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 January 16, 2018 issued by Renasant Corporation announcing earnings for the fourth quarter of 2017. |
RENASANT CORPORATION | |||
Date: January 16, 2018 | By: | /s/ E. Robinson McGraw | |
E. Robinson McGraw | |||
Chairman and Chief Executive Officer | |||
99.1 |
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 December 31, 2017 | Three months ended December 31, 2016 | ||||||||||||||||||
Pre-tax | After-tax | Diluted EPS | Pre-tax | After-tax | Diluted EPS | ||||||||||||||
Earnings, as reported | $ | 46,745 | $ | 16,511 | $ | 0.33 | $ | 35,096 | $ | 23,635 | $ | 0.55 | |||||||
Write-down of net deferred tax assets | — | 14,486 | 0.30 | — | — | — | |||||||||||||
Merger and conversion expenses | 723 | 479 | 0.01 | — | — | — | |||||||||||||
Loss share termination | — | — | — | 2,053 | 1,495 | 0.04 | |||||||||||||
Earnings, adjusted | 47,468 | 31,476 | 0.64 | 37,149 | 25,130 | 0.59 |
Year ended December 31, 2017 | Year ended December 31, 2016 | ||||||||||||||||||
Pre-tax | After-tax | Diluted EPS | Pre-tax | After-tax | Diluted EPS | ||||||||||||||
Earnings, as reported | $ | 159,869 | $ | 92,188 | $ | 1.96 | $ | 135,777 | $ | 90,930 | $ | 2.17 | |||||||
Write-down of net deferred tax assets | — | 14,486 | 0.31 | — | — | — | |||||||||||||
Merger and conversion expenses | 10,378 | 6,925 | 0.15 | 4,023 | 2,694 | 0.06 | |||||||||||||
Debt prepayment penalty | 205 | 137 | — | 2,539 | 1,700 | 0.04 | |||||||||||||
Loss share termination | — | — | — | 2,053 | 1,495 | 0.04 | |||||||||||||
Earnings, adjusted | 170,452 | 113,736 | 2.42 | 144,392 | 96,819 | 2.31 |
Three Months Ended | Year Ended | ||||
December 31, 2017 | December 31, 2017 | ||||
As Reported | Excluding nonrecurring charges | As Reported | Excluding nonrecurring charges | ||
Return on average assets | 0.64% | 1.22% | 0.97% | 1.20% | |
Return on average tangible assets | 0.73% | 1.35% | 1.08% | 1.32% | |
Return on average equity | 4.31% | 8.23% | 6.68% | 8.24% | |
Return on average tangible equity | 7.94% | 14.67% | 11.84% | 14.48% |
• | Total assets were $9.8 billion at December 31, 2017, as compared to $8.7 billion at December 31, 2016. |
• | Loans not purchased increased to $5.6 billion at December 31, 2017, from $4.7 billion at December 31, 2016, which represents an annual growth rate of 18.56%. Excluding loans acquired in the Metropolitan acquisition, the fair value of which was $965.0 million at the acquisition date, net loan growth for 2017 was 7.31%. The following tables reconcile the reported loan yield to the adjusted loan yield excluding the impact from interest income collected on problem loans and purchase accounting adjustments on purchased loans for the periods presented (in thousands): |
Three Months Ended | |||||||||
December 31, | September 30, | December 31, | |||||||
2017 | 2017 | 2016 | |||||||
Taxable equivalent interest income on loans (as reported) | $ | 97,307 | $ | 90,693 | $ | 78,267 | |||
Interest income collected (foregone) on problem loans | 4,543 | 963 | 1,971 | ||||||
Accretable yield recognized on purchased loans(1) | 5,878 | 6,259 | 8,302 | ||||||
Interest income on loans (adjusted) | $ | 86,886 | $ | 83,471 | $ | 67,994 | |||
Average loans | $ | 7,535,199 | $ | 7,375,410 | $ | 6,147,076 | |||
Loan yield, as reported | 5.07 | % | 4.88 | % | 5.07 | % | |||
Loan yield, adjusted | 4.52 | % | 4.49 | % | 4.40 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $2,747, $2,770 and $4,938 for the three months ended December 31, 2017, September 30, 2017, and December 31, 2016, respectively, which increased loan yield by 14 basis points, 15 basis points and 32 basis points for the same periods, respectively. |
Year Ended | |||||||
December 31, | December 31, | ||||||
2017 | 2016 | ||||||
Taxable equivalent interest income on loans (as reported) | $ | 340,567 | $ | 295,333 | |||
Interest income collected (foregone) on problem loans | 8,807 | 4,581 | |||||
Accretable yield recognized on purchased loans(1) | 23,151 | 29,436 | |||||
Interest income on loans (adjusted) | $ | 308,609 | $ | 261,316 | |||
Average loans | $ | 6,855,802 | $ | 5,895,972 | |||
Loan yield, as reported | 4.97 | % | 5.01 | % | |||
Loan yield, adjusted | 4.50 | % | 4.43 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $10,932 and $14,555 for the year ended December 31, 2017 and 2016, respectively, which increased loan yield by 16 basis points and 25 basis points for the same periods, respectively. |
• | Total deposits increased to $7.9 billion at December 31, 2017, from $7.1 billion at December 31, 2016. For the fourth quarter of 2017, the cost of total deposits was 36 basis points, as compared to 33 basis points for the third quarter of 2017 and 28 basis points for the fourth quarter of 2016. The cost of total deposits was 32 basis points for the year ending December 31, 2017, as compared to 27 basis points for 2016. The following tables present the mix and cost of total funding sources for the fourth quarter of 2017 as compared to the same period in 2016 and for the year 2017 as compared to 2016. |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
December 31, | September 30, | December 31, | December 31, | September 30, | December 31, | ||||||||||||
2017 | 2017 | 2016 | 2017 | 2017 | 2016 | ||||||||||||
Noninterest-bearing demand | 21.74 | % | 21.30 | % | 21.34 | % | — | % | — | % | — | % | |||||
Interest-bearing demand | 43.80 | 44.55 | 43.46 | 0.32 | 0.28 | 0.20 | |||||||||||
Savings | 6.63 | 6.63 | 7.35 | 0.07 | 0.07 | 0.07 | |||||||||||
Time deposits | 21.12 | 20.89 | 22.22 | 0.90 | 0.87 | 0.77 | |||||||||||
Borrowed Funds | 6.71 | 6.63 | 5.63 | 2.74 | 2.65 | 2.85 | |||||||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 100.00 | % | 0.52 | % | 0.49 | % | 0.42 | % |
Percentage of Total Average Deposits and Borrowed Funds | Cost of Funds | ||||||||||
Year Ended | Year Ended | ||||||||||
December 31, | December 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Noninterest-bearing demand | 21.46 | % | 20.40 | % | — | % | — | % | |||
Interest-bearing demand | 44.92 | 42.96 | 0.26 | 0.19 | |||||||
Savings | 7.06 | 7.30 | 0.07 | 0.07 | |||||||
Time deposits | 21.35 | 22.06 | 0.85 | 0.73 | |||||||
Borrowed Funds | 5.21 | 7.28 | 3.16 | 1.96 | |||||||
