-----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, WSz9+bSWENRvp7aOkV3qWuuDXuQD6F1ILyFZ1/aKMhtLPf+FuB9HBkcITaTumRuJ baVMWlUVJktYcAx0s86ycg== 0000009626-98-000005.txt : 19980302 0000009626-98-000005.hdr.sgml : 19980302 ACCESSION NUMBER: 0000009626-98-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980227 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980227 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: SEC FILE NUMBER: 001-06152 FILM NUMBER: 98552035 BUSINESS ADDRESS: STREET 1: 48 WALL ST 15TH FL CITY: NEW YORK STATE: NY ZIP: 10296 BUSINESS PHONE: 2124951784 8-K 1 RESTATED EPS 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): February 27, 1998 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 ------------ Restated Earnings Per Share --------------------------- In February 1997, the FASB issued SFAS No. 128, "Earnings per Share." The statement establishes new standards for computing and presenting earnings per share ("EPS"). It replaces the presentation of primary EPS with basic EPS and the presentation of fully diluted EPS with diluted EPS. SFAS 128 is effective for year-end 1997. The Bank of New York Company, Inc. (the "Company") has restated the selected financial data and quarterly financial data that appeared in its 1996 10-K. In addition the Company has provided an exhibit that shows the computation of earnings per share for years 1992-1996 and the quarters for 1995 and 1996 to be in conformity with SFAS 128. 3 SELECTED FINANCIAL DATA FINANCIAL HIGHLIGHTS Dollars in millions, except per share amounts 1996 1995 1994 1993 1992 Net Interest Income $ 1,961 $ 2,029 $ 1,717 $ 1,497 $ 1,367 Noninterest Income 2,130 1,491 1,289 1,319 1,183 Provision for Loan Losses 600 330 162 284 443 Noninterest Expense 1,835 1,708 1,646 1,646 1,519 Net Income 1,020 914 749 559 393 Net Income Available to Common Shareholders 1,010 904 736 534 360 Return on Average Assets 1.90% 1.72% 1.49% 1.20% 0.85% Return on Average Common Shareholders' Equity 19.98 19.42 18.49 14.98 12.00 Common Dividend Payout Ratio 32.50 28.84 27.88 27.99 33.89 Per Common Share Basic Earnings $ 2.60 $ 2.35 $ 1.96 $ 1.43 $ 1.05 Diluted Earnings 2.40 2.18 1.84 1.35 1.00 Cash Dividends 0.84 0.68 0.55 0.43 0.38 Market Value at Year End 33.75 24.38 14.89 14.25 13.47 Averages Securities $ 5,343 $ 5,260 $ 5,941 $ 6,352 $ 6,202 Loans 36,698 35,421 32,029 30,427 30,345 Total Assets 53,649 53,053 50,280 46,644 46,227 Deposits 36,599 36,061 34,041 32,837 33,237 Long-Term Debt 1,870 1,773 1,530 1,729 1,386 Minority Interest - Preferred Securities 26 - - - - Shareholders' Equity: Preferred 113 115 157 334 409 Common 5,055 4,653 3,980 3,563 2,996 At Year End Allowance for Loan Losses as a Percent of Loans 2.43% 2.01% 2.40% 3.17% 3.63% Tier 1 Capital Ratio 8.34 8.42 8.45 8.87 7.59 Total Capital Ratio 12.78 13.08 13.43 13.65 12.30 Leverage Ratio 8.87 8.46 7.89 7.99 7.11 Common Equity to Assets Ratio 8.99 9.53 8.55 8.29 7.30 Total Equity to Assets Ratio 9.19 9.74 8.79 8.94 8.24 Common Shares Outstanding (in millions) 385.272 394.956 373.870 374.456 364.262 Employees 16,158 15,810 15,477 15,621 16,167 The per common share amounts and common shares outstanding have been restated to reflect the 2-for-1 common stock splits effective July 19, 1996 and April 22, 1994. 4 QUARTERLY FINANCIAL DATA UNAUDITED 1996 ------------------------------- Dollars in millions, Fourth Third Second First except per share amounts Interest Income $ 883 $ 856 $ 910 $ 928 Interest Expense 393 389 422 419 ----- ----- ----- ----- Net Interest Income 490 467 488 509 ----- ----- ----- ----- Provision for Loan Losses 45 40 425 90 Noninterest Income 441 432 846 420 Noninterest Expense 480 455 457 444 ----- ----- ----- ----- Income Before Income Taxes 406 404 452 395 Income Taxes 154 155 174 152 Distribution on Trust Preferred Securities 2 - - - ----- ----- ----- ----- Net Income $ 250 $ 249 $ 278 $ 243 ===== ===== ===== ===== Net Income Available to Common Shareholders $ 247 $ 246 $ 276 $ 241 ===== ===== ===== ===== Per Common Share Data: Basic Earnings $0.64 $0.64 $0.71 $0.61 Diluted Earnings 0.60 0.59 0.65 0.56 Cash Dividends 0.22 0.22 0.20 0.20 Stock Price High 35.88 30.13 26.94 27.31 Low 29.00 24.56 23.31 22.00 Ratios: Return on Average Common Shareholders' Equity 19.48% 19.63% 21.97% 18.86% Return on Average Assets 1.84 1.92 2.05 1.79 QUARTERLY FINANCIAL DATA UNAUDITED 1995 ------------------------------ Dollars in