TUPELO, Miss., July 19, 2011 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
financial results for the second quarter of 2011. Net income for
the second quarter of 2011 was $5,757,000 as compared to $3,796,000 for the second quarter of 2010.
Basic and diluted earnings per share were $0.23 during the second quarter of 2011 as
compared to basic and diluted earnings per share of $0.18 for the second quarter of 2010.
"We are very pleased with our solid financial performance for
the second quarter for 2011," commented Renasant Chairman and Chief
Executive Officer, E. Robinson
McGraw. "As projected, we increased our net interest
margin and continued to build on our capital ratios while at the
same time decreasing nonperforming loans and nonperforming assets.
In addition, we announced our sixth and seventh expansion
opportunities within the last 12 months with the entry into the
banking market of Montgomery,
Alabama and the pending expansion of our wealth management
operations."
Net interest income was $32,607,000 for the second quarter of 2011, a
4.86% increase compared to the first quarter of 2011 and a 37.70%
increase from the second quarter of 2010. The increase in net
interest income during the second quarter of 2011 compared to the
same period in 2010 is due to the net interest income from the
FDIC-assisted acquisitions of Crescent Bank & Trust Company and
American Trust Bank, both of which were completed subsequent to the
second quarter of 2010. Net interest margin was 3.76% for the
second quarter of 2011 as compared to 3.55% for the first quarter
of 2011 and 3.15% for the second quarter of 2010.
"Our improvement in net interest income and net interest margin
was largely driven by our continued strategic efforts to
restructure our funding mix and deploy cash into higher yielding
alternatives. We expect these strategic efforts, coupled with
our anticipated future loan growth, to result in further
improvement in net interest income and net interest margin during
future quarters," stated McGraw.
The Company's noninterest income continues to be derived
primarily from multiple lines of recurring income which include but
are not limited to wealth management, treasury management,
insurance and mortgage along with income from deposit and loan
products. Noninterest income was $13,349,000 for the second quarter of 2011 as
compared to $21,765,000 for the first
quarter of 2011 and $14,344,000 for
the second quarter of 2010. Noninterest income for the first
quarter of 2011 included a bargain purchase gain of $8,774,000 while noninterest income for the
second quarter of 2010 included a gain of $2,049,000 from the sale of securities. Excluding
these items, which are nonrecurring in nature, noninterest income
for the first quarter of 2011 was $12,991,000 and noninterest income for the second
quarter of 2010 was $12,295,000.
Noninterest expense was $32,555,000 for the second quarter of 2011 as
compared to $36,723,000 for the first
quarter of 2011 and $26,188,000 for
the second quarter of 2010. The increase in noninterest expense
during the second quarter of 2011 compared to the same period in
2010 is primarily due to the operations acquired in the
FDIC-assisted acquisitions. Furthermore, noninterest expense for
the first quarter of 2011 included expenses related to the early
extinguishment of debt and American Trust acquisition-related
expenses.
At June 30, 2011, the Company's
Tier 1 leverage capital ratio was 9.10%, its Tier 1 risk-based
capital ratio was 13.58%, and its total risk-based capital ratio
was 14.83%. The Company's tangible common equity ratio was 7.11%.
In all capital ratio categories, the Company's regulatory capital
ratios increased and continue to be in excess of regulatory
minimums required to be classified as "well-capitalized."
Total assets as of June 30, 2011
were approximately $4.260 billion,
down slightly from December 31, 2010.
Total deposits were $3.477
billion at June 30, 2011
compared to $3.468 billion at
December 31, 2010. The Company
continued to focus on changing its deposit mix by replacing
higher-costing deposits with lower-costing retail deposits. As a
result of this focus, the Company's cost of funds was 1.17% for the
second quarter of 2011 as compared to 1.31% for the first quarter
of 2011 and 1.86% for the second quarter of 2010.
Total loans, which include both loans covered and not covered
under FDIC loss-share agreements, were approximately $2.563 billion at the end of the second quarter
of 2011 as compared to $2.577 billion
at March 31, 2011 and $2.524 billion at December
31, 2010. Loans not covered under FDIC loss-share
agreements were $2.185 billion at
June 30, 2011 as compared to
$2.190 billion at March 31, 2011 and $2.191
billion at December 31, 2010.
