TUPELO, Miss., Oct. 18, 2011 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
financial results for the third quarter of 2011. Net income for the
third quarter of 2011 was $6,532,000
as compared to $5,757,000 for the
second quarter of 2011. Basic and diluted earnings per share
("EPS") were $0.26 during the third
quarter of 2011 as compared to basic and diluted EPS of
$0.23 for the second quarter of
2011.
"We're pleased to have experienced a successful 2011 third
quarter and believe expansion activities completed during the
quarter will further enhance our performance," commented Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. "Highlights for the third quarter include
loan growth, a linked quarter increase in net income, capital
ratios, and net interest margin along with three de novo market
entrances and the completion of our acquisition of RBC USA's Birmingham-based trust unit."
For the third quarter of 2010, the Company's net income was
$19,551,000 and both its basic and
diluted EPS were $0.81. The Company's
third quarter 2010 net income and EPS included a bargain purchase
gain of $42,211,000 from the
Company's FDIC-assisted acquisition in 2010. This gain was
partially offset by acquisition expenses of $1,955,000 and a prepayment penalty of
$2,785,000 from the early
extinguishment of debt.
Net interest income was $32,864,000 for the third quarter of 2011, which
represents a slight increase from the second quarter of 2011 and a
21.19% increase from the third quarter of 2010. Net interest margin
increased to 3.92% for the third quarter of 2011 as compared to
3.76% for the second quarter of 2011 and 3.12% for the third
quarter of 2010.
"As planned, we have steadily improved net interest margin over
the past 4 quarters. This improvement in net interest margin
continues to be driven by our strategic efforts to restructure our
funding mix and deploy cash into higher yielding alternatives,"
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 lending along with income from deposit and
loan products. Noninterest income was $19,613,000 for the third quarter of 2011 as
compared to $13,334,000 for the
second quarter of 2011 and $54,534,000 for the third quarter of 2010.
Noninterest income for the third quarter of 2011 included a gain of
$5,041,000 from the sale of
securities, while noninterest income for the same period in 2010
included the aforementioned bargain purchase gain of $42,211,000 related to the Crescent Bank &
Trust transaction.
Noninterest expense was $38,129,000 for the third quarter of 2011 as
compared to $32,555,000 for the
second quarter of 2011 and $39,571,000 for the third quarter of 2010. The
increase in noninterest expense on a linked quarter basis was
primarily due to costs associated with other real estate owned
("OREO"). The additional salary and employee benefits due to new
hires in connection with our entrance into the markets of
Starkville, Mississippi, and
Montgomery and Tuscaloosa, Alabama, and the costs associated
with our acquisition of RBC USA's
Birmingham-based trust unit also
contributed to this increase.
At September 30, 2011, the
Company's Tier 1 leverage capital ratio was 9.48%, its Tier 1
risk-based capital ratio was 13.63%, and its total risk-based
capital ratio was 14.89%. The Company's tangible common equity
ratio was 7.47%. During the third quarter of 2011, all of the
Company's capital ratios increased from December 31, 2010 and, in all regulatory capital
ratios, the Company continues to be in excess of regulatory
minimums required to be classified as "well-capitalized."
Total assets at September 30, 2011
were approximately $4.136 billion,
down 2.88% from June 30, 2011 and
3.74% from December 31, 2010. Total
deposits were $3.342 billion at
September 30, 2011 compared to
$3.477 billion at June 30, 2011 and $3.468
billion at December 31, 2010.
The Company continues to focus on changing its deposit mix as
evidenced by noninterest-bearing deposits representing 14.75% of
total deposits as compared to 10.63% at December 31, 2010. Resulting from this focus, the
Company's cost of funds was 0.99% for the third quarter of 2011 as
compared to 1.17% for the second quarter of 2011 and 1.75% for the
third quarter of 2010.
Total loans were approximately $2.565
billion at September 30, 2011
as compared to $2.563 billion at
June 30, 2011 and $2.525 billion at December
31, 2010. Loans not covered under FDIC loss-share agreements
were $2.205 billion at September 30, 2011 as compared to $2.185 billion at June 30,
2011 and $2.191 billion at
December 31, 2010.
"Our loan growth during the third quarter of 2011 is reflective
of our continued focus on taking advantage of business
opportunities. This loan growth was achieved primarily from our
existing branch network prior to our third quarter expansions.
Looking ahead, we anticipate additional loan growth from our de
novo markets as well as continued loan growth from our existing
branch network," said McGraw.
The loans and OREO acquired in the Company's 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 OREO covered under loss-share
agreements totaled $96,648,000 and
$44,021,000, respectively, at
September 30, 2011. The remaining
information in this release on nonperforming loans, other real
estate owned and the related asset quality ratios excludes the
assets covered under loss-share agreements.
The Company recorded a provision for loan losses of $5,500,000 for the third quarter of 2011 as
compared to $5,350,000 for the second
quarter of 2011 and $11,500,000 for
the third quarter of 2010. Annualized net charge-offs as a
percentage of average loans were 0.70% for the third quarter of
2011 as compared to 0.82% for the second quarter of 2011 and 1.18%
for the third quarter of 2010. The allowance for loan losses as a
percentage of loans was 2.20% at September
30, 2011 as compared to 2.18% at June
30, 2011 and 2.07% at December 31,
2010.
The Company's nonperforming loans were $49,037,000 at September
30, 2011 as compared to $51,977,000 at June 30,
2011 and $53,858,000 at
December 31, 2010. Loans 30 to 89
days past due as a percentage of total loans were 0.75% at
September 30, 2011 as compared to
0.80% at June 30, 2011 and 0.98% at
December 31, 2010.
OREO was $72,765,000 at
September 30, 2011 as compared to
$68,384,000 at June 30, 2011 and $71,833,000 at December
31, 2010. During the third quarter of 2011, the Company sold
approximately $4,125,000 in OREO, and
an additional $4,937,000 in OREO
under contract is expected to close during the fourth quarter of
2011.
"Our credit quality metrics continue to improve as we work
problem assets through the resolution process. Our nonperforming
loans and past due loans continued to decline during the third
quarter of 2011. This decline, along with our efforts to build
reserves, resulted in our highest coverage ratio since the second
quarter of 2008," mentioned McGraw.
The Company announced three de novo banking expansions during
the third quarter of 2011. On July 1,
the Company announced its entrance into the Montgomery, Alabama banking market. On
July 26, the Company announced its
entrance into the Golden Triangle market of Starkville, which is home to Mississippi State University. Finally, on
August 23, the Company announced its
entrance into the Alabama market
of Tuscaloosa, home of the
University of Alabama. All of these new
market entrances were built around the addition of experienced and
successful bankers to the Company. In addition to these new
markets, during the third quarter of 2011, the Company completed
its acquisition of RBC Bank (USA)'s Birmingham-based $680
million asset trust division.
"During the third quarter we took advantage of several
opportunities to expand our reach within our current footprint. We
believe these new market entrances, coupled with the experienced
banking talent that has joined Renasant, will enhance our already
strong presence in Mississippi and
Alabama," stated McGraw. "Moving
into the fourth quarter, we believe our basic banking metrics are
positive and we anticipate a strong finish for 2011."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM EDT
on Wednesday, October 19, 2011.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst111019.html. To access
the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant
Corporation Third 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 10005613 or by dialing
1-412-317-0088 internationally and entering the conference number.
Telephone replay access is available until 9:00 AM EDT on October 19,
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 $4.1
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.
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2011
-
|
|
For the Nine
Months
|
|
|
|
2011
|
|
2010
|
|
Q3
2010
|
|
Ended
September 30,
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Statement of earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - taxable
equivalent basis
|
$
43,432
|
|
$
45,291
|
|
$
45,371
|
|
$
45,224
|
|
$
44,770
|
|
$
39,590
|
|
$
40,900
|
|
(2.99)
|
|
$
134,094
|
|
$
125,260
|
|
7.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
$
41,930
|
|
$
43,775
|
|
$
43,803
|
|
$
43,817
|
|
$
43,433
|
|
$
38,381
|
|
$
39,708
|
|
(3.46)
|
|
$
129,508
|
|
$
121,522
|
|
6.57
|
|
Interest expense
|
9,066
|
|
11,153
|
|
12,707
|
|
13,962
|
|
16,316
|
|
14,701
|
|
15,298
|
|
(44.44)
|
|
32,926
|
|
46,315
|
|
(28.91)
|
|
|
Net interest income
|
32,864
|
|
32,622
|
|
31,096
|
|
29,855
|
|
27,117
|
|
23,680
|
|
24,410
|
|
21.19
|
|
96,582
|
|
75,207
|
|
28.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
5,500
|
|
5,350
|
|
5,500
|
|
5,500
|
|
11,500
|
|
7,000
|
|
6,665
|
|
(52.17)
|
|
16,350
|
|
25,165
|
|
(35.03)
|
|
|
Net interest income after
provision
|
27,364
|
|
27,272
|
|
25,596
|
|
24,355
|
|
15,617
|
|
16,680
|
|
17,745
|
|
75.22
|
|
80,232
|
|
50,042
|
|
60.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
4,797
|
|
5,082
|
|
4,880
|
|
5,482
|
|
5,771
|
|
5,361
|
|
5,090
|
|
(16.88)
|
|
14,759
|
|
16,222
|
|
(9.02)
|
|
Fees and commissions on loans
and deposits
|
4,898
|
|
4,548
|
|
4,138
|
|
4,184
|
|
3,654
|
|
3,409
|
|
3,721
|
|
34.04
|
|
13,584
|
|
10,784
|
|
25.96
|
|
Insurance commissions and
fees
|
847
|
|
783
|
|
832
|
|
916
|
|
828
|
|
830
|
|
834
|
|
2.29
|
|
2,462
|
|
2,492
|
|
(1.20)
|
|
Trust revenue
|
771
|
|
650
|
|
613
|
|
626
|
|
562
|
|
632
|
|
584
|
|
37.19
|
|
2,034
|
|
1,778
|
|
14.40
|
|
Securities gains
(losses)
|
5,041
|
|
(258)
|
|
12
|
|
-
|
|
(1,009)
|
|
2,049
|
|
(160)
|
|
(599.60)
|
|
4,795
|
|
880
|
|
444.89
|
|
Gain on sale of mortgage
loans
|
1,371
|
|
949
|
|
1,151
|
|
2,127
|
|
1,774
|
|
994
|
|
1,329
|
|
(22.72)
|
|
3,471
|
|
4,097
|
|
(15.28)
|
|
Gain on acquisition
|
570
|
|
-
|
|
8,774
|
|
-
|
|
42,211
|
|
-
|
|
-
|
|
(98.65)
|
|
9,344
|
|
42,211
|
|
(77.86)
|
|
Other
|
1,318
|
|
1,580
|
|
1,365
|
|
1,218
|
|
743
|
|
1,069
|
|
1,086
|
|
77.39
|
|
4,263
|
|
2,898
|
|
47.10
|
|
|
Total non-interest
income
|
19,613
|
|
13,334
|
|
21,765
|
|
14,553
|
|
54,534
|
|
14,344
|
|
