<PAGE>
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: January 19, 1994
BankAmerica Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-7377 94-1681731
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
Bank of America Center
San Francisco, California 94104
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
415-622-3530
<PAGE>
Item 5. Other Events
Attached hereto as Exhibit 99 is a copy of BankAmerica Corporation's press
release dated January 19, 1994 titled "BankAmerica Fourth Quarter Earnings."
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits
(a) Financial Statements of Business Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
Exhibit Number Description
99 BankAmerica Corporation press release dated
January 19, 1994 titled "BankAmerica Fourth
Quarter Earnings."
SIGNATURES
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.
BANKAMERICA CORPORATION
(Registrant)
Dated: January 19, 1994 By: /s/ JOSEPH B. THARP
Joseph B. Tharp
Executive Vice President
and Financial Controller
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99 BankAmerica Corporation
press release dated
January 19, 1994 titled
"BankAmerica Fourth
Quarter Earnings."
<PAGE>
Exhibit 99
BankAmerica Corporation News
For release:
Contact: Peter Magnani
(415) 953-2418
BANKAMERICA FOURTH QUARTER EARNINGS
SAN FRANCISCO, January 19, 1994 -- BankAmerica Corporation today
reported 1993 earnings per share of $4.79, based on annual earnings of
$1,954 million. Reported earnings per share for 1992 were $4.24, based
on annual earnings of $1,492 million. The corporation's 1992 results
were affected by nonrecurring and certain other items. Excluding the
effects of these items, the corporation's results of operations for 1992
were $1,682 million, or $4.85 per common share.
Included in 1993 annual results were fourth-quarter earnings per
share of $1.21, based on quarterly earnings of $496 million. Earnings
per share for the third quarter of 1993 were $1.19, based on quarterly
earnings of $486 million, and earnings per share for the fourth quarter
of 1992 were $1.19, based on quarterly earnings of $473 million.
"Although we are not fully satisfied with the corporation's
financial performance, we are encouraged by a number of events in 1993,"
Richard M. Rosenberg, Chairman and Chief Executive Officer said. "The
wholesale banking side of the corporation, including commercial,
corporate, and international banking, capital markets and corporate
finance, had the most successful year in the corporation's history, and
despite California's continuing economic concerns, the consumer side of
our banking operations opened more accounts than ever before."
Rosenberg cited five business units -- Seafirst, Residential Lending,
U.S. Group, California Retail Banking, and Asia -- as being the strongest
contributors to the corporation's earnings for 1993.
"Our employees performed superbly during the year, often in
difficult circumstances," Rosenberg continued. "We completed the
consolidation of Security Pacific operations and continued to diversify
the franchise, both geographically and in terms of products and
services. The challenge is to continue this positive momentum and to
improve our per-share earnings."
-more-
<PAGE>
Results of Operations
Net interest income for the fourth quarter of 1993 was
$1,865 million, down $16 million from the amount reported in the
previous quarter. The fourth-quarter 1993 net interest margin was
4.66 percent, down 8 basis points from the previous quarter.
The provision for credit losses was $150 million in the fourth
quarter of 1993, down $28 million from the amount reported in the
previous quarter.
Noninterest income and expense increased $112 million and
$126 million, respectively, from the amounts reported in the previous
quarter. Each of these increases was primarily attributable to various
nonrecurring items. Included in fourth-quarter 1993 noninterest income
were gains from sales of assets pending disposition of $80 million,
primarily resulting from a sale of certain real-estate-related assets.
These gains were offset by a $90 million charge included in noninterest
expense relating to the accrual of various restructuring expenses.
Credit Quality
During the fourth quarter of 1993, credit quality continued to
improve. Total nonaccrual assets decreased $1,042 million, or
27 percent, primarily due to reductions in nonaccrual construction and
development loans secured by real estate, nonaccrual restructuring-
country-related loans, and nonaccrual commercial loans secured by real
estate. In addition, real estate acquired in satisfaction of debt
decreased $72 million between September 30, 1993 and December 31, 1993.
