<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 21, 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
------------
Third Quarter of 1997 Financial Results
----------------------------------------
On October 21, 1997 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 1997. 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 1997 contained in the press
release dated October 21, 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: October 21, 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 third quarter
of 1997 contained in the press
release dated October 21, 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, AVP
(212) 495-1619
THE BANK OF NEW YORK COMPANY, INC. REPORTS
------------------------------------------
Record Third Quarter E.P.S. of 69 cents;
----------------------------------------
Return on Average Common Equity Was a Record 22.06%; and
--------------------------------------------------------
Sale of its Credit Card Operations
----------------------------------
NEW YORK, N.Y., October 21, 1997 -- The Bank of New York Company, Inc.
(NYSE: BK) reports third quarter fully diluted earnings per share were a
record 69 cents, up 15% from the 60 cents earned in the third quarter of
1996. Third quarter net income was $273 million, up 10% from $249 million
earned in the same period last year.
Separately, the Company has agreed to sell substantially all of its
remaining credit card operations to Chase Manhattan Bank USA, National
Association and intends in a second transaction to sell the remaining
portfolio of late cycle delinquent and bankrupt accounts. These
transactions are expected to close prior to year end and include
approximately $4.2 billion in receivables and approximately 3.7 million
cards. The Company expects to recognize a net gain on these sales of
approximately $200 million in the fourth quarter.
<PAGE> 2
Earnings per share, on a fully diluted basis, were a record $2.00 for
the first nine months of 1997, up 15% from the $1.74 earned last year on
a normalized basis. In the second quarter of 1996 the Company recorded
a net gain of $31 million, or 7 cents per share, on the sale of its Union
credit card portfolio. Net income for the first nine months was a record
$806 million, an increase of 9% over last year's $739 million on a
normalized basis.
As reported earlier this month, the Company's Board of Directors
approved a quarterly cash stock dividend of 26 cents per share, an 8%
increase over the 24 cents previously paid. This increase will result in
an annual rate of $1.04 per share, the largest in the Company's history.
The new dividend is payable on November 6, 1997 to holders of record as
of October 24, 1997.
Return on average common equity was a record 22.06% in the third
quarter of 1997, compared with 21.84% in the second quarter of 1997 and
19.63% in the third quarter of 1996. Return on average assets for the
third quarter was 1.81% compared with 1.83% in the second quarter of 1997
and 1.92% in the third quarter of 1996.
Tangible fully diluted earnings per share (earnings before the
amortization of goodwill and intangibles) were $0.74 per share in the
third quarter of 1997 compared with $0.64 per share in the third quarter
of 1996. Tangible return on average common equity was 32.29% in the third
quarter of 1997 compared with 27.83% in the third quarter of 1996; and
tangible return on average assets was 2.00% in the third quarter of 1997
compared with 2.12% in the third quarter of 1996.
Revenues from the Company's securities processing business continued
<PAGE> 3
their strong broad based performance and were up 23% over the third
quarter of 1996 to $202 million. ADR's, corporate trust, government
securities clearance, mutual funds, and stock transfer were particularly
strong.
Fees from other processing, which includes funds transfer, cash
management, and trade finance, grew 15% over last year's third quarter
with strong growth in all areas.
Trust and investment continued to benefit from new business and
strong markets in the third quarter of 1997 which combined to increase
fees 10% to $46 million compared with $42 million last year.
Net interest income, on a taxable equivalent basis, totaled $495
million in the third quarter compared with $476 million in the third
quarter of last year.
Average fully diluted shares outstanding were 394 million for the
quarter, down from the 399 million in the second quarter and down
significantly from the 414 million in the prior year period. The decline
from the second quarter and prior year was the result of the Company's
stock buyback program.
The Company's estimated Tier 1 capital and Total capital ratios
remained strong at 7.54% and 11.52% at September 30, 1997 compared with
7.83% and 12.00% at June 30, 1997, and 7.66% and 12.26% at September 30,
1996. Tangible common equity as a percent of total assets was 5.97% at
September 30, 1997 compared with 5.92% at June 30, 1997 and 7.44% one year
ago. The leverage ratio was 7.81% at September 30, 1997 compared with
8.04% at June 30, 1997 and 8.17% one year ago.
