UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
April 20, 2010
Date of Report (Date of Earliest Event Reported)
RENASANT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
| Mississippi | 001-13253 | 64-0676974 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
209 Troy Street, Tupelo, Mississippi 38804-4827
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, including area code: (662) 680-1001
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02. | Results of Operations and Financial Condition. |
On April 20, 2010, Renasant Corporation (the “Company”) issued a press release announcing earnings for the first quarter of 2010. The press release is furnished as Exhibit 99.1 to this Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | The following exhibits are furnished herewith: |
| Exhibit No. |
Description | |
| 99.1 |
Press release dated April 20, 2010 issued by Renasant Corporation announcing earnings for the first quarter of 2010. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RENASANT CORPORATION | ||||
| Date: April 20, 2010 | By: | /s/ E. ROBINSON MCGRAW | ||
| E. Robinson McGraw | ||||
| Chairman, President and Chief | ||||
| Executive Officer | ||||
Exhibit 99.1
| Contacts |
For Media: | For Financials: | ||||
| John Oxford | Stuart Johnson | |||||
| Vice President | Senior Executive Vice President | |||||
| Director of External Affairs | Chief Financial Officer | |||||
| (662) 680-1219 | (662) 680-1472 | |||||
| joxford@renasant.com | stuartj@renasant.com |
RENASANT CORPORATION ANNOUNCES
2010 FIRST QUARTER EARNINGS
TUPELO, MISSISSIPPI (April 20, 2010) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced results for the first quarter of 2010. Net income for the first quarter of 2010 was $3,607,000 compared to $4,031,000 for the fourth quarter of 2009 and $6,006,000 for the first quarter of 2009. Basic and diluted earnings per share were $0.17 during the first quarter of 2010 as compared to basic and diluted earnings per share of $0.19 for the fourth quarter of 2009 and basic earnings per share of $0.29 and diluted earnings per share of $0.28 for the first quarter of 2009.
“During the first quarter of 2010 we saw positive trends as our net interest margin increased, our core deposits grew and we were able to hold noninterest expenses relatively flat compared to the fourth quarter of 2009,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “As anticipated, our first quarter results reflect the challenging environment for the financial services industry as well as the national economy. As we adapt to this challenging environment and focus on capitalizing on the opportunities presented in our markets, we believe we are positioned to improve earnings in future quarters.”
Total deposits grew to $2.71 billion at March 31, 2010, representing a 5.35% increase from December 31, 2009 and a 0.91% increase since March 31, 2009. In reducing our reliance on other wholesale funding sources, the Company continued to pay down borrowed funds and reduced its reliance on public fund deposits through increasing core deposits. Noninterest bearing demand deposits grew approximately $10 million, or 3.31%, during the first quarter of 2010 as compared to December 31, 2009.
Total loans were approximately $2.31 billion at the end of the first quarter of 2010, a decrease from $2.35 billion at December 31, 2009 and $2.51 billion at March 31, 2009. As anticipated, the decline was primarily attributable to the reduction of exposure to construction and land development loans. In addition, total loans were affected by the Company’s exit from the student lending program due to recent legislation affecting the ability of banks to make these loans. The sale of our student loans reduced total loans over $10 million at March 31, 2010 compared to December 31, 2009.
Total assets as of March 31, 2010 were approximately $3.64 billion, a slight increase since December 31, 2009 and a 4.04% decrease from March 31, 2009. The Company’s Tier 1 leverage capital ratio was 8.74%, its Tier I risk-based capital ratio was 11.19%, and its total risk-based capital ratio was 12.44%.
“We increased all of our capital ratios during the first quarter of 2010 as compared to the fourth quarter of 2009 and we remain above well capitalized thresholds,” said McGraw. “We are particularly pleased that our leverage ratio has continually increased quarter over quarter during the last year.”
Net interest income was $24,410,000 for the first quarter of 2010 as compared to $25,313,000 for the same period in 2009. Net interest margin was 3.27% for the first quarter of 2010 compared to 3.22% for the fourth quarter of 2009 and 3.19% for the first quarter of 2009. The improvement in net interest margin was achieved despite a 4 basis point reduction in the yield on earning assets as the Company recognized higher levels of premium amortization resulting from increased prepayments on its mortgage backed securities portfolio.
Contributing to the improvement in net interest margin was a continued effort to improve the Company’s funding costs by replacing higher costing borrowings with lower costing deposits. The Company’s cost of funding was 1.95% for the first quarter of 2010 as compared to 2.06% for the fourth quarter of 2009 and 2.24% for the first quarter of 2009.
“We are seeing positive results from our efforts to improve our net interest margin even as interest rates remain at historically low levels,” commented McGraw. “We anticipate this upward trend in our net interest margin continuing throughout 2010.”
Noninterest income was $12,484,000 for the first quarter of 2010 as compared to $13,419,000 for the fourth quarter of 2009 and $14,762,000 for the first quarter of 2009. The primary reduction in noninterest income was due to a decline in production from our mortgage loan division. During the first quarter of 2009, the Company experienced increased production in residential mortgage loans being refinanced due to a decline in mortgage interest rates.
“Despite a decline in mortgage loan production during the first quarter of 2010 that affected noninterest income, early second quarter 2010 production is showing encouraging signs. In addition, we experienced growth in debit card revenue as well as gains in revenue from our trust division during the first quarter of 2010,” stated McGraw.
Noninterest expense was $25,634,000 for the first quarter of 2010 as compared to $26,920,000 for the first quarter of 2009, a 4.78% decrease; noninterest expense remained relatively unchanged on a linked quarter basis. The decline in year over year noninterest expense was due to a reduction in personnel, occupancy and equipment expense which more than offset increased expenses related to other real estate owned.
Annualized net charge-offs as a percentage of average loans were 0.81% for the first quarter of 2010, down from 0.83% for the fourth quarter of 2009 and up from 0.75% for the first quarter of 2009. Non-performing loans as a percentage of total loans were 2.37% at March 31, 2010, as compared to 2.13% at December 31, 2009 and 2.69% at March 31, 2009. Loans 30-89 days past due as a percentage of total loans were 1.80% at March 31, 2010, as compared to 1.03% at December 31, 2009 and 1.04% at March 31, 2009. The allowance for loan losses as a percentage of loans was 1.78% at March 31, 2010, as compared to 1.67% at December 31, 2009 and 1.40% at March 31, 2009. The Company recorded a provision for loan losses of $6,665,000 for the first quarter of 2010 as compared to $7,800,000 for the fourth quarter of 2009 and $5,040,000 for the first quarter of 2009.
Non-performing loans (loans 90 days or more past due and nonaccrual loans) were $54,604,000 at March 31, 2010, as compared to $50,025,000 at December 31, 2009 and $67,380,000 at March 31, 2009.
Other real estate owned was $62,508,000 on March 31, 2010 as compared to $58,568,000 at December 31, 2009 and $25,318,000 at March 31, 2009. Other real estate owned increased as the Company took possession of the real properties securing problem loans in order to control the liquidation of these properties.
“Our policy is to aggressively recognize potential issues in our credit portfolio and address them as quickly as possible. In order to provide for these potential issues we believed it was prudent to have significantly increased our provision for loan losses over the past six quarters. In addition, members of our special assets division continue their proactive efforts to market other real estate owned while at the same time maintaining very low loss rates,” stated McGraw. “Even though the current banking environment remains a challenge, our key markets are fundamentally sound and we are optimistic in our positioning for long term success.”
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern on Wednesday, April 21, 2010, through the Company’s website: www.renasant.com or http://www.talkpoint.com/viewer/starthere.asp?Pres=130551. The event will be archived on the Company’s website for one year. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-800-860-2442 in the United States and requesting the Renasant First Quarter 2010 Earnings Webcast and Conference Call. International participants should dial 1-412-858-4600.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $3.6 billion and operates over 65 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee and Alabama.
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)
| Q1 2010 - Q1 2009 Percent Variance |
For the Three Months Ended March 31, |
|||||||||||||||||||||||||||||||||
| 2010 | 2009 | |||||||||||||||||||||||||||||||||
| First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
2010 | 2009 | Percent Variance |
|||||||||||||||||||||||||||
| Statement of earnings |
||||||||||||||||||||||||||||||||||
| Interest income—taxable equivalent basis |
$ | 40,900 | $ | 42,526 | $ | 43,820 | $ | 43,836 | $ | 44,988 | (9.09 | ) | $ | 40,900 | $ | 44,988 | (9.09 | ) | ||||||||||||||||
| Interest income |
$ | 39,708 | $ | 41,331 | $ | 42,614 | $ | 42,709 | $ | 43,910 | (9.57 | ) | $ | 39,708 | $ | 43,910 | (9.57 | ) | ||||||||||||||||
| Interest expense |
15,298 | 16,529 | 17,423 | 18,549 | 18,597 | (17.74 | ) | 15,298 | 18,597 | (17.74 | ) | |||||||||||||||||||||||
| Net interest income |
24,410 | 24,802 | 25,191 | 24,160 | 25,313 | (3.57 | ) | 24,410 | 25,313 | (3.57 | ) | |||||||||||||||||||||||
| Provision for loan losses |
6,665 | 7,800 | 7,350 | 6,700 | 5,040 | 32.24 | 6,665 | 5,040 | 32.24 | |||||||||||||||||||||||||
| Net interest income after provision |
17,745 | 17,002 | 17,841 | 17,460 | 20,273 | (12.47 | ) | 17,745 | 20,273 | (12.47 | ) | |||||||||||||||||||||||
| Service charges on deposit accounts |
5,090 | 5,801 | 5,379 | 5,395 | 5,425 | (6.18 | ) | 5,090 | 5,425 | (6.18 | ) | |||||||||||||||||||||||
| Fees and commissions on loans and deposits |
3,721 | 3,554 | 3,961 | 4,424 | 4,682 | (20.53 | ) | 3,721 | 4,682 | (20.53 | ) | |||||||||||||||||||||||
| Insurance commissions and fees |
834 | 705 | 949 | 837 | 828 | 0.72 | 834 | 828 | 0.72 | |||||||||||||||||||||||||
| Trust revenue |
584 | 559 | 501 | 488 | 491 | 18.94 | 584 | 491 | 18.94 | |||||||||||||||||||||||||
| Securities (losses) gains |
(160 | ) | 123 | — | 1,123 | 427 | (137.47 | ) | (160 | ) | 427 | (137.47 | ) | |||||||||||||||||||||
| Gain on sale of mortgage loans |
1,169 | 1,665 | 1,832 | 2,293 | 1,776 | (34.18 | ) | 1,169 | 1,776 | (34.18 | ) | |||||||||||||||||||||||
| Other |
1,246 | 1,012 | 1,331 | 864 | 1,133 | 9.97 | 1,246 | 1,133 | 9.97 | |||||||||||||||||||||||||
| Total non-interest income |
12,484 | 13,419 | 13,953 | 15,424 | 14,762 | (15.43 | ) | 12,484 | 14,762 | (15.43 | ) | |||||||||||||||||||||||
| Salaries and employee benefits |
13,197 | 13,572 | 13,363 | 13,736 | 14,744 | (10.49 | ) | 13,197 | 14,744 | (10.49 | ) | |||||||||||||||||||||||
| Occupancy and equipment |
2,931 | 2,981 | 3,045 | 3,063 | 3,249 | (9.79 | ) | 2,931 | 3,249 | (9.79 | ) | |||||||||||||||||||||||
| Data processing |
1,426 | 1,407 | 1,439 | 1,430 | 1,329 | 7.30 | 1,426 | 1,329 | 7.30 | |||||||||||||||||||||||||
| Amortization of intangibles |
476 | 482 | 489 | 494 | 501 | (4.99 | ) | 476 | 501 | (4.99 | ) | |||||||||||||||||||||||
| Other |
7,604 | 7,141 | 7,782 | 8,409 | 7,097 | 7.14 | 7,604 | 7,097 | 7.14 | |||||||||||||||||||||||||
| Total non-interest expense |
25,634 | 25,583 | 26,118 | 27,132 | 26,920 | (4.78 | ) | 25,634 | 26,920 | (4.78 | ) | |||||||||||||||||||||||
| Income before income taxes |
4,595 | 4,838 | 5,676 | 5,752 | 8,115 | (43.38 | ) | 4,595 | 8,115 | (43.38 | ) | |||||||||||||||||||||||
| Income taxes |
988 | 807 | 1,451 | 1,496 | 2,109 | (53.15 | ) | 988 | 2,109 | (53.15 | ) | |||||||||||||||||||||||
| Net income |
$ | 3,607 | $ | 4,031 | $ | 4,225 | $ | 4,256 | $ | 6,006 | (39.94 | ) | $ | 3,607 | $ | 6,006 | (39.94 | ) | ||||||||||||||||
| Basic earnings per share |
$ | 0.17 | $ | 0.19 | $ | 0.20 | $ | 0.20 | $ | 0.29 | (41.38 | ) | $ | 0.17 | $ | 0.29 | (41.38 | ) | ||||||||||||||||
| Diluted earnings per share |
0.17 | 0.19 | 0.20 | 0.20 | 0.28 | (39.29 | ) | 0.17 | 0.28 | (39.29 | ) | |||||||||||||||||||||||
| Average basic shares outstanding |
21,082,991 | 21,078,873 | 21,075,879 | 21,073,228 | 21,067,539 | 0.07 | 21,082,991 | 21,067,539 | 0.07 | |||||||||||||||||||||||||
| Average diluted shares outstanding |
21,208,934 | 21,217,841 | 21,213,839 | 21,193,560 | 21,188,397 | 0.10 | 21,208,934 | 21,188,397 | 0.10 | |||||||||||||||||||||||||
| Common shares outstanding |
21,082,991 | 21,082,991 | 21,078,828 | 21,074,568 | 21,067,539 | 0.07 | 21,082,991 | 21,067,539 | 0.07 | |||||||||||||||||||||||||
| Cash dividend per common share |
$ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | — | $ | 0.17 | $ | 0.17 | — | ||||||||||||||||||
| Performance ratios |
||||||||||||||||||||||||||||||||||
| Return on average shareholders’ equity |
3.55 | % | 3.87 | % | 4.12 | % | 4.22 | % | 6.04 | % | 3.55 | % | 6.04 | % | ||||||||||||||||||||
| Return on average shareholders’ equity, excluding amortization expense |
3.84 | % | 4.15 | % | 4.41 | % | 4.52 | % | 6.35 | % | 3.84 | % | 6.35 | % | ||||||||||||||||||||
| Return on average assets |
0.40 | % | 0.44 | % | 0.46 | % | 0.46 | % | 0.65 | % | 0.40 | % | 0.65 | % | ||||||||||||||||||||
| Return on average assets, excluding amortization expense |
0.44 | % | 0.47 | % | 0.49 | % | 0.49 | % | 0.68 | % | 0.44 | % | 0.68 | % | ||||||||||||||||||||
| Net interest margin (FTE) |
3.27 | % | 3.22 | % | 3.22 | % | 3.04 | % | 3.19 | % | 3.27 | % | 3.19 | % | ||||||||||||||||||||
| Yield on earning assets (FTE) |
5.23 | % | 5.26 | % | 5.33 | % | 5.27 | % | 5.46 | % | 5.23 | % | 5.46 | % | ||||||||||||||||||||
| Average earning assets to average assets |
87.28 | % | 88.19 | % | 88.73 | % | 89.25 | % | 88.85 | % | 87.28 | % | 88.85 | % | ||||||||||||||||||||
| Average loans to average deposits |
88.47 | % | 92.96 | % | 94.22 | % | 94.40 | % | 99.13 | % | 88.47 | % | 99.13 | % | ||||||||||||||||||||
| Noninterest income (less securities gains/losses) to average assets |
1.42 | % | 1.45 | % | 1.51 | % | 1.53 | % | 1.54 | % | 1.42 | % | 1.54 | % | ||||||||||||||||||||
| Noninterest expense to average assets |
2.87 | % | 2.79 | % | 2.82 | % | 2.91 | % | 2.90 | % | 2.87 | % | 2.90 | % | ||||||||||||||||||||
| Net overhead ratio |
1.45 | % | 1.34 | % | 1.31 | % | 1.38 | % | 1.36 | % | 1.45 | % | 1.36 | % | ||||||||||||||||||||
| Efficiency ratio (FTE) |
67.31 | % | 64.91 | % | 64.73 | % | 66.65 | % | 65.41 | % | 67.31 | % | 65.41 | % | ||||||||||||||||||||
| * | Percent variance not meaningful |
RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
| Q1 2010 - Q1 2009 Percent Variance |
For the Three Months Ended March 31, |
|||||||||||||||||||||||||||||||||
| 2010 | 2009 | |||||||||||||||||||||||||||||||||
| First Quarter |
Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
2010 | 2009 | Percent Variance |
|||||||||||||||||||||||||||
| Average balances |
||||||||||||||||||||||||||||||||||
| Total assets |
$ | 3,621,361 | $ | 3,640,514 | $ | 3,675,592 | $ | 3,738,852 | $ | 3,763,245 | (3.77 | ) | $ | 3,621,361 | $ | 3,763,245 | (3.77 | ) | ||||||||||||||||
| Earning assets |
3,160,620 | 3,210,554 | 3,261,527 | 3,337,103 | 3,343,699 | (5.48 | ) | 3,160,620 | 3,343,699 | (5.48 | ) | |||||||||||||||||||||||
| Securities |
697,913 | 719,298 | 703,976 | 701,894 | 696,068 | 0.27 | 697,913 | 696,068 | 0.27 | |||||||||||||||||||||||||
| Loans, net of unearned |
2,354,443 | 2,397,195 | 2,465,298 | 2,542,021 | 2,587,436 | (9.00 | ) | 2,354,443 | 2,587,436 | (9.00 | ) | |||||||||||||||||||||||
| Intangibles |
190,881 | 191,591 | 192,078 | 192,568 | 193,067 | (1.13 | ) | 190,881 | 193,067 | (1.13 | ) | |||||||||||||||||||||||
| Non-interest bearing deposits |
$ | 310,726 | $ | 307,753 | $ | 297,390 | $ | 293,546 | $ | 299,265 | 3.83 | $ | 310,726 | $ | 299,265 | 3.83 | ||||||||||||||||||
| Interest bearing deposits |
2,332,741 | 2,247,854 | 2,286,184 | 2,342,788 | 2,250,324 | 3.66 | 2,332,741 | 2,250,324 | 3.66 | |||||||||||||||||||||||||
| Total deposits |
2,643,467 | 2,555,607 | 2,583,574 | 2,636,334 | 2,549,589 | 3.68 | 2,643,467 | 2,549,589 | 3.68 | |||||||||||||||||||||||||
| Borrowed funds |
530,654 | 632,689 | 647,919 | 662,387 | 815,548 | (34.93 | ) | 530,654 | 815,548 | (34.93 | ) | |||||||||||||||||||||||
| Shareholders’ equity |
412,132 | 413,773 | 406,779 | 404,456 | 403,229 | 2.21 | 412,132 | 403,229 | 2.21 | |||||||||||||||||||||||||
| Asset quality data |
||||||||||||||||||||||||||||||||||
| Nonaccrual loans |
$ | 44,688 | $ | 39,454 | $ | 37,995 | $ | 55,217 | $ | 47,591 | (6.10 | ) | $ | 44,688 | $ | 47,591 | (6.10 | ) | ||||||||||||||||
| Loans 90 past due or more |
9,916 | 10,571 | 10,661 | 10,284 | 19,789 | (49.89 | ) | 9,916 | 19,789 | (49.89 | ) | |||||||||||||||||||||||
| Non-performing loans |
54,604 | 50,025 | 48,656 | 65,501 | 67,380 | (18.96 | ) | 54,604 | 67,380 | (18.96 | ) | |||||||||||||||||||||||
| Other real estate owned and repossessions |
62,508 | 58,568 | 47,457 | 30,546 | 25,318 | 146.89 | 62,508 | 25,318 | 146.89 | |||||||||||||||||||||||||
| Non-performing assets |
$ | 117,112 | $ | 108,593 | $ | 96,113 | $ | 96,047 | $ | 92,698 | 26.34 | $ | 117,112 | $ | 92,698 | 26.34 | ||||||||||||||||||
| Net loan charge-offs (recoveries) |
$ | 4,716 | $ | 5,007 | $ | 6,962 | $ | 5,917 | $ | 4,764 | (1.01 | ) | $ | 4,716 | $ | 4,764 | (1.01 | ) | ||||||||||||||||
| Allowance for loan losses |
41,094 | 39,145 | 36,352 | 35,964 | 35,181 | 16.81 | 41,094 | 35,181 | 16.81 | |||||||||||||||||||||||||
| Non-performing loans / total loans |
2.37 | % | 2.13 | % | 2.03 | % | 2.65 | % | 2.69 | % | 2.37 | % | 2.69 | % | ||||||||||||||||||||
| Non-performing assets / total assets |
3.22 | % | 2.98 | % | 2.64 | % | 2.59 | % | 2.44 | % | 3.22 | % | 2.44 | % | ||||||||||||||||||||
| Allowance for loan losses / total loans |
1.78 | % | 1.67 | % | 1.51 | % | 1.46 | % | 1.40 | % | 1.78 | % | 1.40 | % | ||||||||||||||||||||
| Allowance for loan losses /non-performing loans |
75.26 | % | 78.25 | % | 74.71 | % | 54.91 | % | 52.21 | % | 75.26 | % | 52.21 | % | ||||||||||||||||||||
| Annualized net loan charge-offs / average loans |
0.81 | % | 0.83 | % | 1.12 | % | 0.93 | % | 0.75 | % | 0.81 | % | 0.75 | % | ||||||||||||||||||||
| Balances at period end |
||||||||||||||||||||||||||||||||||
| Total assets |
$ | 3,641,709 | $ | 3,641,081 | $ | 3,642,657 | $ | 3,701,957 | $ | 3,795,217 | $ | 3,641,709 | $ | 3,795,217 | (4.04 | ) | ||||||||||||||||||
| Earning assets |
3,200,159 | 3,173,039 | 3,188,554 | 3,236,615 | 3,368,962 | 3,200,159 | 3,368,962 | (5.01 | ) | |||||||||||||||||||||||||
| Securities |
741,207 | 714,164 | 738,204 | 684,723 | 709,950 | 741,207 | 709,950 | 4.40 | ||||||||||||||||||||||||||
| Mortgage loans held for sale |
16,597 | 25,749 | 24,091 | 49,565 | 55,194 | 16,597 | 55,194 | (69.93 | ) | |||||||||||||||||||||||||
| Loans, net of unearned |
2,308,335 | 2,347,615 | 2,402,423 | 2,468,844 | 2,506,780 | 2,308,335 | 2,506,780 | (7.92 | ) | |||||||||||||||||||||||||
| Intangibles |
190,881 | 191,357 | 191,839 | 192,328 | 192,822 | 190,881 | 192,822 | (1.01 | ) | |||||||||||||||||||||||||
| Non-interest bearing deposits |
$ | 315,064 | $ | 304,962 | $ | 297,858 | $ | 292,129 | $ | 303,536 | $ | 315,064 | $ | 303,536 | 3.80 | |||||||||||||||||||
| Interest bearing deposits |
2,398,784 | 2,271,138 | 2,263,126 | 2,308,081 | 2,385,769 | 2,398,784 | 2,385,769 | 0.55 | ||||||||||||||||||||||||||
| Total deposits |
2,713,848 | 2,576,100 | 2,560,984 | 2,600,210 | 2,689,305 | 2,713,848 | 2,689,305 | 0.91 | ||||||||||||||||||||||||||
| Borrowed funds |
483,183 | 618,024 | 635,076 | 665,755 | 672,130 | 483,183 | 672,130 | (28.11 | ) | |||||||||||||||||||||||||
| Shareholders’ equity |
410,557 | 410,122 | 410,473 | 400,680 | 400,095 | 410,557 | 400,095 | 2.61 | ||||||||||||||||||||||||||
| Market value per common share |
$ | 16.18 | $ | 13.60 | $ | 14.85 | $ | 15.02 | $ | 12.56 | $ | 16.18 | $ | 12.56 | 28.82 | |||||||||||||||||||
| Book value per common share |
19.47 | 19.45 | 19.47 | 19.01 | 18.99 | 19.47 | 18.99 | 2.54 | ||||||||||||||||||||||||||
| Tangible book value per common share |
10.42 | 10.38 | 10.37 | 9.89 | 9.84 | 10.42 | 9.84 | 5.91 | ||||||||||||||||||||||||||
| Shareholders’ equity to assets (actual) |
11.27 | % | 11.26 | % | 11.27 | % | 10.82 | % | 10.54 | % | 11.27 | % | 10.54 | % | ||||||||||||||||||||
| Tangible capital ratio |
6.37 | % | 6.34 | % | 6.34 | % | 5.94 | % | 5.75 | % | 6.37 | % | 5.75 | % | ||||||||||||||||||||
| Leverage ratio |
8.74 | % | 8.68 | % | 8.56 | % | 8.37 | % | 8.28 | % | 8.75 | % | 8.28 | % | ||||||||||||||||||||
| Tier 1 risk-based capital ratio |
11.19 | % | 11.12 | % | 11.04 | % | 10.92 | % | 11.00 | % | 11.16 | % | 11.00 | % | ||||||||||||||||||||
| Total risk-based capital ratio |
12.44 | % | 12.37 | % | 12.29 | % | 12.17 | % | 12.25 | % | 12.41 | % | 12.25 | % | ||||||||||||||||||||
| Detail of Loans by Category |
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| Commercial, financial, agricultural |
$ | 276,749 | $ | 281,329 | $ | 280,930 | $ | 292,177 | $ | 301,899 | $ | 276,749 | $ | 301,899 | (8.33 | ) | ||||||||||||||||||
| Lease financing |
677 | 778 | 936 | 1,283 | 1,434 | 677 | 1,434 | (52.79 | ) | |||||||||||||||||||||||||
| Real estate—construction |
110,121 | 133,299 | 153,367 | 180,202 | 210,747 | 110,121 | 210,747 | (47.75 | ) | |||||||||||||||||||||||||
| Real estate—1-4 family mortgages |
809,271 | 820,917 | 848,267 | 878,263 | 872,796 | 809,271 | 872,796 | (7.28 | ) | |||||||||||||||||||||||||
| Real estate—commercial mortgages |
1,055,102 | 1,040,589 | 1,048,135 | 1,054,169 | 1,055,537 | 1,055,102 | 1,055,537 | (0.04 | ) | |||||||||||||||||||||||||
| Installment loans to individuals |
56,415 | 70,703 | 70,788 | 62,750 | 64,367 | 56,415 | 64,367 | (12.35 | ) | |||||||||||||||||||||||||
| Loans, net of unearned |
$ | 2,308,335 | $ | 2,347,615 | $ | 2,402,423 | $ | 2,468,844 | $ | 2,506,780 | $ | 2,308,335 | $ | 2,506,780 | (7.92 | ) | ||||||||||||||||||
| * | Percent variance not meaningful |