1
Exhibit 99(a)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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