<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
April 19, 1995
(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)
4063959
<PAGE>
Item 5. Other Events.
Attached hereto as Exhibit 99 is a copy of BankAmerica
Corporation's press release dated April 19, 1995 titled
"BankAmerica First 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 April 19,
1995 titled "BankAmerica First 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: April 19, 1995
By /s/ JAMES H. WILLIAMS
James H. Williams
Executive Vice President
4063959 2
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EXHIBIT INDEX
Exhibit Number Description
99 BankAmerica Corporation
press release dated
April 19, 1995
titled "BankAmerica
First Quarter
Earnings."
4063959
<PAGE>
Exhibit 99
BankAmerica Corporation logo appears here.
BankAmerica Corporation News
For release:
Contact: Peter Magnani
(415) 953-2418
BANKAMERICA FIRST QUARTER EARNINGS
SAN FRANCISCO, April 19, 1995 -- BankAmerica Corporation
(BAC) today reported first-quarter 1995 earnings per share of $1.46, an
increase of 15 percent from $1.27 for the same period a year ago. Net
income for the first quarter of 1995 was $611 million, up 19 percent from
the first quarter of 1994.
"We're pleased that first-quarter results show a continuation
of the earnings momentum we achieved in 1994 and that our return on common
equity increased over last year," Richard M. Rosenberg, Chairman and
Chief Executive Officer said. "Reflecting continued strength in a number
of our diverse operations and geographic locations, average loans
increased $2.5 billion from the previous quarter."
FINANCIAL HIGHLIGHTS:
--------------------
o Net interest income was up $252 million from the amount reported for
the first quarter of 1994 reflecting increases in loans, including the
effects of mergers and acquisitions, and an improvement in the net
interest margin. BAC s net interest margin for the first quarter of
1995 was 4.55 percent, up slightly from the fourth quarter of 1994,
and up 10 basis points from the same period a year ago;
o Noninterest income increased $90 million from the amount reported in
the same period last year. Total fees and commissions for the first
quarter of 1995 increased $61 million from the comparable period in
1994 primarily due to BAC's expanded midwestern corporate banking
business. In addition, venture capital and trading-related income
increased $56 million and $55 million, respectively;
- more -
<PAGE>
o Noninterest expense increased $20 million from the fourth quarter of
1994 primarily due to an increase in personnel expense, reflecting
higher employee benefits and incentive compensation. Noninterest
expense for the first quarter of 1995 increased $205 million from
the first quarter of 1994 primarily due to expanded operations from
mergers and acquisitions;
o The return on average common equity for the first quarter was
13.86 percent, an increase of 86 basis points from the same period in
1994;
o Nonaccrual assets declined 7 percent from their December 31, 1994
level, resulting in a nonperforming assets ratio (total nonaccrual
assets and other real estate owned/total assets) of 1.12 percent at
March 31, 1995;
o In connection with its previously announced stock repurchase
program, BAC repurchased 5.6 million shares of its common stock at
an average per-share price of $47.33 during the first quarter of
1995. These shares were repurchased on the open market over 28 days
and represented approximately 13 percent of the total volume of BAC
common stock traded on those days.
(end of text, tables follow)
######
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
BankAmerica Corporation's (BAC) financial information set forth in
the following tables reflects the effects of the merger with Continental
Bank Corporation subsequent to its consummation on August 31, 1994.
=========================================================================
Table 1
Summary of Results
<TABLE>
<CAPTION>
First Fourth First
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1995 1994 1994
------- ------- -------
<S> <C> <C> <C>
1 Net income $ 611 $ 591 $ 513
2 Earnings per common and common
equivalent share 1.46 1.41 1.27
3 Earnings per common share -
assuming full dilution 1.45 1.40 1.26
</TABLE>
=======================================================================
<TABLE>
<CAPTION>
Table 2
Statistical Data
First Fourth First
Quarter Quarter Quarter
1995 1994 1994
------- ------- -------
<S> <C> <C> <C>
Rate of return (based
on net income) on:
1 Average total assets 1.14% 1.09% 1.07%
2 Average common equity 13.86 13.24 13.00
3 Net interest margin/a/ 4.55 4.53 4.45
4 Full-time-equivalent staff
at period end (in thousands) 81.2 82.1 78.2
5 Employees at period
end (in thousands) 97.5 98.6 94.7
----------------------------------------------------------------------
</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, $7 million, and $6 million
for the first quarter of 1995, the fourth quarter of 1994,
and the first quarter of 1994, respectively.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 3
Credit Quality Ratios
March 31 Dec. 31 March 31
1995 1994 1994
-------- ------- --------
<S> <C> <C> <C>
1 Allowance for credit losses to
total loans 2.58% 2.62% 2.79%
2 Allowance for credit losses to
total nonaccrual assets 192.50 177.45 137.92
3 Annualized ratio of net credit
losses to average total loan
outstandings for the quarter
ended 0.22 0.10 0.57
</TABLE>
=======================================================================
<TABLE>
<CAPTION>
Table 4
Capital
March 31 Dec. 31 March 31
1995 1994 1994
-------- ------- --------
<S> <C> <C> <C>
1 Total risk-based capital ratio/a/ 11.60%/b/ 11.69% 12.15%
2 Tier 1 risk-based capital ratio/a/ 7.20/b/ 7.27 7.57
3 Tier 1 leverage ratio/a/ 6.84/b/ 6.74 6.31
4 Common equity to total assets 7.24 7.34 7.04
5 Total equity to total assets 8.61 8.77 8.55
6 Total risk-based capital/a/
(in millions) $ 22,293/b/ $ 21,953 $ 19,140
7 Risk weighted assets/a/
(in millions) 192,650/b/ 187,810 157,585
8 Tier 1 risk-based capital/a/
(in millions) 13,951/b/ 13,658 11,937
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</TABLE>
/a/ The Federal Reserve has issued final capital regulations on
the adoption of Statement of Financial Accounting Standards
(SFAS) No. 109, which became effective April 1, 1995. This
information reflects the new regulations for all periods
presented.
/b/ Amounts are preliminary.
=========================================================================
<TABLE>
<CAPTION>
Table 5
Common and Preferred Stock Data
March 31 Dec. 31 March 31
1995 1994 1994
-------- ------- --------
<S> <C> <C> <C>
1 Book value per common share $43.72 $42.63 $39.67
2 Closing price per common share 48.25 39.50 39.38
3 Cash dividend per common share
for the quarter ended 0.46 0.40 0.40
4 Common stock cash dividends
for the quarter ended
(in millions) 172 149 143
5 Preferred stock cash dividends for
the quarter ended (in millions) 62 67 60
6 Number of common shares out-
standing (in thousands) 369,543 371,182 350,029
7 Average number of common and
common equivalent shares
outstanding for the quarter
ended (in thousands) 375,084 373,922 357,569
8 Average number of common shares
outstanding - assuming full
dilution for the quarter ended
(in thousands) 381,141 379,402 363,049
</TABLE>
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<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 6
Selected Average Balance Sheet Components
First Fourth First
Quarter Quarter Quarter
(in millions) 1995 1994 1994
-------- -------- -------
<S> <C> <C> <C>
1 Loans $141,050 $138,576 $122,312
2 Earning assets 181,296 177,819 162,514
3 Total assets 217,744 214,649 194,880
4 Deposits 149,902 153,122 140,638
5 Common equity 16,070 15,702 14,124
6 Total equity 19,138 18,982 17,103
</TABLE>
=======================================================================
<TABLE>
<CAPTION>
Table 7
Business Sectors
First Quarter 1995/a/
--------------------------------------------
(dollar amounts Return
in billions, except Average Average on Return
for net income which Net Total Total Common on
is in millions) Income Assets Deposits Equity Assets
------- ------- -------- ------ ------
<S> <C> <C> <C> <C> <C>
1 Consumer banking $250 $ 69 $ 74 18.10% 1.48%
2 U.S. Corporate and
international banking 180 80 32 10.91 0.91
3 Commercial real estate 99 9 1 42.66 4.31
4 Middle market banking 65 16 7 26.28 1.61
5 Non-California banks/b/ 34 24 23 7.59 0.57
6 Private banking and
investment services 14 4 5 15.62 1.46
7 Other (31) 16 8 (10.47) (0.80)
---- ---- ----
$611 $218 $150 13.86% 1.14%
==== ==== ====
<CAPTION>
First Quarter 1994/a/
-----------------------------------------
Return
Average Average on Return
Net Total Total Common on
Income Assets Deposits Equity Assets
------ ------- -------- ------ ------
<S> <C> <C> <C> <C> <C>
8 Consumer banking $156 $ 64 $ 76 11.15% 0.99%
9 U.S. Corporate and
international banking 194 63 23 15.37 1.25
10 Commercial real estate 91 10 2 37.35 3.70
11 Middle market banking 41 13 7 22.98 1.27
12 Non-California banks/b/ 4 24 24 (0.66) 0.07
13 Private banking and
investment services 13 3 5 17.53 1.68
14 Other 14 18 4 3.18 0.34
---- ---- ----
$513 $195 $141 13.00% 1.07%
==== ==== ====
</TABLE>
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/a/ Amounts are preliminary. For comparability purposes, both
1995 and 1994 amounts reflect BAC's business-sector
allocation methodologies at March 31, 1995.
/b/ Excludes Seafirst Corporation and Bank of America Illinois,
which are reflected within the applicable business sectors.