Total deposits and borrowed funds | 100.00 | % | 100.00 | % | 0.47 | % | 0.39 | % |
• | Net interest income was $93.3 million for the fourth quarter of 2017, as compared to $90.0 million for the third quarter of 2017 and $78.0 million for the fourth quarter of 2016. Net interest margin was 4.25% for the fourth quarter of 2017, as compared to 4.08% for the third quarter of 2017 and 4.24% for the fourth 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 purchased loans for the periods presented (in thousands): |
Three Months Ended | |||||||||
December 31, | September 30, | December 31, | |||||||
2017 | 2017 | 2016 | |||||||
Taxable equivalent net interest income (as reported) | $ | 96,448 | $ | 91,935 | $ | 79,774 | |||
Interest income collected (foregone) on problem loans | 4,543 | 963 | 1,971 | ||||||
Accretable yield recognized on purchased loans (1) | 5,878 | 6,259 | 8,302 | ||||||
Taxable equivalent net interest income (adjusted) | $ | 86,027 | $ | 84,713 | $ | 69,501 | |||
Average earning assets | $ | 8,913,675 | $ | 8,944,067 | $ | 7,483,222 | |||
Net interest margin, as reported | 4.25 | % | 4.08 | % | 4.24 | % | |||
Net interest margin, adjusted | 3.78 | % | 3.76 | % | 3.69 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $2,747, $2,770 and $4,938 for the three months ended December 31, 2017, September 30, 2017, and December 31, 2016, respectively, which increased net interest margin by 12 basis points, 12 basis points and 26 basis points for the same periods, respectively. |
• | Net interest income was $336.9 million for 2017, as compared to $301.0 million for 2016. Net interest margin was 4.16% for 2017, as compared to 4.22% for 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 purchased loans for the periods presented (in thousands): |
Year Ended | |||||||
December 31, | December 31, | ||||||
2017 | 2016 | ||||||
Taxable equivalent net interest income (as reported) | $ | 345,743 | $ | 308,002 | |||
Interest income collected (foregone) on problem loans | 8,807 | 4,581 | |||||
Accretable yield recognized on purchased loans (1) | 23,151 | 29,436 | |||||
Taxable equivalent net interest income (adjusted) | $ | 313,785 | $ | 273,985 | |||
Average earning assets | $ | 8,301,230 | $ | 7,296,296 | |||
Net interest margin, as reported | 4.16 | % | 4.22 | % | |||
Net interest margin, adjusted | 3.78 | % | 3.76 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $10,932 and $14,555 for the year ended December 31, 2017, and December 31, 2016, respectively, which increased net interest margin by 13 basis points and 20 basis points for the same periods, respectively. |
• | Noninterest income for the fourth quarter of 2017 was $32.4 million, as compared to $30.3 million for the fourth quarter of 2016. Noninterest income for the year ended December 31, 2017 was $132.1 million, as compared $137.4 million for the same period in 2016. Mortgage banking income for the fourth quarter of 2017 was $9.9 million, compared to $8.3 million for the fourth quarter of 2016. Mortgage banking income for the year ended December 31, 2017 was $43.4 million, compared to $49.4 million for the same period in 2016. The year-over-year decrease in mortgage banking income was driven by lower mortgage loan originations in the current year when compared to the prior year due to a reduction in mortgage refinancing as interest rates have risen. This decrease was slightly offset by the increase in service charges on deposit accounts and fees and commission on loans and deposits. The addition of Metropolitan, coupled with growth in fee income on legacy Renasant loan and deposit products, contributed to the growth in service charges on deposits and fees and commissions on loans and deposits for the twelve months ending December 31, 2017 compared to the same period in 2016. |
• | Noninterest expense was $76.8 million for the fourth quarter of 2017, as compared to $71.6 million for the fourth quarter of 2016. Noninterest expense for the year ended December 31, 2017 was $301.6 million, as compared $295.1 million for the same period in 2016. Excluding nonrecurring charges for merger and conversion expenses, debt extinguishment penalties and the loss share termination charge, the Company's efficiency ratio was 57.75% and 59.55% for the fourth quarter and full year of 2017, respectively, which exceeded the Company's goal of achieving an efficiency ratio below 60%. |
• | Net loan charge-offs were $470 thousand, or 0.02% on an annualized basis of average total loans, for the fourth quarter of 2017, as compared to $4.8 million, or 0.31% on an annualized basis of average total loans, for the fourth quarter of 2016. |
• | The provision for loan losses was $2.2 million for the fourth quarter of 2017, as compared to $1.7 million for the fourth quarter of 2016. The provision was $7.6 million for the full year of 2017, as compared to $7.5 million for the same time period in 2016. |
• | Excluding purchased loans, nonperforming loans decreased to $13.3 million, or 0.24% of total loans, at December 31, 2017, from $13.4 million, or 0.28% of total loans, at December 31, 2016. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.30% at December 31, 2017, as compared to 0.23% at December 31, 2016. |
• | Excluding purchased OREO, OREO was $4.4 million at December 31, 2017, as compared to $5.9 million at December 31, 2016. OREO sales totaled $3.0 million for 2017 and $6.5 million for 2016. |
• | The allowance for loan losses was 0.61% of total loans at December 31, 2017, as compared to 0.69% at December 31, 2016. The allowance for loan losses was 0.83% of non-purchased loans at December 31, 2017, as compared to 0.91% at December 31, 2016. |
• | At December 31, 2017, Tier 1 leverage capital ratio was 10.16%, Common Equity Tier 1 ratio was 11.32%, Tier 1 risk-based capital ratio was 12.37%, and total risk-based capital ratio was 14.43%. All regulatory ratios exceed the minimums required to be considered “well-capitalized.” |
• | Tangible common equity ratio was 9.56% at December 31, 2017, as compared to 9.00% at December 31, 2016. |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2017 - | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | December 31, | |||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | Percent | Percent | |||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | |||||||||||||||||||||||||||||||||||||
