<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 18, 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 October 18, 1995 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 18, 1995
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)
Date: October 18, 1995 By /s/ JAMES H. WILLIAMS
---------------------
James H. Williams
Executive Vice President
4063959 2
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
99 BankAmerica Corporation press release dated
October 18, 1995 titled "BankAmerica Third Quarter
Earnings."
4063959
<PAGE>
<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 18, 1995 -- BankAmerica Corporation (BAC)
today reported third-quarter 1995 earnings per share of $1.72, an
increase of 26 percent from $1.36 for the same period a year ago. Net
income for the third quarter of 1995 was $704 million, up 29 percent
from the third quarter of 1994. The return on average common equity for
the third quarter of 1995 was 15.09 percent, an increase of 197 basis
points from the same period in 1994.
BAC's earnings for the first nine months of 1995 were $4.75 per
share, based on year-to-date net income of $1,960 million, while
earnings for the first nine months of 1994 were $3.95 per share, based
on year-to-date net income of $1,585 million.
"The third quarter was another good quarter for BankAmerica,"
Richard M. Rosenberg, Chairman and Chief Executive Officer said. "The
earnings reflected several underlying trends we have experienced over
recent quarters. Loan outstandings continued to increase and expenses
remained at an appropriate level. We will continue to focus on both
earnings per share and return on common equity in future quarters."
FINANCIAL HIGHLIGHTS:
. Net interest income was up $252 million, or 13 percent, from the
amount reported for the third quarter of 1994. This increase
primarily resulted from growth in average loans, due in part to the
effects of the acquisition of Continental Bank Corporation. BAC's
net interest margin for the third quarter of 1995 was 4.52 percent,
essentially unchanged from the amount reported in the comparable
period a year ago.
- more -
<PAGE>
. Noninterest income increased $85 million from the third quarter of
1994 primarily due to a $74 million increase in total fees and
commissions. This increase was largely due to higher revenues from
service charges on certain deposit accounts and expanded loan
syndication volume.
. Noninterest expense decreased $60 million from the previous quarter
primarily due to a decrease in regulatory fees and related expenses.
This decline was largely attributable to a $65 million refund
received from the FDIC, which resulted from a reduction in the
FDIC assessment rate on deposit insurance premiums paid to the
Bank Insurance Fund. Approximately $50 million of this refund was
applicable to the third quarter of 1995, while the remaining
portion was applicable to June. Noninterest expense for the third
quarter of 1995 increased $58 million from the third quarter of
1994.
. Nonaccrual assets declined $107 million, or 5 percent, from their
June 30, 1995 level, resulting in a nonperforming assets ratio
(comprised of total nonaccrual assets and other real estate
owned/total assets) of 1.03 percent at September 30, 1995.
. In connection with its previously announced stock repurchase
program, BAC repurchased 3.5 million shares of its common stock
during the third quarter of 1995 at an average per-share price of
$57.48. These shares were repurchased on the open market over 26
trading days and represented approximately 5 percent of the total
volume of BAC common stock traded on those days. Year-to-date common
stock repurchases under this program totaled 13.0 million shares at
an average per-share price of $51.58.
. On September 30, 1995, all of the outstanding shares of BAC's 11%
Cumulative Fixed Preferred Stock, Series I were redeemed, reducing
stockholders' equity by approximately $110 million. In addition, on
October 3, 1995, BAC's Board of Directors modified the previously
announced stock repurchase program by authorizing a $250 million
increase in the total amount of BAC's outstanding preferred stock
that may be repurchased or redeemed through the end of 1996.
(end of text, tables follow)
Look for quarterly earnings on BankAmerica's home page on the Internet
@ http://www.BankAmerica.com.
<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 and Statistical Data
<TABLE>
<CAPTION>
Third Second Third
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1995 1995 1994
------- ------- -------
<S> <C> <C> <C>
1 Net income $ 704 $ 645 $ 547
2 Earnings per common and common
equivalent share 1.72 1.56 1.36
3 Earnings per common share -
assuming full dilution 1.72 1.55 1.35
Rate of return (based
on net income) on:
4 Average total assets 1.21% 1.13% 1.07%
5 Average common equity 15.09 14.30 13.12
6 Net interest margin/a/ 4.52 4.54 4.51
7 Full-time-equivalent staff
at period end (in thousands) 80.2 80.3 81.9
8 Employees at period
end (in thousands) 95.5 95.8 98.6
<CAPTION>
Nine Months Ended
September 30
-----------------
1995 1994
------ ------
<S> <C> <C>
9 Net income $1,960 $1,585
10 Earnings per common and common
equivalent share 4.75 3.95
11 Earnings per common share -
assuming full dilution 4.72 3.93
Rate of return (based
on net income) on:
12 Average total assets 1.16% 1.07%
13 Average common equity 14.44 13.18
14 Net interest margin/a/ 4.53 4.49
</TABLE>
-------------------------------------------------------------------------
/a/ The net interest margin is computed on a taxable-equivalent
basis. The taxable-equivalent basis adjustments to net
interest income were $7 million, $7 million, and $6 million
for the third quarter of 1995, the second quarter of 1995,
and the third quarter of 1994, respectively, and $20 million
and $17 million for the nine-month periods ended
September 30, 1995 and 1994, respectively.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 2
Stock and Capital Data
<TABLE>
<CAPTION>
(dollar amounts in millions, Sept. 30 June 30 Sept. 30
except per share data) 1995 1995 1994
-------- -------- --------
<S> <C> <C> <C>
1 Book value per common share $46.59 $45.38 $42.02
Common stock cash dividends:
2 Quarter ended 171 172 140
3 Year-to-date 515 344 422
Preferred stock cash dividends:
4 Quarter ended 56 56 60
5 Year-to-date 174 118 181
6 Number of common shares out-
standing (in thousands) 369,998 372,336 370,206
Average number of common and common
equivalent shares outstanding
(in thousands):
7 Quarter ended 376,643 376,213 357,962
8 Year-to-date 375,980 375,649 355,084
Average number of common shares
outstanding - assuming full
dilution (in thousands):
9 Quarter ended 377,421 379,182 363,442
10 Year-to-date 379,248 380,162 360,564
11 Common equity to total assets 7.50% 7.46% 7.26%
12 Total risk-based capital ratio 11.40/a/ 11.37 11.54
13 Tier 1 risk-based capital ratio 7.20/a/ 7.17 7.18
14 Total risk-based capital $ 23,019/a/ $ 22,625 $ 21,576
15 Risk-weighted assets 200,856/a/ 199,049 186,958
16 Tier 1 risk-based capital 14,560/a/ 14,280 13,430
</TABLE>
---------------------------------------------------------------------
/a/ Amounts are preliminary.
======================================================================
Table 3
Selected Average Balance Sheet Components
<TABLE>
<CAPTION>
Third Second Third
Quarter Quarter Quarter
(in millions) 1995 1995 1994
-------- -------- --------
<S> <C> <C> <C>
1 Loans $148,842 $145,870 $129,499
2 Earning assets 190,888 188,046 168,759
3 Total assets 229,909 228,771 203,232
4 Deposits 154,982 153,761 145,942
5 Interest-bearing liabilities 157,348 156,209 138,249
6 Common equity 17,032 16,523 14,719
7 Total equity 19,753 19,470 17,827
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 4
Business Sectors
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1995/a/
-------------------------------------------
(dollar amounts Return
in billions except Average Average on Expense
for net income, which Net Total Total Common to
is in millions) Income Assets Deposits Equity Revenue/b/
------ ------- -------- ------ -------
<S> <C> <C> <C> <C> <C>
1 Consumer banking $ 813 $ 71 $ 74 20.15% 55.84%
2 U.S. Corporate and
international banking 632 85 36 12.72 54.71
3 Commercial real estate 273 9 1 29.20 23.13
4 Middle market banking 219 17 7 24.16 45.04
5 Private banking and
investment services 34 4 6 12.89 81.54
6 Non-California banks/c/ 81 24 23 6.15 79.34
7 Other (92) 15 6 (10.03) 139.68
------ ---- ----
8 Total $1,960 $225 $153 14.44% 58.59%
====== ==== ====
<CAPTION>
Nine Months Ended September 30, 1994/a/
--------------------------------------------
Return
Average Average on Expense
Net Total Total Common to
Income Assets Deposits Equity Revenue/b/
------ ------- -------- ------ -------
<S> <C> <C> <C> <C> <C>
9 Consumer banking $ 605 $ 65 $ 77 15.93% 58.45%
10 U.S. Corporate and
international banking 505 65 25 13.46 55.53
11 Commercial real estate 273 9 2 30.09 22.44
12 Middle market banking 171 13 7 23.34 50.66
13 Private banking and
investment services (10) 3 5 (6.40) 104.11
14 Non-California banks/c/ 32 24 24 1.17 84.41
15 Other 9 19 3 (0.75) 71.89
------ ---- ----
16 Total $1,585 $198 $143 13.18% 60.43%
====== ==== ====
</TABLE>
------------------------------------------------------------------------
/a/ Amounts are preliminary. For comparability purposes, both
1995 and 1994 amounts reflect BAC's business-sector
allocation methodologies at September 30, 1995.
