TUPELO, Miss., Jan. 21, 2014 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the fourth quarter and year ended December 31, 2013. Net income for the fourth
quarter of 2013 was $11.3 million, up
54.7%, as compared to $7.3 million
for the fourth quarter of 2012. Basic and diluted earnings per
share (EPS) were $0.36 for the fourth
quarter of 2013, as compared to basic and diluted EPS of
$0.29 for the fourth quarter of 2012.
On September 1, 2013, the Company
completed its merger with First M&F Corporation ("M&F"),
and thus the results for the fourth quarter of 2013 reflect a full
quarter of M&F's operations.
(Logo: http://photos.prnewswire.com/prnh/20130207/CL56161LOGO
)
The Company's 2013 fourth quarter results include $1.3 million, or $0.04 per share, in after-tax merger expenses
associated with the M&F transaction. Excluding the after-tax
merger expenses, net income was $12.6
million, or basic and diluted EPS of $0.40, for the fourth quarter of 2013.
Net income for 2013 was $33.5
million, as compared to $26.6
million for 2012. Basic and diluted EPS was $1.23 and $1.22,
respectively, for 2013, as compared to basic and diluted EPS of
$1.06 for 2012. The Company recorded
after-tax merger expenses during 2013 totaling $4.4 million or $0.16 per share. Excluding M&F merger
expenses, net income was $37.9
million or basic EPS of $1.39
and diluted EPS of $1.38, for
2013. The Company did not record any merger expenses during
2012.
"During the fourth quarter of 2013, we experienced a strong
finish to a great year," commented Renasant Chairman and Chief
Executive Officer, E. Robinson
McGraw. "Financial highlights for the year include a 26%
increase in net income, a 38% increase in total loans, increased
net interest margin and continued improvement to our credit risk
profile as compared to 2012. In addition, one of our most
significant accomplishments was our successful completion of the
M&F merger, which is the largest merger in the history of our
Company."
Total loans, including loans acquired in either the M&F
merger or in FDIC-assisted transactions (collectively referred to
as "acquired loans"), increased 38.1% to approximately $3.88 billion at December
31, 2013, as compared to $2.81
billion at December 31, 2012.
Excluding acquired loans, loans grew 12.2% to $2.89 billion at December
31, 2013, as compared to $2.57
billion at December 31,
2012.
Total period end deposits, including deposits acquired from
M&F, were $4.84 billion at
December 31, 2013, as compared to
$3.46 billion at December 31, 2012. The Company's
noninterest-bearing deposits averaged approximately $888 million, or 18.4% of average deposits, for
the fourth quarter of 2013, as compared to $564 million, or 16.6% of average deposits, for
the fourth quarter of 2012. The Company's cost of funds was 51
basis points for the fourth quarter of 2013, as compared to 64
basis points for the same quarter in 2012.
Total assets at December 31, 2013,
were approximately $5.74 billion, as
compared to $4.18 billion at
December 31, 2012. The increase in
total assets during 2013 was primarily attributable to the merger
with M&F.
At December 31, 2013, the
Company's tangible common equity ratio was 6.64%, Tier 1 leverage
capital ratio was 8.68%, Tier 1 risk-based capital ratio was
11.52%, and total risk-based capital ratio was 12.69%. The
Company's capital ratios were all in excess of regulatory minimums
required to be classified as "well-capitalized." In addition,
during 2013, the Company maintained its annual dividend of
$0.68, which, based on the year-end
stock price, equated to a dividend yield of approximately
2.16%.
Net interest income was $50.7
million for the fourth quarter of 2013, as compared to
$34.0 million for the fourth quarter
of 2012. Net interest margin was 4.16% for the fourth quarter of
2013, as compared to 3.97% for the fourth quarter of
2012.
The Company's noninterest income is derived from diverse lines
of business which primarily consist of mortgage, wealth management
and insurance revenue sources along with income from deposit and
loan products. For the fourth quarter of 2013, noninterest income
increased to $18.3 million, as
compared to $17.9 million for the
fourth quarter of 2012. Driven by the addition of M&F and
higher levels of consumer activity, during the fourth quarter of
2013, the Company experienced strong growth in service charges,
fees and commissions on loans and deposits, wealth management and
insurance fees and commissions, which offset a reduction in
mortgage related income. The reduction in mortgage income was
attributable to higher mortgage rates and fewer homeowners
refinancing than in previous periods.
Noninterest expense was $51.1
million for the fourth quarter of 2013, as compared to
$38.3 million for the fourth quarter
of 2012. The increase in noninterest expense during 2013 as
compared to 2012 was primarily due to the inclusion of M&F's
operational costs and one-time merger expenses of $1.9 million associated with the Company's fourth
quarter 2013 conversion of M&F Bank. During the fourth quarter
of 2013, the Company's salaries and employee benefits reflect a
full quarter of M&F's operations.
At December 31, 2013, total
nonperforming loans (loans 90 days or more past due and nonaccrual
loans) were $76.5 million and total
other real estate owned ("OREO") was $52.9
million. The Company's nonperforming loans and OREO that
were acquired either through the M&F merger or in connection
with FDIC-assisted transactions (collectively referred to as
"acquired nonperforming assets") were $57.4
million and $25.3 million,
respectively at December 31, 2013.
Since the acquired nonperforming assets were recorded at fair value
at the time of acquisition or subject to loss-share agreements with
the FDIC, which significantly mitigates our actual loss, the
remaining information in this release on nonperforming loans, OREO
and the related asset quality ratios excludes these acquired
nonperforming assets.
Nonperforming assets decreased 37.7% to $46.7 million at December
31, 2013, as compared to $74.9
million at December 31,
2012.
Nonperforming loans were $19.2
million at December 31, 2013,
as compared to $30.2 million at
December 31, 2012. Early stage
delinquencies, or loans 30-to-89 days past due, as a percentage of
total loans remained unchanged at 0.31% at December 31, 2013, as compared to December 31, 2012.
The Company recorded a provision for loan losses of $2.0 million against net charge-offs of
$584 thousand for the fourth quarter
of 2013. This is compared to $4.0
million in provision for loan losses recorded and
$3.7 million in net charge-offs for
the same period in 2012. Annualized net charge-offs as a percentage
of average loans were 0.06% for the fourth quarter of 2013, as
compared to 0.53% for the same quarter in 2012.
The allowance for loan losses as a percentage of loans was 1.65%
at December 31, 2013, as compared to
1.72% at December 31, 2012. The
Company's coverage ratio, or the allowance for loan losses as a
percentage of nonperforming loans, increased to 248.91% at
December 31, 2013, as compared to
146.90% at December 31,
2012.
OREO was $27.5 million at
December 31, 2013, as compared to
$44.7 million at December 31, 2012, a 38.4% decrease. The Company
continues to aggressively market the properties held in OREO as it
sold approximately $27.0 million of
OREO during 2013 and $4.9 million
during the fourth quarter of 2013.
"During the conversion of M&F Bank into Renasant Bank, which
was completed on December 9, 2013, we
added more than 70,000 deposit relationships and 27 banking
locations to our footprint while consolidating nine locations
that overlapped in market coverage," commented McGraw. "We
remain well-positioned to take advantage of opportunities to enter
new markets or expand our reach in existing markets. As we move
into 2014, we look forward to enhancing our profitability by
further realizing the benefits of the M&F acquisition, growing
loan and deposit relationships and increasing our market share, to
provide greater value for our shareholders."
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, January 22, 2014,
through the Company's website: www.renasant.com or
http://services.choruscall.com/links/rnst140122.html. If Internet
access is unavailable, the conference may also be heard live
(listen-only) via telephone by dialing 1-888-317-6016 in
the United States and requesting
the Renasant Corporation earnings call. International participants
should dial 1-412-317-6016.
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 10039510 or by
dialing 1-412-317-0088 internationally and entering the conference
number. Telephone replay access is available until
9:00 a.m. ET on February 6, 2014.
ABOUT RENASANT CORPORATION:
Renasant
Corporation, a 110-year-old financial services institution, is the
parent of Renasant Bank and Renasant Insurance. Renasant has
assets of approximately $5.7 billion
and operates over 120 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.
Contact:
|
For
Media:
|
For
Financials:
|
|
John
Oxford
|
Kevin
Chapman
|
|
Vice
President
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2013
-
|
|
For the Year
Ending
|
|
|
|
|
|
2013
|
|
2012