Statement of earnings | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income - taxable equivalent basis | $ | 107,773 | $ | 102,613 | $ | 89,429 | $ | 83,781 | $ | 87,564 | $ | 84,784 | $ | 85,783 | $ | 78,009 | 23.08 | $ | 383,596 | $ | 336,149 | 14.11 | ||||||||||||||||||||||||||
Interest income | $ | 104,587 | $ | 100,695 | $ | 87,579 | $ | 81,889 | $ | 85,840 | $ | 83,032 | $ | 84,008 | $ | 76,259 | 21.84 | $ | 374,750 | $ | 329,138 | 13.86 | ||||||||||||||||||||||||||
Interest expense | 11,325 | 10,678 | 7,976 | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 45.35 | 37,853 | 28,147 | 34.48 | ||||||||||||||||||||||||||||||||||||
Net interest income | 93,262 | 90,017 | 79,603 | 74,015 | 78,049 | 75,731 | 77,157 | 70,054 | 19.49 | 336,897 | 300,991 | 11.93 | ||||||||||||||||||||||||||||||||||||
Provision for loan losses | 2,150 | 2,150 | 1,750 | 1,500 | 1,650 | 2,650 | 1,430 | 1,800 | 30.30 | 7,550 | 7,530 | 0.27 | ||||||||||||||||||||||||||||||||||||
Net interest income after provision | 91,112 | 87,867 | 77,853 | 72,515 | 76,399 | 73,081 | 75,727 | 68,254 | 19.26 | 329,347 | 293,461 | 12.23 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 8,659 | 8,676 | 7,958 | 7,931 | 8,163 | 8,200 | 7,521 | 7,991 | 6.08 | 33,224 | 31,875 | 4.23 | ||||||||||||||||||||||||||||||||||||
Fees and commissions on loans and deposits | 5,647 | 5,618 | 5,470 | 5,199 | 4,772 | 4,921 | 4,877 | 4,244 | 18.34 | 21,934 | 18,814 | 16.58 | ||||||||||||||||||||||||||||||||||||
Insurance commissions and fees | 1,955 | 2,365 | 2,181 | 1,860 | 1,951 | 2,420 | 2,175 | 1,962 | 0.21 | 8,361 | 8,508 | (1.73 | ) | |||||||||||||||||||||||||||||||||||
Wealth management revenue | 3,000 | 2,963 | 3,037 | 2,884 | 2,849 | 3,040 | 2,872 | 2,891 | 5.30 | 11,884 | 11,652 | 1.99 | ||||||||||||||||||||||||||||||||||||
Securities gains (losses) | 91 | 57 | — | — | — | — | 1,257 | (71 | ) | 100.00 | 148 | 1,186 | (87.52 | ) | ||||||||||||||||||||||||||||||||||
Mortgage banking income | 9,871 | 10,616 | 12,424 | 10,504 | 8,262 | 15,846 | 13,420 | 11,915 | 19.47 | 43,415 | 49,443 | (12.19 | ) | |||||||||||||||||||||||||||||||||||
Other | 3,218 | 3,118 | 3,195 | 3,643 | 4,258 | 3,845 | 3,464 | 4,370 | (24.42 | ) | 13,174 | 15,937 | (17.34 | ) | ||||||||||||||||||||||||||||||||||
Total noninterest income | 32,441 | 33,413 | 34,265 | 32,021 | 30,255 | 38,272 | 35,586 | 33,302 | 7.23 | 132,140 | 137,415 | (3.84 | ) | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 48,787 | 48,530 | 45,014 | 42,209 | 39,966 | 44,702 | 45,387 | 42,393 | 22.07 | 184,540 | 172,448 | 7.01 | ||||||||||||||||||||||||||||||||||||
Data processing | 4,226 | 4,179 | 3,835 | 4,234 | 4,503 | 4,560 | 4,502 | 4,158 | (6.15 | ) | 16,474 | 17,723 | (7.05 | ) | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | 10,153 | 9,470 | 8,814 | 9,319 | 8,809 | 8,830 | 8,531 | 8,224 | 15.26 | 37,756 | 34,394 | 9.77 | ||||||||||||||||||||||||||||||||||||
Other real estate | 554 | 603 | 781 | 532 | 1,585 | 1,540 | 1,614 | 957 | (65.05 | ) | 2,470 | 5,696 | (56.64 | ) | ||||||||||||||||||||||||||||||||||
Amortization of intangibles | 1,708 | 1,766 | 1,493 | 1,563 | 1,624 | 1,684 | 1,742 | 1,697 | 5.17 | 6,530 | 6,747 | (3.22 | ) | |||||||||||||||||||||||||||||||||||
Merger and conversion related expenses | 723 | 6,266 | 3,044 | 345 | — | 268 | 2,807 | 948 | 100.00 | 10,378 | 4,023 | 157.97 | ||||||||||||||||||||||||||||||||||||
Debt extinguishment penalty | — | — | — | 205 | — | 2,210 | 329 | — | — | 205 | 2,539 | (91.93 | ) | |||||||||||||||||||||||||||||||||||
Loss share termination | — | — | — | — | 2,053 | — | — | — | (100.00 | ) | — | 2,053 | (100.00 | ) | ||||||||||||||||||||||||||||||||||
Other | 10,657 | 9,846 | 11,860 | 10,902 | 13,018 | 12,674 | 12,347 | 11,437 | (18.14 | ) | 43,265 | 49,476 | (12.55 | ) | ||||||||||||||||||||||||||||||||||
Total noninterest expense | 76,808 | 80,660 | 74,841 | 69,309 | 71,558 | 76,468 | 77,259 | 69,814 | 7.34 | 301,618 | 295,099 | 2.21 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | 46,745 | 40,620 | 37,277 | 35,227 | 35,096 | 34,885 | 34,054 | 31,742 | 33.19 | 159,869 | 135,777 | 17.74 | ||||||||||||||||||||||||||||||||||||
Income taxes | 30,234 | 14,199 | 11,993 | 11,255 | 11,461 | 11,706 | 11,154 | 10,526 | 163.80 | 67,681 | 44,847 | 50.92 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 16,511 | $ | 26,421 | $ | 25,284 | $ | 23,972 | $ | 23,635 | $ | 23,179 | $ | 22,900 | $ | 21,216 | (30.14 | ) | $ | 92,188 | $ | 90,930 | 1.38 | |||||||||||||||||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.54 | $ | 0.57 | $ | 0.54 | $ | 0.56 | $ | 0.55 | $ | 0.54 | $ | 0.53 | (41.07 | ) | $ | 1.97 | $ | 2.18 | (9.63 | ) | ||||||||||||||||||||||||
Diluted earnings per share | 0.33 | 0.53 | 0.57 | 0.54 | 0.55 | 0.55 | 0.54 | 0.52 | (40.00 | ) | 1.96 | 2.17 | (9.68 | ) | ||||||||||||||||||||||||||||||||||
Average basic shares outstanding | 49,320,377 | 49,316,572 | 44,415,423 | 44,364,337 | 42,441,588 | 42,091,164 | 42,066,168 | 40,324,475 | 16.21 | 46,874,502 | 41,737,636 | 12.31 | ||||||||||||||||||||||||||||||||||||
Average diluted shares outstanding | 49,456,289 | 49,435,225 | 44,523,541 | 44,480,499 | 42,636,325 | 42,310,358 | 42,303,626 | 40,559,145 | 16.00 | 47,001,516 | 41,989,455 | 11.94 | ||||||||||||||||||||||||||||||||||||
Common shares outstanding | 49,321,231 | 49,320,225 | 44,430,335 | 44,394,707 | 44,332,273 | 42,102,224 | 42,085,690 | 40,373,753 | 11.25 | 49,321,231 | 44,332,273 | 11.25 | ||||||||||||||||||||||||||||||||||||
Cash dividend per common share | $ | 0.19 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.17 | 5.56 | $ | 0.73 | $ | 0.71 | 2.82 | ||||||||||||||||||||||||||
Performance ratios | ||||||||||||||||||||||||||||||||||||||||||||||||
Return on avg shareholders' equity | 4.31 | % | 7.01 | % | 8.06 | % | 7.80 | % | 8.14 | % | 8.12 | % | 8.21 | % | 8.12 | % | 6.68 | % | 8.15 | % | ||||||||||||||||||||||||||||
Return on avg tangible s/h's equity (1) | 7.94 | % | 12.74 | % | 13.76 | % | 13.48 | % | 14.90 | % | 15.15 | % | 15.57 | % | 15.58 | % | 11.84 | % | 15.28 | % | ||||||||||||||||||||||||||||
