-----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, TDrS6ONAicKxGjvuX3nmdUdoZ7RqVaiC+wOGkiT78LPuKsYDvrGfQWdXLwjY+iYD T+Zq2p5RUXdusCRczEo6QA== 0000009626-01-500026.txt : 20010717 0000009626-01-500026.hdr.sgml : 20010717 ACCESSION NUMBER: 0000009626-01-500026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010630 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010716 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: SEC FILE NUMBER: 001-06152 FILM NUMBER: 1681839 BUSINESS ADDRESS: STREET 1: ONE WALL ST 10TH FL CITY: NEW YORK STATE: NY ZIP: 10286 BUSINESS PHONE: 212-495-1784 MAIL ADDRESS: STREET 1: ONE WALL STREET 31ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10286 8-K 1 r2q018k.txt 8-K 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 16, 2001 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 2001 Financial Results ---------------------------------------- On July 16, 2001, The Bank of New York Company, Inc. issued a press release containing unaudited interim financial information and accompanying discussion for the second quarter of 2001. 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 2001 contained in the press release dated July 16, 2001, 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 16, 2001 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 2001 contained in the press release dated July 16, 2001, of The Bank of New York Company, Inc. EX-99 2 r2q01ex99.txt EX-99 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: - ----- --------- Robert T. Grieves, SVP Richard P. Stanley, SVP (212) 635-1590 (212) 635-1854 Cary J. Giacalone, VP John M. Roy, MD (212) 635-1590 (212) 635-8005 Thomas C. McCrohan, VP (212) 635-1578 THE BANK OF NEW YORK COMPANY, INC. REPORTS Second Quarter Diluted E.P.S. of 52 Cents, Up 8% Return on Equity of 25.44%; Return on Assets of 2.01% First Half Diluted E.P.S. of $1.03, Up 11% NEW YORK, N.Y., July 16, 2001 -- The Bank of New York Company, Inc. (NYSE: BK) reports second quarter diluted earnings per share of 52 cents, up 8% from the 48 cents earned in the second quarter of 2000. Net income for the second quarter reached a new high of $385 million, up 8% from the $356 million earned in the same period last year. Diluted earnings per share were $1.03 per share for the first half of 2001, up 11% from the 93 cents earned last year. Net income for the first six months was $769 million, an increase of 11% over last year's $694 million. "The second quarter proved more challenging than the first as the continued slowdown in the global capital markets adversely impacted several of our international securities servicing businesses. Notwithstanding this environment, certain of our businesses performed quite well and, coupled with our customary attention to cost control, we were able to record an 8% EPS 2 increase in the quarter and 11% for the six months. Our near-term outlook, however, is cautious given the current weakness in the global economy and market environment and the uncertain prospects for the balance of 2001. A continuation of these current market conditions would provide for earnings growth more in line with that of the current quarter. Overall, we remain confident that our consistent strategy positions us to achieve our long-term financial targets," said Thomas A. Renyi, Chairman and CEO. In securities servicing, fee revenues increased to $436 million, up 8% from the second quarter of last year. Private client services and asset management fees grew 9% in the quarter. Foreign exchange and other trading revenues were $98 million compared with $71 million in the second quarter of 2000. The Company's continued focus on fee-based businesses resulted in noninterest income growing to 65% of total revenue in the second quarter, up from 63% last year. Return on average common equity for the second quarter of 2001 was 25.44% compared with 26.93% in the second quarter of 2000. Return on average assets for the second quarter of 2001 was 2.01% compared with 1.81% in the second quarter of 2000. For the first six months of 2001, return on average common equity was 25.68% compared with 27.00% in 2000. Return on average assets was 2.02% for the first six months of 2001 compared with 1.79% in 2000. Fees from the Company's securities servicing businesses reached $436 million for the second quarter compared with $403 million last year. For the first six months of 