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 17, 1996
------------------------------------------
(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 July 17, 1996 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 17, 1996
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 17, 1996
By /s/ JAMES H. WILLIAMS
-------------------------
James H. Williams
Executive Vice President
and Chief Accounting Officer
4063959 2
EXHIBIT INDEX
Exhibit
Number Description
99 BankAmerica Corporation press release dated
July 17, 1996 titled "BankAmerica Second
Quarter Earnings."
<PAGE>
Exhibit 99
[BankAmerica Corporation logo appears here] News
For release:
BankAmerica Corporation
Contact: Peter Magnani
(415) 953-2418
BANKAMERICA SECOND QUARTER EARNINGS
SAN FRANCISCO, July 17, 1996 -- BankAmerica Corporation (BAC) today reported
second-quarter 1996 earnings per share of $1.84, an increase of 18 percent
from $1.56 for the same period a year ago. Net income for the second
quarter of 1996 was $723 million, up 12 percent from the second quarter
of 1995. The return on average common equity for the second quarter of
1996 was 15.42 percent, an increase of 112 basis points from the same
period of 1995.
BAC's earnings per share for the first six months of 1996 were $3.63, an
increase of 20 percent from $3.03 for the first six months of 1995. Year-to-date
net income for the first six months of 1996 was $1,443 million, an increase of
15 percent from the first six months of 1995 of $1,256 million.
"Our second-quarter results once again demonstrated the power of operating
and financial leverage," David A. Coulter, Chairman and Chief Executive Officer,
said. "By managing expenses and repurchasing and redeeming stock, we were able
to turn a 7 percent revenue gain over last year's second quarter into an
18 percent increase in earnings per share. In addition," Coulter continued,
"the result of our ongoing emphasis on credit quality was reflected in a
$209 million decline in nonaccrual assets from the first quarter of 1996."
FINANCIAL HIGHLIGHTS:
o Net interest income was up $36 million, or 2 percent, from the amount
reported for the second quarter of 1995. BAC's net interest margin for the
second quarter of 1996 was 4.27 percent, down 27 basis points from the
amount reported in the comparable period a year ago, and down 9 basis points
from the previous quarter. The decline in the net interest margin from the
previous quarter was largely attributable to increased reliance on wholesale
funding sources and growth in financial assets.
- more -
<PAGE>
o Noninterest income increased $182 million, or 16 percent, from the second
quarter of 1995. This increase included a net gain of $82 million from the
previously announced sale of a Hong Kong consumer and commercial finance
subsidiary.
o Noninterest expense decreased $56 million, or 3 percent, from the second
quarter of 1995, primarily due to lower regulatory fees and related expenses
attributable to reduced FDIC deposit premium assessment rates. Excluding the
effect of the reduced rates, noninterest expense increased by less than
1 percent from the second quarter of 1995.
o BAC's expense-to-revenue ratio was 55.14 percent in the second quarter of
1996, a decrease of 69 basis points from 55.83 percent in the previous
quarter. This is the seventh consecutive quarter of improved operating
efficiency.
o The provision for credit losses was $250 million, up $150 million from the
second quarter of 1995. Net credit losses were $246 million for the second
quarter of 1996, essentially unchanged from the first quarter of 1996,
but up $116 million from the comparable quarter a year ago. Nonaccrual
assets decreased $209 million, or 12 percent, between March 31, 1996 and
June 30, 1996.
o In connection with BAC's ongoing efforts to return excess capital to its
shareholders, BAC repurchased 5.1 million shares of its common stock
during the second quarter of 1996 at an average per-share price of
$75.19, which reduced stockholders' equity by $385 million. These
shares were repurchased on the open market over 55 trading days and
represented approximately 8 percent of the total volume of BAC common
stock traded on those days. Remaining buyback authority for common stock
under the current repurchase program totaled $1.5 billion at June 30,
1996.
o On April 16, 1996, BAC redeemed all 7,250,000 outstanding shares of
its 9 5/8% Cumulative Preferred Stock, Series F, reducing stockholders'
equity by $181 million. The remaining authority for preferred stock
repurchases and redemptions under the current program totaled
$0.8 billion at June 30, 1996.
