-----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, qj0O62+D2y6z1AFKFFF2b7aMbXsYo671Q+DK+gbmOlcAbQ3JV34A4ps2/bLsGdD8 VF/IwBaUSsMEiyDx+kDxKw== 0000950123-94-000877.txt : 19940510 0000950123-94-000877.hdr.sgml : 19940510 ACCESSION NUMBER: 0000950123-94-000877 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19940509 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REPUBLIC NEW YORK CORP CENTRAL INDEX KEY: 0000083246 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 132764867 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07436 FILM NUMBER: 94526756 BUSINESS ADDRESS: STREET 1: 452 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 2125256100 8-K 1 FORM 8-K 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: May 9, 1994 REPUBLIC NEW YORK CORPORATION (Exact name of registrant as specified in its charter) Maryland 1-7436 13-2764867 (State or other (Commission file number) (IRS Employer jurisdiction of Identification No.) incorporation) 452 Fifth Avenue, New York, New York 10018 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 525-6100 2 ITEM 5. OTHER EVENTS In connection with the filing of a Prospectus Supplement dated May 5, 1994 relating to the offering of $200,000,000 aggregate principal amount of the Corporation's 7 3/4% Subordinated Notes Due 2009, the Corporation is hereby filing the documents listed under Item 7 below as Exhibits to the Corporation's Shelf Registration Statement, as amended (No. 33-49507). Such documents are hereby incorporated herein by reference in this Current Report on Form 8-K and copies of the same are attached hereto as exhibits. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. C. EXHIBITS 99(a) - Press Release dated April 20, 1994, with attached financial statements, Announcing Results for the First Quarter and Three Month Period Ended March 31, 1994 99(b) - Press Release dated April 20, 1994 Announcing Declaration of Dividends Payable July 1, 1994 3 SIGNATURE PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED HEREUNTO DULY AUTHORIZED. REPUBLIC NEW YORK CORPORATION By: /s/ William F. Rosenblum, Jr ---------------------------- Senior Vice President Date: May 9, 1994 4 EXHIBIT INDEX Exhibit Description ------- ----------- 99(a) - Press Release dated April 20, 1994, with attached financial statements, Announcing Results for the First Quarter and Three Month Period Ended March 31, 1994 99(b) - Press Release dated April 20, 1994 Announcing Declaration of Dividends Payable July 1, 1994 EX-99.A 2 PRESS RELEASE - 4/20/94 - ANNOUNCING RESULTS 1 (REPUBLIC NEW YORK CORPORATION LOGO) News Release FOR IMMEDIATE RELEASE CONTACT: J. PHILLIP BURGESS DATE: APRIL 20, 1994 (212) 525-6597 NYSE SYMBOL: RNB FAX (212) 525-5678 OR 525-6875 REPUBLIC NEW YORK CORPORATION NET INCOME UP 16.1 PERCENT IN FIRST QUARTER NEW YORK - APRIL 20, 1994: Republic New York Corporation announced today that net income for the quarter ended March 31, 1994, increased 16.1 percent to $79.8 million, compared to $68.7 million in the first quarter of 1993. Net income in the fourth quarter of 1993 was $79.9 million. Primary earnings per common share increased 16.9 percent to $1.38 in the first quarter of 1994, compared to $1.18 in the first quarter of 1993. First quarter 1994 fully diluted earnings per common share rose 16.5 percent to $1.34, compared to $1.15 in the first quarter of last year. Primary earnings per common share in the fourth quarter of 1993 were $1.38. On a fully diluted basis, earnings per common share were $1.34. During the first quarter of 1994, Republic National Bank of New York agreed, subject to obtaining necessary regulatory approval, to acquire a branch in Brazil from Banco Exterior de Espana S.A. Also, Republic will open a representative office in Copenhagen on July 1. This office will market institutional banking services in Scandinavian countries. As previously announced, Republic New York Securities Corporation, the corporation's full-service brokerage subsidiary, formed a futures division. This division will provide futures brokerage services with an initial focus on foreign exchange, precious metals and financial futures. 