TUPELO, Miss., April 24, 2018 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the first quarter of 2018. Net income for the first
quarter of 2018 was approximately $33.8
million, as compared to $24.0
million for the first quarter of 2017. Basic and diluted
earnings per share ("EPS") were $0.69
and $0.68, respectively, for the
first quarter of 2018, as compared to basic and diluted EPS of
$0.54 for the first quarter of
2017.
On April 24, 2018, the Board of
Directors of the Company declared a quarterly cash dividend of
$0.20 per share to be paid
June 30, 2018, to shareholders of
record as of June 16, 2018. The
per share dividend represents a $0.01
increase from the dividend paid in the previous quarter and the
third increase to the Company's quarterly dividend since
March 31, 2016.
On March 28, 2018, the Company and
Brand Group Holdings, Inc. ("Brand"), the parent company of The
Brand Banking Company, jointly announced the signing of a
definitive merger agreement pursuant to which the Company will
acquire Brand for a combination of cash and Renasant common stock.
Brand operates 13 locations throughout the greater Atlanta market. As of December 31, 2017, Brand had approximately
$2.4 billion in total assets, which
included approximately $1.9 billion
in total loans (excluding mortgage loans held for sale), and
approximately $1.9 billion in total
deposits.
Impact from Infrequent or Nonrecurring
Items
The Company incurred expenses and charges in
connection with certain transactions that are considered to be
infrequent or non-recurring in nature. The following table presents
the impact of these charges on reported earnings for the dates
presented (in thousands):
|
Three months
ended
March 31, 2018
|
|
Three months
ended
March 31, 2017
|
|
Pre-tax
|
After-tax
|
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Diluted
EPS
|
Earnings, as
reported
|
$
|
43,499
|
|
$
|
33,826
|
|
$
|
0.68
|
|
|
$
|
35,227
|
|
$
|
23,972
|
|
$
|
0.54
|
|
Merger and conversion
expenses
|
900
|
|
700
|
|
0.02
|
|
|
345
|
|
235
|
|
0.01
|
|
Debt prepayment
penalty
|
—
|
|
—
|
|
—
|
|
|
205
|
|
140
|
|
—
|
|
Earnings,
adjusted
|
44,399
|
|
34,526
|
|
0.70
|
|
|
35,777
|
|
24,347
|
|
0.55
|
|
"Renasant opened the year with very strong results. Our
continued focus on profitability in this competitive interest rate
environment coupled with our strategies around expense containment
were the driving factors behind our record earnings for the
quarter," commented Renasant Chairman and Chief Executive Officer,
E. Robinson McGraw. "We're also
excited to announce an increase in our quarterly dividend,
effective in the second quarter of 2018. This increase represents
the third dividend increase in the last eight quarters and boosts
our annual cash dividend from $0.76
to $0.80. It is also my pleasure to
announce that, effective May 1, 2018,
our Board of Directors has elected Mitch
Waycaster as Chief Executive Officer of both Renasant
Corporation and Renasant Bank and Kevin
Chapman as Chief Operating Officer, in addition to his role
as Chief Financial Officer, of both Renasant Corporation and
Renasant Bank."
C. Mitchell Waycaster added, "Our
strong results for the first quarter of 2018 demonstrate that
Renasant is positioned well for a successful year. Furthermore, we
believe our proposed merger with Brand, which we currently expect
to complete in the third quarter of 2018, will bolster our
prospects as we team with an experienced group of management and
expand our presence and offerings in the Atlanta metro area. Finally, as Robin
transitions into his new role as Executive Chairman of the Company,
the entire Renasant family thanks him for his honorable dedication
to Renasant and exemplary leadership as the Company grew from
$1.2 billion in assets to
$10.2 billion in assets under his
oversight as CEO. We look to capitalize on this legacy and enjoy
continued success into the future."
Profitability Metrics
The following table
presents the Company's profitability metrics for the three months
ended March 31, 2018, including and
excluding the impact of after-tax merger and conversion expenses,
which are non-recurring in nature:
|
Three Months
Ended
|
|
March 31,
2018
|
|
As
Reported
|
Excluding
nonrecurring charges
|
Return on average
assets
|
1.36
|
%
|
1.39%
|
Return on average
tangible assets
|
1.51
|
%
|
1.54%
|
Return on average
equity
|
9.00
|
%
|
9.19%
|
Return on average
tangible equity
|
16.02
|
%
|
16.34%
|
Return on average tangible assets and return on average tangible
equity are non-GAAP financial measures. A reconciliation of these
financial measures from GAAP to non-GAAP is included in the table
at the end of this release.
Other financial highlights from the first quarter of 2018
include the following:
- Total assets were $10.2 billion
at March 31, 2018, as compared to
$9.8 billion at December 31, 2017.
- Total loans increased to $7.7
billion at March 31, 2018,
from $7.6 billion at December 31, 2017, which represents an annual
linked quarter growth rate of 4.14%. Loans not purchased were
$5.8 billion at March 31, 2018, as compared to $5.6 billion at December
31, 2017.The following table reconciles the reported loan
yield to the adjusted loan yield excluding the impact from interest
income collected on problem loans and purchase accounting
adjustments on purchased loans for the periods presented (in
thousands):
|
Three Months
Ended
|
|
March
31,
|
December
31,
|
March
31,
|
|
2018
|
2017
|
2017
|
Taxable equivalent
interest income on loans (as reported)
|
$
|
93,373
|
|
$
|
97,307
|
|
$
|
73,710
|
|
Interest income
collected (foregone) on problem loans
|
358
|
|
4,543
|
|
556
|
|
Accretable yield
recognized on purchased loans(1)
|
6,118
|
|
5,878
|
|
5,604
|
|
Interest income on
loans (adjusted)
|
$
|
86,897
|
|
$
|
86,886
|
|
$
|
67,550
|
|
|
|
|
|
Average
loans
|
$
|
7,646,991
|
|
$
|
7,535,199
|
|
$
|
6,198,705
|
|
|
|
|
|
Loan yield, as
reported
|
4.95
|
%
|
5.07
|
%
|
4.82
|
%
|
Loan yield,
adjusted
|
4.61
|
%
|
4.52
|
%
|
4.42
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $3,358, $2,747 and
$2,731 for the three months ended March 31, 2018, December 31,
2017, and March 31, 2017, respectively, which increased loan yield
by 18 basis points, 14 basis points and 18 basis points for the
same periods, respectively.
|
- Total deposits increased to $8.4
billion at March 31, 2018,
from $7.9 billion at December 31, 2017. For the first quarter of 2018,
the cost of total deposits was 40 basis points, as compared to 36
basis points for the fourth quarter of 2017 and 29 basis points for
the first quarter of 2017. The following table presents the mix and
cost of all funding sources for the first quarter of 2018 as
compared to the fourth quarter of 2018 and the first quarter of
2017.
|
Percentage of
Total Average Deposits and
Borrowed Funds
|
|
Cost of
Funds
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
2018
|
|
2017
|
|
2017
|
|
2018
|
|
2017
|
|
2017
|
Noninterest-bearing
demand
|
21.52
|
%
|
|
21.74
|
%
|
|
21.00
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
46.31
|
|
|
43.80
|
|
|
45.96
|
|
|
0.35
|
|
|
0.32
|
|
|
0.22
|
|
Savings
|
6.88
|
|
|
6.63
|
|
|
7.46
|
|
|
0.11
|
|
|
0.07
|
|
|
0.07
|
|
Time
deposits
|
21.56
|
|
|
21.12
|
|
|
21.79
|
|
|
1.00
|
|
|
0.90
|
|
|
0.81
|
|
Borrowed
Funds
|
3.73
|
|
|
6.71
|
|
|
3.79
|
|
|
3.98
|
|
|
2.74
|
|
|
3.92
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
0.53
|
%
|
|
0.52
|
%
|
|
0.43
|
%
|
- Net interest income was $89.2
million for the first quarter of 2018, as compared to
$93.3 million for the fourth quarter
of 2017 and $74.0 million for the
first quarter of 2017. Net interest margin was 4.20% for the first
quarter of 2018, as compared to 4.25% for the fourth quarter of
2017 and 4.01% for the first quarter of 2017. The following table
reconciles reported net interest margin to adjusted net interest
margin excluding the impact from interest income collected on
problem loans and purchase accounting adjustments on purchased
loans for the periods presented (in thousands):
|
Three Months
Ended
|
|
March
31,
|
December
31,
|
March
31,
|
|
2018
|
2017
|
2017
|
Taxable equivalent
net interest income (as reported)
|
$
|
90,807
|
|
$
|
96,448
|
|
$
|
75,907
|
|
Interest income
collected (foregone) on problem loans
|
358
|
|
4,543
|
|
556
|
|
Accretable yield
recognized on purchased loans (1)
|
6,118
|
|
5,878
|
|
5,604
|
|
Taxable equivalent
net interest income (adjusted)
|
$
|
84,331
|
|
$
|
86,027
|
|
$
|
69,747
|
|
|
|
|
|
Average earning
assets
|
$
|
8,760,679
|
|
$
|
8,913,675
|
|
$
|
7,668,582
|
|
|
|
|
|
Net interest margin,
as reported
|
4.20
|
%
|
4.25
|
%
|
4.01
|
%
|
Net interest margin,
adjusted
|
3.90
|
%
|
3.78
|
%
|
3.69
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $3,358, $2,747 and
$2,731 for the three months ended March 31, 2018, December 31,
2017, and March 31, 2017, respectively, which increased net
interest margin by 16 basis points, 12 basis points and 14 basis
points for the same periods, respectively.
|
- Noninterest income for the first quarter of 2018 was
$34.0 million, as compared to
$32.4 million for the fourth quarter
of 2017 and $32.0 million for the
first quarter of 2017. The addition of Metropolitan, coupled with
growth in fee income on legacy Renasant loan and deposit products,
contributed to the growth in service charges on deposits and fees
and commissions on loans and deposits for the first quarter of 2018
as compared to the same period in 2017. Mortgage banking income for
the first quarter of 2018 was $11.0
million, compared to $9.9
million for the fourth quarter of 2017 and $10.5 million for the first quarter of 2017.
- Noninterest expense was $77.9
million for the first quarter of 2018, as compared to
$76.8 million for the fourth quarter
of 2017 and $69.3 million for the
first quarter of 2017. The impact from the addition of the
Metropolitan operations has been slightly offset by expense
containment efforts through contract renegotiations.
Asset Quality Metrics
Total nonperforming
assets were $37.5 million at
March 31, 2018, a decrease of
$1.9 million from December 31, 2017, and consisted of $22.9 million in nonperforming loans (loans 90
days or more past due and nonaccrual loans) and $14.6 million in other real estate owned
("OREO").
The Company's nonperforming loans and OREO that were purchased
in previous acquisitions (collectively referred to as "purchased
nonperforming assets") were $9.9
million and $9.8 million,
respectively, at March 31, 2018, as
compared to $10.2 million and
$11.5 million, respectively, at
December 31, 2017. The purchased
nonperforming assets were recorded at fair value at the time of
acquisition, which significantly mitigates the Company's actual
loss. As such, the remaining information in this release on
nonperforming loans, OREO and the related asset quality ratios
focuses on non-purchased nonperforming assets.
- Excluding purchased loans, nonperforming loans decreased to
$13.0 million, or 0.22% of total
loans, at March 31, 2018, from
$13.3 million, or 0.24% of total
loans, at December 31,
2017. Early stage delinquencies, or loans 30-to-89 days past
due, as a percentage of total loans were 0.33% at March 31, 2018, as compared to 0.30% at
December 31, 2017.
- Excluding purchased OREO, OREO was $4.8
million at March 31, 2018, as
compared to $4.4 million at
December 31, 2017. OREO sales totaled
$677 thousand in the first quarter of
2018.
- The allowance for loan losses was 0.60% of total loans at
March 31, 2018, as compared to 0.61%
at December 31, 2017. The allowance
for loan losses was 0.80% of non-purchased loans at March 31, 2018, as compared to 0.83% at
December 31,
2017.
-
- Net loan charge-offs were $1.6
million, or 0.08% on an annualized basis of average total
loans, for the first quarter of 2018, as compared to $470 thousand, or 0.02% on an annualized basis of
average total loans, for the fourth quarter of 2017 and
$1.3 million, or 0.09% on an
annualized basis of average total loans, for the first quarter of
2017.
- The provision for loan losses was $1.8
million for the first quarter of 2018, as compared to
$2.2 million for the fourth quarter
of 2017 and $1.5 million for the
first quarter of 2017.
Capital Ratios
- At March 31, 2018, Tier 1
leverage capital ratio was 10.61%, Common Equity Tier 1 ratio was
11.38%, Tier 1 risk-based capital ratio was 12.41%, and total
risk-based capital ratio was 14.44%. All regulatory ratios exceed
the minimums required to be considered "well-capitalized."
- Tangible common equity ratio was 9.36% at March 31, 2018, as compared to 9.56% at
December 31, 2017.
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,
April 25, 2018.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst180425.html. To access
the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation First 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 10119302 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until May 9, 2018.
ABOUT RENASANT CORPORATION:
Renasant Corporation is
the parent of Renasant Bank, a 114-year-old financial services
institution. Renasant has assets of approximately $10.2 billion and operates more than 180 banking,
mortgage, wealth management 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," "approximately," "should" and
variations of such words 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. 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 the Company's portfolio of
outstanding loans, and competition in the Company's markets.
Management believes that the assumptions underlying the Company's
forward-looking statements are reasonable, but any of the
assumptions could prove to be inaccurate. Investors are urged to
carefully consider the risks described in the Company's filings
with the Securities and Exchange Commission (the "SEC") from time
to time, including its most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q, which are available at
www.renasant.com and the SEC's website at www.sec.gov. The
Company expressly disclaims any 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 non-GAAP
financial measures. Certain non-GAAP financial measures that the
Company uses exclude purchase accounting adjustments and interest
income collected (foregone) on problem loans from loan interest
income and net interest income when calculating the Company's
taxable equivalent loan yields and net interest margin,
respectively. The most directly comparable GAAP financial measure
is presented with these non-GAAP measures. The Company's management
uses these non-GAAP financial measures to evaluate ongoing
operating results and to assess ongoing profitability.
Certain other non-GAAP financial measures (namely, return on
average tangible shareholders' equity, return on average tangible
assets, the ratio of tangible equity to tangible assets (commonly
referred to as the "tangible capital ratio") and the efficiency
ratio) adjust GAAP financial measures to exclude intangible assets
and certain charges that the Company considers to be non-recurring
in nature. Management uses these non-GAAP financial measures 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, and
non-recurring charges can vary extensively from company to company
and, as to intangible assets, 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. Reconciliations of these other 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."
None of the non-GAAP financial information that the Company has
included in this release is 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 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.
