TUPELO, Miss., Oct. 20, 2015 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
financial results for the third quarter of 2015. Net income
for the third quarter of 2015 increased to $16.22 million, or basic and diluted earnings per
share ("EPS") of $0.40, as compared
to $15.54 million, or basic and
diluted EPS of $0.49, for the third
quarter of 2014.
![Renasant Corporation logo. Renasant Corporation logo.](http://photos.prnewswire.com/prnvar/20130207/CL56161LOGO)
The Company's balance sheet and results of operations as of and
for the three months ending September 30,
2015, include the impact of the Company's acquisition of
Heritage Financial Group, Inc. ("Heritage"), a bank holding company
headquartered in Albany, Georgia,
and the parent of HeritageBank of the South, a Georgia savings bank, which was completed on
July 1, 2015. At the
acquisition date, Heritage had $2.02
billion in total assets, $1.11
billion in loans, and $1.37
billion in deposits. The assets acquired and
liabilities assumed are recorded at estimated fair value and are
subject to change pending finalization of all valuations.
During the third quarter of 2015, the Company incurred pre-tax
merger expenses related to the Heritage merger of approximately
$7.75 million, or $5.15 million on an after-tax basis, which
equated to a reduction of $0.13 in
basic and diluted EPS for the third quarter of 2015.
For the third quarter of 2015, the Company's return on average
assets and return on average equity were 0.81% and 6.28%,
respectively, as compared to 1.07% and 8.84%, respectively, for the
third quarter of 2014. The Company's 2015 third quarter return on
average tangible assets and return on average tangible equity were
0.93% and 12.20%, respectively, as compared to 1.20% and 16.50%,
respectively, for the third quarter of 2014. Excluding merger
expenses on an after-tax basis, return on average assets and return
on average equity were 1.07% and 8.28%, respectively, and return on
average tangible assets and return on average tangible equity were
1.14% and 14.95%, respectively, for the third quarter of
2015. The following table provides profitability metrics for
the third quarter of 2015 including and excluding the impact of
after-tax merger expenses from the Heritage acquisition:
|
As
Reported
|
|
Excluding
Merger
Expenses
|
Return on average
assets
|
0.81%
|
|
1.07%
|
Return on average
tangible assets
|
0.93%
|
|
1.14%
|
Return on average
equity
|
6.28%
|
|
8.28%
|
Return on average
tangible equity
|
12.20%
|
|
14.95%
|
"We are pleased with our third quarter financial results
highlighted by the completion of the Heritage acquisition and
23.18% annualized linked quarter legacy loan growth," commented
Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Excluding merger expenses
on an after-tax basis, our diluted EPS of $0.53 per share represents some of the highest
reported quarterly earnings for the Company and was driven by the
strong performance of our legacy company coupled with the
successful conversion of Heritage's operations. Furthermore,
the continued sustainability of this profitability is reflected in
our return on average assets, excluding merger expenses, of 1.07%
for the quarter, marking the sixth consecutive quarter we've
achieved greater than 1.00% return on average assets."
Total assets as of September 30,
2015, were approximately $7.92
billion, as compared to $5.81
billion from December 31,
2014, and $5.90 billion on a
linked quarter basis.
Total loans, including loans acquired in either the Heritage
merger, First M&F Corporation ("First M&F") merger or in
FDIC-assisted transactions (collectively referred to as "acquired
loans"), were approximately $5.28
billion at September 30, 2015,
as compared to $3.99 billion at
December 31, 2014, and $4.04 billion on a linked quarter basis.
Excluding acquired loans, loans grew $339.52
million, or 13.89% annualized, to $3.61 billion at September
30, 2015, as compared to $3.27
billion at December 31, 2014,
and increased $199.08 million, or
23.18% annualized, from $3.41 billion
on a linked quarter basis.
Total deposits were $6.23 billion
at September 30, 2015, as compared to
$4.84 billion at December 31, 2014, and $4.89 billion on a linked quarter basis.
The increase in deposits is primarily attributable to the
acquisition of Heritage. Noninterest-bearing deposits averaged
approximately $1.27 billion, which
represents 20.38% of the Company's average deposits, for the third
quarter of 2015, as compared to $896.86
million, or 18.74% of average deposits, for the third
quarter of 2014. The Company's cost of funds was 33 basis
points for the third quarter of 2015, as compared to 47 basis
points for the same quarter in 2014.
As of September 30, 2015, the
Company's Tier 1 leverage capital ratio was 8.94%, its Common
Equity Tier 1 risk-based capital ratio was 9.82%, its Tier 1
risk-based capital ratio was 11.32%, and its total risk-based
capital ratio was 12.09%. The Company's regulatory capital ratios
continue to be in excess of the regulatory minimums required to be
classified as "well-capitalized." At September 30, 2015 our tangible common equity
ratio was 7.40%.
Net interest income was $68.68
million for the third quarter of 2015, as compared to
$50.47 million for the third quarter
of 2014, and $51.67 million on a
linked quarter basis. Net interest margin was 4.09% for the third
quarter of 2015, as compared to 4.12% for the third quarter of
2014, and 4.17% on a linked quarter basis. Additional
interest income recognized in connection with the acceleration of
pay downs and payoffs from acquired loans increased net interest
margin 4 basis points in the third quarter of 2015, as compared to
28 basis points on a linked quarter basis and 11 basis points in
the third quarter of 2014.
Noninterest income was $32.12
million for the third quarter of 2015, as compared to
$22.56 million for the third quarter
of 2014, and $22.92 million on a
linked quarter basis. The increase in noninterest income is
primarily attributable to the Heritage acquisition and its mortgage
operations.
Noninterest expense was $76.09
million for the third quarter of 2015, as compared to
$48.18 million for the third quarter
of 2014 and $51.18 million on a
linked quarter basis. The increase in noninterest expense,
when compared to the same period in 2014 as well as on a linked
quarter basis, was primarily due to the expenses of the acquired
Heritage operations as well as merger expenses incurred during the
quarter in connection with the Heritage acquisition of $7.75 million.
At September 30, 2015, total
nonperforming loans (loans 90 days or more past due and nonaccrual
loans) were $47.20 million and total
OREO was $36.33 million. The
Company's nonperforming loans and OREO that were acquired either
through the Heritage merger, First M&F merger or in connection
with FDIC-assisted transactions (collectively referred to as
"acquired nonperforming assets") were $32.03
million and $22.40 million,
respectively, at September 30,
2015.
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.
The Company's nonperforming loans were $15.17 million as of September 30, 2015, as compared to $20.19 million as of December 31, 2014. Nonperforming loans as a
percentage of total loans were 0.42% as of September 30, 2015, as compared to 0.62% as of
December 31, 2014.
Annualized net charge-offs as a percentage of average loans were
0.04% for the third quarter of 2015, as compared to 0.50% for the
third quarter of 2014. The Company recorded a provision for loan
losses of $750 thousand for the third
quarter of 2015, as compared to $2.22
million for the third quarter of 2014.
The allowance for loan losses totaled $42.05 million at September 30, 2015, as compared to $42.29 million as of December 31, 2014. The allowance for loan losses
as a percentage of loans was 1.17% as of September 30, 2015, as compared to 1.29% as of
December 31, 2014.
The Company's coverage ratio, or its allowance for loan losses
as a percentage of nonperforming loans, was 277.22% as of
September 30, 2015, as compared to
209.49% as of December 31, 2014.
Loans 30-to-89 days past due as a percentage of total loans
declined to 0.23% at September 30,
2015, as compared to 0.32% at December 31, 2014. OREO was $13.94 million as of September 30, 2015, as compared to $17.09 million as of December 31, 2014.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM Eastern
Time on Wednesday, October 21,
2015.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://services.choruscall.com/links/rnst151021. To access the
conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation Third Quarter Earnings Webcast and Conference Call.
International participants should dial 1-412-902-4145 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 10074200 or by dialing
1-412-317-0088 internationally and entering the conference number.
Telephone replay access is available until November 4, 2015.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a
111-year-old financial services institution. Renasant has assets of
approximately $7.9 billion and
operates more than 170 banking, mortgage, financial services and
insurance offices in Mississippi,
Tennessee, Alabama, Florida 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.
NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally
accepted accounting principles in the
United States of America (GAAP), this press release contains
certain non-GAAP financial measures. These non-GAAP financial
measures adjust GAAP financial measures to exclude intangible
assets, which the Company's management uses when evaluating capital
utilization and adequacy. In addition, the Company believes
that these non-GAAP financial measures facilitate the making of
period-to-period comparisons and are meaningful indications of its
operating performance particularly because these measures are
widely used by industry analysts for companies with merger and
acquisition activities. Also, because intangible assets such
as goodwill and the core deposit intangible can vary extensively
from company to company and are excluded from the calculation of a
financial institution's regulatory capital, the Company believes
that the presentation of this non-GAAP financial information allows
readers to more easily compare the Company's results to information
provided in other regulatory reports and the results of other
companies.
The specific non-GAAP financial measures used are return on
average tangible shareholders' equity, return on average tangible
assets and the ratio of tangible equity to tangible assets
(commonly referred to as the "tangible capital ratio"). The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for any measure
prepared in accordance with GAAP. Investors should note that,
because there are no standardized definitions for the calculations
as well as the results, the Company's calculations may not be
comparable to other similarly titled measures presented by other
companies. Also there may be limits in the usefulness of these
measures to investors. As a result, the Company encourages
