1
Exhibit 99.2
Reconciliation of selected annual and quarterly financial data from amounts
previously reported
Certain reclassifications of nonrefundable loan fees and certain direct loan
origination costs have been made to prior period financial statements filed
on Form 10-K for each of the years 1989 through 1992 and on Form 10-Q for
each quarter in 1992 and 1993 to conform with the current period
presentation. Additionally, certain income previously included in trust
income has been reclassified to interest income from loans.
The following tables reconcile the amounts previously reported with the
reclassified amounts.
2
Exhibit 99.2
(continued)
FIRST EMPIRE STATE CORPORATION
Reconciliation of Selected Annual Financial Data
From Amounts Previously Reported
Year ended December 31,
-------------------------------------------------------------------------
1992 1991
----------------------------------- ------------------------------------
Previously Previously
dollars in thousands Reported Reclass Reclassified Reported Reclass Reclassified
- ------------------------------------ ----------------------------------- ------------------------------------
Interest income:
Loans and leases, including fees 602,017 915 602,932 592,021 374 592,395
Money-market assets
Deposits at banks 1,083 1,083 7,864 7,864
Federal funds sold and agreements
to resell securities 18,100 18,100 5,322 5,322
Trading account 2,927 2,927 15,716 15,716
Investment securities
Fully taxable 125,529 125,529 138,808 138,808
Exempt from federal taxes 5,906 5,906 9,292 9,292
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest income 755,562 915 756,477 769,023 374 769,397
- ------------------------------------ ----------------------------------- ------------------------------------
Interest expense:
NOW accounts 16,544 16,544 27,418 27,418
Savings deposits 110,142 110,142 123,468 123,468
Time deposits 153,588 153,588 242,684 242,684
Deposits at foreign office 4,348 4,348 9,014 9,014
Short-term borrowings 38,386 38,386 36,972 36,972
Long-term borrowings and capital leases 590 590 659 659
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest expense 323,598 0 323,598 440,215 0 440,215
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income 431,964 915 432,879 328,808 374 329,182
Provision for possible credit losses 84,989 84,989 63,412 63,412
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income after provision
for possible credit losses 346,975 915 347,890 265,396 374 265,770
- ------------------------------------ ----------------------------------- ------------------------------------
Other income:
Trust income 17,820 (915) 16,905 12,221 (374) 11,847
Service charges on deposit accounts 28,372 28,372 20,688 20,688
Merchant discount and other credit card fees 6,728 6,728 5,776 5,776
Trading account profits 1,684 1,684 5,015 5,015
Gain on sales of bank investment securities 28,050 28,050 450 450
Gain on sales of venture capital investments 3,230 3,230 2,064 2,064
Other revenues from operations 48,393 (7,136) 41,257 35,815 (3,969) 31,846
- ------------------------------------ ----------------------------------- ------------------------------------
Total other income 134,277 (8,051) 126,226 82,029 (4,343) 77,686
- ------------------------------------ ----------------------------------- ------------------------------------
Other expense:
Salaries and employee benefits 136,470 (5,719) 130,751 106,446 (3,245) 103,201
Equipment and net occupancy 41,659 41,659 33,350 33,350
Printing, postage and supplies 13,111 13,111 10,727 10,727
Deposit insurance 17,783 17,783 15,222 15,222
Other costs of operations 109,451 (1,417) 108,034 66,885 (724) 66,161
- ------------------------------------ ----------------------------------- ------------------------------------
Total other expense 318,474 (7,136) 311,338 232,630 (3,969) 228,661
- ------------------------------------ ----------------------------------- ------------------------------------
Income before income taxes and
accounting change 162,778 0 162,778 114,795 0 114,795
Applicable income taxes 64,841 64,841 47,601 47,601
- ------------------------------------ ----------------------------------- ------------------------------------
Income before accounting change 97,937 0 97,937 67,194 0 67,194
Cumulative effect of accounting change 0 0 0 0
- ------------------------------------ ----------------------------------- ------------------------------------
Net income 97,937 0 97,937 67,194 0 67,194
==================================== =================================== ====================================
2.1
Exhibit 99.2
(continued)
FIRST EMPIRE STATE CORPORATION
Reconciliation of Selected Annual Financial Data
From Amounts Previously Reported
Year ended December 31,
-------------------------------------------------------------------------
1990 1989
----------------------------------- ------------------------------------
Previously Previously
dollars in thousands Reported Reclass Reclassified Reported Reclass Reclassified
- ------------------------------------ ----------------------------------- ------------------------------------
Interest income:
Loans and leases, including fees 522,363 92 522,455 440,258 77 440,335
Money-market assets
Deposits at banks 18,424 18,424 33,691 33,691
Federal funds sold and agreements
to resell securities 7,689 7,689 7,265 7,265
Trading account 5,151 5,151 4,115 4,115
Investment securities
Fully taxable 95,398 95,398 83,381 83,381
Exempt from federal taxes 8,351 8,351 7,926 7,926
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest income 657,376 92 657,468 576,636 77 576,713
- ------------------------------------ ----------------------------------- ------------------------------------
Interest expense:
NOW accounts 24,190 24,190 22,848 22,848
Savings deposits 70,857 70,857 55,498 55,498
Time deposits 247,284 247,284 234,644 234,644
Deposits at foreign office 12,008 12,008 20,887 20,887
Short-term borrowings 72,088 72,088 49,718 49,718
Long-term borrowings and capital leases 501 501 825 825
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest expense 426,928 0 426,928 384,420 0 384,420
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income 230,448 92 230,540 192,216 77 192,293
Provision for possible credit losses 27,412 27,412 15,285 15,285
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income after provision
for possible credit losses 203,036 92 203,128 176,931 77 177,008
- ------------------------------------ ----------------------------------- ------------------------------------
Other income:
Trust income 9,788 (92) 9,696 8,790 (77) 8,713
Service charges on deposit accounts 17,427 17,427 14,950 14,950
Merchant discount and other credit card fees 5,887 5,887 5,157 5,157
Trading account profits 284 284 362 362
Gain on sales of bank investment securities 4 4 1,145 1,145
Gain on sales of venture capital investments 727 727 513 513
Other revenues from operations 21,471 (2,758) 18,713 19,973 (1,852) 18,121
- ------------------------------------ ----------------------------------- ------------------------------------
Total other income 55,588 (2,850) 52,738 50,890 (1,929) 48,961
- ------------------------------------ ----------------------------------- ------------------------------------
Other expense:
Salaries and employee benefits 88,024 (2,140) 85,884 79,664 (1,348) 78,316
Equipment and net occupancy 28,617 28,617 22,588 22,588
Printing, postage and supplies 7,603 7,603 6,254 6,254
Deposit insurance 6,680 6,680 3,800 3,800
Other costs of operations 42,967 (618) 42,349 39,163 (504) 38,659
- ------------------------------------ ----------------------------------- ------------------------------------
Total other expense 173,891 (2,758) 171,133 151,469 (1,852) 149,617
- ------------------------------------ ----------------------------------- ------------------------------------
Income before income taxes and
accounting change 84,733 0 84,733 76,352 0 76,352
Applicable income taxes 30,791 30,791 25,646 25,646
- ------------------------------------ ----------------------------------- ------------------------------------
Income before accounting change 53,942 0 53,942 50,706 0 50,706
Cumulative effect of accounting change 0 0 (9,455) (9,455)
- ------------------------------------ ----------------------------------- ------------------------------------
Net income 53,942 0 53,942 41,251 0 41,251
==================================== =================================== ====================================
3
Exhibit 99.2
(continued)
FIRST EMPIRE STATE CORPORATION
Reconciliation of Selected Quarterly Financial Data
From Amounts Previously Reported
Three months ended
-------------------------------------------------------------------------
September 30, 1993 June 30, 1993
----------------------------------- ------------------------------------
Previously Previously
dollars in thousands Reported Reclass Reclassified Reported Reclass Reclassified
- ------------------------------------ ----------------------------------- ------------------------------------
Interest income:
Loans and leases, including fees 152,368 241 152,609 152,869 284 153,153
Money-market assets
Deposits at banks 1,897 1,897 1,780 1,780
Federal funds sold and agreements
to resell securities 2,953 2,953 6,468 6,468
Trading account 202 202 557 557
Investment securities
Fully taxable 25,653 25,653 25,804 25,804
Exempt from federal taxes 567 567 649 649
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest income 183,640 241 183,881 188,127 284 188,411
- ------------------------------------ ----------------------------------- ------------------------------------
Interest expense:
NOW accounts 3,204 3,204 3,198 3,198
Savings deposits 22,108 22,108 22,694 22,694
Time deposits 23,499 23,499 26,020 26,020
Deposits at foreign office 827 827 790 790
Short-term borrowings 14,837 14,837 14,820 14,820
Long-term borrowings and capital leases 1,539 1,539 1,540 1,540
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest expense 66,014 0 66,014 69,062 0 69,062
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income 117,626 241 117,867 119,065 284 119,349
Provision for possible credit losses 19,715 19,715 20,215 20,215
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income after provision
for possible credit losses 97,911 241 98,152 98,850 284 99,134
- ------------------------------------ ----------------------------------- ------------------------------------
Other income:
Trust income 6,024 (241) 5,783 6,032 (284) 5,748
Service charges on deposit accounts 8,585 8,585 8,244 8,244
Merchant discount and other credit card fees 2,010 2,010 1,979 1,979
Trading account profits 840 840 280 280
Gain on sales of bank investment securities 68 68 (21) (21)
Gain on sales of venture capital investments 668 668 592 592
Other revenues from operations 12,549 (3,019) 9,530 13,861 (3,192) 10,669
- ------------------------------------ ----------------------------------- ------------------------------------
Total other income 30,744 (3,260) 27,484 30,967 (3,476) 27,491
- ------------------------------------ ----------------------------------- ------------------------------------
Other expense:
Salaries and employee benefits 42,530 (2,365) 40,165 38,681 (2,625) 36,056
Equipment and net occupancy 12,470 12,470 11,713 11,713
Printing, postage and supplies 2,905 2,905 3,366 3,366
Deposit insurance 4,271 4,271 4,603 4,603
Other costs of operations 21,269 (654) 20,615 29,395 (567) 28,828
- ------------------------------------ ----------------------------------- ------------------------------------
Total other expense 83,445 (3,019) 80,426 87,758 (3,192) 84,566
- ------------------------------------ ----------------------------------- ------------------------------------
Income before income taxes and
accounting change 45,210 0 45,210 42,059 0 42,059
Applicable income taxes 19,358 19,358 16,874 16,874
- ------------------------------------ ----------------------------------- ------------------------------------
Income before accounting change 25,852 0 25,852 25,185 0 25,185
Cumulative effect of accounting change 0 0 0 0
- ------------------------------------ ----------------------------------- ------------------------------------
Net income 25,852 0 25,852 25,185 0 25,185
==================================== =================================== ====================================
3.1
Exhibit 99.2
(continued)
FIRST EMPIRE STATE CORPORATION
Reconciliation of Selected Quarterly Financial Data
From Amounts Previously Reported
Three months ended
-----------------------------------
March 31, 1993
-----------------------------------
Previously
dollars in thousands Reported Reclass Reclassified
- ------------------------------------ -----------------------------------
Interest income:
Loans and leases, including fees 152,588 255 152,843
Money-market assets
Deposits at banks 1,510 1,510
Federal funds sold and agreements
to resell securities 6,006 6,006
Trading account 269 269
Investment securities
Fully taxable 22,385 22,385
Exempt from federal taxes 683 683
- ------------------------------------ -----------------------------------
Total interest income 183,441 255 183,696
- ------------------------------------ -----------------------------------
Interest expense:
NOW accounts 3,651 3,651
Savings deposits 24,218 24,218
Time deposits 28,399 28,399
Deposits at foreign office 838 838
Short-term borrowings 9,390 9,390
Long-term borrowings and capital leases 1,540 1,540
- ------------------------------------ -----------------------------------
Total interest expense 68,036 0 68,036
- ------------------------------------ -----------------------------------
Net interest income 115,405 255 115,660
Provision for possible credit losses 18,315 18,315
- ------------------------------------ -----------------------------------
Net interest income after provision
for possible credit losses 97,090 255 97,345
- ------------------------------------ -----------------------------------
Other income:
Trust income 5,923 (255) 5,668
Service charges on deposit accounts 7,321 7,321
Merchant discount and other credit card fees 1,984 1,984
Trading account profits 754 754
Gain on sales of bank investment securities 823 823
Gain on sales of venture capital investments 536 536
Other revenues from operations 11,310 (1,529) 9,781
- ------------------------------------ -----------------------------------
Total other income 28,651 (1,784) 28,867
- ------------------------------------ -----------------------------------
Other expense:
Salaries and employee benefits 41,082 (1,167) 39,915
Equipment and net occupancy 11,839 11,839
Printing, postage and supplies 3,612 3,612
Deposit insurance 4,539 4,539
Other costs of operations 23,896 (362) 23,534
- ------------------------------------ -----------------------------------
Total other expense 84,968 (1,529) 83,439
- ------------------------------------ -----------------------------------
Income before income taxes and
accounting change 40,773 0 40,773
Applicable income taxes 16,451 16,451
- ------------------------------------ -----------------------------------
Income before accounting change 24,322 0 24,322
Cumulative effect of accounting change 0 0
- ------------------------------------ -----------------------------------
Net income 24,322 0 24,322
==================================== ===================================
4
Exhibit 99.2
(continued)
FIRST EMPIRE STATE CORPORATION
Reconciliation of Selected Quarterly Financial Data
From Amounts Previously Reported
Three months ended
-------------------------------------------------------------------------
December 31, 1992 September 30, 1992
----------------------------------- ------------------------------------
Previously Previously
dollars in thousands Reported Reclass Reclassified Reported Reclass Reclassified
- ------------------------------------ ----------------------------------- ------------------------------------
Interest income:
Loans and leases, including fees 153,377 161 153,538 160,088 216 160,304
Money-market assets
Deposits at banks 766 766 77 77
Federal funds sold and agreements
to resell securities 7,538 7,538 4,974 4,974
Trading account 538 538 1,076 1,076
Investment securities
Fully taxable 25,084 25,084 26,435 26,435
Exempt from federal taxes 1,044 1,044 1,365 1,365
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest income 188,347 161 188,508 194,015 216 194,231
- ------------------------------------ ----------------------------------- ------------------------------------
Interest expense:
NOW accounts 4,013 4,013 4,481 4,481
Savings deposits 26,042 26,042 29,460 29,460
Time deposits 32,581 32,581 37,692 37,692
Deposits at foreign office 898 898 831 831
Short-term borrowings 11,080 11,080 7,569 7,569
Long-term borrowings and capital leases 391 391 44 44
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest expense 75,005 0 75,005 80,077 0 80,077
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income 113,342 161 113,503 113,938 216 114,154
Provision for possible credit losses 21,424 21,424 21,720 21,720
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income after provision
for possible credit losses 91,918 161 92,079 92,218 216 92,434
- ------------------------------------ ----------------------------------- ------------------------------------
Other income:
Trust income 5,489 (161) 5,328 4,499 (216) 4,283
Service charges on deposit accounts 7,792 7,792 7,752 7,752
Merchant discount and other credit card fees 2,056 2,056 1,765 1,765
Trading account profits 303 303 471 471
Gain on sales of bank investment securities (720) (720) 780 780
Gain on sales of venture capital investments 405 405 435 435
Other revenues from operations 17,309 (1,155) 16,154 10,780 (2,238) 8,542
- ------------------------------------ ----------------------------------- ------------------------------------
Total other income 32,634 (1,316) 31,318 26,482 (2,454) 24,028
- ------------------------------------ ----------------------------------- ------------------------------------
Other expense:
Salaries and employee benefits 37,273 (622) 36,651 37,483 (1,763) 35,720
Equipment and net occupancy 13,166 13,166 11,164 11,164
Printing, postage and supplies 4,139 4,139 2,873 2,873
Deposit insurance 4,700 4,700 4,733 4,733
Other costs of operations 29,837 (533) 29,304 27,903 (475) 27,428
- ------------------------------------ ----------------------------------- ------------------------------------
Total other expense 89,115 (1,155) 87,960 84,156 (2,238) 81,918
- ------------------------------------ ----------------------------------- ------------------------------------
Income before income taxes and
accounting change 35,437 0 35,437 34,544 0 34,544
Applicable income taxes 13,812 13,812 13,532 13,532
- ------------------------------------ ----------------------------------- ------------------------------------
Income before accounting change 21,625 0 21,625 21,012 0 21,012
Cumulative effect of accounting change 0 0 0 0
- ------------------------------------ ----------------------------------- ------------------------------------
Net income 21,625 0 21,625 21,012 0 21,012
==================================== =================================== ====================================
4.1
Exhibit 99.2
(continued)
FIRST EMPIRE STATE CORPORATION
Reconciliation of Selected Quarterly Financial Data
From Amounts Previously Reported
Three months ended
-------------------------------------------------------------------------
June 30, 1992 March 31, 1992
----------------------------------- ------------------------------------
Previously Previously
dollars in thousands Reported Reclass Reclassified Reported Reclass Reclassified
- ------------------------------------ ----------------------------------- ------------------------------------
Interest income:
Loans and leases, including fees 143,850 261 144,111 144,702 277 144,979
Money-market assets
Deposits at banks 240 240 0 0
Federal funds sold and agreements
to resell securities 3,805 3,805 1,783 1,783
Trading account 486 486 827 827
Investment securities
Fully taxable 33,589 33,589 40,421 40,421
Exempt from federal taxes 1,747 1,747 1,750 1,750
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest income 183,717 261 183,978 189,483 277 189,760
- ------------------------------------ ----------------------------------- ------------------------------------
Interest expense:
NOW accounts 3,891 3,891 4,159 4,159
Savings deposits 27,011 27,011 27,629 27,629
Time deposits 38,586 38,586 44,729 44,729
Deposits at foreign office 1,194 1,194 1,425 1,425
Short-term borrowings 10,047 10,047 9,690 9,690
Long-term borrowings and capital leases 47 47 108 108
- ------------------------------------ ----------------------------------- ------------------------------------
Total interest expense 80,776 0 80,776 87,740 0 87,740
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income 102,941 261 103,202 101,743 277 102,020
Provision for possible credit losses 24,127 24,127 17,718 17,718
- ------------------------------------ ----------------------------------- ------------------------------------
Net interest income after provision
for possible credit losses 78,814 261 79,075 84,025 277 84,302
- ------------------------------------ ----------------------------------- ------------------------------------
Other income:
Trust income 4,002 (261) 3,741 3,830 (277) 3,553
Service charges on deposit accounts 6,302 6,302 6,526 6,526
Merchant discount and other credit card fees 1,475 1,475 1,432 1,432
Trading account profits 955 955 (45) (45)
Gain on sales of bank investment securities 13,620 13,620 14,370 14,370
Gain on sales of venture capital investments 1,029 1,029 1,361 1,361
Other revenues from operations 10,127 (1,779) 8,348 10,177 (1,964) 8,213
- ------------------------------------ ----------------------------------- ------------------------------------
Total other income 37,510 (2,040) 35,470 37,651 (2,241) 35,410
- ------------------------------------ ----------------------------------- ------------------------------------
Other expense:
Salaries and employee benefits 30,570 (1,568) 29,002 31,144 (1,766) 29,378
Equipment and net occupancy 8,610 8,610 8,719 8,719
Printing, postage and supplies 2,868 2,868 3,231 3,231
Deposit insurance 4,175 4,175 4,175 4,175
Other costs of operations 23,957 (211) 23,746 27,754 (198) 27,556
- ------------------------------------ ----------------------------------- ------------------------------------
Total other expense 70,180 (1,779) 68,401 75,023 (1,964) 73,059
- ------------------------------------ ----------------------------------- ------------------------------------
Income before income taxes and
accounting change 46,144 0 46,144 46,653 0 46,653
Applicable income taxes 18,382 18,382 19,115 19,115
- ------------------------------------ ----------------------------------- ------------------------------------
Income before accounting change 27,762 0 27,762 27,538 0 27,538
Cumulative effect of accounting change 0 0 0 0
- ------------------------------------ ----------------------------------- ------------------------------------
Net income 27,762 0 27,762 27,538 0 27,538
==================================== =================================== ====================================