EX-99.2 3 g68679ex99-2.txt FIRST QUARTER 2001 UNAUDITED SUPPLEMENTAL 1 EXHIBIT 99.2 First Quarter 2001 Unaudited Supplemental Financial Information 2 UNION PLANTERS CORPORATION CONSOLIDATED BALANCE SHEET (Unaudited)
March 31, Variance ------------------------------ ------------------------- 2001 2000 Dollar Percentage ------------ ------------ ------------ ---------- (Dollars in thousands) ASSETS Cash and due from banks $ 777,098 $ 963,297 $ (186,199) (19.33)% Interest-bearing deposits at financial institutions 30,012 17,429 12,583 72.20 Federal funds sold and securities purchased -- -- under agreements to resell 2,867 40,023 (37,156) (92.84) Trading account assets 261,221 207,996 53,225 25.59 Loans held for resale 1,053,357 338,694 714,663 211.01 Available for sale securities (Amortized cost: $6,432,965, $7,572,300, and $6,849,457, respectively) 6,523,197 7,341,647 (818,450) (11.15) Loans 24,619,668 22,235,492 2,384,176 10.72 Less: Unearned income (21,697) (25,758) 4,061 15.77 Allowance for losses on loans (342,138) (345,821) 3,683 1.07 ------------ ------------ ----------- Net loans 24,255,833 21,863,913 2,391,920 10.94 Premises and equipment, net 603,146 628,370 (25,224) (4.01) Accrued interest receivable 291,426 283,115 8,311 2.94 FHA/VA claims receivable 79,888 104,052 (24,164) (23.22) Mortgage servicing rights, net 118,551 126,905 (8,354) (6.58) Goodwill and other intangibles, net 980,740 955,199 25,541 2.67 Other assets 446,134 479,870 (33,736) (7.03) ------------ ------------ ----------- Total assets $ 35,423,470 $ 33,350,510 $ 2,072,960 6.22 ============ ============ =========== Liabilities and shareholders' equity Deposits Noninterest-bearing $ 4,047,894 $ 4,185,808 $ (137,914) (3.29) Certificates of deposit of $100,000 and over 2,182,318 2,044,939 137,379 6.72 Other interest-bearing 17,375,015 17,139,323 235,692 1.38 ------------ ------------ ----------- Total deposits 23,605,227 23,370,070 235,157 1.01 Short-term borrowings 5,301,437 5,384,459 (83,022) (1.54) Short and medium-term senior notes 60,000 260,000 (200,000) (76.92) Federal Home Loan Bank advances 1,361,452 201,720 1,159,732 574.92 Other long-term debt 1,276,214 829,342 446,872 53.88 Accrued interest, expenses, and taxes 359,334 259,274 100,060 38.59 Other liabilities 371,699 347,065 24,634 7.10 ------------ ------------ ----------- Total liabilities 32,335,363 30,651,930 1,683,433 5.49 ------------ ------------ ----------- Commitments and contingent liabilities -- -- -- -- Shareholders' equity Convertible preferred stock 19,445 20,542 (1,097) (5.34) Common stock, $5 par value; 300,000,000 shares authorized; 137,050,599 issued and outstanding (135,486,993 at March 31, 2000, and 134,734,841 at December 31, 2000) 685,253 677,435 7,818 1.15 Additional paid-in capital 869,947 741,908 128,039 17.26 Retained earnings 1,472,877 1,416,477 56,400 3.98 Unearned compensation (16,296) (11,945) (4,351) (36.43) Accumulated other comprehensive income- unrealized -- -- loss on available for sale securities, net 56,881 (145,837) 202,718 139.00 ------------ ------------ ----------- Total shareholders' equity 3,088,107 2,698,580 389,527 14.43 ------------ ------------ ----------- Total liabilities and shareholders' equity $ 35,423,470 $ 33,350,510 $ 2,072,960 6.22 ============ ============ ===========
3 UNION PLANTERS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, VARIANCE ------------------------------- ------------------------- 2001 2000 DOLLAR PERCENTAGE ------------ ------------ ----------- ---------- (dollars in thousands, except per share data) INTEREST INCOME Interest and fees on loans $ 529,097 $ 469,763 $ 59,334 12.6% Interest on investment securities Taxable 88,685 101,691 (13,006) (12.8) Tax-exempt 15,362 16,813 (1,451) (8.6) Interest on deposits at financial institutions 487 320 167 52.2 Interest on federal funds sold and securities purchased under agreements to resell 519 1,029 (510) (49.6) Interest on trading account assets 4,237 5,054 (817) (16.2) Interest on loans held for resale 10,030 6,318 3,712 58.8 ------------ ------------ ----------- Total interest income 648,417 600,988 47,429 7.9 ------------ ------------ ----------- INTEREST EXPENSE Interest on deposits 217,101 189,968 27,133 14.3 Interest on short-term borrowings 81,864 76,696 5,168 6.7 Interest on long-term debt 38,426 19,574 18,852 96.3 ------------ ------------ ----------- Total interest expense 337,391 286,238 51,153 17.9 ------------ ------------ ----------- NET INTEREST INCOME 311,026 314,750 (3,724) (1.2) PROVISION FOR LOSSES ON LOANS 25,300 17,303 7,997 46.2 ------------ ------------ ----------- NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 285,726 297,447 (11,721) (3.9) ------------ ------------ ----------- NONINTEREST INCOME Service charges on deposit accounts 53,416 42,031 11,385 27.1 Mortgage banking revenue 39,093 22,443 16,650 74.2 Bank card income 9,660 8,422 1,238 14.7 Factoring commissions 7,399 7,144 255 3.6 Trust service income 7,084 6,665 419 6.3 Profits and commissions from trading activities 2,718 1,463 1,255 85.8 Investment securities gains 25 -- 25 NA Other income 45,519 39,401 6,118 15.5 ------------ ------------ ----------- Total noninterest income 164,914 127,569 37,345 29.3 ------------ ------------ ----------- NONINTEREST EXPENSE Salaries and employee benefits 132,343 128,731 3,612 2.8 Net occupancy expense 25,767 23,399 2,368 10.1 Equipment expense 22,134 21,075 1,059 5.0 Goodwill and other intangibles amortization 16,451 15,847 604 3.8 Other expense 92,977 82,653 10,324 12.5 ------------ ------------ ----------- Total noninterest expense 289,672 271,705 17,967 6.6 ------------ ------------ ----------- EARNINGS BEFORE INCOME TAXES 160,968 153,311 7,657 5.0 Applicable income taxes 54,601 51,974 2,627 5.1 ------------ ------------ ----------- NET EARNINGS $ 106,367 $ 101,337 $ 5,030 5.0% ============ ============ =========== NET EARNINGS APPLICABLE TO COMMON SHARES $ 105,981 $ 100,925 $ 5,056 5.0% ============ ============ =========== EARNINGS PER COMMON SHARE Basic $ .78 $ .74 $ .04 5.4% Diluted .77 .73 .04 5.5 AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS) Basic 136,600 136,546 54 0.0% Diluted 138,179 138,073 106 0.1
4 UNION PLANTERS CORPORATION SUMMARY OF CONSOLIDATED RESULTS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, ------------------------------- 2001 2000 VARIANCE PERCENTAGE ------------ ------------ ----------- ---------- (Dollars in thousands) Interest income $ 648,417 $ 600,988 $ 47,429 7.9% Interest expense (337,391) (286,238) (51,153) 17.9 ------------ ------------ ----------- NET INTEREST INCOME 311,026 314,750 (3,724) (1.2) PROVISION FOR LOSSES ON LOANS (25,300) (17,303) (7,997) 46.2 ------------ ------------ ----------- NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 285,726 297,447 (11,721) (3.9) NONINTEREST INCOME Service charges on deposit accounts 53,416 42,031 11,385 27.1 Mortgage banking revenue 39,093 22,443 16,650 74.2 Bank card income 9,660 8,422 1,238 14.7 Factoring commissions 7,399 7,144 255 3.6 Trust service income 7,084 6,665 419 6.3 Profits and commissions from trading activities 2,718 1,463 1,255 85.8 Other income 45,519 39,401 6,118 15.5 ------------ ------------ ----------- Total noninterest income 164,889 127,569 37,320 29.3 ------------ ------------ ----------- NONINTEREST EXPENSE Salaries and employee benefits 132,343 128,731 3,612 2.8 Net occupancy expense 25,767 23,399 2,368 10.1 Equipment expense 22,134 21,075 1,059 5.0 Goodwill and other intangibles amortization 16,451 15,847 604 3.8 Other expense 92,977 82,653 10,324 12.5 ------------ ------------ ----------- Total noninterest expense 289,672 271,705 17,967 6.6 ------------ ------------ ----------- EARNINGS BEFORE NONOPERATING ITEMS AND INCOME TAXES 160,943 153,311 7,632 5.0 NONOPERATING ITEMS Investment securities gains 25 -- 25 NM ------------ ------------ ----------- EARNINGS BEFORE INCOME TAXES 160,968 153,311 7,657 5.0 Applicable income taxes (54,601) (51,974) (2,627) 5.1 ------------ ------------ ----------- NET EARNINGS $ 106,367 $ 101,337 $ 5,030 5.0 ============ ============ =========== NET EARNINGS $ 106,367 $ 101,337 $ 5,030 5.0% Other significant items, net of taxes (15) -- (15) NM ------------ ------------ ----------- NET OPERATING EARNINGS 106,352 101,337 5,015 4.9 Goodwill and other intangibles amortization, net of taxes 13,920 13,322 598 4.5 ------------ ------------ ----------- CASH OPERATING EARNINGS $ 120,272 $ 114,659 $ 5,613 4.9 ============ ============ =========== PER COMMON SHARE Diluted earnings per common share $ .77 $ .73 $ .04 4.9% Diluted operating earnings per common share .77 .73 .04 4.9 Diluted cash operating earnings per common share .87 .83 .04 4.8
5 UNION PLANTERS CORPORATION CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND INTEREST RATES
THREE MONTHS ENDED MARCH 31, ----------------------------------------------------------------------------- 2001 2000 ------------------------------------- ------------------------------------- INTEREST FTE INTEREST FTE AVERAGE INCOME/ YIELD/ AVERAGE INCOME/ YIELD/ BALANCE EXPENSE RATE BALANCE EXPENSE RATE ------------ ------------ ------- ----------- ----------- ------- (DOLLARS IN THOUSANDS) ASSETS Interest-bearing deposits at financial institutions $ 33,320 $ 487 5.93% $ 35,491 $ 320 3.63% Federal funds sold and securities purchased under agreements to resell 34,799 519 6.05 71,232 1,029 5.81 Trading account assets 206,574 4,237 8.32 265,569 5,054 7.65 Investment securities(1)(2) Taxable securities 5,450,605 88,685 6.60 6,369,279 101,691 6.42 Tax-exempt securities 1,183,380 22,958 7.87 1,275,936 24,692 7.78 ------------- ------------ ----------- ---------- Total investment securities 6,633,985 111,643 6.83 7,645,215 126,383 6.65 Loans, net of unearned income(1),(3),(4) 25,195,199 540,797 8.70 22,030,701 477,323 8.71 ------------- ------------ ----------- ---------- TOTAL EARNING ASSETS(1),(2),(3),(4) 32,103,877 657,683 8.31 30,048,208 610,109 8.17 ------------ ---------- Cash and due from banks 793,520 976,291 Premises and equipment 602,916 632,962 Allowance for losses on loans (338,675) (346,177) Goodwill and other intangibles 962,693 966,281 Other assets 979,492 975,249 ------------ ----------- TOTAL ASSETS $ 35,103,823 $33,252,814 ============ =========== LIABILITIES AND SHAREHOLDERS' EQUITY Money market accounts $ 3,945,402 42,477 4.37% $ 3,915,206 39,027 4.01% Interest-bearing checking 3,149,582 11,433 1.47 3,403,196 12,694 1.50 Savings deposits 1,350,986 4,877 1.46 1,558,341 5,629 1.45 Certificates of deposit of $100,000 and over 2,263,341 34,783 6.23 1,978,169 26,088 5.30 Other time deposits 8,514,807 123,531 5.88 8,403,967 106,530 5.10 Short-term borrowings Federal funds purchased and securities sold under agreements to repurchase 3,843,865 50,730 5.35 2,343,982 30,752 5.28 Short-term senior notes -- -- -- 72,527 1,112 6.17 Other 2,121,701 31,134 5.95 3,005,971 44,832 6.00 Long-term debt Federal Home Loan Bank advances 1,336,153 19,595 5.95 202,083 3,012 5.99 Subordinated capital notes 657,925 11,234 6.92 475,499 7,759 6.56 Medium-term senior notes 60,000 1,025 6.93 60,000 1,025 6.87 Trust Preferred Securities 199,084 4,128 8.41 199,049 4,128 8.34 Other 103,212 2,444 9.60 163,255 3,650 8.99 ------------ ------------ ----------- ----------- TOTAL INTEREST-BEARING LIABILITIES 27,546,058 337,391 4.97 25,781,245 286,238 4.47 Noninterest-bearing demand deposits 3,890,023 -- 4,027,414 -- ------------ ------------ ----------- ------------ TOTAL SOURCES OF FUNDS 31,436,081 337,391 29,808,659 286,238 ------------ ----------- Other liabilities 691,137 602,280 Shareholders' equity Preferred stock 19,532 20,766 Common equity 2,957,073 2,821,109 ------------ ------------ Total shareholders' equity 2,976,605 2,841,875 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 35,103,823 $33,252,814 ============ ============ NET INTEREST INCOME (1) $ 320,292 $ 323,871 =========== =========== NET INTEREST RATE SPREAD (1) 3.34% 3.70% ==== ==== NET INTEREST MARGIN (1) 4.05% 4.34% ==== ==== TAXABLE-EQUIVALENT ADJUSTMENTS Loans $ 1,670 $ 1,242 Investment securities 7,596 7,879 ------------ ----------- Total $ 9,266 $ 9,121 ============ ===========
------------------ (1) Taxable-equivalent yields are calculated assuming a 35% federal income tax rate. (2) Yields are calculated on historical cost and exclude the impact of the unrealized gain (loss) on available for sale securities. (3) Includes loan fees in both interest income and the calculation of the yield on loans. (4) Includes loans on nonaccrual status.