Renasant Corporation (Nasdaq:RNST) ("Renasant" or the "Company") today announced record earnings per share for 2006. Basic and diluted earnings per share were $1.75 and $1.71 for 2006, respectively, up 12% and 11% compared to basic and diluted earnings per share of $1.56 and $1.54 for 2005, respectively. Net income for 2006 was $27,125,000, up 12%, or $2,916,000, from 2005.
Basic earnings per share were $.45 and diluted earnings per share were $.44 for the fourth quarter of 2006, compared to basic and diluted earnings per share of $.40 for the fourth quarter of 2005. Net income for the fourth quarter of 2006 was $6,949,000, compared to $6,218,000 for the fourth quarter of 2005.
"We are pleased to report record earnings per share for the second consecutive year," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "During 2006, Renasant realized double digit loan and deposit growth, expanded its mortgage operations, effected a 3 for 2 stock split, increased its dividend cash payout, opened a full service banking office in Collierville, TN, secured a new location for a full service banking office in Oxford, MS and was recognized as a Global Select Market company by NASDAQ. As we close the books on another successful year, we look forward to expanding our market share and footprint in 2007."
Total assets as of December 31, 2006 were $2.6 billion, an increase of 9%, from December 31, 2005. Total loans grew 11% to $1.8 billion at the end of the fourth quarter of 2006 from December 31, 2005, while total deposits grew 13% to $2.1 billion during the same period.
"It is important to note that now approximately 73% of our loans and 61% of our deposits are in what we consider to be key growth markets," stated McGraw. "We are realizing strong growth in loans and deposits for our Tennessee division, with increases of over $73 million and $50 million for 2006, respectively, over 2005. We realized solid loan growth in Alabama with an $82 million increase in loans during 2006. Alabama deposit growth has been robust in 2006 with $43 million in deposits generated. In Mississippi, deposit growth remained strong at $146 million for 2006 while loans have grown by $32 million. We did, however, experience a combined decrease of $7 million in our student lending, leasing and asset based lending program."
Net interest income remained flat at $20,910,000 for the fourth quarter of 2006 compared to $20,914,000 for the same period in 2005. Net interest margin decreased to 3.78% for the fourth quarter of 2006 from 4.11% for the fourth quarter of 2005. Net interest income for the fourth quarter of 2005 included $740,000 of additional interest income from certain loans accounted for under SOP 03-3. Excluding the SOP 03-3 income, net interest income increased $736,000 and net interest margin declined 19 basis points.
Noninterest income increased 16% to $11,764,000 for the fourth quarter of 2006 from $10,118,000 for the fourth quarter of 2005. The increase in noninterest income was due to improvements in service charges and fees generated on the Company's loan and deposit products, commissions on the sale of investments and insurance, trust revenue, and gains on the sale of mortgage loans.
Noninterest expense was $22,011,000 for the fourth quarter of 2006 compared to $21,557,000 for the fourth quarter of 2005. Noninterest expense to average assets decreased to 3.40% for the fourth quarter of 2006 compared to 3.59% for the fourth quarter of 2005.
"As the entire banking industry continues to experience margin pressure, we are successfully offsetting its negative impact through growth in deposits, loans, and fee income, and by controlling the growth of our noninterest expenses," stated McGraw.
Overall, credit quality remained strong during the fourth quarter of 2006. Annualized net charge-offs as a percentage of average loans were .12% for the fourth quarter of 2006, down from .19% for the fourth quarter of 2005. Net charge-offs as a percentage of average loans for the year ended December 31, 2006, were .07% compared to .20% for 2005. Non-performing loans as a percentage of total loans were .62% at December 31, 2006, compared to .38% as of December 31, 2005. The allowance for loan losses as a percentage of loans was 1.07% at December 31, 2006, as compared to 1.12% for December 31, 2005 due partially to the Company's strong loan growth throughout 2006. The non-performing loan coverage ratio was 173.05% at December 31, 2006 compared to 291.94% at December 31, 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, January 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. The event will be archived for 90 days. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 866-362-4820 in the United States and entering the participant passcode: 91358689. The conference call will be available for replay by dialing 888-286-8010and entering passcode: 10452237.
About Renasant:
Renasant Corporation, headquartered in Tupelo, MS, is the parent of Renasant Bank and Renasant Insurance, and operates 63 banking and insurance offices in 38 cities in Mississippi, Tennessee and Alabama. The company has assets of $2.6 billion.
