1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT DECEMBER 31, 2000 COMMISSION FILE NUMBER 1-5805 ------------------ ------ J.P. MORGAN CHASE & CO. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 13-2624428 ------------------------------- ------------------- (STATE OR OTHER JURISDICTION OF (IRS EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.) 270 PARK AVENUE, NEW YORK, NEW YORK 10017 - ---------------------------------------- ---------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (212) 270-6000 -------------- THE CHASE MANHATTAN CORPORATION ------------------------------------------------------------- (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
2 Item 2. Acquisition or Disposition of Assets. - ---------------------------------------------- On December 31, 2000, J.P. Morgan & Co. Incorporated ("J.P. Morgan") merged with and into The Chase Manhattan Corporation ("Chase"). Upon completion of the merger, Chase changed its name to "J.P. Morgan Chase & Co." As a result of the merger, each outstanding share of common stock of J.P. Morgan was converted into 3.7 shares of common stock of J.P. Morgan Chase & Co. and each outstanding share of preferred stock of J.P. Morgan was converted into a share of preferred stock of J.P. Morgan Chase & Co. having substantially the same rights, powers and preferences as the J.P. Morgan preferred stock. A copy of the press release announcing the completion of the merger is filed as an exhibit hereto and incorporated by reference herein. Item 5. Other Events. - ---------------------- The merger was accounted for as a pooling of interests. As a result, financial information following completion of the merger will present the combined results of Chase and J.P. Morgan as if the merger had been in effect for all periods presented. For informational purposes, we have attached as exhibits hereto pro forma combined financial data for Chase and J.P. Morgan for specified quarterly periods prior to the merger. This historical financial information does not reflect the anticipated merger-related charge of $1.2 billion to be taken at December 31, 2000, nor the cancellation and retirement of all remaining shares of J.P. Morgan's treasury stock, at the time of the merger. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits - --------------------------------------------------------------------------- (a) Financial Statements of Business Acquired ----------------------------------------- (1) Report of Independent Accountants to the Board of Directors and Stockholders of J.P. Morgan dated January 12, 2000 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). (2) The audited consolidated balance sheet of J.P. Morgan and subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of income, cash flows and changes in stockholders' equity for each of the years in the three-year period ended December 31, 1999, and the consolidated statement of condition of Morgan Guaranty Trust Company of New York and its subsidiaries as of December 31, 1999 and 1998 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). (3) The unaudited consolidated balance sheet of J.P. Morgan and subsidiaries as of September 30, 2000 and 1999 and the unaudited consolidated statements of income, cash flows and changes in stockholders' equity of J.P. Morgan and subsidiaries for the nine months ended September 30, 2000 and 1999, and the consolidated statement of condition of Morgan Guaranty Trust Company of New York and its subsidiaries as of September 30, 2000 and 1999 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000).
3 (b) Pro Forma Financial Information ------------------------------- (1) Chase and J.P. Morgan unaudited pro forma combined statement of income summary, unaudited pro forma combined balance sheet at September 30, 2000, unaudited pro forma combined statements of income for each of the years in the three-year period ended December 31, 1999 and for the nine months ended September 30, 2000 and 1999, and the notes to unaudited pro forma combined financial statements (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). (c) Exhibits -------- The following exhibits are filed with this report. Exhibit Number Description - -------------- ----------- 2 Agreement and Plan of Merger, dated as of September 12, 2000, between The Chase Manhattan Corporation and J.P. Morgan & Co. Incorporated (incorporated by reference to Current Report on Form 8-K of The Chase Manhattan Corporation, dated September 12, 2000 and filed September 18, 2000). 99.1 Press Release. 99.2 Supplemental unaudited pro forma combined statements of income of J.P. Morgan Chase & Co. 99.3 Supplemental unaudited pro forma combined balance sheet of J.P. Morgan Chase & Co. 99.4 Report of Independent Accountants to the Board of Directors and Stockholders of J.P. Morgan dated January 12, 2000 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). 99.5 The audited consolidated balance sheet of J.P. Morgan and subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of income, cash flows and changes in stockholders' equity for each of the years in the three-year period ended December 31, 1999, and the consolidated statement of condition of Morgan Guaranty Trust Company of New York and its subsidiaries as of December 31, 1999 and 1998 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000).
4 99.6 The unaudited consolidated balance sheet of J.P. Morgan and subsidiaries as of September 30, 2000 and 1999 and the unaudited consolidated statements of income, cash flows and changes in stockholders' equity of J.P. Morgan and subsidiaries for the nine months ended September 30, 2000 and 1999, and the consolidated statement of condition of Morgan Guaranty Trust Company of New York and its subsidiaries as of September 30, 2000 and 1999 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). 99.7 Chase and J.P. Morgan unaudited pro forma combined statement of income summary, unaudited pro forma combined balance sheet at September 30, 2000, unaudited pro forma combined statements of income for each of the years in the three-year period ended December 31, 1999 and for the nine months ended September 30, 2000 and 1999, and the notes to unaudited pro forma combined financial statements (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000).
5 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. J.P. MORGAN CHASE & CO. ------------------------------ (Registrant) Date January 4, 2001 By: /s/ Joseph L. Sclafani ------------------------------ Joseph L. Sclafani Executive Vice President and Controller [Principal Accounting Officer]
6 EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 2 Agreement and Plan of Merger, dated as of September 12, 2000, between The Chase Manhattan Corporation and J.P. Morgan & Co. Incorporated (incorporated by reference to Current Report on Form 8-K of The Chase Manhattan Corporation, dated September 12, 2000 and filed September 18, 2000). 99.1 Press Release. 99.2 Supplemental unaudited pro forma combined statements of income of J.P. Morgan Chase & Co. 99.3 Supplemental unaudited pro forma combined balance sheet of J.P. Morgan Chase & Co. 99.4 Report of Independent Accountants to the Board of Directors and Stockholders of J.P. Morgan dated January 12, 2000 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). 99.5 The audited consolidated balance sheet of J.P. Morgan and subsidiaries as of December 31, 1999 and 1998, and the related consolidated statements of income, cash flows and changes in stockholders' equity for each of the years in the three-year period ended December 31, 1999, and the consolidated statement of condition of Morgan Guaranty Trust Company of New York and its subsidiaries as of December 31, 1999 and 1998 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). 99.6 The unaudited consolidated balance sheet of J.P. Morgan and subsidiaries as of September 30, 2000 and 1999 and the unaudited consolidated statements of income, cash flows and changes in stockholders' equity of J.P. Morgan and subsidiaries for the nine months ended September 30, 2000 and 1999, and the consolidated statement of condition of Morgan Guaranty Trust Company of New York and its subsidiaries as of September 30, 2000 and 1999
7 (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000). 99.7 Chase and J.P. Morgan unaudited pro forma combined statement of income summary, unaudited pro forma combined balance sheet at September 30, 2000, unaudited pro forma combined statements of income for each of the years in the three-year period ended December 31, 1999 and for the nine months ended September 30, 2000 and 1999, and the notes to unaudited pro forma combined financial statements (incorporated by reference to Chase's Current Report on Form 8-K dated November 28, 2000).
