Contract
|
Exhibit 99. |
|
|
|
X. X. XXXXXX XXXXX & CO. |
|
and |
|
XXXXXX GUARANTY TRUST COMPANY OF NEW YORK |
|
As of December 31, 2000, Xxxxxx Guaranty Trust Company of New York ("Xxxxxx Guaranty") was a wholly owned bank subsidiary of X.X. Xxxxxx Xxxxx & Co., a Delaware corporation whose principal office is located in New York, New York. Xxxxxx Guaranty was a commercial bank offering a wide range of banking services to its customers both domestically and internationally. Its business was subject to examination and regulation by Federal and New York State banking authorities. |
|
On November 10, 2001, X. X. Xxxxxx & Co. merged with The Chase Manhattan Bank. Upon consummation of the merger, The Chase Manhattan Bank changed its name to XX Xxxxxx Xxxxx & Co. |
|
The following table sets forth certain summarized financial information of X.X. Xxxxxx Xxxxx & Co. and for Xxxxxx Guaranty as of the dates and for the periods indicated. The information presented for the years ended December 31, 2003, 2002, 2001, 2000 and 1998 in accordance with generally accepted accounting principles. |
|
December 31, |
|||||||||||||||
|
(Dollars in millions) |
2003 (1) |
2002 (1) |
2001 (1) |
2000 (2) |
1999 (2) |
||||||||||
|
Balance Sheet Data |
|||||||||||||||
|
|
|||||||||||||||
|
Trading Assets |
$ |
252,871 |
$ |
248,301 |
$ |
189,405 |
$ |
99,613 |
$ |
84,786 |
|||||
|
Total Loans |
$ |
214,995 |
$ |
211,014 |
$ |
212,920 |
$ |
24,635 |
$ |
26,352 |
|||||
|
Total Assets |
$ |
770,912 |
$ |
758,800 |
$ |
693,575 |
$ |
185,762 |
$ |
167,666 |
|||||
|
|
|||||||||||||||
|
Total Deposits |
$ |
326,492 |
$ |
304,753 |
$ |
293,650 |
$ |
39,493 |
$ |
47,716 |
|||||
|
Total Liabilities |
$ |
724,758 |
$ |
716,494 |
$ |
651,926 |
$ |
174,824 |
$ |
157,071 |
|||||
|
|
|||||||||||||||
|
Allowance for Credit Losses |
$ |
324 |
$ |
5,350 |
$ |
4,524 |
$ |
370 |
$ |
405 |
|||||
|
|
|||||||||||||||
|
Stockholder's Equity |
$ |
42,306 |
$ |
42,306 |
$ |
41,099 |
$ |
10,938 |
$ |
10,595 |
|||||
|
Year Ended December 31, |
|||||||||||||||
|
(Dollars in millions) |
2003 (1) |
2002 (1) |
2001 (1) |
2000 (2) |
1999 (2) |
||||||||||
|
|
|||||||||||||||
|
Income Statement Data |
|||||||||||||||
|
|
|||||||||||||||
|
Total Interest Revenue |
$ |
33,256 |
$ |
29,614 |
$ |
29,344 |
$ |
7,128 |
$ |
5,895 |
|||||
|
|
|||||||||||||||
|
Provision for Credit Losses |
$ |
1,540 |
$ |
4,331 |
$ |
3,182 |
$ |
50 |
$ |
(175 |
) |
||||
|
|
|||||||||||||||
|
Net Revenue After |
|||||||||||||||
|
Provision for Credit Losses |
$ |
31,716 |
$ |
25,283 |
$ |
26,162 |
$ |
2,090 |
$ |
1,817 |
|||||
|
|
|||||||||||||||
|
Noninterest Expense |
$ |
21,688 |
$ |
22,764 |
$ |
23,596 |
$ |
4,287 |
$ |
3,532 |
|||||
|
Income before Income Taxes |
$ |
10,028 |
$ |
2,519 |
$ |
2,566 |
$ |
2,791 |
$ |
2,538 |
|||||
|
Income Taxes |
$ |
3,039 |
$ |
856 |
$ |
847 |
$ |
1,160 |
$ |
950 |
|||||
|
Net Income |
$ |
6,719 |
$ |
1,663 |
$ |
1,694 |
$ |
1,631 |
$ |
1,588 |
|||||
|
(1) Amounts are consolidated financial information for to X.X. Xxxxxx Xxxxx & Co. (successor swap counterparty to Xxxxxx Guaranty Trust Co. of New York). |
|
(2) Amounts are stand-alone financial information for Xxxxxx Guaranty Trust Co. of New York (original swap counterparty). |
|
X.X. Xxxxxx Xxxxx & Co. will provide without charge a copy of the Form 10-K for the fiscal year ended December 31, 2003 and a copy of the most recent quarterly Consolidated Reports of Condition and Income filed with the Board of Governors of the Federal Reserve System, with exhibits omitted. Written requests should be directed to: Office of the Secretary, X.X. Xxxxxx Xxxxx & Co., 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000. |
|
The information set forth above relates to and has been obtained from X.X. Xxxxxx Xxxxx & Co. The delivery of this 10-K shall not create any implication that there has been no change in the affairs of X.X. Xxxxxx Xxxxx & Co since the date hereof, or that the information contained herein or referred to above is correct as of any time subsequent to its date. |
|
Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the County of Fairfax, Commonwealth of Virginia on the 29th day of March, 2004. |
|
RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (KEPCO) 1997 |
|
|
By: |
NATIONAL RURAL UTILITIES COOPERATIVE |
|
FINANCE CORPORATION as Servicer |
|
|
|
|
|
By: |
/s/ XXXXXXX X. XXXXXXXX |
||
|
Xxxxxxx X. Xxxxxxxx, Governor and |
|||
|
Chief Executive Officer |
|||