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 8
Loan Outstandings
March 31 Dec. 31 March 31
(in millions) 1995 1994 1994
-------- ------- --------
<S> <C> <C> <C>
Domestic
Consumer:
1 Residential first mortgages $ 34,791 $ 33,818 $ 30,993
2 Residential junior mortgages 13,808 13,589 12,927
3 Other installment 10,989 10,598 9,343
4 Credit card 7,757 8,020 7,162
5 Other individual lines of credit 1,691 1,736 1,874
6 Other 409 403 222
-------- -------- --------
7 Total consumer 69,445 68,164 62,521
Commercial:
8 Commercial and industrial 30,481 28,814 20,954
9 Loans secured by real estate 10,504 10,277 9,050
10 Construction and development
loans secured by real estate 3,526 3,616 3,991
11 Financial institutions 2,211 2,872 1,751
12 Agricultural 1,658 1,840 1,614
13 Lease financing 1,786 1,814 1,665
14 Loans for purchasing or carrying
securities 1,348 1,529 2,934
15 Other 1,639 1,623 1,332
-------- -------- --------
16 Total commercial 53,153 52,385 43,291
-------- -------- --------
17 Total domestic loans 122,598 120,549 105,812
Foreign
18 Commercial and industrial 14,417 13,496 11,748
19 Banks and other financial
institutions 2,871 2,516 1,955
20 Governments and official
institutions 866 896 787
21 Other 3,407 3,455 3,242
-------- -------- --------
22 Total foreign loans 21,561 20,363 17,732
-------- -------- --------
23 Total Loans $144,159 $140,912 $123,544
======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 9
Selected Credit Quality Data
March 31 Dec. 31 March 31
(in millions) 1995 1994 1994
-------- ------- ---------
<S> <C> <C> <C>
Nonaccrual Assets:
1 Construction and development
loans secured by real estate $ 549 $ 647 $ 819
2 Commercial and industrial 470 489 448
3 Commercial loans secured by real
estate 341 347 553
4 Consumer 386 382 471
5 Foreign, excluding restructuring
country related 103 124 172
------ ------ ------
Total 1,849 1,989 2,463
7 Restructuring country related 86 91 35
------ ------ ------
8 Total Nonaccrual Assets/a/ $1,935 $2,080 $2,498
====== ====== ======
9 Restructured loans $ 163 $ 97 $ 142
10 Loans past due 90 days or more
and still accruing interest/b/ 369 436 482
11 Other real estate owned 559 555 553
-------------------------------------------------------------------------
</TABLE>
/a/ Includes $1.5 billion of impaired loans that are accounted for in
accordance with SFAS No. 114, "Accounting by Creditors for
Impairment of a Loan," which BAC adopted effective January 1,
1995.
/b/ Includes consumer loans of $289 million, $292 million, and $290
million at March 31, 1995, December 31, 1994, and March 31, 1994,
respectively.
=======================================================================
<TABLE>
<CAPTION>
Table 10
Analysis of Change in Nonaccrual Assets
First
Quarter
(in millions) 1995
-------
<S> <C>
1 Balance, beginning of period $2,080
Additions:
2 Loans placed on nonaccrual status 175
Deductions:
3 Sales (5)
4 Restored to accrual status (92)
5 Foreclosures (15)
6 Charge-offs (19)
7 Other, primarily payments (189)
------
8 Balance, End of Period $1,935
======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 11
Net Credit Losses (Recoveries)
First Fourth First
Quarter Quarter Quarter
(in millions) 1995 1994 1994
------- ------- -------
<S> <C> <C> <C>
Domestic consumer:
1 Residential first mortgages $ 14 $ 12 $ 7
2 Residential junior mortgages 11 11 18
3 Credit card 74 79 90
4 Other consumer 37 41 47
Domestic commercial:
5 Commercial and industrial (14) (10) (9)
6 Loans secured by real estate 6 (1) 11
7 Construction and development
loans secured by real estate 3 (9) (1)
8 Financial institutions, agricultural,
lease financing, loans for
purchasing or carrying securities,
and other commercial (2) (6) (5)
---- ---- ----
9 Total domestic 129 117 158
10 Foreign (52) (81) 16
---- ---- ----
11 Total Net Credit Losses $ 77 $ 36 $174
==== ==== ====
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
First Fourth First
Quarter Quarter Quarter
(in millions) 1995 1994 1994
------- ------- -------
<S> <C> <C> <C>
Interest Income
1 Loans, including fees $3,004 $2,796 $2,206
2 Interest-bearing deposits in banks 112 108 56
3 Federal funds sold 8 11 13
4 Securities purchased under
resale agreements 135 106 72
5 Trading account assets 163 124 111
