ý
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
o
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Mississippi
|
|
64-0676974
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
209 Troy Street, Tupelo, Mississippi
|
|
38804-4827
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
ý
|
Accelerated filer
|
o
|
|
|
|
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
o
|
|
|
|
|
Emerging growth company
|
o
|
|
|
|
|
Page
|
PART I
|
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
PART II
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
(Unaudited)
|
|
|
||||
|
June 30,
2018 |
|
December 31, 2017
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
155,235
|
|
|
$
|
187,838
|
|
Interest-bearing balances with banks
|
137,717
|
|
|
93,615
|
|
||
Cash and cash equivalents
|
292,952
|
|
|
281,453
|
|
||
Securities available for sale, at fair value
|
1,088,779
|
|
|
671,488
|
|
||
Mortgage loans held for sale, at fair value
|
245,046
|
|
|
108,316
|
|
||
Loans, net of unearned income:
|
|
|
|
||||
Non purchased loans and leases
|
6,057,766
|
|
|
5,588,556
|
|
||
Purchased loans
|
1,709,891
|
|
|
2,031,766
|
|
||
Total loans, net of unearned income
|
7,767,657
|
|
|
7,620,322
|
|
||
Allowance for loan losses
|
(47,355
|
)
|
|
(46,211
|
)
|
||
Loans, net
|
7,720,302
|
|
|
7,574,111
|
|
||
Premises and equipment, net
|
186,568
|
|
|
183,254
|
|
||
Other real estate owned:
|
|
|
|
||||
Non purchased
|
4,698
|
|
|
4,410
|
|
||
Purchased
|
9,006
|
|
|
11,524
|
|
||
Total other real estate owned, net
|
13,704
|
|
|
15,934
|
|
||
Goodwill
|
611,046
|
|
|
611,046
|
|
||
Other intangible assets, net
|
21,265
|
|
|
24,510
|
|
||
Bank-owned life insurance
|
177,973
|
|
|
175,863
|
|
||
Mortgage servicing rights
|
43,239
|
|
|
39,339
|
|
||
Other assets
|
143,601
|
|
|
144,667
|
|
||
Total assets
|
$
|
10,544,475
|
|
|
$
|
9,829,981
|
|
Liabilities and shareholders’ equity
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Deposits
|
|
|
|
||||
Noninterest-bearing
|
$
|
1,888,561
|
|
|
$
|
1,840,424
|
|
Interest-bearing
|
6,492,159
|
|
|
6,080,651
|
|
||
Total deposits
|
8,380,720
|
|
|
7,921,075
|
|
||
Short-term borrowings
|
313,393
|
|
|
89,814
|
|
||
Long-term debt
|
207,354
|
|
|
207,546
|
|
||
Other liabilities
|
84,340
|
|
|
96,563
|
|
||
Total liabilities
|
8,985,807
|
|
|
8,314,998
|
|
||
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; 49,424,339 and 49,321,231 shares outstanding, respectively
|
249,951
|
|
|
249,951
|
|
||
Treasury stock, at cost
|
(17,523
|
)
|
|
(19,906
|
)
|
||
Additional paid-in capital
|
897,817
|
|
|
898,095
|
|
||
Retained earnings
|
448,475
|
|
|
397,354
|
|
||
Accumulated other comprehensive loss, net of taxes
|
(20,052
|
)
|
|
(10,511
|
)
|
||
Total shareholders’ equity
|
1,558,668
|
|
|
1,514,983
|
|
||
Total liabilities and shareholders’ equity
|
$
|
10,544,475
|
|
|
$
|
9,829,981
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest income
|
|
|
|
|
|
|
|
||||||||
Loans
|
$
|
98,656
|
|
|
$
|
80,133
|
|
|
$
|
192,774
|
|
|
$
|
154,540
|
|
Securities
|
|
|
|
|
|
|
|
||||||||
Taxable
|
5,700
|
|
|
4,627
|
|
|
9,694
|
|
|
8,979
|
|
||||
Tax-exempt
|
1,649
|
|
|
2,310
|
|
|
3,334
|
|
|
4,884
|
|
||||
Other
|
569
|
|
|
509
|
|
|
1,152
|
|
|
1,065
|
|
||||
Total interest income
|
106,574
|
|
|
87,579
|
|
|
206,954
|
|
|
169,468
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
||||||||
Deposits
|
10,919
|
|
|
5,314
|
|
|
18,978
|
|
|
10,463
|
|
||||
Borrowings
|
3,266
|
|
|
2,662
|
|
|
6,347
|
|
|
5,387
|
|
||||
Total interest expense
|
14,185
|
|
|
7,976
|
|
|
25,325
|
|
|
15,850
|
|
||||
Net interest income
|
92,389
|
|
|
79,603
|
|
|
181,629
|
|
|
153,618
|
|
||||
Provision for loan losses
|
1,810
|
|
|
1,750
|
|
|
3,560
|
|
|
3,250
|
|
||||
Net interest income after provision for loan losses
|
90,579
|
|
|
77,853
|
|
|
178,069
|
|
|
150,368
|
|
||||
Noninterest income
|
|
|
|
|
|
|
|
||||||||
Service charges on deposit accounts
|
8,271
|
|
|
7,958
|
|
|
16,744
|
|
|
15,889
|
|
||||
Fees and commissions
|
5,917
|
|
|
5,470
|
|
|
11,602
|
|
|
10,669
|
|
||||
Insurance commissions
|
2,110
|
|
|
2,181
|
|
|
4,115
|
|
|
4,041
|
|
||||
Wealth management revenue
|
3,446
|
|
|
3,037
|
|
|
6,708
|
|
|
5,921
|
|
||||
Mortgage banking income
|
12,839
|
|
|
12,424
|
|
|
23,799
|
|
|
22,928
|
|
||||
BOLI income
|
1,195
|
|
|
985
|
|
|
2,140
|
|
|
2,098
|
|
||||
Other
|
1,803
|
|
|
2,210
|
|
|
4,426
|
|
|
4,740
|
|
||||
Total noninterest income
|
35,581
|
|
|
34,265
|
|
|
69,534
|
|
|
66,286
|
|
||||
Noninterest expense
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
52,010
|
|
|
45,014
|
|
|
100,794
|
|
|
87,223
|
|
||||
Data processing
|
4,600
|
|
|
3,835
|
|
|
8,844
|
|
|
8,069
|
|
||||
Net occupancy and equipment
|
9,805
|
|
|
8,814
|
|
|
19,627
|
|
|
18,133
|
|
||||
Other real estate owned
|
232
|
|
|
781
|
|
|
889
|
|
|
1,313
|
|
||||
Professional fees
|
2,176
|
|
|
1,882
|
|
|
4,314
|
|
|
3,949
|
|
||||
Advertising and public relations
|
2,647
|
|
|
2,430
|
|
|
4,850
|
|
|
4,022
|
|
||||
Intangible amortization
|
1,594
|
|
|
1,493
|
|
|
3,245
|
|
|
3,056
|
|
||||
Communications
|
1,877
|
|
|
1,908
|
|
|
3,846
|
|
|
3,771
|
|
||||
Extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
||||
Merger and conversion related expenses
|
500
|
|
|
3,044
|
|
|
1,400
|
|
|
3,389
|
|
||||
Other
|
3,585
|
|
|
5,640
|
|
|
9,161
|
|
|
11,020
|
|
||||
Total noninterest expense
|
79,026
|
|
|
74,841
|
|
|
156,970
|
|
|
144,150
|
|
||||
Income before income taxes
|
47,134
|
|
|
37,277
|
|
|
90,633
|
|
|
72,504
|
|
||||
Income taxes
|
10,424
|
|
|
11,993
|
|
|
20,097
|
|
|
23,248
|
|
||||
Net income
|
$
|
36,710
|
|
|
$
|
25,284
|
|
|
$
|
70,536
|
|
|
$
|
49,256
|
|
Basic earnings per share
|
$
|
0.74
|
|
|
$
|
0.57
|
|
|
$
|
1.43
|
|
|
$
|
1.11
|
|
Diluted earnings per share
|
$
|
0.74
|
|
|
$
|
0.57
|
|
|
$
|
1.42
|
|
|
$
|
1.11
|
|
Cash dividends per common share
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
$
|
0.39
|
|
|
$
|
0.36
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
36,710
|
|
|
$
|
25,284
|
|
|
$
|
70,536
|
|
|
$
|
49,256
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding (losses) gains on securities
|
(3,000
|
)
|
|
2,569
|
|
|
(10,909
|
)
|
|
5,476
|
|
||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(169
|
)
|
||||
Total securities
|
(3,000
|
)
|
|
2,551
|
|
|
(10,909
|
)
|
|
5,307
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gains (losses) on derivative instruments
|
387
|
|
|
(165
|
)
|
|
1,245
|
|
|
4
|
|
||||
Total derivative instruments
|
387
|
|
|
(165
|
)
|
|
1,245
|
|
|
4
|
|
||||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
|
|
||||||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
57
|
|
|
56
|
|
|
123
|
|
|
125
|
|
||||
Total defined benefit pension and post-retirement benefit plans
|
57
|
|
|
56
|
|
|
123
|
|
|
125
|
|
||||
Other comprehensive (loss) income, net of tax
|
(2,556
|
)
|
|
2,442
|
|
|
(9,541
|
)
|
|
5,436
|
|
||||
Comprehensive income
|
$
|
34,154
|
|
|
$
|
27,726
|
|
|
$
|
60,995
|
|
|
$
|
54,692
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
70,536
|
|
|
$
|
49,256
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Provision for loan losses
|
3,560
|
|
|
3,250
|
|
||
Depreciation, amortization and accretion
|
1,854
|
|
|
2,625
|
|
||
Deferred income tax expense
|
3,476
|
|
|
2,219
|
|
||
Funding of mortgage loans held for sale
|
(838,564
|
)
|
|
(772,456
|
)
|
||
Proceeds from sales of mortgage loans held for sale
|
721,351
|
|
|
729,532
|
|
||
Gains on sales of mortgage loans held for sale
|
(19,517
|
)
|
|
(11,608
|
)
|
||
Penalty on prepayment of debt
|
—
|
|
|
205
|
|
||
(Gains) losses on sales of premises and equipment
|
(225
|
)
|
|
546
|
|
||
Stock-based compensation expense
|
3,712
|
|
|
2,411
|
|
||
(Increase) decrease in other assets
|
(6,649
|
)
|
|
10,428
|
|
||
Decrease in other liabilities
|
(12,657
|
)
|
|
(8,715
|
)
|
||
Net cash (used in) provided by operating activities
|
(73,123
|
)
|
|
7,693
|
|
||
Investing activities
|
|
|
|
||||
Purchases of securities available for sale
|
(497,845
|
)
|
|
(119,766
|
)
|
||
Proceeds from sales of securities available for sale
|
—
|
|
|
2,946
|
|
||
Proceeds from call/maturities of securities available for sale
|
63,655
|
|
|
60,928
|
|
||
Proceeds from call/maturities of securities held to maturity
|
—
|
|
|
15,507
|
|
||
Net increase in loans
|
(140,205
|
)
|
|
(163,349
|
)
|
||
Purchases of premises and equipment
|
(10,313
|
)
|
|
(7,668
|
)
|
||
Proceeds from sales of premises and equipment
|
233
|
|
|
1,255
|
|
||
Proceeds from sales of other assets
|
4,026
|
|
|
7,385
|
|
||
Net cash used in investing activities
|
(580,449
|
)
|
|
(202,762
|
)
|
||
Financing activities
|
|
|
|
||||
Net increase in noninterest-bearing deposits
|
48,137
|
|
|
81,506
|
|
||
Net increase in interest-bearing deposits
|
413,003
|
|
|
62,405
|
|
||
Net increase in short-term borrowings
|
223,579
|
|
|
10,445
|
|
||
Repayment of long-term debt
|
(436
|
)
|
|
(11,063
|
)
|
||
Cash paid for dividends
|
(19,413
|
)
|
|
(16,068
|
)
|
||
Net stock-based compensation transactions
|
201
|
|
|
(2,319
|
)
|
||
Net cash provided by financing activities
|
665,071
|
|
|
124,906
|
|
||
Net increase (decrease) in cash and cash equivalents
|
11,499
|
|
|
(70,163
|
)
|
||
Cash and cash equivalents at beginning of period
|
281,453
|
|
|
306,224
|
|
||
Cash and cash equivalents at end of period
|
$
|
292,952
|
|
|
$
|
236,061
|
|
Supplemental disclosures
|
|
|
|
||||
Cash paid for interest
|
$
|
24,652
|
|
|
$
|
16,155
|
|
Cash paid for income taxes
|
$
|
12,044
|
|
|
$
|
12,701
|
|
Noncash transactions:
|
|
|
|
||||
Transfers of loans to other real estate owned
|
$
|
2,291
|
|
|
$
|
4,227
|
|
Financed sales of other real estate owned
|
$
|
418
|
|
|
$
|
257
|
|
Transfers of loans held for sale to loans held for investment
|
$
|
663
|
|
|
$
|
—
|
|
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
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
3,545
|
|
|
$
|
19
|
|
|
$
|
(49
|
)
|
|
$
|
3,515
|
|
Obligations of states and political subdivisions
|
217,847
|
|
|
3,787
|
|
|
(758
|
)
|
|
220,876
|
|
||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
493,001
|
|
|
336
|
|
|
(10,212
|
)
|
|
483,125
|
|
||||
Government agency collateralized mortgage obligations
|
303,625
|
|
|
59
|
|
|
(7,679
|
)
|
|
296,005
|
|
||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
27,468
|
|
|
251
|
|
|
(530
|
)
|
|
27,189
|
|
||||
Government agency collateralized mortgage obligations
|
24,585
|
|
|
—
|
|
|
(264
|
)
|
|
24,321
|
|
||||
Trust preferred securities
|
12,402
|
|
|
—
|
|
|
(2,001
|
)
|
|
10,401
|
|
||||
Other debt securities
|
23,555
|
|
|
94
|
|
|
(302
|
)
|
|
23,347
|
|
||||
|
$
|
1,106,028
|
|
|
$
|
4,546
|
|
|
$
|
(21,795
|
)
|
|
$
|
1,088,779
|
|
|
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
|
|
$
|
41,602
|
|
|
$
|
42,138
|
|
Due after one year through five years
|
|
54,549
|
|
|
55,472
|
|
||
Due after five years through ten years
|
|
80,531
|
|
|
81,272
|
|
||
Due after ten years
|
|
65,931
|
|
|
64,758
|
|
||
Residential mortgage backed securities:
|
|
|
|
|
||||
Government agency mortgage backed securities
|
|
493,001
|
|
|
483,125
|
|
||
Government agency collateralized mortgage obligations
|
|
303,625
|
|
|
296,005
|
|
||
Commercial mortgage backed securities:
|
|
|
|
|
||||
Government agency mortgage backed securities
|
|
27,468
|
|
|
27,189
|
|
||
Government agency collateralized mortgage obligations
|
|
24,585
|
|
|
24,321
|
|
||
Other debt securities
|
|
14,736
|
|
|
14,499
|
|
||
|
|
$
|
1,106,028
|
|
|
$
|
1,088,779
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||||||||
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
#
|
|
Fair
Value
|
|
Unrealized
Losses
|
||||||||||||
Available for Sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of other U.S. Government agencies and corporations
|
1
|
|
$
|
492
|
|
|
$
|
(8
|
)
|
|
2
|
|
$
|
1,980
|
|
|
$
|
(41
|
)
|
|
3
|
|
$
|
2,472
|
|
|
$
|
(49
|
)
|
Obligations of states and political subdivisions
|
51
|
|
32,251
|
|
|
(386
|
)
|
|
13
|
|
7,800
|
|
|
(372
|
)
|
|
64
|
|
40,051
|
|
|
(758
|
)
|
||||||
Residential mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
105
|
|
361,859
|
|
|
(5,623
|
)
|
|
47
|
|
88,914
|
|
|
(4,589
|
)
|
|
152
|
|
450,773
|
|
|
(10,212
|
)
|
||||||
Government agency collateralized mortgage obligations
|
52
|
|
178,776
|
|
|
(3,538
|
)
|
|
34
|
|
74,271
|
|
|
(4,141
|
)
|
|
86
|
|
253,047
|
|
|
(7,679
|
)
|
||||||
Commercial mortgage backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government agency mortgage backed securities
|
8
|
|
14,530
|
|
|
(178
|
)
|
|
3
|
|
5,659
|
|
|
(352
|
)
|
|
11
|
|
20,189
|
|
|
(530
|
)
|
||||||
Government agency collateralized mortgage obligations
|
4
|
|
24,321
|
|
|
(264
|
)
|
|
0
|
|
—
|
|
|
—
|
|
|
4
|
|
24,321
|
|
|
(264
|
)
|
||||||
Trust preferred securities
|
0
|
|
—
|
|
|
—
|
|
|
2
|
|
10,401
|
|
|
(2,001
|
)
|
|
2
|
|
10,401
|
|
|
(2,001
|
)
|
||||||
Other debt securities
|
10
|
|
10,011
|
|
|
(110
|
)
|
|
2
|
|
5,815
|
|
|
(192
|
)
|
|
12
|
|
15,826
|
|
|
(302
|
)
|
||||||
Total
|
231
|
|
$
|
622,240
|
|
|
$
|
(10,107
|
)
|
|
103
|
|
$
|
194,840
|
|
|
$
|
(11,688
|
)
|
|
334
|
|
$
|
817,080
|
|
|
$
|
(21,795
|
)
|
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
|
|
$
|
8,313
|
|
|
$
|
6,751
|
|
|
$
|
(1,562
|
)
|
|
BB
|
|
16
|
%
|
XXVI
|
Pooled
|
|
B-2
|
|
4,089
|
|
|
3,650
|
|
|
(439
|
)
|
|
B
|
|
19
|
%
|
|||
|
|
|
|
|
$
|
12,402
|
|
|
$
|
10,401
|
|
|
$
|
(2,001
|
)
|
|
|
|
|
|
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 June 30
|
$
|
(261
|
)
|
|
$
|
(261
|
)
|
|
June 30,
2018 |
|
December 31, 2017
|
||||
Commercial, financial, agricultural
|
$
|
790,363
|
|
|
$
|
763,823
|
|
Lease financing
|
55,749
|
|
|
57,354
|
|
||
Real estate – construction
|
642,380
|
|
|
547,658
|
|
||
Real estate – 1-4 family mortgage
|
1,912,450
|
|
|
1,729,534
|
|
||
Real estate – commercial mortgage
|
2,554,955
|
|
|
2,390,076
|
|
||
Installment loans to individuals
|
105,195
|
|
|
103,452
|
|
||
Gross loans
|
6,061,092
|
|
|
5,591,897
|
|
||
Unearned income
|
(3,326
|
)
|
|
(3,341
|
)
|
||
Loans, net of unearned income
|
$
|
6,057,766
|
|
|
$
|
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
|
||||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
1,575
|
|
|
$
|
150
|
|
|
$
|
786,645
|
|
|
$
|
788,370
|
|
|
$
|
—
|
|
|
$
|
1,900
|
|
|
$
|
93
|
|
|
$
|
1,993
|
|
|
$
|
790,363
|
|
Lease financing
|
288
|
|
|
44
|
|
|
55,082
|
|
|
55,414
|
|
|
—
|
|
|
335
|
|
|
—
|
|
|
335
|
|
|
55,749
|
|
|||||||||
Real estate – construction
|
273
|
|
|
49
|
|
|
642,058
|
|
|
642,380
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
642,380
|
|
|||||||||
Real estate – 1-4 family mortgage
|
6,921
|
|
|
1,663
|
|
|
1,901,680
|
|
|
1,910,264
|
|
|
286
|
|
|
1,158
|
|
|
742
|
|
|
2,186
|
|
|
1,912,450
|
|
|||||||||
Real estate – commercial mortgage
|
2,069
|
|
|
254
|
|
|
2,548,264
|
|
|
2,550,587
|
|
|
14
|
|
|
2,427
|
|
|
1,927
|
|
|
4,368
|
|
|
2,554,955
|
|
|||||||||
Installment loans to individuals
|
487
|
|
|
30
|
|
|
104,639
|
|
|
105,156
|
|
|
6
|
|
|
23
|
|
|
10
|
|
|
39
|
|
|
105,195
|
|
|||||||||
Unearned income
|
—
|
|
|
—
|
|
|
(3,326
|
)
|
|
(3,326
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,326
|
)
|
|||||||||
Total
|
$
|
11,613
|
|
|
$
|
2,190
|
|
|
$
|
6,035,042
|
|
|
$
|
6,048,845
|
|
|
$
|
306
|
|
|
$
|
5,843
|
|
|
$
|
2,772
|
|
|
$
|
8,921
|
|
|
$
|
6,057,766
|
|
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
|
||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
2,634
|
|
|
$
|
2,319
|
|
|
$
|
—
|
|
|
$
|
2,319
|
|
|
$
|
376
|
|
Lease financing
|
335
|
|
|
335
|
|
|
—
|
|
|
335
|
|
|
4
|
|
|||||
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real estate – 1-4 family mortgage
|
8,065
|
|
|
6,935
|
|
|
—
|
|
|
6,935
|
|
|
64
|
|
|||||
Real estate – commercial mortgage
|
8,901
|
|
|
4,454
|
|
|
1,316
|
|
|
5,770
|
|
|
948
|
|
|||||
Installment loans to individuals
|
109
|
|
|
104
|
|
|
—
|
|
|
104
|
|
|
1
|
|
|||||
Total
|
$
|
20,044
|
|
|
$
|
14,147
|
|
|
$
|
1,316
|
|
|
$
|
15,463
|
|
|
$
|
1,393
|
|
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
|
||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
2,663
|
|
|
$
|
8
|
|
|
$
|
1,873
|
|
|
$
|
—
|
|
Lease financing
|
335
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
—
|
|
|
—
|
|
|
295
|
|
|
6
|
|
||||
Real estate – 1-4 family mortgage
|
7,442
|
|
|
57
|
|
|
8,911
|
|
|
89
|
|
||||
Real estate – commercial mortgage
|
5,807
|
|
|
38
|
|
|
14,487
|
|
|
176
|
|
||||
Installment loans to individuals
|
106
|
|
|
1
|
|
|
160
|
|
|
2
|
|
||||
Total
|
$
|
16,353
|
|
|
$
|
104
|
|
|
$
|
25,726
|
|
|
$
|
273
|
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
2,653
|
|
|
$
|
19
|
|
|
$
|
2,187
|
|
|
$
|
—
|
|
Lease financing
|
335
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
—
|
|
|
—
|
|
|
268
|
|
|
6
|
|
||||
Real estate – 1-4 family mortgage
|
7,507
|
|
|
123
|
|
|
8,892
|
|
|
110
|
|
||||
Real estate – commercial mortgage
|
6,041
|
|
|
130
|
|
|
14,635
|
|
|
279
|
|
||||
Installment loans to individuals
|
108
|
|
|
2
|
|
|
166
|
|
|
2
|
|
||||
Total
|
$
|
16,644
|
|
|
$
|
274
|
|
|
$
|
26,148
|
|
|
$
|
397
|
|
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
Three months ended June 30, 2018
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
1
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Total
|
1
|
|
|
$
|
49
|
|
|
$
|
49
|
|
Three months ended June 30, 2017
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
3
|
|
|
$
|
127
|
|
|
$
|
126
|
|
Real estate – commercial mortgage
|
1
|
|
|
366
|
|
|
62
|
|
||
Installment loans to individuals
|
1
|
|
|
4
|
|
|
4
|
|
||
Total
|
5
|
|
|
$
|
497
|
|
|
$
|
192
|
|
|
|
|
|
|
|
|||||
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
Six months ended June 30, 2018
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
4
|
|
|
$
|
625
|
|
|
$
|
625
|
|
Real estate – commercial mortgage
|
1
|
|
|
83
|
|
|
78
|
|
||
Total
|
5
|
|
|
$
|
708
|
|
|
$
|
703
|
|
Six months ended June 30, 2017
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
5
|
|
|
$
|
304
|
|
|
$
|
297
|
|
Real estate – commercial mortgage
|
2
|
|
|
453
|
|
|
147
|
|
||
Installment loans to individuals
|
1
|
|
|
4
|
|
|
4
|
|
||
Total
|
8
|
|
|
$
|
761
|
|
|
$
|
448
|
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||
Totals at January 1, 2018
|
54
|
|
|
$
|
5,588
|
|
Additional loans with concessions
|
5
|
|
|
707
|
|
|
Reclassified as performing
|
2
|
|
|
154
|
|
|
Reductions due to:
|
|
|
|
|||
Reclassified as nonperforming
|
(5
|
)
|
|
(370
|
)
|
|
Paid in full
|
(5
|
)
|
|
(1,268
|
)
|
|
Principal paydowns
|
—
|
|
|
(126
|
)
|
|
Totals at June 30, 2018
|
51
|
|
|
$
|
4,685
|
|
|
Pass
|
|
Watch
|
|
Substandard
|
|
Total
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
576,063
|
|
|
$
|
13,105
|
|
|
$
|
5,015
|
|
|
$
|
594,183
|
|
Real estate – construction
|
575,005
|
|
|
8,258
|
|
|
125
|
|
|
583,388
|
|
||||
Real estate – 1-4 family mortgage
|
281,968
|
|
|
1,159
|
|
|
6,983
|
|
|
290,110
|
|
||||
Real estate – commercial mortgage
|
2,150,721
|
|
|
51,372
|
|
|
18,826
|
|
|
2,220,919
|
|
||||
Installment loans to individuals
|
548
|
|
|
—
|
|
|
—
|
|
|
548
|
|
||||
Total
|
$
|
3,584,305
|
|
|
$
|
73,894
|
|
|
$
|
30,949
|
|
|
$
|
3,689,148
|
|
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
|
||||||
June 30, 2018
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
194,765
|
|
|
$
|
1,415
|
|
|
$
|
196,180
|
|
Lease financing
|
52,044
|
|
|
379
|
|
|
52,423
|
|
|||
Real estate – construction
|
58,943
|
|
|
49
|
|
|
58,992
|
|
|||
Real estate – 1-4 family mortgage
|
1,618,669
|
|
|
3,671
|
|
|
1,622,340
|
|
|||
Real estate – commercial mortgage
|
333,351
|
|
|
685
|
|
|
334,036
|
|
|||
Installment loans to individuals
|
104,577
|
|
|
70
|
|
|
104,647
|
|
|||
Total
|
$
|
2,362,349
|
|
|
$
|
6,269
|
|
|
$
|
2,368,618
|
|
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
|
|
|
June 30,
2018 |
|
December 31, 2017
|
||||
Commercial, financial, agricultural
|
$
|
197,455
|
|
|
$
|
275,570
|
|
Real estate – construction
|
70,438
|
|
|
85,731
|
|
||
Real estate – 1-4 family mortgage
|
520,649
|
|
|
614,187
|
|
||
Real estate – commercial mortgage
|
906,219
|
|
|
1,037,454
|
|
||
Installment loans to individuals
|
15,130
|
|
|
18,824
|
|
||
Gross loans
|
1,709,891
|
|
|
2,031,766
|
|
||
Unearned income
|
—
|
|
|
—
|
|
||
Loans, net of unearned income
|
$
|
1,709,891
|
|
|
$
|
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
|
||||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial, financial, agricultural
|
$
|
894
|
|
|
$
|
514
|
|
|
$
|
195,614
|
|
|
$
|
197,022
|
|
|
$
|
—
|
|
|
$
|
349
|
|
|
$
|
84
|
|
|
$
|
433
|
|
|
$
|
197,455
|
|
Real estate – construction
|
919
|
|
|
—
|
|
|
69,519
|
|
|
70,438
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,438
|
|
|||||||||
Real estate – 1-4 family mortgage
|
3,127
|
|
|
2,177
|
|
|
512,235
|
|
|
517,539
|
|
|
260
|
|
|
1,236
|
|
|
1,614
|
|
|
3,110
|
|
|
520,649
|
|
|||||||||
Real estate – commercial mortgage
|
1,150
|
|
|
2,770
|
|
|
901,527
|
|
|
905,447
|
|
|
430
|
|
|
132
|
|
|
210
|
|
|
772
|
|
|
906,219
|
|
|||||||||
Installment loans to individuals
|
73
|
|
|
30
|
|
|
14,781
|
|
|
14,884
|
|
|
2
|
|
|
93
|
|
|
151
|
|
|
246
|
|
|
15,130
|
|
|||||||||
Total
|
$
|
6,163
|
|
|
$
|
5,491
|
|
|
$
|
1,693,676
|
|
|
$
|
1,705,330
|
|
|
$
|
692
|
|
|
$
|
1,810
|
|
|
$
|
2,059
|
|
|
$
|
4,561
|
|
|
$
|
1,709,891
|
|
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
|
||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
439
|
|
|
$
|
329
|
|
|
$
|
49
|
|
|
$
|
378
|
|
|
$
|
41
|
|
Real estate – 1-4 family mortgage
|
5,225
|
|
|
700
|
|
|
3,926
|
|
|
4,626
|
|
|
12
|
|
|||||
Real estate – commercial mortgage
|
1,466
|
|
|
1,287
|
|
|
156
|
|
|
1,443
|
|
|
66
|
|
|||||
Installment loans to individuals
|
248
|
|
|
247
|
|
|
—
|
|
|
247
|
|
|
3
|
|
|||||
Total
|
$
|
7,378
|
|
|
$
|
2,563
|
|
|
$
|
4,131
|
|
|
$
|
6,694
|
|
|
$
|
122
|
|
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
|
||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
380
|
|
|
$
|
3
|
|
|
$
|
342
|
|
|
$
|
1
|
|
Real estate – 1-4 family mortgage
|
5,135
|
|
|
34
|
|
|
4,960
|
|
|
47
|
|
||||
Real estate – commercial mortgage
|
1,462
|
|
|
12
|
|
|
2,515
|
|
|
30
|
|
||||
Installment loans to individuals
|
247
|
|
|
—
|
|
|
19
|
|
|
—
|
|
||||
Total
|
$
|
7,224
|
|
|
$
|
49
|
|
|
$
|
7,836
|
|
|
$
|
78
|
|
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
383
|
|
|
$
|
6
|
|
|
$
|
347
|
|
|
$
|
3
|
|
Real estate – 1-4 family mortgage
|
5,252
|
|
|
74
|
|
|
5,032
|
|
|
62
|
|
||||
Real estate – commercial mortgage
|
1,479
|
|
|
30
|
|
|
2,284
|
|
|
51
|
|
||||
Installment loans to individuals
|
247
|
|
|
—
|
|
|
21
|
|
|
—
|
|
||||
Total
|
$
|
7,361
|
|
|
$
|
110
|
|
|
$
|
7,684
|
|
|
$
|
116
|
|
|
Unpaid
Contractual
Principal
Balance
|
|
Recorded
Investment
With
Allowance
|
|
Recorded
Investment
With No
Allowance
|
|
Total
Recorded
Investment
|
|
Related
Allowance
|
||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial, financial, agricultural
|
$
|
18,239
|
|
|
$
|
3,845
|
|
|
$
|
6,570
|
|
|
$
|
10,415
|
|
|
$
|
325
|
|
Real estate – 1-4 family mortgage
|
56,339
|
|
|
14,254
|
|
|
32,122
|
|
|
46,376
|
|
|
528
|
|
|||||
Real estate – commercial mortgage
|
170,327
|
|
|
63,365
|
|
|
79,328
|
|
|
142,693
|
|
|
1,400
|
|
|||||
Installment loans to individuals
|
1,645
|
|
|
715
|
|
|
842
|
|
|
1,557
|
|
|
3
|
|
|||||
Total
|
$
|
246,550
|
|
|
$
|
82,179
|
|
|
$
|
118,862
|
|
|
$
|
201,041
|
|
|
$
|
2,256
|
|
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
|
||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
12,815
|
|
|
$
|
192
|
|
|
$
|
14,894
|
|
|
$
|
252
|
|
Real estate – 1-4 family mortgage
|
54,634
|
|
|
647
|
|
|
72,933
|
|
|
759
|
|
||||
Real estate – commercial mortgage
|
162,712
|
|
|
1,933
|
|
|
181,007
|
|
|
2,169
|
|
||||
Installment loans to individuals
|
1,651
|
|
|
18
|
|
|
1,935
|
|
|
19
|
|
||||
Total
|
$
|
231,812
|
|
|
$
|
2,790
|
|
|
$
|
270,769
|
|
|
$
|
3,199
|
|
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
Commercial, financial, agricultural
|
$
|
13,051
|
|
|
$
|
417
|
|
|
$
|
14,048
|
|
|
$
|
487
|
|
Real estate – 1-4 family mortgage
|
55,293
|
|
|
1,320
|
|
|
73,656
|
|
|
1,582
|
|
||||
Real estate – commercial mortgage
|
163,959
|
|
|
3,905
|
|
|
182,894
|
|
|
4,394
|
|
||||
Installment loans to individuals
|
1,640
|
|
|
36
|
|
|
1,966
|
|
|
38
|
|
||||
Total
|
$
|
233,943
|
|
|
$
|
5,678
|
|
|
$
|
272,564
|
|
|
$
|
6,501
|
|
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
Three months ended June 30, 2018
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
1
|
|
|
$
|
18
|
|
|
$
|
17
|
|
Total
|
1
|
|
|
$
|
18
|
|
|
$
|
17
|
|
Three months ended June 30, 2017
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
4
|
|
|
$
|
463
|
|
|
$
|
367
|
|
Total
|
4
|
|
|
$
|
463
|
|
|
$
|
367
|
|
|
|
|
|
|
|
|||||
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-
Modification
Outstanding
Recorded
Investment
|
|||||
Six months ended June 30, 2018
|
|
|
|
|
|
|||||
Commercial, financial, agricultural
|
1
|
|
|
$
|
48
|
|
|
$
|
44
|
|
Real estate – 1-4 family mortgage
|
1
|
|
|
$
|
18
|
|
|
$
|
17
|
|
Real estate – commercial mortgage
|
1
|
|
|
8
|
|
|
7
|
|
||
Total
|
3
|
|
|
$
|
74
|
|
|
$
|
68
|
|
Six months ended June 30, 2017
|
|
|
|
|
|
|||||
Real estate – 1-4 family mortgage
|
14
|
|
|
$
|
2,684
|
|
|
$
|
2,178
|
|
Real estate – commercial mortgage
|
4
|
|
|
2,721
|
|
|
1,999
|
|
||
Total
|
18
|
|
|
$
|
5,405
|
|
|
$
|
4,177
|
|
|
Number of
Loans
|
|
Recorded
Investment
|
|||
Totals at January 1, 2018
|
68
|
|
|
$
|
8,965
|
|
Additional loans with concessions
|
3
|
|
|
132
|
|
|
Reclassified as performing restructured loan
|
2
|
|
|
23
|
|
|
Reductions due to:
|
|
|
|
|||
Reclassified to nonperforming loans
|
(4
|
)
|
|
(425
|
)
|
|
Paid in full
|
(1
|
)
|
|
(76
|
)
|
|
Principal paydowns
|
—
|
|
|
(486
|
)
|
|
Totals at June 30, 2018
|
68
|
|
|
$
|
8,133
|
|
|
Pass
|
|
Watch
|
|
Substandard
|
|
Total
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
$
|
168,753
|
|
|
$
|
4,562
|
|
|
$
|
3,262
|
|
|
$
|
176,577
|
|
Real estate – construction
|
67,609
|
|
|
1,538
|
|
|
263
|
|
|
69,410
|
|
||||
Real estate – 1-4 family mortgage
|
75,205
|
|
|
1,798
|
|
|
4,820
|
|
|
81,823
|
|
||||
Real estate – commercial mortgage
|
708,999
|
|
|
14,634
|
|
|
9,541
|
|
|
733,174
|
|
||||
Installment loans to individuals
|
627
|
|
|
—
|
|
|
2
|
|
|
629
|
|
||||
Total
|
$
|
1,021,193
|
|
|
$
|
22,532
|
|
|
$
|
17,888
|
|
|
$
|
1,061,613
|
|
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
|
||||||
June 30, 2018
|
|
|
|
|
|
||||||
Commercial, financial, agricultural
|
$
|
10,424
|
|
|
$
|
39
|
|
|
$
|
10,463
|
|
Real estate – construction
|
1,028
|
|
|
—
|
|
|
1,028
|
|
|||
Real estate – 1-4 family mortgage
|
390,746
|
|
|
1,704
|
|
|
392,450
|
|
|||
Real estate – commercial mortgage
|
30,234
|
|
|
118
|
|
|
30,352
|
|
|||
Installment loans to individuals
|
12,670
|
|
|
274
|
|
|
12,944
|
|
|||
Total
|
$
|
445,102
|
|
|
$
|
2,135
|
|
|
$
|
447,237
|
|
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
|
||
June 30, 2018
|
|
||
Commercial, financial, agricultural
|
$
|
10,415
|
|
Real estate – 1-4 family mortgage
|
46,376
|
|
|
Real estate – commercial mortgage
|
142,693
|
|
|
Installment loans to individuals
|
1,557
|
|
|
Total
|
$
|
201,041
|
|
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
|
$
|
282,632
|
|
Nonaccretable difference
(1)
|
(52,424
|
)
|
|
Cash flows expected to be collected
|
230,208
|
|
|
Accretable yield
(2)
|
(29,167
|
)
|
|
Fair value
|
$
|
201,041
|
|
(1)
|
Represents contractual principal and interest cash flows of
$43,499
and
$8,925
, respectively, not expected to be collected.
|
(2)
|
Represents contractual principal and interest cash flows of
$1,579
and
$27,588
, respectively, expected to be collected.
|
|
Total Purchased Credit Deteriorated Loans
|
||
Balance at January 1, 2018
|
$
|
(32,207
|
)
|
Reclassification from nonaccretable difference
|
(3,678
|
)
|
|
Accretion
|
6,660
|
|
|
Charge-offs
|
58
|
|
|
Balance at June 30, 2018
|
$
|
(29,167
|
)
|
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
|
|
|
June 30,
2018 |
|
December 31, 2017
|
||||
Commercial, financial, agricultural
|
$
|
987,818
|
|
|
$
|
1,039,393
|
|
Lease financing
|
55,749
|
|
|
57,354
|
|
||
Real estate – construction
|
712,818
|
|
|
633,389
|
|
||
Real estate – 1-4 family mortgage
|
2,433,099
|
|
|
2,343,721
|
|
||
Real estate – commercial mortgage
|
3,461,174
|
|
|
3,427,530
|
|
||
Installment loans to individuals
|
120,325
|
|
|
122,276
|
|
||
Gross loans
|
7,770,983
|
|
|
7,623,663
|
|
||
Unearned income
|
(3,326
|
)
|
|
(3,341
|
)
|
||
Loans, net of unearned income
|
7,767,657
|
|
|
7,620,322
|
|
||
Allowance for loan losses
|
(47,355
|
)
|
|
(46,211
|
)
|
||
Net loans
|
$
|
7,720,302
|
|
|
$
|
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 June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
7,071
|
|
|
$
|
4,198
|
|
|
$
|
11,404
|
|
|
$
|
21,914
|
|
|
$
|
1,814
|
|
|
$
|
46,401
|
|
Charge-offs
|
(457
|
)
|
|
—
|
|
|
(979
|
)
|
|
(46
|
)
|
|
(99
|
)
|
|
(1,581
|
)
|
||||||
Recoveries
|
114
|
|
|
3
|
|
|
83
|
|
|
496
|
|
|
29
|
|
|
725
|
|
||||||
Net (charge-offs) recoveries
|
(343
|
)
|
|
3
|
|
|
(896
|
)
|
|
450
|
|
|
(70
|
)
|
|
(856
|
)
|
||||||
Provision for loan losses charged to operations
|
418
|
|
|
501
|
|
|
1,149
|
|
|
86
|
|
|
(344
|
)
|
|
1,810
|
|
||||||
Ending balance
|
$
|
7,146
|
|
|
$
|
4,702
|
|
|
$
|
11,657
|
|
|
$
|
22,450
|
|
|
$
|
1,400
|
|
|
$
|
47,355
|
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
5,542
|
|
|
$
|
3,428
|
|
|
$
|
12,009
|
|
|
$
|
23,384
|
|
|
$
|
1,848
|
|
|
$
|
46,211
|
|
Charge-offs
|
(1,116
|
)
|
|
—
|
|
|
(1,650
|
)
|
|
(659
|
)
|
|
(221
|
)
|
|
(3,646
|
)
|
||||||
Recoveries
|
349
|
|
|
7
|
|
|
216
|
|
|
604
|
|
|
54
|
|
|
1,230
|
|
||||||
Net (charge-offs) recoveries
|
(767
|
)
|
|
7
|
|
|
(1,434
|
)
|
|
(55
|
)
|
|
(167
|
)
|
|
(2,416
|
)
|
||||||
Provision for loan losses charged to operations
|
2,371
|
|
|
1,267
|
|
|
1,082
|
|
|
(879
|
)
|
|
(281
|
)
|
|
3,560
|
|
||||||
Ending balance
|
$
|
7,146
|
|
|
$
|
4,702
|
|
|
$
|
11,657
|
|
|
$
|
22,450
|
|
|
$
|
1,400
|
|
|
$
|
47,355
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
417
|
|
|
$
|
—
|
|
|
$
|
76
|
|
|
$
|
1,014
|
|
|
$
|
8
|
|
|
$
|
1,515
|
|
Collectively evaluated for impairment
|
6,404
|
|
|
4,702
|
|
|
11,053
|
|
|
20,036
|
|
|
1,389
|
|
|
43,584
|
|
||||||
Purchased with deteriorated credit quality
|
325
|
|
|
—
|
|
|
528
|
|
|
1,400
|
|
|
3
|
|
|
2,256
|
|
||||||
Ending balance
|
$
|
7,146
|
|
|
$
|
4,702
|
|
|
$
|
11,657
|
|
|
$
|
22,450
|
|
|
$
|
1,400
|
|
|
$
|
47,355
|
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
5,112
|
|
|
$
|
2,119
|
|
|
$
|
12,162
|
|
|
$
|
22,073
|
|
|
$
|
1,457
|
|
|
$
|
42,923
|
|
Charge-offs
|
(304
|
)
|
|
—
|
|
|
(551
|
)
|
|
(434
|
)
|
|
(125
|
)
|
|
(1,414
|
)
|
||||||
Recoveries
|
64
|
|
|
3
|
|
|
64
|
|
|
717
|
|
|
42
|
|
|
890
|
|
||||||
Net (charge-offs) recoveries
|
(240
|
)
|
|
3
|
|
|
(487
|
)
|
|
283
|
|
|
(83
|
)
|
|
(524
|
)
|
||||||
Provision for loan losses charged to operations
|
220
|
|
|
458
|
|
|
429
|
|
|
244
|
|
|
399
|
|
|
1,750
|
|
||||||
Ending balance
|
$
|
5,092
|
|
|
$
|
2,580
|
|
|
$
|
12,104
|
|
|
$
|
22,600
|
|
|
$
|
1,773
|
|
|
$
|
44,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
5,486
|
|
|
$
|
2,380
|
|
|
$
|
14,294
|
|
|
$
|
19,059
|
|
|
$
|
1,518
|
|
|
$
|
42,737
|
|
Charge-offs
|
(1,136
|
)
|
|
—
|
|
|
(826
|
)
|
|
(661
|
)
|
|
(389
|
)
|
|
(3,012
|
)
|
||||||
Recoveries
|
121
|
|
|
34
|
|
|
146
|
|
|
812
|
|
|
61
|
|
|
1,174
|
|
||||||
Net (charge-offs) recoveries
|
(1,015
|
)
|
|
34
|
|
|
(680
|
)
|
|
151
|
|
|
(328
|
)
|
|
(1,838
|
)
|
||||||
Provision for loan losses charged to operations
|
621
|
|
|
166
|
|
|
(1,510
|
)
|
|
3,390
|
|
|
583
|
|
|
3,250
|
|
||||||
Ending balance
|
$
|
5,092
|
|
|
$
|
2,580
|
|
|
$
|
12,104
|
|
|
$
|
22,600
|
|
|
$
|
1,773
|
|
|
$
|
44,149
|
|
Period-End Amount Allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
166
|
|
|
$
|
2
|
|
|
$
|
878
|
|
|
$
|
2,159
|
|
|
$
|
3
|
|
|
$
|
3,208
|
|
Collectively evaluated for impairment
|
4,587
|
|
|
2,578
|
|
|
10,534
|
|
|
19,313
|
|
|
1,769
|
|
|
38,781
|
|
||||||
Purchased with deteriorated credit quality
|
339
|
|
|
—
|
|
|
692
|
|
|
1,128
|
|
|
1
|
|
|
2,160
|
|
||||||
Ending balance
|
$
|
5,092
|
|
|
$
|
2,580
|
|
|
$
|
12,104
|
|
|
$
|
22,600
|
|
|
$
|
1,773
|
|
|
$
|
44,149
|
|
(1)
|
Includes lease financing receivables.
