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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|
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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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ý
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Accelerated filer
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o
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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
|
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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||
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Item 4.
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PART II
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Item 1A.
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||
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Item 2.
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||
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Item 6.
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||
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(Unaudited)
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|
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||||
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March 31,
2016 |
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
146,219
|
|
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$
|
177,007
|
|
Interest-bearing balances with banks
|
72,264
|
|
|
34,564
|
|
||
Cash and cash equivalents
|
218,483
|
|
|
211,571
|
|
||
Securities held to maturity (fair value of $466,060 and $473,753, respectively)
|
448,376
|
|
|
458,400
|
|
||
Securities available for sale, at fair value
|
653,444
|
|
|
646,805
|
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||
Mortgage loans held for sale, at fair value
|
298,365
|
|
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225,254
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Loans, net of unearned income:
|
|
|
|
||||
Acquired and covered by FDIC loss-share agreements ("acquired covered loans")
|
44,989
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|
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93,142
|
|
||
Acquired and not covered by FDIC loss-share agreements ("acquired non-covered loans")
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1,453,328
|
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1,489,886
|
|
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Not acquired
|
4,074,413
|
|
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3,830,434
|
|
||
Total loans, net of unearned income
|
5,572,730
|
|
|
5,413,462
|
|
||
Allowance for loan losses
|
(42,859
|
)
|
|
(42,437
|
)
|
||
Loans, net
|
5,529,871
|
|
|
5,371,025
|
|
||
Premises and equipment, net
|
168,942
|
|
|
169,128
|
|
||
Other real estate owned:
|
|
|
|
||||
Acquired and covered by FDIC loss-share agreements ("acquired covered loans")
|
1,373
|
|
|
2,818
|
|
||
Acquired and not covered by FDIC loss-share agreements ("acquired non-covered loans")
|
19,051
|
|
|
19,597
|
|
||
Not acquired
|
12,810
|
|
|
12,987
|
|
||
Total other real estate owned, net
|
33,234
|
|
|
35,402
|
|
||
Goodwill
|
449,425
|
|
|
445,871
|
|
||
Other intangible assets, net
|
27,114
|
|
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28,811
|
|
||
FDIC loss-share indemnification asset
|
6,118
|
|
|
7,149
|
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Other assets
|
312,857
|
|
|
327,080
|
|
||
Total assets
|
$
|
8,146,229
|
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$
|
7,926,496
|
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Liabilities and shareholders’ equity
|
|
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|
||||
Liabilities
|
|
|
|
||||
Deposits
|
|
|
|
||||
Noninterest-bearing
|
$
|
1,384,503
|
|
|
$
|
1,278,337
|
|
Interest-bearing
|
5,046,874
|
|
|
4,940,265
|
|
||
Total deposits
|
6,431,377
|
|
|
6,218,602
|
|
||
Short-term borrowings
|
414,255
|
|
|
422,279
|
|
||
Long-term debt
|
147,416
|
|
|
148,217
|
|
||
Other liabilities
|
100,003
|
|
|
100,580
|
|
||
Total liabilities
|
7,093,051
|
|
|
6,889,678
|
|
||
Shareholders’ equity
|
|
|
|
||||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $5.00 par value – 75,000,000 shares authorized, 41,292,045 and 41,292,045 shares issued, respectively; 40,373,753 and 40,293,291 shares outstanding, respectively
|
206,460
|
|
|
206,460
|
|
||
Treasury stock, at cost
|
(21,062
|
)
|
|
(22,385
|
)
|
||
Additional paid-in capital
|
584,757
|
|
|
585,938
|
|
||
Retained earnings
|
290,665
|
|
|
276,340
|
|
||
Accumulated other comprehensive loss, net of taxes
|
(7,642
|
)
|
|
(9,535
|
)
|
||
Total shareholders’ equity
|
1,053,178
|
|
|
1,036,818
|
|
||
Total liabilities and shareholders’ equity
|
$
|
8,146,229
|
|
|
$
|
7,926,496
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Interest income
|
|
|
|
||||
Loans
|
$
|
69,237
|
|
|
$
|
47,437
|
|
Securities
|
|
|
|
||||
Taxable
|
4,462
|
|
|
4,415
|
|
||
Tax-exempt
|
2,488
|
|
|
2,254
|
|
||
Other
|
72
|
|
|
60
|
|
||
Total interest income
|
76,259
|
|
|
54,166
|
|
||
Interest expense
|
|
|
|
||||
Deposits
|
3,960
|
|
|
3,499
|
|
||
Borrowings
|
2,245
|
|
|
1,886
|
|
||
Total interest expense
|
6,205
|
|
|
5,385
|
|
||
Net interest income
|
70,054
|
|
|
48,781
|
|
||
Provision for loan losses
|
1,800
|
|
|
1,075
|
|
||
Net interest income after provision for loan losses
|
68,254
|
|
|
47,706
|
|
||
Noninterest income
|
|
|
|
||||
Service charges on deposit accounts
|
7,991
|
|
|
6,335
|
|
||
Fees and commissions
|
4,331
|
|
|
3,695
|
|
||
Insurance commissions
|
1,962
|
|
|
1,967
|
|
||
Wealth management revenue
|
2,891
|
|
|
2,156
|
|
||
Net loss on sales of securities
|
(71
|
)
|
|
—
|
|
||
BOLI income
|
954
|
|
|
849
|
|
||
Mortgage banking income
|
11,915
|
|
|
5,429
|
|
||
Other
|
3,329
|
|
|
1,439
|
|
||
Total noninterest income
|
33,302
|
|
|
21,870
|
|
||
Noninterest expense
|
|
|
|
||||
Salaries and employee benefits
|
42,393
|
|
|
28,260
|
|
||
Data processing
|
4,158
|
|
|
3,230
|
|
||
Net occupancy and equipment
|
8,224
|
|
|
5,559
|
|
||
Other real estate owned
|
957
|
|
|
532
|
|
||
Professional fees
|
1,214
|
|
|
824
|
|
||
Advertising and public relations
|
1,637
|
|
|
1,303
|
|
||
Intangible amortization
|
1,697
|
|
|
1,275
|
|
||
Communications
|
2,171
|
|
|
1,433
|
|
||
Merger and conversion related expenses
|
948
|
|
|
478
|
|
||
Other
|
6,415
|
|
|
4,425
|
|
||
Total noninterest expense
|
69,814
|
|
|
47,319
|
|
||
Income before income taxes
|
31,742
|
|
|
22,257
|
|
||
Income taxes
|
10,526
|
|
|
7,017
|
|
||
Net income
|
$
|
21,216
|
|
|
$
|
15,240
|
|
Basic earnings per share
|
$
|
0.53
|
|
|
$
|
0.48
|
|
Diluted earnings per share
|
$
|
0.52
|
|
|
$
|
0.48
|
|
Cash dividends per common share
|
$
|
0.17
|
|
|
$
|
0.17
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Net income
|
$
|
21,216
|
|
|
$
|
15,240
|
|
Other comprehensive income, net of tax:
|
|
|
|
||||
Securities available for sale:
|
|
|
|
||||
Unrealized holding gains on securities
|
3,107
|
|
|
2,624
|
|
||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(20
|
)
|
|
(32
|
)
|
||
Total securities
|
3,087
|
|
|
2,592
|
|
||
Derivative instruments:
|
|
|
|
||||
Unrealized holding losses on derivative instruments
|
(1,266
|
)
|
|
(669
|
)
|
||
Totals derivative instruments
|
(1,266
|
)
|
|
(669
|
)
|
||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
||||
Amortization of net actuarial gain recognized in net periodic pension cost
|
72
|
|
|
57
|
|
||
Total defined benefit pension and post-retirement benefit plans
|
72
|
|
|
57
|
|
||
Other comprehensive income, net of tax
|
1,893
|
|
|
1,980
|
|
||
Comprehensive income
|
$
|
23,109
|
|
|
$
|
17,220
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
21,216
|
|
|
$
|
15,240
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Provision for loan losses
|
1,800
|
|
|
1,075
|
|
||
Depreciation, amortization and accretion
|
739
|
|
|
3,772
|
|
||
Deferred income tax expense
|
2,832
|
|
|
6,408
|
|
||
Funding of mortgage loans held for sale
|
(458,500
|
)
|
|
(185,595
|
)
|
||
Proceeds from sales of mortgage loans held for sale
|
391,552
|
|
|
113,076
|
|
||
Gains on sales of mortgage loans held for sale
|
(5,847
|
)
|
|
(4,633
|
)
|
||
Loss on sales of securities
|
71
|
|
|
—
|
|
||
Losses on sales of premises and equipment
|
5
|
|
|
4
|
|
||
Stock-based compensation
|
859
|
|
|
864
|
|
||
Decrease in FDIC loss-share indemnification asset, net of accretion
|
1,067
|
|
|
2,213
|
|
||
Decrease (increase) in other assets
|
11,827
|
|
|
(483
|
)
|
||
Decrease in other liabilities
|
(8,298
|
)
|
|
(14,432
|
)
|
||
Net cash used in operating activities
|
(40,677
|
)
|
|
(62,491
|
)
|
||
Investing activities
|
|
|
|
||||
Purchases of securities available for sale
|
(32,396
|
)
|
|
(13,651
|
)
|
||
Proceeds from sales of securities available for sale
|
4
|
|
|
—
|
|
||
Proceeds from call/maturities of securities available for sale
|
29,803
|
|
|
24,814
|
|
||
Purchases of securities held to maturity
|
(5,785
|
)
|
|
(54,824
|
)
|
||
Proceeds from call/maturities of securities held to maturity
|
15,193
|
|
|
13,922
|
|
||
Net (increase) decrease in loans
|
(157,198
|
)
|
|
30,542
|
|
||
Purchases of premises and equipment
|
(2,656
|
)
|
|
(5,924
|
)
|
||
Proceeds from sales of other assets
|
3,611
|
|
|
8,147
|
|
||
Net cash (used in) provided by investing activities
|
(149,424
|
)
|
|
3,026
|
|
||
Financing activities
|
|
|
|
||||
Net increase in noninterest-bearing deposits
|
106,166
|
|
|
39,479
|
|
||
Net increase in interest-bearing deposits
|
106,105
|
|
|
64,872
|
|
||
Net decrease in short-term borrowings
|
(8,024
|
)
|
|
(25,671
|
)
|
||
Repayment of long-term debt
|
(938
|
)
|
|
(978
|
)
|
||
Cash paid for dividends
|
(6,892
|
)
|
|
(5,398
|
)
|
||
Cash received on exercise of stock-based compensation
|
382
|
|
|
28
|
|
||
Excess tax benefit (expense) from stock-based compensation
|
214
|
|
|
(71
|
)
|
||
Net cash provided by financing activities
|
197,013
|
|
|
72,261
|
|
||
Net increase in cash and cash equivalents
|
6,912
|
|
|
12,796
|
|
||
Cash and cash equivalents at beginning of period
|
211,571
|
|
|
161,583
|
|
||
Cash and cash equivalents at end of period
|
$
|
218,483
|
|
|
$
|
174,379
|
|
Supplemental disclosures
|
|
|
|
||||
Cash paid for interest
|
$
|
6,297
|
|
|
$
|
5,663
|
|
Cash paid for income taxes
|
$
|
5,460
|
|
|
$
|
1,368
|
|
Noncash transactions:
|
|
|
|
||||
Transfers of loans to other real estate owned
|
$
|
1,954
|
|
|
$
|
5,559
|
|
Financed sales of other real estate owned
|
$
|
92
|
|
|
$
|
480
|
|
Transfers of loans held for sale to loan portfolio
|
$
|
6,610
|
|
|
$
|
—
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
93,498
|
|
|
$
|
58
|
|
|
$
|
(505
|
)
|
|
$
|
93,051
|
|
Obligations of states and political subdivisions
|
354,878
|
|
|
18,150
|
|
|
(19
|
)
|
|
373,009
|
|
||||
|
$
|
448,376
|
|
|
$
|
18,208
|
|
|
$
|
(524
|
)
|
|
$
|
466,060
|
|
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
101,155
|
|
|
$
|
26
|
|
|
$
|
(1,214
|
)
|
|
$
|
99,967
|
|
Obligations of states and political subdivisions
|
357,245
|
|
|
16,636
|
|
|
(95
|
)
|
|
373,786
|
|
||||
|
$
|
458,400
|
|
|
$
|
16,662
|
|
|
$
|
(1,309
|
)
|
|
$
|
473,753
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
6,087
|
|
|
$
|
140
|
|
|
$
|
(10
|
)
|
|
$
|
6,217
|
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
357,942
|
|
|
5,703
|
|
|
(573
|
)
|
|
363,072
|
|
||||
Government agency collateralized mortgage obligations
|
179,764
|
|
|
2,205
|
|
|
(1,061
|
)
|
|
180,908
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
55,574
|
|
|
1,596
|
|
|
(35
|
)
|
|
57,135
|
|
||||
Government agency collateralized mortgage obligations
|
4,839
|
|
|
209
|
|
|
—
|
|
|
5,048
|
|
||||
Trust preferred securities
|
24,732
|
|
|
—
|
|
|
(5,785
|
)
|
|
18,947
|
|
||||
Other debt securities
|
17,873
|
|
|
575
|
|
|
(22
|
)
|
|
18,426
|
|
||||
Other equity securities
|
2,426
|
|
|
1,265
|
|
|
—
|
|
|
3,691
|
|
||||
|
$
|
649,237
|
|
|
$
|
11,693
|
|
|
$
|
(7,486
|
)
|
|
$
|
653,444
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
6,093
|
|
|
$
|
126
|
|
|
$
|
(19
|
)
|
|
$
|
6,200
|
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
362,669
|
|
|
3,649
|
|
|
(1,778
|
)
|
|
364,540
|
|
||||
Government agency collateralized mortgage obligations
|
168,916
|
|
|
1,449
|
|
|
(2,305
|
)
|
|
168,060
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
58,864
|
|
|
1,002
|
|
|
(107
|
)
|
|
59,759
|
|
||||
Government agency collateralized mortgage obligations
|
4,947
|
|
|
158
|
|
|
(1
|
)
|
|
5,104
|
|
||||
Trust preferred securities
|
24,770
|
|
|
—
|
|
|
(5,301
|
)
|
|
19,469
|
|
||||
Other debt securities
|
18,899
|
|
|
468
|
|
|
(34
|
)
|
|
19,333
|
|
||||
Other equity securities
|
2,500
|
|
|
1,840
|
|
|
—
|
|
|
4,340
|
|
||||
|
$
|
647,658
|
|
|
$
|
8,692
|
|
|
$
|
(9,545
|
)
|
|
$
|
646,805
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Gross gains on sales of securities available for sale
|
|
$
|
—
|
|
|
$
|
—
|
|
Gross losses on sales of securities available for sale
|
|
(71
|
)
|
|
—
|
|
||
Loss on sales of securities available for sale, net
|
|
$
|
(71
|
)
|
|
$
|
—
|
|
|
Held to Maturity
|
|
Available for Sale
|
||||||||||||
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
Due within one year
|
$
|
19,610
|
|
|
$
|
19,780
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due after one year through five years
|
106,455
|
|
|
109,612
|
|
|
6,087
|
|
|
6,217
|
|
||||
Due after five years through ten years
|
199,168
|
|
|
206,350
|
|
|
—
|
|
|
—
|
|
||||
Due after ten years
|
123,143
|
|
|
130,318
|
|
|
24,732
|
|
|
18,947
|
|
||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
—
|
|
|
357,942
|
|
|
363,072
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
179,764
|
|
|
180,908
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
—
|
|
|
55,574
|
|
|
57,135
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
—
|
|
|
4,839
|
|
|
5,048
|
|
||||
Other debt securities
|
—
|
|
|
—
|
|
|
17,873
|
|
|
18,426
|
|
||||
Other equity securities
|
—
|
|
|
—
|
|
|
2,426
|
|
|
3,691
|
|
||||
|
$
|
448,376
|
|
|
$
|
466,060
|
|
|
$
|
649,237
|
|
|
$
|
653,444
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||||||||
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
10
|
|
$
|
40,832
|
|
|
$
|
(264
|
)
|
|
5
|
|
$
|
24,745
|
|
|
$
|
(241
|
)
|
|
15
|
|
$
|
65,577
|
|
|
$
|
(505
|
)
|
Obligations of states and political subdivisions
|
9
|
|
8,604
|
|
|
(17
|
)
|
|
2
|
|
822
|
|
|
(2
|
)
|
|
11
|
|
9,426
|
|
|
(19
|
)
|
||||||
Total
|
19
|
|
$
|
49,436
|
|
|
$
|
(281
|
)
|
|
7
|
|
$
|
25,567
|
|
|
$
|
(243
|
)
|
|
26
|
|
75,003
|
|
|
$
|
(524
|
)
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
10
|
|
$
|
31,567
|
|
|
$
|
(414
|
)
|
|
8
|
|
$
|
38,688
|
|
|
$
|
(800
|
)
|
|
18
|
|
$
|
70,255
|
|
|
$
|
(1,214
|
)
|
Obligations of states and political subdivisions
|
6
|
|
4,815
|
|
|
(53
|
)
|
|
7
|
|
4,921
|
|
|
(42
|
)
|
|
13
|
|
9,736
|
|
|
(95
|
)
|
||||||
Total
|
16
|
|
$
|
36,382
|
|
|
$
|
(467
|
)
|
|
15
|
|
$
|
43,609
|
|
|
$
|
(842
|
)
|
|
31
|
|
$
|
79,991
|
|
|
$
|
(1,309
|
)
|
Available for Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
1
|
|
$
|
3,990
|
|
|
$
|
(10
|
)
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
$
|
3,990
|
|
|
$
|
(10
|
)
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
10
|
|
31,374
|
|
|
(136
|
)
|
|
7
|
|
19,176
|
|
|
(437
|
)
|
|
17
|
|
50,550
|
|
|
(573
|
)
|
||||||
Government agency collateralized mortgage obligations
|
11
|
|
34,635
|
|
|
(115
|
)
|
|
13
|
|
39,797
|
|
|
(946
|
)
|
|
24
|
|
74,432
|
|
|
(1,061
|
)
|
||||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
4
|
|
6,874
|
|
|
(33
|
)
|
|
1
|
|
808
|
|
|
(2
|
)
|
|
5
|
|
7,682
|
|
|
(35
|
)
|
||||||
Government agency collateralized mortgage obligations
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
||||||
Trust preferred securities
|
0
|
|
—
|
|
|
—
|
|
|
3
|
|
18,946
|
|
|
(5,785
|
)
|
|
3
|
|
18,946
|
|
|
(5,785
|
)
|
||||||
Other debt securities
|
2
|
|
3,637
|
|
|
(13
|
)
|
|
1
|
|
1,398
|
|
|
(9
|
)
|
|
3
|
|
5,035
|
|
|
(22
|
)
|
||||||
Total
|
28
|
|
$
|
80,510
|
|
|
$
|
(307
|
)
|
|
25
|
|
$
|
80,125
|
|
|
$
|
(7,179
|
)
|
|
53
|
|
$
|
160,635
|
|
|
$
|
(7,486
|
)
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
1
|
|
$
|
3,981
|
|
|
$
|
(19
|
)
|
|
0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
$
|
3,981
|
|
|
$
|
(19
|
)
|
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
34
|
|
130,306
|
|
|
(937
|
)
|
|
9
|
|
27,431
|
|
|
(841
|
)
|
|
43
|
|
157,737
|
|
|
(1,778
|
)
|
||||||
Government agency collateralized mortgage obligations
|
25
|
|
52,128
|
|
|
(347
|
)
|
|
16
|
|
51,574
|
|
|
(1,958
|
)
|
|
41
|
|
103,702
|
|
|
(2,305
|
)
|
||||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
8
|
|
16,782
|
|
|
(104
|
)
|
|
1
|
|
814
|
|
|
(3
|
)
|
|
9
|
|
17,596
|
|
|
(107
|
)
|
||||||
Government agency collateralized mortgage obligations
|
1
|
|
1,882
|
|
|
(1
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
1
|
|
1,882
|
|
|
(1
|
)
|
||||||
Trust preferred securities
|
0
|
|
—
|
|
|
—
|
|
|
3
|
|
19,469
|
|
|
(5,301
|
)
|
|
3
|
|
19,469
|
|
|
(5,301
|
)
|
||||||
Other debt securities
|
1
|
|
1,316
|
|
|
(3
|
)
|
|
2
|
|
3,866
|
|
|
(31
|
)
|
|
3
|
|
5,182
|
|
|
(34
|
)
|
||||||
Other equity securities
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
|
0
|
|
—
|
|
|
—
|
|
||||||
Total
|
70
|
|
$
|
206,395
|
|
|
$
|
(1,411
|
)
|
|
31
|
|
$
|
103,154
|
|
|
$
|
(8,134
|
)
|
|
101
|
|
$
|
309,549
|
|
|
$
|
(9,545
|
)
|
Name
|
Single/
Pooled
|
|
Class/
Tranche
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Lowest
Credit
Rating
|
|
Issuers
Currently in
Deferral or
Default
|
|||||||
XXIII
|
Pooled
|
|
B-2
|
|
$
|
8,434
|
|
|
$
|
5,743
|
|
|
$
|
(2,691
|
)
|
|
Baa3
|
|
19
|
%
|
XXIV
|
Pooled
|
|
B-2
|
|
12,077
|
|
|
10,193
|
|
|
(1,884
|
)
|
|
Caa2
|
|
28
|
%
|
|||
XXVI
|
Pooled
|
|
B-2
|
|
4,221
|
|
|
3,011
|
|
|
(1,210
|
)
|
|
Ba3
|
|
25
|
%
|
|||
|
|
|
|
|
$
|
24,732
|
|
|
$
|
18,947
|
|
|
$
|
(5,785
|
)
|
|
|
|
|
|
2016
|
|
2015
|
||||
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 March 31
|
$
|
(3,337
|
)
|
|
$
|
(3,337
|
)
|
|
March 31,
2016 |
|
December 31, 2015
|
||||
Commercial, financial, agricultural
|
$
|
654,934
|
|
|
$
|
636,837
|
|
Lease financing
|
43,605
|
|
|
35,978
|
|
||
Real estate – construction
|
377,574
|
|
|
357,665
|
|
||
Real estate – 1-4 family mortgage
|
1,777,495
|
|
|
1,735,323
|
|
||
Real estate – commercial mortgage
|
2,607,510
|
|
|
2,533,729
|
|
||
Installment loans to individuals
|
113,280
|
|
|
115,093
|
|
||
Gross loans
|
5,574,398
|
|
|
5,414,625
|
|
||
Unearned income
|
(1,668
|
)
|
|
(1,163
|
)
|
||
Loans, net of unearned income
|
5,572,730
|
|
|
5,413,462
|
|
||
Allowance for loan losses
|
(42,859
|
)
|
|
(42,437
|
)
|
||
Net loans
|
$
|
5,529,871
|
|
|
$
|
5,371,025
|
|
|
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
|
||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
1,297
|
|
|
$
|
1,404
|
|
|
$
|
651,749
|
|
|
$
|
654,450
|
|
|
$
|
—
|
|
|
$
|
236
|
|
|
$
|
248
|
|
|
$
|
484
|
|
|
$
|
654,934
|
|
Lease financing
|
—
|
|
|
—
|
|
|
43,605
|
|
|
43,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,605
|
|
|||||||||
Real estate – construction
|
898
|
|
|
242
|
|
|
376,434
|
|
|
377,574
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
377,574
|
|
|||||||||
Real estate – 1-4 family mortgage
|
8,785
|
|
|
6,783
|
|
|
1,751,451
|
|
|
1,767,019
|
|
|
254
|
|
|
2,256
|
|
|
7,966
|
|
|
10,476
|
|
|
1,777,495
|
|
|||||||||
Real estate – commercial mortgage
|
6,962
|
|
|
9,057
|
|
|
2,575,720
|
|
|
2,591,739
|
|
|
10
|
|
|
1,318
|
|
|
14,443
|
|
|
15,771
|
|
|
2,607,510
|
|
|||||||||
Installment loans to individuals
|
406
|
|
|
157
|
|
|
112,682
|
|
|
113,245
|
|
|
—
|
|
|
28
|
|
|
7
|
|
|
35
|
|
|
113,280
|
|
|||||||||
Unearned income
|
—
|
|
|
—
|
|
|
(1,668
|
)
|
|
(1,668
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,668
|
)
|
|||||||||
Total
|
$
|
18,348
|
|
|
$
|
17,643
|
|
|
$
|
5,509,973
|
|
|
$
|
5,545,964
|
|
|
$
|
264
|
|
|
$
|
3,838
|
|
|
$
|
22,664
|
|
|
$
|
26,766
|
|
|
$
|
5,572,730
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
1,296
|
|
|
$
|
1,077
|
|
|
$
|
634,037
|
|
|
$
|
636,410
|
|
|
$
|
30
|
|
|
$
|
133
|
|
|
$
|
264
|
|
|
$
|
427
|
|
|
$
|
636,837
|
|
Lease financing
|
—
|
|
|
—
|
|
|
35,978
|
|
|
35,978
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,978
|
|
|||||||||
Real estate – construction
|
69
|
|
|
176
|
|
|
357,420
|
|
|
357,665
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
357,665
|
|
|||||||||
Real estate – 1-4 family mortgage
|
9,196
|
|
|
6,457
|
|
|
1,707,230
|
|
|
1,722,883
|
|
|
528
|
|
|
3,663
|
|
|
8,249
|
|
|
12,440
|
|
|
1,735,323
|
|
|||||||||
Real estate – commercial mortgage
|
4,849
|
|
|
8,581
|
|
|
2,504,192
|
|
|
2,517,622
|
|
|
568
|
|
|
2,263
|
|
|
13,276
|
|
|
16,107
|
|
|
2,533,729
|
|
|||||||||
Installment loans to individuals
|
260
|
|
|
102
|
|
|
114,671
|
|
|
115,033
|
|
|
—
|
|
|
53
|
|
|
7
|
|
|
60
|
|
|
115,093
|
|
|||||||||
Unearned income
|
—
|
|
|
—
|
|
|
(1,163
|
)
|
|
(1,163
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,163
|
)
|
|||||||||
Total
|
$
|
15,670
|
|
|
$
|
16,393
|
|
|
$
|
5,352,365
|
|
|
$
|
5,384,428
|
|
|
$
|
1,126
|
|
|
$
|
6,112
|
|
|
$
|
21,796
|
|
|
$
|
29,034
|
|
|
$
|
5,413,462
|
|
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With
Allowance
|
|
Recorded
Investment
With No
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
328
|
|
|
$
|
321
|
|
|
$
|
—
|
|
|
$
|
321
|
|
|
$
|
6
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
16,052
|
|
|
14,786
|
|
|
—
|
|
|
14,786
|
|
|
4,311
|
|
|||||
Real estate – commercial mortgage
|
20,067
|
|
|
16,450
|
|
|
—
|
|
|
16,450
|
|
|
3,082
|
|
|||||
Installment loans to individuals
|
67
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|||||
Total
|
$
|
36,514
|
|
|
$
|
31,624
|
|
|
$
|
—
|
|
|
$
|
31,624
|
|
|
$
|
7,399
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
1,308
|
|
|
$
|
358
|
|
|
$
|
12
|
|
|
$
|
370
|
|
|
$
|
6
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – construction
|
2,710
|
|
|
2,698
|
|
|
—
|
|
|
2,698
|
|
|
20
|
|
|||||
Real estate – 1-4 family mortgage
|
18,193
|
|
|
16,650
|
|
|
—
|
|
|
16,650
|
|
|
4,475
|
|
|||||
Real estate – commercial mortgage
|
20,169
|
|
|
16,819
|
|
|
—
|
|
|
16,819
|
|
|
3,099
|
|
|||||
Installment loans to individuals
|
90
|
|
|
90
|
|
|
—
|
|
|
90
|
|
|
—
|
|
|||||
Totals
|
$
|
42,470
|
|
|
$
|
36,615
|
|
|
$
|
12
|
|
|
$
|
36,627
|
|
|
$
|
7,600
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
326
|
|
|
$
|
2
|
|
|
$
|
950
|
|
|
$
|
7
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
—
|
|
|
—
|
|
|
104
|
|
|
—
|
|
||||
Real estate – 1-4 family mortgage
|
15,252
|
|
|
90
|
|
|
13,886
|
|
|
67
|
|
||||
Real estate – commercial mortgage
|
16,547
|
|
|
132
|
|
|
25,618
|
|
|
177
|
|
||||
Installment loans to individuals
|
67
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
32,192
|
|
|
$
|
225
|
|
|
$
|
40,558
|
|
|
$
|
251
|
|
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With
Allowance
|
|
Recorded
Investment
With No
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
24,323
|
|
|
$
|
4,807
|
|
|
$
|
9,643
|
|
|
$
|
14,450
|
|
|
$
|
422
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – construction
|
2,635
|
|
|
—
|
|
|
2,504
|
|
|
2,504
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
107,167
|
|
|
16,573
|
|
|
72,391
|
|
|
88,964
|
|
|
335
|
|
|||||
Real estate – commercial mortgage
|
279,548
|
|
|
56,555
|
|
|
160,034
|
|
|
216,589
|
|
|
1,264
|
|
|||||
Installment loans to individuals
|
3,239
|
|
|
393
|
|
|
2,109
|
|
|
2,502
|
|
|
1
|
|
|||||
Total
|
$
|
416,912
|
|
|
$
|
78,328
|
|
|
$
|
246,681
|
|
|
$
|
325,009
|
|
|
$
|
2,022
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
27,049
|
|
|
$
|
5,197
|
|
|
$
|
11,292
|
|
|
$
|
16,489
|
|
|
$
|
353
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – construction
|
2,916
|
|
|
—
|
|
|
2,749
|
|
|
2,749
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
109,293
|
|
|
15,702
|
|
|
75,947
|
|
|
91,649
|
|
|
256
|
|
|||||
Real estate – commercial mortgage
|
287,821
|
|
|
53,762
|
|
|
168,848
|
|
|
222,610
|
|
|
1,096
|
|
|||||
Installment loans to individuals
|
3,432
|
|
|
400
|
|
|
2,268
|
|
|
2,668
|
|
|
1
|
|
|||||
Totals
|
$
|
430,511
|
|
|
$
|
75,061
|
|
|
$
|
261,104
|
|
|
$
|
336,165
|
|
|
$
|
1,706
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
18,024
|
|
|
$
|
327
|
|
|
$
|
25,978
|
|
|
$
|
233
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
2,608
|
|
|
25
|
|
|
—
|
|
|
—
|
|
||||
Real estate – 1-4 family mortgage
|
101,089
|
|
|
953
|
|
|
86,713
|
|
|
1,043
|
|
||||
Real estate – commercial mortgage
|
250,041
|
|
|
2,831
|
|
|
242,712
|
|
|
2,871
|
|
||||
Installment loans to individuals
|
2,954
|
|
|
29
|
|
|
4,215
|
|
|
46
|
|
||||
Total
|
$
|
374,716
|
|
|
$
|
4,165
|
|
|
$
|
359,618
|
|
|
$
|
4,193
|
|
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
March 31, 2016
|
|
|
|
|
|
|||||
Commercial, financial, agricultural
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
||
Real estate – 1-4 family mortgage
|
10
|
|
|
780
|
|
|
662
|
|
||
Real estate – commercial mortgage
|
2
|
|
|
612
|
|
|
605
|
|
||
Installment loans to individuals
|
—
|
|
|
—
|
|
|
—
|
|
||
Total
|
12
|
|
|
$
|
1,392
|
|
|
$
|
1,267
|
|
March 31, 2015
|
|
|
|
|
|
|||||
Commercial, financial, agricultural
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
||
Real estate – 1-4 family mortgage
|
17
|
|
|
1,198
|
|
|
1,037
|
|
||
Real estate – commercial mortgage
|
8
|
|
|
6,899
|
|
|
6,463
|
|
||
Installment loans to individuals
|
—
|
|
|
—
|
|
|
—
|
|
||
Total
|
25
|
|
|
$
|
8,097
|
|
|
$
|
7,500
|
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||
Totals at January 1, 2016
|
86
|
|
|
$
|
13,453
|
|
Additional loans with concessions
|
12
|
|
|
1,267
|
|
|
Reductions due to:
|
|
|
|
|||
Reclassified as nonperforming
|
(2
|
)
|
|
(134
|
)
|
|
Paid in full
|
(4
|
)
|
|
(398
|
)
|
|
Charge-offs
|
—
|
|
|
—
|
|
|
Transfer to other real estate owned
|
—
|
|
|
—
|
|
|
Principal paydowns
|
—
|
|
|
(142
|
)
|
|
Lapse of concession period
|
—
|
|
|
—
|
|
|
Reclassified as performing
|
—
|
|
|
—
|
|
|
Totals at March 31, 2016
|
92
|
|
|
$
|
14,046
|
|
|
Pass
|
|
Watch
|
|
Substandard
|
|
Total
|
||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
463,922
|
|
|
$
|
9,302
|
|
|
$
|
1,988
|
|
|
$
|
475,212
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
289,169
|
|
|
679
|
|
|
—
|
|
|
289,848
|
|
||||
Real estate – 1-4 family mortgage
|
287,219
|
|
|
8,102
|
|
|
12,112
|
|
|
307,433
|
|
||||
Real estate – commercial mortgage
|
2,029,759
|
|
|
21,322
|
|
|
22,509
|
|
|
2,073,590
|
|
||||
Installment loans to individuals
|
75
|
|
|
—
|
|
|
116
|
|
|
191
|
|
||||
Total
|
$
|
3,070,144
|
|
|
$
|
39,405
|
|
|
$
|
36,725
|
|
|
$
|
3,146,274
|
|
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
465,185
|
|
|
$
|
8,498
|
|
|
$
|
1,734
|
|
|
$
|
475,417
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
273,398
|
|
|
483
|
|
|
—
|
|
|
273,881
|
|
||||
Real estate – 1-4 family mortgage
|
275,269
|
|
|
9,712
|
|
|
15,460
|
|
|
300,441
|
|
||||
Real estate – commercial mortgage
|
1,968,352
|
|
|
27,175
|
|
|
20,683
|
|
|
2,016,210
|
|
||||
Installment loans to individuals
|
51
|
|
|
—
|
|
|
5
|
|
|
56
|
|
||||
Total
|
$
|
2,982,255
|
|
|
$
|
45,868
|
|
|
$
|
37,882
|
|
|
$
|
3,066,005
|
|
|
Performing
|
|
Non-
Performing
|
|
Total
|
||||||
March 31, 2016
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
165,137
|
|
|
$
|
135
|
|
|
$
|
165,272
|
|
Lease financing
|
41,937
|
|
|
—
|
|
|
41,937
|
|
|||
Real estate – construction
|
85,153
|
|
|
69
|
|
|
85,222
|
|
|||
Real estate – 1-4 family mortgage
|
1,377,078
|
|
|
4,020
|
|
|
1,381,098
|
|
|||
Real estate – commercial mortgage
|
316,594
|
|
|
737
|
|
|
317,331
|
|
|||
Installment loans to individuals
|
110,467
|
|
|
120
|
|
|
110,587
|
|
|||
Total
|
$
|
2,096,366
|
|
|
$
|
5,081
|
|
|
$
|
2,101,447
|
|
December 31, 2015
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
144,838
|
|
|
$
|
93
|
|
|
$
|
144,931
|
|
Lease financing
|
34,815
|
|
|
—
|
|
|
34,815
|
|
|||
Real estate – construction
|
81,035
|
|
|
—
|
|
|
81,035
|
|
|||
Real estate – 1-4 family mortgage
|
1,340,356
|
|
|
2,877
|
|
|
1,343,233
|
|
|||
Real estate – commercial mortgage
|
294,042
|
|
|
867
|
|
|
294,909
|
|
|||
Installment loans to individuals
|
112,275
|
|
|
94
|
|
|
112,369
|
|
|||
Total
|
$
|
2,007,361
|
|
|
$
|
3,931
|
|
|
$
|
2,011,292
|
|
|
Covered
Loans
|
|
Not
Covered
Loans
|
|
Total
|
||||||
March 31, 2016
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
232
|
|
|
$
|
14,218
|
|
|
$
|
14,450
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|||
Real estate – construction
|
85
|
|
|
2,419
|
|
|
2,504
|
|
|||
Real estate – 1-4 family mortgage
|
26,612
|
|
|
62,352
|
|
|
88,964
|
|
|||
Real estate – commercial mortgage
|
3,679
|
|
|
212,910
|
|
|
216,589
|
|
|||
Installment loans to individuals
|
36
|
|
|
2,466
|
|
|
2,502
|
|
|||
Total
|
$
|
30,644
|
|
|
$
|
294,365
|
|
|
$
|
325,009
|
|
December 31, 2015
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
1,759
|
|
|
$
|
14,730
|
|
|
$
|
16,489
|
|
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|||
Real estate – construction
|
91
|
|
|
2,658
|
|
|
2,749
|
|
|||
Real estate – 1-4 family mortgage
|
31,354
|
|
|
60,295
|
|
|
91,649
|
|
|||
Real estate – commercial mortgage
|
33,726
|
|
|
188,884
|
|
|
222,610
|
|
|||
Installment loans to individuals
|
43
|
|
|
2,625
|
|
|
2,668
|
|
|||
Total
|
$
|
66,973
|
|
|
$
|
269,192
|
|
|
$
|
336,165
|
|
|
Covered
Loans
|
|
Not
Covered
Loans
|
|
Total
|
||||||
Contractually-required principal and interest
|
$
|
38,534
|
|
|
$
|
415,174
|
|
|
$
|
453,708
|
|
Nonaccretable difference
(1)
|
(5,121
|
)
|
|
(77,697
|
)
|
|
(82,818
|
)
|
|||
Cash flows expected to be collected
|
33,413
|
|
|
337,477
|
|
|
370,890
|
|
|||
Accretable yield
(2)
|
(2,769
|
)
|
|
(43,112
|
)
|
|
(45,881
|
)
|
|||
Fair value
|
$
|
30,644
|
|
|
$
|
294,365
|
|
|
$
|
325,009
|
|
(1)
|
Represents contractual principal and interest cash flows of
$82,618
and
$201
, respectively, not expected to be collected.
|
(2)
|
Represents contractual interest payments of
$2,278
expected to be collected and purchase discount of
$43,603
.
|
|
Covered
Loans
|
|
Not
Covered
Loans
|
|
Total
|
||||||
Balance at January 1, 2016
|
$
|
(3,700
|
)
|
|
$
|
(44,592
|
)
|
|
$
|
(48,292
|
)
|
Additions due to acquisition
|
725
|
|
|
(725
|
)
|
|
—
|
|
|||
Reclasses from nonaccretable difference
|
(213
|
)
|
|
(1,134
|
)
|
|
(1,347
|
)
|
|||
Accretion
|
391
|
|
|
3,339
|
|
|
3,730
|
|
|||
Charge-offs
|
28
|
|
|
—
|
|
|
28
|
|
|||
Balance at March 31, 2016
|
$
|
(2,769
|
)
|
|
$
|
(43,112
|
)
|
|
$
|
(45,881
|
)
|
At acquisition date:
|
|
July 1, 2015
|
||
Contractually-required principal and interest
|
|
$
|
1,212,372
|
|
Nonaccretable difference
|
|
14,260
|
|
|
Cash flows expected to be collected
|
|
1,198,112
|
|
|
Accretable yield
|
|
69,465
|
|
|
Fair value
|
|
$
|
1,128,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Three Months Ended March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
4,186
|
|
|
$
|
1,852
|
|
|
$
|
13,908
|
|
|
$
|
21,111
|
|
|
$
|
1,380
|
|
|
$
|
42,437
|
|
Charge-offs
|
(657
|
)
|
|
—
|
|
|
(116
|
)
|
|
(1,001
|
)
|
|
(180
|
)
|
|
(1,954
|
)
|
||||||
Recoveries
|
53
|
|
|
6
|
|
|
395
|
|
|
92
|
|
|
30
|
|
|
576
|
|
||||||
Net (charge-offs) recoveries
|
(604
|
)
|
|
6
|
|
|
279
|
|
|
(909
|
)
|
|
(150
|
)
|
|
(1,378
|
)
|
||||||
Provision for loan losses
|
601
|
|
|
85
|
|
|
365
|
|
|
530
|
|
|
198
|
|
|
1,779
|
|
||||||
Benefit attributable to FDIC loss-share agreements
|
(15
|
)
|
|
—
|
|
|
(37
|
)
|
|
(118
|
)
|
|
—
|
|
|
(170
|
)
|
||||||
Recoveries payable to FDIC
|
3
|
|
|
—
|
|
|
27
|
|
|
161
|
|
|
—
|
|
|
191
|
|
||||||
Provision for loan losses charged to operations
|
589
|
|
|
85
|
|
|
355
|
|
|
573
|
|
|
198
|
|
|
1,800
|
|
||||||
Ending balance
|
$
|
4,171
|
|
|
$
|
1,943
|
|
|
$
|
14,542
|
|
|
$
|
20,775
|
|
|
$
|
1,428
|
|
|
$
|
42,859
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
4,311
|
|
|
$
|
3,082
|
|
|
$
|
—
|
|
|
$
|
7,399
|
|
Collectively evaluated for impairment
|
3,743
|
|
|
1,943
|
|
|
9,896
|
|
|
16,429
|
|
|
1,427
|
|
|
33,438
|
|
||||||
Acquired with deteriorated credit quality
|
422
|
|
|
—
|
|
|
335
|
|
|
1,264
|
|
|
1
|
|
|
2,022
|
|
||||||
Ending balance
|
$
|
4,171
|
|
|
$
|
1,943
|
|
|
$
|
14,542
|
|
|
$
|
20,775
|
|
|
$
|
1,428
|
|
|
$
|
42,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Three Months Ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
3,305
|
|
|
$
|
1,415
|
|
|
$
|
13,549
|
|
|
$
|
22,759
|
|
|
$
|
1,261
|
|
|
$
|
42,289
|
|
Charge-offs
|
(235
|
)
|
|
—
|
|
|
(485
|
)
|
|
(633
|
)
|
|
(50
|
)
|
|
(1,403
|
)
|
||||||
Recoveries
|
35
|
|
|
6
|
|
|
155
|
|
|
112
|
|
|
33
|
|
|
341
|
|
||||||
Net (charge-offs) recoveries
|
(200
|
)
|
|
6
|
|
|
(330
|
)
|
|
(521
|
)
|
|
(17
|
)
|
|
(1,062
|
)
|
||||||
Provision for loan losses
|
1,027
|
|
|
(63
|
)
|
|
618
|
|
|
(887
|
)
|
|
37
|
|
|
732
|
|
||||||
Benefit attributable to FDIC loss-share agreements
|
(25
|
)
|
|
—
|
|
|
—
|
|
|
(101
|
)
|
|
—
|
|
|
(126
|
)
|
||||||
Recoveries payable to FDIC
|
2
|
|
|
1
|
|
|
208
|
|
|
258
|
|
|
—
|
|
|
469
|
|
||||||
Provision for loan losses charged to operations
|
1,004
|
|
|
(62
|
)
|
|
826
|
|
|
(730
|
)
|
|
37
|
|
|
1,075
|
|
||||||
Ending balance
|
$
|
4,109
|
|
|
$
|
1,359
|
|
|
$
|
14,045
|
|
|
$
|
21,508
|
|
|
$
|
1,281
|
|
|
$
|
42,302
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,227
|
|
|
$
|
2,293
|
|
|
$
|
—
|
|
|
$
|
6,520
|
|
Collectively evaluated for impairment
|
2,911
|
|
|
1,359
|
|
|
9,541
|
|
|
18,102
|
|
|
1,280
|
|
|
33,193
|
|
||||||
Acquired with deteriorated credit quality
|
1,198
|
|
|
—
|
|
|
277
|
|
|
1,113
|
|
|
1
|
|
|
2,589
|
|
||||||
Ending balance
|
$
|
4,109
|
|
|
$
|
1,359
|
|
|
$
|
14,045
|
|
|
$
|
21,508
|
|
|
$
|
1,281
|
|
|
$
|
42,302
|
|
(1)
|
Includes lease financing receivables.