6 Available-for-sale and held-to-
maturity securities 314 334 355
------ ------ ------
7 Total interest income 3,736 3,479 2,813
Interest Expense
8 Deposits 1,114 1,019 697
9 Federal funds purchased 39 15 3
10 Securities sold under repurchase
agreements 130 93 79
11 Other short-term borrowings 132 84 61
12 Long-term debt 264 245 169
13 Subordinated capital notes 11 11 10
------ ------ ------
14 Total interest expense 1,690 1,467 1,019
------ ------ ------
15 Net interest income 2,046 2,012 1,794
16 Provision for credit losses 100 100 125
------ ------ ------
17 Net interest income after
provision for credit losses 1,946 1,912 1,669
Noninterest Income
18 Deposit account fees 317 316 294
19 Credit card fees 75 90 82
20 Trust fees 78 83 67
21 Other fees and commissions 300 304 266
22 Net trading account related 46 11 16
23 Foreign exchange trading related 83 43 58
24 Net gain (loss) on available-for-sale
securities 1 (1) 20
25 Net gain on sales of assets 1 28 45
26 Venture capital activities 87 40 31
27 Other income 105 137 124
------ ------ ------
28 Total noninterest income 1,093 1,051 1,003
Noninterest Expense
29 Salaries 809 785 710
30 Employee benefits 193 179 158
31 Occupancy 173 187 165
32 Equipment 159 160 146
33 Amortization of intangibles 109 107 105
34 Communications 86 86 78
35 Regulatory fees and related expenses 72 76 70
36 Professional services 69 60 58
37 Other expense 319 329 294
------ ------ ------
38 Total noninterest expense 1,989 1,969 1,784
------ ------ ------
39 Income before income taxes 1,050 994 888
40 Provision for income taxes 439 403 375
------ ------ ------
41 Net Income $ 611 $ 591 $ 513
====== ====== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BankAmerica Corporation and Subsidiaries
Consolidated Balance Sheet
March 31 Dec. 31 March 31
(in millions) 1995 1994 1994
-------- -------- --------
<S> <C> <C> <C>
Assets
1 Cash and due from banks $ 12,404 $ 13,578 $ 10,455
2 Interest-bearing deposits in banks 6,122 6,371 3,978
3 Federal funds sold 793 640 2,549
4 Securities purchased under resale
agreements 5,969 5,259 5,995
5 Trading account assets 7,941 6,941 6,648
6 Available-for-sale securities 9,268 9,849 9,413
7 Held-to-maturity securities 7,335 8,167 11,979
8 Loans 144,159 140,912 123,544
9 Less: Allowance for credit losses 3,725 3,690 3,445
-------- -------- --------
10 Net loans 140,434 137,222 120,099
11 Customers' acceptance liability 1,977 1,069 801
12 Accrued interest receivable 1,371 1,449 1,030
13 Goodwill, net 4,323 4,296 3,931
14 Identifiable intangibles, net 2,176 2,149 2,133
15 Unrealized gains on off-balance-
sheet instruments 11,577 6,267 7,441
16 Premises and equipment, net 3,973 3,955 3,664
17 Other assets 7,525 8,263 7,096
-------- -------- --------
18 Total Assets $223,188 $215,475 $197,212
======== ======== ========
Liabilities & Stockholders' Equity
Deposits in domestic offices:
19 Interest-bearing $ 87,140 $ 90,374 $ 88,139
20 Noninterest-bearing 32,712 34,956 30,920
Deposits in foreign offices:
21 Interest-bearing 30,718 27,454 22,034
22 Noninterest-bearing 1,698 1,610 1,496
-------- -------- --------
23 Total deposits 152,268 154,394 142,589
24 Federal funds purchased 2,174 3,283 270
25 Securities sold under repurchase
agreements 6,570 5,505 6,910
26 Other short-term borrowings 8,500 5,053 3,628
27 Acceptances outstanding 1,977 1,069 801
28 Accrued interest payable 739 831 529
29 Unrealized losses on off-balance-
sheet instruments 11,848 6,571 7,129
30 Other liabilities 4,435 4,450 4,059
31 Long-term debt 14,846 14,823 13,828
32 Subordinated capital notes 605 605 606
-------- -------- --------
33 Total liabilities 203,962 196,584 180,349
Stockholders' Equity
34 Preferred stock 3,068 3,068 2,979
35 Common stock 587 581 561
36 Additional paid-in capital 7,912 7,743 7,130
37 Retained earnings 8,230 7,854 6,807
38 Net unrealized loss on available-
for-sale securities (275) (326) (252)
39 Common stock in treasury, at cost (296) (29) (362)
-------- -------- --------
40 Total stockholders' equity 19,226 18,891 16,863
-------- -------- --------
41 Total Liabilities and
Stockholders' Equity $223,188 $215,475 $197,212
======== ======== ========
</TABLE>
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