-----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, Ued+JhwAsS9+YeWHMgC7Q4PCaVJdTns6BwnNcmS4sXYg3aN7VHI8oYOVgHNRE7zj OJEdrI702MIELimLQ44pCQ== /in/edgar/work/20000717/0000009626-00-000037/0000009626-00-000037.txt : 20000920 0000009626-00-000037.hdr.sgml : 20000920 ACCESSION NUMBER: 0000009626-00-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF NEW YORK CO INC CENTRAL INDEX KEY: 0000009626 STANDARD INDUSTRIAL CLASSIFICATION: [6022 ] IRS NUMBER: 132614959 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-06152 FILM NUMBER: 673762 BUSINESS ADDRESS: STREET 1: ONE WALL ST 10TH FL CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 2124951784 MAIL ADDRESS: STREET 1: 100 CHURCH STREET 9TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10286 8-K 1 0001.txt SECOND QUARTER 2000 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): July 17, 2000 THE BANK OF NEW YORK COMPANY, INC. ---------------------------------- (exact name of registrant as specified in its charter) NEW YORK -------- (State or other jurisdiction of incorporation) 001-06152 13-2614959 --------- ---------- (Commission file number) (I.R.S. employer identification number) One Wall Street, New York, NY 10286 ----------------------------- ----- (Address of principal executive offices) (Zip code) 212-495-1784 ------------ (Registrant's telephone number, including area code) 2 ITEM 5. Other Events ------------ Second Quarter of 2000 Financial Results ---------------------------------------- On July 17, 2000, The Bank of New York Company, Inc. issued a press release containing unaudited interim financial information and accompanying discussion for the second quarter of 2000. 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 second quarter of 2000 contained in the press release dated July 17, 2000, 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 hereunto duly authorized. Dated: July 17, 2000 THE BANK OF NEW YORK COMPANY, INC. (Registrant) By: /s/ Thomas J. Mastro ------------------------- Name: Thomas J. Mastro Title: Comptroller 4 EXHIBIT INDEX ------------- Exhibit No. Description - ----------- ----------- 99 Unaudited interim financial information and accompanying discussion for the second quarter of 2000 contained in the press release dated July 17, 2000, of The Bank of New York Company, Inc. EX-99 2 0002.txt 2ND QUARTER 2000 EARNINGS 1 EXHIBIT 99 The Bank of New York Company, Inc. NEWS - ------------------------------------------------------------------------------ One Wall Street, New York, NY 10286 ----------------------------------- Contact: PUBLIC AND INVESTOR RELATIONS IMMEDIATELY - ----------- Media: Investors: - ----- --------- Frank H. Scarangella, SVP Richard P. Stanley, SVP (212) 635-1590 (212) 635-1854 Cary J. Giacalone, VP Gregory A. Burton, AVP (212) 635-1590 (212) 635-1578 THE BANK OF NEW YORK COMPANY, INC. REPORTS Record Second Quarter Diluted E.P.S. of 48 Cents, Up 14% Record Securities Servicing Fee Revenue Up 33% Return on Average Common Equity of 26.93% NEW YORK, N.Y., July 17, 2000 -- The Bank of New York Company, Inc. (NYSE: BK) reports record second quarter diluted earnings per share of 48 cents, up 14% from the 42 cents earned in the second quarter of 1999. Net income for the second quarter was a record $356 million, up 10% from the $323 million earned in the same period last year. Diluted earnings per share were a record 93 cents for the first half of 2000, up 13% from the 82 cents earned last year. Net income for the first six months was a record $694 million, an increase of 9% over last year's $639 million. Last year's results included BNY Financial Corporation ("BNYFC") which was divested in the third quarter of 1999. "The second quarter results offer further evidence of the strength of our long-term strategy to deliver sustainable, high quality revenue and earnings growth," said Thomas A. Renyi, Chairman and CEO. In securities 2 servicing, fee revenues increased to a record $403 million, or 33% for the quarter. Foreign exchange and other trading revenue increased to $71 million or 54% over last year, benefiting from a surge in global trading volumes and market share gains. Private client services and asset management fees grew 21% in the quarter, led by strong performance in all product areas. The Company's continued focus on fee-based businesses resulted in noninterest income growing to 63% of total revenue in the second quarter, up from 61% last year. Return on average common equity for the second quarter of 2000 was 26.93% compared with 24.82% in the second quarter of 1999. Return on average assets for the second quarter of 2000 was 1.82% compared with 1.95% in the second quarter of 1999. For the first six months of 2000, return on average common equity totaled 27.00% compared with 24.65% in 1999. Return on average assets was 1.80% for the first six months of 2000 compared with 1.94% in 1999. Fees from the Company's securities servicing businesses reached a record $403 million for the second quarter compared with $302 million last year. For the first six months of 2000, fees from the Company's securities servicing businesses totaled a record $775 million, growing 31% compared with $593 million in 1999. Fee revenue was strong across all product lines with particular strength in global custody, depositary receipts ("DRs"), and global execution and clearing services. Fee revenue also benefited from the acquisition of the Royal Bank of Scotland Trust Bank ("RBSTB") in the fourth quarter of 1999. The Company continues to be the world's leading custodian with assets of $6.8 trillion. Cross-border custody assets now total $2 trillion, reflecting the rapid expansion of worldwide capital markets. DR trading activity reached an all time high, evidence of U.S. investor interest in global telecommunication, media, and technology industries as well as significant cross-border merger and acquisition activity. Private client services and asset management fees were $72 million for the quarter, up 21% over last year, led by continued superior investment 3 performance by BNY Asset Management resulting in further new business, as well as by the acquisition of Estabrook Capital Management, Inc. Total revenues from global payment services, excluding trade finance, were up 10% from last year's second quarter, primarily due to strength in cash management. The introduction of CA$H-Register Plus (service mark), the Company's new browser-based delivery system for cash management services, has fueled revenue growth in the middle market and small business client segments. Trade finance revenues were down from a year ago primarily due to the sale of BNYFC and reduced pricing, driven by the improved risk profiles of select Asian and Latin American markets. Foreign exchange and other trading revenues for the quarter increased 54% over the second quarter of last year to $71 million. In the first six months of 2000, foreign exchange and other trading revenues were $147 million compared with $88 million last year. Foreign exchange revenues from the Company's global securities servicing customer base were particularly strong, due to increased transaction flows and customer penetration. Net interest income on a taxable equivalent basis for the second quarter increased to $477 million from $460 million in the first quarter of 2000. For the first six months of 2000, net interest income on a taxable equivalent basis was $937 million compared with $863 million in the first half of 1999. Tangible diluted earnings per share (earnings before the amortization of goodwill and intangibles) were 51 cents per share in the second quarter of 2000, up 16% from 44 cents per share in the second quarter of 1999. On the same basis, tangible return on average common equity was 41.77% in the second quarter of 2000 compared with 37.79% in 1999; and tangible return on average assets was 1.97% in the second quarter of 2000 compared with 2.11% in 1999. Tangible diluted earnings per share were 99 cents per share for the first six months of 2000, up 14%, compared with 87 cents per share in 1999. Tangible return on average common equity was 42.37% in the first six months of 2000 compared with 37.53% in 1999; and tangible return on average assets was 1.95% 4 in the first six months of 2000 compared with 2.11% last year. Amortization