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Exhibit 99. Earnings statement for the 12 months ended June 30, 1994
FIRST AMERICAN CORPORATION
AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
12 MONTHS ENDED JUNE 30, 1994
(IN THOUSANDS)
INTEREST INCOME
Interest and fees on loans $314,442
Interest and dividends on securities 126,446
Interest on Federal funds sold and securities
purchased under agreements to resell 4,944
Interest on time deposits with other banks and other interest 929
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Total interest income 446,761
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INTEREST EXPENSE
Interest on deposits:
NOW accounts 15,184
Money market accounts 51,100
Regular savings 10,154
Certificates of deposit under $100,000 42,112
Certificates of deposit $100,000 and over 12,446
Other time and foreign 15,785
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Total interest on deposits 146,781
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Interest on short-term borrowings 20,980
Interest on long-term debt 4,450
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Total interest expense 172,211
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NET INTEREST INCOME 274,550
PROVISION FOR LOAN LOSSES (34,000)
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 308,550
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NON-INTEREST INCOME
Service charges on deposit accounts 40,382
Commissions and fees on fiduciary activities 16,280
Investment services income 8,293
Merchant discount fees 6,914
Trading account revenue 2,134
Net gain on sale of securities available for sale 30
Other income 23,832
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Total non-interest income 97,865
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NON-INTEREST EXPENSE
Salaries and employee benefits 122,965
Net occupancy expense 21,373
Equipment expense 14,553
Systems and processing expense 13,011
FDIC insurance expense 12,339
Contribution to First American Foundation 10,000
Communication expense 7,591
Supplies expense 4,762
Foreclosed properties expense (income), net (1,348)
Other expenses 39,399
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Total non-interest expense 244,645
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Income before income tax expense and cumulative effect of changes
in accounting principles 161,770
Income tax expense 59,323
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Income before cumulative effect of changes in accounting principles 102,447
Cumulative effect of changes in accounting principles, net of tax (1,300)
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NET INCOME $101,147
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PER COMMON SHARE:
Income before cumulative effect of changes in accounting principles $ 3.94
Cumulative effect of changes in accounting principles, net of tax (0.05)
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Net income $ 3.89
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Weighted average common shares outstanding 26,010
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