<PAGE> 4
NET INTEREST INCOME
- -------------------
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ----------------
(In millions) 1997 1997 1996 1997 1996
--------------------------- ----------------
Net Interest Income $495 $489 $476 $1,480 $1,499
Net Interest Rate
Spread 2.97% 3.12% 3.29% 3.13% 3.37%
Net Yield on Interest-
Earning Assets 4.02 4.08 4.28 4.11 4.35
Net interest income on a taxable equivalent basis increased to $495
million in the third quarter of 1997 from $489 million in the second
quarter of 1997 and $476 million in the third quarter of 1996. The net
interest rate spread was 2.97% in the third quarter of 1997, compared with
3.12% in the second quarter of 1997 and 3.29% one year ago. The net yield
on interest-earning assets was 4.02% compared with 4.08% in the second
quarter of 1997 and 4.28% in last year's third quarter.
For the first nine months of 1997, net interest income, on a taxable
equivalent basis, amounted to $1,480 million compared with $1,499 million
in the same period of 1996. The year-to-date net interest rate spread was
3.13% in 1997 compared with 3.37% in 1996, while the net yield on
interest-earning assets was 4.11% in 1997 and 4.35% in 1996.
The increases in net interest income compared with the third quarter
of 1996 was primarily attributable to growth in corporate lending.
<PAGE> 5
NONINTEREST INCOME
- ------------------
3rd Quarter Year-to-date
----------- ------------
(In millions) 1997 1996 1997 1996
-------------- -------------
Processing Fees
Securities $202 $164 $ 577 $ 484
Other 63 54 177 157
---- ---- ------ ------
265 218 754 641
Trust and Investment Fees 46 42 134 119
Service Charges and Fees 92 101 280 315
Securities Gains 51 15 91 78
Foreign Exchange and
Other Trading Activities 35 12 87 43
Sale of Credit Card Portfolio - - - 400
Other 15 44 102 93
---- ---- ------ ------
Total Noninterest Income $504 $432 $1,448 $1,689
==== ==== ====== ======
Securities processing fees increased 23% to $202 million compared
with $164 million in the third quarter of 1996. In the first nine months
of 1997, securities processing fees were $577 million compared with $484
million in 1996. Strong internal growth in almost all areas drove the
increase in revenue. The Company reported $51 million of securities gains
in the third quarter of 1997 compared with $33 million in the second
quarter and $15 million last year. Revenues from foreign exchange and
other trading activities were $35 million compared with $25 million in the
second quarter and $12 million in the third quarter of 1996. Included in
other income in the third quarter of 1996 was a gain of $21 million on the
sale of a portion of the Company's interest in Wing Hang Bank.
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense for the quarter was $473 million, up 4%
from $455 million in the same period last year. Year-to-date noninterest
expense was $1,384 million compared with $1,355 million in 1996.
Noninterest expense for the third quarter included $7 million,
<PAGE> 6
approximately 1 cent per share, related to making computer systems year
2000 compliant.
The efficiency ratio for the third quarter was 50.1% versus 50.9% one
year ago. For the first nine months of 1997 the efficiency ratio was
48.8% compared with 50.0% last year.
The effective tax rates for the third quarter and first nine months
of 1997 were 36.1% and 36.4% compared with 38.4% for both periods in 1996.
NONPERFORMING ASSETS
- -------------------- Change
3Q 1997 vs
(Dollars in millions) 9/30/97 6/30/97 2Q 1997
-------------------------------------
Loans:
Commercial Real Estate $ 19 $ 57 $(38)
Other Commercial 90 42 48
Foreign 36 36 -
Community Banking 59 67 (8)
---- ----
Total Loans 204 202 2
Other Real Estate 32 41 (9)
---- ----
Total $236 $243 (7)
==== ====
Nonperforming Assets Ratio 0.6% 0.6%
Allowance/Nonperforming Loans 376.8 411.0
Allowance/Nonperforming Assets 326.5 342.1
The increase in the other commercial category was the result of a
large loan to a retailer. The decline in commercial real estate is
attributable to the sale of two properties, one in California and one in
Pennsylvania. Overall nonperforming assets declined for the twenty-fifth
consecutive quarter to $236 million at September 30, 1997, down from $243
million at June 30, 1997.
