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 | o | Accelerated filer | ý |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
Page | ||
PART I | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
(Unaudited) | |||||||
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Cash and due from banks | $ | 45,002 | $ | 63,225 | |||
Interest-bearing balances with banks | 34,013 | 69,195 | |||||
Cash and cash equivalents | 79,015 | 132,420 | |||||
Securities held to maturity (fair value of $347,155 and $334,475, respectively) | 348,340 | 317,766 | |||||
Securities available for sale, at fair value | 398,190 | 356,311 | |||||
Mortgage loans held for sale, at fair value | 50,268 | 34,845 | |||||
Loans, net of unearned income: | |||||||
Covered under loss-share agreements | 201,494 | 237,088 | |||||
Not covered under loss-share agreements | 2,683,017 | 2,573,165 | |||||
Total loans, net of unearned income | 2,884,511 | 2,810,253 | |||||
Allowance for loan losses | (47,034 | ) | (44,347 | ) | |||
Loans, net | 2,837,477 | 2,765,906 | |||||
Premises and equipment, net | 70,117 | 66,752 | |||||
Other real estate owned: | |||||||
Covered under loss-share agreements | 27,835 | 45,534 | |||||
Not covered under loss-share agreements | 33,247 | 44,717 | |||||
Total other real estate owned, net | 61,082 | 90,251 | |||||
Goodwill | 184,779 | 184,859 | |||||
Other intangible assets, net | 5,429 | 6,066 | |||||
FDIC loss-share indemnification asset | 30,698 | 44,153 | |||||
Other assets | 183,886 | 179,287 | |||||
Total assets | $ | 4,249,281 | $ | 4,178,616 | |||
Liabilities and shareholders’ equity | |||||||
Liabilities | |||||||
Deposits | |||||||
Noninterest-bearing | $ | 560,965 | $ | 568,214 | |||
Interest-bearing | 2,944,193 | 2,893,007 | |||||
Total deposits | 3,505,158 | 3,461,221 | |||||
Short-term borrowings | 42,819 | 5,254 | |||||
Long-term debt | 152,970 | 159,452 | |||||
Other liabilities | 47,656 | 54,481 | |||||
Total liabilities | 3,748,603 | 3,680,408 | |||||
Shareholders’ equity | |||||||
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
Common stock, $5.00 par value – 75,000,000 shares authorized, 26,715,797 shares issued; 25,231,074 and 25,157,637 shares outstanding, respectively | 133,579 | 133,579 | |||||
Treasury stock, at cost | (24,814 | ) | (25,626 | ) | |||
Additional paid-in capital | 218,466 | 218,128 | |||||
Retained earnings | 187,618 | 180,628 | |||||
Accumulated other comprehensive loss, net of taxes | (14,171 | ) | (8,501 | ) | |||
Total shareholders’ equity | 500,678 | 498,208 | |||||
Total liabilities and shareholders’ equity | $ | 4,249,281 | $ | 4,178,616 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest income | |||||||||||||||
Loans | $ | 34,565 | $ | 34,016 | $ | 68,723 | $ | 68,298 | |||||||
Securities | |||||||||||||||
Taxable | 3,431 | 3,813 | 6,222 | 7,890 | |||||||||||
Tax-exempt | 1,896 | 2,095 | 3,843 | 4,156 | |||||||||||
Other | 53 | 54 | 102 | 139 | |||||||||||
Total interest income | 39,945 | 39,978 | 78,890 | 80,483 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 4,095 | 4,969 | 8,175 | 10,388 | |||||||||||
Borrowings | 1,446 | 1,599 | 2,930 | 3,842 | |||||||||||
Total interest expense | 5,541 | 6,568 | 11,105 | 14,230 | |||||||||||
Net interest income | 34,404 | 33,410 | 67,785 | 66,253 | |||||||||||
Provision for loan losses | 3,000 | 4,700 | 6,050 | 9,500 | |||||||||||
Net interest income after provision for loan losses | 31,404 | 28,710 | 61,735 | 56,753 | |||||||||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | 4,509 | 4,495 | 9,009 | 9,020 | |||||||||||
