Exhibit 99.7
BOATMEN'S BANCSHARES, INC.
CONSOLIDATED BALANCE SHEET
(dollars in thousands) September 30, 1996 September 30, 1995 December 31, 1995
-------------------------------------------------------------------------------
Assets
Cash and due from banks $ 2,232,618 $ 2,205,700 $ 2,611,765
Short-term investments 59,483 61,249 83,166
Securities:
Held to maturity 1,028,881 6,802,763 923,130
Available for sale 10,944,317 4,456,289 10,347,172
Trading 54,946 29,272 58,361
Federal funds sold and
securities purchased
under resale agreements 182,944 690,132 1,225,671
Loans, net of unearned income 24,314,765 24,184,336 24,050,903
Less reserve for loan losses 472,161 461,352 452,560
-------------------------------------------------------------------------------
Loans, net 23,842,604 23,722,984 23,598,343
-------------------------------------------------------------------------------
Property and equipment 776,366 802,170 800,502
Other assets 1,571,794 1,496,884 1,475,379
-------------------------------------------------------------------------------
Total assets $40,693,953 $40,267,443 $41,123,489
-------------------------------------------------------------------------------
Liabilities and Stockholders' Equity
-------------------------------------------------------------------------------
Liabilities:
Demand deposits $ 6,914,124 $ 6,439,523 $ 6,894,649
Retail savings deposits and
interest-bearing
transaction accounts 13,006,473 12,558,120 13,510,720
Time deposits 10,641,042 11,543,491 11,572,768
-------------------------------------------------------------------------------
Total deposits 30,561,639 30,541,134 31,978,137
-------------------------------------------------------------------------------
Federal funds purchased and
securities sold
under repurchase agreements 3,277,966 3,022,423 2,902,973
Short-term borrowings 1,944,904 2,161,579 1,474,991
Capital lease obligations 38,039 39,373 39,076
Long-term debt 606,148 524,282 615,129
Other liabilities 683,526 509,015 512,436
-------------------------------------------------------------------------------
Total liabilities 37,112,222 36,797,806 37,522,742
-------------------------------------------------------------------------------
Redeemable preferred stock 949 1,007 961
-------------------------------------------------------------------------------
Stockholders' Equity:
Preferred stock 94,671 99,362 99,324
Common stock ($1 par value; 250,000,000
shares authorized 158,400 157,562 158,068
Surplus 1,209,335 1,205,870 1,212,838
Retained earnings 2,332,005 2,071,651 2,137,176
Treasury stock, at cost (151,597) (59,205) (18,096)
Unrealized net appreciation (depreciation),
available for sale securities (62,032) (6,610) 10,476
-------------------------------------------------------------------------------
Total stockholders' equity 3,580,782 3,468,630 3,599,786
-------------------------------------------------------------------------------
Total liabilities and
stockholders' equity $40,693,953 $40,267,443 $41,123,489
-------------------------------------------------------------------------------
Held to maturity securities,
market value $ 1,062,445 $ 6,785,734 $ 973,801
Available for sale securities,
amortized cost 11,050,447 4,467,128 10,330,233
Common stock, shares
outstanding 155,256,583 155,912,820 157,591,239
Treasury shares 3,143,773 1,648,866 476,519
-------------------------------------------------------------------------------
- 1 -
BOATMEN'S BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
Third quarter ended Nine months ended
September 30 September 30
---------------------------------------------------------------------------------------
(in thousands except share data) 1996 1995 1996 1995
---------------------------------------------------------------------------------------
Interest income
Interest and fees on loans $523,691 $540,212 $1,582,485 $1,569,367
Interest on short-term
investments 1,207 1,146 4,431 3,247
Interest on Federal funds sold
and securities
purchased under resale agreements 3,196 10,218 21,135 28,383
Interest on held to maturity securities
Taxable 93,539 285,689
Tax-exempt 16,254 13,915 48,458 41,783
---------------------------------------------------------------------------------------
Total interest on held to
maturity securities 16,254 107,454 48,458 327,472
Interest on available for
sale securities 174,378 68,367 500,026 217,104
Interest on trading securities 1,265 547 2,748 1,343
---------------------------------------------------------------------------------------
Total interest income 719,991 727,944 2,159,283 2,146,916
---------------------------------------------------------------------------------------
Interest expense
Interest on deposits 246,189 262,652 751,121 760,409
Interest on Federal funds purchased
and other short-term borrowings 63,679 77,862 184,116 240,588
Interest on capital lease
obligations 941 972 2,831 2,925
Interest on long-term debt 12,289 11,334 36,907 34,956
---------------------------------------------------------------------------------------
Total interest expense 323,098 352,820 974,975 1,038,878
---------------------------------------------------------------------------------------
Net interest income 396,893 375,124 1,184,308 1,108,038
Provision for loan losses 19,260 12,391 64,842 33,305
---------------------------------------------------------------------------------------
Net interest income after pro-
vision for loan losses 377,633 362,733 1,119,466 1,074,733
---------------------------------------------------------------------------------------
Noninterest income
Trust fees 52,926 50,444 159,568 148,016
Service charges 63,238 58,822 187,236 171,888
Mortgage banking revenues 23,286 20,344 67,166 60,281
Credit card 11,287 16,200 37,701 45,299
Investment banking revenues 11,788 10,588 36,367 31,326
Securities gains (losses), net 576 928 1,924 (18,074)
Other 53,164 38,091 147,250 112,106
---------------------------------------------------------------------------------------
Total noninterest income 216,265 195,427 637,212 550,842
---------------------------------------------------------------------------------------
Noninterest expense
Staff 191,412 182,726 573,133 539,876
Net occupancy 26,454 25,617 76,961 74,409
Equipment 30,541 28,335 91,128 85,581
FDIC/SAIF insurance 26,326 1,156 31,804 34,343
Intangible amortization 9,934 11,121 30,277 32,487
Advertising 10,844 9,752 33,165 31,161
Merger expense 18,049 60,463 25,978
Other 83,419 92,778 257,624 258,209
---------------------------------------------------------------------------------------
Total noninterest expense 396,979 351,485 1,154,565 1,082,044
---------------------------------------------------------------------------------------
Income before income tax expense 196,919 206,675 602,113 543,531
Income tax expense 71,590 72,994 219,592 191,781
---------------------------------------------------------------------------------------
Net income $125,329 $133,681 $ 382,521 $ 351,750
---------------------------------------------------------------------------------------
Net income available to common
shareholders $123,596 $131,923 $ 377,288 $ 346,461
---------------------------------------------------------------------------------------
Net income per share $.79 $.84 $2.40 $2.21
---------------------------------------------------------------------------------------
Dividends declared per share $.42 $.37 $1.16 $1.05
---------------------------------------------------------------------------------------
Earnings per share amounts are based on weighted average shares outstanding after
adjusting net income for dividends on preferred stock. For the nine months,
average shares outstanding were 157,215,972 in 1996 and 156,577,693 in 1995.
Preferred dividends declared totaled $5.2 million in 1996 and $5.3 million in
1995.
- 2 -
BOATMEN'S BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Unrealized Net
Appreciation,
(Depreciation)
Preferred Stock Common Stock Retained Treasury Stock Available for
--------------- ------------- --------------
Sales
(in thousands) Shares Amount Shares Amount Surplus Earnings Shares Amount Securities Total
-------------------------------------------------------------------------------------------------------------------------------
BALANCE, JANUARY 1, 1995 250 $100,000 156,084 $156,084 $1,171,184 $1,886,199 (509) $(14,516) $(134,521) $3,164,430
Net Income -- -- -- -- -- 351,750 -- -- -- 351,750
Cash dividends declared:
Common ($1.05 per share) -- -- -- -- -- (135,144) -- -- -- (135,144)
Redeemable preferred -- -- -- -- -- (58) -- -- -- (58)
By pooled company prior to
merger--common -- -- -- -- -- (25,764) -- -- -- (25,764)
By pooled company prior to
merger--preferred -- -- -- -- -- (5,232) -- -- -- (5,232)
Acquisition of treasury stock -- -- -- -- -- -- (1,962) (68,965) -- (68,965)
Common stock issued pursuant
to dividend reinvestment and
employee plans -- -- 646 646 10,694 -- 532 16,234 -- 27,574
Common stock issued upon
acquisition of subsidiaries -- -- 947 947 27,566 -- 289 8,008 -- 36,521
Adjustment for purchase of trea-
sury stock--pooled companies -- -- (125) (125) (3,921) -- -- -- -- (4,046)
Retirement of preferred stock (1) (500) -- -- 15 (98) -- -- -- (583)
Common stock issued upon con-
version of preferred stock -- (138) 5 5 133 -- -- -- -- --
Common stock issued upon
conversion of convertible
subordinated debentures -- -- 5 5 65 -- 1 34 -- 104
Adjustment of available for sale
securities to market value -- -- -- -- -- -- -- -- 127,911 127,911
Other, net -- -- -- -- 134 (2) -- -- -- 132
-------------------------------------------------------------------------------------------------------------------------------
BALANCE, SEPTEMBER 30, 1995 249 $99,362 157,562 $157,562 $1,205,870 $2,071,651 (1,649)$(59,205) $ (6,610) $3,468,630
-------------------------------------------------------------------------------------------------------------------------------
BALANCE, JANUARY 1, 1996 248 $99,324 158,068 $158,068 $1,212,838 $2,137,176 (477) $(18,096) $10,476 $3,599,786
Net Income -- -- -- -- -- 382,521 -- -- -- 382,521
Cash dividends declared:
Common ($1.16 per share) -- -- -- -- -- (182,407) -- -- -- (182,407)
Preferred -- -- -- -- -- (5,183) -- -- -- (5,183)
Redeemable preferred -- -- -- -- -- (50) -- -- -- (50)
Acquisition of treasury stock -- -- -- -- -- -- (4,476) (203,851) -- (203,851)
Common stock issued pursuant
to dividend reinvestment and
employee plans -- -- 325 325 (2,649) -- 1,232 47,454 -- 45,130
Common stock issued upon
acquisition of subsidiaries -- -- -- -- 621 -- 431 17,076 -- 17,697
Common stock issued upon
conversion of preferred stock (8) (4,653) 8 8 (1,303) -- 152 5,948 -- --
Common stock issued upon
conversion of convertible
subordinated debentures -- -- -- -- (130) -- 6 224 -- 94
Adjustment of available for sale
securities to market value -- -- -- -- -- -- -- -- (72,508) (72,508)
Other, net -- -- (1) (1) (42) (5) (12) (352) -- (447)
-------------------------------------------------------------------------------------------------------------------------------
BALANCE, SEPTEMBER 30, 1996 240 $94,671 158,400 $158,400 $1,209,335 $2,332,005 (3,144) $(151,597) $(62,032) $3,580,782
-------------------------------------------------------------------------------------------------------------------------------
- 3 -
BOATMEN'S BANCSHARES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Nine months ended September 30 (in thousands) 1996 1995
-----------------------------------------------------------------------------------------------
Net Cash provided by operating activities $ 657,895 $ 554,032
Investing Activities:
Net decrease in Federal funds sold and
securities purchased under resale agreements 1,047,252 431,733
Net increase in loans (282,525) (1,335,019)
Proceeds from the sales of foreclosed property 21,457 30,170
Proceeds from the maturity of held to maturity securities 101,877 764,771
Purchases of held to maturity securities (90,942) (377,940)
Proceeds from the maturity of available for sale securities 1,920,142 842,903
Proceeds from the sales of available for sale securities 418,523 584,183
Purchases of available for sale securities (3,173,360) (468,732)
Net (increase) decrease in short-term investments 23,683 (16,033)
Net increase in property and equipment (48,598) (75,718)
Net cash received from purchase acquisitions 4,376 1,636
-----------------------------------------------------------------------------------------------
Net cash provided (used) by investing activities (58,115) 381,954
-----------------------------------------------------------------------------------------------
Financing Activities:
Net increase in Federal funds purchased and
securities sold under repurchase agreements 374,993 35,108
Net decrease in deposits (1,485,394) (825,868)
Net increase (decrease) in short-term borrowings 459,913 (225,926)
Payments on long-term debt (1,515) (77,594)
Proceeds from the issuance of long-term debt 2,534
Payments on capital lease obligations (1,037) (1,035)
Cash dividends paid (169,688) (151,371)
Acquisition of treasury stock (203,851) (68,965)
Purchase and retirement of preferred stock (583)
Common stock issued pursuant to dividend
reinvestment and employee plans 45,130 27,574
Decrease in redeemable preferred stock (12) (135)
-----------------------------------------------------------------------------------------------
Net cash used by financing activities (978,927) (1,288,795)
-----------------------------------------------------------------------------------------------
Decrease in cash and due from banks (379,147) (352,809)
Cash and due from banks at beginning of year 2,611,765 2,558,509
-----------------------------------------------------------------------------------------------
Cash and due from banks at September 30 $ 2,232,618 $ 2,205,700
-----------------------------------------------------------------------------------------------
For the nine months ended September 30, 1996 and September 30, 1995, interest paid totaled $1.0
million in each period and income taxes paid totaled $224 million and $157 million,
respectively. Loans transferred to foreclosed property totaled $14 million in 1996, and $9
million in 1995. Available for sale securities transferred to held to maturity totaled $95
million for the nine months ended September 30, 1996. In 1995, assets and liabilities of
purchased subsidiaries at dates of acquisition included investment securities of $93 million,
loans of $168 million, other assets of $37 million, deposits of $258 million and other
liabilities of $3 million.
- 4 -