Net earnings on rise for Union Planters Corporation

Union Planters Corporation announced April 30 first-quarter net earnings of $74.6 million, up from $66.4 million for the same period in 1997.

Diluted earnings per common share for the first quarter were 86 cents per share, compared to 79 cents in the first quarter last year.

A release from the Memphis, Tenn.-based company said net interest income for the first quarter was $190.7 million, about the same as in 1997.

Noninterest income increased 15 percent to $95.7 million, compared to $83 million a year ago. The increase, according to information from the company, includes investment securities gains of $5 million and gains on sale of mortgages of $2.1 million.

Noninterest expenses for the quarter were $153.6 million, increased 3 percent from $148.6 million noninterest expenses in last year's first quarter. The increase is primarily the result of "various small acquisitions in 1997 and Sho-Me Financial (1st Savings Bank), which was acquired effective Jan. 1."

The bank holding company ended its first quarter with assets of $18.4 billion, total loans of $12.7 billion and total deposits of $13.6 billion. Included in the company's 518 banking offices are 17 locations in southwest Missouri.

[[In-content Ad]]