-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, AQLj54klg+daYAGr3NJwg/dxgrzkKytUVnWgBJnyKksEL11KyLYuIEwYOTrKqZF6 XRrqi54qDuDIG9bu4ZhC9w== 0000950144-94-001301.txt : 19940705 0000950144-94-001301.hdr.sgml : 19940705 ACCESSION NUMBER: 0000950144-94-001301 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST TENNESSEE NATIONAL CORP CENTRAL INDEX KEY: 0000036966 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 620803242 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-04491 FILM NUMBER: 94537013 BUSINESS ADDRESS: STREET 1: 165 MADISON AVE CITY: MEMPHIS STATE: TN ZIP: 38103 BUSINESS PHONE: 9015234027 MAIL ADDRESS: STREET 1: P O BOX 84 CITY: MEMPHIS STATE: TN ZIP: 38101-0084 FORMER COMPANY: FORMER CONFORMED NAME: FIRST TENNESSEE BANKS INC DATE OF NAME CHANGE: 19600201 10-K/A 1 FIRST TENNESSEE - 10-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K/A Amendment No. 2 (Mark One) [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1993 - or - [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the Transition period from __________ to__________ Commission File Number 0-4491 FIRST TENNESSEE NATIONAL CORPORATION (Exact name of registrant as specified in its charter) TENNESSEE 62-0803242 (State or other jurisdiction of (I.R.S. Employer Identi- incorporation or organization) fication Number) 165 Madison Avenue, Memphis, Tennessee 38103 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including Area Code: 901-523-5630 Securities registered pursuant to Section 12(b) of the Act: NONE Securities registered pursuant to Section 12(g) of the Act: $2.50 Par Value Common Capital Stock (Title of Class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. X YES NO --- --- Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. _____ 41 Total Pages Exhibit Index on Page 6 Page 1 of 2 2 At February 23, 1994, the aggregate market value of the voting stock of the registrant held by non-affiliates of the registrant was approximately $1,116,000,000. At February 23, 1994, the registrant had 30,175,456 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCE 1. Annual Report To Shareholders for the year ended 12/31/93 - Parts I, II, and IV. 2. Proxy Statement furnished to shareholders in connection with Annual Meeting of Shareholders scheduled for 04/19/94 - Part III (which was filed with the Commission March 17, 1994 per General Instruction G(3) to Form 10-K). Page 2 of 2 3 Part IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K. This item is hereby amended by adding to paragraph (a)("Exhibits") a new Exhibit 23(c) Consent of Arthur Andersen & Co. and a new Exhibit (99)(a) Annual Report on Form 11-K, which are attached hereto, and Item 14 is hereby restated, as amended, in its entirety as follows: ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K (a) The following documents are filed as a part of this Report: Financial Statements: The consolidated financial statements of the Corporation for the three years ended December 31, 1993, in the 1993 Annual Report, are incorporated herein by reference. The Report of Independent Public Accountants, in the 1993 Annual Report, is incorporated herein by reference. The report of the other auditors referenced in the Report of Independent Public Accountants, attached hereto as Exhibit (99)(b), is incorporated herein by reference. Financial Statement Schedules: Not applicable. Exhibits: (2) Stock Purchase Agreement dated as of August 19, 1993, by and between the Bank and MNC Financial, Inc., attached as Exhibit 2 to the Corporation's Current Report on Form 8-K filed August 25, 1993 (with a Date of Report of August 19, 1993) and incorporated herein by reference. (3)(i) Restated Charter of the Corporation, as amended, attached as Exhibit 3(a) to Corporation's 1991 Annual Report on Form 10-K and incorporated herein by reference. (3)(ii) Bylaws of the Corporation, as amended. (4)(a) Shareholder Protection Rights Agreement, dated as of 9-7-89 between the Corporation and First Tennessee Bank National Association, as Rights Agent, including as Exhibit A the forms of Rights Certificate and of Election to Exercise and as Exhibit B the form of Charter Amendment designating a series of Participating Preferred Stock of the Corporation with terms 1 4 as specified, attached as an exhibit to the Corporation's Registration Statement on Form 8-A filed 9-8-89, and incorporated herein by reference. (4)(b) Indenture, dated as of 6-1-87, between the Corporation and Security Pacific National Trust Company (New York), Trustee, attached as an exhibit to the Corporation's Annual Report on Form 10-K for the year ended 12-31-91, and incorporated herein by reference. (4)(c) The Corporation and certain of its consolidated subsidiaries have outstanding certain long-term debt. See Note 13 in the Corporation's 1993 Annual Report to Shareholders. None of such debt exceeds 10% of the total assets of the Corporation and its consolidated subsidiaries. Thus, copies of constituent instruments defining the rights of holders of such debt are not required to be included as exhibits. The Corporation agrees to furnish copies of such instruments to the Securities and Exchange Commission upon request. *(1O)(a) Management Incentive Plan, as amended.(1) *(1O)(b) 1983 Restricted Stock Incentive Plan, as amended.(1) *(1O)(c) 1989 Restricted Stock Incentive Plan, as amended.(1) *(1O)(d) 1992 Restricted Stock Incentive Plan.(1) *(10)(e) 1984 Stock Option Plan, as amended.(1) *(1O)(f) 1990 Stock Option Plan, as amended.(1) *(1O)(g) Survivor Benefits Plan, as amended.(1) *(1O)(h) Directors and Executives Deferred Compensation Plan, as amended.(1) *(1O)(i) Pension Restoration Plan.(2) *(1O)(j) Director Deferral Agreements with Schedule.(2) *(10)(k) Severance Agreements dated 12-15-92 with schedule.(2) (11) Statement re: computation of per share earnings. (13) The portions of the 1993 Annual Report to Shareholders which have been incorporated by reference into this Form 10-K. (21) Subsidiaries of the Corporation. (23)(a) Consent of Arthur Andersen & Co. (23)(b) Consent of Baylor and Backus. (23)(c) Consent of Arthur Andersen & Co. (24) Power of Attorney (99)(a) Annual Report on Form 11-K for the Corporation's Savings Plan and Trust, for fiscal year ended 12-31-93, as authorized by SEC Rule 15d-21. (99)(b) Report of other auditors. 2 5 *Exhibits marked with an "*" represent management contract or compensatory plan or arrangement required to be filed as an exhibit. (1) These documents are incorporated herein by reference to the exhibit with the corresponding number contained in the Corporation's 1992 Annual Report on Form 10-K. (2) These documents are incorporated herein by reference to exhibits 10(j), 10(k), and 10(l), respectively, contained in the Corporation's 1992 Annual Report on Form 10-K. (b) A report on Form 8-K was filed on October 18, 1993 (with a date of report of October 1, 1993), disclosing under Item 2 ("Acquisition or Disposition of Assets"), the closing of the acquisition of MNMC by the Bank. The report contained audited MNMC consolidated financial statements of financial condition as of 12-31-92 and 12-31-91, and statements of income, statements of changes in stockholders' equity, and statements of cash flows, each for the years ended 12-31-92 and 12-31-91 and contained FTNC pro forma combined condensed statement of condition as of 6-30-93, statements of income for the six months ended 6-30-93 and statements of income for the year ended 12-31-92. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to its Annual Report on Form 10-K for fiscal year ended 12-31-93 to be signed on its behalf by the undersigned, thereunto duly authorized. FIRST TENNESSEE NATIONAL CORPORATION Date: June 29, 1994 By: James F. Keen ---------------------------- James F. Keen, Senior Vice President and Controller 3 6 Exhibit Index
Item Number Description Page - - ----------- ----------- ---- (23)(c) Consent of Arthur Andersen & Co. 7 (99)(a) Annual report on Form 11-K for the 8 Corporation's Savings Plan and Trust, for fiscal year ended December 31, 1993, as authorized by SEC Rule 15d-21.
EX-23.C 2 CONSENT OF ARTHUR ANDERSEN 1 EXHIBIT 23(c) CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our report dated June 21, 1994 included in First Tennessee National Corporation's Form 10-K for the year ended December 31, 1993, into the Company's previously filed Registration Statement File No. 33-34620 and to all references to our Firm included in that Registration Statement. ARTHUR ANDERSEN & CO. Memphis, Tennessee June 29, 1994 EX-99.A 3 FORM 11-K FOR SAVINGS PLAN & TRUST 1 Exhibit 99(a) SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------------- FORM 11-K --------------------- (Mark One) [x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 1993 [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To -------- -------- --------------------- Commission File No. 0-4491 --------------------- FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST (Full Title of Plan) FIRST TENNESSEE NATIONAL CORPORATION (Name of Issuer) 165 MADISON AVENUE MEMPHIS, TENNESSEE 38103 (Address of Principal Executive Office of Issuer and of Plan) 2 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST YEAR ENDED DECEMBER 31, 1993 3 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST STATEMENT OF NET ASSETS December 31, 1993
Fund A Fund B Fund C Fund D Combined ----------- ----------- ----------- ----------- ------------ Investments (Market) (Note 1): Money market investments $ 582,153 $ 1,417,911 $ 1,090,972 $12,927,888 $ 16,018,924 U.S. Treasury securities and federal agencies - 913,074 - - 913,074 Corporate stocks - 851,950 74,537,925 - 75,389,875 Investment funds 7,536,377 7,159,119 - - 14,695,496 Savings plan loan account - 5,734,594 - - 5,734,594 ----------- ----------- ----------- ----------- ------------ Total investments 8,118,530 16,076,648 75,628,897 12,927,888 112,751,963 Other assets: Cash 50,221 56,232 202,653 76,005 385,111 Receivables: Contributions: Employer 11,789 9,244 128,589 8,011 157,633 Employee 51,658 5,303 219,067 40,396 316,424 Interest 431 28,927 1,346 36,986 67,690 Dividends - 5,309 813,104 - 818,413 Other 17,013 205,312 423,195 192,256 837,776 ----------- ----------- ----------- ----------- ------------ Total other assets 131,112 310,327 1,787,954 353,654 2,583,047 ----------- ----------- ----------- ----------- ------------ Less liabilities: Accounts payable 1,034,294 996,677 249,005 139,803 2,419,779 ----------- ----------- ----------- ----------- ------------ Total liabilities 1,034,294 996,677 249,005 139,803 2,419,779 ----------- ----------- ----------- ----------- ------------ Participants' equity $ 7,215,348 $15,390,298 $77,167,846 $13,141,739 $112,915,231 =========== =========== =========== =========== ============
The notes to financial statements are an integral part of this financial statement. F-1 4 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST STATEMENT OF NET ASSETS December 31, 1992
Fund A Fund B Fund C Fund D Combined ----------- ----------- ------------- ----------- ----------- Investments (Market) (Note 1): Money market investments $ 182,113 $ 593,892 $ 841,440 $15,612,123 $17,229,568 U.S. Treasury securities and federal agencies - 435,368 - - 435,368 Fixed income - 174,414 - - 174,414 Corporate stocks - 753,686 64,243,307 - 64,996,993 Investment funds 5,228,302 5,662,552 - - 10,890,854 Savings plan loan account - 4,653,344 - - 4,653,344 ----------- ----------- ------------- ----------- ----------- Total investments 5,410,415 12,273,256 65,084,747 15,612,123 98,380,541 Other assets: Cash 14,463 80,416 181,481 9,864 286,224 Receivables: Contributions: Employer - - - - - Employee 13,544 21,990 145,544 - 181,078 Interest 291 39,338 1,662 43,239 84,530 Dividends - 3,461 626,802 - 630,263 Other 794,002 244,333 54,254 12,765 1,105,354 ----------- ----------- ------------- ----------- ----------- Total other assets 822,300 389,538 1,009,743 65,868 2,287,449 ----------- ----------- ------------- ----------- ----------- Less liabilities: Accounts payable 124,480 245,081 708,400 485,792 1,563,753 ----------- ----------- ------------- ----------- ----------- Total liabilities 124,480 245,081 708,400 485,792 1,563,753 ----------- ----------- ------------- ----------- ----------- Participants' equity $ 6,108,235 $12,417,713 $ 65,386,090 $15,192,199 $99,104,237 =========== =========== ============= =========== ===========
The notes to financial statements are an integral part of this financial statement. F-2 5 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, 1993
Fund A Fund B Fund C Fund D Combined ---------- ----------- ----------- ----------- ----------- Participants' equity at December 31, 1992 $6,108,235 $12,417,713 $65,386,090 $15,192,199 $99,104,237 Additions: Investment income: Interest 70,342 841,328 28,023 429,851 1,369,544 Dividends 71,614 32,677 2,802,119 - 2,906,410 ---------- ----------- ----------- ----------- ----------- Total investment income 141,956 874,005 2,830,142 429,851 4,275,954 Employer contributions 281,032 217,168 1,405,742 215,253 2,119,195 Matching employer contributions - - 1,893,970 - 1,893,970 Employee contributions 957,559 955,990 6,397,518 473,441 8,784,508 Realized net gain on investments sold 11,525 98,472 - - 109,997 Excess of market value over cost of securities distributed to participants - - 78,199 - 78,199 Unrealized appreciation on investments (Note 3) 558,960 288,946 2,484,429 - 3,332,335 Other income - 20,156 - - 20,156 ---------- ----------- ----------- ----------- ----------- Total additions 1,951,032 2,454,737 15,090,000 1,118,545 20,614,314 Deductions: Employee withdrawals 208,611 844,866 4,228,021 1,244,146 6,525,644 Transfers 617,427 (1,396,710) (1,108,265) 1,887,548 - Other expenses 17,881 33,996 188,488 37,311 277,676 ---------- ----------- ----------- ----------- ----------- Total deductions 843,919 (517,848) 3,308,244 3,169,005 6,803,320 ---------- ----------- ----------- ----------- ----------- Net additions (deductions) 1,107,113 2,972,585 11,781,756 (2,050,460) 13,810,994 ---------- ----------- ----------- ----------- ----------- Participants' equity at December 31, 1993 $7,215,348 $15,390,298 $77,167,846 $13,141,739 $112,915,231 ========== ============ =========== =========== ============= Changes in net assets by component: Increases (decreases): Investments $ 2,708,115 $ 3,803,392 $10,544,150 $ (2,684,235) $ 14,371,422 Cash (Overdrafts) 35,758 (24,184) 21,172 66,141 98,887 Contributions receivable 49,903 (7,443) 202,112 48,407 292,979 Interest receivable 140 (10,411) (316) (6,253) (16,840) Dividends receivable - 1,848 186,302 - 188,150 Other receivables (776,989) (39,021) 368,941 179,491 (267,578) Accounts payable (909,814) (751,596) 459,395 345,989 (856,026) ---------- ------------ ----------- ----------- ------------ Change in net assets $1,107,113 $ 2,972,585 $11,781,756 $(2,050,460) $ 13,810,994 ========== ============ =========== =========== =============
