-----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, R5sT6UBQwfc5Tu93rXQRos1383/tiVm//WG0Izh9/omeTY59vmXAKxKA1fdG9fAA tsuWRt/LifI73/FCDYIyVA== 0000009626-02-000022.txt : 20020417 0000009626-02-000022.hdr.sgml : 20020417 ACCESSION NUMBER: 0000009626-02-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020331 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020417 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: 02613163 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 r1q028k.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): April 17, 2002 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 ------------ First Quarter of 2002 Financial Results --------------------------------------- On April 17, 2002, The Bank of New York Company, Inc. issued a press release containing unaudited interim financial information and accompanying discussion for the first quarter of 2002. 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 first quarter of 2002 contained in the press release dated April 17, 2002, 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: April 17, 2002 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 first quarter of 2002 contained in the press release dated April 17, 2002, of The Bank of New York Company, Inc. EX-99 3 r1q02ex99.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 John M. Roy, MD (212) 635-1590 (212) 635-8005 Cary J. Giacalone, VP (212) 635-1590 THE BANK OF NEW YORK COMPANY, INC. REPORTS FIRST QUARTER DILUTED E.P.S. OF 50 CENTS QUARTER MARKED BY STABLE CREDIT COSTS AND STRONG EXPENSE CONTROL RETURN ON EQUITY OF 23.76%; RETURN ON ASSETS OF 1.84% NEW YORK, N.Y., April 17, 2002 -- The Bank of New York Company, Inc. (NYSE: BK) reports first quarter diluted earnings per share of 50 cents, compared with 52 cents earned in the first quarter of 2001 and 45 cents in the fourth quarter of 2001. Net income of $362 million for the first quarter was down from $384 million a year ago, but up from $331 million in the fourth quarter. Chairman and CEO Thomas A. Renyi stated, " As anticipated, activity in the global capital markets continued to be soft through the first quarter. In particular, global equity trading levels were disappointing reflecting in part a lack of investor confidence. Nonetheless, our diversified businesses performed quite well given the environment. We maintained our leading market share in securities servicing which positions us well to capture an increasing share of new business. 2 "We continue to actively manage the Company for long-term growth as evidenced by progress on a number of significant objectives during the quarter. We further invested in our technology platform, improved our risk profile through the reallocation of capital away from loans and equity investments, and made key acquisitions in several business lines. "Full year earnings will be impacted by the lower starting point in the first quarter, but we remain confident that we will regain our growth trajectory as investor confidence is restored and the level of capital markets activity increases." In securities servicing, fee revenues were $448 million for the first quarter of 2002, up from $441 million in the fourth quarter. Private client services and asset management fees increased 6% from the fourth quarter of 2001 to $81 million in the first quarter of 2002. The Company's continued focus on fee-based businesses resulted in noninterest income growing to 66% of total revenue in the first quarter, up from 65% on a normalized basis in the fourth quarter. Return on average common equity for the first quarter of 2002 was 23.76% compared with 20.42% and 25.92% in the fourth and first quarters of 2001, respectively. Return on average assets for the first quarter of 2002 was 1.84% compared with 1.53% and 2.03% in the fourth and first quarters of 2001, respectively. Fees from the Company's securities servicing businesses were $448 million for the first quarter compared with $458 million in the prior year. Corporate trust was a strong performer in the quarter, benefiting from strong fixed-income issuances in the corporate, structured, and municipal markets. Global liquidity services benefited from continued low interest rates, which drove demand for money market products. Fees were disappointing in the equity-linked businesses such as depositary receipts ("DRs"), global execution services and clearing services reflecting the slowdown in global capital markets activity. The Company's DR business continued to maintain a 3 strong market share, winning 66% of all new public listings, but new capital raisings were scarce in the first quarter despite a strong backlog of mandates. During the quarter the Company made several notable but small acquisitions to broaden its global execution and clearing product line, positioning the Company for enhanced growth as the equity markets recover. The Company continues to be the world's leading custodian with assets of $6.9 trillion, including $1.9 trillion of cross-border custody assets. Private client services and asset management fees were $81 million for the quarter, up 3% from $79 million in the first quarter of 2001, resulting from improved market valuations, continued strong flows into alternative investment funds and demand for the Company's retail investment products. Global payment services fees increased 6% to $73 million from $69 million in last year's first quarter. Growth was led by cash management and funds transfer fees which were up 9% for the first quarter of 2002 compared to last year's first quarter. The increase reflects customers electing to pay for services in fees rather than maintaining higher compensating balances in a declining rate environment. Trade related services were lower, reflecting a decline in global trade due to weakness in many economies around the world. Foreign exchange and other trading revenues were lower in the first quarter of 2002, totaling $63 million compared to $78 million and $83 million in the fourth quarter and first quarter of 2001, respectively. Foreign exchange revenues were negatively impacted by a lower volume of client activity, narrow spreads and decreased volatility. Within other trading revenues, a decrease in interest rate hedging and risk management business reflects lower activity levels than last year's record pace. Net interest income on a taxable equivalent basis for the first quarter decreased to $425 million from $441 million in the first quarter of 2001. The provision for credit losses was $35 million in the first quarter of 2002 as credit costs stabilized. As part of its previously announced program to reallocate capital away from corporate lending and equity investing, the 4 Company has made significant reductions in its corporate loan commitments. The Company created an accelerated loan disposition program in the fourth quarter of 2001 for $758 million emerging telecom exposures with outstandings of $488 million. At March 31, 2002, exposure had been reduced to $261 million with related outstandings of $60 million. This action proved to be timely and contributed to stabilized credit costs in the first quarter. The Company's estimated Tier 1 capital and Total capital ratios were 8.46% and 12.61% at March 31, 2002, compared with 8.11% and 11.57% at December 31, 2001, and 8.39% and 12.51% at March 31, 2001. The leverage ratio was 7.17% at March 31, 2002, compared with 6.70% at December 31, 2001, and 7.41% one year ago. The Company's tangible common equity as a percentage of total assets was 5.51% at March 31, 2002, compared with 5.36% at December 31, 2001, and 5.87% at March 31, 2001. In the first quarter of 2002, the Company repurchased 5 million shares under its common stock repurchase programs. NONINTEREST INCOME
1st 4th 1st Quarter Quarter Quarter ------- ------- ------- (In millions) 2002 2001 2001 ---- ---- ---- Servicing Fees Securities $448 $ 441 $458 Global Payment Services 73 72 69 ---- ------ ---- 521 513 527 Private Client Services and Asset Management Fees 81 76 79 Service Charges and Fees 83 89 90 Foreign Exchange and Other Trading Activities 63 78 83 Securities Gains 31 40 45 Other 31 208 34 ---- ------ ---- Total Noninterest Income $810 $1,004 $858 ==== ====== ====
Total noninterest income was $810 million compared with $858 million in last year's first quarter. Securities servicing fees were $448 million compared with $458 million a year ago. Global payment services fees for the quarter were $73 million, up 6% from $69 million a year ago. Fees from 5 private client services and asset management were $81 million, up 3% from the first quarter of 2001. Service charges and fees were $83 million, compared to $89 million and $90 million in the fourth quarter and first quarter of 2001, respectively. This reflects lower loan syndication and capital markets fees from slow market activity and the Company's plan to reduce corporate loan commitments. Securities gains were $31 million, which compares to $40 million in the fourth quarter of 2001 and $45 million a year ago reflecting the Company's capital allocation initiatives. Other income was $31 million compared to $208 million in the fourth quarter of 2001, when the Company recognized insurance recoveries of $175 million relating to the World Trade Center ("WTC") disaster, and $34 million a year ago. NET INTEREST INCOME
