<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
October 19, 1994
(Date of earliest event reported)
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
555 California Street
San Francisco, California 94104
(Address of principal executive offices) (Zip Code)
415-622-3530
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events.
Attached hereto as Exhibit 99 is a copy of BankAmerica
Corporation's press release dated October 19, 1994 titled "BankAmerica
Third Quarter Earnings."
Item 7. Financial Statements, Pro Forma
Financial Information and Exhibits.
(a) Financial Statements of Businesses Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
Exhibit Number Description
99 BankAmerica Corporation press release dated October 19,
1994 titled "BankAmerica Third 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: October 19, 1994
By /s/ James H. Williams
James H. Williams
Executive Vice President
4063959
2
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99 BankAmerica Corporation
press release dated
October 19, 1994
titled "BankAmerica
Third Quarter
Earnings."
4063959
<PAGE>
Exhibit 99
BankAmerica Corporation logo appears here.
BankAmerica Corporation News
For release:
Contact: Peter Magnani
(415) 953-2418
BANKAMERICA THIRD QUARTER EARNINGS
SAN FRANCISCO, October 19, 1994 -- BankAmerica Corporation today reported
third-quarter earnings per share of $1.36, an increase of 14 percent from
$1.19 for the same period a year ago. Net income for the third quarter of
1994 was $547 million, up 13 percent from the third quarter of 1993. Earnings
for the third quarter of 1994 reflected combined operating results since the
merger with Continental Bank Corporation on August 31, 1994.
"BankAmerica Corporation's third quarter results reflected a substantial
increase in earnings per share over the third quarter of last year, continued
progress in loan growth, and expanded market share in many businesses,"
Richard M. Rosenberg, Chairman and Chief Executive Officer, said.
"The completion of the Continental merger gives us significantly improved
access to U.S. wholesale customers, particularly in the Midwest. We are
pleased that the integration of Continental's operations with BankAmerica's is
proceeding smoothly. BankAmerica has already relocated the headquarters of
its U.S. corporate banking business to Chicago and we have established Bank of
America Illinois, which will be responsible for our private banking and
middle-market services in the midwestern United States."
The corporation's earnings per share for the first nine months of 1994
were $3.95, based on year-to-date net income of $1,585 million, while earnings
per share for the first nine months of 1993 were $3.58, based on year-to-date
net income of $1,458 million.
- more -
<PAGE>
Results of Operations
- ---------------------
Net interest income for the third quarter of 1994 was up $23 million from
the amount reported for the third quarter of 1993 due to Continental, which
contributed $40 million to net interest income. The corporation's net
interest margin for the third quarter of 1994 was 4.51 percent, down 21 basis
points from the same period last year, but up slightly from the second quarter
of 1994.
The provision for credit losses was $110 million in the third quarter of
1994, down $68 million from the amount reported in the same period last year.
This decrease reflected continued improvement in credit quality in all
portfolio sectors.
Noninterest income for the third quarter of 1994, which included $39
million related to Continental, increased $68 million from the amount reported
in the same period last year. This growth primarily reflected an increase in
other income that was largely due to the sales of an equity interest in Burns-
Fry Holdings Corporation and a Malaysian branch, which resulted in gains of
$36 million and $34 million, respectively.
Noninterest expense for the third quarter of 1994 increased $90 million
from the amount reported in the comparable period of 1993 due to Continental,
which contributed $51 million, and to $50 million of nonrecurring merger-
related expenses. Excluding the effects of the Continental merger,
noninterest expense for the third quarter of 1994 decreased $11 million from
the third quarter of 1993.
- more -
<PAGE>
Balance Sheet Analysis
- ----------------------
Total loans at September 30, 1994 were up $13.8 billion from the previous
quarter, resulting from $11.2 billion of loans obtained in connection with the
Continental merger, the majority of which are commercial loans, as well as
from continued portfolio growth. Excluding Continental loans, total loan
outstandings increased by 2 percent, with growth in numerous loan categories.
Total nonaccrual assets decreased $138 million, or 6 percent, from
their June 30, 1994 level. This decrease was largely due to improved credit
quality in most sectors of the corporation's nonaccrual portfolio and the
sale of selected real-estate-related assets. Excluding $245 million of
nonaccrual assets obtained in connection with the Continental merger, total
nonaccrual assets declined $383 million, or 17 percent. In addition, net
credit losses for the third quarter of 1994 totaled $106 million, down
$130 million, or 55 percent, from the amount reported in the same period
last year.
Upon consummation of the Continental merger on August 31, 1994, each
outstanding share of Continental's common stock was converted into either
BankAmerica Corporation's common stock or cash. The total amount of common
stock issued in connection with the Continental merger was 21.5 million
shares, which included 11.8 million shares of treasury stock previously
repurchased in anticipation of the merger. In addition, an aggregate amount
of approximately $950 million was paid in cash to Continental common
stockholders.
#####
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
BankAmerica Corporation's financial information set forth in the
following tables reflects the effects of the merger with Continental
Bank Corporation (Continental) subsequent to its consummation on
August 31, 1994.
Statement of Financial Accounting Standards (SFAS) No. 115,
"Accounting for Certain Investments in Debt and Equity Securities,"
was adopted by the corporation effective January 1, 1994. At that
time, certain held-to-maturity securities were transferred to
available-for-sale securities. In addition, certain debt-
restructuring par bonds and other instruments issued by foreign
governments were reclassified from loans to available-for-sale
securities and held-to-maturity securities, respectively.
Financial Accounting Standards Board Interpretation No. 39 (FIN 39),
"Offsetting of Amounts Related to Certain Contracts," was also
adopted by the corporation effective January 1, 1994. To the extent
allowed by FIN 39, the corporation nets unrealized gains and losses
on certain off-balance-sheet instruments.
Since SFAS No. 115 does not allow retroactive application and the
corporation has elected not to restate prior periods under FIN 39,
prior period amounts have not been restated.
=====================================================================
Table 1
Summary of Results
<TABLE>
<CAPTION>
Third Second Third
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
1 Net income $ 547 $ 525 $ 486
2 Earnings per common and common
equivalent share 1.36 1.33 1.19
3 Earnings per common share --
assuming full dilution 1.35 1.32 1.18
<CAPTION>
Nine Months Ended
September 30
-----------------
1994 1993
------ ------
<S> <C> <C>
4 Net income $1,585 $1,458
5 Earnings per common and common
equivalent share 3.95 3.58
6 Earnings per common share --
assuming full dilution 3.93 3.56
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 2
Statistical Data
Third Second Third
Quarter Quarter Quarter
1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Rate of return (based
on net income) on:
1 Average total assets 1.07% 1.08% 1.04%
2 Average common stockholders'
equity 13.12 13.32 12.46
3 Net interest margin/a/ 4.51 4.49 4.72
4 Full-time-equivalent staff
at period end (in thousands) 81.9/b/ 77.1 80.2
5 Employees at period
end (in thousands) 98.6/b/ 93.6 98.0
<CAPTION>
Nine Months Ended
September 30
-----------------
1994 1993
------ -------
<S> <C> <C>
Rate of return (based
on net income) on:
6 Average total assets 1.07% 1.05%
7 Average common stockholders'
equity 13.18 13.02
8 Net interest margin/a/ 4.49 4.71
</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, $5 million, and $6 million
for the third quarter of 1994, the second quarter of 1994,
and the third quarter of 1993, respectively, and $17 million
and $16 million for the nine-month periods ended September 30,
1994 and 1993, respectively.
/b/ Full-time-equivalent staff and employees at period end
include 4.2 thousand and 4.6 thousand, respectively, related
to the Continental merger.
