<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
July 20, 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 July 20, 1994 titled
"BankAmerica Second 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 July 20,
1994 titled "BankAmerica Second 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)
Date: July 20, 1994
By /s/ PAUL R. OGORZELEC
Paul R. Ogorzelec
Executive Vice President
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99 BankAmerica Corporation
press release dated
July 20, 1994
titled "BankAmerica
Second Quarter
Earnings."
<PAGE>
Exhibit 99
BankAmerica Corporation logo appears here.
BankAmerica Corporation News
For release:
Contact: Peter Magnani
(415) 953-2418
BANKAMERICA SECOND QUARTER EARNINGS
SAN FRANCISCO, July 20, 1994 -- BankAmerica Corporation today
reported second-quarter earnings per share of $1.33, an increase of
11 percent from $1.20 for the same period a year ago. Net income for
the second quarter of 1994 was $525 million, up 8 percent from the second
quarter of 1993.
"We are very pleased with the second-quarter increase in earnings
per share, which is the result of good performance in many business
sectors," Richard M. Rosenberg, Chairman and Chief Executive Officer,
said. "Second-quarter earnings per share not only exceeded the results
for the second quarter of 1993, but also represented an increase over
first-quarter 1994 results of $1.27, as loan growth contributed to
increased net interest income, and trading income improved. These
results reflect the continuing efforts of our dedicated staff
to realize the value in the diversity of the franchise, which we have
been increasing in the past several years."
The corporation's earnings per share for the first six months of
1994 were $2.59, based on year-to-date net income of $1,038 million,
while earnings per share for the first six months of 1993 were $2.39,
based on year-to-date net income of $972 million.
- more -
<PAGE>
Results of Operations
---------------------
Net interest income for the second quarter of 1994 was down
$20 million, or 1 percent, from the amount reported for the second
quarter of 1993, but up $38 million from the previous quarter. The
corporation's net interest margin for the second quarter of 1994 was
4.49 percent, down 23 basis points from the same period last year, but
up slightly from the first quarter of 1994.
The provision for credit losses was $125 million in the second
quarter of 1994, down $102 million from the amount reported in the
second quarter of 1993. This decrease primarily reflected continued
improvement in credit quality in various portfolio sectors.
Noninterest income for the second quarter of 1994 decreased
$40 million from the amount reported in the same period last year,
primarily due to decreases in both trading income and total fees and
commissions. These declines were partially offset by an increase in
other income, the largest component of which was gains on sales of assets
pending disposition.
Noninterest expense for the second quarter of 1994 remained
essentially unchanged from the amount reported in the comparable period
of 1993. Included in second-quarter 1994 noninterest expense were
previously disclosed capital additions totaling $68 million to two of
the Pacific Horizon money market mutual funds, for which Bank of America
NT&SA serves as investment advisor. Excluding this amount, noninterest
expense for the second quarter of 1994 was down $73 million from the
corresponding period in 1993.
Balance Sheet Analysis
----------------------
Average total loans for the second quarter of 1994 were up
$1.0 billion from the previous quarter. Adjusted for certain
reclassifications, average loan outstandings have increased for three
consecutive quarters.
- more -
<PAGE>
Credit quality continued to improve during the second quarter of
1994. Total nonaccrual assets decreased $276 million, or 11 percent,
from their March 31, 1994 level. This decline, which was primarily in
nonaccrual commercial and industrial and construction and development
loans, was largely the result of paydowns and loans restored to accrual
status. In addition, net credit losses for the second quarter of 1994
totaled $154 million, down $197 million, or 56 percent, from the amount
reported in the same period last year.
During the second quarter of 1994, BankAmerica Corporation completed
its previously announced plan to repurchase common stock in connection
with the pending acquisition of Continental Bank Corporation. During
the six months ended June 30, 1994, the corporation repurchased
11.8 million shares of its common stock on the open market at an average
per-share price of $42.43.