During the fourth quarter of 1993, in-substance repossessions (ISR) were
reclassified to the loan portfolio as a result of regulatory
clarification of the definition of an ISR. Corresponding prior-period
amounts also have been reclassified.
Net credit losses for the fourth quarter of 1993 totaled
$212 million, down $24 million from the amount reported in the previous
quarter.
#####
-more-
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
BankAmerica Corporation's results of operations reflect the effects of
the merger with Security Pacific Corporation from April 22, 1992
forward. Accordingly, the corporation's results of operations for the
year ended December 31, 1993 are not comparable to the corresponding
information for the year ended December 31, 1992.
<TABLE>
<CAPTION>
Table 1
Summary of Results
Fourth Third Fourth
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1993 1993 1992
<S> <C> <C> <C>
1 Net income $ 496 $ 486 $ 473
2 Earnings per common and common
equivalent share 1.21 1.19 1.19
3 Earnings per common share -
assuming full dilution 1.21 1.18 1.18
<CAPTION>
Year Ended
December 31
1993 1992
<S> <C> <C>
4 Net income $1,954 $1,492/a/
5 Earnings per common and common
equivalent share 4.79 4.24/a/
6 Earnings per common share
assuming full dilution 4.76 4.21/a/
</TABLE>
/a/ Earnings and earnings per share were affected by the net
effect of nonrecurring and certain other items, including the
accrual of restructuring expenses related to the merger and a
net gain on the sale of Bank of America NT&SA's payroll
processing business. If the nonrecurring and certain other
items had been excluded from the results of operations, net
income would have been $1,682 million. In addition, earnings
per common and common equivalent share would have been
$4.85 and earnings per common share-assuming full dilution
would have been $4.81.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 2
Statistical Data
Fourth Third Fourth
Quarter Quarter Quarter
1993 1993 1992
<S> <C> <C> <C>
Rate of return (based
on net income) on:
1 Average total assets 1.06% 1.04% 1.02%
2 Average common stockholders' equity 12.48 12.46 13.55
3 Net interest margin/a/ 4.66 4.74 4.98
4 Full-time-equivalent staff
at period end (in thousands) 79.2 80.2 83.2
5 Employees at period
end (in thousands) 96.4 98.0 99.2
<CAPTION>
Year Ended
December 31
1993 1992
<S> <C> <C>
Rate of return (based on net income) on:
6 Average total assets 1.05% 0.90%
7 Average common stockholders' equity 12.88 12.65
8 Net interest margin/a/ 4.71 4.73
</TABLE>
/a/ The net interest margin is computed on a taxable-equivalent
basis. The taxable-equivalent basis adjustments to net
interest income were $6 million for the fourth quarter of
1993, the third quarter of 1993, and the fourth quarter of
1992, and $22 million for each of the years ended
December 31, 1993 and 1992. During the fourth quarter of
1993, in-substance repossessions (ISR) were reclassified to
the loan portfolio as a result of regulatory clarification of
the definition of an ISR. The net interest margin has been
adjusted for each period presented to reflect the effects of
this reclassification.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 3
Credit Quality Ratios
Dec. 31 Sept. 30 Dec. 31
1993 1993 1992
<S> <C> <C> <C>
1 Allowance for credit losses to
total loans 2.78% 2.96% 3.12%
2 Allowance for credit losses to
total nonaccrual assets 121.57 94.57 74.89
3 Allowance for credit losses to
total nonaccrual assets
(exclusive of restructuring
country debt) 120.84 98.29 76.03
4 Annualized ratio of net credit
losses to average total loan
outstandings for the quarter
ended 0.67 0.76 1.60
5 Annualized ratio of net credit
losses to average total loan
outstandings for the
year-to-date period ended 0.89 0.97 1.13
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 4
Capital
Dec. 31 Sept. 30 Dec. 31
1993 1993 1992
<S> <C> <C> <C>
1 Total risk-based capital ratio 11.90%/a//b/ 11.60%/b/ 11.48%
2 Tier 1 risk-based capital ratio 7.50/a//b/ 7.19/b/ 6.82
3 Tier 1 leverage ratio 6.60/a//b/ 6.42/b/ 6.37
4 Common stockholders' equity to
total assets 7.58 7.39 6.92
5 Total stockholders' equity to
total assets 9.17 8.98 8.57
6 Total risk-based capital
(in millions) $18,982/a//b/ $18,571/b/ $19,039
7 Tier 1 risk-based capital
(in millions) 12,019/a//b/ 11,514/b/ 11,309
</TABLE>
/a/ Estimated.
