<PAGE>
UNITED STATES
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
Date of Report (Date of earliest event reported) January 20, 1994
----------------
BANKERS TRUST NEW YORK CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK
----------------------------------------------
(State or other jurisdiction of incorporation)
1-5920 13-6180473
------------------------ --------------------------------
(Commission file number) (IRS employer identification no.)
280 PARK AVENUE, NEW YORK, NEW YORK 10017
----------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 250-2500
--------------
<PAGE>
Item 5. Other Events
The purpose of this Current Report on Form 8-K is to file
certain financial information to be incorporated into currently
effective registration statements filed by the Registrant with
the Securities and Exchange Commission under the Securities Act
of 1933, as amended. Such information contained in the
Registrant's Press Release dated January 20, 1994, is described
below and is incorporated herein by reference.
1. Review of certain financial information.
2. The unaudited consolidated financial position of
Bankers Trust New York Corporation and its subsidiaries
at December 31, 1993 and December 31, 1992 and its
unaudited consolidated results of operations for each
of the three-month periods and the years then ended.
In the opinion of the Registrant's management, all material
adjustments necessary for a fair presentation of the Corporation's
consolidated financial position at December 31, 1993 and 1992 and
its consolidated results of operations for each of the three-month
periods and the years then ended have been made. All such adjustments
were of a normal recurring nature, except for the cumulative effects
of accounting changes for postretirement and postemployment benefits
(recorded in the first quarter of 1993) and income taxes (recorded in
the first quarter of 1992).
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99) Press Release of the Registrant dated
January 20, 1994.
<PAGE>
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, hereunto duly
authorized.
BANKERS TRUST NEW YORK CORPORATION
By /s/ Gordon S. Calder, Jr.
Gordon S. Calder, Jr.
Assistant Secretary
January 25, 1994
<PAGE>
BANKERS TRUST NEW YORK CORPORATION
FORM 8-K DATED JANUARY 20, 1994
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
Number Description of Exhibit
<C> <S>
(99) Press Release of the
Registrant dated January 20, 1994
</TABLE>
<PAGE>
EXHIBIT 99
THURSDAY, JANUARY 20, 1994
BANKERS TRUST REPORTS FOURTH QUARTER EARNINGS UP 110%;
RECORD EARNINGS OF $1.070 BILLION FOR 1993
Bankers Trust New York Corporation earned $279 million for the quarter ended
December 31, 1993, an increase of 110% from the $133 million earned in the prior
year period. Primary earnings per share were $3.26, up 119% from $1.49 a year
ago. The Corporation's return on average common equity was 26%.
For the full year 1993, earnings before cumulative effects of accounting changes
were a record $1.070 billion, 67% higher than the $639 million recorded a year
earlier. These earnings represented primary earnings per share of $12.40, up
72% from $7.23 in 1992. The Corporation's return on average common equity for
1993 was 26%.
"The fourth quarter capped an exceptional year, with excellent performance
across the full range of our businesses," said Bankers Trust Chairman Charles S.
Sanford, Jr. "Clearly, our clients are coming more and more to recognize and
value our products and services that assist them in the management of risk.
Noteworthy, too, was the steady improvement in asset quality, evidenced by the
eighth consecutive quarterly decline in nonperforming assets. Our earnings
momentum and improved asset quality, together with strong capital and reserves,
position us well as we enter 1994."
<PAGE>
The following are highlights of full-year 1993 results:
o a 35% increase in total revenue, which reflected record levels of trading,
fiduciary and funds management and net interest revenue, as well as a 25%
improvement in corporate finance fees;
o continued improvement in asset quality, evidenced by a full-year decline of
29% in cash basis loans, as well as an increase from 118% to 136% in the
ratio of the allowance for credit losses to cash basis loans;
o a strengthened capital position, with increases of 18% and 20% in common
stockholders' equity and book value per common share, respectively.