/b/ Excludes net other real estate owned expense and
amortization of intangibles.
/c/ Excludes Seafirst Corporation and Bank of America Illinois,
which are reflected within the applicable business sectors.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 5
Trading Income and Net Interest
Income by Function
<TABLE>
<CAPTION>
Third Second Third
Quarter Quarter Quarter
(in millions) 1995/a/ 1995 1994
------- ------- -------
<S> <C> <C> <C>
Trading income:
1 Interest rate $ 13 $ 9 $ 20
2 Foreign exchange 74 80 63
3 Debt instruments 45 62 37
---- ---- ----
4 Total trading income $132 $151 $120
==== ==== ====
Net interest income/b/:
5 Interest rate $ 7 $ 2 $ 2
6 Foreign exchange 10 7 3
7 Debt instruments 37 49 25
----- ---- ----
8 Total net interest income $ 54 $ 58 $ 30
===== ==== ====
<CAPTION>
Nine Months Ended
September 30
---------------------
1995/a/ 1994
------ ------
<S> <C> <C>
Trading income:
9 Interest rate $ 47 $ 49
10 Foreign exchange 237 194
11 Debt instruments 128 60
---- ----
12 Total trading income $412 $303
==== ====
Net interest income/b/:
13 Interest rate $ 12 $ (1)
14 Foreign exchange 19 6
15 Debt instruments 114 64
---- ----
16 Total net interest income $145 $ 69
==== ====
</TABLE>
- -------------------------------------------------------------------------
/a/ Detailed breakouts of total amounts are preliminary.
/b/ Represents the net interest revenue and expense associated
with these contracts.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 6
Loan Outstandings
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
(in millions) 1995 1995 1994
-------- -------- --------
<S> <C> <C> <C>
Domestic
Consumer:
1 Residential first mortgages $ 36,082 $ 35,564 $ 33,033
2 Residential junior mortgages 14,162 14,072 13,658
3 Other installment 12,728 11,819 9,921
4 Credit card 8,622 8,237 7,420
5 Other individual lines of credit 1,816 1,811 1,747
6 Other 289 305 470
-------- -------- --------
7 Total consumer 73,699 71,808 66,249
Commercial:
8 Commercial and industrial 31,896 31,436 29,021
9 Loans secured by real estate 10,776 10,717 9,823
10 Construction and development
loans secured by real estate 3,214 3,308 3,929
11 Financial institutions 2,561 2,520 2,601
12 Agricultural 1,591 1,607 1,721
13 Lease financing 1,910 1,840 1,694
14 Loans for purchasing or carrying
securities 1,236 1,383 1,495
15 Other 1,409 1,569 1,642
-------- -------- --------
16 Total commercial 54,593 54,380 51,926
-------- -------- --------
17 Total domestic loans 128,292 126,188 118,175
Foreign
18 Commercial and industrial 15,314 14,948 13,331
19 Banks and other financial
institutions 2,795 2,941 2,629
20 Governments and official
institutions 1,077 1,131 1,220
21 Other 3,734 3,558 3,336
-------- -------- --------
22 Total foreign loans 22,920 22,578 20,516
-------- -------- --------
23 Total Loans $151,212 $148,766 $138,691
======== ======== ========
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 7
Selected Credit Quality Data
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
(dollar amounts in millions) 1995 1995 1994
--------- -------- ---------
<S> <C> <C> <C>
Nonaccrual assets:
1 Construction and development
loans secured by real estate $ 271 $ 418 $ 672
2 Commercial and industrial 683 645 427
3 Commercial loans secured by real
estate 329 336 412
4 Consumer 384 381 408
5 Foreign 188 182 165
------ ------ ------
6 Total nonaccrual assets $1,855/a/ $1,962/a/ $2,084
====== ====== ======
7 Restructured loans $ 102 $ 99 $ 130
8 Loans past due 90 days or more
and still accruing interest/b/ 439 459 420
9 Other real estate owned 509 485 570
10 Allowance for credit losses to
total loans 2.42% 2.48% 2.61%
11 Allowance for credit losses to
total nonaccrual assets 197.06 188.33 173.96
Annualized ratio of net credit
losses to average total loan
outstandings:
12 Quarter ended 0.40 0.36 0.32
13 Year-to-date 0.33 0.29 0.46
</TABLE>
------------------------------------------------------------------------
/a/ Includes $1.3 billion and $1.4 billion at September 30, 1995 and
June 30, 1995, respectively, of impaired loans that are accounted
for in accordance with Statement of Financial Accounting
Standards No. 114, "Accounting by Creditors for Impairment of a
Loan," as amended, which BAC adopted effective January 1, 1995.
