-----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, Gv/xqPSUKMq0xu4dS509To8OKi4AYtwFCnquZLEgbdJ3vayR9yqP53rH1QsD+ZSo f8M+egQqOcJPBrehVWuthQ== 0000950152-97-000461.txt : 19970129 0000950152-97-000461.hdr.sgml : 19970129 ACCESSION NUMBER: 0000950152-97-000461 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970120 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970128 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANC ONE CORP /OH/ CENTRAL INDEX KEY: 0000036090 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 310738296 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08552 FILM NUMBER: 97512337 BUSINESS ADDRESS: STREET 1: 100 E BROAD ST CITY: COLUMBUS STATE: OH ZIP: 43271 BUSINESS PHONE: 6142485944 MAIL ADDRESS: STREET 1: 100 EAST BROAD STREET STREET 2: 18TH FLOOR CITY: COLUMBUS STATE: OH ZIP: 43271-0251 FORMER COMPANY: FORMER CONFORMED NAME: FIRST BANC GROUP OF OHIO INC /OH/ DATE OF NAME CHANGE: 19800301 8-K 1 BANC ONE 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 20, 1997 BANC ONE CORPORATION (Exact Name of Registrant as Specified in Charter) Ohio (State or Other Jurisdiction of Incorporation) 1-8552 31-0738296 (Commission File Number) (IRS Employer Identification No.) 100 East Broad Street, Columbus, Ohio 43271 (Address of Principal Executive Offices)(Zip Code) Registrant's telephone number, including area code: (614) 248-5944 N/A (Former Name or Former Address, If Changed Since Last Report) 2 ITEM 5. OTHER EVENTS On January 20, 1997, BANC ONE CORPORATION ("BANC ONE") issued a press release announcing its earnings for the three-month and twelve-month periods ended December 31, 1996. BANC ONE also announced in such press release that BANC ONE's Board of Directors have approved (i) the repurchase of up to 12 million shares of BANC ONE common stock for use in the previously announced acquisition of Liberty Bancorp, Inc., a multibank holding company headquartered in Oklahoma City, Oklahoma and (ii) an increase in the quarterly cash dividend paid on BANC ONE common stock from $0.34 to $0.38 per share. A copy of such press release is filed as Exhibit 99.1 and incorporated by reference herein. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements NONE. The financial statements included in this report are not required to be filed as part of this report. (b) Pro Forma Financial Information NONE. (c) Exhibits Exhibit 99.1 BANC ONE CORPORATION Press Release dated January 20, 1997 titled "Banc One Reports Record Full Year and Fourth Quarter 1996 Earnings; Banc One Announces 12% Quarterly Cash Dividend Increase and 12 Million Share Repurchase." 2 3 SIGNATURES 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. BANC ONE CORPORATION (Registrant) Date: January 28, 1997 By: /s/ Steven Alan Bennett ------------------------------- Steven Alan Bennett Senior Vice President and General Counsel 3 EX-99.1 2 EXHIBIT 99.1 1 [BANC ONE CORPORATION LETTERHEAD] FOR RELEASE: January 20, 1997 BANC ONE REPORTS RECORD FULL YEAR AND FOURTH QUARTER 1996 EARNINGS BANC ONE ANNOUNCES 12% QUARTERLY CASH DIVIDEND INCREASE AND 12 MILLION SHARE REPURCHASE ------------------------------------------ BANC ONE CORPORATION, Columbus, Ohio (NYSE:ONE) announced record 1996 earnings of $1.4 billion, a 12 percent increase over 1995 earnings of $1.3 billion. 