Shares of Union Planters Corp. fell $3.3125, to $42, Friday after a
After trading closed Thursday, the Memphis banking company reported net
Results were hurt "by the integration of recent acquisitions and the
As the year progresses, "we expect profitability ratios to improve and
But the report left analysts wary.
"Sluggish core revenue growth, as well as well as higher-than-expected
Mr. Katz said he sees "earnings growth improving in subsequent quarters
Michael Mayo, a banking analyst at Credit Suisse First Boston, said
He reduced his 1999 earnings estimate by 35 cents, to $3 a share, and
"We believe the burden is on management to show the benefits of its
Meanwhile, shares of J.P. Morgan & Co. rose 56.25 cents, to $133.0625,
Ronald I. Mandle, a banking analyst at Sanford C. Bernstein & Co., said
"Much of the improvement in trading revenue they enjoyed is
He also predicted continued strength from the banking company's mergers
He raised his 1999 earnings estimate by $2.65, to $10.15, and his
Carla D'Arista, a banking analyst at Friedman Billings Ramsey & Co.,
She raised her 1999 earnings estimate by $2.08, to $9 per share, and her
Union Planters Corp.
Memphis, Tenn.
Dollar amounts in millions (except per share)
Net income $94.4 $104.5
Per share 0.67 0.74
ROA 1.22% 1.41%
ROE 13.39% 14.87%
Net interest margin 4.22% 4.59%
Net interest income 305.1 312.0
Noninterest income 126.3 126.8
Noninterest expense 258.2 237.0
Loss provision 16.3 33.2
Net chargeoffs 14.2 26.9
Balance Sheet 3/31/99 3/31/98
Assets $33,669.2 $30,422.2
Deposits 26,461.7 23,146.9
Loans 20,504.9 20,261.6
Reserve/nonp. loans 197% 224%
Nonperf. loans/loans 0.88% 0.78%
Nonperf. assets/assets 0.61% 0.62%
Nonperf. assets/loans + OREO 1.02% 0.99%
Leverage cap. ratio 7.83% 9.71%
Tier 1 cap. ratio NA NA
Tier 1+2 cap. ratio NA NA