2001, fees from the Company's securities servicing businesses totaled a record $893 million, growing 15% compared with $775 million in 2000. Compared with the first quarter of 2001, securities servicing revenue declined reflecting the slowdown in global capital markets and in securities transaction volumes. The two businesses most impacted were depositary receipts ("DR") and international custody. The DR business was adversely impacted by the marked declines in cross-border merger and acquisition activity as well as foreign capital raising. Notwithstanding the 3 slowdown in market activity, the mandate pipeline continues to build while clients wait for improved market conditions. The Company's market share remained strong winning 71% of all new public sponsored DR appointments in the first half of 2001. The international custody business was also negatively impacted by slowing global transactions combined with lost business volumes associated with client service issues inherited from the acquisition of the former Royal Bank of Scotland Trust Bank. The technology integration related to the acquisition is near completion and customer conversions are well underway with the acquired business now positioned for future growth. Areas of strength for the quarter included corporate trust, securities lending, broker dealer services, and global liquidity services reflecting active fixed income markets and a falling rate environment. The Company continues to be the world's leading custodian with quarter-end assets reaching $6.9 trillion, including $2 trillion of cross-border custody assets. With respect to global liquidity services, average funds invested off-balance-sheet were $39 billion in the second quarter of 2001, compared with $38 billion in the first quarter and up 35% compared with last year's second quarter. Private client services and asset management fees were $78 million for the quarter, up 9% from $72 million last year, led by alternative investment and short-term money market product lines. Global payment services fees were $72 million, up 11% over last year. This growth reflects new cash management business wins among the Company's regional commercial and corporate banking clients as well as the continued success of CA$H-Register Plus (registered trademark), the Company's internet-based electronic banking service. Foreign exchange and other trading revenues were $98 million for the quarter, up from $71 million last year. In the first six months of 2001, foreign exchange and other trading revenues were $181 million, up from 4 $147 million last year. Second quarter results reflect continued strong foreign exchange transaction flows from the Company's securities servicing client franchise. The Company also benefited from strong demand for hedging products driven by the strength of the U.S. dollar and volatility in global interest rates. In addition, the Company profited from seasonal arbitrage opportunities which naturally arise out of the securities lending business. Net interest income on a taxable equivalent basis for the second quarter was $472 million, essentially flat compared with the first quarter of 2001 and the second quarter of 2000. For the first six months of 2001, net interest income on a taxable equivalent basis was $941 million compared with $937 million in the first half of 2000. Tangible diluted earnings per share (earnings before the amortization of goodwill and intangibles) were 54 cents per share in the second quarter of 2001, up 6% from 51 cents per share in the second quarter of 2000. On the same basis, tangible return on average common equity was 39.60% in the second quarter of 2001 compared with 41.77% in 2000; and tangible return on average assets was 2.15% in the second quarter of 2001 compared with 1.96% in 2000. Tangible diluted earnings per share were $1.08 per share for the first six months of 2001, up 9%, compared with 99 cents per share in 2000. Tangible return on average common equity was 39.44% in 2001 compared with 42.37% in 2000; and tangible return on average assets was 2.17% in the first six months of 2001 compared with 1.94% last year. Amortization of intangibles for the second quarter and the first six months of 2001 was $25 million and $54 million compared with $28 million and $56 million in 2000. The Company's estimated Tier 1 capital and Total capital ratios were 8.06% and 12.07% at June 30, 2001, compared with 8.39% and 12.51% at March 31, 2001, and 8.03% and 12.24% at June 30, 2000. The leverage ratio was 7.40% at June 30, 2001, compared with 7.41% at March 31, 2001, and 6.80% one year ago. Tangible common equity as a percent of total assets was 5.56% at June 30, 2001, compared with 5.87% at March 31, 2001, and 5.11% one year ago. 5 In the first six months of 2001, the Company repurchased 10 million shares under its common stock repurchase programs. NONINTEREST INCOME