An analysis of fourth quarter results follows:
NET INTEREST REVENUE
Fully taxable net interest revenue totaled $398 million, down 3% from the fourth
quarter of 1992. The current and prior year quarters included interest
recognized from Argentina ($29 million) and Brazil ($60 million), respectively.
Excluding these amounts, fully taxable net interest revenue increased by 5%,
reflecting a higher level of trading-related net interest.
A 13% increase in average interest-earning assets from the fourth quarter of
1992 was driven by a 58% increase in debt securities positions (primarily U.S.
Treasuries and other sovereign bonds) in the trading account.
NONINTEREST REVENUE
Total trading revenue of $449 million represented the firm's third consecutive
quarterly record, and an increase of $348 million from the $101 million recorded
in the fourth quarter of
<PAGE>
1992. Many of the firm's proprietary trading businesses benefited from the
continued movement in interest rate and currency markets around the world, with
significantly improved results from the trading of fixed income instruments
within and across markets in Latin America, Asia and Europe. Deal flow also
remained strong for risk management products provided to customers worldwide.
Fiduciary and funds management revenue totaled a record $185 million for the
fourth quarter, up $27 million, or 17%, from the same period last year. The
increased revenue reflected mainly new business in securities lending and
retirement services, as well as higher levels of private banking assets under
management.
Fees and commissions of $192 million were $48 million higher than in the fourth
quarter of 1992. Of this increase, $25 million related to corporate finance
fees, which rose 30%, to $108 million, led by higher revenue from securities
underwriting, leasing syndication, financial advisory and private placement
activities. The largest component of the remaining $23 million increase was
higher fees from the structuring of products for employee benefit plans.
Other noninterest revenue totaled $45 million, down $24 million from the prior
year's quarter. Included in the current quarter were a writedown of assets
previously acquired in satisfaction of indebtedness and losses from the
revaluation of non-trading foreign currency positions, offset in part by a gain
on the sale of the Corporation's Bankstat business. Also contributing to the
year-to-year decline was a $15 million gain from the partial curtailment of an
overseas defined benefit plan in the fourth quarter of 1992.
NONINTEREST EXPENSES
Total noninterest expenses of $816 million increased by $193
<PAGE>
million from the fourth quarter of 1992. Incentive compensation and employee
benefits expense increased $91 million, or 53%, reflecting higher accruals for
both bonuses and severance. Salaries expense increased $16 million, or 10%,
from the fourth quarter of 1992. The average number of employees increased by
7% over the same period, to 13,640.
All other expenses totaled $375 million for the quarter, up $86 million, or 30%,
from last year's fourth quarter. Increases were recorded in a variety of
expense categories, principally contributions expense, professional fees,
travel and entertainment, telecommunications and agency personnel fees. Other
real estate expense also increased, as the Corporation recorded a modest net
expense in the current quarter, versus a net gain a year ago.
ASSET QUALITY
The provision for credit losses for the quarter was $23 million, compared with
$50 million in the prior year's fourth quarter. Net charge-offs for the quarter
were $184 million, compared with $82 million a year ago.
Nonrefinancing country net charge-offs for the fourth quarter of 1993 totaled
$186 million. This amount included charge-offs of $142 million related to sales
of Mexican government Par and Discount Bonds and industrial development bonds as
well as the loss on revaluation to market value of the remainder of these bonds
as the result of their designation as available for sale in connection with the
adoption of SFAS 115.
Cash basis loans declined by $153 million, or 14%, to $974 million during the
fourth quarter. Total nonperforming assets, including renegotiated loans,
declined for the eighth consecutive quarter, to $1.383 billion. The allowance
for credit losses at December 31, 1993 was $1.324 billion, representing 136% of
cash
<PAGE>
basis loans.
The Corporation's renegotiated loans decreased by $462 million, to $21 million,
during the fourth quarter of 1993. This decrease was almost entirely
attributable to the sale of $75 million of Mexican government Par Bonds and the
transfer of the balance of the bonds to securities available for sale as the
result of the Corporation's adoption of SFAS 115 at December 31, 1993.
CAPITAL
Common stockholders' equity of $4.284 billion at December 31, 1993 was up $247
million from September 30, 1993, primarily due to the retention of earnings.
The Corporation estimated that its ratios of Tier 1 Capital and Total Capital to
risk-adjusted assets were approximately 8.30% and 14.10%, respectively, at
December 31, 1993. The Leverage Ratio was 6.28% at that same date.
ADOPTION OF SFAS 115
Effective December 31, 1993, the Corporation adopted Statement of Financial
Accounting Standards No. 115, "Accounting for Certain Investments in Debt and
Equity Securities." This new accounting standard mandates that affected
securities which are neither trading securities nor held to maturity be
designated as available for sale and reported at fair value, with unrealized
gains and losses recorded directly to a separate component of stockholders'
equity.
The Corporation, in addition to the securities which had been classified as
investment securities (and carried at either the lower of aggregate cost or
market, or at market), identified and transferred at market value to a new asset
category, securities available for sale, Mexican government Par Bonds,
industrial development bonds and Brazilian sovereign bonds previously
<PAGE>
carried in the loan portfolio, as well as marketable equity securities
previously classified as other assets (and carried at cost).
Also at December 31, 1993, the Corporation recorded an after-tax credit of $88
million in the securities valuation allowance component of stockholders' equity,
representing the net unrealized gains on securities available for sale. The
adoption of SFAS 115 had no effect on net income.
CUMULATIVE EFFECTS OF OTHER ACCOUNTING CHANGES
As previously reported, in the first quarter of 1993, the Corporation adopted
accounting standards for income taxes (SFAS 109), postretirement benefits other
than pensions (SFAS 106) and postemployment benefits (SFAS 112). The
Corporation adopted SFAS 109 retroactively to January 1, 1992, resulting in the
restatement of earnings for each quarter of 1992.
For 1992, the cumulative effect of adopting SFAS 109 was a credit of $446
million, equivalent to $5.30 primary earnings per share. For 1993, the
cumulative effects of adopting SFAS 106 and SFAS 112 totaled a charge of $75
million, equivalent to $.89 primary earnings per share.
CONTACTS
MEDIA: Douglas B. Kidd
(212) 454-3532
Thomas A. Parisi
(212) 454-1686
INVESTOR: Kenneth A. Brause
(212) 454-1120
<PAGE>
EARNINGS PER COMMON SHARE
Effective with its December 31, 1993 financial statements, Bankers Trust New
York Corporation has changed its reporting of earnings per common share. The
Corporation now reports primary and fully diluted earnings per share. Primary
earnings per share is based on the sum of average common shares outstanding plus
average common stock equivalents, with the latter attributable to outstanding
stock options and deferred stock awards. The Corporation's fully diluted
earnings per share is computed on the same basis, except for the use of a more
conservative assumption in the calculation of the number of average common stock
equivalents. The Corporation has not issued any securities which are
convertible to shares of its common stock.
Previously, the Corporation's reported earnings per common share were based
solely on the number of average common shares outstanding, due to the fact that
the difference between that figure and primary earnings per share was not
significant.
The Corporation is now reporting primary and fully diluted earnings per share
for all prior periods presented in its financial reports. The attached schedule
contains these figures for each of the last eight quarters and the last five
years.
As previously reported, Bankers Trust intends to continue its practice of
satisfying awards under its 1991 Stock Option and Stock Award Plan through the
purchase of its shares of common stock in the open market, since the use of
newly issued shares would dilute the ownership interests of existing
shareholders. During 1993, the Corporation purchased 4.153 million shares and
expects to purchase an additional 1 to 2 million shares during the first quarter
of 1994.
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
SUMMARY: EARNINGS PER COMMON SHARE
<TABLE>
<CAPTION>
1993
-----------------------------------------------
First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
-------- ------- ---------- ------- -------
<S> <C> <C> <C> <C> <C>
Primary earnings per share:
Income before cumulative
effects of accounting
changes $2.64 $2.90 $3.60 $3.26 $12.40
Cumulative effects of
accounting changes (.89) - - - (.89)
----- ----- ------- ------- ------
Net income (after
cumulative effects) $1.75 $2.90 $3.60 $3.26 $11.51
===== ===== ======= ======= ======
Fully diluted earnings per
share:
Income before cumulative
effects of accounting
changes $2.63 $2.90 $3.60 $3.25 $12.29
Cumulative effects of
accounting changes (.88) - - - (.88)
----- ----- ------- ------- ------
Net income (after
cumulative effects) $1.75 $2.90 $3.60 $3.25 $11.41
===== ===== ======= ======= ======
1992
----------------------------------------------
First Second Third Fourth Full
Quarter Quarter Quarter Quarter Year
----- ----- ------- ------- ------
Primary earnings per share:
Income before cumulative
effect of accounting
change $1.74 $2.13 $1.87 $1.49 $ 7.23
Cumulative effect of
accounting change 5.31 - - - 5.30
----- ----- ------- ------- ------
Net income (after
cumulative effect) $7.05 $2.13 $1.87 $1.49 $12.53
===== ===== ======= ======= ======
Fully diluted earnings per
share:
Income before cumulative
effect of accounting
change $1.74 $2.13 $1.86 $1.49 $ 7.22
Cumulative effect of
accounting change 5.31 - - - 5.29
----- ----- ------- ------- ------
Net income (after
cumulative effect) $7.05 $2.13 $1.86 $1.49 $12.51
===== ===== ======= ======= ======
Full Year
---------------------------
1991 1990 1989(1)
----- ----- -------
Primary earnings per share $7.65 $7.71 $(12.10)
Fully diluted earnings per
share $7.65 $7.70 $(12.10)
</TABLE>
- ---------------
(1) Excluding the $1.600 billion special provision for refinancing country
credit losses which was recorded in 1989, primary and fully diluted
earnings per share were $7.41 and $7.40, respectively.
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS
($ in millions, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Third
Fourth Quarter Quarter Year
------------------ ------------------
1993 1992 1993 1993 1992
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Income before cumulative
effects of accounting
changes $ 279 $ 133 $ 310 $ 1,070 $ 639
Cumulative effects of
accounting changes - - - (75) 446
- ----------------------------- ------- ------- ------- ------- -------
Net income (after cumulative
effects) $ 279 $ 133 $ 310 $ 995 $ 1,085
============================= ======= ======= ======= ======= =======
Primary earnings per common
share:
Income before cumulative
effects of accounting
changes $ 3.26 $ 1.49 $ 3.60 $ 12.40 $ 7.23
Cumulative effects of
accounting changes - - - (.89) 5.30
- ----------------------------- ------- ------- ------- ------- -------
Net income (after
cumulative effects) $ 3.26 $ 1.49 $ 3.60 $ 11.51 $ 12.53
============================= ======= ======= ======= ======= =======
Fully diluted earnings per
common share:
Income before cumulative
effects of accounting
changes $ 3.25 $ 1.49 $ 3.60 $ 12.29 $ 7.22
Cumulative effects of
accounting changes - - - (.88) 5.29
- ----------------------------- ------- ------- ------- ------- -------
Net income (after
cumulative effects) $ 3.25 $ 1.49 $ 3.60 $ 11.41 $ 12.51
============================= ======= ======= ======= ======= =======
Cash dividends declared $ .90 $ .78 $ .78 $ 3.24 $ 2.88
Book value per common share
(1) $ 51.90 $ 43.23 $ 48.38
Profitability ratios
Return on average common
stockholders' equity 25.91% 13.58% 30.37% N/M N/M
- Excluding cumulative
effects of accounting
changes (2) 25.45% 15.45% 29.81% 26.33% 19.52%
Return on average total
assets 1.27% .71% 1.38% N/M N/M
- Excluding cumulative
effects of accounting
changes (2) 1.27% .71% 1.38% 1.25% .86%
Net interest revenue (fully
taxable basis) $ 398 $ 412 $ 364 $ 1,396 $ 1,199
Average rates (fully taxable
basis)
Yield on interest-earning
assets 6.21% 6.55% 5.94% 5.88% 6.44%
Cost of interest-bearing
liabilities 4.52% 4.66% 4.56% 4.48% 5.16%
Interest rate spread 1.69% 1.89% 1.38% 1.40% 1.28%
Net interest margin 2.07% 2.43% 1.80% 1.82% 1.81%
Average balances
Loans $14,211 $17,023 $15,183 $15,310 $16,762
Total interest-earning
assets $76,388 $67,463 $80,121 $76,798 $66,329
Total assets $87,165 $74,508 $89,216 $85,623 $74,694
Total interest-bearing
liabilities $69,976 $59,633 $72,625 $69,676 $59,563
Common stockholders' equity $ 4,180 $ 3,691 $ 3,984 $ 3,901 $ 3,566
Total stockholders' equity $ 4,430 $ 4,191 $ 4,234 $ 4,203 $ 4,066
At end of period
Common stockholders'
equity to total assets 4.65% 4.97% 4.77%
Total stockholders' equity
to total assets 4.92% 5.65% 5.07%
Risk-based capital ratios
Tier 1 Capital (3) 8.30% 7.75% 8.19%
Total Capital (3) 14.10% 13.64% 14.14%
Leverage Ratio (3) 6.28% 6.05% 6.05%
Employees 13,571 12,917 13,573
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS (CONT'D.)
(in millions)
(unaudited)
<TABLE>
<CAPTION>
December 31, September 30,
------------
1993 1992 1993
------------------------
<S> <C> <C> <C>
Nonperforming assets
- ------------------------------------
Cash basis loans
Secured by real estate $ 455 $ 497 $ 509
Real estate related 58 83 56
Highly leveraged 193 430 222
Other nonrefinancing country 150 146 155
Refinancing country 118 221 185
- ------------------------------------ ------ ------ ------
Total cash basis loans $ 974 $1,377 $1,127
==================================== ====== ====== ======
Renegotiated loans
Mexican government Par Bonds $ - $ 611 $ 461
Other 21 48 22
- ------------------------------------ ------ ------ ------
Total renegotiated loans $ 21 $ 659 $ 483
==================================== ====== ====== ======
Other nonperforming assets
Other real estate $ 287 $ 315 $ 295
Other assets 101 105 145
- ------------------------------------ ------ ------ ------
Total other nonperforming assets $ 388 $ 420 $ 440
==================================== ====== ====== ======
<CAPTION>
Fourth Quarter Year
--------------- ---------------
1993 1992 1993 1992
------ ------ ------ ------
<S> <C> <C> <C> <C>
Allowance for credit losses
- ------------------------------------
Balance, beginning of period $1,485 $1,652 $1,620 $1,806
Net charge-offs
Charge-offs 200 87 460 343
Recoveries 16 5 71 49
- ------------------------------------ ------ ------ ------ ------
Total net charge-offs* 184 82 389 294
Losses on sales and swaps
of refinancing country loans - - - 117
- ------------------------------------ ------ ------ ------ ------
Total net charges to the allowance 184 82 389 411
Provision for credit losses 23 50 93 225
- ------------------------------------ ------ ------ ------ ------
Balance, December 31 $1,324 $1,620 $1,324 $1,620
==================================== ====== ====== ====== ======
*Components:
Secured by real estate $ 40 $ 21 $ 116 $ 71
Real estate related 1 - 3 27
Highly leveraged (1) 54 15 117
Other nonrefinancing country 146 8 265 59
Refinancing country (2) (1) (10) 20
- ------------------------------------ ------ ------ ------ ------
Total $ 184 $ 82 $ 389 $ 294
==================================== ====== ====== ====== ======
</TABLE>
- --------------
N/M Not meaningful.
(1) This calculation includes the effect of common shares issuable under
deferred stock awards.
(2) In each case, the cumulative effects of accounting changes have been
excluded from the returns for their respective years of adoption.
(3) Risk-based capital ratios at December 31, 1993 are preliminary. All three
regulatory capital ratios exclude any benefit from the adoption of SFAS 115 at
that same date.
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Increase
THREE MONTHS ENDED DECEMBER 31, 1993 1992 (Decrease)
- ---------------------------------------------- ------- ------- ----------
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $1,171 $1,095 $ 76
Interest expense 798 699 99
- ---------------------------------------------- ------ ------ -----
Net interest revenue 373 396 (23)
Provision for credit losses 23 50 (27)
- ---------------------------------------------- ------ ------ -----
Net interest revenue after provision
for credit losses 350 346 4
- ---------------------------------------------- ------ ------ -----
NONINTEREST REVENUE
Trading 449 101 348
Fiduciary and funds management 185 158 27
Fees and commissions 192 144 48
Investment securities gains (losses) (2) (8) 6
Other 45 69 (24)
- ---------------------------------------------- ------ ------ -----
Total noninterest revenue 869 464 405
- ---------------------------------------------- ------ ------ -----
NONINTEREST EXPENSES
Salaries 179 163 16
Incentive compensation and employee benefits 262 171 91
Occupancy, net 41 40 1
Furniture and equipment 39 36 3
Other 295 213 82
- ---------------------------------------------- ------ ------ -----
Total noninterest expenses 816 623 193
- ---------------------------------------------- ------ ------ -----
Income before income taxes 403 187 216
Income taxes 124 54 70
- ---------------------------------------------- ------ ------ -----
NET INCOME $ 279 $ 133 $ 146
============================================== ====== ====== =====
NET INCOME APPLICABLE TO COMMON STOCK $ 273 $ 126 $ 147
============================================== ====== ====== =====
EARNINGS PER COMMON SHARE:
PRIMARY $3.26 $1.49 $1.77
============================================== ====== ====== =====
FULLY DILUTED $3.25 $1.49 $1.76
============================================== ====== ====== =====
Cash dividends declared per common share $.90 $.78 $.12
============================================== ====== ====== =====
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
(unaudited)
<TABLE>
<CAPTION>
Increase
YEAR ENDED DECEMBER 31, 1993 1992 (Decrease)
- ---------------------------------------------- ------- ------- ----------
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $4,436 $4,219 $ 217
Interest expense 3,122 3,072 50
- ---------------------------------------------- ------ ------ ------
Net interest revenue 1,314 1,147 167
Provision for credit losses 93 225 (132)
- ---------------------------------------------- ------ ------ ------
Net interest revenue after provision
for credit losses 1,221 922 299
- ---------------------------------------------- ------ ------ ------
NONINTEREST REVENUE
Trading 1,631 896 735
Fiduciary and funds management 703 648 55
Fees and commissions 710 588 122
Investment securities gains (losses) 13 (4) 17
Other 307 203 104
- ---------------------------------------------- ------ ------ ------
Total noninterest revenue 3,364 2,331 1,033
- ---------------------------------------------- ------ ------ ------
NONINTEREST EXPENSES
Salaries 687 630 57
Incentive compensation and employee benefits 1,172 730 442
Occupancy, net 155 151 4
Furniture and equipment 144 132 12
Other 877 704 173
- ---------------------------------------------- ------ ------ ------
Total noninterest expenses 3,035 2,347 688
- ---------------------------------------------- ------ ------ ------
Income before income taxes and
cumulative effects of accounting changes 1,550 906 644
Income taxes 480 267 213
- ---------------------------------------------- ------ ------ ------
INCOME BEFORE CUMULATIVE EFFECTS OF
ACCOUNTING CHANGES 1,070 639 431
Cumulative effects of accounting changes (75) 446 (521)
- ---------------------------------------------- ------ ------ ------
NET INCOME (AFTER CUMULATIVE EFFECTS) $ 995 $1,085 $ (90)
============================================== ====== ====== ======
NET INCOME APPLICABLE TO COMMON STOCK $ 972 $1,055 $ (83)
============================================== ====== ====== ======
PRIMARY EARNINGS PER COMMON SHARE:
Income before cumulative effects of
accounting changes $12.40 $ 7.23 $ 5.17
Cumulative effects of accounting changes (.89) 5.30 (6.19)
- ---------------------------------------------- ------ ------ ------
Net income (after cumulative effects) $11.51 $12.53 $(1.02)
============================================== ====== ====== ======
FULLY DILUTED EARNINGS PER COMMON SHARE:
Income before cumulative effects of
accounting changes $12.29 $ 7.22 $ 5.07
Cumulative effects of accounting changes (.88) 5.29 (6.17)
- ---------------------------------------------- ------ ------ ------
Net income (after cumulative effects) $11.41 $12.51 $(1.10)
============================================== ====== ====== ======
Cash dividends declared per common share $ 3.24 $ 2.88 $ .36
============================================== ====== ====== ======
</TABLE>
<PAGE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
($ in millions, except par value)
(unaudited)
<TABLE>
<CAPTION>
December 31, December 31,
1993 1992
------- -------
<S> <C> <C>
ASSETS
Cash and due from banks $ 1,750 $ 1,384
Interest-bearing deposits with banks 1,638 3,142
Federal funds sold 361 438
Securities purchased under resale agreements 9,567 6,745
Securities borrowed 2,937 3,166
Trading account assets 48,276 29,908
Securities available for sale 7,073 -
Investment securities
At market - 852
At lower of aggregate cost or market
(market value: 1992, $5,462) - 5,363
- ------------------------------------------------- ------- -------
Total investment securities - 6,215
Loans 15,200 17,318
Allowance for credit losses (1,324) (1,620)
Premises and equipment, net 719 660
Due from customers on acceptances 455 276
Accounts receivable and accrued interest 2,561 2,781
Other assets 2,869 2,473
- ------------------------------------------------- ------- -------
Total $92,082 $72,886
================================================= ======= =======
LIABILITIES
Deposits
Noninterest-bearing
In domestic offices $ 3,185 $ 3,379
In foreign offices 707 827
Interest-bearing
In domestic offices 7,120 6,809
In foreign offices 11,764 14,056
- ------------------------------------------------- ------- -------
Total deposits 22,776 25,071
Securities sold, not yet purchased 9,349 5,127
Securities sold under repurchase agreements 23,834 17,451
Other short-term borrowings 18,992 11,779
Acceptances outstanding 455 276
Accounts payable and accrued expenses 3,771 3,056
Other liabilities 2,524 2,013
Long-term debt 5,597 3,992
- ------------------------------------------------- ------- -------
Total liabilities 87,298 68,765
- ------------------------------------------------- ------- -------
PREFERRED STOCK OF SUBSIDIARY 250 -
- ------------------------------------------------- ------- -------
STOCKHOLDERS' EQUITY
Preferred stock 250 500
Common stock, $1 par value
Authorized, 300,000,000 shares
Issued, 83,678,973 shares 84 84
Capital surplus 1,321 1,306
Retained earnings 3,226 2,552
Common stock in treasury, at cost: 1993,
3,076,439 shares;
1992, 804,985 shares (233) (52)
Other (114) (269)
- ------------------------------------------------- ------- -------
Total stockholders' equity 4,534 4,121
- ------------------------------------------------- ------- -------
Total $92,082 $72,886
================================================= ======= =======
</TABLE>
