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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
October 26, 1995 (October 26, 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 1-10160 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 October 26, 1995, Union Planters Corporation announced operating
results for the third 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
October 26, 1995, announcing operating results
for the third 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: October 26, 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 October 26, 1995, announcing operating results for
the third quarter of 1995
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JACK W. PARKER, CFO OCTOBER 26, 1995
(901) 383-6781
UNION PLANTERS ANNOUNCES RECORD THIRD QUARTER EARNINGS
Memphis, Tennessee -- Union Planters Corporation today announced
record net earnings of $35.4 million for the third quarter of 1995, an increase
of 49% from $23.7 million for the third quarter of 1994. Fully diluted earnings
per common share were $.77 compared to $.52 for the third quarter of 1994.
Return on average assets and average common equity for the third quarter of 1995
were 1.42% and 17.63%, respectively. These ratios compare to .93% and 12.47%,
respectively, for the same period last year.
For the first nine months of 1995, net earnings totaled $102.5 million,
or $2.25 per fully diluted common share. This compares to net earnings of $75.4
million, or $1.66 per fully diluted common share, for the same period in 1994.
Benjamin W. Rawlins, Jr., Chairman and Chief Executive Officer, said,
"We are pleased to report another quarter of record earnings. Each of our banks
has worked hard to increase loan volume, increase noninterest income, and
control operating expenses."
For the third quarter of 1995, net interest income was
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$103.7 million, a 4% increase over the same period in 1994 and was 3% higher
than the second quarter of 1995 which was $101.1 million. The increase is
attributable primarily to loan growth, a higher net interest margin, and a
higher investment portfolio yield. Partially offsetting the above increases
were higher interest rates on interest-bearing liabilities.
Average loans grew 3% over the second quarter of this year and grew 14%
over the third quarter of 1994. The growth was in almost all categories of
loans. The net interest margin for the third quarter was 4.70% compared to
4.39% for the same quarter last year and compared to 4.66% for the second
quarter of 1995.
Noninterest income, excluding investment securities gains and losses,
for the third quarter was $37.5 million, an increase of $7.5 million over the
same period in 1994 and even with the second quarter of 1995. The growth over
the third quarter of 1994 is attributable to service charges on deposit
accounts, bank card income, and profits and commissions from the SBA trading
operations. The third quarter of 1994 included investment securities losses of
$8.1 million compared to investment securities gains of $159,000 for the third
quarter of 1995.
Noninterest expenses for the third quarter decreased 1% from both the
third quarter of 1994 and the second quarter of 1995. Noninterest expenses
reflect the effect of lower FDIC deposit premiums (reduced from $.23 to $.04 per
$100 of deposits per
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year) for Bank Insurance Fund (BIF) deposits and a refund from the FDIC which
reduced deposit insurance expense $3.9 million in the third quarter.
The provision for losses on loans for the third quarter was $4.8
million, or .31% of average loans. This compares to a provision for losses on
loans of $991,000 for the third quarter of 1994 and $2.0 million for the second
quarter of 1995. The increase is attributable primarily to loan growth.
At September 30, 1995, the allowance for losses on loans of $120.1
million was 1.92% of loans and 474% of nonperforming loans. Nonperforming
assets at September 30, 1995, were $30.4 million, or .49% of loans and
foreclosed properties. This compares to $31.1 million, or .51% of loans and
foreclosed properties at June 30, 1995, and $27.6 million, or .50% of loans and
foreclosed properties at September 30, 1994.
Union Planters Corporation ended the quarter with total assets of $9.9
billion, total loans of $6.2 billion, and total deposits of $8.3 billion.
Shareholders' equity at quarter end was $875 million and Union Planters' equity
to total assets and leverage ratios were 8.84% and 8.29%, respectively.
During the third quarter, Union Planters completed two acquisitions. On
July 1, 1995, the acquisition of the $110- million First State Bancorporation,
Inc., parent company of First Exchange Bank in Tiptonville, was completed using
the purchase
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method of accounting. Accordingly the financial position and results of
operations have been included from the date of acquisition. Also, on September
1, 1995, the acquisition of the $60-million Planters Bank & Trust Company in
Forrest City, Arkansas was completed and accounted for as a pooling of
interests. Accordingly, the financial position and results of operations have
been reflected as of January 1, 1995. Prior period financial information was
not restated.
Union Planters Corporation, headquartered in Memphis, Tennessee, is a
$9.9 billion multi-state bank holding company. Union Planters has 34 banking
subsidiaries with 370 locations in Tennessee, Mississippi, Arkansas, Louisiana,
Alabama, and Kentucky.
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[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 Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
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<S> <C> <C> <C> <C>
INCOME STATEMENT AMOUNTS
Net interest income
Actual $103,698 $ 99,311 $ 303,965 $ 287,839
Taxable-equivalent basis 107,880 103,748 316,647 301,456
Provision for losses on loans 4,844 991 8,530 2,791
Noninterest income
Investment securities gains (losses) 159 (8,111) 156 (7,837)
Other 37,528 30,000 109,604 86,389
Noninterest expense 85,506 86,707 255,700 255,570
Earnings before income taxes 51,035 33,502 149,495 108,030
Applicable income taxes 15,672 9,768 46,960 32,657
Net Earnings 35,363 23,734 102,535 75,373
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PER COMMON SHARE DATA
Net earnings - primary $ .81 $ .54 $ 2.37 $ 1.72
- fully diluted .77 .52 2.25 1.66
Cash dividends .25 .23 .73 .65
Book value 18.97 17.02
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BALANCES AT END OF PERIOD
Loans, net of unearned income $6,242,364 $ 5,549,524
Allowance for losses on loans 120,087 122,978
Nonperforming assets
Nonaccrual loans 24,172 18,594
Restructured loans 1,156 1,519
Foreclosed properties 5,024 7,506
Loans 90 days past due 13,872 6,584
Investment securities
Held to maturity - Amortized cost 0 1,405,545
- Fair value 0 1,389,420
Available for sale - Amortized cost 2,396,130 2,138,677
- Fair value 2,423,224 2,115,915
Unrealized gain (loss) on available for sale securities, net of taxes 16,642 (13,979)
Total assets 9,903,684 10,168,972
Total deposits 8,340,689 8,267,924
Total shareholders' equity 875,180 784,707
Total common equity 783,370 680,159
Tier 1 capital 816,480 756,009
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</TABLE>
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Union Planters Corporation
Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
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<S> <C> <C> <C> <C>
AVERAGE BALANCES
Loans, net of unearned income $6,262,712 $ 5,502,170 $6,138,510 $ 5,334,840
Investment securities 2,478,511 3,623,537 2,659,151 3,623,922
Earning assets 9,099,784 9,369,222 9,105,830 9,235,697
Total assets 9,887,728 10,119,178 9,860,593 10,014,561
Total deposits 8,354,886 8,257,545 8,314,655 8,333,996
Interest-bearing liabilities 7,667,805 8,016,822 7,700,051 7,923,330
Demand deposits 1,243,639 1,206,972 1,236,434 1,210,943
Shareholders' equity 843,359 789,329 805,535 775,964
Common equity 751,549 684,781 716,716 671,416
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OTHER SUPPLEMENTAL INFORMATION
Return on average assets 1.42% .93% 1.39% 1.01%
Return on average common equity 17.63 12.47 18.12 13.69
Allowance for losses on loans to
loans (end of period) 1.92 2.22
Nonperforming loans to loans .41 .36
Nonperforming assets to loans and
foreclosed properties .49 .50
Net charge-offs of loans $ 4,815 $ 711 $ 11,894 $ 3,418
Net charge-offs as a percentage of
average loans .31% .05% .26% .09%
Common shares outstanding (end of
period, in thousands) 41,299 39,960
Weighted average shares outstanding
(in thousands)
Primary 41,430 40,071 41,054 40,026
Fully diluted 46,160 44,549 45,625 44,507
Yield on earning assets (taxable-equivalent
basis) 8.55% 7.43% 8.39% 7.25%
Rate on interest-bearing liabilities 4.57 3.55 4.42 3.37
Interest rate spread (taxable-equivalent
basis) 3.98 3.88 3.97 3.88
Net interest income as a percentage of
average earning assets (taxable-equivalent
basis) 4.70 4.39 4.65 4.36
Shareholders' equity to assets 8.84 7.72
Leverage ratio 8.29 7.50
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</TABLE>
