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TRANSAMERICA GENERAL CORPORATION Balance Sheet - December 31, 1939 (000 omitted) ASSETS Cash Notes and accounts receivable: Group officers (principally) Due from group organizations: Transamerica Corporation - unsecured Coast Service Company - unsecured Stocks - group organizations: Banca d»America e d ' I t a l i a Bank of Lake Bankamerica Agricultural Credit Corp. (1) California Lands, Inc. Capital Company Coast Service Company Inter-America Corporation Inter-Continental Corporation Occidental Life Insurance Co. (2) Stocks - other: National City Bank, N. Y. (3) Fireman's Fund Insurance Co. (4) 1 1,296 3,958 166 4»124 8,932 93 1,089 13,832 17,538 2 58 A,153 2,008 47,755 5,0-87 424 5>511 Total 58,687 LIABILITIES Due group organizations: Inter-Continental Corp. - unsecured California Lands, Inc. - unsecured Capital Company - unsecured Accounts payable - other Reserves: For losses, etc., group organizations Self-insurance fund Other contingencies General Capital stock - common Surplus - earned Surplus - paid-in Total 9,765 2,962 2,534 440 2,434 771 1,800 15,261 35 5,445 1,000 1,649 35,297 58,687 (1) 10,000 shares - Loaned to Transamerica Corporation and pledged to Bank of America on "Guaranteed Loans". (2) 10,000 shares - Loaned to Transamerica Service Corporation and pledged to Bank of America on loan. (3) 101,000 shares (c. v. $4,343,000) unpledged; 17,000 shares (c. v. #744,000) loaned to group, organizations and pledged to bank. (4) 9,219 shares - 9,199 shares loaned to group organizations and pledged to banks (principally National City Bank, N. Y . ) . CALIFORNIA LANDS, INC, Balance Sheet - December 31 , 1939 (OOO Omitted) ASSETS Cash Notes and accounts receivable - outsiders Due from group organizations: Transamerica General Corp. - unsecured Capital Company - Real estate contract Stock - Bank of America N.T. & S.A. (1) Stock - Desert O i l Company Bonds and warrants - municipal Real estate - for resale Equi pment, etc. Inventory - unsold crops Other assets 70 1,150 2,962 495 3,457 3,387 18 99 -19>013 248 197 146 27*735 LIABILITIES Notes payable - Central Bank, Oakland Real estate contracts: Bank of America,N.T. & S.A. Central Bank, Oakland F i r s t National Bank of Nevada Occidental L i f e Insurance Co. Real estate mortgages: Occidental Life Insurance Co. Others Accounts payable: Group officers, etc. Others Other l i a b i l i t i e s Reserves: For losses not covered by insurance For revaluation of securities (2) Capital stock - common Surplus - earned Surplus - p a i d - i n 150 10,489 1,195 38 780 550 130' 19 167 32 141 — 12,502 - 680 186 57 173 857 206 12,974 22V78£ (1) 47,000 shs. (c.v. $2,103,000) unpledged; 16,000 shs. (c.v. $1,284,000) pledged with Central Bank, Oakland, on notes and real estate contracts. (2) Deducted from total securities on balance sheet submitted with annual report to Board. Allocation to items listed above not indicated. CAPITAL COMPANY Balance Sheet - December 31 > 1939 (OOO omitted) ASSETS Cash Notes and accounts rec. - outsiders Due from group orgs.: TAG - unsecured 400 Trans. Gen. Corp. - unsecured 2,534 Western Furniture Exchange 500 Stocks - group orgs.: Bank of America N.T. & S.A.(1) 3,819 Western Furniture Exchange 583 Western States Corp. 5>000 Stock - Nat. City Bank N.T. (2) Real estate - for resale Other assets 249 345 3*434 9,402 60 '29,612 123 Total LIABILITIES Real estate contracts: Bank of America N.T. & S.A. 18,395 Central Bank, Oakland 855 Occidental L i f e Ins. Co. 693 California Lands, Inc. £1 Real estate mortgages: Bank of America N.T. & S.A. 650 Occidental L i f e Ins. Co. 137 1,524 Others (outsiders) Accounts payable (outsiders) Other l i a b i l i t i e s Reserves: For rehabilitation 305 For losses not covered by ins. 90 For securities(3) 906 Capital stock - common Surplus - earned Surplus - paid-in -20,438 2,311 95 132 1,301 500 1,478 I6t?70 Total (1) 83,000 shares (c.v. $3,579,000) unpledged; 5,000 shares (c.v. $240,000) pledged to Central Bank, Oakland, on Real Estate contracts. (2) 2,200 shares Nat# City Bank of N.Y., unpledged. (3) Deducted from asset on balance sheet submitted with annual report to Board; allocation to stocks listed above not indicated. #665,620 carried on books of TAC (included i n reserve for security holdings for a f f i l i a t e s ) . OTHER REAL ESTATE OTOED - Continued OTHER RIAL ESTATE INCOME AM) EXPENSE, INCIDENT TO THE ABOVE TRANSACTIONS AS REELECTED IN THE OPERATING PROFITS OF THE BANK FOR THE YEARS SHOYiN. Interest Received on tte Contracts 1927 1928 1929 3j30 193T 1932 1933 1934 1935 1936 1937 1938 Total . . Otherjteal 25r Estate Income 0 89,903.57 158,050.35 271,866.57 104,832.44 446,514.00 528,881.00 512,947.00 191,077.00 47,996.00 23,217.00 75,547.00 0 0 0 0 70,838.00 100,791.00 178,800.00 322,821.00 435,261.00 425,884.00 430,320.00 389,332.00 2,354,047.00 2,450,831.93^ 2,354,047.00 Total Income • • * Less: Total Income . • • 4,804,878.93 rj ^ ^ v Qther Real Estate Expense 0 3,686.11 7,548.05 7,724.32 101,238.97 567,606.00 431,104.00 339,197.00 217,375.00 229,894-00 181,723.00 177,048.00 -^2,264,144.45 Total Expense Other Real Estate Taxes (rf- S eJU^i J 0 0 0 0 383,786.37 554,930.00 852,845.00 1,140,140.00 1,301,907.00 1,223,939.00 1,082,342.00 1,200,033.00 7,739,922.37 .2,2.64,144.45 10,004,066.82 4.804.878.93 5,199,187.89 The figures above show more clearxy the extent and result of the operations in connection with real estate acquired under foreclosure, for the period extending from October 31, 1927* to December 31, 1938. These operations can be summarized briefly, as follows: 1. During the period the bank set up on its books Other Real Estate Owned having a book value of $ 101,563,982.00 after taking losses of $ 5,585,798.00, the combined book cost amounting to $107,149,780.00, representing the book value of the real estate loans at the time of foreclosure» 2. The bank credited Other Real Estate Owned f 61,809,087*00, in which amount was included charge-offs on the contracts and losses taken on real estate sold amounting to $ 6,06l,623.00, representing profit and loss adjustments. This latter amount of loss is offset to a degree by $ 1,426,879.00 in profits on the sale of properties ($ 858,966.79 being a write-up on certain subdivisions sold to Capital Company under a contract carried in the bankfs assets.) The resulting net liquidation of Other Real Estate Owned from actual payments and sales to outside purchasers amounted to $ 57,174,343.00 after the above adjustments. 3. In addition to (1) and (2) above, the net expense involved in handling this volume of Other Real Estate amounted to $ 5,199,187.44, reflecting in the bankfs earnings for the years 1927 to 1937, inclusive. 4. At the end of 1938, there remained on the bankfs books as Other Real Estate Owned a total investment of $ 39,754,895*00. Figures for the f u l l year of 1939 were not available inasmuch as this examination was completed before the end of the year. OTHER REAL ESTATE PINED - Continued Recapitulation of Losses and Recoveries on Foreclosed Real Estate Reflecting in Adjustments on the Gross Figures Presented Above, Losses on Sales of Other Real Estate Owned * Year 1927 1928 1929 1930 1931 (Second half only) 1932 1933 1934 1935 1935 1936 1937 1938 Totals . . . . Losses on Loans Prior to Charge into O.R.E.O. Profits on Sale of Other Real Estate 0 0 0 0 97,208.45 262,192.19 315,120.70 309,115.64 115,585-75 1,902,230.07 * * 1,040,164.79 994,429.43 *** 367,930.87 *** 0 0 0 0 1,006,180.99 652,257.66 0 0 340,783.77 0 1,723,192.28 626,741.59 1,236,642.03 0 0 0 0 56,790.18 86,500.87 57,314.47 40,006.02 10,427.44 0 9,197.82 1,136,202.74 *** 30,439.61 5,403,977.89 657,645.03 **** 5,585,798.32 1,426,879.15 6,061,622.92 5,585,798.32 1,426,879.15 The amounts in this column are the only ones comprising a portion of adjustment credits as shomi in the gross payment, etc., figures above. Indicates the adjustment made by the bank as a charge-off on contracts for properties sold to the companies in 1935* Major portion of this item for 1937 represents the sale of certain subdivision properties to Capital Company under contract, upon which the bank took a charged o f f loss of #965,440*70 on certain properties and a write-up profit of #858,966.79 on certain other properties under the same contract. Included for 1938 figure i s #179,215.73 charge-off on real estate s t i l l carried on the books. Represents a payment by California Lands, Incorporated, on July 14, 1937, to cover loss on certain properties sold to Capital Company and certain other properties retained under contract. This adjustment arose out of elimination of the I n t e r America Corporation contracts and substitution therefor of the •Guaranteed Loans®, circumstances of which transaction are f u l l y explained under ^Large Line of Transamerica Corporation and Subsidiaries* on page 8 of this report. The adjustment figures shown above, when combined with the gross figures i n the reconcilement of acquisitions and payments from I927 to date (above) reflect the following: Total acquisitions as shown by book values Plus: Losses and adjustments taken prior to charge into Other Real Estate Account Total book value of loans on r e a l estate-foreclosed 101,563,982.00 Total payments, sales and adjustments at book value Plus: Profits from the sale of real estate acquired 61,809,087.00 1,426,879*00 63,235,966.00 Less: Losses on real estate sold and charge-offs on the contracts which have been taken by the bank Net total liquidation from actual payments and sales 5>585,798.00 107,149,780*00 6,061,623*00 . 57,174,343.00
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