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F ederal R eserve Ban k O F DALLAS Dallas, Texas, March 3,1948 C O N D ITIO N OF MEMBER B A N K S . D E C E M B E R 31. 1947 To All Member Banks of the Eleventh Federal Reserve District: There is presented on the inside pages a statement of the condition of all member banks in the Eleventh Federal Reserve District as of December 31, 1947, with comparative figures for October 6, 1947, and December 31, 1946. There is also shown a comparative statement of earn ings and expenses of member banks for the years 1947 and 1946. After declining substantially during 1946, aggregate deposits of member banks increased during 1947 and on December 31 totaled $5,941,000,000, or $555,000,000 higher than a year earlier. Although United States Government deposits declined approximately $42,000,000 dur ing the year, all other classes of deposits increased. The principal increase, amounting to $382,000,000, occurred in the demand deposits of individuals, partnerships, and corporations. Interbank deposits rose to $828,000,000 on December 31, 1947, an increase of $81,000,000 during the year. During 1947, total loans and investments of member banks more than recovered the decline experienced in 1946. The total on December 31, 1947, amounted to $4,143,000,000, or $351,000, 000 greater than on December 31, 1946. Holdings of United States Government securities in creased slightly during 1947, but the total on December 31, 1947, was substantially lower than at the end of 1945. The loans of member banks continued to show the rapid expansion char acteristic of other recent years. Total loans on December 81, 1947, aggregated $1,580,000,000, an increase of $261,000,000 during the year. Total earnings of member banks from current operations during 1947 rose to a new peak of $119,900,000, an increase of $14,000,000 over those in 1946, while expenses of $73,000,000 were only $10,500,000 greater than in the preceding year. Hence, net earnings from current operations, amounting to $46,900,000, w7ere $3,500,000 greater than in 1946. During 1947, total losses and charge-offs amounted to nearly $10,000,000, the highest since 1939, and exceeded recoveries and profits for the first time in five years. Taxes on net income, amounting to $12, 900,000, were only slightly larger than during 1946. Net profits after income taxes amounted to $31,000,000 in 1947, a decrease of $1,600,000 from those in 1946. Total dividend payments of $12,000,000 in 1947 were $900,000 larger than in 1946, but the rate of payments on total capital accounts was slightly smaller than during 1946. 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, 1947 (Preliminary) October 6, 1947 (Revised) December 31, 1946 (Revised) 613 1,579,712,000 610 1,427,525,000 595 1,319,153,000 2,281,254,000 2,257,746,000 2,246,267,000 224.271.000 57,303,000 4.142.540.000 3.968.138.000 490.914.000 211.293.000 57,368,000 3.953.932.000 3.839.202.000 482.654.000 179.256.000 47,024,000 3.791.700.000 3.585.888.000 464.297.000 50,150,000 73,992,000 92,087,000 459.722.000 828.456.000 143.214.000 5.940.594.000 319.083.000 2.074.929.000 — 0— — 0— 373.120.000 727.117.000 49,773,000 5.545.858.000 320.737.000 1.869.591.000 300,000 — 0— 375.024.000 747.362.000 121.315.000 5.385.973.000 292.167.000 1.851.564.000 — 0— 2,000,000 38.1% 36.1% 34.8% 34.9% 33.7% 34.4% PRINCIPAL ASSET AND LIABILITY ITEMS OF ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT AS OF DECEMBER 31 OF EACH YEAR 1939 TO 1947 INCLUSIVE (Thousands of Dollars) December 31, Total Deposits Total Loans Total Investments Total Loans and Investments Total U. S. Gov. Secs. Total Capital Accounts 1939 1940 1941 1942 1943 1944 1945 1946 r 1947p 1,576,744 1,738,390 2,051,770 2,867,889 3,557,172 4,521,001 5,738,464 5,385,973 5,940,594 496,359 579,639 663,215 599,354 666,375 815,977 1,138,936 1,319,153 1,579,712 425,330 445,887 532,411 1,092,898 1,726,506 2,272,535 2,863,853 2,472,547 2,562,828 921,689 1,025,526 1,195,626 1,692,252 2,392,881 3,088,512 4,002,789 3,791,700 4,142,540 279,450 294,480 369,689 939,929 1,588,403 2,149,906 2,702,604 2,246,267 2,281,254 167,220 175,880 183,916 188,169 200,785 222,182 253,741 292,167 319,083 r— Revised p— preliminary PRINCIPAL ITEMS OF EARNINGS AND EXPENSES 1939-1947 ELEVENTH FEDERAL RESERVE DISTRICT (In Thousands of Dollars) Total Earnings Total Current Net Earnings Operating from Current from Current Operations* Operations Expenses* 1939 $ 46,535 48,376 1940 53,716 1941 53,973 1942 1943 60,829 1944 72,343 1945 84,576 1946r 105,947 1947p 119,938 §31,518 33,700 37,367 40,165 45,010 46,000 53,860 62,574 73,046 $15,017 14,676 16,349 13,808 15,819 26,343 30,716 43,373 46,892 Total Recoveries and Profits $10,744 7,123 6,905 5,533 7,728 7,734 11,299 10,261 7,037 Total Losses Net Profits after Income and Charge-Offs Taxes $10,591 7,649 8,273 7,293 5,940 6,540 8,515 8,708 9,968 Number Cash Dividends of Declared Banks $15,170 14,150 14,981 12,048 17,607 21,334 24,078 32,635 31,050 $6,821 7,381 7,606 7,196 7,635 8,298 9,715 11,078 11,993 547 568 573 570 575 580 585 595 613 “"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; lienee, the data on current operating expenses and net earnings from current operations after 1943 are not strictly comparable with those for prior years, r—Revised p— Preliminary COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES OF MEMBER BANKS— 1947 AND 1946 ELEVENTH FEDERAL RESERVE DISTRICT (In Thousands of Dollars) ITEMS 1947 Preliminary Interest and dividends on securities.... ............... ...... - .... . $ 38,492 61,167 Interest and discount on loans----------------- ------- ..... ........ 6,245 Service charges on deposit accounts........ ........... .............. 14,034 All other earnings.............................. ~................ .............. Total earnings from current operations............. ............. 119,938 36,023 Salaries and w ages................ ........................ -.... ........ . 7,403 Taxes other than net income....... ........................ .............. 29,620 All other expenses ..... ..... ..................... — ........ - ......... 73,046 Total current operating expenses........................ .............. 46,892 Net earnings from current operations............... ........ ..... 7,037 Total recoveries and profits................ ................ .............. 9,968 Total losses and charge-offs................................. .............. 43,961 Profits before income taxes..... .... ....................... ............. 12,911 Taxes on net income ....... ... ............ ................. .............. 31,050 Net profits after income taxes ___ ____ __ ....... ...... 11,993 Total dividends p a id ___ _______ _______ ____ _______ .............. 613 Number of banks______ ______ _____________ 1946 (Revised) $ 41,211 46,992 5,407 12,337 105,947 30,660 5,349 26,565 62,574 43,373 10,261 8,708 44,926 12,291 32,635 11,078 595 Net Change 1947 over 1946 $ 2,719 (— ) 14,175 ( + ) 8 3 8 (+ ) 1,697 ( + ) 13,991 ( + ) 5,363 ( + ) 2,054 ( + ) 3,055 ( + ) 10,472 ( + ) 3,519(4-) 3,224 (— ) 1,260 ( + ) 965 (— ) 6 2 0 (+ ) 1,585 (— ) 915(4-) 18(4-)
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