<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
April 19, 1994
(Date of earliest event reported)
AMSOUTH BANCORPORATION
----------------------
(Exact name of registrant as specified in its charter)
Delaware 1-7476 63-0591257
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1400 AmSouth-Sonat Tower
Birmingham, Alabama 35203
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(Address, including zip code, of principal executive office)
(205) 320-7151
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(Registrant's telephone number,
including area code)
<PAGE>
Item 5. Other Events.
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AmSouth Bancorporation is filing this Current Report on Form 8-K to
report its preliminary results of operations for the first quarter of 1994.
On April 19, 1994, AmSouth Bancorporation reported record net income of
$41.3 million for the first quarter of 1994, a 10.4 percent increase over
first quarter 1993 earnings. On a per share basis, first quarter 1994 earnings
were $.80 per common share.
"We are delighted to achieve our 13th consecutive quarter of record net
income, and we are pleased that our first quarter financial results reflect
continuing progress toward the ambitious long-term goals we have set for our
company," John W. Woods, chairman and chief executive officer of AmSouth
Bancorporation, said.
AmSouth's first quarter performance resulted in a return on average
assets of 1.30 percent and a return on average shareholders' equity of 14.64
percent.
AmSouth's gross interest spread was 4.57 percent in the first quarter of
1994, compared to 4.44 percent for the fourth quarter of 1993, and compared to
4.73 percent for the first quarter of 1993. The provision for loan losses for
the three months ended March, 31, 1994, totaled $1.0 million, the result of
continued good asset quality. Noninterest revenues declined $1.2 million over
first quarter 1993 levels to a first quarter 1994 amount of $48.0 million.
This decline is primarily attributable to losses in the portfolio trading
accounts due to market conditions. Noninterest expenses increased over the same
quarter of the previous year due to increased banking operations added through
purchases in Chattanooga, Tennessee, on February 1, 1993, and Ocala, Florida,
on December 9, 1993.
The corporation's total assets at March 31, 1994, increased to $13.2
billion, while AmSouth's shareholders' equity at quarter end was $1.1 billion.
Both are the highest quarter-end totals in the company's 22-year history.
"We are particularly pleased with our continued progress in assimilating
acquisitions in rapidly growing areas of Florida and northwest Georgia," Woods
said.
AmSouth continued its progress towards productivity improvements during
the first quarter. By quarter end, AmSouth had achieved 98 percent of its goal
of reducing employment in the core company by 750 positions. The productivity
improvement project was begun in mid 1993.
During the first quarter, Orange Bank headquartered in Orlando and
FloridaBank in Jacksonville were merged into AmSouth Bank of Florida, and
AmSouth signed a definitive agreement to acquire The Bank of Tampa. At quarter
end, AmSouth Bank of Florida reported total assets of $3.45 billion, making
AmSouth the fifth largest commercial bank in Florida.
In early April, Parkway Bank in Fort Myers and Citizens National Bank in
Naples became AmSouth Bancorporation affiliates. Additionally, AmSouth has now
received all regulatory approvals necessary for the merger with Fortune
Bancorp, Inc. The merger is subject to Fortune's shareholders' approval and
other closing conditions. The AmSouth-Fortune merger is scheduled for June 23.
In northwest Georgia, AmSouth completed the merger of First Federal
Savings Bank in Calhoun in early April and also signed a definitive agreement
to acquire Community Federal Savings Bank in Fort Oglethorpe, Georgia.
At March 31, 1994, AmSouth Bancorporation operated 268 banking offices in
four southeastern states: 148 banking offices in Alabama, 94 offices in
Florida, 21 offices in Tennessee and five in Georgia. Bank-related affiliates
include AmSouth Mortgage Company, Inc., with offices in nine Southeastern
states, AmSouth Investment Services, Inc., and AmSouth Leasing Corporation.
