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Download (Pdf) 93d Congress, 2d Session Senate Document No. 93~253 Annual Report 1973 Comptroller of the Currency The Administrator of National Banks James E. Smith Comptroller of the Currency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C. 20402 - Price $3.70 Stock Number 048-001-00010-6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Letter of Transmittal TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, WASHINGTON, D.C., OCTOBER 1, 1973 SlRS: Pursuant to the provisions of Section 333 of the United States Revised Statutes, I am pleased to submit the 1973 Annual Report of the Comptroller of the Currency. Respectfully, JAMES E. SMITH, Comptroller of the Currency. THE PRESIDENT OF THE SENATE THE SPEAKER OF THE HOUSE OF REPRESENTATIVES in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Contents Title of Section page I. Condition of the National Banking System 1 II. Income and Expenses of National Banks 3 HI. Structural Changes in the National Banking System 5 IV. Bank Examinations and Related Activities 13 V. Litigation 15 VI. Fiduciary Activities of National Banks 23 VII. International Banking and Finance 25 VIII. Administrative and Management Developments 27 IX. Financial Operations of the Office of the Comptroller of the Currency 31 Appendices A. Merger Decisions, 1973 37 B. Statistical Tables 199 C. Addresses and Selected Congressional Testimony of the Comptroller of the Currency 279 Index 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Statistical Tables Table No. Title Page Table No. Title Page Assets, liabilities, and capital accounts of National 7 Branches of National banks, by States, calendar banks, 1972 and 1973 2 1973 10 Income and expenses of National banks, 1972 and 8 De novo branch applications of National banks, by 1973 . 4 States, calendar 1973 11 National banks and banking offices, by States, 9 De novo branches of National banks opened for Dec. 31, 1973...! 6 business, by community size and by size of bank, calendar 1973 12 Applications for National bank charters, and charters 10 Mergers, calendar 1973 12 issued, by States, calendar 1973 7 11 Office of the Comptroller of the Currency: balance Applications for National bank charters issued pur- sheets : 32 suant to corporate reorganizations, and charters 12 Office of the Comptroller of the Currency: statements issued, by States, calendar 1973 8 of revenue, expenses, and Comptroller's equity 33 Applications for conversion to Rational bank charters, 13 Office of the Comptroller of the Currency: statements and charters issued, by States, calendar 1973 9 of changes in financial position 34 VI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I. Condition of the National Banking System National banks' operations in 1973 reflected ments to repurchase $11.6 billion higher than at the strong economic expansion and the pervasive the beginning of the year. inflationary pressures that marked the year. Loan Total assets of National banks reached $489.6 demand was exceedingly strong, and total loans billion at year-end, representing a 12.6 percent spurted by 17.8 percent during the year. Deposit increase for the year. That compared with a 15.5 growth was not sufficient to provide all the funds percent asset increase in 1972. Again, as in 1972, needed to support the loan expansion despite the loan portfolio grew significantly relative to the spirited bidding for large-denomination certificates securities portfolio. Loans climbed from 53.0 per- of deposit. Time and savings deposits increased cent of total assets to 55.5 percent during 1973, by 16.0 percent, while demand deposits experienced while the ratio of securities to total assets dropped only a 3.8 percent rise. As a result, the former from 23.9 percent to 21.4 percent. accounted for 54.7 percent of total deposits at the Total capital of National banks reached $33.1 end of 1973, compared with 52.0 percent a year billion at year-end 1973, representing an increase earlier. of 9.2 percent during the year. Reflecting the high Holdings of U.S. Treasuries decreased by $6.2 level of interest rates in the bond market, only a billion, but that reduction was partially offset by nominal increase from $2.1 billion to $2.2 billion an increase of $4.4 billion in securities of Govern- occurred in the total of outstanding capital notes ment agencies and corporations. Non-deposit and debentures in 1973. Total reserves on loans liabilities increased substantially, with federal and securities rose 12.8 percent during the year, funds purchased and securities sold under agree- to a total of $4.7 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE 1 Assets, liabilities, and capital accounts of National Banks, 1972 and 1973 [Dollar amounts in millions] Dec. 31, 1972 Dec. 31,1973 Change, 1972-1973 4,614 banks 4,661 banks Amount Percent Amount Percent Amount Percent Distribution Distribution ASSETS Cash and due from banks $67,401 15.50 $70,724 14.45 $3,323 4.93 U.S. Treasury securities 37,200 8.55 30,966 6.32 -6,234 - 16.76 Obligations of other U.S. Government agencies and corporations 10,666 2.45 15,072 3.08 4,406 41.31 Obligations of States and political subdivisions 52,716 12.12 55,236 11.28 2,520 4.78 Other securities 3,154 .73 3,411 .70 257 8.15 Total securities.. 103,736 23.85 104,685 21.38 949 .91 Federal funds sold and securities purchased under agree- ments to resell 16.672 3.83 22,091 4.51 5,419 32.50 Direct lease financing 1,073 .25 1,573 .32 500 46.60 Loans 230,456 52.98 271,572 55.47 41,116 17.84 Fixed assets 7,333 1.69 8,144 1.66 811 11.06 Customers' liability on acceptances outstanding 2,007 .46 2,847 .58 840 4.85 Other assets 6,268 1.44 7,965 1.63 1,697 27.07 Total assets. 434,947 100.00 489,600 100.00 54,653 12.57 LIABILITIES Demand deposits of individuals, partnerships and cor- porations 130,376 29.98 136,056 27.79 5,680 4.36 Time and savings deposits of individuals, partnerships and corporations 157,663 36.25 181,215 37.01 23,552 14.94 Deposits of U.S. Government 7,062 1.62 6,193 1.26 -869 -12.31 Deposits of States and political subdivisions 33,445 7.69 37,072 7.57 3,627 10.84 Deposits of foreign governments and official institutions, central banks, and international institutions 4,362 1.00 6,030 1.23 1,668 38.24 Deposits of commercial banks 20,526 4.72 23,379 4.78 2,853 13.90 Certified and officers' checks, etc 5,993 1.38 5,935 1.21 -58 -.97 Total deposits. 359,427 82.64 395,881 80.86 36,454 10.14 Demand deposits 172,565 39.67 179,046 36.57 6,481 3.76 Time and savings deposits. 186,862 42.96 216,835 44.29 29,973 16.04 Federal funds purchased and securities sold under agree- ments to repurchase 24,349 5.60 35,975 7.35 11,626 47.75 Liabilities for borrowed money 2,370 .54 3,722 .76 1,352 57.05 Acceptances executed by or for account of reporting banks and outstanding 2,062 .47 2,921 .60 859 41.66 Other liabilities 12,204 2.81 13,251 2.71 1,047 8.58 Total liabilities 400,413 92.06 451,749 92.27 51,336 12.82 Minority interest in consolidated subsidiaries. + 1 50.00 RESERVES ON LOANS AND SECURITIES Reserves on loans 4,101 .94 4,634 .95 533 13.00 Reserves on securities 78 .02 79 .02 1 1.28 CAPITAL ACCOUNTS Capital notes and debentures. 2,129 .49 2,200 .45 71 3.'66 Preferred stock 42 .01 37 .01 -5 - 11.90 Common stock 7,458 1.71 7,904 1.61 446 5.98 Surplus 12,717 2.92 13,513 2.76 7% 6.26 Undivided profits 7,524 1.73 8,998 1.84 1.474 19.59 Reserves 482 .11 484 .10 2 .41 Total capital accounts 30,352 6.98 33,135 6.77 2,783 9.17 Total liabilities and capital accounts. 434,947 100.00 489,600 100.001 54,653 12.57 NOTE: Data may not add to totals because of rounding. Dashes indicate amounts less than .01 percent. The 1972 and 1973 data reflect consolidation of all majority-owned bank premises, subsidiaries, and all significant domestic majority- owned subsidiaries, with the exception of Edge Act subsidiaries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis II. Income and Expenses of National Banks Both total operating income and total operating accounting for 4.7 percent of total operating income. expenses of National banks increased at unprece- All of the expense items involving interest pay- dented rates during 1973 — 32.6 percent and 35.9 ments increased sharply in 1973. Interest on de- percent respectively. With net securities losses being posits—by far the largest component of operating only a nominal $13.5 million, net income totalled expense, accounting for 44.5 percent of the total— $3.8 billion, a 13.9 percent increase over 1972 reached $11.7 billion, a 44.3 percent increase.
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