-----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, ENgjhEwLvK+5jp0Rito94mnB3TLBup3IYy5ZZJYCjUGGFUq709rSqwIr+7Bnmxy3 SGQNYIinJfJI7m1WBYEOCw== 0000020405-00-000008.txt : 20000202 0000020405-00-000008.hdr.sgml : 20000202 ACCESSION NUMBER: 0000020405-00-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 ITEM INFORMATION: FILED AS OF DATE: 20000121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITICORP CENTRAL INDEX KEY: 0000020405 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132614988 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05738 FILM NUMBER: 511029 BUSINESS ADDRESS: STREET 1: 399 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10043 BUSINESS PHONE: 2125591000 MAIL ADDRESS: STREET 1: 425 PARK AVE- 2ND F STREET 2: ATTN: LEGAL AFFAIRS OFFICE CITY: NEW YORK STATE: NY ZIP: 10043 FORMER COMPANY: FORMER CONFORMED NAME: FIRST NATIONAL CITY CORP DATE OF NAME CHANGE: 19740414 FORMER COMPANY: FORMER CONFORMED NAME: CITY BANK OF NEW YORK NATIONAL ASSOCIATI DATE OF NAME CHANGE: 19680903 8-K 1 INCOME STATEMENT 8-K 4Q99 CITICORP 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 18, 2000 CITICORP (Exact name of registrant as specified in charter) DELAWARE 1-5738 06-1515595 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification Number) 399 PARK AVENUE, NEW YORK, NEW YORK 10043 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 559-1000 NOT APPLICABLE (Former name or former address, if changed since last report) Item 5. Other Events. ------------- Results of Operations (Unaudited) This report summarizes the results of operations of Citicorp and its subsidiaries for the three- and twelve-month periods ended December 31, 1999 and December 31, 1998. Citigroup Inc., the parent company of Citicorp, filed a Current Report on Form 8-K dated January 18, 2000. That report contains certain additional information about Citicorp's businesses. CONSOLIDATED STATEMENTS OF INCOME CITICORP AND SUBSIDIARIES (Unaudited) (In Millions of Dollars) Fourth Quarter Full Year ---------------- ---------------- 1999 1998 1999 1998 ---------------- ---------------- INTEREST REVENUE Loans, including Fees $5,828 $5,999 $22,927 $22,545 Deposits with Banks 240 258 1,002 1,070 Federal Funds Sold and Securities Purchased Under Resale Agreements 85 135 402 738 Securities, including Dividends 798 1,008 3,670 3,028 Trading Account Assets 175 172 692 1,059 Loans Held For Sale 115 140 549 533 --------------- ----------------- 7,241 7,712 29,242 28,973 --------------- ----------------- INTEREST EXPENSE Deposits 2,654 3,120 10,775 11,511 Trading Account Liabilities 23 26 88 269 Purchased Funds and Other Borrowings 416 549 1,984 2,146 Long-Term Debt 452 449 1,853 1,745 --------------- ----------------- 3,545 4,144 14,700 15,671 --------------- ----------------- NET INTEREST REVENUE 3,696 3,568 14,542 13,302 --------------- ----------------- PROVISION FOR CREDIT LOSSES 686 680 2,837 2,751 --------------- ----------------- NET INTEREST REVENUE AFTER PROVISION FOR CREDIT LOSSES 3,010 2,888 11,705 10,551 --------------- ----------------- FEES, COMMISSIONS, AND OTHER REVENUE Fees and Commissions 2,121 1,738 7,547 6,457 Foreign Exchange 355 340 1,569 1,628 Trading Account 194 90 888 265 Securities Transactions 130 39 332 524 Other Revenue 685 577 3,270 2,502 --------------- ----------------- 3,485 2,784 13,606 11,376 --------------- ----------------- OPERATING EXPENSE Salaries 1,583 1,586 6,270 6,028 Employee Benefits 381 353 1,333 1,403 --------------- ----------------- Total Employee Expense 1,964 1,939 7,603 7,431 Net Premises and Equipment Expense 649 604 2,505 2,207 Restructuring/Merger Items (25) 1,011 154 1,011 Other Expense 1,807 1,836 6,756 6,362 --------------- ----------------- 4,395 5,390 17,018 17,011 --------------- ----------------- INCOME BEFORE TAXES 2,100 282 8,293 4,916 Income Taxes 773 84 3,098 1,820 --------------- ----------------- NET INCOME $1,327 $ 198 $ 5,195 $ 3,096 --------------- ----------------- --------------- ----------------- (a) The 1999 fourth quarter includes a charge of $82 million, a credit for the reversal of prior charges of $120 million, and accelerated depreciation of $13 million. The 1999 full year includes a charge of $131 million, credits for the reversal of prior charges of $157 million, and $180 million of accelerated depreciation. The 1998 periods include a restructuring charge of $1,008 million and merger-related expenses of $41 million, and a credit for the reversal of prior charges of $38 million. On August 4, 1999, CitiFinancial Credit Company (formerly Commercial Credit Company) ("CCC"), an indirect wholly-owned subsidiary of Citigroup Inc., was contributed to and became a subsidiary of Citicorp Banking Corporation, a wholly-owned subsidiary of Citicorp. In connection with the restructuring of CCC, Citicorp issued a guarantee of all outstanding long-term debt ($6.05 billion) and commercial paper ($3.75 billion) of CCC. Following the restructuring, CCC ceased issuing commercial paper. In addition, Citicorp guaranteed the obligations of CCC under its committed and available five-year revolving credit facilities under which no borrowings are currently outstanding. Under these facilities, which expire in 2002, CCC can borrow up to $3.4 billion. All balances have been restated to reflect this transaction. 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. CITICORP (Registrant) By:/s/ Roger W. Trupin --------------------- Roger W. Trupin Vice President and Controller Dated: January 20, 2000 -----END PRIVACY-ENHANCED MESSAGE-----