SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 15, 1998
----------------
H. F. Ahmanson & Company
--------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 1-8930 95-0479700
--------------- ------------ -------------------
(State or other (Commission (IRS employer
jurisdiction of file number) identification no.)
incorporation)
4900 Rivergrade Road, Irwindale, California 91706
------------------------------------------- ----------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (626) 960-6311
---------------
Not applicable
----------------------
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On January 15, 1998, H. F. Ahmanson & Company (the "Company"),
issued a press release reporting its results of operations
during the quarter and year ended December 31, 1997.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release dated January 15, 1998 reporting results
of operations during the quarter and year
ended December 31, 1997.
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 hereunto duly authorized.
Date: January 15, 1998
H. F. AHMANSON & COMPANY
/s/ George Miranda
----------------------------
George Miranda
First Vice President and
Principal Accounting Officer
H. F. AHMANSON & COMPANY
4900 Rivergrade Road
Irwindale, California 91706 HOME SAVINGS OF AMERICA
SAVINGS OF AMERICA NEWS
FOR IMMEDIATE RELEASE CONTACTS:
- ---------------------
MEDIA: MARY TRIGG
(626) 814-7922
INVESTOR: STEVE SWARTZ
(626) 814-7986
AHMANSON REPORTS $0.89 FOURTH QUARTER EPS
AND RECORD NET INCOME FOR 1997
- NONPERFORMING ASSETS DECLINED $59.3 MILLION IN THE FOURTH QUARTER OF 1997 -
Irwindale, CA, January 15, 1998 -- H.F. Ahmanson & Company, (AHM-NYSE),
parent company of Home Savings of America, today reported fourth quarter 1997
net income of $99.5 million, 9% above the $91.2 million reported in the fourth
quarter of 1996. On a diluted common share basis, fourth quarter 1997
earnings were $0.89 per share, a 20% increase from $0.74 per share in the
fourth quarter of 1996.
Net income for 1997 was a record $413.8 million, or $3.59 per diluted
common share, compared to $145.3 million in 1996, or $0.92 per diluted common
share.
Charles R. Rinehart, chairman and chief executive officer of H.F.
Ahmanson and Home Savings, said, "1997 was a great year for H.F. Ahmanson, its
stockholders, employees and customers. Earnings per share were at record
levels, the California economy registered solid improvements, and our common
stock provided a 110% total return to stockholders.
"We have in place an array of consumer and business banking products to
supplement our traditional first mortgage products in order to take advantage
of our strong banking franchise. These products provide increased convenience
to our customers and diversify our sources of earnings."
1997 net income and earnings per share numbers include the after-tax gain
of $34.1 million on the sale of Home Savings' deposit branches in West Florida
and Arizona and a net after-tax cost of $3.2 million relating to the withdrawn
merger proposal for Great Western Financial Corporation. Excluding these
items, 1997 net income would have been $382.9 million (adjusted 1997 net
income) and 1997 earnings per share would have been $3.31 (adjusted 1997 EPS).
1996 net income and earnings per share include the effects of the gain on the
sale of Home Savings' San Antonio, Texas retail deposit branch system (the San
Antonio gain), the Savings Association Insurance Fund (SAIF) recapitalization
and the First Interstate Bank (FIB) branch acquisition charge. Excluding
these items, 1996 net income would have been $294.0 million (adjusted 1996 net
income) and 1996 earnings per share would have been $2.19 (adjusted 1996 EPS).
Adjusted 1997 net income increased 30% compared to adjusted 1996 net income,
and adjusted 1997 EPS increased 51% compared to adjusted 1996 EPS.
Earnings per share, for both the 1997 fourth quarter and full year, grew
at a faster rate than net income as a result of the company's ongoing stock
purchase program. As of December 31, 1997, the company had purchased 27.6
million common shares since initiating the first stock purchase program in
October 1995, or 23% of the then outstanding shares, at an average price per
share of $33.57.
During the fourth quarter of 1997, nonperforming assets (NPAs) decreased
by $59.3 million, reaching their lowest level in 7 1/2 years. At year end
1997, NPAs totaled $595.3 million, or 1.28% of total assets, compared to
$846.2 million, or 1.70% of total assets, at December 31, 1996. NPAs for the
year 1997 declined $250.9 million, or 30%, from year-end 1996. Troubled debt
restructurings totaled $212.3 million at December 31, 1997. NPAs declined
throughout most of 1997, reflecting the company's aggressive efforts in
dealing with problem assets and a broadly based strengthening in the
California economy.
