<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 19, 1999
THE BANK OF NEW YORK COMPANY, INC.
----------------------------------
(exact name of registrant as specified in its charter)
NEW YORK
--------
(State or other jurisdiction of incorporation)
001-06152 13-2614959
--------- ----------
(Commission file number) (I.R.S. employer identification
number)
One 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 1998 Financial Results
----------------------------------------
On January 19, 1999, The Bank of New York Company, Inc.
issued a press release containing unaudited interim
financial information and accompanying discussion
for the fourth quarter of 1998. 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 1998 contained in the press
release dated January 19, 1999, 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 19, 1999
THE BANK OF NEW YORK COMPANY, INC.
(Registrant)
By: /s/ Robert 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 1998 contained in the press
release dated January 19, 1999, of
The Bank of New York Company, Inc.
<PAGE> 1
The Bank of New York Company, Inc. NEWS
- -----------------------------------------------------------------------------
One Wall Street, New York, NY 10286
Contact:
PUBLIC AND INVESTOR RELATIONS DEPT.
For Release:
IMMEDIATELY Frank H. Scarangella, SVP
- ----------- (212) 635-1590
Nicholas C. Silitch, SVP
(212) 635-1591
Gregory A. Burton, AVP
(212) 635-1578
THE BANK OF NEW YORK COMPANY, INC. REPORTS
------------------------------------------
Record 1998 E.P.S. of $1.53, Up 13%
-----------------------------------
Fourth Quarter E.P.S. of 40 Cents
Securities Servicing Fee Revenues Exceed $1 billion, up 27%
Noninterest Income Reaches 58% of Revenues
1998 Return on Average Common Equity of 24.25%
All Records
NEW YORK, N.Y., January 19, 1999 -- The Bank of New York Company, Inc.
(NYSE: BK) reports record fourth quarter diluted earnings per share of
40 cents, up 8% from the 37 cents earned in the fourth quarter of 1997.
Net income for the fourth quarter was a record $313 million, up 5% from
the $298 million earned in the same period in 1997. Results in 1997
included a $177 million pre-tax gain on the sale of the Company's credit
card operations as well as a $100 million provision for credit losses.
Diluted earnings per share were a record $1.53 for the year of
1998, up 13% from the $1.36 earned a year ago. Net income for the year
was a record $1,192 million, an increase of 8% over the prior year's
$1,104 million. For the year, return on average common equity was a
record 24.25% compared with 22.13% in 1997.
<PAGE> 2
Securities servicing fee revenues grew by 27% reaching $1 billion
for the year which, when combined with 15% growth in trust and
investment fees, pushed noninterest income to 58% of revenues, up from
54% a year ago. Principal drivers for securities servicing were
continued strong growth in securities transaction volumes, augmented by
record new business wins and the introduction of new products. Trust and
investment's continued growth was the result of new business flow
spurred by strong investment performance. Favorable foreign exchange
results reflect our expanding global securities servicing businesses.
Additional highlights were continued strength in asset quality and the
maintenance of one of the best efficiency ratios in the industry at
50.5%.
In securities servicing, revenue growth was led by ADRs, domestic
and global custody, securities lending, corporate trust, UIT and
execution services. The Company's ADR business benefitted from record
depositary receipt trading volume on US exchanges which grew 27% in
1998. In addition, the Company was named as agent on 200 new programs
from 54 countries, or 80% of all new sponsored depositary receipt
programs in 1998. Domestic and global custody continued to gain momentum
from significant new business wins in the mutual funds and insurance
industries.
Net interest income on a taxable equivalent basis for 1998 was
$1,709 million compared with $1,890 million in 1997 reflecting the
impact of the sale of the Company's credit card business in 1997.
Revenues from the Company's securities servicing businesses reached
$1 billion in 1998, up from $790 million for the year of 1997. Strong
internal growth of 16% was spread over all of the Company's securities
servicing businesses with acquisitions contributing the remainder.
<PAGE> 3
For the year, overall cash processing fees grew by 7% from a year
ago, reaching $256 million. Market share gains in both the international
and domestic funds transfer business led to a 13% increase in revenues.
Trade finance revenues were flat as improving margins were offset by
reduced levels of global trade activity and a decline in letter of
credit volume. Fees from cash management services grew 7% over the
previous year.
Trust and investment fees were $208 million for the year, an
increase of 15% over last year as a result of focused and aggressive new
business efforts. Keeping pace with the substantial increase in the
Company's processing businesses, foreign exchange and other trading
revenues grew to $170 million for 1998 compared with $125 million last
year reflecting the customer driven nature of this business.
Return on average assets was 1.86% for both the fourth and third
quarters of 1998 and 1.95% in the fourth quarter of 1997. Return on
average assets was 1.89% for the year compared with 1.86% in 1997.
Tangible diluted earnings per share (earnings before the amortization of
goodwill and intangibles) were $1.62 per share in 1998, up 12% from
$1.45 per share in 1997. On the same basis, tangible return on average
common equity was 37.13% in 1998 compared with 31.78% in 1997; and
tangible return on average assets was 2.06% in 1998 compared with 2.04%
in 1997.
Average diluted shares outstanding were 782 million for the
quarter, up from 779 million in the third quarter of 1998 reflecting the
exercise of the Company's warrants, and down from 795 million in the
fourth quarter of 1997 as a result of the Company's stock buyback
programs. In December 1998, the Company completed its 30 million 1998
<PAGE> 4
share buyback program. The Company announced in December its plan to
buy back up to 18 million of its common shares through the end of 1999.
The Company's estimated Tier 1 capital and Total capital ratios
remained strong at 7.88% and 11.90% at December 31, 1998 compared with
7.52% and 11.64% at September 30, 1998, and 7.92% and 11.97% at December
31, 1997. Tangible common equity as a percent of total assets was 6.28%
at December 31, 1998 compared with 5.59% at September 30, 1998 and 6.47%
one year ago. The leverage ratio was 7.46% at December 31, 1998 compared
with 7.24% at September 30, 1998 and 7.59% one year ago.
NET INTEREST INCOME
- -------------------
4th 3rd 4th Year-to-date
Quarter Quarter Quarter ------------
(In millions) 1998 1998 1997 1998 1997
--------------------------------------------
Net Interest Income $451 $430 $409 $1,709 $1,890
Net Interest Rate
Spread 2.22% 2.14% 2.19% 2.22% 2.88%
Net Yield on Interest-
Earning Assets 3.20 3.15 3.26 3.24 3.89
Net interest income on a taxable equivalent basis was $451 million
in the fourth quarter of 1998 compared with $430 million in the third
quarter of 1998 and $409 million in the fourth quarter of 1997. The net
interest rate spread was 2.22% in the fourth quarter of 1998, up from
2.14% in the third quarter of 1998 and 2.19% one year ago. The net yield
on interest-earning assets was 3.20% compared with 3.15% in the third
quarter of 1998 and 3.26% in last year's fourth quarter.
For the year of 1998, net interest income on a taxable equivalent
basis, amounted to $1,709 million compared with $1,890 million in 1997.
<PAGE> 5
The net interest rate spread was 2.22% in 1998 compared with 2.88% in
1997, while the net yield on interest-earning assets was 3.24% in 1998
and 3.89% in 1997.
The decrease in net interest income, net interest rate spread, and
yield from 1997 reflect the impact of the sale of the Company's credit
card operations.
NONINTEREST INCOME
- ------------------
4th Quarter Year-to-date
------------ ------------
(In millions) 1998 1997 1998 1997
-----------------------------
Processing Fees
Securities $274 $213 $1,000 $ 790
Cash 63 61 256 239
---- ---- ------ ------
337 274 1,256 1,029
Trust and Investment Fees 54 47 208 181
Service Charges and Fees 79 74 326 354
Foreign Exchange and
Other Trading Activities 51 39 170 125
Securities Gains 50 45 175 136
Sale of Credit Card Portfolio - 177 - 177
Other 26 33 148 135
---- ---- ------ ------
Total Noninterest Income $597 $689 $2,283 $2,137
==== ==== ====== ======
Securities servicing fees increased 29% to $274 million compared
with $213 million in the fourth quarter of 1997. Strong internal growth
across all areas reached 16%, with remaining growth coming from
acquisitions. Fourth quarter service charges and fees of $79 million
were up from $74 million in the fourth quarter of 1997 reflecting the
U.K. asset based lending acquisitions, but were off slightly from $81
million in the third quarter due to a decline in syndication activity.
