TUPELO, Miss., April 23, 2013 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
financial results for the first quarter of 2013. Net income for the
first quarter of 2013 was $7,571,000,
or basic and diluted earnings per share ("EPS") of $0.30, as compared to $5,974,000, or basic and diluted EPS of
$0.24, for the first quarter of
2012.
(Logo: http://photos.prnewswire.com/prnh/20130207/CL56161LOGO
)
"Our strong start to 2013 represents the fifth consecutive
quarter of improvement in net income and earnings per share. The
results for the first quarter of 2013 reflect loan and deposit
growth, higher levels of noninterest income, and lower credit costs
as we experienced significant improvements in our credit quality
metrics," said Renasant chairman and chief executive officer,
E. Robinson McGraw. "In addition to
our strong financial start for this year, during the first quarter
of 2013, we also announced our plans to acquire First M&F
Corporation, a bank holding company headquartered in Kosciusko, Mississippi and the parent of
Merchants and Farmers Bank, a $1.6
billion financial services company with 36 full-service
locations in Mississippi,
Alabama and Tennessee. This will be the largest merger in
our company's history and, upon completion of the transaction, the
pro forma combined company will have approximately $5.8 billion in total assets and 123 full-service
locations."
Total assets as of March 31, 2013,
were approximately $4.27 billion, as
compared to $4.18 billion as of
December 31, 2012. At March 31, 2013, the Company's Tier 1 leverage
capital ratio was 9.79%, its Tier 1 risk-based capital ratio was
12.86% and its total risk-based capital ratio was 14.13%. In
all capital ratio categories, the Company's regulatory capital
ratios continued to be in excess of the regulatory minimums
required to be classified as "well-capitalized." The
Company's tangible common equity ratio was 7.65% as of March 31, 2013.
Loans not covered under FDIC loss-share agreements were
$2.59 billion as of March 31, 2013, as compared to $2.28 billion as of March
31, 2012, and $2.57 billion as
of December 31, 2012. Loans covered
under loss-share agreements decreased to $214 million as of March
31, 2013, as compared to $318
million as of March 31, 2012
and $237 million as of December 31, 2012. Total loans, which include
both loans covered and not covered under FDIC loss-share
agreements, were approximately $2.81
billion as of March 31, 2013,
as compared to $2.60 billion as of
March 31, 2012, and $2.81 billion as of December 31, 2012.
"Our moderate loan growth during the first quarter of 2013,
excluding the decline in covered loans, reflects not only the
cyclical slowing we typically experience during this time period
but also higher levels of paydowns, including approximately
$20.4 million in principal reductions
of problem credits. Looking ahead, our loan pipelines and
opportunities for growth throughout all of our markets project more
pronounced loan growth for the remainder of 2013," said McGraw.
Total deposits were $3.56 billion
as of March 31, 2013, as compared to
$3.47 billion as of March 31, 2012, and $3.46
billion as of December 31,
2012. The Company continues to improve its deposit mix by
replacing higher-costing funds with lower-costing core deposits.
The result of these continued changes to the Company's funding mix,
coupled with a reduction in borrowed funds, has reduced its cost of
funds 22 basis points to 0.62% for the first quarter of 2013, as
compared to 0.84% for the first quarter of 2012; the Company's cost
of funds was 0.64% for the fourth quarter of 2012.
Net interest income was $33.4
million for the first quarter of 2013, as compared to
$32.8 million for the first quarter
of 2012, and $33.9 million for the
fourth quarter of 2012. Net interest margin was 3.89% for the first
quarter of 2013, as compared to 3.85% for the first quarter of
2012, and 3.97% for all of 2012. One factor contributing to the
Company's linked quarter decline in net interest margin was the
seasonal influx of public fund deposits which resulted in higher
levels of cash. Although these higher cash balances have a minimal
effect on net interest income, they reduced net interest margin 5
basis points in the first quarter of 2013 when compared to the
fourth quarter of 2012.
