ML20238F543
| ML20238F543 | |
| Person / Time | |
|---|---|
| Site: | Beaver Valley |
| Issue date: | 12/31/1986 |
| From: | Butcher W, Labrecque T CHASE MANHATTAN CORP. |
| To: | |
| Shared Package | |
| ML20238F529 | List: |
| References | |
| NUDOCS 8709160218 | |
| Download: ML20238F543 (132) | |
Text
Y R)""^**
64fyygo
" A"" *"
/AP//74
@'Reo g(ff'f l
W" L
1y
\\
Increased deregidation of world Snancial markets, particidarly in the United States, will residt in our aggressitxly competing in a series of new markets not only against our traditional competition, j
but also against an expanded universe of new competitors.
j This environment will provide signi6 cant opportunities for institutions that can effectiixly manage change, respond to the need for tec}mologicalinnovation, and take advantage of market opportunities.
As a residt of our Snancial strength size, broad geographic netitork, ditersifed customer bass highly professional staff and broad product and service capability, our unique franclise positions us ueil to lead.the competition in this challenging environment.
88"t88sR 8? Rata
~
9
~
- j. f.
'g t
. -f
. h l'
,5 $
e,,,. i fl..d. L..,e.
'.*v,M,
.b rv,o
- . i i
['
e;,. '..',e.f.,"..,./,,
k h'.:, * ',', '.,. >l[ '1 ',.
O I
.k
', [ f e',
..'[4lg.pi.'..,..'.,'I
,'4 f
, :.j i,.l4.,,(y1c. e.f t',
c.,,e
..e f '... '3., i, w. r
- .T
+t
... h,. *;.u.-.,
%.,')
r I,~c' l
.I :.
.. -., ' <.. "...,%,, J.1
.J., :i.~., f.
..i. :.,f l. '.
o y, ll, ',, ~Q
..,..,e, v. ',..
n!
r
,w.-
p.p,..;
3 k, '*', q',. a y..:..,..,
s'.
.c
.c<,
(.
ar
,1'-
.P.
_I' e.. e.,-
' ?, ; '.. ;L - '
p L 1 i.i..,D..'
- l,,
l.,
-. vl %".;
t
,..n -< 9 ) V. ' ' ~ h ',,.?,
' ' k,. o.,J=I,.
'.' ,. er.y ' ', + ' t l. if. }
As.- h,'
..!,'. p. d f 'y,.,.,.e,.p,f
, [ '.:,' p '. !!> t. 5,.d
,',t,.',
~- -
' ; q 6,* W }.h.o,' tl.l."y7 g- '.. /,'(],q,j, (,
5
,y y a *,9..' *.
g
.P ', s a-5 t.
,'!4.8.,j... '.* d .' '8 l ' (
c.,
i ;,i c.,, [.e, 'e, s
,..; f
- -,.i.
8l
.t*
.t*
,, ',,.'j}
,. j g
,h' b
.. 9 *$
. "'t,6' J',, ' f f -, -
(
f.
.y.. p :,,'p,3s'.
y
,.,,....,6',y.
,'/
-i i q,.
- P
-$, i J ;4.,
p
.se, ; s e,y < ; i, p.4.
.T
+-
3, 4
,.f, I[ ',..<c, '. ai,,'_e.:' Tf n,gy,
.% Q :, _., c,/,/
g o
r q,:,,
'f.J l ;!
'g,i 9 f,., 4, f. N.,J ',;.-1, 1
Y,.M h,
l.l: =,;,;: 'f :. : p,,U;. lJ -. _; i.:.'.< ':
. e
? i:'j:,;i
,/ N.., l.3 ', i.,a
.. i.,.: C. y h. ';r,. y ] ; ';3 >. } ],f.",
c".',
. Q
..i.
s.
ga y ;.,
4,.
.. t 'p
...'l .
,.;,[s, 4
l
- ,;.'- ', *,..,1i.
s,s i ' ' i. '. ' s'
..v:
.*['
.s.
3,l,'
,r.
,' ( f' 8 U
- < T..F '.. 4,
- f
p.
lnM
- '.,l,,n,l.~..'.f.
H'.8,...
4i
?.
- ) ' ', /,' '3 (:
3-T. i, ; ?.';.* -; <
g ' ; ' ' '1 ' ;c[,
1
- ; -l, ' : -'
a
. 1
, f' p-'
L
\\ 1:
v.
y-
', q, $ h.,..... g p.'
,3'..
.?,
.(.., k -]!Nh,f S,
.?~
'~'
,, ' i, g; i :
, [ 5,(l
- f '
T,. -
'. i. ;- ?
.e.
.s
- ,[(' '
f, ' -
.,',,'lc-(+;,....'. g '
..q.c.
q
[,
!i - ;...=.
hp,hh."k g. [!
'p'
,7. '.,'.,..#I.I,..','
/, <,
[
i '[
- , - - [ " ' ?. :[..
j.
.g: F$.
'.N. o~,,r'..-...',
'.(. 'r
', i:,,,
y.ff4,e...,. f i..-
i?. '.,
gi
-q gg' ga. ;
',jf.,,'. rc, ;. /. 0,.,c., ',* l 4
n.
l'
., '. ; ;.f; g
t
' g ',,.
- r, )
>t
./j y, ;.,..'.
,,s.-
s...
r,; p,.
p '.,
..,.:fc,;
t
- /',.-
. '?./..
p' ' s,..q 4 -
i
,. )..
."..'.j,g,t.'a P
r..
.t
'r *
,. i', $.
,t
. s. -.
i.c
,- i ;
.N T
g
.,.,ip,*,',...'*'.;~..l.
"a
. e.l s c,.
,,.,.i,a.. ~. '.,
.,tL, r.
,s-
...,..... t - '. l,. _.a- _. i '.
,, ' g.,'..,a. &. ' 3,, >,,. f. 1 A'.
,,e.......,:....,.
_.p'>
.. ', *$ ?t a. i pp,
,_' l
- 6.
't,
.,e
,,, I f
,.A.,yJ.,s',',,.
- )
..'.,..*+,9,.p*f,
,v i l ;,+;,;,L, ; \\.
q,.
,e; ;
1.
..:L,
..s,
. i
.:.- i n;
j
.....,.,,e o
, ',, - ] $. 3 '.;,], ",.. n :: %f%, r *,.;) ;r p.
v
, v,
' y,1...
e :
r a ;. y. '
y;'
.., ;....s':
l;..,.:.
- t,.: -
.., ~
.g, e,.
',,i.-
i.
,,l,' : l g [ q' I,'.. :, ' '. ' ', ' _,
..a t._
W-c,
- v
',' 'p.,lf C-[" '; g pf ...,: -./,, -.
..iV.,, -..,
..', I - ji-
... i
.,, A -.
f,',,l j., - ' l '..,' '. ; ; ;; /
,, 1 g4
[,*',3,.
, '. y -
/$ - '
4.
- v.,9{,-
7; j
., ', 9,;
S.,
j*
c-,..
r-A rit u
.I :. >n, 4 -
.s;
- .- +>
s
-g':
..' l.i -., ',.;.~f,
- 1..'
., "7. ~.,# m -
- f., I '.
- ,,j s
{i.'. p ';.;.8 '. * ; '.,. $ i, ' - 'i ' ', '
g,q '.'; ',l q ': ~ };,. r - y '>:._ J., ; %, )....A s
.:...,l! ( l' 3 %
4 :) Y r):;, ;, v; ; c ':)h J, ]. ' yg. ',%,..,(,";.
-a
' }
c
- ?ll.c s, Q. j 7,
.g J,[' ', ;::, Q.,,... _ ',
'.QI. : " ;
- y %.,.. _ y f ';,j, ' q.
t,
- : l _
- h,;,
+
} -Q J, %i lf,.,' ?[..);[;.f.},... r. 3,...
f._'.y<
y; ;,: ;..l.R...,.. '.,
L -
- 9 g
4 y
s',,:.',',
...$ ',_.[;
s-
,,, i -
,.,,,. j.,.
e..
y.., ; [jyf[,Q)_ };. 'l.
..,, _,. j e i, p
f:
i l, e
',,., ':.f j,
,..hs4,.
1.
- r. p
" Q}y
.. _, ;,.. ;,f f':.W. :.Q,y e.
'c.',,
,.. ' 4.:.- I *. '
v.-I.
.f j
. y ' -l y ', '
s l J.'..s ;'.j l1.,@ (,.3. L,%,,.!.:. J e
. '.,. '.* - I
y.',.'.,
C,'.$?
.r:
m d
- Q "...., <.}:), \\
...,.,,, ' '...,.,.,.e.
2
, 'i.::'
,.L:..,' ',',, [. :... l ' < ' ; ;_
[ : Q, :.,' \\,. _.. ;[.
. '. )' l!; f'l;j :_ ;- q.,};.. j' k, t t
-l ie y.;:,.'
- .. [_ _, y [ j.
- ;.. :. 3 '
c' l _. ; " ;.. ;, -
c h
'f. / \\
,..,;,~ '
, g;31; -
.e_
..s...-
4,,
- e..,.,..
4,.
..F
.' l -
s. l_
'..t,;
' :1
.,, l
..x..
-r s,..
q,,,-
, A
-,.,,i.,<';,
.:, gf :.
4,.,...>'
e
- : ' 4..
ef.'
.c i s
,,,' 'p,1
.l'/,'..,* ' *, *,j, ' ^ l
-.,'.c i
- .,*.,3- '
- 3'
,..).
,t,i
'h
),,./
....'s t.,,
,,.6 d,
.j,
)' l e
, ?, 3., ; r,.; l,.,v f
, R _. ; e, f, p ' l,.,'. :' l. '.., 5_,; ' - '
L
,'t W
,,F'
> ', ', -,.s.,
n, f
- 7. e ;
,e 4-3.'.
.g
.a 4,,
3
.. *l.h ', '.,n (
's
(-
,,c'* - j,f, s
y(,.,
'- j 4,..
f.
,}'
.( i, i ' < '
l,.[..'*
f Je*
l ',... ; I
,i j f, ' '
- ' " '.' M.... :,'.,,i
,pgi..
',, ' ', ' lL 5.s.. -;
. i ad
'..t, 'I..
l
,.. (,, 5, h 1, '. -,[
.,a g
- .,_, ?,,,'..g$; ' _ ' ',' ' ' Y: e*
,.,. '. i,.-
. x. : { - o ls.eu
- 'i..
.:lk'. y -
, s,.i.i y
..i. -.
q,','-
- f. - }'
r y' >",. ;. - !.,;,: r c,
,1.V
.p- ',..-
6
}..,,-).,.
- . $ps..g,.,
1;..
g f. 7,1,3
'1P,.,'-
i,,,',o'
.,/f.
7 s,...;',,.
i
.3'
,, --_y',..,,..-:
.i. ; i.,,
,,e..
e.' :,,+,; ",., :
g, s
..g p -
g'. '.,
5. ql y i, _
4,
't ~......,,
.. '.,. ;fini i.
e 3 'f,.: ". a.-', ' I;, '.;.\\'.4,,.').,t
'b..','.',.
.( s p+, *-;,_ ;
1.:.. ;.* ' "
? ^.. 7,l -
'g,',,-
'.' '+
- ,.t. - '. ' !v; i.,.
'r.,,
- P,'
g,
,.. I,g-
.. ' '., ' ' N ' / -
i[ ^ [: ' '
,=
l r.
4 i
?
r, s.-.,,.,.. -
g
,,k g
1
, y 1,
,7
[.-. ~
'.l
'.,. > "[
).-
l'
' +.f,
' I
',bf
. i dr. ' ' ' '.
[.
c
\\
v'. '[
,'...k..[ r
,)
l
.g g 9 fr,.,.
p.9,co.,..,,,. -.
"I v e.e'
.., '. + tc.
n-
..,t.
,i
',, ',. ?r. i! F y' ' i. -
- a...ig'n,, yi,,.
s,,.,
i
>,.t
{.*j
.'s
,.',e'e
- .,,.'+, '
.6,'..
Q,j j.,+
'/'.-'i,~.;.';i,',.,.'- ed.
e'
',,c.,.,
.,, h,,,,.,,
,-. i.
,..-i t,:
~.. '. > E.P y.'.,.,,I.s.
g,,
y 7.,
r.
' f' *=.',i. :.,..pg
.r, e
,V' O
,,e
,,W
. t
.f
'.'I.'.
'.[.{i.
p
$.,;,. S" +;, ;, i..
.,.':. j. 4,
- y-
,a.,,'
.' ',,4.',
y
\\*
} i
,',5
, '. ' W P'~
- , '. _. - ' *..- f', ig,
,.? '.
.g
.a i
.p
.i
. /, y ' 9.'%,. 7l?-
..',g
[',, j
,8, '
.t i.
4
.,,s s
,,.g-
'?
'.., f.. y.';54., -
t-9 f *. J ', 'i.u ?J 'dP. '",, f,. ' p l ( [.'
,/
. J,
. ', '. 'lU s
( (, ;[, [ ',
I,j.0., ', l '
i
>..,,,'{ l. ] [.,, 1.[ ' h,lp [g.,., '
i
- [N!'g,% '
,' ( y[ : * " '
.?
- f.,, f.,,
(,s %j; v;\\.,.. W I. '
s
. ?n '. : ik.
'- f :. ;..
s-
... p'.:. f :.;;:
.i[ !( '
,.,. _~-.[*.'yy; e '! :,"
-,. ', p. ; y <,. ; : :'
- y..
+
}.a.,.,
i.
y, : ',
g.
'[ 6,
,,, [,.. '
' m:
. f....m,q v' ',,
,. r..,...,., y 5 ' '
n
,,,,[
.[;.-
.g.
4a.
}
I w
. * '.'m,. r '. n....., '
I _
..' p;
....,'.6.
{ j.. - # s.
+.
,.s '-'..l..
o.
N
..5,
,W.
sl
,,,,.,..-... i m/.,* r.
, +.... - - - -
. '. i
...h F'.;
, g.,'.;
g,-
{
/.,.
- )'
, y
.r. : e g'..
e.
,.,. -f 5..
- +. - '.. ~;
4.,,..,
.,1.'.
,8. ; },,.
. (_
c c-
,,a.,.
t
'./,- -
- 3. 7T'
... A
'y y,
c
(
? ",'. 6 ?._ ' i ' : ; * ' ' e '
1,,.' ;,, '
(
p-
,,.j'*7-
.t 7*
'n ', !,
_e f,.
}.,,
.., - ?.,!
f-
- '.;_, ' ',,". /, ' ' l l. ( - '-
}.' '
,^.f*
i. [',. [.,
,b. '.'. ;; '<' 3.
, 's.'_..
.T'
-,.4
- i
-,.J
(,'.
..,....,.4
...j,,"q..r.'- -. O - $ ;,,...'. -,.'.'
.N
-g i i
,..,*'..'h'
-l-
,'f.
f*i,
%,l' :, y,,
,9.,
..e-4 g-4,,
c.
- .,. )'
[.\\ r T '. ' ;s e ;,[. '. _.a.
'.e
.,a.,
..,.f e ?
..'r" - ', ',
t
' i v (. -,.-
t-
- 9
'.'s.
.,I.-I 4 '.' ' L.
^.i'.f*., ' ' *.i.,.
i @'
'P,',..g
?'
r,
.i i
,/..,g 3., '.
r.( '._ p _','
'.,I'(
p'
- ,<+o..
' - '. ' i i.
- i
'. i'
~ ' : '
.O
,1
,.i,c.,. '.,..,
t I..
,'.. -. - ; y' y,y.
- g...,,
.s.g 3'
.,f,..'.
Y i' -
j h
,. ' o k g*pg b','f,,,4.,
, ' c., ' -fq.'-
O'
" ' ,'.i, '
'-'l
'# [ (.,
.t
' h 'aq,1 4.
g.. '
,g
- %n n
j *,'. l < 3, ; -
i-
g, i,
. 3 '
d
,,o.,
/-
,.,;,r.,y,... f. 4t$ r
.,,p
",.h.
%,[g.,
.%, A,. "*
[. c',4*g j e
'p q.
g g
.. 'g;;.
,-.- +.'
,aI,
'J
., id
,4.3} T e ' N,; ' ',.g.IQ l' ' ' ' gk..
,a.
.. [t.,. ! 1.'.[.', i g.. '!.I * ' '." i. ' O N ',i. ' - G.'.. e.'
s.'
i, *..
J(
d N' i 1
'r,'..',
s E., '.'
-['
'.N.h,., I. ',,.[ ',
,s,',
. ' ;/ -..,
. h D i 5.
,e
.4*
t',f*,',I^'.-
o?
8 i
I',,..I',.,'.L
' '. ' e'
' ?. ' r d.,*' ',
f,.
- h.. (),,',,. f..,,'.b.]' ',,,,
%i k.. ! '. $ * \\ ' [
-c C
I,.,,=-
-' 6
,e{ -
i.I.
.).
i' !
Ip, m.
- i 3
3,,
4' 1*
4>t['.
'l'^
,'s.
,.r
.,8,g
,s
'c J './
'l'}. , W }',
i I e-,*'
's, 4
e
_a 4
, i- '. ' ' *., 's,' I '
' - - 4,) 'v. -
,..t.
'c!
',.g.
,, '. i'. i.,
9 " ; A' ' V , i ',' V J, '
.. % i _. ; p.
- : ',' '. l, * [ ' ',',L. '. 1 :;;fs ?, l'..i
#',i
? f J.. G " : f, ; e,k. ' $ 'f
..'.,,g,:-
,y
. '., *g g' ? ' lgl'. '.,, '.* " ~',;'. n*
^ ".
.},.
- 6. j. ;l&,' : : : :,'. _y t? :. +
o' e :> '.6;,
3,,. 4.
e_ ;,
e,:,- n " (,, ',.;.5, L
.{' 1 qw " \\\\
s ;
.s v3 : ;,.3,.Q_ ye '
4 j; ;n ( t'.),.%.
- ,l,~.
^ K ';
. m(:
np;g ; ):.Ly(i
,, /. },
.[.
t.
j3.'l'g)(:; 3,', j. _,;;;y 3,49,'x.,;,, u Q 7. :,.
,t q
(
_ ; b.... :..
.b: c;- y: '.., g. ;
n.=
v-4
.:,,3 o y
- i-
!;. h.,
- _Q
...,.4,' i.,'(g,','/)
- f., g,
,,s.
y, U, : ;,. ; ;, g., r3;[).p'g, n 4'f'7*,. n.9' "g g',M.' A ',. i Ye,'
/,. m,. j *: ' s ' -. d?
- 's
_P,3
.r
- , e +.
y*.
,.,'i.'.,,"/h m igg.hi ir.,
',i,
]..j.
,{,g
_-(..
j, y,
- /. ' !. :' v$ '- ' '.
,, * ', ',.lp. y %,
yv '..,;s.
.. 4 $ '* -
p' ! f
,i,. :, ; y, ;h,',..,.,. 1 V '.
. ' ' 'tj. ;;.
.v. A ) : > 2 :-;;. g; j e,g
.$,4. a' ; /.j.....,,
a,
'a i?..,
.?. s,. V,g f,. ' m. y ;..
, 4 :f.' : :
s.. '. o :
. :: a.. : ::n.,.q.p: c :... :,,... ;m: ],;.o.
s u
, ; ;v y:;..;qh.p?"Q';f:.'..i,
.,~.., - :_;
0L y 0 : " q s,,-
s.
i e.
.,ae
.G,[';Y,ll[;.
'k, ;f
.b
'll. ;.kl 3l;..
., '?
- );f.f.., f'
- 'f. fv._.
- fYGh
{
s;
.I"E,
..'I-8/
' 'E..
k 4.c, e, '.,,'. ',
5' f.
-.., '., *,b-
'9 h'Y li'.
"" : -. ;,'. N,;
5,n
,f~
'.., '. Y 'd
',' ' k f (. ' ' *
.,., ;I...",'
,b'
,A 4';'f g f, ; 'f )
', I d, t's
- N'.T '- '. '
b h f ',, %,' *.i.. ' , -
i ',
'h ;,, { 'g
. f.,[M.' '... :) ' l fi.
'. ' < id.f k i / '
fj.,.,
I; I 4.,,. hb'. A M ' ' ; f f
gp- ;
f k.O
_ jk;f. *,..
k.k h, f k.,.f!f.
. l'
,r b ( 3 p,i". }-{n 1.. 9.!. y. - ]y, ' a ' g'..., ; y[ ; ;,.., ?.
/. : ', '.,,,
- ',. y.., Je.",; N:y'..Qih;{ j, t ' g'y.j'g'7 j;,p'.y p l.
8,y.,,
i (',
,p
, s / 3i,
g J,.
,1'y.
...: /...
"1*
+-
, #.hl.i 4%'h, ty- (g,,,,$- l,13 _ y "
.. ;!.?,'.p " g 3'
1 i[
.,f
=
. 7l
', g
' /
'.'4, j',a #, '-
'..,;t',-,,a',
,,' i
%.,,.., '.,, ;*- - /,.-,
l:
)..!
'[. ' ' -
I=
[
i' ' - '.-
.'t r
,I..,
st
,..i,
( ;,}.i ; '
1
.-.,y,.;
,g
, j f.
-l
.'.3'
- -as-..
/
,.i
,!..,d,a-,,. ) y 't,- l '.,,.g,7,., *;,- ' :. * ' ".,k
._ g r, ir.+
3,,.,,,*,
e 3
i-
,c f,..,
- .. 4,. ' !,o;q l l '..",., ' '.., -,* '-
jh' f ;. g4 i,'.....,)"IN 8
i
..I
,y..
+,
,jl.,=.-L',.t.g.- '
'. '. ',g ;
.t,
.,".g,.
l
..,,,.,.;,"'.'.,,(
,..(s. *.. ; s,' g>,.gm>,..,.,,
. h,., 3
,.t,. aa p '
- -...,.- *., -j-
.,..',....J. -. ::, ' 9 -,,..,!..-
i s;.
, m a --,
n.
c.-
',,1
..,\\'u.
-. ~..,
p
~...
s
\\
. :g n.
$[
i -
'(,
.(,'.
- h...
[,
il
, if.y
.. [..,
..,.g, I
q..
ll.
f.
.l -:
.l':
l,I l
-['
, ', l'
}.,'
}{'..;,
~
.. ^
'A>r: _
v0, ; : fQ(.' g.[9 ;;,. /,..
. pgA
'..,.9,, 9 : >. '.f p.. ?
- li:
.I h. 4.. >._ ;;,. u.. u..,
?,,*
.q.'-
..)
..:ng t,+
, n.. ca,.
-6 y,v: j
- ./
- .,.'..".*
[ -
,,A n ;. i.s,
- t 1.,
'.9.
.c.
g.'
f (. ',l'
- .,,'./.
4,.l.:.. ' '. ".j..-,. - -,.
i.:
o.4',,
'< --.- i.,
',, -;. y t..- l i r.,'.
'- 4
.:. f 3.'.'
% 3:
m
. l,
. ~ >
AN y
' y -
.',.f
.. " ' 'y.
t,,.l.',.'
2.
..:$,r.....,.-
. 1....l'.
,*
- q - t, '..., ;.
.ig.
j-.
3 4
,.R >] - '. '.
n,
- b. T
,s
- ,.,,./..- -
., L j..
y s m,
, 4.,.
- ,.'..'.l
. 1
,,,)r...J,g,;..
,p li.
c,.
g
', ',. ;' 9
,,, i ]j y '.,, ' g..).
- A a
. : e. L
-. 4 y,.
"_-l 9
g
.u,..
,t., } ;. L. -
',,,(
-4
., r, ; :- ' : l, p
,i
- 7
- .7
.l '
,,q ' ( f
.pi,'., " - -
M.
'l. t, j r'Jq.
g " j ', '. '. g,,*
' f,c 6, f,;',s,;", p* ' 'i ;. [.. [
L.
' j-- ' ' l. ' l A' ',. i i :g ' '.. !.
i.., '
J.
,-.,,,,. g ' fi '-
- n.. ',
,,." ;q
,/ p,.,
g -lc j. ;*c
..c,.
.., : *..:, s g; !,n'A " ; '.,,,
y :.,, - ' '
'.I'
\\ '.
,.(.
. j
",,i.
j_ '
,,,,,,,y
\\
' 3.'.,u,_,
- )
- {;; ?:,'. _ (~, :,
(' '.., 'g ;f i. f', r r., '?;;.,., l., : O ' ".' ! '.' * $.
't : ., '. l' 1 s; N" :,
.,.s
. ),;.
.,, $, '. ;. ;,...i.-. /. :.
- , ' l:i ';' h _ :',.'.:.? ll :.
, ' :., %,! b '. 4., '
,;, \\ "' %
t.7,,;, L.. e v,,'..y e..
. i
( -; -
o,.,
,'...W s.
4,.,.
.,,,y.,,,..
g,,..
_:t,.
- v.,
,., c., f. i T..\\, j.,,.
,,,..; ' O.
- ; ao, y, y;
,e 3,g
~,1,,!
.,,3
.p 3-
.)
l,
.,,.: 1.,s.. q :,v *). ;.
p, v &
- y,, : i r.r,, ; :.\\@:
s.
..,...,.,....y y'M.3 ;
.,y, :.. u !
'y..g'.g.'......
i
.i
. g n
.'<l.q,..
+-
M o.u f.,,
' - j,s.,,i r.,.. g.1'., -. R ' e q'.
.c. -
,-.
- g %, c.a '1, s -., +..
,,f i.,, ',.... -/.s.'
i c,,,/ -.,,
e.,v..
...s y.-
4..
- e. - 4.; y l 5,,.;
i -;
f..c e
',..-; y -.. ;y-,
gg..
.., (G.-'.
.. ; / >,A, :
- ..- t s,' 'd
L i.-'. is ::
o'. i'. * ;3,., Q L,','.i',T'l'.:~..,:l Q,%-
r-d + ;'.'.;.f
.1
. ' ' i f. -*:'.
- .\\; i, :,..
. ', t'..?,,j'y,f, v:i:. $, "s, h, 1, i '.:.!., ;ql F.... ;.
8,t,,., ',,: ;.5,,-. :, ')
? ',3 :.
n U' h:.'.1
,v.......'.t
.1, c..
c a
'o, N
. f r.
...y..
t
, -l, i.e. n :i.3.,',
" v,;.,;.., i, ; i. t..,...,. :..f. o. :,, /,, ll " ;.
3::,,
1,'
,., ra s
i.
- s. -"i si
. s A.?T 4,. s
..,tg i, - a.p.
3
,s,.
c'. y q ;W. f. a.. *,
i.
.'9,,
n
.- i,-
- m u s.
,m
l CHASE FINANCIAL HIGHLIGHTS i
Pers emage j
Irk reaw (Decream J
19536 n 191LS n l
1986 Iw6 t +4 1YK5 1%4 For the Year (5 in thousands; Net Irwenst incarne 52,996,185 52,748,~30 52,308,491 9%
19 %
lbisson for hsible loan losses 595,000 435,000 365,000 37 19 l
Otter opersing income.
1,743.156 1,315,'31 929,584 32 42 Other Oprzmg Expenses 3,300,550 2,731,878 2,244,526 21 22
{
Ner Income 585,363 564.818 405,818 4
39
)
INr Commoa Share Pnmary Earnings 5
6.63 5
6.39 5
4.51 4%
42 %
Fully Dikited Farnirr.
6.50 6.15 4.32 6
42 Cash Dnands Dectued, AnruaQ.
2.05 1.90 1.82 %
8 4
i Cash Dndmds Declared,Qurterly
.51 4
.47%
.45 %
8 4
Common Stockhokien' Equrry ar Yearmi.
52.95 49.19 45.81 8
7 Market Pnce m Yearal 35 %
36 %
23Ti (2) 52 l
Awrage Shares Outstanding (in chousands) 79,561 75,240 71,153 6
6 Financial Ranos Net Irrame as a Ftrcentage of:
AwrageTaal Assets.
65%
.65%
48 %
35 %
l Awrage Cornmon Scockhouen' Equity.
13.2 13.6 10.1 (3) 35 i
Cash Dwdends Pasi on Cranmon Stock as a Percentage of Net income Apphcable to Common Stock.
30.8 29.6 40.3 4
(27)
At Year-end (5 in mdlions)
)
Interest-Beanng Deposrts Pixed with Banks 5
6,229 5
4,671 5
4,355 33 %
f rustment Secunties and Trading Account Assets.
8,278 7.467 6,600 11 I3 j
imans.
66,220 61,931 62,003 Resene for Possible Loan Losses.
1,065 408
~61 17 19 Total Assets 94,766 87,685 86,883 8
1 Deposars 66,003 61,353 59,680 8
3 tmg-Term Notes and Debentures 2,869 2,806 2,320 2
21 Rakemable Prektred Stock.
62 62 62 Nonredeemable Prerrred Stock 602 602 602 l
Common Stockholders' Equrry.
4.280 3,795 3,359 13 13 Capital Rataos a Year-end Pnmary Captal as a Perentage of Tocal Gross Assets 7.0%
6.9%
6.4%
1%
8%
Total Caprtal as a ruso w of Total Gross Assets 9.3 9.2 8.1 14 l
l l
I i
l
FINANCIAL CHARTS Nif l%f Epf SilNt(*tt -
I4k AKE bp'1\\ALIN I 6AM 1 er m.Heurs, 5 (Was in.n
- (kunan (#mes e12-
.p.
CWMrp.$ rrK k>$100 R5~ f(A:T T1
..,s.
NTT INtIAei 45 4 Pt nc.E sht of A\\ F A ALI IOTAL A%fTi A t A As J ei S en minnans; M
9 % latamr
,p 0 Isfuffl tm AWTW kirT4 %M Pilp
% h ALCRUAL aNO RE[1CID R All d,
,y" p'
8 Rsrum m hg Cem l'
J hkhadm E4swv 'iOf %
s-s
- '3k 15.
IiE BA$f DINE t ME $ in mJiams)
E (hlter M Q
9 Cananmer Bankmg Fws i
.u
- Trus & hhnaarv Irmarrum Fees t
imreamaurui Busnes f m
,1b p'
=
s g
h
.I a5 so, 4
4.
PiM SVG f(M DUE! LCl4N L(%Wk P4tWhKh fCR PO55tEl LO4N LMaEl aNo NIT Chaw 2 015 5 e smW g
8 ftswre as Nerer Lena Lunes Pternim CanTat 5in millums a Pmneam kw Natde Lasn tmes a tawcasal 8NoOmy4A e pyynar, Quid
& nraamarrmame % errma gp g
e3
- kms a $mwcus C
C M
E
% C&M3 %
- Cl 1 01 53 i 47 1 At 1044 C4MW %
6 01 fifl0 8 91 9M 9 IF
LETTER TO STOCX'f0LDERS 1
i l
in IM.The thaw \\bnharan
% maaese nome on a Gkihal knking connnued to i
( irporar= n earned Si&T mil-uub!c etpiuksu hasis buik!irsirnestrnent hanking I
l hon,up 4% inrn a he Si6hml was 53.3 hllum, up inun pst prescar artersi the worki.
i Ikrt carrelm IMS 1his noures urdy 53 Nilam m 19&i.
Tichihe skwgularxm d the to per urnrnon sher carnmes Other upcranng amr lmkm secunties nurkets, of %A1 u rnpared a nh 56.3's irxreased to $1.7 billum,up Chase becarne a cruiar dealer m 198.
(nun $1.3 hilam m 1915,and in sterlingdenmurured while Lhase's 1% carnings niuded substantial nrcases wurnies. In bpan.a Chase.
mye a reond k< che O rp wa-in nrrualh all fee bascti assocured cornparw was me tion.nur resuir$ Mi helim manne careprn as wtil ol a k w firms arfiluted wich ihe aggwssne tarms av h.d as ineign eshange trading kweign hmks to rece w a we s< nurvlws. Werthek ss, incme.rr. ding xcount secunties hcense.Connnuing rhe year wanine or substantal pntirs.and gams on he sak sd gkkuhzarumd financial pmgress in w. tral.uras chat unestment securuies and our nurkets has greatly enhanced m entital to t hasc\\ tuture.
Cienputer IWer subsadiary.
the credit, nsk manarment, l
In pas tu ular, we m.de
'ipe,atically, comurner bankirg.
and securd s products slut strwies m impicmemmpur fee uunnein e 15%; trust we can orier cusrcanm around pre rity a ra:cgis. nnpnn me ard tuuturv unesarrrnt smice the wrki. Chase aho began asso quahr), ad enh.n ing fees increased I*'o, and a substantul realignment of its pndx sury ihnughnus unestment hankmg ice income internarKrul nctwork to take the ( orpor.nion. hard,ex-mse 7 h.
full advantage of new busmess l
l dtang a put ihird-quarnr Pnrr.ary capital at war cal oppirtuntries ard to maximize cipm xirual,( lusc'%v.
ietressed to 56. Nilmm,or its rechrological capahlitws.
i smg espenses wtre unually t>.9Ni enrss assets.
. InJwdual knkmg contmued the ume m the stu nwl, third.
Tisalwrale sear <rd to pers rm weil m 19%, par-and founh yourtcrs of 1%.
nreased to 58.9 hllum,in noularly iri credit cards horrie mJacsing our rede tu v.27'odgn m awers.
rmstgaps, pnvate banking nunage expenws uninosiv and trust smices,ard lirurw al highi:ghes ior atnNEss HecHtx H rs consumer kuns chrough our 19% nitdd:
We conunued in 19H6 to nuke naiorial nerwork d Personal
. Return inuttryr aswts tir pengress m the fundamental Finanaal Servres otlices.
the year was.6h., urshanged strarege we nnbarked on in Desember. Chase tnvn 19M.
sewral years api-m Global, anna.ncd a retkm:tum m Return un.mrape uom= m ind.nlual,and Nmumi its cardit card raes ard, a this stakh 4]m'equnv nr rhe
- Itinking, wnting,is che card issuer war was 13.2%, d un Apal) otimng ttie highese value 6x fitun 11+% a sear carlav.
VISA ars! MasacrCards ar xmg 3,
l l
s.
the rutu u A top ten bank tarJ muer,. Also m 19%0hase lli rne Mortg.w,e Corporatum
( H \\K/> topped the 51 hitum nurk m mistgage unpruturs.
nhkb Akkd to its nvwtpge sen king porthJun that stooJ at SU billum at sear end.Thi$
4ill be augmented h anisky
$1 Nilum as a revelt ad t H AKbgreement m eath
- ur to xauire ihe assets u FreeJum Mortpge ( ornmrn
. Tampa, Fhla
'nternatxwulk we laurkkd 2 marketing pnx; ram for.irfluent amsumers m Hong Kong, regan setung mwstment runJs
- r Brazil and introdacd e.seuntal mortgage pndutis n $pam anJ the l'mteJ King.k m.
Natamal Banking AquinJ the kwmer ( ontirxwal Bantor m LwisJale, w hkh opersJ m Ot toher as Chase Bank <4 Antona. the tifth largest hank m the state. We ahn Aquind Tili ARtlC.Bl'11 Hf R
( Sairman TtemasG L Aftast ut i IWs.Jent
ihe kwner Park Bank d werkt Hgh U.S. budget and the essay on page 6 explains, ing charte. N cmstraints f1onda m St.!Wburg, whth trade detiens willcontinue to bank holding companeslike on hank hokling companes opened in February 1% as pbgue us,allmg to uncer-Chase haw been dened such already haw weakened ihe U S.
Chase Bank d Honda With rainty in the morwtary and actmeies as undenmcing cor.
nnancui structure. it wouki be these akiitons, Chase now econo ne envuunment.
porme sceuntrs,nxrtgage-tronc ax!unkrrunmeif banks has full-sente commncul Two orkr areas d con-baked secunces.aml mutual were.txced to drry thnr banks in frw semes.
nnuing concern kr financial (urds. At the sarne rime,non-ban'ong chartm m order to Ahoin t%, Chase:eached insnrurions are the conditums hanks-brukeray 6rms, provide essentral financial 2n agreement to purthase Cl rk n lesser deseksped countnes insurance companies,and ewn services to ther customers.
Equ perne Credit Corpor., tion,
.LDO and the leg Janw and retailers-haw been alkwd Despne the econome and wh(h = elldouble Chas Leas-regubrav melaok for the tooder traditional banking reguimory uncertamries that mgi rece.valdes to Shihon.
domest r 6r.ancial system.
senices smh as taking depos-doud the horizon, we fully On the LDC situmon,me its and.naking loans.
expect that 1987 will be a year aOA aoor maEc'ons encouraging rxwe is rha all The issue isn't whether d solid progress kx Chase.
In Julv. Alcunder,1 Hargraw d the countnes hr,e reduced banking will cominue in the Our obiectne,as summanzed retired borh.is chairman their apperires far debt. Less Unred States but raher whether m the Chase Vision on the dChase Linsoln First Bank, encourmone,ane unhe pful pro-hankslike Chase milk cowr is to provde our custom.
8 N. A., and as a c' ember d ihe posaidn the uS. Congress permitted to participme.
m with spality sente, our Ch.uc Board. We parncularly and an inclination in some As the Federal Rese w Bank communines wah integnty appreciarc Mr liargrwei sountnes to s!ow skwn debt d New York has pc.mted out, and leadmhip,and our stock-etkrts to facihrate the integra-repavmerp We cont nue to broadening the ogxrtunities holders wuh a return on ther scan d Chaw Lincoln first, helew chm the kst pah kr bank houir.g companes to imestment consistent with the in Decensher, we wel.
ccmrd schmg the LDC sere he nanon's Gnancial best companesin our industry coned A. AlfredTiubman to seruanon is through the growth-vis wdl hnry gremer com-We haw great con 6derre Chase's B. nd d Directors.
<twnted pnnciples in he peiniur. :o the marketplace, char our pertrmance in 1987 Mr. Taubman tuhairman and mirianw prW bv U S.
gnar.e bene 6ts for consumers, mil bring us closer to thz goal.
shicicxwutne refier d fhe Treasury Secretary James fLker anJ a stronger and heahhier T.auta n Comparw,lnc.,a and in the continued panner-U S. financial system.
M r
,e leahin; real estare dew!apment ship d muiniateralinsnrutons, The lack dleipslame and 6rm 1 ased on Michigan.
the workrs commercial hanks, regulatory leafership recpired thd C ausswr Omrman and and the host rurons themsches.
to rewrse ineguries imposed Get Emutne Odicer j
LOOKING AHE.Ao With respect to tN iwnes.
by ourdmed laws has caused in :982 me expect rroderme x financul system, the u S.
hank holding cunpanes, M M"=f aunome growth in the Congress continues to drag as irshiirsChase,rekrtandy no Nmm C tahecee l
PreMm and thued Staes andaround the heels in alkmirg the runioni consider givirg up their bank.
Gn openerg06icer banks to cornpete egaally with March 2, IW7 other financul mstiturxms. As i
TP-CA'2 FOR LEGALIZEP COMPETITION The(nanculservices aktstry fact char, wirhout subscancul benefitswhen: hey p mro the results:kar pedics, lost oppor-is thrwmg, Advances in technol-J--tulanon d pmarts, commacial paper market if runnes,and km jobs.
ogylac cremed giportunites pnces,and yograplw, Ameri-banks were alkmd to com.
The possdxiny d kning our caa globalscale,and fruncial can banks are unaNe to com-pese for the business?
kl leadmhip pmrion init ie-wrvues inrummors h.me flour-pese ecpirably with rm-banks murual funds be cheaper and serwd kr the diseant future.
ishedin f&igthatThe realm and kungn banks.
more cornnent if banks we Todav, only rw d the 25 krg-dahe possue is tunned only T'nisis usually pontzed as pennitted so a4cr them? hid er banks m the wrid a by technakipcalcapabilkes a tt f issue puringcommercial murucipalkrspar less for the r
%cncan,compe ed to 16 pm 30 cars ap. And unce 1973, andlunun imaguurkin.
ban <sagamst inestmera banks bonowings if banks we* al-3 Amerta's cornmercial bank-nd other financulservres kwd to underwrxe all forms forngn banks haw increased ers,Ivwwr,do busmess in a companies. Implied in thisis d nunicquidebt? We strongly char share d the h ecenmer-d&ver worW.Ours a che the be!rf thz markers ase beliew the answs are yes.
cullaan bunness from 8% eo reakn not d the possbie,but alr ady scrwd c6icenth 12a&rship:is Amenca's nearly 22%.Wah our nananal d the permisable.Ourlimns But as knig as the financial preeminerrein financial ser-economy and globalecorrmuc w ddined by a ser ddusty servres insistry is arbitranly vres a risk? Fomgn banks aie influence trd eknely to our wanm.s passed by Congmss devded into cbsses dinsnru-rapidly tilling the competriw banking system, we think this half a century ap.
nons, some regulmed far more vacuumin Amencan financial is bal kr the runon.
Chase,ak;ng wah the Arner-ngidly than others, a woiit servres,buymg Amerusn in other wtuds, the costs man banking industry at lary, work nearly as cdiciently is n insntunans and criering pmd-and nsks m suscairung this is eB wry compernne today-coukiarsishouki. Andan ucts = cannor. Fifteen kweign inecpkable synem are real.So despne barrrrs to ryen com-inefficerr system raiscs kr-banksenpy a grandfarhesed a cfe benefits char wuid pernian.We'e exterded scachingquesnondkm exemptun fiern Cl. ass-5 casall, emery 4 a.r.su banks our&memc frarrhise bryfy cornmeied are we to maki,g enabling them io a4er prod-wae allomed m compese.
chacugh a comNnzion d cunomer benefs the pd o' ucts and servkes to Amencan Permoed to compete on an opportunism and enhgha-rd our public policy? Ard how customersthm Arnencan ecpnable bass, Chase rid the lewdmion a the seme lewl.
commrted a me to the banks canrux.
Amerman banking corntnunty We're dewloping the inter-vakes d compenton and At the same nrne,many willconnnue to achiew benefi;s nazwul capital markets cape-leadership?
nanons, mon prominently the kr the mdhak corporse hiers respied to do business Comparmn: Do Amerx. 4 Unned Ku glom,are opening and anernmera cussomus we m a global na%.a. Armi snli beinw the it encourars der c.ipnal markas, unfertered so h'ghly niue. Ard the we'w imened branly in the inrumrion, kwr pnces,ard by the restrienons imposed on Unned Sases will maarram its pmaa ts ard techrudogy our unproed efficiency?
M-based operanons.The poenon as the ficuncul mar.
cuseamers need to nra would companes gam fruncialservresinduary,long ketplace tha leais the wrki.
incmanngly complex demando hemkpartaed in the (Jured But chese xcomplishments Scares, risks bnnsspirmed away tend so bkar the fundamental owani pla:es the oder full m.-
cess to the globalnedet.Tir 6.
N,g ls } i-.'
h
.i r
- h., ~.
- c. T% g > - (M.,
. A,9 s.(,,;
,e
.L
_ _ '.,.3 m sw y ;
t / p,.
- y ^4*p t ' = ',
[\\ l % h. s ' ?.g:..
+e
[
a ',. ' '
,',,, k
[
h l
r g,}h ',, '.,;f s.,. '.,. '(
is,
,b,ip
..u k i,.
l'i U N
4 ll.
-- [,;
,,[
+
%[j y.
g'. y..c'.y,_', 9 4.jj,%? f'lr.q_ ;.gi;,q'tg p},[db [Q" &,: ;p' g[._.g' L.'.
l'
,3, j ; g i.,if; f g;.- ;,,,* p.p s c Jg& h 1'Jp; f[g'L
-y,
(
,j,e d
' i ' M i '. # j p,' ' g' d. Ay' ], ' y'!T Q_
- t 'jI e.
Q ggyy
' *'h,4 ?'
,, h =. 's t
'I'
, ' ? '_'..' g!_. ': f\\ f,'g $,,
/
( -
,; h?,% l_
,l.
n t
'G
- . if
~ } ti*l
. tQ il.
l* Y E ' ? * I{ j,J e>'f Y, '
i
^*
1'N
"'l WY e
,_, A.l b.,
s'g u.,f;( * ~ th A:f, d,'
, ;e -. k,,, i (.i,' '.
' i;',f:' h t;'
l' I*
,_ ' '.,,(,
, \\ 'lp,')
3 l
e
._ I '
?
Y ja 0,
'.ll. l.Y,'
,.n f,
,,' ;'i- ' ' *
- ,q,i'..- ", '. i f.c. ', ' f fi, I
- l.
[g _, h tl ; V -,:
- . g. -
- l._
t
^
' ' '3 3 )* '. L..'.., ('
- w &.;, t,, g,.,,
...>..4
., " ". k y 3.y h + : y > W : j' I,
,a
_ ',(t?.'.-
(l a
yF0
" ' ' :W. y
- h WP.. i., 7 '
m,; W) j-.'. '.
, o, 1,.
9 1'
i,...I hee '
6,,
r-g j)
's
$, i.
/ '
- ygt, f,
i,
,7;
- .,l
' '.[q,. ; l., _, _,
)
I, l_,.,,{ ; -
4-'
4
',,,' $', -,,,,ffy,,=
,, _'l
,,.'li
5'
,l, i *- ;
I
's
[.'
_ 'l ; ;
,)
, }'h'
- -' I ' ? j [ :$ ; #,... '.. ;,. '.
t,'.
.r.
... ' *._],'a
~ _. v,
- 6 4 :,
}
(
},
y}...
'f, 'C,.. >
- i -
1, y
,t.
,g '{ '.,.,.,y f*3;.i
.'t r.,g..
. '. a
,. j ), '
,t,
A 1 s
_ if '* *.l 'p[.},..s' l, _,;
,l
. t.
[ ;
.m
'[ 3, l
,l
[,. * ' 'Q :t g
- ?. ' ', ',,,
1,,
fl e,al_-
e
'\\
n *. "
,.is
'lj
' '.,.'g..
_,., '. *g
~.
.,,4..
'.',..;6, '. ) ) :
.' a
',. =- ['l i- ".'*".1 4 i M'
....'.'(,47,
) ',
M,f[. I. '. '.7 M 6,j ' 5
- l**'
?.,,,'
4
?
(;..,r.,
'g.
j
- p i.
'. ; ;?
?.*
L3
-. :u.
- 1 y.3 ' ;4 glJ l;.,. y. -!eg,,_.y., -
. ;,. ky -
l. ^;
,.'a y.
....,.. +
- ....; 1
- ,
...z
,l..,.
-- ; 4,a.. 3,s.3.l:- ;. {. y,$
,.s
, l Q
f.* ',- - i.
4
' 'i,
-[( p ;. /
' ' I 4,..
.[.
.i
'f,
,i?,,'
[., M.,
l'
.~
i (i ;,
'y.r
,4
- ,,-[,
,.,.,'}'.'
t
'3
,..'[..
, r; l',
- 1,'..y,..,
r.,
. j.
yl,.-
,..?,,.,
_. N..,,
a4..
O.,:' y,.,;
',1.
1
.,,f c.
, n, ;,,..
,4
- r,
r,4'-..
e:
.,3
. /' ),... '. -,. ',,'. V.-
f, 4.*
s,*' ',.
'l ' f '
3
.'s'!'
.. } -
).
';.,,d. -'.-
,,?-
ep
',.,i,,;.,'h'm'.,,,';J,.' :.' -
.I,;
-dl i W,.
,, e
- 7.......
,. l ] ', g /.
Mr.
,J.
,3, 1; r...
c
'. 5 1
r,.-
j o
f ' l ;. <,(m O i,- ';
- /,
- II ' ;,.,.,b+,:.",'
.['
- '. f..'.,
'[.h ' ' U
?*
, n;
,5 f;'
'}
, ;f}J
- /.,.
'_..,[,
,r
,j
.=
_ y
[
W,.f.n,'.,. j. ".".,,.' '. ; E, v f ',
- f, '. P g a ' Q;a.
r
- q v7
,,.,e
/., ', E,,2
' d l'i, -
'.a
_,'k
.., "pj. ','
r E.' # $ - k i '
,N <, se.
- si
[.*-[',
y' ' * '-
s
,y, 'N
.,h5'I
s
-l g
'I.
=
.,. \\,'
- i. s. - l
), f,.,,._',,. ;), :'....,,-
'f,o
- :s.:; _.
, sy
.. t t
j l.
.,\\
'x:'.,..**'._,y j -")_
_ s ':.,_
.'1
.* ; ',, es.
', ' + l.
,y 4
,,7,
,- l 1
,.,l'..
.a,.,.
\\
.(
p'
,e,.
/.,,.
j "; *,,,.,
- _l !, i.
',, /,.
f i '? ' '; ' y
,a W-
+
- g ks,
-.,,@t
,*'a
' y, f.
'k - '.:,.,.','..,'
- .,.';;. h.
e,, g.
, sg,,
, s
, - l, ( ',. i %
.r l,.,;'
.a -
.i,.,
4
.g.;-
.,. '.,'* g c-e
'. r. \\'
'Y
.3c
..,,...s.
,},,
.i.
3 s-
,e g-;o
, c.
.e l., ;.,....
e.,,.
., ;w w' g,,
'*,,..,..,r
," 9">..g
.,T.
n v
.r
.'..,i f... >. ; '.. ;,: y y '..
j
.*..y o
g,,.
- k.... ',..'.
> -7
.. +, -,,
g'* ;,,
A.. " ;,
.na
, ; 'c ' :
- '; ; } '
3 i
, '1 ;.' {..,' '. ' f { ;..
.me, -,.
,.(
r,,.,., r?. $ ',..., -, '. f,n gl.g....,..,s g,.,.
s g.'.
.,iu.,.
1
..s....
(
<-7.
,..,e,,
y..
g
., ', 8x. - $. s. -... ',,,, ',,,' ;*g,
. - ; A. a
, e.
,',7,
. q' ;,p, 4.,,..,
t r.[i.,
.b(
s.
+,..,. '. -.,*.
v.
..f,
., ;t t b -
.,..,," l
,g
...f y.
g s
,,+. j.. '. ' [,., ; c, : ;_~ $ -
l
- J>,
. $,;f ;
...,'c.ai.
' ,,.a A..,'.'
.,'.,,. h )
[, l.h '. I ;,[
+ j$,j,',.
.j j.- [,,, - i, ' p.
(.
, 9,f,- ',, i
.1 o.
.p
- 'O,4,...,.,j,',.
.,7 y
3.a e
3
_,*y.;f.. : -. '. ',,...
-'- g8.", -
i
<,./.
,3 y
.',',5'.
_4%,
7.t g.
-..,2,..p ls. h, '
.,c-g
',.,.,',t,.
3, e
(,, a n..
'3
,j.,
if
.'.s*i*;
),"
.,,.,(..",
<J yg
,/...
e
\\**
_i
,yj,' '
/ - +
' y ; ",
,s j, y.
S
,-.a.,, c. ;
i.'.,'.yf ",p'./. ',,
,, d,4
..v.'
f',
(
1 ~
,M "4,
.,., ag, '
&C
'.,' Q :,,,
- -, ~... :.,.. -.
.'.t. *.'
y,
'e
'..;,, - g,., :.
'I m
y,8 (
/
- 7.,,c, '. ;c J f p :(
}' y t
,,(
.,.g.,.,
,(f.*.s. ;, :',y e..
e
..',)'*e.
, '.,p,. s'.'q' i f. ' : -.pv.s,',. # m. ',.= &. *
',J-h...
',.,,',,.4:8'..
.,e".,,,
,. f. y.p*
.,.,.',1,1,[".,,@'
;. W,,,4 - - ;,. ~ k' %,. ',,: ' '
'y
- g' '. >.' f -.J, : - ? - ' ' l, ', ;...'
I'
'.q
- b g1"
.4 ~ s;c
, $::, 4.'*. * ? ',,
,e.
1 tt 3
- p e:.
C,,;; L
,y
. e.
4;,L A
~
.e
y(&,n '.*',4'...
_'6. i,,'. -.,
L,8, ; '., -,,
s s '\\, %
,'s
- ;,, c ;.
- .g
- g. gl,.. ' ' c '. s. N s ', *
- - 1 (1
,,.: q ',
0;.
,);, ', ',
- +
4l,, f c,s,;J'..,,,'
{ : L, '., h,-_, ' ';,,' _, ',.,y, j,l.yl y; ';. q',
- l, '
- : ;;
, A.
c
{ _,,Y' ' '._. l ! '...
s'y, ' ' We _ * ' '.y,,, ;, p;' :
p'
_'t y.n s
~,, ;,
-. 3.,;._.
<.t
\\
- . _ 3_ (; < ;>
W - ','.p b
.L
.y
' /
' ', q f ; *, ', 'g 'e.'.s.'
sq
','.,,i. :^ '..;',. f';. T.,'.
. [..> p, j
< U i, -.
.,)v' : n d' L
.f,.
., '1,i. A ' Y {h ' f',.y?,,r'O,..
av
' ', q %
t,; ':.. ~.V':. )$
- ,
- l1,
- r. ^ : r.s.
' ;;, > y. /* s.
s,
- .; L A:w,' J g#
,4' r
. 1 "g
.i.-
a.;.
.v n'
r-c;
'.2....',. ske.
u
,* " %' AA; ' :. s';.'., a..g g'.'. p;
- a
- y.
,or
..,q :, m.:.y..
. f.',
g.
?'
' t,,i j !_ ', ) ; q. '. ;; _.,}
b;_.
'[.*
' l...;
__l
- q. +
.}
- , k. ' ' _ u f g.$
- l, ',,, l. ; [ j..,' ^'.^
' i - rl '; < 2 '
- - l' y, % y, y,,. '
i
, j. }'
{, y
,]. ;,..c... d,,. [ l,.v. v..,,:
-..'.,iq
- y,4:.i-6-
j{...
J.,..'
)-
j;,c.-,
e I,
,f
- 4'
'. \\_g
'_q m.. \\ '. %
.r
,. ( M.,
e k - ' '. *..
t L
' ;( " i_ s e t /
- I " ;. y. ',",..,
..,3,.,.,..s.
,, (. y,,-
?
4.,, 1. s ),,
',)
g.t
'['
l.
. (:-* 'j,.*,
a,,
..;,,.s,,.,,n tr., ;
- . i <
g., y.,,;,.i..
,e
>qt,,, a j.. y ;;-
i
<.,.. i
.....,i
(. ~ (,', ' 7 ' ; ' { l ' ' ' '... i.,....p, t '..
/g
<4,;
. y,,.. y1;! '..,.
~(
)
.s v '.,. hs,,..=.1 -.,:,.'
- 3.,
...,,. /, c.p
_e
- . ( 5, q>_
,- t,ei '}
- , l '
l g ' d
,3 4 l-. g,.
- ' t,; j ' -...,..
af
,,, - , p. %, -,.g.
[',,,-.
, i -
s
- -.. g{
[ ~ ' 3 ' ';' '. _.
g :( ;'M * },
(,,
'.. ', }'
' ' di i.
a: n.,, ;,
a y'.
.g'
, [{ } ", ','
. ',, : l. ! i.~.i f
v;. {, }
'J s
us..
-l, ; ' Q, 'c.
, b
,1 '
t.
,s,h n.,.
. ' ' '... d ', ' ', } f,.. c.
.f, t
, 'e t
- (f.
, l..'
- d
' I '
_... ' ' ' y
.l,'
5,,.',,,
,,,,Pl
. n.-s i..,..,r:
M.i;.. p. 7 n,,,.s..,,.-
-..;o,, g 1
... -,.o,
.,,,e:,'..
.,..g.
- 3,i
,....,j_,.,.,4.->
- h...v,-,,
4-,.-
..{,, f,,:.'; p'
, s. I-g,..-,,.
., - -.'a,
.. :..,. g.- a.
i.
ir.,,,*<,,....
,e..
,r,.
.t.,, g ( ;,, j.. - y
- 4. _,,
.,....*.t
..:,f,.
a
. x, w.., '!
- . ~.
.,,j.
j.,' (% '% t.
- p..}',(p,(f',
(.,d; t
b -. -. ;
s,,, '......-,'.g..,
n-
.. i.S., t
- .. 'd
,......g
. f,l ', a,
,. J
'.,,p.- ' {
i..
,..,Q,. ' ;.,'g y' l :q,,,[ y ' '
q, q.y.. ';..,i
(,*-, l,
'.}
I.
it,,-;"%.
f j,
- hy,
.,b.
t -.',,
','- g,'
'X.-
,s d,.'.'.*.
,, : y * (opt 'i:' i.'
,'y.-
g
.r
.k },
. -], yd
..i.
I, q'
yt q.'.~i
...,i.
4
,.t.
.[
,k \\ '{
.[. { ;',g a q
r l' 9 s,...
, Q;-
i.
- '. ' } '
q.'
' ',(/
,,n y '.,.,.. / -.,, J /.. '.. ',.. '.
[<, I.
.y,.
. /l. ' [,'[
v ' ;,[
(
43 g,,, ; f.g b.;. '.. /,..f,.,h.. l
- 1;... s.', 0 *' g,.
.'y.,0,.)
g, 4.
, 'l /.
e.p.-
. O'.}. i n,.,m :.
i
. i., i,,,.
o W
h~'
e r,, ;,',., '
... o 4,i,.. f.'i j e.
c !.' ; -
,' ;p,
., y, '.,
- c., e y
. : " '., ' ',.i.- '"i+.
,,q;
,,.,.a.,d
- p g.
, o; y i/ :..', <,
e w
3",9i
q;,',i',*..',' ' ' -:.. -,..f
',' f =. '.f
''l
- .p.,,,
l a[ <.
,'Ml
- '.9 ' '
4,,j.d
}~
',,p ', Q.., Ql t4![.. t.
y e
., ', ' $ ' f',,' [.*. f,,. 9,.] j ;
y.
..r.
,g I'
.[ :'.
'.',).- ",.
a,
) } -*,, j ',, ' l.: % !: 7 t-l'.,'-
'. l 1. '. '..' i l.
_{:s., -
,Y,' A 'ef,,'y [,
'c*.
T. } >-i __Q:M.' n..Q j ' :.*
.Y ' ' - l
' ' L} ' ?
- j lhf I h, l.',[
t,
.',.[,.
b'*
_l d 1
, '. F, '
s
, s 4, : : :
,ci
.:..U'..'i.m
-,, y [, /,,, l, /,.i QY k
v,..
l.
i'O '
. i
' p.
a:
- - i, ;',4,. 9
}
..,., j vj'
- v s' *. c 4;.
.,(., c. 4 ' ;
i- '.,,
ye. -
,..l.,.,,
,7, ; '. a,.
p.',..-
,.. ;; ' ?u l.. -
- '.cj' ;>:'.,';' g,[..
,;y; g.,
q j; ;l (..
t i.'
4 l,- i.
c
,3 y.
4, e..
~4., w.
r, 19 '
..n.
.., ~
..a, M :. '- - ' ;
,tw
.i
- [g
'.,' i h, g ;;$;,';. s,,
J.
. E '.
...'(
f -{ '.(.,,..j.;*.. '., ' ' Y A,. ' ;. '. ;h....
.j
.y
, [.',
_[ j. ' ) 'l',i'-
)
- H' J l'
. j J,';_.: f.~ t g..
1..','
- ..; p i.,
- i.. :v..
x R: b ' ' y :, y :,';, D d"U<;?
e'__
',: 4. :.: ' r '; ', g ' ' &j '., e:g.
.' h
,ol, '.. '*
,\\-
[, - Q -. ' _'
.. ' ',I o
j '.!
.k '. ,',Q... ': ' i.; ' -
il
'_.6',.,. ',".;I,,'
,_,,' A
.,J,,
...l,' ', ' '.,* (... ]'
.- - :,.*/
J.'.
14 l ' ~ 4, V'g h f.,. '.- - -
,.*'3' i '. 5
}, -l
'I
j '
.j i
' 9 g..,
,../ **,,,,.i.'
+l
-. ^
4;-
g
.. d ' g, ', * ' '.;y' c h.
'g
,, ' f
!,.,'.,.y,..
=
![
,s
'. ' 1['/
f.
- h } l'.,.f
,,, c'j.
. 3
,,1 A,
, g 1-li,
':Q','.
...{
. j,.,; y." '.'
t
?e l4,, * -
,,J',.?.
,.t,,
'L,,*'.,'
'.(.3'
-',h
.,: > e.., _ ' Y.;k.. - k l7..,. :a '. y
...:l (I,
3
,o*
?
.'..i.iie
,,)hd
), 4,,,...
-t'.'.r."d". f,). ", '.
p i," C,, l, ' M:, i,. l'; s, 3.,
J g '-
y lt -
r
. ' [ l,# (* ' ' (. hi., M ; p
.I'
..q-3
'i
'i i * -
., 4,,
- 1 ' t' 3i.
..\\,. $ ' g... l.o
[', y y,h. ' '..,, ', l t i ' s t ',.-
$[.i,'
.I
'.. ' y.'$ Mr. /',?.1..
' 'N'
. I j t' "'.,,., '. j ; ' >,' * '.
I m
g
( k,.
i,, '
'f...M,' f ' ',
'y.. ~
1,'
'..]
'p' - '.i. y
'"'.?'
n. i. ' "
- '.. s...-
/
.J
" 'i...,,
f J, '..
[,
- +,'
-i.c'
,1
' ; ' t', t - '..-< q'g: s.n, ', o,
]['
i f
..Ml'.,;(-
( ',,.'.i
?', }lI s i. '
'l.'. d ^l
'( n.
4'.. '
i
,. I; 5' L.:.y,, f ',
- . ',+ ; - g.g., U,..,,,, '
- d ; '.:.,
c;,
,=#
','3,, ',.; g (
...i. * ' '
J.
'. 'U.,g h
'[
g,,, f,, f. [ ]. ;[.
j//T P,. i. f; (
//
- ',,4
.'d'
- y (( ". [ O.',.,'n. [. i, [l,'; %y *.5 6 !. -',)
i., g ;, ", g.... : i.,. j, s
.' h; $E.,lu 3
i J 1 !
/ '
- ,. 9,.. ;
4
,,.,,.,,.' / i '. !.;.,....,
.,, ' ( }. ';,p;
, ' '. ',.,.. . h,,
,. o,
.3,,- ' ):
s.
10.
.,'...,..,,.,*d i<..-
s
,.);-!.
,3 p
y,
..,,...f,6
. ' f" t r,.) ' - *
'a...,.6,..,
,..i,... -,,.,,i..
.....:o-
.",~i,.
..,4,.,
,;...,t
-, y; J.
.,-.',t.,
r. -.
,a,..?
s p.
ae:
'. g/} -, ', ' ' -'.. '3s.
. Y, t
,,l Ha
, =W - ..,.
0 %*
f%'
.'\\-
3 ;p'
.;, / (
- m'
.i '
v t
.s
- (( s
- ?,
w.,'),
i
?, -l i, :;.,*_
.a i :-. g 3 i.f,.,'. $, g' s ".:.,; 3.- -,- -,.,
)., g ',
- .,.;.<; { ;(
- g ;.l i..,,
l } ',.i f
,.., : y*
,,L
..C-
,b-a
_.,, _ _ :, My ' ?.
, I
, y,:. y
,;7 l ' r ' r,.
"..i
.,l..
l,g ;
q'? ;
c.m.
'3
_, u i ; n,..,,
-(
. y... -
.. y?
':1,..,;.,.
.-,. / ; e,,;()..
- ... ;, '.j ; V.'. -.,...
- , f...
, e... : L, h. D yoq f ' L '.,.' 1., u ' D ',i : ?, / ;,,. l t,:f.. r.y
- p, s-
'n
....d:
- . i., ' ' ' e 1, n,,,
- i'
- e '/ '-.- ".,:."
[,,., ; ;' ' f( f4.. ;f, l, ;.. k.,,. ',. i +. '." * : '.
',r s ! ' IA S,,.,, ; [ gJ.,.f, ',
~
- hi,7[r,,.
.+,.
+
4
.[ c lj -
j ' ' - l.
' T y y 8 f, S
. / f,' j
.y
' '.).' ; [','
p i '
.;a
[, ',.
i ' tE' n,
t-
. l ' "' ' i' '
.,'.').'.
'.. hi.., [i,,' f [;. ; i.'[ 'j,. -' !.., :;'
.C
.y,.
- ,,, ' b ' ' I'
-,,,...s,
- i
'/.'
,,,p,. ~. - g *.. '..?. {,', [..# l. q,. ' -.,
.;f' :dS l
- i..
~$@..('e f." I.'. n.';. J ' ; [I.,,, ' $ l ',. ' :,...f...,,
.. :c.e,1 i
- 9',*
,t',.Y,; \\ if. *, *... j,N-
,P i
,,g
-,,i..
y
,.y.3 i.
,,...,l,7, ' n_ g,c_'d-..
f'.
.4" 4 * '<,.
- y l., - ~; a., a.i,
- .,4' " '
A.
g ! ! ' ',. ', '.....
y p. ',?.
o.,8, 4
' I' jr.'. ? '. ~ O.
l3...
IW -' '. ' - !
... ;i i ;, '. - '. ' '.,
f ;',,
<m.
.p..
,l..
,- h, p j ' s n' 1:,., ~*,
- y/ ;,j ' ','ja j,, 'y., p,, p,v',p 3,4 ;,
i NJ V.. h, fl:,,, ',,, is, '.; gi '.,.. s,j O t'. y' ; I.,/,
t-t.-
,a
..,.l
- f..< g 'j
,!- );,;'@p'
',N
(
.,t p,
h
J}
g.
U, w.'
., ' b d V. s 5
,,.g,e
'/ z s-
's
,, ' ' p' g l
- is.
,' 'j ; f, i e,!)[f,',- <; t'1 j -}l c; l Z j'.,,.,;g..,
r
- f.. g }. !l.",;.1M.g.
' ' $s
.,.-e'3.:.'-lJ.,['.,*
<',i
,1.. /,.. yd j'-, -,, '
.E
- h : l1 '. '
6 y',,'.-
.y
.[,
(
'l l'.
t
,h-
-, i, ;, ; q
- g ;
- , i g.
, g. '.m
, i. *;,. rW f,'-
+',.
".9 e..
L..-.',i),,
t i
,v, y 1
l
.jq
..u
,1-i t /. '
, M,:
. >.i n..,
,(
..,,f
+..c,,..,i;:
.t
,.t 3... f,n v
,s.
,.,)- 4' s,.., *..,...
j h., a.., g 1 y
..i..,$.;...,7.e-m
,p,,,>:./
..,.,.qi f
lf rg
.t.'
,y f in,-
j,
- ,s.?...
.., ' l.y ;g
.y g,,,
- g,i-.*
rt, es
.,.'.'i,.3;.i.1,(;,,,,.,..#.,
.,.y y sa ',.,,
(.
tj'
-i
- i. e g$ f i',.,.,
' ' '- j F,
,i,ri
.,,..jy g'.g,., * )r ' f, G,s
..., -.t,,...e,t..g
.,-t r
,m...'.
'i.e.
e '
I-
.i l
','.*.$8".
,q t.
.,.,'.'.'.T'...,./.,-
s - [
- c.. ;
..,,4"
.,1,
' s '.y.!. n.. '.
g j.a
.. +
3
.t>
i ' ' "f, y
- 1, -
r"l 7'i' % ;c
.i, :
'M',e.,*..-'.f'
".. lM *%, 6
.$ i.,,. ;.e
'a.
a
'l i
.s 1
- -, g '.
4 s
...i,,,.
u.
o. n, yq. o -.<
i s..
t -
'.?'*,,,
_ i f
']
,1
\\
,i,i..c,(,s.
4 3.. - ' ~. -
,., ;,i.,, :h. 8, >,,..,
.- k 5.',,
,.j - i -,
<,c,,.
'.r- % jg,.,.,,,,,.f J.
g a, - - g h'
,4 M
,s; ?,.f.
- ;,.,,. i.,.,,,,.. ",
p v
c.
.e #,
[..,'.
& 1;,
1
[, _q,}
.. j,
,b,
,l
) '
i,7; ', ',),.,f.',.. *
,". [i. '.
- h.
4*'
[ ;,,, -,. ' ' (.' i, ' ' [,
i '
.,,, * ', ' b A [ $.
- i *. '[,5 ).N '
' 'g '
p'.,-*'
gg.
.('._.,,
e',.
,t; ;,.
.f;,
/
, ;, y d
' i ' -.,
'+ ),
?.
t'
',.e g' N '}f, >
/.!,e
,.,. ' f ;
,\\,, ;
v t
, U' V',
,2r'
'l-
..L.
$. ".; i.
L i. '.
.E',;,.,-
- p j '; ' ' ',, ' M
'y'
..,.'..**?i
~. '..
.'d
. -i' r . '.
-lA
%.W '
- ,,*,, l v' I
)
....,,~.
'.,k.,,
.t
,M..
f:. /.#
- ,' 4[
- ' 'y ;r
( :, ! ',[ 'i. ( ;
- %,'..,f3 A :, ),,, ~,,;
.2.
. <,' y
- , a e/
.hI i : '_ %.,. 'h; ; i,;:,' } ). - ' ';We,
' j
- .s,..,.. *,
- ,. 7, u
. 6
,'l.....'q'1'
. ;,,, G v
1
..q,
' gi y u, 9...;', 4/,'p'...%,l.. ' W 9..
}; y..
,yy 3.,
[,
v- - '.. g} ',, ',.",g'o.. e 9,, > < /. ' :', :,3 ' "...i i
,':..y W(, ' I
. g
.y-
. i p
3:
- ,,.- i
.,Y -
5_", : <f.
,u-..
t';g i %,4}'*!.l,j.' o ' ' '
f.
_ ' f h: 5 0 ',.,:., - ':
- p
- ., ' ', h -4 l,
,l, T. 't ' -
\\.,
\\",,.
, - ' ' Y '.> l,. ',l,V
. ')';,, c..g,.,.', '{
5 Y].... 'I, {' lls'; ~.
'n*... ',
t.
s
- f..,' 1,
.s
,[,;"f 9 he [ j
.I n'
f' Qd,.., D. ' aM' f
7,
'y 8
,*\\
l
- 7
',[,
f'
, [d
,. l y
/
!. /,r. U,g ;,. '
1
YM. /*
- 4 , ' ; M ; /,' ' - ' ' ' E ' j, ? '
fc. h,,,'._4,.'*g". f ',. ( ~' v ].,' t j )I o
.. s l' ' -
'e,f f:MP ')
+
-.,., sd d
.;.g
',?
.y,ti' 4,
~
t.,f>
,i 7,,,
+
J,' j
'. h ',, G -%
ik.. ', I
,,Y~*
. I Tl. ! 5 ,
[', d '
- .([ ' [' Q., ' ' M ;,, Mf [. ~ f[f,N
- .. f ;,,. '
,.',,,,Q
- f W-,.
', /(..*
3
?
...t,.
', y.,,,,
<.,,,. f.h,)4'.' ', '
oc
- !" ! ' > T & :,l -*
',. p y-a.
f,l -
,[il &,,?V, ".
,I f,.
7, I, h_,'
- If,
& 1. ,, llh Q ;,,* -
'*['
fl ',..: '-
. :'a:.l _'.1
? [-
?
'i v
g
'..,m
' ' ['
./ ;,
)
,,p es
- :- o Tf 1
-..j
,.., /.,
,pi
,,g,,
fQ'.,..,
j). ; g,7 q,
, ej,
(..
~!'Y'-
6 i.
.a'
' [ &' '
- ,.,,,"N.. +.. g),,
'p *, g. g*
i'Ss.
'i f,e
- '\\'
.i "Ib iy ',' /..
k-
- E ;-.
/,.{.,.
'I
'- i. '.,," N '. l,,'.
$", %.. i,,, '
.,) '*g d
.y i. l g,,l g',
9.
,!- j., 4
.i I,
.,.c
-. f.
8.'
dV
~M,
..., ', d.,(, s,. -
e a
g
\\'
,d d
p....'g.,....,.'-. i.,f
. a;., / ';
g, i.
,.',.,i~', ' ' q f'c
. ' 'g
,9,
- i,e
- '.'t g,
i, )
.,l, w
~. #
,[,.
e,.
.,a *'c'g ', y 'r
.n 8
.I.
f
'4
,,'i', ;
.y n
.d
-,- T * -
. _u
.,y
'.',d..','.
. >..j,.:, j l, m; {. )
$.'9,"
[ : ; ; q '., m _. _.,
..nr n
a*
L.: v -L a f y.'.:y M,,
H:y s
- . W '. = e" l
Je'.,,. L37,,
..e.
.}-
?. ;'>...'
,.. 4...
o. v:
<... t
?..
.gc,..
.. yl...
p g..,
....';g 'l f. ;, i _. ~. ' J l.j ;gl
.,,v.
' i :., N ;; '... s 8
-*/, ;
.;. 3
.,m y' -,..,;,r,
\\
.f'*
.u_.
7 (w ; ;.. y,y[, - : qp
- 1...:y ;W; 3.c).g.wn...
. (qw3\\;4,r r.
s-c
.,t
.r, 4..s 1m.
- ..++ x. : y:t " 2 /y.
>$'.y'.'.'.....
. a,,..t..'-..s.+
.i
. &.. -c.:.;,,.;
L.;
?,'...
.. i s
- r,
_,;;.: ;y.s.. -
- 3..
- 1;-
n'
,~.'..u.
W,,#g p. _?..
. ' s,.,... w g. ;* g
.. _ ;w
/,
c w \\_ g r
- .,p..
- y Q. -3.%w.., ;.;... "..., : ('
"c*"'
- p
,,x : y,. c l
y'
.,GO 3 '.
.g ;. r
. n.
4 -.
,,.4
.t i ' i
' f. )4 -'.y:i) f p
'S(..h,;,f' '/j j.
N. 9 : j, '.. i.'. -,; y p s ' a J T -';J - p 3 i ' t Q.
r i, ' ; g C,}/. (. ) c
, r;/.a 4, /.b, - j y
. [l. )
Q
}'
( ),f,,., d L,gg, (
y, s: y,p 'j,,$ %.. l.Q
?.S;.[4..
',..;.QQf:,ij
- .y; e f[hkkh.bkh,m kkhfhk_khhhh(3 iM m _hk : ml l._' f f f.;. f.ll ll l.sl f l -'
m w' ms m
a... v l~f li
(_l L Jf.
. 3 ~b a % w % / w,+ t M N 4 :e+..
3 w ; W.y}r). s,r.: m, w J.
n4m
- s..
~; ;.
q ~..
- , /W w
y
~
-A :-
y,
. s ; x.
. ; " :.... ' !: r p : ' * ~p
' ', i g _ ;,,,, ', t..
,.&,.o
- * * * ' e.., g.
v
.',',;*:...m,.'.
. ] L
.. f. ; ;c,.
.. q w. u.q.
- 4... ; 'o 3,. :. n....
. g;
.w
.c.
i a
g*
.c ep.".s c
..z.
- en.
g i. \\,}? v<
. :... ;.'.Y w-
}
.f;
..}', ' gy,
, -.' ' r i, p, y.
,9 f
, ?y l.l)]ff_} f.f.l A
i
?. f. '. '.' l*,.....i..'.,%'
?
e ( ',-
%I'.":,..:.. b. i.
- @ '. m 'm.'. ; ;,;.'.-
g. I ;g
-s'
- e.
f
?.
v..
7
.. y f.,. f,U,[',.k' y.
l_ f,.
[
.,.,h., h,
}
. 1, #
' b.
-... [
s 39
',p q,
l..
+.
-' ;I.,
i;
.hh I-
.h'a.".
) k..,,
k:,
D.")
97 J),,A
,h.., ' ' g', M :'
p;%.......%,t,
'.:,/
}--y p.L e ::m, e,
oC
<a.e i.. n.,.. s,..
4-
. w
..-L, ~ j [ g u
.c i /-
q, a2.
,. p;
&.a,':.l c,l.?.f ; f....... * %gp - [y : 9 u...
f *y l 0 h~.
.o. y. y[.k;g.c,l 4 K,4; q. '..Nf +l g,,,( ? N
.N
'... ' hh. ?,...
g -;,:
9 3.. %, ;. 4.m-c['[ Q-y j,' Q, $ N f
E
' ' T.b...W,
_'y c, ! fl ;.j.... g.4:g ".%.
' +
j
- g
..e m.
.4 m.%..
.Y ;.N f., ;
- [. ?
a f, n
. a. h:
. : e-a..
,... n. me
. +.. r. ;.s - :..y;.
c
..,spw.. c
.... a.~
- y..- ;..
- g...y
- p.,
<. p
,, 3,, r_,
y ; l;
.., =, y,.,',. y J,. 3.(
s 5,,..,
_ >~ : *
..,.. [ %y
'_O.
?} ? '.,-..:
' N f. ;,' J,, _,
t
' [ N.,,l ~,N j.lf '. l;fft ';f;
,_ f
[,y. l \\,;'.hTl ~';t).:.L, ;f ';. -. o, N.,:)l ?.l s....'
,ytQr
.. u.
r,
,J,.. ; ;.m m y
+:,.
.u
.5, ;'.,. * --,.. ~'. / >.4,'s 7:..
.,.3'*,.
7 4..e
~
-, * ( <., y.. '. m:. >
%.,. q n
...,. ; p i..
... >. y., :4 :t e
,s-
.a
. e. ~: ^.. 4
- 9 ',.
\\-
j.
r.-
?
, (; _ A ~..
m.
,',,,,....,.s
'- :. A. 1 <.. '
, c 4t;. ';
.. 4'
..D'-
5' e'i r t
- + '. ' c..
, ' (f. s 4+ s. s t
.g ", w.
s1
, r gn 6..., ' ~.'e %",i,. ';. - . y r,
. n., ~_ 4 ' - ',.-y q. 2
'. L. ;
.g.
,p,,
..t
,3. n ;.
.+
.,., s,, m.'
g
.. ~.. ;
v-
[N f
')
(
,l. f ' j,';, '. -
....4,r...
.g, 3
h
,I'
~.
~
w'
.s.
.,#..,, - j a
+.
gg w #,
~
yr, ~:w.
, N;g g -
g...;4 ?..
..yE
.g
- n., :h.,84 1,
, _ f, gc. f,,..r:y.,..,,,
..y 7.13 '.
, ;..g,
. > _;, ' ' [ n a,s y, q j ;,.
-., *ny fg;', o...l :
3 g..
Q.
. g. ; ; y::.: "'.;9f, %d.,[; b
) ; f.c ' ' Q O:!,4..f k.
y
.A.e v,
..m, e_.
.1..-
s
,%. ys..o........,
.-, +
m
,...1
,.m e-
,a.
c.. -..i.
, f. d.,,...
- o
% f "']w! ?; V,.
L,.v.x..,.
- v,w w
n.f;w :q:.f 4v'o....,..
v -.;
l v:.wJ,n;y s.,g -
f.
pu a r;.~;.xl... u.M;.l '.';}, f f.b
?'h, c. %
.$.,;:ll1, z.:
y : :'.:.-
...;.Qi.f:g:. l 4
- f.O '. d ;. ?.l, i f. l. ' (
D
. :; ~ _,,
s.
.u M. n :: l,. ' '.;. r o u.
', ' ; J;d'a t' -
~.. 3., o
' y'.. Q,.,.. n, 4 7. g n
' -... ' ds, 3
.. i s,.
m.
2 ' ! "
r:
<c,.c.?
1
..c.
t.. p, c e, s,
1-
.. - '. 7 a,
C'
",.o, 1,3' c.
.a.. o.
c. f".., i s;. -
- ..,U-
. ", ~ f., s - o -
-. 'rS; o.
,3,.
.o.
n,..,
Q...
u :g
-9.s 4
.. e. f_ /., f ;....
.y. ; p:., i,,
.. _, 3. _ _ ;..;, ;. '.;.
.. 7..,,
p;.
L,,..
t, a. ;. 7 y.. ;,...y..
s,.: Q..
.s..,,-,.y:
e
.., ~
f..
'. ;, e,
. _ ;
- v.,J;.7 w
to..
.- g,n_,,. &: n., '.. V
- s
.. g.: '. s, 7,
c
.s,
.. v y; f, J,.,
.,.s
-.. ~.,
w'..}.,.. ;
.'i.,.(;,~,.
,)ga
...g,..,..f
.., z )
- s,,
u,:
',,.'.f '... <
- j
,'<j.,.,,,,
,,'r x ',.. n,.
,y s,
- , c. -
sq
.,;a.3.,. -'; ' I'*?
n,,s..,
.a
.'?
.,o..;<..
- x.,yl,l..s;,...,N l, ' A
- r.,. l ' l, ':
u,,
..; g f n
at
- j..I h.
? N, -
I -
'l..,'. L ' # ' h
'l l. '. *
.l j :. s.'NR U,, '
{ _ _.' I '... '.,;Q p'. ',
N
,f. G.'
.. i., ; g.,w..:., J -....,.j,.]
- ,.. + f,. 2,.
...f 9,
., a v.,.,,,.',;j
.;s.
c,
?
i... r3.af.. f(
1-
.:....-1,-
.'. '. j; },l\\.,
[*.
'_l l ' ),
.y
.p.
i:lj,;.-...
....,r c
,y a
,. p r
- a
- tg t
- ,.* sr..
yc..
Q._ I. '..[ ' '
.,0 I.)
. f._
! f n
., - f
,. _ [ '
.:,t
GLOBA L BAN KING I
to assure that ihet n=rt i
aggressnt pn slitahht) ob eil-t I
rnes.The nsult has Nrn
]
ok v.er.u tent a in r<. s henew increaxd empkn y pne-Jts enir>, arxl n.Txwd f< n.us
' '. f on inru natne, s a!ue.ukkd W
\\
pnidtxts 4
l'nnninent inwng thtw l
pnmixis avre Funn.innmenul paper,liun ss nJxar a wis j
ard rate anJ currerx y man.In 1 %,tbcsepniJtx:3 help (d ruse irnestment banking rne-nues ai ( base P.. iner 19M.
The Eunio unr. enul pap (T F( l'i market has gniwn envn 52 rwila ni to nw we than s'io hilu n, ni pu a new viars
.inJ( hase nie ranks anwng ihe top ten Joak r,in ihe f( ?
nurkst. In 1%( haw ou 9
.irr.inged tour iit he he F( l' f
pn grams init utni in ymn, i
l
%N THoNs P Te Ra w ct ANO W c ( harman,
( h shal Banking 4
,e l
emnonmg Chase weil for inmie ddiwry capabilines.
on ated nery J.w to sansfy bcalcornrrecial paper bus-In 1%, Chase connnued to tusanr<n' 2ppetites Gr nsk eni m de urket.
mwst substantul sums to management and secunties Chtse alsolaunched Mev
)
Jew 4np and enharwe gkiul pnxlucts.
Market Manayr in 1%, an electnmc banking products.
Pnduct inruwatson will te innmzra rmero-based IWduct dewkpment focused the um4 the future br ECP ekctn.nc raunce and on meenry the dernands d Gidul knking, lhmirg <m
^
treasury marugement system.
~
~
local markets around the vphiurared financul Ehewhere in the Gkhal world by prmidmg in<ountrv engineenng skdis, a buedation knk,gbhal syndicarkms wpport and cont ul a d d sold credit udgnient,
- 1{
the highest new! d secwiry.
specialued industry krx>4iedg, rewrw a,e rrwwe than 90%
twr 1985. an irwrease a rnhut-
[
Customers,n 2.5 countries and unsurpassed expenence able to aggsessne hdding in a haw access to man; than around the morid, Chase's hrghhr cornpetune market and detz and equry secunnes, 40 eransactum initiatsn, Gkhal bnk will continue to ungx fnancmg strwrures Chase trales a mukiplwiry d ingury inkrmarion reporung, break new ground in the cwJv.
ths *on Chase nurnerous products including bmgn and decision support evices ing worki d financui servres.
mandees enhang,goki futures,and rebred to unous product Chase ahn irwreased as opnons. In for gn e.vchange, hnes,induding ash manage.
presente m bewh the U.S.JJbr traJing solume exceded a half ment, payments trale, treasury, ard curnrwy swaps markets enthon.k)lars in 19Wan and secunties.
in 1%.The wdurne d swaps irxrease d mw than 400%
Fmarral pnslue:s that were cuestarding ar year-end mer the past thcee years.
relatnely unimportant a few was 150% hrgher than the 1985 Chase's abihy ;o urder.
wars ag>-interest rae caps, 4
war-end wkme.
wate breign secunties anJ to Soon and collars Jebt equty Anruher wgruftant gklul trak and sdl secunta as adi swaps-are t<xi.wi stock in hankirginsturne in 1% was as to act as custodian, aransfer trade,w nh new prtducts being trang and wcunnes.Todav, agnt, and portirdx)(nartwer.
g C5use has a secunnes buuness gews n a gxwng stake in the in 21 markets. In akinson to gkJulsettwtes business.
'll of Chase's gbhal edrns are bolstered tw extensne dec-It
IND(VIDUAL BANKING Across tir United States and in 20 foreign coun-Chase took the lead in lairst programs Jits kind value among namal credit in the country.
tries, Chase sertes individuals tinaugh a latding card essuers in 19% w,th can.
Chase credit casds, penonal petune pncing are a compre-lines d cadet,ani nury mar-credit card business, consumer lending ofices, kensne pxkap dcasd ket xcounts are nurketed enhancements.
coasr to coast ty tekphorr private banlJng facilities,J Student loan operation, Chase's credit cards-VISA, and dnuect mad.whde orher l
MasterCard, and VISA Pre-consumer products are v;ld and specialized pmduct cornpanies delivering mn Casd-once agnin pxed thmugh multipie distnbutm Irdivdual Banking's earmngs.
channels,inckding nul, teie.
horne tnortgages and discount brokerage servicts.
Ckrse to one milhon new phone and numsu atfices.
xcounts hfred Chase'slarg Persorni Financial Senkes Inditidual Banking also oversees Chase's sccuri-numwde customer base to irF51 reaches astomers l
weil ocr four milhon card-tbrough 37orlices in 17 semes, j
ties-re/Jted u eolesale trust. investinert, and hotie,xcounts in igst w h i7 more ogenin,ssia,ea Recenables rose to alrnost $4 fur 198206enng umbo rnort-in[ortnation services businesses.
bilm,and camings increased gages, hone equery lines d tw about one-third oc 1981 cnds,and auto and manne l
Advantay Cndit.a kuns to upscale consumers, rewdvingline dcredit for PFS has carwd out a proticable opscaleirdividuals, increased niche by praiding quahty receivables to mer 51 bilian in semce,gnck response nrne, 1986 and raised earmngs by and taiknd produt ts. Atituent almost 50% mer 1985. Simul-taneousiv, Chase's namwide chrough4he mail deposit g*henng cdort bmught muncy market xcount balances o more than 5800 million m 1%, making s orie d the l
l l
I fl 1
g' e
C9" Q-
.w Y
'WT*
1 ',
y y
.,y A
y
^
e' :'_
},'..'j..
- fi
,I,k
[*b fy' f ';,,, 8
,i'8.. ;,;,' '..
t,i.-
_ y_,..g Q i..;;q
(%p._..,,., '.. ;
4.
[a }, f.,.
.[;,
I.--
.g
/, b _.
,I*.',
M., l';. i., v
[,
lp,.;; ;
1,V c:,
l.m y 7oV.9.::y y'f,jp: @ phu h 1, q.
[',..-',4
-y
. % yS ;;..gyfi
,.3;. p. 6
- .. y i
,..g_
t 8 I ' ' ' 4.. -;. p J..
pl, p ',, i7 l j {.. M, *,.g, f;p..
+ 5; j :.l
.+%e g
gfy
.i.,,.
I
),, g,,,
,,.]. )
T fi[
S. :.q,[. t h,,,
' N "..
? ' D,Jy.?
i s,
-gJ.' o.;
- .l*.. ','. '. '. -....,,;. h, _ * '. +
e 9'.. ' s /#,
MI, (ts.-... Ne,
.)
-fp i.' i f. / ' d!
- 0.
l'
'e'
~
s >
y..,
'.s',
"e.
s
. % :ll i.,,-
..,.?s
',I}.',
I I
- f. ',
8, r
~
o' e ,
f.
' f.
l f
4-
.,.e 1
s g,' 5j.,'.'_
... > ' e jet ej
{ ;
f,.. f
- yn 1,.
.-'.i ',: J '
?.
. g,. ;
.p',.
l.
f-m s.
~
r
.7
'I
)., - _
.,. 4 ('s' I'--
= [' s,.
e
,,u e
. g i,,,v*, g j y.'
-m",. ' * [.;,
\\.,,.. ',., '
2 t,
- .,. +., - :
' [.
._,Y
. 8 f. ,,. / ( ;, '* '
,g.,.. w p;
...l
.g,.'.
.h i.
g
- .r e,
h. ?
i ge'.,
'e i
s t
(.N l
.k,
8 I,, ' [ @,;f '.,, -
v'.-~..s.I "II,,,,4,,."
8,'[.,?f.,'l. t,,
,f
", ;i N
S.'
a i
~T.
c',
W
"'if
'.,. -: hW....,
Y _-
'i.,,.
' ' lc
.j ;,,;
j l
G,.
..p i-s
,,... <' i $lP Y.. ' y!
.l
" ?. ?. - (,
'. + '. *
. ;/. y $
S
' A hn J'.R, '..
.(-
',,.,4.
g.,-
et
!. },
??' :W AW t,',,...
l','.
l
,.. - e f'
l' 5'
T:. l g
)
e' 4 ' \\,
'L.'
),-
[..
i
' /
t'.
}
l i I
/ '
,;,.',.-(9,-
...,.,.., s.. '. -., i
.9
,y g9
., i-.
e 4.
i
, '. ; - '.11 c.
' I:
r' g-
'..I
- ; - e 1
.f.' :.' y (,'..::" h : _
1'.i'..i L,-
_'y
. 4 w
r-
% E,Q. -,' / :
' +,
je.. '.
l }.
...,.',f.
4[.,,
o
} ! ;[ N
,' 'It>-
.u
' '.,[,
,4
.a l'..
' * 1/
- .;.,
- s -...
. U. [,. ( f [ l ' '.;
- - - ; );c.a.,.,.
n' n....a-3 g....
9.;.,,,..
e
. a ',., _
~u~.
-...., : i
.47,.~.,.yi,,.-
. i_
.;...., _.JP..;... + - r
- ,: u,.,
- , ]. :..
_. - n - a.,
c -j,. -
, q :j, ',.- (,e.
c g.,,.... _ %y;v.
- ty
~4
- i.,;.;,.. ;.,
3,
- y: ',.,, ;;,sc w
.2
.,,m
- La
,*.... '. ! ' 5 V ;
g-, -.: ;.,,.__':,,,,....
.,, ~. ~
..'c.,
l,.,
,=
h-
_. ) _ :-
..,' J J,,
p f,.
c
....,.:;, ep-3
- '....;. ; u _
c.
~:_ '., /. '.
.+*
s.
..n.
..., '...... J.y ".,l. ) \\,., p
. :.-,, w c.
?,. } : ;
q,
..-f._:.,..(
y
..V-l g
-?.. Q ; p _,;.l _ !. '....,,';,l'
, ' l \\j.( :... } - ' -
, :' \\,*,q _. ;..'
' _.i. '.
,. m,,b ^ { l l l ' '.f;,.,, I.,., '!:' '. -',.
, ' _ fw ; ' '
w.,',. e..f.[l'((.nh. i_ ' lq.,
' ? :.g Q. :;;3 4. ~, '. ' ?. {,;o-p i
y,. - ~ c y*,
.,. < 7 :
,e,
, o
.i
.... '. '. l. :l A.. ;. 4
. '. p. }; '.[. a... * : L.' _ f., M. l l'[: s _,;.. g. -_
4'
..v
,y
.,.. p:l i
- 4...
,7
..,,.. 2.p.;;,. 9..
.l.
,,,s',,.,
'. / '.,.. *,,.y' [(v"j.
..t l-
.p' l,., ; A M:,jd. g,[.,_..,.
, h Ve....z.?*,..
t
- . I _ ;. n,
)
j'-
s,
_.',. ll '
,........T g.. '. 1 i
2.5 ' I [ ' ',., ' [,.,
.. ;;. g.
- M'
, 3.5,
.[ 'J ' '2,' '
- .
- .,, 'e :,k'.,h : ( 3, q s.,_
j u-
_ y (,
. :,.., ;.[
(
u.;..,.,
- i,. ;
- .}.-.. O,..
- W,.x...
,c ' !. :'
~.
..._, c. ~ s u -
V."
- , ;-..+..;.,.,: ~ e;i... *.....'
1,
- .;pt.%),r.; -....n -
r.
y*.. ' q;.n <..
t-- ':. s
... '. - 4
- e..
v g.-
a..
-. ;. v,H n
.1.....
1 sj,,,,.,.:,;. -,
.q..W-W.'
-t*
,.,, y (;
1.
t
- s.. '. <...
..., 4. - s.
(,.,..'('
5
(
i '
. 'f '
-s..
. ~ +...
.v.
-..~
y, e4
' O..,.
.4 i
'g,
..g.
.;*f.-
a '
', h I
e
_.*j i.t,..m t.u -. Oi-
.ite
.:.- J. *"..... ~. -
,,c....
g-j' y
P.'..s ? ' '.* a
.,, g,.,'.... "
.(,. J *
,5
.O'
- - E -;.
.j.%
t
<*...4<.
3 4,.
I<
%;,% '. 3: s. r -. 4 -
Y a
r, w.
.,O.,'.
- l...,. " ' * '
,.., _......;..',s..
3 }o :; jg '.
' +
7
. ;... i
- q.. p.f '. :..
'.},, [,l q-).
. j-L ;.: \\
- T
' ' ',; g M L '. i.., '.
- o
. ' ~. -
- .'-, ;y, n_.
,T.
^*'l"..,,.L '.:
3.,e.c..a
. s
,;,j...
s
.q,,
- 4
,i e, : -
- c.., m c.,.,.
.r
["
ff,.
t e.
/ a,.1,N y,@
e...
..,,,. ~,.,
4 a.
.i,.
s
.-, :. c
.A j
D. ['
h I; h k -
0'.'.n,(....,,,
- p.. ", [i[.fue " '
.'l 3 9 \\;:;.
-. x ;.. ;,W..[: L ". 9.:f%.c.;n;w%.x,...[...,, ; ff.%I[
..k Y
w[E f.V e..-
[.j?..
Wn &y,uw,, z...), ; j. op4. ;w l
p 7,::; L,
i
.. n x ; p.
" Q u.p h(;: m l,m y % y.L.,y.[lq} }J m
e.;
p, p.xf..L f, f. i f f.,.. +2,w ::,. + ~ ~
..t'
.j
[.q,;. M K:_
c,
. y
.,M,..[. ?,,.;.
- s. j> v
.: y T n.
~ _.... '. '.,'y- '
U:.
. L, ; '],', :
- -} 3,;p yo,.,,,yp y,;.[:,. [i y '7
, ;,-..p.~,
. ;,, j.. ; I l ; ~ i.-'., '
..ct. 'C
.? - ].
s.:: s.-
c.,
c-
., m
... ra.. '
- g. '_.:... :(; ' w;; ; y 'f;,n.r:. y,l.y ', \\. h - ]. > ' ' s..;,
(
e j
INICYi!ElML BANKIFCG l
115.cumwners aisc empkw discount iderage subsdiarv, to pay off.sn Hny Korg, Chase kr arh prnse banking had an outstanding war m kr examde,1% was a year of f
semces as trus and estare 1986, bendinng from a banner aggresssw expans=m kr ihe snanagemme,irwstrne..t year m the stock market.
resdentnl trxrrgage, Vl$A portfolio sn.igemera, and Armwher specialized pndat urtht caro,and private bank-mrodian seryxes.
an a,the Sndent Loan ing busunses. Irwsrnrnt Chase cusromem narrm.
Drvisan, continued to market pmducts hke the unit trusts wue haw access to revdennal aggresmely and generare kuns Chase introduced in 1% were j
rnortr,g s and discount bro-on a rut =>nwde basis.
well resened by pnvare bank-kerage sersices hroughChase Helped tw the nanon's ing customers. Sah ke. based consurner product cornpanies.
heahhv appmce for nuregages peuducts helped Pnme Bank.
Rose & Company, Chase's in 1%, Chase Hme ht-mg internananal generare gage Corptratum (CHNK')
strong eamings in 1%.
onpnated nxxe than 51 hlhon Elsewhere abroad, reuden in nxrrgages through 30 sul mortpp businesses were atlices in 11 states in early started in (pram and 'he United
/'
' I the assen of Fireskwn hkrt-t'47,CHMC agreed to acquire Kingdom,and emity and fixed-mecme irwstment funds gage Company of Tampa, Rr-were launched in Brut.
~
da.an acquivoon that will individual Banking's ocher 3
bnng CHMC's nurrgage mapr area is made up of the serswing portkJio to apprtmi-as mately 50 bilnc.
l.
Cherseas, Chase's growing inerment m the interrutional
_ h,s_enea 14.
4 e aritnaiented whJesale
- ~~
trtat. imntment.and intornu-4 ta n wtw.cs busmesses.
( hase currench has more ihan 4h,iithe Uigkkuf sustods market and nume than 540hilurun global custodv assts The intermed;1re ( apital Growth hmd (4thase imestors Management Corpo.
raton New York A 1MC:, wah a return of 31%,took first Ac m 1%memgoimmon-ha 198'T,quahty senice will tak funds adrninntered h sontmue to disnngunh the
{
hanks.LI AK topped $20 bl-Indaidual Banki performance, inn m tutxh undet management fn en handhng a student kun ad pmtionalitself to take appix.atuo m Cahkwnia to advantage </ gnu mg imestor making a mortege in Penmyl-
'nterest m passm:h maruged vania to settimg set unt(s trans-portolos,por:64v nsurance, astons kr msntutorul imestors arid intertura O.il inu'stments.
fnYtt New Urk to Tokvu, in the mbrmata m en ses Nur. esses,thase Euinorixtncs mtensed its brust imo wn-s4}tifig Jnd WOal teports while wntmumeits adi-niabbshoj euota fore-tasonahiurns.
ARIHi N F Rm
\\ u ( hairnun, liidaidai Bariking l
/f
NATIONAL BANKING In 1986, Chise enhanced its nationwide presence in the United Semes, im sa to capow and irdeperdent j
the finalizanon of a new tas 6 nance companies.
I by acqutru'y regional banks in Florida and trw ard che continued break-Chase's real esme 6 nance down d barrrrs tointernae operation, which ufers l
l Ariwna, expanding its profitable leasing business, banking.ennts a signsticant tinancing senices to marx interest to Naronal Banking, dewkipers throu6 out the j
h continuing to nurtu'e its solid national realestate The new tax rt4orm bw dd United Stxes,made a substan-nin alter ihe fundamental rial contnNtion to corporxe porthlio, Jnd ending the year with presences in mpeal Jleasms as a anancing eamings in 1%. A new dFice whle forcorporate \\menca.
opened in Washington, D.C.,
nrore than 100 U.S. cities in 22 states and the Equipment leasing is a key and rhe new pmducts pour element ut Cbse's natonal responded to changmg cus-District o/Columbra.
hankms wreegy. in is, comer neeA. Chase's real esare Chase agreed to purchase 6 nance busmess continued to Chrk Equipment Credic emphasize b@ underwnc4 Corporation whh 6 nances standards.ctedie revew, industnal ard construction market eisluarkm, eontroi d equipment.The acwisition nsk exposires, and praect will almost double the monitoneg.
recewables d Chase Man.
Forty smes ncw allow some hattan Leasing Company
>xm d ir.tersace banking, iCMLCl,a division d Chase in IW, Chase added Ouse CommercialCorporzion, Bank d Flonda and Chase to $3 bilhon and giw Chase Bank d Anzona to reponal j
the third largest bank.
banks in Oho, Marvbnd, arlikated leasing comparw and New York. In February, in the country.
Chase ac@ ired Park Bank d After wars d expenence Fixda in St. Petersburg,with funding and managing hgh.
iM3 millinn m assets. Chase wJume,small.ticke 6runcing Bank d Anzona. iormerly programs, CMLC estabbshed Continental Bancor,w3s a Portiolo Senring Dmson xmired in O.tober. With in im to pn3 de adminis.
tracew ard b.k office sunxxt Ib
/
).
.,..,y_
.]:
?.'., g,,,:
.., A ;,,, - -
,. g';, s $' y- '
r, f
, (:..,1( c f.
g
%,'i,.
..y:. v4 >,: 'r., f. -
. ;, i f,4lyj., 1' yl ',-'_ 'j :, h ';.g e., @,-, y., \\ '..).
i,
,t.
.f,. c..r,_,
[..#
c'? y "' ';&;,g -'., ve..", ;l.1,').,1 :f'...l _..'. K; fl.. :. 4l,.
j
,l.
k'
. ] f
. '. n f.
>:{ ' 'f:f.,.;
g[.y(,t.</ (,",,c...\\.
- ('.'s i,( ' f e. q ;,,' j.' '., : 3. f.,3,,y*
]..[; l Y.r.
- f. -. :.,' : y, (y 7 ',_,. L ':
.,.,.,'.p pQ,."',A
,.,,., r
,7 l,3
,. Q 3' ' J..
f.?;.
.'l y.. 4
/, gs 4
.j.]s.y.'A - Q f ; ;[c..
g:
- i..J c s'.
- s. ;,
.W,2. s H
. h...m 3,.:f.. -, '. y >;.
n s p, y+ s9, Y(.
...;- ; r
- ,'Q,i '..,. : :, '.s. e~
1
\\*
- sp
.q yv..N" : g 1>
.< b.-..e... :.. c
.'$'.i,,....
,p..
e
, "..# M.F.;,.,i,,m.' \\. *,.'p'.r s e,'P'.<-
y, n
e*i. ; *,x i
r I
-.ll-
~!
/ '.
- 1. Q :
.t
.',,.:...a.'...i. - [{':
o...
s e l' :'..-;
- 3,
,o.
., 3,:,r; * -q' 3.1:.; bf l,,: ?
- x. -
' 7 M .' ';.. s,- _. '..
1
..1l '
e
- ' ' '. O '... ;,
1,.
- - M
_l<*.
- } '.. ',' ' ' ". ', * [f )( v
..'.l ) g t :
, $ ;,. 'I' / [. ' j _[ f ',['M.N - >d. $/,i,
.'I,',,,[ ;/ j,,.[' p ( f f ' " *: g p< '.
i,
- p..h '. :..
.,, - - f ],.l y: : c 5 l,',d,
[q l
- ,.. h '...'., Y.,,
?
h',
S.
,0.hk.<.
,n. 5, '. -.
4
[r
,,. 1 %,.
'l.
.((,[ bl-[' *k'h', !;
f h,h...'. hhS[g, 9 d
-,, +
...n.
h '. f.,,. I
- [}
'[ 3
. 'i '.
(,
- :.:... ',,\\ g.
'q'.$. ;:., -l7[
- *' ".;,,, \\. ) f We.
Y ' 'G.. ' i 1
~ ~R. l l.
y*..y :3 I
> \\.;_.
-..a'.. -
W. o,,
< : :l,. _.,,... r. i* :,,. ' ' % l - ;,* {' {.i_
.. a,
-Y'*,'..
2, f v9_ ' e f.1 3
i *
.t : - h
'\\'
'ri, (..,(,
,o.. i:.,V U i ){: { ;..; h..r?
,a
-' '*..^
L., -
- , o i ;.,.},'...) h
- ..."'r.
..,s c.,0.
4,.
-.. : t :, r., g,'
.<l
. i..; ;..
5 s; g' s..,,
_. ; i ;; 1; ; ?,, :.., s !.,&.,..
,s.-
n _
- c....c
- u.. ; u_4. <Nk a ;
..a. ;. :
u. ::
..,,... ' ~ ;n
- 0. i.l?
- ;:..,y
L. ' n; ' ' ': *.: -
,_a.,o..*.
.,.f:.-
. ' ', ;,,' 'i1 ; g, F utp.,liR,e
- y ',, m, '
-lg
..-, i.
V, e
.,,.... :,,g'j s.,v,.a..e.
. ' h.
.._ :l l"?' ^,,c s.'
Y. a,..mi g,
i.
... _ ~,
d.
.. n,:..hr p.
q,,,, g4',,.. b,0;;'l. l ;.,: j.. o a,
- i.
6.
- ).,,V....'
p p.h;,(,,, - !.f..'(*',,.o.* ' W, ~
h,.. Id,,,,,7 r,
1,&.. % e - f; i
- [f. ;..,';$.r.f,.,N.f.p! s d
e s;
- '~.
ll
.,,. :;.f.,,
a e.,.,.,
p
..,,y
,, e f.y
,_ h, '., ; :i ?, '.,,!,,'_ L,
- !_.-., ') ; ' % V
,y '.,1.: i. y ; ; -< !,j.g (,,, - l ( ( q '
-j '. n Wy.}: r g;;
" ' ;. f p,,,,.-
,' % c L'; \\l,,
% p:.>, ll u
. ' -.- '..?.;,.%, '.M ;e ;_3,',
r y. _. {C j.
's,.. J. A,'
j.
h c' M~
...l o ;. ;7, ; -.
,.),,
,1, f
- s. c > y,
'. vl \\ ;.',. A. * * *. ',
., 4... g: g_ '.,.. p.
&,,%.,.,.,., a;
- j;g.
g..,.',. - -.-, '. -. is., w.. y -
u f. '..y :,
i.-
.. yi,'4,y ;.....
yn
,,,f."
..4.. s..
- 9. L
..r
(.. i 3,,
._t-v 3
' ~,-
4-r '
s 4-.i i.
- .'t,..
-.. g ; ',;.
'.:,..'s,.:
-.. '*,'p....,;,
f,,,j p,..",.
. ' n '% '.'
Q, ',..,. ; i,. 4*c ' -
i'_.*4 t'.p'A 4 7"'.,,".;_.,,4
- p ";. h_
y t',
.b..
- ' '.,.a
.. ;3,. -
i * ',n :.
s-
,,eh
.j.h,...,,.~'.,,..-,,..'(,*-~p,' )' ' f.
. i ['
- ' y(w!..'
- (. i * ;,,_'
y, _. l f','qp,.F,, g
- t. q.,., t -. g 6-
= -
.j.
- ... ;-.-.. u.",.
(f_
,,, f ",
4 '
- j
- + ;
,.,.,g ;..v..;,
p-T
-t;{,s.
,s; W. ;
....'u-e..,p...-
, y ',
, '.;,. ' n \\
. n
'...*...i.~~.
v.~.
.,,.~A...'
.., f.';,y., <,:. 6i.e. );. ~y'
?
......:;yb ;
,,e.. l,$'.-
, f '>.,.
n s
-,.l*c*
.g..
..si-*
-.. ~ ll
'm 9'a.
o.
., 3
, ;...,.{.c, ;. t,;
yi
- p.,,..,, _... ' -
.n s
a :.
'c
$+..,....g
,f,.
. tf
. 4 k,
. s,
~
a
_,.,.s,.s
,.q..:
. l} '
g_:
f t.,.'
h-q~,.' :.
V'I-
,;.y
+ hg
,. -,. :, O : '.
,d =,.)
...-.... ',..i,,.
,_ _.p..N ", J_-l',4
.,.+;,-, ;,,
3 ',,e,v' c.
- 4 s
r
.. f. ' ';'
i..;,..i l',.~.. '..' /gg *
'_ h -
- ,.e,4 -..' A..
- ...
5 e
.,,.s@, e y '. ',.( --
n.., ;.d *g t
'.k
,.. ' =[:'.J 5
[,, \\.k, f.-
[g *. [. *. '
$i,
-'I'-
e.
,. -..,7. h'*, as ( [ J -
.i..'t,
- i. k.
i -I'".'.-
,.4,^.!. % ', '
p' ' ' ',.,
l', jl '_ )p'.,...iL.'-'
}~ f h)(, ; ; j.
I 2
,,49 6
f i, -.
.,m.
.e,.
e
.c
-..i
'?h..,)'
, j['*,.h,,. ;h. +' -
'e .L.'.
',*]- *'g'L,'*'*
.)
l i.h.-l' fe-', - ':
-.j f
.\\,'.'..,6,i.'
..; i.
$,j,
-. f. " ;.,....'.',, - { 6.
- +,. 't' 1, [,,
, i
'". /...- -
- e. :
e, L-.,,.;.,,'.yr,,-
..,.f, 7'.
,g.-
,, y, p, ' -.'
, q' ' ', c1.',,
y.
....).
t 58
'.,t._
- j,.
y
. 3 4
,....g,
' _,..s g ; 3 y
,t
.,j:
a.
/
' * (_
s GL..,
v (p -
.....'Q<",,.--
,., 4,, p;;,,.,,
. ',,',, : ; g. 9.., h
- q r-g u,_.,.
- .vA 3 ;;,..
'g-i
- g. u
' '. _..' : ; ' D.. -
4,,
, ; :;\\ p *.
- 3,;
'.7, }z ' ;,
l.
[,
-W
- - ! :; _ l[ _. ; *
- 4
__...:,f n' ;,
,.F.
i.{. 'f[. e,,
...c, "J
' ' , ; -,.1,f.g g,'
' l ' '*',. [,... '.. - * "
'. '... ' ',[ -j,
- t ', '. '. '[-
O '" " 'l i.,
' f.
',.'E, ', h
,(
I c. ' ~.[ ( E *
'[.k.
~ '
.,.[
P'
. i
. h.
e, W.'
- '. - s a,
. j ':
~ L "7..'" '.
i.
j',
g.
.., 7 J. ' -
. ;; y -
f,~,'
'.., 4 y
~:-..
l C'
'.2
,q e.,.
i, i
,y',;.
(i c:.' '. I
-. ', y..
w, :.M,,.;..,
..t e'
-r
. s ',,,';, '.;'..'.- '
.g
'_;',., d?'[' ['q i ?i.,[ *:.
/
~
,f i
'y':7'_ 'f, b,';,,':.
s
.,,...,., '[ n
.e c ' i...
.. ;, - v ' \\. ;
. ' g. *a
_y%:
?,
. ' f,.,
.t r
- ',.' -., >,;)G '..
-, pl. '. ',h I', '
1* ? Y,,
.[
J.
f,[. '
[". *,,,l. j.
- . t ' ' '
.. '... : ;,.q;., ' -.j ; -
3
,p',
7,
- 60,.
0,.
.f
,,,..; - g _
.i.
y',' ' [ ;,'.
,3
[
4 ee ri 8,,. c ;.
a
.c...,,'u.,
r...,;
.3...-n ;...
e'k. -..:
,o.,..
-m -
z
,s..
m, 5,. e, ' -.e w.
.;l,a,'y.< <.
p L.
..z.. /. ' ( ').....r ' z,' p,. _ z Lf is s...-
i.. -
1,
).,
Q,,)f.l
' :f. 0: '
p
. l?. f a: ?,.
4.k V;.
- j..,
7,;
h
,l4 ; ' ), b... fll.'. I'f
- Y Y l
.[
~,
.I
'i 1,
.} (
g y,.f Y
),, ' <.,; h
- p
.N
- h.I l
jh k(;'h. e
,)
- !; A '.
h.k
..c,q. p..,, 'l f: [y,,... _,,, fu;j}' ' p. '
_,7} 7 f;II, h
?..l.,f
', m l _' '-
g. g;p lj(e').) f :,.,. ff &; I;%,.' : ; j _ j '
., _ ;t, ;;;..
y q,, g,
r 3
ff;*, r 4,,i 4. gJ. l. l(.,':l^.
y GlI y
4,, c, 5.,. ). c
, ~. '.,
y ' 'I:&
]:(';?, N,'
d V' A ' ?' O
, p '.,... ). W, :l.,n '
.*, y 'p. s,,., \\6. f. ? *.WL,
,',s
\\
V'", ';: 'lQ.\\h..'&. '..uk l,Y y - ;.. "i'.'.. 'i ' ::{ - Q j k'. f_ ;;W;+: :.n-l. 't. 'f ; j V ','
'), b l:'.,.%; %,;' J N,.'.,.,
- J :. '.;
f.. :'.. ':.. >;., i'
' hl..-
- - :ke n '
- 3..
A 14.p:
-~".'s e e.
to lg.'y l :'q.; y ;., ',. :, [. ' R {:
3'-
-.:;-;l.'l % 7 :lll:'y
.y
.W ; +{_.% l *
'L.
.,. L ). '.' : -} c.
.;C
'..-. :,...e l
i
..m'.
, l;,... >
.\\n,,h ;'
- , r ',", n_
Qg :..>\\ p' ' '.,.. ;
. sf'.,', o'; ', _ :y a i n.j ; g.c. j,, ( ',.' s ;.. -. :.., -
- ., i..,, ;.,... /.. ), ;,,.,',
,, f : - }. ':, 'n>
- : hz 5 \\ h. " ' t,.
- Vv
kp
.'9
~:, -
, s o -.
..p, n>,.,.. 4 ; a. -.;..:..,8 -',,,7.
I', e e yd' nb.3 <n1,q
' g..3
,,#f., _, <
s
.,...y..
c
\\;.
'..,..r. >... 6:
t-; -
.,......,..;r',.
,,.sh..
..) x., i.,.... >.-..... g,,
........L'-
>,.. i n '..-
. )'.- -..
> 4_ n
.w i.
p... p..., ' -
.'\\
..<.a.\\-
un <.. _..?, :
q
- n.
o '
,,,...,g, s--
..,'.,p:
- >....,.p.:
.:.,... s
[,... :,
4:
c.
5 ;fj ~ 3, c.., g; q
y...a-,
- ;;q.
- E ;. ;.,(.. J.
- ..,.
..,, y y, a,,.. Ap
'/ ' -,. ',. ; '.,, : v.c : - -,. -
...., o... ;, 3.,
- ,, j >,s ?... c,..
.c.,
Q : })', ?:..,..y.,.n..,{p. 4,M >
4:
[ly ? ' /..,\\'.:. "' '; '.C....-
7%
,.?
... r ;;);;, ~ ^. :- -L !
' i: * :(
.ii.
- r. g.
,.-t,p
.. l.
<l,
. ~.. :
,... t
.u..-
, ; & 'sN '..'. ' '...".... ;:;. ;r.
,?
}l
' - 4 ;..
L
.:e
'n
^ ' f.,.. e,. : ' '. r O
. "n ' 4,,;,..'
Q
~'. ;:. : ~
l-
} ; :,* ' :,, c ; _ :- i 4. i,'.' '...,.,:
. \\'y 2
.. '.l O ; ' ' -
,l'.'
.,.,. ; ; ' f. ;, ~., _ '. ' U *'
- f,' ".[.'.,.
.,Jr.,t:. ' y '; y. ',,,., I8 N
' ' i. - l, it
. '. lP j.
y y [3. y
.. ;, - s..,, ;, in' T 1.
.e.
.9 e g g ', ; *,' j c.3 s. q.. r g.. l,,),*.
s m.
,; a 'g
- , ( z.%.j a..v r...
- . l:_.
sy, Wy.
'. s.4, s"'., c. '.d.,. g'
. ' ?, d,
. 1aj...K...', J '-,
.'.; t ':.-f c',
a.
. ' gi y, _ _.
.r.
-..;,,;. '. -.~.
- e
.o,,
,.i d.h gj
' :. ; '. p.
..o.-
"m I'. J f- /'.,..
u,-
Jl '.. < '. ';
,, .ft. '[E, '. 3,
+
- 7
,.g.
...?
h i ' ' ;,jL'>. ' 'N1, ') %.,. '. -
q:'.
r s ':
t
,'s,- "- ' ' '
.,.,,,_ ;. o ? l9. '. -
r
- s,> (0. g.,',m ;..}... -
'.1;: '. ';; ':'; ?
g!. 3. ;
s-
' ' y,
- ' '-, _ f p'; Q l;. " v
~ l; ' +
,(
i,
r.
'.., ",,$. f
,k-, yp",'^'
.1
,J,.
.}'.',.',
[-.i
.l : h s.-
' ' ' g...;. T,:
.t,'..,,,.- I '+ ' :;' s ' :[s ai
..',.e..'.'
.' : - p ;-.' ; :
', '. j.'* p}., _ '. g."
- ^
s
'.{, '
- f,.
[',' C
'6* "
l-
,'.,y,,,,..6
- ,5
,*..,.*. : :( f '.
,1
, ' l N ', l,
j'lg,.
'**,3"',
.1, 3-k,,.$,N.. * ;'[.$.. 5d* -.k,.
...k. f.
y..
n-
.,j,. ;-....,;,
,.. p' i...,
,.,..c,.-i
.3
-.h:$,...h,MN,.,)y..k,., c ',N [ h.,.'* Mj,.. h..
,..,..,..,,;3,-l,,,
.-:c'
..., y I
,1-
, b'l',
..'.u.n.._,*
_, Q
. _ '. '., ',. -.f.'.' ; Je.,.-
,....?...
, !,f, 1
1 n,.
,,',s
?
i,
(
...r",,.
',..... ',... i, si
{
. ; '. ,, _., _ =..
,* -,, =.,-...,*j,';,,..,;,...
.-i*.N 4
.i'% p,,,. #,.0 -o;.
S-
.c.
,,...,s.lq..',..,
g',,.
,,=.-. "..,....,,,'
- y.
,- - *4
.-.e
.i,;,.-
,[;
y
.,y,.,#
.] ; l ',4 -,, o.
,s s__,-*... ' '. -..,,,
'...y. ;..'t.. - ' ', ;.;:
, ;, ; :q s',
,,-{.;'..'
. -l J ' - t
.'y 7' - [ }.g i.,
v
.4,,-
t.
.n:;.,A 7 i:.
.(4
., /. Mhi(I
,,,,' [,.. ;'; : l 9..,' {. ;'[...,.
44
'f, Y ~ ; b e '.
{.
-}
- .5
'. " -...., ::l:
V
.... '..,1;,. ;. t,f
' ' 4%'$";... i;,
....',%.,ic.",.
4-
- .+ -
A
- !,- - }
- '. - - n
..<.,e......
,3.
p..p y.
-4 8,
} { ' [ < -[ y J }(..,'
l,, '.. ';.' [
.f
.p;
+
/),,,',.,'..'l...... ' ','{',.,.'..;C?;q,.'
3,,,
<,c,..'.,
..].
s 9,
'I' :-.
.l**
. h),
- fi i [ ' ;
,,5'I 5 ',..,.,
j
,j
,,,,,.j.
,.g
.1
.sh]i ', i,' $ ;'.,"i,' 9
,'/;
_.".'[,
T N'. % j , ',
, ',j . [' F(( ' ;' i.. *.
'f.. " i i
'I'
. ' =
t*. [/ j.., '. l.,
.g *., *- j h.,'.l,;
,,.'y..."; f. :
6,.3
'['8,'.-'
i
,.,. i f oil' j',,., ; ? 4. '
i
'5 l,.,
- * *!,. f.;f. ;,( '[ { [
,4 >-,J [S '*h...'-
' l y,P 2 $'M '
r;
, j,' % h. - '
1,.,i
' ' ll
- s e,;.p.
.s_.<*g.
l j... n Q',
.n',
,- *i Q
..t. t
, '. [. t ', s 'i,, '. l, f.
,o. 3(.-.:L:r. :
':l l ;.,
- ".'.y).'.'.['%.. * ;,, l... ',,' ' ' ' '. ' f, : .., ',. [< f.. '. f,,.. ] e;t '. '., I
' '. ;i 7 ' i - ' '. '.., ' ' -
.^i
,. ;,[ )
m' c.
i.
.[ p x. ;;. l;.;. 3 n:.; 3 r -;;
c,.'-. _. y:
c.
. ;.. '.. h. J,i
(-
c.. - ;.
.1, ' %"c. :-.-., g(y:g.,;,,..-i,,- - ; i,. 4 m:-
.I...._
-t i
- v.,.,-9,e,i
.*/
l,,
s' ;....
-.,.;.,..g.,'
,."._s.-
- .%y '. ;.A$ ?, i.'; f. -.,.
- g ?. < 3 [.,3 p.,]?.:-
.a n.
._.i -
c-
.c!. :7 j ;'v'.$ 3'.,...., L,. :..y
- s. f,- :
.g.
s
- g-
,s,...
- e..
1
- ' r'.,, i' ' O.>.. 4... w.,. ; _ :... J,... c ',17 3,.~.. u 9
,a 'f A,. j;_ b, -:. '.. f..,
,;I o.
g m...*
- )_,
L
,s..
,,;-e
.g, t i
,4'"_
s.,
s g.
t
., ;)' 1 g' ;,,.
p,'a ~....,M:r W, p 7j.,., y
.,v/;.]* 1 g. ;-.,d.,
',,n 7 ij -)
e F.,.]y':/jff
' ' '. ' [:J\\
t.. ;. :.,... f,f -
'(
'i-
.n
'l
' if.*;.,.;*.i.,..','_..>.,.].".,,.
.'r..,.rc,'..
,~.'q',.,'*s..
u 4.,', '. }. f, i_'1
, f;;
i
~
s
, } ;. -
. < g.,
g-
<,v
,,s
.., '. l,,)::
,p'...
.w'.
n
.e
- l - ',:.,~.c
.I;* t
.'..'!..,,y'
- >,..h i. %,...
,((.. ' [,i '..hI,-p'.:..k',
't s -
1,
- 1T. : $
I,g5. i #
r'-
.. t h '. ". ','. ( e, :n ' ',, T
- I. _ l,h; A.' ;. '.. bd P
',.,,, j',p ' ' ; _., s,,.. ; b ',
... i,... i. v ;.... l 1.
i '- l' ;
u
- .,p
., g
. ' y,. r.l' s,;
,,. y jI,i e,i j
',' l [
..,e
- u-.
4
.r ' i. i
..d...
o 6
L' : f,.' ;). JJ.,,.,.....
.., ;.,. a
.3 g; p.j k,.'.y. i p p;,, 7 a,
.'.4, *(
,, '. l(' {,., d..\\ j f:'.,. v ' )..e-'-, f)s
'g s,
(,
l;
. Q.;j la,* -
't-;.
{.'
?)
'JL
.( s:1
- I~
r--f t.. -
'. ' ' ', ff;n:*; _'
r*
, p...
e.,.., l..
.f.. _ l '.,, '.
c
- I -
[,'[ \\.', " ?.. ' '. *.. p k'. O.I.' N '. qn >..-,,, _., -
,c..,.
s p g (. :..-
.i,t,.'.'.',"%.,;>
1.
o-,-
4
'#e,,... *,. ) '. c g d..J,'; [, :. '...,.;
y s, -s. ',....
q
' '. l.. b, i 8;.'.
~
4, / i.. '- -
.'.,,.,i, s ' M. ';'. ~,$. c q
i'h.
c..'
$.. s,.,...
, )!.,
4
~...
A
..., Q :..f:... { ' }'.' :
". c'[ ',\\.. i v ; h}t ;, ','[. ['l, y h.,,.,.., sf;.. h.::l &.Id,h,,_ -
.. '.,; {,.. f,;_ L;fg';, )<,f..,- ( ?l
...L.,. }.l l- ) A
_. 'l
. ;,' fl ; L-y,*l'_; N l _:' f p.;.
f u
_ y:
' Q
.L L, Q,1.:, ;m - 3..' a :. y...p ' ' ;flq il.g
@,',.,;. '.1 % y :. }
c
- y f;;
- .w. 4'[; s, ' n [,,,'. J)
,e, u
r-4...: ~'.,.c
.,' i. :; 1,,;.g id !
e-n-*
..,..3, i m'
a
NATK)NAL BAN KIM; I
i assos in e.uss of Sm i nul-( ttthe l'nu n Ihusa o to n xh luntit n the ntth largtst bank a n in>nw de trurket virits in he stJte.
ItwestAadi p wtti Jxi manage-The Metn poliun ( ommu.
nxmt sen Ac.
mty Kank,whsh sents In Fheda, Ohio,anJ Marv inJn Alual and snull and land, wfam;( hase t<=ik inty s
meJom-saed busnxsses in enobkd msorut a wis to gain Uusci hme nurker.is he early entrv into Jes able mar.
larpse or ( hase's regaaul kets, eiirts continued to turn hanks, w ithinr $1 t hilion in tfu r,c early entrx-s mto u m-Jep. sus at > car 4Td. law year,the bank bepn nwn.
6eunngits Nm hwk anca re-
- ork to wrse the sustiwnty rxwh:4 the i+%. The i
rtwn6guratn ni owlucks thangs in brant h Jisign, new I2 -
j pn xhts, spet ul-purpow fauh-hr tas,.ind a nuar unestment m petene.shantages k kukhng sdf stue rethnolic.
assts aM mtroJtx mg new
( haw tapital nurkets anJ pndutts.
irade pn whis enhae,e the I he new pnUtx rs, now I
utitrme ni ene rtp uul banks nurkets,anJ new suwinners At ( hase 1.tru4n hrst Bank, of l'Ni an N akning ihe N.A.,in upstate Nw %wk, tuture horvon for ( hasc\\
prnate pirement,iJunnc Nat unul Bank.
nwreasd k 22".,m 1%,atd ihe( haw MiniI etterid
( rtsht JJ wed in turn,( h.ise l um.nin hrsi uscJ ( hasek Re w x R ik >t t,i Ass
\\ Ac( fturnun, Nat a nul Hankmg j
ts
)
FINAPEIAL REPCRT l
l l
- 20. MANAGEMD(T'S DESCUSSION AND ANAuf585 OF l
FINANCIALCONDIT10N AND RESULT 5OF OfEaLATTONS l
J
- 40. SUMMAsnrOFsaCNTHCANT ACCOUNDNGFOUCES i
THE CHASE MANHATTAN CORPORADON AND StJ35BDtARIES l
- 42. Cas=M=ri Sammmr d Caidman
- 43. Ca-J 1-iSam:rnent dIrcome l
- 44. Sememenr dChanys in Cannanu W Egwy
- 45. CW Samemers d Chenys in Fmancial Pouuan THE CHASE MANHATTAN CORPCRADON COMMNY ONI.Y)
- 46. BalanceSheet
- 47. Scasemme dincome i
- 42. Sasemmi d Gangs in Fnancul Posnan THE CHASE MANHATTAN BANK.N.A. AND 5BJRSIDIARIES
- 49. Cor=J 4-15amemmr dCandince
- 50. CaesalidsedSasementdIncome
$1. ConorJ i= 4 Sememme dOw in Seackhokser) Egdry
- 52. Cce=41-4 5 casement d Ganys m Funncul Poerro S3. NOTES TOF1NANCIALSTATEMENT5
- 63. INDE. PENDENT ACCOUNTANT 5' REPORT i
l
- 64. REPOstTOFMANAGEME.NT l
SIJPFLEMENTAF MNANCIAL INFORMATION j
- 65. Cansaisimed Summary d Assers. Umbilines and i
5sockleiders' Eeny l
- 66. heny Balancza,Inames and Av. ray Raes-Taxable Egiveler
- 68. Summary Quenedy Sememeno d income for 1986,1985 s.sl1%4 69 Consaisimed Anahms d Loan Loss Egerunce
- 70. Sciected Laen Marurwies and Senstmry an Gunys in (neaes Raes j
- 71. Conscdsised Loan Balances tw Type and Percamay Durnburkm
- 71. Connaisissed hergy Loan Beinnc.es
- 72. FinancelRanos
- 73. SeodrholderDas
- 74. Ccunbmed Balance Sheet d Nanbanlong Subeda ws d the Cangany
- 75. Cambrud Susemer d Incxrne d Nanbanking Subadanes d che Company I
- 76. Scammerus dCondman d Subadary Carnmernal Banks other then The Gene Manhanan Bank.NA
- 77. The An Caseenan d The One Manhanan Lak, NA
)
a
MANAGEMENTS DESCUS90N AND ANALYSIS OF FINANCIALCONDmON ANDRESULTSOFOPERATONS Tw o.- u.a.n-c we%
l l
- 21. Naimmme
- 22. DemaneandinsromerndOper==w
- 23. Na bar== lamme-Tarande Eqmelmr bsis
- 25. Pousan for Pasdde Loan tosses and Net Loan Chuy<&
- 25. naerw 6, Ptumhm Lo es
- 26. &Opaanryincane F. h opanag Expanes U. PannonErinmmeTams
- 28. LagmGsy and Inuns Sausmry Magpment
- 29. Caped Mangment i
- 10. Loan Ftut64o
- 31. R!ak Ehncau
- 31. --Gm ncry Rak
- 15. -M Wd Rae armi Pan Due Lawn
- 36. -loanConantranons J7. ImemmentSecurves
- 38. Irmaesecanig Deposes Maced weh Banks
- 38. Deposes
- 38. Funds Born =d
- 39. Fourth Quarter 1996 %us Fronb Quanrr 1985 1
)
i i
j M-
- h
NEDEOAE suheMAsnrW SELECTED HNANCIAL CMTA 1986 1985 1984 1983 1982 For she %mr 5 in miResumi Nar humust lutamme............
$ 2,996 5 2,749 5 2J08 -
$ 2,169 5 2,024 Pinsemen kr PhsuMr tan Lame.
595 435 M5 185 243 Order Opensag lem: mme.
1,743 1.316 930 564 698 OilarOpetsnus Espenses JJ01 2,732 2,245 2,046 2,135 Newlensme.
585 565 406 430 307 Nar huomir Ampandde m Convrion 5 ark;meers.
527 481 321 _
377 160 4mmy Camm ma,, Smases C Jea== ad 79.561 75.240 71,153 63,748 67,157 Per itsese r
Nes incamme:
Pnmary....
$ 643
$ 6J9
$ 4.51
$ 5.48
$ 3.86 %
Fue Dammi.
4.50 6.15 4.32 5.22 3.64 r
Cash Dwebsuk, Dudased..........
2.05 1.90 l.82%
1.75 1.70 r'm 5modbohirrs' E,ary a hared.
52.95 48.19 45 81 43.91 40.71 header Pruz a %sr.eul.
35%
36h 23 4 22 %
24%
As %sr-emd 15im =w Lanis.....
566.220
$41.931 11 003
$55,894 155J32 Tand Anmes....
m.
94,766 87.685 86.883 -
81,911 80,863 LnneTensResauf Debenrures.
2,869
' w4 2.320 IJ76 1,046 p=A-- ddr Pudened5md...
67 e,2 62 150 150 Newmakenmeir Prudened Sud 602 602 602 375 375 Cannum Saniliablers' feny.,
4.230 3.795 JJ59 3,051 2,761 Ramacisi Karms Ranern an Asumy Taul Amns...........
.65%
65 %
.48%
.54%
40 %
Raurn on Aumy Cany ian Sauchhaklers* E+sy.
13.18 13 64 10.12 13.11 9.79 PHunary Capsal as % dTasal Gmes Amers.
6.95 6.87 637 5.44
~ 4.73 Tasal Captial a % of Total C#oss Assets.
9.27 9.23 8.11 6.69 6.01 Carmdsksed ret marme e ki 1585 malaan kr 19% up appmsamedy $20 Oisse) Consolidssed Seasemems d incnme kr the years 1996,1945 and msEsan,or 4%, Imm tk iM5 mdlion earned in 1985,and up $U9 milliari 1984 ase geeserued a pay 415ummary orame unemms by esaner for (men 1984)lr=1 d $406 rmilun in oompenson wah 1985,earnergs kr 1986 1986,1985 and 1984 me pnmenmid on pay 68.Tlw pseviously dia+=,ri bchded mceenses :n net insats mcome ard other apezorg incmac, ardad.
-,/
y msamemon an the dacts d disrgus prres (FASB.13) has og nabsarrul mnemmes m vreuaDy a5 fee-based incarne caurynes,in nation been delrumi as permased by Semement d Financial Aa:aunang Scandasds enderge cradmg urame, n infim accuarr pedes and in gene innn the No.89, Funanaal Rgarang and Chuysg Prices mies d weesimmr secunnes. Also suialed m 1986 rur mcome see guns Asemy nasal meets mese 3818 inBen m 1906,a 49 sicasse oer 19t5 fecen die sales d Conguur Ser, lacs sahadisey cynpanr pamang das and a he anaense amor 1984. Oisue. :ervrn an asmy meal am.xs (RCM based pecesurg suvices so the manpy bunk:rg msksary, and Chasch iememing cm na issxane, ums.65% 6r 1986 The IER was.65% kr 1985 ana.48% Er nunarry inmater m Demand Lesse Carm Lad ) span. Induded i: 1985 1984.The maarn an amuy casaman sockhdders' apsary (10Ek based ner mcome was a ymn Isam tk seie d a ponen d Oimaci mmarry memen an not incemie aprde=id e aurunon smck, was 1110% for 1986.The llOE in Dumarul Lamae Company Lad. and a son ham ik sale d sesi emme for rat $ uns 1344% and kr 1984 was M112%. Cash dmdens per common m )spart in addamn,1986 sul 1985 ner mcome nas (nominy afbened by the she masased no 12.05 in 1906, up isam $L90 in 1985 and $1.82% in 1984.
appisaron d Finental /.xounnrg Standeds baasd rules spria,4 m in January 1987 for die nowh consecume past,Oiesch bad d Duecuxs leienyd lease fem: cings aners our d the educson e indesalincme tax appsumed an recesse in the gasnart r carnman dmdart The 5% irumense in rams macied in 1986 and the 1985 educron in New Yart ircome :ax emes.
$.54 per shase egmes e an annusi use d $2.16 per slime.
44=r=nnnHy duerug ik hiesabic incurs far 1906 ause a hgher pmvuon in du few eerser d 1986, Char 6 armed a new nananal bank, Chase for pasabar laen lasers and inesessed nr r-ing expenses, edakns nabam.
Bank d Horvis, MA. (Omme Mar 4.aa, which (thesugh die Fedmal Desmer eel one<vne exposes kr the selectne numerurug d Chaset dam. se inmence Carpr===W aegined idecad amas.nd ampnned certan labdres and omenen diice nen ork, mherse kneen endinny nandmur. ducts an d Park Bank d Flanda,a commscal bank haakpaarmed in St. Pesersbuss expermes d ameriens colums and the mipact d expenses d recenty acgmm; wah mal.imens dm _ _._,1600 nmInn in the burth cymner d 1996, asupunes, Net wrame lar barh 1986 sui 1985 ndects du ful yer anosct d Omme congdened a acmasmare d Cannnmcal Bancar,Inc., a commacial the axpnenans d Nahrlandse C=rhabek KV (NC8) and L.incmin Fws bank hahims campseg wah ental assess d aggsaumedy 1600 malmn.
Banks Irs. inuin) whde rur ruxane Er 1964 trrhi rk unpset aner Cannnusta?s bank =Jimeh ry,'
- J m the guemar Phoenus, Atuans the meeest carmolidmaans d the ruo annes, ans,uns unemed Chase Bank d Anaans (Chase Armanst Dunrg 1996, On : per camman shen hems, cmiandmand as mcome uns R63 in 1986, Omme sede oder =p>= inns, swhadung Thini Camury Lesens. e. doce g 4% ccsupe ud wah $6J9 m 1985,and $4.51 in 1994. FwBy diluimd rur eggenus imuus c:mapany e Mabuk Masauri, and ccmgnmed the acgus.
stonme per ctsninan ihan ses $6.50 in 1996, p 6%ampand ersh K15 in aans d Laanr, Mitenk k Campany suf Simon & ca=ra sec annes andary 19t5, armi $4.32 m 1984.
md armalmaksay cisnpanes m the Unned Kinyksa.8J1 d these ny n=-
Na ancome per connon ihase amounts redect de usuance d comman amm une accommed for a punasses Scaemenes d cendrum a year <nd shuse puremnr to: tk Dmded Rarnesamme and Sext Puschase Plan, the 1986 for Chasei memnal banks,incieng Chase Mands and Oume Atuans, in commun sham d mamm m bnns ilme Subadnmed Nenn a= pasmed a pay X Due 1996, rk camerson d canarrkie czys.J nans and Maanm and ik amese d mock upmans, 21.
1 l
l DOMESDC AND DfTERNATIONALOPERA'110NS q
. Aussy amers by piipaphec ngam ase sinoam in the loBowvig table:
j sammME A5 SET 5 BY CEOGRAPHIC REGKJN j
- Emmpe, l
thmed Middle Eau hem Taial Taral 1
5 keamEmsu)
Stars As.a armi Afnca Hanuphere irmemarumal Corporzon j
Cah aml Due fuen Banks'.
5 5.035 5 1,171 5 3,s58 5 1.068 5 6,097 5 t1.132 4.319 142 1,174 4I3 1,729 6.040
. haemunmu leaar:tus,.........
324,39 Lamms(W d Lami Loss Resene) -
5.567 11.016 12.527 29,110 6t,749 c
waanyon Accepiamis.
I7 965 935 476 2,376 1.573 Osher Anmes.
3,969 624 2.953 748 4.327 8.296 TaJ Assas 1986 546,159 5 8.471 589,936 115.Z32 543439 589,798 i
huommay d Taral.
51%
10%
22 %
17%
49 %
100%
1 Taint Asses-19es.
542.00s 5 9.s02 51s.929 115.552 544.2s3 586.291
- d Tesal.
49%
i1%
22 %
1s%
31 %
t00%
Tand Asun-i9e4..
137,60s sti,165.
si9.ss4
_ 516 484 547.733 1ss.34:
humumsy d Tessi.
44w 13 %
23 %
20 %
56 %
00%
'huashe
._,.Dar mimunsinrh e h i
Nam-No immgn camarrv accamennHr man than 10% d suersgr scnadebuseural aswn m 1996 Ht5 or 1944. Awrage unemsonalletnisers. pnnt gimibhprurs
=r--d is% er anuage smal lainimes si 1986, coagumas ersh M% m 1985 asi 65% m 19a4 j
l D004ESTIC EARNINC$ repsesennq resuks d operatums in the United Stars, IN IIRNATION AL EAR NINGS, whrh indude the apersmg r=suks d ease 5466 rrmEien in 1986,compand wwh 1371 mdhor i.i 1985 and $299 Chase's owrseas odices as wdl as vuemanomi tunness actmnes cudacted i
nmEion in 1984. Domesnc carmnes accourned br appetrnmaciy 80% d con from the Head 06 ice m New York City and oti.er domesne odices, wese l
anhA== I ner income in 1986, compmed wah 66% in 1985 and 4% m 1984.
5119 mdlion m 1986,compams wah $194 mdban in I945 and $107 miDion in in cinnpenson weh both 1985 and 1984, domesrn: enrmngs ior 19% were 1984. !<wemarunial camings in l>B6 accumraed kr appruomzeh 20% d con-i l
sacualdy afeced by higher ner inenst incane. irocaud lee bmed mcome, solelmed rwe mccune m 1986,commed wwh 34% in 1985 aid 26% in 1984.
na gens imm the sabs dirmeso urs secunnes and the sak d Computer Further informanan repsdirs irm manoral actmries is contained in Nose IMt. inc.T1ume Ismrable fac: ors see pamJy cdier by unessed operamg 16 d Noses to firunual hemmis u meil as in the Country Rnk ction egoses md a ht;wr pronson Int po,aHe loan losses. Damesnc earmigs d this analym for 12 une adwnely unomed by appecaummeh 127 minion afeer cars due Imemarrmal camings for 1906 decie. sed compared wah 19815, dewee ca the as4em 1985 acuperans d the resonal banks locaed m Ohio and notased other operanns mcrene, Ane pr,mancy to a hgher permoon for loan l
Maryned.,d m the firw parar 1986 acupuuron d Chme Fknda.
losses and mcreased operanns egienses. Net miaesr income in 1986 was Donusne we au rest meumeincitand in 1986 compend wwh 1985 and Jawn fmm 1985 but up frrwn 1984.The decicase m net amere t mcome in 1954 ese prururdy a a h.g er mkrme d ineses eaming assets, mdudmg 1986 cirnpand wwh 1985 redlecad reijuced loan wame and narmee irmeest 5
a esbemerialinc. ase i:' the adurne d consurner loans, and so a higner inel d rue spreads whik the incmase caer 1914 wa pnmanly die so wider incuest i
norunnsem4eanr4 dqxm 3cch d these henws resuhed m wider irnerest rme spreads. Inremmonal tee-bmed incorre increased to $333 mdb in ame spendo 1996 from 1253 mdison m 1985 and imm $215 mdlen in 1984. Fee treame j
Dansanc orher apranr4 mxzne incremed 37%, or $294 mdh, m 1996 from muurment banking and skibal mar and %ciary actmnes connrased m i
so $1,091 melam, corrvand swh S'97 miDenn for 1985 and 1536 mdlion 6ar incxane esmfraruh mer the 1985 and 1984 Inds, adectmg the armepc i
1984. Domesuc fer4uschncone noemed imm 1501 milliorun 1984 and
'snpham pixed on these actnwes,insemmonsi cornamer s e-based income l
56W melle vi 1985 m $708 mdkan m 1986,pnmanly &se to the connrised and fee mcome from 'etsers d ends inexamed while he mcome imm accept-i pourth d Oisse's trust ard %cm.v,connuner emin cmd ard nuestmas ances connrised m dedine. Imemsonal nonfee4 ssed irranu meiemed l
bankmg actmnes. Domesnc r.onine-%ed ncome was $303 mdhan m 1986 to 1319 mdien m 1996 frtrn $266 miBion in 1985 and fmrn $179 million m i
a sensee d $162 malium o=er 1985 a'd d $268 m0 lion mer 1984. Domeer 1984, ase tarply to connnued suung kwegn cia;hany trajmg mcome, m-
~
nedaressed nrome kr 1986 manied cut ir estmme secunnes guns d cicased tradirg accours pmfits and inciemed ret usesrmera secunnes gains,
$141 anEman, up 151 mdim fmm 19t5 ard up 1128 miuscri from 1984. Also partnity o4 set bv 'wt fomen exhary transisnan losses on irmestments m rdaind in 1986 damesnc (wher noniee-bm d mcume we a son d agvasu t=ersen branches, subedanes and as.ocised compennund m 1985,a kmw r undy $100 mdhar,560 mdlun afar teesh%m the sale d Compueer le,el d pins on saks d assers.
Ihmer. inc.
T1e meernr. anal pmnson for loan losses was $115 mdhan for '996, i
The drunconc pennon frr inen losses irr 1986 was $440 milhan, com.
compared wah 1105 miNam er 1985 and $150 mdhan kr laS4.The :rceme pund weh iD0 miBoon m 1985 and $215 milum in 1984.The irrreases d mer 1985 was prurianh 4se to the higher level d inumananal ret loan
$15 suben ard $225 miBam, sepectndv,oier the psenous two jears were chary ads ard conrwwmg uncertam condinons psevading m certen driel-pnmanly due e the hgher led d damers conanmer ner kun charyds operg coumnes. Inarnamnal operstmg expenses mcmasai e $1314 million
==aa-et weh the corsar.usd rapid powth d the domesnc comumer kun m 19e6 from $1.0'3 mdimn in 1985 and imm $984 miasm m 1994.The portfnim. Domemc operanry expenses incnnned so $1,9r/ miasm in 1996 wueuse m erpenses mer 1985 sudircted,in part,an appersumanly $86 rnillion fuen $1,69 rrullen m 1985 and 6 tan $1,261 mdison in 1984. Expmses d ahe-:,rnpe:t of fasegn eschary rase ch.nys on expenses d oiersess sceuly sapsed damesnc corganes mcmanaf 1986 operanns expmnes by aplices Expenses d scently acuped inserns.nnel securwrs tradug and
,, -- J, $64 miBaan. Inchaded m 1996 germire expetees men appr'm nacktsokemy camp.anies in the Unsed Kinplarn and a bankms m;ted.ary msedy $7 rrmRum d one-nme chmys aimed so selectrue reacms m m Span rrocased 1986 operanrg expenses tw appsoomsdv $40 mdtm.
ChaseWisnesnc odlice terucsk. Exhsbeg these addanmal expemes as 1964 Also ir W m 1986 gerunre expemes mere $2.3 mdlam d one nme emmeur gesnrg expenses wr==
i L5% mer 1985 and 32% oser 1984.
charys relmai so seiecuve reductums m Chane's omness orice neniork See pay 27 for further mkwmstum on Other Operarug Expmars.
it, n e.
i sa.cwi
.,w - s.r %., m at m, saiws.1 22.
sesemwer leurvun I ker e.t j
]
L
)
sumorE,wanre r EAS7 AND ATUCA Tk J,.iz,so1986inarnanonal NET INTEREST INCOME -TAXABLE EQUIVAl.ENT BASIS' arns,inun ey-e==u in the ans aus $12 mdban,campaal with 115 md.
Net inmen mcome on a taxalk equwalmr bees was $3,281 mdism m 1986, lum m 1985 mal $20 nuhn in 1984. The dedine in 1986 carnmp canpand an arresse d 10% r.mer 1985 arxi d 29% car 1984. Na inans mcome weh 1985 was larply the nok d inenused operanng and mart up espmses.
incremed mer 1985 pnmanly due to a hgher waame d inmiest eammg Opeanns empenses su:mesaf in 1986 cusgand wah both 1985 and 1964 assets, mckshng a substantial incnme m the wAame d consumer loans, and prumanly chie so adverse lastign echey tiandenan cdects on expmses d m walerirneest rue veeads sesairms from loner fundang cosrs due e the aneuens edm e nuructunns and snesance acpenus ahad m select =
dedinmg inserem rue awimnnes TV 1985 chany m ineralincome tax sees tens m eeneas c6cas and so capenses d recently acend irmer-rues and the 1985 chany m New York income tax emes apparn.uChamei numanal securmes unding and anddaokeray companrs in the Unned King-Inersyd leme pwtfale had rugme impacts an 1986 and 1984 ret mesem dom and a bankug d=rl=sy in Spam. Na suaest mcome and lee 4med mcome on a taxable ecprvaient bees d appnaarturely $24 mdlion and $17 -
maame,pnmanly muernern banking,m.._a bankmg and glotal trum mdlkm, espectneht in 1986, aeray irmerenarnmg assas mer 5723 bdlion, and fuhmisry actrvey hes,conurased so incmase compend wah both 1985 up 11.1 tnusan, or 4%, fmrn 1985, and up 110 bellion, or 7%, cumpsed and l'un4. imemananal cons mer lee-based income also meneaud. Naniec.
wah 1984.
based income, mumly heeign acheny tradmg mcome, tradirig account The followirg table presents a seconciliarion of ner intenst inccene on a pedus and ner unesmem secuntus gewis,intseased in 1986 compend wah taxable espa. valent bees and a firsancial staar cru bass.
both 1983 and 1984. Emmary fmm actwurs m L,wi.,J mcreased campand weh 1985 and 1984, whde commes m %e Netherlands, France NETINTEREST(NCOME-TAXA 8LE EQUIVAtf VT ADIU51 MENT and haly decimed conipend wah 1985 and 1984. In 1986, carrungs ham 5 in mall.ans) 1986 1985 1964
~
actrymes iri the Unsed Kinglam dedmed compend wah 1985 due pnmanly '
DorneuWdias so ancmand opeenrg expones minned m the recewly acquind securue5 Na trueen income-umlist and mockbereresgr carganseL in addriun, earmngs fmm actnes m Tassbie Eervaient Smes.
52.212 51,914 5 L611 Tanahir ten 6cnr wariwm 2c 233 19s liint Gemany dedmed composed wuh 1981 Net truews income TmasuialSomemmi Bausi.
5f.965 5 t.701 51.4i3 WESTEAN HEJ415MitAE (OTHEA TNAN'INE UNITED 5TATi.sh Operasins m the ases cxumbused $97 mdlion m iruemarianal cammes m 1986, essn-0,uneas Odices pared wwh $109 mdison m 1985 and 566 mih in 1984. In 1986, net irween Ner truens income-Tassede Ee*vsien ' isms 51.069 51,000 5 926 n corne horn chas.ns dedined compend wwh 1985, but connnued to =edect tasadr Eea Wanneru.
38 32 31 the irgeoed coRectusi d inenest on manccrualloens compared wah N" frenec income 1964.he psomsun for loan lomes for the ases meteaned in 1986 compared
' I"""'"3 5"""' 8'"s1 51,031 51.048 5 s95 wah 1985 but decumsed cornpand wah 1984. Fee.bened irrome immsed from bcch the 1985 ml 1984 le ds, pnmanly chae to trxiesied fees frun uusr Corporanon Consolidated Ner Irmees Imtune-and fuhnion m Nonlee based income m the ans decxmed in 1986 compend wh 1985, T
e Q mern,
but was higher than in 1984,chse pnmardy m Aucrusrura m the lewi d
- "'"'C Bans).
pedax net fumsn esch.y nandaron pns and losses an irmestments m
,,,,,,i 52.996 sp9 m oursem branches, aabenhanes and associand companies Operanig expenses L*",*_,,,$'."f"C,,n,, ggg',ga"84%",=r a'=1" %""
,,h.. c,,,,i,1,,,n,,, sna.,,,
o,,,
m 1986 incnamed compared wah both 1985 and 1984, partially char to e tw man..I rewructunns and snaarxe expmses admed so sdectne chactions m merseas
'h" ailice,in 1986,earmrgs fmm actwmes m 8,azil, Asynnte and Ptserto Rico mcs ased compend wuh 1985 and 1984, whde cammes from Chile oecreased Owr the pas fm prs, ret iraenst ixone m a car =Ne esquivalent bens cienpand weh 1985 and 1984. Earmrp from actwars in Panama mcreased simed at a 10% mal compamd gath rame as a remak d pnaally c,xnpam! wah 1985 but decreased fnrn 1984.
higher ret memen rue spremis and chenys m the mix and imhame of unaesarmns assets, niadmg nabnamial ixmanes m consumer loans.
