BankAmerica Fourth Quarter Earnings.SAN FRANCISCO--(BUSINESS WIRE)--January 15, 1997--BankAmerica Corporation (BAC BAC abbr. blood alcohol concentration ) today reported fourth-quarter 1996 earnings per share and net income of $1.93 and $747 million, respectively, up from $1.74 and $704 million for the same period a year ago. Fourth quarter net income includes the previously announced $147 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain on the initial public offering of Class A Common Stock of BA Merchant Services BA Merchant Services, LLC is a wholly owned subsidiary of Bank of America specializing in handling credit, debit, stored value, and electronic benefits transfer (EBT) card transactions. , Inc. (BAMSI BAMSI Brockton Area Multi Services Inc. BAMSI Bernard/Allison Management Services, Inc. ), a subsidiary of BAC, which increased earnings per share by $0.40. In addition, fourth quarter net income includes the previously announced pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $280 million, which reduced earnings per share by $0.46. The return on average common equity for the fourth quarter of 1996 was 15.24 percent, an increase of 28 basis points from the same period a year ago. BAC's earnings per share and net income for 1996 were $7.31 and $2,873 million, respectively, up from $6.49 and $2,664 million for 1995. The return on average common equity for 1996 was 15.00 percent, an increase of 42 basis points from 1995. "Fourth-quarter results were in line with those of the first three quarters, capping a year of consistent solid performance," David A. Coulter, Chairman and Chief Executive Officer, said. Coulter cited the following fourth-quarter activities as examples of continuing progress in the corporation's efforts toward strategic management of capital: -- The previously announced completion of the initial public offering of 16.1 million shares of Class A Common Stock of BAMSI, resulting in a $147 million after-tax gain. BAC owns all of the Class B Common Stock of BAMSI, which represents approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 65 percent of BAMSI's total common stock; -- The decision to implement a number of restructurings, mostly in 1997, in wholesale banking, retail banking, and staff support activities, resulting in the previously announced pre-tax charge of $280 million. Approximately $130 million of this charge relates to changes in wholesale banking activities, approximately $100 million relates to changes in domestic retail operations, and the remaining $50 million primarily relates to staff support units; -- The securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of $1.0 billion of credit card receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , bringing the total for the year to $1.5 billion, and the sale of $800 million of residential first mortgages, bringing the total for the year to $2.9 billion; and -- The issuance of $1.5 billion of tax-advantaged trust originated preferred securities, which qualify as tier 1 risk-based capital. FINANCIAL HIGHLIGHTS: -- Net interest income was down $7 million from the amount reported for the fourth quarter of 1995. BAC's net interest margin for the fourth quarter of 1996 was 4.13 percent, down 31 basis points from the comparable period a year ago, and down 4 basis points from the previous quarter. Excluding the effects of the credit card securitizations during the second half of 1996, net interest income would have increased $28 million from the fourth quarter of 1995 and the net interest margin would have been 4.17 percent. -- Noninterest income increased $341 million, or 29 percent, from the fourth quarter of 1995. Excluding the previously discussed gain on the initial public offering of BAMSI common stock, noninterest income increased $194 million from the fourth quarter of 1995, primarily due to increased fees and commissions of $91 million, higher dividends on investment securities of $40 million, and increased gains on the sale of leased property of $28 million. -- Excluding the $280 million restructuring charge, noninterest expense was $1,970 million, up $4 million from the fourth quarter of 1995, but down $29 million from the third-quarter 1996 level. For this comparison, third-quarter 1996 noninterest expense does not include a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. SAIF assessment of $82 million. -- The provision for credit losses was $220 million, down $15 million from the third quarter of 1996, but up $90 million from the fourth quarter of 1995. Net credit losses were $207 million for the fourth quarter of 1996, a decline of $19 million, or 8 percent, from the third quarter of 1996. -- Nonaccrual assets remained essentially unchanged from their September September: see month. 