Fees and commissions | 4,848 | 4,322 | 9,679 | 8,250 | |||||||||||
Insurance commissions | 951 | 882 | 1,812 | 1,821 | |||||||||||
Wealth management revenue | 1,715 | 1,551 | 3,439 | 3,493 | |||||||||||
Gains on sales of securities | — | 869 | 54 | 1,773 | |||||||||||
BOLI income | 635 | 654 | 1,365 | 1,765 | |||||||||||
Gains on sales of mortgage loans held for sale | 3,870 | 2,390 | 7,435 | 3,671 | |||||||||||
Other | 789 | 1,115 | 1,902 | 2,913 | |||||||||||
Total noninterest income | 17,317 | 16,278 | 34,695 | 32,706 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 21,906 | 19,871 | 43,180 | 38,520 | |||||||||||
Data processing | 2,045 | 2,211 | 4,088 | 4,251 | |||||||||||
Net occupancy and equipment | 3,668 | 3,585 | 7,276 | 7,204 | |||||||||||
Other real estate owned | 1,773 | 3,370 | 3,822 | 7,369 | |||||||||||
Professional fees | 1,304 | 1,015 | 2,477 | 1,986 | |||||||||||
Advertising and public relations | 1,246 | 1,302 | 2,736 | 2,499 | |||||||||||
Intangible amortization | 314 | 349 | 637 | 707 | |||||||||||
Communications | 1,135 | 926 | 2,262 | 2,029 | |||||||||||
Extinguishment of debt | — | — | — | 898 | |||||||||||
Merger-related expenses | 385 | — | 385 | — | |||||||||||
Other | 3,958 | 4,121 | 8,471 | 7,949 | |||||||||||
Total noninterest expense | 37,734 | 36,750 | 75,334 | 73,412 | |||||||||||
Income before income taxes | 10,987 | 8,238 | 21,096 | 16,047 | |||||||||||
Income taxes | 2,968 | 1,893 | 5,506 | 3,728 | |||||||||||
Net income | $ | 8,019 | $ | 6,345 | $ | 15,590 | $ | 12,319 | |||||||
Basic earnings per share | $ | 0.32 | $ | 0.25 | $ | 0.62 | $ | 0.49 | |||||||
Diluted earnings per share | $ | 0.32 | $ | 0.25 | $ | 0.62 | $ | 0.49 | |||||||
Cash dividends per common share | $ | 0.17 | $ | 0.17 | $ | 0.34 | $ | 0.34 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Net income | $ | 8,019 | $ | 6,345 | $ | 15,590 | $ | 12,319 | |||||||
Other comprehensive income, net of tax: | |||||||||||||||
Securities: | |||||||||||||||
Unrealized holding (losses) gains on securities | (7,019 | ) | 1,090 | (6,873 | ) | 2,108 | |||||||||
Reclassification adjustment for (gains) losses realized in net income | — | (537 | ) | 71 | (1,095 | ) | |||||||||
Amortization of unrealized holding gains on securities transferred to the held to maturity category | (54 | ) | (91 | ) | (120 | ) | (193 | ) | |||||||
Total securities | (7,073 | ) | 462 | (6,922 | ) | 820 | |||||||||
Derivative instruments: | |||||||||||||||
Unrealized holding gains (losses) on derivative instruments | 992 | (1,027 | ) | 1,199 | (1,138 | ) | |||||||||
Reclassification adjustment for gains realized in net income | (51 | ) | (94 | ) | (104 | ) | (188 | ) | |||||||
Totals derivative instruments | 941 | (1,121 | ) | 1,095 | (1,326 | ) | |||||||||
Defined benefit pension and post-retirement benefit plans: | |||||||||||||||
Net (loss) gain arising during the period | — | — | — | — | |||||||||||
Less amortization of net actuarial loss recognized in net periodic pension cost | 85 | 66 | 157 | 132 | |||||||||||
Total defined benefit pension and post-retirement benefit plans | 85 | 66 | 157 | 132 | |||||||||||
Other comprehensive loss, net of tax | (6,047 | ) | (593 | ) | (5,670 | ) | (374 | ) | |||||||
Comprehensive income | $ | 1,972 | $ | 5,752 | $ | 9,920 | $ | 11,945 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Operating activities | |||||||
Net cash provided by operating activities | $ | 57,975 | $ | 101,300 | |||
Investing activities | |||||||
Purchases of securities available for sale | (106,521 | ) | (83,426 | ) | |||
Proceeds from sales of securities available for sale | 9,015 | 86,850 | |||||
Proceeds from call/maturities of securities available for sale | 42,898 | 74,681 | |||||
Purchases of securities held to maturity | (70,075 | ) | (69,564 | ) | |||
Proceeds from sales of securities held to maturity | 4,459 | — | |||||
Proceeds from call/maturities of securities held to maturity | 34,670 | 111,391 | |||||
Net increase in loans | (86,810 | ) | (128,965 | ) | |||
Purchases of premises and equipment | (5,908 | ) | (6,012 | ) | |||
Proceeds from sales of premises and equipment | — | 45 | |||||
Net cash used in investing activities | (178,272 | ) | (15,000 | ) | |||
Financing activities | |||||||
Net (decrease) increase in noninterest-bearing deposits | (7,249 | ) | 7,327 | ||||
Net increase (decrease) in interest-bearing deposits | 51,186 | (13,368 | ) | ||||
Net increase (decrease) in short-term borrowings | 37,565 | (3,785 | ) | ||||
Repayment of long-term debt | (6,401 | ) | (80,864 | ) | |||
Cash paid for dividends | (8,603 | ) | (8,554 | ) | |||
Cash received on exercise of stock-based compensation | 239 | 333 | |||||
Excess tax benefit from stock-based compensation | 155 | — | |||||
Net cash provided by (used in) financing activities | 66,892 | (98,911 | ) | ||||
Net decrease in cash and cash equivalents | (53,405 | ) | (12,611 | ) | |||
Cash and cash equivalents at beginning of period | 132,420 | 209,017 | |||||
Cash and cash equivalents at end of period | $ | 79,015 | $ | 196,406 | |||
Supplemental disclosures | |||||||
Noncash transactions: | |||||||
Transfers of loans to other real estate owned | $ | 10,914 | $ | 21,999 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
June 30, 2013 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 126,052 | $ | — | $ | (6,049 | ) | $ | 120,003 | ||||||
Obligations of states and political subdivisions | 222,288 | 7,216 | (2,352 | ) | 227,152 | ||||||||||
$ | 348,340 | $ | 7,216 | $ | (8,401 | ) | $ | 347,155 | |||||||
December 31, 2012 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 90,045 | $ | 116 | $ | (232 | ) | $ | 89,929 | ||||||
Obligations of states and political subdivisions | 227,721 | 16,860 | (35 | ) | 244,546 | ||||||||||
$ | 317,766 | $ | 16,976 | $ | (267 | ) | $ | 334,475 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
June 30, 2013 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 6,157 | $ | 156 | $ | (193 | ) | $ | 6,120 | ||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 173,460 | 2,442 | (4,000 | ) | 171,902 | ||||||||||
Government agency collateralized mortgage obligations | 132,927 | 1,378 | (2,949 | ) | 131,356 | ||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 41,621 | 1,605 | (473 | ) | 42,753 | ||||||||||
Government agency collateralized mortgage obligations | 5,050 | 28 | — | 5,078 | |||||||||||
Trust preferred securities | 27,711 | — | (11,751 | ) | 15,960 | ||||||||||
Other debt securities | 20,834 | 539 | (93 | ) | 21,280 | ||||||||||
Other equity securities | 2,775 | 966 | — | 3,741 | |||||||||||
$ | 410,535 | $ | 7,114 | $ | (19,459 | ) | $ | 398,190 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
December 31, 2012 | |||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 2,169 | $ | 273 | $ | — | $ | 2,442 | |||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 139,699 | 5,209 | (91 | ) | 144,817 | ||||||||||
Government agency collateralized mortgage obligations | 115,647 | 2,273 | (399 | ) | 117,521 | ||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | 41,981 | 3,077 | — | 45,058 | |||||||||||