The loans and other real estate owned acquired in FDIC-assisted
transactions are recorded at fair value which includes an estimated
impairment. Furthermore, the loss-share agreements with the FDIC,
as well as adjustments to the balances of these acquired assets to
record them at fair value, mitigate the impact of further losses on
these assets. Nonperforming loans and other real estate owned
covered under loss-share agreements totaled $89.4 million and $59.8
million, respectively, at June 30,
2011. The remaining information in this release on
nonperforming loans, other real estate owned and the related asset
quality ratios exclude the assets covered under loss-share
agreements.
The Company recorded a provision for loan losses of $5,350,000 for the second quarter of 2011 as
compared to $5,500,000 for the first
quarter of 2011 and $7,000,000 for
the second quarter of 2010. Annualized net charge-offs as a
percentage of average loans were 0.82% for the second quarter of
2011 as compared to 0.54% for the first quarter of 2011 and 0.80%
for the fourth quarter of 2010. The allowance for loan losses
as a percentage of loans was 2.18% at June
30, 2011 as compared to 2.17% at March 31, 2011 and 2.07% at December 31, 2010.
The Company's nonperforming loans were $51,977,000 at June 30,
2011 as compared to $57,245,000 at March 31,
2011 and $53,858,000 at
December 31, 2010. Loans 30 to 89
days past due as a percent of total loans were 0.80% at
June 30, 2011 as compared to 0.86% at
March 31, 2011 and 0.98% at
December 31, 2010.
Other real estate owned was $68.4
million at June 30, 2011 as
compared to $71.4 million at
March 31, 2011 and $71.8 million at December
31, 2010. During the second quarter, the Company sold a
total of approximately $7.4 million
in other real estate owned.
During the second quarter of 2011, the Company announced that it
entered into an agreement to acquire RBC Bank (USA)'s Birmingham-based $680
million asset trust division. The transaction is expected to
close during the third quarter of 2011.
On July 1, 2011, the Company
announced its entrance into the banking market of Montgomery, Alabama through its hiring of an
established banking team. The entry into Montgomery adds to Renasant's current
Alabama footprint of multiple
full-service locations in Birmingham, Huntsville, Decatur and Madison which has over $600 million in assets. The Montgomery market entrance is Renasant's
seventh expansion and the third in Alabama over the past 12 months.
"We expect a strong second half of 2011 as we build on the
momentum of our increase in net interest margin, capital ratios and
net interest income during the second quarter," stated McGraw.
"Over the past 12 months, we have taken advantage of many
opportunities to improve our profitability and expand our footprint
throughout the southeast and we look to capitalize on future growth
opportunities as they become available."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM EST
on Wednesday, July 20, 2011.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst110720.html#. To
access the conference via telephone, dial 1-877-317-6789 in
the United States and request the
Renasant Corporation Second Quarter 2011 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 conference number 10001968 or by dialing
1-412-317-0088 internationally and entering the conference number.
Telephone replay access is available until 9:00 AM EST on July 20,
2012.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 107-year-old financial services
institution, is the parent of Renasant Bank and Renasant Insurance.
