-----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, mYSZ3p/cWTj+1wLyeEvYND1woY9EKZoyISS6H43MQaIR1S/Do0FsftdrF5/Q6rZJ 00t9kJEJxc+ZHBK0vnD7nA== 0000009672-94-000021.txt : 19940722 0000009672-94-000021.hdr.sgml : 19940722 ACCESSION NUMBER: 0000009672-94-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940630 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANKAMERICA CORP CENTRAL INDEX KEY: 0000009672 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 941681731 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07377 FILM NUMBER: 94539349 BUSINESS ADDRESS: STREET 1: BANK OF AMERICA CTR STREET 2: 555 CALIFORNIA ST CITY: SAN FRANCISCO STATE: CA ZIP: 94104 BUSINESS PHONE: 4156223530 MAIL ADDRESS: STREET 1: 555 CALIFORNIA STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94104 8-K 1 FORM 8-K DATED JULY 20, 1994 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 July 20, 1994 (Date of earliest event reported) BankAmerica Corporation (Exact name of registrant as specified in its charter) Delaware 1-7377 94-1681731 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification Number) Bank of America Center 555 California Street San Francisco, California 94104 (Address of principal executive offices) (Zip Code) 415-622-3530 (Registrant's telephone number, including area code) Item 5. Other Events. Attached hereto as Exhibit 99 is a copy of BankAmerica Corporation's press release dated July 20, 1994 titled "BankAmerica Second Quarter Earnings." Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Financial Statements of Businesses Acquired Not applicable. (b) Pro Forma Financial Information Not applicable. (c) Exhibits Exhibit Number Description 99 BankAmerica Corporation press release dated July 20, 1994 titled "BankAmerica Second Quarter Earnings." 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 thereunto duly authorized. BANKAMERICA CORPORATION (Registrant) Date: July 20, 1994 By /s/ PAUL R. OGORZELEC Paul R. Ogorzelec Executive Vice President EX-99 2 BANKAMERICA SECOND QUARTER 1994 EARNINGS EXHIBIT INDEX Exhibit Number Description 99 BankAmerica Corporation press release dated July 20, 1994 titled "BankAmerica Second Quarter Earnings." Exhibit 99 BankAmerica Corporation logo appears here. BankAmerica Corporation News For release: Contact: Peter Magnani (415) 953-2418 BANKAMERICA SECOND QUARTER EARNINGS SAN FRANCISCO, July 20, 1994 -- BankAmerica Corporation today reported second-quarter earnings per share of $1.33, an increase of 11 percent from $1.20 for the same period a year ago. Net income for the second quarter of 1994 was $525 million, up 8 percent from the second quarter of 1993. "We are very pleased with the second-quarter increase in earnings per share, which is the result of good performance in many business sectors," Richard M. Rosenberg, Chairman and Chief Executive Officer, said. "Second-quarter earnings per share not only exceeded the results for the second quarter of 1993, but also represented an increase over first-quarter 1994 results of $1.27, as loan growth contributed to increased net interest income, and trading income improved. These results reflect the continuing efforts of our dedicated staff to realize the value in the diversity of the franchise, which we have been increasing in the past several years." The corporation's earnings per share for the first six months of 1994 were $2.59, based on year-to-date net income of $1,038 million, while earnings per share for the first six months of 1993 were $2.39, based on year-to-date net income of $972 million. - more - Results of Operations --------------------- Net interest income for the second quarter of 1994 was down $20 million, or 1 percent, from the amount reported for the second quarter of 1993, but up $38 million from the previous quarter. The corporation's net interest margin for the second quarter of 1994 was 4.49 percent, down 23 basis points from the same period last year, but up slightly from the first quarter of 1994. The provision for credit losses was $125 million in the second quarter of 1994, down $102 million from the amount reported in the second quarter of 1993. This decrease primarily reflected continued improvement in credit quality in various portfolio sectors. Noninterest income for the second quarter of 1994 decreased $40 million from the amount reported in the same period last year, primarily due to decreases in both trading income and total fees and commissions. These declines were partially offset by an increase in other income, the largest component of which was gains on sales of assets pending disposition. Noninterest expense for the second quarter of 1994 remained essentially unchanged from the amount reported in the comparable period of 1993. Included in second-quarter 1994 noninterest expense were previously disclosed capital additions totaling $68 million to two of the Pacific Horizon money market mutual funds, for which Bank of America NT&SA serves as investment advisor. Excluding this amount, noninterest expense for the second quarter of 1994 was down $73 million from the corresponding period in 1993. Balance Sheet Analysis ---------------------- Average total loans for the second quarter of 1994 were up $1.0 billion from the previous quarter. Adjusted for certain reclassifications, average loan outstandings have increased for three consecutive quarters. - more - Credit quality continued to improve during the second quarter of 1994. Total nonaccrual assets decreased $276 million, or 11 percent, from their March 31, 1994 level. This decline, which was primarily in nonaccrual commercial and industrial and construction and development loans, was largely the result of paydowns and loans restored to accrual status. In addition, net credit losses for the second quarter of 1994 totaled $154 million, down $197 million, or 56 percent, from the amount reported in the same period last year. During the second quarter of 1994, BankAmerica Corporation completed its previously announced plan to repurchase common stock in connection with the pending acquisition of Continental Bank Corporation. During the six months ended June 30, 1994, the corporation repurchased 11.8 million shares of its common stock on the open market at an average per-share price of $42.43. ##### -more- BankAmerica Corporation and Subsidiaries Financial Highlights Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity Securities," was adopted by the corporation effective January 1, 1994. At that time, $5.6 billion of held-to-maturity securities were transferred to available-for-sale securities. In addition, certain debt- restructuring par bonds and other instruments issued by foreign governments of $1.3 billion and $1.2 billion were reclassified from loans to available-for-sale securities and held-to-maturity securities, respectively. Financial Accounting Standards Board Interpretation No. 39 (FIN 39), "Offsetting of Amounts Related to Certain Contracts," was also adopted by the corporation effective January 1, 1994. To the extent allowed by FIN 39, the corporation nets unrealized gains and losses on certain off-balance-sheet instruments. Since SFAS No. 115 does not allow retroactive application and the corporation has elected not to restate prior periods under FIN 39, prior period amounts have not been restated. Table 1 Summary of Results
Second First Second (dollar amounts in millions, Quarter Quarter Quarter except per share data) 1994 1994 1993 ------- ------- ------- 1 Net income $ 525 $ 513 $ 488 2 Earnings per common and common equivalent share 1.33 1.27 1.20 3 Earnings per common share -- assuming full dilution 1.32 1.26 1.19 Six Months Ended June 30 ---------------- 1994 1993 ------ ------ 4 Net income $1,038 $ 972 5 Earnings per common and common equivalent share 2.59 2.39 6 Earnings per common share -- assuming full dilution 2.58 2.38
BankAmerica Corporation and Subsidiaries Financial Highlights Table 2 Statistical Data