==================================================================
Table 3
Credit Quality Ratios
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
1994 1994 1993
-------- ------- --------
<S> <C> <C> <C>
1 Allowance for credit losses to
total loans 2.61% 2.73% 2.95%
2 Allowance for credit losses to
total nonaccrual assets 173.96 153.67 94.58
3 Annualized ratio of net credit
losses to average total loan
outstandings for the quarter
ended 0.32 0.50 0.76
4 Annualized ratio of net credit
losses to average total loan
outstandings for the year-to-
date period ended 0.46 0.54 0.97
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 4
Capital
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
1994 1994 1993
-------- ------- --------
<S> <C> <C> <C>
1 Total risk-based capital
ratio/a/ 11.60%/b/ 12.11% 11.60%
2 Tier 1 risk-based capital
ratio/a/ 7.30/b/ 7.56 7.19
3 Tier 1 leverage ratio/a/ 6.64/c/ 6.55 6.42
4 Common stockholders' equity to
total assets 7.26 7.14 7.39
5 Total stockholders' equity to
total assets 8.83 8.65 8.98
6 Total risk-based capital/a/
(in millions) $21,681/b/ $19,656 $18,571
7 Tier 1 risk-based capital/a/
(in millions) 13,542/b/ 12,275 11,514
</TABLE>
---------------------------------------------------------------------
/a/ Due to the first-quarter 1993 adoption of SFAS No. 109,
"Accounting for Income Taxes", core deposit intangibles (CDI)
and other identifiable intangibles that are normally deducted
from Tier 1 capital under the current guidelines of the
federal banking regulators were estimated to be $518 million
higher at September 30, 1994 and were $489 million higher at
June 30, 1994 and $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 capital ratios
shown above.
/b/ Estimated.
/c/ This leverage ratio is based on period-end total assets rather
than average total assets as this ratio is more indicative of
future leverage ratios. The ratio using Tier 1 capital based
on average total assets was 7.02% at September 30, 1994.
========================================================================
Table 5
Common and Preferred Stock Data
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
1994 1994 1993
-------- ------- --------
<S> <C> <C> <C>
1 Book value per common share $42.02 $40.69 $38.69
2 Closing price per common share 44.13 45.75 44.00
Cash dividend per common share:
3 Quarter-to-date 0.40 0.40 0.35
4 Year-to-date 1.20 0.80 1.05
Common stock cash dividends
(in millions):
5 Quarter-to-date 140 139 124
6 Year-to-date 422 282 372
Preferred stock cash dividends
(in millions):
7 Quarter-to-date 60 61 61
8 Year-to-date 181 121 181
9 Number of common shares outstanding
(in thousands) 370,206 346,909 357,343
Average number of common and common
equivalent shares outstanding
(in thousands)
10 Quarter-to-date 357,962 349,721 358,835
11 Year-to-date 355,084 353,645 357,057
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 6
Selected Average Balance Sheet Components
<TABLE>
<CAPTION>
Third Second Third
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
1 Loans $129,499 $123,313 $123,288
2 Earning assets 168,759 163,922 159,468
3 Total assets 203,232 195,619 185,002
4 Deposits 145,942 141,478 139,553
5 Common stockholders' equity 14,719 13,984 13,547
6 Total stockholders' equity 17,827 16,963 16,526
</TABLE>
=======================================================================
Table 7
Business Sectors
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1994(a)
--------------------------------------
(dollar amounts in billions, Average Average Return
except for net income which Net Total Total on
is in millions) Income Assets Deposits Assets
-------- ------- -------- -------
<S> <C> <C> <C> <C>
1 Consumer banking $ 532 $ 54 $ 67 1.31%
2 Large corporate and
foreign banking 532 66 25 1.09
3 Seafirst Corporation 218 15 12 1.94
4 Commercial real estate 172 8 2 2.79
5 Middle market banking 141 10 5 1.86
6 Other non-California
banks 33 23 24 0.19
7 Private bank 27 2 4 1.62
8 Other (70) 20 4 (0.48)
------ ---- ----
$1,585 $198 $143 1.07%
====== ==== ====
</TABLE>
------------------------------------------------------------------------
/a/ Amounts are preliminary and reflect 1994 changes in the
corporation's organizational structure and in its business-
sector allocation methodologies.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 8
Loan Outstandings
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
(in millions) 1994 1994 1993
-------- ------- --------
<S> <C> <C> <C>
Domestic
Consumer:
1 Residential first mortgages/a/ $ 33,033 $ 31,784 $ 30,021
2 Installment/b/ 16,890 16,229 15,115
3 Credit card 7,420 7,169 7,334
4 Individual lines of credit/b/ 8,367 8,235 8,749
5 Other/b/ 539 285 278
-------- -------- --------
6 Total consumer 66,249 63,702 61,497
Commercial:
7 Commercial and industrial/c/ 29,021 21,815 20,124
8 Loans secured by real estate 9,823 9,131 9,381
9 Construction and development
loans secured by real estate 3,929 3,742 5,085
10 Loans for purchasing or carrying
securities 1,495 1,683 3,308
11 Financial institutions 2,601 1,340 2,099
12 Lease financing 1,694 1,678 1,753
13 Agricultural 1,721 1,605 1,625
14 Other 1,642 1,465 1,361
-------- -------- --------
15 Total commercial 51,926 42,459 44,736
-------- -------- --------
16 Total domestic loans 118,175 106,161 106,233
Foreign
17 Commercial and industrial 13,331 12,388 11,395
18 Governments and official
institutions 1,220 862 3,527
19 Banks and other financial
institutions 2,629 2,206 1,902
20 Other 3,336 3,257 2,919
-------- -------- --------
21 Total foreign loans 20,516 18,713 19,743
-------- -------- --------
22 Total Loans $138,691 $124,874 $125,976
======== ======== ========
</TABLE>
-------------------------------------------------------------------------
/a/ Includes loans held for sale in the normal course of business
of $52 million, $38 million, and $316 million at September 30,
1994, June 30, 1994, and September 30, 1993, 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: $13,658 million at September 30, 1994, $13,280 million
at June 30, 1994, and $13,117 million at September 30, 1993.
/c/ Excludes loans held for sale in the normal course of business
that were originated with the intent to sell and are included
in other assets of $930 million, $760 million, and
$622 million at September 30, 1994, June 30, 1994, and
September 30, 1993, respectively.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 9
Selected Credit Quality Data
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
(in millions) 1994 1994 1993
-------- ------- --------
<S> <C> <C> <C>
Nonaccrual Assets:
1 Construction and development
loans secured by real estate $ 672 $ 724 $1,545
2 Commercial and industrial 427 311 676
3 Commercial loans secured by real
estate 412 588 742
4 Consumer 408 424 411
5 Foreign, excluding restructuring
country related 145 161 209
------ ------ ------
6 Total 2,064 2,208 3,583
7 Restructuring country related 20 14 345
------ ------ ------
8 Total Nonaccrual Assets $2,084 $2,222 $3,928
====== ====== ======
9 Restructured loans $ 130 $ 139 $ 138
10 Loans past due 90 days or more
and still accruing interest/a/ 420 498 661
11 Other real estate owned 570 472 589
</TABLE>
-------------------------------------------------------------------------
/a/ Includes consumer loans of $238 million, $260 million, and
$405 million at September 30, 1994, June 30, 1994, and
September 30, 1993, respectively.
=========================================================================
Table 10
Analysis of Change in Nonaccrual Assets
<TABLE>
<CAPTION>
Third Second First
Quarter Quarter Quarter
(in millions) 1994 1994 1994
------- ------- -------
<S> <C> <C> <C>
1 Balance, beginning of period $2,222 $2,498 $2,886
Additions:
2 Loans placed on nonaccrual
status 200 269 227
3 Acquired in the Continental
merger 245 -- --
Deductions:
4 Sales (167) (4) (30)
5 Restored to accrual status (145) (169) (195)
6 Foreclosures (19) (32) (72)
7 Charge-offs (47) (37) (40)
8 Other, primarily payments (205) (303) (278)
------ ------ ------
9 Balance, End of Period $2,084 $2,222 $2,498
====== ====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 11
Net Credit Losses (Recoveries)
<TABLE>
<CAPTION>
Third Second Third
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Domestic consumer:
1 Residential first mortgages $ 13 $ 13 $ 5
2 Credit card 74 85 102
3 Other consumer 43 54 66
Domestic commercial:
4 Commercial and industrial (25) (3) 25
5 Loans secured by real estate 3 14 21
6 Construction and development
loans secured by real estate 20 (6) 40
7 Loans for purchasing or carrying
securities, financial institutions,
lease financing, agricultural,
and other commercial (5) (3) 8
---- ---- ----
8 Total domestic 123 154 267
Foreign:
9 Restructuring country related (1) (4) (26)
10 Other foreign (16) 4 (5)
---- ---- ----
11 Total foreign (17) -- (31)
---- ---- ----
12 Total Net Credit Losses $106 $154 $236
==== ==== ====
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Third Second Third
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Interest Income
1 Loans, including fees $2,510 $2,294 $2,345
2 Interest-bearing deposits in banks 87 74 49
3 Federal funds sold 16 15 12
4 Securities purchased under
resale agreements 84 89 51
5 Trading account assets 116 122 111
6 Available-for-sale and held-to-
maturity securities 340 345 377
------ ------ ------
7 Total interest income 3,153 2,939 2,945
Interest Expense
8 Deposits 868 753 732
9 Federal funds purchased 6 3 3
10 Securities sold under repurchase
agreements 82 97 55
11 Other short-term borrowings 71 59 51
12 Long-term debt 211 185 184
13 Subordinated capital notes 11 10 39
------ ------ ------
14 Total interest expense 1,249 1,107 1,064
------ ------ ------
15 Net interest income 1,904 1,832 1,881
16 Provision for credit losses 110 125 178
------ ------ ------
17 Net interest income after
provision for credit losses 1,794 1,707 1,703
Noninterest Income
18 Deposit account fees 301 290 306
19 Credit card fees 86 85 88
20 Trust fees 69 66 74
21 Other fees and commissions 279 262 275
22 Net trading account related 57 36 56
23 Foreign exchange trading related 63 73 76
24 Net gain (loss) on available-for-sale
securities (2) 7 14
25 Net gain on sales of assets 33 20 17
26 Venture capital activities 33 32 24
27 Other income 156 147 77
------ ------ ------
28 Total noninterest income 1,075 1,018 1,007
Noninterest Expense
29 Salaries 741 700 744
30 Employee benefits 186 180 140
31 Occupancy 171 167 172
32 Equipment 145 138 145
33 Amortization of intangibles 100 99 100
34 Communications 79 80 82
35 Regulatory fees and related expenses 72 72 72
36 Professional services 54 53 63
37 Other expense 390 332 330
------ ------ ------
38 Total noninterest expense 1,938 1,821 1,848
------ ------ ------
39 Income before income taxes 931 904 862
40 Provision for income taxes 384 379 376
------ ------ ------
41 Net Income $ 547 $ 525 $ 486
====== ====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Nine Months Ended
September 30
------------------
(in millions) 1994 1993
------ ------
<S> <C> <C>
Interest Income
1 Loans, including fees $7,010 $7,134
2 Interest-bearing deposits in banks 217 140
3 Federal funds sold 44 29
4 Securities purchased under
resale agreements 245 120
5 Trading account assets 349 270
6 Available-for-sale and held-to-
maturity securities 1,040 1,058
------ ------
7 Total interest income 8,905 8,751
Interest Expense
8 Deposits 2,318 2,256
9 Federal funds purchased 12 12
10 Securities sold under repurchase
agreements 258 112
11 Other short-term borrowings 191 145
12 Long-term debt 565 550
13 Subordinated capital notes 31 100
------ ------
14 Total interest expense 3,375 3,175
------ ------
15 Net interest income 5,530 5,576
16 Provision for credit losses 360 653
------ ------
17 Net interest income after
provision for credit losses 5,170 4,923
Noninterest Income
18 Deposit account fees 885 896
19 Credit card fees 253 259
20 Trust fees 202 222
21 Other fees and commissions 807 815
22 Net trading account related 109 198
23 Foreign exchange trading related 194 270
24 Net gain on available-for-sale securities 25 45
25 Net gain on sales of assets 98 61
26 Venture capital activities 96 76
27 Other income 427 312
------ ------
28 Total noninterest income 3,096 3,154
Noninterest Expense
29 Salaries 2,151 2,157
30 Employee benefits 524 435
31 Occupancy 503 502
32 Equipment 429 436
33 Amortization of intangibles 304 306
34 Communications 237 249
35 Regulatory fees and related expenses 214 235
36 Professional services 165 195
37 Other expense 1,016 994
------ ------
38 Total noninterest expense 5,543 5,509
------ ------
39 Income before income taxes 2,723 2,568
40 Provision for income taxes 1,138 1,110
------ ------
41 Net Income $1,585 $1,458
====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Balance Sheet
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
(in millions) 1994 1994 1993
------- ------- --------
<S> <C> <C> <C>
Assets
1 Cash and due from banks $ 12,493 $ 10,137 $ 10,410
2 Interest-bearing deposits in banks 4,884 4,707 2,646
3 Federal funds sold 570 2,758 2,036
4 Securities purchased under resale
agreements 4,474 4,933 2,393
5 Trading account assets 7,103 5,714 7,845
6 Available-for-sale securities 11,166 8,938 3,515
7 Held-to-maturity securities 8,700 11,734 16,810
8 Loans 138,691 124,874 125,976
9 Less: Allowance for credit losses 3,625 3,414 3,715
-------- -------- --------
10 Net loans 135,066 121,460 122,261
11 Premises and equipment, net 3,935 3,705 3,584
12 Customers' acceptance liability 833 935 847
13 Accrued interest receivable 1,221 1,097 1,020
14 Other real estate owned 570 472 589
15 Goodwill, net 4,394 3,886 4,097
16 Identifiable intangibles, net 2,213 2,078 2,249
17 Unrealized gains on off-balance-
sheet instruments 7,783 8,650 --
18 Other assets 8,825 6,339 6,807
-------- -------- --------
19 Total Assets $214,230 $197,543 $187,109
======== ======== ========
Liabilities & Stockholders' Equity
Deposits in domestic offices:
20 Interest-bearing $ 91,872 $ 86,568 $ 90,774
21 Noninterest-bearing 33,006 31,009 31,560
Deposits in foreign offices:
22 Interest-bearing 25,981 22,898 17,272
23 Noninterest-bearing 1,807 1,560 1,363
-------- -------- --------
24 Total deposits 152,666 142,035 140,969
25 Federal funds purchased 1,690 223 602
26 Securities sold under repurchase
agreements 5,278 6,332 3,465
27 Other short-term borrowings 5,796 3,537 3,083
28 Acceptances outstanding 833 935 847
29 Accrued interest payable 719 550 548
30 Unrealized losses on off-balance-
sheet instruments 8,007 8,727 --
31 Other liabilities 5,202 3,894 5,849
32 Long-term debt 14,504 13,611 14,008
33 Subordinated capital notes 605 606 933
-------- -------- --------
34 Total liabilities 195,300 180,450 170,304
Stockholders' Equity
35 Preferred stock 3,368 2,979 2,979
36 Common stock 580 561 559
37 Additional paid-in capital 7,732 7,150 7,094
38 Retained earnings 7,480 7,131 6,187
39 Net unrealized losses on available-
for-sale securities (201) (210) --
40 Common stock in treasury, at cost (29) (518) (14)
------- ------- -------
41 Total stockholders' equity 18,930 17,093 16,805
------- ------- -------
42 Total Liabilities and
Stockholders' Equity $214,230 $197,543 $187,109
======== ======== ========
</TABLE>
<PAGE>
