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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K/A
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)
<TABLE>
<S> <C> <C>
TENNESSEE 0-6919 62-0859007
- - ------------------------ ------------- --------------------
(State of incorporation) (Commission (I.R.S. Employer
File Number) Identification No.)
</TABLE>
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>
(1) Introduction 2
(2) Unaudited Pro Forma Consolidated Balance Sheets
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: July 26, 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 acquisitions
of BNF BANCORP, INC. (formerly BANCFIRST Corporation) (BNF), and Grenada
Sunburst System Corporation (GSSC) which are expected to be accounted for as
poolings of interests. Consummation of the BNF and GSSC acquisitions are
considered probable and both meet the test for a significant subsidiary. With
the exception of these two acquisitions, 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, May 18, 1994, July 1, 1994, and July 26, 1994 contain
audited financial statements, unaudited interim financial statements, and other
related information for BNF and GSSC. 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
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 278,116 $ 8,302 $ 151,570 $ 437,988
Interest-bearing deposits at financial
institutions 9,898 1,123 6,555 17,576
Federal funds sold and securities
purchased under agreements to resell 105,818 4,555 48,475 158,848
Trading account securities, at market 157,171 0 0 157,171
Loans held for resale 20,223 0 42,927 63,150
Investment securities
Available for sale, at fair value 2,259,418 43,167 235,587 2,538,172
Held to maturity, at amortized cost 548,498 33,236 512,403 1,094,137
Loans 3,110,439 212,750 1,865,558 5,188,747
Less: Unearned income (17,801) (4) (8,547) (26,352)
Allowance for losses on loans (87,099) (2,567) (35,572) (125,238)
----------- ----------- ----------- -----------
Net loans 3,005,539 210,179 1,821,439 5,037,157
Premises and equipment 145,528 6,795 59,737 212,060
Accrued interest receivable 55,093 2,345 19,824 77,262
Goodwill and other intangibles 43,529 5,442 7,504 56,475
Other assets 95,949 2,184 36,022 134,155
----------- ----------- ----------- -----------
Total assets $ 6,724,780 $ 317,328 $ 2,942,043 $ 9,984,151
=========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 815,335 $ 8,930 $ 433,887 $ 1,258,152
Certificates of deposit over $100,000 340,949 16,451 320,611 678,011
Other interest-bearing 4,455,613 254,661 1,860,890 6,571,164
----------- ----------- ----------- -----------
Total deposits 5,611,897 280,042 2,615,388 8,507,327
Short-term borrowings 234,235 332 29,282 263,849
FHLB advances 169,410 10,185 35,704 215,299
Long-term debt 117,161 0 4,775 121,936
Accrued interest, expenses, and taxes 50,591 1,093 10,995 62,679
Other liabilities 28,072 290 19,497 47,859
----------- ----------- ----------- -----------
Total liabilities 6,211,366 291,942 2,715,641 9,218,949
----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock
Convertible 87,298 0 0 87,298
Nonconvertible 17,250 0 0 17,250
Common stock 107,614 7,206 82,992 197,812
Additional paid-in capital 85,560 272 47,209 133,041
Net unrealized gain (loss) - available
for sale securities 103 468 (714) (143)
Retained earnings 215,589 17,440 96,915 329,944
----------- ----------- ----------- -----------
Total shareholders' equity 513,414 25,386 226,402 765,202
----------- ----------- ----------- -----------
Total liabilities and
shareholders' equity $ 6,724,780 $ 317,328 $ 2,942,043 $ 9,984,151
=========== =========== =========== ===========
</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 LBI ADJUSTMENTS TOTAL
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 2,098 $ 2,406 $ 3,798 $ 0 $ 8,302
Interest-bearing deposits at financial
institutions 674 0 449 0 1,123
Federal funds sold and securities
purchased under agreements to resell 0 355 17,700 (13,500) 4,555
Trading account securities, at market 0 0 0 0 0
Loans held for resale 0 0 0 0 0
Investment securities
Available for sale, at fair value 2,566 11,630 28,971 0 43,167
Held to maturity, at amortized cost 32,230 795 1,000 (789) 33,236
Loans 51,936 36,389 124,487 (62) 212,750
Less: Unearned income (105) 0 * 101 (4)
Allowance for losses on loans (793) (452) (1,322) 0 (2,567)
----------- ----------- ----------- ----------- -----------
Net loans 51,038 35,937 123,165 39 210,179
Premises and equipment 2,816 1,057 2,228 694 6,795
Accrued interest receivable 843 383 1,119 0 2,345
Goodwill and other intangibles 252 0 0 5,190 5,442
Other assets 618 164 1,909 (507) 2,184
----------- ----------- ----------- ----------- -----------
Total assets $ 93,135 $ 52,727 $ 180,339 $ (8,873) $ 317,328
=========== =========== =========== =========== ===========
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 39,475 148,470 306 254,661
----------- ----------- ----------- ----------- -----------
Total deposits 83,176 48,090 148,470 306 280,042
Short-term borrowings 0 0 332 0 332
FHLB advances 600 0 9,585 0 10,185
Long-term debt 0 0 0 0 0
Accrued interest, expenses, and taxes 278 275 819 (279) 1,093
Other liabilities 22 36 73 159 290
----------- ----------- ----------- ----------- -----------
Total liabilities 84,076 48,401 159,279 186 291,942
----------- ----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock
Convertible 0 0 0 0 0
Nonconvertible 0 0 0 0 0
Common stock 540 55 672 5,939 7,206
Additional paid-in capital 4,428 1,306 5,413 (10,875) 272
Net unrealized gain (loss)- available
for sale securities (29) 33 435 29 468