/b/ Includes consumer loans of $340 million, $321 million, and
$238 million at September 30, 1995, June 30, 1995, and September 30,
1994, respectively.
========================================================================
Table 8
Analysis of Change in Nonaccrual Assets
<TABLE>
<CAPTION>
Third Second First
Quarter Quarter Quarter
(in millions) 1995 1995 1995
------- ------- -------
<S> <C> <C> <C>
1 Balance, beginning of period $1,962 $1,935 $2,080
Additions:
2 Loans placed on nonaccrual
status 392 333 175
Deductions:
3 Sales (8) (1) (5)
4 Restored to accrual status (151) (86) (92)
5 Foreclosures (55) (11) (15)
6 Charge-offs (35) (42) (19)
7 Other, primarily payments (250) (166) (189)
------ ------ ------
8 Balance, End of Period $1,855 $1,962 $1,935
====== ====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
Table 9
Net Credit Losses (Recoveries)
<TABLE>
<CAPTION>
Third Second Third
Quarter Quarter Quarter
(in millions) 1995 1995 1994
------- ------- -------
<S> <C> <C> <C>
Domestic consumer:
1 Residential first mortgages $ 12 $ 10 $ 13
2 Residential junior mortgages 16 14 14
3 Credit card 91 87 74
4 Other consumer 43 35 29
Domestic commercial:
5 Commercial and industrial 6 4 (25)
6 Loans secured by real estate 4 20 3
7 Construction and development
loans secured by real estate (33) (3) 20
8 Financial institutions, agricultural,
and lease financing (4) (3) (5)
---- ---- ----
9 Total domestic 135 164 123
10 Foreign 16 (34) (17)
---- ---- ----
11 Total Net Credit Losses $151 $130 $106
==== ==== ====
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Third Second Third
Quarter Quarter Quarter
(in millions) 1995 1995 1994
------- ------- -------
<S> <C> <C> <C>
Interest Income
1 Loans, including fees $3,244 $3,172 $2,510
2 Interest-bearing deposits in banks 115 120 87
3 Federal funds sold 10 9 16
4 Securities purchased under
resale agreements 160 176 84
5 Trading account assets 189 189 116
6 Available-for-sale and held-to-
maturity securities 326 323 340
------ ------ ------
7 Total interest income 4,044 3,989 3,153
Interest Expense
8 Deposits 1,262 1,240 868
9 Federal funds purchased 27 30 6
10 Securities sold under repurchase
agreements 154 150 82
11 Other short-term borrowings 162 168 71
12 Long-term debt 272 266 211
13 Subordinated capital notes 11 12 11
------ ------ ------
14 Total interest expense 1,888 1,866 1,249
------ ------ ------
15 Net interest income 2,156 2,123 1,904
16 Provision for credit losses 110 100 110
------ ------ ------
17 Net interest income after
provision for credit losses 2,046 2,023 1,794
Noninterest Income
18 Deposit account fees 329 323 301
19 Credit card fees 82 74 83
20 Trust fees 72 78 69
21 Other fees and commissions 323 342 279
22 Trading income 132 151 120
23 Net gain (loss) on available-for-sale
securities 17 9 (2)
24 Net gain on sales of assets 27 14 33
25 Venture capital activities 54 103 33
26 Other income 121 44 156
------ ------ ------
27 Total noninterest income 1,157 1,138 1,072
Noninterest Expense
28 Salaries 839 842 741
29 Employee benefits 195 183 186
30 Occupancy 185 182 171
31 Equipment 170 165 145
32 Amortization of intangibles 110 110 100
33 Communications 89 91 79
34 Professional services 78 76 54
35 Regulatory fees and related expenses 7 74 72
36 Other expense 320 330 387
------ ------ ------
37 Total noninterest expense 1,993 2,053 1,935
------ ------ ------
38 Income before income taxes 1,210 1,108 931
39 Provision for income taxes 506 463 384
------ ------ ------
40 Net Income $ 704 $ 645 $ 547
====== ====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Nine Months Ended
September 30
-----------------
(in millions) 1995 1994
------ ------
<S> <C> <C>
Interest Income
1 Loans, including fees $ 9,420 $7,010
2 Interest-bearing deposits in banks 347 217
3 Federal funds sold 27 44
4 Securities purchased under
resale agreements 471 245
5 Trading account assets 541 349