1 Exhibit 99.1 [JP MORGAN LOGO] [CHASE LOGO] NEWS RELEASE FOR IMMEDIATE RELEASE Investor Contact: Media Contacts: John Borden, 212-270-7318 Jon Diat, 212-270-5089 Joe Evangelisti,212-648-9589 CHASE AND J.P. MORGAN MERGE CREATE PREEMINENT GLOBAL FINANCIAL SERVICES FIRM NEW YORK, JANUARY 2 - The Chase Manhattan Corporation and J.P. Morgan & Co. Incorporated today said that they have completed the merger of their holding companies, effective December 31, 2000. The name of the new firm is J.P. Morgan Chase & Co. J.P. Morgan Chase is a premier global competitor with operations in over 60 countries. The firm has stockholders' equity of more than $39 billion, assets in excess of $705 billion and a market capitalization of approximately $83 billion. Headquartered in New York, J.P. Morgan Chase serves 32 million consumer customers in the United States, over 5,000 corporate, institutional, and government clients worldwide, and has over 90,000 employees globally. The company's new web site address is www.jpmorganchase.com. As a result of the merger, 3.7 shares of J.P. Morgan Chase common stock are to be exchanged for each share of J.P. Morgan common stock. Chase, under its new name - J.P. Morgan Chase & Co. - commences trading on the New York Stock Exchange today under the ticker symbol "JPM." # # # #
1 EXHIBIT 99.2 J.P. MORGAN CHASE & CO. UNAUDITED PRO FORMA COMBINED STATEMENTS OF INCOME (IN MILLIONS, EXCEPT PER SHARE DATA) Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter 2000 2000 2000 1999 1999 1999 1999 --------------------------------------------------------------------------------- INTEREST INCOME Loans $ 4,495 $4,119 $ 3,941 $ 3,872 $ 3,703 $ 3,569 $3,639 Securities 1,093 1,081 1,152 1,194 1,164 1,152 1,294 Trading Assets 1,855 1,753 1,517 1,441 1,369 1,343 1,279 Federal Funds Sold and Securities Purchased Under Resale Agreements 1,070 1,065 948 737 746 734 799 Securities Borrowed 607 528 528 472 469 480 456 Deposits With Banks 180 176 212 245 256 240 265 Other Sources 123 136 142 97 72 68 52 --------------------------------------------------------------------------------- Total Interest Income $ 9,423 $8,858 $ 8,440 $ 8,058 $ 7,779 $ 7,586 $7,784 --------------------------------------------------------------------------------- INTEREST EXPENSE Deposits $ 2,765 $2,644 $ 2,507 $ 2,316 $ 2,198 $ 2,117 $2,214 Short-Term and Other Liabilities 3,458 3,147 2,784 2,492 2,336 2,209 2,286 Long-Term Debt 857 773 735 687 686 690 691 --------------------------------------------------------------------------------- Total Interest Expense $ 7,080 $6,564 $ 6,026 $ 5,495 $ 5,220 $ 5,016 $5,191 --------------------------------------------------------------------------------- NET INTEREST INCOME $ 2,343 $2,294 $ 2,414 $ 2,563 $ 2,559 $ 2,570 $2,593 Provision for Loan Losses 298 328 342 429 353 283 381 --------------------------------------------------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES $ 2,045 $1,966 $ 2,072 $ 2,134 $ 2,206 $ 2,287 $2,212 --------------------------------------------------------------------------------- NONINTEREST REVENUE Trading Revenue $ 1,455 $1,730 $ 1,971 $ 1,285 $ 886 $ 1,329 $1,752 Investment Banking Fees 1,013 1,107 1,191 884 884 1,042 707 Trust, Custody and Investment Management Fees 963 859 798 736 735 729 668 Credit Card Revenue 471 443 397 440 441 438 379 Other Fees and Commissions 993 916 1,002 946 835 770 759 Private Equity Gains (Losses) (20) 459 674 1,614 698 525 310 Securities Gains (Losses) 90 24 (3) (235) (51) (36) 130 Other Revenue 415 67 325 205 152 343 345 --------------------------------------------------------------------------------- Total Noninterest Revenue $ 5,380 $5,605 $ 6,355 $ 5,875 $ 4,580 $ 5,140 $5,050 --------------------------------------------------------------------------------- NONINTEREST EXPENSE Salaries $ 2,740 $2,543 $ 2,910 $ 2,257 $ 2,183 $ 2,255 $2,354 Employee Benefits 395 420 430 374 361 369 381 Occupancy 338 297 308 304 300 286 300 Technology and Communications 632 574 580 579 538 529 533 Professional Services 275 281 282 291 245 238 238 Amortization of Intangibles 157 92 93 86 78 84 81 Restructuring Costs 79 50 0 23 0 0 0 Other Expense 736 818 750 738 625 732 633 --------------------------------------------------------------------------------- Total Noninterest Expense $ 5,352 $5,075 $ 5,353 $ 4,652 $ 4,330 $ 4,493 $4,520 --------------------------------------------------------------------------------- INCOME BEFORE INCOME TAX EXPENSE $ 2,073 $2,496 $ 3,074 $ 3,357 $ 2,456 $ 2,934 $2,742 Income Tax Expense 675 863 1,086 1,155 827 1,037 969 --------------------------------------------------------------------------------- NET INCOME $ 1,398 $1,633 $ 1,988 $ 2,202 $ 1,629 $ 1,897 $1,773 --------------------------------------------------------------------------------- NET INCOME APPLICABLE TO COMMON STOCK $ 1,374 $1,607 $ 1,963 $ 2,177 $ 1,602 $ 1,870 $1,746 --------------------------------------------------------------------------------- NET INCOME PER COMMON SHARE: Basic $ 0.73 $ 0.87 $ 1.06 $ 1.16 $ 0.84 $ 0.97 $ 0.90 Diluted 0.69 0.83 1.01 1.10 0.80 0.93 0.86 Average Common Shares Outstanding Basic 1,893.3 1,853.1 1,853.0 1,880.1 1,903.9 1,926.4 1,941.4 Diluted 1,983.4 1,939.2 1,945.1 1,971.4 1,994.9 2,019.1 2,034.6 Full Full Full Year Year Year 1999 1998 1997 ------------------------------------- INTEREST INCOME Loans $ 14,783 $15,498 $14,950 Securities 4,804 5,072 4,585 Trading Assets 5,432 6,775 7,045 Federal Funds Sold and Securities Purchased Under Resale Agreements 3,016 4,201 4,636 Securities Borrowed 1,877 2,129 1,814 Deposits With Banks 1,006 936 724 Other Sources 289 319 450 ------------------------------------- Total Interest Income $ 31,207 $34,930 $34,204 ------------------------------------- INTEREST EXPENSE Deposits $ 8,845 $ 9,663 $ 9,314 Short-Term and Other Liabilities 9,323 12,612 12,534 Long-Term Debt 2,754 2,808 2,231 ------------------------------------- Total Interest Expense $ 20,922 $25,083 $24,079 ------------------------------------- NET INTEREST INCOME $ 10,285 $ 9,847 $10,125 Provision for Loan Losses 1,446 1,453 804 ------------------------------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES $ 8,839 $ 8,394 $ 9,321 ------------------------------------- NONINTEREST REVENUE Trading Revenue $ 5,252 $ 3,600 $ 3,460 Investment Banking Fees 3,517 2,903 2,259 Trust, Custody and Investment Management Fees 2,868 2,473 2,164 Credit Card Revenue 1,698 1,474 1,088 Other Fees and Commissions 3,310 2,792 2,565 Private Equity Gains (Losses) 3,147 1,312 1,238 Securities Gains (Losses) (192) 469 314 Other Revenue 1,045 883 815 ------------------------------------- Total Noninterest Revenue $ 20,645 $15,906 $13,903 ------------------------------------- NONINTEREST EXPENSE Salaries $ 9,049 $ 7,402 $ 7,028 Employee Benefits 1,485 1,469 1,436 Occupancy 1,190 1,123 1,100 Technology and Communications 2,179 2,172 1,984 Professional Services 1,012 1,045 850 Amortization of Intangibles 329 293 172 Restructuring Costs 23 887 192 Other Expense 2,728 2,562 2,398 ------------------------------------- Total Noninterest Expense $ 17,995 $16,953 $15,160 ------------------------------------- INCOME BEFORE INCOME TAX EXPENSE $ 11,489 $ 7,347 $ 8,064 Income Tax Expense 3,988 2,602 2,891 ------------------------------------- NET INCOME $ 7,501 $ 4,745 $ 5,173 ------------------------------------- NET INCOME APPLICABLE TO COMMON STOCK $ 7,395 $ 4,612 $ 4,955 ------------------------------------- NET INCOME PER COMMON SHARE: Basic $ 3.87 $ 2.37 $ 2.53 Diluted 3.69 2.27 2.41 Average Common Shares Outstanding Basic 1,912.9 1,944.1 1,959.0 Diluted 2,004.8 2,033.5 2,055.0
1 EXHIBIT 99.3 J.P. MORGAN CHASE & CO. UNAUDITED PRO FORMA COMBINED BALANCE SHEETS (IN MILLIONS) At At At At At At At Sept. 30, June 30, March 31, Dec. 31, Sept. 30, June 30, March 31, 2000 2000 2000 1999 1999 1999 1999 ----------------------------------------------------------------------------------- ASSETS Cash and Due from Banks $ 20,284 $ 20,859 $ 18,159 $ 18,692 $ 18,099 $ 18,131 $ 19,756 Deposits With Banks 8,669 8,768 8,190 30,421 8,001 7,909 5,625 Federal Funds Sold and Securities Purchased Under Resale Agreements 69,413 69,421 70,048 58,981 64,162 60,426 53,454 Securities Borrowed 36,424 34,681 35,027 35,528 36,479 41,134 40,091 Trading Assets: Debt and Equity Instruments 140,992 115,730 124,225 104,125 89,569 100,306 95,881 Derivative Receivables 67,028 68,728 78,258 76,736 74,133 65,506 79,906 Securities: Available-For-Sale 70,650 70,331 71,253 74,911 78,253 74,800 87,403 Held-To-Maturity 632 719 822 888 975 1,092 1,316 Loans (Net of Allowance for Loan Losses) 214,496 203,611 198,870 199,270 195,017 200,240 195,082 Private Equity Investments 11,502 12,102 11,742 10,389 8,432 7,378 6,225 Accrued Interest and Accounts Receivable 15,491 18,122 18,681 20,554 17,799 16,100 15,642 Premises and Equipment 6,863 6,584 6,460 6,436 6,301 6,078 6,017 Goodwill and Other Intangibles 15,678 10,012 9,858 9,632 8,320 7,241 6,901 Other Assets 29,375 22,700 24,453 20,440 20,323 19,921 17,029 ----------------------------------------------------------------------------------- TOTAL ASSETS $ 707,497 $ 662,368 $ 676,046 $ 667,003 $ 625,863 $ 626,262 $ 630,328 =================================================================================== LIABILITIES Deposits: Domestic: Noninterest-Bearing $ 48,059 $ 50,582 $ 49,914 $ 50,366 $ 50,572 $ 51,096 $ 48,221 Interest-Bearing 83,674 81,709 81,911 84,341 82,842 87,695 88,912 Foreign: Noninterest-Bearing 6,844 7,322 5,640 6,559 7,546 5,423 4,778 Interest-Bearing 131,208 131,303 121,530 145,798 127,486 120,623 122,534 ----------------------------------------------------------------------------------- Total Deposits $ 269,785 $ 270,916 $ 258,995 $ 287,064 $ 268,446 $ 264,837 $ 264,445 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 145,210 125,237 139,520 109,841 105,658 105,453 113,026 Commercial Paper 19,462 13,354 15,031 20,363 16,323 18,161 14,498 Other Borrowed Funds 20,065 15,124 16,271 15,403 16,493 17,587 18,395 Trading Liabilities: Debt and Equity Instruments 58,972 52,506 54,633 46,268 41,284 45,064 41,713 Derivative Payables 65,253 65,531 72,117 72,722 67,843 61,900 70,489 Accounts Payable, Accrued Expenses and Other Liabilities, Including the Allowance for Credit Losses 37,225 34,298 33,820 34,196 29,183 29,350 24,480 Long-Term Debt 45,634 44,528 45,825 41,852 42,046 45,161 44,496 Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Deferrable Interest Debentures 3,939 3,689 3,688 3,688 3,688 3,688 3,338 ----------------------------------------------------------------------------------- TOTAL LIABILITIES $ 665,545 $ 625,183 $ 639,900 $ 631,397 $ 590,964 $ 591,201 $ 594,880 ----------------------------------------------------------------------------------- PREFERRED STOCK OF SUBSIDIARY $ 550 $ 550 $ 550 $ 550 $ 550 $ 550 $ 550 ----------------------------------------------------------------------------------- STOCKHOLDERS' EQUITY Preferred Stock $ 1,522 $ 1,522 $ 1,622 $ 1,622 $ 1,622 $ 1,722 $ 1,722 Common Stock 2,066 2,066 1,625 1,625 1,625 1,625 1,625 Capital Surplus 12,427 12,205 12,280 12,724 12,348 12,172 11,989 Retained Earnings 31,678 30,887 29,848 28,455 26,796 25,715 24,373 Accumulated Other Comprehensive (Loss) Income (995) (1,281) (1,266) (1,428) (1,192) (820) (136) Treasury Stock, At Cost (5,296) (8,764) (8,513) (7,942) (6,850) (5,903) (4,675) ----------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY $ 41,402 $ 36,635 $ 35,596 $ 35,056 $ 34,349 $ 34,511 $ 34,898 ----------------------------------------------------------------------------------- TOTAL LIABILITIES, PREFERRED STOCK OF SUBSIDIARY AND STOCKHOLDERS' EQUITY $ 707,497 $ 662,368 $ 676,046 $ 667,003 $ 625,863 $ 626,262 $ 630,328 =================================================================================== At At Dec. 31, Dec. 31, 1998 1997 ----------------------- ASSETS Cash and Due from Banks $ 18,271 $ 17,462 Deposits With Banks 9,583 5,018 Federal Funds Sold and Securities Purchased Under Resale Agreements 49,498 69,257 Securities Borrowed 31,510 39,048 Trading Assets: Debt and Equity Instruments 90,616 105,220 Derivative Receivables 80,972 79,027 Securities: Available-For-Sale 99,035 72,523 Held-To-Maturity 1,687 2,983 Loans (Net of Allowance for Loan Losses) 194,227 195,862 Private Equity Investments 6,156 1,085 Accrued Interest and Accounts Receivable 16,275 14,297 Premises and Equipment 5,936 5,618 Goodwill and Other Intangibles 6,601 4,269 Other Assets 16,575 16,011 ----------------------- TOTAL ASSETS $ 626,942 $ 627,680 ======================= LIABILITIES Deposits: Domestic: Noninterest-Bearing $ 48,783 $ 48,085 Interest-Bearing 93,610 80,808 Foreign: Noninterest-Bearing 4,645 3,949 Interest-Bearing 120,427 119,725 ----------------------- Total Deposits $ 267,465 $ 252,567 Federal Funds Purchased and Securities Sold Under Repurchase Agreements 105,000 113,930 Commercial Paper 14,425 11,366 Other Borrowed Funds 19,754 24,037 Trading Liabilities: Debt and Equity Instruments 31,782 44,521 Derivative Payables 77,363 79,058 Accounts Payable, Accrued Expenses and Other Liabilities, Including the Allowance for Credit Losses 28,372 29,239 Long-Term Debt 43,794 36,376 Guaranteed Preferred Beneficial Interests in Corporation's Junior Subordinated Deferrable Interest Debentures 3,338 2,890 ----------------------- TOTAL LIABILITIES $ 591,293 $ 593,984 ----------------------- PREFERRED STOCK OF SUBSIDIARY $ 550 $ 550 ----------------------- STOCKHOLDERS' EQUITY Preferred Stock $ 1,722 $ 2,434 Common Stock 1,625 1,184 Capital Surplus 12,307 12,642 Retained Earnings 23,158 20,501 Accumulated Other Comprehensive (Loss) Income 493 527 Treasury Stock, At Cost (4,206) (4,142) ----------------------- TOTAL STOCKHOLDERS' EQUITY $ 35,099 $ 33,146 ----------------------- TOTAL LIABILITIES, PREFERRED STOCK OF SUBSIDIARY AND STOCKHOLDERS' EQUITY $ 626,942 $ 627,680 =======================