| Contacts: | For Media: | For Financials: | ||
| John Oxford | Kevin Chapman | |||
| Vice President | Executive Vice President | |||
| Director of External Affairs | Chief Financial Officer | |||
| (662) 680-1219 | (662) 680-1450 | |||
| joxford@renasant.com | kchapman@renasant.com | |||
Renasant Announces 2015 Third Quarter Earnings of $0.40 per share; $0.53 per share excluding merger expenses
TUPELO, MISSISSIPPI (October 20, 2015) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced its financial results for the third quarter of 2015. Net income for the third quarter of 2015 increased to $16.22 million, or basic and diluted earnings per share (“EPS”) of $0.40, as compared to $15.54 million, or basic and diluted EPS of $0.49, for the third quarter of 2014.
The Company’s balance sheet and results of operations as of and for the three months ending September 30, 2015, include the impact of the Company’s acquisition of Heritage Financial Group, Inc. (“Heritage”), a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, a Georgia savings bank, which was completed on July 1, 2015. At the acquisition date, Heritage had $2.02 billion in total assets, $1.11 billion in loans, and $1.37 billion in deposits. The assets acquired and liabilities assumed are recorded at estimated fair value and are subject to change pending finalization of all valuations.
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During the third quarter of 2015, the Company incurred pre-tax merger expenses related to the Heritage merger of approximately $7.75 million, or $5.15 million on an after-tax basis, which equated to a reduction of $0.13 in basic and diluted EPS for the third quarter of 2015.
For the third quarter of 2015, the Company’s return on average assets and return on average equity were 0.81% and 6.28%, respectively, as compared to 1.07% and 8.84%, respectively, for the third quarter of 2014. The Company’s 2015 third quarter return on average tangible assets and return on average tangible equity were 0.93% and 12.20%, respectively, as compared to 1.20% and 16.50%, respectively, for the third quarter of 2014. Excluding merger expenses on an after-tax basis, return on average assets and return on average equity were 1.07% and 8.28%, respectively, and return on average tangible assets and return on average tangible equity were 1.14% and 14.95%, respectively, for the third quarter of 2015. The following table provides profitability metrics for the third quarter of 2015 including and excluding the impact of after-tax merger expenses from the Heritage acquisition:
| As Reported | Excluding Merger Expenses | ||
| Return on average assets | 0.81% | 1.07% | |
| Return on average tangible assets | 0.93% | 1.14% | |
| Return on average equity | 6.28% | 8.28% | |
| Return on average tangible equity | 12.20% | 14.95% | |
“We are pleased with our third quarter financial results highlighted by the completion of the Heritage acquisition and 23.18% annualized linked quarter legacy loan growth,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Excluding merger expenses on an after-tax basis, our diluted EPS of $0.53 per share represents some of the highest reported quarterly earnings for the Company and was driven by the strong performance of our
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legacy company coupled with the successful conversion of Heritage’s operations. Furthermore, the continued sustainability of this profitability is reflected in our return on average assets, excluding merger expenses, of 1.07% for the quarter, marking the sixth consecutive quarter we’ve achieved greater than 1.00% return on average assets.”
Total assets as of September 30, 2015, were approximately $7.92 billion, as compared to $5.81 billion from December 31, 2014, and $5.90 billion on a linked quarter basis.
Total loans, including loans acquired in either the Heritage merger, First M&F Corporation (“First M&F”) merger or in FDIC-assisted transactions (collectively referred to as “acquired loans”), were approximately $5.28 billion at September 30, 2015, as compared to $3.99 billion at December 31, 2014, and $4.04 billion on a linked quarter basis. Excluding acquired loans, loans grew $339.52 million, or 13.89% annualized, to $3.61 billion at September 30, 2015, as compared to $3.27 billion at December 31, 2014, and increased $199.08 million, or 23.18% annualized, from $3.41 billion on a linked quarter basis.
Total deposits were $6.23 billion at September 30, 2015, as compared to $4.84 billion at December 31, 2014, and $4.89 billion on a linked quarter basis. The increase in deposits is primarily attributable to the acquisition of Heritage. Noninterest-bearing deposits averaged approximately $1.27 billion, which represents 20.38% of the Company’s average deposits, for the third quarter of 2015, as compared to $896.86 million, or 18.74% of average deposits, for the third quarter of 2014. The Company’s cost of funds was 33 basis points for the third quarter of 2015, as compared to 47 basis points for the same quarter in 2014.
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As of September 30, 2015, the Company's Tier 1 leverage capital ratio was 8.94%, its Common Equity Tier 1 risk-based capital ratio was 9.82%, its Tier 1 risk-based capital ratio was 11.32%, and its total risk-based capital ratio was 12.09%. The Company’s regulatory capital ratios continue to be in excess of the regulatory minimums required to be classified as “well-capitalized.” At September 30, 2015 our tangible common equity ratio was 7.40%.
Net interest income was $68.68 million for the third quarter of 2015, as compared to $50.47 million for the third quarter of 2014, and $51.67 million on a linked quarter basis. Net interest margin was 4.09% for the third quarter of 2015, as compared to 4.12% for the third quarter of 2014, and 4.17% on a linked quarter basis. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased net interest margin 4 basis points in the third quarter of 2015, as compared to 28 basis points on a linked quarter basis and 11 basis points in the third quarter of 2014.
Noninterest income was $32.12 million for the third quarter of 2015, as compared to $22.56 million for the third quarter of 2014, and $22.92 million on a linked quarter basis. The increase in noninterest income is primarily attributable to the Heritage acquisition and its mortgage operations.
Noninterest expense was $76.09 million for the third quarter of 2015, as compared to $48.18 million for the third quarter of 2014 and $51.18 million on a linked quarter basis. The increase in noninterest expense, when compared to the same period in 2014 as well as on a linked quarter basis, was primarily due to the expenses of the acquired Heritage operations as well as merger expenses incurred during the quarter in connection with the Heritage acquisition of $7.75 million.
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At September 30, 2015, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $47.20 million and total OREO was $36.33 million. The Company’s nonperforming loans and OREO that were acquired either through the Heritage merger, First M&F merger or in connection with FDIC-assisted transactions (collectively referred to as “acquired nonperforming assets”) were $32.03 million and $22.40 million, respectively, at September 30, 2015.
Since the acquired nonperforming assets were recorded at fair value at the time of acquisition or subject to loss-share agreements with the FDIC, which significantly mitigates our actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets.
The Company’s nonperforming loans were $15.17 million as of September 30, 2015, as compared to $20.19 million as of December 31, 2014. Nonperforming loans as a percentage of total loans were 0.42% as of September 30, 2015, as compared to 0.62% as of December 31, 2014.
Annualized net charge-offs as a percentage of average loans were 0.04% for the third quarter of 2015, as compared to 0.50% for the third quarter of 2014. The Company recorded a provision for loan losses of $750 thousand for the third quarter of 2015, as compared to $2.22 million for the third quarter of 2014.
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The allowance for loan losses totaled $42.05 million at September 30, 2015, as compared to $42.29 million as of December 31, 2014. The allowance for loan losses as a percentage of loans was 1.17% as of September 30, 2015, as compared to 1.29% as of December 31, 2014.
The Company’s coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 277.22% as of September 30, 2015, as compared to 209.49% as of December 31, 2014. Loans 30-to-89 days past due as a percentage of total loans declined to 0.23% at September 30, 2015, as compared to 0.32% at December 31, 2014. OREO was $13.94 million as of September 30, 2015, as compared to $17.09 million as of December 31, 2014.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, October 21, 2015.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst151021. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Third Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.
The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10074200 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until November 4, 2015.
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ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 111-year-old financial services institution. Renasant has assets of approximately $7.9 billion and operates more than 170 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.
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.
NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, which the Company’s management uses when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indications of its operating performance particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies.
The specific non-GAAP financial measures used are return on average tangible shareholders’ equity, return on average tangible assets and the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”). The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to other similarly titled measures presented by other companies. Also there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”
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| RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
| Q3 2015 - | For The Nine Months Ending | |||||||||||||||||||||||||||||||||||||||||||
| 2015 | 2014 | Q3 2014 | September 30, | |||||||||||||||||||||||||||||||||||||||||
| Third | Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2015 | 2014 | Variance | ||||||||||||||||||||||||||||||||||
| Statement of earnings | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income - taxable equivalent basis | $ | 76,242 | $ | 58,516 | $ | 55,910 | $ | 57,335 | $ | 58,098 | $ | 60,002 | $ | 57,811 | 31.23 | $ | 190,668 | $ | 175,911 | 8.39 | ||||||||||||||||||||||||
| Interest income | $ | 74,300 | $ | 56,769 | $ | 54,166 | $ | 55,597 | $ | 56,358 | $ | 58,277 | $ | 56,177 | 31.84 | $ | 185,235 | $ | 170,812 | 8.44 | ||||||||||||||||||||||||
| Interest expense | 5,620 | 5,099 | 5,324 | 5,580 | 5,886 | 6,108 | 6,206 | (4.52 | ) | $ | 16,043 | $ | 18,200 | (11.85 | ) | |||||||||||||||||||||||||||||
| Net interest income | 68,680 | 51,670 | 48,842 | 50,017 | 50,472 | 52,169 | 49,971 | 36.08 | 169,192 | 152,612 | 10.86 | |||||||||||||||||||||||||||||||||
| Provision for loan losses | 750 | 1,175 | 1,075 | 1,050 | 2,217 | 1,450 | 1,450 | (66.17 | ) | 3,000 | 5,117 | (41.37 | ) | |||||||||||||||||||||||||||||||
| Net interest income after provision | 67,930 | 50,495 | 47,767 | 48,967 | 48,255 | 50,719 | 48,521 | 40.77 | 166,192 | 147,495 | 12.68 | |||||||||||||||||||||||||||||||||
| Service charges on deposit accounts | 8,151 | 6,522 | 6,335 | 6,905 | 7,107 | 6,533 | 6,211 | 14.69 | 21,008 | 19,851 | 5.83 | |||||||||||||||||||||||||||||||||
| Fees and commissions on loans and deposits | 5,704 | 4,954 | 4,492 | 4,772 | 5,877 | 5,175 | 4,677 | (2.94 | ) | 15,150 | 15,729 | (3.68 | ) | |||||||||||||||||||||||||||||||
| Insurance commissions and fees | 2,381 | 2,119 | 1,967 | 1,973 | 2,270 | 2,088 | 1,863 | 4.89 | 6,467 | 6,221 | 3.95 | |||||||||||||||||||||||||||||||||
| Wealth management revenue | 2,871 | 2,248 | 2,190 | 2,144 | 2,197 | 2,170 | 2,144 | 30.68 | 7,309 | 6,511 | 12.26 | |||||||||||||||||||||||||||||||||
| Securities gains (losses) | — | 96 | — | — | 375 | — | — | (100.00 | ) | 96 | 375 | (74.40 | ) | |||||||||||||||||||||||||||||||
| Gain on sale of mortgage loans | 10,578 | 5,407 | 4,633 | 2,367 | 2,635 | 2,006 | 1,585 | 301.44 | 20,618 | 6,226 | 231.16 | |||||||||||||||||||||||||||||||||
| Gain on acquisition | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Other | 2,432 | 1,571 | 2,287 | 1,809 | 2,102 | 1,499 | 2,136 | 15.70 | 6,290 | 5,737 | 9.64 | |||||||||||||||||||||||||||||||||
| Total noninterest income | 32,117 | 22,917 | 21,904 | 19,970 | 22,563 | 19,471 | 18,616 | 42.34 | 76,938 | 60,650 | 26.86 | |||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 43,048 | 30,394 | 28,260 | 27,301 | 29,569 | 29,810 | 28,428 | 45.58 | 101,702 | 87,807 | 15.82 | |||||||||||||||||||||||||||||||||
| Data processing | 3,773 | 3,152 | 3,181 | 2,949 | 2,906 | 2,850 | 2,695 | 29.83 | 10,106 | 8,451 | 19.58 | |||||||||||||||||||||||||||||||||
| Occupancy and equipment | 7,733 | 5,524 | 5,559 | 5,146 | 5,353 | 4,906 | 4,847 | 44.46 | 18,816 | 15,106 | 24.56 | |||||||||||||||||||||||||||||||||
| Other real estate | 861 | 954 | 532 | 723 | 1,101 | 1,068 | 1,701 | (21.80 | ) | 2,347 | 3,870 | (39.35 | ) | |||||||||||||||||||||||||||||||
| Amortization of intangibles | 1,803 | 1,239 | 1,275 | 1,327 | 1,381 | 1,427 | 1,471 | 30.56 | 4,317 | 4,279 | 0.89 | |||||||||||||||||||||||||||||||||
| Merger-related expenses | 7,746 | 1,467 | 478 | 499 | — | — | 195 | 1.00 | 9,691 | 195 | 4,869.74 | |||||||||||||||||||||||||||||||||
| Debt extinguishment penalty | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| Other | 11,121 | 8,446 | 8,129 | 8,034 | 7,865 | 9,335 | 8,308 | 41.40 | 27,696 | 25,508 | 8.58 | |||||||||||||||||||||||||||||||||
| Total noninterest expense | 76,085 | 51,176 | 47,414 | 45,979 | 48,175 | 49,396 | 47,645 | 57.93 | 174,675 | 145,216 | 20.29 | |||||||||||||||||||||||||||||||||
| Income before income taxes | 23,962 | 22,236 | 22,257 | 22,958 | 22,643 | 20,794 | 19,492 | 5.83 | 68,455 | 62,929 | 8.78 | |||||||||||||||||||||||||||||||||
| Income taxes | 7,742 | 6,842 | 7,017 | 7,361 | 7,108 | 5,941 | 5,895 | 8.92 | 21,601 | 18,944 | 14.03 | |||||||||||||||||||||||||||||||||
| Net income | $ | 16,220 | $ | 15,394 | $ | 15,240 | $ | 15,597 | $ | 15,535 | $ | 14,853 | $ | 13,597 | 4.41 | $ | 46,854 | $ | 43,985 | 6.52 | ||||||||||||||||||||||||
| Basic earnings per share | $ | 0.40 | $ | 0.49 | $ | 0.48 | $ | 0.49 | $ | 0.49 | $ | 0.47 | $ | 0.43 | (18.37 | ) | $ | 1.36 | $ | 1.40 | (2.86 | ) | ||||||||||||||||||||||
| Diluted earnings per share | 0.40 | 0.48 | 0.48 | 0.49 | 0.49 | 0.47 | 0.43 | (18.37 | ) | 1.35 | 1.39 | (2.88 | ) | |||||||||||||||||||||||||||||||
| Average basic shares outstanding | 40,265,941 | 31,626,059 | 31,576,275 | 31,537,278 | 31,526,423 | 31,496,737 | 31,436,148 | 27.72 | 34,521,255 | 31,486,767 | 9.64 | |||||||||||||||||||||||||||||||||
| Average diluted shares outstanding | 40,518,413 | 31,865,172 | 31,815,710 | 31,781,734 | 31,718,529 | 31,698,198 | 31,668,362 | 27.74 | 34,799,118 | 31,694,601 | 9.80 | |||||||||||||||||||||||||||||||||
| Common shares outstanding | 40,268,455 | 31,644,706 | 31,604,937 | 31,545,145 | 31,533,703 | 31,519,641 | 31,480,395 | 27.70 | 40,268,455 | 31,533,703,000 | 27.70 | |||||||||||||||||||||||||||||||||
| Cash dividend per common share | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | — | $ | 0.51 | $ | 0.51 | — | ||||||||||||||||||||||||
| Performance ratios | ||||||||||||||||||||||||||||||||||||||||||||
| Return on average shareholders' equity | 6.28 | % | 8.42 | % | 8.59 | % | 8.72 | % | 8.84 | % | 8.67 | % | 8.19 | % | 7.58 | % | 8.58 | % | ||||||||||||||||||||||||||
| Return on average tangible shareholders' equity (1) | 12.20 | % | 14.89 | % | 15.45 | % | 15.90 | % | 16.50 | % | 16.55 | % | 16.05 | % | 13.98 | % | 16.37 | % | ||||||||||||||||||||||||||
| Return on average assets | 0.81 | % | 1.06 | % | 1.06 | % | 1.08 | % | 1.07 | % | 1.02 | % | 0.93 | % | 0.96 | % | 1.01 | % | ||||||||||||||||||||||||||
| Return on average tangible assets (2) | 0.93 | % | 1.17 | % | 1.18 | % | 1.20 | % | 1.20 | % | 1.15 | % | 1.05 | % | 1.08 | % | 1.13 | % | ||||||||||||||||||||||||||
| Net interest margin (FTE) | 4.09 | % | 4.17 | % | 4.03 | % | 4.09 | % | 4.12 | % | 4.24 | % | 4.04 | % | 4.10 | % | 4.13 | % | ||||||||||||||||||||||||||
| Yield on earning assets (FTE) | 4.42 | % | 4.57 | % | 4.45 | % | 4.53 | % | 4.58 | % | 4.72 | % | 4.53 | % | 4.47 | % | 4.61 | % | ||||||||||||||||||||||||||
| Cost of funding | 0.33 | % | 0.40 | % | 0.43 | % | 0.45 | % | 0.47 | % | 0.48 | % | 0.48 | % | 0.38 | % | 0.48 | % | ||||||||||||||||||||||||||
| Average earning assets to average assets | 86.57 | % | 87.79 | % | 87.49 | % | 87.41 | % | 87.32 | % | 87.39 | % | 87.35 | % | 87.22 | % | 87.35 | % | ||||||||||||||||||||||||||
| Average loans to average deposits | 83.63 | % | 81.93 | % | 81.44 | % | 82.67 | % | 82.26 | % | 79.11 | % | 77.00 | % | 82.45 | % | 79.44 | % | ||||||||||||||||||||||||||
| Noninterest income (less securities gains/ | ||||||||||||||||||||||||||||||||||||||||||||
| losses) to average assets | 1.61 | % | 1.57 | % | 1.53 | % | 1.38 | % | 1.53 | % | 1.34 | % | 1.27 | % | 1.57 | % | 1.38 | % | ||||||||||||||||||||||||||
| Noninterest expense (less debt prepayment penalties/ | ||||||||||||||||||||||||||||||||||||||||||||
| merger-related expenses) to average assets | 3.43 | % | 3.41 | % | 3.27 | % | 3.14 | % | 3.32 | % | 3.39 | % | 3.25 | % | 3.38 | % | 3.32 | % | ||||||||||||||||||||||||||
| Net overhead ratio | 1.82 | % | 1.84 | % | 1.74 | % | 1.76 | % | 1.79 | % | 2.06 | % | 1.97 | % | 1.80 | % | 1.94 | % | ||||||||||||||||||||||||||
| Efficiency ratio (FTE) (4) | 64.76 | % | 63.58 | % | 62.99 | % | 61.56 | % | 62.90 | % | 65.38 | % | 65.48 | % | 63.89 | % | 64.56 | % | ||||||||||||||||||||||||||
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| RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
| Q3 2015 | For The Nine Months Ending | |||||||||||||||||||||||||||||||||||||||||||
| 2015 | 2014 | Q3 2014 | September 30, | |||||||||||||||||||||||||||||||||||||||||
| Third | Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2015 | 2014 | Variance | ||||||||||||||||||||||||||||||||||
| Average Balances | ||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 7,905,538 | $ | 5,847,539 | $ | 5,821,758 | $ | 5,746,146 | $ | 5,758,083 | $ | 5,836,607 | $ | 5,927,884 | 37.29 | $ | 6,532,577 | $ | 5,840,233 | 11.85 | ||||||||||||||||||||||||
| Earning assets | 6,843,888 | 5,133,567 | 5,093,224 | 5,022,647 | 5,027,805 | 5,100,833 | 5,178,069 | 36.12 | 5,697,976 | 5,101,686 | 11.69 | |||||||||||||||||||||||||||||||||
| Securities | 1,145,013 | 999,962 | 989,743 | 979,052 | 1,001,548 | 1,026,948 | 1,002,519 | 14.32 | 1,046,812 | 1,010,335 | 3.61 | |||||||||||||||||||||||||||||||||
| Mortgage loans held for sale | 398,480 | 87,435 | 50,918 | 27,443 | 31,832 | 26,004 | 19,925 | 1,151.82 | 180,217 | 25,964 | 594.10 | |||||||||||||||||||||||||||||||||
| Loans, net of unearned | 5,223,273 | 3,978,514 | 3,969,244 | 3,954,606 | 3,937,142 | 3,897,027 | 3,868,747 | 32.67 | 4,394,937 | 3,901,223 | 12.66 | |||||||||||||||||||||||||||||||||
| Intangibles | 456,811 | 295,441 | 296,682 | 297,978 | 300,725 | 302,181 | 303,599 | 51.90 | 350,231 | 302,158 | 15.91 | |||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 1,272,714 | 969,770 | 932,011 | 936,672 | 896,856 | 905,180 | 949,317 | 41.91 | 1,059,413 | 916,925 | 15.54 | |||||||||||||||||||||||||||||||||
| Interest-bearing deposits | 4,972,717 | 3,886,199 | 3,941,863 | 3,846,891 | 3,889,133 | 4,020,754 | 4,074,745 | 27.86 | 4,270,702 | 3,994,198 | 6.92 | |||||||||||||||||||||||||||||||||
| Total deposits | 6,245,431 | 4,855,969 | 4,873,874 | 4,783,563 | 4,785,988 | 4,925,934 | 5,024,063 | 30.49 | 5,330,115 | 4,911,123 | 8.53 | |||||||||||||||||||||||||||||||||
| Borrowed funds | 556,269 | 204,884 | 168,758 | 190,928 | 214,017 | 169,373 | 170,091 | 159.92 | 311,390 | 184,655 | 68.63 | |||||||||||||||||||||||||||||||||
| Shareholders' equity | 1,023,912 | 733,158 | 719,687 | 709,780 | 697,103 | 686,794 | 673,046 | 46.88 | 826,700 | 685,733 | 20.56 | |||||||||||||||||||||||||||||||||
| Q3 2015 - | As of | |||||||||||||||||||||||||||||||||||||||||||
| 2015 | 2014 | Q4 2014 | September 30, | |||||||||||||||||||||||||||||||||||||||||
| Third | Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2015 | 2014 | Variance | ||||||||||||||||||||||||||||||||||
| Balances at period end | ||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 7,918,732 | $ | 5,899,190 | $ | 5,881,849 | $ | 5,805,129 | $ | 5,751,711 | $ | 5,826,020 | $ | 5,902,831 | 36.41 | $ | 7,918,732 | $ | 5,751,711 | 37.68 | ||||||||||||||||||||||||
| Earning assets | 6,810,285 | 5,186,419 | 5,168,497 | 5,063,039 | 5,053,252 | 5,063,873 | 5,161,173 | 34.51 | $ | 6,810,285 | $ | 5,053,252 | 34.77 | |||||||||||||||||||||||||||||||
| Securities | 1,139,553 | 965,290 | 1,016,394 | 983,747 | 980,328 | 1,007,331 | 1,046,688 | 15.84 | $ | 1,139,553 | $ | 980,328 | 16.24 | |||||||||||||||||||||||||||||||
| Mortgage loans held for sale | 317,681 | 108,023 | 102,780 | 25,628 | 30,451 | 28,116 | 28,433 | 1,139.59 | $ | 317,681 | $ | 30,451 | 943.25 | |||||||||||||||||||||||||||||||
| Loans not acquired | 3,607,005 | 3,407,925 | 3,274,314 | 3,267,486 | 3,165,492 | 3,096,286 | 2,947,836 | 10.39 | $ | 3,607,005 | $ | 3,165,492 | 13.95 | |||||||||||||||||||||||||||||||
| Loans acquired and covered by FDIC loss-share agreements | 100,839 | 121,626 | 125,773 | 143,041 | 155,319 | 167,129 | 173,545 | (29.50 | ) | $ | 100,839 | $ | 155,319 | (35.08 | ) | |||||||||||||||||||||||||||||
| Loans acquired and not covered by FDIC loss-share agreements | 1,570,116 | 507,653 | 553,574 | 577,347 | 636,628 | 694,115 | 746,047 | 171.95 | $ | 1,570,116 | $ | 636,628 | 146.63 | |||||||||||||||||||||||||||||||
| Total loans | 5,277,960 | 4,037,204 | 3,953,661 | 3,987,874 | 3,957,439 | 3,957,530 | 3,867,428 | 32.35 | $ | 5,277,960 | $ | 3,957,439 | 33.37 | |||||||||||||||||||||||||||||||
| Intangibles | 482,599 | 294,808 | 296,053 | 297,330 | 298,609 | 301,478 | 302,903 | 62.31 | $ | 482,599 | $ | 298,609 | 61.62 | |||||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 1,303,884 | 972,672 | 959,351 | 919,872 | 935,544 | 902,766 | 914,964 | 41.75 | $ | 1,303,884 | $ | 935,544 | 39.37 | |||||||||||||||||||||||||||||||
| Interest-bearing deposits | 4,930,677 | 3,917,772 | 3,983,418 | 3,918,546 | 3,828,126 | 3,983,965 | 4,089,820 | 25.83 | $ | 4,930,677 | $ | 3,828,126 | 28.80 | |||||||||||||||||||||||||||||||
| Total deposits | 6,234,561 | 4,890,444 | 4,942,769 | 4,838,418 | 4,763,670 | 4,886,731 | 5,004,784 | 28.86 | $ | 6,234,561 | $ | 4,763,670 | 30.88 | |||||||||||||||||||||||||||||||
| Borrowed funds | 551,740 | 219,089 | 162,313 | 188,825 | 227,664 | 189,830 | 168,700 | 192.20 | $ | 551,740 | $ | 227,664 | 142.35 | |||||||||||||||||||||||||||||||
| Shareholders' equity | 1,032,699 | 730,976 | 723,196 | 711,651 | 700,475 | 688,215 | 676,715 | 45.11 | $ | 1,032,699 | $ | 700,475 | 47.43 | |||||||||||||||||||||||||||||||
| Market value per common share | $ | 32.85 | $ | 32.60 | $ | 30.05 | $ | 28.93 | $ | 27.05 | $ | 29.07 | $ | 29.05 | 13.55 | $ | 32.85 | $ | 27.05 | 21.44 | ||||||||||||||||||||||||
| Book value per common share | 25.65 | 23.10 | 22.88 | 22.56 | 22.21 | 21.83 | 21.50 | 13.70 | 25.65 | $ | 22.21 | 15.45 | ||||||||||||||||||||||||||||||||
| Tangible book value per common share | 13.66 | 13.78 | 13.52 | 13.13 | 12.74 | 12.27 | 11.87 | 4.04 | 13.66 | $ | 12.74 | 7.19 | ||||||||||||||||||||||||||||||||
| Shareholders' equity to assets (actual) | 13.04 | % | 12.39 | % | 12.30 | % | 12.26 | % | 12.18 | % | 11.81 | % | 11.46 | % | 13.04 | % | 12.18 | % | ||||||||||||||||||||||||||
| Tangible capital ratio (3) | 7.40 | % | 7.78 | % | 7.65 | % | 7.52 | % | 7.37 | % | 7.00 | % | 6.68 | % | 7.40 | % | 7.37 | % | ||||||||||||||||||||||||||
| Leverage ratio | 8.94 | % | 9.90 | % | 9.74 | % | 9.53 | % | 9.31 | % | 8.91 | % | 8.56 | % | 8.94 | % | 9.31 | % | ||||||||||||||||||||||||||
| Common equity tier 1 capital ratio | 9.82 | % | 10.44 | % | 10.35 | % | — | % | — | % | — | % | — | % | 9.82 | % | — | % | ||||||||||||||||||||||||||
| Tier 1 risk-based capital ratio | 11.32 | % | 12.52 | % | 12.47 | % | 12.45 | % | 12.28 | % | 11.82 | % | 11.54 | % | 11.32 | % | 12.28 | % | ||||||||||||||||||||||||||
| Total risk-based capital ratio | 12.09 | % | 13.54 | % | 13.51 | % | 13.54 | % | 13.43 | % | 12.96 | % | 12.70 | % | 12.09 | % | 13.43 | % | ||||||||||||||||||||||||||
9
| RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
| Q3 2015 - | As of | |||||||||||||||||||||||||||||||||||||||||||
| 2015 | 2014 | Q4 2014 | September 30, | |||||||||||||||||||||||||||||||||||||||||
| Third | Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2015 | 2014 | Variance | ||||||||||||||||||||||||||||||||||
| Loans not acquired | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ | 450,688 | $ | 437,181 | $ | 418,752 | $ | 418,501 | $ | 378,802 | $ | 365,262 | $ | 347,828 | 7.69 | $ | 450,688 | $ | 378,802 | 18.98 | ||||||||||||||||||||||||
| Lease Financing | 24,698 | 17,633 | 11,560 | 10,114 | 5,377 | 1,767 | 612 | 144.20 | $ | 24,698 | $ | 5,377 | 359.33 | |||||||||||||||||||||||||||||||
| Real estate- construction | 268,805 | 212,071 | 200,966 | 210,837 | 193,787 | 172,319 | 149,449 | 27.49 | $ | 268,805 | $ | 193,787 | 38.71 | |||||||||||||||||||||||||||||||
| Real estate - 1-4 family mortgages | 1,128,556 | 1,073,816 | 1,025,264 | 1,014,412 | 984,778 | 966,546 | 941,260 | 11.25 | $ | 1,128,556 | $ | 984,778 | 14.60 | |||||||||||||||||||||||||||||||
| Real estate - commercial mortgages | 1,653,534 | 1,589,969 | 1,542,706 | 1,538,950 | 1,527,680 | 1,516,372 | 1,441,404 | 7.45 | $ | 1,653,534 | $ | 1,527,680 | 8.24 | |||||||||||||||||||||||||||||||
| Installment loans to individuals | 80,724 | 77,255 | 75,066 | 74,672 | 75,068 | 74,020 | 67,283 | 8.10 | $ | 80,724 | $ | 75,068 | 7.53 | |||||||||||||||||||||||||||||||
| Loans, net of unearned | $ | 3,607,005 | $ | 3,407,925 | $ | 3,274,314 | $ | 3,267,486 | $ | 3,165,492 | $ | 3,096,286 | $ | 2,947,836 | 10.39 | $ | 3,607,005 | $ | 3,165,492 | 13.95 | ||||||||||||||||||||||||
| Loans acquired and and covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ | 2,467 | $ | 3,726 | $ | 3,917 | $ | 6,684 | $ | 7,699 | $ | 7,677 | $ | 8,283 | (63.09 | ) | $ | 2,467 | $ | 7,699 | (67.96 | ) | ||||||||||||||||||||||
| Lease Financing | — | — | — | — | — | — | — | — | $ | — | $ | — | — | |||||||||||||||||||||||||||||||
| Real estate- construction | 137 | — | — | — | 1,648 | 1,648 | 1,648 | — | $ | 137 | $ | 1,648 | (91.69 | ) | ||||||||||||||||||||||||||||||
| Real estate - 1-4 family mortgages | 48,779 | 40,333 | 42,758 | 44,017 | 46,354 | 49,616 | 52,252 | 10.82 | $ | 48,779 | $ | 46,354 | 5.23 | |||||||||||||||||||||||||||||||
| Real estate - commercial mortgages | 49,382 | 77,536 | 79,064 | 92,304 | 99,579 | 108,166 | 111,337 | (46.50 | ) | $ | 49,382 | $ | 99,579 | (50.41 | ) | |||||||||||||||||||||||||||||
| Installment loans to individuals | 74 | 31 | 34 | 36 | 39 | 22 | 25 | 105.56 | $ | 74 | $ | 39 | 89.74 | |||||||||||||||||||||||||||||||
| Loans, net of unearned | $ | 100,839 | $ | 121,626 | $ | 125,773 | $ | 143,041 | $ | 155,319 | $ | 167,129 | $ | 173,545 | (29.50 | ) | $ | 100,839 | $ | 155,319 | (35.08 | ) | ||||||||||||||||||||||
| Loans acquired and not covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial, financial, agricultural | $ | 167,966 | $ | 39,652 | $ | 52,119 | $ | 58,098 | $ | 64,058 | $ | 74,887 | $ | 84,005 | 189.11 | $ | 167,966 | $ | 64,058 | 162.21 | ||||||||||||||||||||||||
| Lease Financing | — | — | — | — | — | — | — | — | $ | — | $ | — | — | |||||||||||||||||||||||||||||||
| Real estate- construction | 70,428 | 505 | 483 | 1,224 | 1,631 | 2,610 | 4,803 | 5,653.92 | $ | 70,428 | $ | 1,631 | 4,218.09 | |||||||||||||||||||||||||||||||
| Real estate - 1-4 family mortgages | 485,170 | 161,765 | 171,433 | 177,931 | 190,447 | 205,126 | 217,748 | 172.67 | $ | 485,170 | $ | 190,447 | 154.75 | |||||||||||||||||||||||||||||||
| Real estate - commercial mortgages | 813,973 | 295,484 | 317,224 | 325,660 | 363,793 | 390,781 | 415,417 | 149.95 | $ | 813,973 | $ | 363,793 | 123.75 | |||||||||||||||||||||||||||||||
| Installment loans to individuals | 32,579 | 10,247 | 12,315 | 14,434 | 16,699 | 20,711 | 24,074 | 125.71 | $ | 32,579 | $ | 16,699 | 95.10 | |||||||||||||||||||||||||||||||
| Loans, net of unearned | $ | 1,570,116 | $ | 507,653 | $ | 553,574 | $ | 577,347 | $ | 636,628 | $ | 694,115 | $ | 746,047 | 171.95 | $ | 1,570,116 | $ | 636,628 | 146.63 | ||||||||||||||||||||||||
| Asset quality data | ||||||||||||||||||||||||||||||||||||||||||||
| Assets not acquired: | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual loans | $ | 14,522 | $ | 15,514 | $ | 17,719 | $ | 18,781 | $ | 19,070 | $ | 17,175 | $ | 18,365 | (22.68 | ) | $ | 14,522 | $ | 19,070 | (23.85 | ) | ||||||||||||||||||||||
| Loans 90 past due or more | 647 | 5,647 | 1,193 | 1,406 | 7,177 | 3,615 | 1,322 | (53.98 | ) | 647 | 7,177 | (90.99 | ) | |||||||||||||||||||||||||||||||
| Nonperforming loans | 15,169 | 21,161 | 18,912 | 20,187 | 26,247 | 20,790 | 19,687 | (24.86 | ) | 15,169 | 26,247 | (42.21 | ) | |||||||||||||||||||||||||||||||
| Other real estate owned | 13,936 | 14,967 | 16,735 | 17,087 | 20,461 | 23,950 | 25,117 | (18.44 | ) | 13,936 | 20,461 | (31.89 | ) | |||||||||||||||||||||||||||||||
| Nonperforming assets not acquired | $ | 29,105 | $ | 36,128 | $ | 35,647 | $ | 37,274 | $ | 46,708 | $ | 44,740 | $ | 44,804 | (21.92 | ) | $ | 29,105 | $ | 46,708 | (37.69 | ) | ||||||||||||||||||||||
| Assets acquired and subject to loss share: | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual loans | $ | 3,270 | $ | 19,487 | $ | 18,040 | $ | 24,172 | $ | 33,216 | $ | 41,425 | $ | 46,078 | (86.47 | ) | $ | 3,270 | $ | 33,216 | (90.16 | ) | ||||||||||||||||||||||
| Loans 90 past due or more | 4,143 | — | — | 48 | 1,979 | — | 32 | 8,531.25 | 4,143 | 1,979 | 109.35 | |||||||||||||||||||||||||||||||||
| Nonperforming loans | 7,413 | 19,487 | 18,040 | 24,220 | 35,195 | 41,425 | 46,110 | (69.39 | ) | 7,413 | 35,195 | (78.94 | ) | |||||||||||||||||||||||||||||||
| Other real estate owned | 3,183 | 3,853 | 4,325 | 6,368 | 4,033 | 7,472 | 10,218 | (50.02 | ) | 3,183 | 4,033 | (21.08 | ) | |||||||||||||||||||||||||||||||
| Nonperforming assets acquired and subject to loss share | $ | 10,596 | $ | 23,340 | $ | 22,365 | $ | 30,588 | $ | 39,228 | $ | 48,897 | $ | 56,328 | (65.36 | ) | $ | 10,596 | $ | 39,228 | (72.99 | ) | ||||||||||||||||||||||
| Assets acquired and not subject to loss share: | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual loans | $ | 15,796 | $ | 1,085 | $ | 1,627 | $ | 1,443 | $ | 1,991 | $ | 5,966 | $ | 6,393 | 994.66 | $ | 15,796 | $ | 1,991 | 693.37 | ||||||||||||||||||||||||
| Loans 90 past due or more | 8,824 | 2,523 | 9,636 | 9,259 | 8,375 | 5,057 | 1,922 | (4.70 | ) | 8,824 | 8,375 | 5.36 | ||||||||||||||||||||||||||||||||
| Nonperforming loans | 24,620 | 3,608 | 11,263 | 10,702 | 10,366 | 11,023 | 8,315 | 130.05 | 24,620 | 10,366 | 137.51 | |||||||||||||||||||||||||||||||||
| Other real estate owned | 19,215 | 8,244 | 10,626 | 11,017 | 9,565 | 10,381 | 12,406 | 74.41 | 19,215 | 9,565 | 100.89 | |||||||||||||||||||||||||||||||||
| Nonperforming assets acquired | $ | 43,835 | $ | 11,852 | $ | 21,889 | $ | 21,719 | $ | 19,931 | $ | 21,404 | $ | 20,721 | 101.83 | $ | 43,835 | $ | 19,931 | 119.93 | ||||||||||||||||||||||||
| Net loan charge-offs (recoveries) | $ | 588 | $ | 1,588 | $ | 1,062 | $ | 3,330 | $ | 4,952 | $ | 2,194 | $ | 1,067 | (82.34 | ) | $ | 3,238 | $ | 8,213 | (60.57 | ) | ||||||||||||||||||||||
| Allowance for loan losses | 42,051 | 41,888 | 42,302 | 42,289 | 44,569 | 47,304 | 48,048 | (0.56 | ) | 42,051 | 44,569 | (5.65 | ) | |||||||||||||||||||||||||||||||
| Annualized net loan charge-offs / average loans | 0.04 | % | 0.16 | % | 0.11 | % | 0.33 | % | 0.50 | % | 0.23 | % | 0.11 | % | 0.10 | % | 0.28 | % | ||||||||||||||||||||||||||
| Nonperforming loans / total loans* | 0.89 | % | 1.10 | % | 1.22 | % | 1.38 | % | 1.81 | % | 1.85 | % | 1.92 | % | 0.89 | % | 1.81 | % | ||||||||||||||||||||||||||
| Nonperforming assets / total assets* | 1.05 | % | 1.21 | % | 1.36 | % | 1.54 | % | 1.84 | % | 1.97 | % | 2.06 | % | 1.05 | % | 1.84 | % | ||||||||||||||||||||||||||
| Allowance for loan losses / total loans* | 0.80 | % | 1.04 | % | 1.07 | % | 1.06 | % | 1.13 | % | 1.20 | % | 1.24 | % | 0.80 | % | 1.13 | % | ||||||||||||||||||||||||||
| Allowance for loan losses / nonperforming loans* | 89.09 | % | 94.65 | % | 87.74 | % | 76.74 | % | 62.07 | % | 64.59 | % | 64.83 | % | 89.09 | % | 62.07 | % | ||||||||||||||||||||||||||
| Nonperforming loans / total loans** | 0.42 | % | 0.62 | % | 0.58 | % | 0.62 | % | 0.83 | % | 0.67 | % | 0.67 | % | 0.42 | % | 0.83 | % | ||||||||||||||||||||||||||
| Nonperforming assets / total assets** | 0.37 | % | 0.61 | % | 0.61 | % | 0.64 | % | 0.81 | % | 0.77 | % | 0.76 | % | 0.37 | % | 0.81 | % | ||||||||||||||||||||||||||
| Allowance for loan losses / total loans** | 1.17 | % | 1.23 | % | 1.29 | % | 1.29 | % | 1.41 | % | 1.53 | % | 1.63 | % | 1.17 | % | 1.41 | % | ||||||||||||||||||||||||||
| Allowance for loan losses / nonperforming loans** | 277.22 | % | 197.95 | % | 223.68 | % | 209.49 | % | 169.81 | % | 227.53 | % | 244.06 | % | 277.22 | % | 169.81 | % | ||||||||||||||||||||||||||
| *Based on all assets (includes acquired assets) | ||||||||||||||||||||||||||||||||||||||||||||
| **Excludes all assets acquired | ||||||||||||||||||||||||||||||||||||||||||||
10
| RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP | ||||||||||||||||||||||||||||||||||||||||||||
| For The Nine Months Ending | ||||||||||||||||||||||||||||||||||||||||||||
| 2015 | 2014 | September 30, | ||||||||||||||||||||||||||||||||||||||||||
| Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | 2015 | 2014 | ||||||||||||||||||||||||||||||||||||
| Net income (GAAP) | $ | 16,220 | $ | 15,394 | $ | 15,240 | $ | 15,597 | $ | 15,535 | $ | 14,853 | $ | 13,597 | $ | 46,854 | $ | 43,985 | ||||||||||||||||||||||||||
| Amortization of intangibles, net of tax | 1,220 | 858 | 873 | 902 | 947 | 1,019 | 1,026 | 2,955 | 2,991 | |||||||||||||||||||||||||||||||||||
| Tangible net income (non-GAAP) | $ | 17,440 | $ | 16,252 | $ | 16,113 | $ | 16,499 | $ | 16,482 | $ | 15,872 | $ | 14,623 | $ | 49,809 | $ | 46,976 | ||||||||||||||||||||||||||
| Average shareholders' equity (GAAP) | $ | 1,023,912 | $ | 733,158 | $ | 719,687 | $ | 709,780 | $ | 697,103 | $ | 686,794 | $ | 673,046 | $ | 826,700 | $ | 685,733 | ||||||||||||||||||||||||||
| Intangibles | 456,811 | 295,441 | 296,682 | 297,978 | 300,725 | 302,181 | 303,599 | 350,231 | 302,158 | |||||||||||||||||||||||||||||||||||
| Average tangible s/h's equity (non-GAAP) | $ | 567,101 | $ | 437,717 | $ | 423,005 | $ | 411,802 | $ | 396,378 | $ | 384,613 | $ | 369,447 | $ | 476,469 | $ | 383,575 | ||||||||||||||||||||||||||
| Average total assets (GAAP) | $ | 7,905,538 | $ | 5,847,539 | $ | 5,821,758 | $ | 5,746,146 | $ | 5,758,083 | $ | 5,836,607 | $ | 5,927,884 | $ | 6,532,577 | $ | 5,840,233 | ||||||||||||||||||||||||||
| Intangibles | 456,811 | 295,441 | 296,682 | 297,978 | 300,725 | 302,181 | 303,599 | 350,231 | 302,158 | |||||||||||||||||||||||||||||||||||
| Average tangible assets (non-GAAP) | $ | 7,448,727 | $ | 5,552,098 | $ | 5,525,076 | $ | 5,448,168 | $ | 5,457,358 | $ | 5,534,426 | $ | 5,624,285 | $ | 6,182,346 | $ | 5,538,075 | ||||||||||||||||||||||||||
| Actual shareholders' equity (GAAP) | $ | 1,032,699 | $ | 730,976 | $ | 723,196 | $ | 711,651 | $ | 700,475 | $ | 688,215 | $ | 676,715 | $ | 1,032,699 | $ | 700,475 | ||||||||||||||||||||||||||
| Intangibles | 482,599 | 294,808 | 296,053 | 297,330 | 298,609 | 301,478 | 302,903 | 482,599 | 298,609 | |||||||||||||||||||||||||||||||||||
| Actual tangible s/h's equity (non-GAAP) | $ | 550,100 | $ | 436,168 | $ | 427,143 | $ | 414,321 | $ | 401,866 | $ | 386,737 | $ | 373,812 | $ | 550,100 | $ | 401,866 | ||||||||||||||||||||||||||
| Actual total assets (GAAP) | $ | 7,918,732 | $ | 5,899,190 | $ | 5,881,849 | $ | 5,805,129 | $ | 5,751,711 | $ | 5,826,020 | $ | 5,902,831 | $ | 7,918,732 | $ | 5,751,711 | ||||||||||||||||||||||||||
| Intangibles | 482,599 | 294,808 | 296,053 | 297,330 | 298,609 | 301,478 | 302,903 | 482,599 | 298,609 | |||||||||||||||||||||||||||||||||||
| Actual tangible assets (non-GAAP) | $ | 7,436,133 | $ | 5,604,382 | $ | 5,585,796 | $ | 5,507,799 | $ | 5,453,102 | $ | 5,524,542 | $ | 5,599,928 | $ | 7,436,133 | $ | 5,453,102 | ||||||||||||||||||||||||||
| (1) Return on Average Equity | ||||||||||||||||||||||||||||||||||||||||||||
| Return on avg s/h's equity (GAAP) | 6.28 | % | 8.42 | % | 8.59 | % | 8.72 | % | 8.84 | % | 8.67 | % | 8.19 | % | 7.58 | % | 8.58 | % | ||||||||||||||||||||||||||
| Effect of adjustment for intangible assets | 5.92 | % | 6.47 | % | 6.86 | % | 7.18 | % | 7.66 | % | 7.88 | % | 7.86 | % | 6.40 | % | 7.80 | % | ||||||||||||||||||||||||||
| Return on avg tangible s/h's equity (non-GAAP) | 12.20 | % | 14.89 | % | 15.45 | % | 15.90 | % | 16.50 | % | 16.55 | % | 16.05 | % | 13.98 | % | 16.37 | % | ||||||||||||||||||||||||||
| (2) Return on Average Assets | ||||||||||||||||||||||||||||||||||||||||||||
| Return on (average) assets (GAAP) | 0.81 | % | 1.06 | % | 1.06 | % | 1.08 | % | 1.07 | % | 1.02 | % | 0.93 | % | 0.96 | % | 1.01 | % | ||||||||||||||||||||||||||
| Effect of adjustment for intangible assets | 0.11 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.12 | % | 0.13 | % | ||||||||||||||||||||||||||
| Return on average tangible assets (non-GAAP) | 0.93 | % | 1.17 | % | 1.18 | % | 1.20 | % | 1.20 | % | 1.15 | % | 1.05 | % | 1.08 | % | 1.13 | % | ||||||||||||||||||||||||||
| (3) Shareholder Equity Ratio | ||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity to (actual) assets (GAAP) | 13.04 | % | 12.39 | % | 12.30 | % | 12.26 | % | 12.18 | % | 11.81 | % | 11.46 | % | 13.04 | % | 12.18 | % | ||||||||||||||||||||||||||
| Effect of adjustment for intangible assets | 5.64 | % | 4.61 | % | 4.65 | % | 4.74 | % | 4.81 | % | 4.81 | % | 4.79 | % | 5.64 | % | 4.81 | % | ||||||||||||||||||||||||||
| Tangible capital ratio (non-GAAP) | 7.40 | % | 7.78 | % | 7.65 | % | 7.52 | % | 7.37 | % | 7.00 | % | 6.68 | % | 7.40 | % | 7.37 | % | ||||||||||||||||||||||||||
| CALCULATION OF EFFICIENCY RATIO | ||||||||||||||||||||||||||||||||||||||||||||
| Interest income (FTE) | $ | 76,242 | $ | 58,516 | $ | 55,910 | $ | 57,335 | $ | 58,098 | $ | 60,002 | $ | 57,811 | $ | 190,668 | $ | 175,910 | ||||||||||||||||||||||||||
| Interest expense | 5,620 | 5,099 | 5,324 | 5,580 | 5,886 | 6,108 | 6,206 | 16,043 | 18,200 | |||||||||||||||||||||||||||||||||||
| Net Interest income (FTE) | $ | 70,622 | $ | 53,417 | $ | 50,586 | $ | 51,755 | $ | 52,212 | $ | 53,894 | $ | 51,605 | $ | 174,625 | $ | 157,710 | ||||||||||||||||||||||||||
| Total noninterest income | $ | 32,117 | $ | 22,917 | $ | 21,904 | $ | 19,970 | $ | 22,563 | $ | 19,471 | $ | 18,616 | $ | 76,938 | $ | 60,650 | ||||||||||||||||||||||||||
| Securities gains (losses) | — | 96 | — | — | 375 | — | — | 96 | 375 | |||||||||||||||||||||||||||||||||||
| Gain on acquisition | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Total noninterest income | $ | 32,117 | $ | 22,821 | $ | 21,904 | $ | 19,970 | $ | 22,188 | $ | 19,471 | $ | 18,616 | $ | 76,842 | $ | 60,275 | ||||||||||||||||||||||||||
| Total Income (FTE) | $ | 102,739 | $ | 76,238 | $ | 72,490 | $ | 71,725 | $ | 74,400 | $ | 73,365 | $ | 70,221 | $ | 251,467 | $ | 217,985 | ||||||||||||||||||||||||||
| Total noninterest expense | $ | 76,085 | $ | 51,176 | $ | 47,414 | $ | 45,979 | $ | 48,175 | $ | 49,396 | $ | 47,645 | $ | 174,675 | $ | 145,216 | ||||||||||||||||||||||||||
| Amortization of intangibles | 1,803 | 1,239 | 1,275 | 1,327 | 1,381 | 1,427 | 1,471 | 4,317 | 4,279 | |||||||||||||||||||||||||||||||||||
| Merger-related expenses | 7,746 | 1,467 | 478 | 499 | — | — | 195 | 9,691 | 195 | |||||||||||||||||||||||||||||||||||
| Debt extinguishment penalty | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Total noninterest expense | $ | 66,536 | $ | 48,470 | $ | 45,661 | $ | 44,153 | $ | 46,794 | $ | 47,969 | $ | 45,979 | $ | 160,667 | $ | 140,742 | ||||||||||||||||||||||||||
| (4) Efficiency Ratio | 64.76 | % | 63.58 | % | 62.99 | % | 61.56 | % | 62.90 | % | 65.38 | % | 65.48 | % | 63.89 | % | 64.56 | % | ||||||||||||||||||||||||||
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