ý
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Mississippi
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64-0676974
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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209 Troy Street, Tupelo, Mississippi
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38804-4827
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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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
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o
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Emerging growth company
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o
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Page
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PART I
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Item 1.
|
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 1A.
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Item 2.
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Item 6.
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||
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|
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(Unaudited)
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||||
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March 31,
2018 |
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December 31, 2017
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||||
Assets
|
|
|
|
||||
Cash and due from banks
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$
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163,768
|
|
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$
|
187,838
|
|
Interest-bearing balances with banks
|
87,210
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|
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93,615
|
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||
Cash and cash equivalents
|
250,978
|
|
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281,453
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Securities available for sale, at fair value
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948,365
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671,488
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Mortgage loans held for sale, at fair value
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204,472
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|
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108,316
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Loans, net of unearned income:
|
|
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||||
Non purchased loans and leases
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5,830,122
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5,588,556
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Purchased loans
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1,867,948
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2,031,766
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Total loans, net of unearned income
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7,698,070
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7,620,322
|
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Allowance for loan losses
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(46,401
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)
|
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(46,211
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)
|
||
Loans, net
|
7,651,669
|
|
|
7,574,111
|
|
||
Premises and equipment, net
|
184,209
|
|
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183,254
|
|
||
Other real estate owned:
|
|
|
|
||||
Non purchased
|
4,801
|
|
|
4,410
|
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||
Purchased
|
9,754
|
|
|
11,524
|
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||
Total other real estate owned, net
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14,555
|
|
|
15,934
|
|
||
Goodwill
|
611,046
|
|
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611,046
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||
Other intangible assets, net
|
22,859
|
|
|
24,510
|
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||
Bank-owned life insurance
|
176,978
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|
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175,863
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Mortgage servicing rights
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40,216
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39,339
|
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Other assets
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132,966
|
|
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144,667
|
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Total assets
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$
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10,238,313
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$
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9,829,981
|
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Liabilities and shareholders’ equity
|
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||||
Liabilities
|
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||||
Deposits
|
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||||
Noninterest-bearing
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$
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1,861,136
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$
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1,840,424
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Interest-bearing
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6,496,633
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6,080,651
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Total deposits
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8,357,769
|
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7,921,075
|
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Short-term borrowings
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57,753
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89,814
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Long-term debt
|
207,438
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207,546
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Other liabilities
|
82,588
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|
|
96,563
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Total liabilities
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8,705,548
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8,314,998
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||
Shareholders’ equity
|
|
|
|
||||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $5.00 par value – 150,000,000 shares authorized; 49,990,248 shares issued; 49,392,978 and 49,321,231 shares outstanding, respectively
|
249,951
|
|
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249,951
|
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||
Treasury stock, at cost
|
(18,296
|
)
|
|
(19,906
|
)
|
||
Additional paid-in capital
|
896,881
|
|
|
898,095
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Retained earnings
|
421,725
|
|
|
397,354
|
|
||
Accumulated other comprehensive loss, net of taxes
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(17,496
|
)
|
|
(10,511
|
)
|
||
Total shareholders’ equity
|
1,532,765
|
|
|
1,514,983
|
|
||
Total liabilities and shareholders’ equity
|
$
|
10,238,313
|
|
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$
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9,829,981
|
|
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Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Interest income
|
|
|
|
||||
Loans
|
$
|
94,118
|
|
|
$
|
74,407
|
|
Securities
|
|
|
|
||||
Taxable
|
3,994
|
|
|
4,352
|
|
||
Tax-exempt
|
1,685
|
|
|
2,574
|
|
||
Other
|
583
|
|
|
556
|
|
||
Total interest income
|
100,380
|
|
|
81,889
|
|
||
Interest expense
|
|
|
|
||||
Deposits
|
8,059
|
|
|
5,149
|
|
||
Borrowings
|
3,081
|
|
|
2,725
|
|
||
Total interest expense
|
11,140
|
|
|
7,874
|
|
||
Net interest income
|
89,240
|
|
|
74,015
|
|
||
Provision for loan losses
|
1,750
|
|
|
1,500
|
|
||
Net interest income after provision for loan losses
|
87,490
|
|
|
72,515
|
|
||
Noninterest income
|
|
|
|
||||
Service charges on deposit accounts
|
8,473
|
|
|
7,931
|
|
||
Fees and commissions
|
5,685
|
|
|
5,199
|
|
||
Insurance commissions
|
2,005
|
|
|
1,860
|
|
||
Wealth management revenue
|
3,262
|
|
|
2,884
|
|
||
Mortgage banking income
|
10,960
|
|
|
10,504
|
|
||
BOLI income
|
945
|
|
|
1,113
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Other
|
2,623
|
|
|
2,530
|
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Total noninterest income
|
33,953
|
|
|
32,021
|
|
||
Noninterest expense
|
|
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|
||||
Salaries and employee benefits
|
48,784
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|
|
42,209
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||
Data processing
|
4,244
|
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|
4,234
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Net occupancy and equipment
|
9,822
|
|
|
9,319
|
|
||
Other real estate owned
|
657
|
|
|
532
|
|
||
Professional fees
|
2,138
|
|
|
2,067
|
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||
Advertising and public relations
|
2,203
|
|
|
1,592
|
|
||
Intangible amortization
|
1,651
|
|
|
1,563
|
|
||
Communications
|
1,969
|
|
|
1,863
|
|
||
Extinguishment of debt
|
—
|
|
|
205
|
|
||
Merger and conversion related expenses
|
900
|
|
|
345
|
|
||
Other
|
5,576
|
|
|
5,380
|
|
||
Total noninterest expense
|
77,944
|
|
|
69,309
|
|
||
Income before income taxes
|
43,499
|
|
|
35,227
|
|
||
Income taxes
|
9,673
|
|
|
11,255
|
|
||
Net income
|
$
|
33,826
|
|
|
$
|
23,972
|
|
Basic earnings per share
|
$
|
0.69
|
|
|
$
|
0.54
|
|
Diluted earnings per share
|
$
|
0.68
|
|
|
$
|
0.54
|
|
Cash dividends per common share
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
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Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Net income
|
|
$
|
33,826
|
|
|
$
|
23,972
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
||||
Securities available for sale:
|
|
|
|
|
||||
Unrealized holding (losses) gains on securities
|
|
(7,909
|
)
|
|
2,907
|
|
||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
|
—
|
|
|
(151
|
)
|
||
Total securities
|
|
(7,909
|
)
|
|
2,756
|
|
||
Derivative instruments:
|
|
|
|
|
||||
Unrealized holding gains on derivative instruments
|
|
858
|
|
|
169
|
|
||
Total derivative instruments
|
|
858
|
|
|
169
|
|
||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
|
66
|
|
|
69
|
|
||
Total defined benefit pension and post-retirement benefit plans
|
|
66
|
|
|
69
|
|
||
Other comprehensive (loss) income, net of tax
|
|
(6,985
|
)
|
|
2,994
|
|
||
Comprehensive income
|
|
$
|
26,841
|
|
|
$
|
26,966
|
|
|
Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
33,826
|
|
|
$
|
23,972
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Provision for loan losses
|
1,750
|
|
|
1,500
|
|
||
Depreciation, amortization and accretion
|
650
|
|
|
358
|
|
||
Deferred income tax expense
|
1,990
|
|
|
3,946
|
|
||
Funding of mortgage loans held for sale
|
(362,803
|
)
|
|
(318,144
|
)
|
||
Proceeds from sales of mortgage loans held for sale
|
275,445
|
|
|
343,945
|
|
||
Gains on sales of mortgage loans held for sale
|
(8,798
|
)
|
|
(6,554
|
)
|
||
Penalty on prepayment of debt
|
—
|
|
|
205
|
|
||
Losses on sales of premises and equipment
|
8
|
|
|
512
|
|
||
Stock-based compensation expense
|
1,858
|
|
|
1,174
|
|
||
Decrease in other assets
|
9,623
|
|
|
18,882
|
|
||
Decrease in other liabilities
|
(14,720
|
)
|
|
(14,662
|
)
|
||
Net cash (used in) provided by operating activities
|
(61,171
|
)
|
|
55,134
|
|
||
Investing activities
|
|
|
|
||||
Purchases of securities available for sale
|
(317,922
|
)
|
|
(52,683
|
)
|
||
Proceeds from sales of securities available for sale
|
—
|
|
|
2,946
|
|
||
Proceeds from call/maturities of securities available for sale
|
29,335
|
|
|
30,800
|
|
||
Proceeds from call/maturities of securities held to maturity
|
—
|
|
|
7,710
|
|
||
Net increase in loans
|
(74,344
|
)
|
|
(31,974
|
)
|
||
Purchases of premises and equipment
|
(4,384
|
)
|
|
(4,441
|
)
|
||
Proceeds from sales of premises and equipment
|
—
|
|
|
13
|
|
||
Proceeds from sales of other assets
|
2,085
|
|
|
5,307
|
|
||
Net cash used in investing activities
|
(365,230
|
)
|
|
(42,322
|
)
|
||
Financing activities
|
|
|
|
||||
Net increase in noninterest-bearing deposits
|
20,712
|
|
|
18,224
|
|
||
Net increase in interest-bearing deposits
|
416,759
|
|
|
154,001
|
|
||
Net decrease in short-term borrowings
|
(32,061
|
)
|
|
(99,721
|
)
|
||
Repayment of long-term debt
|
(230
|
)
|
|
(10,790
|
)
|
||
Cash paid for dividends
|
(9,455
|
)
|
|
(8,030
|
)
|
||
