SOURCE: United Community Banks, Inc.

October 25, 2005 08:00 ET

United Community Banks, Inc. Reports 13% Gain in Diluted Earnings per Share for Third Quarter 2005

BLAIRSVILLE, GA -- (MARKET WIRE) -- October 25, 2005 -- United Community Banks, Inc. (NASDAQ: UCBI)

HIGHLIGHTS

-- Record Third Quarter Earnings
      Diluted Operating Earnings Per Share of $.36 - Up 13%
      Net Operating Income of $14.3 Million - Up 20%
      Return on Tangible Equity of 18.90%
-- Strong Loan Demand and Rise in Net Interest Margin and Fee
    Revenue Drove Performance
United Community Banks, Inc. (NASDAQ: UCBI), Georgia's third largest bank holding company, today announced record financial results for the third quarter of 2005. Compared with the third quarter of 2004, the company achieved a 28% increase in total revenue, a 20% rise in net operating income and a 13% gain in diluted operating earnings per share.

For the third quarter of 2005, net operating income rose to $14.3 million compared with $12.0 million a year earlier. Diluted operating earnings per share increased to $.36 from $.32 a year ago. Total revenue, on a taxable equivalent basis, was $64.0 million compared with $50.1 million for the third quarter of 2004. Return on tangible equity was 18.90% and return on assets was 1.01%, compared with 19.41% and 1.05%, respectively, a year ago.

"We continued to experience solid growth across all of our markets," said Jimmy Tallent, United Community Banks President and Chief Executive Officer. "Total assets at quarter-end surpassed $5.7 billion, a 24% increase from a year ago. Loans increased $181 million during the third quarter, or 18% on an annualized basis, which helped drive the increase in net interest revenue. Our net interest margin rose to 4.17%, up 18 basis points from a year ago, as increasing short-term interest rates continued to positively affect our slightly asset-sensitive balance sheet. Fee revenue was up 24%, reflecting increases in every category."

"With the business growth achieved through the third quarter, United Community Banks remains well on track to meet our performance goals of double-digit earnings per share growth and a return on tangible equity above 18% for the year," Tallent said.

For the first nine months of 2005, net operating income totaled $41.5 million, a 21% increase compared with $34.2 million for the same period of 2004. Diluted operating earnings per share of $1.05 increased 13% from $.93 for the first nine months of 2004. Total revenue, on a taxable equivalent basis, totaled $180.7 million, up 27% from $142.5 million a year ago. Return on tangible equity was 19.30% and return on assets was 1.03%, compared with 19.67% and 1.07% a year ago, respectively.

Net operating income for the first nine months of 2004 excludes $464,000 in pre-tax merger charges from the acquisition of 1st Community Bank, which was completed on June 1, 2004. Including these merger-related charges, reported net income was $33.9 million; reported diluted earnings per share was $.92; and, reported return on equity 14.48%.

At September 30, 2005, total loans were $4.3 billion, up $816 million, or 24%, from a year ago. Organic growth, which excludes acquisitions, was $610 million, or 18%. "Loan demand remains strong across all our markets, leading to excellent growth opportunities," Tallent said. Organic growth, with an uncompromising focus on sound credit quality, is at the core of our balanced growth strategy."

"Organic growth is further supported by focused geographic expansion," Tallent added. "We find the right people and build around them -- usually adding two to four de novo offices a year," Tallent explained.

"Last quarter, we announced our entry into the Gainesville market through a partnership with three experienced local banking executives who brought with them over 50 experienced bankers to form United Community Bank - Hall County. In just five months, this team has added more than $205 million in loans and $105 million in deposits. We now have three additional banking offices, including our main office which is located in downtown Gainesville, and we plan to open an additional banking office by mid-2006," Tallent added. "In addition, we continued to execute our expansion plans for metro Atlanta. We opened two de novo banking offices in Tyrone and Newnan Lakes. These offices are located in Fayette and Coweta counties on the south side of metro Atlanta, which further strengthens our presence in these fast growing markets."

"I want to emphasize that it is a testimony to the success and strength of our existing franchise that we were able to absorb such a significant de novo undertaking and still deliver on our primary financial goals," Tallent added.

"During the third quarter, our deposit growth exceeded our strong loan growth due to our sharp focus on growing core deposits," Tallent said. "We continued to promote our very successful 'Refer-a-Friend' core deposit program that rewards our many satisfied customers for referring their friends and family members to us. Our relentless focus on providing the highest level of customer service has generated customer satisfaction scores that continue to exceed 90%, well above the comparable industry average of 75%. This is invaluable in building our deposit base through customer referrals while also maintaining and growing long-term relationships with existing customers. During the quarter, our core deposit program and other initiatives have added 11,700 accounts and $108 million in balances. Year-to-date, it has added 36,000 new accounts and $218 million in deposits."

Taxable equivalent net interest revenue of $55.0 million for the third quarter rose $12.8 million, or 30%, from the same period a year ago. Acquisitions completed in late 2004 added approximately $2.9 million to net interest revenue. Excluding acquisitions, the core growth rate was 23%. Taxable equivalent net interest margin for the third quarter was 4.17% as compared with 3.99% a year ago and 4.12% last quarter.

"Rising interest rates have resulted in a slight margin expansion over the past two quarters," Tallent said. "Our balance sheet remains slightly asset sensitive, which should allow us to benefit modestly from further increases in interest rates. However, as we continue efforts to fund our loan growth with new deposits, we expect competitive pricing pressures will offset any gains and could have a slight compression in our margin," added Tallent.

The third quarter provision for loan losses was $3.4 million, up $1.4 million from a year earlier and up $600,000 from the second quarter of 2005. Annualized net charge-offs to average loans were 13 basis points for the third quarter, compared with 14 basis points for the second quarter of 2005 and 12 basis points for the third quarter of 2004. At quarter-end, non-performing assets totaled $13.6 million compared with $13.5 million at the end of the second quarter of 2005 and $10.5 million a year ago. Non-performing assets as a percentage of total assets were 24 basis points at quarter-end, compared with 24 basis points at June 30, 2005 and 23 basis points at September 30, 2004.

"Our asset quality continues to compare favorably with our peer banks and remains well within our tolerance levels," Tallent said. "Strong credit quality is essential to our balanced growth strategy and overall success. United Community Banks' credit quality is rooted in our guiding principle of securing loans with hard assets."

Fee revenue of $12.4 million rose $2.5 million, or 26%, from $9.9 million a year ago with steady growth achieved in every category. "Service charges and fees on deposit accounts increased $1.1 million to $6.6 million, primarily due to growth in transactions and new accounts resulting from the core deposit program and cross-selling other products and services," Tallent said. "We also experienced healthy increases in consulting, mortgage and brokerage fees."

Consulting fees rose 25% to $1.8 million, due to growth in the risk management and financial-service practices as well as strong growth across other consulting services. Brokerage fees increased 51% to $571,000 due to strong market activity. Other fee revenue increased by $466,000 to $1.2 million due primarily to a $160,000 gain on the sale of a former banking office location and $118,000 in gains on the sale of SBA loans.

Operating expenses increased $10.0 million, or 32%, to $41.3 million from the third quarter of 2004. Nearly $1.8 million of this increase related to operating expenses of the two banks acquired in the fourth quarter of 2004 that were not included in last year's results. Salaries and employee benefit costs of $26.3 million increased $6.7 million, or 34%, with approximately $2.7 million resulting from acquisitions and recent de novo expansion. The balance was due to an increase in staff to support business growth and related hiring costs and higher commissions related to the increase in mortgage and brokerage revenue.

Communications and equipment expenses increased $656,000 to $3.5 million due to the 2004 acquisitions and investments in technology equipment to support business growth. Advertising and marketing expense rose $560,000 to $1.7 million reflecting initiatives to raise core deposits and generate brand recognition in new markets. Occupancy expense increased $391,000 to $2.7 million reflecting the increase in cost to operate additional banking offices added through acquisitions and de novo expansion. Professional fees were up $139,000 to $1.2 million due to higher costs related to the volume of new loans generated and overall business growth. The increase in other operating expense was due to recent acquisitions and business growth.

"Our operating efficiency ratio of 61.16% for the quarter was slightly above our long-term efficiency goal of 58% to 60%, reflecting the higher operating costs of our recent de novo expansion into Gainesville," Tallent said.

"Looking forward, we believe United Community Banks is on target to complete the year with operating earnings per share growth within our long-term goal of 12% to 15%, but at the lower end of the range this year due to our significant strategic expansion in the Gainesville market," Tallent said. "We anticipate core loan growth will continue at the high end of our targeted range of 10% to 14% and net interest margin could come down slightly from our current level due to expected pricing competition for deposits. For 2006, we look forward to an operating earnings per share growth rate within our long-term goal of 12% to 15%, core loan growth within our targeted range of 10% to 14%, and our net interest margin could trend down slightly to the 4% range as we continue to fund loan growth with deposits. Our outlook is based on a continued, stable economic environment in our markets combined with maintaining strong credit quality.

"We remain committed to excellent customer service, superior operating performance and solid credit quality as we continue to grow our franchise," Tallent added. "Our balanced growth strategy -- delivering strong internal growth in our markets complemented by selective de novo offices and merger expansion -- will continue as the foundation for superior performance and building long-term shareholder value."

Conference Call

United Community Banks will hold a conference call on Tuesday, October 25, 2005, at 11:00 a.m. ET to discuss the contents of this news release, as well as business highlights for the quarter and the financial outlook for the remainder of the year. The telephone number for the conference call is (800) 798-2801 and the pass code is "UCBI." The conference call will also be available by web cast within the Investor Relations section of the company's web site.

About United Community Banks, Inc.

Headquartered in Blairsville, United Community Banks is the third-largest bank holding company in Georgia. As of September 30, 2005, United Community Banks had assets of $5.7 billion and operated 24 community banks with 88 banking offices located throughout north Georgia, metro Atlanta, coastal Georgia, western North Carolina and east Tennessee. The company specializes in providing personalized community banking services to individuals and small to mid-size businesses in its markets. United Community Banks also offers the convenience of 24-hour access to its services through a network of ATMs, telephone and on-line banking. United Community Banks common stock is listed on the Nasdaq National Market under the symbol UCBI. Additional information may be found at the company's web site, www.ucbi.com.

Safe Harbor

This news release contains forward-looking statements, as defined by Federal Securities Laws, including statements about financial outlook and business environment. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled "Forward Looking Statements" on page 4 of United Community Banks, Inc. annual report filed on Form 10-K with the Securities and Exchange Commission.


UNITED COMMUNITY BANKS, INC.
Selected Financial Information
For the Three and Nine Months Ended September 30, 2005

                                                   2005
                                           --------------------

(in thousands, except per share     Third        Second       First
data; taxable equivalent)           Quarter      Quarter      Quarter
-------------------------------    -----------  -----------  -----------
INCOME SUMMARY                      (Unaudited)  (Unaudited)  (Unaudited)
Interest revenue                   $    89,003  $    80,701  $    73,649
Interest expense                        34,033       29,450       25,367
                                   -----------  -----------  -----------
    Net interest revenue                54,970       51,251       48,282
Provision for loan losses                3,400        2,800        2,400
Fee revenue                             12,396       12,179       10,200
                                   -----------  -----------  -----------
   Total revenue                        63,966       60,630       56,082
Operating expenses (1)                  41,294       38,808       34,779
                                   -----------  -----------  -----------
    Income before taxes                 22,672       21,822       21,303
Income taxes                             8,374        8,049        7,862
                                   -----------  -----------  -----------
   Net operating income                 14,298       13,773       13,441
 Merger-related charges, net
  of tax                                     -            -            -
                                   -----------  -----------  -----------
    Net income                     $    14,298  $    13,773  $    13,441
                                   ===========  ===========  ===========
OPERATING PERFORMANCE  (1)
  Earnings per common share:
    Basic                          $       .37  $       .36  $       .35
    Diluted                                .36          .35          .34
  Return on tangible equity (3)          18.90%       19.21%       19.86%
  Return on assets                        1.01         1.03         1.06
  Efficiency ratio                       61.16        61.18        59.47
  Dividend payout ratio                  18.92        19.44        20.00

GAAP PERFORMANCE
  Per common share:
    Basic earnings                 $       .37  $       .36  $       .35
    Diluted earnings                       .36          .35          .34
    Cash dividends declared                .07          .07          .07
    Book value                           11.04        10.86        10.42
    Tangible book value (3)               8.05         7.85         7.40

  Key performance ratios:
    Return on equity (2)                 13.42%       13.46%       13.68%
    Return on assets                      1.01         1.03         1.06
    Net interest margin                   4.17         4.12         4.05
    Dividend payout ratio                18.92        19.44        20.00
    Equity to assets                      7.46         7.65         7.71
    Tangible equity to assets (3)         5.53         5.62         5.58

ASSET QUALITY
  Allowance for loan losses        $    51,888  $    49,873  $    48,453
  Non-performing assets                 13,565       13,495       13,676
  Net charge-offs                        1,385        1,380        1,143
  Allowance for loan losses to
   loans                                  1.22%        1.22%        1.25%
  Non-performing assets to total
   assets                                  .24          .24          .26
  Net charge-offs to average loans         .13          .14          .12

AVERAGE BALANCES
  Loans                            $ 4,169,170  $ 3,942,077  $ 3,797,479
  Investment securities              1,008,687      996,096      946,194
  Earning assets                     5,239,195    4,986,339    4,819,961
  Total assets                       5,608,158    5,338,398    5,164,464
  Deposits                           4,078,437    3,853,884    3,717,916
  Stockholders’ equity                 418,459      408,352      398,164
  Common shares outstanding:
    Basic                               38,345       38,270       38,198
    Diluted                             39,670       39,436       39,388

AT PERIOD END
  Loans                            $ 4,254,051  $ 4,072,811  $ 3,877,575
  Investment securities                945,922      990,500      928,328
  Earning assets                     5,302,532    5,161,067    4,907,743
  Total assets                       5,709,666    5,540,242    5,265,771
  Deposits                           4,196,369    3,959,226    3,780,521
  Stockholders’ equity                 424,000      415,994      398,886
  Common shares outstanding             38,383       38,283       38,249



UNITED COMMUNITY BANKS, INC.
Selected Financial Information
For the Three and Nine Months Ended September 30, 2005


                                                 2004             Third
                                         --------------------    Quarter
(in thousands, except per share          Fourth        Third     2005-2004
data; taxable equivalent)                Quarter      Quarter     Change
-------------------------------       -----------  ----------- -----------
INCOME SUMMARY                         (Unaudited)  (Unaudited)
Interest revenue                      $    66,761  $    61,358
Interest expense                           21,448       19,142
                                      -----------  -----------
    Net interest revenue                   45,313       42,216      30%
Provision for loan losses                   2,000        2,000
Fee revenue                                10,757        9,857      26
                                      -----------  -----------
    Total revenue                          54,070       50,073      28
Operating expenses (1)                     33,733       31,296      32
                                      -----------  -----------
    Income before taxes                    20,337       18,777      21
Income taxes                                7,427        6,822
                                      -----------  -----------
    Net operating income                   12,910       11,955      20
Merger-related charges, net of tax            261            -
                                      -----------  -----------
    Net income                        $    12,649  $    11,955      20
                                      ===========  ===========

OPERATING PERFORMANCE  (1)
  Earnings per common share:
    Basic                             $       .35  $       .33      12
    Diluted                                   .34          .32      13
  Return on tangible equity (3)             19.96%       19.41%
  Return on assets                           1.07         1.05
  Efficiency ratio                          60.20        60.11
  Dividend payout ratio                     17.14        18.18

GAAP PERFORMANCE
  Per common share:
    Basic earnings                    $       .34  $       .33      12
    Diluted earnings                          .33          .32      13
    Cash dividends declared                   .06          .06      17
    Book value                              10.39         9.58      15
    Tangible book value (3)                  7.34         7.28      11

  Key performance ratios:
    Return on equity (2)                    14.15%       14.20%
    Return on assets                         1.05         1.05
    Net interest margin                      4.05         3.99
    Dividend payout ratio                   17.65        18.18
    Equity to assets                         7.54         7.50
    Tangible equity to assets (3)            5.75         5.76

ASSET QUALITY
 Allowance for loan losses            $    47,196  $    43,548
 Non-performing assets                      8,725       10,527
 Net charge-offs                            1,183        1,010
 Allowance for loan losses to loans          1.26%        1.27%
 Non-performing assets to total assets        .17          .23
 Net charge-offs to average loans             .13          .12

AVERAGE BALANCES
 Loans                                $ 3,572,824  $ 3,384,281      23
 Investment securities                    805,766      762,994      32
 Earning assets                         4,456,403    4,215,472      24
 Total assets                           4,781,018    4,521,842      24
 Deposits                               3,500,842    3,351,188      22
 Stockholders' equity                     360,668      338,913      23
 Common shares outstanding:
    Basic                                  37,056       36,254
    Diluted                                38,329       37,432

AT PERIOD END
 Loans                                $ 3,734,905  $ 3,438,417      24
 Investment securities                    879,978      726,734      30
 Earning assets                         4,738,389    4,280,643      24
 Total assets                           5,087,702    4,592,655      24
 Deposits                               3,680,516    3,341,525      26
 Stockholders' equity                     397,088      347,795      22
 Common shares outstanding                 38,168       36,255



UNITED COMMUNITY BANKS, INC.
Selected Financial Information
For the Three and Nine Months Ended September 30, 2005

                                              For the Nine         YTD
(in thousands, except per share               Months Ended       2005-2004
data; taxable equivalent)                  2005         2004      Change
-------------------------------       -----------    ----------  --------
INCOME SUMMARY                         (Unaudited) (Unaudited)
Interest revenue                      $  243,353   $  172,625
Interest expense                          88,850       53,346
                                      ----------   ----------
    Net interest revenue                 154,503      119,279       30%
Provision for loan losses                  8,600        5,600
Fee revenue                               34,775       28,782       21
                                      ----------   ----------
    Total revenue                        180,678      142,461       27
Operating expenses (1)                   114,881       88,835       29
                                      ----------   ----------
    Income before taxes                   65,797       53,626       23
Income taxes                              24,285       19,380
                                      ----------   ----------
    Net operating income                  41,512       34,246       21
Merger-related charges, net of tax             -          304
                                      ----------   ----------
    Net income                        $   41,512   $   33,942       22
                                      ==========   ==========

OPERATING PERFORMANCE  (1)
 Earnings per common share:
    Basic                             $     1.08   $      .96       13
    Diluted                                 1.05          .93       13
 Return on tangible equity (3)             19.30%       19.67%
 Return on assets                           1.03         1.07
 Efficiency ratio                          60.64        60.00
 Dividend payout ratio                     19.44        18.75

GAAP PERFORMANCE
 Per common share:
    Basic earnings                    $     1.08   $      .95       14
    Diluted earnings                        1.05          .92       14
    Cash dividends declared                  .21          .18       17
    Book value                             11.04         9.58       15
    Tangible book value (3)                 8.05         7.28       11

 Key performance ratios:
    Return on equity (2)                   13.51%       14.48%
    Return on assets                        1.03         1.06
    Net interest margin                     4.12         3.98
    Dividend payout ratio                  19.44        18.95
    Equity to assets                        7.60         7.42
    Tangible equity to assets (3)           5.57         5.79

ASSET QUALITY
 Allowance for loan losses            $   51,888   $   43,548
 Non-performing assets                    13,565       10,527
 Net charge-offs                           3,908        2,434
 Allowance for loan losses to loans         1.22%        1.27%
 Non-performing assets to total assets       .24          .23
 Net charge-offs to average loans            .13          .10

AVERAGE BALANCES
 Loans                                $3,970,937   $3,239,005       23
 Investment securities                   983,889      710,674       38
 Earning assets                        5,016,702    4,006,149       25
 Total assets                          5,371,966    4,294,555       25
 Deposits                              3,884,733    3,162,588       23
 Stockholders' equity                    408,399      318,668       28
 Common shares outstanding:
    Basic                                 38,272       35,738
    Diluted                               39,499       36,917

AT PERIOD END
 Loans                                $4,254,051   $3,438,417       24
 Investment securities                   945,922      726,734       30
 Earning assets                        5,302,532    4,280,643       24
 Total assets                          5,709,666    4,592,655       24
 Deposits                              4,196,369    3,341,525       26
 Stockholders' equity                    424,000      347,795       22
 Common shares outstanding                38,383       36,255


(1) Excludes pre-tax merger-related charges totaling $406,000 or $.01
    per diluted and $464,000 or $.01 per diluted common share in the
    fourth and second quarters of 2004, respectively.

(2) Net income available to common stockholders divided by average
    realized common equity which excludes accumulated other comprehensive
    income.

(3) Excludes effect of acquisition related intangibles and associated
    amortization.

(4) Annualized.


UNITED COMMUNITY BANKS, INC.
Consolidated Statement of Income
For the Three and Nine Months Ended September 30, 2005 and 2004
(in thousands, except per share data)

                                 Three Months Ended Nine Months Ended
                                   September 30,       September 30,
                                  2005       2004       2005       2004
                                --------   --------   --------   --------
Interest revenue:             (Unaudited)(Unaudited)(Unaudited)(Unaudited)
  Loans, including fees         $ 77,470   $ 53,023   $210,383   $149,771
  Federal funds sold and
   deposits in banks                 253        181        662        358
  Investment securities:
    Taxable                       10,340      7,254     29,544     19,662
    Tax exempt                       520        514      1,573      1,625
                                --------   --------   --------   --------
         Total interest revenue   88,583     60,972    242,162    171,416
                                --------   --------   --------   --------
Interest expense:
  Deposits:
    Demand                         5,187      2,151     13,093      5,865
    Savings                          223         98        565        274
    Time                          17,653     10,608     45,680     29,678
  Federal funds purchased          1,407        573      3,384      1,343
  Other borrowings                 9,563      5,712     26,128     16,186
                                --------   --------   --------   --------
    Total interest expense        34,033     19,142     88,850     53,346
                                --------   --------   --------   --------
    Net interest revenue          54,550     41,830    153,312    118,070
Provision for loan losses          3,400      2,000      8,600      5,600
                                --------   --------   --------   --------
    Net interest revenue after
     provision for loan losses    51,150     39,830    144,712    112,470
                                --------   --------   --------   --------
Fee revenue:
  Service charges and fees         6,627      5,559     18,521     15,894
  Mortgage loan and other
   related fees                    2,367      1,747      5,592      4,612
  Consulting fees                  1,777      1,426      4,944      3,955
  Brokerage fees                     571        377      1,781      1,600
  Securities (losses) gains,
   net                              (153)       398       (155)       394
  Loss on prepayments of
   borrowings                          -       (391)         -       (391)
  Other                            1,207        741      4,092      2,718
                                --------   --------   --------   --------
    Total fee revenue             12,396      9,857     34,775     28,782
                                --------   --------   --------   --------
    Total revenue                 63,546     49,687    179,487    141,252
                                --------   --------   --------   --------
Operating expenses:
  Salaries and employee
   benefits                       26,334     19,636     73,843     56,424
  Occupancy                        2,743      2,352      8,129      6,907
  Communications and equipment     3,484      2,828      9,581      8,052
  Postage, printing and
   supplies                        1,426      1,214      4,146      3,424
  Professional fees                1,174      1,035      3,283      2,667
  Advertising and public
   relations                       1,683      1,123      4,745      2,878
  Amortization of intangibles        503        442      1,509      1,208
  Merger-related charges               -          -          -        464
  Other                            3,947      2,666      9,645      7,275
                                --------   --------   --------   --------
    Total operating expenses      41,294     31,296    114,881     89,299
                                --------   --------   --------   --------
  Income before income
   taxes                          22,252     18,391     64,606     51,953
Income taxes                       7,954      6,436     23,094     18,011
                                --------   --------   --------   --------
    Net income                  $ 14,298   $ 11,955   $ 41,512   $ 33,942
                                ========   ========   ========   ========
    Net income available to
     common stockholders        $ 14,293   $ 11,955   $ 41,494   $ 33,925
                                ========   ========   ========   ========

Earnings per common share:
  Basic                        $    .37   $    .33   $   1.08   $    .95
  Diluted                           .36        .32       1.05        .92
Weighted average common shares
 outstanding (in thousands):
  Basic                          38,345     36,254     38,272     35,738
  Diluted                        39,670     37,432     39,499     36,917




UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheet
For the period ended
                                  September 30, December 31, September 30,
($ in thousands)                     2005           2004          2004

ASSETS                              (Unaudited)   (Audited)   (Unaudited)

 Cash and due from banks              $  139,147  $   99,742  $   102,457
 Interest-bearing deposits in banks       28,935      35,098       57,465
                                      ----------  ----------  -----------
    Cash and cash equivalents            168,082     134,840      159,922

 Securities available for sale           945,922     879,978      726,734
 Mortgage loans held for sale             28,539      37,094       19,189
 Loans, net of unearned income         4,254,051   3,734,905    3,438,417
    Less - allowance for loan losses      51,888      47,196       43,548
                                      ----------  ----------  -----------
         Loans, net                    4,202,163   3,687,709    3,394,869

 Premises and equipment, net             109,468     103,679       92,918
 Interest receivable                      36,108      27,923       28,108
 Intangible assets                       119,154     121,207       87,381
 Other assets                            100,230      95,272       83,534
                                      ----------  ----------  -----------
    Total assets                      $5,709,666  $5,087,702  $ 4,592,655
                                      ==========  ==========  ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
 Deposits:
    Demand                            $  637,296  $  532,879  $   491,123
    Interest-bearing demand            1,180,125   1,055,192      910,699
    Savings                              175,864     171,898      166,184
    Time                               2,203,084   1,920,547    1,773,519
                                      ----------  ----------  -----------
         Total deposits                4,196,369   3,680,516    3,341,525

 Federal funds purchased and
  repurchase agreements                  157,347     130,921      178,335
 Federal Home Loan Bank advances         775,251     737,947      585,513
 Other borrowings                        118,168     113,879      113,878
 Accrued expenses and other
  liabilities                             38,531      27,351       25,609
                                      ----------  ----------  -----------
    Total liabilities                  5,285,666   4,690,614    4,244,860
                                      ----------  ----------   ----------

Stockholders' equity:
 Preferred stock, $1 par value; $10
  stated value; 10,000,000 shares
  authorized; 37,200, 44,800 and
  44,800 shares issued and outstanding       372          448         448
 Common stock, $1 par value;
  100,000,000 shares authorized;
  38,407,874, 38,407,874 and 36,620,754
  shares issued                           38,408       38,408      36,621
 Capital surplus                         153,712      155,076     116,075
 Retained earnings                       238,144      204,709     194,350
 Treasury stock;  24,449, 240,346 and
  366,112 shares, at cost                   (671)      (4,413)     (6,251)
 Accumulated other comprehensive (loss)
  income                                  (5,965)       2,860       6,552
                                      ----------  -----------  ----------
    Total stockholders' equity           424,000      397,088     347,795

    Total liabilities and             ----------  -----------  ----------
     stockholders' equity             $5,709,666   $5,087,702  $4,592,655
                                      ==========   ==========  ==========

Contact Information

  • For more information:
    Rex S. Schuette
    Chief Financial Officer
    (706) 781-2265
    Email Contact