Noninterest income was $17.3
million for the first quarter of 2013, as compared to
$16.4 million for the first quarter
of 2012, and $17.9 million for the
fourth quarter of 2012. While mortgage income increased for the
first quarter of 2013 as compared to the first quarter of 2012, the
Company did experience an expected seasonal decrease on a linked
quarter basis. However, the Company's mortgage pipeline steadily
increased throughout the first quarter of 2013 and mortgage
production for the remainder of 2013 is expected to be strong.
Noninterest expense was $37.6
million for the first quarter of 2013, as compared to
$36.6 million for the first quarter
of 2012, and $38.3 million for the
fourth quarter of 2012. The Company's increase in noninterest
expense on a year-over-year basis was primarily due to de novo
expansions, commissions paid on the increased volume of mortgage
loan production, and increased health insurance costs. The decrease
in noninterest expense on a linked quarter basis was primarily
driven by a reduction in expense related to other real estate owned
("OREO").
The Company charged-off $893,000
during the first quarter of 2013, an 82% decrease from net
charge-offs of approximately $5.0
million during the same period in 2012. Annualized net
charge-offs as a percentage of average loans were 0.13% for the
first quarter of 2013, as compared to 0.77% for the first quarter
of 2012, and 0.53% for the fourth quarter of 2012. The Company
recorded a provision for loan losses of $3.1
million for the first quarter of 2013, as compared to
$4.8 million for the first quarter of
2012, and $4.0 million for the fourth
quarter of 2012.
The allowance for loan losses totaled $46.5 million at March 31,
2013, as compared to $44.2
million as of March 31, 2012,
and $44.3 million as of December 31, 2012. The allowance for loan losses
as a percentage of loans was 1.79% as of March 31, 2013, as compared to 1.94% as of
March 31, 2012, and 1.72% as of
December 31, 2012.
"Consistent with our lower level of charge-offs and improved
risk profile from the $20.4 million
in principal reductions of problem credits, in the first quarter of
2013, we reduced our provision for loan losses as compared to
previous periods. Even though our provision for loan losses
decreased, we experienced an increase in our allowance for loan
losses, coverage ratio and ratio of allowance to total loans,"
commented McGraw.
Total nonperforming loans (nonaccrual loans and loans 90 days or
more past due) were $76.0 million as
of March 31, 2013, while total
nonperforming assets (nonperforming loans and OREO) were
$150.8 million at March 31, 2013.
Nonperforming assets covered under FDIC loss-share agreements
totaled $83.1 million as of
March 31, 2013, down from
$115.3 million as of March 31, 2012, and $98.7
million as of December 31,
2012.
Nonperforming loans and OREO covered under FDIC loss-share
agreements totaled $48.0 million and
$35.1 million, respectively, as of
March 31, 2013, compared to
$79.8 million and $35.5 million, respectively, as of March 31, 2012, and $53.2
million and $45.5 million,
respectively, as of December 31,
2102. The remaining discussion in this release of
nonperforming loans, OREO and the related asset quality ratios
exclude these assets covered under FDIC loss-share agreements.
The Company's nonperforming loans were $28.0 million as of March
31, 2013, down from $30.4
million as of March 31, 2012,
and $30.2 million as of December 31, 2012. Nonperforming loans as a
percentage of total loans were 1.08% as of March 31, 2013, as compared to 1.33% as of
March 31, 2012 and 1.17% as of
December 31, 2012.
The Company's coverage ratio, or its allowance for loan losses
as a percentage of nonperforming loans, was 166.19% as of
March 31, 2013, as compared to
145.15% as of March 31, 2012, and
146.90% as of December 31, 2012.
Loans 30 to 89 days past due as a percentage of total loans
remained at pre-recession levels and were 0.32% as of March 31, 2013, as compared to 0.59% as of
March 31, 2012, and 0.31% as of
December 31, 2012.
With respect to the improvement in credit quality, McGraw
stated, "We were especially pleased with our credit quality metrics
during the first quarter of 2013 as we experienced significant
improvement in nonperforming loans, early stage delinquencies and
nonperforming assets as compared to both a year-over-year and
linked quarter basis. Net charge-offs totaled $893,000, which represents the lowest quarterly
charge-off level since the third quarter of 2007."
OREO was $39.8 million as of
March 31, 2013, as compared to
$64.9 million as of March 31, 2012, and $44.7
million as of December 31,
2012. The Company continues to work aggressively to market
OREO and currently has approximately $5.9
million in OREO under purchase agreements which are expected
to close during the second quarter of 2013. During the first
quarter of 2013, the Company experienced a significant reduction in
costs associated with OREO as OREO expense decreased approximately
50% as compared to the first quarter of 2012.
"As we look toward the remainder of 2013 and beyond, we see many
positives on the horizon as our pipelines for both commercial loans
and secondary market mortgage loans have returned to robust levels;
we are beginning to experience the full benefit from our de novo
market entries, and our credit quality continues to move back
toward healthier pre-recession levels. Concurrently, we are working
with our new partners at First M&F Corporation to ensure the
foundation is in place for a smooth merger and conversion," stated
McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 A.M. Eastern
Time on Wednesday, April 24,
2013.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://services.choruscall.com/links/rnst130424.html. To access the
conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant
Corporation First Quarter 2013 Earnings Webcast and Conference
Call. International participants should dial 1-412-317-6016 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 10027314 or by dialing
1-412-317-0088 internationally and entering the conference number.
Telephone replay access is available until 9:00 AM ET on May 9,
2013.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 109-year-old financial services
institution, is the parent of Renasant Bank and Renasant
Insurance. Renasant has assets of approximately $4.2 billion and operates over 85 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:
|
Media
|
Financials
|
|
John
Oxford
|
Kevin
Chapman
|
|
Vice
President
|
Senior
Executive Vice President
|
|
Director
of External
Affairs
|
Chief
Financial Officer
|
|
(662)
680-1219
|
(662)
680-1450
|
|
joxford@renasant.com
|
kchapman@renasant.com
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2013
-
|
|
For the
Three Months
|
|
2013
|
|
2012
|
|
Q4
2012
|
|
Ended
March 31,
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income - taxable equivalent basis
|
$
40,371
|
|
$
41,135
|
|
$
40,613
|
|
$
41,487
|
|
$
42,001
|
|
(1.86)
|
|
$
40,371
|
|
$
42,001
|
|
(3.88)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
38,945
|
|
$
39,676
|
|
$
39,154
|
|
$
39,978
|
|
$
40,505
|
|
(1.84)
|
|
$
38,945
|
|
$
40,505
|
|
(3.85)
|
Interest
expense
|
5,564
|
|
5,723
|
|
6,022
|
|
6,568
|
|
7,662
|
|
(2.78)
|
|
5,564
|
|
7,662
|
|
(27.38)
|
|
Net
interest income
|
33,381
|
|
33,953
|
|
33,132
|
|
33,410
|
|
32,843
|
|
(1.68)
|
|
33,381
|
|
32,843
|
|
1.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
3,050
|
|
4,000
|
|
4,625
|
|
4,700
|
|
4,800
|
|
(23.75)
|
|
3,050
|
|
4,800
|
|
(36.46)
|
|
Net
interest income after provision
|
30,331
|
|
29,953
|
|
28,507
|
|
28,710
|
|
28,043
|
|
1.26
|
|
30,331
|
|
28,043
|
|
8.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
4,500
|
|
4,774
|
|
4,818
|
|
4,495
|
|
4,525
|
|
(5.74)
|
|
4,500
|
|
4,525
|
|
(0.55)
|
Fees and
commissions on loans and deposits
|
4,831
|
|
4,706
|
|
4,639
|
|
4,322
|
|
3,928
|
|
2.66
|
|
4,831
|
|
3,928
|
|
22.99
|
Insurance
commissions and fees
|
818
|
|
835
|
|
848
|
|
842
|
|
898
|
|
(2.04)
|
|
818
|
|
898
|
|
(8.91)
|
Wealth
management revenue
|
1,724
|
|
1,726
|
|
1,707
|
|
1,551
|
|
1,942
|
|
(0.12)
|
|
1,724
|
|
1,942
|
|
(11.23)
|
Securities
gains (losses)
|
54
|
|
121
|
|
-
|
|
869
|
|
904
|
|
(55.37)
|
|
54
|
|
904
|
|
(94.03)
|
Gain on
sale of mortgage loans
|
3,565
|
|
4,431
|
|
4,397
|
|
2,390
|
|
1,281
|
|
(19.54)
|
|
3,565
|
|
1,281
|
|
178.30
|
Gain on
acquisition
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
1,843
|
|
1,272
|
|
1,605
|
|
1,769
|
|
2,909
|
|
44.89
|
|
1,843
|
|
2,909
|
|
(36.64)
|
|
Total
noninterest income
|
17,335
|
|
17,865
|
|
18,014
|
|
16,238
|
|
16,387
|
|
(2.97)
|
|
17,335
|
|
16,387
|
|
5.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
Salaries
and employee benefits
|
21,274
|
|
21,261
|
|
21,221
|
|
19,871
|
|
18,649
|
|
0.06
|
|
21,274
|
|
18,649
|
|
14.08
|
Data
processing
|
2,043
|
|
2,281
|
|
2,192
|
|
2,211
|
|
2,040
|
|
(10.43)
|
|
2,043
|
|
2,040
|
|
0.15
|
Occupancy
and equipment
|
3,604
|
|
3,518
|
|
3,882
|
|
3,582
|
|
3,615
|
|
2.44
|
|
3,604
|
|
3,615
|
|
(0.30)
|
Other real
estate
|
2,049
|
|
3,787
|
|
2,440
|
|
3,370
|
|
3,999
|
|
(45.89)
|
|
2,049
|
|
3,999
|
|
(48.76)
|
Amortization of intangibles
|
323
|
|
333
|
|
341
|
|
349
|
|
358
|
|
(3.00)
|
|
323
|
|
358
|
|
(9.78)
|
Merger-related expenses
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Debt
extinguishment penalty
|
-
|
|
-
|
|
-
|
|
-
|
|
898
|
|
-
|
|
-
|
|
898
|
|
(100.00)
|
Other
|
8,264
|
|
7,110
|
|
8,555
|
|
7,327
|
|
7,062
|
|
16.23
|
|
8,264
|
|
7,062
|
|
17.02
|
|
Total
noninterest expense
|
37,557
|
|
38,290
|
|
38,631
|
|
36,710
|
|
36,621
|
|
(1.91)
|
|
37,557
|
|
36,621
|
|
2.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
10,109
|
|
9,528
|
|
7,890
|
|
8,238
|
|
7,809
|
|
6.10
|
|
10,109
|
|
7,809
|
|
29.45
|
Income
taxes
|
2,538
|
|
2,247
|
|
853
|
|
1,893
|
|
1,835
|
|
12.95
|
|
2,538
|
|
1,835
|
|
38.31
|
|
Net
income
|
$
7,571
|
|
$
7,281
|
|
$
7,037
|
|
$
6,345
|
|
$
5,974
|
|
3.98
|
|
$
7,571
|
|
$
5,974
|
|
26.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
$
0.30
|
|
$
0.29
|
|
$
0.28
|
|
$
0.25
|
|
$
0.24
|
|
3.45
|
|
$
0.30
|
|
$
0.24
|
|
25.00
|
Diluted
earnings per share
|
0.30
|
|
0.29
|
|
0.28
|
|
0.25
|
|
0.24
|
|
3.45
|
|
0.30
|
|
0.24
|
|
25.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares outstanding
|
25,186,229
|
|
25,129,932
|
|
25,114,672
|
|
25,110,709
|
|
25,078,996
|
|
0.22
|
|
25,186,229
|
|
25,078,996
|
|
0.43
|
Average
diluted shares outstanding
|
25,288,785
|
|
25,259,048
|
|
25,220,887
|
|
25,149,360
|
|
25,138,213
|
|
0.12
|
|
25,288,785
|
|
25,138,213
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding
|
25,208,733
|
|
25,157,637
|
|
25,120,412
|
|
25,113,894
|
|
25,105,732
|
|
0.20
|
|
25,208,733
|
|
25,105,732
|
|
0.41
|
Cash
dividend per common share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity
|
6.12%
|
|
5.80%
|
|
5.65%
|
|
5.19%
|
|
4.88%
|
|
|
|
6.12%
|
|
4.88%
|
|
|
Return on
average shareholders' equity, excluding amortization
expense
|
6.28%
|
|
5.97%
|
|
5.82%
|
|
5.36%
|
|
5.06%
|
|
|
|
6.28%
|
|
5.06%
|
|
|
Return on
average assets
|
0.73%
|
|
0.70%
|
|
0.69%
|
|
0.62%
|
|
0.57%
|
|
|
|
0.73%
|
|
0.57%
|
|
|
Return on
average assets, excluding amortization expense
|
0.75%
|
|
0.72%
|
|
0.71%
|
|
0.64%
|
|
0.59%
|
|
|
|
0.75%
|
|
0.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE)
|
3.89%
|
|
3.97%
|
|
3.94%
|
|
3.99%
|
|
3.85%
|
|
|
|
3.89%
|
|
3.85%
|
|
|
Yield on
earning assets (FTE)
|
4.51%
|
|
4.61%
|
|
4.63%
|
|
4.74%
|
|
4.71%
|
|
|
|
4.51%
|
|
4.71%
|
|
|
Cost of
funding
|
0.62%
|
|
0.64%
|
|
0.68%
|
|
0.74%
|
|
0.84%
|
|
|
|
0.62%
|
|
0.84%
|
|
|
Average
earning assets to average assets
|
86.27%
|
|
86.01%
|
|
85.62%
|
|
85.39%
|
|
84.88%
|
|
|
|
86.27%
|
|
84.88%
|
|
|
Average
loans to average deposits
|
80.30%
|
|
82.21%
|
|
81.33%
|
|
76.89%
|
|
75.45%
|
|
|
|
80.30%
|
|
75.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to
average assets
|
1.67%
|
|
1.71%
|
|
1.76%
|
|
1.50%
|
|
1.47%
|
|
|
|
1.67%
|
|
1.47%
|
|
|
Noninterest expense (less debt prepayment penalties)
to average assets
|
3.62%
|
|
3.69%
|
|
3.77%
|
|
3.58%
|
|
3.40%
|
|
|
|
3.62%
|
|
3.40%
|
|
|
Net
overhead ratio
|
1.95%
|
|
1.98%
|
|
2.01%
|
|
2.08%
|
|
1.93%
|
|
|
|
1.95%
|
|
1.93%
|
|
|
Efficiency
ratio (FTE)
|
72.10%
|
|
72.03%
|
|
73.44%
|
|
73.00%
|
|
71.70%
|
|
|
|
72.10%
|
|
71.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2013
-
|
|
For the
Three Months
|
|
2013
|
|
2012
|
|
Q4
2012
|
|
Ended
March 31,
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
Total
assets
|
$
4,206,411
|
|
$
4,128,508
|
|
$
4,078,333
|
|
$
4,123,373
|
|
$
4,222,376
|
|
1.89
|
|
$
4,206,411
|
|
$
4,222,376
|
|
(0.38)
|
Earning
assets
|
3,628,721
|
|
3,551,026
|
|
3,491,941
|
|
3,521,099
|
|
3,583,957
|
|
2.19
|
|
3,628,721
|
|
3,583,957
|
|
1.25
|
Securities
|
696,825
|
|
665,578
|
|
682,123
|
|
793,353
