<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, VP
(212) 635-1590 (212) 635-1578
THE BANK OF NEW YORK COMPANY, INC. REPORTS
Fourth Quarter Diluted E.P.S. of 50 Cents Up 14%
Securities Servicing Fee Revenue Up 31%
NEW YORK, N.Y., January 16, 2001 -- The Bank of New York Company, Inc. (NYSE:
BK) reports fourth quarter diluted earnings per share of 50 cents, up 14% from
the 44 cents earned in the fourth quarter of 1999. Net income for the fourth
quarter was $372 million, up 14% from the $327 million earned in the same
period last year. Diluted earnings per share were $1.92 for the year 2000, up
16% from the $1.66 earned on a normalized basis last year. Net income for the
year was $1,429 million, an increase of 15% over last year's $1,243 million
earned on a normalized basis. (See Note 1.)
"We continue to differentiate ourselves through consistent and
sustainable revenue and earnings growth. These results are driven by our
long-term strategic focus on high-growth, fee-based businesses and our leading
technologies," said Thomas A. Renyi, Chairman and CEO. In securities
servicing, fee revenues increased to a record $448 million, up 31% for the
quarter. Private client services and asset management fees grew 18% in the
<PAGE> 2
quarter. Foreign exchange and other trading revenue were $56 million,
unchanged from last year's fourth quarter. The Company's continued focus on
fee-based businesses resulted in noninterest income growing to 63% of total
revenue in the fourth quarter, up from 61% last year.
Return on average common equity for the fourth quarter of 2000 was 24.82%
compared with 25.98% in the fourth quarter of 1999. Return on average assets
for the fourth quarter of 2000 was 1.92% compared with 1.84% in the fourth
quarter of 1999. For the year 2000, return on average common equity totaled
26.08% compared with 25.50% on a normalized basis in 1999. Return on average
assets was 1.85% for the year compared with 1.92% on a normalized basis in
1999.
For the year 2000, fees from the Company's securities servicing
businesses totaled a record $1,650 million, growing 33% compared with
$1,245 million in 1999. Fees from the Company's securities servicing
businesses reached a record $448 million for the fourth quarter compared with
$341 million last year. 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") on October 31, 1999. The Company continues
to be the world's leading custodian with assets of over $7 trillion including
$2 trillion of cross-border custody assets. Given its leading market share in
DRs, the Company significantly benefited from record market trading activity,
which reached $1.2 trillion in 2000.
In 2000, private client services and asset management fees were
$296 million compared with $244 million last year, up 21%. Private client
services and asset management fees were $77 million for the quarter, up from
$65 million last year, led by strong business flows in the BNY Hamilton Funds,
as well as by the acquisitions of Ivy Asset Management Corp. and Estabrook
Capital Management, Inc.
<PAGE> 3
Within global payment services, cash management and funds transfer
revenues were up 8% in 2000. This growth was primarily due to strong
increases in funds transfer with domestic financial service companies,
increased cash management revenue associated with CA$H-Register PlusTM, and
new U.S. dollar clearing outsourcing contracts. 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.
In 2000, foreign exchange and other trading revenues were $261 million
compared with $189 million last year. Foreign exchange and other trading
revenues for the quarter were $56 million, flat compared with last year's
fourth quarter. Full year trading revenues were up 38% principally due to
increased cross-selling within our securities servicing client franchise and
rapid growth in the Company's foreign exchange e-commerce initiative.
For the year 2000, net interest income on a taxable equivalent basis was
$1,924 million, compared with $1,745 million in 1999, benefiting from the
acquisition of RBSTB, which brought approximately $10 billion in highly
liquid, short-term assets and liabilities. Net interest income on a taxable
equivalent basis for the fourth quarter increased to $496 million from
$492 million in the third quarter of 2000.
Tangible diluted earnings per share (earnings before the amortization of
goodwill and intangibles) were 53 cents per share in the fourth quarter of
2000, compared with 46 cents per share in the fourth quarter of 1999. On the
same basis, tangible return on average common equity was 37.04% in the fourth
quarter of 2000 compared with 38.56% in 1999; and tangible return on average
assets was 2.08% in the fourth quarter of 2000 compared with 1.99% in 1999.
Tangible diluted earnings per share were $2.03 per share for the year 2000,
compared with $1.75 per share on a normalized basis in 1999. On the same
basis, tangible return on average common equity was 39.96% in 2000 compared
with 36.76% on a normalized basis in 1999; and tangible return on average
<PAGE> 4
assets was 2.00% in 2000 compared with 2.08% on a normalized basis last year.
Amortization of intangibles for the fourth quarter and the year was
$30 million and $115 million compared with $26 million and $102 million in
1999.
The Company's estimated Tier 1 capital and Total capital ratios were
8.65% and 13.00% at December 31, 2000, compared with 8.29% and 12.67% at
September 30, 2000, and 7.51% and 11.67% at December 31, 1999. The leverage
ratio was 7.53% at December 31, 2000, compared with 7.42% at September 30,
2000, and 7.20% one year ago. Tangible common equity as a percent of total
assets was 5.81% at December 31, 2000, compared with 5.75% at September 30,
2000, and 4.79% one year ago. In 2000, the Company repurchased 10 million
shares of the 14 million shares authorized under its common stock repurchase
programs. The Company's Board of Directors has approved an additional
10 million share repurchase program.
<PAGE> 5
NONINTEREST INCOME
<TABLE>
<CAPTION>
4th 3rd 4th
Quarter Quarter Quarter Year
------- ------- ------- ------------
(In millions) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Servicing Fees
Securities $448 $427 $341 $1,650 $1,245
Global Payment Services 65 65 65 261 274
---- ---- ------ ------ ------
513 492 406 1,911 1,519
Private Client Services
and Asset Management Fees 77 77 65 296 244
Service Charges and Fees 85 84 88 364 338
Foreign Exchange and
Other Trading Activities 56 59 56 261 189
Securities Gains 44 20 49 150 199
Other 30 53 22 127 1,004
---- ---- ---- ------ ------
Total Noninterest Income $805 $785 $686 $3,109 $3,493
==== ==== ==== ====== ======
</TABLE>
Total noninterest income reached $805 million, up 17% from $686 million
in last year's fourth quarter. Global payment services fees for the quarter
were flat reflecting lower trade finance fees, which were offset by higher
cash management and funds transfer fees which grew 6% over last year's fourth
quarter. Securities gains were $44 million compared with $49 million one year
ago. Other income in the third quarter includes a $26 million payment
associated with the termination of a securities clearing contract. In 1999
other income 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>
4th 3rd 4th
Quarter Quarter Quarter Year
(Dollars in millions on ------- ------- ------- ------------
a tax equivalent basis) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net Interest Income $496 $492 $453 $1,924 $1,745
Net Interest Rate
Spread 1.88% 1.93% 2.07% 1.93% 2.19%
Net Yield on Interest
Earning Assets 3.01 3.05 3.02 2.96 3.11
</TABLE>
Net interest income on a taxable equivalent basis was $496 million in the
fourth quarter of 2000 compared with $492 million in the third quarter of 2000
and $453 million in the fourth quarter of 1999. The net interest rate spread
was 1.88% in the fourth quarter of 2000, compared with 1.93% in the third
quarter of 2000 and 2.07% one year ago. The net yield on interest earning
assets was 3.01% compared with 3.05% in the third quarter of 2000 and 3.02% in
last year's fourth quarter.
For the year 2000, net interest income on a taxable equivalent basis,
amounted to $1,924 million compared with $1,745 million in 1999. For the
year, net interest rate spread was 1.93% compared with 2.19% in 1999,
while the net yield on interest earning assets was 2.96% in 2000 and 3.11% 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 and yield.
<PAGE> 7
NONINTEREST EXPENSE AND INCOME TAXES
Noninterest expense for the fourth quarter of 2000 was $644 million,
compared with $570 million in 1999. The increase was principally due to
acquisitions, technology investment, and variable costs associated with
increased trading volumes. Technology spending was $493 million in the year
2000, up 23% from $400 million in 1999.
The efficiency ratio for the fourth quarter of 2000 improved to 51.2%
compared with 52.3% in the fourth quarter of 1999. For the year 2000, the
efficiency ratio was 51.3% compared with 50.8% last year. The computation of
the efficiency ratio in 1999 excludes the gain on the sale of BNYFC and the
liquidity charge.
The effective tax rates for the fourth quarter and the year 2000 were
34.2% and 34.8% compared with 34.3% and 37.3% last year.
NONPERFORMING ASSETS
<TABLE>
<CAPTION>
Change
12/31/00 vs.
(Dollars in millions) 12/31/00 9/30/00 9/30/00
-------- -------- --------
<S> <C> <C> <C>
Loans:
Other Commercial $113 $ 86 $27
Foreign 48 49 (1)
Regional Commercial 28 28 -
---- ---- ----
Total Loans 189 163 26
Other Real Estate 4 5 (1)
---- ---- ----
Total $193 $168 $25
==== ==== ====
Nonperforming Assets Ratio 0.5% 0.4%
Allowance/Nonperforming Loans 325.6 379.6
Allowance/Nonperforming Assets 319.6 367.5
</TABLE>
Nonperforming assets totaled $193 million at December 31, 2000, compared
with $168 million at September 30, 2000. The increase in nonperforming loans
primarily reflects a large loan to a customer that sought protection from
asbestos claims through a bankruptcy filing, as well as a loan related to a
textile manufacturer and several other small loans. Sales of the $1 billion
<PAGE> 8
of credits categorized as available for sale in 1999 have been substantially
completed and no longer represent a material exposure to the Company.