Second First Second Quarter Quarter Quarter 1994 1994 1993 ------- ------- ------- Rate of return (based on net income) on: 1 Average total assets 1.08% 1.07% 1.06% 2 Average common stockholders' equity 13.32 13.00 13.08 3 Net interest margin/a/ 4.49 4.45 4.72 4 Full-time-equivalent staff at period end (in thousands) 77.1 78.2 80.9 5 Employees at period end (in thousands) 93.6 94.7 98.3 Six Months Ended June 30 ----------------- 1994 1993 ------- ------- Rate of return (based on net income) on: 6 Average total assets 1.07% 1.06% 7 Average common stockholders' equity 13.21 13.31 8 Net interest margin/a/ 4.47 4.71 --------------------------------------------------------------------
/a/ The net interest margin is computed on a taxable-equivalent basis. The taxable-equivalent basis adjustments to net interest income were $5 million, $6 million, and $5 million for the second quarter of 1994, the first quarter of 1994, and the second quarter of 1993, respectively, and $11 million and $10 million for the six-month periods ended June 30, 1994 and 1993, respectively. ------------------------------------------------------------------ Table 3 Credit Quality Ratios
June 30 March 31 June 30 1994 1994 1993 ------- -------- ------- 1 Allowance for credit losses to total loans 2.73% 2.79% 3.00% 2 Allowance for credit losses to total nonaccrual assets 153.67 137.92 81.88 3 Annualized ratio of net credit losses to average total loan outstandings for the quarter ended 0.50 0.58 1.13 4 Annualized ratio of net credit losses to average total loan outstandings for the year-to- date period ended 0.54 0.58 1.07
BankAmerica Corporation and Subsidiaries Financial Highlights Table 4 Capital
June 30 March 31 June 30 1994 1994 1993 ------- -------- ------- 1 Total risk-based capital ratio/a/ 12.10%/b/ 12.21% 11.70% 2 Tier 1 risk-based capital ratio/a/ 7.60/b/ 7.64 6.93 3 Tier 1 leverage ratio/a/ 6.55 6.37 6.21 4 Common stockholders' equity to total assets 7.14 7.04 7.25 5 Total stockholders' equity to total assets 8.65 8.55 8.86 6 Total risk-based capital/a/ (in millions) $19,656/b/ $19,259 $18,759 7 Tier 1 risk-based capital/a/ (in millions) 12,275/b/ 12,055 11,107 ------------------------------------------------------------------------
/a/ Due to the first-quarter 1993 adoption of SFAS No. 109, "Accounting for Income Taxes", core deposit intangibles (CDI) and other identifiable intangibles that are normally deducted from Tier 1 capital under the current guidelines of the federal banking regulators were estimated to be $489 million higher at June 30, 1994 and were $500 million higher at March 31, 1994 and $535 million higher at June 30, 1993,with corresponding increases in deferred taxes. The federal banking regulators have not issued final capital regulations on the adoption of SFAS No. 109 and are currently considering whether such increased intangibles should be deducted from capital. Management believes that the increased amounts of CDI and other identifiable intangibles resulting from the adoption of SFAS No. 109 do not pose a risk to the corporation's capital and should not be deducted from capital in determining capital ratios. Pending final resolution of this issue by the banking regulators, such amounts have not been deducted from capital in determining the capital ratios shown above. /b/ Estimated. ---------------------------------------------------------------------- Table 5 Common and Preferred Stock Data
June 30 March 31 June 30 1994 1994 1993 ------- -------- ------- 1 Book value per common share $40.69 $39.67 $37.82 2 Closing price per common share 45.75 39.38 45.25 Cash dividend per common share: 3 Quarter-to-date 0.40 0.40 0.35 4 Year-to-date 0.80 0.40 0.70 Common stock dividends (in millions): 5 Quarter-to-date 139 143 124 6 Year-to-date 282 143 248 Preferred stock dividends (in millions): 7 Quarter-to-date 61 60 60 8 Year-to-date 121 60 120 9 Number of common shares outstanding (in thousands) 346,909 350,029 355,758 Average number of common and common equivalent shares outstanding (in thousands) 10 Quarter-to-date 349,721 357,569 357,315 11 Year-to-date 353,645 357,569 356,169
BankAmerica Corporation and Subsidiaries Financial Highlights
