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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
May 19, 1994
------------------------------------------------
Date of Report (Date of earliest event reported)
UNION PLANTERS CORPORATION
--------------------------------------------------
(Exact name of registrant as specified in charter)
TENNESSEE 0-6919 62-0859007
- - ------------------------- -------------- ------------------
(State of incorporation) (Commission (I.R.S. Employer
File Number) Identification No.)
UNION PLANTERS ADMINISTRATIVE CENTER
7130 GOODLETT FARMS PARKWAY
MEMPHIS, TENNESSEE 38018
----------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (901) 383-6000
Not Applicable
-------------------------------------------------------------
(Former name or former address, if changed since last report).
<PAGE> 2
ITEM 5. OTHER EVENTS
ACQUISITIONS
Item 7 (b) below presents Union Planters Corporation's (the Corporation)
unaudited pro forma financial statements reflecting certain completed and
pending acquisitions as of and for the three months ended March 31, 1994, and
for the three years ended December 31, 1993.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(b) Pro Forma Financial Information
Index to Unaudited Pro Forma Financial Information
<TABLE>
PAGE
-----
<S> <C> <C>
(1) Introduction 2
(2) Unaudited Pro Forma Consolidated Balance Sheet
as of March 31, 1994 3 - 5
(3) Unaudited Pro Forma Consolidated Statement of
Earnings for the Three Months Ended March 31, 1994 6 - 9
(4) Unaudited Pro Forma Consolidated Statements of
Earnings for the Years Ended December 31, 1993,
1992, and 1991 10 - 15
(5) Notes to Unaudited Pro Forma Consolidated
Financial Statements 16
</TABLE>
-2-
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Union Planters Corporation
--------------------------------
Registrant
Date: May 25, 1994 /s/M. Kirk Walters
-------------- --------------------------------
M. Kirk Walters
Senior Vice President, Treasurer
and Chief Accounting Officer
-3-
<PAGE> 4
UNION PLANTERS CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
<PAGE> 5
UNION PLANTERS CORPORATION
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
INTRODUCTION
The following unaudited pro forma consolidated financial statements
present a balance sheet as of March 31, 1994, and statements of earnings for
the three-month period ended March 31, 1994, and for each of the three years
ended December 31, 1993. The pro forma balance sheet presents certain
acquisitions which were completed subsequent to March 31, 1994, as well as
pending acquisitions, the consummation of which is considered by management to
be probable (the probable acquisitions). The statement of earnings for the
three-month period ended March 31, 1994 and for the twelve-month period ended
December 31, 1993, present the pro forma impact of certain acquisitions
completed in 1993 and 1994 and the probable acquisitions assuming that all of
the acquisitions had been completed at January 1, 1993. Acquisitions accounted
for as poolings of interests and completed in 1993 are included in the
Corporation's 1993 results. Pro forma statements of earnings are also presented
for the two years ended December 31, 1992, to reflect the pending acquisition
of BNF BANCORP, INC. (formerly BANCFIRST Corporation) (BNF), which would be
accounted for as a pooling of interests. Consummation of the BNF acquisition is
considered probable and meets the test for a significant subsidiary. With the
exception of the BNF acquisition, the pro forma impact of the other probable
acquisitions expected to be accounted for as poolings of interests is not
presented because the results of the entities acquired are not considered
significant to consolidated results. The pro forma financial statements should
be read in connection with the Corporation's 1993 Annual Report on Form 10-K
and Quarterly Report on Form 10-Q for the quarter ended March 31, 1994.
Additionally, the Corporation's Current Reports on Form 8-K dated February 8,
1994, April 14, 1994, and May 18, 1994 contain audited financial statements and
unaudited interim financial statements for BNF BANCORP, INC. Note 1 to these
pro forma financial statements identifies (including the abbreviations for the
company names heading the columns of the statements) the completed and probable
acquisitions included herein.
-2-
<PAGE> 6
UNION PLANTERS CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
MARCH 31, 1994
(Dollars in thousands)
<TABLE>
<CAPTION>
|---- ACQUISITIONS ----|
UNION PROBABLE PRO FORMA
PLANTERS CONSUMMATED PENDING TOTAL
----------- ----------- ----------- -----------
ASSETS
<S> <C> <C> <C> <C>
Cash and due from banks $ 278,116 $ 4,504 $ 9,905 $ 292,525
Interest-bearing deposits at financial
institutions 9,898 674 656 11,228
Federal funds sold and securities
purchased under agreements to resell 105,818 (13,105) 24,000 116,713
Trading account securities, at market 157,171 0 0 157,171
Loans held for resale 20,223 0 1,159 21,382
Investment securities
Available for sale, at fair value 2,259,418 14,196 124,531 2,398,145
Held to maturity, at amortized cost 548,498 32,236 24,440 605,174
Loans 3,110,439 88,325 303,808 3,502,572
Less: Unearned income (17,801) (105) (151) (18,057)
Allowance for losses on loans (87,099) (1,245) (2,820) (91,164)
----------- ----------- ----------- -----------
Net loans 3,005,539 86,975 300,837 3,393,351
Premises and equipment 145,528 3,523 8,093 157,144
Accrued interest receivable 55,093 1,226 3,096 59,415
Goodwill and other intangibles 43,529 7,839 0 51,368
Other assets 95,949 (46) 5,477 101,380
----------- ----------- ----------- -----------
Total assets $ 6,724,780 $ 138,022 $ 502,194 $ 7,364,996
=========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 815,335 $ 8,930 $ 5,747 $ 830,012
Certificates of deposit over $100,000 340,949 16,451 4,230 361,630
Other interest-bearing 4,455,613 105,885 399,889 4,961,387
----------- ----------- ----------- -----------
Total deposits 5,611,897 131,266 409,866 6,153,029
Short-term borrowings 234,235 0 332 234,567
FHLB advances 169,410 600 29,585 199,595
Long-term debt 117,161 0 0 117,161
Accrued interest, expenses, and taxes 50,591 553 2,914 54,058
Other liabilities 28,072 1,277 1,031 30,380
----------- ----------- ----------- -----------
Total liabilities 6,211,366 133,696 443,728 6,788,790
----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock
Convertible 87,298 0 0 87,298
Nonconvertible 17,250 0 0 17,250
Common stock 107,614 1,139 18,127 126,880
Additional paid-in capital 85,560 222 2,180 87,962
Net unrealized gain (loss) - available
for sale securities 103 33 (46) 90
Retained earnings 215,589 2,932 38,205 256,726
----------- ----------- ----------- -----------
Total shareholders' equity 513,414 4,326 58,466 576,206
----------- ----------- ----------- -----------
Total liabilities and
shareholders' equity $ 6,724,780 $ 138,022 $ 502,194 $ 7,364,996
=========== =========== =========== ===========
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-3-
<PAGE> 7
UNION PLANTERS CORPORATION
CONSUMMATED ACQUISITIONS COMBINED BALANCE SHEET
MARCH 31, 1994
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA COMBINED
TBI CBI ADJUSTMENTS TOTAL
----------- ----------- ----------- -----------
ASSETS
<S> <C> <C> <C> <C>
Cash and due from banks $ 2,098 $ 2,406 $ 0 $ 4,504
Interest-bearing deposits at financial
institutions 674 0 0 674
Federal funds sold and securities
purchased under agreements to resell 0 355 (13,460) (13,105)
Trading account securities, at market 0 0 0 0
Loans held for resale 0 0 0 0
Investment securities
Available for sale, at fair value 2,566 11,630 0 14,196
Held to maturity, at amortized cost 32,230 795 (789) 32,236
Loans 51,936 36,389 0 88,325
Less: Unearned income (105) 0 0 (105)
Allowance for losses on loans (793) (452) 0 (1,245)
----------- ----------- ----------- -----------
Net loans 51,038 35,937 0 86,975
Premises and equipment 2,816 1,057 (350) 3,523
Accrued interest receivable 843 383 0 1,226
Goodwill and other intangibles 252 0 7,587 7,839
Other assets 618 164 (828) (46)
----------- ----------- ----------- -----------
Total assets $ 93,135 $ 52,727 $ (7,840) $ 138,022
=========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 3,846 $ 5,084 $ 0 $ 8,930
Certificates of deposit over $100,000 12,920 3,531 0 16,451
Other interest-bearing 66,410 39,475 0 105,885
----------- ----------- ----------- -----------
Total deposits 83,176 48,090 0 131,266
Short-term borrowings 0 0 0 0
FHLB advances 600 0 0 600
Long-term debt 0 0 0 0
Accrued interest, expenses, and taxes 278 275 0 553
Other liabilities 22 36 1,219 1,277
----------- ----------- ----------- -----------
Total liabilities 84,076 48,401 1,219 133,696
----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock
Convertible 0 0 0 0
Nonconvertible 0 0 0 0
Common stock 540 55 544 1,139
Additional paid-in capital 4,428 1,306 (5,512) 222
Net unrealized gain (loss)- available
for sale securities (29) 33 29 33
Retained earnings 4,120 2,932 (4,120) 2,932
----------- ----------- ----------- -----------
Total shareholders' equity 9,059 4,326 (9,059) 4,326
----------- ----------- ----------- -----------
Total liabilities and
shareholders' equity $ 93,135 $ 52,727 $ (7,840) $ 138,022
=========== =========== =========== ===========
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated
financial statements.
-4-
<PAGE> 8
UNION PLANTERS CORPORATION
PROBABLE PENDING ACQUISITIONS COMBINED BALANCE SHEET
MARCH 31, 1994
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA COMBINED
EBI BNF LBI ADJUSTMENTS TOTAL
----------- ----------- ----------- ----------- -----------
ASSETS
<S> <C> <C> <C> <C> <C>
Cash and due from banks $ 2,501 $ 3,606 $ 3,798 $ 0 $ 9,905
Interest-bearing deposits at financial
institutions 207 * 449 0 656
Federal funds sold and securities
purchased under agreements to resell 6,300 0 17,700 0 24,000
Trading account securities, at market 0 0 0 0 0
Loans held for resale 0 1,159 0 0 1,159
Investment securities
Available for sale, at fair value 120 95,440 28,971 0 124,531
Held to maturity, at amortized cost 15,921 7,519 1,000 0 24,440
Loans 16,494 162,827 124,487 0 303,808
Less: Unearned income (151) * * 0 (151)
Allowance for losses on loans (336) (1,162) (1,322) 0 (2,820)
----------- ----------- ----------- ----------- -----------
Net loans 16,007 161,665 123,165 0 300,837
Premises and equipment 978 4,887 2,228 0 8,093
Accrued interest receivable 0 1,977 1,119 0 3,096
Goodwill and other intangibles 0 0 0 0 0
Other assets 859 2,709 1,909 0 5,477
----------- ----------- ----------- ----------- -----------
Total assets $ 42,893 $ 278,962 $ 180,339 $ 0 $ 502,194
=========== =========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 5,747 $ * $ * $ 0 $ 5,747
Certificates of deposit over $100,000 4,230 * * 0 4,230
Other interest-bearing 25,484 225,935 148,470 0 399,889
----------- ----------- ----------- ----------- -----------
Total deposits 35,461 225,935 148,470 0 409,866
Short-term borrowings 0 0 332 0 332
FHLB advances 0 20,000 9,585 0 29,585
Long-term debt 0 0 0 0 0
Accrued interest, expenses, and taxes 257 1,838 819 0 2,914
Other liabilities 415 543 73 0 1,031
----------- ----------- ----------- ----------- -----------
Total liabilities 36,133 248,316 159,279 0 443,728
----------- ----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock
Convertible 0 0 0 0 0
Nonconvertible 0 0 0 0 0
Common stock 1,000 18 672 16,437 18,127
Additional paid-in capital 2,000 11,184 5,413 (16,417) 2,180
Net unrealized gain (loss) - available
for sale securities 0 (481) 435 0 (46)
Retained earnings 3,760 19,925 14,540 (20) 38,205
----------- ----------- ----------- ----------- -----------
Total shareholders' equity 6,760 30,646 21,060 0 58,466
----------- ----------- ----------- ----------- -----------
Total liabilities and
shareholders' equity $ 42,893 $ 278,962 $ 180,339 $ 0 $ 502,194
=========== =========== =========== =========== ===========
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated
financial statements.
-5-
<PAGE> 9
UNION PLANTERS CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF EARNINGS
THREE MONTHS ENDED MARCH 31, 1994
(Dollars in thousands)
<TABLE>
<CAPTION>
|-------------- ACQUISTIONS --------------|
UNION CONSUMMATED CONSUMMATED PROBABLE PRO FORMA
PLANTERS PURCHASES POOLING PENDING TOTAL
Interest income ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Interest and fees on loans $ 63,792 $ 1,280 $ 710 $ 6,312 $ 72,094
Interest on investment securities
Taxable 27,080 539 151 2,091 29,861
Tax-exempt 6,843 26 9 15 6,893
Interest on deposits at financial institutions 122 5 0 8 135
Interest on federal funds sold and securities
purchased under agreements to resell 861 (186) 5 55 735
Interest on trading account securities 1,759 0 0 0 1,759
Interest on loans held for resale 581 0 0 0 581
------------- ------------- ------------- ------------- -------------
Total interest income 101,038 1,664 875 8,481 112,058
------------- ------------- ------------- ------------- -------------
Interest expense
Interest on deposits 36,622 876 341 3,473 41,312
Interest on short-term borrowings 1,884 7 0 1 1,892
Interest on FHLB advances and long-term debt 3,639 0 0 357 3,996
------------- ------------- ------------- ------------- -------------
Total interest expense 42,145 883 341 3,831 47,200
------------- ------------- ------------- ------------- -------------
Net interest income 58,893 781 534 4,650 64,858
Provision for losses on loans - 143 17 27 187
------------- ------------- ------------- ------------- -------------
Net interest income after provision
for losses on loans 58,893 638 517 4,623 64,671
------------- ------------- ------------- ------------- -------------
Noninterest income
Service charges on deposit accounts 7,515 44 47 388 7,994
Bank card income 2,004 0 0 0 2,004
Mortgage servicing income 1,630 0 0 0 1,630
Trust service income 1,555 0 0 0 1,555
Profits and commissions on trading activities 1,489 0 0 0 1,489
Investment securities gains 100 0 0 49 149
Other income 5,621 10 28 257 5,916
------------- ------------- ------------- ------------- -------------
Total noninterest income 19,914 54 75 694 20,737
------------- ------------- ------------- ------------- -------------
Noninterest expense
Salaries and employee benefits 24,521 284 166 1,519 26,490
Net occupancy expense 4,298 11 0 386 4,695
Equipment expense 4,339 84 39 39 4,501
Other expense 21,076 427 126 1,097 22,726
------------- ------------- ------------- ------------- -------------
Total noninterest expense 54,234 806 331 3,041 58,412
------------- ------------- ------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 24,573 (114) 261 2,276 26,996
Applicable income taxes 7,233 22 102 831 8,188
------------- ------------- ------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 17,340 $ (136)$ 159 $ 1,445 $ 18,808
============= ============= ============= ============= =============
Earnings per common share
Primary $ .70 $ .65
Fully diluted .65 .61
Weighted average shares outstanding
(in thousands)
Primary 21,636 25,488
Fully diluted 26,117 30,070
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-6-
<PAGE> 10
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED PURCHASE ACQUISITIONS COMBINED STATEMENT OF EARNINGS
THREE MONTHS ENDED MARCH 31, 1994
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA PURCHASE
TBI ACB ADJUSTMENTS TOTAL
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 1,038 $ 251 $ (9)$ 1,280
Interest on investment securities
Taxable 436 5 98 539
Tax-exempt 26 0 26
Interest on deposits at financial institutions 5 0 5
Interest on federal funds sold and securities
purchased under agreements to resell 6 (192) (186)
Interest on trading account securities 0 0
Interest on loans held for resale 0 0
------------- ------------- ------------- -------------
Total interest income 1,505 262 (103) 1,664
------------- ------------- ------------- -------------
Interest expense
Interest on deposits 787 110 (21) 876
Interest on short-term borrowings 7 0 0 7
Interest on FHLB advances and long-term debt 0 0 0 0
------------- ------------- ------------- -------------
Total interest expense 794 110 (21) 883
------------- ------------- ------------- -------------
Net interest income 711 152 (82) 781
Provision for losses on loans 3 140 0 143
------------- ------------- ------------- -------------
Net interest income after provision
for losses on loans 708 12 (82) 638
------------- ------------- ------------- -------------
Noninterest income
Service charges on deposit accounts 25 19 0 44
Bank card income 0 0 0
Mortgage servicing income 0 0 0
Trust service income 0 0 0
Profits and commissions on trading activities 0 0 0 0
Investment securities gains 0 0 0 0
Other income 8 2 0 10
------------- ------------- ------------- -------------
Total noninterest income 33 21 0 54
------------- ------------- ------------- -------------
Noninterest expense
Salaries and employee benefits 225 59 0 284
Net occupancy expense 45 * (34) 11
Equipment expense 54 31 (1) 84
Other expense 267 56 104 427
------------- ------------- ------------- -------------
Total noninterest expense 591 146 69 806
------------- ------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 150 (113) (151) (114)
Applicable income taxes (credit) 54 0 (32) 22
------------- ------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 96 $ (113)$ (119)$ (136)
============= ============= ============= =============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-7-
<PAGE> 11
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED POOLING ACQUISITIONS COMBINED STATEMENT OF EARNINGS
THREE MONTHS ENDED MARCH 31, 1994
(Dollars in thousands)
<TABLE>
<CAPTION>
POOLING
CBI TOTAL
------------- -------------
<S> <C> <C>
Interest income
Interest and fees on loans $ 710 $ 710
Interest on investment securities
Taxable 151 151
Tax-exempt 9 9
Interest on deposits at financial institutions 0 0
Interest on federal funds sold and securities
purchased under agreements to resell 5 5
Interest on trading account securities 0 0
Interest on loans held for resale 0 0
------------- -------------
Total interest income 875 875
------------- -------------
Interest expense
Interest on deposits 341 341
Interest on short-term borrowings 0 0
Interest on FHLB advances and long-term debt 0 0
------------- -------------
Total interest expense 341 341
------------- -------------
Net interest income 534 534
Provision for losses on loans 17 17
------------- -------------
Net interest income after provision
for losses on loans 517 517
------------- -------------
Noninterest income
Service charges on deposit accounts 47 47
Bank card income 0 0
Mortgage servicing income 0 0
Trust service income 0 0
Profits and commissions on trading activities * 0
Investment securities gains 0 0
Other income 28 28
------------- -------------