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
321
|
|
|
$
|
—
|
|
|
$
|
14,786
|
|
|
$
|
16,450
|
|
|
$
|
67
|
|
|
$
|
31,624
|
|
Collectively evaluated for impairment
|
640,163
|
|
|
375,070
|
|
|
1,673,745
|
|
|
2,374,471
|
|
|
152,648
|
|
|
5,216,097
|
|
||||||
Acquired with deteriorated credit quality
|
14,450
|
|
|
2,504
|
|
|
88,964
|
|
|
216,589
|
|
|
2,502
|
|
|
325,009
|
|
||||||
Ending balance
|
$
|
654,934
|
|
|
$
|
377,574
|
|
|
$
|
1,777,495
|
|
|
$
|
2,607,510
|
|
|
$
|
155,217
|
|
|
$
|
5,572,730
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
370
|
|
|
$
|
2,698
|
|
|
$
|
16,650
|
|
|
$
|
16,819
|
|
|
$
|
90
|
|
|
$
|
36,627
|
|
Collectively evaluated for impairment
|
619,978
|
|
|
352,218
|
|
|
1,627,024
|
|
|
2,294,300
|
|
|
147,150
|
|
|
5,040,670
|
|
||||||
Acquired with deteriorated credit quality
|
16,489
|
|
|
2,749
|
|
|
91,649
|
|
|
222,610
|
|
|
2,668
|
|
|
336,165
|
|
||||||
Ending balance
|
$
|
636,837
|
|
|
$
|
357,665
|
|
|
$
|
1,735,323
|
|
|
$
|
2,533,729
|
|
|
$
|
149,908
|
|
|
$
|
5,413,462
|
|
(1)
|
Includes lease financing receivables.
|
|
Covered
OREO
|
|
Not Covered
OREO
|
|
Total
OREO
|
||||||
March 31, 2016
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
563
|
|
|
$
|
4,409
|
|
|
$
|
4,972
|
|
Commercial real estate
|
86
|
|
|
11,261
|
|
|
11,347
|
|
|||
Residential land development
|
1
|
|
|
4,469
|
|
|
4,470
|
|
|||
Commercial land development
|
723
|
|
|
11,722
|
|
|
12,445
|
|
|||
Total
|
$
|
1,373
|
|
|
$
|
31,861
|
|
|
$
|
33,234
|
|
December 31, 2015
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
529
|
|
|
$
|
4,265
|
|
|
$
|
4,794
|
|
Commercial real estate
|
346
|
|
|
11,041
|
|
|
11,387
|
|
|||
Residential land development
|
1
|
|
|
4,595
|
|
|
4,596
|
|
|||
Commercial land development
|
1,942
|
|
|
12,683
|
|
|
14,625
|
|
|||
Total
|
$
|
2,818
|
|
|
$
|
32,584
|
|
|
$
|
35,402
|
|
|
Covered
OREO
|
|
Not Covered
OREO
|
|
Total
OREO
|
||||||
Balance at January 1, 2016
|
$
|
2,818
|
|
|
$
|
32,584
|
|
|
$
|
35,402
|
|
Transfer of balance to non-covered OREO
(1)
|
(1,341
|
)
|
|
1,341
|
|
|
—
|
|
|||
Transfers of loans
|
234
|
|
|
1,720
|
|
|
1,954
|
|
|||
Impairments
(2)
|
(46
|
)
|
|
(285
|
)
|
|
(331
|
)
|
|||
Dispositions
|
(208
|
)
|
|
(3,453
|
)
|
|
(3,661
|
)
|
|||
Other
|
(84
|
)
|
|
(46
|
)
|
|
(130
|
)
|
|||
Balance at March 31, 2016
|
$
|
1,373
|
|
|
$
|
31,861
|
|
|
$
|
33,234
|
|
(1)
|
Represents a transfer of balance on non-single family assets of Citizens Bank of Effingham (assumed in the Heritage acquisition). The claim period to submit losses to the FDIC for reimbursement ended February 29, 2016 for non-single family assets.
|
(2)
|
Of the total impairment charges of
$46
recorded for covered OREO,
$9
was included in the Consolidated Statements of Income for the
three months ended
March 31, 2016
, while the remaining
$37
increased the FDIC loss-share indemnification asset.
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Repairs and maintenance
|
|
$
|
197
|
|
|
$
|
193
|
|
Property taxes and insurance
|
|
470
|
|
|
236
|
|
||
Impairments
|
|
294
|
|
|
442
|
|
||
Net losses (gains) on OREO sales
|
|
50
|
|
|
(288
|
)
|
||
Rental income
|
|
(54
|
)
|
|
(51
|
)
|
||
Total
|
|
$
|
957
|
|
|
$
|
532
|
|
Balance at January 1, 2016
|
$
|
7,149
|
|
Realized losses in excess of initial estimates on:
|
|
||
Loans
|
36
|
|
|
OREO
|
37
|
|
|
Reimbursable expenses
|
—
|
|
|
Amortization
|
(171
|
)
|
|
Reimbursements received from the FDIC
|
(98
|
)
|
|
(Due from)/Due to FDIC
|
(835
|
)
|
|
|
|
||
Balance at March 31, 2016
|
$
|
6,118
|
|
Balance at January 1, 2016
|
$
|
29,642
|
|
Sale of MSRs
|
(18,477
|
)
|
|
Capitalization
|
2,869
|
|
|
Amortization
|
(668
|
)
|
|
|
|
||
Balance at March 31, 2016
|
$
|
13,366
|
|
Unpaid principal balance
|
$
|
1,433,010
|
|
|
|
||
Weighted-average prepayment speed (CPR)
|
11.01
|
%
|
|
Estimated impact of a 10% increase
|
$
|
(591
|
)
|
Estimated impact of a 20% increase
|
(1,138
|
)
|
|
|
|
||
Discount rate
|
9.53
|
%
|
|
Estimated impact of a 10% increase
|
$
|
(505
|
)
|
Estimated impact of a 20% increase
|
(975
|
)
|
|
|
|
||
Weighted-average coupon interest rate
|
4.04
|
%
|
|
Weighted-average servicing fee (basis points)
|
25.16
|
|
|
Weighted-average remaining maturity (in years)
|
10.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Pension Benefits
|
|
Pension Benefits
|
|
|
||||||||||||||||||
|
Renasant
|
|
HeritageBank
|
|
Other Benefits
|
||||||||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
|
|
March 31,
|
|
March 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||
Service cost (return)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Interest cost (return)
|
306
|
|
|
271
|
|
|
69
|
|
|
—
|
|
|
14
|
|
|
15
|
|
||||||
Expected (return) on plan assets
|
(469
|
)
|
|
(511
|
)
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Prior service cost recognized
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Recognized actuarial loss (gain)
|
100
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
20
|
|
||||||
Net periodic benefit cost (return)
|
$
|
(63
|
)
|
|
$
|
(167
|
)
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
39
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Options outstanding at beginning of period
|
|
621,444
|
|
|
$
|
17.88
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(26,960
|
)
|
|
14.93
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Options outstanding at end of period
|
|
594,484
|
|
|
$
|
18.01
|
|
|
|
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
|
|
|
|
$
|
—
|
|
|
105,438
|
|
|
$
|
31.04
|
|
|
Awarded
|
|
61,700
|
|
|
31.12
|
|
|
40,980
|
|
|
31.12
|
|
||
Vested
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Cancelled
|
|
—
|
|
|
—
|
|
|
(14,000
|
)
|
|
32.51
|
|
||
Nonvested at end of period
|
|
61,700
|
|
|
$
|
31.12
|
|
|
132,418
|
|
|
$
|
30.91
|
|
•
|
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, asset-based lending and 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 IRAs, 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 March 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
$
|
70,821
|
|
|
$
|
86
|
|
|
$
|
434
|
|
|
$
|
(1,287
|
)
|
|
$
|
70,054
|
|
Provision for loan losses
|
1,813
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
1,800
|
|
|||||
Noninterest income
|
27,571
|
|
|
3,000
|
|
|
2,985
|
|
|
(254
|
)
|
|
33,302
|
|
|||||
Noninterest expense
|
65,211
|
|
|
1,736
|
|
|
2,738
|
|
|
129
|
|
|
69,814
|
|
|||||
Income (loss) before income taxes
|
31,368
|
|
|
1,350
|
|
|
694
|
|
|
(1,670
|
)
|
|
31,742
|
|
|||||
Income taxes
|
10,639
|
|
|
530
|
|
|
—
|
|
|
(643
|
)
|
|
10,526
|
|
|||||
Net income (loss)
|
$
|
20,729
|
|
|
$
|
820
|
|
|
$
|
694
|
|
|
$
|
(1,027
|
)
|
|
$
|
21,216
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,053,379
|
|
|
$
|
23,013
|
|
|
$
|
46,645
|
|
|
$
|
23,192
|
|
|
$
|
8,146,229
|
|
Goodwill
|
446,658
|
|
|
2,767
|
|
|
—
|
|
|
—
|
|
|
449,425
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
$
|
49,516
|
|
|
$
|
69
|
|
|
$
|
430
|
|
|
$
|
(1,234
|
)
|
|
$
|
48,781
|
|
Provision for loan losses
|
1,078
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
1,075
|
|
|||||
Noninterest income
|
17,101
|
|
|
2,395
|
|
|
2,365
|
|
|
9
|
|
|
21,870
|
|
|||||
Noninterest expense
|
43,383
|
|
|
1,621
|
|
|
2,107
|
|
|
208
|
|
|
47,319
|
|
|||||
Income (loss) before income taxes
|
22,156
|
|
|
843
|
|
|
691
|
|
|
(1,433
|
)
|
|
22,257
|
|
|||||
Income taxes
|
7,256
|
|
|
320
|
|
|
—
|
|
|
(559
|
)
|
|
7,017
|
|
|||||
Net income (loss)
|
$
|
14,900
|
|
|
$
|
523
|
|
|
$
|
691
|
|
|
$
|
(874
|
)
|
|
$
|
15,240
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
5,800,703
|
|
|
$
|
19,960
|
|
|
$
|
43,958
|
|
|
$
|
17,228
|
|
|
$
|
5,881,849
|
|
Goodwill
|
271,938
|
|
|
2,767
|
|
|
—
|
|
|
—
|
|
|
274,705
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
—
|
|
|
$
|
6,217
|
|
|
$
|
—
|
|
|
$
|
6,217
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
363,072
|
|
|
—
|
|
|
363,072
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
180,908
|
|
|
—
|
|
|
180,908
|
|
||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
57,135
|
|
|
—
|
|
|
57,135
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
5,048
|
|
|
—
|
|
|
5,048
|
|
||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
18,947
|
|
|
18,947
|
|
||||
Other debt securities
|
—
|
|
|
18,426
|
|
|
—
|
|
|
18,426
|
|
||||
Other equity securities
|
—
|
|
|
3,691
|
|
|
—
|
|
|
3,691
|
|
||||
Total securities available for sale
|
—
|
|
|
634,497
|
|
|
18,947
|
|
|
653,444
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
4,181
|
|
|
—
|
|
|
4,181
|
|
||||
Interest rate lock commitments
|
—
|
|
|
6,231
|
|
|
—
|
|
|
6,231
|
|
||||
Forward commitments
|
—
|
|
|
36
|
|
|
—
|
|
|
36
|
|
||||
Total derivative instruments
|
—
|
|
|
10,448
|
|
|
—
|
|
|
10,448
|
|
||||
Mortgage loans held for sale
|
—
|
|
|
298,365
|
|
|
—
|
|
|
298,365
|
|
||||
Total financial assets
|
$
|
—
|
|
|
$
|
943,310
|
|
|
$
|
18,947
|
|
|
$
|
962,257
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
6,328
|
|
|
$
|
—
|
|
|
$
|
6,328
|
|
Interest rate contracts
|
—
|
|
|
4,181
|
|
|
—
|
|
|
4,181
|
|
||||
Interest rate lock commitments
|
—
|
|
|
95
|
|
|
—
|
|
|
95
|
|
||||
Forward commitments
|
—
|
|
|
3,788
|
|
|
—
|
|
|
3,788
|
|
||||
Total derivative instruments
|
—
|
|
|
14,392
|
|
|
—
|
|
|
14,392
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
14,392
|
|
|
$
|
—
|
|
|
$
|
14,392
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
—
|
|
|
$
|
6,200
|
|
|
$
|
—
|
|
|
$
|
6,200
|
|
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
364,540
|
|
|
—
|
|
|
364,540
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
168,060
|
|
|
—
|
|
|
168,060
|
|
||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
59,759
|
|
|
—
|
|
|
59,759
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
5,104
|
|
|
—
|
|
|
5,104
|
|
||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
19,469
|
|
|
19,469
|
|
||||
Other debt securities
|
—
|
|
|
19,333
|
|
|
—
|
|
|
19,333
|
|
||||
Other equity securities
|
—
|
|
|
4,340
|
|
|
—
|
|
|
4,340
|
|
||||
Total securities available for sale
|
—
|
|
|
627,336
|
|
|
19,469
|
|
|
646,805
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
2,544
|
|
|
—
|
|
|
2,544
|
|
||||
Interest rate lock commitments
|
—
|
|
|
4,508
|
|
|
—
|
|
|
4,508
|
|
||||
Forward commitments
|
—
|
|
|
446
|
|
|
—
|
|
|
446
|
|
||||
Total derivative instruments
|
—
|
|
|
7,498
|
|
|
—
|
|
|
7,498
|
|
||||
Mortgage loans held for sale
|
—
|
|
|
225,254
|
|
|
—
|
|
|
225,254
|
|
||||
Total financial assets
|
$
|
—
|
|
|
$
|
860,088
|
|
|
$
|
19,469
|
|
|
$
|
879,557
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
4,266
|
|
|
$
|
—
|
|
|
$
|
4,266
|
|
Interest rate contracts
|
—
|
|
|
2,544
|
|
|
—
|
|
|
2,544
|
|
||||
Forward commitments
|
—
|
|
|
509
|
|
|
—
|
|
|
509
|
|
||||
Total derivative instruments
|
—
|
|
|
7,319
|
|
|
—
|
|
|
7,319
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
7,319
|
|
|
$
|
—
|
|
|
$
|
7,319
|
|
Three Months Ended March 31, 2016
|
Trust preferred
securities
|
||
Balance at January 1, 2016
|
$
|
19,469
|
|
Accretion included in net income
|
7
|
|
|
Unrealized losses included in other comprehensive income
|
(481
|
)
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(48
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at March 31, 2016
|
$
|
18,947
|
|
Three Months Ended March 31, 2015
|
Trust preferred
securities
|
||
Balance at January 1, 2015
|
$
|
19,756
|
|
Accretion included in net income
|
8
|
|
|
Unrealized gains included in other comprehensive income
|
716
|
|
|
Reclassification adjustment
|
—
|
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(354
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at March 31, 2015
|
$
|
20,126
|
|
|
|
|
|
|
|
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Trust preferred securities
|
$
|
18,947
|
|
|
Discounted cash flows
|
|
Default rate
|
|
0-100%
|
March 31, 2016
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,460
|
|
|
$
|
3,460
|
|
OREO
|
—
|
|
|
—
|
|
|
2,633
|
|
|
2,633
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,093
|
|
|
$
|
6,093
|
|
December 31, 2015
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,508
|
|
|
$
|
6,508
|
|
OREO
|
—
|
|
|
—
|
|
|
12,839
|
|
|
12,839
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,347
|
|
|
$
|
19,347
|
|
|
March 31,
2016 |
|
December 31, 2015
|
||||
OREO covered under loss-share agreements:
|
|
|
|
||||
Carrying amount prior to remeasurement
|
$
|
111
|
|
|
$
|
—
|
|
Impairment recognized in results of operations
|
(9
|
)
|
|
—
|
|
||
Increase in FDIC loss-share indemnification asset
|
(37
|
)
|
|
—
|
|
||
Receivable from other guarantor
|
—
|
|
|
—
|
|
||
Fair value
|
$
|
65
|
|
|
$
|
—
|
|
OREO not covered under loss-share agreements:
|
|
|
|
||||
Carrying amount prior to remeasurement
|
$
|
2,853
|
|
|
$
|
14,726
|
|
Impairment recognized in results of operations
|
(285
|
)
|
|
(1,887
|
)
|
||
Fair value
|
$
|
2,568
|
|
|
$
|
12,839
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Impaired loans
|
$
|
3,460
|
|
|
Appraised value of collateral less estimated costs to sell
|
|
Estimated costs to sell
|
|
4-10%
|
OREO
|
2,633
|
|
|
Appraised value of property less estimated costs to sell
|
|
Estimated costs to sell
|
|
4-10%
|
March 31, 2016
|
Aggregate
Fair Value
|
|
Aggregate
Unpaid
Principal
Balance
|
|
Difference
|
||||||
Mortgage loans held for sale measured at fair value
|
$
|
298,365
|
|
|
$
|
286,619
|
|
|
$
|
11,746
|
|
Past due loans of 90 days or more
|
—
|
|
|
—
|
|
|
—
|
|
|||
Nonaccrual loans
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Fair Value
|
||||||||||||||||
As of March 31, 2016
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
218,483
|
|
|
$
|
218,483
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
218,483
|
|
Securities held to maturity
|
448,376
|
|
|
—
|
|
|
448,376
|
|
|
—
|
|
|
448,376
|
|
|||||
Securities available for sale
|
653,444
|
|
|
—
|
|
|
634,497
|
|
|
18,947
|
|
|
653,444
|
|
|||||
Mortgage loans held for sale
|
298,365
|
|
|
—
|
|
|
298,365
|
|
|
—
|
|
|
298,365
|
|
|||||
Loans covered under loss-share agreements
|
44,989
|
|
|
—
|
|
|
—
|
|
|
43,011
|
|
|
43,011
|
|
|||||
Loans not covered under loss-share agreements, net
|
5,484,882
|
|
|
—
|
|
|
—
|
|
|
5,456,034
|
|
|
5,456,034
|
|
|||||
FDIC loss-share indemnification asset
|
6,118
|
|
|
—
|
|
|
—
|
|
|
6,118
|
|
|
6,118
|
|
|||||
Mortgage servicing rights
|
13,366
|
|
|
—
|
|
|
—
|
|
|
13,615
|
|
|
13,615
|
|
|||||
Derivative instruments
|
10,448
|
|
|
—
|
|
|
10,448
|
|
|
—
|
|
|
10,448
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
6,431,377
|
|
|
$
|
4,934,645
|
|
|
$
|
1,504,606
|
|
|
$
|
—
|
|
|
$
|
6,439,251
|
|
Short-term borrowings
|
414,255
|
|
|
414,255
|
|
|
—
|
|
|
—
|
|
|
414,255
|
|
|||||
Other long-term borrowings
|
181
|
|
|
181
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|||||
Federal Home Loan Bank advances
|
52,003
|
|
|
—
|
|
|
55,407
|
|
|
—
|
|
|
55,407
|
|
|||||
Junior subordinated debentures
|
95,232
|
|
|
—
|
|
|
75,218
|
|
|
—
|
|
|
75,218
|
|
|||||
Derivative instruments
|
14,392
|
|
|
—
|
|
|
14,392
|
|
|
—
|
|
|
14,392
|
|
|
|
|
Fair Value
|
||||||||||||||||
As of December 31, 2015
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
211,571
|
|
|
$
|
211,571
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
211,571
|
|
Securities held to maturity
|
458,400
|
|
|
—
|
|
|
473,753
|
|
|
—
|
|
|
473,753
|
|
|||||
Securities available for sale
|
646,805
|
|
|
—
|
|
|
627,336
|
|
|
19,469
|
|
|
646,805
|
|
|||||
Mortgage loans held for sale
|
225,254
|
|
|
—
|
|
|
225,254
|
|
|
—
|
|
|
225,254
|
|
|||||
Loans covered under loss-share agreements
|
93,142
|
|
|
—
|
|
|
—
|
|
|
92,528
|
|
|
92,528
|
|
|||||
Loans not covered under loss-share agreements, net
|
5,277,883
|
|
|
—
|
|
|
—
|
|
|
5,208,630
|
|
|
5,208,630
|
|
|||||
FDIC loss-share indemnification asset
|
7,149
|
|
|
—
|
|
|
—
|
|
|
7,149
|
|
|
7,149
|
|
|||||
Mortgage servicing rights
|
29,642
|
|
|
—
|
|
|
—
|
|
|
33,283
|
|
|
33,283
|
|
|||||
Derivative instruments
|
7,498
|
|
|
—
|
|
|
7,498
|
|
|
—
|
|
|
7,498
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
6,218,602
|
|
|
$
|
4,723,312
|
|
|
$
|
1,502,202
|
|
|
$
|
—
|
|
|
$
|
6,225,514
|
|
Short-term borrowings
|
422,279
|
|
|
422,279
|
|
|
—
|
|
|
—
|
|
|
422,279
|
|
|||||
Other long-term borrowings
|
192
|
|
|
192
|
|
|
—
|
|
|
—
|
|
|
192
|
|
|||||
Federal Home Loan Bank advances
|
52,930
|
|
|
—
|
|
|
56,101
|
|
|
—
|
|
|
56,101
|
|
|||||
Junior subordinated debentures
|
95,095
|
|
|
—
|
|
|
78,095
|
|
|
—
|
|
|
78,095
|
|
|||||
Derivative instruments
|
7,319
|
|
|
—
|
|
|
7,319
|
|
|
—
|
|
|
7,319
|
|
|
|
|
Fair Value
|
||||||
|
Balance Sheet
Location
|
|
March 31,
2016 |
|
December 31, 2015
|
||||
Derivative assets:
|
|
|
|
|
|
||||
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Assets
|
|
$
|
4,181
|
|
|
$
|
2,544
|
|
Interest rate lock commitments
|
Other Assets
|
|
6,231
|
|
|
4,508
|
|
||
Forward commitments
|
Other Assets
|
|
36
|
|
|
446
|
|
||
Totals
|
|
|
$
|
10,448
|
|
|
$
|
7,498
|
|
Derivative liabilities:
|
|
|
|
|
|
||||
Designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate swap
|
Other Liabilities
|
|
$
|
6,328
|
|
|
$
|
4,266
|
|
Totals
|
|
|
$
|
6,328
|
|
|
$
|
4,266
|
|
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Liabilities
|
|
$
|
4,181
|
|
|
$
|
2,544
|
|
Interest rate lock commitments
|
Other Liabilities
|
|
95
|
|
|
—
|
|
||
Forward commitments
|
Other Liabilities
|
|
3,788
|
|
|
509
|
|
||
Totals
|
|
|
$
|
8,064
|
|
|
$
|
3,053
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
||||
Interest rate contracts:
|
|
|
|
|
||||
Included in interest income on loans
|
|
$
|
533
|
|
|
$
|
557
|
|
Interest rate lock commitments:
|
|
|
|
|
||||
Included in gains on sales of mortgage loans held for sale
|
|
1,628
|
|
|
2,705
|
|
||
Forward commitments
|
|
|
|
|
||||
Included in gains on sales of mortgage loans held for sale
|
|
(3,688
|
)
|
|
(575
|
)
|
||
Total
|
|
$
|
(1,527
|
)
|
|
$
|
2,687
|
|
|
Offsetting Derivative Assets
|
|
Offsetting Derivative Liabilities
|
||||||||||||
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2016 |
|
December 31, 2015
|
||||||||
Gross amounts recognized
|
$
|
37
|
|
|
$
|
446
|
|
|
$
|
13,312
|
|
|
$
|
6,454
|
|
Gross amounts offset in the consolidated balance sheets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net amounts presented in the consolidated balance sheets
|
37
|
|
|
446
|
|
|
13,312
|
|
|
6,454
|
|
||||
Gross amounts not offset in the consolidated balance sheets
|
|
|
|
|
|
|
|
||||||||
Financial instruments
|
37
|
|
|
282
|
|
|
37
|
|
|
282
|
|
||||
Financial collateral pledged
|
—
|
|
|
—
|
|
|
9,872
|
|
|
6,020
|
|
||||
Net amounts
|
$
|
—
|
|
|
$
|
164
|
|
|
$
|
3,403
|
|
|
$
|
152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Pre-Tax
|
|
Tax Expense
(Benefit)
|
|
Net of Tax
|
||||||
Three months ended March 31, 2016
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains on securities
|
$
|
5,060
|
|
|
$
|
1,953
|
|
|
$
|
3,107
|
|
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(33
|
)
|
|
(13
|
)
|
|
(20
|
)
|
|||
Total securities available for sale
|
5,027
|
|
|
1,940
|
|
|
3,087
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding losses on derivative instruments
|
(2,062
|
)
|
|
(796
|
)
|
|
(1,266
|
)
|
|||
Total derivative instruments
|
(2,062
|
)
|
|
(796
|
)
|
|
(1,266
|
)
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial gain recognized in net periodic pension cost
|
117
|
|
|
45
|
|
|
72
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
117
|
|
|
45
|
|
|
72
|
|
|||
Total other comprehensive income
|
$
|
3,082
|
|
|
$
|
1,189
|
|
|
$
|
1,893
|
|
Three months ended March 31, 2015
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains on securities
|
$
|
4,249
|
|
|
$
|
1,625
|
|
|
$
|
2,624
|
|
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(51
|
)
|
|
(19
|
)
|
|
(32
|
)
|
|||
Total securities available for sale
|
4,198
|
|
|
1,606
|
|
|
2,592
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding losses on derivative instruments
|
(1,084
|
)
|
|
(415
|
)
|
|
(669
|
)
|
|||
Total derivative instruments
|
(1,084
|
)
|
|
(415
|
)
|
|
(669
|
)
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial gain recognized in net periodic pension cost
|
93
|
|
|
36
|
|
|
57
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
93
|
|
|
36
|
|
|
57
|
|
|||
Total other comprehensive income
|
$
|
3,207
|
|
|
$
|
1,227
|
|
|
$
|
1,980
|
|
|
March 31,
2016 |
|
December 31, 2015
|
||||
Unrealized gains on securities
|
$
|
19,587
|
|
|
$
|
16,500
|
|
Non-credit related portion of other-than-temporary impairment on securities
|
(16,735
|
)
|
|
(16,735
|
)
|
||
Unrealized losses on derivative instruments
|
(3,148
|
)
|
|
(1,882
|
)
|
||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations
|
(7,346
|
)
|
|
(7,418
|
)
|
||
Total accumulated other comprehensive loss
|
$
|
(7,642
|
)
|
|
$
|
(9,535
|
)
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Basic
|
|
|
|
||||
Net income applicable to common stock
|
$
|
21,216
|
|
|
$
|
15,240
|
|
Average common shares outstanding
|
40,324,475
|
|
|
31,576,275
|
|
||
Net income per common share - basic
|
$
|
0.53
|
|
|
$
|
0.48
|
|
Diluted
|
|
|
|
||||
Net income applicable to common stock
|
$
|
21,216
|
|
|
$
|
15,240
|
|
Average common shares outstanding
|
40,324,475
|
|
|
31,576,275
|
|
||
Effect of dilutive stock-based compensation
|
234,670
|
|
|
239,435
|
|
||
Average common shares outstanding - diluted
|
40,559,145
|
|
|
31,815,710
|
|
||
Net income per common share - diluted
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
Purchase Price:
|
|
|
||||
Shares issued to common shareholders
|
8,635,879
|
|
|
|||
Purchase price per share
|
$
|
32.60
|
|
|
||
Value of stock paid
|
|
$
|
281,530
|
|
||
Cash paid for fractional shares
|
|
26
|
|
|||
Cash settlement for stock options, net of tax benefit
|
|
5,915
|
|
|||
Compensation expense incurred from the termination of Heritage's ESOP
|
|
—
|
|
|||
Deal charges
|
|
7,973
|
|
|||
Total Purchase Price
|
|
$
|
295,444
|
|
||
Net Assets Acquired:
|
|
|
||||
Stockholders’ equity at acquisition date
|
$
|
160,652
|
|
|
||
Increase (decrease) to net assets as a result of fair value adjustments
to assets acquired and liabilities assumed:
|
|
|
||||
Securities
|
(1,401
|
)
|
|
|||
Mortgage loans held for sale
|
(3,158
|
)
|
|
|||
Loans, net of Heritage's allowance for loan losses
|
(15,524
|
)
|
|
|||
Fixed assets
|
(7,169
|
)
|
|
|||
Intangible assets, net of Heritage's existing core deposit intangible
|
18,193
|
|
|
|||
Other real estate owned
|
1,390
|
|
|
|||
FDIC loss-share indemnification asset
|
(15,247
|
)
|
|
|||
Other assets
|
3,045
|
|
|
|||
Deposits
|
(3,776
|
)
|
|
|||
Other liabilities
|
(7,920
|
)
|
|
|||
Deferred income taxes
|
(8,377
|
)
|
|
|||
Total Net Assets Acquired
|
|
120,708
|
|
|||
Goodwill resulting from merger
(1)
|
|
$
|
174,736
|
|
Cash and cash equivalents
|
|
$
|
38,626
|
|
Securities
|
|
177,849
|
|
|
Loans, including mortgage loans held for sale, net of unearned income
|
|
1,459,724
|
|
|
Premises and equipment
|
|
42,164
|
|
|
Other real estate owned
|
|
9,972
|
|
|
Intangible assets
|
|
186,992
|
|
|
Other assets
|
|
104,697
|
|
|
Total assets
|
|
2,020,024
|
|
|
|
|
|
||
Deposits
|
|
1,375,354
|
|
|
Borrowings
|
|
314,656
|
|
|
Other liabilities
|
|
34,570
|
|
|
Total liabilities
|
|
1,724,580
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Interest income
|
$
|
76,259
|
|
|
$
|
75,905
|
|
Interest expense
|
6,205
|
|
|
6,861
|
|
||
Net interest income
|
70,054
|
|
|
69,044
|
|
||
Provision for loan and lease losses
|
1,800
|
|
|
1,150
|
|
||
Noninterest income
|
33,302
|
|
|
33,527
|
|
||
Noninterest expense
|
69,814
|
|
|
71,961
|
|
||
Income before income taxes
|
31,742
|
|
|
29,460
|
|
||
Income taxes
|
10,526
|
|
|
9,556
|
|
||
Net income
|
21,216
|
|
|
19,904
|
|
||
|
|
|
|
|
|
||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
0.53
|
|
|
$
|
0.59
|
|
Diluted
|
$
|
0.52
|
|
|
$
|
0.59
|
|
|
2016
|
|
2015
|
||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Renasant Corporation
|
|
|
|
|
|
|
|
||||||
Tier 1 Capital to Average Assets (Leverage)
|
$
|
688,601
|
|
|
9.19
|
%
|
|
$
|
539,523
|
|
|
9.74
|
%
|
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
597,827
|
|
|
9.88
|
%
|
|
448,027
|
|
|
10.35
|
%
|
||
Tier 1 Capital to Risk-Weighted Assets
|
688,601
|
|
|
11.38
|
%
|
|
539,523
|
|
|
12.47
|
%
|
||
Total Capital to Risk-Weighted Assets
|
736,354
|
|
|
12.17
|
%
|
|
584,916
|
|
|
13.51
|
%
|
||
Renasant Bank
|
|
|
|
|
|
|
|
||||||
Tier 1 Capital to Average Assets (Leverage)
|
$
|
662,524
|
|
|
8.86
|
%
|
|
$
|
523,505
|
|
|
9.48
|
%
|
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
662,524
|
|
|
10.98
|
%
|
|
523,505
|
|
|
12.13
|
%
|
||
Tier 1 Capital to Risk-Weighted Assets
|
662,524
|
|
|
10.98
|
%
|
|
523,505
|
|
|
12.13
|
%
|
||
Total Capital to Risk-Weighted Assets
|
709,708
|
|
|
11.76
|
%
|
|
568,326
|
|
|
13.16
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Tax credit amortization
|
$
|
324
|
|
|
$
|
324
|
|
Tax credits and other benefits
|
(471
|
)
|
|
(471
|
)
|
||
Total
|
$
|
(147
|
)
|
|
$
|
(147
|
)
|
|
March 31,
|
|
December 31,
|
||||||||
|
2016
|
|
2015
|
|
2015
|
||||||
Deferred tax assets
|
|
|
|
|
|
||||||
Allowance for loan losses
|
$
|
20,787
|
|
|
$
|
16,554
|
|
|
$
|
17,430
|
|
Loans
|
29,042
|
|
|
17,156
|
|
|
26,239
|
|
|||
Deferred compensation
|
10,786
|
|
|
7,524
|
|
|
17,060
|
|
|||
Securities
|
2,572
|
|
|
1,331
|
|
|
2,572
|
|
|||
Net unrealized losses on securities - OCI
|
4,876
|
|
|
3,550
|
|
|
6,065
|
|
|||
Impairment of assets
|
3,280
|
|
|
3,846
|
|
|
3,271
|
|
|||
Federal and State net operating loss carryforwards
|
5,124
|
|
|
1,496
|
|
|
3,681
|
|
|||
Other
|
4,957
|
|
|
1,997
|
|
|
4,927
|
|
|||
Gross deferred tax assets
|
81,424
|
|
|
53,454
|
|
|
81,245
|
|
|||
Valuation allowance on state net operating loss carryforwards
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total deferred tax assets
|
81,424
|
|
|
53,454
|
|
|
81,245
|
|
|||
Deferred tax liabilities
|
|
|
|
|
|
||||||
FDIC loss-share indemnification asset
|
1,807
|
|
|
3,199
|
|
|
1,927
|
|
|||
Investment in partnerships
|
2,343
|
|
|
2,600
|
|
|
2,507
|
|
|||
Core deposit intangible
|
2,992
|
|
|
1,961
|
|
|
3,386
|
|
|||
Fixed assets
|
924
|
|
|
2,947
|
|
|
673
|
|
|||
Mortgage servicing rights
|
3,977
|
|
|
—
|
|
|
4,032
|
|
|||
Subordinated debt
|
4,234
|
|
|
4,455
|
|
|
4,287
|
|
|||
Other
|
4,855
|
|
|
490
|
|
|
2,364
|
|
|||
Total deferred tax liabilities
|
21,132
|
|
|
15,652
|
|
|
19,176
|
|
|||
Net deferred tax assets
|
$
|
60,292
|
|
|
$
|
37,802
|
|
|
$
|
62,069
|
|
|
Community Banks
|
|
Insurance
|
|
Total
|
||||||
Balance at January 1, 2016
|
$
|
443,104
|
|
|
$
|
2,767
|
|
|
$
|
445,871
|
|
Addition to goodwill from Heritage acquisition
|
3,554
|
|
|
—
|
|
|
3,554
|
|
|||
Adjustment to previously recorded goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at March 31, 2016
|
$
|
446,658
|
|
|
$
|
2,767
|
|
|
$
|
449,425
|
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
March 31, 2016
|
|
|
|
|
|
||||||
Core deposit intangible
|
$
|
45,982
|
|
|
$
|
(20,236
|
)
|
|
$
|
25,746
|
|
Customer relationship intangible
|
1,970
|
|
|
(602
|
)
|
|
1,368
|
|
|||
Total finite-lived intangible assets
|
$
|
47,952
|
|
|
$
|
(20,838
|
)
|
|
$
|
27,114
|
|
December 31, 2015
|
|
|
|
|
|
||||||
Core deposit intangible
|
$
|
45,982
|
|
|
$
|
(18,572
|
)
|
|
$
|
27,410
|
|
Customer relationship intangible
|
1,970
|
|
|
(569
|
)
|
|
1,401
|
|
|||
Total finite-lived intangible assets
|
$
|
47,952
|
|
|
$
|
(19,141
|
)
|
|
$
|
28,811
|
|
|
Core Deposit Intangibles
|
|
Customer Relationship Intangible
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
2016
|
$
|
6,327
|
|
|
$
|
131
|
|
|
$
|
6,458
|
|
2017
|
5,372
|
|
|
131
|
|
|
$
|
5,503
|
|
||
2018
|
4,570
|
|
|
131
|
|
|
$
|
4,701
|
|
||
2019
|
3,830
|
|
|
131
|
|
|
$
|
3,961
|
|
||
2020
|
2,982
|
|
|
131
|
|
|
$
|
3,113
|
|
|
March 31, 2016
|
|
Percentage of
Portfolio
|
|
December 31, 2015
|
|
Percentage of
Portfolio
|
||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
99,715
|
|
|
9.05
|
%
|
|
$
|
107,355
|
|
|
9.71
|
%
|
Obligations of states and political subdivisions
|
354,878
|
|
|
32.21
|
|
|
357,245
|
|
|
32.32
|
|
||
Mortgage-backed securities
|
606,163
|
|
|
55.02
|
|
|
597,463
|
|
|
54.07
|
|
||
Trust preferred securities
|
18,947
|
|
|
1.72
|
|
|
19,469
|
|
|
1.76
|
|
||
Other debt securities
|
18,426
|
|
|
1.67
|
|
|
19,333
|
|
|
1.75
|
|
||
Other equity securities
|
3,691
|
|
|
0.33
|
|
|
4,340
|
|
|
0.39
|
|
||
|
$
|
1,101,820
|
|
|
100.00
|
%
|
|
$
|
1,105,205
|
|
|
100.00
|
%
|
|
March 31, 2016
|
|
Percentage of
Total Loans
|
|
December 31, 2015
|
|
Percentage of
Total Loans
|
||||||
Commercial, financial, agricultural
|
$
|
654,934
|
|
|
11.75
|
%
|
|
$
|
636,837
|
|
|
11.76
|
%
|
Lease financing
|
41,937
|
|
|
0.75
|
|
|
34,815
|
|
|
0.64
|
|
||
Real estate – construction
|
377,574
|
|
|
6.78
|
|
|
357,665
|
|
|
6.61
|
|
||
Real estate – 1-4 family mortgage
|
1,777,495
|
|
|
31.90
|
|
|
1,735,323
|
|
|
32.06
|
|
||
Real estate – commercial mortgage
|
2,607,510
|
|
|
46.79
|
|
|
2,533,729
|
|
|
46.80
|
|
||
Installment loans to individuals
|
113,280
|
|
|
2.03
|
|
|
115,093
|
|
|
2.13
|
|
||
Total loans, net of unearned income
|
$
|
5,572,730
|
|
|
100.00
|
%
|
|
$
|
5,413,462
|
|
|
100.00
|
%
|
|
March 31, 2016
|
||||||||||||||
|
Not Acquired
|
|
Acquired and Covered Under Loss Share
|
|
Acquired and Non-covered
|
|
Total
Loans |
||||||||
Commercial, financial, agricultural
|
$
|
520,463
|
|
|
$
|
624
|
|
|
$
|
133,847
|
|
|
$
|
654,934
|
|
Lease financing
|
41,937
|
|
|
—
|
|
|
—
|
|
|
41,937
|
|
||||
Real estate – construction:
|
|
|
|
|
|
|
|
||||||||
Residential
|
133,196
|
|
|
86
|
|
|
35,552
|
|
|
168,834
|
|
||||
Commercial
|
191,722
|
|
|
—
|
|
|
16,748
|
|
|
208,470
|
|
||||
Condominiums
|
270
|
|
|
—
|
|
|
—
|
|
|
270
|
|
||||
Total real estate – construction
|
325,188
|
|
|
86
|
|
|
52,300
|
|
|
377,574
|
|
||||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
|
|
||||||||
Primary
|
691,596
|
|
|
21,813
|
|
|
323,162
|
|
|
1,036,571
|
|
||||
Home equity
|
316,305
|
|
|
7,982
|
|
|
67,892
|
|
|
392,179
|
|
||||
Rental/investment
|
205,772
|
|
|
5,739
|
|
|
61,885
|
|
|
273,396
|
|
||||
Land development
|
50,206
|
|
|
816
|
|
|
24,327
|
|
|
75,349
|
|
||||
Total real estate – 1-4 family mortgage
|
1,263,879
|
|
|
36,350
|
|
|
477,266
|
|
|
1,777,495
|
|
||||
Real estate – commercial mortgage:
|
|
|
|
|
|
|
|
||||||||
Owner-occupied
|
741,130
|
|
|
1,462
|
|
|
353,181
|
|
|
1,095,773
|
|
||||
Non-owner occupied
|
958,358
|
|
|
4,441
|
|
|
358,849
|
|
|
1,321,648
|
|
||||
Land development
|
136,565
|
|
|
1,967
|
|
|
51,557
|
|
|
190,089
|
|
||||
Total real estate – commercial mortgage
|
1,836,053
|
|
|
7,870
|
|
|
763,587
|
|
|
2,607,510
|
|
||||
Installment loans to individuals
|
86,893
|
|
|
59
|
|
|
26,328
|
|
|
113,280
|
|
||||
Total loans, net of unearned income
|
$
|
4,074,413
|
|
|
$
|
44,989
|
|
|
$
|
1,453,328
|
|
|
$
|
5,572,730
|
|
|
December 31, 2015
|
||||||||||||||
|
Not Acquired
|
|
Acquired and Covered Under Loss Share
|
|
Acquired and Non-covered
|
|
Total
Loans |
||||||||
Commercial, financial, agricultural
|
$
|
485,407
|
|
|
$
|
2,406
|
|
|
$
|
149,024
|
|
|
$
|
636,837
|
|
Lease financing
|
34,815
|
|
|
—
|
|
|
—
|
|
|
34,815
|
|
||||
Real estate – construction:
|
|
|
|
|
|
|
|
||||||||
Residential
|
123,711
|
|
|
91
|
|
|
44,813
|
|
|
168,615
|
|
||||
Commercial
|
166,006
|
|
|
39
|
|
|
20,524
|
|
|
186,569
|
|
||||
Condominiums
|
1,984
|
|
|
—
|
|
|
497
|
|
|
2,481
|
|
||||
Total real estate – construction
|
291,701
|
|
|
130
|
|
|
65,834
|
|
|
357,665
|
|
||||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
|
|
||||||||
Primary
|
661,135
|
|
|
27,270
|
|
|
343,504
|
|
|
1,031,909
|
|
||||
Home equity
|
304,045
|
|
|
9,120
|
|
|
69,090
|
|
|
382,255
|
|
||||
Rental/investment
|
196,217
|
|
|
7,686
|
|
|
48,063
|
|
|
251,966
|
|
||||
Land development
|
42,831
|
|
|
1,912
|
|
|
24,450
|
|
|
69,193
|
|
||||
Total real estate – 1-4 family mortgage
|
1,204,228
|
|
|
45,988
|
|
|
485,107
|
|
|
1,735,323
|
|
||||
Real estate – commercial mortgage:
|
|
|
|
|
|
|
|
||||||||
Owner-occupied
|
709,598
|
|
|
15,297
|
|
|
357,659
|
|
|
1,082,554
|
|
||||
Non-owner occupied
|
896,060
|
|
|
24,343
|
|
|
351,856
|
|
|
1,272,259
|
|
||||
Land development
|
123,391
|
|
|
4,910
|
|
|
50,615
|
|
|
178,916
|
|
||||
Total real estate – commercial mortgage
|
1,729,049
|
|
|
44,550
|
|
|
760,130
|
|
|
2,533,729
|
|
||||
Installment loans to individuals
|
85,234
|
|
|
68
|
|
|
29,791
|
|
|
115,093
|
|
||||
Total loans, net of unearned income
|
$
|
3,830,434
|
|
|
$
|
93,142
|
|
|
$
|
1,489,886
|
|
|
$
|
5,413,462
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
$
|
5,699,367
|
|
|
$
|
69,595
|
|
|
4.91
|
%
|
|
$
|
4,020,161
|
|
|
$
|
47,719
|
|
|
4.81
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
(2)
|
748,516
|
|
|
4,136
|
|
|
2.22
|
|
|
683,369
|
|
|
4,168
|
|
|
2.47
|
|
||||
Tax-exempt
|
354,988
|
|
|
4,206
|
|
|
4.77
|
|
|
306,374
|
|
|
3,963
|
|
|
5.25
|
|
||||
Interest-bearing balances with banks
|
61,034
|
|
|
72
|
|
|
0.47
|
|
|
83,320
|
|
|
60
|
|
|
0.29
|
|
||||
Total interest-earning assets
|
6,863,905
|
|
|
78,009
|
|
|
4.57
|
|
|
5,093,224
|
|
|
55,910
|
|
|
4.45
|
|
||||
Cash and due from banks
|
138,389
|
|
|
|
|
|
|
89,582
|
|
|
|
|
|
||||||||
Intangible assets
|
473,852
|
|
|
|
|
|
|
296,682
|
|
|
|
|
|
||||||||
FDIC loss-share indemnification asset
|
6,407
|
|
|
|
|
|
|
10,871
|
|
|
|
|
|
||||||||
Other assets
|
479,147
|
|
|
|
|
|
|
331,399
|
|
|
|
|
|
||||||||
Total assets
|
$
|
7,961,700
|
|
|
|
|
|
|
$
|
5,821,758
|
|
|
|
|
|
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
(3)
|
$
|
2,956,050
|
|
|
$
|
1,341
|
|
|
0.18
|
|
|
$
|
2,311,666
|
|
|
$
|
1,096
|
|
|
0.19
|
|
Savings deposits
|
507,909
|
|
|
89
|
|
|
0.07
|
|
|
365,658
|
|
|
69
|
|
|
0.08
|
|
||||
Time deposits
|
1,493,024
|
|
|
2,530
|
|
|
0.68
|
|
|
1,264,539
|
|
|
2,334
|
|
|
0.75
|
|
||||
Total interest-bearing deposits
|
4,956,983
|
|
|
3,960
|
|
|
0.32
|
|
|
3,941,863
|
|
|
3,499
|
|
|
0.36
|
|
||||
Borrowed funds
|
539,078
|
|
|
2,245
|
|
|
1.67
|
|
|
168,758
|
|
|
1,886
|
|
|
4.53
|
|
||||
Total interest-bearing liabilities
|
5,496,061
|
|
|
6,205
|
|
|
0.45
|
|
|
4,110,621
|
|
|
5,385
|
|
|
0.53
|
|
||||
Noninterest-bearing deposits
|
1,316,495
|
|
|
|
|
|
|
932,011
|
|
|
|
|
|
||||||||
Other liabilities
|
98,476
|
|
|
|
|
|
|
59,439
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
1,050,668
|
|
|
|
|
|
|
719,687
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
7,961,700
|
|
|
|
|
|
|
$
|
5,821,758
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
$
|
71,804
|
|
|
4.21
|
%
|
|
|
|
$
|
50,525
|
|
|
4.02
|
%
|
(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)
|
$
|
20,867
|
|
|
$
|
1,009
|
|
|
$
|
21,876
|
|
Securities:
|
|
|
|
|
|
||||||
Taxable
|
276
|
|
|
(308
|
)
|
|
(32
|
)
|
|||
Tax-exempt
|
621
|
|
|
(378
|
)
|
|
243
|
|
|||
Interest-bearing balances with banks
|
(9
|
)
|
|
21
|
|
|
12
|
|
|||
Total interest-earning assets
|
21,755
|
|
|
344
|
|
|
22,099
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
286
|
|
|
(41
|
)
|
|
245
|
|
|||
Savings deposits
|
26
|
|
|
(6
|
)
|
|
20
|
|
|||
Time deposits
|
387
|
|
|
(191
|
)
|
|
196
|
|
|||
Borrowed funds
|
504
|
|
|
(145
|
)
|
|
359
|
|
|||
Total interest-bearing liabilities
|
1,203
|
|
|
(383
|
)
|
|
820
|
|
|||
Change in net interest income
|
$
|
20,552
|
|
|
$
|
727
|
|
|
$
|
21,279
|
|
(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
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Loans
|
83.03
|
%
|
|
78.93
|
%
|
|
4.91
|
%
|
|
4.81
|
%
|
Securities
|
16.08
|
|
|
19.43
|
|
|
3.04
|
|
|
3.33
|
|
Other
|
0.89
|
|
|
1.64
|
|
|
0.47
|
|
|
0.29
|
|
Total earning assets
|
100.00
|
%
|
|
100.00
|
%
|
|
4.57
|
%
|
|
4.45
|
%
|
|
Percentage of Total
|
|
Cost of Funds
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Noninterest-bearing demand
|
19.32
|
%
|
|
18.48
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
43.39
|
|
|
45.84
|
|
|
0.18
|
|
|
0.19
|
|
Savings
|
7.46
|
|
|
7.25
|
|
|
0.07
|
|
|
0.08
|
|
Time deposits
|
21.92
|
|
|
25.08
|
|
|
0.68
|
|
|
0.75
|
|
Short Term Borrowings
|
5.74
|
|
0.26
|
0.26
|
|
|
0.42
|
|
|
0.16
|
|
Long-term Federal Home Loan Bank advances
|
0.77
|
|
|
1.21
|
|
|
4.09
|
|
|
4.16
|
|
Other long term borrowings
|
1.40
|
|
|
1.88
|
|
|
5.52
|
|
|
5.37
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.37
|
%
|
|
0.43
|
%
|
Noninterest Income to Average Assets
(Excludes securities gains/losses)
|
||
Three Months Ended March 31,
|
||
2016
|
|
2015
|
1.69%
|
|
1.52%
|
|
2016
|
|
2015
|
||||
Mortgage servicing income, net
|
$
|
627
|
|
|
$
|
91
|
|
Gain on sales of loans, net
|
5,847
|
|
|
4,633
|
|
||
Fees, net
|
5,441
|
|
|
705
|
|
||
Mortgage banking income, net
|
$
|
11,915
|
|
|
$
|
5,429
|
|
Noninterest Expense to Average Assets
|
||
Three Months Ended March 31,
|
||
2016
|
|
2015
|
3.48%
|
|
3.30%
|
Efficiency Ratio
|
||
Three Months Ended March 31,
|
||
2016
|
|
2015
|
66.42%
|
|
65.36%
|
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
||||||
Commercial, financial, agricultural
|
$
|
4,171
|
|
|
$
|
4,186
|
|
|
$
|
4,109
|
|
Lease financing
|
193
|
|
|
160
|
|
|
60
|
|
|||
Real estate – construction
|
1,943
|
|
|
1,852
|
|
|
1,359
|
|
|||
Real estate – 1-4 family mortgage
|
14,542
|
|
|
13,908
|
|
|
14,045
|
|
|||
Real estate – commercial mortgage
|
20,775
|
|
|
21,111
|
|
|
21,508
|
|
|||
Installment loans to individuals
|
1,235
|
|
|
1,220
|
|
|
1,221
|
|
|||
Total
|
$
|
42,859
|
|
|
$
|
42,437
|
|
|
$
|
42,302
|
|
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
||||||
Specific reserves for impaired loans
|
$
|
7,399
|
|
|
$
|
7,600
|
|
|
$
|
6,520
|
|
Allocated reserves for remaining portfolio
|
33,438
|
|
|
33,131
|
|
|
33,193
|
|
|||
Acquired with deteriorated credit quality
|
2,022
|
|
|
1,706
|
|
|
$
|
2,589
|
|
||
Total
|
$
|
42,859
|
|
|
$
|
42,437
|
|
|
$
|
42,302
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Balance at beginning of period
|
$
|
42,437
|
|
|
$
|
42,289
|
|
Charge-offs
|
|
|
|
||||
Commercial, financial, agricultural
|
657
|
|
|
235
|
|
||
Lease financing
|
—
|
|
|
—
|
|
||
Real estate – construction
|
—
|
|
|
—
|
|
||
Real estate – 1-4 family mortgage
|
116
|
|
|
485
|
|
||
Real estate – commercial mortgage
|
1,001
|
|
|
633
|
|
||
Installment loans to individuals
|
180
|
|
|
50
|
|
||
Total charge-offs
|
1,954
|
|
|
1,403
|
|
||
Recoveries
|
|
|
|
||||
Commercial, financial, agricultural
|
53
|
|
|
35
|
|
||
Lease financing
|
—
|
|
|
—
|
|
||
Real estate – construction
|
6
|
|
|
6
|
|
||
Real estate – 1-4 family mortgage
|
395
|
|
|
155
|
|
||
Real estate – commercial mortgage
|
92
|
|
|
112
|
|
||
Installment loans to individuals
|
30
|
|
|
33
|
|
||
Total recoveries
|
576
|
|
|
341
|
|
||
Net charge-offs
|
1,378
|
|
|
1,062
|
|
||
Provision for loan losses
|
1,800
|
|
|
1,075
|
|
||
Balance at end of period
|
$
|
42,859
|
|
|
$
|
42,302
|
|
Net charge-offs (annualized) to average loans
|
0.10
|
%
|
|
0.11
|
%
|
||
Allowance for loan losses to:
|
|
|
|
||||
Total loans not acquired
|
1.05
|
%
|
|
1.29
|
%
|
||
Nonperforming loans not acquired
|
302.14
|
%
|
|
223.68
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2016
|
|
2015
|
||||
Real estate – construction:
|
|
|
|
||||
Residential
|
$
|
(6
|
)
|
|
$
|
(6
|
)
|
Commercial
|
—
|
|
|
—
|
|
||
Condominiums
|
—
|
|
|
—
|
|
||
Total real estate – construction
|
(6
|
)
|
|
(6
|
)
|
||
Real estate – 1-4 family mortgage:
|
|
|
|
||||
Primary
|
46
|
|
|
414
|
|
||
Home equity
|
4
|
|
|
10
|
|
||
Rental/investment
|
(5
|
)
|
|
(28
|
)
|
||
Land development
|
(324
|
)
|
|
(66
|
)
|
||
Total real estate – 1-4 family mortgage
|
(279
|
)
|
|
330
|
|
||
Real estate – commercial mortgage:
|
|
|
|
||||
Owner-occupied
|
392
|
|
|
572
|
|
||
Non-owner occupied
|
290
|
|
|
(45
|
)
|
||
Land development
|
227
|
|
|
(6
|
)
|
||
Total real estate – commercial mortgage
|
909
|
|
|
521
|
|
||
Total net charge-offs of loans secured by real estate
|
$
|
624
|
|
|
$
|
845
|
|
|
Not Acquired
|
|
Acquired Covered Assets
|
|
Acquired Non-covered
|
|
Total
|
||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||
Nonaccruing loans
|
$
|
11,690
|
|
|
$
|
2,708
|
|
|
$
|
12,368
|
|
|
$
|
26,766
|
|
Accruing loans past due 90 days or more
|
2,495
|
|
|
4,343
|
|
|
10,805
|
|
|
17,643
|
|
||||
Total nonperforming loans
|
14,185
|
|
|
7,051
|
|
|
23,173
|
|
|
44,409
|
|
||||
Other real estate owned
|
12,810
|
|
|
1,373
|
|
|
19,051
|
|
|
33,234
|
|
||||
Total nonperforming loans and OREO
|
26,995
|
|
|
8,424
|
|
|
42,224
|
|
|
77,643
|
|
||||
Nonaccruing securities available-for-sale, at fair value
|
10,193
|
|
|
—
|
|
|
—
|
|
|
10,193
|
|
||||
Total nonperforming assets
|
$
|
37,188
|
|
|
$
|
8,424
|
|
|
$
|
42,224
|
|
|
$
|
87,836
|
|
Nonperforming loans to total loans
|
|
|
|
|
|
|
0.80
|
%
|
|||||||
Nonperforming assets to total assets
|
|
|
|
|
|
|
1.08
|
%
|
|||||||
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Nonaccruing loans
|
$
|
13,645
|
|
|
$
|
3,319
|
|
|
$
|
12,070
|
|
|
$
|
29,034
|
|
Accruing loans past due 90 days or more
|
1,326
|
|
|
3,609
|
|
|
11,458
|
|
|
16,393
|
|
||||
Total nonperforming loans
|
14,971
|
|
|
6,928
|
|
|
23,528
|
|
|
45,427
|
|
||||
Other real estate owned
|
12,987
|
|
|
2,818
|
|
|
19,597
|
|
|
35,402
|
|
||||
Total nonperforming loans and OREO
|
27,958
|
|
|
9,746
|
|
|
43,125
|
|
|
80,829
|
|
||||
Nonaccruing securities available-for-sale, at fair value
|
10,448
|
|
|
—
|
|
|
—
|
|
|
10,448
|
|
||||
Total nonperforming assets
|
$
|
38,406
|
|
|
$
|
9,746
|
|
|
$
|
43,125
|
|
|
$
|
91,277
|
|
Nonperforming loans to total loans
|
|
|
|
|
|
|
0.84
|
%
|
|||||||
Nonperforming assets to total assets
|
|
|
|
|
|
|
1.15
|
%
|
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
||||||
Nonaccruing loans
|
$
|
24,058
|
|
|
$
|
25,715
|
|
|
$
|
19,346
|
|
Accruing loans past due 90 days or more
|
13,300
|
|
|
12,784
|
|
|
10,829
|
|
|||
Total nonperforming loans
|
37,358
|
|
|
38,499
|
|
|
30,175
|
|
|||
Restructured loans in compliance with modified terms
|
14,046
|
|
|
13,453
|
|
|
21,333
|
|
|||
Total nonperforming and restructured loans
|
$
|
51,404
|
|
|
$
|
51,952
|
|
|
$
|
51,508
|
|
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
||||||
Commercial, financial, agricultural
|
$
|
1,654
|
|
|
$
|
1,266
|
|
|
$
|
2,543
|
|
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
242
|
|
|
176
|
|
|
307
|
|
|||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|||
Condominiums
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total real estate – construction
|
242
|
|
|
176
|
|
|
307
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
5,853
|
|
|
6,957
|
|
|
5,278
|
|
|||
Home equity
|
1,016
|
|
|
1,073
|
|
|
1,158
|
|
|||
Rental/investment
|
4,383
|
|
|
4,284
|
|
|
2,404
|
|
|||
Land development
|
2,006
|
|
|
2,048
|
|
|
1,039
|
|
|||
Total real estate – 1-4 family mortgage
|
13,258
|
|
|
14,362
|
|
|
9,879
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
9,106
|
|
|
8,574
|
|
|
4,278
|
|
|||
Non-owner occupied
|
7,756
|
|
|
7,645
|
|
|
10,101
|
|
|||
Land development
|
5,153
|
|
|
6,320
|
|
|
2,981
|
|
|||
Total real estate – commercial mortgage
|
22,015
|
|
|
22,539
|
|
|
17,360
|
|
|||
Installment loans to individuals
|
189
|
|
|
156
|
|
|
86
|
|
|||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total nonperforming loans
|
$
|
37,358
|
|
|
$
|
38,499
|
|
|
$
|
30,175
|
|
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
||||||
Commercial, financial, agricultural
|
$
|
251
|
|
|
$
|
257
|
|
|
$
|
489
|
|
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
4,512
|
|
|
4,309
|
|
|
3,541
|
|
|||
Home equity
|
—
|
|
|
—
|
|
|
18
|
|
|||
Rental/investment
|
1,345
|
|
|
1,455
|
|
|
1,828
|
|
|||
Land development
|
12
|
|
|
14
|
|
|
15
|
|
|||
Total real estate – 1-4 family mortgage
|
5,869
|
|
|
5,778
|
|
|
5,402
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
3,257
|
|
|
3,214
|
|
|
2,654
|
|
|||
Non-owner occupied
|
4,082
|
|
|
3,596
|
|
|
11,453
|
|
|||
Land development
|
520
|
|
|
541
|
|
|
1,335
|
|
|||
Total real estate – commercial mortgage
|
7,859
|
|
|
7,351
|
|
|
15,442
|
|
|||
Installment loans to individuals
|
67
|
|
|
67
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Total restructured loans in compliance with modified terms
|
$
|
14,046
|
|
|
$
|
13,453
|
|
|
$
|
21,333
|
|
|
2016
|
|
2015
|
||||
Balance at January 1,
|
$
|
13,453
|
|
|
$
|
14,337
|
|
Additional loans with concessions
|
1,267
|
|
|
7,500
|
|
||
Reductions due to:
|
|
|
|
||||
Reclassified as nonperforming
|
(134
|
)
|
|
—
|
|
||
Paid in full
|
(398
|
)
|
|
(411
|
)
|
||
Charge-offs
|
—
|
|
|
—
|
|
||
Transfer to other real estate owned
|
—
|
|
|
—
|
|
||
Paydowns
|
(142
|
)
|
|
(93
|
)
|
||
Lapse of concession period
|
—
|
|
|
—
|
|
||
Balance at March 31,
|
$
|
14,046
|
|
|
$
|
21,333
|
|
|
March 31,
2016 |
|
December 31, 2015
|
|
March 31,
2015 |
||||||
Residential real estate
|
$
|
4,409
|
|
|
$
|
4,265
|
|
|
$
|
3,482
|
|
Commercial real estate
|
11,261
|
|
|
11,041
|
|
|
11,288
|
|
|||
Residential land development
|
4,469
|
|
|
4,595
|
|
|
4,235
|
|
|||
Commercial land development
|
11,722
|
|
|
12,683
|
|
|
8,356
|
|
|||
Total other real estate owned
|
$
|
31,861
|
|
|
$
|
32,584
|
|
|
$
|
27,361
|
|
|
2016
|
|
2015
|
||||
Balance at January 1,
|
$
|
32,584
|
|
|
$
|
28,104
|
|
Transfer of balance to non-covered
(1)
|
1,341
|
|
|
—
|
|
||
Additions
|
1,720
|
|
|
3,053
|
|
||
Impairments
|
(285
|
)
|
|
(428
|
)
|
||
Dispositions
|
(3,453
|
)
|
|
(3,379
|
)
|
||
Other
|
(46
|
)
|
|
11
|
|
||
Balance at March 31,
|
$
|
31,861
|
|
|
$
|
27,361
|
|
(1)
|
Represents a transfer of balance on non-single family assets of Crescent Bank & Trust Company, American Bank & Trust and Citizens Bank of Effingham. The claims period to submit losses to the FDIC for reimbursement of non-single family assets ended July 31, 2015 for Crescent Bank & Trust and ended February 29, 2016 for both American Bank & Trust and Citizens Bank of Effingham.
|
|
Percentage of Total
|
|
Cost of Funds
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Noninterest-bearing demand
|
19.32
|
%
|
|
18.48
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
43.39
|
|
|
45.84
|
|
|
0.18
|
|
|
0.19
|
|
Savings
|
7.46
|
|
|
7.25
|
|
|
0.07
|
|
|
0.08
|
|
Time deposits
|
21.92
|
|
|
25.08
|
|
|
0.68
|
|
|
0.75
|
|
Short Term Borrowings
|
5.74
|
|
|
0.26
|
|
|
0.42
|
|
|
0.16
|
|
Long-term Federal Home Loan Bank advances
|
0.77
|
|
|
1.21
|
|
|
4.09
|
|
|
4.16
|
|
Other long term borrowings
|
1.40
|
|
|
1.88
|
|
|
5.52
|
|
|
5.37
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.37
|
%
|
|
0.43
|
%
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Loan commitments
|
$
|
1,049,838
|
|
|
$
|
1,131,842
|
|
Standby letters of credit
|
34,065
|
|
|
37,063
|
|
|
Actual
|
|
Minimum Capital
Requirement to be
Well Capitalized
|
|
Minimum Capital
Requirement to be
Adequately
Capitalized
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
597,827
|
|
|
9.88
|
%
|
|
$
|
393,410
|
|
|
6.50
|
%
|
|
$
|
272,361
|
|
|
4.50
|
%
|
Tier 1 risk-based capital ratio
|
688,601
|
|
|
11.38
|
%
|
|
484,197
|
|
|
8.00
|
%
|
|
363,148
|
|
|
6.00
|
%
|
|||
Total risk-based capital ratio
|
736,354
|
|
|
12.17
|
%
|
|
605,246
|
|
|
10.00
|
%
|
|
484,197
|
|
|
8.00
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
688,601
|
|
|
9.19
|
%
|
|
374,692
|
|
|
5.00
|
%
|
|
299,754
|
|
|
4.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
662,524
|
|
|
10.98
|
%
|
|
$
|
392,333
|
|
|
6.50
|
%
|
|
$
|
271,615
|
|
|
4.50
|
%
|
Tier 1 risk-based capital ratio
|
662,524
|
|
|
10.98
|
%
|
|
482,872
|
|
|
8.00
|
%
|
|
362,154
|
|
|
6.00
|
%
|
|||
Total risk-based capital ratio
|
709,708
|
|
|
11.76
|
%
|
|
603,590
|
|
|
10.00
|
%
|
|
482,872
|
|
|
8.00
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
662,524
|
|
|
8.86
|
%
|
|
373,738
|
|
|
5.00
|
%
|
|
298,990
|
|
|
4.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
591,356
|
|
|
9.99
|
%
|
|
$
|
384,830
|
|
|
6.50
|
%
|
|
$
|
266,421
|
|
|
4.50
|
%
|
Tier 1 risk-based capital ratio
|
681,731
|
|
|
11.51
|
%
|
|
473,637
|
|
|
8.00
|
%
|
|
355,228
|
|
|
6.00
|
%
|
|||
Total risk-based capital ratio
|
729,321
|
|
|
12.32
|
%
|
|
592,047
|
|
|
10.00
|
%
|
|
473,637
|
|
|
8.00
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
681,731
|
|
|
9.16
|
%
|
|
371,968
|
|
|
5.00
|
%
|
|
297,574
|
|
|
4.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
654,830
|
|
|
11.09
|
%
|
|
$
|
383,660
|
|
|
6.50
|
%
|
|
$
|
265,611
|
|
|
4.50
|
%
|
Tier 1 risk-based capital ratio
|
654,830
|
|
|
11.09
|
%
|
|
472,198
|
|
|
8.00
|
%
|
|
354,148
|
|
|
6.00
|
%
|
|||
Total risk-based capital ratio
|
701,591
|
|
|
11.89
|
%
|
|
590,247
|
|
|
10.00
|
%
|
|
472,198
|
|
|
8.00
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
654,830
|
|
|
8.82
|
%
|
|
371,183
|
|
|
5.00
|
%
|
|
296,946
|
|
|
4.00
|
%
|
Exhibit
Number
|
|
Description
|
|
|
|
(2)(i)
|
|
Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, First M&F Corporation and Merchants and Farmers Bank dated as of February 6, 2013
(1)
|
|
|
|
(2)(ii)
|
|
Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, Heritage Financial Group, Inc. and HeritageBank of the South
(2)
|
|
|
|
(2)(iii)
|
|
Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, and KeyWorth Bank dated as of October 20, 2015
(3)
|
|
|
|
(3)(i)
|
|
Articles of Incorporation of Renasant Corporation, as amended
|
|
|
|
(3)(ii)
|
|
Restated Bylaws of Renasant Corporation, as amended
(4)
|
|
|
|
(4)(i)
|
|
Articles of Incorporation of Renasant Corporation, as amended
|
|
|
|
(4)(ii)
|
|
Restated Bylaws of Renasant Corporation, as amended
(4)
|
|
|
|
(10)(i)
|
|
Executive Employment Agreement dated January 12, 2016, between Renasant Corporation and Kevin D. Chapman
(5)
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(10)(ii)
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Executive Employment Agreement dated January 12, 2016, between Renasant Corporation and C. Mitchell Waycaster
(6)
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(10)(iii)
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Executive Employment Agreement dated January 12, 2016, between Renasant Corporation and Michael D. Ross
(7)
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(31)(i)
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Certification of the Principal Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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(31)(ii)
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Certification of the Principal Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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(32)(i)
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Certification of the Principal Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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(32)(ii)
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Certification of the Principal Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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(101)
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The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 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).
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(1)
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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.
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(2)
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Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on December 15, 2014 and incorporated herein by reference.
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(3)
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Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on October 23, 2015 and incorporated herein by reference.
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(4)
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Filed as exhibit 3.2 to the Pre-Effective Amendment No. 1 to Form S-4 Registration Statement of the Company (File No. 333-208753) filed with the Securities and Exchange Commission on May 8, 2013 and incorporated herein by reference.
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(5)
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Filed as exhibit 10.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 13, 2016 and incorporated herein by reference.
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(6)
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Filed as exhibit 10.2 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 13, 2016 and incorporated herein by reference.
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(7)
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Filed as exhibit 10.3 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 13, 2016 and incorporated herein by reference.
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RENASANT CORPORATION
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(Registrant)
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Date:
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May 10, 2016
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/s/ E. Robinson McGraw
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E. Robinson McGraw
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Chairman of the Board, Director,
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|
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and Chief Executive Officer
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|
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(Principal Executive Officer)
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|
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Date:
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May 10, 2016
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/s/ Kevin D. Chapman
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Kevin D. Chapman
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Executive Vice President and
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Chief Financial Officer
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(Principal Financial Officer)
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Exhibit
Number
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Description
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(3)(i)
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Articles of Incorporation of Renasant Corporation, as amended
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(4)(i)
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Articles of Incorporation of Renasant Corporation, as amended
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(31)(i)
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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 March 31, 2016 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).
|
E. C. Neelly, III
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2406 Country Club
Tupelo, Mississippi 38801 |
By:
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/s/ E. C. Neely, III
|
By:
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/s/ E. C. Neely, III
|
By:
|
/s/ John W. Smith
|
By:
|
_/s/ John W. Smith
|
E. C. Neelly, III
|
2406 Country Club
Tupelo, Mississippi 38801 |
By:
|
/s/ E. C. Neely, III
|
By:
|
/s/ E. C. Neely, III
|
By:
|
/s/ John W. Smith
|
By:
|
_/s/ John W. Smith
|
Date:
|
May 10, 2016
|
/s/ E. Robinson McGraw
|
|
|
E. Robinson McGraw
|
|
|
Chairman of the Board, Director,
|
|
|
and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
May 10, 2016
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
Date:
|
May 10, 2016
|
/s/ E. Robinson McGraw
|
|
|
E. Robinson McGraw
|
|
|
Chairman of the Board, Director,
|
|
|
and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
May 10, 2016
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|