<PAGE>
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
Date of Report (Date of earliest event reported):
January 18, 2000
AMSOUTH BANCORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-7476 63-0591257
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
AMSOUTH-SONAT TOWER
1900 FIFTH AVENUE NORTH
BIRMINGHAM, ALABAMA 35203
(Address, including zip code, of principal executive office)
Registrant's telephone number, including area code: (205) 320-7151
Not applicable
(Registrant's former address of principal executive office)
<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 1999
and for the fiscal year ended December 31, 1999. On January 18, 2000, AmSouth
issued a press release describing its results of operations for the fourth
quarter of 1999 and for the fiscal year ended December 31, 1999. The press
release is attached hereto as Exhibit 99 and is incorporated as part of this
Current Report on Form 8-K.
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 of January 18, 2000
<PAGE>
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.
AMSOUTH BANCORPORATION
By /s/ Carl L. Gorday
Name: Carl L. Gorday
Title: Assistant Secretary
Date: January 20, 2000
<PAGE>
Exhibit 99
FOR IMMEDIATE RELEASE
Contact: (Investment Community) List Underwood (205) 801-0265
(News Media) Jim Underwood (205) 326-5184
BIRMINGHAM, Ala., Jan. 18 /--AmSouth Bancorporation (NYSE: ASO - news) announced
today that fourth quarter 1999 earnings, excluding merger-related and loan
impairment charges, were $161.1 million or $.41 per diluted share, a 13.9
percent increase over fourth quarter 1998 earnings of $144.9 million or $.36 per
diluted share. Including the impact of merger-related and loan impairment
charges, the company reported a net loss of $62.6 million or $.16 per diluted
share for the fourth quarter of 1999. As a result of the merger with First
American Corporation, which was completed on Oct. 1, 1999, all historical
financial information has been restated to reflect pooling of interests
accounting.
For the year, earnings excluding merger-related and loan impairment charges were
$604.7 million or $1.53 per diluted share, a 9.3 percent increase over 1998
earnings per share. Including the impact of merger-related and loan impairment
charges, 1999 reported net income and earnings per diluted share were $340.5
million and $.86, respectively.
The charges related to the First American merger were $177.8 million, net of
tax. The loan impairment charges consisted of a $45.8 million, net of tax,
provision for impairment of certain loans.
The federal government's legislation to reduce Medicare reimbursements to health
care providers has had a material adverse financial impact on certain companies
in this sector which are heavily reliant on such reimbursements. Both AmSouth
and First American have been lenders to the health care industry. Consequently,
AmSouth decided to exit this segment of its loan portfolio by transferring to
assets held for accelerated disposition $149 million in loans, net of a $71
million valuation allowance.
AmSouth's president and chief executive officer, Dowd Ritter, said, "Exiting
this segment of our loan portfolio and recognizing a majority of the merger
charge in 1999 provides good visibility for AmSouth's earnings outlook for 2000.
We now enter the new year with excellent credit quality and our full attention
on the successful integration of First American. We are confident that the
realization of the merger synergies and ongoing strategic initiatives should
yield superior rewards for shareholders in 2000 and beyond."
Excluding merger-related and loan impairment charges, AmSouth achieved a return
on equity of 21.3 percent and a return on assets of 1.47 percent in the fourth
quarter of 1999 compared to 18.2 percent and 1.43 percent, respectively, in the
fourth quarter of 1998. The company's fourth quarter efficiency ratio was 54.17
percent compared with 54.68 percent in last year's fourth
<PAGE>
quarter. For the year and on the same basis, AmSouth achieved a return on equity
of 19.0 percent and return on assets of 1.45 percent, compared with 18.0 percent
and 1.43 percent, respectively, for 1998. The company's efficiency ratio for
1999 was 56.21 percent, compared to 56.60 percent in 1998.