readers to consider its consolidated financial statements in their
entirety and not to rely on any single financial measure.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in the
table at the end of this release under the caption "Reconciliation
of GAAP to Non-GAAP."
Contacts:
|
For
Media:
|
For
Financials:
|
|
John
Oxford
|
Kevin
Chapman
|
|
First Vice
President
|
Executive Vice
President
|
|
Director of Corp
Communication
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2015
-
|
|
For the Nine
Months Ending
|
|
|
|
|
|
2015
|
|
2014
|
|
Q3
2014
|
|
September
30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of
earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
76,242
|
|
$
58,516
|
|
$
55,910
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
31.23
|
|
$
190,668
|
|
$
175,910
|
|
8.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
74,300
|
|
$
56,769
|
|
$
54,166
|
|
$
55,597
|
|
$
56,358
|
|
$
58,277
|
|
$
56,177
|
|
31.84
|
|
$
185,235
|
|
$
170,812
|
|
8.44
|
Interest
expense
|
|
|
|
5,620
|
|
5,099
|
|
5,324
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
(4.52)
|
|
16,043
|
|
18,200
|
|
(11.85)
|
|
Net interest
income
|
|
|
68,680
|
|
51,670
|
|
48,842
|
|
50,017
|
|
50,472
|
|
52,169
|
|
49,971
|
|
36.08
|
|
169,192
|
|
152,612
|
|
10.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
750
|
|
1,175
|
|
1,075
|
|
1,050
|
|
2,217
|
|
1,450
|
|
1,450
|
|
(66.17)
|
|
3,000
|
|
5,117
|
|
(41.37)
|
|
Net interest income
after provision
|
|
67,930
|
|
50,495
|
|
47,767
|
|
48,967
|
|
48,255
|
|
50,719
|
|
48,521
|
|
40.77
|
|
166,192
|
|
147,495
|
|
12.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
8,151
|
|
6,522
|
|
6,335
|
|
6,905
|
|
7,107
|
|
6,533
|
|
6,211
|
|
14.69
|
|
21,008
|
|
19,851
|
|
5.83
|
Fees and commissions
on loans and deposits
|
|
5,704
|
|
4,954
|
|
4,492
|
|
4,772
|
|
5,877
|
|
5,175
|
|
4,677
|
|
(2.94)
|
|
15,150
|
|
15,729
|
|
(3.68)
|
Insurance commissions
and fees
|
|
|
2,381
|
|
2,119
|
|
1,967
|
|
1,973
|
|
2,270
|
|
2,088
|
|
1,863
|
|
4.89
|
|
6,467
|
|
6,221
|
|
3.95
|
Wealth management
revenue
|
|
|
2,871
|
|
2,248
|
|
2,190
|
|
2,144
|
|
2,197
|
|
2,170
|
|
2,144
|
|
30.68
|
|
7,309
|
|
6,511
|
|
12.26
|
Securities gains
(losses)
|
|
|
-
|
|
96
|
|
-
|
|
-
|
|
375
|
|
-
|
|
-
|
|
(100.00)
|
|
96
|
|
375
|
|
(74.40)
|
Gain on sale of
mortgage loans
|
|
|
10,578
|
|
5,407
|
|
4,633
|
|
2,367
|
|
2,635
|
|
2,006
|
|
1,585
|
|
301.44
|
|
20,618
|
|
6,226
|
|
231.16
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
|
|
|
2,432
|
|
1,571
|
|
2,287
|
|
1,809
|
|
2,102
|
|
1,499
|
|
2,136
|
|
15.70
|
|
6,290
|
|
5,737
|
|
9.64
|
|
Total noninterest
income
|
|
|
32,117
|
|
22,917
|
|
21,904
|
|
19,970
|
|
22,563
|
|
19,471
|
|
18,616
|
|
42.34
|
|
76,938
|
|
60,650
|
|
26.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
43,048
|
|
30,394
|
|
28,260
|
|
27,301
|
|
29,569
|
|
29,810
|
|
28,428
|
|
45.58
|
|
101,702
|
|
87,807
|
|
15.82
|
Data
processing
|
|
|
|
3,773
|
|
3,152
|
|
3,181
|
|
2,949
|
|
2,906
|
|
2,850
|
|
2,695
|
|
29.83
|
|
10,106
|
|
8,451
|
|
19.58
|
Occupancy and
equipment
|
|
|
7,733
|
|
5,524
|
|
5,559
|
|
5,146
|
|
5,353
|
|
4,906
|
|
4,847
|
|
44.46
|
|
18,816
|
|
15,106
|
|
24.56
|
Other real
estate
|
|
|
|
861
|
|
954
|
|
532
|
|
723
|
|
1,101
|
|
1,068
|
|
1,701
|
|
(21.80)
|
|
2,347
|
|
3,870
|
|
(39.35)
|
Amortization of
intangibles
|
|
|
1,803
|
|
1,239
|
|
1,275
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
30.56
|
|
4,317
|
|
4,279
|
|
0.89
|
Merger-related
expenses
|
|
|
7,746
|
|
1,467
|
|
478
|
|
499
|
|
-
|
|
-
|
|
195
|
|
1.00
|
|
9,691
|
|
195
|
|
4,869.74
|
Debt extinguishment
penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
|
|
|
11,121
|
|
8,446
|
|
8,129
|
|
8,034
|
|
7,865
|
|
9,335
|
|
8,308
|
|
41.40
|
|
27,696
|
|
25,508
|
|
8.58
|
|
Total noninterest
expense
|
|
|
76,085
|
|
51,176
|
|
47,414
|
|
45,979
|
|
48,175
|
|
49,396
|
|
47,645
|
|
57.93
|
|
174,675
|
|
145,216
|
|
20.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
23,962
|
|
22,236
|
|
22,257
|
|
22,958
|
|
22,643
|
|
20,794
|
|
19,492
|
|
5.83
|
|
68,455
|
|
62,929
|
|
8.78
|
Income
taxes
|
|
|
|
7,742
|
|
6,842
|
|
7,017
|
|
7,361
|
|
7,108
|
|
5,941
|
|
5,895
|
|
8.92
|
|
21,601
|
|
18,944
|
|
14.03
|
|
Net
income
|
|
|
|
$
16,220
|
|
$
15,394
|
|
$
15,240
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
4.41
|
|
$
46,854
|
|
$
43,985
|
|
6.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
0.40
|
|
$
0.49
|
|
$
0.48
|
|
$
0.49
|
|
$
0.49
|
|
$
0.47
|
|
$
0.43
|
|
(18.37)
|
|
$
1.36
|
|
$
1.40
|
|
(2.86)
|
Diluted earnings per
share
|
|
|
0.40
|
|
0.48
|
|
0.48
|
|
0.49
|
|
0.49
|
|
0.47
|
|
0.43
|
|
(18.37)
|
|
1.35
|
|
1.39
|
|
(2.88)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
|
|
40,265,941
|
|
31,626,059
|
|
31,576,275
|
|
31,537,278
|
|
31,526,423
|
|
31,496,737
|
|
31,436,148
|
|
27.72
|
|
34,521,255
|
|
31,486,767
|
|
9.64
|
Average diluted
shares outstanding
|
|
40,518,413
|
|
31,865,172
|
|
31,815,710
|
|
31,781,734
|
|
31,718,529
|
|
31,698,198
|
|
31,668,362
|
|
27.74
|
|
34,799,118
|
|
31,694,601
|
|
9.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
|
40,268,455
|
|
31,644,706
|
|
31,604,937
|
|
31,545,145
|
|
31,533,703
|
|
31,519,641
|
|
31,480,395
|
|
27.70
|
|
40,268,455
|
|
31,533,703
|
|
27.70
|
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
|
|
6.28%
|
|
8.42%
|
|
8.59%
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
|
|
7.58%
|
|
8.58%
|
|
|
Return on average
tangible shareholders' equity (1)
|
|
12.20%
|
|
14.89%
|
|
15.45%
|
|
15.90%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
|
|
13.98%
|
|
16.37%
|
|
|
Return on average
assets
|
|
|
0.81%
|
|
1.06%
|
|
1.06%
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
|
|
0.96%
|
|
1.01%
|
|
|
Return on average
tangible assets (2)
|
|
0.93%
|
|
1.17%
|
|
1.18%
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
|
|
1.08%
|
|
1.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
|
|
4.09%
|
|
4.17%
|
|
4.03%
|
|
4.09%
|
|
4.12%
|
|
4.24%
|
|
4.04%
|
|
|
|
4.10%
|
|
4.13%
|
|
|
Yield on earning
assets (FTE)
|
|
|
4.42%
|
|
4.57%
|
|
4.45%
|
|
4.53%
|
|
4.58%
|
|
4.72%
|
|
4.53%
|
|
|
|
4.47%
|
|
4.61%
|
|
|
Cost of
funding
|
|
|
|
0.33%
|
|
0.40%
|
|
0.43%
|
|
0.45%
|
|
0.47%
|
|
0.48%
|
|
0.48%
|
|
|
|
0.38%
|
|
0.48%
|
|
|
Average earning
assets to average assets
|
|
86.57%
|
|
87.79%
|
|
87.49%
|
|
87.41%
|
|
87.32%
|
|
87.39%
|
|
87.35%
|
|
|
|
87.22%
|
|
87.35%
|
|
|
Average loans to
average deposits
|
|
83.63%
|
|
81.93%
|
|
81.44%
|
|
82.67%
|
|
82.26%
|
|
79.11%
|
|
77.00%
|
|
|
|
82.45%
|
|
79.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
|
1.61%
|
|
1.57%
|
|
1.53%
|
|
1.38%
|
|
1.53%
|
|
1.34%
|
|
1.27%
|
|
|
|
1.57%
|
|
1.38%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
|
3.43%
|
|
3.41%
|
|
3.27%
|
|
3.14%
|
|
3.32%
|
|
3.39%
|
|
3.25%
|
|
|
|
3.38%
|
|
3.32%
|
|
|
Net overhead
ratio
|
|
|
|
1.82%
|
|
1.84%
|
|
1.74%
|
|
1.76%
|
|
1.79%
|
|
2.06%
|
|
1.97%
|
|
|
|
1.80%
|
|
1.94%
|
|
|
Efficiency ratio
(FTE) (4)
|
|
|
64.76%
|
|
63.58%
|
|
62.99%
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
|
|
63.89%
|
|
64.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2015
-
|
|
For the Nine
Months Ending
|
|
|
|
|
|
2015
|
|
2014
|
|
Q3
2014
|
|
September
30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Total
assets
|
|
|
|
$ 7,905,538
|
|
$ 5,847,539
|
|
$ 5,821,758
|
|
$ 5,746,146
|
|
$ 5,758,083
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
37.29
|
|
$ 6,532,577
|
|
$ 5,840,233
|
|
11.85
|
Earning
assets
|
|
|
|
6,843,888
|
|
5,133,567
|
|
5,093,224
|
|
5,022,647
|
|
5,027,805
|
|
5,100,833
|
|
5,178,069
|
|
36.12
|
|
5,697,976
|
|
5,101,686
|
|
11.69
|
Securities
|
|
|
|
1,145,013
|
|
999,962
|
|
989,743
|
|
979,052
|
|
1,001,548
|
|
1,026,948
|
|
1,002,519
|
|
14.32
|
|
1,046,812
|
|
1,010,335
|
|
3.61
|
Mortgage loans held
for sale
|
|
|
398,480
|
|
87,435
|
|
50,918
|
|
27,443
|
|
31,832
|
|
26,004
|
|
19,925
|
|
1,151.82
|
|
180,217
|
|
25,964
|
|
594.10
|
Loans, net of
unearned
|
|
|
5,223,273
|
|
3,978,514
|
|
3,969,244
|
|
3,954,606
|
|
3,937,142
|
|
3,897,027
|
|
3,868,747
|
|
32.67
|
|
4,394,937
|
|
3,901,223
|
|
12.66
|
Intangibles
|
|
|
|
456,811
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
51.90
|
|
350,231
|
|
302,158
|
|
15.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
$ 1,272,714
|
|
$
969,770
|
|
$
932,011
|
|
$
936,672
|
|
$
896,856
|
|
$
905,180
|
|
$
949,317
|
|
41.91
|
|
$ 1,059,413
|
|
$
916,925
|
|
15.54
|
Interest-bearing
deposits
|
|
|
4,972,717
|
|
3,886,199
|
|
3,941,863
|
|
3,846,891
|
|
3,889,133
|
|
4,020,754
|
|
4,074,745
|
|
27.86
|
|
4,270,702
|
|
3,994,198
|
|
6.92
|
|
Total
deposits
|
|
|
|
6,245,431
|
|
4,855,969
|
|
4,873,874
|
|
4,783,563
|
|
4,785,989
|
|
4,925,934
|
|
5,024,063
|
|
30.49
|
|
5,330,115
|
|
4,911,123
|
|
8.53
|
Borrowed
funds
|
|
|
|
556,269
|
|
204,884
|
|
168,758
|
|
190,928
|
|
214,017
|
|
169,373
|
|
170,091
|
|
159.92
|
|
311,390
|
|
184,655
|
|
68.63
