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Previous: UNITED CAROLINA BANCSHARES CORP, 10-Q, 1995-10-27 |
Next: UJB FINANCIAL CORP /NJ/, S-4, 1995-10-27 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
---------
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): October 18, 1995
-----------------
UJB Financial Corp.
------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
New Jersey 1-6451 22-1903313
- --------------------------------------------------------------------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization ) File number) Identification No.)
301 Carnegie Center, P. O. Box 2066
Princeton , New Jersey 08543-2066
-----------------------------------------
(Address of Principal Executive Offices )
(Zip Code)
(609) 987-3200
---------------------------------------------------
(Registrant's Telephone Number, including Area Code)
<PAGE>
ITEM 5. OTHER EVENTS.
-------------
On October 18, 1995 the Registrant issued consolidated
balance sheets at September 30, 1995, December 31, 1994
and September 30, 1994, and consolidated statements of income
for the nine months ended September 30, 1995 and 1994 and
the three months ended September 30, 1995 and 1994. These
financial statements are attached hereto as Exhibits (99)A
and (99)B and are hereby incorporated herein by reference.
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS.
----------------------------------
(c.) Exhibits:
(99)A Consolidated balance sheets at September 30, 1995,
December 31, 1994 and September 30, 1994.
(99)B Consolidated statements of income for the nine months
ended September 30, 1995 and 1994 and the three months
ended September 30, 1995 and 1994.
1
<PAGE>
SIGNATURE
---------
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Dated: October 27, 1995 UJB FINANCIAL CORP.
By:/s/ John R. Haggerty
-----------------------
John R. Haggerty
Senior Executive Vice President
and Chief Financial Officer
2
<TABLE>
UJB FINANCIAL CORP. Exhibit (99)A
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
<CAPTION>
September 30, December 31, September 30,
1995 1994 1994
-------------- -------------- --------------
<S> <C> <C> <C>
Assets
Cash and cash equivalents:
Cash and due from banks $ 807,173 $ 925,421 $ 1,035,023
Federal funds sold and securities purchased under agreements to resell 2,000 44,875 3,425
-------------- -------------- --------------
Total cash and cash equivalents 809,173 970,296 1,038,448
Interest bearing deposits with banks 15,938 18,809 18,844
Trading account securities 32,040 33,513 18,442
Investment securities available for sale 356,309 201,215 317,508
Investment securities:
U.S. Government and Federal agencies 1,795,406 2,016,615 1,995,798
States and political subdivisions 274,677 331,000 353,796
Other securities 1,569,179 1,745,373 1,790,212
-------------- -------------- --------------
Total investment securities 3,639,262 4,092,988 4,139,806
Loans (net of unearned discount):
Commercial 4,578,772 4,627,349 4,633,600
Mortgage 3,215,237 2,790,988 2,760,631
Instalment 2,432,736 2,238,237 2,205,327
-------------- -------------- --------------
Total loans 10,226,745 9,656,574 9,599,558
Less: Allowance for loan losses 200,337 214,161 237,745
-------------- -------------- --------------
Net loans 10,026,408 9,442,413 9,361,813
Premises and equipment 163,774 167,905 167,178
Assets held for accelerated disposition 22,906 90,888 -
Accrued interest receivable 95,448 89,926 85,943
Other real estate owned, net 27,082 31,449 66,679
Due from customers on acceptances 22,332 21,159 25,159
Other assets 322,398 268,911 278,040
-------------- -------------- --------------
Total Assets $ 15,533,070 $ 15,429,472 $ 15,517,860
============== ============== ==============
Liabilities and Shareholders' Equity
Deposits:
Non-interest bearing demand deposits $ 3,172,859 $ 3,260,641 $ 3,068,346
Interest bearing deposits:
Savings and time deposits 9,240,588 8,936,009 8,744,877
Commercial certificates of deposit $100,000 and over 458,185 371,141 354,112
-------------- -------------- --------------
Total deposits 12,871,632 12,567,791 12,167,335
Commercial paper 48,542 42,211 45,360
Other borrowed funds 887,501 1,291,219 1,792,679
Long-term debt 204,338 204,754 206,252
Accrued interest payable 47,157 30,234 29,615
Bank acceptances outstanding 22,332 21,159 25,159
Accrued expenses and other liabilities 187,571 167,844 166,469
-------------- -------------- --------------
Total liabilities 14,269,073 14,325,212 14,432,869
Shareholders' equity:
Preferred stock: Authorized 4,000,000 shares without par value:
Series B: Authorized 1,200,000 shares; issued and outstanding 600,166
in 1995 and 1994, adjustable-rate cumulative, $50 stated value 30,008 30,008 30,008
Common stock par value $1.20:
Authorized 130,000,000 shares; issued and outstanding
57,581,872 at September 30, 1995, 55,005,306 at
December 31, 1994 and 54,921,409 at September 30, 1994 69,098 66,006 65,905
Surplus 490,781 413,429 409,798
Retained earnings 677,631 604,066 584,506
Net unrealized gain (loss) on investment securities, net of tax (3,521) (9,249) (5,226)
-------------- -------------- --------------
Total shareholders' equity 1,263,997 1,104,260 1,084,991
-------------- -------------- --------------
Total Liabilities and Shareholders' Equity $ 15,533,070 $ 15,429,472 $ 15,517,860
============== ============== ==============
</TABLE>
<TABLE>
UJB FINANCIAL CORP. Exhibit (99)B
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
<CAPTION> Nine Months Ended Three Months Ended
September 30, September 30,
----------------- -----------------
1995 1994* 1995 1994
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Interest Income
Interest and fees on loans $623,270 $510,472 $211,846 $183,004
Interest on investment securities:
Taxable 161,718 140,867 52,212 55,413
Tax-exempt 15,277 17,175 4,614 5,911
Interest on investment securities available for sale 13,301 30,442 6,117 3,651
Interest on Federal funds sold and securities
purchased under agreements to resell 2,603 255 1,085 12
Interest on trading account securities 1,320 557 539 120
Interest on deposits with banks 510 434 135 174
-------- -------- -------- --------
Total interest income 817,999 700,202 276,548 248,285
Interest Expense
Interest on savings and time deposits 239,057 173,752 84,731 59,767
Interest on commercial certificates of deposit
$100,000 and over 18,860 8,256 5,667 3,648
Interest on borrowed funds 75,808 62,890 23,494 25,887
-------- -------- -------- --------
Total interest expense 333,725 244,898 113,892 89,302
-------- -------- -------- --------
Net interest income 484,274 455,304 162,656 158,983
Provision for loan losses 48,750 55,500 18,000 18,500
-------- -------- -------- --------
Net interest income after provision for loan losses 435,524 399,804 144,656 140,483
Non-Interest Income
Service charges on deposit accounts 49,665 48,474 17,442 16,093
Service and loan fee income 20,707 20,082 7,173 7,522
Trust income 16,421 16,410 5,698 5,324
Investment securities gains 5,205 1,846 980 58
Trading account gains 777 522 235 434
Other 37,399 33,109 13,547 11,328
-------- -------- -------- --------
Total non-interest income 130,174 120,443 45,075 40,759
Non-Interest Expenses
Salaries 146,639 135,521 49,795 46,312
Pension and other employee benefits 47,072 41,721 15,161 14,292
Occupancy, net 39,329 38,492 13,165 12,363
Furniture and equipment 37,965 36,170 12,832 12,130
FDIC assessment 13,710 20,815 32 6,989
Other real estate owned expenses 5,779 14,467 2,063 4,902
Advertising and public relations 8,585 8,039 2,721 2,523
Other 72,139 70,925 25,271 22,121
-------- -------- -------- --------
Total non-interest expenses 371,218 366,150 121,040 121,632
-------- -------- -------- --------
Income before income taxes 194,480 154,097 68,691 59,610
Federal and state income taxes 70,118 56,539 24,652 21,039
-------- -------- -------- --------
Income before cumulative effect of a change in accounting principle 124,362 97,558 44,039 38,571
Cumulative effect of a change in accounting principle - (1,731) - -
-------- -------- -------- --------
Net Income $124,362 $ 95,827 $ 44,039 $ 38,571
======== ======== ========= ========
Net Income Per Common Share:
Income before cumulative effect of a change in accounting principle $ 2.20 $ 1.76 $ 0.76 $ 0.70
Cumulative effect of a change in accounting principle - (0.03) - - -
-------- -------- --------- --------
Net Income Per Common Share $ 2.20 $ 1.73 $ 0.76 $ 0.70
======== ======== ========= ========
Average Common Shares Outstanding (in thousands) 55,946 54,604 57,302 54,797
======== ======== ========= ========
<FN>
Certain prior period amounts have been reclassified for comparative purposes.
* Effective January 1994, the company adopted SFAS No. 112, Accounting for Postemployment Benefits.
</FN>
</TABLE>
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