CREDIT LOSS PROVISION AND NET CHARGE-OFFS
<TABLE>
<CAPTION>
4th 3rd 4th
Quarter Quarter Quarter Year
------- ------- ------- ------------
(In millions) 2000 2000 1999 2000 1999
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Provision $ 35 $ 25 $ 15 $105 $135
==== ==== ==== ==== ====
Net(Charge-offs)Recoveries:
Commercial Real Estate $ - $ - $ 1 $ - $ (1)
Other Commercial (34) (14) (11) (73) (92)
Consumer (2) (1) (1) (5) (4)
Foreign - (3) (2) (3) (37)
Other - - (1) (3) (3)
----- ----- ----- ----- ------
Total $(36) $(18) $(14) $(84) $(137)
===== ===== ===== ===== ======
Other Real Estate Expenses $ 1 $ 1 $ - $ 4 $ 1
</TABLE>
The allowance for credit losses was $616 million, or 1.70% of loans at
December 31, 2000, compared with $617 million, or 1.65% of loans
at September 30, 2000, and $595 million, or 1.58% of loans at December 31,
1999. The ratio of the allowance to nonperforming assets was 319.6% at
December 31, 2000, compared with 367.5% at September 30, 2000, and 376.9% at
December 31, 1999.
***************************
Note 1:
1999 normalized earnings reflect net income adjusted for the results of
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 December 31:
------------------------------------
Net Income $ 372 $ 327 13.8%
Per Common Share:
Basic $ 0.51 $ 0.44 15.9
Diluted 0.50 0.44 13.6
Cash Dividends Paid 0.18 0.16 12.5
Return on Average Common Shareholders'
Equity 24.82% 25.98%
Return on Average Assets 1.92 1.84
For the Twelve Months Ended December 31:
------------------------------------
Net Income $ 1,429 $ 1,739 (17.8)%
Per Common Share:
Basic $ 1.95 $ 2.31 (15.6)
Diluted 1.92 2.27 (15.4)
Cash Dividends Paid 0.66 0.58 13.8
Return on Average Common Shareholders'
Equity 26.08% 34.00%
Return on Average Assets 1.85 2.60
As of December 31:
------------------
Assets $77,118 $74,756 3.2%
Loans 36,261 37,547 (3.4)
Securities 7,401 6,899 7.3
Deposits - Domestic 28,577 27,842 2.6
- Foreign 27,792 27,909 (0.4)
Long-Term Debt 3,036 2,811 8.0
Minority Interest - Preferred Securities 1,500 1,500 -
Preferred Shareholders' Equity 1 1 -
Common Shareholders' Equity 6,152 5,142 19.6
Common Shareholders' Equity Per Share 8.32 6.96 19.5
Market Value Per Share of Common Stock 55.19 40.00 38.0
Allowance for Credit Losses as a Percent
of Loans 1.70% 1.58%
Tier 1 Capital Ratio 8.65 7.51
Total Capital Ratio 13.00 11.67
Leverage Ratio 7.53 7.20
Tangible Common Equity Ratio 5.81 4.79
</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 twelve
months ended months ended
December 31, December 31,
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Interest Income
---------------
Loans $ 727 $ 674 $2,910 $2,636
Securities
Taxable 87 67 323 257
Exempt from Federal Income Taxes 16 14 63 50
----- ----- ----- -----
103 81 386 307
Deposits in Banks 70 67 273 247
Federal Funds Sold and Securities Purchased
Under Resale Agreements 78 58 277 205
Trading Assets 151 63 531 78
----- ----- ----- -----
Total Interest Income 1,129 943 4,377 3,473
----- ----- ----- -----
Interest Expense
----------------
Deposits 516 402 2,011 1,363
Federal Funds Purchased and Securities Sold
Under Repurchase Agreements 46 32 153 131
Other Borrowed Funds 31 24 139 126
Long-Term Debt 54 44 204 152
----- ----- ----- -----
Total Interest Expense 647 502 2,507 1,772
----- ----- ----- -----
Net Interest Income 482 441 1,870 1,701
-------------------
Provision for Credit Losses 35 15 105 135
----- ----- ----- -----
Net Interest Income After Provision for
Credit Losses 447 426 1,765 1,566
----- ----- ----- -----
Noninterest Income
------------------
Servicing Fees
Securities 448 341 1,650 1,245
Cash 65 65 261 274
----- ----- ----- -----
513 406 1,911 1,519
Private Client Services and
Asset Management Fees 77 65 296 244