The notes to financial statements are an integral part of this financial statement. F-3 6 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, 1992
Fund A Fund B Fund C Fund D Combined ---------- ------------ ----------- ----------- ----------- Participants' equity at December 31, 1991 $4,422,318 $ 9,572,039 $49,460,516 $12,730,982 $76,185,855 Additions: Investment income: Interest 64,250 737,332 18,104 530,489 1,350,175 Dividends 67,434 23,461 2,217,110 - 2,308,005 ---------- ------------ ----------- ----------- ----------- Total investment income 131,684 760,793 2,235,214 530,489 3,658,180 Employer contributions 217,454 178,387 830,487 220,359 1,446,687 Matching employer contributions - - 1,548,862 - 1,548,862 Employee contributions 374,659 273,505 4,255,949 447,906 5,352,019 Realized net gain on investments sold - 2,891 494,141 - 497,032 Excess of market value over cost of securities distributed to participants - 4,320 118,912 - 123,232 Unrealized appreciation of investments (Note 3) 332,858 95,548 15,617,828 - 16,046,234 Other income - 17,233 - - 17,233 ---------- ------------ ----------- ----------- ----------- Total additions 1,056,655 1,332,677 25,101,393 1,198,754 28,689,479 Deductions: Employee withdrawals 244,322 635,149 3,567,568 1,022,277 5,469,316 Transfers (880,327) (2,184,380) 5,392,065 (2,327,358) - Other expenses 6,743 36,234 216,186 42,618 301,781 ---------- ------------ ----------- ----------- ----------- Total deductions (629,262) (1,512,997) 9,175,819 (1,262,463) 5,771,097 ---------- ------------ ----------- ----------- ----------- Net additions 1,685,917 2,845,674 15,925,574 2,461,217 22,918,382 ---------- ------------ ----------- ----------- ----------- Participants' equity at December 31, 1992 $6,108,235 $ 12,417,713 $65,386,090 $15,192,199 $99,104,237 ========== ============ =========== =========== =========== Changes in net assets by component: Increases (decreases): Investments $1,198,538 $ 2,567,478 $16,169,698 $ 2,733,001 $22,668,715 Cash (overdrafts) 14,522 63,816 182,550 1,019,618 1,280,506 Contributions receivable 64 5,588 (40,068) (18,661) (53,077) Interest receivable (728) 5,823 98 (12,345) (7,152) Dividends receivable - 721 100,842 - 101,563 Other receivables 386,090 139,898 4,035 (1,012,592) (482,569) Accounts payable 87,431 62,350 (491,581) (247,804) (589,604) ---------- ------------ ----------- ----------- ----------- Change in net assets $1,685,917 $ 2,845,674 $15,925,574 $ 2,461,217 $22,918,382 ========== ============ =========== =========== ===========
The notes to financial statements are an integral part of this financial statement. F-4 7 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST STATEMENT OF CHANGES IN NET ASSETS Year Ended December 31, 1991
Fund A Fund B Fund C Fund D Combined ---------- ---------- ----------- ----------- ----------- Participants' equity at December 31, 1990 $2,803,114 $7,725,585 $25,989,234 $11,755,906 $48,273,839 Additions: Investment income: Interest 65,192 665,046 27,012 720,604 1,477,854 Dividends 65,775 20,996 2,000,331 - 2,087,102 ---------- ---------- ----------- ----------- ----------- Total investment income 130,967 686,042 2,027,343 720,604 3,564,956 Employer contributions 179,843 168,180 601,405 275,078 1,224,506 Matching employer contributions - - 1,255,579 - 1,255,579 Employee contributions 355,849 308,648 3,030,388 410,950 4,105,835 Realized net gain on investments sold 5,491 5,084 - - 10,575 Excess of market value over cost of securities distributed to participants - - 244,168 - 244,168 Unrealized appreciation of investments (Note 3) 462,309 503,895 21,850,340 - 22,816,544 Other income - 10,553 - - 10,553 ---------- ---------- ----------- ----------- ----------- Total additions 1,134,459 1,682,402 29,009,223 1,406,632 33,232,716 Deductions: Employee withdrawals 265,541 564,230 2,968,276 1,182,737 4,980,784 Transfers (831,069) (823,190) 2,486,223 (831,964) - Other expenses 80,783 94,908 83,442 80,783 339,916 ---------- ---------- ----------- ----------- ----------- Total deductions (484,745) (164,052) 5,537,941 431,556 5,320,700 ---------- ---------- ----------- ----------- ----------- Net additions 1,619,204 1,846,454 23,471,282 975,076 27,912,016 ---------- ---------- ----------- ----------- ----------- Participants' equity at December 31, 1991 $4,422,318 $9,572,039 $49,460,516 $12,730,982 $76,185,855 ========== ========== =========== =========== =========== Changes in net assets by component: Increases (decreases): Investments $1,479,540 $2,113,406 $22,662,034 $ 2,038,322 $28,293,302 Cash (overdrafts) (3,784) 62,928 (36,782) (819,884) (797,522) Contributions receivable 6,804 9,148 14,676 6,065 36,693 Interest receivable 639 2,009 (1,521) 1,205 2,332 Dividends receivable - (96) 46,102 - 46,006 Other receivables 347,916 (90,240) 12,956 (12,644) 257,988 Accounts payable (211,911) (250,701) 773,817 (237,988) 73,217 ---------- ---------- ----------- ----------- ----------- Change in net assets $1,619,204 $1,846,454 $23,471,282 $ 975,076 $27,912,016 ========== ========== =========== =========== ===========
