-----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, Sxv8pBx34LSpKMI5CzOXRBzXWkRkYGA5148DGaHj5HzhaMzXsAViAXArTHiavLah mVuaLMwqvGHTj/AtNOaBNA== 0000068100-95-000422.txt : 19951013 0000068100-95-000422.hdr.sgml : 19951013 ACCESSION NUMBER: 0000068100-95-000422 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951012 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951012 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN J P & CO INC CENTRAL INDEX KEY: 0000068100 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 132625764 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05885 FILM NUMBER: 95580122 BUSINESS ADDRESS: STREET 1: 60 WALL ST CITY: NEW YORK STATE: NY ZIP: 10260 BUSINESS PHONE: 2124832323 MAIL ADDRESS: STREET 1: P O BOX 271 STREET 2: C/O WILLIAM D HALL CITY: WILMINGTON STATE: DE ZIP: 19899 8-K 1 COVER PAGES FOR THIRD QUARTER EARNINGS RELEASE 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) October 12, 1995 J.P. MORGAN & CO. INCORPORATED (Exact name of registrant as specified in its charter) DELAWARE 1-5885 13-2625764 (State or other juris- (Commission (IRS Employer diction of File Number) Identification No.) incorporation) 60 WALL STREET, NEW YORK, NEW YORK 10260- 0060 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (212) 483-2323 _________________________________________________________________ (Former name or former address, if changed since last report) _____________________________________________________________________ ______ _____________________________________________________________________ ______ 2 ITEM 5. OTHER EVENTS On October 12, 1995, the Registrant issued a press release announcing its earnings for the three-month period ended September 30, 1995. A copy of such press release is filed herein as Exhibit 99. 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 99. Copy of press release of J.P. Morgan & Co. Incorporated dated October 12, 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. J.P. MORGAN & CO. INCORPORATED ______________________________ (REGISTRANT) /s/ PATRICIA A. JONES ____________________________ NAME: PATRICIA A. JONES TITLE: MANAGING DIRECTOR DATE: October 12, 1995 EX-99 2 THIRD QUARTER EARNINGS RELEASE 1 October 12, 1995 J.P. MORGAN REPORTS 1995 THIRD QUARTER RESULTS J.P. Morgan & Co. Incorporated reported net income of $360 million in the third quarter of 1995, up 10% from the third quarter of 1994 and 14% higher than in the second quarter of this year. Third quarter earnings per share were $1.78 versus $1.63 a year earlier and $1.56 in the 1995 second quarter. Net income for the first nine months of 1995 totaled $930 million, compared with $1.022 billion in the first nine months of 1994. Nine- month net income for 1995 includes a first quarter special charge of $55 million ($33 million after tax, or $0.17 a share) primarily related to severance. Nine-month earnings per share were $4.62 versus $5.05 a year ago. Douglas A. Warner III, chairman, said: OIncreasing business momentum produced solid, globally diversified results for the quarter. We are earning a growing share of our clients' business, with advances in equity and debt underwriting, corporate finance advisory, market- making, and investment management results.O THIRD QUARTER RESULTS AT A GLANCE
In millions of dollars, Second except per share data Third quarter quarter 1995 1994 1995 _____________________________________________________________________ ________ Revenues $1,549 $1,432 $1,449 Operating expenses (1,022) (941) (984) Income taxes (167) (164) (150) _____________________________________________________________________ _________ Net income $ 360 $ 327 $ 315 Net income per share $ 1.78 $ 1.63 $ 1.56 _____________________________________________________________________ _________ Dividends declared per $ 0.75 $ 0.68 $ 0.75 share _____________________________________________________________________ ____ _____
REVENUES in the third quarter rose 8% from a year earlier on improved results in trading, advisory, and underwriting activities: -Combined trading and related net interest revenue advanced 22% to $434 million from a year ago on strong client volumes in favorable market conditions. -Corporate finance revenue was up 81% to $195 million. Securities underwriting revenue more than tripled from a year ago. Advisory and syndication fees were up 44%. -Investment management fees rose 13% to $150 million, while credit-related fees declined from a year earlier. -Net equity investment securities gains were $91 million in the third quarter versus $148 million in the corresponding 1994 quarter. OPERATING EXPENSES rose 9% from a year ago and were up 4% from the second quarter of 1995. The remainder of this release contains information on specific areas of results, a financial summary, and the consolidated financial statements. 2 REVENUES Revenues totaled $1.549 billion in the third quarter of 1995, up 8% from $1.432 billion a year earlier. Net interest revenue declined 4% to $507 million from a year ago, primarily as a result of lower trading-related net interest revenue from debt instruments. Trading revenue increased 41% to $399 million from the third quarter of 1994. Reported trading revenue does not include net interest revenue associated with trading activities, which was $35 million in the third quarter of 1995 and $73 million in the third quarter of 1994. Client demand was strong across the range of the firm's market-making activities. Combined trading and related net interest revenue rose 22% to $434 million from a year earlier. (See the table of combined trading and related net interest revenue by principal markets on page 9.) Combined revenue from swaps and other interest rate contracts increased $36 million to $156 million. Combined revenue from foreign exchange trading totaled $49 million, up $23 million from a year earlier. Combined revenue from equities and commodities trading was $70 million, an increase of $21 million, primarily from equity derivatives. Debt instrument trading produced combined revenue of $159 million versus $160 million a year earlier. Corporate finance revenue rose 81% to $195 million in the third quarter from the year-earlier quarter. Underwriting revenue recorded a threefold increase to $71 million, reflecting debt and equity capital-raising activity for a broad range of clients. Advisory and syndication fees increased 44% to $124 million as levels of merger and acquisition activity increased. Credit-related fees were $38 million in the third quarter, 22% lower than in the third quarter of 1994, primarily because of lower securities lending revenue. Investment management fees increased 13% to $150 million from a year earlier, reflecting an increase in assets under management, primarily from net new business. Operational service fees in the third quarter totaled $137 million, relatively unchanged from a year ago. Net investment securities losses were $22 million in the third quarter. In the year-earlier quarter, net investment securities losses were $27 million. Other revenue was $145 million in the third quarter, compared with $226 million in the 1994 third quarter. The 1995 third quarter reflected net equity investment securities gains of $91 million, versus $148 million in the year-earlier quarter. Also included in the third quarter of 1995 was $35 million of revenue associated with hedging anticipated foreign currency revenues and expenses. The 1994 third quarter included $54 million related to the sale of the firm's domestic corporate trust business. 3 OPERATING EXPENSES Operating expenses were $1.022 billion in the third quarter of 1995, 9% higher than a year earlier. The weakening in the dollar's value accounted for two percentage points of the increase. Employee compensation and benefits expense rose, primarily due to higher incentive compensation accruals linked to improved earnings and to higher severance costs. Operating expenses in the third quarter were 4% higher than in the second quarter, mostly related to higher incentive compensation accruals. Expenses other than employee compensation and benefits were essentially unchanged. At September 30, 1995, staff totaled 16,394 employees compared with 17,055 employees at December 31, 1994. Income tax expense of $167 million in the third quarter reflects an effective tax rate of 32%, compared with an effective tax rate of 33% in the third quarter of 1994. ASSETS Total assets were $178 billion at September 30, 1995, compared with $167 billion at June 30, 1995. Nonperforming assets at September 30, 1995, were $188 million, compared with $187 million at June 30, 1995. No provision for credit losses was deemed necessary in the 1995 third quarter. The allowance for credit losses was $1.132 billion at September 30, 1995. (For details, see asset quality tables on page 10.) CAPITAL At September 30, 1995, J.P. Morgan's estimated Tier 1 and total risk- based capital ratios were 8.4% and 12.4%, respectively, compared with Tier 1 and total risk-based capital ratios of 8.7% and 12.8%, respectively, at June 30, 1995. The September 30, 1995, leverage ratio was 6.3%, versus 6.0% at June 30, 1995. At September 30, 1995, stockholders' equity included approximately $495 million of net unrealized appreciation on debt investment and marketable equity investment securities, net the related deferred tax liability of $309 million. This compares with $459 million of net unrealized appreciation at June 30, 1995. The unrealized appreciation on debt investment securities was $357 million and $283 million at September 30, 1995, and at June 30, 1995, respectively. The unrealized appreciation on marketable equity investment securities was $447 million at September 30, 1995, and $463 million at June 30, 1995. # # # J.P. Morgan is a global banking firm that serves clients with complex financial needs through an integrated range of advisory, financing, trading, investment, and related capabilities. Attached are the financial summary, the financial statements, the combined trading and related net interest revenue table, and the asset quality tables. J.P. Morgan news releases, including quarterly financial results, are available on the Internet (http://www.jpmorgan.com). 4 FINANCIAL SUMMARY J.P. Morgan & Co. Incorporated _____________________________________________________________________ _____________
Dollars in millions, except per share data Third Quarter Second Nine Months __________________________ Quarter _________________________ 1995 1994 1995 1995 1994 _____________________________________________________________________ _____________ Net income $360 $327 $315 $930 $1,022 PER COMMON SHARE Net income (a) $ 1.78 $ 1.63 $ 1.56 $ 4.62 $ 5.05 Dividends 0.75 0.68 0.75 2.25 2.04 declared Book value (b) 49.36 47.36 48.14 49.36 47.36 _____________________________________________________________________ _____________ Weighted- average number of common and common 199,300, 198,193, 198,241, 198,179, 200,009, equivalent 749 982 301 495 067 shares outstanding _____________________________________________________________________ _____________ Dividends declared on $140 $129 $141 $422 $390 common stock Dividends declared on 6 5 6 18 15 preferred stock SELECTED RATIOS Annualized rate of return on average common stockholders' % 13.9 % 13.4 % 13.2 % 14.5 % equity (c) 14.9 As % of period- end total assets: Common 5.4 6.0 5.6 equity Total equity 5.7 6.3 5.9 Regulatory capital ratios (d) Tier 1 risk- based capital 8.4 9.8 8.7 ratio Total risk- based 12.4 14.7 12.8 capital ratio Leverage 6.3 6.5 6.0 ratio _____________________________________________________________________ _____________ AVERAGE BALANCES Debt investment $ 21,542 $ 20,259 $ 20,659 $ $ securities 21,636 19,957 (e) Loans 23,777 23,448 24,639 24,029 24,148 Total interest- 132,423 129,147 128,235 132,255 133,387 earning assets Total assets 174,014 170,267 174,502 174,731 173,202 Total interest- bearing 124,442 123,466 124,177 125,948 liabilities 126,538 Total liabilities 164,055 160,551 164,753 164,972 163,407 Common stockholders' 9,465 9,222 9,255 9,265 equity 9,301 Total stockholders' 9,959 9,716 9,749 9,759 equity 9,795 Net interest earnings (fully taxable 534 556 535 1,598 basis) 1,552 Net yield on interest- earning assets % % % 1.62 % 1.56 % 1.60 1.71 1.67 _____________________________________________________________________ _____________ Employees at period-end 16,394 16,514 16,267 _____________________________________________________________________ _____________ (a) Earnings per share amounts represent both primary and fully diluted earnings per share, except for the nine months ended September 30, 1995. Fully diluted earnings per share for the nine months ended September 30, 1995, were $4.57. (b) Excluding the impact of SFAS No. 115, book value per common share would have been $46.82, $44.21 and $45.78 for the three months ended September 30, 1995, September 30, 1994, and June 30, 1995, respectively. (c) Excluding the impact of SFAS No. 115, the annualized rate of return on average common stockholders' equity would have been 15.6%, 15.0% and 14.1% for the three months ended September 30, 1995, September 30, 1994, and June 30, 1995, respectively, and 13.8% and 16.1% for the nine months ended September 30, 1995 and 1994. (d) In accordance with Federal Reserve Board guidelines, these ratios exclude the equity, assets and off-balance-sheet exposures of J.P. Morgan Securities, Inc. and the effect of SFAS No. 115. Risk-based capital ratios for September 30, 1995, are estimates. (e) Average debt investment securities are computed based on historical amortized cost, excluding the effects of SFAS No. 115 adjustments.
5 CONSOLIDATED STATEMENT OF INCOME J.P. Morgan & Co. Incorporated ___________________________________________________________________________ _______________
In millions, except per share data Three months ended _________________________________________________________________ September September Increase June Increase 30 30 (Decreas 30 (Decreas 1995 1994 e) 1995 e) _________________________________________________________________ NET INTEREST REVENUE Interest revenue $2,453 $2,142 $311 $2,40 $48 5 Interest expense 1,946 1,616 330 1,897 49 ___________________________________________________________________________ ______________ Net interest revenue 507 526 (19) 508 (1) NONINTEREST REVENUE Trading revenue 399 282 117 305 94 Corporate finance 195 108 87 117 78 revenue Credit-related fees 38 49 (11) 41 (3) Investment management fees 150 133 17 138 12 Operational service 137 135 2 140 (3) fees Net investment securities (22) (27) 5 33 (55) gains (losses) Other revenue 145 226 (81) 167 (22) ___________________________________________________________________________ _______________ Total noninterest 1,042 906 136 941 101 revenue Total revenue 1,549 1,432 117 1,449 100 OPERATING EXPENSES Employee compensation and 648 576 72 616 32 benefits Net occupancy 87 68 19 79 8 Technology and communications 169 162 7 165 4 Other expenses 118 135 (17) 124 (6) ___________________________________________________________________________ _______________ Total operating 1,022 941 81 984 38 expenses Income before income taxes 527 491 36 465 62 Income taxes 167 164 3 150 17 ___________________________________________________________________________ _______________ Net income 360 327 33 315 45 PER COMMON SHARE Net income (a) $1.78 $1.63 $0.15 $1.56 $0.22 Dividends declared 0.75 0.68 0.07 0.75 - ___________________________________________________________________________ _______________ (a) Earnings per share amounts represent both primary and fully diluted earnings per share.
6 CONSOLIDATED STATEMENT OF INCOME J.P. Morgan & Co. Incorporated _____________________________________________________________________ _____________
In millions, except per share data Nine months ended _______________________________________________________ September September Increase 30 30 (Decrease) 1995 1994 _______________________________________________________ NET INTEREST REVENUE Interest revenue $7,328 $6,010 $1,318 Interest expense 5,813 4,547 1,266 _____________________________________________________________________ _____________ Net interest revenue 1,515 1,463 52 NONINTEREST REVENUE Trading revenue 1,007 866 141 Corporate finance 426 312 114 revenue Credit-related fees 122 160 (38) Investment management fees 418 387 31 Operational service 417 419 (2) fees Net investment securities 20 99 (79) gains Other revenue 461 583 (122) _____________________________________________________________________ _____________ Total noninterest 2,871 2,826 45 revenue Total revenue 4,386 4,289 97 OPERATING EXPENSES Employee compensation and 1,890 1,716 174 benefits Net occupancy 246 201 45 Technology and communications 506 436 70 Other expenses 366 376 (10) _____________________________________________________________________ _____________ Total operating 3,008 2,729 279 expenses Income before income taxes 1,378 1,560 (182) Income taxes 448 538 (90) _____________________________________________________________________ _____________ Net income 930 1,022 (92) PER COMMON SHARE Net income (a) $4.62 $5.05 ($0.43) Dividends declared 2.25 2.04 0.21 _____________________________________________________________________ _____________ (a) See Financial Summary for per common share data assuming full dilution.
7 CONSOLIDATED BALANCE SHEET J.P. Morgan & Co. Incorporated _____________________________________________________________________ _____________
Dollars in millions September June 30 December 31 30 1995 1995 1994 ________________________________________________ ASSETS Cash and due from banks $ 1,519 $ 1,812 $ 2,210 Interest-earning deposits with banks 1,504 1,736 1,362 Debt investment securities available-for-sale carried at fair value(Cost: $21,657 at September 1995, $20,133 at June 1995 and $22,503 at 22,014 20,416 22,657 December 1994) Trading account assets 64,696 68,259 57,065 Securities purchased under agreements to resell ($30,549 at September 1995, $26,127 at June 1995, and $21,170 at December 1994) and federal 30,687 26,209 21,350 funds sold Securities borrowed 17,840 10,313 12,127 Loans 25,265 24,043 22,080 Less: allowance for credit 1,132 1,132 1,131 losses _____________________________________________________________________ _____________ Net loans 24,133 22,911 20,949 Customers' acceptance 528 266 586 liability Accrued interest and accounts receivable 2,998 3,214 5,028 Premises and equipment 3,453 3,438 3,318 Less: accumulated 1,453 1,420 1,302 depreciation _____________________________________________________________________ _____________ Premises and equipment, net 2,000 2,018 2,016 Other assets 10,412 9,406 9,567 _____________________________________________________________________ _____________ Total assets 178,331 166,560 154,917 _____________________________________________________________________ _____________ LIABILITIES Noninterest-bearing deposits: In offices in the U.S. 3,525 3,494 3,693 In offices outside the 894 995 767 U.S. Interest-bearing deposits: In offices in the U.S. 1,669 2,156 1,826 In offices outside the 40,590 38,671 36,799 U.S. _____________________________________________________________________ _____________ Total deposits 46,678 45,316 43,085 Trading account liabilities 45,008 42,404 36,407 Securities sold under agreements to repurchase ($38,347 at September 1995, $32,864 at June 1995, and $30,179 at December 1994) and 41,879 38,496 35,768 federal funds purchased Commercial paper 2,954 1,903 3,507 Other liabilities for borrowed money 14,330 12,068 10,900 Accounts payable and accrued expenses 5,570 4,804 6,231 Liability on acceptances 528 266 586 Long-term debt not qualifying as risk-based capital 6,028 5,759 3,605 Other liabilities 1,821 2,340 2,063 _____________________________________________________________________ _____________ 164,796 153,356 142,152 Long-term debt qualifying as risk-based capital 3,422 3,333 3,197 _____________________________________________________________________ _____________ Total liabilities 168,218 156,689 145,349 STOCKHOLDERS' EQUITY Preferred stock (authorized shares: 10,000,000): Adjustable rate cumulative preferred stock, $100 par value(issued and outstanding: 2,444,300) 244 244 244 Variable cumulative preferred stock, $1,000 par value (issued 250 250 250 and outstanding: 250,000) Common stock, $2.50 par value (authorized shares: 500,000,000; issued: 200,676,673 at September 1995, 200,674,673 at June 1995 and 502 502 502 200,668,373 at December 1994) Capital surplus 1,433 1,441 1,452 Retained earnings 7,526 7,315 7,044 Net unrealized gains on investment securities, net of 495 459 456 taxes Other 439 407 367 _____________________________________________________________________ _____________ 10,889 10,618 10,315 Less: treasury stock (12,993,334 shares at September 1995, 12,856,867 shares at June 1995 and 12,966,917 shares at December 776 747 747 1994) at cost _____________________________________________________________________ _____________ Total stockholders' equity 10,113 9,871 9,568 _____________________________________________________________________ _____________ Total liabilities and stockholders' equity 178,331 166,560 154,917 _____________________________________________________________________ _____________
8 CONSOLIDATED STATEMENT OF CONDITION Morgan Guaranty Trust Company of New York _____________________________________________________________________ _____________
Dollars in millions September December 30 31 1995 1994 _________________________________ ASSETS Cash and due from banks $ 1,503 $ 2,182 Interest-earning deposits with banks 1,602 1,605 Debt investment securities available-for- sale 21,198 21,292 carried at fair value Trading account assets 53,900 45,386 Securities purchased under agreements to resell 18,854 16,562 and federal funds sold Loans 22,210 19,397 Less: allowance for credit losses 1,026 1,025 _____________________________________________________________________ _____________ Net loans 21,184 18,372 Customers' acceptance liability 478 556 Accrued interest and accounts receivable 2,960 3,594 Premises and equipment 3,068 2,967 Less: accumulated depreciation 1,273 1,149 _____________________________________________________________________ _____________ Premises and equipment, net 1,795 1,818 Other assets 10,000 7,360 _____________________________________________________________________ _____________ Total assets 133,474 118,727 _____________________________________________________________________ _____________ LIABILITIES Noninterest-bearing deposits: In offices in the U.S. 3,463 3,698 In offices outside the U.S. 939 770 Interest-bearing deposits: In offices in the U.S. 1,474 1,480 In offices outside the U.S. 41,874 38,566 _____________________________________________________________________ _____________ Total deposits 47,750 44,514 Trading account liabilities 40,943 30,730 Securities sold under agreements to repurchase 18,690 22,099 and federal funds purchased Other liabilities for borrowed money 6,982 5,320 Accounts payable and accrued expenses 3,987 2,902 Liability on acceptances 478 556 Long-term debt not qualifying as risk-based 3,153 1,968 capital Other liabilities 2,012 2,080 _____________________________________________________________________ _____________ 123,995 110,169 Long-term debt qualifying as risk-based 1,327 1,249 capital _____________________________________________________________________ _____________ Total liabilities 125,322 111,418 STOCKHOLDER'S EQUITY Preferred stock, $100 par value (authorized shares: 2,500,000) - - Common stock, $25 par value (authorized and outstanding shares: 250 250 10,000,000) Surplus 2,820 2,670 Undivided profits 4,883 4,266 Net unrealized gains on investment securities, net of 204 124 taxes Foreign currency translation (5) (1) _____________________________________________________________________ _____________ Total stockholder's equity 8,152 7,309 _____________________________________________________________________ _____________ Total liabilities and stockholder's equity 133,474 118,727 _____________________________________________________________________ _____________ Member of the Federal Reserve System and the Federal Deposit Insurance Corporation.
9 COMBINED TRADING AND RELATED NET INTEREST REVENUE J.P. Morgan & Co. Incorporated _____________________________________________________________________ _____________
Dollars in millions Foreign Swaps and exchange other spot and Equities interest Debt option and rate contracts instrumen contract commoditi Total ts s es _____________________________________________________________________ _____________ THIRD QUARTER 1995 Trading revenue $159 $110 $48 $82 $399 Net interest revenue* (3) 49 1 (12) 35 _____________________________________________________________________ _____________ Combined total 156 159 49 70 434 _____________________________________________________________________ _____________ THIRD QUARTER 1994 Trading revenue 127 80 16 59 282 Net interest revenue** (7) 80 10 (10) 73 _____________________________________________________________________ _____________ Combined total 120 160 26 49 355 _____________________________________________________________________ _____________ NINE MONTHS 1995 Trading revenue 335 277 142 253 1,007 Net interest revenue* 10 180 (1) (65) 124 _____________________________________________________________________ _____________ Combined total 345 457 141 188 1,131 _____________________________________________________________________ _____________ NINE MONTHS 1994 Trading revenue 519 113 53 181 866 Net interest revenue** 8 224 - (40) 192 _____________________________________________________________________ _____________ Combined total 527 337 53 141 1,058 *Estimated **Certain prior-year amounts have been reclassified to conform with 1995 classifications.
10 ASSET QUALITY J.P. Morgan & Co. Incorporated _____________________________________________________________________ _____________ NONPERFORMING ASSETS
September June 30 December September 30 31 30 Dollars in millions 1995 1995 1994 1994 _____________________________________________________________________ _____________ Impaired loans: Commercial and $135 $127 $136 $148 industrial Other 50 56 81 62 _____________________________________________________________________ _____________ 185 183 217 210 Restructuring countries 2 3 2 2 _____________________________________________________________________ _____________ Total impaired loans 187 186 219 212 Other nonperforming 1 1 1 2 assets _____________________________________________________________________ _____________ Total nonperforming 188 187 220 214 assets _____________________________________________________________________ _____________ ALLOWANCE FOR CREDIT LOSSES September June 30 December September 30 31 30 Dollars in millions 1995 1995 1994 1994 _____________________________________________________________________ _____________ Allowance for credit $1,132 $1,132 $1,131 $1,133 losses _____________________________________________________________________ _____________ Third Quarter Nine Months ______________________________________________________ 1995 1994 1995 1994 _____________________________________________________________________ _____________ Charge-offs: Commercial and ($11) ($9) ($31) ($30) industrial Restructuring - - - (17) countries Other - (5) (6) (12) Recoveries 11 6 38 34 _____________________________________________________________________ _____________
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