TUPELO, Miss., Oct. 21, 2008 (GLOBE NEWSWIRE) -- Renasant Corporation (Nasdaq:RNST) (the "Company") today announced its earnings results for the third quarter of 2008. Net income for the third quarter of 2008 was $7,558,000 as compared to $8,297,000 for the third quarter of 2007. Basic and diluted earnings per share were $0.36 for the third quarter of 2008 compared to basic and diluted earnings per share of $0.39 for the third quarter of 2007.
"Despite the current financial crisis' impact on the banking industry, we were pleased to see past strategies resulting in growth in both our net interest income and noninterest income during the third quarter of 2008 as compared to the third quarter of 2007," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "We are also taking steps that we believe are prudent in today's economic environment to enhance our earnings in the future. Specifically, we have continued to reduce our construction loan portfolio, provided nearly twice as much provision for loan losses over actual charge-offs and managed our funding sources to preserve margin."
Total assets as of September 30, 2008 were approximately $3.7 billion as compared to approximately $3.6 billion at December 31, 2007. Total loans were approximately $2.5 billion at the end of the third quarter of 2008 as compared to approximately $2.6 billion at December 31, 2007. Total deposits were approximately $2.4 billion at September 30, 2008 as compared to approximately $2.5 billion at December 31, 2007.
"The obvious downturns in the credit market along with a difficult interest rate environment, narrowing spreads, and high competition for deposits have all produced a very tough banking climate for the second half of 2008," commented McGraw. "We have intentionally replaced higher costing deposits with lower costing alternatives. As a result, our interest expense is down approximately $900,000 on a linked quarter basis and down approximately $7.9 million for the third quarter of 2008 as compared to the same period last year."
Stockholders' equity was $406,267,000 at September 30, 2008 as compared to $399,073,000 at December 31, 2007. The changes in stockholders' equity reflect earnings, dividends paid and changes in unrealized gains and losses on investment securities available for sale. As of September 30, 2008, the Company's regulatory capital ratios were in excess of "well-capitalized" regulatory requirements.
"We are committed to growing shareholders' equity to support future dividend payments and balance sheet growth," added McGraw. "This commitment has proven to be valuable in the current economic environment in protecting our shareholders' value."
Net interest income was $27,941,000 for the third quarter of 2008 compared to $26,698,000 for the same period in 2007 and $27,502,000 on a linked quarter basis for June 30, 2008. Net interest margin was 3.45% for the third quarter of 2008 as compared to 3.52% for the third quarter of 2007 and 3.43% for the second quarter of 2008.
Noninterest income was $13,644,000 for the third quarter of 2008 as compared to $13,446,000 for the third quarter of 2007 and $13,790,000 on a linked quarter basis.
"Our noninterest income continues to be a stable source of revenue as our diversified range of products provides us ways to generate noninterest income through fees from loans, deposits, insurance, wealth management, treasury management and our mortgage lending division," stated McGraw.
Noninterest expense was $27,784,000 for the third quarter of 2008 as compared to $26,689,000 for the third quarter of 2007 and $27,698,000 on a linked quarter basis.
Non-performing loans (loans 90 days or more past due and nonaccrual loans) totaled $29,655,000 at September 30, 2008 compared to $26,621,000 at June 30, 2008 and $16,277,000 at December 31, 2007. Non-performing loans as a percentage of total loans were 1.17% at September 30, 2008 compared to 1.05% at June 30, 2008 and 0.63% at December 31, 2007.
The Company's loans 30 to 89 days past due, as a percentage of total loans, were 1.17% at the end of the third quarter of 2008 as compared to 1.23% at June 30, 2008 and 1.08% at December 31, 2007. The allowance for loan losses as a percentage of loans was 1.11% at September 30, 2008 as compared to 1.05% at June 30, 2008, and 1.02% at December 31, 2007.
Other real estate owned (OREO) was $21,901,000 at September 30, 2008 compared to $13,111,000 at June 30, 2008 and $8,584,000 at December 31, 2007. On a linked quarter basis, the increase in OREO was primarily due to the Company taking possession of property totaling $7.8 million which secured a single relationship.
Annualized net charge-offs as a percentage of average loans were 0.25% for the third quarter of 2008 as compared to 0.43% on a linked quarter basis, 0.06% for the third quarter of 2007 and 0.36% for December 31, 2007. The provision for loan losses was $3,000,000 for the third quarter of 2008 as compared to $1,313,000 for the same period in 2007.
"Credit deterioration is a harsh reality of the current economic environment. Because of this, we believed it to be prudent to provide an amount to our allowance for loan losses this quarter that almost doubled the amount that was charged off during this period. Despite the continuous burden of the current global credit crisis and the yet to be known overall impact of the government's financial relief program, we will continue to focus on sustaining long term growth and profitability," stated McGraw. "Further, we believe we have the right team in place with the proper tools and prudent lending polices to manage through this economic downturn."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Wednesday, October 22, 2008, 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 websites. The event will be archived on the Company's website for 90 days. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 800-591-6942 in the United States and entering the participant passcode 18579515. International participants should dial 617-614-4909 and enter the participant passcode 18579515.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of September 30, 2008, Renasant had assets of approximately $3.7 billion and operated over 65 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee and Alabama.
The Renasant Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2567
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
2008
-----------------------------------
Third Second First
Statement of earnings Quarter Quarter Quarter
--------------------- ----------- ----------- -----------
Interest income - taxable
equivalent basis $ 50,904 $ 51,386 $ 54,324
Interest income $ 50,004 $ 50,465 $ 53,383
Interest expense 22,063 22,963 26,226
----------- ----------- -----------
Net interest income 27,941 27,502 27,157
Provision for loan losses 3,000 2,200 2,625
----------- ----------- -----------
Net interest income after
provision 24,941 25,302 24,532
Service charges on deposit
accounts 5,861 5,750 5,433
Fees and commissions on loans
and deposits 4,198 4,481 3,765
Insurance commissions and fees 920 838 857
Trust revenue 597 670 626
Gain (loss) on sale of
securities -- -- --
Gain on sale of mortgage loans 1,352 1,311 1,521
Other 716 740 1,655
----------- ----------- -----------
Total non-interest income 13,644 13,790 13,857
Salaries and employee benefits 15,250 14,849 14,718
Occupancy and equipment 3,399 3,413 3,373
Data processing 1,289 1,303 1,307
Amortization of intangibles 610 578 584
Other 7,236 7,555 6,816
----------- ----------- -----------
Total non-interest expense 27,784 27,698 26,798
Income before income taxes 10,801 11,394 11,591
Income taxes 3,243 3,409 3,314
----------- ----------- -----------
Net income $ 7,558 $ 7,985 $ 8,277
=========== =========== ===========
Basic earnings per share $ 0.36 $ 0.38 $ 0.40
Diluted earnings per share 0.36 0.38 0.39
Average basic shares
outstanding 20,980,557 20,946,287 20,878,478
Average diluted shares
outstanding 21,175,465 21,205,208 21,133,235
Common shares outstanding 21,013,427 20,954,627 20,930,871
Cash dividend per common share $ 0.17 $ 0.17 $ 0.17
Performance ratios
------------------
Return on average shareholders'
equity 7.40% 7.82% 8.21%
Return on average shareholders'
equity, excluding amortization
expense 7.76% 8.17% 8.57%
Return on average assets 0.80% 0.86% 0.92%
Return on average assets,
excluding amortization expense 0.84% 0.89% 0.96%
Net interest margin (FTE) 3.45% 3.43% 3.52%
Yield on earning assets (FTE) 6.08% 6.20% 6.81%
Average earning assets to
average assets 88.93% 88.83% 88.44%
Average loans to average
deposits 104.03% 101.20% 99.90%
Noninterest income (less
securities gains/losses) to
average assets 1.45% 1.48% 1.54%
Noninterest expense to average
assets 2.95% 2.97% 2.97%
Net overhead ratio 1.50% 1.49% 1.43%
Efficiency ratio (FTE) 65.40% 65.61% 63.87%
Average balances
----------------
Total assets $ 3,744,069 $ 3,752,401 $ 3,629,623
Earning assets 3,329,651 3,333,176 3,210,112
Securities 735,977 704,694 555,174
Loans, net of unearned 2,571,069 2,611,843 2,631,101
Intangibles 194,382 195,949 197,036
Non-interest bearing deposits $ 287,197 $ 298,692 $ 293,528
Interest bearing deposits 2,143,680 2,233,380 2,301,291
Total deposits 2,430,877 2,532,072 2,594,819
Other borrowings 871,744 774,052 587,957
Shareholders' equity 406,571 410,780 405,355
Asset quality data
------------------
Nonaccrual loans $ 20,578 $ 17,659 $ 16,090
Loans 90 past due or more 9,077 8,962 5,888
----------- ----------- -----------
Non-performing loans 29,655 26,621 21,978
Other real estate owned and
repossessions 21,901 13,111 12,802
----------- ----------- -----------
Non-performing assets $ 51,556 $ 39,732 $ 34,780
=========== =========== ===========
Net loan charge-offs
(recoveries) $ 1,624 $ 2,823 $ 1,726
Allowance for loan losses 28,024 26,647 27,271
Non-performing loans / total
loans 1.17% 1.05% 0.85%
Non-performing assets / total
assets 1.38% 1.05% 0.94%
Allowance for loan losses /
total loans 1.11% 1.05% 1.06%
Allowance for loan losses /
non-performing loans 94.50% 100.10% 124.08%
Annualized net loan charge-
offs / average loans 0.25% 0.43% 0.26%
Balances at period end
----------------------
Total assets $ 3,725,209 $ 3,782,196 $ 3,699,276
Earning assets 3,284,813 3,339,511 3,267,329
Securities 708,406 741,154 636,338
Mortgage loans held for sale 35,976 43,487 33,062
Loans, net of unearned 2,525,424 2,541,012 2,580,911
Intangibles 194,022 194,688 196,264
Non-interest bearing deposits $ 287,850 $ 305,877 $ 304,171
Interest bearing deposits 2,124,318 2,161,301 2,322,471
Total deposits 2,412,168 2,467,178 2,626,642
Other borrowings 870,326 878,813 623,906
Shareholders' equity 406,267 403,795 409,827
Market value per common share $ 21.71 $ 14.73 $ 22.50
Book value per common share 19.33 19.27 19.58
Tangible book value per common
share 10.10 9.98 10.20
Shareholders' equity to assets
(actual) 10.91% 10.68% 11.08%
Tangible capital ratio 6.01% 5.83% 6.10%
Leverage ratio 8.30% 8.12% 8.23%
Detail of Loans by Category
---------------------------
Commercial, financial,
agricultural $ 299,233 $ 303,385 $ 310,497
Lease financing 1,943 2,130 2,304
Real estate - construction 241,661 335,430 385,957
Real estate - 1-4 family
mortgages 877,045 857,165 846,626
Real estate - commercial
mortgages 1,032,797 972,111 954,131
Installment loans to
individuals 72,745 70,791 81,396
----------- ----------- -----------
Loans, net of unearned $ 2,525,424 $ 2,541,012 $ 2,580,911
=========== =========== ===========
2007
-----------------------------------------------
Statement of Fourth Third Second First
earnings Quarter Quarter Quarter Quarter
------------ ----------- ----------- ----------- -----------
Interest income -
taxable equivalent
basis $ 57,339 $ 57,571 $ 44,399 $ 42,534
Interest income $ 56,316 $ 56,636 $ 43,541 $ 41,710
Interest expense 29,373 29,938 22,022 21,049
----------- ----------- ----------- -----------
Net interest
income 26,943 26,698 21,519 20,661
Provision for loan
losses 1,975 1,313 800 750
----------- ----------- ----------- -----------
Net interest
income after
provision 24,968 25,385 20,719 19,911
Service charges on
deposit accounts 5,526 5,239 4,919 4,844
Fees and
commissions on
loans and deposits 3,834 4,104 4,060 3,728
Insurance
commissions and
fees 891 930 918 810
Trust revenue 806 806 680 567
Gain (loss) on
sale of securities -- -- (1) 79
Gain on sale of
mortgage loans 1,291 1,201 1,225 1,146
Other 849 1,166 1,066 1,503
----------- ----------- ----------- -----------
Total non-interest
income 13,197 13,446 12,867 12,677
Salaries and
employee benefits 13,970 15,010 13,083 12,927
Occupancy and
equipment 3,371 3,269 2,836 2,731
Data processing 993 1,425 1,265 1,202
Amortization of
intangibles 596 610 391 394
Other 6,513 6,375 5,792 5,247
----------- ----------- ----------- -----------
Total non-interest
expense 25,443 26,689 23,367 22,501
Income before
income taxes 12,722 12,142 10,219 10,087
Income taxes 3,967 3,845 3,132 3,125
----------- ----------- ----------- -----------
Net income $ 8,755 $ 8,297 $ 7,087 $ 6,962
=========== =========== =========== ===========
Basic earnings per
share $ 0.42 $ 0.39 $ 0.42 $ 0.45
Diluted earnings
per share 0.41 0.39 0.41 0.44
Average basic
shares
outstanding 20,953,099 21,096,156 17,029,781 15,554,515
Average diluted
shares
outstanding 21,297,082 21,437,848 17,292,914 15,865,906
Common shares
outstanding 20,841,365 20,983,501 18,356,974 15,560,006
Cash dividend per
common share $ 0.17 $ 0.17 $ 0.16 $ 0.16
Performance ratios
------------------
Return on average
shareholders'
equity 8.74% 8.45% 9.74% 11.05%
Return on average
shareholders'
equity, excluding
amortization
expense 9.10% 8.83% 10.07% 11.44%
Return on average
assets 0.96% 0.94% 1.04% 1.06%
Return on average
assets, excluding
amortization
expense 1.00% 0.98% 1.07% 1.10%
Net interest margin
(FTE) 3.48% 3.52% 3.66% 3.67%
Yield on earning
assets (FTE) 7.14% 7.32% 7.25% 7.27%
Average earning
assets to average
assets 88.41% 88.71% 89.74% 89.13%
Average loans to
average deposits 99.91% 94.02% 87.00% 86.12%
Noninterest income
(less securities
gains/losses) to
average assets 1.45% 1.52% 1.89% 1.92%
Noninterest expense
to average assets 2.80% 3.01% 3.43% 3.43%
Net overhead ratio 1.35% 1.49% 1.54% 1.51%
Efficiency ratio
(FTE) 61.81% 64.97% 66.30% 65.87%
Average balances
----------------
Total assets $ 3,605,684 $ 3,515,669 $ 2,735,556 $ 2,663,515
Earning assets 3,187,663 3,118,727 2,454,953 2,373,908
Securities 542,235 548,612 476,742 444,420
Loans, net of
unearned 2,630,255 2,557,185 1,954,517 1,885,122
Intangibles 196,718 194,743 97,697 98,094
Non-interest
bearing deposits $ 300,782 $ 298,278 $ 257,273 $ 258,071
Interest bearing
deposits 2,302,862 2,389,220 1,951,730 1,899,474
Total deposits 2,603,644 2,687,498 2,209,003 2,157,545
Other borrowings 547,946 385,589 201,743 212,762
Shareholders'
equity 397,516 389,621 291,864 255,470
Asset quality data
------------------
Nonaccrual loans $ 14,231 $ 12,657 $ 5,905 $ 6,368
Loans 90 past due
or more 2,046 2,125 1,648 3,913
----------- ----------- ----------- -----------
Non-performing
loans 16,277 14,782 7,553 10,281
Other real estate
owned and
repossessions 8,584 3,168 2,309 2,897
----------- ----------- ----------- -----------
Non-performing
assets $ 24,861 $ 17,950 $ 9,862 $ 13,178
=========== =========== =========== ===========
Net loan charge-
offs (recoveries) $ 2,397 $ 377 $ 277 $ 202
Allowance for loan
losses 26,372 26,926 20,605 20,082
Non-performing
loans / total
loans 0.63% 0.57% 0.38% 0.54%
Non-performing
assets / total
assets 0.69% 0.50% 0.35% 0.48%
Allowance for loan
losses / total
loans 1.02% 1.04% 1.04% 1.06%
Allowance for loan
losses / non-
performing loans 162.02% 182.15% 272.81% 195.33%
Annualized net loan
charge-offs /
average loans 0.36% 0.06% 0.06% 0.04%
Balances at period
end
------------------
Total assets $ 3,612,287 $ 3,584,519 $ 2,791,295 $ 2,754,930
Earning assets 3,179,153 3,168,182 2,494,569 2,460,185
Securities 539,590 543,017 460,606 462,588
Mortgage loans held
for sale 37,468 25,911 38,048 29,098
Loans, net of
unearned 2,586,693 2,588,563 1,977,941 1,889,799
Intangibles 197,314 196,643 97,286 97,902
Non-interest
bearing deposits $ 299,394 $ 315,813 $ 274,336 $ 273,726
Interest bearing
deposits 2,248,427 2,348,064 1,949,018 1,991,620
Total deposits 2,547,821 2,663,877 2,223,354 2,265,346
Other borrowings 624,388 483,988 218,045 200,764
Shareholders'
equity 399,073 392,312 316,634 258,566
Market value per
common share $ 21.57 $ 21.63 $ 22.74 $ 24.68
Book value per
common share 19.15 18.70 17.25 16.62
Tangible book value
per common share 9.68 9.32 11.95 10.33
Shareholders'
equity to assets
(actual) 11.05% 10.94% 11.34% 9.39%
Tangible capital
ratio 5.91% 5.78% 8.14% 6.05%
Leverage ratio 8.09% 8.26% 11.02% 8.85%
Detail of Loans by
Category
------------------
Commercial,
financial,
agricultural $ 317,866 $ 336,157 $ 265,062 $ 243,274
Lease financing 2,557 2,906 3,409 3,833
Real estate -
construction 386,184 401,652 247,241 231,311
Real estate - 1-4
family mortgages 850,658 841,266 669,557 654,604
Real estate -
commercial
mortgages 948,322 925,001 715,408 676,015
Installment loans
to individuals 81,006 81,581 77,264 80,762
----------- ----------- ----------- -----------
Loans, net of
unearned $ 2,586,593 $ 2,588,563 $ 1,977,941 $ 1,889,799
=========== =========== =========== ===========
For the Nine Months
Q3 2008 - Ended September 30,
Q3 2007 -------------------------------------
Statement of Percent Percent
earnings Variance 2008 2007 Variance
------------ ----------- ----------- ----------- -----------
Interest
income -
taxable
equivalent
basis (11.58) $ 156,614 $ 144,504 8.38
Interest
income (11.71) $ 153,852 $ 141,887 8.43
Interest
expense (26.30) 71,252 $ 73,009 (2.41)
----------- ----------- ----------- -----------
Net
interest
income 4.66 82,600 68,878 19.92
Provision
for loan
losses 128.48 7,825 2,863 173.31
----------- ----------- ----------- -----------
Net
interest
income
after
provision (1.75) 74,775 66,015 13.27
Service
charges on
deposit
accounts 11.87 17,044 15,002 13.61
Fees and
commissions
on loans
and
deposits 2.29 12,444 11,892 4.64
Insurance
commissions
and fees (1.08) 2,615 2,658 (1.62)
Trust revenue (25.93) 1,893 2,053 (7.79)
Gain (loss)
on sale
of securities -- -- 78 (100.00)
Gain on sale
of mortgage
loans 12.57 4,184 3,572 17.13
Other (38.59) 3,111 3,735 (16.71)
----------- ----------- ----------- -----------
Total non-
interest
income 1.47 41,291 38,990 5.90
Salaries and
employee
benefits 1.60 44,817 41,020 9.26
Occupancy
and
equipment 3.98 10,185 8,836 15.27
Data
processing (9.54) 3,899 3,892 0.18
Amortization
of
intangibles -- 1,772 1,395 27.03
Other 13.51 21,607 17,414 24.08
----------- ----------- ----------- -----------
Total non-
interest
expense 4.10 82,280 72,557 13.40
Income
before
income
taxes (11.04) 33,786 32,448 4.12
Income
taxes (15.66) 9,966 10,102 (1.35)
----------- ----------- ----------- -----------
Net income (8.91) $ 23,820 $ 22,346 6.60
=========== =========== =========== ===========
Basic
earnings
per share (7.69) $ 1.14 $ 1.25 (8.80)
Diluted
earnings
per share (7.69) 1.13 1.23 (8.13)
Average
basic
shares
outstanding (0.55) 20,926,567 17,913,783 16.82
Average
diluted
shares
outstanding (1.22) 21,146,878 18,212,909 16.11
Common shares
outstanding 0.14 21,013,427 20,983,501 0.14
Cash dividend
per common
share -- $ 0.51 $ 0.49 4.08
Performance
ratios
-----------
Return on
average
shareholders'
equity 7.84% 9.54%
Return on
average
shareholders'
equity,
excluding
amortization
expense 8.19% 9.90%
Return on
average
assets 0.86% 1.00%
Return on
average
assets,
excluding
amortization
expense 0.90% 1.04%
Net interest
margin
(FTE) 3.46% 3.60%
Yield on
earning
assets (FTE) 6.36% 7.29%
Average
earning
assets to
average
assets 88.74% 89.18%
Average
loans to
average
deposits 101.67% 89.42%
Noninterest
income
(less
securities
gains/
losses) to
average
assets 1.49% 1.75%
Noninterest
expense
to average
assets 2.96% 3.26%
Net overhead
ratio 1.48% 1.51%
Efficiency
ratio
(FTE) 64.96% 65.67%
Average
balances
---------
Total assets 6.50 $ 3,708,888 $ 2,973,780 24.72
Earning
assets 6.76 3,291,122 2,651,989 24.10
Securities 34.15 665,540 490,371 35.72
Loans, net
of
unearned 0.54 2,604,548 2,134,737 22.01
Intangibles (0.19) 195,783 129,142 51.60
Non-interest
bearing
deposits (3.71) $ 293,081 $ 272,065 7.72
Interest
bearing
deposits (10.28) 2,225,799 2,081,915 6.91
Total
deposits (9.55) 2,518,880 2,353,980 7.01
Other
borrowings 126.08 745,048 270,035 175.91
Shareholders'
equity 4.35 406,072 313,199 29.65
Asset
quality
data
--------
Nonaccrual
loans 62.58 $ 20,578 $ 12,657 62.58
Loans 90
past due or
more 327.15 9,077 2,125 327.15
----------- -----------
Non-performing
loans 100.62 29,655 14,782 100.62
Other real
estate
owned and
repossessions 591.32 21,901 3,168 591.32
----------- -----------
Non-performing
assets 187.22 $ 51,556 $ 17,950 187.22
=========== ===========
Net loan
charge-offs
(recoveries) 330.77 $ 6,173 $ 856 621.14
Allowance
for loan
losses 4.08 28,024 26,926 4.08
Non-performing
loans /
total loans 1.17% 0.57%
Non-performing
assets /
total assets 1.38% 0.50%
Allowance for
loan losses
/ total
loans 1.11% 1.04%
Allowance for
loan losses
/ non-
performing
loans 94.50% 182.15%
Annualized
net loan
charge-offs /
average
loans 0.32% 0.05%
Balances at
period end
-----------
Total assets $ 3,725,209 $ 3,584,519 3.92
Earning assets 3,284,813 3,168,182 3.68
Securities 708,406 543,017 30.46
Mortgage
loans held
for sale 35,976 25,911 38.84
Loans, net
of
unearned 2,525,424 2,588,563 (2.44)
Intangibles 194,022 196,643 (1.33)
Non-interest
bearing
deposits $ 287,850 $ 315,813 (8.85)
Interest
bearing
deposits 2,124,318 2,348,064 (9.53)
Total
deposits 2,412,168 2,663,877 (9.45)
Other
borrowings 870,326 483,988 79.82
Shareholders'
equity 406,267 392,312 3.56
Market value
per common
share $ 21.71 $ 21.63 0.37
Book value
per common
share 19.33 18.70 3.41
Tangible
book value
per common
share 10.10 9.32 8.32
Shareholders'
equity
to assets
(actual) 10.91% 10.94%
Tangible
capital
ratio 6.01% 5.78%
Leverage
ratio 8.30% 8.26%
Detail of
Loans by
Category
---------
Commercial,
financial,
agricultural $ 299,233 $ 336,157 (10.98)
Lease
financing 1,943 2,906 (33.14)
Real estate -
construction 241,661 401,652 (39.83)
Real estate -
1-4 family
mortgages 877,045 841,266 4.25
Real estate -
commercial
mortgages 1,032,797 925,001 11.65
Installment
loans to
individuals 72,745 81,581 (10.83)
----------- -----------
Loans, net
of
unearned $ 2,525,424 $ 2,588,563 (2.44)
=========== ===========
*Percent variance not meaningful