<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
Third Quarter Diluted E.P.S. of 49 Cents Up 17%
Securities Servicing Fee Revenue Up 37%
Return on Average Common Equity of 25.75%
NEW YORK, N.Y., October 16, 2000 -- The Bank of New York Company, Inc. (NYSE:
BK) reports third quarter diluted earnings per share of 49 cents, up 17% from
the 42 cents earned on a normalized basis in the third quarter of 1999. Net
income for the third quarter was $363 million, up 16% from the $313 million
earned on a normalized basis in the same period last year. Diluted earnings
per share were $1.42 for the first nine months of 2000, up 16% from the $1.22
earned on a normalized basis last year. Net income for the first nine months
was $1,057 million, an increase of 15% over last year's $916 million earned on
a normalized basis. (See note 1)
"Our continuing emphasis on offering diversified services to virtually
all segments of the global securities markets results in superior growth in
both revenue and profitability. This quarter's performance continues to
reflect the fundamental strength of our long-term strategy," said Thomas A.
Renyi, Chairman and CEO. In securities servicing, fee revenues increased to a
<PAGE> 2
record $427 million, up 37% for the quarter. Foreign exchange and other
trading revenue increased to $59 million or 31% over last year, benefiting
from the continued increase in global trading volumes. Private client
services and asset management fees grew 26% 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 62% of total revenue in
the third quarter, up from 60% last year.
Return on average common equity for the third quarter of 2000 was 25.75%
compared with 25.33% on a normalized basis in the third quarter of 1999.
Return on average assets for the third quarter of 2000 was 1.89% compared with
1.96% on a normalized basis in the third quarter of 1999. For the first nine
months of 2000, return on average common equity totaled 26.55% compared with
25.34% on a normalized basis in 1999. Return on average assets was 1.83% for
the first nine months of 2000 compared with 1.95% on a normalized basis in
1999.
Fees from the Company's securities servicing businesses reached
a record $427 million for the third quarter compared with $311 million last
year. For the first nine months of 2000, fees from the Company's securities
servicing businesses totaled a record $1,202 million, growing 33% compared
with $904 million in 1999. Fee revenue was strong across all product lines
with particular strength in global custody, depositary receipts ("DRs"), unit
investment trust, and mutual funds as well as 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 $6.9 trillion
including $2 trillion of cross-border custody assets. DR trading activity
reached $1 trillion for the first time during the first nine months of 2000.
Cross-border mergers and acquisitions as well as U.S. investor interest in
global telecommunication, media, and technology industries continued to be the
major drivers of trading volume.
<PAGE> 3
Private client services and asset management fees were $77 million for
the quarter, up 26% over last year, led by continued superior investment
performance by BNY Asset Management resulting in further new business, as well
as by the acquisition of Estabrook Capital Management, Inc.
Total revenues from global payment services, excluding trade finance,
were up 10% in the first nine months of 2000. This growth was primarily due
to strong increases in funds transfer with domestic financial service
companies as well as increased cash management revenue associated with broad
market acceptance of CA$H-Register PlusSM, the Company's new internet delivery
system for cash management services. Trade finance revenues were down from a
year ago primarily due to the sale of BNY Financial Corporation ("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 31%
over the third quarter of last year to $59 million. In the first nine months
of 2000, foreign exchange and other trading revenues were $206 million
compared with $133 million last year. Despite seasonal fluctuations, foreign
exchange revenues remained strong, driven by continued increased transaction
flows from the Company's global securities servicing customer base.
Net interest income on a taxable equivalent basis for the third quarter
increased to $492 million from $477 million in the second quarter of 2000.
For the first nine months of 2000, net interest income on a taxable equivalent
basis was $1,429 million, compared with $1,292 million in the first nine
months of 1999, benefiting from the acquisition of RBSTB, which brought
approximately $10 billion in highly liquid, short-term assets and liabilities.
Tangible diluted earnings per share (earnings before the amortization of
goodwill and intangibles) were 52 cents per share in the third quarter of
2000, compared with 44 cents per share on a normalized basis in the third
quarter of 1999. On the same basis, tangible return on average common equity
was 38.89% in the third quarter of 2000 compared with 36.52% in 1999; and
<PAGE> 4
tangible return on average assets was 2.05% in the third quarter of 2000
compared with 2.11% in 1999. Tangible diluted earnings per share were $1.50
per share for the first nine months of 2000, compared with $1.34 per share on
a normalized basis in 1999. On the same basis, tangible return on average
common equity was 41.11% in the first nine months of 2000 compared with 37.72%
on a normalized basis in 1999; and tangible return on average assets was 1.98%
in the first nine months of 2000 compared with 2.19% last year. Amortization
of intangibles for the third quarter and the first nine months of 2000 was
$29 million and $85 million compared with $23 million and $76 million last
year.
The Company's estimated Tier 1 capital and Total capital ratios were
8.29% and 12.68% at September 30, 2000, compared with 8.03% and 12.24% at
June 30, 2000, and 8.38% and 12.52% at September 30, 1999. The leverage ratio
was 7.42% at September 30, 2000, compared with 6.80% at June 30, 2000, and
8.10% one year ago. Tangible common equity as a percent of total assets was
5.75% at September 30, 2000, compared with 5.11% at June 30, 2000, and 5.93%
one year ago. The decline in the leverage and tangible common equity ratios
from 1999 primarily reflects the acquisition of RBSTB. In the third quarter
of 2000, the Company repurchased approximately one million shares under its
common stock repurchase programs.
<PAGE> 5
NONINTEREST INCOME
<TABLE>
<CAPTION>
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Servicing Fees
Securities $427 $403 $311 $1,202 $904
Cash 65 65 69 196 208
---- ---- ------ ------ ------
492 468 380 1,398 1,112
Private Client Services
and Asset Management Fees 77 72 61 219 179
Service Charges and Fees 84 104 77 278 252
Foreign Exchange and
Other Trading Activities 59 71 45 206 133
Securities Gains 20 45 50 105 149
Other 53 20 918 96 982
---- ---- ------ ------ ------
Total Noninterest Income $785 $780 $1,531 $2,302 $2,807
==== ==== ====== ====== ======
</TABLE>
Total noninterest income reached $785 million, up 24% from $635 million
in last year's third quarter, excluding the sale of BNYFC and the liquidity
charge. The decline in cash servicing fees reflects both lower trade finance
fees as well as lower cash management and funds transfer fees due to a rising
rate environment positively impacting the value of customers' compensating
balances. Service charges and fees declined from the second quarter
reflecting a reduction of capital markets activity. Securities gains were
$20 million compared with $45 million in the second quarter of 2000 and
$50 million one year ago. Other income in the third quarter of 2000 includes
a $26 million payment associated with the termination of a securities clearing
contract entered into in conjunction with the acquisition of Everen Clearing
Corporation. In 1999, other income in the third quarter included a
$1,020 million gain on the sale of BNYFC and a $124 million liquidity charge
on loans available for sale.
<PAGE> 6
NET INTEREST INCOME
<TABLE>
<CAPTION>
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
(Dollars in millions on a ------- ------- ------- ------------
tax equivalent basis) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net Interest Income $492 $477 $429 $1,429 $1,292
Net Interest Rate
Spread 1.93% 1.93% 2.21% 1.94% 2.23%
Net Yield on Interest-
Earning Assets 3.05 2.91 3.16 2.95 3.14
</TABLE>
Net interest income on a taxable equivalent basis was $492 million in the
third quarter of 2000 compared with $477 million in the second quarter of 2000
and $429 million in the third quarter of 1999. The net interest rate spread
was 1.93% in the third quarter of 2000, compared with 1.93% in the second
quarter of 2000 and 2.21% one year ago. The net yield on interest-earning
assets was 3.05% compared with 2.91% in the second quarter of 2000 and 3.16%
in last year's third quarter.
For the first nine months of 2000, net interest income on a taxable
equivalent basis, amounted to $1,429 million compared with $1,292 million in
1999. The year-to-date net interest rate spread was 1.94% in 2000 compared
with 2.23% in 1999, while the net yield on interest-earning assets was 2.95%
in 2000 and 3.14% 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 are being invested in high-
quality liquid assets which increase net interest income, although lowering
the net interest-rate spread. The improvement in the yield from the second
quarter of 2000 reflects the Company's increased capital base combined with
the growing level and value of interest-free deposits generated by the
Company's securities and fiduciary businesses.
<PAGE> 7
NONINTEREST EXPENSE AND INCOME TAXES
Noninterest expense for the third quarter of 2000 was $635 million,
compared with $515 million in 1999. The increase was principally due to
acquisitions, technology investment, and new business wins.
The efficiency ratio for the third quarter of 2000 improved to 50.4%
compared with 51.9% in the second quarter of 2000, partially reflecting the
increase in other income. For the first nine months of 2000, the efficiency
ratio was 51.4% compared with 50.3% last year. The increase is primarily
attributable to the acquisition of RBSTB in the fourth quarter of 1999. The
computation of the efficiency ratio in 1999 excludes the gain on the sale of
BNYFC and the liquidity charge.
The effective tax rate for the third quarter of 2000 was 35.1% compared
with 34.9% in the second quarter.
NONPERFORMING ASSETS
<TABLE>
<CAPTION>
Change
9/30/00 vs.
(Dollars in millions) 9/30/00 6/30/00 6/30/00
-------- -------- --------
<S> <C> <C> <C>
Loans:
Other Commercial $ 69 $ 45 $24
Foreign 49 54 (5)
Regional Commercial 28 33 (5)
Loans Available for Sale 17 23 (6)
---- ---- ----
Total Loans 163 155 8
Other Real Estate 5 7 (2)
---- ---- ----
Total $168 $162 $ 6
==== ==== ====
Nonperforming Assets Ratio 0.4% 0.4%
Allowance/Nonperforming Loans 379.6 393.4
Allowance/Nonperforming Assets 367.5 376.4
</TABLE>
Nonperforming assets totaled $168 million at September 30, 2000, compared
with $162 million at June 30, 2000. The increase in nonperforming other
commercial loans partially reflects a loan to an insurance company. At
September 30, 2000, remaining credit exposures of loans available for sale
<PAGE> 8
totaled $152 million with outstandings of $81 million compared with $246
million and $144 million, respectively at June 30, 2000.
CREDIT LOSS PROVISION AND NET CHARGE-OFFS
<TABLE>
<CAPTION>
3rd 2nd 3rd
Quarter Quarter Quarter Year-to-date
------- ------- ------- ------------
(In millions) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Provision $ 25 $ 25 $ 90 $ 70 $120
==== ==== ==== ==== ====
Net(Charge-offs)Recoveries:
Commercial Real Estate $ - $ - $ (1) $ - $ (2)
Other Commercial (14) (12) (61) (39) (82)
Consumer (1) (1) (1) (3) (3)
Foreign (3) - (23) (3) (34)
Other - (2) (3) (3) (2)
----- ----- ----- ----- ------
Total $(18) $(15) $(89) $(48) $(123)
===== ===== ===== ===== ======
Other Real Estate Expenses $ 1 $ 1 $ - $ 3 $ 1
</TABLE>
The allowance for credit losses increased to $617 million, or 1.65% of
loans at September 30, 2000, compared with $610 million, or 1.60% of loans
at June 30, 2000, and $594 million, or 1.57% of loans at September 30, 1999.
The ratio of the allowance to nonperforming assets was 367.5% at September 30,
2000, compared with 376.4% at June 30, 2000, and 384.2% at September 30, 1999.
***************************
Note 1:
1999 normalized earnings reflect net income adjusted for the results of BNY
Financial Corporation ("BNYFC"), the $1,020 million gain on the sale of BNYFC,
the related investment of proceeds, and repurchase of 25 million shares of
Company common stock on a pro forma basis as of December 31, 1998; the $124
million liquidity charge related to the sale of loans; a provision adjustment
of $75 million; and related tax effects.
(Financial highlights and detailed financial statements are attached.)
<PAGE> 9
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 September 30:
------------------------------------
Net Income $ 363 $ 773 (53.0)%
Per Common Share:
Basic $ 0.50 $ 1.04 (51.9)
Diluted 0.49 1.02 (52.0)
Cash Dividends Paid 0.16 0.14 14.3
Return on Average Common Shareholders'
Equity 25.75% 61.23%
Return on Average Assets 1.89 4.78
For the Nine Months Ended September 30:
------------------------------------
Net Income $ 1,057 $ 1,411 (25.1)%
Per Common Share:
Basic $ 1.44 $ 1.87 (23.0)
Diluted 1.42 1.84 (22.8)
Cash Dividends Paid 0.48 0.42 14.3
Return on Average Common Shareholders'
Equity 26.55% 36.63%
Return on Average Assets 1.83 2.88
As of September 30:
------------------
Assets $75,409 $63,158 19.4%
Loans 37,433 37,757 (0.9)
Securities 6,784 5,892 15.1
Deposits - Domestic 27,078 26,309 2.9
- Foreign 26,221 18,486 41.8
Long-Term Debt 2,957 2,416 22.4
Minority Interest - Preferred Securities 1,500 1,500 -
Preferred Shareholders' Equity 1 1 -
Common Shareholders' Equity 5,918 4,895 20.9
Common Shareholders' Equity Per Share 8.01 6.65 20.4
Market Value Per Share of Common Stock 56.50 33.44 69.0
Allowance for Credit Losses as a Percent
of Loans 1.65% 1.57%
Tier 1 Capital Ratio 8.29 8.38
Total Capital Ratio 12.68 12.52
Leverage Ratio 7.42 8.10
Tangible Common Equity Ratio 5.75 5.93
</TABLE>
<PAGE> 10
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 nine
months ended months ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Income
---------------
Loans $ 732 $ 643 $2,183 $1,962
Securities
Taxable 79 63 236 190
Exempt from Federal Income Taxes 16 13 47 36
----- ----- ----- -----
95 76 283 226
Deposits in Banks 67 62 203 180
Federal Funds Sold and Securities Purchased
Under Resale Agreements 80 49 198 147
Trading Assets 133 4 380 15
----- ----- ----- -----
Total Interest Income 1,107 834 3,247 2,530
----- ----- ----- -----
Interest Expense
----------------
Deposits 501 320 1,494 961
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 38 32 107 99
Other Borrowed Funds 37 27 108 102
Long-Term Debt 52 38 149 108
----- ----- ----- -----
Total Interest Expense 628 417 1,858 1,270
----- ----- ----- -----
Net Interest Income 479 417 1,389 1,260
-------------------
Provision for Credit Losses 25 90 70 120
----- ----- ----- -----
Net Interest Income After Provision for
Credit Losses 454 327 1,319 1,140
----- ----- ----- -----
Noninterest Income
------------------
Servicing Fees
Securities 427 311 1,202 904
Cash 65 69 196 208
----- ----- ----- -----
492 380 1,398 1,112
Private Client Services and
Asset Management Fees 77 61 219 179
Service Charges and Fees 84 77 278 252
Securities Gains 20 50 105 149
Other 112 963 302 1,115
----- ----- ----- -----
Total Noninterest Income 785 1,531 2,302 2,807
----- ----- ----- -----
Noninterest Expense
-------------------
Salaries and Employee Benefits 371 300 1,097 922
Net Occupancy 47 41 137 122
Furniture and Equipment 27 25 80 69
Other 190 149 551 424
----- ----- ----- -----
Total Noninterest Expense 635 515 1,865 1,537
----- ----- ----- -----
Income Before Income Taxes 604 1,343 1,756 2,410
Income Taxes 213 542 614 915
Distribution on Trust Preferred Securities 28 28 85 84
----- ----- ----- -----
Net Income $ 363 $ 773 $1,057 $1,411
---------- ===== ===== ====== ======
Net Income Available to Common Shareholders $ 363 $ 773 $1,057 $1,411
------------------------------------------- ===== ===== ====== ======
Per Common Share Data:
----------------------
Basic Earnings $ 0.50 $1.04 $1.44 $1.87
Diluted Earnings 0.49 1.02 1.42 1.84
Cash Dividends Paid 0.16 0.14 0.48 0.42
Diluted Shares Outstanding 747 754 744 769
</TABLE>
<PAGE> 11
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
---- ----
<S> <C> <C>
Assets
------
Cash and Due from Banks $ 4,222 $ 3,276
Interest-Bearing Deposits in Banks 5,047 6,850
Securities:
Held-to-Maturity 849 871
Available-for-Sale 5,935 6,028
------- -------
Total Securities 6,784 6,899
Trading Assets at Fair Value 10,157 8,715
Federal Funds Sold and Securities Purchased Under Resale
Agreements 3,175 5,383
Loans (less allowance for credit losses of $617 in 2000
and $595 in 1999) 36,816 36,952
Premises and Equipment 901 893
Due from Customers on Acceptances 914 739
Accrued Interest Receivable 374 319
Other Assets 7,019 4,730
------- -------
Total Assets $75,409 $74,756
======= =======
Liabilities and Shareholders' Equity
------------------------------------
Deposits
Noninterest-Bearing (principally domestic offices) $11,886 $12,162
Interest-Bearing
Domestic Offices 15,688 16,319
Foreign Offices 25,725 27,270
------- -------
Total Deposits 53,299 55,751
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,478 1,318
Other Borrowed Funds 4,199 3,825
Acceptances Outstanding 917 740
Accrued Taxes and Other Expenses 3,135 2,644
Accrued Interest Payable 148 131
Other Liabilities 1,857 893
Long-Term Debt 2,957 2,811
------- -------
Total Liabilities 67,990 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
983,594,524 shares in 2000 and
977,961,165 shares in 1999 7,377 7,335
Additional Capital 454 315
Retained Earnings 3,326 2,620
Accumulated Other Comprehensive Income 189 30
------- -------
11,347 10,301
Less: Treasury Stock (242,944,902 shares in 2000
and 237,747,242 shares in 1999), at cost 5,418 5,148
Loan to ESOP (1,444,005 shares in
2000 and 1999), at cost 10 10
------- -------
Total Shareholders' Equity 5,919 5,143
------- -------
Total Liabilities and Shareholders' Equity $75,409 $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> 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 three months For the three months
ended September 30, 2000 ended September 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) $ 4,941 $ 67 5.36% $ 5,641 $ 62 4.35%
Federal Funds Sold and Securities
Purchased Under Resale Agreements 4,863 80 6.55 4,051 49 4.76
Loans
Domestic Offices 18,862 355 7.49 19,224 349 7.20
Foreign Offices 19,676 377 7.62 18,522 294 6.30
------- ----- ------- -----
Total Loans 38,538 732 7.56 37,746 643 6.76
------- ----- ------- -----
Securities
U.S. Government Obligations 1,604 24 5.90 2,452 36 5.85
U.S. Government Agency Obligations 1,614 28 6.92 840 14 6.56
Obligations of States and
Political Subdivisions 629 13 8.12 570 11 7.87
Other Securities, including
Trading Securities 11,779 176 5.99 2,537 31 4.93
------- ----- ------- -----
Total Securities 15,626 241 6.16 6,399 92 5.76
------- ----- ------- -----
Total Interest-Earning Assets 63,968 1,120 6.97% 53,837 846 6.24%
----- -----
Allowance for Credit Losses (609) (593)
Cash and Due from Banks 3,003 3,240
Other Assets 10,153 7,579
------- -------
TOTAL ASSETS $76,515 $64,063
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts $ 5,879 73 4.96% $ 4,891 54 4.37%
Savings 7,566 52 2.73 7,763 45 2.32
Certificates of Deposit
$100,000 & Over 442 7 6.01 430 5 5.03
Other Time Deposits 1,877 25 5.23 2,208 24 4.27
Foreign Offices 26,411 344 5.20 18,664 192 4.07
------- ----- ------- -----
Total Interest-Bearing Deposits 42,175 501 4.73 33,956 320 3.74
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 2,517 38 6.06 2,827 32 4.50
Other Borrowed Funds 2,154 37 6.91 2,012 27 5.34
Long-Term Debt 2,872 52 7.13 2,313 38 6.59
------- ----- ------- -----
Total Interest-Bearing Liabilities $49,718 628 5.04% 41,108 417 4.03%
----- -----
Noninterest-Bearing Deposits 11,232 10,580
Other Liabilities 8,448 5,870
Minority Interest-Preferred Securities 1,500 1,500
Preferred Stock 1 1
Common Shareholders' Equity 5,616 5,004
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $76,515 $64,063
======= =======
Net Interest Earnings
and Interest Rate Spread $ 492 1.93% $ 429 2.21%
===== ==== ===== ====
Net Yield on Interest-Earning Assets 3.05% 3.16%
==== ====
</TABLE>
<PAGE> 13
THE BANK OF NEW YORK COMPANY, INC.
Average Balances and Rates on a Taxable Equivalent Basis
(Preliminary)
(Dollars in millions)
<TABLE>
<CAPTION>
For the nine months For the nine months
ended September 30, 2000 ended September 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) $ 5,499 $ 203 4.94% $ 5,321 $ 180 4.52%
Federal Funds Sold and Securities
Purchased Under Resale Agreements 4,310 198 6.15 4,169 147 4.73
Loans
Domestic Offices 19,477 1,075 7.37 19,913 1,073 7.21
Foreign Offices 20,039 1,109 7.39 19,109 890 6.23
------- ----- ------- -----
Total Loans 39,516 2,184 7.38 39,022 1,963 6.73
------- ----- ------- -----
Securities
U.S. Government Obligations 2,165 97 6.01 2,518 109 5.79
U.S. Government Agency Obligations 1,192 61 6.82 857 41 6.43
Obligations of States and
Political Subdivisions 612 37 8.04 592 35 7.82
Other Securities, including
Trading Securities 11,382 507 5.94 2,538 87 4.56
------- ----- ------- -----
Total Securities 15,351 702 6.11 6,505 272 5.59
------- ----- ------- -----
Total Interest-Earning Assets 64,676 3,287 6.79% 55,017 2,562 6.23%
----- -----
Allowance for Credit Losses (606) (619)
Cash and Due from Banks 3,239 3,130
Other Assets 10,021 8,002
------- -------
TOTAL ASSETS $77,330 $65,530
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts $ 5,733 210 4.89% $ 5,086 160 4.20%
Savings 7,630 146 2.56 7,793 131 2.24
Certificates of Deposit
$100,000 & Over 443 19 5.59 559 20 4.89
Other Time Deposits 2,023 76 5.00 2,195 71 4.31
Foreign Offices 27,755 1,043 5.02 18,971 579 4.08
------- ----- ------- -----
Total Interest-Bearing Deposits 43,584 1,494 4.58 34,604 961 3.71
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 2,569 107 5.57 3,061 99 4.32
Other Borrowed Funds 2,197 108 6.54 2,591 102 5.31
Long-Term Debt 2,839 149 6.97 2,225 108 6.45
------- ----- ------- -----
Total Interest-Bearing Liabilities $51,189 1,858 4.85% 42,481 1,270 4.00%
----- -----
Noninterest-Bearing Deposits 11,249 10,548
Other Liabilities 8,073 5,866
Minority Interest-Preferred Securities 1,500 1,482
Preferred Stock 1 1
Common Shareholders' Equity 5,318 5,152
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $77,330 $65,530
======= =======
Net Interest Earnings
and Interest Rate Spread $1,429 1.94% $1,292 2.23%
====== ==== ====== ====
Net Yield on Interest-Earning Assets 2.95% 3.14%
==== ====
</TABLE>
