ý
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Mississippi
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64-0676974
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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209 Troy Street, Tupelo, Mississippi
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38804-4827
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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o
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Accelerated filer
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ý
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Page
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PART I
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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(Unaudited)
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September 30,
2013 |
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December 31, 2012
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||||
Assets
|
|
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||||
Cash and due from banks
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$
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86,964
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$
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63,225
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Interest-bearing balances with banks
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146,185
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69,195
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Cash and cash equivalents
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233,149
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132,420
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Securities held to maturity (fair value of $438,014 and $334,475, respectively)
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440,055
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317,766
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Securities available for sale, at fair value
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464,733
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356,311
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Mortgage loans held for sale, at fair value
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28,466
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34,845
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Loans, net of unearned income:
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Covered under loss-share agreements
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195,997
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237,088
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Not covered under loss-share agreements
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3,685,535
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2,573,165
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Total loans, net of unearned income
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3,881,532
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2,810,253
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Allowance for loan losses
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(46,250
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)
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(44,347
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)
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Loans, net
|
3,835,282
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2,765,906
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Premises and equipment, net
|
104,458
|
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66,752
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Other real estate owned:
|
|
|
|
||||
Covered under loss-share agreements
|
16,580
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45,534
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Not covered under loss-share agreements
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40,581
|
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44,717
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Total other real estate owned, net
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57,161
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90,251
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Goodwill
|
275,328
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184,859
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Other intangible assets, net
|
29,737
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6,066
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FDIC loss-share indemnification asset
|
27,825
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44,153
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Other assets
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239,854
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|
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179,287
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Total assets
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$
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5,736,048
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$
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4,178,616
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Liabilities and shareholders’ equity
|
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Liabilities
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Deposits
|
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Noninterest-bearing
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$
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876,138
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$
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568,214
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Interest-bearing
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3,958,618
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2,893,007
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Total deposits
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4,834,756
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3,461,221
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Short-term borrowings
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6,649
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5,254
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Long-term debt
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170,518
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159,452
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Other liabilities
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66,869
|
|
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54,481
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Total liabilities
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5,078,792
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3,680,408
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Shareholders’ equity
|
|
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||||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
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—
|
|
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—
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Common stock, $5.00 par value – 75,000,000 shares authorized, 32,656,166 shares issued; 31,358,583 and 25,157,637 shares outstanding, respectively
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163,281
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|
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133,579
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Treasury stock, at cost
|
(22,957
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)
|
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(25,626
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)
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Additional paid-in capital
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341,669
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218,128
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Retained earnings
|
188,907
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180,628
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Accumulated other comprehensive loss, net of taxes
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(13,644
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)
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(8,501
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)
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||
Total shareholders’ equity
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657,256
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498,208
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Total liabilities and shareholders’ equity
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$
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5,736,048
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$
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4,178,616
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Three Months Ended
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Nine Months Ended
|
||||||||||||
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September 30,
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September 30,
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||||||||||||
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2013
|
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2012
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2013
|
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2012
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||||||||
Interest income
|
|
|
|
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||||||||
Loans
|
$
|
39,308
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$
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34,411
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$
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108,031
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$
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102,708
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Securities
|
|
|
|
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Taxable
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3,282
|
|
|
2,677
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9,504
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10,567
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Tax-exempt
|
2,001
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2,033
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5,844
|
|
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6,190
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Other
|
47
|
|
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33
|
|
|
149
|
|
|
172
|
|
||||
Total interest income
|
44,638
|
|
|
39,154
|
|
|
123,528
|
|
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119,637
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Interest expense
|
|
|
|
|
|
|
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||||||||
Deposits
|
4,313
|
|
|
4,447
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|
|
12,488
|
|
|
14,835
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||||
Borrowings
|
1,577
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1,575
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|
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4,507
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|
5,417
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|
||||
Total interest expense
|
5,890
|
|
|
6,022
|
|
|
16,995
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|
20,252
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||||
Net interest income
|
38,748
|
|
|
33,132
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106,533
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|
|
99,385
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Provision for loan losses
|
2,300
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4,625
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8,350
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14,125
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Net interest income after provision for loan losses
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36,448
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28,507
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98,183
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85,260
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|
||||
Noninterest income
|
|
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|
|
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|
||||||||
Service charges on deposit accounts
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5,361
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4,818
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14,370
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13,838
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|
||||
Fees and commissions
|
4,982
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|
4,639
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14,661
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|
12,889
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|
||||
Insurance commissions
|
1,295
|
|
|
889
|
|
|
3,107
|
|
|
2,710
|
|
||||
Wealth management revenue
|
2,091
|
|
|
1,707
|
|
|
5,530
|
|
|
5,200
|
|
||||
Gains on sales of securities
|
—
|
|
|
—
|
|
|
54
|
|
|
1,773
|
|
||||
BOLI income
|
1,904
|
|
|
689
|
|
|
3,268
|
|
|
2,453
|
|
||||
Gains on sales of mortgage loans held for sale
|
2,788
|
|
|
4,397
|
|
|
10,223
|
|
|
8,068
|
|
||||
Other
|
514
|
|
|
916
|
|
|
2,417
|
|
|
3,830
|
|
||||
Total noninterest income
|
18,935
|
|
|
18,055
|
|
|
53,630
|
|
|
50,761
|
|
||||
Noninterest expense
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
25,689
|
|
|
21,222
|
|
|
68,869
|
|
|
59,741
|
|
||||
Data processing
|
2,236
|
|
|
2,192
|
|
|
6,324
|
|
|
6,443
|
|
||||
Net occupancy and equipment
|
4,576
|
|
|
3,886
|
|
|
11,852
|
|
|
11,091
|
|
||||
Other real estate owned
|
1,537
|
|
|
2,440
|
|
|
5,359
|
|
|
9,809
|
|
||||
Professional fees
|
1,542
|
|
|
1,115
|
|
|
4,019
|
|
|
3,101
|
|
||||
Advertising and public relations
|
1,514
|
|
|
1,216
|
|
|
4,250
|
|
|
3,715
|
|
||||
Intangible amortization
|
724
|
|
|
341
|
|
|
1,361
|
|
|
1,048
|
|
||||
Communications
|
1,310
|
|
|
1,115
|
|
|
3,572
|
|
|
3,144
|
|
||||
Extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
898
|
|
||||
Merger-related expenses
|
3,763
|
|
|
—
|
|
|
4,148
|
|
|
—
|
|
||||
Other
|
3,722
|
|
|
5,145
|
|
|
12,193
|
|
|
13,094
|
|
||||
Total noninterest expense
|
46,613
|
|
|
38,672
|
|
|
121,947
|
|
|
112,084
|
|
||||
Income before income taxes
|
8,770
|
|
|
7,890
|
|
|
29,866
|
|
|
23,937
|
|
||||
Income taxes
|
2,133
|
|
|
853
|
|
|
7,639
|
|
|
4,581
|
|
||||
Net income
|
$
|
6,637
|
|
|
$
|
7,037
|
|
|
$
|
22,227
|
|
|
$
|
19,356
|
|
Basic earnings per share
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
$
|
0.86
|
|
|
$
|
0.77
|
|
Diluted earnings per share
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
$
|
0.85
|
|
|
$
|
0.77
|
|
Cash dividends per common share
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
$
|
0.51
|
|
|
$
|
0.51
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Net income
|
$
|
6,637
|
|
|
$
|
7,037
|
|
|
$
|
22,227
|
|
|
$
|
19,356
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Securities:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gains (losses) on securities
|
782
|
|
|
2,486
|
|
|
(6,091
|
)
|
|
4,594
|
|
||||
Reclassification adjustment for losses (gains) realized in net income
|
—
|
|
|
—
|
|
|
71
|
|
|
(1,095
|
)
|
||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(49
|
)
|
|
(83
|
)
|
|
(169
|
)
|
|
(276
|
)
|
||||
Total securities
|
733
|
|
|
2,403
|
|
|
(6,189
|
)
|
|
3,223
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding (losses) gains on derivative instruments
|
(297
|
)
|
|
(241
|
)
|
|
902
|
|
|
(1,379
|
)
|
||||
Reclassification adjustment for gains realized in net income
|
(22
|
)
|
|
(71
|
)
|
|
(126
|
)
|
|
(259
|
)
|
||||
Totals derivative instruments
|
(319
|
)
|
|
(312
|
)
|
|
776
|
|
|
(1,638
|
)
|
||||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
|
|
||||||||
