<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
<TABLE>
<S> <C> <C>
(Mark One)
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
COMMISSION FILE NUMBER 1-7377
</TABLE>
A. FULL TITLE OF THE PLAN AND ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF
THE ISSUER NAMED BELOW:
BANKAMERISHARE PLAN
B. NAME OF THE ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE
ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:
BANKAMERICA CORPORATION
Bank of America Center
555 California Street
San Francisco, California 94104
<PAGE> 2
FINANCIAL STATEMENTS:
<TABLE>
<CAPTION>
PAGE
<S> <C>
Report and Consent of Independent Auditors........................ 3
Statements of Net Assets Available for Plan Benefits.............. 4
Statements of Changes in Net Assets Available for Plan Benefits... 6
Notes to Financial Statements..................................... 8
Schedule of Investments........................................... 12
Schedule of Reportable Transactions............................... 13
</TABLE>
EXHIBITS:
The consent of independent auditors is included in the REPORT AND CONSENT
OF INDEPENDENT AUDITORS set forth on page 3.
1
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed by the undersigned thereunto duly authorized.
BANKAMERISHARE PLAN
By KATHLEEN J. BURKE
------------------------------------
Kathleen J. Burke
By BARBARA J. DESOER
------------------------------------
Barbara J. Desoer
Dated: May 12, 1994 By NORMAN SNELL
------------------------------------
Norman Snell
A majority of the members of the
Employee
Benefits Administrative Committee.
By LEWIS W. COLEMAN
------------------------------------
Lewis W. Coleman
By DAVID A. COULTER
------------------------------------
David A. Coulter
By RICHARD A. LAIDERMAN
------------------------------------
Richard A. Laiderman
By RAYMOND R. PETERS
------------------------------------
Raymond R. Peters
Dated: May 12, 1994 By JOHN O. WILSON
------------------------------------
John O. Wilson
A majority of the members of the
Employee
Benefits Investment Committee.
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
(Trustee)
Dated: May 12, 1994 By JOHN R. LLOYD, JR.
------------------------------------
John R. Lloyd, Jr.
Executive Vice President
2
<PAGE> 4
REPORT AND CONSENT OF INDEPENDENT AUDITORS
The Employee Benefits Administrative and
Employee Benefits Investment Committees of
BankAmerica Corporation
BANKAMERISHARE PLAN:
We have audited the accompanying statements of net assets available for
plan benefits of BankAmerishare Plan (the Plan) as of December 31, 1993 and
1992, and the related statements of changes in net assets available for plan
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the Plan
as of December 31, 1993 and 1992, and the changes in net assets available for
plan benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of investments and reportable transactions as of or for the year ended December
31, 1993, are presented for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974, and are not a required part of the basic financial
statements. The supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1993 financial statements and, in our
opinion, are fairly stated in all material respects in relation to the 1993
basic financial statements taken as a whole.
In addition, we consent to the incorporation by reference in Registration
Statement number 33-13368 on Form S-8 filed with the Securities and Exchange
Commission on April 13, 1987, as amended July 15, 1987 and February 27, 1989,
and in Registration Statement number 33-28252 on Form S-8 filed with the
Securities and Exchange Commission on April 19, 1989, as amended August 15,
1989, and February 22, 1990, of our report on the financial statements and
schedules included in the Annual Report on Form 11-K of the Plan for the year
ended December 31, 1993.