Return on avg assets | 0.64 | % | 1.02 | % | 1.16 | % | 1.11 | % | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % | 0.97 | % | 1.08 | % | ||||||||||||||||||||||||||||
Return on avg tangible assets (2) | 0.73 | % | 1.13 | % | 1.28 | % | 1.23 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.08 | % | 1.20 | % | ||||||||||||||||||||||||||||
Net interest margin (FTE) | 4.25 | % | 4.08 | % | 4.27 | % | 4.01 | % | 4.24 | % | 4.15 | % | 4.29 | % | 4.21 | % | 4.16 | % | 4.22 | % | ||||||||||||||||||||||||||||
Yield on earning assets (FTE) | 4.75 | % | 4.55 | % | 4.68 | % | 4.43 | % | 4.66 | % | 4.54 | % | 4.66 | % | 4.57 | % | 4.62 | % | 4.61 | % | ||||||||||||||||||||||||||||
Cost of funding | 0.52 | % | 0.49 | % | 0.43 | % | 0.43 | % | 0.42 | % | 0.40 | % | 0.38 | % | 0.37 | % | 0.47 | % | 0.39 | % | ||||||||||||||||||||||||||||
Average earning assets to average assets | 86.92 | % | 87.03 | % | 87.81 | % | 87.55 | % | 87.10 | % | 86.82 | % | 86.59 | % | 86.21 | % | 87.30 | % | 86.69 | % | ||||||||||||||||||||||||||||
Average loans to average deposits | 93.51 | % | 90.96 | % | 88.03 | % | 86.81 | % | 88.89 | % | 89.40 | % | 87.73 | % | 87.39 | % | 90.00 | % | 88.38 | % | ||||||||||||||||||||||||||||
Noninterest income (less securities gains/ | ||||||||||||||||||||||||||||||||||||||||||||||||
losses) to average assets | 1.25 | % | 1.29 | % | 1.58 | % | 1.48 | % | 1.40 | % | 1.78 | % | 1.62 | % | 1.69 | % | 1.39 | % | 1.62 | % | ||||||||||||||||||||||||||||
Noninterest expense (less debt prepayment penalties/ | ||||||||||||||||||||||||||||||||||||||||||||||||
merger-related expenses) to average assets | 2.94 | % | 2.87 | % | 3.30 | % | 3.18 | % | 3.22 | % | 3.44 | % | 3.49 | % | 3.48 | % | 3.06 | % | 3.43 | % | ||||||||||||||||||||||||||||
Net overhead ratio | 1.69 | % | 1.58 | % | 1.72 | % | 1.70 | % | 1.82 | % | 1.66 | % | 1.87 | % | 1.79 | % | 1.67 | % | 1.81 | % | ||||||||||||||||||||||||||||
Efficiency ratio (FTE) (4) | 57.75 | % | 57.97 | % | 60.75 | % | 62.26 | % | 61.69 | % | 62.46 | % | 63.91 | % | 63.86 | % | 59.55 | % | 63.43 | % |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2017 | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | December 31, | |||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | Percent | Percent | |||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | |||||||||||||||||||||||||||||||||||||
Average Balances | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 10,254,774 | $ | 10,277,476 | $ | 8,720,660 | $ | 8,759,448 | $ | 8,591,795 | $ | 8,562,199 | $ | 8,541,818 | $ | 7,961,700 | 19.36 | $ | 9,509,308 | $ | 8,416,510 | 12.98 | ||||||||||||||||||||||||||
Earning assets | 8,913,675 | 8,944,067 | 7,657,849 | 7,668,582 | 7,483,222 | 7,433,461 | 7,396,284 | 6,863,905 | 19.12 | 8,301,230 | 7,296,296 | 13.77 | ||||||||||||||||||||||||||||||||||||
Securities | 1,043,075 | 1,147,157 | 1,069,244 | 1,043,697 | 1,034,270 | 1,045,905 | 1,111,831 | 1,103,504 | 0.85 | 1,075,987 | 1,073,611 | 0.22 | ||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 188,795 | 226,512 | 168,650 | 112,105 | 184,583 | 241,314 | 306,011 | 217,200 | 2.28 | 174,369 | 237,199 | (26.49 | ) | |||||||||||||||||||||||||||||||||||
Loans, net of unearned | 7,535,199 | 7,375,410 | 6,293,497 | 6,198,705 | 6,147,077 | 6,048,017 | 5,897,650 | 5,482,167 | 22.58 | 6,855,802 | 5,895,972 | 16.28 | ||||||||||||||||||||||||||||||||||||
Intangibles | 636,533 | 636,977 | 492,349 | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | 28.49 | 565,507 | 491,530 | 15.05 | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,877,789 | $ | 1,849,396 | $ | 1,608,467 | $ | 1,558,809 | $ | 1,564,150 | $ | 1,510,309 | $ | 1,477,380 | $ | 1,316,495 | 20.05 | $ | 1,724,834 | $ | 1,467,881 | 17.51 | ||||||||||||||||||||||||||
Interest-bearing deposits | 6,180,075 | 6,259,249 | 5,540,698 | 5,581,853 | 5,351,354 | 5,255,102 | 5,245,406 | 4,956,983 | 15.49 | 5,893,118 | 5,203,437 | 13.25 | ||||||||||||||||||||||||||||||||||||
Total deposits | 8,057,864 | 8,108,645 | 7,149,165 | 7,140,662 | 6,915,505 | 6,765,411 | 6,722,786 | 6,273,478 | 16.52 | 7,617,952 | 6,671,318 | 14.19 | ||||||||||||||||||||||||||||||||||||
Borrowed funds | 579,920 | 575,816 | 233,542 | 282,008 | 412,589 | 550,222 | 594,459 | 539,078 | 40.56 | 419,070 | 523,812 | (20.00 | ) | |||||||||||||||||||||||||||||||||||
Shareholders' equity | 1,518,131 | 1,495,591 | 1,258,935 | 1,246,903 | 1,155,749 | 1,135,073 | 1,121,298 | 1,050,668 | 31.35 | 1,380,950 | 1,116,038 | 23.74 | ||||||||||||||||||||||||||||||||||||
Q4 2017 - | As of | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | December 31, | |||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | Percent | Percent | |||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | |||||||||||||||||||||||||||||||||||||
Balances at period end | ||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,829,981 | $ | 10,323,687 | $ | 8,872,272 | $ | 8,764,711 | $ | 8,699,851 | $ | 8,542,471 | $ | 8,529,566 | $ | 8,146,229 | 12.99 | $ | 9,829,981 | $ | 8,699,851 | 12.99 | ||||||||||||||||||||||||||
Earning assets | 8,493,741 | 8,943,570 | 7,763,775 | 7,690,045 | 7,556,760 | 7,409,068 | 7,396,888 | 7,045,179 | 12.40 | 8,493,741 | 7,556,760 | 12.40 | ||||||||||||||||||||||||||||||||||||
Securities | 671,488 | 1,150,459 | 1,076,625 | 1,044,862 | 1,030,530 | 1,039,957 | 1,063,592 | 1,101,820 | (34.84 | ) | 671,488 | 1,030,530 | (34.84 | ) | ||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 108,316 | 207,288 | 232,398 | 158,619 | 177,866 | 189,965 | 276,782 | 298,365 | (39.10 | ) | 108,316 | 177,866 | (39.10 | ) | ||||||||||||||||||||||||||||||||||
Loans not purchased | 5,588,556 | 5,293,467 | 5,058,898 | 4,834,085 | 4,713,572 | 4,526,026 | 4,292,549 | 4,074,413 | 18.56 | 5,588,556 | 4,713,572 | 18.56 | ||||||||||||||||||||||||||||||||||||
Loans purchased & covered by FDIC loss-share agreements | — | — | — | — | — | 30,533 | 42,171 | 44,989 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Loans purchased & not covered by FDIC loss-share agreements | 2,031,766 | 2,155,141 | 1,312,109 | 1,401,720 | 1,489,137 | 1,548,674 | 1,630,709 | 1,453,328 | 36.44 | 2,031,766 | 1,489,137 | 36.44 | ||||||||||||||||||||||||||||||||||||
Total loans | 7,620,322 | 7,448,608 | 6,371,007 | 6,235,805 | 6,202,709 | 6,105,233 | 5,965,429 | 5,572,730 | 22.85 | 7,620,322 | 6,202,709 | 22.85 | ||||||||||||||||||||||||||||||||||||