Retained earnings 4,120 2,932 14,540 (4,152) 17,440
----------- ----------- ----------- ----------- -----------
Total shareholders' equity 9,059 4,326 21,060 (9,059) 25,386
----------- ----------- ----------- ----------- -----------
Total liabilities and
shareholders' equity $ 93,135 $ 52,727 $ 180,339 $ (8,873) $ 317,328
=========== =========== =========== =========== ===========
</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>
EBI BNF GSSC OBION
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 2,501 $ 3,606 $ 138,601 $ 1,008
Interest-bearing deposits at financial
institutions 207 * 670 0
Federal funds sold and securities
purchased under agreements to resell 6,300 0 40,500 1,375
Trading account securities, at market 0 0 0 0
Loans held for resale 0 1,159 41,768 0
Investment securities
Available for sale, at fair value 120 95,440 133,023 3,613
Held to maturity, at amortized cost 15,921 7,519 450,462 12,439
Loans 16,494 162,827 1,597,741 9,671
Less: Unearned income (151) * (8,228) (168)
Allowance for losses on loans (336) (1,162) (33,094) (216)
----------- ----------- ----------- -----------
Net loans 16,007 161,665 1,556,419 9,287
Premises and equipment 978 4,887 49,218 155
Accrued interest receivable 0 1,977 17,847 *
Goodwill and other intangibles 0 0 6,250 79
Other assets 859 2,709 28,444 793
----------- ----------- ----------- -----------
Total assets $ 42,893 $ 278,962 $ 2,463,202 $ 28,749
=========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 5,747 $ * $ 410,169 $ 2,304
Certificates of deposit over $100,000 4,230 * 244,008 22,424
Other interest-bearing 25,484 225,935 1,561,837 *
----------- ----------- ----------- -----------
Total deposits 35,461 225,935 2,216,014 24,728
Short-term borrowings 0 0 27,585 0
FHLB advances 0 20,000 15,704 0
Long-term debt 0 0 * 0
Accrued interest, expenses, and taxes 257 1,838 8,900 *
Other liabilities 415 543 16,988 213
----------- ----------- ----------- -----------
Total liabilities 36,133 248,316 2,285,191 24,941
----------- ----------- ----------- -----------
Shareholders' equity
Preferred stock
Convertible 0 0 0 0
Nonconvertible 0 0 0 0
Common stock 1,000 18 9,493 200
Additional paid-in capital 2,000 11,184 102,965 300
Net unrealized gain (loss) - available
for sale securities 0 (481) (268) 51
Retained earnings 3,760 19,925 65,821 3,257
----------- ----------- ----------- -----------
Total shareholders' equity 6,760 30,646 178,011 3,808
----------- ----------- ----------- -----------
Total liabilities and
shareholders' equity $ 42,893 $ 278,962 $ 2,463,202 $ 28,749
=========== =========== =========== ===========
<CAPTION>
PRO FORMA COMBINED
MSB-ARK ADJUSTMENTS TOTAL
----------- ----------- -----------
ASSETS
<S> <C> <C> <C>
Cash and due from banks $ 5,854 $ 0 $ 151,570
Interest-bearing deposits at financial
institutions 5,678 0 6,555
Federal funds sold and securities
purchased under agreements to resell 300 0 48,475
Trading account securities, at market 0 0 0
Loans held for resale 0 0 42,927
Investment securities
Available for sale, at fair value 3,391 0 235,587
Held to maturity, at amortized cost 26,062 0 512,403
Loans 78,825 0 1,865,558
Less: Unearned income * 0 (8,547)
Allowance for losses on loans (764) 0 (35,572)
----------- ----------- -----------
Net loans 78,061 0 1,821,439
Premises and equipment 4,499 0 59,737
Accrued interest receivable * 0 19,824
Goodwill and other intangibles 1,175 0 7,504
Other assets 3,217 0 36,022
----------- ----------- -----------
Total assets $ 128,237 $ 0 $ 2,942,043
=========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing $ 15,667 $ 0 $ 433,887
Certificates of deposit over $100,000 49,949 0 320,611
Other interest-bearing 47,634 0 1,860,890
----------- ----------- -----------
Total deposits 113,250 0 2,615,388
Short-term borrowings 1,697 0 29,282
FHLB advances * 0 35,704
Long-term debt 4,775 0 4,775
Accrued interest, expenses, and taxes * 0 10,995
Other liabilities 1,338 0 19,497
----------- ----------- -----------
Total liabilities 121,060 0 2,715,641
----------- ----------- -----------
Shareholders' equity
Preferred stock
Convertible 0 0 0
Nonconvertible 0 0 0
Common stock 1,294 70,987 82,992
Additional paid-in capital 941 (70,181) 47,209
Net unrealized gain (loss) - available
for sale securities (16) 0 (714)
Retained earnings 4,958 (806) 96,915
----------- ----------- -----------
Total shareholders' equity 7,177 0 226,402
----------- ----------- -----------
Total liabilities and
shareholders' equity $ 128,237 $ 0 $ 2,942,043
=========== =========== ===========
</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
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 63,792 $ 1,283 $ 3,283 $ 37,193 $ 105,551
Interest on investment securities
Taxable 27,080 529 607 8,459 36,675
Tax-exempt 6,843 26 9 1,308 8,186
Interest on deposits at financial institutions 122 5 0 92 219
Interest on federal funds sold and securities
purchased under agreements to resell 861 (127) 5 296 1,035
Interest on trading account securities 1,759 0 0 0 1,759
Interest on loans held for resale 581 0 0 944 1,525
------------- ------------- ------------- ------------- -------------
Total interest income 101,038 1,716 3,904 48,292 154,950
------------- ------------- ------------- ------------- -------------
Interest expense
Interest on deposits 36,622 863 1,663 17,270 56,418
Interest on short-term borrowings 1,884 7 1 220 2,112
Interest on FHLB advances and long-term debt 3,639 0 117 580 4,336
------------- ------------- ------------- ------------- -------------
Total interest expense 42,145 870 1,781 18,070 62,866
------------- ------------- ------------- ------------- -------------
Net interest income 58,893 846 2,123 30,222 92,084
Provision for losses on loans - 143 44 815 1,002
------------- ------------- ------------- ------------- -------------
Net interest income after provision
for losses on loans 58,893 703 2,079 29,407 91,082
------------- ------------- ------------- ------------- -------------
Noninterest income
Service charges on deposit accounts 7,515 44 226 4,634 12,419
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 6 1,561
Profits and commissions on trading activities 1,489 0 0 0 1,489
Investment securities gains 100 0 30 (65) 65
Other income 5,621 10 110 3,571 9,312
------------- ------------- ------------- ------------- -------------
Total noninterest income 19,914 54 366 8,146 28,480
------------- ------------- ------------- ------------- -------------
Noninterest expense
Salaries and employee benefits 24,521 284 761 14,416 39,982
Net occupancy expense 4,298 52 189 2,178 6,717
Equipment expense 4,339 49 39 1,913 6,340
Other expense 21,076 416 449 8,283 30,224
------------- ------------- ------------- ------------- -------------
Total noninterest expense 54,234 801 1,438 26,790 83,263
------------- ------------- ------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 24,573 (44) 1,007 10,763 36,299
Applicable income taxes 7,233 58 363 3,490 11,144
------------- ------------- ------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 17,340 $ (102) $ 644 $ 7,273 $ 25,155
============= ============= ============= ============= =============
Earnings per common share
Primary $ .70 $ .58
Fully diluted .65 .56
Weighted average shares outstanding
(in thousands)
Primary 21,636 39,675
Fully diluted 26,117 44,257
</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 $ (6) $ 1,283
Interest on investment securities
Taxable 436 5 88 529
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 (133) (127)
Interest on trading account securities 0 0
Interest on loans held for resale 0 0
------------- ------------- ------------- -------------
Total interest income 1,505 262 (51) 1,716
------------- ------------- ------------- -------------
Interest expense
Interest on deposits 787 110 (34) 863
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 (34) 870
------------- ------------- ------------- -------------
Net interest income 711 152 (17) 846
Provision for losses on loans 3 140 0 143
------------- ------------- ------------- -------------
Net interest income after provision
for losses on loans 708 12 (17) 703
------------- ------------- ------------- -------------
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 * 7 52
Equipment expense 54 31 (36) 49
Other expense 267 56 93 416
------------- ------------- ------------- -------------
Total noninterest expense 591 146 64 801
------------- ------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 150 (113) (81) (44)
Applicable income taxes (credit) 54 0 4 58
------------- ------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 96 $ (113) $ (85) $ (102)
============= ============= ============= =============
</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 LBI TOTAL
------------- ------------- -------------
<S> <C> <C> <C>
Interest income
Interest and fees on loans $ 710 $ 2,573 $ 3,283
Interest on investment securities
Taxable 151 456 607
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 3,029 3,904
------------- ------------- -------------
Interest expense
Interest on deposits 341 1,322 1,663
Interest on short-term borrowings 0 1 1
Interest on FHLB advances and long-term debt 0 117 117
------------- ------------- -------------
Total interest expense 341 1,440 1,781
------------- ------------- -------------
Net interest income 534 1,589 2,123
Provision for losses on loans 17 27 44
------------- ------------- -------------
Net interest income after provision
for losses on loans 517 1,562 2,079
------------- ------------- -------------
Noninterest income
Service charges on deposit accounts 47 179 226
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
Investment securities gains 0 30 30
Other income 28 82 110
------------- ------------- -------------
Total noninterest income 75 291 366
------------- ------------- -------------
Noninterest expense
Salaries and employee benefits 166 595 761
Net occupancy expense * 189 189
Equipment expense 39 * 39
Other expense 126 323 449
------------- ------------- -------------
Total noninterest expense 331 1,107 1,438
------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 261 746 1,007
Applicable income taxes 102 261 363
------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 159 $ 485 $ 644
============= ============= =============
</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>
EBI BNF OBION GSSC
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 531 $ 3,208 $ 214 $ 31,767
Interest on investment securities
Taxable 161 1,474 202 6,304
Tax-exempt 15 * 32 1,250
Interest on deposits at financial institutions 8 * * 4
Interest on federal funds sold and securities
purchased under agreements to resell 55 * 15 221
Interest on trading account securities 0 * * *
Interest on loans held for resale 0 * * 944
------------- ------------- ------------- -------------
Total interest income 770 4,682 463 40,490
------------- ------------- ------------- -------------
Interest expense
Interest on deposits 234 1,917 203 14,238
Interest on short-term borrowings 0 0 0 217
Interest on FHLB advances and long-term debt 0 240 0 258
------------- ------------- ------------- -------------
Total interest expense 234 2,157 203 14,713
------------- ------------- ------------- -------------