|
Shareholders'
equity
|
|
|
1,023,912
|
|
733,158
|
|
719,687
|
|
709,780
|
|
697,103
|
|
686,794
|
|
673,046
|
|
46.88
|
|
826,700
|
|
685,733
|
|
20.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2015
-
|
|
As
of
|
|
|
|
|
|
2015
|
|
2014
|
|
Q4
2014
|
|
September
30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Balances at period
end
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Total
assets
|
|
|
|
$ 7,918,732
|
|
$ 5,899,190
|
|
$ 5,881,849
|
|
$ 5,805,129
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
36.41
|
|
$ 7,918,732
|
|
$ 5,751,711
|
|
37.68
|
Earning
assets
|
|
|
|
6,810,285
|
|
5,186,419
|
|
5,168,497
|
|
5,063,039
|
|
5,053,252
|
|
5,063,873
|
|
5,161,173
|
|
34.51
|
|
6,810,285
|
|
5,053,252
|
|
34.77
|
Securities
|
|
|
|
1,139,553
|
|
965,290
|
|
1,016,394
|
|
983,747
|
|
980,328
|
|
1,007,331
|
|
1,046,688
|
|
15.84
|
|
1,139,553
|
|
980,328
|
|
16.24
|
Mortgage loans held
for sale
|
|
|
317,681
|
|
108,023
|
|
102,780
|
|
25,628
|
|
30,451
|
|
28,116
|
|
28,433
|
|
1,139.59
|
|
317,681
|
|
30,451
|
|
943.25
|
Loans not
acquired
|
|
|
|
3,607,005
|
|
3,407,925
|
|
3,274,314
|
|
3,267,486
|
|
3,165,492
|
|
3,096,286
|
|
2,947,836
|
|
10.39
|
|
3,607,005
|
|
3,165,492
|
|
13.95
|
Loans acquired and
covered by FDIC loss-share agreements
|
|
100,839
|
|
121,626
|
|
125,773
|
|
143,041
|
|
155,319
|
|
167,129
|
|
173,545
|
|
(29.50)
|
|
100,839
|
|
155,319
|
|
(35.08)
|
Loans acquired and
not covered by FDIC loss-share agreements
|
|
1,570,116
|
|
507,653
|
|
553,574
|
|
577,347
|
|
636,628
|
|
694,115
|
|
746,047
|
|
171.95
|
|
1,570,116
|
|
636,628
|
|
146.63
|
|
Total
loans
|
|
|
|
5,277,960
|
|
4,037,204
|
|
3,953,661
|
|
3,987,874
|
|
3,957,439
|
|
3,957,530
|
|
3,867,428
|
|
32.35
|
|
5,277,960
|
|
3,957,439
|
|
33.37
|
Intangibles
|
|
|
|
482,599
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
62.31
|
|
482,599
|
|
298,609
|
|
61.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
$ 1,303,884
|
|
$
972,672
|
|
$
959,351
|
|
$
919,872
|
|
$
935,544
|
|
$
902,766
|
|
$
914,964
|
|
41.75
|
|
$ 1,303,884
|
|
$
935,544
|
|
39.37
|
Interest-bearing
deposits
|
|
|
4,930,677
|
|
3,917,772
|
|
3,983,418
|
|
3,918,546
|
|
3,828,126
|
|
3,983,965
|
|
4,089,820
|
|
25.83
|
|
4,930,677
|
|
3,828,126
|
|
28.80
|
|
Total
deposits
|
|
|
|
6,234,561
|
|
4,890,444
|
|
4,942,769
|
|
4,838,418
|
|
4,763,670
|
|
4,886,731
|
|
5,004,784
|
|
28.86
|
|
6,234,561
|
|
4,763,670
|
|
30.88
|
Borrowed
funds
|
|
|
|
551,740
|
|
219,089
|
|
162,313
|
|
188,825
|
|
227,664
|
|
189,830
|
|
168,700
|
|
192.20
|
|
551,740
|
|
227,664
|
|
142.35
|
Shareholders'
equity
|
|
|
1,032,699
|
|
730,976
|
|
723,196
|
|
711,651
|
|
700,475
|
|
688,215
|
|
676,715
|
|
45.11
|
|
1,032,699
|
|
700,475
|
|
47.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per
common share
|
|
|
$
32.85
|
|
$
32.60
|
|
$
30.05
|
|
$
28.93
|
|
$
27.05
|
|
$
29.07
|
|
$
29.05
|
|
13.55
|
|
$
32.85
|
|
$
27.05
|
|
21.44
|
Book value per common
share
|
|
|
25.65
|
|
23.10
|
|
22.88
|
|
22.56
|
|
22.21
|
|
21.83
|
|
21.50
|
|
13.70
|
|
25.65
|
|
22.21
|
|
15.45
|
Tangible book value
per common share
|
|
13.66
|
|
13.78
|
|
13.52
|
|
13.13
|
|
12.74
|
|
12.27
|
|
11.87
|
|
4.04
|
|
13.66
|
|
12.74
|
|
7.19
|
Shareholders' equity
to assets (actual)
|
|
13.04%
|
|
12.39%
|
|
12.30%
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
|
|
13.04%
|
|
12.18%
|
|
|
Tangible capital
ratio (3)
|
|
|
7.40%
|
|
7.78%
|
|
7.65%
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
|
|
7.40%
|
|
7.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
8.94%
|
|
9.90%
|
|
9.74%
|
|
9.53%
|
|
9.31%
|
|
8.91%
|
|
8.56%
|
|
|
|
8.94%
|
|
9.31%
|
|
|
Common equity tier 1
capital ratio
|
|
9.82%
|
|
10.44%
|
|
10.35%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
9.82%
|
|
N/A
|
|
|
Tier 1 risk-based
capital ratio
|
|
|
11.32%
|
|
12.52%
|
|
12.47%
|
|
12.45%
|
|
12.28%
|
|
11.82%
|
|
11.54%
|
|
|
|
11.32%
|
|
12.28%
|
|
|
Total risk-based
capital ratio
|
|
|
12.09%
|
|
13.54%
|
|
13.51%
|
|
13.54%
|
|
13.43%
|
|
12.96%
|
|
12.70%
|
|
|
|
12.09%
|
|
13.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
2015
|
|
As
of
|
|
|
|
|
|
2015
|
|
2014
|
|
- Q4
2014
|
|
September
30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans not acquired
by category
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Commercial,
financial, agricultural
|
|
|
$
450,688
|
|
$
437,181
|
|
$
418,752
|
|
$
418,501
|
|
$
378,802
|
|
$
365,262
|
|
$
347,828
|
|
7.69
|
|
$
450,688
|
|
$
378,802