Continued strong earnings means that AmSouth is maintaining its traditional high
sales and service quality while making rapid progress in the assimilation of
First American into AmSouth, according to Ritter. To date, AmSouth has
successfully completed the conversions of First American's payroll, human
resources, mortgage, and financial accounting systems. The bank charters were
merged Dec. 31, 1999, and the one branch divestiture required by regulators is
expected to be completed by the end of January. Additionally, in order to
achieve consistency within the companies' combined operations, the out-of-market
portion of First American's credit card portfolio was sold and First American's
merchant card processing business was outsourced during the quarter. These two
transactions are expected to enhance operations going forward.
The operational conversion of First American and Deposit Guaranty branches will
begin in February and will be completed in May. The staged process will provide
adequate time to train First American employees while maintaining the highest
possible levels of customer service.
"To our employees' credit, they have not been distracted from meeting their
customers' needs by the merger with First American," Ritter said. "This same
dedication to sales and quality service will ensure a smooth transition for
customers when we begin the operational conversion of First American into
AmSouth in February 2000."
Ritter credits AmSouth's management depth and dedicated employees for the
outstanding financial performance the company has achieved over the past five
years. "AmSouth benefits from an exceptionally talented pool of senior
managers, and the addition of Tom Hoaglin as vice chairman of the board in
February will add additional depth to an already outstanding team," Ritter
said.
Compared with the fourth quarter of 1998, fourth quarter 1999 net interest
income increased 3.0 percent, reflecting growth in average interest-earning
assets of 8.8 percent. Average managed loans net of unearned income, excluding
residential first mortgages, increased 15.8 percent over a year ago led by a
33.7 percent increase in average home equity lending, a 47.1 percent increase in
average dealer indirect loans, and a 10.4 percent increase in average managed
commercial loans. At the same time, funding for loan growth included an increase
in average total deposits.
Total fourth quarter noninterest income, which includes earnings from trust,
investment management services and other sources of fee income, was $215.8
million, an increase of $20.2 million, or 10.3 percent, compared with the fourth
quarter of 1998. Fourth quarter 1999 noninterest expenses, excluding merger-
related charges, were $326.7 million, an increase of 4.4 percent over last
year's fourth quarter.
<PAGE>
Net charge-offs were .40 percent of average net loans in the fourth quarter of
1999 compared to .46 percent in the fourth quarter of 1998. At December 31,
1999, total nonperforming assets were $161.5 million, or .61 percent of loans
net of unearned income, foreclosed properties and repossessions.
AmSouth is a regional bank holding company headquartered in Birmingham with
$43.4 billion in assets, 661 branch banking offices and 1,343 ATMs. As the 19th
largest bank holding company in the nation, AmSouth has leading market positions
in Tennessee, Florida, Alabama and Mississippi, and a presence in Georgia,
Louisiana, Arkansas, Kentucky and Virginia. AmSouth is a leader among regional
banks in the Southeast in several key business segments, including consumer and
commercial banking, small business banking, mortgage lending, equipment leasing,
annuity and mutual fund sales, and trust asset management.
<PAGE>
AMSOUTH BANCORPORATION
Unaudited
(In thousands except per share data)
<TABLE>
<CAPTION>
Three Months Twelve Months
EARNINGS SUMMARY - EXCLUDING MERGER Ended December 31 % Ended December 31 %
------------------------ -------------------------
RELATED AND OTHER CHARGES 1999 1998 Change 1999 1998 Change
------------------------ ---------- ------------------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $ 381,262 $ 370,063 3.0 $ 1,507,946 $ 1,444,284 4.4
Provision for loan losses 26,700 31,354 (14.8) 91,626 99,067 (7.5)
----------- --------- ----------- -----------
Net interest income after provision 354,562 338,709 4.7 1,416,320 1,345,217 5.3
Noninterest revenues excluding gain on sale
of businesses 215,812 195,589 10.3 847,774 767,167 10.5
Net gain on sale of businesses -0- -0- - 8,624 32,687 (73.6)
Noninterest expenses excluding merger
related charges 326,711 312,954 4.4 1,343,288 1,284,547 4.6
----------- --------- ----------- -----------
Income before income taxes 243,663 221,344 10.1 929,430 860,524 8.0
Income taxes 82,550 76,432 8.0 324,698 305,182 6.4
----------- --------- ----------- -----------
Net income $ 161,113 $ 144,912 11.2 $ 604,732 $ 555,342 8.9
=========== ========= =========== ===========
Earnings per common share $ 0.41 $ 0.37 * 10.8 $ 1.55 $ 1.43 * 8.4
Earnings per common share diluted 0.41 0.36 * 13.9 1.53 1.40 * 9.3
Average common shares outstanding 390,739 392,617 * 391,136 389,595 *
Average common shares outstanding diluted 394,917 398,890 * 396,515 396,491 *
End of period common shares outstanding 391,374 395,009 *
<CAPTION>
Three Months Twelve Months
Ended December 31 % Ended December 31 %
-------------------------- -------------------------
EARNINGS SUMMARY - AS REPORTED 1999 1998 Change 1999 1998 Change
-------------------------- ---------- ------------------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net interest income $ 381,262 $ 370,063 3.0 $ 1,507,946 $ 1,444,284 4.4
Provision for loan losses 97,700 31,354 211.6 165,626 99,067 67.2
----------- --------- ----------- -----------
Net interest income after provision 283,562 338,709 (16.3) 1,342,320 1,345,217 (0.2)
Noninterest revenues excluding gain on sale
of businesses 215,812 195,589 10.3 838,933 767,167 9.4
Net gain on sale of businesses -0- -0- - 8,624 32,687 (73.6)
Merger related charges 253,705 12,523 1,925.9 301,415 121,725 147.6
Noninterest expenses excluding merger
related charges 326,711 312,954 4.4 1,347,091 1,284,547 4.9
----------- --------- ----------- -----------
Income/(loss) before income taxes (81,042) 208,821 (138.8) 541,371 738,799 (26.7)
Income taxes (18,488) 72,615 (125.5) 200,903 264,725 (24.1)
----------- --------- ----------- -----------
Net income/(loss) $ (62,554) $ 136,206 (145.9) $ 340,468 $ 474,074 (28.2)
=========== ========= =========== ===========
Earnings/(loss) per common share $ (0.16) $ 0.35 * (145.7) $ 0.87 $ 1.22 * (28.7)
Earnings/(loss) per common share diluted (0.16) 0.34 * (147.1) 0.86 1.20 * (28.3)
Average common shares outstanding 390,739 392,617 * 391,136 389,595 *
Average common shares outstanding diluted 394,917 398,890 * 396,515 396,491 *
End of period common shares outstanding 391,374 395,009 *
</TABLE>
* Restated for three for two stock split in May 1999
<PAGE>
AMSOUTH BANCORPORATION
Unaudited
(In thousands except per share data)
<TABLE>
<CAPTION>
Average for Average for
Three Months Twelve Months
Ended December 31 Ended December 31
--------------------------------- % ---------------------------------- %