ASAiOpamass m this a : ceswnbused $10 miUsan m 1986 insernmional During tha femt pernd, net imam mcome as a pamay d pois carnmp,compend wah 150 milhon m ini and Eli mdison m 1964.
' mens eartrng aswu ikxtuand betimen a kzw d 35M in 1982 and a high Canpend wnh 1985 and 1984, fee-hanai ixome mciensed, pnmanly due to d G5% m 1996, whde the awray fo the fne tear penod was 3.M global cruz and fidacury utmry ines, while ner menew income decreased, unectwig normuer maatst rase saendL N ' hj imame decnased DOMESTIC OFf1CE5; Net insense r. core em a eu=Nr eqiuvaluu bens eocaind moderaseh wwh unpsumed nedg accours psofws and bmsn edar -
$2.212 tmilien in 1986, up 16% cnmpene.th $1,914 nullran tr 1945 and.
trading mctane,pemeBy disertmg the lower inei et pans on saies of assets up 3M fmm $1.611 milliori m 1984. The 1986 increase was pnmanly atnbu.
m 1986 comaund wah 1981 I=4 rimiin 1986 rendre bened income wr, uble so a higher miume d irunem<smirg assers, mckzimg s a2ourarumi a gun d $14 md!sai 59 milbon aher taiess from the sair of Chane's iemam-masse m the wiume et consaner loans, kwcr 'undmg cosn and a ugher i
its mir.orwy insmes m Diamond 1.asse Company L.uk Japan, compend inal d norunerew Acar.rg deposes. f-knarer, tne pnvousy mentxmmi weh a pn d $22 mdhan $15 million asser taxesj ham the seie of a pomon charps m mcorw"sx rues ciika ed 1986 and 1985 mt meause acome on a
- d the assacand company m 1985. Nonde based mcome m 1985 anno tamaber espvvalent bans by appsonomene 524 mdien and 517 m linn, r
irdanal a pm d 123 rmilson 515 mdison aher taes) fm n the sale d seal wMD' IN *eray miunw alirames-carmig asen m darwire emme m japers Opersrug expuucs m 1986 urienned compend wnh 1985 MC *'s 115.8 bdhon, up 15% fiam 131.2 tnuum m 1985 and up 2*% fmm mid 1*84. The 1986 merenne ud Ani achene fomen encharp trarsinon
$ZT7 bi8an m 1984.Compsed wnh 1985 and 1984,&mese ner meest Arcts on empames d mariens abs in 1%, cammy frtrn a enes in igen decnnsed compared weh 1985 but wae hgher than m 1984.
"'0""I"')N 'nh a nomer anmum of cash connecnuns of meam I
Emidmg the smact d the prevuaisiv dadosed wies d mass m 1986 and
" *w- '* """8 1985.enmarip m Jean increened m 1986 compend wth 1985 and la64.
Emms, bom activues in Hong Kong mcaused in 1986 c swesed wah 1985 med 198b6 ir enmmes from activuus m Austale and Indonens cennrased u
e dedvir cociper.;f wwh 1985 and 1984 23.
I l
l
ovnaIEA50m2$r Ner asses income on a taxable eqimOss bens sotahd bdhon m 19$4.Campered wth 10%$ and 1984,obeneas net werest mcome
. $1,09 nulum m 1980 down 1% ham $1,000 mdhon m 1985 and up 15%
kr l'46 nrkded a lamer amount d cash collectons d intemt on exn.
kom 906 wulhon in 1984.The decieuse e cuencas ner nues mcome in pairmmgloans.
)
1996 crump-d wuh 1985 adecsed seasted loan vakmr and narnwr irusest The kAowir ; tabk presents net never income on a taxane ecpnunent ame q==k whde the incsesse ouer 1984 was punenly dae to wdenruces bens ard rdared iruerest rae spn. ads kar the past three vears kr Jornestic time M The 1996 g sakime of umaen<stning assets in twerseas oEces aieneas aFees and the consoldared Corporation.
onces =es $41%3scm, cargared wah 543.0 bs8er. m 1985 and 544 6 NETINTULE$TINCthE AND(WEREST RATE SPREAth TAXARLE EQUIVALENT IMMS DomenK 06ces 1966 1983 144
$ an ausas)
Amouru R.we
- mum Rae Amouru R.me Ismuse Earned.
53,972 11.10 %
13,714 18.86 %
53.568 12 90 %
Irmemes Pam!*.
1.760 6 96 1,800 9.10 1.957 9 99 Nee lastreer f acesse 52.212 4.14%
11.914 5 "F%
$1.611 2.91 %
-m a % d Gmes trursesrLarmng Aswes 6.18%
- 6. !2%
5 82 %
Owncas 06ces 1986 1985 1*84 Artman Rme Amount Raf Anwam Rme innser Eamed.
54,029 9.71%
54.949 11.52 %
$ 5.612 12.58 %
inmuestPada 2.960 7.59 3.869 9 52 4 686 10 83 Nm lammeer lamme 51.069 2.12%
51.080 2 00 %
$ 926 1.75%
-as a % d Grom Irweres-Earmng Assers 2.59%
1.52%
2.08 %
C msdalared Corprearum 1986 1985 19S4 Amauru Rare Arrrmra Rae Amaurn Rme Irmesen Earrvd.
58.001 10.36 %
$8.663 II 68%
$9.180 12.~0%
freemr Paul 4.720 1.35 1.669 9 02 6.641 10.57 Neilmserest lacomme 53.281 3.01%
$2.994 246%
$2.5 37 2.13%
1
--a a % d Gms:Iracerf.arnrg d ssers 4.25%
4 03%
3 ii%
L
- tretaks asympner akmanare 61:he a.s al sme spows meaal 4 mmez A es &w.iumnra av and de cw d Ammena menes raneu kr aw m m=rwm An The inAowirig table presents the efirecs d dunges in awrage balances am! nms rmes d mares carepres d assers ard habilities on net interest aarne on a taxaMe e}Jrvaknt basis.
NET INTERESTINCOME-TAX A8tE EQUlvALENT BA5351NCRE ASE,OECR E A5f]IX E TOCH ANCF51N AV ER ACF EAL.ANL [AN D R ATE S' 1996 a 1985 1985 vs.1944 5 en mellems)
Balarne Rae Taral Balarre Rae Tore lamescu-Earning Asmets:
Imeses&anry Placed erh Banh 5
- 8 5 (82)
$ (4)
$(194) 5 94i 5.288)
Federal Funds and 5ccurmes Purchased under Resale Agreements i17) 20 3
d)
I 5, 28 Trahng Acouru Asam.
62 (28) 34 39 tI-28 Imrtrewrn Securwus.
(d) 1102) 142) 149
)*
186 teens:
Ikmrn OIEces.
539 (214) 325 281 2291 (2
i Owneas O6tes.
[365) 613) f978) 49) 4 '4 e
<523#
j Tacaliru:mrbrmrg Asam 357 (1.019)
<662) 2e.9 46) 5tn Imamma 8eanes balmluus:
Deposts.
Damrsw o6ces.
93 1223)
- l)0) 252 329) 76 I
Owncas O6ces..
(122) i666)
(786) 2311 413' 644i j
Federal Funds Purthoud and Secururi $ aid l
lbuter Rgunhane Agamems.
48 (60)
!!21 40i 4
46b Ortur Bormned Money.
71 a90) il9) 92) 122:
' 21 di Lsgierm Noses aruf Deberm res.
32 (32)
- 4 28' 4e Taallostrew.6ennns Labdres 122 (1,071) 4949)
OM 93*
9 4, Nas lamases lannue-Tazalde Eganmient Been 5 235 5 52 5 287 1 306 5 151 5 45'
'Cheys as meh an so hemman w => unses run han been abumW co 8, e innan and esenes rm
)
R j
.I
l PROVt90N FOR PC$%'BLE LOAN LOSSES Trr peecedine allocaxm d the poor.aon for poseble loan losses bernem AND NET LOANCHAltCE. OFFS domesic mi imernssonal xt vwas has been peepend based on mibiectne 1
The prov sum kr pomable ben losses is 1986 increased o 1595 mdh, up esnmmes, as further descussed m the fahng sectum, Resene for Possue i
$160 millon hem the $435 malum recorded m 1985 and up1230 mdb Loan tmes, from rhr 5%5 mdb recosded in 1984.The mcmase m the 1986 pronson for prmNe ben bases was pnmanly due so the hqrher inel d dmrsrr con.
RESERVE FOR POSSBLE LOAN LOSSES mimer net loan changsdh asocised with the corwirmaed mped growth d the impica m imding actnners a the fact char losses wdl he % d and ther domear ccmsunus ben parte and contuamig urrertam currinums the amouru d art losses wiD vary hom tune m time, deperafrns upon the psevailing in certain dneloping counmes, nsk characteners d the prxt& as adected by +=orkbide economse condi-I Net ben charyd for 1986 mee 54'"! sullaan, up $115 mdison and 1260 runs and the francial experance d bortomers. The resene its poemble loan italhon composed wah 191t5 arul 1984, +4 Domesrc ner bn chwy.
bses, whrh provides for the nsk d losses mhnera m the lendmg psocess, as
)
As noe 1347 nullum kr ik a $113 mdban meresse ham 1985 and a nricased by the proveson ir poeshle loan losses charyd so expmses and i
i l
$115 mdium inc case ham 1984,and
_;J 73% d samal.ut loan chary.
&cicaned br the amount of ner inen diaryd. There is no piccne method j
oEs kr both 1986 and 1985 ami 75% d exal net bn cheryd kw 1984.
d predenn6 SPecife losses or aramnts whrh ukimaeh may be charyd di fkme~ic communer net loan charyd,pnmanly.J Z io cmf4 card on partcular segments d the ben portioin The conduson thz a loan may actrvases, wae 5264 mdlion for 1986 up $133 mdb from 1985 and up become uncolleenbie, m whole or in part, es a mater or snigmerw. Sirndarht t
$205 mdb imm 1984,and repsenensed %% d domewr net bn charyd the =4 macy d the resene kr pn-hie loan losws can be hw.J only on for 1986. Deta is on lomi chary ads and seccwrrs by loan type may be a bdgmcrual bass, aher full sevrw, induding cmsmiermon d:
kund on pay e9:Consoluised Analyes of Loan Loss Experrnce.
- Econome; condnions and ther erTects on particular counmes, induanes l
Ner pre <ax gams or loues on both secunnes and seal esrae pmpemes
' and specife bonomers, j
a.@mxi m sansdattum d loans pn nously cc wracted ue not searcted m ner
. Bonoisers' friancel data, toyther with irukastry daa,c
.yd.ui., tir
]
kn chary.orh. Inchaded in 1986 other income mee ner pre <ax gur.4 d bommmers' rnanaymmr capahhnes, evakaanons d the underlying cdiseerai j
5J mdlum from the dispontum d securmes accpnred m sansfactun d bans for secum! lendirq[,inchading, when.w.y e, unirpedme appraisals pomously cururrred, composed with $11 millam in 1985 and 57 nulb in of real esse psopertes,and other incuxs; 1984. Net guns m the dispoenon d ital escane pmpertes accued m
. Comumer im powth cands tryther wrh behmoral panzrns, past satsfactum dloans, afer valuarum admismmes on psopertrs heit a pr.
and paesent,as so psyment petismarre, ddingencxs and defaults for whar.
md =ce 53 mdb m 1986 compued wah $12 mdlum m 1985 and $18 cier seasons, mdlxx1 m 1984. Gairs and bees on dnposroons and vakurum admismmes
+ A connnumg evakaaruri d the ben part& and WHarre sheer creda d real euze propertes acmired m sandrtum d bns are starcted m exposuses,inchafmg enonsoring by lending ofrers and cmin aspervisory orher expenws.
perumnel d loans whrh ase siennfed as bang d less t un acceptable wality Net loan charp(ifs bariloss crpmc. ice rmaos and the esttrnaerd in addinort,pmode examarianons ase conckrted m lendeg areas by the alloca um d the pitm isson for possbic loan losses attributable to domesrc Csedit Audst Divison d Chanci General Audering departr ient, and internauxul actrntes for the peu fisc )er.rs are surnmanzed in che
. Moruhly in<iepth appranal dioens whrh peescrw a possbdny d km if,as knmirg table.
A resuk d nach rnorrhly appraasals, a loan s nadyd to be uncdlectible, the carrying vakar of the bn a reduced, m accasdarre wah irsernal pdry, to NET tcMN CHAaCE OFF5 AND LOAN LOSS EXPERatNCE R ATIOS that portion which is ccrindered to be cdlectible.
5 m mMams; 1986 1985 198a 19&3 1982
!n adduson so the corwinuing meernal assessmmr of the ban portfolao and Wies Loan.
-ods a6. balance sheer credit exposures, the consoledsted finarrial staetmerus 42e (Anrestx annimer*
1264 5131 5 (9 5 35 5 34 exammed by Chane's si.d r 16 public accountarrs.
- hose cxaminanon 4C'"'"""I errhades a revrw d the adewacy d the reserw for possbic kan losses. Aho, and Other.
83 103 103 121 117 dChaw's bn @c &#he M e em Taral Drv r.,s.
147 IJa 162 156 151 are corukacted penodrally by the federal b.mking anhcrwes.
_"'"'"""'I The reserw frv poseble loan benes n mamtamed as a prieral resene Taral 5475 1320 1215 1235 1230 wnhaut any tratritd alkxanon to the componers at the loan portioid Leam loss Experience Rarios' When pcrential bses on specife loarm are admniwd, the portion deemed Dumnrx-Consumer *.
2Jo%
i 60 %
1.c~'%
.'9%
85% urednectible is charyd di. Homeer,an albcarum d the rescrw has been prepami bawd on subsectrve esim.ieres whrh take irso a: count haarxv.ai kas 3g 49 4g
,4
,3 l
Exal Damestic 1.05 80 60 64 67 data and Manayment's news as to the reisne nsk characteristra d the inremararut.
.43 27 16 32 2'
portblso.
Comaislared.
J6
.52 M
47 44 Allocarsas d the Prorniaan kw Poemble Imas tosses Diamewac 54a0
$330 1215 5115 i t t,3 Intemmarul.
155 105 150 130 100 Exal 1595
'r, SMS
$285 1263
- t unni so 1*d A, for emomal E semdisces and i J Femd, Rrudewia! P vemes.
Ter iuen dwyr4A as a emencapr of esmer laans-
$5.
Ii The albcaron d the norsw br pasable ben bees a year ad 1986 OTHER OPERATING INCOME n-y==d with the pnar but year <nds is ruesmed in the b50wmg table.
Other operrms ixone totaled $1 M3 mdlon m 19% up 32% fmm
$1,316 mdlion in 1985 and up 88% frtun 1930 imilio..n 1984, as redected in A1.lJOCAT10N OF THE RESERVE ICR POSSISLE LOAN LOSSES the bilowmg table.
December 31.
$ c2 =sEmana) 1986 1985 1984 1983 1982 cm ER OPEft ATINC, INCOM E (5 m mailsons) 1986 1985 1984 hhdh N==e.
Fee-assed locomme8 Haml Emmse lass.
$ 50
$ 23
$ 25 5 20 5 25 fnsemananal 8unness Fees..-
5 164 5 162 1 152 Ossumesami 200 235 225 150 160 Tr.as and Fahscary Imesmme Fees.
266 193 154 Lamns so insimesak Consun.e &snkerg Fees.
241 227 160 kw Personal Ortur Fee 4meJ Scorne 4 30 327 25 0 as.
2M 175 W
55 W
M Fee 4ased incczne 1,121 909 716 lasse Finsensus,
25 15 15 10 r0 inamesammi.
450 400 375 300 2?$
.hBased t=-
I" Tosal Ana d Putumi..
f,000 850 720 535 520 Tradng Acmem Ms. ". " '
68 31 M
truerment Securwars Gans (Losses;.
168 98 17 b.
65 58 41 29 38 Oitier Nondre assed income.
163 105 49 Taal %4audncane 62.2 W
214 Imss tasses
$1,065 1908
$761 5564 5558 Tassi oiher Operausg les:imme
$1.743
$1J16 5 930
'"" = d " a"* = = P =
The 3 ear.enf 1986 albcanon d the resene br posaHe loan losses d $450 trullson so ruernananal bans mes up 550 mdison from 3 ear-end 1985 and FEE-IIASEDINCOME e8ected connnuug urnartaan global econome condrums. p artrularly in certam dewlapwg counrnes,and the connraairs hgh but somewha recbced truernanonal busmess fres woe ndandy fla n 19R6 compared wwh 19%i level d nonaccrust bans The albcarum to domesnc consumer bens ns pnmark due so the ibn growth d miemammal trale activmes and uncer-unessed by $100 mdlion so 1Z75 mdlem a year end 1986 pnmanly m tam global ecorums condmons. In 1*%, ice mcome from ins.: ard fuhacury annepanon d hgher lewis d chary.ods assocised wah ek connrased rapid newmme servres mcrea ed 37% oer 1985 aid 72% ocr 1984.The meirase smwth d the domear conmmer ben pomolo and condinons cuntruly m 1986 reaccied an enhanced marker vabe d users under trum w +,s psevalrg m the canavner cada markets Tk yeareuf 1986 alloemum and gowth in Chase's skhal cusody servres and nunual fund actmrrs, so damesne commercani bens decnesed by 115 mdlion b 3earexf 1985 e conf.ucud pnmardy m onerseas adices,ard fmm speciaky i= srmme servres
. $200 mdlum and ndected modermew
.m m czrtam irubury dead by Oisme inesors Marapmmt Capormun New York. Consumer segmerus. The a50czum o domesric real escue bns us unca.,cd by $25 bankmg fees ircreased by 15% compend wuh 1983.nd by 64%urnpand m Esan from jeured 1985 no 150 trullion a year end 1986 &c pnmanly wah 1984, pnmarh due to conemued growth d Chane's VISA and Master.
m condrums cunendy penadir6 n the real came markets within certam Card cmde cani bunness.Other fre. based nccme mchaded income frun i
yngsaphe locarams m ek thmed Sases acemmt banbng act: vers,idormamm services, enortpy bankag and The albcanon d the resene accours vn3 charge whmre Manarment ecxnrnacial baniorg xturs. Irmesmern b6nking kes mcreawd 73%
desenrunes ther the risk cha acsenses d the ben portble hse changd.
arxf 14% compand wrh 1985 and 1964, respectrveh, due so subscannal k should not be conurued char the amours albcmed o a pamcular segmene meieases m trumr nwsment banking tre nrome careyrus, mchadug ire a che crdy amours meibMe for futun charp4A chs m she occur wuhin nrame imm leaans activnes, ben sales, meeres race and cunerry swaps, ther segmmt, orax the userw a a pneral asene svadable apms ihe total bn ananyrnet and r,mdicarum acavras, and merpr and xquisman afn.
bn portbiso. In akhturi, the amourus so allorand by segmern mar not be sory servres.Tk imestmers Bankirs Gmup ccmsummzed approarnmefy awhcame d future chery of ennds In the opmum d M-e..;, the
'20 nuesest race and cmas-cunency swap cransacrmns agnprmg approm-cesene br poemNe ben bases a December 31,1986, was adapaare to absorb mady 120 billion in nornnal pnrripal amount m 1% compend wah I
losses in the loan portbiso anreipseed a char due. Chme's independent appnasmarciy 300 such cr.nww qnpeynns wwu.1,4 57 bdlum pubir accouncaras hoe concuned wvh Mansymeru's opmion.
m nononal pnncipal amourr m 1985. Other 6res prrrmed hum inbemanon l
Ar Decenber 31,1986, the balance m the asene for possbie loan losses services, trurtssy banking and commezul banung autrvases irrreased l
mes $1.063 mdism, compased wth $908 mdlan a year.end 1985 ard 5%1 18% ocr 1985 ard 45% cmr 1984.
l i
mdism a 3 car-end 1984. At jear end 1986, the resene kr possWe loan losses NONFEE RASEDINCOME j
upsescrued 141% d bens, ctanpared wah 1.47% and 1.23% a year end 198!5 and 1984, respectrw y Fongn exchany tradmg income for 1986 was $213 miRion, compend with j
a 5173 m> Bean m 1985 ard $119 mdlion m 1984.The g7% increase in bregn enchany tradmg irrome fmm 1984 to 1986 rearcted the enharrcrunt d Chasei traing and customer servia capecry ard the erfruncy d Chasei skaal tradug network. Chase is a maar rnarket maker m 41 d the morid's fmh traded cunences and through as gbbel rensork d 46 tradmg centers m 45 courunes is able to umely and accuramh execuee foregn erhany
(
transactsms ior cunemers and e arbaray the vanous spot, brwani, futum j
ard opnons markers Tradmg accours pedus,irrbdmg pn/ics imm dealer bond ard precious metals tradirg actmnes, wre 568 mdhon m la96, ecunpend wah 531 rm"on m 1985 araf $29 mdlon m 1984. In aidwon so increased tradng pedes,
.E
)
I 4
)
ad-mal gara vuese adwwd in tmderwnerg pasmce and global securwes Salarus and empio,ee bares were $1,752 mdien in 1996, up $282 mdlion dumbisaan. CW d Osse's arrp=rans d Imne, Milbank &
from 1985 and up 5498 mdhon fann 1984.& increase in 1986 was prvnar-r<=mpariy and Simon & Comes a che thand Kmyksn a the second +arter dy dise o normal stad salary irnesses, the unpact d recent ac@isamms d 1986 curardamed m this expannun.
and the adwne furegn excharge translaum criects an salary expenses d Net enemmer securmes pins n===i asbatanna8y m S168 mdim up merseas atlices.
SM nupion fmm 1985 ard un appsamanuely StS2 mason from 1984, All orher arms d opmams expense, irdading ner occupancy, apupnwrv adectag dedining iruseer nats and Imwahk marker contserse prevalirg cows and odier expenses, mcreased bv 5287 mdim or 23%, di 12 m dunaghain mon d 1980 See page J7 kw addmanni infonnaxm an
$1,549 mdison,campered weh 51,MZ mdhan m 1985 and SP91 mdlon m huestmau Securines, 1984.The incicane in 1986 other germorg expmses udased the irnpact d Other remirr4mmed income irddes ner gaars cm the dupasmtm of assers, contirased irnessmerus in eggrriers, ryseems techrology and psoduct mro.
rar kuusn exharge trandarum gesu and in=am emny mcane fmm associ.
varsan, and expanman m exisung and new rnerkers, pamculerty Jamesac Jand compenns C0% m 50% oimed by Chard and miscdinneous inccnne.
meerstace expannan, unessmeru banlong and domesoc and truernamnal cosw The mesesse m other rumbe4msed mcame, from $105 m:Exm m 1985 m $163 samer actnes, the impact d rece:w accinnans and the adve se kwesen meian m 1986, adaded a som d $100 mJhon (560 mdban after cam)Imm exharge trarrdanco dhets on expemes d owrscas disces. P4.tanDy adsac the sak d Compner Pomer, Inc. In addrum, m 1986,One said us rememrg nns these inneanes mese sannes realized frore expmse mansprners programs senese m Disemra! Lease Company Lad.,) span for a pn d 514 mdlum instmused wwh respect m iess pm&ctne and marsmal actmnes and do.
W mdhon dier cames), composed wah a gain d 122 mdison (515 mdhon.* feer cienanary types d spmdmg, casas)(som the sale d a partion d dus assac med carryany m 1985. Aho The ramdur d empbuces a war.cnd 1986 was hgher by LO30 empio,ces, indsdrd in 1985 other,-44 J income was a saan d 123 mJimm (515 or 2% chan in 1985 and by 1880 em% or 9% chan in 1964. The meum afar taxes) fmm the sah d eal esare in Japan. Ner gams, besse folkwing table sets brth both the number of domesex. empiuses and a acome tans, fmm the depomnon d securwes ac,ved in sansisctum d yographac destnbution d empiowes m curseas diices.
loses psevoudy contracted anr=l=1528 mdlion m 1986, canpued *,th
$11 mdum u.1985 and 57 nu8 san si !984. Ner knegn exhany nanslanon NuMaER OF EMPlot F ES AT YEAR-END lasses cm Oime's a m ouencas branc!ws, nabadianes and assoeuard 1986 1985 1954 compones mee appranamady 524 mdlion m 19ai ccenpaied wah gams d comesrx osces 30,900 29.570 26,800 55 mason in 1985 and benes d 54 mdlion in 1984 On an after<ax bens, rer o,ne,, m knegn exchange translarian lasses mere appetsumady 512 md!an,19 mdixm u................
3,650 3,450 3.320 and $15 malium m 1986,1985 and 1984,respectmht Epry income from Europe, M.ddle Eau and Afnca.
7,760 1,030 7.010 anaciard bankire msarurums urproed by $16 mdlam and $10 mdbun awr Wevern Hemaphere.
5,170 6,400 6,470 19ti and 1984, mpectnely, pnmardy as a nnuk d laryr wrxedowns on Taral O,erseas 06ces 16.500 16,880 16.800 cretan d Chase's uwesrrrents taken in 1985 and 1984, wha h were charyd Total r pin.uss 47.4eo 46,450 43.600 agamm egry ear ungs.
OTHER OPERATING N F whhng the impact d recme ac@issiom. the number of empiones was Other operants expmses mere 13,301 mdlion in 1986, up 21% from 19R5 1*n W 198W hns @ immeda i na w%in die and 47% hum 1984, a duwn in the folkwing table.Other @crarirg mmber of employees from weareid 1984 so warend Ida.
expmses in 1986 wnensed ccurpared nh 1985 purnally dhae in h NET CH ANCESIN NUMBER OF EMPLoiEE5 bungn cuhange transiarran diects on expnses d meneas c&cs d appsaamady 586 rrudson aral to expmses d recernly acwised companes d 15 1985 F#'
appsuumady $104 mdlian. In ackisnan,1986 opersrug expenses mch&d Be**"'ng d Year sud 46,450 43,600 57,230 44*mmady 130 mdlmm d oncome charys rdned e scheme miserons Aqumnans.
t.592 545 5,760 m Chene's domesnc arid curseas aflice nerwrk. Erhadiry the irnpact og Sale of Subsid6arv.
(271) these mcreased expmses in 1996,Chamei acher operanng expenses wrmld 5,i,ad increases,Reducnons; -
(291) 2.305 610 hae mcreased 13% oer 19fti.Irwwm 1984 orher aperaring expemes was Net Chanses t,030 2 s50 6r0 a spenal reconry d $49 mdlaan (120 mdison aher ta ses) as a readt d Chase s End of Year $taf 47,400 44.450 43.600 i
serthmmes wah certain defmdants m the actum the Bank kxght.gsnst Drysdale Securues Carparmuri, Drgdale Coemmmt Secuntes,8nc. and PROVl90N FOR INCOME TAXES cohers m 1982 and the twt secaery sealized on sertam ather transactions ndmaud to the Drysdak stuamm.
%e prmison Im inc nw taxes appinale m na merene was 1258 nukn in 1986 compared wah 1333 n "<m m 1985 and $223 mdlin un 1984.The UTHER OPtRATING E.XPENSE'?
1986 derrease m the pewissan toe income taxes fyryn the 1985 Inel was pnmardy due so a lamer lewi of pie <ax mcone and a
.g in the nux d
'3 5,,,,%
3,g g,3 g
mcome. The nederalpemment m 1986,and New Yonante and Cry, N(
ll Q 5t m 1985, adopsed w wrume tax laws which afected banking asnrunans.
n Benist 51 t,m ma,,,
necurm % u.e % ali,mm,.ta,,me aang,ap u ie Depacursun and Mannenance 271 226 1as e iewaged lease financings percutted Cbse m kmer es IM6 pewison for
)
Other Espenses.
- 47 N
$82 l
TandOsbar Operunas Empensa
$3,30t 52.732 52,,245 am a mom,.n,mpwpo.
1 7.
i
incenne taxes tw.,., --
', $M miBam.5=nitarh, Chase had lamered LJQUIDITY ANDINTEREST the 1985 perumn kr mcome cames br appetsammely $22 million the to the SENSITIVITY MANAGEMENT New YoA imume tax rue chanys appirable no inerayd lease fmancmss.
The central role of Ouse's14 dry manassnmt is to ensure that Chase The arnount dincome tax expense idlecied m the tmancial starements has pouessam d and access to sufficent i+d furds to rneet the rurmal mar citase an ermneous wrq===r=i the Chase is adgect to a lower income.
tramactum teqmremenn d as customers, to take advantag d market 9por.
tax humim tien ase odwr types d bunness u-w Actua% Chme and tunnes reginns flextbdity and weed ard to pemde a cudnon anznst orher m...
iJ banking suenunons in edect per addnioral amounts unkneseeable and unkneseen imminy needs.The need for a discipimed and which ase eguraior m inctsne cases by accgrug kwei ywids on iederally ccnnprehensne program sur lipidav manapmme has been heightened sub-taxemmpt namscipal obigpnons and by virtue d the mpml manuenance mannally by econorna cb4-,is in receu gars, Mowments m ecanumees d ireneu4.e resenes weh Federal Rescre ILanks.
d ma,or courwnes around the work! ase agnifrarulv nawe synchromzed The kalcaring tsNe pieseus both the dinct ard indinct 1986 cames bome and giohal finannal markers are mose doselv ineegrued.
by Onase and the ressinrg dbetne metrne tax rue.
In recent gars,the doesularum dirwarst rue ceihngs on moa domear depoors d under $100,000 and the per:nission granted to banks by federal CVEAA11 EFFECTIVE INCOME TAXES--1986 ashorurs to ONer rnoney market depost accounts, combmed wah circtne Pie Tax Net marketmg pograms to acquur these depouts, haw tawrably adrcted lgdry 5 in a=31=54 lacu"*e Tus In"""'
0
,,.., bv expandmg sources d fureds. Also enhancmg Chase's l+adav Financel sememeruus publidual.
$ 843 5258 1585 mansprners were the issuance in the first, third and fourth warters at 1986 Emenpr Ohignauns ingika Tax...
M M
0 d its 8%% Nones Due 19% Floenng Rare Nous Due 1991 ard 6h% Nores act Tant 65 65 0
Due 19%.+ird, Chase has been able to unlite these sounes d funds E= = n 16 - po bnna 51.168
$581 5585 to abce irs tradmonal rehance on larydmommarum neyxiable certificates EAzarue Tas Rme 50 4 of depoet from an aeray of $1.4 bellum in 1994 to $.9 Inllion in 19&$ ard
- Cornputed usna Chme's average cost of dorrwstic wcreu. bearing f unds on 19'O
$.6 billion in 1986.
9 ay manapment,Chme connnues m place mdl.on rnamtamed by Chase in uwerest f ee rnerves mch Federal Reserve Back s As an essmnal part d its 1 d
a hgh pnoney on ekwely monsormg us glohol mix of asser ard habday poss-The Tax Rdorm Act d 1986 is run curmuty antripsed m haar a msenal ums ard mancaimng us ahdny to omely adbs these penons. Chase's efiece on Chase's consoledmed ne income kr 1987 or on Chascil+idn.
global nerwrk petwxies dnene sources d funding ard Imding thai enable While the federal tax rue wdl be ressed to 40% in 1997 frori 46% in 1986 Cha c to choose the rnou coa <riectne means to execute busmess armeges fand is schh no dedire further to 34% in 1988k the mhtmn d varxan In akbnon to as livd assets and short-term habelnes, Chase aho seihaes j
special tax benefirs mu larply dher the kawr 1987 tax rme.The Tax Rekrm menes rame futures contracts,furun rue aqpeemmes,interes rat swaps Act re@ues that fmancelinnrutums sich as Chase, :ecapture men taxabic and ineres rate cqscums to manay minest rue nsk expoeire as part of its erre ouer the rvsa four wears the resene for loan kxscs pm aausly tax global asset /habilwy manarmern sumepes and for 1 d
4 ry manapmmt.
Jedaced.This wdl be inceanngly punnne cur tk phase-in period and rs The follomng tab 6e shc>vs idected awray 1+id assets and shorterm partrularty asuttang to the bankmg vakstry from a public policy vww-habiliers kr the years 1986,1985 and 1984.
pent.in aldexm,in the pas,Chme has ac@tred mate and munripal securars and loans exar.pt from ledaal irtome tax and entered into lease SELECTED LkJUID ASSETS ANDSHORTTERM UABiUTIES traissactions prtwadmg snestmer't tax credas, which transferred much of the 5 m mei nns. Awrays) twi6 1985 1964 ecururnt berudits of the ressed tax pastrences boek to the stares ard munK*
Gann=a Lignal Assess pels ars and the lessees t c=><e Oisse accered lainer irweres rares ard rmtal in,,,e. scanns Depoors t' aced weh Banks.
5 6.000 5 5.100 $,000 psymmes from them. Tax reform ehminmed the imestment tax credit and us.Tressary securves..
t,900 1,s00 tJoo curtailed bank incennws to puxhase tax.cxunpt abhynons.
Fa"gn Gmannu securuns.
Im e
W The van scope of the tax reform charges ard their edects on he markets R
eenmrs.
1,100 1200 800 ka hnarral assas depouts and other Intn'ars kr ather bormed monev Loans n Bdes and Dealm m Wuntws.
=00 600 m10 enll hae an umfirect but curmuly urganninhie edect on future bueness, kr Bankerg acceptartes m lwvoi,3 500 gy; Srso AW una %eas.
$49.800 586 M ss5E T
example,the curtaalmers of consumer interest deductums on nonmortgage kann prodacts, and new restnctions on the deds tibdwy d IRA contnNerms 5 dense pur ens usinhees Beanns Dmand Depo $"5 N1
- igt cusa;mers could hae an afvene cdect. Homeer, lower tax rues mar g, [,,, "",
I I#
irmire akhrgnal cnmurner sadrqp wha:h coull seirradate demand for bank dipet protk% whde f:nancial predicts whrh crsnpcTe wah bank prod-ow.nea, ogges,
g,900 j,aoo 200 sts m the marketplace mar be afwrsdv adected tw the curtailmmt of special Fedral Funds Purchased and kumes
.apital garm tax rates and tax sheners Corporatums tacing an mcreased tas WdU' uter Repusmase Asemmts.
5J00 4.8m 5 J'O Eun a
nmu o
buidm may increase thnt demand fur funds, altfx) ugh t here may be more setnrse to equiry fmartmg ruher than debe finaremg, in allnam, semes and
'w en Dews or Lew 4200 3.800 4.0io ronicipalars wdl face new resnctans m frenurg wah kawr cc w tax-C,sn.,erusi Paper at t+r Compern 2,900 1200 1.800 exempt txnuwmps,and the finaricial irsentiw for bank $ to finarwe the mates Nepmac 'e Cert & ares or Depout and munaapahres by purchasmg thnr obhgarmns has been subsantialk
'yDo" g,3j sy 58j In man,ypng 'asshev, Manap. ent takes into xcount bank regulacry limamams on the abdity d naumali; inks to pay dryderds to ehm parert tuiding cornpanes. See Note 15 d Nores to Finariaal Sucments. Regulatorv Lamnarms.
5 U
CAMTAL MANAGEMENT ctrwrtale secuntes thz truy <palJy as pnmary captcal W amount d Capual manaymers a Chase es a conormous pmcess whrh consists d perpaval debt and mardamry ccnerntse securwes a hmned to 20% d exal porxkrg capual 61 both curmu friannal posnanrg aruf anropaed future pnrrury capaal Perperual prdemd mi, pe peual debe and mandmory gnwh. Onasci capnal pounon kr the las three years, as defrrd by Chsis cormrnble securwes are limmed to 13%% d total pnmary cantal. Chase's pnropal banbng ngulmars, a shown m the - myprg ra&s. Key so presers capaal srnxtuse hlh weil wnhin the rw guddires, a shown in cocal..
,.s a irmerm! yncrarrn d pnrnary capual thmugh earnmgs the table on pay 3a and res arrreases so the rescrw kr possable ban kxises, Dunrg 1986,inrer.
The Wkmtg taue shtm chanys m pnmary ard total captal danrg nely prus: sed pnmary capsal enrM 1506 mdium, up ham the 5454 mdb 1986,191L5 and 1984.
gmermed m 19&S and the 1132 mdb yncrated m 1934, and irrkaled a 5H3 mdlum ret inacase m the reserve kr posuHe ban kases. W ar.rual W M ARY OF CH ANGE5 IN CAPtTAL FOst 1996J985 AND M4 rase d pnmary capual prezxm frrrn rurmal sounes wu 8 3% m 19%
's m mdlans:
1986 19t5 1964 ccenpared wah B.1% m 191t5 and '4% in 1984.
Pntnary Cgual a Bespnnmg d Year
$6,090
$ 5.580 54,486 in 19% cusrug irwsucrs provded three external sources d erpiry from Prumary Cgnal Genersad inmu
~
essuance d shases d comtrum arxk purmant io: the Devaierd Retrwstment inneraal snerus and 5 sock Nechne Man: corwrvan d the 44k% Corwerntse Capual Retaired Eammgs:Nes d FX Trandamm).
36 3 332 200 M:nes Due 1993, whrh mee caned km nraempram a r uckar 19% and the
- b g.,
gg g
6%% Comemble Subrzdinmed Dete mes Due 19%; and permerr d inern a un Rm Pm Mnmed Nes Due IN Total Pnmary Cwaal imm itwernal Sousers 306 454 332 Dunty 19% cnrrimam stockholders reuwsted $48 mdison d druderds m Primary Gamd fnmu IJ15,000 shares, wxh a parexirarm rate d appetsarnmehr 31% d ebsit4-
'Q' g
g om Durmg 191LS,ccrirmm nihraiers renested 139 mdhnn n '17,000
% g, w to,, w.,,
shan wrh a partx aparret rate d appraiarnadv T%.
d Acesed Subedares,.
I4
'. 4 65 Chase's pnmary capsal tncreased by 15"'1 rn lbon to %661 mdison a Na Gam an Rrriverrurs d Serses B and C yearod im ham the %090 md!bn inct a war-ad 19115, as shown m he Pr*ned Sama........
28 ccompanyirs taNes. As war-end 19%Chmei pnmary capreal to total gross
'p'[nm", d",'
(39) t393
- g33, asses far o was 6)$%, util in emess d the U% mmirnum ran estaNeshed Nanng Rsc Subonhnmed Nares Due 1996 (33) 04) 396 ca 1984 br Otris pnricipal bunking regulators, and up eght bas >s pomes Commun bi Isand Pursuns e:
brun the 6.87% tzio a wared 1981 Year <rd 1% axal assets mere a an Nanng Rm Suburdinazd Mues urusually hq;h lew! arnpand wth. wared 191L5, pnmanly becaec loan
$ g,,,,,.
34 wAnne trocased he to the hs;h lewi d bunress transxtnns cordummzed Carmenam of Convernble Mues m advarwe of de Tax Rdorm Act d 1% becmurw criectne ard to the and Deberrves......
42 27 8
l prime rac beirg kmr than the commernal paper r' e. Chase's 1% awray Dnend Renenneru Plan.
40 39 33 z
pnmary capnal m Mragr gross assets rauo was 6hN up 33 bass points
""y '
I y
htzn the 6.64% rso averayd km IHLS.
Shfanes.
I (1)
Total capical incides, in ackbrrm so the ekments d pnmary capital, g p,,,,
g g
,62 sectrdary capital which is compnsed d redeema& preer ed auck and kroerm detz. Chase a;gmented as seundary capaal m Manh 1986 wah MnnurKamal Generman U1 510 1#H i
the rssuarn e d 1DO mdixm d 8%% Nares Due 19%.The net irxreases PRIM ARY CAPTTA1. AT YF.ARIND
$6,661 K090 15.580 m secordarY capital, comtuned wah the ner irrreases m pnmarv capreal, Secondary Capaal a Bezmrwg d Year
$2.086 11.527 51434 resAed in an irrrease m total capetal inng 1% d $T)6 mdhart Tczal Renrement d Scres 8 and C Pietried Stak.
(88)
<apral a warexj 1% was 18,882 mdlam compared with %1% md!xm a Luns Term Debr at Ac ired Sutahares.
114 warexf 191t!. At yeared 19BriChase's coral capstal to total gross assets Isame d Nmes and ses 249 462 886 rro mas 72% aho acilin emess d the 6.0% mmunum raio estaNished in f g "" '"
P"" M -
[7)
[
I 1%4 by Ouxi pnncipal banking regulators and up 4 bass pomcs 6 tun g,pu,ouses and Resmvient d Nores 2 21s IIOn (26) r 9.23% rano a 3 cur <nd 1981 Forngn Erruner T armacun AJiurments e6 52 00)
In Ncwmber IN, the tkurd dGouerrv.xs dthe rederal Reserw Snrem tur, Term Nues Eadurd fun tirs hakd m:
sard rmsauns to e CJpkal Adequacy Gudebres kr bank bcAhng cornpa-
%ary Cenai 7
?)
03) 1 nes Ibperual &ta seturues chs rnect certam 6tuena are now trered n Nei Change a sermuarv cereal 135 559 49I pomarv capital. Iri addrark these reused guddarrs estaHrshed hmns on the MCUNIMRY CA PITAL AT YEARIND 12.221 52.086 51J P mvxrr d perpetual dets securres, perpetual pren:ned nock ard rnarda rt nual c aal a Begmrung d ieur n.t?6 57.107 55J20 w
NetCantal AMaums
- 06 1,069 1,.t B 7 q
focalCasmal as icathd 58.882 18,176 57.107
]
1 i
l l
l l
29
The kamweg t:He shows ik yeared prvnary capaal and incal capical in Jarm.ary 19lrt the thanj d Gcurnors d ek Federal Resme Srieem c.msed,and te@esed commmesan a new remed prupasal kr RdrA=~1 annraum kr 1906,1985 ad 1984.
Pnmary C.apaal Gudelses. One undentands thz tkse pegoned gude.
P9L1h4ANY ANDECCNMRYCAPffAL" lines whrh uriukl irectrporase some orMialarice sheet commamerrs an deter.
Dmmber 31.
rrunirs pnmary capaal ranos, would be used in cunprrtum wah tk cunerr Osiamarum!
1996 1985 1954 pnmary capital 5nmary capaal m meal gmss aseen) gudehrws to measuie mmimum capaal mpsemmrt g.
The nvuexi Federal Pesene release has not been fmalacd and the ruk.
Commann Seackkelers' E@sy 5 4.230 5 3,95 5 3,35, based capital raios cannrx be pecady determmed a this nme. Chase's man-Mmnemy inmers in em war.,.
4 3
3 asernwnc, bewr, belanes that Chase's unpaal is fully ademase and thm a g'"
'{Carm n waald connrane m be so under ihe rewly proposed nsk4 rased capical gude-5 150 lSn i50
,Na d Nam Fund)....
231 2'O 309 Imes,if adapred.
Roung Rae Sidandnisad Nans Due 1996u,....
329 362 3%
LOAN PORTFOUO j
[
Chase's bn partinto was 566.2 bilson a rared 19% campared wwh l'0'
'"j 561.9 blhon a ware =11985. A=cray 6n bs'.arres weie M2.7 hilian in
.W % W wI 6m 55 1996, a 51.2 bihan wrwame fmen $61.5 bilson in 19ti%e awray rame carTud, S'"'d"7 C'psat on a taxable e,walers basis,on the loan portfalso danns 1996 was 10.57%
2. s 1 62,sN 2
e mpened wsh 11.13% kr 19tisee peggs 54 and 71 kr aldaaonal mkx-t uwI ses.
-,,ik an #
L.gw.n.%-
.n Pnmary cw==.
0 10) rsa
.s55)
Dunng the las sewral years Chase has submannalk extunded as capeerry to sdl hns through as Asset Sales Prqpam. The 1986 sales wAme d short Taral Securxhry % sal 2.221 2.086 1,.527 and r,edum-tem hans escceded 1Z7 biluss,, ham 124 hilaan in 1915. At Tessi Capersi s s.ss2 5 s.:76 5 ?.io7
, cared 1986, total auets mee redaced by mach loan sales d appiosumarefy 4 4 inavn was w.m.s % 6er m.en,, aimaica,
,s camou, 15.1 bilion campanxf wah $2 6 bilum a yeareui 1981 Asset Sales alkyn
.noa6tes.amm mr,.r me in ny wcc u d 6.=1.nn.m p r,a Chuc so rnase campetitrudy meet cusstyner enda needs whde functuarurg as ext.papmaidehr we..rvn ammismrr cena ar-rwesi.m*mhas einian, =6 puAaw anrrat,sr and ed senarw te pasabir kasi bees Sewdary capita; carmes of hmsed a (vrsanctal irwermedaary benneen k@laers and users d funds, har,=*msiexi misg.m an.
E U
8Pnrripal pruns ha vakar 4 mnemt pad in ihases d comnum sock of rk Carrusens 129 blion m sear end 1965 to 115.7 bilhan a yearcui 19% The ircease was larply due o the irrteased bn mkame + d :n the dortwstic
~
Seieried anos med by o.-%; are sbn bebu.
mer seaar, pnmanly h cause d Chand erg w conmar wr rnarkenng thrust. At yeared 1086,Ome's dameser consumer k>ans were SELECTEDCAPfT.sL r ATIO5 gg g
g Amweic consumer loans or penanal expendsures one 5&9 hilson,up 20%
Nember 31-n 1986 1985 19Ea frtan 574 hihan a yearexi 1981The aery interess case camed an domesnc censumer loans kr pmanal expendauses was 1L25% kr 1986, compared Prunary C+=alu a lbre d:
Lrw....,.,..
10.06 %
e 83%
- 00%
with II.M kr 19811nchaded in year-end 1986 darnesne consumer bans kr TaalGmas Auersu.-
6.95 637 6.37 personal experdeures wae $4.2 hilaan d cxds card loans, up 18% ham 13.6 bs!han m )carctd 19 tithe meray rame earned on domeser cruda card Laaru 13.41 13 20 11 46 1
ToolCaou Amets8.
9.27 3 13 5 11 kiarts was l'20% kr 1966, compared wuh IN% kr 1981 l
Cornman Smckhnkirn' E@ry as a Pe-xnr or l' ul Gms Asserso 4.47 4 26 313 o
Taral Sockkanen* E@ry as a Puurru d Total Gmns Assets
- 5.16 503 09 Tccal Pneemd 5mxk as a Pts;mr d Commte ssockholdn' Ecpery.
t $.50 s t49 19""
Mandaksy Ccewertitde Securrus and Perpmmi Data Securwies as a Pensru d Tamal Pnmary Capaal.
10.66 12.84 15 33
%wurdoemende Prestr*ed $ sock.
Mandarrt Cameredde Secunnes and perpetual Debi Securrars as Ptsstr.t w Tat d Pnmary Caparal 19.69 22.73 26 11
'honi(sms Asaers an dr6ned a T<am Aswes pha etr Keurw kn bade Lamn Lanaes 10.
7 I
i Danusr rrename mortpy kra a br 1-4 fam@ housms mee 546
& kikwing tame se s krrh the dnb i d &xnesrc ard imer.
bd%n a wasewi 1986, up appnzamsufy 51.9 bilhon conped wah tb
'urxxial bns a Decenber 31.1% and 1985, based on ctr &rnsines of the perna yeareutThe scray rue cared on ekse 1-4 kmdy manpy brw oHars.
sem D.49% m 1996,otsnpsted wwh 10"A% in 191tiChase has the cprxn to anynner or puxhme nrr pges,and m seB fmm or m scram m as cimsumer m5 BASE DON DOMICIL 15 OF OHLICOR.5-.Y t AR-END ban partinio sxh rnortyps Durmg 1996 Chase opted to retam most d as 5 m rnJuru) 1986 avus domeser comurne rreirtyy bra &se so tk krabie speals pnermed 33,,.,,, to,m:
Imm the loue cent d fun &r g these aseen dunng 1986.
Reconkzi,n Dcunesric O# ices
$14.940 52?,510 Real enase bra, enrkrkng 1-4 family manguy bans m dunestac oAcs Reunted m Owenca Nes.
4.270 (0]
awepued 154 bile a December 31.1996,ctrnpend wwh 53.7 billion a rocaoomeng Loans 59.2 0 32,520 Docamber 31.19tiin 1986, sich ital estare bans m &meur diices meayd imem,rJtan.:
--. df 54.4 bdhen,compand wah appermarnmely 110 blium km Recended m Onmesrr osces 740 aoo m
1981 For 1906, tk meray snaness rane carred cm the e damestr real esrae ReandedinOmasOtses.
2a.270 29.y bars was 940%,rmgaand wah 10.94% kr 19Iti Total lrmemannul tam 27.010 29,a to lease finnerings e domemc oHices agegaard 12.0 ballsm a DecemNr Tasal taman M,120 561.9 N 31,1986, compased wh $1.5 blhan a Decrmber 31.1985. In 1m, lease 1
I firmarungs m &rrestr oExes averayd woum.dy 51.4 bilaan, compued wdh appternatfy $1.1 billean for 198t11his grtwth was &se to Chasci irds&ig b m knegn %ss backed in drneur des, wee in' 5 stacqpc thrve in the important bunness segment. In IW, che accpisson d Whan m 1996, & sam 8% frorn the 532.2 bil un m 1911 A breahkwn d Thud Cerwury W experded hi dar' err lease finaq m in the grainrg a&c ecpipmmt marker. For 12, the mer y ineaesr rare
' cay insenwanal bns, by rype d barmer, kr the three rnos recera
~
carned,an a rarmNr eLptwaient basu, on kmeser lease fir.arrmgs was IlJO%,compend wwh 11.71% kr 19Et5.
AvLuct INwt N ATION AL LCMrs. BY TYPE Ar cared 1986, the belance d :rinmercul ard irmissenal bns m i '" *#"""A"'d " '"""d'*"8 h
"'I
"'d domevr arfres was $10.2 hilon, cornpared wwh 18.8 hilson a year end 1981 The yeared irrsease in 1986 commercial ard trainstnal knan vakrne is Commncal and Indusrul l nens
$17.830 120,410 520,700
'8 pnmardy artr'butaMe to stfirmarongs bv ccrporze barrowers &se to the
['"
G enrrerv d gnme rar beirg beer than the %W paper rze ard an irutased han agualinsnurnns, 3,640 1,910 3.400 wkme res& irs fitrn reactrms so the pmiausly docuued Tax Reiartn Act P, cal Esrme Loans....
2.100 LB'9 1.570 d 19A6. Chase's pnme rue merayd R 0% kr 1%, compared wnh 9.93% kr Luam m Other Fmmial Innwwxris.
540 640
"'O Loans e andmials & W I
1985 ard 1104% kr 1964. Irdated in merap bans m one.cas ar! ices was gworrandy 112 hihan d bns e ui cornenestal bcrum, carnpud D,"""
II$
erh 116 hihon d arh bns kr 1985 Dunns !N, the seray balance d orner to.ns. -
1,00 9 'O 9so barn whrh mee emmpt rom ui Federahrurw taxes pnropaDy kws to ng,g i,semasonal Lans Grou 129.760 $32.430 532,350 f
l same ard polraal subdmsmos, was 51.8 bdison, up appresurnmely 56tri t, m,,eanwd Ducouni 230 190 150 I
mdhan from 1981The seray race earned on these bns on a taxabie Uinseramanaal taas
$29 m 512.3 0 532.'00 egnvaknr bass, was appermmmefv 13% and *.4% tar 1% ard 191t5,
,,,p,,,4 Sche &les on selected laan ensurres ard on penoded and sciected xray bn balarres by type a presenmf an pages M ard ~1.
ovtasAserrK:n Chme%n wktne m ameas orires dec cased frtrn 134.0 hdion a w. sed 1985 to 530.5 bdtrri m wear end IN. The decrease RISK ELEMENT 5 I
m kun wkme m omcas orTres as pnrupally he a Chase's re&cton d Risk elements in the pcrth m desenbed ir. the 'alkwng sectrns:
n per arre en cittam counenes, as part d as petram to reunacn;re its Courtry Risk: Nanxcrual,lWW Rae and Pas: Due Loans, and Loan omencas m:rwerk, o Chaw's edrres rrx to inc case a bn wdume &e to k.
Carreturma irueres are sprrah an cmscas bm to Chasei Auct Saies Pmgram ard to Chase s abretre d rxx increanig n loan wnume m certam dewayirs COUNTRY RISK tr.,rrrs. On an acray baus, bv recoeded m oeseas <rlices, exidirgr beerr. mar.al lerding requues nor only the errmal ereda nsk arulvss anock 4
apprenvnady 15.2 Whan at Lans so krnesrr obiquars a:courned kr 44%
med wwh ihe dectuan so extend finarcry to a portrular cusenmer but also d One's coral bn p<rth kr 19%ur :pued wwh 50% 611985 ard an assessn=nr d "courury ruk." Country e.& arnes ham ecanumr, soc al D% kr 1984 The wray yrd an bns booked m Chase's oeseas d ices and painral facars char rnight adect a barmer s ahdry to sepay m the j
i we= 184% kr 1996, ccmpered wh 11.61% kr 1985 and 1191% ior i984 currency d tk loan. Crou burder hans m :home whsch barmers rnust Rea' emme loans m oescas a&as avaied 13J hilum a rared 1%, d repsv m a cunency orher than their kul cunerry or := a kmjer m a d flerers l
wtuA appresornmety $2.0 bilum. or 57% was kr 14 famdy nurtipys muntrs One d the marr nsk facaxs assocised with cmss-border kndmg i
Fruegn currenc y airwreused bns ennaruced appnum.melv 40% ard 15%
n ihe posshhty the a courwry's foreign em:hary;r tserves may be msur8icura d amal meneas naar.4 m year.cnd 1996 and yeared 191t5, respectne4 A r unavadabie to perms timely repavment d emas4 ruder bns by barmers j
Nenkdomen by rypes d bans rectided in ocncas calices a yeared 1%6 is dcnokd.n thm courrry, renf the barmers pouru sarlictent local cur-presented on pp 71.
cry in addson, kwe,gn perntnent derinans and apocured ewncs can ariect busmess activirus m a courury and arlect a barmer s abbey to aper a bru.
I i
3f
- ________j
C=w Nas a systermer courtry rank assessmers process by whrh a udrvsi2al courwrrs and ecuruns artrrures. The 'irV tame prnents the rumaws and anahres the ectrunc, real and pdaral erwuunnsnrs m all darnburm d mtemmarul ku. < by camery dassficarxm. irdning hans a che courares in whrh a cxrrhets bizarru cr m whrh as brummers resde.
mmeas orfres ard micmanut lu.ns booked a Arnestx arkn,insed on Urse pHhpth assesstamts, perirmed by a nearts d eccarnesrs a ad pdn*2]
the dernrik'. d the uhan.se obligprs, a December 31,1984 19U ard 1984 analves e crrgiartt.m wuh kxal Oane r,
, aJe utiinext by Chase rspe.trMv As evdental h the tide, the nusonrv d CLc' c9sare,, *c, s
wehen as pienmng ode kr sxh ccmarurus as =di as m Chas A system,4 txrewn m vanous mdusmahr.ed crusnrnes and emnenes dassied as atsmagpy tRai anurry exponnes.
pnmary penist exponers. The dearmutass by dusifrzrm has rwit suhratu The bikwmg two cddes &arrae Gew's pas y of partidm> dxrsfo rm riaHy chargni mer the threewar perv.d g which expmn are spread our a wde spectrurn d grog;raphac repsis, hE3ACTURE 'JF NTIANAT10NAl tDAP6 8Y 1LORLD ECON 34K DIVt50N5:
4 1986 1955 l'#B4 Fe eign Carmsy Loans M
Loci Onond Maru_rry_______
(,c,;
9 7,,g (
Cur.
Under Om Prm enor Gar. iPenicadv Cur. iPnnr undy 3 mi mal ns) teracy I Year i Year us 0 Tord tact uiis Taal
'ency t's 0 To al lesW Caurrrws..
5 7,290 52.150 5 2,500 5 4.450 511.740 56,990 5 5.760 512,750 56,6e0 5 "J60 514.040
' 40 40 40 30 30 7
'O Carner Phrtrusi Ecornames Other Coun:rrs-Fud Emparwes...
60 470 3.010 1.480 3J40 120 4.040 4,160 120 4380 4 "X) i Prunary htWuct Encrure.
1,130 1,150 4.060 5.210 AJ44 850 5.90 6.646
'30 6.090 6ho
'.gswo uf Marshers 1,430 000 700 IJ00 2,7 30 1.440 IJ10 2.7O l ',40 1.e 50 2.W0 r
Server ant Rerrmtaic 110 100 500 e80 790 140
80
.'O 140 950 1,+#0 Total 410,020 54.5:3 110.610 lli.160 525.880 19.5 0 51'.730
$ 2'.2 70 19.040 120.490 129.530 W:ammer, ciendcmann are bened on tuerannonal M oncury Fans or6m.nons, eu rps fua temr.h ebwwd es erwwnm and cenam irmeones arid orpevidem ers whw h Jo nos nu,ntain eulrpeedrne fae p escher rewrws.
The secorid tabic shu.a rhtw,e courer:ts m which Oase had cross. border outsnrshrg s wh ch en eeded 1% d Chase's tool assers ar December 31,1986, 191t5 ard 1964. respeenvdy,irdahrra a he2IJim by rype or bcmuwer muhm cah ;<urnnt CpKnacRDr R OLrT5TANOINGS WHICH WCE ED 1% OF TUTAL ASSET 5 S m niharw Comrnntal (nenmem E.rksand Total
- b of Taal nd Orikaal a her Financ.al and Orher Orher i
trukutrul 1.ornm.
Outstarufings Asof Derernber 31 Counrry Name Ou stand _ mss _
Asues ___mre nwei _ _nsreurons_.
5 +90 52I0 5870 1966 thined Kingsza 52,940
- 3. 4
-_5 30 5 840 Japse 2.850 3u 1.450 1,310
!0 40 Brazal 2,?40 2.9 ti2o 470 1.190 I?O 00 20 Mexxn 1,640 1.7 2W'
$40
?90
%s Gainant iJ40 13 260 750 110 to knessela 1,000 13 230 160 46d 20 to Arynanaa 960 10 Joe 110 150
. _ 10 10 1915 Japan 3.020 3.4 l.270 1,450
?20 t80 Brazal 2,820 12 500 D1 1 380
'20 120 Unral Kiriekrn 2,740
.I I 40 69C 1,2"'n 10 5?0 Wus.n 1.680 t9 J20 440 840 30 h Germany 1,420 1e 30 870 180 30
%neruda 1,250 14 190 210 400 30 20 France 930
!I to 4'O 2ko 40 80 Arynema 920 ti 180 1 10 580 10 20 l84 latma 2.980 34 1.190 a,660 80 50 Unardkirdun 2.840 3.'
50 820 1,420 140 410 Brud 1830 13 440 800 1.280 t)0 180 Mexico 1,750 10 140 440 460 60 50 h Gennany 1.690 10 100 I,160 1*J 00 Fr rre IJ80 1.6 a0 560 a,40 7
?O
\\erse ada 1,280 L5 180 2A 810 to 2;
Kans 1.230 14 10 540 40 Nase Cam 6arder ourscandnys are erfmed for tha purpnee ro metudr Toraliantu andvoms xcrued miemt), accepunces meernana Macmss other intemt hurm meterues. ano any asswr smonetary meets denonunsred a duants or wher non4m.al currer..T Govemmetu ennters t ut ar mnecesty c*ned are ciauded by type or twrewer based on the mousert the buunes.
evueynne il
i The sikwirg taur riesenr3 thrac camenes m wh+ Chase had crre The kJk,wirg talk present addierzul detads on the extensns,s d creda brrrrr (marandngs d betymi.Ve armj 1% d en tcxal anets.a war.cnd inenajed in the asigngare outuandirgs a Deumber 31,1%
19% 19115 ard 8984 5 m mdirans)
Brazil Mexao Werueu Arpruma 005 WRIH OLTST A N(MNG5 MTR14 N fr% AND 1%
puhga.scciar Extensans G TOTAL AMETS d Cada..
11 Wi0 5:280 5440 5700 t>tember it.
Prwae 5ec ew Exterwris
]
at Cada.
860 140 DO UU j
(5 m mdiare 19 %
IW 1944
)
.% Thmugh 1% R4rur 570 so 5950
$M5 m Sa4 _$M0 to $rt)
BRAZIL M
bT The 1985-tm Hruncmg Phn became &cuw tm September 4.1% Unde France kah the Plan,ihe 19&S marunng amounts d cruss-bcxder rnedum-cerm dets Tacalomsra Lac 52.450 5840 5L30 iChase share: SU2 mdirmk the cruzak) exprvalern d whui y as depoured m
~
ck Central Bank d Brani, will be repaxi mer sewn years m,th a 6vewar 4
grace permd.Tk imerest rue on the LIS. Mlar.denomirured &wmts as rte Exports fmm the rmod-exports,bagh)v irtietted Mrpng tourwres London Irnertank Ofitted Raee (UBOR) pbs 1%% retrrectw m knuary 18, waer.ned m 1% bemse d the skwer pa e tv growth m ihe indus naltzed 1986 The 19R5 deposrs a available km referdus m tn Hlan ta rubhc narars Tnh the demard kr imparts refitting a hster pac or drrrrsr" secar ard p secar W3 m mierest rues d L!BOR pbs 1%% and grtwth, rk taalance of uvments poetro d this gmup d courxrrs thus UBOR plus l'a%, w h.nepayaNe tw sewn wars, wuh a fwwar i
f damed rm ten &ncy to impetw and. m cerum cases, &ternrzed dr,pue con-grre perwxt The cruzack) aprrakra d 1% marunng airumts d cnw ukrabk changes m the once d ad and kwr mreren wsrs on aowtxrder border mednam-rcrm detic were to be depsted by the bornwes m the detit.Generalh, the B seryxe capahdrnes d txrh ene nrrwi<xport4 Mial Ed. '.utgect to sch payment bnng traie the Central Bank opened crnnrres and the he.pdv irde6ted ud<xpurtmg ccuntres deterurzed interese beanng, Ll.S. Mar denummard, depour accounts m the amours ma kedht in this ermamment there was hmned perwess mmplemennng the dh pd mzum W d & erd pM by & Fedeal negarn kr Sustamed Gruwth (the Baker Innutw") mitured tw the L'i Republe d BraolThe mrerew rate on the depours, whih a nor avadalde kr reserding, is U BOR phis 1%%, eficctw as d January 18,1986 Satular nuenrn neutshout 1986 Chase contmued its ck>se ccuperzem *nh rhe meer.
arranyments a m efiect kr cmss-border medaim <erm,'ebt maunng m the l
futumul banking conmunny,ik truernaional Morwtary Fund (IM f L 6nt < parte.f 19871 is unended thz the 1985 depouts fu loaru male f-un the Irmemmaral Bank kr Retonstnatum and Dawkipnent dBRD) and cxher h
4 h 1986 % ud the 1987 Wanedpmts wdl h-nmlntweral nrpnirsions m akiresang the persison6 nuror h,enx e prub-exWed s a muW nMimg wh & thug %
lerns d Larin Annrun and oth r coumnes, Despite the (kne coopermani the 59.5 billson (Chase share: 5371 mdhm) facday kr trak fuance and the ard erkrn to resoM these pavmmt d#culnes, as kog as urrertamtes witt' 15.3 tullaan Ouse sham 5118 mdhon) d imertunk deposrcs wre exten&d to respect to these courunes remam, n is poselk thz aMeurul annmn d Mah 31,1087 Chase's auss-border outstardngs to txrnwn in these sountnes couki be
'g% y 39g.g g,an pmmt hd h m ernmW M m a rnumed m neual aan 6nancul communtry thm,to preser e its exterrullupdtry, and fue a paxxl The pnncipal courures whrh he been ailected tw such h servre dunng whd a permaners dets scherre wouki be rrarrmed, all ini res pnikms and m wkh,a Decernber 31.1%, Chase had crowborder out' payments due to foreign commercal tzanks on medum and kreen, &tt marshngs excerdmg 1% d in oral auers a Jrwn m the kikwrg ed b pad mm a vrw @ Wry s & %d Bank d 3rd taNe, nyther wah an anabis d t he charws is aggrepte outstandmgs m
&nonunsed in the currency d the dets and beanrg mteres a a rze ai be
- N""
- reprised Funher,the awrnment amed char ponerpai permmts to km ign
"""'nmananks on such & would contmue in be &psted with the 15 m malam!
Brani Mexw k neruna Aramnna Central Bank m acctrdarn e wah exisnrg intenm measures unni March.U.
N anh asMepours mmu bear interen a a em renwtw m
.I sts20 11.+80
$1.30 5 v20 knuary 1,1987 and woud haw urh <xher terms as may be negxured.
YI Desenbmg ihese measures as provumal, the grwmrnent stad it was n e
.o W
10 pared to enrer mio nerexurnvis.mmedaridy kr a permanent sc*ieme to Sx Imni in Mamms we cudiars and sad as Ms woud nm anm e
r 11 0 40 e
190 1
ineren Irxome (cnnd
- 90 140 1la i10 demands kw debr cameilmmn or cortwrul uns rares.
I u* cram oc thipai" 1101
+
4 l 10' t(oi The neprw impact on Chais net mccrre kr 1% d Chase's cross-130) 140 le t:*
turder ruinaccrual hans to txrtuers m Beazd was not maenal omer Chanys'vened Interew 40) 0 e
Io' tr, light d the mkrmarm drscuued m the precee.fmg paragraphs and I
Awesar Owaanding a cantinuirg uncertamtes reganhng Bra. Ut n cumbie da milnumal I
Dereseher 31.tw SL?40 it440 11.090
$ %0 n d CW m.burh awards t's borwm m B azd cauki dlnchhng trak credits and mermank Jepmns with marurries at anc car or r*
be pimed m arruccrual starus Hrdahrg marurmes dermred a the Cr'urai Banks d Bevd and Aqirgema 7tdahng ban sars,,hargr4ris arxl charers or guaranru..
Anamhng-Nwwcn abanvanengs d 5
1 105 1 25 5 55 Wmerm ommary of 440 W
lti 100 J
- 1cu han $10mdtenn i
11 d
l
)
AREXKD The edrct m Oiase d the perW new sestnrtunns agreement descnbed
)
11e M.# Veer Den Itemenstunse agmenents whch became dhctne in pievxandy wmkl be appmumedy a folkuns:
j
. the Eser 4perar d 19013 erK=qm=mwl: a) an ammeturu d the 1983 15.0 isEnn erw mansy Caeds Agstesterer with Mesmo and a porposed pre-Pnnceal Wieghaud.mengr Elrgtwed-amage paysmesa d $1.2 bEinn priar1 pal arnmant (Chase share-130 mdban) laened (5 in mallusts)
Year d Marurn Irmeren Rare en====4, bi the naab est mutuemr ng d appmumedy 5417 beruon g,,,
9 Osse sbase:,,
', 9P30 rmamm' d marurenes d Mencan puWic sacanr ddit to conenestaal beib inEug die dursg 1985-1990 amer a 12 ear 1850 1994 UncR pkes t.21%
9 pened endug si 19M, and c) die abastmers d irmeres rases on the se1anc-1200 1989 Pnme pha 1.125 %
sumed <bbr unsosttsee so jusswy 1,1MS.The efect d the MulrWear Debt RestnK1mrug d prencipal memrunts and adpastmers d s tsest nues m Afser Rennrtunrg:
Ousebbase m the MukiVeur Debt itesmactunns is appronommely as
$t50 2001 UBOR gass
.3 %
imEums:
12M 19e9 UBOR phis
.81%
Mghed acner Wegiudmener I"""""'
in December 1986,.is an unenm measure, Mex co's ciedier tanks pro.
vided the Mexxan Gamernmera weh a 1500 mdiso11oen (Chase share: 518 Esime Rasmactanre.
mdlon) wnh a cunent mamrwy d Apnl 30,1987 and uween at the rue d 1510 1988 Pnme phas I 83%
% caer LIBCR which is pmposed to be risaded in the resrnxtunns as a 5420 1988 UBOR phis 1.25 %
part d the 56 bdleun m new money fmni ctrnmesnal henks, The riegsr= unpact on Chase's ner mcome in 1986 d Chase's ausebonder 1
Men pommatur rmrescoual loans eo bonomers m Meaco wm appresumedy 54 millon j
f9g7 ph i$
d connnuits uncertaarr.es negardits Mexro, indming condamns n
cunawly prevadire m the wenid pamieum mders,it a pn==hir thar j
addevral amourns d Chane's crossbander outstandmqp so barvomers in Homewr, the uneew tames and apartrrrs schrdules are sut=.t to further Merso couk! be pinced in rumaccmal starus.
adminness uraler the pe,pceed agnener ducnbcd bdom VENEZUELA j
In Mach 1985, pumpm rrurs ums er sie d 5230 mdina (Chme share:
56 milicsd d the amount loaned uruhr the 19015.0 baian new money 4-..-ccmenrg the restructuring d $21.1 ballon (Ome share: appan i
Cada Agnansu.The smaander d the pupsymers s'MO mdhun, Owe medy 530 mdhan) d %nen-kn puble seemr debr ther were sqpud on l
shme. 524 nusscr0, which was especed m Iwur been maie m 1945, had been February 26,1916 became edectw on Oceber 3,190L These ayeements c4l j
posepaned e Oceaber 1986 and as a asuk d the popcned remnactunna kr a down psynu:ru d $750 mdlum fChase share: e.
d 127 nulhan) 7 apeaners descnbad beksw would be amarmed oier the remamms li6e d as and the iemnstunre d all muunnes inDing dae bnween Maich 22,1983 cumaeg agmemeru (190919941 ano December 31,1988 (appstsamedy $20.4 bilhun), to be upsed act a in the thod qiaarer d 1986, the Maven Guernramr, the IMF, the IED perux! ending on kne 30,199Z Chase acunesi appnzomedy $25 miHon d araf other naalnhemal apnces, sagaher wah the Bank Achisory Gmup the down payment m the hurth gaarur d 1986.The beinrce is dar for l
br Mouco, annuurad agmenunts in pnnaple whach, amorg other things, permru m the fra gaarter d 19g2%c iestnctund pnncipalis so be pumnde ks: a) a acasurg d the memrry d the ddernd 1950 mdlion reprxed en enensan dmes besmrurg m Noiember 1996.The diect on paparmers on the IM) new money Cads Asseemmr m gaarserfy inma5-Oiase's shan m the restructunns a gpnacainsdy a kames:
nemus m be pad imm 19e so 1594, which a ele presaw marurry smxmn penansis e the $18 InHam d new arm truwry bonamed arrr mabear pnne,s np, w,ghed.mesier 1982, b) de
._.l..a d de amammarum scheckle d the 1ppnzamady
's in mdhans)
Year e Marurn insens Rae
$417 b&on d esenstuad pubic secar debt so eneral apermmt does by B'""' "'"* *T appnamnedy seen years weh a frui nenry d 2006, c) 56.0 bdlion m new nuancy a the pubic inciar fmrn stunman..al banks, d which 1500 mdlum U90 1996 Pnr w would be guanneed by tlw (BfLD.iruhr a $1.0 tm8mn ec>frunans, d) a 1500 51e0 19e6 UBOR plus 1.96 %
nuten m.aJ benk cannnyncy co.funncms, d which 5250 miHxm anu6d be paaraneed by the IRQ c) a $1.2 balen w W tank can.
Arrw Rennrtunts:
tupy inanews in crimection wuh a 5600 mdism IMF cunnnynn-(mancmg kr the public secus, f) adanarunt m unaem rues on the ddx m U85 19e2 UBOR phis 1 123 %
a) thsaugh el about so pourule a trauyn, uricactw to )sraaary 1,198%
,, R'*""'y US5 19'l d %% aar LIB 0ft or a damesnc nevence rue,and g) ocha habtes m be made amisbie by the IMF and de IRD m mapport d Meaco's econunc
%,,c,6mi,,,,, y, n,,,
j pngram dpowth.orurned admismew and arucmral er6rm.
rh==h d the ayennent,whsch naam he appoed by Meuco's ordnar heiks, ennen so be rugndinst i
i i
.N l
l Durug the thesd garer d 1986, de Gosernmes d h-in segaessed Omne's poicy is no decannrase the accrual dineerest mcome cr Imns, die Seek Advuory Commene 6ar Weezuels so consider chap in the orher than crmsumer bens, whee ressornble 4)uin orsrs as to urndy cal-seus d the puNic sector seminactunns ther wouW larghai che mururuws lectibeisrw cr 4 perrues d pnneipal or iruemr a cons::scrually past die M) and smear the irusest rase ipseads an the numsctmed edit. in ther cts >
durs or mor-and the ben a nor udl secund and an the process d cul'ection.
narnon,an December 211986 the Gosernnem agmund, weh the av!ane-l'aur due comurner bens ase peer 5y charyd of acctadmg e an endinhed trum d the Commsime, ther the mawry d aR pnncipal permerie:6 ari:he schedrie which dr es nr.t perma ddirrpncus so ereed ISO days sendinaded debt, hihre de in the frw garar d 19Ct be enmded kr duee The foRounrg dde nas forth the dannbuoan d nonacensal and mkced 1
assuhs ham the due d their mpscim marurmes.
cue bans bened an the dcensales d the oblipes I
bi addamm m the wunest accrued and entscud as <kar6=vi en the talde m pay 4 &arwg 1986 Chase tecnsthd 3D menn d iruuter exped a cash NON ACCJtuAL A ND ftEDUCED ftATE LOAN 5 ca cradouder nanscrnaallaurs so barmeers a Wu-da Decembe 31.
The mysne isnpact cut Oisset na vicame in 1986 af Ousei ciosM s m nussaru) tses 19es
19e4 19a3 13 fiammervuel bens so borsoners in Waemade was nus numensL 1
In lehr d connraurg unannasses mandag %nemsds, mcksimg con-h tomme:
daians cuneruly psevailitig in the wrwid penaieum ms#4mes, a is pan =Wr ther Real Emser Lomns 5 311-5 t99 5 174 $ 133 5 64 addmanat amounts d Chme\\ esossender ouneandmss so bonumers in buns a Rnanci8 i
u a
7 7
7 45 t
Wwn=& could be piscad in nonscanant narus.