of intangibles for the second quarter and the first six months of 2000 was $28 million and $56 million, respectively, compared with $27 million and $53 million last year. The Company's estimated Tier 1 capital and Total capital ratios were 8.11% and 12.37% at June 30, 2000, compared with 7.39% and 11.49% at March 31, 2000, and 7.63% and 11.52% at June 30, 1999. The leverage ratio was 6.82% at June 30, 2000, compared with 6.66% at March 31, 2000, and 7.65% one year ago. Tangible common equity as a percent of total assets was 5.15% at June 30, 2000, compared with 4.74% at March 31, 2000, and 5.59% one year ago. The decline in the leverage and tangible common equity ratios from 1999 primarily reflects the acquisition of RBSTB, which brought approximately $10 billion in highly liquid, short-term assets and liabilities. In the second quarter of 2000, the Company repurchased approximately one million shares under its common stock repurchase programs. NONINTEREST INCOME
2nd 1st 2nd Quarter Quarter Quarter Year-to-date ------- ------- ------- ------------ (In millions) 2000 2000 1999 2000 1999 ---- ---- ---- ---- ---- Servicing Fees Securities $403 $372 $302 $775 $593 Cash 65 66 70 131 139 ---- ---- ---- ---- ---- 468 438 372 906 732 Private Client Services and Asset Management Fees 72 70 60 142 118 Service Charges and Fees 104 90 91 194 176 Foreign Exchange and Other Trading Activities 71 76 46 147 88 Securities Gains 45 40 50 85 100 Other 20 23 32 43 62 ---- ---- ---- ------ ------ Total Noninterest Income $780 $737 $651 $1,517 $1,276 ==== ==== ==== ====== ======
Total noninterest income reached $780 million, up 20%, from $651 million in the prior year period. The decline in cash servicing fees reflects both lower trade finance fees as well as lower cash management and funds transfer 5 fees due to customers' expanded use of compensating balances in lieu of fees in a rising rate environment. Service charges and fees increased to $104 million due to strong capital markets activity. Securities gains were $45 million compared with $40 million in the first quarter of 2000 and $50 million one year ago. NET INTEREST INCOME
2nd 1st 2nd Quarter Quarter Quarter Year-to-date ------- ------- ------- ------------ (In millions) 2000 2000 1999 2000 1999 ---- ---- ---- ---- ---- Net Interest Income $477 $460 $427 $937 $863 Net Interest Rate Spread 1.93% 1.96% 2.18% 1.94% 2.24% Net Yield on Interest- Earning Assets 2.91 2.89 3.07 2.90 3.13
Net interest income on a taxable equivalent basis was $477 million in the second quarter of 2000 compared with $460 million in the first quarter of 2000 and $427 million in the second quarter of 1999. The net interest rate spread was 1.93% in the second quarter of 2000, compared with 1.96% in the first quarter of 2000 and 2.18% one year ago. The net yield on interest-earning assets was 2.91% compared with 2.89% in the first quarter of 2000 and 3.07% in last year's second quarter. For the first six months of 2000, net interest income on a taxable equivalent basis, amounted to $937 million compared with $863 million in the first half of 1999. The year-to-date net interest rate spread was 1.94% in 2000 compared with 2.24% in 1999, while the net yield on interest-earning assets was 2.90% in 2000 and 3.13% in 1999. The expansion of the Company's securities servicing, global payment services, and asset management businesses continues to generate increased levels of deposits. These additional deposits were invested in high quality liquid assets which increased net interest income, although lowering the net interest-rate spread. The improvement in the yield from the first quarter of 6 2000 reflects the growing value of interest-free deposits generated by the Company's securities and fiduciary businesses. NONINTEREST EXPENSE AND INCOME TAXES Noninterest expense for the second quarter of 2000 was $628 million, compared with $513 million in 1999. The increase was principally due to acquisitions and technology investment. The efficiency ratio for the second quarter of 2000 was 51.9% compared with 52.1% in the first quarter of 2000 and 49.9% in the second quarter of 1999. For the first half of 2000, the efficiency ratio was 52.0% compared with 50.1% last year. The effective tax rate remained unchanged at 34.9% for the second quarter and the first six months of 2000 and 1999. NONPERFORMING ASSETS
Change 6/30/00 vs. (Dollars in millions) 6/30/00 3/31/00 3/31/00 -------- -------- -------- Loans: Other Commercial $ 45 $ 27 $18 Foreign 54 63 (9) Regional Commercial 33 29 4 Loans Available for Sale 23 32 (9) ---- ---- ---- Total Loans 155 151 4 Other Real Estate 7 8 (1) ---- ---- ---- Total $162 $159 $ 3 ==== ==== ==== Nonperforming Assets Ratio 0.4% 0.4% Allowance/Nonperforming Loans 393.4 398.2 Allowance/Nonperforming Assets 376.4 378.1
Nonperforming assets totaled $162 million at June 30, 2000, compared with $159 million at March 31, 2000. At June 30, 2000, remaining credit exposures of loans available for sale totaled $246 million with outstandings of $144 million compared with $389 million and $275 million at March 31, 2000, respectively. 7 CREDIT LOSS PROVISION AND NET CHARGE-OFFS
2nd 1st 2nd Quarter Quarter Quarter Year-to-date ------- ------- ------- ------------ (In millions) 2000 2000 1999 2000 1999 ---- ---- ---- ---- ---- Provision $ 25 $ 20 $ 15 $ 45 $ 30 ==== ==== ==== ==== ==== Net(Charge-offs)Recoveries: Commercial Real Estate $ - $ - $ 1 $ - $ (1) Other Commercial (14) (13) (13) (27) (20) Consumer (1) (1) (1) (2) (2) Foreign - - (2) - (11) Other - (1) - (1) - ----- ----- ----- ----- ----- Total $(15) $(15) $(15) $(30) $(34) ===== ===== ===== ===== ===== Other Real Estate Expenses $ 1 $ 1 $ - $ 2 $ -
The allowance for credit losses increased to $610 million, or 1.57% of loans at June 30, 2000, compared with $600 million, or 1.48% of loans at March 31, 2000, and $595 million, or 1.55% of loans at June 30, 1999. The ratio of the allowance to nonperforming assets was 376.4% at June 30, 2000, compared with 378.1% at March 31, 2000, and 271.0% at June 30, 1999. *************************** (Financial highlights and detailed financial statements are attached.) 8 THE BANK OF NEW YORK COMPANY, INC. Financial Highlights (Dollars in millions, except per share amounts) (Unaudited)
2000 1999 Change ---- ---- ------ For the Three Months Ended June 30: - ------------------------------------ Net Income $ 356 $ 323 10.3% Per Common Share: Basic $ 0.49 $ 0.42 16.7 Diluted 0.48 0.42 14.3 Cash Dividends Paid 0.16 0.14 14.3 Return on Average Common Shareholders' Equity 26.93% 24.82% Return on Average Assets 1.82 1.95 For the Six Months Ended June 30: - ------------------------------------ Net Income $ 694 $ 639 8.6% Per Common Share: Basic $ 0.95 $ 0.84 13.1 Diluted 0.93 0.82 13.4 Cash Dividends Paid 0.32 0.28 14.3 Return on Average Common Shareholders' Equity 27.00% 24.65% Return on Average Assets 1.80 1.94 As of June 30: - ----------------- Assets $76,063 $67,771 12.2% Loans 38,118 38,387 (0.7) Securities 6,688 6,022 11.1 Deposits - Domestic 28,973 26,858 7.9 - Foreign 26,364 20,619 27.9 Long-Term Debt 2,829 2,277 24.2 Minority Interest - Preferred Securities 1,500 1,500 - Preferred Shareholders' Equity 1 1 - Common Shareholders' Equity 5,506 5,279 4.3 Common Shareholders' Equity Per Share 7.46 6.95 7.4 Market Value Per Share of Common Stock 46.50 36.69 26.7 Allowance for Credit Losses as a Percent of Loans 1.57% 1.55% Tier 1 Capital Ratio 8.11 7.63 Total Capital Ratio 12.37 11.52 Leverage Ratio 6.82 7.65 Tangible Common Equity Ratio 5.15 5.59
9 THE BANK OF NEW YORK COMPANY, INC. Consolidated Statements of Income (In millions, except per share amounts) (Unaudited)
For the three For the six months ended months ended June 30, June 30, 2000 1999 2000 1999 ---- ---- ---- ---- Interest Income - --------------- Loans $ 735 $ 659 $1,451 $1,319 Securities Taxable 78 63 157 128 Exempt from Federal Income Taxes 15 12 31 22 ------ ----- ----- ----- 93 75 188 150 Deposits in Banks 66 54 137 118 Federal Funds Sold and Securities Purchased Under Resale Agreements 69 46 118 99 Trading Assets 144 5 246 10 ------ ----- ----- ----- Total Interest Income 1,107 839 2,140 1,696 ------ ----- ----- ----- Interest Expense - ---------------- Deposits 521 324 992 641 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 