/s/ ERNST & YOUNG
San Francisco, California
April 11, 1994
3
<PAGE> 5
BANKAMERISHARE PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
<TABLE>
<CAPTION>
DECEMBER 31, 1993
----------------------------------------------------------------------------------------------------
BAC BOND DIVERSIFIED INCOME MONEY
COMMON STOCK INVESTMENT EQUITY TRASOP ACCUMULATION MARKET PARTICIPANT
FUND FUND FUND FUND FUND FUND LOANS
------------- ----------- ----------- ---------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
BAC common stock..... $ 653,183,262 $ -- $ -- $44,868,357 $ -- $ -- $ --
Other common stock... -- -- 4,014 -- -- -- --
Collective investment
funds.............. 1,994,400 174,432,436 266,399,056 1,565 1,914,257 209,959,442 2,580,805
Bank investment,
insurance and other
contracts.......... -- -- -- -- 170,832,562 -- --
Loans to participants.. -- -- -- -- -- -- 59,513,123
Other investments.... -- -- -- -- -- -- --
------------- ----------- ----------- ---------- ------------ ----------- ------------
Total
investments.... 655,177,662 174,432,436 266,403,070 44,869,922 172,746,819 209,959,442 62,093,928
Receivables:
Employer
contributions...... 908,254 404,948 730,985 -- 418,043 563,523 --
Interest and
dividends.......... 7,603 3,221 5,799 35 997,194 589,355 5,639
Investment securities
sold............... 1,853,738 -- -- -- -- -- --
------------- ----------- ----------- ---------- ------------ ----------- ------------
Total
receivables.... 2,769,595 408,169 736,784 35 1,415,237 1,152,878 5,639
------------- ----------- ----------- ---------- ------------ ----------- ------------
TOTAL ASSETS... 657,947,257 174,840,605 267,139,854 44,869,957 174,162,056 211,112,320 62,099,567
LIABILITIES
Payable to (receivable
from) other funds for
investment election
changes.............. 1,418,585 304,297 (1,485,563) -- 40 (237,359) --
Payable for investment
securities
purchased............ 210,320 -- -- -- -- -- --
Accrued expenses....... 28,459 6,180 9,643 -- 7,292 8,426 --
------------- ----------- ----------- ---------- ------------ ----------- ------------
TOTAL
LIABILITIES.. 1,657,364 310,477 (1,475,920) -- 7,332 (228,933) --
------------- ----------- ----------- ---------- ------------ ----------- ------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS.... $ 656,289,893 $174,530,128 $268,615,774 $44,869,957 $174,154,724 $211,341,253 $62,099,567
------------- ----------- ----------- ---------- ------------ ----------- ------------
------------- ----------- ----------- ---------- ------------ ----------- ------------
<CAPTION>
OTHER TOTAL
---------
<S> <<C> <C>
ASSETS
Investments:
BAC common stock..... $ -- $ 698,051,619
Other common stock... -- 4,014
Collective investment
funds.............. 4,968,786 662,250,747
Bank investment,
insurance and other
contracts.......... -- 170,832,562
Loans to participants.. -- 59,513,123
Other investments.... 457,598 457,598
--------- -------------
Total
investments.... 5,426,384 1,591,109,663
Receivables:
Employer
contributions...... -- 3,025,753
Interest and
dividends.......... 14,434 1,623,280
Investment securities
sold............... -- 1,853,738
--------- -------------
Total
receivables.... 14,434 6,502,771
--------- -------------
TOTAL ASSETS... 5,440,818 1,597,612,434
LIABILITIES
Payable to (receivable
from) other funds for
investment election
changes.............. -- --
Payable for investment
securities
purchased............ -- 210,320
Accrued expenses....... -- 60,000
--------- -------------
TOTAL
LIABILITIES.. -- 270,320
--------- -------------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS.... $5,440,818 $1,597,342,114
--------- -------------
--------- -------------
</TABLE>
See notes to financial statements.
4
<PAGE> 6
<TABLE>
<CAPTION>
DECEMBER 31, 1992
----------------------------------------------------------------------------------------------------------------
BAC BOND DIVERSIFIED INCOME MONEY
COMMON INVESTMENT EQUITY TRASOP ACCUMULATION MARKET PARTICIPANT
STOCK FUND FUND FUND FUND FUND FUND LOANS OTHER
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$539,198,066 $ -- $ -- $48,862,084 $ -- $ -- $ -- $ --
-- -- -- -- -- -- -- --
2,786,008 50,824,026 114,333,000 268 1,478,846 107,909,498 -- --
-- -- -- -- 145,972,116 -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
541,984,074 50,824,026 114,333,000 48,862,352 147,450,962 107,909,498 -- --
1,013,251 128,454 321,562 -- 289,146 207,043 -- --
6,205 897 9,113 33 931,231 319,874 -- --
-- -- -- -- -- -- -- --
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
1,019,456 129,351 330,675 33 1,220,377 526,917 -- --
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
543,003,530 50,953,377 114,663,675 48,862,385 148,671,339 108,436,415 -- --
528,797 196,758 (808,388) -- 5,565 77,268 -- --
-- -- -- -- -- -- -- --
25,231 2,405 5,020 -- 6,885 5,459 -- --
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
554,028 199,163 (803,368) -- 12,450 82,727 -- --
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
$542,449,502 $50,754,214 $115,467,043 $48,862,385 $148,658,889 $108,353,688 $ -- $ --
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
------------ ----------- ------------ ----------- ------------ ------------ ------------ ------------
<CAPTION>
TOTAL
--------------
<S> <C>
$ 588,060,150
--
277,331,646
145,972,116
--
--
--------------
1,011,363,912
1,959,456
1,267,353
--
--------------
3,226,809
--------------
1,014,590,721
--
--
45,000
--------------
45,000
--------------
$1,014,545,721
--------------
--------------
</TABLE>
See notes to financial statements.