,. '""*"""g ladusmailmre.
565 55:
540 631 633 ARGENTTNA oeher Lanns.
13 17 17 19 9
In addnum m de manew aamand and cuneced as dischmid tn the table on Tassa Daniseur pay R Airwg 1986 Chase mccaded $20 malimm dinemt recened m cash Lamns s97 774 738 no 551 Gcmewhcmkr nanaccruellamns so bunomers m Asynrms.
Immr==--81 mms; Ihndag discusisons berween the Gamername d Arynnns and the Bank Rest Emise Loans 38 51 63 89 116 Adresary Commate af a 198649trr feiancsng pecymm, Arprinna's cader Lamas e C~-- <
banks gend so mE aser pubk and pnuse secar pnntipal maturwies hilms asuiOEcml I ' ' " " '
de benseen knuary 1,1986 and Meca 31,1982 T1.e banks ayeaf so mil y,,,,,"a'"nnir asii '
aser puWe and pmme iccur marunna. InBirg dse berueen October 1,1936 o.hs,nn c a and Masch 31,1957 lar 180 durs a che rues apphcsNe m ok !*54136 insraunans..
39 95 87 68 77 Finmacmg Plsrc Home=er,6r msurre hamg ise m die few gener d 19s; C#'"""'c"3 'nd theissuest rues wouki be nabsect m macectne akasernent if ayeemns a
[j d
1,05j
]
95 4
eschad e a trw francing prognun by Masch 15,1982 in addson, the Tomi w
Ociober la 1996 marurvy under de 1983 trw mancy ayeer wru whch had t,027
- Z31 1.397 979 666 bunn manf auer so January 12,1957 anprher wirh the maturwy anonsity Tend h h
$1324 52.A's 52,135 5tJo 51,217 dae Juussry 12.1987 wee stihd our e Apnl la 1952 The ensnrg rtade fmmncug facdams Osse shise: appamirnardy 120 mJhan) and aqpeemaws m>
w 6<as===pu, mentaan inneharik outstancings (Chase shme: appmumundy $D million) une enamded so)me 111982 The mesme impact an Chamei na income in 1986 d Ginset cmsshader U"'** 3I' nnnaccruel hans so harmeers m Arynnr a mes nor meenal 5 m minarm) 19e6 1985 1964 1953 19t2 in ight d cont faams uncertasimes agudirg Arynons, a is poemHe the Reduced Rase teens; akhrumal anum.ncs of Chanels esamAonhr outstandirigs so banomers m Damsenc tamms:
Asynnres coukt be pim:ed in renaccrual sarus.
"'" $ n,,,ans tm l
2 5 4 5 67 5 25 5 109 insrwursons.
7 54 61 NONACCRUAL. REDUCED RATE AND PAST DUE LOANS Commacaland
%- ! bans, an which insnest income arruals hoe been suspended,
.__. Iruhammel Lanns.
4 19 9
7 I
ar4i sahareri rue loans, on which unemer mcome a accrued a rars bdoi, Taen! Damestic tNue whch the Carparmion mould be wiring so accipt kr new inens wwh I"'u 6
m 27 86 171 comparnNe ruks, entaled appnzamssdy $1.9 hihan a peereuf 1986 and 52.0 Iss==aminal tasms:
bdlum a vear evi1981 Ar pr.aul 1986 nonaccrusi kans ambueabk m Rael Eanne tourm 6
irvrnsruralimdmg actwmes, pninsnly in Len Amenca, decienned $204 nd mnbon from wearcid 1985, parteily adier by an mciesse d $123 malison in Inanursins.
1 t7 dnmesuc rorwcrualloans.
Commacani mid incher.ai L aans.
10 4
15 16 TasalIsmernarumal Loans 10 5
39 TesslBaduced R mrtamms
$ 16 1 30 5 32 5 101 5 210 Tosal Namssurumi sud Radamed Rast immes
$1.940 52.035 12.167 51.s70
$1.427
-as a % af Tatsf taan 2.9e6 3.3%
3.5%
3.3%
2.6%
F 1
1
11ie nr-=c in the rpene impact d neriacenaal and vextred tze has pertarmmg kns.patrially offwr by kmer intent rzes aid shghth kmer fur 1996 oorrpned ww 1985, a s:t krth m tk knowing cal *, resuhed norvertraming kan wames prsmardy imm a kMer atsaunt d cash ct&Ttons d irretest an non-MEGATtVE IMPACT OF kONACCD1JAL AND REDUCED R AT E LOAN 5 Teral Loans Drrneur Loer s
'nrervarnial Loan, 5 a mJawn)
Im IHL4 19s6 1 45 1986 t %.s.
Innsrs inctuae h$ hM l(aw Beer. Reconkd tJnder OrupnalTerms
$160 1224 5 71 5 83-5 89 514i Immunew trumm Amap, Reaha d.
30 1(5, 6
t8 24 87 Radstumi en irarna incor,e:
ndose AphraleTsues.
5130 5t19 5 65 50 5 65 5 54 AJer AguaHeTsues.
67 54 34 2
33 26 Aarumg bau wha:h ar cm ractually,,ar &c 00 dm or nrme are brn ANALys 5tvcHA9 cts N REAL ESTATI PROPERTIES ALQUIRED wheth ase krh ar'l secused or gL atarneed ny finarstany resprxubic chird N 5AirstAcTxiN or toA N5 partrs and me m ek pucess d cactan Accrums bra pas due 90 drfs 3,n m,nnr.s>
tas6 1985 1984 1%3 i982 or most ase paeserzed in tir -w u,, table. The gnweh in dcrnesc y,
g, g,o g.,g gig 3 g g, cureurner accruing kna pea due "O days or wre is pnmanly a res2h d Chase's mzmegs emphass on ard tk ctzmaed raps] growth in Chase's consdainon domrste consirner han pcerdra br de coruumer bns Jre gpfrra0y d AftNMI 3
3 2d ch,nyd ad axordrq o an cua&s!rd scheme whrh &es not perma jj 8"'5 ada+rncn m cued lauws 4,,,s
,,,,,d Other, M a7 47
~6
'l 57 ACCRLtNG LcMN5 PAST I'UE 90 Advaru.es.
1 i
5 (MY50R MORE Decembec 31 Omcases d
0"P '""e*"w'"ris.
On euDan.5) 1986 1985 1984 1983 1982
- nic
,4 41 85 56 38 5135 Sit) 5 68 5 43 5 33 h ar End id Year 57 5100 5*
59 5103 Camewrnal and Real Esote.
81 3
25 i7 _ 53 Toral Damens Lasns.
216 136
,3 60 86 The accorncunving tabie presents kr the num recent fne vean the net truernswenllaans.
81 75 99
?$
113 effect on earmrigs d operzmg expenses, net of reimed intomr, wich respist to real estare petpertes actpred m smistxtion d loans y,; % % p,, o,,.
90 Durier More 5297 1211 5672 1835 $199 REAL ESTATE P9tOPf K"E5 V-QUtRf D IN 5ATl5sACTION(V t.OAN5 1" '"'H""n) im 1985 1964 1%3 1982 Chad pohcw smdar m eta d nxur nurr bank hoki ng companes,is so discercrue tk axrual of irneres mcome on bns as to whrh reasaruble onm operums Expenses Resurted skadr curs wxh respect m the omdy concenbdity d interes
- ar pnnapal.
U 512 512 5I8 5 is 5 15 Tkre there are $crrn kubrs" as m the abdry d the barre aer to comply i,,c, ",,, 'h*C.
wsh pre cru bn repsyrnent terms, nrh laats also w placed in nonaccrual dow=u Reponed,n mm.rt Wrh respect m loans wtch m currem u m permenes d pnncipal Orher Expenses t4 25 and inseveu, but hae a somewhz higher than rmrmal risk d be :oming income if xpemes) #
nriaccraal 2 mired car m the rear future, Chase wouki cain se urh Real Estare Pmpenes
%"d * '*
krvu as meahng edi 5.!95 mdirns or.4% d eacal kns a 3earcui "g'l""' 3 h
[
2 1% ccrnpaied wwh 1210 mdlort or.4%,a vear end 1985. At C acember 31, i,x,
1996, appum mmely $195 nuHaan d ekse bans was owed by darra setc
'3"
txrmwers ard apperzurnzety $100 mdhan was omed by meernxur a! bonow-5m 51 53 5m 5m ers in skjenon, m connectxvi wth the actpunan d emubled thnit msntu-txmu Icornerted uno Chase Bank d Marytand), arv=,uJr 511Millaan d At searm IN ms amired in smisfactum d bns urh r than real rrnestrmrrs m and abarres e remi esse rdmed erwries was acq.und m 1985.
These assets, whrh were recorded a emanamed nei veahrabie vakes a dae d
t"' P'opertes, aggregard 511 cmihan compared wah 543 mdhon m 1985.
Operwinnt expenses m. o. mene earned fmm these users had a,rgf'Sible acrpusexss dedmed m 53 mdhon a year end 1986. Conswers wet pen im;wum na mine.
expererrt. Chase anncipmes tha s,une loans m rursaccrual or reduc d rue smus.m year-erxl 1986 wdl be retunud to accrual warus or be repad :n 1987 LOAN CONCENTRATIONS As drwn m the Hanng cabic, real esse pnpertrs acmired m an, iscrum d loans, whrh are ied W m other assets, decreased w,a On a gjobal bass, no sngle iruisstry group's aggregare bortnwings fiarn Chase 523 cmbn m 577 miumn ar year end 1996, hem 5100 mdhan a year crx!
excet'ord 10% d tte itxal bn partioko a Octember 31,1%
19t5.
I u,
l
)
INVESTMFNT SECURTTIES
+ta See Nose 3 d Nones ao Financal Scacinerus br addrvnal Net 8mmu fnen che sale d imenmers securars, adaded in nonlee4msed mkrmmum on the nwsmera securars partWn runne, see $168 marm pre <ax 584 mdum after tad m 1986, up Die Wkmtg table prescres the carryirg values, enimmed market values ahnareraly funn $98 mJam and $17 meDam pse<ax ($49 millum and $g and ysids d erwamme secunnes a yeared 1986,1985 and 1984. Ag mAsan after cames) m 1985 and 1984, sespectwh inckded in the 19% cales d haiancs,irmata mcome and wrwruens cares wJ bc de past three musrmmr securmes mee pre <ax Sams on ui Treasury securmes of $123 gars am preserved on pays 66 and 67 mesm compared wwh $67 mdum and $9 millem in 1985 and 1984, IN% FSTMErJT SECURTTIES AT DECEMM R Jt.
1986 1985 1994 Aher i Ahur 5 tan tan
%6n
%bn Wahm Aher 5 m milleno a Yr.
5h 10 Yrs 10 h Total Tocal Tacal U1 Tveasury Onyng &
$130 51.300
$ 92 3
$1,525 11,839 51,735 Maha &.
ill 1.2 37 92 3
1.M 3 t,907 1,748 Ymid.
?87%
7.7'%
6.46 %
7.57%
7.70%
9 73 %
11.11 %
federal Agesmy Carms W 5 6 4
5 4
$ 15 5 29 5 330
$ 19)
Marka &
6 4
4 16 30 3 38 193 Ynid 11.58 %
10.91 %
10.20 %
9 62%
10.26 %
9 92 %
11.58%
Suur and Prdamahidsdivreams Carmns W
$110
$ 558
$378 11.012 52.058
$2.410
$2,103 Marker %
i11 586 389 1.009 2,095 2.292 1.863
'i nW -
10.15%
12.39 %
13.69%
I4.52%
13.56 %
13.35 %
14 60 %
Odur liasuh, Names and De6carones Gnvirqg W
$577
$1.074 5243 5 40
$1J34 51,409
$1.071 Marker W
$78 1,076 247 19 1.940 1403 1.0!7 YmM 9.36 %
767%
7.95 %
8.26 %
8.20%
st99%
889%
%ee inews.mcrne a alaswed kr anurum== af p= mate and a cmac d dncouns and Ahd by mani carmeg
- a> derne rhr veut Yah me sand an a cazar4r ecpwehrw huma, ans* ire a
,aminent ude al, saw ars! 6:al tan raw d errumimarch 51% km hath N amt 1985 and PMn e itM T hr arwaamhraf naashir neanalms adenummrs km the kur marwry w stamn aber an svenumsety 5.5 mdlan Di mJinn US m. man and le9 muilun wipernde Auerage hk er tw--4 wars,5 numuts 145-7 wars 2 murwtm 144-.7 reurs,8 messhs inckdcri m the capexm Scme and Phincal Sutximaans are rwsnnents m Except br secunnes d the USGauernmur and d New York Cry ard curwrs na J tw New Y<rk Scme, New York Cny aruf chnt seized symces New York Seme,irddire char rdared agmcas and indepwlent auttoners, ard irthperdent whontes wah carryirg vaknes total ng $369 millson ard thae was no indsvuhal isaser whose irwstment particlo securnies exceeded
$613 rndhan a December 31,1986 and 1985, respectm4 The maunnes and 10% d Chane's hederred Stock ard Camrrum Seocktoklers' E+rry a esnmared nurker values d ami New York obigprions heklin the irwsrmera December 31,1986.
prtWu a December 31,1986,are set forth m the blowirg table.
NE E MRK INVESTMENT SECURITIES Carryergt h Aher i but Erirnamed Twhm Tahm Aher Market i m millenrre I hr J hr S hrs Total W
Munagal Asarsta re Corporaram 5-
$287 1287 1103 brwes Isasaj or Geararmeed b er Ohigesnng New %d Cery 5
7 55 67 58 New hn Scare and Fmanciath Reined 4rnc es.
5 14 146 165 147 Qecuse Obiegarsans d hdepevninw Aurharusts 2
9 39 50 es Tasal
$12 130 1527 1569
$5M i
i i
)
1 3'
l l
J
\\
INTEREST BEARINGI EPOSIT5 PLACED WTTH BANK 5 cadzs are condronal upon tk crAcccon d ek chetks. Chase is d the Osse piaces & poems wwh other banks, pincipa'ly at oimeas dfices, pn.
opinon tha this harsicalpact e shoukt be chanyd m pmde kr the manly kr canungs and imdry purpmes. Intmst earned on ekse &pmrs redessifarian d aposu flam as an dhes agains & pouts Oase bekws decrased 1% frern $486 mdla m 1985 m 5482 miDean m 19% pnmanly thee es umrg support kr the posnon m ehe bankmg comrmnny ard, ar m a decease m the seap rrueen rze camd from 9.48% m 101%,
therefrxe, a hrvdul tha thewW acetamnry and regubcorv rule.
esper an unease d 5900 milla htun the merap balance kr 1985. Year.
rmkmg bodes will review the enaner agan in tk near future. Tk netnrg d erd 1996 &posa balarres placed wah banks incnned tw ametsumady 11.5 1rnests &pmm floar mouM hae iedred Chase's iocal asser: ar December biann m 56.2 tnllum ham the yearcd 191L3 lews of 54.7 inHm. Pne 31.19% by w-dy 12.6 talter, if Chase rurted de;nsa floa, knonnig taHe prescrus tk marurry darr.ha un d merseas depost ;4acings as vrared 1986 pnrnary capaal n tacal gross assets rao would hae been i
/
'14% rather than 6.95% ard as.etum on merar assets wxAl hae teen o December 31,1985 and 1m 6N rsher than.65%.
mtJtsEAS INTERESTM.ARING MPCCT5 PUuCED WITH 15ANK5 The beka:Ecs and maturtry desnhurons of cernficzes d depost ard T1ut REM AINING To u ATURITY orher rirne deposers m denumarrancris of $100,000 or trore ase presersed in Deandwr 31.
the kdkwing taNe.
5 m nullmes IW I985
- I 3 Muuk or Less 55.300 53,'00 Oier 3 Thanish 6 Mrs hs 600 n00 December n,1986 OverdThmugh 12 Mwis 100 100 Cem6-w wr Owr 12 Munk.
100 cues d Tiver 1 m mJlswis)
Depost Depours Tacal Taral Oieness immres Beanns Depears Macal est Banks 56,000 54 500 Nerer &-
3 Mwahs or less 52,460 5 1,260 5 1,720 Ow r 3 Thouugh 6 Mrshs.
290 50 330 8
Om 6 Nough 12 Muuhs t50 80 230 l
Depoets repeserr Gase's pnropal source d furds. Chase's depout hise O=r i2 unshs.
120 140 260
(
curmus i demard depmats, cernficaes d apost, samgs ard money market Taral Dommesoc osces 53,01o 5 e,530 5 4.540 accourr.s and cwher time & pours. Total drpmars were 566.0 tulls.m a Decem-T M h OEias 52,330 $1 Bro 521J00 f
1 ber 31,1996, cornpared wah 561.4 bdlon a veared 19tti Total aposus merawed 542.3 tnRean kr 1986, an woesse of 12.1 tullion from the meray for FUNDS BORROWED 198'. Total &rnesrr & posts noezsed amraomady 515 hlhon ham wear.
enc' 1985 m 5361 bHm a Decemte 31.19% pruopally due to incitases m furds bcntwed pnncipdly mckde federal furds puedased, securmes said tr>swy market depouts and orher dereguimed depour accounts. Morry urder reparchase agreements, comenonal paper, term kdcral furds pur-rr.artet accourws and dereguised consumer cernfores of depour inc1 eased to chased, rues payade, ushding notes repayable a the opnan d their hcaMers, 5117 tnIban a yeared 19% up from 512,4 tullon ard 511.2 tulhan,
and names redricourned by meneas oefices, yeared 1985 and 1984, n.v.ci-dAes growth n dengulated consumer Funds borrtmed in 1986 aerard 512.7 inHior, up 11% fmm 511.4 bilmwi depmrts has moeased tfr stabilty of Chase's o=crall depost base.Tocal in 1985 Ikrresrc meray txrmires irucased % pntnanly die to an
&wnesnc deposa balances meratrd 131.1 blla kr 1986, compared wah mcicase m federal funds purchased and secunnes saki under repurchase 52fLt hDaan kr 1981 Chase's eerap camcas deposits deceased fmm 1321 agreements, whrh were up apparnady 5397 nunion to an ceray of 15.0 i
bdirri m 1985 to 531.2 hlhon m 1986 Owncas deposats were pnmsnly m bilant amounrs an escess of $100,000 and represented deposts retened pnropaHy Funds bormed in merseas dfices aer,yd approomady $1.9 tulla m fmm ccrporse and man itxrul cusamrs.
19% up from 51.4 inDion m 1981Tk many truerest rze paid on these bontwmss was 1114% in 19% cornpand wwh 22."% in 1985.The oc3,4ESTK' NONINTT RESTM.A RING DE POSIT 5 decicase of 460 bases points m the acray rzte pod in 1986 redects the Denmber M.
Dah Acaps dechrr m the extraordaran}y hgh leved d kral interest rzes which prevaaled
'n 1985 m certam South Arnerxan councnes, Further mkrmanon on Chase's 5 m r.ullsms) 1986 1985 1986 19s5 1984 bontwings is prescrxed in Note 9 of Nones to Firtarrul Sczements: Ocher y %,,,,,
Nr m ed %
Bearmg Depoins.
515,841 51),500 111,646 59.822 58.843 Less. Due tram Banks ard Ceih trems n the Pnxess or Cailecton 1810 4,114 3,299 2,864 2,8'O j
l Na Dommenc Nominscres.
Bennas Depnen 112.03) 5 9.186 5 8.347 56.958 55 9')
Akinigh : ash items in tk process a( cdlection are reficcted on a ner basis i
in tk preceding table,1uch items an mckded as assets and habilers m Chase's financsal stzements an a gross bases in recent years, there has been m da. discusson benacei the masor banking mstrutons and the a -
courmng prosesson wuh respect to the hastancal practwe of trezing cash rems m the process d collection ansing from checks endited to depointr accourus (terned %pom floar"l as an asset and labihey ewn chough sach n
. The fo8r=wg table sannerva Ferhal Funds Phaschemed and Secunnes -
mcone tax rases. Aho, mchaird in net mcome for ik brth pa ter d 1985 Sdd Undrr " ; - Aprenents,Commonal Paper d tk Company and was a $15 mdison after4ax pn fmm the sale d rail emme m )mpen Term Fedeel Needs Pmchema! in 1986,1985 and 1984.
Net imemt income on a taxahie c@nsknr bass for the knh qe.tr mf
.1986 was $426 mdion, ccenpend wsh $799 mdism for the founh q m d 5f1ECTED NND5 80RpED 3985.The chansse m federal income tax rues appicable so Chane's leverayd il a nue :ma) 1986 1985 1984 lease portfolio haf a negstrue impact on krth @aner 1986 net menest
. Nda,i F,.,4, Puschemed and Sensnne, mcome on a tatable ewivalera hans d appuosummedy $24 mdison ($17 mdlion Said theter Ragnachase Asseernem on a (mancel statement bassa The fourth paner 1986 net meesest rate Beisnre a Emi d hnod.
55,405 54,112 54,480 spseal was 4.09% (4.20% eschafirg the abane<runruned alpurmern appica.
ble to the leierayd lesse portiolsol enmpand wah 425% for the brth y,
$5J)9 R804 55J04 y..
g geg, Q'
earter d 195l5. Inouest earning assets aernyd $80.2 bdlion for the fourth w Mamidad Dunsg Vaar.
57,450 R100 55.675
<paarier d 1986, compend wwh $M.6 billum for tk fourth marter d 1915.
Dmir Aarufe != nest Rae The 6aanh saner d 1986 poson for posshle loan losses was $140 Durug Ver.....
8.47%
9.68 %
10.52 %
mi8am compend wuh $125 mdlum dar the fourthSann d 1985. Net loan car 14.30 %
!4 69%
8 '0%
chary <& mee $123 mdlaan and $104 mdhan for de knh paner d I?il6 and 1985, respectna6 Damese net loan chary-oris for the 60unh parter d 8
sF d i
. 53,010
$3J52 54,341 l86 were appumateh $91 minum,an arease d appresummedy $11 million Desiv Awusy SelanceOursarmhg aber Ibe launb quarter of 1985. DomeWK coniumet net loan chary.ofls for Dung Year..
52J74 53,163 53.824 dw fourth <paarter d 1996, pnmanly artnhucable no crede caad actwmes, mee M*8"*'m Balm Ournaiming as d
$6B mdlum an mcicase d appnzumatdy $19 mdison oner the fourtn marter End Du g Year.
53,268 54.115 54.849 nr d law year. insenanmal net loan chary 4Wis mee $32 mdlum m the fourth Aseray insem Aase cm Balance.......
6.81%
8.19%
10 47% maarter d 1986 competed wuh $24 miBion m the comparabie 1985 penud.
Duneg Year....
Other operanns income for the fourth cpaarter d 1*d6 was $415 mdi on, a End d %er 7.26 %
" 83%
8 86 % up 9% fem the 1381 mdison camed m the same peand d 1985. Fre-based Term Federal Funds Purchased numme was $320 mdhon, up 22%, compased wwh $262 rrullson for the Ba;arre a Eruf d hriod.
$ 700 5 480 5 184 founh parter d 1985. Founh quaner 1986 fee. bas d income induded in-
$ $80 5 169 5 680 come from trum and liasciary actwars d $72 millson, up 35% horn the $53 o
y, Mannvan Balm Oursandug as d mdison recaeded in tk same penod d 1985 and unestment bankirs ir-
% Muruldnd Duneg Year.
5 714 5 562 51,107 wicame mesessed 94% compend wwh the same pmod in 1985. Fosegn Dwiv Amenyimm Rme es-hany t:adwig income was $45 mdien, compased wwh $46 mdison for the War 7.01%
8.90%
11.1 ?%
founh parar d 1985. Trading accouru pnhs mee $19 mdison. ;.ampered a Eruf d Year 7.00%
9 49 %
10.2'%
wwh $11 mdison for the founh waner d 1985. Net pse-cax pms on amies d mermern secu wua wee $30 mdison, compend wwh $20 mdison dar the FOURTH QUA RTER 1986 VERSUS FOURTH QUARTTR 1985 m
ha n
k sale Results d opermuun for the fourth paner d 1986 and 1985 ase down
- d real emme m 4:en.
thetahieba
- Other opermirg ecpenses for the fourth paner d 1986 were $131 mdlam, mutTH OUARTER ENDED DECEMBER M.
Expenses d.ecently acwind compenses inc: eased Chaie's operanrg ex.
P"wgr pernes by agipeomammedy $31 miHum for the lourth quaner cd 1986.De 5 in mdissu) 1966 45 Chariy h unpm t d W W m % on wd-Nem trueur income.....
5763 5733 4% dlices amouneed to appionomately $18 mdlian br tk fourth @arter d 1986, N
nY, N". "" ~
's j
Eachadmg tk in. pact d mceeene expenses appicable io recently ac@ ired 3
Orher opermirg Expenses 831
'44 12 compane and aherse fusegn ech.ny trandarums Chase's orher operarirg traurne Tamas.
49 94
- 48) expenses would hae increased anh 5%=r the hurch @aner d 19ES.
Ne lacoon
$158 515t 5%
income taxes decreased $45 mdion,ur 48%, m the sourth parter d IMI6, compared "Eh the same Penod lasr ear, due pntnanly to a loner lewi d Rensrion Aismy Asaru.
67 %
69%
staven on Aieray Cornman pre 4ax mcome 4ruf a chang m the mix d mcome. In zalmon, the cursta.
$suctivaim' Eowy 13.76%
14 35%
ene unpmet d the previously mentoned bderalincome tax rue redactuan appicable to lewrayd lease fmanemsp reduced Chase's fourth cparter Consoimised ret urome for the fourth paner d 1986 was $158 mdhon, P*'" " W '""*"#5 h 'ppasurnm4126 mdixni.
Y up 5% frorn the $151 mdimn enmed m the fourth warter d 1985 and up l#*i fityn the $138 millson camed m the third cpaarter d 19n6. In com-peruan wwh tk fourth giaarser d 1981, fourth gaarter 1986 rut meome reflected hgher rur menest mcome and ineneses m other openrmg mcome, pnncipeily fee 4msed income,tradug account psiirs and gams fwsn sales of imeurmmr secunnes.Dese (mosable imetors mese pernaih ofhet bv a hgher pronson sur pn==hir loan losses and menesed opersing expennes. In adde-tun burth q aner 1986 ner inctsne was isuorshly afbeted by apprommmely 19 millson, deer taxes, due to tk cumuierwe unpact on Chme's le=ersyd lease (mancirs porttaiso resuir.ng fmm recendy enacted mksuons m hderal F9
SUMMARY
08 SIGNIDCANT ACCOUNTING POUCIES Theaime umami-c.pmima =d same na t*mbODUC710N TRADING ACCOUNT ASSET 5 The 6daarms a neury d ahe iydr== ac=ounrigg pdscus d The Casse Teming account assas me waked a esnmmed cunene market pnces. Mahmins Carpannon (the &=g=np ad as neederes, mdishng as Otagsnans e ddre securves sai bur en ier purchmed a uaM in pr=rq=I =d-A-x & Omme Manheten Bank, N.A. and irs nabadseres Accounts Papsedr Acened Expenses mi Other Lubiisas Gams and losses tihe Bunklis psessmed so uma the moder in undemanding the nnanc al mahmed inun rading account actmres and unrealued valumum mimaments surmann, nues damem and aiher dias ccmissed in this separt.Timough. me apared mTradsng Acroum Pmnis(lasest aar ihm ryort, die serm Corponnan" ndes m & Omme Manhatan CarF==== and as =derus. INVESTMENTSECURmES insnamera secunnes ase camed a cou, hi for amomzmum d pre-GENERAL AOCOUNTTNG POUQES manns and re-ann d dierama, Pensmu and decounts on imesmmr The Caryamrum bibes ymenEy am1==8 err==ung pnneiples armi, seamnes me anortand or muend, mpectneh, o ineaen income on Irr uhase apt &dde the acctauess ami separang guidthnes psesenbed by tie esment Secursus unsg the straghtJane method oc tk permi e marunry Seanums aml Enchary Consnamon ad bank aguisery anhonnes. kad does, d eacher, wah aspeet a penaams, d tk rdnad secunnes, & Carpannon cames as assas and Ed=l=== pnrripsBy en the humoncal bases and dmdends on umtmmt wcunnes a npaned n Inserem cxm beam and fatamps the acenaal nurhod d accxairmrg. Income. Cens armilosses senhzed on sales d amenmers wcunres a pner. Ameshattv - henksg =4=rs=rus and by man miirnes-a5y desermmed on the specdic dennncarm method and a reponed m reau adescrv =d-ri-res in an apncy or 6ducury capacuy a exw ances d imesuners Secunnes Gaum(I n=ed the Carpaanan arut,irer=4mg4 an rx adM in the -.,-..prg Isunami saanmu, INTEREST RATE SWAPCONTRACTS Prur years' Enancel seenmes hoe been : ri==Ged m conbrm wah rk NCorpannon eraers nuo innses run swap contracts as prt d res cununt fmancel mamment r-== maatstahry mensymme pmyam and as swap tradmg poorums. Asser-batelry rnensymmr swap contracts m accouned kr on a CONSOUDATION POUCIES hamncal cost bens and tk reisial snap rncame and experne m apaned in & cur =4&=d financm) sammess urbde tk accoants d tk Campany frumen Expense. and iis =A=i-res, pnnapsBy the Bank, aher duninaian d mamal uusr. Insmen rme sump connects held as trading poenans are valued a thar m nansacnons. cuners enrunned marker veksc. Gans and losses realiaed Inm these pourums, knennemis m assocised companaes C0%.50% osmmhip mieren) are urucahzed vakmum adummenrs and the nised swap income and expense aconsumed for under the apry method mi ase aponed in Other Assas.The a spaned m Tradag Accours Profus(tasesk C:wpammank apry uneem in ek canungs d these assocued compenes All yuedweised permaus or nxmpts associssed weh inmes rue swap and gusu and bases nahmed an depannons d usesmeras in assocamed corwracts ase accrued <ner the term d the conrtacts. Am.va lees crsupanes me npaned in Other Incane. m acognaed m cunent income. huesraents in companas which ase less than 20% owrud a carned a com and me apared in Fedaal lhaene Bank and Other Seck invesmmes. IN'IIAE5T RATE FUTURES Cash dmands acawd on akse t-m spaned m Dmdemis The Corpormaan uses i' news use futums conrtacts so manay as caerall on Fedaml Renne Bank and Other Smxt imestmmet Gans and Irmnes menes rue nsk e.pomue br assalainiry mansymmr purposes and as part resinami an the dupourson d these unestnmes ae spaned m irnesmer* d as tradirg account actmnes, Gans and bases on futuas contracts used kr Secursin Gauw(Lomust asser4mbilty m:raymmr purposes a defernd and amortad caer ik hse d the hedyd asars or listninus and ase avAnded as adpummrs e Inseren TRANSLAT10N OF POREIGN CURRENCY FIN ANCIAL Income or ineaes Expense as appsopnme. STATEMENT 5 Caru and losses fmm the chany in the mariet vakars d futures cancracts Assers and Istalrus d oursess aurus a tramassed inso U.S adlers a the used in connectum wah trahng accouru actmces as recognaed in cutt ut wipeccne year auf echeny imes. Income and expenses a nansized mcome and a npaned in Tradire Account Proses (Lossesk marshly a pavahrm czaes d encheny. Famsn ackny trandsnan puu and kman msukes fmm the Corpora tam's unewmerus m cneness encres, auxpr br those bcised in hghly remonary ecur.anues, net d rdmed hedgug transe:ture and urome tax cincts, a cadned or chsayd duectly a che snackhakies' expry accours, F<sagn Exchany Transionan Adpmunaus. Fosman excharp trarnianan yms ad knees pertamug so ammes br=d in hghty inAsrarsary economes me sepaned m Other frurne. c3
. IDANS 79tEMISES AND EQUIPMENT Lasns an nymed a char pnncqml amours cuestandmg, na d urrarned Psemews and et pmmt,,=bing land. m'iepanrd a <=gmal con less i Am-a, d my Innses unter cm kurn tra nsvie on a decours bass es accunnalmed depiecmum and anomunm. Land is npaned a orgprml cost. aedmed so incimw bensi on kun pnneipd amou.as auntandug a apprupn-Depnosum is chnyd e operzug expemes mer tk enunned undullnes me vesest cases thcar wd descours on bens rnese on a decouru bous d tk admed amas. tensdmid unismemmes a snartmed our the urns d a cadsec m seame an a beam whs-h results e sqmtarnmely In=1 rues d de mpanw lenses or the emnmmed undulIrws d the ungsovemerus, whrh. 8 nrum our the serms d the loans, ewr ase dura N-- and amurtuamm m yrurally compused on 14 W in barn me lesse finannnes whch ctums d duea fmancus and de sagh:4ine nuded. In=rayd leans Irmaem mcrnne on lease fravruqrs udades the amou w d Mansmance, npairs and mmar b,w. m m charyd m opeanig ummemsw can cadas an dunt fmancarg auf incrayd lemes amurtueJ cspemes as incuned. Mawr ev-= m ~~3d <brug the p Loars on whch the accrual d iraaes ha bem dascannnued are dess. FOREIGN EXCHANCETRADINGINCOME i nosed as ruvenecruml inens. Loans, orher then consamer noens, m placed m The Corpwanan laikws ik ynaal practre d vabug awmmbly as kneen runaccrual nam d seasonable (bulx eases a a) candy coikctibilsa or d echeny undwg paarmns, udadwg spar and krward exhsrup conuacts, a psymern d pnnapel er menen is crswractuaHy pas dae nmery days a muse emansed cuners trassier rases and npatut the resaltars pedes a knacs m mui che ben a nur==il wcund and in the pmcess d collectrn Any accrued Ftwegn ExhanyTraims Incane. but unped menes pavumsiy recuded on exh kans a rewrsed agnans surma pmod unaesi income. Innues mcome m rmacenalloorm a recog-PENSION PLANS rured admeyerwly only m the penod ev4=rt. tams a murned su accrual W Corporwuri has museed, nunconcrdsmary penam plans cowerug smus wirn itr callectdniny d barh pnnceal and useress an a v'wh bees a sabstannsey su ful.nme and pen <vne empiopees. Cons d de p6sns b.ned reavmahl, assured and all debrgaeru pnncipal arif meew a bruush' on actuanal carnputerms d cunens and furure hmefas kr empkmes, are curma ar the ben bectmes weil secured and in de process d cullecrans ch,yd m aperantg expmses and an yna:Dy furded a acensed. Pnor C muumer luans a maryd ad asarm the rewrw mr pasable kun bases savxe cours anwg from.. a - no the piern m amartued our the acccmims sa an enablahed dehrgaency schable. aimmay hauae servre iner as panx spuus. Laris whwh hae bem renegrimed kr ecaumc ar arler reamm rdmed e ddari funncel ddFcuines to raes bekw thane whrh the Caparam INCOMETAXES mouu be wdhrs to accept kr nrw loem wwh w...y " nsk aie drugnmed Tk Cm W com d its sh file corm hevi Federal, New a, mia_ed rme loens fruaes on und loeris is accrued a tk muynused rues. It reasariable douhr exas wwh respect to nineenbday d iruenst a the York Scar ud New York Cisy tax ietuna. Oekr wh file & h and um a m amm4plAues d dw adnrd-renrynmed rars, nach barn a tramernd m rmaccnul surus. Whee arrarwmmes call kr akinzwul inonest m be pani on a carwnyrs bens, mach d compenses ase M dammud an ek bens d filug w nrur ns. irneren a run recognrzed urnd deemed nahzable. Arrurus m k pad a credmed weh respa u> cuners teams desemuned nr mbedenes W'd in M6W iax murin me pd m or M kn RESEPNE FOR POSSIBLE LOAN LOSSES the Compwy pmnman a made kr dehned cases on i s. which a npaned kr Tk Reserve kr Posab6e Loan Losses prandes kr nsks d kases inheens in funncial unemera purposes m h wars than 6r tax purposes, hems the iershng pocess This rewne pnmanly rdnes e tk han parriaiso, j ;,ca,,,,,,,p,,me cannng ddend tax pewsmans udde deprecannon fut a aho nimed so other ai%sdann dret commammrs udadmg comma. ,a,,manuzum d psanmes and wpmew and lesse fruru ug espupman, ments to extmd cmin, guarantees arW warwlby letten d creds.The re" urdisnbund cammes d aeneas subedannes araj associated canperues, is usieawd by pimunnu charyd o egemes and decnased by chary-p,anson kr posashie ben losses and unacet on nanaccrual loans. uds,me d mons i,,estmeru :ax calas on epipinent owned, acher than lease fruncus Tk Prmwr> kr Ptmeible Loan Loues a based on Mansyrnervi evaku. ,,,pment,m dekrnd and amarnacd so mcome a shaenons d tax exm dthe =ivrv d the Reserw kr Ptasable Loan Losses, whch evakar"* expense. errcunpesws conmierarum d pas loss expmmcc and orher in tors, umishng changes in :he composton aruf vobme d the parrkin ik rdmarmhap d the rewrve to ile parrnho and wridwale economs ecmdnom. REAL ESTATE PROPERTIES ACQUIRED IN SATISFACTION OF LOANS Reah.scue propertrs accpmed in sarmancton d karn, which ase reported m Other Aucts. m ncorded a the lower d cost or emmmed tur marker value on ihnt acqururum dmes and a he kwer d such anmal anount or curma net reahaable vabe thaeafter. Opersing expemes d nrh properes, ret d reimed urame,and gams aid loues un ther dupouram m reponed in Othe Evenses. 4I.
C(7600DATTD STATEMENTOFCONDmON nro-, mehe c.i.o-i =a u s December 31, 5 h desumed 1986 1985 Amus 5 6,188,595 5 5.574,055 CabmalDufenenBanks.. 6,229,345 4,671,048 Immes4arug nya-,s Meaed weh Banks.. Fudumi Fiumk Sahi and Secunnes Pusdimmed thder Ressie Agnemaus. 909,227 1,174J71 Tendm8 An== Assas. 2J67421 1J44,495 h 5ecwuns - lliTauswy Secunnes 1,525,497 1,839,207 Fahmi Asmc7 ecurmes 29A65 330,259 S imme and Pob xai Sidahvimon Secwwws 2,058A50 2,410J73 1,933,537 1,408,541 Other Bamis, Names and Debennae Feded beene Bank and Other $smi Irmestmaus 164.595 134,012 Tassi haestaient Secunnes (Marker What d $5,825,000 and 56,098,000, Respermely). 5,710J44 6,112,392 66.219,546 61,930,527 imens. Las: Pemerie for Ibeside Loan Losses. 1,064J64 907,672 Lamas, Nu. 65,154J82 61,022,855 2,618,745 2,820,471 Commmeurs' t =6 iny an 4m. Aased inneest Raecahk 946,458 1,028,986 Puenmes and %---e. 1,177,109 913,580 Otlur Assets. 3,263,189 3,013,139 Toimi Assets $94,765,815 $87,685,442 tashhme and w+haum Equey D mms. 9 l>===rr h : Nonummemaeanry $15,842431 $13,499,638 h===4eanrg 20,246,456-19.130,323 0 wam osices: l Nonmaaemeennng. 2,437,843 1,939,120 inmsest Beanrg 27,475,914 26,753,968 Tomi Depoem 66,002 s44 61,353,049 FakalFmk Nchesaf andSeewrusSakithkr Repurchne A menwrr> 5,405,096 4,131,793 8 Gunmemaal Paper. 3,049,898 3,483,501 Other Banomed Money. 5,007422 4,671,994 Acaparas Ounnandag. 2453,283 2,828,696 Accruedinames Payable 677,988 668,961 Accourus Paraine, Accmed Expmses and Other Liainlaws 4,155,767 3,282,175 86,952,493 80,420.169 tagTenn Names and Debentures 2,869J87 2,806,499 l Totel Lambihnrs $9,821,880 83.226,668 l C- -- --- arid Cannnysm I =i=l-ws (Neces 4,21 and 22) l Pa6rud Sexk (Wahaut Par %kse-a thorned Shares d 50,000,000 and 20,000,000, Respecmely): u 1 Radiminable Pndened Seock: I al6,379 5hmes O- - '4 61438 61,638 '4ansedmanable Pudened Sext: 12,038737 Shams Ouemanding. 601,987 601,987 Common 6+l.au-s' Egary: Cannian Saxk (Par Whse $12.50 Per Shne 1986 1985 Audmanned Shoes 250,000,000 125,000,000 Outstanding Shues 80,843,953 77,157,724 1,010.549 964,472 Surysis. 352.584 2'6,288 Fmen Enante Tesndenar Wtaments f23J24) <22,265) Ramned Earmn8s 2,940.901 2,576,654 ^ ~ Tami Common Sexanniens* Emry 4.280,310 1,75,149 i Total Lambdrus and Sanchiedden' E4wy $94J65,815 587.685,442 -j ne ---r.,irus nomes aar an unusal pan a%r ' saasi mam== 41 I i
s OCPe50tRMTED STATEMFNrOF LNOOME n,our u.d-m.c-e--a nd sai-amr= War Ended Decr* 31. 5 m h---k anpt per cannan shame deat 1986 1985 1984 Imamos i==== i=-pr erul Frus an Lomas... 56,490J26 57,173,915 ' 57,657,578 lammen on Dupoets Flamd weh knbs.. 481,916 486,230 769,072 Insers,md Dwmimmin on Inemmes Secwens insmen on--t15 Tammuy Securses 160,751 . 191,447 170,556 Fedmal AyncySawmes, 17,575 25,371 21,226 Same and Palexal %shdwuum Securras Emanpt imm Fedual lartnr Tars. 160,055 150,102 115,162 Odur Bands, Names and Odewuses, 177,824 197,865 89,075 Dmdnuk on Fedual hasw Bank and Other Sax
- L---
=< 10,482 10,241 5,438 526,687 575,026 401,457 t=e= an Tschal Feuk Said and Secursus Ndissed thuler Ressie fr.-a. 10BJ67 105,417 77J89 i=== an Tsing Aczount Asmes. 109,402 76,917 45,982 _%d insmen in:trs 7,716,498 s,417,505 8.951,678 Imament Emprese Deposts 3,358,592 4,275,695 4,997,Z70 ftderal Funds Puduard and Secunnes 5dd thder kpuedwse f 450,046 461,96 547,672 r. --. F- !Paperi 198,883 265,596 408,002 Other Banomed Money. 472.874 425,644 496,338 L2sgTavn Names and Dderuses. 240,118 240,044 193,905 Total truener.Sapense - 4,720,513 5,668,775 6,643,187 Nur Isanes leemme. 2,996,185 2,748,730 2J05,491 Penman for Pbunide Imn Loses. 595,000 435,000 M5,000 Nut imamur income Afar Pmrimas int PoemNe toen imar-s 2,401.185 2J13,730 1,943,491 Osher Opensung laconne fees and G-1,130,826 908,803 715,846 =. Fangn Exhnrs Tming Inanme - 223,197 173,385 119,462 Tadsg Acrount Ndes 0 w. 68,151 31,.'15 29,364 Inestnew Secunnes Gens (Lossesk 168,281 98,106 16,704 Other Irrume. 162,601 104,020 48,168 T<malOther Opsarms income 1,743,156 1,315,731 919,584 Other Operasag F=p==== Sahnes and Empiope Benents. Lienes 1.327,507 1,113,322 945,771 host Sharm8 92,107 83,432 61,702 Odwr Ern#cm Benents 332,213 272,914 246,592 1,751,827 1,469,668 1,254.065 Na Occupancy 331,033 256,603 221,29) Epipmew Rent 4., Depacamwei and Mauwenart:r 270,701 225,768 187,558 Other Expenses 946,989 779,839 581,608 TotalOdurOpentm8 xpena 3,300,550 2,/31,878 2,244,526 E income 8efone Tames 843,791 897,583 628,549 W income Tams. 138,428 332,765 222,731 Netincour 5 585,.h3 5 564,818 5 405,818 Net income Appiscaide soco-,== Sanck 5 527,266 5 480,573 5 320,700 Amerser Shans Oumiendmg 79,561,005 75,240,464 71,152,544 Eartunes Per Common Shaw: Pnmarx Based on Anny Shams Outstandig 5 6.63 5 6.39 5 4 51 'usumag Fuu Dihman 5 6.50 5 6.15 5 4 32 Cash Dmdends Dednad hr Canman Shen 5 2.05 5 1.90 5' l82% i The accompearnt notts ase ex=emi part of the Gnuncal smeners J l l 43.
STATU4Drr OF CHANCES IN COMMON STOCKHOwatS* EQUITY hOs= Meeures Carpaurma ami bi h nes malThe Oism Manharta capossur % only) ) Year Eakd Decereer 31, 5 5 desumande 1986 1985 1984 Comuman 5sodt hd==* a Begummig d %st (77,157,724 Shares, 36,659,653 Shases and 34,740,931 Shem, Respectnely). 5 964,472 5 458.246 5.434.262 Carmaam d Capian Names med Debammes (1,477551 %ses. 465,501 Shases and 144,727 Shaus bemal, Rapeandy). I8,470 5,819 i,809 Emster d M i Wil,140 5hans,1XI,E3 h and 5229 5hases lassed,Respa W., 3,164 1,260 65 l 9mmes ! sued Pa=== m Dmden Ramesernau 8%n (1 AMI,927 Shms, 7%B12 Shams mal 7XI,24l Shmsen, Respecnidy) 13,386 8,960 9,628 Shmus Ismeed Permanne e 1984 Acipmene (454463 Shans).. 6,058 9uses luned Ptassears so ihamrg Rane Suhandensmed Noses Due 1996 (884JBl 5hases,636#73 9mmes and 513J625 hens, Rapectndy). II,057 7,951 6,424 9mses Ismard Pweams m Twoforone Sext 5#n Dedaad January 11,1986 os smas25h -d. 482.36 3 asionar a End d %mr M*13 Shases,7"',157,724 Shams ad 35,6. %D Shmes,ILv w,JA 1,010,549 664,472 458.246 9 W ~ 4 Baiara m Benrang d War. 276,238 678,342 $94,195 Con =,_ man d r5=' Names and Debennms 23,634 20,788 6,140 Emerane df amiOpaans 3,141 1,151 161 9mmes lased Puauant m Devaknd Rarmestment Ibn 26,106 29,627 23,672 12,791 Shmes lased Purmaans e Aery== rum, shems Ismand Puriumnt 3o (bannit Rase Subarknamed Notes Due 1996 23,415 26,616 13.221 Shams Imad Punuant o Two.& One Saxi Sphe Dedoed January 15,1986 (482,236) Geen an Rauernen d RedeemsNe Pribrad $smi, 28,162 Fasaga Emchange Tr==d-a= " ' 678,342 Belence a End d Year - 352,584 276,288 Bab a Begensung d %sr. (22,265) (18,730) (22,34I) Asegue Transinnon Can(Loss) After Apphcahia IrrameTaes(Bendin) d 50),909),502,164) and N, Rapecimiy (6,412) (5,445) 8,187 Amours Tannened m Net Ircome After ApphcaNe Irc sne Tues (Benefirs) d $4,546, $(1,415) and $364 Rapectwdy. 4,953 _ 1,910 (4,57ti) Belaru a Emid War '13,724) (12,265) 118,730) Rasmused Earames Balance a Bagwaarg d Year, 2,576454 2.241,199 2,044,09 Net incame - 585,363 564,018 405,818 Cash Dedends Dedased Rahemmble Patened Saxi. (4,432) (4,432) 16.038) Noruedesmshie Prehned Seock. (54,166) (82,654) 4 4,122) 7 Common Soodt (162,518) (1(2,272) (129,168) Beimnce a End d War 2.940,901 2.5'76,654 ^ 2,241,199 Teseir-Sar,+hou,rs' Equury ~ $4,280.310 53,795,149 j 359,057 ne.ccunir. wine run = an inner.1 p n d ihr snm e unenents 44 q l
-.,.q j CON 90UDA11ED STATDGNT OF CHANGES IN FINANCIA1.PO5 MON TheOmme 14menrum Carpenum ad Sabedurm %sr E,ded Decumber 31, 6in M5 1946 1985 1584 fashProvided Peulern. $ 585,M3 $ 564,818 5 403,818 Add W Nnacadi kurns inchdad as Nur imxne-Nr--md AmormsacadherommesasiEggman 171J12 138,440 108,01~0 homen hr n= die tan La 595,000 435,000 x5,000 Amarammum d N===r om LangTerm Mas suiOther Bar smed Money. 11,405 9.782 8,478 Dunnad inaarTames(Benska) 99J70 69,2.39 104,165 Funds hondalfuousnp =. 1,464,450 1,217,279 991,471 immer e rammmma ssod 122,373 104,172 79,969 W "udernd Sandi, Roerg Rae Smes F. 226,987 Gun en Raimum,. r d Raheadde hdmed Soodt. 28,162 Famics EadusyT==i--=i Adkammeras. 3,611 6==== in: Depaars 4449,795 1,673.038 3.380,454 hdeal Funds Pasdismianisecunnes Sold thder Aqmudune.4,.. 1,273J05 739,597 c - ini hans.. 122,408 Oular Bonomed Money. 335Jt7 1,435,377 Accraed Imerest Parabic 9,027 127.817 Aacmures Pmdie, Acensed Expmees arms Other Latalme. 774,222 644,941 673,9C LairTerm Noam mi Debennues 110,293 512,983 955,30'; D-===v m: Cah ad Der imm Banks. 242,407 humm4eareg Depues Maced weh BanF. 4,303,454 Fedmal Funds Said ard Secunnes Purchased thder Resale Ag:remeras M5,144 118,834 j Teduis Account Assas. 10,076 Innesmeru Securam 411448 AacruedInames Recenutde 82,528 162,963 Other-Nm. 146,231 15,446 140,427 Tasal Funds harded $9444,333 15,895,109 $12,016,030 ~ Fames Used 1 Cmh Dwidmds Dedmed j Redsens* hdned ssodt 4,432 5 4,432 6,038 1 Nanadee: uble hadmed 5sodt. 54,166 82,659 74.122 Casannon Sendt. 162,518 142,272 129,168 Canenam d Capmal Names and De'.arwuses mio Common Sanck 42,109 26,el5 7,952 Raruement d Rahemnde Pnfined Seodt. 88,E2 Fmagn Eachey Tansionan Adpammnus 1,459 3,535 larmersin: Cmh ami Due imm Banks. 614,540 1,376,7.54 traenm4eenn8 Depoems Maced we h Banks. 1,558,297 315,857 Fahral Ruuk Sakl and Secunues Purchasai Under Resale Asmmmes 1,11 B,082 Tradsg Accoum Asom. 1,223,126 1,075,023 Irmentman Securrus 876,586 1,827,697 Loans, Bekne Chargr.Olb 4,063,235 344,970 6,388,392 i Pmmmes and Eeupness 4M,841 258,4) 6 356,814 Acensed lienen Recervable 118.979 Other Assecs. 250,000 1,054,82a 527,015 Decesses m: Fedemi Funck Purchased and Securmes Sold thder Repurchase Agreements. 348,497 Commamal Paper 433410 925,M5 i oder normed More. 298J06 i Arnsed irgues: Popside. 134,769 Tammi Furids timed $9444J33 55.895,109 512,016,030 The at uayanyugg : notes are an wwegral par: of the financal surnnews. l i l
BALAN G 9EEET 7i.ome uma.sneic rewc December 31, 55 % 1986 1985 Amme Cse b hads-Duned Depours. 1)w Omme Madurten Bank, N.A.. 5 1,289 6,013 10 4,778 j OamrBass. 9ersTem Mmney Maeer lusmanmrs: J lamanu4 ear'ng Dryours Maced wah Banks: l Tim Ouse h&mestan Bee, NA. 966,953 2,748,369 Oder Sariks. 215,012 66,216 UiTamsary Secarnas 28438 Tend hTenn Mossy Madur kamaments 1,210403 2,814,583 Numm hemmede fumru !' ' - Sd = Esers 3,212,727 1,849,793 8stammes Racznahh bT1se Ouse Manhartan Bera, NA. 52,4 % 51,937 Odur Sauk t===mner 59 /s62 41,% 0 W Ddunnuse Recendie bom The Ouse Manhartan Bank, NA. 400,000 a00,000 laesmunes in %d-i= us ist E+xy in Net Amers): Banksg%d-4=us Time Oise Madistian Bare,NA. 4,714,283 4.454,725 Odsr Bankas Sahmennes 1,067,991 705,971 Wear %di raiarus 4624 51 343,571 Actrusilmanem Recaredde-8sukm8 mbederus 10J07 26,865 l 5 ] T' - Suheasnes 19,202 21,643 Oeer. 3,210 1,822 4 Oser Asurs. 73,294 94,149 I Tassi Amess $11,J7,565 510,817,212 t meillir== and W Egerry C- - Puper., $ 3,010,259 5 3,351,756 Oder Barsomed Money 830,F71 573,648 Amoumis Pasdne, kcrued Egenses and Other Ladde. 142J59 290,683 3,9H,089 4,216,087 loseTerie Names and Damrures. 2.359,541 2,142,351 Totalladsknes 6,343430 6,358,438 c._ -.s and Cainrgmr 1.mbahres (Noses 21 arsi 22) Padmed $ sock (Wahaur Par h-Aucharned Shares d 50,000,000 and 20,000,000, Regestndy): Redmasie Pmimed Sack: 6as,.T79 5hmes Ouemardmg 61438 61,638 Nonsdensinr Pudnad Sock: 12,oM,737 Shees Ourmandag 601,987 601,987 I Canman Seckk&)en' Eeny: Common Seck (hr h $12.50 Per 9 sue): 1986 19t5 Amhamed Shmes 2504 00,000 125,000,000 Omsanding 9mes 90,843,953
- t,157,724.
1,010,549 964,472 Surphes 352.584 276,288 Fasegn EmchargeTramhnan Adustmerus (23,724) (22,263) Rasasned Esmags. 2,940,901 2.576,634 j Tasal Comraan 5sockhrdders' Egry 4,230J10 3.795,149 J TonalI =luires and Saxthanden' Epry $11,287,565 510,817,2I2 ne accon,annrg noses an m wesemi pan of the fruncal senernerus 4L .-i
j TDETEhENTM D4COME The O ur h C. IComper only) 4 ) br Ended December 31, $' M 19e6 1985 1984 s imemme l P A=A Baassai 53w.u60 The Ouse Mahata Benk, N.A.. 5250400 5300,000 j Odur Bekeswa-us 12,000 % W4-a 2,500 i OssrSemckhuesammat. 3,299 4,549 344 ) l==== n=rr- - bumeur cm Depants Maced muh Boks: The Omme Marneran Bank, NA. 123,062 215,755 3!8,380 Oder Bekmq WA=rus 172 f04 Other Banks. 11.226 6.010 6,196 tiiTsummv 5ecuram 1,700 122 295 Beams' Acree-108 Names Paneside Isarn Nan 6mnkug Sutedsenes 199J28 150,688 1 4,802 W Debecase Rammik Isam The Osse Manlurtan Bank, N.A.. 34.472 %,137 11,308 Orher launne 664 7,291 1,748 Tatal ineame 625,751 720,924 828,185 tem-s tweest Emannse-C ! Paper. 195.384 259,168 400,268 Odur Banced Marry. 51,099 39,985 35,206 tag. Term Namm and Debenruns. 193.987 183,389 143,588 Fers Paid on-The Omme Manlurtan Bank, NA. 2,000 2,778 3,232 M' -- Sulederes 10,407 26,4 9 25,654 Oiher Expenses 18J71 10.203 9,519 Total Espanacs 471,448 521,992 617, % 7 Inosne Bekr ancreme h Bene 6 s ni c4:ry in thierrdamed intame(t naara)d Suhsassnes 154J03 198,932 210,718 Appirde LnconeTax Benefas Fedesi. (44,164) (42,895) (31,096) Same and Lazi. (10,058) (9.830) (20,414) Total Aghcable incxrne Tax Benefes (54,222) (52,72.5) (51,510) hammme Bainse Egmary as Ii=&=rAmused t=m==r (1 --a elheios. 208,525 151,657 262,228 i Espary in thbscribused lacume (1.osses) of Subediares: 8sniorg Waarus. The Osme Manhartan Bank, NA. 223,119 192,'"98 83,493 Oelur Banksg WA=us 108,098 79,385 49,127 Nabankung5ubmannes 45421 40,978 10,970 Nat iscusse 5585.363 5564,313 5405J18 The sceosperyss ases me se ensqpal part d the tinsneal maremers
frmTEMENT OF CHANGES IN FiNANCIAI. PosmON Tieo=e u hnt=cw =lcorn,sar oe) ier Erded Decenber 31, 6 m A-ds) 1986 ivits 1984 funk Prwrutal Na 6ncrux 5 585 M3 5 (64.818 5 405,818 Ashi(Derbn.t) Norica sh lurns tricbdal in Nei inccw: Egry m thdar, bused I a=,< (inctstr) d Banksrs Subsdianes J Tir Chew Manhartan Bank, N.A.. (223,119) (192,'981 t 8 3.49 !) N Barbg Subedrarus (108,u98) F9,385 l 649,12') Een) m tJndmemused 1.osses (income) d Nanbankirg Subadunes (45421) i 40,97R) t 10,970) Amwww=m or Descours an longterm Names anc' Orher ikriuaed Monev i1,405 9,782 8,478 DenermiIsumene Tames tBmdirs) 1,481 1,120 2,503 Furds Piorded from Opmrxns. 2.21,411 262,559 273,209 lamancr 4: Onesnon5 sock, 122,373 104,172 '9,969 Norwedeemsble Pndened Smack, Fkwng Pac Smes F. 226,987 Gan an Rernemas d PalecrnaNe Pndened Seack. 28,162 Faegn Encharge Trandamm Adparnents 3,611 increases m: 48,983 5cturvus Sold thder Repundune Agnernents 184,168 Comnmal Paper. Orher Barmed Mmey. 257,012 247,830 32,v52 4,320 Accounts Pa,rable, Accrued Expemes ard W Lahlrnes. 1.org-Term Noses ard De6errures. 248,204 425,000 ~'79,035 Decreases:n: Cah n knks-Demard Deposts 9,492 10,531 Inwsess.8canrg Depours Piaced wah Banks. 1432420 840,628 233,443 111 Treasury 5ccurves. 49,066 9,827 &ankers' hceptances Odwr Saxk Irnesrments 13,970 Atcrued Interest Receivable 17,711 414 4,184 Oihe -Net 20,856 Tatd Furds Pvtwded $2,529A79 51,986,222 51,875,898 Fame thesi Cash Drvderds Decland Raleemdde Prderred 5 rock 5 4,432 5 4,432 5 6,038 %nndernable Pnderred 5 cock 54,166 82,659 74,122 Cornman sock. 162,518 142,272 129,168 Irwesmas m Subudiare The Ome Manhatan Bank, N.A. - 36,439 33,181 482,683 Orher Bankirg SubeJanes 153,922 159,331 310,042 Nonhank2rg 5ubedianes 73,459 15,755 16,815 O mrom d Capral Nares and Dc+cimites into Commun Sock 42,109 26,615 7,952 Rerwerrent d RedeemaNe P'dened Stock 88,362 Furegn Eachange Trandarum Adpwmerts. 1,459 1,335 Irvenes m-Other Servk Irwstmerrs 18,302 5,330 C. ash in Banks-Demand Depos:ts. 10,36I
- ' 5. Treasury Securnes.
28438 3.690 Subrwansed Deteneure Recervabk from The Chase Manhattan knk.NA 400,000 %res Recervabie frorn Nanbankirg 5ubedares 1.M2,914 a'2,*81 284,055 kcuotes Recervable fxm The O.ase Manhattan Bank, N A 499 1.226 40,' t i Droemes m: Securves Soki thder Repurchase Agreements. 4h,98 3 Camercul Paper 341,497 989,2 9 N Barmed Money 3,900 Acctmires Peeble, Actrued Expenses and & l.ahlers 149,305 6.123 12.627 Orher-Net - Taal Furdi thed $2,529,679 11.986.222 51.875.898 The acmpenvms enxes an an meegral pen,4 the fmarr al maranems i 48 1
Cm4500DWIT.D STATEMENT OF CONDET10N n o, unseemo rma.iu mew December 31, 6b dennana) 1986 1985 Ames Cmh and Due ham Banks. 5 5,732,052 5 5,208.200 batues-8eansg Depaurs I".aand wwh Banks. 5,965,739 4,566,219 Fadual Fiands $ aid and 5ccunues Puedamed Linder Resale Agrecirats 2,904,948 2,458,090 Tsubes Accours Assas. 2,561,108 1,331,638 h.estnow secur =s lliTameury Securnus. 1,349,852 1,721,697 fedaal AsssrySecurrus 198 290,391 Saar and Mricaisubdmnon Securvus 1,970,916 2,185,79% Other Bash, Nous armi Debesvuses 1,871,587 1,357,862 _Fedaal Reserw Bank and Other Saxk freemmerus 87,774 82,509 T< mal Irmemmesu 5ccurves (Mariter & d $5 T7%000 and $5fi6,C00, R%Wy;. 5,280J27 5,638,257 Lasns. 52,060419 52,176,137 j Lem: Reserw br Pusable loan Losses. 773421 699,054 lasaru, Net. 51,2A6,998 51,477,083 Cmeners'lehry an Acceptarxxs 1410487 2,810,159 Acmed trauen Reiwable 852J40 1,002,649 Pumacs and Eggmen Se9.535 753,834 Oda Asnees. 2461497 2,474,067 T<xal Amers $80,805,431 577,720,196 ~~ ~ Lashahcrs and $sockholderi Egamy tv=r. Dmesnc C&cs: Nanmusew4eernu. 514 472,439 512,677,180 Innerest4eanrg 15,227,541 14,629,437 Owrseas Odices: Norunnews&anrg 2,437,843 1,939,120 trenes-Beang 28,437,396 29,500,685 ~ Tocal Depoets 60,774 #25 58,746,422 l Fahral Funds Purchased and Securxes Sold thder Repurchase Agreements 4,743J38 3,972,397 Odur Baromed Funds. 2,i * '. q 3,160,191 Aaepcances Ournandmg. 2445,225 2,818,384 Accrued inreen Payable SP2J82 611.150 Accourus Pwshic, kened Expenses and Ocher Labilers 3,523,182 2,925,091 75,213J.56 72,233,639 LwTerm Names and Debauum. 877,892 1,031,832 Taral Labelsnes 76,091,148 73,265,471 Commmmmrs and Carmemt Lsabdars (Noors 4,21 and 22) SniluMer) E+wy: CapwalSeock (Par h $15.001%r Shaven 1986 1985 Authonaed Shares 61,744,445 61,744,445 Outxandug Shares 50,509,826 50,009,247.. 757,647 750,139 Surphts. 1,802,933 1,772,407 Famgn ExhangeTda Adammenes (13,940) ,22J45) Undevwkd Piorscs. 1,177,643 1,954,524 Tocal $sockhMder) E@ry 4,714,283 4,454,725 Total Labaisnes ard Stockholder's Egry 580J05J31 577,720,196 The a..ampanymg noses ase an mrtgrei part at the nnancal usammes Manbar Federal Dip a insurance Corporarum 49
C@ JATED STATEMENTOFINCOME TheCA mniurian Bee, KA and Sulundmarus Year Enkd Decernber 31 S h dummandi) 1966 1985 1984 tunnsen w buses and Fees an laars.. 54,941,951 56,092,577 57,03 t,418 himses an Depcmas Fiscud mrh Banks. 466,919 483,682 ~f 2,096 banner aryl Dmdash an Irmezrners Secunnes inmes on--USTseamm Securuus. 145,280 180,933 !63,606 Faksal Aemcy Securums 13,830 18,019 13,910 Saane amd Pbisacal 5uinkvarm secunnes Emnpa fmrn Fukral ixczne Taxes 149,179 132,157 106,035 Other hands, &ses and Debersuses 174.072 189,252 85,647 Dwidends e Federal Resene Bank and Other 5 sock Imeserneras. 6J96 5,228 4,750 488,757 525.589 373,968 Irenen an Fedmi Funds 5dd and Securars Puxhased thkr Resale Agrecircus 188J81 96J71 3,384 i Inment on Tashng Accours Assets. 108,624 75,893 45.270 Taem imsest income 6,195.132 7.274,312 8.295,136 Immuseer F vp -ee Dipouts .s,143,489 4,129,669 5,205,575 l Fedel Funds Ptudused and Securars Scid Under Rzpuzhase Agmrnents 434,052 446,031 528,729 j Odur Bwamed Funds. 322,516 334,192 416,541 T -60,386 j trust am Nees and Debenruses, 78,185 90.334 Tatsiinneren Expone 3,978.242 5,000,226 6.2ii,~23i ~ Nes t==== l=ra-- 2JI6,890 2,274,086 2,t183,405 Pmrmon br hable Loan Losses. 270J33 218,663 293,228 { Eleusust larr==e Afser Pmrinom kr Poemtde lone losses 1,946J57 2,055,423 1,3 0.677 Odur Opessoas I=rr==e Fees and Cammassacru 808.203 687,984 589,757 Ftmeign Earhaque Tradugincume, 222,361 172,865 119,016 Tradmig Account Profus(Losses). 65,996 21,774 28,328 Imestment Securuus Guns (Lossest 166,465 /6,290 16,149 Othe lncorne 136,425 i6.794 41,781 i Odur Opasang Espcases ~ IJ99,470 1,032,'07 N 5,031 Tamml Ottur Opaanrg ircome l Seimnrs and Empkw Berufss Sehenes - 1,125,217 964.498 852,331 PmiinShanry 83.200 75,810 57,531 Ottur Empkme Berrfrs 304,265 252.134 233,481 1,512,682 1,292,442 1,143,343 Nr Occupancy 287,118 227,108 203.925 Emspmaw Rentak, Depunexm and Maurenarre 239,182 203,428 174,971 1 Other Expmses 656,778 579,866 458,376 l localOther Opaanre Egmses 2,615,760 2J02,844 1,960,6I5 incume Besme Taas. 650,067
- 85,286 605,093 AM !ncome Taxes 176,948 292,488 221,64')
Ma lacomme 5 473,119 5 492J98 5 183,493 The accinnpenrms rues m an mregrai;ian d ihe funncal run aY* ~ Memba Faneral Dqxan insurante C:rporaror' 1 l 50.
CONSOIEMTED SRTEMENT OF CHANGES IN STOOCHOODas EQUrTY nno.c w-winn a4w soh.d.r s Year Ended Detember 31, 5 m tiummardi t986 rss 1984 Capaal Sanck Beiance a Bqpnrurg d br 5 750,139 5 740,005 5 38,591 9mes imued Puer.aru a) Finarms Rae Subordinmed Lkbenture Due 19% dOOJ79 Shares,675,%3 9mes and 94.296 9m Respeerneh) 7,508 10,134 1,414-Balance a End of Year 757,647 750,139 '40,005 Serpim Ba6mnce a Bqpnnug d Year, 1,772,407 1,745,409 1.268,012 9mes Isased Punuant so iberng R.:sr Subrsdinmed Debenture Due 19% 26.964 24,,433 2,175 Cgaal Conmhutzun by The Chase 4 arJurtan Cwpormxm 3.562 2,372 475,195 Tax Benr6: Raudurg fusn the I.xena d Sat Optons. 193 27 Balance a End d Year i Fespage Cachsspe Trandanos Adesaurwis ~ 1,802,933 ~1,772,407 1,745,409 Badence a Bqpnrung d Year, (22,345) (18,3941 (22,266) Amesser TransLumm Gain (las:Afier Appirable intome hrs iBer:6si d $G4.133), k32.38'M and 129,385, Respectruly (6,548) ( 5,'9 7, 8,448 Amount Tranemd so Net incarne Ateer Applicab.,. 6ome Taxes:Berus5) d $4.546, klJ14)mi1%0, Repectach 4,951 1,846 (4,576) & dance a End d Mr Undmded Prusts (23,940) (22,345) (18,394) Bdance ar Bqpnrurg d br. 1.954,524 1,761,726 1,678,233 Ncs lacame. 473,119 492,798 383,493 Cash Dmdmds Dedaad. (250,000) 1300,000) 000,000) Bainnce a Erul of br 2.177,643 i,954,524 ~ 1,761,726 Total %=*W's Egury $4,714,283 54,454,725 14.228,746 n.e uomparm,,x 4,e an irresrai p.ri or the finarr.ai umanmes uember reaeral orpo inseea,se c<,3,arian ff
4 NTTDSTATEMENTMNIN hh neon-wa e asse,NAmel5mbedumne Year Ermied Decernin 31, 1986 191LS I964 $ e deussatM FundiPteended 5 473.119 5 492.3 8 5 383,493 Ner Lwome.. Aal(L%hsct) Nrmi:adi lums Inchsled in Na tra orre-151,476 124,808 101,180 I w.w. wul Anuntaannn d Piemmes mi Egagwnera 270,53) 218,663 293,228 Pterers, kr PessHr Lasn Usses 54,1Il 34.830 93.775 DdruedincorreTmas(nowfust 949,259 871,099 871,676 heads Pawided b Opasrum. lumsmicr d Capral Sewa Pumanns to Ibanig Rme Sd doed Deterrure Due 1996. 34,472 34J67 3,589 3,562 272 475,195 r.p ICaenburionsbyneOisse MardurmCarpaarnm lanem.n sa: 2,02sx3 Diposas. Feeralhnds PusthesedaridSecunnesScMUnderRgnudane A resarerrs 771,141 718,689 6 800,280 Odur Bormed Funds. 87,984 543,593 t ravTem Nrmes and Debenrures. Decuares m: 515,580 Casi sul Oue from Benh. 4,366,207 Insmem4esnrg Deposes Placed wwh Banks. 10,423 Tendsg Accours Amers, 357,930 Inennow Secursus. 1,806,557 Lasns,Beduse Chary Ons
- 00,497 414,723 Odur-Na
$5,125.364 55.613,282 17,929,252 knal Funds Provated FeedsUsed Cash Omdends Declared - 5 250,000 5 300,000 5 300,000 incienses m: Cmh and Due (mm Banks. 523J52 1,305,131 Insiemeesnrg Depours Placed wh Banks 1J99J20 194,643 l Federal Funds Sok!armlSecurwes Punhased Under Resale Apeenwrws. 446,858 1.203,755 1,055,214 1,062,513 1,229,470 Tcadug Accours Assas. 1,032,042 1,290,430 insemment Securwies. 174,550 2.867,244 Lasns, Be6ve Oiery44s. 147,177 215,4 7 228,253 Pummes and E+guners Decranes m: 653,267 424,909 Deposes 461,985 Federal Furmis Puchased and Secuntws ScM th3er Reuithase Agnernenn Other Barmed Funds. 616,387 700,689 LugTam Notes and Deberwures 137,550 246,752 l Othe -Net. I'wal hmds Used 55.125,364 55,613,282 57,929 5 W.:cccyannr4 notes are an integral part of the financuhtatements. Member f ederal Depossi inwrant e Coqoranon l l l 12.
