<PAGE> 1
EXHIBIT 99
The Bank of New York Company, Inc. NEWS
------------------------------------------------------------------------------
One Wall Street, New York, NY 10286
-----------------------------------
Contact:
PUBLIC AND INVESTOR RELATIONS
IMMEDIATELY
-----------
Media: Investors:
----- ---------
Frank H. Scarangella, SVP Richard P. Stanley, SVP
(212) 635-1590 (212) 635-1854
Cary J. Giacalone, VP Gregory A. Burton, AVP
(212) 635-1590 (212) 635-1578
THE BANK OF NEW YORK COMPANY, INC. REPORTS
Record Second Quarter Diluted E.P.S. of 48 Cents, Up 14%
Record Securities Servicing Fee Revenue Up 33%
Return on Average Common Equity of 26.93%
NEW YORK, N.Y., July 17, 2000 -- The Bank of New York Company, Inc. (NYSE: BK)
reports record second quarter diluted earnings per share of 48 cents, up 14%
from the 42 cents earned in the second quarter of 1999. Net income for the
second quarter was a record $356 million, up 10% from the $323 million earned
in the same period last year. Diluted earnings per share were a record
93 cents for the first half of 2000, up 13% from the 82 cents earned last
year. Net income for the first six months was a record $694 million, an
increase of 9% over last year's $639 million. Last year's results included
BNY Financial Corporation ("BNYFC") which was divested in the third quarter of
1999.
"The second quarter results offer further evidence of the strength of
our long-term strategy to deliver sustainable, high quality revenue and
earnings growth," said Thomas A. Renyi, Chairman and CEO. In securities
<PAGE> 2
servicing, fee revenues increased to a record $403 million, or 33% for the
quarter. Foreign exchange and other trading revenue increased to $71 million
or 54% over last year, benefiting from a surge in global trading volumes and
market share gains. Private client services and asset management fees grew
21% in the quarter, led by strong performance in all product areas. The
Company's continued focus on fee-based businesses resulted in noninterest
income growing to 63% of total revenue in the second quarter, up from 61%
last year.
Return on average common equity for the second quarter of 2000 was 26.93%
compared with 24.82% in the second quarter of 1999. Return on average assets
for the second quarter of 2000 was 1.82% compared with 1.95% in the second
quarter of 1999. For the first six months of 2000, return on average common
equity totaled 27.00% compared with 24.65% in 1999. Return on average assets
was 1.80% for the first six months of 2000 compared with 1.94% in 1999.
Fees from the Company's securities servicing businesses reached a record
$403 million for the second quarter compared with $302 million last year. For
the first six months of 2000, fees from the Company's securities servicing
businesses totaled a record $775 million, growing 31% compared with
$593 million in 1999. Fee revenue was strong across all product lines with
particular strength in global custody, depositary receipts ("DRs"), and global
execution and clearing services. Fee revenue also benefited from the
acquisition of the Royal Bank of Scotland Trust Bank ("RBSTB") in the fourth
quarter of 1999. The Company continues to be the world's leading custodian
with assets of $6.8 trillion. Cross-border custody assets now total
$2 trillion, reflecting the rapid expansion of worldwide capital markets.
DR trading activity reached an all time high, evidence of U.S. investor
interest in global telecommunication, media, and technology industries as well
as significant cross-border merger and acquisition activity.
Private client services and asset management fees were $72 million for
the quarter, up 21% over last year, led by continued superior investment
<PAGE> 3
performance by BNY Asset Management resulting in further new business, as well
as by the acquisition of Estabrook Capital Management, Inc.
Total revenues from global payment services, excluding trade finance,
were up 10% from last year's second quarter, primarily due to strength in cash
management. The introduction of CA$H-Register Plus (service mark), the
Company's new browser-based delivery system for cash management services, has
fueled revenue growth in the middle market and small business client segments.
Trade finance revenues were down from a year ago primarily due to the sale of
BNYFC and reduced pricing, driven by the improved risk profiles of select
Asian and Latin American markets.
Foreign exchange and other trading revenues for the quarter increased 54%
over the second quarter of last year to $71 million. In the first six months
of 2000, foreign exchange and other trading revenues were $147 million
compared with $88 million last year. Foreign exchange revenues from the
Company's global securities servicing customer base were particularly strong,
due to increased transaction flows and customer penetration.
Net interest income on a taxable equivalent basis for the second quarter
increased to $477 million from $460 million in the first quarter of 2000. For
the first six months of 2000, net interest income on a taxable equivalent
basis was $937 million compared with $863 million in the first half of 1999.
Tangible diluted earnings per share (earnings before the amortization of
goodwill and intangibles) were 51 cents per share in the second quarter of
2000, up 16% from 44 cents per share in the second quarter of 1999. On the
same basis, tangible return on average common equity was 41.77% in the second
quarter of 2000 compared with 37.79% in 1999; and tangible return on average
assets was 1.97% in the second quarter of 2000 compared with 2.11% in 1999.
Tangible diluted earnings per share were 99 cents per share for the first six
months of 2000, up 14%, compared with 87 cents per share in 1999. Tangible
return on average common equity was 42.37% in the first six months of 2000
compared with 37.53% in 1999; and tangible return on average assets was 1.95%
<PAGE> 4
in the first six months of 2000 compared with 2.11% last year. Amortization
of intangibles for the second quarter and the first six months of 2000 was
$28 million and $56 million, respectively, compared with $27 million and
$53 million last year.
The Company's estimated Tier 1 capital and Total capital ratios were
8.11% and 12.37% at June 30, 2000, compared with 7.39% and 11.49% at
March 31, 2000, and 7.63% and 11.52% at June 30, 1999. The leverage ratio was
6.82% at June 30, 2000, compared with 6.66% at March 31, 2000, and 7.65% one
year ago. Tangible common equity as a percent of total assets was 5.15% at
June 30, 2000, compared with 4.74% at March 31, 2000, and 5.59% one year ago.
The decline in the leverage and tangible common equity ratios from 1999
primarily reflects the acquisition of RBSTB, which brought approximately
$10 billion in highly liquid, short-term assets and liabilities. In the
second quarter of 2000, the Company repurchased approximately one million
shares under its common stock repurchase programs.
NONINTEREST INCOME
<TABLE>
<CAPTION>
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Servicing Fees
Securities $403 $372 $302 $775 $593
Cash 65 66 70 131 139
---- ---- ---- ---- ----
468 438 372 906 732
Private Client Services
and Asset Management Fees 72 70 60 142 118
Service Charges and Fees 104 90 91 194 176
Foreign Exchange and
Other Trading Activities 71 76 46 147 88
Securities Gains 45 40 50 85 100
Other 20 23 32 43 62
---- ---- ---- ------ ------
Total Noninterest Income $780 $737 $651 $1,517 $1,276
==== ==== ==== ====== ======
</TABLE>
Total noninterest income reached $780 million, up 20%, from $651 million
in the prior year period. The decline in cash servicing fees reflects both
lower trade finance fees as well as lower cash management and funds transfer
<PAGE> 5
fees due to customers' expanded use of compensating balances in lieu of fees
in a rising rate environment. Service charges and fees increased to
$104 million due to strong capital markets activity. Securities gains were
$45 million compared with $40 million in the first quarter of 2000 and
$50 million one year ago.
NET INTEREST INCOME
<TABLE>
<CAPTION>
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net Interest Income $477 $460 $427 $937 $863
Net Interest Rate
Spread 1.93% 1.96% 2.18% 1.94% 2.24%
Net Yield on Interest-
Earning Assets 2.91 2.89 3.07 2.90 3.13
</TABLE>
Net interest income on a taxable equivalent basis was $477 million in the
second quarter of 2000 compared with $460 million in the first quarter of 2000
and $427 million in the second quarter of 1999. The net interest rate spread
was 1.93% in the second quarter of 2000, compared with 1.96% in the first
quarter of 2000 and 2.18% one year ago. The net yield on interest-earning
assets was 2.91% compared with 2.89% in the first quarter of 2000 and 3.07% in
last year's second quarter.