Net stock-based compensation transactions
|
201
|
|
|
(1,976
|
)
|
||
Net cash provided by financing activities
|
395,926
|
|
|
51,708
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(30,475
|
)
|
|
64,520
|
|
||
Cash and cash equivalents at beginning of period
|
281,453
|
|
|
306,224
|
|
||
Cash and cash equivalents at end of period
|
$
|
250,978
|
|
|
$
|
370,744
|
|
Supplemental disclosures
|
|
|
|
||||
Cash paid for interest
|
$
|
12,656
|
|
|
$
|
9,635
|
|
Cash paid for income taxes
|
$
|
6,280
|
|
|
$
|
7,181
|
|
Noncash transactions:
|
|
|
|
||||
Transfers of loans to other real estate owned
|
$
|
1,154
|
|
|
$
|
3,168
|
|
Financed sales of other real estate owned
|
$
|
418
|
|
|
$
|
237
|
|
Transfers of loans held for sale to loans held for investment
|
$
|
442
|
|
|
$
|
—
|
|
Purchase Price:
|
|
|
||||
Shares issued to common shareholders
|
4,883,182
|
|
|
|||
Purchase price per share
|
$
|
43.74
|
|
|
||
Value of stock paid
|
|
$
|
213,590
|
|
||
Cash paid for fractional shares
|
|
5
|
|
|||
Cash settlement for stock options
|
|
4,764
|
|
|||
Deal charges, net of taxes
|
|
1,102
|
|
|||
Total Purchase Price
|
|
$
|
219,461
|
|
||
Net Assets Acquired:
|
|
|
||||
Stockholders’ equity at acquisition date
|
$
|
89,253
|
|
|
||
Increase (decrease) to net assets as a result of fair value adjustments
to assets acquired and liabilities assumed:
|
|
|
||||
Securities
|
(731
|
)
|
|
|||
Mortgage loans held for sale
|
30
|
|
|
|||
Loans, net of Metropolitan’s allowance for loan losses
|
(13,071
|
)
|
|
|||
Premises and equipment
|
(4,629
|
)
|
|
|||
Intangible assets, net of Metropolitan’s existing intangibles
|
2,340
|
|
|
|||
Other real estate owned
|
(1,251
|
)
|
|
|||
Other assets
|
2,731
|
|
|
|||
Deposits
|
(3,603
|
)
|
|
|||
Borrowings
|
(1,294
|
)
|
|
|||
Other liabilities
|
3,930
|
|
|
|||
Deferred income taxes
|
5,244
|
|
|
|||
Total Net Assets Acquired
|
|
78,949
|
|
|||
Goodwill resulting from merger
(1)
|
|
$
|
140,512
|
|
Cash and cash equivalents
|
|
$
|
47,556
|
|
Securities
|
|
108,697
|
|
|
Loans, including mortgage loans held for sale, net of unearned income
|
|
967,804
|
|
|
Premises and equipment
|
|
8,576
|
|
|
Other real estate owned
|
|
1,203
|
|
|
Intangible assets
|
|
147,478
|
|
|
Other assets
|
|
69,567
|
|
|
Total assets
|
|
1,350,881
|
|
|
|
|
|
||
Deposits
|
|
942,084
|
|
|
Borrowings
|
|
174,522
|
|
|
Other liabilities
|
|
20,685
|
|
|
Total liabilities
|
|
1,137,291
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
3,549
|
|
|
$
|
27
|
|
|
$
|
(48
|
)
|
|
$
|
3,528
|
|
Obligations of states and political subdivisions
|
222,814
|
|
|
4,292
|
|
|
(764
|
)
|
|
226,342
|
|
||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
416,954
|
|
|
444
|
|
|
(7,928
|
)
|
|
409,470
|
|
||||
Government agency collateralized mortgage obligations
|
244,213
|
|
|
42
|
|
|
(6,589
|
)
|
|
237,666
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
27,636
|
|
|
306
|
|
|
(440
|
)
|
|
27,502
|
|
||||
Government agency collateralized mortgage obligations
|
10,000
|
|
|
—
|
|
|
(128
|
)
|
|
9,872
|
|
||||
Trust preferred securities
|
12,429
|
|
|
—
|
|
|
(2,384
|
)
|
|
10,045
|
|
||||
Other debt securities
|
23,994
|
|
|
152
|
|
|
(206
|
)
|
|
23,940
|
|
||||
|
$
|
961,589
|
|
|
$
|
5,263
|
|
|
$
|
(18,487
|
)
|
|
$
|
948,365
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
3,554
|
|
|
$
|
40
|
|
|
$
|
(30
|
)
|
|
$
|
3,564
|
|
Obligations of states and political subdivisions
|
228,589
|
|
|
6,161
|
|
|
(269
|
)
|
|
234,481
|
|
||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
196,121
|
|
|
888
|
|
|
(3,059
|
)
|
|
193,950
|
|
||||
Government agency collateralized mortgage obligations
|
180,258
|
|
|
133
|
|
|
(3,752
|
)
|
|
176,639
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
31,015
|
|
|
389
|
|
|
(234
|
)
|
|
31,170
|
|
||||
Government agency collateralized mortgage obligations
|
5,019
|
|
|
1
|
|
|
(14
|
)
|
|
5,006
|
|
||||
Trust preferred securities
|
12,442
|
|
|
—
|
|
|
(3,054
|
)
|
|
9,388
|
|
||||
Other debt securities
|
17,106
|
|
|
260
|
|
|
(76
|
)
|
|
17,290
|
|
||||
|
$
|
674,104
|
|
|
$
|
7,872
|
|
|
$
|
(10,488
|
)
|
|
$
|
671,488
|
|
|
|
|
|
|
Available for Sale
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
Due within one year
|
$
|
28,692
|
|
|
$
|
29,028
|
|
Due after one year through five years
|
67,311
|
|
|
68,747
|
|
||
Due after five years through ten years
|
78,917
|
|
|
79,724
|
|
||
Due after ten years
|
72,703
|
|
|
71,335
|
|
||
Residential mortgage backed securities:
|
|
|
|
||||
Government agency mortgage backed securities
|
416,954
|
|
|
409,470
|
|
||
Government agency collateralized mortgage obligations
|
244,213
|
|
|
237,666
|
|
||
Commercial mortgage backed securities:
|
|
|
|
||||
Government agency mortgage backed securities
|
27,636
|
|
|
27,502
|
|
||
Government agency collateralized mortgage obligations
|
10,000
|
|
|
9,872
|
|
||
Other debt securities
|
15,163
|
|
|
15,021
|
|
||
|
$
|
961,589
|
|
|
$
|
948,365
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||||||||
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Available for Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
1
|
|
$
|
494
|
|
|
$
|
(6
|
)
|
|
2
|
|
$
|
1,981
|
|
|
$
|
(42
|
)
|
|
3
|
|
$
|
2,475
|
|
|
$
|
(48
|
)
|
Obligations of states and political subdivisions
|
52
|
|
31,417
|
|
|
(392
|
)
|
|
12
|
|
7,554
|
|
|
(372
|
)
|
|
64
|
|
38,971
|
|
|
(764
|
)
|
||||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
87
|
|
298,721
|
|
|
(3,942
|
)
|
|
44
|
|
84,166
|
|
|
(3,986
|
)
|
|
131
|
|
382,887
|
|
|
(7,928
|
)
|
||||||
Government agency collateralized mortgage obligations
|
51
|
|
173,116
|
|
|
(3,394
|
)
|
|
29
|
|
58,759
|
|
|
(3,195
|
)
|
|
80
|
|
231,875
|
|
|
(6,589
|
)
|
||||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
7
|
|
8,987
|
|
|
(122
|
)
|
|
3
|
|
5,732
|
|
|
(318
|
)
|
|
10
|
|
14,719
|
|
|
(440
|
)
|
||||||
Government agency collateralized mortgage obligations
|
2
|
|
9,872
|
|
|
(128
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
2
|
|
9,872
|
|
|
(128
|
)
|
||||||
Trust preferred securities
|
0
|
|
—
|
|
|
—
|
|
|
2
|
|
10,045
|
|
|
(2,384
|
)
|
|
2
|
|
10,045
|
|
|
(2,384
|
)
|
||||||
Other debt securities
|
7
|
|
6,140
|
|
|
(25
|
)
|
|
2
|
|
6,187
|
|
|
(181
|
)
|
|
9
|
|
12,327
|
|
|
(206
|
)
|
||||||
Total
|
207
|
|
$
|
528,747
|
|
|
$
|
(8,009
|
)
|
|
94
|
|
$
|
174,424
|
|
|
$
|
(10,478
|
)
|
|
301
|
|
$
|
703,171
|
|
|
$
|
(18,487
|
)
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
1
|
|
$
|
497
|
|
|
$
|
(3
|
)
|
|
2
|
|
$
|
1,999
|
|
|
$
|
(27
|
)
|
|
3
|
|
$
|
2,496
|
|
|
$
|
(30
|
)
|
Obligations of states and political subdivisions
|
23
|
|
11,860
|
|
|
(59
|
)
|
|
12
|
|
7,728
|
|
|
(210
|
)
|
|
35
|
|
19,588
|
|
|
(269
|
)
|
||||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
29
|
|
64,595
|
|
|
(659
|
)
|
|
44
|
|
89,414
|
|
|
(2,400
|
)
|
|
73
|
|
154,009
|
|
|
(3,059
|
)
|
||||||
Government agency collateralized mortgage obligations
|
33
|
|
102,509
|
|
|
(1,470
|
)
|
|
29
|
|
62,406
|
|
|
(2,282
|
)
|
|
62
|
|
164,915
|
|
|
(3,752
|
)
|
||||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
2
|
|
5,629
|
|
|
(17
|
)
|
|
3
|
|
5,872
|
|
|
(217
|
)
|
|
5
|
|
11,501
|
|
|
(234
|
)
|
||||||
Government agency collateralized mortgage obligations
|
1
|
|
4,986
|
|
|
(14
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
1
|
|
4,986
|
|
|
(14
|
)
|
||||||
Trust preferred securities
|
0
|
|
—
|
|
|
—
|
|
|
2
|
|
9,388
|
|
|
(3,054
|
)
|
|
2
|
|
9,388
|
|
|
(3,054
|
)
|
||||||
Other debt securities
|
2
|
|
756
|
|
|
(12
|
)
|
|
2
|
|
6,308
|
|
|
(64
|
)
|
|
4
|
|
7,064
|
|
|
(76
|
)
|
||||||
Total
|
91
|
|
$
|
190,832
|
|
|
$
|
(2,234
|
)
|
|
94
|
|
$
|
183,115
|
|
|
$
|
(8,254
|
)
|
|
185
|
|
$
|
373,947
|
|
|
$
|
(10,488
|
)
|
Name
|
Single/
Pooled
|
|
Class/
Tranche
|
|
Amortized
Cost
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Lowest
Credit
Rating
|
|
Issuers
Currently in
Deferral or
Default
|
|||||||
XXIII
|
Pooled
|
|
B-2
|
|
$
|
8,318
|
|
|
$
|
6,527
|
|
|
$
|
(1,791
|
)
|
|
BB
|
|
16
|
%
|
XXVI
|
Pooled
|
|
B-2
|
|
4,111
|
|
|
3,518
|
|
|
(593
|
)
|
|
B
|
|
19
|
%
|
|||
|
|
|
|
|
$
|
12,429
|
|
|
$
|
10,045
|
|
|
$
|
(2,384
|
)
|
|
|
|
|
|
2018
|
|
2017
|
||||
Balance at January 1
|
$
|
(261
|
)
|
|
$
|
(3,337
|
)
|
Additions related to credit losses for which OTTI was not previously recognized
|
—
|
|
|
—
|
|
||
Increases in credit loss for which OTTI was previously recognized
|
—
|
|
|
—
|
|
||
Reductions for securities sold during the period
|
—
|
|
|
3,076
|
|
||
Balance at March 31
|
$
|
(261
|
)
|
|
$
|
(261
|
)
|
|
March 31,
2018 |
|
December 31, 2017
|
||||
Commercial, financial, agricultural
|
$
|
803,146
|
|
|
$
|
763,823
|
|
Lease financing
|
55,898
|
|
|
57,354
|
|
||
Real estate – construction
|
582,430
|
|
|
547,658
|
|
||
Real estate – 1-4 family mortgage
|
1,785,271
|
|
|
1,729,534
|
|
||
Real estate – commercial mortgage
|
2,503,680
|
|
|
2,390,076
|
|
||
Installment loans to individuals
|
103,059
|
|
|
103,452
|
|
||
Gross loans
|
5,833,484
|
|
|
5,591,897
|
|
||
Unearned income
|
(3,362
|
)
|
|
(3,341
|
)
|
||
Loans, net of unearned income
|
$
|
5,830,122
|
|
|
$
|
5,588,556
|
|
|
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, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
3,078
|
|
|
$
|
1,006
|
|
|
$
|
796,898
|
|
|
$
|
800,982
|
|
|
$
|
508
|
|
|
$
|
1,555
|
|
|
$
|
101
|
|
|
$
|
2,164
|
|
|
$
|
803,146
|
|
Lease financing
|
481
|
|
|
43
|
|
|
55,215
|
|
|
55,739
|
|
|
—
|
|
|
159
|
|
|
—
|
|
|
159
|
|
|
55,898
|
|
|||||||||
Real estate – construction
|
3,564
|
|
|
50
|
|
|
578,816
|
|
|
582,430
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
582,430
|
|
|||||||||
Real estate – 1-4 family mortgage
|
8,812
|
|
|
2,176
|
|
|
1,771,834
|
|
|
1,782,822
|
|
|
54
|
|
|
1,581
|
|
|
814
|
|
|
2,449
|
|
|
1,785,271
|
|
|||||||||
Real estate – commercial mortgage
|
3,016
|
|
|
289
|
|
|
2,495,780
|
|
|
2,499,085
|
|
|
564
|
|
|
2,253
|
|
|
1,778
|
|
|
4,595
|
|
|
2,503,680
|
|
|||||||||
Installment loans to individuals
|
477
|
|
|
41
|
|
|
102,505
|
|
|
103,023
|
|
|
—
|
|
|
17
|
|
|
19
|
|
|
36
|
|
|
103,059
|
|
|||||||||
Unearned income
|
—
|
|
|
—
|
|
|
(3,362
|
)
|
|
(3,362
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,362
|
)
|
|||||||||
Total
|
$
|
19,428
|
|
|
$
|
3,605
|
|
|
$
|
5,797,686
|
|
|
$
|
5,820,719
|
|
|
$
|
1,126
|
|
|
$
|
5,565
|
|
|
$
|
2,712
|
|
|
$
|
9,403
|
|
|
$
|
5,830,122
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
2,722
|
|
|
$
|
22
|
|
|
$
|
759,143
|
|
|
$
|
761,887
|
|
|
$
|
205
|
|
|
$
|
1,033
|
|
|
$
|
698
|
|
|
$
|
1,936
|
|
|
$
|
763,823
|
|
Lease financing
|
47
|
|
|
—
|
|
|
57,148
|
|
|
57,195
|
|
|
—
|
|
|
159
|
|
|
—
|
|
|
159
|
|
|
57,354
|
|
|||||||||
Real estate – construction
|
50
|
|
|
—
|
|
|
547,608
|
|
|
547,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
547,658
|
|
|||||||||
Real estate – 1-4 family mortgage
|
11,810
|
|
|
2,194
|
|
|
1,712,982
|
|
|
1,726,986
|
|
|
—
|
|
|
1,818
|
|
|
730
|
|
|
2,548
|
|
|
1,729,534
|
|
|||||||||
Real estate – commercial mortgage
|
1,921
|
|
|
727
|
|
|
2,381,871
|
|
|
2,384,519
|
|
|
—
|
|
|
2,877
|
|
|
2,680
|
|
|
5,557
|
|
|
2,390,076
|
|
|||||||||
Installment loans to individuals
|
429
|
|
|
72
|
|
|
102,901
|
|
|
103,402
|
|
|
1
|
|
|
28
|
|
|
21
|
|
|
50
|
|
|
103,452
|
|
|||||||||
Unearned income
|
—
|
|
|
—
|
|
|
(3,341
|
)
|
|
(3,341
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,341
|
)
|
|||||||||
Total
|
$
|
16,979
|
|
|
$
|
3,015
|
|
|
$
|
5,558,312
|
|
|
$
|
5,578,306
|
|
|
$
|
206
|
|
|
$
|
5,915
|
|
|
$
|
4,129
|
|
|
$
|
10,250
|
|
|
$
|
5,588,556
|
|
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With
Allowance
|
|
Recorded
Investment
With No
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
2,612
|
|
|
$
|
2,491
|
|
|
$
|
—
|
|
|
$
|
2,491
|
|
|
$
|
223
|
|
Lease financing
|
159
|
|
|
159
|
|
|
—
|
|
|
159
|
|
|
2
|
|
|||||
Real estate – construction
|
150
|
|
|
150
|
|
|
—
|
|
|
150
|
|
|
1
|
|
|||||
Real estate – 1-4 family mortgage
|
9,106
|
|
|
8,111
|
|
|
—
|
|
|
8,111
|
|
|
121
|
|
|||||
Real estate – commercial mortgage
|
9,373
|
|
|
4,817
|
|
|
1,356
|
|
|
6,173
|
|
|
956
|
|
|||||
Installment loans to individuals
|
106
|
|
|
102
|
|
|
—
|
|
|
102
|
|
|
1
|
|
|||||
Total
|
$
|
21,506
|
|
|
$
|
15,830
|
|
|
$
|
1,356
|
|
|
$
|
17,186
|
|
|
$
|
1,304
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
3,043
|
|
|
$
|
2,365
|
|
|
$
|
—
|
|
|
$
|
2,365
|
|
|
$
|
138
|
|
Lease financing
|
159
|
|
|
159
|
|
|
—
|
|
|
159
|
|
|
2
|
|
|||||
Real estate – construction
|
578
|
|
|
578
|
|
|
—
|
|
|
578
|
|
|
4
|
|
|||||
Real estate – 1-4 family mortgage
|
10,018
|
|
|
8,169
|
|
|
703
|
|
|
8,872
|
|
|
561
|
|
|||||
Real estate – commercial mortgage
|
12,463
|
|
|
9,652
|
|
|
—
|
|
|
9,652
|
|
|
1,861
|
|
|||||
Installment loans to individuals
|
121
|
|
|
117
|
|
|
—
|
|
|
117
|
|
|
1
|
|
|||||
Totals
|
$
|
26,382
|
|
|
$
|
21,040
|
|
|
$
|
703
|
|
|
$
|
21,743
|
|
|
$
|
2,567
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
2,338
|
|
|
$
|
11
|
|
|
$
|
2,714
|
|
|
$
|
39
|
|
Lease financing
|
159
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
150
|
|
|
18
|
|
|
—
|
|
|
—
|
|
||||
Real estate – 1-4 family mortgage
|
8,197
|
|
|
67
|
|
|
11,088
|
|
|
26
|
|
||||
Real estate – commercial mortgage
|
6,670
|
|
|
92
|
|
|
15,314
|
|
|
106
|
|
||||
Installment loans to individuals
|
104
|
|
|
1
|
|
|
118
|
|
|
—
|
|
||||
Total
|
$
|
17,618
|
|
|
$
|
189
|
|
|
$
|
29,234
|
|
|
$
|
171
|
|
|
|
|
|
|
|
|
|
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
Three months ended March 31, 2018
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
3
|
|
|
$
|
576
|
|
|
$
|
576
|
|
Real estate – commercial mortgage
|
1
|
|
|
83
|
|
|
78
|
|
||
Total
|
4
|
|
|
$
|
659
|
|
|
$
|
654
|
|
Three months ended March 31, 2017
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
2
|
|
|
$
|
177
|
|
|
$
|
174
|
|
Real estate – commercial mortgage
|
2
|
|
|
146
|
|
|
156
|
|
||
Total
|
4
|
|
|
$
|
323
|
|
|
$
|
330
|
|
|
|
|
|
|
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||
Totals at January 1, 2018
|
54
|
|
|
$
|
5,588
|
|
Additional loans with concessions
|
4
|
|
|
657
|
|
|
Reductions due to:
|
|
|
|
|||
Reclassified as nonperforming
|
(3
|
)
|
|
(192
|
)
|
|
Paid in full
|
(2
|
)
|
|
(773
|
)
|
|
Principal paydowns
|
—
|
|
|
(64
|
)
|
|
Totals at March 31, 2018
|
53
|
|
|
$
|
5,216
|
|
|
Pass
|
|
Watch
|
|
Substandard
|
|
Total
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
585,850
|
|
|
$
|
11,380
|
|
|
$
|
5,758
|
|
|
$
|
602,988
|
|
Real estate – construction
|
512,603
|
|
|
8,690
|
|
|
440
|
|
|
521,733
|
|
||||
Real estate – 1-4 family mortgage
|
262,107
|
|
|
669
|
|
|
7,609
|
|
|
270,385
|
|
||||
Real estate – commercial mortgage
|
2,094,811
|
|
|
52,407
|
|
|
18,988
|
|
|
2,166,206
|
|
||||
Installment loans to individuals
|
852
|
|
|
—
|
|
|
—
|
|
|
852
|
|
||||
Total
|
$
|
3,456,223
|
|
|
$
|
73,146
|
|
|
$
|
32,795
|
|
|
$
|
3,562,164
|
|
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
554,943
|
|
|
$
|
11,496
|
|
|
$
|
4,402
|
|
|
$
|
570,841
|
|
Real estate – construction
|
483,498
|
|
|
662
|
|
|
81
|
|
|
484,241
|
|
||||
Real estate – 1-4 family mortgage
|
254,643
|
|
|
505
|
|
|
8,697
|
|
|
263,845
|
|
||||
Real estate – commercial mortgage
|
1,983,750
|
|
|
50,428
|
|
|
24,241
|
|
|
2,058,419
|
|
||||
Installment loans to individuals
|
921
|
|
|
—
|
|
|
—
|
|
|
921
|
|
||||
Total
|
$
|
3,277,755
|
|
|
$
|
63,091
|
|
|
$
|
37,421
|
|
|
$
|
3,378,267
|
|
|
Performing
|
|
Non-
Performing
|
|
Total
|
||||||
March 31, 2018
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
198,111
|
|
|
$
|
2,047
|
|
|
$
|
200,158
|
|
Lease financing
|
52,334
|
|
|
202
|
|
|
52,536
|
|
|||
Real estate – construction
|
60,648
|
|
|
49
|
|
|
60,697
|
|
|||
Real estate – 1-4 family mortgage
|
1,511,105
|
|
|
3,781
|
|
|
1,514,886
|
|
|||
Real estate – commercial mortgage
|
336,584
|
|
|
890
|
|
|
337,474
|
|
|||
Installment loans to individuals
|
102,130
|
|
|
77
|
|
|
102,207
|
|
|||
Total
|
$
|
2,260,912
|
|
|
$
|
7,046
|
|
|
$
|
2,267,958
|
|
December 31, 2017
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
191,473
|
|
|
$
|
1,509
|
|
|
$
|
192,982
|
|
Lease financing
|
53,854
|
|
|
159
|
|
|
54,013
|
|
|||
Real estate – construction
|
63,417
|
|
|
—
|
|
|
63,417
|
|
|||
Real estate – 1-4 family mortgage
|
1,462,347
|
|
|
3,342
|
|
|
1,465,689
|
|
|||
Real estate – commercial mortgage
|
330,441
|
|
|
1,216
|
|
|
331,657
|
|
|||
Installment loans to individuals
|
102,409
|
|
|
122
|
|
|
102,531
|
|
|||
Total
|
$
|
2,203,941
|
|
|
$
|
6,348
|
|
|
$
|
2,210,289
|
|
|
March 31,
2018 |
|
December 31, 2017
|
||||
Commercial, financial, agricultural
|
$
|
243,672
|
|
|
$
|
275,570
|
|
Real estate – construction
|
75,061
|
|
|
85,731
|
|
||
Real estate – 1-4 family mortgage
|
572,830
|
|
|
614,187
|
|
||
Real estate – commercial mortgage
|
960,273
|
|
|
1,037,454
|
|
||
Installment loans to individuals
|
16,112
|
|
|
18,824
|
|
||
Gross loans
|
1,867,948
|
|
|
2,031,766
|
|
||
Unearned income
|
—
|
|
|
—
|
|
||
Loans, net of unearned income
|
$
|
1,867,948
|
|
|
$
|
2,031,766
|
|
|
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, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
388
|
|
|
$
|
552
|
|
|
$
|
242,313
|
|
|
$
|
243,253
|
|
|
$
|
—
|
|
|
$
|
314
|
|
|
$
|
105
|
|
|
$
|
419
|
|
|
$
|
243,672
|
|
Real estate – construction
|
—
|
|
|
—
|
|
|
75,061
|
|
|
75,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,061
|
|
|||||||||
Real estate – 1-4 family mortgage
|
5,491
|
|
|
2,116
|
|
|
561,608
|
|
|
569,215
|
|
|
1,265
|
|
|
1,046
|
|
|
1,304
|
|
|
3,615
|
|
|
572,830
|
|
|||||||||
Real estate – commercial mortgage
|
3,142
|
|
|
1,856
|
|
|
954,128
|
|
|
959,126
|
|
|
—
|
|
|
830
|
|
|
317
|
|
|
1,147
|
|
|
960,273
|
|
|||||||||
Installment loans to individuals
|
124
|
|
|
40
|
|
|
15,789
|
|
|
15,953
|
|
|
6
|
|
|
52
|
|
|
101
|
|
|
159
|
|
|
16,112
|
|
|||||||||
Total
|
$
|
9,145
|
|
|
$
|
4,564
|
|
|
$
|
1,848,899
|
|
|
$
|
1,862,608
|
|
|
$
|
1,271
|
|
|
$
|
2,242
|
|
|
$
|
1,827
|
|
|
$
|
5,340
|
|
|
$
|
1,867,948
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
1,119
|
|
|
$
|
532
|
|
|
$
|
273,488
|
|
|
$
|
275,139
|
|
|
$
|
—
|
|
|
$
|
199
|
|
|
$
|
232
|
|
|
$
|
431
|
|
|
$
|
275,570
|
|
Real estate – construction
|
415
|
|
|
—
|
|
|
85,316
|
|
|
85,731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,731
|
|
|||||||||
Real estate – 1-4 family mortgage
|
6,070
|
|
|
2,280
|
|
|
602,464
|
|
|
610,814
|
|
|
385
|
|
|
879
|
|
|
2,109
|
|
|
3,373
|
|
|
614,187
|
|
|||||||||
Real estate – commercial mortgage
|
2,947
|
|
|
2,910
|
|
|
1,031,141
|
|
|
1,036,998
|
|
|
191
|
|
|
99
|
|
|
166
|
|
|
456
|
|
|
1,037,454
|
|
|||||||||
Installment loans to individuals
|
208
|
|
|
9
|
|
|
18,443
|
|
|
18,660
|
|
|
59
|
|
|
—
|
|
|
105
|
|
|
164
|
|
|
18,824
|
|
|||||||||
Total
|
$
|
10,759
|
|
|
$
|
5,731
|
|
|
$
|
2,010,852
|
|
|
$
|
2,027,342
|
|
|
$
|
635
|
|
|
$
|
1,177
|
|
|
$
|
2,612
|
|
|
$
|
4,424
|
|
|
$
|
2,031,766
|
|
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With
Allowance
|
|
Recorded
Investment
With No
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
421
|
|
|
$
|
336
|
|
|
$
|
21
|
|
|
$
|
357
|
|
|
$
|
49
|
|
Real estate – construction
|
252
|
|
|
—
|
|
|
249
|
|
|
249
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
6,195
|
|
|
1,493
|
|
|
4,133
|
|
|
5,626
|
|
|
47
|
|
|||||
Real estate – commercial mortgage
|
1,647
|
|
|
1,384
|
|
|
245
|
|
|
1,629
|
|
|
70
|
|
|||||
Installment loans to individuals
|
162
|
|
|
153
|
|
|
6
|
|
|
159
|
|
|
4
|
|
|||||
Total
|
$
|
8,677
|
|
|
$
|
3,366
|
|
|
$
|
4,654
|
|
|
$
|
8,020
|
|
|
$
|
170
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
757
|
|
|
$
|
625
|
|
|
$
|
74
|
|
|
$
|
699
|
|
|
$
|
52
|
|
Real estate – construction
|
1,207
|
|
|
—
|
|
|
1,199
|
|
|
1,199
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
6,173
|
|
|
1,385
|
|
|
4,225
|
|
|
5,610
|
|
|
45
|
|
|||||
Real estate – commercial mortgage
|
901
|
|
|
728
|
|
|
165
|
|
|
893
|
|
|
6
|
|
|||||
Installment loans to individuals
|
165
|
|
|
154
|
|
|
9
|
|
|
163
|
|
|
4
|
|
|||||
Totals
|
$
|
9,203
|
|
|
$
|
2,892
|
|
|
$
|
5,672
|
|
|
$
|
8,564
|
|
|
$
|
107
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
363
|
|
|
$
|
3
|
|
|
$
|
541
|
|
|
$
|
2
|
|
Real estate – construction
|
252
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Real estate – 1-4 family mortgage
|
6,320
|
|
|
40
|
|
|
5,481
|
|
|
21
|
|
||||
Real estate – commercial mortgage
|
1,642
|
|
|
18
|
|
|
3,090
|
|
|
35
|
|
||||
Installment loans to individuals
|
160
|
|
|
—
|
|
|
85
|
|
|
—
|
|
||||
Total
|
$
|
8,737
|
|
|
$
|
62
|
|
|
$
|
9,197
|
|
|
$
|
58
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With
Allowance
|
|
Recorded
Investment
With No
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
21,363
|
|
|
$
|
5,414
|
|
|
$
|
7,519
|
|
|
$
|
12,933
|
|
|
$
|
305
|
|
Real estate – 1-4 family mortgage
|
60,590
|
|
|
16,093
|
|
|
34,103
|
|
|
50,196
|
|
|
486
|
|
|||||
Real estate – commercial mortgage
|
178,682
|
|
|
63,979
|
|
|
85,568
|
|
|
149,547
|
|
|
1,023
|
|
|||||
Installment loans to individuals
|
1,744
|
|
|
757
|
|
|
877
|
|
|
1,634
|
|
|
3
|
|
|||||
Total
|
$
|
262,379
|
|
|
$
|
86,243
|
|
|
$
|
128,067
|
|
|
$
|
214,310
|
|
|
$
|
1,817
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
24,179
|
|
|
$
|
5,768
|
|
|
$
|
9,547
|
|
|
$
|
15,315
|
|
|
$
|
312
|
|
Real estate – 1-4 family mortgage
|
65,049
|
|
|
15,910
|
|
|
38,059
|
|
|
53,969
|
|
|
572
|
|
|||||
Real estate – commercial mortgage
|
186,720
|
|
|
65,108
|
|
|
91,230
|
|
|
156,338
|
|
|
892
|
|
|||||
Installment loans to individuals
|
1,761
|
|
|
698
|
|
|
940
|
|
|
1,638
|
|
|
1
|
|
|||||
Totals
|
$
|
277,709
|
|
|
$
|
87,484
|
|
|
$
|
139,776
|
|
|
$
|
227,260
|
|
|
$
|
1,777
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
16,899
|
|
|
$
|
225
|
|
|
$
|
14,088
|
|
|
$
|
247
|
|
Real estate – 1-4 family mortgage
|
58,749
|
|
|
673
|
|
|
78,341
|
|
|
865
|
|
||||
Real estate – commercial mortgage
|
167,365
|
|
|
1,972
|
|
|
196,807
|
|
|
2,319
|
|
||||
Installment loans to individuals
|
1,687
|
|
|
18
|
|
|
2,104
|
|
|
21
|
|
||||
Total
|
$
|
244,700
|
|
|
$
|
2,888
|
|
|
$
|
291,340
|
|
|
$
|
3,452
|
|
|
|
|
|
|
|
|
|
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
Three months ended March 31, 2018
|
|
|
|
|
|
|||||
Commercial, financial, agricultural
|
1
|
|
|
$
|
48
|
|
|
$
|
44
|
|
Real estate – commercial mortgage
|
1
|
|
|
8
|
|
|
7
|
|
||
Total
|
2
|
|
|
$
|
56
|
|
|
$
|
51
|
|
Three months ended March 31, 2017
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
10
|
|
|
$
|
2,221
|
|
|
$
|
1,823
|
|
Real estate – commercial mortgage
|
4
|
|
|
2,721
|
|
|
1,986
|
|
||
Total
|
14
|
|
|
$
|
4,942
|
|
|
$
|
3,809
|
|
|
|
|
|
|
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||
Totals at January 1, 2018
|
68
|
|
|
$
|
8,965
|
|
Additional loans with concessions
|
2
|
|
|
86
|
|
|
Reclassified as performing restructured loan
|
1
|
|
|
3
|
|
|
Reductions due to:
|
|
|
|
|||
Paid in full
|
(1
|
)
|
|
(76
|
)
|
|
Principal paydowns
|
—
|
|
|
(371
|
)
|
|
Totals at March 31, 2018
|
70
|
|
|
$
|
8,607
|
|
|
Pass
|
|
Watch
|
|
Substandard
|
|
Total
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
208,150
|
|
|
$
|
5,116
|
|
|
$
|
5,886
|
|
|
$
|
219,152
|
|
Real estate – construction
|
70,974
|
|
|
1,537
|
|
|
500
|
|
|
73,011
|
|
||||
Real estate – 1-4 family mortgage
|
85,590
|
|
|
2,525
|
|
|
5,903
|
|
|
94,018
|
|
||||
Real estate – commercial mortgage
|
755,454
|
|
|
15,789
|
|
|
10,048
|
|
|
781,291
|
|
||||
Installment loans to individuals
|
662
|
|
|
—
|
|
|
3
|
|
|
665
|
|
||||
Total
|
$
|
1,120,830
|
|
|
$
|
24,967
|
|
|
$
|
22,340
|
|
|
$
|
1,168,137
|
|
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
241,195
|
|
|
$
|
4,974
|
|
|
$
|
2,824
|
|
|
$
|
248,993
|
|
Real estate – construction
|
81,220
|
|
|
—
|
|
|
—
|
|
|
81,220
|
|
||||
Real estate – 1-4 family mortgage
|
91,369
|
|
|
2,498
|
|
|
6,172
|
|
|
100,039
|
|
||||
Real estate – commercial mortgage
|
827,372
|
|
|
17,123
|
|
|
9,003
|
|
|
853,498
|
|
||||
Installment loans to individuals
|
678
|
|
|
—
|
|
|
3
|
|
|
681
|
|
||||
Total
|
$
|
1,241,834
|
|
|
$
|
24,595
|
|
|
$
|
18,002
|
|
|
$
|
1,284,431
|
|
|
Performing
|
|
Non-
Performing
|
|
Total
|
||||||
March 31, 2018
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
11,548
|
|
|
$
|
39
|
|
|
$
|
11,587
|
|
Real estate – construction
|
2,050
|
|
|
—
|
|
|
2,050
|
|
|||
Real estate – 1-4 family mortgage
|
427,099
|
|
|
1,517
|
|
|
428,616
|
|
|||
Real estate – commercial mortgage
|
29,313
|
|
|
122
|
|
|
29,435
|
|
|||
Installment loans to individuals
|
13,617
|
|
|
196
|
|
|
13,813
|
|
|||
Total
|
$
|
483,627
|
|
|
$
|
1,874
|
|
|
$
|
485,501
|
|
December 31, 2017
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
11,216
|
|
|
$
|
46
|
|
|
$
|
11,262
|
|
Real estate – construction
|
4,511
|
|
|
—
|
|
|
4,511
|
|
|||
Real estate – 1-4 family mortgage
|
459,038
|
|
|
1,141
|
|
|
460,179
|
|
|||
Real estate – commercial mortgage
|
27,495
|
|
|
123
|
|
|
27,618
|
|
|||
Installment loans to individuals
|
16,344
|
|
|
161
|
|
|
16,505
|
|
|||
Total
|
$
|
518,604
|
|
|
$
|
1,471
|
|
|
$
|
520,075
|
|
|
Total Purchased Credit Deteriorated Loans
|
||
March 31, 2018
|
|
||
Commercial, financial, agricultural
|
$
|
12,933
|
|
Real estate – 1-4 family mortgage
|
50,196
|
|
|
Real estate – commercial mortgage
|
149,547
|
|
|
Installment loans to individuals
|
1,634
|
|
|
Total
|
$
|
214,310
|
|
December 31, 2017
|
|
||
Commercial, financial, agricultural
|
$
|
15,315
|
|
Real estate – 1-4 family mortgage
|
53,969
|
|
|
Real estate – commercial mortgage
|
156,338
|
|
|
Installment loans to individuals
|
1,638
|
|
|
Total
|
$
|
227,260
|
|
|
Total Purchased Credit Deteriorated Loans
|
||
Contractually-required principal and interest
|
$
|
300,368
|
|
Nonaccretable difference
(1)
|
(55,373
|
)
|
|
Cash flows expected to be collected
|
244,995
|
|
|
Accretable yield
(2)
|
(30,685
|
)
|
|
Fair value
|
$
|
214,310
|
|
(1)
|
Represents contractual principal and interest cash flows of
$46,019
and
$9,354
, respectively, not expected to be collected.
|
(2)
|
Represents contractual principal and interest cash flows of
$1,588
and
$29,097
, respectively, expected to be collected.
|
|
Total Purchased Credit Deteriorated Loans
|
||
Balance at January 1, 2018
|
$
|
(32,207
|
)
|
Reclasses from nonaccretable difference
|
(1,499
|
)
|
|
Accretion
|
2,971
|
|
|
Charge-offs
|
50
|
|
|
Balance at March 31, 2018
|
$
|
(30,685
|
)
|
At acquisition date:
|
|
July 1, 2017
|
||
Contractually-required principal and interest
|
|
$
|
1,198,741
|
|
Nonaccretable difference
|
|
(79,165
|
)
|
|
Cash flows expected to be collected
|
|
1,119,576
|
|
|
Accretable yield
|
|
(154,543
|
)
|
|
Fair value
|
|
$
|
965,033
|
|
|
March 31,
2018 |
|
December 31, 2017
|
||||
Commercial, financial, agricultural
|
$
|
1,046,818
|
|
|
$
|
1,039,393
|
|
Lease financing
|
55,898
|
|
|
57,354
|
|
||
Real estate – construction
|
657,491
|
|
|
633,389
|
|
||
Real estate – 1-4 family mortgage
|
2,358,101
|
|
|
2,343,721
|
|
||
Real estate – commercial mortgage
|
3,463,953
|
|
|
3,427,530
|
|
||
Installment loans to individuals
|
119,171
|
|
|
122,276
|
|
||
Gross loans
|
7,701,432
|
|
|
7,623,663
|
|
||
Unearned income
|
(3,362
|
)
|
|
(3,341
|
)
|
||
Loans, net of unearned income
|
7,698,070
|
|
|
7,620,322
|
|
||
Allowance for loan losses
|
(46,401
|
)
|
|
(46,211
|
)
|
||
Net loans
|
$
|
7,651,669
|
|
|
$
|
7,574,111
|
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Three Months Ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
5,542
|
|
|
$
|
3,428
|
|
|
$
|
12,009
|
|
|
$
|
23,384
|
|
|
$
|
1,848
|
|
|
$
|
46,211
|
|
Charge-offs
|
(659
|
)
|
|
—
|
|
|
(671
|
)
|
|
(613
|
)
|
|
(122
|
)
|
|
(2,065
|
)
|
||||||
Recoveries
|
235
|
|
|
4
|
|
|
133
|
|
|
108
|
|
|
25
|
|
|
505
|
|
||||||
Net (charge-offs) recoveries
|
(424
|
)
|
|
4
|
|
|
(538
|
)
|
|
(505
|
)
|
|
(97
|
)
|
|
(1,560
|
)
|
||||||
Provision for loan losses charged to operations
|
1,953
|
|
|
766
|
|
|
(67
|
)
|
|
(965
|
)
|
|
63
|
|
|
1,750
|
|
||||||
Ending balance
|
$
|
7,071
|
|
|
$
|
4,198
|
|
|
$
|
11,404
|
|
|
$
|
21,914
|
|
|
$
|
1,814
|
|
|
$
|
46,401
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
272
|
|
|
$
|
1
|
|
|
$
|
168
|
|
|
$
|
1,026
|
|
|
$
|
5
|
|
|
$
|
1,472
|
|
Collectively evaluated for impairment
|
6,494
|
|
|
4,197
|
|
|
10,750
|
|
|
19,865
|
|
|
1,806
|
|
|
43,112
|
|
||||||
Purchased with deteriorated credit quality
|
305
|
|
|
—
|
|
|
486
|
|
|
1,023
|
|
|
3
|
|
|
1,817
|
|
||||||
Ending balance
|
$
|
7,071
|
|
|
$
|
4,198
|
|
|
$
|
11,404
|
|
|
$
|
21,914
|
|
|
$
|
1,814
|
|
|
$
|
46,401
|
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Three Months Ended March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
5,486
|
|
|
$
|
2,380
|
|
|
$
|
14,294
|
|
|
$
|
19,059
|
|
|
$
|
1,518
|
|
|
$
|
42,737
|
|
Charge-offs
|
(832
|
)
|
|
—
|
|
|
(275
|
)
|
|
(227
|
)
|
|
(264
|
)
|
|
(1,598
|
)
|
||||||
Recoveries
|
57
|
|
|
31
|
|
|
82
|
|
|
95
|
|
|
19
|
|
|
284
|
|
||||||
Net (charge-offs) recoveries
|
(775
|
)
|
|
31
|
|
|
(193
|
)
|
|
(132
|
)
|
|
(245
|
)
|
|
(1,314
|
)
|
||||||
Provision for loan losses charged to operations
|
401
|
|
|
(292
|
)
|
|
(1,939
|
)
|
|
3,146
|
|
|
184
|
|
|
1,500
|
|
||||||
Ending balance
|
$
|
5,112
|
|
|
$
|
2,119
|
|
|
$
|
12,162
|
|
|
$
|
22,073
|
|
|
$
|
1,457
|
|
|
$
|
42,923
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
1,139
|
|
|
$
|
2,670
|
|
|
$
|
3
|
|
|
$
|
3,977
|
|
Collectively evaluated for impairment
|
4,569
|
|
|
2,119
|
|
|
10,256
|
|
|
17,830
|
|
|
1,453
|
|
|
36,227
|
|
||||||
Purchased with deteriorated credit quality
|
378
|
|
|
—
|
|
|
767
|
|
|
1,573
|
|
|
1
|
|
|
2,719
|
|
||||||
Ending balance
|
$
|
5,112
|
|
|
$
|
2,119
|
|
|
$
|
12,162
|
|
|
$
|
22,073
|
|
|
$
|
1,457
|
|
|
$
|
42,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
2,848
|
|
|
$
|
399
|
|
|
$
|
13,737
|
|
|
$
|
7,802
|
|
|
$
|
420
|
|
|
$
|
25,206
|
|
Collectively evaluated for impairment
|
1,031,037
|
|
|
657,092
|
|
|
2,294,168
|
|
|
3,306,604
|
|
|
169,653
|
|
|
7,458,554
|
|
||||||
Purchased with deteriorated credit quality
|
12,933
|
|
|
—
|
|
|
50,196
|
|
|
149,547
|
|
|
1,634
|
|
|
214,310
|
|
||||||
Ending balance
|
$
|
1,046,818
|
|
|
$
|
657,491
|
|
|
$
|
2,358,101
|
|
|
$
|
3,463,953
|
|
|
$
|
171,707
|
|
|
$
|
7,698,070
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
3,064
|
|
|
$
|
1,777
|
|
|
$
|
14,482
|
|
|
$
|
10,545
|
|
|
$
|
439
|
|
|
$
|
30,307
|
|
Collectively evaluated for impairment
|
1,021,014
|
|
|
631,612
|
|
|
2,275,270
|
|
|
3,260,648
|
|
|
174,211
|
|
|
7,362,755
|
|
||||||
Purchased with deteriorated credit quality
|
15,315
|
|
|
—
|
|
|
53,969
|
|
|
156,337
|
|
|
1,639
|
|
|
227,260
|
|
||||||
Ending balance
|
$
|
1,039,393
|
|
|
$
|
633,389
|
|
|
$
|
2,343,721
|
|
|
$
|
3,427,530
|
|
|
$
|
176,289
|
|
|
$
|
7,620,322
|
|
(1)
|
Includes lease financing receivables.
|
|
Purchased OREO
|
|
Non Purchased OREO
|
|
Total
OREO
|
||||||
March 31, 2018
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
1,061
|
|
|
$
|
1,087
|
|
|
$
|
2,148
|
|
Commercial real estate
|
3,593
|
|
|
1,572
|
|
|
5,165
|
|
|||
Residential land development
|
698
|
|
|
1,045
|
|
|
1,743
|
|
|||
Commercial land development
|
4,402
|
|
|
1,097
|
|
|
5,499
|
|
|||
Total
|
$
|
9,754
|
|
|
$
|
4,801
|
|
|
$
|
14,555
|
|
December 31, 2017
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
1,683
|
|
|
$
|
758
|
|
|
$
|
2,441
|
|
Commercial real estate
|
4,314
|
|
|
1,624
|
|
|
5,938
|
|
|||
Residential land development
|
1,100
|
|
|
781
|
|
|
1,881
|
|
|||
Commercial land development
|
4,427
|
|
|
1,247
|
|
|
5,674
|
|
|||
Total
|
$
|
11,524
|
|
|
$
|
4,410
|
|
|
$
|
15,934
|
|
|
Purchased
OREO
|
|
Non Purchased OREO
|
|
Total
OREO
|
||||||
Balance at January 1, 2018
|
$
|
11,524
|
|
|
$
|
4,410
|
|
|
$
|
15,934
|
|
Transfers of loans
|
39
|
|
|
1,115
|
|
|
1,154
|
|
|||
Impairments
|
(305
|
)
|
|
(47
|
)
|
|
(352
|
)
|
|||
Dispositions
|
(1,504
|
)
|
|
(677
|
)
|
|
(2,181
|
)
|
|||
Balance at March 31, 2018
|
$
|
9,754
|
|
|
$
|
4,801
|
|
|
$
|
14,555
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Repairs and maintenance
|
$
|
113
|
|
|
$
|
197
|
|
Property taxes and insurance
|
112
|
|
|
332
|
|
||
Impairments
|
352
|
|
|
378
|
|
||
Net losses (gains) on OREO sales
|
96
|
|
|
(327
|
)
|
||
Rental income
|
(16
|
)
|
|
(48
|
)
|
||
Total
|
$
|
657
|
|
|
$
|
532
|
|
|
Community Banks
|
|
Insurance
|
|
Total
|
||||||
Balance at January 1, 2018
|
$
|
608,279
|
|
|
$
|
2,767
|
|
|
$
|
611,046
|
|
Addition to goodwill from acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustment to previously recorded goodwill
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at March 31, 2018
|
$
|
608,279
|
|
|
$
|
2,767
|
|
|
$
|
611,046
|
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
March 31, 2018
|
|
|
|
|
|
||||||
Core deposit intangibles
|
$
|
54,958
|
|
|
$
|
(33,204
|
)
|
|
$
|
21,754
|
|
Customer relationship intangible
|
1,970
|
|
|
(865
|
)
|
|
1,105
|
|
|||
Total finite-lived intangible assets
|
$
|
56,928
|
|
|
$
|
(34,069
|
)
|
|
$
|
22,859
|
|
December 31, 2017
|
|
|
|
|
|
||||||
Core deposit intangibles
|
$
|
54,958
|
|
|
$
|
(31,586
|
)
|
|
$
|
23,372
|
|
Customer relationship intangible
|
1,970
|
|
|
(832
|
)
|
|
1,138
|
|
|||
Total finite-lived intangible assets
|
$
|
56,928
|
|
|
$
|
(32,418
|
)
|
|
$
|
24,510
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Amortization expense for:
|
|
|
|
|
||||
Core deposit intangibles
|
|
$
|
1,618
|
|
|
$
|
1,530
|
|
Customer relationship intangible
|
|
33
|
|
|
33
|
|
||
Total intangible amortization
|
|
$
|
1,651
|
|
|
$
|
1,563
|
|
|
Core Deposit Intangibles
|
|
Customer Relationship Intangible
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
2018
|
$
|
6,130
|
|
|
$
|
131
|
|
|
$
|
6,261
|
|
2019
|
5,212
|
|
|
131
|
|
|
5,343
|
|
|||
2020
|
4,186
|
|
|
131
|
|
|
4,317
|
|
|||
2021
|
3,107
|
|
|
131
|
|
|
3,238
|
|
|||
2022
|
2,187
|
|
|
131
|
|
|
2,318
|
|
Balance at January 1, 2018
|
$
|
39,339
|
|
Capitalization
|
2,098
|
|
|
Amortization
|
(1,221
|
)
|
|
Balance at March 31, 2018
|
$
|
40,216
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Unpaid principal balance
|
$
|
4,089,045
|
|
|
$
|
4,012,519
|
|
|
|
|
|
||||
Weighted-average prepayment speed (CPR)
|
7.42
|
%
|
|
8.04
|
%
|
||
Estimated impact of a 10% increase
|
$
|
(1,692
|
)
|
|
$
|
(1,592
|
)
|
Estimated impact of a 20% increase
|
(3,280
|
)
|
|
(3,095
|
)
|
||
|
|
|
|
||||
Discount rate
|
9.40
|
%
|
|
9.69
|
%
|
||
Estimated impact of a 10% increase
|
$
|
(2,374
|
)
|
|
$
|
(2,027
|
)
|
Estimated impact of a 20% increase
|
(4,556
|
)
|
|
(3,896
|
)
|
||
|
|
|
|
||||
Weighted-average coupon interest rate
|
3.89
|
%
|
|
3.89
|
%
|
||
Weighted-average servicing fee (basis points)
|
26.54
|
|
|
26.36
|
|
||
Weighted-average remaining maturity (in years)
|
8.27
|
|
|
7.98
|
|
|
Pension Benefits
|
|
|
||||||||||||
|
Renasant
|
|
Other Benefits
|
||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
3
|
|
Interest cost
|
266
|
|
|
293
|
|
|
9
|
|
|
13
|
|
||||
Expected return on plan assets
|
(518
|
)
|
|
(484
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial loss
|
87
|
|
|
100
|
|
|
—
|
|
|
13
|
|
||||
Settlement/curtailment/termination gains
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit (return) cost
|
$
|
(165
|
)
|
|
$
|
(91
|
)
|
|
$
|
11
|
|
|
$
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Options outstanding at beginning of period
|
|
89,750
|
|
|
$
|
15.67
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(27,000
|
)
|
|
15.76
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Options outstanding at end of period
|
|
62,750
|
|
|
$
|
15.64
|
|
|
|
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
|
|
—
|
|
|
$
|
—
|
|
|
218,075
|
|
|
$
|
39.08
|
|
Awarded
|
|
95,183
|
|
|
40.89
|
|
|
110,833
|
|
|
40.93
|
|
||
Vested
|
|
—
|
|
|
—
|
|
|
(35,099
|
)
|
|
35.61
|
|
||
Cancelled
|
|
—
|
|
|
—
|
|
|
(7,501
|
)
|
|
42.99
|
|
||
Nonvested at end of period
|
|
95,183
|
|
|
$
|
40.89
|
|
|
286,308
|
|
|
$
|
40.12
|
|
|
|
|
Fair Value
|
||||||
|
Balance Sheet
Location
|
|
March 31,
2018 |
|
December 31, 2017
|
||||
Derivative assets:
|
|
|
|
|
|
||||
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Assets
|
|
$
|
3,636
|
|
|
$
|
3,171
|
|
Interest rate lock commitments
|
Other Assets
|
|
4,940
|
|
|
2,756
|
|
||
Forward commitments
|
Other Assets
|
|
735
|
|
|
50
|
|
||
Totals
|
|
|
$
|
9,311
|
|
|
$
|
5,977
|
|
Derivative liabilities:
|
|
|
|
|
|
||||
Designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate swaps
|
Other Liabilities
|
|
$
|
1,385
|
|
|
$
|
2,536
|
|
Totals
|
|
|
$
|
1,385
|
|
|
$
|
2,536
|
|
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Liabilities
|
|
$
|
3,636
|
|
|
$
|
3,171
|
|
Interest rate lock commitments
|
Other Liabilities
|
|
4
|
|
|
4
|
|
||
Forward commitments
|
Other Liabilities
|
|
925
|
|
|
328
|
|
||
Totals
|
|
|
$
|
4,565
|
|
|
$
|
3,503
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
||||
Interest rate contracts:
|
|
|
|
|
||||
Included in interest income on loans
|
|
$
|
986
|
|
|
$
|
679
|
|
Interest rate lock commitments:
|
|
|
|
|
||||
Included in mortgage banking income
|
|
2,184
|
|
|
2,853
|
|
||
Forward commitments
|
|
|
|
|
||||
Included in mortgage banking income
|
|
88
|
|
|
(5,869
|
)
|
||
Total
|
|
$
|
3,258
|
|
|
$
|
(2,337
|
)
|
|
Offsetting Derivative Assets
|
|
Offsetting Derivative Liabilities
|
||||||||||||
|
March 31,
2018 |
|
December 31, 2017
|
|
March 31,
2018 |
|
December 31, 2017
|
||||||||
Gross amounts recognized
|
$
|
3,232
|
|
|
$
|
717
|
|
|
$
|
3,449
|
|
|
$
|
5,303
|
|
Gross amounts offset in the Consolidated Balance Sheets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net amounts presented in the Consolidated Balance Sheets
|
3,232
|
|
|
717
|
|
|
3,449
|
|
|
5,303
|
|
||||
Gross amounts not offset in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
||||||||
Financial instruments
|
2,913
|
|
|
717
|
|
|
2,913
|
|
|
717
|
|
||||
Financial collateral pledged
|
—
|
|
|
—
|
|
|
231
|
|
|
4,357
|
|
||||
Net amounts
|
$
|
319
|
|
|
$
|
—
|
|
|
$
|
305
|
|
|
$
|
229
|
|
|
March 31,
|
|
December 31,
|
||||
|
2018
|
|
2017
|
||||
Deferred tax assets
|
|
|
|
||||
Allowance for loan losses
|
$
|
14,025
|
|
|
$
|
13,966
|
|
Loans
|
13,697
|
|
|
15,062
|
|
||
Deferred compensation
|
6,871
|
|
|
7,093
|
|
||
Securities
|
6,044
|
|
|
3,659
|
|
||
Net unrealized losses on securities - OCI
|
—
|
|
|
—
|
|
||
Impairment of assets
|
1,701
|
|
|
1,748
|
|
||
Federal and State net operating loss carryforwards
|
1,401
|
|
|
2,419
|
|
||
Intangibles
|
—
|
|
|
—
|
|
||
Other
|
5,204
|
|
|
4,722
|
|
||
Total deferred tax assets
|
48,943
|
|
|
48,669
|
|
||
Deferred tax liabilities
|
|
|
|
||||
Investment in partnerships
|
655
|
|
|
757
|
|
||
Fixed assets
|
3,077
|
|
|
3,163
|
|
||
Mortgage servicing rights
|
10,440
|
|
|
10,139
|
|
||
Junior subordinated debt
|
2,363
|
|
|
2,394
|
|
||
Other
|
1,656
|
|
|
1,859
|
|
||
Total deferred tax liabilities
|
18,191
|
|
|
18,312
|
|
||
Net deferred tax assets
|
$
|
30,752
|
|
|
$
|
30,357
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Tax credit amortization
|
|
$
|
394
|
|
|
$
|
262
|
|
Tax credits and other benefits
|
|
(572
|
)
|
|
(460
|
)
|
||
Total
|
|
$
|
(178
|
)
|
|
$
|
(198
|
)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
March 31, 2018
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
—
|
|
|
$
|
3,528
|
|
|
$
|
—
|
|
|
$
|
3,528
|
|
Obligations of states and political subdivisions
|
—
|
|
|
226,342
|
|
|
—
|
|
|
$
|
226,342
|
|
|||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
409,470
|
|
|
—
|
|
|
409,470
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
237,666
|
|
|
—
|
|
|
237,666
|
|
||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
27,502
|
|
|
—
|
|
|
27,502
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
9,872
|
|
|
—
|
|
|
9,872
|
|
||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
10,045
|
|
|
10,045
|
|
||||
Other debt securities
|
—
|
|
|
23,940
|
|
|
—
|
|
|
23,940
|
|
||||
Total securities available for sale
|
—
|
|
|
938,320
|
|
|
10,045
|
|
|
948,365
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
3,636
|
|
|
—
|
|
|
3,636
|
|
||||
Interest rate lock commitments
|
—
|
|
|
4,940
|
|
|
—
|
|
|
4,940
|
|
||||
Forward commitments
|
—
|
|
|
735
|
|
|
—
|
|
|
735
|
|
||||
Total derivative instruments
|
—
|
|
|
9,311
|
|
|
—
|
|
|
9,311
|
|
||||
Mortgage loans held for sale
|
—
|
|
|
204,472
|
|
|
—
|
|
|
204,472
|
|
||||
Total financial assets
|
$
|
—
|
|
|
$
|
1,152,103
|
|
|
$
|
10,045
|
|
|
$
|
1,162,148
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
1,385
|
|
|
$
|
—
|
|
|
$
|
1,385
|
|
Interest rate contracts
|
—
|
|
|
3,636
|
|
|
—
|
|
|
3,636
|
|
||||
Interest rate lock commitments
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Forward commitments
|
—
|
|
|
925
|
|
|
—
|
|
|
925
|
|
||||
Total derivative instruments
|
—
|
|
|
5,950
|
|
|
—
|
|
|
5,950
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
5,950
|
|
|
$
|
—
|
|
|
$
|
5,950
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
—
|
|
|
$
|
3,564
|
|
|
$
|
—
|
|
|
$
|
3,564
|
|
Obligations of states and political subdivisions
|
—
|
|
|
234,481
|
|
|
—
|
|
|
234,481
|
|
||||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
193,950
|
|
|
—
|
|
|
193,950
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
176,639
|
|
|
—
|
|
|
176,639
|
|
||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
31,170
|
|
|
—
|
|
|
31,170
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
5,006
|
|
|
—
|
|
|
5,006
|
|
||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
9,388
|
|
|
9,388
|
|
||||
Other debt securities
|
—
|
|
|
17,290
|
|
|
—
|
|
|
17,290
|
|
||||
Total securities available for sale
|
—
|
|
|
662,100
|
|
|
9,388
|
|
|
671,488
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
3,171
|
|
|
—
|
|
|
3,171
|
|
||||
Interest rate lock commitments
|
—
|
|
|
2,756
|
|
|
—
|
|
|
2,756
|
|
||||
Forward commitments
|
—
|
|
|
50
|
|
|
—
|
|
|
50
|
|
||||
Total derivative instruments
|
—
|
|
|
5,977
|
|
|
—
|
|
|
5,977
|
|
||||
Mortgage loans held for sale
|
—
|
|
|
108,316
|
|
|
—
|
|
|
108,316
|
|
||||
Total financial assets
|
$
|
—
|
|
|
$
|
776,393
|
|
|
$
|
9,388
|
|
|
$
|
785,781
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
2,536
|
|
|
$
|
—
|
|
|
$
|
2,536
|
|
Interest rate contracts
|
—
|
|
|
3,171
|
|
|
—
|
|
|
3,171
|
|
||||
Interest rate lock commitments
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Forward commitments
|
—
|
|
|
328
|
|
|
—
|
|
|
328
|
|
||||
Total derivative instruments
|
—
|
|
|
6,039
|
|
|
—
|
|
|
6,039
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
6,039
|
|
|
$
|
—
|
|
|
$
|
6,039
|
|
Three Months Ended March 31, 2018
|
Trust preferred
securities
|
||
Balance at January 1, 2018
|
$
|
9,388
|
|
Accretion included in net income
|
9
|
|
|
Unrealized gains included in other comprehensive income
|
669
|
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(21
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at March 31, 2018
|
$
|
10,045
|
|
Three Months Ended March 31, 2017
|
Trust preferred
securities
|
||
Balance at January 1, 2017
|
$
|
18,389
|
|
Accretion included in net income
|
8
|
|
|
Unrealized gains included in other comprehensive income
|
537
|
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(1,111
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at March 31, 2017
|
$
|
17,823
|
|
|
|
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Trust preferred securities
|
$
|
10,045
|
|
|
Discounted cash flows
|
|
Default rate
|
|
0-100%
|
March 31, 2018
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,228
|
|
|
$
|
4,228
|
|
OREO
|
—
|
|
|
—
|
|
|
1,636
|
|
|
1,636
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,864
|
|
|
$
|
5,864
|
|
December 31, 2017
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,251
|
|
|
$
|
9,251
|
|
OREO
|
—
|
|
|
—
|
|
|
7,392
|
|
|
7,392
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,643
|
|
|
$
|
16,643
|
|
|
March 31,
2018 |
|
December 31, 2017
|
||||
Carrying amount prior to remeasurement
|
$
|
1,951
|
|
|
$
|
8,732
|
|
Impairment recognized in results of operations
|
(315
|
)
|
|
(1,340
|
)
|
||
Fair value
|
$
|
1,636
|
|
|
$
|
7,392
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Impaired loans
|
$
|
4,228
|
|
|
Appraised value of collateral less estimated costs to sell
|
|
Estimated costs to sell
|
|
4-10%
|
OREO
|
1,636
|
|
|
Appraised value of property less estimated costs to sell
|
|
Estimated costs to sell
|
|
4-10%
|
|
Aggregate
Fair Value
|
|
Aggregate
Unpaid
Principal
Balance
|
|
Difference
|
||||||
Mortgage loans held for sale measured at fair value
|
$
|
204,472
|
|
|
$
|
199,539
|
|
|
$
|
4,933
|
|
Past due loans of 90 days or more
|
—
|
|
|
—
|
|
|
—
|
|
|||
Nonaccrual loans
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Fair Value
|
||||||||||||||||
As of March 31, 2018
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
250,978
|
|
|
$
|
250,978
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,978
|
|
Securities available for sale
|
948,365
|
|
|
—
|
|
|
938,320
|
|
|
10,045
|
|
|
948,365
|
|
|||||
Mortgage loans held for sale
|
204,472
|
|
|
—
|
|
|
204,472
|
|
|
—
|
|
|
204,472
|
|
|||||
Loans, net
|
7,651,669
|
|
|
—
|
|
|
—
|
|
|
7,482,089
|
|
|
7,482,089
|
|
|||||
Mortgage servicing rights
|
40,216
|
|
|
—
|
|
|
—
|
|
|
53,426
|
|
|
53,426
|
|
|||||
Derivative instruments
|
9,311
|
|
|
—
|
|
|
9,311
|
|
|
—
|
|
|
9,311
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
8,357,769
|
|
|
$
|
6,504,003
|
|
|
$
|
1,843,895
|
|
|
$
|
—
|
|
|
$
|
8,347,898
|
|
Short-term borrowings
|
57,753
|
|
|
57,753
|
|
|
—
|
|
|
—
|
|
|
57,753
|
|
|||||
Other long-term borrowings
|
86
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|||||
Federal Home Loan Bank advances
|
7,276
|
|
|
—
|
|
|
7,362
|
|
|
—
|
|
|
7,362
|
|
|||||
Junior subordinated debentures
|
86,018
|
|
|
—
|
|
|
77,692
|
|
|
—
|
|
|
77,692
|
|
|||||
Subordinated notes
|
114,059
|
|
|
—
|
|
|
116,763
|
|
|
—
|
|
|
116,763
|
|
|||||
Derivative instruments
|
5,950
|
|
|
—
|
|
|
5,950
|
|
|
—
|
|
|
5,950
|
|
|
|
|
Fair Value
|
||||||||||||||||
As of December 31, 2017
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
281,453
|
|
|
$
|
281,453
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
281,453
|
|
Securities available for sale
|
671,488
|
|
|
—
|
|
|
662,100
|
|
|
9,388
|
|
|
671,488
|
|
|||||
Mortgage loans held for sale
|
108,316
|
|
|
—
|
|
|
108,316
|
|
|
—
|
|
|
108,316
|
|
|||||
Loans, net
|
7,574,111
|
|
|
—
|
|
|
—
|
|
|
7,514,185
|
|
|
7,514,185
|
|
|||||
Mortgage servicing rights
|
39,339
|
|
|
—
|
|
|
—
|
|
|
47,868
|
|
|
47,868
|
|
|||||
Derivative instruments
|
5,977
|
|
|
—
|
|
|
5,977
|
|
|
—
|
|
|
5,977
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
7,921,075
|
|
|
$
|
6,114,391
|
|
|
$
|
1,809,085
|
|
|
$
|
—
|
|
|
$
|
7,923,476
|
|
Short-term borrowings
|
89,814
|
|
|
89,814
|
|
|
—
|
|
|
—
|
|
|
89,814
|
|
|||||
Other long-term borrowings
|
98
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|||||
Federal Home Loan Bank advances
|
7,493
|
|
|
—
|
|
|
7,661
|
|
|
—
|
|
|
7,661
|
|
|||||
Junior subordinated debentures
|
85,881
|
|
|
—
|
|
|
69,702
|
|
|
—
|
|
|
69,702
|
|
|||||
Subordinated notes
|
114,074
|
|
|
—
|
|
|
118,650
|
|
|
—
|
|
|
118,650
|
|
|||||
Derivative instruments
|
6,039
|
|
|
—
|
|
|
6,039
|
|
|
—
|
|
|
6,039
|
|
|
Pre-Tax
|
|
Tax Expense
(Benefit)
|
|
Net of Tax
|
||||||
Three months ended March 31, 2018
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding losses on securities
|
$
|
(10,609
|
)
|
|
$
|
(2,700
|
)
|
|
$
|
(7,909
|
)
|
Total securities available for sale
|
(10,609
|
)
|
|
(2,700
|
)
|
|
(7,909
|
)
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding gains on derivative instruments
|
1,151
|
|
|
293
|
|
|
858
|
|
|||
Total derivative instruments
|
1,151
|
|
|
293
|
|
|
858
|
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
87
|
|
|
21
|
|
|
66
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
87
|
|
|
21
|
|
|
66
|
|
|||
Total other comprehensive loss
|
$
|
(9,371
|
)
|
|
$
|
(2,386
|
)
|
|
$
|
(6,985
|
)
|
Three months ended March 31, 2017
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains on securities
|
$
|
4,739
|
|
|
$
|
1,832
|
|
|
$
|
2,907
|
|
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(246
|
)
|
|
(95
|
)
|
|
(151
|
)
|
|||
Total securities available for sale
|
4,493
|
|
|
1,737
|
|
|
2,756
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding gains on derivative instruments
|
276
|
|
|
107
|
|
|
169
|
|
|||
Total derivative instruments
|
276
|
|
|
107
