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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------
FORM 8-K/A
FIRST COMMERCIAL CORPORATION
(Exact name of registrant as specified in its charter)
AMENDMENT NO. 1
-----
The undersigned registrant hereby amends Item 7 of its Current Report on
Form 8-K dated November 30, 1995, by including as Exhibit 99 certain pro forma
financial information reflecting the transactions described in Item 5 of this
Form 8-K. The pro forma financial information attached as Exhibit 99 hereto
has been amended to expand the disclosure to summarize (1) the total cost of
the FDH acquisition, (2) the purchase price allocation, and (3) the useful
lives assigned to fixed and intangible assets. Item 7, as amended, appears
below in its entirety.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
---------------------------------
(c) Exhibits
99 Pro Forma Financial Information
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST COMMERCIAL CORPORATION
By: /s/ J. Lynn Wright
-------------------------
J. Lynn Wright
Chief Financial Officer
Date: January 30, 1996
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Index to Exhibits
Exhibit Number Exhibit
---------------- --------------------------------------------
99 Pro forma Financial Information
2
EXHIBIT 99
FIRST COMMERCIAL CORPORATION
PRO FORMA COMBINED FINANCIAL INFORMATION
(UNAUDITED)
The following unaudited pro forma combined balance sheets as of September
30, 1995, and unaudited pro forma statements of income for the three years
ended December 31, 1994, and for the nine month period ended September 30,
1995, give effect to the following transactions. The share information has
been adjusted to reflect a 7% stock dividend declared in November 1995.
As reported in the Current Report on Form 8-K dated November 30, 1995,
pursuant to a Plan and Agreement of Merger dated June 21, 1995, as amended
September 22, 1995, First Commercial Corporation ("FCC") acquired all the
outstanding shares of capital stock of FDH Bancshares, Inc. ("FDH") and its
wholly owned subsidiaries, including four banks in Arkansas and one in
Louisiana. FCC issued 1,349,215 shares of its common stock, which had a fair
value of $30.08 on the acquisition date, for all outstanding shares of common
stock of FDH, resulting in a purchase price of $40.6 million. FDH,
headquartered in Little Rock, Arkansas, owns banks in Little Rock, El Dorado,
Arkadelphia and Fordyce under the name of Citizens First Bank. Springhill Bank
and Trust in Springhill, Louisiana, is FDH's only holding outside the state of
Arkansas. This transaction was accounted for using the purchase method of
accounting. The assets and liabilities of FDH Bancshares, Inc., were adjusted
to fair value at the date of purchase, resulting in an excess cost over fair
value of $14.5 million, net of related deferred taxes of ($189) thousand, which
is being amortized over 15 years.
On November 30, 1995, FCC acquired all the outstanding stock of West-Ark
Bancshares, Inc., Clarksville, Arkansas, parent company of Arkansas State Bank
of Clarksville, in exchange for 689,106 shares of FCC common stock. This
transaction was accounted for using the pooling-of-interests method of
accounting.
For balance sheet purposes the assumed consummation date of the above
transactions is September 30, 1995. For income statement purposes the assumed
consummation date for the transaction accounted for using the purchase method
is January 1, 1994, and the assumed consummation date for the transaction
accounted for under the pooling-of-interests method is January 1, 1992.
The following unaudited pro forma financial information is not necessarily
indicative of the results of operations of FCC if the acquisitions had occurred
on January 1, 1994, and January 1, 1992.
3
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<TABLE>
<CAPTION>
PRO FORMA COMBINED STATEMENT OF INCOME
For the Nine Months Ended September 30, 1995
(Unaudited)
(Dollars in thousands, except per share data)
Completed Business Combinations
------------------------------------
FDH West-Ark
First Commercial Bancshares, Inc. Bancshares, Inc.
Corporation (A) (Purchase) (B) (Pooling) (C) Pro forma (D)
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Interest income..................... $ 225,807 $ 20,246 $ 8,217 $ 254,377
Interest expense.................... 95,368 10,800 4,498 110,666
--------------- --------------- --------------- ---------------
Net interest income................. 130,439 9,446 3,719 143,711
Provision for possible loan and
lease losses...................... 1,565 206 175 1,946
Net interest income after provision
for possible loan and lease losses 128,874 9,240 3,544 141,765
Other operating income.............. 48,566 2,256 823 51,645
Other operating expenses............ 116,839 8,751 2,763 129,131
--------------- --------------- --------------- ---------------
Income before income taxes.......... 60,601 2,745 1,604 64,279
Income tax expense.................. 20,580 752 381 21,735
--------------- --------------- --------------- ---------------
Net income.......................... $ 40,021 $ 1,993 $ 1,223 $ 42,544
=============== =============== =============== ===============
Preferred stock dividend............ -- -- -- --
--------------- --------------- --------------- ---------------
Income applicable to common shares.. $ 40,021 $ 1,993 $ 1,223 $ 42,544
=============== =============== =============== ===============
Average common shares outstanding
during period (E)................. 25,435,071 1,000 279,000 27,473,392
Net income per common share......... $1.57 $1,993.00 $4.38 $1.55
See accompanying notes to pro forma combined statement of income.
</TABLE>
4
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NOTES TO PRO FORMA COMBINED STATEMENT OF INCOME
For the Nine Months Ended September 30, 1995
(Unaudited)
(Dollars in thousands)
(A) Represents historical income statement of First Commercial Corporation.
(B) Represents historical income statement of FDH Bancshares, Inc., as if
this purchase transaction had occurred on or prior to January 1, 1995.
(C) Represents historical income statement of West-Ark Bancshares, Inc., as
if this pooling transaction had occurred on or prior to January 1, 1995.
(D) Pro forma combined income reflects an adjustment of $107 in interest
income for accretion of the adjustment to investment securities and $778
in other expenses for amortization of goodwill and depreciation of
premises and equipment, and related income tax expense of $22, in
connection with the FDH Bancshares, Inc., purchase.
(E) Average shares outstanding for First Commercial Corporation and Pro
forma combined have been restated to reflect the 7% stock dividend
declared November 21, 1995, payable on January 2, 1996 to stockholders
of record December 14, 1995. Pro forma combined shares have also been
adjusted for the FDH Bancshares, Inc. and West-Ark Bancshares, Inc.,
acquisitions.
5
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<TABLE>
<CAPTION>
PRO FORMA COMBINED STATEMENT OF INCOME
For the Year Ended December 31, 1994
(Unaudited)
(Dollars in thousands, except per share data)
Completed Business Combinations
------------------------------------
FDH West-Ark
First Commercial Bancshares, Inc. Bancshares, Inc.
Corporation (A) (Purchase) (B) (Pooling) (C) Pro forma (D)
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Interest income..................... $ 257,751 $ 20,026 $ 8,208 $ 286,127
Interest expense.................... 98,306 8,830 3,614 110,750
--------------- --------------- --------------- ---------------
Net interest income................. 159,445 11,196 4,594 175,377
Provision for possible loan and
lease losses...................... (3,092) 207 200 (2,685)
Net interest income after provision
for possible loan and lease losses 162,537 10,989 4,394 178,062
Other operating income.............. 68,652 1,937 886 71,475
Other operating expenses............ 156,875 9,241 3,148 170,301
--------------- --------------- --------------- ---------------
Income before income taxes.......... 74,314 3,685 2,132 79,236
Income tax expense.................. 24,006 1,059 567 25,661
--------------- --------------- --------------- ---------------
Net income.......................... $ 50,308 $ 2,626 $ 1,565 $ 53,575
=============== =============== =============== ===============
Preferred stock dividend............ 129 -- -- 129
--------------- --------------- --------------- ---------------
Income applicable to common shares.. $ 50,179 $ 2,626 $ 1,565 $ 53,446
=============== =============== =============== ===============
Average common shares outstanding
during period (E)................. 25,609,337 1,000 279,000 27,647,658
Net income per common share......... $1.96 $2,626.00 $5.61 $1.93
See accompanying notes to pro forma combined statement of income.
</TABLE>
6
<PAGE>
NOTES TO PRO FORMA COMBINED STATEMENT OF INCOME
For the Year Ended December 31, 1994
(Unaudited)
(Dollars in thousands)
(A) Represents historical income statement of First Commercial Corporation.
(B) Represents historical income statement of FDH Bancshares, Inc., as if
this purchase transaction had occurred on or prior to January 1, 1995.
(C) Represents historical income statement of West-Ark Bancshares, Inc., as
if this pooling transaction had occurred on or prior to January 1, 1995.
(D) Pro forma combined income reflects an adjustment of $142 in interest
income for accretion of the adjustment to investment securities and
$1,037 in other expenses for amortization of goodwill and depreciation
of premises and equipment, and related income tax expense of $29, in
connection with the FDH Bancshares, Inc., purchase.
(E) Average shares outstanding for First Commercial Corporation and Pro
forma combined have been restated to reflect the 7% stock dividend
declared November 21, 1995, payable on January 2, 1996 to stockholders
of record December 14, 1995. Pro forma combined shares have also been
adjusted for the FDH Bancshares, Inc., and West-Ark Bancshares, Inc.,
acquisitions.
7
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<TABLE>
<CAPTION>
PRO FORMA COMBINED STATEMENT OF INCOME
For the Year Ended December 31, 1993
(Unaudited)
(Dollars in thousands, except per share data)
Completed Business
Combination
-------------------
West-Ark
First Commercial Bancshares, Inc.
Corporation (A) (Pooling) (B) Pro forma
----------------- ------------------- -----------------
<S> <C> <C> <C>
Interest income..................... $ 234,995 $ 7,774 $ 242,769
Interest expense.................... 90,421 3,245 93,666
--------------- --------------- ---------------
Net interest income................. 144,574 4,529 149,103
Provision for possible loan and
lease losses...................... 4,416 270 4,686
Net interest income after provision
for possible loan and lease losses 140,158 4,259 144,417
Other operating income.............. 58,957 858 59,815
Other operating expenses............ 135,191 2,960 138,151
--------------- --------------- ---------------
Income before income taxes.......... 63,924 2,157 66,081
Income tax expense.................. 17,959 630 18,589
--------------- --------------- ---------------
Net income.......................... $ 45,965 $ 1,527 $ 47,492
=============== =============== ===============
Preferred stock dividend............ 1,210 -- 1,210
--------------- --------------- ---------------
Income applicable to common shares.. $ 44,755 $ 1,527 $ 46,282
=============== =============== ===============
Average common shares outstanding
during period (C)................. 25,715,732 279,000 26,404,838
Net income per common share......... $1.74 $5.47 $1.75
See accompanying notes to pro forma combined statement of income.
</TABLE>
8
<PAGE>
NOTES TO PRO FORMA COMBINED STATEMENT OF INCOME
For the Year Ended December 31, 1993
(Unaudited)
(Dollars in thousands)
(A) Represents historical income statement of First Commercial Corporation.
(B) Represents historical income statement of West-Ark Bancshares, Inc., as
if this pooling transaction had occurred on or prior to January 1, 1995.
(C) Average shares outstanding for First Commercial Corporation and Pro
forma combined have been restated to reflect the 7% stock dividend
declared November 21, 1995, payable on January 2, 1996 to stockholders
of record December 14, 1995. Pro forma combined shares have also been
adjusted for the West-Ark Bancshares, Inc., acquisition.
9
<PAGE>
<TABLE>
<CAPTION>
PRO FORMA COMBINED STATEMENT OF INCOME
For the Year Ended December 31, 1992
(Unaudited)
(Dollars in thousands, except per share data)
Completed Business
Combination
-------------------
West-Ark
First Commercial Bancshares, Inc.
Corporation (A) (Pooling) (B) Pro forma
----------------- ------------------- -----------------
<S> <C> <C> <C>
Interest income..................... $ 232,098 $ 8,044 $ 240,142
Interest expense.................... 98,690 3,810 102,500
--------------- --------------- ---------------
Net interest income................. 133,408 4,234 137,642
Provision for possible loan and
lease losses...................... 8,941 305 9,246
Net interest income after provision
for possible loan and lease losses 124,467 3,929 128,396
Other operating income.............. 51,182 1,040 52,222
Other operating expenses............ 118,882 2,807 121,689
--------------- --------------- ---------------
Income before income taxes.......... 56,767 2,162 58,929
Income tax expense.................. 16,800 711 17,511
--------------- --------------- ---------------
Net income.......................... $ 39,967 $ 1,451 $ 41,418
=============== =============== ===============
Preferred stock dividend............ 1,210 -- 1,210
--------------- --------------- ---------------
Income applicable to common shares.. $ 38,757 $ 1,451 $ 40,208
=============== =============== ===============
Average common shares outstanding
during period (C)................. 25,580,251 279,000 26,269,357
Net income per common share......... $1.52 $5.20 $1.53
See accompanying notes to pro forma combined statement of income.
</TABLE>
10
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NOTES TO PRO FORMA COMBINED STATEMENT OF INCOME
For the Year Ended December 31, 1992
(Unaudited)
(Dollars in thousands)
(A) Represents historical income statement of First Commercial Corporation.
(B) Represents historical income statement of West-Ark Bancshares, Inc., as
if this pooling transaction had occurred on or prior to January 1, 1995.
(C) Average shares outstanding for First Commercial Corporation and Pro
forma combined have been restated to reflect the 7% stock dividend
declared November 21, 1995, payable on January 2, 1996 to stockholders
of record December 14, 1995. Pro forma combined shares have also been
adjusted for the West-Ark Bancshares, Inc., acquisition.
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<TABLE>
<CAPTION>
PRO FORMA COMBINED BALANCE SHEET
September 30, 1995
(Unaudited)
(Dollars in thousands) Completed Business Combinations
-------------------------------
FDH West-Ark
First Bancshares, Bancshares,
Commercial Inc. Inc. Pro forma
Corp.(A) (Purchase)(B) (Pooling)(C) Adjustment Pro forma
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash and due from banks........... $ 298,083 $ 13,746 $ 3,559 $ 315,388
Investment securities............. 1,171,115 122,680 41,619 (707)(D) 1,334,707
Trading account securities........ 320 -- -- 320
Short-term investments............ 76,460 13,320 1,750 91,530
Loans, net........................ 2,740,712 209,820 98,702 3,049,234
Premises and equipment, net....... 89,946 11,747 3,408 1,251 (D) 106,352
Other assets...................... 186,193 10,959 2,505 14,480 (D) 214,144
25,556 (D)
(25,556)(E)
----------- ----------- ----------- -----------
$ 4,562,829 $ 382,272 $ 151,543 $ 5,111,675
=========== =========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing.............. $ 826,860 $ 42,535 $ 9,529 $ 878,924
Interest bearing.................. 3,048,367 288,624 132,093 3,469,084
----------- ----------- ----------- -----------
Total deposits.................. 3,875,227 331,159 141,622 4,348,008
Short-term borrowings............. 255,163 6,231 -- 261,394
Other liabilities................. 46,201 2,905 1,267 50,373
Long-term debt.................... 11,471 16,215 75 27,761
Minority interest in subsidiary... -- 206 -- 206
----------- ----------- ----------- -----------
Total liabilities............... 4,188,062 356,716 142,964 4,687,742
Stockholders' equity
Common stock.................... 71,458 1 279 3,546 (D) 76,936
(1)(E)
1,653 (F)
Capital surplus................. 109,493 15,290 2,033 35,026 (D) 144,899
(15,290)(E)
(1,653)(F)
Retained earnings............... 195,851 10,707 6,337 (10,707)(E) 202,188
Unrealized losses on securities. (20) (442) (70) 442 (E) (90)
Treasury stock.................. (2,015) -- -- 2,015 (D) --
----------- ----------- ----------- -----------
Total stockholders' equity...... 374,767 25,556 8,579 423,933
----------- ----------- ----------- -----------
$ 4,562,829 $ 382,272 $ 151,543 $ 5,111,675
=========== =========== =========== ===========
See accompanying notes to pro forma combined balance sheet.
</TABLE>
12
<PAGE>
NOTES TO PRO FORMA COMBINED BALANCE SHEET
September 30, 1995
(Unaudited)
(A) Represents historical balance sheet of First Commercial Corporation.
(B) Represents historical balance sheet of FDH Bancshares, Inc., as if
this purchase transaction had occurred on or prior to September 30,
1995.
(C) Represents historical balance sheet of West-Ark Bancshares, Inc., as
if this pooling transaction had occurred on or prior to September 30,
1995.
(D) This entry reflects the issuance of 1,349,215 shares, with a fair value
of $40.6 million, and the adjustment to record assets and liabilities
from the FDH acquisition, primarily investment securities and premises
and equipment, at their fair value and the recording of the excess cost
over fair value of $14.7 million and deferred taxes of ($189) thousand.
The adjustment to premises and equipment is being amortized over the
remaining economic lives of the buildings, ranging from 15 to 21 years,
and goodwill is being amortized over 15 years.
(E) This entry reflects the elimination of the equity of FDH Bancshares,
Inc.
(F) This entry reflects the actual amount of First Commercial Corporation
common stock to be outstanding after the acquisition of FDH Bancshares,
Inc., and West-Ark Bancshares, Inc.
13