Return on average equity (ROE) was 16.6% for the fourth quarter of 1997
compared to 14.7% in the fourth quarter of 1996. ROE would have been 16.2%
for the year 1997 compared to 10.7% for 1996, excluding the previously
mentioned gains and charges in the respective periods.
RESULTS OF OPERATIONS
NET INTEREST INCOME
Net interest income totaled $306.4 million in the fourth quarter of 1997,
compared to $317.7 million in the fourth quarter of 1996. Net interest income
for 1997 totaled $1.23 billion compared to $1.25 billion in 1996. The decline
in net interest income was due to a decrease in interest-earning assets,
offset slightly by an increase in the net interest margin.
For the fourth quarter and the year 1997, the average net interest
margins were 2.76% and 2.68%, respectively, compared to 2.68% and 2.63% for
the 1996 periods. Net interest margins were 2.64%, 2.66%, and 2.70% for the
first three quarters of 1997, respectively.
FEE INCOME
Fee income, consisting of banking and other retail service fees and other
fee income, was $46.2 million in the fourth quarter of 1997, compared to $45.4
million in the third quarter of 1997, and $44.2 million in the fourth quarter
of 1996. For the year 1997, fee income was $183.0 million, a 34% increase
compared to $136.7 million in 1996. The increase in 1997 was due to growth in
fee income from the retail branch system and Griffin Financial Services, a
subsidiary offering securities and insurance products and services.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses (G&A) totaled $188.2 million in both
the fourth quarter of 1997 and the fourth quarter of 1996. In the third
quarter of 1997, G&A was $182.1 million. G&A was $737.5 million in 1997,
compared to $761.3 million in 1996, exclusive of the SAIF recapitalization and
the charge relating to the FIB branch acquisition.
The company's efficiency ratio was 51.4% in the fourth quarter of 1997,
compared to49.5% in the same 1996 period and 50.0% in the third quarter of
1997. For the year 1997, the company's efficiency ratio was 49.8%, compared
to 52.2% in 1996, exclusive of the SAIF recapitalization and charge relating
to the FIB branch acquisition.
CREDIT COSTS
During the fourth quarter of 1997, credit costs (the loan loss provision
and REO expenses) were $22.0 million, compared to $57.0 million in the fourth
quarter of 1996. For the year 1997, credit costs were $137.2 million,
compared to $250.8 million in 1996. Credit costs declined in each quarter of
1997, and were $46.3 million in the first quarter, $39.9 million in the second
quarter, and $29.0 million in the third quarter. The significant decline in
credit costs reflects both lower net charge-offs and lower nonperforming asset
levels.
Net loan charge-offs for the fourth quarter of 1997 totaled $13.0
million, compared to $38.5 million in the fourth quarter of 1996. In 1997,
net charge-offs totaled $78.9 million compared to $151.4 million in 1996.
LOAN FUNDINGS
Loan fundings increased each quarter and totaled $5.9 billion in 1997,
compared to $5.7 billion in 1996.
Home Savings funded $1.5 billion of residential mortgages in the fourth
quarter of 1997, compared to $1.2 billion in the fourth quarter of 1996. In
1997 the company funded $5.0 billion in residential mortgages compared to $5.2
billion in 1996. Fifty-seven percent of 1997 residential fundings were ARMs,
compared to 65% in 1996. For the fourth quarter of 1997, 45% of residential
fundings were ARMs, compared to 70% for the fourth quarter of 1996.
Consumer loan fundings totaled a record $247.6 million during the fourth
quarter of 1997 compared to $157.4 million in the fourth quarter of 1996. For
the year 1997, consumer loans funded totaled $843.0 million compared to $382.2
million in 1996. Of the 1997 production, 81% was secured by real estate or
cash. In December 1997, the company funded $90.0 million in consumer loans,
its highest month ever. The consumer loan portfolio totaled $1.1 billion at
December 31, 1997.