|
|
Q4
2012
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of
earnings
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
58,644
|
|
$
46,083
|
|
$
41,331
|
|
$
40,371
|
|
$
41,135
|
|
$
40,613
|
|
$
41,487
|
|
$
42,001
|
|
42.56
|
|
$
186,429
|
|
$
165,236
|
|
12.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
57,076
|
|
$
44,638
|
|
$
39,945
|
|
$
38,945
|
|
$
39,676
|
|
$
39,154
|
|
$
39,978
|
|
$
40,505
|
|
43.86
|
|
$
180,604
|
|
$
159,313
|
|
13.36
|
Interest
expense
|
|
|
|
6,408
|
|
5,890
|
|
5,541
|
|
5,564
|
|
5,723
|
|
6,022
|
|
6,568
|
|
7,662
|
|
11.97
|
|
23,403
|
|
25,975
|
|
(9.90)
|
|
Net interest
income
|
|
|
50,668
|
|
38,748
|
|
34,404
|
|
33,381
|
|
33,953
|
|
33,132
|
|
33,410
|
|
32,843
|
|
49.23
|
|
157,201
|
|
133,338
|
|
17.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
|
2,000
|
|
2,300
|
|
3,000
|
|
3,050
|
|
4,000
|
|
4,625
|
|
4,700
|
|
4,800
|
|
(50.00)
|
|
10,350
|
|
18,125
|
|
(42.90)
|
|
Net interest income
after provision
|
|
48,668
|
|
36,448
|
|
31,404
|
|
30,331
|
|
29,953
|
|
28,507
|
|
28,710
|
|
28,043
|
|
62.48
|
|
146,851
|
|
115,213
|
|
27.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
|
6,165
|
|
5,361
|
|
4,509
|
|
4,500
|
|
4,774
|
|
4,818
|
|
4,495
|
|
4,525
|
|
29.14
|
|
20,535
|
|
18,612
|
|
10.33
|
Fees and commissions
on loans and deposits
|
|
5,300
|
|
4,982
|
|
4,848
|
|
4,831
|
|
4,706
|
|
4,639
|
|
4,322
|
|
3,928
|
|
12.62
|
|
19,961
|
|
17,595
|
|
13.45
|
Insurance commissions
and fees
|
|
|
1,869
|
|
1,295
|
|
951
|
|
861
|
|
876
|
|
889
|
|
926
|
|
939
|
|
113.36
|
|
4,976
|
|
3,630
|
|
37.08
|
Wealth management
revenue
|
|
|
2,124
|
|
2,091
|
|
1,715
|
|
1,724
|
|
1,726
|
|
1,707
|
|
1,551
|
|
1,942
|
|
23.06
|
|
7,654
|
|
6,926
|
|
10.51
|
Securities gains
(losses)
|
|
|
|
-
|
|
-
|
|
-
|
|
54
|
|
121
|
|
-
|
|
869
|
|
904
|
|
(100.00)
|
|
54
|
|
1,894
|
|
(97.15)
|
Gain on sale of
mortgage loans
|
|
|
1,350
|
|
2,788
|
|
3,870
|
|
3,565
|
|
4,431
|
|
4,397
|
|
2,390
|
|
1,281
|
|
(69.53)
|
|
11,573
|
|
12,499
|
|
(7.41)
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
|
|
|
|
1,533
|
|
2,418
|
|
1,424
|
|
1,843
|
|
1,272
|
|
1,605
|
|
1,769
|
|
2,909
|
|
20.52
|
|
7,218
|
|
7,555
|
|
(4.46)
|
|
Total noninterest
income
|
|
|
18,341
|
|
18,935
|
|
17,317
|
|
17,378
|
|
17,906
|
|
18,055
|
|
16,322
|
|
16,428
|
|
2.43
|
|
71,971
|
|
68,711
|
|
4.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
29,911
|
|
25,689
|
|
21,906
|
|
21,274
|
|
21,261
|
|
21,221
|
|
19,871
|
|
18,649
|
|
40.68
|
|
98,780
|
|
81,002
|
|
21.95
|
Data
processing
|
|
|
|
2,546
|
|
2,236
|
|
2,045
|
|
2,043
|
|
2,281
|
|
2,192
|
|
2,211
|
|
2,040
|
|
11.62
|
|
8,870
|
|
8,724
|
|
1.67
|
Occupancy and
equipment
|
|
|
5,105
|
|
4,576
|
|
3,668
|
|
3,608
|
|
3,522
|
|
3,886
|
|
3,570
|
|
3,619
|
|
44.95
|
|
16,957
|
|
14,597
|
|
16.17
|
Other real
estate
|
|
|
|
1,607
|
|
1,537
|
|
1,773
|
|
2,049
|
|
3,787
|
|
2,440
|
|
3,370
|
|
3,999
|
|
(57.57)
|
|
6,966
|
|
13,596
|
|
(48.76)
|
Amortization of
intangibles
|
|
|
1,508
|
|
724
|
|
314
|
|
323
|
|
333
|
|
341
|
|
349
|
|
358
|
|
352.85
|
|
2,869
|
|
1,381
|
|
107.75
|
Merger-related
expenses
|
|
|
|
1,879
|
|
3,763
|
|
385
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,027
|
|
-
|
|
-
|
Debt extinguishment
penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
898
|
|
-
|
|
-
|
|
898
|
|
(100.00)
|
Other
|
|
|
|
|
8,573
|
|
8,088
|
|
7,643
|
|
8,303
|
|
7,147
|
|
8,592
|
|
7,423
|
|
7,099
|
|
19.95
|
|
32,607
|
|
30,261
|
|
7.75
|
|
Total noninterest
expense
|
|
|
51,129
|
|
46,613
|
|
37,734
|
|
37,600
|
|
38,331
|
|
38,672
|
|
36,794
|
|
36,662
|
|
33.39
|
|
173,076
|
|
150,459
|
|
15.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
15,880
|
|
8,770
|
|
10,987
|
|
10,109
|
|
9,528
|
|
7,890
|
|
8,238
|
|
7,809
|
|
66.67
|
|
45,746
|
|
33,465
|
|
36.70
|
Income
taxes
|
|
|
|
4,620
|
|
2,133
|
|
2,968
|
|
2,538
|
|
2,247
|
|
853
|
|
1,893
|
|
1,835
|
|
105.61
|
|
12,259
|
|
6,828
|
|
79.54
|
|
Net
income
|
|
|
$
11,260
|
|
$
6,637
|
|
$
8,019
|
|
$
7,571
|
|
$
7,281
|
|
$
7,037
|
|
$
6,345
|
|
$
5,974
|
|
54.65
|
|
$
33,487
|
|
$
26,637
|
|
25.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
|
$
0.36
|
|
$
0.24
|
|
$
0.32
|
|
$
0.30
|
|
$
0.29
|
|
$
0.28
|
|
$
0.25
|
|
$
0.24
|
|
24.14
|
|
$
1.23
|
|
$
1.06
|
|
16.04
|
Diluted earnings per
share
|
|
|
0.36
|
|
0.24
|
|
0.32
|
|
0.30
|
|
0.29
|
|
0.28
|
|
0.25
|
|
0.24
|
|
24.14
|
|
1.22
|
|
1.06
|
|
15.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
|
|
31,366,019
|
|
27,234,927
|
|
25,223,749
|
|
25,186,229
|
|
25,129,932
|
|
25,114,672
|
|
25,110,709
|
|
25,078,996
|
|
24.82
|
|
27,269,613
|
|
25,108,652
|
|
8.61
|
Average diluted
shares outstanding
|
|
|
31,617,681
|
|
27,447,382
|
|
25,373,868
|
|
25,288,785
|
|
25,259,048
|
|
25,220,887
|
|
25,149,360
|
|
25,138,213
|
|
25.17
|
|
27,460,757
|
|
25,174,992
|
|
9.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
|
31,387,668
|
|
31,358,583
|
|
25,231,074
|
|
25,208,733
|
|
25,157,637
|
|
25,120,412
|
|
25,113,894
|
|
25,105,732
|
|
24.76
|
|
31,387,668
|
|
25,157,637
|
|
24.76
|
Cash dividend per
common share
|
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.68
|
|
$
0.68
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity
|
|
|
6.71%
|
|
4.75%
|
|
6.35%
|
|
6.12%
|
|
5.80%
|
|
5.65%
|
|
5.19%
|
|
4.88%
|
|
|
|
6.01%
|
|
5.39%
|
|
|
Return on average
tangible shareholders' equity
|
|
13.55%
|
|
8.74%
|
|
10.47%
|
|
10.19%
|
|
9.73%
|
|
9.61%
|
|
8.86%
|
|
8.39%
|
|
|
|
10.83%
|
|
5.56%
|
|
|
Return on average
shareholders' equity, excluding amortization expense
|
7.27%
|
|
5.08%
|
|
6.51%
|
|
6.28%
|
|
5.97%
|
|
5.82%
|
|
5.36%
|
|
5.06%
|
|
|
|
6.33%
|
|
5.56%
|
|
|
Return on average
assets
|
|
|
|
0.78%
|
|
0.56%
|
|
0.76%
|
|
0.73%
|
|
0.70%
|
|
0.69%
|
|
0.62%
|
|
0.57%
|
|
|
|
0.71%
|
|
0.64%
|
|
|
Return on average
tangible assets
|
|
|
0.90%
|
|
0.63%
|
|
0.82%
|
|
0.79%
|
|
0.76%
|
|
0.75%
|
|
0.68%
|
|
0.62%
|
|
|
|
0.79%
|
|
0.66%
|
|
|
Return on average
assets, excluding amortization expense
|
0.84%
|
|
0.59%
|
|
0.78%
|
|
0.75%
|
|
0.72%
|
|
0.71%
|
|
0.64%
|
|
0.59%
|
|
|
|
0.75%
|
|
0.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
|
|
|
4.16%
|
|
3.86%
|
|
3.88%
|
|
3.89%
|
|
3.97%
|
|
3.94%
|
|
3.99%
|
|
3.85%
|
|
|
|
3.96%
|
|
3.94%
|
|
|
Yield on earning
assets (FTE)
|
|
|
4.67%
|
|
4.42%
|
|
4.49%
|
|
4.51%
|
|
4.61%
|
|
4.63%
|
|
4.74%
|
|
4.71%
|
|
|
|
4.53%
|
|
4.67%
|
|
|
Cost of
funding
|
|
|
|
0.51%
|
|
0.57%
|
|
0.60%
|
|
0.62%
|
|
0.64%
|
|
0.68%
|
|
0.74%
|
|
0.84%
|
|
|
|
0.57%
|
|
0.72%
|
|
|
Average earning
assets to average assets
|
|
86.78%
|
|
87.43%
|
|
87.32%
|
|
86.31%
|
|
86.01%
|
|
85.62%
|
|
85.39%
|
|
84.88%
|
|
|
|
86.96%
|
|
85.58%
|
|
|
Average loans to
average deposits
|
|
|
79.89%
|
|
81.69%
|
|
80.93%
|
|
80.30%
|
|
82.21%
|
|
81.33%
|
|
76.89%
|
|
75.45%
|
|
|
|
80.66%
|
|
78.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
|
1.27%
|
|
1.59%
|
|
1.64%
|
|
1.67%
|
|
1.71%
|
|
1.76%
|
|
1.51%
|
|
1.48%
|
|
|
|
1.52%
|
|
1.62%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
3.40%
|
|
3.59%
|
|
3.54%
|
|
3.63%
|
|
3.69%
|
|
3.77%
|
|
3.59%
|
|
3.41%
|
|
|
|
3.53%
|
|
3.62%
|
|
|
Net overhead
ratio
|
|
|
|
2.14%
|
|
2.01%
|
|
1.90%
|
|
1.95%
|
|
1.98%
|
|
2.01%
|
|
2.08%
|
|
1.93%
|
|
|
|
2.01%
|
|
2.00%
|
|
|
Efficiency ratio
(FTE)**
|
|
|
|
67.65%
|
|
71.25%
|
|
69.74%
|
|
71.51%
|
|
71.43%
|
|
72.81%
|
|
72.35%
|
|
71.01%
|
|
|
|
69.88%
|
|
71.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes debt
extinguishment penalties, amortization of intangibles and
merger-related expenses from noninterest expense and profit (loss)
on sales of securities and gains on acquisitions from noninterest
income
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2013
-
|
|
For the Year
Ending
|
|
|
|
|
|
2013
|
|
2012
|
|
Q4
2012
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
Total
assets
|
|
|
|
|
$
5,741,794
|
|
$
4,729,079
|
|
$
4,231,947
|
|
$
4,206,411
|
|
$
4,128,508
|
|
$
4,078,333
|
|
$
4,123,373
|
|
$
4,222,376
|
|
39.08
|
|
$
4,731,512
|
|
$
4,132,689
|
|
14.49
|
Earning
assets
|
|
|
|
4,982,614
|
|
4,134,730
|
|
3,695,409
|
|
3,630,759
|
|
3,551,026
|
|
3,491,941
|
|
3,521,099
|
|
3,583,957
|
|
40.31
|
|
4,114,606
|
|
3,536,921
|
|
16.33
|
Securities
|
|
|
|
|
924,179
|
|
819,351
|
|
754,515
|
|
698,863
|
|
665,578
|
|
682,123
|
|
793,353
|
|
813,826
|
|
38.85
|
|
799,899
|
|
738,365
|
|
8.33
|
Mortgage loans held
for sale
|
|
|
25,248
|
|
37,056
|
|
32,318
|
|
22,347
|
|
29,331
|
|
24,514
|
|
19,237
|
|
23,938
|
|
(13.92)
|
|
29,271
|
|
24,257
|
|
20.67
|
Loans, net of
unearned
|
|
|
|
3,865,615
|
|
3,213,853
|
|
2,845,260
|
|
2,804,618
|
|
2,798,591
|
|
2,729,503
|
|
2,628,084
|
|
2,590,062
|
|
38.13
|
|
3,185,288
|
|
2,686,996
|
|
18.54
|
Intangibles
|
|
|
|
|
304,388
|
|
227,606
|
|
190,362
|
|
190,787
|
|
191,086
|
|
191,442
|
|
191,788
|
|
192,429
|
|
59.29
|
|
228,629
|
|
191,612
|
|
19.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Noninterest-bearing
deposits
|
|
|
$
888,888
|
|
$
660,415
|
|
$
562,104
|
|
$
549,514
|
|
$
564,440
|
|
$
543,767
|
|
$
531,209
|
|
$
534,867
|
|
57.48
|
|
$
666,147
|
|
$
543,628
|
|
22.54
|
Interest-bearing
deposits
|
|
|
|
3,949,909
|
|
3,273,658
|
|
2,953,435
|
|
2,943,247
|
|
2,839,709
|
|
2,812,140
|
|
2,886,878
|
|
2,897,750
|
|
39.10
|
|
3,282,816
|
|
2,858,938
|
|
14.83
|
|
Total
deposits
|
|
|
4,838,797
|
|
3,934,073
|
|
3,515,539
|
|
3,492,761
|
|
3,404,149
|
|
3,355,907
|
|
3,418,087
|
|
3,432,617
|
|
42.14
|
|
3,948,963
|
|
3,402,566
|
|
16.06
|
Borrowed
funds
|
|
|
|
173,583
|
|
189,909
|
|
164,894
|
|
163,981
|
|
175,876
|
|
177,016
|
|
168,856
|
|
238,937
|
|
(1.30)
|
|
173,161
|
|
190,096
|
|
(8.91)
|
Shareholders'
equity
|
|
|
|
665,513
|
|
553,772
|
|
506,225
|
|
501,634
|
|
499,088
|
|
495,220
|
|
492,164
|
|
492,092
|
|
33.35
|
|
557,209
|
|
494,162
|
|
12.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
|
$
5,746,270
|
|
$
5,735,865
|
|
$
4,242,401
|
|
$
4,267,658
|
|
$
4,178,616
|
|
$
4,164,606
|
|
$
4,112,377
|
|
$
4,176,490
|
|
37.52
|
|
$
5,746,270
|
|
$
4,178,616
|
|
37.52
|
Earning
assets
|
|
|
|
4,999,434
|
|
4,972,051
|
|
3,715,321
|
|
3,706,707
|
|
3,588,370
|
|
3,595,576
|
|
3,510,654
|
|
3,551,825
|
|
39.32
|
|
4,999,434
|
|
3,588,370
|
|
39.32
|
Securities
|
|
|
|
|
925,670
|
|
915,869
|
|
746,530
|
|
740,613
|
|
674,077
|
|
680,679
|
|
676,721
|
|
834,419
|
|
37.32
|
|
925,670
|
|
674,077
|
|
37.32
|
Mortgage loans held
for sale
|
|
|
33,440
|
|
28,466
|
|
50,268
|
|
26,286
|
|
34,845
|
|
39,131
|
|
25,386
|
|
25,216
|
|
(4.03)
|
|
33,440
|
|
34,845
|
|
(4.03)
|
Loans acquired from
M&F
|
|
|
813,451
|
|
891,420
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