Net (loss) gain arising during the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Less amortization of net actuarial loss recognized in net periodic pension cost
|
113
|
|
|
66
|
|
|
270
|
|
|
198
|
|
||||
Total defined benefit pension and post-retirement benefit plans
|
113
|
|
|
66
|
|
|
270
|
|
|
198
|
|
||||
Other comprehensive loss, net of tax
|
527
|
|
|
2,157
|
|
|
(5,143
|
)
|
|
1,783
|
|
||||
Comprehensive income
|
$
|
7,164
|
|
|
$
|
9,194
|
|
|
$
|
17,084
|
|
|
$
|
21,139
|
|
|
Nine Months Ended September 30,
|
||||||
|
2013
|
|
2012
|
||||
Operating activities
|
|
|
|
||||
Net cash provided by operating activities
|
$
|
124,122
|
|
|
$
|
134,775
|
|
Investing activities
|
|
|
|
||||
Purchases of securities available for sale
|
(106,521
|
)
|
|
(107,235
|
)
|
||
Proceeds from sales of securities available for sale
|
9,015
|
|
|
86,850
|
|
||
Proceeds from call/maturities of securities available for sale
|
62,606
|
|
|
106,391
|
|
||
Purchases of securities held to maturity
|
(70,075
|
)
|
|
(99,045
|
)
|
||
Proceeds from sales of securities held to maturity
|
4,461
|
|
|
—
|
|
||
Proceeds from call/maturities of securities held to maturity
|
84,667
|
|
|
131,483
|
|
||
Net increase in loans
|
(190,010
|
)
|
|
(270,091
|
)
|
||
Purchases of premises and equipment
|
(8,685
|
)
|
|
(13,568
|
)
|
||
Proceeds from sales of premises and equipment
|
—
|
|
|
108
|
|
||
Net cash received in acquisition
|
170,061
|
|
|
—
|
|
||
Net cash used in investing activities
|
(44,481
|
)
|
|
(165,107
|
)
|
||
Financing activities
|
|
|
|
||||
Net increase in noninterest-bearing deposits
|
20,770
|
|
|
22,671
|
|
||
Net increase (decrease) in interest-bearing deposits
|
26,735
|
|
|
(38,880
|
)
|
||
Net (decrease) increase in short-term borrowings
|
(5,394
|
)
|
|
53,474
|
|
||
Repayment of long-term debt
|
(7,326
|
)
|
|
(85,155
|
)
|
||
Cash paid for dividends
|
(13,951
|
)
|
|
(12,832
|
)
|
||
Cash received on exercise of stock-based compensation
|
99
|
|
|
435
|
|
||
Excess tax benefit from stock-based compensation
|
155
|
|
|
20
|
|
||
Net cash provided by (used in) financing activities
|
21,088
|
|
|
(60,267
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
100,729
|
|
|
(90,599
|
)
|
||
Cash and cash equivalents at beginning of period
|
132,420
|
|
|
209,017
|
|
||
Cash and cash equivalents at end of period
|
$
|
233,149
|
|
|
$
|
118,418
|
|
Supplemental disclosures
|
|
|
|
||||
Noncash transactions:
|
|
|
|
||||
Transfers of loans to other real estate owned
|
$
|
13,747
|
|
|
$
|
34,217
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
149,056
|
|
|
$
|
13
|
|
|
$
|
(7,707
|
)
|
|
$
|
141,362
|
|
Obligations of states and political subdivisions
|
290,999
|
|
|
8,352
|
|
|
(2,699
|
)
|
|
296,652
|
|
||||
|
$
|
440,055
|
|
|
$
|
8,365
|
|
|
$
|
(10,406
|
)
|
|
$
|
438,014
|
|
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
90,045
|
|
|
$
|
116
|
|
|
$
|
(232
|
)
|
|
$
|
89,929
|
|
Obligations of states and political subdivisions
|
227,721
|
|
|
16,860
|
|
|
(35
|
)
|
|
244,546
|
|
||||
|
$
|
317,766
|
|
|
$
|
16,976
|
|
|
$
|
(267
|
)
|
|
$
|
334,475
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
6,151
|
|
|
$
|
146
|
|
|
$
|
(211
|
)
|
|
$
|
6,086
|
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
221,276
|
|
|
3,264
|
|
|
(3,610
|
)
|
|
220,930
|
|
||||
Government agency collateralized mortgage obligations
|
151,340
|
|
|
1,793
|
|
|
(3,777
|
)
|
|
149,356
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
41,440
|
|
|
1,486
|
|
|
(547
|
)
|
|
42,379
|
|
||||
Government agency collateralized mortgage obligations
|
5,029
|
|
|
82
|
|
|
—
|
|
|
5,111
|
|
||||
Trust preferred securities
|
27,629
|
|
|
—
|
|
|
(10,876
|
)
|
|
16,753
|
|
||||
Other debt securities
|
20,174
|
|
|
280
|
|
|
(213
|
)
|
|
20,241
|
|
||||
Other equity securities
|
2,775
|
|
|
1,102
|
|
|
—
|
|
|
3,877
|
|
||||
|
$
|
475,814
|
|
|
$
|
8,153
|
|
|
$
|
(19,234
|
)
|
|
$
|
464,733
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
2,169
|
|
|
$
|
273
|
|
|
$
|
—
|
|
|
$
|
2,442
|
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
139,699
|
|
|
5,209
|
|
|
(91
|
)
|
|
144,817
|
|
||||
Government agency collateralized mortgage obligations
|
115,647
|
|
|
2,273
|
|
|
(399
|
)
|
|
117,521
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
41,981
|
|
|
3,077
|
|
|
—
|
|
|
45,058
|
|
||||
Government agency collateralized mortgage obligations
|
5,091
|
|
|
316
|
|
|
—
|
|
|
5,407
|
|
||||
Trust preferred securities
|
28,612
|
|
|
—
|
|
|
(13,544
|
)
|
|
15,068
|
|
||||
Other debt securities
|
22,079
|
|
|
852
|
|
|
(1
|
)
|
|
22,930
|
|
||||
Other equity securities
|
2,355
|
|
|
713
|
|
|
—
|
|
|
3,068
|
|
||||
|
$
|
357,633
|
|
|
$
|
12,713
|
|
|
$
|
(14,035
|
)
|
|
$
|
356,311
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Gross gains on sales of securities available for sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,850
|
|
Gross losses on sales of securities available for sale
|
—
|
|
|
—
|
|
|
(115
|
)
|
|
(77
|
)
|
||||
(Loss) Gain on sales of securities available for sale, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(115
|
)
|
|
$
|
1,773
|
|
|
Held to Maturity
|
|
Available for Sale
|
||||||||||||
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Due within one year
|
$
|
34,535
|
|
|
$
|
34,604
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
52,911
|
|
|
54,378
|
|
|
1,084
|
|
|
1,161
|
|
||||
Due after five years through ten years
|
196,982
|
|
|
191,821
|
|
|
5,067
|
|
|
4,925
|
|
||||
Due after ten years
|
155,627
|
|
|
157,211
|
|
|
27,629
|
|
|
16,753
|
|
||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
—
|
|
|
221,276
|
|
|
220,930
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
151,340
|
|
|
149,356
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
—
|
|
|
41,440
|
|
|
42,379
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
5,029
|
|
|
5,111
|
|
||||
Other debt securities
|
—
|
|
|
—
|
|
|
20,174
|
|
|
20,241
|
|
||||
Other equity securities
|
—
|
|
|
—
|
|
|
2,775
|
|
|
3,877
|
|
||||
|
$
|
440,055
|
|
|
$
|
438,014
|
|
|
$
|
475,814
|
|
|
$
|
464,733
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||||||||
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
30
|
|
$
|
138,850
|
|
|
$
|
(7,707
|
)
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
30
|
|
$
|
138,850
|
|
|
$
|
(7,707
|
)
|
Obligations of states and political subdivisions
|
110
|
|
59,395
|
|
|
(2,699
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
110
|
|
59,395
|
|
|
(2,699
|
)
|
||||||
Total
|
140
|
|
$
|
198,245
|
|
|
$
|
(10,406
|
)
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
140
|
|
198,245
|
|
|
$
|
(10,406
|
)
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
8
|
|
$
|
35,224
|
|
|
$
|
(232
|
)
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
8
|
|
$
|
35,224
|
|
|
$
|
(232
|
)
|
Obligations of states and political subdivisions
|
4
|
|
2,861
|
|
|
(34
|
)
|
|
1
|
|
126
|
|
|
(1
|
)
|
|
5
|
|
2,987
|
|
|
(35
|
)
|
||||||
Total
|
12
|
|
$
|
38,085
|
|
|
$
|
(266
|
)
|
|
1
|
|
$
|
126
|
|
|
$
|
(1
|
)
|
|
13
|
|
$
|
38,211
|
|
|
$
|
(267
|
)
|
Available for Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
1
|
|
$
|
3,789
|
|
|
$
|
(211
|
)
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
$
|
3,789
|
|
|
$
|
(211
|
)
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
24
|
|
95,531
|
|
|
(3,610
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
24
|
|
95,531
|
|
|
(3,610
|
)
|
||||||
Government agency collateralized mortgage obligations
|
18
|
|
76,248
|
|
|
(3,476
|
)
|
|
2
|
|
7,335
|
|
|
(301
|
)
|
|
20
|
|
83,583
|
|
|
(3,777
|
)
|
||||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
4
|
|
16,672
|
|
|
(547
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
4
|
|
16,672
|
|
|
(547
|
)
|
||||||
Government agency collateralized mortgage obligations
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
||||||
Trust preferred securities
|
0
|
|
—
|
|
|
—
|
|
|
4
|
|
16,753
|
|
|
(10,876
|
)
|
|
4
|
|
16,753
|
|
|
(10,876
|
)
|
||||||
Other debt securities
|
1
|
|
2,764
|
|
|
(206
|
)
|
|
1
|
|
1,971
|
|
|
(7
|
)
|
|
2
|
|
4,735
|
|
|
(213
|
)
|
||||||
Total
|
48
|
|
$
|
195,004
|
|
|
$
|
(8,050
|
)
|
|
7
|
|
$
|
26,059
|
|
|
$
|
(11,184
|
)
|
|
55
|
|
$
|
221,063
|
|
|
$
|
(19,234
|
)
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
3
|
|
15,431
|
|
|
(91
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
3
|
|
15,431
|
|
|
(91
|
)
|
||||||
Government agency collateralized mortgage obligations
|
11
|
|
44,616
|
|
|
(389
|
)
|
|
1
|
|
1,605
|
|
|
(10
|
)
|
|
12
|
|
46,221
|
|
|
(399
|
)
|
||||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
||||||
Government agency collateralized mortgage obligations
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
||||||
Trust preferred securities
|
0
|
|
—
|
|
|
—
|
|
|
4
|
|
15,068
|
|
|
(13,544
|
)
|
|
4
|
|
15,068
|
|
|
(13,544
|
)
|
||||||
Other debt securities
|
0
|
|
—
|
|
|
—
|
|
|
1
|
|
2,188
|
|
|
(1
|
)
|
|
1
|
|
2,188
|
|
|
(1
|
)
|
||||||
Other equity securities
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
||||||
Total
|
14
|
|
$
|
60,047
|
|
|
$
|
(480
|
)
|
|
6
|
|
$
|
18,861
|
|
|
$
|
(13,555
|
)
|
|
20
|
|
$
|
78,908
|
|
|
$
|
(14,035
|
)
|
Name
|
Single/
Pooled
|
|
Class/
Tranche
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Lowest
Credit
Rating
|
|
Issuers
Currently in
Deferral or
Default
|
|||||||
XIII
|
Pooled
|
|
B-2
|
|
$
|
1,155
|
|
|
$
|
1,140
|
|
|
$
|
(15
|
)
|
|
Caa3
|
|
28
|
%
|
XXIII
|
Pooled
|
|
B-2
|
|
8,831
|
|
|
5,547
|
|
|
(3,284
|
)
|
|
B1
|
|
21
|
%
|
|||
XXIV
|
Pooled
|
|
B-2
|
|
12,076
|
|
|
6,782
|
|
|
(5,294
|
)
|
|
Ca
|
|
34
|
%
|
|||
XXVI
|
Pooled
|
|
B-2
|
|
5,567
|
|
|
3,284
|
|
|
(2,283
|
)
|
|
Ca
|
|
31
|
%
|
|||
|
|
|
|
|
$
|
27,629
|
|
|
$
|
16,753
|
|
|
$
|
(10,876
|
)
|
|
|
|
|
|
2013
|
|
2012
|
||||
Balance at January 1
|
$
|
(3,337
|
)
|
|
$
|
(3,337
|
)
|
Additions related to credit losses for which OTTI was not previously recognized
|
—
|
|
|
—
|
|
||
Increases in credit loss for which OTTI was previously recognized
|
—
|
|
|
—
|
|
||
Balance at September 30
|
$
|
(3,337
|
)
|
|
$
|
(3,337
|
)
|
|
September 30,
2013 |
|
December 31, 2012
|
||||
Commercial, financial, agricultural
|
$
|
481,243
|
|
|
$
|
317,050
|
|
Lease financing
|
76
|
|
|
195
|
|
||
Real estate – construction
|
152,217
|
|
|
105,706
|
|
||
Real estate – 1-4 family mortgage
|
1,192,223
|
|
|
903,423
|
|
||
Real estate – commercial mortgage
|
1,960,584
|
|
|
1,426,643
|
|
||
Installment loans to individuals
|
95,190
|
|
|
57,241
|
|
||
Gross loans
|
3,881,533
|
|
|
2,810,258
|
|
||
Unearned income
|
(1
|
)
|
|
(5
|
)
|
||
Loans, net of unearned income
|
3,881,532
|
|
|
2,810,253
|
|
||
Allowance for loan losses
|
(46,250
|
)
|
|
(44,347
|
)
|
||
Net loans
|
$
|
3,835,282
|
|
|
$
|
2,765,906
|
|
|
Accruing Loans
|
|
Nonaccruing Loans
|
|
|
||||||||||||||||||||||||||||||
|
30-89 Days
Past Due
|
|
90 Days
or More
Past Due
|
|
Current
Loans
|
|
Total
Loans
|
|
30-89 Days
Past Due
|
|
90 Days
or More
Past Due
|
|
Current
Loans
|
|
Total
Loans
|
|
Total
Loans
|
||||||||||||||||||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
1,362
|
|
|
$
|
272
|
|
|
$
|
476,874
|
|
|
$
|
478,508
|
|
|
$
|
—
|
|
|
$
|
1,922
|
|
|
$
|
813
|
|
|
$
|
2,735
|
|
|
$
|
481,243
|
|
Lease financing
|
—
|
|
|
—
|
|
|
76
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|||||||||
Real estate – construction
|
1
|
|
|
592
|
|
|
149,976
|
|
|
150,569
|
|
|
—
|
|
|
1,648
|
|
|
—
|
|
|
1,648
|
|
|
152,217
|
|
|||||||||
Real estate – 1-4 family mortgage
|
11,965
|
|
|
3,436
|
|
|
1,158,038
|
|
|
1,173,439
|
|
|
2,276
|
|
|
5,788
|
|
|
10,720
|
|
|
18,784
|
|
|
1,192,223
|
|
|||||||||
Real estate – commercial mortgage
|
10,526
|
|
|
6,796
|
|
|
1,896,754
|
|
|
1,914,076
|
|
|
3,294
|
|
|
33,224
|
|
|
9,990
|
|
|
46,508
|
|
|
1,960,584
|
|
|||||||||
Installment loans to individuals
|
324
|
|
|
56
|
|
|
94,681
|
|
|
95,061
|
|
|
—
|
|
|
129
|
|
|
—
|
|
|
129
|
|
|
95,190
|
|
|||||||||
Unearned income
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||||||
Total
|
$
|
24,178
|
|
|
$
|
11,152
|
|
|
$
|
3,776,398
|
|
|
$
|
3,811,728
|
|
|
$
|
5,570
|
|
|
$
|
42,711
|
|
|
$
|
21,523
|
|
|
$
|
69,804
|
|
|
$
|
3,881,532
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
484
|
|
|
$
|
15
|
|
|
$
|
312,943
|
|
|
$
|
313,442
|
|
|
$
|
215
|
|
|
$
|
3,131
|
|
|
$
|
262
|
|
|
$
|
3,608
|
|
|
$
|
317,050
|
|
Lease financing
|
—
|
|
|
—
|
|
|
195
|
|
|
195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|||||||||
Real estate – construction
|
80
|
|
|
—
|
|
|
103,978
|
|
|
104,058
|
|
|
—
|
|
|
1,648
|
|
|
—
|
|
|
1,648
|
|
|
105,706
|
|
|||||||||
Real estate – 1-4 family mortgage
|
6,685
|
|
|
1,992
|
|
|
867,053
|
|
|
875,730
|
|
|
1,249
|
|
|
13,417
|
|
|
13,027
|
|
|
27,693
|
|
|
903,423
|
|
|||||||||
Real estate – commercial mortgage
|
5,084
|
|
|
1,250
|
|
|
1,373,470
|
|
|
1,379,804
|
|
|
325
|
|
|
38,297
|
|
|
8,217
|
|
|
46,839
|
|
|
1,426,643
|
|
|||||||||
Installment loans to individuals
|
197
|
|
|
50
|
|
|
56,715
|
|
|
56,962
|
|
|
7
|
|
|
265
|
|
|
7
|
|
|
279
|
|
|
57,241
|
|
|||||||||
Unearned income
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||||||||
Total
|
$
|
12,530
|
|
|
$
|
3,307
|
|
|
$
|
2,714,349
|
|
|
$
|
2,730,186
|
|
|
$
|
1,796
|
|
|
$
|
56,758
|
|
|
$
|
21,513
|
|
|
$
|
80,067
|
|
|
$
|
2,810,253
|
|
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With
Allowance
|
|
Recorded
Investment
With No
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
6,536
|
|
|
$
|
603
|
|
|
$
|
2,193
|
|
|
$
|
2,796
|
|
|
$
|
260
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – construction
|
2,447
|
|
|
—
|
|
|
1,648
|
|
|
1,648
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
39,279
|
|
|
25,285
|
|
|
4,776
|
|
|
30,061
|
|
|
7,569
|
|
|||||
Real estate – commercial mortgage
|
107,940
|
|
|
30,545
|
|
|
39,269
|
|
|
69,814
|
|
|
7,079
|
|
|||||
Installment loans to individuals
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
156,202
|
|
|
$
|
56,433
|
|
|
$
|
47,886
|
|
|
$
|
104,319
|
|
|
$
|
14,908
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
5,142
|
|
|
$
|
1,620
|
|
|
$
|
1,620
|
|
|
$
|
3,240
|
|
|
$
|
708
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – construction
|
2,447
|
|
|
—
|
|
|
1,648
|
|
|
1,648
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
80,022
|
|
|
28,848
|
|
|
10,094
|
|
|
38,942
|
|
|
9,201
|
|
|||||
Real estate – commercial mortgage
|
118,167
|
|
|
34,400
|
|
|
39,450
|
|
|
73,850
|
|
|
7,688
|
|
|||||
Installment loans to individuals
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Totals
|
$
|
205,778
|
|
|
$
|
64,868
|
|
|
$
|
52,812
|
|
|
$
|
117,680
|
|
|
$
|
17,597
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
September 30, 2013
|
|
September 30, 2012
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
(1)
|
||||||||
Commercial, financial, agricultural
|
$
|
5,183
|
|
|
$
|
4
|
|
|
$
|
3,474
|
|
|
$
|
25
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
1,650
|
|
|
—
|
|
|
2,086
|
|
|
6
|
|
||||
Real estate – 1-4 family mortgage
|
32,274
|
|
|
158
|
|
|
58,104
|
|
|
917
|
|
||||
Real estate – commercial mortgage
|
75,312
|
|
|
379
|
|
|
89,463
|
|
|
620
|
|
||||
Installment loans to individuals
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
114,419
|
|
|
$
|
541
|
|
|
$
|
153,127
|
|
|
$
|
1,568
|
|
(1)
|
Includes interest income recognized using the cash-basis method of income recognition of
$814
.
No
interest income was recognized using the cash-basis method of income recognition during the three months ended
September 30, 2013
.
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2013
|
|
September 30, 2012
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
(1)
|
||||||||
Commercial, financial, agricultural
|
$
|
5,123
|
|
|
$
|
4
|
|
|
$
|
3,610
|
|
|
$
|
41
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
1,650
|
|
|
—
|
|
|
2,087
|
|
|
6
|
|
||||
Real estate – 1-4 family mortgage
|
33,181
|
|
|
449
|
|
|
62,320
|
|
|
1,515
|
|
||||
Real estate – commercial mortgage
|
75,997
|
|
|
845
|
|
|
95,050
|
|
|
1,696
|
|
||||
Installment loans to individuals
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
115,951
|
|
|
$
|
1,298
|
|
|
$
|
163,067
|
|
|
$
|
3,258
|
|
(1)
|
Includes interest income recognized using the cash-basis method of income recognition of
$1,128
.
No
interest income was recognized using the cash-basis method of income recognition during the
nine months ended
September 30, 2013
.
|
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
September 30, 2013
|
|
|
|
|
|
|||||
Commercial, financial, agricultural
|
1
|
|
|
$
|
—
|
|
|
$
|
20
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
||
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
||
Real estate – 1-4 family mortgage
|
23
|
|
|
18,670
|
|
|
10,625
|
|
||
Real estate – commercial mortgage
|
16
|
|
|
12,224
|
|
|
11,419
|
|
||
Installment loans to individuals
|
1
|
|
|
—
|
|
|
172
|
|
||
Total
|
41
|
|
|
$
|
30,894
|
|
|
$
|
22,236
|
|
December 31, 2012
|
|
|
|
|
|
|||||
Commercial, financial, agricultural
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
||
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
||
Real estate – 1-4 family mortgage
|
19
|
|
|
18,450
|
|
|
10,853
|
|
||
Real estate – commercial mortgage
|
16
|
|
|
18,985
|
|
|
18,409
|
|
||
Installment loans to individuals
|
1
|
|
|
184
|
|
|
174
|
|
||
Total
|
36
|
|
|
$
|
37,619
|
|
|
$
|
29,436
|
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||
Totals at January 1, 2013
|
36
|
|
|
$
|
29,436
|
|
Additional loans with concessions
|
13
|
|
|
4,319
|
|
|
Reductions due to:
|
|
|
|
|||
Reclassified as nonperforming
|
(2
|
)
|
|
(3,227
|
)
|
|
Charge-offs
|
(2
|
)
|
|
(877
|
)
|
|
Transfer to other real estate owned
|
—
|
|
|
—
|
|
|
Principal paydowns
|
|
|
(1,674
|
)
|
||
Lapse of concession period
|
(4
|
)
|
|
(5,741
|
)
|
|
Totals at September 30, 2013
|
41
|
|
|
$
|
22,236
|
|
|
Pass
|
|
Watch
|
|
Substandard
|
|
Total
|
||||||||
September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
330,739
|
|
|
$
|
27,455
|
|
|
$
|
1,868
|
|
|
$
|
360,062
|
|
Real estate – construction
|
106,040
|
|
|
922
|
|
|
—
|
|
|
106,962
|
|
||||
Real estate – 1-4 family mortgage
|
129,710
|
|
|
13,960
|
|
|
28,652
|
|
|
172,322
|
|
||||
Real estate – commercial mortgage
|
1,347,068
|
|
|
31,917
|
|
|
36,377
|
|
|
1,415,362
|
|
||||
Installment loans to individuals
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Total
|
$
|
1,913,561
|
|
|
$
|
74,254
|
|
|
$
|
66,897
|
|
|
$
|
2,054,712
|
|
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
226,540
|
|
|
$
|
1,939
|
|
|
$
|
3,218
|
|
|
$
|
231,697
|
|
Real estate – construction
|
71,633
|
|
|
651
|
|
|
—
|
|
|
72,284
|
|
||||
Real estate – 1-4 family mortgage
|
96,147
|
|
|
24,138
|
|
|
32,589
|
|
|
152,874
|
|
||||
Real estate – commercial mortgage
|
989,095
|
|
|
46,148
|
|
|
37,996
|
|
|
1,073,239
|
|
||||
Installment loans to individuals
|
7
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||
Total
|
$
|
1,383,422
|
|
|
$
|
72,876
|
|
|
$
|
73,803
|
|
|
$
|
1,530,101
|
|
|
Performing
|
|
Non-
Performing
|
|
Total
|
||||||
September 30, 2013
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
82,283
|
|
|
$
|
164
|
|
|
$
|
82,447
|
|
Lease financing
|
75
|
|
|
—
|
|
|
75
|
|
|||
Real estate – construction
|
41,045
|
|
|
—
|
|
|
41,045
|
|
|||
Real estate – 1-4 family mortgage
|
910,066
|
|
|
2,667
|
|
|
912,733
|
|
|||
Real estate – commercial mortgage
|
227,578
|
|
|
263
|
|
|
227,841
|
|
|||
Installment loans to individuals
|
87,388
|
|
|
95
|
|
|
87,483
|
|
|||
Total
|
$
|
1,348,435
|
|
|
$
|
3,189
|
|
|
$
|
1,351,624
|
|
December 31, 2012
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
74,003
|
|
|
$
|
210
|
|
|
$
|
74,213
|
|
Lease financing
|
195
|
|
|
—
|
|
|
195
|
|
|||
Real estate – construction
|
31,774
|
|
|
—
|
|
|
31,774
|
|
|||
Real estate – 1-4 family mortgage
|
670,074
|
|
|
5,328
|
|
|
675,402
|
|
|||
Real estate – commercial mortgage
|
195,086
|
|
|
449
|
|
|
195,535
|
|
|||
Installment loans to individuals
|
54,918
|
|
|
91
|
|
|
55,009
|
|
|||
Total
|
$
|
1,026,050
|
|
|
$
|
6,078
|
|
|
$
|
1,032,128
|
|
|
Impaired
Covered
Loans
|
|
Other
Covered
Loans
|
|
Not
Covered
Loans
|
|
Total
|
||||||||
September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
—
|
|
|
$
|
10,295
|
|
|
$
|
26,186
|
|
|
$
|
36,481
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
—
|
|
|
1,648
|
|
|
4,235
|
|
|
5,883
|
|
||||
Real estate – 1-4 family mortgage
|
1,040
|
|
|
55,683
|
|
|
51,610
|
|
|
108,333
|
|
||||
Real estate – commercial mortgage
|
24,279
|
|
|
103,036
|
|
|
196,548
|
|
|
323,863
|
|
||||
Installment loans to individuals
|
—
|
|
|
31
|
|
|
7,489
|
|
|
7,520
|
|
||||
Total
|
$
|
25,319
|
|
|
$
|
170,693
|
|
|
$
|
286,068
|
|
|
$
|
482,080
|
|
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
—
|
|
|
$
|
10,800
|
|
|
$
|
340
|
|
|
$
|
11,140
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
—
|
|
|
1,648
|
|
|
—
|
|
|
1,648
|
|
||||
Real estate – 1-4 family mortgage
|
6,122
|
|
|
67,326
|
|
|
1,699
|
|
|
75,147
|
|
||||
Real estate – commercial mortgage
|
25,782
|
|
|
125,379
|
|
|
6,708
|
|
|
157,869
|
|
||||
Installment loans to individuals
|
—
|
|
|
31
|
|
|
2,194
|
|
|
2,225
|
|
||||
Total
|
$
|
31,904
|
|
|
$
|
205,184
|
|
|
$
|
10,941
|
|
|
$
|
248,029
|
|
|
Impaired
Covered
Loans
|
|
Other
Covered
Loans
|
|
Not
Covered
Loans
|
|
Total
|
||||||||
Contractually-required principal and interest
|
$
|
67,522
|
|
|
$
|
214,907
|
|
|
$
|
371,358
|
|
|
$
|
653,787
|
|
Nonaccretable difference
(1)
|
(42,202
|
)
|
|
(40,896
|
)
|
|
(48,859
|
)
|
|
(131,957
|
)
|
||||
Cash flows expected to be collected
|
25,320
|
|
|
174,011
|
|
|
322,499
|
|
|
521,830
|
|
||||
Accretable yield
(2)
|
(1
|
)
|
|
(3,318
|
)
|
|
(36,431
|
)
|
|
(39,750
|
)
|
||||
Fair value
|
$
|
25,319
|
|
|
$
|
170,693
|
|
|
$
|
286,068
|
|
|
$
|
482,080
|
|
(1)
|
Represents contractual principal and interest cash flows of
$641,495
and
$12,292
, respectively, not expected to be collected.
|
(2)
|
Represents contractual interest payments of
$3,355
expected to be collected and purchase discount of
$36,395
.
|
|
Impaired
Covered
Loans
|
|
Other
Covered
Loans
|
|
Not
Covered
Loans
|
|
Total
|
||||||||
Balance at January 1, 2013
|
$
|
(13
|
)
|
|
$
|
(6,705
|
)
|
|
$
|
(1,130
|
)
|
|
$
|
(7,848
|
)
|
Reclasses from nonaccretable difference
|
(109
|
)
|
|
(3,557
|
)
|
|
(36,668
|
)
|
|
(40,334
|
)
|
||||
Accretion
|
121
|
|
|
6,944
|
|
|
1,367
|
|
|
8,432
|
|
||||
Balance at September 30, 2013
|
$
|
(1
|
)
|
|
$
|
(3,318
|
)
|
|
$
|
(36,431
|
)
|
|
$
|
(39,750
|
)
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Three Months Ended September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
3,478
|
|
|
$
|
863
|
|
|
$
|
19,432
|
|
|
$
|
22,239
|
|
|
$
|
1,022
|
|
|
$
|
47,034
|
|
Charge-offs
|
(887
|
)
|
|
—
|
|
|
(1,251
|
)
|
|
(1,106
|
)
|
|
(82
|
)
|
|
(3,326
|
)
|
||||||
Recoveries
|
54
|
|
|
7
|
|
|
120
|
|
|
38
|
|
|
23
|
|
|
242
|
|
||||||
Net (charge-offs) recoveries
|
(833
|
)
|
|
7
|
|
|
(1,131
|
)
|
|
(1,068
|
)
|
|
(59
|
)
|
|
(3,084
|
)
|
||||||
Provision for loan losses
|
364
|
|
|
44
|
|
|
370
|
|
|
1,975
|
|
|
15
|
|
|
2,768
|
|
||||||
Benefit attributable to FDIC loss-share agreements
|
(67
|
)
|
|
—
|
|
|
(326
|
)
|
|
(129
|
)
|
|
—
|
|
|
(522
|
)
|
||||||
Recoveries payable to FDIC
|
5
|
|
|
—
|
|
|
45
|
|
|
4
|
|
|
—
|
|
|
54
|
|
||||||
Provision for loan losses charged to operations
|
302
|
|
|
44
|
|
|
89
|
|
|
1,850
|
|
|
15
|
|
|
2,300
|
|
||||||
Ending balance
|
$
|
2,947
|
|
|
$
|
914
|
|
|
$
|
18,390
|
|
|
$
|
23,021
|
|
|
$
|
978
|
|
|
$
|
46,250
|
|
Nine Months Ended September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
3,307
|
|
|
$
|
711
|
|
|
$
|
18,347
|
|
|
$
|
21,416
|
|
|
$
|
566
|
|
|
$
|
44,347
|
|
Charge-offs
|
(1,167
|
)
|
|
—
|
|
|
(2,517
|
)
|
|
(4,226
|
)
|
|
(434
|
)
|
|
(8,344
|
)
|
||||||
Recoveries
|
301
|
|
|
70
|
|
|
591
|
|
|
885
|
|
|
50
|
|
|
1,897
|
|
||||||
Net (charge-offs) recoveries
|
(866
|
)
|
|
70
|
|
|
(1,926
|
)
|
|
(3,341
|
)
|
|
(384
|
)
|
|
(6,447
|
)
|
||||||
Provision for loan losses
|
874
|
|
|
132
|
|
|
2,088
|
|
|
5,762
|
|
|
796
|
|
|
9,652
|
|
||||||
Benefit attributable to FDIC loss-share agreements
|
(397
|
)
|
|
—
|
|
|
(956
|
)
|
|
(840
|
)
|
|
—
|
|
|
(2,193
|
)
|
||||||
Recoveries payable to FDIC
|
29
|
|
|
1
|
|
|
837
|
|
|
24
|
|
|
—
|
|
|
891
|
|
||||||
Provision for loan losses charged to operations
|
506
|
|
|
133
|
|
|
1,969
|
|
|
4,946
|
|
|
796
|
|
|
8,350
|
|
||||||
Ending balance
|
$
|
2,947
|
|
|
$
|
914
|
|
|
$
|
18,390
|
|
|
$
|
23,021
|
|
|
$
|
978
|
|
|
$
|
46,250
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
260
|
|
|
$
|
—
|
|
|
$
|
7,569
|
|
|
$
|
7,079
|
|
|
$
|
—
|
|
|
$
|
14,908
|
|
Collectively evaluated for impairment
|
2,687
|
|
|
914
|
|
|
10,821
|
|
|
15,942
|
|
|
978
|
|
|
31,342
|
|
||||||
Acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Ending balance
|
$
|
2,947
|
|
|
$
|
914
|
|
|
$
|
18,390
|
|
|
$
|
23,021
|
|
|
$
|
978
|
|
|
$
|
46,250
|
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Three Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
3,235
|
|
|
$
|
966
|
|
|
$
|
18,980
|
|
|
$
|
20,765
|
|
|
$
|
833
|
|
|
$
|
44,779
|
|
Charge-offs
|
(2,590
|
)
|
|
—
|
|
|
(2,682
|
)
|
|
(780
|
)
|
|
(118
|
)
|
|
(6,170
|
)
|
||||||
Recoveries
|
145
|
|
|
3
|
|
|
648
|
|
|
22
|
|
|
17
|
|
|
835
|
|
||||||
Net (charge-offs) recoveries
|
(2,445
|
)
|
|
3
|
|
|
(2,034
|
)
|
|
(758
|
)
|
|
(101
|
)
|
|
(5,335
|
)
|
||||||
Provision for loan losses
|
2,795
|
|
|
79
|
|
|
2,269
|
|
|
988
|
|
|
(164
|
)
|
|
5,967
|
|
||||||
Benefit attributable to FDIC loss-share agreements
|
(335
|
)
|
|
—
|
|
|
(1,187
|
)
|
|
(60
|
)
|
|
—
|
|
|
(1,582
|
)
|
||||||
Recoveries payable to FDIC
|
2
|
|
|
—
|
|
|
162
|
|
|
76
|
|
|
—
|
|
|
240
|
|
||||||
Provision for loan losses charged to operations
|
2,462
|
|
|
79
|
|
|
1,244
|
|
|
1,004
|
|
|
(164
|
)
|
|
4,625
|
|
||||||
Ending balance
|
$
|
3,252
|
|
|
$
|
1,048
|
|
|
$
|
18,190
|
|
|
$
|
21,011
|
|
|
$
|
568
|
|
|
$
|
44,069
|
|
Nine Months Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
4,197
|
|
|
$
|
1,073
|
|
|
$
|
17,191
|
|
|
$
|
20,979
|
|
|
$
|
900
|
|
|
$
|
44,340
|
|
Charge-offs
|
(4,623
|
)
|
|
(42
|
)
|
|
(7,230
|
)
|
|
(3,806
|
)
|
|
(321
|
)
|
|
(16,022
|
)
|
||||||
Recoveries
|
323
|
|
|
6
|
|
|
981
|
|
|
247
|
|
|
69
|
|
|
1,626
|
|
||||||
Net charge-offs
|
(4,300
|
)
|
|
(36
|
)
|
|
(6,249
|
)
|
|
(3,559
|
)
|
|
(252
|
)
|
|
(14,396
|
)
|
||||||
Provision for loan losses
|
4,052
|
|
|
28
|
|
|
10,269
|
|
|
6,640
|
|
|
(84
|
)
|
|
20,905
|
|
||||||
Benefit attributable to FDIC loss-share agreements
|
(723
|
)
|
|
(17
|
)
|
|
(3,421
|
)
|
|
(3,592
|
)
|
|
—
|
|
|
(7,753
|
)
|
||||||
Recoveries payable to FDIC
|
26
|
|
|
—
|
|
|
400
|
|
|
543
|
|
|
4
|
|
|
973
|
|
||||||
Provision for loan losses charged to operations
|
3,355
|
|
|
11
|
|
|
7,248
|
|
|
3,591
|
|
|
(80
|
)
|
|
14,125
|
|
||||||
Ending balance
|
$
|
3,252
|
|
|
$
|
1,048
|
|
|
$
|
18,190
|
|
|
$
|
21,011
|
|
|
$
|
568
|
|
|
$
|
44,069
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
715
|
|
|
$
|
2
|
|
|
$
|
10,011
|
|
|
$
|
8,441
|
|
|
$
|
—
|
|
|
$
|
19,169
|
|
Collectively evaluated for impairment
|
2,537
|
|
|
1,046
|
|
|
8,179
|
|
|
12,570
|
|
|
568
|
|
|
24,900
|
|
||||||
Acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Ending balance
|
$
|
3,252
|
|
|
$
|
1,048
|
|
|
$
|
18,190
|
|
|
$
|
21,011
|
|
|
$
|
568
|
|
|
$
|
44,069
|
|
(1)
|
Includes lease financing receivables.
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
771
|
|
|
$
|
—
|
|
|
$
|
25,537
|
|
|
$
|
30,545
|
|
|
$
|
—
|
|
|
$
|
56,853
|
|
Collectively evaluated for impairment
|
443,991
|
|
|
146,334
|
|
|
1,058,353
|
|
|
1,606,176
|
|
|
87,745
|
|
|
3,342,599
|
|
||||||
Acquired with deteriorated credit quality
|
36,481
|
|
|
5,883
|
|
|
108,333
|
|
|
323,863
|
|
|
7,520
|
|
|
482,080
|
|
||||||
Ending balance
|
$
|
481,243
|
|
|
$
|
152,217
|
|
|
$
|
1,192,223
|
|
|
$
|
1,960,584
|
|
|
$
|
95,265
|
|
|
$
|
3,881,532
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
1,620
|
|
|
$
|
—
|
|
|
$
|
28,848
|
|
|
$
|
34,400
|
|
|
$
|
—
|
|
|
$
|
64,868
|
|
Collectively evaluated for impairment
|
304,290
|
|
|
104,058
|
|
|
799,428
|
|
|
1,234,374
|
|
|
55,206
|
|
|
2,497,356
|
|
||||||
Acquired with deteriorated credit quality
|
11,140
|
|
|
1,648
|
|
|
75,147
|
|
|
157,869
|
|
|
2,225
|
|
|
248,029
|
|
||||||
Ending balance
|
$
|
317,050
|
|
|
$
|
105,706
|
|
|
$
|
903,423
|
|
|
$
|
1,426,643
|
|
|
$
|
57,431
|
|
|
$
|
2,810,253
|
|
(1)
|
Includes lease financing receivables.
|
|
Covered
OREO
|
|
Not Covered
OREO
|
|
Total
OREO
|
||||||
September 30, 2013
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
3,819
|
|
|
$
|
3,519
|
|
|
$
|
7,338
|
|
Commercial real estate
|
4,271
|
|
|
9,122
|
|
|
13,393
|
|
|||
Residential land development
|
1,181
|
|
|
14,448
|
|
|
15,629
|
|
|||
Commercial land development
|
7,309
|
|
|
13,492
|
|
|
20,801
|
|
|||
Total
|
$
|
16,580
|
|
|
$
|
40,581
|
|
|
$
|
57,161
|
|
December 31, 2012
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
8,778
|
|
|
$
|
7,842
|
|
|
$
|
16,620
|
|
Commercial real estate
|
14,368
|
|
|
7,779
|
|
|
22,147
|
|
|||
Residential land development
|
5,005
|
|
|
22,490
|
|
|
27,495
|
|
|||
Commercial land development
|
17,383
|
|
|
6,221
|
|
|
23,604
|
|
|||
Other
|
—
|
|
|
385
|
|
|
385
|
|
|||
Total
|
$
|
45,534
|
|
|
$
|
44,717
|
|
|
$
|
90,251
|
|
|
Covered
OREO
|
|
Not Covered
OREO
|
|
Total
OREO
|
||||||
Balance at January 1, 2013
|
$
|
45,534
|
|
|
$
|
44,717
|
|
|
$
|
90,251
|
|
Acquired OREO
|
—
|
|
|
13,674
|
|
|
13,674
|
|
|||
Transfers of loans
|
7,025
|
|
|
6,575
|
|
|
13,600
|
|
|||
Capitalized improvements
|
—
|
|
|
129
|
|
|
129
|
|
|||
Impairments
(1)
|
(6,275
|
)
|
|
(1,574
|
)
|
|
(7,849
|
)
|
|||
Dispositions
|
(29,646
|
)
|
|
(22,939
|
)
|
|
(52,585
|
)
|
|||
Other
|
(58
|
)
|
|
(1
|
)
|
|
(59
|
)
|
|||
Balance at September 30, 2013
|
$
|
16,580
|
|
|
$
|
40,581
|
|
|
$
|
57,161
|
|
(1)
|
Of the total impairment charges of
$(6,275)
recorded for covered OREO,
$(1,255)
was included in the Consolidated Statements of Income for the
nine months ended
September 30, 2013
, while the remaining
$(5,020)
increased the FDIC loss-share indemnification asset.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Repairs and maintenance
|
$
|
565
|
|
|
$
|
839
|
|
|
$
|
1,473
|
|
|
$
|
2,035
|
|
Property taxes and insurance
|
163
|
|
|
492
|
|
|
820
|
|
|
1,068
|
|
||||
Impairments
|
594
|
|
|
1,023
|
|
|
2,829
|
|
|
5,190
|
|
||||
Net losses on OREO sales
|
293
|
|
|
195
|
|
|
511
|
|
|
1,864
|
|
||||
Rental income
|
(78
|
)
|
|
(109
|
)
|
|
(274
|
)
|
|
(348
|
)
|
||||
Total
|
$
|
1,537
|
|
|
$
|
2,440
|
|
|
$
|
5,359
|
|
|
$
|
9,809
|
|
Balance at January 1, 2013
|
$
|
44,153
|
|
Changes in expected cash flows from initial estimates on:
|
|
||
Covered Loans
|
476
|
|
|
Covered OREO
|
3,589
|
|
|
Reimbursable expenses
|
3,278
|
|
|
Accretion
|
600
|
|
|
Reimbursements received from the FDIC
|
(24,271
|
)
|
|
|
|
||
Balance at September 30, 2013
|
$
|
27,825
|
|
Balance at January 1, 2013
|
$
|
4,233
|
|
Capitalization
|
4,674
|
|
|
Amortization
|
(571
|
)
|
|
|
|
||
Balance at September 30, 2013
|
$
|
8,336
|
|
Unpaid principal balance
|
$
|
802,454
|
|
|
|
||
Weighted-average prepayment speed (CPR)
|
2.70
|
%
|
|
Estimated impact of a 10% increase
|
$
|
(601
|
)
|
Estimated impact of a 20% increase
|
(795
|
)
|
|
|
|
||
Discount rate
|
11.26
|
%
|
|
Estimated impact of a 10% increase
|
$
|
(677
|
)
|
Estimated impact of a 20% increase
|
(940
|
)
|
|
|
|
||
Weighted-average coupon interest rate
|
3.22
|
%
|
|
Weighted-average servicing fee (basis points)
|
25.09
|
|
|
Weighted-average remaining maturity (in years)
|
24.17
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
6
|
|
Interest cost
|
222
|
|
|
216
|
|
|
21
|
|
|
16
|
|
||||
Expected return on plan assets
|
(359
|
)
|
|
(298
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost recognized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial loss
|
114
|
|
|
88
|
|
|
70
|
|
|
18
|
|
||||
Net periodic benefit cost (return)
|
$
|
(23
|
)
|
|
$
|
6
|
|
|
$
|
99
|
|
|
$
|
40
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
18
|
|
Interest cost
|
597
|
|
|
646
|
|
|
48
|
|
|
48
|
|
||||
Expected return on plan assets
|
(979
|
)
|
|
(894
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost recognized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial loss
|
313
|
|
|
266
|
|
|
125
|
|
|
54
|
|
||||
Net periodic benefit cost (return)
|
$
|
(69
|
)
|
|
$
|
18
|
|
|
$
|
194
|
|
|
$
|
120
|
|
|
2013 Grant
|
|
2012 Grant
|
||||
Shares granted
|
52,500
|
|
|
172,000
|
|
||
Dividend yield
|
3.55
|
%
|
|
4.55
|
%
|
||
Expected volatility
|
37
|
%
|
|
37
|
%
|
||
Risk-free interest rate
|
0.76
|
%
|
|
0.79
|
%
|
||
Expected lives
|
6 years
|
|
|
6 years
|
|
||
Weighted average exercise price
|
$
|
19.14
|
|
|
$
|
14.96
|
|
Weighted average fair value
|
$
|
4.47
|
|
|
$
|
3.10
|
|
|
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Options outstanding at beginning of period
|
|
1,279,244
|
|
|
$
|
18.79
|
|
Assumed from acquisition
|
|
11,557
|
|
|
21.16
|
|
|
Granted
|
|
52,500
|
|
|
19.14
|
|
|
Exercised
|
|
(216,805
|
)
|
|
19.63
|
|
|
Forfeited
|
|
(10,000
|
)
|
|
27.20
|
|
|
Options outstanding at end of period
|
|
1,116,496
|
|
|
$
|
18.59
|
|
|
|
Performance-Based Restricted Stock
|
|
Weighted Average Grant-Date Fair Value
|
|
Time- Based Restricted Stock
|
|
Weighted Average Grant-Date Fair Value
|
||||||
Nonvested at beginning of period
|
|
—
|
|
|
$
|
—
|
|
|
9,684
|
|
|
$
|
15.49
|
|
Granted
|
|
69,850
|
|
|
19.14
|
|
|
32,338
|
|
|
22.70
|
|
||
Vested
|
|
—
|
|
|
—
|
|
|
(9,038
|
)
|
|
15.49
|
|
||
Cancelled
|
|
—
|
|
|
—
|
|
|
(646
|
)
|
|
15.49
|
|
||
Nonvested at end of period
|
|
69,850
|
|
|
$
|
19.14
|
|
|
32,338
|
|
|
$
|
22.70
|
|
•
|
The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities.
|
•
|
The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.
|
•
|
The Wealth Management segment offers a broad range of fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRA’s, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer.
|
|
Community
Banks
|
|
Insurance
|
|
Wealth
Management
|
|
Other
|
|
Consolidated
|
||||||||||
Three months ended September 30, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
39,133
|
|
|
29
|
|
|
331
|
|
|
(745
|
)
|
|
38,748
|
|
|||||
Provision for loan losses
|
2,307
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
2,300
|
|
|||||
Noninterest income
|
16,160
|
|
|
1,428
|
|
|
1,325
|
|
|
22
|
|
|
18,935
|
|
|||||
Noninterest expense
|
43,590
|
|
|
1,021
|
|
|
1,768
|
|
|
234
|
|
|
46,613
|
|
|||||
Income (loss) before income taxes
|
9,396
|
|
|
436
|
|
|
(105
|
)
|
|
(957
|
)
|
|
8,770
|
|
|||||
Income taxes
|
2,428
|
|
|
77
|
|
|
—
|
|
|
(372
|
)
|
|
2,133
|
|
|||||
Net income (loss)
|
6,968
|
|
|
359
|
|
|
(105
|
)
|
|
(585
|
)
|
|
6,637
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
5,662,257
|
|
|
$
|
16,661
|
|
|
$
|
42,291
|
|
|
$
|
14,839
|
|
|
$
|
5,736,048
|
|
Goodwill
|
272,545
|
|
|
2,783
|
|
|
—
|
|
|
—
|
|
|
275,328
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
$
|
33,444
|
|
|
$
|
23
|
|
|
$
|
314
|
|
|
$
|
(649
|
)
|
|
$
|
33,132
|
|
Provision for loan losses
|
4,659
|
|
|
—
|
|
|
(34
|
)
|
|
—
|
|
|
4,625
|
|
|||||
Noninterest income
|
15,428
|
|
|
887
|
|
|
1,720
|
|
|
20
|
|
|
18,055
|
|
|||||
Noninterest expense
|
36,042
|
|
|
786
|
|
|
1,661
|
|
|
183
|
|
|
38,672
|
|
|||||
Income (loss) before income taxes
|
8,171
|
|
|
124
|
|
|
407
|
|
|
(812
|
)
|
|
7,890
|
|
|||||
Income taxes
|
1,203
|
|
|
48
|
|
|
51
|
|
|
(449
|
)
|
|
853
|
|
|||||
Net income (loss)
|
$
|
6,968
|
|
|
$
|
76
|
|
|
$
|
356
|
|
|
$
|
(363
|
)
|
|
$
|
7,037
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
4,105,716
|
|
|
$
|
10,725
|
|
|
$
|
35,172
|
|
|
$
|
12,993
|
|
|
$
|
4,164,606
|
|
Goodwill
|
182,076
|
|
|
2,783
|
|
|
—
|
|
|
—
|
|
|
184,859
|
|
|
Community
Banks
|
|
Insurance
|
|
Wealth
Management
|
|
Other
|
|
Consolidated
|
||||||||||
Nine months ended September 30, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
107,061
|
|
|
76
|
|
|
950
|
|
|
(1,554
|
)
|
|
106,533
|
|
|||||
Provision for loan losses
|
8,214
|
|
|
—
|
|
|
136
|
|
|
—
|
|
|
8,350
|
|
|||||
Noninterest income
|
46,282
|
|
|
3,434
|
|
|
3,866
|
|
|
48
|
|
|
53,630
|
|
|||||
Noninterest expense
|
113,613
|
|
|
2,647
|
|
|
5,085
|
|
|
602
|
|
|
121,947
|
|
|||||
Income (loss) before income taxes
|
31,516
|
|
|
863
|
|
|
(405
|
)
|
|
(2,108
|
)
|
|
29,866
|
|
|||||
Income taxes
|
8,230
|
|
|
242
|
|
|
—
|
|
|
(833
|
)
|
|
7,639
|
|
|||||
Net income (loss)
|
23,286
|
|
|
621
|
|
|
(405
|
)
|
|
(1,275
|
)
|
|
22,227
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
5,662,257
|
|
|
$
|
16,661
|
|
|
$
|
42,291
|
|
|
$
|
14,839
|
|
|
$
|
5,736,048
|
|
Goodwill
|
272,545
|
|
|
2,783
|
|
|
—
|
|
|
—
|
|
|
275,328
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine months ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
$
|
100,210
|
|
|
$
|
71
|
|
|
$
|
1,018
|
|
|
$
|
(1,914
|
)
|
|
$
|
99,385
|
|
Provision for loan losses
|
14,176
|
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
14,125
|
|
|||||
Noninterest income
|
42,507
|
|
|
2,957
|
|
|
5,234
|
|
|
63
|
|
|
50,761
|
|
|||||
Noninterest expense
|
104,525
|
|
|
2,362
|
|
|
4,773
|
|
|
424
|
|
|
112,084
|
|
|||||
Income (loss) before income taxes
|
24,016
|
|
|
666
|
|
|
1,530
|
|
|
(2,275
|
)
|
|
23,937
|
|
|||||
Income taxes
|
4,990
|
|
|
258
|
|
|
340
|
|
|
(1,007
|
)
|
|
4,581
|
|
|||||
Net income (loss)
|
$
|
19,026
|
|
|
$
|
408
|
|
|
$
|
1,190
|
|
|
$
|
(1,268
|
)
|
|
$
|
19,356
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
4,105,716
|
|
|
$
|
10,725
|
|
|
$
|
35,172
|
|
|
$
|
12,993
|
|
|
$
|
4,164,606
|
|
Goodwill
|
182,076
|
|
|
2,783
|
|
|
—
|
|
|
—
|
|
|
184,859
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
September 30, 2013
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
—
|
|
|
$
|
6,086
|
|
|
$
|
—
|
|
|
$
|
6,086
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
220,930
|
|
|
—
|
|
|
220,930
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
149,356
|
|
|
—
|
|
|
149,356
|
|
||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
42,379
|
|
|
—
|
|
|
42,379
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
5,111
|
|
|
—
|
|
|
5,111
|
|
||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
16,753
|
|
|
16,753
|
|
||||
Other debt securities
|
—
|
|
|
20,241
|
|
|
—
|
|
|
20,241
|
|
||||
Other equity securities
|
—
|
|
|
3,877
|
|
|
—
|
|
|
3,877
|
|
||||
Total securities available for sale
|
—
|
|
|
447,980
|
|
|
16,753
|
|
|
464,733
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
1,488
|
|
|
—
|
|
|
1,488
|
|
||||
Interest rate lock commitments
|
—
|
|
|
2,376
|
|
|
—
|
|
|
2,376
|
|
||||
Total derivative instruments
|
—
|
|
|
3,864
|
|
|
—
|
|
|
3,864
|
|
||||
Mortgage loans held for sale
|
—
|
|
|
28,466
|
|
|
—
|
|
|
28,466
|
|
||||
Total financial assets
|
$
|
—
|
|
|
$
|
480,310
|
|
|
$
|
16,753
|
|
|
$
|
497,063
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
1,904
|
|
|
$
|
—
|
|
|
$
|
1,904
|
|
Interest rate contracts
|
—
|
|
|
1,488
|
|
|
—
|
|
|
1,488
|
|
||||
Forward commitments
|
—
|
|
|
1,392
|
|
|
—
|
|
|
1,392
|
|
||||
Total derivative instruments
|
—
|
|
|
4,784
|
|
|
—
|
|
|
4,784
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
4,784
|
|
|
$
|
—
|
|
|
$
|
4,784
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
—
|
|
|
$
|
2,442
|
|
|
$
|
—
|
|
|
$
|
2,442
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
144,817
|
|
|
—
|
|
|
144,817
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
117,521
|
|
|
—
|
|
|
117,521
|
|
||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
45,058
|
|
|
—
|
|
|
45,058
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
5,407
|
|
|
—
|
|
|
5,407
|
|
||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
15,068
|
|
|
15,068
|
|
||||
Other debt securities
|
—
|
|
|
22,930
|
|
|
—
|
|
|
22,930
|
|
||||
Other equity securities
|
—
|
|
|
3,068
|
|
|
—
|
|
|
3,068
|
|
||||
Total securities available for sale
|
—
|
|
|
341,243
|
|
|
15,068
|
|
|
356,311
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
3,083
|
|
|
—
|
|
|
3,083
|
|
||||
Interest rate lock commitments
|
—
|
|
|
1,571
|
|
|
—
|
|
|
1,571
|
|
||||
Total derivative instruments
|
—
|
|
|
4,654
|
|
|
—
|
|
|
4,654
|
|
||||
Mortgage loans held for sale
|
—
|
|
|
34,845
|
|
|
—
|
|
|
34,845
|
|
||||
Total financial assets
|
$
|
—
|
|
|
$
|
380,742
|
|
|
$
|
15,068
|
|
|
$
|
395,810
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
2,164
|
|
|
$
|
—
|
|
|
$
|
2,164
|
|
Interest rate contracts
|
—
|
|
|
3,152
|
|
|
—
|
|
|
3,152
|
|
||||
Forward commitments
|
—
|
|
|
198
|
|
|
—
|
|
|
198
|
|
||||
Total derivative instruments
|
—
|
|
|
5,514
|
|
|
—
|
|
|
5,514
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
5,514
|
|
|
$
|
—
|
|
|
$
|
5,514
|
|
|
Securities available for sale
|
||||||||||
Three Months Ended September 30, 2013
|
Trust preferred
securities
|
|
Other equity
securities
|
|
Total
|
||||||
Balance at July 1, 2013
|
$
|
15,960
|
|
|
$
|
—
|
|
|
$
|
15,960
|
|
Realized gains included in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Unrealized gains included in other comprehensive income
|
875
|
|
|
—
|
|
|
875
|
|
|||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
(82
|
)
|
|
—
|
|
|
(82
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at September 30, 2013
|
$
|
16,753
|
|
|
$
|
—
|
|
|
$
|
16,753
|
|
|
Securities available for sale
|
||||||||||
Three Months Ended September 30, 2012
|
Trust preferred
securities
|
|
Other equity
securities
|
|
Total
|
||||||
Balance at July 1, 2012
|
$
|
12,672
|
|
|
$
|
2,790
|
|
|
$
|
15,462
|
|
Realized gains included in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Unrealized gains included in other comprehensive income
|
2,670
|
|
|
243
|
|
|
2,913
|
|
|||
Reclassification adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(3,033
|
)
|
|
(3,033
|
)
|
|||
Balance at September 30, 2012
|
$
|
15,342
|
|
|
$
|
—
|
|
|
$
|
15,342
|
|
|
Securities available for sale
|
||||||||||
Nine Months Ended September 30, 2013
|
Trust preferred
securities
|
|
Other equity
securities
|
|
Total
|
||||||
Balance at January 1, 2013
|
$
|
15,068
|
|
|
$
|
—
|
|
|
$
|
15,068
|
|
Realized gains included in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Unrealized gains included in other comprehensive income
|
2,669
|
|
|
—
|
|
|
2,669
|
|
|||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers into Level 3
|
(984
|
)
|
|
—
|
|
|
(984
|
)
|
|||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at September 30, 2013
|
$
|
16,753
|
|
|
$
|
—
|
|
|
$
|
16,753
|
|
|
Securities available for sale
|
||||||||||
Nine Months Ended September 30, 2012
|
Trust preferred
securities
|
|
Other equity
securities
|
|
Total
|
||||||
Balance at January 1, 2012
|
$
|
12,785
|
|
|
$
|
2,237
|
|
|
$
|
15,022
|
|
Realized gains included in net income
|
—
|
|
|
14
|
|
|
14
|
|
|||
Unrealized gains included in other comprehensive income
|
3,509
|
|
|
782
|
|
|
4,291
|
|
|||
Reclassification adjustment
|
(952
|
)
|
|
—
|
|
|
(952
|
)
|
|||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(3,033
|
)
|
|
(3,033
|
)
|
|||
Balance at September 30, 2012
|
$
|
15,342
|
|
|
$
|
—
|
|
|
$
|
15,342
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Trust preferred securities
|
$
|
16,753
|
|
|
Discounted cash flows
|
|
Default rate
|
|
0-100%
|
September 30, 2013
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,574
|
|
|
$
|
8,574
|
|
OREO
|
—
|
|
|
—
|
|
|
16,650
|
|
|
16,650
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,224
|
|
|
$
|
25,224
|
|
December 31, 2012
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,178
|
|
|
$
|
20,178
|
|
OREO
|
—
|
|
|
—
|
|
|
33,761
|
|
|
33,761
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
53,939
|
|
|
$
|
53,939
|
|
|
September 30,
2013 |
|
December 31, 2012
|
||||
OREO covered under loss-share agreements:
|
|
|
|
||||
Carrying amount prior to remeasurement
|
$
|
13,946
|
|
|
$
|
19,254
|
|
Impairment recognized in results of operations
|
(500
|
)
|
|
(901
|
)
|
||
Increase in FDIC loss-share indemnification asset
|
(2,001
|
)
|
|
(3,602
|
)
|
||
Receivable from other guarantor
|
—
|
|
|
(41
|
)
|
||
Fair value
|
$
|
11,445
|
|
|
$
|
14,710
|
|
OREO not covered under loss-share agreements:
|
|
|
|
||||
Carrying amount prior to remeasurement
|
$
|
6,401
|
|
|
$
|
22,277
|
|
Impairment recognized in results of operations
|
(1,196
|
)
|
|
(3,226
|
)
|
||
Fair value
|
$
|
5,205
|
|
|
$
|
19,051
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Impaired loans
|
$
|
8,574
|
|
|
Appraised value of collateral less estimated costs to sell
|
|
Estimated costs to sell
|
|
4-10%
|
OREO
|
16,650
|
|
|
Appraised value of property less estimated costs to sell
|
|
Estimated costs to sell
|
|
4-10%
|
September 30, 2013
|
Aggregate
Fair Value
|
|
Aggregate
Unpaid
Principal
Balance
|
|
Difference
|
||||||
Mortgage loans held for sale measured at fair value
|
$
|
28,466
|
|
|
$
|
28,096
|
|
|
$
|
370
|
|
Past due loans of 90 days or more
|
—
|
|
|
—
|
|
|
—
|
|
|||
Nonaccrual loans
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Fair Value
|
||||||||||||||||
As of September 30, 2013
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
233,149
|
|
|
$
|
233,149
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
233,149
|
|
Securities held to maturity
|
440,055
|
|
|
—
|
|
|
438,014
|
|
|
—
|
|
|
438,014
|
|
|||||
Securities available for sale
|
464,733
|
|
|
—
|
|
|
447,980
|
|
|
16,753
|
|
|
464,733
|
|
|||||
Mortgage loans held for sale
|
28,466
|
|
|
—
|
|
|
28,466
|
|
|
—
|
|
|
28,466
|
|
|||||
Loans covered under loss-share agreements
|
195,997
|
|
|
—
|
|
|
—
|
|
|
195,458
|
|
|
195,458
|
|
|||||
Loans not covered under loss-share agreements, net
|
3,685,535
|
|
|
—
|
|
|
—
|
|
|
3,644,023
|
|
|
3,644,023
|
|
|||||
FDIC loss-share indemnification asset
|
27,825
|
|
|
—
|
|
|
—
|
|
|
27,825
|
|
|
27,825
|
|
|||||
Mortgage servicing rights
|
8,336
|
|
|
—
|
|
|
—
|
|
|
8,974
|
|
|
8,974
|
|
|||||
Derivative instruments
|
3,869
|
|
|
—
|
|
|
3,869
|
|
|
—
|
|
|
3,869
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
4,834,756
|
|
|
$
|
3,284,858
|
|
|
$
|
1,558,356
|
|
|
$
|
—
|
|
|
$
|
4,843,214
|
|
Short-term borrowings
|
6,649
|
|
|
6,649
|
|
|
—
|
|
|
—
|
|
|
6,649
|
|
|||||
Federal Home Loan Bank advances
|
76,429
|
|
|
—
|
|
|
82,356
|
|
|
—
|
|
|
82,356
|
|
|||||
Junior subordinated debentures
|
94,089
|
|
|
—
|
|
|
71,723
|
|
|
—
|
|
|
71,723
|
|
|||||
Derivative instruments
|
4,899
|
|
|
—
|
|
|
4,899
|
|
|
—
|
|
|
4,899
|
|
|
|
|
Fair Value
|
||||||||||||||||
As of December 31, 2012
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
132,420
|
|
|
$
|
132,420
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
132,420
|
|
Securities held to maturity
|
317,766
|
|
|
—
|
|
|
334,475
|
|
|
—
|
|
|
334,475
|
|
|||||
Securities available for sale
|
356,311
|
|
|
—
|
|
|
341,243
|
|
|
15,068
|
|
|
356,311
|
|
|||||
Mortgage loans held for sale
|
34,845
|
|
|
—
|
|
|
34,845
|
|
|
—
|
|
|
34,845
|
|
|||||
Loans covered under loss-share agreements
|
237,088
|
|
|
—
|
|
|
—
|
|
|
235,890
|
|
|
235,890
|
|
|||||
Loans not covered under loss-share agreements, net
|
2,528,818
|
|
|
—
|
|
|
—
|
|
|
2,452,937
|
|
|
2,452,937
|
|
|||||
FDIC loss-share indemnification asset
|
44,153
|
|
|
—
|
|
|
—
|
|
|
44,153
|
|
|
44,153
|
|
|||||
Mortgage servicing rights
|
4,233
|
|
|
—
|
|
|
—
|
|
|
4,259
|
|
|
4,259
|
|
|||||
Derivative instruments
|
4,654
|
|
|
—
|
|
|
4,654
|
|
|
—
|
|
|
4,654
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
3,461,221
|
|
|
$
|
2,268,568
|
|
|
$
|
1,200,785
|
|
|
$
|
—
|
|
|
$
|
3,469,353
|
|
Short-term borrowings
|
5,254
|
|
|
5,254
|
|
|
—
|
|
|
—
|
|
|
5,254
|
|
|||||
Federal Home Loan Bank advances
|
83,843
|
|
|
—
|
|
|
99,870
|
|
|
—
|
|
|
99,870
|
|
|||||
Junior subordinated debentures
|
75,609
|
|
|
—
|
|
|
27,985
|
|
|
—
|
|
|
27,985
|
|
|||||
Derivative instruments
|
5,514
|
|
|
—
|
|
|
5,514
|
|
|
—
|
|
|
5,514
|
|
|
|
|
Fair Value
|
||||||
|
Balance Sheet
Location
|
|
September 30,
2013 |
|
December 31, 2012
|
||||
Derivative assets:
|
|
|
|
|
|
||||
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Assets
|
|
$
|
1,488
|
|
|
$
|
3,083
|
|
Interest rate lock commitments
|
Other Assets
|
|
2,376
|
|
|
1,571
|
|
||
Totals
|
|
|
$
|
3,864
|
|
|
$
|
4,654
|
|
Derivative liabilities:
|
|
|
|
|
|
||||
Designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate swap
|
Other Liabilities
|
|
$
|
1,904
|
|
|
$
|
2,164
|
|
Totals
|
|
|
$
|
1,904
|
|
|
$
|
2,164
|
|
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Liabilities
|
|
$
|
1,488
|
|
|
$
|
3,152
|
|
Forward commitments
|
Other Liabilities
|
|
1,392
|
|
|
198
|
|
||
Totals
|
|
|
$
|
2,880
|
|
|
$
|
3,350
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps (terminated May 2010):
|
|
|
|
|
|
|
|
||||||||
Included in interest income on loans
|
$
|
37
|
|
|
$
|
115
|
|
|
$
|
203
|
|
|
$
|
419
|
|
Total
|
$
|
37
|
|
|
$
|
115
|
|
|
$
|
203
|
|
|
$
|
419
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
||||||||
Included in interest income on loans
|
$
|
798
|
|
|
$
|
583
|
|
|
$
|
2,398
|
|
|
$
|
1,466
|
|
Included in other noninterest expense
|
2
|
|
|
(14
|
)
|
|
69
|
|
|
20
|
|
||||
Interest rate lock commitments:
|
|
|
|
|
|
|
|
||||||||
Included in gains on sales of mortgage loans held for sale
|
2,905
|
|
|
1,145
|
|
|
804
|
|
|
1,667
|
|
||||
Forward commitments
|
|
|
|
|
|
|
|
||||||||
Included in gains on sales of mortgage loans held for sale
|
(3,599
|
)
|
|
(2,684
|
)
|
|
1,276
|
|
|
(3,626
|
)
|
||||
Total
|
$
|
106
|
|
|
$
|
(970
|
)
|
|
$
|
4,547
|
|
|
$
|
(473
|
)
|
|
Offsetting Derivative Assets
|
|
Offsetting Derivative Liabilities
|
||||||||||||
|
September 30,
2013 |
|
December 31, 2012
|
|
September 30,
2013 |
|
December 31, 2012
|
||||||||
Gross amounts recognized
|
$
|
3,864
|
|
|
$
|
4,654
|
|
|
$
|
4,784
|
|
|
$
|
5,514
|
|
Gross amounts offset in the consolidated balance sheets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net amounts presented in the consolidated balance sheets
|
3,864
|
|
|
4,654
|
|
|
4,784
|
|
|
5,514
|
|
||||
Gross amounts not offset in the consolidated balance sheets
|
|
|
|
|
|
|
|
||||||||
Financial instruments
|
584
|
|
|
—
|
|
|
584
|
|
|
—
|
|
||||
Financial collateral pledged
|
—
|
|
|
—
|
|
|
2,183
|
|
|
4,950
|
|
||||
Net amounts
|
$
|
3,280
|
|
|
$
|
4,654
|
|
|
$
|
2,017
|
|
|
$
|
564
|
|
|
Pre-Tax
|
|
Tax Expense
(Benefit)
|
|
Net of Tax
|
||||||
Three months ended September 30, 2013
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding losses on securities
|
$
|
1,269
|
|
|
$
|
487
|
|
|
$
|
782
|
|
Non-credit related portion of other-than-temporary impairment on securities
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reclassification adjustment for gains realized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(80
|
)
|
|
(31
|
)
|
|
(49
|
)
|
|||
Total securities available for sale
|
1,189
|
|
|
456
|
|
|
733
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding gains on derivative instruments
|
(481
|
)
|
|
(184
|
)
|
|
(297
|
)
|
|||
Reclassification adjustment for gains realized in net income
|
(35
|
)
|
|
(13
|
)
|
|
(22
|
)
|
|||
Total derivative instruments
|
(516
|
)
|
|
(197
|
)
|
|
(319
|
)
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Net gain (loss) arising during the period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of net actuarial loss recognized in net periodic pension cost
|
183
|
|
|
70
|
|
|
113
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
183
|
|
|
70
|
|
|
113
|
|
|||
Total other comprehensive income
|
$
|
856
|
|
|
$
|
329
|
|
|
$
|
527
|
|
Three months ended September 30, 2012
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains on securities
|
$
|
4,025
|
|
|
$
|
1,539
|
|
|
$
|
2,486
|
|
Non-credit related portion of other-than-temporary impairment on securities
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reclassification adjustment for gains realized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(134
|
)
|
|
(51
|
)
|
|
(83
|
)
|
|||
Total securities available for sale
|
3,891
|
|
|
1,488
|
|
|
2,403
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding losses on derivative instruments
|
(391
|
)
|
|
(150
|
)
|
|
(241
|
)
|
|||
Reclassification adjustment for gains realized in net income
|
(115
|
)
|
|
(44
|
)
|
|
(71
|
)
|
|||
Total derivative instruments
|
(506
|
)
|
|
(194
|
)
|
|
(312
|
)
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Net gain (loss) arising during the period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of net actuarial loss recognized in net periodic pension cost
|
107
|
|
|
41
|
|
|
66
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
107
|
|
|
41
|
|
|
66
|
|
|||
Total other comprehensive income
|
$
|
3,492
|
|
|
$
|
1,335
|
|
|
$
|
2,157
|
|
|
Pre-Tax
|
|
Tax Expense
(Benefit)
|
|
Net of Tax
|
||||||
Nine months ended September 30, 2013
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding losses on securities
|
$
|
(9,864
|
)
|
|
$
|
(3,773
|
)
|
|
$
|
(6,091
|
)
|
Non-credit related portion of other-than-temporary impairment on securities
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reclassification adjustment for losses realized in net income
|
115
|
|
|
44
|
|
|
71
|
|
|||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(274
|
)
|
|
(105
|
)
|
|
(169
|
)
|
|||
Total securities available for sale
|
(10,023
|
)
|
|
(3,834
|
)
|
|
(6,189
|
)
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding gains on derivative instruments
|
1,461
|
|
|
559
|
|
|
902
|
|
|||
Reclassification adjustment for gains realized in net income
|
(203
|
)
|
|
(77
|
)
|
|
(126
|
)
|
|||
Total derivative instruments
|
1,258
|
|
|
482
|
|
|
776
|
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Net gain (loss) arising during the period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of net actuarial loss recognized in net periodic pension cost
|
437
|
|
|
167
|
|
|
270
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
437
|
|
|
167
|
|
|
270
|
|
|||
Total other comprehensive income
|
$
|
(8,328
|
)
|
|
$
|
(3,185
|
)
|
|
$
|
(5,143
|
)
|
Nine months ended September 30, 2012
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains on securities
|
$
|
7,439
|
|
|
$
|
2,845
|
|
|
$
|
4,594
|
|
Non-credit related portion of other-than-temporary impairment on securities
|
—
|
|
|
—
|
|
|
—
|
|
|||
Reclassification adjustment for gains realized in net income
|
(1,773
|
)
|
|
(678
|
)
|
|
(1,095
|
)
|
|||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(447
|
)
|
|
(171
|
)
|
|
(276
|
)
|
|||
Total securities available for sale
|
5,219
|
|
|
1,996
|
|
|
3,223
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding losses on derivative instruments
|
(2,234
|
)
|
|
(855
|
)
|
|
(1,379
|
)
|
|||
Reclassification adjustment for gains realized in net income
|
(419
|
)
|
|
(160
|
)
|
|
(259
|
)
|
|||
Total derivative instruments
|
(2,653
|
)
|
|
(1,015
|
)
|
|
(1,638
|
)
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Net gain (loss) arising during the period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of net actuarial loss recognized in net periodic pension cost
|
321
|
|
|
123
|
|
|
198
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
321
|
|
|
123
|
|
|
198
|
|
|||
Total other comprehensive income
|
$
|
2,887
|
|
|
$
|
1,104
|
|
|
$
|
1,783
|
|
|
September 30,
2013 |
|
December 31, 2012
|
||||
Unrealized gains on securities
|
$
|
11,239
|
|
|
$
|
17,428
|
|
Non-credit related portion of other-than-temporary impairment on securities
|
(17,474
|
)
|
|
(17,474
|
)
|
||
Unrealized losses on derivative instruments
|
(435
|
)
|
|
(1,211
|
)
|
||
Unrecognized defined benefit pension and post-retirement benefit plans obligations
|
(6,974
|
)
|
|
(7,244
|
)
|
||
Total accumulated other comprehensive loss
|
$
|
(13,644
|
)
|
|
$
|
(8,501
|
)
|
|
Three Months Ended
|
||||||
|
September 30,
|
||||||
|
2013
|
|
2012
|
||||
Basic
|
|
|
|
||||
Net income applicable to common stock
|
$
|
6,637
|
|
|
$
|
7,037
|
|
Average common shares outstanding
|
27,234,927
|
|
|
25,114,672
|
|
||
Net income per common share - basic
|
$
|
0.24
|
|
|
$
|
0.28
|
|
Diluted
|
|
|
|
||||
Net income applicable to common stock
|
$
|
6,637
|
|
|
$
|
7,037
|
|
Average common shares outstanding
|
27,234,927
|
|
|
25,114,672
|
|
||
Effect of dilutive stock-based compensation
|
212,455
|
|
|
106,215
|
|
||
Average common shares outstanding - diluted
|
27,447,382
|
|
|
25,220,887
|
|
||
Net income per common share - diluted
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2013
|
|
2012
|
||||
Basic
|
|
|
|
||||
Net income applicable to common stock
|
$
|
22,227
|
|
|
$
|
19,356
|
|
Average common shares outstanding
|
25,889,139
|
|
|
25,101,507
|
|
||
Net income per common share - basic
|
$
|
0.86
|
|
|
$
|
0.77
|
|
Diluted
|
|
|
|
||||
Net income applicable to common stock
|
$
|
22,227
|
|
|
$
|
19,356
|
|
Average common shares outstanding
|
25,889,139
|
|
|
25,101,507
|
|
||
Effect of dilutive stock-based compensation
|
164,034
|
|
|
60,404
|
|
||
Average common shares outstanding - diluted
|
26,053,173
|
|
|
25,161,911
|
|
||
Net income per common share - diluted
|
$
|
0.85
|
|
|
$
|
0.77
|
|
|
Three Months Ended
|
||
|
September 30,
|
||
|
2013
|
|
2012
|
Number of shares
|
109,068
|
|
740,199
|
Range of exercise prices
|
$29.57 - $30.63
|
|
$16.91 - $30.63
|
|
Nine Months Ended
|
||
|
September 30,
|
||
|
2013
|
|
2012
|
Number of shares
|
169,638
|
|
1,186,644
|
Range of exercise prices
|
$19.14 - $30.63
|
|
$14.96 - $30.63
|
Allocation of Purchase Price for First M&F Corporation.
|
|
|
||||
Purchase Price:
|
|
|
||||
Shares issued to common shareholders
|
6,175,586
|
|
|
|||
Purchase price per share
|
$
|
25.17
|
|
|
||
Value of stock paid
|
|
$
|
155,439
|
|
||
Cash paid for fractional shares
|
|
17
|
|
|||
Fair value of stock based compensation assumed
|
|
68
|
|
|||
Deal charges
|
|
1,255
|
|
|||
Total Purchase Price
|
|
$
|
156,779
|
|
||
Net Assets Acquired:
|
|
|
||||
Stockholders’ equity at 9/1/13
|
$
|
79,440
|
|
|
||
Increase (decrease) to net assets as a result of fair value adjustments
to assets acquired and liabilities assumed:
|
|
|
||||
Securities
|
253
|
|
|
|||
Loans, net of First M&F's allowance for loan losses
(1)
|
(45,751
|
)
|
|
|||
Fixed assets
|
(2,314
|
)
|
|
|||
Core deposits intangible, net of First M&F’s existing core deposit intangible
|
21,158
|
|
|
|||
Other real estate owned
(1)
|
(5,797
|
)
|
|
|||
Deposits
|
(3,207
|
)
|
|
|||
Junior Subordinated Debt
|
12,371
|
|
|
|||
Other liabilities
|
1,804
|
|
|
|||
Deferred income taxes
|
8,274
|
|
|
|||
Total Net Assets Acquired
|
|
66,231
|
|
|||
Goodwill resulting from merger
(2)
|
|
$
|
90,548
|
|
Cash and cash equivalents
|
|
$
|
170,061
|
|
Securities
|
|
227,693
|
|
|
Mortgage loans held for sale
|
|
1,659
|
|
|
Loans, net of unearned income
|
|
899,246
|
|
|
Premises and equipment
|
|
33,014
|
|
|
Other real estate owned
|
|
13,527
|
|
|
Intangible assets
|
|
115,581
|
|
|
Other assets
|
|
55,767
|
|
|
Total assets
|
|
1,516,548
|
|
|
|
|
|
||
Deposits
|
|
1,325,872
|
|
|
Borrowings
|
|
25,346
|
|
|
Other liabilities
|
|
9,806
|
|
|
|
Nine Months Ended
September 30,
|
||||||
|
|
2013
|
|
2012
|
||||
Interest income
|
|
$
|
165,592
|
|
|
$
|
171,897
|
|
Interest expense
|
|
21,845
|
|
|
28,421
|
|
||
Net interest income
|
|
143,747
|
|
|
143,476
|
|
||
Provision for loan losses
|
|
11,030
|
|
|
20,665
|
|
||
Noninterest income
|
|
62,833
|
|
|
67,702
|
|
||
Noninterest expense
|
|
163,993
|
|
|
157,927
|
|
||
Income before income taxes
|
|
31,557
|
|
|
32,586
|
|
||
Income taxes
|
|
6,576
|
|
|
5,666
|
|
||
Net income
|
|
$
|
24,981
|
|
|
$
|
26,920
|
|
Earnings per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.80
|
|
|
$
|
0.82
|
|
Diluted
|
|
$
|
0.79
|
|
|
$
|
0.81
|
|
|
September 30,
2013 |
|
Percentage of
Portfolio
|
|
December 31,
2012
|
|
Percentage of
Portfolio
|
||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
155,142
|
|
|
17.15
|
%
|
|
$
|
92,487
|
|
|
13.72
|
%
|
Obligations of states and political subdivisions
|
290,999
|
|
|
32.16
|
|
|
312,803
|
|
|
46.40
|
|
||
Mortgage-backed securities
|
417,776
|
|
|
46.17
|
|
|
227,721
|
|
|
33.78
|
|
||
Trust preferred securities
|
16,753
|
|
|
1.85
|
|
|
15,068
|
|
|
2.24
|
|
||
Other debt securities
|
20,241
|
|
|
2.24
|
|
|
22,930
|
|
|
3.40
|
|
||
Other equity securities
|
3,877
|
|
|
0.43
|
|
|
3,068
|
|
|
0.46
|
|
||
|
$
|
904,788
|
|
|
100.00
|
%
|
|
$
|
674,077
|
|
|
100.00
|
%
|
|
September 30,
2013 |
|
Percentage of
Total Loans
|
|
December 31,
2012
|
|
Percentage of
Total Loans
|
||||||
Commercial, financial, agricultural
|
$
|
481,243
|
|
|
12.40
|
%
|
|
$
|
317,050
|
|
|
11.28
|
%
|
Lease financing
|
75
|
|
|
0.01
|
|
|
190
|
|
|
0.01
|
|
||
Real estate – construction
|
152,217
|
|
|
3.92
|
|
|
105,706
|
|
|
3.76
|
|
||
Real estate – 1-4 family mortgage
|
1,192,223
|
|
|
30.72
|
|
|
903,423
|
|
|
32.15
|
|
||
Real estate – commercial mortgage
|
1,960,584
|
|
|
50.51
|
|
|
1,426,643
|
|
|
50.76
|
|
||
Installment loans to individuals
|
95,190
|
|
|
2.44
|
|
|
57,241
|
|
|
2.04
|
|
||
Total loans, net of unearned income
|
$
|
3,881,532
|
|
|
100.00
|
%
|
|
$
|
2,810,253
|
|
|
100.00
|
%
|
|
September 30, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
Covered
Loans
|
|
Not Covered
Loans
|
|
Total
Loans
|
|
Covered
Loans
|
|
Not Covered
Loans
|
|
Total
Loans
|
||||||||||||
Commercial, financial, agricultural
|
$
|
10,295
|
|
|
$
|
470,948
|
|
|
$
|
481,243
|
|
|
$
|
10,800
|
|
|
$
|
306,250
|
|
|
$
|
317,050
|
|
Lease financing
|
—
|
|
|
75
|
|
|
75
|
|
|
—
|
|
|
190
|
|
|
190
|
|
||||||
Real estate – construction:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
1,648
|
|
|
69,901
|
|
|
71,549
|
|
|
1,648
|
|
|
46,805
|
|
|
48,453
|
|
||||||
Commercial
|
—
|
|
|
79,709
|
|
|
79,709
|
|
|
—
|
|
|
56,201
|
|
|
56,201
|
|
||||||
Condominiums
|
—
|
|
|
959
|
|
|
959
|
|
|
—
|
|
|
1,052
|
|
|
1,052
|
|
||||||
Total real estate – construction
|
1,648
|
|
|
150,569
|
|
|
152,217
|
|
|
1,648
|
|
|
104,058
|
|
|
105,706
|
|
||||||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Primary
|
17,236
|
|
|
665,595
|
|
|
682,831
|
|
|
20,623
|
|
|
445,659
|
|
|
466,282
|
|
||||||
Home equity
|
13,636
|
|
|
229,364
|
|
|
243,000
|
|
|
15,622
|
|
|
183,159
|
|
|
198,781
|
|
||||||
Rental/investment
|
20,465
|
|
|
175,036
|
|
|
195,501
|
|
|
26,586
|
|
|
130,370
|
|
|
156,956
|
|
||||||
Land development
|
5,386
|
|
|
65,505
|
|
|
70,891
|
|
|
10,617
|
|
|
70,787
|
|
|
81,404
|
|
||||||
Total real estate – 1-4 family mortgage
|
56,723
|
|
|
1,135,500
|
|
|
1,192,223
|
|
|
73,448
|
|
|
829,975
|
|
|
903,423
|
|
||||||
Real estate – commercial mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Owner-occupied
|
57,235
|
|
|
757,256
|
|
|
814,491
|
|
|
63,683
|
|
|
577,223
|
|
|
640,906
|
|
||||||
Non-owner occupied
|
39,833
|
|
|
933,876
|
|
|
973,709
|
|
|
50,879
|
|
|
587,607
|
|
|
638,486
|
|
||||||
Land development
|
30,232
|
|
|
142,152
|
|
|
172,384
|
|
|
36,599
|
|
|
110,652
|
|
|
147,251
|
|
||||||
Total real estate – commercial mortgage
|
127,300
|
|
|
1,833,284
|
|
|
1,960,584
|
|
|
151,161
|
|
|
1,275,482
|
|
|
1,426,643
|
|
||||||
Installment loans to individuals
|
31
|
|
|
95,159
|
|
|
95,190
|
|
|
31
|
|
|
57,210
|
|
|
57,241
|
|
||||||
Total loans, net of unearned income
|
$
|
195,997
|
|
|
$
|
3,685,535
|
|
|
$
|
3,881,532
|
|
|
$
|
237,088
|
|
|
$
|
2,573,165
|
|
|
$
|
2,810,253
|
|
|
Three Months Ended September 30,
|
||||||||||||||||||||
|
2013
|
|
2012
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
$
|
3,250,739
|
|
|
$
|
39,458
|
|
|
4.82
|
%
|
|
$
|
2,754,017
|
|
|
$
|
34,553
|
|
|
4.99
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
(2)
|
601,158
|
|
|
3,438
|
|
|
2.27
|
|
|
448,960
|
|
|
2,672
|
|
|
2.36
|
|
||||
Tax-exempt
|
218,401
|
|
|
3,147
|
|
|
5.72
|
|
|
233,163
|
|
|
3,355
|
|
|
5.76
|
|
||||
Interest-bearing balances with banks
|
64,470
|
|
|
48
|
|
|
0.30
|
|
|
55,801
|
|
|
33
|
|
|
0.23
|
|
||||
Total interest-earning assets
|
4,134,768
|
|
|
46,091
|
|
|
4.42
|
|
|
3,491,941
|
|
|
40,613
|
|
|
4.63
|
|
||||
Cash and due from banks
|
128,780
|
|
|
|
|
|
|
57,487
|
|
|
|
|
|
||||||||
Intangible assets
|
214,436
|
|
|
|
|
|
|
191,442
|
|
|
|
|
|
||||||||
FDIC loss-share indemnification asset
|
29,368
|
|
|
|
|
|
|
51,727
|
|
|
|
|
|
||||||||
Other assets
|
221,693
|
|
|
|
|
|
|
285,736
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,729,045
|
|
|
|
|
|
|
$
|
4,078,333
|
|
|
|
|
|
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
(3)
|
$
|
1,675,891
|
|
|
$
|
1,071
|
|
|
0.25
|
%
|
|
$
|
1,285,793
|
|
|
$
|
867
|
|
|
0.26
|
%
|
Savings deposits
|
283,690
|
|
|
196
|
|
|
0.27
|
|
|
211,421
|
|
|
124
|
|
|
0.21
|
|
||||
Time deposits
|
1,314,129
|
|
|
3,046
|
|
|
0.92
|
|
|
1,383,034
|
|
|
3,456
|
|
|
1.21
|
|
||||
Total interest-bearing deposits
|
3,273,710
|
|
|
4,313
|
|
|
0.52
|
|
|
2,880,248
|
|
|
4,447
|
|
|
0.63
|
|
||||
Borrowed funds
|
189,894
|
|
|
1,577
|
|
|
3.29
|
|
|
259,387
|
|
|
1,575
|
|
|
3.55
|
|
||||
Total interest-bearing liabilities
|
3,463,604
|
|
|
5,890
|
|
|
0.67
|
|
|
3,139,635
|
|
|
6,022
|
|
|
0.80
|
|
||||
Noninterest-bearing deposits
|
660,415
|
|
|
|
|
|
|
480,699
|
|
|
|
|
|
||||||||
Other liabilities
|
51,324
|
|
|
|
|
|
|
39,396
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
553,702
|
|
|
|
|
|
|
483,121
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
4,729,045
|
|
|
|
|
|
|
$
|
4,142,851
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
$
|
40,201
|
|
|
3.86
|
%
|
|
|
|
$
|
34,591
|
|
|
3.94
|
%
|
(1)
|
Includes mortgage loans held for sale and shown net of unearned income.
|
(2)
|
U.S. Government and some U.S. Government agency securities are tax-exempt in the states in which we operate.
|
(3)
|
Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
|
|
Volume
|
|
Rate
|
|
Net
(1)
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Loans
(2)
|
$
|
6,111
|
|
|
$
|
(1,206
|
)
|
|
$
|
4,905
|
|
Securities:
|
|
|
|
|
|
||||||
Taxable
|
854
|
|
|
(88
|
)
|
|
766
|
|
|||
Tax-exempt
|
(208
|
)
|
|
—
|
|
|
(208
|
)
|
|||
Interest-bearing balances with banks
|
6
|
|
|
9
|
|
|
15
|
|
|||
Total interest-earning assets
|
6,763
|
|
|
(1,285
|
)
|
|
5,478
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
425
|
|
|
(221
|
)
|
|
204
|
|
|||
Savings deposits
|
31
|
|
|
41
|
|
|
72
|
|
|||
Time deposits
|
235
|
|
|
(645
|
)
|
|
(410
|
)
|
|||
Borrowed funds
|
112
|
|
|
(110
|
)
|
|
2
|
|
|||
Total interest-bearing liabilities
|
803
|
|
|
(935
|
)
|
|
(132
|
)
|
|||
Change in net interest income
|
$
|
5,960
|
|
|
$
|
(350
|
)
|
|
$
|
5,610
|
|
(1)
|
Changes in interest due to both volume and rate have been allocated on a pro-rata basis using the absolute ratio value of amounts calculated.
|
(2)
|
Includes mortgage loans held for sale and shown net of unearned income.
|
|
Percentage of Total
|
|
Yield
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Loans
|
78.62
|
%
|
|
78.87
|
%
|
|
4.82
|
%
|
|
4.99
|
%
|
Securities
|
19.82
|
|
|
19.53
|
|
|
3.19
|
|
|
3.52
|
|
Other
|
1.56
|
|
|
1.60
|
|
|
0.30
|
|
|
0.23
|
|
Total earning assets
|
100.00
|
%
|
|
100.00
|
%
|
|
4.42
|
%
|
|
4.63
|
%
|
|
Percentage of Total
|
|
Cost of Funds
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Noninterest-bearing demand
|
16.01
|
%
|
|
15.39
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
40.64
|
|
|
38.28
|
|
|
0.25
|
|
|
0.26
|
|
Savings
|
6.88
|
|
|
6.58
|
|
|
0.27
|
|
|
0.21
|
|
Time deposits
|
31.87
|
|
|
34.74
|
|
|
0.92
|
|
|
1.12
|
|
Federal Home Loan Bank advances
|
1.86
|
|
|
2.40
|
|
|
4.23
|
|
|
4.33
|
|
Other borrowed funds
|
2.74
|
|
|
2.61
|
|
|
2.69
|
|
|
2.84
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.57
|
%
|
|
0.68
|
%
|
Noninterest Income to Average Assets
(Excludes securities gains/losses)
|
||
Three Months Ended September 30,
|
||
2013
|
|
2012
|
1.58%
|
|
1.76%
|
Noninterest Expense to Average Assets
|
||
Three Months Ended September 30,
|
||
2013
|
|
2012
|
3.91%
|
|
3.77%
|
Efficiency Ratio
|
||
Three Months Ended September 30,
|
||
2013
|
|
2012
|
78.82%
|
|
73.44%
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2013
|
|
2012
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
$
|
2,986,646
|
|
|
$
|
108,503
|
|
|
4.86
|
%
|
|
$
|
2,672,079
|
|
|
$
|
103,152
|
|
|
5.16
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
(2)
|
529,266
|
|
|
9,352
|
|
|
2.36
|
%
|
|
529,458
|
|
|
10,530
|
|
|
2.65
|
|
||||
Tax-exempt
|
228,822
|
|
|
9,780
|
|
|
5.71
|
|
|
233,347
|
|
|
10,247
|
|
|
5.86
|
|
||||
Interest-bearing balances with banks
|
77,424
|
|
|
150
|
|
|
0.26
|
|
|
97,301
|
|
|
172
|
|
|
0.24
|
|
||||
Total interest-earning assets
|
3,822,158
|
|
|
127,785
|
|
|
4.47
|
|
|
3,532,185
|
|
|
124,101
|
|
|
4.69
|
|
||||
Cash and due from banks
|
57,928
|
|
|
|
|
|
|
67,006
|
|
|
|
|
|
||||||||
Intangible assets
|
203,135
|
|
|
|
|
|
|
191,789
|
|
|
|
|
|
||||||||
FDIC loss-share indemnification asset
|
35,359
|
|
|
|
|
|
|
63,182
|
|
|
|
|
|
||||||||
Other assets
|
272,730
|
|
|
|
|
|
|
292,685
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,391,310
|
|
|
|
|
|
|
$
|
4,146,847
|
|
|
|
|
|
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
(3)
|
$
|
1,550,108
|
|
|
$
|
2,928
|
|
|
0.25
|
%
|
|
$
|
1,371,053
|
|
|
$
|
3,045
|
|
|
0.30
|
|
Savings deposits
|
261,714
|
|
|
442
|
|
|
0.23
|
|
|
228,677
|
|
|
413
|
|
|
0.24
|
|
||||
Time deposits
|
1,246,186
|
|
|
9,118
|
|
|
0.98
|
|
|
1,265,664
|
|
|
11,377
|
|
|
1.20
|
|
||||
Total interest-bearing deposits
|
3,058,008
|
|
|
12,488
|
|
|
0.55
|
|
|
2,865,394
|
|
|
14,835
|
|
|
0.69
|
|
||||
Borrowed funds
|
173,018
|
|
|
4,507
|
|
|
3.48
|
|
|
194,871
|
|
|
5,417
|
|
|
3.71
|
|
||||
Total interest-bearing liabilities
|
3,231,026
|
|
|
16,995
|
|
|
0.70
|
|
|
3,060,265
|
|
|
20,252
|
|
|
0.88
|
|
||||
Noninterest-bearing deposits
|
591,394
|
|
|
|
|
|
|
536,640
|
|
|
|
|
|
||||||||
Other liabilities
|
48,190
|
|
|
|
|
|
|
56,663
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
520,700
|
|
|
|
|
|
|
493,279
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
4,391,310
|
|
|
|
|
|
|
$
|
4,146,847
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
$
|
110,790
|
|
|
3.87
|
%
|
|
|
|
$
|
103,849
|
|
|
3.93
|
%
|
(1)
|
Includes mortgage loans held for sale and shown net of unearned income.
|
(2)
|
U.S. Government and some U.S. Government agency securities are tax-exempt in the states in which we operate.
|
(3)
|
Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
|
|
Volume
|
|
Rate
|
|
Net
(1)
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Loans
(2)
|
$
|
11,609
|
|
|
$
|
(6,258
|
)
|
|
$
|
5,351
|
|
Securities:
|
|
|
|
|
|
||||||
Taxable
|
(4
|
)
|
|
(1,174
|
)
|
|
(1,178
|
)
|
|||
Tax-exempt
|
(193
|
)
|
|
(274
|
)
|
|
(467
|
)
|
|||
Interest-bearing balances with banks
|
(36
|
)
|
|
14
|
|
|
(22
|
)
|
|||
Total interest-earning assets
|
11,376
|
|
|
(7,692
|
)
|
|
3,684
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
(516
|
)
|
|
399
|
|
|
(117
|
)
|
|||
Savings deposits
|
49
|
|
|
(20
|
)
|
|
29
|
|
|||
Time deposits
|
(175
|
)
|
|
(2,084
|
)
|
|
(2,259
|
)
|
|||
Borrowed funds
|
(586
|
)
|
|
(324
|
)
|
|
(910
|
)
|
|||
Total interest-bearing liabilities
|
(1,228
|
)
|
|
(2,029
|
)
|
|
(3,257
|
)
|
|||
Change in net interest income
|
$
|
12,604
|
|
|
$
|
(5,663
|
)
|
|
$
|
6,941
|
|
(1)
|
Changes in interest due to both volume and rate have been allocated on a pro-rata basis using the absolute ratio value of amounts calculated.
|
(2)
|
Includes mortgage loans held for sale and shown net of unearned income.
|
|
Percentage of Total
|
|
Yield
|
||||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Loans
|
78.14
|
%
|
|
75.65
|
%
|
|
4.86
|
%
|
|
5.16
|
%
|
Securities
|
19.83
|
|
|
21.60
|
|
|
3.37
|
|
|
3.63
|
|
Other
|
2.03
|
|
|
2.75
|
|
|
0.26
|
|
|
0.24
|
|
Total earning assets
|
100.00
|
%
|
|
100.00
|
%
|
|
4.47
|
%
|
|
4.69
|
%
|
|
Percentage of Total
|
|
Cost of Funds
|
||||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Noninterest-bearing demand
|
15.47
|
%
|
|
14.92
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
40.55
|
|
|
38.12
|
|
|
0.25
|
|
|
0.30
|
|
Savings
|
6.85
|
|
|
6.36
|
|
|
0.23
|
|
|
0.24
|
|
Time deposits
|
32.60
|
|
|
35.19
|
|
|
0.98
|
|
|
1.20
|
|
Federal Home Loan Bank advances
|
2.07
|
|
|
2.56
|
|
|
4.22
|
|
|
4.29
|
|
Other borrowed funds
|
2.46
|
|
|
2.85
|
|
|
2.85
|
|
|
3.18
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.59
|
%
|
|
0.75
|
%
|
Noninterest Income to Average Assets
(Excludes securities gains/losses)
|
||
Nine Months Ended September 30,
|
||
2013
|
|
2012
|
1.63%
|
|
1.57%
|
Noninterest Expense to Average Assets
|
||
Nine Months Ended September 30,
|
||
2013
|
|
2012
|
3.71%
|
|
3.61%
|
Efficiency Ratio
|
||
Nine Months Ended September 30,
|
||
2013
|
|
2012
|
74.17%
|
|
72.41%
|
|
September 30,
2013 |
|
December 31,
2012
|
|
September 30,
2012 |
||||||
Commercial, financial, agricultural
|
$
|
2,947
|
|
|
$
|
3,307
|
|
|
$
|
3,252
|
|
Lease financing
|
1
|
|
|
1
|
|
|
1
|
|
|||
Real estate – construction
|
914
|
|
|
711
|
|
|
1,048
|
|
|||
Real estate – 1-4 family mortgage
|
18,390
|
|
|
18,347
|
|
|
18,190
|
|
|||
Real estate – commercial mortgage
|
23,021
|
|
|
21,416
|
|
|
21,011
|
|
|||
Installment loans to individuals
|
977
|
|
|
565
|
|
|
567
|
|
|||
Total
|
$
|
46,250
|
|
|
$
|
44,347
|
|
|
$
|
44,069
|
|
|
September 30,
2013 |
|
December 31,
2012
|
|
September 30,
2012 |
||||||
Specific reserves for impaired loans
|
$
|
14,908
|
|
|
$
|
17,597
|
|
|
$
|
19,169
|
|
Allocated reserves for remaining portfolio
|
31,342
|
|
|
26,750
|
|
|
24,900
|
|
|||
Total
|
$
|
46,250
|
|
|
$
|
44,347
|
|
|
$
|
44,069
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Balance at beginning of period
|
$
|
47,034
|
|
|
$
|
44,779
|
|
|
$
|
44,347
|
|
|
$
|
44,340
|
|
Charge-offs
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
887
|
|
|
2,590
|
|
|
1,167
|
|
|
4,623
|
|
||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
||||
Real estate – 1-4 family mortgage
|
1,251
|
|
|
2,682
|
|
|
2,517
|
|
|
7,230
|
|
||||
Real estate – commercial mortgage
|
1,107
|
|
|
780
|
|
|
4,227
|
|
|
3,806
|
|
||||
Installment loans to individuals
|
81
|
|
|
118
|
|
|
433
|
|
|
321
|
|
||||
Total charge-offs
|
3,326
|
|
|
6,170
|
|
|
8,344
|
|
|
16,022
|
|
||||
Recoveries
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
54
|
|
|
145
|
|
|
301
|
|
|
323
|
|
||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
7
|
|
|
3
|
|
|
70
|
|
|
6
|
|
||||
Real estate – 1-4 family mortgage
|
120
|
|
|
648
|
|
|
591
|
|
|
981
|
|
||||
Real estate – commercial mortgage
|
38
|
|
|
23
|
|
|
885
|
|
|
247
|
|
||||
Installment loans to individuals
|
23
|
|
|
16
|
|
|
50
|
|
|
69
|
|
||||
Total recoveries
|
242
|
|
|
835
|
|
|
1,897
|
|
|
1,626
|
|
||||
Net charge-offs
|
3,084
|
|
|
5,335
|
|
|
6,447
|
|
|
14,396
|
|
||||
Provision for loan losses
|
2,300
|
|
|
4,625
|
|
|
8,350
|
|
|
14,125
|
|
||||
Balance at end of period
|
$
|
46,250
|
|
|
$
|
44,069
|
|
|
$
|
46,250
|
|
|
$
|
44,069
|
|
Net charge-offs (annualized) to average loans
|
0.38
|
%
|
|
0.77
|
%
|
|
0.29
|
%
|
|
0.72
|
%
|
||||
Allowance for loan losses to:
|
|
|
|
|
|
|
|
||||||||
Total loans not covered under loss share agreements
|
1.25
|
%
|
|
1.74
|
%
|
|
1.25
|
%
|
|
1.74
|
%
|
||||
Nonperforming loans not covered under loss share agreements
|
149.85
|
%
|
|
137.57
|
%
|
|
149.85
|
%
|
|
137.57
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Real estate – construction:
|
|
|
|
|
|
|
|
||||||||
Residential
|
$
|
(7
|
)
|
|
$
|
(3
|
)
|
|
$
|
(70
|
)
|
|
$
|
32
|
|
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Condominiums
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total real estate – construction
|
(7
|
)
|
|
(3
|
)
|
|
(70
|
)
|
|
36
|
|
||||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
|
|
||||||||
Primary
|
(67
|
)
|
|
10
|
|
|
335
|
|
|
817
|
|
||||
Home equity
|
275
|
|
|
476
|
|
|
687
|
|
|
2,302
|
|
||||
Rental/investment
|
547
|
|
|
349
|
|
|
644
|
|
|
1,154
|
|
||||
Land development
|
376
|
|
|
1,199
|
|
|
260
|
|
|
1,976
|
|
||||
Total real estate – 1-4 family mortgage
|
1,131
|
|
|
2,034
|
|
|
1,926
|
|
|
6,249
|
|
||||
Real estate – commercial mortgage:
|
|
|
|
|
|
|
|
||||||||
Owner-occupied
|
216
|
|
|
189
|
|
|
711
|
|
|
766
|
|
||||
Non-owner occupied
|
469
|
|
|
71
|
|
|
2,246
|
|
|
1,735
|
|
||||
Land development
|
384
|
|
|
497
|
|
|
385
|
|
|
1,058
|
|
||||
Total real estate – commercial mortgage
|
1,069
|
|
|
757
|
|
|
3,342
|
|
|
3,559
|
|
||||
Total net charge-offs of loans secured by real estate
|
$
|
2,193
|
|
|
$
|
2,788
|
|
|
$
|
5,198
|
|
|
$
|
9,844
|
|
|
Covered
Assets
|
|
Not Covered
Assets
|
|
Total
Assets
|
||||||
September 30, 2013
|
|
|
|
|
|
||||||
Nonaccruing loans
|
$
|
49,585
|
|
|
$
|
20,219
|
|
|
$
|
69,804
|
|
Accruing loans past due 90 days or more
|
505
|
|
|
10,647
|
|
|
11,152
|
|
|||
Total nonperforming loans
|
50,090
|
|
|
30,866
|
|
|
80,956
|
|
|||
Other real estate owned
|
16,580
|
|
|
40,581
|
|
|
57,161
|
|
|||
Total nonperforming loans and OREO
|
66,670
|
|
|
71,447
|
|
|
138,117
|
|
|||
Nonaccruing securities available-for-sale, at fair value
|
—
|
|
|
16,753
|
|
|
16,753
|
|
|||
Total nonperforming assets
|
$
|
66,670
|
|
|
$
|
88,200
|
|
|
$
|
154,870
|
|
Nonperforming loans to total loans
|
|
|
|
|
2.09
|
%
|
|||||
Nonperforming assets to total assets
|
|
|
|
|
2.70
|
%
|
|||||
Allowance for loan losses to total loans
|
|
|
|
|
1.19
|
%
|
|||||
December 31, 2012
|
|
|
|
|
|
||||||
Nonaccruing loans
|
$
|
53,186
|
|
|
$
|
26,881
|
|
|
$
|
80,067
|
|
Accruing loans past due 90 days or more
|
—
|
|
|
3,307
|
|
|
3,307
|
|
|||
Total nonperforming loans
|
53,186
|
|
|
30,188
|
|
|
83,374
|
|
|||
Other real estate owned
|
45,534
|
|
|
44,717
|
|
|
90,251
|
|
|||
Total nonperforming loans and OREO
|
98,720
|
|
|
74,905
|
|
|
173,625
|
|
|||
Nonaccruing securities available-for-sale, at fair value
|
—
|
|
|
15,068
|
|
|
15,068
|
|
|||
Total nonperforming assets
|
$
|
98,720
|
|
|
$
|
89,973
|
|
|
$
|
188,693
|
|
Nonperforming loans to total loans
|
|
|
|
|
2.97
|
%
|
|||||
Nonperforming assets to total assets
|
|
|
|
|
4.52
|
%
|
|||||
Allowance for loan losses to total loans
|
|
|
|
|
1.58
|
%
|
|
September 30,
2013 |
|
December 31,
2012
|
|
September 30,
2012 |
||||||
Nonaccruing loans
|
$
|
20,219
|
|
|
$
|
26,881
|
|
|
$
|
29,677
|
|
Accruing loans past due 90 days or more
|
10,647
|
|
|
3,307
|
|
|
2,358
|
|
|||
Total nonperforming loans
|
30,866
|
|
|
30,188
|
|
|
32,035
|
|
|||
Restructured loans in compliance with modified terms
|
22,236
|
|
|
29,436
|
|
|
30,918
|
|
|||
Total nonperforming and restructured loans
|
$
|
53,102
|
|
|
$
|
59,624
|
|
|
$
|
62,953
|
|
Nonperforming loans to:
|
|
|
|
|
|
||||||
Loans – period-end
|
0.84
|
%
|
|
1.17
|
%
|
|
1.26
|
%
|
|||
Loans – average
|
1.03
|
%
|
|
1.11
|
%
|
|
1.16
|
%
|
|
September 30,
2013 |
|
December 31,
2012
|
|
September 30,
2012 |
||||||
Commercial, financial, agricultural
|
$
|
1,222
|
|
|
$
|
1,641
|
|
|
$
|
1,738
|
|
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial
|
592
|
|
|
—
|
|
|
—
|
|
|||
Condominiums
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate – construction
|
592
|
|
|
—
|
|
|
—
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
3,834
|
|
|
6,708
|
|
|
5,141
|
|
|||
Home equity
|
976
|
|
|
860
|
|
|
953
|
|
|||
Rental/investment
|
5,129
|
|
|
4,100
|
|
|
4,596
|
|
|||
Land development
|
4,112
|
|
|
4,260
|
|
|
3,910
|
|
|||
Total real estate – 1-4 family mortgage
|
14,051
|
|
|
15,928
|
|
|
14,600
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
1,463
|
|
|
2,313
|
|
|
2,263
|
|
|||
Non-owner occupied
|
12,595
|
|
|
8,665
|
|
|
10,023
|
|
|||
Land development
|
758
|
|
|
1,313
|
|
|
3,070
|
|
|||
Total real estate – commercial mortgage
|
14,816
|
|
|
12,291
|
|
|
15,356
|
|
|||
Installment loans to individuals
|
185
|
|
|
328
|
|
|
341
|
|
|||
Total nonperforming loans
|
$
|
30,866
|
|
|
$
|
30,188
|
|
|
$
|
32,035
|
|
|
September 30,
2013 |
|
December 31,
2012
|
|
September 30,
2012 |
||||||
Commercial, financial, agricultural
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|||
Condominiums
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
2,074
|
|
|
1,469
|
|
|
3,268
|
|
|||
Home equity
|
—
|
|
|
—
|
|
|
—
|
|
|||
Rental/investment
|
1,892
|
|
|
1,923
|
|
|
1,592
|
|
|||
Land development
|
6,659
|
|
|
7,461
|
|
|
7,581
|
|
|||
Total real estate – 1-4 family mortgage
|
10,625
|
|
|
10,853
|
|
|
12,441
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
3,725
|
|
|
11,138
|
|
|
11,392
|
|
|||
Non-owner occupied
|
5,371
|
|
|
6,934
|
|
|
6,909
|
|
|||
Land development
|
2,323
|
|
|
337
|
|
|
—
|
|
|||
Total real estate – commercial mortgage
|
11,419
|
|
|
18,409
|
|
|
18,301
|
|
|||
Installment loans to individuals
|
172
|
|
|
174
|
|
|
176
|
|
|||
Total restructured loans in compliance with modified terms
|
$
|
22,236
|
|
|
$
|
29,436
|
|
|
$
|
30,918
|
|
|
2013
|
|
2012
|
||||
Balance at January 1
|
$
|
29,436
|
|
|
$
|
36,311
|
|
Additional loans with concessions
|
4,319
|
|
|
4,731
|
|
||
Reductions due to:
|
|
|
|
||||
Reclassified as nonperforming
|
(3,227
|
)
|
|
(5,622
|
)
|
||
Charge-offs
|
(877
|
)
|
|
(1,632
|
)
|
||
Transfer to other real estate owned
|
—
|
|
|
(419
|
)
|
||
Paydowns
|
(1,674
|
)
|
|
(1,600
|
)
|
||
Lapse of concession period
|
(5,741
|
)
|
|
(851
|
)
|
||
Balance at September 30
|
$
|
22,236
|
|
|
$
|
30,918
|
|
|
September 30,
2013 |
|
December 31,
2012
|
|
September 30,
2012 |
||||||
Residential real estate
|
$
|
3,519
|
|
|
$
|
7,842
|
|
|
$
|
8,068
|
|
Commercial real estate
|
9,122
|
|
|
7,779
|
|
|
9,268
|
|
|||
Residential land development
|
14,448
|
|
|
22,490
|
|
|
25,013
|
|
|||
Commercial land development
|
13,492
|
|
|
6,221
|
|
|
6,219
|
|
|||
Other
|
—
|
|
|
385
|
|
|
—
|
|
|||
Total other real estate owned
|
$
|
40,581
|
|
|
$
|
44,717
|
|
|
$
|
48,568
|
|
|
2013
|
|
2012
|
||||
Balance at January 1
|
$
|
44,717
|
|
|
$
|
70,079
|
|
Acquired OREO
|
13,674
|
|
|
—
|
|
||
Additions
|
6,575
|
|
|
7,161
|
|
||
Capitalized improvements
|
129
|
|
|
508
|
|
||
Impairments
|
(1,574
|
)
|
|
(3,689
|
)
|
||
Dispositions
|
(22,939
|
)
|
|
(25,674
|
)
|
||
Other
|
(1
|
)
|
|
183
|
|
||
Balance at September 30
|
$
|
40,581
|
|
|
$
|
48,568
|
|
|
|
Percentage Change In:
|
||||||||||
|
|
Net Interest Income
(2)
|
|
Economic Value
of Equity
(3)
|
||||||||
Change in Interest Rates
(1)
(In Basis Points)
|
|
September 30,
2013 |
|
December 31,
2012
|
|
September 30,
2013 |
|
December 31,
2012
|
||||
+400
|
|
2.29
|
%
|
|
2.75
|
%
|
|
11.90
|
%
|
|
19.35
|
%
|
+300
|
|
1.86
|
%
|
|
2.35
|
%
|
|
11.04
|
%
|
|
17.86
|
%
|
+200
|
|
1.08
|
%
|
|
1.44
|
%
|
|
9.64
|
%
|
|
14.80
|
%
|
+100
|
|
0.38
|
%
|
|
0.62
|
%
|
|
8.04
|
%
|
|
10.98
|
%
|
-100
|
|
(1.65
|
)%
|
|
(4.08
|
)%
|
|
(5.19
|
)%
|
|
(2.54
|
)%
|
(1)
|
On account of the present position of the target federal funds rate, the Company did not perform an analysis assuming a downward movement in rates of more than 100 bps.
|
(2)
|
The percentage change in this column represents the projected net interest income for 12 months on a flat balance sheet in a stable interest rate environment versus the projected net interest income in the various rate scenarios.
|
(3)
|
The percentage change in this column represents our EVE in a stable interest rate environment versus EVE in the various rate scenarios.
|
|
Percentage of Total
|
|
Cost of Funds
|
||||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||
Noninterest-bearing demand
|
15.47
|
%
|
|
14.92
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
40.55
|
|
|
38.12
|
|
|
0.25
|
|
|
0.30
|
|
Savings
|
6.85
|
|
|
6.36
|
|
|
0.23
|
|
|
0.24
|
|
Time deposits
|
32.60
|
|
|
35.19
|
|
|
0.98
|
|
|
1.20
|
|
FHLB advances
|
2.07
|
|
|
2.56
|
|
|
4.22
|
|
|
4.29
|
|
Other borrowed funds
|
2.46
|
|
|
2.85
|
|
|
2.85
|
|
|
3.18
|
|
|
100.00
|
%
|
|
100.00
|
%
|
|
0.59
|
%
|
|
0.75
|
%
|
|
September 30,
2013 |
|
December 31,
2012
|
||||
Loan commitments
|
$
|
591,525
|
|
|
$
|
463,684
|
|
Standby letters of credit
|
36,036
|
|
|
34,391
|
|
Capital Tiers
|
Tier 1 Capital to
Average Assets
(Leverage)
|
|
Tier 1 Capital to
Risk – Weighted
Assets
|
|
Total Capital to
Risk – Weighted
Assets
|
Well capitalized
|
5% or above
|
|
6% or above
|
|
10% or above
|
Adequately capitalized
|
4% or above
|
|
4% or above
|
|
8% or above
|
Undercapitalized
|
Less than 4%
|
|
Less than 4%
|
|
Less than 8%
|
Significantly undercapitalized
|
Less than 3%
|
|
Less than 3%
|
|
Less than 6%
|
Critically undercapitalized
|
|
|
2% or less
|
|
|
|
Actual
|
|
Minimum Capital
Requirement to be
Well Capitalized
|
|
Minimum Capital
Requirement to be
Adequately
Capitalized
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Capital to Average Assets
|
$
|
468,053
|
|
|
8.61
|
%
|
|
$
|
271,718
|
|
|
5.00
|
%
|
|
$
|
217,375
|
|
|
4.00
|
%
|
Tier 1 Capital to Risk-Weighted Assets
|
468,053
|
|
|
11.34
|
%
|
|
247,657
|
|
|
6.00
|
%
|
|
165,104
|
|
|
4.00
|
%
|
|||
Total Capital to Risk-Weighted Assets
|
514,803
|
|
|
12.47
|
%
|
|
412,761
|
|
|
10.00
|
%
|
|
330,209
|
|
|
8.00
|
%
|
|||
Renasant Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Capital to Average Assets
|
$
|
452,141
|
|
|
8.39
|
%
|
|
$
|
269,542
|
|
|
5.00
|
%
|
|
$
|
215,633
|
|
|
4.00
|
%
|
Tier 1 Capital to Risk-Weighted Assets
|
452,141
|
|
|
10.99
|
%
|
|
246,741
|
|
|
6.00
|
%
|
|
164,494
|
|
|
4.00
|
%
|
|||
Total Capital to Risk-Weighted Assets
|
498,390
|
|
|
12.12
|
%
|
|
411,235
|
|
|
10.00
|
%
|
|
328,988
|
|
|
8.00
|
%
|
|||
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Capital to Average Assets
|
$
|
388,362
|
|
|
9.86
|
%
|
|
$
|
196,871
|
|
|
5.00
|
%
|
|
$
|
157,497
|
|
|
4.00
|
%
|
Tier 1 Capital to Risk-Weighted Assets
|
388,362
|
|
|
12.74
|
%
|
|
182,964
|
|
|
6.00
|
%
|
|
121,976
|
|
|
4.00
|
%
|
|||
Total Capital to Risk-Weighted Assets
|
426,877
|
|
|
14.00
|
%
|
|
304,940
|
|
|
10.00
|
%
|
|
243,952
|
|
|
8.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Capital to Average Assets
|
$
|
379,602
|
|
|
9.67
|
%
|
|
$
|
196,192
|
|
|
5.00
|
%
|
|
$
|
156,954
|
|
|
4.00
|
%
|
Tier 1 Capital to Risk-Weighted Assets
|
379,602
|
|
|
12.47
|
%
|
|
182,580
|
|
|
6.00
|
%
|
|
121,720
|
|
|
4.00
|
%
|
|||
Total Capital to Risk-Weighted Assets
|
417,717
|
|
|
13.73
|
%
|
|
304,300
|
|
|
10.00
|
%
|
|
243,440
|
|
|
8.00
|
%
|
(1)
|
Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on February 11, 2013 and incorporated herein by reference.
|
(2)
|
Filed as exhibit 3.1 to the Company’s Form 10-Q filed with the Securities and Exchange Commission on May 9, 2005 and incorporated herein by reference.
|
(3)
|
Filed as exhibit 3(ii) to the Company's Form 10-Q filed with the Securities and Exchange Commission on May 8, 2013 and incorporated herein by reference.
|
|
|
RENASANT CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date:
|
November 8, 2013
|
/s/ E. Robinson McGraw
|
|
|
E. Robinson McGraw
|
|
|
Chairman of the Board, Director,
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date:
|
November 8, 2013
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
Exhibit
Number
|
|
Description
|
|
|
|
(10)(i)
|
|
Renasant Corporation M&F Legacy Option Plan
|
|
|
|
(31)(i)
|
|
Certification of the Principal Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
(31)(ii)
|
|
Certification of the Principal Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
(32)(i)
|
|
Certification of the Principal Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
(32)(ii)
|
|
Certification of the Principal Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
(101)
|
|
The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 were formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements (Unaudited).
|
Option Holder
|
Number of M&F Options
|
M&F Exercise Price)
|
No. Legacy Options
|
Legacy Option Exercise Price
|
Legacy Option Expiration Date
|
||||
Wiggers
|
1,000
|
|
$4.89
|
|
642
|
|
$7.61
|
|
CD*
|
Cheek
|
1,000
|
|
$17.00
|
|
642
|
|
$26.46
|
|
5/01/15
|
1,000
|
|
$13.84
|
|
642
|
|
$21.54
|
|
CD*
|
|
1,000
|
|
$4.12
|
|
642
|
|
$6.41
|
|
CD*
|
|
Crocker
|
1,000
|
|
$17.00
|
|
642
|
|
$26.46
|
|
5/01/15
|
1,000
|
|
$13.84
|
|
642
|
|
$21.54
|
|
CD*
|
|
1,000
|
|
$4.12
|
|
642
|
|
$6.41
|
|
CD*
|
|
Ivey
(Retired 4/13/11)
|
1,000
|
|
$17.00
|
|
642
|
|
$26.46
|
|
4/13/14
|
400
|
|
$13.84
|
|
257
|
|
$21.54
|
|
4/13/14
|
|
Love, III
|
1,000
|
|
$5.14
|
|
642
|
|
$8.00
|
|
CD*
|
McCaffery
(Retired 4/11/12)
|
1,000
|
|
$19.06
|
|
642
|
|
$29.67
|
|
4/11/15
|
400
|
|
$5.14
|
|
257
|
|
$8.00
|
|
4/11/15
|
|
Nelson
(Term expired 4/10/13)
|
1,000
|
|
$19.00
|
|
642
|
|
$29.57
|
|
4/10/16
|
400
|
|
$4.89
|
|
257
|
|
$7.61
|
|
4/10/16
|
|
Petit, Jr.
|
1,000
|
|
$17.00
|
|
642
|
|
$26.46
|
|
5/01/15
|
1,000
|
|
$13.84
|
|
642
|
|
$21.54
|
|
CD*
|
|
1,000
|
|
$4.12
|
|
642
|
|
$6.41
|
|
CD*
|
|
Ritter, Jr.
(Retired 4/13/11)
|
1,000
|
|
$17.00
|
|
642
|
|
$26.46
|
|
4/13/14
|
400
|
|
$13.84
|
|
257
|
|
$21.54
|
|
4/13/14
|
|
Sams
(Retired 4/13/11)
|
1,000
|
|
$17.00
|
|
642
|
|
$26.46
|
|
4/13/14
|
400
|
|
$13.84
|
|
257
|
|
$21.54
|
|
4/13/14
|
|
Tims
|
1,000
|
|
$19.06
|
|
642
|
|
$29.67
|
|
5/01/16
|
1,000
|
|
$5.14
|
|
642
|
|
$8.00
|
|
CD*
|
|
Terrell
|
1,000
|
|
$19.06
|
|
642
|
|
$29.67
|
|
5/01/16
|
1,000
|
|
$5.14
|
|
642
|
|
$8.00
|
|
CD*
|
|
Total
|
22,000
|
N/A
|
|
14,125
|
N/A
|
|
N/A
|
Date:
|
November 8, 2013
|
/s/ E. Robinson McGraw
|
|
|
E. Robinson McGraw
|
|
|
Chairman of the Board, Director,
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
November 8, 2013
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
Date:
|
November 8, 2013
|
/s/ E. Robinson McGraw
|
|
|
E. Robinson McGraw
|
|
|
Chairman of the Board, Director,
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
November 8, 2013
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|