/b/ This risk-based capital information is calculated in
accordance with the guidelines of the federal banking
regulators as they apply to the corporation beginning in
1993. Due to the adoption of Statement of Financial
Accounting Standards No. 109, "Accounting for Income Taxes"
(SFAS No. 109) in the first quarter of 1993, core deposit
intangibles (CDI) and other identifiable intangibles that
are normally deducted from Tier 1 capital under the current
guidelines are estimated to be $510 million higher at
December 31, 1993 and were $516 million higher at
September 30, 1993, with corresponding increases in deferred
taxes. The federal banking regulators have not issued final
capital regulations on the adoption of SFAS No. 109 and are
currently considering whether such increased intangibles
should be deducted from capital. Management believes that
the increased amounts of CDI and other identifiable
intangibles resulting from the adoption of SFAS No. 109 do
not pose a risk to the corporation's capital and should not
be deducted from capital in determining capital ratios.
Pending final resolution of this issue by the banking
regulators, such amounts have not been deducted from capital
in determining the December 31, 1993 and September 30, 1993
capital ratios shown above.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 5
Common and Preferred Stock Data
Dec. 31 Sept. 30 Dec. 31
1993 1993 1992
<S> <C> <C> <C>
1 Book value per common share $39.58 $38.69 $35.88
2 Closing price per common share 46.38 44.00 46.50
Cash dividend per common share:
3 Quarter-to-date 0.35 0.35 0.325
4 Year-to-date 1.40 1.05 1.30
Common stock dividends (in millions):
5 Quarter-to-date 125 124 113
6 Year-to-date 497 372 409
Preferred stock dividends (in millions):
7 Quarter-to-date 60 61 56
8 Year-to-date 241 181 169
9 Number of common shares outstanding
(in thousands) 357,912 357,343 348,603
Average number of common and common
equivalent shares outstanding
(in thousands):
10 Quarter-to date 359,547 358,835 350,794
11 Year-to-date 357,680 357,057 312,218
</TABLE>
<TABLE>
<CAPTION>
Table 6
Selected Average Balance Sheet Components
Fourth Third Fourth
Quarter Quarter Quarter
(in millions) 1993 1993 1992
<S> <C> <C> <C>
1 Loans $124,824 $122,902 $127,252
2 Earning assets 160,726 159,082 155,474
3 Total assets 186,706 185,002 185,171
4 Deposits 140,967 139,553 140,338
5 Common stockholders' equity 13,874 13,547 12,252
6 Total stockholders' equity 16,852 16,526 15,039
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 7
Assets Pending Disposition
Dec. 31 Sept. 30 Dec. 31
(in millions) 1993 1993 1992/a/
<S> <C> <C> <C>
Merger-related assets pending
disposition:/b/
Loans held pending disposition:
Domestic commercial:
1 Commercial and industrial $ 3 $ 3 $ 265
2 Loans secured by real estate 72 104 301
3 Construction and development
loans secured by real estate 32 92 669
4 Other 0 2 12
5 Total domestic commercial 107 201 1,247
6 Foreign 33 57 174
7 Total loans held pending
disposition /c/ 140 258 1,421
8 Real estate acquired in
satisfaction of debt 35 118 185
9 Other assets/d/ 243 292 1,123
10 Total merger-related assets
pending disposition 418 668 2,729
11 Loans to borrowers in restructuring
countries/e/ 196 0 0
Loans held for sale in the normal
course of business:
Domestic:
12 Consumer-secured by first mort-
gages on residential properties 554 316 902
13 Commercial and industrial 177 622 83
14 Total loans held for sale in the
normal course of business 731 938 985
15 Total Assets Pending
Disposition $1,345 $1,606 $3,714
</TABLE>
/a/ In the first quarter of 1993, the corporation adopted SFAS
No. 109, which requires that the tax effects recorded in
connection with purchase accounting be recorded as part of
deferred income taxes rather than as part of the carrying
values of individual assets and liabilities. Therefore,
assets pending disposition balances at December 31, 1993 and
September 30, 1993 do not include net tax effects. For
comparability purposes, the December 31, 1992 balances
have been presented after removing such tax effects. At
December 31, 1992, net tax effects of $526 million included
in assets pending disposition as reported in the consolidated
balance sheet but excluded from this table related to the
following categories of assets: commercial and industrial
loans of $41 million, loans secured by real estate of
$130 million, construction and development loans secured by
real estate of $290 million, other loans of $5 million,
foreign loans of $61 million, real estate acquired in
satisfaction of debt of $73 million, and other assets of
$(74) million.
/b/ Consists primarily of the estimated net realizable values
(NRV) of former assets of Security Pacific Corporation that
were identified for accelerated disposition as they were not
deemed essential to the operating goals of the corporation.
/c/ Includes loans with aggregate estimated NRVs of
$123 million, $192 million, and $1,158 million at
December 31, 1993, September 30, 1993, and December 31,
1992, respectively, which would have been on nonaccrual
status if they had been included in the corporation's loan
outstandings.
/d/ Includes subsidiaries and operations pending disposition of
$137 million, $138 million, and $820 million at December 31,
1993, September 30, 1993, and December 31, 1992,
respectively.
/e/ Represents certain nonaccrual loans related to borrowers in
restructuring countries that have been identified for
accelerated disposition.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 8
Loan Outstandings
Dec. 31 Sept. 30 Dec. 31
(in millions) 1993 1993 1992
<S> <C> <C> <C>
Domestic
Consumer:
1 Secured by first mortgages on
residential properties/a/ $ 30,306 $ 29,705 $ 28,404
2 Installment/b/ 15,332 15,115 16,663
3 Credit card 7,474 7,334 8,306
4 Individual lines of credit/b/ 8,486 8,749 8,347
5 Other/b/ 382 278 354
6 Total consumer 61,980 61,181 62,074
Commercial:
7 Commercial and industrial 20,486 20,124 21,632
8 Loans secured by real estate/a/ 9,251 9,381 10,123
9 Construction and development
loans secured by real estate/a/ 4,418 5,085 6,781
10 Loans for purchasing or carrying
securities 3,090 3,308 987
11 Financial institutions 2,170 2,099 2,017
12 Lease financing 1,715 1,753 1,889
13 Agricultural 1,679 1,625 1,704
14 Other 1,370 1,361 1,360
15 Total commercial 44,179 44,736 46,493
16 Total domestic loans 106,159 105,917 108,567
Foreign
17 Commercial and industrial 11,448 11,395 10,338
18 Governments and official
institutions 3,429 3,527 3,513
19 Banks and other financial
institutions 2,279 1,902 1,855
20 Other/a/ 3,064 2,919 1,436
21 Total foreign loans 20,220 19,743 17,142
22 Total Loans $126,379 $125,660 $125,709
</TABLE>
/a/ During the fourth quarter of 1993, ISRs were reclassified to
the loan portfolio as a result of regulatory clarification of
the definition of an ISR. This clarification also resulted in
the reclassification of corresponding prior-period amounts.
ISRs reclassified to loans during the fourth quarter of 1993
were as follows: secured by first mortgages on residential
properties of $2 million, loans secured by real estate of
$148 million, construction and development loans secured by
real estate of $411 million, and other foreign of $7 million.
