-----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, RKMbWHT1BFd5/PI8UpJmQ6rvIxcJCwXVd0kk78H/Zc5z2P66ZKlsloJAqzeEkzY5 tSSMvf33QYo2A/wcqMEqeA== 0000009626-96-000001.txt : 19960117 0000009626-96-000001.hdr.sgml : 19960117 ACCESSION NUMBER: 0000009626-96-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960116 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960116 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF NEW YORK CO INC CENTRAL INDEX KEY: 0000009626 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 132614959 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06152 FILM NUMBER: 96503390 BUSINESS ADDRESS: STREET 1: 48 WALL ST 15TH FL CITY: NEW YORK STATE: NY ZIP: 10296 BUSINESS PHONE: 2124951784 8-K 1 4TH QUARTER 1995 EARNINGS 1 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 16, 1996 THE BANK OF NEW YORK COMPANY, INC. ---------------------------------- (exact name of registrant as specified in its charter) NEW YORK -------- (State or other jurisdiction of incorporation) 1-6152 13-2614959 ------ ---------- (Commission file number) (I.R.S. employer identification number) 48 Wall Street, New York, NY 10286 ---------------------------- ----- (Address of principal executive (Zip code) offices) 212 - 495 - 1784 ---------------- (Registrant's telephone number, including area code) 2 ITEM 5. Other Events ------------ Fourth Quarter Financial Results -------------------------------- On January 16, 1996 The Bank of New York Company, Inc. (the "Company") issued a press release containing unaudited interim financial information and accompanying discussion for the fourth quarter of 1995. Exhibit 99 is a copy of such press release and is incorporated herein by reference. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits ----------------------------------------------------- (c) Exhibit Description ------- ----------- 99 Unaudited interim financial information and accompanying discussion for the fourth quarter of 1995 contained in the press release dated January 16, 1996, of The Bank of New York Company, Inc. 3 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. Dated: January 16, 1996 THE BANK OF NEW YORK COMPANY, INC. (Registrant) By: /s/ Robert E. Keilman ------------------------ Name: Robert E. Keilman Title: Comptroller 4 EXHIBIT INDEX Exhibit No. Description 99 Unaudited interim financial information and accompanying discussion for the fourth quarter of 1995 contained in the press release dated January 16, 1996, of The Bank of New York Company, Inc. EX-99 2 EARNINGS RELEASE 1 Exhibit 99 The Bank of New York Company, Inc. NEWS - ----------------------------------------------------------------------- 48 Wall Street, New York, NY 10286 Contact: For Release: PUBLIC AND INVESTOR RELATIONS DEPT. IMMEDIATELY Paul J. Leyden, SVP - ----------- (212) 495-1041 Andrew M. Merrill, VP (212) 495-1721 Gregory A. Burton, AT (212) 495-1619 THE BANK OF NEW YORK COMPANY, INC. REPORTS RECORD FOURTH QUARTER ---------------------------------------------------------------- AND FULL YEAR NET INCOME AND E.P.S. ----------------------------------- Fourth Quarter Net Income Rises 20% to $241 Million; Fourth Quarter E.P.S. Increases 12% to $1.12; Full Year Net Income Rises 22% to $914 Million; Full Year E.P.S. Increases 16% to $4.30; Spreads, Yields, ROA, ROE Set Annual Records NEW YORK, N.Y., January 16, 1996 -- The Bank of New York Company, Inc. (NYSE: BK) reported record fourth quarter net income of $241 million, up 20% from $201 million earned in the same period last year. Fourth quarter fully diluted earnings per share were $1.12, a 12% increase over the $1.00 earned in the fourth quarter of 1994. Net income for the full year was $914 million, an increase of 22% over last year's $749 million. Earnings per share, on a fully diluted basis, were $4.30 for the full year of 1995 compared with $3.70 in 1994. Earnings per share for the fourth quarter and full year of 1995 were reduced by $.05 and $.21, respectively for the dilutive effect of stock warrants. 2 Net interest income, on a taxable equivalent basis, was a record $529 million in the fourth quarter, a $43 million or 9% increase over the fourth quarter of last year. Loan demand remained strong, particularly in corporate lending across the United States, and in all of the special industry lending areas. Revenues from the Company's securities processing business grew 19% over the fourth quarter of 1994 and 14% for the full year. All areas of securities processing increased, led by ADRs, corporate trust, and master trust. Securities processing revenues did not include any revenue from the acquisitions of the custody businesses of J.P. Morgan or BankAmerica. Transition activities associated with these acquisitions will continue throughout 1996. Fees from the acquisition of NationsBank's corporate trust business were included in securities processing revenues for the month of December. In 1995, other processing fees grew 11% over last year led by increases in funds transfer and trade finance revenues. For the year, returns on average common equity and on average assets established all-time highs. Return on average common equity totaled 19.42% compared with 18.49% last year, and return on average assets was 1.72% compared with 1.49% in 1994. Return on average assets for the fourth quarter was 1.77%, down only slightly from the third quarter of 1995's record 1.78% and above the fourth quarter of 1994's 1.55%. Return on average common equity was 18.87% in the fourth quarter of 1995, compared with 19.28% in the third quarter of 1995 and 19.03% in the fourth quarter of last year. The Company's estimated Tier 1 capital and Total capital ratios were 8.39% and 13.04% at December 31, 1995 compared with 8.89% and 13.62% at 3 September 30, 1995, and 8.45% and 13.43% at December 31, 1994. The leverage ratio was 8.46% at December 31, 1995 compared with 8.96% at September 30, 1995 and 7.89% one year ago. NET INTEREST INCOME - ------------------- 4th 3rd 4th Quarter Quarter Quarter (In millions) ------- ------- ------- 1995 1995 1994 1995 1994 ----------------------------- ------------------ Net Interest Income $529 $521 $486 $2,068 $1,763 Net Interest Rate Spread 3.41% 3.47% 3.44% 3.41% 3.30% Net Yield on Interest- Earning Assets 4.58 4.61 4.39 4.53 4.11 On a taxable equivalent basis, net interest income amounted to $529 million in the fourth quarter of 1995, compared with $486 million in the same period of 1994, an increase of 9%. The net interest rate spread was 3.41% in the fourth quarter of 1995 compared with 3.47% in the third quarter of 1995 and 3.44% one year ago. The net yield on interest-earning assets was 4.58% compared with 4.61% in the third quarter of 1995 and 4.39% in last year's fourth quarter. For 1995, net interest income, on a taxable equivalent basis, amounted to a record $2,068 million compared with $1,763 million for 1994, an increase of 17%. The net interest rate spread was a record 3.41% for 1995 compared with 3.30% for 1994, while the net yield on interest-earning assets was a record 4.53% for 1995 compared with 4.11% for 1994. Growth in the Company's credit card business continued. Compared with last year's fourth quarter, managed outstandings were up 13% to $8.7 billion from $7.7 billion. 4 NONINTEREST INCOME - ------------------ 4th Quarter (In millions) ----------- 1995 1994 1995 1994 ---------------- ---------------- Processing Fees Securities $108 $ 91 $ 411 $ 359 Other 49 42 189 171 ---- ---- ------ ------ 157 133 600 530 Trust and Investment Fees 39 25 136 126 Income from Credit Card Securitization - 5 3 38 Other Service Charges and Fees 104 106 425 427 Securities Gains 78 - 115 15 Foreign Exchange and Other Trading Activities 17 5 60 44 Other 27 24 157 109 ---- ---- ------ ------ Total Noninterest Income $422 $298 $1,496 $1,289 ==== ==== ====== ====== Securities processing fees increased 19% to $108 million compared to $91 million in the fourth quarter of 1994. Securities processing fees were $411 million, up 14% from $359 million in 1994. All areas of securities processing contributed to this growth with the largest gains in ADRs, corporate trust and master trust. Other processing revenues increased 17% over the fourth quarter of last year. Credit card interchange income and syndication fees, included in other charges and fees, also showed substantial strength. Securities gains of $78 million were partially offset by a $13 million one-time charge to settle the Company's litigation with Northeast Bancorp. The balance was offset by an increase in the loan loss reserve. Foreign exchange and other trading 5 activity increased $12 million over the fourth quarter of 1994. The return of the securitized credit card receivables to the balance sheet reduced noninterest income by $5 million in the fourth quarter and $35 million for the full year. NONINTEREST EXPENSE AND INCOME TAXES - ------------------------------------ Noninterest expense for the year was up only 4% to $1,713 million compared with $1,646 million in 1994. Total noninterest expense for the quarter was $447 million, up 8% from $413 million in the same period last year. The rise in expenses in the fourth quarter was due principally to the inclusion of conversion expenses related to acquisitions in the Company's securities processing business and, to a lesser extent, the purchase of Putnam Trust. Noninterest expense for both the quarter and the full year include the $13 million one-time charge for the settlement of litigation related to Northeast Bancorp. Excluding the settlement with Northeast Bancorp., the efficiency ratios for the fourth quarter and full year 1995 were 49.7% and 50.0% The effective tax rates for both the fourth quarter and full year of 1995 were 38.4% and 38.3% compared with 37.4% and 37.5% for the same periods last year. 6 NONPERFORMING ASSETS - -------------------- Change 4Q 1995 vs (Dollars in millions) 12/31/95 9/30/95 3Q 1995 -------------------------------------- Loans: HLT $ 15 $ 15 $ - Commercial Real Estate 42 49 (7) Other Commercial 60 48 12 Foreign 20 18 2 LDC 21 21 - Community Banking 67 82 (15) ---- ---- Total Loans 225 233 (8) Other Real Estate 72 81 (9) ---- ---- Total $297 $314 (17) ==== ==== Nonperforming Assets Ratio 0.8% 0.8% Allowance/Nonperforming Loans 336.0 320.6 Allowance/Nonperforming Assets 254.5 237.9 This was the eighteenth consecutive quarter of net declines in nonperforming assets. NPAs totaled $297 million at December 31, 1995, compared with $314 million at September 30, 1995. 7 LOAN LOSS PROVISION AND NET CHARGE-OFFS - --------------------------------------- 4th 3rd 4th Quarter Quarter Quarter (In millions) ------- ------- ------- 1995 1995 1994 1995 1994 ----------------------------- ---------------- Provision $105 $113 $ 39 $ 330 $ 162 ---- ---- ---- ----- ----- Net Charge-offs: HLT - (1) (1) (6) (33) Commercial Real Estate - - - (16) (5) Other Commercial (4) (4) (16) (17) (67) Consumer (83) (66) (48) (272) (156) Foreign - (9) (17) (22) (31) Other (8) (6) (1) (20) (44) ---- ---- ---- ----- ----- Total (95) (86) (83) (353) (336) Acquisition - 7 - 8 - Credit Card Securitization - - 3 3 14 ---- ---- ---- ----- ----- Change in Regular Allowance $ 10 $ 34 $(41) $ (12) $(160) ==== ==== ==== ===== ===== Other Real Estate Expenses $ - $ 1 $ 4 $ 5 $ 11 The allowance for loan losses was $756 million, or 2.01% of loans at December 31, 1995, compared with $747 million, or 1.99% of loans at September 30, 1995. *************************** (Financial highlights and detailed financial statements are attached.) 