<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
April 15, 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 (the Corporation)
unaudited pro forma financial statements reflecting certain completed and
pending acquisitions as of and for the three years ended December 31, 1993.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS
AND EXHIBITS
(b) Pro Forma Financial Information
Index to Unaudited Pro Forma Financial Information
<TABLE>
<CAPTION>
PAGE
-------
<S> <C> <C>
(1) Introduction 1
(2) Unaudited Pro Forma Consolidated Balance
Sheet as of December 31, 1993 3 thru 5
(3) Unaudited Pro Forma Consolidated Statements
of Earnings for the Years Ended December 31,
1993, 1992, and 1991 6 thru 11
(4) Notes to Unaudited Pro Forma Consolidated
Financial Statements 12
</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: April 19, 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 December 31, 1993, and statements of earnings for
each of the three years ended December 31, 1993. The pro forma balance sheet
presents certain acquisitions completed subsequent to December 31, 1993, and
probable pending acquisitions. The statement of earnings for the year ended
December 31, 1993, presents the pro forma impact of certain acquisitions
completed in 1993 and probable pending acquisitions assuming the acquisitions
were all 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 via pooling of
interests of BNF BANCORP, Inc. (formerly BANCFIRST Corporation) (BNF), a
probable acquisition that meets the test for a significant subsidiary. The pro
forma impact of the other probable acquisitions expected to be accounted for as
poolings of interests is not presented because they 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.
Additionally, the Corporation's Current Reports on Form 8-K dated February 8
and April 14, 1994, contain audited financial statements and unaudited interim
financial statements for BNF Bancorp, Inc. Note 1 to these
-1-
<PAGE> 6
pro forma financial statements identifies (including the abbreviations for the
company names above the columns of the statements) the completed and probable
pending acquisitions included herein.
-2-
<PAGE> 7
UNION PLANTERS CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
|---- ACQUISITIONS -----|
UNION PROBABLE PRO FORMA
PLANTERS CONSUMMATED PENDING TOTAL
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 225,626 $ 14,295 $ 13,841 $ 253,762
Interest-bearing deposits at financial
institutions 26,647 (619) (11,612) 14,416
Federal funds sold and securities
purchased under agreements to resell 53,149 11,179 25,900 90,228
Trading account securities, at market 153,482 0 0 153,482
Loans held for resale 56,053 0 5,918 61,971
Investment securities
Held for sale 595,090 0 124,223 719,313
Held for investment, at cost 2,021,963 153,739 54,498 2,230,200
Loans, net of unearned 2,935,215 232,124 349,874 3,517,213
Allowance for losses on loans (80,442) (6,175) (3,716) (90,333)
----------- ------------ ----------- -----------
Net loans 2,854,773 225,949 346,158 3,426,880
Premises and equipment 135,511 7,699 10,586 153,796
Accrued interest receivable 49,953 2,114 3,575 55,642
Goodwill and other intangibles 40,794 741 5,251 46,786
Other assets 105,145 8,152 5,482 118,779
----------- ------------ ----------- -----------
Total assets $6,318,186 $ 423,249 $ 583,820 $7,325,255
=========== ============ =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 750,093 $ 44,850 $ 12,710 $ 807,653
Certificates of deposit over $100,000 334,173 22,323 24,948 381,444
Other interest-bearing 4,167,100 316,953 449,497 4,933,550
----------- ------------ ----------- -----------
Total deposits 5,251,366 384,126 487,155 6,122,647
Short-term borrowings 244,995 668 0 245,663
FHLB advances 157,954 0 32,507 190,461
Long-term debt 117,276 4,060 0 121,336
Accrued interest, expenses, and taxes 41,893 229 882 43,004
Other liabilities 27,402 5,738 4,991 38,131
----------- ------------ ----------- -----------
Total liabilities 5,840,886 394,821 525,535 6,761,242
----------- ------------ ----------- -----------
Shareholders' equity
Preferred stock 104,548 0 0 104,548
Common stock 98,285 10,212 18,759 127,256