Renasant has assets of approximately $4.3
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)
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Q2 2011
-
|
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For the Six
Months
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|
|
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2011
|
|
2010
|
|
Q2
2010
|
|
Ended June
30,
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Second
|
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First
|
|
Fourth
|
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Third
|
|
Second
|
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First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Statement of
earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - taxable
equivalent basis
|
|
|
$
45,267
|
|
$
45,371
|
|
$
45,224
|
|
$
44,770
|
|
$
39,590
|
|
$
40,900
|
|
14.34
|
|
$
90,638
|
|
$
80,490
|
|
12.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
$
43,760
|
|
$
43,803
|
|
$
43,817
|
|
$
43,433
|
|
$
38,381
|
|
$
39,708
|
|
14.02
|
|
$
87,563
|
|
$
78,089
|
|
12.13
|
|
Interest expense
|
|
|
|
11,153
|
|
12,707
|
|
13,962
|
|
16,316
|
|
14,701
|
|
15,298
|
|
(24.13)
|
|
23,860
|
|
29,999
|
|
(20.46)
|
|
|
Net interest income
|
|
|
32,607
|
|
31,096
|
|
29,855
|
|
27,117
|
|
23,680
|
|
24,410
|
|
37.70
|
|
63,703
|
|
48,090
|
|
32.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
5,350
|
|
5,500
|
|
5,500
|
|
11,500
|
|
7,000
|
|
6,665
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|
(23.57)
|
|
10,850
|
|
13,665
|
|
(20.60)
|
|
|
Net interest income after
provision
|
|
|
27,257
|
|
25,596
|
|
24,355
|
|
15,617
|
|
16,680
|
|
17,745
|
|
63.41
|
|
52,853
|
|
34,425
|
|
53.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
|
|
5,082
|
|
4,880
|
|
5,482
|
|
5,771
|
|
5,361
|
|
5,090
|
|
(5.20)
|
|
9,962
|
|
10,451
|
|
(4.68)
|
|
Fees and commissions on loans
and deposits
|
|
4,548
|
|
4,138
|
|
4,184
|
|
3,654
|
|
3,409
|
|
3,721
|
|
33.41
|
|
8,686
|
|
7,130
|
|
21.82
|
|
Insurance commissions and
fees
|
|
|
783
|
|
832
|
|
916
|
|
828
|
|
830
|
|
834
|
|
(5.66)
|
|
1,615
|
|
1,664
|
|
(2.94)
|
|
Trust revenue
|
|
|
|
650
|
|
613
|
|
626
|
|
562
|
|
632
|
|
584
|
|
2.85
|
|
1,263
|
|
1,216
|
|
3.87
|
|
Securities (losses)
gains
|
|
|
(243)
|
|
12
|
|
-
|
|
(1,009)
|
|
2,049
|
|
(160)
|
|
(111.86)
|
|
(231)
|
|
1,889
|
|
(112.23)
|
|
Gain on sale of mortgage
loans
|
|
|
949
|
|
1,151
|
|
2,127
|
|
1,774
|
|
994
|
|
1,329
|
|
(4.53)
|
|
2,100
|
|
2,323
|
|
(9.60)
|
|
Gain on acquisition
|
|
|
|
-
|
|
8,774
|
|
-
|
|
42,211
|
|
-
|
|
-
|
|
-
|
|
8,774
|
|
-
|
|
-
|
|
Other
|
|
|
|
1,580
|
|
1,365
|
|
1,218
|
|
743
|
|
1,069
|
|
1,086
|
|
47.80
|
|
2,945
|
|
2,155
|
|
36.66
|
|
|
Total non-interest
income
|
|
|
13,349
|
|
21,765
|
|
14,553
|
|
54,534
|
|
14,344
|
|
12,484
|
|
(6.94)
|
|
35,114
|
|
26,828
|
|
30.89
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Salaries and employee
benefits
|
|
|
16,173
|
|
16,237
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|
15,957
|
|
16,694
|
|
13,052
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|
13,197
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|
23.91
|
|
32,410
|
|
26,249
|
|
23.47
|
|
Occupancy and
equipment
|
|
|
3,357
|
|
3,239
|
|
2,716
|
|
3,271
|
|
2,926
|
|
2,931
|
|
14.73
|
|
6,596
|
|
5,857
|
|
12.62
|
|
Data processing
|
|
|
|
1,657
|
|
1,788
|
|
1,665
|
|
1,703
|
|
1,580
|
|
1,426
|
|
4.87
|
|
3,445
|
|
3,006
|
|
14.60
|
|
Debt extinguishment
penalty
|
|
|
-
|
|
1,903
|
|
-
|
|
2,785
|
|
-
|
|
-
|
|
-
|
|
1,903
|
|
-
|
|
-
|
|
Merger-related
expenses
|
|
|
-
|
|
1,325
|
|
-
|
|
1,955
|
|
-
|
|
-
|
|
-
|
|
1,325
|
|
-
|
|
-
|
|
Other real estate
expenses
|
|
|
2,122
|
|
3,511
|
|
3,288
|
|
4,635
|
|
959
|
|
736
|
|
121.27
|
|
5,633
|
|
1,695
|
|
232.33
|
|
Amortization of
intangibles
|
|
|
510
|
|
515
|
|
523
|
|
505
|
|
470
|
|
476
|
|
8.51
|
|
1,025
|
|
946
|
|
8.35
|
|
Other
|
|
|
|
8,736
|
|
8,205
|
|
8,077
|
|
8,023
|
|
7,201
|
|
6,868
|
|
21.32
|
|
16,941
|
|
14,069
|
|
20.41
|
|
|
Total non-interest
expense
|
|
|
32,555
|
|
36,723
|
|
32,226
|
|
39,571
|
|
26,188
|
|
25,634
|
|
24.31
|
|
69,278
|
|
51,822
|
|
33.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
8,051
|
|
10,638
|
|
6,682
|
|
30,580
|
|
4,836
|
|
4,595
|
|
66.49
|
|
18,689
|
|
9,431
|
|
98.17
|
|
Income taxes
|
|
|
|
2,294
|
|
3,085
|
|
1,961
|
|
11,029
|
|
1,040
|
|
988
|
|
120.58
|
|
5,379
|
|
2,028
|
|
165.24
|
|
|
Net income
|
|
|
|
$
5,757
|
|
$
7,553
|
|
$
4,721
|
|
$
19,551
|
|
$
3,796
|
|
$
3,607
|
|
51.67
|
|
$
13,310
|
|
$
7,403
|
|
79.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
0.23
|
|
$
0.30
|
|
$
0.19
|
|
$
0.81
|
|
$
0.18
|
|
$
0.17
|
|
27.78
|
|
$
0.53
|
|
$
0.35
|
|
51.43
|
|
Diluted earnings per
share
|
|
|
0.23
|
|
0.30
|
|
0.19
|
|
0.81
|
|
0.18
|
|
0.17
|
|
27.78
|
|
0.53
|
|
0.35
|
|
51.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
|
|
25,059,081
|
|
25,052,126
|
|
25,042,137
|
|
24,098,629
|
|
21,088,942
|
|
21,082,991
|
|
18.83
|
|
25,055,623
|
|
21,085,983
|
|
18.83
|
|
Average diluted shares
outstanding
|
|
|
25,182,503
|
|
25,172,410
|
|
25,177,394
|
|
24,208,642
|
|
21,224,836
|
|
21,208,934
|
|
18.65
|
|
25,183,215
|
|
21,219,662
|
|
18.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
|
25,061,068
|
|
25,056,431
|
|
25,043,112
|
|
25,041,540
|
|
21,100,130
|
|
21,082,991
|
|
18.77
|
|
25,061,068
|
|
21,100,130
|
|
18.77
|
|
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
|
|
|
4.84%
|
|
6.51%
|
|
3.93%
|
|
16.64%
|
|
3.69%
|
|
3.55%
|
|
|
|
5.67%
|
|
3.62%
|
|
|
|
Return on average shareholders'
equity, excluding amortization expense
|
|
5.11%
|
|
6.78%
|
|
4.20%
|
|
16.91%
|
|
3.97%
|
|
3.84%
|
|
|