Government agency collateralized mortgage obligations | 5,091 | 316 | — | 5,407 | |||||||||||
Trust preferred securities | 28,612 | — | (13,544 | ) | 15,068 | ||||||||||
Other debt securities | 22,079 | 852 | (1 | ) | 22,930 | ||||||||||
Other equity securities | 2,355 | 713 | — | 3,068 | |||||||||||
$ | 357,633 | $ | 12,713 | $ | (14,035 | ) | $ | 356,311 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Gross gains on sales of securities available for sale | $ | — | $ | 946 | $ | — | $ | 1,850 | |||||||
Gross losses on sales of securities available for sale | — | (77 | ) | (115 | ) | (77 | ) | ||||||||
(Loss) Gain on sales of securities available for sale, net | $ | — | $ | 869 | $ | (115 | ) | $ | 1,773 |
Held to Maturity | Available for Sale | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
Due within one year | $ | 9,446 | $ | 9,509 | $ | — | $ | — | |||||||
Due after one year through five years | 32,811 | 33,950 | — | — | |||||||||||
Due after five years through ten years | 167,412 | 163,309 | 6,157 | 6,120 | |||||||||||
Due after ten years | 138,671 | 140,387 | 27,711 | 15,960 | |||||||||||
Residential mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | — | 173,460 | 171,902 | |||||||||||
Government agency collateralized mortgage obligations | — | — | 132,927 | 131,356 | |||||||||||
Commercial mortgage backed securities: | |||||||||||||||
Government agency mortgage backed securities | — | — | 41,621 | 42,753 | |||||||||||
Government agency collateralized mortgage obligations | — | — | 5,050 | 5,078 | |||||||||||
Other debt securities | — | — | 20,834 | 21,280 | |||||||||||
Other equity securities | — | — | 2,775 | 3,741 | |||||||||||
$ | 348,340 | $ | 347,155 | $ | 410,535 | $ | 398,190 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Held to Maturity: | |||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 119,503 | $ | (6,049 | ) | $ | — | $ | — | $ | 119,503 | $ | (6,049 | ) | |||||||||
Obligations of states and political subdivisions | 45,312 | (2,352 | ) | — | — | 45,312 | (2,352 | ) | |||||||||||||||
Total | $ | 164,815 | $ | (8,401 | ) | $ | — | $ | — | 164,815 | $ | (8,401 | ) | ||||||||||
December 31, 2012 | |||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 35,224 | $ | (232 | ) | $ | — | $ | — | $ | 35,224 | $ | (232 | ) | |||||||||
Obligations of states and political subdivisions | 2,861 | (34 | ) | 126 | (1 | ) | 2,987 | (35 | ) | ||||||||||||||
Total | $ | 38,085 | $ | (266 | ) | $ | 126 | $ | (1 | ) | $ | 38,211 | $ | (267 | ) | ||||||||
Available for Sale: | |||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | 3,807 | $ | (193 | ) | $ | — | $ | — | $ | 3,807 | $ | (193 | ) | |||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 103,728 | (4,000 | ) | 103,728 | (4,000 | ) | |||||||||||||||
Government agency collateralized mortgage obligations | 87,325 | (2,930 | ) | 3,686 | (19 | ) | 91,011 | (2,949 | ) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | — | — | 16,808 | (473 | ) | 16,808 | (473 | ) | |||||||||||||||
Government agency collateralized mortgage obligations | — | — | — | — | — | — | |||||||||||||||||
Trust preferred securities | — | — | 15,960 | (11,751 | ) | 15,960 | (11,751 | ) | |||||||||||||||
Other debt securities | 2,883 | (91 | ) | 2,140 | (2 | ) | 5,023 | (93 | ) | ||||||||||||||
Total | $ | 94,015 | $ | (3,214 | ) | $ | 142,322 | $ | (16,245 | ) | $ | 236,337 | $ | (19,459 | ) | ||||||||
December 31, 2012 | |||||||||||||||||||||||
Obligations of other U.S. Government agencies and corporations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Residential mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | 15,431 | (91 | ) | — | — | 15,431 | (91 | ) | |||||||||||||||
Government agency collateralized mortgage obligations | 44,616 | (389 | ) | 1,605 | (10 | ) | 46,221 | (399 | ) | ||||||||||||||
Commercial mortgage backed securities: | |||||||||||||||||||||||
Government agency mortgage backed securities | — | — | — | — | — | — | |||||||||||||||||
Government agency collateralized mortgage obligations | — | — | — | — | — | — | |||||||||||||||||
Trust preferred securities | — | — | 15,068 | (13,544 | ) | 15,068 | (13,544 | ) | |||||||||||||||
Other debt securities | — | — | 2,188 | (1 | ) | 2,188 | (1 | ) | |||||||||||||||
Other equity securities | — | — | — | — | — | — | |||||||||||||||||
Total | $ | 60,047 | $ | (480 | ) | $ | 18,861 | $ | (13,555 | ) | $ | 78,908 | $ | (14,035 | ) |
Name | Single/ Pooled | Class/ Tranche | Amortized Cost | Fair Value | Unrealized Loss | Lowest Credit Rating | Issuers Currently in Deferral or Default | |||||||||||||
XIII | Pooled | B-2 | $ | 1,179 | $ | 1,109 | $ | (70 | ) | Ca | 30 | % | ||||||||
XXIII | Pooled | B-2 | 8,889 | 5,449 | (3,440 | ) | B1 | 25 | % | |||||||||||
XXIV | Pooled | B-2 | 12,076 | 6,274 | (5,802 | ) | Ca | 35 | % | |||||||||||
XXVI | Pooled | B-2 | 5,567 | 3,128 | (2,439 | ) | Ca | 30 | % | |||||||||||
$ | 27,711 | $ | 15,960 | $ | (11,751 | ) |
2013 | 2012 | ||||||
Balance at January 1 | $ | (3,337 | ) | $ | (3,337 | ) | |
Additions related to credit losses for which OTTI was not previously recognized | — | — | |||||
Increases in credit loss for which OTTI was previously recognized | — | — | |||||
Balance at June 30 | $ | (3,337 | ) | $ | (3,337 | ) |
June 30, 2013 | December 31, 2012 | ||||||
Commercial, financial, agricultural | $ | 318,001 | $ | 317,050 | |||
Lease financing | 105 | 195 | |||||
Real estate – construction | 118,987 | 105,706 | |||||
Real estate – 1-4 family mortgage | 920,293 | 903,423 | |||||
Real estate – commercial mortgage | 1,464,522 | 1,426,643 | |||||
Installment loans to individuals | 62,605 | 57,241 | |||||
Gross loans | 2,884,513 | 2,810,258 | |||||
Unearned income | (2 | ) | (5 | ) | |||
Loans, net of unearned income | 2,884,511 | 2,810,253 | |||||
Allowance for loan losses | (47,034 | ) | (44,347 | ) | |||
Net loans | $ | 2,837,477 | $ | 2,765,906 |
Accruing Loans | Nonaccruing Loans | ||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | 30-89 Days Past Due | 90 Days or More Past Due | Current Loans | Total Loans | Total Loans | |||||||||||||||||||||||||||
June 30, 2013 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 405 | $ | — | $ | 313,942 | $ | 314,347 | $ | 390 | $ | 3,094 | $ | 170 | $ | 3,654 | $ | 318,001 | |||||||||||||||||
Lease financing | — | — | 105 | 105 | — | — | — | — | 105 | ||||||||||||||||||||||||||
Real estate – construction | — | — | 117,339 | 117,339 | — | 1,648 | — | 1,648 | 118,987 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 6,497 | 943 | 891,322 | 898,762 | 1,827 | 8,184 | 11,520 | 21,531 | 920,293 | ||||||||||||||||||||||||||
Real estate – commercial mortgage | 2,068 | 1,075 | 1,420,485 | 1,423,628 | 222 | 32,521 | 8,151 | 40,894 | 1,464,522 | ||||||||||||||||||||||||||
Installment loans to individuals | 280 | 91 | 62,126 | 62,497 | — | 108 | — | 108 | 62,605 | ||||||||||||||||||||||||||
Unearned income | — | — | (2 | ) | (2 | ) | — | — | — | — | (2 | ) | |||||||||||||||||||||||
Total | $ | 9,250 | $ | 2,109 | $ | 2,805,317 | $ | 2,816,676 | $ | 2,439 | $ | 45,555 | $ | 19,841 | $ | 67,835 | $ | 2,884,511 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 484 | $ | 15 | $ | 312,943 | $ | 313,442 | $ | 215 | $ | 3,131 | $ | 262 | $ | 3,608 | $ | 317,050 | |||||||||||||||||
Lease financing | — | — | 195 | 195 | — | — | — | — | 195 | ||||||||||||||||||||||||||
Real estate – construction | 80 | — | 103,978 | 104,058 | — | 1,648 | — | 1,648 | 105,706 | ||||||||||||||||||||||||||
Real estate – 1-4 family mortgage | 6,685 | 1,992 | 867,053 | 875,730 | 1,249 | 13,417 | 13,027 | 27,693 | 903,423 | ||||||||||||||||||||||||||
Real estate – commercial mortgage | 5,084 | 1,250 | 1,373,470 | 1,379,804 | 325 | 38,297 | 8,217 | 46,839 | 1,426,643 | ||||||||||||||||||||||||||
Installment loans to individuals | 197 | 50 | 56,715 | 56,962 | 7 | 265 | 7 | 279 | 57,241 | ||||||||||||||||||||||||||
Unearned income | — | — | (5 | ) | (5 | ) | — | — | — | — | (5 | ) | |||||||||||||||||||||||
Total | $ | 12,530 | $ | 3,307 | $ | 2,714,349 | $ | 2,730,186 | $ | 1,796 | $ | 56,758 | $ | 21,513 | $ | 80,067 | $ | 2,810,253 |
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Recorded Investment With No Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
June 30, 2013 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 6,895 | $ | 1,515 | $ | 2,120 | $ | 3,635 | $ | 834 | |||||||||
Lease financing | — | — | — | — | — | ||||||||||||||
Real estate – construction | 2,447 | — | 1,648 | 1,648 | — | ||||||||||||||
Real estate – 1-4 family mortgage | 42,185 | 26,596 | 6,172 | 32,768 | 7,843 | ||||||||||||||
Real estate – commercial mortgage | 101,581 | 25,275 | 36,266 | 61,541 | 7,267 | ||||||||||||||
Installment loans to individuals | — | — | — | — | — | ||||||||||||||
Total | $ | 153,108 | $ | 53,386 | $ | 46,206 | $ | 99,592 | $ | 15,944 | |||||||||
December 31, 2012 | |||||||||||||||||||
Commercial, financial, agricultural | $ | 5,142 | $ | 1,620 | $ | 1,620 | $ | 3,240 | $ | 708 | |||||||||
Lease financing | — | — | — | — | — | ||||||||||||||
Real estate – construction | 2,447 | — | 1,648 | 1,648 | — | ||||||||||||||
Real estate – 1-4 family mortgage | 80,022 | 28,848 | 10,094 | 38,942 | 9,201 | ||||||||||||||
Real estate – commercial mortgage | 118,167 | 34,400 | 39,450 | 73,850 | 7,688 | ||||||||||||||
Installment loans to individuals | — | — | — | — | — | ||||||||||||||
Totals | $ | 205,778 | $ | 64,868 | $ | 52,812 | $ | 117,680 | $ | 17,597 |
Three Months Ended | Three Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized(1) | ||||||||||||
Commercial, financial, agricultural | $ | 5,601 | $ | — | $ | 3,667 | $ | 7 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 1,650 | — | 6,093 | — | |||||||||||
Real estate – 1-4 family mortgage | 34,732 | 108 | 48,109 | 274 | |||||||||||
Real estate – commercial mortgage | 69,168 | 123 | 89,510 | 558 | |||||||||||
Installment loans to individuals | — | — | — | — | |||||||||||
Total | $ | 111,151 | $ | 231 | $ | 147,379 | $ | 839 |
(1) | Includes interest income recognized using the cash-basis method of income recognition of $100. No interest income was recognized using the cash-basis method of income recognition during the three months ended June 30, 2013. |
Six Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized(1) | ||||||||||||
Commercial, financial, agricultural | $ | 5,551 | $ | — | $ | 3,730 | $ | 15 | |||||||
Lease financing | — | — | — | — | |||||||||||
Real estate – construction | 1,650 | — | 6,141 | — | |||||||||||
