<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): February 27, 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
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(Commission file number) (I.R.S. employer identification
number)
48 Wall Street, New York, NY 10286
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(Address of principal executive (Zip code)
offices)
212 - 495 - 1784
----------------
(Registrant's telephone number,
including area code)
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ITEM 5. Other Events
------------
Restated Earnings Per Share
---------------------------
In February 1997, the FASB issued SFAS No. 128,
"Earnings per Share." The statement establishes new
standards for computing and presenting earnings per
share ("EPS"). It replaces the presentation of primary
EPS with basic EPS and the presentation of fully
diluted EPS with diluted EPS. SFAS 128 is effective
for year-end 1997. The Bank of New York Company, Inc.
(the "Company") has restated the selected financial data
and quarterly financial data that appeared in its 1996
10-K. In addition the Company has provided an exhibit
that shows the computation of earnings per share for
years 1992-1996 and the quarters for 1995 and 1996 to
be in conformity with SFAS 128.
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SELECTED FINANCIAL DATA
FINANCIAL HIGHLIGHTS
Dollars in millions,
except per share amounts 1996 1995 1994 1993 1992
Net Interest Income $ 1,961 $ 2,029 $ 1,717 $ 1,497 $ 1,367
Noninterest Income 2,130 1,491 1,289 1,319 1,183
Provision for Loan Losses 600 330 162 284 443
Noninterest Expense 1,835 1,708 1,646 1,646 1,519
Net Income 1,020 914 749 559 393
Net Income Available to
Common Shareholders 1,010 904 736 534 360
Return on Average Assets 1.90% 1.72% 1.49% 1.20% 0.85%
Return on Average Common
Shareholders' Equity 19.98 19.42 18.49 14.98 12.00
Common Dividend Payout Ratio 32.50 28.84 27.88 27.99 33.89
Per Common Share
Basic Earnings $ 2.60 $ 2.35 $ 1.96 $ 1.43 $ 1.05
Diluted Earnings 2.40 2.18 1.84 1.35 1.00
Cash Dividends 0.84 0.68 0.55 0.43 0.38
Market Value at Year End 33.75 24.38 14.89 14.25 13.47
Averages
Securities $ 5,343 $ 5,260 $ 5,941 $ 6,352 $ 6,202
Loans 36,698 35,421 32,029 30,427 30,345
Total Assets 53,649 53,053 50,280 46,644 46,227
Deposits 36,599 36,061 34,041 32,837 33,237
Long-Term Debt 1,870 1,773 1,530 1,729 1,386
Minority Interest -
Preferred Securities 26 - - - -
Shareholders' Equity:
Preferred 113 115 157 334 409
Common 5,055 4,653 3,980 3,563 2,996
At Year End
Allowance for Loan Losses
as a Percent of Loans 2.43% 2.01% 2.40% 3.17% 3.63%
Tier 1 Capital Ratio 8.34 8.42 8.45 8.87 7.59
Total Capital Ratio 12.78 13.08 13.43 13.65 12.30
Leverage Ratio 8.87 8.46 7.89 7.99 7.11
Common Equity to Assets Ratio 8.99 9.53 8.55 8.29 7.30
Total Equity to Assets Ratio 9.19 9.74 8.79 8.94 8.24
Common Shares Outstanding
(in millions) 385.272 394.956 373.870 374.456 364.262
Employees 16,158 15,810 15,477 15,621 16,167
The per common share amounts and common shares outstanding have been
restated to reflect the 2-for-1 common stock splits effective
July 19, 1996 and April 22, 1994.
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QUARTERLY FINANCIAL DATA
UNAUDITED
1996
-------------------------------
Dollars in millions, Fourth Third Second First
except per share
amounts
Interest Income $ 883 $ 856 $ 910 $ 928
Interest Expense 393 389 422 419
----- ----- ----- -----
Net Interest Income 490 467 488 509
----- ----- ----- -----
Provision for Loan
Losses 45 40 425 90
Noninterest Income 441 432 846 420
Noninterest Expense 480 455 457 444
----- ----- ----- -----
Income Before
Income Taxes 406 404 452 395
Income Taxes 154 155 174 152
Distribution on Trust
Preferred Securities 2 - - -
----- ----- ----- -----
Net Income $ 250 $ 249 $ 278 $ 243
===== ===== ===== =====
Net Income
Available to
Common Shareholders $ 247 $ 246 $ 276 $ 241
===== ===== ===== =====
Per Common Share Data:
Basic Earnings $0.64 $0.64 $0.71 $0.61
Diluted Earnings 0.60 0.59 0.65 0.56
Cash Dividends 0.22 0.22 0.20 0.20
Stock Price
High 35.88 30.13 26.94 27.31
Low 29.00 24.56 23.31 22.00
Ratios:
Return on Average
Common
Shareholders'
Equity 19.48% 19.63% 21.97% 18.86%
Return on Average
Assets 1.84 1.92 2.05 1.79
QUARTERLY FINANCIAL DATA
UNAUDITED
1995
------------------------------
Dollars in millions, Fourth Third Second First
except per share
amounts
Interest Income $ 969 $ 946 $ 981 $ 936
Interest Expense 446 435 477 445
----- ----- ----- -----
Net Interest Income 523 511 504 491
----- ----- ----- -----
Provision for Loan
Losses 105 113 62 50
Noninterest Income 419 405 349 318
Noninterest Expense 446 423 424 415
----- ----- ----- -----
Income Before
Income Taxes 391 380 367 344
Income Taxes 150 146 141 131
Distribution on Trust
Preferred Securities - - - -
----- ----- ----- -----
Net Income $ 241 $ 234 $ 226 $ 213
===== ===== ===== =====
Net Income
Available to
Common Shareholders $ 239 $ 232 $ 223 $ 210
===== ===== ===== =====
Per Common Share Data:
Basic Earnings $0.60 $0.60 $0.59 $0.56
Diluted Earnings 0.56 0.55 0.54 0.53
Cash Dividends 0.18 0.18 0.16 0.16
Stock Price
High 24.38 23.25 21.69 16.75
Low 20.94 19.00 15.94 14.50
Ratios:
Return on Average
Common
Shareholders'
Equity 18.87% 19.28% 19.85 19.98%
Return on Average
Assets 1.77 1.78 1.68 1.65
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ITEM 7. Exhibits
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(c) Exhibit Description
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99.1 Computation of earnings per share
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SIGNATURE
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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: February 27, 1998
THE BANK OF NEW YORK COMPANY, INC.
(Registrant)
By: \s\ Robert E. Keilman
------------------------
Name: Robert E. Keilman
Title: Comptroller
<PAGE> 7
EXHIBIT INDEX
Exhibit No. Description
99.1 Computation of earnings per common share for the fiscal
years ended 1992 through 1996 and for the quarters of
1995 and 1996
<PAGE> 1
EXHIBIT 99.1
THE BANK OF NEW YORK COMPANY, INC.
Computation of Earnings Per Common Share
For the Years Ended December 31,
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
(in millions, except per share amounts)
Weighted Average Number of Shares - Basic 388 385 376 372 343
Shares Assumed to be Issued on Conversion:
Debentures 7 18 24 26 26
Warrants 21 11 - - -
Options 6 4 3 3 1
Cumulative Preferred Stock - - 4 5 8
----- ----- ----- ---- ----
Weighted Average Number of Shares - Diluted 422 418 407 406 378
===== ===== ===== ==== ====
Net Income $1,020 $ 914 $ 749 $ 559 $ 393
Dividend Requirements on Preferred Stock 10 10 13 25 33
------ ----- ----- ---- -----
Net Income Available to Common Shareholders 1,010 904 736 534 360
Interest On Convertible Debentures,
Net of Tax 2 7 10 10 11
Dividends on Convertible Preferred Stock - - 2 3 6
------ ----- ----- ----- -----
Diluted Net Income $1,012 $ 911 $ 748 $ 547 $ 377
====== ===== ===== ===== =====
Earnings Per Share:
Basic $2.60 $2.35 $1.96 $1.43 $1.05
Diluted 2.40 2.18 1.84 $1.35 1.00
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THE BANK OF NEW YORK COMPANY, INC.
Computation of Earnings Per Common Share
1996
First Second Third Fourth
Quarter Quarter Quarter Quarter
------- ------- ------- -------
(in millions, except per share amounts)
Weighted Average Number of Shares - Basic 395 387 386 388
Shares Assumed to be Issued on Conversion:
Debentures 11 10 5 -
Warrants 21 21 21 19
Options 6 6 6 7
Cumulative Preferred Stock - - - -
----- ----- ----- ----
Weighted Average Number of Shares - Diluted 433 424 418 414
===== ===== ===== ====
Net Income $ 243 $ 278 $ 249 $ 250
Dividend Requirements on Preferred Stock 2 2 3 3
------ ----- ----- ----
Net Income Available to Common Shareholders 241 276 246 247
Interest On Convertible Debentures,
Net of Tax 1 1 1 -
------ ----- ----- -----
Diluted Net Income $ 242 $ 277 $ 247 $ 247
====== ===== ===== =====
Earnings Per Share:
Basic $0.61 $0.71 $0.64 $0.64
Diluted 0.56 0.65 0.59 0.60
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THE BANK OF NEW YORK COMPANY, INC.
Computation of Earnings Per Common Share
1995
First Second Third Fourth
Quarter Quarter Quarter Quarter
------- ------- ------- -------
(in millions, except per share amounts)
Weighted Average Number of Shares - Basic 377 381 386 397
Shares Assumed to be Issued on Conversion:
Debentures 24 19 18 13
Warrants - 9 14 18
Options 2 4 4 4
Cumulative Preferred Stock 1 1 1 -
----- ----- ----- ----
Weighted Average Number of Shares - Diluted 404 414 423 432
===== ===== ===== ====
Net Income $ 213 $ 226 $ 234 $ 241
Dividend Requirements on Preferred Stock 3 3 2 2
------ ----- ----- ----
Net Income Available to Common Shareholders 210 223 232 239
Interest On Convertible Debentures,
Net of Tax 2 2 2 1
------ ----- ----- -----
Diluted Net Income $ 212 $ 225 $ 234 $ 240
====== ===== ===== =====
Earnings Per Share:
Basic $0.56 $0.59 $0.60 $0.60
Diluted 0.53 0.54 0.55 $0.56
