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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
April 18, 1996
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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 April 18, 1996, Union Planters Corporation announced operating results
for the first quarter of 1996. 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 18, 1996, announcing operating results
for the first quarter of 1996.
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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: April 18, 1996 /s/ M. Kirk Walters
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M. Kirk Walters
Senior Vice President, Treasurer,
and Chief Accounting Officer
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EXHIBIT 99(A)
Union Planters Corporation Press Release
dated April 18, 1996, announcing operating results for
the first quarter of 1996
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[UNION PLANTERS CORPORATION LOGO]
NEWS RELEASE
APRIL 18, 1996
UNION PLANTERS CORPORATION ANNOUNCES RECORD
FIRST QUARTER EARNINGS
Memphis, Tennessee -- Union Planters Corporation today announced record
net earnings of $39.1 million for the first quarter of 1996, an increase of 10%
from $35.7 million for the first quarter of 1995. On a per share basis, fully
diluted earnings were $.78 compared to $.72 for the same period in 1995, an
increase of 8%. The record earnings level resulted in a return on average
assets of 1.40% and a return on average common equity of 17.35%. These ratios
compare to 1.33% and 18.16%, respectively, for the first quarter last year.
Benjamin W. Rawlins, Jr., Chairman and Chief Executive Officer, said, "We
are pleased to report a record quarter. All of our community banks continue to
work hard on customer service and profitability. We will continue our focus on
loan growth, noninterest income, and control of operating expenses."
Net interest income for the first quarter of 1996 was $115.5 million
compared to $108.8 million for the same period in 1995. This resulted in a net
interest margin of 4.61% which was slightly higher than 4.57% for the first
quarter of 1995. The increase is due primarily to loan growth and an increase
in the yields on average earning assets.
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The provision for losses on loans was $8.0 million for the first quarter
of 1996, or .45% of average loans. This compares to $12.4 million for the
fourth quarter of 1995, which included approximately $5.8 million related to
the Capital Bancorporation year end acquisition, and to $2.2 million for the
first quarter of 1995. The increase for the first quarter of 1996 over the
first quarter of 1995 relates primarily to the credit card portfolio. Net
charge-offs for the first quarter of 1996 were $5.8 million compared to $12.9
million and $1.3 million, respectively, for the fourth and first quarters of
1995.
At March 31, 1996, the allowance for losses on loans was $136.3 million,
or 1.92% of loans and 387% of nonperforming loans. Nonperforming assets at
March 31, 1996 were $42.0 million, or .59% of loans and foreclosed properties.
This compares to $42.0 million, or .59% of loans and foreclosed properties at
December 31, 1995, and $32.6 million, or .48% of loans and foreclosed
properties at March 31, 1995.
Noninterest income for the first quarter of 1995 was $40.2 million, an
increase of $4.1 million over the same period in 1995. The year-to-year growth
is attributable to increased broker/dealer volume and growth in bank cards,
mortgage servicing, and trust income. Partially offsetting these items was a
decline in service charges on deposit accounts.
Noninterest expense for the first quarter of 1996 was $89.2 million, a
decline of $1.5 million from the first quarter of 1995. The decline is
attributable primarily to the reduction in FDIC
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deposit insurance assessments.
Union Planters Corporation ended the quarter with total assets of $11.4
billion, total loans of $7.1 billion, and total deposits of $9.5 billion.
Shareholders' equity at March 31, 1996 was $993 million and the equity to total
assets and leverage ratios were 8.73% and 8.22%, respectively.
Union Planters Corporation, headquartered in Memphis, Tennessee, is a
multi-state bank holding company with 38 banking subsidiaries and 404 banking
locations in Tennessee, Mississippi, Missouri, Arkansas, Louisiana, Alabama,
and Kentucky.
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FOR ADDITIONAL INFORMATION:
Jack W.Parker, CFO
(901) 383-6781
[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
MARCH 31,
1996 1995
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<S> <C> <C>
INCOME STATEMENT AMOUNTS
Net interest income
Actual $ 115,473 $ 108,839
Taxable-equivalent basis 119,503 113,228
Provision for losses on loans 7,981 2,222
Noninterest income
Investment securities gains (losses) 60 (21)
Other 40,137 36,100
Noninterest expense 89,152 90,665
Earnings before income taxes 58,537 52,031
Applicable income taxes 19,393 16,374
Net earnings 39,144 35,657
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PER COMMON SHARE DATA
Net earnings - primary $ .82 $ .75
- fully diluted .78 .72
Cash dividends .27 .23
Book value 19.76 17.13
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BALANCES AT END OF PERIOD
Loans, net of unearned income $ 7,091,737 $6,797,363
Allowance for losses on loans 136,277 135,410
Nonperforming assets
Nonaccrual loans 33,759 23,711
Restructured loans 1,495 2,259
Foreclosed properties 6,714 6,662
Loans 90 days past due 19,903 9,662
Investment securities
Held to maturity - Amortized cost - 1,124,011
- Fair value - 1,129,936
Available for sale - Amortized cost 2,919,840 1,725,056
- Fair value 2,951,092 1,712,766
Unrealized gain (loss) on available for sale securities, net of taxes 19,145 (7,825)
Total assets 11,368,682 10,784,332
Total deposits 9,522,876 9,133,076
Total shareholders' equity 992,865 860,488
Total common equity 901,055 759,390
Tier 1 capital 922,188 822,872
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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
MARCH 31,
1996 1995
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<S> <C> <C>
AVERAGE BALANCES
Loans, net of unearned income $ 7,167,990 $ 6,804,632
Investment securities 2,792,793 3,008,845
Earning assets 10,427,695 10,055,105
Total assets 11,275,752 10,853,933
Total deposits 9,477,406 9,145,397
Interest-bearing liabilities 8,837,222 8,559,281
Demand deposits 1,343,150 1,334,968
Shareholders' equity 956,499 850,666
Common equity 864,689 749,568
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OTHER SUPPLEMENTAL INFORMATION
Return on average assets 1.40 % 1.33%
Return on average common equity 17.35 18.16
Expense ratio 1.75 2.04
Efficiency ratio 55.85 60.72
Allowance for losses on loans to
loans (end of period) 1.92 1.99
Nonperforming loans to loans .50 .38
Nonperforming assets to loans and
foreclosed properties .59 .48
Net charge-offs of loans $ 5,806 $ 1,265
Net charge-offs as a percentage of
average loans .33% .08%
Common shares outstanding (end of
period, in thousands) 45,602 44,340
Weighted average shares outstanding
(in thousands)
Primary 45,752 44,515
Fully diluted 50,463 48,995
Yield on earning assets (taxable-equivalent
basis) 8.49% 8.17%
Rate on interest-bearing liabilities 4.58 4.23
Interest rate spread (taxable-equivalent
basis) 3.91 3.94
Net interest income as a percentage of
average earning assets (taxable-equivalent
basis) 4.61 4.57
Shareholders' equity to assets 8.73 7.98
Leverage ratio 8.22 7.61
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</TABLE>