For the first six months of 2000, net interest income on a taxable
equivalent basis, amounted to $937 million compared with $863 million in the
first half of 1999. The year-to-date net interest rate spread was 1.94% in
2000 compared with 2.24% in 1999, while the net yield on interest-earning
assets was 2.90% in 2000 and 3.13% in 1999.
The expansion of the Company's securities servicing, global payment
services, and asset management businesses continues to generate increased
levels of deposits. These additional deposits were invested in high quality
liquid assets which increased net interest income, although lowering the net
interest-rate spread. The improvement in the yield from the first quarter of
<PAGE> 6
2000 reflects the growing value of interest-free deposits generated by the
Company's securities and fiduciary businesses.
NONINTEREST EXPENSE AND INCOME TAXES
Noninterest expense for the second quarter of 2000 was $628 million,
compared with $513 million in 1999. The increase was principally due to
acquisitions and technology investment.
The efficiency ratio for the second quarter of 2000 was 51.9% compared
with 52.1% in the first quarter of 2000 and 49.9% in the second quarter of
1999. For the first half of 2000, the efficiency ratio was 52.0% compared
with 50.1% last year.
The effective tax rate remained unchanged at 34.9% for the second quarter
and the first six months of 2000 and 1999.
NONPERFORMING ASSETS
<TABLE>
<CAPTION>
Change
6/30/00 vs.
(Dollars in millions) 6/30/00 3/31/00 3/31/00
-------- -------- --------
<S> <C> <C> <C>
Loans:
Other Commercial $ 45 $ 27 $18
Foreign 54 63 (9)
Regional Commercial 33 29 4
Loans Available for Sale 23 32 (9)
---- ---- ----
Total Loans 155 151 4
Other Real Estate 7 8 (1)
---- ---- ----
Total $162 $159 $ 3
==== ==== ====
Nonperforming Assets Ratio 0.4% 0.4%
Allowance/Nonperforming Loans 393.4 398.2
Allowance/Nonperforming Assets 376.4 378.1
</TABLE>
Nonperforming assets totaled $162 million at June 30, 2000, compared with
$159 million at March 31, 2000. At June 30, 2000, remaining credit exposures
of loans available for sale totaled $246 million with outstandings of
$144 million compared with $389 million and $275 million at March 31, 2000,
respectively.
<PAGE> 7
CREDIT LOSS PROVISION AND NET CHARGE-OFFS
<TABLE>
<CAPTION>
2nd 1st 2nd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Provision $ 25 $ 20 $ 15 $ 45 $ 30
==== ==== ==== ==== ====
Net(Charge-offs)Recoveries:
Commercial Real Estate $ - $ - $ 1 $ - $ (1)
Other Commercial (14) (13) (13) (27) (20)
Consumer (1) (1) (1) (2) (2)
Foreign - - (2) - (11)
Other - (1) - (1) -
----- ----- ----- ----- -----
Total $(15) $(15) $(15) $(30) $(34)
===== ===== ===== ===== =====
Other Real Estate Expenses $ 1 $ 1 $ - $ 2 $ -
</TABLE>
The allowance for credit losses increased to $610 million, or 1.57% of
loans at June 30, 2000, compared with $600 million, or 1.48% of loans at
March 31, 2000, and $595 million, or 1.55% of loans at June 30, 1999. The
ratio of the allowance to nonperforming assets was 376.4% at June 30, 2000,
compared with 378.1% at March 31, 2000, and 271.0% at June 30, 1999.
***************************
(Financial highlights and detailed financial statements are attached.)
<PAGE> 8
THE BANK OF NEW YORK COMPANY, INC.
Financial Highlights
(Dollars in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
2000 1999 Change
---- ---- ------
<S> <C> <C> <C>
For the Three Months Ended June 30:
------------------------------------
Net Income $ 356 $ 323 10.3%
Per Common Share:
Basic $ 0.49 $ 0.42 16.7
Diluted 0.48 0.42 14.3
Cash Dividends Paid 0.16 0.14 14.3
Return on Average Common Shareholders'
Equity 26.93% 24.82%
Return on Average Assets 1.82 1.95
For the Six Months Ended June 30:
------------------------------------
Net Income $ 694 $ 639 8.6%
Per Common Share:
Basic $ 0.95 $ 0.84 13.1
Diluted 0.93 0.82 13.4
Cash Dividends Paid 0.32 0.28 14.3
Return on Average Common Shareholders'
Equity 27.00% 24.65%
Return on Average Assets 1.80 1.94
As of June 30:
-----------------
Assets $76,063 $67,771 12.2%
Loans 38,118 38,387 (0.7)
Securities 6,688 6,022 11.1
Deposits - Domestic 28,973 26,858 7.9
- Foreign 26,364 20,619 27.9
Long-Term Debt 2,829 2,277 24.2
Minority Interest - Preferred Securities 1,500 1,500 -
Preferred Shareholders' Equity 1 1 -
Common Shareholders' Equity 5,506 5,279 4.3
Common Shareholders' Equity Per Share 7.46 6.95 7.4
Market Value Per Share of Common Stock 46.50 36.69 26.7
Allowance for Credit Losses as a Percent
of Loans 1.57% 1.55%
Tier 1 Capital Ratio 8.11 7.63
Total Capital Ratio 12.37 11.52
Leverage Ratio 6.82 7.65
Tangible Common Equity Ratio 5.15 5.59
</TABLE>
<PAGE> 9
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
For the three For the six
months ended months ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Income
---------------
Loans $ 735 $ 659 $1,451 $1,319
Securities
Taxable 78 63 157 128
Exempt from Federal Income Taxes 15 12 31 22
------ ----- ----- -----
93 75 188 150
Deposits in Banks 66 54 137 118
Federal Funds Sold and Securities Purchased
Under Resale Agreements 69 46 118 99
Trading Assets 144 5 246 10
------ ----- ----- -----
Total Interest Income 1,107 839 2,140 1,696
------ ----- ----- -----
Interest Expense
----------------
Deposits 521 324 992 641
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 32 36 69 67
Other Borrowed Funds 42 28 70 75
Long-Term Debt 49 35 98 70
------ ----- ----- -----
Total Interest Expense 644 423 1,229 853
------ ----- ----- -----
Net Interest Income 463 416 911 843
-------------------
Provision for Credit Losses 25 15 45 30
------ ----- ----- -----
Net Interest Income After Provision for
Credit Losses 438 401 866 813
------ ----- ----- -----
Noninterest Income
------------------
Servicing Fees
Securities 403 302 775 593
Cash 65 70 131 139
------ ----- ----- -----
468 372 906 732
Private Client Services and
Asset Management Fees 72 60 142 118
Service Charges and Fees 104 91 194 176
Securities Gains 45 50 85 100
Other 91 78 190 150
------ ----- ----- -----
Total Noninterest Income 780 651 1,517 1,276
------ ----- ----- -----
Noninterest Expense
-------------------
Salaries and Employee Benefits 366 311 725 622
Net Occupancy 45 40 89 81
Furniture and Equipment 27 21 53 45
Other 190 141 364 274
------ ----- ----- -----
Total Noninterest Expense 628 513 1,231 1,022
------ ----- ----- -----
Income Before Income Taxes 590 539 1,152 1,067
Income Taxes 206 188 401 372
Distribution on Trust Preferred Securities 28 28 57 56
------ ----- ----- -----
Net Income $ 356 $ 323 $ 694 $ 639
---------- ====== ===== ===== =====
Net Income Available to Common Shareholders $ 356 $ 323 $ 694 $ 639
------------------------------------------- ====== ===== ===== =====
Per Common Share Data:
----------------------
Basic Earnings $ 0.49 $0.42 $0.95 $0.84
Diluted Earnings 0.48 0.42 0.93 0.82
Cash Dividends Paid 0.16 0.14 0.32 0.28
