TUPELO, Miss., Oct. 19 /PRNewswire-FirstCall/ -- Renasant
Corporation (Nasdaq: RNST) (the "Company") today announced results
for the third quarter of 2010. Net income for the third
quarter of 2010 was $19,551,000 as
compared to $3,796,000 for the second
quarter of 2010 and $4,225,000 for
the third quarter of 2009. Basic and diluted earnings per
share were $0.81 during the third
quarter of 2010 as compared to basic and diluted earnings per share
of $0.18 during the second quarter of
2010 and basic and diluted earnings per share of $0.20 for the third quarter of 2009.
Highlights of the third quarter of 2010 included:
- The Company expanded into North
Georgia through its acquisition of the assets of Crescent
Bank & Trust ("Crescent") in an FDIC-assisted transaction.
The acquisition, which was completed on July 23, 2010, added 11 branches and increased
total assets $778.8 million, total
loans $369.6 million, total deposits
$698.0 million, and resulted in a
pre-tax gain of $42.2 million.
- On July 23, 2010, the Company
completed a private placement of 3,925,000 shares of its common
stock, resulting in proceeds to the Company, net of issuance costs,
of $51.4 million. The proceeds
from the private placement further enhanced the Company's strong
capital position. The Company's leverage, Tier 1 and total
capital ratios were 9.03%, 13.55% and 14.80%, respectively, at
September 30, 2010, in all instances
above "well-capitalized" thresholds. The Company increased
its tangible capital equity ratio to 7.00% at September 30, 2010 from 6.52% at June 30, 2010 and 6.34% at December 31, 2009.
- The Company hired seasoned banking talent at the production
level in its Memphis, Tennessee,
DeSoto County, Oxford and Columbus,
Mississippi, and Birmingham,
Alabama, markets.
- The Company opened its 5th branch in Birmingham by opening an office in
Mountain Brook. The Company
also announced plans to open a new banking location in Columbus which, along with Starkville and West
Point, is part of the growing "Golden Triangle" region of
Northeast Mississippi. We
expect this location to open during the fourth quarter of
2010.
"We are proud of our accomplishments during the third quarter of
2010. These accomplishments included our first FDIC-assisted
acquisition, enhancement to our capital ratios, completion of a
successful equity raise and continued improvement in our legacy
operations," commented Renasant Chairman and Chief Executive
Officer, E. Robinson McGraw.
"With additional capital, excess cash and strong reserves, we
believe that we are positioned to take advantage of opportunities
to expand our market share and footprint as they present themselves
in the future."
Total assets as of September 30,
2010 were approximately $4.26
billion, an 18.43% increase since June 30, 2010 and a 16.90% increase from
December 31, 2009. Total
deposits were $3.42 billion
representing a 27.07% increase from June 30,
2010 and a 32.6% increase since December 31, 2009. In the Company's legacy
markets (that is, excluding the North
Georgia markets), the Company experienced strong core
deposit growth as deposits increased to $2.72 billion at September
30, 2010.
Noninterest bearing deposits in the legacy markets grew to
$322.3 million, an increase of 2.86%
on a linked quarter basis and 5.67% since December 31, 2009. Additionally, the
Company continued to successfully reduce its cost of funding by
changing the mix of interest bearing deposits by growing lower
costing retail non-time deposits while at the same time reducing
public fund and retail time deposits. The Company's cost of
legacy deposits for the third quarter of 2010 was 1.43% compared to
1.55% for the second quarter of 2010 and 1.76% for the third
quarter of 2009.
Total loans were approximately $2.58
billion at the end of the third quarter of 2010 as compared
to $2.26 billion at June 30, 2010 and $2.35
billion at December 31, 2009.
Loans from the Company's legacy markets were $2.22 billion for the third quarter of 2010.
The Company continued to focus on reducing its exposure to
construction and land development loans. In its legacy
markets, the Company reduced its construction and land development
portfolio by $24.1 million, or 7.80%,
during the third quarter of 2010 to $284.6
million dollars, or 12.7% as a percentage of our legacy loan
portfolio at September 30, 2010.
For the nine months ended September
30, 2010, the Company has reduced its construction and land
development portfolio by $130.2
million, or 31.40%, compared to the balance of this
portfolio at December 31, 2009.
Net interest income was $24.3
million for the third quarter of 2010 as compared to
$23.7 million for the second quarter
of 2010 and $25.2 million for the
third quarter of 2009. Net interest margin was 2.81% for the
third quarter of 2010 as compared to 3.15% for the second quarter
of 2010 and 3.22% for the third quarter of 2009. The impact
of the Crescent acquisition decreased net interest margin for the
third quarter of 2010 by 16 basis points. In addition, the
Company repaid approximately $148
million of Federal Home Loan Bank ("FHLB") borrowings,
including $23 million of FHLB
borrowings assumed in the Crescent acquisition. The Company
incurred a $2.8 million prepayment
penalty which further reduced net interest margin by 36 basis
points. The Company's net interest margin, excluding the
impact of the Crescent acquisition and FHLB prepayment penalty, was
3.33% for the third quarter of 2010.
"We anticipate margin to improve as we continue to reduce rates
on time deposit renewals, deploy excess cash from the Crescent
acquisition and realize the full benefit of paying off high costing
FHLB advances," commented McGraw.
Noninterest income was $54.5
million for the third quarter of 2010, which includes a
pre-tax gain of $42.2 million
recognized in connection with the Crescent acquisition, as compared
to $14.3 million for the second
quarter of 2010 and $14.0 million for
the third quarter in 2009. During the third quarter of 2010,
the Company experienced a 64% increase in mortgage fee income on a
linked quarter basis which was offset by an impairment charge on
its trust preferred securities portfolio of approximately
$2.9 million.
Noninterest expense was $36.8
million for the third quarter of 2010 as compared to
$26.2 million for the second quarter
of 2010 and $26.1 million for the
third quarter of 2009. Noninterest expense for the third
quarter of 2010 included normal operating expenses of Crescent,
merger expenses related to the acquisition totaling $2.2 million and an impairment charge on the
write-downs of other real estate owned of approximately
$3.3 million for the quarter.
The loans acquired in the Crescent acquisition were recorded at
fair value which includes an estimated loan impairment.
Therefore, in accordance with generally accepted accounting
principles, the Company has not assigned any allowance for loan
losses to these acquired loans at September
30, 2010. Excluding the Crescent loans, the allowance
for loan losses as a percentage of loans was 2.02% at September 30, 2010 as compared to 1.82% at
June 30, 2010 and 1.67% at
December 31, 2009. The Company
recorded a provision for loan losses of $11.5 million for the third quarter of 2010 as
compared to $7.0 million for the
second quarter of 2010 and $7.4
million for the third quarter of 2009. The increase in
the provision for loan losses in the third quarter of 2010 is
reflective of the higher net charge-offs incurred during the
quarter and potential deterioration in the collateral values on
certain loans. Annualized net charge-offs as a percentage of
average loans were 1.18% for the third quarter of 2010 as compared
to 1.21% for the second quarter of 2010 and 1.12% for the third
quarter of 2009.
Although the allowance for loan losses and the related provision
for loan losses were not affected by the Crescent acquisition, the
Company's other measures of credit quality were significantly
impacted. The Company's nonperforming loans were $132.7 million at September 30, 2010 which includes $67.1 million of nonperforming loans acquired in
the Crescent acquisition. However, we expect the loss share
agreement with the FDIC, as well as our adjustments to the balances
of the acquired Crescent assets to record them at fair value, to
provide substantial protection against loss on those assets.
Excluding the impact of the Crescent loans, nonperforming
loans (loans 90 days or more past due and nonaccrual loans) were
$65.6 million at September 30, 2010 as compared to $64.7 million at June 30,
2010 and $50.0 million at
December 31, 2009. Furthermore,
loans 30 to 89 days past due (excluding Crescent loans 30 to 89
days past due) as a percent of total loans was 1.05% at
September 30, 2010 compared to 1.57%
at June 30, 2010 and 1.03% at
December 31, 2009.
Other real estate owned, excluding other real estate owned from
Crescent, was $62.9 million on
September 30, 2010 as compared to
$66.8 million on June 30, 2010 and $58.6
million at December 31, 2009.
We acquired other real estate owned with a fair value of
$49.3 million in the Crescent
acquisition.
"We look towards a strong finish to 2010 as we will soon enter a
new banking market in Columbus,
Mississippi, deploy excess cash to help grow margin, and
continue to realize stabilization of nonperforming loans," stated
McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM EST
on Wednesday, October 20, 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=132763. To
access the conference via telephone, dial 1-877-317-6789 in
the United States and request the
Renasant Corporation Third 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 445166 or by dialing 1-412-317-0088
internationally and entering 445166. Telephone replay access
is available until 9:00 AM EST on
November 4, 2010.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant
Insurance. Renasant has assets of approximately $4.2 billion and operates over 75 banking,
mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
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.
RENASANT
CORPORATION
|
|
(Unaudited)
|
|
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2010
-
|
|
For the Nine
Months
|
|
|
|
2010
|
|
2009
|
|
Q3 2009
|
|
Ended
September 30,
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Statement of
earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2010
|
|
2009
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - taxable
equivalent basis
|
$
44,770
|
|
$
39,590
|
|
$
40,900
|
|
$
42,526
|
|
$
43,820
|
|
$
43,836
|
|
$
44,988
|
|
2.17
|
|
$
125,260
|
|
$
132,644
|
|
(5.57)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
$
43,433
|
|
$
38,381
|
|
$
39,708
|
|
$
41,331
|
|
$
42,614
|
|
$
42,709
|
|
$
43,910
|
|
1.92
|
|
$
121,522
|
|
$
129,233
|
|
(5.97)
|
|
Interest expense
|
19,101
|
|
14,701
|
|
15,298
|
|
16,529
|
|
17,423
|
|
18,549
|
|
18,597
|
|
9.63
|
|
49,100
|
|
54,569
|
|
(10.02)
|
|
|
Net interest income
|
24,332
|
|
23,680
|
|
24,410
|
|
24,802
|
|
25,191
|
|
24,160
|
|
25,313
|
|
(3.41)
|
|
72,422
|
|
74,664
|
|
(3.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
11,500
|
|
7,000
|
|
6,665
|
|
7,800
|
|
7,350
|
|
6,700
|
|
5,040
|
|
56.46
|
|
25,165
|
|
19,090
|
|
31.82
|
|
|
Net interest income after
provision
|
12,832
|
|
16,680
|
|
17,745
|
|
17,002
|
|
17,841
|
|
17,460
|
|
20,273
|
|
(28.08)
|
|
47,257
|
|
55,574
|
|
(14.97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
5,771
|
|
5,361
|
|
5,090
|
|
5,801
|
|
5,379
|
|
5,395
|
|
5,425
|
|
7.29
|
|
16,222
|
|
16,199
|
|
0.14
|
|
Fees and commissions on loans
and deposits
|
3,654
|
|
3,409
|
|
3,721
|
|
3,554
|
|
3,961
|
|
4,424
|
|
4,682
|
|
(7.75)
|
|
10,784
|
|
13,067
|
|
(17.47)
|
|
Insurance commissions and
fees
|
828
|
|
830
|
|
834
|
|
705
|
|
949
|
|
837
|
|
828
|
|
(12.75)
|
|
2,492
|
|
2,614
|
|
(4.67)
|
|
Trust revenue
|
562
|
|
632
|
|
584
|
|
559
|
|
501
|
|
488
|
|
491
|
|
12.18
|
|
1,778
|
|
1,480
|
|
20.14
|
|
Securities (losses)
gains
|
(1,009)
|
|
2,049
|
|
(160)
|
|
123
|
|
-
|
|
1,123
|
|
427
|
|
-
|
|
880
|
|
1,550
|
|
(43.23)
|
|
Gain on sale of mortgage
loans
|
1,774
|
|
994
|
|
1,329
|
|
1,665
|
|
1,832
|
|
2,293
|
|
1,776
|
|
(3.17)
|
|
4,097
|
|
5,901
|
|
(30.57)
|
|
Gain on acquisition
|
42,211
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
42,211
|
|
-
|
|
-
|
|
Other
|
743
|
|
1,069
|
|
1,086
|
|
1,012
|
|
1,331
|
|
864
|
|
1,133
|
|
(44.18)
|
|
2,898
|
|
3,328
|
|
(12.92)
|
|
|
Total non-interest
income
|
54,534
|
|
14,344
|
|
12,484
|
|
13,419
|
|
13,953
|
|
15,424
|
|
14,762
|
|
290.84
|
|
81,362
|
|
44,139
|
|
84.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
16,694
|
|
13,052
|
|
13,197
|
|
13,572
|
|
13,363
|
|
13,736
|
|
14,744
|
|
24.93
|
|
42,943
|
|
41,843
|
|
2.63
|
|
Occupancy and
equipment
|
3,271
|
|
2,926
|
|
2,931
|
|
2,981
|
|
3,045
|
|
3,063
|
|
3,249
|
|
7.42
|
|
9,128
|
|
9,357
|
|
(2.45)
|
|
Data processing
|
1,703
|
|
1,580
|
|
1,426
|
|
1,407
|
|
1,439
|
|
1,430
|
|
1,329
|
|
18.35
|
|
4,709
|
|
4,198
|
|
12.17
|
|
Amortization of
intangibles
|
505
|
|
470
|
|
476
|
|
482
|
|
489
|
|
494
|
|
501
|
|
3.27
|
|
1,451
|
|
1,484
|
|
(2.22)
|
|
Other
|
14,613
|
|
8,160
|
|
7,604
|
|
7,141
|
|
7,782
|
|
8,409
|
|
7,097
|
|
87.78
|
|
30,377
|
|
23,288
|
|
30.44
|
|
|
Total non-interest
expense
|
36,786
|
|
26,188
|
|
25,634
|
|
25,583
|
|
26,118
|
|
27,132
|
|
26,920
|
|
40.85
|
|
88,608
|
|
80,170
|
|
10.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
30,580
|
|
4,836
|
|
4,595
|
|
4,838
|
|
5,676
|
|
5,752
|
|
8,115
|
|
438.76
|
|
40,011
|
|
19,543
|
|
104.73
|
|
Income taxes
|
11,029
|
|
1,040
|
|
988
|
|
807
|
|
1,451
|
|
1,496
|
|
2,109
|
|
660.10
|
|
13,057
|
|
5,056
|
|
158.25
|
|
|
Net income
|
$
19,551
|
|
$
3,796
|
|
$
3,607
|
|
$
4,031
|
|
$
4,225
|
|
$
4,256
|
|
$
6,006
|
|
362.75
|
|
$
26,954
|
|
$
14,487
|
|
86.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.81
|
|
$
0.18
|
|
$
0.17
|
|
$
0.19
|
|
$
0.20
|
|
$
0.20
|
|
$
0.29
|
|
305.00
|
|
$
1.22
|
|
$
0.69
|
|
76.81
|
|
Diluted earnings per
share
|
0.81
|
|
0.18
|
|
0.17
|
|
0.19
|
|
0.20
|
|
0.20
|
|
0.28
|
|
305.00
|
|
1.21
|
|
0.68
|
|
77.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
24,098,629
|
|
21,088,942
|
|
21,082,991
|
|
21,078,873
|
|
21,075,879
|
|
21,073,228
|
|
21,067,539
|
|
14.34
|
|
22,101,234
|
|
21,072,246
|
|
4.88
|
|
Average diluted shares
outstanding
|
24,208,642
|
|
21,224,836
|
|
21,208,934
|
|
21,217,841
|
|
21,213,839
|
|
21,193,560
|
|
21,188,397
|
|
14.12
|
|
22,230,277
|
|
21,204,924
|
|
4.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
25,041,540
|
|
21,100,130
|
|
21,082,991
|
|
21,082,991
|
|
21,078,828
|
|
21,074,568
|
|
21,067,539
|
|
18.80
|
|
25,041,540
|
|
21,078,828
|
|
18.80
|
|
Cash dividend per common
share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.51
|
|
$
0.51
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders'
equity
|
16.64%
|
|
3.69%
|
|
3.55%
|
|
3.87%
|
|
4.12%
|
|
4.22%
|
|
6.04%
|
|
|
|
8.44%
|
|
4.79%
|
|
|
|
Return on average shareholders'
equity, excluding amortization expense
|
16.91%
|
|
3.97%
|
|
3.84%
|
|
4.15%
|
|
4.41%
|
|
4.52%
|
|
6.35%
|
|
|
|
8.72%
|
|
5.10%
|
|
|
|
Return on average
assets
|
1.83%
|
|
0.42%
|
|
0.40%
|
|
0.44%
|
|
0.46%
|
|
0.46%
|
|
0.65%
|
|
|
|
0.94%
|
|
0.52%
|
|
|
|
Return on average assets,
excluding amortization expense
|
1.86%
|
|
0.45%
|
|
0.44%
|
|
0.47%
|
|
0.49%
|
|
0.49%
|
|
0.68%
|
|
|
|
0.97%
|
|
0.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
2.81%
|
|
3.15%
|
|
3.27%
|
|
3.22%
|
|
3.22%
|
|
3.04%
|
|
3.19%
|
|
|
|
3.08%
|
|
3.15%
|
|
|
|
Yield on earning assets
(FTE)
|
4.93%
|
|
5.02%
|
|
5.23%
|
|
5.26%
|
|
5.33%
|
|
5.27%
|
|
5.46%
|
|
|
|
5.08%
|
|
5.35%
|
|
|
|
Average earning assets to
average assets
|
84.78%
|
|
87.42%
|
|
87.28%
|
|
88.19%
|
|
88.73%
|
|
89.25%
|
|
88.85%
|
|
|
|
86.45%
|
|
89.04%
|
|
|
|
Average loans to average
deposits
|
76.41%
|
|
84.53%
|
|
88.47%
|
|
92.96%
|
|
94.22%
|
|
94.40%
|
|
99.13%
|
|
|
|
82.69%
|
|
95.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less
securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
5.19%
|
|
1.36%
|
|
1.42%
|
|
1.45%
|
|
1.51%
|
|
1.53%
|
|
1.54%
|
|
|
|
2.81%
|
|
1.53%
|
|
|
|
Noninterest expense to average
assets
|
3.44%
|
|
2.90%
|
|
2.87%
|
|
2.79%
|
|
2.82%
|
|
2.91%
|
|
2.90%
|
|
|
|
3.09%
|
|
2.88%
|
|
|
|
Net overhead ratio
|
-1.75%
|
|
1.54%
|
|
1.45%
|
|
1.34%
|
|
1.31%
|
|
1.38%
|
|
1.36%
|
|
|
|
0.28%
|
|
1.35%
|
|
|
|
Efficiency ratio
(FTE)
|
45.87%
|
|
66.75%
|
|
67.31%
|
|
64.91%
|
|
64.73%
|
|
66.65%
|
|
65.41%
|
|
|
|
56.25%
|
|
65.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
(Unaudited)
|
|
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2010
-
|
|
For the Nine
Months
|
|
|
|
2010
|
|
2009
|
|
Q3 2009
|
|
Ended
September 30,
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Average balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2010
|
|
2009
|
|
Variance
|
|
Total assets
|
$
4,246,566
|
|
$
3,616,125
|
|
$
3,621,361
|
|
$
3,640,514
|
|
$
3,675,592
|
|
$
3,738,852
|
|
$
3,763,245
|
|
15.53
|
|
$
3,830,155
|
|
$
3,725,532
|
|
2.81
|
|
Earning assets
|
3,600,033
|
|
3,161,214
|
|
3,160,620
|
|
3,210,554
|
|
3,261,527
|
|
3,337,103
|
|
3,343,699
|
|
10.38
|
|
3,311,167
|
|
3,317,233
|
|
(0.18)
|
|
Securities
|
729,789
|
|
734,690
|
|
697,913
|
|
719,298
|
|
703,976
|
|
701,894
|
|
696,068
|
|
3.67
|
|
720,914
|
|
697,076
|
|
3.42
|
|
Loans, net of
unearned
|
2,533,567
|
|
2,304,663
|
|
2,354,443
|
|
2,397,195
|
|
2,465,298
|
|
2,542,021
|
|
2,587,436
|
|
2.77
|
|
2,400,482
|
|
2,531,138
|
|
(5.16)
|
|
Intangibles
|
192,447
|
|
190,639
|
|
190,881
|
|
191,591
|
|
192,078
|
|
192,568
|
|
193,067
|
|
0.19
|
|
192,391
|
|
192,567
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
351,449
|
|
$
315,242
|
|
$
310,726
|
|
$
307,753
|
|
$
297,390
|
|
$
293,546
|
|
$
299,265
|
|
18.18
|
|
$
325,890
|
|
$
296,711
|
|
9.83
|
|
Interest bearing
deposits
|
2,929,739
|
|
2,387,175
|
|
2,332,741
|
|
2,247,854
|
|
2,286,184
|
|
2,342,788
|
|
2,250,324
|
|
28.15
|
|
2,552,064
|
|
2,293,230
|
|
11.29
|
|
|
Total deposits
|
3,281,188
|
|
2,702,417
|
|
2,643,467
|
|
2,555,607
|
|
2,583,574
|
|
2,636,334
|
|
2,549,589
|
|
27.00
|
|
2,877,954
|
|
2,589,941
|
|
11.12
|
|
Borrowed funds
|
438,047
|
|
468,196
|
|
530,654
|
|
632,689
|
|
647,919
|
|
662,387
|
|
815,548
|
|
(32.39)
|
|
478,620
|
|
708,004
|
|
(32.40)
|
|
Shareholders' equity
|
466,109
|
|
412,959
|
|
412,132
|
|
413,773
|
|
406,779
|
|
404,456
|
|
403,229
|
|
14.59
|
|
427,100
|
|
404,043
|
|
5.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
56,674
|
|
$
53,868
|
|
$
44,688
|
|
$
39,454
|
|
$
37,995
|
|
$
55,217
|
|
$
47,591
|
|
49.16
|
|
$
56,674
|
|
$
37,995
|
|
49.16
|
|
Loans 90 past due or
more
|
8,923
|
|
10,794
|
|
9,916
|
|
10,571
|
|
10,661
|
|
10,284
|
|
19,789
|
|
(16.30)
|
|
8,923
|
|
10,661
|
|
(16.30)
|
|
Non-performing loans
|
65,597
|
|
64,662
|
|
54,604
|
|
50,025
|
|
48,656
|
|
65,501
|
|
67,380
|
|
34.82
|
|
65,597
|
|
48,656
|
|
34.82
|
|
Other real estate owned and
repossessions
|
62,936
|
|
66,797
|
|
62,508
|
|
58,568
|
|
47,457
|
|
30,546
|
|
25,318
|
|
32.62
|
|
62,936
|
|
47,457
|
|
32.62
|
|
Non-performing assets
|
$
128,533
|
|
$
131,459
|
|
$
117,112
|
|
$
108,593
|
|
$
96,113
|
|
$
96,047
|
|
$
92,698
|
|
33.73
|
|
$
128,533
|
|
$
96,113
|
|
33.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
67,135
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
-
|
|
$
67,135
|
|
$
-
|
|
-
|
|
Loans 90 past due or
more
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Non-performing loans subject to
loss share
|
67,135
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
67,135
|
|
-
|
|
-
|
|
Other real estate owned and
repossessions
|
49,286
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
49,286
|
|
-
|
|
-
|
|
Non-performing assets subject to
loss share
|
$
116,421
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
-
|
|
$
116,421
|
|
$
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
$
7,514
|
|
$
6,948
|
|
$
4,716
|
|
$
5,007
|
|
$
6,962
|
|
$
5,917
|
|
$
4,764
|
|
7.93
|
|
$
19,178
|
|
$
17,643
|
|
8.70
|
|
Allowance for loan
losses
|
45,131
|
|
41,146
|
|
41,094
|
|
39,145
|
|
36,352
|
|
35,964
|
|
35,181
|
|
24.15
|
|
45,131
|
|
36,352
|
|
24.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
2.93%
|
|
2.86%
|
|
2.37%
|
|
2.13%
|
|
2.03%
|
|
2.65%
|
|
2.69%
|
|
|
|
2.93%
|
|
2.03%
|
|
|
|
Non-performing assets / total
assets
|
3.02%
|
|
3.66%
|
|
3.22%
|
|
2.98%
|
|
2.64%
|
|
2.59%
|
|
2.44%
|
|
|
|
3.02%
|
|
2.64%
|
|
|
|
Allowance for loan losses /
total loans
|
2.02%
|
|
1.82%
|
|
1.78%
|
|
1.67%
|
|
1.51%
|
|
1.46%
|
|
1.40%
|
|
|
|
2.02%
|
|
1.51%
|
|
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans
|
68.80%
|
|
63.63%
|
|
75.26%
|
|
78.25%
|
|
74.71%
|
|
54.91%
|
|
52.21%
|
|
|
|
68.80%
|
|
74.71%
|
|
|
|
Annualized net loan charge-offs
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
loans
|
1.18%
|
|
1.21%
|
|
0.81%
|
|
0.83%
|
|
1.12%
|
|
0.93%
|
|
0.75%
|
|
|
|
1.07%
|
|
0.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
4,256,253
|
|
$
3,593,872
|
|
$
3,641,709
|
|
$
3,641,081
|
|
$
3,642,657
|
|
$
3,701,957
|
|
$
3,795,217
|
|
|
|
$
4,256,253
|
|
$
3,642,657
|
|
16.84
|
|
Earning assets
|
3,257,079
|
|
3,156,451
|
|
3,200,159
|
|
3,173,039
|
|
3,188,554
|
|
3,236,615
|
|
3,368,962
|
|
|
|
3,257,079
|
|
3,188,554
|
|
2.15
|
|
Securities
|
745,486
|
|
721,640
|
|
741,207
|
|
714,164
|
|
738,204
|
|
684,723
|
|
709,950
|
|
|
|
745,486
|
|
738,204
|
|
0.99
|
|
Mortgage loans held for
sale
|
25,639
|
|
21,261
|
|
16,597
|
|
25,749
|
|
24,091
|
|
49,565
|
|
55,194
|
|
|
|
25,639
|
|
24,091
|
|
6.43
|
|
Loans, net of
unearned
|
2,239,717
|
|
2,263,263
|
|
2,308,335
|
|
2,347,615
|
|
2,402,423
|
|
2,468,844
|
|
2,506,780
|
|
|
|
2,239,717
|
|
2,402,423
|
|
(6.77)
|
|
Assets subject to loss
share
|
393,179
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
393,179
|
|
-
|
|
-
|
|
Intangibles
|
192,391
|
|
190,411
|
|
190,881
|
|
191,357
|
|
191,839
|
|
192,328
|
|
192,822
|
|
|
|
192,391
|
|
191,839
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
361,504
|
|
$
313,309
|
|
$
315,064
|
|
$
304,962
|
|
$
297,858
|
|
$
292,129
|
|
$
303,536
|
|
|
|
$
361,504
|
|
$
297,858
|
|
21.37
|
|
Interest bearing
deposits
|
3,054,424
|
|
2,374,903
|
|
2,398,784
|
|
2,271,138
|
|
2,263,126
|
|
2,308,081
|
|
2,385,769
|
|
|
|
3,054,424
|
|
2,263,126
|
|
34.96
|
|
|
Total deposits
|
3,415,928
|
|
2,688,212
|
|
2,713,848
|
|
2,576,100
|
|
2,560,984
|
|
2,600,210
|
|
2,689,305
|
|
|
|
3,415,928
|
|
2,560,984
|
|
33.38
|
|
Borrowed funds
|
322,245
|
|
459,762
|
|
483,183
|
|
618,024
|
|
635,076
|
|
665,755
|
|
672,130
|
|
|
|
322,245
|
|
635,076
|
|
(49.26)
|
|
Shareholders' equity
|
477,034
|
|
412,235
|
|
410,557
|
|
410,122
|
|
410,473
|
|
400,680
|
|
400,095
|
|
|
|
477,034
|
|
410,473
|
|
16.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per common
share
|
$
15.21
|
|
$
14.35
|
|
$
16.18
|
|
$
13.60
|
|
$
14.85
|
|
$
15.02
|
|
$
12.56
|
|
|
|
$
15.21
|
|
$
14.85
|
|
2.42
|
|
Book value per common
share
|
19.05
|
|
19.54
|
|
19.47
|
|
19.45
|
|
19.47
|
|
19.01
|
|
18.99
|
|
|
|
19.05
|
|
19.47
|
|
(2.17)
|
|
Tangible book value per common
share
|
11.37
|
|
10.51
|
|
10.42
|
|
10.38
|
|
10.37
|
|
9.89
|
|
9.84
|
|
|
|
11.37
|
|
10.37
|
|
9.59
|
|
Shareholders' equity to assets
(actual)
|
11.21%
|
|
11.47%
|
|
11.27%
|
|
11.26%
|
|
11.27%
|
|
10.82%
|
|
10.54%
|
|
|
|
11.21%
|
|
11.27%
|
|
|
|
Tangible capital
ratio
|
7.00%
|
|
6.52%
|
|
6.37%
|
|
6.34%
|
|
6.34%
|
|
5.94%
|
|
5.75%
|
|
|
|
7.00%
|
|
6.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio
|
9.03%
|
|
8.78%
|
|
8.74%
|
|
8.68%
|
|
8.56%
|
|
8.37%
|
|
8.28%
|
|
|
|
9.03%
|
|
8.56%
|
|
|
|
Tier 1 risk-based capital
ratio
|
13.55%
|
|
11.42%
|
|
11.20%
|
|
11.12%
|
|
11.04%
|
|
10.92%
|
|
11.00%
|
|
|
|
13.55%
|
|
11.04%
|
|
|
|
Total risk-based capital
ratio
|
14.80%
|
|
12.67%
|
|
12.45%
|
|
12.37%
|
|
12.29%
|
|
12.17%
|
|
12.25%
|
|
|
|
14.80%
|
|
12.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans not subject to loss share
by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
agricultural
|
$
259,970
|
|
$
273,356
|
|
$
276,749
|
|
$
281,329
|
|
$
280,930
|
|
$
292,177
|
|
$
301,899
|
|
|
|
$
259,970
|
|
$
280,930
|
|
(7.46)
|
|
Lease financing
|
547
|
|
601
|
|
677
|
|
778
|
|
936
|
|
1,283
|
|
1,434
|
|
|
|
547
|
|
936
|
|
(41.56)
|
|
Real estate -
construction
|
62,593
|
|
62,469
|
|
110,121
|
|
133,299
|
|
153,367
|
|
180,202
|
|
210,747
|
|
|
|
62,593
|
|
153,367
|
|
(59.19)
|
|
Real estate - 1-4 family
mortgages
|
773,243
|
|
798,185
|
|
809,271
|
|
820,917
|
|
848,267
|
|
878,263
|
|
872,796
|
|
|
|
773,243
|
|
848,267
|
|
(8.84)
|
|
Real estate - commercial
mortgages
|
1,078,396
|
|
1,071,876
|
|
1,055,102
|
|
1,040,589
|
|
1,048,135
|
|
1,054,169
|
|
1,055,537
|
|
|
|
1,078,396
|
|
1,048,135
|
|
2.89
|
|
Installment loans to
individuals
|
64,968
|
|
56,776
|
|
56,415
|
|
70,703
|
|
70,788
|
|
62,750
|
|
64,367
|
|
|
|
64,968
|
|
70,788
|
|
(8.22)
|
|
|
Loans, net of
unearned
|
$
2,239,717
|
|
$
2,263,263
|
|
$
2,308,335
|
|
$
2,347,615
|
|
$
2,402,423
|
|
$
2,468,844
|
|
$
2,506,780
|
|
|
|
$
2,239,717
|
|
$
2,402,423
|
|
(6.77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
SOURCE Renasant Corporation
Copyright . 19 PR Newswire