-----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, KkKssn5UWM08NlX6IUVqEEgH+Gw2L9Z9hSE58smiYcFKz6NSe2nlNRieaKLEZSXT qFDjY56K6juyxMzEbsahvw== 0000009626-02-000057.txt : 20021218 0000009626-02-000057.hdr.sgml : 20021218 20021217190319 ACCESSION NUMBER: 0000009626-02-000057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021231 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021218 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: 02860835 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 r8k1202.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): December 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 ------------ On December 17, 2002, The Bank of New York Company, Inc. issued a press release announcing a $390 million provision for the fourth 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 Announcement of a $390 million provision for the fourth quarter of 2002 contained in the press release dated December 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: December 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 Announcement of a $390 million provision for the fourth quarter of 2002 contained in the press release dated December 17, 2002, of The Bank of New York Company, Inc. EX-99 3 ex99.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 Gregg A. Scheuing, VP (212) 635-1590 (212) 635-1578 THE BANK OF NEW YORK COMPANY, INC. ANNOUNCES FOURTH QUARTER PROVISION PRINCIPALLY FOR AIRLINE EXPOSURE NEW YORK, N.Y., December 17, 2002 - The Bank of New York Company, Inc. announced today that it anticipates taking a $390 million provision and a related $240 million charge-off in the fourth quarter. Principally, these actions reflect losses on aircraft leases to United Airlines, as well as the potential for losses on leases of aircraft to other domestic carriers. In addition, through this provisioning and related charge-off the Company has dealt with several individual non-airline credits. Regarding its aircraft leasing portfolio, the Company has $761 million of airline leasing exposure, with $414 million to major U.S. carriers, the industry segment which faces the most severe operating challenges. Following a provision of $225 million (included in the $390 million) and an associated charge of $125 million, and considering previous reserves, the Company will have substantial reserves available to cover its remaining exposure of $289 million to major U.S. carriers. With respect to the individual credits, the 2 Company has provided $75 million for and taken charge-offs associated with: a currently non-performing retailer credit, due to further impairment during the quarter; an insurance company credit that became non-performing in the fourth quarter; and the cost associated with a partial sale of a cable credit currently categorized as non-performing. Further, the Company is adding $50 million to its allowance for loan losses. Following these actions the Company estimated its non-performing assets at year-end to be $441 million, down 20% from 9/30/02, its loan loss reserves to non-performing assets to be 1.88x up from 1.24x at 9/30/02, and its loan loss reserves to total loan ratio to be 2.4%, up from 2.0% at 9/30/02. Thomas A. Renyi, the Company's Chairman and CEO, stated, "While taking this large provision is disappointing, this action adequately reserves for the credit risk in our entire portfolio, in particular airlines. Given our actions today, we are confident about the credit outlook for our portfolio as we enter 2003 and we remain committed to our aggressive risk reduction efforts." The Company will be holding its annual analyst meeting tomorrow, December 18th at 1:30 pm, which will be webcast. At the meeting, the Company will review the strategic positioning of its global franchise, its credit risk reduction initiatives, including the actions taken today, and its 2003 outlook, among other topics. The Bank of New York Company, Inc. (NYSE: BK), is a financial holding company with total assets of over $80 billion as of September 30, 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. -----END PRIVACY-ENHANCED MESSAGE-----