 6.40 11,428 204 7.07
------- ------ ------- ------
Total Loans 36,542 758 8.25 37,042 836 8.96
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,834 41 5.77 2,934 42 5.64
U.S. Government Agency
Obligations 434 7 6.37 456 7 6.35
Obligations of States and
Political Subdivisions 666 15 8.79 607 15 10.16
Other Securities,
including Trading
Securities 1,406 17 4.69 1,193 18 6.15
------- ------ ------- ------
Total Securities 5,340 80 5.91 5,190 82 6.35
------- ------ ------- ------
Total Interest-Earning
Assets 45,893 893 7.74% 46,039 975 8.41%
------ ------
Allowance for Loan Losses (922) (726)
Cash and Due from Banks 3,025 3,532
Other Assets 6,086 5,087
------- -------
TOTAL ASSETS $54,082 $53,932
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,937 43 4.32% $ 3,613 41 4.50%
Savings 8,099 54 2.63 8,171 62 3.00
Certificates of Deposit
$100,000 & Over 760 10 5.31 1,395 19 5.46
Other Time Deposits 2,461 29 4.72 2,708 45 6.65
Foreign Offices 13,274 157 4.71 10,918 146 5.30
------- ------ ------- ------
Total Interest-Bearing
Deposits 28,531 293 4.08 26,805 313 4.64
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,336 30 5.13 3,597 52 5.72
Other Borrowed Funds 2,918 39 5.22 3,143 49 6.09
Long-Term Debt 1,816 31 6.86 1,819 32 7.01
------- ------ ------- ------
Total Interest-Bearing
Liabilities 35,601 393 4.39% 35,364 446 5.00%
------ ------
Noninterest-Bearing
Deposits 9,197 9,831
Other Liabilities 4,017 3,606
Minority Interest -
Preferred Securities 104 -
Preferred Stock 113 113
Common Shareholders'
Equity 5,050 5,018
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $54,082 $53,932
======= =======
Net Interest Earnings
and Interest Rate Spread $ 500 3.35% $ 529 3.41%
====== ======
Net Yield on Interest-
Earning Assets 4.33% 4.58%
==== ====
<PAGE> 12
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
For the twelve months For the twelve months
ended December 31, 1996 ended December 31, 1995
------------------------ ------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 1,586 $ 90 5.71% $ 1,682 $ 106 6.28%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,356 126 5.35 3,280 193 5.89
Loans
Domestic Offices 24,417 2,272 9.31 24,366 2,428 9.97
Foreign Offices 12,281 810 6.59 11,055 805 7.28
------- ------ ------- ------
Total Loans 36,698 3,082 8.40 35,421 3,233 9.13
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,911 168 5.76 2,929 167 5.71
U.S. Government Agency
Obligations 454 29 6.32 372 24 6.33
Obligations of States and
Political Subdivisions 656 58 8.91 650 68 10.50
Other Securities,
including Trading
Securities 1,322 68 5.16 1,309 79 6.13
------- ------ ------- ------
Total Securities 5,343 323 6.05 5,260 338 6.45
------- ------ ------- ------
Total Interest-Earning
Assets 45,983 3,621 7.88% 45,643 3,870 8.48%
------ ------
Allowance for Loan Losses (837) (739)
Cash and Due from Banks 2,804 2,971
Other Assets 5,699 5,178
------- -------
TOTAL ASSETS $53,649 $53,053
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 3,855 166 4.30% $ 3,451 153 4.44%
Savings 8,188 223 2.72 7,909 243 3.07
Certificates of Deposit
$100,000 & Over 895 48 5.32 1,673 95 5.68
Other Time Deposits 2,547 121 4.75 2,560 143 5.60
Foreign Offices 12,232 594 4.87 11,403 631 5.54
------- ------ ------- ------
Total Interest-Bearing
Deposits 27,717 1,152 4.16 26,996 1,265 4.69
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,957 155 5.23 2,804 161 5.75
Other Borrowed Funds 3,406 186 5.47 3,962 246 6.22
Long-Term Debt 1,870 129 6.90 1,773 130 7.30
------- ------ ------ ------
Total Interest-Bearing
Liabilities 35,950 1,622 4.51% 35,535 1,802 5.07%
------ ------
Noninterest-Bearing
Deposits 8,882 9,065
Other Liabilities 3,623 3,685
Minority Interest -
Preferred Securities 26 -
Preferred Stock 113 115
Common Shareholders'
Equity 5,055 4,653
------- ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $53,649 $53,053
======= =======
Net Interest Earnings
and Interest Rate Spread $1,999 3.37% $2,068 3.41%
====== ======
Net Yield on Interest-
Earning Assets 4.35% 4.53%
==== ====