2nd 1st 2nd Quarter Quarter Quarter Year-to-date ------- ------- ------- ------------ (In millions) 2001 2001 2000 2001 2000 ---- ---- ---- ---- ---- Servicing Fees Securities $436 $458 $403 $ 893 $ 775 Global Payment Services 72 69 65 141 131 ---- ---- ------ ------ ------ 508 527 468 1,034 906 Private Client Services and Asset Management Fees 78 79 72 158 142 Service Charges and Fees 95 90 104 185 194 Foreign Exchange and Other Trading Activities 98 83 71 181 147 Securities Gains 46 45 45 92 85 Other 31 34 20 64 43 ---- ---- ---- ------ ------ Total Noninterest Income $856 $858 $780 $1,714 $1,517 ==== ==== ==== ====== ======
Total noninterest income reached $856 million, up 10% from $780 million in last year's second quarter. Securities servicing fees grew 8% reaching $436 million compared with $403 million from a year ago. Global payment services fees for the quarter were $72 million reflecting higher cash management and funds transfer fees which grew 14% over last year's second quarter. Fees from private client services and asset management were $78 million, up 9% from the second quarter of 2000. Securities gains were $46 million compared with $45 million in the first quarter of 2001 and second quarter of 2000. NET INTEREST INCOME
2nd 1st 2nd Quarter Quarter Quarter Year-to-date (Dollars in millions on ------- ------- ------- ------------ a tax equivalent basis) 2001 2001 2000 2001 2000 ---- ---- ---- ---- ---- Net Interest Income $472 $469 $477 $941 $937 Net Interest Rate Spread 2.10% 1.88% 1.93% 1.98% 1.94% Net Yield on Interest Earning Assets 2.96 2.93 2.91 2.94 2.90
6 Net interest income on a taxable equivalent basis was $472 million in the second quarter of 2001 compared with $469 million in the first quarter of 2001 and $477 million in the second quarter of 2000. The net interest rate spread was 2.10% in the second quarter of 2001, compared with 1.88% in the first quarter of 2001 and 1.93% one year ago. The net yield on interest earning assets was 2.96% compared with 2.93% in the first quarter of 2001 and 2.91% in last year's second quarter. For the first six months of 2001, net interest income on a taxable equivalent basis amounted to $941 million compared with $937 million in the first half of 2000. The year-to-date net interest rate spread was 1.98% in 2001 compared with 1.94% in 2000, while the net yield on interest earning assets was 2.94% in 2001 and 2.90% in 2000. Notwithstanding the lower interest rate environment and the Company's ongoing strategy to shift its asset mix from loans towards highly rated investment securities and short-term liquid assets, the Company has been able to maintain its net interest income and net yield. NONINTEREST EXPENSE AND INCOME TAXES Noninterest expense for the second quarter of 2001 was $655 million compared with $628 million in 2000. The rise was principally due to acquisitions and the Company's ongoing technology investment program. In comparison to the first quarter, noninterest expense was flat. This reflects continued substantial investment in new technology offset by reductions in variable costs associated with lower transaction volumes as well as the Company's strict control of discretionary spending. The efficiency ratio for the second quarter of 2001 was 51.2% compared with 50.8% in the first quarter of 2001 and 51.9% in the second quarter of 2000. For the first half of 2001, the efficiency ratio was 50.9% compared with 52.0% last year. 7 The effective tax rate for the second quarter and the first six months of 2001 was 34.5% compared with 34.9% in the second quarter and the first six months of 2000. NONPERFORMING ASSETS
Change 6/30/01 vs. (Dollars in millions) 6/30/01 3/31/01 3/31/01 -------- -------- -------- Category of Loans: Other Commercial $190 $139 $51 Foreign 34 46 (12) Regional Commercial 19 21 (2) ---- ---- ---- Total Nonperforming Loans 243 206 37 Other Real Estate 2 2 - ---- ---- ---- Total Nonperforming Assets $245 $208 $37 ==== ==== ==== Nonperforming Assets Ratio 0.7% 0.6% Allowance/Nonperforming Loans 252.9 298.2 Allowance/Nonperforming Assets 251.0 295.7
Nonperforming assets totaled $245 million at June 30, 2001, compared with $208 million at March 31, 2001. The increase in nonperforming loans primarily reflects a loan to a customer in the apparel industry and loans to two customers in the emerging telecommunications industry. The Company anticipates further upward pressure on nonperforming assets, including emerging telecommunications credits. 8 CREDIT LOSS PROVISION AND NET CHARGE-OFFS
2nd 1st 2nd Quarter Quarter Quarter Year-to-date ------- ------- ------- ------------ (In millions) 2001 2001 2000 2001 2000 ---- ---- ---- ---- ---- Provision $ 30 $ 30 $ 25 $ 60 $ 45 ==== ==== ==== ==== ==== Net Charge-offs: Other Commercial (26) (28) (12) (54) (25) Consumer (3) (2) (1) (5) (2) Other (1) - (2) (1) (3) ----- ----- ----- ----- ----- Total $(30) $(30) $(15) $(60) $(30) ===== ===== ===== ===== ===== Other Real Estate Expenses $ - $ 2 $ 1 $ 2 $ 2
The allowance for credit losses was $616 million, or 1.68% of loans at June 30, 2001, compared with $616 million, or 1.66% of loans at March 31, 2001, and $610 million, or 1.60% of loans at June 30, 2000. The ratio of the allowance to nonperforming assets was 251.0% at June 30, 2001, compared with 295.7% at March 31, 2001, and 376.4% at June 30, 2000. *************************** All statements in this press release other than statements of historical fact are forward looking statements including, among other things, projections with respect to revenue and earnings growth, contribution to future results of various business lines and the Company's plans and objectives and as such are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward looking statements. In addition to risks and uncertainties incident to our industry such as interest rate fluctuations and borrower defaults, these also include lower than expected performance or higher than expected costs in connection with acquisitions and integration of acquired businesses, our ability to attract and retain customers, the level of capital market activity, inaccuracies in management projections or market forecasts, the actions that management could take in response to these changes and other factors described under the heading "Forward Looking Statements" in the Company's 2000 Form 10-K and March 31, 2001 Form 10-Q which have been filed with the SEC and are available at the SEC's website (www.sec.gov). Forward looking statements speak only as of the date they are made. The Company will not update forward looking statements to reflect factual assumptions, circumstances or events which have changed after a forward looking statement was made. (Financial highlights and detailed financial statements are attached.) 9 THE BANK OF NEW YORK COMPANY, INC. Financial Highlights (Dollars in millions, except per share amounts) (Unaudited)
2001 2000 Change ---- ---- ------ For the Three Months Ended June 30: - ------------------------------------ Net Income $ 385 $ 356 8.1% Per Common Share: Basic $ 0.53 $ 0.49 8.2 Diluted 0.52 0.48 8.3 Cash Dividends Paid 0.18 0.16 12.5 Return on Average Common Shareholders' Equity 25.44% 26.93% Return on Average Assets 2.01 1.81 For the Six Months Ended June 30: - ------------------------------------ Net Income $ 769 $ 694 10.9% Per Common Share: Basic $ 1.05 $ 0.95 10.5 Diluted 1.03 0.93 10.8 Cash Dividends Paid 0.36 0.32 12.5 Return on Average Common Shareholders' Equity 25.68% 27.00% Return on Average Assets 2.02 1.79 As of June 30: - -------------- Assets $76,831 $76,661 0.2% Loans 36,705 38,118 (3.7) Securities 9,702 6,688 45.1 Deposits - Domestic 27,363 28,973 (5.6) - Foreign 26,345 26,364 (0.1) Long-Term Debt 3,055 2,829 8.0 Minority Interest - Preferred Securities 1,500 1,500 - Common Shareholders' Equity 6,285 5,506 14.1 Common Shareholders' Equity Per Share 8.53 7.46 14.3 Market Value Per Share of Common Stock 48.00 46.50 3.2 Allowance for Credit Losses as a Percent of Loans 1.68% 1.60% Tier 1 Capital Ratio 8.06 8.03 Total Capital Ratio 12.07 12.24 Leverage Ratio 7.40 6.80 Tangible Common Equity Ratio 5.56 5.11
