-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FFVE8MNIv6JuoPpcbKvm+k5yIWHkFNnDd6iMQ5sia9sbFi+d7dt5Vs/TzIL4v58l EbzD7+EVXOI7xVExE/x79Q== 0000839947-03-000018.txt : 20030123 0000839947-03-000018.hdr.sgml : 20030123 20030123164613 ACCESSION NUMBER: 0000839947-03-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030121 ITEM INFORMATION: Other events FILED AS OF DATE: 20030123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITICORP CENTRAL INDEX KEY: 0000020405 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132614988 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05738 FILM NUMBER: 03522703 BUSINESS ADDRESS: STREET 1: 399 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10043 BUSINESS PHONE: 2125591000 MAIL ADDRESS: STREET 1: 425 PARK AVE- 2ND F STREET 2: ATTN: LEGAL AFFAIRS OFFICE CITY: NEW YORK STATE: NY ZIP: 10043 FORMER COMPANY: FORMER CONFORMED NAME: CITY BANK OF NEW YORK NATIONAL ASSOCIATI DATE OF NAME CHANGE: 19680903 FORMER COMPANY: FORMER CONFORMED NAME: FIRST NATIONAL CITY CORP DATE OF NAME CHANGE: 19740414 8-K 1 dec8k.txt CITICORP8K 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: January 21, 2003 --------------------------------- (Date of earliest event reported) Citicorp -------------------------------------------------- (Exact name of registrant as specified in charter) Delaware 1-5738 06-1515595 - -------------------------------------------------------------------------------- (State or other juris- (Commission (IRS Employer diction of incorporation) File Number) Identification Number) 399 Park Avenue, New York, New York 10043 - ----------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code:(212) 559-1000 ----------------------------------------------------------------- Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. ------------- Results of Operations (Unaudited) This report summarizes the results of operations of Citicorp and its subsidiaries for the three- and twelve-month periods ended December 31, 2002 and December 31, 2001. Citigroup Inc., the ultimate parent company of Citicorp, filed a Current Report on Form 8-K dated January 21, 2003. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) Fourth Quarter Full Year ------------------- ------------------- 2002 2001 2002 2001 ------------------- ------------------- INTEREST REVENUE Loans, including Fees $ 9,501 $9,542 $37,759 $39,484 Deposits with Banks 256 321 1,008 1,267 Federal Funds Sold and Securities Purchased Under Resale Agreements 125 82 431 509 Investments, including Dividends 1,128 808 4,735 3,785 Trading Account Assets 348 586 1,624 1,421 Loans Held For Sale 292 289 1,138 1,483 ------------------- ------------------- 11,650 11,628 46,695 47,949 ------------------- ------------------- INTEREST EXPENSE Deposits 1,906 2,006 8,797 11,865 Trading Account Liabilities 12 12 55 49 Purchased Funds and Other Borrowings 521 740 2,470 3,333 Long-Term Debt 873 918 3,757 4,934 ------------------- ------------------- 3,312 3,676 15,079 20,181 ------------------- ------------------- NET INTEREST REVENUE 8,338 7,952 31,616 27,768 ------------------- ------------------- POLICYHOLDER BENEFITS AND CLAIMS 129 144 545 953 PROVISION FOR CREDIT LOSSES 2,691 2,261 9,996 6,790 ------------------- ------------------- TOTAL BENEFITS, CLAIMS, AND 2,820 2,405 10,541 7,743 CREDIT LOSSES ------------------- ------------------- NET INTEREST REVENUE AFTER BENEFITS, CLAIMS, AND CREDIT LOSSES 5,518 5,547 21,075 20,025 ------------------- ------------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 2,548 3,013 10,812 11,414 Foreign Exchange 562 529 2,168 2,383 Trading Account 74 194 1,763 1,283 Investment Transactions (158) (64) (373) 77 Other Revenue 1,784 1,349 5,336 4,160 ------------------- ------------------- 4,810 5,021 19,706 19,317 ------------------- ------------------- OPERATING EXPENSE Salaries 2,193 2,272 8,936 9,144 Employee Benefits 542 498 1,969 1,810 ------------------- ------------------- Total Employee and Related Expenses 2,735 2,770 10,905 10,954 Net Premises and Equipment 858 819 3,240 3,056 Restructuring-Related Items {a} 20 (27) (6) 336 Other Expense 3,449 2,608 10,476 9,775 ------------------- ------------------- 7,062 6,170 24,615 24,121 ------------------- ------------------- INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND CUMULATIVE EFFECT OF ACCOUNTING CHANGES 3,266 4,398 16,166 15,221 INCOME TAXES 1,000 1,446 5,345 5,351 MINORITY INTEREST, NET OF INCOME TAXES 34 37 112 84 ------------------- ------------------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES 2,232 2,915 10,709 9,786 CUMULATIVE EFFECT OF ACCOUNTING CHANGES {b} - - - (144) ------------------- ------------------- NET INCOME $ 2,232 $ 2,915 $ 10,709 $ 9,642 =================== =================== {a} The 2002 fourth quarter includes new charges of $23 million, reversals of $(4) million and accelerated depreciation of $1 million. The 2002 full year includes new charges of $64 million, reversals of $(79) million and accelerated depreciation of $9 million. The 2001 fourth quarter includes reversals of $(40) million and accelerated depreciation of $13 million. The 2001 full year includes new charges of $315 million, reversals of $(40) million and accelerated depreciation of $61 million. Restructuring-related items in the 2002 fourth quarter primarily related to the acquisition of Golden State Bancorp and the integration of its operations. {b} Accounting Changes refer to the 2001 first quarter adoption of Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities", as amended (SFAS 133), and the 2001 second quarter adoption of EITF issue 99-20 "Recognition of Interest Income and Impairment on Purchased and Retained Beneficial Interests in Securitized Financial Assets" (EITF 99-20). SIGNATURE 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. CITICORP (Registrant) By: /s/ William P. Hannon --------------------- William P. Hannon Controller Dated: January 22, 2003 -----END PRIVACY-ENHANCED MESSAGE-----