RNST Renasant Corporation

Renasant Corporation (NASDAQ: RNST) (the "Company") today announced results for the second quarter of 2005. Net income for the second quarter of 2005 was $6,207,000, up 22.74%, or $1,150,000, from the second quarter of 2004. During the second quarter of 2005, the Company recognized $647,000 in after-tax interest income as the cash flows from certain loans acquired in connection with the Company's acquisition of Heritage Financial Holding Corporation ("Heritage"), accounted for under AICPA Statement of Position 03-3 ("SOP 03-3"), exceeded initial estimates. Second quarter 2005 net income was decreased by $295,000 in after-tax merger expenses related to the Heritage acquisition and after-tax expenses related to the change of its name. Second quarter 2004 net income included an after-tax gain of approximately $617,000 resulting from the sale of the Company's merchant card business. Basic and diluted earnings per share were $.60 and $.59, respectively, for the second quarter of 2005 compared to basic and diluted earnings per share of $.61 for the second quarter of 2004. Second quarter 2005 earnings included an additional $.06 as a result of the aforementioned increase in interest income and a $.03 reduction for merger expenses related to Heritage and costs associated with the name change. Second quarter 2004 earnings include an $.08 per share increase resulting from the sale of the merchant card business. The acquisitions of Renasant Bancshares and Heritage combined had a $.02 dilutive impact on second quarter 2005 earnings. "Our results for the quarter reflect the integration of our two recent mergers and the name change of our Company and its subsidiaries," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "We believe we have now incurred substantially all merger related and name change expenses and are now positioned to realize the benefits of these activities. We continue to experience improvement in credit quality with linked quarter reduction in net charge-offs and non-performing loans. During the second quarter of 2005, we experienced solid organic loan and deposit growth resulting in marked improvement in net interest income. Noninterest income continued to increase during the second quarter of 2005 from diversified sources and noninterest expense declined on a linked quarter basis as we began to experience the synergies of the mergers." Credit quality continued to improve during the second quarter of 2005. Net charge-offs were $781,000, or .19% annualized as a percentage of average loans for the second quarter of 2005, compared to $610,000, or .28% annualized, for the second quarter of 2004. Net charge-offs for the six months ended June 30, 2005 were $1,967,000, or .25% annualized as a percentage of average loans, compared to $1,073,000 or .24% annualized, for the same period in 2004. Net charge-offs for the second quarter of 2005 include approximately $301,000, or .07% of average loans, representing the remaining charge-off of the one problem credit relationship as discussed in the first quarter earnings release. Net charge-offs for the six months ended June 30, 2005 include $906,000 of charge-offs related to this one credit relationship. All amounts charged-off related to this one credit had been fully reserved in the allowance for loan losses at the time of charge-off. Non-performing loans as a percentage of total loans decreased to .40% at June 30, 2005, from .43% at March 31, 2005 and .76% at December 31, 2004. The allowance for loan losses as a percentage of loans was 1.14% at June 30, 2005 as compared to 1.14% at March 31, 2005 and 1.26% at December 31, 2004. The non-performing loan coverage ratio was 280.35% at June 30, 2005 compared to 264.53% at March 31, 2005 and 166.30% at December 31, 2004. At June 30, 2005, the carrying balance of the loans acquired by the Company in connection with its acquisition of Heritage accounted for in accordance with SOP 03-3 was $10,604,000 as compared to the March 31, 2005 balance of $13,097,000. The balance of these acquired loans decreased primarily due to principal reductions. Total assets as of June 30, 2005 were $2.353 billion, an increase of 37.82%, from December 31, 2004 reflecting primarily the acquisition of Heritage. Total loans grew 39.50% to $1.592 billion at the end of the second quarter of 2005 from $1.141 billion at December 31, 2004 while total deposits grew 33.78% to $1.764 billion during the same period. The increase in total loans and total deposits was also primarily due to the Heritage acquisition. Excluding Heritage balances at the date of acquisition, total loans and deposits at June 30, 2005 grew $61,171,000 and $64,502,000, respectively, from December 31, 2004. Compared to March 31, 2005, total loans and deposits grew at annualized rates of 5.16% and 5.32%, respectively, during the second quarter of 2005. "During the first half of 2005, we began to realize the benefits of our merger with Renasant Bancshares as our Tennessee division grew loans by approximately $46 million and deposits by approximately $33 million. This is consistent with our expectations that it would take approximately 6-12 months to fully integrate Renasant Bancshares into our operations so that we could focus our attention on franchise growth. Despite the fact that we were primarily concentrating on integration efforts during this period, our Alabama division had modest loan and deposit growth in the second quarter of 2005. In our Mississippi division, loan growth was flat while deposits experienced healthy growth in the recently completed quarter," stated McGraw. Net interest income grew 63.03% to $20,455,000 for the second quarter of 2005 compared to $12,547,000 in the same period in 2004 due to loan growth and the Company's acquisition of Renasant Bancshares and Heritage. During the second quarter of 2005, the Company recorded $1,048,000 in interest income as cash flows from certain Heritage loans accounted for under SOP 03-3 exceeded initial estimates. Net interest margin increased to 4.14% for the second quarter of 2005 from 4.10% for the second quarter of 2004 and 3.92% for the first quarter of 2005. The additional interest income from the Heritage loans accounted for under SOP 03-3 increased net interest margin for the second quarter of 2005 by 20 basis points. Factors negatively impacting net interest margin include the acquisition of Renasant Bancshares and Heritage, both of which had lower net interest margins than the Company prior to the acquisitions, the issuance of subordinated debentures to fund the acquisitions and the rising cost of deposits. Noninterest income increased 9.12% to $9,951,000 for the second quarter of 2005 from $9,119,000 for the second quarter of 2004. Noninterest income for the second quarter of 2004 includes a $1,000,000 gain recognized as a result of the sale of the Company's merchant card portfolio and $270,000 in merchant card revenue earned prior to the completion of the sale. Noninterest income also increased due to improvements in service charges, fees and commissions generated on the Company's loan and deposit products, trust revenue and gains on sale of mortgage loans. Noninterest expense was $20,857,000 for the second quarter of 2005 compared to $14,182,000 for the second quarter of 2004. The operations of Renasant Bancshares and Heritage increased noninterest expenses by $5,739,000, which includes $404,000 of merger-related expenses. In addition, the Company incurred approximately $73,000 in costs resulting from the disposal of obsolete supplies during the second quarter of 2005 associated with the change of its name. Compared to the first quarter of 2005, noninterest expenses for the second quarter of 2005 decreased $106,000. The decrease reflects the planned elimination of duplicate data processing operations and staff as a result of the Heritage merger, reduced data processing costs through contract renegotiations with the Company's primary vendor and planned Mississippi staff reductions. These reductions were partially offset by normal salary increases which were effective March 2005. "We are presently in the process of adding to our Tennessee division with a new full-service branch in East Memphis expected to open in August 2005 and a full-service branch in Collierville expected to open in the first quarter of 2006. In our Mississippi division, we expect to open a full-service branch in Oxford in August 2005 that will compliment our downtown presence and ATM on the campus of the University of Mississippi," stated McGraw. The acquisition of Heritage was completed on January 1, 2005 using the purchase accounting method under generally accepted accounting principles. Under this method