EXHIBIT 13.1
SELECTED FINANCIAL DATA
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STATE STREET BOSTON CORPORATION
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Compound
Growth
(Dollars in millions, Rate
except per share data) 1995 1994 1993 1992 1991 1990 90-95
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OPERATING RESULTS
Fee revenue....................... $1,119.1 $1,017.3 $ 865.6 $ 743.5 $ 596.4 $ 530.5 16%
Gain on sale of credit card loan
portfolio...................... 56.2
Interest revenue - taxable
equivalent..................... 1,371.5 961.3 751.3 770.7 803.7 874.5 9
Interest expense.................. 907.2 544.1 394.1 449.6 487.6 567.4 10
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Net interest revenue - taxable
equivalent................. 464.3 417.2 357.2 321.1 316.1 307.1 9
Provision for loan losses......... 8.0 11.6 11.3 12.2 60.0 45.7
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Total revenue.................. 1,575.4 1,422.9 1,211.5 1,052.4 908.7 791.9 15
Operating expenses................ 1,174.0 1,057.8 898.7 766.3 646.6 573.1 15
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Income before income taxes on
a taxable equivalent basis. 401.4 365.1 312.8 286.1 262.1 218.8 13
Income taxes...................... 119.4 119.7 101.7 100.7 89.8 68.7
Taxable equivalent adjustment..... 34.9 25.1 21.7 15.3 21.0 23.0
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Net Income..................... $ 247.1 $ 220.3 $ 189.4 $ 170.1 $ 151.3 $ 127.1 14
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PER SHARE
Earnings:
Primary........................ $ 2.98 $ 2.66 $ 2.30 $ 2.07 $ 1.87 $ 1.59 13
Fully diluted.................. 2.95 2.64 2.28 2.04 1.83 1.56 14
Cash dividends declared........... .68 .60 .52 .445 .385 .34 15
Book value at year end............ 19.27 16.22 14.68 12.83 11.11 9.61 15
Closing price..................... 45.00 28.63 37.50 43.75 32.13 17.44 21
Fully diluted shares outstanding.. 83,843 83,454 83,149 83,670 83,088 81,927
ANNUAL AVERAGES
Interest-earning assets........... $ 23,120 $ 19,927 $ 16,885 $ 14,504 $10,680 $ 9,369 20
Total assets...................... 26,182 22,795 18,927 16,255 12,194 10,709 20
Noninterest-bearing deposits...... 4,113 4,701 4,059 3,305 2,674 2,453 11
Foreign deposits.................. 8,470 7,392 4,954 3,955 2,648 2,223 31
Long-term debt.................... 127 128 122 146 146 114 2
Stockholders' equity.............. 1,483 1,284 1,125 970 844 707 16
RATIOS
Return on equity.................. 16.7% 17.2% 16.8% 17.5% 17.9% 18.0%
Return on assets.................. .94 .97 1.00 1.05 1.24 1.19
Total risk-based capital.......... 14.5 14.2 13.1 15.0 16.7 13.8
Internal capital generation rate.. 12.9 13.3 13.1 13.8 14.3 14.2
Leverage.......................... 5.6 5.6 5.5 6.1 6.5 6.5
Employees at year end............. 11,324 11,528 10,445 9,698 8,670 8,545 6
o In 1995, State Street acquired Investors Fiduciary Trust Company in a transaction accounted for as a pooling of
interests. All prior period information has been restated to reflect this acquisition.
o Results for 1991 include a non-recurring gain on the sale of the credit card loan portfolio, which increased
net income $32.6 million, equal to $.41 primary and $.40 fully diluted per share.
o Per share amounts for 1990 and 1991 have been restated to reflect a two-for-one stock split distributed in
1992.