TUPELO, Miss., July 15, 2008 (PRIME NEWSWIRE) -- Renasant Corporation (Nasdaq:RNST) (the "Company") today announced its earnings results for the second quarter of 2008. Net income for the second quarter of 2008 was $7,985,000, up 12.67%, as compared to $7,087,000 for the second quarter of 2007. The increase in net income can be attributed to higher levels of net interest income and noninterest income offset partially by increases in noninterest expense and our provision for loan losses.
Basic and diluted earnings per share were $0.38 for the second quarter of 2008, compared to basic earnings per share of $0.42 and diluted earnings per share of $0.41 for the second quarter of 2007. The decrease in basic and diluted earnings per share can be partially attributed to the shares of our common stock issued in connection with the Capital Bancorp acquisition, which was completed on July 1, 2007, and the related equity offering of our common stock during the second quarter of 2007.
"Even as record high gas prices, slowing real estate markets and lingering effects from national credit issues continue to challenge the financial services and banking industry, we are pleased with our solid earnings results for the second quarter of 2008," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.
Total assets as of June 30, 2008 were $3.782 billion, representing a 4.70% increase from December 31, 2007 and a 35.50% increase since June 30, 2007. Total loans were approximately $2.541 billion at the end of the second quarter of 2008, a decrease of 1.78% from $2.587 billion at December 31, 2007 and an increase of 28.47% from $1.978 billion at June 30, 2007. Total deposits were $2.467 billion at June 30, 2008, representing a 3.17% decrease from December 31, 2007 and a 10.97% increase since June 30, 2007. The acquisition of Capital on July 1, 2007 increased total assets by $614,802,000, total loans by $515,982,000 and total deposits by $490,257,000; these amounts are not reflected in our financial statements as of June 30, 2007.
"While national and regional economies are experiencing a slow down, certain markets within the Renasant footprint have started to see a slight reduction in housing inventories," commented McGraw. "This slight improvement emphasizes the quality of our geographic market diversity, however we continue to recognize the overall difficulties in the housing and real estate markets and will continue to apply strict underwriting standards on all new and renewing loans. These factors led to a $50.5 million reduction in our construction portfolio during the second quarter."
"As we continue our prudent underwriting practices, we believe this will help alleviate further exposure to soft market conditions in the real estate sector during the second half of the year. Although loans have decreased during the first six months of 2008, we believe the markets within our footprint have viable economies necessary to support and sustain our long term growth," added McGraw.
Stockholders' equity was $403,795,000 at June 30, 2008, an increase of 1.18% from $399,073,000 at December 31, 2007 and an increase of 27.53% from $316,634,000 during the same period for 2007. Changes in stockholders' equity reflects the acquisition of Capital, earnings, dividends paid and changes in unrealized gains and losses on investment securities available for sale. At June 30, 2008, the Company's regulatory capital ratios remained above "well-capitalized" requirements.
Net interest income grew to $27,502,000 for the second quarter of 2008 compared to $21,519,000 for the same period in 2007. This increase is partly a result of a continued focus on managing our funding costs, as reflected by the fact that while the average balance of interest bearing liabilities increased 39.65% from the second quarter 2007 to the second quarter 2008, interest expense only increased 4.27% during the same period. Net income was also positively affected by an increase of $878,223,000 in average earning assets, primarily attributable to the Capital acquisition and the purchase of investment securities.
Net interest margin declined to 3.43% for the second quarter of 2008 as compared to 3.66% for the second quarter of 2007. On a linked quarter basis, net interest margin was 3.43% for the second quarter of 2008 as compared to 3.52% for the first quarter of 2008.
"Although recent reductions in interest rates have caused our yields on earning assets to decrease, we have somewhat mitigated this effect by managing the repricing of our deposits and utilizing cheaper sources of alternative borrowings," commented McGraw.
Noninterest income increased 7.17% to $13,790,000 for the second quarter of 2008 from $12,867,000 for the second quarter of 2007. The operations acquired in the Capital merger contributed $835,000 of noninterest income for the second quarter of 2008. The growth in noninterest income also was due to increases in fees from loans, deposits and our mortgage lending division. On a linked quarter basis, noninterest income decreased from $13,857,000 for the first quarter of 2008. The decrease in noninterest income during the second quarter of 2008 compared to the first quarter of 2008 includes our receipt of $409,000 from the Visa initial public offering and $271,000 in contingency income related to our insurance division during the first quarter of 2008. Excluding these two items for the first quarter of 2008, noninterest income for the second quarter 2008 grew at an annualized rate of 18.61%.
"Our fee income derived from such products as insurance, mortgage lending, trust, mutual funds, and annuities remains a stable source of income for the company," stated McGraw.
Noninterest expense was $27,698,000 for the second quarter of 2008, up 18.53% compared to $23,367,000 for the second quarter of 2007. The operations acquired in the Capital merger increased noninterest expense $2,992,000 for the second quarter of 2008.
Non-performing loans (loans 90 days due or more and nonaccrual) totaled $26,621,000 at June 30, 2008 as compared to $16,277,000 at December 31, 2007 and $7,553,000 at June 30, 2007. Non-performing loans as a percentage of total loans were 1.05% at June 30, 2008, as compared to 0.63% at December 31, 2007 and 0.38% at June 30, 2007. On a linked quarter basis, non-performing loans as a percentage of total loans increased from 0.85% at March 31, 2008 to 1.05% at June 30, 2008.
Although non-performing loans increased, the Company's total past due loans (loans 30 days or more overdue and nonaccrual) as a percentage of total loans decreased from 2.66% during the first quarter of 2008 to 2.28% for the second quarter of 2008. The allowance for loan losses as a percentage of loans was 1.05% at June 30, 2008, as compared to 1.02% at December 31, 2007 and 1.04% at June 30, 2007. Annualized net charge-offs as a percentage of average loans were 0.43% for the second quarter of 2008, up from 0.26% for the first quarter of 2008 and 0.06% for the second quarter of 2007. The provision for loan losses was $2,200,000 for the second quarter of 2008 as compared to $800,000 for the same period in 2007.
"The increase in our loan loss provision is a reflection of construction and land development conditions in some of our markets," said McGraw. "Although it appears no one is immune from 2008's challenging economic environment, we believe we have the proper tools, conservative credit culture, underwriting processes and people in place to aggressively work through any credit issues while minimizing losses that may arise."
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, July 16, 2008, 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 866-271-6130 in the United States and entering the participant passcode 64513717. International participants should dial 617-213-8894 and enter the participant passcode 64513717.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of June 30, 2008, Renasant has assets of approximately $3.8 billion and operates over 65 banking, mortgage, financial services 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)
2008
-------------------------
Second First
Statement of earnings Quarter Quarter
--------------------- ----------- -----------
Interest income - taxable equivalent basis $ 51,386 $ 54,324
Interest income $ 50,465 $ 53,383
Interest expense 22,963 26,226
----------- -----------
Net interest income 27,502 27,157
Provision for loan losses 2,200 2,625
----------- -----------
Net interest income after provision 25,302 24,532
Service charges on deposit accounts 5,750 5,433
Fees and commissions on loans and deposits 4,481 3,765
Insurance commissions and fees 838 857
Trust revenue 670 626
Gain (loss) on sale of securities -- --
Gain on sale of mortgage loans 1,311 1,521
Other 740 1,655
----------- -----------
Total non-interest income 13,790 13,857
Salaries and employee benefits 14,849 14,718
Occupancy and equipment 3,413 3,373
Data processing 1,303 1,307
Amortization of intangibles 578 584
Other 7,555 6,816
----------- -----------
Total non-interest expense 27,698 26,798
Income before income taxes 11,394 11,591
Income taxes 3,409 3,314
----------- -----------
Net income $ 7,985 $ 8,277
=========== ===========
Basic earnings per share $ 0.38 $ 0.40
Diluted earnings per share 0.38 0.39
Average basic shares outstanding 20,946,287 20,878,478
Average diluted shares outstanding 21,205,208 21,133,235
Common shares outstanding 20,954,627 20,930,871
Cash dividend per common share $ 0.17 $ 0.17
Performance ratios
------------------
Return on average shareholders' equity 7.82% 8.21%
Return on average shareholders' equity,
excluding amortization expense 8.17% 8.57%
Return on average assets 0.86% 0.92%
Return on average assets, excluding
amortization expense 0.89% 0.96%
Net interest margin (FTE) 3.43% 3.52%
Yield on earning assets (FTE) 6.20% 6.81%
Average earning assets to average assets 88.83% 88.44%
Average loans to average deposits 101.20% 99.90%
Noninterest income (less securities gains/
losses) to average assets 1.48% 1.54%
Noninterest expense to average assets 2.97% 2.97%
Net overhead ratio 1.49% 1.43%
Efficiency ratio (FTE) 65.61% 63.87%
Average balances
----------------
Total assets $ 3,752,401 $ 3,629,623
Earning assets 3,333,176 3,210,112
Securities 704,694 555,174
Loans, net of unearned 2,611,843 2,631,101
Intangibles 195,949 197,036
Non-interest bearing deposits $ 298,692 $ 293,528
Interest bearing deposits 2,233,380 2,301,291
Total deposits 2,532,072 2,594,819
Other borrowings 774,052 587,957
Shareholders' equity 410,780 405,355
Asset quality data
------------------
Nonaccrual loans $ 17,659 $ 16,090
Loans 90 past due or more 8,962 5,888
----------- -----------
Non-performing loans 26,621 21,978
Other real estate owned and repossessions 13,111 12,802
----------- -----------
Non-performing assets $ 39,732 $ 34,780
=========== ===========
Net loan charge-offs (recoveries) $ 2,823 $ 1,726
Allowance for loan losses 26,647 27,271
Non-performing loans / total loans 1.05% 0.85%
Non-performing assets / total assets 1.05% 0.94%
Allowance for loan losses / total loans 1.05% 1.06%
Allowance for loan losses /
non-performing loans 100.10% 124.08%
Annualized net loan charge-offs /
average loans 0.43% 0.26%
Balances at period end
----------------------
Total assets $ 3,782,196 $ 3,699,276
Earning assets 3,339,511 3,267,329
Securities 741,154 636,338
Mortgage loans held for sale 43,487 33,062
Loans, net of unearned 2,541,012 2,580,911
Intangibles 194,688 196,264
Non-interest bearing deposits $ 305,877 $ 304,171
Interest bearing deposits 2,161,301 2,322,471
Total deposits 2,467,178 2,626,642
Other borrowings 878,813 623,906
Shareholders' equity 403,795 409,827
Market value per common share $ 14.73 $ 22.50
Book value per common share 19.27 19.58
Tangible book value per common share 9.98 10.20
Shareholders' equity to assets (actual) 10.68% 11.08%
Tangible capital ratio 5.83% 6.10%
Leverage ratio 8.12% 8.23%
Detail of Loans by Category
---------------------------
Commercial, financial, agricultural $ 303,385 $ 310,497
Lease financing 2,130 2,304
Real estate - construction 335,430 385,957
Real estate - 1-4 family mortgages 857,165 846,626
Real estate - commercial mortgages 972,111 954,131
Installment loans to individuals 70,791 81,396
----------- -----------
Loans, net of unearned $ 2,541,012 $ 2,580,911
=========== ===========
2007
-----------------------------------------------------
Statement of Fourth Third Second First
earnings Quarter Quarter Quarter Quarter
------------ ----------- ----------- ----------- ----------
Interest income
- taxable
equivalent
basis $ 57,339 $ 57,571 $ 44,399 $ 42,534
Interest
income $ 56,316 $ 56,636 $ 43,541 $ 41,710
Interest
expense 29,373 29,938 22,022 21,049
----------- ----------- ----------- -----------
Net interest
income 26,943 26,698 21,519 20,661
Provision for
loan losses 1,975 1,313 800 750
----------- ----------- ----------- -----------
Net interest
income after
provision 24,968 25,385 20,719 19,911
Service charges
on deposit
accounts 5,526 5,239 4,919 4,844
Fees and
commissions on
loans and
deposits 3,834 4,104 4,060 3,728
Insurance
commissions
and fees 891 930 918 810
Trust revenue 806 806 680 567
Gain (loss) on
sale of
securities -- -- (1) 79
Gain on sale of
mortgage loans 1,291 1,201 1,225 1,146
Other 849 1,166 1,066 1,503
----------- ----------- ----------- -----------
Total
non-interest
income 13,197 13,446 12,867 12,677
Salaries and
employee
benefits 13,970 15,010 13,083 12,927
Occupancy and
equipment 3,371 3,269 2,836 2,731
Data processing 993 1,425 1,265 1,202
Amortization of
intangibles 596 610 391 394
Other 6,513 6,375 5,792 5,247
----------- ----------- ----------- -----------
Total
non-interest
expense 25,443 26,689 23,367 22,501
Income before
income taxes 12,722 12,142 10,219 10,087
Income taxes 3,967 3,845 3,132 3,125
----------- ----------- ----------- -----------
Net income $ 8,755 $ 8,297 $ 7,087 $ 6,962
=========== =========== =========== ===========
Basic earnings
per share $ 0.42 $ 0.39 $ 0.42 $ 0.45
Diluted
earnings
per share 0.41 0.39 0.41 0.44
Average basic
shares
outstanding 20,953,099 21,096,156 17,029,781 15,554,515
Average diluted
shares
outstanding 21,297,082 21,437,848 17,292,914 15,865,906
Common shares
outstanding 20,841,365 20,983,501 18,356,974 15,560,006
Cash dividend
per common
share $ 0.17 $ 0.17 $ 0.16 $ 0.16
Performance
ratios
-----------
Return on
average
shareholders'
equity 8.74% 8.45% 9.74% 11.05%
Return on
average
shareholders'
equity,
excluding
amortization
expense 9.10% 8.83% 10.07% 11.44%
Return on
average assets 0.96% 0.94% 1.04% 1.06%
Return on
average assets,
excluding
amortization
expense 1.00% 0.98% 1.07% 1.10%
Net interest
margin (FTE) 3.48% 3.52% 3.66% 3.67%
Yield on earning
assets (FTE) 7.14% 7.32% 7.25% 7.27%
Average earning
assets to
average
assets 88.41% 88.71% 89.74% 89.13%
Average loans
to average
deposits 99.91% 94.02% 87.00% 86.12%
Noninterest
income
(less securities
gains/losses)
to average
assets 1.45% 1.52% 1.89% 1.92%
Noninterest
expense to
average assets 2.80% 3.01% 3.43% 3.43%
Net overhead
ratio 1.35% 1.49% 1.54% 1.51%
Efficiency
ratio (FTE) 61.81% 64.97% 66.30% 65.87%
Average balances
----------------
Total assets $ 3,605,684 $ 3,515,669 $ 2,735,556 $ 2,663,515
Earning assets 3,187,663 3,118,727 2,454,953 2,373,908
Securities 542,235 548,612 476,742 444,420
Loans, net of
unearned 2,630,255 2,557,185 1,954,517 1,885,122
Intangibles 196,718 194,743 97,697 98,094
Non-interest
bearing
deposits $ 300,782 $ 298,278 $ 257,273 $ 258,071
Interest
bearing
deposits 2,302,862 2,389,220 1,951,730 1,899,474
Total
deposits 2,603,644 2,687,498 2,209,003 2,157,545
Other
borrowings 547,946 385,589 201,743 212,762
Shareholders'
equity 397,516 389,621 291,864 255,470
Asset quality
data
-------------
Nonaccrual
loans $ 14,231 $ 12,657 $ 5,905 $ 6,368
Loans 90 past
due or more 2,046 2,125 1,648 3,913
----------- ----------- ----------- -----------
Non-performing
loans 16,277 14,782 7,553 10,281
Other real
estate owned
and
repossessions 8,584 3,168 2,309 2,897
----------- ----------- ----------- -----------
Non-performing
assets $ 24,861 $ 17,950 $ 9,862 $ 13,178
=========== =========== =========== ===========
Net loan
charge-offs
(recoveries) $ 2,397 $ 377 $ 277 $ 202
Allowance for
loan losses 26,372 26,926 20,605 20,082
Non-performing
loans / total
loans 0.63% 0.57% 0.38% 0.54%
Non-performing
assets / total
assets 0.69% 0.50% 0.35% 0.48%
Allowance for
loan losses /
total loans 1.02% 1.04% 1.04% 1.06%
Allowance for
loan losses /
non-performing
loans 162.02% 182.15% 272.81% 195.33%
Annualized net
loan
charge-offs /
average loans 0.36% 0.06% 0.06% 0.04%
Balances at
period end
-----------
Total assets $ 3,612,287 $ 3,584,519 $ 2,791,295 $ 2,754,930
Earning assets 3,179,153 3,168,182 2,494,569 2,460,185
Securities 539,590 543,017 460,606 462,588
Mortgage loans
held for sale 37,468 25,911 38,048 29,098
Loans, net of
unearned 2,586,693 2,588,563 1,977,941 1,889,799
Intangibles 197,314 196,643 97,286 97,902
Non-interest
bearing
deposits $ 299,394 $ 315,813 $ 274,336 $ 273,726
Interest
bearing
deposits 2,248,427 2,348,064 1,949,018 1,991,620
Total
deposits 2,547,821 2,663,877 2,223,354 2,265,346
Other
borrowings 624,388 483,988 218,045 200,764
Shareholders'
equity 399,073 392,312 316,634 258,566
Market value
per common
share $ 21.57 $ 21.63 $ 22.74 $ 24.68
Book value per
common share 19.15 18.70 17.25 16.62
Tangible book
value per
common share 9.68 9.32 11.95 10.33
Shareholders'
equity to
assets (actual) 11.05% 10.94% 11.34% 9.39%
Tangible
capital ratio 5.91% 5.78% 8.14% 6.05%
Leverage ratio 8.09% 8.26% 11.02% 8.85%
Detail of Loans
by Category
---------------
Commercial,
financial,
agricultural $ 317,866 $ 336,157 $ 265,062 $ 243,274
Lease financing 2,557 2,906 3,409 3,833
Real estate -
construction 386,184 401,652 247,241 231,311
Real estate -
1-4 family
mortgages 850,658 841,266 669,557 654,604
Real estate -
commercial
mortgages 948,322 925,001 715,408 676,015
Installment
loans to
individuals 81,006 81,581 77,264 80,762
----------- ----------- ----------- -----------
Loans, net of
unearned $ 2,586,593 $ 2,588,563 $ 1,977,941 $ 1,889,799
=========== =========== =========== ===========
For the Six Months
Q2 2008 - Ended June 30,
Q2 2007 ---------------------------------------
Statement of Percent Percent
earnings Variance 2008 2007 Variance
------------ ----------- ----------- ----------- -----------
Interest income
- taxable
equivalent
basis 15.74 $ 105,710 $ 86,933 21.60
Interest
income 15.90 $ 103,848 $ 85,251 21.81
Interest
expense 4.27 49,189 43,071 14.20
----------- ----------- ----------- -----------
Net interest
income 27.80 54,659 42,180 29.59
Provision for
loan losses 175.00 4,825 1,550 211.29
----------- ----------- ----------- -----------
Net interest
income after
provision 22.12 49,834 40,630 22.65
Service charges
on deposit
accounts 16.89 11,183 9,763 14.54
Fees and
commissions on
loans and
deposits 10.37 8,246 7,788 5.88
Insurance
commissions
and fees (8.71) 1,695 1,728 (1.91)
Trust revenue (1.47) 1,296 1,247 3.93
Gain (loss) on
sale of
securities (100.00) -- 78 (100.00)
Gain on sale of
mortgage loans 7.02 2,832 2,371 19.44
Other (30.58) 2,395 2,569 (6.77)
----------- ----------- ----------- -----------
Total
non-interest
income 7.17 27,647 25,544 8.23
Salaries and
employee
benefits 13.50 29,567 26,010 13.68
Occupancy and
equipment 20.35 6,786 5,567 21.90
Data processing 3.00 2,610 2,467 5.80
Amortization of
intangibles 47.83 1,162 785 48.03
Other 30.44 14,371 11,039 30.18
----------- ----------- ----------- -----------
Total
non-interest
expense 18.53 54,496 45,868 18.81
Income before
income taxes 11.50 22,985 20,306 13.19
Income taxes 8.84 6,723 6,257 7.45
----------- ----------- ----------- -----------
Net income 12.67 $ 16,262 $ 14,049 15.75
=========== =========== =========== ===========
Basic earnings
per share (9.52) $ 0.78 $ 0.86 (9.30)
Diluted earnings
per share (7.32) 0.77 0.85 (9.41)
Average basic
shares
outstanding 23.00 20,912,383 16,296,223 28.33
Average diluted
shares
outstanding 22.62 21,164,345 16,578,103 27.66
Common shares
outstanding 14.15 20,954,627 18,356,974 14.15
Cash dividend
per common
share 6.25 $ 0.34 $ 0.32 6.25
Performance
ratios
-----------
Return on
average
shareholders'
equity 8.05% 10.35%
Return on
average
shareholders'
equity,
excluding
amortization
expense 8.41% 10.70%
Return on
average assets 0.89% 1.05%
Return on
average assets,
excluding
amortization
expense 0.92% 1.09%
Net interest
margin (FTE) 3.47% 3.66%
Yield on earning
assets (FTE) 6.50% 7.26%
Average earning
assets to
average assets 88.64% 89.49%
Average loans to
average
deposits 100.54% 86.52%
Noninterest
income
(less
securities
gains/losses)
to average
assets 1.51% 1.90%
Noninterest
expense to
average assets 2.97% 3.43%
Net overhead
ratio 1.46% 1.52%
Efficiency
ratio (FTE) 64.75% 66.09%
Average balances
----------------
Total assets 37.17 $ 3,691,018 $ 2,698,373 36.79
Earning assets 35.77 3,271,644 2,414,653 35.49
Securities 47.81 629,934 460,669 36.74
Loans, net of
unearned 33.63 2,621,472 1,920,011 36.53
Intangibles 100.57 196,493 97,894 100.72
Non-interest
bearing
deposits 16.10 $ 296,075 $ 258,845 14.38
Interest
bearing
deposits 14.43 2,267,309 1,925,746 17.74
Total deposits 14.63 2,563,384 2,184,591 17.34
Other
borrowings 283.68 681,004 207,222 228.63
Shareholders'
equity 40.74 406,151 273,787 48.35
Asset quality
data
-------------
Nonaccrual loans 199.05 $ 17,659 $ 5,905 199.05
Loans 90 past
due or more 443.81 8,962 1,648 443.81
----------- -----------
Non-performing
loans 252.46 26,621 7,553 252.46
Other real
estate owned
and
repossessions 467.82 13,111 2,309 467.82
----------- -----------
Non-performing
assets 302.88 $ 39,732 $ 9,862 302.88
=========== ===========
Net loan
charge-offs
(recoveries) 919.13 $ 4,549 $ 479 849.69
Allowance for
loan losses 29.32 26,647 20,605 29.32
Non-performing
loans / total
loans 1.05% 0.38%
Non-performing
assets / total
assets 1.05% 0.35%
Allowance for
loan losses /
total loans 1.05% 1.04%
Allowance for
loan losses /
non-performing
loans 100.10% 272.81%
Annualized net
loan
charge-offs /
average loans 0.35% 0.05%
Balances at
period end
-----------
Total assets $ 3,782,196 $ 2,791,295 35.50
Earning assets 3,339,511 2,494,569 33.87
Securities 741,154 460,606 60.91
Mortgage loans
held for sale 43,487 38,048 14.30
Loans, net of
unearned 2,541,012 1,977,941 28.47
Intangibles 194,688 97,286 100.12
Non-interest
bearing
deposits $ 305,877 $ 274,336 11.50
Interest
bearing
deposits 2,161,301 1,949,018 10.89
Total
deposits 2,467,178 2,223,354 10.97
Other
borrowings 878,813 218,045 303.04
Shareholders'
equity 403,795 316,634 27.53
Market value per
common share $ 14.73 $ 22.74 (35.22)
Book value per
common share 19.27 17.25 11.72
Tangible book
value per
common share 9.98 11.95 (16.49)
Shareholders'
equity to
assets (actual) 10.68% 11.34%
Tangible
capital ratio 5.83% 8.14%
Leverage ratio 8.12% 11.02%
Detail of Loans
by Category
---------------
Commercial,
financial,
agricultural $ 303,385 $ 265,062 14.46
Lease financing 2,130 3,409 (37.52)
Real estate -
construction 335,430 247,241 35.67
Real estate -
1-4 family
mortgages 857,165 669,557 28.02
Real estate -
commercial
mortgages 972,111 715,408 35.88
Installment
loans to
individuals 70,791 77,264 (8.38)
----------- -----------
Loans, net
of unearned $ 2,541,012 $ 1,977,941 28.47
=========== ===========
*Percent variance not meaningful