5
<PAGE> 7
BANKAMERISHARE PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1993
-----------------------------------------------------------------------------------------------------------
INCOME
BAC BOND DIVERSIFIED ACCUMU- MONEY
COMMON INVESTMENT EQUITY TRASOP LATION MARKET PARTICIPANT
STOCK FUND FUND FUND FUND FUND FUND LOANS OTHER TOTAL
----------- ------ ------ ------ ------ ------ ----- ------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO
PLAN ASSETS
CONTRIBUTIONS:
Participant.... $ 28,788,885 $ 12,614,606 $ 23,441,821 $ -- $ 16,561,490 $ 16,046,497 $ -- $ -- $ 97,453,299
Employer....... 25,970,290 9,531,337 17,194,449 -- 8,077,049 12,002,532 -- -- 72,775,657
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Total
contributions 54,759,175 22,145,943 40,636,270 -- 24,638,539 28,049,029 -- -- 170,228,956
INVESTMENT INCOME:
Dividend income:
BAC common
stock. 20,227,580 -- -- 1,412,529 -- -- -- -- 21,640,109
Other common
stock. -- -- 579,664 -- -- -- -- -- 579,664
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Total
dividends... 20,227,580 -- 579,664 1,412,529 -- -- -- -- 22,219,773
Interest income:
Collective
investment
funds........ 177,480 1,445,744 495,121 1,414 59,491 7,279,733 825 196,008 9,655,816
Bank investment,
insurance
and other
contracts.... -- -- -- -- 11,419,170 -- -- -- 11,419,170
Other......... -- -- -- -- -- -- 2,009,780 1,812 2,011,592
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Total interest
income....... 177,480 1,445,744 495,121 1,414 11,478,661 7,279,733 2,010,605 197,820 23,086,578
Other income... 244,428 -- 4,021 -- -- -- -- 34,391 282,840
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Total
investment
income....... 20,649,488 1,445,744 1,078,806 1,413,943 11,478,661 7,279,733 2,010,605 232,211 45,589,191
REALIZED GAINS
FROM INVESTMENT
TRANSACTIONS:
Proceeds....... 26,719,318 9,970,329 3,988,409 2,332,232 28,380,848 -- -- 295 71,391,431
Cost........... 26,712,543 8,906,724 3,118,320 1,333,692 28,380,848 -- -- 295 68,452,422
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
6,775 1,063,605 870,089 998,540 -- -- -- -- 2,939,009
Adjustments of
cost bases
incident to
internal sales 23,040,264 -- -- -- -- -- -- -- 23,040,264
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Total
realized
gains....... 23,047,039 1,063,605 870,089 998,540 -- -- -- -- 25,979,273
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION):
BAC common
stock......... (39,468,115) -- -- (1,814,203) -- -- -- -- (41,282,318)
Other
investments... -- 11,262,629 21,869,067 -- -- -- -- 106,941 33,238,637
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Change in
unrealized
appreciation
(deprecia-
tion)....... (39,468,115) 11,262,629 21,869,067 (1,814,203) -- -- -- 106,941 (8,043,681)
Trustee-to-
trustee
transfers..... 144,289,391 116,262,905 106,776,355 -- -- 126,276,979 18,658,645 6,301,389 518,565,664
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
TOTAL ADDI-
TIONS...... 203,276,978 152,180,826 171,230,587 598,280 36,117,200 161,605,741 20,669,250 6,640,541 752,319,403
DEDUCTIONS FROM
(ADDITIONS TO)
PLAN ASSETS
DISTRIBUTIONS TO
PARTICIPANTS:
BAC common
stock......... 16,112,689 -- -- 845,832 -- -- -- -- 16,958,521
Cash and
other
settlement.... 32,883,194 23,670,820 24,976,507 2,332,025 11,355,571 30,619,553 3,734,653 1,199,723 130,772,046
Employee
in-service
withdrawals... 9,502,766 2,325,478 2,341,762 -- 1,732,743 3,456,810 -- -- 19,359,559
Dividends on
BAC common
stock........ -- -- -- 1,412,528 -- -- -- -- 1,412,528
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Total
distribu-
tions to
partici-
pants....... 58,498,649 25,996,298 27,318,269 4,590,385 13,088,314 34,076,363 3,734,653 1,199,723 168,502,654
Net partici-
pant loan
activity...... 24,838,103 3,229,432 5,695,599 -- 5,090,520 6,605,317 (45,458,971) -- --
Net partici-
pants'
investment
election
changes....... 6,033,784 (1,030,242) (15,295,278) 323 (7,577,331) 17,868,744 -- -- --
Distribution to
other plans... 39,811 203,833 354,520 -- -- 60,036 294,001 -- 952,201
Administrative
expenses...... 26,240 5,591 8,746 -- 19,862 7,716 -- -- 68,155
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
TOTAL
DEDUCTIONS
(ADDITIONS) 89,436,587 28,404,912 18,081,856 4,590,708 10,621,365 58,618,176 (41,430,317) 1,199,723 169,523,010
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
Total
increase
(decrease)
in net
assets...... 113,840,391 123,775,914 153,148,731 (3,992,428) 25,495,835 102,987,565 62,099,567 5,440,818 582,796,393
Net assets
available for
plan benefits
at beginning
of year....... 542,449,502 50,754,214 115,467,043 48,862,385 148,658,889 108,353,688 -- -- 1,014,545,721
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
NET ASSETS
AVAILABLE
FOR PLAN
BENEFITS
AT
END OF
YEAR........$656,289,893 $174,530,128 $268,615,774 $44,869,957 $174,154,724 $211,341,253 $62,099,567 $5,440,818 $1,597,342,114
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
------------ ------------ ------------ ----------- ------------ ------------ ----------- ---------- --------------
</TABLE>
See notes to financial statements.
6
<PAGE> 8
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1992
--------------------------------------------------------------------------------------------------------------------------
INCOME
BAC BOND DIVERSIFIED ACCUMU- MONEY
COMMON INVESTMENT EQUITY TRASOP LATION MARKET PARTICIPANT
STOCK FUND FUND FUND FUND FUND FUND LOANS OTHER TOTAL
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
<S><C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 21,981,652 $2,348,220 $ 6,097,504 $ -- $ 6,997,559 $ 5,635,641 $ -- $ -- $ 43,060,576
21,838,375 4,243,472 10,710,938 -- 14,869,638 9,848,361 -- -- 61,510,784
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
43,820,027 6,591,692 16,808,442 -- 21,867,197 15,484,002 -- -- 104,571,360
15,335,410 -- -- 1,455,924 -- -- -- -- 16,791,334
-- -- -- -- -- -- -- -- --
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
15,335,410 -- -- 1,455,924 -- -- -- -- 16,791,334
117,588 39,475 115,220 49 169,953 4,335,188 -- -- 4,777,473
-- -- -- -- 10,668,581 -- -- -- 10,668,581
-- -- -- -- -- -- -- -- --
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
117,588 39,475 115,220 49 10,838,534 4,335,188 -- -- 15,446,054
-- -- -- -- -- -- -- -- --
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
15,452,998 39,475 115,220 1,455,973 10,838,534 4,335,188 -- -- 32,237,388
21,028,387 518,491 60 4,308,173 27,839,562 -- -- -- 53,694,673
21,028,503 456,125 48 2,686,043 27,839,562 -- -- -- 52,010,281
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
(116) 62,366 12 1,622,130 -- -- -- -- 1,684,392
19,299,761 -- -- -- -- -- -- -- 19,299,761
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
19,299,645 62,366 12 1,622,130 -- -- -- -- 20,984,153
95,620,562 -- -- 9,863,679 -- -- -- -- 105,484,241
-- 3,404,726 7,681,763 -- -- -- -- -- 11,086,489
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
95,620,562 3,404,726 7,681,763 9,863,679 -- -- -- -- 116,570,730
-- -- -- -- -- -- -- -- --
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
174,193,232 10,098,259 24,605,437 12,941,782 32,705,731 19,819,190 -- -- 274,363,631
11,384,305 -- -- 999,556 -- -- -- -- 12,383,861
28,947,407 5,633,121 9,647,607 3,947,724 16,644,527 14,541,145 -- -- 79,361,531
11,643,112 805,791 1,467,005 -- 3,024,924 2,317,238 -- -- 19,258,070
-- -- -- 1,455,924 -- -- -- -- 1,455,924
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
51,974,824 6,438,912 11,114,612 6,403,204 19,669,451 16,858,383 -- -- 112,459,386
-- -- -- -- -- -- -- -- --
14,251,695 (991,593) (7,760,645) -- (4,809,263) (690,194) -- -- --
-- -- -- -- -- -- -- -- --
25,231 2,405 5,020 -- 35,681 5,459 -- -- 73,796
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
66,251,750 5,449,724 3,358,987 6,403,204 14,895,869 16,173,648 -- -- 112,533,182
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
107,941,482 4,648,535 21,246,450 6,538,578 17,809,862 3,645,542 -- -- 161,830,449
434,508,020 46,105,679 94,220,593 42,323,807 130,849,027 104,708,146 -- -- 852,715,272
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
$542,449,502 $50,754,214 $115,467,043 $48,862,385 $148,658,889 $108,353,688 $ -- $ -- $1,014,545,721
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
------------- ---------- ----------- ---------- -------------- ------------ ------------ ------------ --------------
</TABLE>
See notes to financial statements.
7
<PAGE> 9
BANKAMERISHARE PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
NOTE A--DESCRIPTION OF PLAN
The following description of the BankAmerishare Plan (the Plan) is provided
for information purposes only. For a complete description of the Plan, see the
BankAmerica Corporation (BAC) publication, Your Employee Handbook--Benefits
(Exec-40), and any appendices.
The Plan is a cash or deferred profit-sharing plan providing tax deferred
investment opportunities to salaried employees of BAC or its participating
subsidiaries. Employees are eligible to participate in the Plan after completing
12 months of service. Eligible employees may elect to defer a specified
percentage of their qualified earnings by having an employer contribution made
to the Plan on their behalf on a pre-tax basis. Participating employers
contribute a matching contribution equal to (1) 100% of pre-tax contributions
not exceeding 2% of qualified earnings and 50% of any additional pre-tax
contributions not exceeding the next 4% of qualified earnings during an
employee's first 10 years of covered service and (2) 100% of pre-tax
contributions not exceeding 4% of qualified earnings and 50% of any additional
pre-tax contributions not exceeding the next 2% of qualified earnings
thereafter. Certain restrictions are imposed on Plan contributions made by
"highly compensated" employees, as defined by the Plan. An employee's interest
in all contributions is fully vested and is distributable at the first to occur
of death, retirement or termination of employment. In addition, the Plan allows
employees to make certain hardship and other in-service withdrawals.
Effective April 1, 1993, a participating employee with an account balance
of at least $1,000 may generally apply for two types of loans. A regular loan,
which can be used for any purpose, has a repayment period of up to 4 years. A
home loan, which must be used for the purchase of the participating employee's
principal residence, has a repayment period of up to 14 years. The minimum loan
amount is $500. The maximum loan amount is the lesser of one-half of the
participant's account balance or $50,000 reduced by the participant's highest
outstanding loan balance at any time during the last 12 months. The interest
rate on a loan is fixed at the beginning of its term and is currently equal to
the Bank of America NT&SA Reference Rate plus 1%. Loan repayments include both
principal and interest, and such payments are made at mid-and end-of-month.
A participating employee may direct investment of the employee and employer
matching contributions in one or more of five funds: the BAC Common Stock Fund,
the Bond Investment Fund, the Diversified Equity Fund, the Income Accumulation
Fund and the Money Market Fund. The BAC Common Stock Fund is invested in BAC
common stock. Effective July 1, 1993, participants may not direct more than 50%
of their contributions into the BAC Common Stock Fund, nor make a transfer into
this fund to the extent it would cause more than 50% of the participant's total
account balance to be invested in the BAC Common Stock Fund. The Bond Investment
Fund is currently invested in units of Bank of America Collective Investment
Trust Intermediate Treasury Bond Index Fund (Bond Index Fund), which is a
portfolio invested to closely track the Lehman Brothers Intermediate (1 to 10
year maturity) U.S. Treasury Securities Index. The Diversified Equity Fund is
currently invested in units of Bank of America Collective Investment Trust Index
Fund (Equity Index Fund), which is a portfolio of common stocks invested to
closely track the Standard & Poor's 500 Stock Index. The Income Accumulation
Fund may be invested in bank investment contracts (BICs), insurance contracts
and other contracts issued by financial intermediaries which are backed by
fixed-income securities. Certain restrictions apply to transfers to and from the
Income Accumulation Fund. Each of the above funds may have a small portion of
their assets invested in units of Bank of America Employee Benefits Short Term
Investment Fund (STIF). All of the Money Market Fund is currently invested in
units of STIF.
8
<PAGE> 10
BANKAMERISHARE PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
The Plan also includes a Tax Reduction Act Stock Ownership Program (TRASOP)
under which additional employer contributions were made based on investment tax
credits from prior tax years. TRASOP contributions were used to purchase BAC
common stock. It is expected that there will be no future contributions to the
TRASOP Fund.
NOTE B--SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements have been prepared in accordance with generally
accepted accounting principles (GAAP) for employee benefit plans. These
principles also conform with the reporting requirements of the Employee
Retirement Income Security Act of 1974 (ERISA) except that for these financial
statements: (1) payables to participants are not classified as a liability of
the Plan as described below under "Benefits Due But Unpaid," and (2) investments
are reported at values which approximate fair market value, determined in the
manner described below under "Accounting for Investments."
Benefits Due But Unpaid
Withdrawals and settlements due participants at December 31, 1993 and 1992
are $14,752,189 and $4,550,739, respectively. These amounts are included in net
assets available for plan benefits in accordance with GAAP and are not recorded
as liabilities of the Plan. These benefit amounts are recorded in the Form 5500
as liabilities in accordance with ERISA reporting requirements. This change in
presentation resulted in an increase to Net Assets Available For Plan Benefits
at December 31, 1992 of $4,550,739.