millions, Fourth Third Second First except per share amounts Interest Income $ 969 $ 946 $ 981 $ 936 Interest Expense 446 435 477 445 ----- ----- ----- ----- Net Interest Income 523 511 504 491 ----- ----- ----- ----- Provision for Loan Losses 105 113 62 50 Noninterest Income 419 405 349 318 Noninterest Expense 446 423 424 415 ----- ----- ----- ----- Income Before Income Taxes 391 380 367 344 Income Taxes 150 146 141 131 Distribution on Trust Preferred Securities - - - - ----- ----- ----- ----- Net Income $ 241 $ 234 $ 226 $ 213 ===== ===== ===== ===== Net Income Available to Common Shareholders $ 239 $ 232 $ 223 $ 210 ===== ===== ===== ===== Per Common Share Data: Basic Earnings $0.60 $0.60 $0.59 $0.56 Diluted Earnings 0.56 0.55 0.54 0.53 Cash Dividends 0.18 0.18 0.16 0.16 Stock Price High 24.38 23.25 21.69 16.75 Low 20.94 19.00 15.94 14.50 Ratios: Return on Average Common Shareholders' Equity 18.87% 19.28% 19.85 19.98% Return on Average Assets 1.77 1.78 1.68 1.65 5 ITEM 7. Exhibits ----------------------------------------------------- (c) Exhibit Description ------- ----------- 99.1 Computation of earnings per share 6 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: February 27, 1998 THE BANK OF NEW YORK COMPANY, INC. (Registrant) By: \s\ Robert E. Keilman ------------------------ Name: Robert E. Keilman Title: Comptroller 7 EXHIBIT INDEX Exhibit No. Description 99.1 Computation of earnings per common share for the fiscal years ended 1992 through 1996 and for the quarters of 1995 and 1996 EX-99.1 2 COMPUTATION OF EPS 1 EXHIBIT 99.1 THE BANK OF NEW YORK COMPANY, INC. Computation of Earnings Per Common Share For the Years Ended December 31, 1996 1995 1994 1993 1992 ---- ---- ---- ---- ---- (in millions, except per share amounts) Weighted Average Number of Shares - Basic 388 385 376 372 343 Shares Assumed to be Issued on Conversion: Debentures 7 18 24 26 26 Warrants 21 11 - - - Options 6 4 3 3 1 Cumulative Preferred Stock - - 4 5 8 ----- ----- ----- ---- ---- Weighted Average Number of Shares - Diluted 422 418 407 406 378 ===== ===== ===== ==== ==== Net Income $1,020 $ 914 $ 749 $ 559 $ 393 Dividend Requirements on Preferred Stock 10 10 13 25 33 ------ ----- ----- ---- ----- Net Income Available to Common Shareholders 1,010 904 736 534 360 Interest On Convertible Debentures, Net of Tax 2 7 10 10 11 Dividends on Convertible Preferred Stock - - 2 3 6 ------ ----- ----- ----- ----- Diluted Net Income $1,012 $ 911 $ 748 $ 547 $ 377 ====== ===== ===== ===== ===== Earnings Per Share: Basic $2.60 $2.35 $1.96 $1.43 $1.05 Diluted 2.40 2.18 1.84 $1.35 1.00 2 THE BANK OF NEW YORK COMPANY, INC. Computation of Earnings Per Common Share 1996 First Second Third Fourth Quarter Quarter Quarter Quarter ------- ------- ------- ------- (in millions, except per share amounts) Weighted Average Number of Shares - Basic 395 387 386 388 Shares Assumed to be Issued on Conversion: Debentures 11 10 5 - Warrants 21 21 21 19 Options 6 6 6 7 Cumulative Preferred Stock - - - - ----- ----- ----- ---- Weighted Average Number of Shares - Diluted 433 424 418 414 ===== ===== ===== ==== Net Income $ 243 $ 278 $ 249 $ 250 Dividend Requirements on Preferred Stock 2 2 3 3 ------ ----- ----- ---- Net Income Available to Common Shareholders 241 276 246 247 Interest On Convertible Debentures, Net of Tax 1 1 1 - ------ ----- ----- ----- Diluted Net Income $ 242 $ 277 $ 247 $ 247 ====== ===== ===== ===== Earnings Per Share: Basic $0.61 $0.71 $0.64 $0.64 Diluted 0.56 0.65 0.59 0.60 3 THE BANK OF NEW YORK COMPANY, INC. Computation of Earnings Per Common Share 1995 First Second Third Fourth Quarter Quarter Quarter Quarter ------- ------- ------- ------- (in millions, except per share amounts) Weighted Average Number of Shares - Basic 377 381 386 397 Shares Assumed to be Issued on Conversion: Debentures 24 19 18 13 Warrants - 9 14 18 Options 2 4 4 4 Cumulative Preferred Stock 1 1 1 - ----- ----- ----- ---- Weighted Average Number of Shares - Diluted 404 414 423 432 ===== ===== ===== ==== Net Income $ 213 $ 226 $ 234 $ 241 Dividend Requirements on Preferred Stock 3 3 2 2 ------ ----- ----- ---- Net Income Available to Common Shareholders 210 223 232 239 Interest On Convertible Debentures, Net of Tax 2 2 2 1 ------ ----- ----- ----- Diluted Net Income $ 212 $ 225 $ 234 $ 240 ====== ===== ===== ===== Earnings Per Share: Basic $0.56 $0.59 $0.60 $0.60 Diluted 0.53 0.54 0.55 $0.56 -----END PRIVACY-ENHANCED MESSAGE-----