-----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, C0vQ4LRzont4rRy2N8X5puuQIuAu6eoOOxviyQ2GNdJwRpluhDZyXnmuvE+zq49o GXDW8yyutLkCQd3bkRMasQ== 0000009626-97-000001.txt : 19970117 0000009626-97-000001.hdr.sgml : 19970117 ACCESSION NUMBER: 0000009626-97-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970116 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970116 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: 97506829 BUSINESS ADDRESS: STREET 1: 48 WALL ST 15TH FL CITY: NEW YORK STATE: NY ZIP: 10296 BUSINESS PHONE: 2124951784 8-K 1 4TH QUARTER 1996 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, 1997 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 of 1996 Financial Results ----------------------------------------- On January 16, 1997 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 1996. 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 1996 contained in the press release dated January 16, 1997, 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, 1997 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 1996 contained in the press release dated January 16, 1997, of The Bank of New York Company, Inc. EX-99 2 4TH QUARTER 1996 EARNINGS 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 Nicholas C. Silitch, VP (212) 495-1721 Gregory A. Burton, AT (212) 495-1619 THE BANK OF NEW YORK COMPANY, INC. REPORTS ------------------------------------------ RECORD 1996 E.P.S. OF $2.41, UP 12% AND --------------------------------------- RECORD NET INCOME OF $1.02 BILLION ALSO UP 12% ---------------------------------------------- ROA AND ROE SET RECORDS AT 1.90% AND 19.98% ------------------------------------------- FOURTH QUARTER E.P.S. UP 9% TO 61 CENTS --------------------------------------- NEW YORK, N.Y., January 16, 1997 -- The Bank of New York Company, Inc. (NYSE: BK) reported record 1996 earnings per share, on a fully diluted basis, of $2.41 up 12% from $2.15 in 1995. Net income in 1996, for the first time, exceeded $1 billion at $1,020 million, also up 12% from the $914 million in 1995. In the fourth quarter, fully diluted earnings per share were 61 cents, up 9% from the 56 cents in the fourth quarter of 1995. Net income for the fourth quarter was $250 million, up 4% from the $241 million earned in the same period last year. For the year, return on average assets was a record 1.90% compared with 1.72% in 1995. Return on average common equity totaled a record 19.98% in 1996 compared with 19.42% in 1995. 2 Revenues from the Company's securities processing business continued their strong advance, growing 59% for the full year to $655 million. This significant increase reflected continued strong internal growth as well as the acquisition of the corporate trust business of NationsBank and the custody businesses of BankAmerica and J.P. Morgan. All areas of securities processing contributed to an internal growth rate of 14% with ADR's, corporate trust, and government securities clearance particularly strong. Overall, fees from other processing were up 9% for the year to $206 million. Funds transfer fees were ahead a strong 15%, cash management fees were up by 8%, while revenues from the trade finance business were flat from 1995. Trust and investment continued its strong performance in 1996 with fees growing 19% over last year to $161 million reflecting new business and generally strong markets. Net interest income, on a taxable equivalent basis, declined to $1,999 million in 1996 from $2,068 million in the prior year, reflecting the sale of the AFL-CIO Union credit card portfolio in the second quarter of 1996. Tangible fully diluted earnings per share (earnings before the amortization of goodwill and intangibles) were $2.61 per share in 1996 compared with $2.29 per share in 1995. On the same basis, tangible return on average assets was 2.10% in 1996 compared with 1.86% in 1995; and tangible return on average common equity was 27.94% in 1996 compared with 24.14% in 1995. During 1996 the Company bought back 48 million shares at a cost of 3 $1.3 billion. This had the effect of reducing average shares outstanding in 1996 by 26.3 million. The capital used in the share repurchase was largely replenished by earnings, the conversion of debentures, and the exercise of warrants. For the fourth quarter and year 1996, the net effect of the conversion of warrants, the remaining outstanding warrants, and the stock buyback was to dilute E.P.S. 1 cent and 10 cents. The Company's estimated Tier 1 capital and Total capital ratios remained strong at 8.24% and 12.64% at December 31, 1996 compared with 7.66% and 12.26% at September 30, 1996, and 8.42% and 13.08% at December 31, 1995. Tangible common equity as a percent of total assets was 6.99% at December 31, 1996 compared with 7.44% at September 30, 1996 and 8.00% one year ago. The leverage ratio was 8.88% at December 31, 1996 compared with 8.17% at September 30, 1996 and 8.46% one year ago. 4 NET INTEREST INCOME - ------------------- 4th 3rd 4th Quarter Quarter Quarter ------- ------- ------- (In millions) 1996 1996 1995 1996 1995 ----------------------------- ----------------- Net Interest Income $500 $476 $529 $1,999 $2,068 Net Interest Rate Spread 3.35% 3.29% 3.41% 3.37% 3.41% Net Yield on Interest- Earning Assets 4.33 4.28 4.58 4.35 4.53 The net interest rate spread improved to 3.35% in the fourth quarter of 1996, compared with 3.29% in the third quarter. The net yield on interest earning assets also increased to 4.33% in the fourth quarter from 4.28% in the prior quarter. An important factor in the fourth quarter spread and yield expansion was the expiration of promotional rates on credit cards, and the repricing of certain segments of the Company's credit card portfolio. Also contributing to the increase was continued growth in the Company's loan portfolio. The improvements in spreads and yields led to an increase in net interest income on a taxable equivalent basis, to $500 million in the fourth quarter, up from $476 million in the third quarter. For 1996, net interest income, on a taxable equivalent basis, amounted to $1,999 million compared with $2,068 million for 1995. The net interest rate spread was 3.37% for 1996 compared with 3.41% for 1995, while the net yield on interest-earning assets was 4.35% in 1996 compared with 4.53% for 1995. 5 NONINTEREST INCOME - ------------------ 4th Quarter ----------- (In millions) 1996 1995 1996 1995 ---------------- ------------------- Processing Fees Securities $171 $108 $ 655 $ 411 Other 51 49 206 189 ---- ---- ------ ------ 222 157 861 600 Trust and Investment Fees 42 39 161 136 Service Charges and Fees 105 101 424 423 Securities Gains 19 78 97 115 Foreign Exchange and Other Trading Activities 25 17 67 60 Sale of Credit Card Portfolio - - 400 - Other 28 27 120 157 ---- ---- ------ ------ Total Noninterest Income $441 $419 $2,130 $1,491 ==== ==== ====== ====== Securities processing fees increased 58% to $171 million compared with $108 million in the fourth quarter of 1995. Securities processing fees were $655 million in 1996 compared with $411 million in 1995. Strong internal growth in all areas and acquisitions contributed to the increase in revenue. The Company reported $19 million of securities gains in the fourth quarter of 1996 compared with $78 million in the fourth quarter of 1995. Revenues from foreign exchange and other trading activities were $25 million compared with $17 million in the fourth quarter of 1995. For the year, foreign exchange and other trading activities continued to improve with revenues of $67 million, up 12%. NONINTEREST EXPENSE AND INCOME TAXES - ------------------------------------ Total noninterest expense for the fourth quarter and year 1996 were $480 million and $1,835 million, compared with $446 million and $1,708 million in 1995. The rise in expenses was principally related to acquisitions of securities processing businesses from J.P. Morgan, BankAmerica, and NationsBank. 