BankAmerica First Quarter Earnings.SAN FRANCISCO--(BUSINESS WIRE)--April 16, 1997--BankAmerica Corporation (BAC BAC abbr. blood alcohol concentration ) today reported first-quarter 1997 earnings per share and net income of $2.05 and $780 million, respectively, up from $1.79 and $720 million or the same period a year ago. The return on average common equity for the first quarter of 1997 was 16.50 percent, an increase of 131 basis points from the same period a year ago. "We are pleased with our first-quarter results, particularly with the improvement in the return on average common equity," David A. Coulter, Chairman and Chief Executive Officer, said. "We continue to focus on the fundamentals, including effective operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. , prudent risk management, and disciplined capital management." Coulter cited the following first-quarter activities as examples of continuing progress in the corporation's efforts toward strategic management of capital: -- The establishment of a relationship with D.E. Shaw which significantly increases BAC's ability to offer equity-related products to its customers; -- The announcement of the intention to sell its consumer finance business, Security Pacific Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ; -- The sale of $3.3 billion of residential first mortgages; -- The extension of the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program authorizing the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of an additional $3 billion of common stock and the redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of an additional $1 billion of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. by the end of 1998; -- The redemption of Series H and Series K preferred stock; and -- A 13 percent increase in the quarterly dividend on common stock. FINANCIAL HIGHLIGHTS: -- Net interest income was up $28 million from the first quarter of 1996. BAC's net interest margin for the first quarter of 1997 was 4.16 percent, down 20 basis points from the comparable period a year ago, but up 3 basis points from the previous quarter. Excluding the effects of the credit card securitizations during the second half of 1996, net interest income for the first quarter of 1997 would have increased $63 million from the first quarter of 1996 and the net interest margin would have been 4.20 percent. -- Noninterest income increased $111 million, or 9 percent, from the first quarter of 1996. Excluding the effect of a $50 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain associated with the sale of certain components of BAC's Institutional Trust and Securities Services business during the first quarter of 1996, noninterest income would have increased $161 million, or 13 percent, from the first quarter of 1996. The first-quarter 1997 amounts included growth in other fees and commissions of $55 million, primarily due to higher loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. fees. In addition, the net gain on sales of loans, primarily residential first mortgages, rose $33 million. Furthermore, there were increases of $23 million in both trading income and income from equity investments in affiliates and joint ventures from the comparable quarter last year. -- Noninterest expense was $2,033 million, up $20 million from the first quarter of 1996, primarily due to payments on trust preferred securities. Without these payments, noninterest expense would have been $1,998 million, a decrease of $15 million from the first quarter of 1996. -- The provision for credit losses was $220 million, up $40 million from the first quarter of 1996, but unchanged from the previous quarter. Net credit losses were $204 million for the first quarter of 1997, a decline of $35 million, or 15 percent, from the first quarter of 1996. -- Nonaccrual assets were $1,030 million at March 31, 1997, a decrease of $88 million, or 8 percent, from their December December: see month. 31, 1996 level. -- In connection with BAC's ongoing efforts to effectively manage capital, BAC repurchased 4.3 million shares of its common stock during the first quarter of 1997 at an average per-share price of $110.48, which reduced stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. by $475 million. These shares were repurchased on the open market over 47 trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. and represented approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 6 percent of the total volume of BAC common stock traded on those days. Remaining buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may authority for common stock under the current repurchase program totaled $3.3 billion at March 31, 1997. -- On January January: see month. 15, 1997, BAC redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. all outstanding shares of its 9% Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , Series H, which reduced stockholders' equity by $281 million. In addition, on February February: see month. 15, 1997, BAC redeemed all outstanding shares of its 8 3/8% Cumulative Preferred Stock, Series K, which reduced stockholders' equity by $365 million. (end of text, tables follow) Look for quarterly earnings on BankAmerica's home page on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the http://www.BankAmerica.com -0-
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 1
SUMMARY OF RESULTS AND STATISTICAL DATA
First Fourth First
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1997 1996 1996
------- ------- -------
1 Net income $ 780 $ 747 $ 720
2 Earnings per common and common
equivalent share 2.05 1.93 1.79
3 Earnings per common share --
assuming full dilution 2.05 1.92 1.79
Rate of return (based
on net income) on:
4 Average common equity 16.50% 15.24% 15.19%
5 Average total assets 1.25 1.21 1.22
6 Net interest margin(a) 4.16 4.13 4.36
7 Full-time-equivalent staff
at period end (in thousands) 77.3 78.0 78.7
8 Employees at period
end (in thousands) 91.9 92.1 94.1
---------------------------------------------------------------------
(a)The net interest margin is computed on a tax-equivalent basis.
