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Federal reserve Bank O F DALLAS Dallas, Texas, February 28,1947. CONDITION OF MEMBER BANKS, DECEMBER 31,1946 To All Member Banks of the Eleventh Federal Reserve District: _ There is presented on the inside pages a statement of the condition o f all member banks in the Eleventh Federal Reserve District as of December 31, 1946, with comparative figures for September 30, 1946 and December 31, 1945. There is also shown a comparative statement of earnings and expenses of member banks for the years 1946 and 1945. The total deposits of member banks on December 31, 1946, aggregated $5,385,000,000, representing a net decline of $353,000,000 during the year. War loan deposits at depositary banks declined by $675,000,000 as the result of Treasury withdrawals in connection with the partial redemption of outstanding Government securities; and interbank deposits decreased by $123,000,000, but the shrinkage in these deposits was partly offset by a substantial expan sion in other classes of deposits. The sharp increase, amounting to $331,000,000, occurred in the demand and time deposits of individuals, partnerships, and corporations. During 1946, there was a noticeable shift in the composition of earning assets of member banks in this district; and at the end of the year, total loans and investments, amounting to $3,789,000,000, were $214,000,000 smaller than on December 31, 1945. In contrast with the upward trend during other recent years, holdings of Government securities declined by $459,000,000 during 1946, largely as a result of the Treasurer’s debt retirement program. Holdings of other securities, however, were increased by approximately $65,000,000. The loans of member banks, which had increased sharply in 1945, continued to expand at a sub stantial rate during 1946. On December 31, 1946, loans of member banks were at a new peak of $1,318,000,000, representing an increase of $180,000,000 during the year. Total earnings of member banks from current operations during 1946 rose to $106,865,000, or about $22,300,000 higher than in 1945. Expenses during the year, amounting to $63,157,000, were $9,300,000 greater than in 1945. Taxes on net income, amounting to $12,414,000 in 1946, were about one-third higher than in 1945. Net profits after income taxes during 1946 rose to $32,840,000, or $8,762,000 higher than in 1945. During 1946, total dividend payments of $10,353,000 were only slightly larger than in 1945 and constituted approximately one-third of total net profits. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) COMPARATIVE STATEMENT OF CONDITION OF MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT ITEM Member banks in Eleventh District___ Loans, including overdrafts..—............... U. S. Government obligations direct and guaranteed__ ____ __ ______ ________ Obligations of States and political sub divisions.................... ........... .......... ..... Other securities__ ____________ ___ ____ TOTAL LOANS AND INVESTMENTS Individual— Demand deposits_______ _ Individual—Time deposits ____ ________ Deposits of U. S. Government, including postal savings ..... .............................. .... Deposits of States and political sub divisions._______ ___________________ Deposits of banks______________ _____ Other deposits________________________ TOTAL DEPOSITS..... ...... .............. TOTAL CAPITAL ACCOUNTS............. Cash and balances due from banks_____ Borrowings from Federal Reserve Bank All other borrowings____________ _____ Ratio of loans to total loans and invest ments............................ ....................... . Ratio of cash and exchange to total deposits.................................... ............. December 31, 1946 (Preliminary) September 30, 1946 (Revised) December 31, 1945 (Revised) 595 1,318,458,000 592 1,215,435,000 585 1,138,936,000 2,244,066,000 2,493,675,000 2,702,604,000 179.080.000 47,155,000 3.788.759.000 3.584.976.000 464.266.000 166.484.000 44,468,000 3.920.062.000 3.596.677.000 453.011.000 132.142.000 29,107,000 4.002.789.000 3.303.687.000 414.298.000 92,243,000 262,233,000 767,306,000 374.759.000 747.362.000 121.376.000 5.384.982.000 292.015.000 1.851.288.000 — 0— — 0— 318.947.000 670.779.000 48,066,000 5.349.713.000 292.813.000 1.683.011.000 — 0— — 0— 281.304.000 870.818.000 101.051.000 5.738.464.000 253.741.000 1.951.263.000 — 0— 34.8% 31.0% 28.5% 34.4% 31.5% 34.0% — 0— PRINCIPAL ASSET AND LIABILITY ITEMS OF ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT AS OF DECEMBER 31 OF EACH YEAR 1939 TO 1946 INCLUSIVE (Thousands of Dollars) December 31, 1939 1940 1941 1942 1943 1944 1945 1946 r—Revised p— Preliminary Total Deposits 1,576,744 1,738,390 2,051,770 2,867,889 3,557,172 4,521,001 5,738,464r 5,384,982p Total Loans Total Investments Total Loans and Investments Total U. S. Gov. Secs. Total Capital Accounts 496,359 579,639 663,215 599,354 666,375 815,977 l,138,936r l,318,458p 425,330 445,887 532,411 1,092,898 1,726,506 2,272,535 2,863,853r 2,470,301p 921,689 1,025,526 1,195,626 1,692,252 2,392,881 3,088,512 4,002,789r 3,788,759p 279,450 294,480 369,689 939,929 1,588,403 2,149,906 2,702,604r 2,244,066p 167,220 175,880 183,916 188,169 200,785 222,182 253,741r 292,015p PRINCIPAL ITEMS OF EARNINGS AND EXPENSES 1939-1946 ELEVENTH FEDERAL RESERVE DISTRICT (In Thousands of Dollars) Total Total Earnings Total Current Net Earnings Operating from Current Recoveries from Current Operations* and Profits Expenses* Operations 1939 1940 1941 1942 1943 1944 1945 1946 $ 46,535 48,376 53,716 53,973 60,829 72,343 84,576 106,865 $31,518 33,700 37,367 40,165 45,010 46,000 53,860 63,157 $15,017 14,676 16,349 13,808 15,819 26,343 30,716 43,708 $10,744 7,123 6,905 5,533 7,728 7,734 11,299 10,256 Total Losses Net Profits and after Income Chargs-Offs Taxes $10,591 7,649 8,273 7,293 5,940 6,540 8,515 8,710 $15,170 14,150 14,981 12,048 17,607 21,334 24,078 32,840 Cash Number Dividends of Declared Banks $6,821 7,381 7,606 7,196 7,635 8,298 9,715 10,353 547 568 573 570 575 580 585 595 *Taxes paid on net income were included in expenses prior to 1944 but for 1944 and subsequent years were treated as a deduction from total profits; hence, the data on current operating expenses and net earnings from current operations after 1943 are not strictly comparable with those for prior years. COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES OF MEMBER BANKS— 1946 AND 1945 ELEVENTH FEDERAL RESERVE DISTRICT (In Thousands of Dollars) Net Change ITEMS 1946 Interest and dividends on securities.................... ............. $ 41,552 47,500 Interest and discount on loans.—---------------------- ____ __ Service charges on deposit accounts..................... ........ . 5,458 All other earnings___________________________ ........ ..... 12,355 Total earnings from current operations_____ __ ....... ..... 106,865 30,986 Salaries and wages_______ ___ ____ ___________ ............. 5,373 Taxes other than net income__________________ _............ 26,798 All other expenses.................. ..... — ..... ............. .......... Total current operating expenses........................ ............. 63,157 Net earnings from current operations.............. ...... ...... 43,708 Total recoveries and profits________ __ ____ __ ............. 10,256 Total losses and charge-offs...__ _____ ___ _____ ........ . 8,710 Profits before income taxes___________________ _______ 45,254 12,414 Taxes on net income_____________ ______ _____ ........ . Net profits after income taxes.......... ............ ...... ......... . 32,840 Total dividends paid______ _________ _________ ......... . 10,353 Number of banks......................... ................... ........... . 595 1945 1946 over 1945 $ 36,313 32,050 4,949 11,264 84,576 25,597 5,350 22,913 53,860 30,716 11,299 8,515 33,500 9,422 24,078 9,715 585 $ 5,239 ( + ) 15,450 ( + ) 509 ( + ) 1,091 ( + ) 22,289 ( + ) 5,389 ( + ) 2 3 (+ ) 3,885 ( + ) 9,297 ( + ) 12,992 ( + ) 1,043 ( - ) 195 ( + ) 11,754 ( + ) 2,992 ( + ) 8,762 ( + ) 638 ( + ) 1 0 (+ )
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