-----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, OASV9AqgyHa270al41eT/us0GWe+/YmWpbQavG64csUDzOhvCPYbI4uegsjmHE53 K2I+9TGWR4pnRQ+xaS9Spw== 0000009626-97-000007.txt : 19970715 0000009626-97-000007.hdr.sgml : 19970715 ACCESSION NUMBER: 0000009626-97-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970714 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970714 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: 97639906 BUSINESS ADDRESS: STREET 1: 48 WALL ST 15TH FL CITY: NEW YORK STATE: NY ZIP: 10296 BUSINESS PHONE: 2124951784 8-K 1 2ND QUARTER 1997 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 14, 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 ------------ Second Quarter of 1997 Financial Results ---------------------------------------- On July 14, 1997 The Bank of New York Company, Inc. (the "Company") issued a press release containing unaudited interim financial information and accompanying discussion for the second quarter of 1997. 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 1997 contained in the press release dated July 14, 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: July 14, 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 second quarter of 1997 contained in the press release dated July 14, 1997, of The Bank of New York Company, Inc. EX-99 2 2ND QUARTER 1997 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, AVP (212) 495-1619 THE BANK OF NEW YORK COMPANY, INC. REPORTS ------------------------------------------ Record Second Quarter E.P.S. of 67 cents; ----------------------------------------- Return on Average Common Equity Was 21.84%; and ----------------------------------------------- Return on Average Assets Was 1.83% ---------------------------------- NEW YORK, N.Y., July 14, 1997 -- The Bank of New York Company, Inc. (NYSE: BK) reports second quarter fully diluted earnings per share were a record 67 cents, up 14% from the 59 cents earned on a normalized basis in the second quarter of 1996. Second quarter net income was $269 million, up 9% from the $248 million earned on a normalized basis in the same period last year. In the second quarter of 1996, the Company reported a net gain of $31 million, or 7 cents per share, on the sale of its Union credit card portfolio. Earnings per share, on a fully diluted basis, were a record $1.31 for the first half of 1997, up 14% from the $1.15 earned on a normalized basis last year. Net income for the first six months was a record $534 million, an increase of 9% over last year's $491 million on a normalized basis. 2 Return on average assets for the second quarter was 1.83% compared with 1.86% in the first quarter of 1997 and 1.82% on a normalized basis in the second quarter of 1996. Return on average common equity was a record, on a normalized basis, of 21.84% in the second quarter of 1997 compared with 20.90% in the first quarter of 1997 and 19.51% in the second quarter of 1996. With the net gain on the sale included, return on average assets and return on average common equity were 2.05% and 21.97% in the second quarter of 1996. Tangible fully diluted earnings per share (earnings before the amortization of goodwill and intangibles) were $0.72 per share in the second quarter of 1997 compared with $0.64 on a normalized basis in the second quarter of 1996. On the same basis, tangible return on average assets was 2.01% in the second quarter of 1997 compared with a normalized 2.02% in the second quarter of 1996; and tangible return on average common equity was 31.75% in the second quarter of 1997 compared with a normalized 27.59% in the second quarter of 1996. Revenues from the Company's securities processing businesses continued their strong broad based performance and were up 18% over the second quarter of 1996 to $190 million. ADR's, corporate trust, government securities clearance, mutual funds, and stock transfer were particularly strong. Fees from other processing, which includes funds transfer, cash management, and trade finance, grew 14% over last year's second quarter with strong growth in all areas. Trust and investment continued to benefit from new business and strong markets in the second quarter of 1997 which combined to increase 3 fees 11% to $44 million compared with $40 