Net interest income 536 2,525 260 25,777
Provision for losses on loans 0 0 0 800
------------- ------------- ------------- -------------
Net interest income after provision
for losses on loans 536 2,525 260 24,977
------------- ------------- ------------- -------------
Noninterest income
Service charges on deposit accounts 67 142 22 4,261
Bank card income 0 0 0 0
Mortgage servicing income 0 0 0 0
Trust service income 0 0 0 0
Profits and commissions on trading activities 0 0 0 0
Investment securities gains 1 18 0 (86)
Other income 16 159 11 3,233
------------- ------------- ------------- -------------
Total noninterest income 84 319 33 7,408
------------- ------------- ------------- -------------
Noninterest expense
Salaries and employee benefits 172 752 97 12,899
Net occupancy expense * 197 20 1,790
Equipment expense 39 * * 1,874
Other expense 114 660 52 7,048
------------- ------------- ------------- -------------
Total noninterest expense 325 1,609 169 23,611
------------- ------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 295 1,235 124 8,774
Applicable income taxes 117 453 54 2,752
------------- ------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 178 $ 782 $ 70 $ 6,022
============= ============= ============= =============
<CAPTION>
PRO FORMA
MSB-ARK ADJUSTMENTS TOTAL
------------- ------------- -------------
<S> <C> <C> <C>
Interest income
Interest and fees on loans $ 1,473 $ $ 37,193
Interest on investment securities
Taxable 318 0 8,459
Tax-exempt 11 0 1,308
Interest on deposits at financial institutions 80 0 92
Interest on federal funds sold and securities 0
purchased under agreements to resell 5 0 296
Interest on trading account securities * 0 0
Interest on loans held for resale * 0 944
------------- ------------- -------------
Total interest income 1,887 0 48,292
------------- ------------- -------------
Interest expense
Interest on deposits 678 17,270
Interest on short-term borrowings 3 220
Interest on FHLB advances and long-term debt 82 580
------------- ------------- -------------
Total interest expense 763 0 18,070
------------- ------------- -------------
Net interest income 1,124 0 30,222
Provision for losses on loans 15 0 815
------------- ------------- -------------
Net interest income after provision
for losses on loans 1,109 0 29,407
------------- ------------- -------------
Noninterest income
Service charges on deposit accounts 142 0 4,634
Bank card income 0 0 0
Mortgage servicing income 0 0 0
Trust service income 6 0 6
Profits and commissions on trading activities 0 0 0
Investment securities gains 2 0 (65)
Other income 152 0 3,571
------------- ------------- -------------
Total noninterest income 302 0 8,146
------------- ------------- -------------
Noninterest expense
Salaries and employee benefits 496 0 14,416
Net occupancy expense 171 0 2,178
Equipment expense * 0 1,913
Other expense 409 0 8,283
------------- ------------- -------------
Total noninterest expense 1,076 0 26,790
------------- ------------- -------------
Earnings before income taxes, extraordinary
items, and accounting changes 335 0 10,763
Applicable income taxes 114 0 3,490
------------- ------------- -------------
Earnings before extraordinary items
and accounting changes $ 221 $ 0 $ 7,273
============= ============= =============
</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
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 241,072 $ 10,045 $ 29,665 $ 145,811 $ 426,593
Interest on investment securities
Taxable 116,025 2,848 10,210 38,023 167,106
Tax-exempt 24,448 320 499 5,611 30,878
Interest on deposits at financial institution 1,634 1 167 486 2,288
Interest on federal funds sold and securities
purchased under agreements to resell 4,602 (478) 853 753 5,730
Interest on trading account securities 6,194 0 0 0 6,194
Interest on loans held for resale 3,239 0 0 4,096 7,335
------------ ------------ ------------ ------------ ------------
Total interest income 397,214 12,736 41,394 194,780 646,124
------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 146,800 6,273 18,577 70,990 242,640
Interest on short-term borrowings 6,287 0 284 949 7,520
Interest on FHLB advances and long-term debt 11,460 15 118 2,178 13,771
------------ ------------ ------------ ------------ ------------
Total interest expense 164,547 6,288 18,979 74,117 263,931
------------ ------------ ------------ ------------ ------------
Net interest income 232,667 6,448 22,415 120,663 382,193
Provision for losses on loans 9,689 3,128 1,534 6,911 21,262
------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 222,978 3,320 20,881 113,752 360,931
------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 28,721 578 2,150 18,952 50,401
Profits and commissions on trading activities 8,720 0 51 0 8,771
Investment securities gains 4,581 239 118 (46) 4,892
Other income 44,715 243 1,649 14,969 61,576
------------ ------------ ------------ ------------ ------------
Total noninterest income 86,737 1,060 3,968 33,875 125,640
------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 98,920 1,989 9,296 54,710 164,915
Net occupancy expense 15,909 402 1,979 9,293 27,583
Equipment expense 15,735 380 250 7,307 23,672
Other expense 93,916 3,365 8,460 30,748 136,489
------------ ------------ ------------ ------------ ------------
Total noninterest expense 224,480 6,136 19,985 102,058 352,659
------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 85,235 (1,756) 4,864 45,569 133,912
Applicable income taxes 23,967 624 1,734 14,606 40,931
------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 61,268 $ (2,380) $ 3,130 $ 30,963 $ 92,981