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(In thousands except per share data)
<TABLE>
<CAPTION>
Three Months
Ended March 31 %
--------------------------
EARNINGS SUMMARY 1994 1993 Change
--------------------------------------------
<S> <C> <C> <C>
Gross interest margin $ 129,164 $ 118,504 9.0
Provision for loan losses 1,042 7,184 (85.5)
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Net interest margin 128,122 111,320 15.1
Noninterest revenues 47,955 49,116 (2.4)
Noninterest expenses 114,324 105,532 8.3
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Income before income taxes 61,753 54,904 12.5
Applicable income taxes 20,473 17,510 16.9
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Net income $ 41,280 $ 37,394 10.4
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Primary earnings per share $0.80 $0.78 2.6
Average primary shares outstanding 51,656 48,116
End of period shares outstanding 51,750 49,336
</TABLE>
<TABLE>
<CAPTION>
Average for Ending
Three Months Balance
Ended March 31 % March 31 %
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BALANCE SHEET SUMMARY 1994 1993 Change 1994 1993 Change
-------------------------------------------- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Loans net of unearned income $ 8,369,555 $ 7,011,187 19.4 $ 8,562,769 $ 7,261,462 17.9
Total securities 3,045,533 3,107,553 (2.0) 3,298,576 3,256,392 1.3
Earning assets 11,808,936 10,530,777 12.1 12,119,501 10,975,687 10.4
Total assets 12,880,251 11,484,813 12.2 13,187,389 12,063,004 9.3
Noninterest-bearing deposits 1,657,637 1,480,944 11.9 1,719,401 1,509,737 13.9
Interest-bearing deposits 8,342,432 7,327,228 13.9 8,286,559 7,621,804 8.7
Total deposits 10,000,069 8,808,172 13.5 10,005,960 9,131,541 9.6
Shareholders' equity 1,143,159 946,206 20.8 1,145,258 993,588 15.3
</TABLE>
<TABLE>
<CAPTION>
1994 1993
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SELECTED RATIOS 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
---------- -------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Average shareholders' equity to
average total assets 8.88 8.53 8.40 8.36 8.24
End of period shareholders' equity to
end of period total assets 8.68 8.54 8.24 8.34 8.24
Tier I capital to risk-adjusted assets 11.06 * 10.87 9.87 10.00 9.88
Total capital to risk-adjusted assets 13.42 * 13.23 12.12 12.34 12.24
Loans net of unearned income to total deposits 85.58 82.48 81.50 80.28 79.52
Net income (annualized) to average total assets 1.30 1.00 1.20 1.29 1.32
Net income (annualized) to average
shareholders' equity 14.64 11.66 14.32 15.46 16.03
Book value per common share 22.13 21.80 21.13 20.66 20.14
Efficiency ratio 63.16 66.83 65.98 59.56 61.35
</TABLE>
* Estimated
<PAGE>
AMSOUTH BANCORPORATION
(Dollars in thousands)
(Unaudited)
<TABLE>
<CAPTION>
3/31/94 3/31/93 % Change
----------- ----------- -----------
<S> <C> <C> <C>
LOANS
Commercial $ 2,607,525 $2,312,959 12.7
Commercial real estate:
Commercial real estate mortgages 1,176,771 1,144,163 2.8
Real estate construction 391,418 321,098 21.9
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Total commercial real estate 1,568,189 1,465,261 7.0
Consumer:
Residential first mortgages 2,399,567 1,770,507 35.5
Other residential mortgages 477,942 464,863 2.8
Dealer indirect 659,264 517,917 27.3
Other consumer 923,905 799,246 15.6
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Total consumer 4,460,678 3,552,533 25.6
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Total loans $ 8,636,392 $7,330,753 17.8
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<CAPTION>
1994 1993
----------- ---------------------------------------------------
Mar 31 Dec 31 Sept 30 Jun 30 Mar 31
----------- ---------------------------------------------------
<S> <C> <C> <C> <C> <C>
NONPERFORMING ASSETS
Nonaccrual loans $ 60,405 $ 51,074 $ 43,766 $ 54,336 $ 60,129
Restructured loans 1,761 2,420 2,674 3,741 1,870
----------- ----------- ----------- ---------- ----------
Total nonperforming loans 62,166 53,494 46,440 58,077 61,999
Foreclosed properties 21,720 27,858 30,813 30,437 48,347
Repossessions 877 1,043 659 657 1,196
----------- ----------- ----------- ---------- ----------
Total nonperforming assets $ 84,763 $ 82,395 $ 77,912 $ 89,171 $ 111,542
=========== =========== =========== ========== ==========
Nonperforming assets to loans net
of unearned income, foreclosed
properties and repossessions 0.99% 0.99% 1.02% 1.19% 1.53%
Accruing loans 90 days past due $ 29,926 $ 20,598 $ 20,901 $ 20,754 $ 18,558
=========== =========== =========== ========== ==========
<CAPTION>
1994 1993
----------- ---------------------------------------------------
1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
----------- ---------------------------------------------------
<S> <C> <C> <C> <C> <C>
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 128,799 $ 112,933 $ 112,572 $ 113,336 $ 98,988
