RNST Renasant Corporation

Renasant Corporation (NASDAQ:RNST) (the "Company") today announced results for the third quarter of 2005. Basic earnings per share were $.61, up 17% for the third quarter of 2005, and diluted earnings per share were $.60, up 15% for the third quarter of 2005, compared to basic and diluted earnings per share of $.52 for the third quarter of 2004. Net income for the third quarter of 2005 was $6,325,000, up 35%, or $1,634,000, from the third quarter of 2004. "We are pleased with our third quarter performance as we begin to realize the benefits of our acquisition of Heritage Financial Holding Corporation (Heritage) and continue to build on the success of our acquisition of Renasant Bancshares. Consistent with our strategic goals, we continue to experience a low level of charge-offs and non-performing loans. Net interest margin has remained relatively steady while non-interest income has shown solid growth. We are particularly pleased that non-interest expense has declined over the last two-quarters as we realize the synergies of our acquisition," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "I think it is important to note that our footprint was spared from the wrath of Hurricane Katrina and it should have no foreseeable negative impact on our performance," continued McGraw. Total assets as of September 30, 2005 were $2.380 billion, an increase of 39% from December 31, 2004, reflecting primarily the acquisition of Heritage. Total loans grew 41% to $1.609 billion at the end of the third quarter of 2005 from $1.141 billion at December 31, 2004, while total deposits grew 38% to $1.818 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 September 30, 2005 grew $77,477,000, or 9% annualized and $118,643,000, or 12% annualized, respectively, from December 31, 2004. "It is now over a year since our entry into Tennessee with the acquisition of Renasant Bancshares, and we have realized strong growth in loans and deposits for our Tennessee division of over $63 million and $35 million year-to-date, respectively. It has been less than a year since we entered into Alabama through our acquisition of Heritage, but we are beginning to realize solid loan growth. Alabama deposit growth has been robust with net year-to-date growth of $11 million, including the intentional runoff of nearly $20 million in brokered deposits which Heritage held at the time of the acquisition. In Mississippi, deposit growth has been strong at $46 million year-to-date while loan growth has been flat," stated McGraw. "We continue to expand our presence in new growth markets with the recent opening of a full-service banking office in a high profile East Memphis, Tennessee location and expect to open a full service banking office in Collierville, Tennessee in the first quarter of 2006," commented McGraw. "We also opened a full service banking office in Oxford, Mississippi, which compliments our downtown presence and ATM on the campus of the University of Mississippi. We anticipate opening additional offices in Nashville, Tennessee and in Huntsville and Birmingham, Alabama and other growth markets in 2006 and 2007 in accordance with our strategic plan," continued McGraw. Net interest income grew 32% to $19,739,000 for the third quarter of 2005 compared to $15,003,000 for the same period in 2004 due to loan growth and the Company's acquisition of Heritage. Net interest margin decreased to 3.94% for the third quarter of 2005 from 4.16% for the third quarter of 2004. Factors negatively impacting net interest margin include the acquisition of Heritage, which had a lower net interest margin than the Company prior to the acquisition, the issuance of subordinated debentures to fund that acquisition and the rising cost of deposits. Noninterest income increased 22% to $10,244,000 for the third quarter of 2005 from $8,378,000 for the third quarter of 2004. The increase in noninterest income was due to the combination of the Heritage acquisition and improvements in service charges, fees and commissions generated on the Company's loan and deposit products, trust revenue and gains on the sale of mortgage loans. Noninterest income represented 34% of total revenue for the third quarter of 2005. Noninterest expense was $20,564,000 for the third quarter of 2005 compared to $16,210,000 for the third quarter of 2004 due primarily to the acquisition of Heritage. When compared to the second and first quarters of 2005, noninterest expenses for the third quarter of 2005 decreased $293,000 and $399,000, respectively. The decrease reflects the planned elimination of duplicate data processing operations and staff as a result of the Heritage acquisition, reduced data processing costs through contract renegotiations with the Company's primary vendor and planned Mississippi staff reductions. "We elected to expense stock options at the beginning of 2001 and we anticipate the impact on 2005 earnings to be $.04 per share. Our third quarter 2005 noninterest expenses include $171,000 related to the expensing of those stock options," stated McGraw. The Company maintained its quality credit during the third quarter of 2005. Annualized net charge-offs as a percentage of average loans were .11% for the third quarter of 2005, down from .12% for the third quarter of 2004. Annualized net charge-offs as a percentage of average loans for the nine months ending September 30, 2005 were .20% compared to .19% for the same period in 2004. Non-performing loans as a percentage of total loans were .45% at September 30, 2005, as compared to .40% at June 30, 2005 and .43% at March 31, 2005. The allowance for loan losses as a percentage of loans was 1.15% at September 30, 2005, basically unchanged from 1.14% for June 30, 2005 and March 31, 2005. The non-performing loan coverage ratio was 256.19% at September 30, 2005 compared to 280.35% at June 30, 2005 and 264.53% at March 31, 2005. At September 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 $9,617,000 as compared to the June 30, 2005 balance of $10,604,000. The balance of these acquired loans decreased primarily due to principal reductions. 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 September 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 $47.3 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 10:00 a.m. Eastern time on Wednesday, October 19, 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 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 1-800-510-9661 in the United States and entering the participant passcode 81268594. ABOUT RENASANT CORPORATION Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $2.4 billion and operates 61 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 --------------------------------------------- Third Second First Statement of earnings Quarter Quarter Quarter --------------------- ------------- --------------- --------------- Interest income - taxable equivalent basis $ 33,249 $ 32,718 $ 30,146 Interest income $ 32,417 $ 31,900 $ 29,295 Interest expense 12,678 11,445 9,977 ------------ -------------- -------------- Net interest income 19,739 20,455 19,318 Provision for loan losses 833 847 597 ------------ -------------- -------------- Net interest income after provision 18,906 19,608 18,721 Service charges on deposit accounts 4,358 4,167 3,874 Fees and commissions on loans and deposits 2,853 2,965 2,505 Insurance commissions and fees 955 906 831 Trust revenue 613 611 625 Gain (loss) on sale of securities - (32) 102 Gain on sale of mortgage loans 766 673 693 Gain on sale of merchant business - - - Merchant discounts 2 2 2 Other 697 659 1,271 ------------ -------------- -------------- Total non-interest income 10,244 9,951 9,903 Salaries and employee benefits 11,696 11,520 11,459 Occupancy and equipment 2,220 2,222 2,605 Data processing 966 962 1,044 Amortization of intangibles 557 571 586 Other 5,125 5,582 5,269 ------------ -------------- -------------- Total non-interest expense 20,564 20,857 20,963 Income before income taxes 8,586 8,702 7,661 Income taxes 2,261 2,495 2,202 ------------ -------------- -------------- Net income (loss) $ 6,325 $ 6,207 $ 5,459 ============ ============== ============== Basic earnings per share $ 0.61 $ 0.60 $ 0.52 Diluted earnings per share 0.60 0.59 0.52 Average basic shares outstanding 10,396,579 10,400,330 10,406,243 Average diluted shares outstanding 10,511,212 10,518,760 10,560,330 Common shares outstanding 10,380,372 10,397,897 10,412,775 Cash dividend per common share $ 0.22 $ 0.22 $ 0.21 Performance ratios ------------------ Return on average shareholders' equity 10.57% 10.64% 9.40% Return on average tangible shareholders' equity 19.44% 19.85% 17.78% Return on average assets 1.07% 1.06% 0.93% Return on average tangible assets 1.17% 1.17% 1.05% Net interest margin (FTE) 3.94% 4.14% 3.98% Yield on earning assets (FTE) 6.36% 6.36% 5.95% Average earning assets to average assets 88.06% 88.10% 87.54% Average loans to average deposits 90.68% 90.75% 90.75% Noninterest income (less securities gains/ losses) to average assets 1.73% 1.71% 1.68% Noninterest expense to average assets 3.47% 3.57% 3.58% Net overhead ratio 1.74% 1.86% 1.91% Efficiency ratio (FTE) 66.73% 66.80% 69.71% (a)Percent variance not meaningful 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% (a)Percent variance not meaningful 3rd Qtr 2005 - 3rd Qtr For the Nine Months 2004 Ended September 30, -------------------------------- Percent Percent Statement of earnings Variance 2005 2004 Variance --------------------- -------- ----------- ---------- -------- Interest income - taxable equivalent basis 54.37 $ 96,113 $ 58,397 64.59 Interest income 55.81 $ 93,612 $ 55,948 67.32 Interest expense 118.51 34,100 15,948 113.82 -------- ----------- ---------- -------- Net interest income 31.57 59,512 40,000 48.78 Provision for loan losses 30.97 2,277 1,629 39.78 -------- ----------- ---------- -------- Net interest income after provision 31.59 57,235 38,371 49.16 Service charges on deposit accounts 7.16 12,399 11,499 7.83 Fees and commissions on loans and deposits 44.46 8,323 5,604 48.52 Insurance commissions and fees (3.83) 2,692 2,703 (0.41) Trust revenue (6.84) 1,849 1,728 7.00 Gain (loss) on sale of securities (100.00) 70 109 (35.78) Gain on sale of mortgage loans 455.07 2,132 417 411.27 Gain on sale of merchant business - - 1,000 (100.00) Merchant discounts (71.43) 6 633 (99.05) Other 42.54 2,627 1,975 33.01 -------- ----------- ---------- -------- Total non-interest income 22.27 30,098 25,668 17.26 Salaries and employee benefits 28.44 34,675 24,651 40.66 Occupancy and equipment 5.97 7,047 5,388 30.79 Data processing (5.29) 2,972 3,324 (10.59) Amortization of intangibles 38.21 1,714 626 173.80 Other 42.92 15,976 10,089 58.35 -------- ----------- ---------- -------- Total non-interest expense 26.86 62,384 44,078 41.53 Income before income taxes 31.38 24,949 19,961 24.99 Income taxes 22.61 6,958 5,566 25.01 -------- ----------- ---------- -------- Net income (loss) 34.83 $ 17,991 $ 14,395 24.98 ======== =========== ========== ======== Basic earnings per share 17.31 $ 1.73 $ 1.70 1.76 Diluted earnings per share 15.38 1.71 1.70 0.59 Average basic shares outstanding 15.81 10,399,915 8,453,886 23.02 Average diluted shares outstanding 16.24 10,512,291 8,481,369 23.95 Common shares outstanding 15.11 10,380,372 9,018,145 15.11 Cash dividend per common share 4.76 $ 0.65 $ 0.61 6.56 Performance ratios ------------------ Return on average shareholders' equity 10.25% 12.55% Return on average tangible shareholders' equity 19.12% 14.94% Return on average assets 1.03% 1.26% Return on average tangible assets 1.14% 1.32% Net interest margin (FTE) 4.02% 4.12% Yield on earning assets (FTE) 6.24% 5.67% Average earning assets to average assets 87.90% 90.41% Average loans to average deposits 91.52% 78.35% Noninterest income (less securities gains/ losses) to average assets 1.71% 2.24% Noninterest expense to average assets 3.56% 3.87% Net overhead ratio 1.85% 1.63% Efficiency ratio (FTE) 67.73% 64.71% (a)Percent variance not meaningful RENASANT CORPORATION -------------------- (Unaudited) (Dollars in thousands, except per share data) ----------------------------------- Third Second First Average balances Quarter Quarter Quarter ---------------- ----------- ----------- ----------- Total assets $2,353,914 $2,340,597 $2,339,201 Earning assets 2,072,762 2,062,124 2,047,770 Securities 408,161 420,463 452,818 Loans, net of unearned 1,640,121 1,611,143 1,576,877 Intangibles 101,323 101,385 101,453 Non-interest bearing deposits 235,611 234,946 229,638 Interest bearing deposits 1,573,085 1,515,318 1,483,677 Total deposits 1,808,696 1,750,264 1,713,315 Other borrowings 289,849 333,710 371,855 Shareholders' equity 237,386 233,908 232,348 Asset quality data ------------------ Nonaccrual loans $ 3,803 $ 4,157 $ 3,807 Loans 90 past due or more 3,398 2,292 3,002 ---------- ---------- ---------- Non-performing loans 7,201 6,449 6,809 Other real estate owned and repossessions 6,646 7,114 7,232 ---------- ---------- ---------- Non-performing assets 13,847 13,563 14,041 ========== ========== ========== Net loan charge-offs $ 465 $ 781 $ 1,186 Allowance for loan losses 18,448 18,080 18,012 Non-performing loans / total loans 0.45% 0.40% 0.43% Non-performing assets / total assets 0.58% 0.58% 0.60% Allowance for loan losses / total loans 1.15% 1.14% 1.14% Allowance for loan losses / non- performing loans 256.19% 280.35% 264.53% Net loan charge-offs (annualized) / average loans 0.11% 0.19% 0.31% Balances at period end ---------------------- Total assets $2,379,793 $2,353,385 $2,320,164 Earning assets 2,073,678 2,075,244 2,041,307 Securities 400,786 415,193 425,196 Mortgage loans held for sale 42,865 32,792 32,623 Loans, net of unearned 1,608,697 1,592,391 1,572,103 Intangibles 100,766 101,528 101,406 Non-interest bearing deposits $ 244,086 $ 233,095 $ 238,651 Interest bearing deposits 1,574,232 1,531,082 1,502,350 Total deposits 1,818,318 1,764,177 1,741,001 Other borrowings 299,076 334,952 324,330 Shareholders' equity 237,211 235,454 230,892 Market value per common share 31.65 30.76 31.10 Book value per common share 22.85 22.64 22.17 Tangible book value per common share 13.14 12.88 12.44 Shareholders' equity to assets (actual) 9.97 10.00 9.95 Tangible capital ratio 5.99 5.95 5.84 Leverage ratio 8.79 8.67 8.59 Detail of Loans by Category --------------------------- Commercial, financial, agricultural $ 224,673 $ 228,371 $ 228,305 Lease financing 8,143 9,576 10,763 Real estate - construction 162,694 159,798 159,155 Real estate - 1-4 family mortgages 558,616 547,307 531,347 Real estate - commercial mortgages 570,849 556,694 537,800 Installment loans to individuals 83,722 90,645 104,733 ---------- ---------- ---------- Loans, net of unearned 1,608,697 1,592,391 1,572,103 ========== ========== ========== (a)Percent variance not meaningful 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 ========== ========== ========== ========== (a)Percent variance not meaningful 3rd Qtr 2005 - 3rd Qtr For the Nine Months 2004 Ended September 30, -------------------------------- Percent Percent Average balances Variance 2005 2004 Variance ---------------- -------- ---------- ---------- -------- Total assets 39.99 $2,344,625 $1,521,336 54.12 Earning assets 37.71 2,060,977 1,375,497 49.84 Securities 5.12 426,984 399,479 6.89 Loans, net of unearned 48.65 1,609,675 958,025 68.02 Intangibles 96.81 101,387 21,010 (a) Non-interest bearing deposits 29.07 233,420 170,365 37.01 Interest bearing deposits 36.40 1,525,390 1,052,434 44.94 Total deposits 35.40 1,758,810 1,222,799 43.83 Other borrowings 93.76 331,504 128,867 157.25 Shareholders' equity 32.73 234,566 153,184 53.13 Asset quality data ------------------ Nonaccrual loans (32.40) $ 3,803 $ 5,626 (32.40) Loans 90 past due or more 65.43 3,398 2,054 65.43 ---------- ---------- Non-performing loans (6.24) 7,201 7,680 (6.24) Other real estate owned and repossessions 164.15 6,646 2,516 164.15 ---------- ---------- Non-performing assets 35.81 13,847 10,196 35.81 ========== ========== Net loan charge-offs 43.52 $ 2,432 $ 1,397 74.09 Allowance for loan losses 13.12 18,448 16,309 13.12 Non-performing loans / total loans 0.45% 0.68% Non-performing assets / total assets 0.58% 0.60% Allowance for loan losses / total loans 1.15% 1.45% Allowance for loan losses / non-performing loans 256.19% 212.36% Net loan charge-offs (annualized) / average loans 0.20% 0.19% Balances at period end ---------------------- Total assets 39.46 $2,379,793 $1,706,462 39.46 Earning assets 35.77 2,073,678 1,527,387 35.77 Securities 4.22 400,786 384,550 4.22 Mortgage loans held for sale (a) 42,865 1,502 (a) Loans, net of unearned 42.61 1,608,697 1,128,047 42.61 Intangibles 98.70 100,766 50,712 98.70 Non-interest bearing deposits 21.18 $ 244,086 $ 201,419 21.18 Interest bearing deposits 38.59 1,574,232 1,135,882 38.59 Total deposits 35.97 1,818,318 1,337,301 35.97 Other borrowings 73.15 299,076 172,723 73.15 Shareholders' equity 34.24 237,211 176,712 34.24 Market value per common share 31.65 32.55 Book value per common share 22.85 19.60 Tangible book value per common share 13.14 13.97 Shareholders' equity to assets (actual) 9.97 10.36 Tangible capital ratio 5.99 7.61 Leverage ratio 8.79 8.95 Detail of Loans by Category --------------------------- Commercial, financial, agricultural 26.92 $ 224,673 $ 177,018 26.92 Lease financing (28.88) 8,143 11,450 (28.88) Real estate - construction 71.66 162,694 94,779 71.66 Real estate - 1-4 family mortgages 56.56 558,616 356,798 56.56 Real estate - commercial mortgages 44.74 570,849 394,386 44.74 Installment loans to individuals (10.57) 83,722 93,616 (10.57) ---------- ---------- Loans, net of unearned 42.61 1,608,697 1,128,047 42.61 ========== ========== (a)Percent variance not meaningful *T