<PAGE>
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
January 19, 1994
(Date of earliest event reported)
AMSOUTH BANCORPORATION
----------------------
(Exact name of registrant as specified in its charter)
Delaware 1-7476 63-0591257
-------- ------ ----------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1400 AmSouth-Sonat Tower
Birmingham, Alabama 35203
--------------------------
(Address, including zip code, of principal executive office)
(205) 320-7151
--------------
(Registrant's telephone number,
including area code)
<PAGE>
Item 5. Other Events.
- ------ ------------
AmSouth Bancorporation ("AmSouth") is filing this Current Report on
Form 8-K to report its preliminary results of operations for the fourth
quarter of 1993 and for the fiscal year ended December 31, 1993. On
January 19, 1994, AmSouth issued a press release describing its results
of operations for the fourth quarter of 1993 and for the year ended
December 31, 1993. The press release is attached as Exhibit 99 and
incorporated as part of this Current Report on Form 8-K.
<PAGE>
Item 7. Financial Statements and Exhibits.
- ------ ---------------------------------
The following exhibit is filed as part of this Current Report on Form
8-K.
Exhibit No. Exhibit
---------- -------
99 Press Release dated
January 19, 1994
<PAGE>
SIGNATURES
----------
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.
AMSOUTH BANCORPORATION
By: /s/ Ricky W. Thomas
______________________________
Ricky W. Thomas
Senior Vice President and Controller
Date: January 26, 1994
<PAGE>
Exhibit Index to Exhibits
------- -----------------
99 Press Release dated
January 19, 1994
<PAGE>
News AmSouth Bancorporation
Release Post Office Box 11007
Birmingham, Alabama 35288
AMSOUTH
FOR IMMEDIATE RELEASE
Contact: (Analyst) Sally B. Hawley (205) 581-7434
(News Media) Jim Underwood (205) 326-5184
AmSouth reports record performance
for fourth quarter and 1993
BIRMINGHAM, ALABAMA, JANUARY 19, 1994 -- AmSouth Bancorporation reported
record net income for the fourth quarter and the year ended December 31, 1993 of
$38.1 million and $146.2 million respectively. These amounts on a per share
basis were 80 cents for the quarter and $3.10 for the 12 months, and represent
increases over the same periods of the previous year of 35.0 percent and 35.3
percent respectively.
The net income on a per share basis for the year reflects the restatement
of AmSouth's earnings for the first three quarters of 1993 to include the
historical performance of the institutions merged in pooling-of-interests
transactions in the fourth quarter. The sum of AmSouth's originally reported
quarterly earnings for 1993 was $3.19 per share.
<TABLE>
<CAPTION>
1993 Earnings per share
1993 1992
--------------------------------------------------------------------------------
Three Months Ended
------------------
<S> <C> <C> <C> <C> <C> <C>
Mar 31 Jun 30 Sept 30 Dec 31(a) Total Total
Originally $ 0.79 $ 0.80 $ 0.80 $0.80 $ 3.19 $ 2.55
reported
Effect of pooled
acquisitions(b) (0.03) (0.02) (0.04) -- (0.09) (0.04)
- ------------------------------------------------------------------------------------------------------------------
Restated $ 0.76 $ 0.78 $ 0.76 $0.80 $ 3.10 $ 2.51
(a) Includes operating results of four acquisitions closed in fourth quarter
(b) Restatement due to The First National Bank of Clearwater and The Georgia State Bank of Rome
</TABLE>
<PAGE>
"The quarter just completed marks the 12th consecutive quarter of record
level earnings and the best overall yearly performance in the company's
history," stated John W. Woods, AmSouth's chairman and CEO. "Each of our major
lines of business experienced increased earnings in 1993, while our credit
quality and capital positions continued to strengthen."
AmSouth's performance resulted from improved profitability as return on
average assets reached 1.28 percent and return on average shareholders' equity
was 14.93 percent for 1993. The corporation's total assets at year-end
increased to a record $12.5 billion, an increase of 22.9 percent over year-end
1992.
AmSouth's gross interest spread for the fourth quarter of 1993 was 4.45
percent compared to 4.44 percent originally reported in the third quarter. For
the year the gross interest spread declined to 4.55 percent from the 4.72
percent restated for the previous year. This was primarily the result of
general asset repricing in the lower interest rate environment during the year.
At the same time, noninterest revenues in 1993 increased 18.3 percent from the
levels restated for 1992.
AmSouth made significant progress towards improving its efficiency and
productivity during 1993. Employment was reduced in existing operations by
approximately 430 positions through an early retirement program and normal
attrition. Further reductions are anticipated upon completion of the company's
Productivity Improvement Project by year-end 1994. The total annualized cost
savings in personnel related expenses are estimated to exceed $20 million.
The year was particularly eventful in terms of acquisitions, according to
Woods. On February 1, AmSouth completed the acquisition of First Chattanooga
Financial Corporation, which ranks second in market share in the greater
Chattanooga area. The First National Bank of Clearwater and First Gulf Bank in
St. Petersburg were merged into AmSouth Bank of Florida in mid-October and were
followed December 9 by Mid-State Federal Savings Bank headquartered in Ocala.
<PAGE>
First Sunbelt Bankshares, parent company of The Georgia State Bank of Rome,
was merged by AmSouth Bancorporation in mid-December, and Orange Banking
Corporation, parent company of Orange Bank headquartered in Orlando was acquired
January 3, 1994. These two banks will be merged into AmSouth Bank of Georgia
and AmSouth Bank of Florida respectively during the first half of 1994.
Other pending Florida acquisitions include Fortune Bank headquartered in
Clearwater, FloridaBank in Jacksonville, Parkway Bank in Ft. Myers and Citizens
National Bank in Naples. The acquisition of First Federal Savings Bank in
Calhoun, Georgia also is pending. AmSouth anticipates completing all pending
acquisitions by mid-year 1994.
When pending acquisitions are completed, AmSouth Bancorporation will have
assets approaching $17 billion and will operate more than 300 banking offices in
four states.
"We look forward to the challenges of 1994. The keys to our continued
success will be the smooth integration of our remaining acquisitions, a
commitment to quality loan growth, further development and strengthening of our
noninterest revenues and improved productivity," Woods remarked.
At year-end 1993, AmSouth Bancorporation operated 147 banking offices in
Alabama, 64 offices in Florida, 20 offices in Tennessee and two in Georgia.
Bank-related affiliates include AmSouth Mortgage Company, Inc. with 44 mortgage
originating offices in nine Southeastern states, AmSouth Investment Services,
Inc., and AmSouth Leasing Corporation.
<PAGE>
Performance Analysis
The gross interest margin for the fourth quarter of 1993 exceeded
originally reported amounts for the third quarter of 1993 by $7.4 million,
primarily due to the acquisitions completed during the fourth quarter. The
gross interest spread for the fourth quarter was 4.45 percent, or one basis
point higher than the gross spread originally reported for the third quarter.
Asset yield decline was offset by a higher incidence of loan fees and deposit
pricing improvement.
Loan growth for the fourth quarter compared to originally reported amounts
for third quarter was $934 million, of which $732 million is attributable to
the acquisitions.
The provision for loan losses for the fourth quarter totaled $4.6 million
compared to a negative $469,000 provision for loan losses originally reported
for the third quarter. The fourth quarter amount represents a more normalized
level of net charge offs of 28 basis points. Credit quality and coverage ratios
remain strong. As of December 31, 1993, nonperforming assets as a percent of
loans totaled 0.92 percent compared to 0.93 percent originally reported at the
end of the third quarter and 1.43 percent originally reported at December 31,
1992. Allowance for loan losses as a percent of nonperforming loans equaled
245.8 percent at December 31, 1993, compared to 263.0 percent originally
reported at September 30, 1993.
Noninterest revenues for the fourth quarter were up $7.3 million over
originally reported amounts for the three months ended September 30, 1993.
Noninterest expenses increased $6.7 million over originally reported third
quarter amounts primarily due to acquisitions. Approximately $3.6 million of
nonrecurring merger-related expenses were recorded in the fourth quarter.
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(In thousands except per share data)
<TABLE>
<CAPTION>
Three Months Twelve Months
Ended December 31 Ended December 31
---------------------------- % ---------------------------- %
EARNINGS SUMMARY 1993 1992 Change 1993 1992 Change
------------------------------------------------ ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Gross interest margin $ 118,291 $ 104,147 13.6 $ 462,077 $ 393,437 17.4
Provision for loan losses 4,620 9,857 (53.1) 18,980 36,555 (48.1)
-------------- ------------- -------------- -------------
Net interest margin 113,671 94,290 20.6 443,097 356,882 24.2
Noninterest revenues 54,123 45,249 19.6 194,361 164,249 18.3
Noninterest expenses 112,223 100,378 11.8 420,087 370,056 13.5
-------------- ------------- -------------- -------------
Income before income taxes 55,571 39,161 41.9 217,371 151,075 43.9
Applicable income taxes 17,456 10,919 59.9 71,144 43,026 65.4
-------------- ------------- -------------- -------------
Net income $ 38,115 $ 28,242 35.0 $ 146,227 $ 108,049 35.3
============== ============= ============== =============
Primary earnings per
share $ 0.80 $ 0.66 21.2 $ 3.10 $ 2.51 23.5
Average primary shares
outstanding 47,937 43,106 47,153 42,993
End of period shares
outstanding 49,516 43,179
Average for Average for
Three Months Twelve Months
Ended December 31 Ended December 31
---------------------------- % --------------------------- %
BALANCE SHEET SUMMARY 1993 1992 Change 1993 1992 Change
------------------------------------------------ ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Loans net of unearned income $ 7,433,578 $ 5,987,230 24.2 $ 7,043,158 $ 5,757,366 22.3
Investment securities 2,088,904 2,454,424 (14.9) 2,399,460 2,535,970 (5.4)
Earning assets 10,918,580 8,918,348 22.4 10,543,124 8,755,820 20.4
Total assets 11,894,411 9,742,135 22.1 11,464,442 9,591,147 19.5
Noninterest-bearing deposits 1,578,264 1,278,292 23.5 1,491,647 1,206,281 23.7
Interest-bearing deposits 7,519,501 6,337,994 18.6 7,253,078 6,401,908 13.3
Total deposits 9,097,765 7,616,286 19.5 8,744,725 7,608,189 14.9
Shareholders' equity 1,033,516 815,897 26.7 979,435 790,873 23.8
Ending
Balance
December 31
---------------------------- %
BALANCE SHEET SUMMARY 1993 1992 Change
------------------------------------------------
<S> <C> <C> <C>
Loans net of unearned income $ 7,930,224 $ 6,138,954 29.2
Investment securities 1,628,817 2,414,884 (32.6)
Earning assets 11,401,805 9,296,651 22.6
Total assets 12,547,871 10,208,606 22.9
Noninterest-bearing deposits 1,618,687 1,374,078 17.8
Interest-bearing deposits 7,949,195 6,425,738 23.7
Total deposits 9,567,882 7,799,816 22.7
Shareholders' equity 1,090,009 824,755 32.2
1993 1992
---------------------------------------------------------------------------------
SELECTED RATIOS 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
---------------------------------------------------------------------------------
<S>
Average shareholders'
equity to average total
assets 8.69 % 8.53 % 8.51 % 8.40 % 8.37 %
End of period
shareholders' equity to
end of period total
assets 8.69 8.35 8.48 8.39 8.08
Tier 1 capital to
risk-adjusted assets 10.00 * 9.88 10.03 9.92 9.38
Total capital to
risk-adjusted assets 12.31 * 12.17 12.41 12.34 11.83
Loans net of unearned
income to total deposits 82.88 81.98 80.73 80.02 78.71
Net income (annualized) to
average total assets 1.27 1.22 1.30 1.31 1.15
Net income (annualized) to
average shareholders'
equity 14.63 14.26 15.32 15.64 13.77
Book value per common
share 22.01 21.26 20.80 20.30 19.10
Efficiency ratio 63.58 65.65 59.09 61.06 65.25
</TABLE>
* Estimated
<PAGE>
<TABLE>
<CAPTION>
AMSOUTH BANCORPORATION
(In thousands)
(Unaudited)
12/31/93 12/31/92 % Change
------------ ------------ ------------
<S> <C> <C> <C>
LOANS
Commercial $ 2,373,516 $ 2,290,113 3.6
Commercial real estate:
Commercial real estate mortgages 1,056,752 888,000 19.0
Real estate construction 342,534 236,223 45.0
----------- -----------
Total commercial real estate 1,399,286 1,124,223 24.5
Consumer:
Residential first mortgages 2,262,669 1,060,889 113.3
Other residential mortgages 487,984 442,276 10.3
Dealer indirect 599,031 495,857 20.8
Other consumer 877,438 793,760 10.5
----------- -----------
Total consumer 4,227,122 2,792,782 51.4
----------- -----------
Total loans $ 7,999,924 $ 6,207,118 28.9
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
1993 1992
--------------------------------------------------------------- ------------
Dec 31 Sept 30 Jun 30 Mar 31 Dec 31
--------------------------------------------------------------- ------------
<S> <C> <C> <C> <C> <C>
NONPERFORMING ASSETS
Nonaccrual loans $ 45,656 $ 39,281 $ 50,878 $ 55,380 $ 51,652
Restructured loans 2,382 2,674 2,702 1,788 4,924
----------- ----------- ----------- ----------- -----------
Total nonperforming loans 48,038 41,955 53,580 57,168 56,576
Foreclosed properties 23,714 26,397 26,235 41,936 40,225
Repossessions 1,041 659 635 1,186 1,196
----------- ----------- ----------- ----------- -----------
Total nonperforming assets $ 72,793 $ 69,011 $ 80,450 $ 100,290 $ 97,997
=========== =========== =========== =========== ===========
Nonperforming assets to loans net of
unearned income, foreclosed properties
and repossessions 0.92% 0.96% 1.13% 1.45% 1.59%
Accruing loans 90 days past due $ 19,960 $ 20,892 $ 20,657 $ 17,901 $ 16,983
=========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
1993 1992
---------------------------------------------------------------------------------
Dec 31 Sept 30 Jun 30 Mar 31 Dec 31
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 108,694 $ 108,226 $ 108,401 $ 92,945 $ 90,923
Loans charged off 7,316 8,731 9,977 7,823 10,141
Recoveries of loans previously charged off 2,098 9,548 2,097 2,623 2,306
----------- ----------- ----------- ----------- -----------
Net charge-offs 5,218 (817) 7,880 5,200 7,835
Addition to allowance charged to expense 4,620 (349) 7,705 7,004 9,857
Allowance of acquisitions 9,993 0 0 13,652 0
----------- ----------- ----------- ----------- -----------
Balance at end of period $ 118,089 $ 108,694 $ 108,226 $ 108,401 $ 92,945
=========== =========== =========== =========== ===========
Allowance for loan losses to loans net 1.49% 1.51% 1.53% 1.58% 1.51%
of unearned income
Net charge-offs to average loans net
of unearned income * 0.28% (0.05%) 0.45% 0.32% 0.52%
Allowance for loan losses to
nonperforming loans 245.82% 259.07% 201.99% 189.62% 164.28%
Allowance for loan losses to
nonperforming assets 162.23% 157.50% 134.53% 108.09% 94.84%
</TABLE>
* Annualized
<PAGE>
CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
EXPENSE SUMMARY, YIELDS AND RATES-BY QUARTER
AMSOUTH BANCORPORATION
(Unaudited)
<TABLE>
<CAPTION>
Fourth Quarter Ended December 31
1993 1992
--------------------------------------------------------------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/ Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate Balance Expense Rate
------------------------------------------- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Earning assets:
Loans net of unearned income $ 7,433,578 $147,796 7.89 % $5,987,230 $123,655 8.22 %
Investment securities
Taxable securities 1,731,840 26,684 6.11 2,026,207 35,475 6.97
Tax-free securities 357,064 9,828 10.92 428,217 10,937 10.16
---------- ------- --------- -------
Total investment securities 2,088,904 36,512 6.93 2,454,424 46,412 7.52
Other earning assets 1,396,098 16,676 4.74 476,694 8,079 6.74
---------- ------- --------- -------
Total earning assets 10,918,580 200,984 7.30 8,918,348 178,146 7.95
Cash and other assets 1,087,684 916,068
Less allowance for loan losses 111,853 92,281
---------- ---------
$11,894,411 $9,742,135
========== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 3,070,962 20,051 2.59 $2,810,195 19,077 2.70
Savings deposits 742,122 4,834 2.58 550,956 3,811 2.75
Time deposits 3,114,603 33,889 4.32 2,473,780 29,364 4.72
Certificates of deposit of
$100,000 or more 591,815 6,010 4.03 503,063 6,088 4.81
Federal funds purchased and
securities sold under
agreements to repurchase 1,055,960 7,629 2.87 884,149 7,100 3.19
Other interest-bearing
liabilities 538,807 6,191 4.56 298,060 4,113 5.49
---------- ------- --------- -------
Total interest-bearing
liabilities 9,114,269 78,604 3.42 7,520,203 69,553 3.68
------- --------- ------- -----
Incremental interest spread 3.88 % 4.27 %
===== =====
Noninterest-bearing demand deposits 1,578,264 1,278,292
Other liabilities 168,362 127,743
Shareholders' equity 1,033,516 815,897
---------- ---------
$11,894,411 $9,742,135
========== =========
Gross interest margin/spread
on a taxable equivalent basis 122,380 4.45 % 108,593 4.85 %
===== =====
Taxable equivalent adjustment:
Loans 811 1,054
Investment securities 3,273 3,382
Other earning assets 5 10
------- -------
Total taxable equivalent
adjustment 4,089 4,446
------- -------
Gross interest margin $118,291 $104,147
======= =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
EXPENSE SUMMARY, YIELDS AND RATES-YTD
AMSOUTH BANCORPORATION
(Unaudited)
Twelve Months Ended December 31
1993 1992
------------------------------------------------------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/ Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate Balance Expense Rate
---------------------------------------- --------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Earning assets:
Loans net of unearned income $ 7,043,158 $ 566,399 8.04 % $ 5,757,366 $ 492,434 8.55 %
Investment securities
Taxable securities 2,020,550 131,975 6.53 2,085,164 157,215 7.54
Tax-free securities 378,910 41,063 10.84 450,806 47,181 10.47
------------ ---------- ----------- ----------
Total investment securities 2,399,460 173,038 7.21 2,535,970 204,396 8.06
Other earning assets 1,100,506 54,962 4.99 462,484 27,540 5.95
------------ ---------- ----------- ----------
Total earning assets 10,543,124 794,399 7.53 8,755,820 724,370 8.27
Cash and other assets 1,029,329 925,374
Less allowance for loan losses 108,011 90,047
------------ -----------
$ 11,464,442 $ 9,591,147
============ ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 2,968,613 79,407 2.67 $ 2,777,200 87,198 3.14
Savings deposits 715,409 19,395 2.71 524,926 16,711 3.18
Time deposits 2,974,087 134,831 4.53 2,550,429 135,096 5.30
Certificates of deposit of $100,000
or more 594,969 24,998 4.20 549,353 27,757 5.05
Federal funds purchased and securities
sold under agreements to repurchase 998,286 30,538 3.06 756,600 27,117 3.58
Other interest-bearing liabilities 597,035 25,715 4.31 299,444 17,200 5.74
------------ ---------- ----------- ----------
Total interest-bearing liabilities 8,848,399 314,884 3.56 7,457,952 311,079 4.17
---------- --------- ---------- ---------
Incremental interest spread 3.97 % 4.10 %
========= =========
Noninterest-bearing demand deposits 1,491,647 1,206,281
Other liabilities 144,961 136,041
Shareholders' equity 979,435 790,873
------------ -----------
$ 11,464,442 $ 9,591,147
============ ===========
Gross interest margin/spread
on a taxable equivalent basis 479,515 4.55 % 413,291 4.72 %
========= =========
Taxable equivalent adjustment
Loans 3,715 4,605
Investment securities 13,650 15,195
Other earning assets 73 54
------------ -----------
Total taxable equivalent adjustment 17,438 19,854
------------ -----------
Gross interest margin $ 462,077 $ 393,437
============ ===========
</TABLE>
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Twelve Months
Ended December 31 % Ended December 31 %
----------------------------- -----------------------------
NONINTEREST REVENUES 1993 1992 Change 1993 1992 Change
----------------------------------------- ------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Trust income $ 10,477 $ 10,244 2.3 $ 41,659 $ 40,069 4.0
Service charges on deposit
accounts 14,059 12,726 10.5 55,727 49,161 13.4
Securities gains 131 7 1,771.4 1,216 4,615 (73.7)
Mortgage administration fees 3,898 4,638 (16.0) 16,638 17,392 (4.3)
Investment services income 3,273 3,732 (12.3) 19,835 16,875 17.5
Other operating revenues 22,285 13,902 60.3 59,286 36,137 64.1
----------- ----------- ------------ ------------
Total $ 54,123 $ 45,249 19.6 $ 194,361 $ 164,249 18.3
=========== =========== ============ ============
NONINTEREST EXPENSES
Salaries and employee benefits $ 50,922 $ 44,355 14.8 $ 206,012 $ 167,435 23.0
Net occupancy expense 8,554 7,443 14.9 33,103 28,144 17.6
Equipment expense 9,116 8,297 9.9 34,839 31,313 11.3
FDIC premiums 4,895 4,266 14.7 19,260 17,104 12.6
Foreclosed properties expense (76) 2,449 (103.1) (4,273) 22,106 (119.3)
Other operating expenses 38,812 33,568 15.6 131,146 103,954 26.2
----------- ----------- ------------ ------------
Total $ 112,223 $ 100,378 11.8 $ 420,087 $ 370,056 13.5
=========== =========== ============ ============
INTANGIBLE ASSETS 12/31/93 12/31/92
----------- -----------
Goodwill $ 130,062 $ 69,335
Purchased mortgage servicing
rights 32,649 29,698
Other intangibles 2,140 7,919
1993 1992
--------------------------------------------------------------------- --------
EARNINGS PER SHARE 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr TOTAL TOTAL
--------------------------------------------------------------------- --------
Originally Reported $0.79 $0.80 $0.80 $0.80 $3.19 $2.55
Pooling Impact (0.03) (0.02) (0.04) - (0.09) (0.04)
---------- ---------- ---------- ---------- ---------- ----------
Restated $0.76 $0.78 $0.76 $0.80 $3.10 $2.51
========== ========== ========== ========== ========== ==========
</TABLE>
