MEMO: BOATMEN'S REPORTS FIRST QUARTER EARNINGS ARE UP

Boatmen's Bancshares Inc. has reported first-quarter earnings have increased 13 percent to $140 million or 88 cents a common share before the impact of merger expenses. First-quarter results from 1995 were $123 million or 83 cents a common share. Including merger expenses. Net income for the first quarter was $111 million or 69 cents a share.

Results for prior quarters have been restated to account for the pooling-of-interests acquisition of Fourth Financial Corp. in January.

Excluding merger and restructuring items, return on equity for the first quarter was 15.6 percent and return on assets was 1.39 percent compared with 15.4 and 1.23 percent, respectively, a year ago.

Boatmen's Bancshares, with assets of $40 billion, is the largest bank based in Missouri, and is one of the top 25 U.S. bank holding companies. Boatmen's operates at more than 600 sites in nine states, including Cape Girardeau.