million last year. Net interest income, on a taxable equivalent basis, totaled $489 million in the second quarter down from $502 million in the second quarter of last year due to the sale of $4.3 billion in credit cards. Average fully diluted shares outstanding were 399 million for the quarter, down from the 405 million in the first quarter and down significantly from the 418 million in the prior year period. The decline from the first quarter and prior year was the result of the Company's stock buyback program. The Company's estimated Tier 1 capital and Total capital ratios remained strong at 7.83% and 11.99% at June 30, 1997 compared with 7.92% and 12.28% at March 31, 1997, and 7.98% and 12.93% at June 30, 1996. Tangible common equity as a percent of total assets was 5.88% at June 30, 1997 compared with 6.39% at March 31, 1997 and 7.51% one year ago. The leverage ratio was 8.04% at June 30, 1997 compared with 7.83% at March 31, 1997 and 7.76% one year ago. NET INTEREST INCOME - ------------------- 2nd 1st 2nd Quarter Quarter Quarter Year-to-date ------- ------- ------- ------------ (In millions) 1997 1997 1996 1997 1996 --------------------------- -------------- Net Interest Income $489 $496 $502 $986 $1,024 Net Interest Rate Spread 3.12% 3.30% 3.34% 3.21% 3.41% Net Yield on Interest- Earning Assets 4.08 4.24 4.28 4.16 4.39 Net interest income on a taxable equivalent basis declined to $489 million in the second quarter of 1997 from $496 million in the first 4 quarter of 1997 and from $502 million in the second quarter of 1996. The net interest rate spread was 3.12% in the second quarter of 1997, compared with 3.30% in the first quarter of 1997 and 3.34% one year ago. The net yield on interest-earning assets was 4.08% compared with 4.24% in the first quarter of 1997 and 4.28% in last year's second quarter. For the first six months of 1997, net interest income, on a taxable equivalent basis, amounted to $986 million compared with $1,024 million in the first half of 1996. The year-to-date net interest rate spread was 3.21% in 1997 compared with 3.41% in 1996, while the net yield on interest-earning assets was 4.16% in 1997 and 4.39% in 1996. The declines in net interest income, the spread, and the yield were primarily attributable to the sale of approximately $900 million of credit card receivables in the first quarter of 1997 and $3.4 billion of credit card receivables in June of 1996, partially offset by continued growth in the Company's corporate loan portfolio. 5 NONINTEREST INCOME - ------------------ 2nd Quarter Year-to-date ----------- ------------ (In millions) 1997 1996 1997 1996 -------------- -------------- Processing Fees Securities $190 $161 $375 $ 320 Other 59 52 114 103 ---- ---- ---- ------ 249 213 489 423 Trust and Investment Fees 44 40 87 77 Service Charges and Fees 94 115 187 215 Securities Gains 33 30 40 63 Foreign Exchange and Other Trading Activities 25 21 52 31 Sale of Credit Card Portfolio - 400 - 400 Other 44 23 89 47 ---- ---- ---- ------ Total Noninterest Income $489 $842 $944 $1,256 ==== ==== ==== ====== Securities processing fees increased 18% to $190 million compared with $161 million in the second quarter of 1996. In the first half of 1997, securities processing fees were $375 million compared with $320 million in 1996. Strong internal growth in almost all areas drove the increase in revenue. The Company reported $33 million of securities gains in the second quarter of 1997 compared with $7 million in the first quarter and $30 million last year. Revenues from foreign exchange and other trading activities were $25 million compared with $27 million in the first quarter and $21 million in the second quarter of 1996. 