Loans previously reported as ISRs at September 30, 1993 and
December 31, 1992 that were reclassified to loans were as
follows: secured by first mortgages on residential properties
of $11 million and $14 million, respectively; loans secured
by real estate of $222 million and $211 million, respectively;
construction and development loans secured by real estate of
$650 million and $944 million, respectively; and other foreign
of $10 million and $17 million, respectively.
/b/ Installment loans, individual lines of credit, and other
consumer loans included the following aggregate amounts that
were collateralized by junior mortgages on residential real
estate: $12,847 million at December 31, 1993, $13,117 million
at September 30, 1993, and $13,870 million at December 31, 1992.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 9
Selected Credit Quality Data
Dec. 31 Sept. 30 Dec. 31
(in millions) 1993 1993 1992
<S> <C> <C> <C>
Nonaccrual Assets:
1 Construction and development
loans secured by real estate/a/ $1,037 $1,545 $2,430
2 Commercial and industrial 588 676 1,044
3 Commercial loans secured by real
estate/a/ 570 742 721
4 Consumer/a/ 459 411 352
5 Foreign, excluding restructuring
country related/a/ 197 209 313
6 Total, excluding restructuring
country related 2,851 3,583 4,860
7 Restructuring country related 35 345 375
8 Total Nonaccrual Assets/b/ $2,886 $3,928 $5,235
9 Restructured loans $ 134 $ 138 $ 176
10 Loans past due 90 days or more
and still accruing interest/c/ 578 661 633
11 Real estate acquired in satisfaction
of debt/d/ 517 589 652
</TABLE>
/a/ During the fourth quarter of 1993, ISRs were reclassified to
the loan portfolio as a result of regulatory clarification of
the definition of an ISR. These amounts include ISRs
reclassified to nonaccrual loans during the fourth quarter of
1993 as follows: construction and development loans secured by
real estate of $411 million, commercial loans secured by real
estate of $148 million, consumer of $2 million, and foreign of
$7 million. Loans previously reported as ISRs at September 30,
1993 and December 31, 1992 that were reclassified to nonaccrual
loans were as follows: construction and development loans secured
by real estate of $650 million and $944 million, respectively;
commercial loans secured by real estate of $222 million and
$211 million, respectively; consumer of $11 million and $14 million,
respectively; and foreign of $10 million and $17 million, respectively.
/b/ Excludes nonaccrual assets that had aggregate carrying values
prior to reclassification to assets pending disposition of
$0.6 billion, $0.6 billion, and $2.6 billion at December 31,
1993, September 30, 1993, and December 31, 1992, respectively.
These nonaccrual assets are recorded in assets pending
disposition at the lower of cost or estimated NRV. The
balances at September 30, 1993 and December 31, 1992 consisted
of nonaccrual assets that were primarily acquired in the
merger and identified for accelerated disposition at the
merger date.
/c/ Includes consumer loans of $328 million, $405 million, and
$470 million at December 31, 1993, September 30, 1993, and
December 31, 1992, respectively.
/d/ Excludes certain properties that had aggregate carrying values
prior to reclassification to assets pending disposition of
$0.2 billion, $0.2 billion, and $0.4 billion at December 31,
1993, September 30, 1993, and December 31, 1992, respectively.
These properties, which were primarily acquired in the merger
and identified for accelerated disposition at the merger date,
are recorded in assets pending disposition at their estimated
NRVs.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 10
Analysis of Change in Nonaccrual Assets
Fourth Third Second First
Quarter Quarter Quarter Quarter
(in millions)/a/ 1993 1993 1993 1993
<S> <C> <C> <C> <C>
1 Balance, beginning
of quarter $3,928 $4,618 $5,033 $5,235
Additions:
2 Loans placed on
nonaccrual status 284 256 360 540
Deductions:
3 Restored to accrual
status (317) (326) (253) (92)
4 Charge-offs (123) (99) (135) (76)
5 Loans to borrowers in
restructuring countries
transferred to assets
pending disposition (310) 0 0 0
6 Transfers to real
estate acquired in
satisfaction of debt (100) (196) (176) (217)
7 Other, primarily
payments (476) (325) (211) (357)
8 Balance, End of
Quarter $2,886 $3,928 $4,618 $5,033
</TABLE>
/a/ During the fourth quarter of 1993, ISRs were reclassified to
the loan portfolio as a result of regulatory clarification of
the definition of an ISR. The analysis of change in
nonaccrual assets has been adjusted for each period presented
to reflect the effects of this reclassification.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 11
Net Credit Losses (Recoveries)
Fourth Third Fourth
Quarter Quarter Quarter
(in millions)/a/ 1993 1993 1992
<S> <C> <C> <C>
Domestic consumer:
1 Secured by first mortgages
on residential properties $ 10 $ 5 $ 8
2 Credit card 95 102 126
3 Other consumer 67 66 87
Domestic commercial:
4 Commercial and industrial 9 25 49
5 Loans secured by real estate 7 21 27
6 Construction and development
loans secured by real estate 20 40 144
7 Financial institutions, lease
financing, agricultural,
and other commercial 0 8 15
8 Total domestic 208 267 456
Foreign:
9 Restructuring country related (1) (26) 4
10 Other foreign 5 (5) 51
11 Total foreign 4 (31) 55
12 Total Net Credit Losses $212 $236 $511
</TABLE>
/a/ During the fourth quarter of 1993, ISRs were reclassified
to the loan portfolio as a result of regulatory
clarification of the definition of an ISR. The related fair
value adjustments net of recoveries received in final
settlement, which were previously recorded in other
noninterest expense, have been included in this table as
credit losses and recoveries for each period presented.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
Fourth Third Fourth
Quarter Quarter Quarter
(in millions) 1993 1993 1992
<S> <C> <C> <C>
Interest Income
1 Loans, including fees $2,329 $2,345 $2,573
2 Interest-bearing deposits in banks 54 49 64
3 Federal funds sold 6 12 8
4 Securities purchased under
resale agreements 54 51 40
5 Trading account assets 102 111 72
6 Securities available for sale and
securities held for investment 331 377 314
7 Total interest income 2,876 2,945 3,071
Interest Expense
8 Deposits 715 732 831
9 Federal funds purchased 4 3 3
10 Securities sold under repurchase
agreements 46 55 23
11 Other short-term borrowings 56 51 50
12 Long-term debt 177 184 201
13 Subordinated capital notes 13 39 32
14 Total interest expense 1,011 1,064 1,140
15 Net interest income 1,865 1,881 1,931
16 Provision for credit losses 150 178 270
17 Net interest income after
provision for credit losses 1,715 1,703 1,661
Noninterest Income
18 Deposit account fees 302 306 301
19 Credit card fees 95 88 94
20 Trust fees 72 74 72
21 Other fees and commissions 268 275 249
22 Trading income 101 132 144
23 Net securities gains 16 14 1
24 Net gain (loss) on sales of
subsidiaries and operations 4 (2) (1)
25 Net gain on sales of assets 45 17 29
26 Other income 216 103 123
27 Total noninterest income 1,119 1,007 1,012
Noninterest Expense
28 Salaries 729 744 712
29 Employee benefits 138 140 123
30 Occupancy 182 172 161
31 Equipment 174 145 149
32 Amortization of intangibles 115 100 101
33 Communications 81 82 85
34 Regulatory fees and related expenses 74 72 74
35 Professional services 73 63 60
36 Merger-related restructuring expense 0 0 39
37 Other expense 408 330 319
38 Total noninterest expense 1,974 1,848 1,823
39 Income before income taxes 860 862 850
40 Provision for income taxes 364 376 377
41 Net Income $ 496 $ 486 $ 473
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
Year Ended
December 31
(in millions) 1993 1992
<S> <C> <C>
Interest Income
1 Loans, including fees $9,463 $9,729
2 Interest-bearing deposits in banks 194 283
3 Federal funds sold 35 61
4 Securities purchased under
resale agreements 174 163
5 Trading account assets 372 297
6 Securities available for sale and
securities held for investment 1,389 1,080
7 Total interest income 11,627 11,613
Interest Expense
8 Deposits 2,971 3,769
9 Federal funds purchased 16 20
10 Securities sold under repurchase
agreements 158 108
11 Other short-term borrowings 201 270
12 Long-term debt 727 614
13 Subordinated capital notes 113 114
14 Total interest expense 4,186 4,895
15 Net interest income 7,441 6,718
16 Provision for credit losses 803 1,009
17 Net interest income after
provision for credit losses 6,638 5,709
Noninterest Income
18 Deposit account fees 1,198 1,049
19 Credit card fees 354 350
20 Trust fees 294 222
21 Other fees and commissions 1,083 922
22 Trading income 569 463
23 Net securities gains 61 11
24 Net gain on sales of
subsidiaries and operations 0 155
25 Net gain on sales of assets 106 117
26 Other income 608 360
27 Total noninterest income 4,273 3,649
Noninterest Expense
28 Salaries 2,886 2,557
29 Employee benefits 573 491
30 Occupancy 684 561
31 Equipment 610 523
32 Amortization of intangibles 421 248
33 Communications 330 305
34 Regulatory fees and related expenses 309 265
35 Professional services 268 201
36 Merger-related restructuring expense 9 449
37 Other expense 1,393 1,076
38 Total noninterest expense 7,483 6,676
39 Income before income taxes 3,428 2,682
40 Provision for income taxes 1,474 1,190
41 Net Income $1,954 $1,492
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Consolidated Balance Sheet
Dec. 31 Sept. 30 Dec. 31
(in millions) 1993 1993 1992
<S> <C> <C> <C>
Assets
1 Cash and due from banks $ 10,482 $ 10,410 $ 11,848
2 Interest-bearing deposits in banks 2,988 2,646 2,866
3 Federal funds sold 2,050 2,036 1,070
4 Securities purchased under resale
agreements 3,549 2,393 2,840
5 Trading account assets 6,866 7,845 3,474
6 Securities available for sale 3,282 3,515 2,661
7 Securities held for investment 16,415 16,810 12,593
8 Loans 126,379 125,660 125,709
9 Less: Allowance for credit losses 3,508 3,715 3,921
10 Net loans 122,871 121,945 121,788
11 Premises and equipment, net 3,631 3,584 3,310
12 Customers' acceptance liability 851 847 1,443
13 Accrued interest receivable 982 1,020 992
14 Real estate acquired in
satisfaction of debt 517 589 652
15 Assets pending disposition 1,345 1,606 4,240
16 Goodwill, net 3,973 4,097 3,929
17 Identifiable intangibles, net 2,191 2,249 1,640
18 Other assets 4,940 5,517 5,300
19 Total Assets $186,933 $187,109 $180,646
Liabilities & Stockholders' Equity
Deposits in domestic offices:
20 Interest-bearing $ 89,134 $ 90,774 $ 91,571
21 Noninterest-bearing 31,578 31,560 32,139
Deposits in foreign offices:
22 Interest-bearing 19,608 17,272 12,443
23 Noninterest-bearing 1,298 1,363 1,730
24 Total deposits 141,618 140,969 137,883
25 Federal funds purchased 220 602 417
26 Securities sold under repurchase
agreements 4,229 3,465 926
27 Other short-term borrowings 3,523 3,083 2,092
28 Acceptances outstanding 851 847 1,443
29 Accrued interest payable 505 548 498
30 Other liabilities 4,728 5,849 5,504
31 Long-term debt 13,508 14,008 14,326
32 Subordinated capital notes 607 933 2,069
33 Total liabilities 169,789 170,304 165,158
Stockholders' Equity
34 Preferred stock 2,979 2,979 2,979
35 Common stock 560 559 545
36 Additional paid-in capital 7,118 7,094 6,690
37 Retained earnings 6,502 6,187 5,283
38 Common stock in treasury, at cost (15) (14) (9)
39 Total stockholders' equity 17,144 16,805 15,488
40 Total Liabilities and
Stockholders' Equity $186,933 $187,109 $180,646
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