<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 14, 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
------------
Second Quarter of 1997 Financial Results
----------------------------------------
On July 14, 1997 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 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 second quarter
of 1997 contained in the press
release dated July 14, 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: July 14, 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 second quarter
of 1997 contained in the press
release dated July 14, 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 Second Quarter E.P.S. of 67 cents;
-----------------------------------------
Return on Average Common Equity Was 21.84%; and
-----------------------------------------------
Return on Average Assets Was 1.83%
----------------------------------
NEW YORK, N.Y., July 14, 1997 -- The Bank of New York Company, Inc. (NYSE:
BK) reports second quarter fully diluted earnings per share were a record
67 cents, up 14% from the 59 cents earned on a normalized basis in the
second quarter of 1996. Second quarter net income was $269 million, up
9% from the $248 million earned on a normalized basis in the same period
last year. In the second quarter of 1996, the Company reported a net gain
of $31 million, or 7 cents per share, on the sale of its Union credit card
portfolio. Earnings per share, on a fully diluted basis, were a record
$1.31 for the first half of 1997, up 14% from the $1.15 earned on a
normalized basis last year. Net income for the first six months was a
record $534 million, an increase of 9% over last year's $491 million on
a normalized basis.
<PAGE> 2
Return on average assets for the second quarter was 1.83% compared
with 1.86% in the first quarter of 1997 and 1.82% on a normalized basis
in the second quarter of 1996. Return on average common equity was a
record, on a normalized basis, of 21.84% in the second quarter of 1997
compared with 20.90% in the first quarter of 1997 and 19.51% in the second
quarter of 1996. With the net gain on the sale included, return on
average assets and return on average common equity were 2.05% and 21.97%
in the second quarter of 1996.
Tangible fully diluted earnings per share (earnings before the
amortization of goodwill and intangibles) were $0.72 per share in the
second quarter of 1997 compared with $0.64 on a normalized basis in the
second quarter of 1996. On the same basis, tangible return on average
assets was 2.01% in the second quarter of 1997 compared with a normalized
2.02% in the second quarter of 1996; and tangible return on average common
equity was 31.75% in the second quarter of 1997 compared with a normalized
27.59% in the second quarter of 1996.
Revenues from the Company's securities processing businesses
continued their strong broad based performance and were up 18% over the
second quarter of 1996 to $190 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 14% over last year's second quarter
with strong growth in all areas.
Trust and investment continued to benefit from new business and
strong markets in the second quarter of 1997 which combined to increase
<PAGE> 3
fees 11% to $44 million compared with $40 million last year.
Net interest income, on a taxable equivalent basis, totaled $489
million in the second quarter down from $502 million in the second quarter
of last year due to the sale of $4.3 billion in credit cards.
Average fully diluted shares outstanding were 399 million for the
quarter, down from the 405 million in the first quarter and down
significantly from the 418 million in the prior year period. The decline
from the first 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 7.83% and 11.99% at June 30, 1997 compared with 7.92%
and 12.28% at March 31, 1997, and 7.98% and 12.93% at June 30, 1996.
Tangible common equity as a percent of total assets was 5.88% at June 30,
1997 compared with 6.39% at March 31, 1997 and 7.51% one year ago. The
leverage ratio was 8.04% at June 30, 1997 compared with 7.83% at March 31,
1997 and 7.76% one year ago.
NET INTEREST INCOME
- -------------------
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 1997 1997 1996 1997 1996
--------------------------- --------------
Net Interest Income $489 $496 $502 $986 $1,024
Net Interest Rate
Spread 3.12% 3.30% 3.34% 3.21% 3.41%
Net Yield on Interest-
Earning Assets 4.08 4.24 4.28 4.16 4.39
Net interest income on a taxable equivalent basis declined to $489
million in the second quarter of 1997 from $496 million in the first
<PAGE> 4
quarter of 1997 and from $502 million in the second quarter of 1996. The
net interest rate spread was 3.12% in the second quarter of 1997, compared
with 3.30% in the first quarter of 1997 and 3.34% one year ago. The net
yield on interest-earning assets was 4.08% compared with 4.24% in the
first quarter of 1997 and 4.28% in last year's second quarter.
For the first six months of 1997, net interest income, on a taxable
equivalent basis, amounted to $986 million compared with $1,024 million
in the first half of 1996. The year-to-date net interest rate spread was
3.21% in 1997 compared with 3.41% in 1996, while the net yield on
interest-earning assets was 4.16% in 1997 and 4.39% in 1996.
The declines in net interest income, the spread, and the yield were
primarily attributable to the sale of approximately $900 million of credit
card receivables in the first quarter of 1997 and $3.4 billion of credit
card receivables in June of 1996, partially offset by continued growth in
the Company's corporate loan portfolio.
<PAGE> 5
NONINTEREST INCOME
- ------------------
2nd Quarter Year-to-date
----------- ------------
(In millions) 1997 1996 1997 1996
-------------- --------------
Processing Fees
Securities $190 $161 $375 $ 320
Other 59 52 114 103
---- ---- ---- ------
249 213 489 423
Trust and Investment Fees 44 40 87 77
Service Charges and Fees 94 115 187 215
Securities Gains 33 30 40 63
Foreign Exchange and
Other Trading Activities 25 21 52 31
Sale of Credit Card Portfolio - 400 - 400
Other 44 23 89 47
---- ---- ---- ------
Total Noninterest Income $489 $842 $944 $1,256
==== ==== ==== ======
Securities processing fees increased 18% to $190 million compared
with $161 million in the second quarter of 1996. In the first half of
1997, securities processing fees were $375 million compared with $320
million in 1996. Strong internal growth in almost all areas drove the
increase in revenue. The Company reported $33 million of securities gains
in the second quarter of 1997 compared with $7 million in the first
quarter and $30 million last year. Revenues from foreign exchange and
other trading activities were $25 million compared with $27 million in the
first quarter and $21 million in the second quarter of 1996.
<PAGE> 6
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense for the quarter was $465 million, up only
2% from $456 million in the same period last year. Year-to-date
noninterest expense was $911 million compared with $899 million in 1996.
The efficiency ratio for the second quarter was 49.1% and 49.8% one
year ago. For the first half of 1997 the efficiency ratio was 48.1%
compared with 49.5% last year.
The effective tax rates for the second quarter and first six months
of 1997 were 36.5% and 36.6% compared with 38.4% for both the second
quarter and first six months of 1996.
NONPERFORMING ASSETS
- --------------------
Change
2Q 1997 vs
(Dollars in millions) 6/30/97 3/31/97 1Q 1997
------------------------------------
Loans:
Commercial Real Estate $ 57 $ 20 $ 37
Other Commercial 42 79 (37)
Foreign 36 37 (1)
Community Banking 67 72 (5)
---- ----
Total Loans 202 208 (6)
Other Real Estate 41 40 1
---- ----
Total $243 $248 (5)
==== ====
Nonperforming Assets Ratio 0.6% 0.7%
Allowance/Nonperforming Loans 411.0 418.3
Allowance/Nonperforming Assets 342.1 350.2
Nonperforming assets totaled $243 million at June 30, 1997, compared
with $248 million at March 31, 1997. The increase in commercial real
estate was attributable to the addition of a $37 million loan on an office
building in Pennsylvania. Subsequent to June 30, 1997 a substantial loan
to a retailer became nonperforming.
<PAGE> 7
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 1997 1997 1996 1997 1996
--------------------------- --------------
Provision $ 60 $ 60 $425* $120 $515*
---- ---- ---- ---- ----
Net (Charge-offs) Recoveries:
Commercial Real Estate - 1 - 1 (3)
Other Commercial (6) (3) (7) (9) (6)
Credit Card (88) (93) (187)** (181) (283)**
Other Consumer (1) (2) (2) (3) (4)
Foreign - 4 13 4 12
Other (2) 1 (2) (1) (5)
---- ---- ---- ---- ----
Total (97) (92) (185) (189) (289)
---- ---- ---- ---- ----
Change in Allowance $(37) $(32) $240 $(69) $226
==== ==== ==== ==== ====
Other Real Estate
Expenses (Recoveries) $ 1 $ - $ 1 $ 1 $ (1)
* 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.
Net charge-offs of credit cards loans were $88 million for the second
quarter. Credit card loans outstanding were $4.2 billion at June 30, 1997
compared with $4.3 billion at March 31, 1997.
The allowance for loan losses was $832 million, or 2.13% of loans at
June 30, 1997, compared with $869 million, or 2.36% of loans at March 31,
1997. The ratio of the allowance to nonperforming assets was 342% at June
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 June 30:
- -----------------------------------
Net Income $269 $278 -3.2%
Per Common Share:
Primary Earnings $0.67 $0.68 -1.5
Fully Diluted Earnings 0.67 0.66 1.5
Cash Dividends 0.24 0.20 20.0
Return on Average Common Shareholders'
Equity 21.84% 21.97%
Return on Average Assets 1.83 2.05
For the Six Months Ended June 30:
- ---------------------------------
Net Income $534 $ 521 2.5%
Per Common Share:
Primary Earnings $1.32 $1.25 5.6
Fully Diluted Earnings 1.31 1.23 6.5
Cash Dividends 0.48 0.40 20.0
Return on Average Common Shareholders'
Equity 21.36% 20.40%
Return on Average Assets 2.02 1.92
As of June 30:
- --------------
Assets $61,575 $51,463 19.6%
Loans 39,044 35,523 9.9
Securities 5,010 5,185 -3.4
Deposits - Domestic 27,641 23,987 15.2
- Foreign 16,193 11,475 41.1
Long-Term Debt 1,801 1,910 -5.7
Minority Interest - Preferred Securities 1,000 - -
Preferred Shareholders' Equity 112 113 -0.9
Common Shareholders' Equity 4,825 4,954 -2.6
Common Shareholders' Equity Per Share 12.78 13.07 -2.2
Market Value Per Share of Common Stock 43.63 25.63 70.2
Allowance for Loan Losses as a Percent
of Loans 2.13% 2.76%
Tier 1 Capital Ratio 7.83 7.98
Total Capital Ratio 11.99 12.93
Leverage Ratio 8.04 7.76
Tangible Common Equity Ratio 5.88 7.51
<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 six
months ended months ended
June 30, June 30,
1997 1996 1997 1996
---- ---- ---- ----
Interest Income
- ---------------
Loans $ 765 $ 784 $1,511 $1,594
Securities
Taxable 58 62 119 120
Exempt from Federal Income Taxes 8 9 18 18
----- ----- ------ ------
66 71 137 138
Deposits in Banks 39 21 73 43
Federal Funds Sold and Securities
Purchased Under Resale Agreements 35 32 68 61
Trading Assets 7 5 10 9
----- ----- ------ ------
Total Interest Income 912 913 1,799 1,845
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 328 286 629 578
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 30 48 58 99
Other Borrowed Funds 42 55 81 99
Long-Term Debt 31 33 62 65
----- ----- ------ ------
Total Interest Expense 431 422 830 841
----- ----- ------ ------
Net Interest Income 481 491 969 1,004
- -------------------
Provision for Loan Losses 60 425 120 515
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 421 66 849 489
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 190 161 375 320
Other 59 52 114 103
----- ----- ------ ------
249 213 489 423
Trust and Investment Fees 44 40 87 77
Service Charges and Fees 94 115 187 215
Securities Gains 33 30 40 63
Other 69 444 141 478
----- ----- ------ ------
Total Noninterest Income 489 842 944 1,256
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 263 249 520 496
Net Occupancy 42 42 84 85
Furniture and Equipment 24 23 48 46
Other 136 142 259 272
----- ----- ------ ------
Total Noninterest Expense 465 456 911 899
----- ----- ------ ------
Income Before Income Taxes 445 452 882 846
Income Taxes 162 174 322 325
Distribution on Preferred Securities 14 - 26 -
----- ----- ------ ------
Net Income $ 269 $ 278 $ 534 $ 521
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 266 $ 276 $ 529 $ 516
- ----------------------- ===== ===== ====== =====
Per Common Share Data:
- ----------------------
Primary Earnings $0.67 $0.68 $1.32 $1.25
Fully Diluted Earnings 0.67 0.66 1.31 1.23
Cash Dividends 0.24 0.20 0.48 0.40
Fully Diluted Shares Outstanding 399 418 402 423
<PAGE> 10
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except per share amounts)
June 30, December 31,
1997 1996
---- ----
Assets
- ------
Cash and Due from Banks $ 7,782 $ 6,032
Interest-Bearing Deposits in Banks 2,226 1,387
Securities:
Held-to-Maturity 1,091 1,170
Available-for-Sale 3,919 3,883
------- -------
Total Securities 5,010 5,053
Trading Assets at Fair Value 1,957 1,547
Federal Funds Sold and Securities Purchased
Under Resale Agreements 652 562
Loans (less allowance for loan losses
of $832 in 1997 and $901 in 1996) 38,212 36,105
Premises and Equipment 857 875
Due from Customers on Acceptances 1,358 985
Accrued Interest Receivable 295 315
Other Assets 3,226 2,904
------- -------
Total Assets $61,575 $55,765
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $11,951 $11,812
Interest-Bearing
Domestic Offices 16,236 15,268
Foreign Offices 15,647 12,263
------- -------
Total Deposits 43,834 39,343
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,575 1,737
Other Borrowed Funds 4,971 4,144
Acceptances Outstanding 1,377 1,015
Accrued Taxes and Other Expenses 1,477 1,417
Accrued Interest Payable 144 167
Other Liabilities 459 399
Long-Term Debt 1,801 1,816
------- -------
Total Liabilities 55,638 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 24,344 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
454,221,461 shares in 1997 and
444,317,786 shares in 1996 3,407 3,332
Additional Capital 409 344
Retained Earnings 3,139 2,798
Securities Valuation Allowance 150 82
------- -------
7,217 6,668
Less: Treasury Stock (75,849,342 shares in
1997 and 57,849,845 shares in 1996), at cost 2,263 1,524
Loan to ESOP (1,195,719 shares), at cost 17 17
------- -------
Total Shareholders' Equity 4,937 5,127
------- -------
Total Liabilities and Shareholders' Equity $61,575 $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 June 30, 1997 ended June 30, 1996
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 2,942 $ 39 5.31% $ 1,503 $ 21 5.52%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,531 35 5.50 2,422 32 5.30
Loans
Domestic Offices 22,469 523 9.34 25,812 591 9.21
Foreign Offices 14,792 243 6.58 11,995 196 6.58
------- ------ ------- ------
Total Loans 37,261 766 8.25 37,807 787 8.38
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,683 39 5.86 2,988 43 5.78
U.S. Government Agency
Obligations 386 6 6.46 480 7 6.24
Obligations of States and
Political Subdivisions 632 14 8.69 652 15 8.92
Other Securities,
including Trading
Securities 1,709 21 4.91 1,326 19 5.62
------- ------ ------- ------
Total Securities 5,410 80 5.93 5,446 84 6.16
------- ------ ------- ------
Total Interest-Earning
Assets 48,144 920 7.67% 47,178 924 7.87%
------ ------
Allowance for Loan Losses (837) (728)
Cash and Due from Banks 3,756 2,527
Other Assets 7,854 5,521
------- -------
TOTAL ASSETS $58,917 $54,498
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 4,259 49 4.59% $ 3,713 39 4.23%
Savings 8,022 51 2.53 8,264 55 2.70
Certificates of Deposit
$100,000 & Over 715 10 5.46 890 11 5.19
Other Time Deposits 2,569 31 5.02 2,533 29 4.68
Foreign Offices 15,200 187 4.93 12,383 152 4.90
------- ------ ------- ------
Total Interest-Bearing
Deposits 30,765 328 4.28 27,783 286 4.15
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,226 30 5.33 3,659 48 5.25
Other Borrowed Funds 3,202 42 5.24 4,081 55 5.41
Long-Term Debt 1,808 31 6.94 1,920 33 6.75
------- ------ ------- ------
Total Interest-Bearing
Liabilities 38,001 431 4.55% 37,443 422 4.53%
------ ------
Noninterest-Bearing
Deposits 9,183 8,472
Other Liabilities 6,019 3,420
Minority Interest -
Preferred Securities 714 -
Preferred Stock 112 113
Common Shareholders'
Equity 4,888 5,050
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $58,917 $54,498
======= =======
Net Interest Earnings
and Interest Rate Spread $ 489 3.12% $ 502 3.34%
====== ======
Net Yield on Interest-
Earning Assets 4.08% 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 six months For the six months
ended June 30, 1997 ended June 30, 1996
------------------------ -------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- ------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 2,692 $ 73 5.46% $ 1,540 $ 43 5.60%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,541 68 5.41 2,298 61 5.34
Loans
Domestic Offices 22,610 1,048 9.32 25,966 1,206 9.34
Foreign Offices 14,545 466 6.46 11,816 393 6.69
------- ------ ------- ------
Total Loans 37,155 1,514 8.22 37,782 1,599 8.51
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,718 78 5.82 2,931 83 5.72
U.S. Government Agency
Obligations 405 13 6.40 466 15 6.28
Obligations of States and
Political Subdivisions 637 28 8.67 644 29 9.01
Other Securities,
including Trading
Securities 1,616 42 5.21 1,263 35 5.54
------- ------ ------- ------
Total Securities 5,376 161 6.03 5,304 162 6.13
------- ------ ------- ------
Total Interest-Earning
Assets 47,764 1,816 7.67% 46,924 1,865 7.99%
------ ------
Allowance for Loan Losses (854) (726)
Cash and Due from Banks 3,901 2,838
Other Assets 7,576 5,489
------- -------
TOTAL ASSETS $58,387 $54,525
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 4,074 89 4.42% $ 3,858 82 4.29%
Savings 8,071 102 2.55 8,243 114 2.77
Certificates of Deposit
$100,000 & Over 706 19 5.38 1,005 27 5.32
Other Time Deposits 2,531 61 4.88 2,565 61 4.78
Foreign Offices 14,904 357 4.83 11,946 294 4.95
------- ------ ------- ------
Total Interest-Bearing
Deposits 30,286 628 4.19 27,617 578 4.21
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,246 58 5.22 3,766 99 5.30
Other Borrowed Funds 3,227 81 5.08 3,613 99 5.51
Long-Term Debt 1,812 63 6.89 1,901 65 6.85
------- ------ ------- ------
Total Interest-Bearing
Liabilities 37,571 830 4.46% 36,897 841 4.58%
------ ------
Noninterest-Bearing
Deposits 9,226 9,011
Other Liabilities 5,831 3,412
Minority Interest -
Preferred Securities 657 -
Preferred Stock 112 113
Common Shareholders'
Equity 4,990 5,092
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $58,387 $54,525
======= =======
Net Interest Earnings
and Interest Rate Spread $ 986 3.21% $1,024 3.41%
====== ======
Net Yield on Interest-
Earning Assets 4.16% 4.39%
==== ====