(end of text, tables follow)
Look for quarterly earnings on BankAmerica's home page on the Internet
@http://www.BankAmerica.com@
- 2 -
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 1
Summary of Results and Statistical Data
Second First Second
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
1 Net income $ 723 $ 720 $ 645
2 Earnings per common and common
equivalent share 1.84 1.79 1.56
3 Earnings per common share -
assuming full dilution 1.84 1.79 1.55
Rate of return (based on net income) on:
4 Average total assets 1.21% 1.22% 1.13%
5 Average common equity 15.42 15.19 14.30
6 Net interest margin/a/ 4.27 4.36 4.54
7 Full-time-equivalent staff
at period end (in thousands) 78.3 78.7 80.3
8 Employees at period
end (in thousands) 93.2 94.1 95.8
<CAPTION>
Six Months Ended
June 30
-----------------
1996 1995
------ ------
<S> <C> <C>
9 Net income $1,443 $1,256
10 Earnings per common and common
equivalent share 3.63 3.03
11 Earnings per common share --
assuming full dilution 3.63 3.00
Rate of return (based on net income) on:
12 Average total assets 1.21% 1.13%
13 Average common equity 15.31 14.09
14 Net interest margin/a/ 4.32 4.54
- ---------------------------------------------------------------------
</TABLE>
/a/ The net interest margin is computed on a taxable-equivalent
basis. The taxable-equivalent basis adjustments to net interest
income were $1 million, $5 million, and $7 million for the second
quarter of 1996, the first quarterof 1996, and the second
quarter of 1995, respectively, and $6 million and $13 million
for the six-month periods ended June 30, 1996 and 1995,
respectively.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 2
Summary of Results Excluding the Effects
of Amortization of Intangibles/a/
Second First Second
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
1 Net income $ 790 $ 789 $ 715
2 Earnings per common and common
equivalent share 2.02 1.98 1.75
3 Rate of return on average
common equity 16.95% 16.76% 16.00%
<CAPTION>
Six Months Ended
June 30
-----------------
1996 1995
------ ------
<S> <C> <C>
4 Net income $1,579 $1,398
5 Earnings per common and common
equivalent share 4.00 3.41
6 Rate or return on average
common equity 16.85% 15.84%
</TABLE>
- ----------------------------------------------------------------------
/a/ For purposes of this table, amortization of goodwill and
identifiable intangibles was computed based upon the related
balance sheet components that are deducted from Tier 1 capital
under regulatory guidelines. These amortization amounts were
excluded from BAC's results and totaled $67 million,
$69 million, and $70 million for the second quarter of 1996,
the first quarter of 1996, and the second quarter of 1995,
respectively, and $136 million and $142 million for the
six-month periods ended June 30, 1996 and 1995, respectively.
======================================================================
Table 3
Tier 1 Capital Generation
<TABLE>
<CAPTION>
Second First Six Months
Quarter Quarter Ended
(in millions) 1996 1996 June 30, 1996
------- ------- -------------
<S> <C> <C> <C>
Generation:
1 Net income $ 723 $ 720 $1,443
2 Amortization of
intangibles 67 69 136
3 Common stock issuances
and other 47 67 114
----- ----- ------
4 Total generation 837 856 1,693
Applications:
5 Common stock dividends (195) (198) (393)
6 Preferred stock dividends (45) (53) (98)
7 Common stock repurchased (385) (316) (701)
8 Preferred stock redeemed (181) (218) (399)
----- ----- ------
9 Total applications (806) (785) (1,591)
10 Capital attributed to growth
in risk-weighted assets (318)/a/ (35) (353)/a/
----- ----- ------
11 Net capital generated
(applied) $(287) $ 36 $ (251)
===== ===== ======
- ----------------------------------------------------------------------
</TABLE>
/a/ Amounts are preliminary.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 4
Stock and Capital Data
(dollar amounts in millions, June 30 March 31 June 30
except per share data) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
1 Book value per common share $49.64 $48.74 $45.38
Common stock cash dividends:
2 Quarter ended 195 198 172
3 Year-to-date 393 198 344
Preferred stock cash dividends:
4 Quarter ended 45 53 56
5 Year-to-date 98 53 118
6 Number of common shares out-
standing (in thousands) 359,893 364,082 372,336
Average number of common and common
equivalent shares outstanding
(in thousands):
7 Quarter ended 368,543 372,385 376,213
8 Year-to-date 370,464 372,385 375,649
Average number of common shares
outstanding - assuming full
dilution (in thousands):
9 Quarter ended 368,591 373,548 379,182
10 Year-to-date 371,069 373,548 380,162
11 Common equity to total assets 7.48% 7.58% 7.46%
12 Total risk-based capital ratio 11.37/a/ 11.48 11.37
13 Tier 1 risk-based capital ratio 7.24/a/ 7.30 7.17
14 Total risk-based capital $ 23,747/a/ $ 23,465 $ 22,625
15 Risk-weighted assets 208,878/a/ 204,480 199,049
16 Tier 1 risk-based capital 15,119/a/ 14,928 14,280
- -----------------------------------------------------------------------
</TABLE>
/a/ Amounts are preliminary.