#####
-more-
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
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, $5.6 billion of 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 of $1.3 billion and $1.2 billion 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>
Second First Second
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
1 Net income $ 525 $ 513 $ 488
2 Earnings per common and common
equivalent share 1.33 1.27 1.20
3 Earnings per common share --
assuming full dilution 1.32 1.26 1.19
<CAPTION>
Six Months Ended
June 30
----------------
1994 1993
------ ------
<S> <C> <C>
4 Net income $1,038 $ 972
5 Earnings per common and common
equivalent share 2.59 2.39
6 Earnings per common share --
assuming full dilution 2.58 2.38
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 2
Statistical Data
<TABLE>
<CAPTION>
Second First Second
Quarter Quarter Quarter
1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Rate of return (based
on net income) on:
1 Average total assets 1.08% 1.07% 1.06%
2 Average common stockholders'
equity 13.32 13.00 13.08
3 Net interest margin/a/ 4.49 4.45 4.72
4 Full-time-equivalent staff
at period end (in thousands) 77.1 78.2 80.9
5 Employees at period
end (in thousands) 93.6 94.7 98.3
<CAPTION>
Six Months Ended
June 30
-----------------
1994 1993
------- -------
<S> <C> <C>
Rate of return (based
on net income) on:
6 Average total assets 1.07% 1.06%
7 Average common stockholders'
equity 13.21 13.31
8 Net interest margin/a/ 4.47 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 $5 million, $6 million, and $5 million
for the second quarter of 1994, the first quarter of 1994,
and the second quarter of 1993, respectively, and $11 million
and $10 million for the six-month periods ended June 30, 1994
and 1993, respectively.
------------------------------------------------------------------
Table 3
Credit Quality Ratios
<TABLE>
<CAPTION>
June 30 March 31 June 30
1994 1994 1993
------- -------- -------
<S> <C> <C> <C>
1 Allowance for credit losses to
total loans 2.73% 2.79% 3.00%
2 Allowance for credit losses to
total nonaccrual assets 153.67 137.92 81.88
3 Annualized ratio of net credit
losses to average total loan
outstandings for the quarter
ended 0.50 0.58 1.13
4 Annualized ratio of net credit
losses to average total loan
outstandings for the year-to-
date period ended 0.54 0.58 1.07
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 4
Capital
<TABLE>
<CAPTION>
June 30 March 31 June 30
1994 1994 1993
------- -------- -------
<S> <C> <C> <C>
1 Total risk-based capital ratio/a/ 12.10%/b/ 12.21% 11.70%
2 Tier 1 risk-based capital ratio/a/ 7.60/b/ 7.64 6.93
3 Tier 1 leverage ratio/a/ 6.55 6.37 6.21
4 Common stockholders' equity to
total assets 7.14 7.04 7.25
5 Total stockholders' equity to
total assets 8.65 8.55 8.86
6 Total risk-based capital/a/
(in millions) $19,656/b/ $19,259 $18,759
7 Tier 1 risk-based capital/a/
(in millions) 12,275/b/ 12,055 11,107
------------------------------------------------------------------------
</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 $489 million
higher at June 30, 1994 and were $500 million higher at
March 31, 1994 and $535 million higher at June 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.
----------------------------------------------------------------------
Table 5
Common and Preferred Stock Data
<TABLE>
<CAPTION>
June 30 March 31 June 30
1994 1994 1993
------- -------- -------
<S> <C> <C> <C>
1 Book value per common share $40.69 $39.67 $37.82
2 Closing price per common share 45.75 39.38 45.25
Cash dividend per common share:
3 Quarter-to-date 0.40 0.40 0.35
4 Year-to-date 0.80 0.40 0.70
Common stock dividends
(in millions):
5 Quarter-to-date 139 143 124
6 Year-to-date 282 143 248
Preferred stock dividends
(in millions):
7 Quarter-to-date 61 60 60
8 Year-to-date 121 60 120
9 Number of common shares outstanding
(in thousands) 346,909 350,029 355,758
Average number of common and common
equivalent shares outstanding
(in thousands)
10 Quarter-to-date 349,721 357,569 357,315
11 Year-to-date 353,645 357,569 356,169
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 6
Selected Average Balance Sheet Components
Second First Second
Quarter Quarter Quarter
(in millions) 1994 1994 1993
-------- -------- --------
<S> <C> <C> <C>
1 Loans $123,313 $122,312 $124,678
2 Earning assets 163,922 162,514 157,653