of accounting, the financial statements of the Company do not reflect the results of operations of Heritage prior to January 1, 2005. The balance sheet of the Company as of June 30, 2005, however, reflects the Company's acquisition of Heritage, including total assets of $540.3 million, total loans of $389.8 million, total deposits of $381.0 million, goodwill of $46.9 million and core deposits intangible of $4.6 million. The Company issued 1,369,589 shares of Renasant Corporation common stock and paid $23.1 million cash in connection with the acquisition. CONFERENCE CALL INFORMATION A live audio webcast of a conference call with analysts will be available beginning at 9:00 a.m. Eastern time on Wednesday, July 20, 2005, through the Company's website: www.renasant.com, and through Thompson/CCBN's individual investor center at www.fulldisclosure.com, or any of Thompson/CCBN's Investor Distribution Network. The event will be archived for 90 days. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-800-510-9836 in the United States and entering the participant passcode 95606648. The financial and other statistical information presented in the conference call will be provided through the investor relations page on the Company's website: www.renasant.com. ABOUT RENASANT CORPORATION Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $2.4 billion and operates 59 banking and insurance offices in 36 cities in Mississippi, Tennessee and Alabama. NOTE TO INVESTORS This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions. Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. -0- *T RENASANT CORPORATION -------------------- (Unaudited) (Dollars in thousands, except per share data) 2005 ---------------------- Second First Statement of earnings Quarter Quarter --------------------- ---------------------- Interest income - taxable equivalent basis $ 32,718 $ 29,834 Interest income $ 31,900 $ 29,295 Interest expense 11,445 9,977 ----------- ----------- Net interest income 20,455 19,318 Provision for loan losses 847 597 ----------- ----------- Net interest income after provision 19,608 18,721 Service charges on deposit accounts 4,167 3,874 Fees and commissions on loans and deposits 2,965 2,505 Insurance commissions and fees 906 831 Trust revenue 611 625 Gain (loss) on sale of securities (32) 102 Gain on sale of mortgage loans 673 693 Gain on sale of merchant business - - Merchant discounts 2 2 Other 659 1,271 ----------- ----------- Total non-interest income 9,951 9,903 Salaries and employee benefits 11,520 11,459 Occupancy and equipment 2,222 2,605 Data processing 962 1,044 Amortization of intangibles 571 586 Other 5,582 5,269 ----------- ----------- Total non-interest expense 20,857 20,963 Income before income taxes 8,702 7,661 Income taxes 2,495 2,202 ----------- ----------- Net income (loss) $ 6,207 $ 5,459 =========== =========== Basic earnings per share $ 0.60 $ 0.52 Diluted earnings per share 0.59 0.52 Average basic shares outstanding 10,400,330 10,406,243 Average diluted shares outstanding 10,518,760 10,560,330 Common shares outstanding 10,397,897 10,412,775 Cash dividend per common share $ 0.22 $ 0.21 Performance ratios ------------------ Return on average shareholders' equity 10.64% 9.40% Return on average tangible shareholders' equity 19.85% 17.78% Return on average assets 1.06% 0.93% Return on average tangible assets 1.17% 1.05% Net interest margin (FTE) 4.14% 3.92% Yield on earning assets (FTE) 6.36% 5.89% Average earning assets to average assets 88.10% 87.54% Average loans to average deposits 90.75% 90.75% Noninterest income (less securities gains/ losses) to average assets 1.71% 1.68% Noninterest expense to average assets 3.57% 3.58% Net overhead ratio 1.86% 1.91% Efficiency ratio (FTE) 66.80% 70.44% 2004 ------------------------------------------- Fourth Third Second First Statement of earnings Quarter Quarter Quarter Quarter --------------------- ------------------------------------------- Interest income - taxable equivalent basis $ 21,803 $ 21,538 $ 18,418 $ 18,441 Interest income $ 21,076 $ 20,805 $ 17,559 $ 17,584 Interest expense 5,848 5,802 5,012 5,134 ---------- ---------- ---------- ---------- Net interest income 15,228 15,003 12,547 12,450 Provision for loan losses (82) 636 488 505 ---------- ---------- ---------- ---------- Net interest income after provision 15,310 14,367 12,059 11,945 Service charges on deposit accounts 3,856 4,067 3,732 3,700 Fees and commissions on loans and deposits 1,812 1,975 1,958 1,671 Insurance commissions and fees 887 993 890 820 Trust revenue 419 658 606 464 Gain (loss) on sale of securities (1,130) 51 (31) 89 Gain on sale of mortgage loans 166 138 151 128 Gain on sale of merchant business - - 1,000 - Merchant discounts 39 7 270 356 Other 570 489 543 943 ---------- ---------- ---------- ---------- Total non-interest income 6,619 8,378 9,119 8,171 Salaries and employee benefits 8,755 9,106 7,952 7,593 Occupancy and equipment 2,406 2,095 1,727 1,566 Data processing 1,159 1,020 1,141 1,163 Amortization of intangibles 389 403 100 123 Other 3,922 3,586 3,262 3,241 ---------- ---------- ---------- ---------- Total non-interest expense 16,631 16,210 14,182 13,686 Income before income taxes 5,298 6,535 6,996 6,430 Income taxes 1,250 1,844 1,939 1,783 ---------- ---------- ---------- ---------- Net income (loss) $ 4,048 $ 4,691 $ 5,057 $ 4,647 ========== ========== ========== ========== Basic earnings per share $ 0.45 $ 0.52 $ 0.61 $ 0.57 Diluted earnings per share 0.45 0.52 0.61 0.57 Average basic shares outstanding 9,024,384 8,977,549 8,186,826 8,191,530 Average diluted shares outstanding 9,081,944 9,042,695 8,207,941 8,212,533 Common shares outstanding 9,046,997 9,018,145 8,186,826 8,186,826 Cash dividend per common share $ 0.21 $ 0.21 $ 0.20 $ 0.20 Performance ratios ------------------ Return on average shareholders' equity 9.07% 10.49% 14.02% 13.27% Return on average tangible shareholders' equity 13.14% 15.51% 14.77% 14.07% Return on average assets 0.95% 1.12% 1.40% 1.29% Return on average tangible assets 1.04% 1.21% 1.43% 1.32% Net interest margin (FTE) 4.20% 4.16% 4.10% 4.09% Yield on earning assets (FTE) 5.74% 5.69% 5.64% 5.67% Average earning assets to average assets 89.10% 89.52% 91.10% 90.79% Average loans to average deposits 84.13% 82.46% 77.17% 76.09% Noninterest income (less securities gains/ losses) to average assets 1.82% 1.98% 2.26% 2.25% Noninterest expense to average assets 3.92% 3.86% 3.94% 3.80% Net overhead ratio 2.09% 1.88% 1.68% 1.56% Efficiency ratio (FTE) 73.67% 67.22% 62.96% 63.72% 2nd Qtr 2005 - For the Six Months 2nd Qtr Ended June 30, 2004 ---------------------------- Percent Percent Statement of earnings Variance 2005 2004 Variance --------------------- -------- --------- -------- -------- Interest income - taxable equivalent basis 77.64 $ 62,552 $ 36,859 69.71 Interest income 81.67 $ 61,195 $ 35,143 74.13 Interest expense 128.35 21,422 10,146 111.14 -------- --------- -------- -------- Net interest income 63.03 39,773 24,997 59.11 Provision for loan losses 73.57 1,444 993 45.42 -------- --------- -------- -------- Net interest income after provision 62.60 38,329 24,004 59.68 Service charges on deposit accounts 11.66 8,041 7,432 8.19 Fees and commissions on loans and deposits 51.43 5,470 3,629 50.73 Insurance commissions and fees 1.80 1,737 1,710 1.58 Trust revenue 0.83 1,236 1,070 15.51 Gain (loss) on sale of securities 3.23 70 58 20.69 Gain on sale of mortgage loans 345.70 1,366 279 389.61 Gain on sale of merchant business (100.00) - 1,000 (100.00) Merchant discounts (99.26) 4 626 (99.36) Other 21.36 1,930 1,486 29.88 -------- --------- -------- -------- Total non-interest income 9.12 19,854 17,290 14.83 Salaries and employee benefits 44.87 22,979 15,545 47.82 Occupancy and equipment 28.66 4,827 3,293 46.58 Data processing (15.69) 2,006 2,304 (12.93) Amortization of intangibles 471.00 1,157 223 418.83 Other 71.12 10,851 6,503 66.86 -------- --------- -------- -------- Total non-interest expense 47.07 41,820 27,868 50.06 Income before income taxes 24.39 16,363 13,426 21.88 Income taxes 28.67 4,697 3,722 26.20 -------- --------- -------- -------- Net income (loss) 22.74 $ 11,666 $ 9,704 20.22 ======== ========= ======== ======== Basic earnings per share (1.64)$ 1.12 $ 1.18 (5.08) Diluted earnings per share (3.28) 1.11 1.18 (5.93) Average basic shares outstanding 27.04 10,401,799 8,189,178 27.02 Average diluted shares outstanding 28.15 10,523,380 8,210,237 28.17 Common shares outstanding 27.01 10,397,897 8,186,826 27.01 Cash dividend per common share 10.00 $ 0.43 $ 0.40 7.50 Performance ratios ------------------- Return on average shareholders' equity 10.07% 13.63% Return on average tangible shareholders' equity 18.87% 14.41% Return on average assets 1.01% 1.35% Return on average tangible assets 1.11% 1.38% Net interest margin (FTE) 4.06% 4.09% Yield on earning assets (FTE) 6.16% 5.65% Average earning assets to average assets 87.78% 91.17% Average loans to average deposits 92.07% 75.96% Noninterest income (less securities gains/ losses) to average assets 1.71% 2.26% Noninterest expense to average assets 3.60% 3.87% Net overhead ratio 1.90% 1.61% Efficiency ratio (FTE) 68.58% 63.33% (a) Percent variance not meaningful RENASANT CORPORATION -------------------- (Unaudited) (Dollars in thousands, except per share data) ----------------------- Second First Average balances Quarter Quarter ----------------- ----------------------- Total assets $ 2,340,597 $ 2,339,201 Earning assets 2,062,124 2,047,770 Securities 420,463 452,818 Loans, net of unearned 1,611,143 1,576,877 Intangibles 101,385 101,453 Non-interest bearing deposits 234,946 229,638 Interest bearing deposits 1,515,318 1,483,677 Total deposits 1,750,264 1,713,315 Other borrowings 333,710 371,855 Shareholders' equity 233,908 232,348 Asset quality data ------------------ Nonaccrual loans $ 4,157 $ 3,807 Loans 90 past due or more 2,292 3,002 ----------- ----------- Non-performing loans 6,449 6,809 Other real estate owned and repossessions 7,114 7,232 ----------- ----------- Non-performing assets 13,563 14,041 =========== =========== Net loan charge-offs $ 781 $ 1,186 Allowance for loan losses 18,080 18,012 Non-performing loans / total loans 0.40% 0.43% Non-performing assets / total assets 0.58% 0.60% Allowance for loan losses / total loans 1.14% 1.14% Allowance for loan losses / non-performing loans 280.35% 264.53% Net loan charge-offs (annualized) / average loans 0.19% 0.31% Balances at period end ---------------------- Total assets $ 2,353,385 $ 2,320,164 Earning assets 2,075,244 2,041,307 Securities 415,193 425,196 Mortgage loans held for sale 32,792 32,623 Loans, net of unearned 1,592,391 1,572,103 Intangibles 101,528 101,406 Non-interest bearing deposits $ 233,095 $ 238,651 Interest bearing deposits 1,531,082 1,502,350 Total deposits 1,764,177 1,741,001 Other borrowings 334,952 324,330 Shareholders' equity 235,454 230,892 Market value per common share 30.76 31.10 Book value per common share 22.64 22.17 Tangible book value per common share 12.88 12.44 Shareholders' equity to assets (actual) 10.00 9.95 Tangible capital ratio 5.95 5.84 Leverage ratio 8.67 8.59 Detail of Loans by Category ---------------------------- Commercial, financial, agricultural $ 228,371 $ 228,305 Lease financing 9,576 10,763 Real estate - construction 159,798 159,155 Real estate - 1-4 family mortgages 547,307 531,347 Real estate - commercial mortgages 556,694 537,800 Installment loans to individuals 90,645 104,733 ----------- ----------- Loans, net of unearned 1,592,391 1,572,103 =========== =========== 2004 ------------------------------------------- Fourth Third Second First Average balances Quarter Quarter Quarter Quarter ---------------- ------------------------------------------- Total assets $1,699,207 $1,681,430 $1,440,130 $1,439,689 Earning assets 1,514,042 1,505,190 1,311,945 1,307,160 Securities 377,482 388,286 403,959 405,543 Loans, net of unearned 1,128,631 1,103,362 897,219 871,897 Intangibles 48,128 51,483 5,697 5,797 Non-interest bearing deposits 195,732 182,542 160,744 140,084 Interest bearing deposits 1,143,957 1,153,291 999,160 1,003,744 Total deposits 1,339,689 1,335,833 1,159,904 1,143,828 Other borrowings 161,263 149,590 123,197 113,586 Shareholders' equity 178,591 178,855 144,306 140,084 Asset quality data ------------------ Nonaccrual loans $ 6,443 $ 5,626 $ 5,566 $ 5,413 Loans 90 past due or more 2,228 2,054 1,848 3,891 ---------- ---------- ---------- ---------- Non-performing loans 8,671 7,680 7,414 9,304 Other real estate owned and repossessions 2,324 2,516 1,901 1,661 ---------- ---------- ---------- ---------- Non-performing assets 10,995 10,196 9,315 10,965 ========== ========== ========== ========== Net loan charge-offs $ 1,824 $ 324 $ 610 $ 463 Allowance for loan losses 14,403 16,309 13,152 13,274 Non-performing loans / total loans 0.76% 0.68% 0.82% 1.05% Non-performing assets / total assets 0.64% 0.60% 0.65% 0.75% Allowance for loan losses / total loans 1.26% 1.45% 1.45% 1.50% Allowance for loan losses / non-performing loans 166.30% 212.36% 177.39% 142.67% Net loan charge-offs (annualized) / average loans 0.64% 0.12% 0.28% 0.21% Balances at period end ----------------------- Total assets $1,707,545 $1,706,462 $1,422,381 $1,469,269 Earning assets 1,519,704 1,527,387 1,295,876 1,347,168 Securities 371,581 384,550 360,120 425,609 Mortgage loans held for sale 2,714 1,502 1,708 1,255 Loans, net of unearned 1,141,480 1,128,047 906,186 882,484 Intangibles 50,424 50,712 5,646 5,746 Non-interest bearing deposits $ 200,922 $ 201,419 $ 160,771 $ 195,837 Interest bearing deposits 1,117,755 1,135,882 990,310 1,002,188 Total deposits 1,318,677 1,337,301 1,151,081 1,198,025 Other borrowings 191,547 172,723 115,679 112,340 Shareholders' equity 179,042 176,712 138,276 141,286 Market value per common share 33.10 32.55 34.56 33.70 Book value per common share 19.79 19.60 16.89 17.26 Tangible book value per common share 14.22 13.97 16.20 16.56 Shareholders' equity to assets (actual) 10.49 10.36 9.72 9.62 Tangible capital ratio 7.76 7.61 9.36 9.26 Leverage ratio 8.97 8.95 10.77 10.54 Detail of Loans by Category ---------------------------- Commercial, financial, agricultural $ 175,571 $ 177,018 $ 142,999 $ 139,960 Lease financing 10,809 11,450 11,365 11,785 Real estate - construction 96,404 94,779 58,344 59,361 Real estate - 1-4 family mortgages 375,698 356,798 320,198 309,029 Real estate - commercial mortgages 395,048 394,386 291,012 277,517 Installment loans to individuals 87,950 93,616 82,268 84,832 ---------- ---------- ---------- ---------- Loans, net of unearned 1,141,480 1,128,047 906,186 882,484 ========== ========== ========== ========== 2nd Qtr 2005 - For the Six Months 2nd Qtr Ended June 30, 2004 ---------------------------- Percent Percent Average Balances Variance 2005 2004 Variance ---------------- -------- --------- -------- -------- Total assets 62.53 $ 2,339,899 $1,436,010 62.94 Earning assets 57.18 2,054,063 1,309,271 56.89 Securities 4.09 435,497 404,469 7.67 Loans, net of unearned 79.57 1,594,200 884,558 80.23 Intangibles (a) 101,403 5,784 (a) Non-interest bearing deposits 46.16 231,996 162,979 42.35 Interest bearing deposits 51.66 1,499,585 1,001,450 49.74 Total deposits 50.90 1,731,581 1,164,429 48.71 Other borrowings 170.88 348,480 118,392 194.34 Shareholders' equity 62.09 233,645 142,370 64.11 Asset quality data ------------------- Nonaccrual loans (25.31)$ 4,157 $ 5,566 (25.31) Loans 90 past due or more 24.03 2,292 1,848 24.03 ----------- ---------- Non-performing loans (13.02) 6,449 7,414 (13.02) Other real estate owned and repossessions 274.22 7,114 1,901 274.22 ----------- ---------- Non-performing assets 45.60 13,563 9,315 45.60 =========== ========== Net loan charge-offs 28.03 $ 1,967 $ 1,073 83.32 Allowance for loan losses 37.47 18,080 13,152 37.47 Non-performing loans / total loans 0.40% 0.82% Non-performing assets / total assets 0.58% 0.65% Allowance for loan losses / total loans 1.14% 1.45% Allowance for loan losses / non-performing loans 280.35% 177.39% Net loan charge-offs (annualized) / average loans 0.25% 0.24% Balances at period end ----------------------- Total assets 65.45 $ 2,353,385 $1,422,381 65.45 Earning assets 60.14 2,075,244 1,295,876 60.14 Securities 15.29 415,193 360,120 15.29 Mortgage loans held for sale (a) 32,792 1,708 (a) Loans, net of unearned 75.72 1,592,391 906,186 75.72 Intangibles (a) 101,528 5,646 (a) Non-interest bearing deposits 44.99 $ 233,095 $ 160,771 44.99 Interest bearing deposits 54.61 1,531,082 990,310 54.61 Total deposits 53.26 1,764,177 1,151,081 53.26 Other borrowings 189.55 334,952 115,679 189.55 Shareholders' equity 70.28 235,454 138,276 70.28 Market value per common share 30.76 34.56 Book value per common share 22.64 16.89 Tangible book value per common share 12.88 16.20 Shareholders' equity to assets (actual) 10.00 9.72 Tangible capital ratio 5.95 9.36 Leverage ratio 8.67 10.77 Detail of Loans by Category ---------------------------- Commercial, financial, agricultural 59.70 $ 228,371 $ 142,999 59.70 Lease financing (15.74) 9,576 11,365 (15.74) Real estate - construction 173.89 159,798 58,344 173.89 Real estate - 1-4 family mortgages 70.93 547,307 320,198 70.93 Real estate - commercial mortgages 91.30 556,694 291,012 91.30 Installment loans to individuals 10.18 90,645 82,268 10.18 ----------- ---------- Loans, net of unearned 75.72 1,592,391 906,186 75.72 =========== ========== (a) Percent variance not meaningful *T