Total noninterest income 75 75
------------- -------------
Noninterest expense
Salaries and employee benefits 166 166
Net occupancy expense * 0
Equipment expense 39 39
Other expense 126 126
------------- -------------
Total noninterest expense 331 331
------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 261 261
Applicable income taxes 102 102
------------- -------------
Earnings before extraordinary items
and accounting changes $ 159 $ 159
============= =============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-8-
<PAGE> 12
UNION PLANTERS CORPORATION
PROBABLE PENDING ACQUISITIONS COMBINED STATEMENT OF EARNINGS
THREE MONTHS ENDED MARCH 31, 1994
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA
EBI BNF LBI ADJUSTMENTS TOTAL
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 531 $ 3,208 $ 2,573 $ $ 6,312
Interest on investment securities
Taxable 161 1,474 456 0 2,091
Tax-exempt 15 * * 0 15
Interest on deposits at financial institutions 8 * * 0 8
Interest on federal funds sold and securities 0
purchased under agreements to resell 55 * * 0 55
Interest on trading account securities 0 * * 0 0
Interest on loans held for resale 0 * * 0 0
------------- ------------- ------------- ------------- -------------
Total interest income 770 4,682 3,029 0 8,481
------------- ------------- ------------- ------------- -------------
Interest expense
Interest on deposits 234 1,917 1,322 3,473
Interest on short-term borrowings 0 0 1 1
Interest on FHLB advances and long-term debt 0 240 117 357
------------- ------------- ------------- ------------- -------------
Total interest expense 234 2,157 1,440 0 3,831
------------- ------------- ------------- ------------- -------------
Net interest income 536 2,525 1,589 0 4,650
Provision for losses on loans 0 0 27 0 27
------------- ------------- ------------- ------------- -------------
Net interest income after provision
for losses on loans 536 2,525 1,562 0 4,623
------------- ------------- ------------- ------------- -------------
Noninterest income
Service charges on deposit accounts 67 142 179 0 388
Bank card income 0 0 0 0 0
Mortgage servicing income 0 0 0 0 0
Trust service income 0 0 0 0 0
Profits and commissions on trading activities 0 0 0 0 0
Investment securities gains 1 18 30 0 49
Other income 16 159 82 0 257
------------- ------------- ------------- ------------- -------------
Total noninterest income 84 319 291 0 694
------------- ------------- ------------- ------------- -------------
Noninterest expense
Salaries and employee benefits 172 752 595 0 1,519
Net occupancy expense * 197 189 0 386
Equipment expense 39 * * 0 39
Other expense 114 660 323 0 1,097
------------- ------------- ------------- ------------- -------------
Total noninterest expense 325 1,609 1,107 0 3,041
------------- ------------- ------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 295 1,235 746 0 2,276
Applicable income taxes 117 453 261 0 831
------------- ------------- ------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 178 $ 782 $ 485 $ 0 $ 1,445
============= ============= ============= ============= =============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-9-
<PAGE> 13
UNION PLANTERS CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED PRO FORMA STATEMENT OF EARNINGS
YEAR ENDING DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
|-------------- ACQUISTIONS -----------|
UNION CONSUMMATED CONSUMMATED PROBABLE PRO FORMA
PLANTERS PURCHASES POOLINGS PENDING TOTAL
Interest income ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Interest and fees on loans $ 243,010 $ 10,032 $ 18,733 $ 27,192 $ 298,967
Interest on investment securities
Taxable 116,025 2,889 8,732 8,502 136,148
Tax-exempt 24,448 320 499 67 25,334
Interest on deposits at financial institution 1,634 1 114 93 1,842
Interest on federal funds sold and securities
purchased under agreements to resell 4,602 (552) 377 665 5,092
Interest on trading account securities 6,194 0 0 0 6,194
Interest on loans held for resale 3,239 0 0 0 3,239
------------ ------------ ------------ ------------ ------------
Total interest income 399,152 12,690 28,455 36,519 476,816
------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 146,800 6,541 12,595 14,583 180,519
Interest on short-term borrowings 6,287 0 284 0 6,571
Interest on FHLB advances and long-term debt 11,460 15 0 1,016 12,491
------------ ------------ ------------ ------------ ------------
Total interest expense 164,547 6,556 12,879 15,599 199,581
------------ ------------ ------------ ------------ ------------
Net interest income 234,605 6,134 15,576 20,920 277,235
Provision for losses on loans 9,689 3,128 1,275 313 14,405
------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 224,916 3,006 14,301 20,607 262,830
------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 28,721 578 1,768 1,230 32,297
Profits and commissions on trading activities 8,720 0 51 0 8,771
Investment securities gains 4,581 239 106 173 5,099
Other income 42,777 243 816 1,346 45,182
------------ ------------ ------------ ------------ ------------
Total noninterest income 84,799 1,060 2,741 2,749 91,349
------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 98,920 1,989 7,294 5,702 113,905
Net occupancy expense 15,909 239 1,590 1,762 19,500
Equipment expense 15,735 519 250 0 16,504
Other expense 93,916 3,410 6,435 4,815 108,576
------------ ------------ ------------ ------------ ------------
Total noninterest expense 224,480 6,157 15,569 12,279 258,485
------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 85,235 (2,091) 1,473 11,077 95,694
Applicable income taxes 23,967 458 433 4,139 28,997
------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 61,268 $ (2,549)$ 1,040 $ 6,938 $ 66,697
============ ============ ============ ============ ============
Earnings per common share
Primary $ 2.69 $ 2.27
Fully diluted 2.49 2.16
Weighted average shares outstanding
(in thousands)
Primary 19,622 25,444
Fully diluted 23,852 30,042
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-10-
<PAGE> 14
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED PURCHASE ACQUISITIONS COMBINED STATEMENT OF EARNINGS
YEAR ENDED DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
FIRST FARMERS
ACB TBI FEDERAL FSB UNION
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 1,590 $ 4,633 $ 1,813 $ 223 $ 973
Interest on investment securities
Taxable 52 1,652 173 115 264
Tax-exempt 0 95 0 20 27
Interest on deposits at financial institution 0 0 0 0 0
Interest on federal funds sold and securities
purchased under agreements to resell 50 0 0 15 21
Interest on trading account securities 0 0 0 0 0
Interest on loans held for resale 0 0 0 0 0
------------ ------------ ------------ ------------ ------------
Total interest income 1,692 6,380 1,986 373 1,285
------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 751 3,358 1,051 159 616
Interest on short-term borrowings 0 0 0 0
Interest on FHLB advances and long-term debt 15 0 0 0
------------ ------------ ------------ ------------ ------------
Total interest expense 751 3,373 1,051 159 616
------------ ------------ ------------ ------------ ------------
Net interest income 941 3,007 935 214 669
Provision for losses on loans 20 68 2,650 35 334
------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 921 2,939 (1,715) 179 335
------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 148 125 150 13 60
Profits and commissions on trading activities 0 0 0 0
Investment securities gains (losses) 308 134 17 (210)
Other income 67 33 68 26 30
------------ ------------ ------------ ------------ ------------
Total noninterest income 215 466 352 56 (120)
------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 343 976 * 55 268
Net occupancy expense 118 201 * 13 40
Equipment expense * 397 * 14 91
Other expense 330 1,002 806 71 147
------------ ------------ ------------ ------------ ------------
Total noninterest expense 791 2,576 806 153 546
------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 345 829 (2,169) 82 (331)
Applicable income taxes (credit) 114 274 160 24 (143)
------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 231 $ 555 $ (2,329)$ 58 $ (188)
============ =========== ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
PRO FORMA PURCHASE
FCB ERIN ADJUSTMENTS TOTAL
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 330 $ 614 $ (144)$ 10,032
Interest on investment securities
Taxable 30 381 222 2,889
Tax-exempt 3 175 0 320
Interest on deposits at financial institution (2) 3 0 1
Interest on federal funds sold and securities
purchased under agreements to resell 2 33 (673) (552)
Interest on trading account securities 0 0 0 0
Interest on loans held for resale 0 0 0 0
------------ ------------ ------------ ------------
Total interest income 363 1,206 (595) 12,690
------------ ------------ ------------ ------------
Interest expense
Interest on deposits 153 455 (2) 6,541
Interest on short-term borrowings 0 0 0 0
Interest on FHLB advances and long-term debt 0 0 0 15
------------ ------------ ------------ ------------
Total interest expense 153 455 (2) 6,556
------------ ------------ ------------ ------------
Net interest income 210 751 (593) 6,134
Provision for losses on loans 0 21 0 3,128
------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 210 730 (593) 3,006
------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 34 48 0 578
Profits and commissions on trading activities 0 0 0 0
Investment securities gains (losses) 0 (10) 0 239
Other income 3 16 0 243
------------ ------------ ------------ ------------
Total noninterest income 37 54 0 1,060
------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 171 176 0 1,989
Net occupancy expense 9 22 (164) 239
Equipment expense 17 * 0 519
Other expense 288 218 548 3,410
------------ ------------ ------------ ------------
Total noninterest expense 485 416 384 6,157
------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes (238) 368 (977) (2,091)
Applicable income taxes (credit) 0 109 (80) 458
------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ (238)$ 259 $ (897)$ (2,549)
============ ============ ============ ============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-11-
<PAGE> 15
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED POOLING ACQUISITIONS COMBINED STATEMENT OF EARNINGS
YEAR ENDED DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
POOLING
MSB FNBS CBI TOTAL
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 9,839 $ 6,207 $ 2,687 $ 18,733
Interest on investment securities
Taxable 2,871 5,225 636 8,732
Tax-exempt 439 36 24 499
Interest on deposits at financial institution 1 111 2 114
Interest on federal funds sold and securities
purchased under agreements to resell 196 121 60 377
Interest on trading account securities 0 0 0 0
Interest on loans held for resale 0 0 0 0
------------ ------------ ------------ ------------
Total interest income 13,346 11,700 3,409 28,455
------------ ------------ ------------ ------------
Interest expense
Interest on deposits 5,887 5,311 1,397 12,595
Interest on short-term borrowings 281 1 2 284
Interest on FHLB advances and long-term debt 0 0 0 0
------------ ------------ ------------ ------------
Total interest expense 6,168 5,312 1,399 12,879
------------ ------------ ------------ ------------
Net interest income 7,178 6,388 2,010 15,576
Provision for losses on loans 1,147 0 128 1,275
------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 6,031 6,388 1,882 14,301
------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 938 636 194 1,768
Profits and commissions on trading activities 0 0 51 51
Investment securities gains (losses) (185) 287 4 106
Other income 515 170 131 816
------------ ------------ ------------ ------------
Total noninterest income 1,268 1,093 380 2,741
------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 2,882 3,724 688 7,294
Net occupancy expense 1,040 423 127 1,590
Equipment expense * 250 * 250
Other expense 3,068 2,953 414 6,435
------------ ------------ ------------ ------------
Total noninterest expense 6,990 7,350 1,229 15,569
------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 309 131 1,033 1,473
Applicable income taxes (credit) (15) 85 363 433
------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 324 $ 46 $ 670 $ 1,040
============ ============ ============ ============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-12-
<PAGE> 16
UNION PLANTERS CORPORATION
PROBABLE PENDING ACQUISITIONS COMBINED STATEMENT OF EARNINGS
YEAR ENDED DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA PROBABLE
EBI BNF LBI ADJUSTMENTS TOTAL
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 3,073 $ 13,187 $ 10,932 $ 0 $ 27,192
Interest on investment securities
Taxable 450 6,574 1,478 0 8,502
Tax-exempt 67 * * 67
Interest on deposits at financial institution 40 * 53 0 93
Interest on federal funds sold and securities 0
purchased under agreements to resell 189 * 476 0 665
Interest on trading account securities 0 * 0 0 0
Interest on loans held for resale 0 * 0 0 0
------------ ------------ ------------ ------------ ------------
Total interest income 3,819 19,761 12,939 0 36,519
------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 914 7,687 5,982 0 14,583
Interest on short-term borrowings 0 0 0 0 0
Interest on FHLB advances and long-term debt 0 898 118 0 1,016
------------ ------------ ------------ ------------ ------------
Total interest expense 914 8,585 6,100 0 15,599
------------ ------------ ------------ ------------ ------------
Net interest income 2,905 11,176 6,839 0 20,920
Provision for losses on loans 0 54 259 0 313
------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 2,905 11,122 6,580 0 20,607
------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 295 553 382 0 1,230
Profits and commissions on trading activities 0 0 0 0 0
Investment securities gains 10 151 12 0 173
Other income 38 475 833 0 1,346
------------ ------------ ------------ ------------ ------------
Total noninterest income 343 1,179 1,227 0 2,749
------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 970 2,730 2,002 0 5,702
Net occupancy expense 190 1,183 389 0 1,762
Equipment expense * * * 0 0
Other expense 864 1,926 2,025 0 4,815
------------ ------------ ------------ ------------ ------------
Total noninterest expense 2,024 5,839 4,416 0 12,279
------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 1,224 6,462 3,391 0 11,077
Applicable income taxes 472 2,366 1,301 4,139
------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 752 $ 4,096 $ 2,090 0 $ 6,938
============ ============ ============ ============ ============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-13-
<PAGE> 17
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS WITH BNF
FOR THE YEAR-ENDED DECEMBER 31, 1992
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA
UPC BNF TOTAL
Interest income ------------ ------------ ------------
<S> <C> <C> <C>
Interest and fees on loans $ 199,881 $ 14,028 $ 213,909
Interest on investment securities
Taxable 106,139 7,221 113,360
Tax-exempt 16,148 * 16,148
Interest on deposits at financial institutions 3,999 * 3,999
Interest on federal funds sold and securities
purchased under agreements to resell 4,280 0 4,280
Interest on trading account securities 6,648 0 6,648
Interest on loans held for resale 3,457 * 3,457
------------ ------------ ------------
Total interest income 340,552 21,249 361,801
------------ ------------ ------------
Interest expense
Interest on deposits 137,605 9,527 147,132
Interest on short-term borrowings 6,942 0 6,942
Interest on FHLB advances and long-term debt 4,868 621 5,489
------------ ------------ ------------
Total interest expense 149,415 10,148 159,563
------------ ------------ ------------
Net interest income 191,137 11,101 202,238
Provision for losses on loans 18,557 637 19,194
------------ ------------ ------------
Net interest income after provision
for losses on loans 172,580 10,464 183,044
------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 20,843 492 21,335
Profits and commissions from trading activities 10,168 0 10,168
Investment securities gains 13,246 117 13,363
Other income 39,016 546 39,562
------------ ------------ ------------
Total noninterest income 83,273 1,155 84,428
------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 74,772 2,473 77,245
Net occupancy expense 13,136 961 14,097
Equipment expense 12,225 * 12,225
Other expense 99,085 2,186 101,271
------------ ------------ ------------
Total noninterest expense 199,218 5,620 204,838
------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 56,635 5,999 62,634
Applicable income taxes 15,196 2,415 17,611
------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 41,439 $ 3,584 $ 45,023
============ ============ ============
Earnings per common share
Primary $ 2.10 $ 2.06
Fully diluted 2.02 2.00
Weighted average shares outstanding
(in thosands)
Primary 16,765 18,819
Fully diluted 19,609 21,663
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated
financial statements.
-14-
<PAGE> 18
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS WITH BNF
FOR THE YEAR-ENDED DECEMBER 31, 1991
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA
UPC BNF TOTAL
Interest income ------------ ------------ ------------
<S> <C> <C> <C>
Interest and fees on loans $ 214,762 $ 14,445 $ 229,207
Interest on investment securities
Taxable 79,253 7,086 86,339
Tax-exempt 13,354 * 13,354
Interest on deposits at financial institutions 7,525 * 7,525
Interest on federal funds sold and securities
purchased under agreements to resell 6,606 0 6,606
Interest on trading account securities 5,419 0 5,419
Interest on loans held for resale 4,671 * 4,671
------------ ------------ ------------
Total interest income 331,590 21,531 353,121
------------ ------------ ------------
Interest expense
Interest on deposits 160,252 13,043 173,295
Interest on short-term borrowings 12,809 0 12,809
Interest on FHLB advances and long-term debt 4,974 30 5,004
------------ ------------ ------------
Total interest expense 178,035 13,073 191,108
------------ ------------ ------------
Net interest income 153,555 8,458 162,013
Provision for losses on loans 24,835 446 25,281
------------ ------------ ------------
Net interest income after provision
for losses on loans 128,720 8,012 136,732
------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 19,394 474 19,868
Profits and commissions from trading activities 14,707 0 14,707
Investment securities gains 3,344 47 3,391
Other income 32,165 410 32,575
------------ ------------ ------------
Total noninterest income 69,610 931 70,541
------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 69,756 2,197 71,953
Net occupancy expense 10,556 987 11,543
Equipment expense 10,627 * 10,627
Other expense 73,832 1,646 75,478
------------ ------------ ------------
Total noninterest expense 164,771 4,830 169,601
------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 33,559 4,113 37,672
Applicable income taxes 6,051 1,487 7,538
------------ ------------ ------------
Earnings before extraordinary items $ 27,508 $ 2,626 $ 30,134
and accounting changes ============ ============ ============
Earnings per common share
Primary $ 1.59 $ 1.56
Fully diluted 1.58 1.55
Weighted average shares outstanding
(in thousands)
Primary 16,632 18,686
Fully diluted 16,986 19,040
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated
financial statements.
-15-
<PAGE> 19
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. CONSUMMATED ACQUISITIONS
The unaudited pro forma consolidated balance sheet and statements of
earnings reflect the consummated and the probable acquisitions listed below.
The unaudited pro forma consolidated balance sheet gives effect to these
transactions at March 31, 1994 as if they had occurred on that date, and the
unaudited pro forma consolidated statements of earnings reflect the impact of
the transactions as if they had occurred January 1, 1993, except for the
acquisition of BNF BANCORP, INC. (formerly BANCFIRST Corporation) (BNF) which
is presented assuming the transaction occurred January 1, 1991. The unaudited
pro forma consolidated results shown are not necessarily indicative of future
operating results, nor can there be any assurance that the pending transactions
will be consummated. For the probable acquisitions expected to be accounted for
as poolings of interests, except BNF, statements of earnings for periods prior
to 1993 are not presented because the transactions are not significant.
-16-
<PAGE> 20
ACQUISITIONS ACCOUNTED FOR AS POOLINGS OF INTERESTS COMPLETED IN 1993 AND
INCLUDED IN THE CORPORATION'S 1993 BALANCE SHEET AND STATEMENTS OF
EARNINGS
<TABLE>
<CAPTION>
DATE SHARES TOTAL ASSETS
INSTITUTION ACQUIRED ISSUED AT JANUARY 1, 1993
- - -------------------------- -------- ------ ------------------
(IN MILLIONS)
<S> <C> <C> <C>
Garrett Bancshares Inc. 5/31/93 613,088 $ 173.7
Hogue Holding Company, Inc. 9/1/93 219,274 38.5
Central State Bancorp, Inc. 9/1/93 630,355 107.8
First Financial Services, Inc. 10/1/93 447,906 86.0
--------- -------
Total 1,910,623 $ 406.0
========= =======
</TABLE>
ACQUISITIONS ACCOUNTED FOR AS PURCHASES COMPLETED IN 1993
<TABLE>
<CAPTION>
DATE PURCHASE RESULTING
INSTITUTION ACQUIRED CONSIDERATION PRICE GOODWILL TOTAL ASSETS
- - --------------------- -------- --------------------- --------- ---------- ------------
(DOLLARS IN MILLIONS)
<S> <C> <C> <C> <C> <C>
Bank of East Tennessee 1/1/93 648,786 Shares of Series $25.3 $7.0 $231
(BOET) in Morristown, E Preferred Stock
TN (a)
Security Trust Federal 1/1/93 Cash 22.0 3.0 261
Savings and Loan
Association in
Knoxville, TN and
SaveTrust Federal
Savings Bank in
Dyersburg, TN (Security
Trust/SaveTrust)
First Federal Savings 2/26/93 625,000 Shares of NM (b) - (c) 187
Bank of Maryville, TN Common Stock
(Maryville)(b) (Conversion/Acquisition)
First State 3/12/93 Cash and Common Stock 3.9 .4 34
Bancshares, Inc. (FSB), (90,162 Shares)
Parent Company of
First State Bank of
Fayette County in
Somerville, TN
(Somerville)
First Cumberland Bank 3/15/93 Cash .2 - 20
in Madison, TN
Farmers Union Bank in 4/1/93 Cash 9.5 4.2 78
Ripley, TN
(Farmers Union)
Erin Bank & Trust 6/1/93 259,736 Shares of 8.3 2.1 43
Company in Erin, TN Series E Preferred Stock
(Erin)
</TABLE>
(a) The Corporation had previously acquired 17.93% of the common stock of BOET
($3.4 million). On January 1, 1993, the Corporation purchased an
additional 43.93% of the common stock of BOET in exchange for Series E
Preferred Stock ($11.1 million). Effective May 3, 1993, the Corporation
acquired the remaining outstanding common stock of BOET in exchange for
the Corporation's Series E Preferred Stock ($10.8 million).
(b) The Corporation acquired Maryville, a federal mutual savings bank which,
incidental to a conversion/acquisition, converted to a federal stock
charter. All of the stock of Maryville was acquired by the Corporation in
exchange for a capital contribution equalling approximately $14.1 million
derived in part from the proceeds of a public offering of the
Corporation's Common Stock made in connection with the
conversion/acquisition.
-17-
<PAGE> 21
(c) The recording of the acquisition of Maryville using the purchase method of
accounting resulted in negative goodwill of approximately $9.4 million,
$8.1 million of which was deducted from noncurrent, nonmonetary assets
(premises and equipment, fair value adjustment of loans, prepaid software
and mortgage servicing rights). The remaining negative goodwill of $1.3
million was recorded in other liabilities and is being amortized over 7
years.
NM - Not meaningful
ACQUISITIONS ACCOUNTED FOR AS POOLINGS OF INTERESTS COMPLETED SUBSEQUENT TO
DECEMBER 31, 1993 AND THROUGH MAY 15, 1994
<TABLE>
<CAPTION>
APPROXIMATE
INSTITUTION DATE ACQUIRED SHARES ISSUED TOTAL ASSETS
- - --------------------------------- ------------- ------------- ------------
(IN MILLIONS)
<S> <C> <C> <C>
Mid-South Bancorp. Inc., Parent 1/1/94 839,542 $ 185
Company of Simpson County Bank
in Franklin, KY; Adairville Banking
Company in Adairville, KY; General
Trust Company in Nashville, TN;
The Peoples Bank of Elk Valley
in Fayetteville, TN; and First
Citizens Bank in Franklin, Columbia
and Mt. Pleasant, TN (MSB) (a)
First National Bancorp of 3/1/94 974,886 172
Shelbyville, Inc., Parent Company of
First National Bank of Shelbyville
in Shelbyville, TN (FNB) (a)
Clin-Ark Bancshares, Inc., 4/1/94 227,768 48
Parent Company of First National
Bank of Clinton in Clinton, AR (CBI)
--------- -----
Total 2,042,196 $ 405
========= =====
</TABLE>
(a) Included in the Corporation's March 31, 1994 balance sheet and statement
of earnings.
ACQUISITIONS ACCOUNTED FOR AS PURCHASES COMPLETED SUBSEQUENT TO DECEMBER 31,
1993 AND THROUGH MAY 15, 1994
<TABLE>
<CAPTION>
PURCHASE RESULTING APPROXIMATE
INSTITUTION CONSIDERATION PRICE (A) INTANGIBLES (A) TOTAL ASSETS
- - --------------------------------- ------------- -------- ----------- -------------
(IN MILLIONS)
<S> <C> <C> <C> <C>
Anderson County Bank in Clinton, TN (ACB) Cash $ 2.0 $ .3 $ 22
Tennessee Bancorp, Inc., Parent Cash equal to 13.5 6.8 92
Company of Tennessee National 1.5 times net
Bank in Columbia, Tennessee (TBI) book value at
closing
</TABLE>
(a) Subject to change when other information becomes available.
PROBABLE ACQUISITIONS AT MAY 19, 1994
<TABLE>
<CAPTION>
METHOD OF TOTAL
INSTITUTION CONSIDERATION ACCOUNTING ASSETS
- - --------------------------------- ------------- ---------- ------
(IN MILLIONS)
<S> <C> <C> <C>
Liberty Bancshares, Inc., Approximately Pooling of $ 181
Parent Company of Liberty 1,322,000 shares Interests
Federal Savings Bank in of the Corporation's
Paris, Tennessee (LBI) Common Stock
Earle Bancshares, Inc., Approximately Pooling of 40
Parent Company of 350,000 shares Interests
First Southern Bank in of the Corporation's
Earle, Arkansas (EBI) Common Stock
</TABLE>
-18-
<PAGE> 22
<TABLE>
<CAPTION>
METHOD OF TOTAL
INSTITUTION CONSIDERATION ACCOUNTING ASSETS
- - --------------------------------- ------------- ---------- ------
(IN MILLIONS)
<S> <C> <C> <C>
BNF BANCORP. INC., Parent Approximately Pooling of $ 262
Company of BANKFIRST, a 2,054,000 shares Interests
federal savings bank in of the Corporation's
Decatur, Alabama (BNF) Common Stock
</TABLE>
NOTE 2. UNAUDITED PRO FORMA ADJUSTMENTS
The following summarizes the unaudited pro forma adjustments which are
necessary to reflect the transactions described previously as of March 31,
1994, for the unaudited pro forma consolidated balance sheet and for the
three-month period ended March 31, 1994 and for the three years ended December
31, 1993, for the unaudited pro forma consolidated statements of earnings. The
adjustments for the probable acquisitions are based on currently available
information and could change significantly upon consummation. Not all purchase
accounting adjustments have been reflected because certain information is not
available; however, the amounts not reflected are not expected to be material.
-19-
<PAGE> 23
UNION PLANTERS CORPORATION
CONSUMMATED ACQUISITIONS
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET ADJUSTMENTS
<TABLE>
<CAPTION>
MARCH 31, 1994
DEBIT (CREDIT)
----------------------------
(DOLLARS IN THOUSANDS)
<S> <C> <C>
(1) FEDERAL FUNDS SOLD
PURCHASE PRICE (13,460)
(2) INVESTMENT SECURITIES - HELD TO MATURITY
FAIR VALUE ADJUSTMENT (789)
(3) PREMISES AND EQUIPMENT
FAIR VALUE ADJUSTMENT (350)
(4) GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES RESULTING FROM ACQUISITIONS 7,587
(5) OTHER ASSETS
MISCELLANEOUS ADJUSTMENTS (828)
(6) OTHER LIABILITIES
MISCELLANEOUS ADJUSTMENTS (INCLUDES OPEB ADJUSTMENT AND OTHER
MISCELLANEOUS LIABILITIES) (1,219)
(7) COMMON STOCK
TO ELIMINATE COMMON STOCK $ 595
ISSUANCE OF COMMON STOCK (1,139)
------
TOTAL (544)
(8) ADDITIONAL PAID-IN CAPITAL
TO ELIMINATE SURPLUS 5,734
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED (222)
------
TOTAL 5,512
(9) NET UNREALIZED GAIN/LOSS-AFS SECURITIES
TO ELIMINATE NET UNREALIZED GAIN/LOSS (29)
(10) RETAINED EARNINGS
TO ELIMINATE RETAINED EARNINGS 4,120
PURCHASE ACCOUNTING ADJUSTMENTS 0
------
TOTAL 4,120
------
TOTAL $ 0
======
</TABLE>
-20-
<PAGE> 24
UNION PLANTERS CORPORATION AND SUBSIDIARIES
PROBABLE PENDING ACQUISITIONS
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET ADJUSTMENTS
<TABLE>
<CAPTION>
MARCH 31, 1994
DEBIT (CREDIT)
----------------------------
(DOLLARS IN THOUSANDS)
<S> <C> <C>
(1) COMMON STOCK
TO ELIMINATE COMMON STOCK $ 1,690
ISSUANCE OF COMMON STOCK (18,127)
--------
TOTAL (16,437)
(2) ADDITIONAL PAID-IN-CAPITAL
TO ELIMINATE SURPLUS 18,628
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED (2,211)
--------
TOTAL 16,417
(3) RETAINED EARNINGS
TO ELIMINATE RETAINED EARNINGS 0
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED 20
--------
TOTAL 20
-------
TOTAL $ 0
=======
</TABLE>
-21-
<PAGE> 25
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED ACQUISITIONS
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF EARNINGS ADJUSTMENTS
<TABLE>
<CAPTION>
THREE TWELVE
MONTHS MONTHS
ENDED ENDED
03/31/94 12/31/93
---------- ----------
(DOLLARS IN THOUSANDS)
<S> <C> <C> <C> <C>
(1) INTEREST INCOME - INTEREST AND FEES ON LOANS
AMORTIZATION OF THE WRITEUP OF LOANS TO FAIR MARKET VALUE 9 $ 144
(2) INTEREST INCOME - INVESTMENT SECURITIES
AMORTIZATION OF THE NET WRITE-UP OF INVESTMENT SECURITIES
TO FAIR MARKET VALUE (98) (222)
(3) INTEREST INCOME - FEDERAL FUNDS SOLD
REDUCTION OF INTEREST INCOME FROM THE LIQUIDATION OF
SHORT-TERM INVESTMENTS TO FUND THE PURCHASE PRICE 192 673
(4) INTEREST EXPENSE - DEPOSITS
AMORTIZATION OF THE WRITE-UP OF DEPOSITS TO FAIR MARKET VALUE (21) (2)
(5) NETOCCUPANCY EXPENSE
ADJUST DEPRECIATION DUE TO WRITE-DOWN OF EQUIPMENT (34) ($104)
REVERSAL OF DEPRECIATION DUE TO THE ALLOCATION OF NEGATIVE GOODWILL - (60)
----- ------
TOTAL (34) (164)
(6) EQUIPMENT EXPENSE
ADJUST DEPRECIATION DUE TO THE SALE OF IDLE ASSETS (1)
(7) OTHER EXPENSE
GOODWILL AND OTHER INTANGIBLES AMORTIZATION 104 548
(8) APPLICABLE INCOME TAXES
TAX EFFECT OF ABOVE ADJUSTMENTS, EXCLUDING THE AMORTIZATION OF
GOODWILL, ASSSUMING A 39% TAX RATE (32) (80)
----- -----
TOTAL $ 119 $ 897
===== =====
</TABLE>
-22-
<PAGE> 26
NOTE 3. UNAUDITED PRO FORMA CAPITAL RATIOS
The following table summarizes the Corporation's unaudited capital ratios
as of March 31, 1994, and the unaudited pro forma capital ratios assuming
consummation of all completed and probable acquisitions as of March 31, 1994.
<TABLE>
<CAPTION>
As Adjusted for the
Actual Acquisitions
-------- -------------------
<S> <C> <C>
Shareholders' Equity
to Assets 7.63% 7.82%
Leverage Ratio 7.22% 7.33%
Tier 1 Capital to
risk-weighted assets* 14.91% 14.38%*
Total Capital to
risk-weighted assets* 18.48% 17.58%*
</TABLE>
*Based on estimated risk-weighted assets of the acquisitions consummated
subsequent to March 31, 1994, and all pending acquisitions.
-23-
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