Table 6 Selected Average Balance Sheet Components Second First Second Quarter Quarter Quarter (in millions) 1994 1994 1993 -------- -------- -------- 1 Loans $123,313 $122,312 $124,678 2 Earning assets 163,922 162,514 157,653 3 Total assets 195,619 194,880 184,429 4 Deposits 141,478 140,638 140,160 5 Common stockholders' equity 13,984 14,124 13,116 6 Total stockholders' equity 16,963 17,103 16,095 -----------------------------------------------------------------------
Table 7 Business Sectors
Six Months Ended June 30, 1994/a/ (dollar amounts ---------------------------------- in billions, except Average Average Return for net income which Net Total Total on is in millions) Income Assets Deposits Assets ------- ------- -------- ------ 1 Consumer banking $ 338 $ 54 $ 66 1.26% 2 Large corporate and foreign banking 336 65 24 1.05 3 Commercial real estate 143 8 2 3.41 4 Seafirst Corporation 142 15 12 1.92 5 Middle market banking 91 10 5 1.80 6 Private bank 18 2 5 1.57 7 Other non-California banks 13 23 24 0.11 8 Other (43) 18 3 (0.48) ------ ---- ---- $1,038 $195 $141 1.07 ====== ==== ====
------------------------------------------------------------------------ /a/ Amounts are preliminary and reflect second-quarter 1994 changes in the corporation's organizational structure and in its business-sector allocation methodologies. BankAmerica Corporation and Subsidiaries Financial Highlights Table 8 Loan Outstandings
June 30 March 31 June 30 (in millions) 1994 1994 1993 ------- -------- ------- Domestic Consumer: 1 Residential first mortgages/a/ $ 31,784 $ 30,993 $ 29,267 2 Installment/b/ 16,229 15,809 15,568 3 Credit card 7,169 7,162 7,468 4 Individual lines of credit/b/ 8,235 8,268 8,573 5 Other/b/ 285 289 297 -------- -------- -------- 6 Total consumer 63,702 62,521 61,173 Commercial: 7 Commercial and industrial/c/ 21,815 20,954 20,533 8 Loans secured by real estate 9,131 9,050 9,560 9 Construction and development loans secured by real estate 3,742 3,991 5,775 10 Loans for purchasing or carrying securities 1,683 2,934 2,322 11 Financial institutions 1,340 1,751 1,945 12 Lease financing 1,678 1,665 1,772 13 Agricultural 1,605 1,614 1,620 14 Other 1,465 1,332 1,184 --------- --------- -------- 15 Total commercial 42,459 43,291 44,711 --------- --------- -------- 16 Total domestic loans 106,161 105,812 105,884 Foreign 17 Commercial and industrial 12,388 11,748 11,555 18 Governments and official institutions 862 787 3,539 19 Banks and other financial institutions 2,206 1,955 2,135 20 Other 3,257 3,242 2,898 -------- -------- -------- 21 Total foreign loans 18,713 17,732 20,127 -------- -------- -------- 22 Total Loans $124,874 $123,544 $126,011 ======== ======== ========
------------------------------------------------------------------------ /a/ Includes loans held for sale in the normal course of business of $38 million, $138 million, and $390 million at June 30, 1994, March 31, 1994, and June 30, 1993, respectively. /b/ Installment loans, individual lines of credit, and other consumer loans included the following aggregate amounts that were collateralized by junior mortgages on residential real estate:$13,280 million at June 30, 1994, $12,927 million at March 31, 1994, and $13,313 million at June 30, 1993. /c/ Excludes loans held for sale in the normal course of business of $760 million, $487 million, and $409 million at June 30, 1994, March 31, 1994, and June 30, 1993, respectively. These loans were originated with the intent to sell and are included in other assets. BankAmerica Corporation and Subsidiaries Financial Highlights Table 9 Selected Credit Quality Data
June 30 March 31 June 30 (in millions) 1994 1994 1993 ------- -------- ------- Nonaccrual Assets: 1 Construction and development loans secured by real estate $ 724 $ 819 $2,028 2 Commercial and industrial 311 448 798 3 Commercial loans secured by real estate 588 553 771 4 Consumer 424 471 428 5 Foreign, excluding restructuring country related 161 172 237 ------ ------ ------ 6 Total 2,208 2,463 4,262 7 Restructuring country related 14 35 356 ------ ------ ------ 8 Total Nonaccrual Assets/a/ $2,222 $2,498 $4,618 ====== ====== ====== 9 Restructured loans $ 139 $ 142 $ 79 10 Loans past due 90 days or more and still accruing interest/b/ 498 482 598 11 Other real estate owned 472 553 512
----------------------------------------------------------------------- /a/ Excludes assets pending disposition of $90 million, $284 million, and $402 million at June 30, 1994, March 31, 1994, and June 30, 1993, respectively, that would have been on nonaccrual status if they had been included in the Corporation's loan outstandings and interest-bearing deposits in banks. These assets were identified for accelerated disposition and are carried at the lower of cost or fair value in other assets. /b/ Includes consumer loans of $260 million, $290 million, and $401 million at June 30, 1994, March 31, 1994, and June 30, 1993, respectively. Table 10 Analysis of Change in Nonaccrual Assets
Second First Fourth Quarter Quarter Quarter (in millions) 1994 1994 1993 ------- ------- -------- 1 Balance, beginning of period $2,498 $2,886 $3,928 Additions: 2 Loans placed on nonaccrual status 269 227 284 Deductions: 3 Restored to accrual status (169) (195) (317) 4 Foreclosures (32) (72) (100) 5 Charge-offs (37) (40) (123) 6 Restructuring-country-related assets transferred to other assets -- -- (310) 7 Other, primarily payments (307) (308) (476) ------ ------ ------ 8 Balance, End of Period $2,222 $2,498 $2,886 ====== ====== ======
--------------------------------------------------------------------- BankAmerica Corporation and Subsidiaries Financial Highlights Table 11 Net Credit Losses (Recoveries)
Second First Second Quarter Quarter Quarter (in millions) 1994 1994 1993 ------- ------- ------- Domestic consumer: 1 Residential first mortgages $ 13 $ 7 $ 7 2 Credit card 85 90 116 3 Other consumer 54 65 72 Domestic commercial: 4 Commercial and industrial (3) (9) 75 5 Loans secured by real estate 14 11 14 6 Construction and development loans secured by real estate (6) (1) 67 7 Loans for purchasing or carrying securities, financial institutions, lease financing, agricultural, and other commercial (3) (5) 4 ---- ---- --- 8 Total domestic 154 158 355 Foreign: 9 Restructuring country related (4) -- (1) 10 Other foreign 4 16 (3) ---- ---- --- 11 Total foreign -- 16 (4) ---- ---- --- 12 Total Net Credit Losses $154 $174 $351 ==== ==== ====
BankAmerica Corporation and Subsidiaries Consolidated Statement of Operations
Second First Second Quarter Quarter Quarter (in millions) 1994 1994 1993 ------- ------- ------- Interest Income 1 Loans, including fees $2,294 $2,206 $2,360 2 Interest-bearing deposits in banks 74 56 45 3 Federal funds sold 15 13 11 4 Securities purchased under resale agreements 89 72 37 5 Trading account assets 122 111 83 6 Available-for-sale and held-to- maturity securities 345 355 345 ------- ----- ----- 7 Total interest income 2,939 2,813 2,881 Interest Expense 8 Deposits 753 697 737 9 Federal funds purchased 3 3 4 10 Securities sold under repurchase agreements 97 79 33 11 Other short-term borrowings 59 61 45 12 Long-term debt 185 169 180 13 Subordinated capital notes 10 10 30 ------- ----- ----- 14 Total interest expense 1,107 1,019 1,029 ------- ----- ----- 15 Net interest income 1,832 1,794 1,852 16 Provision for credit losses 125 125 227 ------- ----- ----- 17 Net interest income after provision for credit losses 1,707 1,669 1,625 Noninterest Income 18 Deposit account fees 290 294 301 19 Credit card fees 85 82 89 20 Trust fees 66 67 77 21 Other fees and commissions 262 266 272 22 Trading income 106 74 172 23 Net securities gains 7 20 13 24 Net gain on sales of assets 20 45 17 25 Other income 182 155 117 ------- ----- ----- 26 Total noninterest income 1,018 1,003 1,058 Noninterest Expense 27 Salaries 700 710 703 28 Employee benefits 180 158 145 29 Occupancy 167 165 167 30 Equipment 138 146 151 31 Amortization of intangibles 99 105 74 32 Communications 80 78 85 33 Regulatory fees and related expenses 72 70 79 34 Professional services 53 58 72 35 Other expense 332 294 350 ------ ------ ----- 36 Total noninterest expense 1,821 1,784 1,826 ------ ------ ----- 37 Income before income taxes 904 888 857 38 Provision for income taxes 379 375 369 ------ ------ ----- 39 Net Income $ 525 $ 513 $ 488 ====== ====== =====
BankAmerica Corporation and Subsidiaries Consolidated Statement of Operations