Financial Statement Presentation
Effective January 1, 1993, the Security Pacific Thrift Plus Plan, the
Valley Capital Corporation 401(k) Profit Sharing Plan & Trust, Employees' Profit
Sharing Plan & Trust of Honfed Bank, AFSB and the Honfed Bank, AFSB 401(k) Plan
were merged with and into the Plan. The effect of these plan mergers are
reflected in the Trustee-to-Trustee Transfers line in the Statements of Changes
in Net Assets Available for Plan Benefits. The Plan's 1993 Statement of Net
Assets Available for Plan Benefits and the Statement of Changes in Net Assets
Available for Plan Benefits reflect the effects of the merger with the above
plans and are therefore not comparable to 1992.
Accounting for Investments
Securities listed on a stock exchange are valued at the last sale price on
the last business day of the year on the principal exchange on which they are
traded. Securities not listed on any stock exchange and securities for which no
sale was reported as of the close of trading of the principal exchange are
valued at the last sale price within five days of the last business day of the
year or at the quoted price of a dealer who regularly trades in the security
being valued. Money market funds are valued at cost which approximates market
value. Investments in collective investment funds are valued at the net asset
value per unit reported by the trustee of the respective funds. The bank
investment, insurance and other contracts are valued at cost plus reinvested
interest. If the contracts are terminated before their expiration dates or if
certain other events occur, the value of the contract may be reduced by a
penalty, a market value adjustment, or both.
Investment transactions are accounted for on the date the securities are
purchased or sold (trade date). Dividend income is recorded on the ex-dividend
date and interest income is accrued as earned.
9
<PAGE> 11
BANKAMERISHARE PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
Cash dividends paid on BAC common stock may be reinvested through the dividend
reinvestment feature of the BAC sponsored Shareholder Investment Plan. Cash
dividends that accrue to shares held through the TRASOP are paid in cash to
participants. The original bases of investments in STIF are adjusted to
recognize investment income. Income on the Bond Index Fund and the Equity Index
Fund does not affect the original bases of investments, but is reflected in the
market value as unrealized appreciation/depreciation. Realized gains or losses
on investments sold or matured are generally computed using an average cost.
Adjustments of cost bases incident to internal sales occur when shares of BAC
common stock are acquired for Plan participants from other participants who are
making transfers, or receiving cash distributions, withdrawals or loans from the
BAC Common Stock or TRASOP Funds. Under ERISA reporting requirements realized
gains and losses are computed using the fair market value of the assets at the
beginning of the period, or at purchase date if bought and sold during the same
period. Consequently, the realized gains/losses and unrealized
appreciation/depreciation in these financial statements differ from those being
reported under ERISA reporting requirements, however, there is no effect on the
net assets available for plan benefits.
Loans to participants are recorded at the principal amount outstanding.
Interest earned on loans is recorded as other interest income. Loan balances for
terminated employees that are determined to be in default are recorded as
distributions to participants.
Expenses
The Plan provides that brokerage fees and stock transfer taxes directly
incurred in buying and selling securities for the Plan, service charges on bank
investment, insurance and other contracts for the Income Accumulation Fund,
consulting fees, audit fees and any fees of an agent purchasing BAC stock for
the BAC Common Stock Fund, will be paid by the Trustee out of the assets of the
Plan. Other costs of establishing and administering the Plan, including the
Trustee's compensation, will be paid by the participating employers, except that
certain expenses attributable to administering the TRASOP Fund may be paid from
the contributions to or assets of that fund.
NOTE C--TAX STATUS
A favorable determination letter on the qualified status of the Plan under
section 401(a) of the Internal Revenue Code has been obtained from the Internal
Revenue Service.
NOTE D--TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
BAC and affiliates are parties-in-interest to the Plan under ERISA. A
"party-in-interest" is broadly defined under ERISA to include a fiduciary, any
employer whose employees are covered by the Plan, any person providing services
to the Plan, any officer, director or 10% or more shareholder of any such
employer or person providing services to the Plan and any relatives thereof.
Bank of America National Trust and Savings Association, a wholly owned
subsidiary of BAC, is the Trustee of the Plan. Under the Trust Agreement, the
Trustee is paid by the participating employers. The Trustee also has an
agreement with BAC under which the Plan may purchase shares of BAC common stock
directly from BAC at a formula price. The Plan, through the Trustee, may
reinvest BAC common stock dividends through the BAC sponsored Shareholder
Investment Plan.
The Plan also has certain investments with parties-in-interest. At December
31, 1993, the following investments with parties-in-interest represented 5% or
more of the Plan's December 31, 1993 net assets available for plan benefits: BAC
common stock ($698,051,619); Bond Index Fund ($172,924,231); Equity Index Fund
($262,978,399); and STIF ($226,348,117).