|
5.94%
|
|
3.90%
|
|
|
|
Return on average
assets
|
|
|
0.54%
|
|
0.69%
|
|
0.44%
|
|
1.83%
|
|
0.42%
|
|
0.40%
|
|
|
|
0.62%
|
|
0.41%
|
|
|
|
Return on average assets,
excluding amortization expense
|
|
0.57%
|
|
0.72%
|
|
0.47%
|
|
1.86%
|
|
0.45%
|
|
0.44%
|
|
|
|
0.65%
|
|
0.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
|
|
3.76%
|
|
3.55%
|
|
3.43%
|
|
3.12%
|
|
3.15%
|
|
3.27%
|
|
|
|
3.65%
|
|
3.21%
|
|
|
|
Yield on earning assets
(FTE)
|
|
|
4.99%
|
|
4.93%
|
|
4.97%
|
|
4.92%
|
|
5.02%
|
|
5.23%
|
|
|
|
4.95%
|
|
5.13%
|
|
|
|
Cost of funding
|
|
|
|
1.17%
|
|
1.31%
|
|
1.49%
|
|
1.75%
|
|
1.86%
|
|
1.95%
|
|
|
|
1.25%
|
|
1.91%
|
|
|
|
Average earning assets to
average assets
|
|
84.75%
|
|
84.16%
|
|
84.24%
|
|
84.78%
|
|
87.42%
|
|
87.28%
|
|
|
|
84.66%
|
|
87.37%
|
|
|
|
Average loans to average
deposits
|
|
|
72.75%
|
|
70.20%
|
|
74.57%
|
|
76.41%
|
|
84.53%
|
|
88.47%
|
|
|
|
71.48%
|
|
86.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less
securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
|
1.27%
|
|
1.99%
|
|
1.35%
|
|
5.19%
|
|
1.36%
|
|
1.42%
|
|
|
|
1.64%
|
|
1.39%
|
|
|
|
Noninterest expense to average
assets
|
|
|
3.04%
|
|
3.37%
|
|
2.98%
|
|
3.70%
|
|
2.90%
|
|
2.87%
|
|
|
|
3.21%
|
|
2.89%
|
|
|
|
Net overhead ratio
|
|
|
|
1.77%
|
|
1.37%
|
|
1.64%
|
|
-1.49%
|
|
1.54%
|
|
1.45%
|
|
|
|
1.57%
|
|
1.50%
|
|
|
|
Efficiency ratio
(FTE)
|
|
|
|
68.59%
|
|
67.47%
|
|
70.34%
|
|
47.68%
|
|
66.75%
|
|
67.31%
|
|
|
|
67.99%
|
|
67.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2011
-
|
|
For the Six
Months
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Q2
2010
|
|
Ended June
30,
|
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Average balances
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
Total assets
|
|
|
|
$ 4,294,530
|
|
$ 4,423,088
|
|
$ 4,285,887
|
|
$ 4,246,566
|
|
$ 3,616,125
|
|
$ 3,621,361
|
|
18.76
|
|
$ 4,355,810
|
|
$ 3,617,888
|
|
20.40
|
|
Earning assets
|
|
|
|
3,639,696
|
|
3,722,419
|
|
3,610,526
|
|
3,600,033
|
|
3,161,214
|
|
3,160,620
|
|
15.14
|
|
3,687,507
|
|
3,160,918
|
|
16.66
|
|
Securities
|
|
|
|
863,735
|
|
881,808
|
|
785,613
|
|
729,789
|
|
734,690
|
|
697,913
|
|
17.56
|
|
872,701
|
|
716,403
|
|
21.82
|
|
Loans, net of
unearned
|
|
|
|
2,575,890
|
|
2,556,572
|
|
2,576,721
|
|
2,533,567
|
|
2,304,663
|
|
2,354,443
|
|
11.77
|
|
2,572,980
|
|
2,329,415
|
|
10.46
|
|
Intangibles
|
|
|
|
191,320
|
|
191,740
|
|
192,123
|
|
192,447
|
|
190,639
|
|
190,881
|
|
0.36
|
|
191,529
|
|
190,875
|
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
|
$
468,170
|
|
$
476,115
|
|
$
371,908
|
|
$
351,449
|
|
$
315,242
|
|
$
310,726
|
|
48.51
|
|
$
472,116
|
|
$
312,878
|
|
50.89
|
|
Interest bearing
deposits
|
|
|
3,072,809
|
|
3,148,481
|
|
3,053,382
|
|
2,929,739
|
|
2,387,175
|
|
2,332,741
|
|
28.72
|
|
3,110,450
|
|
2,360,108
|
|
31.79
|
|
|
Total deposits
|
|
|
|
3,540,979
|
|
3,624,596
|
|
3,425,290
|
|
3,281,188
|
|
2,702,417
|
|
2,643,467
|
|
31.03
|
|
3,582,566
|
|
2,672,986
|
|
34.03
|
|
Borrowed funds
|
|
|
|
261,060
|
|
290,201
|
|
318,873
|
|
438,047
|
|
468,196
|
|
530,654
|
|
(44.24)
|
|
275,550
|
|
499,252
|
|
(44.81)
|
|
Shareholders' equity
|
|
|
|
476,896
|
|
470,875
|
|
476,449
|
|
466,109
|
|
412,959
|
|
412,132
|
|
15.48
|
|
473,541
|
|
412,589
|
|
14.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
|
$
42,331
|
|
$
46,406
|
|
$
46,662
|
|
$
56,674
|
|
$
53,868
|
|
$
44,688
|
|
(21.42)
|
|
$
42,331
|
|
$
53,868
|
|
(21.42)
|
|
Loans 90 past due or
more
|
|
|
9,646
|
|
10,839
|
|
7,196
|
|
8,923
|
|
10,794
|
|
9,916
|
|
(10.64)
|
|
9,646
|
|
10,794
|
|
(10.64)
|
|
Non-performing loans
|
|
|
|
51,977
|
|
57,245
|
|
53,858
|
|
65,597
|
|
64,662
|
|
54,604
|
|
(19.62)
|
|
51,977
|
|
64,662
|
|
(19.62)
|
|
Other real estate owned and
repossessions
|
|
68,384
|
|
71,415
|
|
71,833
|
|
62,936
|
|
66,797
|
|
62,508
|
|
2.38
|
|
68,384
|
|
66,797
|
|
2.38
|
|
Non-performing assets
|
|
|
|
$
120,361
|
|
$
128,660
|
|
$
125,691
|
|
$
128,533
|
|
$
131,459
|
|
$
117,112
|
|
(8.44)
|
|
$
120,361
|
|
$
131,459
|
|
(8.44)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
|
$
78,780
|
|
$
78,909
|
|
$
82,393
|
|
$
67,135
|
|
$
-
|
|
$
-
|
|
-
|
|
$
78,780
|
|
$
-
|
|
-
|
|
Loans 90 past due or
more
|
|
|
10,619
|
|
7,817
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,619
|
|
-
|
|
-
|
|
Non-performing loans subject to
loss share
|
|
89,399
|
|
86,726
|
|
82,393
|
|
67,135
|
|
-
|
|
-
|
|
-
|
|
89,399
|
|
-
|
|
-
|
|
Other real estate owned and
repossessions
|
|
59,802
|
|
59,036
|
|
54,715
|
|
49,286
|
|
-
|
|
-
|
|
-
|
|
59,802
|
|
-
|
|
-
|
|
Non-performing assets subject to
loss share
|
|
$
149,201
|
|
$
145,762
|
|
$
137,108
|
|
$
116,421
|
|
$
-
|
|
$
-
|
|
-
|
|
$
149,201
|
|
$
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
$
5,284
|
|
$
3,410
|
|
$
5,217
|
|
$
7,514
|
|
$
6,948
|
|
$
4,716
|
|
(23.95)
|
|
$
8,694
|
|
$
11,664
|
|
(25.46)
|
|
Allowance for loan
losses
|
|
|
47,571
|
|
47,505
|
|
45,415
|
|
45,132
|
|
41,146
|
|
41,094
|
|
15.62
|
|
47,571
|
|
41,146
|
|
15.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans*
|
|
|
2.38%
|
|
2.61%
|
|
2.46%
|
|
2.94%
|
|
2.86%
|
|
2.37%
|
|
|
|
2.38%
|
|
2.86%
|
|
|
|
Non-performing assets / total
assets*
|
|
|
2.83%
|
|
2.91%
|
|
2.92%
|
|
3.02%
|
|
3.66%
|
|
3.22%
|
|
|
|
2.83%
|
|
3.66%
|
|
|
|
Allowance for loan losses /
total loans*
|
|
|
2.18%
|
|
2.17%
|
|
2.07%
|
|
2.02%
|
|
1.82%
|
|
1.78%
|
|
|
|
2.18%
|
|
1.82%
|
|
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans*
|
|
|
91.52%
|
|
82.99%
|
|
84.32%
|
|
68.80%
|
|
63.63%
|
|
75.26%
|
|
|
|
91.52%
|
|
63.63%
|
|
|
|
Annualized net loan charge-offs
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
loans*
|
|
|
|
0.82%
|
|
0.54%
|
|
0.80%
|
|
1.18%
|
|
1.21%
|
|
0.81%
|
|
|
|
0.68%
|
|
1.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$ 4,259,200
|
|
$ 4,422,164
|
|
$ 4,297,327
|
|
$ 4,256,253
|
|
$ 3,593,872
|
|
$ 3,641,709
|
|
18.51
|
|
$ 4,259,200
|
|
$ 3,593,872
|
|
18.51
|
|
Earning assets
|
|
|
|
3,585,441
|
|
3,724,108
|
|
3,631,730
|
|
3,600,972
|
|
3,156,451
|
|
3,200,159
|
|
13.59
|
|
3,585,441
|
|
3,156,451
|
|
13.59
|
|
Securities
|
|
|
|
833,710
|
|
880,382
|
|
834,472
|
|
745,486
|
|
721,640
|
|
741,207
|
|
15.53
|
|
833,710
|
|
721,640
|
|
15.53
|
|
Mortgage loans held for
sale
|
|
|
11,511
|
|
9,399
|
|
27,704
|
|
25,639
|
|
21,261
|
|
16,597
|
|
(45.86)
|
|
11,511
|
|
21,261
|
|
(45.86)
|
|
Loans not subject to loss
share
|
|
|
2,185,490
|
|
2,190,376
|
|
2,190,909
|
|
2,231,075
|
|
2,263,263
|
|
2,308,335
|
|
(3.44)
|
|
2,185,490
|
|
2,263,263
|
|
(3.44)
|
|
Loans subject to loss
share
|
|
|
377,149
|
|
386,811
|
|
333,681
|
|
352,535
|
|
-
|
|
-
|
|
-
|
|
377,149
|
|
-
|
|
-
|
|
|
Total loans
|
|
|
|
2,562,639
|
|
2,577,187
|
|
2,524,590
|
|
2,583,610
|
|
2,263,263
|
|
2,308,335
|
|
13.23
|
|
2,562,639
|
|
2,263,263
|
|
13.23
|
|
Intangibles
|
|
|
|
191,086
|
|
191,581
|
|
191,867
|
|
192,391
|
|
190,411
|
|
190,881
|
|
0.35
|
|
191,086
|
|
190,411
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
|
$
458,686
|
|
$
486,676
|
|
$
368,798
|
|
$
361,504
|
|
$
313,309
|
|
$
315,064
|
|
46.40
|
|
$
458,686
|
|
313,309
|
|
46.40
|
|
Interest bearing
deposits
|
|
|
3,018,733
|
|
3,158,198
|
|
3,099,353
|
|
3,054,424
|
|
2,374,903
|
|
2,398,784
|
|
27.11
|
|
3,018,733
|
|
2,374,903
|
|
27.11
|
|
|
Total deposits
|
|
|
|
3,477,419
|
|
3,644,874
|
|
3,468,151
|
|
3,415,928
|
|
2,688,212
|
|
2,713,848
|
|
29.36
|
|
3,477,419
|
|
2,688,212
|
|
29.36
|
|
Borrowed funds
|
|
|
|
263,067
|
|
260,149
|
|
316,436
|
|
322,245
|
|
459,762
|
|
483,183
|
|
(42.78)
|
|
263,067
|
|
459,762
|
|
(42.78)
|
|
Shareholders' equity
|
|
|
|
480,135
|
|
473,354
|
|
469,509
|
|
477,034
|
|
412,235
|
|
410,557
|
|
16.47
|
|
480,135
|
|
412,235
|
|
16.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per common
share
|
|
|
$
14.49
|
|
$
16.98
|
|
$
16.91
|
|
$
15.21
|
|
$
14.35
|
|
$
16.18
|
|
0.98
|
|
$
14.49
|
|
$
14.35
|
|
0.98
|
|
Book value per common
share
|
|
|
19.16
|
|
18.89
|
|
18.75
|
|
19.05
|
|
19.54
|
|
19.47
|
|
(1.94)
|
|
19.16
|
|
19.54
|
|
(1.94)
|
|
Tangible book value per common
share
|
|
|
11.53
|
|
11.25
|
|
11.09
|
|
11.37
|
|
10.51
|
|
10.42
|
|
9.71
|
|
11.53
|
|
10.51
|
|
9.71
|
|
Shareholders' equity to assets
(actual)
|
|
|
11.27%
|
|
10.70%
|
|
10.93%
|
|
11.21%
|
|
11.47%
|
|
11.27%
|
|
|
|
11.27%
|
|
11.47%
|
|
|
|
Tangible capital
ratio
|
|
|
|
7.11%
|
|
6.66%
|
|
6.76%
|
|
7.00%
|
|
6.52%
|
|
6.37%
|
|
|
|
7.11%
|
|
6.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio
|
|
|
|
9.10%
|
|
8.77%
|
|
8.97%
|
|
9.03%
|
|
8.78%
|
|
8.74%
|
|
|
|
9.10%
|
|
8.78%
|
|
|
|
Tier 1 risk-based capital
ratio
|
|
|
13.58%
|
|
13.59%
|
|
13.58%
|
|
13.55%
|
|
11.42%
|
|
11.20%
|
|
|
|
13.58%
|
|
11.42%
|
|
|
|
Total risk-based capital
ratio
|
|
|
14.83%
|
|
14.84%
|
|
14.83%
|
|
14.80%
|
|
12.67%
|
|
12.45%
|
|
|
|
14.83%
|
|
12.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on assets not subject to
loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2011
-
|
|
For the Six
Months
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Q2
2010
|
|
Ended June
30,
|
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Loans not subject to loss share
by category
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
Commercial, financial,
agricultural
|
|
|
$
243,343
|
|
$
250,889
|
|
$
244,355
|
|
$
259,710
|
|
$
273,356
|
|
$
276,749
|
|
(10.98)
|
|
$
243,343
|
|
$
273,356
|
|
(10.98)
|
|
Lease financing
|
|
|
|
393
|
|
458
|
|
503
|
|
547
|
|
601
|
|
677
|
|
(34.61)
|
|
393
|
|
601
|
|
(34.61)
|
|
Real estate -
construction
|
|
|
77,224
|
|
71,559
|
|
66,798
|
|
62,593
|
|
62,469
|
|
110,121
|
|
23.62
|
|
77,224
|
|
62,469
|
|
23.62
|
|
Real estate - 1-4 family
mortgages
|
|
|
720,451
|
|
730,860
|
|
749,863
|
|
770,773
|
|
798,185
|
|
809,271
|
|
(9.74)
|
|
720,451
|
|
798,185
|
|
(9.74)
|
|
Real estate - commercial
mortgages
|
|
|
1,081,801
|
|
1,073,561
|
|
1,065,271
|
|
1,072,484
|
|
1,071,876
|
|
1,055,102
|
|
0.93
|
|
1,081,801
|
|
1,071,876
|
|
0.93
|
|
Installment loans to
individuals
|
|
|
62,278
|
|
63,049
|
|
64,119
|
|
64,968
|
|
56,776
|
|
56,415
|
|
9.69
|
|
62,278
|
|
56,776
|
|
9.69
|
|
|
Loans, net of
unearned
|
|
|
$ 2,185,490
|
|
$ 2,190,376
|
|
$ 2,190,909
|
|
$ 2,231,075
|
|
$ 2,263,263
|
|
$ 2,308,335
|
|
(3.44)
|
|
$ 2,185,490
|
|
$ 2,263,263
|
|
(3.44)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans subject to loss share by
category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
agricultural
|
|
|
$
24,233
|
|
$
22,964
|
|
$
20,921
|
|
$
22,543
|
|
$
-
|
|
$
-
|
|
-
|
|
$
24,233
|
|
$
-
|
|
-
|
|
Lease financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Real estate -
construction
|
|
|
10,318
|
|
13,847
|
|
15,563
|
|
17,385
|
|
-
|
|
-
|
|
-
|
|
10,318
|
|
-
|
|
-
|
|
Real estate - 1-4 family
mortgages
|
|
|
119,508
|
|
123,770
|
|
122,519
|
|
138,863
|
|
-
|
|
-
|
|
-
|
|
119,508
|
|
-
|
|
-
|
|
Real estate - commercial
mortgages
|
|
|
222,876
|
|
226,038
|
|
174,572
|
|
172,145
|
|
-
|
|
-
|
|
-
|
|
222,876
|
|
-
|
|
-
|
|
Installment loans to
individuals
|
|
|
214
|
|
192
|
|
106
|
|
1,599
|
|
-
|
|
-
|
|
-
|
|
214
|
|
-
|
|
-
|
|
|
Loans, net of
unearned
|
|
|
$
377,149
|
|
$
386,811
|
|
$
333,681
|
|
$
352,535
|
|
$
-
|
|
$
-
|
|
-
|
|
$
377,149
|
|
$
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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