RENASANT CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - RENASANT CORP	renasant8-kxearningsreleas.htm



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 CORPORATION ANNOUNCES

2013 THIRD QUARTER EARNINGS

TUPELO, MISSISSIPPI (October 15, 2013) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced its financial results for the third quarter of 2013. Net income for the third quarter of 2013 was $6.6 million, or basic and diluted earnings per share of $0.24, as compared to $7.0 million, or basic and diluted earnings per share of $0.28, for the third quarter of 2012. On September 1, 2013, the Company completed its merger with First M&F Corporation (“M&F”). The Company’s 2013 third quarter results include $2.7 million, or $0.10 per share, in after-tax merger expenses associated with the M&F transaction. Excluding merger expenses, net income was $9.3 million or basic and diluted earnings per share of $0.34 for the third quarter

of 2013.

The Company’s results of operation do not reflect M&F’s results prior to the date of merger completion, but balances for the Company as of September 30, 2013 incorporate the impact of the M&F acquisition, including M&F’s $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. The Company issued approximately 6.2 million shares of stock in connection with the acquisition. The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.

“We are pleased with our third quarter performance which includes the completion of the M&F merger, our largest acquisition to date. In addition to the merger, we continued to experience strong loan growth and significant improvements to our credit risk profile,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.

Total assets as of September 30, 2013, were approximately $5.74 billion, as compared to $4.18 billion at December 31, 2012.

At September 30, 2013, the Company's Tier 1 leverage capital ratio was 8.66%, its Tier 1 risk-based capital ratio was 11.40%, and its total risk-based capital ratio was 12.53%. The Company’s tangible common equity ratio was 6.49%. All of the Company’s regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as “well-capitalized.”

Total loans, which include both loans covered and not covered under FDIC loss-share agreements and the M&F acquired loans, were approximately $3.88 billion at September 30,

2013, as compared to $2.81 billion at December 31, 2012. Excluding loans from M&F, loans not covered under FDIC loss-share agreements were $2.79 billion at September 30, 2013, an increase of 8.59% from December 31, 2012.

Total deposits, which include deposits from M&F, were $4.83 billion at September 30, 2013, as compared to $3.46 billion at December 31, 2012. The Company’s cost of funds decreased 11 basis points to 0.57% for the third quarter of 2013, as compared to 0.68% for the third quarter of 2012.

Net interest income increased to $38.7 million for the third quarter of 2013, from $33.1 million for the third quarter of 2012. Net interest margin was 3.86% for the third quarter of 2013, as compared to 3.94% for the third quarter of 2012.

“The competitive pricing pressure on loan growth, which continues to cause margin compression, remains a real risk. To combat the long-term interest rate risks associated with low rate loans for extended periods of time, we have made a concerted effort to shorten our repricing terms while maintaining new and renewed rates. As a result of these efforts, the yields on our new and renewed loan production improved slightly during the third quarter of 2013 as compared to recent quarters while reducing the weighted average repricing term,” stated McGraw.

Noninterest income was $18.9 million for the third quarter of 2013, as compared to $18.0 million for the third quarter of 2012. Gain on sale of mortgage loans was $2.8 million for the third quarter of 2013, as compared to $3.9 million for the second quarter of 2013 due primarily to a

decline in the mortgage pipeline and increased pricing pressure as a result of a slowdown in refinance volume caused by the recent increase in mortgage rates.

“While we experienced a slowdown in mortgage volume in the third quarter as compared to exceptionally strong recent quarters, we have seen both our mortgage pipeline and competitor pricing stabilize. We were particularly pleased to see our purchase volume increase 41% from the third quarter of 2012, as we continue to see results from our efforts to increase both retail and wholesale purchase volume to offset the reduction in refinance volume,” stated McGraw.

Noninterest expense was $46.6 million for the third quarter of 2013, as compared to $38.7 million for the third quarter of 2012. The increase in noninterest expense during the third quarter of 2013, as compared to the third quarter of 2012, is primarily attributable to $3.8 million in pre-tax merger expenses and additional personnel related to the new lines of business, and in-market lift outs.

The Company’s loans and other real estate owned (“OREO”) acquired in FDIC-assisted transactions are recorded at fair value. Furthermore, the loss-share agreements with the FDIC, as well as adjustments to the balances of these acquired assets to record them at fair value, mitigate the impact of further losses on these assets. Nonperforming loans and OREO covered under loss-share agreements totaled $50.1 million and $16.6 million, respectively, at September 30, 2013, combining for a decrease of approximately 32.47% in nonperforming assets subject to FDIC loss-share agreements from December 31, 2012. The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios exclude the assets covered under loss-share agreements.

The Company recorded a provision for loan losses of $2.3 million for the third quarter of 2013, as compared to $4.6 million for the third quarter of 2012. Annualized net charge-offs as a percentage of average loans were 0.38% for the third quarter of 2013, as compared to 0.78% for the third quarter of 2012. The allowance for loan losses as a percentage of loans, including the acquired M&F loans, was 1.25% at September 30, 2013, as compared to 1.72% at December 31, 2012. Excluding the acquired M&F loans, the allowance for loan losses as a percentage of loans was 1.66% at September 30, 2013.

Nonperforming loans were $30.9 million at September 30, 2013, which include $8.8 million of nonperforming loans from M&F, as compared to $30.2 million at December 31, 2012. The Company’s coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 149.9% as of September 30, 2013, as compared to 146.9% as of December 31, 2012. Excluding M&F’s nonperforming loans, which are carried at fair value and, therefore, do not have any allowance for loan losses assigned at September 30, 2013, the coverage ratio

was 209.5%.

OREO, including $13.2 million in OREO acquired from M&F, was $40.6 million at September 30, 2013, as compared to $44.7 million at December 31, 2012. Excluding the OREO acquired from M&F, OREO totaled $27.4 million at September 30, 2013, a 38.8% decrease from year end. During the third quarter, the Company sold approximately $6.4 million in OREO.

“As we move towards full integration of M&F in the fourth quarter, we remain excited about our new market entries, additional banking talent and legacy market expansions provided by this merger,” stated McGraw. “In addition, the M&F merger complements our other external growth initiatives, all of which will continue to enhance our profitability.”

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern on Wednesday, October 16, 2013.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst131016.html. To access the conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant Corporation Third Quarter 2013 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6016 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 10035185 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM ET on October 31, 2013.

ABOUT RENASANT CORPORATION:

Renasant Corporation, a 109-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $5.7 billion and operates over 120 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama 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.

###



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																							Q3 2013 -		For the Nine Months
		2013									2012												Q3 2012		Ended September 30,
		Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2013			2012			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	46,083		$	41,331		$	40,371		$	41,135		$	40,613		$	41,487		$	42,001		13.47		$	127,785		$	124,101		2.97
Interest income		$	44,638		$	39,945		$	38,945		$	39,676		$	39,154		$	39,978		$	40,505		14.01		$	123,528		$	119,637		3.25
Interest expense		5,890			5,541			5,564			5,723			6,022			6,568			7,662			(2.19	)	16,995			20,252			(16.08	)
	Net interest income	38,748			34,404			33,381			33,953			33,132			33,410			32,843			16.95		106,533			99,385			7.19
Provision for loan losses		2,300			3,000			3,050			4,000			4,625			4,700			4,800			(50.27	)	8,350			14,125			(40.88	)
	Net interest income after provision	36,448			31,404			30,331			29,953			28,507			28,710			28,043			27.86		98,183			85,260			15.16
Service charges on deposit accounts		5,361			4,509			4,500			4,774			4,818			4,495			4,525			11.27		14,370			13,838			3.85
Fees and commissions on loans and deposits		4,982			4,848			4,831			4,706			4,639			4,322			3,928			7.39		14,661			12,889			13.75
Insurance commissions and fees		1,295			951			861			876			889			842			939			45.70		3,107			2,588			20.07
Wealth management revenue		2,091			1,715			1,724			1,726			1,707			1,551			1,942			22.52		5,530			5,200			6.35
Securities gains (losses)		—			—			54			121			—			869			904			—		54			1,773			(96.95	)
Gain on sale of mortgage loans		2,788			3,870			3,565			4,431			4,397			2,390			1,281			(36.59	)	10,223			8,068			26.71
Gain on acquisition		—			—			—			—			—			—			—			—		—			—			—
Other		2,418			1,424			1,843			1,272			1,605			1,769			2,909			50.65		5,685			6,283			(9.52	)
	Total noninterest income	18,935			17,317			17,378			17,906			18,055			16,238			16,428			4.87		53,630			50,639			5.91
Salaries and employee benefits		25,689			21,906			21,274			21,261			21,221			19,871			18,649			21.06		68,869			59,741			15.28
Data processing		2,236			2,045			2,043			2,281			2,192			2,211			2,040			2.00		6,324			6,443			(1.85	)
Occupancy and equipment		4,576			3,668			3,608			3,522			3,886			3,582			3,619			17.75		11,852			11,079			6.97
Other real estate		1,537			1,773			2,049			3,787			2,440			3,370			3,999			(37.00	)	5,359			9,809			(45.36	)
Amortization of intangibles		724			314			323			333			341			349			358			112.32		1,361			1,048			29.87
Merger-related expenses		3,763			385			—			—			—			—			—			—		4,148			—			—
Debt extinguishment penalty		—			—			—			—			—			—			898			—		—			898			(100.00	)
Other		8,088			7,643			8,303			7,147			8,592			7,327			7,099			(5.87	)	24,034			22,944			4.75
	Total noninterest expense	46,613			37,734			37,600			38,331			38,672			36,710			36,662			20.53		121,947			111,962			8.92
Income before income taxes		8,770			10,987			10,109			9,528			7,890			8,238			7,809			11.15		29,866			23,937			24.77
Income taxes		2,133			2,968			2,538			2,247			853			1,893			1,835			150.06		7,639			4,581			66.75
	Net income	$	6,637		$	8,019		$	7,571		$	7,281		$	7,037		$	6,345		$	5,974		(5.69	)	$	22,227		$	19,356		14.83
Basic earnings per share		$	0.24		$	0.32		$	0.30		$	0.29		$	0.28		$	0.25		$	0.24		(14.29	)	$	0.86		$	0.77		11.69
Diluted earnings per share		0.24			0.32			0.30			0.29			0.28			0.25			0.24			(14.29	)	0.85			0.77			10.39
Average basic shares outstanding		27,234,927			25,223,749			25,186,229			25,129,932			25,114,672			25,110,709			25,078,996			8.44		25,889,139			25,101,507			3.14
Average diluted shares outstanding		27,447,382			25,373,868			25,288,785			25,259,048			25,220,887			25,149,360			25,138,213			8.83		26,053,173			25,161,911			3.54
Common shares outstanding		31,358,583			25,231,074			25,208,733			25,157,637			25,120,412			25,113,894			25,105,732			24.83		31,358,583			25,120,412			24.83
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		4.75		%	6.35		%	6.12		%	5.80		%	5.65		%	5.19		%	4.88		%			5.71		%	5.24		%
Return on average tangible shareholders' equity		8.74		%	10.47		%	10.19		%	9.73		%	9.61		%	8.86		%	8.39		%			9.78		%	8.95		%
Return on average assets		0.56		%	0.76		%	0.73		%	0.70		%	0.69		%	0.62		%	0.57		%			0.68		%	0.62		%
Return on average tangible assets		0.63		%	0.82		%	0.79		%	0.76		%	0.75		%	0.68		%	0.62		%			0.74		%	0.68		%
Net interest margin (FTE)		3.86		%	3.88		%	3.89		%	3.97		%	3.94		%	3.99		%	3.85		%			3.88		%	3.93		%
Yield on earning assets (FTE)		4.42		%	4.49		%	4.51		%	4.61		%	4.63		%	4.74		%	4.71		%			4.47		%	4.69		%
Cost of funding		0.57		%	0.60		%	0.62		%	0.64		%	0.68		%	0.74		%	0.84		%			0.59		%	0.75		%
Average earning assets to average assets		87.43		%	87.32		%	86.31		%	86.01		%	85.62		%	85.39		%	84.88		%			87.04		%	85.18		%
Average loans to average deposits		81.69		%	80.93		%	80.30		%	82.21		%	81.33		%	76.89		%	75.45		%			81.00		%	77.88		%
Noninterest income (less securities gains/
	losses) to average assets	1.59		%	1.64		%	1.67		%	1.71		%	1.76		%	1.50		%	1.48		%			1.63		%	1.57		%
Noninterest expense (less debt prepayment penalties/
	merger-related expenses) to average assets	3.59		%	3.54		%	3.63		%	3.69		%	3.77		%	3.58		%	3.41		%			3.59		%	3.58		%
Net overhead ratio		2.01		%	1.90		%	1.95		%	1.98		%	2.01		%	2.08		%	1.93		%			1.96		%	2.00		%
Efficiency ratio (FTE)**		72.47		%	70.33		%	72.13		%	72.05		%	73.46		%	73.00		%	71.72		%			71.67		%	72.73		%
**Excludes debt extinguishment penalties and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																								Q3 2013 -		For the Nine Months
		2013										2012												Q3 2012		Ended September 30,
			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2013			2012			Variance
Average Balances
Total assets			$	4,729,079		$	4,231,947		$	4,206,411		$	4,128,508		$	4,078,333		$	4,123,373		$	4,222,376		15.96		$	4,391,370		$	4,146,847		5.90
Earning assets			4,134,730			3,695,409			3,630,759			3,551,026			3,491,941			3,521,099			3,583,957			18.41		3,822,145			3,532,185			8.21
Securities			819,351			754,515			698,863			665,578			682,123			793,353			813,826			20.12		758,018			762,805			(0.63	)
Mortgage loans held for sale			37,056			32,318			22,347			29,331			24,514			19,237			23,938			51.16		30,627			37,604			(18.55	)
Loans, net of unearned			3,213,853			2,845,260			2,804,618			2,798,591			2,729,503			2,628,084			2,590,062			17.74		2,956,076			2,672,079			10.63
Intangibles			227,606			190,362			190,787			191,086			191,442			191,788			192,429			18.89		203,053			191,789			5.87
Noninterest-bearing deposits			$	660,415		$	562,104		$	549,514		$	564,440		$	543,767		$	531,209		$	534,867		21.45		$	591,394		$	536,640		10.20
Interest-bearing deposits			3,273,658			2,953,435			2,943,247			2,839,709			2,812,140			2,886,878			2,897,750			16.41		3,057,991			2,865,394			6.72
Total deposits			3,934,073			3,515,539			3,492,761			3,404,149			3,355,907			3,418,087			3,432,617			17.23		3,649,385			3,402,034			7.27
Borrowed funds			189,909			164,894			163,981			175,876			177,016			168,856			238,937			7.28		173,023			194,871			(11.21	)
Shareholders' equity			553,772			506,225			501,634			499,088			495,220			492,164			492,092			11.82		520,734			493,279			5.57
Balances at period end
Total assets			$	5,735,865		$	4,242,401		$	4,267,658		$	4,178,616		$	4,164,606		$	4,112,377		$	4,176,490		37.73		$	5,735,865		$	4,164,606		37.73
Earning assets			4,972,051			3,715,321			3,706,707			3,588,370			3,595,576			3,510,654			3,551,825			38.28		4,972,051			3,595,576			38.28
Securities			915,869			746,530			740,613			674,077			680,679			676,721			834,419			34.55		915,869			680,679			34.55
Mortgage loans held for sale			28,466			50,268			26,286			34,845			39,131			25,386			25,216			(27.25	)	28,466			39,131			(27.25	)
Loans acquired from M&F			891,420			—			—			—			—			—			—			100.00		891,420			—
Loans not subject to loss share			2,794,116			2,683,017			2,594,438			2,573,165			2,539,618			2,392,349			2,281,957			10.02		2,794,116			2,539,618			10.02
Loans subject to loss share			195,996			201,494			213,872			237,088			260,545			289,685			318,089			(24.77	)	195,996			260,545			(24.77	)
	Total loans		3,881,532			2,884,511			2,808,310			2,810,253			2,800,163			2,682,034			2,600,046			38.62		3,881,532			2,800,163			38.62
Intangibles			305,065			190,208			190,522			190,925			191,258			191,618			191,967			59.50		305,065			191,258			59.50
Noninterest-bearing deposits			$	876,138		$	560,965		$	567,065		$	568,214		$	554,581		$	539,237		$	535,955		57.98		$	876,138		$	554,581		57.98
Interest-bearing deposits			3,958,618			2,944,193			2,988,110			2,893,007			2,841,447			2,866,959			2,937,211			39.32		3,958,618			2,841,447			39.32
	Total deposits		4,834,756			3,505,158			3,555,175			3,461,221			3,396,028			3,406,196			3,473,166			42.37		4,834,756			3,396,028			42.37
Borrowed funds			177,168			195,789			164,063			164,706			222,907			169,979			171,753			(20.52	)	177,168			222,907			(20.52	)
Shareholders' equity			657,256			500,678			502,375			498,208			496,824			491,534			489,611			32.29		657,256			496,824			32.29
Market value per common share			$	27.17		$	24.34		$	22.38		$	19.14		$	19.61		$	15.71		$	16.28		38.55		$	27.17		$	19.61		38.55
Book value per common share			20.96			19.84			19.93			19.80			19.78			19.57			19.50			5.96		20.96			19.78			5.97
Tangible book value per common share			11.23			12.31			12.37			12.21			12.16			11.94			11.86			(7.64	)	11.23			12.16			(7.65	)
Shareholders' equity to assets (actual)			11.46		%	11.80		%	11.77		%	11.92		%	11.93		%	11.95		%	11.72		%			11.46		%	11.93		%
Tangible capital ratio			6.49		%	7.66		%	7.65		%	7.71		%	7.69		%	7.65		%	7.47		%			6.49		%	7.69		%
Leverage ratio			8.66		%	9.83		%	9.79		%	9.86		%	9.90		%	9.68		%	9.38		%			8.66		%	9.90		%
Tier 1 risk-based capital ratio			11.40		%	12.87		%	12.86		%	12.74		%	12.73		%	13.14		%	13.32		%			11.40		%	12.73		%
Total risk-based capital ratio			12.53		%	14.14		%	14.13		%	14.00		%	14.00		%	14.39		%	14.57		%			12.53		%	14.00		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																								Q3 2013 -		For the Nine Months
	2013										2012													Q3 2012		Ended September 30,
		Third			Second			First			Fourth			Third				Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter				Quarter			Quarter			Variance		2013			2012			Variance
Loans not subject to loss share by category
Commercial, financial, agricultural		$	331,142		$	307,718		$	298,013		$	306,250		$	299,774			$	280,515		$	263,720		10.46		$	331,142		$	299,774		10.46
Lease Financing		75			103			162			190			217				245			302			(65.44	)	75			217			(65.44	)
Real estate- construction		127,013			117,339			109,484			104,058			103,522				73,109			67,223			22.69		127,013			103,522			22.69
Real estate - 1-4 family mortgages		891,422			859,884			834,204			829,975			801,612				771,161			738,765			11.20		891,422			801,612			11.20
Real estate - commercial mortgages		1,383,680			1,335,402			1,295,213			1,275,482			1,275,386				1,208,057			1,153,423			8.49		1,383,680			1,275,386			8.49
Installment loans to individuals		60,784			62,571			57,362			57,210			59,107				59,262			58,524			2.84		60,784			59,107			2.84
Loans, net of unearned		$	2,794,116		$	2,683,017		$	2,594,438		$	2,573,165		$	2,539,618			$	2,392,349		$	2,281,957		10.02		$	2,794,116		$	2,539,618		10.02
Loans not subject to loss share by category
Commercial, financial, agricultural		$	10,280		$	10,283		$	10,157		$	10,800		$	11,282			$	12,758		$	15,206		(8.88	)	$	10,280		$	11,282		(8.88	)
Lease Financing		—			—			—			—			—				—			—			—		—			—			—
Real estate- construction		1,648			1,648			1,648			1,648			1,932				6,093			6,202			(14.70	)	1,648			1,932			(14.70	)
Real estate - 1-4 family mortgages		56,722			60,409			65,489			73,448			81,784				91,605			99,769			(30.64	)	56,722			81,784			(30.64	)
Real estate - commercial mortgages		127,315			129,120			136,541			151,161			165,494				179,160			196,754			(23.07	)	127,315			165,494			(23.07	)
Installment loans to individuals		31			34			37			31			53				69			158			(41.51	)	31			53			(41.51	)
Loans, net of unearned		$	195,996		$	201,494		$	213,872		$	237,088		$	260,545			$	289,685		$	318,089		(24.77	)	$	195,996		$	260,545		(24.77	)
Loans Acquired from M&F
Commercial, financial, agricultural		$	139,821		$	—		$	—		$	—		$	—			$	—		$	—		—		$	139,821		$	—		—
Lease Financing		—			—			—			—			—				—			—			—					—			—
Real estate- construction		23,556			—			—			—			—				—			—			—		23,556			—			—
Real estate - 1-4 family mortgages		244,079			—			—			—			—				—			—			—		244,079			—			—
Real estate - commercial mortgages		449,589			—			—			—			—				—			—			—		449,589			—			—
Installment loans to individuals		34,375			—			—			—			—				—			—			—		34,375			—			—
Loans, net of unearned		$	891,420		$	—		$	—		$	—		$	—			$	—		$	—		—		$	891,420		$	—		—
Asset quality data
Assets not subject to loss share:
Nonaccrual loans		$	19,995		$	20,554		$	25,382		$	26,881		$	29,677		#	$	26,099		$	26,999		(32.62	)	19,995			29,677			(32.62	)
Loans 90 past due or more		2,078			1,983			2,601			3,307			2,358				3,864			3,435			(11.87	)	2,078			2,358			(11.87	)
Nonperforming loans		22,073			22,537			27,983			30,188			32,035				29,963			30,434			(31.10	)	22,073			32,035			(31.10	)
Other real estate owned		27,357			33,247			39,786			44,717			48,568				58,384			64,931			(43.67	)	27,357			48,568			(43.67	)
Nonperforming assets not subject to loss share		$	49,430		$	55,784		$	67,769		$	74,905		$	80,603			$	88,347		$	95,365		(38.67	)	$	49,430		$	80,603		(38.67	)
Assets subject to loss share:
Nonaccrual loans		$	49,585		$	47,281		$	47,972		$	53,186		$	64,080			$	65,386		$	78,418		(22.62	)	49,585			64,080			(22.62	)
Loans 90 past due or more		505			126			—			—			—				199			1,397			—		505			—			—
Nonperforming loans		50,090			47,407			47,972			53,186			64,080				65,585			79,815			(21.83	)	50,090			64,080			(21.83	)
Other real estate owned		16,580			27,835			35,095			45,534			41,615				37,951			35,461			(60.16	)	16,580			41,615			(60.16	)
Nonperforming assets subject to loss share		$	66,670		$	75,242		$	83,067		$	98,720		$	105,695			$	103,536		$	115,276		(36.92	)	$	66,670		$	105,695		(36.92	)
Assets acquired from M&F:
Nonaccrual loans		$	224		$	—		$	—		$	—		$	—			$	—		$	—		—		224			—			—
Loans 90 past due or more		8,568			—			—			—			—				—			—			—		8,568			—			—
Nonperforming loans		8,792			—			—			—			—				—			—			—		8,792			—			—
Other real estate owned		13,223			—			—			—			—				—			—			—		13,223			—			—
Nonperforming assets not subject to loss share		$	22,015		$	—		$	—		$	—		$	—			$	—		$	—		—		$	22,015		$	—		—
Net loan charge-offs (recoveries)		$	3,084		$	2,471		$	893		$	3,722		$	5,335			$	4,097		$	4,964		(42.19	)	$	6,448		$	14,396		(55.21	)
Allowance for loan losses		46,250			47,034			46,505			44,347			44,069				44,779			44,176			4.95		46,250			44,069			4.95
Nonperforming loans / total loans*		0.84		%	0.84		%	1.08		%	1.17		%	1.26		%		1.25		%	1.33		%			0.84		%	1.26		%
Nonperforming assets / total assets*		1.25		%	1.31		%	1.59		%	1.79		%	1.94		%		2.15		%	2.28		%			1.25		%	1.94		%
Allowance for loan losses / total loans*		1.25		%	1.75		%	1.79		%	1.72		%	1.74		%		1.87		%	1.94		%			1.25		%	1.74		%
Allowance for loan losses / nonperforming loans*		149.85		%	208.70		%	166.19		%	146.90		%	137.57		%		149.45		%	145.15		%			149.85		%	137.57		%
Annualized net loan charge-offs / average loans		0.38		%	0.35		%	0.13		%	0.53		%	0.78		%		0.63		%	0.77		%			0.29		%	0.72		%
Nonperforming loans / total loans**		0.79		%	0.84		%	1.08		%	1.17		%	1.26		%		1.25		%	1.33		%			0.79		%	1.26		%
Nonperforming assets / total assets**		0.86		%	1.31		%	1.59		%	1.79		%	1.94		%		2.15		%	2.28		%			0.86		%	1.94		%
Allowance for loan losses / total loans**		1.66		%	1.75		%	1.79		%	1.72		%	1.74		%		1.87		%	1.94		%			1.66		%	1.74		%
Allowance for loan losses / nonperforming loans**		209.53		%	208.70		%	166.19		%	146.90		%	137.57		%		149.45		%	145.15		%			209.53		%	137.57		%
Annualized net loan charge-offs / average loans		0.38		%	0.35		%	0.13		%	0.53		%	0.78		%		0.63		%	0.77		%			0.29		%	0.72		%
*Based on assets not subject to loss share (includes assets acquired from M&F)
**Excludes assets acquired from M&F and assets covered under loss share

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