10
<PAGE> 12
BANKAMERISHARE PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
There were: 141 purchases ($41,263,740) and 131 sales ($27,197,811) of BAC
common stock; 13 purchases ($128,204,848) and 11 sales ($18,164,328) of Bond
Index Fund units; 22 purchases ($145,985,355) and 11 sales ($16,700,394) of
Equity Index Fund units; and 1,493 purchases ($692,102,660) and 783 sales
($646,438,760) of STIF units during 1993.
In 1990, the Employees' Profit Sharing Plan and Trust (EPSP&T) of Honfed
Bank, AFSB, (Honfed), which merged into the Plan in 1993, purchased seven loans
from Honfed, a related party. In 1991, Honfed purchased four of these loans back
from the EPSP&T. The remaining three loans have been repaid in full with all
interest. BAC is conducting an investigation of this transaction to determine
(1) if a prohibited transaction occurred and, if a prohibited transaction did
occur, (2) what is the appropriate corrective action. It is not expected that
any corrective action would have a material effect on the Net Assets Available
for Plan Benefits of the Plan.
NOTE E--SUBSEQUENT EVENT
Effective January 27, 1994, BAC and Continental Bank Corporation
(Continental) entered into a Restated Agreement and Plan of Merger (Agreement).
The completion of this transaction is conditioned upon approval by Continental's
shareholders and certain other conditions, including regulatory approvals. Under
the Agreement, the Continental employee benefits plans would be discontinued or
merged with the BAC employee benefit plans as soon as practicable after the
corporate merger date. The employees of Continental and its participating
subsidiaries, will become eligible to participate in the BAC sponsored plans on
the same terms as such plans are generally offered to Bank of America NT&SA
employees in comparable positions.
11
<PAGE> 13
BANKAMERISHARE PLAN
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1993
<TABLE>
<CAPTION>
NUMBER OF
SHARES OR
UNITS OR APPROXIMATE
PRINCIPAL MARKET
AMOUNT COST VALUE
---------- --------------
<S> <C> <C> <C>
BANKAMERICA CORPORATION COMMON STOCK FUND
*BAC Common Stock...................................................... 14,084,814 $ 383,644,352 $ 653,183,262
*Bank of America Short Term Investment Fund............................ 1,994,400 1,994,400 1,994,400
-------------- -------------
TOTAL INVESTMENTS OF BANKAMERICA
CORPORATION COMMON STOCK FUND.................................. $ 385,638,752 $ 655,177,662
-------------- -------------
-------------- -------------
BOND INVESTMENT FUND
*Bank of America Collective Investment Trust Intermediate Treasury
Bond Index Fund.................................................... 8,517,554 $ 155,013,521 $ 172,924,231
*Bank of America Short Term Investment Fund............................ 1,508,205 1,508,205 1,508,205
-------------- -------------
TOTAL INVESTMENTS OF BOND INVESTMENT FUND........................ $ 156,521,726 $ 174,432,436
-------------- -------------
-------------- -------------
DIVERSIFIED EQUITY FUND
Common stock:
Chase Manhattan Corporation........................................... 494 $ 1,863 $ 4,014
Tandon Corporation.................................................... 492 1 0
-------------- -------------
Total common stock............................................... 1,864 4,014
Collective investment funds:
*Bank of America Collective Investment Trust Index Fund................ 15,748,813 199,309,762 262,978,399
*Bank of America Short Term Investment Fund............................ 3,420,657 3,420,657 3,420,657
-------------- -------------
Total collective investment funds................................ 202,730,419 266,399,056
-------------- -------------
TOTAL INVESTMENTS OF DIVERSIFIED EQUITY FUND..................... $ 202,732,283 $ 266,403,070
-------------- -------------
-------------- -------------
TRASOP FUND
*BAC Common Stock...................................................... 967,512 $ 25,643,931 $ 44,868,357
*Bank of America Short Term Investment Fund............................ 1,565 1,565 1,565
-------------- -------------
TOTAL INVESTMENTS OF TRASOP FUND................................. $ 25,645,496 $ 44,869,922
-------------- -------------
-------------- -------------
INCOME ACCUMULATION FUND
Bank investment, insurance and other contracts:
Allstate Life (8.17% due 10/31/94).................................... 9,659,825 $ 9,659,825 $ 9,659,825
*Bank of America (9.20% due 7/31/94)................................... 10,304,986 10,304,986 10,304,986
Bankers Trust (6.71% due 8/15/96)..................................... 11,081,871 11,081,871 11,081,871
Citibank Saver (5.47% due 7/31/97).................................... 10,093,723 10,093,723 10,093,723