Contacts:
|
For Media:
|
|
|
For
Financials:
|
|
John
Oxford
|
|
|
Kevin
Chapman
|
|
First Vice
President
|
|
|
Executive Vice
President
|
|
Director of
Marketing
|
|
|
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 2018
-
|
|
For The Three
Months Ending
|
|
|
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
$
|
101,947
|
|
|
$
|
107,773
|
|
|
$
|
102,613
|
|
|
$
|
89,429
|
|
|
$
|
83,781
|
|
|
(5.41)
|
|
|
$
|
101,947
|
|
|
$
|
83,781
|
|
|
21.68
|
|
Interest
income
|
$
|
100,380
|
|
|
$
|
104,587
|
|
|
$
|
100,695
|
|
|
$
|
87,579
|
|
|
$
|
81,889
|
|
|
(4.02)
|
|
|
$
|
100,380
|
|
|
$
|
81,889
|
|
|
22.58
|
|
Interest
expense
|
11,140
|
|
|
11,325
|
|
|
10,678
|
|
|
7,976
|
|
|
7,874
|
|
|
(1.63)
|
|
|
11,140
|
|
|
7,874
|
|
|
41.48
|
|
|
Net interest
income
|
89,240
|
|
|
93,262
|
|
|
90,017
|
|
|
79,603
|
|
|
74,015
|
|
|
(4.31)
|
|
|
89,240
|
|
|
74,015
|
|
|
20.57
|
|
Provision for loan
losses
|
1,750
|
|
|
2,150
|
|
|
2,150
|
|
|
1,750
|
|
|
1,500
|
|
|
(18.60)
|
|
|
1,750
|
|
|
1,500
|
|
|
16.67
|
|
|
Net interest income
after provision
|
87,490
|
|
|
91,112
|
|
|
87,867
|
|
|
77,853
|
|
|
72,515
|
|
|
(3.98)
|
|
|
87,490
|
|
|
72,515
|
|
|
20.65
|
|
Service charges on
deposit accounts
|
8,473
|
|
|
8,659
|
|
|
8,676
|
|
|
7,958
|
|
|
7,931
|
|
|
(2.15)
|
|
|
8,473
|
|
|
7,931
|
|
|
6.83
|
|
Fees and commissions
on loans and deposits
|
5,685
|
|
|
5,647
|
|
|
5,618
|
|
|
5,470
|
|
|
5,199
|
|
|
0.67
|
|
|
5,685
|
|
|
5,199
|
|
|
9.35
|
|
Insurance commissions
and fees
|
2,005
|
|
|
1,955
|
|
|
2,365
|
|
|
2,181
|
|
|
1,860
|
|
|
2.56
|
|
|
2,005
|
|
|
1,860
|
|
|
7.8
|
|
Wealth management
revenue
|
3,262
|
|
|
3,000
|
|
|
2,963
|
|
|
3,037
|
|
|
2,884
|
|
|
8.73
|
|
|
3,262
|
|
|
2,884
|
|
|
13.11
|
|
Securities gains
(losses)
|
—
|
|
|
91
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mortgage banking
income
|
10,960
|
|
|
9,871
|
|
|
10,616
|
|
|
12,424
|
|
|
10,504
|
|
|
11.03
|
|
|
10,960
|
|
|
10,504
|
|
|
4.34
|
|
Other
|
3,568
|
|
|
3,218
|
|
|
3,118
|
|
|
3,195
|
|
|
3,643
|
|
|
10.88
|
|
|
3,568
|
|
|
3,643
|
|
|
(2.06)
|
|
|
Total noninterest
income
|
33,953
|
|
|
32,441
|
|
|
33,413
|
|
|
34,265
|
|
|
32,021
|
|
|
4.66
|
|
|
33,953
|
|
|
32,021
|
|
|
6.03
|
|
Salaries and employee
benefits
|
48,784
|
|
|
48,787
|
|
|
48,530
|
|
|
45,014
|
|
|
42,209
|
|
|
(0.01)
|
|
|
48,784
|
|
|
42,209
|
|
|
15.58
|
|
Data
processing
|
4,244
|
|
|
4,226
|
|
|
4,179
|
|
|
3,835
|
|
|
4,234
|
|
|
0.43
|
|
|
4,244
|
|
|
4,234
|
|
|
0.24
|
|
Occupancy and
equipment
|
9,822
|
|
|
10,153
|
|
|
9,470
|
|
|
8,814
|
|
|
9,319
|
|
|
(3.26)
|
|
|
9,822
|
|
|
9,319
|
|
|
5.4
|
|
Other real
estate
|
657
|
|
|
554
|
|
|
603
|
|
|
781
|
|
|
532
|
|
|
18.59
|
|
|
657
|
|
|
532
|
|
|
23.5
|
|
Amortization of
intangibles
|
1,651
|
|
|
1,708
|
|
|
1,766
|
|
|
1,493
|
|
|
1,563
|
|
|
(3.34)
|
|
|
1,651
|
|
|
1,563
|
|
|
5.63
|
|
Merger and conversion
related expenses
|
900
|
|
|
723
|
|
|
6,266
|
|
|
3,044
|
|
|
345
|
|
|
24.48
|
|
|
900
|
|
|
345
|
|
|
160.87
|
|
Debt extinguishment
penalty
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
(100.00)
|
|
Other
|
11,886
|
|
|
10,657
|
|
|
9,846
|
|
|
11,860
|
|
|
10,902
|
|
|
11.53
|
|
|
11,886
|
|
|
10,902
|
|
|
9.03
|
|
|
Total noninterest
expense
|
77,944
|
|
|
76,808
|
|
|
80,660
|
|
|
74,841
|
|
|
69,309
|
|
|
1.48
|
|
|
77,944
|
|
|
69,309
|
|
|
12.46
|
|
Income before income
taxes
|
43,499
|
|
|
46,745
|
|
|
40,620
|
|
|
37,277
|
|
|
35,227
|
|
|
(6.94)
|
|
|
43,499
|
|
|
35,227
|
|
|
23.48
|
|
Income
taxes
|
9,673
|
|
|
30,234
|
|
|
14,199
|
|
|
11,993
|
|
|
11,255
|
|
|
(68.01)
|
|
|
9,673
|
|
|
11,255
|
|
|
(14.06)
|
|
|
Net
income
|
$
|
33,826
|
|
|
$
|
16,511
|
|
|
$
|
26,421
|
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
104.87
|
|
|
$
|
33,826
|
|
|
$
|
23,972
|
|
|
41.11
|
|
Basic earnings per
share
|
$
|
0.69
|
|
|
$
|
0.33
|
|
|
$
|
0.54
|
|
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
109.09
|
|
|
$
|
0.69
|
|
|
$
|
0.54
|
|
|
27.78
|
|
Diluted earnings per
share
|
0.68
|
|
|
0.33
|
|
|
0.53
|
|
|
0.57
|
|
|
0.54
|
|
|
106.06
|
|
|
0.68
|
|
|
0.54
|
|
|
25.93
|
|
Average basic shares
outstanding
|
49,356,417
|
|
|
49,320,377
|
|
|
49,316,572
|
|
|
44,415,423
|
|
|
44,364,337
|
|
|
0.07
|
|
|
49,356,417
|
|
|
44,364,337
|
|
|
11.25
|
|
Average diluted
shares outstanding
|
49,502,950
|
|
|
49,456,289
|
|
|
49,435,225
|
|
|
44,523,541
|
|
|
44,480,499
|
|
|
0.09
|
|
|
49,502,950
|
|
|
44,480,499
|
|
|
11.29
|
|
Common shares
outstanding
|
49,392,978
|
|
|
49,321,231
|
|
|
49,320,225
|
|
|
44,430,335
|
|
|
44,394,707
|
|
|
0.15
|
|
|
49,392,978
|
|
|
44,394,707
|
|
|
11.26
|
|
Cash dividend per
common share
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
—
|
|
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
5.56
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
9.00
|
%
|
|
4.31
|
%
|
|
7.01
|
%
|
|
8.06
|
%
|
|
7.80
|
%
|
|
|
|
9.00
|
%
|
|
7.80
|
%
|
|
|
Return on avg
tangible s/h's equity (1)
|
16.02
|
%
|
|
7.94
|
%
|
|
12.74
|
%
|
|
13.76
|
%
|
|
13.48
|
%
|
|
|
|
16.02
|
%
|
|
13.48
|
%
|
|
|
Return on avg
assets
|
1.36
|
%
|
|
0.64
|
%
|
|
1.02
|
%
|
|
1.16
|
%
|
|
1.11
|
%
|
|
|
|
1.36
|
%
|
|
1.11
|
%
|
|
|
Return on avg
tangible assets (2)
|
1.51
|
%
|
|
0.73
|
%
|
|
1.13
|
%
|
|
1.28
|
%
|
|
1.23
|
%
|
|
|
|
1.51
|
%
|
|
1.23
|
%
|
|
|
Net interest margin
(FTE)
|
4.20
|
%
|
|
4.25
|
%
|
|
4.08
|
%
|
|
4.27
|
%
|
|
4.01
|
%
|
|
|
|
4.20
|
%
|
|
4.01
|
%
|
|
|
Yield on earning
assets (FTE)
|
4.72
|
%
|
|
4.75
|
%
|
|
4.55
|
%
|
|
4.68
|
%
|
|
4.43
|
%
|
|
|
|
4.72
|
%
|
|
4.43
|
%
|
|
|
Cost of
funding
|
0.53
|
%
|
|
0.52
|
%
|
|
0.49
|
%
|
|
0.43
|
%
|
|
0.43
|
%
|
|
|
|
0.53
|
%
|
|
0.43
|
%
|
|
|
Average earning
assets to average assets
|
87.12
|
%
|
|
86.92
|
%
|
|
87.03
|
%
|
|
87.81
|
%
|
|
87.55
|
%
|
|
|
|
87.12
|
%
|
|
87.55
|
%
|
|
|
Average loans to
average deposits
|
94.04
|
%
|
|
93.51
|
%
|
|
90.96
|
%
|
|
88.03
|
%
|
|
86.81
|
%
|
|
|
|
94.04
|
%
|
|
86.81
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
1.37
|
%
|
|
1.25
|
%
|
|
1.29
|
%
|
|
1.58
|
%
|
|
1.48
|
%
|
|
|
|
1.37
|
%
|
|
1.48
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
penalties/merger-related expenses) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets
|
3.11
|
%
|
|
2.94
|
%
|
|
2.87
|
%
|
|
3.3
|
%
|
|
3.18
|
%
|
|
|
|
3.11
|
%
|
|
3.18
|
%
|
|
|
Net overhead
ratio
|
1.74
|
%
|
|
1.69
|
%
|
|
1.58
|
%
|
|
1.72
|
%
|
|
1.70
|
%
|
|
|
|
1.74
|
%
|
|
1.70
|
%
|
|
|
Efficiency ratio
(FTE) (4)
|
60.43
|
%
|
|
57.75
|
%
|
|
57.97
|
%
|
|
60.75
|
%
|
|
62.26
|
%
|
|
|
|
60.43
|
%
|
|
62.26
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2018
-
|
|
For The Three
Months Ending
|
|
|
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
10,055,755
|
|
|
$
|
10,254,774
|
|
|
$
|
10,277,476
|
|
|
$
|
8,720,660
|
|
|
$
|
8,759,448
|
|
|
(1.94)
|
|
|
$
|
10,055,755
|
|
|
$
|
8,759,448
|
|
|
14.80
|
|
Earning
assets
|
8,760,679
|
|
|
8,913,675
|
|
|
8,944,067
|
|
|
7,657,848
|
|
|
7,668,582
|
|
|
(1.72)
|
|
|
8,760,679
|
|
|
7,668,582
|
|
|
14.24
|
|
Securities
|
833,076
|
|
|
1,043,075
|
|
|
1,147,157
|
|
|
1,069,244
|
|
|
1,043,697
|
|
|
(20.13)
|
|
|
833,076
|
|
|
1,043,697
|
|
|
(20.18)
|
|
Mortgage loans held
for sale
|
152,299
|
|
|
188,795
|
|
|
226,512
|
|
|
168,650
|
|
|
112,105
|
|
|
(19.33)
|
|
|
152,299
|
|
|
112,105
|
|
|
35.85
|
|
Loans, net of
unearned
|
7,646,991
|
|
|
7,535,199
|
|
|
7,375,410
|
|
|
6,293,497
|
|
|
6,198,705
|
|
|
1.48
|
|
|
7,646,991
|
|
|
6,198,705
|
|
|
23.36
|
|
Intangibles
|
634,898
|
|
|
636,533
|
|
|
636,977
|
|
|
492,349
|
|
|
493,816
|
|
|
(0.26)
|
|
|
634,898
|
|
|
493,816
|
|
|
28.57
|
|
Noninterest-bearing
deposits
|
$
|
1,817,848
|
|
|
$
|
1,877,789
|
|
|
$
|
1,849,396
|
|
|
$
|
1,608,467
|
|
|
$
|
1,558,809
|
|
|
(3.19)
|
|
|
$
|
1,817,848
|
|
|
$
|
1,558,809
|
|
|
16.62
|
|
Interest-bearing
deposits
|
6,314,114
|
|
|
6,180,075
|
|
|
6,259,249
|
|
|
5,540,698
|
|
|
5,581,853
|
|
|
2.17
|
|
|
6,314,114
|
|
|
5,581,853
|
|
|
13.12
|
|
Total
deposits
|
8,131,962
|
|
|
8,057,864
|
|
|
8,108,645
|
|
|
7,149,165
|
|
|
7,140,662
|
|
|
0.92
|
|
|
8,131,962
|
|
|
7,140,662
|
|
|
13.88
|
|
Borrowed
funds
|
314,228
|
|
|
579,920
|
|
|
575,816
|
|
|
233,542
|
|
|
282,008
|
|
|
(45.82)
|
|
|
314,228
|
|
|
282,008
|
|
|
11.43
|
|
Shareholders'
equity
|
1,523,873
|
|
|
1,518,131
|
|
|
1,495,591
|
|
|
1,258,935
|
|
|
1,246,903
|
|
|
0.38
|
|
|
1,523,873
|
|
|
1,246,903
|
|
|
22.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2018
-
|
|
As
of
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
March
31,
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
10,238,313
|
|
|
$
|
9,829,981
|
|
|
$
|
10,323,687
|
|
|
$
|
8,872,272
|
|
|
$
|
8,764,711
|
|
|
4.15
|
|
|
$
|
10,238,313
|
|
|
$
|
8,764,711
|
|
|
16.81
|
|
Earning
assets
|
8,938,117
|
|
|
8,493,741
|
|
|
8,943,570
|
|
|
7,763,775
|
|
|
7,690,045
|
|
|
5.23
|
|
|
8,938,117
|
|
|
7,690,045
|
|
|
16.23
|
|
Securities
|
948,365
|
|
|
671,488
|
|
|
1,150,459
|
|
|
1,076,625
|
|
|
1,044,862
|
|
|
41.23
|
|
|
948,365
|
|
|
1,044,862
|
|
|
(9.24)
|
|
Mortgage loans held
for sale
|
204,472
|
|
|
108,316
|
|
|
207,288
|
|
|
232,398
|
|
|
158,619
|
|
|
88.77
|
|
|
204,472
|
|
|
158,619
|
|
|
28.91
|
|
Non purchased
loans
|
5,830,122
|
|
|
5,588,556
|
|
|
5,293,467
|
|
|
5,058,898
|
|
|
4,834,085
|
|
|
4.32
|
|
|
5,830,122
|
|
|
4,834,085
|
|
|
20.6
|
|
Purchased