12,484
|
|
(64.04)
|
|
54,712
|
|
81,362
|
|
(32.75)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
|
Salaries and employee
benefits
|
17,493
|
|
16,173
|
|
16,237
|
|
15,957
|
|
16,694
|
|
13,052
|
|
13,197
|
|
4.79
|
|
49,903
|
|
42,943
|
|
16.21
|
|
Occupancy and
equipment
|
3,434
|
|
3,357
|
|
3,239
|
|
2,716
|
|
3,271
|
|
2,926
|
|
2,931
|
|
4.98
|
|
10,030
|
|
9,128
|
|
9.88
|
|
Data processing
|
1,927
|
|
1,657
|
|
1,788
|
|
1,665
|
|
1,703
|
|
1,580
|
|
1,426
|
|
13.15
|
|
5,372
|
|
4,709
|
|
14.08
|
|
Debt extinguishment
penalty
|
-
|
|
-
|
|
1,903
|
|
-
|
|
2,785
|
|
-
|
|
-
|
|
(100.00)
|
|
1,903
|
|
2,785
|
|
(31.67)
|
|
Merger-related
expenses
|
326
|
|
-
|
|
1,325
|
|
-
|
|
1,955
|
|
-
|
|
-
|
|
(83.32)
|
|
1,651
|
|
1,955
|
|
(15.55)
|
|
Other real estate
|
6,336
|
|
2,122
|
|
3,511
|
|
3,288
|
|
4,635
|
|
959
|
|
736
|
|
36.70
|
|
11,969
|
|
6,330
|
|
89.08
|
|
Amortization of
intangibles
|
351
|
|
510
|
|
515
|
|
523
|
|
505
|
|
470
|
|
476
|
|
(30.50)
|
|
1,376
|
|
1,451
|
|
(5.17)
|
|
Other
|
8,262
|
|
8,736
|
|
8,205
|
|
8,077
|
|
8,023
|
|
7,201
|
|
6,868
|
|
2.98
|
|
25,203
|
|
22,092
|
|
14.08
|
|
|
Total non-interest
expense
|
38,129
|
|
32,555
|
|
36,723
|
|
32,226
|
|
39,571
|
|
26,188
|
|
25,634
|
|
(3.64)
|
|
107,407
|
|
91,393
|
|
17.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
8,848
|
|
8,051
|
|
10,638
|
|
6,682
|
|
30,580
|
|
4,836
|
|
4,595
|
|
(71.07)
|
|
27,537
|
|
40,011
|
|
(31.18)
|
|
Income taxes
|
2,316
|
|
2,294
|
|
3,085
|
|
1,961
|
|
11,029
|
|
1,040
|
|
988
|
|
(79.00)
|
|
7,695
|
|
13,057
|
|
(41.07)
|
|
|
Net income
|
$
6,532
|
|
$
5,757
|
|
$
7,553
|
|
$
4,721
|
|
$
19,551
|
|
$
3,796
|
|
$
3,607
|
|
(66.59)
|
|
$
19,842
|
|
$
26,954
|
|
(26.39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.26
|
|
$
0.23
|
|
$
0.30
|
|
$
0.19
|
|
$
0.81
|
|
$
0.18
|
|
$
0.17
|
|
(67.90)
|
|
$
0.79
|
|
$
1.22
|
|
(35.25)
|
|
Diluted earnings per
share
|
0.26
|
|
0.23
|
|
0.30
|
|
0.19
|
|
0.81
|
|
0.18
|
|
0.17
|
|
(67.90)
|
|
0.79
|
|
1.21
|
|
(34.71)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
25,061,068
|
|
25,059,081
|
|
25,052,126
|
|
25,042,137
|
|
24,098,629
|
|
21,088,942
|
|
21,082,991
|
|
3.99
|
|
25,057,458
|
|
22,101,234
|
|
13.38
|
|
Average diluted shares
outstanding
|
25,180,923
|
|
25,182,503
|
|
25,172,410
|
|
25,177,394
|
|
24,208,642
|
|
21,224,836
|
|
21,208,934
|
|
4.02
|
|
25,186,177
|
|
22,230,277
|
|
13.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
25,061,068
|
|
25,061,068
|
|
25,056,431
|
|
25,043,112
|
|
25,041,540
|
|
21,100,130
|
|
21,082,991
|
|
0.08
|
|
25,061,068
|
|
25,041,540
|
|
0.08
|
|
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
|
5.36%
|
|
4.84%
|
|
6.51%
|
|
3.93%
|
|
16.64%
|
|
3.69%
|
|
3.55%
|
|
|
|
5.56%
|
|
8.44%
|
|
|
|
Return on average shareholders'
equity, excluding amortization expense
|
5.54%
|
|
5.11%
|
|
6.78%
|
|
4.20%
|
|
16.91%
|
|
3.97%
|
|
3.84%
|
|
|
|
5.80%
|
|
8.72%
|
|
|
|
Return on average
assets
|
0.63%
|
|
0.54%
|
|
0.69%
|
|
0.44%
|
|
1.83%
|
|
0.42%
|
|
0.40%
|
|
|
|
0.62%
|
|
0.94%
|
|
|
|
Return on average assets,
excluding amortization expense
|
0.65%
|
|
0.57%
|
|
0.72%
|
|
0.47%
|
|
1.86%
|
|
0.45%
|
|
0.44%
|
|
|
|
0.65%
|
|
0.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
3.92%
|
|
3.76%
|
|
3.55%
|
|
3.43%
|
|
3.12%
|
|
3.15%
|
|
3.27%
|
|
|
|
3.74%
|
|
3.20%
|
|
|
|
Yield on earning assets
(FTE)
|
4.96%
|
|
4.99%
|
|
4.93%
|
|
4.97%
|
|
4.92%
|
|
5.02%
|
|
5.23%
|
|
|
|
4.95%
|
|
5.08%
|
|
|
|
Cost of funding
|
0.99%
|
|
1.17%
|
|
1.31%
|
|
1.49%
|
|
1.75%
|
|
1.86%
|
|
1.95%
|
|
|
|
1.16%
|
|
1.86%
|
|
|
|
Average earning assets to
average assets
|
83.95%
|
|
84.75%
|
|
84.16%
|
|
84.24%
|
|
84.78%
|
|
87.42%
|
|
87.28%
|
|
|
|
84.42%
|
|
86.45%
|
|
|
|
Average loans to average
deposits
|
76.23%
|
|
72.47%
|
|
70.20%
|
|
74.57%
|
|
76.41%
|
|
84.53%
|
|
88.47%
|
|
|
|
73.04%
|
|
82.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less
securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
1.40%
|
|
1.27%
|
|
1.99%
|
|
1.35%
|
|
5.19%
|
|
1.36%
|
|
1.42%
|
|
|
|
1.56%
|
|
2.81%
|
|
|
|
Noninterest expense to average
assets
|
3.65%
|
|
3.04%
|
|
3.37%
|
|
2.98%
|
|
3.70%
|
|
2.90%
|
|
2.87%
|
|
|
|
3.35%
|
|
3.19%
|
|
|
|
Net overhead ratio
|
2.26%
|
|
1.77%
|
|
1.37%
|
|
1.64%
|
|
-1.49%
|
|
1.54%
|
|
1.45%
|
|
|
|
1.79%
|
|
0.38%
|
|
|
|
Efficiency ratio
(FTE)
|
70.64%
|
|
68.58%
|
|
67.47%
|
|
70.34%
|
|
47.68%
|
|
66.75%
|
|
67.31%
|
|
|
|
68.90%
|
|
57.01%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
(Unaudited)
|
|
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2011
-
|
|
For the Nine
Months
|
|
|
|
2011
|
|
2010
|
|
Q3
2010
|
|
Ended
September 30,
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Average balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
Total assets
|
$ 4,142,851
|
|
$ 4,294,530
|
|
$ 4,423,088
|
|
$ 4,285,887
|
|
$ 4,246,566
|
|
$ 3,616,125
|
|
$ 3,621,361
|
|
(2.44)
|
|
$ 4,284,463
|
|
$ 3,830,155
|
|
11.86
|
|
Earning assets
|
3,478,054
|
|
3,639,696
|
|
3,722,419
|
|
3,610,526
|
|
3,600,033
|
|
3,161,214
|
|
3,160,620
|
|
(3.39)
|
|
3,616,922
|
|
3,311,167
|
|
9.23
|
|
Securities
|
796,957
|
|
863,735
|
|
881,808
|
|
785,613
|
|
729,789
|
|
734,690
|
|
697,913
|
|
9.20
|
|
847,110
|
|
720,914
|
|
17.51
|
|
Loans, net of
unearned
|
2,577,539
|
|
2,575,890
|
|
2,556,572
|
|
2,576,721
|
|
2,533,567
|
|
2,304,663
|
|
2,354,443
|
|
1.74
|
|
2,574,516
|
|
2,400,482
|
|
7.25
|
|
Intangibles
|
191,574
|
|
191,320
|
|
191,740
|
|
192,123
|
|
192,447
|
|
190,639
|
|
190,881
|
|
(0.45)
|
|
191,542
|
|
192,391
|
|
(0.44)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
480,699
|
|
$
468,170
|
|
$
476,115
|
|
$
371,908
|
|
$
351,449
|
|
$
315,242
|
|
$
310,726
|
|
36.78
|
|
$
475,009
|
|
$
325,890
|
|
45.76
|
|
Interest bearing
deposits
|
2,880,248
|
|
3,072,809
|
|
3,148,481
|
|
3,053,382
|
|
2,929,739
|
|
2,387,175
|
|
2,332,741
|
|
(1.69)
|
|
3,032,873
|
|
2,552,064
|
|
18.84
|
|
|
Total deposits
|
3,360,947
|
|
3,540,979
|
|
3,624,596
|
|
3,425,290
|
|
3,281,188
|
|
2,702,417
|
|
2,643,467
|
|
2.43
|
|
3,507,882
|
|
2,877,954
|
|
21.89
|
|
Borrowed funds
|
259,387
|
|
261,060
|
|
290,201
|
|
318,873
|
|
438,047
|
|
468,196
|
|
530,654
|
|
(40.79)
|
|
270,103
|
|
478,620
|
|
(43.57)
|
|
Shareholders' equity
|
483,121
|
|
476,896
|
|
470,875
|
|
476,449
|
|
466,109
|
|
412,959
|
|
412,132
|
|
3.65
|
|
476,708
|
|
427,100
|
|
11.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
40,363
|
|
$
42,331
|
|
$
46,406
|
|
$
46,662
|
|
$
56,674
|
|
$
53,868
|
|
$
44,688
|
|
(28.78)
|
|
$
40,363
|
|
$
56,674
|
|
(28.78)
|
|
Loans 90 past due or
more
|
8,674
|
|
9,646
|
|
10,839
|
|
7,196
|
|
8,923
|
|
10,794
|
|
9,916
|
|
(2.79)
|
|
8,674
|
|
8,923
|
|
(2.79)
|
|
Non-performing loans
|
49,037
|
|
51,977
|
|
57,245
|
|
53,858
|
|
65,597
|
|
64,662
|
|
54,604
|
|
(25.25)
|
|
49,037
|
|
65,597
|
|
(25.25)
|
|
Other real estate owned and
repossessions
|
72,765
|
|
68,384
|
|
71,415
|
|
71,833
|
|
62,936
|
|
66,797
|
|
62,508
|
|
15.62
|
|
72,765
|
|
62,936
|
|
15.62
|
|
Non-performing assets not
subject to loss share
|
$
121,802
|
|
$
120,361
|
|
$
128,660
|
|
$
125,691
|
|
$
128,533
|
|
$
131,459
|
|
$
117,112
|
|
(5.24)
|
|
$
121,802
|
|
$
128,533
|
|
(5.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
84,426
|
|
$
78,780
|
|
$
78,909
|
|
$
82,393
|
|
$
67,135
|
|
$
-
|
|
$
-
|
|
25.76
|
|
$
84,426
|
|
$
67,135
|
|
25.76
|
|
Loans 90 past due or
more
|
12,222
|
|
10,619
|
|
7,817
|
|
-
|
-
|
-
|
|
-
|
|
-
|
|
-
|
|
12,222
|
|
-
|
|
-
|
|
Non-performing loans subject to
loss share
|
96,648
|
|
89,399
|
|
86,726
|
|
82,393
|
|
67,135
|
|
-
|
|
-
|
|
43.96
|
|
96,648
|
|
67,135
|
|
43.96
|
|
Other real estate owned and
repossessions
|
44,021
|
|
59,802
|
|
59,036
|
|
54,715
|
|
49,286
|
|
-
|
|
-
|
|
(10.68)
|
|
44,021
|
|
49,286
|
|
(10.68)
|
|
Non-performing assets subject to
loss share
|
$
140,669
|
|
$
149,201
|
|
$
145,762
|
|
$
137,108
|
|
$
116,421
|
|
$
-
|
|
$
-
|
|
20.83
|
|
$
140,669
|
|
$
116,421
|
|
20.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
$
4,539
|
|
$
5,284
|
|
$
3,410
|
|
$
5,217
|
|
$
7,514
|
|
$
6,948
|
|
$
4,716
|
|
(39.59)
|
|
$
13,233
|
|
$
19,178
|
|
(31.00)
|
|
Allowance for loan
losses
|
48,532
|
|
47,571
|
|
47,505
|
|
45,415
|
|
45,132
|
|
41,146
|
|
41,094
|
|
7.53
|
|
48,532
|
|
45,132
|
|
7.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans*
|
2.22%
|
|
2.38%
|
|
2.61%
|
|
2.46%
|
|
2.94%
|
|
2.86%
|
|
2.37%
|
|
|
|
2.22%
|
|
2.94%
|
|
|
|
Non-performing assets / total
assets*
|
2.94%
|
|
2.83%
|
|
2.91%
|
|
2.92%
|
|
3.02%
|
|
3.66%
|
|
3.22%
|
|
|
|
2.94%
|
|
3.02%
|
|
|
|
Allowance for loan losses /
total loans*
|
2.20%
|
|
2.18%
|
|
2.17%
|
|
2.07%
|
|
2.02%
|
|
1.82%
|
|
1.78%
|
|
|
|
2.20%
|
|
2.02%
|
|
|
|
Allowance for loan losses
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans*
|
98.97%
|
|
91.52%
|
|
82.99%
|
|
84.32%
|
|
68.80%
|
|
63.63%
|
|
75.26%
|
|
|
|
98.97%
|
|
68.80%
|
|
|
|
Annualized net loan charge-offs
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
loans*
|
0.70%
|
|
0.82%
|
|
0.54%
|
|
0.80%
|
|
1.18%
|
|
1.21%
|
|
0.81%
|
|
|
|
0.69%
|
|
1.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 4,136,474
|
|
$ 4,259,200
|
|
$ 4,422,164
|
|
$ 4,297,327
|
|
$ 4,256,253
|
|
$ 3,593,872
|
|
$ 3,641,709
|
|
(2.81)
|
|
$ 4,136,474
|
|
$ 4,256,253
|
|
(2.81)
|
|
Earning assets
|
3,121,166
|
|
3,585,441
|
|
3,724,108
|
|
3,631,730
|
|
3,600,972
|
|
3,156,451
|
|
3,200,159
|
|
(13.32)
|
|
3,121,166
|
|
3,600,972
|
|
(13.32)
|
|
Securities
|
718,881
|
|
833,710
|
|
880,382
|
|
834,472
|
|
745,486
|
|
721,640
|
|
741,207
|
|
(3.57)
|
|
718,881
|
|
745,486
|
|
(3.57)
|
|
Mortgage loans held for
sale
|
24,739
|
|
11,511
|
|
9,399
|
|
27,704
|
|
25,639
|
|
21,261
|
|
16,597
|
|
(3.51)
|
|
24,739
|
|
25,639
|
|
(3.51)
|
|
Loans not subject to loss
share
|
2,204,955
|
|
2,185,490
|
|
2,190,376
|
|
2,190,909
|
|
2,231,075
|
|
2,263,263
|
|
2,308,335
|
|
(1.17)
|
|
2,204,955
|
|
2,231,075
|
|
(1.17)
|
|
Loans subject to loss
share
|
359,813
|
|
377,149
|
|
386,811
|
|
333,681
|
|
352,535
|
|
-
|
|
-
|
|
2.07
|
|
359,813
|
|
352,535
|
|
2.07
|
|
|
Total loans
|
2,564,768
|
|
2,562,639
|
|
2,577,187
|
|
2,524,590
|
|
2,583,610
|
|
2,263,263
|
|
2,308,335
|
|
(0.73)
|
|
2,564,768
|
|
2,583,610
|
|
(0.73)
|
|
Intangibles
|
192,755
|
|
191,086
|
|
191,581
|
|
191,867
|
|
192,391
|
|
190,411
|
|
190,881
|
|
0.19
|
|
192,755
|
|
192,391
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
493,130
|
|
$
458,686
|
|
$
486,676
|
|
$
368,798
|
|
$
361,504
|
|
$
313,309
|
|
$
315,064
|
|
36.41
|
|
$
493,130
|
|
$
361,504
|
|
36.41
|
|
Interest bearing
deposits
|
2,849,225
|
|
3,018,733
|
|
3,158,198
|
|
3,099,353
|
|
3,054,424
|
|
2,374,903
|
|
2,398,784
|
|
(6.72)
|
|
2,849,225
|
|
3,054,424
|
|
(6.72)
|
|
|
Total deposits
|
3,342,355
|
|
3,477,419
|
|
3,644,874
|
|
3,468,151
|
|
3,415,928
|
|
2,688,212
|
|
2,713,848
|
|
(2.15)
|
|
3,342,355
|
|
3,415,928
|
|
(2.15)
|
|
Borrowed funds
|
262,569
|
|
263,067
|
|
260,149
|
|
316,436
|
|
322,245
|
|
459,762
|
|
483,183
|
|
(18.52)
|
|
262,569
|
|
322,245
|
|
(18.52)
|
|
Shareholders' equity
|
487,401
|
|
480,135
|
|
473,354
|
|
469,509
|
|
477,034
|
|
412,235
|
|
410,557
|
|
2.17
|
|
487,401
|
|
477,034
|
|
2.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per common
share
|
$
12.73
|
|
$
14.49
|
|
$
16.98
|
|
$
16.91
|
|
$
15.21
|
|
$
14.35
|
|
$
16.18
|
|
(16.31)
|
|
$
12.73
|
|
$
15.21
|
|
(16.31)
|
|
Book value per common
share
|
19.45
|
|
19.16
|
|
18.89
|
|
18.75
|
|
19.05
|
|
19.54
|
|
19.47
|
|
2.09
|
|
19.45
|
|
19.05
|
|
2.09
|
|
Tangible book value per common
share
|
11.76
|
|
11.53
|
|
11.25
|
|
11.09
|
|
11.37
|
|
10.51
|
|
10.42
|
|
3.43
|
|
11.76
|
|
11.37
|
|
3.43
|
|
Shareholders' equity to assets
(actual)
|
11.78%
|
|
11.27%
|
|
10.70%
|
|
10.93%
|
|
11.21%
|
|
11.47%
|
|
11.27%
|
|
|
|
11.78%
|
|
11.21%
|
|
|
|
Tangible capital
ratio
|
7.47%
|
|
7.11%
|
|
6.66%
|
|
6.76%
|
|
7.00%
|
|
6.52%
|
|
6.37%
|
|
|
|
7.47%
|
|
7.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio
|
9.48%
|
|
9.10%
|
|
8.77%
|
|
8.97%
|
|
9.03%
|
|
8.78%
|
|
8.74%
|
|
|
|
9.48%
|
|
9.03%
|
|
|
|
Tier 1 risk-based capital
ratio
|
13.63%
|
|
13.58%
|
|
13.59%
|
|
13.58%
|
|
13.55%
|
|
11.42%
|
|
11.20%
|
|
|
|
13.63%
|
|
13.55%
|
|
|
|
Total risk-based capital
ratio
|
14.89%
|
|
14.83%
|
|
14.84%
|
|
14.83%
|
|
14.80%
|
|
12.67%
|
|
12.45%
|
|
|
|
14.89%
|
|
14.80%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on assets not subject to
loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
(Unaudited)
|
|
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2011
-
|
|
For the Nine
Months
|
|
|
|
2011
|
|
2010
|
|
Q3
2010
|
|
Ended
September 30,
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Loans not subject to loss share by category
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
Commercial, financial,
agricultural
|
$
247,950
|
|
$
243,343
|
|
$
250,889
|
|
$
244,355
|
|
$
259,710
|
|
$
273,356
|
|
$
276,749
|
|
(4.53)
|
|
$
247,950
|
|
$
259,710
|
|
(4.53)
|
|
Lease financing
|
350
|
|
393
|
|
458
|
|
503
|
|
547
|
|
601
|
|
677
|
|
(36.01)
|
|
350
|
|
547
|
|
(36.01)
|
|
Real estate -
construction
|
75,690
|
|
77,224
|
|
71,559
|
|
66,798
|
|
62,593
|
|
62,469
|
|
110,121
|
|
20.92
|
|
75,690
|
|
62,593
|
|
20.92
|
|
Real estate - 1-4 family
mortgages
|
712,871
|
|
720,451
|
|
730,860
|
|
749,863
|
|
770,773
|
|
798,185
|
|
809,271
|
|
(7.51)
|
|
712,871
|
|
770,773
|
|
(7.51)
|
|
Real estate - commercial
mortgages
|
1,106,037
|
|
1,081,801
|
|
1,073,561
|
|
1,065,271
|
|
1,072,484
|
|
1,071,876
|
|
1,055,102
|
|
3.13
|
|
1,106,037
|
|
1,072,484
|
|
3.13
|
|
Installment loans to
individuals
|
62,057
|
|
62,278
|
|
63,049
|
|
64,119
|
|
64,968
|
|
56,776
|
|
56,415
|
|
(4.48)
|
|
62,057
|
|
64,968
|
|
(4.48)
|
|
|
Loans, net of
unearned
|
$ 2,204,955
|
|
$ 2,185,490
|
|
$ 2,190,376
|
|
$ 2,190,909
|
|
$ 2,231,075
|
|
$ 2,263,263
|
|
$ 2,308,335
|
|
(1.17)
|
|
$ 2,204,955
|
|
$ 2,231,075
|
|
(1.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans subject to loss share by
category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
agricultural
|
$
19,196
|
|
$
24,233
|
|
$
22,964
|
|
$
20,921
|
|
$
22,543
|
|
$
-
|
|
$
-
|
|
(14.85)
|
|
$
19,196
|
|
$
22,543
|
|
(14.85)
|
|
Lease financing
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Real estate -
construction
|
10,811
|
|
10,318
|
|
13,847
|
|
15,563
|
|
17,385
|
|
-
|
|
-
|
|
(37.81)
|
|
10,811
|
|
17,385
|
|
(37.81)
|
|
Real estate - 1-4 family
mortgages
|
114,228
|
|
119,508
|
|
123,770
|
|
122,519
|
|
138,863
|
|
-
|
|
-
|
|
(17.74)
|
|
114,228
|
|
138,863
|
|
(17.74)
|
|
Real estate - commercial
mortgages
|
215,370
|
|
222,876
|
|
226,038
|
|
174,572
|
|
172,145
|
|
-
|
|
-
|
|
25.11
|
|
215,370
|
|
172,145
|
|
25.11
|
|
Installment loans to
individuals
|
208
|
|
214
|
|
192
|
|
106
|
|
1,599
|
|
-
|
|
-
|
|
(86.99)
|
|
208
|
|
1,599
|
|
(86.99)
|
|
|
Loans, net of
unearned
|
$
359,813
|
|
$
377,149
|
|
$
386,811
|
|
$
333,681
|
|
$
352,535
|
|
$
-
|
|
$
-
|
|
2.06
|
|
$
359,813
|
|
$
352,535
|
|
2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation