TUPELO, Miss., Jan. 15, 2008 (PRIME NEWSWIRE) -- Renasant Corporation (Nasdaq:RNST) ("Renasant" or the "Company") today announced earnings results for 2007. Net income for 2007 was $31,101,000, up 14.7%, or $3,976,000, from 2006. Basic and diluted earnings per share were $1.66 and $1.64 for 2007, respectively, compared to basic and diluted earnings per share of $1.75 and $1.71 for 2006.
For the fourth quarter of 2007, net income was $8,755,000, as compared to $6,949,000 for the fourth quarter of 2006. Basic earnings per share were $.42 and diluted earnings per share were $.41 for the fourth quarter of 2007, compared to basic earnings per share of $.45 and diluted earnings per share of $.44 for the fourth quarter of 2006.
"Despite the entire financial services industry facing a challenging environment which has included an inverted to flat yield curve, a decline in credit quality, and a downturn in the national economy, we are pleased with our financial results for the fourth quarter and our overall performance in 2007," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "During 2007, Renasant completed its acquisition of Capital Bancorp, Inc. of Nashville, Tennessee and the related equity offering of 2.76 million shares of common stock, increased its dividend cash payout for the 20th consecutive year, and opened a full service banking office in Oxford, Mississippi. As we close the books on a challenging year for financial services institutions, we are concentrating our efforts on market share expansion within our current markets for 2008."
Total assets as of December 31, 2007 were $3.61 billion, an increase of 38.33%, from December 31, 2006. Total loans were $2.59 billion at the end of 2007, an increase of 41.60% from December 31, 2006. Total deposits grew 20.81% to $2.55 billion during the same period.
Net interest income was $95,821,000 for 2007, an increase of 13.99%, from $84,063,000 for 2006. Net interest income increased to $26,943,000 for the fourth quarter of 2007 compared to $20,910,000 for the same period in 2006. Net interest margin decreased to 3.48% for the fourth quarter of 2007 from 3.78% for the fourth quarter of 2006.
Noninterest income was $52,187,000 for 2007, an increase of 13.59%, from $45,943,000 for 2006. Noninterest income was $13,197,000 for the fourth quarter of 2007 compared to $11,764,000 for the fourth quarter of 2006.
"Despite the recent downturn in the national as well as regional housing markets, we were able to realize significant gains from the sale of mortgage loans. Gains from the sale of mortgage loans increased to $1.29 million for the fourth quarter of 2007 as compared to $1.03 million during the fourth quarter of 2006," stated McGraw. "In addition, we have not actively participated in the originations of subprime loans and, as such, believe that we have limited exposure in this area."
Noninterest expense was $98,000,000 for 2007, an increase of 10.10%, from $89,006,000 for 2006. Noninterest expense was $25,443,000 for the fourth quarter of 2007 compared to $22,011,000 for the fourth quarter of 2006. Although the aggregate amount of noninterest expense grew, the ratio of noninterest expense to average assets decreased to 2.80% for the fourth quarter of 2007 from 3.40% for the same period in 2006. The Company reduced noninterest expense on a linked quarter basis by approximately $1 million by realizing the cost savings from the Capital merger, adjustments in the Company's incentive plans and from renegotiating its data processing contract.
"As the economy continued to slow during 2007, we concentrated on reducing our operating expense as evidenced by the decrease in our noninterest expense to average assets over the past 12 months," stated McGraw.
Net charge-offs as a percentage of average loans for the year ending December 31, 2007, were .14% compared to .07% for 2006. Annualized net charge-offs as a percentage of average loans were .36% for the fourth quarter of 2007, up from .12% for the fourth quarter of 2006. Net charge-offs for the fourth quarter of 2007 include $1,870,000 related to two loans which had been on non-performing status since 2006 and were charged-off in the fourth quarter of 2007. Both of these loans were adequately reserved for in the allowance for loan losses at the time of the charge-off.
Non-performing loans as a percentage of total loans were .67% at December 31, 2007, compared to .62% as of December 31, 2006. The increase in non-performing loans is primarily attributable to placing the remainder of the loans with one relationship on nonaccrual status during the fourth quarter of 2007. The Company recorded a provision for loan losses of $1,975,000 and $4,838,000 for the fourth quarter of 2007 and the year ending December 31, 2007, respectively, as compared to $800,000 and $2,408,000 for the same periods in 2006. The Company increased the provision for loan losses during 2007 in response to the softening of credit quality throughout its markets. In addition, the provision for loan losses for the year of 2006 was reduced by several large recoveries received during the second quarter of 2006. The allowance for loan losses as a percentage of loans was 1.02% at December 31, 2007, as compared to 1.07% for December 31, 2006. The non-performing loan coverage ratio was 153.31% at December 31, 2007 compared to 173.05% at December 31, 2006.
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 16, 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. 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 866-510-0705 in the United States and entering the participant passcode: 37435312. The conference call will be available for replay by dialing 617-597-5363 and entering passcode: 37435312.
About Renasant:
Renasant Corporation, headquartered in Tupelo, MS, is the parent of Renasant Bank and Renasant Insurance, and operates 68 banking, mortgage and insurance offices in 41 cities in Mississippi, Tennessee and Alabama. The company has assets of approximately $3.6 billion.
The Renasant Corporation logo is available at http://www.primenewswire.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) 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 $ 0.170 $ 0.170 $ 0.160 $ 0.160 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% 2006 ----------------------------------------------- Statement of Fourth Third Second First earnings Quarter Quarter Quarter Quarter ------------ ----------- ----------- ----------- ----------- Interest income - taxable equivalent basis $ 41,654 $ 40,916 $ 38,437 $ 36,632 Interest income $ 40,809 $ 40,070 $ 37,597 $ 35,817 Interest expense 19,899 18,367 16,655 15,309 ----------- ----------- ----------- ----------- Net interest income 20,910 21,703 20,942 20,508 Provision for loan losses 800 900 (360) 1,068 ----------- ----------- ----------- ----------- Net interest income after provision 20,110 20,803 21,302 19,440 Service charges on deposit accounts 4,809 4,686 4,527 4,424 Fees and commissions on loans and deposits 3,530 3,662 3,659 3,003 Insurance commissions and fees 868 975 868 822 Trust revenue 625 630 630 630 Gain (loss) on sale of securities -- -- 4 21 Gain on sale of mortgage loans 1,034 1,029 674 760 Other 898 731 671 1,773 ----------- ----------- ----------- ----------- Total non-interest income 11,764 11,713 11,033 11,433 Salaries and employee benefits 12,234 13,013 12,301 12,212 Occupancy and equipment 2,773 2,788 2,688 2,786 Data processing 1,124 1,122 1,053 982 Amortization of intangibles 396 398 414 431 Other 5,484 5,724 5,603 5,480 ----------- ----------- ----------- ----------- Total non-interest expense 22,011 23,045 22,059 21,891 Income before income taxes 9,863 9,471 10,276 8,982 Income taxes 2,914 2,839 3,233 2,481 ----------- ----------- ----------- ----------- Net income $ 6,949 $ 6,632 $ 7,043 $ 6,501 =========== =========== =========== =========== Basic earnings per share $ 0.45 $ 0.43 $ 0.45 $ 0.42 Diluted earnings per share 0.44 0.42 0.44 0.41 Average basic shares outstanding 15,534,907 15,529,002 15,504,993 15,455,763 Average diluted shares outstanding 15,917,314 15,904,213 15,832,310 15,743,906 Common shares outstanding 15,536,475 15,531,611 15,521,611 15,496,004 Cash dividend per common share $ 0.160 $ 0.160 $ 0.153 $ 0.153 Performance ratios ------------------ Return on average shareholders' equity 10.79% 10.70% 11.68% 11.00% Return on average shareholders' equity, excluding amortization expense 11.17% 11.09% 12.10% 11.44% Return on average assets 1.07% 1.05% 1.14% 1.07% Return on average assets, excluding amortization expense 1.11% 1.08% 1.18% 1.12% Net interest margin (FTE) 3.78% 4.02% 3.96% 3.99% Yield on earning assets (FTE) 7.23% 7.29% 7.00% 6.86% Average earning assets to average assets 88.95% 88.46% 88.66% 88.16% Average loans to average deposits 87.91% 86.55% 85.06% 85.66% Noninterest income (less securities gains/losses) to average assets 1.82% 1.85% 1.78% 1.88% Noninterest expense to average assets 3.40% 3.63% 3.56% 3.61% Net overhead ratio 1.58% 1.79% 1.78% 1.73% Efficiency ratio (FTE) 65.67% 67.26% 67.22% 66.83% For the Year Q4 2007 - Ended December 31, Q4 2006 ----------------------------------- Statement of Percent Percent earnings Variance 2007 2006 Variance ------------ ----------- ----------- ----------- ----------- Interest income - taxable equivalent basis 37.66 $ 201,843 $ 157,639 28.04 Interest income 38.00 $ 198,203 $ 154,293 28.46 Interest expense 47.61 102,382 70,230 45.78 ----------- ----------- ----------- ----------- Net interest income 28.85 95,821 84,063 13.99 Provision for loan losses 146.88 4,838 2,408 100.91 ----------- ----------- ----------- ----------- Net interest income after provision 24.16 90,983 81,655 11.42 Service charges on deposit accounts 14.91 20,528 18,446 11.29 Fees and commissions on loans and deposits 8.61 15,726 13,854 13.51 Insurance commissions and fees 2.65 3,549 3,533 0.45 Trust revenue 28.96 2,859 2,515 13.68 Gain (loss) on sale of securities -- 78 25 212.00 Gain on sale of mortgage loans 24.85 4,863 3,497 39.06 Other (5.46) 4,584 4,073 12.55 ----------- ----------- ----------- ----------- Total non-interest income 12.18 52,187 45,943 13.59 Salaries and employee benefits 14.19 54,990 49,760 10.51 Occupancy and equipment 21.57 12,207 11,035 10.62 Data processing (11.65) 4,885 4,281 14.11 Amortization of intangibles 50.51 1,991 1,639 21.48 Other 18.76 23,927 22,291 7.34 ----------- ----------- ----------- ----------- Total non-interest expense 15.59 98,000 89,006 10.10 Income before income taxes 28.99 45,170 38,592 17.04 Income taxes 36.14 14,069 11,467 22.69 ----------- ----------- ----------- ----------- Net income 25.99 $ 31,101 $ 27,125 14.66 =========== =========== =========== =========== Basic earnings per share (6.67) 1.66 $ 1.75 (5.14) Diluted earnings per share (6.82) 1.64 1.71 (4.09) Average basic shares outstanding 34.88 18,679,857 15,515,223 20.40 Average diluted shares outstanding 33.80 18,989,279 15,853,014 19.78 Common shares outstanding 34.14 20,841,365 15,536,475 34.14 Cash dividend per common share 6.25 $ 0.660 $ 0.627 5.32 Performance ratios ------------------ Return on average shareholders' equity 9.29% 11.00% Return on average shareholders' equity, excluding amortization expense 9.65% 11.41% Return on average assets 0.99% 1.08% Return on average assets, excluding amortization expense 1.03% 1.12% Net interest margin (FTE) 3.57% 3.93% Yield on earning assets (FTE) 7.24% 7.10% Average earning assets to average assets 88.96% 88.60% Average loans to average deposits 92.26% 86.15% Noninterest income (less securities gains/losses) to average assets 1.66% 1.83% Noninterest expense to average assets 3.13% 3.55% Net overhead ratio 1.46% 1.72% Efficiency ratio (FTE) 64.62% 66.75% *Percent variance not meaningful Share and per share amounts have been restated to reflect the three-for-two stock split issued August 28, 2006 RENASANT CORPORATION -------------------- (Unaudited) (Dollars in thousands, except per share data) 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 3,187,652 3,118,727 2,454,953 2,373,908 Securities 542,223 548,612 476,742 444,420 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 $ 15,156 $ 12,657 $ 5,905 $ 6,368 Loans 90 past due or more 2,046 2,125 1,648 3,913 ----------- ----------- ----------- ----------- Non-performing loans 17,202 14,782 7,553 10,281 Other real estate owned and repossessions 8,584 3,168 2,309 2,897 ----------- ----------- ----------- ----------- Non-performing assets $ 25,786 $ 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 0.67% 0.57% 0.38% 0.54% Non-performing assets / total assets 0.71% 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 153.31% 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 3,179,103 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 2,586,643 2,588,563 1,977,941 1,889,799 Intangibles 197,288 196,643 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 850,708 841,266 669,557 654,604 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 $ 2,586,643 $ 2,588,563 $ 1,977,941 $ 1,889,799 =========== =========== =========== =========== 2006 ----------------------------------------------- Fourth Third Second First Average balances Quarter Quarter Quarter Quarter ---------------- ----------- ----------- ----------- ----------- Total assets $ 2,569,719 $ 2,517,189 $ 2,485,527 $ 2,456,602 Earning assets 2,285,878 2,226,598 2,203,677 2,165,821 Securities 439,383 446,098 448,905 412,670 Loans, net of unearned 1,828,637 1,770,135 1,721,426 1,689,106 Intangibles 98,554 98,955 99,359 99,854 Non-interest bearing deposits $ 260,823 $ 269,051 $ 258,886 $ 256,548 Interest bearing deposits 1,780,128 1,732,532 1,733,865 1,689,671 Total deposits 2,040,951 2,001,583 1,992,751 1,946,219 Other borrowings 241,642 239,295 225,201 245,093 Shareholders' equity 255,494 245,946 241,841 239,771 Asset quality data ------------------ Nonaccrual loans $ 7,821 $ 6,264 $ 5,978 $ 2,509 Loans 90 past due or more 3,467 1,798 1,745 1,546 ----------- ----------- ----------- ----------- Non-performing loans 11,288 8,062 7,723 4,055 Other real estate owned and repossessions 4,579 3,502 3,697 3,922 ----------- ----------- ----------- ----------- Non-performing assets $ 15,867 $ 11,564 $ 11,420 $ 7,977 =========== =========== =========== =========== Net loan charge-offs (recoveries) $ 566 $ 590 $ (877)$ 958 Allowance for loan losses 19,534 19,300 18,990 18,473 Non-performing loans / total loans 0.62% 0.46% 0.45% 0.24% Non-performing assets / total assets 0.61% 0.46% 0.46% 0.32% Allowance for loan losses / total loans 1.07% 1.10% 1.10% 1.11% Allowance for loan losses / non-performing loans 173.05% 239.39% 245.89% 455.56% Annualized net loan charge-offs / average loans 0.12% 0.13% -0.20% 0.23% Balances at period end ------------ Total assets $ 2,611,356 $ 2,530,892 $ 2,503,333 $ 2,509,220 Earning assets 2,315,431 2,245,428 2,208,320 2,205,706 Securities 428,065 438,287 434,567 429,169 Mortgage loans held for sale 38,672 32,134 36,519 34,099 Loans, net of unearned 1,826,762 1,761,842 1,729,861 1,664,479 Intangibles 98,296 98,760 99,159 99,575 Non-interest bearing deposits $ 271,237 $ 257,764 $ 272,686 $ 272,672 Interest bearing deposits 1,837,728 1,727,650 1,710,780 1,759,073 Total deposits 2,108,965 1,985,414 1,983,466 2,031,745 Other borrowings 216,423 264,983 252,671 214,054 Shareholders' equity 252,704 250,622 241,043 239,418 Market value per common share $ 30.63 $ 28.07 $ 26.90 $ 24.63 Book value per common share 16.27 16.14 15.53 15.45 Tangible book value per common share 9.94 9.78 9.14 9.02 Shareholders' equity to assets (actual) 9.68% 9.90% 9.63% 9.54% Tangible capital ratio 6.14% 6.24% 5.90% 5.80% Leverage ratio 8.60% 8.79% 8.67% 8.59% Detail of Loans by Category --------------- Commercial, financial, agricultural $ 236,741 $ 231,361 $ 230,890 $ 206,914 Lease financing 4,234 4,617 5,284 6,548 Real estate - construction 242,669 234,667 229,969 196,228 Real estate - 1-4 family mortgages 636,060 614,143 593,174 578,931 Real estate - commercial mortgages 629,354 599,314 594,121 595,589 Installment loans to individuals 77,704 77,740 76,423 80,269 ----------- ----------- ----------- ----------- Loans, net of unearned $ 1,826,762 $ 1,761,842 $ 1,729,861 $ 1,664,479 =========== =========== =========== =========== For the Year Q4 2007 - Ended December 31, Q4 2006 ----------------------------------- Percent Percent Average balances Variance 2007 2006 Variance ---------------- ----------- ----------- ----------- ----------- Total assets 40.31 $ 3,132,791 $ 2,507,077 24.96 Earning assets 39.45 2,787,009 2,221,335 25.47 Securities 23.41 503,444 437,356 15.11 Loans, net of unearned 43.84 2,259,634 1,752,759 28.92 Intangibles 99.60 146,175 99,198 47.36 Non-interest bearing deposits 15.32 $ 279,271 $ 261,401 6.84 Interest bearing deposits 29.36 2,137,606 1,734,149 23.27 Total deposits 27.57 2,416,877 1,995,550 21.11 Other borrowings 126.76 340,084 237,802 43.01 Shareholders' equity 55.59 334,915 246,507 35.86 Asset quality data ------------------ Nonaccrual loans 93.79 $ 15,156 $ 7,821 93.79 Loans 90 past due or more (40.99) 2,046 3,467 (40.99) ----------- ----------- Non-performing loans 52.39 17,202 11,288 52.39 Other real estate owned and repossessions 87.46 8,584 4,579 87.46 ----------- ----------- Non-performing assets 62.51 $ 25,786 $ 15,867 62.51 =========== =========== Net loan charge-offs (recoveries) 323.50 $ 3,253 $ 1,237 162.97 Allowance for loan losses 35.01 26,372 19,534 35.01 Non-performing loans / total loans 0.67% 0.62% Non-performing assets / total assets 0.71% 0.61% Allowance for loan losses / total loans 1.02% 1.07% Allowance for loan losses / non-performing loans 153.31% 173.05% Annualized net loan charge-offs / average loans 0.14% 0.07% Balances at period end ----------- Total assets $ 3,612,287 $ 2,611,356 38.33 Earning assets 3,179,103 2,315,431 37.30 Securities 539,590 428,065 26.05 Mortgage loans held for sale 37,468 38,672 (3.11) Loans, net of unearned 2,586,643 1,826,762 41.60 Intangibles 197,288 98,296 100.71 Non-interest bearing deposits $ 299,394 $ 271,237 10.38 Interest bearing deposits 2,248,427 1,837,728 22.35 Total deposits 2,547,821 2,108,965 20.81 Other borrowings 624,388 216,423 188.50 Shareholders' equity 399,073 252,704 57.92 Market value per common share $ 21.57 $ 30.63 (29.58) Book value per common share 19.15 16.27 17.72 Tangible book value per common share 9.68 9.94 (2.58) Shareholders' equity to assets (actual) 11.05% 9.68% Tangible capital ratio 5.91% 6.14% Leverage ratio 8.09% 8.60% Detail of Loans by Category --------------- Commercial, financial, agricultural $ 317,866 $ 236,741 34.27 Lease financing 2,557 4,234 (39.61) Real estate - construction 386,184 242,669 59.14 Real estate - 1-4 family mortgages 850,708 636,060 33.75 Real estate - commercial mortgages 948,322 629,354 50.68 Installment loans to individuals 81,006 77,704 4.25 ----------- ----------- Loans, net of unearned $ 2,586,643 $ 1,826,762 41.60 =========== =========== *Percent variance not meaningful Share and per share amounts have been restated to reflect the three-for-two stock split issued August 28, 2006