Increased customer flows resulting from increased volatility in the
<PAGE> 6
markets led to revenues from foreign exchange and other trading
activities of $51 million in the fourth quarter compared with $30
million in the third quarter of 1998 and $39 million in the fourth
quarter of 1997. The Company reported $50 million of securities gains in
the fourth quarter as compared to $51 million in the third quarter and
$45 million a year ago.
NONINTEREST EXPENSE AND INCOME TAXES
- ------------------------------------
Total noninterest expense for the quarter was $507 million, up 5%
from $491 million in the same period last year. For the year,
noninterest expense was $1,928 million compared with $1,874 million in
1997, a 3% increase. Noninterest expense for the fourth quarter included
$8 million, approximately 1 cent per share, related to making computer
systems Year 2000 compliant. For the year of 1998, Year 2000 expenses
were $33 million or approximately 3 cents per share.
The efficiency ratio for the fourth quarter of 1998 was 50.8%. For
the year of 1998, the efficiency ratio was 50.5% compared with 50.2%
last year. The upward move from a year ago in the efficiency ratio is
primarily attributable to the sale of the Company's credit card
operations and Year 2000 systems expenses.
The effective tax rate for the fourth quarter and year of 1998 was
34.7% and 35.2% compared with 36.3% and 36.4% last year.
<PAGE> 7
NONPERFORMING ASSETS
- --------------------
Change
12/31/98
(Dollars in millions) 12/31/98 9/30/98 9/30/98
-----------------------------------
Loans:
Commercial Real Estate $ 26 $ 36 $(10)
Other Commercial 65 56 9
Foreign 53 40 13
Community Banking 35 45 (10)
---- ---- ----
Total Loans 179 177 2
Other Real Estate 14 18 (4)
---- ---- ----
Total $193 $195 $ (2)
==== ==== ====
Nonperforming Assets Ratio 0.5% 0.5%
Allowance/Nonperforming Loans 355.5 360.4
Allowance/Nonperforming Assets 328.9 327.8
Nonperforming assets totaled $193 million at December 31, 1998,
compared with $195 million at September 30, 1998, a decrease of $2
million. This was the thirtieth consecutive quarter of nonperforming
asset decreases.
<PAGE> 8
LOAN LOSS PROVISION AND NET CHARGE-OFF
- --------------------------------------
4th 3rd 4th Year-to-date
Quarter Quarter Quarter ------------
(In millions) 1998 1998 1997 1998 1997
------- ------- ------- ---- ----
Provision $ 5 $ 5 $ 100 $ 20 $ 280
==== ==== ===== ==== =====
Net (Charge-offs) Recoveries:
Commercial Real Estate - 5 1 7 3
Other Commercial (3) (16) (39) (24) (75)
Consumer (1) (1) (2) (5) (5)
Foreign (1) (1) (1) (4) 3
Other (2) - (3) (3) (5)
Credit Card - - - - (275)
---- ---- ----- ---- -----
Total $ (7) $(13) $ (44) $(29) $(354)
==== ==== ===== ==== =====
Other Real Estate Expense $ - $ - $ 12 $ 2 $ 11
(Recoveries)
The allowance for loan losses was $636 million, or 1.66% of loans
at December 31, 1998 compared with $638 million, or 1.66% of loans at
September 30, 1998 and $641 million, or 1.82% of loans at December 31,
1997. The ratio of the allowance to nonperforming assets was 328.9% at
December 31, 1998 compared with 327.8% at September 30, 1998 and 307.2%
at December 31, 1997.
***************************
(Financial highlights and detailed financial statements are attached. A
new accounting pronouncement related to comprehensive income was adopted
in 1998. This changed how certain components of shareholders' equity are
presented. Prior periods have been restated for this change.)
