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L R E S E R V E BANK OF AT LA N TA T Y -FO URTH A N N U A L S T A T E M E N T FOR THE Y E A R 1978 L .IB R A < R ir MAR 13 197* January 29, 1979 To All Member Banks in the Sixth Federal Reserve District: Presented in this report are a comparative statement of condition of this bank as of the last business day of 1977 and 1978, and a comparative statement of earnings and expenses for 1977 and 1978. Also presented are current lists of our directors and officers. Monroe Kimbrel President photo by Kenneth Rogers EARN INGS AND EX PEN SES 1978 1977 $392,206,541 Total Current Earnings............................................$344,873,482 Net Expenses .......................................................... 59,293,416 55,234,375 Current Net Earnings $332,913,125 $289,639,107 895,543 234,819 2,435,910 5,961,246 Miscellaneous Additions to Current Net Earnings.... Miscellaneous Deductions from Current Net Earnings: Loss on Sales of U.S. Government Securities (Net) ............................................... Loss on Foreign Exchange Transactions (N et).... 11,125,210 37,926,153 All O th er............................................................. 56,562 377,347 Total Deductions................................................. 13,617,682 44,264,746 Net Additions (+) Deductions (—) ......................... — 12,722,139 - 44,029,927 Assessment for Expenses of Board of Governors ... — 3,624,700 - Net Earnings Before Payment to U.S. Treasury ..... $273,292,268 4,015,100 $284,868,098 DISTRIBUTIO N O F N ET EARNINGS Dividends Paid......................................................... $ 4,604,434 $ 4,750,650 Payments to U.S. Treasury (Interest on F.R. Notes) ......................................................... 266,134,984 277,118,648 Transferred to Surplus Account Net Additions (+) Deductions (—) .......................+ 2,552,850 + 2,998,800 Total Earnings Distributed...................................... $273,292,268 $284.868.098 SU R PLU S ACCOUNT Surplus January 1 ................................................... $ 75,056,700 Transferred to Surplus - As Above ........................ Surplus December 3 1 ............................................... 2,552,850 $ 77,609,550 $ 77,609,550 2,998,800 $ 80,608,350 STATEMENT OF CONDITION FEDERAL RESERVE BANK OF ATLANTA ASSETS December 30, 1977 December 29, 1978 GOLD CERTIFICATE ACCOUNT ................................................. SPECIAL DRAWING RIGHTS CERTIFICATE ACCOUNT.......... COIN................................................................................................. $ 559,964,500 64,000,000 27,633,982 $ 518,496,600 51,000,000 31,751,519 LOANS AND SECURITIES: Total Loans.................................................................................. 6,700,000 154,200,000 Total Securities............................................................................ Total Loans and Securities ........................................... 5,377,204,000 5,383,904,000 5,309,410,266 5,463,610,266 CASH ITEMS IN PROCESS OF COLLECTION............................. 1,126,839,737 1,878,942,968 BANK PREMISES............................................................................ OTHER ASSETS TOTAL ASSETS .......................................................... 14,226,018 151,136,999 $7,327,705,236 21,492,253 309,592,403 $8,274,886,009 FEDERAL RESERVE NOTES....................................................... $3,668,774,854 $3,682,855,097 DEPOSITS: Member Bank —Reserve Accounts............................................. 1,951,997,462 2,098,753,635 Due to Other FR Banks-Collected Funds................................... U. S. Treasurer —General Account............................................. Foreign Other Total Deposits .............................................................. 0 510,983,742 20,953,200 76,772,528 2,560,706,932 0 228,881,563 15,202,500 57.363,611 2,400,201,309 DEFERRED AVAILABILITY CASH ITEMS ................................ OTHER LIABILITIES .................................................................... 601,487,002 64,452,563 1,183,839,727 106,815,901 INTERDISTRICT SETTLEMENT ACCOUNT .............................. TOTAL LIABILITIES.................................................. 277,064,785 $7,172,486,136 739,957,275 $8,113,669,309 $ $ LIABILITIES CAPITAL ACCOUNTS CAPITAL PAID I N .......................................................................... SURPLUS......................................................................................... 77,609,550 77,609,550 80,608,350 80,608,350 TOTAL CAPITAL ACCOUNTS................................... $ 155,219,100 $ 161,216,700 TOTAL LIABILITIES AND CAPITAL ACCOUNTS ........................................................... $7,327,705,236 $8,274,886,009 DIRECTORS AND OFFICERS of the FEDERAL RESERVE BANK OF ATLANTA as of January 1979 BOARD OF DIRECTORS Clifford M. Kirtland, Jr., (Chairman), President, Cox Broadcasting Corporation, Atlanta, Georgia William A. Fickling, Jr., (Deputy Chairman), President and Chairman, Charter Medical Corporation, Macon, Georgia Fred Adams, Jr., President, Cal-Maine Foods, Inc., Jackson, Mississippi Guy W. Botts, Chairman of the Board, Barnett Banks of Florida, Inc., Jacksonville, Florida Jean McArthur Davis, President, McArthur Dairy, Inc., Miami, Florida Ulysses V. Goodwyn, Executive Vice President, Southern Natural Resources, Inc., Birmingham, Alabama Floyd W. Lewis, President, Middle South Utilities, Inc., New Orleans, Louisiana John T. Oliver, Jr., President, First National Bank, Jasper, Alabama Hugh M. Willson, President, Citizens National Bank, Athens, Tennessee FEDERAL ADVISORY COUNCIL MEMBER Frank A. Plummer, Chairman and Chief Executive Officer, First Alabama Bancshares, Inc., Montgomery, Alabama Clifford M. Kirtland Monroe Kimbrel Kyle K. Fossum Chairman President First Vice President OFFICERS Monroe Kimbrel, President Kyle K. Fossum, First Vice President Arthur H. Kantner, Senior Vice President Harry Brandt, Senior Vice President & Director of Research Robert P. Forrestal, Senior Vice President & General Counsel B. H. Hargett, Senior Vice President Brown R. Rawlings, Senior Vice President Harry C. Schiering, General Auditor W. R. Caldwell, Vice President William N. Cox, III, Vice President and Associate Director of Research W. M. Davis, Vice President Delmar Harrison, Vice President Robert E. Heck, Vice President William G. Pfaff, Vice President H. Terry Smith, Vice President Pierre M. Viguerie, Vice President Wardlyn Bassler, Assistant Vice President Byron L. Bohannon, Assistant General Auditor John R. Branscomb, Assistant Vice President James L. Brown, Assistant Vice President George Budd, Assistant Vice President John T. Cleckley, Assistant Vice President Alan D. Davis, Assistant Vice President Charles D. Delony, Assistant Vice President Richard A. Dill, Assistant Vice President Howard Dillion, Examining Officer Kurt Genteman, Assistant General Auditor John Godfrey, Research Officer George Hibbert, Assistant General Counsel Eric B. Hingst, Assistant Vice President and Secretary, Board of Directors Kenneth J. Kearney, Assistant Vice President Zane R. Kelley, Assistant Vice President John R. Kerr, Assistant Vice President B. Frank King, Research Officer Ely S. Matteri, Assistant Vice President George W. Moseley, Assistant Vice President Ronald Robinson, Assistant Vice President Robert Sexton, Assistant Vice President Jack R. Sicard, Assistant Vice President Gene D. Sullivan, Research Officer John M. Wallace, Assistant Vice President Ed Willingham, Assistant General Counsel BRANCH DIRECTORS AND OFFICERS BIRMINGHAM BRANCH —Hiram J. Honea, Vice President Fred R. Hoer, Asst. Vice President and Asst. Branch Manager Robert G. Dole, Asst. Vice President; Melvyn K. Purcell, Asst. Vice President; John D. Swanson, Asst. Vice President William H. Martin, III, (Chairman), President and Chief Executive Officer, Martin Industries, Inc., Florence, Alabama