6 NONINTEREST EXPENSE AND INCOME TAXES - ------------------------------------ Total noninterest expense for the quarter was $465 million, up only 2% from $456 million in the same period last year. Year-to-date noninterest expense was $911 million compared with $899 million in 1996. The efficiency ratio for the second quarter was 49.1% and 49.8% one year ago. For the first half of 1997 the efficiency ratio was 48.1% compared with 49.5% last year. The effective tax rates for the second quarter and first six months of 1997 were 36.5% and 36.6% compared with 38.4% for both the second quarter and first six months of 1996. NONPERFORMING ASSETS - -------------------- Change 2Q 1997 vs (Dollars in millions) 6/30/97 3/31/97 1Q 1997 ------------------------------------ Loans: Commercial Real Estate $ 57 $ 20 $ 37 Other Commercial 42 79 (37) Foreign 36 37 (1) Community Banking 67 72 (5) ---- ---- Total Loans 202 208 (6) Other Real Estate 41 40 1 ---- ---- Total $243 $248 (5) ==== ==== Nonperforming Assets Ratio 0.6% 0.7% Allowance/Nonperforming Loans 411.0 418.3 Allowance/Nonperforming Assets 342.1 350.2 Nonperforming assets totaled $243 million at June 30, 1997, compared with $248 million at March 31, 1997. The increase in commercial real estate was attributable to the addition of a $37 million loan on an office building in Pennsylvania. Subsequent to June 30, 1997 a substantial loan to a retailer became nonperforming. 7 LOAN LOSS PROVISION AND NET CHARGE-OFFS - --------------------------------------- 2nd 1st 2nd Quarter Quarter Quarter Year-to-date ------- ------- ------- ------------ (In millions) 1997 1997 1996 1997 1996 --------------------------- -------------- Provision $ 60 $ 60 $425* $120 $515* ---- ---- ---- ---- ---- Net (Charge-offs) Recoveries: Commercial Real Estate - 1 - 1 (3) Other Commercial (6) (3) (7) (9) (6) Credit Card (88) (93) (187)** (181) (283)** Other Consumer (1) (2) (2) (3) (4) Foreign - 4 13 4 12 Other (2) 1 (2) (1) (5) ---- ---- ---- ---- ---- Total (97) (92) (185) (189) (289) ---- ---- ---- ---- ---- Change in Allowance $(37) $(32) $240 $(69) $226 ==== ==== ==== ==== ==== Other Real Estate Expenses (Recoveries) $ 1 $ - $ 1 $ 1 $ (1) * Includes a provision of $350 million for credit card accounts. ** Includes $99 million attributed to charge-offs of past due and bankrupt Union credit card accounts not sold to Household. Net charge-offs of credit cards loans were $88 million for the second quarter. Credit card loans outstanding were $4.2 billion at June 30, 1997 compared with $4.3 billion at March 31, 1997. The allowance for loan losses was $832 million, or 2.13% of loans at June 30, 1997, compared with $869 million, or 2.36% of loans at March 31, 1997. The ratio of the allowance to nonperforming assets was 342% at June 30, 1997. *************************** (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) 1997 1996 Change ---- ---- ------ For the Three Months Ended June 30: - ----------------------------------- Net Income $269 $278 -3.2% Per Common Share: Primary Earnings $0.67 $0.68 -1.5 Fully Diluted Earnings 0.67 0.66 1.5 Cash Dividends 0.24 0.20 20.0 Return on Average Common Shareholders' Equity 21.84% 21.97% Return on Average Assets 1.83 2.05 For the Six Months Ended June 30: - --------------------------------- Net Income $534 $ 521 2.5% Per Common Share: Primary Earnings $1.32 $1.25 5.6 Fully Diluted Earnings 1.31 1.23 6.5 Cash Dividends 0.48 0.40 20.0 Return on Average Common Shareholders' Equity 21.36% 20.40% Return on Average Assets 2.02 1.92 As of June 30: - -------------- Assets $61,575 $51,463 19.6% Loans 39,044 35,523 9.9 Securities 5,010 5,185 -3.4 Deposits - Domestic 27,641 23,987 15.2 - Foreign 16,193 11,475 41.1 Long-Term Debt 1,801 1,910 -5.7 Minority Interest - Preferred Securities 1,000 - - Preferred Shareholders' Equity 112 113 -0.9 Common Shareholders' Equity 4,825 4,954 -2.6 Common Shareholders' Equity Per Share 12.78 13.07 -2.2 Market Value Per Share of Common Stock 43.63 25.63 70.2 Allowance for Loan Losses as a Percent of Loans 2.13% 2.76% Tier 1 Capital Ratio 7.83 7.98 Total Capital Ratio 11.99 12.93 Leverage Ratio 8.04 7.76 Tangible Common Equity Ratio 5.88 7.51 9 THE BANK OF NEW YORK COMPANY, INC. Consolidated Statements of Income (Unaudited) (In millions, except per share amounts) For the three For the six months ended months ended June 30, June 30, 1997 1996 1997 1996 ---- ---- ---- ---- Interest Income - --------------- Loans $ 765 $ 784 $1,511 $1,594 Securities Taxable 58 62 119 120 Exempt from Federal Income Taxes 8 9 18 18 ----- ----- ------ ------ 66 71 137 138 Deposits in Banks 39 21 73 43 Federal Funds Sold and Securities Purchased Under Resale Agreements 35 32 68 61 Trading Assets 7 5 10 9 ----- ----- ------ ------ Total Interest Income 912 913 1,799 1,845 ----- ----- ------ ------ Interest Expense - ---------------- Deposits 328 286 629 578 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 30 48 58 99 Other Borrowed Funds 42 55 81 99 Long-Term Debt 31 33 62 65 ----- ----- ------ ------ Total Interest Expense 431 422 830 841 ----- ----- ------ ------ Net Interest Income 481 491 969 1,004 - ------------------- Provision for Loan Losses 60 425 120 515 ----- ----- ------ ------ Net Interest Income After Provision for Loan Losses 421 66 849 489 ----- ----- ------ ------ Noninterest Income - ------------------ Processing Fees Securities 190 161 375 320 Other 59 52 114 103 ----- ----- ------ ------ 249 213 489 423 Trust and Investment Fees 44 40 87 77 Service Charges and Fees 94 115 187 215 Securities Gains 33 30 40 63 Other 69 444 141 478 ----- ----- ------ ------ Total Noninterest Income 489 842 944 1,256 ----- ----- ------ ------ Noninterest Expense - ------------------- Salaries and Employee Benefits 263 249 520 496 Net Occupancy 42 42 84 85 Furniture and Equipment 24 23 48 46 Other 136 142 259 272 ----- ----- ------ ------ Total Noninterest Expense 465 456 911 899 ----- ----- ------ ------ Income Before Income Taxes 445 452 882 846 Income Taxes 162 174 322 325 Distribution on Preferred Securities 14 - 26 - ----- ----- ------ ------ Net Income $ 269 $ 278 $ 534 $ 521 - ---------- ===== ===== ====== ====== Net Income Available to Common Shareholders $ 266 $ 276 $ 529 $ 516 - ----------------------- ===== ===== ====== ===== Per Common Share Data: - ---------------------- Primary Earnings $0.67 $0.68 $1.32 $1.25 Fully Diluted Earnings 0.67 0.66 1.31 1.23 Cash Dividends 0.24 0.20 0.48 0.40 Fully Diluted Shares Outstanding 399 418 402 423 10 THE BANK OF NEW YORK COMPANY, INC. Consolidated Balance Sheets (Unaudited) (Dollars in millions, except per share amounts) June 30, December 31, 1997 1996 ---- ---- Assets - ------ Cash and Due from Banks $ 7,782 $ 6,032 Interest-Bearing Deposits in Banks 2,226 1,387 Securities: Held-to-Maturity 1,091 1,170 Available-for-Sale 3,919 3,883 ------- ------- Total Securities 5,010 5,053 Trading Assets at Fair Value 1,957 1,547 Federal Funds Sold and Securities Purchased Under Resale Agreements 652 562 Loans (less allowance for loan losses of $832 in 1997 and $901 in 1996) 38,212 36,105 Premises and Equipment 857 875 Due from Customers on Acceptances 1,358 985 Accrued Interest Receivable 295 315 Other Assets 3,226 2,904 ------- ------- Total Assets $61,575 $55,765 ======= ======= Liabilities and Shareholders' Equity - ------------------------------------ Deposits Noninterest-Bearing (principally domestic offices) $11,951 $11,812 Interest-Bearing Domestic Offices 16,236 15,268 Foreign Offices 15,647 12,263 ------- ------- Total Deposits 43,834 39,343 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 1,575 1,737 Other Borrowed Funds 4,971 4,144 Acceptances Outstanding 1,377 1,015 Accrued Taxes and Other Expenses 1,477 1,417 Accrued Interest Payable 144 167 Other Liabilities 459 399 Long-Term Debt 1,801 1,816 ------- ------- Total Liabilities 55,638 50,038 ------- ------- Minority Interest - Preferred Securities 1,000 600 ------- ------- 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 24,344 shares in 1997 and 40,429 shares in 1996 1 1 Common Stock-par value $7.50 per share, authorized 800,000,000 shares, issued 454,221,461 shares in 1997 and 444,317,786 shares in 1996 3,407 3,332 Additional Capital 409 344 Retained Earnings 3,139 2,798 Securities Valuation Allowance 150 82 ------- ------- 7,217 6,668 Less: Treasury Stock (75,849,342 shares in 1997 and 57,849,845 shares in 1996), at cost 2,263 1,524 Loan to ESOP (1,195,719 shares), at cost 17 17 ------- ------- Total Shareholders' Equity 4,937 5,127 ------- ------- Total Liabilities and Shareholders' Equity $61,575 $55,765 ======= ======= 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, 1997 ended June 30, 1996 ------------------------ ------------------------- Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------ ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 2,942 $ 39 5.31% $ 1,503 $ 21 5.52% Federal Funds Sold and Securities Purchased Under Resale Agreements 2,531 35 5.50 2,422 32 5.30 Loans Domestic Offices 22,469 523 9.34 25,812 591 9.21 Foreign Offices 