<PAGE> 9
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Financial Highlights
(Dollars in millions, except per share amounts)
(Unaudited)
<CAPTION>
1998 1997 Change
---- ---- ------
<S> <C> <C> <C>
For the Three Months Ended December 31:
- ---------------------------------------
Net Income $ 313 $ 298 5.0%
Per Common Share:
Basic $ 0.41 $ 0.40 3.6
Diluted 0.40 0.37 8.1
Cash Dividends Paid 0.14 0.13 7.7
Return on Average Common Shareholders'
Equity 23.88% 23.73%
Return on Average Assets 1.86 1.95
1998 1997 Change
For the Twelve Months Ended December 31: ---- ---- ------
- ----------------------------------------
Net Income $ 1,192 $ 1,104 7.9%
Per Common Share:
Basic $ 1.59 $ 1.44 10.3
Diluted 1.53 1.36 12.6
Cash Dividends Paid 0.54 0.49 10.2
Return on Average Common Shareholders'
Equity 24.25% 22.13%
Return on Average Assets 1.89 1.86
As of December 31:
- ------------------
Assets $63,579 $59,961 6.0%
Loans 38,426 35,127 9.4
Securities 6,458 6,628 -2.6
Deposits - Domestic 27,469 27,577 -0.4
- Foreign 17,203 13,780 24.8
Long-Term Debt 2,086 1,809 15.3
Minority Interest - Preferred Securities 1,300 1,000 30.0
Preferred Shareholders' Equity 1 1 0.0
Common Shareholders' Equity 5,475 5,001 9.5
Common Shareholders' Equity Per Share 7.10 6.69 6.1
Market Value Per Share of Common Stock 40.25 28.91 39.2
Allowance for Loan Losses as a Percent
of Loans 1.66% 1.82%
Tier 1 Capital Ratio 7.88 7.92
Total Capital Ratio 11.90 11.97
Leverage Ratio 7.46 7.59
Tangible Common Equity Ratio 6.28 6.47
</TABLE>
<PAGE> 10
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
<CAPTION>
For the Three For the Twelve
Months Ended Months Ended
December 31, December 31,
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Income
- ---------------
Loans $ 697 $ 631 $2,770 $2,910
Securities
Taxable 61 66 271 244
Exempt from Federal Income Taxes 16 9 61 35
----- ----- ------ ------
77 75 332 279
Deposits in Banks 57 71 184 188
Federal Funds Sold and Securities
Purchased Under Resale Agreements 64 57 203 162
Trading Assets 5 5 21 21
----- ----- ------ ------
Total Interest Income 900 839 3,510 3,560
----- ----- ------ ------
Interest Expense
- ----------------
Deposits 340 331 1,374 1,290
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 42 33 145 121
Other Borrowed Funds 50 43 204 168
Long-Term Debt 36 32 136 126
----- ----- ------ ------
Total Interest Expense 468 439 1,859 1,705
----- ----- ------ ------
Net Interest Income 432 400 1,651 1,855
- -------------------
Provision for Loan Losses 5 100 20 280
----- ----- ------ ------
Net Interest Income After
Provision for Loan Losses 427 300 1,631 1,575
----- ----- ------ ------
Noninterest Income
- ------------------
Processing Fees
Securities 274 213 1,000 790
Cash 63 61 256 239
----- ----- ------ ------
337 274 1,256 1,029
Trust and Investment Fees 54 47 208 181
Service Charges and Fees 79 74 326 354
Securities Gains 50 45 175 136
Other 77 249 318 437
----- ----- ------ ------
Total Noninterest Income 597 689 2,283 2,137
----- ----- ------ ------
Noninterest Expense
- -------------------
Salaries and Employee Benefits 315 277 1,178 1,066
Net Occupancy 40 40 166 166
Furniture and Equipment 23 25 86 95
Other 129 149 498 547
----- ----- ------ ------
Total Noninterest Expense 507 491 1,928 1,874
----- ----- ------ ------
Income Before Income Taxes 517 498 1,986 1,838
Income Taxes 179 181 699 669
Distribution on Trust Preferred
Securities 25 19 95 65
----- ----- ------ ------
Net Income $ 313 $ 298 $1,192 $1,104
- ---------- ===== ===== ====== ======
Net Income Available to
Common Shareholders $ 313 $ 296 $1,192 $1,095
- ----------------------- ===== ===== ====== ======
Per Common Share Data:
- ----------------------
Basic Earnings $0.41 $0.40 $1.59 $1.44
Diluted Earnings 0.40 0.37 1.53 1.36
Cash Dividends Paid 0.14 0.13 0.54 0.49
Diluted Shares Outstanding 782 795 781 807
</TABLE>
<PAGE> 11
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
(Unaudited)
<CAPTION>
December 31, December 31,
1998 1997
---- ----
<S> <C> <C>
Assets
- ------
Cash and Due from Banks $ 3,999 $ 5,769
Interest-Bearing Deposits in Banks 4,504 2,126
Securities:
Held-to-Maturity 964 1,127
Available-for-Sale 5,494 5,501
------- -------
Total Securities 6,458 6,628
Trading Assets at Fair Value 1,622 2,616
Federal Funds Sold and Securities Purchased
Under Resale Agreements 3,281 2,820
Loans (less allowance for loan losses
of $636 in 1998 and $641 in 1997) 37,790 34,486
Premises and Equipment 856 835
Due from Customers on Acceptances 946 1,187
Accrued Interest Receivable 354 356
Other Assets 3,769 3,138
------- -------
Total Assets $63,579 $59,961
======= =======
Liabilities and Shareholders' Equity
- ------------------------------------
Deposits
Noninterest-Bearing (principally
domestic offices) $11,481 $12,561
Interest-Bearing
Domestic Offices 16,091 15,607
Foreign Offices 17,100 13,189
------- -------
Total Deposits 44,672 41,357
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,571 2,329
Other Borrowed Funds 4,534 4,673
Acceptances Outstanding 951 1,196
Accrued Taxes and Other Expenses 2,191 1,910
Accrued Interest Payable 188 182
Other Liabilities 610 503
Long-Term Debt 2,086 1,809
------- -------
Total Liabilities 56,803 53,959
------- -------
Guaranteed Preferred Beneficial Interests
in the Company's Junior Subordinated
Deferrable Interest Debentures 1,300 1,000
------- -------
Shareholders' Equity
Class A Preferred Stock - par value $2.00
per share, authorized 5,000,000 shares,
outstanding 22,820 shares in 1998 and
23,844 shares in 1997 1 1
Common Stock-par value $7.50 per share,
authorized 1,600,000,000 shares, issued
970,767,767 shares in 1998 and
920,425,238 shares in 1997 7,281 6,904
Additional Capital 142 12
Retained Earnings 1,317 529
Accumulated Other Comprehensive Income 341 285
------- -------
9,082 7,731
Less: Treasury Stock - 197,648,459 shares in 1998
and 170,641,008 shares in 1997, at cost 3,593 2,714
Loan to ESOP - 1,801,003 shares in 1998
and 2,113,658 in 1997, at cost 13 15
------- -------
Total Shareholders' Equity 5,476 5,002
------- -------
Total Liabilities and Shareholders' Equity 63,579 $59,961
======= =======
</TABLE>
<PAGE> 12
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
<CAPTION>
For the three months For the three months
ended December 31, 1998 ended December 31, 1997
----------------------- -----------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 4,484 $ 57 5.03% $ 4,499 $ 71 6.22%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 5,108 64 4.94 4,083 57 5.54
Loans
Domestic Offices 20,226 373 7.32 18,774 365 7.73
Foreign Offices 19,558 327 6.62 15,857 266 6.66
------- ----- ------- -----
Total Loans 39,784 700 6.98 34,631 631 7.24
------- ----- ------- -----
Securities
U.S. Government
Obligations 2,602 37 5.59 3,030 44 5.74
U.S. Government Agency
Obligations 691 11 6.50 473 8 6.47
Obligations of States and
Political Subdivisions 680 13 7.70 672 14 8.41
Other Securities,
including Trading
Securities 2,578 37 5.76 2,417 23 3.73
------- ----- ------- -----
Total Securities 6,551 98 5.97 6,592 89 5.32
------- ----- ------- -----
Total Interest-Earning
Assets 55,927 919 6.51% 49,805 848 6.76%
----- -----
Allowance for Loan Losses (637) (611)
Cash and Due from Banks 2,755 3,732
Other Assets 8,563 7,641
------- -------
TOTAL ASSETS $66,608 $60,567
======= =======
LIABILITIES AND
SHAREHOLDERS' EQUITY