6 Available-for-sale and held-to-
maturity securities 963 1,040
------- ------
7 Total interest income 11,769 8,905
Interest Expense
8 Deposits 3,616 2,318
9 Federal funds purchased 96 12
10 Securities sold under repurchase
agreements 434 258
11 Other short-term borrowings 462 191
12 Long-term debt 802 565
13 Subordinated capital notes 34 31
------- ------
14 Total interest expense 5,444 3,375
------- ------
15 Net interest income 6,325 5,530
16 Provision for credit losses 310 360
------- ------
17 Net interest income after
provision for credit losses 6,015 5,170
Noninterest Income
18 Deposit account fees 969 885
19 Credit card fees 231 244
20 Trust fees 228 202
21 Other fees and commissions 965 807
22 Trading income 412 303
23 Net gain on available-for-sale
securities 27 25
24 Net gain on sales of assets 42 98
25 Venture capital activities 244 96
26 Other income 270 427
------- ------
27 Total noninterest income 3,388 3,087
Noninterest Expense
28 Salaries 2,490 2,151
29 Employee benefits 571 524
30 Occupancy 540 503
31 Equipment 494 429
32 Amortization of intangibles 329 304
33 Communications 266 237
34 Professional services 223 165
35 Regulatory fees and related expenses 153 214
36 Other expense 969 1,007
------- ------
37 Total noninterest expense 6,035 5,534
------- ------
Income before income taxes 3,368 2,723
39 Provision for income taxes 1,408 1,138
------- ------
40 Net Income $ 1,960 $1,585
======= ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Balance Sheet
<TABLE>
<CAPTION>
Sept. 30 June 30 Sept. 30
(in millions) 1995 1995 1994
-------- -------- --------
<S> <C> <C> <C>
Assets
1 Cash and due from banks $ 12,532 $ 12,656 $ 12,493
2 Interest-bearing deposits in banks 5,832 5,620 4,884
3 Federal funds sold 229 467 570
4 Securities purchased under resale
agreements 6,811 6,131 4,474
5 Trading account assets 9,883 8,133 7,103
6 Available-for-sale securities 9,979 9,868 11,166
7 Held-to-maturity securities 6,927 7,186 8,700
8 Loans 151,212 148,766 138,691
9 Less: Allowance for credit losses 3,655 3,695 3,625
-------- -------- --------
10 Net loans 147,557 145,071 135,066
11 Customers' acceptance liability 2,268 2,076 833
12 Accrued interest receivable 1,448 1,335 1,221
13 Goodwill, net 4,263 4,303 4,394
14 Identifiable intangibles, net 2,134 2,172 2,213
15 Unrealized gains on off-balance-
sheet instruments 8,843 9,323 7,783
16 Premises and equipment, net 4,011 4,009 3,935
17 Other assets 7,209 8,249 9,395
-------- -------- --------
18 Total Assets $229,926 $226,599 $214,230
======== ======== ========
Liabilities & Stockholders' Equity
Deposits in domestic offices:
19 Interest-bearing $ 84,345 $ 85,573 $ 91,872
20 Noninterest-bearing 34,231 34,458 33,006
Deposits in foreign offices:
21 Interest-bearing 35,525 33,985 25,981
22 Noninterest-bearing 1,536 1,764 1,807
-------- ------- --------
23 Total deposits 155,637 155,780 152,666
24 Federal funds purchased 3,110 2,274 1,690
25 Securities sold under repurchase
agreements 7,187 5,833 5,278
26 Other short-term borrowings 10,289 9,730 5,796
27 Acceptances outstanding 2,268 2,076 833
28 Accrued interest payable 811 706 719
29 Unrealized losses on off-balance-
sheet instruments 9,547 9,939 8,007
30 Other liabilities 5,334 4,563 5,202
31 Long-term debt 15,277 15,473 14,504
32 Subordinated capital notes 605 605 605
-------- -------- --------
33 Total liabilities 210,065 206,979 195,300
Stockholders' Equity
34 Preferred stock 2,623 2,723 3,368
35 Common stock 600 598 580
36 Additional paid-in capital 8,271 8,213 7,732
37 Retained earnings 9,133 8,663 7,480
38 Net unrealized loss on available-
for-sale securities (51) (69) (201)
39 Common stock in treasury, at cost (715) (508) (29)
-------- -------- --------
40 Total stockholders' equity 19,861 19,620 18,930
-------- -------- --------
41 Total Liabilities and
Stockholders' Equity $229,926 $226,599 $214,230
======== ======== ========
</TABLE>
<PAGE>