30, 1996 level. During the fourth quarter of 1996, BAC changed the past due period for nonaccrual residential real estate loans and certain nonaccrual consumer loans that were collateralized by junior mortgages on residential real estate. The maximum period loans can be past due before being placed on nonaccrual status was reduced from 180 days to 90 days. As a result of this loans past due 90 days or more and still accruing interest decreased by the same amount. -- In connection with BAC's ongoing efforts to return excess capital to its shareholders, BAC repurchased 4.7 million shares of its common stock during the fourth quarter of 1996 at an average per-share price of $95.39, 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 $450 million. These shares were repurchased on the open market over 41 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 10 percent of the total volume of BAC common stock traded on those days. BAC's 1996 common stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. totaled 17.0 million shares at an average-per-share price of $79.39, which reduced common stockholders' equity by $1,351 million. 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 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. program totaled $0.8 billion at December December: see month. 31, 1996. 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
QUARTERLY SUMMARY OF RESULTS AND STATISTICAL DATA
Fourth Third
Fourth
(dollar amounts in millions, Quarter Quarter
Quarter
except per share data) 1996 1996
1995
------- -------
-------
1 Net income $ 747 $ 683 $
704
1a Adjusted net income(a) NA 731
NA
2 Earnings per common and common
equivalent share 1.93 1.75
1.74
2a Adjusted earnings per common
and common equivalent share(a) NA 1.88
NA
3 Earnings per common share --
assuming full dilution 1.92 1.75
1.74
3a Adjusted earnings per
common share -- assuming
full dilution(a) NA 1.88
NA
Rate of return (based on net
income) on:
4 Average total assets 1.21% 1.12%
1.20%
4a Average total assets,
as adjusted(a) NA 1.19
NA
5 Average common equity 15.24 14.16
14.96
5a Average common equity,
as adjusted(a) NA 15.23
NA
6 Net interest margin(b) 4.13 4.17
4.44
7 Full-time-equivalent staff
at period end (in thousands) 78.0 78.2
79.9
Employees at period
end (in thousands) 92.1 92.7
95.3
-----------------------------------------------------------------
----
(a) Adjusted to exclude the income statement effect of the $82
million one-time SAIF assessment in the third quarter of 1996.
(b) The net interest margin is computed on a tax-equivalent basis.
The taxable-equivalent basis adjustments to net interest income
were
$6 million, $5 million, and $5 million for the fourth quarter of
1996, the third quarter of 1996, and the fourth quarter of 1995,
respectively.
NA - Not applicable.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 2
ANNUAL SUMMARY OF RESULTS AND STATISTICAL DATA
Year
Ended
December
31
(dollar amounts in millions,
------------------
except per share data) 1996
1995
------
------
1 Net income $2,873
$2,664
1a Adjusted net income(a) 2,922
NA
2 Earnings per common and common
equivalent share 7.31
6.49
2a Adjusted earnings per common
and common equivalent share(a) 7.44
NA
3 Earnings per common share --
assuming full dilution 7.30
6.45
3a Adjusted earnings per common share --
assuming full dilution(a) 7.43
NA
Rate of return (based on net income) on:
4 Average total assets 1.19%
1.17%
4a Average total assets, as adjusted(a) 1.21
NA
5 Average common equity 15.00
14.58
5a Average common equity, as adjusted(a) 15.27
NA
6 Net interest margin(b) 4.23
4.51
-----------------------------------------------------------------
------
(a) Adjusted to exclude the income statement effect of the $82
million one-time SAIF assessment in the third quarter of 1996.
(b) The net interest margin is computed on a taxable-equivalent
basis. The taxable-equivalent basis adjustments to net interest
income were $17 million and $25 million for the years ended
December
31, 1996 and 1995, respectively.
NA - Not applicable.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 3
SUMMARY OF RESULTS EXCLUDING THE EFFECTS
OF AMORTIZATION OF INTANGIBLES(a)
Fourth Third
Fourth
(dollar amounts in millions, Quarter Quarter
Quarter
except per share data) 1996 1996
1995
------- -------
-------
1 Net income $ 815 $ 751 $
774
2 Earnings per common and common
equivalent share 2.11 1.93
1.92
3 Rate of return on average
common equity 16.71% 15.66%
16.57%
Year
Ended
December
31
-----------------
1996
1995
------
------
4 Net income $3,145
$2,946
5 Earnings per common and common
equivalent share 8.05
7.23
6 Rate of return on average
common equity 16.52%
16.43%
-----------------------------------------------------------------
------
(a) For purposes of this table, amortization of goodwill and
identifiable intangibles was computed based upon the related
balance
sheet components that are deducted from Tier 1 capital under
regulatory guidelines. These amortization amounts were excluded
from
BAC's results and totaled $68 million, $68 million, and $70
million,
for the fourth quarter of 1996, the third quarter of 1996, and the
fourth quarter of 1995, respectively, and $272 million and $282
million for the years ended December 31, 1996 and 1995,
respectively.
=================================================================
======
TABLE 4
TIER 1 CAPITAL GENERATION
Year
Ended
December
31
-------------------
(in millions) 1996
1995
-------
-------
Generation:
1 Net income $ 2,873 $
2,664
2 Amortization of intangibles 272
282
3 Common stock issuances and other 302
631
4 Trust originated preferred securities 1,500
-
-------
-------
5 Total generation 4,947
3,577
Applications:
6 Common stock dividends (780)
(684)
7 Preferred stock dividends (185)
(227)
8 Common stock repurchased (1,351)
(926)
9 Preferred stock repurchased (680)
(206)
10 Preferred stock converted to
common stock -
(248)
-------
-------
11 Total applications (2,996)
(2,291)
12 Capital attributed to growth
in risk-weighted assets (1,243)(a)
(1,182)
-------
-------
13 Net capital generate
=======
=======
-----------------------------------------------------------------
-----
(a) Amount is preliminary.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 5
STOCK AND CAPITAL DATA
(dollar amounts in millions, Dec. 31 Sept. 30
Dec. 31
except per share data) 1996 1996
1995
------- -------
-------
1 Book value per common share $ 51.99 $ 50.92 $
47.90
Common stock cash dividends:
2 Quarter ended 193 194
169
3 Year-to-date 780 587
684
Preferred stock cash dividends:
4 Quarter ended 44 43
53
5 Year-to-date 185 141
227
6 Number of common shares out-
standing (in thousands) 355,267 358,826
367,447
Average number of common and common
equivalent shares outstanding
(in thousands):
7 Quarter ended 365,487 365,672
374,283
8 Year-to-date 368,021 368,866
375,556
Average number of common shares
outstanding -- assuming
full dilution (in thousands):
9 Quarter ended 366,182 365,885
374,669
10 Year-to-date 368,552 369,341
378,103
11 Common equity to total assets 7.37% 7.52%
7.57%
12 Total risk-based capital ratio 11.73(a) 11.35
11.48
13 Tier 1 risk-based capital ratio 7.72(a) 7.30
7.35
14 Total risk-based capital 25,922(a) $ 24,125 $
23,416
15 Risk-weighted assets 221,024(a) 212,628
203,995
16 Tier 1 risk-based capital 17,067(a) 15,532
14,991
-----------------------------------------------------------------
-------
(a) Amounts are preliminary.
=================================================================
========
TABLE 6
SELECTED AVERAGE BALANCE SHEET COMPONENTS
Fourth Third
Fourth
Quarter Quarter
Quarter
(in millions) 1996 1996
1995
-------- --------
--------
1 Available-for-sale securities $ 11,763 $ 11,373 $
9,951
2 Held-to-maturity securities 4,160 4,221
6,614
3 Loans 161,545 159,779
151,896
4 Earning assets 206,315 206,618
192,587
5 Total assets 245,477 243,769
232,269
6 Deposits 162,813 161,514
157,300
7 Interest-bearing liabilities 170,046 171,809
158,311
8 Common equity 18,374 17,963
17,239
9 Total equity 20,616 20,205
19,862
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 7
BUSINESS SECTORS
Year Ended December 31, 1996(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 Consumer banking(c,d) $1,300 $ 91 $ 96 16.85%
56.22%
2 U.S. Corporate and
international banking(d,e) 1,039 92 45 19.06
53.80
3 Middle-market banking(d) 344 22 7 21.44
46.17
4 Commercial real estate(d) 249 10 2 35.04
23.61
5 Private banking and
investment services(d) 84 5 7 17.14
71.24
6 Other(d) (143) 22 5 NM
NM
7 Total $2,873 $242 $162 15.00%
56.91%
====== ==== ====
Year Ended December 31, 1995(a)
---------------------------------------
Return
Average Average on
Expense
Net Total Total Common
to
Income Assets Deposits Equity
Revenue(b)
------ ------ -------- ------
-------
1 Consumer banking $1,129 $ 84 $ 96 15.85%
58.12%
2 U.S. Corporate and
international banking 829 86 37 15.63
54.69
3 Middle-market banking 314 20 8 20.14
45.81
4 Commercial real estate 353 10 2 45.04
26.45
5 Private banking and
investment services 58 4 6 12.63
76.26
6 Other (19) 23 5 NM NM
------ ---- ----
7 Total $2,664 $227 $154 14.58%
58.08%
====== ==== ====
-----------------------------------------------------------------
-----
(a) Amounts are preliminary. For comparability purposes, both 1996
and 1995 amounts reflect BAC's business-sector allocation
methodologies at December 31, 1996.
(b) Excludes net other real estate owned expense and amortization
of
intangibles.
(c) Includes the income statement effect of the third-quarter 1996
one-time SAIF assessment of $82 million, the previously discussed
BAMSI gain of $147 million, and approximately $100 million
restructuring charge related to domestic retail operations.