======================================================================
Table 5
Selected Average Balance Sheet Components
<TABLE>
<CAPTION>
First Fourth First
Quarter Quarter Quarter
(in millions) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
1 Loans $157,553 $154,929 $145,870
2 Earning assets 202,578 197,712 188,046
3 Total assets 241,056 237,083 228,771
4 Deposits 162,312 159,543 153,761
5 Interest-bearing liabilities 168,755 163,842 156,209
6 Common equity 17,703 17,665 16,523
7 Total equity 19,975 20,281 19,470
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 6
Business Sectors
Six Months Ended June 30, 1996/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 $ 660 $ 90 $ 96 19.38% 54.31%
2 U.S. Corporate and
international banking 549 90 44 20.60 50.71
3 Middle-market banking 179 22 7 24.18 43.04
4 Commercial real estate 136 10 2 25.20 24.54
5 Private banking and
investment services 44 5 7 18.74 71.24
6 Other (125) 22 5 NM NM
------ ---- ----
7 Total $1,443 $239 $161 15.31% 55.46%
====== ==== ====
<CAPTION>
Six Months Ended June 30, 1995/a/
------------------------------------------
Return
Average Average on Expense
Net Total Total Common to
Income Assets Deposits Equity Revenue/b/
------ ------ -------- ------ -------
<S> <C> <C> <C> <C> <C>
8 Consumer banking $ 505 $ 81 $ 96 15.78% 59.60%
9 U.S. Corporate and
international
banking 393 84 35 14.78 55.37
10 Middle-market banking 180 20 8 26.69 43.72
11 Commercial real estate 207 10 1 41.20 25.37
12 Private banking and
investment services 39 4 6 17.72 72.60
13 Other (68) 24 6 NM NM
------ ---- ----
14 Total $1,256 $223 $152 14.09% 59.73
====== ==== ====
- ----------------------------------------------------------------------
</TABLE>
/a/ Amounts are preliminary. For comparability purposes, both
1996 and 1995 amounts reflect BAC's business-sector allocation
methodologies at June 30, 1996.
/b/ Excludes net other real estate owned expense and amortization of
intangibles.
NM - Not meaningful.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 7
Trading-Related Income
Second First Second
Quarter Quarter Quarter
(in millions) 1996/a/ 1996 1995
------- ------- -------
<S> <C> <C> <C>
Trading income:
1 Interest rate $ 8 $ 12 $ 9
2 Foreign exchange 90 98 80
3 Debt instruments 80 55 62
---- ---- ----
4 Total trading income $178 $165 $151
==== ==== ====
Other trading-related income/b/:
5 Interest rate $ 7 $ 6 $ 2
6 Foreign exchange 7 6 7
7 Debt instruments 59 44 49
---- ---- ----
8 Total other trading-related
income $ 73 $ 56 $ 58
==== ==== ====
<CAPTION>
Six Months Ended
June 30
-----------------
1996/a/ 1995
------ ------
<S> <C> <C>
Trading income:
9 Interest rate $ 20 $ 34
10 Foreign exchange 188 163
11 Debt instruments 135 83
---- ----
12 Total trading income $343 $280
==== ====
Other trading-related income/b/:
13 Interest rate $ 13 $ 5
14 Foreign exchange 13 9
15 Debt instruments 103 7
---- ----
16 Total other trading-related income $129 $ 91
==== ====
- ---------------------------------------------------------------------
</TABLE>
/a/ Detailed breakouts of total amounts are preliminary.