32 36 69 67 Other Borrowed Funds 42 28 70 75 Long-Term Debt 49 35 98 70 ------ ----- ----- ----- Total Interest Expense 644 423 1,229 853 ------ ----- ----- ----- Net Interest Income 463 416 911 843 - ------------------- Provision for Credit Losses 25 15 45 30 ------ ----- ----- ----- Net Interest Income After Provision for Credit Losses 438 401 866 813 ------ ----- ----- ----- Noninterest Income - ------------------ Servicing Fees Securities 403 302 775 593 Cash 65 70 131 139 ------ ----- ----- ----- 468 372 906 732 Private Client Services and Asset Management Fees 72 60 142 118 Service Charges and Fees 104 91 194 176 Securities Gains 45 50 85 100 Other 91 78 190 150 ------ ----- ----- ----- Total Noninterest Income 780 651 1,517 1,276 ------ ----- ----- ----- Noninterest Expense - ------------------- Salaries and Employee Benefits 366 311 725 622 Net Occupancy 45 40 89 81 Furniture and Equipment 27 21 53 45 Other 190 141 364 274 ------ ----- ----- ----- Total Noninterest Expense 628 513 1,231 1,022 ------ ----- ----- ----- Income Before Income Taxes 590 539 1,152 1,067 Income Taxes 206 188 401 372 Distribution on Trust Preferred Securities 28 28 57 56 ------ ----- ----- ----- Net Income $ 356 $ 323 $ 694 $ 639 - ---------- ====== ===== ===== ===== Net Income Available to Common Shareholders $ 356 $ 323 $ 694 $ 639 - ------------------------------------------- ====== ===== ===== ===== Per Common Share Data: - ---------------------- Basic Earnings $ 0.49 $0.42 $0.95 $0.84 Diluted Earnings 0.48 0.42 0.93 0.82 Cash Dividends Paid 0.16 0.14 0.32 0.28 Diluted Shares Outstanding 745 773 743 776
10 THE BANK OF NEW YORK COMPANY, INC. Consolidated Balance Sheets (Dollars in millions, except per share amounts) (Unaudited)
June 30, December 31, 2000 1999 ---- ---- Assets - ------ Cash and Due from Banks $ 4,167 $ 3,276 Interest-Bearing Deposits in Banks 4,729 6,850 Securities: Held-to-Maturity 921 871 Available-for-Sale 5,767 6,028 ------- ------- Total Securities 6,688 6,899 Trading Assets at Fair Value 10,562 8,715 Federal Funds Sold and Securities Purchased Under Resale Agreements 4,554 5,383 Loans (less allowance for credit losses of $610 in 2000 and $595 in 1999) 37,508 36,952 Premises and Equipment 885 893 Due from Customers on Acceptances 1,194 739 Accrued Interest Receivable 331 319 Other Assets 5,445 4,730 ------- ------- Total Assets $76,063 $74,756 ======= ======= Liabilities and Shareholders' Equity - ------------------------------------ Deposits Noninterest-Bearing (principally domestic offices) $13,671 $12,162 Interest-Bearing Domestic Offices 15,851 16,319 Foreign Offices 25,815 27,270 ------- ------- Total Deposits 55,337 55,751 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 1,455 1,318 Other Borrowed Funds 4,028 3,825 Acceptances Outstanding 1,196 740 Accrued Taxes and Other Expenses 2,887 2,644 Accrued Interest Payable 111 131 Other Liabilities 1,213 893 Long-Term Debt 2,829 2,811 ------- ------- Total Liabilities 69,056 68,113 ------- ------- Company-Obligated Mandatory Redeemable Preferred Trust Securities of Subsidiary Trust Holding Solely Junior Subordinated Debentures 1,500 1,500 ------- ------- Shareholders' Equity Class A Preferred Stock - par value $2.00 per share, authorized 5,000,000 shares, outstanding 16,320 shares in 2000 and 16,787 shares in 1999 1 1 Common Stock-par value $7.50 per share, authorized 1,600,000,000 shares, issued 982,085,224 shares in 2000 and 977,961,165 shares in 1999 7,366 7,335 Additional Capital 395 315 Retained Earnings 3,079 2,620 Accumulated Other Comprehensive Income 57 30 ------- ------- 10,898 10,301 Less: Treasury Stock (242,441,759 shares in 2000 and 237,747,242 shares in 1999), at cost 5,381 5,148 Loan to ESOP (1,444,005 shares in 2000 and 1,444,005 in 1999), at cost 10 10 ------- ------- Total Shareholders' Equity 5,507 5,143 ------- ------- Total Liabilities and Shareholders' Equity $76,063 $74,756 ======= ======= - ---------------------------------------------------------------------------------------- Note: The balance sheet at December 31, 1999 has been derived from the audited financial statements at that date.
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 June 30, 2000 ended June 30, 1999 ------------------------------ ------------------------------ Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 5,167 $ 66 5.11% $ 5,024 $ 54 4.31% Federal Funds Sold and Securities Purchased Under Resale Agreements 4,413 69 6.32 3,949 46 4.66 Loans Domestic Offices 19,424 358 7.42 20,704 362 7.02 Foreign Offices 20,328 377 7.45 19,310 297 6.16 ------- ----- ------- ----- Total Loans 39,752 735 7.44 40,014 659 6.60 ------- ----- ------- ----- Securities U.S. Government Obligations 2,123 32 6.00 2,512 36 5.82 U.S. Government Agency Obligations 1,132 19 6.85 875 14 6.40 Obligations of States and Political Subdivisions 615 12 8.00 580 11 7.90 Other Securities, including Trading Securities 12,749 188 5.91 2,740 30 4.31 ------- ----- ------- ----- Total Securities 16,619 251 6.06 6,707 91 5.46 ------- ----- ------- ----- Total Interest-Earning Assets 65,951 1,121 6.84% 55,694 850 6.12% ----- ----- Allowance for Credit Losses (600) (630) Cash and Due from Banks 3,435 3,075 Other Assets 9,936 8,398 ------- ------- TOTAL ASSETS $78,722 $66,537 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 5,797 71 4.95% $ 5,195 54 4.13% Savings 7,678 48 2.50 7,821 43 2.22 Certificates of Deposit $100,000 & Over 423 6 5.30 591 7 4.75 Other Time Deposits 1,991 25 5.09 2,123 22 4.25 Foreign Offices 29,176 371 5.12 19,652 198 4.04 ------- ----- ------- ----- Total Interest-Bearing Deposits 45,065 521 4.65 35,382 324 3.67 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,400 32 5.43 3,370 36 4.26 Other Borrowed Funds 2,442 42 6.81 2,153 28 5.25 Long-Term Debt 2,823 49 6.94 2,233 35 6.30 ------- ----- ------- ----- Total Interest-Bearing Liabilities $52,730 644 4.91% 43,138 423 3.94% ----- ----- Noninterest-Bearing Deposits 11,224 10,640 Other Liabilities 7,951 6,044 Minority Interest-Preferred Securities 1,500 1,500 Common Shareholders' Equity 5,317 5,215 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $78,722 $66,537 ======= ======= Net Interest Earnings and Interest Rate Spread $ 477 1.93% $ 427 2.18% ===== ==== ===== ==== Net Yield on Interest-Earning Assets 2.91% 3.07% ==== ====
12 THE BANK OF NEW YORK COMPANY, INC. Average Balances and Rates on a Taxable Equivalent Basis (Preliminary) (Dollars in millions)
For the six months For the six months ended June 30, 2000 ended June 30, 1999 ------------------------------ ------------------------------ Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 5,781 $ 137 4.76% $ 5,158 $ 118 4.61% Federal Funds Sold and Securities Purchased Under Resale Agreements 4,030 118 5.90 4,229 99 4.71 Loans Domestic Offices 19,768 720 7.32 20,263 724 7.21 Foreign Offices 20,242 731 7.27 19,407 596 6.19 ------- ----- ------- ----- Total Loans 40,010 1,451 7.30 39,670 1,320 6.71 ------- ----- ------- ----- Securities U.S. Government Obligations 2,449 74 6.05 2,552 73 5.77 U.S. Government Agency Obligations 979 33 6.75 866 28 6.36 Obligations of States and Political Subdivisions 603 24 8.01 603 23 7.80 Other Securities, including Trading Securities 11,181 329 5.92 2,538 55 4.37 ------- ----- ------- ----- Total Securities 15,212 460 6.08 6,559 179 5.51 ------- ----- ------- ----- Total Interest-Earning Assets 65,033 2,166 6.70% 55,616 1,716 6.22% ----- ----- Allowance for Credit Losses (604) (633) Cash and Due from Banks 3,359 3,075 Other Assets 9,842 8,217 ------- ------- TOTAL ASSETS $77,630 $66,275 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 5,660 137 4.85% $ 5,186 106 4.12% Savings 7,663 94 2.48 7,808 86 2.21 Certificates of Deposit $100,000 & Over 444 12 5.38 624 15 4.84 Other Time Deposits 2,097 51 4.90 2,188 47 4.34 Foreign Offices 28,434 698 4.94 19,127 387 4.08 ------- ----- ------- ----- Total Interest-Bearing Deposits 44,298 992 4.51 34,933 641 3.70 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,596 69 5.33 3,181 67 4.24 Other Borrowed Funds 2,219 70 6.36 2,886 75 5.29 Long-Term Debt 2,823 98 6.89 2,180 70 6.41 ------- ----- ------- ----- Total Interest-Bearing Liabilities $51,936 1,229 4.76% 43,180 853 3.98% ----- ----- Noninterest-Bearing Deposits 11,258 10,532 Other Liabilities 7,769 5,863 Minority Interest-Preferred Securities 1,500 1,473 Common Shareholders' Equity 5,167 5,227 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $77,630 $66,275 ======= ======= Net Interest Earnings and Interest Rate Spread $ 937 1.94% $ 863 2.24% ===== ==== ===== ==== Net Yield on Interest-Earning Assets 2.90% 3.13% ==== ====
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