CNA Insurance (8.30% due 5/01/95)..................................... 13,782,009 13,782,009 13,782,009
Hartford Life (5.45% due 4/30/97)..................................... 9,284,420 9,284,420 9,284,420
John Hancock (5.40% due 10/31/96)..................................... 10,419,771 10,419,771 10,419,771
LaSalle National Bank of Chicago (7.00% due 10/31/95)................. 13,321,637 13,321,637 13,321,637
Lehman Govt Securities (6.67% due 4/30/96)............................ 10,956,700 10,956,700 10,956,700
Metropolitan Life (8.20% due 1/31/95)................................. 14,104,203 14,104,203 14,104,203
Morgan Bank (Delaware) (8.88% due 1/31/94)............................ 11,792,774 11,792,774 11,792,774
New York Life (5.37% due 1/31/97)..................................... 8,464,706 8,464,706 8,464,706
Protective Life (5.11% due 10/31/97).................................. 12,419,419 12,419,419 12,419,419
Protective Life (9.25% due 7/31/94)................................... 4,657,800 4,657,800 4,657,800
Provident Life & Accident (7.00% due 1/31/96)......................... 8,904,735 8,904,735 8,904,735
Rabobank Nederland (6.91% due 7/31/95)................................ 11,583,983 11,583,983 11,583,983
-------------- -------------
Total bank investment, insurance and other contracts............. 170,832,562 170,832,562
*Bank of America Short Term Investment Fund............................ 1,914,257 1,914,257 1,914,257
-------------- -------------
TOTAL INVESTMENTS OF INCOME
ACCUMULATION FUND.............................................. $ 172,746,819 $ 172,746,819
-------------- -------------
-------------- -------------
MONEY MARKET FUND
*Bank of America Short Term Investment Fund............................ 209,959,442 $ 209,959,442 $ 209,959,442
-------------- -------------
TOTAL INVESTMENTS OF MONEY MARKET FUND........................... $ 209,959,442 $ 209,959,442
-------------- -------------
-------------- -------------
PARTICIPANT LOANS
Loans to participants (1993: 7%)...................................... 59,513,123 $ 59,513,123 $ 59,513,123
*Bank of America Short Term Investment Fund............................ 2,580,805 2,580,805 2,580,805
-------------- -------------
TOTAL INVESTMENTS OF PARTICIPANT LOANS........................... $ 62,093,928 $ 62,093,928
-------------- -------------
-------------- -------------
OTHER
*Bank of America Short Term Investment Fund............................ 4,968,786 $ 4,968,786 $ 4,968,786
Other Investments:
Note secured by a mortgage executed by Evelyn May Giddings............ 54,229 54,229 54,229
**Note secured by a mortgage executed by Kahala Hale Inc................ 46,429 46,428 46,428
Leasehold interest -- Kona Bali Kai................................... 1 250,000 356,941
-------------- -------------
Total other investments.......................................... 350,657 457,598
-------------- -------------
TOTAL OTHER...................................................... $ 5,319,443 $ 5,426,384
-------------- -------------
-------------- -------------
</TABLE>
- - ----------
* Investments with parties-in-interest as defined under ERISA.
** Loan purchased from Honfed in 1990. Refer to Note D. This loan has been
repaid in full with all interest in 1994.
12
<PAGE> 14
BANKAMERISHARE PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
FAIR VALUE
OF ASSET ON
IDENTITY OF PARTY INVOLVED PURCHASE SELLING COST OF TRANSACTION
AND DESCRIPTION OF ASSET PRICE PRICE ASSET DATE NET GAIN
- - ------------------------------------------------------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
CATEGORY (I) -- SINGLE TRANSACTIONS IN EXCESS OF 5% OF
PLAN ASSETS
Bank of America Collective Investment Trust
Intermediate Treasury Bond Index Fund................ $116,249,233 $116,249,233 $116,249,233
Bank of America Collective Investment Trust Index
Fund................................................. $108,242,269 $108,242,269 $108,242,269
CATEGORY (III) -- A SERIES OF TRANSACTIONS IN EXCESS OF
5% OF PLAN ASSETS
Bank of America Short Term Investment Fund:
1,493 purchases...................................... $692,102,660 $692,102,660 $692,102,660
783 sales............................................ $646,438,760 $646,438,760 $646,438,760
Bank of America Collective Investment Trust Index Fund:
22 purchases......................................... $145,985,355 $145,985,355 $145,985,355
Bank of America Collective Investment Trust
Intermediate Treasury Bond Index Fund:
13 purchases......................................... $128,204,848 $128,204,848 $128,204,848
</TABLE>
There were no category (ii) or (iv) reportable transactions during 1993.
13
