Renasant Corporation Announces Record Earnings Per Share for 2005.TUPELO tupelo, in botany tupelo: see black gum. Tupelo, city, United States Tupelo (t  `pĭlō, ty , Miss. -- Renasant Corporation (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :RNST RNST Residue Number System Transform ) ("Renasant" or the "Company") today announced record earnings per share for 2005. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $2.33 and $2.31 for 2005, respectively, up 8.37% and 7.94% compared to basic and diluted earnings per share of $2.15 and $2.14 for 2004, respectively. Net income for 2005 was $24,209,000, up 31.26%, or $5,766,000, from 2004. Basic and diluted earnings per share were $.60 for the fourth quarter of 2005, compared to basic and diluted earnings per share of $.45 for the fourth quarter of 2004. Net income for the fourth quarter of 2005 was $6,218,000, compared to $4,048,000 from the fourth quarter of 2004. "We are pleased with our 2005 performance as we continue to realize the benefits of our mergers with Heritage Financial Holding Corporation ("Heritage") and Renasant Bancshares, Inc. Consistent with our strategic goals, we continue to experience a low level of charge-offs and non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. . Net interest margin for the fourth quarter of 2005 improved slightly from the third quarter of 2005 while non-interest income continues to be strong. Reflecting this performance, we are excited to mention that, in their January January: see month. 9, 2006 report, Stephens Ste·phens , Alexander Hamilton 1812-1883. American politician who was vice president of the Confederacy (1861-1865) under Jefferson Davis. Inc. Investment Bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. selected Renasant as the "Best Idea to Start the New Year" for investment in a bank or thrift thrift: see leadwort. ," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw Mc·Graw , John Joseph Called "Little Napoleon." 1873-1934. American baseball player (1891-1900) and manager (1902-1932) of the New York Giants, which he led to 2,840 victories, including 10 pennants and 3 World Series championships (1905, . Total assets as of December December: see month. 31, 2005 were $2.398 billion, an increase of 40.45%, from December 31, 2004, reflecting primarily the acquisition of Heritage. Total loans grew 44.22% to $1.646 billion at the end of the fourth quarter of 2005 from December 31, 2004 while total deposits grew 41.69% to $1.868 billion during the same period. The increase in total loans and total deposits was also primarily due to the Heritage acquisition. Excluding the balances from the Heritage acquisition, total loans and deposits at December 31, 2005 grew $115,002,000, or 10.07%, and $168,776,000, or 12.80%, respectively, from December 31, 2004. "We are realizing strong growth in loans and deposits for our Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. division, with increases of over $94 million and $65 million for 2005, respectively, over 2004. We are beginning to realize solid loan growth in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). with a $13 million increase in loans since the Heritage acquisition. Alabama deposit growth has been robust in 2005 with $43 million in deposits generated since the Heritage acquisition, including the intentional in·ten·tion·al adj. 1. Done deliberately; intended: an intentional slight. See Synonyms at voluntary. 2. Having to do with intention. runoff Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. of nearly $20 million in brokered deposits which Heritage held at the time of the merger. In Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by , deposit growth remained strong at $61 million for 2005 while loans have grown by $8 million," stated McGraw. "It is important to note that approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 70% of our loans and 61% of our deposits are now in what we consider to be key growth markets." "We continue to expand our presence in new growth markets with the recent opening of a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking office in a high profile East Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. location, and we expect to open a full service banking office in Collierville, Tennessee Collierville is a city in Shelby County, Tennessee and a suburb of the Memphis metropolitan area. As of the 2000 census, the town population was 31,872. More recent estimates hint that the city's population is very far above 40,000 people due to extensive housing starts and a in the first quarter of 2006," commented McGraw. "We have acquired a prime location on the historic square in Oxford, Mississippi Oxford is the county seatGR6 of Lafayette County, Mississippi, United States. The population is currently about 19,000, due to a recent annexation of five square miles of Lafayette County in all directions. to compliment Not to be confused with Complement. Compliment may be