1996 earnings of $3.23 per share represented an 11 percent increase over 1995 earnings of $2.91 per share. Earnings for the fourth quarter of 1996 were $370 million or $.85 per share, an increase from $337 million or $.77 per share reported in the fourth quarter 1995. John B. McCoy, Chairman and Chief Executive Officer of BANC ONE CORPORATION, said, "We are very pleased with the Corporation's performance throughout 1996. Strong earnings resulted from momentum generated throughout the franchise as we work toward becoming a national provider of financial services. Nearly all BANC ONE businesses and markets achieved great success in meeting their goals in 1996." McCoy also announced the Corporation's Board of Directors approved an increase in the quarterly cash dividend paid on the common stock from $.34 to $.38 per share. On an annualized basis, the cash dividend of $1.52 per share is an increase of 12 percent above BANC ONE's 1996 dividend rate of $1.36 per share. The board of directors also approved a cash dividend of $.875 per share on shares of the BANC ONE Series C Preferred Stock. Both cash dividends are payable on March 31, 1997 to shareholders of record March 14, 1997. In other actions, the board of directors approved the repurchase of up to 12 million shares of BANC ONE common stock for use in the previously announced acquisition of Liberty Bancorp, Inc., a multibank holding company headquartered in Oklahoma City, OK. These purchases may be effected through public and private transactions. The transaction was announced in the fourth quarter of 1996 and is expected to close at the end of the second quarter of 1997. - more - 2 BANC ONE page 2 For the year, profitability remained strong as the Corporation earned 1.48 percent on average assets and 17.11 percent on average common equity. Book value per common share increased to $19.75 at year end from $18.58 at December 31, 1995. Taxable equivalent net interest income increased 17 percent to $4.9 billion from $4.2 billion a year ago. Average earning assets grew 11.1 percent to $88.0 billion from $79.2 billion a year ago. BANC ONE's net interest margin increased 28 basis points to 5.59 percent from 5.31 percent in 1995. BANC ONE experienced strong fourth quarter loan growth in nearly all loan categories and regions. Average managed loan balances grew 10 percent compared to the prior year. Non-interest income before securities transactions increased 16 percent or $293 million to $2.1 billion for the year from $1.8 billion in 1995. Non-interest income growth resulted primarily from increased revenue from investment management, insurance, securities brokerage and investment banking, all of which achieved growth in excess of 11 percent. The inclusion of Banc One Louisiana and revenue from mortgage banking also contributed to the growth. During the fourth quarter, the Corporation recognized a gain of $97 million due to the sale of a loan portfolio. Non-interest expense totaled $4.2 billion in 1996, an increase from $3.6 billion in 1995. The increase in non-interest expenses was principally due to the addition of Banc One Louisiana and expenses associated with the Corporation's strategic initiative for the consolidation and standardization of systems and procedures. The Corporation's efficiency ratio improved to 59.3 percent for 1996 compared to 60.0 percent a year ago. BANC ONE's ending allowance for credit losses was $1.1 billion or 1.45 percent of ending loans, and provided coverage of 281 percent of nonperforming loans. The provision for credit losses increased in the fourth quarter to $244 million and exceeded net charge-offs of $230 million by $14 million. BANC ONE CORPORATION had assets of $101.8 billion and common equity of $8.4 billion at December 31, 1996. BANC ONE now operates 1,502 offices in Arizona, Colorado, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin. BANC ONE also owns several additional corporations that engage in credit card and merchant processing, consumer finance, mortgage banking, insurance, venture capital, investment and merchant banking, trust, brokerage, investment management, equipment leasing and data processing. Information about BANC ONE's financial results and its products and services can be accessed on the Internet at: http://www.bankone.com and through InvestQuest (TM) at http://www.investquest.com or Fax-on-demand : (614) 844-3860 #### 3 BANC ONE CORPORATION and Subsidiaries - -------------------------------------
Fourth Quarter 1996 - ------------------------------------------------------------------------------------- Balance Sheet (1)(2) Ending Average Income / Yield / Yields/Rates $(thousands) Balance Balance Expense Rate - ------------------------------------------------------------------------------------- Short term investments $ 348,717 $ 453,442 $ 6,055 5.31 % Loans held for sale 1,473,756 452,895 6,394 5.62 Securities: (4)(5) Taxable securities 13,856,644 13,344,066 217,159 6.47 Tax exempt securities 1,665,986 1,663,596 33,000 7.89 ---------- ---------- --------- Total securities 15,522,630 15,007,662 250,159 6.63 Loans and leases: (3) Commercial 20,232,193 19,917,607 413,272 8.25 Real estate: Commercial 6,429,409 6,322,336 143,131 9.01 Construction 3,601,958 3,517,746 87,154 9.86 Residential 13,917,037 13,659,046 321,907 9.38 Consumer , net 19,385,425 19,137,215 451,844 9.39 Credit card 8,301,406 9,266,398 393,502 16.89 Leases, net 2,326,508 2,210,083 41,102 7.40 ---------- ---------- --------- Net loans and leases 74,193,936 74,030,431 1,851,912 9.95 ---------- ---------- --------- Total earning assets 91,539,039 89,944,430 2,114,520 9.35 Allowance for credit losse (1,075,092) (1,053,156) Other assets (4) 11,384,140 9,667,024 ---------- ---------- Total assets $ 101,848,087 $ 98,558,298 ============= ============ Deposits: Non-interest bearing dem$ 16,195,105 $ 14,407,459 Interest bearing demand 2,241,730 2,065,401 8,763 1.69 Money market and savings 29,434,561 29,430,505 250,433 3.39 Time deposits: CD's less than $100,000 18,245,164 18,293,149 257,554 5.60 CD's $100,000 and over: Domestic 3,466,851 4,034,001 52,888 5.22 Foreign 2,789,716 3,081,237 41,512 5.36 ---------- ---------- --------- Total deposits 72,373,127 71,311,752 611,150 3.41 Borrowed Funds: Short-term 14,105,576 12,798,498 160,953 5.00 Long-term 4,189,513 3,667,392 63,793 6.92 ---------- ---------- --------- Total borrowed funds 18,295,089 16,465,890 224,746 5.43 Total interest bearing lia 74,473,111 73,370,183 $ 835,896 4.53 % Other liabilities 2,532,911 2,291,656 Preferred stock 207,016 213,518 Common equity (6) 8,439,944 8,275,482 ---------- ---------- Total liabilities, common equity & preferred stock $ 101,848,087 $ 98,558,298 ============= ============= (1) Fully taxable equivalent basis. (2) Certain prior period amounts have been reclassified for comparison purposes. (3) Nonaccrual loans are included in loan balances. (4) Average securities balances are based on amortized historical cost, excluding SFAS 115 adjustments to fair value which are included in other assets. (5) Fair value of total securities at December 31, 1996 approximates $15,550.000. (6) Net unrealized holding gains (losses) on securities available for sale, net of tax $ 20,286 $ 34,530 ========== ============
- ------------------------------------------------------------------------------------------------------------------------------------ Third Quarter Fourth Quarter 1996 1995 ----------------------------------------------- ------------------------------------------------ Balance Sheet (1)(2) Average Income / Yield / Average Income / Yield / Yields/Rates $(thousands) Balance Expense Rate Balance Expense Rate - ------------------------------------------------------------------------------------------------------------------------------------ Short term investments $ 386,884 $ 5,091 5.23% $ 455,748 $ 6,506 5.66% Loans held for sale 457,243 8,968 7.80 512,793 9,814 7.59 Securities: (4)(5) Taxable securities 13,990,110 227,397 6.47 12,436,407 204,090 6.51 Tax exempt securities 1,651,198 34,179 8.23 1,769,187 37,807 8.48 ---------- --------- ---------- --------- Total securities 15,641,308 261,576 6.65 14,205,594 241,897 6.76 Loans and leases: (3) Commercial 19,293,756 403,912 8.33 17,913,449 368,778 8.17 Real estate: Commercial 6,238,464 140,682 8.97 5,610,877 128,171 9.06 Construction 3,321,263 80,747 9.67 2,656,586 67,785 10.12 Residential 11,609,921 268,997 9.22 11,670,522 258,580 8.79 Consumer , net 20,250,790 467,401 9.18 18,386,712 438,793 9.47 Credit card 8,397,805 344,063 16.30 7,295,818 303,859 16.52 Leases, net 2,141,961 40,129 7.45 1,635,700 30,367 7.37 ---------- --------- ---------- --------- Net loans and leases 71,253,960 1,745,931 9.75 65,169,664 1,596,333 9.72 ---------- --------- ---------- --------- Total earning assets 87,739,395 2,021,566 9.17 80,343,799 1,854,550 9.16 Allowance for credit losses (1,040,458) (917,851) Other assets (4) 9,227,274 8,810,991 ---------- ---------- Total assets $ 95,926,211 $ 88,236,939 ============= ============ Deposits: Non-interest bearing demand$ 13,820,819 $ 13,280,168 Interest bearing demand 2,131,119 9,710 1.81 7,049,616 35,352 1.99 Money market and savings 29,342,620 245,121 3.32 21,875,309 205,902 3.73 Time deposits: CD's less than $100,000 18,597,493 258,640 5.53 18,820,385 275,247 5.80 CD's $100,000 and over: Domestic 3,758,928 49,438 5.23 3,382,376 41,642 4.88 Foreign 2,915,574 39,447 5.38 1,239,067 17,202 5.51 ---------- --------- ---------- --------- Total deposits 70,566,553 602,356 3.40 65,646,921 575,345 3.48 Borrowed Funds: Short-term 11,791,789 152,761 5.15 9,871,373 137,640 5.53 Long-term 3,019,504 51,554 6.79 2,675,998 47,019 6.97 ---------- --------- ---------- --------- Total borrowed funds 14,811,293 204,315 5.49 12,547,371 184,659 5.84 Total interest bearing liabilities 71,557,027 $ 806,671 4.48% 64,914,124 $ 760,004 4.64% Other liabilities 2,112,267 2,032,084 Preferred stock 240,459 249,780 Common equity (6) 8,195,639 7,760,783 ---------- ---------- Total liabilities, common equity & preferred stock $ 95,926,211 $ 88,236,939 ============= ============ (1) Fully taxable equivalent basis. (2) Certain prior period amounts have been reclassified for comparison purposes. (3) Nonaccrual loans are included in loan balances. (4) Average securities balances are based on amortized historical cost, excluding SFAS 115 adjustments to fair value which are included in other assets. (5) Fair value of total securities at December 31, 1996 approximates $15,550.000. (6) Net unrealized holding gains (losses) on securities available for sale, net of tax (38,334) $ 25,453 ======= ============
4 BANC ONE CORPORATION and Subsidiaries - -------------------------------------
Year Ended December 31, ---------------------------------------- Percent Key Performance Ratios 1996 1995 Change - -------------------------------------------------------------------------------------------------- Return on average assets 1.48% 1.47% 0.68% Return on average common equity 17.11 16.77 2.03 Return on average total equity 16.82 16.45 2.25 Average total equity to average assets 8.80 8.92 (1.35) Tangible common equity to net assets 7.66 8.31 (7.82) Net interest margin (2) 5.59 5.31 5.27 Net funds function (2) 4.69% 4.74% (1.05)% Capital $(thousands) (1) - -------------------------------------------------------------------------------------------------- Tier I amount $ 8,078,624 $ 7,795,718 Total qualifying capital 11,731,299 10,897,083 Total risk adjusted assets 87,373,764 77,575,262 Tier I capital ratio 9.25% 10.05% Total risk adjusted capital ratio 13.43 14.05 Leverage ratio 8.24% 8.87% Intangibles $(thousands) (As of the end of period) - -------------------------------------------------------------------------------------------------- Goodwill $ 471,559 $ 242,816 Other Intangibles 220,926 230,376 ---------- -------- Total Intangibles $ 692,485 $ 473,192 ========== ======== Full Year --------------------------------------------- Credit Quality $(millions) 1996 1995 - -------------------------------------------------------------------------------------------------- Ending allowance for credit losses $ 1,075.1 $ 938.0 Nonperforming assets: Nonaccrual 374.2 349.1 Renegotiated 8.2 5.2 OREO 53.0 75.5 ---------- -------- Total nonperforming assets $ 435.4 $ 429.8 ========== ======== Loans delinquent over 90 days $ 396.6 $ 254.4 Gross charge-offs 956.6 604.0 Recoveries 239.0 191.2 ---------- -------- Net charge-offs $ 717.6 $ 412.8 ========== ======== Key Credit Ratios (3): Allowance to ending loans 1.45 % 1.45% Nonperforming assets to ending loans (4) 0.58 0.66 90 days delinquent to ending loans (4) 0.52 0.39 Net charge-offs to average loans (4) 1.00 0.65 Allowance to nonperforming loans 281.1 % 264.8% Quarter Ended ----------------------------------------------- Dec 31 Sept 30 Dec 31 Key Performance Ratios 1996 1996 1995 ----------------------------------------------- Return on average assets 1.49 % 1.48 % 1.51 % Return on average common equity 17.60 17.07 17.00 Return on average total equity 17.33 16.78 16.68 Average total equity to average assets 8.61 8.79 9.08 Tangible common equity to net assets 7.67 Net interest margin (2) 5.66 5.51 5.40 Net funds function (2) 4.58 % 4.55 % 4.59 % Fourth Quarter Third Quarter - ------------------------------------------------------------------------------------------------------ Credit Quality $(millions) 1996 1995 1996 - ------------------------------------------------------------------------------------------------------ Ending allowance for credit losses $ 1,054.9 Nonperforming assets: Nonaccrual 415.2 Renegotiated 1.3 OREO 61.8 ------- Total nonperforming assets $ 478.3 ======= Loans delinquent over 90 days Gross charge-offs 291.8 193.5 238.7 Recoveries 61.6 50.2 56.6 -------- ------- ------- Net charge-offs $ 230.2 $ 143.3 $ 182.1 ======== ======= ======= Key Credit Ratios (3): Allowance to ending loans 1.45 % Nonperforming assets to ending loans (4) 0.65 90 days delinquent to ending loans (4) 0.47 Net charge-offs to average loans (4) 1.23 % 0.87 % 1.01 Allowance to nonperforming loans 253.3 % (1) December 31, 1996 amounts are calculated based on preliminary data. (2) Fully taxable equivalent basis. (3) Prior period amounts have been restated for reclassification of loans held for sale. (4) Include loans held for sale
5 [BANK ONE LOGO] BANC ONE CORPORATION Consolidated Key Financial Data Summary Fourth Quarter and Full Year 1996
Year Ended December 31, ------------------------------------------- Percent 1996 1995 Change - -------------------------------------------------------------------------------- Common Stock Data (3) - -------------------------------------------------------------------------------- Average shares outstanding (000) 436,927 433,323 Ending shares outstanding (000)2 427,263 427,651 Net income per common share $ 3.23 $ 2.91 11.00% Price: High 47.88 36.48 Low 31.25 22.85 Close 43.00 34.21 Book value 19.75 18.58 6.30% Common dividend 1.36 1.24 9.68 Income Statement--$(thousands) (1) - -------------------------------------------------------------------------------- Total revenue $10,272,356 $8,970,888 $14.51% Taxable equivalent interest income 8,108,007 7,180,350 12.92 Interest income 8,044,852 7,100,918 13.29 Interest expense 3,189,398 2,971,468 7.33 ---------- ---------- Net interest income 4,855,454 4,129,450 17.58 Provision for credit losses 788,087 457,499 72.26 Non-interest income 2,227,504 1,869,970 19.12 Non-interest expense 4,184,159 3,631,639 15.21 ---------- ---------- Income before income taxes 2,110,712 1,910,282 10.49 Income taxes (684,179) (632,419) 8.18 ---------- ---------- Net income $1,426,533 $1,277,863 $ 11.63% ========== ========== Net income available to common stockholders $1,410,169 $1,260,376 $ 11.88% ========== ========== Quarter Ended -------------------------------------------------- December 31, September 30, December 31, 1996 1996 1995 - ------------------------------------------------------------------------------------- Common Stock Data (3) Average shares outstanding (000) 430,992 434,773 431,746 Ending shares outstanding (000) (2) Net income per common share $ 0.85 $ 0.81 $ 0.77 Price: High 47.88 41.38 36.48 Low 40.38 31.25 30.35 Close Book value Common dividend $0.34 0.34 0.31 Income Statement--$(thousands)(1) - ---------------------------------------------------------------------------------- Total revenue $2,721,628 $2,575,056 $2,329,187 Taxable equivalent interest 2,114,520 2,021,566 1,854,500 income Interest income 2,099,322 2,005,747 1,837,979 Interest expense 835,896 806,671 760,004 --------- --------- --------- Net interest income 1,263,426 1,199,076 1,077,975 Provision for credit losses 243,855 210,657 165,891 Non-interest income 622,306 569,309 491,208 Non-interest expense 1,106,560 1,030,141 925,503 --------- --------- --------- Income before income taxes 535,317 527,587 477,789 Income taxes (165,520) (171,660) (140,943) --------- --------- --------- Net income $369,797 $355,927 336,846 ========= ========= ======= Net income available to common stockholders $366,174 $351,726 $332,477 ========= ========= ======= (1) Certain prior period amounts have been reclassified to conform with current presentation. (2) Net of 5.8 million and 24.1 million treasury shares as of Dec. 31, 1996 and Dec. 31, 1995. (3) Common Stock Data reflect the 10 % stock dividend paid March 6, 1996 to shareholders of record on February 21, 1996.
6 BANC ONE CORPORATION and Subsidiaries - -------------------------------------
Year Ended December 31, Quarter Ended ------------------------ --------------------------------------- December 31, September 30, December 31, Non-interest income $(thousands) 1996 1995 1996 1996 1995 - --------------------------------------- ------------------------ --------------------------------------- Income from fiduciary activities $279,153 $239,411 $ 77,115 $ 71,787 $ 62,231 Service charges on deposit accounts 654,140 544,697 170,297 165,806 144,313 Loan processing and servicing income: Mortgage banking 88,669 78,185 22,273 20,460 25,578 Credit card and merchant processing 158,271 193,479 44,578 38,152 47,019 fees Loan servicing income 204,514 249,137 38,650 55,634 62,927 ---------- ---------- -------- -------- -------- Total loan processing & servicing income 451,454 520,801 105,501 114,246 135,524 Other income: Insurance 117,852 84,808 33,997 25,795 22,671 Securities brokerage 70,956 50,602 16,617 16,987 15,878 Investment banking 39,529 30,857 13,312 6,551 9,386 Other 521,639 370,947 192,219 111,972 93,223 ---------- ---------- -------- -------- -------- Total other income 749,976 537,214 256,145 161,305 141,158 Securities gains 92,781 27,847 13,248 56,165 7,982 ---------- ---------- -------- -------- -------- Total non-interest income $2,227,504 $1,869,970 $622,306 $569,309 $491,208 ========== ========== ======== ======== ======== Non-interest expense $(thousands) - ---------------------------------------------------------------------------------------------------- Salary and related costs $2,018,327 $1,750,517 $523,338 $490,625 $448,353 Net occupancy expense 174,473 164,456 38,519 43,586 43,299 Equipment expense 116,129 104,030 29,831 29,322 25,084 Taxes other than income and payroll 88,086 87,805 20,112 19,450 19,168 Depreciation and amortization 353,331 292,522 90,876 79,777 77,197 Outside services and processing 528,335 426,897 147,944 126,604 117,260 Marketing and development 167,590 171,163 47,224 38,787 41,374 Communication and transportation 319,554 274,694 84,396 81,889 73,796 FDIC Insurance 48,290 81,144 1,523 38,319 9,246 Other 370,044 278,411 122,797 81,782 70,726 ---------- ---------- -------- -------- -------- Total non-interest expense $ 4,184,159 $3,631,639 $1,106,560 $1,030,141 $925,503 =========== ========== ========== ========== ========
7 BANC ONE CORPORATION and Subsidiaries - -------------------------------------
December December Year to date Year to date 1996 1995 ------------------------------------------- ------------------------------------------------- Balance Sheet (1)(2) Average Income / Yield / Average Income / Yield / Yields/Rates $(thousands) Balance Expense Rate Balance Expense Rate - ------------------------------------------------------------------------------------------------------------------------------------ Short term investments $ 408,173 $ 21,747 5.33% $ 950,833 $ 59,862 6.30% Loans held for sale 549,370 39,544 7.20 418,540 32,925 7.87 Securities: (4)(5) Taxable securities 14,451,132 933,640 6.46 12,791,932 834,808 6.53 Tax exempt securities 1,694,224 139,391 8.23 1,964,544 171,626 8.74 ---------- --------- ---------- --------- Total securities 16,145,356 1,073,031 6.65 14,756,476 1,006,434 6.82 Loans and leases: (3) Commercial 19,366,928 1,600,332 8.26 17,439,240 1,426,070 8.18 Real estate: Commercial 6,162,566 553,122 8.98 5,589,638 501,614 8.97 Construction 3,214,428 316,406 9.84 2,441,833 250,116 10.24 Residential 11,898,026 1,104,160 9.28 11,491,299 1,011,832 8.81 Consumer, net 19,896,158 1,875,265 9.43 18,209,617 1,710,328 9.39 Credit card 8,360,610 1,373,853 16.43 6,437,512 1,074,026 16.68 Leases, net 2,025,861 150,547 7.43 1,479,726 107,143 7.24 ---------- --------- ---------- --------- Net loans and leases 70,924,577 6,973,685 9.83 63,088,865 6,081,129 9.64 ---------- --------- ---------- --------- Total earning assets 88,027,476 $ 8,108,007 9.21% 79,214,714 7,180,350 9.06 Allowance for credit losses (1,027,931) (900,061) Other assets (4) 9,398,834 8,736,993 ---------- ---------- Total assets $ 96,398,379 $ 87,051,646 ========== ========== Deposits: Non-interest bearing demand $ 14,029,775 12,968,315 Interest bearing demand 2,386,378 42,883 1.80% 8,263,124 175,734 2.13 Money market and savings 29,008,134 963,311 3.32 20,095,413 746,564 3.72 Time Deposits: CD's less than $100,000 18,928,796 1,053,236 5.56 19,181,386 1,089,761 5.68 CD's $100,000 and over: Domestic 3,895,007 177,877 4.57 3,724,043 190,453 5.11 Foreign 2,428,889 130,033 5.35 1,531,360 87,582 5.72 ---------- --------- ---------- --------- Total deposits 70,676,979 2,367,340 3.35 65,763,641 2,290,094 3.48 Borrowed Funds: Short-term 11,886,849 608,982 5.12 9,302,237 518,682 5.58 Long-term 3,172,562 213,076 6.72 2,339,092 162,692 6.96 ---------- --------- ---------- --------- Total borrowed funds 15,059,411 822,058 5.46 11,641,329 681,374 5.85 Total interest bearing liabilities 71,706,615 $ 3,189,398 4.45% 64,436,655 $ 2,971,468 4.61% Other liabilities 2,182,066 1,879,174 Preferred stock 236,044 249,855 Common equity (6) 8,243,879 7,517,647 ---------- ---------- Total liabilities, common equity & preferred stock $ 96,398,379 $ 87,051,646 ========== ============ (1) Fully taxable equivalent basis. (2) Certain prior period amounts have been reclassified for comparison purposes. (3) Nonaccrual loans are included in loan balances. (4) Average securities balances are based on amortized historical cost, excluding SFAS 115 adjustments to fair value which are included. (5) Fair value of total securities at December 31, 1996 approximates $15,550,000. (6) Net unrealized holding gains (losses) on securities available for sale, $ 9,903 $ (23,489) ========== ============
8
BANC ONE CORPORATION and Subsidiaries - ------------------------------------- Managed Loan Growth -- $(thousands) (1)(2) - -------------------------------------------------------------------------------- Qaurterly Average Balances ------------------------------------------------------------------------ Fourth Third Fourth Growth Growth Quarter Quarter Quarter Q4 vs Q3 Q4 vs Q4 1996 1996 1995 % (3) % ------------------------------------------------------------------------ Wholesale Commercial loans $22,118,282 21,643,292 20,252,801 8.73% 9.21% Real estate - construc 3,517,746 3,321,263 2,768,433 23.54 27.07 Real estate - commerci 6,322,336 6,251,036 5,903,120 4.54 7.10 ----------- ---------- ---------- ----- ----- Wholesale - subtotal 31,958,364 31,215,591 28,924,354 9.47 10.49 Consumer Real estate - residential 5,736,801 5,876,446 6,494,528 (9.45) (11.67) Home equity 7,501,795 7,125,664 6,315,999 21.00 18.77 Direct consumer 2,814,446 2,815,611 2,598,804 (0.16) 8.30 Indirect consumer 14,389,442 14,262,168 13,453,723 3.55 6.96 Student 2,694,019 2,657,420 2,748,787 5.48 (1.99) Other consumer 926,909 891,616 754,650 15.75 22.83 Consumer finance 1,411,872 1,182,243 955,546 77.27 47.76 ----------- ---------- ---------- ----- ----- Consumer (excluding credit card 35,475,284 34,811,168 33,322,037 7.59 6.46 Credit card 12,742,803 12,236,826 10,524,236 16.45 21.08 ----------- ---------- ---------- ----- ----- Total consumer 48,218,087 47,047,994 43,846,273 9.89 9.97 ----------- ---------- ---------- ----- ----- Total loans and leases $80,176,451 $78,263,585 $ 72,770,627 9.72% 10.18% =========== =========== ============ ====== ====== Period Ending Balances ------------------------------------------------------------------------ Growth Growth December 31, September 30, December 31, Dec vs Sept Dec vs Dec 1996 1996 1995 % (3) % ------------------------------------------------------------------------ Wholesale Commercial loans $ leases $22,529,994 $ 21,930,817 $ 20,899,134 10.87 % 7.80 % Real estate - construction 3,601,958 3,505,265 2,809,111 10.97 28.22 Real estate - commercial 6,429,409 6,300,257 5,963,042 8.16 7.82 ----------- ------------ ------------ ------- ------- Wholesale - subtotal 32,561,361 31,736,339 29,671,287 10.34 9.74 Consumer Real estate - residential 5,737,608 5,849,589 6,240,608 (7.62) (8.06) Home equity 7,631,315 7,332,839 6,481,727 16.19 17.74 Direct consumer 2,772,170 2,839,466 2,572,621 (9.43) 7.76 Indirect consumer 14,467,319 14,276,894 13,513,316 5.31 7.06 Student 2,801,359 2,681,839 2,628,536 17.73 6.57 Other consumer 932,883 919,326 785,700 5.87 18.73 Consumer finance 1,564,034 1,270,894 919,559 91.76 70.09 Consumer (excluding ----------- ------------ ------------ ------- ------- credit card) 35,906,688 35,170,847 33,142,067 8.32 8.34 Credit card 12,562,205 11,780,022 10,798,738 26.42 16.33 ----------- ------------ ------------ ------- ------- Total consumer 48,468,893 46,950,869 43,940,805 12.86 10.30 ----------- ------------ ------------ ------- ------- Total loans and leases $81,030,254 $ 78,687,208 $ 73,612,092 11.85 % 10.08 % =========== ============ ============ ======= ======= (1) Total of on-balance sheet loans (including loans held for sale) a servicing retained exclusive of mortgages securitized in normal mortgage banking activities. (2) Certain adjustments have been made to conform with current presentation. Premier Bancorp, Inc. loans have been included on a proforma basis. (3) Annualized.
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