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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 17, 1997 (April 17, 1997)
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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) 580-6000
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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 17, 1997, Union Planters Corporation announced operating results
for the three months ended March 31, 1997. 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 17, 1997, announcing operating results for
the three months ended March 31, 1997
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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 17, 1997 /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 17, 1997, announcing operating results for
the three months ended March 31, 1997
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[UNION PLANTERS CORPORATION LETTERHEAD]
NEWS RELEASE
APRIL 17, 1997
UNION PLANTERS ANNOUNCES FIRST QUARTER
EARNINGS PER SHARE UP 23%
Memphis, Tennessee -- Union Planters Corporation announced today record
first quarter 1997 net earnings of $59.2 million compared to $47.2 million for
the same period in 1996. Fully diluted earnings per common share for the first
quarter were $.84 compared to $.68 for the same period a year ago, for an
increase of 23.5%. Prior year results reflect the pooling of interests
accounting for five mergers, the largest being the Memphis-based Leader
Financial Corporation. The first quarter earnings represent a return on average
assets of 1.61% and a return on average common equity of 18.50%, compared to
1.25% and 15.86%, respectively, for the same period in 1996.
Benjamin W. Rawlins, Jr., Chairman and Chief Executive Officer, said,
"We are pleased to report record earnings. All our affiliate banks had a very
profitable first quarter. Average loan volume was up just over 8% and we have
done a good job controlling operating expenses."
Net interest income increased 5.1% for the first quarter to $155.3
million compared to $147.7 million for the same period a year ago. The net
interest margin for the first quarter was 4.71% compared to 4.37% for the same
period in 1996. The higher margin reflects loan growth funded by maturities and
sales of lower yielding investment securities.
For the first quarter of 1997, the provision for losses on loans was
$12.4 million compared to $12.9 million for the same period in 1996. Net
charge-offs for the quarter were $15.3 million compared to $9.0 million for the
first quarter of 1996. The increase relates primarily to credit card and other
consumer loan charge-offs due to the continued record number of personal
bankruptcy filings.
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At March 31, 1997, the allowance for losses on loans was $164.0
million, or 1.85% of loans and 296% of nonperforming loans. Nonperforming
assets at quarter end were $71.9 million, or .81% of loans and foreclosed
properties. This compares to $67.4 million, or .78% of loans and foreclosed
properties at March 31, 1996.
Noninterest income increased 6.9% for the first quarter to $57.5
million compared to $53.8 million a year ago. The increase relates primarily
to service charges, bank card income, mortgage servicing income, and annuity
sales revenues.
Noninterest expense decreased for the quarter to $109.2 million
compared to $118.0 million a year ago. Expense categories that declined
include salaries and employee benefits, equipment expense, FDIC insurance
premiums, and mortgage servicing loss provisions on FHA/VA loans.
Union Planters Corporation ended the quarter with total assets of $14.9
billion, total loans of $10.4 billion, and total deposits of $11.4 billion.
Shareholders' equity at March 31, 1997 was $1.4 billion and the shareholders'
equity to total assets and leverage ratios were 9.34% and 10.26%, respectively.
Union Planters Corporation, headquartered in Memphis, Tennessee, is a
multi-state bank holding company with 37 banking subsidiaries, 560 ATM
locations, and 433 banking offices in Tennessee, Mississippi, Missouri,
Arkansas, Louisiana, Alabama, and Kentucky.
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For additional information:
Jack W. Parker, CFO
(901) 580-6781
[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,
1997 1996
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<S> <C> <C>
Income statement amounts
Net interest income
Actual $ 155,276 $ 147,742
Taxable-equivalent basis 159,286 151,928
Provision for losses on loans 12,414 12,949
Noninterest income
Investment securities gains (losses) 116 61
Other 57,336 53,696
Noninterest expense 109,229 117,971
Earnings before income taxes 91,085 70,579
Applicable income taxes 31,893 23,427
Net earnings 59,192 47,152
Net earnings applicable to common shares 57,696 45,316
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Per common share data
Net earnings - primary $ .86 $ .70
- fully diluted .84 .68
Cash dividends .32 .27
Book value 20.05 19.00
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Balances at end of period
Total loans, net of unearned income $ 10,362,226 $ 9,611,613
FHA/VA government-insured/guaranteed loans 1,518,394 1,036,043
Allowance for losses on loans 163,980 166,825
Nonperforming assets
Nonaccrual loans 53,060 50,841
Restructured loans 2,394 5,836
Foreclosed properties 16,443 10,692
Loans 90 days past due 19,089 18,967
FHA/VA government-insured/guaranteed loans 90 days past due 599,723 523,724
Investment securities
Held to maturity - Amortized cost - 187,426
- Fair value - 188,954
Available for sale - Amortized cost 2,978,517 3,650,571
- Fair value 3,008,886 3,693,199
- Unrealized gain, net of taxes 18,573 26,027
Total assets 14,932,464 15,242,137
Total deposits 11,395,301 11,792,889
Total shareholders' equity 1,395,263 1,297,878
Total common equity 1,323,326 1,206,068
Tier 1 capital 1,527,668 1,217,044
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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,
1997 1996
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<S> <C> <C>
Average Balances
Loans, net of unearned income $ 10,463,638 $ 9,649,548
Investment securities 2,907,452 3,735,284
Earning assets 13,706,013 13,972,059
Total assets 14,936,790 15,112,315
Total deposits 11,352,004 11,503,413
Interest-bearing liabilities 11,705,791 11,828,347
Demand deposits 1,623,715 1,573,683
Shareholders' equity 1,346,040 1,241,143
Common equity 1,264,840 1,149,333
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Other supplemental information
Return on average assets 1.61% 1.25%
Return on average common equity 18.50 15.86
Expense ratio 1.41 1.62
Efficiency ratio 50.42 55.63
Allowance for losses on loans to loans (1) 1.85 1.95
Nonperforming loans to loans (1) .63 .66
Nonperforming assets to loans and
foreclosed properties (1) .81 .78
Net charge-offs of loans $ 15,287 $ 8,990
Net charge-offs as a percentage of
average loans (1) .69% .42%
Common shares outstanding (end of
period, in thousands) 66,011 63,471
Weighted average shares outstanding
(in thousands)
Primary 66,763 64,083
Fully diluted 70,824 68,845
Yield on earning assets (taxable-equivalent
basis) 8.73% 8.50%
Rate on interest-bearing liabilities 4.70 4.88
Interest rate spread (taxable-equivalent
basis) 4.03 3.62
Net interest income as a percentage of
average earning assets (taxable-equivalent
basis) 4.71 4.37
Shareholders' equity to total assets 9.34 8.52
Leverage ratio 10.26 8.09
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</TABLE>
(1) Excludes FHA/VA government-insured/guaranteed loans