- ---------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 5,195 56 4.28% $ 4,748 56 4.65%
Savings 7,661 46 2.37 7,674 50 2.57
Certificates of Deposit
$100,000 & Over 679 9 5.20 538 8 5.64
Other Time Deposits 2,366 28 4.70 2,520 31 4.94
Foreign Offices 17,836 201 4.48 14,759 186 5.00
------- ----- ------- -----
Total Interest-Bearing
Deposits 33,737 340 4.00 30,239 331 4.34
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 3,663 42 4.48 2,864 33 4.51
Other Borrowed Funds 3,782 50 5.26 3,204 43 5.41
Long-Term Debt 2,082 36 6.69 1,827 32 6.93
------- ----- ------- -----
Total Interest-Bearing
Liabilities 43,264 468 4.29% 38,134 439 4.57%
----- -----
Noninterest-Bearing
Deposits 10,273 10,080
Other Liabilities 6,569 6,329
Minority Interest-
Preferred Securities 1,300 1,000
Preferred Stock 1 74
Common Shareholders'
Equity 5,201 4,950
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $66,608 $60,567
======= =======
Net Interest Earnings
and Interest Rate Spread $ 451 2.22% $ 409 2.19%
===== ==== ===== ====
Net Yield on Interest-
Earning Assets 3.20% 3.26%
==== ====
</TABLE>
<PAGE> 13
<TABLE>
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
Preliminary
(Dollars in millions)
<CAPTION>
For the twelve months For the twelve months
ended December 31, 1998 ended December 31, 1997
----------------------- -----------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
------- -------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
- ------
Interest-Bearing
Deposits in Banks
(primarily foreign) $ 3,437 $ 184 5.35% $ 3,277 $ 188 5.75%
Federal Funds Sold and
Securities Purchased
Under Resale Agreements 3,880 203 5.24 2,964 162 5.46
Loans
Domestic Offices 19,773 1,511 7.64 21,576 1,930 8.94
Foreign Offices 18,567 1,264 6.81 15,001 984 6.56
------- ------ ------- ------
Total Loans 38,340 2,775 7.24 36,577 2,914 7.97
------- ------ ------- ------
Securities
U.S. Government
Obligations 3,057 175 5.73 2,814 163 5.78
U.S. Government Agency
Obligations 581 38 6.52 411 26 6.44
Obligations of States and
Political Subdivisions 672 54 7.98 652 56 8.57
Other Securities,
including Trading
Securities 2,844 139 4.87 1,845 86 4.65
------- ------ ------- ------
Total Securities 7,154 406 5.66 5,722 331 5.78
------- ------ ------- ------
Total Interest-Earning
Assets 52,811 3,568 6.76% 48,540 3,595 7.40%
------ ------
Allowance for Loan Losses (643) (784)
Cash and Due from Banks 3,237 3,798
Other Assets 7,736 7,688
------- -------
TOTAL ASSETS $63,141 $59,242
======= =======
LIABILITIES AND
SHAREHOLDERS' EQUITY
- ---------------------
Interest-Bearing Deposits
Money Market Rate
Accounts $ 4,998 232 4.65% $ 4,326 196 4.54%
Savings 7,682 193 2.51 7,921 202 2.55
Certificates of Deposit
$100,000 & Over 687 37 5.41 675 37 5.48
Other Time Deposits 2,299 110 4.80 2,514 124 4.92
Foreign Offices 16,411 802 4.88 14,902 731 4.91
------- ------ ------- ------
Total Interest-Bearing
Deposits 32,077 1,374 4.28 30,338 1,290 4.25
Federal Funds Purchased
and Securities Sold
Under Repurchase
Agreements 3,147 145 4.60 2,410 121 5.00
Other Borrowed Funds 3,761 204 5.42 3,177 168 5.27
Long-Term Debt 1,972 136 6.90 1,815 126 6.92
------- ------ ------- ------
Total Interest-Bearing
Liabilities 40,957 1,859 4.54% 37,740 1,705 4.52%
------ ------
Noninterest-Bearing
Deposits 10,185 9,572
Other Liabilities 5,850 6,050
Minority Interest-
Preferred Securities 1,233 830
Preferred Stock 1 103
Common Shareholders'
Equity 4,915 4,947
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $63,141 $59,242
======= =======
Net Interest Earnings
and Interest Rate Spread $1,709 2.22% $1,890 2.88%
====== ==== ====== ====
Net Yield on Interest-
Earning Assets 3.24% 3.89%
==== ====
</TABLE>