Intangibles | 635,556 | 637,264 | 491,552 | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | 28.50 | 635,556 | 494,608 | 28.50 | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,840,424 | $ | 1,835,300 | $ | 1,642,863 | $ | 1,579,581 | $ | 1,561,357 | $ | 1,514,820 | $ | 1,459,383 | $ | 1,384,503 | 17.87 | $ | 1,840,424 | $ | 1,561,357 | 17.87 | ||||||||||||||||||||||||||
Interest-bearing deposits | 6,080,651 | 6,283,218 | 5,559,162 | 5,651,269 | 5,497,780 | 5,302,978 | 5,243,104 | 5,046,874 | 10.60 | 6,080,651 | 5,497,780 | 10.60 | ||||||||||||||||||||||||||||||||||||
Total deposits | 7,921,075 | 8,118,518 | 7,202,025 | 7,230,850 | 7,059,137 | 6,817,798 | 6,702,487 | 6,431,377 | 12.21 | 7,921,075 | 7,059,137 | 12.21 | ||||||||||||||||||||||||||||||||||||
Borrowed funds | 297,360 | 591,933 | 312,077 | 202,006 | 312,135 | 469,580 | 588,650 | 561,671 | (4.73 | ) | 297,360 | 312,135 | (4.73 | ) | ||||||||||||||||||||||||||||||||||
Shareholders' equity | 1,514,983 | 1,511,826 | 1,271,786 | 1,251,065 | 1,232,883 | 1,142,247 | 1,124,256 | 1,053,178 | 22.88 | 1,514,983 | 1,232,883 | 22.88 | ||||||||||||||||||||||||||||||||||||
Market value per common share | $ | 40.89 | $ | 42.90 | $ | 43.74 | $ | 39.69 | $ | 42.22 | $ | 33.63 | $ | 32.33 | $ | 32.91 | (3.15 | ) | $ | 40.89 | $ | 42.22 | (3.15 | ) | ||||||||||||||||||||||||
Book value per common share | 30.72 | 30.65 | 28.62 | 28.18 | 27.81 | 27.13 | 26.71 | 26.09 | 10.46 | 30.72 | 27.81 | 10.46 | ||||||||||||||||||||||||||||||||||||
Tangible book value per common share | 17.83 | 17.73 | 17.56 | 17.07 | 16.65 | 15.34 | 14.88 | 14.28 | 7.07 | 17.83 | 16.65 | 7.07 | ||||||||||||||||||||||||||||||||||||
Shareholders' equity to assets (actual) | 15.41 | % | 14.64 | % | 14.33 | % | 14.27 | % | 14.17 | % | 13.37 | % | 13.18 | % | 12.93 | % | 15.41 | % | 14.17 | % | ||||||||||||||||||||||||||||
Tangible capital ratio (3) | 9.56 | % | 9.03 | % | 9.31 | % | 9.16 | % | 9.00 | % | 8.03 | % | 7.80 | % | 7.52 | % | 9.56 | % | 9.00 | % | ||||||||||||||||||||||||||||
Leverage ratio | 10.16 | % | 10.05 | % | 10.68 | % | 10.39 | % | 10.59 | % | 9.38 | % | 9.18 | % | 9.19 | % | 10.16 | % | 10.59 | % | ||||||||||||||||||||||||||||
Common equity tier 1 capital ratio | 11.32 | % | 11.21 | % | 11.65 | % | 11.69 | % | 11.47 | % | 10.16 | % | 10.13 | % | 9.88 | % | 11.32 | % | 11.47 | % | ||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.37 | % | 12.25 | % | 12.86 | % | 12.93 | % | 12.86 | % | 11.57 | % | 11.56 | % | 11.38 | % | 12.37 | % | 12.86 | % | ||||||||||||||||||||||||||||
Total risk-based capital ratio | 14.43 | % | 14.29 | % | 15.00 | % | 15.11 | % | 15.03 | % | 13.84 | % | 12.31 | % | 12.17 | % | 14.43 | % | 15.03 | % |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2017 - | As of | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | December 31, | |||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | Percent | Percent | |||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | |||||||||||||||||||||||||||||||||||||
Loans not purchased | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 763,823 | $ | 707,835 | $ | 657,713 | $ | 626,237 | $ | 589,290 | $ | 554,151 | $ | 530,258 | $ | 520,463 | 29.62 | $ | 763,823 | $ | 589,290 | 29.62 | ||||||||||||||||||||||||||
Lease Financing | 54,013 | 51,902 | 49,066 | 47,816 | 46,841 | 45,510 | 43,116 | 41,937 | 15.31 | 54,013 | 46,841 | 15.31 | ||||||||||||||||||||||||||||||||||||
Real estate- construction | 547,658 | 477,638 | 424,861 | 378,061 | 483,926 | 415,934 | 381,690 | 325,188 | 13.17 | 547,658 | 483,926 | 13.17 | ||||||||||||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 1,729,534 | 1,644,060 | 1,551,934 | 1,485,663 | 1,425,730 | 1,388,066 | 1,328,948 | 1,263,879 | 21.31 | 1,729,534 | 1,425,730 | 21.31 | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgages | 2,390,076 | 2,311,340 | 2,281,220 | 2,203,639 | 2,075,137 | 2,030,626 | 1,918,778 | 1,836,053 | 15.18 | 2,390,076 | 2,075,137 | 15.18 | ||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 103,452 | 100,692 | 94,104 | 92,669 | 92,648 | 91,739 | 89,759 | 86,893 | 11.66 | 103,452 | 92,648 | 11.66 | ||||||||||||||||||||||||||||||||||||
Loans, net of unearned | $ | 5,588,556 | $ | 5,293,467 | $ | 5,058,898 | $ | 4,834,085 | $ | 4,713,572 | $ | 4,526,026 | $ | 4,292,549 | $ | 4,074,413 | 18.56 | $ | 5,588,556 | $ | 4,713,572 | 18.56 | ||||||||||||||||||||||||||
Loans purchased and covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14 | $ | 607 | $ | 624 | — | $ | — | $ | — | — | ||||||||||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Real estate- construction | — | — | — | — | — | — | 83 | 86 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | — | — | — | — | — | 30,304 | 34,640 | 36,350 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgages | — | — | — | — | — | 180 | 6,790 | 7,870 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | — | — | 35 | 51 | 59 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Loans, net of unearned | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 30,533 | $ | 42,171 | $ | 44,989 | — | $ | — | $ | — | — | ||||||||||||||||||||||||||
Loans purchased and not covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 275,570 | $ | 301,100 | $ | 102,869 | $ | 115,229 | $ | 128,200 | $ | 139,961 | $ | 152,071 | $ | 133,847 | 114.95 | $ | 275,570 | $ | 128,200 | 114.95 | ||||||||||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Real estate- construction | 85,731 | 100,082 | 35,946 | 35,673 | 68,753 | 71,704 | 70,958 | 52,300 | 24.69 | 85,731 | 68,753 | 24.69 | ||||||||||||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 614,187 | 651,792 | 400,460 | 431,904 | 452,447 | 452,274 | 485,458 | 477,266 | 35.75 | 614,187 | 452,447 | 35.75 | ||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgages | 1,037,454 | 1,079,049 | 759,743 | 804,790 | 823,758 | 864,825 | 898,108 | 763,587 | 25.94 | 1,037,454 | 823,758 | 25.94 | ||||||||||||||||||||||||||||||||||||
Installment loans to individuals | 18,824 | 23,118 | 13,091 | 14,124 | 15,979 | 19,910 | 24,114 | 26,328 | 17.80 | 18,824 | 15,979 | 17.80 | ||||||||||||||||||||||||||||||||||||
Loans, net of unearned | $ | 2,031,766 | $ | 2,155,141 | $ | 1,312,109 | $ | 1,401,720 | $ | 1,489,137 | $ | 1,548,674 | $ | 1,630,709 | $ | 1,453,328 | 36.44 | $ | 2,031,766 | $ | 1,489,137 | 36.44 | ||||||||||||||||||||||||||
Asset quality data | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets not purchased: | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 10,250 | $ | 9,970 | $ | 11,413 | $ | 12,629 | $ | 11,273 | $ | 12,454 | $ | 10,591 | $ | 11,690 | (9.07 | ) | $ | 10,250 | $ | 11,273 | (9.07 | ) | ||||||||||||||||||||||||
Loans 90 past due or more | 3,015 | 3,295 | 1,283 | 2,175 | 2,079 | 2,315 | 1,428 | 2,495 | 45.02 | 3,015 | 2,079 | 45.02 | ||||||||||||||||||||||||||||||||||||
Nonperforming loans | 13,265 | 13,265 | 12,696 | 14,804 | 13,352 | 14,769 | 12,019 | 14,185 | (0.65 | ) | 13,265 | 13,352 | (0.65 | ) | ||||||||||||||||||||||||||||||||||
Other real estate owned | 4,410 | 4,524 | 4,305 | 5,056 | 5,929 | 8,429 | 9,575 | 12,810 | (25.62 | ) | 4,410 | 5,929 | (25.62 | ) | ||||||||||||||||||||||||||||||||||
Nonperforming assets not purchased | $ | 17,675 | $ | 17,789 | $ | 17,001 | $ | 19,860 | $ | 19,281 | $ | 23,198 | $ | 21,594 | $ | 26,995 | (8.33 | ) | $ | 17,675 | $ | 19,281 | (8.33 | ) | ||||||||||||||||||||||||
Assets purchased and subject to loss share: | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,628 | $ | 2,060 | $ | 2,708 | — | $ | — | $ | — | — | ||||||||||||||||||||||||||
Loans 90 past due or more | — | — | — | — | — | 786 | 2,076 | 4,343 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Nonperforming loans | — | — | — | — | — | 2,414 | 4,136 | 7,051 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other real estate owned | — | — | — | — | — | 926 | 2,618 | 1,373 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Nonperforming assets purchased and subject to loss share | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,340 | $ | 6,754 | $ | 8,424 | — | $ | — | $ | — | — | ||||||||||||||||||||||||||
Assets purchased and not subject to loss share: | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 4,424 | $ | 4,868 | $ | 5,927 | $ | 8,495 | $ | 11,347 | $ | 12,105 | $ | 13,312 | $ | 12,368 | (61.01 | ) | $ | 4,424 | $ | 11,347 | (61.01 | ) | ||||||||||||||||||||||||
Loans 90 past due or more | 5,731 | 7,349 | 8,128 | 11,897 | 10,815 | 12,619 | 13,650 | 10,805 | (47.01 | ) | 5,731 | 10,815 | (47.01 | ) | ||||||||||||||||||||||||||||||||||
Nonperforming loans | 10,155 | 12,217 | 14,055 | 20,392 | 22,162 | 24,724 | 26,962 | 23,173 | (54.18 | ) | 10,155 | 22,162 | (54.18 | ) | ||||||||||||||||||||||||||||||||||
Other real estate owned | 11,524 | 13,296 | 15,409 | 16,266 | 17,370 | 16,973 | 17,146 | 19,051 | (33.66 | ) | 11,524 | 17,370 | (33.66 | ) | ||||||||||||||||||||||||||||||||||
Nonperforming assets purchased | $ | 21,679 | $ | 25,513 | $ | 29,464 | $ | 36,658 | $ | 39,532 | $ | 41,697 | $ | 44,108 | $ | 42,224 | (45.16 | ) | $ | 21,679 | $ | 39,532 | (45.16 | ) | ||||||||||||||||||||||||
Net loan charge-offs (recoveries) | $ | 470 | $ | 1,768 | $ | 524 | $ | 1,314 | $ | 4,837 | $ | 824 | $ | 191 | $ | 1,378 | (90.28 | ) | $ | 4,076 | $ | 7,230 | (43.62 | ) | ||||||||||||||||||||||||
Allowance for loan losses | $ | 46,211 | $ | 44,531 | $ | 44,149 | $ | 42,923 | $ | 42,737 | $ | 45,924 | $ | 44,098 | $ | 42,859 | 8.13 | $ | 46,211 | $ | 42,737 | 8.13 | ||||||||||||||||||||||||||
Annualized net loan charge-offs / average loans | 0.02 | % | 0.10 | % | 0.03 | % | 0.09 | % | 0.31 | % | 0.05 | % | 0.01 | % | 0.10 | % | 0.06 | % | 0.12 | % | ||||||||||||||||||||||||||||
Nonperforming loans / total loans* | 0.31 | % | 0.34 | % | 0.42 | % | 0.56 | % | 0.57 | % | 0.69 | % | 0.72 | % | 0.80 | % | 0.31 | % | 0.57 | % | ||||||||||||||||||||||||||||
Nonperforming assets / total assets* | 0.40 | % | 0.42 | % | 0.52 | % | 0.64 | % | 0.68 | % | 0.80 | % | 0.85 | % | 0.95 | % | 0.40 | % | 0.68 | % | ||||||||||||||||||||||||||||
Allowance for loan losses / total loans* | 0.61 | % | 0.60 | % | 0.69 | % | 0.69 | % | 0.69 | % | 0.75 | % | 0.74 | % | 0.77 | % | 0.61 | % | 0.69 | % | ||||||||||||||||||||||||||||
Allowance for loan losses / nonperforming loans* | 197.31 | % | 174.75 | % | 165.04 | % | 121.95 | % | 120.34 | % | 109.59 | % | 102.28 | % | 96.51 | % | 197.31 | % | 120.34 | % | ||||||||||||||||||||||||||||
Nonperforming loans / total loans** | 0.24 | % | 0.25 | % | 0.25 | % | 0.31 | % | 0.28 | % | 0.33 | % | 0.28 | % | 0.35 | % | 0.24 | % | 0.28 | % | ||||||||||||||||||||||||||||
Nonperforming assets / total assets** | 0.18 | % | 0.17 | % | 0.19 | % | 0.23 | % | 0.22 | % | 0.27 | % | 0.25 | % | 0.33 | % | 0.18 | % | 0.22 | % | ||||||||||||||||||||||||||||
Allowance for loan losses / total loans** | 0.83 | % | 0.84 | % | 0.87 | % | 0.89 | % | 0.91 | % | 1.01 | % | 1.03 | % | 1.05 | % | 0.83 | % | 0.91 | % | ||||||||||||||||||||||||||||
Allowance for loan losses / nonperforming loans** | 348.37 | % | 335.70 | % | 347.74 | % | 289.94 | % | 320.08 | % | 310.95 | % | 366.90 | % | 302.14 | % | 348.37 | % | 320.08 | % | ||||||||||||||||||||||||||||
*Based on all assets (includes purchased assets) | ||||||||||||||||||||||||||||||||||||||||||||||||
**Excludes all assets purchased |
RENASANT CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | September 30, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | 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 | $ | 5,446,973 | $ | 62,994 | 4.51 | % | $ | 5,095,445 | $ | 57,560 | 4.48 | % | $ | 4,612,237 | $ | 50,073 | 4.32 | % | $ | 5,060,496 | $ | 226,524 | 4.48 | % | $ | 4,294,032 | $ | 187,055 | 4.36 | % | |||||||||||||||||||||||||
Purchased | 2,088,226 | 34,313 | 6.52 | 2,279,965 | 33,133 | 5.77 | 1,513,121 | 27,808 | 7.31 | 1,795,306 | 114,043 | 6.35 | 1,555,502 | 104,983 | 6.75 | ||||||||||||||||||||||||||||||||||||||||
Purchased and covered(1) | — | — | — | — | — | — | 21,718 | 386 | 7.07 | — | — | — | 46,438 | 3,295 | 7.10 | ||||||||||||||||||||||||||||||||||||||||
Total loans | 7,535,199 | 97,307 | 5.07 | 7,375,410 | 90,693 | 4.88 | 6,147,076 | 78,267 | 5.07 | 6,855,802 | 340,567 | 4.97 | 5,895,972 | 295,333 | 5.01 | ||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 188,795 | 2,071 | 4.35 | 226,512 | 2,419 | 4.24 | 184,584 | 1,627 | 3.51 | 174,369 | 7,469 | 4.28 | 237,199 | 8,497 | 3.58 | ||||||||||||||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable(2) | 735,923 | 4,240 | 2.29 | 807,001 | 4,758 | 2.34 | 688,268 | 3,430 | 1.98 | 746,557 | 17,408 | 2.33 | 721,661 | 15,305 | 2.12 | ||||||||||||||||||||||||||||||||||||||||
Tax-exempt | 307,152 | 3,604 | 4.66 | 340,156 | 4,046 | 4.72 | 346,002 | 4,089 | 4.70 | 329,430 | 15,838 | 4.81 | 351,950 | 16,555 | 4.70 | ||||||||||||||||||||||||||||||||||||||||
Total securities | 1,043,075 | 7,844 | 2.98 | 1,147,157 | 8,804 | 3.04 | 1,034,270 | 7,519 | 2.89 | 1,075,987 | 33,246 | 3.09 | 1,073,611 | 31,860 | 2.97 | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing balances with banks | 146,606 | 551 | 1.49 | 194,988 | 697 | 1.42 | 117,292 | 151 | 0.51 | 195,072 | 2,314 | 1.19 | 89,514 | 459 | 0.51 | ||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 8,913,675 | 107,773 | 4.75 | 8,944,067 | 102,613 | 4.55 | 7,483,222 | 87,564 | 4.66 | 8,301,230 | 383,596 | 4.62 | 7,296,296 | 336,149 | 4.61 | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 161,202 | 152,654 | 118,851 | 140,742 | 130,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 636,533 | 636,977 | 495,404 | 565,507 | 491,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC loss-share indemnification asset | — | — | 2,693 | — | 4,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 543,364 | 543,778 | 491,625 | 501,829 | 493,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 10,254,774 | $ | 10,277,476 | $ | 8,591,795 | $ | 9,509,308 | $ | 8,416,510 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand(3) | 3,783,056 | 3,072 | 0.32 | 3,869,297 | 2,757 | 0.28 | 3,184,949 | 1,597 | 0.20 | 3,609,567 | 9,559 | 0.26 | 3,090,495 | 5,874 | 0.19 | ||||||||||||||||||||||||||||||||||||||||
Savings deposits | 572,397 | 99 | 0.07 | 575,684 | 101 | 0.07 | 538,323 | 96 | 0.07 | 567,723 | 394 | 0.07 | 525,498 | 372 | 0.07 | ||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,824,622 | 4,152 | 0.90 | 1,814,268 | 3,976 | 0.87 | 1,628,082 | 3,145 | 0.77 | 1,715,828 | 14,667 | 0.85 | 1,587,444 | 11,610 | 0.73 | ||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 6,180,075 | 7,323 | 0.47 | 6,259,249 | 6,834 | 0.43 | 5,351,354 | 4,838 | 0.36 | 5,893,118 | 24,620 | 0.42 | 5,203,437 | 17,856 | 0.34 | ||||||||||||||||||||||||||||||||||||||||
Borrowed funds | 579,920 | 4,002 | 2.74 | 575,816 | 3,844 | 2.65 | 412,589 | 2,952 | 2.85 | 419,070 | 13,233 | 3.16 | 523,812 | 10,291 | 1.96 | ||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,759,995 | 11,325 | 0.66 | 6,835,065 | 10,678 | 0.62 | 5,763,943 | 7,790 | 0.54 | 6,312,188 | 37,853 | 0.60 | 5,727,249 | 28,147 | 0.49 | ||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,877,789 | 1,849,396 | 1,564,150 | 1,724,834 | 1,467,881 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 98,859 | 97,424 | 107,953 | 91,336 | 105,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,518,131 | 1,495,591 | 1,155,749 | 1,380,950 | 1,116,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,254,774 | $ | 10,277,476 | $ | 8,591,795 | $ | 9,509,308 | $ | 8,416,510 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest income/ net interest margin | $ | 96,448 | 4.25 | % | $ | 91,935 | 4.08 | % | $ | 79,774 | 4.24 | % | $ | 345,743 | 4.16 | % | $ | 308,002 | 4.22 | % | |||||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | December 31, | ||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Net income (GAAP) | $ | 16,511 | $ | 26,421 | $ | 25,284 | $ | 23,972 | $ | 23,635 | $ | 23,179 | $ | 22,900 | $ | 21,216 | $ | 92,188 | $ | 90,930 | ||||||||||||||||||||||||||
Amortization of intangibles, net of tax | 1,133 | 1,149 | 1,013 | 1,064 | 1,094 | 1,119 | 1,171 | 1,134 | 4,358 | 4,518 | ||||||||||||||||||||||||||||||||||||
Tangible net income (non-GAAP) | $ | 17,644 | $ | 27,570 | $ | 26,297 | $ | 25,036 | $ | 24,729 | $ | 24,298 | $ | 24,071 | $ | 22,350 | $ | 96,546 | $ | 95,448 | ||||||||||||||||||||||||||
Net income (GAAP) | 16,511 | $ | 26,421 | $ | 25,284 | $ | 23,972 | $ | 23,635 | $ | 23,179 | $ | 22,900 | $ | 21,216 | $ | 92,188 | $ | 90,930 | |||||||||||||||||||||||||||
Merger & conversion expenses, net of tax | 479 | 4,075 | 2,065 | 235 | — | 178 | 1,888 | 634 | 6,925 | 2,694 | ||||||||||||||||||||||||||||||||||||
Debt prepayment penalties, net of tax | — | — | — | 140 | — | 1,468 | 221 | — | 137 | 1,700 | ||||||||||||||||||||||||||||||||||||
Loss share termination, net of tax | — | — | — | — | 1,495 | — | — | — | — | 1,495 | ||||||||||||||||||||||||||||||||||||
Write-down of net deferred tax assets | 14,486 | — | — | — | — | — | — | — | 14,486 | — | ||||||||||||||||||||||||||||||||||||
Net income with exclusions (non-GAAP) | $ | 31,476 | $ | 30,496 | $ | 27,349 | $ | 24,347 | $ | 25,130 | $ | 24,825 | $ | 25,009 | $ | 21,850 | $ | 113,736 | $ | 96,819 | ||||||||||||||||||||||||||
Average shareholders' equity (GAAP) | $ | 1,518,131 | $ | 1,495,591 | $ | 1,258,935 | $ | 1,246,903 | $ | 1,155,749 | $ | 1,135,073 | $ | 1,121,298 | $ | 1,050,668 | $ | 1,380,950 | $ | 1,116,038 | ||||||||||||||||||||||||||
Intangibles | 636,533 | 636,977 | 492,349 | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | 565,507 | 491,530 | ||||||||||||||||||||||||||||||||||||
Average tangible s/h's equity (non-GAAP) | $ | 881,598 | $ | 858,614 | $ | 766,586 | $ | 753,087 | $ | 660,345 | $ | 638,009 | $ | 621,795 | $ | 576,816 | $ | 815,443 | $ | 624,508 | ||||||||||||||||||||||||||
Average total assets (GAAP) | $ | 10,254,774 | $ | 10,277,476 | $ | 8,720,660 | $ | 8,759,448 | $ | 8,591,795 | $ | 8,562,199 | $ | 8,541,818 | $ | 7,961,700 | $ | 9,509,308 | $ | 8,416,510 | ||||||||||||||||||||||||||
Intangibles | 636,533 | 636,977 | 492,349 | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | 565,507 | 491,530 | ||||||||||||||||||||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 9,618,240 | $ | 9,640,499 | $ | 8,228,311 | $ | 8,265,632 | $ | 8,096,391 | $ | 8,065,135 | $ | 8,042,315 | $ | 7,487,848 | $ | 8,943,801 | $ | 7,924,980 | ||||||||||||||||||||||||||
Actual shareholders' equity (GAAP) | $ | 1,514,983 | $ | 1,511,826 | $ | 1,271,786 | $ | 1,251,065 | $ | 1,232,883 | $ | 1,142,247 | $ | 1,124,256 | $ | 1,053,178 | $ | 1,514,983 | $ | 1,232,883 | ||||||||||||||||||||||||||
Intangibles | 635,556 | 637,264 | 491,552 | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | 635,556 | 494,608 | ||||||||||||||||||||||||||||||||||||
Actual tangible s/h's equity (non-GAAP) | $ | 879,427 | $ | 874,562 | $ | 780,234 | $ | 758,020 | $ | 738,275 | $ | 646,014 | $ | 626,339 | $ | 576,639 | $ | 879,427 | $ | 738,275 | ||||||||||||||||||||||||||
Actual total assets (GAAP) | $ | 9,829,981 | $ | 10,323,687 | $ | 8,872,272 | $ | 8,764,711 | $ | 8,699,851 | $ | 8,542,471 | $ | 8,529,566 | $ | 8,146,229 | $ | 9,829,981 | $ | 8,699,851 | ||||||||||||||||||||||||||
Intangibles | 635,556 | 637,264 | 491,552 | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | 635,556 | 494,608 | ||||||||||||||||||||||||||||||||||||
Actual tangible assets (non-GAAP) | $ | 9,194,425 | $ | 9,686,423 | $ | 8,380,720 | $ | 8,271,666 | $ | 8,205,243 | $ | 8,046,238 | $ | 8,031,649 | $ | 7,669,690 | $ | 9,194,425 | $ | 8,205,243 | ||||||||||||||||||||||||||
(1) Return on Average Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Return on avg s/h's equity (GAAP) | 4.31 | % | 7.01 | % | 8.06 | % | 7.80 | % | 8.14 | % | 8.12 | % | 8.21 | % | 8.12 | % | 6.68 | % | 8.15 | % | ||||||||||||||||||||||||||
Effect of adjustment for intangible assets | 3.63 | % | 5.73 | % | 5.70 | % | 5.69 | % | 6.76 | % | 7.03 | % | 7.36 | % | 7.46 | % | 5.16 | % | 7.14 | % | ||||||||||||||||||||||||||
Return on avg tangible s/h's equity (non-GAAP) | 7.94 | % | 12.74 | % | 13.76 | % | 13.48 | % | 14.90 | % | 15.15 | % | 15.57 | % | 15.58 | % | 11.84 | % | 15.28 | % | ||||||||||||||||||||||||||
Return on avg s/h's equity with exclusions (GAAP) | 8.23 | % | 8.09 | % | 8.71 | % | 7.92 | % | 8.65 | % | 8.70 | % | 8.97 | % | 8.36 | % | 8.24 | % | 8.68 | % | ||||||||||||||||||||||||||
Effect of adjustment for intangible assets | 6.44 | % | 6.53 | % | 6.13 | % | 5.77 | % | 7.12 | % | 7.48 | % | 7.96 | % | 7.66 | % | 6.25 | % | 7.55 | % | ||||||||||||||||||||||||||
Return on avg tangible s/h's equity with exclusion (non-GAAP) | 14.67 | % | 14.62 | % | 14.84 | % | 13.68 | % | 15.80 | % | 16.18 | % | 16.93 | % | 16.03 | % | 14.48 | % | 16.23 | % | ||||||||||||||||||||||||||
(2) Return on Average Assets | ||||||||||||||||||||||||||||||||||||||||||||||
Return on (average) assets (GAAP) | 0.64 | % | 1.02 | % | 1.16 | % | 1.11 | % | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % | 0.97 | % | 1.08 | % | ||||||||||||||||||||||||||
Effect of adjustment for intangible assets | 0.09 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.11 | % | 0.12 | % | ||||||||||||||||||||||||||
Return on average tangible assets (non-GAAP) | 0.73 | % | 1.13 | % | 1.28 | % | 1.23 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.08 | % | 1.20 | % | ||||||||||||||||||||||||||
Return on avg assets with exclusions (GAAP) | 1.22 | % | 1.18 | % | 1.26 | % | 1.13 | % | 1.16 | % | 1.15 | % | 1.18 | % | 1.10 | % | 1.20 | % | 1.15 | % | ||||||||||||||||||||||||||
Effect of adjustment for intangible assets | 0.13 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.13 | % | ||||||||||||||||||||||||||
Return on avg tangible assets with exclusions (non-GAAP) | 1.35 | % | 1.30 | % | 1.38 | % | 1.25 | % | 1.28 | % | 1.28 | % | 1.31 | % | 1.23 | % | 1.32 | % | 1.28 | % | ||||||||||||||||||||||||||
(3) Shareholder Equity Ratio | ||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity to (actual) assets (GAAP) | 15.41 | % | 14.64 | % | 14.33 | % | 14.27 | % | 14.17 | % | 13.37 | % | 13.18 | % | 12.93 | % | 15.41 | % | 14.17 | % | ||||||||||||||||||||||||||
Effect of adjustment for intangible assets | 5.85 | % | 5.62 | % | 5.02 | % | 5.11 | % | 5.17 | % | 5.34 | % | 5.38 | % | 5.41 | % | 5.85 | % | 5.17 | % | ||||||||||||||||||||||||||
Tangible capital ratio (non-GAAP) | 9.56 | % | 9.03 | % | 9.31 | % | 9.16 | % | 9.00 | % | 8.03 | % | 7.80 | % | 7.52 | % | 9.56 | % | 9.00 | % | ||||||||||||||||||||||||||
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||
CALCULATION OF EFFICIENCY RATIO | ||||||||||||||||||||||||||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | December 31, | ||||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Interest income (FTE) | $ | 107,773 | $ | 102,613 | $ | 89,429 | $ | 83,781 | $ | 87,564 | $ | 84,784 | $ | 85,783 | $ | 78,009 | $ | 383,596 | $ | 336,149 | ||||||||||||||||||||||||||
Interest expense | 11,325 | 10,678 | 7,976 | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 37,853 | 28,147 | ||||||||||||||||||||||||||||||||||||
Net Interest income (FTE) | $ | 96,448 | $ | 91,935 | $ | 81,453 | $ | 75,907 | $ | 79,773 | $ | 77,483 | $ | 78,932 | $ | 71,804 | $ | 345,743 | $ | 308,002 | ||||||||||||||||||||||||||
Total noninterest income | $ | 32,441 | $ | 33,413 | $ | 34,265 | $ | 32,021 | $ | 30,255 | $ | 38,272 | $ | 35,586 | $ | 33,302 | $ | 132,140 | $ | 137,415 | ||||||||||||||||||||||||||
Securities gains (losses) | 91 | 57 | — | — | — | — | 1,257 | (71 | ) | 148 | 1,186 | |||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 32,350 | $ | 33,356 | $ | 34,265 | $ | 32,021 | $ | 30,255 | $ | 38,272 | $ | 34,329 | $ | 33,373 | $ | 131,992 | $ | 136,229 | ||||||||||||||||||||||||||
Total Income (FTE) | $ | 128,798 | $ | 125,291 | $ | 115,718 | $ | 107,928 | $ | 110,028 | $ | 115,755 | $ | 113,261 | $ | 105,177 | $ | 477,735 | $ | 444,231 | ||||||||||||||||||||||||||
Total noninterest expense | $ | 76,808 | $ | 80,660 | $ | 74,841 | $ | 69,309 | $ | 71,558 | $ | 76,468 | $ | 77,259 | $ | 69,814 | $ | 301,618 | $ | 295,099 | ||||||||||||||||||||||||||
Amortization of intangibles | 1,708 | 1,766 | 1,493 | 1,563 | 1,624 | 1,684 | 1,742 | 1,697 | 6,530 | 6,747 | ||||||||||||||||||||||||||||||||||||
Merger-related expenses | 723 | 6,266 | 3,044 | 345 | — | 268 | 2,807 | 948 | 10,378 | 4,023 | ||||||||||||||||||||||||||||||||||||
Debt extinguishment penalty | — | — | — | 205 | — | 2,210 | 329 | — | 205 | 2,539 | ||||||||||||||||||||||||||||||||||||
Loss share termination | $ | — | $ | — | — | — | 2,053 | — | — | — | — | 2,053 | ||||||||||||||||||||||||||||||||||
Total noninterest expense | $ | 74,377 | $ | 72,628 | $ | 70,304 | $ | 67,196 | $ | 67,881 | $ | 72,306 | $ | 72,381 | $ | 67,169 | $ | 284,505 | $ | 279,737 | ||||||||||||||||||||||||||
(4) Efficiency Ratio | 57.75 | % | 57.97 | % | 60.75 | % | 62.26 | % | 61.69 | % | 62.46 | % | 63.91 | % | 63.86 | % | 59.55 | % | 62.97 | % |