Diluted Shares Outstanding 745 773 743 776
</TABLE>
<PAGE> 10
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
June 30, December 31,
2000 1999
---- ----
<S> <C> <C>
Assets
------
Cash and Due from Banks $ 4,167 $ 3,276
Interest-Bearing Deposits in Banks 4,729 6,850
Securities:
Held-to-Maturity 921 871
Available-for-Sale 5,767 6,028
------- -------
Total Securities 6,688 6,899
Trading Assets at Fair Value 10,562 8,715
Federal Funds Sold and Securities Purchased Under Resale
Agreements 4,554 5,383
Loans (less allowance for credit losses of $610 in 2000
and $595 in 1999) 37,508 36,952
Premises and Equipment 885 893
Due from Customers on Acceptances 1,194 739
Accrued Interest Receivable 331 319
Other Assets 5,445 4,730
------- -------
Total Assets $76,063 $74,756
======= =======
Liabilities and Shareholders' Equity
------------------------------------
Deposits
Noninterest-Bearing (principally domestic offices) $13,671 $12,162
Interest-Bearing
Domestic Offices 15,851 16,319
Foreign Offices 25,815 27,270
------- -------
Total Deposits 55,337 55,751
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,455 1,318
Other Borrowed Funds 4,028 3,825
Acceptances Outstanding 1,196 740
Accrued Taxes and Other Expenses 2,887 2,644
Accrued Interest Payable 111 131
Other Liabilities 1,213 893
Long-Term Debt 2,829 2,811
------- -------
Total Liabilities 69,056 68,113
------- -------
Company-Obligated Mandatory Redeemable Preferred
Trust Securities of Subsidiary Trust Holding Solely
Junior Subordinated Debentures 1,500 1,500
------- -------
Shareholders' Equity
Class A Preferred Stock - par value $2.00 per share,
authorized 5,000,000 shares, outstanding 16,320 shares
in 2000 and 16,787 shares in 1999 1 1
Common Stock-par value $7.50 per share,
authorized 1,600,000,000 shares, issued
982,085,224 shares in 2000 and
977,961,165 shares in 1999 7,366 7,335
Additional Capital 395 315
Retained Earnings 3,079 2,620
Accumulated Other Comprehensive Income 57 30
------- -------
10,898 10,301
Less: Treasury Stock (242,441,759 shares in 2000
and 237,747,242 shares in 1999), at cost 5,381 5,148
Loan to ESOP (1,444,005 shares in 2000
and 1,444,005 in 1999), at cost 10 10
------- -------
Total Shareholders' Equity 5,507 5,143
------- -------
Total Liabilities and Shareholders' Equity $76,063 $74,756
======= =======
<FN>
----------------------------------------------------------------------------------------
Note: The balance sheet at December 31, 1999 has been derived from the audited financial
statements at that date.
</FN>
</TABLE>
<PAGE> 11
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
(Preliminary)
(Dollars in millions)
<TABLE>
<CAPTION>
For the three months For the three months
ended June 30, 2000 ended June 30, 1999
------------------------------ ------------------------------
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) $ 5,167 $ 66 5.11% $ 5,024 $ 54 4.31%
Federal Funds Sold and Securities
Purchased Under Resale Agreements 4,413 69 6.32 3,949 46 4.66
Loans
Domestic Offices 19,424 358 7.42 20,704 362 7.02
Foreign Offices 20,328 377 7.45 19,310 297 6.16
------- ----- ------- -----
Total Loans 39,752 735 7.44 40,014 659 6.60
------- ----- ------- -----
Securities
U.S. Government Obligations 2,123 32 6.00 2,512 36 5.82
U.S. Government Agency Obligations 1,132 19 6.85 875 14 6.40
Obligations of States and
Political Subdivisions 615 12 8.00 580 11 7.90
Other Securities, including
Trading Securities 12,749 188 5.91 2,740 30 4.31
------- ----- ------- -----
Total Securities 16,619 251 6.06 6,707 91 5.46
------- ----- ------- -----
Total Interest-Earning Assets 65,951 1,121 6.84% 55,694 850 6.12%
----- -----
Allowance for Credit Losses (600) (630)
Cash and Due from Banks 3,435 3,075
Other Assets 9,936 8,398
------- -------
TOTAL ASSETS $78,722 $66,537
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts $ 5,797 71 4.95% $ 5,195 54 4.13%
Savings 7,678 48 2.50 7,821 43 2.22
Certificates of Deposit
$100,000 & Over 423 6 5.30 591 7 4.75
Other Time Deposits 1,991 25 5.09 2,123 22 4.25
Foreign Offices 29,176 371 5.12 19,652 198 4.04
------- ----- ------- -----
Total Interest-Bearing Deposits 45,065 521 4.65 35,382 324 3.67
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 2,400 32 5.43 3,370 36 4.26
Other Borrowed Funds 2,442 42 6.81 2,153 28 5.25
Long-Term Debt 2,823 49 6.94 2,233 35 6.30
------- ----- ------- -----
Total Interest-Bearing Liabilities $52,730 644 4.91% 43,138 423 3.94%
----- -----
Noninterest-Bearing Deposits 11,224 10,640
Other Liabilities 7,951 6,044
Minority Interest-Preferred Securities 1,500 1,500
Common Shareholders' Equity 5,317 5,215
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $78,722 $66,537
======= =======
Net Interest Earnings
and Interest Rate Spread $ 477 1.93% $ 427 2.18%
===== ==== ===== ====
Net Yield on Interest-Earning Assets 2.91% 3.07%
==== ====
</TABLE>
<PAGE> 12
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
(Preliminary)
(Dollars in millions)
<TABLE>
<CAPTION>
For the six months For the six months
ended June 30, 2000 ended June 30, 1999
------------------------------ ------------------------------
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) $ 5,781 $ 137 4.76% $ 5,158 $ 118 4.61%
Federal Funds Sold and Securities
Purchased Under Resale Agreements 4,030 118 5.90 4,229 99 4.71
Loans
Domestic Offices 19,768 720 7.32 20,263 724 7.21
Foreign Offices 20,242 731 7.27 19,407 596 6.19
------- ----- ------- -----
Total Loans 40,010 1,451 7.30 39,670 1,320 6.71
------- ----- ------- -----
Securities
U.S. Government Obligations 2,449 74 6.05 2,552 73 5.77
U.S. Government Agency Obligations 979 33 6.75 866 28 6.36
Obligations of States and
Political Subdivisions 603 24 8.01 603 23 7.80
Other Securities, including
Trading Securities 11,181 329 5.92 2,538 55 4.37
------- ----- ------- -----
Total Securities 15,212 460 6.08 6,559 179 5.51
------- ----- ------- -----
Total Interest-Earning Assets 65,033 2,166 6.70% 55,616 1,716 6.22%
----- -----
Allowance for Credit Losses (604) (633)
Cash and Due from Banks 3,359 3,075
Other Assets 9,842 8,217
------- -------
TOTAL ASSETS $77,630 $66,275
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts $ 5,660 137 4.85% $ 5,186 106 4.12%
Savings 7,663 94 2.48 7,808 86 2.21
Certificates of Deposit
$100,000 & Over 444 12 5.38 624 15 4.84
Other Time Deposits 2,097 51 4.90 2,188 47 4.34
Foreign Offices 28,434 698 4.94 19,127 387 4.08
------- ----- ------- -----
Total Interest-Bearing Deposits 44,298 992 4.51 34,933 641 3.70
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 2,596 69 5.33 3,181 67 4.24
Other Borrowed Funds 2,219 70 6.36 2,886 75 5.29
Long-Term Debt 2,823 98 6.89 2,180 70 6.41
------- ----- ------- -----
Total Interest-Bearing Liabilities $51,936 1,229 4.76% 43,180 853 3.98%
----- -----
Noninterest-Bearing Deposits 11,258 10,532
Other Liabilities 7,769 5,863
Minority Interest-Preferred Securities 1,500 1,473
Common Shareholders' Equity 5,167 5,227
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $77,630 $66,275
======= =======
Net Interest Earnings
and Interest Rate Spread $ 937 1.94% $ 863 2.24%
===== ==== ===== ====
Net Yield on Interest-Earning Assets 2.90% 3.13%
==== ====
</TABLE>