|
|
18.98
|
Lease
financing
|
|
|
|
24,698
|
|
17,633
|
|
11,560
|
|
10,114
|
|
5,377
|
|
1,767
|
|
612
|
|
144.20
|
|
24,698
|
|
5,377
|
|
359.33
|
Real estate -
construction
|
|
|
268,805
|
|
212,071
|
|
200,966
|
|
210,837
|
|
193,787
|
|
172,319
|
|
149,449
|
|
27.49
|
|
268,805
|
|
193,787
|
|
38.71
|
Real estate - 1-4
family mortgages
|
|
1,128,556
|
|
1,073,816
|
|
1,025,264
|
|
1,014,412
|
|
984,778
|
|
966,546
|
|
941,260
|
|
11.25
|
|
1,128,556
|
|
984,778
|
|
14.60
|
Real estate -
commercial mortgages
|
|
1,653,534
|
|
1,589,969
|
|
1,542,706
|
|
1,538,950
|
|
1,527,680
|
|
1,516,372
|
|
1,441,404
|
|
7.45
|
|
1,653,534
|
|
1,527,680
|
|
8.24
|
Installment loans to
individuals
|
|
|
80,724
|
|
77,255
|
|
75,066
|
|
74,672
|
|
75,068
|
|
74,020
|
|
67,283
|
|
8.10
|
|
80,724
|
|
75,068
|
|
7.53
|
|
Loans, net of
unearned
|
|
|
$ 3,607,005
|
|
$ 3,407,925
|
|
$ 3,274,314
|
|
$ 3,267,486
|
|
$ 3,165,492
|
|
$ 3,096,286
|
|
$ 2,947,836
|
|
10.39
|
|
$ 3,607,005
|
|
$ 3,165,492
|
|
13.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
covered by FDIC loss-share agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
2,467
|
|
$
3,726
|
|
$
3,917
|
|
$
6,684
|
|
$
7,699
|
|
$
7,677
|
|
$
8,283
|
|
(63.09)
|
|
$
2,467
|
|
$
7,699
|
|
(67.96)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
137
|
|
-
|
|
-
|
|
-
|
|
1,648
|
|
1,648
|
|
1,648
|
|
-
|
|
137
|
|
1,648
|
|
(91.69)
|
Real estate - 1-4
family mortgages
|
|
48,779
|
|
40,333
|
|
42,758
|
|
44,017
|
|
46,354
|
|
49,616
|
|
52,252
|
|
10.82
|
|
48,779
|
|
46,354
|
|
5.23
|
Real estate -
commercial mortgages
|
|
49,382
|
|
77,536
|
|
79,064
|
|
92,304
|
|
99,579
|
|
108,166
|
|
111,337
|
|
(46.50)
|
|
49,382
|
|
99,579
|
|
(50.41)
|
Installment loans to
individuals
|
|
|
74
|
|
31
|
|
34
|
|
36
|
|
39
|
|
22
|
|
25
|
|
105.56
|
|
74
|
|
39
|
|
89.74
|
|
Loans, net of
unearned
|
|
|
$
100,839
|
|
$
121,626
|
|
$
125,773
|
|
$
143,041
|
|
$
155,319
|
|
$
167,129
|
|
$
173,545
|
|
(29.50)
|
|
$
100,839
|
|
$
155,319
|
|
(35.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
not covered by FDIC loss-share agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
167,966
|
|
$
39,652
|
|
$
52,119
|
|
$
58,098
|
|
$
64,058
|
|
$
74,887
|
|
$
84,005
|
|
189.11
|
|
$
167,966
|
|
$
64,058
|
|
162.21
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
70,428
|
|
505
|
|
483
|
|
1,224
|
|
1,631
|
|
2,610
|
|
4,803
|
|
5,653.92
|
|
70,428
|
|
1,631
|
|
4,218.09
|
Real estate - 1-4
family mortgages
|
|
485,170
|
|
161,765
|
|
171,433
|
|
177,931
|
|
190,447
|
|
205,126
|
|
217,748
|
|
172.67
|
|
485,170
|
|
190,447
|
|
154.75
|
Real estate -
commercial mortgages
|
|
813,973
|
|
295,484
|
|
317,224
|
|
325,660
|
|
363,793
|
|
390,781
|
|
415,417
|
|
149.95
|
|
813,973
|
|
363,793
|
|
123.75
|
Installment loans to
individuals
|
|
|
32,579
|
|
10,247
|
|
12,315
|
|
14,434
|
|
16,699
|
|
20,711
|
|
24,074
|
|
125.71
|
|
32,579
|
|
16,699
|
|
95.10
|
|
Loans, net of
unearned
|
|
|
$ 1,570,116
|
|
$
507,653
|
|
$
553,574
|
|
$
577,347
|
|
$
636,628
|
|
$
694,115
|
|
$
746,047
|
|
171.95
|
|
$ 1,570,116
|
|
$
636,628
|
|
146.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
14,522
|
|
$
15,514
|
|
$
17,719
|
|
$
18,781
|
|
$
19,070
|
|
$
17,175
|
|
$
18,365
|
|
(22.68)
|
|
$
14,522
|
|
$
19,070
|
|
(23.85)
|
Loans 90 past due or
more
|
|
|
647
|
|
5,647
|
|
1,193
|
|
1,406
|
|
7,177
|
|
3,615
|
|
1,322
|
|
(53.98)
|
|
647
|
|
7,177
|
|
(90.99)
|
Nonperforming
loans
|
|
|
15,169
|
|
21,161
|
|
18,912
|
|
20,187
|
|
26,247
|
|
20,790
|
|
19,687
|
|
(24.86)
|
|
15,169
|
|
26,247
|
|
(42.21)
|
Other real estate
owned
|
|
|
13,936
|
|
14,967
|
|
16,735
|
|
17,087
|
|
20,461
|
|
23,950
|
|
25,117
|
|
(18.44)
|
|
13,936
|
|
20,461
|
|
(31.89)
|
Nonperforming assets
not acquired
|
|
$
29,105
|
|
$
36,128
|
|
$
35,647
|
|
$
37,274
|
|
$
46,708
|
|
$
44,740
|
|
$
44,804
|
|
(21.92)
|
|
$
29,105
|
|
$
46,708
|
|
(37.69)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
3,270
|
|
$
19,487
|
|
$
18,040
|
|
$
24,172
|
|
$
33,216
|
|
$
41,425
|
|
$
46,078
|
|
(86.47)
|
|
$
3,270
|
|
$
33,216
|
|
(90.16)
|
Loans 90 past due or
more
|
|
|
4,143
|
|
-
|
|
-
|
|
48
|
|
1,979
|
|
-
|
|
32
|
|
8,531.25
|
|
4,143
|
|
1,979
|
|
109.35
|
Non-performing loans
subject to loss share
|
|
7,413
|
|
19,487
|
|
18,040
|
|
24,220
|
|
35,195
|
|
41,425
|
|
46,110
|
|
(69.39)
|
|
7,413
|
|
35,195
|
|
(78.94)
|
Other real estate
owned
|
|
|
3,183
|
|
3,853
|
|
4,325
|
|
6,368
|
|
4,033
|
|
7,472
|
|
10,218
|
|
(50.02)
|
|
3,183
|
|
4,033
|
|
(21.08)
|
Nonperforming assets
acquired and subject to loss share
|
|
$
10,596
|
|
$
23,340
|
|
$
22,365
|
|
$
30,588
|
|
$
39,228
|
|
$
48,897
|
|
$
56,328
|
|
(65.36)
|
|
$
10,596
|
|
$
39,228
|
|
(72.99)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and not subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
15,796
|
|
$
1,085
|
|
$
1,627
|
|
$
1,443
|
|
$
1,991
|
|
$
5,966
|
|
$
6,393
|
|
994.66
|
|
$
15,796
|
|
$
1,991
|
|
693.37
|
Loans 90 past due or
more
|
|
|
8,824
|
|
2,523
|
|
9,636
|
|
9,259
|
|
8,375
|
|
5,057
|
|
1,922
|
|
(4.70)
|
|
8,824
|
|
8,375
|
|
5.36
|
Nonperforming
loans
|
|
|
24,620
|
|
3,608
|
|
11,263
|
|
10,702
|
|
10,366
|
|
11,023
|
|
8,315
|
|
130.05
|
|
24,620
|
|
10,366
|
|
137.51
|
Other real estate
owned
|
|
|
19,215
|
|
8,244
|
|
10,626
|
|
11,017
|
|
9,565
|
|
10,381
|
|
12,406
|
|
74.41
|
|
19,215
|
|
9,565
|
|
100.89
|
Nonperforming assets
acquired
|
|
|
$
43,835
|
|
$
11,852
|
|
$
21,889
|
|
$
21,719
|
|
$
19,931
|
|
$
21,404
|
|
$
20,721
|
|
101.83
|
|
$
43,835
|
|
$
19,931
|
|
119.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
$
588
|
|
$
1,588
|
|
$
1,062
|
|
$
3,330
|
|
$
4,952
|
|
$
2,194
|
|
$
1,067
|
|
(82.34)
|
|
$
3,238
|
|
$
8,213
|
|
(60.57)
|
Allowance for loan
losses
|
|
|
42,051
|
|
41,888
|
|
42,302
|
|
42,289
|
|
44,569
|
|
47,304
|
|
48,048
|
|
(0.56)
|
|
42,051
|
|
$
44,569
|
|
(5.65)
|
Annualized net loan
charge-offs / average loans
|
|
0.04%
|
|
0.16%
|
|
0.11%
|
|
0.33%
|
|
0.50%
|
|
0.23%
|
|
0.11%
|
|
|
|
0.10%
|
|
0.28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans*
|
|
0.89%
|
|
1.10%
|
|
1.22%
|
|
1.38%
|
|
1.81%
|
|
1.85%
|
|
1.92%
|
|
|
|
0.89%
|
|
1.81%
|
|
|
Nonperforming assets
/ total assets*
|
|
1.05%
|
|
1.21%
|
|
1.36%
|
|
1.54%
|
|
1.84%
|
|
1.97%
|
|
2.06%
|
|
|
|
1.05%
|
|
1.84%
|
|
|
Allowance for loan
losses / total loans*
|
|
0.80%
|
|
1.04%
|
|
1.07%
|
|
1.06%
|
|
1.13%
|
|
1.20%
|
|
1.24%
|
|
|
|
0.80%
|
|
1.13%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
89.09%
|
|
94.65%
|
|
87.74%
|
|
76.74%
|
|
62.07%
|
|
64.59%
|
|
64.83%
|
|
|
|
89.09%
|
|
62.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans**
|
|
0.42%
|
|
0.62%
|
|
0.58%
|
|
0.62%
|
|
0.83%
|
|
0.67%
|
|
0.67%
|
|
|
|
0.42%
|
|
0.83%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.37%
|
|
0.61%
|
|
0.61%
|
|
0.64%
|
|
0.81%
|
|
0.77%
|
|
0.76%
|
|
|
|
0.37%
|
|
0.81%
|
|
|
Allowance for loan
losses / total loans**
|
|
1.17%
|
|
1.23%
|
|
1.29%
|
|
1.29%
|
|
1.41%
|
|
1.53%
|
|
1.63%
|
|
|
|
1.17%
|
|
1.41%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
277.22%
|
|
197.95%
|
|
223.68%
|
|
209.49%
|
|
169.81%
|
|
227.53%
|
|
244.06%
|
|
|
|
277.22%
|
|
169.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on all assets
(including acquired assets)
|
|
|
|
|
|
|
|
|
|
**Excludes all assets
acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine
Months Ending
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
September
30,
|
|
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2015
|
|
2014
|
|
|
Net income
(GAAP)
|
|
|
$
16,220
|
|
$
15,394
|
|
$
15,240
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
|
|
$
46,854
|
|
$
43,985
|
|
|
Amortization of intangibles, net of tax
|
|
1,220
|
|
858
|
|
873
|
|
902
|
|
947
|
|
1,019
|
|
1,026
|
|
|
|
2,955
|
|
2,991
|
|
|
Tangible net income
(non-GAAP)
|
|
|
|
$
17,440
|
|
$
16,252
|
|
$
16,113
|
|
$
16,499
|
|
$
16,482
|
|
$
15,872
|
|
$
14,623
|
|
|
|
$
49,809
|
|
$
46,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$ 1,023,912
|
|
$
733,158
|
|
$
719,687
|
|
$
709,780
|
|
$
697,103
|
|
$
686,794
|
|
$
673,046
|
|
|
|
$
826,700
|
|
$
685,733
|
|
|
Intangibles
|
|
|
|
456,811
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
|
|
350,231
|
|
302,158
|
|
|
Average tangible
shareholders' equity (non-GAAP)
|
|
$
567,101
|
|
$
437,717
|
|
$
423,005
|
|
$
411,802
|
|
$
396,378
|
|
$
384,613
|
|
$
369,447
|
|
|
|
$
476,469
|
|
$
383,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
|
$ 7,905,538
|
|
$ 5,847,539
|
|
$ 5,821,758
|
|
$ 5,746,146
|
|
$ 5,758,083
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
|
|
$ 6,532,577
|
|
$ 5,840,233
|
|
|
Intangibles
|
|
|
|
456,811
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
|
|
350,231
|
|
302,158
|
|
|
Average tangible
assets (non-GAAP)
|
|
$ 7,448,727
|
|
$ 5,552,098
|
|
$ 5,525,076
|
|
$ 5,448,168
|
|
$ 5,457,358
|
|
$ 5,534,426
|
|
$ 5,624,285
|
|
|
|
$ 6,182,346
|
|
$ 5,538,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders's
equity (GAAP)
|
|
$ 1,032,699
|
|
$
730,976
|
|
$
723,196
|
|
$
711,651
|
|
$
700,475
|
|
$
688,215
|
|
$
676,715
|
|
|
|
$ 1,032,699
|
|
$
700,475
|
|
|
Intangibles
|
|
|
|
482,599
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
|
|
482,599
|
|
298,609
|
|
|
Actual tangible
shareholders' (non-GAAP)
|
|
$
550,100
|
|
$
436,168
|
|
$
427,143
|
|
$
414,321
|
|
$
401,866
|
|
$
386,737
|
|
$
373,812
|
|
|
|
$
550,100
|
|
$
401,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
|
$ 7,918,732
|
|
$ 5,899,190
|
|
$ 5,881,849
|
|
$ 5,805,129
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
|
|
$ 7,918,732
|
|
$ 5,751,711
|
|
|
Intangibles
|
|
|
|
482,599
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
|
|
482,599
|
|
298,609
|
|
|
Actual tangible
assets (non-GAAP)
|
|
$ 7,436,133
|
|
$ 5,604,382
|
|
$ 5,585,796
|
|
$ 5,507,799
|
|
$ 5,453,102
|
|
$ 5,524,542
|
|
$ 5,599,928
|
|
|
|
$ 7,436,133
|
|
$ 5,453,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
shareholders' equity (GAAP)
|
|
6.28%
|
|
8.42%
|
|
8.59%
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
|
|
7.58%
|
|
8.58%
|
|
|
Effect of adjustment for intangible assets
|
|
5.92%
|
|
6.47%
|
|
6.86%
|
|
7.18%
|
|
7.66%
|
|
7.88%
|
|
7.86%
|
|
|
|
6.40%
|
|
7.80%
|
|
|
Return on average
tangible shareholders' equity (non-GAAP)
|
|
12.20%
|
|
14.89%
|
|
15.45%
|
|
15.90%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
|
|
13.98%
|
|
16.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
|
0.81%
|
|
1.06%
|
|
1.06%
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
|
|
0.96%
|
|
1.01%
|
|
|
Effect of adjustment for intangible assets
|
|
0.11%
|
|
0.12%
|
|
0.12%
|
|
0.12%
|
|
0.13%
|
|
0.13%
|
|
0.12%
|
|
|
|
0.12%
|
|
0.13%
|
|
|
Return on average
tangible assets (non-GAAP)
|
|
0.93%
|
|
1.17%
|
|
1.18%
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
|
|
1.08%
|
|
1.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
|
13.04%
|
|
12.39%
|
|
12.30%
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
|
|
13.04%
|
|
12.18%
|
|
|
Effect of adjustment for intangible assets
|
|
5.64%
|
|
4.61%
|
|
4.65%
|
|
4.74%
|
|
4.81%
|
|
4.81%
|
|
4.79%
|
|
|
|
5.64%
|
|
4.81%
|
|
|
Tangible capital
ratio (non-GAAP)
|
|
7.40%
|
|
7.78%
|
|
7.65%
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
|
|
7.40%
|
|
7.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(FTE)
|
|
|
$
76,242
|
|
$
58,516
|
|
$
55,910
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
|
|
$
190,668
|
|
$
175,910
|
|
|
Interest expense
|
|
|
5,620
|
|
5,099
|
|
5,324
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
|
|
16,043
|
|
18,200
|
|
|
Net Interest income
(FTE)
|
|
|
$
70,622
|
|
$
53,417
|
|
$
50,586
|
|
$
51,755
|
|
$
52,212
|
|
$
53,894
|
|
$
51,605
|
|
|
|
$
174,625
|
|
$
157,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
|
$
32,117
|
|
$
22,917
|
|
$
21,904
|
|
$
19,970
|
|
$
22,563
|
|
$
19,471
|
|
$
18,616
|
|
|
|
$
76,938
|
|
$
60,650
|
|
|
Securities gains (losses)
|
|
|
-
|
|
96
|
|
-
|
|
-
|
|
375
|
|
-
|
|
-
|
|
|
|
96
|
|
375
|
|
|
Gain on acquisition
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
|
Total noninterest
income
|
|
|
|
$
32,117
|
|
$
22,821
|
|
$
21,904
|
|
$
19,970
|
|
$
22,188
|
|
$
19,471
|
|
$
18,616
|
|
|
|
$
76,842
|
|
$
60,275
|
|
|
Total Income
(FTE)
|
|
|
|
$
102,739
|
|
$
76,238
|
|
$
72,490
|
|
$
71,725
|
|
$
74,400
|
|
$
73,365
|
|
$
70,221
|
|
|
|
$
251,467
|
|
$
217,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
|
$
76,085
|
|
$
51,176
|
|
$
47,414
|
|
$
45,979
|
|
$
48,175
|
|
$
49,396
|
|
$
47,645
|
|
|
|
$
174,675
|
|
$
145,216
|
|
|
Amortization of intangibles
|
|
|
1,803
|
|
1,239
|
|
1,275
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
|
|
4,317
|
|
4,279
|
|
|
Merger-related expenses
|
|
|
7,746
|
|
1,467
|
|
478
|
|
499
|
|
-
|
|
-
|
|
195
|
|
|
|
9,691
|
|
195
|
|
|
Debt extinguishment penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
|
Total noninterest
expense
|
|
|
$
66,536
|
|
$
48,470
|
|
$
45,661
|
|
$
44,153
|
|
$
46,794
|
|
$
47,969
|
|
$
45,979
|
|
|
|
$
160,667
|
|
$
140,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
|
|
|
64.76%
|
|
63.58%
|
|
62.99%
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
|
|
63.89%
|
|
64.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logo -
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/renasant-announces-2015-third-quarter-earnings-of-040-per-share-053-per-share-excluding-merger-expenses-300163361.html
SOURCE Renasant Corporation