Mississippi | 001-13253 | 64-0676974 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
[ ] | 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)) |
99.1 | Press release dated April 25, 2017 issued by Renasant Corporation announcing earnings for the first quarter of 2017. |
RENASANT CORPORATION | |||
Date: April 25, 2017 | By: | /s/ E. Robinson McGraw | |
E. Robinson McGraw | |||
Chairman and Chief Executive Officer | |||
99.1 | Press release dated April 25, 2017 issued by Renasant Corporation announcing earnings for the first quarter of 2017. |
Contacts: | For Media: | For Financials: | ||
John Oxford | Kevin Chapman | |||
Vice President | Executive Vice President | |||
Director of External Affairs | Chief Financial Officer | |||
(662) 680-1219 | (662) 680-1450 | |||
joxford@renasant.com | kchapman@renasant.com |
Three months ended March 31, 2017 | Three months ended March 31, 2016 | ||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||
Merger and conversion expenses | $ | 345 | $ | 235 | $ | 0.01 | $ | 948 | $ | 634 | $ | 0.02 | |||||||
Debt prepayment penalty | 205 | 140 | — | — | — | — |
• | Total assets were $8.8 billion at March 31, 2017, as compared to $8.7 billion at December 31, 2016, and $8.1 billion at March 31, 2016. |
• | Total loans increased $36.3 million to $6.2 billion at March 31, 2017, from December 31, 2016; total loans were $5.6 billion at March 31, 2016. Loans not acquired increased $123.7 million to $4.8 billion at March 31, 2017 from December 31, 2016, which represents an annualized growth rate of 10.65%. For the first quarter of 2017, the yield on total loans was 4.82% compared to 5.07% for the fourth quarter of 2016 and 4.93% for the first quarter of 2016. The following table reconciles the reported loan yield to the adjusted loan yield excluding the impact from interest income collected on problem loans and purchase accounting adjustments on acquired loans for the periods presented (in thousands): |
Three Months Ended | |||||||||
March 31, | December 31, | March 31, | |||||||
2017 | 2016 | 2016 | |||||||
Taxable equivalent interest income on loans (as reported) | $ | 73,710 | $ | 78,267 | $ | 67,223 | |||
Net interest income collected on problem loans | 567 | 1,971 | 622 | ||||||
Accretable yield recognized on purchased loans(1) | 5,604 | 8,092 | 6,097 | ||||||
Interest income on loans (adjusted) | $ | 67,539 | $ | 68,204 | $ | 60,504 | |||
Average loans | $ | 6,198,705 | $ | 6,147,077 | $ | 5,482,167 | |||
Loan yield, as reported | 4.82 | % | 5.07 | % | 4.93 | % | |||
Loan yield, adjusted | 4.42 | % | 4.41 | % | 4.44 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $2,741, $4,728 and $1,871 for the three months ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively, which increased loan yield by 18 basis points, 30 basis points and 13 basis points for the same periods, respectively. |
• | Total deposits increased to $7.2 billion at March 31, 2017, from $7.1 billion at December 31, 2016, and $6.4 billion at March 31, 2016. Noninterest-bearing deposits averaged $1.6 billion, or 21.83% of average deposits, for the first quarter of 2017, compared to $1.3 billion, or 20.99% of average deposits, for the same period in 2016. For the first quarter of 2017, the cost of total deposits was 29 basis points, as compared to 28 basis points for the fourth quarter of 2016 and 25 basis points for the first quarter of 2016. |
• | Net interest income was $74.0 million for the first quarter of 2017, as compared to $78.0 million for the fourth quarter of 2016 and $70.1 million for the first quarter of 2016. Net interest margin was 4.01% for the first quarter of 2017, as compared to 4.24% for the fourth quarter of 2016 and 4.21% for the first quarter of 2016. The following table reconciles reported net interest margin to adjusted net interest margin excluding the impact from interest income collected on problem loans and purchase accounting adjustments on loans for the periods presented (in thousands): |
Three Months Ended | |||||||||
March 31, | December 31, | March 31, | |||||||
2017 | 2016 | 2016 | |||||||
Taxable equivalent net interest income (as reported) | $ | 75,907 | $ | 79,774 | $ | 71,804 | |||
Net interest income collected on problem loans | 567 | 1,971 | 622 | ||||||
Accretable yield recognized on purchased loans (1) | 5,604 | 8,092 | 6,097 | ||||||
Net interest income (adjusted) | $ | 69,736 | $ | 69,711 | $ | 65,085 | |||
Average earning assets | $ | 7,668,582 | $ | 7,483,222 | $ | 6,863,905 | |||
