<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 20, 1998
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 1997 Financial Results
----------------------------------------
On January 20, 1998 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 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 fourth quarter
of 1997 contained in the press
release dated January 20, 1998, 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 20, 1998
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 1997 contained in the press
release dated January 20, 1998, 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) 495-1725
THE BANK OF NEW YORK COMPANY, INC. REPORTS
------------------------------------------
Fourth Quarter Diluted E.P.S. of 75 Cents, Up 25%;
--------------------------------------------------
Fourth Quarter R.O.E. of 23.73%;
--------------------------------
1997 Diluted E.P.S. of $2.71, Up 13%; and
-----------------------------------------
1997 R.O.E. of 22.13%;
----------------------
All Records
-----------
NEW YORK, N.Y., January 20, 1998 -- The Bank of New York Company, Inc.
(NYSE: BK) reports record fourth quarter diluted earnings per share of 75
cents up 25% from the 60 cents earned in the fourth quarter of 1996, and
basic earnings per share of 79 cents, up 23% from the 64 cents earned in
the same period last year.
For 1997, diluted earnings per share were $2.71, up 13% from the
$2.40 earned in 1996, and basic earnings per share were $2.88 up 11% from
the $2.60 earned in 1996. Diluted earnings per share have been restated
to include the effect of employee stock options. For 1997 these reduced
diluted earnings per share by 1 cent for the fourth quarter and 5 cents
for the year.
<PAGE> 2
Net income for the fourth quarter was $298 million, up 19% from the
$250 million earned in the same period last year. Net income in 1997 was
$1,104 million, up 8% from the $1,020 million earned in 1996.
Return on average common equity for the fourth quarter of 1997 was
a record 23.73% compared with 22.06% in the third quarter of 1997 and
19.48% in the fourth quarter of 1996. Return on average assets for the
fourth quarter of 1997 was 1.95% compared with 1.81% in the third quarter
of 1997 and 1.84% in the fourth quarter of 1996. For the year, return on
average common equity totaled a record 22.13% in 1997 compared with 19.98%
in 1996. Return on average assets was 1.86% in 1997 compared with 1.90%
in 1996.
In November 1997, the Company sold its remaining credit card
operations ($4.4 billion in receivables) and recorded a pre-tax gain of
approximately $177 million. The Company also recorded a $100 million loan
loss provision in the fourth quarter of 1997.
Revenues from the Company's securities processing business grew 21%
for the full year to $790 million. This reflects strong internal growth
of 16%, with increases in all of our businesses. ADR's, stock transfer,
corporate trust, and mutual funds were particularly strong.
Overall, fees from other processing were up 14% for the year to $239
million. Funds transfer fees were ahead a strong 17%, cash management
fees were up by 15%, while revenues from the trade finance business were
up by 9% from 1996.
Trust and investment continued its strong performance in 1997 with
fees growing 12% over last year to $181 million reflecting new business
and generally strong markets.
<PAGE> 3
Net interest income, on a taxable equivalent basis, totaled $1,890
million in 1997 compared with $1,999 million in the prior year. The
decline is primarily attributable to the sale of the credit card
operations and the stock buyback program, partially offset by growth in
corporate lending.
Tangible diluted earnings per share (earnings before the amortization
of goodwill and intangibles) were $2.91 per share in 1997 compared with
$2.59 per share in 1996. On the same basis, tangible return on average
common equity was 31.78% in 1997 compared with 27.94% in 1996; and
tangible return on average assets was 2.04% in 1997 compared with 2.10%
in 1996.
Average diluted shares outstanding were 397 million for the quarter,
down from the 400 million in the third quarter and down significantly from
the 414 million in the prior year period. These share amounts include the
dilutive effect of approximately 6.5 million, 6.7 million, and 7.5 million
shares related to employee stock options. The decline from the third
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 7.89% and 11.92% at December 31, 1997 compared with
7.61% and 11.62% at September 30, 1997, and 8.34% and 12.78% at December
31, 1996. Tangible common equity as a percent of total assets was 6.47%
at December 31, 1997 compared with 5.99% at September 30, 1997 and 7.00%
one year ago. The leverage ratio was 7.61% at December 31, 1997 compared
with 7.82% at September 30, 1997 and 8.70% one year ago.