Harold B. Blach, Jr., President, Blach’s, Inc., Birmingham, Alabama Guy H. Caffey, Jr., Chairman and Chief Executive Officer, Southern Bancorporation o f Alabama and Birmingham Trust National Bank, Birmingham, Alabama Drury Flowers, Chairman, First Alabama Bank of Dothan, Dothan, Alabama George S. Shirley, President, First National Bank of Tuskaloosa, Tuscaloosa, Alabama Martha H. Simms, Huntsville, Alabama Louis J. Willie, Executive Vice President, Booker T. Washington Insurance Company, Birmingham, Alabama JACKSONVILLE BRANCH —Charles D. East, Vice President James D. Hawkins, Asst. Vice President & Asst. Branch Manager Richard L. Berry, Asst. Vice President; Steve J. Stacklin, Asst. Vice President;Cecil L. Williams, Asst. Vice President Copeland D. Newbem, (Chairman), Chairman of the Board, Newbem Groves, Inc., Tampa, Florida William E. Arnold, Jr., President, William E. Arnold Company, Jacksonville, Florida DuBose Ausley, President and Chief Executive Officer, Capital City First National Bank, Tallahassee, Florida Richard E. Ehlis, President, Florida National Bank at Lakeland, Lakeland, Florida Jerome P. Keuper, President, Florida Institute of Technology, Melbourne, Florida Joan Stein, Partner, Regency Square Shopping Center, Jacksonville, Florida Robert E. Warfield, Jr., Chairman of the Board and President, The First National Bank & Trust Company of Eustis, Eustis, Florida MIAMI BRANCH —Frank Craven, Vice President Robert E. Lee, Asst. Vice President & Asst. Branch Manager Patrick K. Barron, Asst. Vice President; Robert J. Slack, Asst. Vice President; Jessie T. Watson, Asst. Vice President Castle W. Jordan, (Chairman), President, Aegis Corporation, Coral Gables, Florida Jane C. Cousins, Realtor, Cousins Associates, Inc., Miami, Florida Tully F. Dunlap, Chairman of the Board, Florida National Bank of Miami, Miami, Florida David G. Robinson, President, Edison Community College, Fort Myers, Florida Alfred W. Roepstorff, President, The National Bank of Collier County, Marco Island, Florida Aristides Sastre, President, Republic National Bank, Miami, Florida NASHVILLE BRANCH - Jeffrey J. Wells, Vice President W. Ralph Thurman, Asst. Vice President & Asst. Branch Manager William W. Dykes, Asst. Vice President; A. D. Sands, Asst. Vice President; Channing Workman, Asst. Vice President Cecelia Adkins, (Chairman), Executive Director, Sunday School Publishing Board, Nashville, Tennessee James R. Austin, Chairman, Peoples National Bank, Shelbyville, Tennessee John C. Bolinger, Jr., Management Consultant, Knoxville, Tennessee Ruth W. Ellis, President, Mountain Empire Bank, Johnson City, Tennessee Robert C. H. Mathews, Jr., President, R. C. Mathews Contractors, Inc., Nashville, Tennessee Virgil H. Moore, Jr., President, First Farmers and Merchants National Bank, Columbia, Tennessee Frank C. Thomas, Executive Vice President, Blue Diamond Coal Company, Knoxville, Tennessee NEW ORLEANS BRANCH - Jack Guynn, Vice President Benjamin C. Wade, III, Asst. Vice President & Asst. Branch Manager Henry H. Bourgaux, Asst. Vice President; H. C. DeBlonde, Asst. Vice President;Gerald C. Dupas, Asst. Vice President Levere C. Montgomery, (Chairman), President, Time Saver Stores, Inc., New Orleans, Louisiana Robert H. Bolton, President, Rapides Bank & Trust Company, Alexandria, Louisiana George C. Cortright, Jr., Partner, George C. Cortright Company, Rolling Fork, Mississippi George P. Hopkins, Jr., President, George P. Hopkins, Inc., Gulfport, Mississippi W. E. Howard, Jr., Chairman, Commercial National Bank and Trust Company, Laurel, Mississippi Martin C. Miler, Chairman of the Board and President, The Hibernia National Bank, New Orleans, Louisiana As this statement went to press, vacancies existed on the Boards of the Miami and New Orleans Branches. Federal Reserve Bank of Atlanta Federal Reserve Station Atlanta, Georgia 30303 Address Correction Requested B U L K R A TE U.S. POSTAGE PAID Atlanta, Georgia Permit No. 292
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