|
|
|
169
|
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
113
|
|
|
44
|
|
|
69
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
113
|
|
|
44
|
|
|
69
|
|
|||
Total other comprehensive income
|
$
|
4,882
|
|
|
$
|
1,888
|
|
|
$
|
2,994
|
|
|
|
|
|
|
|
|
March 31,
2018 |
|
December 31, 2017
|
||||
Unrealized gains on securities
|
$
|
1,460
|
|
|
$
|
7,363
|
|
Non-credit related portion of other-than-temporary impairment on securities
|
(11,319
|
)
|
|
(9,313
|
)
|
||
Unrealized losses on derivative instruments
|
(137
|
)
|
|
(995
|
)
|
||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations
|
(7,500
|
)
|
|
(7,566
|
)
|
||
Total accumulated other comprehensive loss
|
$
|
(17,496
|
)
|
|
$
|
(10,511
|
)
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Basic
|
|
|
|
||||
Net income applicable to common stock
|
$
|
33,826
|
|
|
$
|
23,972
|
|
Average common shares outstanding
|
49,356,417
|
|
|
44,364,337
|
|
||
Net income per common share - basic
|
$
|
0.69
|
|
|
$
|
0.54
|
|
Diluted
|
|
|
|
||||
Net income applicable to common stock
|
$
|
33,826
|
|
|
$
|
23,972
|
|
Average common shares outstanding
|
49,356,417
|
|
|
44,364,337
|
|
||
Effect of dilutive stock-based compensation
|
146,533
|
|
|
116,162
|
|
||
Average common shares outstanding - diluted
|
49,502,950
|
|
|
44,480,499
|
|
||
Net income per common share - diluted
|
$
|
0.68
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Tiers
|
Tier 1 Capital to
Average Assets
(Leverage)
|
|
Common Equity Tier 1 to
Risk - Weighted Assets
|
|
Tier 1 Capital to
Risk – Weighted
Assets
|
|
Total Capital to
Risk – Weighted
Assets
|
Well capitalized
|
5% or above
|
|
6.5% or above
|
|
8% or above
|
|
10% or above
|
Adequately capitalized
|
4% or above
|
|
4.5% or above
|
|
6% or above
|
|
8% or above
|
Undercapitalized
|
Less than 4%
|
|
Less than 4.5%
|
|
Less than 6%
|
|
Less than 8%
|
Significantly undercapitalized
|
Less than 3%
|
|
Less than 3%
|
|
Less than 4%
|
|
Less than 6%
|
Critically undercapitalized
|
Tangible Equity / Total Assets less than 2%
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Renasant Corporation
|
|
|
|
|
|
|
|
||||||
Tier 1 Capital to Average Assets (Leverage)
|
$
|
1,000,640
|
|
|
10.61
|
%
|
|
$
|
979,604
|
|
|
10.18
|
%
|
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
917,501
|
|
|
11.38
|
%
|
|
896,733
|
|
|
11.34
|
%
|
||
Tier 1 Capital to Risk-Weighted Assets
|
1,000,640
|
|
|
12.41
|
%
|
|
979,604
|
|
|
12.39
|
%
|
||
Total Capital to Risk-Weighted Assets
|
1,164,193
|
|
|
14.44
|
%
|
|
1,142,926
|
|
|
14.46
|
%
|
||
Renasant Bank
|
|
|
|
|
|
|
|
||||||
Tier 1 Capital to Average Assets (Leverage)
|
$
|
1,023,486
|
|
|
10.88
|
%
|
|
$
|
1,000,715
|
|
|
10.42
|
%
|
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
1,023,486
|
|
|
12.71
|
%
|
|
1,000,715
|
|
|
12.69
|
%
|
||
Tier 1 Capital to Risk-Weighted Assets
|
1,023,486
|
|
|
12.71
|
%
|
|
1,000,715
|
|
|
12.69
|
%
|
||
Total Capital to Risk-Weighted Assets
|
1,073,712
|
|
|
13.33
|
%
|
|
1,050,751
|
|
|
13.32
|
%
|
•
|
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 include 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, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (loss)
|
$
|
91,427
|
|
|
$
|
106
|
|
|
$
|
313
|
|
|
$
|
(2,606
|
)
|
|
$
|
89,240
|
|
Provision for loan losses
|
1,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,750
|
|
|||||
Noninterest income
|
27,918
|
|
|
2,772
|
|
|
3,527
|
|
|
(264
|
)
|
|
33,953
|
|
|||||
Noninterest expense
|
72,633
|
|
|
1,731
|
|
|
3,392
|
|
|
188
|
|
|
77,944
|
|
|||||
Income (loss) before income taxes
|
44,962
|
|
|
1,147
|
|
|
448
|
|
|
(3,058
|
)
|
|
43,499
|
|
|||||
Income tax expense (benefit)
|
10,167
|
|
|
297
|
|
|
—
|
|
|
(791
|
)
|
|
9,673
|
|
|||||
Net income (loss)
|
$
|
34,795
|
|
|
$
|
850
|
|
|
$
|
448
|
|
|
$
|
(2,267
|
)
|
|
$
|
33,826
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
10,135,478
|
|
|
$
|
24,125
|
|
|
$
|
61,800
|
|
|
$
|
16,910
|
|
|
$
|
10,238,313
|
|
Goodwill
|
608,279
|
|
|
2,767
|
|
|
—
|
|
|
—
|
|
|
611,046
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended March 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (loss)
|
$
|
75,956
|
|
|
$
|
92
|
|
|
$
|
487
|
|
|
$
|
(2,520
|
)
|
|
$
|
74,015
|
|
Provision for loan losses
|
1,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|||||
Noninterest income
|
26,578
|
|
|
2,549
|
|
|
3,119
|
|
|
(225
|
)
|
|
32,021
|
|
|||||
Noninterest expense
|
64,221
|
|
|
1,692
|
|
|
2,996
|
|
|
400
|
|
|
69,309
|
|
|||||
Income (loss) before income taxes
|
36,813
|
|
|
949
|
|
|
610
|
|
|
(3,145
|
)
|
|
35,227
|
|
|||||
Income tax expense (benefit)
|
12,110
|
|
|
375
|
|
|
—
|
|
|
(1,230
|
)
|
|
11,255
|
|
|||||
Net income (loss)
|
$
|
24,703
|
|
|
$
|
574
|
|
|
$
|
610
|
|
|
$
|
(1,915
|
)
|
|
$
|
23,972
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,673,576
|
|
|
$
|
24,032
|
|
|
$
|
54,537
|
|
|
$
|
12,566
|
|
|
$
|
8,764,711
|
|
Goodwill
|
467,767
|
|
|
2,767
|
|
|
—
|
|
|
—
|
|
|
470,534
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
||||||||
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Interest income (fully tax equivalent basis)
|
|
$
|
101,947
|
|
|
$
|
83,781
|
|
Interest expense
|
|
11,140
|
|
|
7,874
|
|
||
Net interest income (fully tax equivalent basis)
|
|
90,807
|
|
|
75,907
|
|
||
|
|
|
|
|
||||
Total noninterest income
|
|
33,953
|
|
|
32,021
|
|
||
Net gains on sales of securities
|
|
—
|
|
|
—
|
|
||
Adjusted noninterest income
|
|
33,953
|
|
|
32,021
|
|
||
|
|
|
|
|
||||
Total noninterest expense
|
|
77,944
|
|
|
69,309
|
|
||
Intangible amortization
|
|
1,651
|
|
|
1,563
|
|
||
Merger and conversion related expenses
|
|
900
|
|
|
345
|
|
||
Extinguishment of debt
|
|
—
|
|
|
205
|
|
||
Adjusted noninterest expense
|
|
75,393
|
|
|
67,196
|
|
||
|
|
|
|
|
||||
Efficiency Ratio (GAAP)
|
|
62.48
|
%
|
|
64.22
|
%
|
||
Adjusted Efficiency Ratio (non-GAAP)
|
|
60.43
|
%
|
|
62.26
|
%
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||
|
Balance
|
|
Percentage of
Portfolio
|
|
Balance
|
|
Percentage of
Portfolio
|
||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
3,528
|
|
|
0.37
|
%
|
|
$
|
3,564
|
|
|
0.53
|
%
|
Obligations of states and political subdivisions
|
226,342
|
|
|
23.87
|
|
|
234,481
|
|
|
34.92
|
|
||
Mortgage-backed securities
|
684,510
|
|
|
72.18
|
|
|
406,765
|
|
|
60.58
|
|
||
Trust preferred securities
|
10,045
|
|
|
1.06
|
|
|
9,388
|
|
|
1.40
|
|
||
Other debt securities
|
23,940
|
|
|
2.52
|
|
|
17,290
|
|
|
2.57
|
|
||
|
$
|
948,365
|
|
|
100.00
|
%
|
|
$
|
671,488
|
|
|
100.00
|
%
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||
|
Balance
|
|
Percentage of
Total Loans
|
|
Balance
|
|
Percentage of
Total Loans
|
||||||
Commercial, financial, agricultural
|
$
|
1,046,818
|
|
|
13.60
|
%
|
|
$
|
1,039,393
|
|
|
13.64
|
%
|
Lease financing
|
52,536
|
|
|
0.68
|
|
|
54,013
|
|
|
0.71
|
|
||
Real estate – construction
|
657,491
|
|
|
8.54
|
|
|
633,389
|
|
|
8.31
|
|
||
Real estate – 1-4 family mortgage
|
2,358,101
|
|
|
30.63
|
|
|
2,343,721
|
|
|
30.76
|
|
||
Real estate – commercial mortgage
|
3,463,953
|
|
|
45.00
|
|
|
3,427,530
|
|
|
44.98
|
|
||
Installment loans to individuals
|
119,171
|
|
|
1.55
|
|
|
122,276
|
|
|
1.60
|
|
||
Total loans, net of unearned income
|
$
|
7,698,070
|
|
|
100.00
|
%
|
|
$
|
7,620,322
|
|
|
100.00
|
%
|
|
March 31, 2018
|
||||||||||
|
Non Purchased
|
|
Purchased
|
|
Total
Loans |
||||||
Commercial, financial, agricultural
|
$
|
803,146
|
|
|
$
|
243,672
|
|
|
$
|
1,046,818
|
|
Lease financing, net of unearned income
|
52,536
|
|
|
—
|
|
|
52,536
|
|
|||
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
182,392
|
|
|
15,488
|
|
|
197,880
|
|
|||
Commercial
|
389,639
|
|
|
59,573
|
|
|
449,212
|
|
|||
Condominiums
|
10,399
|
|
|
—
|
|
|
10,399
|
|
|||
Total real estate – construction
|
582,430
|
|
|
75,061
|
|
|
657,491
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
973,836
|
|
|
375,972
|
|
|
1,349,808
|
|
|||
Home equity
|
448,679
|
|
|
107,550
|
|
|
556,229
|
|
|||
Rental/investment
|
282,433
|
|
|
69,983
|
|
|
352,416
|
|
|||
Land development
|
80,323
|
|
|
19,325
|
|
|
99,648
|
|
|||
Total real estate – 1-4 family mortgage
|
1,785,271
|
|
|
572,830
|
|
|
2,358,101
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
968,573
|
|
|
407,449
|
|
|
1,376,022
|
|
|||
Non-owner occupied
|
1,401,133
|
|
|
507,830
|
|
|
1,908,963
|
|
|||
Land development
|
133,974
|
|
|
44,994
|
|
|
178,968
|
|
|||
Total real estate – commercial mortgage
|
2,503,680
|
|
|
960,273
|
|
|
3,463,953
|
|
|||
Installment loans to individuals
|
103,059
|
|
|
16,112
|
|
|
119,171
|
|
|||
Total loans, net of unearned income
|
$
|
5,830,122
|
|
|
$
|
1,867,948
|
|
|
$
|
7,698,070
|
|
|
December 31, 2017
|
||||||||||
|
Non Purchased
|
|
Purchased
|
|
Total
Loans |
||||||
Commercial, financial, agricultural
|
$
|
763,823
|
|
|
$
|
275,570
|
|
|
$
|
1,039,393
|
|
Lease financing, net of unearned income
|
54,013
|
|
|
—
|
|
|
54,013
|
|
|||
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
178,400
|
|
|
25,041
|
|
|
203,441
|
|
|||
Commercial
|
361,345
|
|
|
55,734
|
|
|
417,079
|
|
|||
Condominiums
|
7,913
|
|
|
4,956
|
|
|
12,869
|
|
|||
Total real estate – construction
|
547,658
|
|
|
85,731
|
|
|
633,389
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
924,468
|
|
|
403,637
|
|
|
1,328,105
|
|
|||
Home equity
|
445,149
|
|
|
116,990
|
|
|
562,139
|
|
|||
Rental/investment
|
281,662
|
|
|
72,590
|
|
|
354,252
|
|
|||
Land development
|
78,255
|
|
|
20,970
|
|
|
99,225
|
|
|||
Total real estate – 1-4 family mortgage
|
1,729,534
|
|
|
614,187
|
|
|
2,343,721
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
938,444
|
|
|
436,011
|
|
|
1,374,455
|
|
|||
Non-owner occupied
|
1,319,453
|
|
|
554,239
|
|
|
1,873,692
|
|
|||
Land development
|
132,179
|
|
|
47,204
|
|
|
179,383
|
|
|||
Total real estate – commercial mortgage
|
2,390,076
|
|
|
1,037,454
|
|
|
3,427,530
|
|
|||
Installment loans to individuals
|
103,452
|
|
|
18,824
|
|
|
122,276
|
|
|||
Total loans, net of unearned income
|
$
|
5,588,556
|
|
|
$
|
2,031,766
|
|
|
$
|
7,620,322
|
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||||||||||||||
|
Pre-tax
|
After-tax
|
Impact to Diluted EPS
|
|
Pre-tax
|
After-tax
|
Impact to Diluted EPS
|
||||||||||||
Merger and conversion expenses
|
$
|
900
|
|
$
|
700
|
|
$
|
0.02
|
|
|
$
|
345
|
|
$
|
235
|
|
$
|
0.01
|
|
Debt prepayment penalties
|
—
|
|
—
|
|
—
|
|
|
205
|
|
140
|
|
—
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Taxable equivalent net interest income
|
$
|
90,807
|
|
|
$
|
75,907
|
|
|
|
|
|
||||
Average earning assets
|
8,760,679
|
|
|
7,668,582
|
|
||
|
|
|
|
||||
Net interest margin
|
4.20
|
%
|
|
4.01
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Net interest income collected on problem loans
|
$
|
358
|
|
|
$
|
556
|
|
Accretable yield recognized on purchased loans
(1)
|
6,118
|
|
|
5,604
|
|
||
Total impact to net interest income
|
$
|
6,476
|
|
|
$
|
6,160
|
|
|
|
|
|
||||
Impact to net interest margin
|
0.30
|
%
|
|
0.32
|
%
|
(1)
|
Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $3,358 and $2,731 for the
three months ended March 31, 2018
and
2017
, respectively, which increased net interest margin by 16 basis points and 14 basis points for the same periods, respectively.
|
|
Three Months Ended March 31,
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non purchased
|
$
|
5,689,210
|
|
|
$
|
64,611
|
|
|
4.61
|
%
|
|
$
|
4,752,628
|
|
|
$
|
51,143
|
|
|
4.36
|
%
|
Purchased
|
1,957,781
|
|
|
28,762
|
|
|
5.96
|
|
|
1,446,077
|
|
|
22,567
|
|
|
6.33
|
|
||||
Total Loans
|
7,646,991
|
|
|
93,373
|
|
|
4.95
|
|
|
6,198,705
|
|
|
73,710
|
|
|
4.82
|
|
||||
Mortgage loans held for sale
|
152,299
|
|
|
1,671
|
|
|
4.45
|
|
|
112,105
|
|
|
1,148
|
|
|
4.15
|
|
||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
(1)
|
606,642
|
|
|
3,914
|
|
|
2.62
|
|
|
704,805
|
|
|
4,070
|
|
|
2.34
|
|
||||
Tax-exempt
|
226,434
|
|
|
2,406
|
|
|
4.31
|
|
|
338,892
|
|
|
4,297
|
|
|
5.14
|
|
||||
Interest-bearing balances with banks
|
128,313
|
|
|
583
|
|
|
1.84
|
|
|
314,075
|
|
|
556
|
|
|
0.72
|
|
||||
Total interest-earning assets
|
8,760,679
|
|
|
101,947
|
|
|
4.72
|
|
|
7,668,582
|
|
|
83,781
|
|
|
4.43
|
|
||||
Cash and due from banks
|
163,141
|
|
|
|
|
|
|
131,874
|
|
|
|
|
|
||||||||
Intangible assets
|
634,898
|
|
|
|
|
|
|
493,816
|
|
|
|
|
|
||||||||
Other assets
|
497,037
|
|
|
|
|
|
|
465,176
|
|
|
|
|
|
||||||||
Total assets
|
$
|
10,055,755
|
|
|
|
|
|
|
$
|
8,759,448
|
|
|
|
|
|
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
(2)
|
$
|
3,911,802
|
|
|
$
|
3,407
|
|
|
0.35
|
|
|
$
|
3,410,606
|
|
|
$
|
1,813
|
|
|
0.22
|
|
Savings deposits
|
581,194
|
|
|
151
|
|
|
0.11
|
|
|
553,985
|
|
|
96
|
|
|
0.07
|
|
||||
Time deposits
|
1,821,118
|
|
|
4,501
|
|
|
1.00
|
|
|
1,617,262
|
|
|
3,240
|
|
|
0.81
|
|
||||
Total interest-bearing deposits
|
6,314,114
|
|
|
8,059
|
|
|
0.52
|
|
|
5,581,853
|
|
|
5,149
|
|
|
0.37
|
|
||||
Borrowed funds
|
314,228
|
|
|
3,081
|
|
|
3.98
|
|
|
282,008
|
|
|
2,725
|
|
|
3.92
|
|
||||
Total interest-bearing liabilities
|
6,628,342
|
|
|
11,140
|
|
|
0.68
|
|
|
5,863,861
|
|
|
7,874
|
|
|
0.54
|
|
||||
Noninterest-bearing deposits
|
1,817,848
|
|
|
|
|
|
|
1,558,809
|
|
|
|
|
|
||||||||
Other liabilities
|
85,692
|
|
|
|
|
|
|
89,875
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
1,523,873
|
|
|
|
|
|
|
1,246,903
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
10,055,755
|
|
|
|
|
|
|
$
|
8,759,448
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
$
|
90,807
|
|
|
4.20
|
%
|
|
|
|
$
|
75,907
|
|
|
4.01
|
%
|
|
Volume
|
|
Rate
|
|
Net
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Loans:
|
|
|
|
|
|
||||||
Non purchased
|
$
|
10,508
|
|
|
$
|
2,960
|
|
|
$
|
13,468
|
|
Purchased
|
7,598
|
|
|
(1,403
|
)
|
|
6,195
|
|
|||
Mortgage loans held for sale
|
441
|
|
|
82
|
|
|
523
|
|
|||
Securities:
|
|
|
|
|
|
||||||
Taxable
|
(634
|
)
|
|
478
|
|
|
(156
|
)
|
|||
Tax-exempt
|
(1,195
|
)
|
|
(696
|
)
|
|
(1,891
|
)
|
|||
Interest-bearing balances with banks
|
(844
|
)
|
|
871
|
|
|
27
|
|
|||
Total interest-earning assets
|
15,874
|
|
|
2,292
|
|
|
18,166
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
437
|
|
|
1,157
|
|
|
1,594
|
|
|||
Savings deposits
|
7
|
|
|
48
|
|
|
55
|
|
|||
Time deposits
|
504
|
|
|
757
|
|
|
1,261
|
|
|||
Borrowed funds
|
316
|
|
|
40
|
|
|
356
|
|
|||
Total interest-bearing liabilities
|
1,264
|
|
|
2,002
|
|
|
3,266
|
|
|||
Change in net interest income
|
$
|
14,610
|
|
|
$
|
290
|
|
|
$
|
14,900
|
|
|
Percentage of Total Average Earning Assets
|
|
Yield
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Loans
|
87.29
|
%
|
|
80.83
|
%
|
|
4.95
|
%
|
|
4.82
|
%
|
Mortgage loans held for sale
|
1.74
|
|
|
1.46
|
|
|
4.45
|
|
|
4.15
|
|
Securities
|
9.51
|
|
|
13.61
|
|
|
3.08
|
|
|
3.25
|
|
Interest-bearing balances with banks
|
1.46
|
|
|
4.10
|
|
|
1.84
|
|
|
0.72
|
|
Total earning assets
|
100.00
|
%
|
|
100.00
|
%
|
|
4.72
|
%
|
|
4.43
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Taxable equivalent interest income on loans
|
$
|
93,373
|
|
|
$
|
73,710
|
|
|
|
|
|
||||
Average loans
|
7,646,991
|
|
|
6,198,705
|
|
||
|
|
|
|
||||
Loan yield
|
4.95
|
%
|
|
4.82
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Net interest income collected on problem loans
|
$
|
358
|
|
|
$
|
556
|
|
Accretable yield recognized on purchased loans
(1)
|
6,118
|
|
|
5,604
|
|
||
Total impact to interest income on loans
|
$
|
6,476
|
|
|
$
|
6,160
|
|
|
|
|
|
||||
Impact to loan yield
|
0.34
|
%
|
|
0.40
|
%
|
(1)
|
Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $3,358 and $2,731 for the
three months ended March 31, 2018
and
2017
, respectively, which increased our taxable equivalent loan yield by 18 basis points for the same periods.
|
|
Percentage of Total Average Deposits and Borrowed Funds
|
|
Cost of Funds
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Noninterest-bearing demand
|
21.52
|
%
|
|
21.00
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
46.31
|
|
|
45.96
|
|
|
0.35
|
|
|
0.22
|
|
Savings
|
6.88
|
|
|
7.46
|
|
|
0.11
|
|
|
0.07
|
|
Time deposits
|
21.56
|
|
|
21.79
|
|
|
1.00
|
|
|
0.81
|
|
Short-term borrowings
|
1.27
|
|
|
1.12
|
|
|
1.45
|
|
|
0.54
|
|
Long-term Federal Home Loan Bank advances
|
0.09
|
|
|
0.11
|
|
|
3.41
|
|
|
3.50
|
|
Subordinated notes
|
1.35
|
|
|
1.32
|
|
|
5.63
|
|
|
5.52
|
|
Other long term borrowings
|
1.02
|
|
|
1.24
|
|
|
4.97
|
|
|
5.32
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.53
|
%
|
|
0.43
|
%
|
Noninterest Income to Average Assets
|
||
Three Months Ended March 31,
|
||
2018
|
|
2017
|
1.37%
|
|
1.48%
|
|
2018
|
|
2017
|
||||
Mortgage servicing income, net
|
$
|
1,154
|
|
|
$
|
410
|
|
Gain on sales of loans, net
|
8,798
|
|
|
6,554
|
|
||
Fees, net
|
1,008
|
|
|
3,540
|
|
||
Mortgage banking income, net
|
$
|
10,960
|
|
|
$
|
10,504
|
|
Noninterest Expense to Average Assets
|
||
Three Months Ended March 31,
|
||
2018
|
|
2017
|
3.14%
|
|
3.21%
|
|
Efficiency Ratio
|
||
|
Three Months Ended March 31,
|
||
|
2018
|
|
2017
|
Efficiency ratio
|
62.48%
|
|
64.22%
|
Impact on efficiency ratio from:
|
|
|
|
Intangible amortization
|
(1.33)%
|
|
(1.45)%
|
Merger and conversion related expenses
|
(0.72)%
|
|
(0.32)%
|
Extinguishment of debt
|
—%
|
|
(0.19)%
|
Adjusted efficiency ratio
|
60.43%
|
|
62.26%
|
|
March 31,
2018 |
|
December 31, 2017
|
|
March 31,
2017 |
||||||
Commercial, financial, agricultural
|
$
|
7,071
|
|
|
$
|
5,542
|
|
|
$
|
5,112
|
|
Lease financing
|
596
|
|
|
555
|
|
|
225
|
|
|||
Real estate – construction
|
4,198
|
|
|
3,428
|
|
|
2,119
|
|
|||
Real estate – 1-4 family mortgage
|
11,404
|
|
|
12,009
|
|
|
12,162
|
|
|||
Real estate – commercial mortgage
|
21,914
|
|
|
23,384
|
|
|
22,073
|
|
|||
Installment loans to individuals
|
1,218
|
|
|
1,293
|
|
|
1,232
|
|
|||
Total
|
$
|
46,401
|
|
|
$
|
46,211
|
|
|
$
|
42,923
|
|
|
March 31,
2018 |
|
December 31, 2017
|
|
March 31,
2017 |
||||||
Specific reserves for impaired loans
|
$
|
1,472
|
|
|
$
|
2,674
|
|
|
$
|
3,977
|
|
Allocated reserves for remaining portfolio
|
43,112
|
|
|
41,760
|
|
|
36,227
|
|
|||
Purchased with deteriorated credit quality
|
1,817
|
|
|
1,777
|
|
|
$
|
2,719
|
|
||
Total
|
$
|
46,401
|
|
|
$
|
46,211
|
|
|
$
|
42,923
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Balance at beginning of period
|
$
|
46,211
|
|
|
$
|
42,737
|
|
Charge-offs
|
|
|
|
||||
Commercial, financial, agricultural
|
659
|
|
|
832
|
|
||
Real estate – 1-4 family mortgage
|
671
|
|
|
275
|
|
||
Real estate – commercial mortgage
|
613
|
|
|
227
|
|
||
Installment loans to individuals
|
122
|
|
|
264
|
|
||
Total charge-offs
|
2,065
|
|
|
1,598
|
|
||
Recoveries
|
|
|
|
||||
Commercial, financial, agricultural
|
235
|
|
|
57
|
|
||
Real estate – construction
|
4
|
|
|
31
|
|
||
Real estate – 1-4 family mortgage
|
133
|
|
|
82
|
|
||
Real estate – commercial mortgage
|
108
|
|
|
95
|
|
||
Installment loans to individuals
|
25
|
|
|
19
|
|
||
Total recoveries
|
505
|
|
|
284
|
|
||
Net charge-offs
|
1,560
|
|
|
1,314
|
|
||
Provision for loan losses
|
1,750
|
|
|
1,500
|
|
||
Balance at end of period
|
$
|
46,401
|
|
|
$
|
42,923
|
|
Net charge-offs (annualized) to average loans
|
0.08
|
%
|
|
0.09
|
%
|
||
Allowance for loan losses to:
|
|
|
|
||||
Total non purchased loans
|
0.80
|
%
|
|
0.89
|
%
|
||
Nonperforming non purchased loans
|
356.71
|
%
|
|
289.94
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Real estate – construction:
|
|
|
|
||||
Residential
|
$
|
(4
|
)
|
|
$
|
(31
|
)
|
Commercial
|
—
|
|
|
—
|
|
||
Condominiums
|
—
|
|
|
—
|
|
||
Total real estate – construction
|
(4
|
)
|
|
(31
|
)
|
||
Real estate – 1-4 family mortgage:
|
|
|
|
||||
Primary
|
29
|
|
|
207
|
|
||
Home equity
|
39
|
|
|
11
|
|
||
Rental/investment
|
63
|
|
|
10
|
|
||
Land development
|
407
|
|
|
(35
|
)
|
||
Total real estate – 1-4 family mortgage
|
538
|
|
|
193
|
|
||
Real estate – commercial mortgage:
|
|
|
|
||||
Owner-occupied
|
546
|
|
|
43
|
|
||
Non-owner occupied
|
(41
|
)
|
|
92
|
|
||
Land development
|
—
|
|
|
(3
|
)
|
||
Total real estate – commercial mortgage
|
505
|
|
|
132
|
|
||
Total net charge-offs of loans secured by real estate
|
$
|
1,039
|
|
|
$
|
294
|
|
|
Non Purchased
|
|
Purchased
|
|
Total
|
||||||
March 31, 2018
|
|
|
|
|
|
||||||
Nonaccruing loans
|
$
|
9,403
|
|
|
$
|
5,340
|
|
|
$
|
14,743
|
|
Accruing loans past due 90 days or more
|
3,605
|
|
|
4,564
|
|
|
8,169
|
|
|||
Total nonperforming loans
|
13,008
|
|
|
9,904
|
|
|
22,912
|
|
|||
Other real estate owned
|
4,801
|
|
|
9,754
|
|
|
14,555
|
|
|||
Total nonperforming loans and OREO
|
17,809
|
|
|
19,658
|
|
|
37,467
|
|
|||
Total nonperforming assets
|
$
|
17,809
|
|
|
$
|
19,658
|
|
|
$
|
37,467
|
|
Nonperforming loans to total loans
|
|
|
|
|
0.30
|
%
|
|||||
Nonperforming assets to total assets
|
|
|
|
|
0.37
|
%
|
|||||
|
|
|
|
|
|
||||||
December 31, 2017
|
|
|
|
|
|
||||||
Nonaccruing loans
|
$
|
10,250
|
|
|
$
|
4,424
|
|
|
$
|
14,674
|
|
Accruing loans past due 90 days or more
|
3,015
|
|
|
5,731
|
|
|
8,746
|
|
|||
Total nonperforming loans
|
13,265
|
|
|
10,155
|
|
|
23,420
|
|
|||
Other real estate owned
|
4,410
|
|
|
11,524
|
|
|
15,934
|
|
|||
Total nonperforming loans and OREO
|
17,675
|
|
|
21,679
|
|
|
39,354
|
|
|||
Total nonperforming assets
|
$
|
17,675
|
|
|
$
|
21,679
|
|
|
$
|
39,354
|
|
Nonperforming loans to total loans
|
|
|
|
|
0.31
|
%
|
|||||
Nonperforming assets to total assets
|
|
|
|
|
0.40
|
%
|
|
March 31,
2018 |
|
December 31, 2017
|
|
March 31,
2017 |
||||||
Commercial, financial, agricultural
|
$
|
4,141
|
|
|
$
|
2,921
|
|
|
$
|
3,807
|
|
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
49
|
|
|
—
|
|
|
—
|
|
|||
Total real estate – construction
|
49
|
|
|
—
|
|
|
—
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
6,963
|
|
|
6,221
|
|
|
7,802
|
|
|||
Home equity
|
2,557
|
|
|
2,701
|
|
|
2,413
|
|
|||
Rental/investment
|
459
|
|
|
395
|
|
|
1,962
|
|
|||
Land development
|
378
|
|
|
1,078
|
|
|
1,624
|
|
|||
Total real estate – 1-4 family mortgage
|
10,357
|
|
|
10,395
|
|
|
13,801
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
4,118
|
|
|
5,473
|
|
|
7,062
|
|
|||
Non-owner occupied
|
2,764
|
|
|
3,087
|
|
|
8,316
|
|
|||
Land development
|
1,005
|
|
|
1,090
|
|
|
1,826
|
|
|||
Total real estate – commercial mortgage
|
7,887
|
|
|
9,650
|
|
|
17,204
|
|
|||
Installment loans to individuals
|
276
|
|
|
295
|
|
|
384
|
|
|||
Lease financing
|
202
|
|
|
159
|
|
|
—
|
|
|||
Total nonperforming loans
|
$
|
22,912
|
|
|
$
|
23,420
|
|
|
$
|
35,196
|
|
|
March 31,
2018 |
|
December 31, 2017
|
|
March 31,
2017 |
||||||
Commercial, financial, agricultural
|
$
|
372
|
|
|
$
|
331
|
|
|
$
|
—
|
|
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
6,490
|
|
|
6,213
|
|
|
5,854
|
|
|||
Home equity
|
460
|
|
|
282
|
|
|
253
|
|
|||
Rental/investment
|
1,960
|
|
|
2,247
|
|
|
2,264
|
|
|||
Land development
|
4
|
|
|
4
|
|
|
10
|
|
|||
Total real estate – 1-4 family mortgage
|
8,914
|
|
|
8,746
|
|
|
8,381
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
3,296
|
|
|
3,503
|
|
|
4,361
|
|
|||
Non-owner occupied
|
747
|
|
|
1,466
|
|
|
1,550
|
|
|||
Land development
|
428
|
|
|
440
|
|
|
577
|
|
|||
Total real estate – commercial mortgage
|
4,471
|
|
|
5,409
|
|
|
6,488
|
|
|||
Installment loans to individuals
|
66
|
|
|
67
|
|
|
66
|
|
|||
|
|
|
|
|
|
||||||
Total restructured loans in compliance with modified terms
|
$
|
13,823
|
|
|
$
|
14,553
|
|
|
$
|
14,935
|
|
|
2018
|
|
2017
|
||||
Balance at January 1,
|
$
|
14,553
|
|
|
$
|
11,475
|
|
Additional loans with concessions
|
743
|
|
|
4,160
|
|
||
Reclassified as performing
|
3
|
|
|
—
|
|
||
Reductions due to:
|
|
|
|
||||
Reclassified as nonperforming
|
(192
|
)
|
|
(56
|
)
|
||
Paid in full
|
(849
|
)
|
|
(217
|
)
|
||
Charge-offs
|
—
|
|
|
(267
|
)
|
||
Paydowns
|
(435
|
)
|
|
(160
|
)
|
||
Balance at March 31,
|
$
|
13,823
|
|
|
$
|
14,935
|
|
|
March 31,
2018 |
|
December 31, 2017
|
|
March 31,
2017 |
||||||
Nonaccruing loans
|
$
|
14,743
|
|
|
$
|
14,674
|
|
|
$
|
21,124
|
|
Accruing loans past due 90 days or more
|
8,169
|
|
|
8,746
|
|
|
14,072
|
|
|||
Total nonperforming loans
|
22,912
|
|
|
23,420
|
|
|
35,196
|
|
|||
Restructured loans in compliance with modified terms
|
13,823
|
|
|
14,553
|
|
|
14,935
|
|
|||
Total nonperforming and restructured loans
|
$
|
36,735
|
|
|
$
|
37,973
|
|
|
$
|
50,131
|
|
|
March 31,
2018 |
|
December 31, 2017
|
|
March 31,
2017 |
||||||
Residential real estate
|
$
|
2,148
|
|
|
$
|
2,441
|
|
|
$
|
2,981
|
|
Commercial real estate
|
5,165
|
|
|
5,938
|
|
|
7,923
|
|
|||
Residential land development
|
1,743
|
|
|
1,881
|
|
|
3,264
|
|
|||
Commercial land development
|
5,499
|
|
|
5,674
|
|
|
7,154
|
|
|||
Total other real estate owned
|
$
|
14,555
|
|
|
$
|
15,934
|
|
|
$
|
21,322
|
|
|
2018
|
|
2017
|
||||
Balance at January 1,
|
$
|
15,934
|
|
|
$
|
23,299
|
|
Transfers of loans
|
1,154
|
|
|
3,168
|
|
||
Impairments
|
(352
|
)
|
|
(378
|
)
|
||
Dispositions
|
(2,181
|
)
|
|
(4,719
|
)
|
||
Other
|
—
|
|
|
(48
|
)
|
||
Balance at March 31,
|
$
|
14,555
|
|
|
$
|
21,322
|
|
|
|
Percentage Change In:
|
||||
Immediate Change in Rates of (in basis points):
|
|
Economic Value Equity (EVE)
|
|
Earning at Risk (EAR) (Net Interest Income)
|
||
|
Static
|
|
1-12 Months
|
|
13-24 Months
|
|
+400
|
|
15.39%
|
|
15.02%
|
|
24.07%
|
+300
|
|
12.07%
|
|
11.16%
|
|
17.94%
|
+200
|
|
7.58%
|
|
7.93%
|
|
12.78%
|
+100
|
|
3.46%
|
|
3.92%
|
|
6.24%
|
-100
|
|
(5.32)%
|
|
(8.67)%
|
|
(11.11)%
|
|
Percentage of Total Average Deposits and Borrowed Funds
|
|
Cost of Funds
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
March 31,
|
|
March 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Noninterest-bearing demand
|
21.52
|
%
|
|
21.00
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
46.31
|
|
|
45.96
|
|
|
0.35
|
|
|
0.22
|
|
Savings
|
6.88
|
|
|
7.46
|
|
|
0.11
|
|
|
0.07
|
|
Time deposits
|
21.56
|
|
|
21.79
|
|
|
1.00
|
|
|
0.81
|
|
Short-term borrowings
|
1.27
|
|
|
1.12
|
|
|
1.45
|
|
|
0.54
|
|
Long-term Federal Home Loan Bank advances
|
0.09
|
|
|
0.11
|
|
|
3.41
|
|
|
3.50
|
|
Subordinated notes
|
1.35
|
|
|
1.32
|
|
|
5.63
|
|
|
5.52
|
|
Other borrowed funds
|
1.02
|
|
|
1.24
|
|
|
4.97
|
|
|
5.32
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.53
|
%
|
|
0.43
|
%
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Loan commitments
|
$
|
1,667,704
|
|
|
$
|
1,619,022
|
|
Standby letters of credit
|
66,203
|
|
|
68,946
|
|
|
Actual
|
|
Minimum Capital
Requirement to be
Well Capitalized
|
|
Minimum Capital
Requirement to be
Adequately
Capitalized (including the phase-in of the Capital Conservation Buffer)
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
917,501
|
|
|
11.38
|
%
|
|
$
|
524,152
|
|
|
6.50
|
%
|
|
$
|
514,072
|
|
|
6.375
|
%
|
Tier 1 risk-based capital ratio
|
1,000,640
|
|
|
12.41
|
%
|
|
645,110
|
|
|
8.00
|
%
|
|
635,030
|
|
|
7.875
|
%
|
|||
Total risk-based capital ratio
|
1,164,193
|
|
|
14.44
|
%
|
|
806,388
|
|
|
10.00
|
%
|
|
796,308
|
|
|
9.875
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
1,000,640
|
|
|
10.61
|
%
|
|
471,556
|
|
|
5.00
|
%
|
|
377,245
|
|
|
4.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
1,023,486
|
|
|
12.71
|
%
|
|
$
|
523,381
|
|
|
6.50
|
%
|
|
$
|
513,316
|
|
|
6.375
|
%
|
Tier 1 risk-based capital ratio
|
1,023,486
|
|
|
12.71
|
%
|
|
644,161
|
|
|
8.00
|
%
|
|
634,096
|
|
|
7.875
|
%
|
|||
Total risk-based capital ratio
|
1,073,712
|
|
|
13.33
|
%
|
|
805,202
|
|
|
10.00
|
%
|
|
795,137
|
|
|
9.875
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
1,023,486
|
|
|
10.88
|
%
|
|
470,445
|
|
|
5.00
|
%
|
|
376,356
|
|
|
4.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
896,733
|
|
|
11.34
|
%
|
|
$
|
513,827
|
|
|
6.50
|
%
|
|
$
|
454,539
|
|
|
5.75
|
%
|
Tier 1 risk-based capital ratio
|
979,604
|
|
|
12.39
|
%
|
|
632,402
|
|
|
8.00
|
%
|
|
573,114
|
|
|
7.25
|
%
|
|||
Total risk-based capital ratio
|
1,142,926
|
|
|
14.46
|
%
|
|
790,503
|
|
|
10.00
|
%
|
|
731,215
|
|
|
9.25
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
979,604
|
|
|
10.18
|
%
|
|
481,086
|
|
|
5.00
|
%
|
|
384,968
|
|
|
4.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
1,000,715
|
|
|
12.69
|
%
|
|
$
|
512,570
|
|
|
6.50
|
%
|
|
$
|
453,427
|
|
|
5.75
|
%
|
Tier 1 risk-based capital ratio
|
1,000,715
|
|
|
12.69
|
%
|
|
630,856
|
|
|
8.00
|
%
|
|
571,713
|
|
|
7.25
|
%
|
|||
Total risk-based capital ratio
|
1,050,751
|
|
|
13.32
|
%
|
|
788,569
|
|
|
10.00
|
%
|
|
729,427
|
|
|
9.25
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
1,000,715
|
|
|
10.42
|
%
|
|
480,353
|
|
|
5.00
|
%
|
|
384,282
|
|
|
4.00
|
%
|
|
|
Total Number of Shares Repurchased
(1)
|
|
Average Price per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Shares
|
|
Maximum Number of Shares or Approximate Dollar Value That May Yet Be Purchased Under Share Repurchase Plans
|
|||||
January 1, 2018 to January 31, 2018
|
|
7,783
|
|
|
$
|
42.37
|
|
|
—
|
|
|
—
|
|
February 1, 2018 to February 28, 2018
|
|
28,638
|
|
|
40.89
|
|
|
—
|
|
|
—
|
|
|
March 1, 2018 to March 31, 2018
|
|
136
|
|
|
43.07
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
36,557
|
|
|
$
|
41.21
|
|
|
—
|
|
|
—
|
|
(1)
|
Represents the number of shares withheld to satisfy federal and state tax liabilities related to the vesting of performance-based and time-based restricted stock awards during the three month period ended March 31, 2018.
|
Exhibit
Number
|
|
Description
|
|
|
|
(2)(i)
|
|
|
|
|
|
(2)(ii)
|
|
|
|
|
|
(3)(i)
|
|
|
|
|
|
(3)(ii)
|
|
|
|
|
|
(4)(i)
|
|
|
|
|
|
(4)(ii)
|
|
|
|
|
|
(31)(i)
|
|
|
|
|
|
(31)(ii)
|
|
|
|
|
|
(32)(i)
|
|
|
|
|
|
(32)(ii)
|
|
|
|
|
|
(101)
|
|
The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 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).
|
(1)
|
Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 19, 2017 and incorporated herein by reference.
|
(2)
|
Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on March 30, 2018 and incorporated herein by reference.
|
(3)
|
Filed as exhibit 3.1 to the Form 10-Q of the Company filed with the Securities and Exchange Commission on May 10, 2016 and incorporated herein by reference.
|
(4)
|
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 January 29, 2016 and incorporated herein by reference.
|
|
|
RENASANT CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date:
|
May 9, 2018
|
/s/ C. Mitchell Waycaster
|
|
|
C. Mitchell Waycaster
|
|
|
President and
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date:
|
May 9, 2018
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial and Operating Officer
|
|
|
(Principal Financial Officer)
|
Date:
|
May 9, 2018
|
/s/ C. Mitchell Waycaster
|
|
|
C. Mitchell Waycaster
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
May 9, 2018
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial and Operating Officer
|
|
|
(Principal Financial Officer)
|
Date:
|
May 9, 2018
|
/s/ C. Mitchell Waycaster
|
|
|
C. Mitchell Waycaster
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
May 9, 2018
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial and Operating Officer
|
|
|
(Principal Financial Officer)
|