BALANCE SHEET SUMMARY 1999 1998 Change 1999 1998 Change
--------------------------------- ------- ----------------------------------- --------
<S> <C> <C> <C> <C> <C> <C>
Loans net of unearned income $ 26,554,884 $ 24,169,611 9.9 $ 25,471,295 $ 24,027,839 6.0
Total investment securities** 13,053,111 11,795,890 10.7 12,268,975 10,959,782 11.9
Interest-earning assets** 39,851,852 36,622,217 8.8 38,163,177 35,500,911 7.5
Total assets 43,437,588 40,147,310 8.2 41,811,328 38,840,235 7.6
Noninterest-bearing deposits 4,948,282 5,054,337 (2.1) 4,894,631 4,707,121 4.0
Interest-bearing deposits 23,229,033 22,783,724 2.0 22,823,398 22,443,589 1.7
Total deposits 28,177,315 27,838,061 1.2 27,718,029 27,150,710 2.1
Shareholders' equity 3,007,822 3,165,321 (5.0) 3,185,084 3,091,737 3.0
<CAPTION>
Ending
Balance
December 31
------------------------------------------------- %
BALANCE SHEET SUMMARY 1999 1998 Change
------------------------------------------------- -----------
<S> <C> <C> <C>
Loans net of unearned income $ 26,266,759 $ 24,445,296 7.5
Total investment securities** 13,132,267 11,347,385 15.7
Interest-earning assets** 39,776,961 36,878,109 7.9
Total assets 43,406,544 40,635,831 6.8
Noninterest-bearing deposits 4,739,077 5,241,739 (9.6)
Interest-bearing deposits 23,173,366 23,292,021 (0.5)
Total deposits 27,912,443 28,533,760 (2.2)
Shareholders' equity 2,959,205 3,207,424 (7.7)
</TABLE>
<TABLE>
<CAPTION>
KEY PERFORMANCE RATIOS 1999 1998 1999 1998
----------------------------------------- ----------- -------- ---------
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr YTD YTD
----------------------------------------- ----------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Excluding merger related and other charges:
Net income (annualized) to average assets 1.47 % 1.46 % 1.44 % 1.41 % 1.43 % 1.45 % 1.43 %
Net income (annualized) to average
shareholders' equity 21.25 19.03 18.12 17.66 18.16 18.99 17.96
Efficiency ratio 54.17 55.09 57.35 58.34 54.68 56.21 56.60
As reported:
Net income/(loss) (annualized) to average assets (0.57)% 1.25 % 1.29 % 1.38 % 1.35 % 0.81 % 1.22 %
Net income/(loss) (annualized) to average
shareholders' equity (8.25) 16.37 16.13 17.34 17.07 10.69 15.33
Efficiency ratio 96.23 59.79 61.50 58.91 56.87 69.24 61.97
Other performance ratios:
Average shareholders' equity to
average total assets 6.92 % 7.66 % 7.97 % 7.98 % 7.88 % 7.62 % 7.96 %
End of period shareholders' equity to
end of period total assets 6.82 7.31 7.58 8.03 7.89 6.82 7.89
Loans net of unearned income to total deposits 94.10 95.82 92.09 90.23 85.67 94.10 85.67
Book value per common share $ 7.56 $ 8.10 $ 8.08 $ 8.22 $ 8.12 $ 7.56 * $ 8.12 *
Tangible book value per common share $ 6.48 $ 6.99 $ 6.96 $ 7.07 $ 6.94 $ 6.48 * $ 6.94 *
Net interest margin - taxable equivalent 3.86 % 3.95 % 4.12 % 4.17 % 4.08 % 4.02 % 4.14 %
</TABLE>
* Restated for three-for-two stock split in May 1999
** Excludes adjustment for market valuation on available-for-sale securities
and certain noninterest-earning marketable equity securities
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in thousands)
<TABLE>
<CAPTION>
12/31/99 12/31/98 % Change
--------------- ------------- ------------
<S> <C> <C> <C>
LOANS NET OF UNEARNED INCOME
Commercial:
Commercial & industrial $ 7,967,190 $ 7,942,846 0.3
Commercial loans secured by real estate 2,036,120 1,832,663 11.1
------------ ------------
Total commercial 10,003,310 9,775,509 2.3
Commercial real estate 4,712,006 4,021,485 17.2
Consumer:
Residential first mortgages 2,337,365 3,270,378 (28.5)
Other residential mortgages 3,231,939 2,380,093 35.8
Dealer indirect 4,148,747 2,908,822 42.6
Revolving credit 489,238 477,024 2.6
Other consumer 1,344,154 1,611,985 (16.6)
------------ ------------
Total consumer 11,551,443 10,648,302 8.5
------------ ------------
Total loans net of unearned income $ 26,266,759 $ 24,445,296 7.5
============ ============
</TABLE>
<TABLE>
<CAPTION>
1999 1998
--------------------------------------------------------- -----------
Dec 31 Sept 30 Jun 30 Mar 31 Dec 31
--------------------------------------------------------- -----------
<S> <C> <C> <C> <C> <C>
NONPERFORMING ASSETS
Nonaccrual loans $ 141,134 * $ 161,843 $ 124,123 $ 112,328 $ 113,985
Foreclosed properties 17,767 22,991 18,898 17,988 17,322
Repossessions 2,644 1,496 1,701 904 828
---------- ---------- ---------- ---------- ----------
Total nonperforming assets $ 161,545 * $ 186,330 $ 144,722 $ 131,220 $ 132,135
========== ========== ========== ========== ==========
Nonperforming assets to loans net of unearned income,
foreclosed properties and repossessions 0.61% * 0.71% 0.57% 0.53% 0.54%
Accruing loans 90 days past due $ 61,050 $ 44,644 $ 65,324 $ 65,737 $ 62,528
========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
1999 1998
----------------------------------------------------- -----------
Dec 31 Sept 30 Jun 30 Mar 31 Dec 31
----------------------------------------------------- -----------
<S> <C> <C> <C> <C> <C>
ALLOWANCE FOR LOAN LOSSES -- AS REPORTED
Balance at beginning of period $ 365,427 $ 365,869 $ 366,243 $ 373,756 $ 365,594
Loans charged off (39,358) (41,202) (28,885) (38,842) (40,625)
Recoveries of loans previously charged off 12,707 10,157 9,922 12,595 12,597
--------- ---------- ---------- ---------- ----------
Net charge-offs (26,651) (31,045) (18,963) (26,247) (28,028)
Addition to allowance charged to expense 97,700 30,603 18,589 18,734 31,354
Transfer/acquisition/other (73,000) -0- -0- -0- 4,836
--------- ---------- ---------- ---------- ----------
Balance at end of period $ 363,476 $ 365,427 $ 365,869 $ 366,243 $ 373,756
========= ========== ========== ========== ==========
Allowance for loan losses to loans net of unearned income 1.38% 1.39% 1.44% 1.48% 1.53%
Net charge-offs to average loans net of unearned income ** 0.40% 0.48% 0.30% 0.43% 0.46%
Allowance for loan losses to nonperforming loans 257.54% * 225.79% 294.76% 326.05% 327.90%
Allowance for loan losses to nonperforming assets 225.00% * 196.12% 252.81% 279.11% 282.86%
</TABLE>
* Excludes $38.1 million of nonperforming assets classified as held for
accelerated disposition at December 31, 1999.
** Annualized
<PAGE>
AMSOUTH BANCORPORATION
QUARTERLY CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended December 31
1999 1998
--------------------------------------------------------------------------------------
(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
Interest-earning assets:
Loans net of unearned income $ 26,554,884 $ 563,564 8.42 % $ 24,169,611 $ 517,675 8.50 %
Available-for-sale securities*
Taxable 6,674,819 106,565 6.33 7,444,623 124,426 6.63
Tax-free 114,849 1,959 6.77 362,529 6,721 7.36
------------- ---------- ------------ ----------
Total available-for-sale
securities 6,789,668 108,524 6.34 7,807,152 131,147 6.66
------------- ---------- ------------ ----------
Held-to-maturity securities:
Taxable 5,930,758 99,565 6.66 3,830,503 63,071 6.53
Tax-free 332,685 6,262 7.47 158,235 3,612 9.06
------------- ---------- ------------ ----------
Total held-to-maturity
securities 6,263,443 105,827 6.70 3,988,738 66,683 6.63
------------- ---------- ------------ ----------
Total investment securities 13,053,111 214,351 6.52 11,795,890 197,830 6.65
Other interest-earning assets 243,857 3,503 5.70 656,716 7,360 4.45
------------- ---------- ------------ ----------
Total interest-earning assets 39,851,852 781,418 7.78 36,622,217 722,865 7.83
Cash and other assets 4,154,211 3,858,590
Allowance for loan losses (366,218) (372,633)
Market valuation on AFS
securities (202,257) 39,136
------------- ------------
$ 43,437,588 $ 40,147,310
============= ============
LIABILITIES AND SHAREHOLDERS'
EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 9,054,153 68,926 3.02 $ 9,526,838 72,477 3.02
Savings deposits 2,348,024 16,158 2.73 1,960,748 12,100 2.45
Time deposits 8,907,172 115,974 5.17 8,548,686 115,505 5.36
Certificates of deposit of
$100,000 or more 2,919,684 38,962 5.29 2,747,452 37,651 5.44
Federal funds purchased and
securities sold under agreements
to repurchase 4,278,534 52,550 4.87 3,613,131 42,292 4.64
Other interest-bearing liabilities 7,367,364 101,509 5.47 4,874,186 66,064 5.38
------------- ---------- ------------ ----------
Total interest-bearing
liabilities 34,874,931 394,079 4.48 31,271,041 346,089 4.39
---------- ------- ------------ ---------- -------
Net interest spread 3.30 % 3.44 %
======= ======
Noninterest-bearing demand deposits 4,948,282 5,054,337
Other liabilities 606,553 656,611
Shareholders' equity 3,007,822 3,165,321
------------- ------------
$ 43,437,588 $ 40,147,310
============= ============
Net interest income/margin
on a taxable equivalent basis 387,339 3.86 % 376,776 4.08 %
======= ======
Taxable equivalent adjustment:
Loans 1,090 1,084
Available-for-sale securities 1,192 3,320
Held-to-maturity securities 3,767 2,281
Trading securities 28 28
---------- ----------
Total taxable equivalent adjustment 6,077 6,713
---------- ----------
Net interest income $ 381,262 $ 370,063
========== ==========
</TABLE>
* Excludes certain noninterest-earning marketable equity securities
<PAGE>
AMSOUTH BANCORPORATION
YTD CONSOLIDATED AVERAGE DAILY BALANCES,
REVENUE AND EXPENSE SUMMARY, YIELDS AND RATES
(Unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended December 31
1999 1998
--------------------------------------------------------------------------------------
(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
Interest-earning assets:
Loans net of unearned income $ 25,471,295 $ 2,132,985 8.37 % $ 24,027,839 $ 2,085,546 8.68 %
Available-for-sale securities*
Taxable 7,123,385 459,571 6.45 7,073,480 486,927 6.88
Tax-free 245,734 16,339 6.65 291,905 22,000 7.54
------------- ----------- ------------ -----------
Total available-for-sale securities 7,369,119 475,910 6.46 7,365,385 508,927 6.91
------------- ----------- ------------ -----------
Held-to-maturity securities:
Taxable 4,667,059 308,136 6.60 3,441,212 227,945 6.62
Tax-free 232,797 18,808 8.08 153,185 15,063 9.83
------------- ----------- ------------ -----------
Total held-to-maturity securities 4,899,856 326,944 6.67 3,594,397 243,008 6.76
------------- ----------- ------------ -----------
Total investment securities 12,268,975 802,854 6.54 10,959,782 751,935 6.86
Other interest-earning assets 422,907 22,388 5.29 513,290 29,614 5.77
------------- ----------- ------------ -----------
Total interest-earning assets 38,163,177 2,958,227 7.75 35,500,911 2,867,095 8.08
Cash and other assets 4,076,897 3,665,989
Allowance for loan losses (368,322) (367,810)
Market valuation on AFS securities (60,424) 41,145
------------- ------------
$ 41,811,328 $ 38,840,235
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits $ 9,269,643 266,155 2.87 $ 9,201,511 302,208 3.28
Savings deposits 2,191,546 53,933 2.46 1,968,461 51,354 2.61
Time deposits 8,525,182 436,838 5.12 9,027,012 485,474 5.38
Certificates of deposit of
$100,000 or more 2,837,027 146,422 5.16 2,246,605 131,231 5.84
Federal funds purchased and securities
sold under agreements to repurchase 4,051,451 187,946 4.64 3,359,865 168,435 5.01
Other interest-bearing liabilities 6,232,048 333,510 5.35 4,629,695 258,921 5.59
------------- ----------- ------------ -----------
Total interest-bearing liabilities 33,106,897 1,424,804 4.30 30,433,149 1,397,623 4.59
----------- ----------- ----
Net interest spread 3.45 % 3.49%
==== ====
Noninterest-bearing demand deposits 4,894,631 4,707,121
Other liabilities 624,716 608,228
Shareholders' equity 3,185,084 3,091,737
------------- ------------
$ 41,811,328 $ 38,840,235
============= ============
Net interest income/margin
on a taxable equivalent basis 1,533,423 4.02 % 1,469,472 4.14 %
==== ====
Taxable equivalent adjustment:
Loans 4,838 5,481
Available-for-sale securities 8,411 12,055
Held-to-maturity securities 12,076 7,527
Trading securities 152 125
------------- -----------
Total taxable equivalent adjustment 25,477 25,188
------------- -----------
Net interest income $ 1,507,946 $ 1,444,284
============= ===========
</TABLE>
* Excludes certain noninterest-earning marketable equity securities
<PAGE>
AMSOUTH BANCORPORATION
(Unaudited)
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months Twelve Months
Ended December 31 % Ended December 31 %
------------------------ -------------------------
1999 1998 Change 1999 1998 Change
--------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
NONINTEREST REVENUES - AS REPORTED
Service charges on deposit accounts $ 59,283 $ 61,087 (3.0) $ 233,043 $ 234,849 (0.8)
Trust income 27,533 26,091 5.5 109,223 109,453 (0.2)
Consumer investment services income 48,254 43,115 11.9 213,292 183,831 16.0
Credit card income 5,876 5,341 10.0 21,357 21,498 (0.7)
Mortgage income 9,968 10,041 (0.7) 45,027 39,667 13.5
Interchange income 12,703 9,998 27.1 46,526 36,411 27.8
Other noninterest revenues 52,195 39,916 30.8 170,465 141,458 20.5
-------- -------- ---------- ----------
Noninterest revenues excluding gain on sale
of businesses $215,812 $195,589 10.3 $ 838,933 $ 767,167 9.4
======== ======== ========== ==========
NONINTEREST EXPENSES - AS REPORTED
Salaries and employee benefits $156,285 $148,349 5.3 $ 635,450 $ 615,195 3.3
Net occupancy expense 28,222 26,821 5.2 111,431 106,497 4.6
Equipment expense 35,538 31,417 13.1 135,590 123,480 9.8
Marketing expense 6,909 11,212 (38.4) 42,420 39,905 6.3
Postage and supplies expense 10,924 12,375 (11.7) 47,960 48,299 (0.7)
Communications expense 7,644 10,133 (24.6) 36,691 37,720 (2.7)
Professional fees 6,262 7,020 (10.8) 25,330 26,590 (4.7)
Amortization expense 10,246 9,987 2.6 40,842 40,928 (0.2)
Subscriber commissions 22,919 20,497 11.8 99,588 89,918 10.8
Other noninterest expenses 41,762 35,143 18.8 171,789 156,015 10.1
-------- -------- ---------- ----------
Noninterest expenses excluding
merger related charges $326,711 $312,954 4.4 $1,347,091 $1,284,547 4.9
======== ======== ========== ==========
INTANGIBLE ASSETS 12/31/99 12/31/98
-------- --------
Goodwill $391,221 $426,225
Core deposit intangibles 32,121 38,407
</TABLE>