/b/ Primarily includes the net interest revenue and expense
associated with these contracts.
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 8
Loan Outstandings
June 30 March 31 June 30
(in millions) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
DOMESTIC
Consumer:
1 Residential first mortgages $ 38,012 $ 37,701 $ 35,564
2 Residential junior mortgages 14,386 13,889 14,072
3 Other installment 15,057 14,682 11,819
4 Credit card 9,342 8,919 8,237
5 Other individual lines of credit 1,824 1,845 1,811
6 Other 307 304 305
------- ------- -------
7 Total consumer 78,928 77,340 71,808
Commercial:
8 Commercial and industrial 33,097 32,193 31,436
9 Loans secured by real estate 11,410 11,052 10,717
10 Construction and development
loans secured by real estate 2,896 3,107 3,308
11 Financial institutions 3,075 2,705 2,520
12 Lease financing 2,019 1,941 1,840
13 Agricultural 1,581 1,585 1,607
14 Loans for purchasing or carrying
securities 1,399 1,402 1,383
15 Other 1,146 1,211 1,569
-------- -------- --------
16 Total commercial 56,623 55,196 54,380
-------- -------- --------
17 Total domestic loans 135,551 132,536 126,188
Foreign
18 Commercial and industrial 15,958 15,183 14,948
19 Banks and other financial
institutions 4,077 2,916 2,941
20 Governments and official
institutions 1,015 1,334 1,131
21 Other 4,039 4,186 3,558
-------- -------- --------
22 Total foreign loans 25,089 23,619 22,578
-------- -------- --------
23 Total Loans $160,640 $156,155 $148,766
======== ======== ========
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 9
Selected Credit Quality Data
June 30 March 31 June 30
(dollar amounts in millions) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
Nonaccrual assets:
1 Commercial and industrial $ 422 $ 515 $ 612
2 Construction and development
loans secured by real estate 346 417 451
3 Commercial loans secured by real
estate 245 251 336
4 Consumer 342 373 381
5 Foreign 133 141 182
------ ------ ------
6 Total nonaccrual assets $1,488/a/ $1,697/a/ $1,962/a/
====== ====== ======
7 Restructured loans $ 103 $ 91 $ 99
8 Loans past due 90 days or more
and still accruing interest/b/ 389 360 459
9 Other real estate owned 437 492 485
10 Allowance for credit losses to
total loans 2.18% 2.24% 2.48%
11 Allowance for credit losses to
total nonaccrual assets 234.88 206.01 188.33
Annualized ratio of net credit
losses to average total loan
outstandings:
12 Quarter ended 0.63 0.62 0.36
13 Year-to-date 0.62 0.62 0.29
- ---------------------------------------------------------------------
</TABLE>
/a/ Includes $1.1 billion, $1.3 billion, and $1.4 billion at
June 30, 1996, March 31, 1996, 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 $311 million, $336 million, and
$321 million at June 30 , 1996, March 31, 1996, and June 30,
1995, respectively.
========================================================================
Table 10
Analysis of Change in Nonaccrual Assets
<TABLE>
<CAPTION>
Second First
Quarter Quarter
(in millions) 1996 1996
------ -------
<S> <C> <C>
1 Balance, beginning of period $1,697 $1,891
Additions:
2 Loans placed on nonaccrual status 129 191
Deductions:
3 Sales (26) (67)
4 Restored to accrual status (37) (60)
5 Foreclosures (6) (11)
6 Charge-offs (77) (90)
7 Other, primarily payments (192) (157)
------ ------
8 Balance, end of period $1,488 $1,697
====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Financial Highlights
<TABLE>
<CAPTION>
Table 11
Net Credit Losses (Recoveries)
Second First Second
Quarter Quarter Quarter
(in millions) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
Domestic consumer:
1 Residential first mortgages $ 12 $ 11 $ 10
2 Residential junior mortgages 12 16 14
3 Credit card 108 103 87
4 Other consumer 63 61 35
Domestic commercial:
5 Commercial and industrial 29 12 4
6 Loans secured by real estate - 8 20
7 Construction and development
loans secured by real estate 13 20 (3)
8 Financial institutions, lease
financing, agricultural, and
loans for purchasing or
carrying securities 19 20 (3)
---- ---- ----
9 Total domestic 256 251 164
10 Foreign (10) (12) (34)
---- ---- ----
11 Total Net Credit Losses $246 $239 $130
==== ==== ====
</TABLE>
=====================================================================
Table 12
Domestic Consumer Loan Delinquency Information/a/
<TABLE>
<CAPTION>
June 30 March 31 June 30
(dollar amounts in millions) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
Consumer loan delinquencies:
1 Residential first mortgages $535 $609 $616
2 Residential junior mortgages 70 82 95
3 Credit card 204 199 165
4 Other consumer 96 94 65
---- ---- ----
5 Total consumer loan delinquencies $905 $984 $941
==== ==== ====
Consumer loan delinquency ratios/b/
6 Residential first mortgages 1.41% 1.61% 1.73%
7 Residential junior mortgages 0.48 0.59 0.68
8 Credit card 2.19 2.23 2.00
9 Other consumer 0.56 0.56 0.46
10 Total consumer loan
delinquency ratio 1.15% 1.27% 1.31%
==== ==== ====
- ---------------------------------------------------------------------
</TABLE>
/a/ 60 days or more past due.
