<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 27, 1995 (April 27, 1995)
------------------------------------------------
Date of Report (Date of earliest event reported)
UNION PLANTERS CORPORATION
--------------------------------------------------
(Exact name of registrant as specified in charter)
TENNESSEE 1-10160 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
On April 27, 1995, Union Planters Corporation announced operating results
for the first 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
April 27, 1995, announcing operating results for
the first quarter of 1995.
-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 27, 1995 /s/ M. Kirk Walters
-------------------- ------------------------------------
M. Kirk Walters
Senior Vice President, Treasurer,
and Chief Accounting Officer
-3-
<PAGE> 1
EXHIBIT 99(a)
Union Planters Corporation Press Release
dated April 27, 1995, announcing operating results for
the first quarter of 1995
<PAGE> 2
(LOGO) UNION PRESS RELEASE
PLANTERS
CORPORATION CONTACT: JACK W. PARKER, CFO DATE: APRIL 27, 1995
(901) 383-6781
UNION PLANTERS CORPORATION ANNOUNCES FIRST QUARTER EARNINGS
Memphis, Tennessee -- Union Planters Corporation today announced net
earnings for the first quarter of 1995 of $33.0 million, or $.74 per fully
diluted common share. This compares to net earnings for the same period a year
ago of $25.4 million, or $.56 per fully diluted common share. Returns on
average assets and average common equity for the first quarter of 1995 were
1.36% and 18.59% compared to 1.04% and 14.21%, respectively, for the same
period in 1994.
Benjamin W. Rawlins, Jr., Chairman and Chief Executive Officer of
Union Planters Corporation, stated, "Our first quarter earnings are a testament
to our commitment to increasing income while keeping a watchful eye on
noninterest expenses. During the period we saw net interest income increase
$7.1 million and noninterest income also increase by $5.8 million, while the
growth of noninterest expense was held to only $384,000. I commend all of our
employees for their efforts in making this our most profitable quarter ever."
The growth in net interest income came from slightly higher average
earning assets, a 16% growth in loans outstanding and higher yields from the
investment securities portfolio. Consumer loans outstanding have increased
approximately $240 million as a result of a loan marketing program in the
second half of last year. The net interest spread increased to 3.96% from
3.85% in the first
-MORE-
Corporate Headquarters: Union Planters Corporation, 7130 Goodlett Farms Parkway,
Memphis, TN 38018 - Telephone (901) 383-6780 - Fax (901) 383-6409 - NYSE Trading
Symbol: UPC
<PAGE> 3
quarter of 1994 and the net interest margin improved to 4.59% from 4.31%.
Noninterest income increases were primarily in core banking activities.
Noninterest expense was basically unchanged for the quarter at $83.1
million versus $82.7 million in the same quarter a year ago. The minimal
increase in noninterest expenses is a result of the Corporation's efforts to
increase productivity and improve the profitability ratios.
Asset quality measures continue to be excellent. Nonperforming assets
at March 31, 1995 were only $28.6 million, or .48% of loans and foreclosed
properties. This compares to nonperforming assets of $25.0 million, or .42% of
loans and foreclosed properties at year end 1994. As a result of the loan
growth, the provision for losses on loans for the first quarter was increased
to $1.7 million versus $815,000 in the same quarter a year ago. At quarter end
the allowance for losses on loans was $122.9 million, or 2.05% of loans.
Union Planters ended the quarter with total assets of $9.7 billion,
total loans of $6.0 billion and total deposits of $8.2 billion. Shareholders'
equity at quarter end was a record $777 million and represented 7.98% of
assets.
Union Planters Corporation, headquartered in Memphis, Tennessee, is a
$9.7 billion multi-bank holding company. At March 31, 1995, Union Planters had
38 subsidiary banks with 375 banking locations in Tennessee, Mississippi,
Arkansas, Louisiana, Alabama and Kentucky.
-oOo-
[Two Page Financial Attachment Follows]
<PAGE> 4
UNION PLANTERS CORPORATION
Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1995 1994
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCOME STATEMENT AMOUNTS
Net interest income
Actual $ 98,551 $ 91,464
Taxable-equivalent basis 102,838 96,025
Provision for losses on loans 1,686 815
Noninterest income
Investment securities gains (losses) (21) 105
Other 34,232 28,314
Noninterest expense 83,111 82,727
Earnings before income taxes 47,965 36,341
Applicable income taxes 14,950 10,954
Net earnings 33,015 25,387
- ------------------------------------------------------------------------------------------------------------------
PER COMMON SHARE DATA
Net earnings - primary $ .77 $ .58
- fully diluted .74 .56
Cash dividends .23 .21
Book value 17.09 16.56
- ------------------------------------------------------------------------------------------------------------------
BALANCES AT END OF PERIOD
Loans, net of unearned income $5,995,257 $5,108,678
Allowance for losses on loans 122,905 124,688
Nonperforming assets
Nonaccrual loans 21,323 22,065
Restructured loans 1,550 7,816
Foreclosed properties 5,726 10,234
Loans 90 days past due 7,685 8,434
Investment securities
Held to maturity - Amortized cost 1,022,067 1,183,117
- Fair value 1,028,764 1,085,340
Available for sale - Amortized cost 1,701,575 2,418,402
- Fair value 1,689,739 2,418,392
Unrealized loss on available for sale securities, net of taxes (7,417) (175)
Total assets 9,741,991 9,899,677
Total deposits 8,218,025 8,424,946
Total shareholders' equity 777,066 764,104
Total common equity 689,768 659,556
Tier 1 capital 746,227 731,290
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
UNION PLANTERS CORPORATION
Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1995 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AVERAGE BALANCES
Loans, net of unearned income $6,001,424 $5,185,160
Investment securities 2,870,662 3,529,843
Earning assets 9,091,620 9,046,028
Total assets 9,825,843 9,859,956
Total deposits 8,250,826 8,360,788
Interest-bearing liabilities 7,726,795 7,785,723
Demand deposits 1,228,593 1,204,021
Shareholders' equity 769,163 765,626
Common equity 681,865 661,078
- -------------------------------------------------------------------------------------------------------------------
OTHER SUPPLEMENTAL INFORMATION
Return on average assets 1.36 % 1.04 %
Return on average common equity 18.59 14.21
Allowance for losses on loans to
loans (end of period) 2.05 2.44
Nonperforming loans to loans .38 .58
Nonperforming assets to loans and foreclosed properties .48 .78
Net charge-offs (recoveries) of loans $ 870 $ (686)
Net charge-offs (recoveries) as a percentage of
average loans .06 % (.05)%
Common shares outstanding (end of
period, in thousands) 40,369 39,839
Weighted average shares outstanding
(in thousands)
Primary 40,421 39,952
Fully diluted 44,900 44,433
Yield on earning assets (taxable-equivalent
basis) 8.15 % 7.08 %
Rate on interest-bearing liabilities 4.19 3.23
Interest rate spread (taxable-equivalent basis) 3.96 3.85
Net interest income as a percentage of
average earning assets (taxable-equivalent
basis) 4.59 4.31
Shareholders' equity to assets 7.98 7.72
Leverage ratio 7.62 7.45
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
