-----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, IfMbPOS7SYsnCSkG6Zl4y7xzTww3VuLLcxRQGGajoQABfLrewyk+pvqhxm+mS5j7 5lMe16ZCmQMFCPn+JUz8Ew== 0000009672-95-000004.txt : 19950607 0000009672-95-000004.hdr.sgml : 19950607 ACCESSION NUMBER: 0000009672-95-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941231 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950118 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANKAMERICA CORP CENTRAL INDEX KEY: 0000009672 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [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: 95501814 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 JANUARY 18, 1995 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 January 18, 1995 (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) 4063959 Item 5. Other Events. Attached hereto as Exhibit 99 is a copy of BankAmerica Corporation's press release dated January 18, 1995 titled "BankAmerica Fourth 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 January 18, 1995 titled "BankAmerica Fourth 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: January 18, 1995 By /s/ James H. Williams James H. Williams Executive Vice President 4063959 2 EX-99 2 BANKAMERICA FOURTH QUARTER 1994 EARNINGS EXHIBIT INDEX Exhibit Number Description 99 BankAmerica Corporation press release dated January 18, 1995 titled "BankAmerica Fourth Quarter Earnings." 4063959 Exhibit 99 BankAmerica Corporation logo appears here. BankAmerica Corporation News For release: Contact: Peter Magnani (415) 953-2418 BANKAMERICA FOURTH QUARTER EARNINGS SAN FRANCISCO, January 18, 1995 -- BankAmerica Corporation today reported earnings per share for 1994 of $5.36, an increase of 12 percent from $4.79 in 1993. Net income for 1994 was $2,176 million, up 11 percent from the amount reported in 1993. Included in 1994 annual results were fourth-quarter earnings per share of $1.41, based on quarterly earnings of $591 million. Earnings per share for the fourth quarter of 1993 were $1.21, based on quarterly earnings of $496 million. "We are very pleased with our increase in earnings per share and with the overall performance of the corporation in 1994," Richard M. Rosenberg, chairman and chief executive officer, said. "Increasing earnings per share was our most important financial objective for the year. With advances in each quarter of the past year, we achieved that goal. Looking ahead, our most important goals are to sustain the momentum we have established and to improve our return on equity. "We believe we are well positioned to benefit from an improving California economy and continuing growth in most of our other domestic and offshore markets. The challenge will be to concentrate our resources in areas that have the greatest potential for shareholders by making decisions to increase or reduce investments appropriately." - more - Results of Operations --------------------- Net interest income for the fourth quarter of 1994 was up $147 million from the amount reported for the fourth quarter of 1993 and reflected the effects of mergers and acquisitions, as well as continued growth in the loan portfolio. Although the net interest margin for the fourth quarter of 1994 was down 10 basis points from the same period a year ago, the corporation's net interest margin has been relatively constant over the past three quarters. The fourth quarter 1994 net interest margin was 4.53 percent, while the third and second quarter net interest margins amounted to 4.51 percent and 4.49 percent, respectively. The provision for credit losses was $100 million in the fourth quarter of 1994, down $50 million from the amount reported in the same period last year. Net credit losses for the fourth quarter of 1994 totaled $36 million, down $176 million, or 83 percent, from the amount reported in the same period last year. This decrease was partially due to recoveries on foreign loans in Poland and Ecuador. Noninterest income for the fourth quarter of 1994 decreased $68 million from the amount reported in the same period last year. This decrease was primarily due to declines in trading income, reduced income from assets pending disposition, and lower net gains on sales of loans. These declines were partially offset by an increase in total fees and commissions resulting primarily from the corporation's expanded midwestern corporate banking business. Noninterest expense for the fourth quarter of 1994, which includes the expanded operations from mergers and acquisitions that closed in 1994, remained essentially unchanged from the amount reported in the comparable period of 1993. Balance Sheet Analysis ---------------------- Total loans at December 31, 1994 were up $2.2 billion from the previous quarter. This portfolio growth reflected the corporation's continued efforts to expand and diversify the loan portfolio. Total nonaccrual assets at December 31, 1994 remained essentially unchanged from the previous quarter. (end of text, tables follow) BankAmerica Corporation and Subsidiaries Financial Highlights BankAmerica Corporation's financial information set forth in the following tables reflects the effects of the merger with Continental Bank Corporation (Continental) subsequent to its consummation on August 31, 1994. The corporation adopted Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Certain Investments in Debt and Equity Securities," effective January 1, 1994. At that time, certain 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 were reclassified from loans to the securities portfolios. The corporation also adopted Financial Accounting Standards Board Interpretation No. 39 (FIN 39), "Offsetting of Amounts Related to Certain Contracts," 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
Fourth Third Fourth (dollar amounts in millions, Quarter Quarter Quarter except per share data) 1994 1994 1993 ------- ------- ------- 1 Net income $ 591 $ 547 $ 496 2 Earnings per common and common equivalent share 1.41 1.36 1.21 3 Earnings per common share -- assuming full dilution 1.40 1.35 1.21 Year Ended December 31 ----------------- 1994 1993 ------ ------ 4 Net income $2,176 $1,954 5 Earnings per common and common equivalent share 5.36 4.79 6 Earnings per common share -- assuming full dilution 5.33 4.76
BankAmerica Corporation and Subsidiaries Financial Highlights Table 2 Statistical Data
Fourth Third Fourth Quarter Quarter Quarter 1994 1994 1993 ------- ------- ------- Rate of return (based on net income) on: 1 Average total assets 1.09% 1.07% 1.06% 2 Average common stockholders' equity 13.24 13.12 12.48 3 Net interest margin/a/ 4.53 4.51 4.63 4 Full-time-equivalent staff at period end (in thousands) 82.1 81.9 79.2 5 Employees at period end (in thousands) 98.6 98.6 96.4 Year Ended December 31 ------------------ 1994 1993 ------ ------ Rate of return (based on net income) on: 6 Average total assets 1.08% 1.05% 7 Average common stockholders' equity 13.20 12.88 8 Net interest margin/a/ 4.50 4.69
---------------------------------------------------------------------- /a/ The net interest margin is computed on a taxable-equivalent basis. The taxable-equivalent basis adjustments to net interest income were $7 million, $6 million, and $6 million for the fourth quarter of 1994, the third quarter of 1994, and the fourth quarter of 1993, respectively, and $24 million and $22 million for the years ended December 31, 1994 and 1993, respectively. ====================================================================== Table 3 Credit Quality Ratios
Dec. 31 Sept. 30 Dec. 31 1994 1994 1993 ------- -------- ------- 1 Allowance for credit losses to total loans 2.62% 2.61% 2.77% 2 Allowance for credit losses to total nonaccrual assets 177.45 173.96 121.57 3 Annualized ratio of net credit losses to average total loan outstandings for the quarter ended 0.10 0.32 0.67 4 Annualized ratio of net credit losses to average total loan outstandings for the year-to- date period ended 0.37 0.46 0.89
BankAmerica Corporation and Subsidiaries Financial Highlights Table 4 Capital
Dec. 31 Sept. 30 Dec. 31 1994 1994 1993 -------- --------- -------- 1 Total risk-based capital ratio/a/ 11.70%/b/ 11.54% 11.93% 2 Tier 1 risk-based capital ratio/a/ 7.30/b/ 7.18 7.53 3 Tier 1 leverage ratio/a/ 6.73/b/ 6.59/c/ 6.58 4 Common stockholders' equity to total assets 7.34 7.26 7.58 5 Total stockholders' equity to total assets 8.77 8.83 9.17 6 Total risk-based capital/a/ (in millions) $ 21,941/b/ $ 21,576 $ 18,842 7 Risk weighted assets (in millions) 186,803/b/ 186,958 157,890 8 Tier 1 risk-based capital/a/ (in millions) 13,658/b/ 13,430 11,896
-------------------------------------------------------------------------- /a/ The Federal Reserve has issued final capital regulations on the adoption of SFAS No. 109, which will become effective April 1, 1995. These ratios reflect the new regulations. /b/ Estimated. /c/ The leverage ratio is based on period-end total assets rather than average total assets since, due to the Continental merger, this ratio is more indicative of future leverage ratios. The ratio using Tier 1 capital based on average total assets was 6.96% at September 30, 1994. ======================================================================= Table 5 Common and Preferred Stock Data
Dec. 31 Sept. 30 Dec. 31 1994 1994 1993 --------- --------- --------- 1 Book value per common share $42.63 $42.02 $39.58 2 Closing price per common share 39.50 44.13 46.38 Cash dividend per common share: 3 Quarter-to-date 0.40 0.40 0.35 4 Year-to-date 1.60 1.20 1.40 Common stock cash dividends (in millions): 5 Quarter-to-date 149 140 125 6 Year-to-date 571 422 497 Preferred stock cash dividends (in millions): 7 Quarter-to-date 67 60 60 8 Year-to-date 248 181 241 9 Number of common shares outstanding (in thousands): 371,182 370,206 357,912 Average number of common and common equivalent shares outstanding (in thousands): 10 Quarter-to-date 373,922 357,962 359,547 11 Year-to-date 359,793 355,084 357,680
BankAmerica Corporation and Subsidiaries Financial Highlights Table 6 Selected Average Balance Sheet Components
Fourth Third Fourth Quarter Quarter Quarter (in millions) 1994 1994 1993 -------- -------- -------- 1 Loans $138,576 $129,499 $125,231 2 Earning assets 177,819 168,759 161,133 3 Total assets 214,649 203,232 186,706 4 Deposits 153,121 145,942 140,967 5 Common stockholders' equity 15,702 14,719 13,874 6 Total stockholders' equity 18,982 17,827 16,852
======================================================================= Table 7 Business Sectors
Year Ended December 31, 1994/a/ -------------------------------------- (dollar amounts in billions, Average Average Return except for net income which Net Total Total on is in millions) Income Assets Deposits Assets ------- ------- -------- ------ 1 Consumer banking $ 898 $ 65 $ 77 1.38% 2 U.S. Corporate and foreign banking 644 68 26 0.95 3 Commercial real estate 328 10 2 3.47 4 Middle market banking 232 14 7 1.66 5 Non-California banks/b/ 52 24 23 0.21 6 Private banking, investment management, and personal trust 2 3 5 0.06 7 Other 20 18 5 0.11 ------ ---- ---- $2,176 $202 $145 1.08% ====== ==== ====
----------------------------------------------------------------------- /a/ Amounts are preliminary and reflect the corporation's business- sector allocation methodologies at December 31, 1994. /b/ Excluding Seafirst Corporation and Bank of America Illinois, which are reflected within the applicable business sectors. BankAmerica Corporation and Subsidiaries Financial Highlights Table 8 Loan Outstandings
Dec. 31 Sept. 30 Dec. 31 (in millions) 1994 1994 1993 -------- --------- -------- Domestic Consumer: 1 Residential first mortgages $ 33,818 $ 33,033 $ 30,483 2 Installment/a/ 17,432 16,890 15,332 3 Individual lines of credit/a/ 8,427 8,367 8,486 4 Credit card 8,020 7,420 7,474 5 Other/a/ 467 539 274 -------- ------- ------- 6 Total consumer 68,164 66,249 62,049 Commercial: 7 Commercial and industrial 28,814 29,021 20,486 8 Loans secured by real estate 10,277 9,823 9,251 9 Construction and development loans secured by real estate 3,616 3,929 4,418 10 Financial institutions 2,872 2,601 2,170 11 Agricultural 1,840 1,721 1,679 12 Lease financing 1,814 1,694 1,715 13 Loans for purchasing or carrying securities 1,529 1,495 3,090 14 Other 1,623 1,642 1,478 -------- -------- -------- 15 Total commercial 52,385 51,926 44,287 -------- -------- -------- 16 Total domestic loans 120,549 118,175 106,336 Foreign 17 Commercial and industrial 13,496 13,331 11,448 18 Banks and other financial institutions 2,516 2,629 2,279 19 Governments and official institutions 896 1,220 3,429 20 Other 3,455 3,336 3,064 -------- -------- -------- 21 Total foreign loans 20,363 20,516 20,220 -------- -------- -------- 22 Total Loans $140,912 $138,691 $126,556 ======== ======== ========
----------------------------------------------------------------------- /a/ 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:$13,589 million at December 31, 1994, $13,658 million at September 30, 1994, and $12,847 million at December 31, 1993. BankAmerica Corporation and Subsidiaries Financial Highlights Table 9 Selected Credit Quality Data
Dec. 31 Sept. 30 Dec. 31 (in millions) 1994 1994 1993 -------- -------- -------- Nonaccrual Assets: 1 Construction and development loans secured by real estate $ 647 $ 672 $1,037 2 Commercial and industrial 489 427 588 3 Commercial loans secured by real estate 347 412 570 4 Consumer 382 408 459 5 Foreign, excluding restructuring country related 124 145 197 ------ ------ ------ 6 Total 1,989 2,064 2,851 7 Restructuring country related 91 20 35 ------ ------ ------ 8 Total Nonaccrual Assets $2,080 $2,084 $2,886 ====== ====== ====== 9 Restructured loans $ 97 $ 130 $ 134 10 Loans past due 90 days or more and still accruing interest/a/ 436 420 578 11 Other real estate owned 555 570 517
-------------------------------------------------------------------------- /a/ Includes consumer loans of $292 million, $238 million, and $328 million at December 31, 1994, September 30, 1994, and December 31, 1993, respectively. ========================================================================== Table 10 Analysis of Change in Nonaccrual Assets
Fourth Third Second First Quarter Quarter Quarter Quarter (in millions) 1994 1994 1994 1994 ------- ------- ------- ------- 1 Balance, beginning of period $2,084 $2,222 $2,498 $2,886 Additions: 2 Loans placed on nonaccrual status 362 200 269 227 3 Acquired in the Continental merger - 245 - - Deductions: 4 Sales (9) (167) (4) (30) 5 Restored to accrual status (107) (145) (169) (195) 6 Foreclosures (32) (19) (32) (72) 7 Charge-offs (19) (47) (37) (40) 8 Other, primarily payments (199) (205) (303) (278) ------ ------ ------ ------ 9 Balance, End of Period $2,080 $2,084 $2,222 $2,498 ====== ====== ====== ======
BankAmerica Corporation and Subsidiaries Financial Highlights Table 11 Net Credit Losses (Recoveries)
Fourth Third Fourth Quarter Quarter Quarter (in millions) 1994 1994 1993 ------- ------- ------- Domestic consumer: 1 Residential first mortgages $ 12 $ 13 $ 10 2 Credit card 79 74 95 3 Other consumer 52 43 67 Domestic commercial: 4 Commercial and industrial (10) (25) 9 5 Loans secured by real estate (1) 3 7 6 Construction and development loans secured by real estate (9) 20 20 7 Financial institutions, agricultural, lease financing, loans for purchasing or carrying securities, and other commercial (6) (5) - ---- ---- ---- 8 Total domestic 117 123 208 9 Foreign (81) (17) 4 ---- ---- ---- 10 Total Net Credit Losses $ 36 $106 $212 ==== ==== ====
BankAmerica Corporation and Subsidiaries Consolidated Statement of Operations
Fourth Third Fourth Quarter Quarter Quarter (in millions) 1994 1994 1993 ------- ------- ------- Interest Income 1 Loans, including fees $2,796 $2,510 $2,329 2 Interest-bearing deposits in banks 108 87 54 3 Federal funds sold 11 16 6 4 Securities purchased under resale agreements 106 84 54 5 Trading account assets 124 116 102 6 Available-for-sale and held-to- maturity securities 334 340 331 ------ ------ ------ 7 Total interest income 3,479 3,153 2,876 Interest Expense 8 Deposits 1,019 868 715 9 Federal funds purchased 15 6 4 10 Securities sold under repurchase agreements 93 82 46 11 Other short-term borrowings 84 71 56 12 Long-term debt 245 211 177 13 Subordinated capital notes 11 11 13 ------ ------ ------ 14 Total interest expense 1,467 1,249 1,011 ------ ------ ------ 15 Net interest income 2,012 1,904 1,865 16 Provision for credit losses 100 110 150 ------ ------ ------ 17 Net interest income after provision for credit losses 1,912 1,794 1,715 Noninterest Income 18 Deposit account fees 316 301 302 19 Credit card fees 90 86 95 20 Trust fees 83 69 72 21 Other fees and commissions 304 279 268 22 Net trading account related 11 57 46 23 Foreign exchange trading related 43 63 55 24 Net gain (loss) on available-for-sale securities (1) (2) 16 25 Net gain on sales of assets 28 33 45 26 Venture capital activities 40 33 53 27 Other income 137 156 167 ------ ------ ------ 28 Total noninterest income 1,051 1,075 1,119 Noninterest Expense 29 Salaries 785 741 729 30 Employee benefits 179 186 138 31 Occupancy 187 171 182 32 Equipment 160 145 174 33 Amortization of intangibles 107 100 115 34 Communications 86 79 81 35 Regulatory fees and related expenses 76 72 74 36 Professional services 60 54 73 37 Other expense 329 390 408 ------ ------ ------ 38 Total noninterest expense 1,969 1,938 1,974 ------ ------ ------ 39 Income before income taxes 994 931 860 40 Provision for income taxes 403 384 364 ------ ------ ------ 41 Net Income $ 591 $ 547 $ 496 ====== ====== ======
BankAmerica Corporation and Subsidiaries Consolidated Statement of Operations
Year Ended December 31 ----------------- (in millions) 1994 1993 ------- ------- Interest Income 1 Loans, including fees $ 9,806 $ 9,463 2 Interest-bearing deposits in banks 325 194 3 Federal funds sold 55 35 4 Securities purchased under resale agreements 351 174 5 Trading account assets 473 372 6 Available-for-sale and held-to- maturity securities 1,374 1,389 ------- ------- 7 Total interest income 12,384 11,627 Interest Expense 8 Deposits 3,337 2,971 9 Federal funds purchased 27 16 10 Securities sold under repurchase agreements 351 158 11 Other short-term borrowings 275 201 12 Long-term debt 810 727 13 Subordinated capital notes 42 113 ------ ------ 14 Total interest expense 4,842 4,186 ------ ------ 15 Net interest income 7,542 7,441 16 Provision for credit losses 460 803 ------- ------- 17 Net interest income after provision for credit losses 7,082 6,638 Noninterest Income 18 Deposit account fees 1,201 1,198 19 Credit card fees 343 354 20 Trust fees 285 294 21 Other fees and commissions 1,111 1,083 22 Net trading account related 120 244 23 Foreign exchange trading related 237 325 24 Net gain on available-for-sale securities 24 61 25 Net gain on sales of assets 126 106 26 Venture capital activities 136 129 27 Other income 564 479 ------- ------- 28 Total noninterest income 4,147 4,273 Noninterest Expense 29 Salaries 2,936 2,886 30 Employee benefits 703 573 31 Occupancy 690 684 32 Equipment 589 610 33 Amortization of intangibles 411 421 34 Communications 323 330 35 Regulatory fees and related expenses 290 309 36 Professional services 225 268 37 Other expense 1,345 1,402 ------- ------- 38 Total noninterest expense 7,512 7,483 -------- ------- 39 Income before income taxes 3,717 3,428 40 Provision for income taxes 1,541 1,474 ------- ------- 41 Net Income $ 2,176 $ 1,954 ======= =======
BankAmerica Corporation and Subsidiaries Consolidated Balance Sheet
Dec. 31 Sept. 30 Dec. 31 (in millions) 1994 1994 1993 -------- --------- -------- Assets 1 Cash and due from banks $ 13,578 $ 12,493 $ 10,482 2 Interest-bearing deposits in banks 6,371 4,884 2,988 3 Federal funds sold 640 570 2,050 4 Securities purchased under resale agreements 5,259 4,474 3,549 5 Trading account assets 6,941 7,103 6,866 6 Available-for-sale securities 9,849 11,166 3,282 7 Held-to-maturity securities 8,167 8,700 16,415 8 Loans 140,912 138,691 126,556 9 Less: Allowance for credit losses 3,690 3,625 3,508 -------- -------- -------- 10 Net loans 137,222 135,066 123,048 11 Premises and equipment, net 3,955 3,935 3,631 12 Customers' acceptance liability 1,069 833 851 13 Accrued interest receivable 1,449 1,221 982 14 Goodwill, net 4,296 4,394 3,973 15 Identifiable intangibles, net 2,149 2,213 2,191 16 Unrealized gains on off-balance- sheet instruments 6,267 7,783 - 17 Other assets 8,263 9,395 6,625 -------- -------- -------- 18 Total Assets $215,475 $214,230 $186,933 ======== ======== ======== Liabilities & Stockholders' Equity Deposits in domestic offices: 19 Interest-bearing $ 90,374 $ 91,872 $ 89,134 20 Noninterest-bearing 34,956 33,006 31,578 Deposits in foreign offices: 21 Interest-bearing 27,454 25,981 19,608 22 Noninterest-bearing 1,610 1,807 1,298 -------- -------- -------- 23 Total deposits 154,394 152,666 141,618 24 Federal funds purchased 3,283 1,690 220 25 Securities sold under repurchase agreements 5,505 5,278 4,229 26 Other short-term borrowings 5,053 5,796 3,523 27 Acceptances outstanding 1,069 833 851 28 Accrued interest payable 831 719 505 29 Unrealized losses on off-balance- sheet instruments 6,571 8,007 - 30 Other liabilities 4,450 5,202 4,728 31 Long-term debt 14,823 14,504 13,508 32 Subordinated capital notes 605 605 607 -------- -------- -------- 33 Total liabilities 196,584 195,300 169,789 Stockholders' Equity 34 Preferred stock 3,068 3,368 2,979 35 Common stock 581 580 560 36 Additional paid-in capital 7,743 7,732 7,118 37 Retained earnings 7,854 7,480 6,502 38 Net unrealized losses on available- for-sale securities (326) (201) - 39 Common stock in treasury, at cost (29) (29) (15) -------- -------- -------- 40 Total stockholders' equity 18,891 18,930 17,144 -------- -------- -------- 41 Total Liabilities and Stockholders' Equity $215,475 $214,230 $186,933 ======== ======== ========
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