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State Street Corp – ‘10-K’ for 12/31/93 – EX-13

As of:  Wednesday, 3/30/94   ·   For:  12/31/93   ·   Accession #:  950156-94-9   ·   File #:  0-05108

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/30/94  State Street Corp                 10-K       12/31/93   16:275K                                   Dean George H Co/FA

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        State Street Boston Corp. Form 10-K                   19    123K 
 2: EX-10       Material Contracts                                     6±    29K 
 3: EX-10       Material Contracts                                     2±    11K 
 4: EX-10       Material Contracts                                     1      8K 
 5: EX-10       Material Contracts                                     2±    11K 
 6: EX-10       Material Contracts                                     2±    10K 
 7: EX-10       Material Contracts                                     2±     9K 
 8: EX-10       Material Contracts                                    13±    60K 
 9: EX-11       Statement Re Computation of Per Share Earnings         1     10K 
10: EX-12       Statement Re Computation of Ratios                     2±    11K 
11: EX-13       Annual Report to Stockholders                          2±    12K 
12: EX-13       Annual Report to Stockholders                         24±    97K 
13: EX-13       Annual Report to Stockholders                          2±    13K 
14: EX-13       Annual Report to Stockholders                         20    106K 
15: EX-21       Subsidiaries of the Registrant                         2±    11K 
16: EX-23       Consents of Experts and Counsel                        1      8K 


EX-13   —   Annual Report to Stockholders



EXHIBIT 13.1 FIVE YEAR SELECTED FINANCIAL DATA [Enlarge/Download Table] S E L E C T E D F I N A N C I A L D A T A State Street Boston Corporation Compound (Dollars in millions, Growth Rate except per share data) 1993 1992 1991 1990 1989 1988 88-93 OPERATING RESULTS (1)<F1> Fee revenue ...................... $ 833.4 $ 702.9 $ 563.9 $ 502.9 $ 443.6 $ 397.5 16% Gain on sale of credit card loan portfolio (1)<F1> ............... 56.2 Interest revenue - taxable equivalent....................... 719.2 728.0 756.5 838.3 663.8 515.4 7 Interest expense ................. 381.3 432.1 464.2 546.7 431.3 299.7 5 Net interest revenue - taxable equivalent....................... 337.9 295.9 292.3 291.6 232.5 215.7 9 Provision for loan losses ........ 11.3 12.2 60.0 45.7 19.4 15.6 (6) Total revenue ................... 1,160.0 986.6 852.4 748.8 656.7 597.6 14 Operating expenses ............... 862.3 716.4 608.5 544.6 478.0 437.0 15 Income before income taxes on a taxable equivalent basis .. 297.7 270.2 243.9 204.2 178.7 160.6 13 Income taxes ................ 97.6 96.1 85.8 66.1 59.2 52.2 Taxable equivalent adjustment .... 20.3 13.7 18.8 20.8 15.5 16.1 Net Income ...................... $ 179.8 $ 160.4 $ 139.3 $ 117.3 $104.0 $ 92.3 14 PER SHARE (2)<F2> Earnings (1):<F1> Primary ......................... $ 2.36 $ 2.10 $ 1.86 $ 1.59 $ 1.42 $ 1.25 14 Fully diluted ................... 2.33 2.07 1.81 1.55 1.38 1.20 14 Cash dividends declared .......... .520 .445 .385 .340 .300 .260 15 Book value at year end ........... 14.56 12.70 10.97 9.51 8.29 7.22 15 Closing price .................... 37.50 43.75 32.13 17.44 19.63 13.25 23 ANNUAL AVERAGES Interest-earning assets .......... $ 16,222 $13,854 $10,131 $ 8,947 $6,953 $6,144 21 Total assets ..................... 18,169 15,502 11,574 10,233 8,089 7,246 20 Noninterest-bearing deposits ..... 3,623 2,952 2,460 2,301 2,218 2,101 12 Long-term debt ................... 122 146 146 114 117 124 -- Stockholders' equity ............. 1,033 887 773 647 555 494 l6 RATIOS Return on equity ................. 17.4% 18.1% 18.0% 18.1% 18.7% 18.7% Return on assets ................. .99 1.03 1.20 1.15 1.29 1.27 Total risk-based capital ......... 12.7 14.6 16.4 15.1 15.3 15.7 Internal capital generation rate . 13.6 14.3 14.3 14.3 14.9 14.9 Leverage ......................... 5.3 5.9 6.2 6.2 6.7 6.7 Employees at year end ............ 10,117 9,338 8,321 8,129 7,624 7,298 7 <FN> ------------- <F1>(1) Results for 1991 include a non-recurring gain on sale of the credit card loan portfolio, which increased net income $32.6 million, equal to $.44 primary and $.43 fully diluted per share. <F2>(2) Per share amounts for 1988 to 1991 have been restated to reflect a two-for-one stock split distributed in 1992.
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