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 ------------------------------------------------- Statement of Fourth Third Second First 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 15,513,356 15,480,536 Average diluted shares outstanding 15,917,314 15,904,213 15,840,673 15,768,679 Common shares outstanding 15,536,475 15,531,611 15,521,611 15,496,004 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 89.60% 86.76% 84.73% 85.04% 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% ------------------------------------------------- 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 712 833 848 597 ---------- ---------- ---------- ---------- Net interest income after provision 20,202 18,906 19,607 18,721 Service charges on deposit accounts 4,377 4,358 4,167 3,874 Fees and commissions on loans and deposits 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 5,581 5,269 ---------- ---------- ---------- ---------- Total non-interest expense 21,557 20,564 20,856 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 $ 0.40 $ 0.41 $ 0.40 $ 0.35 Diluted earnings per share 0.40 0.40 0.39 0.35 Average basic shares outstanding 15,495,607 15,573,273 15,577,024 15,582,937 Average diluted shares outstanding 15,661,891 15,745,223 15,754,669 15,814,068 Common shares outstanding 15,466,204 15,557,066 15,574,591 15,589,469 Cash dividend per common share $ 0.147 $ 0.147 $ 0.147 $ 0.140 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% 66.79% 69.71% For the Year 4th Qtr 2006 - Ended December 31, 4th Qtr 2005 ------------------------------------ Statement of Percent Percent Earnings Variance 2006 2005 Variance ------------ -------- ----------- ----------- -------- Interest income - taxable equivalent basis 16.94 $ 157,639 $ 131,733 19.67 Interest income 17.34 $ 154,293 $ 128,389 20.18 Interest expense 43.54 70,230 47,963 46.43 ----- ----------- ----------- ----- Net interest income (0.02) 84,063 80,426 4.52 Provision for loan losses 12.36 2,408 2,990 (19.46) ----- ----------- ----------- ------ Net interest income after provision (0.46) 81,655 77,436 5.45 Service charges on deposit accounts 9.87 18,446 16,776 9.95 Fees and commissions on loans and deposits 23.21 13,854 11,188 23.83 Insurance commissions and fees (1.48) 3,533 3,573 (1.12) Trust revenue (2.95) 2,515 2,493 0.88 Gain (loss) on sale of securities 0 25 70 (64.29) Gain on sale of mortgage loans 53.64 3,497 2,805 24.67 Other 32.45 4,073 3,311 23.01 ----- ----------- ----------- ----- Total non-interest income 16.27 45,943 40,216 14.24 Salaries and employee benefits 6.96 49,760 46,113 7.91 Occupancy and equipment (0.43) 11,035 9,832 12.24 Data processing 6.44 4,281 4,028 6.28 Amortization of intangibles (27.07) 1,639 2,257 (27.38) Other (4.38) 22,291 21,710 2.68 ----- ----------- ----------- ----- Total non-interest expense 2.11 89,006 83,940 6.04 Income before income taxes 12.55 38,592 33,712 14.48 Income taxes 14.50 11,467 9,503 20.67 ----- ----------- ----------- ----- Net income 11.76 $ 27,125 $ 24,209 12.05 ===== =========== =========== ===== Basic earnings per share 12.50 $ 1.75 $ 1.56 12.18 Diluted earnings per share 10.00 1.71 1.54 11.04 Average basic shares outstanding 0.25 15,515,223 15,557,014 (0.27) Average diluted shares outstanding 1.63 15,853,014 15,723,135 0.83 Common shares outstanding 0.45 15,536,475 15,466,204 0.45 Cash dividend per common share 9.09 $ 0.627 $ 0.580 8.05 Performance ratios ------------------ Return on average shareholders' equity 11.00% 10.29% Return on average shareholders' equity, excluding amortization expense 11.41% 10.87% Return on average assets 1.08% 1.03% Return on average assets, excluding amortization expense 1.12% 1.09% Net interest margin (FTE) 3.93% 4.05% Yield on earning assets (FTE) 7.10% 6.36% Average earning assets to average assets 88.60% 87.94% Average loans to average deposits 86.15% 89.92% Noninterest income (less securities gains/losses) to average assets 1.83% 1.70% Noninterest expense to average assets 3.55% 3.56% Net overhead ratio 1.72% 1.86% Efficiency ratio (FTE) 66.75% 67.70% RENASANT CORPORATION -------------------- (Unaudited) (Dollars in thousands, except per share data) 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 8.95% 8.93% 8.85% 8.72% Detail of Loans by Category ------------------ Commercial, financial, agricultural $ 236,268 $ 231,361 $ 230,890 $ 206,914 Lease financing 4,234 4,617 5,284 6,548 Real estate - construction 251,548 234,667 229,969 196,228 Real estate - 1-4 family mortgages 627,641 614,143 593,174 578,931 Real estate - commercial mortgages 629,354 599,314 594,121 595,589 Installment loans to individuals 77,717 77,740 76,423 80,269 ---------- ---------- ---------- ---------- Loans, net of unearned $1,826,762 $1,761,842 $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 $ 21.09 $ 21.10 $ 20.51 $ 20.73 Book value per common share 15.22 15.25 15.12 14.81 Tangible book value per common share 8.70 8.77 8.60 8.31 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 mortgage 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 ========== ========== ========== ========== For the Year 4th Qtr 2006 - Ended December 31, 4th Qtr 2005 ------------------------------------ Percent Percent Average balances Variance 2006 2005 Variance ---------------- ---------- ---------- ---------- ---------- Total assets 7.84 $2,507,077 $2,354,671 6.47 Earning assets 8.79 2,221,335 2,070,661 7.28 Securities 8.52 437,356 420,889 3.91 Loans, net of unearned 10.06 1,752,759 1,622,749 8.01 Intangibles (2.09) 99,198 101,194 (1.97) Non-interest bearing deposits 6.73 261,401 235,998 10.76 Interest bearing deposits 11.07 1,734,149 1,544,095 12.31 Total deposits 10.50 1,995,550 1,780,093 12.10 Other borrowings (12.11) 237,802 315,046 (24.52) Shareholders' equity 8.25 246,507 235,372 4.73 Asset quality data ------------------ Nonaccrual loans 96.31 $ 7,821 $ 3,984 96.31 Loans 90 past due or more 50.35 3,467 2,306 50.35 ---------- ---------- Non-performing loans 79.46 11,288 6,290 79.46 Other real estate owned and repossessions 6.51 4,579 4,299 6.51 ---------- ---------- Non-performing assets 49.84 $ 15,867 $ 10,589 49.84 ========== ========== Net loan charge-offs (recoveries) (30.38) $ 1,237 $ 3,244 (61.87) Allowance for loan losses 6.38 19,534 18,363 6.38 Non-performing loans/total loans 0.62% 0.38% Non-performing assets/total assets 0.61% 0.44% Allowance for loan losses/total loans 1.07% 1.12% Allowance for loan losses/non-performing loans 173.05% 291.94% Annualized net loan charge-offs/average loans 0.07% 0.20% Balances at period end ---------------------- Total assets $2,611,356 $2,397,702 8.91 Earning assets 2,315,431 2,105,281 9.98 Securities 428,065 399,034 7.28 Mortgage loans held for sale 38,672 33,496 15.45 Loans, net of unearned 1,826,762 1,646,223 10.97 Intangibles 98,296 100,832 (2.52) Non-interest bearing deposits $ 271,237 250,270 8.38 Interest bearing deposits 1,837,728 1,618,181 13.57 Total deposits 2,108,965 1,868,451 12.87 Other borrowings 216,423 266,505 (18.79) Shareholders' equity 252,704 235,440 7.33 Market value per common share $ 30.63 $ 21.09 45.26 Book value per common share 16.27 15.22 6.85 Tangible book value per common share 9.94 8.70 14.19 Shareholders' equity to assets (actual) 9.68% 9.82% Tangible capital ratio 6.14% 5.86% Leverage ratio 0.09 8.60% Detail of Loans by Category --------------- Commercial, financial, agricultural $ 236,268 $ 226,203 4.45 Lease financing 4,234 7,469 (43.31) Real estate - construction 251,548 169,543 48.37 Real estate - 1-4 family mortgages 627,641 566,455 10.80 Real estate - commercial mortgages 629,354 597,273 5.37 Installment loans to individuals 77,717 79,280 (1.97) ---------- ---------- Loans, net of unearned $1,826,762 $1,646,223 10.97 ========== ========== Share and per share amounts have been restated to reflect the three-for-two stock split issued August 28, 2006