|
|
813,826
|
|
4.69
|
|
696,825
|
|
813,826
|
|
(14.38)
|
Mortgage
loans held for sale
|
22,347
|
|
29,331
|
|
24,514
|
|
19,237
|
|
23,938
|
|
(23.81)
|
|
22,347
|
|
23,938
|
|
(6.65)
|
Loans, net
of unearned
|
2,804,618
|
|
2,798,591
|
|
2,729,503
|
|
2,628,084
|
|
2,590,062
|
|
0.22
|
|
2,804,618
|
|
2,590,062
|
|
8.28
|
Intangibles
|
190,787
|
|
191,086
|
|
191,442
|
|
191,788
|
|
192,429
|
|
(0.16)
|
|
190,787
|
|
192,429
|
|
(0.85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Noninterest-bearing deposits
|
$
549,514
|
|
$
564,440
|
|
$
543,767
|
|
$
531,209
|
|
$
534,867
|
|
(2.64)
|
|
$
549,514
|
|
$
534,867
|
|
2.74
|
Interest-bearing deposits
|
2,943,247
|
|
2,839,709
|
|
2,812,140
|
|
2,886,878
|
|
2,897,750
|
|
3.65
|
|
2,943,247
|
|
2,897,750
|
|
1.57
|
|
Total
deposits
|
3,492,761
|
|
3,404,149
|
|
3,355,907
|
|
3,418,087
|
|
3,432,617
|
|
2.60
|
|
3,492,761
|
|
3,432,617
|
|
1.75
|
Borrowed
funds
|
163,981
|
|
175,876
|
|
177,016
|
|
168,856
|
|
238,937
|
|
(6.76)
|
|
163,981
|
|
238,937
|
|
(31.37)
|
Shareholders' equity
|
501,634
|
|
499,088
|
|
495,220
|
|
492,164
|
|
492,092
|
|
0.51
|
|
501,634
|
|
492,092
|
|
1.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
25,382
|
|
$
26,881
|
|
$
29,677
|
|
$
26,099
|
|
$
26,999
|
|
(5.58)
|
|
$
25,382
|
|
$
26,999
|
|
(5.99)
|
Loans 90
past due or more
|
2,601
|
|
3,307
|
|
2,358
|
|
3,864
|
|
3,435
|
|
(21.35)
|
|
2,601
|
|
3,435
|
|
(24.28)
|
Nonperforming loans
|
27,983
|
|
30,188
|
|
32,035
|
|
29,963
|
|
30,434
|
|
(7.30)
|
|
27,983
|
|
30,434
|
|
(8.05)
|
Other real
estate owned
|
39,786
|
|
44,717
|
|
48,568
|
|
58,384
|
|
64,931
|
|
(11.03)
|
|
39,786
|
|
64,931
|
|
(38.73)
|
Nonperforming assets not subject to loss
share
|
$
67,769
|
|
$
74,905
|
|
$
80,603
|
|
$
88,347
|
|
$
95,365
|
|
(9.53)
|
|
$
67,769
|
|
$
95,365
|
|
(28.94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
47,972
|
|
$
53,186
|
|
$
64,080
|
|
$
65,386
|
|
$
78,418
|
|
(9.80)
|
|
$
47,972
|
|
$
78,418
|
|
(38.83)
|
Loans 90
past due or more
|
-
|
|
-
|
|
-
|
|
199
|
|
1,397
|
|
-
|
|
-
|
|
1,397
|
|
(100.00)
|
Non-performing loans subject to loss share
|
47,972
|
|
53,186
|
|
64,080
|
|
65,585
|
|
79,815
|
|
(9.80)
|
|
47,972
|
|
79,815
|
|
(39.90)
|
Other real
estate owned
|
35,095
|
|
45,534
|
|
41,615
|
|
37,951
|
|
35,461
|
|
(22.93)
|
|
35,095
|
|
35,461
|
|
(1.03)
|
Nonperforming assets subject to loss share
|
$
83,067
|
|
$
98,720
|
|
$
105,695
|
|
$
103,536
|
|
$
115,276
|
|
(15.86)
|
|
$
83,067
|
|
$
115,276
|
|
(27.94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs (recoveries)
|
$
893
|
|
$
3,722
|
|
$
5,335
|
|
$
4,097
|
|
$
4,964
|
|
(76.01)
|
|
$
893
|
|
$
4,964
|
|
(82.01)
|
Allowance
for loan losses
|
46,505
|
|
44,347
|
|
44,069
|
|
44,779
|
|
44,176
|
|
4.87
|
|
46,505
|
|
44,176
|
|
5.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / total loans*
|
1.08%
|
|
1.17%
|
|
1.26%
|
|
1.25%
|
|
1.33%
|
|
|
|
1.08%
|
|
1.33%
|
|
|
Nonperforming assets / total assets*
|
1.59%
|
|
1.79%
|
|
1.94%
|
|
2.15%
|
|
2.28%
|
|
|
|
1.59%
|
|
2.28%
|
|
|
Allowance
for loan losses / total loans*
|
1.79%
|
|
1.72%
|
|
1.74%
|
|
1.87%
|
|
1.94%
|
|
|
|
1.79%
|
|
1.94%
|
|
|
Allowance
for loan losses / nonperforming loans*
|
166.19%
|
|
146.90%
|
|
137.57%
|
|
149.45%
|
|
145.15%
|
|
|
|
166.19%
|
|
145.15%
|
|
|
Annualized
net loan charge-offs / average loans
|
0.13%
|
|
0.53%
|
|
0.78%
|
|
0.63%
|
|
0.77%
|
|
|
|
0.13%
|
|
0.77%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
4,267,658
|
|
$
4,178,616
|
|
$
4,164,606
|
|
$
4,112,377
|
|
$
4,176,490
|
|
2.13
|
|
$
4,267,658
|
|
$
4,176,490
|
|
2.18
|
Earning
assets
|
3,706,707
|
|
3,588,370
|
|
3,595,576
|
|
3,511,229
|
|
3,551,825
|
|
3.30
|
|
3,706,707
|
|
3,551,825
|
|
4.36
|
Securities
|
740,613
|
|
674,077
|
|
680,679
|
|
676,721
|
|
834,419
|
|
9.87
|
|
740,613
|
|
834,419
|
|
(11.24)
|
Mortgage
loans held for sale
|
26,286
|
|
34,845
|
|
39,131
|
|
25,386
|
|
25,216
|
|
(24.56)
|
|
26,286
|
|
25,216
|
|
4.24
|
Loans not
subject to loss share
|
2,594,438
|
|
2,573,165
|
|
2,539,618
|
|
2,392,349
|
|
2,281,957
|
|
0.83
|
|
2,594,438
|
|
2,281,957
|
|
13.69
|
Loans
subject to loss share
|
213,872
|
|
237,088
|
|
260,545
|
|
289,685
|
|
318,089
|
|
(9.79)
|
|
213,872
|
|
318,089
|
|
(32.76)
|
|
Total
loans
|
2,808,310
|
|
2,810,253
|
|
2,800,163
|
|
2,682,034
|
|
2,600,046
|
|
(0.07)
|
|
2,808,310
|
|
2,600,046
|
|
8.01
|
Intangibles
|
190,522
|
|
190,925
|
|
191,258
|
|
191,618
|
|
191,967
|
|
(0.21)
|
|
190,522
|
|
191,967
|
|
(0.75)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
$
567,065
|
|
$
568,214
|
|
$
554,581
|
|
$
539,237
|
|
$
535,955
|
|
(0.20)
|
|
$
567,065
|
|
$
535,955
|
|
5.80
|
Interest-bearing deposits
|
2,988,110
|
|
2,893,007
|
|
2,841,447
|
|
2,866,959
|
|
2,937,211
|
|
3.29
|
|
2,988,110
|
|
2,937,211
|
|
1.73
|
|
Total
deposits
|
3,555,175
|
|
3,461,221
|
|
3,396,028
|
|
3,406,196
|
|
3,473,166
|
|
2.71
|
|
3,555,175
|
|
3,473,166
|
|
2.36
|
Borrowed
funds
|
164,063
|
|
164,706
|
|
222,907
|
|
169,979
|
|
171,753
|
|
(0.39)
|
|
164,063
|
|
171,753
|
|
(4.48)
|
Shareholders' equity
|
502,375
|
|
498,208
|
|
496,824
|
|
491,534
|
|
489,611
|
|
0.84
|
|
502,375
|
|
489,611
|
|
2.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
value per common share
|
$
22.38
|
|
$
19.14
|
|
$
19.61
|
|
$
15.71
|
|
$
16.28
|
|
16.93
|
|
$
22.38
|
|
$
16.28
|
|
37.47
|
Book value
per common share
|
19.93
|
|
19.80
|
|
19.78
|
|
19.57
|
|
19.50
|
|
0.63
|
|
19.93
|
|
19.50
|
|
2.19
|
Tangible
book value per common share
|
12.37
|
|
12.21
|
|
12.16
|
|
11.94
|
|
11.86
|
|
1.28
|
|
12.37
|
|
11.86
|
|
4.35
|
Shareholders' equity to assets (actual)
|
11.77%
|
|
11.92%
|
|
11.93%
|
|
11.95%
|
|
11.72%
|
|
|
|
11.77%
|
|
11.72%
|
|
|
Tangible
capital ratio
|
7.65%
|
|
7.71%
|
|
7.69%
|
|
7.65%
|
|
7.47%
|
|
|
|
7.65%
|
|
7.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
9.79%
|
|
9.86%
|
|
9.90%
|
|
9.68%
|
|
9.38%
|
|
|
|
9.79%
|
|
9.38%
|
|
|
Tier 1
risk-based capital ratio
|
12.86%
|
|
12.74%
|
|
12.73%
|
|
13.14%
|
|
13.32%
|
|
|
|
12.86%
|
|
13.32%
|
|
|
Total
risk-based capital ratio
|
14.13%
|
|
14.00%
|
|
14.00%
|
|
14.39%
|
|
14.57%
|
|
|
|
14.13%
|
|
14.57%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on
assets not subject to loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2013
-
|
|
For the
Three Months
|
|
2013
|
|
2012
|
|
Q4
2012
|
|
Ended
March 31,
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans
not subject to loss share by category
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
Commercial, financial, agricultural
|
$
298,013
|
|
$
306,250
|
|
$
299,774
|
|
$
280,515
|
|
$
263,720
|
|
(2.69)
|
|
$
298,013
|
|
$
263,720
|
|
13.00
|
Lease
financing
|
162
|
|
190
|
|
217
|
|
245
|
|
302
|
|
(14.74)
|
|
162
|
|
302
|
|
(46.36)
|
Real
estate - construction
|
109,484
|
|
104,058
|
|
103,522
|
|
73,109
|
|
67,223
|
|
5.21
|
|
109,484
|
|
67,223
|
|
62.87
|
Real
estate - 1-4 family mortgages
|
834,204
|
|
829,975
|
|
801,612
|
|
771,161
|
|
738,765
|
|
0.51
|
|
834,204
|
|
738,765
|
|
12.92
|
Real
estate - commercial mortgages
|
1,295,213
|
|
1,275,482
|
|
1,275,386
|
|
1,208,057
|
|
1,153,423
|
|
1.55
|
|
1,295,213
|
|
1,153,423
|
|
12.29
|
Installment loans to individuals
|
57,362
|
|
57,210
|
|
59,107
|
|
59,262
|
|
58,524
|
|
0.27
|
|
57,362
|
|
58,524
|
|
(1.99)
|
|
Loans, net
of unearned
|
$
2,594,438
|
|
$
2,573,165
|
|
$
2,539,618
|
|
$
2,392,349
|
|
$
2,281,957
|
|
0.83
|
|
$
2,594,438
|
|
$
2,281,957
|
|
13.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural
|
$
10,157
|
|
$
10,800
|
|
$
11,282
|
|
$
12,758
|
|
$
15,206
|
|
(5.95)
|
|
$
10,157
|
|
$
15,206
|
|
(33.20)
|
Lease
financing
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real
estate - construction
|
1,648
|
|
1,648
|
|
1,932
|
|
6,093
|
|
6,202
|
|
-
|
|
1,648
|
|
6,202
|
|
(73.43)
|
Real
estate - 1-4 family mortgages
|
65,489
|
|
73,448
|
|
81,784
|
|
91,605
|
|
99,769
|
|
(10.84)
|
|
65,489
|
|
99,769
|
|
(34.36)
|
Real
estate - commercial mortgages
|
136,541
|
|
151,161
|
|
165,494
|
|
179,160
|
|
196,754
|
|
(9.67)
|
|
136,541
|
|
196,754
|
|
(30.60)
|
Installment loans to individuals
|
37
|
|
31
|
|
53
|
|
69
|
|
158
|
|
19.35
|
|
37
|
|
158
|
|
(76.58)
|
|
Loans, net
of unearned
|
$
213,872
|
|
$
237,088
|
|
$
260,545
|
|
$
289,685
|
|
$
318,089
|
|
(9.79)
|
|
$
213,872
|
|
$
318,089
|
|
(32.76)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation