-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Na7mK6RGjFYIF2SMC+zJDAA5IaMjvDyFeaLn7j/1/BNkREv2Nzy0fsVrGBXeEDsO laCCodqpGv2Dhl7hOA5stg== 0000927016-95-000041.txt : 19950427 0000927016-95-000041.hdr.sgml : 19950427 ACCESSION NUMBER: 0000927016-95-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950420 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950426 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF BOSTON CORP CENTRAL INDEX KEY: 0000036672 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 042471221 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06522 FILM NUMBER: 95531553 BUSINESS ADDRESS: STREET 1: 100 FEDERAL ST CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174342200 FORMER COMPANY: FORMER CONFORMED NAME: FIRST NATIONAL BOSTON CORP DATE OF NAME CHANGE: 19830414 8-K 1 FORM 8-K - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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): APRIL 20, 1995 BANK OF BOSTON CORPORATION (Exact name of registrant as specified in its charter) MASSACHUSETTS 1-6522 04-2471221 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 100 FEDERAL STREET, BOSTON, MASSACHUSETTS 02110 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (617) 434-2200 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- -2- ITEM 5. OTHER EVENTS. - ---------------------- On April 20, 1995, Bank of Boston Corporation (the Corporation) issued a press release announcing its earnings for the quarter ended March 31, 1995. The financial information that is included herewith as Exhibit 99 was included in the Corporation's press release and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. - ------------------------------------------- (c) Exhibits. 99 Financial information included in the Corporation's Press Release dated April 20, 1995 -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. BANK OF BOSTON CORPORATION /s/ William J. Shea Dated: April 26, 1995 _______________________________ William J. Shea Vice Chairman, Chief Financial Officer and Treasurer EX-99 2 PRESS RELEASE BANK OF BOSTON BOSTON, April 20, 1995 -- Bank of Boston Corporation (NYSE: BKB) reported today first quarter net income of $125 million, or $1.04 per common share on a fully diluted basis. This compares with $121 million, or $1.01 per share, in the fourth quarter of 1994 and with net income before extraordinary items of $103 million, or $.85 per share, in the first quarter of 1994. First quarter highlights were: - Total revenues, excluding gains from the sales of businesses, grew to $646 million on a fully taxable equivalent basis, compared with $634 million in the prior quarter and $550 million in the first quarter of 1994; - On a fully taxable equivalent basis, operating income (before credit costs and gains from sales of businesses) improved to $265 million in the first quarter, compared with $256 million in the prior quarter and $209 million in the first quarter of 1994; - Operating ratio improved further to 59.0% in the first quarter. This compares with 59.6% in the prior quarter and 62.0% in the first quarter of 1994; - Net interest margin in the first quarter rose to 4.56%, compared with 4.39% in the prior quarter and 3.80% in the first quarter of 1994; - Nonaccrual loans and OREO totaled $422 million at March 31, 1995, compared with $441 million at December 31, 1994 and $465 million at March 31, 1994; - Return on average common equity was 17.43% in the first quarter of 1995, compared with 16.86% in the prior quarter and 15.56% in the first quarter of 1994 (before extraordinary items). On this same basis, return on average assets was 1.19% in the first quarter of 1995, compared with 1.08% in the prior quarter and 1.01% in the first quarter of 1994. BANK OF BOSTON During the first quarter, the Corporation also: - Recognized a pre-tax gain of $75 million ($30 million after-tax) from the sale of its