Business banking fundings were $28.6 million in the fourth quarter of
1997 and $90.0 million for the year 1997. The growing volume of business loan
fundings reflects the completion of the rollout of the business banking
program to Home Savings' California branches in June 1997.
CAPITAL
At December 31, 1997, Home Savings of America's capital ratios exceeded
the minimum regulatory requirement to be rated "well-capitalized," which is
the highest regulatory capital standard.
STOCK PURCHASE PROGRAMS
In the fourth quarter of 1997, the company completed its fourth stock
purchase program and began its fifth program of $400 million. In the fourth
stock purchase program, the company purchased 4.7 million shares of its
outstanding common stock at an average price per share of $52.96. During the
fourth quarter of 1997, the company purchased a total of 1.8 million shares,
investing $109 million at an average price per share of $60.82. Of the $400
million authorized for the company's fifth program of purchase activity,
$374.4 million remained at December 31, 1997. The parent company had $305
million in cash at December 31, 1997.
In addition, the company redeemed its 9.60% Preferred Stock, Series B in
September 1996, and, on January 6, 1998, announced that it will redeem at par
its $195 million, 8.40% Preferred Stock, Series C. The redemption of the
Series C preferred stock on March 2, 1998 will contribute approximately $0.10
per share to annual earnings.
FORWARD-LOOKING STATEMENT
This release contains forward-looking statements with respect to the
financial condition, results of operations, and business of H.F. Ahmanson &
Company. These forward-looking statements involve risks and uncertainties.
Factors that may cause actual results to differ materially from those
contemplated by such forward-looking statements include, among others, the
following possibilities: (1) changes in the interest rate environment reduce
interest margins; (2) general economic conditions, either nationally or in the
states in which the company will be doing business, are less favorable than
expected; or (3) legislation or regulatory changes adversely affect the
businesses in which the company would be engaged.
********
H.F. Ahmanson & Company, with $46.7 billion in assets, is the parent
company of Home Savings of America. Home Savings' deposit base is $32.3
billion. It operates 370 retail deposit branches in three states and 126
mortgage lending offices in nine states.
********
Additional information about H.F. Ahmanson & Company and Home Savings of
America can be retrieved free of charge through Corporate News on the Net:
http://www.businesswire.com/cnn/ahm.shtml
For information regarding PC Banking, Home Loans, Investments, Insurance,
Business Banking and Consumer Loans, Contact Home Savings Website:
http://www.homesavings.com
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
(dollars in thousands except per share data)
At End of Period December 31, 1997 September 30, 1997 December 31, 1996
- ---------------- ----------------- ------------------ -----------------
Total assets $ 46,678,752 $ 46,799,157 $ 49,902,044
Investment portfolio $ 976,957 $ 608,287 $ 1,184,857
Loans receivable and mortgage-backed
securities (MBS) $ 43,275,582 $ 43,840,875 $ 46,085,670
ARMs included in loans receivable and MBS $ 40,925,681 $ 41,684,196 $ 44,070,098
Allowance for loan losses $ 377,351 $ 380,368 $ 389,135
Allowance for losses on REO $ 11,400 $ 14,688 $ 32,137
Deposits $ 32,268,375 $ 32,447,317 $ 34,773,945
Borrowings and trust capital securities $ 10,977,730 $ 10,724,344 $ 11,728,934
Stockholders' equity $ 2,395,445 $ 2,386,357 $ 2,433,049
Book value per common share $ 20.57 $ 20.17 $ 19.09
Tangible book value per common share $ 18.79 $ 18.37 $ 17.31
Total common shares outstanding 93,155,823 94,411,284 102,153,052
For the Three Months Ended
- --------------------------
Net interest income $ 306,362 $ 302,835 $ 317,722
Credit costs (1) $ 22,030 $ 28,983 $ 56,962
Net income (2) $ 99,494 $ 95,539 $ 91,247
Net income per diluted common share (2),(5) $ 0.89 $ 0.84 $ 0.74
Dividends per common share $ 0.22 $ 0.22 $ 0.22