/b/ Ratios represent delinquency balances expressed as a
percentage of total loans for that loan category.
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Second First Second
Quarter Quarter Quarter
(in millions) 1996 1996 1995
------- ------- -------
<S> <C> <C> <C>
Interest Income
1 Loans, including fees $3,307 $3,297 $3,172
2 Interest-bearing deposits in banks 96 117 120
3 Federal funds sold 7 6 9
4 Securities purchased under
resale agreements 176 155 176
5 Trading account assets 247 216 189
6 Available-for-sale and held-to-
maturity securities 293 298 323
------ ------ ------
7 Total interest income 4,126 4,089 3,989
Interest Expense
8 Deposits 1,307 1,314 1,240
9 Federal funds purchased 20 22 30
10 Securities sold under repurchase
agreements 176 163 150
11 Other short-term borrowings 208 178 168
12 Long-term debt 249 254 266
13 Subordinated capital notes 7 12 12
------ ------ ------
14 Total interest expense 1,967 1,943 1,866
------ ------ ------
15 Net interest income 2,159 2,146 2,123
16 Provision for credit losses 250 180 100
------ ------ ------
17 Net interest income after
provision for credit losses 1,909 1,966 2,023
Noninterest Income
18 Deposit account fees 346 344 323
19 Credit card fees 90 79 74
20 Trust fees 56 63 78
21 Other fees and commissions 333 320 342
22 Trading income 178 165 151
23 Venture capital activities 112 110 103
24 Net gain (loss) on sales of
subsidiaries and operations 83 51 (17)
25 Net gain on sales of assets 21 49 14
26 Net gain on available-for-sale
securities 4 30 9
27 Other income 97 63 61
------ ------ ------
28 Total noninterest income 1,320 1,274 1,138
Noninterest Expense
29 Salaries 814 821 842
30 Employee benefits 213 202 183
31 Occupancy 186 190 182
32 Equipment 175 163 165
33 Amortization of intangibles 93 95 110
34 Communications 90 92 91
35 Regulatory fees and related expenses 13 13 74
36 Other expense 413 437 406
------ ------ ------
37 Total noninterest expense 1,997 2,013 2,053
------ ------ ------
38 Income before income taxes 1,232 1,227 1,108
39 Provision for income taxes 509 507 463
------ ------ ------
40 Net Income $ 723 $ 720 $ 645
====== ====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Statement of Operations
<TABLE>
<CAPTION>
Six Months Ended
June 30
------------------
(in millions) 1996 1995
------- ------
<S> <C> <C>
Interest Income
1 Loans, including fees $6,604 $6,176
2 Interest-bearing deposits in banks 213 232
3 Federal funds sold 13 17
4 Securities purchased under
resale agreements 331 311
5 Trading account assets 463 352
6 Available-for-sale and held-to-
maturity securities 591 637
------ ------
7 Total interest income 8,215 7,725
Interest Expense
8 Deposits 2,621 2,354
9 Federal funds purchased 42 69
10 Securities sold under repurchase
agreements 339 280
11 Other short-term borrowings 386 300
12 Long-term debt 503 530
13 Subordinated capital notes 19 23
------ ------
14 Total interest expense 3,910 3,556
------ ------
15 Net interest income 4,305 4,169
16 Provision for credit losses 430 200
------ ------
17 Net interest income after
provision for credit losses 3,875 3,969
Noninterest Income
18 Deposit account fees 690 640
19 Credit card fees 169 149
20 Trust fees 119 156
21 Other fees and commissions 653 642