Service Charges and Fees 85 88 364 338
Securities Gains 44 49 150 199
Other 86 78 388 1,193
----- ----- ----- -----
Total Noninterest Income 805 686 3,109 3,493
----- ----- ----- -----
Noninterest Expense
-------------------
Salaries and Employee Benefits 391 329 1,488 1,251
Net Occupancy 48 43 184 165
Furniture and Equipment 28 27 108 96
Other 177 171 730 595
----- ----- ----- -----
Total Noninterest Expense 644 570 2,510 2,107
----- ----- ----- -----
Income Before Income Taxes 608 542 2,364 2,952
Income Taxes 208 187 822 1,101
Distribution on Trust Preferred Securities 28 28 113 112
----- ----- ----- -----
Net Income $ 372 $ 327 $1,429 $1,739
---------- ===== ===== ====== ======
Net Income Available to Common Shareholders $ 372 $ 327 $1,429 $1,739
------------------------------------------- ===== ===== ====== ======
Per Common Share Data:
----------------------
Basic Earnings $ 0.51 $0.44 $1.95 $2.31
Diluted Earnings 0.50 0.44 1.92 2.27
Cash Dividends Paid 0.18 0.16 0.66 0.58
Diluted Shares Outstanding 748 751 745 765
</TABLE>
<PAGE> 11
THE BANK OF NEW YORK COMPANY, INC.
Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
December 31, December 31,
2000 1999
---- ----
<S> <C> <C>
Assets
------
Cash and Due from Banks $ 3,125 $ 3,276
Interest-Bearing Deposits in Banks 5,337 6,850
Securities:
Held-to-Maturity 752 871
Available-for-Sale 6,649 6,028
------- -------
Total Securities 7,401 6,899
Trading Assets at Fair Value 12,051 8,715
Federal Funds Sold and Securities Purchased Under Resale
Agreements 5,790 5,383
Loans (less allowance for credit losses of $616 in 2000
and $595 in 1999) 35,645 36,952
Premises and Equipment 924 893
Due from Customers on Acceptances 447 739
Accrued Interest Receivable 354 319
Other Assets 6,044 4,730
------- -------
Total Assets $77,118 $74,756
======= =======
Liabilities and Shareholders' Equity
------------------------------------
Deposits
Noninterest-Bearing (principally domestic offices) $13,262 $12,162
Interest-Bearing
Domestic Offices 15,774 16,319
Foreign Offices 27,333 27,270
------- -------
Total Deposits 56,369 55,751
Federal Funds Purchased and Securities
Sold Under Repurchase Agreements 1,106 1,318
Other Borrowed Funds 3,758 3,825
Acceptances Outstanding 450 740
Accrued Taxes and Other Expenses 3,311 2,644
Accrued Interest Payable 126 131
Other Liabilities 1,309 893
Long-Term Debt 3,036 2,811
------- -------
Total Liabilities 69,465 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
985,528,475 shares in 2000 and
977,961,165 shares in 1999 7,391 7,335
Additional Capital 521 315
Retained Earnings 3,566 2,620
Accumulated Other Comprehensive Income 208 30
------- -------
11,687 10,301
Less: Treasury Stock (244,460,032 shares in 2000
and 237,747,242 shares in 1999), at cost 5,526 5,148
Loan to ESOP (1,142,939 shares in
2000 and 1,444,005 in 1999), at cost 8 10
------- -------
Total Shareholders' Equity 6,153 5,143
------- -------
Total Liabilities and Shareholders' Equity $77,118 $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 December 31, 2000 ended December 31, 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) $ 5,046 $ 70 5.50% $ 6,029 $ 67 4.44%
Federal Funds Sold and Securities
Purchased Under Resale Agreements 4,940 78 6.33 4,436 58 5.13
Loans
Domestic Offices 18,979 354 7.42 19,095 345 7.17
Foreign Offices 19,528 373 7.60 19,368 330 6.75
------- ----- ------- -----
Total Loans 38,507 727 7.51 38,463 675 6.95
------- ----- ------- -----
Securities
U.S. Government Obligations 1,483 22 5.84 2,490 37 5.88
U.S. Government Agency Obligations 1,749 30 6.93 877 14 6.53
Obligations of States and
Political Subdivisions 649 13 8.12 575 11 7.98
Other Securities, including
Trading Securities 13,112 203 6.15 6,687 93 5.51
------- ----- ------- -----
