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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
January 22, 1997
SOUTHTRUST CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
0-3613 63-0574085
(Commission File No.) (IRS Employer Identification No.)
420 NORTH 20TH STREET
BIRMINGHAM, ALABAMA 35203
(Address of principal (Zip Code)
executive offices)
(205) 254-5509
(Registrant's telephone number including area code)
<PAGE> 2
Item 5. Other Events.
There is annexed to this Form 8-K a press release of SouthTrust
Corporation (the "Company") and accompanying financial information of the
Company relating to, among other things, the results of operations and
financial condition of the Company for the year ended December 31, 1996.
<PAGE> 3
CONTACT: BUTCH CROUCH
INVESTOR RELATIONS
(205) 254-6868
JEANNIE COLQUETT
CORPORATE COMMUNICATIONS
(205) 254-5523
FOR IMMEDIATE RELEASE
SOUTHTRUST ANNOUNCES RECORD FOURTH QUARTER RESULTS
BIRMINGHAM, Ala. (Jan. 13, 1997)---SouthTrust Corporation reported
record earnings for both the year as well as the fourth quarter of 1996,
according to Wallace D. Malone, Jr., chairman and chief executive officer of
the Corporation.
For the year ended December 31, 1996, net income totaled $254.7
million, up 28 percent over the $199.0 million reported a year ago. Per share,
the comparision was $2.69 for 1996 versus $2.36 for 1995, an increase of 14
percent.
For the quarter ended December 31, 1996, SouthTrust reported net
income of $68.4 million, up 28 percent compared to $53.6 million reported in
the fourth quarter of 1995. Per share, the comparison was $0.71 for 1996
versus $0.61 for 1995, an increase of 16 percent.
"SouthTrust completed 1996 with a strong fourth quarter, and we're
extremely pleased with the company's performance for both the last quarter and,
more importantly, the year," said Malone. "We've got great momentum as we
begin 1997, and we look to continue this excellent performance throughout this
year and beyond."
--more--
<PAGE> 4
Page Two
January 13, 1997
Stockholders' equity grew to $1.7 billion as of December 31, 1996.
This reflects a 21 percent increase over the $1.4 billion in stockholders'
equity reported one year ago. Return on average stockholders' equity was 16.02
percent for the fourth quarter.
Total assets increased 26 percent, reaching a level of $26.2 billion
as of December 31, 1996. This compares with $20.8 billion one year ago. Loans
increased 32 percent to $19.3 billion, while deposits increased 19 percent to
$17.3 billion.
SouthTrust Corporation currently operates 511 offices in Alabama,
Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee.
The company offers a complete line of banking and other related financial
services to commercial and retail customers.
SouthTrust Corporation common stock is traded on the national
over-the-counter market under the NASDAQ symbol SOTR.
--more--
<PAGE> 5
<TABLE>
<CAPTION>
SOUTHTRUST CORPORATION 3
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------------------------------------------------------------
INCOME SUMMARY Three Months Ended Year Ended
------------------------- -----------------------
(In thousands, Dec 31, % Dec 31, %
except per share data) 1996 1995 Change 1996 1995 Change
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net income $68,418 $53,589 28 $254,703 $199,005 28
Average shares outstanding 96,866 88,338 10 94,769 84,401 12
Per share:
Net income $0.71 $0.61 16 $2.69 $2.36 14
Cash dividends declared 0.22 0.20 10 0.88 0.80 10
Return on average assets 1.08 % 1.05 % 1.09 % 1.05 %
Return on average equity 16.02 15.13 15.92 15.79
Net interest margin (FTE) 4.03 4.02 4.03 4.01
Non-interest expense as a %
of average total assets 2.71 2.74 2.76 2.83
Efficiency ratio 55.92 56.58 56.86 58.57
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
PERIOD END SELECTED BALANCES Dec 31, 1996
(In millions, except share Dec 31, change from
and per share data) 1996 1995 Dec 31, 1995
- ------------------------------------------------------------------------------------------------
Amount %
-----------------
<S> <C> <C> <C> <C>
Total assets $26,223.2 $20,787.0 $5,436.2 26
Deposits 17,305.5 14,575.1 2,730.4 19
Loans, net of unearned inc. 19,331.1 14,655.2 4,675.9 32
Stockholders' equity 1,734.9 1,430.9 304.0 21
Shares outstanding period end (000's) 96,139 87,904 8,235 9
Book value per share 18.05 16.28 1.77 11
- ------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
CAPITAL RATIOS Dec 31,
1996 1995
--------- -------
<S> <C> <C>
Tier I capital ratio 7.34 % * 7.76 %
Supplemental capital elements 4.47 * 4.45
----------------------------
Total risk-based capital ratio 11.81 % * 12.21 %
----------------------------
Leverage ratio 6.21 % 6.35 %
----------------------------
* Current quarter ratios are estimated.
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------
5 Year Net Income Per Share
LONG-TERM PERFORMANCE Compound
(1991 - 1996) Growth (GRAPH)
- ------------------------------------------------------
<S> <C>
Period ending Dec. 31, 1996:
Net income 23.13 %
Net income per share 13.63
Dividends declared per share 12.89
Period ended Dec. 31, 1996:
Total assets 20.89 %
Loans, net of unearned inc. 26.51
Deposits 15.89
Stockholders' equity 21.25
Stockholders' equity/share 12.42
- -----------------------------------------------------
</TABLE>
<PAGE> 6
<TABLE>
SOUTHTRUST CORPORATION 4
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Condensed Statements of Condition
(Unaudited) 1996 1995
(In millions) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AVERAGE BALANCES
Loans, net of unearned income $18,576.6 $17,446.4 $16,528.0 $14,998.8 $14,381.5
Investment securities:
Taxable 1,648.0 1,490.5 1,461.1 1,365.9 1,581.2
Non-taxable 215.9 223.6 233.3 247.9 259.8
--------------------------------------------------------------------
Total investment securities 1,863.9 1,714.1 1,694.4 1,613.8 1,841.0
Securities available for sale 2,819.6 2,896.9 2,914.2 2,670.7 2,304.1
Short-term investments:
Federal funds sold and securities
purchased under resale agreements 39.6 34.7 76.5 110.6 35.2
Interest-bearing deposits in other banks 16.0 18.3 17.5 18.1 18.8
Assets held for sale 266.3 261.1 265.5 238.7 233.6
--------------------------------------------------------------------
Total short-term investments 321.9 314.1 359.5 367.4 287.6
--------------------------------------------------------------------
Total earning assets 23,582.0 22,371.5 21,496.1 19,650.7 18,814.2
Allowance for loan losses (260.5) (247.6) (234.9) (213.9) (198.2)
Other assets 1,855.0 1,787.8 1,758.5 1,678.4 1,631.5
--------------------------------------------------------------------
Total assets $25,176.5 $23,911.7 $23,019.7 $21,115.2 $20,247.5
====================================================================
Deposits:
Interest-bearing $14,453.8 $13,837.5 $13,605.9 $12,521.1 $12,117.8
Other 2,351.7 2,303.1 2,331.5 2,195.2 2,131.5
--------------------------------------------------------------------
Total deposits 16,805.5 16,140.6 15,937.4 14,716.3 14,249.3
Federal funds purchased and other
short-term borrowed funds 3,768.3 3,917.8 3,609.4 3,254.2 3,190.0
Long-term debt 2,484.4 1,833.7 1,518.4 1,299.0 1,070.2
Other liabilities 419.4 375.0 369.3 377.6 332.8
Stockholders' equity:
Common stock 241.9 241.6 239.4 224.2 220.7
Capital surplus 410.4 408.0 399.4 350.6 340.2
Retained earnings 1,069.9 1,023.7 976.5 905.1 861.9
Unrealized g/l on securities (13.0) (18.6) (20.4) (5.1) (11.5)
Treasury stock (10.3) (10.1) (9.7) (6.7) (6.1)
--------------------------------------------------------------------
Total stockholders' equity 1,698.9 1,644.6 1,585.2 1,468.1 1,405.2
--------------------------------------------------------------------
Total liabilities and
stockholders' equity $25,176.5 $23,911.7 $23,019.7 $21,115.2 $20,247.5
====================================================================
<CAPTION>
Condensed Statements of Condition
(Unaudited) YTD Averages
(In millions) 1996 1995
- -------------------------------------------------------------------------------------------
<S> <C> <C>
AVERAGE BALANCES
Loans, net of unearned income $16,885.4 $13,326.1
Investment securities:
Taxable 1,491.8 1,558.8
Non-taxable 230.1 279.5
-----------------------
Total investment securities 1,721.9 1,838.3
Securities available for sale 2,825.5 2,209.4
Short-term investments:
Federal funds sold and securities
purchased under resale agreements 66.5 29.6
Interest-bearing deposits in other banks 17.5 16.8
Assets held for sale 258.0 196.0
-----------------------
Total short-term investments 342.0 242.4
-----------------------
Total earning assets 21,774.8 17,616.2
Allowance for loan losses (239.3) (187.1)
Other assets 1,748.5 1,554.8
-----------------------
Total assets $23,284.0 $18,983.9
=======================
Deposits:
Interest-bearing $13,607.5 $11,588.9
Other 2,270.5 2,023.3
-----------------------
Total deposits 15,878.0 13,612.2
Federal funds purchased and other
short-term borrowed funds 3,636.7 2,995.9
Long-term debt 1,784.9 837.1
Other liabilities 384.8 277.9
Stockholders' equity:
Common stock 236.8 210.9
Capital surplus 392.2 268.6
Retained earnings 994.1 811.3
Unrealized g/l on securities (14.3) (24.0)
Treasury stock (9.2) (6.0)
-----------------------
Total stockholders' equity 1,599.6 1,260.8
-----------------------
Total liabilities and
stockholders' equity $23,284.0 $18,983.9
=======================
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
SOUTHTRUST CORPORATION 5
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Condensed Statements of Condition
(Unaudited) 1996 1995
(In millions) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
- ------------------------------------------------------------------------------------------------------------------------------------
BALANCES AT PERIOD-END
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Loans, net of unearned income $19,331.1 $18,057.8 $17,098.9 $16,200.2 $14,655.2
Investment securities:
Taxable 1,744.9 1,509.4 1,358.5 1,509.4 1,330.9
Non-taxable 211.7 220.3 232.2 237.8 254.6
--------------------------------------------------------------------------
Total investment securities 1,956.6 1,729.7 1,590.7 1,747.2 1,585.5
Securities available for sale 2,859.0 2,873.9 3,008.1 2,853.8 2,614.8
Short-term investments:
Federal funds sold and securities
purchased under resale agreements 12.2 72.5 69.9 56.6 100.3
Interest-bearing deposits in other banks 4.2 14.7 20.0 4.8 18.7
Assets held for sale 209.1 272.7 238.8 233.3 237.1
--------------------------------------------------------------------------
Total short-term investments 225.5 359.9 328.7 294.7 356.1
--------------------------------------------------------------------------
Total earning assets 24,372.2 23,021.3 22,026.4 21,095.9 19,211.6
Allowance for loan losses (269.9) (252.9) (240.4) (230.9) (206.6)
Other assets 2,120.9 2,007.6 1,828.7 1,760.2 1,782.0
--------------------------------------------------------------------------
Total assets $26,223.2 $24,776.0 $23,614.7 $22,625.2 $20,787.0
==========================================================================
Deposits:
Interest-bearing $14,725.1 $14,197.0 $13,626.2 $13,579.7 $12,303.1
Other 2,580.4 2,427.7 2,444.2 2,284.4 2,272.0
--------------------------------------------------------------------------
Total deposits 17,305.5 16,624.7 16,070.4 15,864.1 14,575.1
Federal funds purchased and other
short-term borrowed funds 4,071.0 3,924.6 3,922.0 3,407.3 3,207.4
Long-term debt 2,727.4 2,180.7 1,640.4 1,405.4 1,187.3
Other liabilities 384.4 367.8 358.4 371.4 386.3
Stockholders' equity:
Common stock 242.0 241.7 241.4 238.7 221.0
Capital surplus 410.6 409.1 406.5 393.0 340.6
Retained earnings 1,100.2 1,052.9 1,008.0 965.6 885.1
Unrealized g/l on securities (7.5) (15.3) (22.4) (13.5) (9.6)
Treasury stock (10.4) (10.2) (10.0) (6.8) (6.2)
--------------------------------------------------------------------------
Total stockholders' equity 1,734.9 1,678.2 1,623.5 1,577.0 1,430.9
--------------------------------------------------------------------------
Total liabilities and
stockholders' equity $26,223.2 $24,776.0 $23,614.7 $22,625.2 $20,787.0
==========================================================================
</TABLE>
<PAGE> 8
SOUTHTRUST CORPORATION 6
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Condensed Statements of Income Quarter Ended
(Unaudited) ---------------------------------------------------------------
(In thousands, except per share data) 1996 1995
---------------------------------------------------------------
Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest income:
Interest and fees on loans $407,033 $385,482 $359,997 $331,193 $327,279
Interest on investment securities:
Taxable 29,701 25,479 24,573 22,108 26,735
Non-taxable 3,549 3,827 4,054 4,544 4,775
---------------------------------------------------------------
Total interest on investment securities 33,250 29,306 28,627 26,652 31,510
Interest on securities available for sale 45,659 46,900 46,553 40,808 36,082
Interest on short-term investments 5,942 5,895 5,468 5,455 4,917
---------------------------------------------------------------
Total interest income 491,884 467,583 440,645 404,108 399,788
Interest expense:
Deposits 171,358 163,992 159,483 149,780 150,384
Short-term borrowings 50,030 52,558 47,277 44,294 46,070
Long-term debt 34,471 25,583 20,896 18,472 16,100
---------------------------------------------------------------
Total interest expense 255,859 242,133 227,656 212,546 212,554
Net interest income 236,025 225,450 212,989 191,562 187,234
Provision for loan losses 27,197 21,905 20,467 20,458 21,797
---------------------------------------------------------------
Net interest income after provision
for loan losses 208,828 203,545 192,522 171,104 165,437
Non-interest income:
Service charges on deposit accounts 29,695 28,738 26,751 24,029 24,681
Mortgage banking operations 11,300 8,606 11,510 10,680 8,810
Bank card fees 6,329 5,417 5,611 5,370 5,116
Trust fees 6,082 5,298 5,318 5,188 4,868
Other fee income 9,825 8,554 8,883 9,583 9,049
Securities gains 1,267 86 (6) 62 31
Other 4,733 3,811 3,185 8,904 4,379
---------------------------------------------------------------
Total non-interest income 69,231 60,510 61,252 63,816 56,934
Non-interest expense:
Salaries and employee benefits 90,048 81,956 81,512 78,084 72,441
Net occupancy expense 12,107 12,924 12,370 11,960 11,376
Equipment expense 10,645 9,442 8,888 8,361 8,212
Other 58,766 64,931 53,404 47,900 47,996
---------------------------------------------------------------
Total non-interest expense 171,566 169,253 156,174 146,305 140,025
---------------------------------------------------------------
Income before income taxes 106,493 94,802 97,600 88,615 82,346
Income tax expense 38,075 29,081 34,477 31,174 28,757
---------------------------------------------------------------
Net income $68,418 $65,721 $63,123 $57,441 $53,589
===============================================================
Avg number of shares outstanding (000's) 96,866 96,673 95,742 89,754 88,338
Net income per share $0.71 $0.68 $0.66 $0.64 $0.61
Cash dividends per share 0.22 0.22 0.22 0.22 0.20
<CAPTION>
Condensed Statements of Income Year Ended
(Unaudited) ------------------------
(In thousands, except per share data) Dec 31,
------------------------
1996 1995
------------------------
<S> <C> <C>
Interest income:
Interest and fees on loans $ 1,483,705 $1,208,209
Interest on investment securities:
Taxable 101,861 100,831
Non-taxable 15,974 20,604
------------------------
Total interest on investment securities 117,835 121,435
Interest on securities available for sale 179,920 139,451
Interest on short-term investments 22,760 15,528
------------------------
Total interest income 1,804,220 1,484,623
Interest expense:
Deposits 644,613 564,064
Short-term borrowings 194,159 174,330
Long-term debt 99,422 53,029
------------------------
Total interest expense 938,194 791,423
Net interest income 866,026 693,200
Provision for loan losses 90,027 61,286
------------------------
Net interest income after provision
for loan losses 775,999 631,914
Non-interest income:
Service charges on deposit accounts 109,213 93,276
Mortgage banking operations 42,096 31,712
Bank card fees 22,727 18,699
Trust fees 21,886 18,936
Other fee income 36,845 33,758
Securities gains 1,409 193
Other 20,633 12,090
------------------------
Total non-interest income 254,809 208,664
Non-interest expense:
Salaries and employee benefits 331,600 281,546
Net occupancy expense 49,361 43,423
Equipment expense 37,336 30,932
Other 225,001 180,633
------------------------
Total non-interest expense 643,298 536,534
------------------------
Income before income taxes 387,510 304,044
Income tax expense 132,807 105,039
------------------------
Net income $ 254,703 $199,005
========================
Avg number of shares outstanding (000's) 94,769 84,401
Net income per share $2.69 $2.36
Cash dividends per share 0.88 0.80
</TABLE>
<PAGE> 9
SOUTHTRUST CORPORATION 7
- -------------------------------------------------------------------------------
TAXABLE EQUIVALENT INTEREST INCOME AND
INTEREST YIELDS/RATES ON FULLY TAXABLE EQUIVALENT BASIS
<TABLE>
<CAPTION>
(in millions) Quarter Ended
1996
-------------------------------------------------------------------------
Dec 31, Sep 30, Jun 30,
Yield\ Yield\ Yield\
Interest Rate Interest Rate Interest Rate
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $407.7 8.73 % $386.2 8.81 % $360.7 8.78 %
Interest on securities:
Taxable 29.7 7.17 25.4 6.80 24.6 6.76
Non-taxable 5.6 10.25 5.9 10.48 6.2 10.72
Interest on securities available for sale 45.8 6.41 47.0 6.38 46.6 6.37
Interest on short-term investments 5.9 7.34 5.9 7.47 5.5 6.12
-------------------------------------------------------------------------
Total interest income 494.7 8.34 470.4 8.35 443.6 8.29
-------------------------------------------------------------------------
INTEREST EXPENSE
Interest on deposits 171.4 4.72 % 164.0 4.71 % 159.5 4.71 %
Interest on short-term borrowings 50.0 5.28 52.5 5.34 47.3 5.27
Interest on long-term debt 34.5 5.52 25.6 5.55 20.9 5.53
-------------------------------------------------------------------------
Total interest expense 255.9 4.92 242.1 4.92 227.7 4.89
-------------------------------------------------------------------------
Net interest income $238.8 $228.3 $215.9
-------------------------------------------------------------------------
Net interest margin 4.03 % 4.05 % 4.03 %
-------------------------------------------------------------------------
Net interest spread 3.42 % 3.43 % 3.40 %
-------------------------------------------------------------------------
<CAPTION>
(in millions) Quarter Ended
1996 1995
--------------------------------------------
Mar 31, Dec 31,
Yield\ Yield\
Interest Rate Interest Rate
--------------------------------------------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans $332.1 8.90 % $328.2 9.05 %
Interest on securities:
Taxable 22.1 6.51 26.7 6.71
Non-taxable 6.8 11.07 7.1 10.90
Interest on securities available for sale 40.9 6.14 36.2 6.18
Interest on short-term investments 5.4 5.97 4.9 6.78
--------------------------------------------
Total interest income 407.3 8.33 403.1 8.49
--------------------------------------------
INTEREST EXPENSE
Interest on deposits 149.8 4.81 % 150.4 4.92 %
Interest on short-term borrowings 44.3 5.47 46.0 5.73
Interest on long-term debt 18.4 5.72 16.1 5.97
--------------------------------------------
Total interest expense 212.5 5.01 212.5 5.15
--------------------------------------------
Net interest income $194.8 $190.6
--------------------------------------------
Net interest margin 3.99 % 4.02 %
--------------------------------------------
Net interest spread 3.32 % 3.34 %
--------------------------------------------
</TABLE>
<PAGE> 10
SOUTHTRUST CORPORATION 8
- -----------------------------------------------------------------------------
CREDIT QUALITY ANALYSIS
The following table summarizes the Company's non-performing assets and accruing
loans 90 days or more past due for the last five quarters.
<TABLE>
<CAPTION>
1996 1995
(In Millions) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Non-accrual loans $ 82.8 $ 96.4 $ 90.4 $ 76.6 $ 73.1
Restructured loans 2.1 2.3 2.7 5.1 2.9
----------------------------------------------------------------------
Total non-performing loans 84.9 98.7 93.1 81.7 76.0
Other real estate owned 43.9 35.3 38.2 41.3 39.2
Other repossessed assets 10.2 9.0 7.8 6.6 6.9
----------------------------------------------------------------------
Total non-performing assets 139.0 143.0 139.1 129.6 122.1
Accruing loans 90 days or more past due 40.4 44.8 35.0 25.9 36.3
----------------------------------------------------------------------
Total non-performing assets and accruing
loans 90 days or more past due $179.4 $187.8 $174.1 $155.5 $158.4
----------------------------------------------------------------------
Allowance for loan losses $269.9 $252.9 $240.4 $230.9 $206.6
Provision for loan losses 27.2 21.9 20.5 20.5 21.8
Net charge-offs 12.5 10.4 13.4 11.4 10.0
Foreclosed property expense 1.2 0.6 1.1 0.7 1.6
RATIOS
For the Period Ended:
Net charge-offs as a % of average
net loans (annualized basis) 0.27 % 0.24 % 0.33 % 0.31 % 0.28 %
Period End:
Allowance as a % of net loans 1.40 1.40 1.41 1.43 1.41
Allowance as a % of non-
performing loans 317.57 256.17 258.16 282.64 271.88
Non-performing assets as a % of loans net
of unearned income plus OREO 0.72 0.79 0.81 0.80 0.83
Non-performing assets and accruing loans
90 days or more past due as a % of loans
net of unearned income plus OREO 0.93 1.04 1.02 0.96 1.08
</TABLE>
LOAN PORTFOLIO
The following table presents loans by type and percent of total at the end of
each of the last five quarters.
Includes June 30 and Sept 30, 1996 reclassifications by type. Prior periods as
reported:
<TABLE>
<CAPTION>
1996
-----------------------------------------------------------------------------------
Dec 31, Sep 30, Jun 30, Mar 31,
------- ------- ------- -------
(In Millions) Amount % Amount % Amount % Amount %
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Commercial, financial and agricultural $ 6,847.5 35.2 $ 6,397.7 35.2 $ 6,228.6 36.2 $ 6,331.4 38.8
Real estate construction 1,930.6 9.9 1,772.6 9.8 1,524.3 8.9 1,275.7 7.8
Commercial real estate mortgage 3,008.9 15.5 2,877.8 15.8 2,703.7 15.7 2,217.2 13.6
Residential real estate mortgage 4,687.5 24.0 4,240.8 23.3 4,063.7 23.6 4,223.4 25.9
-----------------------------------------------------------------------------------
Total real estate loans 9,627.0 49.4 8,891.2 48.9 8,291.7 48.2 7,716.3 47.3
Loans to individuals 2,992.1 15.4 2,890.1 15.9 2,692.1 15.6 2,255.8 13.9
-----------------------------------------------------------------------------------
19,466.6 100.0 18,179.0 100.0 17,212.4 100.0 16,303.5 100.0
Unearned income (135.5) (121.2) (113.5) (103.3)
-----------------------------------------------------------------------------------
Loans, net of unearned income 19,331.1 18,057.8 17,098.9 16,200.2
Allowance for loan losses (269.9) (252.9) (240.4) (230.9)
-----------------------------------------------------------------------------------
Net loans $19,061.2 $17,804.9 $16,858.5 $15,969.3
-----------------------------------------------------------------------------------
<CAPTION>
1995
-------------------
Dec 31,
-------
(In Millions) Amount %
-------------------
<S> <C> <C>
Commercial, financial and agricultural $ 5,965.9 40.4
Real estate construction 1,245.8 8.4
Commercial real estate mortgage 2,264.7 15.4
Residential real estate mortgage 3,221.4 21.8
-------------------
Total real estate loans 6,731.9 45.6
Loans to individuals 2,059.3 14.0
-------------------
14,757.1 100.0
Unearned income (101.9)
-------------------
Loans, net of unearned income 14,655.2
Allowance for loan losses (206.6)
-------------------
Net loans $14,448.6
-------------------
</TABLE>
<PAGE> 11
SIGNATURE
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, thereunto duly authorized.
SOUTHTRUST CORPORATION
By: /s/ WILLIAM L. PRATER
----------------------------
William L. Prater
Senior Vice President
Date: January 22, 1997
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