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

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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 FOURTH QUARTER AND YEAR-END RESULTS

TUPELO, MISSISSIPPI (January 21, 2014) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter and year ended December 31, 2013. Net income for the fourth quarter of 2013 was $11.3 million, up 54.7%, as compared to $7.3 million for the fourth quarter of 2012. Basic and diluted earnings per share (EPS) were $0.36 for the fourth quarter of 2013, as compared to basic and diluted EPS of $0.29 for the fourth quarter of 2012. On September 1, 2013, the Company completed its merger with First M&F Corporation (“M&F”), and thus the results for the fourth quarter of 2013 reflect a full quarter of M&F’s operations.

The Company’s 2013 fourth quarter results include $1.3 million, or $0.04 per share, in after-tax merger expenses associated with the M&F transaction. Excluding the after-tax merger expenses, net income was $12.6 million, or basic and diluted EPS of $0.40, for the fourth quarter of 2013.

Net income for 2013 was $33.5 million, as compared to $26.6 million for 2012. Basic and diluted EPS was $1.23 and $1.22, respectively, for 2013, as compared to basic and diluted EPS of $1.06 for 2012. The Company recorded after-tax merger expenses during 2013 totaling $4.4 million or $0.16 per share. Excluding M&F merger expenses, net income was $37.9 million or basic EPS of $1.39 and diluted EPS of $1.38, for 2013. The Company did not record any merger expenses during 2012.

“During the fourth quarter of 2013, we experienced a strong finish to a great year,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Financial highlights for the year include a 26% increase in net income, a 38% increase in total loans, increased net interest margin and continued improvement to our credit risk profile as compared to 2012. In addition, one of our most significant accomplishments was our successful completion of the M&F merger, which is the largest merger in the history of our Company.”

Total loans, including loans acquired in either the M&F merger or in FDIC-assisted transactions (collectively referred to as “acquired loans”), increased 38.1% to approximately $3.88 billion at December 31, 2013, as compared to $2.81 billion at December 31, 2012. Excluding acquired loans, loans grew 12.2% to $2.89 billion at December 31, 2013, as compared to $2.57 billion at December 31, 2012.

Total period end deposits, including deposits acquired from M&F, were $4.84 billion at December 31, 2013, as compared to $3.46 billion at December 31, 2012. The Company’s noninterest-bearing deposits averaged approximately $888 million, or 18.4% of average deposits, for the fourth quarter of 2013, as compared to $564 million, or 16.6% of average deposits, for the fourth quarter of 2012. The Company’s cost of funds was 51 basis points for the fourth quarter of 2013, as compared to 64 basis points for the same quarter in 2012.

Total assets at December 31, 2013, were approximately $5.74 billion, as compared to $4.18 billion at December 31, 2012. The increase in total assets during 2013 was primarily attributable to the merger with M&F.

At December 31, 2013, the Company’s tangible common equity ratio was 6.64%, Tier 1 leverage capital ratio was 8.68%, Tier 1 risk-based capital ratio was 11.52%, and total risk-based capital ratio was 12.69%. The Company’s capital ratios were all in excess of regulatory minimums required to be classified as “well-capitalized.” In addition, during 2013, the Company maintained its annual dividend of $0.68, which based on the year-end stock price, equated to a dividend yield of approximately 2.16%.

Net interest income was $50.7 million for the fourth quarter of 2013, as compared to $34.0 million for the fourth quarter of 2012. Net interest margin was 4.16% for the fourth quarter of 2013, as compared to 3.97% for the fourth quarter of 2012.

The Company’s noninterest income is derived from diverse lines of business which primarily consist of mortgage, wealth management and insurance revenue sources along with income from deposit and loan products. For the fourth quarter of 2013, noninterest income increased to $18.3 million, as compared to $17.9 million for the fourth quarter of 2012. Driven by the addition of M&F and higher levels of consumer activity, during the fourth quarter of 2013, the Company experienced strong growth in service charges, fees and commissions on loans and deposits, wealth management and insurance fees and commissions, which offset a reduction in mortgage related income. The reduction in mortgage income was attributable to higher mortgage rates and fewer homeowners refinancing than in previous periods.

Noninterest expense was $51.1 million for the fourth quarter of 2013, as compared to $38.3 million for the fourth quarter of 2012. The increase in noninterest expense during 2013 as compared to 2012 was primarily due to the inclusion of M&F’s operational costs and one-time merger expenses of $1.9 million associated with the Company’s fourth quarter 2013 conversion of M&F Bank. During the fourth quarter of 2013, the Company’s salaries and employee benefits reflect a full quarter of M&F’s operations.

At December 31, 2013, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $76.5 million and total other real estate owned (“OREO”) was $52.9 million. The Company’s nonperforming loans and OREO that were acquired either through the M&F merger or in connection with FDIC-assisted transactions (collectively referred to as “acquired nonperforming assets”) were $57.4 million and $25.3 million, respectively at December 31, 2013. 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.

Nonperforming assets decreased 37.7% to $46.7 million at December 31, 2013, as compared to $74.9 million at December 31, 2012.

Nonperforming loans were $19.2 million at December 31, 2013, as compared to $30.2 million at December 31, 2012. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans remained unchanged at 0.31% at December 31, 2013, as compared to

December 31, 2012.

The Company recorded a provision for loan losses of $2.0 million against net charge-offs of $584 thousand for the fourth quarter of 2013. This is compared to $4.0 million in provision for loan losses recorded and $3.7 million in net charge-offs for the same period in 2012. Annualized net charge-offs as a percentage of average loans were 0.06% for the fourth quarter of 2013 as compared to 0.53% for the same quarter in 2012.

The allowance for loan losses as a percentage of loans was 1.65% at December 31, 2013, as compared to 1.72% at December 31, 2012. The Company’s coverage ratio, or the allowance for loan losses as a percentage of nonperforming loans, increased to 248.91% at December 31, 2013, as compared to 146.90% at December 31, 2012.

OREO was $27.5 million at December 31, 2013, as compared to $44.7 million at December 31, 2012, a 38.4% decrease. The Company continues to aggressively market the properties held in OREO as it sold approximately $27.0 million of OREO during 2013 and $4.9 million during the fourth quarter of 2013.

“During the conversion of M&F Bank into Renasant Bank, which was completed on December 9, 2013, we added more than 70,000 deposit relationships and 27 banking locations to our footprint while consolidating nine locations that overlapped in market coverage,” commented McGraw. “We remain well-positioned to take advantage of opportunities to enter new markets or expand our reach in existing markets. As we move into 2014, we look forward to enhancing our profitability by further realizing the benefits of the M&F acquisition, growing loan and deposit relationships and increasing our market share, to provide greater value for our shareholders.”

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Wednesday, January 22, 2014, through the Company's website: www.renasant.com or http://services.choruscall.com/links/rnst140122.html. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing

1-888-317-6016 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-317-6016.

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 10039510 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 a.m. ET on February 6, 2014.

ABOUT RENASANT CORPORATION:

Renasant Corporation, a 110-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)
																										Q4 2013 -		For the Year
		2013												2012												Q4 2012		Ended December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2013			2012			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	58,644		$	46,083		$	41,331		$	40,371		$	41,135		$	40,613		$	41,487		$	42,001		42.56		$	186,429		$	165,236		12.83
Interest income		$	57,076		$	44,638		$	39,945		$	38,945		$	39,676		$	39,154		$	39,978		$	40,505		43.86		$	180,604		$	159,313		13.36
Interest expense		6,408			5,890			5,541			5,564			5,723			6,022			6,568			7,662			11.97		23,403			25,975			(9.90	)
	Net interest income	50,668			38,748			34,404			33,381			33,953			33,132			33,410			32,843			49.23		157,201			133,338			17.90
Provision for loan losses		2,000			2,300			3,000			3,050			4,000			4,625			4,700			4,800			(50.00	)	10,350			18,125			(42.90	)
	Net interest income after provision	48,668			36,448			31,404			30,331			29,953			28,507			28,710			28,043			62.48		146,851			115,213			27.46
Service charges on deposit accounts		6,165			5,361			4,509			4,500			4,774			4,818			4,495			4,525			29.14		20,535			18,612			10.33
Fees and commissions on loans and deposits		5,300			4,982			4,848			4,831			4,706			4,639			4,322			3,928			12.62		19,961			17,595			13.45
Insurance commissions and fees		1,869			1,295			951			861			876			889			926			939			113.36		4,976			3,630			37.08
Wealth management revenue		2,124			2,091			1,715			1,724			1,726			1,707			1,551			1,942			23.06		7,654			6,926			10.51
Securities gains (losses)		—			—			—			54			121			—			869			904			(100.00	)	54			1,894			(97.15	)
Gain on sale of mortgage loans		1,350			2,788			3,870			3,565			4,431			4,397			2,390			1,281			(69.53	)	11,573			12,499			(7.41	)
Gain on acquisition		—			—			—			—			—			—			—			—			—		—			—			—
Other		1,533			2,418			1,424			1,843			1,272			1,605			1,769			2,909			20.52		7,218			7,555			(4.46	)
	Total noninterest income	18,341			18,935			17,317			17,378			17,906			18,055			16,322			16,428			2.43		71,971			68,711			4.74
Salaries and employee benefits		29,911			25,689			21,906			21,274			21,261			21,221			19,871			18,649			40.68		98,780			81,002			21.95
Data processing		2,546			2,236			2,045			2,043			2,281			2,192			2,211			2,040			11.62		8,870			8,724			1.67
Occupancy and equipment		5,105			4,576			3,668			3,608			3,522			3,886			3,570			3,619			44.95		16,957			14,597			16.17
Other real estate		1,607			1,537			1,773			2,049			3,787			2,440			3,370			3,999			(57.57	)	6,966			13,596			(48.76	)
Amortization of intangibles		1,508			724			314			323			333			341			349			358			352.85		2,869			1,381			107.75
Merger-related expenses		1,879			3,763			385			—			—			—			—			—			—		6,027			—			—
Debt extinguishment penalty		—			—			—			—			—			—			—			898			—		—			898			(100.00	)
Other		8,573			8,088			7,643			8,303			7,147			8,592			7,423			7,099			19.95		32,607			30,261			7.75
	Total noninterest expense	51,129			46,613			37,734			37,600			38,331			38,672			36,794			36,662			33.39		173,076			150,459			15.03
Income before income taxes		15,880			8,770			10,987			10,109			9,528			7,890			8,238			7,809			66.67		45,746			33,465			36.70
Income taxes		4,620			2,133			2,968			2,538			2,247			853			1,893			1,835			105.61		12,259			6,828			79.54
	Net income	$	11,260		$	6,637		$	8,019		$	7,571		$	7,281		$	7,037		$	6,345		$	5,974		54.65		$	33,487		$	26,637		25.72
Basic earnings per share		$	0.36		$	0.24		$	0.32		$	0.30		$	0.29		$	0.28		$	0.25		$	0.24		24.14		$	1.23		$	1.06		16.04
Diluted earnings per share		0.36			0.24			0.32			0.30			0.29			0.28			0.25			0.24			24.14		1.22			1.06			15.09
Average basic shares outstanding		31,366,019			27,234,927			25,223,749			25,186,229			25,129,932			25,114,672			25,110,709			25,078,996			24.82		27,269,613			25,101,507			8.61
Average diluted shares outstanding		31,617,681			27,447,382			25,373,868			25,288,785			25,259,048			25,220,887			25,149,360			25,138,213			25.17		27,460,757			25,161,911			9.08
Common shares outstanding		31,387,668			31,358,583			25,231,074			25,208,733			25,157,637			25,120,412			25,113,894			25,105,732			24.76		31,387,668			25,120,412			24.76
Cash dividend per common share		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		—		$	0.68		$	0.68		—
Performance ratios
Return on average shareholders' equity		6.71		%	4.75		%	6.35		%	6.12		%	5.80		%	5.65		%	5.19		%	4.88		%			6.01		%	5.39		%
Return on average tangible shareholders' equity		13.55		%	8.74		%	10.47		%	10.19		%	9.73		%	9.61		%	8.86		%	8.39		%			10.83		%	5.56		%
Return on average assets		0.78		%	0.56		%	0.76		%	0.73		%	0.70		%	0.69		%	0.62		%	0.57		%			0.71		%	0.64		%
Return on average tangible assets		0.90		%	0.63		%	0.82		%	0.79		%	0.76		%	0.75		%	0.68		%	0.62		%			0.79		%	0.66		%
Net interest margin (FTE)		4.16		%	3.86		%	3.88		%	3.89		%	3.97		%	3.94		%	3.99		%	3.85		%			3.96		%	3.94		%
Yield on earning assets (FTE)		4.67		%	4.42		%	4.49		%	4.51		%	4.61		%	4.63		%	4.74		%	4.71		%			4.53		%	4.67		%
Cost of funding		0.51		%	0.57		%	0.60		%	0.62		%	0.64		%	0.68		%	0.74		%	0.84		%			0.57		%	0.72		%
Average earning assets to average assets		86.78		%	87.43		%	87.32		%	86.31		%	86.01		%	85.62		%	85.39		%	84.88		%			86.96		%	85.58		%
Average loans to average deposits		79.89		%	81.69		%	80.93		%	80.30		%	82.21		%	81.33		%	76.89		%	75.45		%			80.66		%	78.97		%
Noninterest income (less securities gains/
	losses) to average assets	1.27		%	1.59		%	1.64		%	1.67		%	1.71		%	1.76		%	1.50		%	1.48		%			1.52		%	1.62		%
Noninterest expense (less debt prepayment penalties/
	merger-related expenses) to average assets	3.40		%	3.59		%	3.54		%	3.63		%	3.69		%	3.77		%	3.58		%	3.41		%			3.53		%	3.62		%
Net overhead ratio		2.14		%	2.01		%	1.90		%	1.95		%	1.98		%	2.01		%	2.08		%	1.93		%			2.01		%	2.00		%
Efficiency ratio (FTE)**		67.65		%	71.25		%	69.74		%	71.51		%	71.43		%	72.81		%	72.35		%	71.01		%			69.88		%	71.90		%
**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)
																										Q4 2013 -		For the Year
		2013												2012												Q4 2012		Ended December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2013			2012			Variance
Average Balances
Total assets		$	5,741,794		$	4,729,079		$	4,231,947		$	4,206,411		$	4,128,508		$	4,078,333		$	4,123,373		$	4,222,376		39.08		$	4,731,512		$	4,132,689		14.49
Earning assets		4,982,614			4,134,730			3,695,409			3,630,759			3,551,026			3,491,941			3,521,099			3,583,957			40.31		4,114,606			3,536,921			16.33
Securities		924,179			819,351			754,515			698,863			665,578			682,123			793,353			813,826			38.85		799,899			738,365			8.33
Mortgage loans held for sale		25,248			37,056			32,318			22,347			29,331			24,514			19,237			23,938			(13.92	)	29,271			24,257			20.67
