TUPELO, Miss., Jan. 20, 2009 (GLOBE NEWSWIRE) -- Renasant Corporation (Nasdaq:RNST) (the "Company") today announced its earnings results for 2008. Net income for 2008 was $24,052,000 as compared to $31,101,000 for 2007. Basic and diluted earnings per share were $1.15 and $1.14, respectively, for 2008 compared to basic and diluted earnings per share of $1.66 and $1.64, respectively, for 2007.
For the fourth quarter of 2008, net income was $232,000 as compared to $8,755,000 for the fourth quarter of 2007. Basic and diluted earnings per share were $0.01 for the fourth quarter of 2008, compared to basic earnings per share of $0.42 and diluted earnings per share of $0.41 for the fourth quarter of 2007. As discussed below, the increase in the provision for loan losses for the fourth quarter of 2008 as compared to the same period in 2007 is the primary reason for the decline in net income from the fourth quarter of 2007 to the fourth quarter of 2008.
"This past year was very trying for the financial services industry and our earnings results reflect the effects of the ongoing economic environment we are all experiencing," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Our management team is focused on preserving margin, minimizing credit losses, growing noninterest income, reducing noninterest expense and, as a result, continuing to enhance our already strong capital position. Focusing on these core areas will position the Company to achieve its long-term objectives."
Total assets as of December 31, 2008 were approximately $3.72 billion as compared to approximately $3.61 billion for December 31, 2007. Total loans were $2.53 billion at the end of 2008 as compared to approximately $2.59 billion at December 31, 2007. Total deposits were $2.34 billion at December 31, 2008 as compared to approximately $2.55 billion at December 31, 2007.
Shareholders' equity was $400,248,000 at December 31, 2008 as compared to $399,073,000 at December 31, 2007. The change in shareholders' equity reflects earnings, dividends paid and changes in unrealized gains and losses on investment securities available for sale. As of December 31, 2008, the Company's regulatory capital ratios were well in excess of regulatory minimums required to be classified as "well-capitalized." At December 31, 2008, the Company's Tier 1 leverage capital ratio was 8.34%, its Tier I risk-based capital ratio was 10.85%, and its total risk-based capital ratio was 12.10%, in each case well in excess of regulatory minimums.
"During the fourth quarter of 2008, we announced our decision not to participate in the Treasury Department's Capital Purchase Program which is part of the federal government's Troubled Assets Relief Program," commented McGraw. "Our strong capital ratios, which continued to increase during the fourth quarter of 2008, along with future earnings should allow us to meet projected balance sheet growth, maintain our current dividend and deal with the effects of the downturn in the economy."
Net interest income was $109,442,000 for 2008 as compared to $95,821,000 for 2007. Net interest income was relatively unchanged at $26,842,000 for the fourth quarter of 2008 as compared to $26,943,000 for the same period in 2007. Net interest margin was 3.44% for 2008 as compared to 3.57% for 2007; net interest margin was 3.36% for the fourth quarter of 2008 as compared to 3.48% for the fourth quarter of 2007.
Noninterest income was $54,042,000 for 2008 as compared to $52,187,000 for 2007. For the fourth quarter of 2008, noninterest income was $12,751,000 as compared to $13,197,000 for the fourth quarter of 2007. Noninterest income continues to provide a strong source of revenue in the currently volatile interest rate environment.
Noninterest expense was $107,968,000 for 2008 as compared to $98,000,000 for 2007. This increase was primarily due to the acquisition of Capital Bancorp, Inc. of Nashville, TN which occurred on July 1, 2007. Noninterest expense was $25,688,000 for the fourth quarter of 2008 compared to $25,443,000 for the fourth quarter of 2007. The Company's noninterest expense decreased by approximately $2.1 million from the third quarter of 2008 to fourth quarter of 2008. A reduction in performance based incentive accruals and lower than anticipated health care costs were the primary reasons for the linked quarter decrease in noninterest expense.
The Company recorded a provision for loan losses of $14,979,000 and $22,804,000 for the fourth quarter of 2008 and the year ending December 31, 2008, respectively, as compared to $1,975,000 and $4,838,000, respectively, for the same periods in 2007. The Company increased the provision for loan losses during 2008 due to deterioration in certain markets resulting primarily from current and anticipated economic conditions and continued stress on real estate values. Net charge-offs as a percentage of average loans for the year ending December 31, 2008, were 0.55% compared to 0.14% for 2007.