<PAGE 7>
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- -------------
(In millions) 1997 1997 1996 1997 1996
--------------------------- -------------
Provision $ 60 $ 60 $ 40 $ 180 $555*
---- ---- ---- ----- ----
Net (Charge-offs) Recoveries:
Commercial Real Estate 1 - (7) 2 (10)
Other Commercial (26) (6) (12) (36) (18)
Credit Card** (95) (88) (65) (276) (348)
Other Consumer (1) (1) (3) (3) (7)
Foreign 1 - 27 4 39
Other (1) (2) (5) (2) (10)
---- ---- ---- ----- ----
Total (121) (97) (65) (311) (354)
---- ---- ---- ----- ----
Change in Allowance $(61) $(37) $(25) $(131) $201
==== ==== ==== ===== ====
Other Real Estate
Expenses (Recoveries) $ (2) $ 1 $ - $ (1) $ (1)
* 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 to Household.
Net charge-offs of credit card loans were $95 million for the
third quarter. Credit card loans outstanding were $4.2 billion at
September 30, 1997 and June 30, 1997.
The allowance for loan losses was $771 million, or 2.01% of loans at
September 30, 1997, compared with $832 million, or 2.13% of loans at June
30, 1997. The ratio of the allowance to nonperforming assets was 327% at
September 30, 1997.
***************************
(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)
1997 1996 Change
---- ---- ------
For the Three Months Ended September 30:
- ---------------------------------------
Net Income $ 273 $ 249 9.6%
Per Common Share:
Primary Earnings $ 0.69 $ 0.60 15.0
Fully Diluted Earnings 0.69 0.60 15.0
Cash Dividends 0.24 0.22 9.1
Return on Average Common Shareholders'
Equity 22.06% 19.63%
Return on Average Assets 1.81 1.92
For the Nine Months Ended September 30:
- --------------------------------------
Net Income $ 806 $ 770 4.7%
Per Common Share:
Primary Earnings $ 2.00 $ 1.86 7.5
Fully Diluted Earnings 2.00 1.81 10.5
Cash Dividends 0.72 0.62 16.1
Return on Average Common Shareholders'
Equity 21.59% 20.14%
Return on Average Assets 1.83 1.92
As of September 30:
- ------------------
Assets $61,429 $52,388 17.3%
Loans 38,388 36,030 6.5
Securities 5,380 5,127 4.9
Deposits - Domestic 27,851 24,880 11.9
- Foreign 14,619 11,680 25.2
Long-Term Debt 1,827 1,816 0.6
Minority Interest - Preferred Securities 1,000 - -
Preferred Shareholders' Equity 112 113 -0.9
Common Shareholders' Equity 4,880 5,004 -2.5
Common Shareholders' Equity Per Share 13.02 13.01 0.1
Market Value Per Share of Common Stock 48.00 29.37 63.4
Allowance for Loan Losses as a Percent
of Loans 2.01% 2.66%
Tier 1 Capital Ratio 7.54 7.66
Total Capital Ratio 11.52 12.26
Leverage Ratio 7.81 8.17
Tangible Common Equity Ratio 5.97 7.44
<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,
1997 1996 1997 1996
---- ---- ---- ----
Interest Income
- ---------------
Loans $ 766 $ 724 $2,278 $2,318
Securities
Taxable 59 61 178 181
Exempt from Federal Income Taxes 9 9 26 28
----- ----- ------ ------
68 70 204 209
Deposits in Banks 45 22 118 65
Federal Funds Sold and Securities
Purchased Under Resale Agreements 37 36 105 96
Trading Assets 5 4 16 13
----- ----- ------ ------
Total Interest Income 921 856 2,721 2,701
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 331 282 960 860
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 30 26 88 125
Other Borrowed Funds 42 49 124 148
Long-Term Debt 32 32 94 97
----- ----- ------ ------
Total Interest Expense 435 389 1,266 1,230
----- ----- ------ ------
Net Interest Income 486 467 1,455 1,471
- -------------------
Provision for Loan Losses 60 40 180 555
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 426 427 1,275 916
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 202 164 577 484
Other 63 54 177 157
----- ----- ------ ------
265 218 754 641
Trust and Investment Fees 46 42 134 119
Service Charges and Fees 92 101 280 315
Securities Gains 51 15 91 78
Other 50 56 189 536
----- ----- ------ ------
Total Noninterest Income 504 432 1,448 1,689
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 269 253 789 750
Net Occupancy 42 41 126 127
Furniture and Equipment 23 22 70 68
Other 139 139 399 410
----- ----- ------ ------
Total Noninterest Expense 473 455 1,384 1,355
----- ----- ------ ------
Income Before Income Taxes 457 404 1,339 1,250
Income Taxes 165 155 488 480
Distribution on Preferred Securities 19 - 45 -
----- ----- ------ ------
Net Income $ 273 $ 249 $ 806 $ 770
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 270 $ 246 $ 799 $ 762
- ----------------------- ===== ===== ====== ======
Per Common Share Data:
- ----------------------
Primary Earnings $0.69 $0.60 $ 2.00 $ 1.86
Fully Diluted Earnings 0.69 0.60 2.00 1.81
Cash Dividends 0.24 0.22 0.72 0.62
Fully Diluted Shares Outstanding 394 414 400 422
<PAGE> 10
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except per share amounts)
September 30, December 31,
1997 1996
---- ----
Assets
- ------
Cash and Due from Banks $ 5,049 $ 6,032
Interest-Bearing Deposits in Banks 1,986 1,387
Securities:
Held-to-Maturity 1,117 1,170
Available-for-Sale 4,263 3,883
------- -------
Total Securities 5,380 5,053
Trading Assets at Fair Value 2,270 1,547
Federal Funds Sold and Securities Purchased
Under Resale Agreements 3,158 562
Loans (less allowance for loan losses
of $771 in 1997 and $901 in 1996) 37,617 36,105
Premises and Equipment 851 875
Due from Customers on Acceptances 1,463 985
Accrued Interest Receivable 298 315
Other Assets 3,357 2,904
------- -------
Total Assets $61,429 $55,765
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $12,904 $11,812
Interest-Bearing
Domestic Offices 15,605 15,268
Foreign Offices 13,961 12,263
------- -------
Total Deposits 42,470 39,343
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,936 1,737
Other Borrowed Funds 5,115 4,144
Acceptances Outstanding 1,473 1,015
Accrued Taxes and Other Expenses 1,672 1,417
Accrued Interest Payable 177 167
Other Liabilities 767 399
Long-Term Debt 1,827 1,816
------- -------
Total Liabilities 55,437 50,038
------- -------
Minority Interest - Preferred Securities 1,000 600
------- -------
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 24,144 shares in 1997 and
40,429 shares in 1996 1 1
Common Stock-par value $7.50 per share,
authorized 800,000,000 shares, issued
457,806,793 shares in 1997 and
444,317,786 shares in 1996 3,434 3,332
Additional Capital 435 344
Retained Earnings 3,314 2,798
Securities Valuation Allowance 262 82
------- -------
7,557 6,668
Less: Treasury Stock (81,945,277 shares in
1997 and 57,849,845 shares in 1996), at cost 2,548 1,524
Loan to ESOP (1,195,719 shares), at cost 17 17
------- -------
Total Shareholders' Equity 4,992 5,127
------- -------
Total Liabilities and Shareholders' Equity $61,429 $55,765
======= =======
<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, 1997 ended September 30, 1996
------------------------ ------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 3,207 $ 45 5.55% $ 1,469 $ 22 5.92%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,677 37 5.43 2,607 36 5.41
Loans
Domestic Offices 22,346 515 9.15 22,531 523 9.23
Foreign Offices 15,041 252 6.65 12,178 202 6.61
------- ------ ------- ------
Total Loans 37,387 767 8.14 34,709 725 8.31
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,788 40 5.74 2,950 43 5.84
U.S. Government Agency
Obligations 360 6 6.47 449 7 6.35
Obligations of States and
Political Subdivisions 659 14 8.56 671 15 8.85
Other Securities,
including Trading
Securities 1,721 21 4.89 1,353 17 4.94
------- ------ ------- ------
Total Securities 5,528 81 5.86 5,423 82 6.03
------- ------ ------- ------
Total Interest-Earning
Assets 48,799 930 7.56% 44,208 865 7.78%
------ ------
Allowance for Loan Losses (821) (971)
Cash and Due from Banks 3,661 2,516
Other Assets 7,959 5,724
------- -------
TOTAL ASSETS $59,598 $51,477
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 4,399 51 4.62% $ 3,766 41 4.30%
Savings 7,874 50 2.53 8,167 55 2.70
Certificates of Deposit
$100,000 & Over 751 11 5.55 811 11 5.32
Other Time Deposits 2,421 31 5.07 2,595 31 4.74
Foreign Offices 15,044 188 4.96 11,755 144 4.88
------- ------ ------- ------
Total Interest-Bearing
Deposits 30,489 331 4.31 27,094 282 4.14
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,277 30 5.18 1,977 26 5.11
Other Borrowed Funds 3,053 42 5.54 3,485 49 5.60
Long-Term Debt 1,807 32 6.96 1,862 32 6.86
------- ------ ------- ------
Total Interest-Bearing
Liabilities 37,626 435 4.59% 34,418 389 4.49%
------ ------
Noninterest-Bearing
Deposits 9,795 8,312
Other Liabilities 6,205 3,648
Minority Interest-
Preferred Securities 1,000 -
Preferred Stock 112 113
Common Shareholders'
Equity 4,860 4,986
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $59,598 $51,477
======= =======
Net Interest Earnings
and Interest Rate Spread $ 495 2.97% $ 476 3.29%
====== ======
Net Yield on Interest-
Earning Assets 4.02% 4.28%
==== ====
<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, 1997 ended September 30, 1996
------------------------ ------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 2,866 $ 118 5.49% $ 1,516 $ 65 5.70%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,587 105 5.42 2,402 96 5.37
Loans
Domestic Offices 22,529 1,563 9.28 24,812 1,728 9.31
Foreign Offices 14,704 718 6.53 11,937 595 6.66
------- ------ ------- ------
Total Loans 37,233 2,281 8.19 36,749 2,323 8.45
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,742 119 5.79 2,937 127 5.76
U.S. Government Agency
Obligations 390 19 6.43 460 22 6.30
Obligations of States and
Political Subdivisions 645 42 8.63 653 44 8.95
Other Securities,
including Trading
Securities 1,652 62 5.10 1,293 52 5.33
------- ------ ------- ------
Total Securities 5,429 242 5.97 5,343 245 6.09
------- ------ ------- ------
Total Interest-Earning
Assets 48,115 2,746 7.63% 46,010 2,729 7.92%
------ ------
Allowance for Loan Losses (843) (808)
Cash and Due from Banks 3,820 2,730
Other Assets 7,703 5,568
------- -------
TOTAL ASSETS $58,795 $53,500
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 4,183 141 4.49% $ 3,827 123 4.29%
Savings 8,005 152 2.54 8,217 169 2.75
Certificates of Deposit
$100,000 & Over 721 29 5.44 940 37 5.32
Other Time Deposits 2,494 93 4.94 2,575 92 4.76
Foreign Offices 14,951 545 4.88 11,882 439 4.93
------- ------ ------- ------
Total Interest-Bearing
Deposits 30,354 960 4.23 27,441 860 4.18
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,256 88 5.20 3,165 125 5.26
Other Borrowed Funds 3,168 124 5.23 3,570 148 5.54
Long-Term Debt 1,810 94 6.91 1,888 97 6.86
------- ------ ------ ------
Total Interest-Bearing
Liabilities 37,588 1,266 4.50% 36,064 1,230 4.55%
------ ------
Noninterest-Bearing
Deposits 9,418 8,776
Other Liabilities 5,958 3,491
Minority Interest-
Preferred Securities 773 -
Preferred Stock 112 113
Common Shareholders'
Equity 4,946 5,056
------- ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $58,795 $53,500
======= =======
Net Interest Earnings
and Interest Rate Spread $1,480 3.13% $1,499 3.37%
====== ======
Net Yield on Interest-
Earning Assets 4.11% 4.35%
==== ====