1st 4th 1st Quarter Quarter Quarter ------- -------------------- ------- 2001 2001 (Dollars in millions on 2002 Reported Normalized 2001 a tax equivalent basis) ---- -------------------- ---- Net Interest Income $425 $452 $452 $441 Net Interest Rate Spread 2.30% 2.15% 2.27% 1.79% Net Yield on Interest Earning Assets 2.63 2.55 2.70 2.75
Net interest income on a taxable equivalent basis was $425 million in the first quarter of 2002 compared with $452 million in the fourth quarter of 2001 and $441 million in the first quarter of 2001. The net interest rate spread was 2.30% in the first quarter of 2002, compared with 2.15% in the fourth quarter of 2001 and 1.79% one year ago. The net yield on interest earning assets was 2.63% compared with 2.55% in the fourth quarter of 2001 and 2.75% in last year's first quarter. The decline from the fourth quarter in net interest income is primarily due to several factors, including: a repositioning for a rising rate 6 environment; reduced broker/dealer activity in the first quarter; compression on spreads from low cost core deposits; and fewer days in the quarter. In addition, the Company continued to reduce its investment in loans, increasing its investment in highly rated securities. NONINTEREST EXPENSE AND INCOME TAXES Noninterest expense for the first quarter of 2002 improved to $641 million, versus $667 million in the fourth quarter of 2001 and $653 million in the first quarter of 2001. As a result of applying a new accounting pronouncement related to goodwill and intangibles, amortization in the first quarter of 2002 declined to $2 million compared with $29 million in the fourth and first quarters of 2001. Excluding the effect of the change in goodwill amortization, expenses were essentially flat compared with the prior quarter. Management's expectation of continued weakness in capital markets activity resulted in strict control of operating expenses in the first quarter, including staffing and related expenses. These actions helped to offset higher costs related to acquisitions and technology spending. The efficiency ratio for the first quarter of 2002 was 53.3% compared with 53.7% on a normalized basis in the fourth quarter of 2001 and 51.9% in the first quarter of 2001. The effective tax rate for the first quarter of 2002 was 33.7% compared with 33.8% in the fourth quarter of 2001 and 36.1% in the first quarter a year ago. The decline in the rate from a year ago reflects an increase in tax credits and fewer nondeductible expenses. 7 NONPERFORMING ASSETS
Change 3/31/02 vs. (Dollars in millions) 3/31/02 12/31/01 12/31/01 -------- -------- -------- Category of Loans: Other Commercial $187 $138 $49 Foreign 67 64 3 Regional Commercial 20 18 2 ---- ---- --- Total Nonperforming Loans 274 220 54 Other Real Estate 1 2 (1) ---- ---- --- Total Nonperforming Assets $275 $222 $53 ==== ==== === Nonperforming Assets Ratio 0.8% 0.6% Allowance/Nonperforming Loans 225.1 280.0 Allowance/Nonperforming Assets 223.8 277.6
Nonperforming assets totaled $275 million at March 31, 2002, compared with $222 million at December 31, 2001. The increase in nonperforming loans primarily reflects a loan to a major retailer which became nonperforming in the first quarter of 2002. CREDIT LOSS PROVISION AND NET CHARGE-OFFS
1st 4th 1st Quarter Quarter Quarter ------- ------- ------- (In millions) 2002 2001 2001 ---- ---- ---- Provision $ 35 $275 $ 30 ==== ==== ==== Net (Charge-offs)/Recoveries: Other Commercial $(30) $(253) $(28) Consumer (6) (5) (2) Foreign 1 (12) - Other - (5) - ----- ------ ----- Total $(35) $(275) $(30) ===== ====== ===== Other Real Estate Expenses $ - $ - $ 2
The allowance for credit losses was $616 million, or 1.74% of loans at March 31, 2002, compared with $616 million, or 1.72% of loans at 8 December 31, 2001, and $616 million, or 1.66% of loans at March 31, 2001. The ratio of the allowance to nonperforming assets was 223.8% at March 31, 2002, compared with 277.6% at December 31, 2001, and 295.7% at March 31, 2001. WORLD TRADE CENTER DISASTER The Company expects to begin reoccupying two major facilities disabled by the WTC disaster later in the second quarter of 2002. In the meantime, the Company continues to operate from several interim facilities in Manhattan. During the first quarter of 2002, the Company incurred $23 million in expenses associated with these interim arrangements that were netted against an offsetting insurance recovery. The Company believes these expenses are recoverable under the terms of its all-risk insurance policy. ADDITIONAL INFORMATION A pre-recorded call with Bruce W. Van Saun, senior executive vice president and chief financial officer, reviewing the quarterly results can be accessed domestically at (800)570-8795 and internationally at (402)220-2264. The call will be available through 5:00 p.m. EDT on Tuesday, April 23, 2002. The call may include forward looking statements. See "Forward Looking Statements" below. The Bank of New York Company, Inc.