Net interest margin, as reported | 4.01 | % | 4.24 | % | 4.21 | % | |||
Net interest margin, adjusted | 3.69 | % | 3.71 | % | 3.81 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $2,741, $4,728 and $1,871 for the three months ended March 31, 2017, |
• | Noninterest income for the first quarter of 2017 was $32.0 million, as compared to $30.3 million for the fourth quarter of 2016 and $33.3 million for the first quarter of 2016. Mortgage banking income was $10.5 million for the first quarter of 2017, as compared to $8.3 million for the fourth quarter of 2016 and $11.9 million for the first quarter of 2017. |
• | Noninterest expense was $69.3 million for the first quarter of 2017, as compared to $71.6 million for the fourth quarter of 2016 and $69.8 million for the first quarter of 2016. Excluding nonrecurring charges for merger and conversion expenses and debt prepayment penalties, noninterest expense remained relatively flat when compared to the first quarter of 2016. |
As Reported | Excluding Merger and Conversion Expenses and Debt Prepayment Penalties | |||
Return on average assets | 1.11 | % | 1.13 | % |
Return on average tangible assets | 1.23 | % | 1.25 | % |
Return on average equity | 7.80 | % | 7.92 | % |
Return on average tangible equity | 13.48 | % | 13.68 | % |
• | Non-acquired nonperforming loans increased to $14.8 million, or 0.31% of total non-acquired loans, at March 31, 2017, from $13.4 million, or 0.28% of total non-acquired loans, at December 31, 2016. These loans were $14.2 million, or 0.35% of total non-aquired loans, at March 31, 2016. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.16% at March 31, 2017, as compared to 0.23% at December 31, 2016, and at 0.17% March 31, 2016. |
• | Non-acquired OREO was $5.1 million at March 31, 2017, as compared to $5.9 million at December 31, 2016, and $12.8 million at March 31, 2016. Non-acquired OREO sales totaled $1.2 million in the first quarter of 2017 and $5.8 million over the final three quarters of 2016. |
• | The allowance for loan losses represents 0.69% of total loans at both March 31, 2017, and December 31, 2016, and 0.77% at March 31, 2016. The allowance for loan losses represents 0.89% of nonaquired loans at March 31, 2017, as compared to 0.91% at December 31, 2016, and 1.05% at March 31, 2016. |
◦ | Net loan charge-offs were $1.3 million, or 0.09% of average total loans, for the first quarter of 2017, as compared to $4.8 million, or 0.31% of average total loans, for the fourth quarter of 2016 and $1.4 million, or 0.10% of average total loans, for the first quarter of 2016. The decrease quarter over quarter is attributable to the final resolution of several problem credits in the fourth quarter of 2016. |
◦ | Provision for loan losses was $1.5 million for the first quarter of 2017, as compared to $1.7 million for the fourth quarter of 2016 and $1.8 million for the first quarter of 2016. |
• | At March 31, 2017, Tier 1 leverage capital ratio was 10.39%, Common Equity Tier 1 ratio was 11.69%, Tier 1 risk-based capital ratio was 12.93%, and total risk-based capital ratio was 15.11%. All regulatory ratios exceed the minimums required to be considered “well-capitalized.” |
• | Tangible common equity ratio was 9.16% at March 31, 2017, as compared to 9.00% at December 31, 2016. |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Q1 2017 - | For The Three Months Ending | |||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||
Statement of earnings | ||||||||||||||||||||||||||||||||||||
Interest income - taxable equivalent basis | $ | 83,781 | $ | 87,564 | $ | 84,786 | $ | 85,783 | $ | 78,009 | (4.32 | ) | $ | 83,781 | $ | 78,009 | 7.40 | |||||||||||||||||||
Interest income | $ | 81,889 | $ | 85,840 | $ | 83,032 | $ | 84,008 | $ | 76,259 | (4.60 | ) | $ | 81,889 | $ | 76,259 | 7.38 | |||||||||||||||||||
Interest expense | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 1.07 | 7,874 | 6,205 | 26.90 | |||||||||||||||||||||||||||
Net interest income | 74,015 | 78,049 | 75,731 | 77,157 | 70,054 | (5.17 | ) | 74,015 | 70,054 | 5.65 | ||||||||||||||||||||||||||
Provision for loan losses | 1,500 | 1,650 | 2,650 | 1,430 | 1,800 | (9.09 | ) | 1,500 | 1,800 | (16.67 | ) | |||||||||||||||||||||||||
Net interest income after provision | 72,515 | 76,399 | 73,081 | 75,727 | 68,254 | (5.08 | ) | 72,515 | 68,254 | 6.24 | ||||||||||||||||||||||||||
Service charges on deposit accounts | 7,931 | 8,163 | 8,200 | 7,521 | 7,991 | (2.84 | ) | 7,931 | 7,991 | (0.75 | ) | |||||||||||||||||||||||||
Fees and commissions on loans and deposits | 5,199 | 4,772 | 4,921 | 4,877 | 4,244 | 8.95 | 5,199 | 4,244 | 22.50 | |||||||||||||||||||||||||||
Insurance commissions and fees | 1,860 | 1,951 | 2,420 | 2,175 | 1,962 | (4.66 | ) | 1,860 | 1,962 | (5.20 | ) | |||||||||||||||||||||||||
Wealth management revenue | 2,884 | 2,849 | 3,040 | 2,872 | 2,891 | 1.23 | 2,884 | 2,891 | (0.24 | ) | ||||||||||||||||||||||||||
Securities gains (losses) | — | — | — | 1,257 | (71 | ) | — | — | (71 | ) | (100.00 | ) | ||||||||||||||||||||||||
Mortgage banking income | 10,504 | 8,262 | 15,846 | 13,420 | 11,915 | 27.14 | 10,504 | 11,915 | (11.84 | ) | ||||||||||||||||||||||||||
Other | 3,643 | 4,258 | 3,845 | 3,464 | 4,370 | (14.44 | ) | 3,643 | 4,370 | (16.64 | ) | |||||||||||||||||||||||||
Total noninterest income | 32,021 | 30,255 | 38,272 | 35,586 | 33,302 | 5.84 | 32,021 | 33,302 | (3.85 | ) | ||||||||||||||||||||||||||
Salaries and employee benefits | 42,209 | 39,966 | 44,702 | 45,387 | 42,393 | 5.61 | 42,209 | 42,393 | (0.43 | ) | ||||||||||||||||||||||||||
Data processing | 4,234 | 4,503 | 4,560 | 4,502 | 4,158 | (5.97 | ) | 4,234 | 4,158 | 1.83 | ||||||||||||||||||||||||||
Occupancy and equipment | 9,319 | 8,809 | 8,830 | 8,531 | 8,224 | 5.79 | 9,319 | 8,224 | 13.31 | |||||||||||||||||||||||||||
Other real estate | 533 | 1,585 | 1,540 | 1,614 | 957 | (66.37 | ) | 533 | 957 | (44.31 | ) | |||||||||||||||||||||||||
Amortization of intangibles | 1,563 | 1,624 | 1,684 | 1,742 | 1,697 | (3.76 | ) | 1,563 | 1,697 | (7.90 | ) | |||||||||||||||||||||||||
Merger and conversion related expenses | 345 | — | 268 | 2,807 | 948 | 100.00 | 345 | 948 | (63.61 | ) | ||||||||||||||||||||||||||
Debt extinguishment penalty | 205 | — | 2,210 | 329 | — | 100.00 | 205 | — | 100.00 | |||||||||||||||||||||||||||
Loss share termination | — | 2,053 | — | — | — | (100.00 | ) | — | — | — | ||||||||||||||||||||||||||
Other | 10,901 | 13,018 | 12,674 | 12,347 | 11,437 | (16.26 | ) | 10,901 | 11,437 | (4.69 | ) | |||||||||||||||||||||||||
Total noninterest expense | 69,309 | 71,558 | 76,468 | 77,259 | 69,814 | (3.14 | ) | 69,309 | 69,814 | (0.72 | ) | |||||||||||||||||||||||||
Income before income taxes | 35,227 | 35,096 | 34,885 | 34,054 | 31,742 | 0.37 | 35,227 | 31,742 | 10.98 | |||||||||||||||||||||||||||
Income taxes | 11,255 | 11,461 | 11,706 | 11,154 | 10,526 | (1.80 | ) | 11,255 | 10,526 | 6.93 | ||||||||||||||||||||||||||
Net income | $ | 23,972 | $ | 23,635 | $ | 23,179 | $ | 22,900 | $ | 21,216 | 1.43 | $ | 23,972 | $ | 21,216 | 12.99 | ||||||||||||||||||||
Basic earnings per share | $ | 0.54 | $ | 0.56 | $ | 0.55 | $ | 0.54 | $ | 0.53 | (3.57 | ) | $ | 0.54 | $ | 0.53 | 1.89 | |||||||||||||||||||
Diluted earnings per share | 0.54 | 0.55 | 0.55 | 0.54 | 0.52 | (1.82 | ) | 0.54 | 0.52 | 3.85 | ||||||||||||||||||||||||||
Average basic shares outstanding | 44,364,337 | 42,441,588 | 42,091,164 | 42,066,168 | 40,324,475 | 4.53 | 44,364,337 | 40,324,475 | 10.02 | |||||||||||||||||||||||||||
Average diluted shares outstanding | 44,480,499 | 42,636,325 | 42,310,358 | 42,303,626 | 40,559,145 | 4.33 | 44,480,499 | 40,559,145 | 9.67 | |||||||||||||||||||||||||||
Common shares outstanding | 44,394,707 | 44,332,273 | 42,102,224 | 42,085,690 | 40,373,753 | 0.14 | 44,394,707 | 40,373,753 | 9.96 | |||||||||||||||||||||||||||
Cash dividend per common share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.17 | — | $ | 0.18 | $ | 0.17 | 5.88 | ||||||||||||||||||||
Performance ratios | ||||||||||||||||||||||||||||||||||||
Return on avg shareholders' equity | 7.80 | % | 8.14 | % | 8.12 | % | 8.21 | % | 8.12 | % | 7.80 | % | 8.12 | % | ||||||||||||||||||||||
Return on avg tangible s/h's equity (1) | 13.48 | % | 14.90 | % | 15.15 | % | 15.57 | % | 15.58 | % | 13.48 | % | 15.58 | % | ||||||||||||||||||||||
Return on avg assets | 1.11 | % | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % | 1.11 | % | 1.07 | % | ||||||||||||||||||||||
Return on avg tangible assets (2) | 1.23 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.23 | % | 1.20 | % | ||||||||||||||||||||||
Net interest margin (FTE) | 4.01 | % | 4.24 | % | 4.15 | % | 4.29 | % | 4.21 | % | 4.01 | % | 4.21 | % | ||||||||||||||||||||||
Yield on earning assets (FTE) | 4.43 | % | 4.66 | % | 4.54 | % | 4.66 | % | 4.57 | % | 4.43 | % | 4.57 | % | ||||||||||||||||||||||
Cost of funding | 0.43 | % | 0.42 | % | 0.40 | % | 0.38 | % | 0.37 | % | 0.43 | % | 0.37 | % | ||||||||||||||||||||||
Average earning assets to average assets | 87.55 | % | 87.10 | % | 86.82 | % | 86.59 | % | 86.21 | % | 87.55 | % | 86.21 | % | ||||||||||||||||||||||
Average loans to average deposits | 86.81 | % | 88.89 | % | 89.40 | % | 87.73 | % | 87.39 | % | 86.81 | % | 87.39 | % | ||||||||||||||||||||||
Noninterest income (less securities gains/ | ||||||||||||||||||||||||||||||||||||
losses) to average assets | 1.48 | % | 1.40 | % | 1.78 | % | 1.62 | % | 1.69 | % | 1.48 | % | 1.69 | % | ||||||||||||||||||||||
Noninterest expense (less debt prepayment penalties/ | ||||||||||||||||||||||||||||||||||||
merger-related expenses) to average assets | 3.18 | % | 3.22 | % | 3.44 | % | 3.49 | % | 3.48 | % | 3.18 | % | 3.48 | % | ||||||||||||||||||||||
Net overhead ratio | 1.70 | % | 1.82 | % | 1.66 | % | 1.87 | % | 1.79 | % | 1.70 | % | 1.79 | % | ||||||||||||||||||||||
Efficiency ratio (FTE) (4) | 62.26 | % | 61.69 | % | 62.46 | % | 63.91 | % | 63.86 | % | 62.26 | % | 63.86 | % |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Q1 2017 | For The Three Months Ending | |||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||
Average Balances | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,759,448 | $ | 8,591,795 | $ | 8,562,199 | $ | 8,541,818 | $ | 7,961,700 | 1.95 | $ | 8,759,448 | $ | 7,961,700 | 10.02 | ||||||||||||||||||||
Earning assets | 7,668,582 | 7,483,222 | 7,433,461 | 7,396,283 | 6,863,905 | 2.48 | 7,668,582 | 6,863,905 | 11.72 | |||||||||||||||||||||||||||
Securities | 1,043,697 | 1,034,270 | 1,045,905 | 1,111,831 | 1,103,504 | 0.91 | 1,043,697 | 1,103,504 | (5.42 | ) | ||||||||||||||||||||||||||
Mortgage loans held for sale | 112,105 | 184,583 | 241,314 | 306,011 | 217,200 | (39.27 | ) | 112,105 | 217,200 | (48.39 | ) | |||||||||||||||||||||||||
Loans, net of unearned | 6,198,705 | 6,147,077 | 6,048,017 | 5,897,650 | 5,482,167 | 0.84 | 6,198,705 | 5,482,167 | 13.07 | |||||||||||||||||||||||||||
Intangibles | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | (0.32 | ) | 493,816 | 473,852 | 4.21 | ||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,558,809 | $ | 1,564,150 | $ | 1,510,309 | $ | 1,477,380 | $ | 1,316,495 | (0.34 | ) | $ | 1,558,809 | $ | 1,316,495 | 18.41 | |||||||||||||||||||
Interest-bearing deposits | 5,581,853 | 5,351,354 | 5,255,102 | 5,245,406 | 4,956,983 | 4.31 | 5,581,853 | 4,956,983 | 12.61 | |||||||||||||||||||||||||||
Total deposits | 7,140,662 | 6,915,505 | 6,765,411 | 6,722,786 | 6,273,478 | 3.26 | 7,140,662 | 6,273,478 | 13.82 | |||||||||||||||||||||||||||
Borrowed funds | 282,008 | 412,589 | 550,222 | 594,459 | 539,078 | (31.65 | ) | 282,008 | 539,078 | (47.69 | ) | |||||||||||||||||||||||||
Shareholders' equity | 1,246,903 | 1,155,749 | 1,135,073 | 1,121,298 | 1,050,668 | 7.89 | 1,246,903 | 1,050,668 | 18.68 | |||||||||||||||||||||||||||
Q1 2017 - | As of | |||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||
Balances at period end | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,764,711 | $ | 8,699,851 | $ | 8,542,471 | $ | 8,529,566 | $ | 8,146,229 | 0.75 | $ | 8,764,711 | $ | 8,146,229 | 7.59 | ||||||||||||||||||||
Earning assets | 7,690,045 | 7,556,760 | 7,409,068 | 7,396,888 | 7,045,179 | 1.76 | 7,690,045 | 7,045,179 | 9.15 | |||||||||||||||||||||||||||
Securities | 1,044,862 | 1,030,530 | 1,039,957 | 1,063,592 | 1,101,820 | 1.39 | 1,044,862 | 1,101,820 | (5.17 | ) | ||||||||||||||||||||||||||
Mortgage loans held for sale | 158,619 | 177,866 | 189,965 | 276,782 | 298,365 | (10.82 | ) | 158,619 | 298,365 | (46.84 | ) | |||||||||||||||||||||||||
Loans not acquired | 4,834,085 | 4,710,385 | 4,526,026 | 4,292,549 | 4,074,413 | 2.63 | 4,834,085 | 4,074,413 | 18.64 | |||||||||||||||||||||||||||
Loans acquired and covered by FDIC loss-share agreements | — | — | 30,533 | 42,171 | 44,989 | — | — | 44,989 | (100.00 | ) | ||||||||||||||||||||||||||
Loans acquired and not covered by FDIC loss-share agreements | 1,401,720 | 1,489,137 | 1,548,674 | 1,630,709 | 1,453,328 | (5.87 | ) | 1,401,720 | 1,453,328 | (3.55 | ) | |||||||||||||||||||||||||
Total loans | 6,235,805 | 6,199,522 | 6,105,233 | 5,965,429 | 5,572,730 | 0.59 | 6,235,805 | 5,572,730 | 11.90 | |||||||||||||||||||||||||||
Intangibles | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | (0.32 | ) | 493,045 | 476,539 | 3.46 | ||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,579,581 | $ | 1,561,357 | $ | 1,514,820 | $ | 1,459,383 | $ | 1,384,503 | 1.17 | $ | 1,579,581 | $ | 1,384,503 | 14.09 | ||||||||||||||||||||
Interest-bearing deposits | 5,651,269 | 5,497,780 | 5,302,978 | 5,243,104 | 5,046,874 | 2.79 | 5,651,269 | 5,046,874 | 11.98 | |||||||||||||||||||||||||||
Total deposits | 7,230,850 | 7,059,137 | 6,817,798 | 6,702,487 | 6,431,377 | 2.43 | 7,230,850 | 6,431,377 | 12.43 | |||||||||||||||||||||||||||
Borrowed funds | 202,006 | 312,135 | 469,580 | 588,650 | 561,671 | (35.28 | ) | 202,006 | 561,671 | (64.03 | ) | |||||||||||||||||||||||||
Shareholders' equity | 1,251,065 | 1,232,883 | 1,142,247 | 1,124,256 | 1,053,178 | 1.47 | 1,251,065 | 1,053,178 | 18.79 | |||||||||||||||||||||||||||
Market value per common share | $ | 39.69 | $ | 42.22 | $ | 33.63 | $ | 32.33 | $ | 32.91 | (5.99 | ) | $ | 39.69 | $ | 32.91 | 20.60 | |||||||||||||||||||
Book value per common share | 28.18 | 27.81 | 27.13 | 26.71 | 26.09 | 1.33 | 28.18 | 26.09 | 8.03 | |||||||||||||||||||||||||||
Tangible book value per common share | 17.07 | 16.65 | 15.34 | 14.88 | 14.28 | 2.53 | 17.07 | 14.28 | 19.55 | |||||||||||||||||||||||||||
Shareholders' equity to assets (actual) | 14.27 | % | 14.17 | % | 13.37 | % | 13.18 | % | 12.93 | % | 14.27 | % | 12.93 | % | ||||||||||||||||||||||
Tangible capital ratio (3) | 9.16 | % | 9.00 | % | 8.03 | % | 7.80 | % | 7.52 | % | 9.16 | % | 7.52 | % | ||||||||||||||||||||||
Leverage ratio | 10.39 | % | 10.59 | % | 9.38 | % | 9.18 | % | 9.19 | % | 10.39 | % | 9.19 | % | ||||||||||||||||||||||
Common equity tier 1 capital ratio | 11.69 | % | 11.48 | % | 10.16 | % | 10.12 | % | 9.88 | % | 11.69 | % | 9.88 | % | ||||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.93 | % | 12.86 | % | 11.57 | % | 11.55 | % | 11.38 | % | 12.93 | % | 11.38 | % | ||||||||||||||||||||||
Total risk-based capital ratio | 15.11 | % | 15.03 | % | 13.84 | % | 12.31 | % | 12.17 | % | 15.11 | % | 12.17 | % |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Q1 2017 - | As of | |||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||
Loans not acquired | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 626,237 | $ | 589,290 | $ | 554,151 | $ | 530,258 | $ | 520,463 | 6.27 | $ | 626,237 | $ | 520,463 | 20.32 | ||||||||||||||||||||
Lease Financing | 47,816 | 46,841 | 45,510 | 43,116 | 41,937 | 2.08 | 47,816 | 41,937 | 14.02 | |||||||||||||||||||||||||||
Real estate- construction | 378,061 | 483,926 | 415,934 | 381,690 | 325,188 | (21.88 | ) | 378,061 | 325,188 | 16.26 | ||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 1,485,663 | 1,422,543 | 1,388,066 | 1,328,948 | 1,263,879 | 4.44 | 1,485,663 | 1,263,879 | 17.55 | |||||||||||||||||||||||||||
Real estate - commercial mortgages | 2,203,639 | 2,075,137 | 2,030,626 | 1,918,778 | 1,836,053 | 6.19 | 2,203,639 | 1,836,053 | 20.02 | |||||||||||||||||||||||||||
Installment loans to individuals | 92,669 | 92,648 | 91,739 | 89,759 | 86,893 | 0.02 | 92,669 | 86,893 | 6.65 | |||||||||||||||||||||||||||
Loans, net of unearned | $ | 4,834,085 | $ | 4,710,385 | $ | 4,526,026 | $ | 4,292,549 | $ | 4,074,413 | 2.63 | $ | 4,834,085 | $ | 4,074,413 | 18.64 | ||||||||||||||||||||
Loans acquired and covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | — | $ | 14 | $ | 607 | $ | 624 | — | $ | — | $ | 624 | — | ||||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Real estate- construction | — | — | — | 83 | 86 | — | — | 86 | — | |||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | — | — | 30,304 | 34,640 | 36,350 | — | — | 36,350 | — | |||||||||||||||||||||||||||
Real estate - commercial mortgages | — | — | 180 | 6,790 | 7,870 | — | — | 7,870 | — | |||||||||||||||||||||||||||
Installment loans to individuals | — | — | 35 | 51 | 59 | — | — | 59 | — | |||||||||||||||||||||||||||
Loans, net of unearned | $ | — | $ | — | $ | 30,533 | $ | 42,171 | $ | 44,989 | — | $ | — | $ | 44,989 | — | ||||||||||||||||||||
Loans acquired and not covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 115,229 | $ | 128,200 | $ | 139,961 | $ | 152,071 | $ | 133,847 | (10.12 | ) | $ | 115,229 | $ | 133,847 | (13.91 | ) | ||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Real estate- construction | 35,673 | 68,753 | 71,704 | 70,958 | 52,300 | (48.11 | ) | 35,673 | 52,300 | (31.79 | ) | |||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 431,904 | 452,447 | 452,274 | 485,458 | 477,266 | (4.54 | ) | 431,904 | 477,266 | (9.50 | ) | |||||||||||||||||||||||||
Real estate - commercial mortgages | 804,790 | 823,758 | 864,825 | 898,108 | 763,587 | (2.30 | ) | 804,790 | 763,587 | 5.40 | ||||||||||||||||||||||||||
Installment loans to individuals | 14,124 | 15,979 | 19,910 | 24,114 | 26,328 | (11.61 | ) | 14,124 | 26,328 | (46.35 | ) | |||||||||||||||||||||||||
Loans, net of unearned | $ | 1,401,720 | $ | 1,489,137 | $ | 1,548,674 | $ | 1,630,709 | $ | 1,453,328 | (5.87 | ) | $ | 1,401,720 | $ | 1,453,328 | (3.55 | ) | ||||||||||||||||||
Asset quality data | ||||||||||||||||||||||||||||||||||||
Assets not acquired: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 12,629 | $ | 11,273 | $ | 12,454 | $ | 10,591 | $ | 11,690 | 12.03 | $ | 12,629 | $ | 11,690 | 8.03 | ||||||||||||||||||||
Loans 90 past due or more | 2,175 | 2,079 | 2,315 | 1,428 | 2,495 | 4.62 | 2,175 | 2,495 | (12.83 | ) | ||||||||||||||||||||||||||
Nonperforming loans | 14,804 | 13,352 | 14,769 | 12,019 | 14,185 | 10.87 | 14,804 | 14,185 | 4.36 | |||||||||||||||||||||||||||
Other real estate owned | 5,056 | 5,929 | 8,429 | 9,575 | 12,810 | (14.72 | ) | 5,056 | 12,810 | (60.53 | ) | |||||||||||||||||||||||||
Nonperforming assets not acquired | $ | 19,860 | $ | 19,281 | $ | 23,198 | $ | 21,594 | $ | 26,995 | 3.00 | $ | 19,860 | $ | 26,995 | (26.43 | ) | |||||||||||||||||||
Assets acquired and subject to loss share: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | — | $ | — | $ | 1,628 | $ | 2,060 | $ | 2,708 | — | $ | — | $ | 2,708 | — | ||||||||||||||||||||
Loans 90 past due or more | — | — | 786 | 2,076 | 4,343 | — | — | 4,343 | — | |||||||||||||||||||||||||||
Nonperforming loans | — | — | 2,414 | 4,136 | 7,051 | — | — | 7,051 | — | |||||||||||||||||||||||||||
Other real estate owned | — | — | 926 | 2,618 | 1,373 | — | — | 1,373 | — | |||||||||||||||||||||||||||
Nonperforming assets acquired and subject to loss share | $ | — | $ | — | $ | 3,340 | $ | 6,754 | $ | 8,424 | — | $ | — | $ | 8,424 | — | ||||||||||||||||||||
Assets acquired and not subject to loss share: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 8,495 | $ | 11,347 | $ | 12,105 | $ | 13,312 | $ | 12,368 | (25.13 | ) | $ | 8,495 | $ | 12,368 | (31.31 | ) | ||||||||||||||||||
Loans 90 past due or more | 11,897 | 10,815 | 12,619 | 13,650 | 10,805 | 10.00 | 11,897 | 10,805 | 10.11 | |||||||||||||||||||||||||||
Nonperforming loans | 20,392 | 22,162 | 24,724 | 26,962 | 23,173 | (7.99 | ) | 20,392 | 23,173 | (12.00 | ) | |||||||||||||||||||||||||
Other real estate owned | 16,266 | 17,370 | 16,973 | 17,146 | 19,051 | (6.36 | ) | 16,266 | 19,051 | (14.62 | ) | |||||||||||||||||||||||||
Nonperforming assets acquired | $ | 36,658 | $ | 39,532 | $ | 41,697 | $ | 44,108 | $ | 42,224 | 7.27 | $ | 36,658 | $ | 42,224 | (13.18 | ) | |||||||||||||||||||
Net loan charge-offs (recoveries) | $ | 1,314 | $ | 4,837 | $ | 824 | $ | 191 | $ | 1,378 | (72.83 | ) | $ | 1,314 | $ | 1,378 | (4.64 | ) | ||||||||||||||||||
Allowance for loan losses | $ | 42,923 | $ | 42,737 | $ | 45,924 | $ | 44,098 | $ | 42,859 | 0.44 | $ | 42,923 | $ | 42,859 | 0.15 | ||||||||||||||||||||
Annualized net loan charge-offs / average loans | 0.09 | % | 0.31 | % | 0.05 | % | 0.01 | % | 0.10 | % | 0.09 | % | 0.10 | % | ||||||||||||||||||||||
Nonperforming loans / total loans* | 0.56 | % | 0.57 | % | 0.69 | % | 0.72 | % | 0.80 | % | 0.56 | % | 0.80 | % | ||||||||||||||||||||||
Nonperforming assets / total assets* | 0.64 | % | 0.68 | % | 0.80 | % | 0.85 | % | 0.95 | % | 0.64 | % | 0.95 | % | ||||||||||||||||||||||
Allowance for loan losses / total loans* | 0.69 | % | 0.69 | % | 0.75 | % | 0.74 | % | 0.77 | % | 0.69 | % | 0.77 | % | ||||||||||||||||||||||
Allowance for loan losses / nonperforming loans* | 121.95 | % | 120.34 | % | 109.59 | % | 102.28 | % | 96.51 | % | 121.95 | % | 96.51 | % | ||||||||||||||||||||||
Nonperforming loans / total loans** | 0.31 | % | 0.28 | % | 0.33 | % | 0.28 | % | 0.35 | % | 0.31 | % | 0.35 | % | ||||||||||||||||||||||
Nonperforming assets / total assets** | 0.23 | % | 0.22 | % | 0.27 | % | 0.25 | % | 0.33 | % | 0.23 | % | 0.33 | % | ||||||||||||||||||||||
Allowance for loan losses / total loans** | 0.89 | % | 0.91 | % | 1.01 | % | 1.03 | % | 1.05 | % | 0.89 | % | 1.05 | % | ||||||||||||||||||||||
Allowance for loan losses / nonperforming loans** | 289.94 | % | 320.08 | % | 310.95 | % | 366.90 | % | 302.14 | % | 289.94 | % | 302.14 | % | ||||||||||||||||||||||
*Based on all assets (includes acquired assets) | ||||||||||||||||||||||||||||||||||||
**Excludes all assets acquired |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||
Not purchased | $ | 4,752,628 | $ | 51,143 | 4.36 | % | $ | 4,612,237 | $ | 50,073 | 4.32 | % | $ | 3,939,690 | $ | 43,154 | 4.41 | % | ||||||||||||||||
Purchased | 1,446,077 | 22,567 | 6.33 | 1,513,122 | 27,808 | 7.31 | 1,458,167 | 22,934 | 6.33 | |||||||||||||||||||||||||
Purchased and covered(1) | — | — | — | 21,718 | 386 | 7.07 | 84,310 | 1,135 | 5.41 | |||||||||||||||||||||||||
Total loans | 6,198,705 | 73,710 | 4.82 | 6,147,077 | 78,267 | 5.07 | 5,482,167 | 67,223 | 4.93 | |||||||||||||||||||||||||
Mortgage loans held for sale | 112,105 | 1,148 | 4.15 | 184,583 | 1,627 | 3.51 | 217,200 | 2,372 | 4.39 | |||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||||
Taxable(2) | 704,805 | 4,070 | 2.34 | 688,268 | 3,430 | 1.98 | 748,516 | 4,136 | 2.22 | |||||||||||||||||||||||||
Tax-exempt | 338,892 | 4,297 | 5.14 | 346,002 | 4,089 | 4.70 | 354,988 | 4,206 | 4.77 | |||||||||||||||||||||||||
Total securities | 1,043,697 | 8,367 | 3.25 | 1,034,270 | 7,519 | 2.89 | 1,103,504 | 8,342 | 3.04 | |||||||||||||||||||||||||
Interest-bearing balances with banks | 314,075 | 556 | 0.72 | 117,292 | 151 | 0.51 | 61,034 | 72 | 0.47 | |||||||||||||||||||||||||
Total interest-earning assets | 7,668,582 | 83,781 | 4.43 | 7,483,222 | 87,564 | 4.66 | 6,863,905 | 78,009 | 4.57 | |||||||||||||||||||||||||
Cash and due from banks | 131,874 | 118,851 | 138,389 | |||||||||||||||||||||||||||||||
Intangible assets | 493,816 | 495,404 | 473,852 | |||||||||||||||||||||||||||||||
FDIC loss-share indemnification asset | — | 2,693 | 6,407 | |||||||||||||||||||||||||||||||
Other assets | 465,176 | 491,625 | 479,147 | |||||||||||||||||||||||||||||||
Total assets | $ | 8,759,448 | $ | 8,591,795 | $ | 7,961,700 | ||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||
Interest-bearing demand(3) | 3,410,606 | 1,813 | 0.22 | 3,184,949 | 1,597 | 0.20 | 2,956,050 | 1,341 | 0.18 | |||||||||||||||||||||||||
Savings deposits | 553,985 | 96 | 0.07 | 538,323 | 96 | 0.07 | 507,909 | 89 | 0.07 | |||||||||||||||||||||||||
Time deposits | 1,617,262 | 3,240 | 0.81 | 1,628,082 | 3,145 | 0.77 | 1,493,024 | 2,530 | 0.68 | |||||||||||||||||||||||||
Total interest-bearing deposits | 5,581,853 | 5,149 | 0.37 | 5,351,354 | 4,838 | 0.36 | 4,956,983 | 3,960 | 0.32 | |||||||||||||||||||||||||
Borrowed funds | 282,008 | 2,725 | 3.92 | 412,589 | 2,952 | 2.85 | 539,078 | 2,245 | 1.67 | |||||||||||||||||||||||||
Total interest-bearing liabilities | 5,863,861 | 7,874 | 0.54 | 5,763,943 | 7,790 | 0.54 | 5,496,061 | 6,205 | 0.45 | |||||||||||||||||||||||||
Noninterest-bearing deposits | 1,558,809 | 1,564,150 | 1,316,495 | |||||||||||||||||||||||||||||||
Other liabilities | 89,875 | 107,953 | 98,476 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 1,246,903 | 1,155,749 | 1,050,668 | |||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,759,448 | $ | 8,591,795 | $ | 7,961,700 | ||||||||||||||||||||||||||||
Net interest income/ net interest margin | $ | 75,907 | 4.01 | % | $ | 79,774 | 4.24 | % | $ | 71,804 | 4.21 | % | ||||||||||||||||||||||
(1) Represents information associated with purchased loans covered under loss sharing agreements prior to their termination on December 8, 2016. | ||||||||||||||||||||||||||||||||||
(2) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate. | ||||||||||||||||||||||||||||||||||
(3) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. | ||||||||||||||||||||||||||||||||||
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP | ||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||
2017 | 2016 | March 31, | ||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | 2017 | 2016 | ||||||||||||||||||||||||||||
Net income (GAAP) | $ | 23,972 | $ | 23,635 | $ | 23,179 | $ | 22,900 | $ | 21,216 | $ | 23,972 | $ | 21,216 | ||||||||||||||||||||
Amortization of intangibles, net of tax | 1,064 | 1,094 | 1,119 | 1,171 | 1,134 | 1,064 | 1,134 | |||||||||||||||||||||||||||
Tangible net income (non-GAAP) | $ | 25,036 | $ | 24,729 | $ | 24,298 | $ | 24,071 | $ | 22,350 | $ | 25,036 | $ | 22,350 | ||||||||||||||||||||
Average shareholders' equity (GAAP) | $ | 1,246,903 | $ | 1,155,749 | $ | 1,135,073 | $ | 1,121,298 | $ | 1,050,668 | $ | 1,246,903 | $ | 1,050,668 | ||||||||||||||||||||
Intangibles | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | 493,816 | 473,852 | |||||||||||||||||||||||||||
Average tangible s/h's equity (non-GAAP) | $ | 753,087 | $ | 660,345 | $ | 638,009 | $ | 621,795 | $ | 576,816 | $ | 753,087 | $ | 576,816 | ||||||||||||||||||||
Average total assets (GAAP) | $ | 8,759,448 | $ | 8,591,795 | $ | 8,562,199 | $ | 8,541,818 | $ | 7,961,700 | $ | 8,759,448 | $ | 7,961,700 | ||||||||||||||||||||
Intangibles | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | 493,816 | 473,852 | |||||||||||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 8,265,632 | $ | 8,096,391 | $ | 8,065,135 | $ | 8,042,315 | $ | 7,487,848 | $ | 8,265,632 | $ | 7,487,848 | ||||||||||||||||||||
Actual shareholders' equity (GAAP) | $ | 1,251,065 | $ | 1,232,883 | $ | 1,142,247 | $ | 1,124,256 | $ | 1,053,178 | $ | 1,251,065 | $ | 1,053,178 | ||||||||||||||||||||
Intangibles | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | 493,045 | 476,539 | |||||||||||||||||||||||||||
Actual tangible s/h's equity (non-GAAP) | $ | 758,020 | $ | 738,275 | $ | 646,014 | $ | 626,339 | $ | 576,639 | $ | 758,020 | $ | 576,639 | ||||||||||||||||||||
Actual total assets (GAAP) | $ | 8,764,711 | $ | 8,699,851 | $ | 8,542,471 | $ | 8,529,566 | $ | 8,146,229 | $ | 8,767,411 | $ | 8,146,229 | ||||||||||||||||||||
Intangibles | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | 493,045 | 476,539 | |||||||||||||||||||||||||||
Actual tangible assets (non-GAAP) | $ | 8,271,666 | $ | 8,205,243 | $ | 8,046,238 | $ | 8,031,649 | $ | 7,669,690 | $ | 8,271,666 | $ | 7,669,690 | ||||||||||||||||||||
(1) Return on Average Equity | ||||||||||||||||||||||||||||||||||
Return on avg s/h's equity (GAAP) | 7.80 | % | 8.14 | % | 8.12 | % | 8.21 | % | 8.12 | % | 7.80 | % | 8.12 | % | ||||||||||||||||||||
Effect of adjustment for intangible assets | 5.69 | % | 6.76 | % | 7.03 | % | 7.36 | % | 7.46 | % | 5.69 | % | 7.46 | % | ||||||||||||||||||||
Return on avg tangible s/h's equity (non-GAAP) | 13.48 | % | 14.90 | % | 15.15 | % | 15.57 | % | 15.58 | % | 13.48 | % | 15.58 | % | ||||||||||||||||||||
(2) Return on Average Assets | ||||||||||||||||||||||||||||||||||
Return on (average) assets (GAAP) | 1.11 | % | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % | 1.11 | % | 1.07 | % | ||||||||||||||||||||
Effect of adjustment for intangible assets | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.13 | % | ||||||||||||||||||||
Return on average tangible assets (non-GAAP) | 1.23 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.23 | % | 1.20 | % | ||||||||||||||||||||
(3) Shareholder Equity Ratio | ||||||||||||||||||||||||||||||||||
Shareholders' equity to (actual) assets (GAAP) | 14.27 | % | 14.17 | % | 13.37 | % | 13.18 | % | 12.93 | % | 14.27 | % | 12.93 | % | ||||||||||||||||||||
Effect of adjustment for intangible assets | 5.11 | % | 5.17 | % | 5.34 | % | 5.38 | % | 5.41 | % | 5.11 | % | 5.41 | % | ||||||||||||||||||||
Tangible capital ratio (non-GAAP) | 9.16 | % | 9.00 | % | 8.03 | % | 7.80 | % | 7.52 | % | 9.16 | % | 7.52 | % | ||||||||||||||||||||
CALCULATION OF EFFICIENCY RATIO | ||||||||||||||||||||||||||||||||||
Interest income (FTE) | $ | 83,781 | $ | 87,564 | $ | 84,786 | $ | 85,783 | $ | 78,009 | $ | 83,781 | $ | 78,009 | ||||||||||||||||||||
Interest expense | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 7,874 | 6,205 | |||||||||||||||||||||||||||
Net Interest income (FTE) | $ | 75,907 | $ | 79,773 | $ | 77,485 | $ | 78,932 | $ | 71,804 | $ | 75,907 | $ | 71,804 | ||||||||||||||||||||
Total noninterest income | $ | 32,021 | $ | 30,255 | $ | 38,272 | $ | 35,586 | $ | 33,302 | $ | 32,021 | $ | 33,302 | ||||||||||||||||||||
Securities gains (losses) | — | — | — | 1,257 | (71 | ) | — | (71 | ) | |||||||||||||||||||||||||
Total noninterest income | $ | 32,021 | $ | 30,255 | $ | 38,272 | $ | 34,329 | $ | 33,373 | $ | 32,021 | $ | 33,373 | ||||||||||||||||||||
Total Income (FTE) | $ | 107,928 | $ | 110,028 | $ | 115,757 | $ | 113,261 | $ | 105,177 | $ | 107,928 | $ | 105,177 | ||||||||||||||||||||
Total noninterest expense | $ | 69,309 | $ | 71,558 | $ | 76,468 | $ | 77,259 | $ | 69,814 | $ | 69,309 | $ | 69,814 | ||||||||||||||||||||
Amortization of intangibles | 1,563 | 1,624 | 1,684 | 1,742 | 1,697 | 1,563 | 1,697 | |||||||||||||||||||||||||||
Merger-related expenses | 345 | — | 268 | 2,807 | 948 | 345 | 948 | |||||||||||||||||||||||||||
Debt extinguishment penalty | 205 | — | 2,210 | 329 | — | 205 | — | |||||||||||||||||||||||||||
Loss share termination | $ | — | $ | 2,053 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Total noninterest expense | $ | 67,196 | $ | 67,881 | $ | 72,306 | $ | 72,381 | $ | 67,169 | $ | 67,196 | $ | 67,169 | ||||||||||||||||||||
(4) Efficiency Ratio | 62.26 | % | 61.69 | % | 62.46 | % | 63.91 | % | 63.86 | % | 62.26 | % | 63.86 | % |