EX-99.2 4 g88509exv99w2.txt EX-99.2 SUPPLEMENTAL FINANCIAL INFORMATION . . . EXHIBIT 99.2 UNION PLANTERS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
MARCH 31, DECEMBER 31, --------------------- ------------ 2004 2003 2003 ---- ---- ---- (DOLLARS IN THOUSANDS) ASSETS Cash and due from banks .................................................... $ 741,678 $ 842,860 $ 961,986 Interest-bearing deposits at financial institutions ........................ 72,309 105,452 84,590 Federal funds sold and securities purchased under agreements to resell .............................................. 10,567 43,885 699,800 Trading account assets ..................................................... 297,734 294,669 343,089 Loans held for resale ...................................................... 1,141,788 2,081,114 832,474 Available for sale securities .............................................. 5,211,084 6,083,615 4,955,877 Loans: Commercial, financial and agricultural ................................... 4,904,737 5,176,219 5,007,404 Foreign .................................................................. 284,223 188,366 258,713 Accounts receivable - factoring .......................................... 641,566 732,154 595,337 Real estate - construction ............................................... 2,343,970 2,313,278 2,304,309 Real estate - mortgage Secured by 1-4 family residential ...................................... 3,476,528 4,281,303 3,515,057 Non-farm, nonresidential properties .................................... 5,164,793 5,098,396 5,139,525 Multi-family (5 or more) residential ................................... 868,239 822,713 856,094 Secured by farmland .................................................... 467,805 482,903 474,456 Home equity .............................................................. 2,174,520 1,674,379 2,062,582 Consumer ................................................................. 1,719,029 1,900,904 1,759,076 Direct lease financing ................................................... 44,417 67,012 47,926 ------------ ------------ ------------ Total loans ................................................................ 22,089,827 22,737,627 22,020,479 Less: Unearned income ..................................................... (24,539) (23,012) (24,442) Allowance for losses on loans .................................... (308,763) (350,962) (330,826) ------------ ------------ ------------ Net loans ............................................................ 21,756,525 22,363,653 21,665,211 Premises and equipment, net ................................................ 494,897 532,663 513,496 Accrued interest receivable ................................................ 158,467 204,454 168,418 Mortgage servicing rights, net ............................................. 324,966 240,287 352,105 Goodwill, net .............................................................. 743,185 743,212 743,185 Other intangibles, net ..................................................... 157,955 183,441 167,921 Other assets ............................................................... 386,809 441,523 422,577 ------------ ------------ ------------ TOTAL ASSETS ........................................................ $ 31,497,964 $ 34,160,828 $ 31,910,729 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Noninterest-bearing ...................................................... $ 5,498,829 $ 5,109,821 $ 5,384,335 Time deposits of $100,000 and over ....................................... 1,494,822 1,636,165 1,576,916 Other interest-bearing ................................................... 15,751,107 17,797,243 16,184,933 ------------ ------------ ------------ Total deposits ....................................................... 22,744,758 24,543,229 23,146,184 Short-term borrowings ...................................................... 2,013,696 2,517,165 2,451,285 Short- and medium-term senior notes ........................................ 608,176 601,300 597,892 Federal Home Loan Bank advances ............................................ 428,598 959,687 428,903 Other long-term debt ....................................................... 1,631,270 1,201,349 1,598,405 Accrued interest, expenses and taxes ....................................... 205,475 258,630 158,778 Other liabilities .......................................................... 759,567 789,909 463,643 ------------ ------------ ------------ TOTAL LIABILITIES .................................................... 28,391,540 30,871,269 28,845,090 ------------ ------------ ------------ Commitments and contingent liabilities ........................... -- -- -- Shareholders' equity Convertible preferred stock .............................................. -- 10,110 9,603 Common stock, $5 par value; 300,000,000 shares authorized; 190,019,520 issued and outstanding (198,737,222 at March 31, 2003 and 188,918,687 at December 31, 2003) ................. 950,098 993,686 944,593 Additional paid-in capital ............................................... 568,889 542,265 554,722 Retained earnings ........................................................ 1,599,551 1,706,733 1,590,355 Unearned compensation .................................................... (41,039) (21,603) (36,081) Accumulated other comprehensive income- cash flow hedges, net ............ 8,802 -- 1,747 Accumulated other comprehensive income- available for sale securities, net 20,123 58,368 700 ------------ ------------ ------------ TOTAL SHAREHOLDERS' EQUITY ........................................... 3,106,424 3,289,559 3,065,639 ------------ ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ........................... $ 31,497,964 $ 34,160,828 $ 31,910,729 ============ ============ ============
1 UNION PLANTERS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, --------- 2004 2003 ---- ---- (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) INTEREST INCOME Interest and fees on loans ............................... $293,597 $342,327 Interest and dividends on investment securities Taxable ................................................ 44,859 51,757 Tax-exempt ............................................. 4,202 8,633 Interest on deposits at financial institutions ........... 274 452 Interest on federal funds sold and securities purchased under agreements to resell ............................. 312 155 Interest on trading account assets ....................... 1,763 2,287 Interest on loans held for resale ........................ 9,927 28,009 -------- -------- Total interest income ................................ 354,934 433,620 -------- -------- INTEREST EXPENSE Interest on deposits ..................................... 56,015 80,412 Interest on short-term borrowings ........................ 4,655 9,272 Interest on long-term debt ............................... 27,176 32,613 -------- -------- Total interest expense ............................... 87,846 122,297 -------- -------- NET INTEREST INCOME .................................. 267,088 311,323 PROVISION FOR LOSSES ON LOANS .............................. 62,823 48,649 -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOSSES ON LOANS 204,265 262,674 -------- -------- NONINTEREST INCOME Service charges on deposit accounts ...................... 55,624 57,722 Mortgage banking revenue, net ............................ 1,324 4,673 Factoring commissions and fees ........................... 9,787 9,900 Professional employment organization, net revenues ....... 5,811 6,391 Bankcard transaction fees ................................ 9,577 9,683 Investment securities gains, net ......................... 31,861 18,956 Financial services ....................................... 19,514 17,734 Other income ............................................. 41,912 24,467 -------- -------- Total noninterest income ............................. 175,410 149,526 -------- -------- NONINTEREST EXPENSE Salaries and employee benefits ........................... 137,374 136,918 Net occupancy expense .................................... 25,630 25,743 Equipment expense ........................................ 20,431 20,194 Other intangibles amortization ........................... 5,042 5,290 Other expense ............................................ 88,229 81,515 -------- -------- Total noninterest expense ............................ 276,706 269,660 -------- -------- EARNINGS BEFORE INCOME TAXES ......................... 102,969 142,540 Income taxes ............................................... 29,861 8,829 -------- -------- NET EARNINGS ......................................... $ 73,108 $133,711 ======== ======== NET EARNINGS APPLICABLE TO COMMON SHARES ............. $ 73,033 $133,510 ======== ======== EARNINGS PER COMMON SHARE Basic .................................................. $ .39 $ .67 Diluted ................................................ .38 .67 DIVIDENDS PER COMMON SHARE ................................. .33 .33 AVERAGE COMMON SHARES OUTSTANDING (IN THOUSANDS) Basic .................................................. 189,295 198,549 Diluted ................................................ 191,093 200,355
2 UNION PLANTERS CORPORATION AND SUBSIDIARIES CONSOLIDATED AVERAGE BALANCE SHEET AND INTEREST RATES
THREE MONTHS ENDED MARCH 31, -------------------------------------------------------------------------- 2004 2003 ----------------------------------- --------------------------------- INTEREST FTE INTEREST FTE AVERAGE INCOME/ YIELD/ AVERAGE INCOME/ YIELD/ BALANCE EXPENSE RATE BALANCE EXPENSE RATE ------- ------- ---- ------- ------- ---- ASSETS (DOLLARS IN THOUSANDS) Interest-bearing deposits at financial institutions.... $ 84,117 $ 274 1.31% $ 186,914 $ 452 0.98% Federal funds sold and securities purchased under agreements to resell................................. 120,625 312 1.04 49,840 155 1.26 Trading account assets................................. 256,421 1,763 2.77 250,235 2,287 3.71 Loans held for resale.................................. 736,241 9,927 5.42 2,030,213 28,009 5.60 Investment securities (1), (2) Taxable securities................................... 4,810,959 44,859 3.75 4,394,265 51,757 4.78 Tax-exempt securities................................ 339,611 6,360 7.53 690,028 13,106 7.70 ----------- -------- ----------- -------- TOTAL INVESTMENT SECURITIES........................... 5,150,570 51,219 4.00 5,084,293 64,863 5.17 Commercial, financial and agricultural loans........... 4,985,149 51,035 4.12 5,180,711 60,993 4.77 Foreign loans.......................................... 243,235 1,330 2.20 209,377 1,362 2.64 Accounts receivable - factoring........................ 619,509 11,390 7.39 679,816 12,876 7.68 Real estate - construction loans....................... 2,346,914 29,420 5.04 2,269,957 30,081 5.37 Real estate - mortgage loans Secured by 1-4 family residential................... 3,552,525 57,951 6.56 4,386,125 81,261 7.51 Non-farm, non-residential properties................ 5,156,974 69,989 5.46 5,060,147 77,747 6.23 Multifamily (5 or more) residential................. 852,808 11,216 5.29 834,464 12,880 6.26 Secured by farmland................................. 468,285 6,808 5.85 486,779 7,750 6.46 Home equity......................................... 2,118,547 24,117 4.58 1,600,416 18,451 4.68 Consumer loans......................................... 1,742,145 30,603 7.07 1,955,312 38,835 8.05 Direct lease financing................................. 45,165 722 6.43 69,735 1,132 6.58 ----------- -------- ----------- -------- Loans, net of unearned income (1), (3), (4)............ 22,131,256 294,581 5.35 22,732,839 343,368 6.13 ----------- -------- ----------- -------- TOTAL EARNING ASSETS(1),(2),(3),(4)................... 28,479,230 358,076 5.06 30,334,334 439,134 5.87 Cash and due from banks................................ 742,578 664,796 Premises and equipment, net............................ 506,541 539,439 Allowance for losses on loans.......................... (331,836) (329,786) Goodwill and other intangibles, net.................... 906,704 929,323 Other assets........................................... 970,592 1,093,892 ----------- ----------- TOTAL ASSETS.......................................... $31,273,809 $33,231,998 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Money market accounts.................................. $ 5,663,604 9,146 0.65 $ 5,722,316 15,674 1.11 Interest-bearing checking.............................. 3,429,944 2,451 0.29 3,462,093 4,729 0.55 Savings deposits....................................... 1,488,195 726 0.20 1,408,927 1,755 0.51 Time deposits of $100,000 and over..................... 1,560,888 10,391 2.68 1,643,022 12,768 3.15 Other time deposits.................................... 5,477,103 33,301 2.45 6,345,182 45,486 2.91 ----------- -------- ----------- -------- TOTAL INTEREST-BEARING DEPOSITS....................... 17,619,734 56,015 1.28 18,581,540 80,412 1.76 ----------- -------- ----------- -------- Short-term borrowings Federal funds purchased and securities sold under agreements to repurchase.......................... 1,938,704 4,039 0.84 2,547,340 6,859 1.09 Other................................................ 231,964 616 1.07 784,140 2,413 1.25 ----------- -------- ----------- -------- TOTAL SHORT-TERM DEBT................................. 2,170,668 4,655 0.86 3,331,480 9,272 1.13 ----------- -------- ----------- -------- Long-term debt Federal Home Loan Bank advances...................... 428,748 4,927 4.62 959,857 6,864 2.90 Subordinated capital notes........................... 1,398,716 15,032 4.32 975,030 16,577 6.90 Medium-term senior notes............................. 602,637 5,277 3.52 599,974 6,844 4.63 Obligation for Trust Preferred Securities............ 212,788 1,935 3.66 209,713 1,819 3.52 Other................................................ 184 5 10.93 29,552 509 6.99 ----------- -------- ----------- -------- TOTAL LONG-TERM DEBT.................................. 2,643,073 27,176 4.14 2,774,126 32,613 4.77 ----------- -------- ----------- -------- TOTAL INTEREST-BEARING LIABILITIES.................... 22,433,475 87,846 1.57 24,687,146 122,297 2.01 Noninterest-bearing demand deposits.................... 5,079,356 - 4,672,871 - ----------- -------- ----------- -------- TOTAL SOURCES OF FUNDS................................ 27,512,831 87,846 29,360,017 122,297 ----------- -------- ----------- -------- Other liabilities...................................... 685,027 691,839 Shareholders' equity Preferred stock...................................... 9,277 10,158 Common equity........................................ 3,066,674 3,169,984 ----------- ----------- TOTAL SHAREHOLDERS' EQUITY............................ 3,075,951 3,180,142 ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY............ $31,273,809 $33,231,998 =========== =========== NET INTEREST INCOME (1)................................ $270,230 $316,837 ======== ======== NET INTEREST RATE SPREAD (1)........................... 3.48% 3.86% ==== ==== NET INTEREST MARGIN (1)................................ 3.82% 4.24% ==== ==== TAXABLE-EQUIVALENT ADJUSTMENTS Loans........................................ $ 984 $ 1,041 Investment securities........................ 2,158 4,473 -------- -------- Total................................................. $ 3,142 $ 5,514 ======== ========
---------------------- (1) Taxable-equivalent yields are calculated assuming (3) Includes loan fees in both interest income a 35% federal income tax rate and the calculation of the yield on income (2) Yields are calculated on historical cost and exclude (4) Includes loans on nonaccrual status. the impact of the unrealized gain (loss) on available for sale securities.
3 UNION PLANTERS CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED MARCH 31, -------------------------------- 2004 2003 ---- ---- ASSET QUALITY Nonperforming assets Nonaccrual loans Other than FHA/VA ....................................... $ 194,643 $ 242,164 FHA/VA (1) .............................................. 561 576 ------------- ------------- Total nonaccrual loans .................................. 195,204 242,740 Restructured loans ......................................... 298 481 Foreclosed properties ...................................... 56,781 69,671 ------------- ------------- Total nonperforming assets .............................. $ 252,283 $ 312,892 ============= ============= Loans 90 days past due and not on nonaccrual status Other than FHA/VA .......................................... $ 156,363 $ 203,927 FHA/VA (1) ................................................. 30,295 62,099 ------------- ------------- Total loans 90 days past due and not on nonaccrual status $ 186,658 $ 266,026 ============= ============= Net charge-offs of loans ...................................... $ 40,254 $ 48,649 Allowance for losses on loans to loans ........................ 1.38% 1.55% Nonperforming loans to loans .................................. 0.87% 1.07% Nonperforming assets to loans and foreclosed properties ....... 1.12% 1.37% Net charge-offs as a percentage of average loans .............. 0.73% 0.87% SELECTED FINANCIAL RATIOS Net earnings Return on average assets .................................. 0.94 1.63 Return on average common equity ........................... 9.58 17.08 Tier 1 capital to risk weighted assets (2) .................... 9.74 10.04 Leverage ratio at March 31, ................................... 8.01 8.00 Shareholders' equity to total assets at March 31, ............. 9.86 9.63 SUPPLEMENTAL DATA Tier 1 capital ................................................ $ 2,431,038 $ 2,578,817 PER COMMON SHARE DATA Cash dividends paid ........................................... 0.33 0.33 Book value .................................................... 16.35 16.50
(1) FHA/VA loans represent minimal credit risk to Union Planters. (2) Estimated at March 31, 2004. 4 UNION PLANTERS CORPORATION FINANCIAL HIGHLIGHTS (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) OTHER INFORMATION:
YEAR-TO-DATE SHORT-TERM BORROWINGS INCLUDE: PERIOD-END BALANCE AVERAGE BALANCE MARCH 31, 2004 MARCH 31, 2004 -------------- -------------- Federal funds purchased $ 682,050 $ 678,859 Securities sold under agreement to repurchase 1,199,001 1,259,845 Short-term federal home loan bank advances - 31,868 Other short-term debt 132,645 200,096 ---------- ---------- $2,013,696 $2,170,668 ========== ==========
YEAR-TO-DATE OTHER LONG-TERM BORROWINGS INCLUDE: PERIOD-END BALANCE AVERAGE BALANCE MARCH 31, 2004 MARCH 31, 2004 -------------- -------------- Long-term federal home loan bank advances $ 428,598 $ 428,748 Subordinated notes 1,415,638 1,398,716 Obligations for Trust Preferred Securities 215,449 212,788 Medium-term senior notes 608,176 602,637 Other long-term debt 183 184 ---------- ---------- $2,668,044 $2,643,073 ========== ========== Full-time equivalent employees 10,335 Bank branches 705 ATM locations 917 Closing Stock Prices High stock price - Year-to-date $32.67 Low stock price - Year-to-date 28.84 High stock price - Quarter-to-date 32.67 Low stock price - Quarter-to-date 28.84 Parent company equity in subsidiaries 3,310,006
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