“Our first quarter results were highlighted by strong loan growth and continued progress in expense management. The core deposit base continued to grow, and our credit metrics remain strong,” commented
Quarterly Highlights
Earnings
- Net income for the first quarter of 2022 was
$33.5 million with diluted EPS of$0.60 - Net interest income (fully tax equivalent) for the first quarter of 2022 was
$101.4 million , a decrease of$1.9 million from the fourth quarter of 2021 - For the first quarter of 2022, net interest margin was 2.76%, down 5 basis points on a linked quarter basis
- Cost of total deposits was 17 basis points for the first quarter of 2022, down 1 basis point on a linked quarter basis
- Wealth management and insurance produced strong results during the first quarter of 2022
- The mortgage division generated
$1.2 billion in interest rate lock volume during the first quarter of 2022, which is in line with interest rate lock volume production during the fourth quarter of 2021 - First quarter noninterest expense decreased by
$7.0 million on a linked quarter basis, primarily driven by the decrease in the debt prepayment penalty of$6.1 million recognized in the fourth quarter of 2021 and a decrease in data processing due to savings realized from contract re-negotiations
Balance Sheet
- Loans increased
$292.5 million during the first quarter of 2022 from year-end; excluding loans acquired during the quarter (as discussed immediately below), loans increased$264.4 million , which represents 10.70% annualized net loan growth. The balance of Paycheck Protection Program (“PPP”) loans was$8.4 million atMarch 31, 2022 - The Company completed the acquisition of
Southeastern Commercial Finance, LLC , an asset-based lending company headquartered inBirmingham, Alabama , onMarch 1, 2022 , which added$28.1 million in loans on the date of acquisition - The securities portfolio increased
$90.1 million during the first quarter of 2022 from year-end; this included net additions to the portfolio during the quarter of$224.9 million and a negative fair market value adjustment in our available-for-sale portfolio of$134.8 million - Deposits at
March 31, 2022 increased$85.2 million from year-end, and noninterest bearing deposits represented 33.64% of total deposits atMarch 31, 2022
Capital
- Book value per share and tangible book value per share (non-GAAP)(1) decreased 3.5% and 6.4%, respectively, on a linked quarter basis, driven by a decrease in accumulated other comprehensive income
- The Company redeemed
$30 million of its subordinated notes onMarch 1, 2022 - The Company has a
$50 million stock repurchase program that will remain in effect throughOctober 2022 ; however, there was no buyback activity during the first quarter of 2022
Credit Quality
- The Company recorded a provision for credit losses on loans of
$1.5 million and a negative provision for unfunded commitments (recorded in other noninterest expense) of$550 thousand for the first quarter of 2022 - Allowance for credit losses on loans to total loans decreased on a linked quarter basis to 1.61% at
March 31, 2022 as compared to 1.64% atDecember 31, 2021 - The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 318.65% at
March 31, 2022 as compared to 323.14% atDecember 31, 2021 - Net loan charge-offs for the first quarter of 2022 were
$851 thousand , or 0.03% of average loans on an annualized basis - Credit metrics remained relatively stable on a linked quarter basis with nonperforming loans to total loans remaining at 0.51% and criticized loans (which includes classified and special mention loans) to total loans decreasing to 2.47% at
March 31, 2022
(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
Income Statement
(Dollars in thousands, except per share data) | Three Months Ended | |||||||||||
Interest income | ||||||||||||
Loans held for investment | $ | 95,829 | $ | 98,478 | $ | 102,627 | $ | 109,721 | $ | 112,006 | ||
Loans held for sale | 2,863 | 3,652 | 2,377 | 3,604 | 2,999 | |||||||
Securities | 10,835 | 9,221 | 8,416 | 7,321 | 6,574 | |||||||
Other | 664 | 568 | 593 | 345 | 183 | |||||||
Total interest income | 110,191 | 111,919 | 114,013 | 120,991 | 121,762 | |||||||
Interest expense | ||||||||||||
Deposits | 5,637 | 6,056 | 6,972 | 7,669 | 8,279 | |||||||
Borrowings | 4,925 | 4,381 | 3,749 | 3,743 | 3,835 | |||||||
Total interest expense | 10,562 | 10,437 | 10,721 | 11,412 | 12,114 | |||||||