Non-performing loans as a percentage of total loans were 1.58% at December 31, 2008, compared to 0.63% as of December 31, 2007 and 1.17% at September 30, 2008. The allowance for loan losses as a percentage of loans was 1.38% at December 31, 2008, as compared to 1.02% for December 31, 2007 and 1.11% at September 30, 2008.
"Due to deterioration in our residential and construction and land development loan portfolio and the uncertainty of the current and ongoing economic environment, we believed it is prudent to substantially increase our provision for loan losses during the fourth quarter of 2008. We continue to take a proactive and aggressive analysis of our loan portfolio to identify problem loans as early as possible and make adjustments as needed to provide for inherent credit risks," stated McGraw. "Furthermore, we have made a concerted effort to lessen our exposure to construction and development loans by reducing this category in our portfolio by approximately 37% from 2007. As we move into 2009, we believe this effort will help us mitigate future risks in this category of our loan portfolio."
Other real estate owned was $25,111,000 at December 31, 2008 as compared to $21,901,000 at September 30, 2008 and $8,584,000 at December 31, 2007. The Company is aggressively managing the property held in other real estate owned. This is evident by the fact that year-to-date, the Company has sold $11.2 million of other real estate owned which has resulted in a net recovery in the process.
"During our 104-year history we have faced many challenges. While the current economic situation is definitely a major concern, we believe that our experienced banking team, strong capital position, resiliency of our markets and conservative business model should give confidence to both our shareholders and clients in the safety, security and stability of Renasant Corporation," said McGraw.
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, January 21, 2009, 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 866-271-0675 in the United States and entering the participant passcode 38105700. International participants should dial 617-213-8892 and enter the participant passcode 38105700.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of December 31, 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
----------------------------------------------
Fourth Third Second First
Statement of earnings Quarter Quarter Quarter Quarter
--------------------- ---------- ---------- ---------- ----------
Interest income -
taxable equivalent
basis $ 47,999 $ 50,904 $ 51,386 $ 54,324
Interest income $ 47,120 $ 50,004 $ 50,465 $ 53,383
Interest expense 20,278 22,063 22,963 26,226
---------- ---------- ---------- ----------
Net interest income 26,842 27,941 27,502 27,157
Provision for loan
losses 14,979 3,000 2,200 2,625
---------- ---------- ---------- ----------
Net interest income
after provision 11,863 24,941 25,302 24,532
Service charges on
deposit accounts 5,601 5,861 5,750 5,433
Fees and commissions
on loans and deposits 3,674 4,198 4,481 3,765
Insurance commissions
and fees 868 920 838 857
Trust revenue 551 597 670 626
Gain (loss) on sale of
securities -- -- -- --
Gain on sale of
mortgage loans 1,263 1,352 1,311 1,521
Other 794 716 740 1,655
---------- ---------- ---------- ----------
Total non-interest
income 12,751 13,644 13,790 13,857
Salaries and employee
benefits 12,583 15,250 14,849 14,718
Occupancy and equipment 3,208 3,399 3,413 3,373
Data processing 1,310 1,289 1,303 1,307
Amortization of
intangibles 683 610 578 584
Other 7,904 7,236 7,555 6,816
---------- ---------- ---------- ----------
Total non-interest
expense 25,688 27,784 27,698 26,798
Income before income
taxes (1,074) 10,801 11,394 11,591
Income taxes (1,306) 3,243 3,409 3,314
---------- ---------- ---------- ----------
Net income $ 232 $ 7,558 $ 7,985 $ 8,277
========== ========== ========== ==========
Basic earnings per
share $ 0.01 $ 0.36 $ 0.38 $ 0.40
Diluted earnings per
share 0.01 0.36 0.38 0.39
Average basic shares
outstanding 21,039,068 0,980,557 20,946,287 20,878,478
Average diluted shares
outstanding 21,178,966 1,175,465 21,205,208 21,133,235
Common shares
outstanding 21,067,539 1,013,427 20,954,627 20,930,871
Cash dividend per
common share $ 0.17 $ 0.17 $ 0.17 $ 0.17
Performance ratios
------------------
Return on average
shareholders' equity 0.23% 7.40% 7.82% 8.21%
Return on average
shareholders' equity,
excluding amortization
expense 0.64% 7.76% 8.17% 8.57%
Return on average
assets 0.02% 0.80% 0.86% 0.92%
Return on average
assets, excluding
amortization expense 0.07% 0.84% 0.89% 0.96%
Net interest margin
(FTE) 3.36% 3.45% 3.43% 3.52%
Yield on earning assets
(FTE) 5.81% 6.08% 6.20% 6.81%
Average earning assets
to average assets 88.82% 88.93% 88.83% 88.44%
Average loans to
average deposits 105.30% 104.03% 101.20% 99.90%
Noninterest income
(less securities
gains/losses) to
average assets 1.37% 1.45% 1.48% 1.54%
Noninterest expense to
average assets 2.76% 2.95% 2.97% 2.97%
Net overhead ratio 1.39% 1.50% 1.49% 1.43%
Efficiency ratio (FTE) 63.47% 65.40% 65.61% 63.87%
2007
----------------------------------------------
Fourth Third Second First
Statement of 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%
For the Year
Q4 2008 - Ended December 31,
Q4 2007 ----------------------------------
Percent Percent
Statement of earnings Variance 2008 2007 Variance
--------------------- ---------- ---------- ---------- ----------
Interest income -
taxable equivalent
basis (16.29) $ 204,613 $ 201,843 1.37
Interest income (16.33) $ 200,972 $ 198,203 1.40
Interest expense (30.96) 91,530 102,382 (10.60)
---------- ---------- ---------- ----------
Net interest income (0.37) 109,442 95,821 14.22
Provision for loan
losses 658.43 22,804 4,838 371.35
---------- ---------- ---------- ----------
Net interest income
after provision (52.49) 86,638 90,983 (4.78)
Service charges on
deposit accounts 1.36 22,645 20,528 10.31
Fees and commissions on
loans and deposits (4.17) 16,118 15,726 2.49
Insurance commissions
and fees (2.58) 3,483 3,549 (1.86)
Trust revenue (31.64) 2,444 2,859 (14.52)
Gain (loss) on sale of
securities -- -- 78 (100.00)
Gain on sale of
mortgage loans (2.17) 5,447 4,863 12.01
Other (6.48) 3,905 4,584 (14.81)
---------- ---------- ---------- ----------
Total non-interest
income (3.38) 54,042 52,187 3.55
Salaries and employee
benefits (9.93) 57,400 54,990 4.38
Occupancy and equipment (4.84) 13,393 12,207 9.72
Data processing 31.92 5,209 4,885 6.63
Amortization of
intangibles 14.60 2,455 1,991 23.30
Other 21.36 29,511 23,927 23.34
---------- ---------- ---------- ----------
Total non-interest
expense 0.96 107,968 98,000 10.17
Income before income
taxes (108.44) 32,712 45,170 (27.58)
Income taxes (132.92) 8,660 14,069 (38.45)
---------- ---------- ---------- ----------
Net income (97.35) $ 24,052 $ 31,101 (22.66)
========== ========== ========== ==========
Basic earnings per
share (97.62) $ 1.15 $ 1.66 (30.72)
Diluted earnings per
share (97.56) 1.14 1.64 (30.49)
Average basic shares
outstanding 0.41 20,961,364 18,679,857 12.21
Average diluted shares
outstanding (0.55) 21,118,214 18,989,279 11.21
Common shares
outstanding 1.09 21,067,539 20,841,365 1.09
Cash dividend per
common share -- $ 0.68 $ 0.66 3.03
Performance ratios
------------------
Return on average
shareholders' equity 5.97% 9.29%
Return on average
shareholders' equity,
excluding amortization
expense 6.34% 9.65%
Return on average
assets 0.65% 0.99%
Return on average
assets, excluding
amortization expense 0.69% 1.03%
Net interest margin
(FTE) 3.44% 3.57%
Yield on earning assets
(FTE) 6.22% 7.24%
Average earning assets
to average assets 88.76% 88.96%
Average loans to
average deposits 102.55% 92.26%
Noninterest income
(less securities
gains/losses) to
average assets 1.46% 1.66%
Noninterest expense to
average assets 2.91% 3.13%
Net overhead ratio 1.46% 1.46%
Efficiency ratio (FTE) 64.60% 64.62%
*Percent variance not meaningful
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
2008
----------------------------------------------
Fourth Third Second First
Average balances Quarter Quarter Quarter Quarter
---------------- ---------- ---------- ---------- ----------
Total assets $3,697,726 $3,744,069 $3,752,401 $3,629,623
Earning assets 3,284,282 3,329,651 3,333,176 3,210,112
Securities 713,108 735,977 704,694 555,174
Loans, net of unearned 2,551,660 2,571,069 2,611,843 2,631,101
Intangibles 193,671 194,382 195,949 197,036
Non-interest bearing
deposits $ 289,079 $ 287,197 $ 298,692 $ 293,528
Interest bearing
deposits 2,106,341 2,143,680 2,233,380 2,301,291
Total deposits 2,395,420 2,430,877 2,532,072 2,594,819
Other borrowings 856,057 871,744 774,052 587,957
Shareholders' equity 407,286 406,571 410,780 405,355
Asset quality data
------------------
Nonaccrual loans $ 35,661 $ 20,578 $ 17,659 $ 16,090
Loans 90 past due or
more 4,252 9,077 8,962 5,888
---------- ---------- ---------- ----------
Non-performing loans 39,913 29,655 26,621 21,978
Other real estate owned
and repossessions 25,111 21,901 13,111 12,802
---------- ---------- ---------- ----------
Non-performing assets $ 65,024 $ 51,556 $ 39,732 $ 34,780
========== ========== ========== ==========
Net loan charge-offs
(recoveries) $ 8,098 $ 1,624 $ 2,823 $ 1,726
Allowance for loan
losses 34,905 28,024 26,647 27,271
Non-performing loans /
total loans 1.58% 1.17% 1.05% 0.85%
Non-performing assets /
total assets 1.75% 1.38% 1.05% 0.94%
Allowance for loan
losses / total loans 1.38% 1.11% 1.05% 1.06%
Allowance for loan
losses /
non-performing loans 87.45% 94.50% 100.10% 124.08%
Annualized net loan
charge-offs / average
loans 1.26% 0.25% 0.43% 0.26%
Balances at period end
----------------------
Total assets $3,716,057 $3,725,209 $3,782,196 $3,699,276
Earning assets 3,286,764 3,284,813 3,339,511 3,267,329
Securities 695,106 708,406 741,154 636,338
Mortgage loans held
for sale 41,805 35,976 43,487 33,062
Loans, net of unearned 2,530,886 2,525,424 2,541,012 2,580,911
Intangibles 193,324 194,022 194,688 196,264
Non-interest bearing
deposits $ 284,227 $ 287,850 $ 305,877 $ 304,171
Interest bearing
deposits 2,060,104 2,124,318 2,161,301 2,322,471
Total deposits 2,344,331 2,412,168 2,467,178 2,626,642
Other borrowings 933,976 870,326 878,813 623,906
Shareholders' equity 400,248 406,267 403,795 409,827
Market value per common
share $ 17.03 $ 21.71 $ 14.73 $ 22.50
Book value per common
share 19.00 19.33 19.27 19.58
Tangible book value per
common share 9.82 10.10 9.98 10.20
Shareholders' equity to
assets (actual) 10.77% 10.91% 10.68% 11.08%
Tangible capital ratio 5.87% 6.01% 5.83% 6.10%
Leverage ratio 8.34% 8.30% 8.12% 8.23%
Tier 1 Risk-based
Capital Ratio 10.85% 10.81% 10.49% 10.03%
Total Risk-based
Capital Ratio 12.10% 11.84% 11.45% 11.00%
Detail of Loans by
Category
------------------
Commercial, financial,
agricultural $ 312,648 $ 299,233 $ 303,385 $ 310,497
Lease financing 1,746 1,943 2,130 2,304
Real estate -
