TUPELO, Miss., Oct. 16, 2007 (PRIME NEWSWIRE) -- Renasant Corporation (Nasdaq:RNST) (the "Company") today announced results for the third quarter of 2007. Net income for the third quarter of 2007 was $8,297,000 as compared to $6,632,000 for the third quarter of 2006. Basic and diluted earnings per share were $0.39 for the third quarter of 2007, compared to basic earnings per share of $0.43 and diluted earnings per share of $0.42 for the third quarter of 2006. Net income for the third quarter of 2007 included approximately $373,000, or $0.02 per share, in after-tax expenses related to the Company's acquisition of Capital Bancorp, Inc. ("Capital") of Nashville, Tennessee, which was completed on July 1, 2007.
"We are pleased with our third quarter performance which included completion of the Capital merger, and full integration is now well underway," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "This is the first quarter that Capital's financial performance was reflected in our earnings results, and we remain excited about our future in the Nashville, Tennessee market."
The acquisition of Capital was completed on July 1, 2007 using the purchase accounting method under generally accepted accounting principles. Under this method of accounting, the financial statements of the Company do not reflect the results of operations or financial condition of Capital prior to July 1, 2007. As such, period-end balances incorporate the impact of the Company's acquisition of Capital, including total assets of $615 million, total loans of $516 million, total deposits of $490 million, goodwill of $95 million and core deposit intangibles of $6 million. The Company issued approximately 2.8 million shares of Renasant Corporation common stock and paid $56 million cash in connection with the acquisition of Capital.
Total assets as of September 30, 2007 were $3.585 billion, representing a 37.3% increase from December 31, 2006 and a 41.6% increase since September 30, 2006.
Total loans grew to approximately $2.589 billion at the end of the third quarter of 2007, an increase of 41.7% from $1.827 billion at December 31, 2006. The acquisition of Capital increased loans by $516 million. The Company's organic loan growth totaled $246 million, representing a 13.5% increase since December 31, 2006.
Total deposits grew to $2.664 billion at September 30, 2007, representing a 26.3% increase from December 31, 2006. The acquisition of Capital increased total deposits by $490 million. The Company's organic deposit growth totaled $85 million, representing a 4.0% increase since December 31, 2006.
Net interest income grew to $26.7 million for the third quarter of 2007 compared to $21.7 million for the same period in 2006. Net interest margin declined to 3.52% for the third quarter of 2007 as compared to 4.02% for the third quarter of 2006. As discussed in previous releases, net interest income for the third quarter of 2006 included $527,000 in additional income from certain loans acquired in connection with the Company's acquisition of Heritage Financial Holding Corporation. This additional interest income increased the Company's net interest margin 9 basis points and earnings by $0.02. On a linked quarter basis, net interest margin was 3.52% for the third quarter of 2007 as compared to 3.66% for the second quarter of 2007.
Noninterest income increased 14.8% to $13.4 million for the third quarter of 2007 from $11.7 million for the third quarter of 2006. The Capital acquisition contributed $688,000 in noninterest income for the third quarter of 2007. Excluding Capital's noninterest income, the Company's noninterest income increased 8.9% as compared to the third quarter of 2006.
Noninterest expense was $26.7 million for the third quarter of 2007, up 15.8% compared to $23 million for the third quarter of 2006. The acquisition of Capital increased noninterest expenses $3.6 million for the third quarter of 2007. Excluding these noninterest expenses, the Company's noninterest expenses decreased $13,000 as compared to the third quarter of 2006.
Annualized net charge-offs as a percentage of average loans were 0.06% for the third quarter of 2007, down from 0.13% for the third quarter of 2006. Non-performing loans as a percentage of total loans were 0.57% at September 30, 2007, as compared to 0.62% at December 31, 2006 and 0.46% at September 30, 2006. Nonperforming loans were $14.8 million at September 30, 2007 as compared to $11.3 million at December 31, 2006 and $8.1 million at September 30, 2006. The increase in non-performing loans at September 30, 2007 as compared to prior periods is attributable to the acquisition of Capital and the addition of two large loans in our Alabama market. The allowance for loan losses as a percentage of loans was 1.04% at September 30, 2007, as compared to 1.07% at December 31, 2007 and 1.10% at September 30, 2006. The Company increased the provision for loan losses $413,000 for the third quarter of 2007, as compared to the same period in 2006, due to the aforementioned increase in non-performing loans and loan growth.
"During the third quarter of 2007, we set the stage for future growth in our key markets by moving forward with the full integration of Capital in Nashville and by hiring a new State President to oversee our Alabama Division operations."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Wednesday, October 17, 2007, through the Company's website: www.renasant.com, and through Thompson/CCBN's individual investor center at www.fulldisclosure.com, or any of Thompson/CCBN's Investor Distribution Network websites. The event will be archived on the Company's website for 90 days. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing: 1-800-291-9234 in the United States and entering the participant passcode 76542886. International participants should dial (617) 614-3923 and enter the participant passcode 76542886.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of September 30, 2007, Renasant has assets of approximately $3.6 billion and operates 70 banking, mortgage and insurance offices in Mississippi, Tennessee and Alabama.
The Renasant Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2567
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
2007
----------------------------------
Third Second First
Statement of earnings Quarter Quarter Quarter
--------------------- ---------- ---------- ----------
Interest income - taxable
equivalent basis $ 57,571 $ 44,399 $ 42,534
Interest income $ 56,636 $ 43,541 $ 41,710
Interest expense 29,938 22,022 21,049
---------- ---------- ----------
Net interest income 26,698 21,519 20,661
Provision for loan losses 1,313 800 750
---------- ---------- ----------
Net interest income after
provision 25,385 20,719 19,911
Service charges on deposit
accounts 5,239 4,919 4,844
Fees and commissions on loans and
deposits 4,104 4,060 3,728
Insurance commissions and fees 930 918 810
Trust revenue 806 680 567
Gain (loss) on sale of securities -- (1) 79
Gain on sale of mortgage loans 1,201 1,225 1,146
Other 1,166 1,066 1,503
---------- ---------- ----------
Total non-interest income 13,446 12,867 12,677
Salaries and employee benefits 15,010 13,083 12,927
Occupancy and equipment 3,269 2,836 2,731
Data processing 1,425 1,265 1,202
Amortization of intangibles 610 391 394
Other 6,375 5,792 5,247
---------- ---------- ----------
Total non-interest expense 26,689 23,367 22,501
Income before income taxes 12,142 10,219 10,087
Income taxes 3,845 3,132 3,125
---------- ---------- ----------
Net income $ 8,297 $ 7,087 $ 6,962
========== ========== ==========
Basic earnings per share 0.39 $ 0.42 $ 0.45
Diluted earnings per share 0.39 0.41 0.44
Average basic shares outstanding 21,096,156 17,029,781 15,554,515
Average diluted shares
outstanding 21,437,848 17,292,914 15,865,906
Common shares outstanding 20,983,501 18,356,974 15,560,006
Cash dividend per common share $ 0.170 $ 0.160 $ 0.160
Performance ratios
------------------
Return on average shareholders'
equity 8.45% 9.74% 11.05%
Return on average shareholders'
equity, excluding amortization
expense 8.83% 10.07% 11.44%
Return on average assets 0.94% 1.04% 1.06%
Return on average assets,
excluding amortization expense 0.98% 1.07% 1.10%
Net interest margin (FTE) 3.52% 3.66% 3.67%
Yield on earning assets (FTE) 7.32% 7.25% 7.27%
Average earning assets to average
assets 88.71% 89.74% 89.13%
Average loans to average deposits 94.02% 87.00% 86.12%
Noninterest income (less
securities gains/losses) to
average assets 1.52% 1.89% 1.92%
Noninterest expense to average
assets 3.01% 3.43% 3.43%
Net overhead ratio 1.49% 1.54% 1.51%
Efficiency ratio (FTE) 64.97% 66.30% 65.87%
2006
----------------------------------------------
Fourth Third Second First
Statement of earnings Quarter Quarter Quarter Quarter
--------------------- ---------- ---------- ---------- ----------
Interest income -
taxable equivalent
basis $ 41,654 $ 40,916 $ 38,437 $ 36,632
Interest income $ 40,809 $ 40,070 $ 37,597 $ 35,817
Interest expense 19,899 18,367 16,655 15,309
---------- ---------- ---------- ----------
Net interest income 20,910 21,703 20,942 20,508
Provision for loan
losses 800 900 (360) 1,068
---------- ---------- ---------- ----------
Net interest income
after provision 20,110 20,803 21,302 19,440
Service charges on
deposit accounts 4,809 4,686 4,527 4,424
Fees and commissions
on loans and deposits 3,530 3,662 3,659 3,003
Insurance commissions
and fees 868 975 868 822
Trust revenue 625 630 630 630
Gain (loss) on sale
of securities -- -- 4 21
Gain on sale of
mortgage loans 1,034 1,029 674 760
Other 898 731 671 1,773
---------- ---------- ---------- ----------
Total non-interest
income 11,764 11,713 11,033 11,433
Salaries and employee
benefits 12,234 13,013 12,301 12,212
Occupancy and
equipment 2,773 2,788 2,688 2,786
Data processing 1,124 1,122 1,053 982
Amortization of
intangibles 396 398 414 431
Other 5,484 5,724 5,603 5,480
---------- ---------- ---------- ----------
Total non-interest
expense 22,011 23,045 22,059 21,891
Income before income
taxes 9,863 9,471 10,276 8,982
Income taxes 2,914 2,839 3,233 2,481
---------- ---------- ---------- ----------
Net income $ 6,949 $ 6,632 $ 7,043 $ 6,501
========== ========== ========== ==========
Basic earnings per
share $ 0.45 $ 0.43 $ 0.45 $ 0.42
Diluted earnings per
share 0.44 0.42 0.44 0.41
Average basic shares
outstanding 15,534,907 15,529,002 15,504,993 15,455,763
Average diluted
shares outstanding 15,917,314 15,904,213 15,832,310 15,743,906
Common shares
outstanding 15,536,475 15,531,611 15,521,611 15,946,004
Cash dividend per
common share $ 0.160 $ 0.160 $ 0.153 $ 0.153
Performance ratios
------------------
Return on average
shareholders' equity 10.79% 10.70% 11.68% 11.00%
Return on average
shareholders' equity,
excluding
amortization expense 11.17% 11.09% 12.10% 11.44%
Return on average
assets 1.07% 1.05% 1.14% 1.07%
Return on average
assets, excluding
amortization expense 1.11% 1.08% 1.18% 1.12%
Net interest margin
(FTE) 3.78% 4.02% 3.96% 3.99%
Yield on earning
assets (FTE) 7.23% 7.29% 7.00% 6.86%
Average earning assets
to average assets 88.95% 88.46% 88.66% 88.16%
Average loans to
average deposits 87.91% 86.55% 85.06% 85.66%
Noninterest income
(less securities
gains/losses) to
average assets 1.82% 1.85% 1.78% 1.88%
Noninterest expense
to average assets 3.40% 3.63% 3.56% 3.61%
Net overhead ratio 1.58% 1.79% 1.78% 1.73%
Efficiency ratio (FTE) 65.67% 67.26% 67.22% 66.83%
Q3 2007 - For the Nine Months
Q3 2006 Ended September 30,
----------------------------------
Percent Percent
Statement of earnings Variance 2007 2006 Variance
--------------------- ---------- ---------- ---------- ----------
Interest income -
taxable equivalent
basis 40.71 $ 144,504 $ 115,985 24.59
Interest income 41.34 $ 141,887 $ 113,484 25.03
Interest expense 63.00 73,009 50,331 45.06
---------- ---------- ---------- ----------
Net interest income 23.02 68,878 63,153 9.07
Provision for loan
losses 45.89 2,863 1,608 78.05
---------- ---------- ---------- ----------
Net interest income
after provision 22.03 66,015 61,545 7.26
Service charges on
deposit accounts 11.80 15,002 13,637 10.01
Fees and commissions
on loans and deposits 12.07 11,892 10,324 15.19
Insurance commissions
and fees (4.62) 2,658 2,665 (0.26)
Trust revenue 27.94 2,053 1,890 8.62
Gain (loss) on sale
of securities -- 78 25 212.00
Gain on sale of
mortgage loans 16.72 3,572 2,463 45.03
Other 59.51 3,735 3,175 17.64
---------- ---------- ---------- ----------
Total non-interest
income 14.80 38,990 34,179 14.08
Salaries and employee
benefits 15.35 41,020 37,526 9.31
Occupancy and
equipment 17.25 8,836 8,262 6.95
Data processing 27.01 3,892 3,157 23.28
Amortization of
intangibles 53.27 1,395 1,243 12.23
Other 11.37 17,414 16,807 3.61
---------- ---------- ---------- ----------
Total non-interest
expense 15.81 72,557 66,995 8.30
Income before income
taxes 28.20 32,448 28,729 12.95
Income taxes 35.44 10,102 8,553 18.11
---------- ---------- ---------- ----------
Net income 25.11 $ 22,346 $ 20,176 10.76
========== ========== ========== ==========
Basic earnings per
share (9.30) 1.25 $ 1.30 (3.85)
Diluted earnings per
share (7.14) 1.23 1.27 (3.15)
Average basic shares
outstanding 35.85 17,913,783 15,508,589 15.51
Average diluted
shares outstanding 34.79 18,212,909 15,841,620 14.97
Common shares
outstanding 35.10 20,983,501 15,531,611 35.10
Cash dividend per
common share 6.25 $ 0.490 $ 0.467 5.00
Performance ratios
------------------
Return on average
shareholders' equity 9.54% 11.08%
Return on average
shareholders' equity,
excluding
amortization expense 9.90% 11.50%
Return on average
assets 1.00% 1.08%
Return on average
assets, excluding
amortization expense 1.04% 1.13%
Net interest margin
(FTE) 3.60% 3.99%
Yield on earning
assets (FTE) 7.29% 7.05%
Average earning assets
to average assets 89.18% 88.45%
Average loans to
average deposits 89.41% 85.52%
Noninterest income
(less securities
gains/losses) to
average assets 1.75% 1.84%
Noninterest expense
to average assets 3.26% 3.60%
Net overhead ratio 1.51% 1.77%
Efficiency ratio (FTE) 65.67% 67.11%
*Percent variance not meaningful
Share and per share amounts have been restated to reflect the
three-for-two stock split issued August 28, 2006
RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
2007
-------------------------------------
Third Second First
Average balances Quarter Quarter Quarter
---------------- ----------- ----------- ----------
Total assets $ 3,515,669 $ 2,735,556 $ 2,663,515
Earning assets 3,118,727 2,454,953 2,373,908
Securities 548,612 476,742 444,420
Loans, net of unearned 2,557,185 1,954,517 1,885,122
Intangibles 194,743 97,697 98,094
Non-interest bearing deposits 298,278 257,273 $ 258,071
Interest bearing deposits 2,389,220 1,951,730 1,899,474
Total deposits 2,687,498 2,209,003 2,157,545
Other borrowings 385,589 201,743 212,762
Shareholders' equity 389,621 291,864 255,470
Asset quality data
------------------
Nonaccrual loans $ 12,657 $ 5,905 $ 6,368
Loans 90 past due or more 2,125 1,648 3,913
----------- ----------- -----------
Non-performing loans 14,782 7,553 10,281
Other real estate owned and
repossessions 3,168 2,309 2,897
----------- ----------- -----------
Non-performing assets $ 17,950 $ 9,862 $ 13,178
=========== =========== ===========
Net loan charge-offs
(recoveries) $ 377 $ 277 $ 202
Allowance for loan losses 26,926 20,605 20,082
Non-performing loans /
total loans 0.57% 0.38% 0.54%
Non-performing assets /
total assets 0.50% 0.35% 0.48%
Allowance for loan losses /
total loans 1.04% 1.04% 1.06%
Allowance for loan losses /
non-performing loans 182.15% 272.81% 195.33%
Annualized net loan
charge-offs / average loans 0.06% 0.06% 0.04%
Balances at period end
----------------------
Total assets $ 3,584,519 $ 2,791,295 $ 2,754,930
Earning assets 3,168,182 2,494,569 2,460,185
Securities 543,017 460,606 462,588
Mortgage loans held for sale 25,911 38,048 29,098
Loans, net of unearned 2,588,563 1,977,941 1,889,799
Intangibles 196,643 97,286 97,902
Non-interest bearing deposits $ 315,813 $ 274,336 $ 273,726
Interest bearing deposits 2,348,064 1,949,018 1,991,620
Total deposits 2,663,877 2,223,354 2,265,346
Other borrowings 483,988 218,045 200,764
Shareholders' equity 392,312 316,634 258,566
Market value per common share $ 21.63 $ 22.74 $ 24.68
Book value per common share 18.70 17.25 16.62
Tangible book value per
common share 9.32 11.95 10.33
Shareholders' equity to
assets (actual) 10.94% 11.34% 9.39%
Tangible capital ratio 5.78% 8.14% 6.05%
Leverage ratio 8.26% 11.02% 8.85%
Detail of Loans by Category
---------------------------
Commercial, financial,
agricultural $ 336,157 $ 265,062 $ 243,274
Lease financing 2,906 3,409 3,833
Real estate - construction 401,652 247,241 231,311
Real estate - 1-4 family
mortgages 841,266 669,557 654,604
Real estate - commercial
mortgages 925,001 715,408 676,015
Installment loans to
individuals 81,581 77,264 80,762
----------- ----------- -----------
Loans, net of unearned $ 2,588,563 $ 1,977,941 $ 1,889,799
=========== =========== ===========
2006
--------------------------------------------------
Fourth Third Second First
Average balances Quarter Quarter Quarter Quarter
---------------- ----------- ----------- ----------- -----------
Total assets $ 2,569,719 $ 2,517,189 $ 2,485,527 $ 2,456,602
Earning assets 2,285,878 2,226,598 2,203,677 2,165,821
Securities 439,383 446,098 448,905 412,670
Loans, net of
unearned 1,828,637 1,770,135 1,721,426 1,689,106
Intangibles 98,554 98,955 99,359 99,854
Non-interest
bearing deposits $ 260,823 $ 269,051 $ 258,886 $ 256,548
Interest bearing
deposits 1,780,128 1,732,532 1,733,865 1,689,671
Total deposits 2,040,951 2,001,583 1,992,751 1,946,219
Other borrowings 241,642 239,295 225,201 245,093
Shareholders'
equity 255,494 245,946 241,841 239,771
Asset quality data
------------------
Nonaccrual loans $ 7,821 $ 6,264 $ 5,978 $ 2,509
Loans 90 past due
or more 3,467 1,798 1,745 1,546
----------- ----------- ----------- -----------
Non-performing
loans 11,288 8,062 7,723 4,055
Other real estate
owned and
repossessions 4,579 3,502 3,697 3,922
----------- ----------- ----------- -----------
Non-performing
assets $ 15,867 $ 11,564 $ 11,420 $ 7,977
=========== =========== =========== ===========
Net loan charge-
offs (recoveries)$ 566 $ 590 $ (877) $ 958
Allowance for
loan losses 19,534 19,300 18,990 18,473
Non-performing
loans / total
loans 0.62% 0.46% 0.45% 0.24%
Non-performing
assets / total
assets 0.61% 0.46% 0.46% 0.32%
Allowance for loan
losses / total
loans 1.07% 1.10% 1.10% 1.11%
Allowance for loan
losses /
non-performing
loans 173.05% 239.39% 245.89% 455.56%
Annualized net
loan charge-offs /
average loans 0.12% 0.13% -0.20% 0.23%
Balances at period
end
------------------
Total assets $ 2,611,356 $ 2,530,892 $ 2,503,333 $ 2,509,220
Earning assets 2,315,431 2,245,428 2,208,320 2,205,706
Securities 428,065 438,287 434,567 429,169
Mortgage loans
held for sale 38,672 32,134 36,519 34,099
Loans, net of
unearned 1,826,762 1,761,842 1,729,861 1,664,479
Intangibles 98,296 98,760 99,159 99,575
Non-interest
bearing deposits $ 271,237 $ 257,764 $ 272,686 $ 272,672
Interest bearing
deposits 1,837,728 1,727,650 1,710,780 1,759,073
Total deposits 2,108,965 1,985,414 1,983,466 2,031,745
Other borrowings 216,423 264,983 252,671 214,054
Shareholders'
equity 252,704 250,622 241,043 239,418
Market value per
common share $ 30.63 $ 28.07 $ 26.90 24.63
Book value per
common share 16.27 16.14 15.53 15.45
Tangible book
value per common
share 9.94 9.78 9.14 9.02
Shareholders'
equity to
assets (actual) 9.68% 9.90% 9.63% 9.54%
Tangible capital
ratio 6.14% 6.24% 5.90% 5.80%
Leverage ratio 8.60% 8.79% 8.67% 8.59%
Detail of Loans
by Category
---------------
Commercial,
financial,
agricultural $ 236,741 $ 231,361 $ 230,890 $ 206,914
Lease financing 4,234 4,617 5,284 6,548
Real estate -
construction 242,669 234,667 229,969 196,228
Real estate -
1-4 family
mortgages 636,060 614,143 593,174 578,931
Real estate -
commercial
mortgages 629,354 599,314 594,121 595,589
Installment loans
to individuals 77,704 77,740 76,423 80,269
----------- ----------- ----------- -----------
Loans, net of
unearned $ 1,826,762 $ 1,761,842 $ 1,729,861 $ 1,664,479
=========== =========== =========== ===========
Q3 2007 - For the Nine Months
Q3 2006 Ended September 30,
Percent Percent
Average balances Variance 2007 2006 Variance
---------------- ----------- ----------- ----------- -----------
Total assets 39.67 $ 2,973,780 $ 2,486,841 19.58
Earning assets 40.07 2,651,989 2,199,584 20.57
Securities 22.98 490,371 436,673 12.30
Loans, net of
unearned 44.46 2,134,737 1,727,189 23.60
Intangibles 96.80 129,142 99,415 29.90
Non-interest
bearing deposits 10.86 $ 272,065 $ 261,626 3.99
Interest bearing
deposits 37.90 2,081,915 1,718,653 21.14
Total deposits 34.27 2,353,980 1,980,279 18.87
Other borrowings 61.14 270,035 236,508 14.18
Shareholders'
equity 58.42 313,199 243,372 28.69
Asset quality data
------------------
Nonaccrual loans 102.06 $ 12,657 $ 6,264 102.06
Loans 90 past due
or more 18.19 2,125 1,798 18.19
----------- ----------- ----------- -----------
Non-performing
loans 83.35 14,782 8,062 83.35
Other real estate
owned and
repossessions (9.54) 3,168 3,502 (9.54)
----------- ----------- ----------- -----------
Non-performing
assets 55.22 $ 17,950 $ 11,564 55.22
=========== ===========
Net loan charge-
offs (recoveries) (36.10) $ 856 $ 671 27.57
Allowance for
loan losses 39.51 26,926 19,300 39.51
Non-performing
loans / total
loans 0.57% 0.46%
Non-performing
assets / total
assets 0.50% 0.46%
Allowance for loan
losses / total
loans 1.04% 1.10%
Allowance for loan
losses /
non-performing
loans 182.15% 239.39%
Annualized net
loan charge-offs
average loans 0.05% 0.05%
Balances at period
end
------------------
Total assets $ 3,584,519 $ 2,530,892 41.63
Earning assets 3,168,182 2,245,428 41.09
Securities 543,017 438,287 23.90
Mortgage loans
held for sale 25,911 32,134 (19.37)
Loans, net of
unearned 2,588,563 1,761,842 46.92
Intangibles 196,643 98,760 99.11
Non-interest
bearing deposits $ 315,813 $ 257,764 22.52
Interest bearing
deposits 2,348,064 1,727,650 35.91
Total deposits 2,663,877 1,985,414 34.17
Other borrowings 483,988 264,983 82.65
Shareholders'
equity 392,312 250,622 56.54
Market value per
common share $ 21.63 $ 28.07 (22.94)
Book value per
common share 18.70 16.14 15.86
Tangible book
value per common
share 9.32 9.78 (4.63)
Shareholders'
equity to
assets (actual) 10.94% 9.90%
Tangible capital
ratio 5.78% 6.24%
Leverage ratio 8.26% 8.79%
Detail of Loans
by Category
---------------
Commercial,
financial,
agricultural $ 336,157 $ 231,361 45.30
Lease financing 2,906 4,617 (37.06)
Real estate -
construction 401,652 234,667 71.16
Real estate -
1-4 family
mortgages 841,266 614,143 36.98
Real estate -
commercial
mortgages 925,001 599,314 54.34
Installment loans
to individuals 81,581 77,740 4.94
----------- -----------
Loans, net of
unearned $ 2,588,563 $ 1,761,842 46.92
=========== ===========
*Percent variance not meaningful
Share and per share amounts have been restated to reflect the
three-for-two stock split issued August 28, 2006