8 THE BANK OF NEW YORK COMPANY, INC. Financial Highlights (Unaudited) (Dollars in millions, except per share amounts) 1995 1994 Change ---- ---- ------ For the Three Months Ended December 31: - --------------------------------------- Net Income $241 $201 19.9% Per Common Share: Primary Earnings $1.15 $1.06 8.5 Fully Diluted Earnings 1.12 1.00 12.0 Cash Dividends 0.36 0.32 12.5 Return on Average Common Shareholders' Equity 18.87% 19.03% Return on Average Assets 1.77 1.55 For the Twelve Months Ended December 31: - ---------------------------------------- Net Income $914 $749 22.0% Per Common Share: Primary Earnings $4.57 $3.92 16.6 Fully Diluted Earnings 4.30 3.70 16.2 Cash Dividends 1.36 1.095 24.2 Return on Average Common Shareholders' Equity 19.42% 18.49% Return on Average Assets 1.72 1.49 As of December 31: - ------------------ Assets $53,685 $48,879 9.8% Loans 37,687 33,083 13.9 Securities 4,854 4,651 4.4 Deposits - Domestic 26,430 23,381 13.0 - Foreign 9,513 10,710 -11.2 Long-Term Debt 1,848 1,774 4.2 Preferred Shareholders' Equity 113 119 -5.0 Common Shareholders' Equity 5,110 4,177 22.3 Common Shareholders' Equity Per Share 25.86 22.32 15.9 Market Value Per Share of Common Stock 48.75 29.00 68.1 Allowance for Loan Losses as a Percent of Loans 2.01% 2.40% Tier 1 Capital Ratio 8.39 8.45 Total Capital Ratio 13.04 13.43 Leverage Ratio 8.46 7.89 Tangible Common Equity Ratio 7.99 7.39 9 THE BANK OF NEW YORK COMPANY, INC. Consolidated Statements of Income (Unaudited) (In millions, except per share amounts) For the three For the twelve months ended months ended December 31, December 31, 1995 1994 1995 1994 ---- ---- ---- ---- Interest Income - --------------- Loans $ 835 $ 701 $3,226 $2,405 Securities Taxable 60 57 235 227 Exempt from Federal Income Taxes 10 13 43 56 ----- ----- ------ ------ 70 70 278 283 Deposits in Banks 23 22 106 68 Federal Funds Sold and Securities Purchased Under Resale Agreements 34 53 193 161 Trading Assets 5 7 28 45 ----- ----- ------ ------ Total Interest Income 967 853 3,831 2,962 ----- ----- ------ ------ Interest Expense - ---------------- Deposits 313 258 1,265 842 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 52 28 161 106 Other Borrowed Funds 49 64 246 191 Long-Term Debt 32 28 130 106 ---- ---- ------ ------ Total Interest Expense 446 378 1,802 1,245 ---- ---- ------ ------ Net Interest Income 521 475 2,029 1,717 - ------------------- Provision for Loan Losses 105 39 330 162 ----- ----- ------ ------ Net Interest Income After Provision for Loan Losses 416 436 1,699 1,555 ----- ----- ------ ------ Noninterest Income - ------------------ Processing Fees Securities 108 91 411 359 Other 49 42 189 171 ----- ----- ------ ------ 157 133 600 530 Trust and Investment Fees 39 25 136 126 Service Charges and Fees 104 111 428 465 Securities Gains 78 - 115 15 Other 44 29 217 153 ----- ----- ------ ------ Total Noninterest Income 422 298 1,496 1,289 ----- ----- ------ ------ Noninterest Expense - ------------------- Salaries and Employee Benefits 237 210 913 852 Net Occupancy 43 43 175 178 Furniture and Equipment 23 22 87 88 Other 144 138 538 528 ----- ----- ------ ------ Total Noninterest Expense 447 413 1,713 1,646 ----- ----- ------ ------ Income Before Income Taxes 391 321 1,482 1,198 Income Taxes 150 120 568 449 ----- ----- ------ ------ Net Income $ 241 $ 201 $ 914 $ 749 - ---------- ===== ===== ====== ====== Net Income Available to Common Shareholders $ 239 $ 198 $ 904 $ 736 - ----------------------- ===== ===== ====== ====== Per Common Share Data: - ---------------------- Primary Earnings $1.15 $1.06 $4.57 $3.92 Fully Diluted Earnings 1.12 1.00 4.30 3.70 Cash Dividends 0.36 0.32 1.36 1.095 Fully Diluted Shares Outstanding 215 201 212 202 10 THE BANK OF NEW YORK COMPANY, INC. Consolidated Balance Sheets (Unaudited) (Dollars in millions, except per share amounts) December 31, December 31, 1995 1994 ---- ---- Assets - ------ Cash and Due from Banks $ 4,711 $ 2,903 Interest-Bearing Deposits in Banks 982 992 Securities: Held-to-Maturity 1,252 2,930 Available-for-Sale 3,602 1,721 ------- ------- Total Securities 4,854 4,651 Trading Assets at Fair Value 743 940 Federal Funds Sold and Securities Purchased Under Resale Agreements 936 3,019 Loans (less allowance for loan losses of $756 in 1995 and $792 in 1994) 36,931 32,291 Premises and Equipment 902 914 Due from Customers on Acceptances 918 810 Accrued Interest Receivable 270 290 Other Assets 2,438 2,069 ------- ------- Total Assets $53,685 $48,879 ======= ======= Liabilities and Shareholders' Equity - ------------------------------------ Deposits Noninterest-Bearing (principally domestic offices) $10,465 $ 8,579 Interest-Bearing Domestic Offices 16,030 14,871 Foreign Offices 9,448 10,641 ------- ------- Total Deposits 35,943 34,091 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 3,933 1,502 Other Borrowed Funds 3,662 4,738 Acceptances Outstanding 928 812 Accrued Taxes and Other Expenses 1,371 1,049 Accrued Interest Payable 190 213 Other Liabilities 587 404 Long-Term Debt 1,848 1,774 ------- ------- Total Liabilities 48,462 44,583 ------- ------- Shareholders' Equity Preferred Stock-no par value, authorized 5,000,000 shares, outstanding 184,000 shares 111 111 Class A Preferred Stock - par value $2.00 per share, authorized 5,000,000 shares, outstanding 49,504 shares in 1995 and 322,104 shares in 1994 2 8 Common Stock-par value $7.50 per share, authorized 350,000,000 shares, issued 204,162,405 shares in 1995 and 190,213,322 shares in 1994 1,531 1,427 Additional Capital 1,087 858 Retained Earnings 2,689 2,048 Securities Valuation Allowance 49 (58) ------- ------- 5,469 4,394 Less: Treasury Stock (6,026,048 shares in 1995 and 2,566,071 shares in 1994), at cost 228 78 Loan to ESOP (658,530 shares in 1995 and 712,695 shares in 1994), at cost 18 20 ------- ------- Total Shareholders' Equity 5,223 4,296 ------- ------- Total Liabilities and Shareholders' Equity $53,685 $48,879 ======= ======= 11 THE BANK OF NEW YORK COMPANY, INC. Average Balances and Rates on a Taxable Equivalent Basis Preliminary (Dollars in millions) For the three months For the three months ended December 31, 1995 ended December 31, 1994 ------------------------ ------------------------- Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------ ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 1,448 $ 23 6.29% $ 1,497 $ 22 5.90% Federal Funds Sold and Securities Purchased Under Resale Agreements 2,359 34 5.79 4,016 53 5.27 Loans Domestic Offices 25,614 632 9.80 22,999 533 9.20 Foreign Offices 11,428 204 7.07 10,279 169 6.51 ------- ------ ------- ------ Total Loans 37,042 836 8.96 33,278 702 8.37 ------- ------ ------- ------ Securities U.S. Government Obligations 2,934 42 5.64 2,962 43 5.76 U.S. Government Agency Obligations 456 7 6.35 322 5 6.58 Obligations of States and Political Subdivisions 607 15 10.12 778 21 10.68 Other Securities, including Trading Securities 1,193 18 6.18 1,173 18 5.94 ------- ------ ------- ------ Total Securities 5,190 82 6.35 5,235 87 6.58 ------- ------ ------- ------ Total Interest-Earning Assets 46,039 975 8.41% 44,026 864 7.79% ------ ------ Allowance for Loan Losses (726) (834) Cash and Due from Banks 3,532 2,813 Other Assets 5,087 5,236 ------- ------- TOTAL ASSETS $53,932 $51,241 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 3,613 41 4.50% $ 3,627 33 3.66% Savings 8,171 62 3.00 7,840 51 2.60 Certificates of Deposit $100,000 & Over 1,395 19 5.46 1,353 17 4.94 Other Time Deposits 2,708 45 6.65 2,378 26 4.41 Foreign Offices 10,918 146 5.30 10,720 131 4.79 ------- ------ ------- ------ Total Interest-Bearing Deposits 26,805 313 4.64 25,918 258 3.94 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 3,597 52 5.72 2,272 28 4.82 Other Borrowed Funds 3,143 49 6.09 4,700 64 5.46 Long-Term Debt 1,819 32 7.01 1,537 28 7.19 ------- ------ ------- ------ Total Interest-Bearing Liabilities 35,364 446 5.00% 34,427 378 4.35% ------ ------ Noninterest-Bearing Deposits 9,831 8,969 Other Liabilities 3,606 3,592 Preferred Stock 113 123 Common Shareholders' Equity 5,018 4,130 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $53,932 $51,241 ======= ======= Net Interest Earnings and Interest Rate Spread $ 529 3.41% $ 486 3.44% ====== ====== Net Yield on Interest- Earning Assets 4.58% 4.39% ==== ==== 12 THE BANK OF NEW YORK COMPANY, INC. Average Balances and Rates on a Taxable Equivalent Basis Preliminary (Dollars in millions) For the twelve months For the twelve months ended December 31, 1995 ended December 31, 1994 ------------------------ ------------------------- Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------ ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 1,682 $ 106 6.28% $ 1,266 $ 68 5.33% Federal Funds Sold and Securities Purchased Under Resale Agreements 3,280 193 5.89 3,653 161 4.39 Loans Domestic Offices 24,366 2,428 9.97 21,889 1,848 8.44 Foreign Offices 11,055 805 7.28 10,140 564 5.56 ------- ------ ------- ------ Total Loans 35,421 3,233 9.13 32,029 2,412 7.53 ------- ------ ------- ------ Securities U.S. Government Obligations 2,929 167 5.71 3,178 175 5.51 U.S. Government Agency Obligations 372 24 6.33 338 22 6.51 Obligations of States and Political Subdivisions 650 68 10.49 893 89 10.02 Other Securities, including Trading Securities 1,309 79 6.14 1,532 81 5.30 ------- ------ ------- ------ Total Securities 5,260 338 6.45 5,941 367 6.19 ------- ------ ------- ------ Total Interest-Earning Assets 45,643 3,870 8.48% 42,889 3,008 7.01% ------ ------ Allowance for Loan Losses (739) (906) Cash and Due from Banks 2,971 2,827 Other Assets 5,178 5,470 ------- ------- TOTAL ASSETS $53,053 $50,280 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 3,451 153 4.44% $ 3,593 108 3.01% Savings 7,909 243 3.07 8,166 190 2.32 Certificates of Deposit $100,000 & Over 1,673 95 5.68 1,041 42 4.03 Other Time Deposits 2,560 143 5.60 2,296 97 4.24 Foreign Offices 11,403 631 5.54 9,990 405 4.05 ------- ------ ------- ------ Total Interest-Bearing Deposits 26,996 1,265 4.69 25,086 842 3.35 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,804 161 5.75 2,843 106 3.73 Other Borrowed Funds 3,962 246 6.22 4,135 191 4.63 Long-Term Debt 1,773 130 7.30 1,530 106 6.93 ------- ------ ------ ------ Total Interest-Bearing Liabilities 35,535 1,802 5.07% 33,594 1,245 3.71% ------ ------ Noninterest-Bearing Deposits 9,065 8,955 Other Liabilities 3,695 3,594 Preferred Stock 115 157 Common Shareholders' Equity 4,643 3,980 ------- ------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $53,053 $50,280 ======= ======= Net Interest Earnings and Interest Rate Spread $2,068 3.41% $1,763 3.30% ====== ====== Net Yield on Interest- Earning Assets 4.53% 4.11% ==== ==== -----END PRIVACY-ENHANCED MESSAGE-----