construction 241,818 241,661 335,430 385,957
Real estate - 1-4
family mortgages 886,380 877,045 857,165 846,626
Real estate -
commercial mortgages 1,015,894 1,032,797 972,111 954,131
Installment loans to
individuals 72,400 72,745 70,791 81,396
---------- ---------- ---------- ----------
Loans, net of
unearned $2,530,886 $2,525,424 $2,541,012 $2,580,911
========== ========== ========== ==========
2007
----------------------------------------------
Fourth Third Second First
Average balances Quarter Quarter Quarter Quarter
---------------- ---------- ---------- ---------- ----------
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%
Tier 1 Risk-based
Capital Ratio 9.91% 9.99% 13.81% 11.25%
Total Risk-based
Capital Ratio 10.86% 10.97% 14.79% 12.24%
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 Year
Q4 2008 - Ended December 31,
Q4 2007 ----------------------------------
Percent Percent
Average balances Variance 2008 2007 Variance
---------------- ---------- ---------- ---------- ----------
Total assets 2.55 $3,706,025 $3,132,791 18.30
Earning assets 3.03 3,289,402 2,787,009 18.03
Securities 31.51 677,497 503,444 34.57
Loans, net of unearned (2.99) 2,591,254 2,259,634 14.68
Intangibles (1.55) 195,252 146,175 33.57
Non-interest bearing
deposits (3.89) $ 292,145 $ 279,271 4.61
Interest bearing
deposits (8.53) 2,195,771 2,137,606 2.72
Total deposits (8.00) 2,487,916 2,416,877 2.94
Other borrowings 56.23 772,952 340,084 127.28
Shareholders' equity 2.46 403,025 334,915 20.34
Asset quality data
------------------
Nonaccrual loans 150.59 $ 35,661 $ 14,231 150.59
Loans 90 past due or
more 107.82 4,252 2,046 107.82
---------- ----------
Non-performing loans 145.21 39,913 16,277 145.21
Other real estate owned
and repossessions 192.53 25,111 8,584 192.53
---------- ----------
Non-performing assets 161.55 $ 65,024 $ 24,861 161.55
========== ==========
Net loan charge-offs
(recoveries) 237.84 $ 14,271 $ 3,253 338.70
Allowance for loan
losses 32.36 34,905 26,372 32.36
Non-performing loans /
total loans 1.58% 0.63%
Non-performing assets /
total assets 1.75% 0.69%
Allowance for loan
losses / total loans 1.38% 1.02%
Allowance for loan
losses /
non-performing loans 87.45% 162.02%
Annualized net loan
charge-offs / average
loans 0.55% 0.14%
Balances at period end
----------------------
Total assets $3,716,057 $3,612,287 2.87
Earning assets 3,286,764 3,179,153 3.38
Securities 695,106 539,590 28.82
Mortgage loans held
for sale 41,805 37,468 11.58
Loans, net of unearned 2,530,886 2,586,693 (2.16)
Intangibles 193,324 197,314 (2.02)
Non-interest bearing
deposits $ 284,227 $ 299,394 (5.07)
Interest bearing
deposits 2,060,104 2,248,427 (8.38)
Total deposits 2,344,331 2,547,821 (7.99)
Other borrowings 933,976 624,388 49.58
Shareholders' equity 400,248 399,073 0.29
Market value per common
share $ 17.03 $ 21.57 (21.05)
Book value per common
share 19.00 19.15 (0.78)
Tangible book value per
common share 9.82 9.68 1.46
Shareholders' equity to
assets (actual) 10.77% 11.05%
Tangible capital ratio 5.87% 5.91%
Leverage ratio 8.34% 8.09%
Tier 1 Risk-based
Capital Ratio 10.85% 9.91%
Total Risk-based
Capital Ratio 12.10% 10.86%
Detail of Loans by
Category
------------------
Commercial, financial,
agricultural $ 312,648 $ 317,866 (1.64)
Lease financing 1,746 2,557 (31.72)
Real estate -
construction 241,818 386,184 (37.38)
Real estate - 1-4
family mortgages 886,380 850,658 4.20
Real estate -
commercial mortgages 1,015,894 948,322 7.13
Installment loans to
individuals 72,400 81,006 (10.62)
---------- ----------
Loans, net of
unearned $2,530,886 $2,586,593 (2.15)
========== ==========
*Percent variance not meaningful