10 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, 2001 2000 2001 2000 ---- ---- ---- ---- Interest Income - --------------- Loans $ 595 $ 735 $1,271 $1,451 Securities Taxable 100 78 178 157 Exempt from Federal Income Taxes 20 15 37 31 ----- ----- ----- ----- 120 93 215 188 Deposits in Banks 62 66 132 137 Federal Funds Sold and Securities Purchased Under Resale Agreements 38 69 89 118 Trading Assets 110 144 251 246 ----- ----- ----- ----- Total Interest Income 925 1,107 1,958 2,140 ----- ----- ----- ----- Interest Expense - ---------------- Deposits 373 521 835 992 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 23 32 55 69 Other Borrowed Funds 28 42 59 70 Long-Term Debt 45 49 98 98 ----- ----- ----- ----- Total Interest Expense 469 644 1,047 1,229 ----- ----- ----- ----- Net Interest Income 456 463 911 911 - ------------------- Provision for Credit Losses 30 25 60 45 ----- ----- ----- ----- Net Interest Income After Provision for Credit Losses 426 438 851 866 ----- ----- ----- ----- Noninterest Income - ------------------ Servicing Fees Securities 436 403 893 775 Cash 72 65 141 131 ----- ----- ----- ----- 508 468 1,034 906 Private Client Services and Asset Management Fees 78 72 158 142 Service Charges and Fees 95 104 185 194 Securities Gains 46 45 92 85 Other 129 91 245 190 ----- ----- ----- ----- Total Noninterest Income 856 780 1,714 1,517 ----- ----- ----- ----- Noninterest Expense - ------------------- Salaries and Employee Benefits 391 366 785 725 Net Occupancy 47 45 97 89 Furniture and Equipment 31 27 62 53 Other 186 190 364 364 ----- ----- ----- ----- Total Noninterest Expense 655 628 1,308 1,231 ----- ----- ----- ----- Income Before Income Taxes 627 590 1,257 1,152 Income Taxes 216 206 434 401 Distribution on Preferred Trust Securities 26 28 54 57 ----- ----- ----- ----- Net Income $ 385 $ 356 $ 769 $ 694 - ---------- ===== ===== ====== ====== Net Income Available to Common Shareholders $ 385 $ 356 $ 769 $ 694 - ------------------------------------------- ===== ===== ====== ====== Per Common Share Data: - ---------------------- Basic Earnings $0.53 $0.49 $1.05 $0.95 Diluted Earnings 0.52 0.48 1.03 0.93 Cash Dividends Paid 0.18 0.16 0.36 0.32 Diluted Shares Outstanding 742 745 743 743
11 THE BANK OF NEW YORK COMPANY, INC. Consolidated Balance Sheets (Dollars in millions, except per share amounts) (Unaudited)
June 30, December 31, 2001 2000 ---- ---- Assets - ------ Cash and Due from Banks $ 3,995 $ 3,125 Interest-Bearing Deposits in Banks 6,014 5,337 Securities: Held-to-Maturity 127 752 Available-for-Sale 9,575 6,649 ------- ------- Total Securities 9,702 7,401 Trading Assets at Fair Value 9,904 12,051 Federal Funds Sold and Securities Purchased Under Resale Agreements 2,639 5,790 Loans (less allowance for credit losses of $616 in 2001 and $616 in 2000) 36,089 35,645 Premises and Equipment 935 924 Due from Customers on Acceptances 712 447 Accrued Interest Receivable 277 354 Other Assets 6,564 6,040 ------- ------- Total Assets $76,831 $77,114 ======= ======= Liabilities and Shareholders' Equity - ------------------------------------ Deposits Noninterest-Bearing (principally domestic offices) $12,123 $13,255 Interest-Bearing Domestic Offices 15,702 15,774 Foreign Offices 25,883 27,347 ------- ------- Total Deposits 53,708 56,376 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,201 1,108 Trading Liabilities 1,763 2,070 Other Borrowed Funds 2,044 1,687 Acceptances Outstanding 716 450 Accrued Taxes and Other Expenses 3,388 3,283 Accrued Interest Payable 90 127 Other Liabilities 2,080 1,325 Long-Term Debt 3,055 3,036 ------- ------- Total Liabilities 69,045 69,462 ------- ------- 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 2001 and 16,320 shares in 2000 1 1 Common Stock-par value $7.50 per share, authorized 2,400,000,000 shares, issued 990,360,261 shares in 2001 and 985,528,475 shares in 2000 7,428 7,391 Additional Capital 674 521 Retained Earnings 4,071 3,566 Accumulated Other Comprehensive Income 126 207 ------- ------- 12,300 11,686 Less: Treasury Stock (252,617,170 shares in 2001 and 244,460,032 shares in 2000), at cost 6,006 5,526 Loan to ESOP (1,142,939 shares in 2001 and 1,142,939 in 2000), at cost 8 8 ------- ------- Total Shareholders' Equity 6,286 6,152 ------- ------- Total Liabilities and Shareholders' Equity $76,831 $77,114 ======= ======= - ---------------------------------------------------------------------------------------- Note: The balance sheet at December 31, 2000 has been derived from the audited financial statements at that date.