<PAGE> 4
NET INTEREST INCOME
- -------------------
4th 3rd 4th
Quarter Quarter Quarter Year
------- ------- ------- ----------------
(In millions) 1997 1997 1996 1997 1996
--------------------------- ----------------
Net Interest Income $409 $495 $500 $1,890 $1,999
Net Interest Rate
Spread 2.19% 2.97% 3.35% 2.88% 3.37%
Net Yield on Interest-
Earning Assets 3.26 4.02 4.33 3.89 4.35
Net interest income on a taxable equivalent basis was $409 million
in the fourth quarter of 1997 compared with $495 million in the third
quarter of 1997 and $500 million in the fourth quarter of 1996. The net
interest rate spread was 2.19% in the fourth quarter of 1997, compared
with 2.97% in the third quarter of 1997 and 3.35% one year ago. The net
yield on interest-earning assets was 3.26% compared with 4.02% in the
third quarter of 1997 and 4.33% in last year's fourth quarter.
For 1997, net interest income on a taxable equivalent basis, amounted
to $1,890 million compared with $1,999 million in 1996. The net interest
rate spread was 2.88% in 1997 compared with 3.37% in 1996, while the net
yield on interest-earning assets was 3.89% in 1997 and 4.35% in 1996.
<PAGE> 5
NONINTEREST INCOME
- ------------------
4th Quarter Year
-------------- ----------------
(In millions) 1997 1996 1997 1996
-------------- ----------------
Processing Fees
Securities $213 $171 $ 790 $ 655
Other 61 52 239 209
---- ---- ------ ------
274 223 1,029 864
Trust and Investment Fees 47 42 181 161
Service Charges and Fees 74 105 354 421
Securities Gains 45 19 136 97
Foreign Exchange and
Other Trading Activities 39 25 125 67
Sale of Credit Card Portfolio 177 - 177 400
Other 33 27 135 120
---- ---- ------ ------
Total Noninterest Income $689 $441 $2,137 $2,130
==== ==== ====== ======
Securities processing fees increased 24% to $213 million compared
with $171 million in the fourth quarter of 1996. For the year, securities
processing fees increased 21% to $790 million compared with $655 million
in 1996, with strong internal growth in all areas and acquisitions adding
to the increase. The Company reported $45 million of securities gains in
the fourth quarter of 1997 compared with $51 million in the third quarter
of 1997 and $19 million in the fourth quarter of 1996. Revenues from
foreign exchange and other trading activities were $39 million in the
fourth quarter of 1997 compared with $35 million in the third quarter of
1997 and $25 million in the fourth quarter of 1996. For the year, foreign
exchange and other trading activities continued to improve with revenues
of $125 million, up 87%. Other noninterest income includes a gain of
approximately $177 million in the fourth quarter of 1997 and $400 million
in the second quarter of 1996 on the sale of the Company's credit card
operations.
<PAGE> 6
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense for the fourth quarter and year 1997 were
$491 million and $1,874 million, compared with $480 million and $1,835
million in 1996. Noninterest expense for the fourth quarter of 1997 does
not include expenses associated with the credit card operations. This
decline was partially offset by expenses related to processing
acquisitions. Noninterest expense for the fourth quarter and year 1997
included $7 million and $18 million, approximately 1 cent and 3 cents per
share, related to making computer systems year 2000 compliant.
The efficiency ratios for the full year and fourth quarter of 1997
were 50.2% and 54.7% compared with 50.5% and 51.7% for the full year and
fourth quarter of 1996. The efficiency ratios exclude the gain on the sale
of the credit card portfolios in the fourth quarter of 1997 and the second
quarter of 1996. The change in the efficiency ratio for the fourth
quarter of 1997 is attributable to year 2000 systems expenses and the
credit card sale.
The effective tax rates for the fourth quarter and full year of 1997
were 36.3% and 36.4% compared with 37.9% and 38.3% last year.
<PAGE> 7
NONPERFORMING ASSETS
- --------------------
Change
4Q 1997 vs
(Dollars in millions) 12/31/97 9/30/97 3Q 1997
-------------------------------------
Loans:
Commercial Real Estate $ 35 $ 19 $ 16
Other Commercial 65 90 (25)
Foreign 34 36 (2)
Community Banking 59 59 -
---- ----
Total Loans 193 204 (11)
Other Real Estate 15 32 (17)
---- ----
Total $208 $236 (28)
==== ====
Nonperforming Assets Ratio 0.6% 0.6%
Allowance/Nonperforming Loans 331.4 376.8
Allowance/Nonperforming Assets 307.2 326.5
Nonperforming assets totaled $208 million at December 31, 1997,
compared with $236 million at September 30, 1997, a decrease of $28
million. This was the twenty-sixth consecutive quarter of nonperforming
asset decreases. During the fourth quarter, a commercial real estate loan
located in New Jersey was added to nonaccrual status and a portion of a
commercial loan to a retailer was charged off.
<PAGE> 8
LOAN LOSS PROVISION AND NET CHARGE-OFFS
- ---------------------------------------
4th 3rd 4th
Quarter Quarter Quarter Year
------- ------- ------- -----------
(In millions) 1997 1997 1996 1997 1996
--------------------------- -----------
Provision $100 $ 60 $ 45 $280 $600
---- ---- ----- ---- ----
Net (Charge-offs) Recoveries:
Commercial Real Estate 1 1 (1) 3 (11)
Other Commercial (39) (26) (2) (75) (20)
Credit Card - (95) (93) (275) (441)
Other Consumer (2) (1) (2) (5) (9)
Foreign (1) 1 (1) 3 37
Other (3) (1) (2) (5) (11)
---- ---- ----- ---- ----
Total (44) (121) (101) (354) (455)
==== ==== ===== ==== ====
Other Real Estate Expense
(Recoveries) $ 12 $ (2) $ 3 $ 11 $ 1
Fourth quarter 1997 other commercial charge-offs primarily relate to
a loan to a retailer. The allowance for loan losses was $641 million, or
1.82% of loans at December 31, 1997 compared with $771 million, or 2.01%
of loans at September 30, 1997 and $901 million, or 2.44% of loans at
December 31, 1996. The December 31, 1997 allowance has been reduced by
$186 million which was allocated to credit card loans sold in 1997. The
ratio of the allowance to nonperforming assets was 307.2% at December 31,
1997 compared with 326.5% at September 30, 1997 and 355.3% at December 31,
1996.
Other real estate expense of $12 million in the fourth quarter of 1997
primarily relates to the sale of one property in Florida.
***************************
(Financial highlights and detailed financial statements are attached.
E.P.S. has been calculated based on a new accounting Pronouncement. "Basic"
and "diluted" E.P.S. have replaced "primary" and "fully diluted" E.P.S.
Prior periods have been restated.)
<PAGE> 9
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 December 31:
- ---------------------------------------
Net Income $ 298 $ 250 19.2%
Per Common Share:
Basic $ 0.79 $ 0.64 23.4
Diluted 0.75 0.60 25.0
Cash Dividends 0.26 0.22 18.2
Return on Average Common Shareholders'
Equity 23.73% 19.48%
Return on Average Assets 1.95 1.84
For the Twelve Months Ended December 31:
- -----------------------------------------
Net Income $ 1,104 $ 1,020 8.2%
Per Common Share:
Basic $ 2.88 $ 2.60 10.8
Diluted 2.71 2.40 12.9
Cash Dividends 1.00 0.84 19.0
Return on Average Common Shareholders'
Equity 22.13% 19.98%
Return on Average Assets 1.86 1.90
As of December 31:
- ------------------
Assets $59,953 $55,765 7.5%
Loans 35,127 37,006 -5.1
Securities 6,628 5,053 31.2
Deposits - Domestic 27,577 26,528 4.0
- Foreign 13,780 12,815 7.5
Long-Term Debt 1,809 1,816 -0.4
Minority Interest - Preferred Securities 1,000 600 66.7
Preferred Shareholders' Equity 1 112 -99.1
Common Shareholders' Equity 5,001 5,015 -0.3
Common Shareholders' Equity Per Share 13.38 13.01 2.8
Market Value Per Share of Common Stock 57.81 33.75 71.3
Allowance for Loan Losses as a Percent
of Loans 1.82% 2.44%
Tier 1 Capital Ratio 7.89 8.34
Total Capital Ratio 11.92 12.78
Leverage Ratio 7.61 8.70
Tangible Common Equity Ratio 6.47 7.00
<PAGE> 10
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Income
(Unaudited)
(In millions, except per share amounts)
For the three For the twelve
months ended months ended
December 31, December 31,
1997 1996 1997 1996
---- ---- ---- ----
Interest Income
- ---------------
Loans $ 631 $ 756 $2,910 $3,073
Securities
Taxable 66 59 244 240
Exempt from Federal Income Taxes 9 9 35 37
----- ----- ------ ------
75 68 279 277
Deposits in Banks 71 26 188 90
Federal Funds Sold and Securities
Purchased Under Resale Agreements 57 29 162 126
Trading Assets 5 4 21 17
----- ----- ------ ------
Total Interest Income 839 883 3,560 3,583
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 331 293 1,290 1,152
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 33 30 121 155
Other Borrowed Funds 43 39 168 186
Long-Term Debt 32 31 126 129
----- ----- ------ ------
Total Interest Expense 439 393 1,705 1,622
----- ----- ------ ------
Net Interest Income 400 490 1,855 1,961
- -------------------
Provision for Loan Losses 100 45 280 600
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 300 445 1,575 1,361
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 213 171 790 655
Other 61 52 239 209
----- ----- ------ ------
274 223 1,029 864
Trust and Investment Fees 47 42 181 161
Service Charges and Fees 74 105 354 421
Securities Gains 45 19 136 97
Other 249 52 437 587
----- ----- ------ ------
Total Noninterest Income 689 441 2,137 2,130
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 277 264 1,066 1,014
Net Occupancy 40 41 166 167
Furniture and Equipment 25 24 95 93
Other 149 151 547 561
----- ----- ------ ------
Total Noninterest Expense 491 480 1,874 1,835
----- ----- ------ ------
Income Before Income Taxes 498 406 1,838 1,656
Income Taxes 181 154 669 634
Distribution on Preferred Securities 19 2 65 2
----- ----- ------ ------
Net Income $ 298 $ 250 $1,104 $1,020
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 296 $ 247 $1,095 $1,010
- ----------------------- ===== ===== ====== ======
Per Common Share Data:
- ----------------------
Basic $0.79 $0.64 $ 2.88 $ 2.60
Diluted 0.75 0.60 2.71 2.40
Cash Dividends 0.26 0.22 1.00 0.84
Diluted Shares Outstanding 397 414 404 422
<PAGE> 11
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except per share amounts)
December 31, December 31,
1997 1996
---- ----
Assets
- ------
Cash and Due from Banks $ 5,770 $ 6,032
Interest-Bearing Deposits in Banks 2,126 1,387
Securities:
Held-to-Maturity 1,127 1,170
Available-for-Sale 5,501 3,883
------- -------
Total Securities 6,628 5,053
Trading Assets at Fair Value 2,616 1,547
Federal Funds Sold and Securities Purchased
Under Resale Agreements 2,820 562
Loans (less allowance for loan losses
of $641 in 1997 and $901 in 1996) 34,486 36,105
Premises and Equipment 835 875
Due from Customers on Acceptances 1,187 985
Accrued Interest Receivable 356 315
Other Assets 3,129 2,904
------- -------
Total Assets $59,953 $55,765
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $12,561 $11,812
Interest-Bearing
Domestic Offices 15,607 15,268
Foreign Offices 13,189 12,263
------- -------
Total Deposits 41,357 39,343
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 2,329 1,737
Other Borrowed Funds 4,673 4,144
Acceptances Outstanding 1,196 1,015
Accrued Taxes and Other Expenses 1,905 1,417
Accrued Interest Payable 182 167
Other Liabilities 500 399
Long-Term Debt 1,809 1,816
------- -------
Total Liabilities 53,951 50,038
------- -------
Minority Interest - Preferred Securities 1,000 600
------- -------
Shareholders' Equity
Preferred Stock-no par value, authorized
5,000,000 shares, outstanding -0- shares
in 1997 and 184,000 shares in 1996 - 111
Class A Preferred Stock - par value $2.00
per share, authorized 5,000,000 shares,
outstanding 23,844 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
460,211,883 shares in 1997 and
444,317,786 shares in 1996 3,452 3,332
Additional Capital 465 344
Retained Earnings 3,493 2,798
Securities Valuation Allowance 320 82
------- -------
7,731 6,668
Less: Treasury Stock (85,320,404 shares in
1997 and 57,849,845 shares in 1996), at cost 2,714 1,524
Loan to ESOP (1,056,829 shares in 1997
and 1,195,719 shares in 1996), at cost 15 17
------- -------
Total Shareholders' Equity 5,002 5,127
------- -------
Total Liabilities and Shareholders' Equity $59,953 $55,765
======= =======
<PAGE> 12
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
(Dollars in millions)
For the three months For the three months
ended December 31, 1997 ended December 31, 1996
------------------------ ------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 4,499 $ 71 6.22% $ 1,792 $ 26 5.73%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 4,083 57 5.54 2,219 29 5.28
Loans
Domestic Offices 18,774 366 7.73 23,239 544 9.31
Foreign Offices 15,857 266 6.66 13,303 214 6.40
------- ------ ------- ------
Total Loans 34,631 632 7.24 36,542 758 8.25
------- ------ ------- ------
Securities
U.S. Government
Obligations 3,030 44 5.74 2,834 41 5.77
U.S. Government Agency
Obligations 473 8 6.47 434 7 6.37
Obligations of States and
Political Subdivisions 672 14 8.41 666 15 8.79
Other Securities,
including Trading
Securities 2,417 22 3.73 1,406 17 4.69
------- ------ ------- ------
Total Securities 6,592 88 5.32 5,340 80 5.91
------- ------ ------- ------
Total Interest-Earning
Assets 49,805 848 6.76% 45,893 893 7.74%
------ ------
Allowance for Loan Losses (611) (922)
Cash and Due from Banks 3,732 3,025
Other Assets 7,641 6,086
------- -------
TOTAL ASSETS $60,567 $54,082
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 4,748 56 4.65% $ 3,937 43 4.32%
Savings 7,674 50 2.57 8,099 54 2.63
Certificates of Deposit
$100,000 & Over 538 8 5.64 760 10 5.31
Other Time Deposits 2,520 31 4.94 2,461 29 4.72
Foreign Offices 14,759 186 5.00 13,274 157 4.71
------- ------ ------- ------
Total Interest-Bearing
Deposits 30,239 331 4.34 28,531 293 4.08
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,864 33 4.51 2,336 30 5.13
Other Borrowed Funds 3,204 43 5.41 2,918 39 5.22
Long-Term Debt 1,827 32 6.93 1,816 31 6.86
------- ------ ------- ------
Total Interest-Bearing
Liabilities 38,134 439 4.57% 35,601 393 4.39%
------ ------
Noninterest-Bearing
Deposits 10,080 9,197
Other Liabilities 6,329 4,017
Minority Interest-
Preferred Securities 1,000 104
Preferred Stock 74 113
Common Shareholders'
Equity 4,950 5,050
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $60,567 $54,082
======= =======
Net Interest Earnings
and Interest Rate Spread $ 409 2.19% $ 500 3.35%
====== ==== ====== ====
Net Yield on Interest-
Earning Assets 3.26% 4.33%
==== ====
<PAGE> 13
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
(Dollars in millions)
For the twelve months For the twelve months
ended December 31, 1997 ended December 31, 1996
------------------------ ------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 3,277 $ 188 5.75% $ 1,585 $ 90 5.71%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 2,964 162 5.46 2,356 126 5.35
Loans
Domestic Offices 21,576 1,930 8.94 24,417 2,272 9.31
Foreign Offices 15,001 984 6.56 12,281 810 6.59
------- ------ ------- ------
Total Loans 36,577 2,914 7.97 36,698 3,082 8.40
------- ------ ------- ------
Securities
U.S. Government
Obligations 2,814 163 5.78 2,911 168 5.76
U.S. Government Agency
Obligations 411 26 6.44 454 29 6.32
Obligations of States and
Political Subdivisions 652 56 8.57 656 58 8.91
Other Securities,
including Trading
Securities 1,845 86 4.65 1,322 68 5.16
------- ------ ------- ------
Total Securities 5,722 331 5.78 5,343 323 6.05
------- ------ ------- ------
Total Interest-Earning
Assets 48,540 3,595 7.40% 45,982 3,621 7.88%
------ ------
Allowance for Loan Losses (784) (837)
Cash and Due from Banks 3,798 2,805
Other Assets 7,688 5,699
------- -------
TOTAL ASSETS $59,242 $53,649
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 4,326 196 4.54% $ 3,855 166 4.30%
Savings 7,921 202 2.55 8,188 223 2.72
Certificates of Deposit
$100,000 & Over 675 37 5.48 895 48 5.32
Other Time Deposits 2,514 124 4.92 2,547 121 4.75
Foreign Offices 14,902 731 4.91 12,232 594 4.87
------- ------ ------- ------
Total Interest-Bearing
Deposits 30,338 1,290 4.25 27,717 1,152 4.16
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 2,410 121 5.00 2,957 155 5.23
Other Borrowed Funds 3,177 168 5.27 3,406 186 5.47
Long-Term Debt 1,815 126 6.92 1,870 129 6.90
------- ------ ------ ------
Total Interest-Bearing
Liabilities 37,740 1,705 4.52% 35,950 1,622 4.51%
------ ------
Noninterest-Bearing
Deposits 9,572 8,882
Other Liabilities 6,050 3,623
Minority Interest-
Preferred Securities 830 26
Preferred Stock 103 113
Common Shareholders'
Equity 4,947 5,055
------- ------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $59,242 $53,649
======= =======
Net Interest Earnings
and Interest Rate Spread $1,890 2.88% $1,999 3.37%
====== ==== ====== ====
Net Yield on Interest-
Earning Assets 3.89% 4.35%
==== ====