loans
|
1,867,948
|
|
|
2,031,766
|
|
|
2,155,141
|
|
|
1,312,109
|
|
|
1,401,720
|
|
|
(8.06)
|
|
|
1,867,948
|
|
|
1,401,720
|
|
|
33.26
|
|
|
Total
loans
|
7,698,070
|
|
|
7,620,322
|
|
|
7,448,608
|
|
|
6,371,007
|
|
|
6,235,805
|
|
|
1.02
|
|
|
7,698,070
|
|
|
6,235,805
|
|
|
23.45
|
|
Intangibles
|
633,905
|
|
|
635,556
|
|
|
637,264
|
|
|
491,552
|
|
|
493,045
|
|
|
(0.26)
|
|
|
633,905
|
|
|
493,045
|
|
|
28.57
|
|
Noninterest-bearing
deposits
|
$
|
1,861,136
|
|
|
$
|
1,840,424
|
|
|
$
|
1,835,300
|
|
|
$
|
1,642,863
|
|
|
$
|
1,579,581
|
|
|
1.13
|
|
|
$
|
1,861,136
|
|
|
$
|
1,579,581
|
|
|
17.82
|
|
Interest-bearing
deposits
|
6,496,633
|
|
|
6,080,651
|
|
|
6,283,218
|
|
|
5,559,162
|
|
|
5,651,269
|
|
|
6.84
|
|
|
6,496,633
|
|
|
5,651,269
|
|
|
14.96
|
|
|
Total
deposits
|
8,357,769
|
|
|
7,921,075
|
|
|
8,118,518
|
|
|
7,202,025
|
|
|
7,230,850
|
|
|
5.51
|
|
|
8,357,769
|
|
|
7,230,850
|
|
|
15.58
|
|
Borrowed
funds
|
265,191
|
|
|
297,360
|
|
|
591,933
|
|
|
312,077
|
|
|
202,006
|
|
|
(10.82)
|
|
|
265,191
|
|
|
202,006
|
|
|
31.28
|
|
Shareholders'
equity
|
1,532,765
|
|
|
1,514,983
|
|
|
1,511,826
|
|
|
1,271,786
|
|
|
1,251,065
|
|
|
1.17
|
|
|
1,532,765
|
|
|
1,251,065
|
|
|
22.52
|
|
Market value per
common share
|
$
|
42.56
|
|
|
$
|
40.89
|
|
|
$
|
42.90
|
|
|
$
|
43.74
|
|
|
$
|
39.69
|
|
|
4.08
|
|
|
$
|
42.56
|
|
|
$
|
39.69
|
|
|
7.23
|
|
Book value per common
share
|
31.03
|
|
|
30.72
|
|
|
30.65
|
|
|
28.62
|
|
|
28.18
|
|
|
1.02
|
|
|
31.03
|
|
|
28.18
|
|
|
10.11
|
|
Tangible book value
per common share
|
18.20
|
|
|
17.83
|
|
|
17.73
|
|
|
17.56
|
|
|
17.07
|
|
|
2.07
|
|
|
18.20
|
|
|
17.07
|
|
|
6.59
|
|
Shareholders' equity
to assets (actual)
|
14.97
|
%
|
|
15.41
|
%
|
|
14.64
|
%
|
|
14.33
|
%
|
|
14.27
|
%
|
|
|
|
14.97
|
%
|
|
14.27
|
%
|
|
|
Tangible capital
ratio (3)
|
9.36
|
%
|
|
9.56
|
%
|
|
9.03
|
%
|
|
9.31
|
%
|
|
9.16
|
%
|
|
|
|
9.36
|
%
|
|
9.16
|
%
|
|
|
Leverage
ratio
|
10.61
|
%
|
|
10.18
|
%
|
|
10.05
|
%
|
|
10.68
|
%
|
|
10.39
|
%
|
|
|
|
10.61
|
%
|
|
10.39
|
%
|
|
|
Common equity tier 1
capital ratio
|
11.38
|
%
|
|
11.34
|
%
|
|
11.21
|
%
|
|
11.65
|
%
|
|
11.69
|
%
|
|
|
|
11.38
|
%
|
|
11.69
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
12.41
|
%
|
|
12.39
|
%
|
|
12.26
|
%
|
|
12.86
|
%
|
|
12.93
|
%
|
|
|
|
12.41
|
%
|
|
12.93
|
%
|
|
|
Total risk-based
capital ratio
|
14.44
|
%
|
|
14.46
|
%
|
|
14.30
|
%
|
|
15.00
|
%
|
|
15.11
|
%
|
|
|
|
14.44
|
%
|
|
15.11
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2018
-
|
|
As
of
|
|
|
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Non purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
803,146
|
|
|
$
|
763,823
|
|
|
$
|
707,835
|
|
|
$
|
657,713
|
|
|
$
|
626,237
|
|
|
5.15
|
|
|
$
|
803,146
|
|
|
$
|
626,237
|
|
|
28.25
|
|
Lease
Financing
|
52,536
|
|
|
54,013
|
|
|
51,902
|
|
|
49,066
|
|
|
47,816
|
|
|
(2.73)
|
|
|
52,536
|
|
|
47,816
|
|
|
9.87
|
|
Real estate-
construction
|
582,430
|
|
|
547,658
|
|
|
477,638
|
|
|
424,861
|
|
|
378,061
|
|
|
6.35
|
|
|
582,430
|
|
|
378,061
|
|
|
54.06
|
|
Real estate - 1-4
family mortgages
|
1,785,271
|
|
|
1,729,534
|
|
|
1,644,060
|
|
|
1,551,934
|
|
|
1,485,663
|
|
|
3.22
|
|
|
1,785,271
|
|
|
1,485,663
|
|
|
20.17
|
|
Real estate -
commercial mortgages
|
2,503,680
|
|
|
2,390,076
|
|
|
2,311,340
|
|
|
2,281,220
|
|
|
2,203,639
|
|
|
4.75
|
|
|
2,503,680
|
|
|
2,203,639
|
|
|
13.62
|
|
Installment loans to
individuals
|
103,059
|
|
|
103,452
|
|
|
100,692
|
|
|
94,104
|
|
|
92,669
|
|
|
(0.38)
|
|
|
103,059
|
|
|
92,669
|
|
|
11.21
|
|
Loans, net of
unearned
|
$
|
5,830,122
|
|
|
$
|
5,588,556
|
|
|
$
|
5,293,467
|
|
|
$
|
5,058,898
|
|
|
$
|
4,834,085
|
|
|
4.32
|
|
|
$
|
5,830,122
|
|
|
$
|
4,834,085
|
|
|
20.6
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
243,672
|
|
|
$
|
275,570
|
|
|
$
|
301,100
|
|
|
$
|
102,869
|
|
|
$
|
115,229
|
|
|
(11.58)
|
|
|
$
|
243,672
|
|
|
$
|
115,229
|
|
|
111.47
|
|
Lease
Financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
75,061
|
|
|
85,731
|
|
|
100,082
|
|
|
35,946
|
|
|
35,673
|
|
|
(12.45)
|
|
|
75,061
|
|
|
35,673
|
|
|
110.41
|
|
Real estate - 1-4
family mortgages
|
572,830
|
|
|
614,187
|
|
|
651,792
|
|
|
400,460
|
|
|
431,904
|
|
|
(6.73)
|
|
|
572,830
|
|
|
431,904
|
|
|
32.63
|
|
Real estate -
commercial mortgages
|
960,273
|
|
|
1,037,454
|
|
|
1,079,049
|
|
|
759,743
|
|
|
804,790
|
|
|
(7.44)
|
|
|
960,273
|
|
|
804,790
|
|
|
19.32
|
|
Installment loans to
individuals
|
16,112
|
|
|
18,824
|
|
|
23,118
|
|
|
13,091
|
|
|
14,124
|
|
|
(14.41)
|
|
|
16,112
|
|
|
14,124
|
|
|
14.08
|
|
Loans, net of
unearned
|
$
|
1,867,948
|
|
|
$
|
2,031,766
|
|
|
$
|
2,155,141
|
|
|
$
|
1,312,109
|
|
|
$
|
1,401,720
|
|
|
(8.06)
|
|
|
$
|
1,867,948
|
|
|
$
|
1,401,720
|
|
|
33.26
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
9,403
|
|
|
$
|
10,250
|
|
|
$
|
9,970
|
|
|
$
|
11,413
|
|
|
$
|
12,629
|
|
|
(8.26)
|
|
|
$
|
9,403
|
|
|
$
|
12,629
|
|
|
(25.54)
|
|
Loans 90 past due or
more
|
3,605
|
|
|
3,015
|
|
|
3,295
|
|
|
1,283
|
|
|
2,175
|
|
|
19.57
|
|
|
3,605
|
|
|
2,175
|
|
|
65.75
|
|
Nonperforming
loans
|
13,008
|
|
|
13,265
|
|
|
13,265
|
|
|
12,696
|
|
|
14,804
|
|
|
(1.94)
|
|
|
13,008
|
|
|
14,804
|
|
|
(12.13)
|
|
Other real estate
owned
|
4,801
|
|
|
4,410
|
|
|
4,524
|
|
|
4,305
|
|
|
5,056
|
|
|
8.87
|
|
|
4,801
|
|
|
5,056
|
|
|
(5.04)
|
|
Nonperforming assets
not purchased
|
$
|
17,809
|
|
|
$
|
17,675
|
|
|
$
|
17,789
|
|
|
$
|
17,001
|
|
|
$
|
19,860
|
|
|
0.76
|
|
|
$
|
17,809
|
|
|
$
|
19,860
|
|
|
(10.33)
|
|
Purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
5,340
|
|
|
$
|
4,424
|
|
|
$
|
4,868
|
|
|
$
|
5,927
|
|
|
$
|
8,495
|
|
|
20.71
|
|
|
$
|
5,340
|
|
|
$
|
8,495
|
|
|
(37.14)
|
|
Loans 90 past due or
more
|
4,564
|
|
|
5,731
|
|
|
7,349
|
|
|
8,128
|
|
|
11,897
|
|
|
(20.36)
|
|
|
4,564
|
|
|
11,897
|
|
|
(61.64)
|
|
Nonperforming
loans
|
9,904
|
|
|
10,155
|
|
|
12,217
|
|
|
14,055
|
|
|
20,392
|
|
|
(2.47)
|
|
|
9,904
|
|
|
20,392
|
|
|
(51.43)
|
|
Other real estate
owned
|
9,754
|
|
|
11,524
|
|
|
13,296
|
|
|
15,409
|
|
|
16,266
|
|
|
(15.36)
|
|
|
9,754
|
|
|
16,266
|
|
|
(40.03)
|
|
Nonperforming assets
purchased
|
$
|
19,658
|
|
|
$
|
21,679
|
|
|
$
|
25,513
|
|
|
$
|
29,464
|
|
|
$
|
36,658
|
|
|
(9.32)
|
|
|
$
|
19,658
|
|
|
$
|
36,658
|
|
|
(46.37)
|
|
Net loan charge-offs
(recoveries)
|
$
|
1,560
|
|
|
$
|
470
|
|
|
$
|
1,768
|
|
|
$
|
524
|
|
|
$
|
1,314
|
|
|
231.91
|
|
|
$
|
1,560
|
|
|
$
|
1,314
|
|
|
18.72
|
|
Allowance for loan
losses
|
$
|
46,401
|
|
|
$
|
46,211
|
|
|
$
|
44,531
|
|
|
$
|
44,149
|
|
|
$
|
42,923
|
|
|
0.41
|
|
|
$
|
46,401
|
|
|
$
|
42,923
|
|
|
8.10
|
|
Annualized net loan
charge-offs / average loans
|
0.08
|
%
|
|
0.02
|
%
|
|
0.10
|
%
|
|
0.03
|
%
|
|
0.09
|
%
|
|
|
|
0.08
|
%
|
|
0.09
|
%
|
|
|
Nonperforming loans /
total loans*
|
0.30
|
%
|
|
0.31
|
%
|
|
0.34
|
%
|
|
0.42
|
%
|
|
0.56
|
%
|
|
|
|
0.30
|
%
|
|
0.56
|
%
|
|
|
Nonperforming assets
/ total assets*
|
0.37
|
%
|
|
0.40
|
%
|
|
0.42
|
%
|
|
0.52
|
%
|
|
0.64
|
%
|
|
|
|
0.37
|
%
|
|
0.64
|
%
|
|
|
Allowance for loan
losses / total loans*
|
0.60
|
%
|
|
0.61
|
%
|
|
0.60
|
%
|
|
0.69
|
%
|
|
0.69
|
%
|
|
|
|
0.60
|
%
|
|
0.69
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
202.52
|
%
|
|
197.31
|
%
|
|
174.75
|
%
|
|
165.04
|
%
|
|
121.95
|
%
|
|
|
|
202.52
|
%
|
|
121.95
|
%
|
|
|
Nonperforming loans /
total loans**
|
0.22
|
%
|
|
0.24
|
%
|
|
0.25
|
%
|
|
0.25
|
%
|
|
0.31
|
%
|
|
|
|
0.22
|
%
|
|
0.31
|
%
|
|
|
Nonperforming assets
/ total assets**
|
0.17
|
%
|
|
0.18
|
%
|
|
0.17
|
%
|
|
0.19
|
%
|
|
0.23
|
%
|
|
|
|
0.17
|
%
|
|
0.23
|
%
|
|
|
Allowance for loan
losses / total loans**
|
0.80
|
%
|
|
0.83
|
%
|
|
0.84
|
%
|
|
0.87
|
%
|
|
0.89
|
%
|
|
|
|
0.80
|
%
|
|
0.89
|
%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
356.71
|
%
|
|
348.37
|
%
|
|
335.70
|
%
|
|
347.74
|
%
|
|
289.94
|
%
|
|
|
|
356.71
|
%
|
|
289.94
|
%
|
|
|
*Based on all assets
(includes purchased assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes all
purchased assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
2018
|
|
December 31,
2017
|
|
March 31,
2017
|
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
purchased
|
|
$
|
5,689,210
|
|
|
$
|
64,611
|
|
|
4.61
|
%
|
|
$
|
5,446,973
|
|
|
$
|
62,994
|
|
|
4.51
|
%
|
|
$
|
4,752,628
|
|
|
$
|
51,143
|
|
|
4.36
|
%
|
Purchased
|
|
1,957,781
|
|
|
28,762
|
|
|
5.96
|
|
|
2,088,226
|
|
|
34,313
|
|
|
6.52
|
|
|
1,446,077
|
|
|
22,567
|
|
|
6.33
|
|
Total
loans
|
|
7,646,991
|
|
|
93,373
|
|
|
4.95
|
|
|
7,535,199
|
|
|
97,307
|
|
|
5.07
|
|
|
6,198,705
|
|
|
73,710
|
|
|
4.82
|
|
Mortgage loans held
for sale
|
|
152,299
|
|
|
1,671
|
|
|
4.45
|
|
|
188,795
|
|
|
2,071
|
|
|
4.35
|
|
|
112,105
|
|
|
1,148
|
|
|
4.15
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(1)
|
|
606,642
|
|
|
3,914
|
|
|
2.62
|
|
|
735,923
|
|
|
4,240
|
|
|
2.29
|
|
|
704,805
|
|
|
4,070
|
|
|
2.34
|
|
Tax-exempt
|
|
226,434
|
|
|
2,406
|
|
|
4.31
|
|
|
307,152
|
|
|
3,604
|
|
|
4.66
|
|
|
338,892
|
|
|
4,297
|
|
|
5.14
|
|
Total
securities
|
|
833,076
|
|
|
6,320
|
|
|
3.08
|
|
|
1,043,075
|
|
|
7,844
|
|
|
2.98
|
|
|
1,043,697
|
|
|
8,367
|
|
|
3.25
|
|
Interest-bearing
balances with banks
|
|
128,313
|
|
|
583
|
|
|
1.84
|
|
|
146,606
|
|
|
551
|
|
|
1.49
|
|
|
314,075
|
|
|
556
|
|
|
0.72
|
|
Total
interest-earning assets
|
|
8,760,679
|
|
|
101,947
|
|
|
4.72
|
|
|
8,913,675
|
|
|
107,773
|
|
|
4.75
|
|
|
7,668,582
|
|
|
83,781
|
|
|
4.43
|
|
Cash and due from
banks
|
|
163,141
|
|
|
|
|
|
|
161,202
|
|
|
|
|
|
|
131,874
|
|
|
|
|
|
Intangible
assets
|
|
634,898
|
|
|
|
|
|
|
636,533
|
|
|
|
|
|
|
493,816
|
|
|
|
|
|
Other
assets
|
|
497,037
|
|
|
|
|
|
|
543,364
|
|
|
|
|
|
|
465,176
|
|
|
|
|
|
Total
assets
|
|
$
|
10,055,755
|
|
|
|
|
|
|
$
|
10,254,774
|
|
|
|
|
|
|
$
|
8,759,448
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(2)
|
|
3,911,802
|
|
|
3,407
|
|
|
0.35
|
|
|
3,783,056
|
|
|
3,072
|
|
|
0.32
|
|
|
3,410,606
|
|
|
1,813
|
|
|
0.22
|
|
Savings
deposits
|
|
581,194
|
|
|
151
|
|
|
0.11
|
|
|
572,397
|
|
|
99
|
|
|
0.07
|
|
|
553,985
|
|
|
96
|
|
|
0.07
|
|
Time
deposits
|
|
1,821,118
|
|
|
4,501
|
|
|
1.00
|
|
|
1,824,622
|
|
|
4,152
|
|
|
0.90
|
|
|
1,617,262
|
|
|
3,240
|
|
|
0.81
|
|
Total
interest-bearing deposits
|
|
6,314,114
|
|
|
8,059
|
|
|
0.52
|
|
|
6,180,075
|
|
|
7,323
|
|
|
0.47
|
|
|
5,581,853
|
|
|
5,149
|
|
|
0.37
|
|
Borrowed
funds
|
|
314,228
|
|
|
3,081
|
|
|
3.98
|
|
|
579,920
|
|
|
4,002
|
|
|
2.74
|
|
|
282,008
|
|
|
2,725
|
|
|
3.92
|
|
Total
interest-bearing liabilities
|
|
6,628,342
|
|
|
11,140
|
|
|
0.68
|
|
|
6,759,995
|
|
|
11,325
|
|
|
0.66
|
|
|
5,863,861
|
|
|
7,874
|
|
|
0.54
|
|
Noninterest-bearing
deposits
|
|
1,817,848
|
|
|
|
|
|
|
1,877,789
|
|
|
|
|
|
|
1,558,809
|
|
|
|
|
|
Other
liabilities
|
|
85,692
|
|
|
|
|
|
|
98,859
|
|
|
|
|
|
|
89,875
|
|
|
|
|
|
Shareholders'
equity
|
|
1,523,873
|
|
|
|
|
|
|
1,518,131
|
|
|
|
|
|
|
1,246,903
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
10,055,755
|
|
|
|
|
|
|
$
|
10,254,774
|
|
|
|
|
|
|
$
|
8,759,448
|
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
|
$
|
90,807
|
|
|
4.20
|
%
|
|
|
|
$
|
96,448
|
|
|
4.25
|
%
|
|
|
|
$
|
75,907
|
|
|
4.01
|
%
|
Cost of
funding
|
|
|
|
|
|
0.53
|
|
|
|
|
|
|
0.52
|
|
|
|
|
|
|
0.43
|
|
Cost of total
deposits
|
|
|
|
|
|
0.40
|
|
|
|
|
|
|
0.36
|
|
|
|
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) U.S.
Government and some U.S. Government Agency securities are
tax-exempt in the states in which we operate.
|
(2)
Interest-bearing demand deposits include interest-bearing
transactional accounts and money market deposits.
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
2018
|
|
2017
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
2018
|
|
2017
|
Net income
(GAAP)
|
$
|
33,826
|
|
|
$
|
16,511
|
|
|
$
|
26,421
|
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
$
|
33,826
|
|
|
$
|
23,972
|
|
|
Amortization of
intangibles, net of tax
|
1,284
|
|
|
1,133
|
|
|
1,149
|
|
|
1,013
|
|
|
1,064
|
|
|
1,284
|
|
|
1,064
|
|
Tangible net income
(non-GAAP)
|
$
|
35,110
|
|
|
$
|
17,644
|
|
|
$
|
27,570
|
|
|
$
|
26,297
|
|
|
$
|
25,036
|
|
|
$
|
35,110
|
|
|
$
|
25,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
33,826
|
|
|
16,511
|
|
|
$
|
26,421
|
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
$
|
33,826
|
|
|
$
|
23,972
|
|
|
Merger &
conversion expenses, net of tax
|
700
|
|
|
479
|
|
|
4,075
|
|
|
2,065
|
|
|
235
|
|
|
700
|
|
|
235
|
|
|
Debt prepayment
penalties, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
|
—
|
|
|
140
|
|
|
Write-down of net
deferred tax assets
|
—
|
|
|
14,486
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income with
exclusions (non-GAAP)
|
$
|
34,526
|
|
|
$
|
31,476
|
|
|
$
|
30,496
|
|
|
$
|
27,349
|
|
|
$
|
24,347
|
|
|
$
|
34,526
|
|
|
$
|
24,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
$
|
1,523,873
|
|
|
$
|
1,518,131
|
|
|
$
|
1,495,591
|
|
|
$
|
1,258,935
|
|
|
$
|
1,246,903
|
|
|
$
|
1,523,873
|
|
|
$
|
1,246,903
|
|
|
Intangibles
|
634,898
|
|
|
636,533
|
|
|
636,977
|
|
|
492,349
|
|
|
493,816
|
|
|
634,898
|
|
|
493,816
|
|
Average tangible s/h's
equity (non-GAAP)
|
$
|
888,975
|
|
|
$
|
881,598
|
|
|
$
|
858,614
|
|
|
$
|
766,586
|
|
|
$
|
753,087
|
|
|
$
|
888,975
|
|
|
$
|
753,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
$
|
10,055,755
|
|
|
$
|
10,254,774
|
|
|
$
|
10,277,476
|
|
|
$
|
8,720,660
|
|
|
$
|
8,759,448
|
|
|
$
|
10,055,755
|
|
|
$
|
8,759,448
|
|
|
Intangibles
|
634,898
|
|
|
636,533
|
|
|
636,977
|
|
|
492,349
|
|
|
493,816
|
|
|
634,898
|
|
|
493,816
|
|
Average tangible
assets (non-GAAP)
|
$
|
9,420,857
|
|
|
$
|
9,618,241
|
|
|
$
|
9,640,499
|
|
|
$
|
8,228,311
|
|
|
$
|
8,265,632
|
|
|
$
|
9,420,857
|
|
|
$
|
8,265,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
$
|
1,532,765
|
|
|
$
|
1,514,983
|
|
|
$
|
1,511,826
|
|
|
$
|
1,271,786
|
|
|
$
|
1,251,065
|
|
|
$
|
1,532,765
|
|
|
$
|
1,251,065
|
|
|
Intangibles
|
633,905
|
|
|
635,556
|
|
|
637,264
|
|
|
491,552
|
|
|
493,045
|
|
|
633,905
|
|
|
493,045
|
|
Actual tangible s/h's
equity (non-GAAP)
|
$
|
898,860
|
|
|
$
|
879,427
|
|
|
$
|
874,562
|
|
|
$
|
780,234
|
|
|
$
|
758,020
|
|
|
$
|
898,860
|
|
|
$
|
758,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
$
|
10,238,313
|
|
|
$
|
9,829,981
|
|
|
$
|
10,323,687
|
|
|
$
|
8,872,272
|
|
|
$
|
8,764,711
|
|
|
$
|
10,238,313
|
|
|
$
|
8,764,711
|
|
|
Intangibles
|
633,905
|
|
|
635,556
|
|
|
637,264
|
|
|
491,552
|
|
|
493,045
|
|
|
633,905
|
|
|
493,045
|
|
Actual tangible assets
(non-GAAP)
|
$
|
9,604,408
|
|
|
$
|
9,194,425
|
|
|
$
|
9,686,423
|
|
|
$
|
8,380,720
|
|
|
$
|
8,271,666
|
|
|
$
|
9,604,408
|
|
|
$
|
8,271,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
9.00
|
%
|
|
4.31
|
%
|
|
7.01
|
%
|
|
8.06
|
%
|
|
7.80
|
%
|
|
9.00
|
%
|
|
7.80
|
%
|
|
Effect of adjustment
for intangible assets
|
7.02
|
%
|
|
3.63
|
%
|
|
5.73
|
%
|
|
5.70
|
%
|
|
5.68
|
%
|
|
7.02
|
%
|
|
5.68
|
%
|
Return on avg tangible
s/h's equity (non-GAAP)
|
16.02
|
%
|
|
7.94
|
%
|
|
12.74
|
%
|
|
13.76
|
%
|
|
13.48
|
%
|
|
16.02
|
%
|
|
13.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity with exclusions (GAAP)
|
9.19
|
%
|
|
8.23
|
%
|
|
8.09
|
%
|
|
8.71
|
%
|
|
7.92
|
%
|
|
9.19
|
%
|
|
7.92
|
%
|
|
Effect of adjustment
for intangible assets
|
7.15
|
%
|
|
6.44
|
%
|
|
6.53
|
%
|
|
6.13
|
%
|
|
5.76
|
%
|
|
7.15
|
%
|
|
5.76
|
%
|
Return on avg tangible
s/h's equity with exclusion (non-
GAAP)
|
16.34
|
%
|
|
14.67
|
%
|
|
14.62
|
%
|
|
14.84
|
%
|
|
13.68
|
%
|
|
16.34
|
%
|
|
13.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
1.36
|
%
|
|
0.64
|
%
|
|
1.02
|
%
|
|
1.16
|
%
|
|
1.11
|
%
|
|
1.36
|
%
|
|
1.11
|
%
|
|
Effect of adjustment
for intangible assets
|
0.15
|
%
|
|
0.09
|
%
|
|
0.11
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.15
|
%
|
|
0.12
|
%
|
Return on average
tangible assets (non-GAAP)
|
1.51
|
%
|
|
0.73
|
%
|
|
1.13
|
%
|
|
1.28
|
%
|
|
1.23
|
%
|
|
1.51
|
%
|
|
1.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
with exclusions (GAAP)
|
1.39
|
%
|
|
1.22
|
%
|
|
1.18
|
%
|
|
1.26
|
%
|
|
1.13
|
%
|
|
1.39
|
%
|
|
1.13
|
%
|
|
Effect of adjustment
for intangible assets
|
0.15
|
%
|
|
0.13
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.15
|
%
|
|
0.12
|
%
|
Return on avg tangible
assets with exclusions (non-
GAAP)
|
1.54
|
%
|
|
1.35
|
%
|
|
1.30
|
%
|
|
1.38
|
%
|
|
1.25
|
%
|
|
1.54
|
%
|
|
1.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
14.97
|
%
|
|
15.41
|
%
|
|
14.64
|
%
|
|
14.33
|
%
|
|
14.27
|
%
|
|
14.97
|
%
|
|
14.27
|
%
|
|
Effect of adjustment
for intangible assets
|
5.61
|
%
|
|
5.85
|
%
|
|
5.62
|
%
|
|
5.02
|
%
|
|
5.11
|
%
|
|
5.61
|
%
|
|
5.11
|
%
|
Tangible capital ratio
(non-GAAP)
|
9.36
|
%
|
|
9.56
|
%
|
|
9.03
|
%
|
|
9.31
|
%
|
|
9.16
|
%
|
|
9.36
|
%
|
|
9.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
2018
|
|
2017
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
2018
|
|
2017
|
Interest income
(FTE)
|
$
|
101,947
|
|
|
$
|
107,773
|
|
|
$
|
102,613
|
|
|
$
|
89,429
|
|
|
$
|
83,781
|
|
|
$
|
101,947
|
|
|
$
|
83,781
|
|
|
Interest
expense
|
11,140
|
|
|
11,325
|
|
|
10,678
|
|
|
7,976
|
|
|
7,874
|
|
|
11,140
|
|
|
7,874
|
|
Net Interest income
(FTE)
|
$
|
90,807
|
|
|
$
|
96,448
|
|
|
$
|
91,935
|
|
|
$
|
81,453
|
|
|
$
|
75,907
|
|
|
$
|
90,807
|
|
|
$
|
75,907
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
$
|
33,953
|
|
|
$
|
32,441
|
|
|
$
|
33,413
|
|
|
$
|
34,265
|
|
|
$
|
32,021
|
|
|
$
|
33,953
|
|
|
$
|
32,021
|
|
|
Securities gains
(losses)
|
—
|
|
|
91
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total noninterest
income
|
$
|
33,953
|
|
|
$
|
32,350
|
|
|
$
|
33,356
|
|
|
$
|
34,265
|
|
|
$
|
32,021
|
|
|
$
|
33,953
|
|
|
$
|
32,021
|
|
Total Income
(FTE)
|
$
|
124,760
|
|
|
$
|
128,798
|
|
|
$
|
125,291
|
|
|
$
|
115,718
|
|
|
$
|
107,928
|
|
|
$
|
124,760
|
|
|
$
|
107,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
77,944
|
|
|
$
|
76,808
|
|
|
$
|
80,660
|
|
|
$
|
74,841
|
|
|
$
|
69,309
|
|
|
$
|
77,944
|
|
|
$
|
69,309
|
|
|
Amortization of
intangibles
|
1,651
|
|
|
1,708
|
|
|
1,766
|
|
|
1,493
|
|
|
1,563
|
|
|
1,651
|
|
|
1,563
|
|
|
Merger-related
expenses
|
900
|
|
|
723
|
|
|
6,266
|
|
|
3,044
|
|
|
345
|
|
|
900
|
|
|
345
|
|
|
Debt extinguishment
penalty
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
205
|
|
Total noninterest
expense
|
$
|
75,393
|
|
|
$
|
74,377
|
|
|
$
|
72,628
|
|
|
$
|
70,304
|
|
|
$
|
67,196
|
|
|
$
|
75,393
|
|
|
$
|
67,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
60.43
|
%
|
|
57.75
|
%
|
|
57.97
|
%
|
|
60.75
|
%
|
|
62.26
|
%
|
|
60.43
|
%
|
|
62.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Renasant Corporation