|
|
Commercial
|
|
Real Estate -
Construction
|
|
Real Estate -
1-4 Family
Mortgage
|
|
Real Estate -
Commercial
Mortgage
|
|
Installment
and Other
(1)
|
|
Total
|
||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
2,697
|
|
|
$
|
—
|
|
|
$
|
11,561
|
|
|
$
|
7,213
|
|
|
$
|
686
|
|
|
$
|
22,157
|
|
Collectively evaluated for impairment
|
974,706
|
|
|
712,818
|
|
|
2,375,162
|
|
|
3,311,268
|
|
|
170,505
|
|
|
7,544,459
|
|
||||||
Purchased with deteriorated credit quality
|
10,415
|
|
|
—
|
|
|
46,376
|
|
|
142,693
|
|
|
1,557
|
|
|
201,041
|
|
||||||
Ending balance
|
$
|
987,818
|
|
|
$
|
712,818
|
|
|
$
|
2,433,099
|
|
|
$
|
3,461,174
|
|
|
$
|
172,748
|
|
|
$
|
7,767,657
|
|
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
|
||||||
June 30, 2018
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
543
|
|
|
$
|
1,540
|
|
|
$
|
2,083
|
|
Commercial real estate
|
3,257
|
|
|
1,484
|
|
|
4,741
|
|
|||
Residential land development
|
724
|
|
|
605
|
|
|
1,329
|
|
|||
Commercial land development
|
4,482
|
|
|
1,069
|
|
|
5,551
|
|
|||
Total
|
$
|
9,006
|
|
|
$
|
4,698
|
|
|
$
|
13,704
|
|
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
|
515
|
|
|
1,776
|
|
|
2,291
|
|
|||
Impairments
|
(455
|
)
|
|
(294
|
)
|
|
(749
|
)
|
|||
Dispositions
|
(2,576
|
)
|
|
(1,193
|
)
|
|
(3,769
|
)
|
|||
Other
|
(2
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|||
Balance at June 30, 2018
|
$
|
9,006
|
|
|
$
|
4,698
|
|
|
$
|
13,704
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Repairs and maintenance
|
$
|
55
|
|
|
$
|
199
|
|
|
$
|
168
|
|
|
$
|
396
|
|
Property taxes and insurance
|
37
|
|
|
76
|
|
|
149
|
|
|
408
|
|
||||
Impairments
|
397
|
|
|
379
|
|
|
749
|
|
|
757
|
|
||||
Net losses (gains) on OREO sales
|
(239
|
)
|
|
189
|
|
|
(143
|
)
|
|
(138
|
)
|
||||
Rental income
|
(18
|
)
|
|
(62
|
)
|
|
(34
|
)
|
|
(110
|
)
|
||||
Total
|
$
|
232
|
|
|
$
|
781
|
|
|
$
|
889
|
|
|
$
|
1,313
|
|
|
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 June 30, 2018
|
$
|
608,279
|
|
|
$
|
2,767
|
|
|
$
|
611,046
|
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
June 30, 2018
|
|
|
|
|
|
||||||
Core deposit intangibles
|
$
|
54,958
|
|
|
$
|
(34,765
|
)
|
|
$
|
20,193
|
|
Customer relationship intangible
|
1,970
|
|
|
(898
|
)
|
|
1,072
|
|
|||
Total finite-lived intangible assets
|
$
|
56,928
|
|
|
$
|
(35,663
|
)
|
|
$
|
21,265
|
|
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
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Amortization expense for:
|
|
|
|
|
|
|
|
||||||||
Core deposit intangibles
|
$
|
1,561
|
|
|
$
|
1,460
|
|
|
$
|
3,179
|
|
|
$
|
2,990
|
|
Customer relationship intangible
|
33
|
|
|
33
|
|
|
66
|
|
|
66
|
|
||||
Total intangible amortization
|
$
|
1,594
|
|
|
$
|
1,493
|
|
|
$
|
3,245
|
|
|
$
|
3,056
|
|
|
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
|
6,303
|
|
|
Amortization
|
(2,403
|
)
|
|
Balance at June 30, 2018
|
$
|
43,239
|
|
|
Pension Benefits
|
|
|
||||||||||||
|
Renasant
|
|
Other Benefits
|
||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Interest cost
|
256
|
|
|
291
|
|
|
7
|
|
|
8
|
|
||||
Expected return on plan assets
|
(520
|
)
|
|
(487
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial loss (gain)
|
77
|
|
|
100
|
|
|
—
|
|
|
(10
|
)
|
||||
Net periodic benefit (return) cost
|
$
|
(187
|
)
|
|
$
|
(96
|
)
|
|
$
|
9
|
|
|
$
|
(1
|
)
|
|
Pension Benefits
|
|
|
||||||||||||
|
Renasant
|
|
Other Benefits
|
||||||||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Interest cost
|
522
|
|
|
584
|
|
|
16
|
|
|
21
|
|
||||
Expected return on plan assets
|
(1,038
|
)
|
|
(971
|
)
|
|
—
|
|
|
—
|
|
||||
Recognized actuarial loss
|
164
|
|
|
200
|
|
|
—
|
|
|
3
|
|
||||
Net periodic benefit (return) cost
|
$
|
(352
|
)
|
|
$
|
(187
|
)
|
|
$
|
20
|
|
|
$
|
28
|
|
|
|
Shares
|
|
Weighted Average Exercise Price
|
|||
Options outstanding at beginning of period
|
|
89,750
|
|
|
$
|
15.67
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(38,000
|
)
|
|
15.48
|
|
|
Forfeited
|
|
(5,000
|
)
|
|
15.32
|
|
|
Options outstanding at end of period
|
|
46,750
|
|
|
$
|
15.87
|
|
|
|
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
|
|
|
138,061
|
|
|
41.91
|
|
||
Vested
|
|
—
|
|
|
—
|
|
|
(56,646
|
)
|
|
38.43
|
|
||
Cancelled
|
|
(3,014
|
)
|
|
40.89
|
|
|
(14,646
|
)
|
|
41.97
|
|
||
Nonvested at end of period
|
|
92,169
|
|
|
$
|
40.89
|
|
|
284,844
|
|
|
$
|
40.43
|
|
|
|
|
Fair Value
|
||||||
|
Balance Sheet
Location
|
|
June 30,
2018 |
|
December 31, 2017
|
||||
Derivative assets:
|
|
|
|
|
|
||||
Designated as hedging instruments
|
|
|
|
|
|
||||
Interest rate swap
|
Other Assets
|
|
$
|
181
|
|
|
$
|
—
|
|
Totals
|
|
|
$
|
181
|
|
|
$
|
—
|
|
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Assets
|
|
$
|
4,142
|
|
|
$
|
3,171
|
|
Interest rate lock commitments
|
Other Assets
|
|
4,699
|
|
|
2,756
|
|
||
Forward commitments
|
Other Assets
|
|
98
|
|
|
50
|
|
||
Totals
|
|
|
$
|
8,939
|
|
|
$
|
5,977
|
|
Derivative liabilities:
|
|
|
|
|
|
||||
Designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate swaps
|
Other Liabilities
|
|
$
|
1,047
|
|
|
$
|
2,536
|
|
Totals
|
|
|
$
|
1,047
|
|
|
$
|
2,536
|
|
Not designated as hedging instruments:
|
|
|
|
|
|
||||
Interest rate contracts
|
Other Liabilities
|
|
$
|
4,142
|
|
|
$
|
3,171
|
|
Interest rate lock commitments
|
Other Liabilities
|
|
1
|
|
|
4
|
|
||
Forward commitments
|
Other Liabilities
|
|
1,301
|
|
|
328
|
|
||
Totals
|
|
|
$
|
5,444
|
|
|
$
|
3,503
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
||||||||
Included in interest income on loans
|
$
|
1,038
|
|
|
$
|
690
|
|
|
$
|
2,024
|
|
|
$
|
1,369
|
|
Interest rate lock commitments:
|
|
|
|
|
|
|
|
||||||||
Included in mortgage banking income
|
(238
|
)
|
|
(1,538
|
)
|
|
1,946
|
|
|
1,315
|
|
||||
Forward commitments
|
|
|
|
|
|
|
|
||||||||
Included in mortgage banking income
|
(1,012
|
)
|
|
2,256
|
|
|
(924
|
)
|
|
(3,613
|
)
|
||||
Total
|
$
|
(212
|
)
|
|
$
|
1,408
|
|
|
$
|
3,046
|
|
|
$
|
(929
|
)
|
|
Offsetting Derivative Assets
|
|
Offsetting Derivative Liabilities
|
||||||||||||
|
June 30,
2018 |
|
December 31, 2017
|
|
June 30,
2018 |
|
December 31, 2017
|
||||||||
Gross amounts recognized
|
$
|
3,659
|
|
|
$
|
717
|
|
|
$
|
3,111
|
|
|
$
|
5,303
|
|
Gross amounts offset in the Consolidated Balance Sheets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net amounts presented in the Consolidated Balance Sheets
|
3,659
|
|
|
717
|
|
|
3,111
|
|
|
5,303
|
|
||||
Gross amounts not offset in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
||||||||
Financial instruments
|
884
|
|
|
717
|
|
|
884
|
|
|
717
|
|
||||
Financial collateral pledged
|
—
|
|
|
—
|
|
|
175
|
|
|
4,357
|
|
||||
Net amounts
|
$
|
2,775
|
|
|
$
|
—
|
|
|
$
|
2,052
|
|
|
$
|
229
|
|
|
June 30,
|
|
December 31,
|
||||||||
|
2018
|
|
2017
|
|
2017
|
||||||
Deferred tax assets
|
|
|
|
|
|
||||||
Allowance for loan losses
|
$
|
15,800
|
|
|
$
|
20,566
|
|
|
$
|
13,966
|
|
Loans
|
11,789
|
|
|
19,575
|
|
|
15,062
|
|
|||
Deferred compensation
|
7,098
|
|
|
9,845
|
|
|
7,093
|
|
|||
Securities
|
—
|
|
|
2,440
|
|
|
3,659
|
|
|||
Net unrealized losses on securities - OCI
|
6,916
|
|
|
6,670
|
|
|
—
|
|
|||
Impairment of assets
|
1,791
|
|
|
1,986
|
|
|
1,748
|
|
|||
Federal and State net operating loss carryforwards
|
1,297
|
|
|
3,081
|
|
|
2,419
|
|
|||
Intangibles
|
—
|
|
|
1,758
|
|
|
—
|
|
|||
Other
|
4,310
|
|
|
3,577
|
|
|
4,722
|
|
|||
Total deferred tax assets
|
49,001
|
|
|
69,498
|
|
|
48,669
|
|
|||
Deferred tax liabilities
|
|
|
|
|
|
||||||
Investment in partnerships
|
548
|
|
|
1,272
|
|
|
757
|
|
|||
Fixed assets
|
3,073
|
|
|
1,875
|
|
|
3,163
|
|
|||
Mortgage servicing rights
|
11,224
|
|
|
3,360
|
|
|
10,139
|
|
|||
Junior subordinated debt
|
2,352
|
|
|
4,004
|
|
|
2,394
|
|
|||
Other
|
1,665
|
|
|
2,000
|
|
|
1,859
|
|
|||
Total deferred tax liabilities
|
18,862
|
|
|
12,511
|
|
|
18,312
|
|
|||
Net deferred tax assets
|
$
|
30,139
|
|
|
$
|
56,987
|
|
|
$
|
30,357
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Tax credit amortization
|
$
|
410
|
|
|
$
|
262
|
|
|
$
|
804
|
|
|
$
|
523
|
|
Tax credits and other benefits
|
(572
|
)
|
|
(388
|
)
|
|
(1,145
|
)
|
|
(848
|
)
|
||||
Total
|
$
|
(162
|
)
|
|
$
|
(126
|
)
|
|
$
|
(341
|
)
|
|
$
|
(325
|
)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
—
|
|
|
$
|
3,515
|
|
|
$
|
—
|
|
|
$
|
3,515
|
|
Obligations of states and political subdivisions
|
—
|
|
|
220,876
|
|
|
—
|
|
|
$
|
220,876
|
|
|||
Residential mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
483,125
|
|
|
—
|
|
|
483,125
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
296,005
|
|
|
—
|
|
|
296,005
|
|
||||
Commercial mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Government agency mortgage backed securities
|
—
|
|
|
27,189
|
|
|
—
|
|
|
27,189
|
|
||||
Government agency collateralized mortgage obligations
|
—
|
|
|
24,321
|
|
|
—
|
|
|
24,321
|
|
||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
10,401
|
|
|
10,401
|
|
||||
Other debt securities
|
—
|
|
|
23,347
|
|
|
—
|
|
|
23,347
|
|
||||
Total securities available for sale
|
—
|
|
|
1,078,378
|
|
|
10,401
|
|
|
1,088,779
|
|
||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
181
|
|
|
—
|
|
|
181
|
|
||||
Interest rate contracts
|
—
|
|
|
4,142
|
|
|
—
|
|
|
4,142
|
|
||||
Interest rate lock commitments
|
—
|
|
|
4,699
|
|
|
—
|
|
|
4,699
|
|
||||
Forward commitments
|
—
|
|
|
98
|
|
|
—
|
|
|
98
|
|
||||
Total derivative instruments
|
—
|
|
|
9,120
|
|
|
—
|
|
|
9,120
|
|
||||
Mortgage loans held for sale
|
—
|
|
|
245,046
|
|
|
—
|
|
|
245,046
|
|
||||
Total financial assets
|
$
|
—
|
|
|
$
|
1,332,544
|
|
|
$
|
10,401
|
|
|
$
|
1,342,945
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
1,047
|
|
|
$
|
—
|
|
|
$
|
1,047
|
|
Interest rate contracts
|
—
|
|
|
4,142
|
|
|
—
|
|
|
4,142
|
|
||||
Interest rate lock commitments
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Forward commitments
|
—
|
|
|
1,301
|
|
|
—
|
|
|
1,301
|
|
||||
Total derivative instruments
|
—
|
|
|
6,491
|
|
|
—
|
|
|
6,491
|
|
||||
Total financial liabilities
|
$
|
—
|
|
|
$
|
6,491
|
|
|
$
|
—
|
|
|
$
|
6,491
|
|
|
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 June 30, 2018
|
Trust preferred
securities
|
||
Balance at April 1, 2018
|
$
|
10,045
|
|
Accretion included in net income
|
8
|
|
|
Unrealized gains included in other comprehensive income
|
383
|
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(35
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at June 30, 2018
|
$
|
10,401
|
|
Three Months Ended June 30, 2017
|
Trust preferred
securities
|
||
Balance at April 1, 2017
|
$
|
17,823
|
|
Accretion included in net income
|
38
|
|
|
Unrealized gains included in other comprehensive income
|
22
|
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(891
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at June 30, 2017
|
$
|
16,992
|
|
|
|
||
Six Months Ended June 30, 2018
|
Trust preferred
securities
|
||
Balance at January 1, 2018
|
$
|
9,388
|
|
Accretion included in net income
|
17
|
|
|
Unrealized gains included in other comprehensive income
|
1,052
|
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(56
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at June 30, 2018
|
$
|
10,401
|
|
Six Months Ended June 30, 2017
|
Trust preferred
securities
|
||
Balance at January 1, 2017
|
$
|
18,389
|
|
Accretion included in net income
|
46
|
|
|
Unrealized losses included in other comprehensive income
|
559
|
|
|
Reclassification adjustment
|
—
|
|
|
Purchases
|
—
|
|
|
Sales
|
—
|
|
|
Issues
|
—
|
|
|
Settlements
|
(2,002
|
)
|
|
Transfers into Level 3
|
—
|
|
|
Transfers out of Level 3
|
—
|
|
|
Balance at June 30, 2017
|
$
|
16,992
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Trust preferred securities
|
$
|
10,401
|
|
|
Discounted cash flows
|
|
Default rate
|
|
0-100%
|
June 30, 2018
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Totals
|
||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,964
|
|
|
$
|
3,964
|
|
OREO
|
—
|
|
|
—
|
|
|
2,662
|
|
|
2,662
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,626
|
|
|
$
|
6,626
|
|
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
|
|
|
June 30,
2018 |
|
December 31, 2017
|
||||
Carrying amount prior to remeasurement
|
$
|
3,212
|
|
|
$
|
8,732
|
|
Impairment recognized in results of operations
|
(550
|
)
|
|
(1,340
|
)
|
||
Fair value
|
$
|
2,662
|
|
|
$
|
7,392
|
|
Financial instrument
|
Fair
Value
|
|
Valuation Technique
|
|
Significant
Unobservable Inputs
|
|
Range of Inputs
|
||
Impaired loans
|
$
|
3,964
|
|
|
Appraised value of collateral less estimated costs to sell
|
|
Estimated costs to sell
|
|
4-10%
|
OREO
|
2,662
|
|
|
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
|
$
|
245,046
|
|
|
$
|
237,373
|
|
|
$
|
7,673
|
|
Past due loans of 90 days or more
|
—
|
|
|
—
|
|
|
—
|
|
|||
Nonaccrual loans
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Fair Value
|
||||||||||||||||
As of June 30, 2018
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
292,952
|
|
|
$
|
292,952
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
292,952
|
|
Securities available for sale
|
1,088,779
|
|
|
—
|
|
|
1,078,378
|
|
|
10,401
|
|
|
1,088,779
|
|
|||||
Mortgage loans held for sale
|
245,046
|
|
|
—
|
|
|
245,046
|
|
|
—
|
|
|
245,046
|
|
|||||
Loans, net
|
7,720,302
|
|
|
—
|
|
|
—
|
|
|
7,608,411
|
|
|
7,608,411
|
|
|||||
Mortgage servicing rights
|
43,239
|
|
|
—
|
|
|
—
|
|
|
57,575
|
|
|
57,575
|
|
|||||
Derivative instruments
|
9,120
|
|
|
—
|
|
|
9,120
|
|
|
—
|
|
|
9,120
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
8,380,720
|
|
|
$
|
6,508,375
|
|
|
$
|
1,867,633
|
|
|
$
|
—
|
|
|
$
|
8,376,008
|
|
Short-term borrowings
|
313,393
|
|
|
313,393
|
|
|
—
|
|
|
—
|
|
|
313,393
|
|
|||||
Other long-term borrowings
|
73
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|||||
Federal Home Loan Bank advances
|
7,082
|
|
|
—
|
|
|
7,135
|
|
|
—
|
|
|
7,135
|
|
|||||
Junior subordinated debentures
|
86,155
|
|
|
—
|
|
|
82,166
|
|
|
—
|
|
|
82,166
|
|
|||||
Subordinated notes
|
114,044
|
|
|
—
|
|
|
116,650
|
|
|
—
|
|
|
116,650
|
|
|||||
Derivative instruments
|
6,491
|
|
|
—
|
|
|
6,491
|
|
|
—
|
|
|
6,491
|
|
|
|
|
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 June 30, 2018
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding losses on securities
|
$
|
(4,025
|
)
|
|
$
|
(1,025
|
)
|
|
$
|
(3,000
|
)
|
Total securities available for sale
|
(4,025
|
)
|
|
(1,025
|
)
|
|
(3,000
|
)
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding gains on derivative instruments
|
519
|
|
|
132
|
|
|
387
|
|
|||
Total derivative instruments
|
519
|
|
|
132
|
|
|
387
|
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
77
|
|
|
20
|
|
|
57
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
77
|
|
|
20
|
|
|
57
|
|
|||
Total other comprehensive loss
|
$
|
(3,429
|
)
|
|
$
|
(873
|
)
|
|
$
|
(2,556
|
)
|
Three months ended June 30, 2017
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains on securities
|
$
|
4,188
|
|
|
$
|
1,619
|
|
|
$
|
2,569
|
|
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(29
|
)
|
|
(11
|
)
|
|
(18
|
)
|
|||
Total securities available for sale
|
4,159
|
|
|
1,608
|
|
|
2,551
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding losses on derivative instruments
|
(270
|
)
|
|
(105
|
)
|
|
(165
|
)
|
|||
Total derivative instruments
|
(270
|
)
|
|
(105
|
)
|
|
(165
|
)
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
91
|
|
|
35
|
|
|
56
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
91
|
|
|
35
|
|
|
56
|
|
|||
Total other comprehensive income
|
$
|
3,980
|
|
|
$
|
1,538
|
|
|
$
|
2,442
|
|
|
|
|
|
|
|
||||||
|
Pre-Tax
|
|
Tax Expense
(Benefit)
|
|
Net of Tax
|
||||||
Six months ended June 30, 2018
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding losses on securities
|
$
|
(14,634
|
)
|
|
$
|
(3,725
|
)
|
|
$
|
(10,909
|
)
|
Total securities available for sale
|
(14,634
|
)
|
|
(3,725
|
)
|
|
(10,909
|
)
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding gains on derivative instruments
|
1,670
|
|
|
425
|
|
|
1,245
|
|
|||
Total derivative instruments
|
1,670
|
|
|
425
|
|
|
1,245
|
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
164
|
|
|
41
|
|
|
123
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
164
|
|
|
41
|
|
|
123
|
|
|||
Total other comprehensive loss
|
$
|
(12,800
|
)
|
|
$
|
(3,259
|
)
|
|
$
|
(9,541
|
)
|
|
|
|
|
|
|
||||||
Six months ended June 30, 2017
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains on securities
|
$
|
8,927
|
|
|
$
|
3,451
|
|
|
$
|
5,476
|
|
Amortization of unrealized holding gains on securities transferred to the held to maturity category
|
(275
|
)
|
|
(106
|
)
|
|
(169
|
)
|
|||
Total securities available for sale
|
8,652
|
|
|
3,345
|
|
|
5,307
|
|
|||
Derivative instruments:
|
|
|
|
|
|
||||||
Unrealized holding gains on derivative instruments
|
6
|
|
|
2
|
|
|
4
|
|
|||
Total derivative instruments
|
6
|
|
|
2
|
|
|
4
|
|
|||
Defined benefit pension and post-retirement benefit plans:
|
|
|
|
|
|
||||||
Amortization of net actuarial loss recognized in net periodic pension cost
|
204
|
|
|
79
|
|
|
125
|
|
|||
Total defined benefit pension and post-retirement benefit plans
|
204
|
|
|
79
|
|
|
125
|
|
|||
Total other comprehensive income
|
$
|
8,862
|
|
|
$
|
3,426
|
|
|
$
|
5,436
|
|
|
June 30,
2018 |
|
December 31, 2017
|
||||
Unrealized gains (losses) on securities
|
$
|
(1,540
|
)
|
|
$
|
7,363
|
|
Non-credit related portion of other-than-temporary impairment on securities
|
(11,319
|
)
|
|
(9,313
|
)
|
||
Unrealized gains (losses) on derivative instruments
|
250
|
|
|
(995
|
)
|
||
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations
|
(7,443
|
)
|
|
(7,566
|
)
|
||
Total accumulated other comprehensive loss
|
$
|
(20,052
|
)
|
|
$
|
(10,511
|
)
|
|
Three Months Ended
|
||||||
|
June 30,
|
||||||
|
2018
|
|
2017
|
||||
Basic
|
|
|
|
||||
Net income applicable to common stock
|
$
|
36,710
|
|
|
$
|
25,284
|
|
Average common shares outstanding
|
49,413,754
|
|
|
44,415,423
|
|
||
Net income per common share - basic
|
$
|
0.74
|
|
|
$
|
0.57
|
|
Diluted
|
|
|
|
||||
Net income applicable to common stock
|
$
|
36,710
|
|
|
$
|
25,284
|
|
Average common shares outstanding
|
49,413,754
|
|
|
44,415,423
|
|
||
Effect of dilutive stock-based compensation
|
136,007
|
|
|
108,118
|
|
||
Average common shares outstanding - diluted
|
49,549,761
|
|
|
44,523,541
|
|
||
Net income per common share - diluted
|
$
|
0.74
|
|
|
$
|
0.57
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2018
|
|
2017
|
||||
Basic
|
|
|
|
||||
Net income applicable to common stock
|
$
|
70,536
|
|
|
$
|
49,256
|
|
Average common shares outstanding
|
49,385,244
|
|
|
44,390,021
|
|
||
Net income per common share - basic
|
$
|
1.43
|
|
|
$
|
1.11
|
|
Diluted
|
|
|
|
||||
Net income applicable to common stock
|
$
|
70,536
|
|
|
$
|
49,256
|
|
Average common shares outstanding
|
49,385,244
|
|
|
44,390,021
|
|
||
Effect of dilutive stock-based compensation
|
136,801
|
|
|
110,259
|
|
||
Average common shares outstanding - diluted
|
49,522,045
|
|
|
44,500,280
|
|
||
Net income per common share - diluted
|
$
|
1.42
|
|
|
$
|
1.11
|
|
|
Three Months Ended
|
||
|
June 30,
|
||
|
2018
|
|
2017
|
Number of shares
|
44,273
|
|
—
|
Exercise prices (for stock option awards)
|
—
|
|
—
|
|
Six Months Ended
|
||
|
June 30,
|
||
|
2018
|
|
2017
|
Number of shares
|
44,273
|
|
—
|
Exercise prices (for stock option awards)
|
—
|
|
—
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
Renasant Corporation
|
|
|
|
|
|
|
|
||||||
Tier 1 Capital to Average Assets (Leverage)
|
$
|
1,034,498
|
|
|
10.63
|
%
|
|
$
|
979,604
|
|
|
10.18
|
%
|
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
951,490
|
|
|
11.71
|
%
|
|
896,733
|
|
|
11.34
|
%
|
||
Tier 1 Capital to Risk-Weighted Assets
|
1,034,498
|
|
|
12.73
|
%
|
|
979,604
|
|
|
12.39
|
%
|
||
Total Capital to Risk-Weighted Assets
|
1,198,046
|
|
|
14.75
|
%
|
|
1,142,926
|
|
|
14.46
|
%
|
||
Renasant Bank
|
|
|
|
|
|
|
|
||||||
Tier 1 Capital to Average Assets (Leverage)
|
$
|
1,057,998
|
|
|
10.89
|
%
|
|
$
|
1,000,715
|
|
|
10.42
|
%
|
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
1,057,998
|
|
|
13.04
|
%
|
|
1,000,715
|
|
|
12.69
|
%
|
||
Tier 1 Capital to Risk-Weighted Assets
|
1,057,998
|
|
|
13.04
|
%
|
|
1,000,715
|
|
|
12.69
|
%
|
||
Total Capital to Risk-Weighted Assets
|
1,108,178
|
|
|
13.66
|
%
|
|
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 June 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (loss)
|
$
|
94,676
|
|
|
$
|
118
|
|
|
$
|
315
|
|
|
$
|
(2,720
|
)
|
|
$
|
92,389
|
|
Provision for loan losses
|
1,810
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|||||
Noninterest income
|
29,949
|
|
|
2,148
|
|
|
3,714
|
|
|
(230
|
)
|
|
35,581
|
|
|||||
Noninterest expense
|
73,628
|
|
|
1,819
|
|
|
3,213
|
|
|
366
|
|
|
79,026
|
|
|||||
Income (loss) before income taxes
|
49,187
|
|
|
447
|
|
|
816
|
|
|
(3,316
|
)
|
|
47,134
|
|
|||||
Income tax expense (benefit)
|
11,165
|
|
|
116
|
|
|
—
|
|
|
(857
|
)
|
|
10,424
|
|
|||||
Net income (loss)
|
$
|
38,022
|
|
|
$
|
331
|
|
|
$
|
816
|
|
|
$
|
(2,459
|
)
|
|
$
|
36,710
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
10,439,785
|
|
|
$
|
24,513
|
|
|
$
|
61,869
|
|
|
$
|
18,308
|
|
|
$
|
10,544,475
|
|
Goodwill
|
$
|
608,279
|
|
|
$
|
2,767
|
|
|
—
|
|
|
—
|
|
|
$
|
611,046
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (loss)
|
$
|
81,392
|
|
|
$
|
124
|
|
|
$
|
524
|
|
|
$
|
(2,437
|
)
|
|
$
|
79,603
|
|
Provision for loan losses
|
1,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,750
|
|
|||||
Noninterest income
|
28,592
|
|
|
2,264
|
|
|
3,267
|
|
|
142
|
|
|
34,265
|
|
|||||
Noninterest expense
|
70,018
|
|
|
1,766
|
|
|
2,905
|
|
|
152
|
|
|
74,841
|
|
|||||
Income (loss) before income taxes
|
38,216
|
|
|
622
|
|
|
886
|
|
|
(2,447
|
)
|
|
37,277
|
|
|||||
Income tax expense (benefit)
|
12,712
|
|
|
238
|
|
|
—
|
|
|
(957
|
)
|
|
11,993
|
|
|||||
Net income (loss)
|
$
|
25,504
|
|
|
$
|
384
|
|
|
$
|
886
|
|
|
$
|
(1,490
|
)
|
|
$
|
25,284
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,776,737
|
|
|
$
|
24,746
|
|
|
$
|
58,156
|
|
|
$
|
12,633
|
|
|
$
|
8,872,272
|
|
Goodwill
|
$
|
467,767
|
|
|
$
|
2,767
|
|
|
—
|
|
|
—
|
|
|
$
|
470,534
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Community
Banks
|
|
Insurance
|
|
Wealth
Management
|
|
Other
|
|
Consolidated
|
||||||||||
Six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (loss)
|
$
|
186,103
|
|
|
$
|
224
|
|
|
$
|
628
|
|
|
$
|
(5,326
|
)
|
|
$
|
181,629
|
|
Provision for loan losses
|
3,560
|
|
|
—
|
|
|
|
|
|
—
|
|
|
3,560
|
|
|||||
Noninterest income (loss)
|
57,867
|
|
|
4,920
|
|
|
7,241
|
|
|
(494
|
)
|
|
69,534
|
|
|||||
Noninterest expense
|
146,261
|
|
|
3,550
|
|
|
6,605
|
|
|
554
|
|
|
156,970
|
|
|||||
Income (loss) before income taxes
|
94,149
|
|
|
1,594
|
|
|
1,264
|
|
|
(6,374
|
)
|
|
90,633
|
|
|||||
Income tax expense (benefit)
|
21,332
|
|
|
413
|
|
|
—
|
|
|
(1,648
|
)
|
|
20,097
|
|
|||||
Net income (loss)
|
$
|
72,817
|
|
|
$
|
1,181
|
|
|
$
|
1,264
|
|
|
$
|
(4,726
|
)
|
|
$
|
70,536
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
10,439,785
|
|
|
$
|
24,513
|
|
|
$
|
61,869
|
|
|
$
|
18,308
|
|
|
$
|
10,544,475
|
|
Goodwill
|
$
|
608,279
|
|
|
$
|
2,767
|
|
|
—
|
|
|
—
|
|
|
$
|
611,046
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
Six months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income (loss)
|
$
|
157,348
|
|
|
$
|
216
|
|
|
$
|
1,011
|
|
|
$
|
(4,957
|
)
|
|
$
|
153,618
|
|
Provision for loan losses
|
3,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,250
|
|
|||||
Noninterest income
|
55,170
|
|
|
4,813
|
|
|
6,386
|
|
|
(83
|
)
|
|
66,286
|
|
|||||
Noninterest expense
|
134,239
|
|
|
3,458
|
|
|
5,901
|
|
|
552
|
|
|
144,150
|
|
|||||
Income (loss) before income taxes
|
75,029
|
|
|
1,571
|
|
|
1,496
|
|
|
(5,592
|
)
|
|
72,504
|
|
|||||
Income tax expense (benefit)
|
24,822
|
|
|
613
|
|
|
—
|
|
|
(2,187
|
)
|
|
23,248
|
|
|||||
Net income (loss)
|
$
|
50,207
|
|
|
$
|
958
|
|
|
$
|
1,496
|
|
|
$
|
(3,405
|
)
|
|
$
|
49,256
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,776,737
|
|
|
$
|
24,746
|
|
|
$
|
58,156
|
|
|
$
|
12,633
|
|
|
$
|
8,872,272
|
|
Goodwill
|
$
|
467,767
|
|
|
$
|
2,767
|
|
|
—
|
|
|
—
|
|
|
$
|
470,534
|
|
Efficiency Ratio
|
|||||||||||||||
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest income (fully tax equivalent basis)
|
$
|
107,991
|
|
|
$
|
89,429
|
|
|
$
|
209,938
|
|
|
$
|
173,210
|
|
Interest expense
|
14,185
|
|
|
7,976
|
|
|
25,325
|
|
|
15,850
|
|
||||
Net interest income (fully tax equivalent basis)
|
93,806
|
|
|
81,453
|
|
|
184,613
|
|
|
157,360
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total noninterest income
|
35,581
|
|
|
34,265
|
|
|
69,534
|
|
|
66,286
|
|
||||
Net gains on sales of securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted noninterest income
|
35,581
|
|
|
34,265
|
|
|
69,534
|
|
|
66,286
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total noninterest expense
|
79,026
|
|
|
74,841
|
|
|
156,970
|
|
|
144,150
|
|
||||
Intangible amortization
|
1,594
|
|
|
1,493
|
|
|
3,245
|
|
|
3,056
|
|
||||
Merger and conversion related expenses
|
500
|
|
|
3,044
|
|
|
1,400
|
|
|
3,389
|
|
||||
Extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
||||
Adjusted noninterest expense
|
76,932
|
|
|
70,304
|
|
|
152,325
|
|
|
137,500
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Efficiency Ratio (GAAP)
|
61.08
|
%
|
|
64.68
|
%
|
|
61.76
|
%
|
|
64.45
|
%
|
||||
Adjusted Efficiency Ratio (non-GAAP)
|
59.46
|
%
|
|
60.75
|
%
|
|
59.94
|
%
|
|
61.48
|
%
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||
|
Balance
|
|
Percentage of
Portfolio
|
|
Balance
|
|
Percentage of
Portfolio
|
||||||
Obligations of other U.S. Government agencies and corporations
|
$
|
3,515
|
|
|
0.32
|
%
|
|
$
|
3,564
|
|
|
0.53
|
%
|
Obligations of states and political subdivisions
|
220,876
|
|
|
20.29
|
|
|
234,481
|
|
|
34.92
|
|
||
Mortgage-backed securities
|
830,640
|
|
|
76.29
|
|
|
406,765
|
|
|
60.58
|
|
||
Trust preferred securities
|
10,401
|
|
|
0.96
|
|
|
9,388
|
|
|
1.40
|
|
||
Other debt securities
|
23,347
|
|
|
2.14
|
|
|
17,290
|
|
|
2.57
|
|
||
|
$
|
1,088,779
|
|
|
100.00
|
%
|
|
$
|
671,488
|
|
|
100.00
|
%
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||
|
Balance
|
|
Percentage of
Total Loans
|
|
Balance
|
|
Percentage of
Total Loans
|
||||||
Commercial, financial, agricultural
|
$
|
987,818
|
|
|
12.72
|
%
|
|
$
|
1,039,393
|
|
|
13.64
|
%
|
Lease financing
|
52,423
|
|
|
0.67
|
|
|
54,013
|
|
|
0.71
|
|
||
Real estate – construction
|
712,818
|
|
|
9.18
|
|
|
633,389
|
|
|
8.31
|
|
||
Real estate – 1-4 family mortgage
|
2,433,099
|
|
|
31.32
|
|
|
2,343,721
|
|
|
30.76
|
|
||
Real estate – commercial mortgage
|
3,461,174
|
|
|
44.56
|
|
|
3,427,530
|
|
|
44.98
|
|
||
Installment loans to individuals
|
120,325
|
|
|
1.55
|
|
|
122,276
|
|
|
1.60
|
|
||
Total loans, net of unearned income
|
$
|
7,767,657
|
|
|
100.00
|
%
|
|
$
|
7,620,322
|
|
|
100.00
|
%
|
|
June 30, 2018
|
||||||||||
|
Non Purchased
|
|
Purchased
|
|
Total
Loans |
||||||
Commercial, financial, agricultural
|
$
|
790,363
|
|
|
$
|
197,455
|
|
|
$
|
987,818
|
|
Lease financing, net of unearned income
|
52,423
|
|
|
—
|
|
|
52,423
|
|
|||
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
194,164
|
|
|
7,669
|
|
|
201,833
|
|
|||
Commercial
|
435,107
|
|
|
62,769
|
|
|
497,876
|
|
|||
Condominiums
|
13,109
|
|
|
—
|
|
|
13,109
|
|
|||
Total real estate – construction
|
642,380
|
|
|
70,438
|
|
|
712,818
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
1,088,293
|
|
|
340,821
|
|
|
1,429,114
|
|
|||
Home equity
|
446,564
|
|
|
99,992
|
|
|
546,556
|
|
|||
Rental/investment
|
285,626
|
|
|
63,360
|
|
|
348,986
|
|
|||
Land development
|
91,967
|
|
|
16,476
|
|
|
108,443
|
|
|||
Total real estate – 1-4 family mortgage
|
1,912,450
|
|
|
520,649
|
|
|
2,433,099
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
993,797
|
|
|
386,088
|
|
|
1,379,885
|
|
|||
Non-owner occupied
|
1,425,481
|
|
|
485,392
|
|
|
1,910,873
|
|
|||
Land development
|
135,677
|
|
|
34,739
|
|
|
170,416
|
|
|||
Total real estate – commercial mortgage
|
2,554,955
|
|
|
906,219
|
|
|
3,461,174
|
|
|||
Installment loans to individuals
|
105,195
|
|
|
15,130
|
|
|
120,325
|
|
|||
Total loans, net of unearned income
|
$
|
6,057,766
|
|
|
$
|
1,709,891
|
|
|
$
|
7,767,657
|
|
|
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
|
||||||||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||||||
|
Pre-tax
|
After-tax
|
Impact to Diluted EPS
|
|
Pre-tax
|
After-tax
|
Impact to Diluted EPS
|
||||||||||||
Merger and conversion expenses
|
$
|
500
|
|
$
|
389
|
|
$
|
0.01
|
|
|
$
|
3,044
|
|
$
|
2,065
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Six Months Ended
|
||||||||||||||||||
|
June 30, 2018
|
|
June 30, 2017
|
||||||||||||||||
|
Pre-tax
|
After-tax
|
Impact to Diluted EPS
|
|
Pre-tax
|
After-tax
|
Impact to Diluted EPS
|
||||||||||||
Merger and conversion expenses
|
$
|
1,400
|
|
$
|
1,090
|
|
$
|
0.02
|
|
|
$
|
3,389
|
|
$
|
2,302
|
|
$
|
0.05
|
|
Debt prepayment penalties
|
—
|
|
—
|
|
—
|
|
|
205
|
|
139
|
|
—
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Taxable equivalent net interest income
|
$
|
93,806
|
|
|
$
|
81,453
|
|
|
$
|
184,613
|
|
|
$
|
157,360
|
|
|
|
|
|
|
|
|
|
||||||||
Average earning assets
|
9,067,016
|
|
|
7,657,849
|
|
|
8,914,694
|
|
|
7,663,186
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net interest margin
|
4.15
|
%
|
|
4.27
|
%
|
|
4.18
|
%
|
|
4.14
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net interest income collected on problem loans
|
$
|
1,045
|
|
|
$
|
2,745
|
|
|
$
|
1,403
|
|
|
$
|
3,302
|
|
Accretable yield recognized on purchased loans
(1)
|
5,719
|
|
|
5,410
|
|
|
11,837
|
|
|
11,014
|
|
||||
Total impact to net interest income
|
$
|
6,764
|
|
|
$
|
8,155
|
|
|
$
|
13,240
|
|
|
$
|
14,316
|
|
|
|
|
|
|
|
|
|
||||||||
Impact to net interest margin
|
0.30
|
%
|
|
0.43
|
%
|
|
0.30
|
%
|
|
0.38
|
%
|
(1)
|
Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $3,316 and $2,684 for the
second quarter of 2018
and
2017
, respectively. This impact was $6,674 and $5,416 for the
six months ended June 30, 2018
and
2017
, respectively. The impact on net interest margin was 15 basis points and 14 basis points for the
second quarter of 2018
and
2017
, respectively, and 15 basis points and 14 basis points for the
six months ended June 30, 2018
and
2017
, respectively.
|
|
Three Months Ended June 30,
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Not purchased
|
$
|
5,920,430
|
|
|
$
|
69,737
|
|
|
4.72
|
%
|
|
$
|
4,938,922
|
|
|
$
|
54,955
|
|
|
4.46
|
%
|
Purchased
|
1,783,791
|
|
|
27,308
|
|
|
6.14
|
|
|
1,354,575
|
|
|
23,902
|
|
|
7.08
|
|
||||
Total Loans
|
7,704,221
|
|
|
97,045
|
|
|
5.05
|
|
|
6,293,497
|
|
|
78,857
|
|
|
5.03
|
|
||||
Mortgage loans held for sale
|
209,652
|
|
|
2,381
|
|
|
4.56
|
|
|
168,650
|
|
|
1,831
|
|
|
4.35
|
|
||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
(1)
|
819,004
|
|
|
5,638
|
|
|
2.76
|
|
|
737,494
|
|
|
4,340
|
|
|
2.36
|
|
||||
Tax-exempt
|
220,943
|
|
|
2,358
|
|
|
4.28
|
|
|
331,750
|
|
|
3,891
|
|
|
4.70
|
|
||||
Interest-bearing balances with banks
|
113,196
|
|
|
569
|
|
|
2.02
|
|
|
126,458
|
|
|
510
|
|
|
1.62
|
|
||||
Total interest-earning assets
|
9,067,016
|
|
|
107,991
|
|
|
4.78
|
|
|
7,657,849
|
|
|
89,429
|
|
|
4.68
|
|
||||
Cash and due from banks
|
158,173
|
|
|
|
|
|
|
116,783
|
|
|
|
|
|
||||||||
Intangible assets
|
633,155
|
|
|
|
|
|
|
492,349
|
|
|
|
|
|
||||||||
Other assets
|
483,519
|
|
|
|
|
|
|
453,679
|
|
|
|
|
|
||||||||
Total assets
|
$
|
10,341,863
|
|
|
|
|
|
|
$
|
8,720,660
|
|
|
|
|
|
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
(2)
|
$
|
4,054,909
|
|
|
$
|
5,441
|
|
|
0.54
|
%
|
|
$
|
3,368,363
|
|
|
$
|
1,917
|
|
|
0.23
|
%
|
Savings deposits
|
593,227
|
|
|
227
|
|
|
0.15
|
|
|
568,535
|
|
|
97
|
|
|
0.07
|
|
||||
Time deposits
|
1,872,987
|
|
|
5,251
|
|
|
1.12
|
|
|
1,603,800
|
|
|
3,300
|
|
|
0.83
|
|
||||
Total interest-bearing deposits
|
6,521,123
|
|
|
10,919
|
|
|
0.67
|
|
|
5,540,698
|
|
|
5,314
|
|
|
0.38
|
|
||||
Borrowed funds
|
329,287
|
|
|
3,266
|
|
|
3.98
|
|
|
233,542
|
|
|
2,662
|
|
|
4.57
|
|
||||
Total interest-bearing liabilities
|
6,850,410
|
|
|
14,185
|
|
|
0.83
|
|
|
5,774,240
|
|
|
7,976
|
|
|
0.55
|
|
||||
Noninterest-bearing deposits
|
1,867,925
|
|
|
|
|
|
|
1,608,467
|
|
|
|
|
|
||||||||
Other liabilities
|
81,457
|
|
|
|
|
|
|
79,018
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
1,542,071
|
|
|
|
|
|
|
1,258,935
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
10,341,863
|
|
|
|
|
|
|
$
|
8,720,660
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
$
|
93,806
|
|
|
4.15
|
%
|
|
|
|
$
|
81,453
|
|
|
4.27
|
%
|
|
Six Months Ended June 30,
|
||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/
Rate
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non purchased
|
$
|
5,805,459
|
|
|
$
|
134,348
|
|
|
4.67
|
%
|
|
$
|
4,846,290
|
|
|
$
|
106,098
|
|
|
4.41
|
%
|
Purchased
|
1,870,305
|
|
|
56,070
|
|
|
6.05
|
|
|
1,400,073
|
|
|
46,469
|
|
|
6.69
|
|
||||
Total Loans
|
7,675,764
|
|
|
190,418
|
|
|
5.00
|
|
|
6,246,363
|
|
|
152,567
|
|
|
4.93
|
|
||||
Mortgage loans held for sale
|
181,134
|
|
|
4,052
|
|
|
4.51
|
|
|
140,534
|
|
|
2,980
|
|
|
4.28
|
|
||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
(1)
|
713,410
|
|
|
9,552
|
|
|
2.70
|
|
|
721,240
|
|
|
8,410
|
|
|
2.35
|
|
||||
Tax-exempt
|
223,673
|
|
|
4,764
|
|
|
4.30
|
|
|
335,301
|
|
|
8,188
|
|
|
4.92
|
|
||||
Interest-bearing balances with banks
|
120,713
|
|
|
1,152
|
|
|
1.92
|
|
|
219,748
|
|
|
1,065
|
|
|
0.98
|
|
||||
Total interest-earning assets
|
8,914,694
|
|
|
209,938
|
|
|
4.75
|
|
|
7,663,186
|
|
|
173,210
|
|
|
4.56
|
|
||||
Cash and due from banks
|
160,644
|
|
|
|
|
|
|
124,287
|
|
|
|
|
|
||||||||
Intangible assets
|
634,022
|
|
|
|
|
|
|
493,078
|
|
|
|
|
|
||||||||
Other assets
|
490,239
|
|
|
|
|
|
|
459,396
|
|
|
|
|
|
||||||||
Total assets
|
$
|
10,199,599
|
|
|
|
|
|
|
$
|
8,739,947
|
|
|
|
|
|
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
(2)
|
$
|
3,983,751
|
|
|
$
|
8,848
|
|
|
0.45
|
%
|
|
$
|
3,389,368
|
|
|
$
|
3,730
|
|
|
0.22
|
%
|
Savings deposits
|
587,244
|
|
|
378
|
|
|
0.13
|
|
|
561,300
|
|
|
194
|
|
|
0.07
|
|
||||
Time deposits
|
1,847,195
|
|
|
9,752
|
|
|
1.06
|
|
|
1,610,494
|
|
|
6,539
|
|
|
0.82
|
|
||||
Total interest-bearing deposits
|
6,418,190
|
|
|
18,978
|
|
|
0.60
|
|
|
5,561,162
|
|
|
10,463
|
|
|
0.38
|
|
||||
Borrowed funds
|
321,799
|
|
|
6,347
|
|
|
3.98
|
|
|
257,641
|
|
|
5,387
|
|
|
4.22
|
|
||||
Total interest-bearing liabilities
|
6,739,989
|
|
|
25,325
|
|
|
0.76
|
|
|
5,818,803
|
|
|
15,850
|
|
|
0.55
|
|
||||
Noninterest-bearing deposits
|
1,843,025
|
|
|
|
|
|
|
1,583,775
|
|
|
|
|
|
||||||||
Other liabilities
|
83,563
|
|
|
|
|
|
|
84,417
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
1,533,022
|
|
|
|
|
|
|
1,252,952
|
|
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
10,199,599
|
|
|
|
|
|
|
$
|
8,739,947
|
|
|
|
|
|
||||||
Net interest income/net interest margin
|
|
|
$
|
184,613
|
|
|
4.18
|
%
|
|
|
|
$
|
157,360
|
|
|
4.14
|
%
|
|
Three Months Ended June 30, 2018
|
||||||||||
|
Volume
|
|
Rate
|
|
Net
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Loans:
|
|
|
|
|
|
||||||
Not purchased
|
$
|
11,562
|
|
|
$
|
3,220
|
|
|
$
|
14,782
|
|
Purchased
|
6,571
|
|
|
(3,165
|
)
|
|
3,406
|
|
|||
Mortgage loans held for sale
|
466
|
|
|
84
|
|
|
550
|
|
|||
Securities:
|
|
|
|
|
|
||||||
Taxable
|
562
|
|
|
736
|
|
|
1,298
|
|
|||
Tax-exempt
|
(1,183
|
)
|
|
(350
|
)
|
|
(1,533
|
)
|
|||
Interest-bearing balances with banks
|
(67
|
)
|
|
126
|
|
|
59
|
|
|||
Total interest-earning assets
|
17,911
|
|
|
651
|
|
|
18,562
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
921
|
|
|
2,603
|
|
|
3,524
|
|
|||
Savings deposits
|
10
|
|
|
120
|
|
|
130
|
|
|||
Time deposits
|
755
|
|
|
1,196
|
|
|
1,951
|
|
|||
Borrowed funds
|
949
|
|
|
(345
|
)
|
|
604
|
|
|||
Total interest-bearing liabilities
|
2,635
|
|
|
3,574
|
|
|
6,209
|
|
|||
Change in net interest income
|
$
|
15,276
|
|
|
$
|
(2,923
|
)
|
|
$
|
12,353
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended June 30, 2018
|
||||||||||
|
Volume
|
|
Rate
|
|
Net
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Loans:
|
|
|
|
|
|
||||||
Non purchased
|
$
|
22,068
|
|
|
$
|
6,182
|
|
|
$
|
28,250
|
|
Purchased
|
14,177
|
|
|
(4,576
|
)
|
|
9,601
|
|
|||
Mortgage loans held for sale
|
908
|
|
|
164
|
|
|
1,072
|
|
|||
Securities:
|
|
|
|
|
|
||||||
Taxable
|
(105
|
)
|
|
1,247
|
|
|
1,142
|
|
|||
Tax-exempt
|
(2,378
|
)
|
|
(1,046
|
)
|
|
(3,424
|
)
|
|||
Interest-bearing balances with banks
|
(945
|
)
|
|
1,032
|
|
|
87
|
|
|||
Total interest-earning assets
|
33,725
|
|
|
3,003
|
|
|
36,728
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
1,320
|
|
|
3,798
|
|
|
5,118
|
|
|||
Savings deposits
|
17
|
|
|
167
|
|
|
184
|
|
|||
Time deposits
|
1,250
|
|
|
1,963
|
|
|
3,213
|
|
|||
Borrowed funds
|
1,265
|
|
|
(305
|
)
|
|
960
|
|
|||
Total interest-bearing liabilities
|
3,852
|
|
|
5,623
|
|
|
9,475
|
|
|||
Change in net interest income
|
$
|
29,873
|
|
|
$
|
(2,620
|
)
|
|
$
|
27,253
|
|
|
Percentage of Total Average Earning Assets
|
|
Yield
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Loans
|
84.97
|
%
|
|
82.19
|
%
|
|
5.05
|
%
|
|
5.03
|
%
|
Mortgage loans held for sale
|
2.31
|
|
|
2.20
|
|
|
4.56
|
|
|
4.35
|
|
Securities
|
11.47
|
|
|
13.96
|
|
|
3.08
|
|
|
3.09
|
|
Other
|
1.25
|
|
|
1.65
|
|
|
2.02
|
|
|
1.62
|
|
Total earning assets
|
100.00
|
%
|
|
100.00
|
%
|
|
4.78
|
%
|
|
4.68
|
%
|
|
Percentage of Total Average Earning Assets
|
|
Yield
|
||||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Loans
|
86.10
|
%
|
|
81.51
|
%
|
|
5.00
|
%
|
|
4.93
|
%
|
Mortgage loans held for sale
|
2.03
|
|
|
1.83
|
|
|
4.51
|
|
|
4.28
|
|
Securities
|
10.51
|
|
|
13.79
|
|
|
3.08
|
|
|
3.17
|
|
Interest-bearing balances with banks
|
1.36
|
|
|
2.87
|
|
|
1.92
|
|
|
0.98
|
|
Total earning assets
|
100.00
|
%
|
|
100.00
|
%
|
|
4.75
|
%
|
|
4.56
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Taxable equivalent interest income on loans
|
$
|
97,045
|
|
|
$
|
78,857
|
|
|
$
|
190,418
|
|
|
$
|
152,567
|
|
|
|
|
|
|
|
|
|
||||||||
Average loans
|
7,704,221
|
|
|
6,293,497
|
|
|
7,675,764
|
|
|
6,246,363
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loan yield
|
5.05
|
%
|
|
5.03
|
%
|
|
5.00
|
%
|
|
4.93
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net interest income collected on problem loans
|
$
|
1,045
|
|
|
$
|
2,745
|
|
|
$
|
1,403
|
|
|
$
|
3,302
|
|
Accretable yield recognized on purchased loans
(1)
|
5,719
|
|
|
5,410
|
|
|
11,837
|
|
|
11,014
|
|
||||
Total impact to interest income on loans
|
$
|
6,764
|
|
|
$
|
8,155
|
|
|
$
|
13,240
|
|
|
$
|
14,316
|
|
|
|
|
|
|
|
|
|
||||||||
Impact to loan yield
|
0.35
|
%
|
|
0.52
|
%
|
|
0.35
|
%
|
|
0.46
|
%
|
(1)
|
Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $3,316 and $2,684, respectively, for the
second quarter of 2018
and
2017
, respectively. This impact was $6,674 and $5,416 for the
six months ended June 30, 2018
and
2017
, respectively. The impact on taxable equivalent loan yield was 17 basis points for both the
second quarter of 2018
and
2017
and 18 basis points and 17 basis points for the
six months ended June 30, 2018
and
2017
, respectively.
|
|
Percentage of Total Average Deposits and Borrowed Funds
|
|
Cost of Funds
|
||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Noninterest-bearing demand
|
21.43
|
%
|
|
21.79
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
46.51
|
|
|
45.63
|
|
|
0.54
|
|
|
0.23
|
|
Savings
|
6.80
|
|
|
7.70
|
|
|
0.15
|
|
|
0.07
|
|
Time deposits
|
21.48
|
|
|
21.72
|
|
|
1.12
|
|
|
0.83
|
|
Short term borrowings
|
1.40
|
|
|
0.56
|
|
|
1.52
|
|
|
1.29
|
|
Long-term Federal Home Loan Bank advances
|
0.08
|
|
|
0.11
|
|
|
3.30
|
|
|
3.43
|
|
Subordinated notes
|
1.31
|
|
|
1.33
|
|
|
5.57
|
|
|
5.48
|
|
Other borrowed funds
|
0.99
|
|
|
1.16
|
|
|
5.41
|
|
|
5.23
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.65
|
%
|
|
0.43
|
%
|
|
Percentage of Total Average Deposits and Borrowed Funds
|
|
Cost of Funds
|
||||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Noninterest-bearing demand
|
21.47
|
%
|
|
21.39
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
46.43
|
|
|
45.79
|
|
|
0.45
|
|
|
0.22
|
|
Savings
|
6.84
|
|
|
7.58
|
|
|
0.13
|
|
|
0.07
|
|
Time deposits
|
21.52
|
|
|
21.76
|
|
|
1.06
|
|
|
0.82
|
|
Short-term borrowings
|
1.33
|
|
|
0.84
|
|
|
1.48
|
|
|
0.79
|
|
Long-term Federal Home Loan Bank advances
|
0.08
|
|
|
0.11
|
|
|
3.35
|
|
|
3.46
|
|
Subordinated notes
|
1.33
|
|
|
1.33
|
|
|
5.60
|
|
|
5.50
|
|
Other long term borrowings
|
1.00
|
|
|
1.20
|
|
|
5.19
|
|
|
5.27
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.60
|
%
|
|
0.43
|
%
|
Noninterest Income to Average Assets
|
||||||
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
2018
|
|
2017
|
|
2018
|
|
2017
|
1.38%
|
|
1.58%
|
|
1.37%
|
|
1.53%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Mortgage servicing income, net
|
$
|
926
|
|
|
$
|
583
|
|
|
$
|
2,080
|
|
|
$
|
993
|
|
Gain on sales of loans, net
|
10,719
|
|
|
5,028
|
|
|
19,517
|
|
|
11,535
|
|
||||
Fees, net
|
1,194
|
|
|
6,813
|
|
|
2,202
|
|
|
10,400
|
|
||||
Mortgage banking income, net
|
$
|
12,839
|
|
|
$
|
12,424
|
|
|
$
|
23,799
|
|
|
$
|
22,928
|
|
Noninterest Expense to Average Assets
|
||||||
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
2018
|
|
2017
|
|
2018
|
|
2017
|
3.06%
|
|
3.44%
|
|
3.10%
|
|
3.33%
|
|
Efficiency Ratio
|
||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Efficiency ratio
|
61.08%
|
|
64.68%
|
|
61.76%
|
|
64.45%
|
Impact on efficiency ratio from:
|
|
|
|
|
|
|
|
Intangible amortization
|
(1.23)%
|
|
(1.30)%
|
|
(1.27)%
|
|
(1.36)%
|
Merger and conversion related expenses
|
(0.39)%
|
|
(2.63)%
|
|
(0.55)%
|
|
(1.52)%
|
Extinguishment of debt
|
—%
|
|
—%
|
|
—%
|
|
(0.09)%
|
Adjusted efficiency ratio
|
59.46%
|
|
60.75%
|
|
59.94%
|
|
61.48%
|
|
June 30,
2018 |
|
December 31, 2017
|
|
June 30,
2017 |
||||||
Commercial, financial, agricultural
|
$
|
7,146
|
|
|
$
|
5,542
|
|
|
$
|
5,092
|
|
Lease financing
|
600
|
|
|
555
|
|
|
530
|
|
|||
Real estate – construction
|
4,702
|
|
|
3,428
|
|
|
2,580
|
|
|||
Real estate – 1-4 family mortgage
|
11,657
|
|
|
12,009
|
|
|
12,104
|
|
|||
Real estate – commercial mortgage
|
22,450
|
|
|
23,384
|
|
|
22,600
|
|
|||
Installment loans to individuals
|
800
|
|
|
1,293
|
|
|
1,243
|
|
|||
Total
|
$
|
47,355
|
|
|
$
|
46,211
|
|
|
$
|
44,149
|
|
|
June 30,
2018 |
|
December 31, 2017
|
|
June 30,
2017 |
||||||
Specific reserves for impaired loans
|
$
|
1,515
|
|
|
$
|
2,674
|
|
|
$
|
3,208
|
|
Allocated reserves for remaining portfolio
|
43,584
|
|
|
41,760
|
|
|
38,781
|
|
|||
Purchased with deteriorated credit quality
|
2,256
|
|
|
1,777
|
|
|
$
|
2,160
|
|
||
Total
|
$
|
47,355
|
|
|
$
|
46,211
|
|
|
$
|
44,149
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance at beginning of period
|
$
|
46,401
|
|
|
$
|
42,923
|
|
|
$
|
46,211
|
|
|
$
|
42,737
|
|
Charge-offs
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
457
|
|
|
304
|
|
|
1,116
|
|
|
1,136
|
|
||||
Lease financing
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Real estate – construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – 1-4 family mortgage
|
979
|
|
|
551
|
|
|
1,650
|
|
|
826
|
|
||||
Real estate – commercial mortgage
|
46
|
|
|
434
|
|
|
659
|
|
|
661
|
|
||||
Installment loans to individuals
|
99
|
|
|
125
|
|
|
216
|
|
|
389
|
|
||||
Total charge-offs
|
1,581
|
|
|
1,414
|
|
|
3,646
|
|
|
3,012
|
|
||||
Recoveries
|
|
|
|
|
|
|
|
||||||||
Commercial, financial, agricultural
|
114
|
|
|
64
|
|
|
349
|
|
|
121
|
|
||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate – construction
|
3
|
|
|
3
|
|
|
7
|
|
|
34
|
|
||||
Real estate – 1-4 family mortgage
|
83
|
|
|
64
|
|
|
216
|
|
|
146
|
|
||||
Real estate – commercial mortgage
|
496
|
|
|
717
|
|
|
604
|
|
|
812
|
|
||||
Installment loans to individuals
|
29
|
|
|
42
|
|
|
54
|
|
|
61
|
|
||||
Total recoveries
|
725
|
|
|
890
|
|
|
1,230
|
|
|
1,174
|
|
||||
Net charge-offs
|
856
|
|
|
524
|
|
|
2,416
|
|
|
1,838
|
|
||||
Provision for loan losses
|
1,810
|
|
|
1,750
|
|
|
3,560
|
|
|
3,250
|
|
||||
Balance at end of period
|
$
|
47,355
|
|
|
$
|
44,149
|
|
|
$
|
47,355
|
|
|
$
|
44,149
|
|
Net charge-offs (annualized) to average loans
|
0.04
|
%
|
|
0.03
|
%
|
|
0.06
|
%
|
|
0.06
|
%
|
||||
Allowance for loan losses to:
|
|
|
|
|
|
|
|
||||||||
Total non purchased loans
|
0.78
|
%
|
|
0.87
|
%
|
|
0.78
|
%
|
|
0.87
|
%
|
||||
Nonperforming non purchased loans
|
426.20
|
%
|
|
347.74
|
%
|
|
426.20
|
%
|
|
347.74
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Real estate – construction:
|
|
|
|
|
|
|
|
||||||||
Residential
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
(7
|
)
|
|
$
|
(34
|
)
|
Total real estate – construction
|
(3
|
)
|
|
(3
|
)
|
|
(7
|
)
|
|
(34
|
)
|
||||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
|
|
||||||||
Primary
|
192
|
|
|
306
|
|
|
221
|
|
|
513
|
|
||||
Home equity
|
733
|
|
|
78
|
|
|
772
|
|
|
89
|
|
||||
Rental/investment
|
(19
|
)
|
|
70
|
|
|
44
|
|
|
80
|
|
||||
Land development
|
(10
|
)
|
|
33
|
|
|
397
|
|
|
(2
|
)
|
||||
Total real estate – 1-4 family mortgage
|
896
|
|
|
487
|
|
|
1,434
|
|
|
680
|
|
||||
Real estate – commercial mortgage:
|
|
|
|
|
|
|
|
||||||||
Owner-occupied
|
(423
|
)
|
|
37
|
|
|
123
|
|
|
80
|
|
||||
Non-owner occupied
|
(30
|
)
|
|
(22
|
)
|
|
(71
|
)
|
|
70
|
|
||||
Land development
|
3
|
|
|
(298
|
)
|
|
3
|
|
|
(301
|
)
|
||||
Total real estate – commercial mortgage
|
(450
|
)
|
|
(283
|
)
|
|
55
|
|
|
(151
|
)
|
||||
Total net charge-offs of loans secured by real estate
|
$
|
443
|
|
|
$
|
201
|
|
|
$
|
1,482
|
|
|
$
|
495
|
|
|
Non Purchased
|
|
Purchased
|
|
Total
|
||||||
June 30, 2018
|
|
|
|
|
|
||||||
Nonaccruing loans
|
$
|
8,921
|
|
|
$
|
4,561
|
|
|
$
|
13,482
|
|
Accruing loans past due 90 days or more
|
2,190
|
|
|
5,491
|
|
|
7,681
|
|
|||
Total nonperforming loans
|
11,111
|
|
|
10,052
|
|
|
21,163
|
|
|||
Other real estate owned
|
4,698
|
|
|
9,006
|
|
|
13,704
|
|
|||
Total nonperforming assets
|
$
|
15,809
|
|
|
$
|
19,058
|
|
|
$
|
34,867
|
|
Nonperforming loans to total loans
|
|
|
|
|
0.27
|
%
|
|||||
Nonperforming assets to total assets
|
|
|
|
|
0.33
|
%
|
|||||
|
|
|
|
|
|
||||||
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 assets
|
$
|
17,675
|
|
|
$
|
21,679
|
|
|
$
|
39,354
|
|
Nonperforming loans to total loans
|
|
|
|
|
0.31
|
%
|
|||||
Nonperforming assets to total assets
|
|
|
|
|
0.40
|
%
|
|
June 30,
2018 |
|
December 31, 2017
|
|
June 30,
2017 |
||||||
Commercial, financial, agricultural
|
$
|
3,090
|
|
|
$
|
2,921
|
|
|
$
|
3,080
|
|
Real estate – construction:
|
|
|
|
|
|
||||||
Residential
|
49
|
|
|
—
|
|
|
—
|
|
|||
Total real estate – construction
|
49
|
|
|
—
|
|
|
—
|
|
|||
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
6,841
|
|
|
6,221
|
|
|
6,543
|
|
|||
Home equity
|
1,545
|
|
|
2,701
|
|
|
2,137
|
|
|||
Rental/investment
|
549
|
|
|
395
|
|
|
1,883
|
|
|||
Land development
|
201
|
|
|
1,078
|
|
|
1,197
|
|
|||
Total real estate – 1-4 family mortgage
|
9,136
|
|
|
10,395
|
|
|
11,760
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
4,048
|
|
|
5,473
|
|
|
7,103
|
|
|||
Non-owner occupied
|
3,156
|
|
|
3,087
|
|
|
3,345
|
|
|||
Land development
|
960
|
|
|
1,090
|
|
|
989
|
|
|||
Total real estate – commercial mortgage
|
8,164
|
|
|
9,650
|
|
|
11,437
|
|
|||
Installment loans to individuals
|
345
|
|
|
295
|
|
|
304
|
|
|||
Lease financing
|
379
|
|
|
159
|
|
|
170
|
|
|||
Total nonperforming loans
|
$
|
21,163
|
|
|
$
|
23,420
|
|
|
$
|
26,751
|
|
|
June 30,
2018 |
|
December 31, 2017
|
|
June 30,
2017 |
||||||
Commercial, financial, agricultural
|
$
|
363
|
|
|
$
|
331
|
|
|
$
|
—
|
|
Real estate – 1-4 family mortgage:
|
|
|
|
|
|
||||||
Primary
|
6,129
|
|
|
6,213
|
|
|
5,638
|
|
|||
Home equity
|
42
|
|
|
282
|
|
|
244
|
|
|||
Rental/investment
|
1,946
|
|
|
2,247
|
|
|
2,247
|
|
|||
Land development
|
5
|
|
|
4
|
|
|
7
|
|
|||
Total real estate – 1-4 family mortgage
|
8,122
|
|
|
8,746
|
|
|
8,136
|
|
|||
Real estate – commercial mortgage:
|
|
|
|
|
|
||||||
Owner-occupied
|
3,256
|
|
|
3,503
|
|
|
4,323
|
|
|||
Non-owner occupied
|
725
|
|
|
1,466
|
|
|
1,501
|
|
|||
Land development
|
287
|
|
|
440
|
|
|
438
|
|
|||
Total real estate – commercial mortgage
|
4,268
|
|
|
5,409
|
|
|
6,262
|
|
|||
Installment loans to individuals
|
65
|
|
|
67
|
|
|
69
|
|
|||
|
|
|
|
|
|
||||||
Total restructured loans in compliance with modified terms
|
$
|
12,818
|
|
|
$
|
14,553
|
|
|
$
|
14,467
|
|
|
2018
|
|
2017
|
||||
Balance at January 1,
|
$
|
14,553
|
|
|
$
|
11,475
|
|
Additional loans with concessions
|
839
|
|
|
4,745
|
|
||
Reclassified as performing
|
177
|
|
|
—
|
|
||
Reductions due to:
|
|
|
|
||||
Reclassified as nonperforming
|
(795
|
)
|
|
(660
|
)
|
||
Paid in full
|
(1,344
|
)
|
|
(367
|
)
|
||
Charge-offs
|
—
|
|
|
(267
|
)
|
||
Paydowns
|
(612
|
)
|
|
(358
|
)
|
||
Lapse of concession period
|
—
|
|
|
(101
|
)
|
||
Balance at June 30,
|
$
|
12,818
|
|
|
$
|
14,467
|
|
|
June 30,
2018 |
|
December 31, 2017
|
|
June 30,
2017 |
||||||
Nonaccruing loans
|
$
|
13,482
|
|
|
$
|
14,674
|
|
|
$
|
17,340
|
|
Accruing loans past due 90 days or more
|
7,681
|
|
|
8,746
|
|
|
9,411
|
|
|||
Total nonperforming loans
|
21,163
|
|
|
23,420
|
|
|
26,751
|
|
|||
Restructured loans in compliance with modified terms
|
12,818
|
|
|
14,553
|
|
|
14,467
|
|
|||
Total nonperforming and restructured loans
|
$
|
33,981
|
|
|
$
|
37,973
|
|
|
$
|
41,218
|
|
|
June 30,
2018 |
|
December 31, 2017
|
|
June 30,
2017 |
||||||
Residential real estate
|
$
|
2,083
|
|
|
$
|
2,441
|
|
|
$
|
1,913
|
|
Commercial real estate
|
4,741
|
|
|
5,938
|
|
|
8,507
|
|
|||
Residential land development
|
1,329
|
|
|
1,881
|
|
|
2,620
|
|
|||
Commercial land development
|
5,551
|
|
|
5,674
|
|
|
6,674
|
|
|||
Total other real estate owned
|
$
|
13,704
|
|
|
$
|
15,934
|
|
|
$
|
19,714
|
|
|
2018
|
|
2017
|
||||
Balance at January 1,
|
$
|
15,934
|
|
|
$
|
23,299
|
|
Transfers of loans
|
2,291
|
|
|
4,227
|
|
||
Impairments
|
(749
|
)
|
|
(757
|
)
|
||
Dispositions
|
(3,769
|
)
|
|
(6,986
|
)
|
||
Other
|
(3
|
)
|
|
(69
|
)
|
||
Balance at June 30,
|
$
|
13,704
|
|
|
$
|
19,714
|
|
|
|
Percentage Change In:
|
||||
Immediate Change in Rates of (in basis points):
|
|
Economic Value Equity (EVE)
|
|
Earning at Risk (Net Interest Income)
|
||
|
Static
|
|
1-12 Months
|
|
13-24 Months
|
|
+400
|
|
14.80%
|
|
11.24%
|
|
19.97%
|
+300
|
|
11.65%
|
|
7.55%
|
|
14.79%
|
+200
|
|
7.34%
|
|
5.19%
|
|
10.10%
|
+100
|
|
3.38%
|
|
2.10%
|
|
5.54%
|
-100
|
|
(5.16)%
|
|
(6.86)%
|
|
(8.45)%
|
|
Percentage of Total Average Deposits and Borrowed Funds
|
|
Cost of Funds
|
||||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Noninterest-bearing demand
|
21.47
|
%
|
|
21.39
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing demand
|
46.43
|
|
|
45.79
|
|
|
0.45
|
|
|
0.22
|
|
Savings
|
6.84
|
|
|
7.58
|
|
|
0.13
|
|
|
0.07
|
|
Time deposits
|
21.52
|
|
|
21.76
|
|
|
1.06
|
|
|
0.82
|
|
Short-term borrowings
|
1.33
|
|
|
0.84
|
|
|
1.48
|
|
|
0.79
|
|
Long-term Federal Home Loan Bank advances
|
0.08
|
|
|
0.11
|
|
|
3.35
|
|
|
3.46
|
|
Subordinated notes
|
1.33
|
|
|
1.33
|
|
|
5.60
|
|
|
5.50
|
|
Other borrowed funds
|
1.00
|
|
|
1.20
|
|
|
5.19
|
|
|
5.27
|
|
Total deposits and borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.60
|
%
|
|
0.43
|
%
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Loan commitments
|
$
|
1,575,805
|
|
|
$
|
1,619,022
|
|
Standby letters of credit
|
65,253
|
|
|
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
|
|||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
951,490
|
|
|
11.71
|
%
|
|
$
|
528,043
|
|
|
6.50
|
%
|
|
$
|
517,888
|
|
|
6.375
|
%
|
Tier 1 risk-based capital ratio
|
1,034,498
|
|
|
12.73
|
%
|
|
649,899
|
|
|
8.00
|
%
|
|
639,744
|
|
|
7.875
|
%
|
|||
Total risk-based capital ratio
|
1,198,046
|
|
|
14.75
|
%
|
|
812,373
|
|
|
10.00
|
%
|
|
802,219
|
|
|
9.875
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
1,034,498
|
|
|
10.63
|
%
|
|
485,456
|
|
|
5.00
|
%
|
|
388,365
|
|
|
4.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Renasant Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common equity tier 1 capital ratio
|
$
|
1,057,998
|
|
|
13.04
|
%
|
|
$
|
527,172
|
|
|
6.50
|
%
|
|
$
|
517,034
|
|
|
6.375
|
%
|
Tier 1 risk-based capital ratio
|
1,057,998
|
|
|
13.04
|
%
|
|
648,827
|
|
|
8.00
|
%
|
|
638,689
|
|
|
7.875
|
%
|
|||
Total risk-based capital ratio
|
1,108,178
|
|
|
13.66
|
%
|
|
811,033
|
|
|
10.00
|
%
|
|
800,895
|
|
|
9.875
|
%
|
|||
Leverage capital ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 leverage ratio
|
1,057,998
|
|
|
10.89
|
%
|
|
484,518
|
|
|
5.00
|
%
|
|
387,614
|
|
|
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 Purchased
(1)
|
|
Average Price Paid 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
|
|||||
April 1, 2018 to April 30, 2018
|
|
2,394
|
|
|
$
|
42.56
|
|
|
—
|
|
|
—
|
|
May 1, 2018 to May 31, 2018
|
|
1,753
|
|
|
45.23
|
|
|
—
|
|
|
—
|
|
|
June 1, 2018 to June 30, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
4,147
|
|
|
$
|
43.69
|
|
|
—
|
|
|
—
|
|
(1)
|
Represents shares withheld to satisfy federal and state tax liabilities related to the vesting of time-based restricted stock awards during the three month period ended June 30, 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 June 30, 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(ii) to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 20, 2018 and incorporated herein by reference.
|
|
|
RENASANT CORPORATION
|
|
|
(Registrant)
|
|
|
|
Date:
|
August 8, 2018
|
/s/ C. Mitchell Waycaster
|
|
|
C. Mitchell Waycaster
|
|
|
President and
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date:
|
August 8, 2018
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial and Operating Officer
|
|
|
(Principal Financial Officer)
|
Date:
|
August 8, 2018
|
/s/ C. Mitchell Waycaster
|
|
|
C. Mitchell Waycaster
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
August 8, 2018
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial and Operating Officer
|
|
|
(Principal Financial Officer)
|
Date:
|
August 8, 2018
|
/s/ C. Mitchell Waycaster
|
|
|
C. Mitchell Waycaster
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date:
|
August 8, 2018
|
/s/ Kevin D. Chapman
|
|
|
Kevin D. Chapman
|
|
|
Executive Vice President and
|
|
|
Chief Financial and Operating Officer
|
|
|
(Principal Financial Officer)
|