(d) Includes the income statement effect of this sector's portion
of
approximately $50 million of the previously discussed restructuring
charge related to staff support units.
(e) Includes the income statement effect of approximately $130
million of the previously discussed restructuring charge related to
wholesale banking activities.
NM - Not meaningful.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 8
TRADING-RELATED INCOME
Fourth Third
Fourth
Quarter Quarter
Quarter
(in millions) 1996(a) 1996
1995
------- -------
-------
Trading income:
1 Interest rate $ 19 $ 17 $
20
2 Foreign exchange 64 64
66
3 Debt instruments 51 72
29
---- ----
----
4 Total trading income $134 $153
$115
==== ====
====
Other trading-related income(b):
5 Interest rate $ 13 $ 5 $
18
6 Foreign exchange 3 4
9
7 Debt instruments 53 52
38
---- ----
----
8 Total other trading-related
income $ 69 $ 61 $
65
==== ====
====
Year
Ended
December
31
------------------
1996(a)
1995
------
-----
Trading income:
9 Interest rate $ 56 $
67
10 Foreign exchange 316
303
11 Debt instruments 258
157
----
----
12 Total trading income $630
$527
====
====
Other trading-related income(b):
13 Interest rate $ 31 $
30
14 Foreign exchange 20
28
15 Debt instruments 208
152
----
----
16 Total other trading-related
income $259
$210
====
====
-----------------------------------------------------------------
-----
(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 9
IMPACT OF CREDIT CARD SECURITIZATION
Fourth Quarter
1996(a)
----------------------------------------
Before
(dollar amounts Credit Card Credit Card
in millions) Securitization Securitization Reported
-------------- -------------- --------
Operating Results:
1 Net interest income $ 2,165 $ (35) $ 2,130
2 Noninterest income 1,483 16 1,499
-------- ------- --------
3 Total revenue 3,648 (19) 3,629
4 Noninterest expense 2,250 - 2,250
-------- ------- --------
5 Income before provision
for credit losses and
income taxes 1,398 (19) 1,379
6 Provision for credit
losses 239 (19)(b) 220
-------- ------- --------
7 Income before income
taxes $ 1,159 $ - $ 1,159
======== ======= ========
8 Net Interest Margin 4.17% (0.04)%
4.13%
Balance Sheet Data at
Period End:
9 Credit card loans
outstanding $ 10,178 $(1,471) $ 8,707
10 Total assets 252,224 (1,471) 250,753
Average Balance
Sheet Data:
11 Credit card loans 9,704 (1,366) 8,338
12 Earning assets 207,681 (1,366) 206,315
13 Total Assets 246,843 (1,366) 245,477
14 Net Credit Losses - credit
card portfolio 123 (19) 104
Selected Financial Ratios:
15 Annualized ratio of net
credit losses on credit
card loans to average credit
card loans outstanding 5.04% (0.09)%
4.95%
16 Delinquent credit card
loan ratio(c) 2.40 (0.04) 2.36
-----------------------------------------------------------------
----
(a) Impact of the credit card securitization includes the effects
of
the third quarter securitization of $500 million and the fourth
quarter securitization of $971 million.
(b) Represents the investors' share of charge-offs.
(c) 60 days or more past due.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 10
LOAN OUTSTANDINGS
Dec. 31 Sept. 30 Dec.
31
(in millions) 1996 1996
1995
-------- --------
--------
DOMESTIC
Consumer:
1 Residential first mortgages $ 37,459 $ 37,445 $
36,572
2 Residential junior mortgages 14,743 14,525
13,777
3 Other installment 16,979 15,998
13,834
4 Credit card 8,707 9,021
9,139
5 Other individual lines of credit 1,948 1,845
1,847
6 Other 401 303
319
-------- --------
--------
7 Total consumer 80,237 79,137
75,488
Commercial:
8 Commercial and industrial 33,404 33,076
32,745
9 Loans secured by real estate 12,488 12,062
10,975
10 Financial institutions 3,109 2,537
2,834
11 Lease financing 2,542 2,682
1,927
12 Construction and development
loans secured by real estate 2,252 2,530
3,153
13 Loans for purchasing or carrying
securities 1,941 1,328
1,458
14 Agricultural 1,696 1,561
1,737
15 Other 1,270 1,253
1,574
-------- --------
--------
16 Total commercial 58,702 57,029
56,403
-------- --------
--------
17 Total domestic loans 138,939 136,166
131,891
FOREIGN
18 Commercial and industrial 16,394 16,257
15,003
19 Banks and other financial
institutions 3,958 3,480
3,386
20 Governments and official
institutions 970 943
1,020
21 Other 5,154 4,987
4,073
-------- --------
--------
22 Total foreign loans 26,476 25,667
23,482
-------- --------
--------
23 Total Loans $165,415 $161,833
$155,373
======== ========
========
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 11
SELECTED CREDIT QUALITY DATA
Dec. 31 Sept. 30 Dec.
31
(dollar amounts in millions) 1996 1996
1995
-------- --------
--------
Nonaccrual assets:
1 Commercial and industrial $ 289 $ 357 $
586
2 Commercial loans secured by real
estate 206 229
280
3 Construction and development
loans secured by real estate 95 119
495
4 Consumer 415(a) 291
385
5 Foreign 113 123
145
------ ------
------
6 Total nonaccrual assets $1,118 $1,119
$1,891
====== ======
======
7 Restructured loans $ 302 $ 274 $
113
8 Loans past due 90 days or more
and still accruing interest(b) 235(a) 363
411
9 Other real estate owned 353 397
492
10 Allowance for credit losses to
total loans 2.13% 2.17%
2.29%
11 Allowance for credit losses to
total nonaccrual assets 315.11 313.77
187.93
Annualized ratio of net credit
losses to average total loan
outstandings:
12 Quarter ended 0.51 0.56
0.60
13 Year-to-date 0.58 0.60
0.40
-----------------------------------------------------------------
----
(a) During the fourth quarter of 1996, BAC changed the past due
period for nonaccrual residential real estate loans and certain
nonaccrual consumer loans that were collateralized by junior
mortgages on residential real estate. The maximum period loans can
be past due before being placed 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 $187 million, $332 million, and $354
million at December 31, 1996, September 30, 1996, and December 31,
1995, respectively.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 12
ANALYSIS OF CHANGE IN NONACCRUAL ASSETS
Fourth Third Second
First
Quarter Quarter Quarter
Quarter
(in millions) 1996 1996 1996
1996
------- ------- -------
-------
1 Balance, beginning
of period $1,119 $1,488 $1,697
$1,891
Additions:
2 Loans placed on
nonaccrual status 119 66 129
191
3 Leases acquired - 34 -
-
4 Other(a) 144 - -
-
Deductions:
5 Sales (33) (4) (26)
(67)
6 Restored to
accrual status (34) (229) (37)
(60)
7 Foreclosures (3) (5) (6)
(11)
8 Charge-offs (19) (51) (77)
(90)
9 Other, primarily
payments (175) (180) (192)
(157)
------ ------ ------
------
10 Balance, end of period $1,118 $1,119 $1,488
$1,697
====== ====== ======
======
-----------------------------------------------------------------
----
(a) During the fourth quarter of 1996, BAC changed the past due
period for nonaccrual residential real estate loans and certain
nonaccrual consumer loans that were collateralized by junior
mortgages on residential real estate.The maximum period loans can
be
past due before being placed 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.
BANKAMERICA CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
TABLE 13
NET CREDIT LOSSES (RECOVERIES)
Fourth Third
Fourth
Quarter Quarter
Quarter
(in millions) 1996 1996
1995
------- -------
-------
Domestic consumer:
1 Residential first mortgages $ 7 $ 11 $
12
2 Residential junior mortgages 12 13
15
3 Other installment 64 42
38
4 Credit card 104 111
93
5 Other individual lines of credit 17 17
15
6 Other 4 4
2
Domestic commercial:
7 Commercial and industrial - 9
60
8 Loans secured by real estate (3) 2
4
9 Construction and development
loans secured by real estate 1 16
3
10 Financial institutions, lease
financing, loans for
purchasing or carrying
securities, and agricultural 1 -
3
---- ----
----
11 Total domestic 207 225
245
12 Foreign - 1
(14)
---- ----
----
13 Total Net Credit Losses $207 $226
$231
==== ====
====
=================================================================
====
TABLE 14
DOMESTIC CONSUMER LOAN DELINQUENCY INFORMATION(a)
Dec. 31 Sept. 30 Dec.
31
(dollar amounts in millions) 1996 1996
1995
-------- --------
--------
Delinquent consumer loans:
1 Residential first mortgages $477 $518 $
642
2 Residential junior mortgages 62 64
90
3 Credit card 206 207
190
4 Other 129 113
100
---- ----
------
5 Total delinquent consumer loans $874 $902
$1,022
==== ====
======
Delinquent consumer loan ratios(b):
|
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