Loans charged off 8,167 7,452 8,868 10,765 7,930
Recoveries of loans previously
charged off 4,109 2,230 9,568 2,116 2,636
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Net charge-offs (recoveries) 4,058 5,222 (700) 8,649 5,294
Addition (reduction) to allowance
charged (credited) to expense 1,042 11,095 (339) 7,885 7,184
Allowance acquired in bank purchases 0 9,993 0 0 12,458
----------- ----------- ----------- ---------- ----------
Balance at end of period $ 125,783 $ 128,799 $ 112,933 $ 112,572 $ 113,336
=========== =========== =========== ========== ==========
Allowance for loan losses to loans
net of unearned income 1.47% 1.55% 1.49% 1.51% 1.56%
Net charge-offs to average loans
net of unearned income * 0.20% 0.26% (.04%) 0.47% 0.31%
Allowance for loan losses to
nonperforming loans 202.33% 240.77% 243.18% 193.83% 182.80%
Allowance for loan losses to
nonperforming assets 148.39% 156.32% 144.95% 126.24% 101.61%
* Annualized
</TABLE>
<PAGE>
CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
EXPENSE SUMMARY, YIELDS AND RATES-BY QUARTER
AMSOUTH BANCORPORATION
(Unaudited)
<TABLE>
<CAPTION>
First Quarter Ended March 31
1994 1993
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(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 $ 8,369,555 $ 161,961 7.85% $ 7,011,187 $ 142,530 8.24%
Trading securities 76,094 928 4.95 27,837 366 5.33
Available-for-sale
securities 1,198,566 14,449 4.89 472,515 7,870 6.75
Held-to-maturity securities
Taxable 1,428,464 24,397 6.93 2,206,918 37,248 6.84
Tax-free 342,409 9,437 11.18 400,283 10,509 10.65
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Total held-to-maturity securities 1,770,873 33,834 7.75 2,607,201 47,757 7.43
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Total securities 3,045,533 49,211 6.55 3,107,553 55,993 7.31
Other earning assets 393,848 4,518 4.65 412,037 4,515 4.44
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Total earning assets 11,808,936 215,690 7.41 10,530,777 203,038 7.82
Cash and other assets 1,199,849 1,062,099
Less allowance for loan losses 128,534 108,063
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$ 12,880,251 $ 11,484,813
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LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 3,396,161 21,609 2.58 $ 3,086,908 20,710 2.72
Savings deposits 845,545 4,842 2.32 711,199 4,827 2.75
Time deposits 3,439,838 36,082 4.25 2,907,699 34,126 4.76
Certificates of deposit of $100,000 or more 660,888 6,366 3.91 621,422 6,643 4.34
Federal funds purchased and securities
sold under agreements to repurchase 941,999 7,530 3.24 1,045,975 7,905 3.07
Other interest-bearing liabilities 564,099 6,200 4.46 536,126 5,930 4.49
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Total interest-bearing liabilities 9,848,530 82,629 3.40 8,909,329 80,141 3.65
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Incremental interest spread 4.01% 4.17%
====== ======
Noninterest-bearing demand deposits 1,657,637 1,480,944
Other liabilities 230,925 148,514
Shareholders' equity 1,143,159 946,026
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$ 12,880,251 $ 11,484,813
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Gross interest margin/spread
on a taxable equivalent basis 133,061 4.57% 122,897 4.73%
====== ======
Taxable equivalent adjustment:
Loans 750 1,031
Securities 3,147 3,362
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Total taxable equivalent adjustment 3,897 4,393
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Gross interest margin $ 129,164 $ 118,504
========== ==========
</TABLE>
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in thousands)
<TABLE>
<CAPTION>
Three Months
Ended March 31
------------------------- %
1994 1993 Change
---------------------------------
<S> <C> <C> <C>
NONINTEREST REVENUES
Trust income $ 11,394 $ 10,367 9.9
Service charges on deposit accounts 15,813 14,079 12.3
Securities gains 39 980 (96.0)
Mortgage administration fees 4,740 4,509 5.1
Investment services income 4,168 5,708 (27.0)
Gains on securities available for sale 3,522 1,719 104.9
Other portfolio income (1,983) 821 (341.5)
Other operating revenues 10,262 10,933 (6.1)
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Total $ 47,955 $ 49,116 (2.4)
=========== ========
NONINTEREST EXPENSES
Salaries and employee benefits $ 53,361 $ 49,431 8.0
Net occupancy expense 10,199 9,274 10.0
Equipment expense 9,712 8,846 9.8
FDIC premiums 5,360 5,116 4.8
Foreclosed properties expense (5) 888 (100.6)
Other operating expenses 35,697 31,977 11.6
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Total $ 114,324 $105,532 8.3
=========== ========
<CAPTION>
INTANGIBLE ASSETS 3/31/94 3/31/93
----------- --------
<S> <C> <C>
Goodwill $ 129,079 $ 91,297
Purchased mortgage servicing rights 33,039 35,403
Core deposit intangibles 2,488 3,003
</TABLE>
<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: April 22, 1994
