TUPELO, Miss., July 18, 2006 (PRIMEZONE) -- Renasant Corporation (Nasdaq:RNST) (the "Company") today announced results for the second quarter of 2006. Basic earnings per share for the second quarter of 2006 were $.68, up 13%, and diluted earnings per share were $.67, up 14%, compared to basic earnings per share of $.60 and diluted earnings per share of $.59, respectively, for the second quarter of 2005. Net income for the second quarter of 2006 was $7,043,000, up 13%, or $836,000, from the second quarter of 2005.
"Our strong second quarter results reflect our Company's commitment to meeting our strategic goals and initiatives," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "As we pass the half way point of 2006, we are continuing to see improvement in our key performance indicators. We saw solid loan and deposit growth, a stabilizing margin, strong growth in fee income, excellent credit quality, and a controlled increase in operating expenses."
Total assets as of June 30, 2006 were approximately $2.5 billion, an increase of 6% from June 30, 2005. Total loans grew 9% to approximately $1.7 billion at the end of the second quarter of 2006 from $1.6 billion at June 30, 2005, while total deposits grew 12% to approximately $2.0 billion during the same period.
During the second quarter of 2006, the Company realized significant loan growth within its tri-state footprint as loans grew by over $65 million, from the end of first quarter 2006 to the end of second quarter 2006. The Mississippi division contributed approximately $31 million, or 47%, of the Company's loan growth over this period, while the Tennessee and Alabama divisions experienced loan growth of $14 million and $20 million, respectively.
During this same time period, deposits decreased 2%; however, the Company expected certain levels of deposit runoff due to higher than anticipated public funds accumulation during the first quarter of 2006. At the end of the second quarter of 2006, approximately 71% of loans and 60% of deposits are held in what the Company considers to be key growth markets.
Net interest income grew 2% to $20,942,000 for the second quarter of 2006 as compared to $20,455,000 for the second quarter of 2005 while net interest margin decreased from 4.14% to 3.96% over the same period. Net interest income for the second quarter of 2006 included $120,000 in interest income associated with certain loans accounted for under AICPA Statement of Position (SOP) 03-3, as compared to $1,048,000 in interest income from similar loans for the second quarter of 2005. Excluding the additional interest income from these loans, net interest income grew 7% for the second quarter of 2006 as compared to the second quarter of 2005, and net interest margin was unchanged at 3.94% over the same period.
Net interest income from the second quarter of 2006 increased $434,000 from the first quarter of 2006, while net interest margin declined from 3.99% in the first quarter of 2006 to 3.96% in the second quarter of 2006. Interest income on loans accounted for under SOP 03-3 increased second quarter 2006 net interest income by $120,000 and first quarter 2006 net interest income by $262,000. Excluding interest income on loans accounted for under SOP 03-3, net interest income increased by $576,000, or 11% annualized, and net interest margin remained flat at 3.94% over the same period.
"We are proud of our Company's ability to maintain our margin while growing loans and deposits at or near double digit rates compared to the same period in 2005. Given the current interest rate environment and pressures on interest spreads and margins, we are especially pleased with these results," stated McGraw.
Noninterest income increased 11% to $11,033,000 for the second quarter of 2006 from $9,951,000 for the second quarter of 2005 primarily due to increases in service charges on deposit accounts, loan fees, and commissions on investment products. Noninterest income represented 34% of the Company's total revenue for the second quarter of 2006 as compared to 32% for the second quarter of 2005.
Compared to the first quarter of 2006, noninterest income decreased $400,000 during the second quarter of 2006. First quarter 2006 noninterest income included a $558,000 gain from the early extinguishment of a long term advance and a $397,000 non-taxable death benefit from life insurance proceeds. Excluding these items from first quarter 2006 noninterest income, noninterest income grew $555,000, or 21% annualized, during the second quarter of 2006.
Noninterest expense was $22,059,000 for the second quarter of 2006 as compared to $20,857,000 for the second quarter of 2005. Compared to first quarter 2006, noninterest expenses increased $168,000, or less than 3% annualized during the second quarter of 2006.
"We are pleased to note that we have been able to diversify our Company's revenue sources by increasing our noninterest income generating product lines. In addition, we are controlling our expense growth while absorbing the expense related to three full service banking offices that we have added since the second quarter of 2005," commented McGraw.
The Company's credit quality remained strong during the second quarter of 2006. During the second quarter of 2006, the Company recovered $1,256,000 of loans previously charged-off while the Company charged-off loans totaling $379,000, resulting in a net recovery of $877,000. As a result of the recoveries, the Company recorded a negative provision for loan losses of $360,000 for the second quarter of 2006 as compared to a provision for loan losses of $847,000 for the same period for 2005. Annualized net charge-offs as a percentage of average loans were (.20%) for the second quarter of 2006, down from .19% for the second quarter of 2005. Non-performing loans as a percentage of total loans were .45% at June 30, 2006, as compared to .40% at June 30, 2005. The allowance for loan losses as a percentage of loans was 1.10% at June 30, 2006, as compared to 1.14% at June 30, 2005.
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 19, 2006, 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 800-638-4930 in the United States and entering the participant passcode 90053624. International participants should dial 617-614-3944 and enter the participant passcode 90053624.
ABOUT RENASANT CORPORATION
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $2.5 billion and operates 61 banking and insurance offices in 38 cities in Mississippi, Tennessee and Alabama.
The Renasant Corporation logo is available at http://www.primezone.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)
2006
-------------------------
Second First
Statement of earnings Quarter Quarter
--------------------- ---------- ----------
Interest income - taxable equivalent
basis $ 38,437 $ 36,632
Interest income $ 37,597 $ 35,817
Interest expense 16,655 15,309
---------- ----------
Net interest income 20,942 20,508
Provision for loan losses (360) 1,068
---------- ----------
Net interest income after provision 21,302 19,440
Service charges on deposit accounts 4,527 4,424
Fees and commissions on loans and deposits 3,659 3,003
Insurance commissions and fees 868 822
Trust revenue 630 630
Gain (loss) on sale of securities 4 21
Gain on sale of mortgage loans 674 760
Other 671 1,773
---------- ----------
Total non-interest income 11,033 11,433
Salaries and employee benefits 12,301 12,212
Occupancy and equipment 2,688 2,786
Data processing 1,053 982
Amortization of intangibles 414 431
Other 5,603 5,480
---------- ----------
Total non-interest expense 22,059 21,891
Income before income taxes 10,276 8,982
Income taxes 3,233 2,481
---------- ----------
Net income $ 7,043 $ 6,501
========== ==========
Basic earnings per share $ 0.68 $ 0.63
Diluted earnings per share 0.67 0.62
Average basic shares outstanding 10,336,662 10,303,842
Average diluted shares outstanding 10,554,873 10,495,937
Common shares outstanding 10,344,917 10,319,310
Cash dividend per common share $ 0.23 $ 0.23
Performance ratios
------------------
Return on average shareholders' equity 11.68% 11.00%
Return on average shareholders' equity,
excluding amortization expense 12.10% 11.44%
Return on average assets 1.14% 1.07%
Return on average assets, excluding
amortization expense 1.18% 1.12%
Net interest margin (FTE) 3.96% 3.99%
Yield on earning assets (FTE) 7.00% 6.86%
Average earning assets to average assets 88.66% 88.16%
Average loans to average deposits 84.73% 85.04%
Noninterest income (less securities gains/
losses) to average assets 1.78% 1.88%
Noninterest expense to average assets 3.56% 3.61%
Net overhead ratio 1.78% 1.73%
Efficiency ratio (FTE) 67.22% 66.83%
-------------------------------------------------
2005
-------------------------------------------------
Statement of Fourth Third Second First
earnings Quarter Quarter Quarter Quarter
------------ ---------- ---------- ---------- ----------
Interest income
- taxable equivalent
basis $ 35,620 $ 33,249 $ 32,718 $ 30,146
Interest income $ 34,777 $ 32,417 $ 31,900 $ 29,295
Interest expense 13,863 12,678 11,445 9,977
---------- ---------- ---------- ----------
Net interest income 20,914 19,739 20,455 19,318
Provision for loan
losses 712 833 847 597
---------- ---------- ---------- ----------
Net interest income
after provision 20,202 18,906 19,608 18,721
Service charges on
deposit accounts 4,377 4,358 4,167 3,874
Fees and commissions
on loans and deposit 2,865 2,853 2,965 2,505
Insurance commissions
and fees 881 955 906 831
Trust revenue 644 613 611 625
Gain (loss) on
sale of securities -- -- (32) 102
Gain on sale of
mortgage loans 673 766 673 693
Other 678 699 661 1,273
---------- ---------- ---------- ----------
Total non-interest
income 10,118 10,244 9,951 9,903
Salaries and
employee benefits 11,438 11,696 11,520 11,459
Occupancy and
equipment 2,785 2,220 2,222 2,605
Data processing 1,056 966 962 1,044
Amortization of
intangibles 543 557 571 586
Other 5,735 5,125 5,582 5,269
---------- ---------- ---------- ----------
Total non-interest
expense 21,557 20,564 20,857 20,963
Income before
income taxes 8,763 8,586 8,702 7,661
Income taxes 2,545 2,261 2,495 2,202
---------- ---------- ---------- ----------
Net income $ 6,218 $ 6,325 $ 6,207 $ 5,459
========== ========== ========== ==========
Basic earnings
per share $ 0.60 $ 0.61 $ 0.60 $ 0.52
Diluted earnings
per share 0.60 0.60 0.59 0.52
Average basic
shares
outstanding 10,318,913 10,396,579 10,400,330 10,406,243
Average diluted
shares outstanding 10,429,769 10,511,212 10,518,760 10,560,330
Common shares
outstanding 10,289,510 10,380,372 10,397,897 10,412,775
Cash dividend per
common share $ 0.22 $ 0.22 $ 0.22 $ 0.21
Performance ratios
------------------
Return on average
shareholders'
equity 10.45% 10.57% 10.64% 9.53%
Return on average
shareholders'
equity, excluding
amortization expense 11.01% 11.14% 11.25% 10.16%
Return on average
assets 1.04% 1.07% 1.06% 0.95%
Return on average
assets, excluding
amortization expense 1.09% 1.12% 1.12% 1.01%
Net interest
margin (FTE) 4.11% 3.94% 4.14% 3.99%
Yield on earning
assets (FTE) 6.73% 6.36% 6.36% 5.97%
Average earning
assets to average
assets 88.18% 88.06% 88.10% 87.54%
Average loans to
average deposits 88.10% 88.59% 90.54% 90.75%
Noninterest income
(less securities
gains/losses) to
average assets 1.68% 1.73% 1.71% 1.70%
Noninterest expense
to average assets 3.59% 3.47% 3.57% 3.63%
Net overhead ratio 1.90% 1.74% 1.86% 1.94%
Efficiency ratio
(FTE) 67.63% 66.73% 66.80% 69.71%
2nd Qtr
2006 - For the Six Months
2nd Qtr Ended June 30,
2005 ---------------------------------
Percent Percent
Statement of earnings Variance 2006 2005 Variance
--------------------- -------- ---------- ---------- --------
Interest income -
taxable equivalent
basis 17.48 $ 75,069 $ 62,864 19.41
Interest income 17.86 $ 73,414 $ 61,195 19.97
Interest expense 45.52 31,964 21,422 49.21
------ ---------- ---------- -----
Net interest income 2.38 41,450 39,773 4.22
Provision for loan losses (142.50) 708 1,444 (50.97)
------ ---------- ---------- -----
Net interest income
after provision 8.64 40,742 38,329 6.30
Service charges on
deposit accounts 8.64 8,951 8,041 11.32
Fees and commissions
on loans and deposits 23.41 6,662 5,470 21.80
Insurance commissions
and fees (4.19) 1,690 1,737 (2.71)
Trust revenue 3.11 1,260 1,236 1.94
Gain (loss) on sale
of securities 87.50 25 70 (64.29)
Gain on sale of mortgage
loans 0.09 1,434 1,366 4.95
Other 1.51 2,444 1,934 26.37
------ ---------- ---------- -----
Total non-interest
income 10.87 22,466 19,854 13.16
Salaries and employee
benefits 6.78 24,513 22,979 6.68
Occupancy and equipment 20.97 5,474 4,827 13.40
Data processing 9.46 2,035 2,006 1.45
Amortization of
intangibles (27.50) 845 1,157 (26.97)
Other 0.38 11,083 10,851 2.14
------ ---------- ---------- -----
Total non-interest
expense 5.76 43,950 41,820 5.09
Income before income taxes 18.09 19,258 16,363 17.69
Income taxes 29.58 5,714 4,697 21.65
------ ---------- ---------- -----
Net income 13.47 $ 13,544 $ 11,666 16.10
====== ========== ========== =====
Basic earnings per share 13.33 $ 1.31 $ 1.12 16.96
Diluted earnings per share 13.56 1.29 1.11 16.22
Average basic shares
outstanding (0.61) 10,321,519 10,401,799 (0.77)
Average diluted shares
outstanding 0.34 10,528,579 10,523,380 0.05
Common shares outstanding (0.51) 10,344,917 10,397,897 (0.51)
Cash dividend per common
share 4.55 $ 0.46 $ 0.43 6.98
Performance ratios
------------------
Return on average
shareholders' equity 11.34% 10.07%
Return on average
shareholders' equity,
excluding amortization
expense 11.77% 10.68%
Return on average assets 1.11% 0.97%
Return on average assets,
excluding amortization
expense 1.15% 1.03%
Net interest margin (FTE) 3.98% 4.07%
Yield on earning assets
(FTE) 6.93% 6.17%
Average earning assets
to average assets 88.45% 84.89%
Average loans to
average deposits 84.88% 90.80%
Noninterest income (less
securities gains/losses)
to average assets 1.83% 1.65%
Noninterest expense to
average assets 3.59% 3.49%
Net overhead ratio 1.76% 1.84%
Efficiency ratio (FTE) 67.03% 68.23%
RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
2006
-------------------------
Second First
Average balances Quarter Quarter
---------------- ---------- ----------
Total assets $2,485,527 $2,456,602
Earning assets 2,203,677 2,165,821
Securities 448,905 412,670
Loans, net of unearned 1,721,426 1,689,106
Intangibles 99,359 99,854
Non-interest bearing deposits 258,886 256,548
Interest bearing deposits 1,733,865 1,689,671
Total deposits 1,992,751 1,946,219
Other borrowings 225,201 245,093
Shareholders' equity 241,841 239,771
Asset quality data
------------------
Nonaccrual loans $ 5,978 $ 2,509
Loans 90 past due or more 1,745 1,546
---------- ----------
Non-performing loans 7,723 4,055
Other real estate owned and repossessions 3,697 3,922
---------- ----------
Non-performing assets $ 11,420 $ 7,977
========== ==========
Net loan charge-offs (recoveries) $ (877) $ 958
Allowance for loan losses 18,990 18,473
Non-performing loans/total loans 0.45% 0.24%
Non-performing assets/total assets 0.46% 0.32%
Allowance for loan losses/total loans 1.10% 1.11%
Allowance for loan losses/non-
performing loans 245.89% 455.56%
Annualized net loan charge-offs/
average loans -0.20% 0.23%
Balances at period end
----------------------
Total assets $2,503,333 $2,509,220
Earning assets 2,208,320 2,205,706
Securities 434,567 429,169
Mortgage loans held for sale 36,519 34,099
Loans, net of unearned 1,729,861 1,664,479
Intangibles 99,159 99,575
Non-interest bearing deposits $ 272,686 $ 272,672
Interest bearing deposits 1,710,780 1,759,073
Total deposits 1,983,466 2,031,745
Other borrowings 252,671 214,054
Shareholders' equity 241,043 239,418
Market value per common share $ 40.35 $ 36.94
Book value per common share 23.30 23.20
Tangible book value per common share 13.72 13.55
Shareholders' equity to assets (actual) 9.63% 9.54%
Tangible capital ratio 5.90% 5.80%
Leverage ratio 8.85% 8.72%
Detail of Loans by Category
---------------------------
Commercial, financial, agricultural $ 230,890 $ 206,914
Lease financing 5,284 6,548
Real estate - construction 229,969 196,228
Real estate - 1-4 family mortgages 593,174 578,931
Real estate - commercial mortgages 594,121 595,589
Installment loans to individuals 76,423 80,269
---------- ----------
Loans, net of unearned $1,729,861 $1,664,479
========== ==========
-------------------------------------------------
2005
-------------------------------------------------
Fourth Third Second First
Average balances Quarter Quarter Quarter Quarter
---------------- ---------- ---------- ---------- ----------
Total assets $2,382,811 $2,353,914 $2,340,597 $2,339,201
Earning assets 2,101,218 2,072,762 2,062,124 2,047,770
Securities 404,882 408,161 420,463 452,818
Loans, net of
unearned 1,661,546 1,640,121 1,611,143 1,576,877
Intangibles 100,657 101,323 101,385 101,453
Non-interest bearing
deposits 244,384 235,611 234,946 229,638
Interest bearing
deposits 1,602,674 1,573,085 1,515,318 1,483,677
Total deposits 1,847,058 1,808,696 1,750,264 1,713,315
Other borrowings 274,922 289,849 333,710 371,855
Shareholders' equity 236,015 237,386 233,908 232,348
Asset quality data
------------------
Nonaccrual loans $ 3,984 $ 3,803 $ 4,157 $ 3,807
Loans 90 past due
or more 2,306 3,398 2,292 3,002
---------- ---------- ---------- ----------
Non-performing loans 6,290 7,201 6,449 6,809
Other real estate
owned and
repossessions 4,299 6,646 7,114 7,232
---------- ---------- ---------- ----------
Non-performing
assets $ 10,589 $ 13,847 $ 13,563 $ 14,041
========== ========== ========== ==========
Net loan charge-
offs (recoveries) $ 813 $ 465 $ 780 $ 1,186
Allowance for loan
losses 18,363 18,448 18,080 18,012
Non-performing
loans/total loans 0.38% 0.45% 0.40% 0.43%
Non-performing
assets/total assets 0.44% 0.58% 0.58% 0.61%
Allowance for loan
losses/total loans 1.12% 1.15% 1.14% 1.14%
Allowance for loan
losses/non-
performing loans 291.94% 256.19% 280.35% 264.53%
Annualized net loan
charge-offs/
average loans 0.19% 0.11% 0.19% 0.31%
Balances at period
end
------------------
Total assets $2,397,702 $2,379,793 $2,353,385 $2,320,164
Earning assets 2,105,281 2,073,678 2,075,244 2,041,307
Securities 399,034 400,786 415,193 425,196
Mortgage loans
held for sale 33,496 42,865 32,792 32,623
Loans, net of
unearned 1,646,223 1,608,697 1,592,391 1,572,103
Intangibles 100,832 100,766 101,528 101,406
Non-interest
bearing deposits $ 250,270 $ 244,086 $ 233,095 $ 238,651
Interest bearing
deposits 1,618,181 1,574,232 1,531,082 1,502,350
Total deposits 1,868,451 1,818,318 1,764,177 1,741,001
Other borrowings 266,505 299,076 334,952 324,330
Shareholders' equity 235,440 237,211 235,454 230,892
Market value per
common share $ 31.63 $ 31.65 $ 30.76 $ 31.10
Book value per
common share 22.88 22.85 22.64 22.17
Tangible book value
per common share 13.08 13.14 12.88 12.44
Shareholders' equity
to assets (actual) 9.82% 9.97% 10.00% 9.95%
Tangible capital
ratio 5.86% 5.99% 5.95% 5.84%
Leverage ratio 8.60% 8.79% 8.67% 8.59%
Detail of Loans by
Category
------------------
Commercial,
financial,
agricultural $ 226,203 $ 224,673 $ 228,371 $ 228,305
Lease financing 7,469 8,143 9,576 10,763
Real estate -
construction 169,543 162,694 159,798 159,155
Real estate - 1-4
family mortgages 566,455 558,616 547,307 531,347
Real estate -
commercial
mortgages 597,273 570,849 556,694 537,800
Installment loans
to individuals 79,280 83,722 90,645 104,733
---------- ---------- ---------- ----------
Loans, net of
unearned $1,646,223 $1,608,697 $1,592,391 $1,572,103
========== ========== ========== ==========
2nd Qtr 2006- For the Six Months
2nd Qtr Ended June 30,
2005 -------------------------------
Percent Percent
Average balances Variance 2006 2005 Variance
---------------- -------- ---------- ---------- --------
Total assets 6.19 $2,471,384 $2,419,707 2.14
Earning assets 6.86 2,185,848 2,054,063 6.42
Securities 6.76 431,883 435,497 (0.83)
Loans, net of unearned 6.85 1,705,355 1,594,200 6.97
Intangibles (2.00) 99,649 101,403 (1.73)
Non-interest bearing
deposits 10.19 257,740 231,996 11.10
Interest bearing deposits 14.42 1,711,890 1,499,585 14.16
Total deposits 13.85 1,969,630 1,731,581 13.75
Other borrowings (32.52) 235,092 348,480 (32.54)
Shareholders' equity 3.39 240,912 233,645 3.11
Asset quality data
Nonaccrual loans 43.81 $ 5,978 $ 4,157 43.81
Loans 90 past due or more (23.87) 1,745 2,292 (23.87)
------ ---------- ---------- ------
Non-performing loans 19.76 7,723 6,449 19.76
Other real estate
owned and
repossessions (48.03) 3,697 7,114 (48.03)
------ ---------- ---------- ------
Non-performing assets (15.80) $ 11,420 $ 13,563 (15.80)
====== ========== ========== ======
Net loan charge-offs
(recoveries) (212.44) $ 81 $ 1,966 (95.88)
Allowance for loan
losses 5.03 18,990 18,080 5.03
Non-performing loans/
total loans 0.45% 0.40%
Non-performing assets/
total assets 0.46% 0.58%
Allowance for loan
losses/total loans 1.10% 1.14%
Allowance for loan
losses/non-
performing loans 245.89% 280.35%
Annualized net loan
charge-offs/
average loans 0.01% 0.25%
Balances at period end
----------------------
Total assets $2,503,333 $2,353,385 6.37
Earning assets 2,208,320 2,075,244 6.41
Securities 434,567 415,193 4.67
Mortgage loans held
for sale 36,519 32,792 11.37
Loans, net of unearned 1,729,861 1,592,391 8.63
Intangibles 99,159 101,528 (2.33)
Non-interest bearing deposits $ 272,686 233,095 16.98
Interest bearing deposits 1,710,780 1,531,082 11.74
Total deposits 1,983,466 1,764,177 12.43
Other borrowings 252,671 334,952 (24.57)
Shareholders' equity 241,043 235,454 2.37
Market value per common share $ 40.35 $ 30.76 31.18
Book value per common share 23.30 22.64 2.90
Tangible book value per
common share 13.72 12.88 6.48
Shareholders' equity to
assets (actual) 9.63% 10.00%
Tangible capital ratio 5.90% 5.95%
Leverage ratio 8.85% 8.67%
Detail of Loans by
Category
------------------
Commercial, financial,
agricultural $ 230,890 $ 228,371 1.10
Lease financing 5,284 9,576 (44.82)
Real estate -
construction 229,969 159,798 43.91
Real estate - 1-4
family mortgages 593,174 547,307 8.38
Real estate -
commercial mortgages 594,121 556,694 6.72
Installment loans to
individuals 76,423 90,645 (15.69)
---------- ---------- ------
Loans, net of unearned $1,729,861 $1,592,391 8.63
========== ========== ======