813,451
|
|
-
|
|
|
Loans not
acquired
|
|
|
|
2,885,802
|
|
2,794,116
|
|
2,683,017
|
|
2,594,438
|
|
2,573,165
|
|
2,539,618
|
|
2,392,349
|
|
2,281,957
|
|
12.15
|
|
2,885,802
|
|
2,573,165
|
|
12.15
|
Loans acquired and
subject to loss share
|
|
181,765
|
|
195,996
|
|
201,494
|
|
213,872
|
|
237,088
|
|
260,545
|
|
289,685
|
|
318,089
|
|
(23.33)
|
|
181,765
|
|
237,088
|
|
(23.33)
|
|
Total
loans
|
|
|
|
3,881,018
|
|
3,881,532
|
|
2,884,511
|
|
2,808,310
|
|
2,810,253
|
|
2,800,163
|
|
2,682,034
|
|
2,600,046
|
|
38.10
|
|
3,881,018
|
|
2,810,253
|
|
38.10
|
Intangibles
|
|
|
|
|
304,330
|
|
305,065
|
|
190,208
|
|
190,522
|
|
190,925
|
|
191,258
|
|
191,618
|
|
191,967
|
|
59.40
|
|
304,330
|
|
190,925
|
|
59.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
$
856,020
|
|
$
876,138
|
|
$
560,965
|
|
$
567,065
|
|
$
568,214
|
|
$
554,581
|
|
$
539,237
|
|
$
535,955
|
|
50.65
|
|
$
856,020
|
|
$
568,214
|
|
50.65
|
Interest-bearing
deposits
|
|
|
|
3,985,892
|
|
3,958,618
|
|
2,944,193
|
|
2,988,110
|
|
2,893,007
|
|
2,841,447
|
|
2,866,959
|
|
2,937,211
|
|
37.78
|
|
3,985,892
|
|
2,893,007
|
|
37.78
|
|
Total
deposits
|
|
|
4,841,912
|
|
4,834,756
|
|
3,505,158
|
|
3,555,175
|
|
3,461,221
|
|
3,396,028
|
|
3,406,196
|
|
3,473,166
|
|
39.89
|
|
4,841,912
|
|
3,461,221
|
|
39.89
|
Borrowed
funds
|
|
|
|
171,875
|
|
177,168
|
|
195,789
|
|
164,063
|
|
164,706
|
|
222,907
|
|
169,979
|
|
171,753
|
|
4.35
|
|
171,875
|
|
164,706
|
|
4.35
|
Shareholders'
equity
|
|
|
|
665,652
|
|
657,256
|
|
500,678
|
|
502,375
|
|
498,208
|
|
496,824
|
|
491,534
|
|
489,611
|
|
33.61
|
|
665,652
|
|
498,208
|
|
33.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per
common share
|
|
|
$
31.46
|
|
$
27.17
|
|
$
24.34
|
|
$
22.38
|
|
$
19.14
|
|
$
19.61
|
|
$
15.71
|
|
$
16.28
|
|
64.37
|
|
$
31.46
|
|
$
19.14
|
|
64.37
|
Book value per common
share
|
|
|
21.21
|
|
20.96
|
|
19.84
|
|
19.93
|
|
19.80
|
|
19.78
|
|
19.57
|
|
19.50
|
|
7.11
|
|
21.21
|
|
19.80
|
|
7.12
|
Tangible book value
per common share
|
|
11.51
|
|
11.23
|
|
12.31
|
|
12.37
|
|
12.21
|
|
12.16
|
|
11.94
|
|
11.86
|
|
(5.72)
|
|
11.51
|
|
12.21
|
|
(5.73)
|
Shareholders' equity
to assets (actual)
|
|
|
11.58%
|
|
11.46%
|
|
11.80%
|
|
11.77%
|
|
11.92%
|
|
11.93%
|
|
11.95%
|
|
11.72%
|
|
(2.84)
|
|
11.58%
|
|
11.92%
|
|
|
Tangible capital
ratio
|
|
|
|
6.64%
|
|
6.49%
|
|
7.66%
|
|
7.65%
|
|
7.71%
|
|
7.69%
|
|
7.65%
|
|
7.47%
|
|
(13.84)
|
|
6.64%
|
|
7.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
8.68%
|
|
8.61%
|
|
9.83%
|
|
9.79%
|
|
9.86%
|
|
9.90%
|
|
9.68%
|
|
9.38%
|
|
(11.97)
|
|
8.68%
|
|
9.86%
|
|
|
Tier 1 risk-based
capital ratio
|
|
|
11.52%
|
|
11.34%
|
|
12.87%
|
|
12.86%
|
|
12.74%
|
|
12.73%
|
|
13.14%
|
|
13.32%
|
|
(9.58)
|
|
11.52%
|
|
12.74%
|
|
|
Total risk-based
capital ratio
|
|
|
12.69%
|
|
12.47%
|
|
14.14%
|
|
14.13%
|
|
14.00%
|
|
14.00%
|
|
14.39%
|
|
14.57%
|
|
(9.36)
|
|
12.69%
|
|
14.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2013
-
|
|
For the Year
Ending
|
|
|
|
|
|
2013
|
|
2012
|
|
Q4
2012
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans not
acquired
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
Commercial,
financial, agricultural
|
|
|
$
341,600
|
|
$
331,142
|
|
$
307,718
|
|
$
298,013
|
|
$
306,250
|
|
$
299,774
|
|
$
280,515
|
|
$
263,720
|
|
11.54
|
|
$
341,600
|
|
$
306,250
|
|
11.54
|
Lease
financing
|
|
|
|
52
|
|
75
|
|
103
|
|
162
|
|
190
|
|
217
|
|
245
|
|
302
|
|
(72.63)
|
|
52
|
|
190
|
|
(72.63)
|
Real estate -
construction
|
|
|
|
147,075
|
|
127,013
|
|
117,339
|
|
109,484
|
|
104,058
|
|
103,522
|
|
73,109
|
|
67,223
|
|
41.34
|
|
147,075
|
|
104,058
|
|
41.34
|
Real estate - 1-4
family mortgages
|
|
|
928,803
|
|
891,422
|
|
859,884
|
|
834,204
|
|
829,975
|
|
801,612
|
|
771,161
|
|
738,765
|
|
11.91
|
|
928,803
|
|
829,975
|
|
11.91
|
Real estate -
commercial mortgages
|
|
|
1,404,617
|
|
1,383,680
|
|
1,335,402
|
|
1,295,213
|
|
1,275,482
|
|
1,275,386
|
|
1,208,057
|
|
1,153,423
|
|
10.12
|
|
1,404,617
|
|
1,275,482
|
|
10.12
|
Installment loans to
individuals
|
|
|
63,655
|
|
60,784
|
|
62,571
|
|
57,362
|
|
57,210
|
|
59,107
|
|
59,262
|
|
58,524
|
|
11.27
|
|
63,655
|
|
57,210
|
|
11.27
|
|
Loans, net of
unearned
|
|
|
$
2,885,802
|
|
$
2,794,116
|
|
$
2,683,017
|
|
$
2,594,438
|
|
$
2,573,165
|
|
$
2,539,618
|
|
$
2,392,349
|
|
$
2,281,957
|
|
12.15
|
|
$
2,885,802
|
|
$
2,573,165
|
|
12.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
9,546
|
|
$
10,280
|
|
$
10,283
|
|
$
10,157
|
|
$
10,800
|
|
$
11,282
|
|
$
12,758
|
|
$
15,206
|
|
(11.61)
|
|
$
9,546
|
|
$
10,800
|
|
(11.61)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,932
|
|
6,093
|
|
6,202
|
|
-
|
|
1,648
|
|
1,648
|
|
-
|
Real estate - 1-4
family mortgages
|
|
|
54,466
|
|
56,722
|
|
60,409
|
|
65,489
|
|
73,448
|
|
81,784
|
|
91,605
|
|
99,769
|
|
(25.84)
|
|
54,466
|
|
73,448
|
|
(25.84)
|
Real estate -
commercial mortgages
|
|
|
116,077
|
|
127,315
|
|
129,120
|
|
136,541
|
|
151,161
|
|
165,494
|
|
179,160
|
|
196,754
|
|
(23.21)
|
|
116,077
|
|
151,161
|
|
(23.21)
|
Installment loans to
individuals
|
|
|
28
|
|
31
|
|
34
|
|
37
|
|
31
|
|
53
|
|
69
|
|
158
|
|
(9.68)
|
|
28
|
|
31
|
|
(9.68)
|
|
Loans, net of
unearned
|
|
|
$
181,765
|
|
$
195,996
|
|
$
201,494
|
|
$
213,872
|
|
$
237,088
|
|
$
260,545
|
|
$
289,685
|
|
$
318,089
|
|
(23.33)
|
|
$
181,765
|
|
$
237,088
|
|
(23.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Acquired
from M&F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
117,817
|
|
$
139,821
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
-
|
|
$
117,817
|
|
$
-
|
|
-
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
|
12,713
|
|
23,556
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
12,713
|
|
-
|
|
-
|
Real estate - 1-4
family mortgages
|
|
|
224,965
|
|
244,079
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
224,965
|
|
-
|
|
-
|
Real estate -
commercial mortgages
|
|
|
429,878
|
|
449,589
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
429,878
|
|
-
|
|
-
|
Installment loans to
individuals
|
|
|
28,078
|
|
34,375
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
28,078
|
|
-
|
|
-
|
|
Loans, net of
unearned
|
|
|
$
813,451
|
|
$
891,420
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
-
|
|
$
813,451
|
|
$
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
16,863
|
|
$
19,995
|
|
$
20,554
|
|
$
25,382
|
|
$
26,881
|
|
$
29,677
|
|
$
26,099
|
|
$
26,999
|
|
(37.27)
|
|
$
16,863
|
|
$
26,881
|
|
(37.27)
|
Loans 90 past due or
more
|
|
|
2,287
|
|
2,078
|
|
1,983
|
|
2,601
|
|
3,307
|
|
2,358
|
|
3,864
|
|
3,435
|
|
(30.84)
|
|
2,287
|
|
3,307
|
|
(30.84)
|
Nonperforming
loans
|
|
|
|
19,150
|
|
22,073
|
|
22,537
|
|
27,983
|
|
30,188
|
|
32,035
|
|
29,963
|
|
30,434
|
|
(36.56)
|
|
19,150
|
|
30,188
|
|
(36.56)
|
Other real estate
owned
|
|
|
|
27,543
|
|
27,357
|
|
33,247
|
|
39,786
|
|
44,717
|
|
48,568
|
|
58,384
|
|
64,931
|
|
(38.41)
|
|
27,543
|
|
44,717
|
|
(38.41)
|
Nonperforming assets
not acquired
|
|
|
$
46,693
|
|
$
49,430
|
|
$
55,784
|
|
$
67,769
|
|
$
74,905
|
|
$
80,603
|
|
$
88,347
|
|
$
95,365
|
|
(37.66)
|
|
$
46,693
|
|
$
74,905
|
|
(37.66)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
49,194
|
|
$
49,585
|
|
$
47,281
|
|
$
47,972
|
|
$
53,186
|
|
$
64,080
|
|
$
65,386
|
|
$
78,418
|
|
(7.51)
|
|
$
49,194
|
|
$
53,186
|
|
(7.51)
|
Loans 90 past due or
more
|
|
|
-
|
|
505
|
|
126
|
|
-
|
|
-
|
|
-
|
|
199
|
|
1,397
|
|
-
|
|
-
|
|
-
|
|
-
|
Non-performing loans
subject to loss share
|
|
49,194
|
|
50,090
|
|
47,407
|
|
47,972
|
|
53,186
|
|
64,080
|
|
65,585
|
|
79,815
|
|
(7.51)
|
|
49,194
|
|
53,186
|
|
(7.51)
|
Other real estate
owned
|
|
|
|
12,942
|
|
16,580
|
|
27,835
|
|
35,095
|
|
45,534
|
|
41,615
|
|
37,951
|
|
35,461
|
|
(71.58)
|
|
12,942
|
|
45,534
|
|
(71.58)
|
Nonperforming assets
acquired and subject to loss share
|
$
62,136
|
|
$
66,670
|
|
$
75,242
|
|
$
83,067
|
|
$
98,720
|
|
$
105,695
|
|
$
103,536
|
|
$
115,276
|
|
(37.06)
|
|
$
62,136
|
|
$
98,720
|
|
(37.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
from M&F:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
6,275
|
|
$
224
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
-
|
|
6,275
|
|
$
-
|
|
-
|
Loans 90 past due or
more
|
|
|
1,899
|
|
8,568
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,899
|
|
-
|
|
-
|
Nonperforming
loans
|
|
|
|
8,174
|
|
8,792
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,174
|
|
-
|
|
-
|
Other real estate
owned
|
|
|
|
12,402
|
|
13,223
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
12,402
|
|
-
|
|
-
|
Nonperforming assets
acquired from M&F
|
|
$
20,576
|
|
$
22,015
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
-
|
|
$
20,576
|
|
$
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
$
584
|
|
$
3,084
|
|
$
2,471
|
|
$
893
|
|
$
3,722
|
|
$
5,335
|
|
$
4,097
|
|
$
4,964
|
|
(84.31)
|
|
$
7,032
|
|
$
18,118
|
|
(61.19)
|
Allowance for loan
losses
|
|
|
|
47,666
|
|
46,250
|
|
47,034
|
|
46,505
|
|
44,347
|
|
44,069
|
|
44,779
|
|
44,176
|
|
7.48
|
|
47,666
|
|
44,347
|
|
7.48
|
Annualized net loan
charge-offs / average loans
|
|
0.06%
|
|
0.38%
|
|
0.35%
|
|
0.13%
|
|
0.53%
|
|
0.78%
|
|
0.63%
|
|
0.77%
|
|
|
|
0.22%
|
|
0.67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans*
|
|
|
0.74%
|
|
0.84%
|
|
0.84%
|
|
1.08%
|
|
1.17%
|
|
1.26%
|
|
1.25%
|
|
1.33%
|
|
|
|
0.74%
|
|
1.17%
|
|
|
Nonperforming assets
/ total assets*
|
|
|
1.17%
|
|
1.25%
|
|
1.31%
|
|
1.59%
|
|
1.79%
|
|
1.94%
|
|
2.15%
|
|
2.28%
|
|
|
|
1.17%
|
|
1.79%
|
|
|
Allowance for loan
losses / total loans*
|
|
|
1.29%
|
|
1.25%
|
|
1.75%
|
|
1.79%
|
|
1.72%
|
|
1.74%
|
|
1.87%
|
|
1.94%
|
|
|
|
1.29%
|
|
1.72%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
174.45%
|
|
149.85%
|
|
208.70%
|
|
166.19%
|
|
146.90%
|
|
137.57%
|
|
149.45%
|
|
145.15%
|
|
|
|
174.45%
|
|
146.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans**
|
|
|
0.66%
|
|
0.79%
|
|
0.84%
|
|
1.08%
|
|
1.17%
|
|
1.26%
|
|
1.25%
|
|
1.33%
|
|
|
|
0.66%
|
|
1.17%
|
|
|
Nonperforming assets
/ total assets**
|
|
|
0.81%
|
|
0.86%
|
|
1.31%
|
|
1.59%
|
|
1.79%
|
|
1.94%
|
|
2.15%
|
|
2.28%
|
|
|
|
0.81%
|
|
1.79%
|
|
|
Allowance for loan
losses / total loans**
|
|
1.65%
|
|
1.66%
|
|
1.75%
|
|
1.79%
|
|
1.72%
|
|
1.74%
|
|
1.87%
|
|
1.94%
|
|
|
|
1.65%
|
|
1.72%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
248.91%
|
|
209.53%
|
|
208.70%
|
|
166.19%
|
|
146.90%
|
|
137.57%
|
|
149.45%
|
|
145.15%
|
|
|
|
248.91%
|
|
146.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on assets not
subject to loss share (includes assets acquired from
M&F)
|
**Excludes assets
acquired from M&F and assets covered under loss
share
|
SOURCE Renasant Corporation