chapter_12 - Chapter 12 Special Industries Banks Utilities...

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Chapter 12 Special Industries: Banks, Utilities, Oil and Gas, Transportation, Insurance, Real Estate Companies TO THE NET 1. INDEPENDENT BANK CORP (MS) a. SIC 6022 state commercial banks b. Data for non-performing assets held by the bank at the dates indicated. (Dollars in thousands) December 31 2001 2000 1999 Loans past due 90 days or more but still accruing $ 508 $ 204 $ 316 Loans accounted for on a non- accrual basis $2,507 $4,210 $3,338 Other real estate owned -- -- -- Total non-performing loans $3,015 $4,414 $3,654 Restructured loans $ 503 $ 657 $ 694 Non-performing loans as a percent of gross loans .23% .37% .35% Non-performing assets as a percent of total assets .14% .23% .23% 84
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c. Comments on trends in (b) Substantial improvement in all areas except for loans past due 90 days or more but still accruing. The loans past due 90 days or more but still accruing increased materially. This would be a negative trend. 2. MAIN PUBLIC SERVICE COMPANY a. SIC 4911 Electric Services b. Data for year ended December 31, 2001, 2000, and 1999. 2001 2000 1999 1. Allowance for equity funds used during construction $85,963 $35,809 $51,248 2. Allowance for borrowed funds used during construction $31,794 $18,366 $32,218 3. Net income available for common stock $5,236,527 $5,300,632 $4,005,556 85
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c. Accounting policy as to where allowance for equity funds and allowance for borrowed funds is changed. d. Does allowance for equity funds and borrowed funds used during construction appear to be material? No In part (b) these items in total are immaterial in relation to net income available for common stock. 3. CABOT OIL & GAS CORPRATION a. SIC 1311 Crude Petroleum & Natural Gas b. Estimated proved reserves for the period indicated. Natural Gas (Mmcf) Oil & Liquids (Mbbl) Total (1) (Mmcfe) December 31, 2000 Revision of prior estimates Extensions, Discoveries and other additions Production Purchases of Reserves in place Sales of Reserves in place December 31, 2001 959,222 <44,266> 99,911 (69,162) 91,290 (991 ) 1,036,004 9,914 254 2,257 (1,996) 9,255 -- 19,684 1,018,703 (42,737) 113,456 (81,139) 146,819 (993 ) 1,154,109 c. Historical Reserves Table for proved developed reserves Natural Gas (Mmcf) Oil & Liquids (Mbbl) Total (1) (Mmcfe) December 31, 1998 December 31, 1999 December 31, 2000 December 31, 2001 788,390 720,670 754,962 804,646 5,822 5,546 8,438 15,328 823,321 753,944 805,590 896,612 d. Trend in reserves Estimated proved reserves 86
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Natural gas and oil & gas increased materially Historical reserves Substantial increase in historical resources (1) Includes natural gas and natural gas equivalents by using the ratio of 6 Mcf of natural gas to Bbl of crude oil, condonsate or natural gas liquids. 87
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QUESTIONS 12- 1. Interest income, service charges, and earnings in investments are the main sources of revenue for banks. 12- 2. Loans are assets because they are an investment of the banks, money. They are like receivables; money is owed to the bank, not by it. 12- 3. Savings accounts are liabilities because they hold cash owed to customers. 12- 4. Loans/deposits is a type of debt coverage, since loans are a main amount to repay depositors. 12- 5. Banks report to the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and to their shareholders, and they must publish their reports in newspapers for the general public.
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