TUPELO, Miss., July 20 /PRNewswire-FirstCall/ -- Renasant
Corporation (Nasdaq: RNST) (the “Company”) today announced results
for the second quarter of 2010. Net income for the second
quarter of 2010 was $3,796,000 as
compared to $3,607,000 for the first
quarter of 2010 and $4,256,000 for
the second quarter of 2009. Basic and diluted earnings per
share were $0.18 during the second
quarter of 2010 as compared to basic and diluted earnings per share
of $0.17 for the first quarter of
2010 and basic and diluted earnings per share of $0.20 for the second quarter of 2009.
“During the first half of 2010, the markets within our footprint
have continued to show positive trends. Reflecting this,
Toyota announced in May that it will resume completion of its
manufacturing facility in North
Mississippi, Huntsville saw
an expansion within its aerospace and engineering industries and
Nashville showed its resilience by
quickly rebounding from a catastrophic flood,” said Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. “Even as the economy has not fully
rebounded and many banks continue to struggle, during the second
quarter of 2010, we opened two new full service banking locations,
added strategic new hires and experienced a linked quarter increase
in our net income.”
Total assets as of June 30, 2010
were approximately $3.59 billion, a
1.31% decrease since March 31, 2010
and a 1.30% decrease from December 31,
2009. Total deposits were $2.69
billion at June 30, 2010,
representing a 0.94% decrease from March 31,
2010 and a 4.35% increase since December 31, 2009. The reduction in total
deposits as compared to the previous quarter was due to a reduction
in public funds and retail time deposits; however, retail non-time
deposits grew 3.24% on a linked quarter basis.
Total loans were approximately $2.26
billion at the end of the second quarter of 2010 as compared
to $2.31 billion at March 31, 2010 and $2.35
billion at December 31, 2009.
The decrease in loans was attributed to a combination of soft
demand for loans within our markets and our continued reduction in
the Company’s construction and land development loan portfolio.
In addition, approximately 67% of the linked quarter
reduction in the Company’s construction loans was attributable to
these loans being converted to permanent financing after completion
of the construction phase of the loan.
As of June 30, 2010, the Company's
Tier 1 leverage capital ratio was 8.78%, its Tier 1 risk-based
capital ratio was 11.42%, and its total risk-based capital ratio
was 12.67%. As has been the trend in previous quarters, the
Company continued to grow its capital ratios in the second quarter
of 2010, keeping them above well capitalized thresholds.
Net interest income was $23,680,000 for the second quarter of 2010 as
compared to $24,410,000 for the first
quarter of 2010 and $24,160,000 for
the second quarter of 2009. Net interest margin was 3.15% for
the second quarter of 2010 as compared to 3.27% for the first
quarter of 2010 and 3.04% for the second quarter of 2009.
“The decrease in net interest income and net interest margin on
a linked quarter basis was attributable not only to a reduction in
loan volume but also to $1.2 million
in premium amortization related to accelerated prepayments in our
mortgage backed securities portfolio due to the recent Fannie Mae
and Freddie Mac repurchase program,” commented McGraw.
Noninterest income was $14,344,000
for the second quarter of 2010 as compared to $12,484,000 for the first quarter of 2010 and
$15,424,000 for the second quarter in
2009. The linked quarter increase in noninterest income is
primarily due to an increase in service charges on deposit accounts
and a gain from the sale of securities.
Noninterest expense was $26,188,000 for the second quarter of 2010 as
compared to $25,634,000 for the first
quarter of 2010 and $27,132,000 for
the second quarter of 2009. Noninterest expense for the
second quarter of 2009 included approximately $1.75 million for the special deposit insurance
assessment levied by the FDIC on all insured institutions.
Annualized net charge-offs as a percentage of average loans were
1.21% for the second quarter of 2010, up from 0.81% for the first
quarter of 2010 and 0.93% for the second quarter of 2009. The
allowance for loan losses as a percentage of loans was 1.82% at
June 30, 2010 as compared to 1.78% at
March 31, 2010 and 1.67% at
December 31, 2009. The Company
recorded a provision for loan losses of $7,000,000 for the second quarter of 2010 as
compared to $6,665,000 for the first
quarter of 2010 and $6,700,000 for
the second quarter of 2009.
Non-performing loans (loans 90 days or more past due and
nonaccrual loans) were $64,662,000 at
June 30, 2010 as compared to
$54,604,000 at March 31, 2010, $50,025,000 at December
31, 2009 and $65,501,000 at
June 30, 2009. Most of the
linked quarter increase in non-performing loans was attributable to
the migration of approximately $11
million of troubled debt restructured loans into this
category. Furthermore, loans in the 30 to 89 days past due
category decreased approximately 15% on a linked quarter basis.
Other real estate owned (OREO) was $66,797,000 on June 30,
2010 as compared to $62,508,000 at March 31,
2010 and $58,568,000 at
December 31, 2009. The
balance of OREO at June 30, 2010
included a $5.3 million property
which was booked and placed under contract to sell during the
second quarter. The sale of this property is scheduled to
close in July with no additional loss to the Company. As in
the previous quarter, the Company’s OREO increased as the Company
took possession of the real properties securing problem loans in
order to control the liquidation of these properties. The
Company has an additional $1.8
million in OREO currently under contract to sell which is
scheduled to close in the third quarter of 2010.
“Even as the current economy and banking environment remains
challenging, we believe our key markets are fundamentally sound and
we are optimistic in our outlook for long term success as we
continue to position ourselves for opportunities to grow and
enhance our franchise,” stated McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM EDT
on Wednesday, July 21, 2010.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://www.talkpoint.com/viewer/starthere.asp?Pres=131700. To
access the conference via telephone, dial 1-877-317-6789 in
the United States and request the
Renasant Corporation Second Quarter 2010 Earnings Webcast and
Conference Call. International participants should dial
1-412-317-6789 to access the conference call.
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 the United
States and entering 442634 or by dialing 1-412-317-0088
internationally and entering 442634. Telephone replay access
is available until 9:00 AM EST on
October 22, 2010.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant
Insurance. Renasant has assets of approximately $3.6 billion and operates over 65 banking,
mortgage, financial services and insurance offices in Mississippi, Tennessee and Alabama.
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference,
statements which may constitute “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward looking statements usually include
words such as “expects,” “projects,” “anticipates,” “believes,”
“intends,” “estimates,” “strategy,” “plan,” “potential,” “possible”
and other similar expressions.
Prospective investors are cautioned that any such
forward-looking statements are not guarantees for future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known
to management that could cause actual results to differ materially
from those in forward-looking statements include significant
fluctuations in interest rates, inflation, economic recession,
significant changes in the federal and state legal and regulatory
environment, significant underperformance in our portfolio of
outstanding loans, and competition in our markets. We undertake no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
|
Contacts
|
For Media:
|
For Financials:
|
|
|
John Oxford
|
Stuart Johnson
|
|
|
Vice President
|
Senior Executive Vice President
|
|
|
Director of External
Affairs
|
Chief Financial
Officer
|
|
|
(662) 680-1219
|
(662) 680-1472
|
|
|
joxford@renasant.com
|
stuartj@renasant.com
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
(Unaudited)
|
|
|
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2010 -
|
|
For the Six
Months
|
|
|
|
|
|
|
2010
|
|
2009
|
|
Q2 2009
|
|
Ended June 30,
|
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Statement of
earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2010
|
|
2009
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - taxable
equivalent basis
|
$
39,590
|
|
$
40,900
|
|
$
42,526
|
|
$
43,820
|
|
$
43,836
|
|
$
44,988
|
|
(9.69)
|
|
$
80,490
|
|
$
88,824
|
|
(9.38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
$
38,381
|
|
$
39,708
|
|
$
41,331
|
|
$
42,614
|
|
$
42,709
|
|
$
43,910
|
|
(10.13)
|
|
$
78,089
|
|
$
86,619
|
|
(9.85)
|
|
|
Interest expense
|
14,701
|
|
15,298
|
|
16,529
|
|
17,423
|
|
18,549
|
|
18,597
|
|
(20.75)
|
|
29,999
|
|
37,146
|
|
(19.24)
|
|
|
Net interest
income
|
23,680
|
|
24,410
|
|
24,802
|
|
25,191
|
|
24,160
|
|
25,313
|
|
(1.99)
|
|
48,090
|
|
49,473
|
|
(2.80)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
7,000
|
|
6,665
|
|
7,800
|
|
7,350
|
|
6,700
|
|
5,040
|
|
4.48
|
|
13,665
|
|
11,740
|
|
16.40
|
|
|
Net interest income after
provision
|
16,680
|
|
17,745
|
|
17,002
|
|
17,841
|
|
17,460
|
|
20,273
|
|
(4.47)
|
|
34,425
|
|
37,733
|
|
(8.77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
5,361
|
|
5,090
|
|
5,801
|
|
5,379
|
|
5,395
|
|
5,425
|
|
(0.63)
|
|
10,451
|
|
10,820
|
|
(3.41)
|
|
|
Fees and commissions on loans
and deposits
|
3,409
|
|
3,721
|
|
3,554
|
|
3,961
|
|
4,424
|
|
4,682
|
|
(22.94)
|
|
7,130
|
|
9,106
|
|
(21.70)
|
|
|
Insurance commissions and
fees
|
830
|
|
834
|
|
705
|
|
949
|
|
837
|
|
828
|
|
(0.84)
|
|
1,664
|
|
1,665
|
|
(0.06)
|
|
|
Trust revenue
|
632
|
|
584
|
|
559
|
|
501
|
|
488
|
|
491
|
|
29.51
|
|
1,216
|
|
979
|
|
24.21
|
|
|
Securities (losses)
gains
|
2,049
|
|
(160)
|
|
123
|
|
-
|
|
1,123
|
|
427
|
|
82.46
|
|
1,889
|
|
1,550
|
|
21.87
|
|
|
Gain on sale of mortgage
loans
|
994
|
|
1,329
|
|
1,665
|
|
1,832
|
|
2,293
|
|
1,776
|
|
(56.65)
|
|
2,323
|
|
4,069
|
|
(42.91)
|
|
|
Other
|
1,069
|
|
1,086
|
|
1,012
|
|
1,331
|
|
864
|
|
1,133
|
|
23.73
|
|
2,155
|
|
1,997
|
|
7.91
|
|
|
Total non-interest
income
|
14,344
|
|
12,484
|
|
13,419
|
|
13,953
|
|
15,424
|
|
14,762
|
|
(7.00)
|
|
26,828
|
|
30,186
|
|
(11.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
13,052
|
|
13,197
|
|
13,572
|
|
13,363
|
|
13,736
|
|
14,744
|
|
(4.98)
|
|
26,249
|
|
28,480
|
|
(7.83)
|
|
|
Occupancy and
equipment
|
2,926
|
|
2,931
|
|
2,981
|
|
3,045
|
|
3,063
|
|
3,249
|
|
(4.47)
|
|
5,857
|
|
6,312
|
|
(7.21)
|
|
|
Data processing
|
1,580
|
|
1,426
|
|
1,407
|
|
1,439
|
|
1,430
|
|
1,329
|
|
10.49
|
|
3,006
|
|
2,759
|
|
8.95
|
|
|
Amortization of
intangibles
|
470
|
|
476
|
|
482
|
|
489
|
|
494
|
|
501
|
|
(4.86)
|
|
946
|
|
995
|
|
(4.92)
|
|
|
Other
|
8,160
|
|
7,604
|
|
7,141
|
|
7,782
|
|
8,409
|
|
7,097
|
|
(2.96)
|
|
15,764
|
|
15,506
|
|
1.66
|
|
|
Total non-interest
expense
|
26,188
|
|
25,634
|
|
25,583
|
|
26,118
|
|
27,132
|
|
26,920
|
|
(3.48)
|
|
51,822
|
|
54,052
|
|
(4.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
4,836
|
|
4,595
|
|
4,838
|
|
5,676
|
|
5,752
|
|
8,115
|
|
(15.92)
|
|
9,431
|
|
13,867
|
|
(31.99)
|
|
|
Income taxes
|
1,040
|
|
988
|
|
807
|
|
1,451
|
|
1,496
|
|
2,109
|
|
(30.48)
|
|
2,028
|
|
3,605
|
|
(43.74)
|
|
|
Net income
|
$
3,796
|
|
$
3,607
|
|
$
4,031
|
|
$
4,225
|
|
$
4,256
|
|
$
6,006
|
|
(10.81)
|
|
$
7,403
|
|
$
10,262
|
|
(27.86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.18
|
|
$
0.17
|
|
$
0.19
|
|
$
0.20
|
|
$
0.20
|
|
$
0.29
|
|
(10.00)
|
|
$
0.35
|
|
$
0.49
|
|
(28.57)
|
|
|
Diluted earnings per
share
|
0.18
|
|
0.17
|
|
0.19
|
|
0.20
|
|
0.20
|
|
0.28
|
|
(10.00)
|
|
0.35
|
|
0.48
|
|
(27.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
21,088,942
|
|
21,082,991
|
|
21,078,873
|
|
21,075,879
|
|
21,073,228
|
|
21,067,539
|
|
0.07
|
|
21,085,983
|
|
21,067,539
|
|
0.09
|
|
|
Average diluted shares
outstanding
|
21,224,836
|
|
21,208,934
|
|
21,217,841
|
|
21,213,839
|
|
21,193,560
|
|
21,188,397
|
|
0.15
|
|
21,219,662
|
|
21,188,397
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
21,100,130
|
|
21,082,991
|
|
21,082,991
|
|
21,078,828
|
|
21,074,568
|
|
21,067,539
|
|
0.12
|
|
21,100,130
|
|
21,074,568
|
|
0.12
|
|
|
Cash dividend per common
share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.34
|
|
$
0.34
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders'
equity
|
3.69%
|
|
3.55%
|
|
3.87%
|
|
4.12%
|
|
4.22%
|
|
6.04%
|
|
|
|
3.62%
|
|
5.13%
|
|
|
|
|
Return on average shareholders'
equity, excluding amortization expense
|
3.97%
|
|
3.84%
|
|
4.15%
|
|
4.41%
|
|
4.52%
|
|
6.35%
|
|
|
|
3.90%
|
|
5.44%
|
|
|
|
|
Return on average
assets
|
0.42%
|
|
0.40%
|
|
0.44%
|
|
0.46%
|
|
0.46%
|
|
0.65%
|
|
|
|
0.41%
|
|
0.55%
|
|
|
|
|
Return on average assets,
excluding amortization expense
|
0.45%
|
|
0.44%
|
|
0.47%
|
|
0.49%
|
|
0.49%
|
|
0.68%
|
|
|
|
0.45%
|
|
0.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
3.15%
|
|
3.27%
|
|
3.22%
|
|
3.22%
|
|
3.04%
|
|
3.19%
|
|
|
|
3.21%
|
|
3.12%
|
|
|
|
|
Yield on earning assets
(FTE)
|
5.02%
|
|
5.23%
|
|
5.26%
|
|
5.33%
|
|
5.27%
|
|
5.46%
|
|
|
|
5.13%
|
|
5.37%
|
|
|
|
|
Average earning assets to
average assets
|
87.42%
|
|
87.28%
|
|
88.19%
|
|
88.73%
|
|
89.25%
|
|
88.85%
|
|
|
|
87.37%
|
|
88.91%
|
|
|
|
|
Average loans to average
deposits
|
84.53%
|
|
88.47%
|
|
92.96%
|
|
94.22%
|
|
94.40%
|
|
99.13%
|
|
|
|
86.47%
|
|
96.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less
securities gains/losses) to average assets
|
1.36%
|
|
1.42%
|
|
1.45%
|
|
1.51%
|
|
1.53%
|
|
1.54%
|
|
|
|
1.39%
|
|
1.54%
|
|
|
|
|
Noninterest expense to average
assets
|
2.90%
|
|
2.87%
|
|
2.79%
|
|
2.82%
|
|
2.91%
|
|
2.90%
|
|
|
|
2.89%
|
|
2.91%
|
|
|
|
|
Net overhead ratio
|
1.54%
|
|
1.45%
|
|
1.34%
|
|
1.31%
|
|
1.38%
|
|
1.36%
|
|
|
|
1.50%
|
|
1.37%
|
|
|
|
|
Efficiency ratio
(FTE)
|
66.75%
|
|
67.31%
|
|
64.91%
|
|
64.73%
|
|
66.65%
|
|
65.41%
|
|
|
|
67.02%
|
|
66.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
(Unaudited)
|
|
|
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2010 -
|
|
For the Six
Months
|
|
|
|
|
|
|
2010
|
|
2009
|
|
Q2 2009
|
|
Ended June 30,
|
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Average balances
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2010
|
|
2009
|
|
Variance
|
|
|
Total assets
|
|
$
3,616,125
|
|
$
3,621,361
|
|
$
3,640,514
|
|
$
3,675,592
|
|
$
3,738,852
|
|
$
3,763,245
|
|
(3.28)
|
|
$
3,617,888
|
|
$
3,750,916
|
|
(3.55)
|
|
|
Earning assets
|
|
3,161,214
|
|
3,160,620
|
|
3,210,554
|
|
3,261,527
|
|
3,337,103
|
|
3,343,699
|
|
(5.27)
|
|
3,160,918
|
|
3,334,954
|
|
(5.22)
|
|
|
Securities
|
|
734,690
|
|
697,913
|
|
719,298
|
|
703,976
|
|
701,894
|
|
696,068
|
|
4.67
|
|
716,403
|
|
693,569
|
|
3.29
|
|
|
Loans, net of
unearned
|
|
2,304,663
|
|
2,354,443
|
|
2,397,195
|
|
2,465,298
|
|
2,542,021
|
|
2,587,436
|
|
(9.34)
|
|
2,329,415
|
|
2,564,603
|
|
(9.17)
|
|
|
Intangibles
|
|
190,639
|
|
190,881
|
|
191,591
|
|
192,078
|
|
192,568
|
|
193,067
|
|
(1.00)
|
|
190,875
|
|
192,816
|
|
(1.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
315,242
|
|
$
310,726
|
|
$
307,753
|
|
$
297,390
|
|
$
293,546
|
|
$
299,265
|
|
7.39
|
|
$
312,878
|
|
$
296,373
|
|
5.57
|
|
|
Interest bearing
deposits
|
|
2,387,175
|
|
2,332,741
|
|
2,247,854
|
|
2,286,184
|
|
2,342,788
|
|
2,250,324
|
|
1.89
|
|
2,360,108
|
|
2,296,812
|
|
2.76
|
|
|
Total deposits
|
|
2,702,417
|
|
2,643,467
|
|
2,555,607
|
|
2,583,574
|
|
2,636,334
|
|
2,549,589
|
|
2.51
|
|
2,672,986
|
|
2,593,185
|
|
3.08
|
|
|
Borrowed funds
|
|
468,196
|
|
530,654
|
|
632,689
|
|
647,919
|
|
662,387
|
|
815,548
|
|
(29.32)
|
|
499,252
|
|
738,544
|
|
(32.40)
|
|
|
Shareholders' equity
|
|
412,959
|
|
412,132
|
|
413,773
|
|
406,779
|
|
404,456
|
|
403,229
|
|
2.10
|
|
412,589
|
|
403,141
|
|
2.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
53,868
|
|
$
44,688
|
|
$
39,454
|
|
$
37,995
|
|
$
55,217
|
|
$
47,591
|
|
(2.44)
|
|
$
53,868
|
|
$
55,217
|
|
(2.44)
|
|
|
Loans 90 past due or
more
|
|
10,794
|
|
9,916
|
|
10,571
|
|
10,661
|
|
10,284
|
|
19,789
|
|
4.96
|
|
10,794
|
|
10,284
|
|
4.96
|
|
|
Non-performing loans
|
|
64,662
|
|
54,604
|
|
50,025
|
|
48,656
|
|
65,501
|
|
67,380
|
|
(1.28)
|
|
64,662
|
|
65,501
|
|
(1.28)
|
|
|
Other real estate owned and
repossessions
|
|
66,797
|
|
62,508
|
|
58,568
|
|
47,457
|
|
30,546
|
|
25,318
|
|
118.68
|
|
66,797
|
|
30,546
|
|
118.68
|
|
|
Non-performing assets
|
|
$
131,459
|
|
$
117,112
|
|
$
108,593
|
|
$
96,113
|
|
$
96,047
|
|
$
92,698
|
|
36.87
|
|
$
131,459
|
|
$
96,047
|
|
36.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
$
6,948
|
|
$
4,716
|
|
$
5,007
|
|
$
6,962
|
|
$
5,917
|
|
$
4,764
|
|
17.42
|
|
$
11,664
|
|
$
10,681
|
|
9.20
|
|
|
Allowance for loan
losses
|
|
41,146
|
|
41,094
|
|
39,145
|
|
36,352
|
|
35,964
|
|
35,181
|
|
14.41
|
|
41,146
|
|
35,964
|
|
14.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
|
2.86%
|
|
2.37%
|
|
2.13%
|
|
2.03%
|
|
2.65%
|
|
2.69%
|
|
|
|
2.86%
|
|
2.65%
|
|
|
|
|
Non-performing assets / total
assets
|
|
3.66%
|
|
3.22%
|
|
2.98%
|
|
2.64%
|
|
2.59%
|
|
2.44%
|
|
|
|
3.66%
|
|
2.59%
|
|
|
|
|
Allowance for loan losses /
total loans
|
|
1.82%
|
|
1.78%
|
|
1.67%
|
|
1.51%
|
|
1.46%
|
|
1.40%
|
|
|
|
1.82%
|
|
1.46%
|
|
|
|
|
Allowance for loan losses /
non-performing loans
|
|
63.63%
|
|
75.26%
|
|
78.25%
|
|
74.71%
|
|
54.91%
|
|
52.21%
|
|
|
|
63.63%
|
|
54.91%
|
|
|
|
|
Annualized net loan charge-offs
/ average loans
|
|
1.21%
|
|
0.81%
|
|
0.83%
|
|
1.12%
|
|
0.93%
|
|
0.75%
|
|
|
|
1.01%
|
|
0.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
3,593,872
|
|
$
3,641,709
|
|
$
3,641,081
|
|
$
3,642,657
|
|
$
3,701,957
|
|
$
3,795,217
|
|
|
|
$
3,593,872
|
|
$
3,701,957
|
|
(2.92)
|
|
|
Earning assets
|
|
3,156,451
|
|
3,200,159
|
|
3,173,039
|
|
3,188,554
|
|
3,236,615
|
|
3,368,962
|
|
|
|
3,156,451
|
|
3,236,615
|
|
(2.48)
|
|
|
Securities
|
|
721,640
|
|
741,207
|
|
714,164
|
|
738,204
|
|
684,723
|
|
709,950
|
|
|
|
721,640
|
|
684,723
|
|
5.39
|
|
|
Mortgage loans held for
sale
|
|
21,261
|
|
16,597
|
|
25,749
|
|
24,091
|
|
49,565
|
|
55,194
|
|
|
|
21,261
|
|
49,565
|
|
(57.10)
|
|
|
Loans, net of
unearned
|
|
2,263,263
|
|
2,308,335
|
|
2,347,615
|
|
2,402,423
|
|
2,468,844
|
|
2,506,780
|
|
|
|
2,263,263
|
|
2,468,844
|
|
(8.33)
|
|
|
Intangibles
|
|
190,411
|
|
190,881
|
|
191,357
|
|
191,839
|
|
192,328
|
|
192,822
|
|
|
|
190,411
|
|
192,328
|
|
(1.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
313,309
|
|
$
315,064
|
|
$
304,962
|
|
$
297,858
|
|
$
292,129
|
|
$
303,536
|
|
|
|
$
313,309
|
|
$
292,129
|
|
7.25
|
|
|
Interest bearing
deposits
|
|
2,374,903
|
|
2,398,784
|
|
2,271,138
|
|
2,263,126
|
|
2,308,081
|
|
2,385,769
|
|
|
|
2,374,903
|
|
2,308,081
|
|
2.90
|
|
|
Total deposits
|
|
2,688,212
|
|
2,713,848
|
|
2,576,100
|
|
2,560,984
|
|
2,600,210
|
|
2,689,305
|
|
|
|
2,688,212
|
|
2,600,210
|
|
3.38
|
|
|
Borrowed funds
|
|
459,762
|
|
483,183
|
|
618,024
|
|
635,076
|
|
665,755
|
|
672,130
|
|
|
|
459,762
|
|
665,755
|
|
(30.94)
|
|
|
Shareholders' equity
|
|
412,235
|
|
410,557
|
|
410,122
|
|
410,473
|
|
400,680
|
|
400,095
|
|
|
|
412,235
|
|
400,680
|
|
2.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per common
share
|
|
$
14.35
|
|
$
16.18
|
|
$
13.60
|
|
$
14.85
|
|
$
15.02
|
|
$
12.56
|
|
|
|
$
14.35
|
|
$
15.02
|
|
(4.46)
|
|
|
Book value per common
share
|
|
19.54
|
|
19.47
|
|
19.45
|
|
19.47
|
|
19.01
|
|
18.99
|
|
|
|
19.54
|
|
19.01
|
|
2.76
|
|
|
Tangible book value per common
share
|
|
10.51
|
|
10.42
|
|
10.38
|
|
10.37
|
|
9.89
|
|
9.84
|
|
|
|
10.51
|
|
9.89
|
|
6.34
|
|
|
Shareholders' equity to assets
(actual)
|
|
11.47%
|
|
11.27%
|
|
11.26%
|
|
11.27%
|
|
10.82%
|
|
10.54%
|
|
|
|
11.47%
|
|
10.82%
|
|
|
|
|
Tangible capital
ratio
|
|
6.52%
|
|
6.37%
|
|
6.34%
|
|
6.34%
|
|
5.94%
|
|
5.75%
|
|
|
|
6.52%
|
|
5.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio
|
|
8.78%
|
|
8.74%
|
|
8.68%
|
|
8.56%
|
|
8.37%
|
|
8.28%
|
|
|
|
8.78%
|
|
8.37%
|
|
|
|
|
Tier 1 risk-based capital
ratio
|
|
11.42%
|
|
11.20%
|
|
11.12%
|
|
11.04%
|
|
10.92%
|
|
11.00%
|
|
|
|
11.42%
|
|
10.92%
|
|
|
|
|
Total risk-based capital
ratio
|
|
12.67%
|
|
12.45%
|
|
12.37%
|
|
12.29%
|
|
12.17%
|
|
12.25%
|
|
|
|
12.67%
|
|
12.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detail of Loans by
Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
agricultural
|
|
$
273,356
|
|
$
276,749
|
|
$
281,329
|
|
$
280,930
|
|
$
292,177
|
|
$
301,899
|
|
|
|
$
273,356
|
|
$
292,177
|
|
(6.44)
|
|
|
Lease financing
|
|
601
|
|
677
|
|
778
|
|
936
|
|
1,283
|
|
1,434
|
|
|
|
601
|
|
1,283
|
|
(53.16)
|
|
|
Real estate -
construction
|
|
62,469
|
|
110,121
|
|
133,299
|
|
153,367
|
|
180,202
|
|
210,747
|
|
|
|
62,469
|
|
180,202
|
|
(65.33)
|
|
|
Real estate - 1-4 family
mortgages
|
|
798,185
|
|
809,271
|
|
820,917
|
|
848,267
|
|
878,263
|
|
872,796
|
|
|
|
798,185
|
|
878,263
|
|
(9.12)
|
|
|
Real estate - commercial
mortgages
|
|
1,071,876
|
|
1,055,102
|
|
1,040,589
|
|
1,048,135
|
|
1,054,169
|
|
1,055,537
|
|
|
|
1,071,876
|
|
1,054,169
|
|
1.68
|
|
|
Installment loans to
individuals
|
|
56,776
|
|
56,415
|
|
70,703
|
|
70,788
|
|
62,750
|
|
64,367
|
|
|
|
56,776
|
|
62,750
|
|
(9.52)
|
|
|
Loans, net of
unearned
|
|
$
2,263,263
|
|
$
2,308,335
|
|
$
2,347,615
|
|
$
2,402,423
|
|
$
2,468,844
|
|
$
2,506,780
|
|
|
|
$
2,263,263
|
|
$
2,468,844
|
|
(8.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation