Renasant Corporation Announces 2012 Third Quarter Earnings

16 Oct, 2012, 17:00 ET from Renasant Corporation

TUPELO, Miss., Oct. 16, 2012 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2012.  Net income for the third quarter of 2012 was $7.0 million, or basic and diluted earnings per share of $0.28, as compared to $6.5 million, or basic and diluted earnings per share of $0.26, for the third quarter of 2011. 

(Logo: http://photos.prnewswire.com/prnh/20110629/CL28420LOGO )

"During the third quarter of 2012, we continued to experience strong growth in loans, noninterest-bearing demand deposits and noninterest income, especially from our mortgage and wealth management divisions, all of which helped drive our increase in earnings per share," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.  "We were especially pleased in accomplishing loan growth throughout all regions of our footprint for the second consecutive quarter.  Although the majority of our loan growth came from our non-de novo markets, we are excited about the potential opportunity for future loan growth from our new market operations as they continue to build their loan portfolios."

Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were approximately $2.800 billion at September 30, 2012, as compared to $2.565 billion at September 30, 2011, and $2.581 billion at December 31, 2011.   Loans not covered under FDIC loss-share agreements were $2.540 billion at September 30, 2012, an increase of 15.2% from September 30, 2011, and 13.3% from December 31, 2011. 

"Our increase in loans for the third quarter of 2012 represents our fifth consecutive quarter of loan growth.   Furthermore, our annualized growth rate of 24% for the third quarter of 2012 represents our second consecutive quarter of double-digit annualized growth for loans not covered under FDIC loss-share agreements," said McGraw.  "In addition, our new market operations in Alabama, Mississippi and Tennessee contributed approximately $64.4 million in net loan growth during the third quarter of 2012."

Total deposits were $3.396 billion at September 30, 2012, as compared to $3.342 billion at September 30, 2011, and $3.412 billion at December 31, 2011.  Noninterest-bearing deposits were $554.58 million at September 30, 2012, an increase of $61.45 million, or 12.5%, as compared to the same period in 2011 and an increase of $22.67 million, or 4.3%, from December 31, 2011. Noninterest-bearing deposits now represent 16.33% of total deposits as of September 30, 2012.

Total assets as of September 30, 2012, were approximately $4.165 billion, down slightly from December 31, 2011.  The Company's Tier 1 leverage capital ratio was 9.90%, its Tier 1 risk-based capital ratio was 12.73%, and its total risk-based capital ratio was 14.00% at September 30, 2012. All of the Company's regulatory capital ratios continued to be in excess of the required regulatory minimums to be classified as "well-capitalized."  The Company's tangible common equity ratio was 7.69% as of September 30, 2012.

Net interest income was $33.1 million for the third quarter of 2012, as compared to $32.9 million for the third quarter of 2011.   Net interest margin was 3.94% for the third quarter of 2012, as compared to 3.92% for the third quarter of 2011.  The Company's cost of funds decreased to 0.68%, as compared to 0.99% for the third quarter of 2011.

"Despite continued pressure on our net interest income and net interest margin due to a historically low interest rate environment, we have continued to increase our net interest income and net interest margin each quarter as compared to the same periods in 2011 by restructuring our funding mix and through the continued deployment of cash into higher yielding assets," stated McGraw.

Noninterest income was $18.0 million for the third quarter of 2012, as compared to $18.4 million for the third quarter of 2011.  During the third quarter of 2011, however, the Company had a $5.0 million gain on the sale of securities and a $570,000 gain from its RBC Birmingham-based trust unit acquisition.

"We experienced strong revenue from diverse noninterest income sources including fees and commissions from loans, mortgage operations, wealth management and insurance products, as well as service charges on deposit accounts.  It is worth noting that, when excluding the gains from the sale of securities and trust unit acquisition during the third quarter of 2011, noninterest income grew approximately 41% during the third quarter of 2012, as compared to the same period in 2011," stated McGraw.

Noninterest expense was $38.6 million for the third quarter of 2012, as compared to $36.9 million for the third quarter of 2011.  The increase in noninterest expense during the third quarter of 2012, as compared to the third quarter of 2011, is primarily attributable to commissions paid on mortgage loan originations and expenses related to the addition of our East Tennessee de novo operations.

The Company's loans and other real estate owned ("OREO") acquired in FDIC-assisted transactions were recorded at fair value at the time of acquisition.  Furthermore, the loss-share agreements with the FDIC, as well as subsequent fair value adjustments to the balances of these acquired assets, mitigate the impact of further losses on these assets.  Nonperforming loans and OREO, or nonperforming assets, covered under loss-share agreements totaled $64.1 million and $41.6 million, respectively, at September 30, 2012, a decrease of approximately 24.9% from September 30, 2011, and 20.1% from December 31, 2011.  The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios exclude the assets covered under loss-share agreements.

Nonperforming loans were $32.0 million at September 30, 2012, as compared to $49.0 million at September 30, 2011, and $34.9 million at December 31, 2011.  Loans 30-to-89 days past due as a percentage of total loans were 0.56% as of September 30, 2012, as compared to 0.75% as of September 30, 2011, and 0.71% as of December 31, 2011.  Restructured loans totaled $30.9 million at September 30, 2012, as compared to $35.8 million at September 30, 2011, and $36.3 million at December 31, 2011.

The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 137.57% as of September 30, 2012, up from 98.97% as of September 30, 2011, and 127.00% as of December 31, 2011.   

The Company recorded a provision for loan losses of $4.6 million for the third quarter of 2012, as compared to $5.5 million for the third quarter of 2011.  Annualized net charge-offs as a percentage of average loans were 0.77% for the third quarter of 2012, as compared to 0.70% for the third quarter of 2011, and 1.56% for the fourth quarter of 2011.  The allowance for loan losses as a percentage of loans was 1.74% at September 30, 2012, as compared to 2.20% at September 30, 2011, and 1.98% at December 31, 2011. 

OREO was $48.57 million at September 30, 2012, as compared to $72.77 million at September 30, 2011, and $70.1 million at December 31, 2011.  The Company experienced a reduction in OREO of 31% at September 30, 2012, as compared to December 31, 2011.  During the third quarter, the Company sold a total of approximately $10.8 million in OREO and currently has approximately $3.2 million under contract to sell during the fourth quarter of 2012. 

"Moving into the fourth quarter, we are anticipating a strong finish to 2012 as we build upon the momentum generated from our continued loan growth, increase in mortgage and wealth management revenue, and our decrease in nonperforming assets," stated McGraw.  "These positive metrics, along with the addition of our new markets, have us prepared to capitalize on future opportunities as they present themselves."

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 17, 2012.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst121017.html.  To access the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant Corporation Third Quarter 2012 Earnings Webcast and Conference Call.  International participants should dial 1-412-317-6789 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 10019513or by dialing 1-412-317-0088 internationally and entering the conference number.  Telephone replay access is available until 9:00 AM Eastern on October 17, 2013.

ABOUT RENASANT CORPORATION:

Renasant Corporation, a 108-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance.  Renasant has assets of approximately $4.1 billion and operates over 75 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.  

 

Contacts:

For Media:

For Financials:

John Oxford

Kevin Chapman

Vice President

Senior Executive Vice President

Director of External Affairs

Chief Financial Officer

(662) 680-1219

(662) 680-1450

joxford@renasant.com

kchapman@renasant.com

 

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2012 -

For the Nine Months

2012

2011

Q3 2011

Ended September 30,

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Statement of earnings

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2012

2011

Variance

Interest income - taxable equivalent basis

$          40,613

$          41,487

$          42,001

$          42,430

$          43,432

$          45,291

$          45,371

(6.49)

$        124,101

$        134,094

(7.45)

Interest income 

$          39,154

$          39,978

$          40,505

$          40,970

$          41,981

$          43,819

$          43,843

(6.73)

$        119,637

$        129,643

(7.72)

Interest expense

6,022

6,568

7,662

8,475

9,070

11,153

12,707

(33.61)

20,252

32,930

(38.50)

      Net interest income

33,132

33,410

32,843

32,495

32,911

32,666

31,136

0.67

99,385

96,713

2.76

Provision for loan losses

4,625

4,700

4,800

6,000

5,500

5,350

5,500

(15.91)

14,125

16,350

(13.61)

      Net interest income after provision

28,507

28,710

28,043

26,495

27,411

27,316

25,636

4.00

85,260

80,363

6.09

Service charges on deposit accounts

4,818

4,495

4,525

4,527

4,751

5,036

4,841

1.41

13,838

14,628

(5.40)

Fees and commissions on loans and deposits

4,639

4,322

3,928

3,794

3,320

3,118

2,931

39.73

12,889

9,369

37.57

Insurance commissions and fees

848

842

898

812

849

792

837

(0.12)

2,588

2,478

4.44

Wealth management revenue

1,707

1,551

1,942

1,526

1,144

1,139

1,056

49.21

5,200

3,339

55.74

Securities gains (losses) 

-

869

904

-

5,041

(258)

12

(100.00)

1,773

4,795

(63.02)

Gain on sale of mortgage loans

4,397

2,390

1,281

662

1,371

949

1,151

220.71

8,068

3,471

132.44

Gain on acquisition

-

-

-

-

570

-

8,774

(100.00)

-

9,344

(100.00)

Other

1,605

1,769

2,909

1,686

1,349

1,604

1,393

18.98

6,283

4,346

44.57

      Total noninterest income

18,014

16,238

16,387

13,007

18,395

12,380

20,995

(2.07)

50,639

51,770

(2.18)

 . 

Salaries and employee benefits

21,221

19,871

18,649

16,232

17,493

16,173

16,237

21.31

59,741

49,903

19.71

Occupancy and equipment

3,882

3,582

3,615

3,522

3,434

3,367

3,218

13.05

11,079

10,019

10.58

Data processing

2,192

2,211

2,040

1,925

1,927

1,657

1,788

13.75

6,443

5,372

19.94

Debt extinguishment penalty

-

-

898

-

-

-

1,903

-

898

1,903

(52.81)

Merger-related expenses

-

-

-

-

326

-

1,325

(100.00)

-

1,651

(100.00)

Other real estate

2,440

3,370

3,999

3,357

6,336

2,122

3,511

(61.49)

9,809

11,969

(18.05)

Amortization of intangibles

341

349

358

366

351

510

515

(2.85)

1,048

1,376

(23.84)

Other

8,555

7,327

7,062

6,962

7,091

7,816

7,496

20.65

22,944

22,403

2.41

      Total noninterest expense

38,631

36,710

36,621

32,364

36,958

31,645

35,993

4.53

111,962

104,596

7.04

Income before income taxes

7,890

8,238

7,809

7,138

8,848

8,051

10,638

(10.83)

23,937

27,537

(13.07)

Income taxes

853

1,893

1,835

1,348

2,316

2,294

3,085

(63.17)

4,581

7,695

(40.47)

      Net income

$            7,037

$            6,345

$            5,974

$            5,790

$            6,532

$            5,757

$            7,553

7.73

$          19,356

$          19,842

(2.45)

Basic earnings per share

$              0.28

$              0.25

$              0.24

$              0.23

$              0.26

$              0.23

$              0.30

7.69

$              0.77

$              0.79

(2.53)

Diluted earnings per share

0.28

0.25

0.24

0.23

0.26

0.23

0.30

7.69

0.77

0.79

(2.53)

Average basic shares outstanding

25,114,672

25,110,709

25,078,996

25,061,122

25,061,068

25,059,081

25,052,126

0.21

25,101,507

25,057,458

0.18

Average diluted shares outstanding

25,220,887

25,149,360

25,138,213

25,183,114

25,180,923

25,182,503

25,172,410

0.16

25,161,911

25,186,177

(0.10)

Common shares outstanding

25,120,412

25,113,894

25,105,732

25,066,068

25,061,068

25,061,068

25,056,431

0.24

25,120,412

25,061,068

0.24

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

5.65%

5.19%

4.88%

4.71%

5.36%

4.84%

6.51%

5.24%

5.56%

Return on average shareholders' equity, excluding amortization expense

5.82%

5.36%

5.06%

4.89%

5.54%

5.11%

6.78%

5.42%

5.80%

Return on average assets

0.69%

0.62%

0.57%

0.55%

0.63%

0.54%

0.69%

0.62%

0.62%

Return on average assets, excluding amortization expense

0.71%

0.64%

0.59%

0.57%

0.65%

0.57%

0.72%

0.64%

0.65%

Net interest margin (FTE)

3.94%

3.98%

3.85%

3.84%

3.92%

3.76%

3.55%

3.93%

3.74%

Yield on earning assets (FTE)

4.63%

4.73%

4.71%

4.80%

4.96%

4.99%

4.93%

4.69%

4.95%

Cost of funding

0.68%

0.74%

0.84%

0.92%

0.99%

1.17%

1.31%

0.75%

1.16%

Average earning assets to average assets

85.62%

85.39%

84.88%

84.22%

83.95%

84.75%

84.16%

85.18%

84.42%

Average loans to average deposits

81.34%

76.89%

75.45%

75.83%

76.23%

72.47%

70.20%

77.88%

73.04%

Noninterest income (less securities gains/

      losses) to average assets

1.76%

1.50%

1.47%

1.24%

1.28%

1.18%

1.92%

1.57%

1.47%

Noninterest expense to average assets

3.77%

3.58%

3.49%

3.08%

3.54%

2.96%

3.30%

3.61%

3.26%

Net overhead ratio

2.01%

2.08%

2.01%

1.84%

2.26%

1.78%

1.38%

2.04%

1.79%

Efficiency ratio (FTE)

73.44%

71.76%

72.19%

68.92%

70.05%

68.03%

67.08%

72.47%

68.39%

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2012 -

For the Nine Months

2012

2011

Q3 2011

Ended September 30,

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Average balances

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2012

2011

Variance

Total assets

$     4,078,333

$     4,123,373

$     4,222,376

$     4,172,518

$     4,142,851

$     4,294,530

$     4,423,088

(1.56)

$     4,146,847

$     4,284,463

(3.21)

Earning assets

3,491,941

3,521,099

3,583,957

3,514,110

3,478,054

3,639,696

3,722,419

0.40

3,532,185

3,616,922

(2.34)

Securities

682,123

793,353

813,826

745,398

796,957

863,735

881,808

(14.41)

762,805

847,110

(9.95)

Loans, net of unearned

2,754,017

2,647,321

2,614,000

2,594,820

2,577,539

2,575,890

2,556,572

6.85

2,672,079

2,574,516

3.79

Intangibles

191,442

191,788

192,429

192,611

191,574

191,320

191,740

(0.07)

191,789

191,542

0.13

Noninterest-bearing deposits

$        543,767

$        531,209

$        534,867

$        523,807

$        480,699

$        468,170

$        476,115

13.12

$        536,640

$        475,009

12.97

Interest-bearing deposits

2,812,140

2,886,878

2,897,750

2,854,146

2,880,248

3,072,809

3,148,481

(2.36)

2,865,394

3,032,873

(5.52)

      Total deposits

3,355,907

3,418,087

3,432,617

3,377,953

3,360,947

3,540,979

3,624,596

(0.15)

3,402,034

3,507,882

(3.02)

Borrowed funds

177,016

168,856

238,937

260,672

259,387

261,060

290,201

(31.76)

194,871

270,103

(27.85)

Shareholders' equity

495,220

492,164

492,092

487,752

483,121

476,896

470,875

2.50

493,279

476,708

3.48

Asset quality data

Assets not subject to loss share:

Nonaccrual loans

$          29,677

$          26,099

$          26,999

$          31,154

$          40,363

$          42,331

$          46,406

(26.47)

$          29,677

$          40,363

(26.47)

Loans 90 past due or more

2,358

3,864

3,435

3,760

8,674

9,646

10,839

(72.82)

2,358

8,674

(72.82)

Nonperforming loans

32,035

29,963

30,434

34,914

49,037

51,977

57,245

(34.67)

32,035

49,037

(34.67)

Other real estate owned

48,568

58,384

64,931

70,079

72,765

68,384

71,415

(33.25)

48,568

72,765

(33.25)

Nonperforming assets not subject to loss share

$          80,603

$          88,347

$          95,365

$        104,993

$        121,802

$        120,361

$        128,660

(33.82)

$          80,603

$        121,802

(33.82)

Assets subject to loss share:

Nonaccrual loans

$          64,080

$          65,386

$          78,418

$          88,034

$          84,426

$          78,780

$          78,909

(24.10)

$          64,080

$          84,426

(24.10)

Loans 90 past due or more

-

199

1,397

1,134

12,222

10,619

7,817

(100.00)

-

12,222

(100.00)

Non-performing loans subject to loss share

64,080

65,585

79,815

89,168

96,648

89,399

86,726

(33.70)

64,080

96,648

(33.70)

Other real estate owned and repossessions

41,615

37,951

35,461

43,156

44,021

59,802

59,036

(5.47)

41,615

44,021

(5.47)

Nonperforming assets subject to loss share

$        105,695

$        103,536

$        115,276

$        132,324

$        140,669

$        149,201

$        145,762

(24.86)

$        105,695

$        140,669

(24.86)

Net loan charge-offs (recoveries)

$            5,335

$            4,097

$            4,964

$          10,192

$            4,539

$            5,284

$            3,410

17.54

$          14,396

$          13,233

8.79

Allowance for loan losses

44,069

44,779

44,176

44,340

48,532

47,571

47,505

(9.20)

44,069

48,532

(9.20)

Nonperforming loans / total loans* 

1.26%

1.25%

1.33%

1.56%

2.22%

2.38%

2.61%

1.26%

2.22%

Nonperforming assets / total assets*

1.94%

2.15%

2.28%

2.50%

2.94%

2.83%

2.91%

1.94%

2.94%

Allowance for loan losses / total loans*

1.74%

1.87%

1.94%

1.98%

2.20%

2.18%

2.17%

1.74%

2.20%

Allowance for loan losses / nonperforming loans*

137.57%

149.45%

145.15%

127.00%

98.97%

91.52%

82.99%

137.57%

98.97%

Annualized net loan charge-offs / average loans*

0.77%

0.62%

0.76%

1.56%

0.70%

0.82%

0.54%

0.72%

0.69%

Balances at period end

Total assets

$     4,164,606

$     4,112,377

$     4,176,490

$     4,202,008

$     4,136,474

$     4,259,200

$     4,422,164

0.68

$     4,164,606

$     4,136,474

0.68

Earning assets

3,595,576

3,510,654

3,551,252

3,528,980

3,480,982

3,585,441

3,724,108

3.29

3,595,576

3,480,982

3.29

Securities

680,679

676,721

834,419

796,341

718,881

833,710

880,382

(5.31)

680,679

718,881

(5.31)

Mortgage loans held for sale

39,131

25,386

25,216

28,222

24,739

11,511

9,399

58.18

39,131

24,739

58.18

Loans not subject to loss share

2,539,618

2,392,349

2,281,957

2,241,622

2,204,955

2,185,490

2,190,376

15.18

2,539,618

2,204,955

15.18

Loans subject to loss share

260,545

289,685

318,089

339,462

359,813

377,149

386,811

(27.59)

260,545

359,813

(27.59)

      Total loans

2,800,163

2,682,034

2,600,046

2,581,084

2,564,768

2,562,639

2,577,187

9.18

2,800,163

2,564,768

9.18

Intangibles

191,258

191,618

191,968

192,326

192,755

191,086

191,581

(0.78)

191,258

192,755

(0.78)

Noninterest-bearing deposits

$        554,581

$        539,237

$        535,955

$        531,910

$        493,130

$        458,686

$        486,676

12.46

$        554,581

$        493,130

12.46

Interest-bearing deposits

2,841,447

2,866,959

2,937,211

2,880,327

2,849,225

3,018,733

3,158,198

(0.27)

2,841,447

2,849,225

(0.27)

      Total deposits

3,396,028

3,406,196

3,473,166

3,412,237

3,342,355

3,477,419

3,644,874

1.61

3,396,028

3,342,355

1.61

Borrowed funds

222,907

169,979

171,753

254,709

262,569

263,067

260,149

(15.11)

222,907

262,569

(15.11)

Shareholders' equity

496,824

491,534

489,611

487,202

487,401

480,135

473,354

1.93

496,824

487,401

1.93

Market value per common share

$            19.61

$            15.71

$            16.28

$            15.00

$            12.73

$            14.49

$            16.98

54.05

$            19.61

$            12.73

54.05

Book value per common share

19.78

19.57

19.50

19.44

19.45

19.16

18.89

1.69

19.78

19.45

1.69

Tangible book value per common share

12.16

11.94

11.86

11.76

11.76

11.53

11.25

3.46

12.16

11.76

3.46

Shareholders' equity to assets (actual)

11.93%

11.95%

11.72%

11.59%

11.78%

11.27%

10.70%

11.93%

11.78%

Tangible capital ratio

7.69%

7.65%

7.47%

7.35%

7.47%

7.11%

6.66%

7.69%

7.47%

Leverage ratio

9.90%

9.68%

9.38%

9.44%

9.48%

9.10%

8.77%

9.90%

9.48%

Tier 1 risk-based capital ratio

12.73%

13.14%

13.32%

13.32%

13.63%

13.58%

13.59%

12.73%

13.63%

Total risk-based capital ratio

14.00%

14.39%

14.58%

14.58%

14.89%

14.83%

14.84%

14.00%

14.89%

*Based on assets not subject to loss share

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2012 -

For the Nine Months

2012

2011

Q3 2011

Ended September 30,

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Loans not subject to loss share by category

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2012

2011

Variance

Commercial, financial, agricultural

$        299,774

$        280,515

$        263,720

$        260,288

$        247,950

$        243,343

$        250,889

20.90

$        299,774

$        247,950

20.90

Lease financing

217

245

302

328

350

393

458

(38.00)

217

350

(38.00)

Real estate - construction

103,522

73,109

67,223

74,159

75,690

77,224

71,559

36.77

103,522

75,690

36.77

Real estate - 1-4 family mortgages

801,612

771,161

738,765

716,704

712,871

720,451

730,860

12.45

801,612

712,871

12.45

Real estate - commercial mortgages

1,275,386

1,208,057

1,153,423

1,130,143

1,106,037

1,081,801

1,073,561

15.31

1,275,386

1,106,037

15.31

Installment loans to individuals

59,107

59,262

58,524

60,000

62,057

62,278

63,049

(4.75)

59,107

62,057

(4.75)

      Loans, net of unearned

$     2,539,618

$     2,392,349

$     2,281,957

$     2,241,622

$     2,204,955

$     2,185,490

$     2,190,376

15.18

$     2,539,618

$     2,204,955

15.18

Loans subject to loss share by category

Commercial, financial, agricultural

$          11,282

$          12,758