Total Securities 16,993 268 6.28 10,629 155 5.82
------- ----- ------- -----
Total Interest-Earning Assets 65,486 1,143 6.94% 59,557 955 6.36%
----- -----
Allowance for Credit Losses (613) (594)
Cash and Due from Banks 3,007 3,303
Other Assets 9,319 8,204
------- -------
TOTAL ASSETS $77,199 $70,470
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts $ 6,107 80 5.22% $ 5,307 62 4.60%
Savings 7,508 50 2.67 7,651 46 2.40
Certificates of Deposit
$100,000 & Over 464 7 6.40 429 6 5.57
Other Time Deposits 1,923 26 5.28 2,365 28 4.63
Foreign Offices 27,163 353 5.16 23,818 260 4.35
------- ----- ------- -----
Total Interest-Bearing Deposits 43,165 516 4.76 39,570 402 4.03
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 2,982 46 6.13 2,581 32 4.88
Other Borrowed Funds 1,808 31 6.90 1,682 24 5.61
Long-Term Debt 3,019 54 7.12 2,548 44 6.79
------- ----- ------- -----
Total Interest-Bearing Liabilities $50,974 647 5.06% 46,381 502 4.29%
----- -----
Noninterest-Bearing Deposits 11,362 11,180
Other Liabilities 7,404 6,413
Minority Interest-Preferred Securities 1,500 1,500
Preferred Stock 1 1
Common Shareholders' Equity 5,958 4,995
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $77,199 $70,470
======= =======
Net Interest Earnings
and Interest Rate Spread $ 496 1.88% $ 453 2.07%
===== ==== ===== ====
Net Yield on Interest-Earning Assets 3.01% 3.02%
==== ====
</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 twelve months For the twelve months
ended December 31, 2000 ended December 31, 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) $ 5,385 $ 273 5.07% $ 5,500 $ 247 4.49%
Federal Funds Sold and Securities
Purchased Under Resale Agreements 4,468 277 6.20 4,236 205 4.83
Loans
Domestic Offices 19,342 1,430 7.39 19,707 1,418 7.20
Foreign Offices 19,920 1,482 7.44 19,174 1,219 6.36
------- ----- ------- -----
Total Loans 39,262 2,912 7.41 38,881 2,637 6.78
------- ----- ------- -----
Securities
U.S. Government Obligations 1,994 119 5.98 2,511 146 5.82
U.S. Government Agency Obligations 1,332 91 6.85 862 56 6.45
Obligations of States and
Political Subdivisions 621 50 8.06 588 46 7.86
Other Securities, including
Trading Securities 11,817 709 6.00 3,584 180 5.01
------- ----- ------- -----
Total Securities 15,764 969 6.15 7,545 428 5.67
------- ----- ------- -----
Total Interest-Earning Assets 64,879 4,431 6.83% 56,162 3,517 6.26%
----- -----
Allowance for Credit Losses (608) (613)
Cash and Due from Banks 3,181 3,174
Other Assets 9,789 8,054
------- -------
TOTAL ASSETS $77,241 $66,777
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Interest-Bearing Deposits
Money Market Rate Accounts $ 5,827 290 4.98% $ 5,142 221 4.30%
Savings 7,599 197 2.59 7,757 177 2.28
Certificates of Deposit
$100,000 & Over 448 26 5.80 526 26 5.03
Other Time Deposits 1,998 101 5.07 2,238 99 4.42
Foreign Offices 27,606 1,397 5.06 20,193 840 4.16
------- ----- ------- -----
Total Interest-Bearing Deposits 43,478 2,011 4.63 35,856 1,363 3.80
Federal Funds Purchased and
Securities Sold Under Repurchase
Agreements 2,673 153 5.73 2,940 131 4.45
Other Borrowed Funds 2,099 139 6.62 2,362 126 5.36
Long-Term Debt 2,884 204 7.01 2,306 152 6.54
------- ----- ------- -----
Total Interest-Bearing Liabilities $51,134 2,507 4.90% 43,464 1,772 4.07%
----- -----
Noninterest-Bearing Deposits 11,277 10,708
Other Liabilities 7,850 6,004
Minority Interest-Preferred Securities 1,500 1,487
Preferred Stock 1 1
Common Shareholders' Equity 5,479 5,113
------- -------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $77,241 $66,777
======= =======
Net Interest Earnings
and Interest Rate Spread $1,924 1.93% $1,745 2.19%
====== ==== ====== ====
Net Yield on Interest-Earning Assets 2.96% 3.11%
==== ====
</TABLE>
