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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
July 28, 1995 (July 27, 1995)
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Date of Report (Date of earliest event reported)
UNION PLANTERS CORPORATION
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(Exact name of registrant as specified in charter)
TENNESSEE 0-10160 62-0859007
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(State of incorporation) (Commission (I.R.S. Employer
File Number) Identification No.)
UNION PLANTERS ADMINISTRATIVE CENTER
7130 GOODLETT FARMS PARKWAY
MEMPHIS, TENNESSEE 38018
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(Address of principal executive offices)
Registrant's telephone number, including area code: (901) 383-6000
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On July 27, 1995, Union Planters Corporation announced operating results
for the second quarter of 1995. A copy of the Corporation's press release
announcing the results is attached as Exhibit 99(a) and is incorporated by
reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS, AND EXHIBITS
C. Exhibits
99(a) Union Planters Corporation Press Release dated
July 27, 1995, announcing operating results for
the second quarter of 1995.
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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
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Registrant
Date: July 28, 1995 /s/ Jack W. Parker
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Jack W. Parker
Executive Vice President and
Chief Financial Officer
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EXHIBIT 99(A)
Union Planters Corporation Press Release
dated July 27, 1995, announcing operating results for
the second quarter of 1995
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JACK W. PARKER, CFO JULY 27, 1995
(901) 383-6781
UNION PLANTERS CORPORATION ANNOUNCES SECOND QUARTER EARNINGS
INCREASE OF TWENTY NINE PERCENT
Memphis, Tennessee -- Union Planters Corporation today announced record
second quarter net earnings of $33.9 million, or $.75 per fully diluted share.
This represents a 29% increase compared to net earnings for the second quarter
of 1994 of $26.3 million, or $.58 per fully diluted share. Returns on average
assets and average common equity for the second quarter of 1995 were 1.39% and
18.38%, respectively, compared to 1.05% and 14.43%, respectively, for the same
period in 1994.
Net earnings for the six months ended June 30, 1995 were $66.9 million, or
$1.49 per fully diluted share. This compares to net earnings of $51.6 million,
or $1.14 per fully diluted share, for the same period in 1994.
The improved operating results are attributable to an increase in net
interest income and noninterest income and to basically unchanged noninterest
expenses. Benjamin W. Rawlins Jr., Chairman and Chief Executive Officer of
Union Planters Corporation, stated, "We are pleased with our second quarter and
year to date results. Each of our affiliate banks has worked hard to both
improve productivity and increase market share. These results represent record
levels of earnings and profitability for our Company."
Net interest income increased $2.0 million over the first quarter of 1995
to $100.5 million and was $3.5 million higher than
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the second quarter of 1994. The increase resulted from loan growth, a higher
net interest margin, and a higher investment portfolio yield. Average loans grew
1.6% over the first quarter of this year and grew 14.7% over the second quarter
of 1994. The growth in loans outstanding from June 30, 1994 to June 30, 1995
was as follows: commercial loans increased approximately $100 million, real
estate loans increased approximately $255 million, and consumer loans increased
approximately $345 million. The net interest margin was 4.66% for the second
quarter compared to 4.59% and 4.42%, respectively, for the first quarter of 1995
and the second quarter of 1994. The yield on the investment portfolio was 6.87%
for the second quarter of 1995 compared to 6.62% for the first quarter of this
year and 5.71% for the second quarter of 1994. The higher level of interest
income from loans and investment securities was partially offset by an increase
in the cost of interest-bearing liabilities, primarily deposits.
Noninterest income increased $3.3 million over the first quarter of 1995
to $37.6 million and increased $9.3 million over the second quarter of 1994.
The growth is attributable to service charges on deposit accounts, bank card
income, and profits and commissions from the SBA trading operations.
Noninterest expenses increased 3% over the first quarter of 1995 to $86.0
million (primarily relating to bank card and SBA trading operations) and were
basically unchanged from the second quarter of 1994.
The provision for losses on loans was $2.0 million for the second quarter
of 1995 compared to $1.7 million for the first
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quarter of 1995 and $985,000 for the second quarter of 1994. At June 30, 1995
the allowance for losses on loans was 1.95% of loans and approximately 475% of
nonperforming loans. Nonperforming assets at June 30, 1995 were $31.0 million,
or .51% of loans and foreclosed properties. This compares to $28.6 million, or
.48% of loans and foreclosed properties, at March 31, 1995 and $33.9 million, or
.63% of loans and foreclosed properties, at June 30, 1994.
Union Planters Corporation ended the quarter with total assets of $9.7
billion, total loans of $6.1 billion and total deposits of $8.3 billion.
Shareholders' equity at quarter end was $812 million and Union Planters' equity
to assets and leverage ratios were 8.33% and 7.96%, respectively.
Union Planters Corporation, headquartered in Memphis, Tennessee, is a $9.7
billion multi-state holding company. Union Planters has 34 banking
subsidiaries with 379 banking locations in Tennessee, Mississippi, Arkansas,
Louisiana, Alabama, and Kentucky.
[Two Page Financial Attachment Follows]
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UNION PLANTERS CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
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INCOME STATEMENT AMOUNTS
Net interest income
Actual $ 100,538 $ 97,064 $ 199,089 $ 188,528
Taxable-equivalent basis 104,701 102,412 207,539 197,708
Provision for losses on loans 2,000 985 3,686 1,800
Noninterest income
Investment securities gains (losses) 18 169 (3) 274
Other 37,541 28,075 71,773 56,389
Noninterest expense 85,984 86,136 169,095 168,863
Earnings before income taxes 50,113 38,187 98,078 74,528
Applicable income taxes 16,247 11,935 31,197 22,889
NET EARNINGS 33,866 26,252 66,881 51,639
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PER COMMON SHARE DATA
Net earnings - primary $ .79 $ .60 1.56 $ 1.18
- fully diluted .75 .58 1.49 1.14
Cash dividends .25 .21 .48 .42
Book value 17.86 16.64
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BALANCES AT END OF PERIOD
Loans, net of unearned income $ 6,085,087 $ 5,388,459
Allowance for losses on loans 118,675 122,823
Nonperforming assets
Nonaccrual loans 23,709 23,224
Restructured loans 1,286 2,001
Foreclosed properties 5,971 8,704
Loans 90 days past due 11,579 8,590
Investment securities
Held to maturity - Amortized cost 1,005,348 1,072,302
- Fair value 1,027,154 1,081,147
Available for sale - Amortized cost 1,500,011 2,622,948
- Fair value 1,501,600 2,600,055
Unrealized gain (loss) on available for sale securities, net of taxes 926 (14,159)
Total assets 9,745,439 10,090,999
Total deposits 8,263,263 8,341,007
Total shareholders' equity 811,520 768,747
Total common equity 724,222 664,199
Tier 1 capital 773,599 744,402
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UNION PLANTERS CORPORATION
FINANCIAL HIGHLIGHTS (UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
AVERAGE BALANCES
Loans, net of unearned income $6,097,279 $ 5,313,708 $6,049,617 $5,249,789
Investment securities 2,594,541 3,717,357 2,731,839 3,624,118
Earning assets 9,015,886 9,288,289 9,053,545 9,167,829
Total assets 9,749,356 10,061,700 9,787,388 9,961,386
Total deposits 8,233,284 8,384,787 8,242,008 8,372,854
Interest-bearing liabilities 7,628,789 7,964,901 7,677,523 7,875,807
Demand deposits 1,210,490 1,221,804 1,219,492 1,212,962
Shareholders' equity 789,756 772,675 779,517 769,170
Common equity 702,458 668,127 692,219 664,622
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OTHER SUPPLEMENTAL INFORMATION
Return on average assets 1.39 % 1.05 % 1.38 % 1.05 %
Return on average common equity 18.38 14.43 18.48 14.33
Allowance for losses on loans to
loans (end of period) 1.95 2.28
Nonperforming loans to loans .41 .47
Nonperforming assets to loans and
foreclosed properties .51 .63
Net charge-offs of loans $ 6,230 $ 3,392 $ 7,100 $ 2,707
Net charge-offs as a percentage of
average loans .41 % .25 % .48 % .21 %
Common shares outstanding (end of
period, in thousands) 40,553 39,913
Weighted average shares outstanding
(in thousands)
Primary 40,607 40,045 40,514 40,004
Fully diluted 45,108 44,529 45,005 44,486
Yield on earning assets (taxable-equivalent
basis) 8.48 % 7.26 % 8.31 % 7.16 %
Rate on interest-bearing liabilities 4.51 3.31 4.35 3.27
Interest rate spread (taxable-equivalent
basis) 3.97 3.95 3.96 3.89
Net interest income as a percentage of
average earning assets (taxable-equivalent
basis) 4.66 4.42 4.62 4.35
Shareholders' equity to assets 8.33 7.62
Leverage ratio 7.96 7.43
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