Six Months Ended June 30 ---------------- (in millions) 1994 1993 ------ ------ Interest Income 1 Loans, including fees $4,500 $4,789 2 Interest-bearing deposits in banks 130 91 3 Federal funds sold 28 17 4 Securities purchased under resale agreements 161 69 5 Trading account assets 233 159 6 Available-for-sale and held-to- maturity securities 700 681 ------ ------ 7 Total interest income 5,752 5,806 Interest Expense Deposits 1,450 1,524 9 Federal funds purchased 6 9 10 Securities sold under repurchase agreements 176 57 11 Other short-term borrowings 120 94 12 Long-term debt 354 366 13 Subordinated capital notes 20 61 ------ ------ 14 Total interest expense 2,126 2,111 ------ ------ 15 Net interest income 3,626 3,695 16 Provision for credit losses 250 475 ------ ------ 17 Net interest income after provision for credit losses 3,376 3,220 Noninterest Income 18 Deposit account fees 584 590 19 Credit card fees 167 171 20 Trust fees 133 148 21 Other fees and commissions 528 540 22 Trading income 180 336 23 Net securities gains 27 31 24 Net gain on sales of assets 65 44 25 Other income 337 287 ------ ------ 26 Total noninterest income 2,021 2,147 Noninterest Expense 27 Salaries 1,410 1,413 28 Employee benefits 338 295 29 Occupancy 332 330 30 Equipment 284 291 31 Amortization of intangibles 204 206 32 Communications 158 167 33 Regulatory fees and related expenses 142 163 34 Professional services 111 132 35 Other expense 626 664 ------ ------ 36 Total noninterest expense 3,605 3,661 ------ ------ 37 Income before income taxes 1,792 1,706 38 Provision for income taxes 754 734 ------ ------ 39 Net Income $1,038 $ 972 ====== ======
BankAmerica Corporation and Subsidiaries Consolidated Balance Sheet
June 30 March 31 June 30 (in millions) 1994 1994 1993 -------- -------- -------- Assets 1 Cash and due from banks $ 10,137 $ 10,455 $ 10,989 2 Interest-bearing deposits in banks 4,707 3,978 2,446 3 Federal funds sold 2,758 2,549 2,561 4 Securities purchased under resale agreements 4,933 5,995 2,426 5 Trading account assets 5,714 6,648 5,783 6 Available-for-sale securities 8,938 9,413 3,491 7 Held-to-maturity securities 11,734 11,979 16,207 8 Loans 124,874 123,544 126,011 9 Less: Allowance for credit losses 3,414 3,445 3,781 -------- -------- -------- 10 Net loans 121,460 120,099 122,230 11 Premises and equipment, net 3,705 3,664 3,585 12 Customers' acceptance liability 935 801 699 13 Accrued interest receivable 1,097 1,030 1,002 14 Other real estate owned 472 553 512 15 Goodwill, net 3,886 3,931 4,141 16 Identifiable intangibles, net 2,078 2,133 2,262 17 Unrealized gains on off-balance- sheet instruments 8,650 7,441 -- 18 Other assets 6,339 6,543 7,132 -------- -------- -------- 19 Total Assets $197,543 $197,212 $185,466 ======== ======== ======== Liabilities & Stockholders' Equity Deposits in domestic offices: 20 Interest-bearing $ 86,568 $ 88,139 $ 92,051 21 Noninterest-bearing 31,009 30,920 31,190 Deposits in foreign offices: 22 Interest-bearing 22,898 22,034 16,759 23 Noninterest-bearing 1,560 1,496 1,409 -------- -------- -------- 24 Total deposits 142,035 142,589 141,409 25 Federal funds purchased 223 270 724 26 Securities sold under repurchase agreements 6,332 6,910 2,206 27 Other short-term borrowings 3,537 3,628 2,539 28 Acceptances outstanding 935 801 699 29 Accrued interest payable 550 529 542 30 Unrealized losses on off-balance- sheet instruments 8,727 7,129 -- 31 Other liabilities 3,894 4,059 5,045 32 Long-term debt 13,611 13,828 14,409 33 Subordinated capital notes 606 606 1,459 -------- -------- -------- 34 Total liabilities 180,450 180,349 169,032 Stockholders' Equity 35 Preferred stock 2,979 2,979 2,979 36 Common stock 561 561 556 37 Additional paid-in capital 7,150 7,130 7,025 38 Retained earnings 7,131 6,807 5,888 39 Net unrealized losses on available- for-sale securities (210) (252) -- 40 Common stock in treasury, at cost (518) (362) (14) -------- -------- -------- 41 Total stockholders' equity 17,093 16,863 16,434 -------- -------- -------- 42 Total Liabilities and Stockholders' Equity $197,543 $197,212 $185,466 ======== ======== ========
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