The taxable-equivalent basis adjustments to net interest income were
$6 million, $6 million, and $5 million for the first quarter of 1997,
the fourth quarter of 1996, and the first quarter of 1996,
respectively.
=====================================================================
TABLE 2
SUMMARY OF RESULTS EXCLUDING THE EFFECTS
OF AMORTIZATION OF INTANGIBLES(a)
First Fourth First
(dollar amounts in millions, Quarter Quarter Quarter
except per share data) 1997 1996 1996
------- ------- -------
1 Net income $ 844 $ 815 $ 789
2 Cash earnings per common
and common equivalent share 2.23 2.11 1.98
3 Rate of return on average
common equity 17.92% 16.71% 16.76%
---------------------------------------------------------------------
(a)For purposes of this table, amortization amounts are related to
those intangibles that are deducted from Tier 1 capital under
regulatory guidelines. These amortization amounts were excluded from
BAC's results and totaled $64 million, $68 million, and $69 million
for the first quarter of 1997, the fourth quarter of 1996, and the
first quarter of 1996, respectively.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 3
TIER 1 CAPITAL GENERATION
First Quarter
-------------------
(in millions) 1997 1996
------- -------
Generation:
1 Net income $ 780 $ 720
2 Amortization of intangibles 64 69
3 Common stock issuances and other 97 67
4 Minority interest(a) 398 -
------ -----
5 Total generation 1,339 856
Applications:
6 Common stock dividends (216) (198)
7 Preferred stock dividends (34) (53)
8 Common stock repurchased (475) (316)
9 Preferred stock repurchased (365) (218)
------ -----
10 Total applications (1,090) (785)
11 Capital attributed to growth
in risk-weighted assets (102)(b) (35)
12 Net capital generated $ 147 $ 36
====== =====
---------------------------------------------------------------------
(a)Represents $396 million of trust preferred securities and
$2 million related to BA Merchant Services, Inc.
(b)Amount is preliminary.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 4
STOCK AND CAPITAL DATA
(dollar amounts in millions, March 31 Dec. 31 March 31
except per share data) 1997 1996 1996
-------- ------- --------
1 Book value per common share $ 52.51 $ 51.99 $ 48.74
2 Common stock cash dividends
for the quarter ended 216 193 198
3 Preferred stock cash dividends
for the quarter ended 34 44 53
4 Number of common shares
outstanding (in thousands) 352,354 355,267 364,082
5 Average number of common and
common equivalent shares
outstanding for the quarter
ended (in thousands) 363,400 365,511 372,385
6 Average number of common
shares outstanding -- assuming
full dilution for the quarter
ended (in thousands) 363,400 366,208 373,548
7 Common equity to total assets 7.40% 7.37% 7.58%
8 Total risk-based capital ratio 11.88(a) 11.79 11.48
9 Tier 1 risk-based capital ratio 7.84(a) 7.77 7.30
10 Total risk-based capital $ 26,248(a) $ 25,880 $ 23,465
11 Risk-weighted assets 220,876(a) 219,483 204,480
12 Tier 1 risk-based capital 17,319(a) 17,044 14,928
---------------------------------------------------------------------
(a)Amounts are preliminary.
=====================================================================
TABLE 5
SELECTED AVERAGE BALANCE SHEET COMPONENTS
First Fourth First
Quarter Quarter Quarter
(in millions) 1997 1996 1996
-------- -------- --------
1 Available-for-sale securities $ 11,595 $ 11,763 $ 11,419
2 Held-to-maturity securities 4,108 4,160 4,612
3 Loans 165,478 161,545 154,929
4 Earning assets 210,560 206,315 197,712
5 Total assets 252,105 245,477 237,083
6 Deposits 166,491 162,813 159,543
7 Interest-bearing liabilities 173,157 170,046 163,842
8 Common equity 18,324 18,374 17,665
9 Total equity 20,140 20,616 20,281
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 6
BUSINESS SECTORS
First Quarter 1997(a)
-----------------------------------------
(dollar amounts Return
in billions except Average Average on Expense
for net income, which Net Total Total Common to
is in millions) Income Assets Deposits Equity Revenue(b)
------ ------ -------- ------ -------
1 U.S. Corporate and
international banking $292 $101 $ 48 19.13% 50.81%
2 Consumer banking 292 95 97 13.38 56.64
3 Middle-market banking 88 24 8 17.48 46.76
4 Commercial real estate 75 10 2 34.27 27.22
5 Wealth management 24 6 7 16.20 69.64
6 All other 9 16 4 NM NM
---- ---- ----
7 Total $780 $252 $166 16.50% 53.53%
==== ==== ====
First Quarter 1996(a)
-----------------------------------------
Return
Average Average on Expense
Net Total Total Common to
Income Assets Deposits Equity Revenue(b)
------ ------- -------- ------ -------
1 U.S. Corporate and
international
banking $263 $ 92 $ 44 17.68% 52.58%
2 Consumer banking 260 91 95 11.99 60.11
3 Middle-market banking 69 22 7 13.38 48.89
4 Commercial real estate 72 10 2 23.92 29.50
5 Wealth management 17 5 7 10.43 76.94
6 All other 49 17 5 NM NM
---- ---- ----
7 Total $720 $237 $160 15.19% 55.83%
==== ==== ====
--------------------------------------------------------------------
(a)Amounts are preliminary. For comparability purposes, both 1997
and 1996 amounts reflect BAC's business-sector allocation
methodologies at March 31, 1997.
(b)Excludes net other real estate owned expense, amortization of
intangibles, and payments related to trust preferred securities.
NM - Not meaningful.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 7
TRADING-RELATED INCOME
First Fourth First
Quarter Quarter Quarter
(in millions) 1997(a) 1996 1996
------- ------- -------
Trading income:
1 Interest rate $ 12 $ 19 $ 12
2 Foreign exchange 92 64 98
3 Debt instruments 84 51 55
---- ---- ----
4 Total trading income $188 $134 $165
==== ==== ====
Other trading-related income(b):
5 Interest rate $ 10 $13 $ 6
6 Foreign exchange 4 3 6
7 Debt instruments 59 53 44
---- ---- ----
8 Total other trading-related
income $ 73 $ 69 $ 56
==== ==== ====
---------------------------------------------------------------------
(a)Detailed breakouts of total amounts are preliminary.
(b)Primarily includes the net interest revenue and expense
associated with these contracts.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 8
IMPACT OF CREDIT CARD SECURITIZATION
First Quarter 1997(a)
--------------------------------------------
Before
(dollar amounts Credit Card Credit Card
in millions) Securitization Securitization Reported
-------------- -------------- --------
Operating Results:
1 Net interest income $ 2,209 $ (35) $ 2,174
2 Credit card fees 93 (6) 87
3 Other noninterest income 1,267 31 (b) 1,298
-------- ------- --------
4 Total revenue 3,569 (10) 3,559
5 Noninterest expense 2,033 - 2,033
-------- ------- --------
6 Income before provision
for credit losses and
income taxes 1,536 (10) 1,526
7 Provision for credit
losses 243 (23)(c) 220
-------- ------- --------
8 Income before income
taxes $ 1,293 $ 13 $ 1,306
======== ======= ========
9 Net interest margin 4.20% (0.04)% 4.16%
Balance Sheet Data at
Period End:
10 Credit card loans
outstanding $ 9,836 $(1,471) $ 8,365
11 Total assets 251,375 (1,471) 249,904
Average Balance
Sheet Data:
12 Credit card loans 9,870 (1,471) 8,399
13 Earning assets 212,031 (1,471) 210,560
14 Total assets 253,576 (1,471) 252,105
15 Net credit losses - credit
card portfolio 138 (23) 115
Selected Financial Ratios:
16 Annualized ratio of net
credit losses on credit
card loans to average credit
card loans outstanding 5.69% (0.12)% 5.57%
17 Delinquent credit card
loan ratio(d) 2.60 (0.02) 2.58
----------------------------------------------------------------------
(a)Includes the impact of credit card securitizations in 1996. There
were no credit card securitizations during the first quarter
of 1997.
(b)Includes $13 million associated with the adoption of Statement of
Financial Accounting Standards No. 125, "Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of
Liabilities," as amended.
(c)Represents the investors' share of charge-offs.
(d)60 days or more past due.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 9
LOAN OUTSTANDINGS
March 31 Dec. 31 March 31
(in millions) 1997 1996 1996
-------- -------- --------
DOMESTIC
Consumer:
1 Residential first mortgages $ 35,881 $ 37,459 $ 37,701
2 Residential junior mortgages 14,857 14,743 13,889
3 Other installment 17,863 16,979 14,682
4 Credit card 8,365(a) 8,707(a) 8,919
5 Other individual lines of credit 1,939 1,948 1,845
6 Other 391 401 304
-------- -------- --------
7 Total consumer 79,296 80,237 77,340
Commercial:
8 Commercial and industrial 34,554 33,404 32,193
9 Loans secured by real estate 12,445 12,488 11,052
10 Financial institutions 3,232 3,109 2,705
11 Lease financing 2,790 2,542 1,941
12 Loans for purchasing or carrying
securities 2,447 1,941 1,402
13 Construction and development
loans secured by real estate 2,261 2,252 3,107
14 Agricultural 1,475 1,696 1,585
15 Other 1,450 1,270 1,211
-------- -------- --------
16 Total commercial 60,654 58,702 55,196
-------- -------- --------
17 Total domestic loans 139,950 138,939 132,536
FOREIGN
18 Commercial and industrial 17,540 16,394 15,183
19 Banks and other financial
institutions 3,526 3,958 2,916
20 Governments and official
institutions 1,008 970 1,334
21 Other 5,314 5,154 4,186
-------- -------- --------
22 Total foreign loans 27,388 26,476 23,619
-------- -------- --------
23 Total Loans $167,338 $165,415 $156,155
======== ======== ========
---------------------------------------------------------------------
(a)Excludes securitized credit card receivables of $1,471 million at
December 31, 1996. There were no credit card securitizations
during the first quarter of 1997.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 10
SELECTED CREDIT QUALITY DATA
March 31 Dec. 31 March 31
(dollar amounts in millions) 1997 1996 1996
-------- -------- --------
1 Commercial and industrial $ 276 $ 289 $ 515
2 Commercial loans secured by real
estate 147 206 251
3 Construction and development
loans secured by real estate 104 95 417
4 Consumer 409 415(a) 373
5 Foreign 94 113 141
------ ------ ------
6 Total nonaccrual assets $1,030 $1,118 $1,697
====== ====== ======
7 Restructured loans $ 295 $ 302 $ 91
8 Loans past due 90 days or more
and still accruing interest(b) 218 235(a) 360
9 Other real estate owned 281 353 492
10 Allowance for credit losses to
total loans 2.11% 2.13% 2.24%
11 Allowance for credit losses to
total nonaccrual assets 343.43 315.11 206.01
12 Annualized ratio of net credit
losses to average total loan
outstandings for the quarter ended 0.50 0.51 0.62
----------------------------------------------------------------------
(a)During the fourth quarter of 1996, BAC changed the past due
period by which residential real estate loans and consumer loans that
are collateralized by junior mortgages on residential real estate are
considered nonaccrual. The maximum period that loans can be past due
before being place on nonaccrual status was reduced from 180 days to
90 days. As a result of this change, nonaccrual loans increased by
$144 million, while loans past due 90 days or more and still accruing
interest decreased by the same amount.
(b)Includes consumer loans of $189 million, $187 million, and
$336 million at March 31, 1997, December 31, 1996, and March 31,
1996, respectively.
====================================================================
TABLE 11
ANALYSIS OF CHANGE IN NONACCRUAL ASSETS
First
Quarter
(in millions) 1997
-------
1 Balance, beginning of period $1,118
Additions:
2 Loans placed on nonaccrual status 108
Deductions:
3 Sales (3)
4 Restored to accrual status (75)
5 Foreclosures (8)
6 Charge-offs (10)
7 Other, primarily payments (100)
------
8 Balance, end of period $1,030
======
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 12
NET CREDIT LOSSES (RECOVERIES)
First Fourth First
Quarter Quarter Quarter
(in millions) 1997 1996 1996
------- ------- -------
Domestic consumer:
1 Residential first mortgages $ 7 $ 7 $ 11
2 Residential junior mortgages 9 12 16
3 Other installment 59 64 42
4 Credit card 115 104 103
5 Other individual lines of credit 19 17 16
6 Other 4 4 3
Domestic commercial:
7 Commercial and industrial - - 12
8 Loans secured by real estate (1) (3) 8
9 Construction and development
loans secured by real estate (2) 1 20
10 Financial institutions, lease
financing, loans for
purchasing or carrying
securities, and agricultural (2) 1 20
---- ---- ----
11 Total domestic 208 207 251
12 Foreign (4) - (12)
---- ---- ----
13 Total Net Credit Losses $204 $207 $239
==== ==== ====
=====================================================================
TABLE 13
DOMESTIC CONSUMER LOAN DELINQUENCY INFORMATION(a)
March 31 Dec. 31 March 31
(dollar amounts in millions) 1997 1996 1996
-------- -------- --------
Delinquent consumer loans:
1 Residential first mortgages $463 $477 $609
2 Residential junior mortgages 61 62 82
3 Credit card 216 206 199
4 Other 122 129 94
---- ---- ----
5 Total delinquent consumer loans $862 $874 $984
==== ==== ====
Delinquent consumer loan ratios(b):
6 Residential first mortgages 1.29% 1.27% 1.61%
7 Residential junior mortgages 0.41 0.42 0.59
8 Credit Card 2.58 2.36 2.23
9 Other 0.60 0.67 0.56
10 Total delinquent consumer
loan ratio 1.09% 1.09% 1.27%
==== ==== ====
----------------------------------------------------------------------
(a)60 days or more past due.
(b)Ratios represent delinquency balances expressed as a percentage
of total loans for that loan category.
BANKAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
First Fourth First
Quarter Quarter Quarter
(in millions) 1997 1996 1996
------- ------- -------
INTEREST INCOME
1 Loans, including fees $3,423 $3,388 $3,297
2 Interest-bearing deposits in banks 99 145 117
3 Federal funds sold 8 7 6
4 Securities purchased under
resale agreements 155 144 155
5 Trading account assets 269 270 216
6 Available-for-sale and held-to-
maturity securities 286 284 298
------ ------ ------
7 TOTAL INTEREST INCOME 4,240 4,238 4,089
INTEREST EXPENSE
8 Deposits 1,366 1,406 1,314
9 Federal funds purchased 13 20 22
10 Securities sold under repurchase
agreements 149 155 163
11 Other short-term borrowings 275 254 178
12 Long-term debt 263 273 266
------ ------ ------
13 TOTAL INTEREST EXPENSE 2,066 2,108 1,943
------ ------ ------
14 NET INTEREST INCOME 2,174 2,130 2,146
15 Provision for credit losses 220 220 180
------ ------ ------
16 NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES 1,954 1,910 1,966
NONINTEREST INCOME
17 Deposit account fees 360 364 344
18 Credit card fees 87 94 79
19 Trust fees 57 57 63
20 Other fees and commissions 375 370 320
21 Trading income 188 134 165
22 Private equity investment activities 99 108 110
23 Net gain on sales of loans 59 20 26
24 Net gain on available-for-sale
securities 20 20 30
25 Gain on issuance of
subsidiary's stock - 147 -
26 Other income 140 185 137
------ ------ ------
27 TOTAL NONINTEREST INCOME 1,385 1,499 1,274
NONINTEREST EXPENSE
28 Salaries 839 834 821
29 Employee benefits 189 167 202
30 Occupancy 186 193 190
31 Equipment 182 184 163
32 Communications 93 92 92
33 Amortization of intangibles 91 92 95
34 Professional services 75 95 81
35 Restructuring charges - 280 -
36 Other expense 378 313 369
------ ------ ------
37 TOTAL NONINTEREST EXPENSE 2,033 2,250 2,013
------ ------ ------
38 INCOME BEFORE INCOME TAXES 1,306 1,159 1,227
39 Provision for income taxes 526 412 507
------ ------ ------
40 NET INCOME $ 780 $ 747 $ 720
====== ====== ======
BANKAMERICA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
March 31 Dec. 31 March 31
(in millions) 1997 1996 1996
-------- -------- --------
ASSETS
1 Cash and due from banks $ 13,561 $ 16,223 $ 12,870
2 Interest-bearing deposits in banks 6,390 5,708 5,585
3 Federal funds sold 153 134 143
4 Securities purchased under resale
agreements 7,730 7,275 6,198
5 Trading account assets 12,931 12,205 11,215
6 Available-for-sale securities 11,532 12,113 11,287
7 Held-to-maturity securities 3,972 4,138 4,523
8 Loans 167,338 165,415 156,155
9 Less: Allowance for credit losses 3,538 3,523 3,496
-------- -------- --------
10 Net loans 163,800 161,892 152,659
11 Customers' acceptance liability 3,229 2,861 2,761
12 Accrued interest receivable 1,441 1,441 1,469
13 Goodwill, net 3,888 3,938 4,115
14 Identifiable intangibles, net 1,554 1,616 1,753
15 Unrealized gains on off-balance-
sheet instruments 7,813 7,682 7,551
16 Premises and equipment, net 3,985 3,987 4,010
17 Other assets 7,925 9,540 8,104
-------- -------- --------
18 TOTAL ASSETS $249,904 $250,753 $234,243
======== ======== ========
LIABILITIES & STOCKHOLDERS' EQUITY
Deposits in domestic offices:
19 Interest-bearing $ 84,071 $ 84,133 $ 84,314
20 Noninterest-bearing 39,561 39,694 34,570
Deposits in foreign offices:
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