The notes to financial statements are an integral part of this financial statement. F-5 8 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1993, 1992, and 1991 NOTE 1 - REPORTING AND ACCOUNTING POLICIES The Plan The First Tennessee National Corporation Savings Plan and Trust (the Plan), employer identification number 62-0985474, Plan number 002, is a self-administered, trusteed defined contribution plan. The Plan is administered by a Savings Plan Committee consisting of not less than three participants appointed by the Board of Directors of First Tennessee National Corporation (the Corporation). Full time employees of the Corporation are eligible for participation in the Plan on the first day of the first pay period beginning more than 30 days after employment, while a one-year waiting period is in effect for part time employees. The assets of the Plan are divided into four separate funds: (a) common stocks and other equity securities of a like nature, as may be defined from time to time by the Trustee's investment policy, including units of commingled equity funds maintained by the Trustee (Fund A); (b) fixed income and other securities of a like nature, as may be defined from time to time by the Trustee's investment policy, including units of the commingled debt funds maintained by the Trustee (Fund B); (c) common stock of First Tennessee National Corporation (Fund C); and (d) money market instruments maturing in one year or less from the date of acquisition, as may be defined from time to time by the Trustee's investment policy, including shares of other money market funds used by the Trustee (Fund D). The basic provisions of the Plan allow the participants to elect the funds in which to invest their account balances. As of July 1, 1984, participants can elect to borrow from their accounts by transferring amounts from any or all of the four funds into a Plan loan account. These borrowings are obligations of the participant and are limited to a calculated portion of the individual's Plan account balance. Repayment of the borrowed amount, including interest charges, must be returned to the individual's account, but may be distributed to any of the funds designated by the employee. At December 31, 1993, loans to 1,071 participants, totalling $5,734,594 were included in the Plan account. Loans to 1,610 participants totalled $4,653,344 at December 31, 1992. These amounts have been included in Fund B in the financial statements. In the event of termination of employment, the participant is entitled to distribution of his account. The Plan also provides for loans from the Plan to participants and emergency and other withdrawals of account balances prior to termination of service. Distribution of account balances may be made in the form of the Corporation's common stock or in cash, which may be paid in a lump sum or in installment payments. At December 31, 1993, participants in Funds A, B, C, and D numbered 3,264; 2,666; 4,483; and 1,523, respectively. On April 15, 1986, the Plan was amended effective January 1, 1986, to allow early retirees to segregate and direct the investment of their accounts and defer payments. These accounts are included in Fund B and may include equity funds as well as debt funds. F-6 9 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1993, 1992, and 1991 NOTE 1 - REPORTING AND ACCOUNTING POLICIES (Continued) Investment Valuation Investments in common and preferred stocks and corporate bonds are valued at the last reported sales price on the last business day of the year. Stocks traded "over the counter" are valued at the mean between the bid and the ask price on the last business day of the year. U.S. Treasury notes and bonds and U.S. Agency securities are valued at the mean of the bid and ask prices on the last business day of the year. U.S. Treasury bills are stated at cost adjusted for amortized discounts and premiums. The investment funds in Funds A and B are valued at the current value of the underlying instrument. The Plan loan account is valued at the outstanding principal balance. Contributions Under the Corporation's Flexible Benefits Plan, an amount based upon the employee's salary and length of service is contributed during the year into a benefits plan account for each eligible employee. The employee may then direct that all, a portion or none of the contribution be allocated to his Plan account. A participant may contribute up to 18% of his compensation to the Plan, and may elect to defer Federal income taxes on a portion (the pre-tax contribution) of his contribution (not to exceed 8% of his compensation) pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. If a participant designates a portion of his pre-tax contribution for investment in the Corporation's stock, the Corporation makes a matching contribution equal to 50% of the amount (up to 6% of compensation) contributed by the participant. Other Purchases and sales of securities are reflected on a trade date basis, and the average cost method is used in determining gains and losses resulting from sales. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned on an accrual basis. In accordance with the policy of stating investments at fair market value, net unrealized appreciation or depreciation for the year is reflected in the statements of changes in participants' equity. Financial statements for prior periods reflect certain reclassifications to conform to current presentation. F-7 10 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1993, 1992, and 1991 NOTE 2 - INCOME TAXES The Plan meets the requirements of Section 401(a) of the Internal Revenue Code (the Code) and is exempt from Federal income tax under Section 501(a) of the Code. The Plan was amended as of July 1, 1984, to meet the requirements of Section 401(k) of the Code, which allows the deferral of Federal income taxes on a portion of employee personal contributions until actual distribution of benefits. NOTE 3 - UNREALIZED APPRECIATION The unrealized appreciation of investments, as reflected in the 1993, 1992, and 1991 Statements of Changes in Net Assets, is calculated as follows:
December 31 -------------------------------------------------------- 1993 1992 1991 ------------- ------------ ------------ Investments at market, beginning of year $ 98,380,541 $ 75,711,826 $ 47,418,524 Purchases at cost 50,830,802 27,403,038 39,314,542 Sales at adjusted market price (39,791,715) (20,780,557) (33,837,784) ------------- ------------ ------------ Adjusted market, end of year 109,419,628 82,334,307 52,895,282 Investments at market, end of year 112,751,963 98,380,541 75,711,826 ------------- ------------ ------------ Unrealized appreciation for the year $ 3,332,335 $ 16,046,234 $ 22,816,544 ============= ============ ============
NOTE 4 - RELATED PARTIES First Tennessee Bank National Association, the Corporation's primary affiliate, is the Custodian and Trustee of the Plan. During 1993, 1992, and 1991, the Custodian received a Trustee's fee from the Plan in accordance with its normal fee schedule. F-8 11 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND A SCHEDULE OF RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 31, 1993 Cash balance, beginning of year $ 14,463 Receipts: Investments sold and matured $2,381,757 Interest 70,202 Dividends 71,614 Employer contributions 269,243 Employee contributions 919,445 Transfers 714,553 ---------- Total receipts 4,426,814 Disbursements: Investments made 4,165,563 Employee withdrawals 208,611 Trustee fees and other expenses 16,882 ---------- Total disbursements 4,391,056 ------------ Cash balance, end of year $ 50,221 ============
F-9 12 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND B SCHEDULE OF RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 31, 1993 Cash balance, beginning of year $ 80,416 Receipts: Investments sold and matured $ 8,556,639 Interest 851,739 Dividends 30,829 Employer contributions 207,924 Employee contributions 972,677 Other income 19,343 Transfers 1,040,292 ----------- Total receipts 11,679,443 Disbursements: Investments made 10,825,164 Employee withdrawals 844,866 Trustee fees and other expenses 33,597 ----------- Total disbursements 11,703,627 ---------- Cash balance, end of year $ 56,232 ============
F-10 13 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND C SCHEDULE OF RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 31, 1993 Cash balance, beginning of year $ 181,481 Receipts: Investments sold and matured $12,049,371 Interest 28,339 Dividends 2,615,817 Employer contributions 3,171,123 Employee contributions 6,122,849 Transfers 642,655 ----------- Total receipts 24,630,154 Disbursements: Investments made 21,427,347 Employee withdrawals 3,000,264 Trustee fees and other expenses 181,371 ----------- Total disbursements 24,608,982 ----------- Cash balance, end of year $ 202,653 ===========
F-11 14 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND D SCHEDULE OF RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 31, 1993 Cash balance, beginning of year $ 9,864 Receipts: Investments sold and matured $15,831,933 Interest 436,104 Employer contributions 207,242 Employee contributions 433,045 ----------- Total receipts 16,908,324 Disbursements: Investments made 13,081,556 Employee withdrawals 1,244,146 Trustee fees and other expenses 39,186 Transfers 2,477,295 ----------- Total disbursements 16,842,183 ----------- Cash balance, end of year $ 76,005 ===========
F-12 15 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND A SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993
Purchased Sold and Net and Received Transferred Gain ------------ ----------- ------- Investment Funds: First Tennessee Bank National Association Investment Pooled Equity Total Rate of Return Fund $ 999,669 $5,929,485 $10,184 First Tennessee Bank National Association Investment Pooled Equity Stable Value Fund 6,323,064 -- --
F-13 16 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND B SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993
Purchased and Sold, Matured, Received and Transferred Net Gain ------------- --------------- -------- Participation in Fidelity Institutional Cash U.S. Government Portfolio $5,465,480 $4,641,461 $ -- Savings Plan Loan Account 3,292,859 2,211,609 -- Investment Funds: First Tennessee Bank National Association Investment Pooled Debt Stable Value Fund 6,755,099 125,046 12,105 First Tennessee Bank National Association Investment Pooled Debt Total Rate of Return Fund 409,696 6,708,803 30,832
F-14 17 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND C SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993
Sold, Purchased and Distributed, Received and Transferred Net Gain ------------- --------------- -------- Participation in Fidelity Institutional Cash U.S. $12,298,903 $12,049,371 $ - Government Portfolio First Tennessee National Corporation common stock 9,234,172 1,661,382 78,199
F-15 18 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND D SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1993
Net Purchased Sold Gain ---------- ----------- ------- Participation in Fidelity Institutional Cash U.S. Government Portfolio $2,147,698 $14,831,933 $ -
F-16 19 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND A SCHEDULE OF INVESTMENTS DECEMBER 31, 1993
Units/ Historical Market Par Value Cost Value --------- ---------- ------------ Money market investments - 7.2% Participation in Fidelity Institutional Cash U.S. Government Portfolio $ 582,153 $ 582,153 $ 582,153 ========== ----------- ----------- Investment funds - 92.8%: First Tennessee Bank National Association Investment Pooled Equity Stable Value Fund 54,402 3,995,101 6,349,203 First Tennessee Bank National Association Investment Special Equity Fund 69,805 903,569 1,187,174 ---------- ----------- ----------- 124,207 4,898,670 7,536,377 ========== ----------- ----------- Total investments $5,480,823 $8,118,530 =========== ===========
F-17 20 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND B SCHEDULE OF INVESTMENTS DECEMBER 31, 1993
Units/ Historical Market Par Value Cost Value ---------- ------------ ------------ Money market investments - 8.8%: Participation in Fidelity Institutional Cash U.S. Government Portfolio $1,417,911 $ 1,417,911 $ 1,417,911 ========== ------------ ------------ U.S. Treasury securities & Federal agencies - 4.5%: Kemper Govt. Sec - GNMA Portfolio Series 18,691 13,098 10,841 U.S. Treasury note, 8.625%, due 1/15/95 20,000 19,656 20,981 U.S. Treasury note, 5.125%, due 11/15/95 50,000 50,559 50,859 U.S. Treasury note, 6.000%, due 10/15/99 90,000 91,259 92,925 U.S. Treasury note, 4.625%, due 2/15/96 20,000 19,942 20,143 U.S. Treasury note, 4.250%, due 5/15/96 25,000 24,972 24,938 U.S. Treasury note, 3.875%, due 3/31/95 25,000 24,969 25,016 U.S. Treasury bond, 8.750%, due 11/15/08 193,000 166,705 231,177 U.S. Treasury bond, 9.000%, due 2/15/94 60,000 60,181 60,431 FHLMC, 10.000%, due 12/1/10 2,589 2,634 2,822 FNMA MTN, 4.629%, due 2/25/98 25,000 25,000 25,000 FNMA MTN, 8.050%, due 11/1/01 125,000 132,500 129,531 U.S. Savings bond series EE 30,000 15,000 25,116 ---------- ------------ ------------ 684,280 646,475 719,780 ========== ------------ ------------ Other fixed income - 1.2% Fomento Economico Mexicano, 9.5%,due 7/22/97 $ 30,000 30,938 32,700 Baxter Intern. Inc. note, 8.125%, due 11/15/01 25,000 24,715 27,719 Republic Natl Bank note, 6.400%, due 4/15/95 25,000 25,047 25,719 Trans.Canada Pipeline Deb., 8.625%, due 5/15/12 25,000 24,859 28,781 NCNB sub. note, 10.500%, due 3/15/99 25,000 28,375 27,875 New England T & T, 7.375%, due 10/15/07 25,000 25,637 25,531 Waste Management bond, 4.625%, due 4/14/96 25,000 24,879 24,969 ---------- ------------ ------------ $ 180,000 184,450 193,294 ========== ------------ ------------ Investment funds - 44.5%: First Funds Total Rate of Return Equity Portfolio 24,613 251,047 261,141 First Funds Total Rate of Return Fixed Income Portfolio 25,421 255,067 254,976 First Tennessee Bank National Association Investment Pooled Debt Stable Value Fund 80,068 5,258,687 6,643,002 ---------- ------------ ------------ 130,102 5,764,801 7,159,119 ========== ------------ ------------ Corporate stocks - 5.3% 35,149 562,782 851,950 ========== ------------ ------------ Savings Plan loan account - 35.7% 2,074 5,734,594 5,734,594 ========== ------------ ------------ Total investments $ 14,311,013 $ 16,076,648 ============ ============
F-18 21 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND C SCHEDULE OF INVESTMENTS DECEMBER 31, 1993
Units/ Historical Market Par Value Cost Value ---------- ------------ ------------ Money market investments - 1.4% Participation in Fidelity Institutional Cash U.S. Government Portfolio $1,090,972 $ 1,090,972 $ 1,090,972 ========== ------------ ------------ Corporate Stocks - 98.6% First Tennessee National Corporation common stock 1,936,050 32,658,493 74,537,925 ========== ------------ ------------ Total investments $ 33,749,465 $ 75,628,897 ============ ============
F-19 22 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND D SCHEDULE OF INVESTMENTS DECEMBER 31, 1993
Units/ Historical Par Value Cost Market Value ------------ ------------ ------------ Money market investments - 100.0% Participation in Fidelity Institutional Cash U.S. Government Portfolio $ 2,927,888 $ 2,927,888 $ 2,927,888 ------------ ------------ ------------ Commercial Paper: American General, 3.33%, due 1/6/94 $ 1,000,000 1,000,000 1,000,000 Beneficial, 3.33%, due 1/27/94 1,000,000 1,000,000 1,000,000 Chevron, 3.23%, due 2/7/94 1,000,000 1,000,000 1,000,000 Ford Motor, 3.36%, due 1/28/94 1,000,000 1,000,000 1,000,000 GECC, 3.33%, due 2/1/94 1,000,000 1,000,000 1,000,000 GECC, 3.40%, due 8/15/94 1,000,000 1,000,000 1,000,000 American Express, 3.25%, due 1/3/94 1,000,000 1,000,000 1,000,000 Texaco, 3.25%, due 1/26/94 1,000,000 1,000,000 1,000,000 Commercial Credit, 3.25%, due 1/25/94 1,000,000 1,000,000 1,000,000 Commercial Credit, 3.25%, due 2/2/94 1,000,000 1,000,000 1,000,000 ------------ ------------ ------------ $ 10,000,000 10,000,000 10,000,000 ============ ------------ ------------ Total investments $ 12,927,888 $ 12,927,888 ============ ============
F-20 23 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND A SCHEDULE OF INVESTMENTS SOLD AND TRANSFERRED FOR THE YEAR ENDED DECEMBER 31, 1993
Adjusted Units/ Historical Market Net Par Value Cost Proceeds Value Gain ---------- ---------- ---------- ---------- ------- Money market investments: Participation in Fidelity Institutional Cash U.S. Government Portfolio $2,154,346 $2,154,346 $2,154,346 $2,154,346 $ - ========== ---------- ---------- ---------- ------- Investment Funds: First Tennessee Bank National Association Investment Pooled Equity Total Rate of Return Fund 972 115,311 192,401 182,217 10,184 First Tennessee Bank National Association Investment Special Equity Fund 2,179 26,169 35,010 33,669 1,341 ---------- ---------- ---------- ---------- ------- 3,151 141,480 227,411 215,886 11,525 ========== ---------- ---------- ---------- ------- Total investments sold $2,295,826 $2,381,757 $2,370,232 $11,525 ========== ========== ========== =======
Adjusted Units/ Historical Market Market Par Value Cost Value Value ---------- ---------- ---------- ---------- Investment Funds: First Tennessee Bank National Association Investment Pooled Equity Total Rate of Return Fund 28,142 $3,409,121 $5,737,084 $5,283,283 ---------- ---------- ---------- ---------- Total investments transferred 28,142 $3,409,121 $5,737,084 $5,283,283 ========== ========== ========== ==========
F-21 24 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND B SCHEDULE OF INVESTMENTS SOLD, MATURED AND TRANSFERRED FOR THE YEAR ENDED DECEMBER 31, 1993
