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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 24, 1995
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WORTHEN BANKING CORPORATION
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(Exact name of registrant as specified in its charter)
Arkansas 1-8525 71-6066857
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Worthen Bank Building, 200 West Capitol, Little Rock, Arkansas 72201
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(Address of Principal executive offices) (Zip Code)
Registrant's telephone number, including area code (501)-378-1521
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On January 24, 1995, Worthen Banking Corporation ("Registrant" or "WBC")
issued a news release announcing WBC's net income for 1994. A copy of the
January 24, 1995 news release is attached hereto as Exhibit 99, which is
incorporated in this Current Report on Form 8-K by this reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) Exhibit Index
Exhibit No. Description Page No.
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99 News Release dated January 24, 1995 5
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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.
WORTHEN BANKING CORPORATION
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(Registrant)
Date: January 24, 1995 /c/ Alan C. King
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Alan C. King,
Senior Vice President
and Chief Accounting Officer
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EXHIBIT INDEX
Exhibit Number Description
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99 New Release dated January 24, 1995
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EXHIBIT 99
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CONTACT: Alan C. King
TELEPHONE: (501) 371-8769
RELEASE DATE: Immediate
[LOGO OF WORTHEN BANKING CORPORATION]
WORTHEN ANNOUNCES RECORD 1994 EARNINGS
Little Rock, Arkansas, January 24, 1995 -- Worthen Banking Corporation
(AMEX:WOR) -- Curt Bradbury, chairman and chief executive officer, announced
Worthen's net income for the fourth quarter was $12.1 million or $0.71 per
common share compared to net income of $9.3 million or $0.55 per common share
for the fourth quarter of 1993. The net income for 1994 was $47.6 million or
$2.80 per common share compared to $32.3 million or $1.92 per common share for
1993. Net of nonrecurring items, net income per common share for 1994 was $2.64
compared to $2.11 per common share for 1993, an increase of 25.1%.
The 1994 year to date results include net nonrecurring items, primarily gains on
the sale of a foreclosed property and a banking property, approximating $0.16
per share after tax. During 1993, the Company recorded certain nonrecurring
expenses, approximating $0.19 per share after tax, related to a significant
acquisition.
On August 18, 1994, Worthen announced that it had agreed to be acquired by
Boatmen's Bancshares, Inc. (NASDAQ:BOAT), headquartered in St. Louis in a stock
transaction. Boatmen's will exchange one share of its common stock for each
share of Worthen's.
Worthen's regular quarterly dividend on common stock of $0.15 per share was
declared today by the Board of Directors, payable February 21, 1995 to
shareholders of record at the close of business on February 7, 1995.
At the end of the fourth quarter of 1994, the Company had equity capital of $311
million and a market capitalization of $464 million. This represents a book
value of $18.23 per share based on 17,045,408 shares outstanding. At
December 31, 1994, the Company had total assets of $3.5 billion. The Company
operates 11 community banks and other financial service companies located
throughout Arkansas and the Austin, Texas area.
(table attached)
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WORTHEN BANK BUILDING, P.O. BOX 1681, LITTLE ROCK, ARKANSAS 72203
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WORTHEN BANKING CORPORATION
FINANCIAL HIGHLIGHTS
(UNAUDITED)
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<CAPTION>
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(IN 000'S EXCEPT SHARE DATA) FOURTH QUARTER YEAR TO DATE
1994 1993 1994 1993
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<S> <C> <C> <C> <C>
EARNINGS DATA
Net interest income $ 35,336 $ 34,582 $ 141,281 $ 132,818
Provision for loan losses 349 849 1,399 4,628
Other income 14,821 15,112 65,405 66,591
Other expense 32,791 35,469 132,622 147,199
Pretax income 17,017 13,376 72,665 47,582
Income taxes 4,923 4,074 25,022 16,200
Income before cumulative effect of a
change in accounting principle 12,094 9,302 47,643 31,382
Cumulative effect of a change in
accounting principle -- -- -- 868
Net income 12,094 9,302 47,643 32,250
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AVERAGE BALANCE SHEET
Investment securities(1) $1,257,050 $1,460,015 $1,313,452 $1,395,119
Loans(2) 1,865,169 1,632,547 1,779,353 1,564,810
Earning assets 3,214,031 3,252,290 3,196,467 3,175,706
Assets 3,494,630 3,603,334 3,515,804 3,511,369
Interest bearing liabilities 2,577,747 2,690,114 2,608,241 2,647,994
Deposits 2,971,162 3,082,263 2,993,978 3,017,865
Stockholders' equity 302,811 272,237 294,105 258,578
Common shares outstanding 17,037 17,004 17,024 16,817
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PER COMMON SHARE
Income before cumulative effect of
a change in accounting principle $ 0.71 $ 0.55 $ 2.80 $ 1.87
Net income $ 0.71 $ 0.55 $ 2.80 $ 1.92
Cash dividends $ 0.15 $ 0.05 $ 0.60 $ 0.20
Book value $ 18.23 $ 16.27
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NONPERFORMING ASSETS
Loans 90+ past due $ 1,438 $ 1,363
Nonaccrual loans $ 8,163 $ 16,668
Renegotiated loans -- --
Other real estate owned &
other nonperforming assets $ 2,113 $ 5,127
Total nonperforming assets $ 11,714 $ 23,158
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RATIOS
Net income as % of:
Average assets 1.38% 1.02% 1.36% 0.92%
Average stockholders' equity 15.62% 13.56% 16.20% 12.47%
Earning Assets as % of Total
Assets(3) 89.51% 90.58%
Interest rate spread - FTE(4) 3.80% 3.80% 3.95% 3.75%
Interest rate margin - FTE(5) 4.44% 4.28% 4.50% 4.24%
Allowance for loan losses as a % of:
Total loans 1.67% 2.02%
Nonperforming loans 340.54% 184.68%
Nonperforming assets 279.11% 143.79%
Efficiency(6) 64.17% 73.82%
Leverage(7) 8.33% 7.13%
Risk-based capital 14.99% 14.11%
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(1) Includes available for sale and held to maturity securities
(2) Net of unearned interest
(3) Based on period ending balances
(4) Difference between interest rates paid on interest earning assets and interest bearing liabilities
(5) Annualized net interest income to average interest earning assets
(6) Other expenses compared to net interest income and other income
(7) Equity capital less post-March 1988 goodwill divided by total assets less post-March 1988 goodwill
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