Loans originated and purchased $ 1,791,219 $ 1,589,386 $ 1,441,948
Average Interest Rates:
Yield on loans and MBS 7.51% 7.46% 7.39%
Yield on investment portfolio 6.71% 6.97% 7.13%
Yield on interest-earning assets 7.49% 7.45% 7.39%
Cost of deposits 4.46% 4.43% 4.38%
Cost of borrowings and trust capital securities 6.30% 6.39% 6.33%
Cost of interest-costing liabilities 4.92% 4.93% 4.86%
Interest rate spread 2.57% 2.52% 2.53%
Net interest margin 2.76% 2.70% 2.68%
For the Years Ended
- -------------------
Net interest income $ 1,234,885 $ 1,252,514
Credit costs (1) $ 137,217 $ 250,804
Net income (3) $ 413,782 $ 145,258
Net income per diluted common share (3),(5) $ 3.59 $ 0.92
Dividends per common share $ 0.88 $ 0.88
Loans originated and purchased $ 5,908,872 $ 6,795,820 (4)
Average Interest Rates:
Yield on loans and MBS 7.42% 7.38%
Yield on investment portfolio 6.84% 6.87%
Yield on interest-earning assets 7.41% 7.37%
Cost of deposits 4.43% 4.48%
Cost of borrowings and trust capital securities 6.29% 6.31%
Cost of interest-costing liabilities 4.89% 4.94%
Interest rate spread 2.52% 2.43%
Net interest margin 2.68% 2.63%
<FN>
(1) Credit costs consist of provision for loan losses and the operations of foreclosed real estate.
(2) Net income for the three months ended December 31, 1996 would have been $87.2 million, or $0.70 per
share, before the gain on sale of the San Antonio, Texas retail deposit branch system.
(3) Net income for the year ended December 31, 1997 would have been $382.9 million, or $3.31 per share,
before the gain on sales of the Arizona and West Florida retail deposit branch systems and net Great
Western Financial acquisition costs. Net income for year ended December 31, 1996 would have been
$294.0 million or $2.19 per share, before the gain on sale of the San Antonio, Texas retail branch
deposit system and the SAIF special assessment and FIB acquisition charges.
(4) Includes FIB loans acquired of $1.1 billion.
(5) The Company adopted Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share"
as of December 31, 1997. SFAS No. 128 replaces primary earnings per share ("EPS") with basic EPS and
fully diluted EPS with diluted EPS. Basic EPS is computed by dividing income available to common
stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS
reflects the potential dilution of options, warrants and convertible securities. Net income per
common share amounts for periods prior to December 31, 1997 have been restated to reflect the adoption
of SFAS No. 128.
</FN>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands)
Assets December 31, 1997 September 30, 1997 December 31, 1996
- ------ ----------------- ------------------ -----------------
Cash and amounts due from banks $ 603,797 $ 476,023 $ 691,578
Federal funds sold and securities
purchased under agreements to resell 550,200 186,200 737,500
Other short-term investments 5,110 6,141 14,782
----------- ----------- ------------
Total cash and cash equivalents 1,159,107 668,364 1,443,860
Other investment securities 9,669 10,343 11,597
Investment in stock of Federal Home
Loan Bank (FHLB) 411,978 405,603 420,978
MBS 12,791,391 13,156,959 14,296,512
Loans receivable 30,484,191 30,683,916 31,789,158
Accrued interest receivable 194,038 199,098 209,839
Real estate held for development and
investment (REI) 146,518 147,035 147,851
Real estate owned held for sale (REO) 162,440 188,060 247,577
Premises and equipment 364,626 368,825 424,567
Goodwill and other intangible assets 280,296 286,385 308,083
Other assets 674,498 684,569 602,022
----------- ----------- -----------
$46,678,752 $46,799,157 $49,902,044
=========== =========== ===========
Liabilities, Capital Securities of Subsidiary Trust and Stockholders' Equity
- ----------------------------------------------------------------------------
Deposits $32,268,375 $32,447,317 $34,773,945
Securities sold under agreements to
repurchase 1,675,000 2,325,000 1,820,000
Other short-term borrowings 837,861 817,897 210,529
FHLB and other borrowings 8,316,405 7,433,026 9,549,992
Other liabilities 954,470 1,156,333 917,198
Income taxes 82,732 84,806 48,918
----------- ----------- -----------
Total liabilities 44,134,843 44,264,379 47,320,582
Capital securities, Series A, of
subsidiary trust 148,464 148,421 148,413
Stockholders' equity 2,395,445 2,386,357 2,433,049
----------- ----------- -----------
$46,678,752 $46,799,157 $49,902,044
=========== =========== ===========
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(dollars in thousands except per share data)
For the Three Months Ended For the Years Ended
------------------------------------------- December 31,
December 31, September 30, December 31, ----------------------------
1997 1997 1996 1997 1996
------------- ------------- ------------- ----------- -----------
Interest income:
Loans $ 581,993 $ 579,925 $ 595,852 $ 2,315,253 $ 2,296,786
MBS 243,719 249,926 272,638 1,020,747 1,161,487
Investments 16,579 17,625 16,224 67,372 56,522
----------- ----------- ----------- ----------- -----------
Total interest income 842,291 847,476 884,714 3,403,372 3,514,795
----------- ----------- ----------- ----------- -----------
Interest expense:
Deposits 364,471 365,641 386,692 1,479,438 1,523,873
Short-term borrowings 42,982 48,130 29,583 167,156 138,182
FHLB and other borrowings 128,476 130,870 150,717 521,893 600,226
----------- ----------- ----------- ----------- -----------
Total interest expense 535,929 544,641 566,992 2,168,487 2,262,281
----------- ----------- ----------- ----------- -----------
Net interest income 306,362 302,835 317,722 1,234,885 1,252,514
Provision for loan losses 10,011 14,868 29,298 67,091 144,924
----------- ----------- ----------- ----------- -----------
Net interest income after provision for loan losses 296,351 287,967 288,424 1,167,794 1,107,590
----------- ----------- ----------- ----------- -----------
Noninterest income:
Gain (loss) on sales of MBS - - 3,103 (74) 3,074
Gain on sales of loans 3,450 698 3,845 18,274 28,346
Loan servicing income 13,589 16,119 18,449 63,534 68,365
Banking and other retail service fees 28,355 29,217 28,082 115,431 78,061
Other fee income 17,878 16,210 16,161 67,528 58,678
Gain on sales of retail deposit branch systems - - 6,861 57,566 6,861
Gain (loss) on sales of investment securities (9) 181 - 306 313
Other operating income 1,520 1,701 1,507 7,005 8,100
----------- ----------- ----------- ----------- -----------
64,783 64,126 78,008 329,570 251,798
----------- ----------- ----------- ----------- -----------
Noninterest expense:
Compensation and other employee expenses 87,305 88,603 91,382 355,744 369,264
Occupancy expenses 25,567 25,291 28,695 104,217 122,740
Federal deposit insurance premiums and assessments 5,961 6,235 1,275 25,014 60,641
SAIF recapitalization - - - - 243,862
Other general and administrative expenses 69,358 61,939 66,833 252,521 222,640
----------- ----------- ----------- ----------- -----------
General and administrative expenses 188,191 182,068 188,185 737,496 1,019,147
Net acquisition costs - - - 5,475 -
Operations of REI 456 1,008 1,388 3,722 34,961
Operations of REO 12,019 14,115 27,664 70,126 105,880
Amortization of goodwill and other intangible assets 6,474 6,452 6,935 25,763 18,842
----------- ----------- ----------- ----------- -----------
207,140 203,643 224,172 842,582 1,178,830
----------- ----------- ----------- ----------- -----------
Income before provision for income taxes 153,994 148,450 142,260 654,782 180,558
Provision for income taxes 54,500 52,911 51,013 241,000 35,300
----------- ----------- ----------- ----------- -----------
Net income $ 99,494 $ 95,539 $ 91,247 $ 413,782 $ 145,258
=========== =========== =========== =========== ===========
Net income attributable to common shares $ 91,117 $ 87,132 $ 82,840 $ 380,183 $ 100,337
=========== =========== =========== =========== ===========
Income per common share (1):
Basic $ 0.97 $ 0.91 $ 0.79 $ 3.91 $ 0.92
Diluted $ 0.89 $ 0.84 $ 0.74 $ 3.59 $ 0.92
Common shares outstanding, weighted average (1):
Basic 93,851,941 95,528,821 104,652,464 97,162,327 108,650,585
Diluted 107,607,139 109,318,806 117,973,752 110,827,985 108,650,585
<FN>
(1) Income per share and the weighted average common shares outstanding for periods prior to December 31, 1997 have been restated
to reflect the adoption of SFAS No. 128.
</FN>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited), CONTINUED
(dollars in thousands except per share data)
For the Three Months Ended For the Years Ended
------------------------------------------- December 31,
December 31, September 30, December 31, ----------------------------
1997 1997 1996 1997 1996
------------- ------------- ------------- ----------- -----------
Return on average assets (1) 0.85% 0.81% 0.73% 0.87% 0.29%
Return on average equity (1) 16.59% 15.85% 14.71% 17.27% 5.26%
Return on average tangible equity (1),(2) 18.53% 17.75% 16.64% 19.31% 5.91%
Efficiency ratio 51.39% 49.97% 49.47% 49.78% 69.92%
<FN>
(1) The following table summarizes the returns on average assets, average equity and average tangible equity and the efficiency
ratio excluding certain gains and expenses. The three months ended December 31, 1996 exclude the gain on sale of the San
Antonio, Texas retail branch deposit system. The year ended December 31, 1997 excludes the effects of the Arizona and West
Florida gains on sales of the retail branch deposit systems and the net Great Western acquisition costs. The year ended
December 31, 1996 excludes the gain on sale of the San Antonio, Texas retail branch deposit system, the SAIF special
assessment and the FIB acquisition charges.
</FN>
For the Years Ended December 31,
For the Three Months Ended --------------------------------
December 31, 1996 1997 1996
-------------------------- ------------ ------------
Return on average assets 0.70% 0.80% 0.59%
Return on average equity 14.06% 16.19% 10.66%
Return on average tangible equity (2) 15.93% 18.17% 11.52%
Efficiency ratio 49.47% 49.78% 52.23%
<FN>
(2) Net income excluding amortization of goodwill and other intangible assets (net of applicable tax) as a percentage of average
equity excluding goodwill and other intangible assets (net of applicable tax).
</FN>
H. F. AHMANSON & COMPANY AND SUBSIDIARIES
CONSOLIDATED AVERAGE STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands)
For the Three Months Ended December 31, 1997 September 30, 1997 December 31, 1996
- -------------------------- ----------------- ------------------ -----------------
Loans receivable (1) $30,930,718 $31,013,413 $32,251,980
MBS (2) 13,022,728 13,465,588 14,730,840
----------- ----------- -----------
Total loans and MBS 43,953,446 44,479,001 46,982,820
Investments 980,944 1,003,117 905,478
----------- ----------- -----------
Total interest-earning assets 44,934,390 45,482,118 47,888,298
Other assets 1,864,314 1,879,613 2,102,264
----------- ----------- -----------
Total assets $46,798,704 $47,361,731 $49,990,562
=========== =========== ===========
Deposits $32,433,597 $32,713,468 $35,084,179
Borrowings and trust capital securities 10,802,639 11,119,628 11,325,548
----------- ----------- -----------
Total interest-costing liabilities 43,236,236 43,833,096 46,409,727
Other liabilities 1,163,897 1,117,625 1,099,736
Stockholders' equity:
Preferred 479,425 482,500 606,141
Common 1,919,146 1,928,510 1,874,958
----------- ----------- -----------
Total liabilities and stockholders' equity $46,798,704 $47,361,731 $49,990,562
=========== =========== ===========
For the Years Ended
- -------------------
Loans receivable (1) $31,157,029 $31,338,823
MBS (2) 13,770,415 15,534,412
----------- -----------
Total loans and MBS 44,927,444 46,873,235
Investments 985,540 823,049
----------- -----------
Total interest-earning assets 45,912,984 47,696,284
Other assets 1,902,007 1,962,211
----------- -----------
Total assets $47,814,991 $49,658,495
=========== ===========
Deposits $33,432,903 $34,048,256
Borrowings and trust capital securities 10,960,853 11,702,162
----------- -----------
Total interest-costing liabilities 44,393,756 45,750,418
Other liabilities 1,025,006 1,148,943
Stockholders' equity:
Preferred 481,323 640,255
Common 1,914,906 2,118,879
----------- -----------
Total liabilities and stockholders' equity $47,814,991 $49,658,495
=========== ===========
<FN>
(1) Excludes the allowance for losses.
(2) Excludes the unrealized gain/loss on MBS available for sale.
</FN>