============ ============ ============ ============ ============
Earnings per common share
Primary $ 2.69 $ 2.12
Fully diluted 2.49 2.06
Weighted average shares outstanding
(in thousands)
Primary 19,622 39,630
Fully diluted 23,852 44,228
</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)
============ ============ ============ ============ ============
<CAPTION>
PRO FORMA PURCHASE
FCB ERIN ADJUSTMENTS TOTAL
-------------- ------------ ------------ ------------
Interest income
<S> <C> <C> <C> <C>
Interest and fees on loans $ 330 $ 614 $ (131) $ 10,045
Interest on investment securities
Taxable 30 381 181 2,848
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 (599) (478)
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 (549) 12,736
------------ ------------ ------------ ------------
Interest expense
Interest on deposits 153 455 (270) 6,273
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 (270) 6,288
------------ ------------ ------------ ------------
Net interest income 210 751 (279) 6,448
Provision for losses on loans 0 21 0 3,128
------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 210 730 (279) 3,320
------------ ------------ ------------ ------------
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 (1) 402
Equipment expense 17 * (139) 380
Other expense 288 218 503 3,365
------------ ------------ ------------ ------------
Total noninterest expense 485 416 363 6,136
------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes (238) 368 (642) (1,756)
Applicable income taxes (credit) 0 109 86 624
------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ (238) $ 259 $ (728) $ (2,380)
============ ============ ============ ============
</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 LBI TOTAL
------------ ------------ ------------ ------------ ------------
Interest income
<S> <C> <C> <C> <C> <C>
Interest and fees on loans $ 9,839 $ 6,207 $ 2,687 $ 10,932 $ 29,665
Interest on investment securities
Taxable 2,871 5,225 636 1,478 10,210
Tax-exempt 439 36 24 * 499
Interest on deposits at financial institution 1 111 2 53 167
Interest on federal funds sold and securities
purchased under agreements to resell 196 121 60 476 853
Interest on trading account securities 0 0 0 0 0
Interest on loans held for resale 0 0 0 0 0
------------ ------------ ------------ ------------ ------------
Total interest income 13,346 11,700 3,409 12,939 41,394
------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 5,887 5,311 1,397 5,982 18,577
Interest on short-term borrowings 281 1 2 0 284
Interest on FHLB advances and long-term debt 0 0 0 118 118
------------ ------------ ------------ ------------ ------------
Total interest expense 6,168 5,312 1,399 6,100 18,979
------------ ------------ ------------ ------------ ------------
Net interest income 7,178 6,388 2,010 6,839 22,415
Provision for losses on loans 1,147 0 128 259 1,534
------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 6,031 6,388 1,882 6,580 20,881
------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 938 636 194 382 2,150
Profits and commissions on trading activities 0 0 51 0 51
Investment securities gains (losses) (185) 287 4 12 118
Other income 515 170 131 833 1,649
------------ ------------ ------------ ------------ ------------
Total noninterest income 1,268 1,093 380 1,227 3,968
------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 2,882 3,724 688 2,002 9,296
Net occupancy expense 1,040 423 127 389 1,979
Equipment expense * 250 * * 250
Other expense 3,068 2,953 414 2,025 8,460
------------ ------------ ------------ ------------ ------------
Total noninterest expense 6,990 7,350 1,229 4,416 19,985
------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 309 131 1,033 3,391 4,864
Applicable income taxes (credit) (15) 85 363 1,301 1,734
------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 324 $ 46 $ 670 $ 2,090 $ 3,130
============ ============ ============ ============ ============
</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>
EBI BNF OBION GSSC MSB-ARK
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 3,073 $ 13,187 $ 928 $ 122,482 $ 6,141
Interest on investment securities
Taxable 450 6,574 818 29,036 1,145
Tax-exempt 67 * 128 5,377 39
Interest on deposits at financial institution 40 * * 108 338
Interest on federal funds sold and securities
purchased under agreements to resell 189 * 46 490 28
Interest on trading account securities 0 * * * *
Interest on loans held for resale 0 * * 4,096 *
------------ ------------ ------------ ------------ ------------
Total interest income 3,819 19,761 1,920 161,589 7,691
------------ ------------ ------------ ------------ ------------
Interest expense
Interest on deposits 914 7,687 799 58,710 2,880
Interest on short-term borrowings 0 0 0 943 6
Interest on FHLB advances and long-term debt 0 898 0 895 385
------------ ------------ ------------ ------------ ------------
Total interest expense 914 8,585 799 60,548 3,271
------------ ------------ ------------ ------------ ------------
Net interest income 2,905 11,176 1,121 101,041 4,420
Provision for losses on loans 0 54 - 6,815 42
------------ ------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 2,905 11,122 1,121 94,226 4,378
------------ ------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 295 553 53 17,258 793
Profits and commissions on trading activities 0 0 0 0 0
Investment securities gains 10 151 (2) (237) 32
Other income 38 475 57 13,814 585
------------ ------------ ------------ ------------ ------------
Total noninterest income 343 1,179 108 30,835 1,410
------------ ------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 970 2,730 384 48,733 1,893
Net occupancy expense 190 1,183 64 7,100 756
Equipment expense * * * 7,307 *
Other expense 864 1,926 244 26,222 1,492
------------ ------------ ------------ ------------ ------------
Total noninterest expense 2,024 5,839 692 89,362 4,141
------------ ------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 1,224 6,462 537 35,699 1,647
Applicable income taxes 472 2,366 176 11,087 505
------------ ------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 752 $ 4,096 $ 361 $ 24,612 $ 1,142
============ ============ ============ ============ ============
<CAPTION>
PRO FORMA PROBABLE
ADJUSTMENTS TOTAL
------------ ------------
<S> <C> <C>
Interest income
Interest and fees on loans $ 0 $ 145,811
Interest on investment securities
Taxable 0 38,023
Tax-exempt 5,611
Interest on deposits at financial institution 0 486
Interest on federal funds sold and securities 0
purchased under agreements to resell 0 753
Interest on trading account securities 0 0
Interest on loans held for resale 0 4,096
------------ ------------
Total interest income 0 194,780
------------ ------------
Interest expense
Interest on deposits 0 70,990
Interest on short-term borrowings 0 949
Interest on FHLB advances and long-term debt 0 2,178
------------ ------------
Total interest expense 0 74,117
------------ ------------
Net interest income 0 120,663
Provision for losses on loans 0 6,911
------------ ------------
Net interest income after provision
for losses on loans 0 113,752
------------ ------------
Noninterest income
Service charges on deposit accounts 0 18,952
Profits and commissions on trading activities 0 0
Investment securities gains 0 (46)
Other income 0 14,969
------------ ------------
Total noninterest income 0 33,875
------------ ------------
Noninterest expense
Salaries and employee benefits 0 54,710
Net occupancy expense 0 9,293
Equipment expense 0 7,307
Other expense 0 30,748
------------ ------------
Total noninterest expense 0 102,058
------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 0 45,569
Applicable income taxes 14,606
------------ ------------
Earnings before extraordinary items
and accounting changes $ 0 $ 30,963
============ ============
</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
FOR THE YEAR-ENDED DECEMBER 31, 1992
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA
UPC BNF GSSC TOTAL
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 198,197 $ 14,028 $ 103,751 $ 315,976
Interest on investment securities
Taxable 106,139 7,221 29,407 142,767
Tax-exempt 16,148 * 6,090 22,238
Interest on deposits at financial institutions 3,999 * 916 4,915
Interest on federal funds sold and securities
purchased under agreements to resell 4,280 0 970 5,250
Interest on trading account securities 6,648 0 0 6,648
Interest on loans held for resale 3,457 * 3,689 7,146
------------ ------------ ------------ ------------
Total interest income 338,868 21,249 144,823 504,940
------------ ------------ ------------ ------------
Interest expense
Interest on deposits 137,605 9,527 61,903 209,035
Interest on short-term borrowings 6,942 0 1,098 8,040
Interest on FHLB advances and long-term debt 4,868 621 66 5,555
------------ ------------ ------------ ------------
Total interest expense 149,415 10,148 63,067 222,630
------------ ------------ ------------ ------------
Net interest income 189,453 11,101 81,756 282,310
Provision for losses on loans 18,557 637 7,988 27,182
------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 170,896 10,464 73,768 255,128
------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 20,843 492 14,255 35,590
Profits and commissions from trading activities 10,168 0 0 10,168
Investment securities gains 13,246 117 656 14,019
Other income 40,700 546 10,424 51,670
------------ ------------ ------------ ------------
Total noninterest income 84,957 1,155 25,335 111,447
------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 74,772 2,473 39,519 116,764
Net occupancy expense 13,136 961 5,892 19,989
Equipment expense 12,225 * 5,961 18,186
Other expense 99,085 2,186 23,254 124,525
------------ ------------ ------------ ------------
Total noninterest expense 199,218 5,620 74,626 279,464
------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 56,635 5,999 24,477 87,111
Applicable income taxes 15,196 2,415 6,250 23,861
------------ ------------ ------------ ------------
Earnings before extraordinary items
and accounting changes $ 41,439 $ 3,584 $ 18,227 $ 63,250
============ ============ ============ ============
Earnings per common share
Primary $ 2.10 $ 1.77
Fully diluted 2.02 1.75
Weighted average shares outstanding
(in thosands)
Primary 16,765 32,305
Fully diluted 19,609 35,149
</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
FOR THE YEAR-ENDED DECEMBER 31, 1991
(Dollars in thousands)
<TABLE>
<CAPTION>
PRO FORMA
UPC BNF GSSC TOTAL
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $ 213,222 $ 14,445 $ 114,269 $ 341,936
Interest on investment securities
Taxable 79,253 7,086 35,612 121,951
Tax-exempt 13,354 * 6,620 19,974
Interest on deposits at financial institutions 7,525 * 2,373 9,898
Interest on federal funds sold and securities
purchased under agreements to resell 6,606 0 2,185 8,791
Interest on trading account securities 5,419 0 0 5,419
Interest on loans held for resale 4,671 * 1,479 6,150
------------ ------------ ------------ ------------
Total interest income 330,050 21,531 162,538 514,119
------------ ------------ ------------ ------------
Interest expense
Interest on deposits 160,252 13,043 86,223 259,518
Interest on short-term borrowings 12,809 0 1,574 14,383
Interest on FHLB advances and long-term debt 4,974 30 192 5,196
------------ ------------ ------------ ------------
Total interest expense 178,035 13,073 87,989 279,097
------------ ------------ ------------ ------------
Net interest income 152,015 8,458 74,549 235,022
Provision for losses on loans 24,835 446 8,922 34,203
------------ ------------ ------------ ------------
Net interest income after provision
for losses on loans 127,180 8,012 65,627 200,819
------------ ------------ ------------ ------------
Noninterest income
Service charges on deposit accounts 19,394 474 13,758 33,626
Profits and commissions from trading activities 14,707 0 0 14,707
Investment securities gains 3,344 47 (767) 2,624
Other income 33,705 410 7,017 41,132
------------ ------------ ------------ ------------
Total noninterest income 71,150 931 20,008 92,089
------------ ------------ ------------ ------------
Noninterest expense
Salaries and employee benefits 69,756 2,197 36,537 108,490
Net occupancy expense 10,556 987 5,871 17,414
Equipment expense 10,627 * 5,450 16,077
Other expense 73,832 1,646 21,016 96,494
------------ ------------ ------------ ------------
Total noninterest expense 164,771 4,830 68,874 238,475
------------ ------------ ------------ ------------
Earnings before income taxes, extraordinary
items, and accounting changes 33,559 4,113 16,761 54,433
Applicable income taxes 6,051 1,487 3,999 11,537
------------ ------------ ------------ ------------
Earnings before extraordinary items $ 27,508 $ 2,626 $ 12,762 $ 42,896
and accounting changes ============ ============ ============ ============
Earnings per common share
Primary $ 1.59 $ 1.30
Fully diluted 1.58 1.30
Weighted average shares outstanding
(in thousands)
Primary 16,632 32,172
Fully diluted 16,986 32,526
</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
acquisitions of BNF BANCORP, INC. (formerly BANCFIRST Corporation) (BNF) and
Grenada Sunburst System Corporation (GSSC) which are 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 and GSSC, 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 JULY 26, 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., 4/1/94 217,768 48
Parent Company of First National
Bank of Clinton in Clinton, AR (CBI)
Liberty Bancshares, Inc., 7/1/94 1,223,353 180
Parent Company of Liberty
Federal Savings Bank in
Paris, Tennessee (LBI)
--------- -----
Total 3,255,549 $ 585
========= =====
</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 JULY 26, 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 $ 2.6 $ .7 $ 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 JULY 26, 1994
<TABLE>
<CAPTION>
METHOD OF TOTAL
INSTITUTION CONSIDERATION ACCOUNTING ASSETS
- - --------------------------------- ------------- ---------- ------
(IN MILLIONS)
<S> <C> <C> <C>
Earle Bancshares, Inc., Approximately Pooling of 40
Parent Company of 320,000 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
Grenada Sunburst System Approximately Pooling of 2,463
Corporation, Parent Company of 13,486,000 shares Interests
Sunburst Bank, Mississippi, in the Corporation's
Grenada; and Sunburst Bank, Common Stock
Louisiana, in Baton Rouge (GSSC)
Mid South Bancshares, Inc., Approximately Pooling of 128
Parent Company of Security Bank 523,000 shares of Interests
in Paragould, Arkansas, and the Corporation's
Farmers and Merchants Bank in Common Stock
Rey, Arkansas (MSB-ARK)
Commercial Bancorp, Inc., Approximately Pooling of 29
Parent Company of The Commercial 185,000 shares of Interests
Bank of Obion, Tennessee (Obion) the Corporation's
Common Stock
</TABLE>
NOTE 2. REORGANIZATION OF UPNB
As of July 1, 1994, the Corporation formed four new regional bank
subsidiaries, Union Planters Bank of East Tennessee, N.A. (Knoxville), Union
Planters Bank of Middle Tennessee, N.A. (Nashville), Union Planters Bank of
Chattanooga, N.A. (Chattanooga), and Union Planters Bank of Jackson, N.A.
(Jackson) (collectively, the Regional Banks). UPC injected equity of $101.7
million into the Regional Banks with a majority of the funds ($98 million)
provided by a dividend from Union Planters National Bank (UPNB). Each of the
Regional Banks purchased from UPNB, at book value, substantially all of the
assets and assumed the liabilities of the UPNB branches located in its region.
While the separation of the branches previously held by UPNB had no material
impact on the consolidated financial condition of UPC, it will promote the
identification of individual branch operations within their local communities.
UPNB continues to operate branches located in Memphis and West Tennessee.
NOTE 3. EARNINGS CONSIDERATIONS RELATED TO PENDING ACQUISITIONS AND
REORGANIZATIONS
In connection with pending acquisitions and reorganizations, including
the reorganization of UPNB, UPC anticipates that possible significant expenses
(e.g., elimination of duplicate facilities, staff reductions, elimination of
duplicate functions, write-off of impaired assets, etc.) may be incurred in the
third and fourth quarters of 1994 upon completion of ongoing financial, due
diligence, and strategic reviews and assessments of the post-merger operating
environment of the Corporation. It is preliminarily estimated that at least
$2 million will be incurred in the third quarter. Any additional charges which
may be incurred in either the third or fourth quarter as a result of the
completion of the studies cannot be estimated at this time. Additionally,
management
-19-
<PAGE> 23
of the Corporation expects significant future cost savings from the combined
operations of the Corporation and GSSC once that acquisition is consummated.
Preliminary studies indicate that there are significant savings opportunities
and management expects that they will be realized once the recommendations are
implemented; however, the final savings which may actually be realized cannot
be estimated at this time.
NOTE 4. 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.
-20-
<PAGE> 24
UNION PLANTERS CORPORATION AND SUBSIDIARIES
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 $ (13,500)
(2) INVESTMENT SECURITIES - HELD TO MATURITY
FAIR VALUE ADJUSTMENT (789)
(3) LOANS (62)
FAIR VALUE ADJUSTMENT
(4) UNEARNED INCOME
WRITEOFF UNEARNED LOAN FEES 101
(5) PREMISES AND EQUIPMENT
FAIR VALUE ADJUSTMENT
WRITEOFF COMPUTER SOFTWARE AND EQUIPMENT $1,112
(418)
---------
TOTAL 694
(6) GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER 5,435
WRITEOFF EXISTING GOODWILL (245)
---------
TOTAL 5,190
(7) OTHER ASSETS
MISCELLANEOUS ADJUSTMENTS (507)
(8) OTHER INTEREST BEARING DEPOSITS
FAIR VALUE ADJUSTMENT (306)
(9) ACCRUED INTEREST, EXPENSES, AND TAXES
MISCELLANEOUS ADJUSTMENTS 279
(10) OTHER LIABILITIES
MISCELLANEOUS ADJUSTMENTS (INCLUDES OPEB
ADJUSTMENT AND OTHER MISCELLANEOUS LIABILITIES) (159)
(11) COMMON STOCK
TO ELIMINATE COMMON STOCK 1,267
ISSUANCE OF COMMON STOCK (7,206)
---------
TOTAL (5,939)
(12) ADDITIONAL PAID-IN CAPITAL
TO ELIMINATE SURPLUS 11,147
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF
STOCK ISSUED (272)
---------
TOTAL 10,875
(13) NET UNREALIZED GAIN/LOSS-AFS SECURITIES
TO ELIMINATE NET UNREALIZED GAIN/LOSS 29
(14) RETAINED EARNINGS
TO ELIMINATE RETAINED EARNINGS 4,120
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF
STOCK ISSUED 32
---------
TOTAL 4,152
---------
TOTAL $ 0
=========
</TABLE>
-21-
<PAGE> 25
UNION PLANTERS CORPORATION AND SUBSIDIARIES
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 $ 12,005
ISSUANCE OF COMMON STOCK (82,992)
--------
TOTAL (70,987)
(2) ADDITIONAL PAID-IN CAPITAL
TO ELIMINATE SURPLUS 117,421
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED (47,240)
--------
TOTAL 70,181
(3) RETAINED EARNINGS
TO ELIMINATE RETAINED EARNINGS 0
EXCESS OF TOTAL EQUITY OVER PAR/STATED VALUE OF STOCK ISSUED 806
--------
TOTAL 806
---------
TOTAL $ 0
=========
</TABLE>
-22-
<PAGE> 26
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 $ 6 $ 131
(2) INTEREST INCOME - INVESTMENT SECURITIES
AMORTIZATION OF THE NET WRITE-UP OF INVESTMENT SECURITIES
TO FAIR MARKET VALUE (88) (181)
(3) INCOME - FEDERAL FUNDS SOLD
REDUCTION OF INTEREST INCOME FROM THE LIQUIDATION OF
SHORT-TERM INVESTMENTS TO FUND THE PURCHASE PRICE 133 599
(4) INTEREST EXPENSE - DEPOSITS
AMORTIZATION OF THE WRITE-UP OF DEPOSITS TO FAIR MARKET VALUE (34) (270)
(5) NET OCCUPANCY EXPENSE
AMORTIZATION OF FAIR VALUE ADJUSTMENT $ 7 $ 29
ADJUST DEPRECIATION DUE TO WRITE-DOWN OF EQUIPMENT - 30
REVERSAL OF DEPRECIATION DUE TO THE ALLOCATION OF NEGATIVE GOODWILL - (60)
---- -----
TOTAL 7 (1)
(6) EQUIPMENT EXPENSE
ADJUST DEPRECIATION DUE TO THE SALE OF IDLE ASSETS (1) -
ADJUST DEPRECIATION DUE TO WRITE-DOWN OF EQUIPMENT (35) (139)
---- -----
TOTAL (36) (139)
(7) OTHER EXPENSE
GOODWILL AND OTHER INTANGIBLES AMORTIZATION 93 503
(8) APPLICABLE INCOME TAXES
TAX EFFECT OF ABOVE ADJUSTMENTS, EXCLUDING THE AMORTIZATION OF
GOODWILL, ASSSUMING A 39% TAX RATE 4 86
--------- -----
TOTAL $ 85 $ 728
--------- -----
</TABLE>
-23-
<PAGE> 27
NOTE 4. 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.
As Adjusted for the
Actual Acquisitions
-------- -------------------
Shareholders' Equity
to Assets 7.63% 7.66%
Leverage Ratio 7.22% 7.29%
Tier 1 Capital to
risk-weighted assets* 14.91% 13.82%
Total Capital to
risk-weighted assets* 18.48% 16.45%
*Based on estimated risk-weighted assets of the acquisitions consummated
subsequent to March 31, 1994, and all pending acquisitions.
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