-----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, EKt4XPzaSPby5fqbkMevBsGPxWy96U+6UQ99D2+SUkNrPoZv+oAqn950yuQ1awzP SfhBtEI4OtwSG8c6xmcLRA== 0000771667-96-000028.txt : 19961017 0000771667-96-000028.hdr.sgml : 19961017 ACCESSION NUMBER: 0000771667-96-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961016 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961016 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AHMANSON H F & CO /DE/ CENTRAL INDEX KEY: 0000771667 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 950479700 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08930 FILM NUMBER: 96644232 BUSINESS ADDRESS: STREET 1: 4900 RIVERGRADE RD CITY: IRWINDALE STATE: CA ZIP: 91706 BUSINESS PHONE: 8189606311 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 16, 1996 ---------------- H. F. Ahmanson & Company -------------------------------------------------- (Exact name of registrant as specified in charter) Delaware 1-8930 95-0479700 --------------- ------------ ------------------- (State or other (Commission (IRS employer jurisdiction of file number) identification no.) incorporation) 4900 Rivergrade Road, Irwindale, California 91706 ------------------------------------------- ---------- (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (818) 960-6311 --------------- Not applicable ---------------------- (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. On October 16, 1996, H. F. Ahmanson & Company (the "Company"), issued a press release reporting its results of operations during the quarter and nine months ended September 30, 1996. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99 Press release dated October 16, 1996 reporting results of operations during the quarter and nine months ended September 30, 1996. 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. Date: October 16, 1996 H. F. AHMANSON & COMPANY /s/George Miranda ---------------------------- George Miranda First Vice President and Principal Accounting Officer EX-99 2 H.F. AHMANSON & COMPANY HOME SAVINGS OF AMERICA 4900 RIVERGRADE ROAD SAVINGS OF AMERICA NEWS IRWINDALE, CALIFORNIA 91706 (818) 814-7922 FOR IMMEDIATE RELEASE Contacts: Media: Mary Trigg 818-814-7922 Investor: Steve Swartz 818-814-7986 AHMANSON REPORTS THIRD QUARTER EARNINGS PER SHARE OF $0.56 PRIOR TO CHARGE FOR FIRST INTERSTATE BRANCHES AND SAIF RECAPITALIZATION Irwindale, CA, October 16, 1996 -- H.F. Ahmanson & Company, (AHM-NYSE), parent company of Home Savings of America, today reported third quarter net income of $73.2 million, or $0.56 per fully diluted common share, before the after tax charges of $8.3 million, or $0.07 per share, related to the acquisition of 61 former First Interstate Bank branches from Wells Fargo & Company, and $144.4 million, or $1.34 per share, for the special assessment to recapitalize the Savings Association Insurance Fund (SAIF). Including these charges, the company recorded a net loss of $79.5 million, or $0.85 per share. In the 1995 third quarter, net income was $273.0 million, or $2.03 per fully diluted common share, which included an after tax gain of $252.7 million from the sale of the company's New York branch system. Before the gain and certain charges taken in the third quarter of 1995, the company earned $65.6 million or $0.44 per fully diluted common share. Commenting on the third quarter results, Charles R. Rinehart, Chairman and Chief Executive Officer of Ahmanson and Home Savings, said, "We are quite pleased with the company's progress in delivering stronger fee income and controlling expenses. Despite continued high credit costs, we are encouraged by declines in nonperforming assets and other signs of improvement in asset quality. "The successful completion of the acquisition of 61 former First Interstate branches and accompanying customer base and employees has accelerated our entry into small business banking, which is a major element of our plan to become a real power in full-service consumer banking," continued Rinehart. "We are now able to offer a complete range of products and services to consumers and small business customers, including business loans and lines of credit, a variety of business deposit products, and a full complement of cash management services, all of which are expected to contribute to our future results and to achieving our ROE goal of 15%." For the first nine months of 1996, the company's net income, before the third quarter 1996 charges, was $206.7 million, or $1.49 per fully diluted common share. Including these charges, net income was $54.0 million, or $0.16 per share. This compares with $155.5 million, or $1.00 per share, for the first nine months of 1995, which included the sale of the New York branches and the adoption of an accounting change that resulted in the write-off of $234.7 million of goodwill related to acquisitions prior to 1982. The acquisition of the 61 former First Interstate branches by Home Savings was completed at the close of business on September 20, 1996. In the transaction, the company acquired approximately $1.9 billion in deposits and $1.1 billion in loans. The company recorded approximately $185 million in goodwill related to the acquisition. The results of operations for the third quarter and nine months of 1996 include operating results of the acquired branches only after September 20, 1996. On September 30, 1996, President Clinton signed a bill that included a special assessment payable by all savings institutions to recapitalize SAIF. The special assessment will be payable in the fourth quarter of 1996, but has been reflected in Home Savings' third quarter results. Home Savings' share will be approximately $244 million on a pre-tax basis or $144.4 million after tax. Although savings institutions will still pay more than banks to the Federal Deposit Insurance Corporation (approximately $0.06 per $100 in deposits versus $0.01 to be paid by banks) for the next several years, the recapitalization of SAIF is a big step forward that allows Home Savings to compete on a more equal footing with banks. Rinehart noted, "The drop in deposit insurance premiums will add significantly to our company earnings going forward and we have sufficient capital following payment of the special assessment to continue to satisfy the regulatory test for being a well-capitalized financial institution." RESULTS OF OPERATIONS NET INTEREST INCOME Net interest income totaled $306.2 million for the third quarter of 1996, compared to $314.4 million in the third quarter of 1995. The decrease in net interest income from the third quarter of 1995 is due mainly to a decrease in average interest earning assets. For the third quarter of 1996, the net interest margin was 2.61%, compared to 2.47% in the third quarter of 1995. At September 30, 1996, the net interest margin was 2.67%. OTHER INCOME In the third quarter of 1996, other income was $57.3 million, compared to $46.1 million in the third quarter of 1995, excluding the gain from the sale of the New York branch system. "We are particularly pleased with the strong improving trend in other fee income," Rinehart said. "Other fee income has shown steady increases from $26.7 million in last year's fourth quarter to $34.4 million in the third quarter of 1996. Increased revenue by the Personal Financial Services Division and by Griffin Financial Services, our insurance and investment brokerage subsidiary, accounted for most of the improvement." GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses totaled $448.3 million in the third quarter of 1996 including $243.9 million for the SAIF special assessment and $14.0 million associated with the acquisition of 61 former First Interstate Bank branches. This compares to $235.3 million in the third quarter of 1995, which included certain charges of $36.7 million. Excluding the SAIF recapitalization and acquisition charges, G&A expenses in the third quarter of 1996 were $190.4 million. REAL ESTATE HELD FOR INVESTMENT The company added $19.0 million to its reserve for real estate investments in the third quarter of 1996, principally due to a revision in business plans for the disposition of one commercial project. REI assets now total $192.8 million, net of reserves. CREDIT COSTS During the third quarter of 1996, the company provided $35.8 million for loan losses, compared to $29.2 million in the third quarter of 1995. During the first nine months of 1996, the company provided $115.6 million for loan losses compared to $81.2 million in the first nine months of 1995. Expenses for the operations of foreclosed real estate amounted to $25.2 million in the third quarter of 1996, compared to $21.0 million in the third quarter of 1995. During the first nine months of 1996, these expenses amounted to $78.2 million, compared to $61.7 million in the first nine months of 1995. TAXES The company's results for the third quarter of 1996 and the nine months ended September 30, 1996 included tax benefits of $19.0 million resulting from a reduction in the company's valuation allowance for deferred taxes. This reduction is attributable to the company's development of tax planning strategies relating to excess tax basis in certain investments. ASSET QUALITY During the third quarter of 1996, nonperforming assets (NPAs) decreased by $56.1 million. This is the largest quarterly decline in NPAs since the fourth quarter of 1993. At September 30, 1996, NPAs reached their lowest level since August 1995 and totaled $897.6 million, or 1.77% of total assets, compared to $916.5 million or 1.81% of total assets at September 30, 1995. Troubled debt restructurings (TDRs) totaled $187.3 million at September 30, 1996. Net loan charge-offs for the third quarter of 1996 totaled $34.7 million, compared to $33.8 million in the third quarter of 1995. For the first nine months of 1996, net charge-offs totaled $112.9 million compared to $96.1 million in the first nine months of 1995. In 1996, NPAs peaked in February, and since then the company has experienced a trend of declines in NPAs along with improvements in other indicators of asset quality. Single family recoveries were $7.4 million in the third quarter of 1996, compared with $2.9 million in the third quarter of 1995. LOAN ORIGINATIONS Home Savings funded $1.3 billion of residential mortgages in the third quarter of 1996, compared to $1.5 billion in the third quarter of 1995. Consumer loan production totaled $71.1 million during the quarter compared to $15.7 million in the third quarter of 1995. During the first nine months of 1996, the company originated $4.0 billion in residential mortgage loans and $139.3 million in consumer loans. CAPITAL At September 30, 1996, Home Savings of America's capital ratios exceeded all regulatory requirements for well-capitalized institutions, the highest regulatory standard. STOCK PURCHASE PROGRAM In the third quarter of 1996, the company purchased 1.9 million shares of its outstanding common stock at an average price per share of $25.48. Of the $150 million authorized for the company's second round of purchase activity, $82.4 million remains. Since initiating the first stock purchase program in October 1995, the company has purchased 13 million shares, or 11% of the then outstanding common shares, at an average price of $24.36. In addition, in the third quarter of 1996, the company redeemed its Preferred Stock, Series B. This redemption will contribute approximately $0.09 to annualized earnings per share. Kevin M. Twomey, Senior Executive Vice President and Chief Financial Officer, said, "We are pleased with the progress in executing our capital plan. The steps we have taken are an integral part of our efforts to enhance shareholder value." At September 30, 1996, the parent company had $132 million in cash, ample resources to complete the existing stock purchase program. TAX CONTINGENCY The company's financial statements do not contain any benefit related to the company's recent determination that it is entitled to the deduction of the tax bases in certain state branching rights when the company sells its deposit branch businesses, thereby abandoning such branching rights in those states. The company's position is that the tax bases result from the tax treatment of property received as assistance from the Federal Savings and Loan Insurance Corporation (FSLIC) in conjunction with FSLIC-assisted transactions. The company's position regarding these tax benefits does not arise from or affect its lawsuit against the United States government that seeks damages for breach of contract arising from the requirement under FIRREA that supervisory goodwill be deducted from capital in calculating compliance with regulatory capital requirements. From 1981 through 1985, the company acquired thrift institutions in six states through FSLIC-assisted transactions. No goodwill relating to these acquisitions remains on the books of the company. The company's position is that assistance received from the FSLIC included out-of-state branching rights valued at approximately $740 million. As of September 30, 1996, the company had sold its deposit branching businesses and abandoned such branching rights in four of these states, the first of which was Missouri in 1993. The potential tax benefit related to these abandonments as of September 30, 1996 could approach $167 million. The potential deferred tax benefit related to branching rights not abandoned could approach $130 million. The Internal Revenue Service (IRS) is currently examining the company's 1993 federal income tax return, including the company's recently proposed adjustment related to the abandonment of its Missouri branching rights. The company, after consultation with its tax advisors, believes that its position with respect to the tax treatment of these rights is the correct interpretation under the tax and regulatory law. However, the company also believes that its position has never been directly addressed by any judicial or administrative authority. It is therefore impossible to predict either the IRS response to the company's position, or if the IRS contests the company's position, the ultimate outcome of litigation that the company is prepared to pursue. Because of these uncertainties, the company cannot presently determine if any of the above described tax benefits will ever be realized and there is no assurance to that effect. Therefore, in accordance with generally accepted accounting principles, the company does not believe it is appropriate at this time to reflect these tax benefits in its financial statements. This position will be reviewed by the company from time to time as these uncertainties are resolved. ******** H.F. Ahmanson & Company, with $50.6 billion in assets, is the parent company of Home Savings of America. Home Savings' deposit base is $35.4 billion. It operates 392 personal financial service centers in four states and 99 mortgage lending offices in nine states. ******** Additional information, including monthly financial data, about H.F. Ahmanson & Company and Home Savings of America can be retrieved free of charge by using the following services: Corporate News on the Net: http://www.businesswire.com/cnn/ahm/htm Internet: http://www.investquest.com Fax-on-Demand: (614) 844-3860 On-line BBS: (614) 844-3868 H. F. AHMANSON & COMPANY AND SUBSIDIARIES CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) (dollars in thousands except per share data)
At End of Period September 30, 1996 June 30, 1996 September 30,1995 - ---------------- ------------------ ------------- ------------------ Total assets $ 50,588,224 $ 49,506,630 $ 50,575,203 Investment portfolio $ 1,063,932 $ 1,124,122 $ 791,969 Loans receivable and mortgage-backed securities (MBS) $ 46,717,332 $ 45,855,263 $ 47,465,463 ARMs included in loans receivable and MBS $ 44,981,245 $ 44,365,520 $ 45,877,571 Allowance for loan losses $ 398,290 $ 382,485 $ 385,289 Deposits $ 35,399,443 $ 33,281,931 $ 34,617,805 Borrowings $ 11,255,882 $ 12,351,740 $ 11,757,400 Stockholders' equity $ 2,472,634 $ 2,777,356 $ 3,071,081 Book value per common share $ 18.86 $ 19.78 $ 20.50 Tangible book value per common share $ 15.82 $ 18.47 $ 19.20 Total common shares outstanding 105,496,154 107,188,014 117,737,673 Home Savings of America Capital Ratios (Fully Phased-in): Tangible capital (to adjusted total assets) 5.38% 6.00% 6.29% Core capital (to adjusted total assets) 5.39% 6.01% 6.30% Core capital (to risk-weighted assets) 8.51% 9.65% 9.99% Risk-based capital 10.65% 11.81% 12.93% FOR THE THREE MONTHS ENDED - -------------------------- Net interest income $ 306,236 $ 311,574 $ 314,444 Provision for loan losses $ 35,783 $ 33,901 $ 29,175 Net income (loss) $ (79,478)* $ 68,734 $ 272,998 Net income (loss) per fully diluted common share $ (0.85)* $ 0.50 $ 2.03 Dividends per common share $ 0.22 $ 0.22 $ 0.22 Loans originated and purchased (includes FIB loans of $1.1 billion) $ 2,489,651 $ 1,438,941 $ 1,545,219 Average Interest Rates: Yield on loans and MBS 7.39% 7.41% 7.50% Yield on investment portfolio 8.25% 6.06% 6.33% Yield on interest-earning assets 7.41% 7.39% 7.44% Cost of deposits 4.48% 4.45% 4.76% Cost of borrowings 6.39% 6.20% 6.92% Cost of interest-costing liabilities 4.97% 4.91% 5.08% Interest rate spread 2.44% 2.48% 2.36% Net interest margin 2.61% 2.66% 2.47% FOR THE NINE MONTHS ENDED - ------------------------- Net interest income $ 934,792 $ 919,863 Provision for loan losses $ 115,626 $ 81,184 Income before cumulative effect of accounting change $ 54,011 $ 390,237 Net income $ 54,011 $ 155,495 Net income per fully diluted common share $ 0.16 $ 1.00 Dividends per common share $ 0.66 $ 0.66 Loans originated and purchased (includes FIB loans of $1.1 billion) $ 5,268,371 $ 4,835,761 Average Interest Rates: Yield on loans and MBS 7.43% 7.25% Yield on investment portfolio 6.76% 6.17% Yield on interest-earning assets 7.42% 7.19% Cost of deposits 4.50% 4.55% Cost of borrowings 6.29% 6.74% Cost of interest-costing liabilities 4.96% 4.93% Interest rate spread 2.46% 2.26% Net interest margin 2.64% 2.37% *Net income would have been $73.2 million or $0.56 per share before the SAIF special assessment and FIB acquisition charges.
H. F. AHMANSON & COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (in thousands)
Assets September 30, 1996 June 30, 1996 December 31, 1995 September 30, 1995 - ------ ------------------ ------------- ----------------- ------------------ Cash and amounts due from banks $ 758,312 $ 722,581 $ 752,878 $ 645,369 Securities purchased under agreements to resell 623,000 690,200 381,000 258,000 Other short-term investments 14,517 13,797 13,278 13,840 ----------- ----------- ------------ ----------- Total cash and cash equivalents 1,395,829 1,426,578 1,147,156 917,209 Other investment securities held to maturity 2,440 2,443 2,448 4,941 Other investment securities available for sale 9,074 9,912 9,908 35,460 Investment in stock of Federal Home Loan Bank (FHLB) 414,901 407,770 485,938 479,728 Mortgage-backed securities (MBS) held to maturity 5,253,208 5,436,023 5,825,276 16,461,464 MBS available for sale 9,610,020 9,923,982 10,326,866 34,236 Loans receivable less allowance for losses of $398,290 (September 30, 1996), $382,485 (June 30, 1996), $380,886 (December 31, 1995) and $385,289 (September 30, 1995) 31,728,580 30,375,794 30,273,514 30,830,642 Loans held for sale 125,524 119,464 981,865 139,121 Accrued interest receivable 215,238 218,529 228,111 158,139 Real estate held for development and investment (REI) less allowance for losses of $164,298 (September 30, 1996), $144,441 (June 30, 1996), $283,748 (December 31, 1995) and $321,209 (September 30, 1995) 192,846 212,561 234,855 321,467 Real estate owned held for sale (REO) less allowance for losses of $36,126 (September 30, 1996), $37,493 (June 30, 1996), $38,080 (December 31, 1995) and $37,387 (September 30, 1995) 277,594 260,735 225,566 212,612 Premises and equipment 437,886 412,602 410,947 483,546 Goodwill and other intangible assets 321,088 140,022 147,974 152,497 Other assets 591,292 560,215 229,162 344,141 Income taxes 12,704 - - - ----------- ----------- ----------- ----------- $50,588,224 $49,506,630 $50,529,586 $50,575,203 =========== =========== =========== =========== Liabilities and Stockholders' Equity - ------------------------------------ Deposits $35,399,443 $33,281,931 $34,244,481 $34,617,805 Securities sold under agreements to repurchase 1,705,000 2,689,000 3,519,311 5,487,682 Other short-term borrowings 50,000 200,000 - - FHLB and other borrowings 9,500,882 9,462,740 8,717,117 6,269,718 Other liabilities 1,460,265 1,035,557 873,313 922,658 Income taxes - 60,046 118,442 206,259 ----------- ----------- ----------- ----------- Total liabilities 48,115,590 46,729,274 47,472,664 47,504,122 Stockholders' equity 2,472,634 2,777,356 3,056,922 3,071,081 ----------- ----------- ----------- ----------- $50,588,224 $49,506,630 $50,529,586 $50,575,203 =========== =========== =========== ===========
H. F. AHMANSON & COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (dollars in thousands except per share data)
For the Three Months Ended For the Nine Months Ended ----------------------------------------- September 30, September 30, June 30, September 30, ------------------------- 1996 1996 1995 1996 1995 ------------ ------------- ----------- ---------- ----------- Interest income: Interest on loans $ 567,001 $ 559,078 $ 576,205 $ 1,700,934 $ 1,822,277 Interest on MBS 283,568 296,927 333,978 888,849 848,448 Interest and dividends on investments 17,406 11,231 38,983 40,298 121,989 ----------- ----------- ----------- ----------- ----------- Total interest income 867,975 867,236 949,166 2,630,081 2,792,714 ----------- ----------- ----------- ----------- ----------- Interest expense: Deposits 377,011 372,997 504,241 1,137,181 1,428,477 Short-term borrowings 32,035 36,334 37,669 108,599 132,330 FHLB and other borrowings 152,693 146,331 92,812 449,509 312,044 ----------- ----------- ----------- ----------- ----------- Total interest expense 561,739 555,662 634,722 1,695,289 1,872,851 ----------- ----------- ----------- ----------- ----------- Net interest income 306,236 311,574 314,444 934,792 919,863 Provision for loan losses 35,783 33,901 29,175 115,626 81,184 ----------- ----------- ----------- ----------- ----------- Net interest income after provision for loan losses 270,453 277,673 285,269 819,166 838,679 ----------- ---------- ----------- ----------- ----------- Other income: Gain (loss) on sales of MBS - (29) 2,586 (29) 11,866 Gain (loss) on sales of loans 3,307 6,166 (1,021) 24,501 989 Servicing income 18,114 16,657 16,688 49,916 44,550 Other fee income 34,386 31,291 26,542 92,496 76,896 Gain on sale of retail deposit branch system - - 514,671 - 514,671 Gain on sales of investment securities 313 - 142 313 254 Other operating income 1,140 1,915 1,179 6,593 963 ----------- ----------- ----------- ----------- ----------- 57,260 56,000 560,787 173,790 650,189 ----------- ----------- ----------- ----------- ----------- Other expenses: General and administrative expenses (G&A) 448,262 189,652 235,305 830,962 619,362 Operations of REI 19,295 7,535 42,148 33,573 45,856 Operations of REO 25,225 27,302 21,007 78,216 61,665 Amortization of goodwill and other intangible assets 3,955 3,958 8,103 11,907 21,948 ----------- ----------- ----------- ----------- ----------- 496,737 228,447 306,563 954,658 748,831 ----------- ----------- ----------- ----------- ----------- Income (loss) before provision for income taxes and cumulative effect of accounting change (169,024) 105,226 539,493 38,298 740,037 Provision for income taxes (benefit) (89,546) 36,492 266,495 (15,713) 349,800 ----------- ----------- ----------- ----------- ----------- Income (loss) before cumulative effect of accounting change (79,478) 68,734 272,998 54,011 390,237 Cumulative effect of change in accounting for goodwill - - - - (234,742) ----------- ----------- ----------- ----------- ----------- Net income (loss) $ (79,478) $ 68,734 $ 272,998 $ 54,011 $ 155,495 =========== =========== =========== =========== =========== Income (loss) per common share - primary: Income (loss) before cumulative effect of accounting change$ (0.85) $ 0.51 $ 2.20 $ 0.16 $ 2.99 Cumulative effect of change in accounting for goodwill - - - - (1.99) ----------- ----------- ----------- ----------- ----------- Net income (loss) $ (0.85) $ 0.51 $ 2.20 $ 0.16 $ 1.00 =========== =========== =========== =========== =========== Income (loss) per common share - fully diluted: Income (loss) before cumulative effect of accounting change$ (0.85) $ 0.50 $ 2.03 $ 0.16 $ 2.80 Cumulative effect of change in accounting for goodwill - - - - (1.80) ----------- ----------- ----------- ----------- ----------- Net income (loss) $ (0.85) $ 0.50 $ 2.03 $ 0.16 $ 1.00 =========== =========== =========== =========== =========== Common shares outstanding, weighted average: Primary 107,294,488 110,016,213 118,507,477 110,750,825 118,059,572 Fully diluted 107,294,488 122,098,197 130,541,379 110,750,825 130,427,469 Return on average assets (1) 0.60% 0.56% 2.04% 0.56% 0.38% Return on average equity (1) 10.86% 9.73% 37.72% 9.70% 7.28% Return on average tangible equity (1),(2) 12.07% 10.84% 42.71% 10.81% 21.10% Efficiency ratio (1) 53.08% 52.75% 65.79% 53.20% 59.48% (1) Excludes the effect of the SAIF recapitalization of $243.9 million and FIB acquisition costs of $14.0 million, which are included in G&A for the 1996 periods. (2) Net income excluding amortization of goodwill and other intangible assets, and cumulative effect of change in accounting for goodwill, as a percentage of average equity excluding goodwill and other intangible assets.
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. Date: October 16, 1996 H. F. AHMANSON & COMPANY ---------------------------- George Miranda First Vice President and Principal Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----