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<PAGE> 1
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
Date of Report (Date of earliest event reported) October 7, 1994
TRUSTMARK CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Mississippi 0-3683 64-0471500
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
248 East Capitol Street, Jackson, MS 39201
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's phone number, including area code (601) 354-5111
<PAGE> 2
TRUSTMARK CORPORATION
INDEX
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
A. FINANCIAL STATEMENTS OF BUSINESS ACQUIRED
First National Financial Corporation and Subsidiary
Consolidated Balance Sheet - September 30, 1994
First National Financial Corporation and Subsidiary
Consolidated Statements of Income - Nine months ended
September 30, 1994 and 1993
First National Financial Corporation and Subsidiary
Consolidated Statements of Cash Flows - Nine months
ended September 30, 1994 and 1993
B. PRO FORMA FINANCIAL INFORMATION COMBINING TRUSTMARK
CORPORATION AND SUBSIDIARIES AND FIRST NATIONAL
FINANCIAL CORPORATION AND SUBSIDIARY
Pro forma Combined Balance Sheet -
September 30, 1994
Pro forma Combined Statement of Income -
Nine months ended September 30, 1994
Pro forma Combined Statement of Income -
Nine months ended September 30, 1993
Pro forma Combined Statement of Income -
Year ended December 31, 1993
Pro forma Combined Statement of Income -
Year ended December 31, 1992
Pro forma Combined Statement of Income -
Year ended December 31, 1991
C. EXHIBITS
SIGNATURES
<PAGE> 3
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Effective as of the close of business on October 7, 1994, First
National Financial Corporation (FNFC) of Vicksburg, Mississippi, parent company
of First National Bank of Vicksburg, Mississippi merged with Trustmark
Corporation (Trustmark), parent company of Trustmark National Bank in a
business combination accounted for as a pooling of interests. The stockholders
of FNFC received 3,600,262 shares of Trustmark stock and $1.1 million in cash
in connection with the merger. The financial terms of the merger agreement
were arrived at through arms-length negotiations between representatives of
each organization. The parties to the merger agreement considered banking
stock data with respect to certain other business combinations in the banking
industry, the multiple over FNFC's earnings, the premium offered to the FNFC
shareholders over book value and historic trading prices of FNFC common stock,
and the tax consequences of the holding company merger and bank consolidation.
Trustmark retained the banking consultants of Alex Sheshunoff & Co.
(Sheshunoff) to issue an opinion as to the fairness of the consideration
offered to FNFC. It was Sheshunoff's opinion that the consideration offered by
Trustmark was fair.
At September 30, 1994, FNFC had total consolidated assets of
approximately $278 million and total consolidated deposits of approximately
$243 million. There were no material relationships between the registrant and
the seller.
All property, plant and equipment acquired was used by FNFC solely for
banking purposes. Trustmark will also use these assets solely for banking
purposes. Plans are for all locations to remain open in the foreseeable
future.
ITEM 7A. FINANCIAL STATEMENTS OF BUSINESS ACQUIRED
The consolidated, audited fiscal year-end Financial Statements of FNFC
and Subsidiary and the accompanying Notes to Consolidated Financial Statements
required by Item 7A of Form 8-K are contained in FNFC's Annual Report on Form
10-K for the year ended December 31, 1993, as previously filed with the
Commission and therefore, are incorporated herein by reference.
The consolidated Balance Sheet and Statements of Income of FNFC and
Subsidiary as of September 30, 1994 and for the nine months ended September 30,
1994 and 1993 follows:
<PAGE> 4
FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1994
(UNAUDITED)
($ In Thousands Except Share Data)
<TABLE>
<S> <C>
Assets
Cash and due from banks $ 14,244
Securities:
Available for sale, at fair value 44,308
Held to maturity, at amortized cost 59,630
Loans 147,880
Less: Unearned income 164
Allowance for possible loan losses 2,365
--------
Net loans 145,351
Premises and equipment, net 4,065
Accrued interest receivable 2,087
Other assets 8,214
--------
Total Assets $277,899
========
Liabilities
Deposits:
Noninterest-bearing deposits $ 37,172
Interest-bearing deposits 206,257
--------
Total deposits 243,429
Federal funds purchased and securities sold
under repurchase agreements 1,191
Accrued expenses and other liabilities 4,259
--------
Total Liabilities 248,879
Stockholders' Equity
Common stock, $4 par value per share:
Authorized, 2,000,000 shares
Issued and outstanding, 1,386,023 shares 5,544
Surplus 18,277
Retained earnings 6,383
Net unrealized loss on securities available for sale, net of tax (1,184)
--------
Total Stockholders' Equity 29,020
--------
Total Liabilities and Stockholders' Equity $277,899
========
</TABLE>
<PAGE> 5
FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
($ In Thousands Except Share Data)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1994 1993
----------- ------------
<S> <C> <C>
Interest Income
Interest and fees on loans $ 9,895 $ 10,591
Interest and dividends on investment securities:
Taxable interest and dividend income 4,785 3,921
Interest income exempt from federal income taxes 350 479
Interest on federal funds sold and securities
purchased under reverse repurchase agreements 164 234
--------- ----------
Total Interest Income 15,194 15,225
Interest Expense
Interest on deposits 5,795 5,912
Interest on federal funds purchased and securities
sold under repurchase agreements 54 6
--------- ----------
Total Interest Expense 5,849 5,918
--------- ----------
Net Interest Income 9,345 9,307
Provision for loan losses 348 799
--------- ----------
Net Interest Income After Provision
for Loan Losses 8,997 8,508
Other Income
Trust service income 173 195
Service charges on deposit accounts 819 732
Other account charges, fees and commissions 364 133
Security gains 7 295
Other 256 552
--------- ----------
Total Other Income 1,619 1,907
Other Expenses
Salaries 2,772 2,731
Employee benefits 730 701
Net occupancy - premises 1,117 1,020
Equipment expenses 156 122
Services and fees 902 687
Other real estate expenses 224 954
FDIC insurance assessment 414 401
Other 1,540 1,039
--------- ----------
Total Other Expenses 7,855 7,655
--------- ----------
Income before income taxes and cumulative effect of
change in accounting principle 2,761 2,760
Income taxes 689 621
--------- ----------
Income before cumulative effect of change in
accounting principle 2,072 2,139
Cumulative effect on prior years (to December 31, 1992) of
change in accounting for income taxes 56
--------- ----------
Net Income $ 2,072 $ 2,195
========= ==========
Share Data
Income before cumulative effect of change in
accounting principle $ 1.49 $ 1.54
Cumulative effect on prior years (to December 31, 1992) of
change in accounting for income taxes 0.04
--------- ----------
Net Income Per Share $ 1.49 $ 1.58
========== ==========
Weighted average shares outstanding 1,386,023 1,386,023
========== ==========
</TABLE>
<PAGE> 6
FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
STATEMENTS OF CASH FLOWS
(UNAUDITED)
($ In Thousands)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1994 1993
---------- -----------
<S> <C> <C>
Operating Activities
Net income $ 2,072 $ 2,195
Adjustments to reconcile net income to net cash provided
by operating activities:
Provision for loan losses 348 799
Provision for depreciation and amortization 516 468
Writedowns of other real estate 163 753
Amortization of security discounts (368) (137)
Gain on sales of securities (7) (295)
Increase in other assets (311) (645)
(Decrease) increase in other liabilities (516) 1,638
-------- ---------
Net cash provided by operating activities 1,897 4,776
Investing Activities
Proceeds from sales of securities 9,000 7,023
Proceeds from maturities of securities 5,620 22,132
Purchases of securities (20,517) (42,862)
Net decrease in federal funds sold and securities
purchased under reverse repurchase agreements 8,700 500
Net (increase) decrease in loans (871) 1,512
Purchases of premises and equipment (406) (567)
-------- ---------
Net cash provided (used) by investing activities 1,526 (12,262)
Financing Activities
Net increase in deposits 696 1,744
Net (decrease) increase in securities sold under repurchase
agreements (1,407) 1,476
Net (decrease) increase in other borrowings (5,266) 5,329
Cash dividends (832) (628)
-------- ---------
Net cash (used) provided by financing activities (6,809) 7,921
-------- ---------
(Decrease) increase in cash and cash equivalents (3,386) 435
Cash and cash equivalents at beginning of period 17,630 12,881
-------- ---------
Cash and cash equivalents at end of period $ 14,244 $ 13,316
======== =========
</TABLE>
<PAGE> 7
ITEM 7B. PRO FORMA FINANCIAL INFORMATION
The following financial statements present, on a pro forma basis, the
combined, unaudited financial statements for Trustmark and FNFC. The pro forma
statements give effect to the merger accounted for as a pooling of interests
and the required pro forma adjustments. The pro forma statements do not
purport to be indicative of the results which actually would have been reported
if the merger had been in effect for the stated periods or which may be
reported in the future.
<PAGE> 8
PRO FORMA COMBINATION OF TRUSTMARK CORPORATION AND SUBSIDIARIES
WITH FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
PRO FORMA COMBINED BALANCE SHEET
SEPTEMBER 30, 1994
(UNAUDITED)
($ In Thousands)
<TABLE>
<CAPTION>
FIRST
NATIONAL
TRUSTMARK FINANCIAL PRO FORMA PRO FORMA
CORPORATION CORPORATION ADJUSTMENTS COMBINED
------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Assets
Cash and due from banks $ 283,783 $ 14,244 $ (354)(1) $ 297,673
Federal funds sold and securities purchased
under reverse repurchase agreements 85,598 (300)(2) 85,298
Trading account securities 112 112
Securities:
Available for sale, at fair value 493,775 44,308 538,083
Held to maturity, at amortized cost 1,350,164 59,630 1,409,794
Loans 2,175,958 147,880 2,323,838
Less: Unearned income 22,127 164 22,291
Allowance for possible loan losses 62,636 2,365 65,001
-------------- ----------- ----------
Net loans 2,091,195 145,351 2,236,546
Premises and equipment, net 59,594 4,065 63,659
Accrued interest receivable 36,419 2,087 38,506
Other assets 119,871 8,214 128,085
-------------- ----------- ---------- ----------
Total Assets $ 4,520,511 $ 277,899 $ (654) $4,797,756
============== =========== ========== ==========
Liabilities
Deposits:
Noninterest-bearing deposits $ 659,255 $ 37,172 $ (354)(1) $ 696,073
Interest-bearing deposits 2,510,364 206,257 2,716,621
-------------- ----------- ---------- ----------
Total deposits 3,169,619 243,429 (354) 3,412,694
Federal funds purchased 142,241 1,191 (300)(2) 143,132
Securities sold under repurchase agreements 730,782 730,782
(1,426)(3)
Accrued expenses and other liabilities 93,614 4,259 1,100 (4) 97,547
-------------- ----------- ---------- ----------
Total Liabilities 4,136,256 248,879 (980) 4,384,155
Stockholders' Equity
Common stock 12,989 5,544 (3,987)(3) 14,546
Surplus 220,888 18,277 5,413 (3) 244,578
Retained earnings 155,782 6,383 (1,100)(4) 161,065
Net unrealized loss on securities
available for sale, net of tax (5,404) (1,184) (6,588)
-------------- ----------- ---------- ----------
Total Stockholders' Equity 384,255 29,020 326 413,601
-------------- ----------- ---------- ----------
Total Liabilities and Stockholders' Equity $ 4,520,511 $ 277,899 $ (654) $4,797,756
============== =========== ========== ==========
</TABLE>
PRO FORMA ADJUSTMENTS
(1) To eliminate $354,000 in deposits that FNFC has with Trustmark
(2) To eliminate federal funds of $300,000 that FNFC has with Trustmark
(3) To record the issuance of 3,600,262 shares of Trustmark stock to FNFC
shareholders and to record the issuance of 134,514 shares of Trustmark
stock to the minority shareholders of Trustmark Bank in exchange for
their shares
(4) To record $1,100,000 in cash to be paid to FNFC shareholders as part of
the exchange price
<PAGE> 9
PRO FORMA COMBINATION OF TRUSTMARK CORPORATION AND SUBSIDIARIES
WITH FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
PRO FORMA COMBINED STATEMENT OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 1994
(UNAUDITED)
($ In Thousands Except Share Data)
<TABLE>
<CAPTION>
FIRST
NATIONAL
TRUSTMARK FINANCIAL PRO FORMA
CORPORATION CORPORATION COMBINED
------------ ----------- ---------
<S> <C> <C> <C>
Interest Income
Interest and fees on loans $ 129,342 $ 9,895 $ 139,237
Interest and dividends on investment securities:
Taxable interest and dividend income 79,448 4,785 84,233
Interest income exempt from federal income taxes 4,786 350 5,136
Interest on federal funds sold and securities
purchased under reverse repurchase agreements 4,884 164 5,048
----------- -------- ----------
Total Interest Income 218,460 15,194 233,654
Interest Expense
Interest on deposits 61,103 5,795 66,898
Interest on federal funds purchased and securities
sold under repurchase agreements 23,189 54 23,243
----------- -------- ----------
Total Interest Expense 84,292 5,849 90,141
----------- -------- ----------
Net Interest Income 134,168 9,345 143,513
Provision for loan losses 1,081 348 1,429
----------- -------- ----------
Net Interest Income After Provision
for Loan Losses 133,087 8,997 142,084
Other Income
Trust service income 6,479 173 6,652
Service charges on deposit accounts 12,893 819 13,712
Other account charges, fees and commissions 13,726 364 14,090
Security gains 167 7 174
Other 1,151 256 1,407
----------- -------- ----------
Total Other Income 34,416 1,619 36,035
Other Expenses
Salaries 43,129 2,772 45,901
Employee benefits 7,928 730 8,658
Net occupancy - premises 5,797 1,117 6,914
Equipment expenses 9,066 156 9,222
Services and fees 12,986 902 13,888
Other real estate expenses 287 224 511
FDIC insurance assessment 5,347 414 5,761
Amortization of intangible assets 5,136 5,136
Other 16,560 1,540 18,100
----------- -------- ----------
Total Other Expenses 106,236 7,855 114,091
----------- -------- ----------
Income before income taxes 61,267 2,761 64,028
Income taxes 20,883 689 21,572
----------- -------- ----------
Net Income $ 40,384 $ 2,072 $ 42,456
=========== ======== ==========
Share Data
Net Income Per Share $ 1.30 $ 1.49 $ 1.22
=========== ======== ==========
Weighted average shares outstanding 31,172,907 34,773,169
=========== ==========
</TABLE>
<PAGE> 10
PRO FORMA COMBINATION OF TRUSTMARK CORPORATION AND SUBSIDIARIES
WITH FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
PRO FORMA COMBINED STATEMENT OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 1993
(UNAUDITED)
($ In Thousands Except Share Data)
<TABLE>
<CAPTION>
FIRST
NATIONAL
TRUSTMARK FINANCIAL PRO FORMA
CORPORATION CORPORATION COMBINED
----------- ----------- ----------
<S> <C> <C> <C>
Interest Income
Interest and fees on loans $ 120,761 $ 10,591 $ 131,352
Interest and dividends on investment securities:
Taxable interest and dividend income 87,169 3,921 91,090
Interest income exempt from federal income taxes 5,475 479 5,954
Interest on federal funds sold and securities
purchased under reverse repurchase agreements 3,726 234 3,960
----------- ----------- -----------
Total Interest Income 217,131 15,225 232,356
Interest Expense
Interest on deposits 66,466 5,912 72,378
Interest on federal funds purchased and securities
sold under repurchase agreements 15,890 6 15,896
----------- ----------- -----------
Total Interest Expense 82,356 5,918 88,274
----------- ----------- -----------
Net Interest Income 134,775 9,307 144,082
Provision for loan losses 14,763 799 15,562
----------- ----------- -----------
Net Interest Income After Provision
for Loan Losses 120,012 8,508 128,520
Other Income
Trust service income 5,935 195 6,130
Service charges on deposit accounts 12,739 732 13,471
Other account charges, fees and commissions 11,836 133 11,969
Security gains 116 295 411
Other 2,626 552 3,178
----------- ----------- -----------
Total Other Income 33,252 1,907 35,159
Other Expenses
Salaries 40,020 2,731 42,751
Employee benefits 7,365 701 8,066
Net occupancy-premises 5,276 1,020 6,296
Equipment expenses 8,474 122 8,596
Services and fees 11,809 687 12,496
Other real estate expenses 1,774 954 2,728
FDIC insurance assessment 5,367 401 5,768
Amortization of intangible assets 6,459 6,459
Other 15,882 1,039 16,921
----------- ----------- -----------
Total Other Expenses 102,426 7,655 110,081
----------- ----------- -----------
Income before income taxes and cumulative effect of
change in accounting principle 50,838 2,760 53,598
Income taxes 14,694 621 15,315
----------- ----------- -----------
Income before cumulative effect of change in
accounting principle 36,144 2,139 38,283
Cumulative effect on prior years (to December 31, 1992) of
change in accounting for income taxes 1,519 56 1,575
----------- ----------- -----------
Net Income $ 37,663 $ 2,195 $ 39,858
=========== =========== ===========
Share Data
Income before cumulative effect of change in
accounting principle $ 1.21 $ 1.54 $ 1.14
Cumulative effect on prior years (to December 31, 1992) of
change in accounting for income taxes 0.05 0.04 0.05
----------- ----------- -----------
Net Income Per Share $ 1.26 $ 1.58 $ 1.19
=========== =========== ===========
Weighted average shares outstanding 29,855,460 33,455,722
=========== ===========
</TABLE>
<PAGE> 11
PRO FORMA COMBINATION OF TRUSTMARK CORPORATION AND SUBSIDIARIES
WITH FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
PRO FORMA COMBINED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1993
(UNAUDITED)
($ In Thousands Except Share Data)
<TABLE>
<CAPTION>
FIRST
NATIONAL
TRUSTMARK FINANCIAL PRO FORMA
CORPORATION CORPORATION COMBINED
----------- ----------- -----------
<S> <C> <C> <C>
Interest Income
Interest and fees on loans $ 163,540 $13,940 $ 177,480
Interest and dividends on investment securities:
Taxable interest and dividend income 115,099 5,114 120,213
Interest income exempt from federal income taxes 7,134 701 7,835
Interest on federal funds sold and securities
purchased under reverse repurchase agreements 4,786 293 5,079
----------- ------- -----------
Total Interest Income 290,559 20,048 310,607
Interest Expense
Interest on deposits 86,958 7,750 94,708
Interest on federal funds purchased and securities
sold under repurchase agreements 22,044 18 22,062
----------- ------- -----------
Total Interest Expense 109,002 7,768 116,770
----------- ------- -----------
Net Interest Income 181,557 12,280 193,837
Provision for loan losses 17,596 1,000 18,596
----------- ------- -----------
Net Interest Income After Provision
for Loan Losses 163,961 11,280 175,241
Other Income
Trust service income 7,914 262 8,176
Service charges on deposit accounts 17,322 1,013 18,335
Other account charges, fees and commissions 16,621 204 16,825
Security gains 118 385 503
Other 3,399 660 4,059
----------- ------- -----------
Total Other Income 45,374 2,524 47,898
Other Expenses
Salaries 54,349 3,691 58,040
Employee benefits 10,161 1,030 11,191
Net occupancy - premises 7,206 780 7,986
Equipment expenses 11,699 822 12,521
Services and fees 16,082 999 17,081
Other real estate expenses 2,376 1,001 3,377
FDIC insurance assessment 7,208 541 7,749
Amortization of intangible assets 8,291 8,291
Other 22,239 2,306 24,545
----------- ------- -----------
Total Other Expenses 139,611 11,170 150,781
----------- ------- -----------
Income before income taxes and cumulative effect of
change in accounting principle 69,724 2,634 72,358
Income taxes 21,093 588 21,681
----------- ------- -----------
Income before cumulative effect of change in
accounting principle 48,631 2,046 50,677
Cumulative effect on prior years (to December 31, 1992) of
change in accounting for income taxes 1,519 56 1,575
----------- ------- -----------
Net Income $ 50,150 $ 2,102 $ 52,252
=========== ======= ===========
Share Data
Income before cumulative effect of change in
accounting principle $ 1.61 $ 1.48 $ 1.50
Cumulative effect on prior years (to December 31, 1992) of
change in accounting for income taxes 0.05 0.04 0.05
----------- ------- -----------
Net Income Per Share $ 1.66 $ 1.52 $ 1.55
=========== ======= ===========
Weighted average shares outstanding 30,187,529 33,787,791
=========== ===========
</TABLE>
<PAGE> 12
PRO FORMA COMBINATION OF TRUSTMARK CORPORATION AND SUBSIDIARIES
WITH FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
PRO FORMA COMBINED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1992
(UNAUDITED)
($ In Thousands Except Share Data)
<TABLE>
<CAPTION>
FIRST
NATIONAL
TRUSTMARK FINANCIAL PRO FORMA
CORPORATION CORPORATION COMBINED
----------- ----------- ---------
<S> <C> <C> <C>
Interest Income
Interest and fees on loans $ 163,005 $15,178 $ 178,183
Interest and dividends on investment securities:
Taxable interest and dividend income 110,257 5,450 115,707
Interest income exempt from federal income taxes 8,827 1,047 9,874
Interest on federal funds sold and securities
purchased under reverse repurchase agreements 6,574 288 6,862
----------- ------- -----------
Total Interest Income 288,663 21,963 310,626
Interest Expense
Interest on deposits 112,650 9,661 122,311
Interest on federal funds purchased and securities
sold under repurchase agreements 16,055 3 16,058
----------- ------- -----------
Total Interest Expense 128,705 9,664 138,369
----------- ------- -----------
Net Interest Income 159,958 12,299 172,257
Provision for loan losses 24,068 2,669 26,737
----------- ------- -----------
Net Interest Income After Provision
for Loan Losses 135,890 9,630 145,520
Other Income
Trust service income 7,106 300 7,406
Service charges on deposit accounts 16,924 915 17,839
Other account charges, fees and commissions 13,775 220 13,995
Security gains 2,887 213 3,100
Other 2,897 346 3,243
----------- ------- -----------
Total Other Income 43,589 1,994 45,583
Other Expenses
Salaries 50,116 3,572 53,688
Employee benefits 8,326 779 9,105
Net occupancy - premises 6,687 618 7,305
Equipment expenses 11,399 788 12,187
Services and fees 16,044 723 16,767
Other real estate expenses 2,256 271 2,527
FDIC insurance assessment 6,951 535 7,486
Amortization of intangible assets 5,318 5,318
Other 17,414 1,047 18,461
----------- ------- -----------
Total Other Expenses 124,511 8,333 132,844
----------- ------- -----------
Income before income taxes 54,968 3,291 58,259
Income taxes 16,711 779 17,490
----------- ------- -----------
Net Income $ 38,257 $ 2,512 $ 40,769
=========== ======= ===========
Share Data
Net Income Per Share $ 1.30 $ 1.81 $ 1.23
=========== ======= ===========
Weighted average shares outstanding 29,476,383 33,076,645
=========== ===========
</TABLE>
<PAGE> 13
PRO FORMA COMBINATION OF TRUSTMARK CORPORATION AND SUBSIDIARIES
WITH FIRST NATIONAL FINANCIAL CORPORATION AND SUBSIDIARY
PRO FORMA COMBINED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 1991
(UNAUDITED)
($ In Thousands Except Share Data)
<TABLE>
<CAPTION>
FIRST
NATIONAL
TRUSTMARK FINANCIAL PRO FORMA
CORPORATION CORPORATION COMBINED
----------- ----------- ----------
<S> <C> <C> <C>
Interest Income
Interest and fees on loans $ 185,426 $17,260 $ 202,686
Interest and dividends on investment securities:
Taxable interest and dividend income 98,245 5,106 103,351
Interest income exempt from federal income taxes 9,639 1,153 10,792
Interest on federal funds sold and securities
purchased under reverse repurchase agreements 16,360 479 16,839
----------- ------- ----------
Total Interest Income 309,670 23,998 333,668
Interest Expense
Interest on deposits 154,988 12,867 167,855
Interest on federal funds purchased and securities
sold under repurchase agreements 19,354 6 19,360
----------- ------- ----------
Total Interest Expense 174,342 12,873 187,215
----------- ------- ----------
Net Interest Income 135,328 11,125 146,453
Provision for loan losses 25,207 1,970 27,177
----------- ------- ----------
Net Interest Income After Provision
for Loan Losses 110,121 9,155 119,276
Other Income
Trust service income 6,103 207 6,310
Service charges on deposit accounts 16,272 849 17,121
Other account charges, fees and commissions 12,065 143 12,208
Security gains 1,458 66 1,524
Other 2,593 513 3,106
----------- ------- ----------
Total Other Income 38,491 1,778 40,269
Other Expenses
Salaries 45,280 3,368 48,648
Employee benefits 6,997 709 7,706
Net occupancy - premises 6,637 582 7,219
Equipment expenses 10,352 705 11,057
Services and fees 14,472 741 15,213
Other real estate expenses 3,462 140 3,602
FDIC insurance assessment 6,374 527 6,901
Amortization of intangible assets 4,790 4,790
Other 13,997 1,093 15,090
----------- ------- ----------
Total Other Expenses 112,361 7,865 120,226
----------- ------- ----------
Income before income taxes 36,251 3,068 39,319
Income taxes 8,680 427 9,107
----------- ------- ----------
Net Income $ 27,571 $ 2,641 $ 30,212
=========== ======= ==========
Share Data
Net Income Per Share $ 0.94 $ 1.91 $ 0.91
=========== ======= ==========
Weighted average shares outstanding 29,476,383 33,076,645
=========== ==========
</TABLE>
<PAGE> 14
ITEM 7C. EXHIBITS
Exhibit No.
- -----------
99.1 Annual Report on Form 10-K of First National
Financial Corporation for period ended
December 31, 1993, which is incorporated
herein by reference
All other exhibits are omitted as they are inapplicable or not required by
the related instructions.
<PAGE> 15
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.
Trustmark Corporation
_______________________
(Registrant)
Date: October 19, 1994 BY: /s/ Frank R. Day
_______________________
Frank R. Day
Chairman of the Board,
President and CEO
Date: October 19, 1994 BY: /s/ David R. Carter
_______________________
David R. Carter
Secretary-Treasurer
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