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Previous: NCH CORP, 10-Q, 1996-09-11 |
Next: NABI /DE/, 424B3, 1996-09-11 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 8-K/A-1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
Date of Report (Date of earliest event reported): August 29, 1996
NATIONSBANK CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
North Carolina 1-6523 56-0906609
------------------------ ------------ -------------------
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
NationsBank Corporate Center, Charlotte, North Carolina 28255
------------------------------------------------------- --------
(Address of principal executive offices) Zip Code
(704) 386-5000
----------------------------------------------------
(Registrant's telephone number, including area code) <PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
The Current Report on Form 8-K dated August 29, 1996 is amended to
add Exhibit 99.6 and to amend Items 7(a) and 7(c) in their en-
tirety as follows:
Item 7. Financial Statements and Exhibits
(a) Financial Statements of businesses acquired.
The following supplemental consolidated financial statements
of Boatmen's Bancshares, Inc. are incorporated herein by ref-
erence to Exhibit 99.4 filed herewith:
1. Consolidated Balance Sheet as of December 31, 1995 and
1994.
2. Consolidated Statement of Income for the years ended
December 31, 1995 and 1994.
3. Consolidated Statement of Changes in Stockholders' Eq-
uity for the years ended December 31, 1995 and 1994.
4. Consolidated Statement of Cash Flows for the years ended
December 31, 1995 and 1994.
5. Notes to the Consolidated Financial Statements.
The information presented in Exhibit 99.4 with respect to the year
ended December 31, 1993 is not incorporated herein.
The report of Ernst & Young LLP, independent accountants, on the
supplemental consolidated financial statements of Boatmen's Banc-
shares, Inc. as of December 31, 1995 and 1994 and for the three
years then ended is filed herewith as part of Exhibit 99.4 and the
related consent is filed herewith as Exhibit 99.5. Both the opin-
ion and consent are incorporated herein by reference.
Certain unaudited financial information regarding Boatmen's Banc-
shares, Inc., including a consolidated balance sheet as of June
30, 1996, and consolidated statements of income, consolidated
statements of changes in stockholders' equity and consolidated
statements of cash flows for the six months ended June 30, 1996
and June 30, 1995, is incorporated herein by reference to Exhibit
99.6 filed herewith.
The consolidated balance sheet as of June 30, 1995, and the
consolidated statements of income for the second quarter ended
June 30, 1996 and 1995, presented in Exhibit 99.6 are not
incorporated herein.<PAGE>
(c) Exhibits
--------
Exhibit Description
------- -----------
99.1 Agreement and Plan of Merger, dated as of August 29,
1996, by and between NationsBank Corporation and
Boatmen's Bancshares, Inc.*
99.2 Stock Option Agreement, dated as of August 29, 1996, by
and between NationsBank Corporation, as grantee, and
Boatmen's Bancshares, Inc., as issuer.*
99.3 Text of joint press release, dated August 30, 1996, is-
sued by NationsBank Corporation and Boatmen's Banc-
shares, Inc.*
99.4 Consolidated Financial Statements of Boatmen's Banc-
shares, Inc. and Report of Ernst & Young LLP.*
99.5 Consent of Ernst & Young LLP.*
99.6 Unaudited Financial Information regarding Boatmen's
Bancshares, Inc. as of June 30, 1996, and for the six
months ended June 30, 1996 and June 30, 1995.
--------------------
* Previously filed.
<PAGE>
Signatures
----------
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the Registrant has duly caused this amendment to
be signed on its behalf by the undersigned hereunto duly authorized.
NATIONSBANK CORPORATION
(Registrant)
------------
By: /s/ Marc D. Oken
-----------------------
Marc D. Oken
Executive Vice
President
and Chief Accounting
Officer
Dated: September 11, 1996<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
----------- ----------------------
99.1 Agreement and Plan of Merger, dated as of August
29, 1996, by and between NationsBank Corporation
and Boatmen's Bancshares, Inc.*
99.2 Stock Option Agreement, dated as of August 29,
1996, by and between NationsBank Corporation, as
grantee, and Boatmen's Bancshares, Inc., as is-
suer.*
99.3 Text of joint press release, dated August 30, 1996,
issued by NationsBank Corporation and Boatmen's
Bancshares, Inc.*
99.4 Consolidated Financial Statements of Boatmen's
Bancshares, Inc. and Report of Ernst & Young LLP.*
99.5 Consent of Ernst & Young LLP.*
99.6 Unaudited Financial Information regarding Boatmen's
Bancshares, Inc. as of June 30, 1996 and for the
six months ended June 30, 1996 and June 30, 1995.
______________________
* Previously filed.
EXHIBIT 99.6
<TABLE>
Boatmen's Bancshares, Inc.
CONSOLIDATED BALANCE SHEET
<CAPTION>
(dollars in thousands) June 30, 1996 June 30, 1995 December 31, 1995
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Cash and due from banks $ 2,139,433 $ 2,307,342 $ 2,611,765
Short-term investments 36,843 52,750 83,166
Held to maturity 1,018,357 7,014,108 923,130
Available for sale 10,705,084 4,492,629 10,347,172
Trading 44,886 28,256 58,361
Federal funds sold and securities purchased
under resale agreements 489,410 784,254 1,225,671
Loans, net of unearned income 24,416,546 24,307,358 24,050,903
Less reserve for loan losses 472,006 457,221 452,560
- ------------------------------------------------------------------------------------------------------------------
Loans, net 23,944,540 23,850,137 23,598,343
- ------------------------------------------------------------------------------------------------------------------
Property and equipment 787,306 801,398 800,502
Other assets 1,516,699 1,562,989 1,475,379
- ------------------------------------------------------------------------------------------------------------------
Total assets $40,682,558 $40,893,863 $41,123,489
==================================================================================================================
Liabilities and Stockholders' Equity
- ------------------------------------------------------------------------------------------------------------------
Liabilities:
Demand deposits $ 6,560,696 $ 6,222,491 $ 6,894,649
Retail savings deposits and interest-bearing
transaction accounts 13,050,523 12,456,252 13,510,720
Time deposits 11,017,751 11,779,801 11,572,768
- ------------------------------------------------------------------------------------------------------------------
Total deposits 30,628,970 30,458,544 31,978,137
- ------------------------------------------------------------------------------------------------------------------
Federal funds purchased and securities sold
under repurchase agreements 3,753,895 2,708,270 2,902,973
Short-term borrowings 1,454,719 3,123,883 1,474,991
Capital lease obligations 38,352 39,699 39,076
Long-term debt 616,538 522,216 615,129
Other liabilities 597,456 610,321 512,436
- ------------------------------------------------------------------------------------------------------------------
Total liabilities 37,089,930 37,462,933 37,522,742
- ------------------------------------------------------------------------------------------------------------------
Redeemable preferred stock 957 1,132 961
- ------------------------------------------------------------------------------------------------------------------
Stockholders' Equity:
Preferred stock 99,091 99,469 99,324
Common stock ($1 par value; 250,000,000 shares authorized) 158,400 157,442 158,068
Surplus 1,212,482 1,204,437 1,212,838
Retained earnings 2,274,298 1,995,542 2,137,176
Treasury stock, at cost (58,894) (23,194) (18,096)
Unrealized net appreciation (depreciation),
available for sale securities (93,706) (3,898) 10,476
- ------------------------------------------------------------------------------------------------------------------
Total stockholders' equity 3,591,671 3,429,798 3,599,786
- ------------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity $40,682,558 $40,893,863 $41,123,489
==================================================================================================================
Held to maturity securities, market value $ 1,046,349 $ 6,995,237 $ 973,801
Available for sale securities, amortized cost 10,863,440 4,499,111 10,330,233
Common stock, shares outstanding 156,886,657 156,726,993 157,591,239
Treasury shares 1,513,699 714,980 476,519
==================================================================================================================
</TABLE>
<TABLE>
Boatmen's Bancshares, Inc.
CONSOLIDATED STATEMENT OF INCOME
<CAPTION>
Second quarter ended June 30 Six months ended June 30
- --------------------------------------------------------------------------------------------------------------------
(in thousands except share data) 1996 1995 1996 1995
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest income
Interest and fees on loans $530,210 $530,404 $1,058,794 $1,029,155
Interest on short-term investments 1,311 1,137 3,224 2,101
Interest on Federal funds sold and securities purchased
under resale agreements 6,308 9,364 17,939 18,165
Interest on held to maturity securities
Taxable 96,093 192,150
Tax-exempt 16,723 13,903 32,204 27,868
- --------------------------------------------------------------------------------------------------------------------
Total interest on held to maturity securities 16,723 109,996 32,204 220,018
Interest on available for sale securities 165,460 72,439 325,648 148,737
Interest on trading securities 719 361 1,483 796
- --------------------------------------------------------------------------------------------------------------------
Total interest income 720,731 723,701 1,439,292 1,418,972
- --------------------------------------------------------------------------------------------------------------------
Interest expense
Interest on deposits 247,650 259,633 504,932 497,757
Interest on Federal funds purchased and other
short-term borrowings 61,728 81,880 120,437 162,726
Interest on capital lease obligations 944 975 1,890 1,953
Interest on long-term debt 12,168 11,493 24,618 23,622
- --------------------------------------------------------------------------------------------------------------------
Total interest expense 322,490 353,981 651,877 686,058
- --------------------------------------------------------------------------------------------------------------------
Net interest income 398,241 369,720 787,415 732,914
Provision for loan losses 19,365 10,171 45,582 20,914
- --------------------------------------------------------------------------------------------------------------------
Net interest income after provision for loan losses 378,876 359,549 741,833 712,000
- --------------------------------------------------------------------------------------------------------------------
Noninterest income
Trust fees 53,835 51,902 106,642 97,572
Service charges 63,647 57,832 123,998 113,066
Mortgage banking revenues 22,241 16,689 43,880 39,937
Credit card 10,861 14,404 26,414 29,099
Investment banking revenues 12,110 10,490 24,579 20,738
Securities gains (losses), net 871 3,005 1,348 (19,012)
Other 44,802 36,434 94,086 74,015
- --------------------------------------------------------------------------------------------------------------------
Total noninterest income 208,367 190,756 420,947 355,415
- --------------------------------------------------------------------------------------------------------------------
Noninterest expense
Staff 190,361 177,915 381,721 357,150
Net occupancy 25,089 23,665 50,507 48,792
Equipment 30,365 28,520 60,597 57,246
FDIC insurance 2,743 16,593 5,478 33,187
Intangible amortization 10,071 10,756 20,343 21,366
Advertising 12,427 11,495 22,321 21,409
Merger expense 711 42,414 25,978
Other 87,039 86,405 174,205 165,431
- --------------------------------------------------------------------------------------------------------------------
Total noninterest expense 358,095 356,060 757,586 730,559
- --------------------------------------------------------------------------------------------------------------------
Income before income tax expense 229,148 194,245 405,194 336,856
Income tax expense 83,080 66,440 148,002 118,787
- --------------------------------------------------------------------------------------------------------------------
Net income $146,068 $127,805 $ 257,192 $ 218,069
====================================================================================================================
Net income available to common shareholders $144,318 $126,043 $ 253,692 $ 214,538
====================================================================================================================
Net income per share $.92 $.80 $1.61 $1.37
====================================================================================================================
Dividends declared per share $.37 $.34 $ .74 $ .68
====================================================================================================================
Earnings per share amounts are based on weighted average shares outstanding
after adjusting net income for dividends on preferred stock. For the six
months, average shares outstanding were 157,411,237 in 1996 and 156,541,623 in
1995. Preferred dividends declared totaled $3.5 million in both 1996 and 1995.
</TABLE>
<TABLE>
Boatmen's Bancshares, Inc.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
<CAPTION>
Unrealized Net
Appreciation,
(Depreciation)
Preferred Stock Common Stock Treasury Stock Available
--------------- --------------- Retained --------------- for Sale
(in thousands) Shares Amount Shares Amount Surplus Earnings Shares Amount Securities Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance, January 1, 1995 250 $100,000 156,084 $156,084 $1,171,184 $1,886,199 (509) $(14,516) $(134,521) $3,164,430
Net income -- -- -- -- -- 218,069 -- -- -- 218,069
Cash dividends declared:
Common ($.68 per share) -- -- -- -- -- (87,343) -- -- -- (87,343)
Redeemable preferred -- -- -- -- -- (40) -- -- -- (40)
By pooled company prior
to merger--common -- -- -- -- -- (17,753) -- -- -- (17,753)
By pooled company prior
to merger--preferred -- -- -- -- -- (3,492) -- -- (3,492)
Acquisition of treasury stock -- -- -- -- -- -- (800) (25,827) -- (25,827)
Common stock issued pursuant
to dividend reinvestment
and employee plans -- -- 530 530 9,296 -- 305 9,141 -- 18,967
Common stock issued upon
acquisition of subsidiaries -- -- 947 947 27,543 -- 289 8,008 -- 36,498
Adjustment for purchase of
treasury stock--pooled
companies -- -- (125) (125) (3,921) -- -- -- -- (4,046)
Retirement of preferred stock (1) (500) -- -- 15 (98) -- -- -- (583)
Common stock issued upon
conversion of preferred
stock -- (31) 1 1 30 -- -- -- -- --
Common stock issued upon
conversion of convertible
subordinated debentures -- -- 5 5 81 -- -- -- -- 86
Adjustment of available for sale
securities to market value -- -- -- -- -- -- -- -- 130,623 130,623
Other, net -- -- -- -- 209 -- -- -- -- 209
- -----------------------------------------------------------------------------------------------------------------------------------
Balance, June 30, 1995 249 $ 99,469 157,442 $157,442 $1,204,437 $1,995,542 (715) $(23,194) $(3,898) $3,429,798
===================================================================================================================================
Balance, January 1, 1996 248 $ 99,324 158,068 $158,068 $1,212,838 $2,137,176 (477) $(18,096) $10,476 $3,599,786
Net income -- -- -- -- -- 257,192 -- -- -- 257,192
Cash dividends declared:
Common ($.74 per share) -- -- -- -- -- (116,516) -- -- -- (116,516)
Preferred -- -- -- -- -- (3,467) -- -- -- (3,467)
Redeemable preferred -- -- -- -- -- (33) -- -- -- (33)
Acquisition of treasury stock -- -- -- -- -- (2,136) (83,658) -- (83,658)
Common stock issued pursuant
to dividend reinvestment
and employee plans -- -- 325 325 (177) -- 866 33,284 -- 33,432
Common stock issued upon
acquisition of subsidiaries -- -- -- -- (839) -- 240 9,739 -- 8,900
Common stock issued upon
conversion of preferred
stock -- (233) 8 8 225 -- -- -- -- --
Common stock issued upon
conversion of convertible
subordinated debentures -- -- -- -- (110) -- 5 189 -- 79
Adjustment of available for sale
securities to market value -- -- -- -- -- -- -- -- (104,182) (104,182)
Other, net -- -- (1) (1) 545 (54) (12) (352) -- 138
- -----------------------------------------------------------------------------------------------------------------------------------
Balance, June 30, 1996 248 $ 99,091 158,400 $158,400 $1,212,482 $2,274,298 (1,514) $(58,894) $(93,706) $3,591,671
===================================================================================================================================
</TABLE>
<TABLE>
Boatmen's Bancshares, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
<CAPTION>
Six months ended June 30 (in thousands) 1996 1995
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Net cash provided by operating activities $ 487,691 $ 422,362
Investing Activities:
Net decrease in Federal funds sold and securities
purchased under resale agreements 740,786 337,611
Net increase in loans (363,452) (1,446,880)
Proceeds from the sales of foreclosed property 15,173 13,488
Proceeds from the maturity of held to maturity securities 87,948 457,630
Purchases of held to maturity securities (66,507) (279,108)
Proceeds from the maturity of available for sale securities 1,371,304 537,460
Proceeds from the sales of available for sale securities 240,759 560,475
Purchases of available for sale securities (2,254,546) (163,766)
Net (increase) decrease in short-term investments 46,323 (7,534)
Net increase in property and equipment (34,041) (50,422)
Net cash received from purchase acquisitions 3,096 1,636
- -----------------------------------------------------------------------------------------------
Net cash provided (used) by investing activities (213,157) (39,410)
===============================================================================================
Financing Activities:
Net increase (decrease) in Federal funds purchased and
securities sold under repurchase agreements 850,922 (279,045)
Net decrease in deposits (1,418,063) (908,458)
Net increase (decrease) in short-term borrowings (20,272) 736,378
Payments on long-term debt (1,174) (77,187)
Proceeds from the issuance of long-term debt 2,583
Payments on capital lease obligations (724) (709)
Cash dividends paid (109,908) (97,645)
Acquisition of treasury stock (83,658) (25,827)
Purchase and retirement of preferred stock (583)
Common stock issued pursuant to dividend
reinvestment and employee plans 33,432 18,967
Decrease in redeemable preferred stock (4) (10)
- -----------------------------------------------------------------------------------------------
Net cash used by financing activities (746,866) (634,119)
- -----------------------------------------------------------------------------------------------
Decrease in cash and due from banks (472,332) (251,167)
Cash and due from banks at beginning of year 2,611,765 2,558,509
- -----------------------------------------------------------------------------------------------
Cash and due from banks at June 30 $ 2,139,433 $ 2,307,342
===============================================================================================
For the six months ended June 30, 1996 and 1995, interest paid totaled $668
million and $395 million, respectively, and income taxes paid totaled $140
million and $95 million. Loans transferred to foreclosed property totaled $12
million in 1996, and $7 million in 1995. Available for sale securities
transferred to held to maturity totaled $95 million for the six months ended
June 30, 1996. In 1995, assets and liabilities of purchased subsidiaries at
dates of acquisition included investment securities of $93 million, loans of
$168 million, other assets of $37 million, deposits of $258 million and other
liabilities of $3 million.
</TABLE>
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