2 NET INTEREST INCOME Net interest income rose to $198.2 million in the first quarter of 1994 from $191.5 million in the first quarter of last year. Net interest income on a fully taxable equivalent basis was $206.5 million in the first quarter of 1994, up from $199.0 million in the first quarter of 1993. The net interest rate differential was 2.53 percent in the first quarter of 1994, compared to 2.41 percent in the first quarter of last year. This increase is due primarily to a decrease in the cost of interest-bearing funds, primarily deposits and long-term debt. Average interest-earning assets were $33.1 billion in the first quarter of 1994, compared to $33.5 billion in the first quarter of last year. During the current quarter, interest-bearing deposits with banks declined significantly, while investment securities of U.S. Government agency mortgage-backed securities, federal funds sold and securities purchased under resale agreements and loans in both domestic and foreign offices each increased over the first quarter of 1993. Increases in interest-bearing deposits with the corporation, long-term debt and trading account liabilities were offset by a decline in short-term borrowings. The corporation manages its sensitivity to interest rates through transactions in the cash market and by entering into off-balance-sheet contracts, including interest rate and currency swaps and interest rate caps and floors. These contracts hedge specifically identified assets or liabilities with the corresponding revenues or expenses reflected in the yield of the related on-balance-sheet asset or liability. During the past year, the corporation has taken steps to lengthen the maturity of its liabilities. At March 31, 1994, the gross notional amount of such contracts used in asset and liability management was approximately $8.3 billion. At March 31, 1994, the net effect of these contracts was to decrease the net interest rate differential by 17 basis points. PROVISION FOR LOAN LOSSES AND OTHER CREDIT-RELATED ITEMS The corporation's provision for loan losses was $10 million in the first quarter of 1994, compared to $25 million in the first quarter of 1993 and $15 million in the fourth quarter. Net loan charge-offs, excluding restructuring country debt, were $14.1 million in the first quarter of 1994. In the first quarter of 1993, net charge-offs, excluding restructuring country debt, were $14.9 million. Net recoveries of restructuring country debt in the first quarter of 1994 amounted to $5.7 million, compared to recoveries of $1.2 million in the first quarter of last year. - Page 2 of 6 - 3 The following table presents certain information relating to the provision and allowance for loan losses:
1ST QTR 1ST QTR 4TH QTR (In thousands) 1994 1993 1993 --------- --------- ----------- Provision for loan losses $ 10,000 $ 25,000 $ 15,000 ========= ========= =========== Net charge-offs, excluding restructuring country debt $ 14,140 $ 14,938 $ 4,162 Net recoveries of restructuring country debt (5,728) (1,210) (20,261) --------- --------- ----------- Total net charges (recoveries) against the allowance for loan losses $ 8,412 $ 13,728 $ (16,099) ========= ========= =========== Allowance for loan losses at period end $ 313,416 $ 251,870 $ 311,855 ========= ========= ===========
Non-performing assets were $118.2 million at the end of the first quarter of 1994, $118.2 million at year-end 1993 and $183.4 million at the end of the first quarter of last year. The following table presents non-accrual loans and other non-performing assets at periods ending:
MAR 31, MAR 31, DEC 31, (in thousands) 1994 1993 1993 --------- ---------- --------- Non-accrual loans: Domestic $ 46,510 $ 49,318 $ 48,084 Foreign-restructuring countries* 33,989 41,596 33,853 Foreign-other 9,776 33,792 12,956 --------- --------- --------- Total non-accrual loans 90,275 124,706 94,893 Other non-performing assets: Other real estate owned 27,882 55,029 23,338 Other non-accrual assets -- 3,670 -- --------- --------- --------- Total other non-performing assets 27,882 58,699 23,338 --------- --------- --------- Total non-accrual loans and non-performing assets $118,157 $183,405 $118,231 ========= ========= =========
*On April 15, 1994, in the Brazilian restructuring settlement, the corporation received bonds in exchange for substantially all of its outstandings from Brazil, including bonds for payment of past-due interest. The market value of the bonds received exceeded the carrying value of the non-accrual loans. Upon sale of the bonds, the corporation will recognize any gain as a recovery to the allowance for loan losses. The effect of this receipt is to reduce non-accrual loans by $33.4 million. - Page 3 of 6 - 4
MARCH 31, DEC. 31, ($ in thousands) 1994 1993 ---------- ---------- Total loans $10,051,994 $ 9,508,558 Allowance for loan losses $313,416 $311,855 Total non-accrual loans $90,275 $94,893 Allowance/Total loans 3.12% 3.28% Allowance/Non-accrual loans 347.18% 328.64%
The allowance for possible loan losses, which is available to absorb credit losses in the corporation's entire portfolio was 3.12 percent of total loans outstanding at March 31, 1994, compared to 3.28 percent at year end 1993. OTHER OPERATING INCOME Total other operating income was $104.5 million in the first quarter of 1994, compared to $81.0 million in the first quarter of 1993. Income from trading activities rose to $48.8 million in the first quarter of 1994, compared to $39.2 million in the first quarter of last year. This increase was due primarily to higher levels of income from precious metals, a portion of which is attributable to the additional business generated by the recent acquisition of Republic Mase Bank Limited. Trading account profits and commissions also rose in comparison to the first quarter of 1993, principally as a result of the derivative products group activities. This group contributed $10.0 million of revenue in the first quarter of 1994, compared to $3.9 million in the first quarter of last year when they commenced operations. These increases were partially offset by a decline in foreign exchange trading income. Investment securities gains were $3.1 million in the first quarter of 1994, compared to investment securities losses of $0.1 million in the first quarter of last year. A net loss on loans sold or held for sale of $0.5 million in the first quarter of 1994 compares with a net loss of $0.7 million in the first quarter of last year. Commission income amounted to $17.5 million in the first quarter of 1994, compared with $9.4 million in the corresponding period of 1993. The increase in the first quarter of 1994 is attributable to fees earned from the corporation's full-service securities brokerage and investment management activities, as well as to growth in other institutional fee-based services. Equity in the earnings of Safra Republic Holdings S.A., a European international private banking group of which the corporation owns approximately 49 percent, increased 58.7 percent to $21.1 million in the first quarter of 1994 from $13.3 million in the first quarter of last year. - Page 4 of 6 - 5 Other income was $14.6 million in the first quarter of 1994. In the first quarter of 1993, other income was $19.8 million, which included a $5.1 million gain on the sale of certain data processing rights. OTHER OPERATING EXPENSES Total operating expenses were $175.9 million in the first quarter of 1994, compared to $146.9 million in the first quarter of 1993 and $174.4 million in the fourth quarter of 1993. Total operating expenses increased $29.1 million, or 19.8 percent, in the first of quarter of 1994 from the first quarter of 1993. Of this increase, approximately $21.9 million is associated with investments in recently established business units, including Republic Mase Bank Limited, the bank's derivative products group, the bank's retail branch expansion in California, New York and Toronto, its increased domestic private banking and global trust activities and the corporation's securities brokerage and investment management subsidiaries, as well as increased levels of incentive-based compensation. Salaries and employee benefits of $95.6 million in the first quarter of 1994 reflect an increase of 19.5 percent from $80.0 million in the first quarter of the prior year. This increase is attributable primarily to recently established business units mentioned above, which required increased staffing levels, as well as increased levels of incentive-based compensation. INCOME TAXES Income taxes were $37.0 million in the first quarter of 1994 and $31.9 million in the first quarter of last year. The increase is due to the higher level of income subject to income taxes and the effect of applying a higher U.S. statutory tax rate. CAPITAL On December 31, 1993, the corporation adopted Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities" ("SFAS No. 115"). SFAS No. 115 requires, among other things, that securities designated as available for sale be carried at market value with the unrealized gain or loss, net of tax effect, recorded as a component of stockholders' equity. At March 31, 1994, stockholders' equity included a deduction of $21.8 million, which represents the after-tax unrealized loss in the securities available for sale portfolio and approximately 49 percent of Safra Republic Holdings' unrealized loss in its securities available for sale portfolio. The corporation's leverage ratio (Tier 1 capital to quarterly average assets) and its risk-based capital ratios (Tier 1 and total qualifying capital to risk-weighted - Page 5 of 6 - 6 assets) include the assets and capital of Safra Republic Holdings on a consolidated basis in accordance with the requirements of the Federal Reserve Board specifically applied to the corporation. Regulatory guidelines require the corporation to exclude Republic New York Securities Corporation's assets and off-balance-sheet contracts from Republic New York Corporation's capital calculations. It also requires the corporation to exclude one-half of its investment in this subsidiary from each of Tier 1 and Tier 2 capital. These regulations also require the corporation to exclude the $21.8 million reduction of stockholders' equity related to the net unrealized losses on securities available for sale, net of income taxes as recorded under SFAS No. 115. On January 1, 1994, the corporation adopted Financial Accounting Standards Board Interpretation No. 39, "Offsetting of Amounts Related to Certain Contracts." This interpretation requires, among other things, that unrealized gains and losses on certain off-balance financial instruments be reported on a gross basis except when a legally enforceable netting agreement with a counterparty exists. At March 31, 1994, the adoption of this interpretation resulted in an increase in the corporation's trading assets and liabilities of approximately $1.6 billion. At March 31, 1994, the corporation's estimated leverage ratio was 5.60 percent; its estimated Tier 1, or "core", capital ratio was 16.15 percent, and the estimated ratio of total qualifying capital was 27.80 percent. These ratios substantially exceed the minimums in effect for bank holding companies. At March 31, 1994, the ratio of the corporation's total common stockholders' equity to total assets was 4.68 percent, compared to 5.05 percent on the corresponding date last year. The decline in this ratio is primarily attributable to the growth in total assets, which grew at a rate faster than common equity. Return on average common stockholders' equity, based on net income applicable to common stock, was 13.43 percent for the first quarter of 1994. Excluding the effect of SFAS No. 115 on average common stockholders' equity, the return was 15.18 percent in the first quarter of 1994, compared to 14.46 percent in the corresponding quarter of 1993. Return on average total assets, based on net income applicable to common stock, was 0.72 percent in the first quarter of 1994, compared to 0.67 in the first quarter of 1993. The book value of the corporation's common stock was $37.32 per share at March 31, 1994. Excluding the effect of SFAS No. 115, book value was $37.73. At March 31, 1994, the corporation's principal subsidiary, Republic National Bank of New York, had deposits of $18.5 billion and capital of $2.0 billion. The Republic Bank for Savings had deposits of $4.7 billion and capital of $445 million. - Page 6 of 6 - 7 REPUBLIC NEW YORK CORPORATION CONSOLIDATED STATEMENTS OF CONDITION (IN THOUSANDS)
March 31, ---------------------------- ASSETS 1994 1993 - ------ ----------- ----------- Cash and due from banks $ 602,263 $ 446,934 Interest-bearing deposits with banks 5,505,088 7,271,423 Precious metals 1,521,937 419,242 Securities held to maturity 1,984,730 12,726,741 Securities available for sale 12,601,033 336,382 ------------ ------------ Total investment securities 14,585,763 13,063,123 Trading account assets 2,954,056 844,131 Federal funds sold and securities purchased under resale agreements 2,159,596 1,769,200 Loans, net of unearned income 10,051,994 7,925,159 Allowance for possible loan losses (313,416) (251,870) ------------ ------------ Loans (net) 9,738,578 7,673,289 Customers' liability on acceptances 1,314,756 1,287,838 Accounts receivable and accrued interest 2,095,877 771,365 Investment in affiliate 581,395 565,827 Premises and equipment 398,632 386,570 Other assets 404,675 270,457 ------------ ------------ Total assets $ 41,862,616 $ 34,769,399 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Noninterest-bearing deposits: In domestic offices $ 1,311,338 $ 1,044,365 In foreign offices 142,574 105,032 Interest-bearing deposits: In domestic offices 8,648,135 9,232,831 In foreign offices 12,037,254 10,331,748 ------------ ------------ Total deposits 22,139,301 20,713,976 Trading account liabilities 2,484,177 114,558 Short-term borrowings 5,879,697 4,228,341 Acceptances outstanding 1,315,706 1,289,154 Accounts payable and accrued expenses 2,040,936 1,227,655 Due to factored clients 558,558 498,678 Other liabilities 95,769 76,512 Long-term debt 2,628,242 2,175,662 Subordinated long-term debt and perpetual capital notes 2,205,674 2,130,988 Stockholders' equity: Cumulative preferred stock, no par value 8,131,000 shares outstanding 556,425 556,425 Common stock, $5 par value 150,000,000 shares authorized; 52,475,051 shares outstanding in 1994 and 52,198,484 in 1993 262,375 260,992 Surplus 452,427 450,296 Retained earnings 1,265,093 1,046,162 Net unrealized loss on securities available for sale, net of taxes (21,764) -- ------------ ------------ Total stockholders' equity 2,514,556 2,313,875 ------------ ------------ Total liabilities and stockholders' equity $ 41,862,616 $ 34,769,399 ============ ============
8 REPUBLIC NEW YORK CORPORATION CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS EXCEPT PER SHARE DATA)
Three Months Ended March 31, ------------------------ 1994 1993 --------- --------- INTEREST INCOME: Interest and fees on loans $ 165,306 $ 149,155 Interest on deposits with banks 53,322 94,035 Interest and dividends on investment securities: Taxable 218,443 216,685 Exempt from federal income taxes 17,499 15,837 Interest on trading account assets 18,447 8,718 Interest on federal funds sold and securities purchased under resale agreements 11,312 7,049 --------- --------- Total interest income 484,329 491,479 --------- --------- INTEREST EXPENSE: Interest on deposits 168,027 175,647 Interest on short-term borrowings 53,214 55,483 Interest on long-term debt 64,902 68,864 --------- --------- Total interest expense 286,143 299,994 --------- --------- NET INTEREST INCOME 198,186 191,485 Provision for loan losses 10,000 25,000 --------- --------- Net interest income after provision for loan losses 188,186 166,485 --------- --------- OTHER OPERATING INCOME: Income from precious metals 13,181 5,484 Foreign exchange trading income 22,332 24,979 Trading account profits and commissions 13,243 8,764 Investment securities gains (losses), net 3,088 (86) Net loss on loans sold or held for sale (500) (675) Commission income 17,500 9,429 Equity in earnings of affiliate 21,110 13,302 Other income 14,591 19,779 --------- --------- Total other operating income 104,545 80,976 --------- --------- OTHER OPERATING EXPENSES: Salaries 56,791 48,237 Employee benefits 38,812 31,737 Occupancy, net 13,986 11,767 Other expenses 66,339 55,124 --------- --------- Total other operating expenses 175,928 146,865 --------- --------- INCOME BEFORE INCOME TAXES 116,803 100,596 Income taxes 37,024 31,851 --------- --------- NET INCOME $ 79,779 $ 68,745 ========= ========= NET INCOME APPLICABLE TO COMMON STOCK $ 72,695 $ 61,580 ========= ========= Net income per common share: Primary $1.38 $1.18 Fully diluted 1.34 1.15 Average common shares outstanding: Primary 52,557 52,196 Fully diluted 56,396 56,052
9 REPUBLIC NATIONAL BANK OF NEW YORK CONSOLIDATED STATEMENTS OF CONDITION (IN THOUSANDS)
March 31, -------------------------------- ASSETS 1994 1993 - ------ ------------ ------------ Cash and due from banks $ 537,749 $ 409,923 Interest-bearing deposits with banks 5,273,550 7,124,687 Precious metals 1,509,188 419,242 Securities held to maturity 864,213 10,022,891 Securities available for sale 9,415,474 336,382 ------------ ------------ Total investment securities 10,279,687 10,359,273 Trading account assets 2,887,254 760,478 Federal funds sold and securities purchased under resale agreements 2,772,861 1,769,200 Loans, net of unearned income 6,001,206 3,928,909 Allowance for possible loan losses (233,516) (177,415) ------------ ------------ Loans (net) 5,767,690 3,751,494 Customers' liability on acceptances 1,314,033 1,287,838 Accounts receivable and accrued interest 664,302 500,558 Investment in affiliate 581,395 565,827 Premises and equipment 296,782 296,899 Other assets 237,707 157,093 ------------ ------------ Total assets $ 32,122,198 $ 27,402,512 ============ ============ LIABILITIES AND STOCKHOLDER'S EQUITY - ------------------------------------ Noninterest-bearing deposits: In domestic offices $ 977,644 $ 812,229 In foreign offices 142,566 106,032 Interest-bearing deposits: In domestic offices 4,196,995 4,384,869 In foreign offices 13,137,764 11,681,992 ------------ ------------ Total deposits 18,454,969 16,985,122 Trading account liabilities 2,484,101 114,558 Short-term borrowings 4,157,051 3,689,749 Acceptances outstanding 1,314,984 1,289,154 Accounts payable and accrued expenses 721,447 932,648 Other liabilities 57,653 42,590 Long-term debt 2,303,214 1,825,662 Subordinated long-term debt, primarily with parent 580,674 581,238 Stockholder's equity: Common stock, $100 par value 4,800,000 shares authorized; 3,550,000 shares outstanding 355,000 355,000 Surplus 1,161,652 1,160,656 Retained earnings 528,322 426,135 Net unrealized gain on securities available for sale, net of taxes 3,131 -- ------------ ------------ Total stockholder's equity 2,048,105 1,941,791 ------------ ------------ Total liabilities and stockholder's equity $ 32,122,198 $ 27,402,512 ============ ============
10 REPUBLIC NEW YORK CORPORATION AVERAGE BALANCES, NET INTEREST DIFFERENTIAL, AVERAGE RATES EARNED AND PAID (FULLY TAXABLE EQUIVALENT BASIS) (DOLLARS IN THOUSANDS)
QUARTER ENDED --------------------------------------------------------------------- MARCH 31, 1993 JUNE 30, 1993 --------------------------------- --------------------------------- AVERAGE AVERAGE INTEREST RATES INTEREST RATES AVERAGE INCOME/ EARNED/ AVERAGE INCOME/ EARNED/ BALANCE EXPENSE PAID BALANCE EXPENSE PAID ----------- -------- ----- ----------- -------- ----- Interest-earning assets: Interest-bearing deposits with banks............... $9,646,318 $94,035 3.95% $7,641,724 $74,383 3.90% Investment securities (1): Taxable......................................... 13,020,158 216,685 6.75 13,138,350 213,794 6.53 Exempt from federal income taxes................ 922,423 23,307 10.25 871,953 22,385 10.30 ----------- -------- ----------- -------- Total investment securities.................. 13,942,581 239,992 6.98 14,010,303 236,179 6.76 Trading account assets (2)......................... 793,624 8,718 4.46 803,943 9,171 4.58 Federal funds sold and securities purchased under resale agreements............... 893,200 7,049 3.20 1,087,145 8,342 3.08 Loans, net of unearned income: Domestic offices................................ 6,032,711 119,947 8.06 6,236,848 119,456 7.68 Foreign offices................................. 2,171,673 29,293 5.47 2,110,929 31,608 6.01 ----------- -------- ----------- -------- Total loans, net of unearned income.......... 8,204,384 149,240 7.38 8,347,777 151,064 7.26 ----------- -------- ----------- -------- Total interest-earning assets................ 33,480,107 $499,034 6.04% 31,890,892 $479,139 6.03% ======== ===== ======== ===== Cash and due from banks................................. 499,732 489,410 Other assets............................................ 3,395,708 3,768,637 ----------- ----------- Total assets................................. $37,375,547 $36,148,939 =========== =========== Interest-bearing funds: Consumer and other time deposits................... $8,288,450 $67,477 3.30% $8,361,606 $64,135 3.08% Certificates of deposit............................ 804,235 6,511 3.28 746,596 5,907 3.17 Deposits in foreign offices........................ 10,482,731 101,659 3.93 9,917,206 94,567 3.82 ----------- -------- ----------- -------- Total interest-bearing deposits.............. 19,575,416 175,647 3.64 19,025,408 164,609 3.47 Trading account liabilities (2).................... 30,063 343 4.63 84,611 1,093 5.18 Short-term borrowings.............................. 6,623,923 55,140 3.38 5,307,063 41,788 3.16 Total long-term debt............................... 4,472,588 68,864 6.24 4,482,060 66,188 5.92 ----------- -------- ----------- -------- Total interest-bearing funds................. 30,701,990 $299,994 3.96% 28,899,142 $273,678 3.80% ======== ===== ======== ===== Noninterest-bearing deposits: In domestic offices................................ 1,072,741 1,145,727 In foreign offices................................. 95,096 114,798 Other liabilities....................................... 3,222,227 3,650,078 Stockholders' equity: Preferred stock.................................... 556,425 556,425 Common stockholders' equity........................ 1,727,068 1,782,769 ----------- ----------- Total stockholders' equity................... 2,283,493 2,339,194 ----------- ----------- Total liabilities and stockholders' equity... $37,375,547 $36,148,939 =========== =========== Interest income/earning assets.......................... $499,034 6.04% $479,139 6.03% Interest expense/earning assets......................... 299,994 3.63 273,678 3.45 -------- ----- -------- ----- Net interest differential............................... $199,040 2.41% $205,461 2.58% ======== ===== ======== =====
QUARTER ENDED -------------------------------------------------------------------- SEPTEMBER 30, 1993 DECEMBER 31, 1993 --------------------------------- --------------------------------- AVERAGE AVERAGE INTEREST RATES INTEREST RATES AVERAGE INCOME/ EARNED/ AVERAGE INCOME/ EARNED/ BALANCE EXPENSE PAID BALANCE EXPENSE PAID ----------- -------- ----- ----------- -------- ----- Interest-earning assets: Interest-bearing deposits with banks............... $6,976,191 $68,665 3.91% $5,545,122 $58,788 4.21% Investment securities (1): Taxable......................................... 12,892,468 206,721 6.36 13,712,174 209,822 6.07 Exempt from federal income taxes................ 1,006,878 25,690 10.12 1,147,302 25,510 8.82 ----------- -------- ----------- -------- Total investment securities.................. 13,899,346 232,411 6.63 14,859,476 235,332 6.28 Trading account assets (2)......................... 1,055,724 16,639 6.25 1,226,653 19,939 6.45 Federal funds sold and securities purchased under resale agreements............... 1,044,278 9,080 3.45 1,252,363 9,852 3.12 Loans, net of unearned income: Domestic offices................................ 6,625,028 121,809 7.29 6,795,097 122,262 7.14 Foreign offices................................. 2,479,174 41,620 6.66 3,110,776 49,836 6.36 ----------- -------- ----------- -------- Total loans, net of unearned income.......... 9,104,202 163,429 7.12 9,905,873 172,098 6.89 ----------- -------- ----------- -------- Total interest-earning assets................ 32,079,741 $490,224 6.06% 32,789,487 $496,009 6.00% ======== ===== Cash and due from banks................................. 599,161 761,902 Other assets............................................ 4,341,943 5,388,581 ----------- ----------- Total assets................................. $37,020,845 $38,939,970 =========== =========== Interest-bearing funds: Consumer and other time deposits................... $8,255,896 $62,035 2.98% $8,191,425 $59,365 2.88% Certificates of deposit............................ 656,697 5,298 3.20 614,617 5,107 3.30 Deposits in foreign offices........................ 11,265,569 107,447 3.78 11,054,870 109,726 3.94 ----------- -------- ----------- -------- Total interest-bearing deposits.............. 20,178,162 174,780 3.44 19,860,912 174,198 3.48 Trading account liabilities (2).................... 169,065 2,315 5.43 291,285 2,948 4.02 Short-term borrowings.............................. 4,365,072 45,113 4.10 4,650,752 49,029 4.18 Total long-term debt............................... 4,625,148 66,341 5.69 4,970,586 68,679 5.48 ----------- -------- ----------- -------- Total interest-bearing funds................. 29,337,447 $288,549 3.90% 29,773,535 $294,854 3.93% ======== ===== ======== ===== Noninterest-bearing deposits: In domestic offices................................ 1,212,888 1,325,411 In foreign offices................................. 98,118 99,621 Other liabilities....................................... 3,982,224 5,293,132 Stockholders' equity: Preferred stock.................................... 556,425 556,425 Common stockholders' equity........................ 1,833,743 1,891,846 ----------- ----------- Total stockholders' equity................... 2,390,168 2,448,271 ----------- ----------- Total liabilities and stockholders' equity... $37,020,845 $38,939,970 =========== =========== Interest income/earning assets.......................... $490,224 6.06% $496,009 6.00% Interest expense/earning assets......................... 288,549 3.57 294,854 3.57 -------- ----- -------- ----- Net interest differential............................... $201,675 2.49% $201,155 2.43% ======== ===== ======== =====
QUARTER ENDED --------------------------------- MARCH 31, 1994 --------------------------------- AVERAGE INTEREST RATES AVERAGE INCOME/ EARNED/ BALANCE EXPENSE PAID ----------- -------- ----- Interest-earning assets: Interest-bearing deposits with banks............... $4,878,003 $53,322 4.43% Investment securities (1): Taxable......................................... 14,244,415 218,443 6.22 Exempt from federal income taxes................ 1,116,525 25,763 9.36 ----------- -------- Total investment securities.................. 15,360,940 244,206 6.45 Trading account assets (2)......................... 1,088,990 18,447 6.87 Federal funds sold and securities purchased under resale agreements............... 1,358,480 11,312 3.38 Loans, net of unearned income: Domestic offices................................ 6,724,601 114,517 6.91 Foreign offices................................. 3,670,611 50,789 5.61 ----------- -------- Total loans, net of unearned income.......... 10,395,212 165,306 6.45 ----------- -------- Total interest-earning assets................ 33,081,625 $492,593 6.04% ======== ===== Cash and due from banks................................. 754,030 Other assets............................................ 7,058,686 ----------- Total assets................................. $40,894,341 =========== Interest-bearing funds: Consumer and other time deposits................... $8,071,084 $57,486 2.89% Certificates of deposit............................ 607,275 5,133 3.43 Deposits in foreign offices........................ 11,088,367 105,408 3.86 ----------- -------- Total interest-bearing deposits.............. 19,766,726 168,027 3.45 Trading account liabilities (2).................... 164,870 2,271 5.59 Short-term borrowings.............................. 5,957,837 50,943 3.47 Total long-term debt............................... 4,916,743 64,902 5.35 ----------- -------- Total interest-bearing funds................. 30,806,176 $286,143 3.77% ======== ===== Noninterest-bearing deposits: In domestic offices................................ 1,294,187 In foreign offices................................. 140,903 Other liabilities....................................... 5,901,990 Stockholders' equity: Preferred stock.................................... 556,425 Common stockholders' equity........................ 2,194,660 ----------- Total stockholders' equity................... 2,751,085 ----------- Total liabilities and stockholders' equity... $40,894,341 =========== Interest income/earning assets.......................... $492,593 6.04% Interest expense/earning assets......................... 286,143 3.51 -------- ----- Net interest differential............................... $206,450 2.53% ======== =====
(1) Based on amortized or historic cost with the mark-to-market adjustment included in other assets. (2) Excludes non-interest bearing balances, which are included in other assets or other liabilities, respectively. EX-99.B 3 PRESS RELEASE - 4/20/94 - ANNOUNC. DEC. OF DIV. 1 (REPUBLIC NEW YORK CORPORATION LOGO) News Release FOR IMMEDIATE RELEASE CONTACT: J. PHILLIP BURGESS DATE: APRIL 20, 1994 (212) 525-6597 NYSE SYMBOL: RNB FAX (212) 525-5678 OR 525-6875
REPUBLIC NEW YORK CORPORATION DECLARES DIVIDENDS NEW YORK, APRIL 20, 1994: The board of directors of Republic New York Corporation today declared dividends of 33 cents per common share, 81.25 cents per share on the Series B preferred stock, 84.375 cents per share on the $3.375 cumulative convertible preferred stock and 48.4375 cents per share on the $1.9375 cumulative preferred stock. All dividends are payable July 1, 1994, to stockholders of record on June 15, 1994. -----END PRIVACY-ENHANCED MESSAGE-----