Real estate – 1-4 family mortgage | 34,874 | 291 | 48,755 | 598 | |||||||||||
Real estate – commercial mortgage | 69,579 | 466 | 90,995 | 1,077 | |||||||||||
Installment loans to individuals | — | — | — | — | |||||||||||
Total | $ | 111,654 | $ | 757 | $ | 149,621 | $ | 1,690 |
(1) | Includes interest income recognized using the cash-basis method of income recognition of $314. No interest income was recognized using the cash-basis method of income recognition during the six months ended June 30, 2013. |
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | ||||||||
June 30, 2013 | ||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||
Lease financing | — | — | — | |||||||
Real estate – construction | — | — | — | |||||||
Real estate – 1-4 family mortgage | 20 | 18,353 | 9,929 | |||||||
Real estate – commercial mortgage | 15 | 13,646 | 12,608 | |||||||
Installment loans to individuals | 1 | 184 | 172 | |||||||
Total | 36 | $ | 32,183 | $ | 22,709 | |||||
December 31, 2012 | ||||||||||
Commercial, financial, agricultural | — | $ | — | $ | — | |||||
Lease financing | — | — | — | |||||||
Real estate – construction | — | — | — | |||||||
Real estate – 1-4 family mortgage | 19 | 18,450 | 10,853 | |||||||
Real estate – commercial mortgage | 16 | 18,985 | 18,409 | |||||||
Installment loans to individuals | 1 | 184 | 174 | |||||||
Total | 36 | $ | 37,619 | $ | 29,436 |
Number of Loans | Recorded Investment | |||||
Totals at January 1, 2013 | 36 | $ | 29,436 | |||
Additional loans with concessions | 6 | 1,277 | ||||
Reductions due to: | ||||||
Reclassified as nonperforming | 1 | (620 | ) | |||
Charge-offs | 1 | (374 | ) | |||
Transfer to other real estate owned | — | — | ||||
Principal paydowns | (1,269 | ) | ||||
Lapse of concession period | 4 | (5,741 | ) | |||
Totals at June 30, 2013 | 36 | $ | 22,709 |
Pass | Watch | Substandard | Total | ||||||||||||
June 30, 2013 | |||||||||||||||
Commercial, financial, agricultural | $ | 228,692 | $ | 3,086 | $ | 1,923 | $ | 233,701 | |||||||
Real estate – construction | 84,121 | 659 | 11 | 84,791 | |||||||||||
Real estate – 1-4 family mortgage | 102,217 | 13,716 | 31,419 | 147,352 | |||||||||||
Real estate – commercial mortgage | 1,042,788 | 33,049 | 36,438 | 1,112,275 | |||||||||||
Installment loans to individuals | — | — | — | — | |||||||||||
Total | $ | 1,457,818 | $ | 50,510 | $ | 69,791 | $ | 1,578,119 | |||||||
December 31, 2012 | |||||||||||||||
Commercial, financial, agricultural | $ | 226,540 | $ | 1,939 | $ | 3,218 | $ | 231,697 | |||||||
Real estate – construction | 71,633 | 651 | — | 72,284 | |||||||||||
Real estate – 1-4 family mortgage | 96,147 | 24,138 | 32,589 | 152,874 | |||||||||||
Real estate – commercial mortgage | 989,095 | 46,148 | 37,996 | 1,073,239 | |||||||||||
Installment loans to individuals | 7 | — | — | 7 | |||||||||||
Total | $ | 1,383,422 | $ | 72,876 | $ | 73,803 | $ | 1,530,101 |
Performing | Non- Performing | Total | |||||||||
June 30, 2013 | |||||||||||
Commercial, financial, agricultural | $ | 73,510 | $ | 386 | $ | 73,896 | |||||
Lease financing | 103 | — | 103 | ||||||||
Real estate – construction | 32,548 | — | 32,548 | ||||||||
Real estate – 1-4 family mortgage | 706,724 | 3,397 | 710,121 | ||||||||
Real estate – commercial mortgage | 215,780 | 931 | 216,711 | ||||||||
Installment loans to individuals | 60,766 | 166 | 60,932 | ||||||||
Total | $ | 1,089,431 | $ | 4,880 | $ | 1,094,311 | |||||
December 31, 2012 | |||||||||||
Commercial, financial, agricultural | $ | 74,003 | $ | 210 | $ | 74,213 | |||||
Lease financing | 195 |