12 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, 2001 ended June 30, 2000 ------------------------------ ------------------------------ Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 5,563 $ 62 4.46% $ 5,167 $ 66 5.11% Federal Funds Sold and Securities Purchased Under Resale Agreements 3,602 38 4.28 4,413 69 6.32 Loans Domestic Offices 18,941 321 6.80 19,424 358 7.42 Foreign Offices 18,228 274 6.04 20,328 377 7.45 ------- ----- ------- ----- Total Loans 37,169 595 6.43 39,752 735 7.44 ------- ----- ------- ----- Securities U.S. Government Obligations 1,019 14 5.68 2,123 32 6.00 U.S. Government Agency Obligations 2,880 49 6.65 1,132 19 6.85 Obligations of States and Political Subdivisions 638 13 7.88 615 12 8.00 Other Securities, including Trading Securities 13,089 170 5.21 12,749 188 5.91 ------- ----- ------- ----- Total Securities 17,626 246 5.57 16,619 251 6.06 ------- ----- ------- ----- Total Interest-Earning Assets 63,960 941 5.90% 65,951 1,121 6.84% ----- ----- Allowance for Credit Losses (612) (600) Cash and Due from Banks 2,791 3,435 Other Assets 10,572 10,160 ------- ------- TOTAL ASSETS $76,711 $78,946 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 6,190 $ 53 3.41% $ 5,797 $ 71 4.95% Savings 7,650 41 2.14 7,678 48 2.50 Certificates of Deposit $100,000 & Over 377 5 5.37 423 6 5.30 Other Time Deposits 1,975 22 4.48 1,991 25 5.09 Foreign Offices 25,935 252 3.91 29,176 371 5.12 ------- ----- ------- ----- Total Interest-Bearing Deposits 42,127 373 3.55 45,065 521 4.65 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,279 23 4.05 2,400 32 5.43 Other Borrowed Funds 2,031 28 5.43 2,442 42 6.81 Long-Term Debt 3,002 45 6.02 2,823 49 6.94 ------- ----- ------- ----- Total Interest-Bearing Liabilities 49,439 469 3.80% 52,730 644 4.91% ----- ----- Noninterest-Bearing Deposits 10,696 11,224 Other Liabilities 9,011 8,175 Minority Interest-Preferred Securities 1,500 1,500 Common Shareholders' Equity 6,065 5,317 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $76,711 $78,946 ======= ======= Net Interest Earnings and Interest Rate Spread $ 472 2.10% $ 477 1.93% ===== ==== ===== ==== Net Yield on Interest-Earning Assets 2.96% 2.91% ==== ====
13 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, 2001 ended June 30, 2000 ------------------------------ ------------------------------ Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 5,697 $ 132 4.66% $ 5,781 $ 137 4.76% Federal Funds Sold and Securities Purchased Under Resale Agreements 3,666 89 4.92 4,030 118 5.90 Loans Domestic Offices 19,028 661 6.99 19,768 720 7.32 Foreign Offices 18,667 611 6.61 20,242 731 7.27 ------- ----- ------- ----- Total Loans 37,695 1,272 6.80 40,010 1,451 7.30 ------- ----- ------- ----- Securities U.S. Government Obligations 1,146 32 5.71 2,449 74 6.05 U.S. Government Agency Obligations 2,340 78 6.69 979 33 6.75 Obligations of States and Political Subdivisions 660 26 7.90 603 24 8.01 Other Securities, including Trading Securities 13,278 359 5.43 11,181 329 5.92 ------- ----- ------- ----- Total Securities 17,424 495 5.72 15,212 460 6.08 ------- ----- ------- ----- Total Interest-Earning Assets 64,482 1,988 6.21% 65,033 2,166 6.70% ----- ----- Allowance for Credit Losses (613) (604) Cash and Due from Banks 2,712 3,359 Other Assets 10,115 9,954 ------- ------- TOTAL ASSETS $76,696 $77,742 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 6,197 $ 123 4.01% $ 5,660 $ 137 4.85% Savings 7,572 90 2.39 7,663 94 2.48 Certificates of Deposit $100,000 & Over 392 11 5.79 444 12 5.38 Other Time Deposits 1,940 45 4.72 2,097 51 4.90 Foreign Offices 26,372 566 4.33 28,434 698 4.94 ------- ----- ------- ----- Total Interest-Bearing Deposits 42,473 835 3.97 44,298 992 4.51 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,375 55 4.66 2,596 69 5.33 Other Borrowed Funds 2,030 59 5.84 2,219 70 6.36 Long-Term Debt 3,010 98 6.48 2,823 98 6.89 ------- ----- ------- ----- Total Interest-Bearing Liabilities 49,888 1,047 4.23% 51,936 1,229 4.76% ----- ----- Noninterest-Bearing Deposits 10,852 11,258 Other Liabilities 8,415 7,881 Minority Interest-Preferred Securities 1,500 1,500 Common Shareholders' Equity 6,041 5,167 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $76,696 $77,742 ======= ======= Net Interest Earnings and Interest Rate Spread $ 941 1.98% $ 937 1.94% ===== ==== ===== ==== Net Yield on Interest-Earning Assets 2.94% 2.90% ==== ====
-----END PRIVACY-ENHANCED MESSAGE-----