6 The efficiency ratios for the full year and fourth quarter of 1996 were 50.5% and 51.7% compared with 50.0% and 49.7% for the full year and fourth quarter of 1995. The efficiency ratios exclude the gain on the sale of the credit card portfolio in the second quarter of 1996, the settlement with Northeast Bancorp in the fourth quarter of 1995, and the gain on the sale of the ARCS mortgage servicing in the third quarter of 1995. The effective tax rates for the fourth quarter and full year of 1996 were 37.9% and 38.3% compared with 38.4% and 38.3% last year. NONPERFORMING ASSETS - -------------------- Change 4Q 1996 vs (Dollars in millions) 12/31/96 9/30/96 3Q 1996 --------------------------------------- Loans: Commercial Real Estate $ 20 $ 22 $ (2) Other Commercial 90 61 29 Foreign 38 40 (2) Community Banking 65 73 (8) ---- ---- Total Loans 213 196 17 Other Real Estate 41 61 (20) ---- ---- Total $254 $257 (3) ==== ==== Nonperforming Assets Ratio 0.7% 0.7% Allowance/Nonperforming Loans 423.7 488.3 Allowance/Nonperforming Assets 355.3 372.6 Nonperforming assets totaled $254 million at December 31, 1996, compared with $257 million at September 30, 1996, a decrease of $3 million. This was the twenty-second consecutive quarter of nonperforming asset decreases. 7 LOAN LOSS PROVISION AND NET CHARGE-OFFS - --------------------------------------- 4th 3rd 4th Quarter Quarter Quarter ------- ------- ------- (In millions) 1996 1996 1995 1996 1995 --------------------------- -------------- Provision $ 45 $ 40 $105 $600 $330 ---- ---- ---- ---- ---- Net (Charge-offs) Recovery: Commercial Real Estate (1) (7) - (11) (16) Other Commercial (2) (12) (4) (20) (23) Credit Card (93) (65) (81) (441) (267) Other Consumer (2) (3) (2) (9) (5) Foreign (1) 27 - 37 (22) Other (2) (5) (8) (11) (20) ---- ---- ---- ---- ---- Total (101) (65) (95) (455) (353) Other - - - - 11 ---- ---- ---- ---- ---- Change in Allowance $(56) $(25) $ 10 $145 $(12) ==== ==== ==== ==== ==== Other Real Estate Expenses $ 3 $ - $ - $ 1 $ 5 Net charge-offs of credit card loans were $93 million for the fourth quarter. As a percentage of average outstandings, net charge- offs and accounts delinquent for more than thirty days were 7.02% and 7.20% in the fourth quarter. Credit card loans outstanding were $5.414 billion at December 31, 1996 compared with $5.348 billion at September 30, 1996. The allowance for loan losses was $901 million, or 2.43% of loans at December 31, 1996, compared with $957 million, or 2.66% of loans at September 30, 1996. *************************** (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) 1996 1995 Change ---- ---- ------ For the Three Months Ended December 31: - --------------------------------------- Net Income $250 $241 3.7% Per Common Share: Primary Earnings $0.61 $0.58 5.2 Fully Diluted Earnings 0.61 0.56 8.9 Cash Dividends 0.22 0.18 22.2 Return on Average Common Shareholders' Equity 19.48% 18.87% Return on Average Assets 1.84 1.77 For the Twelve Months Ended December 31: - ---------------------------------------- Net Income $1,020 $914 11.6% Per Common Share: Primary Earnings $2.47 $2.29 7.9 Fully Diluted Earnings 2.41 2.15 12.1 Cash Dividends 0.84 0.68 23.5 Return on Average Common Shareholders' Equity 19.98% 19.42% Return on Average Assets 1.90 1.72 As of December 31: - ------------------ Assets $55,891 $53,720 4.0% Loans 37,130 37,687 -1.5 Securities 5,053 4,870 3.8 Deposits - Domestic 26,653 26,405 0.9 - Foreign 12,815 9,513 34.7 Long-Term Debt 1,816 1,848 -1.7 Preferred Shareholders' Equity 112 113 -0.9 Common Shareholders' Equity 5,015 5,119 -2.0 Common Shareholders' Equity Per Share 13.01 12.93 0.6 Market Value Per Share of Common Stock 33.75 24.38 38.4 Allowance for Loan Losses as a Percent of Loans 2.43% 2.01% Tier 1 Capital Ratio 8.24 8.42 Total Capital Ratio 12.64 13.08 Leverage Ratio 8.88 8.46 Tangible Common Equity Ratio 6.99 8.00 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, 1996 1995 1996 1995 ---- ---- ---- ---- Interest Income - --------------- Loans $ 756 $ 837 $3,073 $3,226 Securities Taxable 59 60 240 235 Exempt from Federal Income Taxes 9 10 37 43 ----- ----- ------ ------ 68 70 277 278 Deposits in Banks 26 23 90 106 Federal Funds Sold and Securities Purchased Under Resale Agreements 29 34 126 193 Trading Assets 4 5 17 28 ----- ----- ------ ------ Total Interest Income 883 969 3,583 3,831 ----- ----- ------ ------ Interest Expense - ---------------- Deposits 293 313 1,152 1,265 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 30 52 155 161 Other Borrowed Funds 39 49 186 246 Long-Term Debt 31 32 129 130 ---- ---- ------ ------ Total Interest Expense 393 446 1,622 1,802 ---- ---- ------ ------ Net Interest Income 490 523 1,961 2,029 - ------------------- Provision for Loan Losses 45 105 600 330 ----- ----- ------ ------ Net Interest Income After Provision for Loan Losses 445 418 1,361 1,699 ----- ----- ------ ------ Noninterest Income - ------------------ Processing Fees Securities 171 108 655 411 Other 51 49 206 189 ----- ----- ------ ------ 222 157 861 600 Trust and Investment Fees 42 39 161 136 Service Charges and Fees 105 101 424 423 Securities Gains 19 78 97 115 Other 53 44 587 217 ----- ----- ------ ------ Total Noninterest Income 441 419 2,130 1,491 ----- ----- ------ ------ Noninterest Expense - ------------------- Salaries and Employee Benefits 264 237 1,014 913 Net Occupancy 41 43 167 175 Furniture and Equipment 24 23 93 87 Other 151 143 561 533 ----- ----- ------ ------ Total Noninterest Expense 480 446 1,835 1,708 ----- ----- ------ ------ Income Before Income Taxes 406 391 1,656 1,482 Income Taxes 154 150 634 568 Distribution on Preferred Securities 2 - 2 - ----- ----- ------ ------ Net Income $ 250 $ 241 $1,020 $ 914 - ---------- ===== ===== ====== ====== Net Income Available to Common Shareholders $ 247 $ 239 $1,010 $ 904 - ----------------------- ===== ===== ====== ====== Per Common Share Data: - ---------------------- Primary Earnings $0.61 $0.58 $2.47 $2.29 Fully Diluted Earnings 0.61 0.56 2.41 2.15 Cash Dividends 0.22 0.18 0.84 0.68 Fully Diluted Shares Outstanding 407 430 420 424 10 THE BANK OF NEW YORK COMPANY, INC. Consolidated Balance Sheets (Unaudited) (Dollars in millions, except per share amounts) December 31, December 31, 1996 1995 ---- ---- Assets - ------ Cash and Due from Banks $ 6,031 $ 4,711 Interest-Bearing Deposits in Banks 1,387 982 Securities: Held-to-Maturity 1,170 1,252 Available-for-Sale 3,883 3,618 ------- ------- Total Securities 5,053 4,870 Trading Assets at Fair Value 1,547 762 Federal Funds Sold and Securities Purchased Under Resale Agreements 562 936 Loans (less allowance for loan losses of $901 in 1996 and $756 in 1995) 36,229 36,931 Premises and Equipment 875 902 Due from Customers on Acceptances 985 918 Accrued Interest Receivable 308 270 Other Assets 2,914 2,438 ------- ------- Total Assets $55,891 $53,720 ======= ======= Liabilities and Shareholders' Equity - ------------------------------------ Deposits Noninterest-Bearing (principally domestic offices) $11,819 $10,465 Interest-Bearing Domestic Offices 15,386 16,005 Foreign Offices 12,263 9,448 ------- ------- Total Deposits 39,468 35,918 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 1,737 3,933 Other Borrowed Funds 4,144 3,706 Acceptances Outstanding 1,015 928 Accrued Taxes and Other Expenses 1,417 1,378 Accrued Interest Payable 179 190 Other Liabilities 388 587 Long-Term Debt 1,816 1,848 ------- ------- Total Liabilities 50,164 48,488 ------- ------- Minority Interest - Preferred Securities 600 - ------- ------- 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 40,429 shares in 1996 and 49,504 shares in 1995 1 2 Common Stock-par value $7.50 per share, authorized 800,000,000 shares, issued 444,317,786 shares in 1996 and 408,324,810 shares in 1995 3,332 3,062 Additional Capital 344 125 Retained Earnings 2,798 2,120 Securities Valuation Allowance 82 58 ------- ------- 6,668 5,478 Less: Treasury Stock (57,849,845 shares in 1996 and 12,052,096 shares in 1995), at cost 1,524 228 Loan to ESOP (1,195,719 shares in 1996 and 1,317,060 shares in 1995), at cost 17 18 ------- ------- Total Shareholders' Equity 5,127 5,232 ------- ------- Total Liabilities and Shareholders' Equity $55,891 $53,720 ======= ======= 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, 1996 ended December 31, 1995 ------------------------ ------------------------ Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 1,792 $ 26 5.73% $ 1,448 $ 23 6.29% Federal Funds Sold and Securities Purchased Under Resale Agreements 2,219 29 5.28 2,359 34 5.79 Loans Domestic Offices 23,239 544 9.31 25,614 632 9.80 Foreign Offices 13,303 214 6.40 11,428 204 7.07 ------- ------ ------- ------ Total Loans 36,542 758 8.25 37,042 836 8.96 ------- ------ ------- ------ Securities U.S. Government Obligations 2,834 41 5.77 2,934 42 5.64 U.S. Government Agency Obligations 434 7 6.37 456 7 6.35 Obligations of States and Political Subdivisions 666 15 8.79 607 15 10.16 Other Securities, including Trading Securities 1,406 17 4.69 1,193 18 6.15 ------- ------ ------- ------ Total Securities 5,340 80 5.91 5,190 82 6.35 ------- ------ ------- ------ Total Interest-Earning Assets 45,893 893 7.74% 46,039 975 8.41% ------ ------ Allowance for Loan Losses (922) (726) Cash and Due from Banks 3,025 3,532 Other Assets 6,086 5,087 ------- ------- TOTAL ASSETS $54,082 $53,932 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 3,937 43 4.32% $ 3,613 41 4.50% Savings 8,099 54 2.63 8,171 62 3.00 Certificates of Deposit $100,000 & Over 760 10 5.31 1,395 19 5.46 Other Time Deposits 2,461 29 4.72 2,708 45 6.65 Foreign Offices 13,274 157 4.71 10,918 146 5.30 ------- ------ ------- ------ Total Interest-Bearing Deposits 28,531 293 4.08 26,805 313 4.64 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,336 30 5.13 3,597 52 5.72 Other Borrowed Funds 2,918 39 5.22 3,143 49 6.09 Long-Term Debt 1,816 31 6.86 1,819 32 7.01 ------- ------ ------- ------ Total Interest-Bearing Liabilities 35,601 393 4.39% 35,364 446 5.00% ------ ------ Noninterest-Bearing Deposits 9,197 9,831 Other Liabilities 4,017 3,606 Minority Interest - Preferred Securities 104 - Preferred Stock 113 113 Common Shareholders' Equity 5,050 5,018 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $54,082 $53,932 ======= ======= Net Interest Earnings and Interest Rate Spread $ 500 3.35% $ 529 3.41% ====== ====== Net Yield on Interest- Earning Assets 4.33% 4.58% ==== ==== 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, 1996 ended December 31, 1995 ------------------------ ------------------------ Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 1,586 $ 90 5.71% $ 1,682 $ 106 6.28% Federal Funds Sold and Securities Purchased Under Resale Agreements 2,356 126 5.35 3,280 193 5.89 Loans Domestic Offices 24,417 2,272 9.31 24,366 2,428 9.97 Foreign Offices 12,281 810 6.59 11,055 805 7.28 ------- ------ ------- ------ Total Loans 36,698 3,082 8.40 35,421 3,233 9.13 ------- ------ ------- ------ Securities U.S. Government Obligations 2,911 168 5.76 2,929 167 5.71 U.S. Government Agency Obligations 454 29 6.32 372 24 6.33 Obligations of States and Political Subdivisions 656 58 8.91 650 68 10.50 Other Securities, including Trading Securities 1,322 68 5.16 1,309 79 6.13 ------- ------ ------- ------ Total Securities 5,343 323 6.05 5,260 338 6.45 ------- ------ ------- ------ Total Interest-Earning Assets 45,983 3,621 7.88% 45,643 3,870 8.48% ------ ------ Allowance for Loan Losses (837) (739) Cash and Due from Banks 2,804 2,971 Other Assets 5,699 5,178 ------- ------- TOTAL ASSETS $53,649 $53,053 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 3,855 166 4.30% $ 3,451 153 4.44% Savings 8,188 223 2.72 7,909 243 3.07 Certificates of Deposit $100,000 & Over 895 48 5.32 1,673 95 5.68 Other Time Deposits 2,547 121 4.75 2,560 143 5.60 Foreign Offices 12,232 594 4.87 11,403 631 5.54 ------- ------ ------- ------ Total Interest-Bearing Deposits 27,717 1,152 4.16 26,996 1,265 4.69 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,957 155 5.23 2,804 161 5.75 Other Borrowed Funds 3,406 186 5.47 3,962 246 6.22 Long-Term Debt 1,870 129 6.90 1,773 130 7.30 ------- ------ ------ ------ Total Interest-Bearing Liabilities 35,950 1,622 4.51% 35,535 1,802 5.07% ------ ------ Noninterest-Bearing Deposits 8,882 9,065 Other Liabilities 3,623 3,685 Minority Interest - Preferred Securities 26 - Preferred Stock 113 115 Common Shareholders' Equity 5,055 4,653 ------- ------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $53,649 $53,053 ======= ======= Net Interest Earnings and Interest Rate Spread $1,999 3.37% $2,068 3.41% ====== ====== Net Yield on Interest- Earning Assets 4.35% 4.53% ==== ==== -----END PRIVACY-ENHANCED MESSAGE-----