14,792 243 6.58 11,995 196 6.58 ------- ------ ------- ------ Total Loans 37,261 766 8.25 37,807 787 8.38 ------- ------ ------- ------ Securities U.S. Government Obligations 2,683 39 5.86 2,988 43 5.78 U.S. Government Agency Obligations 386 6 6.46 480 7 6.24 Obligations of States and Political Subdivisions 632 14 8.69 652 15 8.92 Other Securities, including Trading Securities 1,709 21 4.91 1,326 19 5.62 ------- ------ ------- ------ Total Securities 5,410 80 5.93 5,446 84 6.16 ------- ------ ------- ------ Total Interest-Earning Assets 48,144 920 7.67% 47,178 924 7.87% ------ ------ Allowance for Loan Losses (837) (728) Cash and Due from Banks 3,756 2,527 Other Assets 7,854 5,521 ------- ------- TOTAL ASSETS $58,917 $54,498 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 4,259 49 4.59% $ 3,713 39 4.23% Savings 8,022 51 2.53 8,264 55 2.70 Certificates of Deposit $100,000 & Over 715 10 5.46 890 11 5.19 Other Time Deposits 2,569 31 5.02 2,533 29 4.68 Foreign Offices 15,200 187 4.93 12,383 152 4.90 ------- ------ ------- ------ Total Interest-Bearing Deposits 30,765 328 4.28 27,783 286 4.15 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,226 30 5.33 3,659 48 5.25 Other Borrowed Funds 3,202 42 5.24 4,081 55 5.41 Long-Term Debt 1,808 31 6.94 1,920 33 6.75 ------- ------ ------- ------ Total Interest-Bearing Liabilities 38,001 431 4.55% 37,443 422 4.53% ------ ------ Noninterest-Bearing Deposits 9,183 8,472 Other Liabilities 6,019 3,420 Minority Interest - Preferred Securities 714 - Preferred Stock 112 113 Common Shareholders' Equity 4,888 5,050 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $58,917 $54,498 ======= ======= Net Interest Earnings and Interest Rate Spread $ 489 3.12% $ 502 3.34% ====== ====== Net Yield on Interest- Earning Assets 4.08% 4.28% ==== ==== 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, 1997 ended June 30, 1996 ------------------------ ------------------------- Average Average Average Average Balance Interest Rate Balance Interest Rate ------- -------- ------- ------- -------- ------ ASSETS - ------ Interest-Bearing Deposits in Banks (primarily foreign) $ 2,692 $ 73 5.46% $ 1,540 $ 43 5.60% Federal Funds Sold and Securities Purchased Under Resale Agreements 2,541 68 5.41 2,298 61 5.34 Loans Domestic Offices 22,610 1,048 9.32 25,966 1,206 9.34 Foreign Offices 14,545 466 6.46 11,816 393 6.69 ------- ------ ------- ------ Total Loans 37,155 1,514 8.22 37,782 1,599 8.51 ------- ------ ------- ------ Securities U.S. Government Obligations 2,718 78 5.82 2,931 83 5.72 U.S. Government Agency Obligations 405 13 6.40 466 15 6.28 Obligations of States and Political Subdivisions 637 28 8.67 644 29 9.01 Other Securities, including Trading Securities 1,616 42 5.21 1,263 35 5.54 ------- ------ ------- ------ Total Securities 5,376 161 6.03 5,304 162 6.13 ------- ------ ------- ------ Total Interest-Earning Assets 47,764 1,816 7.67% 46,924 1,865 7.99% ------ ------ Allowance for Loan Losses (854) (726) Cash and Due from Banks 3,901 2,838 Other Assets 7,576 5,489 ------- ------- TOTAL ASSETS $58,387 $54,525 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------ Interest-Bearing Deposits Money Market Rate Accounts $ 4,074 89 4.42% $ 3,858 82 4.29% Savings 8,071 102 2.55 8,243 114 2.77 Certificates of Deposit $100,000 & Over 706 19 5.38 1,005 27 5.32 Other Time Deposits 2,531 61 4.88 2,565 61 4.78 Foreign Offices 14,904 357 4.83 11,946 294 4.95 ------- ------ ------- ------ Total Interest-Bearing Deposits 30,286 628 4.19 27,617 578 4.21 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 2,246 58 5.22 3,766 99 5.30 Other Borrowed Funds 3,227 81 5.08 3,613 99 5.51 Long-Term Debt 1,812 63 6.89 1,901 65 6.85 ------- ------ ------- ------ Total Interest-Bearing Liabilities 37,571 830 4.46% 36,897 841 4.58% ------ ------ Noninterest-Bearing Deposits 9,226 9,011 Other Liabilities 5,831 3,412 Minority Interest - Preferred Securities 657 - Preferred Stock 112 113 Common Shareholders' Equity 4,990 5,092 ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $58,387 $54,525 ======= ======= Net Interest Earnings and Interest Rate Spread $ 986 3.21% $1,024 3.41% ====== ====== Net Yield on Interest- Earning Assets 4.16% 4.39% ==== ==== -----END PRIVACY-ENHANCED MESSAGE-----