Maine and Vermont banking subsidiaries early in the first quarter. The sale also removed $35 million of non-tax deductible goodwill from the balance sheet; - Strengthened loan loss reserves by recording a special $50 million ($29 million after-tax) loan loss provision, bringing the total provision to $90 million for the quarter. As a result, reserve coverage grew to nearly 200% of nonaccrual loans and 2.3% of total loans. BANK OF BOSTON NET INTEREST REVENUE Net interest revenue, on a fully taxable equivalent basis, was $427 million for the first quarter of 1995, compared with $435 million in the prior quarter and $342 million for the same period in 1994. Net interest margin was 4.56% for the first quarter of 1995, compared with 4.39% in the fourth quarter of 1994 and 3.80% in the first quarter of last year. The 17 basis point improvement in margin from the fourth quarter was mainly due to interest recoveries on loans, an increase in dividends from venture investments and wider spreads from Latin American operations. Net interest revenue, however, declined $8 million from the fourth quarter as a $1.4 billion decrease in average earning assets, principally due to the sale of the Maine and Vermont banking subsidiaries, more than offset the factors listed above which contributed to the margin improvement. The $85 million increase in net interest revenue and the 76 basis point improvement in net interest margin from the first quarter of 1994 reflected wider spreads from both domestic and international operations. Domestically, the Corporation benefited from loan yields growing at a faster pace than retail deposit rates, while the international improvement was primarily driven by Argentina and Brazil. Net interest revenue also benefited from higher domestic consumer and Latin American loan levels. NONINTEREST INCOME Noninterest income is composed of the following:
Fourth Quarter First Quarter - ------- ------------- 1994 (in millions) 1995 1994 Change ---- ---- ---- ------ $105 Financial service fees $106 $ 92 $ 14 53 Trust and agency fees 53 48 5 0 Trading profits and commissions 1 4 (3) 3 Securities portfolio gains, net 6 4 2 2 Mezzanine/venture capital profits, net 16 14 2 11 Foreign exchange trading profits 12 9 3 25 Other income 24 37 (13) ---- ---- ---- ---- $199 Subtotal $218 $208 $ 10 Gains from sales of businesses: 0 Maine/Vermont banking subsidiaries 75 0 75 0 Domestic factoring business 0 27 (27) ---- ---- ---- ---- $199 Total $293 $235 $ 58 ==== ==== ==== ====
Early in the first quarter of 1995, the Corporation completed the sale of its Maine and Vermont banking subsidiaries and recorded a pre-tax gain of $75 million ($30 million after-tax). The effective tax rate applied to this gain is higher than the Corporation's normal effective tax rate due to the removal of $35 million in non-tax deductible goodwill from the Corporation's balance sheet. Noninterest income before gains from sales of businesses grew $19 million from the fourth quarter and $10 million from the first quarter of 1994. The increase from the fourth quarter was mainly due to a $14 million increase in mezzanine/venture capital profits reflecting a higher level of sales activity. The increase from the first quarter of last year reflected higher financial service fees, as well as higher trust and agency fees. The increase in trust and agency fees was due to increased volumes in the Latin American mutual fund and domestic stock transfer businesses. Other income in the first quarter of 1994 included net gains from the sale of securities originally acquired in connection with loan restructurings. BANK OF BOSTON FINANCIAL SERVICE FEES The components of financial service fees are as follows:
Fourth Quarter First Quarter - ------- ------------- 1994 (in millions) 1995 1994 Change ---- ---- ---- ------ $ 33 Deposit fees $ 30 $30 $ 0 17 Letters of credit and acceptance fees 19 13 6 17 Net mortgage servicing fees 21 10 11 16 Loan-related fees 13 14 (1) 0 Factoring fees 0 2 (2) 22 Other 23 23 0 ---- ---- --- --- $105 Total $106 $92 $14 ==== ==== === ===
The increase in mortgage servicing fee income from prior year periods reflected higher levels of average servicing volume. The servicing portfolio stood at $38 billion at March 31, 1995 and December 31, 1994, compared with $29 billion at March 31, 1994. Letter of credit fees increased from prior period quarters mainly reflecting growth from international units, particularly Brazil. Loan-related fees declined from last quarter reflecting the particularly strong syndication volume that occurred during the fourth quarter of 1994. The decline in deposit fees from the fourth quarter was due, in part, to the sale of the Maine and Vermont banking subsidiaries ($1.3 billion of deposit volume). NONINTEREST EXPENSE The components of noninterest expense are as follows:
Fourth Quarter First Quarter - ------- ------------- 1994 (in millions) 1995 1994 Change ---- ---- ---- ------ $213 Employee costs $217 $195 $22 59 Occupancy & equipment 59 56 3 13 Professional fees 13 12 1 13 FDIC insurance premiums 12 11 1 80 Other 80 68 12 ---- ---- ---- --- 378 Noninterest expense before OREO costs 381 342 39 4 OREO costs 2 5 (3) ---- ---- ---- --- $382 Total $383 $347 $36 ==== ==== ==== ===
Noninterest expense before OREO costs, was $381 million in the first quarter of 1995, compared with $378 million in the prior quarter and $342 million for the same quarter in 1994. Using this expense base, the Corporation's operating ratio of expenses to revenue improved to 59.0% in the first quarter of 1995, compared with 59.6% in the fourth quarter of 1994 and 62.0% in the first quarter of last year. Compared with the fourth quarter of 1994, employee costs grew $4 million reflecting, in part, higher benefits expenses, higher costs in Latin America and the addition of Ganis Credit Corp. This was partially offset by a decline stemming from the sale of the Maine and Vermont banking subsidiaries. The total number of employees declined by approximately 400 from December 31, 1994 as reductions from the sale of the Maine and Vermont banking subsidiaries were partially offset by the addition of Ganis Credit Corp. and an increase in Latin America, as the Corporation continues its strategic expansion in this area. BANK OF BOSTON Compared with the first quarter of 1994, noninterest expense before OREO costs, increased $39 million. This was mainly due to a $22 million increase in employee costs reflecting increases from the Corporation's Latin American and personal banking businesses coupled with higher levels of incentive compensation. Nonemployee costs grew $17 million reflecting higher levels of advertising and travel expense, increased amortization of goodwill stemming from the Corporation's 1994 acquisitions and the absence of a prior year property tax rebate. CREDIT PROFILE Loan and Lease Portfolio The segments of the lending portfolio are as follows:
(in millions) 3-31-95 12-31-94 9-30-94 6-30-94 3-31-94 ------- -------- ------- ------- ------- United States Operations: Commercial, industrial and financial $11,684 $11,805 $11,987 $11,871 $12,064 Commercial real estate Construction 355 354 464 499 542 Other commercial real estate 2,645 3,141 3,110 3,084 2,851 Consumer-related loans Secured by 1-4 family residential properties 4,635 5,004 4,878 4,215 3,923 Other 2,603 2,462 2,373 2,283 1,795 Lease financing 1,350 1,366 1,312 1,263 1,257 Unearned income (216) (216) (199) (198) (202) ------- ------- ------- ------- ------- 23,056 23,916 23,925 23,017 22,230 ------- ------- ------- ------- ------- International Operations: Loans and lease financing, net of unearned income 7,383 7,089 6,956 6,949 6,324 ------- ------- ------- ------- ------- Total loans and lease financing $30,439 $31,005 $30,881 $29,966 $28,554 ======= ======= ======= ======= =======
The decline in domestic loans and leases from December 31, 1994 reflected a $1.2 billion reduction from the sale of the Maine and Vermont banking subsidiaries. Excluding the effect of the Maine and Vermont sale, domestic loans and leases grew approximately $300 million due to higher levels of consumer-related loans. This increase reflected growth from Ganis Credit Corp. and Fidelity Acceptance Corp. The international portfolio increased by $294 million due, in part, to ongoing growth in the Latin American portfolio. BANK OF BOSTON Nonaccrual Loans and OREO Nonaccrual loans and OREO amounted to $422 million at March 31, 1995, compared with $441 million at December 31, 1994, and $465 million at March 31, 1994. The decline from December 31, 1994 is primarily due to the sale of the Maine and Vermont banking subsidiaries. Nonaccrual loans and OREO represented 1.4% of related assets at March 31, 1995 and December 31, 1994, compared with 1.6% at March 31, 1994. The components of consolidated nonaccrual loans and OREO are as follows: (in millions) 3-31-95 12-31-94 9-30-94 6-30-94 3-31-94 -------- --------- -------- -------- -------- Domestic nonaccrual loans: Commercial, industrial and financial $111 $113 $119 $131 $112 Commercial real estate Construction 20 13 18 30 27 Other commercial real estate 97 106 119 160 134 Consumer-related loans Secured by 1-4 family residential properties 45 44 35 30 17 Other 21 24 15 9 13 ---- ---- ---- ---- ---- 294 300 306 360 303 ---- ---- ---- ---- ---- International nonaccrual loans 57 65 71 87 96 ---- ---- ---- ---- ---- Total nonaccrual loans 351 365 377 447 399 OREO 71 76 93 71 66 ---- ---- ---- ---- ---- Total $422 $441 $470 $518 $465 ==== ==== ==== ==== ====
BANK OF BOSTON Provision and Reserve for Credit Losses The reserve for credit losses at March 31, 1995 was $696 million, or 2.29% of outstanding loans and leases, compared with $680 million, or 2.19% at December 31, 1994, and $664 million, or 2.33% at March 31, 1994. The reserve for credit losses was 198% of nonaccrual loans at March 31, 1995, 186% at December 31, 1994, and 166% at March 31, 1994. The provision for credit losses was $90 million for the first quarter of 1995, including a special provision of $50 million reflecting management's intent to further strengthen the Corporation's loan loss reserve. Provisions in the fourth and first quarters of 1994 were $35 million and $45 million, respectively. The provision in the first quarter of 1994 reflected, in part, a transfer of assets to the accelerated disposition portfolio. Net credit losses were $42 million for the first quarter of 1995, compared with $31 million for the prior quarter and $32 million for the comparable period last year. The increase in net credit losses from the fourth quarter was partly due to a $7 million decline in recoveries. First quarter net credit losses in Argentina were virtually unchanged from the prior quarter. Net credit losses as a percent of average loans and leases on an annualized basis were .56% in 1995's first quarter, compared with .40% for the fourth quarter of 1994 and .46% for the first quarter of 1994. Net credit losses were as follows:
Fourth Quarter First Quarter - ------- ------------- 1994 (in millions) 1995 1994* ---- ---- ----- Domestic $ 4 Commercial, industrial and financial $ 8 $(2) 8 Commercial real estate 6 7 Consumer-related loans 5 Secured by 1-4 family residential properties 4 3 7 Other 8 11 0 Lease financing 1 0 --- --- --- 24 Subtotal 27 19 7 International 15 13 --- --- --- $31 Total $42 $32 === === ===
* Excludes credit losses related to the transfer of assets to the accelerated disposition portfolio. BANK OF BOSTON CAPITAL The Corporation's tier 1 capital, total capital and leverage ratios were 7.6%, 13.0% and 7.2%, respectively, at March 31, 1995, compared with 7.0%, 12.2% and 6.5%, respectively, at December 31, 1994. The improvement in these ratios reflected the sale of the Maine and Vermont banking subsidiaries which resulted in lower levels of risk adjusted assets and the removal of $35 million of goodwill from the Corporation's balance sheet. In addition, the tier 1 ratio benefited from the redemption of $94 million of the Corporation's convertible subordinated debentures. Substantially all of these debentures were converted into common stock by the holders prior to March 31. THE CORPORATION Bank of Boston Corporation, New England's only global bank, with assets of $43.5 billion, is a superregional bank holding company that operates in three principal businesses: Personal Banking, Corporate Banking and Global Banking. Its major banking subsidiaries are The First National Bank of Boston, in Massachusetts, Bank of Boston Connecticut and Rhode Island Hospital Trust National Bank. The Corporation and its subsidiaries provide a broad range of financial services to individual, corporate, institutional and governmental customers, as well as to other banks in New England and in selected markets across the nation and around the world. The Corporation's common and preferred stocks are listed on the New York and Boston exchanges. BANK OF BOSTON CONSOLIDATED BALANCE SHEET
(dollars in millions) December 31 March 31 - ----------- ------------------ 1994 1995 1994 ---- ------- ------- Assets Securities: $ 1,703 Held to maturity $ 1,857 $ 1,292 2,997 Available for sale 2,388 1,897 31,005 Loans and lease financing 30,439 28,554 (680) Reserve for credit losses (696) (664) ------- ------- ------- 30,325 Net loans and lease financing 29,743 27,890 3,524 Other earning assets 3,286 4,761 6,081 Cash and other nonearning assets 6,188 6,584 ------- ------- ------- $44,630 Total Assets $43,462 $42,424 ======= ======= ======= Liabilities and Stockholders' Equity $31,356 Deposits $28,275 $28,153 6,360 Funds borrowed 7,752 7,894 2,169 Notes payable 2,093 1,949 1,603 Other liabilities 2,014 1,481 ------- ------- ------- 41,488 Total Liabilities 40,134 39,477 ------- ------- ------- Stockholders' Equity 508 Preferred equity 508 508 2,634 Common equity 2,820 2,439 ------- ------- ------- 3,142 Total Stockholders' Equity 3,328 2,947 ------- ------- ------- $44,630 Total Liabilities and Stockholders' Equity $43,462 $42,424 ======= ======= =======
SELECTED AVERAGE BALANCES
Quarter Quarters Ended Ended December 31 March 31 - ----------- ---------------------- 1994 1995 1994 ------- ------- -------- Assets $31,076 Loans and lease financing $30,123 $28,615 4,435 Securities 4,288 2,945 39,349 Total earning assets 37,987 36,502 44,400 Total assets 42,845 41,214 Liabilities and Stockholders' Equity 25,263 Interest bearing deposits 24,145 23,485 5,182 Noninterest bearing deposits 4,609 5,130 ------- ------- ------- 30,445 Total deposits 28,754 28,615 2,141 Notes payable 2,133 2,194 34,598 Total interest bearing liabilities 33,562 31,709 2,621 Common stockholders' equity 2,699 2,434 3,129 Total stockholders' equity 3,207 2,942
NUMBER OF EMPLOYEES
Mar 31 Dec 31 Mar 31 1995 1994 1994 ------ ------ ------ Full time equivalent employees 17,926 18,355 18,496
BANK OF BOSTON CONSOLIDATED STATEMENT OF INCOME
(dollars in millions, except per share amounts) Quarter Ended Quarters Ended December 31 March 31 - ------------- ------------------- 1994 1995 1994 -------- -------- -------- $1,071.4 Interest income $1,033.3 $ 723.6 638.0 Interest expense 607.4 382.9 -------- -------- -------- 433.4 Net interest revenue 425.9 340.7 35.0 Provision for credit losses 90.0 45.0 -------- -------- -------- Net interest revenue after 398.4 provision for credit losses 335.9 295.7 -------- -------- -------- Noninterest income: 105.5 Financial service fees 105.6 92.4 53.1 Trust and agency fees 52.7 47.7 (.1) Trading profits and commissions 1.1 3.9 2.5 Securities portfolio gains, net 6.1 3.9 37.6 Other income 127.7 87.2 -------- -------- -------- 198.6 Total noninterest income 293.2 235.1 -------- -------- -------- Noninterest expense: 177.8 Salaries 176.4 157.8 35.1 Employee benefits 40.4 37.0 34.4 Occupancy expense 34.9 31.9 24.9 Equipment expense 24.1 23.6 105.6 Other expense 105.3 91.1 -------- -------- -------- 377.8 Subtotal 381.1 341.4 4.1 OREO costs 2.1 5.3 -------- -------- -------- 381.9 Total noninterest expense 383.2 346.7 -------- -------- -------- 215.1 Income before income taxes and extraordinary item 245.9 184.1 94.3 Provision for income taxes 120.6 81.4 -------- -------- -------- 120.8 Income before extraordinary item 125.3 102.7 Extraordinary loss from early extinguishment of debt, 0 net of tax 0 (6.6) -------- -------- -------- $ 120.8 NET INCOME $ 125.3 $ 96.1 ======== ======== ======== PER COMMON SHARE: Income before extraordinary item: $1.04 Primary $ 1.08 $ .88 $1.01 Fully diluted $ 1.04 $ .85 Net income: $1.04 Primary $ 1.08 $ .82 $1.01 Fully diluted $ 1.04 $ .79 $ .27 Dividends declared $ .27 $ .22 Average number of common shares, in thousands: 107,108 Primary 107,278 106,198 111,831 Fully diluted 111,820 110,817 $ 9.4 Preferred dividends $ 9.4 $ 9.3
BANK OF BOSTON OTHER DATA
(dollars in millions, except per share amounts) Quarter Ended Quarters Ended December 31 March 31 - ------------- ------------------- 1994 1995 1994 ------ -------- -------- NET INCOME BEFORE EXTRAORDINARY ITEM: $120.8 Net income $125.3 $ 96.1 0 Extraordinary item, net of tax 0 6.6 ------ ------ ------ $120.8 Net income before extraordinary item $125.3 $102.7 ====== ====== ====== $ 1.04 Primary $ 1.08 $ .88 $ 1.01 Fully diluted $ 1.04 $ .85 RETURN ON AVERAGE TOTAL ASSETS (ANNUALIZED): 1.08% Net income 1.19% .95% 1.08% Net income before extraordinary item 1.19% 1.01% RETURN ON AVERAGE COMMON EQUITY (ANNUALIZED): 16.86% Net income 17.43% 14.47% 16.86% Net income before extraordinary item 17.43% 15.56% CONSOLIDATED NET INTEREST REVENUE AND MARGIN: $435.4 Net interest revenue, fully taxable equivalent basis $427.4 $342.2 4.39% Net interest margin 4.56% 3.80% 4.61% DOMESTIC NET INTEREST MARGIN (ESTIMATED) 4.85 4.06%
December 31 March 31 - ------------- ------------------- 1994 1995 1994 -------- -------- -------- COMMON STOCKHOLDERS' EQUITY: $ 2,634 Common stockholders' equity $ 2,820 $ 2,439 106,547 Common shares outstanding, in thousands 111,167 106,459 Per common share: $ 24.72 Book value $ 25.36 $ 22.91 25.88 Market value 29.88 23.88 REGULATORY CAPITAL: Risked-based capital ratios: Estimate 7.0% Tier 1 capital ratio (minimum required 4.00%) 7.6% 7.4% 12.2% Total capital ratio (minimum required 8.00%) 13.0% 12.7% 6.5% Leverage ratio 7.2% 6.9% $ 2,874 Tier 1 capital $ 3,091 $ 2,834 4,974 Total capital 5,292 4,888 40,786 Total risk-adjusted assets 40,583 38,546
BANK OF BOSTON RESERVE FOR CREDIT LOSSES
(dollars in millions) Quarter Ended Quarters Ended December 31 March 31 - ------------- ------------------- 1994 1995 1994 ------ -------- -------- $676.5 Beginning balance $680.2 $ 770.3 35.0 Provision for credit losses 90.0 45.0 Sale of Maine and Vermont banking subsidaries (32.7) (50.0) Credit losses (53.5) (45.7) 18.7 Recoveries 11.5 13.6 ------ ------ ------- (31.3) Net credit losses before losses related to accelerated disposition portfolio (42.0) (32.1) Credit losses related to exposures transferred to 0 accelerated disposition portfolio 0 (119.0) ------ ------ ------- $680.2 Ending balance $695.5 $ 664.2 ====== ====== ======= 2.19% Reserve as a % of loans and leases 2.29% 2.33% ====== ====== ======= 186% Reserve as a % of nonaccrual loans 198% 166% ====== ====== =======
RENEGOTIATED LOANS
1994 1995 First Second Third Fourth First Qtr Qtr Qtr Qtr Qtr ----- ------ ----- ------ ----- Renegotiated loans $116 $81 $72 $68 $43 ==== === === === ===
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