Adjusted Units/ Historical Market Net Gain Par Value Cost Proceeds Value (Loss) ---------- ---------- ---------- ---------- ----------- Money market investments: Participation in Fidelity Institutional Cash U.S. Government Portfolio $ 4,641,461 $4,641,461 $4,641,461 $4,641,461 $ - =========== ---------- ---------- ---------- ----------- U.S. Treasury securities and Federal agencies: U.S. Treasury bond, 9.000%, due 2/15/94 10,000 10,181 10,331 10,565 (234) U.S. Treasury note, 9.000%, due 11/15/93 20,000 20,300 20,000 20,912 (912) U.S. Treasury note, 7.625%, due 5/15/93 20,000 19,200 20,000 20,312 (312) U.S. Treasury note, 9.625%, due 3/31/93 10,000 10,288 10,000 10,153 (153) FHLMC, 10%, due 12/1/10 1,851 1,883 1,851 1,988 (137) FNMA MTN, 4.629%, due 2/25/98 25,000 25,000 25,031 25,000 31 Kemper Gov't Sec.-GNMA Portfolio Series - 5,522 5,522 5,522 - ----------- ---------- ---------- ---------- ----------- 86,851 92,374 92,735 94,452 (1,717) =========== ---------- ---------- ---------- ----------- Other fixed income investments: Security Pacific note, 8.875%, due 3/1/96 $ 25,000 25,675 25,000 25,156 (156) Coca Cola Enter. Inc. note, 8.0%, due 1/4/93 15,000 15,278 15,000 15,000 - Norwest Finl. Inc., 8.625%, due 8/1/93 25,000 25,438 25,000 25,438 (438) Florida Power & Light, 8.500%, due 1/1/04 25,000 25,845 25,790 25,812 (22) Dayton Power & Light, 8.750%, due 11/15/98 25,000 25,969 26,075 25,563 512 ----------- ---------- ---------- ---------- ----------- $ 115,000 118,205 116,865 116,969 (104) =========== ---------- ---------- ---------- ----------- Investment funds: First Tennessee Bank National Association Investment Pooled Debt Stable Value Fund 1,516 87,695 125,046 112,941 12,105 First Tennessee Bank National Association Investment Pooled Debt Total Rate of Return Fund 4,175 538,660 728,694 697,862 30,832 ----------- ---------- ---------- ---------- ----------- 5,691 626,355 853,740 810,803 42,937 =========== ---------- ---------- ---------- ----------- Corporate stocks 13,850 169,286 572,673 515,317 57,356 =========== ---------- ---------- ---------- ----------- Savings plan loan account 184 2,211,609 2,211,609 2,211,609 - =========== ---------- ---------- ---------- ----------- Total investments sold and matured $7,859,290 $8,489,083 $8,390,611 $ 98,472 ========== ========== ========== ===========
F-22 25 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND B SCHEDULE OF INVESTMENTS SOLD, MATURED AND TRANSFERRED FOR THE YEAR ENDED DECEMBER 31, 1993 (CONTINUED)
Adjusted Units/ Historical Market Market Par Value Cost Value Value --------- ------------- ----------- ---------- Investment funds: Collective Trust Funds Pooled Equity Total Rate of Return 381 74,894 73,571 74,894 Collective Trust Funds Pooled Debt Total Rate of Return 419 74,877 75,299 74,877 First Tennessee Bank National Association Investment Pooled Debt Total Rate of Return Fund 32,143 4,156,298 5,980,109 5,374,386 ------ ---------- ---------- ---------- Total investments transferred 32,943 $4,306,069 $6,128,979 $5,524,157 ====== ========== ========== ==========
F-23 26 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND C SCHEDULE OF INVESTMENTS SOLD, DISTRIBUTED, AND TRANSFERRED FOR THE YEAR ENDED DECEMBER 31, 1993
Adjusted Units/ Historical Market Par Value Cost Proceeds Value Net Gain ----------- ----------- ----------- ----------- -------- Money market investments: Participation in Fidelity Institutional Cash U.S. Government Portfolio $12,049,371 $12,049,371 $12,049,371 $12,049,371 $ - =========== ----------- ----------- ----------- -------- Total investments sold $12,049,371 $12,049,371 $12,049,371 $ - =========== =========== =========== ========
Adjusted Units/ Historical Market Market Par Value Cost Value Value Excess ----------- ----------- ----------- ----------- -------- Corporate Stocks: First Tennessee National Corporation common stock 31,091 $ 514,370 $ 1,227,757 $ 1,149,558 $ 78,199 =========== ----------- ------------ ------------ -------- Total investments distributed $ 514,370 $ 1.227,757 $ 1,149,558 $ 78,199 =========== ============ =========== ========
Adjusted Units/ Historical Market Market Par Value Cost Value Value --------- ----------- --------- ----------- Corporate Stocks: First Tennessee National Corporation common stock 10,467 $ 145,146 $ 433,625 $ 391,016 =========== ----------- ------------ ----------- Total investments transferred $ 145,146 $ 433,625 $ 391,016 =========== ============ ===========
F-24 27 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND D SCHEDULE OF INVESTMENTS SOLD AND MATURED FOR THE YEAR ENDED DECEMBER 31, 1993
Historical Adjusted Market Par Value Cost Proceeds Value Net Gain ------------ ----------- ------------ -------------- -------- Money market investments: Participation in Fidelity Institutional Cash U.S. Government Portfolio $14,831,933 $14,831,933 $14,831,933 $14,831,933 $ - =========== Repurchase Agreement: Carroll McEntee $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 - =========== ----------- ----------- ----------- ------ Total investments sold and matured $15,831,933 $15,831,933 $15,831,933 $ - =========== =========== =========== ======
F-25 28 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND A SCHEDULE OF INVESTMENTS MADE AND RECEIVED FOR THE YEAR ENDED DECEMBER 31, 1993
Units/ Par Value Cost --------- ---------- Money market investments: Participation in Fidelity Institutional Cash U.S. Government Portfolio $2,554,386 $2,554,386 ========== ---------- Investment funds: First Tennessee Bank National Association Investment Pooled Equity Total Rate of Return Fund 5,182 999,669 First Tennessee Bank National Association Investment Special Equity Fund 22,373 379,351 First Tennessee Bank National Association Investment Pooled Equity Stable Value Fund 4,048 585,980 ---------- ---------- 31,603 1,965,000 ========== ---------- Total investments made $4,519,386 ==========
Units/ Adjusted Market Par Value Cost Value --------- ---------- --------------- Investment funds: First Tennessee Bank National Association Investment Pooled Equity Stable Value Fund 50,354 $3,409,121 $5,283,283 ---------- ---------- ---------- Total investments received 50,354 $3,409,121 $5,283,283 ========== ========== ==========
F-26 29 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND B SCHEDULE OF INVESTMENTS MADE AND RECEIVED FOR THE YEAR ENDED DECEMBER 31, 1993
Units/ Par Value Cost ---------- ---- Participation in Fidelity Institutional Cash U.S. Government Portfolio $5,465,480 $ 5,465,480 ========== ----------- U.S. Treasury securities and Federal agencies: U.S. Treasury note, 5.125%, due 11/15/95 U.S. Treasury note, 6.000%, due 10/15/99 $ 25,000 25,547 U.S. Treasury note, 4.625%, due 2/15/96 90,000 91,259 U.S. Treasury note, 4.250%, due 5/15/96 20,000 19,942 U.S. Treasury note, 3.875%, due 3/31/95 25,000 24,973 FNMA MTN, 4.629%, due 2/25/98 25,000 24,969 FNMA MTN, 8.050%, due 11/01/01 50,000 50,000 125,000 132,500 ---------- ----------- $ 360,000 369,190 ========== ----------- Other fixed income: Fomento Economico Mexicano, 9.500%, due 7/22/97 $ 25,000 26,056 NCNB Subordinated note, 10.500%, due 3/15/99 25,000 28,375 New England T & T, 7.375%, due 10/15/07 Norwest Financial Inc., 8.625%, due 8/1/93 25,000 25,638 Waste Management bond, 4.625%, due 4/14/96 25,000 25,437 25,000 24,879 ---------- ----------- $ 125,000 130,385 ========== ----------- Investment funds: Collective Trust Funds Pooled Equity Total Rate of Return 381 74,894 Collective Trust Funds Pooled Debt Total Rate of Return 419 74,877 First Funds Total Rate of Return Fixed Income Portfolio 17,891 180,190 First Funds Total Rate of Return Equity Portfolio 17,256 176,154 First Tennessee Bank National Association Investment Pooled Debt Stable Value Fund 9,343 1,190,084 First Tennessee Bank National Association Investment Pooled Debt Total Rate of Return Fund 2,391 409,696 ---------- ----------- 47,681 2,105,895 ========== ----------- Corporate stocks 6,923 150,244 ========== ----------- Savings Plan loan account 648 3,292,859 ========== ----------- Total investments made $11,514,053 ===========
F-27 30 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND B SCHEDULE OF INVESTMENTS MADE AND RECEIVED FOR THE YEAR ENDED DECEMBER 31, 1993 (CONTINUED)
Adjusted Units/ Market Par Value Cost Value --------- ---- -------- Investment funds: First Tennessee Bank National Association Investment Pooled Debt Stable Value Fund 72,241 $4,156,298 $5,374,376 First Funds Total Rate of Return Fixed Income Portfolio 7,530 74,877 74,877 First Funds Total Rate of Return Equity Portfolio 7,357 74,894 74,894 ------ ---------- ---------- 87,128 4,306,069 5,524,147 ====== ---------- ---------- Corporate stocks 10,467 145,147 391,016 ====== ---------- ---------- Total investments received $4,451,216 $5,915,163 ========== ==========
F-28 31 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND C SCHEDULE OF INVESTMENTS MADE AND RECEIVED FOR THE YEAR ENDED DECEMBER 31, 1993
Units/ Par Value Cost --------- ---- Money market investments: Participation in Fidelity Institutional Cash U.S. Government Portfolio $12,298,903 $12,298,903 =========== ----------- Corporate stocks: First Tennessee National Corporation common stock 227,214 9,149,616 =========== ----------- Total investments made $21,448,519 ===========
Adjusted Units/ Market Par Value Cost Value --------- ---- -------- Corporate stocks: First Tennessee National Corporation common stock 2,271 $ 84,556 $201,146 =========== ----------- -------- Total investments received $ 84,556 $201,146 =========== ========
F-29 32 FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST - FUND D SCHEDULE OF INVESTMENTS MADE FOR THE YEAR ENDED DECEMBER 31, 1993
Par Value Cost --------- ---- Money market investments: Participation in Fidelity Institutional Cash U.S. Government Portfolio $ 2,147,698 $ 2,147,698 ============ ----------- Commercial Paper: American General, 3.33%, due 1/6/94 $ 1,000,000 1,000,000 Beneficial, 3.33%, due 1/27/94 1,000,000 1,000,000 Chevron, 3.23%, due 2/7/94 1,000,000 1,000,000 Ford Motor, 3.36%, due 1/28/94 1,000,000 1,000,000 GECC, 3.33%, due 2/1/94 1,000,000 1,000,000 GECC, 3.40%, due 8/15/94 1,000,000 1,000,000 American Express, 3.25%, due 1/3/94 1,000,000 1,000,000 Texaco, 3.25%, due 1/26/94 1,000,000 1,000,000 Commercial Credit, 3.25%, due 1/25/94 1,000,000 1,000,000 Commercial Credit, 3.25%, due 2/2/94 1,000,000 1,000,000 ------------ ----------- $ 10,000,000 10,000,000 ============ ----------- Repurchase Agreement: Carroll McEntee, 3.30%, due 10/1/93 $ 1,000,000 1,000,000 ============ ----------- Total investments made $13,147,698 ===========
F-30 33 ARTHUR ANDERSEN & CO. Report of Independent Public Accountants To the Savings Plan Committee of First Tennessee National Corporation: We have audited the accompanying statements of net assets of the FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST (the "Plan") as of December 31, 1993 and 1992, and the related statements of changes in net assets for each of the three years in the period ended December 31, 1993. These financial statements are the responsibility of the plan administrator. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the plan administrator, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Plan as of December 31, 1993 and 1992, and the changes in its net assets for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The Schedules of Receipts and Disbursements; Reportable Transactions; Investments; Investments Sold, Matured, Distributed and Transferred; and Investments Made and Received are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This information has been subjected to the auditing procedures applied in our audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN & CO. Memphis, Tennessee, June 21, 1994 34 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Savings Plan Committee has duly caused this annual report to be signed on behalf of the Plan by the undersigned thereunto duly authorized. FIRST TENNESSEE NATIONAL CORPORATION SAVINGS PLAN AND TRUST Date: June 29, 1994 By: G. Robert Vezina ----------------------------------- G. Robert Vezina Executive Vice President and Division Manager-Personnel and Chairman of Savings Plan Committee -----END PRIVACY-ENHANCED MESSAGE-----