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<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
OCTOBER 17, 1995
(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 is filing this Current Report on Form 8-K to
report its preliminary results of operations for the third quarter of 1995.
On October 17, 1995, AmSouth Bancorporation reported unaudited net
income of $46.1 million, or $.79 per common share, for the third quarter of
1995, which represents a 4.6 percent increase over third quarter 1994 net income
of $44.1 million and a 5.3 percent increase over third quarter 1994 earnings per
share of $.75.
"Our earnings met our expectations for improved performance," said John
W. Woods, chairman and chief executive officer of AmSouth Bancorporation.
"Expense reductions and productivity measures improved our efficiency ratio to
below 60 percent, while AmSouth's core earnings continue to increase quarter to
quarter."
C. Dowd Ritter, president and chief operating officer of AmSouth
Bancorporation, added, "We met or exceeded our goals for the first three
quarters of this year. For the future, we will continue to execute strategies
that support improving our earnings momentum."
AmSouth's third quarter earnings represent a 1.09 percent return on
average assets and a 13.38 percent return on average shareholders' equity. The
improvements in the company's third quarter performance compared to the second
quarter are attributed primarily to reduced expenses and an improved interest
rate margin.
<PAGE>
Average loans for the quarter were up 10.1 percent and average deposits
were up 7.8 percent over last year's third quarter levels.
Third quarter 1995 noninterest revenues decreased by 13.2 percent
compared to last year's third quarter primarily due to gains on the sale of
third-party mortgage servicing realized in the third quarter of 1994.
Noninterest expenses, however, were 14.4 percent below last year's third quarter
levels and include the effects of approximately $5 million of FDIC insurance
refunds.
Earnings year to date are $127.1 million, or $2.18 per share, compared
to $125.9 million, or $2.25 per share, for the first three quarters of 1994. At
September 30, 1995, AmSouth reported total assets of $17.0 billion and
shareholders' equity of $1.4 billion.
AmSouth Bancorporation, a preeminent MidSouth financial institution,
operates 274 banking offices in four states: 126 offices in Alabama, 116 offices
in Florida, 24 in Tennessee and eight in northwest Georgia.
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(In thousands except per share data)
<TABLE>
<CAPTION>
Three Months Nine Months
Ended September 30 Ended September 30
------------------------- % ------------------------- %
EARNINGS SUMMARY 1995 1994 Change 1995 1994 Change
------------ ----------- ------ ----------- ----------- ------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $ 149,809 $ 153,194 (2.2) $ 442,022 $ 423,818 4.3
Provision for loan losses 9,398 4,773 96.9 30,049 9,954 201.9
----------- ----------- ----------- -----------
Net interest income after provision 140,411 148,421 (5.4) 411,973 413,864 (0.5)