Additional paid-in capital 86,385 6,594 2,086 95,065
Retained earnings 188,082 11,622 37,440 237,144
----------- ------------ ----------- -----------
Total shareholders' equity 477,300 28,428 58,285 564,013
----------- ------------ ----------- -----------
Total liabilities and shareholders'
equity $6,318,186 $ 423,249 $ 583,820 $7,325,255
=========== ============ =========== ===========
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-3-
<PAGE> 8
UNION PLANTERS CORPORATION
CONSUMMATED ACQUISITIONS COMBINED BALANCE SHEET
DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
TOTAL
MSB ACB FNBS CBI ADJUSTMENTS CONSUMMATED
----------- ------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 7,240 $ 871 $ 4,615 $ 1,569 $ 0 $ 14,295
Interest-bearing deposits at financial
institutions 13 0 1,179 0 (1,811) (619)
Federal funds sold and securities
purchased under agreements to resell 9,594 650 875 60 0 11,179
Trading account securities, at cost 0 0 0 0 0 0
Loans held for resale 0 0 0 0 0 0
Investment securities
Held for sale 0 0 0 0 0 0
Held for investment, at cost 47,582 765 92,128 13,255 9 153,739
Loans, net of unearned income 114,146 16,920 66,753 34,143 162 232,124
Allowance for losses on loans (2,123) (477) (2,834) (434) (307) (6,175)
----------- ------------ ----------- ----------- ----------- -----------
Net loans 112,023 16,443 63,919 33,709 (145) 225,949
Premises and equipment 4,185 250 2,250 1,050 (36) 7,699
Accrued interest receivable * 120 1,570 424 0 2,114
Goodwill and other intangibles 480 0 0 0 261 741
Other assets 3,459 419 3,513 195 566 8,152
----------- ------------ ----------- ----------- ----------- -----------
Total assets $ 184,576 $ 19,518 $ 170,049 $ 50,262 $ (1,156) $ 423,249
=========== ============ =========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 22,221 $ 1,875 $ 16,251 $ 4,503 $ 0 $ 44,850
Certificates of deposit over $100,000 * 1,400 17,109 3,778 36 22,323
Interest-bearing 144,233 14,550 120,558 37,485 127 316,953
----------- ------------ ----------- ----------- ----------- -----------
Total deposits 166,454 17,825 153,918 45,766 163 384,126
Short-term borrowings 668 0 0 0 0 668
FHLB advances 0 0 0 0 0 0
Long-term debt 3,998 0 0 62 0 4,060
Accrued interest, expenses, and taxes * * * 229 0 229
Other liabilities 1,483 142 3,850 31 232 5,738
----------- ------------ ----------- ----------- ----------- -----------
Total liabilities 172,603 17,967 157,768 46,088 395 394,821
----------- ------------ ----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock 0 0 0 0 0 0
Common stock 880 103 1,300 55 7,874 10,212
Additional paid-in capital 9,025 3,328 4,240 1,306 (11,305) 6,594
Retained earnings 2,068 (1,880) 6,741 2,813 1,880 11,622
----------- ------------ ----------- ----------- ----------- -----------
Total shareholders' equity 11,973 1,551 12,281 4,174 (1,551) 28,428
----------- ------------ ----------- ----------- ----------- -----------
Total liabilities and shareholders'
equity $ 184,576 $ 19,518 $ 170,049 $ 50,262 $ (1,156) $ 423,249
=========== ============ =========== =========== =========== ===========
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-4-
<PAGE> 9
UNION PLANTERS CORPORATION
PROBABLE PENDING ACQUISITIONS COMBINED BALANCE SHEET
DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
TOTAL
PROBABLE
EBI BNF TBI LBI ADJUSTMENTS PENDING
----------- ------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 2,414 $ 3,845 $ 3,346 $ 4,236 $ 0 $ 13,841
Interest-bearing deposits at financial
institutions 889 * 0 1,025 (13,526) (11,612)
Federal funds sold and securities
purchased under agreements to resell 6,800 0 0 19,100 0 25,900
Trading account securities, at cost 0 0 0 0 0 0
Loans held for resale 0 4,197 0 1,721 0 5,918
Investment securities
Held for sale 0 94,056 2,616 27,551 0 124,223
Held for investment, at cost 13,010 7,932 32,556 0 1,000 54,498
Loans, net of unearned income 17,909 157,613 50,966 123,386 0 349,874
Allowance for losses on loans (321) (1,162) (796) (1,287) (150) (3,716)
----------- ------------ ----------- ----------- ----------- -----------
Net loans 17,588 156,451 50,170 122,099 (150) 346,158
Premises and equipment 977 4,831 2,890 2,238 (350) 10,586
Accrued interest receivable 457 2,117 * 1,001 0 3,575
Goodwill and other intangibles 0 0 274 0 4,977 5,251
Other assets 383 2,773 1,398 1,756 (828) 5,482
----------- ------------ ----------- ----------- ----------- -----------
Total assets $ 42,518 $ 276,202 $ 93,250 $ 180,727 $ (8,877) $ 583,820
=========== ============ =========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 6,623 $ * $ 3,796 $ 2,291 $ 0 $ 12,710
Certificates of deposit over $100,000 3,805 * 12,298 8,845 0 24,948
Interest-bearing 24,295 220,448 67,173 137,581 0 449,497
----------- ------------ ----------- ----------- ----------- -----------
Total deposits 34,723 220,448 83,267 148,717 0 487,155
Short-term borrowings 0 0 0 0 0 0
FHLB advances 0 22,000 600 9,907 0 32,507
Long-term debt 0 0 0 0 0 0
Accrued interest, expenses, and taxes 882 * * * 0 882
Other liabilities 322 2,431 338 1,760 140 4,991
----------- ------------ ----------- ----------- ----------- -----------
Total liabilities 35,927 244,879 84,205 160,384 140 525,535
----------- ------------ ----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock 0 0 0 0 0
Common stock 1,000 18 539 640 16,562 18,759
Additional paid-in capital 2,031 11,184 4,428 5,121 (20,678) 2,086
Retained earnings 3,560 20,121 4,078 14,582 (4,901) 37,440
----------- ------------ ----------- ----------- ----------- -----------
Total shareholders' equity 6,591 31,323 9,045 20,343 (9,017) 58,285
----------- ------------ ----------- ----------- ----------- -----------
Total liabilities and shareholders' $ 42,518 $ 276,202 $ 93,250 $ 180,727 $ (8,877) $ 583,820
=========== ============ =========== =========== =========== ===========
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-5-
<PAGE> 10
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
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 241,072 $ 5,409 $ 18,733 $ 31,381 $ 296,595
Interest on investment securities
Taxable 116,025 843 8,732 9,654 135,254
Tax-exempt 24,448 225 499 162 25,334
Interest on deposits at financial institution 1,634 (166) 114 (245) 1,337
Interest on federal funds sold and securities
purchased under agreements to resell 4,602 121 377 665 5,765
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 397,214 6,432 28,455 41,617 473,718
------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 146,800 3,183 12,595 17,941 180,519
Interest on short-term borrowings 6,287 0 284 0 6,571
Interest on FHLB advances and long-term debt 11,460 0 0 1,031 12,491
------------ ------------ ------------ ------------ ------------
Total interest expense 164,547 3,183 12,879 18,972 199,581
------------ ------------ ------------ ------------ ------------
Net interest income 232,667 3,249 15,576 22,645 274,137
Provision for losses on loans 9,689 3,367 1,275 531 14,862
------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 222,978 (118) 14,301 22,114 259,275
------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 28,721 453 1,768 1,355 32,297
Profits and commissions on trading activities 8,720 0 51 0 8,771
Investment securities gains (losses) 4,581 (69) 106 470 5,088
Other income 44,715 210 816 1,812 47,553
------------ ------------ ------------ ------------ ------------
Total noninterest income 86,737 594 2,741 3,637 93,709
------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 98,920 1,013 7,294 6,678 113,905
Net occupancy expense 15,909 135 1,590 1,829 19,463
Equipment expense 15,735 122 250 397 16,504
Other expense 93,916 1,985 6,435 6,150 108,486
------------ ------------ ------------ ------------ ------------
Total noninterest expense 224,480 3,255 15,569 15,054 258,358
------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 85,235 (2,779) 1,473 10,697 94,626
Applicable income taxes 23,967 109 433 4,505 29,014
------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 61,268 $ (2,888) $ 1,040 $ 6,192 $ 65,612
============ ============ ============ ============ ============
Earnings per common share
Primary $ 2.69 $ 2.22
Fully diluted 2.49 2.13
Weighted average shares outstanding
(in thousands)
Primary 19,622 25,526
Fully diluted 23,852 30,023
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-6-
<PAGE> 11
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 FEDERAL FSB UNION FCB ERIN
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 1,590 $ 1,813 $ 223 $ 973 $ 330 $ 614
Interest on investment securities
Taxable 52 173 115 264 30 381
Tax-exempt 0 0 20 27 3 175
Interest on deposits at financial institution 0 0 0 0 (2) 3
Interest on federal funds sold and securities
purchased under agreements to resell 50 0 15 21 2 33
Interest on trading account securities 0 0 0 0 0 0
Interest on loans held for resale 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Total interest income 1,692 1,986 373 1,285 363 1,206
------------ ------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 751 1,051 159 616 153 455
Interest on short-term borrowings 0 0 0 0 0
Interest on FHLB advances and long-term debt 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Total interest expense 751 1,051 159 616 153 455
------------ ------------ ------------ ------------ ------------ ------------
Net interest income 941 935 214 669 210 751
Provision for losses on loans 20 2,650 35 334 0 21
------------ ------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 921 (1,715) 179 335 210 730
------------ ------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 148 150 13 60 34 48
Profits and commissions on trading activities 0 0 0 0 0
Investment securities gains (losses) 134 17 (210) 0 (10)
Other income 67 68 26 30 3 16
------------ ------------ ------------ ------------ ------------ ------------
Total noninterest income 215 352 56 (120) 37 54
------------ ------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 343 * 55 268 171 176
Net occupancy expense 118 * 13 40 9 22
Equipment expense * * 14 91 17 *
Other expense 330 806 71 147 288 218
------------ ------------ ------------ ------------ ------------ ------------
Total noninterest expense 791 806 153 546 485 416
------------ ------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 345 (2,169) 82 (331) (238) 368
Applicable income taxes (credit) 114 160 24 (143) 0 109
------------ ------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 231 $ (2,329) $ 58 $ (188) $ (238) $ 259
============ ============ ============ ============ ============ ============
<CAPTION>
CONSUMMATED
ADJUSTMENTS PURCHASES
------------- -------------
<S> <C> <C>
Interest income
Interest and fees on loans $ (134) $ 5,409
Interest on investment securities
Taxable (172) 843
Tax-exempt 0 225
Interest on deposits at financial institution (167) (166)
Interest on federal funds sold and securities
purchased under agreements to resell 0 121
Interest on trading account securities 0 0
Interest on loans held for resale 0 0
------------ ------------
Total interest income (473) 6,432
------------ ------------
Interest expense
Interest on deposits (2) 3,183
Interest on short-term borrowings 0 0
Interest on FHLB advances and long-term debt 0 0
------------ ------------
Total interest expense (2) 3,183
------------ ------------
Net interest income (471) 3,249
Provision for losses on loans 307 3,367
------------ ------------
Net interest income after provision
for losses on loans (778) (118)
------------ ------------
Noninterest income
Service charges on deposit accounts 0 453
Profits and commissions on trading activities 0 0
Investment securities gains (losses) 0 (69)
Other income 0 210
------------ ------------
Total noninterest income 0 594
------------ ------------
Noninterest expense
Salaries and employee benefits 0 1,013
Net occupancy expense (67) 135
Equipment expense 0 122
Other expense 125 1,985
------------ ------------
Total noninterest expense 58 3,255
------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes (836) (2,779)
Applicable income taxes (credit) (155) 109
------------ ------------
Earnings before extraordinary items
and accounting changes $ (681) $ (2,888)
============ ============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-7-
<PAGE> 12
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED POOLING ACQUISITIONS COMBINED STATEMENT OF EARNINGS
YEAR ENDED DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
CONSUMMATED
MSB FNBS CBI POOLINGS
------------ ------------ ------------ ------------
<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.
-8-
<PAGE> 13
UNION PLANTERS CORPORATION
PROBABLE PENDING ACQUISITIONS COMBINED STATEMENT OF EARNINGS
YEAR ENDED DECEMBER 31, 1993
(Dollars in thousands)
<TABLE>
<CAPTION>
PROBABLE
EBI BNF TBI LBI ADJUSTMENTS PENDING
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 3,073 $ 13,187 $ 4,633 $ 10,488 $ $ 31,381
Interest on investment securities
Taxable 450 6,574 1,652 1,478 (500) 9,654
Tax-exempt 67 * 95 0 162
Interest on deposits at financial institution 40 * 0 53 (338) (245)
Interest on federal funds sold and securities 0
purchased under agreements to resell 189 0 0 476 665
Interest on trading account securities 0 0 0 0 0 0
Interest on loans held for resale 0 * 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Total interest income 3,819 19,761 6,380 12,495 (838) 41,617
------------ ------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 914 7,687 3,358 5,982 17,941
Interest on short-term borrowings 0 0 0 0 0
Interest on FHLB advances and long-term debt 0 898 15 118 1,031
------------ ------------ ------------ ------------ ------------ ------------
Total interest expense 914 8,585 3,373 6,100 0 18,972
------------ ------------ ------------ ------------ ------------ ------------
Net interest income 2,905 11,176 3,007 6,395 (838) 22,645
Provision for losses on loans 0 54 68 259 150 531
------------ ------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 2,905 11,122 2,939 6,136 (988) 22,114
------------ ------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 295 553 125 382 1,355
Profits and commissions on trading activities 0 0 0 0 0 0
Investment securities gains 10 151 308 1 470
Other income 38 475 33 1,289 (23) 1,812
------------ ------------ ------------ ------------ ------------ ------------
Total noninterest income 343 1,179 466 1,672 (23) 3,637
------------ ------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 970 2,730 976 2,002 6,678
Net occupancy expense 190 1,183 201 389 (134) 1,829
Equipment expense * * 397 * 397
Other expense 864 1,926 1,002 2,025 333 6,150
------------ ------------ ------------ ------------ ------------ ------------
Total noninterest expense 2,024 5,839 2,576 4,416 199 15,054
------------ ------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 1,224 6,462 829 3,392 (1,210) 10,697
Applicable income taxes (credit) 472 2,366 274 1,302 91 4,505
------------ ------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 752 $ 4,096 $ 555 $ 2,090 $ (1,301) $ 6,192
============ ============ ============ ============ ============ ============
</TABLE>
* Not available. Combined with other caption.
See the accompanying notes to the unaudited pro forma consolidated financial
statements.
-9-
<PAGE> 14
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS WITH BNF
FOR THE YEAR-ENDED DECEMBER 31, 1992
(Dollars in thousands)
<TABLE>
<CAPTION>
UPC BNF TOTAL
12/31/92 12/31/92 12/31/92
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.
-10-
<PAGE> 15
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS WITH BNF
FOR THE YEAR-ENDED DECEMBER 31, 1991
(Dollars in thousands)
<TABLE>
<CAPTION>
UPC BNF TOTAL
12/31/91 12/31/91 12/31/91
------------ ------------ ------------
<S> <C> <C> <C>
Interest income
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.
-11-
<PAGE> 16
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 probable pending acquisitions listed
below. The unaudited pro forma consolidated balance sheet gives effect to
these transactions at December 31, 1993, 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 BNF BANCORP, Inc. (formerly BANCFIRST Corporation) (BNF) acquisition 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 pending acquisitions 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.
-12-
<PAGE> 17
POOLINGS OF INTERESTS COMPLETED IN 1993 AND INCLUDED IN THE
CORPORATION'S 1993 BALANCE SHEET AND STATEMENTS OF EARNINGS
Date Shares Total Assets
Institution Acquired Issued at January 1, 1993
- -------------------------- -------- ------ ------------------
(in millions)
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
========= =======
PURCHASE ACQUISITIONS 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 1/1/93 648,786 Shares of Series $25.3 $7.0 $231
Tennessee (BOET) in E Preferred Stock
Morristown, 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, Common Stock
TN (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, Tennessee
(Farmers Union)
Erin Bank & Trust 6/1/93 259,736 Shares of 8.3 2.1 43
Company in Erin, Series E Preferred Stock
TN (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 mutual savings bank which,
pursuant to a conversion/acquisition, converted to a federal stock
charter. All of the stock of was acquired by the Corporation in
exchange for a capital contribution of 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.
-13-
<PAGE> 18
(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 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
POOLINGS OF INTERESTS COMPLETED SUBSEQUENT TO DECEMBER 31, 1993 AND
THROUGH APRIL 1, 1994
<TABLE>
<CAPTION>
Approximate
Institution Date Acquired Shares Issued Total Assets
- --------------------------------- ------------- ------------- ------------
<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)
First National Bancorp of 3/1/94 974,886 172
Shelbyville, Inc., Parent Company
of First National Bank of
Shelbyville in Shelbyville, TN
(FNB)
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>
PURCHASE ACQUISITIONS COMPLETED SUBSEQUENT TO DECEMBER 31, 1993 AND
THROUGH APRIL 1, 1994
<TABLE>
<CAPTION>
Purchase Resulting Approximate
Institution Consideration Price Intangibles Total Assets
- --------------------------------- ------------- -------- ----------- -------------
<S> <C> <C> <C> <C>
Anderson County Bank in Clinton, TN (ACB) Cash $2.0 $ .3 $ 22
</TABLE>
PROBABLE PENDING ACQUISITIONS AT APRIL 15, 1994
<TABLE>
<CAPTION>
Method of Total
Institution Consideration Accounting Assets
- --------------------------------- ------------- ---------- ------
<S> <C> <C> <C>
Tennessee Bancorp, Inc., Parent Cash equal to Purchase $ 92
Company of Tennessee National 1.5 times net
Bank in Columbia, Tennessee (TBI) book value at
closing
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 375,000 shares Interests
First Southern Bank in of the Corporation's
Earle, Arkansas (EBI) Common Stock
</TABLE>
-14-
<PAGE> 19
<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 2,054,000 shares Interests
federal savings bank in of the Corporation's
Decatur, Alabama (BNF) Common Stock
</TABLE>
NOTE 6. UNAUDITED PRO FORMA ADJUSTMENTS
The following summarizes the unaudited pro forma adjustments which
are necessary to reflect the transactions described previously as of December
31, 1993, for the unaudited pro forma consolidated balance sheet and for the
three years ended December 31, 1993, for the unaudited pro forma consolidated
statements of earnings. The adjustments for probable pending 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 are not
considered material.
-15-
<PAGE> 20
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED ACQUISITIONS
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET ADJUSTMENTS
<TABLE>
<CAPTION>
DECEMBER 31, 1993
DEBIT (CREDIT)
----------------------
(DOLLARS IN THOUSANDS)
<S> <C> <C>
(1) INTEREST-BEARING DEPOSITS AT FINANCIAL INSTITUTIONS
PURCHASE PRICE $(1,811)
(2) INVESTMENT SECURITIES - HELD FOR INVESTEMENT
FAIR VALUE ADJUSTMENT 9
(3) LOANS
FAIR VALUE ADJUSTMENT 162
(4) ALLOWANCE FOR LOSSES ON LOANS
ADDITIONAL PROVISION (307)
(5) PREMISES AND EQUIPMENT
WRITE-OFF OF IDLE ASSETS (36)
(6) GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES RESULTING FROM ACQUISITIONS 261
(7) OTHER ASSETS
ADJUST DEFERRED TAX ASSET 566
(8) CERTIFICATES OF DEPOSITS OVER $100,000
FAIR VALUE ADJUSTMENT (36)
(9) INTEREST-BEARING DEPOSITS
FAIR VALUE ADJUSTMENT (127)
(10) OTHER LIABILITIES
MISCELLANEOUS ADJUSTMENTS (INCLUDES DATA PROCESSING CONVERSION EXPENSES,
OPEB ADJUSTMENT, TAXES PAYABLE, AND OTHER MISCELLANEOUS LIABILITIES) (232)
(11) COMMON STOCK
TO ELIMINATE COMMON STOCK $ 2,283
ISSUANCE OF COMMON STOCK (9,073)
-------
TOTAL (6,790)
(12) ADDITIONAL PAID-IN CAPITAL
TO ELIMINATE SURPLUS 16,593
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED (6,372)
-------
TOTAL 10,221
(13) RETAINED EARNINGS
TO ELIMINATE RETAINED EARNINGS (1,049)
PURCHASE ACCOUNTING ADJUSTMENTS (831)
-------
TOTAL (1,880)
-------
TOTAL $0
=======
</TABLE>
-16-
<PAGE> 21
UNION PLANTERS CORPORATION AND SUBSIDIARIES
PROBABLE PENDING ACQUISITIONS
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET ADJUSTMENTS
<TABLE>
<CAPTION>
DECEMBER 31, 1993
DEBIT (CREDIT)
----------------------
(DOLLARS IN THOUSANDS)
<S> <C> <C>
(1) INTEREST-BEARING DEPOSITS AT FINANCIAL INSTITUTIONS
PURCHASE PRICE $(13,526)
(2) INVESTMENT SECURITIES - HELD FOR INVESTEMENT
FAIR VALUE ADJUSTMENT 1,000
(3) ALLOWANCE FOR LOSSES ON LOANS
ADDITIONAL PROVISION (150)
(4) PREMISES AND EQUIPMENT
WRITE-OFF DATA PROCESSING EQUIPMENT AND SOFTWARE (350)
(5) GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES RESULTING FROM ACQUISITIONS 4,977
(6) OTHER ASSETS
MISCELLANEOUS ADJUSTMENTS(INCLUDES WRITE-OFF OF PREPAIDS,
INTANGIBLES, AND OTHER MISCELLANEOUS ASSETS) (828)
(7) OTHER LIABILITIES
MISCELLANEOUS ADJUSTMENTS (INCLUDES MERGER EXPENSES, OPEB ADJUSTMENT,
AND OTHER MISCELLANEOUS LIABILITIES) (140)
(8) COMMON STOCK
TO ELIMINATE COMMON STOCK $ 2,252
ISSUANCE OF COMMON STOCK (19,898)
--------
TOTAL (17,646)
(9) ADDITIONAL PAID-IN CAPITAL
TO ELIMINATE SURPLUS 24,070
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED (2,308)
--------
TOTAL 21,762
(10) RETAINED EARNINGS
TO ELIMINATE RETAINED EARNINGS 4,049
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED 852
--------
TOTAL 4,901
--------
TOTAL $0
========
</TABLE>
-17-
<PAGE> 22
UNION PLANTERS CORPORATION AND SUBSIDIARIES
CONSUMMATED ACQUISITIONS
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF EARNINGS ADJUSTMENTS
<TABLE>
<CAPTION>
TWELVE
MONTHS
ENDED
12/31/93
--------
(DOLLARS IN THOUSANDS)
<S> <C> <C>
(1) INTEREST INCOME - INTEREST AND FEES ON LOANS
AMORTIZATION OF THE WRITEUP OF LOANS TO FAIR MARKET VALUE $134
(2) INTEREST INCOME - INVESTMENT SECURITIES
AMORTIZATION OF THE NET WRITE-UP OF INVESTMENT SECURITIES
TO FAIR MARKET VALUE 172
(3) INTEREST INCOME - DEPOSITS AT OTHER FINANCIAL INSTITUTIONS
REDUCTION OF INTEREST INCOME FROM THE LIQUIDATION OF
SHORT-TERM INVESTMENTS TO FUND THE PURCHASE PRICE 167
(4) INTEREST EXPENSE - DEPOSITS
AMORTIZATION OF THE WRITE-UP OF DEPOSITS TO FAIR MARKET VALUE (2)
(5) PROVISION FOR LOSSES ON LOANS 307
ADDITIONAL PROVISION
(6) NET OCCUPANCY EXPENSE
ADJUST DEPRECIATION DUE TO THE SALE OF IDLE ASSETS $ (7)
REVERSAL OF DEPRECIATION DUE TO THE ALLOCATION OF NEGATIVE GOODWILL (60)
-----
TOTAL (60)
(7) OTHER EXPENSE
GOODWILL AND OTHER INTANGIBLES AMORTIZATION 125
(8) APPLICABLE INCOME TAXES
TAX EFFECT OF ABOVE ADJUSTMENTS, EXCLUDING THE AMORTIZATION OF
GOODWILL, ASSSUMING A 39% RATE (155)
------
TOTAL $688
======
</TABLE>
-18-
<PAGE> 23
UNION PLANTERS CORPORATION AND SUBSIDIARIES
PROBABLE PENDING ACQUISITIONS
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF EARNINGS ADJUSTMENTS
<TABLE>
<CAPTION>
TWELVE
MONTHS
ENDED
12/31/93
--------
(DOLLARS IN THOUSANDS)
<S> <C> <C>
(1) INTEREST INCOME - INVESTMENT SECURITIES
AMORTIZATION OF THE NET WRITE-UP OF INVESTMENT SECURITIES
TO FAIR MARKET VALUE $500
(2) INTEREST INCOME - DEPOSITS AT OTHER FINANCIAL INSTITUTIONS
REDUCTION OF INTEREST INCOME FROM THE LIQUIDATION OF
SHORT-TERM INVESTMENTS TO FUND THE PURCHASE PRICE 338
(3) PROVISION FOR LOSSES ON LOANS
ADDITIONAL PROVISION 150
(4) OTHER INCOME
ADJUST UNEARNED CREDIT LIFE INSURANCE 23
(5) NET OCCUPANCY EXPENSE
REDUCTION OF EXPENSE DUE TO WRITE-OFF OF OTHER INTANGIBLES $(64)
REDUCTION OF EXPENSE DUE TO WRITE-OFF OF COMPUTER EQUIPMENT AND SOFTWARE (70)
-----
TOTAL (134)
(6) OTHER EXPENSE
GOODWILL AND OTHER INTANGIBLES AMORTIZATION 333
(7) APPLICABLE INCOME TAXES
TAX EFFECT OF ABOVE ADJUSTMENTS, EXCLUDING THE AMORTIZATION OF
GOODWILL, ASSSUMING A 39% RATE 91
-------
TOTAL $1,301
=======
</TABLE>
-19-
<PAGE> 24
NOTE 7. UNAUDITED PRO FORMA CAPITAL RATIOS
The following table summarizes the Corporation's unaudited capital
ratios as of December 31, 1993, and the unaudited pro forma capital ratios
assuming consummation of all acquisitions as of December 31, 1993.
As Adjusted for the
Actual Acquisitions
-------- -------------------
Shareholders' Equity
to Assets 7.55% 7.70%
Leverage Ratio 7.10% 7.23%
Tier 1 Capital to
risk-weighted assets* 14.85% 14.78%*
Total Capital to
risk-weighted assets* 18.59% 18.14%*
*Based on estimated risk-weighted assets of the acquisitions consummated
subsequent to December 31, 1993, and all pending acquisitions.
-20-
