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
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Share and per share amounts have been restated to reflect the
three-for-two stock split issued August 28, 2006