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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) May 12, 1995
(February 28, 1995)
BOATMEN'S BANCSHARES, INC.
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(Exact name of Registrant as specified in its charter)
Missouri 1-3750 43-0672260
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
One Boatmen's Plaza, 800 Market Street, St. Louis, Missouri 63101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 314-466-6000
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ITEM 5. OTHER EVENTS
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As previously reported by Boatmen's Bancshares, Inc. ("The
Corporation") on its Current Report on Form 8-K, dated March 14,
1995, the Corporation completed its acquisition of Worthen Banking
Corporation ("Worthen") on February 28, 1995, pursuant to an Agreement
and Plan of Merger ("Merger Agreement"), dated August 18, 1994. Under
terms of the Merger Agreement, a wholly owned subsidiary of the
Corporation was merged with and into Worthen, and each of the
17,126,652 shares of Worthen common stock outstanding at February 28,
1995, was converted into one share of common stock of the Corporation.
No shares of Worthen common stock were owned by the Corporation. The
merger was accounted for as a "pooling of interests" for accounting
and financial reporting purposes.
In accordance with Item 7. of Form 8-K, the Corporation has
submitted herewith, pro forma financial information as required
pursuant to Article 11 of Regulation S-X.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(a) Financial Statements of Business Acquired
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Worthen's financial information required by this item was previously
filed by the Corporation on its Current Report on Form 8-K dated
March 14, 1995 and is incorporated herein by this reference.
(b) Pro Forma Financial Information
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The following pro forma financial statements are submitted
herewith:
1. Pro Forma Combined Condensed Balance Sheet as of
December 31, 1994
2. Pro Forma Combined Condensed Statements of Income for
the years ended December 31, 1994, 1993, and 1992, and
notes thereto.
(c) Exhibits
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The following additional exhibit is included with this amended Report:
Exhibit 99 (c) Pro Forma Financial Data
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned hereunto duly authorized.
BOATMEN'S BANCSHARES, INC.
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(Registrant)
By /s/ JAMES W. KIENKER
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James W. Kienker
Executive Vice President and
Chief Financial Officer
Dated: May 12, 1995
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PRO FORMA FINANCIAL DATA
BOATMEN'S BANCSHARES, INC. AND WORTHEN BANKING CORPORATION
The pro forma combined condensed balance sheet assumes that
the Merger was consummated on December 31, 1994, and the pro
forma condensed statements of income assume that the Merger was
consummated on January 1 of each period presented. The pro forma
combined balance sheet as of December 31, 1994, and the pro forma
combined condensed statements of income for each of the years in the
three-year period ended December 31, 1994, give effect to the Merger
based on the historical consolidated financial statements of the
Corporation and Worthen and their subsidiaries.
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<TABLE>
PRO FORMA COMBINED CONDENSED BALANCE SHEET
December 31, 1994
(In Thousands)
<CAPTION>
WORTHEN
BOATMEN'S BANKING BOATMEN'S
BANCSHARES, INC. CORPORATION ADJUSTMENTS PRO FORMA
---------------- ----------- ----------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Cash and noninterest-bearing balances
due from banks $ 1,885,484 $ 228,731 $ 2,114,215
Short term investments 43,704 857 44,561
Securities:
Held to Maturity 4,203,507 1,001,099 5,204,606
Available for Sale 3,887,217 129,543 4,016,760
Trading 31,674 31,674
Federal funds sold and securities
purchased under resale agreements 1,082,110 25,300 1,107,410
Loans, net of unearned 16,480,437 1,974,577 18,455,014
Less reserve for loan losses 342,030 32,695 374,725
----------- ---------- ----------- -----------
Loans, net 16,138,407 1,941,882 18,080,289
----------- ---------- ----------- -----------
Property and equipment 524,812 95,616 620,428
Intangibles 251,498 26,485 277,983
Other assets 878,805 48,707 927,512
----------- ---------- ----------- -----------
Total Assets $28,927,218 $3,498,220 $ 0 $32,425,438
=========== ========== =========== ===========
LIABILITIES AND EQUITY:
Noninterest-bearing deposits $ 4,589,782 $ 614,218 $ 5,204,000
Interest-bearing deposits 17,599,780 2,321,750 19,921,530
----------- ---------- ----------- -----------
Total deposits 22,189,562 2,935,968 25,125,530
----------- ---------- ----------- -----------
Federal funds purchased and other
short-term borrowings 3,650,671 185,015 3,835,686
Long-term debt 515,083 43,005 558,088
Capital lease obligations 38,359 1,739 40,098
Other liabilities 331,570 21,693 353,263
----------- ---------- ----------- -----------
Total liabilities 26,725,245 3,187,420 29,912,665
----------- ---------- ----------- -----------
Redeemable preferred stock 1,142 1,142
Stockholders' equity:
Common stock 104,831 17,056 (11)<F1> 121,876
Surplus 796,158 164,835 (274)<F1> 960,719
Retained earnings 1,419,367 132,857 1,552,224
Less: Treasury stock (14,516) (285) 285 <F1> (14,516)
Unrealized net depreciation,
available for sale securities (105,009) (3,663) (108,672)
----------- ---------- ----------- -----------
Total stockholders' equity 2,200,831 310,800 0 2,511,631
----------- ---------- ----------- -----------
Total liabilities and stockholders' equity $28,927,218 $3,498,220 $ 0 $32,425,438
=========== ========== =========== ===========
Stockholders' equity per share $21.10 $20.69
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<FN>
<F1> Based on the exchange ratio of 1.0 share of Boatmen's Common for each share of Worthen common stock,
17,045,408 additional shares of Boatmen's Common would have been issued as of December 31, 1994, in
the acquisition of Worthen.
</TABLE>
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<TABLE>
PRO FORMA COMBINED CONDENSED STATEMENT OF INCOME
Year Ended December 31, 1994
(In Thousands, except per share data)
<CAPTION>
WORTHEN
BOATMEN'S BANKING BOATMEN'S
BANCSHARES, INC. CORPORATION PRO FORMA
---------------- ----------- ---------
<S> <C> <C> <C>
Interest Income $1,767,673 $218,452 $1,986,125
Interest Expense 743,744 77,171 820,915
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Net Interest income 1,023,929 141,281 1,165,210
Provision for loan losses 24,306 1,399 25,705
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Net Interest Income after
provision for loan losses 999,623 139,882 1,139,505
Noninterest income 526,527 64,896 591,423
Noninterest expense 984,642 132,113 1,116,755
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Income before income taxes 541,508 72,665 614,173
Income tax expense 186,176 25,022 211,198
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Net income $ 355,332 $ 47,643 $ 402,975
========== ======== ==========
Net income available to
common shareholders $ 355,252 $ 47,643 $ 402,895
========== ======== ==========
Net income per common share $3.40 $3.31
========== ==========
Average shares outstanding 104,632 121,655
========== ==========
See Notes to Pro Forma Combined Condensed Statements of Income
</TABLE>
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<TABLE>
PRO FORMA COMBINED CONDENSED STATEMENT OF INCOME
Year Ended December 31, 1993
(In Thousands, except per share data)
<CAPTION>
WORTHEN
BOATMEN'S BANKING BOATMEN'S
BANCSHARES, INC. CORPORATION PRO FORMA
---------------- ----------- ---------
<S> <C> <C> <C>
Interest Income $1,606,446 $212,082 $1,818,528
Interest Expense 631,974 79,264 711,238
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Net Interest income 974,472 132,818 1,107,290
Provision for loan losses 60,184 4,628 64,812
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Net Interest Income after
provision for loan losses 914,288 128,190 1,042,478
Noninterest income 500,359 67,829 568,188
Noninterest expense 950,421 148,437 1,098,858
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Income before income taxes 464,226 47,582 511,808
Income tax expense 146,807 15,332 162,139
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Net income $ 317,419 $ 32,250 $ 349,669
========== ======== ==========
Net income available to
common shareholders $ 317,334 $ 32,250 $ 349,584
========== ======== ==========
Net income per common share $3.07 $2.91
========== ==========
Average shares outstanding 103,490 120,307
========== ==========
See Notes to Pro Forma Combined Condensed Statements of Income
</TABLE>
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<TABLE>
PRO FORMA COMBINED CONDENSED STATEMENT OF INCOME
Year Ended December 31, 1992
(In Thousands, except per share data)
<CAPTION>
WORTHEN
BOATMEN'S BANKING BOATMEN'S
BANCSHARES, INC. CORPORATION PRO FORMA
---------------- ----------- ---------
<S> <C> <C> <C>
Interest Income $1,608,800 $229,968 $1,838,768
Interest Expense 737,533 99,780 837,313
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Net Interest income 871,267 130,188 1,001,455
Provision for loan losses 136,626 2,849 139,475
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Net Interest Income after
provision for loan losses 734,641 127,339 861,980
Noninterest income 458,531 58,248 516,779
Noninterest expense 871,928 144,940 1,016,868
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Income before income taxes 321,244 40,647 361,891
Income tax expense 92,518 6,710 99,228
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Net income $ 228,726 $ 33,937 $ 262,663
========== ======== ==========
Net income available to
common shareholders $ 228,638 $ 33,937 $ 262,575
========== ======== ==========
Net income per common share $2.29 $2.25
========== ==========
Average shares outstanding 100,017 116,606
========== ==========
See Notes to Pro Forma Combined Condensed Statements of Income
</TABLE>
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Notes to Pro Forma Combined Condensed Statements of Income
(unaudited)
1. The change in average shares outstanding shown in the pro forma analysis
reflects the issuance of 1.0 shares of Boatmen's Common for each share of
Worthen Banking Corporation common stock.