3 Total assets 195,619 194,880 184,429
4 Deposits 141,478 140,638 140,160
5 Common stockholders' equity 13,984 14,124 13,116
6 Total stockholders' equity 16,963 17,103 16,095
-----------------------------------------------------------------------
</TABLE>
Table 7
Business Sectors
<TABLE>
<CAPTION>
Six Months Ended June 30, 1994/a/
(dollar amounts ----------------------------------
in billions, except Average Average Return
for net income which Net Total Total on
is in millions) Income Assets Deposits Assets
------- ------- -------- ------
<S> <C> <C> <C> <C>
1 Consumer banking $ 338 $ 54 $ 66 1.26%
2 Large corporate and
foreign banking 336 65 24 1.05
3 Commercial real estate 143 8 2 3.41
4 Seafirst Corporation 142 15 12 1.92
5 Middle market banking 91 10 5 1.80
6 Private bank 18 2 5 1.57
7 Other non-California
banks 13 23 24 0.11
8 Other (43) 18 3 (0.48)
------ ---- ----
$1,038 $195 $141 1.07
====== ==== ====
</TABLE>
------------------------------------------------------------------------
/a/ Amounts are preliminary and reflect second-quarter 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>
June 30 March 31 June 30
(in millions) 1994 1994 1993
------- -------- -------
<S> <C> <C> <C>
Domestic
Consumer:
1 Residential first mortgages/a/ $ 31,784 $ 30,993 $ 29,267
2 Installment/b/ 16,229 15,809 15,568
3 Credit card 7,169 7,162 7,468
4 Individual lines of credit/b/ 8,235 8,268 8,573
5 Other/b/ 285 289 297
-------- -------- --------
6 Total consumer 63,702 62,521 61,173
Commercial:
7 Commercial and industrial/c/ 21,815 20,954 20,533
8 Loans secured by real estate 9,131 9,050 9,560
9 Construction and development
loans secured by real estate 3,742 3,991 5,775
10 Loans for purchasing or carrying
securities 1,683 2,934 2,322
11 Financial institutions 1,340 1,751 1,945
12 Lease financing 1,678 1,665 1,772
13 Agricultural 1,605 1,614 1,620
14 Other 1,465 1,332 1,184
--------- --------- --------
15 Total commercial 42,459 43,291 44,711
--------- --------- --------
16 Total domestic loans 106,161 105,812 105,884
Foreign
17 Commercial and industrial 12,388 11,748 11,555
18 Governments and official
institutions 862 787 3,539
19 Banks and other financial
institutions 2,206 1,955 2,135
20 Other 3,257 3,242 2,898
-------- -------- --------
21 Total foreign loans 18,713 17,732 20,127
-------- -------- --------
22 Total Loans $124,874 $123,544 $126,011
======== ======== ========
</TABLE>
------------------------------------------------------------------------
/a/ Includes loans held for sale in the normal course of business
of $38 million, $138 million, and $390 million at June 30,
1994, March 31, 1994, and June 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:$13,280 million at June 30, 1994, $12,927 million at
March 31, 1994, and $13,313 million at June 30, 1993.
/c/ Excludes loans held for sale in the normal course of business
of $760 million, $487 million, and $409 million at June 30,
1994, March 31, 1994, and June 30, 1993, respectively. These
loans were originated with the intent to sell and are
included in other assets.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 9
Selected Credit Quality Data
<TABLE>
<CAPTION>
June 30 March 31 June 30
(in millions) 1994 1994 1993
------- -------- -------
<S> <C> <C> <C>
Nonaccrual Assets:
1 Construction and development
loans secured by real estate $ 724 $ 819 $2,028
2 Commercial and industrial 311 448 798
3 Commercial loans secured by real
estate 588 553 771
4 Consumer 424 471 428
5 Foreign, excluding restructuring
country related 161 172 237
------ ------ ------
6 Total 2,208 2,463 4,262
7 Restructuring country related 14 35 356
------ ------ ------
8 Total Nonaccrual Assets/a/ $2,222 $2,498 $4,618
====== ====== ======
9 Restructured loans $ 139 $ 142 $ 79
10 Loans past due 90 days or more
and still accruing interest/b/ 498 482 598
11 Other real estate owned 472 553 512
</TABLE>
-----------------------------------------------------------------------
/a/ Excludes assets pending disposition of $90 million,
$284 million, and $402 million at June 30, 1994, March 31,
1994, and June 30, 1993, respectively, that would have been on
nonaccrual status if they had been included in the
Corporation's loan outstandings and interest-bearing deposits
in banks. These assets were identified for accelerated
disposition and are carried at the lower of cost or fair value
in other assets.
/b/ Includes consumer loans of $260 million, $290 million, and
$401 million at June 30, 1994, March 31, 1994, and June 30,
1993, respectively.
<PAGE>
Table 10
Analysis of Change in Nonaccrual Assets
<TABLE>
<CAPTION>
Second First Fourth
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- --------
<S> <C> <C> <C>
1 Balance, beginning of period $2,498 $2,886 $3,928
Additions:
2 Loans placed on nonaccrual
status 269 227 284
Deductions:
3 Restored to accrual status (169) (195) (317)
4 Foreclosures (32) (72) (100)
5 Charge-offs (37) (40) (123)
6 Restructuring-country-related
assets transferred to
other assets -- -- (310)
7 Other, primarily payments (307) (308) (476)
------ ------ ------
8 Balance, End of Period $2,222 $2,498 $2,886
====== ====== ======
</TABLE>
---------------------------------------------------------------------
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 11
Net Credit Losses (Recoveries)
<TABLE>
<CAPTION>
Second First Second
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Domestic consumer:
1 Residential first mortgages $ 13 $ 7 $ 7
2 Credit card 85 90 116
3 Other consumer 54 65 72
Domestic commercial:
4 Commercial and industrial (3) (9) 75
5 Loans secured by real estate 14 11 14
6 Construction and development
loans secured by real estate (6) (1) 67
7 Loans for purchasing or carrying
securities, financial institutions,
lease financing, agricultural,
and other commercial (3) (5) 4
---- ---- ---
8 Total domestic 154 158 355
Foreign:
9 Restructuring country related (4) -- (1)
10 Other foreign 4 16 (3)
---- ---- ---
11 Total foreign -- 16 (4)
---- ---- ---
12 Total Net Credit Losses $154 $174 $351
==== ==== ====
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Second First Second
Quarter Quarter Quarter
(in millions) 1994 1994 1993
------- ------- -------
<S> <C> <C> <C>
Interest Income
1 Loans, including fees $2,294 $2,206 $2,360
2 Interest-bearing deposits in banks 74 56 45
3 Federal funds sold 15 13 11
4 Securities purchased under
resale agreements 89 72 37
5 Trading account assets 122 111 83
6 Available-for-sale and held-to-
maturity securities 345 355 345
------- ----- -----
7 Total interest income 2,939 2,813 2,881
Interest Expense
8 Deposits 753 697 737
9 Federal funds purchased 3 3 4
10 Securities sold under repurchase
agreements 97 79 33
11 Other short-term borrowings 59 61 45
12 Long-term debt 185 169 180
13 Subordinated capital notes 10 10 30
------- ----- -----
14 Total interest expense 1,107 1,019 1,029
------- ----- -----
15 Net interest income 1,832 1,794 1,852
16 Provision for credit losses 125 125 227
------- ----- -----
17 Net interest income after
provision for credit losses 1,707 1,669 1,625
Noninterest Income
18 Deposit account fees 290 294 301
19 Credit card fees 85 82 89
20 Trust fees 66 67 77
21 Other fees and commissions 262 266 272
22 Trading income 106 74 172
23 Net securities gains 7 20 13
24 Net gain on sales of assets 20 45 17
25 Other income 182 155 117
------- ----- -----
26 Total noninterest income 1,018 1,003 1,058
Noninterest Expense
27 Salaries 700 710 703
28 Employee benefits 180 158 145
29 Occupancy 167 165 167
30 Equipment 138 146 151
31 Amortization of intangibles 99 105 74
32 Communications 80 78 85
33 Regulatory fees and related expenses 72 70 79
34 Professional services 53 58 72
35 Other expense 332 294 350
------ ------ -----
36 Total noninterest expense 1,821 1,784 1,826
------ ------ -----
37 Income before income taxes 904 888 857
38 Provision for income taxes 379 375 369
------ ------ -----
39 Net Income $ 525 $ 513 $ 488
====== ====== =====
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Six Months Ended
June 30
----------------
(in millions) 1994 1993
------ ------
<S> <C> <C>
Interest Income
1 Loans, including fees $4,500 $4,789
2 Interest-bearing deposits in banks 130 91
3 Federal funds sold 28 17
4 Securities purchased under
resale agreements 161 69
5 Trading account assets 233 159
6 Available-for-sale and held-to-
maturity securities 700 681
------ ------
7 Total interest income 5,752 5,806
Interest Expense
Deposits 1,450 1,524
9 Federal funds purchased 6 9
10 Securities sold under repurchase
agreements 176 57
11 Other short-term borrowings 120 94
12 Long-term debt 354 366
13 Subordinated capital notes 20 61
------ ------
14 Total interest expense 2,126 2,111
------ ------
15 Net interest income 3,626 3,695
16 Provision for credit losses 250 475
------ ------
17 Net interest income after
provision for credit losses 3,376 3,220
Noninterest Income
18 Deposit account fees 584 590
19 Credit card fees 167 171
20 Trust fees 133 148
21 Other fees and commissions 528 540
22 Trading income 180 336
23 Net securities gains 27 31
24 Net gain on sales of assets 65 44
25 Other income 337 287
------ ------
26 Total noninterest income 2,021 2,147
Noninterest Expense
27 Salaries 1,410 1,413
28 Employee benefits 338 295
29 Occupancy 332 330
30 Equipment 284 291
31 Amortization of intangibles 204 206
32 Communications 158 167
33 Regulatory fees and related expenses 142 163
34 Professional services 111 132
35 Other expense 626 664
------ ------
36 Total noninterest expense 3,605 3,661
------ ------
37 Income before income taxes 1,792 1,706
38 Provision for income taxes 754 734
------ ------
39 Net Income $1,038 $ 972
====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Balance Sheet
<TABLE>
<CAPTION>
June 30 March 31 June 30
(in millions) 1994 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Assets
1 Cash and due from banks $ 10,137 $ 10,455 $ 10,989
2 Interest-bearing deposits in banks 4,707 3,978 2,446
3 Federal funds sold 2,758 2,549 2,561
4 Securities purchased under resale
agreements 4,933 5,995 2,426
5 Trading account assets 5,714 6,648 5,783
6 Available-for-sale securities 8,938 9,413 3,491
7 Held-to-maturity securities 11,734 11,979 16,207
8 Loans 124,874 123,544 126,011
9 Less: Allowance for credit losses 3,414 3,445 3,781
-------- -------- --------
10 Net loans 121,460 120,099 122,230
11 Premises and equipment, net 3,705 3,664 3,585
12 Customers' acceptance liability 935 801 699
13 Accrued interest receivable 1,097 1,030 1,002
14 Other real estate owned 472 553 512
15 Goodwill, net 3,886 3,931 4,141
16 Identifiable intangibles, net 2,078 2,133 2,262
17 Unrealized gains on off-balance-
sheet instruments 8,650 7,441 --
18 Other assets 6,339 6,543 7,132
-------- -------- --------
19 Total Assets $197,543 $197,212 $185,466
======== ======== ========
Liabilities & Stockholders' Equity
Deposits in domestic offices:
20 Interest-bearing $ 86,568 $ 88,139 $ 92,051
21 Noninterest-bearing 31,009 30,920 31,190
Deposits in foreign offices:
22 Interest-bearing 22,898 22,034 16,759
23 Noninterest-bearing 1,560 1,496 1,409
-------- -------- --------
24 Total deposits 142,035 142,589 141,409
25 Federal funds purchased 223 270 724
26 Securities sold under repurchase
agreements 6,332 6,910 2,206
27 Other short-term borrowings 3,537 3,628 2,539
28 Acceptances outstanding 935 801 699
29 Accrued interest payable 550 529 542
30 Unrealized losses on off-balance-
sheet instruments 8,727 7,129 --
31 Other liabilities 3,894 4,059 5,045
32 Long-term debt 13,611 13,828 14,409
33 Subordinated capital notes 606 606 1,459
-------- -------- --------
34 Total liabilities 180,450 180,349 169,032
Stockholders' Equity
35 Preferred stock 2,979 2,979 2,979
36 Common stock 561 561 556
37 Additional paid-in capital 7,150 7,130 7,025
38 Retained earnings 7,131 6,807 5,888
39 Net unrealized losses on available-
for-sale securities (210) (252) --
40 Common stock in treasury, at cost (518) (362) (14)
-------- -------- --------
41 Total stockholders' equity 17,093 16,863 16,434
-------- -------- --------
42 Total Liabilities and
Stockholders' Equity $197,543 $197,212 $185,466
======== ======== ========
</TABLE>
<PAGE>