(NYSE: BK), is a financial holding company with total assets of over $76 billion as of March 31, 2002. The Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. *************************** 9 FORWARD LOOKING STATEMENTS 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 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. These include lower than expected performance or higher than expected costs in connection with acquisitions and integration of acquired businesses, the level of capital market activity, the effects of capital reallocation, 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 2001 Form 10-K which has been filed with the SEC and is 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. Accounting Change - In the fourth quarter of 2001, the Company reclassified Company-Obligated Mandatory Redeemable Preferred Trust Securities of Subsidiary Trust Holding Solely Junior Subordinated Debentures to Long-Term Debt. Prior periods have been restated. Normalized data excludes the impact of the $175 million insurance recovery in the fourth quarter of 2001 and adjusts certain average balance sheet categories for the impact of the WTC disaster.) 10 THE BANK OF NEW YORK COMPANY, INC. Financial Highlights (Dollars in millions, except per share amounts) (Unaudited)
2002 2001 Change ---- ---- ------ For the Three Months Ended March 31: - ------------------------------------ Net Income $ 362 $ 384 (5.9)% Per Common Share: Basic $ 0.50 $ 0.53 (5.7) Diluted 0.50 0.52 (3.8) Cash Dividends Paid 0.19 0.18 5.6 Return on Average Common Shareholders' Equity 23.76% 25.92% Return on Average Assets 1.84 2.03 As of March 31: - --------------- Assets $76,779 $73,073 5.1% Loans 35,433 37,124 (4.6) Securities 13,670 6,815 100.6 Deposits - Domestic 29,217 26,188 11.6 - Foreign 24,458 24,726 (1.1) Long-Term Debt 5,271 4,508 16.9 Common Shareholders' Equity 6,354 6,054 5.0 Common Shareholders' Equity Per Share 8.73 8.22 6.2 Market Value Per Share of Common Stock 42.02 49.24 (14.7) Allowance for Credit Losses as a Percent of Loans 1.74% 1.66% Tier 1 Capital Ratio 8.46 8.39 Total Capital Ratio 12.61 12.51 Leverage Ratio 7.17 7.41 Tangible Common Equity Ratio 5.51 5.87
11 THE BANK OF NEW YORK COMPANY, INC. Consolidated Statements of Income (In millions, except per share amounts) (Unaudited)
For the three months ended March 31, 2002 2001 ---- ---- Interest Income - --------------- Loans $ 383 $ 676 Securities Taxable 141 78 Exempt from Federal Income Taxes 16 17 ----- ----- 157 95 Deposits in Banks 35 70 Federal Funds Sold and Securities Purchased Under Resale Agreements 14 51 Trading Assets 73 141 ----- ----- Total Interest Income 662 1,033 ----- ----- Interest Expense - ---------------- Deposits 161 463 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 8 32 Other Borrowed Funds 28 31 Long-Term Debt 53 80 ----- ----- Total Interest Expense 250 606 ----- ----- Net Interest Income 412 427 - ------------------- Provision for Credit Losses 35 30 ----- ----- Net Interest Income After Provision for Credit Losses 377 397 ----- ----- Noninterest Income - ------------------ Servicing Fees Securities 448 458 Global Payment Services 73 69 ----- ----- 521 527 Private Client Services and Asset Management Fees 81 79 Service Charges and Fees 83 90 Foreign Exchange and Other Trading Activities 63 83 Securities Gains 31 45 Other 31 34 ----- ----- Total Noninterest Income 810 858 ----- ----- Noninterest Expense - ------------------- Salaries and Employee Benefits 384 394 Net Occupancy 49 50 Furniture and Equipment 34 30 Other 174 179 ----- ----- Total Noninterest Expense 641 653 ----- ----- Income Before Income Taxes 546 602 Income Taxes 184 218 ----- ----- Net Income $ 362 $ 384 - ---------- ===== ===== Per Common Share Data: - ---------------------- Basic Earnings $0.50 $0.53 Diluted Earnings 0.50 0.52 Cash Dividends Paid 0.19 0.18 Diluted Shares Outstanding 730 743
12 THE BANK OF NEW YORK COMPANY, INC. Consolidated Balance Sheets (Dollars in millions, except per share amounts) (Unaudited)
March 31, December 31, 2002 2001 ---- ---- Assets - ------ Cash and Due from Banks $ 3,788 $ 3,222 Interest-Bearing Deposits in Banks 4,532 6,619 Securities: Held-to-Maturity 1,233 1,211 Available-for-Sale 12,437 11,651 ------- ------- Total Securities 13,670 12,862 Trading Assets at Fair Value 8,357 8,270 Federal Funds Sold and Securities Purchased Under Resale Agreements 2,026 4,795 Loans (less allowance for credit losses of $616 in 2002 and 2001) 34,817 35,131 Premises and Equipment 1,053 992 Due from Customers on Acceptances 602 313 Accrued Interest Receivable 256 236 Goodwill 2,198 2,065 Intangible Assets 50 19 Other Assets 5,430 6,501 ------- ------- Total Assets $76,779 $81,025 ======= ======= Liabilities and Shareholders' Equity - ------------------------------------ Deposits Noninterest-Bearing (principally domestic offices) $11,404 $12,635 Interest-Bearing Domestic Offices 18,134 16,553 Foreign Offices 24,137 26,523 ------- ------- Total Deposits 53,675 55,711 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 1,687 1,756 Trading Liabilities 2,002 2,264 Other Borrowed Funds 1,577 2,363 Acceptances Outstanding 604 358 Accrued Taxes and Other Expenses 3,840 3,766 Accrued Interest Payable 71 92 Other Liabilities 1,698 3,422 Long-Term Debt 5,271 4,976 ------- ------- Total Liabilities 70,425 74,708 ------- ------- Shareholders' Equity Class A Preferred Stock - par value $2.00 per share, authorized 5,000,000 shares, outstanding 3,500 shares in 2002 and 2001 - - Common Stock-par value $7.50 per share, authorized 2,400,000,000 shares, issued 992,958,016 shares in 2002 and 990,773,101 shares in 2001 7,447 7,431 Additional Capital 784 741 Retained Earnings 4,608 4,383 Accumulated Other Comprehensive Income 6 80 ------- ------- 12,845 12,635 Less: Treasury Stock (264,110,599 shares in 2002 and 260,449,527 shares in 2001), at cost 6,485 6,312 Loan to ESOP (823,810 shares in 2002 and 2001), at cost 6 6 ------- ------- Total Shareholders' Equity 6,354 6,317 ------- ------- Total Liabilities and Shareholders' Equity $76,779 $81,025 ======= ======= - ---------------------------------------------------------------------------------------- Note: The balance sheet at December 31, 2001 has been derived from the audited financial statements at that date.
13 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 March 31, 2002 ended March 31, 2001 ------------------------------ ------------------------------ Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 5,221 $ 35 2.72% $ 5,833 $ 70 4.85% Federal Funds Sold and Securities Purchased Under Resale Agreements 3,308 14 1.75 3,731 51 5.54 Loans Domestic Offices 19,355 245 5.14 19,116 338 7.18 Foreign Offices 16,175 138 3.46 19,111 338 7.17 ------- ----- ------- ----- Total Loans 35,530 383 4.38 38,227 676 7.18 ------- ----- ------- ----- Securities U.S. Government Obligations 804 11 5.34 1,275 18 5.73 U.S. Government Agency Obligations 2,894 42 5.80 1,794 31 6.78 Obligations of States and Political Subdivisions 567 9 6.59 682 13 7.91 Other Securities 8,524 108 5.04 3,275 47 5.81 Trading Securities 8,751 73 3.39 10,193 141 5.60 ------- ----- ------- ----- Total Securities 21,540 243 4.52 17,219 250 5.87 ------- ----- ------- ----- Total Interest-Earning Assets 65,599 675 4.17% 65,010 1,047 6.53% ----- ----- Allowance for Credit Losses (616) (614) Cash and Due from Banks 2,640 2,632 Other Assets 11,984 9,653 ------- ------- TOTAL ASSETS $79,607 $76,681 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 6,920 $ 23 1.36% $ 6,204 $ 71 4.61% Savings 8,057 25 1.27 7,493 49 2.65 Certificates of Deposit $100,000 & Over 498 4 3.35 407 6 6.19 Other Time Deposits 1,603 10 2.50 1,905 24 4.96 Foreign Offices 25,176 99 1.58 26,814 313 4.74 ------- ----- ------- ----- Total Interest-Bearing Deposits 42,254 161 1.54 42,823 463 4.38 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,105 8 1.46 2,473 32 5.22 Other Borrowed Funds 4,740 28 2.45 2,029 31 6.26 Long-Term Debt 5,026 53 4.25 4,518 80 7.15 ------- ----- ------- ----- Total Interest-Bearing Liabilities 54,125 250 1.87% 51,843 606 4.74% ----- ----- Noninterest-Bearing Deposits 10,126 11,010 Other Liabilities 9,178 7,811 Preferred Stock - 1 Common Shareholders' Equity 6,178 6,016 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $79,607 $76,681 ======= ======= Net Interest Earnings and Interest Rate Spread $ 425 2.30% $ 441 1.79% ===== ==== ===== ==== Net Yield on Interest-Earning Assets 2.63% 2.75% ==== ====
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