Loans, net of unearned		3,865,615			3,213,853			2,845,260			2,804,618			2,798,591			2,729,503			2,628,084			2,590,062			38.13		3,185,288			2,686,996			18.54
Intangibles		304,388			227,606			190,362			190,787			191,086			191,442			191,788			192,429			59.29		228,629			191,612			19.32
Noninterest-bearing deposits		$	888,888		$	660,415		$	562,104		$	549,514		$	564,440		$	543,767		$	531,209		$	534,867		57.48		$	666,147		$	543,628		22.54
Interest-bearing deposits		3,949,909			3,273,658			2,953,435			2,943,247			2,839,709			2,812,140			2,886,878			2,897,750			39.10		3,282,816			2,858,938			14.83
Total deposits		4,838,797			3,934,073			3,515,539			3,492,761			3,404,149			3,355,907			3,418,087			3,432,617			42.14		3,948,963			3,402,566			16.06
Borrowed funds		173,583			189,909			164,894			163,981			175,876			177,016			168,856			238,937			(1.30	)	173,161			190,096			(8.91	)
Shareholders' equity		665,513			553,772			506,225			501,634			499,088			495,220			492,164			492,092			33.35		557,209			494,162			12.76
Balances at period end
Total assets		$	5,746,270		$	5,735,865		$	4,242,401		$	4,267,658		$	4,178,616		$	4,164,606		$	4,112,377		$	4,176,490		37.52		$	5,746,270		$	4,178,616		37.52
Earning assets		4,999,434			4,972,051			3,715,321			3,706,707			3,588,370			3,595,576			3,510,654			3,551,825			39.32		4,999,434			3,588,370			39.32
Securities		925,670			915,869			746,530			740,613			674,077			680,679			676,721			834,419			37.32		925,670			674,077			37.32
Mortgage loans held for sale		33,440			28,466			50,268			26,286			34,845			39,131			25,386			25,216			(4.03	)	33,440			34,845			(4.03	)
Loans acquired from M&F		813,451			891,420			—			—			—			—			—			—					813,451			—
Loans not acquired		2,885,802			2,794,116			2,683,017			2,594,438			2,573,165			2,539,618			2,392,349			2,281,957			12.15		2,885,802			2,573,165			12.15
Loans acquired and subject to loss share		181,765			195,996			201,494			213,872			237,088			260,545			289,685			318,089			(23.33	)	181,765			237,088			(23.33	)
	Total loans	3,881,018			3,881,532			2,884,511			2,808,310			2,810,253			2,800,163			2,682,034			2,600,046			38.10		3,881,018			2,810,253			38.10
Intangibles		304,330			305,065			190,208			190,522			190,925			191,258			191,618			191,967			59.40		304,330			190,925			59.40
Noninterest-bearing deposits		$	856,020		$	876,138		$	560,965		$	567,065		$	568,214		$	554,581		$	539,237		$	535,955		50.65		$	856,020		$	568,214		50.65
Interest-bearing deposits		3,985,892			3,958,618			2,944,193			2,988,110			2,893,007			2,841,447			2,866,959			2,937,211			37.78		3,985,892			2,893,007			37.78
	Total deposits	4,841,912			4,834,756			3,505,158			3,555,175			3,461,221			3,396,028			3,406,196			3,473,166			39.89		4,841,912			3,461,221			39.89
Borrowed funds		171,875			177,168			195,789			164,063			164,706			222,907			169,979			171,753			4.35		171,875			164,706			4.35
Shareholders' equity		665,652			657,256			500,678			502,375			498,208			496,824			491,534			489,611			33.61		665,652			498,208			33.61
Market value per common share		$	31.46		$	27.17		$	24.34		$	22.38		$	19.14		$	19.61		$	15.71		$	16.28		64.37		$	31.46		$	19.14		64.37
Book value per common share		21.21			20.96			19.84			19.93			19.80			19.78			19.57			19.50			7.11		21.21			19.80			7.12
Tangible book value per common share		11.51			11.23			12.31			12.37			12.21			12.16			11.94			11.86			(5.72	)	11.51			12.21			(5.73	)
Shareholders' equity to assets (actual)		11.58		%	11.46		%	11.80		%	11.77		%	11.92		%	11.93		%	11.95		%	11.72		%	(2.84	)	11.58		%	11.92		%
Tangible capital ratio		6.64		%	6.49		%	7.66		%	7.65		%	7.71		%	7.69		%	7.65		%	7.47		%	(13.84	)	6.64		%	7.71		%
Leverage ratio		8.68		%	8.66		%	9.83		%	9.79		%	9.86		%	9.90		%	9.68		%	9.38		%	(11.97	)	8.68		%	9.86		%
Tier 1 risk-based capital ratio		11.52		%	11.40		%	12.87		%	12.86		%	12.74		%	12.73		%	13.14		%	13.32		%	(9.58	)	11.52		%	12.74		%
Total risk-based capital ratio		12.69		%	12.53		%	14.14		%	14.13		%	14.00		%	14.00		%	14.39		%	14.57		%	(9.36	)	12.69		%	14.00		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																									Q4 2013 -		For the Year
	2013												2012												Q4 2012		Ended December 31,
	Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2013			2012			Variance
Loans not acquired
Commercial, financial, agricultural	$	341,600		$	331,142		$	307,718		$	298,013		$	306,250		$	299,774		$	280,515		$	263,720		11.54		$	341,600		$	306,250		11.54
Lease Financing	52			75			103			162			190			217			245			302			(72.63	)	52			190			(72.63	)
Real estate- construction	147,075			127,013			117,339			109,484			104,058			103,522			73,109			67,223			41.34		147,075			104,058			41.34
Real estate - 1-4 family mortgages	928,803			891,422			859,884			834,204			829,975			801,612			771,161			738,765			11.91		928,803			829,975			11.91
Real estate - commercial mortgages	1,404,617			1,383,680			1,335,402			1,295,213			1,275,482			1,275,386			1,208,057			1,153,423			10.12		1,404,617			1,275,482			10.12
Installment loans to individuals	63,655			60,784			62,571			57,362			57,210			59,107			59,262			58,524			11.27		63,655			57,210			11.27
Loans, net of unearned	$	2,885,802		$	2,794,116		$	2,683,017		$	2,594,438		$	2,573,165		$	2,539,618		$	2,392,349		$	2,281,957		12.15		$	2,885,802		$	2,573,165		12.15
Loans acquired and subject to loss share
Commercial, financial, agricultural	$	9,546		$	10,280		$	10,283		$	10,157		$	10,800		$	11,282		$	12,758		$	15,206		(11.61	)	$	9,546		$	10,800		(11.61	)
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	1,648			1,648			1,648			1,648			1,648			1,932			6,093			6,202			—		1,648			1,648			—
Real estate - 1-4 family mortgages	54,466			56,722			60,409			65,489			73,448			81,784			91,605			99,769			(25.84	)	54,466			73,448			(25.84	)
Real estate - commercial mortgages	116,077			127,315			129,120			136,541			151,161			165,494			179,160			196,754			(23.21	)	116,077			151,161			(23.21	)
Installment loans to individuals	28			31			34			37			31			53			69			158			(9.68	)	28			31			(9.68	)
Loans, net of unearned	$	181,765		$	195,996		$	201,494		$	213,872		$	237,088		$	260,545		$	289,685		$	318,089		(23.33	)	$	181,765		$	237,088		(23.33	)
Loans acquired from M&F
Commercial, financial, agricultural	$	117,817		$	139,821		$	—		$	—		$	—		$	—		$	—		$	—		—		$	117,817		$	—		—
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	12,713			23,556			—			—			—			—			—			—			—		12,713			—			—
Real estate - 1-4 family mortgages	224,965			244,079			—			—			—			—			—			—			—		224,965			—			—
Real estate - commercial mortgages	429,878			449,589			—			—			—			—			—			—			—		429,878			—			—
Installment loans to individuals	28,078			34,375			—			—			—			—			—			—			—		28,078			—			—
Loans, net of unearned	$	813,451		$	891,420		$	—		$	—		$	—		$	—		$	—		$	—		—		$	813,451		$	—		—
Asset quality data
Assets not acquired:
Nonaccrual loans	$	16,863		$	19,995		$	20,554		$	25,382		$	26,881		$	29,677		$	26,099		$	26,999		(37.27	)	$	16,863		$	26,881		(37.27	)
Loans 90 past due or more	2,287			2,078			1,983			2,601			3,307			2,358			3,864			3,435			(30.84	)	2,287			3,307			(30.84	)
Nonperforming loans	19,150			22,073			22,537			27,983			30,188			32,035			29,963			30,434			(36.56	)	19,150			30,188			(36.56	)
Other real estate owned	27,543			27,357			33,247			39,786			44,717			48,568			58,384			64,931			(38.41	)	27,543			44,717			(38.41	)
Nonperforming assets not acquired	$	46,693		$	49,430		$	55,784		$	67,769		$	74,905		$	80,603		$	88,347		$	95,365		(37.66	)	$	46,693		$	74,905		(37.66	)
Assets acquired and subject to loss share:
Nonaccrual loans	$	49,194		$	49,585		$	47,281		$	47,972		$	53,186		$	64,080		$	65,386		$	78,418		(7.51	)	$	49,194		$	53,186		(7.51	)
Loans 90 past due or more	—			505			126			—			—			—			199			1,397			—		—			—			—
Nonperforming loans	49,194			50,090			47,407			47,972			53,186			64,080			65,585			79,815			(7.51	)	49,194			53,186			(7.51	)
Other real estate owned	12,942			16,580			27,835			35,095			45,534			41,615			37,951			35,461			(71.58	)	12,942			45,534			(71.58	)
Nonperforming assets acquired and subject to loss share	$	62,136		$	66,670		$	75,242		$	83,067		$	98,720		$	105,695		$	103,536		$	115,276		(37.06	)	$	62,136		$	98,720		(37.06	)
Assets acquired from M&F:
Nonaccrual loans	$	6,275		$	224		$	—		$	—		$	—		$	—		$	—		$	—		—		$	6,275		$	—		—
Loans 90 past due or more	1,899			8,568			—			—			—			—			—			—			—		1,899			—			—
Nonperforming loans	8,174			8,792			—			—			—			—			—			—			—		8,174			—			—
Other real estate owned	12,402			13,223			—			—			—			—			—			—			—		12,402			—			—
Nonperforming assets acquired from M&F	$	20,576		$	22,015		$	—		$	—		$	—		$	—		$	—		$	—		—		$	20,576		$	—		—
Net loan charge-offs (recoveries)	$	584		$	3,084		$	2,471		$	893		$	3,722		$	5,335		$	4,097		$	4,964		(84.31	)	$	7,032		$	18,118		(61.19	)
Allowance for loan losses	47,666			46,250			47,034			46,505			44,347			44,069			44,779			44,176			7.48		47,666			44,347			7.48
Annualized net loan charge-offs / average loans	0.06		%	0.38		%	0.35		%	0.13		%	0.53		%	0.78		%	0.63		%	0.77		%			0.22		%	0.67		%
Nonperforming loans / total loans*	0.74		%	0.84		%	0.84		%	1.08		%	1.17		%	1.26		%	1.25		%	1.33		%			0.74		%	1.17		%
Nonperforming assets / total assets*	1.17		%	1.25		%	1.31		%	1.59		%	1.79		%	1.94		%	2.15		%	2.28		%			1.17		%	1.79		%
Allowance for loan losses / total loans*	1.29		%	1.25		%	1.75		%	1.79		%	1.72		%	1.74		%	1.87		%	1.94		%			1.29		%	1.72		%
Allowance for loan losses / nonperforming loans*	174.45		%	149.85		%	208.70		%	166.19		%	146.90		%	137.57		%	149.45		%	145.15		%			174.45		%	146.90		%
Nonperforming loans / total loans**	0.66		%	0.79		%	0.84		%	1.08		%	1.17		%	1.26		%	1.25		%	1.33		%			0.66		%	1.17		%
Nonperforming assets / total assets**	0.81		%	0.86		%	1.31		%	1.59		%	1.79		%	1.94		%	2.15		%	2.28		%			0.81		%	1.79		%
Allowance for loan losses / total loans**	1.65		%	1.66		%	1.75		%	1.79		%	1.72		%	1.74		%	1.87		%	1.94		%			1.65		%	1.72		%
Allowance for loan losses / nonperforming loans**	248.91		%	209.53		%	208.70		%	166.19		%	146.90		%	137.57		%	149.45		%	145.15		%			248.91		%	146.90		%
*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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