Net interest income | 99,629 | 101,482 | 103,292 | 109,579 | 109,648 | |||||||
Provision for (recovery of) credit losses | ||||||||||||
Provision for (recovery of) loan losses | 1,500 | (500 | ) | (1,200 | ) | — | — | |||||
Provision for credit losses on HTM securities | — | 32 | — | — | — | |||||||
Total provision for (recovery of) credit losses | 1,500 | (468 | ) | (1,200 | ) | — | — | |||||
Net interest income after provision for (recovery of) credit losses | 98,129 | 101,950 | 104,492 | 109,579 | 109,648 | |||||||
Noninterest income | 37,458 | 47,582 | 50,755 | 47,610 | 81,037 | |||||||
Noninterest expense | 94,105 | 101,115 | 103,999 | 108,777 | 115,935 | |||||||
Income before income taxes | 41,482 | 48,417 | 51,248 | 48,412 | 74,750 | |||||||
Income taxes | 7,935 | 11,363 | 11,185 | 7,545 | 16,842 | |||||||
Net income | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | ||
Adjusted net income (non-GAAP)(1) | $ | 33,728 | $ | 38,232 | $ | 40,315 | $ | 41,169 | $ | 48,244 | ||
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) | $ | 42,664 | $ | 49,190 | $ | 50,171 | $ | 48,797 | $ | 62,266 | ||
Basic earnings per share | $ | 0.60 | $ | 0.66 | $ | 0.71 | $ | 0.73 | $ | 1.03 | ||
Diluted earnings per share | 0.60 | 0.66 | 0.71 | 0.72 | 1.02 | |||||||
Adjusted diluted earnings per share (non-GAAP)(1) | 0.60 | 0.68 | 0.71 | 0.73 | 0.85 | |||||||
Average basic shares outstanding | 55,809,192 | 55,751,487 | 56,146,285 | 56,325,717 | 56,240,201 | |||||||
Average diluted shares outstanding | 56,081,863 | 56,105,050 | 56,447,184 | 56,635,898 | 56,519,199 | |||||||
Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 |
(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
Performance Ratios
Three Months Ended | ||||||||||
Return on average assets | 0.81 | % | 0.89 | % | 0.99 | % | 1.04 | % | 1.54 | % |
Adjusted return on average assets (non-GAAP)(1) | 0.82 | 0.92 | 0.99 | 1.04 | 1.29 | |||||
Return on average tangible assets (non-GAAP)(1) | 0.89 | 0.98 | 1.08 | 1.14 | 1.69 | |||||
Adjusted return on average tangible assets (non-GAAP)(1) | 0.90 | 1.01 | 1.09 | 1.14 | 1.41 | |||||
Return on average equity | 6.05 | 6.59 | 7.16 | 7.40 | 10.81 | |||||
Adjusted return on average equity (non-GAAP)(1) | 6.08 | 6.80 | 7.21 | 7.46 | 9.01 | |||||
Return on average tangible equity (non-GAAP)(1) | 10.93 | 11.94 | 13.05 | 13.54 | 19.93 | |||||
Adjusted return on average tangible equity (non-GAAP)(1) | 10.99 | 12.31 | 13.13 | 13.64 | 16.68 | |||||
Efficiency ratio (fully taxable equivalent) | 67.78 | 67.04 | 66.77 | 68.49 | 60.29 | |||||
Adjusted efficiency ratio (non-GAAP)(1) | 67.02 | 64.18 | 66.06 | 67.28 | 63.85 | |||||
Dividend payout ratio | 36.67 | 33.33 | 30.99 | 30.14 | 21.36 |
Capital and Balance Sheet Ratios
As of | |||||||||||||||
Shares outstanding | 55,880,666 | 55,756,233 | 55,747,407 | 56,350,878 | 56,294,346 | ||||||||||
Market value per share | $ | 33.45 | $ | 37.95 | $ | 36.05 | $ | 40.00 | $ | 41.38 | |||||
Book value per share | 38.25 | 39.63 | 39.53 | 39.11 | 38.61 | ||||||||||
Tangible book value per share (non-GAAP)(1) | 20.91 | 22.35 | 22.22 | 21.95 | 21.41 | ||||||||||
Shareholders' equity to assets | 12.68 | % | 13.15 | % | 13.64 | % | 13.75 | % | 13.91 | % | |||||
Tangible common equity ratio (non-GAAP)(1) | 7.35 | 7.86 | 8.15 | 8.22 | 8.23 | ||||||||||
Leverage ratio | 9.00 | 9.15 | 9.18 | 9.30 | 9.49 | ||||||||||
Common equity tier 1 capital ratio | 10.78 | 11.18 | 11.02 | 11.14 | 11.05 | ||||||||||
Tier 1 risk-based capital ratio | 11.67 | 12.10 | 11.94 | 12.07 | 12.00 | ||||||||||
Total risk-based capital ratio | 15.50 | 16.14 | 14.66 | 15.11 | 15.09 |
(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
Noninterest Income and Noninterest Expense
(Dollars in thousands) | Three Months Ended | |||||||||||
Noninterest income | ||||||||||||
Service charges on deposit accounts | $ | 9,562 | $ | 9,751 | $ | 9,337 | $ | 9,458 | $ | 8,023 | ||
Fees and commissions | 3,982 | 3,885 | 3,837 | 4,110 | 3,900 | |||||||
Insurance commissions | 2,554 | 2,353 | 2,829 | 2,422 | 2,237 | |||||||
Wealth management revenue | 5,924 | 5,273 | 5,371 | 5,019 | 4,792 | |||||||
Mortgage banking income | 9,633 | 14,726 | 23,292 | 20,853 | 50,733 | |||||||
Swap termination gains | — | 4,676 | — | — | — | |||||||
Net gains on sales of securities | — | 49 | 764 | — | 1,357 | |||||||
BOLI income | 2,153 | 2,048 | 1,602 | 1,644 | 2,072 | |||||||
Other | 3,650 | 4,821 | 3,723 | 4,104 | 7,923 | |||||||
Total noninterest income | $ | 37,458 | $ | 47,582 | $ | 50,755 | $ | 47,610 | $ | 81,037 | ||
Noninterest expense | ||||||||||||
Salaries and employee benefits | $ | 62,239 | $ | 62,523 | $ | 69,115 | $ | 70,293 | $ | 78,696 | ||
Data processing | 4,263 | 5,346 | 5,277 | 5,652 | 5,451 | |||||||
Net occupancy and equipment | 11,276 | 11,177 | 11,748 | 11,374 | 12,538 | |||||||
Other real estate owned | (241 | ) | (60 | ) | 168 | 104 | 41 | |||||
Professional fees | 3,151 | 3,209 | 2,972 | 2,674 | 2,921 | |||||||
Advertising and public relations | 4,059 | 2,929 | 2,922 | 3,100 | 3,252 | |||||||
Intangible amortization | 1,366 | 1,424 | 1,481 | 1,539 | 1,598 | |||||||
Communications | 2,027 | 2,088 | 2,198 | 2,291 | 2,292 | |||||||
Merger and conversion related expenses | 687 | — | — | — | — | |||||||
Restructuring (benefit) charges | (455 | ) | 61 | — | 15 | 292 | ||||||
Debt prepayment penalty | — | 6,123 | — | — | — | |||||||
Other | 5,733 | 6,295 | 8,118 | 11,735 | 8,854 | |||||||
Total noninterest expense | $ | 94,105 | $ | 101,115 | $ | 103,999 | $ | 108,777 | $ | 115,935 |
Mortgage Banking Income
(Dollars in thousands) | Three Months Ended | |||||||||||||
Gain on sales of loans, net | $ | 6,047 | $ | 10,801 | $ | 20,116 | $ | 17,581 | $ | 33,901 | ||||
Fees, net | 3,053 | 4,320 | 3,420 | 4,519 | 4,902 | |||||||||
Mortgage servicing income (loss), net | 533 | (395 | ) | (244 | ) | (1,247 | ) | (1,631 | ) | |||||
MSR valuation adjustment | — | — | — | — | 13,561 | |||||||||
Total mortgage banking income | $ | 9,633 | $ | 14,726 | $ | 23,292 | $ | 20,853 | $ | 50,733 |
Balance Sheet
(Dollars in thousands) | As of | ||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 1,607,493 | $ | 1,877,965 | $ | 1,476,141 | $ | 1,605,488 | $ | 1,261,916 | |||||
Securities held to maturity, at amortized cost | 487,194 | 416,357 | — | — | — | ||||||||||
Securities available for sale, at fair value | 2,405,316 | 2,386,052 | 2,544,643 | 2,163,820 | 1,536,041 | ||||||||||
Loans held for sale, at fair value | 280,464 | 453,533 | 452,869 | 448,959 | 502,002 | ||||||||||
Loans: | |||||||||||||||
Non purchased | 9,338,890 | 9,011,012 | 8,875,880 | 8,892,544 | 9,292,502 | ||||||||||
Purchased | 974,569 | 1,009,902 | 1,140,944 | 1,256,698 | 1,395,906 | ||||||||||
Total loans | 10,313,459 | 10,020,914 | 10,016,824 | 10,149,242 | 10,688,408 | ||||||||||
Allowance for credit losses on loans | (166,468 | ) | (164,171 | ) | (170,038 | ) | (172,354 | ) | (173,106 | ) | |||||
Loans, net | 10,146,991 | 9,856,743 | 9,846,786 | 9,976,888 | 10,515,302 | ||||||||||
Premises and equipment, net | 285,344 | 293,122 | 294,499 | 293,203 | 300,917 | ||||||||||
Other real estate owned | 2,062 | 2,540 | 4,705 | 4,939 | 5,971 | ||||||||||
946,291 | 939,683 | 939,683 | 939,683 | 939,683 | |||||||||||
Other intangibles | 22,731 | 24,098 | 25,522 | 27,003 | 28,542 | ||||||||||
Bank-owned life insurance | 369,344 | 287,359 | 286,088 | 279,444 | 233,508 | ||||||||||
Mortgage servicing rights | 91,730 | 89,018 | 86,387 | 84,912 | 80,263 | ||||||||||
Other assets | 218,797 | 183,841 | 198,227 | 198,047 | 218,426 | ||||||||||
Total assets | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 | |||||
Liabilities and Shareholders’ Equity | |||||||||||||||
Liabilities | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing | $ | 4,706,256 | $ | 4,718,124 | $ | 4,492,650 | $ | 4,349,135 | $ | 4,135,360 | |||||
Interest-bearing | 9,284,641 | 9,187,600 | 8,762,179 | 8,766,216 | 8,601,548 | ||||||||||
Total deposits | 13,990,897 | 13,905,724 | 13,254,829 | 13,115,351 | 12,736,908 | ||||||||||
Short-term borrowings | 111,279 | 13,947 | 11,253 | 14,933 | 12,154 | ||||||||||
Long-term debt | 435,416 | 471,209 | 468,863 | 469,406 | 467,660 | ||||||||||
Other liabilities | 188,523 | 209,578 | 216,661 | 218,889 | 232,148 | ||||||||||
Total liabilities | 14,726,115 | 14,600,458 | 13,951,606 | 13,818,579 | 13,448,870 | ||||||||||
Shareholders’ equity: | |||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||
Common stock | $ | 296,483 | $ | 296,483 | $ | 296,483 | $ | 296,483 | $ | 296,483 | |||||
(114,050 | ) | (118,027 | ) | (118,288 | ) | (97,249 | ) | (98,949 | ) | ||||||
Additional paid-in capital | 1,297,088 | 1,300,192 | 1,298,022 | 1,295,879 | 1,294,911 | ||||||||||
Retained earnings | 762,690 | 741,648 | 717,033 | 689,444 | 661,117 | ||||||||||
Accumulated other comprehensive income (loss) | (104,569 | ) | (10,443 | ) | 10,694 | 19,250 | 20,139 | ||||||||
Total shareholders’ equity | 2,137,642 | 2,209,853 | 2,203,944 | 2,203,807 | 2,173,701 | ||||||||||
Total liabilities and shareholders’ equity | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 |
Net Interest Income and Net Interest Margin
(Dollars in thousands) | Three Months Ended | |||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | ||||||||||
Interest-earning assets: | ||||||||||||||||||
Non purchased loans | $ | 9,085,482 | $ | 84,653 | 3.77 | % | $ | 8,806,254 | $ | 85,362 | 3.85 | % | $ | 8,362,793 | $ | 81,928 | 3.97 | % |
Purchased loans | 983,523 | 11,729 | 4.82 | % | 1,079,630 | 13,823 | 5.09 | % | 1,454,637 | 20,457 | 5.69 | % | ||||||
PPP loans | 39,506 | 619 | 6.36 | % | 62,726 | 485 | 3.07 | % | 985,561 | 10,687 | 4.40 | % | ||||||
Total loans | 10,108,511 | 97,001 | 3.88 | % | 9,948,610 | 99,670 | 3.98 | % | 10,802,991 | 113,072 | 4.24 | % | ||||||
Loans held for sale | 330,442 | 2,863 | 3.48 | % | 498,724 | 3,652 | 2.93 | % | 406,397 | 2,999 | 2.96 | % | ||||||
Taxable securities | 2,499,822 | 8,782 | 1.41 | % | 2,245,249 | 7,293 | 1.30 | % | 1,065,779 | 4,840 | 1.82 | % | ||||||
Tax-exempt securities(1) | 438,380 | 2,635 | 2.40 | % | 392,700 | 2,503 | 2.55 | % | 306,344 | 2,284 | 2.98 | % | ||||||
Total securities | 2,938,202 | 11,417 | 1.55 | % | 2,637,949 | 9,796 | 1.49 | % | 1,372,123 | 7,124 | 2.08 | % | ||||||
Interest-bearing balances with banks | 1,463,991 | 664 | 0.18 | % | 1,522,433 | 568 | 0.15 | % | 777,166 | 183 | 0.10 | % | ||||||
Total interest-earning assets | 14,841,146 | 111,945 | 3.05 | % | 14,607,716 | 113,686 | 3.09 | % | 13,358,677 | 123,378 | 3.74 | % | ||||||
Cash and due from banks | 206,224 | 201,941 | 205,830 | |||||||||||||||
Intangible assets | 965,430 | 964,575 | 969,001 | |||||||||||||||
Other assets | 684,464 | 676,408 | 670,183 | |||||||||||||||
Total assets | $ | 16,697,264 | $ | 16,450,640 | $ | 15,203,691 | ||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Interest-bearing demand(2) | $ | 6,636,392 | $ | 3,647 | 0.22 | % | $ | 6,460,178 | $ | 3,487 | 0.21 | % | $ | 5,906,230 | $ | 3,932 | 0.27 | % |
Savings deposits | 1,097,560 | 139 | 0.05 | % | 1,045,784 | 151 | 0.06 | % | 882,758 | 169 | 0.08 | % | ||||||
Time deposits | 1,374,722 | 1,851 | 0.55 | % | 1,434,162 | 2,418 | 0.67 | % | 1,655,778 | 4,178 | 1.02 | % | ||||||
Total interest-bearing deposits | 9,108,674 | 5,637 | 0.25 | % | 8,940,124 | 6,056 | 0.27 | % | 8,444,766 | 8,279 | 0.40 | % | ||||||
Borrowed funds | 485,777 | 4,925 | 4.08 | % | 434,546 | 4,381 | 4.03 | % | 483,907 | 3,835 | 3.19 | % | ||||||
Total interest-bearing liabilities | 9,594,451 | 10,562 | 0.44 | % | 9,374,670 | 10,437 | 0.44 | % | 8,928,673 | 12,114 | 0.55 | % | ||||||
Noninterest-bearing deposits | 4,651,793 | 4,633,885 | 3,862,422 | |||||||||||||||
Other liabilities | 201,353 | 210,404 | 240,171 | |||||||||||||||
Shareholders’ equity | 2,249,667 | 2,231,681 | 2,172,425 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 16,697,264 | $ | 16,450,640 | $ | 15,203,691 | ||||||||||||
Net interest income/ net interest margin | $ | 101,383 | 2.76 | % | $ | 103,249 | 2.81 | % | $ | 111,264 | 3.37 | % | ||||||
Cost of funding | 0.30 | % | 0.30 | % | 0.38 | % | ||||||||||||
Cost of total deposits | 0.17 | % | 0.18 | % | 0.27 | % |
(1)
(2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
Supplemental Margin Information
(Dollars in thousands) | Three Months Ended | ||||||||
Earning asset mix: | |||||||||
Loans held for investment, excluding PPP loans | 67.84 | % | 67.68 | % | 73.49 | % | |||
PPP loans | 0.27 | 0.43 | 7.38 | ||||||
Loans held for sale | 2.23 | 3.41 | 3.04 | ||||||
Securities | 19.80 | 18.06 | 10.27 | ||||||
Interest-bearing balances with banks | 9.86 | 10.42 | 5.82 | ||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | |||
Funding sources mix: | |||||||||
Noninterest-bearing demand | 32.65 | % | 33.08 | % | 30.20 | % | |||
Interest-bearing demand | 46.59 | 46.11 | 46.18 | ||||||
Savings | 7.70 | 7.47 | 6.90 | ||||||
Time deposits | 9.65 | 10.24 | 12.94 | ||||||
Borrowed funds | 3.41 | 3.10 | 3.78 | ||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | |||
Net interest income collected on problem loans | $ | 434 | $ | 578 | $ | 2,180 | |||
Total accretion on purchased loans | 1,235 | 2,187 | 3,088 | ||||||
Total impact on net interest income | $ | 1,669 | $ | 2,765 | $ | 5,268 | |||
Impact on net interest margin | 0.05 | % | 0.08 | % | 0.16 | % | |||
Impact on loan yield | 0.07 | % | 0.11 | % | 0.20 | % | |||
Interest income on PPP loans | $ | 619 | $ | 485 | $ | 10,687 | |||
PPP impact on net interest margin | 0.01 | % | — | % | 0.07 | % | |||
PPP impact on loan yield | 0.01 | % | — | % | 0.01 | % |
Loan Portfolio
(Dollars in thousands) | As of | |||||||||
Loan Portfolio: | ||||||||||
Commercial, financial, agricultural | $ | 1,437,225 | $ | 1,364,879 | $ | 1,368,557 | $ | 1,387,702 | $ | 1,388,423 |
Lease financing | 89,842 | 76,125 | 79,215 | 74,003 | 75,256 | |||||
Real estate - construction | 1,222,052 | 1,104,896 | 1,091,296 | 1,051,359 | 955,918 | |||||
Real estate - 1-4 family mortgages | 2,840,979 | 2,724,246 | 2,724,743 | 2,702,091 | 2,686,061 | |||||
Real estate - commercial mortgages | 4,577,864 | 4,549,037 | 4,535,730 | 4,530,169 | 4,549,027 | |||||
Installment loans to individuals | 137,115 | 143,340 | 149,821 | 156,987 | 172,859 | |||||
Subtotal | 10,305,077 | 9,962,523 | 9,949,362 | 9,902,311 | 9,827,544 | |||||
PPP | 8,382 | 58,391 | 67,462 | 246,931 | 860,864 | |||||
Total loans | $ | 10,313,459 | $ | 10,020,914 | $ | 10,016,824 | $ | 10,149,242 | $ | 10,688,408 |
Credit Quality and Allowance for Credit Losses on Loans
(Dollars in thousands) | As of | ||||||||||||||
Nonperforming Assets: | |||||||||||||||
Non purchased | |||||||||||||||
Non purchased nonaccruing loans | $ | 32,573 | $ | 30,751 | $ | 29,266 | $ | 27,101 | $ | 24,794 | |||||
Non purchased loans 90 days or more past due | 209 | 1,074 | 908 | 800 | 2,235 | ||||||||||
Total non purchased nonperforming loans | 32,782 | 31,825 | 30,174 | 27,901 | 27,029 | ||||||||||
Non purchased other real estate owned | 531 | 951 | 2,252 | 1,675 | 2,292 | ||||||||||
Total non purchased nonperforming assets | 33,313 | 32,776 | 32,426 | 29,576 | 29,321 | ||||||||||
Purchased | |||||||||||||||
Purchased nonaccruing loans | $ | 19,422 | $ | 18,613 | $ | 26,492 | $ | 27,690 | $ | 28,947 | |||||
Purchased loans 90 days or more past due | 38 | 367 | 74 | 945 | 129 | ||||||||||
Total purchased nonperforming loans | 19,460 | 18,980 | 26,566 | 28,635 | 29,076 | ||||||||||
Purchased other real estate owned | 1,531 | 1,589 | 2,453 | 3,264 | 3,679 | ||||||||||
Total purchased nonperforming assets | $ | 20,991 | $ | 20,569 | $ | 29,019 | $ | 31,899 | $ | 32,755 | |||||
Total nonperforming loans | $ | 52,242 | $ | 50,805 | $ | 56,740 | $ | 56,536 | $ | 56,105 | |||||
Total nonperforming assets | $ | 54,304 | $ | 53,345 | $ | 61,445 | $ | 61,475 | $ | 62,076 | |||||
Allowance for credit losses on loans | $ | 166,468 | $ | 164,171 | $ | 170,038 | $ | 172,354 | $ | 173,106 | |||||
Net loan charge-offs | $ | 851 | $ | 5,367 | $ | 1,116 | $ | 752 | $ | 3,038 | |||||
Annualized net loan charge-offs / average loans | 0.03 | % | 0.21 | % | 0.04 | % | 0.03 | % | 0.11 | % | |||||
Nonperforming loans / total loans | 0.51 | 0.51 | 0.57 | 0.56 | 0.52 | ||||||||||
Nonperforming assets / total assets | 0.32 | 0.32 | 0.38 | 0.38 | 0.40 | ||||||||||
Allowance for credit losses on loans / total loans | 1.61 | 1.64 | 1.70 | 1.70 | 1.62 | ||||||||||
Allowance for credit losses on loans / nonperforming loans | 318.65 | 323.14 | 299.68 | 304.86 | 308.54 | ||||||||||
Nonperforming loans / total loans excluding PPP loans (non-GAAP)(1) | 0.51 | 0.51 | 0.57 | 0.57 | 0.57 | ||||||||||
Nonperforming assets / total assets excluding PPP loans (non-GAAP)(1) | 0.32 | 0.32 | 0.38 | 0.39 | 0.42 | ||||||||||
Allowance for credit losses on loans / total loans excluding PPP loans (non-GAAP)(1) | 1.62 | 1.65 | 1.71 | 1.74 | 1.76 |
(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at
The webcast can be accessed through Renasant’s investor relations website at www.renasant.com or https://services.choruscall.com/mediaframe/webcast.html?webcastid=EvhJJJ96. To access the conference via telephone, dial 1-877-513-1143 in
The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in
ABOUT
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain, or incorporate by reference, statements about
Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in the Company’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control.
Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the
The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.
NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally accepted accounting principles in
None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.
Non-GAAP Reconciliations
(Dollars in thousands, except per share data) | Three Months Ended | ||||||||||||||
Adjusted Pre-Provision Net Revenue (“PPNR”) | |||||||||||||||
Net income (GAAP) | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | |||||
Income taxes | 7,935 | 11,363 | 11,185 | 7,545 | 16,842 | ||||||||||
Provision for (recovery of) credit losses (including unfunded commitments) | 950 | (768 | ) | (1,400 | ) | — | — | ||||||||
Pre-provision net revenue (non-GAAP) | $ | 42,432 | $ | 47,649 | $ | 49,848 | $ | 48,412 | $ | 74,750 | |||||
Merger and conversion expense | 687 | — | — | — | — | ||||||||||
Debt prepayment penalties | — | 6,123 | — | — | — | ||||||||||
Swap termination gains | — | (4,676 | ) | — | — | — | |||||||||
MSR valuation adjustment | — | — | — | — | (13,561 | ) | |||||||||
Restructuring (benefit) charges | (455 | ) | 61 | — | 15 | 292 | |||||||||
COVID-19 related expenses(1) | — | 33 | 323 | 370 | 785 | ||||||||||
Adjusted pre-provision net revenue (non-GAAP) | $ | 42,664 | $ | 49,190 | $ | 50,171 | $ | 48,797 | $ | 62,266 | |||||
Adjusted Net Income and Adjusted Tangible Net Income | |||||||||||||||
Net income (GAAP) | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | |||||
Amortization of intangibles | 1,366 | 1,424 | 1,481 | 1,539 | 1,598 | ||||||||||
Tax effect of adjustments noted above(2) | (303 | ) | (335 | ) | (323 | ) | (333 | ) | (361 | ) | |||||
Tangible net income (non-GAAP) | $ | 34,610 | $ | 38,143 | $ | 41,221 | $ | 42,073 | $ | 59,145 | |||||
Net income (GAAP) | $ | 33,547 | $ | 37,054 | $ | 40,063 | $ | 40,867 | $ | 57,908 | |||||
Merger and conversion expense | 687 | — | — | — | — | ||||||||||
Debt prepayment penalties | — | 6,123 | — | — | — | ||||||||||
Swap termination gain | — | (4,676 | ) | — | — | — | |||||||||
MSR valuation adjustment | — | — | — | — | (13,561 | ) | |||||||||
Restructuring charges | (455 | ) | 61 | — | 15 | 292 | |||||||||
COVID-19 related expenses(1) | — | 33 | 323 | 370 | 785 | ||||||||||
Tax effect of adjustments noted above(2) | (51 | ) | (363 | ) | (71 | ) | (83 | ) | 2,820 | ||||||
Adjusted net income (non-GAAP) | $ | 33,728 | $ | 38,232 | $ | 40,315 | $ | 41,169 | $ | 48,244 | |||||
Amortization of intangibles | 1,366 | 1,424 | 1,481 | 1,539 | 1,598 | ||||||||||
Tax effect of adjustments noted above(2) | (303 | ) | (335 | ) | (323 | ) | (333 | ) | (361 | ) | |||||
Adjusted tangible net income (non-GAAP) | $ | 34,791 | $ | 39,321 | $ | 41,473 | $ | 42,375 | $ | 49,481 | |||||
Tangible Assets and Tangible Shareholders’ Equity | |||||||||||||||
Average shareholders’ equity (GAAP) | $ | 2,249,667 | $ | 2,231,681 | $ | 2,219,431 | $ | 2,213,743 | $ | 2,172,425 | |||||
Average intangible assets | 965,430 | 964,575 | 965,960 | 967,430 | 969,001 | ||||||||||
Average tangible shareholders’ equity (non-GAAP) | $ | 1,284,237 | $ | 1,267,106 | $ | 1,253,471 | $ | 1,246,313 | $ | 1,203,424 | |||||
Average assets (GAAP) | $ | 16,697,264 | $ | 16,450,640 | $ | 16,130,149 | $ | 15,831,018 | $ | 15,203,691 | |||||
Average intangible assets | 965,430 | 964,575 | 965,960 | 967,430 | 969,001 | ||||||||||
Average tangible assets (non-GAAP) | $ | 15,731,834 | $ | 15,486,065 | $ | 15,164,189 | $ | 14,863,588 | $ | 14,234,690 | |||||
Shareholders’ equity (GAAP) | $ | 2,137,642 | $ | 2,209,853 | $ | 2,203,944 | $ | 2,203,807 | $ | 2,173,701 | |||||
Intangible assets | 969,022 | 963,781 | 965,205 | 966,686 | 968,225 | ||||||||||
Tangible shareholders’ equity (non-GAAP) | $ | 1,168,620 | $ | 1,246,072 | $ | 1,238,739 | $ | 1,237,121 | $ | 1,205,476 | |||||
Total assets (GAAP) | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 | |||||
Intangible assets | 969,022 | 963,781 | 965,205 | 966,686 | 968,225 | ||||||||||
Total tangible assets (non-GAAP) | $ | 15,894,735 | $ | 15,846,530 | $ | 15,190,345 | $ | 15,055,700 | $ | 14,654,346 | |||||
Adjusted Performance Ratios | |||||||||||||||
Return on average assets (GAAP) | 0.81 | % | 0.89 | % | 0.99 | % | 1.04 | % | 1.54 | % | |||||
Adjusted return on average assets (non-GAAP) | 0.82 | % | 0.92 | % | 0.99 | % | 1.04 | % | 1.29 | % | |||||
Return on average tangible assets (non-GAAP) | 0.89 | % | 0.98 | % | 1.08 | % | 1.14 | % | 1.69 | % | |||||
Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.04 | % | 1.19 | % | 1.23 | % | 1.24 | % | 1.66 | % | |||||
Adjusted return on average tangible assets (non-GAAP) | 0.90 | % | 1.01 | % | 1.09 | % | 1.14 | % | 1.41 | % | |||||
Return on average equity (GAAP) | 6.05 | % | 6.59 | % | 7.16 | % | 7.40 | % | 10.81 | % | |||||
Adjusted return on average equity (non-GAAP) | 6.08 | % | 6.80 | % | 7.21 | % | 7.46 | % | 9.01 | % | |||||
Return on average tangible equity (non-GAAP) | 10.93 | % | 11.94 | % | 13.05 | % | 13.54 | % | 19.93 | % | |||||
Adjusted return on average tangible equity (non-GAAP) | 10.99 | % | 12.31 | % | 13.13 | % | 13.64 | % | 16.68 | % | |||||
Adjusted Diluted Earnings Per Share | |||||||||||||||
Average diluted shares outstanding | 56,081,863 | 56,105,050 | 56,447,184 | 56,635,898 | 56,519,199 | ||||||||||
Diluted earnings per share (GAAP) | $ | 0.60 | $ | 0.66 | $ | 0.71 | $ | 0.72 | $ | 1.02 | |||||
Adjusted diluted earnings per share (non-GAAP) | $ | 0.60 | $ | 0.68 | $ | 0.71 | $ | 0.73 | $ | 0.85 | |||||
Tangible Book Value Per Share | |||||||||||||||
Shares outstanding | 55,880,666 | 55,756,233 | 55,747,407 | 56,350,878 | 56,294,346 | ||||||||||
Book value per share (GAAP) | $ | 38.25 | $ | 39.63 | $ | 39.53 | $ | 39.11 | $ | 38.61 | |||||
Tangible book value per share (non-GAAP) | $ | 20.91 | $ | 22.35 | $ | 22.22 | $ | 21.95 | $ | 21.41 | |||||
Tangible Common Equity Ratio | |||||||||||||||
Shareholders' equity to assets (GAAP) | 12.68 | % | 13.15 | % | 13.64 | % | 13.75 | % | 13.91 | % | |||||
Tangible common equity ratio (non-GAAP) | 7.35 | % | 7.86 | % | 8.15 | % | 8.22 | % | 8.23 | % | |||||
Adjusted Efficiency Ratio | |||||||||||||||
Net interest income (FTE) (GAAP) | 101,383 | 103,249 | 105,002 | 111,205 | 111,264 | ||||||||||
Total noninterest income (GAAP) | 37,458 | 47,582 | 50,755 | 47,610 | 81,037 | ||||||||||
MSR valuation adjustment | — | — | — | — | 13,561 | ||||||||||
Swap termination gains | — | 4,676 | — | — | — | ||||||||||
Securities gains | — | 49 | 764 | — | 1,357 | ||||||||||
Total adjusted noninterest income (non-GAAP) | 37,458 | 42,857 | 49,991 | 47,610 | 66,119 | ||||||||||
Noninterest expense (GAAP) | 94,105 | 101,115 | 103,999 | 108,777 | 115,935 | ||||||||||
Amortization of intangibles | 1,366 | 1,424 | 1,481 | 1,539 | 1,598 | ||||||||||
Merger and conversion expense | 687 | — | — | — | — | ||||||||||
Debt prepayment penalty | — | 6,123 | — | — | — | ||||||||||
Restructuring (benefit) charges | (455 | ) | 61 | — | 15 | 292 | |||||||||
Recovery of unfunded commitments | (550 | ) | (300 | ) | (200 | ) | — | — | |||||||
COVID-19 related expenses(1) | — | 33 | 323 | 370 | 785 | ||||||||||
Total adjusted noninterest expense (non-GAAP) | 93,057 | 93,774 | 102,395 | 106,853 | 113,260 | ||||||||||
Efficiency ratio (GAAP) | 67.78 | % | 67.04 | % | 66.77 | % | 68.49 | % | 60.29 | % | |||||
Adjusted efficiency ratio (non-GAAP) | 67.02 | % | 64.18 | % | 66.06 | % | 67.28 | % | 63.85 | % | |||||
Core Net Interest Income and Core Net Interest Margin | |||||||||||||||
Net interest income (FTE) (GAAP) | $ | 101,383 | $ | 103,249 | $ | 105,002 | $ | 111,205 | $ | 111,264 | |||||
Net interest income collected on problem loans | 434 | 577 | 316 | 1,339 | 2,180 | ||||||||||
Accretion recognized on purchased loans | 1,235 | 2,187 | 2,871 | 2,638 | 3,088 | ||||||||||
Interest income recognized on PPP loans | 619 | 485 | 3,503 | 10,120 | 10,687 | ||||||||||
Core net interest income (FTE) (non-GAAP) | $ | 99,095 | $ | 99,999 | $ | 98,312 | $ | 97,108 | $ | 95,309 | |||||
Average earning assets (GAAP) | $ | 14,841,146 | $ | 14,607,716 | $ | 14,256,421 | $ | 13,989,264 | $ | 13,358,677 | |||||
Average PPP loans | 39,506 | 62,726 | 126,870 | 628,462 | 985,561 | ||||||||||
Average earning assets excluding PPP loans (non-GAAP) | $ | 14,801,640 | $ | 14,544,990 | $ | 14,129,551 | $ | 13,360,802 | $ | 12,373,116 | |||||
Net interest margin (GAAP) | 2.76 | % | 2.81 | % | 2.93 | % | 3.19 | % | 3.37 | % | |||||
Core net interest margin (non-GAAP) | 2.71 | % | 2.73 | % | 2.76 | % | 2.92 | % | 3.12 | % | |||||
Core Loan Yield | |||||||||||||||
Loan interest income (FTE) (GAAP) | $ | 97,001 | $ | 99,670 | $ | 103,769 | $ | 110,785 | $ | 113,072 | |||||
Net interest income collected on problem loans | 434 | 578 | 316 | 1,339 | 2,180 | ||||||||||
Accretion recognized on purchased loans | 1,235 | 2,187 | 2,871 | 2,638 | 3,088 | ||||||||||
Interest income recognized on PPP loans | 619 | 485 | 3,503 | 10,120 | 10,687 | ||||||||||
Core loan interest income (FTE) (non-GAAP) | $ | 94,713 | $ | 96,420 | $ | 97,079 | $ | 96,688 | $ | 97,117 | |||||
Average loans (GAAP) | $ | 10,108,511 | $ | 9,948,610 | $ | 10,017,742 | $ | 10,478,121 | $ | 10,802,991 | |||||
Average PPP loans | 39,506 | 62,726 | 126,870 | 628,462 | 985,561 | ||||||||||
Average loans excluding PPP loans (non-GAAP) | $ | 10,069,005 | $ | 9,885,884 | $ | 9,890,872 | $ | 9,849,659 | $ | 9,817,430 | |||||
Loan yield (GAAP) | 3.88 | % | 3.98 | % | 4.11 | % | 4.24 | % | 4.24 | % | |||||
Core loan yield (non-GAAP) | 3.82 | % | 3.87 | % | 3.89 | % | 3.94 | % | 4.01 | % | |||||
Adjusted Asset Quality Ratios | |||||||||||||||
Total loans (GAAP) | $ | 10,313,459 | $ | 10,020,914 | $ | 10,016,824 | $ | 10,149,242 | $ | 10,688,408 | |||||
PPP loans | 8,382 | 58,391 | 67,462 | 246,931 | 860,864 | ||||||||||
Total loans excluding PPP loans (non-GAAP) | $ | 10,305,077 | $ | 9,962,523 | $ | 9,949,362 | $ | 9,902,311 | $ | 9,827,544 | |||||
Loans 30-89 days past due | $ | 30,617 | $ | 27,604 | $ | 14,806 | $ | 15,077 | $ | 21,801 | |||||
Loans 30-89 days past due / total loans (GAAP) | 0.30 | % | 0.28 | % | 0.15 | % | 0.15 | % | 0.20 | % | |||||
Loans 30-89 days past due / total loans excluding PPP loans (non-GAAP) | 0.30 | % | 0.28 | % | 0.15 | % | 0.15 | % | 0.22 | % | |||||
Classified loans | $ | 178,015 | $ | 160,790 | $ | 187,223 | $ | 206,724 | $ | 229,243 | |||||
Special Mention loans | 76,949 | 115,496 | 138,497 | 125,507 | 120,320 | ||||||||||
Criticized loans(3) | $ | 254,964 | $ | 276,286 | $ | 325,720 | $ | 332,231 | $ | 349,563 | |||||
Criticized loans / total loans (GAAP) | 2.47 | % | 2.76 | % | 3.25 | % | 3.27 | % | 3.27 | % | |||||
Criticized loans / total loans excluding PPP loans (non-GAAP) | 2.47 | % | 2.77 | % | 3.27 | % | 3.36 | % | 3.56 | % | |||||
Nonperforming loans | $ | 52,242 | $ | 50,805 | $ | 56,740 | $ | 56,536 | $ | 56,105 | |||||
Nonperforming loans / total loans (GAAP) | 0.51 | % | 0.51 | % | 0.57 | % | 0.56 | % | 0.52 | % | |||||
Nonperforming loans / total loans excluding PPP loans (non-GAAP) | 0.51 | % | 0.51 | % | 0.57 | % | 0.57 | % | 0.57 | % | |||||
Allowance for credit losses on loans | $ | 166,468 | $ | 164,171 | $ | 170,038 | $ | 172,354 | $ | 173,106 | |||||
ACL / total loans (GAAP) | 1.61 | % | 1.64 | % | 1.70 | % | 1.70 | % | 1.62 | % | |||||
ACL / total loans excluding PPP loans (non-GAAP) | 1.62 | % | 1.65 | % | 1.71 | % | 1.74 | % | 1.76 | % | |||||
Average loans (GAAP) | $ | 10,108,511 | $ | 9,948,610 | $ | 10,017,742 | $ | 10,478,121 | $ | 10,802,991 | |||||
Average PPP loans | 39,506 | 62,726 | 126,870 | 628,462 | 985,561 | ||||||||||
Average loans excluding PPP loans (non-GAAP) | $ | 10,069,005 | $ | 9,885,884 | $ | 9,890,872 | $ | 9,849,659 | $ | 9,817,430 | |||||
Net charge-offs | $ | 851 | $ | 5,367 | $ | 1,116 | $ | 752 | $ | 3,038 | |||||
Annualized net charge-offs / average loans (GAAP) | 0.03 | % | 0.21 | % | 0.04 | % | 0.03 | % | 0.11 | % | |||||
Annualized net charge-offs / average loans excluding PPP loans (non-GAAP) | 0.03 | % | 0.22 | % | 0.04 | % | 0.03 | % | 0.13 | % | |||||
Total assets (GAAP) | $ | 16,863,757 | $ | 16,810,311 | $ | 16,155,550 | $ | 16,022,386 | $ | 15,622,571 | |||||
PPP loans | 8,382 | 58,391 | 67,462 | 246,931 | 860,864 | ||||||||||
Total assets excluding PPP loans (non-GAAP) | $ | 16,855,375 | $ | 16,751,920 | $ | 16,088,088 | $ | 15,775,455 | $ | 14,761,707 | |||||
Nonperforming assets | $ | 54,304 | $ | 53,345 | $ | 61,445 | $ | 61,475 | $ | 62,076 | |||||
Nonperforming assets / total assets (GAAP) | 0.32 | % | 0.32 | % | 0.38 | % | 0.38 | % | 0.40 | % | |||||
Nonperforming assets / total assets excluding PPP loans (non-GAAP) | 0.32 | % | 0.32 | % | 0.38 | % | 0.39 | % | 0.42 | % |
(1) Primarily consists of employee overtime and employee benefit accruals directly related to the response to the COVID-19 pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.
(2) Tax effect is calculated based on the respective periods’ effective tax rate excluding the impact of discrete items.
(3) Criticized loans include loans in risk rating classifications of classified and special mention.
Contacts: | For Media: | For Financials: | |
James C. Mabry IV | |||
Senior Vice President | Executive Vice President | ||
Director of Marketing | Chief Financial Officer | ||
(662) 680-1219 | (662) 680-1281 |
Source:
2022 GlobeNewswire, Inc., source