Huntsville, town (1991 pop. 14,997), SE Ont., Canada, on the Muskoka River. It has lumber mills and a woodworking plant, but it is sustained mainly by its year-round tourist trade. , Nashville Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Birmingham Birmingham, cities, United States Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. and other growth markets in 2006 and 2007," continued McGraw. Net interest income grew 37.34% to $20,914,000 for the fourth quarter of 2005 compared to $15,228,000 for the same period in 2004 due to loan growth and the Company's acquisition of Heritage. During the fourth quarter of 2005, the Company recorded $740,000 in interest income as cash flows from certain Heritage loans accounted for under SOP 03-3 exceeded initial estimates. Net interest margin decreased to 4.11% for the fourth quarter of 2005 from 4.20% for the fourth quarter of 2004. The additional interest income from the Heritage loans accounted for under SOP 03-3 increased net interest margin for the fourth quarter of 2005 by 14 basis points. Excluding this increase, net interest margin for the fourth quarter of 2005 was 3.97%, up 3 basis points from 3.94% in the third quarter of 2005. Noninterest income increased 52.86% to $10,118,000 for the fourth quarter of 2005 from $6,619,000 for the fourth quarter of 2004. Noninterest income for the fourth quarter of 2004 includes $1,093,000 from an other-than-temporary impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge on certain Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. held in our securities portfolio. 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 expense was $21,557,000 for the fourth quarter of 2005 compared to $16,631,000 for the fourth quarter of 2004 due primarily to the acquisition of Heritage. Noninterest expense to average assets decreased to 3.59% for the fourth quarter of 2005 compared to 3.92% for the fourth quarter of 2004. The decrease reflects the planned elimination of duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a operations and staff as a result of the Heritage merger, reduced data processing costs through contract renegotiations with the Company's primary vendor and planned Mississippi staff reductions. "Included in 2005 and 2004 earnings are after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. expenses of $420,000 and $313,000, respectively, related to the expensing of stock options. We elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to expense stock options at the beginning of 2001, and this decision reduced 2005 and 2004 earnings by $.04 and $.03 per share, respectively," stated McGraw. Credit quality remained strong during the fourth quarter of 2005. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net charge-offs as a percentage of average loans were .19% for the fourth quarter of 2005, down from .64% for the fourth quarter of 2004. Of the fourth quarter 2004 net charge-offs, $1,634,000, or .57%, was related to the sale of commercial and commercial real estate loans during the fourth quarter of 2004. The credit quality of these loans had declined below the desired credit standards Credit Standards The guidelines a company follows to determine whether a credit applicant is creditworthy. of the Company. Existing reserves on these loans exceeded the charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. amount by $612,000 which reduced the loan loss provision for the fourth quarter of 2004. Net charge-offs as a percentage of average loans for the year ended December 31, 2005, were .20% compared to .32% for 2004. Non-performing loans as a percentage of total loans were .42% at December 31, 2005, as compared to .76% as of December 31, 2004. The allowance for loan losses as a percentage of loans was 1.12% at December 31, 2005, as compared to 1.26% for December 31, 2004. The non-performing loan coverage ratio was 266.52% at December 31, 2005 compared to 166.30% at December 31, 2004. The acquisition of Heritage was completed on January 1, 2005 using the purchase accounting method under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . 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 December 31, 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 $47.6 million and core deposits intangible of $4.6 million. The Company issued 1,369,589 shares of Renasant 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 Wednesday: see week. , January 18, 2006, 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 See how to access the Internet. is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-866-711-8198 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and entering the participant Participant A party of a funding. It usually refers to the lowest rank or smallest level of funding. passcode: 53151230. The conference call will be available for replay by dialing 888-286-8010 and entering passcode: 38741162. 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 List of cities in Mississippi, arranged in alphabetical order. A
NOTE TO INVESTORS This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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)
2005
---------------------------------------------------
Statement of Fourth Third Second First
earnings Quarter Quarter Quarter Quarter
------------------ ------------ ------------ ------------ ------------
Interest income -
taxable equivalent
basis $ 35,620 $ 33,249 $ 32,718 $ 30,146
Interest income $ 34,777 $ 32,417 $ 31,900 $ 29,295
Interest expense 13,863 12,678 11,445 9,977
----------- ----------- ----------- -----------
Net interest
income 20,914 19,739 20,455 19,318
Provision for loan
losses 712 833 848 597
----------- ----------- ----------- -----------
Net interest
income after
provision 20,202 18,906 19,607 18,721
Service charges on
deposit accounts 4,377 4,358 4,167 3,874
Fees and
commissions on
loans and deposits 2,865 2,853 2,965 2,505
Insurance
commissions and
fees 881 955 906 831
Trust revenue 644 613 611 625
Gain (loss) on
sale of
securities - - (32) 102
Gain on sale of
mortgage loans 673 766 673 693
Gain on sale of
merchant business - - - -
Merchant discounts 2 2 2 2
Other 676 697 659 1,271
----------- ----------- ----------- -----------
Total non-
interest income 10,118 10,244 9,951 9,903
Salaries and
employee benefits 11,438 11,696 11,520 11,459
Occupancy and
equipment 2,785 2,220 2,222 2,605
Data processing 1,056 966 962 1,044
Amortization of
intangibles 543 557 571 586
Other 5,735 5,125 5,581 5,269
----------- ----------- ----------- -----------
Total non-
interest
expense 21,557 20,564 20,856 20,963
Income before
income taxes 8,763 8,586 8,702 7,661
Income taxes 2,545 2,261 2,495 2,202
----------- ----------- ----------- -----------
Net income $ 6,218 $ 6,325 $ 6,207 $ 5,459
=========== =========== =========== ===========
Basic earnings per
share $ 0.60 $ 0.61 $ 0.60 $ 0.52
Diluted earnings
per share 0.60 0.60 0.59 0.52
Average basic
shares
outstanding 10,318,913 10,396,579 10,400,330 10,406,243
Average diluted
shares
outstanding 10,429,769 10,511,212 10,518,760 10,560,330
Common shares
outstanding 10,289,510 10,380,372 10,397,897 10,412,775
Cash dividend per
common share $ 0.22 $ 0.22 $ 0.22 $ 0.21
Performance ratios
------------------
Return on average
shareholders'
equity 10.45% 10.57% 10.64% 9.40%
Return on average
shareholders'
equity, excluding
amortization
expense 11.01% 11.14% 11.25% 10.16%
Return on average
assets 1.04% 1.07% 1.06% 0.93%
Return on average
assets, excluding
amortization
expense 1.09% 1.12% 1.12% 1.01%
Net interest
margin (FTE) 4.11% 3.94% 4.14% 3.98%
Yield on earning
assets (FTE) 6.73% 6.36% 6.36% 5.95%
Average earning
assets to average
assets 88.18% 88.06% 88.10% 87.54%
Average loans to
average deposits 89.96% 90.68% 90.75% 90.75%
Noninterest income
(less securities
gains / losses)
to average assets 1.68% 1.73% 1.71% 1.68%
Noninterest
expense to
average assets 3.59% 3.47% 3.57% 3.58%
Net overhead ratio 1.90% 1.74% 1.86% 1.91%
Efficiency ratio
(FTE) 67.63% 66.73% 66.79% 69.71%
(a) Percent variance not meaningful
2004
--------------------------------------------------
Statement of Fourth Third Second First
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 $ 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
shareholders'
equity, excluding
amortization
expense 9.55% 10.98% 14.27% 13.56%
Return on average
assets 0.95% 1.12% 1.40% 1.29%
Return on average
assets, excluding
amortization
expense 1.00% 1.17% 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
4th Qtr
2005 -
4th Qtr For the Year
2004 Ended December 31,
--------------------------------------
Statement of Percent Percent
earnings Variance 2005 2004 Variance
-------------------- ---------- ----------- ---------- -----------
Interest income -
taxable equivalent
basis 63.37 $ 131,733 $ 80,200 64.26
Interest income 65.01 $ 128,389 $ 77,024 66.69
Interest expense 137.06 47,963 21,796 120.05
---------- ----------- ---------- -----------
Net interest income 37.34 80,426 55,228 45.63
Provision for loan
losses (968.29) 2,990 1,547 93.28
---------- ----------- ---------- -----------
Net interest income
after provision 31.95 77,436 53,681 44.25
Service charges on
deposit accounts 13.51 16,776 15,355 9.25
Fees and commissions
on loans and
deposits 58.11 11,188 7,416 50.86
Insurance
commissions and
fees (0.68) 3,573 3,590 (0.47)
Trust revenue 53.70 2,493 2,147 16.12
Gain (loss) on sale
of securities (100.00) 70 (1,021) (106.86)
Gain on sale of
mortgage loans 305.42 2,805 583 381.13
Gain on sale of
merchant business - - 1,000 (100.00)
Merchant discounts (94.87) 8 672 (98.81)
Other 18.60 3,303 2,545 29.78
---------- ----------- ---------- -----------
Total non-interest
income 52.86 40,216 32,287 24.56
Salaries and
employee benefits 30.65 46,113 33,406 38.04
Occupancy and
equipment 15.75 9,832 7,794 26.15
Data processing (8.89) 4,028 4,483 (10.15)
Amortization of
intangibles 39.59 2,257 1,015 122.36
Other 46.23 21,710 14,011 54.95
---------- ----------- ---------- -----------
Total non-interest
expense 29.62 83,940 60,709 38.27
Income before income
taxes 65.40 33,712 25,259 33.47
Income taxes 103.60 9,503 6,816 39.42
---------- ----------- ---------- -----------
Net income 53.61 $ 24,209 $ 18,443 31.26
========== =========== ========== ===========
Basic earnings per
share 33.33 $ 2.33 $ 2.15 8.37
Diluted earnings per
share 33.33 2.31 2.14 7.94
Average basic shares
outstanding 14.34 10,380,320 8,597,267 20.74
Average diluted
shares outstanding 14.84 10,491,067 8,637,008 21.47
Common shares
outstanding 13.73 10,289,510 9,046,997 13.73
Cash dividend per
common share 4.76 $ 0.87 $ 0.82 6.10
Performance ratios
--------------------
Return on average
shareholders'
equity 10.29% 11.52%
Return on average
shareholders'
equity, excluding
amortization expense 10.87% 11.91%
Return on average
assets 1.03% 1.18%
Return on average
assets, excluding
amortization expense 1.09% 1.22%
Net interest margin
(FTE) 4.05% 4.14%
Yield on earning
assets (FTE) 6.36% 5.68%
Average earning
assets to average
assets 87.94% 90.01%
Average loans to
average deposits 91.16% 79.91%
Noninterest income
(less securities
gains / losses) to
average assets 1.70% 2.12%
Noninterest expense
to average assets 3.56% 3.87%
Net overhead ratio 1.86% 1.75%
Efficiency ratio
(FTE) 67.70% 66.94%
(a) Percent variance not meaningful
RENASANT CORPORATION
----------------------------------------------------------------------
(Unaudited)
(Dollars in thousands, except per share data)
2005
-----------------------------------------------
Fourth Third Second First
Average balances Quarter Quarter Quarter Quarter
---------------------- ----------- ----------- ----------- -----------
Total assets $2,382,811 $2,353,914 $2,340,597 $2,339,201
Earning assets 2,101,218 2,072,762 2,062,124 2,047,770
Securities 404,882 408,161 420,463 452,818
Loans, net of unearned 1,661,546 1,640,121 1,611,143 1,576,877
Intangibles 100,657 101,323 101,385 101,453
Non-interest bearing
deposits 244,384 235,611 234,946 229,638
Interest bearing
deposits 1,602,674 1,573,085 1,515,318 1,483,677
Total deposits 1,847,058 1,808,696 1,750,264 1,713,315
Other borrowings 274,922 289,849 333,710 371,855
Shareholders' equity 236,015 237,386 233,908 232,348
Asset quality data
----------------------
Nonaccrual loans $ 3,984 $ 3,803 $ 4,157 $ 3,807
Loans 90 past due or
more 2,906 3,398 2,292 3,002
---------- ---------- ---------- ----------
Non-performing loans 6,890 7,201 6,449 6,809
Other real estate owned
and repossessions 4,299 6,646 7,114 7,232
---------- ---------- ---------- ----------
Non-performing assets $ 11,189 $ 13,847 $ 13,563 $ 14,041
========== ========== ========== ==========
Net loan charge-offs $ 813 $ 465 $ 780 $ 1,186
Allowance for loan
losses 18,363 18,448 18,080 18,012
Non-performing loans /
total loans 0.42% 0.45% 0.40% 0.43%
Non-performing assets
/ total assets 0.47% 0.58% 0.58% 0.60%
Allowance for loan
losses / total loans 1.12% 1.15% 1.14% 1.14%
Allowance for loan
losses /
non-performing
loans 266.52% 256.19% 280.35% 264.53%
Net loan charge-offs
(annualized) /
average loans 0.19% 0.11% 0.19% 0.31%
Balances at period end
----------------------
Total assets $2,398,173 $2,379,793 $2,353,385 $2,320,164
Earning assets 2,105,281 2,073,678 2,075,244 2,041,307
Securities 399,034 400,786 415,193 425,196
Mortgage loans held
for sale 33,496 42,865 32,792 32,623
Loans, net of unearned 1,646,223 1,608,697 1,592,391 1,572,103
Intangibles 100,664 100,766 101,528 101,406
Non-interest bearing
deposits $ 250,270 $ 244,086 $ 233,095 $ 238,651
Interest bearing
deposits 1,618,181 1,574,232 1,531,082 1,502,350
Total deposits 1,868,451 1,818,318 1,764,177 1,741,001
Other borrowings 266,505 299,076 334,952 324,330
Shareholders' equity 235,440 237,211 235,454 230,892
Market value per
common share 31.63 31.65 30.76 31.10
Book value per common
share 22.88 22.85 22.64 22.17
Tangible book value
per common share 13.10 13.14 12.88 12.44
Shareholders' equity
to assets (actual) 9.82 9.97 10.00 9.95
Tangible capital ratio 5.87 5.99 5.95 5.84
Leverage ratio 8.61 8.79 8.67 8.59
Detail of Loans by
Category
----------------------
Commercial, financial,
agricultural $ 226,203 $ 224,673 $ 228,371 $ 228,305
Lease financing 7,469 8,143 9,576 10,763
Real estate -
construction 169,543 162,694 159,798 159,155
Real estate - 1-4
family mortgages 566,455 558,616 547,307 531,347
Real estate -
commercial mortgages 597,273 570,849 556,694 537,800
Installment loans to
individuals 79,280 83,722 90,645 104,733
---------- ---------- ---------- ----------
Loans, net of
unearned $1,646,223 $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
4th Qtr
2005 -
4th Qtr For the Year
2004 Ended December 31,
-----------------------------------
Percent Percent
Average balances Variance 2005 2004 Variance
----------------------- ---------- ---------- ----------- ----------
Total assets 40.23 $2,354,671 $ 1,567,638 50.21
Earning assets 38.78 2,070,661 1,410,977 46.75
Securities 7.26 420,889 394,456 6.70
Loans, net of unearned 47.22 1,622,749 1,000,713 62.16
Intangibles 109.14 101,194 33,461 (a)
Non-interest bearing
deposits 24.86 235,998 176,908 33.40
Interest bearing
deposits 40.10 1,544,095 1,075,440 43.58
Total deposits 37.87 1,780,093 1,252,348 42.14
Other borrowings 70.48 315,046 137,008 129.95
Shareholders' equity 32.15 235,372 160,032 47.08
Asset quality data
-----------------------
Nonaccrual loans (38.17) $ 3,984 $ 6,443 (38.17)
Loans 90 past due or
more 30.43 2,906 2,228 30.43
---------- -----------
Non-performing loans (20.54) 6,890 8,671 (20.54)
Other real estate owned
and repossessions 84.98 4,299 2,324 84.98
---------- -----------
Non-performing assets 1.76 $ 11,189 $ 10,995 1.76
========== ===========
Net loan charge-offs (55.43) $ 3,244 $ 3,221 0.71
Allowance for loan
losses 27.49 18,363 14,403 27.49
Non-performing loans /
total loans 0.42% 0.76%
Non-performing assets /
total assets 0.47% 0.64%
Allowance for loan
losses / total loans 1.12% 1.26%
Allowance for loan
losses /
non-performing
loans 266.52% 166.30%
Net loan charge-offs
(annualized) /
average loans 0.20% 0.32%
Balances at period end
-----------------------
Total assets $2,398,173 $ 1,707,545 40.45
Earning assets 2,105,281 1,519,704 38.53
Securities 399,034 371,581 7.39
Mortgage loans held for
sale 33,496 2,714 1,134.19
Loans, net of unearned 1,646,223 1,141,480 44.22
Intangibles 100,664 50,424 99.64
Non-interest bearing
deposits $ 250,270 $ 200,922 24.56
Interest bearing
deposits 1,618,181 1,117,755 44.77
Total deposits 1,868,451 1,318,677 41.69
Other borrowings 266,505 191,547 39.13
Shareholders' equity 235,440 179,042 31.50
Market value per common
share 31.63 33.10 (4.44)
Book value per common
share 22.88 19.79 15.62
Tangible book value per
common share 13.10 14.22 (7.87)
Shareholders' equity to
assets (actual) 9.82 10.49
Tangible capital ratio 5.87 7.76
Leverage ratio 8.61 8.97
Detail of Loans by
Category
-----------------------
Commercial, financial,
agricultural $ 226,203 $ 175,571 28.84
Lease financing 7,469 10,809 (30.90)
Real estate -
construction 169,543 96,404 75.87
Real estate - 1-4
family mortgages 566,455 375,698 50.77
Real estate -
commercial mortgages 597,273 395,048 51.19
Installment loans to
individuals 79,280 87,950 (9.86)
---------- -----------
Loans, net of unearned $1,646,223 $ 1,141,480 44.22
========== ===========
(a) Percent variance not meaningful
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