22 Trading income 343 280
23 Venture capital activities 222 190
24 Net gain (loss) on sales of
subsidiaries and operations 134 (17)
25 Net gain on sales of assets 70 15
26 Net gain on available-for-sale
securities 34 10
27 Other income 160 166
------ ------
28 Total noninterest income 2,594 2,231
Noninterest Expense
29 Salaries 1,635 1,651
30 Employee benefits 415 376
31 Occupancy 376 355
32 Equipment 338 324
33 Amortization of intangibles 188 219
34 Communications 182 177
35 Regulatory fees and related expenses 26 146
36 Other expense 850 794
------ ------
37 Total noninterest expense 4,010 4,042
------ ------
38 Income before income taxes 2,459 2,158
39 Provision for income taxes 1,016 902
------ ------
40 Net Income $1,443 $1,256
====== ======
</TABLE>
<PAGE>
BankAmerica Corporation and Subsidiaries
Consolidated Balance Sheet
<TABLE>
<CAPTION>
June 30 March 31 June 30
(in millions) 1996 1996 1995
------- -------- -------
<S> <C> <C> <C>
Assets
1 Cash and due from banks $ 12,478 $ 12,870 $ 12,656
2 Interest-bearing deposits in banks 5,194 5,585 5,620
3 Federal funds sold 276 143 467
4 Securities purchased under resale
agreements 7,001 6,198 6,131
5 Trading account assets 12,633 11,215 8,133
6 Available-for-sale securities 10,964 11,287 9,868
7 Held-to-maturity securities 4,280 4,523 7,186
8 Loans 160,640 156,155 148,766
9 Less: Allowance for credit losses 3,495 3,496 3,695
-------- -------- --------
10 Net loans 157,145 152,659 145,071
11 Customers' acceptance liability 2,837 2,761 2,076
12 Accrued interest receivable 1,451 1,469 1,335
13 Goodwill, net 4,066 4,115 4,303
14 Identifiable intangibles, net 1,708 1,753 2,172
15 Unrealized gains on off-balance-
sheet instruments 7,297 7,551 9,323
16 Premises and equipment, net 3,980 4,010 4,009
17 Other assets 7,531 8,104 8,249
-------- -------- --------
18 Total Assets $238,841 $234,243 $226,599
======== ======== ========
Liabilities & Stockholders' Equity
Deposits in domestic offices:
19 Interest-bearing $ 83,954 $ 84,314 $ 85,573
20 Noninterest-bearing 34,737 34,570 34,458
Deposits in foreign offices:
21 Interest-bearing 41,444 40,127 33,985
22 Noninterest-bearing 1,710 1,506 1,764
-------- -------- --------
23 Total deposits 161,845 160,517 155,780
24 Federal funds purchased 2,740 2,125 2,274
25 Securities sold under repurchase
agreements 8,861 7,640 5,833
26 Other short-term borrowings 14,530 11,523 9,730
27 Acceptances outstanding 2,837 2,761 2,076
28 Accrued interest payable 833 842 706
29 Unrealized losses on off-balance-
sheet instruments 7,310 7,719 9,939
30 Other liabilities 4,824 5,875 4,563
31 Long-term debt 14,597 14,718 15,473
32 Subordinated capital notes 356 356 605
-------- -------- --------
33 Total liabilities 218,733 214,076 206,979
Stockholders' Equity
34 Preferred stock 2,242 2,423 2,723
35 Common stock 605 604 598
36 Additional paid-in capital 8,439 8,384 8,213
37 Retained earnings 10,544 10,067 8,663
38 Net unrealized loss on
available-for-sale securities (79) (56) (69)
39 Common stock in treasury, at cost (1,643) (1,255) (508)
-------- -------- --------
40 Total stockholders' equity 20,108 20,167 19,620
-------- -------- --------
41 Total Liabilities and
Stockholders' Equity $238,841 $234,243 $226,599
======== ======== ========
</TABLE>