+ NarESTO RNANCIALSTATEMENT3 Tk Ouse Manhar:an Corporaram and Subuderes NOTE I. GENERA 1. The Grporarmin's nn name kr the ran ended thember 31,19%, & accourusrg paires kaomed by & Chase Manhatan Corpcrzrm the therr.ber 31,19R5 and thember 11 ;984 wuld nur hae been mbwarnially Gunpeny; suf as whsmiraner., mchadug as semcipel subsubry. N Chae sbrgimJ haj tk unnkrrd aummiuns d Chase Firsta arti Chase Manharan Aank, N A. and as esbedunes (the bnki m dukned in Anruna arsi the ccnnbaned xqursrems d Chase Marviand and Chaw Oho che accompam.ng Sumenary d $sgniftarn Accouremg Pdr rs on pays 40 Seen reer,ted on a pro krrru bam a d Jariuary 1,1985 arsf January !,1964, and 41 The summary is aruruegral pan d the f nars:ul vaensmes and respetsnely danski be read m con.xtra nich these rxmes. Theaughaur ik nores, rhe 'warment5 d Condrum kr thew banks can he kmnd on page % mrm 'Grporarrm" =ders o & Chase Mardurtan Grparsam and as Dunns 1% and 1985, the Corprrarm male orher xwistons mcksjmg osbanknes.& serm "Nembankms Subsidunes" used in the hnara al sure-Imne, Mdbank & Company and 5 mon & Cnares d the Unnaf Kirgpinn merus md roses theseus seiers a wt winnrs o the Gwnpany u chartemi and bnco de Fmanzas d Malrsi. Spam, wah total swes d 55 mdlum r sa commenial bank s. Such subsalsarn m eng;gsed ic nuntgay bankirg, and $265 mdiant,e spenrwh. dLcouru briacray, commernal and consumer (mars mg, irwe<tmem in the second warwr d 1984. Chase Mankstan Owrwas br kirg abnory and other inancial services Corptrarusi FO40BC"1 a *+mdly aumed subakry d rhe Bank, xmised ks cmh mbaarutalk all cs the outuandmg shms tru already he63 br CMU8C, ur appnmummely 68.5%, d Nederlandw Crederbank NN NOTE 2 ACQUISIT10NS FNCB"), a Durch hank weh heWuters m Amsedam, N Netherlands. In the frw warner d 19E, Chase Manhatan Narmal Holdirgs Gspr> The xquase d the aldar rui mreres cos CMOBC 545 mdisun ami zum FCMNHC"),a wholly owned obsid.ary of the Comparw,(through the remised m ownenhip d 996% d die shases d NCIL ftderal Depose Inmarance Corporanan) xwurd sciected assets and amirned in ek third waner d 1984, Chase Manhatan Narusul Corporzum estam luhdaes d Park knk d ibnds. a luimg commercal bank wnh FCM NC"i a whtdly owned wbsaliary d the Gunparw, x+im! Lncdn total asacts d appmxannely 5600 mdhun and renarrel a Chase Bank Firu Bank, N.A. trenamed Chase Lncdn Firu Bank, N.A.1, a cisnnwical d ihrmia, MA. FChase Nsis"L in the suurth warter d 1986. she bank m Faheser New York,thsough the merger d as punt company, Carparsam cornpined as zwis on d Cxwinental Barror, Inc. bnc Jn First Banks Irs.("UncolnUnso CMNC.The cosr d acostkm FGmrinmtal"1a commescal bank hakimg company wuh scual auers d mchased 551 mdhan m cah, $18 rr,.Ilum d comrrrm inock d the Osnparw, gpersamady 5600 mdlam.Cunnnental's bank subsahary, heakparterni m 5227 mdlum (eased wakac)d Pmerred Stock fbsmg Rae Serm F d the the gremer 1%emx. Amons asea,was renamed Chaw Bank d Anzona. Grnpany and 510 malum d open snarket purthases d Urwrin shases m the In the second waner el 1985, the Comparw actpsred wx Ohio sairgs frst sparter d 1964. arnj kun instrnmans wah total aswes at approximately 5450 mdlem usi con-ikxh the Uncoh and NCB acystmms me xcounced br as pusthmes, wrted them meo a ccenmenal bank named Chase Bank d Ohm FChase and the users and liabdnes mee recorded ar ter esun,ased fair values as d Uhso"1in the kaarth warter d 1985,CMNHC xmired there Ma vtand the dmes d accursarum. Goodwdl and an alermfed ccee &posa mtargibic wirgs and kun msnrutans with anal miers d appiuximmeh STO mdlam mse anumansed to appsosummely 5im mdlum and a hemg amarnred armi cormted them iruo a,ommercul bank named Chac Bank d Maryland agamst net irxxrne caer penah nor exceed,rg 20 scars & frurs al rewh I'Chme Marylarsf*1 d harh NCB and CM NC cummmced to be fulh consolmissed in the Nsc minrutons wee xquired kr cash arsi x.aiunted kw as purchases. Capirzum's fwuncul umrrents m the ehmf marter d 1964. and awes and hah!ars mee recoided a rhnr cuirnmed fair vakes a d the Pro krma cambired net utome kr the war ersled thember 31,1964 Jmes d xcpisnam.The cars kr the IW xmissixwis iChase hsia and d 5418 mdlem gnes effect m ehe bncoln and NCB aapmrums as.I they hai Chase Aruunas and the 1985 xmmrons ' Chase Ohm ami Chase Marvtand: heen consummmed rm ) ury 1,1964 and a nur recessanly armisczne d =cie 51*ndirm arml 545 mdhan, respecndv. Goodw di relming m the che resuki thm wouki hm actually occuned had the auptsurms taken plawe am:srions am onced so $129 milhon armi ST mdlan kr 1% and 19IL5, a chm dae. iespectrdw and a being amortued agamst no mcame <m penods nar exealirs.'0 g m l NOTE 3.INVETTMENT SECURITIES %wn bekw a the carrymg and es: mated market alues d Imestment secunres at thember 31, im and 19tL5. 1986 1985 (arrymg f errumi (armrg immared l S in m6 inst Wbe Marter %be WLc Marker Wbe l U 5. Le akary Serurnies. $1,325 51,% 3 %I.8 19 11.07 Fasrril Agmcv Securres 29 10 no 334 bare and Pul rmal huhdmsan 5ccurwes 2.058 2,095 2,410 2.292 l Orher Bands, Nores umf Debenruies. 1,9 34 I,940 iMa i#3 I federal Rewrw Ba.4 arms Orher henth Imrumenes 165 197 I 44 l(8 Enal lrmwmetu 5ct unres* _ %.122 $1,781 15.825 16.f*8 'The market values of sn urnes m emmmed utdtairs mdrpmJrni pnurg sen sn and a nawd on sadaNe marke daa. wha h attm vedest tranut nuns ui reim wiv vnall wer and are run necesunh mdwame ol t%e prses a obsh large arrwames us gn:ts ular marurwkl he mkl. 51
N(7TE 41 DAM Leaw Financirus ar Orsanher 31,1946 and t%5 <cnsisted d the fdhmrup Lamas at December 31,1986 and 1985 are mmmarued bekm: 1945 5 n rhuuur M im 5 = ehammanha 1986 1945 D etEnannngleaws 51,831,613 $l AR82 tea. Unearned Dicouru. 270.272 222.'mA %.g L iJ's,8 t 8 Raul Eaner Lans: InalDmiFinanurgi emes 1,562.361 - - - 100.245 Gammactssi and land Drus gs.wru $ 1.%8,9% $ 2,421,411 i ceard Leases.. 617,202 %g34% Wiez mas MJil 52,W Readsend Prupertas. 4411,110 2,u8.866 Orher Real Esem Loans. 278409 l.243.619 Emai Lemased I curs
- 466.487 248,153 Lums as Fuumacul Inesurvms.
2,2to.523 l.683.152 gg g gg[g g g j y,,,, g Imms s> Plaaheir or Carry Securvas. Pruitguay so 8meers and Dealers. 4e7,412 102.%- "ReiseJ Jedermj msne tann amaied 517',455 thouund and 5)e'.0 to rhuus.rms, Cowinnerculandinduunalloure, 10.123,888 BJ54.~ 52 n1pectnek lames a,Indsruhisk km harwt trurn rnade bv rhe Carporarson enns 1946 ard 19&S to direemrs Espenerusn. Cada Cmd Laers 4.2 %,218 3,584.433 encrutrw dlicers or pnrqual luMers d ewry secur naes d thr. Camparw Orius. 4J04,424 J,8218 % andAr the Bank.<r m am ass,ocure d such pmans as defirre ts the h '[,$h Securnirs and Emiwque Gunmessan,Jr rm tv r excceded 5% d the wzal d I"" Orher Lensa 411.450 654,856 Pietmd Suk and Comnum 5tochidm' Equrs ~ limal Dumera OrLces,Gsons. le.hlu 28,499.8',l
- uraial $1,940 mdim $2,G15 mrilum and $2,M7 mdim rnpecr c4 Inreess 8mus. Unearned Discours.
690,054 580.53, W '" ' ~ hai Dtsmema; Odlu s 35,676,112 27,919. lli thember 31 was as talkws: Reallmare Lueru..... 3.498,044 2.818.483 5 '" "" Omnnustasi and In&arcil Loans. I'.845.439 21,912, % imer Fmanntes. 504.9?$ 116.800 inten income Which Euld Ha.e Bev. 8,952,061 9,118J'2 Recorded Uriarr OrganalTerms $160 1224 $2'1 ~ Ortur Loars ~ 10,s00,$22 14226,646 l'"'" I*""' AO "#'I'" 105 122 Traal ournem Olken,Cnoes lessMuarned Ducours - 257,088 219.449 RcJut tion so insewsr income: 515,6 6 WNames. $UO U19 Total Owriess olkes 30,541,434 34.011,192 After Appia.2 tar Tazet 67 58 l ~54.2t9,f 46 561.910.52' Trmal Loans j At thember 11,1996,1985 ard 1964, uraned,cordnrul commitments I to kwd m horrtaners whoec kuns mere m runaccrual or reda ed rate surus l l The kJInunrg table sm krth the dmnbutxm d kunu twember 31, a,gregared 543 malm S9 redian and 512 millm rapectw6 1 1996 and 190 based an the 3xmciles d the obigp5. 5 in rhnumends) Im i*Li NOTE 5. RESERVE FOR POSSIBLE LOAN LOSSES $ 14.913 J4,4 52',,5 t 5.D c - su s i95adim % *.' m 1 4.m.5 _ __ m_ m.i. 1*al 39,205,295 12.t LJ ** - n,,mmaurik 1986 196t: 1964 2, 05* '[ 0 ?l7,371 404 .e9 ,,,.,~,,,,,m,, ,,,.0,0 4,,,, ,6,,
- 26. m.8 0 Exal 2',014.251 29.40',928 Rescrws ar' Aupraliutnahares.
13,761 !*120 64.912 Totalizam 166,219,546 $61,410.42 [ Oh $74,216 41*.829 2'8,534 A I ca. Rennenes. 99,476 9'.4'$ 61,172 , Net Chaque OGs. -. 474,740 120J14 215,h2 hungn Emharque Tramlarum Ad.i 23,069
- 467
- 17.241)
. __ m.smeras. Balanse at D.d of irar - 51.064J64 190' 6 9 $'61.419 l
NOTE 6.PREMEES AND EQUIPMENT NOTE 9.CYTHER SCOROWED MONEY A mesmry <d Piemmes and E,pnmr a Decemba 31,1996 ard 19R5 % mammary d Orba Barso=vi uuncy a tietembe 31,1986 arid 19s5
- frassa, hew 5mitmemmW 1986 145
>$ n den,wnw 1986 1985 Damarurg Mces. Msuneg TakenOrw Year: 1Juni. 5 65.254 5 41.859 hank: bdA=ri 408.979 449.13' Iksnesm osfan. lam imponneras 2?l,968 23Ll*l fem f airral bands 5 1%,530 5 234,113 Emag==ar, 514,567 4 Ma#4 %sn hused tu U S Treawry _ - M. il M"""" .TamiDamrma N i_J84,761 l. w innIasan M A a ms Ouururas Okrs: hawsue 12.5,000 temi....
- 5.005 asJet OiNer Burn-= segs 8,606 18,248 beib,..
219,715 l~L324 menem Osikn: 3 1.candudd Ingsmmvurus. 107,018 58.510 Redmounted Nines 226J02 117,11! E,sponsu 699,959 ' 13E E'nkm6%h demgrar, 298,201 204 895 Other B.miowu, ?54,264 1,152,675 TutsiOwnean Odies hkin Luan Marketwg Asuusisan 642.500 6II.D0 Taial f%wiuen and E@epmaru,Csues I,*84 *20 f.eoo 441 Uther Burnergs. 617,842 291,54) i Lesshwedsord Dupier anon %sihankug %stnadianes uHanparw !!2.505 100,675 l and Anurnaaram... 907,611 68e.5') Maturug AisnOne Year: ) gg l Tosal fNonssa and E+suners 11.l*7,109 5 Yl1.58i) C' e,o,use..a -,u s w %,,a w n-i, a- *-Due - 2m =0 i N"' se'autd so toJdmss whdi arrumaned o 533 rvJW n a Detemba 31, l'% I 5936 299,784 Dr;meaarKri and amuruzarm;n d premucs ard aanpment lur the Rwing Rar Enendde Nuin years 1986,1985 and 1984 rumirmed a; $17L311910. $138,44rWJO ard Inse a9er).. 249,663 249,746 $M,010,000, respatr try. Swteq Rac Nuses tikae l99'M. 22,372 24,118 bnk - Iksnesem Oilms6 869 A66 Owncas t Wmn.. 425,154 144,168 ,40TE 7.OTHER 45!iET5 Bankits bsidiarv.s d C4mnpsy I w A nmurury d Orhu Assers a December 31,19fe ard WR$ Wa. %krw imn Martmrg Asnimum 182.500 18,75i) f5 m atuansarmis) 1966 1%5 Bunwings 49 6 4 2,W "d N '#I I4 I' Accourwsit.cseivatde. $1,392.482 51,158.tm Due kr Secursers Sold.. RealEstar Prapanes Aquued.. tel,995 m.,4 M l .n % nesctsmos Loans
- 6.821 Im.aud Irmentmenrs eri Asn.amlCompares 116,05) 116.**4 GuadwdlarmiIncargdh Aes 449.102 2*8.622 Other.
e44,s:s -',5 8 ToralOther Aucts 51.261.189 51.011.lP* NOTE 8. DE.PO9T5 ) .4 sarr. mary i Deposas at Decemocr M.1986 and 19115 lulbn: $ in r4 mnisl 1996 lept ) Eksrsessa h ; I .Nmmeeres.Beanns Depours. $ 8 5,842,611 511.47e 18 l %rgs Delves 1,461.681 1.15 ~.141 Neipmable Order d TnhJrnal i Igiucs
- s9,ev
- 42. l
'eirgs C.:rt 'rmes and Neu En bouni Depours. 44L4*1 W-I Mmrv Mar'4et Depcars 10,l'1.148
- s. 418 N Nevadde a emfwares d Depous
- 8,558 w24 Other time Depuses
~ 6.396,431 7%.(26 ~ M.ER ~ b[s Ni Total thunen Olfres 46 i Ouineas C.bs Non.nrernt 8 anng Depours 2,43?.441 1,= W.t20 '.mngs Detmut' l.295.128 dI li. II * %rgs t'ari6 cares and Nes Es buru Duponers. II4.363 14e vi %sset Market Depoun 245.983 liBM
- Neguraer Camnures of Depuur 1,562,379 1.441,.l*8 Other T ime. Dupows_.
24,258,061 .. _ _.054 982
- 4
~ Tou' Owncas 0sfic.es . -_ -.3.71?
- t ".23,088 29,91
$66,001844 ..5+ 1,3 51.049 bal Depoms Deposes by keeign desmem m Jarnestw orfices ar Desemner 11.1% im aimi 1964 mm 54,1c,um.000,53r*,to3mo and $1.6H,000F30 respatrvdy 5i
husam sans a the benummy ham the $mdue loan Maduragi The Cangunr hm two 1300 wugum Emsn&ner Rewervu C. da Aguse-h dir6 se ammad br medust kans imW in the Bank) parte, meus.,ih youps d heilung mesurmsm. one eqmnry Fetruary 28,19W and au de Manung Rame F=u==edh Numas(Der 19F2)auf the Hamsg Rame and eme.sqmnre Fdnuary 28,199(1 bidre ehr arms d ens e die Name @me NMI se &ammmmed by Isrumbs bened un ihr ydi d ther-Gunpr.sy nisy barums ame 4 upsy and =borums ham e nc so tune.510 mensh tiilksmury E ne messa sur en ihr Rneng Rame Naam mean av s padnpir ihrsed, weh symynurs le m rhser v um munshs, as per 19pt)is earmanal besni upes the name d Landen sambank cdmed rise Caniany chsts,8anmnrgs urnhr each geenurn bear inumes at tie omd had uma amaded symenj es ihr innsur nedtgde d Ya d 1% Time guesmer d Imuhn suerbank dhmt raes (UlK R) pLs W 1% per anream, simmer use em ahr Fkmans Ramr E.asmudede Nurs (Due 19F7)les beam fund <r 6% faa gesmmr nones permme d ccx enan fees d % d 1%. o SEIB% themagh Las it,1987 md thummier we be udpsmed on endi Sah dres ase apared as meeses expm Ne ue ne brannrgs u,4r Jme 13, menes is list a e met, or e a caer so be duernesed purmaanr so a the:.e or suruler geemerus as.rg I'NE,1%r 1984. Innsumis, emeMuhsd br der Camipergt The==== ines e eiset an ihree basemmy a N=h= 31,1986 and 1985 kam: smassTaAri3 1986 1985 $mmens Lamm he - 6.4m s.70 % a Remus Rar Neum(Der 19MJ.......... 6% Rummme Rae=== i a* Mem <nme 199a. of 7 82 s Rasmus Rasr F== Mar Nasa (Der 19Ff). 9AD 9.00 lheng Rar Ness (Der 199F1. U5 835 NOTE 30L LONG TutM NOTES AND DEJRENTURES A smuummary d LaqTens Names seid Debenswes cairmanes a Decemhr 31,1986 and 1985 armi artam appla alue iernu Itamus: Innesse Aninues O m a. wing Ortur 8msh=.-=A Manmrt Dese Rasr* 1986 6 85 Dea *' bank: TheOmme Mailmrtan henk,
- A:
i l 5 200/D0 5 CapselNess 1986 Ih% 5 3.833 S - CapmalNass 1990 4.60 Rasmus Rame Ed==ammed Debenrvar 1996 8W8%) 400,000 400.000 kP Chase Manhsinn Oummes tuskug Carpursrmm RarNams...... 1993 6%40M 150,000 150.000 G Mak Basser Somes. 1993 6 A9R3 12J00 GJ Sean Famer hands.. 1993 4 %548 10J88 G,F Chase Mandinism LA.: Fesse Femu buses Amr lanrle. IS2
- '649 sui lit.1F#
97.485 (G Funch Func hensg Rar tarsk. 1993 '.74rIO.30) >4,22. 45,493 5.G i NadsdenderCJudesbank MW l NCB Ness and (W=m=== 1987 2002 ' 4 12 % 09,954 72.413 5 l Tesi ~~~ 877,092 l.0)lJ32 ~~ ( Odur 4.6%ss. 1 Chase Maiberian Nunanal Corporaren: Dahmuuses 1992 en 7.250 7.250 F Chase Landn Fun Bank.MA....... 19 % 8% 21.090 21,090 G.F f*===,... Capsul Nams 1987 1989 4/* 3414 3,9'6 F Tassi 31,954 3L316 Cmspmv iW It,yJ6 'Z,964 4 r 1992 Imo %ynn Names 1992 15 % 150,000 150,000 P Nams hunni wah Desuchster E4ary Connects 7,245 5 Camareddr Capasi Nous...... 1993 4h Rosemig Rar Subumimmed Hasn 1995 6W8 bl 34i,*t0 48,843 kr %smag AastLaa=hamed Names 19 % 8W8%) 398,764 198A32 kP Causmide 4W Debenruns 1996 6% 21425 17.232 5 %sems Rar W===4 Nnsus...... 1796 23 249.001 1 Nous.... 1997 6%IN 175,000 l'l.000 5 i %stus B.mr Suharshassed Names 2000 6
- 8 Yi.)
150,0E2 250,000 5 Rennes Rat Suhmemmed Nous 2009 6WB N) 400,000
- 00.000 5
Rammg Rae Nem. 2009 6.50(B.20) 282JF7 282J85 F l Suikas Fund Duhantums. 2009 8% 78 F l Tami 2J 59,541 Ll42Jtt Laus: humammess Isr the Connysur se fbrug Rae %d===h==m=d Duhannese al the Bank. ann nnn 400.000 TemiImeTerm Names sad Duheimuss 12.869 387 SLB06.499 l til The meurser mass shows for tusses rare msnm are etione e sfact as (2) leurs vus. cered by: l h 31,1986 sed m,._,. " . m Docmh St.19t5. 5ech meener room T-%borduisied e nght of payment to cism af depouson and/or cenasa em desammmed by formadas, subsect to carunn -=i rares. The nur shoirn orher cadwars,as appi.calde. I for ihr ZeoCoupon Nemes, which do not haar senerset, repmenra a level ywed to "P*-- Consusered pnnway capasi for United Scares bank ripietor, purposes. 1 mummmy om iker carryng anime, whsch ms a star decoeuw on the G'*-Guarenseed as to psyniene by the Cornpany. { Nunes o amomesd to sawsm caqssume. The pnnopel amount of the Zevo Coupon T-kbeset to unkms fund meurements. Nases s $P5 mmRess. (3) Deressed s June 27,1986. (4d slied for reormption as June 23, t 986. A i Ic l
Ezegn kr the Mars d rk Camp,any nsand cch detach,able or m part,e the optrm d ik Corporarsi, pnar to anarurry. Egury C1rwracts ik Clr se tare:dn Firs Bank, N.A. 4.~0% Capscal The pnncipal amounts d rnarurres ard unking fund retpirerruies kr Maes, the Canparw's Nr% Nones and the NCB Notes and Debentures. LongTmn Notes and Debentures inns each d the frve mirs corm iencmg af d the LagTerm %es and Debersues a d_.dk m w+oie, )nuary 1,1997 Uk=: Frmch Franc Deursche ryms Agresare Cescal finanng Mark heme Franc ofNCB Nares RmeBands Bonds 4 % B<sdwe% Nares aml (410% Due O m dnusandal Diar 19931 Dur 1993) Due t99M Debmrures 1987 1989) Taral 1987. 5 2.150 5 5490 $ 361 1 8,201 1988< 5 3.929 2.150 $490 16I I2,130 19tr9. 5,153 1.150 7.8 '9 2.892 18.074 1990. 5.153 2,150 6.128 13,431 1991. $18,074 5.151 2.149 e.566 31,940 Fwbar Tors' 518,074 119.384 510,749 131,953 13.614 583 7'6 T1r per ihme prxe ar whach the Comerttde Subordmmed Debenrures are hebre applicaNe inccvne taxes in 1986,1985 and 1984, respectrve4 These armernlde inea common anck d the C:snraiv is 128.75 per share. garr s are reporred m Other laccrer. Duneg IM, &meign exhany trandeur akstmems pertaning to the The pnncy=1 d the Fhrirg Rae Subordinated Notes IDue 1995) k so Deutsche Mark Bearer Bands and the Smss Franc Bonds were 57,519 be repaid wah the net proceeds from the issue d shares d ccanman thousand and 52.120 thsand, respectrie4 in skinuns,58.839 thousand nock or nonredeemable piebed isock d the Canoany which have been prmc: pal snaura d the Deutsche Mak Bearer Bonds and 51,860 thousand depoemed in a %xe Fund" ocaed punum so tk momnae under princpil amram d the Swess Franc Bonds wre repunhased inns 1%. which the Noses were isard.The Ncne Fund a expected to provde a source j Purdenes d certam LagTmn Notes and Debentures, s a descount, d funds kr the perment d the Nores, but does rrx consexute securwy resubed m gern d 5'1 thousand, $187 }uuund aid 12,$r?! tinusand, kr the Nues. I i NOTE 11, REDEEMABli PREFERRED STOCK A munmary d Redeemable 1%ned Sock cm the Comparw (stsed nkae $100 Barh the Serrs B and the Smes C shares rna be redeemed, as a whole nr m per share) outstandmg a December 31,1986,1985 aid 1984 is as bikws: part, a any nere,a the qxon d the Company a $100 per sha plus accrued and unpad drvdends. Bqpnning on Apnl 15,199% and on each Apnl 15 5 sud h 05 in themsands) 1986 1985 1984 therenhet, the Canpany a so micem, throtgh anrual snking furxis,32,000 6 h% Seras B C297.513 9mues), 529,758 $29,7 *1 129,758 shares d Senes B arid 41,000 shares d Series C, urmi all such shares are 760% 5enes C J18/'96 hres). 31,880 31,880 31,880 redeemed. Shares d Senes B armi seres C renred m any snanner other than Total bdeerrurile Ptederved Sock pursaant so the unkmg fund trary be citoned agama the respectne ankire JL6J9 ihases). $61.638 141,638 561,638 fund retirements, Dunty 1984,the Corpwanon renred through a cash Dr dends,o shares W 5enes B and C air lreable warterly and a cumulane. terder dier 342,417 shues d Senes B and 541,204 sh,ues d Serrs C Shares d Senes B and C h.ae 1+dron prefac res d $100 per share, phis (188 mdlam sened vakr), resulnns m a $28 million gam thar was emixed acrued and unpund dmderds Hdders d shares d Senes B and C prrrally m Surpius hr e only c:rrmyne unmg ryhts. Wre a no.edmipnan requnements kr esher smn d prekned uock inns the next fne years. NOTE 11 NONREDEEMABLE PREFER RED STOCK A sammary d Meredt wa& Prdened Stock d the Canpany (stzed vakse share, rdus xcrued and unpeso denierds, Haklers d shares d Senes D, E and 150 per share) outstandug a December 31,1996,145 and 1984 is as bikms: F yncrally hm only connnyra wring ryhrs, Smes D:The ihms d Smes D may be redeemed as a whane cr m part, a any etme,a the apron d the Company, a 150 per shar: p42s a prernum d Srmed h 10%% Finannt bre Fhar n8 Rare TaalNan- $3,X) per share untd bly 1,1987, deduung thetafter, and wrhout premurn an ard after kiy 1,2000, pkts accrued ard unpaid drvdends, Pnar to July 1, 2,3o 3,9 4 Ouencand ng
- Shases Shares Wres 5mcic 1990, the shares d Scres D may rax be redeemed by usng the proceeds d anaan hng && h com d money m the Gnpany is Deceumher 31.198td
$125,000 1250,000 5226,987 $601,987 December J1.1985 125,000 250.000 22 9 8' 601.98? less than the dmdend rase on shms or Senes D. 3 Darmber 31.1a84 125,000 250,000 226,987 601,987 Senes E:The shares d Senes E m 'ux am.Ja urrd kre 1,1987, wke Adpasable Dmdend they wdl be dw.JE,es a wkle or m part, a the option d the Carnperw, a Rmes: 551,50 per share urmi kne I,1992, ard thneaher a 150 per shm, m exh i (",",,",,"",$ [ [ case plus accrued and unpad dmdermis. j l % g,g Senes F: In concretxn mth the merpr d Lincoln emo CMNC,4.539,737 Anesim a eartrd; shms d Senes F wre ismuo in bly 1964.The shes d Senes F m not v D rmh 31,1986 10.5% ? 95% 710% redtttruble unn) bly 1,199% wheri thry m!! be fedeemable, as a whole ir m [ cernimr 31,1985 lij 11.30 9 75, m a tfr opnart of the Lamperw, a 150 per shiue,; dias accrued ard Deamher 31,19a4 in s 13 15 unpm! drvaknds. N.TN dan [tNNN II" Sh* d Senes D, E and F m rux sutgect to any anking fund or cmher u m per du,e. repurchase or teruemme cibigam d the Cornpmy. Dmdends on ihms & Smes D, E and F m perable marterfv and a j cumulatnc.Shas d Senes D, E and ? hm 14 aron pedaences d150 per d 1 l 1 l I
POTE 13. COMMON STOCKMOE.DEJtS* EQUITY par ihme, but nor less han $41s67 per sham. 5uch purchase ohlgpeps are ' A summmary d shmus d casuman madr noened itr immaance as d Decer,ber suba et m adiustment m catam ewnes and may be pad. in whole or m part. ' Jt. tM fiasses, hr nursureder m the Corqiam d sucGod oHgerumt Irirmest on tk flouririg Rme Suhaudinased Names (Due 1996) an each gimes n,,eried momen permera due a parable m dunes d commun sock d rk Canpam to thr cum rhar erh trueen a pereele a ik rue d 8%% per anum. 752 845 6%4b Comunder 5mbodinami Duhamuss......... 3.599,7U unter the Dwided " -.w and Sud Punhane plart ikwnewc fgery 8"a-ww timmed weh the 15%e6 Nams Dur 19'2). Maumsite 56-a-d Naas (Der 19461.., t 2.81 f.549 inx1hdders d usand,wuhuut pavnunt d semce charys or brukerage Dmded 8====u ami Sext Ftudune Phm. 2.575.842 cnmmanums.ma, reirnest aH ar part d their ;paanerly ctrnman saxk divs .h ,,,,,,,,,p'"""A'"', I [ 10 dmds in shares d c mm n unch a pnces $$o beiam cunent amerage market 14anshi buruner Semi Man 37.290 prites arid mar purchase up w 13.000 per giarter in additional ccnnmon shams a cuners mursy ;raarket prwes.
- t.658 A19 lesi Unless full cumulatm dn'admds hate been paid on aH d the outstandmg
& Egury Cauncts, who inse sdd weh the IS%% Names (Due 1992) diam d Nonndremahle and RedeemaNe 1%dermi $ sock d the Compem as umm tsafi amasung d $t,000 pnncipal amaura d an:h Ncses and a and the Compam a run m Madt or m anears wah mpect to am smking SIAM Espary Carsectt as assadishir fasn the 15%% Names nid oblisme fund or adrmpsian mesuemmi.rio anih da dmds may be paid on the upsend omers e snardisse an May 1,1992,shmes of the Camparwi or am paymmes made o pun.haie or adeon arry shares d common stuck sammuan madc a a price d $4'8 per share or the dun cursert market prwe - d the Car ipann NOTE M 5110CK OFT 10N AND INCE.VITV E PLANS A esnmary d c% in shases d c'untnan sock ur der apram for tk gars 1996 and 1985 is hn bekm: ~ Ormum Pnce Ntarker %hae Smck Opiums Stoct
- ah Appmisrrm it '
Astresse Per Nupegare Oprams R gpies share i m ahnuunds) Share - 1in timusands) s W ___.a Decernher31.1904. Lao,814 502.868 56 617 268 128.N 59 12F'/n. $32.I22 i Ossaul esruig 1985. 201,566 228.234 31 !$63 13.391 31.8563 13.391 Ei namiemus i9 5 a s9.660) .ss.isai 66i7264 (5.24 r 254 H"ru is.issi ~. '396) 24.M*
- 486)
(.muniad ering l985. (9.808) '6.392) 19 % 31.1563 ~ M.6t t M% 13.816 ~ N-
- ; a Dawnher.31,1985 842.912 6M,354 6.687 31 1563 Commad ermg 1986 _.
l'O.l?D !!4.ei 0 40W 15,739 40W 15.739 9 Emernmi durmig 1906. C09.000) 1122.242) 10.0943-31 1563 (7.57% H.5738 48W (14.306) Cm.mbd derug 1986. 4 (18.035) 0.002) 6.617-40 % d69) 16W 4416 806) Omumdag a Danumber 31.1986. '95.964 720,000 510,0943 40 % 544.202 SMN 154.9"6. Esucueir a Deasiiber 31,1955.. 644.554 41 f.!!2 $6.687 26%. 123.407 $M% 538.400 famsauter e rw.ph. 33,1936. 617.394 505.310 110.0943 31.1563 $28J47 - 1%M $40.796 Ilie Oume Manharian 19E21 orig-Term incurrne Plan (the 1982 I"an) ne total number d sham d common an:k which may be esar d peasubs in die grunnig d riuee types d ammak m key penannel. apruns to .wh respect so amerds urider the lR2 Phn and tk tcnal number d per. pusdune ihme d common mock weh or wahaut meerd snck appm-mion brmance share unus whrh may be granrad unda the 1982 P5.an msv nor ryhm,nstrcied modt unas and per6rmance ihase unas exceed 1.809030 ihmes and 5%,400 unas, mpectndy. At Decembe+ 31,1996 Ptarmant so the Lacoin anpausum, aptions wwh w.4whaut mimed senck atd December 31,1985. mpectrwh; 19,320 and 404,200 sham d common appienstre rgius numaanduig under the l.incoln 1982 Incaune Saxk sock wee available kr issuance wuh respect to future graras (1 mrds under Phn eue asumed by the Company and seemeted shases of common secxk the 1982 Ptart d Loudn wue carsumed armo astra ind shans d commcri seack d Dunns 1986 and 1985,125,050 ard 12',900 resrnered mock umes and the Campeajt 66,650 ard 91.000 pe1lormance shme unns mee granted, reir xtn=4 Com-unter the 1982 Plan, opmns a puithsac ihans are grensed a pnces tvir pmsaum expeme a secaeded oer the semce penod based ao the hit market Isa than the maskar pnce per shue an the dse d guant and sie ewicisable value per shme d the common mock d the Campany a the end d em.h not less : hen one star nor name than en years fiorn the due d grant. 5 sock sported penod.%e sur market valor per ihme a Decanber 31,1996 ard appnonn m rghes perma char haklers e amer 6ter reined emanaNe 1985 e iMb ard 1%%. respectiveh ) apesars, or any pertion thend in exchange for cah or thans m an anmuru apasi e the emme d the murha prue per shue d the common mock on ik due the rghi es cercued our the mined opinn pnce. i Rasmcud sock unas and usenced mock mm whrh uruts may be can. erud sindr thir hddes e acuse shmes d common sock after a certain i pmod d casmued empiame:4.The holdes d narrw ted sock unas se assied so secer= cash perments equneiera no the divdends whd.Mi hoe bem incerad if the uruts see shans d common isodt. R. shme uruus asuir tiusr imiders so = caw cash, shaws d ) casamiin suck or a comhmanan of ash and common smock a the end d the r l.. penod gan the==mhrury stammme d specdied 6nancial i puds and diperrmmtalobpenus, j u l. SL. U
NCyrE 15.REGULATURY IJMITATIONS. NCTTE li lNTERNATION AL ACTIVITIES Nrunal banks are 3Aect m heal hmus rm on tk ar,vune d devabh Intemaranal xtivres axiude tir busness corskrted br cwncas,,rg es,,5 the can te pai o ekw shorefrddets Tte appo31 dik Ccnnprrdner d rk well as irnemarmal lustra ccruhrted farn artrur urkes pnncipalhr ik Cumrrv n sexpued ifik anal d an dwubh drdared by a na rmal kk Head Ofke m New York. Beca sc d the (kwe integrmon d the Curpo. en any casermier wear exceeds urb bonh net prufits Lis defined) br the pr, eson's kweujn ard arrrwr xtmtes, a a d6 cult tu esimart tk arruunt d cernhned wwh as retamed rei profes kr the peceding two cahndar wars, assets labihres. txorne ard expenses artnbutable to irwemarmal a tn ars. kss any segued transeers o supkrs Llrder this kmecarrs the bk, Chase Sch anvamts a based on miemal albcaruns and afkwarses, drh are Lucrdn Fire kk, N.A. arul The Chase Manhanan llank flW N A. recessanly sulwctrw Such albczxms d assets,irrcrne and expenses to could &ctue dmdrids m 191R *stran appersal dthe Cumpridkr d ik - prgraphr nes m based cm etr annicks of the obisprs. Ur pnncipal Cumrry, d appannmefy 5451L000,000, in000,000 and 123d)00.000, ernemal allocarm and alkmances umi to esimm the assets, irtwne and entrctrielv, pka an aklrurut ar mmre npal o each banh retmerd net expenses reised to mtemarmal atin mes are as bikus: j gmdes kr 1987 up m the dme d arw dryahl dedarsart . Afkrzvm d the cost d furds based out santially on a cernputed magnal T1r federal Rrserw Act unposes surrars legal hmnsum cm tfr extent to cow of funds concept. whr.h tanks which a memhm d ek Federal Reserw Svuem can finarse or . Alkrarrm d expenses exuned bv une pugraphe ma on behalf od are aberwise supply furds to cersaan dihar a&res. In panrulat. exh bank orher, mthafing gmeral and admmiurzsw cons. n sulwet m cc an rewrrtons on arw extenum uf creds to.tr wher cmmt . Pnmsnm kr Pow 9e Loan Losses based m chary.df experence al nsk tearrsacrum, sch as certam rathases d assees, wnh ehr Ctanpans rr sxh (haractenwes d the portkihn, mciuding an albeaton d tk total Rescre kr ar&mes Such resnctum prewrw exh h.ank men imdirg ro etr Carnpany Ibssbie Loan Losses to intemarrnal activites. and urh a&ses uniess sah ertemum uf creds m vcured tw L*.5 Treasun . Alkwance kr ihe d&remes berveen kneign and Unrred Sures t.u rues or enher Tecified edimeral. Furikr.ah secured extenus of credit tw cah The kAwiry table sets krth en:mared Tcal Assets a December 31,1986, bk m lanned ;n arrumnt as to the Canparw w arw axh arEhme to t0 196 and 1984, respevinels and enimmed Gross inccrne Gross Expenses, per teru d each kk 's capual and sirphis rnd as to theCtroparw anJ all uh Irtame (Wore Taxe. and Net lxame nor the repectiw years then erkkd: affilsses m the ggregue to 20 per cent d exh \\tnk's capital ard surplus l l*86 kcome On mdlesi , kwal bets Gnm income Crras Expen,$2r
- rWrne Taxes Net Irrome 5658 1466 thwnran 153,850 55.104 54,446,.
treemannul Aus 8.150 716 698 tb 10 Europe. Whilr East ard Afraa 48,880 1381 1,767 14 12 _Wuern Hermiphere 13,910 1,859 1,'05 154 97 UnHnternmarul 40,940 4,1% (17 186 119 Taal 194 7'O 59.460 58,6t6 1444 1585 1985 Income Ln milleim. Taral Asars Gems Income Genes Expenses Bekse Taxes Net income ._. - _ _.T9 $4.1% $539 iT?l l%r, rum $4Me0 $4 internarmal Ava '#.ON 924 842 83 50 Eurnre, WLine Eau and Afnca iM30 l.842 1,'"S 64 35 '4.130 2.257 2,045 212 109 -.%wem Hemnphere 40.1130 5.024 4 665 159 194 Torallnrenutunal Lual 56"A) $9534 58.835 1898 1565 l 1964 income 5 in mdlam> Tarat As. cts Gnm iru nme Gans Expenses Bekme Taxes Net income thu m nc 544.I40 54AN 53.914 5495 5299 Interns umal. Ava. 10,910 LO55 1.025 10 21 Europe,Maille Lin and Afnca l',490 t.910 t,968 12 20 Weuern tktmphete. 14.340 2.48' 2.395 'l 66 tullrwernmional 42,*40 5.4"2 5,3 18 1 34 l'J? Twal 18e.880 $9.881 19.252 to29 54 5 19
a
- The emrq is an analyes d certain asset and labdry acounts related to. NOTE 17. PENSION P1ANS suernaamal actnwas a Deceenba 31,1986 and 1985:
The Corporzion has a nurnber d pensuri plans cruenns subuantulh all empioeces. The cow d the plans diaryd to operams expmses m 19%,1985 5h annul 19e6 1945 and 1964 was $44.042,000,541,203,000 and 545.265,000 myectrwh. Cab armi Newmemur4ewvg Depaars... 5 776 5 +90 includug 514.588,000, $18,%8,000 and 517,085,000,.e pectne4 h rhe. homes 4eanrg Dipaars naaed.,rh Banh. 5.7 M 4.442 Corporanm's maecr Jefined benefit plart Par wrvxr is were fuNy funded Lams tohigsrs Dumrdal O.mude the Unned Semes): m prwr wears, InMed a Laan-Danesrc 08res 54 5 '404 & calcularrm d the cou d the Corporwas masor plan m 19% asui frutshtin Lamssowness ONkes ~ 26.5 % 2*.219 1985 is based on aninteres rue assumpnart d185%, wfuch reflects ucent Total Lamns, Gems....,. 27,274 29.623 expmence and future expectatums. Les W Disaam: 24 0 ,jt5 The actuanal preset value d accumulated plan benef.ts and plan net Taeal Lassis $27.014 sly ,ss,gs,, gh,,r estsnared market value for aH ddmed benefit piaro and for the A Summaryor Loans by Type: Grporarian's mapar defined bmefit plan at December 31,1986 and 1985 hal Esmae., 5 2,251 5 1.919 gggg G- __ and ofra milnesursoru. 3.514 3.'86 Banks and Orhrr Fmenculinsrsurxru. 2.970 3.27' gigg,,, y,,,, g,, 3 Comnemaaland induernal 15,470 . 18.253 { &8 r 3.069 2.388 3 m maisons) 1996 1985 1986 1985 a Total loans.Goes..... 27,274 29.623 ActuarialPresen Vahse Lass. Uruarned Ducoung. 260 215 - . d Accunasised Man 8mrins: wmsi. 5 576 5451 SM3 5347 . Tamallamns $27.014 129.408 Namened 7 33 49 44 j Tacal 5 653 SM4 5442 SMt Femagn Banh.,...........,. t 6.5 51 5 *.341 Faregn Gnerriments and Odic allnswuriens. 3.051 2.635 Nee Asam Avadable for 8enefirs 51.150 1958 5841 5750 Orher Fwegn Demand Depaas 5.796 4.524 . Other Fusegn Time and 5svmss Depours . 18,683 88,196 in dearmmarg the presme vahae d accurradmed plan benefits br the Taral Depoems $14.071 532/'00 Corporsum's naecr defined bendir plan and arher plans, a ese d rerum p,,g, g approuarnarmg L85% was assurried. In aidman a) peormhrg penson bedits. O*er Barmeest Money.... $ t,4us 5 1.829 the Corporanon pewides certam hedth case and ide innarance benesses Canimacial Paper dILank Subudsenes 69 146 for mored mapioyees.The Corporarxn secogmzes the con d primdsrg these iareTam Nous and Debenruses. 47s 42s benefirs by expmerg clum m the year usurmL N 1986 expense for pose TCAal Funds Bonomed 5 1.95) 5 2,403 renenent health case and Ide stuurance banefits was immmenal The table belour shoses conobosar outmandirgs for the counmes so . whsh nrh ouesandmss totaled nrne than one per cent d Total Assers at NCEE 18. INCOME TAXES - December 31,1996 and 1985# The follomrg tame sees forth the income befan taaes from dcnneser and %g fomen gennons for the years mded Dectmber 31.1986,191i5 and 1984, m 4 As specdically defsind by the Secunnes and Exhange 5 m nullanal Total nual Assets n Ourssandqp a I ecember 31,1906: Commisson for this purpose, the deemninanon d the income d fangn Ltsed Kirgskrn. 52,940 L1% aperarians is based <wt the inct char ach operanons ase lxsavl outade Japan 2.850 3.0 the Uru::d Sames. brani.. 2,740 19 f $ m e%ainards) 1996 1985 1984 Wnemada I.000 t.3 Damesnc Locaruns. 5690,902 5615.535 5439,454 Asgermna 960 1.0 Foregn Locaraans. 152,809 282,048 109,095 8 Oursardm;s ar Decmher 31,1985: 3 hpm 53420 14% Irmestment securres gains (losses)inchmied in mcome bebe tames and the i d4 [82 wlMr taes for the pars avled December 31.1986,1985 and 1984, l m m., wen as fofows-n Mezam. 1.680 1.9 Mw Germany I.d20 t.6 Wrumsehn 1,25 0 1.4 .5 in thnessands: 1986 1985 1984 l 930 f.t Irmewmenr 5ecunnes Gamsicanes), 5168.281 196,106 516,704 920 Li Applicabie ltrone Tames (Bendies) 84,076 49,182 4.839 inccarse afur applable income tales of ourseas aflices nor mchaded iri. Incrwru 5ecursus Gasm af mw curadained ner income 6r= d tesmetiors an the remmance d irrame, Af'er AM Income Tames 5 84.205-54s.924 5 7.s63 i na d prur years' remreances, was an immmmal amaum br the year ended Dramber 31,1986 cnnpand no $al) million and $0.4 mdlem for the as endai December 31.1985 and 1984 mpxtnelu At December 31.1996, che cunmiswe anuiunt d nrh mcome not meluded== $1.3 miHaan. In the wears 1986,1985 and 1984, rur burgn exhany transianan losses on murarments m aumeas branches =J=lannes and assocised ccznpanes, russimi in income, amourned so appuomstefy $11.5 meHaan, SRI mdison and $152 trului,._,. n.J aher appizable mcome aues. I i 60. i
e e The cuners and ddened tax psimouns for the p.r3 ended Detember 31, The rnncipal nems whch can d t he timirg dirierences remitmg in 19%,1985 and 19g4,m dwuse as loikms: defe red taxes in the war..rded Nember 31,19% 1985 and 1994, respec-n rne'v, ad the tax c#ect d exh in km Ilan slumseerds) (996 MLi 1*84 g- '5 m riousando 1986 1%5 1984 Fedaul..... 5 f 33J32) 5 2'.102 1 31.125 Luan I.ms Deduenan an income Taa Sear md Local 22,806 43,*92 '4,329 Purpe WLhlen Owe bisar Fasegn 140,641 158,991 102,?51 6r hable Luan Loucs Char 8e d TotalCurrene 129,615 229.886 148.207 to Espemis 5412.590) 5:40.9A8) 5 r26.725) j lindrsmbured Earmnss a, Ovmeas Ddened. %budsanesand Auocured Federal... 8',189 95.086 80.442 (ompanes.. 38.139 15J18 9.181 Same aml Local 22,035 (14.01') 48.374 Leaw Finaret mg Tramactums and Fasemen 9.854) 'l l.8 30' (24.651) p,emnesand Eppmme. 57."26 80.990 5,179 TotalDrtened 99,370 de 104.I65 inmen on Noruccrualloans. 19.994 'L666) (22.288) Loan Irwem: Suhect to Refund Total Promer kr incume Tues 1228.995 5299.125 5151372 (C AP Loan tnieresr) 5.596 2 50) 18.206 Other-. Net.
- 9.405) 16.315 50.612 i
Akhough nor adecting the total tax psommart cunent tax payments truv -5 % 370 5 69.239 5104,165 men kr m*md Tun ddhr frm che amrmrus treseed abcw as cunent pedirg the Anal Jetermma, nans as no the timmg d certam mcome, desirtxms ars! credat The =$tcts. Taxes, other than taxes on anciene,amounced to 5188 millson,5151 miDion if at y,d these(L Wi us are renected m the folkang wear. and 5132 md!,an for the wars 19%,1985 and 1984, remettne4 The peurtssons for mcome taxes for each of the gan ended December 31, IM,1985 and 1964, rt<qwctmiv, vary frs rn the armunes computed bv appivirg the appicalec U.S Federal income tax rase to irrome bdore taxes. The pnrrtpal reasons for these ddierence, whrh result in a lower edect= tax rate, soikw: 1996 ML4 !44 ,% tent d income Pettens or ncome ibtent d tricome 1 n thcaissids) Arnrmme Beirne Tues Amouru Beior Tases Arrount Bdore Tues Pitmuan AppiscaHe to Net income a: Ui Federallncome Tax Rae - 5388.144 46.00 % 5412,838 46.0i % 5289,133 46.00 % lerrease tDraeanch Taz-Eaempi lnreme on x tments es n Same and Pbinacal Suhda en Securses...... 167.497)
- 8.00) f 64.191)
RI S. (52.715) (8.39) Tadsenps truem -Loans....... (64,134)
- 7.60)
< 50,371) '5 61) (44.8 3~) (7.13) Sare araf Local hs. cme Tues Na d Federal lacome Taz Beefirs. 30,386 3.60 21,858 2.44 23,714 3.77 Other-Net (28,471) (3.37) 12J81 1.39 7,a 36 t.19 Pmnem AppiscaNe m Neilncome. 258,428 30.63 332 *65 "' 07 222.731 35.44 Pmnuon ApplauHe so Foregn Enckree Trmdman AdmisementsIrddalin SrockhaMers' Eemy. (29,443) (2.46) '33440! (2. 30) 29 641 2.69 Total Provusan kr Irrome Tues $228,965 28.17 % $299.123 34.% 5252.372 39.13 % NOTE 19. EARNINGS PER COMMON SHARE NOTE 21. COMMITMENTS AND Pnmary earmrgs per common shase arnounts ar computed by drvding CONTINGENTllABILITIES Net income afeer dedrton at pidened ssock dn denk bv the awrage number in the normal course d bunness. the Corporarm makes varuus ccenma-I d mmman shares nuncandmg chinry the penod. Per commcm share amourts enents and irrurs certam concmynt habilmes Much are not redected assurmns fuE diksron grw ciect so the aimuned comerann d an outstandmg in the accomparmns Gnannal samements. A sur unary d certa:n af these comernbie capual names and debenrures and the assur ud exsetse d out-u...r..i wis and connngmr luimlites a Decenter 31,1m loikm: standsrg dd4= suock grens and curunson of astrried stock uruts l Awraer commtm shases on a fully MmM bass for the 3 ears 1986,1985 and
- 5 m rhnusencW 1994 were 81,256,000,1553,000 and '4,815,000,.m d Cmunemenr> u> Extend Cmf a...... -.....
26,400.000 i Scandlw Imers of Ceeds and Foreign Ofke Guaraneees 11.300,000 Orter terters of Crede. 2.500.000 NOTE 20. PLEDGED ASSET 5 AND ILEQUIRED RESERVES Fumen Erhenge Cmtracts-Punchases. 104.200,000 Furum and ForwaniCannects; W mates conomed of certam trustmeru and tahrg a count secunnes Cs.._.-.. so Pun:hase. 4J00,000 and orher assers agnujenng appersomaah 56.4 bdlen a December 31 Canmumeras no Sdl... 2.900,000 l ' 1%.Of these,assommely 50.9 bdlion are piedyd so secure repudme Acceptance PartopanonsSold. 1,tu0,000 j apeements and appsommedy $5.5 balon were phdyd to secure pubic l W St.reby htters of Cmits.md Fomtyt Oflice Gwirrrtees in aMn=w, the Bank and certam bankmg shadores d the Company ase ggggg g ggg j ie9Mt? enamnen meagr reserws on depoem wnh Federal Reserw Banla by e4 W biHion far (AC@ +d m der fmannal l asemer r=wandmg dameser deposa labders.The rescrw.he:h are m-W or maker *4e secunrh M i or chdad in Cmh med Dur ham 6snks, arre $1J22 mdban and 530 m&m at rssurg SBLCs ase recognered pnncipauv <xr the perrd m marurry losses, Dnanber JL 1986 and 1985, +iiw herage ngu'ed seserws dunns g, g gg, g g,g egg m t986 and 1985 une $1m rmazm md 5 M cmibars rupectneiy. an meray nsk pmeine u. o so uwstment grade oHqrarums j bl. i l
SELLS hae been rssued in opport d the follomira obhganuns: NOTE 22. LITIGATION Varmus aunans ard pumhngs are pendirg agamst the Cinnpam,the
- PP"* "'
Bank ard certam d their suhidures, m dich dans k subwantui runes Remairisng darnames ate assened. Management, vier consultzion wah lep! coumd, is of Do the npmum thz ehe ulumme edect on ihe Corpormum d all such pendmg Percentage %wnhs Ations and proceedmgs wunki rxx be mzerul in rtizam to ers financtal l Prwme dehi 15 % 40 Post "- PuWic ach........ 5 50 ' Puscha'e of petzhacts and servres 55 10 oeher. 25 20 NOTE 210THER OPERATINGINCOME Detals d Other Operming income kr the three prs ended December 31, herewst Raar Suaps 1*16 were as idlows: Norunal pnxapsi on outstanding mierest rme swap transactKris m which OT H ER OPE R ATING INLOM E Chase acts as pnneipalqvw-ied 522 bdhari a December 11,1986.The 6.J 1 nsk assocamed mth these corwracts cakulmed on a present value t5 in millm$i. 1996 1955 1984 bens unrie; current tiarket raes apprtivarnated $415 mdhon at December 31 Fm are carrimmes: 1996. Beause thrs analyses is based on cunent rnarket rues, this arrunnt wdl inremamal Busmess Fees...... 5 164 5 162 1I52 [",,*,"d Fh"['7 'wsiment Fm. mcsease or decrease dunng the li6e of the cixwcacts pnmanly as a functum d munty a id mket mrerca met o,wr Fm znd Commisuons 4 to 327 250 Total Fees arJ Commisuons 1,121 909 86 F ng I] he in ek normal cuarse of bussness,may guarantee the J c L oNgpunns d es suosminarrs. A sumrnary d certain d these g.arantees imesenem securve Gains. Losses) 168 '8 17
- December 31.1986 kilce:
Other hcome 163 105 49
- The Chase Manhartan Bank of Canada-up to Canadian 1500,000,000 or Toram Opnanns hee St. N 5O6 M
es erprvaient in orher cunencies kr comrrrrcial pm xceptances emi inckded in Oeher lacome m 1986 was a pre <ax gan d $100 mdlion from art:an orkr daganons the saie of Camputer PWer,Inc. . The Osase Manhatan Bank 'USAt N. A.-1515.000.000 m bonowings fmm ik Scalers Lain Markermg Associarm secur:d by student loans heki in die Bann pontialio. NOTE 24. NOTES RECEIVABLE FROM
- Oiane Manhatan Oeseas Banking Corporanon-1150,000,000 NONBANKING SUBSIDIARIES (pnncipal amours) d unsecured Floanng Pac Nores (Due 19931530,990,000 (COMPANY ONLY FINANCIAL STATEMENTS) tDeunck Mark 60,125,000Fpnncipal amwrn) d uns,:cused 6% Deutsche Ncnes Receivable ham Nanbanking Subedianes of the Company are Mark Bearer BordsIDue 1943)and 1E548.000(Swiss Franc R500,000) admced b prormswy noiesJrh away irweres rues earned ors these (pnruapal amouru; d unsecwed 4% Sw ss franc Bonds (Due 1993).
rwxes were 7.44%,990% ni it.~3% br the lears 1996,1985 and 1984, . Game Manhatan,56A.-5116,189000(Fiench Franc 750,000,000) revecmek These notes repeesent fundmg d the rumbanking nabsdsaries (pnrrrpal amourut d unsecured Fkunns Rae Bonds lDue 1992) aruf 154,12L000 t French Frmc 150,000,000Hpnneipal amcunt) d unsecured Floenns Rae BandsiDue 199A NOTI 25. SUMM A RIZED FINA NCIAL INFOR M ATION OF Chase Manhatan Nrmal Corporauxi-521,090,000 (pnncipal anmw) CHASE MANHATTAN NATIONAL CORPORATION d umecml 82% Debmuits (Due 1994 On July 1,1984, Uncoln meryd irmo CMNC as further discussed in Note 2
- O me Trade,its.-up to 1250,000,000 kr the pertrmance by Chase Trade, d th h druncal Scaernerws The folkmg sunimanud hnancel lnd as mwracmal obissanon' daa dCM NC an bems reponed beause a dass d Lincoln's debt securines These guaraneres rank on a panry with all other unsecured and unsub.
air pubicly hekt in connection wah the energer CM NC asaamed, and admed mdebradness d the Compam subsepruly tk Company &=4 Lincoln's 8%% Debenturn t Due 19961 Set krth bebw is nimmariaed financelinkrmarxm ior CMNC arul Uncoln LeaseCommitments k ene penods mds ased inkmian h penods pnar @ 1,1984 is The Corporanan kases mar 9 prgmes under scandard real estae losn on Lincoln's hiseorical cost hans. Sul-ynr mformamm gre diect o the es.h inchnic renewal opnans arul escalanan classes Egipment is rented pm rnedud d accounnng. urder bcrh kruser n and monthemanrh lenws Certam d these bases are caturiaNe m ihe normal course d bunness without subsraruol penaky STAT E M E NT OF INCOM E INFORM ATION Rersal eispesse charyd to operanng expemes in 1996,1985 and 1984 was Year Ersled Decernber 31 appsoprrandy 1215,8t",000, $18',502,000 and 5165,15,000, respectre ,y3 ,9,4 Mtrurraim futuse rentals under kmqMerm nonamcelable opermiry leses a M 31,1996 ase dan bdow: Net Interes lx me Aher Prwison Fur Fbssbie Loan Losses 5 tee $144 5157 N" I"'*'"' Years (5 in rtumsandsJ 1957 5 153. 65 ST A TE M ENT OF CONDfTiON IN FORM ATION 1940 116.450 December 31 1 * ""U"*'I I'85 992 axiTheremhes (Nyegme). .2 Total Mirurnum Funsre Raunis . $1,48 Q Depouts., 1.498 3Ji9 Taal Lubilers. 4.4*4 1,792 5sucklunder's Ewry......... 387 3'2 Total leilars arml Soucinoider\\ Eway 4.881 4.164 u i
INDEPENDENT ACCOUNTANTS' REPORT The Chac Manharan Corporarn and Subediares W 153 East 53ed Scieet New York,New York 10022 To ik Board d Direcrus ard Stockholders d The Chase Manharran Corporanan !n our opinion, tk accomparwing consolidated stme nent d ccsdnm d The Chase Manhartan Corporanon and Subaduces, the balarre sheet d The One Manhartan Corporanon tCarnpany Onh)and the consoldared stmemmr deondarm d The Chme Manhartan Bank, N.A. and Subediares l and the idaed scaernents d irrome, dunys m stockholders' egsav and chanys m financui possum paesent fairh the frurral posnian d The Chase Manhatan Corporanon and Subadanes,The Om Manhatan Corporanon (Conipany Onk) and The Chme Manhartan Bank, N.A. xd Subedunes a Decenber 31,19116 and 1985, ad the results d their opermums and tk chanys m ther fr.ancial postum for each d ik three years m the penod crded December 31,19% in cordarmny wwh gmeraDy accepted xcounnrg pnneiples conomendy applial Our exammmmms d these sexenents mee made in accordance weh yncraDy accepted andong scordads and accord-ingly inda d nrh tests d the accwrmrg runds and ach other andicing peacerkses as me cunadend r y in rk cucumsrarres 4ds.4 8d M vnuny2a w 1 1 l i G 1
4 ' .8 REPOKrOFMANAGEMEN'l neome mnhntancorp===,aseend nes TOTHE STOCKHOLDERS . -_ is sesponali el br the corest d the Imartial stmemmes irs &ded the scope of their andit and anda reports and meets wuh then on a sche & led b this muned np
1 l CONSOLBMD SUMMAltY OF ASSETS,LIABILmES AND STOCKHOLDERS
- EQurTY T1e Oume Manhamn C=pasaram and wi=res December 31.
C5 m clummands) 19816 1985 1984 19tL3 1982 Asse Cmh and Due fun Banks........... $ 6.188.595 1 5,574.055 5 4,197.901 5 4.440,208 $ 4,517,914
- .- m Depoems Placed wth Bmks.
6.229.345 4,671,044 4,355,191 8.658,645 '.890.768 Fedesi runds Said and securw=s Namud Under Renale Agreements 909.227 1,174J71 1.293.205 175.123 363,490 TcadmiSAromuu Amers. 2.%7421 1,344.495 IJ54,571 2"'9.548 1.202,496 Iransanen Secursus ILiTatmury 5ecurvus 1.525,497 1.839.207 l.734te.2 984,*95 1,944J 59 Fahsal AsmcySecursus...... 29.065 330,259 102,961 151,438 213.249 Star med Poism:al Sedwann Secururs. 2,058,050 2,410J73 2.102.785 f 582,976 1.161.651 Other 8anas, Names and Ddxruums... 1.933J37 1,408J41 1.0 % 9 34 587,021 $44.490 fulmal Regene Bank and Other 5 sock inuestmeras 164.595 134,012 144,262 109,8'9 112,132 Tassiinummers Secursus. 5.710,744 6.122J92 5,245.80r. 3.418.109 4,129.871 Loans....... e6.219.546 61.930.52' 62,C33J86 55.893J 28 55,531.541 Lens: Reserw Em Puenide Loan t.oenes. 1,064,764 907,672 '61.439 564.110 558.277 l 1.asna, Na 65,154.782 61.022,855 61.241.947 5 5J29,418 54,973.264 i Cmmonwrs'1 % an Acceptances. 2418,745 2,820,471 ( 250,637 6.371.416 3.813.382 Accrued iremes ReceneMr 946,458 1/128,986 1.191,949 l.072,9'O l.230.567 Pammes and Epipmers. 1.177.109 913,580 '93.546 544,742 514.127 Other Asens 3.263.189 3.013,189 1,958J65 1.431.2O 2.227.024 Total Amers 194,765.815 187,685.442 586.883,018 $81,921.449 580.862.90_1 Lmaus ww Eg='y Depours Donersnc 06 ices: Namrunesr-8eanrg $ 15.842431 113,499,638 ill,149.045 5 9.938,372 510.191.il s Inanesr4eanng 20.246,4 % 19.130J23 17.733,994 13J70.594 11,746.385 Owrseas Obs: l Naruneresecarru 2,437.843 1.939.120 1,421,674 IJ93.139 1,449,775 i Irmeresr4earug 27,475.914 26,783,968 29,373.298 31.597,452 33,470.569 iederal Funds Nachswd and Securres Said..... M 00A844 61,353.049 59.680,011 56.299.557 56,857,847 Tosal Depours......... Under schase Agretmmes 5,405.098 4,131,'93 4,480.290 3.'40,693 5.055.844 Commercui 3,049,891 3,483.501 4,408,866 4.286,458 3J16,917 Other 8arvomed Munry 5.M7422 4.671.994 3.236,446 3.314.634 4J66.202 4mpareces ourmanding. 2.653.283 2.828,696 5,362,800 6.642.711 3,865.281 Acrmed inerseu Payable... 677.988 668,961 803.730 e75,913 ~8 5,803 Accourns Parable, Accrued Expenses and Orher Labilars. 4.155,767 3.282,175 2,567,995 1.789.868 2.282,856 86.952,493 80,420.169 80.540,138 ~6.969.834 ~6.530,750 Lori 8 erm Names and Debewures 2.869J87 2,806,499 2J2t).198 I,375.'90 l.045,'40 T Total babdanes 89,821.880 83.226,668 82,860,316 '8.345,624 "J76,490 RairemnNe Pidernd Smack.... 61438 61.638 61,638 150.000 150 0u0 Narvedeemable Prdened 5axa, 601,987 601,987 601,987 375,000 375.000 Common 5s(xihoiders' Eery: Comman 5 cock. 1,010.549 964,472 458.246 434.262 423,951 Surybas. 352.584 276.288 678J42 594,195 563.266 Fasegn Escheny Trenderon Adustments. (23.724) (22.265) (18,730) (22J41) 113,9211 Ramned Earnugs 2.940.901_.__ 2.56,654 2.241,199 2.044,709 1,788.117 tocaiCamerm seckhanders' Eery 4,200.310 3,'95,149 JJ59,057 3.050,825 2.761.413 Total Labilaus and seckhaideri E,ry 194.765,813 587.685.442 586.883,018 581.n!,449 580,862,903
AVERAGE B A1ANCES,1NTEREST AND AVERAGE RATES-TAXABLE EQUIVALENT The Omme Manhartan Carparmion aruf Sanderws 1986 1r beraqr 5 in am8sms, based a dmiv suersgr4 2e Intem R.ne Ames immses.Earmums Assaa: Imuseu4carms Deposes Phud wsh Banks....,..... 56.020 5 42 5.01% Fedsud Funes ut and Securwas l%:thaud INer Rnale A(pecmerws. 1.055 108 10.27 Tsadsag Accoasu Amets. 1,413 116 8 18
- me===m Sur rs:
Da===r h : LLS.Tsemmart Secursus 1,902 161 8.45 Fedud Aar,cy %cururs..... 168 18 10.41 kne and Poiss.J Subdmmm Securwws. 1,987 260 11.14 232 21 9 02 Oriur Secucirrs. 4.289 460 10.73 Tand Orsneur 00res.. 1,'59 205 li es Omenem odu s. 6,048 665 I I.00 Totallenestnuu 5ccurres. loarms: Darmerr 08xes. 29,781 1,389 11.38 Owness &. 32,941 1,241 9 84 T< mal Laerms............... 62.'22 6.630 10.57 less: Reserse ir PbenHe loan Loises'. 61,*49 6,630 10.57 973 loans, Net ~ 76.285 8,001 - 10.36 Tasallassen-Earusmg Assen,* Net -,-cs - E _ ag m Darrewr Oduzs. 35,782 3.972 11.10 Ourseash. 41,477 4.029 9.71 TotalCmisInsezurf.arnirig Atsets ~ N======tm-Earning Ansees: 77,259 8.001 10.36 Cash rixf Due frtan Panks. 5.112 Cussamurs' Lainld an Acaprances. 2.573 Other Assets. 5,828 TotalNasuaserest Earuuss Assets !2.P 1 Tasan Ames 589,798 lashilmus and $smi'ealders' Eqeng issues.8eanagIisent== Intest.a4canng Depants Deusz Odres: Senagp and Nepnable Order d Tshdransl Ikpouts 5 2,058 5 107 5.17% Sa rgs Cemfrares and Nes: Em Accours Depours. 410 35 8 60 Ency Market Depours.... 9,531 562 5.90 Nesmisbie Cerrtfrases d Depovi. 583 39 6.72 Orher Tirne Deposts 6,931 57 4 S,28 Total Damesnc O8ces ~ 19,513 1,317 6.75 Owruns 00ces. 29,208 2,041 6.99 Toral truerest 8eanrg Depensrs..... 48,721 3,358 6 89 Federd Funds Purchased and Securnus Soli Under Repurchase Agreement > 5,3 39 450 8.43 Other Bonomed Mary: Drrwwr Ofres. U 96 438 ? 69 Ourseas Ofsces. I.e24 234 14.42 T<xal Other Bonomed Money. 7.320 672 9.19 LonyTerm Naesarrf Ddurvues. 2,881 240 8.33 W-laureer-Seanmg laahalanes 64.261 4,720~ ' 35 Tatallmerest-8eenas Liabilases Damenrr Ofus. 25,285 1,*60 6.% Owrseas Odres 18,976 2.900 -7.59 Namassens BenrungIme=6=wn Depours m Dornesrc Ofres. 11,646 Depuers m Overness Odres. I,999 Acceptarres Outstand rg. 2,589 A.carws ParaNe, Accrued Exocnses aruf Other Latmines. 4.658 Tassi Namiasmuse.8eanas tambalsass 20,872 Tassi l sah=A====. 15,833 hd====Mr Piedsnud $sme... 62 W Piedersed Smock. 602 Camaman h*4mMars' Egmsy. ^... 4,001 Tasal Lashness and E=whenHers' Egery 589,798 TassWe Egasuhme Pem lamment forame sad Auerser laseren Itaar spread 53.281 3.01% Nas lassem lacammr as a Ptstsummy of Gsues laseresa Earasag Asses 4J5%
- Resene kr pan =4 ben kanes a enrinird fram calcularxvis d eierspr balars;es and sener rares, as appetpnare.
Nne-Laen amoums anchade nonuccrusJ and re&zxd rsar bens, as gpls;aNe. 6L
] 1985 1994 e Qtr.1996 4A Qer.1985 Amrar Aange Awny Awmge Awrage Awrage Avenge Awray _Bakse treense Rae Balance inens Rae Lhnee truerm R.are klarre inimu Rae 5 5,'27 5 416 9.48 % 1 7,015 5 **4 11.03 % 5 1,001 5 130 7.35% 5 5,042 5I1 9.56 % 1.234 105 8.55 72
- 7 10.05 1.046 18 6.69 1,408 M
10.12 764 82 10.79 425 54 12.67 1.999 35 6.91 177 24 11.02 1,8 M 191 10.43 1,489 171 11.46 1,85) M ' 66 t,'4 3 44 9.98 240 25 10.54 201 21 10.48 28 1 10.88 311 ? 9 36 1,9f5 262 1311 1.595 222 13 92 1,876 60 12.76 2,040 67 12.87 259 27 10.41 213 13 6.24 259 6 9.86 243 6 9 63 4J20 505 11.67 3,498 427 12.21 4,0I6 103 ~ 0.21 4.337 124 11.28 1,217 202 16.57 841 44 11.18 1,927 47 9 61 1,418 59 16.43 JJ37 77 12.74 .J39 521 12.01 5,943 150 10.01 5,'55 193 12J5 25.202 3,064 12.16 22,969 3 ^12 13.11 32,468 8'O If' 63 26,435 808 12.13 MJ34 4.219 Il Al M.741 4.742 12.91 31,709 700 857 35.048 1.025 11 60 61.5 % ',283 11.83 59,710 '.754 12.99 64.177 1,570
- 71 61.483 s,833 11.83 833 639 1,052 902 60.'03
?,283 11.83 19.051 7.754 12.99 63.125 1.570 9.71 M).5 81 1.833 11.83 71.M5 8.663 11.68 ' t.602 9.180 12.'O 79,114 1,903 9.42 73.663 L197 11 69 31.24/ 3 *14 11.88 27.671 1.568 '2.90 38,39G 1.005 10.38 32.528 967 11 80 4L95 ? 4.949 1132 44,594 3.612 12.58 41,770 898 8.53 42.037 1.230 11.61 '4,198 8,663 11.68 72.261 9.180 12.'O 80,166 1,903 9.42 '4.565 2,197 11 69 4,448 4.354 5.585 4.905 4.025 5,'43 2.242 1.184 4.453 3.642 5.872 4,'97 1L926 13,739 ~ l3499 11886 186.291 185 341 59L813 586.549 5 1,901 5 98 5 18% 5 1,611 5 82 5.09 % 5 2.250 5 29 5.06% 5 1,909 5 25 5.12 % 193 35 8.84 382 M 9 48 420 9 8.53 359 9 9.24 7,693 561 7.29 4,994 46 ' 9.39 10,175 131 5.12 8.368 147 6.99 908 '6 835 1 M4 143 10.50 576 9 5.84 911 18 7.93 7J48 677 9.21 7.067 M3 11.23 6.412 126 7.79 7,340 162 8.76 18 243 1,447 7.93 15.418 1.523 9 88 19,863 304 6.07 i 8,d87 MI ".5 8 30."05 2.829 9.21 33,357 3,473 10.51 b.196 479 6.29 29,929 645 v.56 48.948 4,276 0.74 48,475 4,996 10.31 50,059 783 6 20 48,816 1,006 8.18 4.804 462 9.61 5,204 548 11'.5 2 f,966 97 6.47 4,823 12.5 1032 5,M9 4*6 8.86 6,164 653 10.59 5.797 101 6.89 5,061 113 8.90 1.224 215 17.59 1.237 152 20.3! 1.570 40 10.16 1,184 92 2433 6,593 691 10.48 7.401
- 05 12.22 7.367 141 7.59 6,545 205 12.44 2J25 240 9.5!
t,'95 194 10.81 L862 56 7.79 2,690 62 9.10 62,370 5.669 9.02 62.875 6.643 10.57 66.254 1,0 77 6.45 62.874 1,398 8.22 22.240 I.800 8.10 19,592 1.957 9 99 27,048 429 6.29. 23,209 a54 '.77 40,630 3.869 9J2 43.283 4.686 10.83 19.206 648 6.56 19465 444 9.44 1 9,822 8.843 12.645 10,562 1,438 1,250 2.139 1,614 4.068 5,866 1,278 3,220 1,906 2,75 5 4.668 3J25 19.234 18,714 21 730 19J21 i 82,104 81,589 87,Si 82,.95 62 95 62 62 602 4W 602 42 3.523 1.168 4,165 3.690 586,291 525J41 592,813 586J49 12 994 2.66 % 12.537 .13% 5 826 2 97% 5 '99 1.87% 4.03% IJ1% 4.09% 4.2.5 % 67
a SUMMAE QUAKTERLY STATEMENT OF INCOME FOR IN nechm.e % cup--n md 5.d-denes ommer Emeni 8 m M aar,z per & shme dural Dec. 31,1986 Sepa. A1986 June A1986 '4asde 31,1966 luumat imonume. SlJ39,40 51,8224 51 51,887,483 $2.167.104 hmeesr Fwp.m., l # 4450 l#77412 1.1 7.D9 1,418 4 52 Nur kmseur twa w.......... 762,810 745,039 739,884 748,412. huwamen in PenmHe Lama L;mus. I40,000 , _ 190,000 135A00 130,000 Na bhment lernene Aher her== h Pnamik L~m Lmses 622J10 555,039 604,884 610,452 Oahurnp= mme bactrue. 415.430 505.772 448 4 35 373,319 Outuropameng Expmus 831,193 851,487 834.413 771,457 lutamar Russe Tames... 207,047 199,324 219,106 218J14 W h Tamer., 49J48 61,219 73J37 74424 Nat ma=== 5 157.799 5 118.105 $ 145,769 5 143490 i femalscamme Apyhosite nsr-==r= 5sevk 5 144,449 5 124,217 5 131.192 $ 127.408 Amany beesC-80446,725 80,109/15 79.308,817 78.156.253 Eannsy hrC4mmmmm Shsme-1.79 5 1.55 5 1.65 1.63 Prumars Based on % Shases Oumandug. Assurug Fm8 Dammn 5 236 5 1.53, 5 1.62 l.59 Ces Dwakeds fW Per - %se Jiu 5 .51 u 5 .514 5 .5 n 4 r SUMMAW QUARTERLY STATEMENT OF INCOME FOR 1985 Tie Omme headurtan Carperum and Subadanes Quaner Emial 5 m 4===uk, encres per ccanman shue data) Dec. 31,1985 sept..R 19e5 June 30,1985 Masch 31,19ss 1 - larame, 52.131.271 52,068,141 52,10?,616 52,114,477 huser E.spense 1.398,239 1.359,071 1,442.78C L468,679 Nu lemmes Ir.:ame......... 733.032 '09,070 660.830 645,798 Peanumm for Pommide Loan Lasws. 125,000 110.000 105,000 95,000 Nes imames income Aher Penman km Ptsmide L oen Losws 60s,032 599,070 515,830 550,798 Orlier Opesarma lacnme. 3slJo9 321,281 329,742 283.399 Other OperennsExpaise 7A4,216 698.377 667,058 622.227 ~ lamene Bekme Tas... 245.125 221,974 218.514 211,970 Appbcalde income Tmses. 94,445 72.550 87,699 78,0 71 Nas imomme 5 150,600 $ 149,424 5 110,814 5 133,899 ~ Ner iscame Appbcaine m C-= $eadt $ 133,444 5 132,14* 5 107,135 5 107,8:1 Assage 9ames Outsemdm8 76, 7 9.784 75,8984 88 74,497,664 ?),735,222 Earames hrCannsson 5hase: Prr arn Rasmiem Ameny Shares Outuvdmg. 114 1J4 1.44 5 1.46 Aamsmug Fm8 Danon 5 L68 l.68 5 t.38 5 1.41 Cab Dwmemah Decftred Per emn= %se 5 ~ ~ 37't 5 47W 47% 5 47% SUMMAR QUARTER' Y STATEMENT OF INCOME FOR b 84 neOmme Manhs tan Carparzam arid Sr tedianes Quarer Emini 5 m thrmaands, erspi per commen snase data) Cec.. L 1984 5,t. JuL 1984 June 30L 1984 Masch 31.1984 inmuuse Iwn=,. 52J11/60 $2.468,612 52,100,875 52,031,131 Immmer Espense 1,6 6,/09 1,879J33 1,5'5.564 1,499J81 Nur homent income.......... 654,351 589,079 533J11 531,750 Pnmmon lar PesmHe Loan Losses. 90,000 12.5,0re ~5,000 75,000 Nur inumeur lacune Afar Nmman lar Ptnadde ton Losses 564,351 44,079 458JII 456,750 Otler Opumrng irrome. 264,804 237.7 1 220,513 206.496 Orter Opairms Expernes 630.073 564.842 536,832 512, " 9 ~ Imamme Bedase Imus... 199,082 137408 141,992 150,467 W lncome Tames. "'8,973 43.N8 54,'87 47,973 Mushuser 5 120.109 $ 93.010 $ M.205 $ 102,494 i Mus hemme AM e - 5seck 5 93A27 $ 61.137 5 '*7,48 3 5 88.654 r Ammuer Shers Ounendms..
- 2,928,852 71,952,776 1,03e,596 69,660,640 Earamy hr Canumm 9mme:
Prumers Band on Amunge Shmes Outstandug. 128 .85 1.11 5 t.27 l Assumeng Fv8 Deutum l.23 82 5 1.06 5 1.22 cae Dmdsed Dadand Perr-Shmse 5 45 s 45 % 5 43 % 45 % j 1 l i i i
CNTED ANALYSS OF IDAN 1465 EXPERIENCE nrcher undam Carp-rum sud suhahme hr Eruhd December 31, 1986 1985 1984 1983 1982 tamus $ m ma -a. '. Balance d t.amm. $ M,220. $ 61,931 $ 62,003 $ $5,tM $ 55a32 - Ausray ad-rw d Lamu. 62J22 61.5 % $9.710 53.'87 52,057 Sumerne tai Passter Lamm Lamers a % d 1sur Sim shamsmsW $ 9tr7,672 5761,439 $564,110 $558.27 $541,082 M rm--- Lame: c.---.i mag inhemmi tmans. 9;,741 12.5,909 127,929 164,417 145.520 Lasus e Fi=- Ilmannsnans 11,000 IJ92 4,000 Iman br Pandumsg or CarymsSaarams 2 2,690 Real Emme lasms........... 22J04 14J51 2.596 1,070 2,802 lassa so husmtm6s be hnenal Egeralsnnes 296,790 149,974 73,755 47,671 44.570 Lane femmcuy . 4.717 1,175 816 37 4,102 Othe Lamas. 93 1,204 1.075 529 1sselDum-erloans 415J45 303J13 206,871-215,807 204.213 Ausmusesmal Lamms: Commuscud mai huhmerial1ms. 100,265 67,317 SL893 82,106 62J32 Real Emme lmsms.................. 5.995 1,404 8.293 17,007 24,331 lamus a beimdasis ist hrsonal Fapaniswes. 18,411 13,947 4,830 12/'00 4,700 'lasms e Fnap Gamernamenes mul OEcnillnenraums 26J90 M,672 5,581 IJ31 17,100 Orher imens, 6.120 676 66 5,241 Tami hurrasmnal lame 155J71 114.016 71,663 il3J44 113.704 loss Ossy OGs $74.216 417,829 2 3.534 329,151 317.917 m---us: n.- ar Loses ra====l and inansmal Lams. 26,151 33,069 18,077 28,238 24,293 Imms a bound irnneurume....... 2.968 10,721 7,909 11,947 13,401 Lamus 6r Puedumng ar Carryng Secursus. 81 3 43 20 1,il 3 Rami Esame Lasns..........., 5.2J 6J00 3,471 6.231 3.101 Imsns e buirrutsab br hrusial Emmulunnes 33,263 18,496 14,959 13,156 10,340 Lasse Financup 1,069 177 30 10 2 Orks Lamas. 205 74 382 742 772 Taal rh--=ic Lassis ~ 68,957 69,512 44,871 60,344 53.622 lemmusmansilmses: Cos=====I mullahnmallmaru. 21,053 19,060 12,619 7,967 28,403 Real Essur Lasns................. 1,445 J.163 '21 2,921 3.776 Lasns a Im6vuhasis br henanal Erpendruses. 7,032 4,333 3,117 3J35 1,961 lamus so Faumen Cesemrnerus and Odriallemnrunans 629 645 26I Urher Lasns. 360 660 f.583 75 179 ~ Tasmile=vmeansi lmens 30JI9 27,943 18J01 14.298 34,319 TessiNacamens 99,476 97,47.5 63,172 74,642 87.941 Nm Chmy4Ss 474,740 320J54 Pm Omsgud a 5 r=== 595,000 435,000 - 215,M2 254.509 129.976 M5,000 285,000 263,000 Esmersed Aapsed5denEenas, 13,763 24,120 64,932 Famagm EschasyT==ds=== h 23,069 7,47 (17.241) (24,658) (15.329) Assuruimr Buster Lams Lamas u End d he $1,064,764 $907,672 $761,439 $%4,110 $5.'83 Basss: Temi Raomerum so TassiOsmy4ds 17.M 23.3 % 22.M 22.N 27.M Na Che y 4Gsm: rw.= a-g asimaz d tmans.. .72 .t2 35 4 .41 kuey Behacr d Launs.,,... .76 .32 ..M 47 .44 Ramrer der hable Leon Lasse.. 44 4 353 28.3 45.1 4 I.2 hemman fur Pemulde !.amn Lamas., 79.8 73 4 59.0 89.3 87.4 Ramrw br Possbie Loan Lasses sa: Omemmmbg Asience d Lanns., 141 1.47 1.21 1.01 1 01 hemy Raimum d Lamns. l.70 1.48 1.28 1.05 1.07 '"""n"a"==7 d Nur W =rr lasra,... $ 346,808 $234,301 116LOOO $155,43 1150J91 husresumed Lamm. 127J52 86,053 53.M2 99.046 7J85 Tasal Ns Osmy 04s S 47A748 1320J54 1215J62 $254.509 $229.976 69.
c SELBCTED LOAN MAT 13tmES AND SENStrMTY 10 CHANGES IN INTEREST RATES neons % car --adm 1 I Aher i 4%m bue Wehm Aher 8 in umfasu) I Year 5 Years 5 Yean Tcral l I Maurums of 5mhzami Lemos as of thw-her 31,1996: h IhmiExame Lomms: 1 Cammeracnon and land Dewinpment.... 1 1.989 5 1.528 5 52 ' $ 3,569 1 Onhar Red Emme Loans 6% Lars 4n-a br I-4 Famdr Readernal Propemes; 598 962 499 2,079 lames so Fimmaczd Immrmutmas. 7ss 6 794 Mariange cv.,,. i> ru n.a.. 4s4 5 4e9 km&a mi % c-mum 34 2 350 j Odur Depamarylammammes 14 14 j OtherFuumaml % 313 220 81 614 I temum hur cr CamagSecurmes 467 47 rwad Lamru. 5.779 2.618 IJ27 10.224 521 48 Y 1,838 Tas w Lames. s Other Lamms (F % lamus to indenhais kr Ptrsonal Experuf avres andLamme W 294 73 64 431 Tand DummerOGras 11.595 5,962 3,312 20.869 Omanus Ofume. 15415 9.208 5,978 30,801 Tammi h tamme 127.210 115,170 19.290 551,670 Imammer har Sammerewf af Sermed Lames *: h 0Scus:-Fund itase., 5 1,864 51.1 4 -hm6L Rae. 4,098 2,166 -Tand 5,962 3J12 Omarens Otras: -Fined Itame.. 3,079 1,195 -%nside Rme. 6,129 4.783 I -Tommi 9.208 5578 cm -Fund lume... 4,943 2.341 -%ndde Rame 10,127 6,949 -Toted $15,170 59.290 Th inens m &meent oEcr.accured W 14 fr.nly rendennal peupertus. bans anndivsids kr persmal Maures and lease financm i ) I i t i i S
i l l CONSOUDED LOAN BALANCES BYTYPE AND PERCENTAGE DISTRIBlmON Time Omme Mankstan Ccrpaarx n and Subadiarus l l December 31, 5 m amEmms) 1986 1985 1984 1983 1982 Damsense Ofres: Real Emmer Lamru: Cossenrtum auf Land Deweiopment 1 3,569 53% 5 2,427 3.9% 5 2.009 3.2% $ 1.552 2.8% 5 1.566 2.8% Secaed by 14 Famdy Rendmrul Pagarnes........ 4,612 6.9 L669 43 1,722 2.7 t.307 2.0 1.237 2.2 Orher lical Emase lnens, 2,079 3.1 1,244 2.0 1,052 l.7 921 1.5 826 1.5 tomns e f assensilausurms: Marqppe Canyones..... 794 1.2 280 04 208 03 131 0.2 132 0.2 Douneurr &==nwucial Banks. 489 0.7 142 0.2 "O
- 0. t 84
- 0. s 91 0.2 Bamss m FosempiCaunmes.
350 0.5 327 03 353 0.6 339 0.6 356 0.6 Other Depoemry Instrursons. 14 6 7 2 9 Otler finanslinwrursum 614 0.9 928 1.5 1,163 1.9 1.126 2.0 1,261 12 I Losrm br or Carrymg Securres 467 0.7 503 0.8 541 0.9 71b 13 1,209 2.2 Gunneercul and l loans. 10J24 15.2 8,755 14.0 10.035 16.0 9,736 173 9.838 17.6 Loans m)Indre hals kr nnonal Expmdnures Geds Casd Loans. 4,216
- 6. 3 L584 5.7 2.189 3.5 1.459 2.6 1.433 2.6 Otler.
4,704 7.0 3.82J 6.1 3.124 5.0 2,146 3.8 1.652 2.9 teme Fnencmes.. I,965 2.9 1,464 2.3 1,013 1.6 398 0.7 394 0.7 4 Tambempe Loans. 1,838 2.7 1,693 2.7 1,178 1.9 687 1.2 752 1.4 Othe Loans. 451 0.7 655 1.0 502 0.8 815 1.4 854 1.5 Tacal Dn===r O8 ices, Gron. MJ66 54.1 28,500 45.4 25.168 40 2 21J22 17.8 21,610 38.6 Less lkrarned Oncount. 690 580 460 354 397 Total Daneser Oftres 35,676 2',' 10 24.708 20,968 21,213 Omsens Ofsces: Real Emme Louns, 3.498 5.2 Lt 8 45 2.2'9 3.6 1,294 2.3 IJ95 2.5 Loans r-P wh....... 2,0'O 3.1 1462 3.9 3,743 5.9 3,801 6.7 4.251 7.6 Loans a cner Finanaallnarunans. t,82 L.0 804 1.3 972 1.6 855 1.5 1.063 1.9 Loans m> Gowrntrenrs and 00alInnuunans..... 3.29 3 4.9 3,491 56 3,780 6.0 2,735 4.8 2 559 4.6 Cmmercul aal truksrul loons..... 17,SM 26.6 21,913 35.0 24,663 39 3 24,516 43.5 23,673 42.2 Loans no Irdivabes kr hrsonal Expendsrures: Ords Card Loans. 43 0.1 21 4 Other. 1,45 2.2 1.244 2.0 1,034 t.7 575 1.0 575 1.0 lease Finanaryps. 505 0.7 337 0.5 23? 0.4 149 0.3 85 0.1 Other laans. 1,199 1.1 1,117 1.8 '93 13 1,147 2.1 843 13 TocalOstriem O8 ices, Gross. 30,801 45.9 M.227 54 6 37,505 59.8 35,072 62.2 34.446 61.4 Loc Unearmd Ducours. 257 216 210 146 127 { TocalOccas 06tes 30,544 M,011 37,295 M,926 14.319 Taial tm. 566.220 56i.931 562.003 555,894 555,532 CONSOUIMTED AVERAGE LOAN BALANCES Year Erded December 31, 5 in maRaru, based on dah mrgs) 1986 1985 1984 1983 1982 Damecc Ofsces: Real Escue Loans: Secur:d by l 4 Famdy Resdenrul ProperTrs. $ 3,468 $ 1120 $ 1,a64 1 1,348 5 1,234 Ot k 4J84 1,037 2,"99 2,560 2,4)7 Laens so Mortgage Ccupanes. 550 300 160 149 100 Loans so Other Fmancalinstrarums.. 1,199 1,614 1,*82 1.971 2,106 loans for Ptte:hsang or Carrytre Securrus. 591 582 591 633 493 Comnescest and Irdut's ! Ams..... 8,t 49 8,990 '0,444 8J91 9,f33 Lomns so indrvuhas km Persar al Expenditures: Cmdm Cardim, 3.830 L830 1,728 t.441 1,377 Ot her. 4,155 3,440 2J57 1 "40 1.541 lease Finunnes.. tJ88 t,105 585 370 382 bbemps Losna. 1,789 1,i12 '"5 e26 ~83 C]her Loent 724 468 259 235 274 Tassi D-Otices,Grom. 30,227 25,668 23.344 19 864 20,530 less: Urraried Ducourc. 446 466 375 351 392 Voeal Dcaneanc 06ces. 29,781 25.202 22,969 19,513 20,138 i O m seas O tres,Geon. 33.160 MJ21 4.892 M,2'4 32,033 Less: thenmed Ducours. 219 193 151 1H tt4 Total Outrseas 08 ices. 32,941 %,3 M MJ41 H.0'4 31.919 i Tessi Auminge Lomas. 562.722 161.5 M $59,710 $53.587 152,057 1 7l. i
4 NRATsos The Chase naamlerte Carpanatum and Semannes 1986 1985 _ 1984 1913 19tt2 EmmsyItam Nai=r===ma W d: Ameny Tand hersemixars Amets. .77% M% .5M 65 % .4M 45 65 .48 J4 .40 hayTotal Ammes. 13.18 13 64 10.12 13 Il 9.79 i Asusay comm=rm 5mdardders' E,ry... a Asessy co==,= Snodimers' Ecry and L. A.a he6xmissock'. 12.62 13.58 10.92 12.89 10.01 Asessy n===aa Wb=' Eqssy and Tord Prderm! Sext. 12.55 13.49 10.82 12 64 9.84 M.s h Imr=== (Taxadh Egshdam Sam) as a Ptmg* 4: Asessy Totallassentarmig Amers. 4.30% 408% 3.54 % 3.5M 3.40 % %T<asi Assers. 3.65 3.47 2.97 2.97 ? 90 Cab Dundamh Paid um Cannum 5much as a W d Ms n=== Apphndde so Cammama $ sod......... 30.82 % 29.60 % a018% 31.88 % 43.92% Temi Cash Dmdends Paid as a W d Neilaconse. .9 37.77 40.61 51.98 40.27 51.81 l'ange 8. anne-Asenys Commune GarMrderes' Eqary a a Per -*te d: I==a Ner............. 6.48% 580% ( 36% 5.42% 5.15 % Totallnaaemiarnmg Assers. 5.25 4.80 4 42 4 37 4.02 4.46 4.08 3.71 3.63 3.43 Taal Assers. Carmem -A' L' Emmy,Taral Pn*ned $ sock and Long.Ter.n bes and Debesuures. 53.02 52.50 57.12 61 82 63.59 c-ww&l,,s' Egery and NoW Me Prderred 5 sod m a Pescansage d: I Net.. 7.4dr% 6.80 % 6 19% 6.1 M 5.6M Tmai trarresrimmrg Assers. 6.03 5.62 5.11 4.94 4.43 Taal Assers................... 5.13 4.78 4.29 4.11 3.78 Commmen 5sockidders' Equry and Total Pwiernd 5 sock m a W d: lasrm, Nr:.. 7.56 % 6.90 % 6.35% 6.41 % 4.0 M Totallrunentarmris Assers. 6.12 5.71 5.24 5.17 4.74 Total Amets. 5.20 4.85 4 40 4.30 4.05 leitunge RJons -a December 31, C-harnaf Egmiry as a Perr=nge d: Loans,Ner... 6.57% 622% 5 48 % 5.5 I% 5.02% i Tocallrunestarrarg Asarxs. 5.31 5.11 4.57 4.50 4.03 ) G==sar=ih4 W Egry, Total Presened 5 sock and......... 4.52 4.33 3.87 3.72 3.41 i Toad Assets.................. teng&rra Nones and Debervures. 54.78 52.24 52.% 61.61 63.74 Cmam==== Snodbolders' Egery med Now===Me PreferralSnack m a a hacemmy ef: 7.49% 7.21 % 6.4M 6.19 % 5.71 % trans,Nea............ 6.06 3.92 5.39 5.05 4.57 Totallnamesiamag Amers. Total Assers. 5.15 5.01 4.56 4.18 3.88 e-hhdhrt Equiry and Tesal Pseiened Sand as a Ps===repr d: I n-ms.. No. 7.59% 7.31 % 6.5M 6.46 % 5.98 % Tonalinseesiarmrg Aswis. 6.14 6.00 5.47 527 4.79 Toral Assers. 5.22 5.08 , 4 63 4.36 4.06 Cgniss tamm-ar December 31, Pnmary Capunt" as a Ascentage d Total Gsons Assets. 6.95% 6.8 N 6 JM $ 44% 4.73 % TaaleF a a W dToualGms: Assets. 9.27 913 8.11 6.69 6.01 'Samed a Net inaame..W as Appische. " Based ar. Federal Reserw Boemi ddinsnart See page 30 for discusaw d Cgstal. ne n w % 8.ssk,MA. and % r,=.s amu 31, Pnamary Cgast"* a a Pmxrmage dTotal Csom Asects. 7.12% 7.05% 6.3 M 516% 4.75 % Tatsi Capuaf"* as a W dTatd Geous Amers. 7.32 7.44 6.90 5 52 5.01 "" named an 06ce d rise Computder d the Curary definrum. 72.
STOCKHOLDER DATA & Osse Manhartm Caporanan and Subra!sn es c-Sead Prdernd ssock hr Floarms floanry Total Common 6h% 760 % 10%% Rm Rae Total 5 in thousands, esapr pe common siwe dat Paid Share Seres B 5cnes C 5eres D Senes E Serrs F Paad Queria# Cada Dmdemh 1986 la Quarwr,. $ 39.862 51 % $ 502 5 606 5 3.281 1 6.530 $ 5.534 116,453 2nd Quener. 40J07 .51 4 502 606 3.281 5,40 5,021 14,850 3rd Qsarm.. 40,921 .51 4 502 606 3.281 5.375 4.200 13.964 4rhQuerer. 41,228 514 502 606 3,281 4.970 IS72 13J31 Tueal $162,518 5 2.05 $2,008 $2,424 ~51I,124 $22.315 $18,727 $58.598 1985 la Quarn.. $ 34.838 .47% $ 502 5 606 1 3,281 1 7.626 $ t 4,073 126,088 2nd Quarwr. 35,194 47% 502 606 3.281 7.875 14.073 26,337 bd Quarw.. 15,924 .47% 502 606 3.281 6.875 6,101 17.365 4th Quarm. 36.316 .47% 502 606 3,281 1,065 5.847 17,301 Tatal 5142,272 5 t.90 $2.008 $2,424 $13.124 129,441 $40.094 $87,091 Qumrwty ra=panson d Marker Praxs" ra==n= Seod 1966 .A5 1984 1983 19&2 Hgh Law Gose Hgh Low Gase Hgh Low Gose Hgh Low Oase Hgh Lon Gase br Quarn 48 34 46 4 27 % 23 % 25 % 26 % 22 4 24 % 27"= 23 4 26 % 30Vu 26 4 27% 2raf Quarwr. 49% 39% 44 4 30 % 25 % 30W 26 18Y. 19"/m 31 % 250/> 26 % 29'/m 19'W 20 % 3rd Quarter. <5% 35 % M% 31 u/m 24% 24W 23% 17 % 21 4 26 4 23 24 Ilh 15 % 21 % 4thQuner. 39 34 35 % 24% MW 24 19 % 23 4 24 % 20W 22 % 28 % 208: 24% floarmg Rae Fbanns Rae Pndrsud5 sod 6%% 5ars B 760% Serrs C 10%% 5ert D 5enes E 5erus F Hgh Low Come Hgh Low Gose Hgh Low Gase Hgh Low Cbse High Low Game 19W. le Quarter. 93 64 75 100 69 80 56 % 49 % 54 55 4 52 % $3% $4% 11 52 % 2nd Quarm. 90 81 84%' 100 87 % 89* 56 % 5tu 53% 54 % 51 % $2h 53% 50 4 51 % 3rd Quarm.. 91 84 88 99 % 89 95* 5754 53 54 4 53% 51 % $24 52% 49% 52 % 4thQuarter. 94 % 88 % 90 k' 97 % 95 % 94 4' 56 53 % 54 4 534 51 4 51 % 51% 50 50 4 1985 la Quaner.. 59 55 57 P ' 68 60 4 64* 46 40 % 42 % 56 52% $3% 55h 52 53% 2nd Quarter. 62 58 61%* '4 64 73%* 48 % 42 % 47% 56 4 52 % 54 55 51 % 52 % id Quarw.. 65 59 65' '3 % 72V: ?2%' 48 % 45 % 46% 56 % 53 % 54 %* 56 % 52 52% 4thQuarur. 69 63 % 68 % 75 72 % 72 % 50% 45 % 49 % 56 % 52 53% 54 % 50 % 51 %
- No sales Based on the dind and asked pnces "N hgh, bw and charg prres br reansacmns reported 4 m the componne tape.
Number d ra=== WhrMm. Prenernd whnMus and Couenble Scrarry Holdcrs The kdkmig rh sers krth the,.rw rasmber d holders d record d each class d emury ard I murzws cm=rth inso espey sectnnes d che Corpontson ar the erd d the m indwared; 1986 1985 1984 19E3 1982 Common 5 sock, Par %kse $12.50. 49,200 49,900 53,800 487J0 53,000 Canman ssod Equs> Contracts, 100 100 110 100 100 Piderud Sock,6 %% Sens s. 500 e00 600 2.300 2.500 Puederud Snod,7.6M Serus C.. 100 t90 !00 500 500 Prdered Sand,10%% seus D. -... 2,100 2.100 2,100 2,000 2,mo Pn*rud Seck,fiannus Itme Senes E. 200 100 100 100 100 Pedered Saxk, fiannig ftme Senes F....... 6.300 6 '00 6,800 Caram& Cgaal Noses 644% Due 1993P"....... 2,900 3.200 3.400 3.s00 Camernede Sutnsdemed Detsavuses '6%% Due 1996). 600 1.000 1,200 1.300 1,:'00 i he. N pnncapal ma:tet m which the Company's Common Srod a traded n the New York Seock Exchange. I "CaBed for redempnon at June 25,1986. I i 71
e-a MM MONM i Tir Chase Manlastan Corporaron Nonbanksg Subadiares of the Company [kcerrber 11, S un thoimando 1986 1W5 1984 IN 1982 Assets Cmh in Banks. Ik Chw Manluntan Bar:k, N.A.. 5 8.446 5 5754 5 i1.254 5 9.381 5 6.087 Other thanks.................... 27.008 4.895 I3.199 4.'92 3.965 C J hper d Tk Chase MmAartan Corporron. 29J75 a 3 "5 ?,1f o 6,945 21.997 frames 4eeneg Depours Maced wrh Banks. 22,488 29.284 15,016 14,640 12.005 Fedaal Funds Sold and Securuus Puxhmed Under itesair Agreerneres... 45.739 $ 8,181 10,'19 11,'l03 Inmeinners in (11 Tieamirv Securses...... 1.990 - 2J16 4.922 2,927 1.809 i lamesimmr in Orler Bonds, Names and Deberures. 15.253
- Lamm, itenderwal Property Loans.
1,420.895 491.092 296.*35 263.173 169.730 Orivr itesl Emme lmns. 10,060 27.428 29,427 28,966 48.813 Comnusual tamis ' 910,934 934.803 936,378 '90,923 684.015 Consumer loans.. 614,783 430.035 19L951 62.533 21.115 Louru 61 Purchmong or Carrug Securses 72,479 54,942 40,369 45.848 Lease Financugs........................ 4 4.088 286,380 183.023 169,'61 149 414 Louns ao Ashmees d Tk Chase Manhartan Bank, N. A.. 3.221 3.490 3.681 20,399 20,112 ~ 3.696.460 2,228.370 1.682,566 1.381,603 1,v9 3219 Less: Reserw br Possbie Loan losses. 42.318 26.111 20,909 I 5.06i I3.218 Lnans. Ner................. 3,654.142 2.202,25 ' l.6c t.e5~ l.166,542 1,080.001 Real Estan Propemes Aconnd in Sunnscreen d Loans..
- 948 4.252 2,'3' L5l' t.*92 Irmestrnmrs :n Assocused (.ompanaes tm Ewary in Ner Assas).
4.981 4.'08 4.391 Omer Assets. 109,545 66.628 52,649 38/'98
- 21. 7 )
Total Assas $ 3,928,934 52J87.642 51.804.235 51.462.253 11,159.040 l=h and Smackholderi Equery Due es theCor spany md AffilamedCompanes: Noors Pardde.......... 53.21L727 51,849 ?93 51,377.012 51,092,957 5 885.*98 Vcouras Paratie-Taxes, Net. 63.854 17.339 28J50 15.017 13.495 Accrued trueres Pavabia. 19.202 2I.643 17,496 L i,455 2 '.8 '9 Accourrs Parable, Acensed Expemes and Other Lubilrres. 5.264 6.247 89 ',916 3.324 Savugs AcaaantsardTimeCanfan. 257 t,449 1.112 3.333 1.242 0 her Bormued 14zuy... t11508 100.678 64.849 51,540 14.9 I I Accraanrs Pwdne, Aarual Expenses and other L2abittes. 5L471 26,922 11,479 20,982 20.502 krallutulmes 3.466,283 2,044.071 1,517J97 1,203,200 466.851 5sockhdder's E+sy: Cortwrum 5roch....... 1.058 1.057 1,056 1,105 1.504 Addrwaral PanHn Capsal 4. 441,500 369.478 354.14C 336,232. 275,932 F<meagn Exhange Tcandarica Adwrnents. 216 80 t336) F51 < 137) Retarwd Earnagp(Desce 19.577 i27.044) 68,022) i 8,209) 85.110) Total $rxtholder's E*ny 4e1651 343,571 286,838 159.05) 192,189 Tntal lubilars and 5mckhakler's Eginy 53.928,934 12J87.642 11,804.235 51.46L25 3 51,159.040 14.
-e COMBINED STATEMENTOFINCOME Tlie Ouw Manhstan Carpannum Nanbankird ubadsarrs d the Company S Year Ended Decembei 31, (5me M 1986 1985 1984 1983 1982 laename fases and Fees an Lasns....... 5328,463 5251,713 5219,347 5175,803 5156,075 trement an Placed wirh Baks................ 2.412 2,583 1,718 LO21 1.511 innseur an Fussis said and Securwus Purchased IJnder Rasmir A imaments........... 1,763 3,492 2.079 666 8 Inse om lineurneur m LLS Tnessury Secunirs. 302 261 299 210 48 Irmeses an Counmeral Paper d the Canpersy 1,118 81I %8 891 2,609 fees and Canmanums.............. - %,666 62.834 51,306 36,4H 18J37 ] Egmsry e Eanug(t==i d Associaud Carrpanes, 654 317 328 I Gan on $sie d A sacised Canpanes. 14Jt8 20.595 I fees from AJilaard Campones 6.8,004 61.513 48.1 M 35.568 30J56 W income. 6.815 2,t 82 3,509 t,01. 2.951 Taralincome 506,861 405,984 327,9M 251,958 212,715 i ' 'T"* Insevest an Naars Parable s> rhe Company..... 189.328 150.688 146.802 111,726 107.926 Inerves an Sonny Accounts armf Tune Caufu:ses. 30 70 242 238 50 Interess an Other Barmoed Morry. 5,727 5.207 4,395 1,893 1,167 Piurmnn for hable Loan Losses. 25,335 18.679 12,702 14,617 10,647 Salarus and Empirnee Berm 6rs. '9,814 75,428 59.859 44,793 35.285 Fees Char 8ed by Milamed Carganes............... t 8,952 11,t 76 6.194 5,852 8J43 Expense d Real Esar Pmpertes Ac9ami, Ner d Retared Income. 344 (760) i2,424) 918 853 Other Expenses ~~426,123 335.228 297.301 230,954 195.003 86,593 74,740 +9.531 48.917 10.812 Tcsal Expmses lxame (Lossa Bdm Tames (Bene 6cs) 80,738 'O,756 30.635 21,004 17,632 Appia:able income Taars iBenests): Current. (5,437) 5.869 9.940 497 11,699 Defened 40,554 23.909 7.225 10.517 (2,657) Total Appiscablelxame Taxes (Bewscs) 35,117 29,7 8 17,165 11,014 9,042 Nei locome :LassJ $ 45,621 5 40.978 5 13,470 5 9,990 $_ 8,590 l l 1 1 i l 1 7f. .a
SBTEMENTSOFCONDmON OF SUBSIDIARY COMMERCIAL B ANKS OTHER THAN THE CHASE MAN HATTAN B ANK, N.A. The Gene Manheitan Ccrpaesnan and Sutasisanes Chase Lmcain ne thic Ma:Jirtan Bank 0 s.e Bank Fire Bank.N A.' f t>5AL N. A.8 on Maryland $ 5in nuammo Dec. 31,1986 Dec.31,1985 Dec. 31,1986 Dec. 31.1985 Dec. It,im Dec. 31,1983 Asmus Cash and Due frena Banks.......... 5 352 5 130 5 28 5 27 5 4 5 12 1sumes4eanngDepumasPlacedush Banks. 12 17 2 4 Fedent Fweis sahland Secunnes 4 Paschasedthder Resale Agreenms. 106 120 Tradmig Accram Assets. 5 6 Insesmaan Securvus. 212 246 3 1 28 24 Loans....................... 1,929 3,169 5.1 17 4,577 436 14 7 Less: Reserve kr Nsside loan losses. 50 4I I67 I28 7 7 Lams, Ner..... 1.879 1.128 4,970 4.449 429 340 Cussomers'Lambdsry e Acceptances. 8 10 Ortur %ees. 205 207 43 di 200 235 Tcsal Assers 54,779 54.064 55,044 54.520 5663 4 19 Lashsimma ad Saxilardder4 Eqsury Depona Nonmunes4cantg. 5 871 5 735 5 121 5 t00 5 5 5 2 (seeses Beanrg........ 2.638 2.598 1,001 1,193 107 422 Federal Funds Nechased and Secunnes SoidlkuierJtgurchase peenurus. 614 210 2,026 IJ94 195 95 s other Barried Money Is3 165 1,440 1,493 AcceptanresOuntarstry.. 8 10 Accrus.rs Pwalde, Acen.xd Egemes and Orher Liabelnes. 46 42 146 149 7 8 LaryTerm Names araf Dehruvres. 4 4 Total liatniwes 4.464 1.764 4.7 34 4.329 514 527 Tucal5mckhakleri Emry JIS 30 0 310 191 149 92 Taral lastslsnes and saxkkdder's Ee ry 54?'79 54.064 55,044 54,520 5663 M19 l l Oiase Banir Chaw Bank Chase Bank of 0ho* ni rbrsis. N.A> raf Anzcna' (5 m endlons) Dec. 31,1% Dec. 31,1915 Dec. 31,1986 Dec. 31.1986 Assas Cash and Due frtwn Banks........... 5 7 5 7 5 9 5 67 Irmenesteinns Deposts Placed wrh Banks 1 5 Federal Funds 5(dd arsi Securmes Purchased Lksier Resale Agreernents 5 73 105 7 Irmesrmers Securwes 16 15 27 32 l Loans..... 323 274 222 Se6 l Less: Resene br Fbssbie Loan Losses. 5 7 10 4 Laers Net. 318 167 212 %2 49 43 71 30 Cthr Assets. 5396 5412 5424 M'>$ Total Aswts Lialaisurs and behine) Equary D moers Nmmeeres acanng. 5 12 5 3 5 19 5165 l Insatsr Sean....... 335 355 3'O 384 Federal Furdi Nrt arts Servrwses 1:dd Linder Repurchase Agiecmerws. 90 Other Borrowed Money... I 12 l Accourus Payabk, Acensed Feenses and Other Liabelnes. 5 5 5 10 l Ta.al balniwses 353 363 194 661 Tacal Saxikider's Egary 43 49 y) 37 ratal LaNwes anisexkkeder's Eery 53 % 5412 5424 M98 (1) Henkpanes m Rodwwer, New Yort, wah cmr 100 trarchrs m New York Sure. Monbers Federal Depass Irtnerance Curpararum 2 Hearkvarters m Tiltrurgeon, Ddswer. (3) Ac@ued cbnrg 1995. Fba4 priers m BetheW, Mardand, wwh 13 branches m Marpand. Mi Accamed dunns 1%5. Fb=keriers m Cokimbus,Ohux weh 25 branches m Ohsa
- 5) Aapiued durirg tal6. F%arters m St. fvtersbu a, FbnJa, wah 10 brandes m Fbrsia.
G Aczamed Arms 1986. Headspaarters m the $searer Phoenix area, Anzona,wnh 14 brarthes m Anacna. 4 l
1 THE Art COLLECTION OF THE CHASE MANHATTAN BANK, N.A. n a-unsur-c - d % W Chase art aAccten arkrirs 11400 works d art exhdued in Omm sTATEMENTOF A%ETS HELDiN ARTCol.LECTK)N ab marWurule,sedudug D9 % m New York Scme. 60 h occord, ja, cGots outsde New York Seam, and 102 oserness locanons.W calircton n appumed by cangry en a naarsg beu so the cadruark d art u el a has cec cury liue yens by experts a tk field. At the close d ^ " ['" ' $ 5,026,s74 5 e 402;ss 1% der cumnard cursmr marber ubne d tk cdbrtion, based cri che Pnrus. t,263,336 1,077407 ! W, was in emess d $312 mAnn (coa-$11,61H,630L Sculptue. I A13,902 927495 Dureg 1906, WI mens wtw pusdimed a a cost d $1,4164M N D'm'* - 1,763.491 1,495,642 coastum also sacereed a no cust,I ansk d art as a pft from an ournde h WMut. N M D RI.W M M CDsd M acre M Cons rutnure 412.44$ 385,243 6ous the oAmetion (or seasons d sale, loma, damage, or ncrmal decenarzumL other. a23 as3 744,513 h Quase Art Commmme, which a ccagomed d both Omar emms Taral ~ $11484430 110,273411 I Nnse:The anomars abrae aqurwru the puntuar cour d the musks d art, cuiding seks cames MISE ID k QEeCD0n, Ed M PIOgram d6. b maj the me d (vsmug,leurh d eksh me dumpd e npamar. bks d art naumni as pits Isume ammunne nas ener brmeBy on Noueminr 13,1986;iniormal meennes weh as ir==ca mr==hd in ihr Ane=====, - .! mm. m rInnduers age heOd M 5TATEM ENT OF CH ANGE5 f N A55ET5 H ELD IN ART CCELECTlCN hrskrs fuom The Chaw L,. . Bank Art Pngram,410 Park Aciue, New Ycsk,New York 10022.
- W D'
d" 31-1986 1985 l &alarre at 8qpanug of Year. $10,273411 5 8,972,138 l Add: Punkses...... I,416479 iJ21,5 t l tess: Danes ons aruf Gfm l,5l4 Orleer Deleruma. 5,640 18J24 Balarre a End of Mr $1It t4.6 M 510.2734I t l l l U.
i hTIONAL ADvisoKY COhuGTEE i l Dend RockeHer Hans Enns Tk Netherlasuk Richani M. Turimal Oumusa Sr be4arg Pao Dr.Wesse Dekker %rman ars! Hamasury Osmann Osirman d the Od Emume N Rei p de Shggnrg Aemry Umsed Supmmary Bonal Lpab Corparum e me g.,,e c_, a Im6e ckmi,rgenbr eken A M AX I'** Er Arn H.Parbo seus Arabas Fm amOuwman Ims Sansinnaed 9mkh Ahmed Jug DonakiE.Pesemn Osrun al Mauru MannsCapoeza Lansed % p,,,,, n d Execuc w N hah E.A. kEsh & Bros. w Dr.Capanni AgneMi Fa'd h Can,any PauloIl Vderes Edson R Spencer aseman d the Bonal FIATinA. fer G C,_.. .;..= Nr,nen and y hnnen and Chd Emww N M Chd Execume N FW1. Inc. ra Isamu Yarnashna AB Who Tk En. lan D.5nder w 1 %&WdM Mman Egnmenns & W Gummo A.Cisnems G p,,,,, Sh,bustris Ca, tal Fraz Gerber Peakraand hrman d the Boasd OdEmecww N Mem d D actrs Oqpmence Duqp Canem g g 1r. Erneso Fnnander Hurtak> E Hodmann4.a Roche & Co. Ltd
- .. ^ -
Durcvs General Ex-05cio MessNrs { ^ Bar-n.u u=w
- mecha.e uanh-tan c-St Kenneth Durharn Bank, N. A.)
1 Hass L Mie ""YI Hakh,PLC G i ~ n. ~' - Wmed $ rases Artkr E Ryan John B. Fery Arnhony P Tmaccuno Charman d the Bonniard Donald L Boudr'su Od Execut" N Francis K Scarikard Boner =b Cceporzion n i j j = I j
R 1 BOARDOF DIRECTORS l ^ W3md C Reuher JohnR.McAreer c-resecs d the Board Emptovee 8cadas Review Canexue Channse sad QuiEncurm Dese dthe Haremd Gmisme Mr. McLughhn,chastman 06cer dhOsse Manhartan Sched d Busness Admirumraum Emam Comunirme Caperscrm and & Chas, Mr.Banches chrman Mc Cdmian uamherren Bmak,N.A. DuridT.W =wh% Mr.Fkwerwe Piendern d DartnuxchCdiry MaCooney Mr. Prat ThamesC Lalmeague Mc Kaffmann y,,,y P==b= and Osd Operants W E.Olson Mr. Vearns Mr.Trausbn N dT1w Osse Maniatan Osorman ardOd Emurne Dttenan Carpaurum and The One Otrer d Amerman Telephme Mr. p N enmmer revrws rep rts d Mashstan Bank,NA and Tekgraph Canyany McOhan the Banki englowe benefs plata made by rk named fiducunes apparsed Robert R.Deuglass Fw T. Pratt,Jr. Mc h pmuant so :he Ernpkme Rauement h Osaman dThe Chase %nnen and Od Fmur= Mc thni, incre securny Act d :94. Maniertan Corporancm and 06cer d Pfua Inc. er=&sr memam i Im Canamee hO e Manhatan aank,N.A. Mr. D Hary B.h Mr CiJeman, chairman i Areer F.Rpaa OisirnaandChd Emurm Mc Dnnpas % Omemm dW Oese N d Cumeruns Engire M c han Mrs Camry Panierten Corporanan and Cm inc. Mc Terrxcuno, Mc fbente h Osse Manharian Bank, N.A. ar=6m a,dm Mc Fulkr A. Alfred Taseenen M' Amebssy ETerrama= Chasiman and Od Emurm % Omarman dThe Chase N dThe Tashman Campany,Inc. Mc Tranbn, Mc hWr, .derruar membm erubr me-rbers % %,,,g NOsse Mankstan Bank,N.A. Donald H.Transkia N mnmatee :s enewhi m> cxe,rme, Mc Burcher Renied Chsarmm and m the extere permiered by law,all the Mr. Labrecque Ws'Missa T. Cole==== jr. Orf Eaccurne N d pois,ers d rhe BM d Direaur* Mr. % Sen-1 Parmer se the isw frm Berhiehem Seed Corporma che go.,d u nur m sessam. d O'Meheny & Myers yg g Ralph E. Turd en p,auana Commmer Mc Tarmc.ano, Jane Gear Cxuria? Chairman and Od Emurm Mc Kmifrnann,chauman """O " 4" Predan d N d O=setsousM5n(s inc-N commmee is responsdde hr Chiktie6Tcirman Mshop Mc Fuguson rewrwmg the sercalarskrt d rv Mr.Kearns business d Chac Irmsrors Managernen: Janus L Fergunos Presdenr d McMx a %ramm b YA a M Oasmien of the Emurm Nman M % Mr. McArthur = red mbalary d ihe Corpora ion Carwnm d Gem! Fmds esh irnesernent snanay trne anc Cceporaxm, and % Chairman N cornmatee rmrws and makes rec. advisory furii:tzwis armi Detecur d Nhp Morns crnmendnuun m the Board concern rg Compones Inc. maar compensarum pdeces ard Nanainatier Comamicrce campmssum d oficer<brecans. Mr. Prart.chrman gg Charman and Gef Emurm AuditCounmerne Mc Cdernan N d ILH. Macy & Co,Inc. Mr. Macomber, chairrnan Mc Fergusco Robert E.Fbuer se Mr. Feguson Mc Kmtimann RenmlChairman d rk Board d Mc Fuller Mc Mxmber GeorgePacic Corporxxm Mr. Kearns Mr h I H. h W Mc McLaughhn McTrmelein Mc Butchec Preixinu d Ansaco Corporarm .,,,,ber a.dso N cornmntee es resperable kr lhard C Kanfmam8 revewwg the fwuncial cordnum d the N crynmrtee is resemble ks Raimi Piesdens d Exam Corporaxm Corporarian. ns internal corrials and emadenns and makirg reconcem ade program, the p.d.m.,- and isums e the Board reganties Derid T. Kearms trufirgs d the irwernal audir nad, and 'omres br electam anhe Board. Charman and Od Emrcuene inr actum e be rake ehereon be Board committee assagnmertes, aid N d Xata Caparzum Management. le revrws amin and n'ccessam in the cefices d Chairman d examinarian reports d per am nrJ the Roasd, Presdent, and %ce Richasd W Lymaa was and dik i% Chairmm d rhe Boant Presdas dThe R=keldier ,isors.The commswe sdeces he Fmndzum ,rdeperdmr adieors kr appantment by the Boani. 4g Owemen and Chd Easecurm N d Celanese Corpormum 7 .f L
1 muome mrms TheOmme MadustanCaryamrum malThe der '" me%r.i.MA. L ' rmsassm7 At mANnNG ChaseE m lac. Chase Memberten FurwesCorp. Chae NationalCurparzer cinemsaa arc Bens Cywryd,m 215)667-6000 New York,NY C12 552 3610 Sernces,inic. N h hm Be&,RA. Typr c(beerss TvprofSusmuss New hxt, NY GIE 9(T'44 H Eanceme Foucaerms ad Casmhg Fwases Conrmemms Machre Type dausmes MnrM NYCia5E.2222 "'8"d M"*"" M' Chase Manhanan cosenmaan 2n awl,oscuin NearMr_t %se Ob Secerames,Inc. Oh $sn Francisco,CA;dirap,ik New %sk,NY C12) 552 3842 Los Anodes, San Fnrruco,CA; yg,%,w, g,,g New %st, NY;Gesenormi,CH; 7 g Sarnkrd,CT; Boca Itamm, FL; Aslarna, gg dargen DC ij,g % GA; Saman, M A; Hadak Hegirs, % M M F55000 N Ui Osse Hrmer Morisay Corp. Seems Tending g,,,e ,a y,, g g g, """"le, N10 115N Chee Manhanas isdeural neok n=,6, NYme25s.5000 Osme TWac. ins teach Oders in Type #8mssen. Damer,CD0Q3)73El411 Mut, NY WD 4N New %sk Some Margier Bankmq 7, g g,,,,,,, I 8'EaI 58N5 One and d A'"'"* Disp,hdhrd Hils CA; Avon, O"' M ""h" I''''' Onr-l Mineurs AZ#6032484Ns CT h 6 M N""F' I"C-St.Oux,U.C.Virgm Mands l H W OEces mi Ansum Oruge Park,Ortenka, Punclas Part. Newsk, DE N WM Chase Bank dHarada,RA. 5ssamata.Tarrem,%r Pabn Semch, Chene Trem-Lda,tec. 5s.P'=ad==r FL 1813 5234180 vener Park, FL Annapobs, &ak:nume, Tyr#8mmers: Nw M+NYQ13 GS*U GImmnch OGkusin Harak Rockmbe, MD; L==gern, M A; Sakm, inrutmers Carparmian NH; Marhan Maourn,NA Facu Chase Mambanas d med BiR W Chee Bemk d Mar % mad HiRs,New %st,Scamri lammi, %reagh, CalderumsThrW: i%* g y r MD00t)5M1300 adr=.,=IO6cas m Maryiand 'h*"- g Newpart Beach,CA Serncesas ruinen 13 Bumm Chase Bma d Olsso Offx l O" I""" " - - Care Tyry Susmuss. San Francace,CA I ch m 904) 463-20 New York Conanner AnancelServices 25 gemach Onces in a,o New %:t,NY C12)730-2967 f==vartree Dura Corp On4ERSUBSDLARIES Labe (801) 363-0750 Tw c(8essness. Tinie 9mnns,Securrier Oname AccessServicesCarp, Asur Man,geme.ir Cannuner M Sances in&rmanan.immesrnss: Andysis, I an=g== MA ED) 9486g Osse Manhanam Outrsens and Seeirrm Prag Servues Typta(Aussness Ne w Yirk, NY CID 552-W Bacusec Benlang Servces Mmir Car,A ogc,s: Typon.ihamuss Nemut, DE can we0 te, Anodes,sen Franenco,CA; Og Oraderal,OH; Delias,n Typec(Dusmess Hartted CT;Oway,tL;Bossan, Unme Manhartam Capstal Edge ActCavany Tibnaipam, MA; Manneapohs, MN; Chase Manhartan Service Corp, Manhenner, NY 3 Nw Ycet C2 52-4F2 New York, NY Q12) 223J009 TypegEmmamess. 7e et ausswss: 7,p, of a,,,,, asse k Campesy leew=.a 4.,p Irmestrners Banking W hac. 08'e Octnag Offaces: Chcap,IL Q12)6634300 Hsume,Inc. L. A,gries, San Francaco,CA: Chase Mambertan Tvezaary Ca'P Tvprc(anummew Mar %sk,NY C2 44207 Oiscacp, ;L; Basson, M A; f%isddphia. New York,NY G12)5525395 %%g Type # Aussiess. PA; Hcnamon,TX; mmo Re,PR Type d Bussiess. 05ces-I on dTreamn Los Argdes, San Francuai,CA; Bosum, Osme Manhartan Finaa6:ial Omme Smuklasermannnal r,ms,r lac. M A; Nrw York, NY; Pletsburgh, m; Nnusk.DE(333 m -Im! Msmiespois,M:11612)1314006 064s: Ftmason,TX; Mehrrgnm, DC c b= Ansers, San rarwnco,CA; Type # Sisasirss-Type #assirmiess. M^i 04"- Esige Act SmiasCompany Camusner Rnanca.l Sers axs Q OMum-06cr f N Oase Manhartaa True tas Aagties,CA; Mmma,FL;
- w. Past MN U"C'p,ik Hmmon,n Quae Manhartas Financial s,n 4
o r-a Co., Se, sos Engbremod On3s, NJ New wrk,NY CIE 432-4602 h 005)em Type dfhassers: Type e/ n====a= Canamner FmancuJ 5emer. The Osse Mankartso Trius % d Hornia.R t EgupmesLesang Oh 'd* 8ML M N onse Phenix, Tucson, AZ; neserfy Hr5s, La La Angehn, San Catz, San Franenco, Nls, Lartspur, Ne port Beach, Palo Typea/ausawu CA;5:mdad,CT4I shd==i, FL; On,Tartarre, Mina Geek,CA; hon. Tne Sms Adames,CA;Omcap,IL; Fuhan, K5; Camexh, hport,CT; Boca Rason, 05ces: na== Caum, M A; Mabe4y, MO; Coral Gabits,)miscemRe, Manknd, Boca Amon,Nples.FL Pnuman,NA met Ocmee, PA; DeGm, TX Tanus, FL Ariarum,GA; TbZ,,~i, IL, RockwEe, MD, Burbnesen, M A; Cherry Hia, Pnnceson, fladerocad, Nk Tuba,M; Partland. CIL; Bah Cymryd, m; Ausna, D.ami, Fort *:arth, Housson, San Anaransi,TX Cl
WWW nedme h w c-. ,,medmOssme hh,un bank,xA. N % and A"" ASIA AND AUSTRALASIA Subsuhary and Assede Beeh " h Casayanses Aryr,rrma: B4 sum 4Chumed idumb, Cr'"*8'7-Guarn. Harg Korg,Indonesa, W Chme ManharaTradirg,5A. W Funos,GeummutGsexce. Isa m m Dua W Kores. Manspua, Paknran,T)r N 8dmmas. bdlL kBassua Ptensesi, Spann, 1s+ P61sppines, Segspase, Tarwan, Anard ne Chau hhanan Trus M Tumbr%ummed Kaylasm OsudnOsser Firurtzmans, spa. Carperson Limmed 0" N E A-8=td: P RupassamasivueOEmms Smean,5peserland, Senn: Banco Chaw hhesan LA. nisA ChaseLameng M L h'y and A"" " ra: 1shaEar7 and Amaa-Ranks E*' Chau Manhartan Bank d Cansde Chane MP Bank Limaal Omme Trade Finere, LaL Cav= san tstads: w Chase Mannatan Trust Carman Lat Osme Mesannan !L*dt h Lunned (Austrud A.G MN N AND ANCA Chdr. OimmeP h F M h (Horg Korg LAL Osue ManhamnW Markers 34imar: Osse % de C_ .iA 2% lury Camer, Chase Manharan Irnesrmes Servres W Lunamb OsmuusfIslande Ubenn (Hrsg Kong) Lat Panmaa: ] Omme Bad and Tnur Ca Wh Chase Manhurtan1nne Osaw mwmeru Bank (Panamaj,iA i l IC.LLLal Egypt,Nyne Cumsnmy(Horg KarW Lal Peerso Asco: Amsur: J,,, Chase Manhatan Capaal Markets A-= % Omne Madurtar:,iA. Chase Manhurtan Tnnr and Bankug Corporumn d Pheno Rrn Garemmar Osse Bank Caruroan,iA. Cornpany @ M Subsmhary and A--Conspsues l.M Secues 3,,,g, OmmBank,A.C6 gy. Mdawan. Durnbumions de hulos E %knes i '"Y The Onne hvad Bank @ Amaruh Ouse Mecharu Bark Motmimms Lar Brasiero,5 A. i Osme h kran Bank ME. alA Nyna: Lar Mio Adrmnrstraca n, & N.d.. ' Conruierwal Modunni Bank E Semaus,iA N'd"I'adne W RV Nigens Ummed M MM tra6.ng L.ar Snelaro,SA. W kindr Ansbea: "'T ned A = r-- Osse Manharte Bank TheSmahlineamer Bank ladmesaa. Fnamn tar Snennro,iA. ] (Naragr) A.i P.T. Chase Lwns indoneca Canadr. Repsdiir a(im&und: J.apan: Chae Manhartan LeasngCanzia Ltd. Omme Bank d=fard Lai Chec.c Leanng Ospan) Lat / Spur: One Medmetan Bank Egsu M WESTER N HEMriPHERE - Omme Aruxarnerno Beasednes I" "'"" M Aryrmru,he Bahann, Cayman idends,Chde, Dun ns:en Agutde, Omme Mankstan Bank Paname, Puern, Rro, $e. M annen, Lli Deumkuu0 and Brwesh Wgen Idads Und'd KW: em ogge, One h Bank Lal Brara.C4rnban. Ecuador, Mexro, O'er Madurian E,mus tal % g,,,14 Omme Manharian Furuses A1L)Lal l Omme Maihertan Gdrs Lal ' l Our Manhanan sa:unnes l Lasne MiBxvdr Oersey) Less Bank Lantand j l 4 .1 ) I ll 81 l
$ rh ANNUE MEETING in tir plan. By eudling in the pbn, conunon snodhakkrs wah til The amend nerung d C. dThe Chase ManhumanCorpom. asistne nur: Puxhmse Onse ccznnon acck amm ud be hdd a 2J0 pmL om % Apri 21,ir the amiinorsam a 5% bekar Caneru Maka Pnce em depound Goar dOne Chase by armenng all or part d thnr W Ptsen, New %rk Cay N behme akinrrul shms a the oneER1Dostn Curma Marka Pnce wwh cynonal The sensal eport fBal wuh de amh dgoats;and Incur ns lee cr cornrnsson cows Saannars and Wh em on Funn BK,the anmal
- Ph For talldetals, wne m inesrur apart dOimme huesmas Mansy.
Rdarrnu,The Ouse Manhs:an muun Carpassnan New %rk, Bank,NA,One Chase Manhartan nummds desenhensOisse's cor. Plura,New York,New %rt 10081. l pause mpansMiry psoyams and i dennaue h,g The idephre number dThe l' aecuose speeches on ames d Chase Manbretan Corporamm n (212) 552 " " wag uernaturiale s ase sM walnut chug upon nAma AcmT wruun senpaes so the PuNr Aiur Dmmuni,& disse Manhartsi The Chase Manhattan Bank, N.A. Ccrpaarrri,One Chase Manhartan "EC88"A " Plsen, New York,New Yark 10081. Ikard Scares Trust Cunpary d tuvirEND REINVESTMEvr New York AND STOCK FURCHASE Pt.AN The Chase Manhatan Ccrpo. As d the Ftiruary 15,1987, arian Common Senck is oEc ally dmdend,113% d Chane's corn. listed m the Ukmrg ek man MhnL6 were partripenng achangs The New York Stock Exl ang DmvMnrf Saxk Erhang Frankfurt kock Exchang Pans Saxk Erhang The Sodc Exhans,ilmkm Tokyo Saxk Echang The New York Stock Erhang/ ndrer symbols br stock d The Chae Manhartan Corporaxm a as bibes: CMB Cornrnon) CMB Pr B(Scres B Pndened) CMB Pr C(SenesC Pdened) CMB Pr D(Senes D PMened' CMB Pr E(Smes E Prefernd) CMB Pr F(Senes F Pmened) 22. EJO
& & glRat ~ - t 1 A L. ,V .i (((. 1 L ~ WW 2-9ct99-(. $y 'Ild psyg 8 t[f R,p9jm\\. hp sacuazTzts Ano rxen uca co mrSstos .t .j washington, D.C. 20549 h 4 L1 g'c b h g J [M roam 10-0 my i AUG 1 7 $87 o e:A g N h' [d. QUARTERLY REPORT UNDER SECTION 13 OR 15(D 9 /* L i .h;,M p'[- n;J , e fc..,y k -j s s T:.% or THE SECURITIF.S EXCEANGE ACT OF 1934 v L. E IN aM s E,' > ? m/ 411 ~a ?N. ror Quarter Ended: June 30, 1987 Conesission file ownber 1 5945 D ag c-4 {;,5 W.h ,j Tmt r'wur MANHATTAN CORPORATION (Exact name of registrant as specified in its charter) p? u
- J i
'? d ??ff s < W (*. ,i Delaware 13.2633613 [.y - 'j (State or other jurisdiction of (I.R.S. F.mployer u nej. incorporation or organization) Identification No.) f.'-f'.;'L -t (G O.' 'W*%t '5 Ley 9 ;;gt .' y 1 chase Mar.hattan Plaza, New York, New York 10081 r Q E '/]4 (Address of principal executive offices) (Zip Code) h.if," $TNf43 b '70. d5 f212) 552.2122 , ;.y.t{. (Registrant's telephone number, incleding area code) g.p'. c e.},.1_ b', H .,Trggfj D9.,f *.Tgfi ' TM Indicate by check mark vbether the registrant (1) has flied all reports I A.'IY3 d required to be filed by Section 13 or 15(d) of the Securities Exchange Act of .&D jj 1934 during the preceding 12 months (or foi such shorter period that the {-N ; 3{ registrant was required to file such reports), and (2) has been subject to . s;-c g ^ I' such filing requirements for the past 90 days. Yes 1,. No y 1 3 *g%j ... J4 pf The number of shares outstanding of the registrant's common stock (par value h.y. + L'd $12.50 per share) was 82,312,863 at June 30, 1987
- a. SM
., : wm. Exhibit Indes 1.ocated on Page 37. e <4 w 2,* am l-g ,-W p. Q ,4 y,,.f %y n h pM (,v. ;)[ +.' , sy. t'i Wis.s -) %. Q'.,
- W- ',w%lA I.-
b ;,W, 6 57. m n' e b A[,, hnN 3l.' &.s p% s.:. Li 7 nlglh: Q *. , nneny ym.m'snm n,g ~g g g g gp%g g;g g g gjpg .m g 3.y ; n. g~n.k. a 49L & h ~'d/K q'x' n w e Xmmgyp ygg, gg.ym .c 1 e av 7 .,.. n n..~ ~'e.., L ~. u' .v' 2 >> w %=& u ' ~ ' ' ~ ..._,m,m
r .e.. r-v p ...r - - ---~~;. ~; N s 2 I 12 TAntz or cowTrtrrs [ I v 9.h. f. n Page l m ( e PART !. - FINANCIAL INFORMA.!!ON f 3r - item 1. FINANCIAL STATEMENTS: 3 The Chase Manhattan Corporation and Subsidiaries: Consolidated Statement of Condition as of June 30, 1987, December 31, 1986 and June 30, 1986 4 E,- Consolidated Statement of Income for the quarter P' and six months ended June 30, 1987 and 1986 5 ~ h Statement of Changes in Conunon Stockholders
- Equity h
g p for the six months ended June 30, 1987 and 1986 6 e. fi' Consolidated Statement of Changes in Financial Position '*9 i. for the six months ended June 30, 1987 and 1986 7 M' 7 Notes to Consolidated Financial Statements 8 N'ET/* ~' f -$ g k Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 'b4 h CONDITION AND RESULTS OF OPERATIONS 9 QE y 4 l{ Comparative Financial Information .f$ 4 , t.A[ g p@, j Financial Ratios 27 . @Y.,. p i,.s Stockholder Data 28 g ?E Q{.a 4' The Chase Manhattan Corporation (Company Only) Balance Sheet 29 p The Chase Manhattan Bank, N.A. and Subsidiaries Consolidated [' 'j ' W statement of Condition 30 i I, Average Balances, Interest and Average Rates - Tazable Equivalent .w 31 = - Consolidated Average Loan Balances 33 ~ fU Conso11 dated Analysis of Credit Loss Experience 33 ^ runds Borrowed 34 i I h Long-Term Notes and Debentures 35 ? *. f,;t Consolidated Statement of Income (Five Quarters) 36 'l A ' <.g ~ lL. b PART !!.. OTHER INFORMATION ^ p ? I Item 4. SUBMISSION Or MATTERS TO A VOTE OF SECURITY HOLDERS 37
- , y(
i i p Item 6. EXHIBITS AND REPORTS ON FORM 8.K ?.. ry .,q , rt ' f' 5.4 $g .%g -- g \\r SIGNATURE r f; 39 /' u i 4l%. ~ :'3t
- ?,yeg
,fs 'iy ) EXHIBITS . O y,. i 40
- .m,g$
ga; WE.M.4::. E ..c g [ $N ~h f we... m e.n.,. r.. n:., e. pa. c.m* 1. n.. .Q&w+%nc' wa,a. ona,I'?ew a m,w. m,u n ,. 3 VfN.lly. y : [* D *'7 - A w % *<.,.
- e.. w
- $d}yy[plGY4. ~ }k[ h.i mg,w..,
- fEh;n<. fi) n[.I ' fy..
h.(S d't,M e.h l v ty 4 r
- ?Y %.b,%
? p N [. d [ 'k 4 .,D[ Thl' 3f m; e. NANE' g _k,.i;k;;q wg cn: m. o r , OU r ;. ._.. a. f o. N Z ANNr m-fMI E..
.y v. ^~ ~ a... 3 5 ? 4 ~ 4r" a I - PA.RT I. . PTMAN.CIAL INFQEMAT12t! E m L h .I.M Item 1. Finanelal Statements ld 5 b n.3 The Consolidated Statement of Condition of The Chase Manhattan 21,M Corporation (the " Company") and its subsidiaries (the " Corporation" or ][? 7(qf " Chase") as of June 30, 1987, December 31, 1986, and June 30, 1986, the j!. } Consolidated Statement of Income for the quarters ended June 30, 1987 and L. W 1986 and the six months ended June 30, 1987 and 1986, the Statement of f Y, f k Changes in Common Stockholders
- Equity for the six months ended June 30,
/> A. 1987 and 1986, and tao Consolidated Statement of Changes in Financial M. Position for the six months ended June 30, 1987 and 198C, are set forth on f q the following pages. .?/M< b5 b. The interim consolidated financial statements are unaudited. However, 4 .k* in the opinion of Management, all adjustments, conalsting only of normal recurring accruals, necessary for the fair presentation of the financial / ) g position, results of operations and changes in financial position for such
- (.,
periode have been made. g i Y: g _Q j Certain amounts in prior periods have been reclassified to conform to \\
- y y%
^ the current presentation. ),. e... - .rQ8 ~ l] -
- y n.
9.p. ' **;~'v. , m-es ' .+ sQ.f Y, i-w ,f .lE*d M I'k 4' M' , p' e;- g,. .,[ ' j. e' v. 6'; ri. i
- ;7
%g(g.s. j s, A. w s .\\ ?
- ?,>.
~ k c: A 'Q7.. p t. 4: l.s r..... i' .L T i i V M 1 i u ~ >t N
- >h 8
N Ms 4 -r 5.,c ' q-e 2 4],p,g..j9.I' pg$pgqggy}{h gy$d*f,g c g, ,}p%w g; s; pe pg x m. w%~ a n e. w. j e. w y# y #..%, <4' nycen;ma%r.nffg }'#r yh , u ./ .me g 2 ..~4 4wg - Sigl}jQq.v. <. : n Q: _y; v Q.g,.fff}$ygg;y
- q T
g l .m m.w p~,%w p=w.#m *.4 W,. #,xw Aww. xwum ~- / _;*'~'_ _ _ -
.. g. -.;e 4 * " ' ' 'y \\ v s w / - I C 1
- 4. '
f e Chase Manhattan forceration and subsidiaries 4 B. S g CONSOLIDATED STAftMENT OF CON 0!fl0N M,)4 June 30, December 31, June 30. [1 in thoutands) 19?? 1986 1926 h*af Assets hM Cash and Due from 8anks $ 6,345,493 $ 6,188.595 $ 5.768.772 i ... E
- .G interest-8 earing Deposits Placed with Banns 6.866,534 6.229,345 5,740,327 D
) pd reeerai r nds sod and Securtises Purchased under assaie u M A reements 1.354,727 909.227 1.708,125 O 9 'g 1racin9 Account Assets 3.203.865 2.567.621 1,393,271 + .9 investment Securities: -D u.5. Treasury secur ties 2,638,442 1.525,497 1.704.f>S8 b;' 8 ,, a Federal Agency $ecurities 46.644 29,065 138.961 ) 'T 6% 5 tate and Political Subdivision securities 1.865.407 2.058.050 2,249,320 p 3 t ~ Other Bonds, Notes a id Debentures 1,841.937 1,933.537 1,456,879 g- _ Federal Reserve 8a t and other Stock favestments 183.4s0 164.!95 191.514 yM. 1 5 feta inw.siment Servrities <tstimated marnei vaiu. of f ,7 l h $6.500,000. $5,825,000 and $5,779,000. Respectively) 6.575,880 5.710.744 5,703,332 M. d *- toans 68.402,577 66,219,546 63,021.791 --s lets: Pete*ve for Pettible tradit totiet 2.712.007 1.064.764 9M.Q Loans. Net 65,669,670 65.154.782 62,065.932 O (estomers' Lisbt11ty on Acceptances 1,870,340 2.618.745 2,774,763 Accrued Interest Receivable 998,554 946,458 962,171 k. 4 M Premises and Equipment 1,213.225 1,177,109 1,028.444 't* Y ) Other Assets 4.761.797 1.261.199 3.4M.247 U') ben 1 Atteet 198 #60 07a 104 ?fs.815 100 fie ?!4 h,.'9 Liabilities and Stockholders' Equity ]O j Domestic Offices: y j Deposits: t 1 ,h),y, %g .f r y Naninterest-8 earing $14,247,533 $1$,842,631 $13,647.118 .d Interest 8earin9 19,252,364 20,246,456 19,578.574 pg g Yq Overseas Offices: h Ncnintsrest-8earin9 2,450,500 2,437.843 2,119.197 w, w h9 [Q}/$ i f et eret t-eea riaa St.cso.cas 27.47s.914 27.487.410 ] .5 Total Deposits v t' 1 67,001.342 66,002.844 62,832,319 ,
- I=
5 federal Funds Purchased and Securities $21d U.sder Repurchase ' R NM i d Agreements 6,388,171 5,405,098 5,112.119 ' 5N ,( ] Commercial Paper 3,616,948 3,049.891 3,268.663 IMS7 Other Borrowed Noney 5,f89,529 5,007,622 4,586,055 .'idt'Y .e g Acceptances outstanding 1.897,193 2,653.283 2,782.851 3 p'[h.h ' ~ ~ c" Accrued Interest Payable 804,165 677,988 657.689 g p' $ acesuate Pavable. Acerued freenset and other liabilities 6.701.413 4.1?5.767 3.808.711 33g 91,098,761 86,952.493 83,048,409
- ' D,'Mf Leno-ferm Notes and Debentures 4.153.138 2.969.287
- 2. t ad.739 y W*#
- 7etal liabilities 99.2E2 099 29.821.880 M.893.148 7.h wJ r.A
~ Preferred Stock (without Par value-Authorised Shares of 50,000,000) -r i pt Redeemable Preferred Stock! ,y j .M 616,379 Shares outstandin9 61,638 61,638 61,638 P J'. [ Nonredeemable Preferred Stock: M 12.039,737 Shares outstanding 601,987 601,987 601,987 % y.- kiU Cosmon 5 stockholders' County: i 6.$U.d ( I Cmnon Stock (Par Value $12.50 Per Share): s*& (* sno/87 _ _.12/31/ 1 6M0/e6 .].43 s] 4 Authertsed Sha os 250,000.000 250,000,000 250,000.000 .YF - 2 Outstanding Shares 82,312,863 80,843.953 79,737,922 1,028,911 1,010.549 996,724 T.* t. p Surpius 387.012 352.584 327,133 ,$y
- 4. 'D,.,1
,'?,K Forel n tachange translation Adjustments (23,469) (23,'24) (24,687) 9 N "? Retained farninet 1.M1.297 2.940.901 2.754.441 j f atal cemen Stock % elders' f aui ty 2.944.351 4.280.310 4.053.611 t - h ',E a fetal tiabilitise mad steekketeers' feuttv 198.960 071 tod.7M tie. 190 610 Mid , ;% m. l { h = ' Wll.f l- {y 7he acces9anying notes are an {ntegral part of the finanelat statements. ^ W 6M M SGTpW M 'W % f.S$ 978 M T M kh3SN ' 2 AM:mg% m@m@MQ W 1 %#&p%g5 9 Mfgl kM MMQ 36 $sw.MMi2M w a w, m$ 3 % m $ z $a. m*; m a smm m m w%w'.wuw yx x n4;g%mwa c rl..,;l; p. e wwa m;# ^# ", w f
- ' N y; 2-Ap,]p 2, :.M.x L
w_ n.m.c:$&%$N'E5DY+W'OC $U* WSSW ^ ~~m
m > > .m> ~." " '
- M W
5 a The Chese w vsattan *areoratte ano sassitaries a C36%,IDaftD SfafDOff IF DCDE \\ s' Ove ** e. o are 9a
- , -ya.w t a. kn, sa y"pe f t in t%vsoms, esecot per eme snare Sata)
L Inurnt Feme -'"d y; p-Interest ano eas on Loans ,c r 3 1, g *s, ptg 31,sej,,ea gsg,',US 1 '. 02JM x'I Interest on Deposits Placef eith Baews
- 9 3a5 12a,910 32a,'
- 'a 240,228 interest sno 01vnevnes on Inventaent Securities:
r Interest wwu.5, f reasury Securit;es y,S' E 3 .7,522 al,872 35,471 61 paa k Doersi a9enCV 5ecuritaes 86S S,36S 1,74 ) 1a,a39 T@- g't State ano po11tacal Seoivisim Securities Eneset p f tram Feorral Ine:pe Tames 34,924 41,7?8 70,931 ' 69,010 4,i' ' f ~ t Diner Beres, ' dotes and DeDentures i 96,347 32,197 130,060 132,899 Dinoems es Norrel 4* serve Ra'* ano 9tner Stoe= 1mestawrets ?,6R9 ?.938 5,0?5 4,N G.h F .~;,)67 la 3Ja ny,.c;
- c9,a4 sob ;g,,. j Interest on searral Furus 5010 and Securities pure *eseo thoer E*
9etale agreements i a7,60$
- 3,a09 82.966 72,6*a 3 JU
'y Interest on traeine Menet assets ao,3an ??, la t - Sa, sal so,1;a 4' 4,, ataa m'erest ac ne Interest Laponse - :,v, m
- ,er..o i
.,;v i,. a ., aa,3s1 .s~ Deposits f I pe0.774 832,055 1,825,266 1,791,718 1 Feoeral Feos purenssed ano Securities Scad Lrcer Repurcnase J)c '.h. ) acrossents = 193 aS2 90,12S 326,6M 259,24a Camarcial Pacer 61,631 Sa,16a 115,666 111,308 -f \\ Other 6orrowoo aerey 260,710 100,632 421,376 276,177 . %.%.A t-Lono fet* *etes and Oeoeatures t', ?na 62,623 lie,Me 126,044 .C'((g B.al Pterest Lapease 6.hB,5 3 ;,,1 7,3 **
- ,5; E6
- , Ms. ;N
.8,,- tert Interest Inctus 7 K,684 739,6sa i,a .. 36,J36 a Mi d. Novt s t e 'er sesstele ?recit Losses 1 ??* 005 135.000 1.890,03'. 299.000 1# Iet Interest Inctum Ross) arter ProvLsion For %ssicle crecit usses t re,116 ) 63a 88. (a 16.1'.6
- .'3. 3 %
$1i g, s g Utmer operaung mcces Fees arus Comissions 4, I)2,aS7 202,913 616,64a $24,493 f,. J ' -- J N Foreign Esemange fratlin0 Detme 60,799 62,6 M 117,94a 123,113 W." w% fracino account *rorita (Losses) (11.318) 9,25S Ja,732 31,a28 b* Investment Securities Gains (Losses) 12,953 46,377 49,133 66,781 Otner Ivese %*y 2 ?l,4?? a?.0sa a6.an 56,139
- Wg, P
,N 7 sea ;tner socratam ;nc m 0 ela.n> 8.6n 6 z.ns s:1,9% 5DiiiT opersuno caowwes .i A p/.k'f+ e salaries and teoloyee Beneritst Mj'r T Q.-p"Q.dg T, salaries M7,083 322,500 72a,676 6al,$69 Emlovee 4enefits e1.211 10s,996 192. a ll 21a 361 ' /d e.,,,,, asa,,:va o n,. 76 pu,,,s i un f set occmancy 63,650 77,187 169,196 la8,3a9 ' '* jy ~~',*M 9. Cautausat mentals, Oecreciatie ano a6atetenance 75, ??9 70,? f? 1M,316 136,634 -3; Orner tunenses ??e,913 29s,961 ea s,150 asa Mal W Total 3tner acerataM Esanases 3.T. na r >=.. a i.w. a v 1.o-,577 AAA
- y Wisne Lassi 6er re ames o
u...; n7) Iit,la6 u,;6;, v iv ) a 3 7...a
- '.M.4 4
( anollenete 16enes f a=es f eenefits) f ??.010)
- 1.171 11,?'#
1a? 961 F e.,t me== um i.. ' _ _ 1
- o L- ~s
-.c "'.M[.,%,
- %F j
% t ac.=.. m s..f ac atar t o asser 5 t n 5 1 11 - ? 2 's average.,na:es Atstancsy 6.,96),na 7'1,306,4 0 6..a32.dae 78,m.m t. r f [arnings U,.oss) per Conson Share: %:sd-Primary, sates e average pares outstawing (16.9s) $ 1,65 5 (15,94) S 3.29 " "* 5%rh -'J. aswiao e 11 Otistica S (16M91 l L60 ( 15.'a t 1 3.71 u n, -. -a m m,, - m i s s - s ~ AiQ
- ,,.Q The accmoanynag notes are an integral cart or the financial statenients.
Id,k.;M,w@ f W .s ? ,.y .: } 't - ,J. .a ? -I.h u. 4,., ,,k' [ 5* ....s K; / e et sM r a ".i=
- ' 9:DY. t(
n f a Q W i%d .q; (* 1 N $x [ "i"My e W w, - de lq%>. wW b" v. h .WW.k :y" l i s s,Q hhm: x~wh N fh$hh m._ m:<s,.g'g: h w w e, .v>e..,o. m . y,,,9 - .?- ~~ w mc:wyus n.w. x,, ~ m . 4 , r o.q,,:, e,4, idJ v h,-d fe N - * - - G ..A 1 '2 U' ' d
,i, ', - r
- v...
'-E- { f i 6 ( *; _M 4 K s. f ? h The Chase Manhattan Corporation and Subsidiaries and g}g"(. pl ~ Q i g e Phane >'anhattan corceration (comenny Onivi p i ' go tip'rik d STATDGAfT OF CRANGES IN C0ppe0W STOCKHOLDERS
- EQUITY cd,. -
st y Kim Months Ended June 30. !.- n 4\\l -Q ) k+.Nh f it Ir thousands) 1987 1996 Common Stock h(j }.?/P ' 1.3 % l '[ Balance at Beginning of Period (80,843,953 5 g%g/ Shares and 77,157,724 Shares, prospectively) 51,010,549 5 964,472 Conversion of Capital Notes and g j y. ~ [ Debentures (155,528 Shares and 1,393,816 c - 9a Shares, Respectively) 1,944 17,423 Esercise of Stock Cptions (58,701 Shares and ? 183,600 Shares, respectively) 734 2,295 +;;.. M Shares issued Pursuant to Dividend Reinvestment i I Plan (807,500 Shares and 545,486 Shares, Respectively) 10,094 7,318 - Q 7 m Shares Issued Pursuant to Floating Rate y !pq i. Subordinated Notes Due 1996 (447,181 Shares and .{$ 417.296 Ehnees. Rennectivalvl E.590 8.216 .f [4 Balance at Ene of Period (82,312,863 Shares and TG[,Q:.j; i n 79.727.922 Efsres. Pesometiveivl 1.029.911 996.724 Surplus Wy ? 3 p Balance at Beginning of Period 352,584 276,288 , hg s Conversion of capital Notes sad Debentures 2,627 22,279 (*j ryg as
- m Esercise of Stock Options 1,209 1,843
[O,qyvp', k i Shares !ssued Pursuant to Dividend Reinvestment Plan 19,187 14,844 y Shares Issued Pursuant to Floating Rate Subordinate k*J, f L Matma Due 1996 11.50s 11.879 ' ' ""),~ g?.q +,M gp] p Balance at End of Perled 387.012 327.133 Foreign Eschange Translation Adjustments i
- > i L
Balance at Beginning of Period (23,724) (22,265)
- [p$]g[
Aqqregate Translation Cein (Loss) After g,^ g',k' g.p Applicable Income 7ames (Benefits) of S(13,945) and W "je F Rf17.398). Peseectivelv 255 f2.422) ~~J O Ealance at End ef Perled f23.469) (24.687) U'[ [ Betalaed Barninga M balance at Beginning of Period, 2,940,901 2,576,654
- ia5 - I-I Het Income (Loss)
(1,274,277) 289,459 h[ W? f Cash DivMands Declared Rodeomable Preferred Stock (2,216) (2,216) fmy i Nontedeemble Preferred Stock (24,676) (29,087) "J-j,J.yy - commen Etock (a7.835) (80.369) &g [ Balmnee e(End of Perled 1.651.897 7.754.(11 d' torni ra-n renrkhniderne rente, 12.94c.3s1 24.0s3.611
- .fp 'g'r
\\. / 7 The accompanying notes are an integral part of the financial statemeats. N.J. e_ Q,s,.'Q. " p W % R l h'(' Id: ( $/ + e[ - i [A 41 o W s 19 m V 's f % : M M W W l %l g g &g $ MMM8 y4Qggfg g 2mmamamhm, n
u- +. 7 ~ R H 7 e The mese Mannattan Corporation and Subsidiaries CDt50.1 DATED STAfDOff (F CHANGC51N FINAPCIAL POSITION P' h, Sin Montns Cnard gg (s in thousaN s) kne 10. .c/ .ys6 [{j F W s Provioed Net income (Loss) $(1,214,277) 5 269.459 .. [ Add (Deict) noncasm items included in Net Income: 0 ' Amortization cf Goodwill and intannicle Assets 20,143 la,189 Depreciation and Anceti. ration of Premises and Casimment 100JK32 61,289 ... h ( Provision for Possible Credit Losses 1,890,0(X) 263,000 M[f ,T' T Asert12ation of Disc *xeit on Long-Term Notes and Other Borrowed axeiey 6.754 5,466 .QM ^ Defertes Inecme f ares (Berefits) (1a0,902) 32,577 C..- Fm os Previoed from Operations 1ssuance of
- 4,I4J 667,900
- b Connon Stoen M #
52,790 s3,097 [ $ 3/a5 Notes Ne 1990 7 3/05 Notes Due 1994 250,000 81/25 etes Due 1996 248,750 4 4 248,996 7 7/a5 *ctes Due 1997 Floating Rate Renewaele Notes 249,750 105 54ordinated Notes Due 1999 250,000 ~ 274,313 4 Foreign Cacnange Translation Adjustments 255 3 7-Increases ing r ceposits ./ 99e,afo 1,4t9,270 Federal reds Purchased and Securities 501d trider Connercial Paper 963,073 900,126 }" *$ Recurchese Agreements 567 037 Other Borrowed woney 4-?H 4 181,617 Accrued Interest Pay: Die 126,177 'M R ( Accomts PayaDie, Accrued Capenses and Other LlaDilities 1,686,548 493,961 Student Loan Narweting Association Borrowings 500,000 Other Long-Tern Notes and Decentures e. 5 Decreases int 100,545 27,990 M 1.g g Investment Securities s.7%0 83 4.+ Accrued Interest ReceivaDie 419,060 Mk/ d ~ 64,815 n. Otner-Net 84,$$$ 66,677 ..y,4.g.">*g,yY.j Tetal
- e s s'r m ac s 7.a 5. Bas s ame.In i(
Funds Useo g-Cash Dividends Declared: D*y medeemanie Preferred Stock 2,216 2,216 honredeemaele Preferred Stock gggQ'g r 4 Connon Stoew 24 676 29,057 w.:U CC ' 67,635 60,369 L U' 1r W ' '.,'1 '. '. Ceiversion of Capital Notes and Debentures into Connon Stock 4,471 39,704 Retironent of Capital Notes (8 3/at Due 1966) . T ~.'A ' 8" tov 2tX),000 Recurenase of 4.705 Capital Notes Due 1989 $,' ".'y."J 361 Recurenase of 7 3/81 Notes Que 1994 V h-91,6:X) i Defeasance of Capital Notes (4.631 Que 1990) 3,633 {g.[s.g,e -. , f Fore 17) Cachange Translation Adjustments 2,422 Increases int Casn and Due from Bam s + 156,896 19a,717 4 2.. - Interest-Bearing Deposits Placed eitn Bams 637,189 1,060,27 8 NjP Federal Funos 5010 and Securities purchased irider Resale Agreements m,. g g 44S.500 533,754 A. g 7, frading Account Assets Investment Securities 636,244 46,776 ,LdN*j 965,136 f+ c[f d+ 4, p Loans, Before Charge-Offs 2,a97,126 1,775,091 r.,y " :.,'. f. 3 Accrued Interest Receivanle 52,096 p-Premises and CQuipment Other Assets 136,118 196,153 y lM ft-a 1,518,741 a66,247 l Decreases int i O % h'i k.d l Conmercial Paper 214,638 86,055 s.h.f yt... ( Other Borrowed woney Acerued Interest Payaole
- g Tet al rfm me 11.777
( Niri %- s' ur.9.n 1 a.5% IN m.O ) The accompanying notes are an integral part of the financial statements. ] s m ~ L n'y N.w .MdA ( '.14;N,m { i l bhl[ r 4,.Md @* *y, - A ., y n, ~,. 3.7 _, n.,,. w.,;..,. x.y,. w 4. m m,. g a.,,,.e a,g,.- ,u b_ _k O b[ s. N mes.x_h.. L / .m ._3 N.u ; 5.'N w k w;.b. Y* Y '. 8 0 N A S W__N'- ^ " ^*
,e,,,. w . ~ ' .n ' ~ j 4 . >.. = + B The t'hann M*=hattan careeration and subsidiaries ,\\ NOTES TO CONSOLIDATED FINANCIAL STATDENTS h Note 1. Special Addittom to Reserve for Possible Credit Losses The results for the quarter and six months ended June 30, 1987 reflect the impact of the previously announced second quarter special addition of $1.6 billica to the reserve for possible credit losses. The $1.6 billion increase in the reserve for possible credit losses was made as a result of the Corporation's skaged view of worldwide economic conditions and the difficulties being encountered in the structural adjustment process by the highly indebted developing countries ("retir.ancing countries"), as evidenced, among other things, by the recent restructuring / rescheduling agreements entered into by the international banking community and such countries. The recent action of Brasil in suspending payment of interest on certain cross-border outstanding, the continuing failure of Brasil to adopt a y meaningful economic plan and the action by a major bank holding company to increase its reserve for possible credit losses were significant factors taken Into account by the Corporation in deciding to make the special addition to f the reserve. Management v111 continue to evaluate developments concerning the ( resolution of payment problems experienced by the refinancing countries and l: the possible impact of such developments on the Corporation's financial condition. j }' ~$ Note 2. Other Arsets/Other Liabilities Jj JA .,,7@) g other Assets and Other Liabilities at June 30, 1987 included Due for p Securities Sold of $1,347,511,000 and Due for Securities Bought of r $1,617,641,000, respectively. a .,e T-1, 1 ?) w >~y [. t y M 1;) X p .:4 TY: j A%, t Y ..a W k j '1 q;;g d.g;Uq.e, t6 N-. h "'. i a. 4 .g t sp, .Q %..y;Y. a mx g g ;g gy g y.n m.f gg nw en gg;p&qgglPM gp3.$p ;mn%,@ 'gpy%y.; r .7 g
- j g
Gyr %, y g+., \\ ~ . h.." } '.. L,'? p. *. 5 y'.]),, &;, l; 4 ), c
- f*
' ' %f ' D Jy %~., ' h l, U:YE2 ' - ' ,*'E*M L Y$ N_ *YMN 'W " ,p s ep. i
p. r .. ~ -w---'==---~-" 1 ~ - ~ ~ - - - - - I l l 9 S# e-W* ,t it ' jps u 9s .W .L NAMAGEMENT'S DISCUSSION AND ANALYSIS OF 9C k FINANCIA' C0 EDITION AND RESULTS OF OPERATIONS 'li, ;st ,I 'f, r... kd.. ~
- ? :* a IMDEI 9
,:V e ? \\ Not Income (Loss) 10 [ Not Interest Income 11 l' Capital and Liquidity Management 14 Provision and Reserve for Possible Cradit Losses 16 Risk Elements: .h Nonaccrual, Reduced Rate and Past Due outstanding 18 j{r. Country Risk. 19 k.i-i 5 f, Other Operating Income 24 nC,4 '$ other operating Espenses 25 'I fh [ Provision for Income Taxes (Benefits) 25 yph;, Other Matters 26 .. NjdN4,4: MAQ 5 c. 'f' u Is 1 L m r e w e dd$ QtM.c - v. pV 'E m iD 'i %.? W ma-);,.5!h. [n$y;[d$_a$.y. _b ~t,_,
- hpi' y.
> > x, n n e .s l.' [15Olul$... f yh ullYN...s,.$h..?42NM=* jr, z WNn "D 0 uhdl$
.m y - \\ E: 1 h v Y t 10 3 i v ~~ Jtem 2. MA&&Statat's Digggggion and Anglvsis of m Financigi Cor dition and Results of Ooerations Fet fneoma fless) o.% g t 6d For the second quarter of 1987, Chase incurred a consolidated net f loss of $1.4 billion, or $16.98 per common share, compared with Qh.y (J'gg consolidated not income of $146 million, or $1.65 per common share, for t-the second quarter of 1986. The results for the second quarter of 1987 reflect the impact of the 'P special eftalties ("special addition") of $1.6 billion to the reseryn for Possible credit losses. This special addition was made in li2ht of recent {4p developments pertaining to the debt situation of refinancing contries. W i Excluding the impact of the spechl addition, second quarter 1987 I consolidated not locome would have been $122 million, or $1.31 per common (" e share, compared with consolidated not income of $146 million, or $1.65 per 44 common share, for the second quarter of 1986. The conticulug nonaccrual status of medium. and long. term cross border outstanding to borrowers in g Brasil and Ecuador reduced second quarter 1987 net income by approximately r $30 million. Second quarter 1987 other operating income benefited frc.m a d,. higher level of fee and commission income of f set by lower levels of other d components of other operating income. Operating expenses for the second h@ quarter of 1987, which included the impact of recently acquired companies, ,,f a, 4 ' increased by less than 2% over the second quarter of 1986. g { k.g h n.. a L.w. Earnings Summary .2 .,.y Seeend Ouarter M,fonths 74./; 7 f2 in mil 11ees) 1987 1986 1987 1986 ,EM%0, 7' Het Interest Income 3 751 8 740 8 1,472 $1,468 v[4 Provlsion for Possible Credit Losses 1,730 135 1,890 265 Other Operatlng incomes > <'.. w? j Fees and Commissions 332 283 619 524 ) All other 85 165 224 298 '<a Dther.0eeratino heennes e48 834 1.688 1.eot f',f*I Income (Loss) Before Taxes (1,410) 219 (1,263) 417 4-Acelleable_ Income tages (Bgnefits) f32) 13 11 14?
- d Fet fe m e flers) fft.178) 1 146 ff1.774) 1 ??4
' ' g; 7 M [- 7 .ce: For the first sis months of 1987, Chase incurred a consolidated not F. ? *- loss of $1.3 billion or $15.94 per common share. Excluding the special l addition, sis months consolidated not income would have been $226 million, n.. g$# or $2.43 per common share, compared with net income of $289 million, or J. $3.28 por common share, for the first six months of last year. The N',[g nonaccrual status of cross-border outstanding to borrowers in Brasil and Ecuacor adversely impacted six months 1987 not income by approximately $66 ). '.3 g
- M s
million. L. w 4 4 a - G.&g Q 4 9 s~. i g, .n.,., npf 3 4. n.. a..js. m%.s ,u ~..~ . n.r c ..a. gg w ... c. ~ ymy ,.s. ,p, fe.;,n # y . u, m y 4Y.K;%e.f[g;g yOM,. u.,'T. n c.,- ig ? a y ,. a 'W 4wMTy *Ni . cifl 9 )'
- /;t.. f
. x ;$ f : a ? h W,;4. y ?.z/.4 n.,4 N N i 3 %,fbU. j; 3 +ff I' N k Q 4 O'- f 7 h*8 N A Q W.3...'!, g'.Q.g g;..9.' N y$) h ,m umQr.& =Q.s,,Q ~ ( en ay, 1., /S. tg gg eg: y.
- y$$ON WY,...gh...
3 g,; p$? hymm3g yqu p,. gi AUN. N5 W Y*% ' A 3 ) J
,.w -- w.,.., e >v
- r ls pc 11 4
Chase's profitability ratios and the period-end book values per 5 g-- were as follows: j coeuhon share for the second quarter and first sin months of 1987 and 1986 . + j_ q $[- 3 Second Ouarte n Sir Months l. > 1987 1986 1987 1986 F'g[? 4 ' 5 Profitability Patin $b k Return on Average Assets .65% .66% {* ~l_ O - Excluding special addition t .464 [gl1 J
- '9 to the reserve
.49% ' ;r Return on Average Common
- M a
[ Stockholders' Squity 13.3% 13.4% Qr .d - Escluding special addition Ph;E to the raserve 9.9% 9.3% ['C % N 'h;f Book Value M$j. - Common Stockholders' Equity k, .C [ rer f%mmen ehnfe TM 77 MO 84 q ..:j: ' h eA' Eat interest rneome Net interest income on a financial statement basis was $751 million E 4* for tha second quarter of 1987, up from 8740 million in the second quarter y j ,4 of last year. Het interes* income on a financial statement basis was p _N. 81,472 million for the first six months of 1987 compared with $1,488 4_ 1k'% million for the first sin months of 1986. Net interest income on a taxable 4 s equivalent basis
- for the second quarter of 1987 was $804 million compared
\\ ) M, h with $813 million for the second quarter of 1986. The decline resulted Jt f.{n primarily from the adverse effect of approximately $2.6 bil11op of certain b p_ medium-and long-term cross-border outstanding to borrowers in Brasil and k$ Ecuador previously placed in nonaccrual status, which reduced not interest r*% income on a taxable equivalent tesis by approximately 853 million. Had the - W;h- [ 6
- .r
' ',b s above mentioned Brasil and Ecuador cross-border outstanding remained in 4{ S k y accrual status, second quarter 1987 not interest income on a taxable 0.M'*$ Q equivalent basis would have been $857 million, up $44 million over the jy second quarter of 1986. g / e
- v. n
=st tj
- Met interest income is the amount by which interest incotne from
- ,4+N i.' pp, interest-earning assets exceeds the interest expense applicable Y;Q y
to interest-bearing liabilities. Tazable equivalency adjusts f (f '.d intt est income which is fully or partially exempt from income &t d % ".: It taxes to an amount that would be equivalent to an amount of .,,dy C interest income which would be fully taxable. Net interest 7W( income on a taxable equivalent basis, computed as a percentage of ~' Q" y t. average interest-earning assets, yields a ratio coscribed as the I not interest margin. The interest rate spread represents the t llMd.- ( ' p' difference between the yield on interest-earning assets on a NT*; h.;Q tazable equivalent basis and the interest paid on [ interest-bearing 11abi.'ities. ~ 4 Het interest income on a tazable equivalent basis was higher by . -**,2 M $53 million and $108 million for the second quarter and the first U; f ' = 3 y-T six months of 1987, respectively, than compa'rable not interest income amounta reported on a financial statement basis for the [J,1 '
- eg 2
s ~ L 'l same periods of 1987. Tanable equivalent amounts have been e ~ ~ > @, .h adjusted (by applying a combined U.S. federal, state and local [y/p M bl'. A income tax rate of approximately 474 and 51% for 1987 and 1986, t /h s respectively) to recognise the differential between interest- - d N income that is fully or partially exempt from income taxes and MM* interest income that is fully taxable. h t f,Xd e, :,p .%,K,Q 2i
- c-i
~ ;, Ya'?d L , e .e..
- s
?" r 4. h*' 4, a .h : fdhj%hf[jf
- g
?- 'k ' hh, hy s i,$m%w@e,no M PW W4 8 M (b "h &m ~ f
- }W%s i e.
3 w r0 WA 3 (9
- MM M g '_
.., m +4 % g y $ m y g g. g..g; p y ywahbee y - yygg a mne
a._ ng 4.-~_ - 3 x-r CT* V( " ~~ * ~~ t. N4 Y n ay V**, -a en W 12 e Q, < ps f* f' 3 e [J: On a taxable equivalent basis, the second quarter 1987 net interest Ef margin (NIM) or the spread between the avet age rete earns,d on 93 y! including the effect of noninterest-bearing sources, was 3.77% (4.02% -M' [f7 h interest-earning assets, and the average rate paid to fund such assets, g. escluding the effect of nonaccrual Brasil and Ecuador cross-border [+ a I ij outstanding) compared with 4.27% reported for the second quarter of
- fy
/, i y y, 1986. Second quarter 1987 average interest-earning assets increased to Oef 'l /J approximately $8*.5,hil11on from the $76.4 billion average level reported Q for the second quarter of 3ast year. K'" s i '.. ~ For the first six months of 1987, not interest income on a taxable h@,, equivalent basis totaled $1,580 million compared with 31,640 million de reported for the first six m<.,nths of 1986. Escluding the effect of "gM: f,d nonaccrual Brasil and Ecuador cross-border outstanding, cet interest Q,,h income for the first six months of 1987 would have increased approximately 4 -.::1 $60 million over the first six months of 1986. The NIN for the first six months of 1987 decreased to 3.78% (4.07% excluding the effect of Y~ .M1 nonaccrual Brasil and Ecuador cross-border outstanding) from 4.38% for E(; d J.g the first half of 1986. First half 1987 average interest-earning assets g&#c increased to approximately $84.3 billion from the $75.6 billion average M &y - ] M(i level reported for the first six months of 1986. y n; [-19 Not Interest Income and Net Interest Margin - Taxable i .;l Equivalent Basis "/$ 3 ?;? a Escend Ouartgg Sir Menths J u_ j ft in milliens) 1987 1986 1987 1986 ' C[.k ~q,.p) Domestic Offices i.".h e-. Interest Earned $1,127 8 983 $2,181 $1,973 / y:2 [, interent Paldfli 601 441 045 896 k D% ,[ i Net ?eterest freems t 626 2 142 11.236 11.077 ,gM " w Q,q --as a % of Gross Interest- ~. g% 42 rarvine A* nets 5.7% 6.26% M.8% 6.36g 4
- 74;,
overseas offices ) Interest Earned $1,246 8 977 $2,225 $2,233 4,*q Interest Paidf11 1,068 706 1.881 1.670 '~,M. Q"' H Net Yererest T-eeme 1 178 2 271 2 344 t est n .. *j --as a % of Gross Interest. ]y,g'/ rArefee Annets 1.72%
- 2. 6 M
- 1. 6M 2.74g
'.. y y Corporation Consolidated '.br -0 Interest Earned $2,373 $1,960 $4,406 $4,206 [.M ' ' ) ,Interent Paid 1,569 1 147 2.826 2.566 -'k. . } }7e t Terprest f ecepip g PO( g p1* 31,ggg gl,pgg ),j g, --as a % of Gross Interest-N }) { - j rmemb e Ansceg
- 3. 7%
4,.n 1,7pg 4,3gg . Nf j c .w p (1) Includes appropriate allocations for the cost of time deposits bh ~ received by overseas offices for domestic use and the cost of domestic
- * ~
monies raised for use in overseat offices. l Q Pl
- 59.,
7%;$V 3%' N .q u g syps ... hm.4-\\ g ~ j \\' D, m?. s , i fM ,-e ' r m. f e u.. c.:c m s w.w:.n@e g e m a ce $p;asa. m..,n, +fy',1 s ' w' "^*f,.ny %l)y %um a%p.f.s w m.%- li e#.n._. c.: - ~~ m cq y ; e, 3
- q. r:wN,e. e.
1 v .sc s a-n i af; m$ $ >K** _r a y y. . g f. W*' y( y u> .fj, $. '., %? ' hy ; ,sw 4.g .,y ,y ,c ; ,4.[ ( ., m Q.3 ,a, o s, g. c_ ' $ s - er
- ?b Ms
^^ ^
~- -, o- -.W - m 3, m. -4 mJ 13 C.c S* ms .t' The increase in average interest-earning assets for the first six months of 1987 resulted from higher volumes of interest-earning deposits g t placed with banks and trading account assets and substantially higher F* volume of loans in domestic offices, partially offset by reduced loan y y volume in overseas of fices. ].. t. h Domestic cet interest locome on a taxable equivalent basis for the yf, 6 second quarter of 1987 was $626 million, up 16% compared with $542 million m, n; for the second quarter of last year. The increase in domestic not b.. interest income resulted primarily from a higher overage volume of ( ' loans. Domestic not interest income for the first six months of 1987 was $1,236 million, compared with $1,077 million for the first six months of .j e (. 1986. A.: S Second quarter 1987 overseas not interest income on a taxable M ? equivalent basis was $178 million, down 34% compared with $271 million for /@ the second quarter of last year. The decrease in overseas not interest f,; income resulted primarily from nonaccrual Brasil and Ecuador cross-border %p outstanding. Overseas not interest income for the first six months of s 1987 was $344 million, compared with $563 million for the first six months M '.w' of 1986. d w } Second quarter 1987 average 1rsans recorded in domestic offices were [Q.* $37.2 billion, an increase of approximately $8.6 billion, or 30% over the fjff p second quarter of 1986. Average loans recorded in domestic offices for 1 the first six months of 1987 were $36.2 billion, an increase of @)g Jh p approximately $5.0 billion, or 29% over the first six months of 1986. t a h o.,,, The first half 1987 increase over the same period of 1986 in average y - loans recorded in domestic offices reflected increases of approximately dk $4.2 billion in real estate loans secured by 1 4 family residential '7f.y ; propertiss and other real estate loans, an increase in Chase's consumer y Q[L Ican portfolio of approximately 8.9 billion, and the impact of the i.f? acquisitions of Chase Clark Credit Corporation and Chase Bank of Arisona, 1.., O which contributed approximately $1.4 billies of loans and lease financing bM / receivables in the first six months of 1987. - e' x-4 a Average loans recorded in overseas offices for the second quarter of ' NM .f 1987 were $30.0 billion, a decrease of approximately $3.4 billion, or 10% .sh7
- w fj from the second quarter of 1986. Average loans recorded in overseas q.O
't + Q offices for the first six months of 1987 were $30.3 billion, down .,. 2 $y 3,dif ( t.4 approximately 10% from $33.7 billion for the first six months of last N year. Average loans recorded in overseas offices included approximately . e yb g e fN $4.6 billion and $5.1 billion of loans to U.S. commercial borrowers for $ E fh t J the six months ended June 30, 1987 and 1986, respectively.
- &, f.k e
OWM g j %..v m t2 1
- sA >
J,1 ~ di% h@ 1 P,1 j ^ ' ;,....TM i
- l M 4,+
- y3 J
. #q
. a
.4 i
y l
l
' "U.%
M r:
q,y,
?
? Ni
?
-k D
4.,9< 5 @ %@m.g W $ $ g $,% e;j:p 5 # $g g$ $m M
g
%.u.,.
4
%.. %%m* % :p,:,.n
,4.,.
gy.s, "y c
@ 'J, n..w.
a m
..w r.: n
\\
m'y m2 u j.; A.
p-y i
,' s
-.. Q. n
.'Y *-rO E"
?"
E'
'A^
' I'
~.
- c
- ' r-s'
- i '
4* i ~ ~ 0 . + -.. / / M a, d n 14 ' *J f ggpital and 1.leuidity Manacement { .3 6"#i', h Discussions regarding both capital management and liquidity management E are set forth on pages 28, 29 and 30 of The chase Manhattan corporation
- A 7%
Annuni Reeort 1986 (11ed as tahibit 13 to the registrant's Report on form %.'d ; 4 10,K for the year ended December 31, 1986, portions of which were .Q + i-incorporated by reference in the Beport on Form 10,K (the "1986 Annual P Report"). 3 h During the first six months of 1987, the capital and liquidity 9 I- / positions disclosed in the 1986 Annual Report were impacted as follows. [7[*7 }; g-q. %y .g The Corporation's primary capital increased to $7.2 billion at E
- g l
J. Jano 30, 1987 from $6.7 billion and $6.4 billion at December 31, 1986 and g June 30, 1986, respectively, as a result of internally generated capital yt* J and the issuance of qualified long-term debt (principally $275 million of .'p".~ f
- ti (t
equity commitment notes during the recond quarter of 1987). The components of primary capital were affected, as detailed in the table /g below, by the special addition. ~ [ j Total capital at June 30, 1987 increased to $10.0 billion from $8.5 h h billion at June 30, 1986 reflecting the not effects of internally [N e 4 generated capital and a not increase of approximately $600 million in L long-term debt that qualifies as secondary capital which was issued in the y, -, tW first quarter of 1987.
- /,4 f ',
la addition, during the first six months of 1987, the Company received ,d c an aggregate of $250 million of dividends from its banking subsidiaries, j ,W principally The Chase Manhattan Bank, N.A. (the " Bank"). This amount 'T l Ll1 included a $140 million special dividend paid by the Bank in the second L l ',I quarter which the Company may utilise to redeem certain of its % ' i soev.rlties. As discussed in the 1986 Annual Report, national bank NM 1( subsidiarise of the Corporation are subject to legal limitations on the y4 y r amount of dividends that can be paid to their stockholders. Under one "Th.., ff {
- f. '
limitation, the amount of dividends that the Bank may pay has not been gg reduced as a result of the reduction in its undivided profits resulting from the second quarter 1987 special addition to its reserve for possible .2 credit losses, but could be reduced in the future as a result of future D 1 charge-offs against its reserve for possible credit losses. Under another $4 5 C limitation, the amount of dividends that the Bank may pay could be TF - f, restricted in the future as a consequence of a requirement that there be y h subtracted from the amount otherwise available for dividends the principal e . i amount of loans which are in arrears with respect to payment of interest . ((, a ' ,.4 j by six months or more and are past due as to payment of principal. ' i,p / However, the Corporation does not presently foresee that either of these y 9 limitations would require any change in the regular dividend practles of b .3 the Bonk or the Company. ]. { M s-n,.. - .nh. n,- l 3- ,} I t y m h v'lik.. _ -. e f i + L:n 6 jY* i . -,f h ? $w.w._1 Q *i .g y fy-:p%,h ~. :). % w 4.,n.. ' 3 m.. >3,yf VA?d% qqp t#q:s gy _ J a .41.WM$.g.,$,,.'$ $ $ M. b m. N ~ ft,y M5 jf*A 'p X H
- m. :
Wy M*'.A ?ltWyh.%w$. Ah QML%
- n. ~.
ac 'Q
- }. Y,:.N? n
\\ 'T .. Q,1Q.'Q:.h,o y 9a.; M,g, q& m y y y : y ..~ >? g <:p:. ;t t 0 4u &g. a ~. ,l ,3 w w w a. g. g, qs.~,.A. e. w n %..w t r ,Y.m. , ge... w gs m . n .pn ~;.. : 3 , m. .o i em,,0:d, ' YY
- AT U
'A' Y +- t u.. .g 2
- 9..
~" s M SL *
. w ,.v. + > - 4 ! M' (.9 ? 15 >%:2 3.% Primary and Secondary Cap + h.. s \\; June 30, Dec. 31, June 30, L is in millions) 1987 1986 1.Mi {. ' y 9 Primary Capitals ,p.( Common Stockholders' Equity $2,944 34,280 $4,054 'yh f.- ' Minority Interest in Consolidated "'t% ) h,{, Subsidiaries 2 4 4 f./,; t-Mandatory Convertible Securities M;,- e-g?' l fi (Not of Equ!tised Amount) 938 710 744 yy' q Reserve for Possiba.e Credit Losses 2,733 1,065 956 a Nonradegmable Preferred Stock 602 602 602 .:s q [dv Total Prire.ary caoital 7.21o 6.661 6.360 ,D.. ( Secondary Capitals t Redeemable Preferred Stock 62 62 62 j a j;' Long. Term Notes and Debentures (Not of 's
- M.
Amount include U Q ! mary canital) 2.715 2.15o 2.100 J (s Total Recondary cap 1.pl 2.777 2.221 2.162 g, g Tetal canunt so.cos sn.ep2 ts.u2 y, ~ p-y 1 j: End of Period Capital as % of kl Cross Assets (3): IJ f,U Primary Capital 7.11% 0.95% 6.95% i'E9 [ ;l p'. Total enettmi o.nas o.27s 0.31% Mh. i I'^.'4 (3) Based on Federal Reserve Board definition. ^;N - l q. .'. 4 [ (3) Cross Assets are defined as Total Assets and the Reserve for Possible D,%, Credit Losses. (q N., l s e '6' ,n -].y .? q-.e.:.g p . u%. a ! .c ei c i, cy mc b). h }; ' /O e' l?, s . v p W-l ' p'x%' if i s Yh;Tt+ ' .k ar J 2. p ;y+. t^ yp s (',
- +:!y:
w ,.:n t 4.. 1.. ej ? r,.. .f dg pl ' u<. . /m7: 4 _,t4*y.. (, I 'l.e ^ .t U'*lN*U w e w? n @ m e g k. g a n m~ %.u. w.t r
- -. se3 6 m.+Q.0. 9
- f,,w >;p,p",,;f.- 9..;g m..'., m ;f;s.4,9y~.QQq.%q$ms.ppfp p ktq;p*y'fi.j.. mu ya gga.ns.6 9.m:
m . ~a q, s, ~, n;Lf,% g l1.t Q g,t 0 c ' :?
- . f.
~ 'v y g.y m' ,t e pQ;,g,,.9 a 7,- e whp.. '. w ag A,' j. q f,f.;'/w,y y;,jg 'y?p f,C. * $ --etp. 4., .. a fi,, ' b a p. < r . ' > [Y'W D 'N W"' , bU;) N : > lt:L,lAN'$d N U 5 $2:0bSNC SL hSN ' YAI
y -.t-L - b W . ty s. a I% 16 N % Provlslen and Reserve for Possible credit tenses l ? j .m I g The provisiou for possible credit losses was approximately $1.7 y "r. % billion for the second quarter of 1987 Included in the amount for the k second quarter of 1987 was the previously mentioned $1.6 billion special addition. Excluding this, the provision for possible credit losses would j have been $130 million for the second quarter of 1987. compared with 3135 i 4 million for the second quarter of 1986. Second quarter 1987 not Ican 2 charge-offs were $113 million compared with $119 million for the second s' quarter of 1986. Domestic not loan charge-offs for the second quarter of { Z, 1987 increased approximately $8 million ovos the same period of last year. -5 g Domestic consumer not loan charge-offs increased approximately $3 million up 2-h' ;,,N over the second quarter of 1986. International not loan charge-offs for p i the second quarter decreased approximately 514 million from the second k quarter of last year. At June 30, 1987 Chase's reserve for possible credit losses was 82.7 billion, or 4.s
- of total loans. Chase's reserve for 3
a' possible credit losses, includin.; the 81.6 billion special addition, is a e pd, general reserve available to absorb losses relatea to Chase's total loan f 5 portfolio and other extensions of credit, including off-balance sheet kl comunitments. i .x 3, The provision for possible credit losses was approximately $1.9 g g ,, t'f billion for the first six months of 1987. facluding the special addition, t> M.
- S the provision for the first six months of 1987 would have been $290
.p million, compared with 3265 million for the first six months of last year. gf / r e5 Net loan charge-offs totaled 3239 million for the first half of 1987 k compared with $233 million for the same period last year. First six months (m. -d J of 1987 domestic net loan Charge-offs increased approximately $13 million k s J$ over the first six months of 1986. Domestic consumer not loan charge offs yg for the first six months of 1987 increased approximately 812 million p,f, l r.g compared with the same period last year. First six months of 1987 f p'M international not loan charge-offs decreased approximately $7 million from 4 } L the same period last year. g h M'( k
- ,y Analysis of Credit Loss Esperience h yg.?y j
,~= Y~ -Q \\ Saeend Ouarter Sir Months b 41 ft in millional 1987 1986 toB7 1985 (C - M' &7 Loan Charge-Offs 8 152 8 141 8 314 3 283 h- ['$'Mjk a Lesst Loan Recoveries 39 22 7 si 50 I,'.- Net fenn Ebneep.0ffs f 111 f 11o f 73g g ?q3 L, a 44 [' h frevisine f or Pe s sible Cre**le Le s se s 91.710 1 115 ft,RgG f 265 f, ,Q + -y.rk r\\ Reserve for Possible Credit Losses
- ' f,
- b' k
[ [ Sir Months
- ,.9,4 IL,b millions) 1987 1986
\\",%j F1 At End of Period $2,733 3 956 yg 7 As % ef *etal te en , y%E 4.n0g 1,g2g u' y ^.# e
- ) Yd%
, eq N WR.g 1 M. mWe m .*; M,yfA D,E. J w
== ,5 i m. lu t s k.,b g ..y%,y u 3' i',
- y (O
Af l '.>
- e q
D ' M. W..? @ W B M @~%9.%~ p p+...g d.~. h., w m-u. u.. n x s. I..,l n-r a,,. '.n U ~. k 3. 5 N.,Q.K d.- p%~ % e[:.%.f, g'3,d % p& # .n mn ~! :
- f V
rf' y, qQ*K , yg' ypy j g6 4 ',,, .y c ~[, ;;g,+,..y.y ,J , ]g. [ fW ' [1.Q 3 4;; .l$ LMfl. > UtEh
- !$W :.lNWd k t ' S E E &D' ;
A
..4 3 -3 ;. y 1* - i ~ i ne
- 17 Net' Loan Charge-Offs and Credit Loss Experience Ratios
( 1 h Second Autr*.n Elr %nthe
- - [
ft in millions) 1987 1986 1987 1986 f 3 .e-Not Loan Charge-Offs 3 i Domestic - Consumer (4) $ 68 8 65 $141 $129 T-A k - cemrnegial and other 27 22 35 34 'g Total Domestic 95 87 176 163 N International 18 32 63 70 t. Total 1113 f i l e, f239 1231 h "M khw } ,3 Credit Loss Erperience Ration (Annualised) (5) ll4N [ "l Domestic - Consumer (4) 1.94% 2.3n 2.06% 2.47% 6 r t [, commerelal and Other .43 .42 .2h .33 ak i Total Domestic .97 1.09 .92 1.04 [ International .26 .43 .46 .41 4 ) te s t .68% .77% .72% .76% (4) Loans to Individuals for Personal Expenditures and 1-4 Fanlly Residential yq ( g Properties. 5 M h + (5) Not loan charge-offs as a percentage of average loans. 1 [ At June 30, 1987, the Corporation's total reserve for possible credit { losses, which is~ 41 stained as a general reserve without any internal g ~ j i allocation, was i 7 billion, including approximately $2.0 billion (the $1.6 billion special addition and $400 million of reserves previously reported) 4 I related to its cross.. border extensions of credit to 35 refinancing countries. Kh Cross-border estensions of credit in Brasil, Mozico, venesuela and Argentina i g' represented approximately 71% of cross-border extensions of credit to the 35 refinancing countries at June 30, 1987 For a further discussion of recent a b developments concerning tnese four countries see the Country Risk section. T Further information regarding the special addition is contained in Note 1 of WJii p;- Notes to Consolidated Financial Statements. At June 30, 1987, 8700 million of N the reserve for possible credit losses related to domestic and international @fg s'37 extensions of credit (escluding the 35 refinancing countries). During the u i(i M second quarter of 1987, there were no charge-offs taken against the f 4 L Corporation's reserve for possible credit losses in relation to cross-border i'f ' extensions of credit to the 35 refinancing countries. The $2.0 billion taken .f. f
- {
J, tooether with previous charge ?ffs constituted approximately 25% of total i F extensions of credit to the 35 refinancing countries at June 30, 1987. l 3 .,, le j At June 30, 1987, the Corporation's total extensions of credit to these 35 [ 7 - { 7, countries were as followes M L ? Total Estensions of credit to Refinancing Countries i, '.T a.y ff in mi111ons) ' ryN i ,}? At June 30, 1987 hs IV Brasil $2,610 ' d l l ,o Mexico 1,650 i Vanesuela 1,040 54. Argentins 940 \\ l! 31 Cther Countries LIM
- h t
$L2ill e I ~
- t.,
w j c" A r b .g j
- 7--
- -.,. 7 r-- ..9. i-s .o.. ' Nonaccrual. Reduced Rate and Past Due outstandir2eg 'Nonaccrusi and reduced rate outstanding were approximately $4.6 billion c at June 30. 1987, c& par +d with rper.,riratell 01.9 LRlic.n a:; pas-en.d 1)66 and approximately $2.0 billion at June 30, 1986. The balance at June 30, 1987 included approximately $2.3 billion and $280 million of medima. and long-term cross-border outstanding to borrowers in Brasil and Ecuador, respectively. y outstanding include nonaccrual interest-bearing deposits of approximately }j[ p $880 million placed with the Central Banks of these countries. Total - g nonaccrual and reduced rate outstanding equaled 4.5% of gross assets at June 30, 1987 Excluding the Brasil and Ecuador outstanding, total nonaccrual and - f* reduced rate outstanding as a percentage of gross assets would have been 4s
- M 2.0% At December 31, 1986 and June 30, 1986, the comparable ratios were 2.0%
i and 2.1% respectively. Accruing loans past due 90 days or more were $331 million at June 30, 1987, compared with $297 million and $270 million at year-end 1986 a:sd June 30, 1986, respectively, The increase is principally due to real estate loans which are both well secured or guaranteed by financially responsible third parties and are 1. the process of collection. The negative impact on second quarter 1987 not income from nonaccrual and reduced rate outstanding was approximately 854 million after taxes, compared with 322 million af ter taxes for the second guarter of 1986. The negative impact of nonaccrual and reduced rate loans on six months 1987 not income was t approximately $111 million after taxes compared with the $38 million aftee-taz impact reported for the first six months of 1986. 4 Nonaccrual and Reduced Rate Outstanding by type e n-June 30, Dec 31, June 30, It in millions) 1987 1996 1986 Monaccruel outstanding: Real Estate 8 486 8 349 8 321
- .%m2' t
Banks and Other Financial Institutions 415 47 88 M !.7 Commercial and Industrial 2,464 1,439 1,373 D ' Foreign Governments and Official Institutions 1,087 50 80
- 32 j
Other Uh. 129 30 42 %P Total Ner.aeerual outstand!nos 4.580 1.924 1.903 ./ ~ l i Reduced Rate Outstandingst ' f y Real Estate 2 3 1 Banks and other Financial Institutions Y 6 Commerelal and Tndustrini 14 14 61 Total Peduced Rate Outstandinos 14 16 64 g Total Jonaccrual and G Reduaea Rate Our n e ndi m f4.sc4 ft.040 21.967 5' Distribution of Nonaccrual and Reduced h* Rate Outstanding: M Domestic $1,125 8 903 8 935 t ', y Internationni 3.469 1.037 1.032 'A j Total Nonaccrual and y ?' I peoucee Ratr m tstanof m 24 A*4 11.940
- 11. <g2 3
- u v
y, 4 Real estate properties acquired in satisf action of loans totaled $78 y million at June 30, 1987, compared with $77 million and $89 million at g 2 }. ,~ year-end 1986 and June 30, 1986, respectively. vc w?$m s 1 Y l 4RA, s WN7 q m.v. a ,.n k h i ].
- 4h we qm m.n.m; g w q w n
$.;o.e m b - =mj 2 @p t w a m ,$e. w i W ; 'wf. (,k' w+ &% l}.,, ,,/ n-O,
- e rf e
m g m,;.yf, hyl 'f ht,, ~ , T O. / CF %* Q '.t? }g, U, ? K ;t G,',.3 y J
- N' O Oh prf..,;;A i?. A
( j.r&q k b 9 - 3% ,..s f y % -;. g g g:~+ g h.
,.y s 1 - '. =x 'm ' * ~ ' ' l i ) 1 J s I 19 Country Risk j The debt service problems of Latin American and other countries continued during the second quarter of 1987. While some progress was made on debt q, restructuring programs of certain t.atin American and other countries in which ' ~ Chase has cross-border outstanding, as long as uncertainties with respect to those countries remain, it is possible that additional amounts of Chase's cross-border outstanding to borrowers in these councries could be placed in or returned to nonaccrual status. In addition, it is possible that specific ~ outstanding to borrowers in these countries may in the future be deemed to be l uncollectible either in whole or in part and, accordingly charged-off. y j s 4 { k Further as a consequence of regulations implementing the International Lending ? Supervision Act of 1983, a discussion 'of which is set forth on page 10 of the 1986 Annus1 Report, the federal banking agencies may require additional 1 ,7 charge.cffs or special reserves agalest certain foreign loans or other foreign A. s 4 assets deemed value impetred. g The principal countries which have been experiencing debt service problems and in which, at June 30, 1987, Chase had cross-border outstanding exceeding 1% of total assets are Brasil, Mexico and Venezuela. An analysis of the changes since March 31, 1987 in Chase's aggregate cross-border outstanding in those countries and in Argentina is shown in the following ( table. I L \\ l is in el11 tens) Brasil Mexico venezuela Armeneina Aggregate Cross-Border outstanding at March 31, 1987 82,740 $1,660 81,070 8 970 L Net Changas in Short.Ters .* ^ M Outstanding (6) (20) (20) 0 0 y ,4 ll l Changes in other outstanding: 27AX1 Additional outstanding (7) 10 80 0 20 SNN$ /, Interest 2ncome Accrued 10. 30 to 20 ~.I.?[ Collections of Principal (7) (10) (20) 0 (10) A Accrued Interest (10) (30) (20) (20) Other Changes (8) (20) (30) (10) 0 J N m,7 N.h,c-- Aggregate Outstandin s at y*x ,g June 30, 1987(9 82,700 81,670 $1,060 $ 970 h*- 'J* r** l 2 / 8) Including trade credits and interbank deposits with maturities of one year or less. p. g 4 7) Including maturities deposited with the Central Bank of Argentina, and 3 4.d d % ge 1985 maturities relent from the Central Bank of Brasil. -(9 9 ,t l i 8) Including charge-offs, changes of guarantor and loan sales. W.fM i 4 v.. NZ.AW n a., Brasil Mexico venezuela Areentina 9) Including: "Q:fth'T Nonaccrual outstanding of $2,250 8 110 8 10 8 40 ,f<SM Q-5d.:y[.@3 Short-term outstanding of 360 40 20 100 . e ',s [;h t n[. 4 l i f W' -Q[%,h L ? Y@Pp?.jgTy#pQggg.gggggghig{dfh$ n :q,,.. ..e %y .e p::dCm. m..- ~ o m t,, % y n. u.. s,, a w:.p , p&.t;O:@p.g,;W'WW.,fg}.;% g,.-n..' *, n.,<.:-m.~Q,. Q. b % Q L @ g (& k Q m g., w . f. M.... s b 4',1.VR1r t.pl' e;c31 e(c oy ~ .Q. 'f, g, y,P jky,py Q >n .,- g. .W.,,. ., n., -- .}. er,y*;g,r[; r., i.s... v. 3 Aa.~ a...., ~ ..ws
- e 7
- e; *Q
,,fe +,, a. 7 ? , 3.3, ..u;:JMiikkUt.GSU ' N4%YG:MWM ' cd , o, c. e-
,=,. . ~,. -., - ..3 -'-9 ex ,s-4 'd f 20 = The following table presents additional details on the extensions of credit i. Included in the aggregate cross-border outstanding at June 30, 1987. T l ($ in millions) Brasil Mexico venesuela Argentina 3_ public Sector Extensionc of Credit $1,770 81,340 8 830 $ 730 4 private Sector Extensions +- of Credit 840 310 210 210 Brasil No substantive discussions between the Government of Brasil and its foreign creditor banks took pince during the second guarter of 1987. Interest payments due to the creditor banks on Brasillan cross-border medium-and long-term cM standings are being held on deposit at the Contral b Bank of Brasil in accordance with the Government of Bras 11's announcement on }- February 20, 1987. The interim deposit arrangement covering principal payments on such outstanding was further extended un11stora11y to y[ 5eptember 30, 1987 by the Brasillan government. W Interest on trade finance and interbank deposit facilities (Chase share 4 of both facilities approximately 8489 million at June 30, 1987) continued to I be remitted to creditor banks during the second quarter of 1987. The a Government of Brasil has again roguested, in the absence of a formal agreement, that the creditor bants continue to maintain these facilities, . h._ g which expired on March 31, 1987. [ d_ ,The negative impact on Chase's not income for the quarter ended 32 ( June 30, 1987 of Chase's cross-border nonaccrual outstanding to borrowers in s y Brasil was approximately $26 million after taxes. ( Meuleo
- [
(('" The Multi-racility Agreement between the Hemican pub 31c sector obligots and t. heir creditor banks became effective during the second quarter of 1987. ?- a 1 The Multi-racility Agreement provides for the folle rings a) 85.75 1 billion in new loans to the public sector of which 84.75 billion (Chase shares approximately $127 million) is to be repaid over twelve years with a fire year grace period and a $1.0 billion (Chase shares approximately $27 million) 4 co-financing with the International Bank for Reconstruction and Development (IBRD), half of which is guaranteed by the IBRD, is to be repaid over fifteen years with a nine year grace periods b) a 8500 million (Chase shares approximately $13 million) contingency co-financing facility of which half is guaranteed by the IBRD and which is to be repaid over twelve years with a j j" seven year grace periods and c) a $405 million (Chase shares approximately 811 i million) remainder of an originally $1.2 billion contingency financing 4 facility in connection with an International Monetary Fund (IMF) contir.gency ( financing which is to be repaid over eight years with a four year grace period. The interest margin on the new money is to be 13/16% over either the i ? London Interbank Offered Rate (1.180R) or a domestic reference rate. 1 G i g., \\ m.3 -w
- ggk
)' gt y - m~p m o . iy Msee.a ma am{p%w mumm.m( yp ip jgh l p gyg g m a ~w
- t s
s ? 21 ij In addit.lon, agreement in principle has beer reached for amending g previously restructured public sector outstanding as follows:. a) the h amendment of the amortization schedule of the approximately $43.7 billion ? (Chase shares approximately $850 million) of restructured public sector (d outstandlags to estond repayment dates by approximately seven years with a final maturity of 2006. b) aojustment in interest rates on he $43.7 billion V of restructured outstat. dings the 1983 $*,.0 billion r.cw money Credit M 3 Agreements (Chase tares approalmately $107 million) and 1984 $3.8 billion new k?y i N money credit Agreemaats (Chase shares approximately $94 million), to 13/16% }y~- J over either LIBOR or a domestic reference rate, retroactive to January 1, 1987 r and c) the recasting of the maturity of the $950 million (Chase share approximately $24 million) due under the 1983 new money Credit Agreement to guarterly installments payable over a five year period from 1989 to 1994. ~ p fi/ i Repayments of certain private sector cross-border outstanding covered by Q Mexico's Trust for the Coverage of Foreign Exchange Risks (FICORCA) program I g., were scheduled to begin in 1987. Mexico's creditor banks have reached an p agreement in principle to refinance principal payments under the FICORCA i prograta. Chase's share, which at a maximum epproaches $300 million in these 1 outstanding, is embodied in separate agreemoni.s between Chase and the private I {[ sector borrowers which specify various repayment dates and interest rates N supported by foreign exchange contracts between the borrower and FICORCA. Under terms of the agreement in principle, principal paymente received through y FICORCA will be refinanced on terms which conform to those applicable to .;e y Mexico's restructured public sector debt and the interest rates will be g adjusted to 13/16% over either LIBOR or a domestic reference rate. g;- g The effect of the new restructuring agreement for public sector j, outstanding and the refinancing agreement in principle for FICORCA-covered 1 .j private sector outstanding on Chase's shares is approximately as follows: 4, hs 6 Ej w; d Principal Weighted Average Weighted Average h a y iin milliens) Year of Maturity _ Interest Rate f f.*,y y Before ]Lg.gt ructuri na .'1 l M.a Public Sector $8f0 1994 LIBOR plus 1.21% N@N g' $200 1989 Prime plus 1.125% f% Private sector .y O.,, i rj $300 1989 LIBOR plus 1.66% f1. ?' kd After ? [ E.gs t rue e uries h-g ?. hj Public Sectors y,f + $850 2001 LIBOR plus.8125% T45 h $200 1989 LIBOR plus.8125% a*: b,, 4 $300 2001 LIBOR plus.6125% W '. l xm t yn ,4 e T.* ; .% l ' ** fp.p f. r s'_ f x ...s:s d jy v[hg _ W .M v. h, _mhA.c_Ma _dre m m, _hm aa A w L.
-r 9 s i l 22 The'$$00 million (Chase share: $18 million) interim loan disbursed by Healco's creditor banks in December 1986 was repaid in the second quarter of 1987 from the proceeds of the first drawdown under the Multi-racility Agreement (Chase share $93 million). The negative impact on Chase's not income for the quarter ended June 30, 1987 of Chase's cross-border nonaccrual outstanding to borrowers in Mezico was not material. [x 9 Vanasuela v During the second quarter of 1987, progress was made toward completion of p. the documentation of the proposed amendments-in the terms of the restructuring Ah agreements for public sector outstanding that became effective on WL October 3, 1986. The amendments provide for-a) recasting of the maturities ,l = i of the $20.4 billion (Chase shares $740 million) of public sector debt, b) i extending the final maturity from 1997 to 1999 and c) reducing the applicable WN interest rate '. rom 1 1/8% to 7/8% over either LIBOR or a domestic reference rate. I pending completion of the amendment process, Venezuela's creditor banks I U have contlaued to roll over maturities of the rescheduled outstanding to the y principal payment dates of such outstanding occurring in the third quarter of s 1987. 3. j 1 .(4' 3 The negative impact on Chase's not income in the second quarter of 1987 M f of Chase's cross-border nonaccrual outstanding to borrowers in Venezuela was A(pe. y.. [} not material. Arcantina . 3 E i During the second quarter of 1987, the Government of Argentina and the M*[ Bank Advisory Committee agraad in principle on a financing package which I includes new loans as well as th6 restructure of outstanding public and private sector cross-border outstanding. g, g py d-The agreemer.t, which has been sent to the international banking %^ e
- 6. '
k a community, provides for $1.95 billion in new money, including $1.55 billion , d. 3 (Chase shares appresimately $60 million) repeyable over 11 years with a 5-yaar .]M9 grace period, with interest at 7/8% over either LIBOR or a domestic reference ff rate and a $400 million (Chase shares approximately $16 million) 4-year trade 'N credit and deposit facility which will carry interest at the rate of 13/16% C'i 7 over either LIBOR or a domestic reference sate. [ The agreement also provides a) for the restructure of maturities over a 12 year period, with a 5-year grace period, of outstanding under the 1983 Term credit Agreement (Chase shares approximately $19 million) and the 1985 p(g., g E Term credit Agreement (Chase shares approximately $130 million) with the
- gg _
Argentine Central Bank and b) for the restructure of maturities sver a 19-year period, with a 7-year grace period, of approximately $25.3 billion (Chase mg.HD shares approximately $697 million) of outstanding public and private sector T T" outstanding. Interest rates on all the restructured outstanding will be f$ adjusted to 13/16% over either LIBOR or a domestic reference rate. [M mit;$ In addition, the agreement provides that the 1985 Trade credit and P C'k..;W[% .../gg Deposit racility (Chase shares approximately $18 million) will be esteaded for 4 four years from the effective date of the amendment and that the 1985 Trade M Credit Maintenance racility (Chase shares approximately $20 million) and the 1985 Standby Money Market racility (Chase shares approximately $53 million) .dyk will both be extended for two years from the effective date of the amendment. ,..& K [6 ' M',,:Y " ) y n T ' - C) 'g
- 0
%.Q.,*,f2 % f,K [. C M R 5 Q W:a N;yNT'""WQ~ UQ&QQW&&m :;%. q,.kqw .am &h w.n wk.n& ph.- ~- .msnvp 4 -*) . i $ f,.YY .u. y,%. s..,. %, t YGf~ J.mm.m q. D *!m? uY.n ~o~N..m m, p$ & bl ? *$ [ Q ? dk Of5 xJ
- 4. ; p.
\\ J i F;v n. 2.? n + s.%.y % n. , + o m e .i n,, y. -- w ge, p.s, @4 6. /.y n. %.- .n s. u g n %..s mc. y ~[3 g y,Q7.j M,m%~wg y,4 , ym y _ M M.s uc, ..u " M $[:,'. gwg$ : ? u qw ?, ]!bg. r. 4. M[N' fD 3 - y . p Q,f o y 3 g. . ~ m , y.m ; .p .; a o \\ C, K M S x w Y E L "A Q"Y AE#
6 t-ie g' er . -.1 ,i g., 23 The effect of the agreement on Chase's s'.tre of the debt to be restructured is approximately as follows: W ~ Principal weighted Average Wolghted Average fin milliens) Year of Maturity interest Pate s Before Restructuring h.. :.h $622 1990 LIBOR plus 1.375% g{, $315 1990 Prime plus 1.78% g '. a gi? After Restructuring e, i.,Q $937 1999 LIBOR plus.8125% .c l[1,'W[y The agreement must be approved by Argentina's creditor banks and is Q, subject to the preparation and execution of mutually acceptable ,/
- D.-
documentation. This process is expected to be completed in the third quarter 4 of 1987. In the interim, Argentina's creditor banks have been requested to c: continue to rollover the related existing public and private sector maturities. vi v The negative impact on Chase's not income in the second quarter of 1987 of Chase's cross-border nonaccrual outstanding to borrowers in Argentina was not material. J kh w n -M A . a wh-h- +
- wxe, k
,e 4, .1 N t %, g + v ? y. i 46 a Wh ? 3 4w den 'N = s ~ Qf f s k)),h..c.
- 50.. _ m g*T e4
- 2. '.'.c '
(.v -l %^* Q: g I, NT
- r %@.
~
- v
' 'f 5 ,~r'.Y.., T$$.. "W&; w W ~ 12 m !i, WNW9WMkiv$dhgQ%:. nLag a.dbi:y . $Q g.6 sacq.yf,2r,)N-s ; g-g,p3 ,,3 g.- ,q,';.- ;j... S.g e n. l Y AY N!. C.3% ' W! 5 N N
- ?' b
.'U S Y D ' *
- k
--'n N" a. ' i'~a- ^v y <T7n $., y3 Other Oneratina inenme t Other operating income for the second quarter of 1987 was $417 g-million comparad with $449 million for the second quarter of 1986. Fee ~~ and commission income increased approximately $49 million, or 15% over the second quarter of 1986 and included increases in trust and fiduciary investment fee income, up 18% consumer banking fee income, up 6%s h Investment banking fee income, up 128%s and commercial banking fee income, up 1S% Investment and commercisl banking fee income are included in the .3 ?. *. table below in other fees and commissions. Het gains before applicable a-4 income taxes, from investment securities transactions were $13 million for d J the second quarter of 1987, compared with $47 million for the second w quarter of 1986. Income taxes applicable to investment securities gains wg% were $5 million compared with $24 million for the second quarter of 1986. j. '.h Donler trading account profits declined by approximately $20 million to a 3 ;. ca loss of $11 million in the second quarter of 1987 from the secord quarter ,g of last year. Included in last year's second quarter other income was a
- f N
gain of $14 million (89 million af ter taxes) from the sale of Chase's W;y minority interest in a leasing company in Japan. .g ,7 p f." Other operating income for the first six months of 1987 totaled $843 v. NM million, compared with $822 million for the first six months of 1986. ,' U. First sis months of 1987 other operating lucome included increases of Og ,,.,m i.f approximately $95 million or 18% in fee and commission income and included W, I S.k e^ increases in trust and fiduciary investment income, up 24%s consumer banking fee income, up 10%s investment banking fee income, up 102%s and W t-commercial banking fee income, up 19% Net gains, before applicable .g '
- 3..
' k;'. income taxes, from investment securities transactions were $45 million for +- ' the first six months of 1987, compared with $87 million for the first six S".i' $ ' -{ months of 1986. Income taxes applicable to investment securities gains n were $19 'tillion compared with $44 million for the first siz months of g.. g 1986. Dealer trading account profits declined by approximately $16 g u{44 million in the first six months of 1987 from the same period of last .M ~i year. First six months 1987 other income included pre-taz gains of 's N ,,. f approximately $16 million ($9 million after taxes) from the sales of a ON j g.@ factoring sucsidiary in The Netherlands and Chase's minority interest in M
- (
an affiliate in Belgium. First six months 1986 other income included a 2 ^ M;. gain of $14 million ($9 million after taxes) from the sale of Chase's W c. g e g minority interest in a leasing company in Japan. f Y? A l e"x Va . ji* Q g, -s a y other Operatina ince-ne .t j Seeend Quartgg Sir Months c.g ,[. e ft in millleen) 1987 1986 1987 1986 T.',., j i 7'~ Fees and Commissions: jLM'. N.- Trust and Fiduciary Investment Fees 8 79 3 67 $155 $125 YO IUi Consumer Banking Fees 76 71 1.s7 125 h.hh l TS International Business Fees 39 41 83 83 $h],. g l]; other Feen and Commissions 138 104 244 101 ] Total Fees and commissions 332 283 619 $24 Q Foreign fachange Trading Income 61 63 116 123 ~ 7 Trading Account Profits (tosses) (11) 9 15 31 '. y * *. Investment Securities Gains (Losses) 13 47 45 87 g $- ); gh other income 22 47 46 57 ^ All Other 85 166 224 298 ., ff. ,,g 4y Tetal Other Oeerat! m Tme 1417 1449 ! ! 4 'l 1922 ,.f"% g $lJ s k \\ a.
- c. n/.
'~\\ Eg* hI hh, s - n.np
- hy,/e1 NJ g,
..p.tjf e a. - w,w'.,W~ M, mw_v ' ~.. 9 y _~, % g..... #e, e tg i m,e ~ ,s. i.2.; 'w.. w n c O. M.# g. a 7..s-Q, " % y '. >,. k % [ y,'.,,,. 4,, y, i ? v.. , g - u. .N'"? C A..'n ' k.[f 9 6 .. m 6 3 g.g ..w- [ . ,.N.((b b;;eO D -k .[h d " f A 7 85s g W ,h_ f_* M v. r r.
- >q d.
. i ,p.
- .,c4
- w 7.. ; 7
..!./ty,, w 4 1 I ( ?x2D WhN..G ? w % hI ^Y ^ L ' ?'Y O -* - ~**
e -. ~ .n s; 4 C e e N 25 x A Other Doerating Cxyggit.3 ,, j flV I Other operating expenses for the second quarter of 1987 totaled $648 3[ ]h million, up $14 million, or approximately 2%, from $834 million in the Q second quarter of 1986. For the first six months of 1987, other operating r. 4J;f... erpenses were $1,688 million, up 5% from the $1,608 million reported for ^,gf M~ the first half of 1986. Expenses applicable to recently acquired 7V N companies were approximately $23 million in the second quarter and $51 [;' p M million for the first sis months of 1987 The adverse impact of the translation into U.S. dollars of expenses of overseas of fices amounted to d'E[m %M[ .4 - .%[h T. approximately $18 million for the second quarter and $37 million for the [
- N first six months of 1987. Excludlag $30 million of previously disclosed O
one-time charges in the third quarter of 1986, other operating expenses
- fpg$
y for the past five quarters have ren.41ned virtually flat, reflecting ,y Chase's ongoing ef forts to limit expense growth.
- g Y
t W Other Oceratina Eroenses tf h. Second ouarte r Elr Months
- y,,'
b ft in millions) 1987 1986 1987 1986 '(( Salaries and Employee Benefits $460 $431 8 917 8 856 ~ '[$ s Not Occupancy 84 77 169 148 ? Equipment Rentals, Depreciation and Maintenance 76 71 156 139 Other Ernenses 228 255 446 465 y... - ?stal other Oeeratine freenses 1848 1!14 f1.688 11,608 p a e s. Provision for Income Tares (Benefits) j* O. H. The provision for income taxes for the second quarter of 1987 was a C .g benefit of $32 million, compared with the $73 million provision for the second quarter of 1986. For the first six months of 1987, the provision [,2 yW., [M.9f for income taxes totaled $11 million compared with $148 million for the "h, same period of 1986. g Resulte for the second quarter and first six months of 1987 reflect a r.~.,o tax benefit of approximately $100 million relating to the special addition _ $$,.m i , s $,P
- r of $1.6 billion to the reserve for possible credit losses. Without this
- M g
"[. I tax benefit, income tazes would have decreased in the second quarter and Y ' l.g first six months of 1987 compared with the same periods of 1986, due '%h, M* primarily to a lower level of pre-tax income, ff 2Q The special addition of $1.6 billion to the reserve also created (N,4 S.t i ,gy# unused federal tax benefits amounting to approximately $440 million at $'Id '; June 30, 1987 which are available to offset future federal taz .4 < ' M[b k liabilities. N? Applicable accounting rules require that recognition in the ? current year of tas benefits associated with the special addition be q '. E lisilted to the current tar liability and to existing deferred tax C liabilities that will not have to be paid in the futures recognition. of y' N-d Wm tax benefit in future years is limited to the taz liability arising in T k-J C.
- f. l those years.
y f&,, vem k d u g W h?
- w. ;.,
y Ytc:c. 'n r'; V %d. s g ?"- t ..d', e. e y ', 4 G[,5k.iw j k b..,s.m., y b 4.W.n. 1 nu { . f. .h .A. kyn[g'e,n.~. Aam; y J,s, ? ?')\\f&, 0 ms:q 3::e n 8 m g a s,y.m.;@. s g. ~ m) a p v s m, ep p~pmwa y
- re. pm.
w su c n + ng.._m n
- l.. g m.
f j;ety' Asjt:h M .ao y' '.Glm4Q{ 9 R "? q pg ;I.m . ' W.x. g * ~ g.)M:,L'5 d i h b G M $ g Q, Q. g g.jP.C;t,j,_~ ;7y, Qg y),;,, ~: % ,,y 'DfA gg. . y. y
- ,) n.
g y y L . a. I ; MN ".u DI A M 5 Odd}'EA N ' YEA t
.,.,p.,,._.7 ~ -*r' ~ " ' " ~+ + ~ / Q. .,.h n 4{ .r w 1 26 .- (. f8 Other Matters / (: < / : y> Financial Accountino Standards Board ("FASB") - Statement 91 .x -.a E[*ih C e The FASB has issued Statement of Financial Accounting Standards No. i l rb 91 entitled " Accounting for Nontefundable Tees and Costs Associated with I ' EM Originating or Acquiring Loans and Initial Direct Costs of Leases" i Z (" Statement 91"). This statement will require lenders to recognize most 7 x loan.related fees as an adjustment to the loan's yield over the life of M k I9 the loan utilising the interest method which results in a constant rate of return. Currently the Corporation generally recognises loan fees 3
- d. )
representing compensation for services provided when the related services 3D -.q are performed. Loan fees representing adjustments of ir.terest-rate yield .[ ar1 generally deferred and amortised into interest and sees on loans over the life of the loan, 1 t +kh t /;. Statement 91 states that it is to be applied prospectively to 4 transactions entered into in fiscal years beginning after December 15, .d ' f P' -l 1987 and that retroactive application by restating prior years presented Q 'g - is encouraged but not required. While it appears likely that $~ :. % implementation of Statement 91 would result in defe' tral of some income for Otg the year of implementation, income so deferred would be recognised in p#'ip r... subsequent years. Management is currently studying the manner in which it _ t 3f will apply this compler accounting pronouncement, including whether or not W' prior years would be restated. A.o 4 io.W* T*i. crg g,. 3 j .,Y 4 g 4 - M.9 D j .NWh f 4i 4 1 9 :3 Tf'gh 1 .:! A y %.i 9 dW s..: i 2khh l = @n W? 3 ,s '.('#- a .P..$ I je.,j. 3Q}. c i T 's 5 % h,
- O.
I A,': Y hi$ $0h Q Qi$h. 4 "4 - = a g'* 4
- g-h
. 1J e i t.) ~ 4.g a4 ww er" p.ln Y&h )4p,4 a 7 'N SJ & k ?%M&WR*Cp fiD t'$$$$$h, anew-ehg is igh Nh $MW g . v t E A. x 4wm,. ) x,.$g).. Q,.~ mm. 3.se,. %. m.v ne ,t a m , g,+ y &py - pg.w, ; e.q.me.,,.. v.v, s - w,. rup:g.n,;., g gy,p.u
- q., 3,.p..n,y a.,y. 3e,..:p..
g t q+ q. q, , a;d
- n. ;.,,
u. ..n.. ' t khbl$!'$ Y! i 'e
- ?
Y Y MA ^ i
r.,, .~.,,.... . ~..., e e ce. -- 1 + .s I / fi l I 4 ) 9' 27 The Chase s'ametten Corocretton and $@stelaries T,, F2 Nil 8ClaL Rar!$ s. .i4 . $1s want%s C6and ($ in thousa'WE. eteDt oef Cooman snare Cata) l'S7 1*46 Asse e, z
- no a r.
- s
- ;r W
g g et Co r,~,s e ms s W '=*t Ineve '.n s ) es a Nrrea's? o*t W a averege total Interest-Carnang Assets. het Nr. t . Eacluding Soectal adattian to Reserve . s .32g ,77g g ,7gg .p,.. 53 g average Total assets ,35 p a Cacaucing Soecial accttion to Aeserve 49 .a6 k; w 44 .6S ,4 .66 averson Caswvi Stocunoloers' C>ttv* g.S6 13,3? '*4 . Cacigung Soecial adottion to Aeserve 9.92 g3,gg y Q avernoe ;omutn Stecnnoloers' Caulty and wreceensole 9,26 N- "%== .. D, 85teferreo itoew* 8.54 12.75 12,90 .Q. . Escluding Soec141 addition to Reserve 9,74 W. 9,13 d* aversqw :ommon Stocentoets' Coutt, ano fotal *referreo Stocu 4.32 12.67 12.83 I "* g a Caciucing Weetal aantion to meserve 9.71 fp 9.12 .~ Leverage matt +4versees g Easwys uotunoasers' Grutty eo a 8ereentaoe or LN' - e. Loans, east S.685 4.625 6.4 75 6.2$4 6.385 li ( fotal Interest.Carning Assets, aset a.60 S.2) S.24 a.91 3,21 -# D w, total assets 3.90 4.a2 4.42 a.16 4.42 &a f Cassoon Stocurelaers' Couity. Total 8 referred $tock and hs. Long tere teotas and Oeoentures a7.50 51.66 S2.26 a9.59 S2.14 ef tomwi $torwmtsers' C:entv sad 8eercoremeele pre efred }I 64 r r[ 5taca as a Perre* stage of : w ', C' Loans. Het 6.405 7.SSt 7.461 7.171 7.375 .A, Total Interest-Carming a sets. Dent S.32 S.97 4.03 S.44 4.02 s g'6 e r Total assets 4.51 S.05 S.13 4.77 S.13 '.ye' Cannon Storwminers' Cmdty and Total preferree Stem as a M Trn st ne e r : {M 8 e',. %x A;s Loans. Net 6.895 7.631
- 7. 56?.
7.271 7.a75 '. i.8@4,, d Total Interest Carning assets. 'et 3.39 4.04 6.12 S.71 4.a3 Total assets 4.57 S.11 S.17 a.83 S.17 '.g,N .M Caumon Stocureloers' Calty Nr Cauca Share 1 3S.77 $ 53.35 $ S0.64 8 35.77 $ 50.64
- i. l' "[1 n.*
'5"* gip lM s. 4 Caoital nat tos. at Larter.tna ,,.f ..4 Primary Capital" as a Nrcentage of Total Gross assets
- 111 6 ees 6.951
[h C f fotal Capital ** as a Nrcentage of Total Gross assets 9.64 9.83 9.31
- j, gJ p
p ,l' 3 The Chase nametten Sarus N.a. and $@sidiaries .. h, N [- Prieary Capital
- as a Nrcentage of Total Gross assets 7.20 6.91 7.03
=A h. Total Caottal* as a Nrcentage of Total Cross assets 7.42 7.12 7.20 -.4.kh' i W, '
- .p:,;;1%
,F'*
- eased on het income (Loss). asjusted as acottemote, c#g '
h
- tased on reorral 4.rserve Board definition.
W d.C
- eased on 2rflee or tne :o etroller of tre currercy oefinition.
& y' 4$2" hoc mr. .f[$& ,.s, o . 3,,
- - %a 2
- ..,.1 l
-y rsa .,.s 3 r atf. e
- r*l
- /*-
- k. N...
. x '..sw . # ; se ja, g , j? ' ( + [w i, [.( eer w sa y.*L
- ~
Q j m,*A t-k, 7.A I N j y Sr . W p. &n,.4f e A , DD.M.a.m.g MfM@@$M..n.,,,.3fM@kwQ.v.m.., 4 f P f. p N M id/I 7gi.L f p.j,%;r m.. mr n,p.. w n s.. w, . s .e. a .x s e m.,. A 4 f l-a J g g f Q Q Q Md;$ $ w~. m}}. r;g,ed'n 4W)M.g&v.n.m.s[ h Q.w.Wm .M~;.Cr le% W n.m.a n ulnj& T Q&.m n w ng :w,O1 m .Q ' ~
- T
[. 't y ..A, ~-. y &,. % p,- g, a.. ..n., ,.O s y g 3. .- 4, gy . ~$ .. m. ~ A... g~--pg-. % y - -} c- ^ LRi e MeAns a r. g. ,g 4 6 P =J.- w g. 4 .[ a a A. a , w.
u.. v~ ) m.. ~/ = 3 28 4 3 3 The Chase starmettaa Corpeestle sad 5@sidteries \\ rs & s 7,. STDoettOI cat 4 j h Sia e$ths Enoed 9, ($ le gnavianos. sacept per caemon snare cata) Zno Ot r.
- st at t, g
.- ~ h-terly f'asm 01viceros pM.. 9 6 Camme stocu V y I**' 'I ' U I 87 8 d' .ci
- r reo tacti:
- 95 W
- .a' set!
- y
= = = 1.ma 1.ma %.m ,.g ,= ,g j.;g 2 12 10 Un so- 0 ri-un. -te senes c a., ,:aag ,*,,0 11*,s,e; .e -h 4y Flostarg Rate Series F a17 a %- k /. Total Preferred Stoca TT'CT , =, W W,3 fs. en g5 pg '.g Total Casn Daviceres $D $"M $ Q' ' h[ Caen Diviamnos Pald on Ccumuon Stock as a Percentage 46.135 30.885 31.00s 2 /*Tttel e** l p% of Not incase Acolicsole to Cassem $tock .a.23: '1 py . Esci.ntag soeetal noottien to Rewrve a0. pas 37.995 Total Casm Otvioerce Pelo as a Percentage of Net Incane 33.585 $4.725 T*,..* . Enclia1Ln0 $pecial addition to Reserve 47.495 $0.8) .q, ,e b i unteret prices of pre' erred artf Courne Stocm** f W Preferred Stock. 6 3/a5 Series 8 . f"l M10 $ F2 3/4 $ 97 $ 90 $ 77 $ 93 p,y Los 80 49 41 to 64 6@'- Close 21 3/4* st U2* Sa U2* 81 3/a* 64 U2' ? ' Preferred stock. 7.6,:s Series C p' G Mie 101 103 1/2 100 103 U2 100 4D te U2 6e 9,,3 6,7 U2 Los as 1/2 t Clow es v2' 3/e* e* es u2* e,*
- b Preferred $toca.101/21 tieries 0 v+
M10 $4 V4 56 1/2 54 1/2 $61/2 56 U2 y Low 51 1/2 59 U4 513/a 51 1/2 at 1/4 S.,.+ e, A"b.". l close 53 US 53 7/8 $3 U2 53 US $31/2 Preferred Stock, ricating Rate Series E ,J Hjp 52 3/4 $2 7/8 Se US $2 7/8 $$ U4
- >"2.:
E.. - [Y"f' A) ~ Los 51 US 51 3/4 51 7/8 S11/6 51 7/8 F Close 52 51 1/2 32 3/8 52 $21/8 p 4t 7 Preferred 5tscu Ficating Rate.ertes f' e.
- ~.[$.9 M..
l map $3 52 3/4 53 U2 53 54 1/2 i b / Lo, 48 U2 30 1/4 50 1/4 66 1/2 SO 1/4 Cion s2 V4 30 ve si s/s s2 u4 si vs
- c..g,.n.gf.
1
- f" -
p 45 U2 at 3/4 a9 1/2 45 1/2 a9 U2 d' iM 34 35 1/2 39 3/8 34 3a , #,,,t
- i Lo, r.
- glos, 41 U4
% 3/s 44 3/8 41 1/4 && 3/8 y*- p' { u 'i esso sales. Desed on everage of tid ano asked prices. g.- t 3'4 Q
- The MLp, low and closLng sales prices for transacties reported
. t-ue is ' y 2,! $i. g l
- n.
p) 't" h; .e, g
- h. m
'"~ an a h l..ap. \\ L. k il l o l i.. '*196- " %- @u w ta m@ g %e m ss g s. . hV" W - mss 8 e ~ w m Q
- ,.y
.; e.g Q,.. n'. , w'._. l h:ly _" ~l Le,4 f qqj.,, nl ,9,, y,g.j~ Gl'Q.m x u w aswa.w{m e w &[ .xw. u
. y .,.; a v s . ~ ~"v' ~'" ' ' ^ ' t e k. 29 M es?; " Yke chain Manhattan corneration f eareanv on1v) ) M { 8AtMCE SMCC7 $4 et M. June 30 December 31, June 30. M '1 to thousands) 1987 1986 1996 F h Assets I @j7, the Chase Manha'. tan Bank. N. A. 8.019 8 1,289 1 981 M~ 7f Cash in Bents-Demand Oeposits: T~ Other Bank: 10 10 1,387 dd Short Term Money Market Instrusients: r Interest-Bearing Deposits Placed with Banks f The Chese Manhattan Bank, N.A, 1,250,083 966,953 1,978,869 h.s Other Banks 150,025 215.012 150.580 hNA U ' u 1. Treasuri. securities 117.024 28.618 49.492 [g '
- g
,2 Total Short-term Money Market Instruments 1.517,132 1,,210,603 2.177,941 O* / Notes Receivable from Nonbanking subsidiaries 2.722,760 3.212.727 2.395,138 Accounts Receivable from The Chase Manhattan 8ank, N.A. 75,292 52.436 81.085 Q"^ (., Other Stock Investments 63,362 59,662 60.160 Subordinated Cebenture Receivable from The Chase Manh.ttan Bank. N.A. 400,000 400.000 400,000 ,4
- q Subordinated Note Receivable from a Nonbanking Subsidiary 1.857,577
= 1 Investments in Subsidiaries (at Equity in Not Assets): , Q, sanking Subsidiaries: {Q'g (*f The Chase Manhattan Bank, N.A. 3.542,664 4.714,283 4,558,632 3y j by, other Banking subsistaries 1.132.947 1,067.991 863.521 J p% Nonbanking Subsidiaries 557.519 462.651 388.383 lly'. Accrued Interest Receivable: %i - 84aking Subsidiaries 13,795 10.207 17.158 3 *""J $ .h honbanking Subsidiaries 23,431 19.202 19,961 4:k 1 .M~ W' other 3,325 3,210 2,595 { tther assets 77.571 73.294 77.928 h/". C vs( feta
- A m te ill 9RR.404 111.287 MM 111 dad e90 k'
D' Liabilities and Stockholders' Equity 5 / ,5. Cosmercial Paper $ 3,567,575 $ 3,010,259 $ 3,215.850 " '$ se ~ Other 8orrowed Money 1.126.219 830.971 573,028 a' accounti Pavable. accrued treeenen and other Lf ab(14 ties 143.687 142.850 182.66s N L. % 4,837,481 3.984,0fl9 3,971,553 Lap tem Notes and Oebentures 3.542.947 2.359.541 2.338.101 M* ' -
- -k
'etal liabilities R.380.428 6.343.630 6.327.654 w 3 4 (, ' [ f[,1 n., Heierred stock (Without Par Value-Authorised Shares of }- j 50,000,000): g nedeemabia Preferred steek: A ..t 616,379 Shares outstanding 61.638 61.638 61,638 ?r j-[ Nonredeemable Preferred Stock: k 12.039,737 Shares outstanding 601,987 601.987 601.987 . J,V.. ,g Comann Stockheiders' faulty: hM j ?, : Cosmon stock (Par value $12.50 Per Share): / f/30/87 12/31/86 6/10/86 ? h. Authorised Shares 250.000,000 250,000,000 250,000,000 2 2.\\%; / Outstanding Shares 82,312,863 80,843,953 79.737,922 1,028,911 1,010,549 996,724 .A' b #)k b '. Surplus 387,012 352,564 327,133 7 Foreign tachange Translation Adjustments (23,469) (23.724) (24,687) Retained f arnines 1.131.297 2.940.901 2.754.441 ,, h(. ' k fetal cesion Steckesiders' touitv 2.944.351 4.290.310 4.053.611 4 fetal liabilities are Minekhe Her=' Teuttv 111 MPR M4 111 97. tem 111 044 e90 , 3:Q a g.wr y;;MdE ~' v /6 ga g%, y gx ,,M ,,, { l4, N ' y .e ((.h 'h,.m.f dm;yq ' n:w.g i,m}jy . " ', ~ .~ m.. ; / ")- . g 4Ab' ua p [ kph Ik I.I I
- 7. '
%.: g, $ $g. y W 9 h" & y# h % % % $ - J a h(g gm d h if e m.. _. 3.?u_ ~g g. m...y.,A, n.y... #c s r ..q,. cQ ~_. 3 . qf, w, y.
- y,~<, ;
1 >v.....p : %.g.w.
- nN dMM*g ~;.
r _ i U w 4 A d id M. M d:E N ' D h ,W ' ^*; -
-+ m A i I 30-fie Chate Ma@attan Bank. N. A. and Subsidiaries g Coit50L10ATED STATEMDif 0F CONDITION fa June 30, December 31, .1une 30, f1 in thousanent 1987 1986 1996 /% Assets / Cash and Due froe Sanks 5 5,923,865 $ 5,732,052 $ 5,355,645 U. Interest-8 earing Deposits Placed with Banks 6,643,062 5,965,739 5,541,681 ~ ~ Federal Funds sold and Securities Purchased Under Resale rfjj Agreements 3,814,165 2,904,948 3.041,138 %, A .s frading Account Assets 3,201,709 2,561,108 1,385,038 . hk Investment Securities: U.S. Treasury securttles 2,429,375 1,349,852 1,494,078 M ~ I yh, Federal Agency Securities 10,254 198 103,013 State and Political Subdivision Securities 1,785,675 1,970,916 2,022,145 ) Other Sonds, Notes and Debentures 1,663,302 1,871,587 1,418,450 3,. ; Federat paeseve sank and other steek Investmenen 97.619 87.774 81.61s .M Total Investment Securities (Estimated Market value of S,'"._ 9 $5,899,000, $5,376,000 and $5,176,000, Respectively) 5,986,729 5,280,327 5,121,371 p 'y r Loans 51,738,317 52,060,619 52,052,118 r, { t g. tese paierve rer Penitbte credit tenie. 2.396.e00 mr1 709.937 toans, Net 49.341,517 51,286,998 51,342,181 J %y Customers' Liability on Acceptances 1,858,767 2,610,647 2,765,227 ~'.y y . ti Accrued Interest Receivable 893,925 852,340 892,420 P 3 < "} Premises and Equipment 969,938 949,535 827,189 2t - Other assets 4.032.740 2.661.697 2.848.309 1 vetal Attate s a tR? 7?6.417 180 Ros 431 179_121.,49 'a S, Liabilities and Stockholder's Equity ^N N bl Deposits: Domestic Offices ib [gw*Jg ' '.J Noninterest-8 earing $13,152,786 $14,672,439 $12,671,179
- 1. teres t-8earin9 14,524,487 15.227,547 14,654,219 M
6g M*@p Oversea 6 Offices: p g Noninterest-84aring 2,450,500 2,437,843 2,119,197 1 f e t e re n t-t ea-ina 32.314.996 29 437.096 29.466.277 ,b Q 10tal Deposits 62,442,668 60,774,925 58,910,872 s $.M 7 Federal Funds Purchased and Securities Sold Under Repurchase i g'g f'; Agreement 5,197,723 4,743,538 5,210,821 'M~- i 'l Other sorrowed Funds 2,801,832 2,543,804 2,649,693 N t} Acceptances outstanding 1,885,620 2,645,225 2,773,315 ^l w t h; Accrued Interest Payable 666,814 582,582 562,945 .O^ k Accounts Pavable. arerued fuesases and other liabilities s.151.980 1 921.182 1.898.187 s $d[ 78,348,637 75,213,256 73,705,833 "3I W teno. form Notes and Debenturet 233.116 277.292 et.6 384 y).[ t' h"'j ' U) Yetal tf aH11tiet 7o.181.791 76.091.149 74 **7.817 Stockholder's 8evity: hy Capital Stock (Par value $15.00 Per Share): (fg% fj4 W 6no/s? 12 n t/86 sno/86 v h M Authorisef Shares 61,744,445 61,744,445 61,744,445 %,h G Outstanding Shares 50,759,065 50,509,826 50,249,872 761,386 757,647 753,748 ~ O ' W, ... d*gyMI [ Surp1vs 2,217,328 1,802,933 1,787,789 Foreign Eschange translation Adjustments (23,746) (23,940) (24,889) d . ' [9.5 y . Undivided Profitt "87.696 2.177.641 2.041.984 5 7etal Steekholder's feuity 3.542.C64 4.714.233 4.559.632 hh n yetal tiabilitie, aad steek % 1 der,. r uie, to? 7ps 417 te0_eas_e11 379.3?i. tag ,g.p };?, ,<., w. 4f5 ,,, sa a - Obh $g Q Member Federal Deposit Insurance Corporation ,b'/.,.j$ [ Rf M,w;Hf(f E% a e he Y ' ' &a.:TW&&&, w.,:RQ %WilD d3kQ ,dW.Q W f h?, d w:gi. 3 pg:hi i 4%w - a . w.m. 4.e9.v wc a. 5.. ~ w,9,.4,.,/.gv,,,e..,,,,z, - ty. g, a,,yo.. m.?.o.,x,. c n L m s ,.pr a m w,, U, ,a y w pq A.., ?sw%\\ :.;,f n i g g&YfWhfhbhhtf f + 4 ;, 4 gg N. l$fy ,1 .Ag+@;.-;r'wis9hWww,g mpuyym A AEw:y$&,,$YA& n+ Rf j + n x.,, z.u - + ;Mw ; /,.y f e yp. ' 'c. :m.,f. $ 4 w. 9' wJ xgn: ' f W: , 4 ;p ,f. yl ;. -
- n,, f d '
, lC x.- l ' -. Q, o L d 5 4.M.., 4-,%..- 3 t ,..o A,, & % .i l k,..#,A &"%':m%p#w =a ; "*" "'"*,,,t ,s..t g rg
- x..
^
<-.N r# - w e i = 31 n.o m., u.acr,-.o. w = ;I-i. um, i.~, w. v. ro.m. i.,.c.,r p ... ?"M.**!!:i -. .. .. "M.**!!". !*... c.i.mi 1:rg.! !.v mm"'.m-!.'3;;r :.'u: a--, ..!nem '3;;r t m--!:!em.emn r :t "a - Z.ty'a.r w a g " 't:m N iw 't:m "3t iw 'tm "B s' t y s.ar r.u s,m u ..u ,,ur a ..n n E NiSE.i..,-m t@ y d;$ P.@ $ Q E.@ y {l 22N%!'"" .ii.N!.Y7iW-li.s .'."# iM-li.id.]# '8:n 7% t -it i u.c m n.n u .n _1 E.* 8m= .n;m....m t!:st m:n = f.,, m.. .,t .55.. ::=. "+ ng....g 'a.it;1a....g ~ 'a 1;m...':=. " !> .Sm...::aa. av .e a..s m. u.= .e,m...nm. su ..! a..! a a.n !M?!.!a!r-!.:'e.m.s'a-!.!c! ?.?.?.u .sht!9,,2,3??, u.u ,sha'...? =. W .!ht51...ha* a.# t he im t in iin 8 l= ths 1 2
- M;E!:::!d;m la tt;s
'.m u tt;m mu 3 w-.::r N y# "g! = m a- ~ ri: n.a :ME::iM = :NE::!;9i: a.= '#'**"~~ ..li$. ..!i@. !?!?!.Ma!?!"=?:!-am.^=!!... . !5.851. . v!5 .n.ML P Im!m" s m. ma =i!!+. u.mo. w n-.i it, n i;,G;ei:.;;;misiiiiia"""" e p pg.ggi3;&esis;", .. *j Hi.,, p, p ;, ora i .a j:,
- u. a m
..m u..a in ..m u.m c. s.m. w. a -a an a 7.= .se e r.u m s.si aHE.J'h5i>p,, ...',l.i.l.. 3 L H.". N...... 3.... tR ..i.:m...... 3.... tii LjiS,w%"t '- ' a- ' y-24A:"N12'"'" 156 ",GR'M.,.":~":"1,,,,,, .H.. I.n........ .e .E..l.. M .H.. M.......R.... ht) .H.. m........m... 1:51 .O a i 'htB t8! iM Ut til a 't:lt: 'M a S.q.s.p & 3 TM .m 8 t=- i IB J:H - i m 'M d:n - 'It a M ', g "i;m
- tie;nf ""#f u "i;;itf '"iii u "1;nt:#d;Mi ""ig' s
k., !:',i!# :.t:;:=d :m o ) Im!.!a!--!:'- m.ue!!!!!n. w.
- !:Hi:
- s. =
- n,iH:::!;#t:
t?. r.= n:::i;ig: 7.= f. '- -r:.!n--!mm.een tu- ? 2".2 8mm ) HG i2 it:H H m 1:t! n;m W Lil e t .ii,;a..r.."..;,,i.w... a..;m ,=a o, -..,,,i. u m o ..n ,i.u....".;.;s..r.. r.a r.n Y .tn. i.w... ".r. i.w... =:y.. aan7,,,,,,,, p e e., tu, 1 l. 1
- t
- e
~ 'iME*Ifd".ititt0 "*"*" i .r. v.m w.t. uomo n i .HiH:Us.n,,i.iis.""im.
- HE;nr n;4s-L
- s
- K
- HM;nr t
i u fi.:..~:'".;HE.EGE!W.Em o a r0 = = = Lf i 5:. time?!.m:.!w!n.. ..!a ..ta ..!a li !?!?!.!!*!!!!!.M.?!="T**fL!W!!! 8% E. %S.
- M!t.
!"*!?.!*!! n!-".?!!. dam. !?!?m!.*?!?.M?". 8.x r.s.:
- r., s 97?9 a.ssa
.L "'?. !a'!*!. !*=.M.f.!"aa!m.?!.?m!. !a!!m !:!-ala?.t???!? s.33 s.es : st, r 3.m s.m ..tr /
- a r f.e t sitie tr.dit L
- t..actus.d f rom caiculati.n..f.we r.te., s. appropri.t..
g
- R.fl.Ct. th..al.
fdI A. Play Mgh i..ist f L. cat int.r t ret pr.w.iting in c.et.in Latin Am.rican..witri.. .i r, wre, t ,,w tasi =ance., w r.uw r.w i.,.,. o..i.. '7 1 a + k, ~ ~
- 4 h
A F ' I' .. - 'N*d4 4.; w 1 x ~ ' ~ +g,, ~. 2 4%,.n,e/ ; d V,) _;;-r.*.@"*PM *(**. Q%" ' t g ,, *gsp,2 0_.wb;" M 7% _,. s:e w. AaLA ~m.& ,wM'
e r- -.-~v. m ~* ' v 7 ,n..., s l I 32 I -%Q i cm.- u.n e-,,.u.n on, u.... . r ui . i - .n.. e.e, t. e. i==. i.s-i t N). ,,,,,,,n. .......i.,r.w......W.........
- W L
.......m... m.r.?.t.., E"m..mMm.'M
- mMm...F?"
i-p;.ig; g g;pgi;!..in .u. -. .t.m an m. 't m as m. ,5~m m.me. 'u' ~ + ~ t (ti e.m r.. .. n, @ Sew.st$,9, E. rni ':),J $3 ':@,,j (H 3 m.tnw"... .h.m..m 4:n - .t.m..its u:ft - 4..i,_ t. 3. n =, u.= h"~ib sm: AM..hM H:# .n;m..hnt u:n e v ,.u.q 3..,.i.g i.m ..n ....m......... :.. " =. .1 .na...ea. ".n s m...u n. n.u !mi.m--!:m!wmee.m s e...t a. a.a .na...+a. "= L"hBI:~"' """' '"'" .thM...I;is. H:5 .it;8...hm. u:n 1'ma~;.ip= N -31A h' a 4caa- .* a...t a. a.= .na...ta. "=
- it;@.
liR %.s 1 !?m.wmM-,:m!,.w?... n
- iin.
!m!.**m? Ma. "?dt*. .it. v !!e!!!!!a.r*.!!M**!*m.!w!!r !a!=!:'":!af.!.!.*!!!!!" W ( =.,. m. m.e.gi. a, e f. e It.t g. .m.ha '. !!c uh.r: n, t sw w r.s 4m t, s.s - e. .m t e i P- ~a uo ..t.I....... 3.... W m ..P.,N.... 2 .H.. G....... 3.... e a mfl.:nmi.r"= .l.t. m......i. I.M... 1:11 e 't:0 ...t.2... EH '.*%v4., !"'!. a{E"".';676e a.c":::W Shm 'B LH - l5il $I!:E""' 4.ada s Uur t '.m J:11 - sarch Aer m.
- b
..i B..f.....!.!.!. 2I:21 - . 1.,1.8.1......i. '.i..it:!f - U# .a A I:'4!a:';.t:."M"4:L. 1 m 9:41 I M 'LH ~
- N;md ::iE 8.=
lHE;El ::!E i !?!?!.!a!'m!:*~rtat.t!e!!!!!M. -s 8u 5 -r.!cmm.tm!s.t!e!!!!!= r \\ t,=".13 Um: '14 ,@g;t11 [jg,m 8:28 lu,;jif, [jg,2 (Of nm i I:11 .A 9 N i s.t.i antent.untas oeiniin a.w e.ts
- n. inter pt te.r.i"tf.l$' p'Liti 6
't,2 j .,d.p? g.;tM i, o su. 'ulr'ciiri.I'If;IttfitoO '*" "*" 7. %c.y:ki F inu.wun. 'n
- py g;;;;;;;;;;.. a? uanio.
q";ili' .n;;;y s., ? iir g "g" 'u' ..w e;;;;;;;i;*i;;i;;r.e no. 'u' p# i;A;;;s;;;;i"&;;i;;;;siina C .or EEE.!! NEE!NU!!E!iE su 9, i ..t r ". ..hsay, y.. ,/ o !?!?!.!!**!!!!!" '.!!!.M8.!N'?'.!mM"!.!!!?.!*'ad p a8.!!M!a?!*m.!W!!Y
- Misu, uttua,
,1 !"'**?.!*'!!?!r! . $!rse 3.o a
- !.!a!'"*!.!***=' M.?.!M?'a!*M.?!.E"?.!?!""!:!?maf.t???!?
sht49 s.es 1 .c s ' C,?.e ' ~ 3.,51
- e rve f.c P sible Credit to..
- 6. eastus.d fr s.trut.ti.rw of er.o. *.t propri.e..
4.34 1 6-
- aefi. cts th..atrurdim.riiy hion iewt t tec.4 ime.st en.e prev.iting in cert.in 6. tin amerie.n s.untele..
.ii, { sota: t a et. imium, n.nucrust ww nu.e r.te ans, u.opticet.. f 1**' s .{ .gcML w v p.de -...y
'.y ..n ,w .y y 4
- E N 0)ese Marf'etten Corporatim one $@glolaries T'
035L10aftp awputig t.Osa adLafCE5' 1989 1944 . $ in 41111 tris) ( ine ;t r. Ist C' r. W Domeetle Offices: _Ih 7 a.#s. Asaa Estate icans'. Secureo Dy 1 a Festly Restour,'.141 *roperties $ 9,$7? $ a,783 $ 3,212 $ S.13L 5 2,964 Otruer nes! Catate Loans 6,laa 3,69a a,129 5,920 a..;91 g Loms to a+ortosge f.oscanien 629 410 ar2 619 40s Loans to Ctner Finanetal Institutions 644 1,131 1,223 1,007 1,268 t, 7(,', Loens for Nrenesing or Carrying 'ascs.rlties $67 433 167 SH ST) Commercial and trusstrial Loans u,114 9,646 7,763 10,383 7,963 Loans to inoiviamla for Nrsenal Caperu11tures: e Creoit Caro Loans 4,18$ a,131 3,7g3 4,139 3,y)9 Dtner Consamer Loans a,C33 4,S61 3,970 4,133 3,467 Lassa Financings 1,314 1,905 1,51S 1,859 1,at$ 7as4aamo: L,oans 1,566 1,798 1,642 1,681 1,450 Otner Loans 1 109 1 12e 7u 1.117 ass Total comesti.e Orfleet. Cross '7)*5!i "Ti",Wa "N",31,s Less -ar.m._ 1, 66 ~ a' !.mr.:- EEMMM Lassa mestnoo Discount ta3 ta) 216 243 716 1. J $
- aens in oversees offices atutlume toene to U.S. connertisk
.terrosers, 5,,,,,8,,37, 8,,4,,,2 $,,1;C SM $2 Coal 70mitD analysis or carDt? Loss cum 3,t_o,,cjt + I ,d j $1s taant ie Enoes 1967 1946 3rie u. y[ - ($ in thousands) Kd let Wt r. No dr. g g P Reseave for P9,setete Credit 1.osses at Beoinntn. of Nriod A ^ ' T32 $1,064,764 $f 34,833 51,064.764 $ 907,672 Y
- et Loan Cha Arr :
h[F Diimentie tres: c.oamercial arvi inaastrial Loans a 912 e,301 19,737 1s,213 777 Lome to Financial '.netitutions 219) (2,.ha ) (72) (2,583) 23(147) 4' p T,. Loans for Nrettssing or Carrying Securities 131) y Asal Catate Loms u,124 2,0a0 1,S42 13,De 7,746 Lot *is to Inolvieusti for Personsi Coandaturest h'J F, 4 - credit caro to no 49,664 ss.234 49,143 122,902 97,470 4-Otner comuner Lome 1e,6a* 19,441 u,us so oes 31,729 S. ' Lease Financings 3,967 244 604 6,211 1,737 'd.+. e,d"; 7 f a-Otner Loans 12 7 (111) (169) 16 (179) 7. To?s! Comestir Net Lee thoron-Offs 7.*7T ""*5"'T87 "W4 M ""I'lf"'TT Usi Fierotimal Loansi i 'h" 3 p ;,
- Y i
Cassercial and 1rosstrial Loene 9,584 29,94 $ 17,273 39,331 42, " 3 k@DP l G Asal Estate Loans 4,909 (257) 3,950 e,652 4.123 koans to 1661visaals for persmal (soonaltures 3,71a 3,919 2.674 7,6at 5,$97 176 [ *
- 2 onns to forsip Governments enc official instituticris (63) u,229 7,f10 U,216 47.921
./ ' $' Otner Loans (s?) is) %s fas) 671 'Argd a osa r TT m:1 A - .; t ( ? Provision 0)erges to Espenses 1,730,000 140,0Xe 149,000 1,090,000 24$,0C0 e'M'i. ' c. nenerves of acoatrea 5meiotatles (9,015) 18.225 9,210 $,489 P t r c e,,oreir,o,.cnanoe tran.auan sos,s.t nts c:;q w $g_ w4 _,gg .. c g4 a e r.e ~ssme e, mosses t c,o or ~noe
- y. i
- Certain miomts in prior perioss viave cenn reclassif teo to conform to sne currv-t pres ntation.
ftyg '* if U* $
- e&*Ng4'
,e Ql { b - .y ':"y.4 9 'A.w P Why h +d o, %.N k* ":h n f. y ~ a <w e .Y i My.g?pe.., gth hh$ fhih n n$hhhhu n a n$ h$?Q.}da$f w : p s p ~, q,3,e ),; w.f.9 T.;4,. p.:, ; & o -Q;y;n y g & 9lt g j h.f Q, x :. ['+4:y,y';Q.f 93 d.79yQQ ..i'f.- i QQ
- mw kgy.s p.v;.
f.-c ... e 3 .m qtQ3..3
- 4.,, ~,'* g /,,,r..t V_3
. f.4 1 . a. g,....~. :. ;.. a..o. .,.,,. ;. 4. m. s.,m.. ,g .y - g,1,,. a. g. m. g 5, e u v ,s. ,. g. g., A. u .W
- I'.Y. :$'
' DWEA \\ UNW 5N*h a ~-
m T. vv-
- * " ~
+'"
- . " ' ". ' RN s
e -u p (. e j l 34 g' x h The fhate Maehattae forceration and Lbtidiariet Ba!U 80RPOWLO f. R,@ 1997 1988 .4 ($'in thousanJs) .bne 30. March 3' Oee. 31. Sect. 30. .bne 30. $[dVF A Federal Funds purchased $ 4,289,093 $ 3.114,176 $ 4.249,916 $ 3.494,918 $ 3,949,104 Q g Securities Sold Under Repurchase Agreements 2.099.071 2.400.E93 1.155.182 1.2'O.922 1.163.015 .g/'g. ' Total. 33 E.123.869 5.405.098 4.705.917 Mll} Commercial raper: Company 3,542,636 3,726,45J 2,980,884 2,810,365 3.190,708 y Subsidiaries of Bank 74.312 70.476 20H _M_ 77.955 y% i' total 3.f16.948 3.796.929 3.049.991 2.R28.471 3.268.663 t/f h Other Sorrowed Meney: 1 Maturing Within One Yur: f Saaking Subsidiaries of Company 1,023,515 1,012,487 1,260,342 1,274,151 1,155.108 Nenbanking Subsidiaries of Company 248,274 420,622 112,508 100,669 104.476 --y Sant: f Domestic Offices 1,093,732 399.130 1,065,106 1,056,676 1,068,330 y:j/: Overseas Offices 1,310,319 1,067,802 900,446 944,357 1,063,222 Maturing Af ter One ' tear; g Company: W. 1 a i 6 3/4 Notes (Due 1989) 250,000 250,000 250,000 h, g 8 3/ 4 Notes (Due 1990) 250,000 v.4, Floating Rate Renewable Notes 250,000 d#? - - $ 3 F. Floating Rate Notes (Due 1991) 250,000 250,000 250,000 250,000 1 Floating ta*e Estendable Notes (Cue 1992) 59,038 59,037 59,036 2M,869 299,841 E. -f Floatin9 Rate Estendable Notes (Due 1997) 47,322 249,893 249,863 249,834 249,805 ,. bd a Floating mate Notes (Due 1999) 19,859 22,072 22,072 23,378 23,383 D[b"d. N 'C 8saking Subsidiaries of Comoany 364,164 368,235 332,226 331,040 181,053 ' I "' ~ Nonbanking Subsidiaries of Company; 3 Chase Clark Credit Corporation: Mi.. 6 12 3/85 Notes (Due 1988-1992) 12,000 15,000 - rS 12 7/8% Notes (Due 1990-1991) 50,000 50,000 h.Y Floating Rate Notes (Due 1991) 29,000 29,000 MO $N* I 12.851 Notes (Due 1994) 50,000 50,000 Other 62,517 66,817 4,610 M/( l'ak8 g;;g @y$ g Domestic Offices M6 165 869 869 669 r A. 4 Oversus Offices 119.s?3 J gu 42s.154 427.872 435.358 Total .5 f e9.529 4 674 841 B c07.422 4.958.715 .4. 115 m ' 'c 3 fetal Funds Borrowed $15 fc4.6J8 $13 90s 699 $} g $12.J93.133 $ g e g g J. ,d }... 't y I 1%) ff r..,w. a 1 1 e e
- x. y,
m. . -.., ~ i.
- . ~ -
'"^ d %n 35 it m '49 N w ti txase mur -sue me semanes N, ; Ltsc,70ee ers?ts ese OtreistES h(' (l in trousancs) 147 losa u.e m wa ren 7 x. 3e.>t, ,,,,,g-g Co=ioev: hy Ooavert1 Die Leorcinated Decentures (61/21 (Le 1996) 17,13a $ 17,a67 8 21,623 $ 22,143 $ 23,929 g%,' gh setes issued eitn Detaenab,le Ewitt anunce u3 v2% Due 1, n u0,0m u0.m no,= y" entes t7 3/85 the 1994) 137,636 2a8,782 m,=. m.m Notes (91/24 tbe 19%) .we 249,131 269,106 249,081 2a9,036 2af,031 JN z antes (7 7/81 Que 1997) 2a9,762 249,75) 4 Zero Coscan setes (the 19921 09,696 66,639 83,726 80,093 75,137 9 J4, Sanning Fwid tapontures (B 1/25 the 2:D9) 120 120 70 7a 3a i *'W <p Flestin0 Rate Notes (the 2'239) 262,265 282,26) 252,307 282,311 282,311 ~ P, riaatang Aate kmordinated actes (Due 1995) 349,018 346,969 3a8,960 546,930 346.901 h.- db Floating 4ta kmorainsted footes (Due 19%) 398,830 196,791 396,764 398,731 390,696
- p i
~/" Flos ing %te SuDordansted fetes (3.s 1997) 171,000 175,000 173.100 175,000 175,000 J.,. y Subordinated setes (101 the 1999) 274,31$ g L *dr.J M r'icaun, a te sumersinated =tes uus 2x,) 'osting Rate kbordinated Notes (:Le22) 230.t00 230,000 230,0JD - 250,000 250,000 s.g gp-a am,mo am,000 400,000 400,0m 400,u .,;, ~ a+ $tunent Loan Marketing Association Borromings (the 1994) S00 F M'IX) s: - p IT '*T1tT"31h Total ting %te sectes (tbs 1993)" DC,tDO DC,000 D0,000 150,0m 130,t00 hF Deutsene mark Bearer 8 arcs (64 the 1993)* 33, ate 33,s64 3C,980 09,753 32,976 g 6renen Fra.ic ricating mite Boios (Cue 1992)*" $8,361 124,730 M 6,189 113.2S9 106,967 kM' 8'J Frenen Freec F10starv) Rate Bonos (3Je 1993)** $$,379 54,207 Se,221 52,834 49,918 av Selse Franc to'ios (at the 1993)** 36,8.2 38,216 16,548 36,280 33,203 ..M,' k (fX 8eorrlaidse Credietsenn h,v, *etes and Oeoentures 100,834 93,750 89,9sa 66,6S4 83,620 O tto, k .~ F13sta te kmordinated Debenture (!Le 1996) Q g(,*p,M3f Stner Sesid.ariest e6 - .i9 g <J Chase mareisttan instisial Corporation: C.,.,,f.- Decentures (61/44 the 1992) 7.2Jo 7,250 1,250 7,*SO 7,230 w-Chase Lincoln First tema. N 8-. , [d, 3.eq* Deosotures (6 U21 tus 195 6)* 21,090 21.090 21.090 21,090
- 1,090 M), s[h..M,3 W.
Caolts! 'etes (4,70s Cue 19871989) 5,253 3,61 6 3,616 3,614 3, 61 4 i4 Y. r.e Chase Claru credit Corootstle: .sotes (8,7St tus 1967-1990) 10,000 10,000 A*,, sotes (9,05 tue lyS7199a) c e *- 22.110 2a,832 W hk$y'i ~ setes (9 3/01 the 19671994) 30,1:X) 30,1:I) ,Q Q Geoentures, series 0 (7,651 the 1991) 50,000 50, 00 swEn.lere Notas 30, 733 30,700 fp'q ,(, Utrer actes 7f7 .J 3 @" m 5 ;k' r e roul m Tvrv"30.: - Tl m n n. v ese .r
- a...
0 ,,,. [o .%_ ""_4fj - '.ess t investemt *>r tne Co'cany in 8'loating 4te i koormtea Ce,enture or tne m (Le 19u) {f ax g::d=s img s_44.g sy s,*nq g; m.;_ ? ul. wer.,.etes a,o Deoentures 4. :?. _ m
- ,5 f
- /
?i y
- Guarenteed by t9e to cany, k,,
e.,n ~1sserc), : nam.mu, 0 erseas.-,, armau, a < ion, o.ee0 soiour, or i,e %.n=r-te.: h e,.... or t= :o ceny. yn
- ', gl
- 1ssues oy Chase umstan t.A., a ennuy o. es s,esit:lary of tne ' law, and >Jerantees av t e ;o oey,
'*'*yy M.i. :. h,$ n) y 4 Q I so [p' fm$ e% K gy W ye.w Tf , Q, (",LQ gg M m p.. Q, ' m:% M 6 h w y {
- lg y>;h-'.3s(;Ae:* W Y*
% 4f 2 ,, D, Xh,9q p ry
- 4.,
4; .,,,f p' ;;-
- ,m. +,,J.n;c, w,
- m
,, (,
- 5
.s., y 9 lb i I a k C Y. -)m.9,W.Wt*93Q Q W %u n.8,%c%a'W O,:y f;. VA..- a 7U vj 9 W ~ no.:.m. mew
- p. p q
a y n n:2;w me 1y. e c.g: a c . :A;; p;pmo.A n-o .3,.c. s - ,s 3 - s .m e ' ^q.g. m, _. n s 7 ' d.a A iI- .s 3 v,u M. n# " '. ' %qM ~. '= ^^
~ m ~ l-J 9 36 y- - v.s s m.se -1s, -.u. s, s_ s,,e, g .l y. emsruonn0 smtc7 or tecx ?; e,n _s_. e s. cot o.t _ s,.,e ~ _,... 1~ p m,e m-m.,es t .es. < o._,s , 1. 8,,.,m, m.o,,,6,,
- o.,a,,.4,,,6,1.,...,,,,
,1.,,,, a,2 <m s merest -s m wr
- m. rest.~ 01.,o_s.1.a
.., _ s._,u ses, 164 a 140.,, m,, m.o
- m..,
.es_t 5 we-t o.,o.5.,,e.s.r. -raues .,, m., m, g. e-rsm. -uu- ,,,,6 ,,,0.,., 4,,,,,, >x, .s. ,,6 ltate am 811tical 5@dietsien Securities (senet 2.3 ,,6, 5 ^~
- "."D..
.,) rrom 8ecersi bcome ' anes 34,924 36,007 37,263 37,732 41,773 Otner Sacs, nestes anc Decentures 86.347 71.713 a0,891 34.03* 32.197 Dieteenos on Federsi menerve Barse and Otner Stos* Investments }%j, N I W =j Interest en seoeral %s Sold and Securities Nrc'issec treer Resale agreseents k 47,605 34,981 17,639 18,084 23,408 'S.*. 4 p otu in er income ha e.i f
- J btemt Esosase
. h'g ~ .g Depos & u b. 900,774 444,494 782,926 783,844 832,053 L77 'il inarst %s Nrennea ana Securtues Solo we accurenas. agressents Coimmere141 pacer 193,492 133.384 97,250 93.S$2 99,12S +' v Otrer Sorrouve esoney 61,631 34,015 42,719 a S.156 54.164 J {fh gi .j ta'0 Tere a tes enc Deccatwres 260,710 160,666 97,$70 97.127 100, 0 2 ' ' a1,623 s. ".M*d4 c rj g Ystal Interest Espense a Sa 5 193 9 g 47 .599 y", i=~ C not Mterest tw 750,884 720.960 162,810 745,239 73fs,8aa Y s e res ine ( oss et Pr vision for %ssLDie Credit Losses ) Otner w.um t-e w;,. e Fees enc Wasams 4+ Foreigs taenonce Trading Incese 732,437 286,187 319,764 276,362 232,913 . Ae1 $ ',7,N frading Actasit *rofits (tosses) 60,799 57,145 aS.20 < $4,821 62.836 '4. T** Investment Securities Gains (Losses) (11.318) 25,050 18,838 17.9e3 9,259 ytM5.'. 12,953 32,180 30,349 51,152 66,577 9Y $*gf 1 ta Ot r Doerating in:one al 3 g y 'UM"-." Otner Spe*stiaa f reaa*es 541er6es ano Noyee barerits:
- 'l i".,'s.M S'M' Salaries
~.' 8
- i *-
"N P.E
- Doloyee 8enerats 3 0,083 357,593 3aa 460 Sal,a82 322,500 l
M ?ll
- 200 95 2 126 ???
109,996 e.*v I .=1. # - ' ' edU 294 ~~IbW 431,496 6.I' i 5 W'
- et Orcscanev Eowissent tentals, Decreciatim eno n'aintenance 83,656
',538 6,134 9a,530 77,187 iw d i, j 73,579
- n. 787 sa,639 67 a28
- 70,767 5 d' oa wr Doerating (sper'ses M
- an Income (toss) Berore Yases (1,410,397) la7,416 207,047 199,32a 219,106 4 L g ^-45= " ' -""' ids ciB*i -e4,-ini,E 'l ,e t m e 9,i a~ t ir ri, e a c.vi a terw gg) g ea. **e $ t a.. aae gg $ t it. tet ,,. r, 5 ;n.,5,. j 4 g #A - Average Pures Atstancing 81,9t5.230 81,276,451 80,6*6,729 80,193,23'. 79,X18,817 h'*- ternings (Loss) Nr Common 5%etes
- Me i
Driaery, 6ases on Average Snares outstanding (16.98) 1 1, 12 1 1.79 $
- 1. 5 S $
1.65 g.g k - i %.1 y Aasming Fv11011ution l (16.99)* $ 1.10 $ 1.76 5 1.S3 $ 1.62 m' g,, .a g g' Caen Dietoe'ios Declared %* ".oartei snare , Se . 54 $,$1 1/4 $. 51 1/4 4,$1 1/4 ..,g ) ,.#1 e .if,b.
- easeo on Average (men Shares Ntstanctag.
&l $5 " ec g/, ^ g, g me y e h,M at P(. N! y. t i,), s 4.D u P:' i.. Q n 'es'
- ,7
'e
- l 4
.. M w,. n,.4 ,N 4 b; ear s 'v %ek.g t.g l umqqwMp $ ~ w& g % m.g n.u w% %. n( a k+ m %a%;i x'% r2 m w, w a g.e
- u. w- "
hz mM sas RAMRww h >:
- et .y .-y
- ~w
~ .. '+ l 6-y/ i l y. -=
- e 37
% -h' PART II OTHER INT 0Q4ATION E! I, Leg submission of Matters to a vote of security Holders i ~ b Ihe Annual Meeting of Stockholders of t.he registrant was held on .Ml April 21, 1987. Information concerning certain matters voted upon at e. 9 (."M, tre Annual Meeting is set forth under the caption " Resolutions yp. "9 WI Approved / Defeated" in The Chase Manhattan Corporation First Quarter a f, D' Report, March 31, 1987, filed herewith as Exhibit 23 and such 6 b information (other than information relating to the election of k [- directors and tho' approval cf auditort, which information is not f n - required to be included herein) is incorporated herein by reference. ',[' 3Bt fd s l s
- k. ! y,
s Item 6. Erhibits and Pecorts on Form 8.K I
- .4 44 41 i
(a) Exhibits Eagt ) y Exhibit 11 g Statement re Computation of Earnings (Loss) Per q; ; ei= g L-Common Share for the quarters and als months ended g 5,r June 30, 1987 and 1986. 40 h Exhibit 12 Statement re Computation of Consolidated '~ y Ratios of Earnings (1. ors) to fixed Charges b g ,g for the six months' ended June 30, 1987 and 1986 Q and for each of the years in the five-year period $.4 ended December 31, 1986. 41 N [][@ Exhibit 23 v[A .y. gf The Chase Manhattan Corporation First Querter .D i. Report, March 31, 1987: Matters submitted to a y i$,py l q '.fj. vote of security holders, 42 } h.W pr.jM. Exhibit 28 A q. W; Sunenarlsed Fir.'.ncial Information - Chase Manhattan -d-i National Corporation. 48 j (b) Reeerts en rerm 8.K )
- s W j The registrant filed the following reports on Form 8-K during the
' ar 'My quarter ended June 30, 1987: I . s., V Q.i M Oste of k,g,. Seport. Itaan Reoerted .j ,d.P2 N' ; f 4/6/87 - The items reported by the Registrant in this Current
- Report K'f,M N
y n on Form 8-K were Item 5 (other Events) with respect to the f7M placing of certain of its cross-border outstanding to l 1 g borrowers in Brasil and Ecuador in nonaccrual stacus and ? p[,liy n. pp Item 7 (Financial Statements, Pro Forma Financial j Information and Exhibits). ,g J',d, w a . < ~ 'f5 [ . w,,.. . ~., * ...;s. +- %< _p, ' 4 b'* ' b l . y%. M t, .. [gf-W.w, 'W w.s:,
- $$9hg5 fM s'.Q$ y,4,,[f:p. y
.m 94 a" ^ 4 yyC 4 .cr fg g). Q iisp A )f %y.9ff4p?djff M C -l%m$ 25&s;&w gA q pJ M d.g G.X,,@,j ,g,g'g4 . fM$.Q 'l m m w eAs.a +m b @s m bfwiQN w. g Q51py%:
- n cfyfUg y gp[}lhMk%.
+ Wlt:q;& z,.19' N;' a x ^'99. [ TC&ffp 3 'vY l.,s'. iY - lW
- L $E d
n. n ~. r- ~ ~. I/ / 38
- * " * ' =
PART If - OffrER INFORMATION 'd s,r A .e t., Iy Item 6. rehlhlts and Reeorts en Form 11-1 (continued) '4 1 W Date of N. [% d , Repcit items Reeorted ep 4h 4/9/87 - The items reported by the Registrant la this Current Report / ~ '. -Q on Form 8-K were Item 5 (Other Events) with respect to an underwriting agreement covering the issue and sale of pr $250,000,000 aggregate principal amount of rioating Rate e 4 Renewable Notes and Item 7 (Financial Statements, Pro Forma i e aq$ rimancial Information and Exhibits). 5 yp 1
- *i 4/20/87 h" * ' >
T'ne items reported by the Registrant in this Current Report ^ on Form 8 K were Item 5 (Other Events) and Item 7 (Financial Statements, Pro forma rinancial Information and Exhibits). The following financial statements of g.h-Registrant were filed therewith /
- L, (1) Statements of Condition of The Chase Manhattan N
4 Corporation as of March 31, 1987 and 1986. 4 -f.'r 'z kh (11) Statements of Income of The Chase Manhattaa 'h Corporation for the guarters ended March 31, 1987 and ~ ' ' heQ 1986* (111) Statements of Condition of The Chase Manhattan Bank, b +'N W.A. as of March 31, 1987 and 1986. g y s; I 'i[ 4/24/87 4 [h;").' N., The items reported by the Registrant in this Current Report g!p; on f orm 8-K were Item 5 (Other Events) with respect to adoption of an amendment to the Corporation's Certificate of Incorporation and Item 7 (Financial Statements, Pro @". h [}k; Forma Financial Information and Exhibits). 5 7.l ...yg $4 "- L;f 5/27/87 $$f The item reported by the Registrant in this Current Report NN 4 ap=. on Form 8-K was Item 5 (Otter Events) with respect to a special addition to its reserve for possible credit losses. A g t ;. $' 6/1/87 The items reportad by the Registrant in this Current Report T' 1%g on Form 8 K were Item 5 (other Events) with respect to an rA. underwriting agreement covering the issue and sale of ~ vt" !q $250,000,000 aggregate principal amount of 8 3/4% Notes Due Q p., fav 1990 and Item 7 (Financial Statements, Pro Forma Financial L. A me,. gs,. g Information and Exhibits). 4 ?% i "f J g ',, - The items reported by the Registrant in this Current Report f.hf MI 6/10/87 p on Form 8-K were Item 5 (other Events) with respect to an ,. 4. fl. g ;,. underwriting agreement covering the issue and sale of s fj $275,000,000 aggregate principal amount of los $ subordinated ~ ~ - *
- Notes Due 1999 and Item 7 (Financial Statements, Fro forma
'Y Ckh*h .' /l IN g financial Information and Exhibits). f S )g c3;f. MN AP"- g ~ e up Ndd r hy+e w L. W W F W y %g g, g e g g g g5? ap q.g., +& j Q.W> qr g y sg, m.t,n}.c. y&m&n
- m..&s+&N2,rw.1/
l'Q 74 &&s.IL"l k*d w$;ll m. NW j'%.= y , k;f / b "~
- A,., m
/ 0,. u x v.%-- c w w%, + V. f t. .. as-r r. fm w. O $ @yygpq$yg%;cg ! g g g %. " g*ggl M t .,mmnu a w,am"wmm
- m,. m&,~
e wu a a ~.w
c.. - .,,7 / 0 /? -/ r y ? ^2 Y / '. l 39 4~ A f \\ l s; f l 5
- ;,g i47
~ cQ ' \\,j -,'}r f' f j h,/' Dj ,h,*~ ,4f,
- h..
4 ,g 51: s Ar. J 7 is-gal SICNATURE w 4 - / 4, ,..W~j,% 2 'p Pursuant to the requirements of the Securities Exchange Act of 1934, the 4 registrant has duly caused this report to be sAgned on its behalf by the [ as, [.,. ~p undersigned thereunto duly authorised. .. s g m ,j I-TITE CITASE MANIIATTAN CORPORjUC*l '.. 9..-. p, c' n .$i i wa (Registrant) UfdYh .:;i August 12, 1987 By _(Michael P. Esposito, ('t.) d c '#' j;f f.ff (Executive Vice President and Chief F1nancial Officer) N[ Y 4 d. ~ 3.fgj ' s ja f^..~ 4 .+ y' .q{, t.
- ,.6
" W 4 4 ~ % h = ~ g 'y m.. 4 e % 4.- 4 +n. .y i;pu 't .1 sf,-
- y.
~ ~.2 ,,..j jyR y .a e.- q;JJ . jg* r+ t a y- .. ~a n. s 'I 5 f [' ' $ 3N$fik' ib* "'.f*'I,.%%5 C.f g e. u s.,> py,f h]'g-M N /
- d a%.h$g$Nf,r M,
- m. m..f.
r w , m n.gy~m 44.;u 4.3. -;, 'sD li,:u $%yf _W- %% c.s W;24r :YL't '..,a /,;WW,; :- y4 y. 'm c -4y ky*.. r .c~ , i"lL -' M;.'W;m
- g x
'" g^ " " ~ ~ ";# " y^~' 4p
,y.. ,y .~~.~s 3 - + - r~ . ' 4.;*. e ~ s- ~D- ~. t .. -we 3 sy* D = 4:, .#^ f,*A% EXHIBIT 11 v b: \\
- 9 a -
I The chase Manhattan cerebration and Subsidiaries '[ 3 computation of Earninos fLess) Per common Share -h.k )p[. "- 3 s cuarter E-ded June 30. sir Months Ended June 30. DPj h p% M 19e6, M lila Q ;7 %".m*#l t'? r f = Yd ($ in thousands, 'dI e except per share amounts) S,- Primary A e.y Not Income (tass) $(1,378,387) 145,769 $(1,274,277) 289,459 f_,fE - -@> Y J f,e s s : Preferred Stock ofFM Dividend seguirements 13 816 14.577 27.12s so.eso CVK /$i Net income (t.oss) Applicable to $[h. 2: Consson Stock $fl.192.261) 131.191 $fl.161 dot) 268 foo Q.(,- Average Common Shares outstanding 81.985.256 19.369.817 & E32. Bas 78.735.720 , (4% Primary Earnings (I.oss) Per Common 5[y$ Share (16.98) 1.65 8 (15.94) 3 28 I_A_* ?~ fif. Assumine ruli t)llutlen .U W - e Mk ," 5 Het !ncome (t.oss) Applicable to
- ge f
. /.E [I Common Stock - as adjusted
- Sfi>302.261) 111 101
$ f l.101. 4 6 8> ) 280.042 T'i$ "l h{ Shares of Common Stock Outstandisc .o /
- .M During the Period (retroactively adjusted for conversions of p%ly capital notes and subordinated g Q't,-
sh ? I debentures and esercises of
- T 3 stock options).
81,985,250 79,534,402 81,632,808 19,157,387 4++ t,., Adds Shares issuable upon Conversion . M "{, nt-e / of Convertible Capital U g s = Notes and Debentures 865,248 865,248 .M bC Shares !ssuable upon Exercise of -Sk 4 /(b.- ; Stock options and Conversion kk of Restricted Stock Units + E61.528 ?61 A28
- Qilf Shares of Conanon Stock g,
Q4 jg Outstanding - as adjusted 81.985.280 20.061.178 81.612.868 80.6P4.163 's'g i ,A:Q Earnings (I.oss) Per Conunon $ bare n;p N y;j a'g Assuming rull Dilution *** (16.98) 1.62 (15.94) 3.21 if]L& j th p
- Adjusted for interest expense on convertible notes and debentures after applicable income
.;h ^ 1 b, q taxes, except for the 1987 periods, the effect of which would be anti-dilutive. H,; TC*P 4%.t,q.. d i d*3y
- fscluded from the calculation as the effect would be anti-dilutive.
V.% Ug .g' ,J g
- Corunon stock equivalents are excluded from the calculation for the 1987 periods because r., ?
they are anti-dilutive. 4-fjp ty drc ..Yi P3W r%4g y V' .F, .J e 5,4 9 e, d9n @n% d$msydegg,se 4 y. n. n. x., n.w a. m~ j. ' n. n t-d V M h N:E, ELL < M2WWh*MG" a A.
p.n ~ _ ~. ' ^ * ~ c" ~' ~ r Y .o=.* a 41 s b 1 fp'19ff L2 ~ 6 W s Y .is^
- he Onese warriettan *.tr: erat.e9 :*.wwilacatesi lmtseir s' *ans
- Orat*.s '.m t is 't.e r **mes b ".W '
las wentas tsame .y* (3 M L'tA*anos) Arw 9), veer '. we vecer 11. . ng 9 g g g ,;g; ,,g4, ,,gg ,,;S '? 't," twtN:$r '.t
- et beams (Lees) (Lensi Ca41tr in tretatrieuted
- fra, 1reame Lions) of trecrinanostee $wastataries 4'
anc assacasteo cosoantest d', Income t SH.267.037) $ 292.434 8 347.344 5 992.649 8 a22.775 l atl,3tt 5 234.393 - *g et-e en.em,sr = s.cluainesau -tsaceamus t.a.11.29s to),M1
- 3s.42s m.7ss 222.m m 29s ts.m s
4 ; 4.. '# .iw its. u m p,3, g t,33f, i..s.,3= L ot m du 4 total tamugs (Less) fet estas Cac1.asing Mtervet T-e o aente ~e- .. / f. _y noe.no 1.2u.m .as7.m 2.m.ul .3 9.2ss
- 2. tis.7ao 2.aos.sw
'.er. Stesent an cuenstta eo- .y:..) ggg g 3 a,.)s ?,7a l 9.m.fis 4 g/ Total Caf%.$a*ge for Ratto lettawning hterest . $g <. 4-, Saana.:n 4.22.m suu.au stanJM n as.m 4.:.m.m n.m.m .[-~. 'tztp eessrs; 4 4 ". merest Ianenne es a,u:Prtizatie of Osot Diaca aan Inunce :mu <tncianwa satsren e o.m outto s L.:in.ut t m.aat u.us,us n.ps.72s si.e.a.st? u.ao3. dol s1.4 2.220 +L Dw.intre or rest Arvtal Caosase Jg 19. *'S 's.?os y M
- 90. )e1 s
. f/,. fetal elseo charges for Ratie CacLa1MO Interest g . (' a N en cecos.ts s 'd... 1.3al,4M sis,TM 1,4a1,739 1.aM.227 1.703.379 1.a$a.Sta 1,70L,773 , q ;,, p " A1-f Intareas an Os.asits jj2 gg g g a.279. sos j g a a 2st.94 L 9,*11.9% 7,,, - Total tisse thergie for Ratio Inc1waing interest . r k' un Dessatts (f5*k,t '< N lj,Q,di SM SL3E,3 t],2,3g $(,2Jg sygf,3 f,f,Jg,*g _-M ear's sr tnawl c5 Msst 'e rte ondurst
- r
,'.;"iG'.+ + 6 .s s " Laclanleg eterest en Deposass L3u 1.as 1.as 1.as LSu 1.2m i~ 1m1waue bearest om Depostta "4 s 1.2a L2s 1.2a Lla 1.la 1.2s .M ogYt sallian to ve brooretion's reserw for possanAe crocat lasses.or tmo sta tent % emiso Asw 1C 19t'), eavatrgs gis ces cover fLsed crurges 3y 11.2 E* L Q.W d b .T,
- or mane.n,estrue..o tre ewmoltantes.ntins, ese.nmos tio.ss) reorven'.t vt aneans al,4 acousmote accam tasm ano (tmo creron se can,tw 3,,g
%( em.a r m. r w us.so),.m.n.ou -- se uunes.. u.t os,to. ,t .ns-reo-m.,e= e. Las > w$U ' #.e inensin v &nternt en aseants m are eue are inclusta of euen interent 6n tne over) ame=t*ltre n's samsit ascene to recrosemt an amorest factor) af cut rent empowse iauser all, Leone counstants.esorttasue of anos sisemais eso tsawance casu nw , g4 , i- ' g .f. {-{w Ht u.,w. f d;4'** pn N @ >U ,, t n r. g$. .p. p 4r th? .i ? l a f' +.j. p.... fM'** h .6. \\ [, r, k.e b '.q* a ce Ik. .3 Y l 74d g t', b, 'h*# 1 w A rA, i f.lQh .c , w .k l'.
- - m'E.
h )J4. v % 9 ? y p p g g g g y sy g g. g g g Q y f { Q G f & s& gsghego
- w. - egrma,;ww:ngm wp.m.rgsg.r.nm
- w...v.
a g w.m lrf_'. fN 4? 4~N.y 'h Y: w $f,.w. p s,h ~. s. m* h, r 3 - ro. (.Q
- l Q $,f.%e* e%.4x 4 g n% [:g.';,7 5
['.d,%: ". i. [ ._ *y,' .,4 .,,h, l'h.g d . a,s 77,
- 7 (,;
.e .2 .?- I ;a...~% : oxo ,.,.'.J,... .. [-," y. S gjM M.G T ted;.'U,*', .-O W ,s.
- . nx na =
,..w ..1 ..,..,,<r i g. eEC 42 DOIIBIT 23 ' I( g ~ 5 ellk ~. &o, 8 ),,. t? 2CCtC Cl Oit3CtCts Tiis.~i:.. ':." ~..'ari 1:r.r arrath.h s 4 W k, '.lars I E. s ?t < ? ? ~ i Wulord C. Butcher Howcrd C. Koutimonn 'o tj t.harman arni Lhwi Resirens Presmient in EAnon
- V
.f f.asvuute Utrwer W Curpuraen 't y%. TheChaar Wnnaw Doved 1 Kearns Y W l'.nparsam and T.w Che cu,mmi no Cht
- e p
Wnhmsen Bana. N A. twag,,, oir,,,,g % / Thomas a Loomcove c,,nr.uon W, a t, Peassdras and thwi alchard W. Lymon .; / Oper.nnt Offmee as The P,,,,i, og The wwg,, '. ' ' / . (' 9. Chaer Wnhassan Founrumm C.wpurarum.ard The Chasr +- Tt M'ah*" M N A John D. McComber d Former Charman and Chwe U, chewm.n a The chan Lascuun Olker al Crianter Tdt E 00U90088 F. e nV p v= co,por,,mn ,t iV &nhanan Corporaimn John,R, W W
- ,s' and The Chase Entwan
%,, gg ke Arthw' F. shon t),adusw Schaai a: Busmris e ,%,un,,,.uon M Ch',ananj, dh ch'" Dev6d I Wetaughhn s = C-u-E=:' c Y'(/ Arwheny P fewocciono Jemee L Olson %.re charman <s T he cue (h"""g!" 147 s),S' ,s .M**h'ada Ca.h'"a** . 4,n,,un 7,wpnon, + hmW and %ph Mpany William 1 Colomort A fmund MA 4 fi igf .q)i I a TO,'a ** '7,, ch ri E ra e oir er j A.4 n r een:= =w x v.L.. s tra..e. c
- -~
.-v,4 James L. Fesguson c,, , g.n,, y,- Ch eman. or I.anw'*e conipam ine
- d.,
t e.* i A. A. fred faubmon 4M, iy N { ' k'6 m u, Lommusee w Gen cm Faids t'.
- Ii,Q@,'c,mp'a"ri. I'n d
- e Ch*"n*i.'e ontwee w n and clurr Y.1#.t'., 4
- I i
,C yt Idward & Finkelsten Eun mips-. Ch*'*'8 '"8 CI"" The -*.aubman Cornpany. Inc.
- 4s. q,N
~ .A {2~ ,Q. g^.o DonWd R Dowfloen
- A gh
.9b-N[j"ine Ra^d Cha"* dad d g %... ;..$$'* ?j) '4,~ - O w,-4 tobert L Flowenee thwi Lwcuaw oirner w ~ 4m .? 'm Banachem seet co,puraima a V "" "d h* ,g 1 san R Laurance Fullet =- o, en,,,,no,$ pong, i,, y a n
- y q y,a l
6 ( ,7 ?1 % ? I
- m h
5 6 + d',$ ,.4 s, 1 i% The Chase Stanhaitan Corpsmn 4 s g i Chase Stanhanan Plaza .e.. New brk. New brk 10081 } ~ 9y h / 4 / w Y. v,, aQ /,jr
- w.,
w Db k e .,, x t
- t b W50:'Q
&G, hep N!N I?Y Lk h.fb h .'hh?k'?.*d!",N!*QQhN. k I hf?b .Y n y). ((?.: .l-m%4
- e. ymp?$M O.4&4.kQEyp(s
^ 4: R. vbh, rf . - T..&.:~ OA 4 %:.y, % ~3 m,cp g Q+ 5t,g & *t, e: w,lp W 2,u. M.K. G.4i%... .u. my-;.c.. c yr l.. 5. .. ~Y' + Y Y ~A,'"Y? v gy# * #' ' r.. ' ^ ' q' ' e ' l..e u
f.. . - - -' f ,..n. .y- -t ".- 'l j i l a % - Ay if 43 TK E.n g ...,t.-... m The Chase Manhaaran Corporanon and sub.xbna (3-it in mdlmns. excepi 5 Penaf Endaf Mah 11 Chase N!anhattan's net income in the first N quarter of1987 was $104 mtII:on. The failure n per< ommon,hm d.ua s m m /Q For the First Guarter, nf Brazil and Ecuador to pay interest owed on their outstanding reduced net income by 4 Net inserest income 1 721 1 748 - N NQn Shan- $37 mdlion in the first quarter. from what F I4 144 w uld haw been net income of $141 million. I.i Net income 1.12 1 63 '!has compared with net income for last Dwxiends Dedared 54 51 % year's fint quarter of $144 mil! ion, Net arN$ / 3t 53.35 49 86 incMne Per common shan fw the cam 4,,,,,,,,,,, was $1q2 compand wkh $t63 for & same M.J, Intemt-Beanng Deposirs Period m 1986. fj"; Placed wnh Banks 1 6.352 $ 5.082 Despite continuing uncertainties with the q ,,, y Investment Secunws and J less dewloped countnes, sewrul elemenu tri
- ky
~l
- k. for dd"'I A"*""' ^***"
,[h 6 ' Chase's first quarter results augur well for M j j 4 Rescrw for Phsaable loan f$g D**8 future performance. 97.314 88.253 For one thing, we took what we believed to ~[/ 8.124 9% i Total Assets { be a conservatiw pasation and added approxi-Ng,,%,s $60A78 564.463 g, ~ Y-Dbtm Notes and mately $34 million in excess ofloan charge. rum 3.664 '.047 offs to our loan loss reserve. Our addition of TJ Redeemable Preferred Stock 62 62 $160 million brought Chase's loan loss reserw $pd / 87 2 ;; Nonndeemabie Preferred Stock 602 602 4 Common Stockholders f,quiry 4.355 3.934 to owr $1.1 billion, resuhing in a reserw for N' e, possible loan losses as a pertentage of total 4
- M!
loans of 1.695 O f At the same time, we continued to make N '/ i p Asomonat Finonetal octo: significant headway in limiting evense 4 Fn inrihad,vr = mat m.natunast gmwth. g g*- += s/ Imrt.,,,,,, cas,, f.i=mnet dan Aw atMar Non-interest expenses for the fsrst quarter e, r.,m iSq,,w a' L. : desment h ununeg a /areasr A,6umma Tnt C4v AfanAsume of 1987 were up less than 98, owr the first i. Co mus / chn.sta,e., /w.sa, i.( Nr /p/ quaner of 1986. N!ast of the increase was I f due to incremental expenses of companies 4q " j ,;;,j acquired since the first quaner of 1986, as .,5,7 p i y4 weu as the adwrse impact of the translanon .rif ~ l ,,J into U.S. douan of expenses of oerseas 7w olTices. Indeed, exduding the $30 rnillion ./.3 one tirne charge in the third quarter of 1986 ,.c for reductions m Chase's otTice nerwrk, non-t interest expenses of the corporation haw re- $re i [! mamed virtually flat for the past four quarten. l Also important, our three pnmarv busmess 'q I components conunued to make substantial ^ J A.M progress during the quarter. f g t d f 48 S T.hp \\ a .g ) 'q.h j vk m z)( i U. s ? .n.4 b %+,,- r. i @ m e x a :n ac w 5avs m@e& e s, e e:g w e ' " (@*%g 7,f, mwNegy% a'* .xnn
- au w mq q.
ym w i. s.,r, y y., m gm.y q. y % p,,; Q g pys - yrr v. s, s H pyg,i w gg yga 3,, g E g g, g g ; n.y*lMpp.g W /GT M g } jl yyt.,&ig 4,,' #d M Q if f S g N.g 2
- .M _
- A
~ ^
w4 j. e 'u ' J *"" W" * ~ 44 l I 1 a = t Global Sontdng without ment in an attempt to enpin Chase The inwstment Bank, which now from odenng this product. represents nearly a third of the pronts of the Also dunng the quarter. Chase's leasmg Global Bank, grows in the importance cf scs s9=Arv completed its purchase of Clark conmbuuon to the corporation. Fint quaner Equipment Credit Corporation. This is the fee income was up tia", over the same penod third acquisition in two years for our leasing in 1986. subsidiary, whose outstanding now total more In the Trading and Securities Sector a Chase than $3 billion. subsadsary in Bntain becanse one of the first afiliates of a US bank holding cornpany to the Outlook be granted secunties powers in the irnportant Despite a ground sweu of public support to g Japanese market. change the laws that restrict banks fmm com-e peting fully in US finimcial services. the indMduci Sonking Congress and the Adrainistration haw thus i P-In February. Chase's credit cards became 1 far failed to heed the message. Nonetheless. ~ the lowest eat and most attractive among the tog ten nation.J cards. We reduced interest we at Chase don't intend to sit idly bv waiting for clumge. rates on the card, waived fees for frequent in March. Chase becarne the first bank usen, and ofTered an attracuve pachge of hokfing company to recein Federal Reserve J trawl and other rebates. Aho in the first quarter. Chase Home permission to underwrite commercial paper. Mortpge Corporanon expanded its capabili-We also became ihe first bank to apply to the
- [',F i
ties by agreeing to purchase from Tampa-Fed for the ability to sponsor and distribute lion home mortgage servicing portfolia challenge Mc, leg'slative barnen as - &(JE / mutual funds. he Freedom Mongage Company its $1 bil-In the months ahead we will continue to .i l -f In addition, w have added eight new offices t ?"f >I to our vuonwxie network of Personal Finan-we connnue to expand our services to meet ^ i cial Services upscale consumer finance oudets. the fintocial needs of individual, corporate -f bringing the total to 45. Outstanding now ard institutional customers amund the world. i - t; exceed $2.5 billion. i { ff~ i - _ _ - l 'S-Nationcl Sonking hailed as the rnost innovative tetail depos's $75" $7orrE.c, ) 1 In March. Chase introduced what has been ww c. s.h. Tham c. ' ' i A, product in years. the Market Index invest-ment account. This product. which is availa-
- 8. "
k ble wuh no commissions or fees, gives small >y depositors the i. hance to pront (mm a rising ) ,d stock market without the fear oflosing pnn-l e cipal. Predictably, faced with compension. a i y securities group filed a suit that we beliew is W pu ~ f tY a PL n i e h %* [ a 7 4 n. "t;;5' f; Q ~& 1 QM@.W@@@ QM N$$eag 1& mAmM MA:
mm--------- n- ......,,.,,_,_.<63 ,np .p 4 h th W ha M N:.9:ac:.::4 4 *r :f 2 *:r'On 'Cl N The Ch.ase Wnhanan Curpi,r.,noc and autmds.uws M t Wren 31 IEM (5 in ihausenden 1987 N,,,,,, b ~ Assess f'"l 't d. i. Cash and Due from Banks 3 5.3 %.269 5 4.996.637 y Interesi Beanns Deposiu Pl. red mth Banks 6.151,596 5,081,633 Federal Funds Sold and Sesunnes Purchased Under Resale Agreements I.*WS.525 1,008.969 Tradmg Account Assets 2.745.484 1.375.368 ~ '. Inw'iiment Secur t es 6.562.335 6.094.321 .s'g
- g. cans 66.622.3o6 61.948.918
! ess; Reserve for Pussible Loan I.osses 1.124.052 934,835 Lewss. Net 65.+98.314 61.014,083 Custumers' Liability on Accepunces 2.214.506 3,275fo3 P. Accrued Interest Recentable 932.845 1.010.528 Premises and Equipmen 1,215.647 959.225 m Other Asseu 5.001.974 3.436.515 6 k Total Asseu $97.314.497 588.232.942 WoolittWe and Stockholders' Equetr t 'N nc Offices - 4 A + Non.nterest Beanng $13.553.918 $12.165.834 n interest Beann Owrseas Offices:q 19.545.647 19,455,555 / Noninterest Beanng 2.798.553 2.046,0 t0 Interest B anng
- 30.579.779 27.795,731
.&e .. ~ g T cal Deprmu 66,477,897 61,+63.130 4.; Federal Funnta Purchased and Securities Sold p8'+ + Under Repurchase Agreements 5.523,869 3.982.785 M. aE;,;,7's:MC,4 Uf Commeretal Paper 3,796 929 3.242,501 M Other Borrowed Mon-v 4.544,895 4.196,116 E h.1 p., Acceptances Outstandmg 2.243.905 3,283.083 N sf S$k;.g-a7 Accrued Irnerest Payable 771,128 686.949 Accounts P:ivable. Accrued Expenses and ['(ig (-- - s W* > r yi Other Laabdines 5.273.534 3.813.329 88.632.157 80.607.893 2 !.angTerm Noces and Debentures J.664.019 3 047,072 y,g$
- t Total laandines 92.296,lM 83.65+.9t 5 pg.
heh!T LJf Preterred Stock. tw.mue Par salue-Avihanact share c; moao.ouo and go ooo coo.,.p.ever v e-e p-- Redeemable Preterred Stock: %T2 616.379 Shares Ouuranding 61,o38 68.63d DE fC Nonredeemable Preterred Stock [ f; " ', ' di 12.039.737 Shares Outstandmg 601,987 601.987 W,1 Common Stockholders
- Equity-Common Stock (Par Wut $;2.30 per Share r g
'3 k k Mb87 ML 86 'l W Authonaed Shares 250.000.000 125.000Mio Q )?h ' ** N OutstandMS hares 81.628.76o 78.903,826 1,020.360 986.298 S ,$t Surplus 371.306 307,946 + %4 Foreign Exchange Translation Adjustments (25,010) (23.921) g.Q A p.. Retamed Earnmgs 2,988,040 2.664.029 W,'.u. p. *M d h' "' Total Comrnon Stockholders' Equicy 4,354.696 3.934.352 ff Toul taabebnes and Stockholders' Equitv $97.314,497 $88.252.942 ) N n .e V B@u 5 e, I;d n R,; lf -~ L $ -.. s? - n
- n. n n
x L m,2 w A m,a ar 4 An,w uo m _u v
y ; r. 3,- m-g - ,F8.. n s U l 46 0 \\ fq s f s &. y C:r.:clidef ac 1;ctament cf 'ncoras e h. The Chase Wmmin. Curpwauon snd winnhanes -f E.'I Quaner Ended 4 I Wrch 11 , mmCs I5 m shousands. ewcps per4 nmm<m, hare d.uai l'#l7 l'AM [ Interestincome <M . [~ Jh. 4,' inscrest and Fees on Loans $1 A15.165 $1.808.86, ~- /"-' Imnest and Divdentts un Investment Secunnes 146.915 165.512 Interest on Deposits Placed with Banks 140.379 115.318 Mff. % p' {h4 Imerest on Federal Funds Sold and -4 Secunnes Purthased Under Resale Agreen. crus 34.988 49.236 3
- h. 9 jj Interest cri Trad.ng Account Assets 40.533 28.175 r
f Totalinter se income 1.377.973 2.107.10+ >s-Interest hponse 4. De es 844.494 759.723 F ral Fsads Purchased and Secunties Sold Under Aepurchase Agreements 133.384 161.!!9 hf.N Wa' [ Commeretal Paoce 54.015 56.844 9 Other Bono =ed Nfonev r 160.666 177.545 ?M l.ongTerm Notes and Debentures b4.454 63.421 . 4 b. I Total Interest bpense p 1.257.013 1.418.e52 h,j -[ i @~ Notinteneet income 720.9eio 74A.432 T:.s y Provtson for Posubic Loan Losses i 160.000 130.000 Q$( - Not Interest income
- Te N Anet Movimon for Possible Loon Losses
$60.960 618.452 Omer Operating income (4,. 2'p.S. b.- Fres and Commauons c 286J87 248.580 l c-Foreign bchange Trading Intome 57.145 60.2'7 Tradmg Account Prolics "$y c b( & o .-f t* Inwstment Scrunnes GAns 26.050 22.173 O h, Other Income 32.180 40.204 1,, @, Q,wCQ J e 24.b51 9.065 Total Other Operannt income 426.213 373.319 is 'Q omer ooeron uoenses Salanes and Em Benetits {t Other bpenses 456.793 424.410
- c,,,dy 3!4-382.962 349.027 Total Other Operatmg bpenses w
839.755 773.417 b,; 1.w..e Before Mrs '- e:W f.i Applicable income Les 147.418 218.316 43.308 74.624 'W Not incom* 5 104.110 $ H3.oM
- '.F s
) Netincome App 0CODie to Common Stock WJ96 5 12 /.4 4i 'ht h / Average bhares Outstandmg ' h ?@u-sb Earnings per Common share: 88.276.451 78.150.;53 7 QfA*'4 Pnmarv Based on Aserage Shares Annandmg I.12 1.63 6-Assummg Full Dilunen f, Cash Dividends Declared per Commum share 777jd l.10 1.59 e w%c..h j 5 .54 .51'i +. i" . X%g[S ) g. ?!& i t s,p,. 3l, GM.f$ Q l 4,.:d*t t' ,1h p p fW L'[' [% ??;6/> pg 'frff M ts.a$m $9 ? 1 s * ; r.;.!. [ \\ i-' xw'f*Y N' e ,,l MIiIdNTN5$f gMPMN %M Nh $ $ N. niwy. s.. w.w. ~-w.;.~,,h k N 6 M,k. i _d$5 kb{, n. wN M b d$205 n
- e. w um,. -
$'a$lk$ 2 Y? p. M.*A ;$ %Y $y.f c 9w. q p,.ygg'i.y 4 3 Aq., r7, ;>,... w.y. {# W,
- h
- 5'+ M 4;'* / .g. %f ', j .. N{$d&,l '0 SAE '?"
~.,,,,. g s 43 s k = i ,*(, 4 g 4 ,y, 47 %p M 2wmmary et chenges in common Annucl:lec.cacicers' Meeting !!cckhciders' iculty %>ni IW I n.r a lia, stanhava...... m.i s.i-i arn- { ir. i b..ncr tanha tiection of Directors 2 ,i, 38 Management nommees for the Board os Directors il m ih.iu.and., 1987 r#* meiwd at least 7n 8a1.9711 uxes ud were all it. dante ai'lleemmng en elected dimtors ut the corpuranon. l&rual $4.280.310 $1795.1fu kklusms: Resolutions Approved f4 Net inwmc 104.110 143.@0 - k f *ommnn of Cagntal != A pnwal os Pnce h.aterhause as auduor for P ,m Nisci and D. brmmes
- 4. l 'id ll.iiO2 liscal war triannmitJanuary 1.1987.
g Wres bsunt Pursuant vu. AII,inr2.903 t!MJ 84'~e) 7 110.777 (O.16,) Q Dwedend Reimestment Plan
- 14. !!7 10.757
- 2. Resolunon to climinate c' tain dimtors'
.. 4 ) e thunit Rate i liabdines. {... Suhurdinated 4 56.428.533169.14 % ) 7.5$l.631 (9.25 %) .%ses Due r.% 8.689 4.h89 nIent e n 1.5n9 2.136
- 3. Resolution to ratify the indemruficauon bv law.
g',T d 59.236.571 (93.03 % ) 7 4.437.075(6 97 % ) 1
- 4. 41 J.' ) i 3.782.)JJ
) 4.g T;i=4'* Pa* rad $3'"n" "E'495e,i 72.909.947 s.14%) ( ulcruh IJrilaml. "I ggi 1 - N.inredeemath 4 Preirrred hans L 12.138 13.J44 I = l'%i C.unmun 5ersk 4).70) 39 ; leg Resolutions Defooted Forenen Euhane eO.. Tramtauon Adjustments 1.23t> l.s*wi
- 1. Res lunon by Ewivn Y. Davu aslung Chase to 4"
/.>T vh-Italarwe.u t.nd or l'en:xt $ 4.J 's+.tr ei $1ti H.J)2 4 1.609.703 (2.51 % ) 7 62.618.201(97.49 % ) m. E lima chantable contnbunora 4 M,i .,J% hd
- 2. Resolution tw the Loretto, Laierarv and Benevo-g i
b,,I a y lent Insutunon of Kentucav c9ponng new 1,"j' #.~. j Dtndend pouwestment and Stoed Purchese Pion: 1 ans to and limumq rescheduling debt of [ lh ohng m in, man.on.e.e aarnw.en a un i noen.m,, South Atnca. /{..
- alh- [$
q 2 9.817.101(16.14 5 ) 7 51.022.480 (83.86 % ) . l .. -e ! t'.= w chir.=,.,, n w. o,, , w + m, ai m,wg t, twr., m, in 1 Resoluuon by Lewis D CJben andJohn J. 4 d /Na w.arrin.=ei , w.w , me,vr , a n, Gdbert askmg Chase to restnct new stock op-K D e (N. =w..n.,,,.,a t.on lans. / ,(p " ! /= w = w ..=mn =. a... pm,renna 1,./ ri,m. 0 1 91957(561'",) 7ein.474.230 g94.39r,) g 9, .,-i ,u.,, r,c.,si ,,,,,c .' t. *4< ll. sane #6se l'ca tu M A l' l's Wt
- .n n w er,,, w +=
s e hW >-i1 g# llanannau.leenwr
- a aan resumes the p,nt at oanni Q
5 .4se.na.aramag 4
- % 't.
(b~? 4 if m, ."g,Mu.. y0 .W Y- .f y b., Yh% l#- "S.s 4 ,tg rp, 1 y w e. [.?'A M, *
- x a @.
J ,m-kh .t Q Y-2 % .n g h .ihMh$$?S$$&&yg${bbQu.$% ~ hh. ),,. ~ M. V s ~ 's ~ i b ~
m,;..... 7. .n,. .e ~~ -... v. ~~ s 'i. 7 4 s O g .' *Jr ,3 ep' 48 EXIIIBIT 18 A e,If -
- (
'b i a ^ , h.. k'k. m ., ~ @Q-D i< pf_ , * [. Summarized rinanelai Information. chase Manhattan,,y_ationni corneratien +;ypp kk In connection with the merger of Lincoln First Banks Inc. (" Lincoln") into f((a Chase Manhattan National Corporation ("CHNC") on July 1, 1984, CMNC asswee b ~ and subsequently the Company guare.nteed, Lincoln's 8 1/2% Debentures Due ,d 'y,' 1996. Set forth below la surenarized consolidated financial information for %4 CHNC for the periods indicated. M -} g.g , *=er 9 g,1g*]., Statemeet ef Ineeme Infermatien d "" M3Q' .7 Bir Monthe Endgg $NIg[h June 10, gfrini' ($ is. sillions) 11gle liig \\ [QUphpg' Fet Interest Income After sa Provision For Possible ppm:<L Credit Losses 8 71 8 75 a 'e" Het Income 'g 8 15 . k) ) . W$i eincludes $10 million of the special addition. Y ,,5 Ydh %M ' statement of candition Infermatien \\ Q..;, V-f, p i, 4 j Q June 30, Cec. 31, June 30,
- g
,..,ph ' ($ in al111ons) 1987 1986 . 1986 ,5 Loans $4,315 83,916 83,190 M:r$M Total Assets 5,106 4,881 4,331 \\ J B ^k, .j Deposits 3,281 3,498 3,386 3 I I .ga /.g Total Liabilities 4,718 4,494 3,945 f [( h,]:G*Q[ d 3' Stockholder's Equity 388 387 386
- - A, g
%g h, i,,3 Total Liabilities and ,4p. Stockholder's Equity 5,106 4,881 4,331 ij 'i fg 5 ~k4
- n;y.,
$g s M::S's s f! '-fa ^ h l 'l l e ~ %9 h N 6 _ m.. a. _.Yb+ b, _u M E, b~ b'E 4 _ _..... I, . N EES g N - N k b...$N N IYE b A .. c. b' L. ..}}