Noninterest revenues 48,427 55,816 (13.2) 179,958 151,588 18.7
Noninterest expenses 115,533 134,966 (14.4) 391,792 371,927 5.3
----------- ----------- ----------- -----------
Income before income taxes 73,305 69,271 5.8 200,139 193,525 3.4
Income taxes 27,210 25,210 7.9 73,076 67,590 8.1
----------- ----------- ----------- -----------
Net income $ 46,095 $ 44,061 4.6 $ 127,063 $ 125,935 0.9
=========== =========== =========== ===========
Primary earnings per share $ 0.79 $ 0.75 5.3 $ 2.18 $ 2.25 (3.1)
Average primary shares outstanding 58,418 58,894 58,273 56,021
End of period shares outstanding 58,480 58,026
</TABLE>
<TABLE>
<CAPTION>
Average for Average for
Three Months Nine Months
Ended September 30 Ended September 30
------------------------- % ------------------------- %
BALANCE SHEET SUMMARY 1995 1994 Change 1995 1994 Change
----------- ----------- ------ ----------- ----------- ------
<S> <C> <C> <C> <C> <C> <C>
Loans net of unearned income $11,816,908 $10,731,271 10.1 $11,727,594 $ 9,509,976 23.3
Total securities 3,667,935* 4,650,920* (21.1) 3,747,570* 3,799,210* (1.4)
Earning assets 15,572,158* 15,658,272* (0.5) 15,578,183* 13,635,560* 14.2
Total assets 16,796,595 17,055,737 (1.5) 16,869,446 14,835,166 13.7
Noninterest-bearing deposits 1,730,937 1,798,001 (3.7) 1,761,573 1,769,571 (0.5)
Interest-bearing deposits 11,528,713 10,498,460 9.8 11,504,403 9,342,669 23.1
Total deposits 13,259,650 12,296,461 7.8 13,265,976 11,112,240 19.4
Shareholders' equity 1,366,359 1,337,861 2.1 1,346,145 1,241,774 8.4
</TABLE>
<TABLE>
<CAPTION>
Ending
Balance
September 30
----------------------------- %
BALANCE SHEET SUMMARY 1995 1994 Change
----------- ----------- ------
<S> <C> <C> <C>
Loans net of unearned income $11,922,456 $11,008,363 8.3
Total securities 3,792,648* 4,018,696* (5.6)
Earning assets 15,793,195* 15,321,639* 3.1
Total assets 17,004,235 16,869,187 0.8
Noninterest-bearing deposits 1,768,953 1,880,201 (5.9)
Interest-bearing deposits 11,403,273 10,728,060 6.3
Total deposits 13,172,226 12,608,261 4.5
Shareholders' equity 1,387,219 1,318,497 5.2
</TABLE>
<TABLE>
<CAPTION>
1995 1994
---------------------------------- -------------------
SELECTED RATIOS 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Average shareholders' equity to
average total assets 8.13% 7.92% 7.85% 7.86% 7.84%
End of period shareholders' equity to
end of period total assets 8.16 8.00 7.82 7.81 7.82
Tier 1 capital to risk-adjusted assets 8.31** 8.13 8.31 8.84 9.42
Total capital to risk-adjusted assets 11.15** 10.98 11.39 12.14 12.83
Loans net of unearned income to total deposits 90.51 88.44 87.98 87.47 87.31
Net income (annualized) to average total assets 1.09 0.97 0.96 0.03 1.02
Net income (annualized) to average
shareholders' equity 13.38 12.22 12.28 0.41 13.07
Book value per common share 23.72 23.31 22.95 22.57 22.72
Tangible book value per common share 18.78 18.28 16.87 16.49 16.51
Efficiency ratio 57.40 64.26 64.14 86.57 63.51
</TABLE>
- --------
* Includes adjustment for market valuation on available-for-sale securities of
$4,324, $(18,349), $1,322, $(8,044), $4,199 and $(21,391), respectively.
**Estimated
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(In thousands)
<TABLE>
<CAPTION>
09/30/95 09/30/94 % Change
----------- ----------- ----------
<S> <C> <C> <C>
LOANS
Commercial $ 3,033,409 $ 2,681,371 13.1
Commercial real estate:
Commercial real estate mortgages 1,476,494 1,364,003 8.2
Real estate construction 496,067 493,207 0.6
----------- -----------
Total commercial real estate 1,972,561 1,857,210 6.2
Consumer:
Residential first mortgages 4,272,370 4,112,346 3.9
Other residential mortgages 665,629 609,152 9.3
Dealer indirect 1,041,744 844,033 23.4
Other consumer 1,016,098 981,236 3.6
----------- -----------
Total consumer 6,995,841 6,546,767 6.9
----------- -----------
Total loans $12,001,811 $11,085,348 8.3
=========== ===========
1995 1994
---------------------------------------------- ---------------------------
Sep 30 Jun 30 Mar 31 Dec 31 Sept 30
----------- ----------- ---------- ---------- ----------
NONPERFORMING ASSETS
Nonaccrual loans $ 89,355 $ 96,111 $ 101,964 $ 89,545 $ 97,186
Restructured loans 0 0 781 13,203 11,219
----------- ----------- ---------- ---------- ----------
Total nonperforming loans 89,355 96,111 102,745 102,748 108,405
Foreclosed properties 13,144 18,112 24,656 28,263 31,673
Repossessions 2,052 2,028 2,097 2,079 1,664
----------- ----------- ---------- ---------- ----------
Total nonperforming assets $ 104,551 $ 116,251 $ 129,498 $ 133,090 $ 141,742
=========== =========== ========== ========== ==========
Nonperforming assets to loans net of
unearned income, foreclosed properties
and repossessions 0.88% 0.97% 1.10% 1.16% 1.28%
Accruing loans 90 days past due $ 45,548 $ 34,663 $ 33,685 $ 34,246 $ 44,293
=========== =========== ========== ========== ==========
1995 1994
---------------------------------------------- ---------------------------
Sep 30 Jun 30 Mar 31 Dec 31 Sept 30
----------- ----------- ---------- ---------- ----------
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 179,002 $ 174,398 $ 171,167 $ 164,756 $ 164,746
Loans charged off 12,290 11,833 9,161 16,457 9,066
Recoveries of loans previously charged off 3,440 4,130 2,295 2,719 4,303
----------- ----------- ---------- ---------- ----------
Net charge-offs 8,850 7,703 6,866 13,738 4,763
Addition to allowance charged to expense 9,398 12,307 8,344 20,149 4,773
Allowance acquired in acquistions 0 0 1,753 0 0
----------- ----------- ---------- ---------- ----------
Balance at end of period $ 179,550 $ 179,002 $ 174,398 $ 171,167 $ 164,756
=========== =========== ========== ========== ==========
Allowance for loan losses to loans net of
unearned income 1.51% 1.50% 1.48% 1.50% 1.50%
Net charge-offs to average loans net of
unearned income * 0.30% 0.26% 0.24% 0.49% 0.18%
Allowance for loan losses to nonperforming
loans 200.94% 186.25% 169.74% 166.59% 151.98%
Allowance for loan losses to nonperforming
assets 171.73% 153.98% 134.67% 128.61% 116.24%
* Annualized
</TABLE>
<PAGE>
CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
EXPENSE SUMMARY, YIELDS AND RATES-BY QUARTER
AMSOUTH BANCORPORATION
(Unaudited)
<TABLE>
<CAPTION>
Third Quarter Ended September 30
1995
--------------------------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate
--------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Earning assets:
Loans net of unearned income $ 11,816,908 $ 257,422 8.64 %
Trading securities 2,797 27 3.83
Available-for-sale securities 496,588 8,900 7.11
Held-to-maturity securities:
Taxable 2,908,333 48,044 6.55
Tax-free 255,893 6,957 10.79
------------- ------------
Total held-to-maturity securities 3,164,226 55,001 6.90
------------- ------------
Total securities 3,663,611 63,928 6.92
Other earning assets 87,315 1,205 5.48
------------- ------------
Total earning assets 15,567,834 322,555 8.22
Cash and other assets 1,404,025
Less allowance for loan losses (179,588)
Market valuation on AFS securities 4,324
-------------
$ 16,796,595
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 3,830,799 33,139 3.43
Savings deposits 986,486 6,805 2.74
Time deposits 5,792,071 85,870 5.88
Certificates of deposit of $100,000 or more 919,357 14,018 6.05
Federal funds purchased and securities
sold under agreements to repurchase 1,044,177 14,966 5.69
Other interest-bearing liabilities 913,192 14,908 6.48
------------- ------------
Total interest-bearing liabilities 13,486,082 169,706 4.99
------------ ---------
Incremental interest spread 3.23 %
=========
Noninterest-bearing demand deposits 1,730,937
Other liabilities 213,217
Shareholders' equity 1,366,359
-------------
$ 16,796,595
=============
Net interest income/margin
on a taxable equivalent basis 152,849 3.90 %
=========
Taxable equivalent adjustment:
Loans 745
Securities 2,295
------------
Total taxable equivalent adjustment 3,040
------------
Net interest income $ 149,809
============
Third Quarter Ended September 30
1994
--------------------------------------------------------
(Taxable Equivalent Basis - Average Revenue/ Yield/
Dollars in Thousands) Balance Expense Rate
--------------------------------------------------------
ASSETS
Earning assets:
Loans net of unearned income $ 10,731,271 $ 218,001 8.06 %
Trading securities 50,144 923 7.30
Available-for-sale securities 1,190,536 17,556 5.85
Held-to-maturity securities:
Taxable 3,120,246 50,000 6.36
Tax-free 308,343 8,749 11.26
------------- ----------
Total held-to-maturity securities 3,428,589 58,749 6.80
------------- ----------
Total securities 4,669,269 77,228 6.56
Other earning assets 276,081 3,595 5.17
------------- ----------
Total earning assets 15,676,621 298,824 7.56
Cash and other assets 1,562,705
Less allowance for loan losses (165,240)
Market valuation on AFS securities (18,349)
-------------
$ 17,055,737
=============
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 4,084,672 33,321 3.24
Savings deposits 958,903 6,459 2.67
Time deposits 4,639,285 51,505 4.40
Certificates of deposit of $100,000 or more 815,600 9,358 4.55
Federal funds purchased and securities
sold under agreements to repurchase 2,241,922 25,759 4.56
Other interest-bearing liabilities 1,050,845 15,735 5.94
------------- ----------
Total interest-bearing liabilities 13,791,227 142,137 4.09
---------- --------
Incremental interest spread 3.47 %
========
Noninterest-bearing demand deposits 1,798,001
Other liabilities 128,648
Shareholders' equity 1,337,861
-------------
$ 17,055,737
=============
Net interest income/margin
on a taxable equivalent basis 156,687 3.97 %
========
Taxable equivalent adjustment:
Loans 738
Securities 2,755
Total taxable equivalent adjustment ----------
Net interest income 3,493
----------
$ 153,194
==========
</TABLE>
<PAGE>
CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
EXPENSE SUMMARY, YIELDS AND RATES-YEAR TO DATE
AMSOUTH BANCORPORATION
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30
1995 1994
------------------------------ --------------------------------------
(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 $11,727,594 $758,005 8.64% $ 9,509,976 $567,000 7.97%
Trading securities 6,745 290 5.75 54,517 2,449 6.01
Available-for-sale securities 502,981 27,407 7.29 1,104,172 43,474 5.26
Held-to-maturity securities:
Taxable 2,965,488 145,192 6.55 2,324,512 111,632 6.42
Tax-free 271,034 22,126 10.91 324,053 27,122 11.19
----------- -------- ----------- --------
Total held-to-maturity securities 3,236,522 167,318 6.91 2,648,565 138,754 7.00
----------- -------- ----------- --------
Total securities 3,746,248 195,015 6.96 3,807,254 184,677 6.49
Other earning assets 103,019 5,263 6.83 326,374 12,130 4.97
----------- -------- ----------- --------
Total earning assets 15,576,861 958,283 8.23 13,643,604 763,807 7.48
Cash and other assets 1,467,199 1,343,527
Less allowance for loan losses (175,936) (143,921)
Market valuation on AFS securities 1,322 (8,044)
----------- -----------
$16,869,446 $14,835,166
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 3,917,453 108,098 3.69 $ 3,746,383 82,505 2.94
Savings deposits 946,992 20,690 2.92 919,538 17,705 2.57
Time deposits 5,740,896 243,032 5.66 3,929,607 126,472 4.30
Certificates of deposit of $100,000 or more 899,062 39,159 5.82 747,141 23,584 4.22
Federal funds purchased and securities
sold under agreements to repurchase 1,080,661 47,853 5.92 1,500,422 46,337 4.13
Other interest-bearing liabilities 987,061 47,833 6.48 815,394 32,261 5.29
----------- -------- ----------- --------
Total interest-bearing liabilities 13,572,125 506,665 4.99 11,658,485 328,864 3.77
-------- ----- -------- -----
Incremental interest spread 3.24% 3.71%
===== =====
Noninterest-bearing demand deposits 1,761,573 1,769,571
Other liabilities 189,603 165,336
Shareholders' equity 1,346,145 1,241,774
----------- -----------
$16,869,446 $14,835,166
=========== ===========
Net interest income/margin
on a taxable equivalent basis 451,618 3.88% 434,943 4.26%
===== =====
Taxable equivalent adjustment:
Loans 2,286 2,253
Securities 7,310 8,872
-------- --------
Total taxable equivalent adjustment 9,596 11,125
-------- --------
Net interest income $442,022 $423,818
======== ========
</TABLE>
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months
Ended September 30 %
--------------------------------------
1995 1994 Change
-------------------------------------------------------
<S> <C> <C> <C>
NONINTEREST REVENUES
Trust income $ 12,339 $ 11,140 10.8 %
Service charges on deposit accounts 21,651 17,749 22.0
Credit card income 3,906 3,116 25.4
Securities gains 285 99 187.9
Mortgage administration fees 136 6,545 (97.9)
Investment services income 2,324 3,472 (33.1)
(Losses) gains on available-for-sale securities (58) (3,320) 98.3
Other portfolio income 411 107 284.1
Other operating revenues 7,433 16,908 (56.0)
---------- ----------
Total $ 48,427 $ 55,816 (13.2)
========== ==========
NONINTEREST EXPENSES
Salaries and employee benefits $ 52,832 $ 60,860 (13.2)%
Net occupancy expense 12,168 12,264 (0.8)
Equipment expense 11,213 10,696 4.8
FDIC premiums 2,109 6,669 (68.4)
Foreclosed properties expense (2) 455 (100.4)
Other operating expenses 37,213 44,022 (15.5)
---------- ----------
Total $ 115,533 $ 134,966 (14.4)
========== ==========
INTANGIBLE ASSETS 09/30/95 09/30/94
---------- ----------
Goodwill $ 287,452 $ 290,306
Purchased mortgage servicing rights 0 67,831
Core deposit intangibles 1,681 2,198
Nine Months
Ended September 30 %
-----------------------------------------
1995 1994 Change
--------------------------------------------------------
NONINTEREST REVENUES
Trust income $ 36,811 $ 34,574 6.5
Service charges on deposit accounts 62,014 50,313 23.3
Credit card income 10,833 9,206 17.7
Securities gains 481 327 47.1
Mortgage administration fees 8,353 16,505 (49.4)
Investment services income 8,238 10,847 (24.1)
(Losses) gains on available-for-sale securities 3,170 492 544.3
Other portfolio income 436 (2,556) 117.1
Other operating revenues 49,622 31,880 55.7
---------- ----------
Total $ 179,958 $ 151,588 18.7
========== ==========
NONINTEREST EXPENSES
Salaries and employee benefits $ 173,661 $ 171,253 1.4
Net occupancy expense 41,896 33,917 23.5
Equipment expense 39,090 30,415 28.5
FDIC premiums 16,835 17,899 (5.9)
Foreclosed properties expense (415) 666 (162.3)
Other operating expenses 120,725 117,777 2.5
---------- ----------
Total $ 391,792 $ 371,927 5.3
========== ==========
</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
Date: November 2, 1995 By: /s/ Dennis J. Dill
----------------------------------
Dennis J. Dill
Executive Vice President and
Chief Accounting Officer
(Principal Accounting Officer)
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