Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced
earnings results for the third quarter of 2021. Net income for the
third quarter of 2021 was $40.1 million, as compared to $30.0
million for the third quarter of 2020. Basic and diluted earnings
per share (“EPS”) were $0.71 for the third quarter of 2021, as
compared to basic and diluted EPS of $0.53 for the third quarter of
2020.
Net income for the nine months ending September
30, 2021, was $138.8 million, as compared to net income of $52.1
million for the same period in 2020. Basic and diluted EPS were
$2.47 and $2.46, respectively, for the first nine months of 2021,
as compared to basic and diluted EPS of $0.93 and $0.92,
respectively, for the first nine months of 2020.
“Our team produced solid results during the
third quarter, and we continue to see all areas of the Bank perform
at a high level. Our financial condition remains strong and is
highlighted by our core funding, robust capital structure and
stable credit metrics,” commented C. Mitchell Waycaster, Renasant
President and Chief Executive Officer. “We believe the markets in
which we operate provide significant opportunities, and we remain
optimistic about future loan growth, despite the headwinds of
elevated payoffs. Our team remains committed to improving
profitability through our ongoing revenue and expense
initiatives.”
Impact of Certain Expenses and
Charges From time to time, the Company incurs expenses and
charges with respect to which management is unable to accurately
predict when these expenses or charges will be incurred or, when
incurred, the amount of such expenses or charges. The following
tables present the impact of these expenses and charges on reported
EPS for the periods listed. The “COVID-19 related expenses” line
item primarily consists of (a) employee overtime and employee
benefit accruals directly related to the Company’s response to both
the COVID-19 pandemic itself and federal legislation enacted to
address the pandemic, such as the CARES Act, and (b) expenses
associated with supplying branches with protective equipment and
sanitation supplies (such as floor markings and cautionary signage
for branches, face coverings and hand sanitizer) and more frequent
and rigorous branch cleaning.
(in thousands, except per
share data) |
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2021 |
|
September 30, 2021 |
|
Pre-tax |
|
|
After-tax |
|
|
Impact toDiluted EPS |
|
Pre-tax |
|
|
After-tax |
|
|
Impact toDiluted EPS |
Earnings, as reported |
$ |
51,248 |
|
|
$ |
40,063 |
|
|
$ |
0.71 |
|
|
$ |
174,410 |
|
|
$ |
138,838 |
|
|
$ |
2.46 |
|
MSR valuation adjustment |
— |
|
|
— |
|
|
— |
|
|
(13,561 |
) |
|
(10,564 |
) |
|
(0.19 |
) |
Restructuring charges |
— |
|
|
— |
|
|
— |
|
|
307 |
|
|
239 |
|
|
— |
|
COVID-19 related expenses |
323 |
|
|
253 |
|
|
— |
|
|
1,478 |
|
|
1,151 |
|
|
0.02 |
|
Earnings, with exclusions
(Non-GAAP) |
$ |
51,571 |
|
|
$ |
40,316 |
|
|
$ |
0.71 |
|
|
$ |
162,634 |
|
|
$ |
129,664 |
|
|
$ |
2.29 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2020 |
|
September 30, 2020 |
|
Pre-tax |
|
|
After-tax |
|
|
Impact toDiluted EPS |
|
Pre-tax |
|
|
After-tax |
|
|
Impact toDiluted EPS |
Earnings, as reported |
$ |
37,604 |
|
|
$ |
29,992 |
|
|
$ |
0.53 |
|
|
$ |
65,152 |
|
|
$ |
52,130 |
|
|
$ |
0.92 |
|
Debt prepayment penalty |
28 |
|
|
22 |
|
|
— |
|
|
118 |
|
|
94 |
|
|
— |
|
MSR valuation adjustment |
(828 |
) |
|
(650 |
) |
|
(0.01 |
) |
|
13,694 |
|
|
10,916 |
|
|
0.19 |
|
COVID-19 related expenses |
570 |
|
|
448 |
|
|
0.01 |
|
|
9,730 |
|
|
7,758 |
|
|
0.14 |
|
Earnings, with exclusions
(Non-GAAP) |
$ |
37,374 |
|
|
$ |
29,812 |
|
|
$ |
0.53 |
|
|
$ |
88,694 |
|
|
$ |
70,898 |
|
|
$ |
1.25 |
|
A reconciliation of all non-GAAP financial
measures disclosed in this release from GAAP to non-GAAP is
included in the tables at the end of this release, except that
reconciliations for asset quality measures that exclude Paycheck
Protection Program loans from the relevant measure are included in
the Company’s presentation materials filed with the Securities and
Exchange Commission together with this release. The information
below under the heading “Non-GAAP Financial Measures” explains why
the Company believes the non-GAAP financial measures in this
release provide useful information and describes the other purposes
for which the Company uses non-GAAP financial measures.
Profitability MetricsThe
following tables present the Company’s profitability metrics,
including after adjusting for the impact of the mortgage servicing
rights (MSR) valuation adjustment, debt prepayment penalties,
restructuring charges, swap termination charges and COVID-19
related expenses, as applicable, for the dates presented:
|
As Reported |
With Exclusions (Non-GAAP) |
|
Three Months Ended |
Three Months Ended |
|
September30, 2021 |
June 30, 2021 |
September30, 2020 |
September30, 2021 |
June 30, 2021 |
September30, 2020 |
Return on average assets |
0.99 |
% |
1.04 |
% |
0.80 |
% |
0.99 |
% |
1.04 |
% |
0.79 |
% |
Return on average tangible
assets (Non-GAAP) |
1.08 |
% |
1.14 |
% |
0.89 |
% |
1.09 |
% |
1.14 |
% |
0.89 |
% |
Return on average equity |
7.16 |
% |
7.40 |
% |
5.63 |
% |
7.21 |
% |
7.46 |
% |
5.60 |
% |
Return on average tangible
equity (Non-GAAP) |
13.05 |
% |
13.54 |
% |
10.87 |
% |
13.13 |
% |
13.64 |
% |
10.81 |
% |
|
As Reported |
With Exclusions(Non-GAAP) |
|
Nine Months Ended |
Nine Months Ended |
|
September30, 2021 |
|
September30, 2020 |
September30, 2021 |
|
September30, 2020 |
Return on average assets |
1.18 |
% |
|
0.48 |
% |
1.10 |
% |
|
0.66 |
% |
Return on average tangible
assets (Non-GAAP) |
1.29 |
% |
|
0.56 |
% |
1.21 |
% |
|
0.75 |
% |
Return on average equity |
8.43 |
% |
|
3.30 |
% |
7.87 |
% |
|
4.49 |
% |
Return on average tangible
equity (Non-GAAP) |
15.43 |
% |
|
6.65 |
% |
14.43 |
% |
|
8.86 |
% |
Financial ConditionTotal assets
were $16.16 billion at September 30, 2021, as compared to
$14.93 billion at December 31, 2020. Total loans held for
investment were $10.02 billion at September 30, 2021, as
compared to $10.93 billion at December 31, 2020. Loans held for
investment at September 30, 2021 and December 31, 2020 included
$67.5 million and $1.13 billion, respectively, in Paycheck
Protection Program (“PPP”) loans. Excluding PPP loans, the loan
portfolio grew 1.87% on an annualized basis in the third quarter of
2021.
Total deposits increased to $13.25 billion at
September 30, 2021, from $12.06 billion at December 31, 2020.
Non-interest bearing deposits increased $807.6 million to $4.49
billion, or 33.89% of total deposits, at September 30, 2021,
as compared to $3.69 billion, or 30.56% of total deposits, at
December 31, 2020.
Capital Management; Adoption of New
Stock Repurchase ProgramThe Company’s capital position, as
measured by regulatory capital ratios, remains strong. This capital
strength gives the Company flexibility to accommodate future loan
growth, M&A activity or share repurchases. In the third quarter
of 2021, the Company repurchased $21.3 million of its common stock
at a weighted average price of $34.82.
On October 26, 2021, the Company’s Board of
Directors approved a new stock repurchase program (the previous
program having just expired), authorizing the Company to repurchase
up to $50.0 million of its outstanding common stock, either in open
market purchases or privately-negotiated transactions. The new
repurchase program will remain in effect for one year or, if
earlier, the repurchase of the entire amount of common stock
authorized to be repurchased. Notwithstanding the Board’s action,
the Company currently has no plans to resume stock repurchases.
At September 30, 2021, Tier 1 leverage
capital was 9.18%, Common Equity Tier 1 ratio was 11.02%, Tier 1
risk-based capital ratio was 11.94% and total risk-based capital
ratio was 14.66%. All of the Company’s regulatory ratios exceed the
minimums required to be “well-capitalized.”
The Company’s ratio of shareholders’ equity to
assets was 13.64% at September 30, 2021, as compared to 14.29%
at December 31, 2020. The Company’s tangible capital ratio
(non-GAAP) was 8.15% at September 30, 2021, as compared to
8.33% at December 31, 2020.
Results of OperationsNet
interest income was $103.3 million for the third quarter of 2021,
as compared to $109.6 million for the second quarter of 2021 and
$106.3 million for the third quarter of 2020. The decrease quarter
over quarter was primarily driven by the decrease in PPP income as
the PPP portfolio continued to decline during the quarter due to
loan forgiveness. Net interest income was $322.5 million for the
first nine months of 2021, as compared to $318.7 million for the
first nine months of 2020.
The following tables present the percentage of
total average earning assets, by type and yield, for the periods
presented:
|
Percentage of Total Average Earning Assets |
Yield |
|
Three Months Ended |
Three Months Ended |
|
September 30, |
June 30, |
September 30, |
September 30, |
June 30, |
September 30, |
|
2021 |
2021 |
2020 |
2021 |
2021 |
2020 |
Loans held for investment excluding PPP loans |
69.38 |
% |
70.41 |
% |
74.70 |
% |
4.02 |
% |
4.10 |
% |
4.30 |
% |
PPP loans |
0.89 |
|
4.49 |
|
10.01 |
|
10.95 |
|
6.46 |
|
2.27 |
|
Loans held for sale |
3.17 |
|
3.30 |
|
2.90 |
|
2.13 |
|
3.12 |
|
3.31 |
|
Securities |
15.90 |
|
13.02 |
|
9.74 |
|
1.59 |
|
1.73 |
|
2.41 |
|
Other |
10.66 |
|
8.78 |
|
2.65 |
|
0.15 |
|
0.11 |
|
0.10 |
|
Total earning assets |
100.00 |
% |
100.00 |
% |
100.00 |
% |
3.23 |
% |
3.51 |
% |
3.77 |
% |
|
|
|
|
|
|
Percentage of Total Average Earning Assets |
Yield |
|
Nine Months Ended |
Nine Months Ended |
|
September 30, |
September 30, |
September 30, |
September 30, |
|
2021 |
2020 |
2021 |
2020 |
Loans held for investment excluding PPP loans |
71.04 |
% |
77.95 |
% |
4.12 |
% |
4.56 |
% |
PPP loans |
4.17 |
|
5.82 |
|
5.62 |
|
2.45 |
|
Loans held for sale |
3.17 |
|
2.82 |
|
2.73 |
|
3.46 |
|
Securities |
13.14 |
|
10.31 |
|
1.76 |
|
2.68 |
|
Other |
8.48 |
|
3.10 |
|
0.13 |
|
0.38 |
|
Total earning assets |
100.00 |
% |
100.00 |
% |
3.49 |
% |
4.08 |
% |
The following tables present reported taxable
equivalent net interest margin and yield on loans for the periods
presented (in thousands):
|
Three Months Ended |
|
September 30, |
June 30, |
September 30, |
|
2021 |
2021 |
2020 |
Taxable equivalent net interest income |
$ |
105,002 |
|
$ |
111,205 |
|
$ |
107,885 |
|
Average earning assets |
$ |
14,256,421 |
|
$ |
13,989,264 |
|
$ |
13,034,422 |
|
Net interest margin |
2.93 |
% |
3.19 |
% |
3.29 |
% |
|
|
|
|
Taxable equivalent interest
income on loans held for investment |
$ |
103,770 |
|
$ |
110,785 |
|
$ |
112,764 |
|
Average loans held for
investment |
$ |
10,017,742 |
|
$ |
10,478,121 |
|
$ |
11,041,684 |
|
Loan yield |
4.11 |
% |
4.24 |
% |
4.06 |
% |
|
Nine Months Ended |
|
September 30, |
September 30, |
|
2021 |
2020 |
Taxable equivalent net interest income |
$ |
327,471 |
|
$ |
323,659 |
|
Average earning assets |
$ |
13,869,538 |
|
$ |
12,475,561 |
|
Net interest margin |
3.16 |
% |
3.47 |
% |
|
|
|
Taxable equivalent interest
income on loans |
$ |
327,625 |
|
$ |
345,232 |
|
Average loans held for
investment |
$ |
10,431,436 |
|
$ |
10,450,537 |
|
Loan yield |
4.20 |
% |
4.41 |
% |
PPP loans benefited net interest margin and loan
yield by 7 basis points and 9 basis points, respectively, in the
third quarter of 2021, and 11 basis points and 8 basis points,
respectively, in the first nine months of 2021. Increased liquidity
has continued to add pressure to net interest margin in recent
quarters. The Company has aggressively lowered interest rates on
interest bearing deposits and increased its purchases of investment
securities, and it continues to evaluate options to mitigate the
pressure on net interest margin.
The impact from interest income collected on
problem loans and purchase accounting adjustments on loans to total
interest income on loans held for investment, loan yield and net
interest margin is shown in the following tables for the periods
presented (in thousands):
|
Three Months Ended |
|
September 30, |
June 30, |
September 30, |
|
2021 |
2021 |
2020 |
Net interest income collected on problem loans |
$ |
316 |
|
$ |
1,339 |
|
$ |
282 |
|
Accretable yield recognized on
purchased loans(1) |
2,871 |
|
2,638 |
|
4,949 |
|
Total impact to interest
income |
$ |
3,187 |
|
$ |
3,977 |
|
$ |
5,231 |
|
|
|
|
|
Impact to loan yield |
0.13 |
% |
0.15 |
% |
0.18 |
% |
|
|
|
|
Impact to net interest
margin |
0.09 |
% |
0.11 |
% |
0.16 |
% |
(1) Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $1,649, $1,224 and
$2,286 for the three months ended September 30, 2021, June 30,
2021, and September 30, 2020, respectively. This additional
interest income increased loan yield by 7 basis points, 5 basis
points, and 8 basis points for each of the three months ended
September 30, 2021, June 30, 2021 and September 30, 2020,
respectively, while increasing net interest margin by 5 basis
points, 4 basis points, and 7 basis points for the same periods,
respectively.
|
Nine Months Ended |
|
September 30, |
September 30, |
|
2021 |
2020 |
Net interest income collected on problem loans |
$ |
3,835 |
|
$ |
884 |
|
Accretable yield recognized on
purchased loans(1) |
8,597 |
|
15,118 |
|
Total impact to interest
income |
$ |
12,432 |
|
$ |
16,002 |
|
|
|
|
Impact to total loan
yield |
0.16 |
% |
0.20 |
% |
|
|
|
Impact to net interest
margin |
0.12 |
% |
0.17 |
% |
(1) Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $4,145 and $6,205 for
the nine months ended September 30, 2021 and September 30, 2020,
respectively. This additional interest income increased loan yield
by 5 basis points and 8 basis points for the same periods,
respectively, while increasing net interest margin by 4 basis
points and 7 basis points for the same periods, respectively.For
the third quarter of 2021, the cost of total deposits was 21 basis
points, as compared to 24 basis points for the second quarter of
2021 and 40 basis points for the third quarter of 2020. The cost of
total deposits was 24 basis points for the first nine months of
2021, down from 53 basis points for the same period in 2020. The
tables below present, by type, the Company’s funding sources and
the total cost of each funding source for the periods
presented:
|
Percentage of Total Average Deposits and Borrowed
Funds |
|
Cost of Funds |
|
Three Months Ending |
|
Three Months Ending |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
June 30, |
|
September 30, |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2021 |
|
2020 |
Noninterest-bearing demand |
32.64 |
% |
|
31.88 |
% |
|
29.66 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Interest-bearing demand |
45.49 |
|
|
45.59 |
|
|
43.06 |
|
|
0.24 |
|
|
0.27 |
|
|
0.36 |
|
Savings |
7.35 |
|
|
7.24 |
|
|
6.35 |
|
|
0.08 |
|
|
0.08 |
|
|
0.08 |
|
Time deposits |
11.00 |
|
|
11.68 |
|
|
15.20 |
|
|
0.78 |
|
|
0.88 |
|
|
1.42 |
|
Borrowed funds |
3.52 |
|
|
3.61 |
|
|
5.73 |
|
|
3.08 |
|
|
3.11 |
|
|
2.20 |
|
Total deposits and borrowed
funds |
100.00 |
% |
|
100.00 |
% |
|
100.00 |
% |
|
0.31 |
% |
|
0.34 |
% |
|
0.50 |
% |
|
Percentage of Total Average Deposits and Borrowed
Funds |
|
Cost of Funds |
|
Nine Months Ending |
|
Nine Months Ending |
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Noninterest-bearing demand |
31.60 |
% |
|
27.03 |
% |
|
— |
% |
|
— |
% |
Interest-bearing demand |
45.75 |
|
|
42.95 |
|
|
0.26 |
|
|
0.51 |
|
Savings |
7.17 |
|
|
6.17 |
|
|
0.08 |
|
|
0.11 |
|
Time deposits |
11.85 |
|
|
16.79 |
|
|
0.90 |
|
|
1.59 |
|
Borrowed funds |
3.63 |
|
|
7.06 |
|
|
3.13 |
|
|
2.10 |
|
Total deposits and borrowed
funds |
100.00 |
% |
|
100.00 |
% |
|
0.34 |
% |
|
0.64 |
% |
Noninterest income for the third quarter of 2021
was $50.8 million, as compared to $47.6 million for the second
quarter of 2021 and $70.9 million for the third quarter of 2020.
The quarter-over-quarter decline is due to changes in mortgage
banking income, as detailed below. Noninterest income for the first
nine months of 2021 was $179.4 million, as compared to $172.7
million for the same period in 2020.
In mortgage banking, the Company’s interest rate
lock volume was $1.44 billion in the third quarter of 2021 and
$4.71 billion for the first nine months of 2021. Although gain on
sale margins continued to compress during the third quarter,
mortgage banking income increased on a linked quarter basis. This
increase was primarily driven by an improvement in the fair value
adjustment to the loan pipeline from the second quarter to the
third quarter. The following tables present the components of
mortgage banking income for the periods presented (in
thousands):
|
Three Months Ended |
|
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
Gain on sales of loans, net |
$ |
20,116 |
|
$ |
17,581 |
|
$ |
45,985 |
|
Fees, net |
3,420 |
|
4,519 |
|
5,367 |
|
Mortgage servicing loss,
net |
(244 |
) |
(1,247 |
) |
(2,466 |
) |
MSR valuation adjustment |
— |
|
— |
|
828 |
|
Mortgage banking income,
net |
$ |
23,292 |
|
$ |
20,853 |
|
$ |
49,714 |
|
|
Nine Months Ended |
|
September 30, 2021 |
September 30, 2020 |
Gain on sales of loans, net |
$ |
71,598 |
|
$ |
114,327 |
|
Fees, net |
12,841 |
|
13,597 |
|
Mortgage servicing loss,
net |
(3,122 |
) |
(3,491 |
) |
MSR valuation adjustment |
13,561 |
|
(13,694 |
) |
Mortgage banking income,
net |
$ |
94,878 |
|
$ |
110,739 |
|
In the third quarter of 2021, the Company
experienced increases in other fee income categories, including
wealth management and insurance, as compared to the second quarter
of 2021 and the third quarter of 2020. The Company also recognized
in the third quarter of 2021 $764 thousand in gains on securities
sold.
The Company entered into a referral relationship
with a third party to utilize its technology platform for PPP loans
originated under the latest round of the program. The Company
earned approximately $2.3 million and $1.4 million, respectively,
in referral fees from this round of PPP during the first and second
quarter of 2021, which are recorded in other noninterest income. No
such fees were earned during the third quarter of 2021.
Noninterest expense was $104.0 million for the
third quarter of 2021, as compared to $108.8 million for the second
quarter of 2021 and $116.5 million for the third quarter of 2020.
Noninterest expense for the first nine months of 2021 was $328.7
million, as compared to $349.8 million for the same period in 2020.
The decrease on both a linked quarter and quarter-over-quarter
basis in 2021 is partially related to a decrease in salaries and
employee benefits, which was driven by lower mortgage incentive
compensation expense recognized during the third quarter of 2021
and cost savings realized from the voluntary early retirement
program offered during the fourth quarter of 2020. Other
noninterest expense in the third quarter of 2021 was down from the
second quarter of 2021 primarily due to the full amortization of a
$3.1 million tax credit investment recognized during the second
quarter of 2021. A corresponding credit of $3.4 million reduced
income taxes for the second quarter. Additionally, the Company
released a portion of the reserve for unfunded commitments and
recorded a negative $200 thousand provision for unfunded
commitments in other noninterest expense during the third quarter
of 2021.
Asset Quality MetricsAt
September 30, 2021, the Company’s credit quality metrics
remained strong. Loans on deferred payment, as offered through the
Company’s loan deferral program, established in response to the
COVID-19 pandemic, continue to decline, and as of September 30,
2021, approximately 0.04% of the Company’s loan portfolio
(excluding PPP loans) was on deferral, down from approximately 1.5%
as of December 31, 2020.
The table below shows nonperforming assets,
which include nonperforming loans (loans 90 days or more past due
and nonaccrual loans) and other real estate owned, as well as early
stage delinquencies (loans 30-89 days past due), and related
financial ratios, as of the dates presented (in thousands):
|
September 30, 2021 |
December 31, 2020 |
|
Non Purchased |
Purchased |
Total |
Non Purchased |
Purchased |
Total |
Nonaccrual loans |
$ |
29,266 |
|
$ |
26,492 |
|
$ |
55,758 |
|
$ |
20,369 |
|
$ |
31,051 |
|
$ |
51,420 |
|
Loans 90 days past due or
more |
908 |
|
74 |
|
982 |
|
3,783 |
|
267 |
|
4,050 |
|
Nonperforming loans |
$ |
30,174 |
|
$ |
26,566 |
|
$ |
56,740 |
|
$ |
24,152 |
|
$ |
31,318 |
|
$ |
55,470 |
|
Other real estate owned |
2,253 |
|
2,452 |
|
4,705 |
|
2,045 |
|
3,927 |
|
5,972 |
|
Nonperforming assets |
$ |
32,427 |
|
$ |
29,018 |
|
$ |
61,445 |
|
$ |
26,197 |
|
$ |
35,245 |
|
$ |
61,442 |
|
Nonperforming loans/total
loans |
|
|
0.57 |
% |
|
|
0.51 |
% |
Nonperforming loans/total
loans excluding PPP loans (non-GAAP) |
|
|
0.57 |
% |
|
|
0.57 |
% |
Nonperforming assets/total
assets |
|
|
0.38 |
% |
|
|
0.41 |
% |
Nonperforming assets/total
assets excluding PPP loans (non-GAAP) |
|
|
0.38 |
% |
|
|
0.45 |
% |
Loans 30-89 days past due |
$ |
11,609 |
|
$ |
3,197 |
|
$ |
14,806 |
|
$ |
17,635 |
|
$ |
8,651 |
|
$ |
26,286 |
|
Loans 30-89 days past
due/total loans |
|
|
0.15 |
% |
|
|
0.24 |
% |
Loans 30-89 days past
due/total loans excluding PPP loans (non-GAAP) |
|
|
0.15 |
% |
|
|
0.27 |
% |
The table below shows the total allowance for
credit losses and related ratios at September 30, 2021, as
compared to December 31, 2020 (in thousands):
|
September 30, 2021 |
December 31, 2020 |
Allowance for credit losses on loans |
$ |
170,038 |
|
$ |
176,144 |
|
Allowance for credit losses on
deferred interest |
1,356 |
|
1,500 |
|
Reserve for unfunded
commitments |
20,335 |
|
20,535 |
|
Total allowance for credit
losses |
$ |
191,729 |
|
$ |
198,179 |
|
Allowance for credit losses on
loans/total loans |
1.70 |
% |
1.61 |
% |
Allowance for credit losses on
loans/total loans excluding PPP loans (non-GAAP) |
1.71 |
% |
1.80 |
% |
The Company recorded a negative provision for
credit losses of $1.2 million during the third quarter and first
nine months of 2021, as compared to a $23.1 million provision for
credit losses in the third quarter of 2020 and a $76.4 million
provision in the first nine months of 2020. Net loan charge-offs
for the third quarter of 2021 were $1.1 million, or 0.04% of
average loans held for investment on an annualized basis. The
Company’s coverage ratio, or the allowance for credit losses to
nonperforming loans, was 299.68% as of September 30, 2021, as
compared to 317.55% as of December 31, 2020.
CONFERENCE CALL INFORMATION:A
live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM Eastern Time (9:00 AM Central Time)
on Friday, October 29, 2021.
The webcast can be accessed through Renasant’s
investor relations website at www.renasant.com or
https://services.choruscall.com/mediaframe/webcast.html?webcastid=feyQW5Vg.
To access the conference via telephone, dial 1-877-513-1143 in the
United States and request the Renasant Corporation 2021 Third
Quarter Earnings Conference Call and Webcast. 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 10161149 or by dialing 1-412-317-0088
internationally and entering the same conference number. Telephone
replay access is available until November 12, 2021.
ABOUT RENASANT
CORPORATION:Renasant Corporation is the parent of Renasant
Bank, a 117-year-old financial services institution. Renasant has
assets of approximately $16.2 billion and operates 200 banking,
lending, mortgage, wealth management and insurance offices in
Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina
and South Carolina.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS:
This press release may contain, or incorporate
by reference, statements about Renasant Corporation that 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. Statements preceded
by, followed by or that otherwise include the words “believes,”
“expects,” “projects,” “anticipates,” “intends,” “estimates,”
“plans,” “potential,” “possible,” “may increase,” “may fluctuate,”
“will likely result,” and similar expressions, or future or
conditional verbs such as “will,” “should,” “would” and “could,”
are generally forward-looking in nature and not historical facts.
Forward-looking statements include information about the Company’s
future financial performance, business strategy, projected plans
and objectives and are based on the current beliefs and
expectations of management. The Company’s management
believes these forward-looking statements are reasonable, but they
are all inherently subject to significant business, economic and
competitive risks and uncertainties, many of which are beyond the
Company’s control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to
change. Actual results may differ from those indicated
or implied in the forward-looking statements, and such differences
may be material. Prospective investors are cautioned that any
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties and, accordingly, investors
should not place undue reliance on these forward-looking
statements, which speak only as of the date they are made.
Important factors currently known to management
that could cause our actual results to differ materially from those
in forward-looking statements include the following: (i) the
continued impact of the COVID-19 pandemic (and variants thereof)
and related governmental response measures on the U.S. economy and
the economies of the markets in which we operate; (ii) the
Company’s ability to efficiently integrate acquisitions into its
operations, retain the customers of these businesses, grow the
acquired operations and realize the cost savings expected from an
acquisition to the extent and in the timeframe anticipated by
management; (iii) the effect of economic conditions and interest
rates on a national, regional or international basis; (iv) timing
and success of the implementation of changes in operations to
achieve enhanced earnings or effect cost savings; (v) competitive
pressures in the consumer finance, commercial finance, insurance,
financial services, asset management, retail banking, mortgage
lending and auto lending industries; (vi) the financial resources
of, and products available from, competitors; (vii) changes in laws
and regulations as well as changes in accounting standards; (viii)
changes in policy by regulatory agencies; (ix) changes in the
securities and foreign exchange markets; (x) the Company’s
potential growth, including its entrance or expansion into new
markets, and the need for sufficient capital to support that
growth; (xi) changes in the quality or composition of the Company’s
loan or investment portfolios, including adverse developments in
borrower industries or in the repayment ability of individual
borrowers; (xii) an insufficient allowance for credit losses as a
result of inaccurate assumptions; (xiii) general economic, market
or business conditions, including the impact of inflation; (xiv)
changes in demand for loan products and financial services; (xv)
concentration of credit exposure; (xvi) changes or the lack of
changes in interest rates, yield curves and interest rate spread
relationships; (xvii) increased cybersecurity risk, including
potential network breaches, business disruptions or financial
losses; (xviii) civil unrest, natural disasters, epidemics and
other catastrophic events in the Company’s geographic area; (xix)
the impact, extent and timing of technological changes; and (xx)
other circumstances, many of which are beyond management’s
control.
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 undertakes no obligation, and
specifically disclaims any obligation, to update or revise
forward-looking statements, whether as a result of new information
or to reflect changed assumptions, the occurrence of unanticipated
events or changes to future operating results over time, except as
required by federal securities laws.
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, namely, earnings, with exclusions, 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”), tangible book value per share,
the adjusted efficiency ratio and certain asset quality ratios
(nonperforming loans to total loans, nonperforming assets to total
assets, loans 30-89 past due to total loans, and the allowance for
credit losses to total loans) in each case excluding PPP loans.
These non-GAAP financial measures adjust GAAP financial measures to
exclude intangible assets and/or certain charges (such as, among
others, COVID-19 related expenses, restructuring charges and asset
valuation adjustments) with respect to which the Company is unable
to accurately predict when these charges will be incurred or, when
incurred, the amount thereof or, with respect to asset quality
measures, to exclude the Company’s PPP loans. With respect to
COVID-19 related expenses in particular, management added these
expenses as a charge to exclude when calculating non-GAAP financial
measures because the expenses included within this line item (as
discussed earlier in this release) are readily quantifiable and
possess the same characteristics with respect to management’s
inability to accurately predict the timing or amount thereof as the
other charges excluded when calculating non-GAAP financial
measures. Management uses these non-GAAP financial measures when
evaluating capital utilization and adequacy; with respect to its
asset quality measures, management excludes PPP loans, which are
both forgivable and guaranteed by the Small Business
Administration, to more clearly measure potential loss, and the
coverage therefor, in the Company’s loan portfolio. In addition,
the Company believes that these non-GAAP financial measures
facilitate the making of period-to-period comparisons and are
meaningful indicators 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,
charges such as restructuring charges and COVID-19 related
expenses, and the amount of PPP loans 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 non-GAAP financial measures to the most directly comparable
GAAP financial measures are included in the tables at the end of
this release under the caption “Reconciliation of GAAP to
Non-GAAP,” except that reconciliations of the non-GAAP asset
quality measures to GAAP are included in the presentation materials
that the Company filed with the SEC together with this earnings
release.
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.
RENASANT
CORPORATION |
(Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
2021- |
|
For The Nine
Months Ending |
|
2021 |
|
2020 |
|
Q3
2020 |
|
September 30, |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Percent |
|
|
|
|
|
Percent |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Statement of earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - taxable equivalent basis |
|
$ |
115,723 |
|
|
$ |
122,617 |
|
|
$ |
123,378 |
|
|
$ |
123,823 |
|
|
$ |
123,677 |
|
|
$ |
125,630 |
|
|
$ |
131,887 |
|
|
(6.43) |
% |
|
$ |
361,718 |
|
|
$ |
381,194 |
|
|
(5.11) |
% |
Interest income |
|
$ |
114,013 |
|
|
$ |
120,991 |
|
|
$ |
121,762 |
|
|
$ |
121,926 |
|
|
$ |
122,078 |
|
|
$ |
123,955 |
|
|
$ |
130,173 |
|
|
(6.61) |
|
|
$ |
356,766 |
|
|
$ |
376,206 |
|
|
(5.17) |
|
Interest expense |
|
10,721 |
|
|
11,412 |
|
|
12,114 |
|
|
13,799 |
|
|
15,792 |
|
|
18,173 |
|
|
23,571 |
|
|
(32.11) |
|
|
34,247 |
|
|
57,536 |
|
|
(40.48) |
|
|
Net interest income |
|
103,292 |
|
|
109,579 |
|
|
109,648 |
|
|
108,127 |
|
|
106,286 |
|
|
105,782 |
|
|
106,602 |
|
|
(2.82) |
|
|
322,519 |
|
|
318,670 |
|
|
1.21 |
|
(Recovery of) provision for credit losses |
|
(1,200) |
|
|
— |
|
|
— |
|
|
10,500 |
|
|
23,100 |
|
|
26,900 |
|
|
26,350 |
|
|
(105.19) |
|
|
(1,200) |
|
|
76,350 |
|
|
(101.57) |
|
|
Net interest income after provision |
|
104,492 |
|
|
109,579 |
|
|
109,648 |
|
|
97,627 |
|
|
83,186 |
|
|
78,882 |
|
|
80,252 |
|
|
25.61 |
|
|
323,719 |
|
|
242,320 |
|
|
33.59 |
|
Service charges on deposit accounts |
|
9,337 |
|
|
9,458 |
|
|
8,023 |
|
|
7,938 |
|
|
7,486 |
|
|
6,832 |
|
|
9,070 |
|
|
24.73 |
|
|
26,818 |
|
|
23,388 |
|
|
14.67 |
|
Fees and commissions on loans and deposits |
|
3,837 |
|
|
4,110 |
|
|
3,900 |
|
|
3,616 |
|
|
3,402 |
|
|
2,971 |
|
|
3,054 |
|
|
12.79 |
|
|
11,847 |
|
|
9,427 |
|
|
25.67 |
|
Insurance commissions and fees |
|
2,829 |
|
|
2,422 |
|
|
2,237 |
|
|
2,193 |
|
|
2,681 |
|
|
2,125 |
|
|
1,991 |
|
|
5.52 |
|
|
7,488 |
|
|
6,797 |
|
|
10.17 |
|
Wealth management revenue |
|
5,371 |
|
|
5,019 |
|
|
4,792 |
|
|
4,314 |
|
|
4,364 |
|
|
3,824 |
|
|
4,002 |
|
|
23.08 |
|
|
15,182 |
|
|
12,190 |
|
|
24.54 |
|
Securities gains (losses) |
|
764 |
|
|
— |
|
|
1,357 |
|
|
15 |
|
|
— |
|
|
31 |
|
|
— |
|
|
— |
|
|
2,121 |
|
|
31 |
|
|
6,741.94 |
|
Mortgage banking income |
|
23,292 |
|
|
20,853 |
|
|
50,733 |
|
|
39,760 |
|
|
49,714 |
|
|
45,490 |
|
|
15,535 |
|
|
(53.15) |
|
|
94,878 |
|
|
110,739 |
|
|
(14.32) |
|
Other |
|
5,325 |
|
|
5,748 |
|
|
9,995 |
|
|
5,028 |
|
|
3,281 |
|
|
2,897 |
|
|
3,918 |
|
|
62.30 |
|
|
21,068 |
|
|
10,096 |
|
|
108.68 |
|
|
Total noninterest income |
|
50,755 |
|
|
47,610 |
|
|
81,037 |
|
|
62,864 |
|
|
70,928 |
|
|
64,170 |
|
|
37,570 |
|
|
(28.44) |
|
|
179,402 |
|
|
172,668 |
|
|
3.90 |
|
Salaries and employee benefits |
|
69,115 |
|
|
70,293 |
|
|
78,696 |
|
|
74,432 |
|
|
75,406 |
|
|
79,361 |
|
|
73,189 |
|
|
(8.34) |
|
|
218,104 |
|
|
227,956 |
|
|
(4.32) |
|
Data processing |
|
5,277 |
|
|
5,652 |
|
|
5,451 |
|
|
5,373 |
|
|
5,259 |
|
|
5,047 |
|
|
5,006 |
|
|
0.34 |
|
|
16,380 |
|
|
15,312 |
|
|
6.97 |
|
Occupancy and equipment |
|
11,748 |
|
|
11,374 |
|
|
12,538 |
|
|
13,153 |
|
|
13,296 |
|
|
13,511 |
|
|
14,120 |
|
|
(11.64) |
|
|
35,660 |
|
|
40,927 |
|
|
(12.87) |
|
Other real estate |
|
168 |
|
|
104 |
|
|
41 |
|
|
683 |
|
|
1,033 |
|
|
620 |
|
|
418 |
|
|
(83.74) |
|
|
313 |
|
|
2,071 |
|
|
(84.89) |
|
Amortization of intangibles |
|
1,481 |
|
|
1,539 |
|
|
1,598 |
|
|
1,659 |
|
|
1,733 |
|
|
1,834 |
|
|
1,895 |
|
|
(14.54) |
|
|
4,618 |
|
|
5,462 |
|
|
(15.45) |
|
Restructuring charges |
|
— |
|
|
15 |
|
|
292 |
|
|
7,365 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
307 |
|
|
— |
|
|
— |
|
Swap termination charges |
|
— |
|
|
— |
|
|
— |
|
|
2,040 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Debt prepayment penalty |
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
28 |
|
|
90 |
|
|
— |
|
|
(100.00) |
|
|
— |
|
|
118 |
|
|
(100.00) |
|
Other |
|
16,210 |
|
|
19,800 |
|
|
17,319 |
|
|
17,444 |
|
|
19,755 |
|
|
17,822 |
|
|
20,413 |
|
|
(17.94) |
|
|
53,329 |
|
|
57,990 |
|
|
(8.04) |
|
|
Total noninterest expense |
|
103,999 |
|
|
108,777 |
|
|
115,935 |
|
|
122,152 |
|
|
116,510 |
|
|
118,285 |
|
|
115,041 |
|
|
(10.74) |
|
|
328,711 |
|
|
349,836 |
|
|
(6.04) |
|
Income before income taxes |
|
51,248 |
|
|
48,412 |
|
|
74,750 |
|
|
38,339 |
|
|
37,604 |
|
|
24,767 |
|
|
2,781 |
|
|
36.28 |
|
|
174,410 |
|
|
65,152 |
|
|
167.70 |
|
Income taxes |
|
11,185 |
|
|
7,545 |
|
|
16,842 |
|
|
6,818 |
|
|
7,612 |
|
|
4,637 |
|
|
773 |
|
|
46.94 |
|
|
35,572 |
|
|
13,022 |
|
|
173.17 |
|
|
Net income |
|
$ |
40,063 |
|
|
$ |
40,867 |
|
|
$ |
57,908 |
|
|
$ |
31,521 |
|
|
$ |
29,992 |
|
|
$ |
20,130 |
|
|
$ |
2,008 |
|
|
33.58 |
|
|
$ |
138,838 |
|
|
$ |
52,130 |
|
|
166.33 |
|
Basic earnings per share |
|
$ |
0.71 |
|
|
$ |
0.73 |
|
|
$ |
1.03 |
|
|
$ |
0.56 |
|
|
$ |
0.53 |
|
|
$ |
0.36 |
|
|
$ |
0.04 |
|
|
33.96 |
|
|
$ |
2.47 |
|
|
$ |
0.93 |
|
|
165.59 |
|
Diluted earnings per share |
|
0.71 |
|
|
0.72 |
|
|
1.02 |
|
|
0.56 |
|
|
0.53 |
|
|
0.36 |
|
|
0.04 |
|
|
33.96 |
|
|
2.46 |
|
|
0.92 |
|
|
167.39 |
|
Average basic shares outstanding |
|
56,146,285 |
|
|
56,325,717 |
|
|
56,240,201 |
|
|
56,197,847 |
|
|
56,185,884 |
|
|
56,165,452 |
|
|
56,534,816 |
|
|
(0.07) |
|
|
56,237,056 |
|
|
56,294,984 |
|
|
(0.10) |
|
Average diluted shares outstanding |
|
56,447,184 |
|
|
56,635,898 |
|
|
56,519,199 |
|
|
56,489,809 |
|
|
56,386,153 |
|
|
56,325,476 |
|
|
56,706,289 |
|
|
0.11 |
|
|
56,533,094 |
|
|
56,468,577 |
|
|
0.11 |
|
Common shares outstanding |
|
55,747,407 |
|
|
56,350,878 |
|
|
56,294,346 |
|
|
56,200,487 |
|
|
56,193,705 |
|
|
56,181,962 |
|
|
56,141,018 |
|
|
(0.79) |
|
|
55,747,407 |
|
|
56,193,705 |
|
|
(0.79) |
|
Cash dividend per common share |
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.22 |
|
|
— |
|
|
$ |
0.66 |
|
|
$ |
0.66 |
|
|
— |
|
Performance ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg shareholders’ equity |
|
7.16 |
% |
|
7.40 |
% |
|
10.81 |
% |
|
5.88 |
% |
|
5.63 |
% |
|
3.85 |
% |
|
0.38 |
% |
|
|
|
8.43 |
% |
|
3.30 |
% |
|
|
Return on avg tangible s/h’s equity (non-GAAP) (1) |
|
13.05 |
% |
|
13.54 |
% |
|
19.93 |
% |
|
11.26 |
% |
|
10.87 |
% |
|
7.72 |
% |
|
1.20 |
% |
|
|
|
15.43 |
% |
|
6.65 |
% |
|
|
Return on avg assets |
|
0.99 |
% |
|
1.04 |
% |
|
1.54 |
% |
|
0.84 |
% |
|
0.80 |
% |
|
0.55 |
% |
|
0.06 |
% |
|
|
|
1.18 |
% |
|
0.48 |
% |
|
|
Return on avg tangible assets (non-GAAP)(2) |
|
1.08 |
% |
|
1.14 |
% |
|
1.69 |
% |
|
0.94 |
% |
|
0.89 |
% |
|
0.63 |
% |
|
0.11 |
% |
|
|
|
1.29 |
% |
|
0.56 |
% |
|
|
Net interest margin (FTE) |
|
2.93 |
% |
|
3.19 |
% |
|
3.37 |
% |
|
3.35 |
% |
|
3.29 |
% |
|
3.38 |
% |
|
3.75 |
% |
|
|
|
3.16 |
% |
|
3.47 |
% |
|
|
Yield on earning assets (FTE) |
|
3.23 |
% |
|
3.51 |
% |
|
3.74 |
% |
|
3.77 |
% |
|
3.77 |
% |
|
3.95 |
% |
|
4.57 |
% |
|
|
|
3.49 |
% |
|
4.08 |
% |
|
|
Cost of funding |
|
0.31 |
% |
|
0.34 |
% |
|
0.38 |
% |
|
0.44 |
% |
|
0.50 |
% |
|
0.59 |
% |
|
0.85 |
% |
|
|
|
0.34 |
% |
|
0.64 |
% |
|
|
Average earning assets to average assets |
|
88.38 |
% |
|
88.37 |
% |
|
87.86 |
% |
|
87.66 |
% |
|
87.31 |
% |
|
86.88 |
% |
|
86.17 |
% |
|
|
|
88.21 |
% |
|
86.81 |
% |
|
|
Average loans to average deposits |
|
75.81 |
% |
|
81.13 |
% |
|
87.78 |
% |
|
91.83 |
% |
|
93.31 |
% |
|
93.35 |
% |
|
93.83 |
% |
|
|
|
81.41 |
% |
|
93.48 |
% |
|
|
Noninterest income (less securities gains/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average assets |
|
1.23 |
% |
|
1.21 |
% |
|
2.13 |
% |
|
1.68 |
% |
|
1.89 |
% |
|
1.75 |
% |
|
1.12 |
% |
|
|
|
1.51 |
% |
|
1.60 |
% |
|
|
Noninterest expense (less debt prepayment penalties) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to average assets |
|
2.56 |
% |
|
2.76 |
% |
|
3.09 |
% |
|
3.26 |
% |
|
3.10 |
% |
|
3.23 |
% |
|
3.43 |
% |
|
|
|
2.80 |
% |
|
3.25 |
% |
|
|
Net overhead ratio |
|
1.33 |
% |
|
1.55 |
% |
|
0.96 |
% |
|
1.58 |
% |
|
1.21 |
% |
|
1.48 |
% |
|
2.31 |
% |
|
|
|
1.29 |
% |
|
1.65 |
% |
|
|
Efficiency ratio (FTE) |
|
66.77 |
% |
|
68.49 |
% |
|
60.29 |
% |
|
70.65 |
% |
|
65.16 |
% |
|
68.92 |
% |
|
78.86 |
% |
|
|
|
64.85 |
% |
|
70.49 |
% |
|
|
Adjusted efficiency ratio (FTE) (non-GAAP) (4) |
|
66.06 |
% |
|
67.28 |
% |
|
63.85 |
% |
|
64.35 |
% |
|
62.63 |
% |
|
60.89 |
% |
|
68.73 |
% |
|
|
|
65.66 |
% |
|
63.89 |
% |
|
|
|
RENASANT
CORPORATION |
(Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2021
- |
|
As
of |
|
2021 |
|
2020 |
|
Q3
2020 |
|
September 30, |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Percent |
|
|
|
|
|
Percent |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
16,130,149 |
|
|
$ |
15,831,018 |
|
|
$ |
15,203,691 |
|
|
$ |
14,898,055 |
|
|
$ |
14,928,159 |
|
|
$ |
14,706,027 |
|
|
$ |
13,472,550 |
|
|
8.05 |
% |
|
$ |
15,723,110 |
|
|
$ |
14,370,953 |
|
|
9.41 |
% |
Earning assets |
|
14,256,421 |
|
|
13,989,264 |
|
|
13,358,677 |
|
|
13,059,967 |
|
|
13,034,422 |
|
|
12,776,643 |
|
|
11,609,477 |
|
|
9.38 |
|
|
13,869,538 |
|
|
12,475,561 |
|
|
11.17 |
|
Securities |
|
2,266,866 |
|
|
1,821,429 |
|
|
1,372,123 |
|
|
1,269,108 |
|
|
1,269,565 |
|
|
1,295,539 |
|
|
1,292,875 |
|
|
78.55 |
|
|
1,821,770 |
|
|
1,285,933 |
|
|
41.67 |
|
Loans held for sale |
|
451,586 |
|
|
461,752 |
|
|
406,397 |
|
|
389,435 |
|
|
378,225 |
|
|
340,582 |
|
|
336,829 |
|
|
19.40 |
|
|
439,954 |
|
|
351,975 |
|
|
25.00 |
|
Loans, net of unearned income |
|
10,017,742 |
|
|
10,478,121 |
|
|
10,802,991 |
|
|
11,019,505 |
|
|
11,041,684 |
|
|
10,616,147 |
|
|
9,687,285 |
|
|
(9.27) |
|
|
10,431,436 |
|
|
10,450,537 |
|
|
(0.18) |
|
Intangibles |
|
965,960 |
|
|
967,430 |
|
|
969,001 |
|
|
970,624 |
|
|
972,394 |
|
|
974,237 |
|
|
975,933 |
|
|
(0.66) |
|
|
967,458 |
|
|
974,182 |
|
|
(0.69) |
|
Noninterest-bearing deposits |
|
4,470,262 |
|
|
4,271,464 |
|
|
3,862,422 |
|
|
3,808,595 |
|
|
3,723,059 |
|
|
3,439,634 |
|
|
2,586,963 |
|
|
20.07 |
|
|
4,202,364 |
|
|
3,251,612 |
|
|
29.24 |
|
Interest-bearing deposits |
|
8,744,757 |
|
|
8,644,386 |
|
|
8,444,766 |
|
|
8,190,997 |
|
|
8,109,844 |
|
|
7,933,035 |
|
|
7,737,615 |
|
|
7.83 |
|
|
8,611,790 |
|
|
7,927,499 |
|
|
8.63 |
|
Total deposits |
|
13,215,019 |
|
|
12,915,850 |
|
|
12,307,188 |
|
|
11,999,592 |
|
|
11,832,903 |
|
|
11,372,669 |
|
|
10,324,578 |
|
|
11.68 |
|
|
12,814,154 |
|
|
11,179,111 |
|
|
14.63 |
|
Borrowed funds |
|
482,709 |
|
|
483,081 |
|
|
483,907 |
|
|
516,414 |
|
|
719,800 |
|
|
1,000,789 |
|
|
829,320 |
|
|
(32.94) |
|
|
483,230 |
|
|
849,494 |
|
|
(43.12) |
|
Shareholders' equity |
|
2,219,431 |
|
|
2,213,743 |
|
|
2,172,425 |
|
|
2,132,375 |
|
|
2,119,500 |
|
|
2,101,092 |
|
|
2,105,143 |
|
|
4.71 |
|
|
2,201,930 |
|
|
2,108,618 |
|
|
4.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2021
- |
|
As
of |
|
2021 |
|
2020 |
|
Q4
2020 |
|
September 30, |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Percent |
|
|
|
|
|
Percent |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Balances at period end |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
16,155,550 |
|
|
$ |
16,022,386 |
|
|
$ |
15,622,571 |
|
|
$ |
14,929,612 |
|
|
$ |
14,808,933 |
|
|
$ |
14,897,207 |
|
|
$ |
13,900,550 |
|
|
8.21 |
% |
|
$ |
16,155,550 |
|
|
$ |
14,808,933 |
|
|
9.09 |
% |
Earning assets |
|
14,321,001 |
|
|
14,146,304 |
|
|
13,781,374 |
|
|
13,151,707 |
|
|
12,984,651 |
|
|
13,041,846 |
|
|
11,980,482 |
|
|
8.89 |
|
|
14,321,001 |
|
|
12,984,651 |
|
|
10.29 |
|
Securities |
|
2,544,643 |
|
|
2,163,820 |
|
|
1,536,041 |
|
|
1,343,457 |
|
|
1,293,388 |
|
|
1,303,494 |
|
|
1,359,129 |
|
|
89.41 |
|
|
2,544,643 |
|
|
1,293,388 |
|
|
96.74 |
|
Loans held for sale |
|
452,869 |
|
|
448,959 |
|
|
502,002 |
|
|
417,771 |
|
|
399,773 |
|
|
339,747 |
|
|
448,797 |
|
|
8.40 |
|
|
452,869 |
|
|
399,773 |
|
|
13.28 |
|
Non purchased loans |
|
8,875,880 |
|
|
8,892,544 |
|
|
9,292,502 |
|
|
9,419,540 |
|
|
9,424,224 |
|
|
9,206,101 |
|
|
7,802,404 |
|
|
(5.77) |
|
|
8,875,880 |
|
|
9,424,224 |
|
|
(5.82) |
|
Purchased loans |
|
1,140,944 |
|
|
1,256,698 |
|
|
1,395,906 |
|
|
1,514,107 |
|
|
1,660,514 |
|
|
1,791,203 |
|
|
1,966,973 |
|
|
(24.65) |
|
|
1,140,944 |
|
|
1,660,514 |
|
|
(31.29) |
|
|
Total loans |
|
10,016,824 |
|
|
10,149,242 |
|
|
10,688,408 |
|
|
10,933,647 |
|
|
11,084,738 |
|
|
10,997,304 |
|
|
9,769,377 |
|
|
(8.39) |
|
|
10,016,824 |
|
|
11,084,738 |
|
|
(9.63) |
|
Intangibles |
|
965,205 |
|
|
966,686 |
|
|
968,225 |
|
|
969,823 |
|
|
971,481 |
|
|
973,214 |
|
|
975,048 |
|
|
(0.48) |
|
|
965,205 |
|
|
971,481 |
|
|
(0.65) |
|
Noninterest-bearing deposits |
|
4,492,650 |
|
|
4,349,135 |
|
|
4,135,360 |
|
|
3,685,048 |
|
|
3,758,242 |
|
|
3,740,296 |
|
|
2,642,059 |
|
|
21.92 |
|
|
4,492,650 |
|
|
3,758,242 |
|
|
19.54 |
|
Interest-bearing deposits |
|
8,762,179 |
|
|
8,766,216 |
|
|
8,601,548 |
|
|
8,374,033 |
|
|
8,175,898 |
|
|
8,106,062 |
|
|
7,770,367 |
|
|
4.64 |
|
|
8,762,179 |
|
|
8,175,898 |
|
|
7.17 |
|
|
Total deposits |
|
13,254,829 |
|
|
13,115,351 |
|
|
12,736,908 |
|
|
12,059,081 |
|
|
11,934,140 |
|
|
11,846,358 |
|
|
10,412,426 |
|
|
9.92 |
|
|
13,254,829 |
|
|
11,934,140 |
|
|
11.07 |
|
Borrowed funds |
|
480,116 |
|
|
484,340 |
|
|
479,814 |
|
|
496,310 |
|
|
517,706 |
|
|
718,490 |
|
|
1,179,631 |
|
|
(3.26) |
|
|
480,116 |
|
|
517,706 |
|
|
(7.26) |
|
Shareholders’ equity |
|
2,203,944 |
|
|
2,203,807 |
|
|
2,173,701 |
|
|
2,132,733 |
|
|
2,104,300 |
|
|
2,082,946 |
|
|
2,070,512 |
|
|
3.34 |
|
|
2,203,944 |
|
|
2,104,300 |
|
|
4.74 |
|
Market value per common share |
|
36.05 |
|
|
40.00 |
|
|
41.38 |
|
|
33.68 |
|
|
22.72 |
|
|
24.90 |
|
|
21.84 |
|
|
7.04 |
|
|
36.05 |
|
|
22.72 |
|
|
58.67 |
|
Book value per common share |
|
39.53 |
|
|
39.11 |
|
|
38.61 |
|
|
37.95 |
|
|
37.45 |
|
|
37.07 |
|
|
36.88 |
|
|
4.16 |
|
|
39.53 |
|
|
37.45 |
|
|
5.55 |
|
Tangible book value per common share (non-GAAP) |
|
22.22 |
|
|
21.95 |
|
|
21.41 |
|
|
20.69 |
|
|
20.16 |
|
|
19.75 |
|
|
19.51 |
|
|
7.39 |
|
|
22.22 |
|
|
20.16 |
|
|
10.22 |
|
Shareholders’ equity to assets (actual) |
|
13.64 |
% |
|
13.75 |
% |
|
13.91 |
% |
|
14.29 |
% |
|
14.21 |
% |
|
13.98 |
% |
|
14.91 |
% |
|
|
|
13.64 |
% |
|
14.21 |
% |
|
|
Tangible capital ratio (non-GAAP)(3) |
|
8.15 |
% |
|
8.22 |
% |
|
8.23 |
% |
|
8.33 |
% |
|
8.19 |
% |
|
7.97 |
% |
|
8.48 |
% |
|
|
|
8.15 |
% |
|
8.19 |
% |
|
|
Leverage ratio |
|
9.18 |
% |
|
9.30 |
% |
|
9.49 |
% |
|
9.37 |
% |
|
9.17 |
% |
|
9.12 |
% |
|
9.90 |
% |
|
|
|
9.18 |
% |
|
9.17 |
% |
|
|
Common equity tier 1 capital ratio |
|
11.02 |
% |
|
11.14 |
% |
|
11.05 |
% |
|
10.93 |
% |
|
10.80 |
% |
|
10.69 |
% |
|
10.63 |
% |
|
|
|
11.02 |
% |
|
10.80 |
% |
|
|
Tier 1 risk-based capital ratio |
|
11.94 |
% |
|
12.07 |
% |
|
12.00 |
% |
|
11.91 |
% |
|
11.79 |
% |
|
11.69 |
% |
|
11.63 |
% |
|
|
|
11.94 |
% |
|
11.79 |
% |
|
|
Total risk-based capital ratio |
|
14.66 |
% |
|
15.11 |
% |
|
15.09 |
% |
|
15.07 |
% |
|
14.89 |
% |
|
13.72 |
% |
|
13.44 |
% |
|
|
|
14.66 |
% |
|
14.89 |
% |
|
|
|
RENASANT
CORPORATION |
(Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2021
- |
|
As
of |
|
2021 |
|
2020 |
|
Q4
2020 |
|
September 30, |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
Percent |
|
|
|
|
|
Percent |
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Variance |
|
2021 |
|
2020 |
|
Variance |
Non purchased loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural |
|
$ |
1,254,107 |
|
|
$ |
1,262,977 |
|
|
$ |
1,244,580 |
|
|
$ |
1,231,768 |
|
|
$ |
1,137,322 |
|
|
$ |
1,134,965 |
|
|
$ |
1,144,004 |
|
|
1.81 |
% |
|
$ |
1,254,107 |
|
|
$ |
1,137,322 |
|
|
10.27 |
% |
SBA Paycheck Protection Program |
|
67,462 |
|
|
246,931 |
|
|
860,864 |
|
|
1,128,703 |
|
|
1,307,972 |
|
|
1,281,278 |
|
|
— |
|
|
(94.02) |
|
|
67,462 |
|
|
1,307,972 |
|
|
(94.84) |
|
Lease financing |
|
79,215 |
|
|
74,003 |
|
|
75,256 |
|
|
75,862 |
|
|
82,928 |
|
|
80,779 |
|
|
84,679 |
|
|
4.42 |
|
|
79,215 |
|
|
82,928 |
|
|
(4.48) |
|
Real estate - construction |
|
1,086,303 |
|
|
1,038,613 |
|
|
933,586 |
|
|
827,152 |
|
|
738,873 |
|
|
756,872 |
|
|
745,066 |
|
|
31.33 |
|
|
1,086,303 |
|
|
738,873 |
|
|
47.02 |
|
Real estate - 1-4 family mortgages |
|
2,484,396 |
|
|
2,435,574 |
|
|
2,380,920 |
|
|
2,356,564 |
|
|
2,369,292 |
|
|
2,342,987 |
|
|
2,356,627 |
|
|
5.42 |
|
|
2,484,396 |
|
|
2,369,292 |
|
|
4.86 |
|
Real estate - commercial mortgages |
|
3,794,898 |
|
|
3,723,309 |
|
|
3,676,160 |
|
|
3,649,629 |
|
|
3,610,642 |
|
|
3,400,718 |
|
|
3,242,172 |
|
|
3.98 |
|
|
3,794,898 |
|
|
3,610,642 |
|
|
5.10 |
|
Installment loans to individuals |
|
109,499 |
|
|
111,137 |
|
|
121,136 |
|
|
149,862 |
|
|
177,195 |
|
|
208,502 |
|
|
229,856 |
|
|
(26.93) |
|
|
109,499 |
|
|
177,195 |
|
|
(38.20) |
|
Loans, net of unearned income |
|
$ |
8,875,880 |
|
|
$ |
8,892,544 |
|
|
$ |
9,292,502 |
|
|
$ |
9,419,540 |
|
|
$ |
9,424,224 |
|
|
$ |
9,206,101 |
|
|
$ |
7,802,404 |
|
|
(5.77) |
|
|
$ |
8,875,880 |
|
|
$ |
9,424,224 |
|
|
(5.82) |
|
Purchased loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural |
|
$ |
114,450 |
|
|
$ |
124,725 |
|
|
$ |
143,843 |
|
|
$ |
176,513 |
|
|
$ |
202,768 |
|
|
$ |
225,355 |
|
|
$ |
280,572 |
|
|
(35.16) |
|
|
$ |
114,450 |
|
|
$ |
202,768 |
|
|
(43.56) |
|
Real estate - construction |
|
4,993 |
|
|
12,746 |
|
|
22,332 |
|
|
30,952 |
|
|
34,246 |
|
|
34,236 |
|
|
42,829 |
|
|
(83.87) |
|
|
4,993 |
|
|
34,246 |
|
|
(85.42) |
|
Real estate - 1-4 family mortgages |
|
240,347 |
|
|
266,517 |
|
|
305,141 |
|
|
341,744 |
|
|
391,102 |
|
|
445,526 |
|
|
489,674 |
|
|
(29.67) |
|
|
240,347 |
|
|
391,102 |
|
|
(38.55) |
|
Real estate - commercial mortgages |
|
740,832 |
|
|
806,860 |
|
|
872,867 |
|
|
905,223 |
|
|
966,367 |
|
|
1,010,035 |
|
|
1,066,536 |
|
|
(18.16) |
|
|
740,832 |
|
|
966,367 |
|
|
(23.34) |
|
Installment loans to individuals |
|
40,322 |
|
|
45,850 |
|
|
51,723 |
|
|
59,675 |
|
|
66,031 |
|
|
76,051 |
|
|
87,362 |
|
|
(32.43) |
|
|
40,322 |
|
|
66,031 |
|
|
(38.93) |
|
Loans, net of unearned income |
|
$ |
1,140,944 |
|
|
$ |
1,256,698 |
|
|
$ |
1,395,906 |
|
|
$ |
1,514,107 |
|
|
$ |
1,660,514 |
|
|
$ |
1,791,203 |
|
|
$ |
1,966,973 |
|
|
(24.65) |
|
|
$ |
1,140,944 |
|
|
$ |
1,660,514 |
|
|
(31.29) |
|
Asset quality data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
29,266 |
|
|
$ |
27,101 |
|
|
$ |
24,794 |
|
|
$ |
20,369 |
|
|
$ |
18,831 |
|
|
$ |
16,591 |
|
|
$ |
21,384 |
|
|
43.68 |
|
|
$ |
29,266 |
|
|
$ |
18,831 |
|
|
55.41 |
|
Loans 90 past due or more |
|
908 |
|
|
800 |
|
|
2,235 |
|
|
3,783 |
|
|
1,826 |
|
|
3,993 |
|
|
4,459 |
|
|
(76.00) |
|
|
908 |
|
|
1,826 |
|
|
(50.27) |
|
Nonperforming loans |
|
30,174 |
|
|
27,901 |
|
|
27,029 |
|
|
24,152 |
|
|
20,657 |
|
|
20,584 |
|
|
25,843 |
|
|
24.93 |
|
|
30,174 |
|
|
20,657 |
|
|
46.07 |
|
Other real estate owned |
|
2,253 |
|
|
1,676 |
|
|
2,292 |
|
|
2,045 |
|
|
3,576 |
|
|
4,694 |
|
|
3,241 |
|
|
10.17 |
|
|
2,253 |
|
|
3,576 |
|
|
(37.00) |
|
Nonperforming assets |
|
$ |
32,427 |
|
|
$ |
29,577 |
|
|
$ |
29,321 |
|
|
$ |
26,197 |
|
|
$ |
24,233 |
|
|
$ |
25,278 |
|
|
$ |
29,084 |
|
|
23.78 |
|
|
$ |
32,427 |
|
|
$ |
24,233 |
|
|
33.81 |
|
Purchased assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
26,492 |
|
|
$ |
27,690 |
|
|
$ |
28,947 |
|
|
$ |
31,051 |
|
|
$ |
24,821 |
|
|
$ |
21,361 |
|
|
$ |
19,090 |
|
|
(14.68) |
|
|
$ |
26,492 |
|
|
$ |
24,821 |
|
|
6.73 |
|
Loans 90 past due or more |
|
74 |
|
|
945 |
|
|
129 |
|
|
267 |
|
|
318 |
|
|
2,158 |
|
|
5,104 |
|
|
(72.28) |
|
|
74 |
|
|
318 |
|
|
(76.73) |
|
Nonperforming loans |
|
26,566 |
|
|
28,635 |
|
|
29,076 |
|
|
31,318 |
|
|
25,139 |
|
|
23,519 |
|
|
24,194 |
|
|
(15.17) |
|
|
26,566 |
|
|
25,139 |
|
|
5.68 |
|
Other real estate owned |
|
2,452 |
|
|
3,263 |
|
|
3,679 |
|
|
3,927 |
|
|
4,576 |
|
|
4,431 |
|
|
5,430 |
|
|
(37.56) |
|
|
2,452 |
|
|
4,576 |
|
|
(46.42) |
|
Nonperforming assets |
|
$ |
29,018 |
|
|
$ |
31,898 |
|
|
$ |
32,755 |
|
|
$ |
35,245 |
|
|
$ |
29,715 |
|
|
$ |
27,950 |
|
|
$ |
29,624 |
|
|
(17.67) |
|
|
$ |
29,018 |
|
|
$ |
29,715 |
|
|
(2.35) |
|
Net loan charge-offs (recoveries) |
|
$ |
1,116 |
|
|
$ |
752 |
|
|
$ |
3,038 |
|
|
$ |
954 |
|
|
$ |
389 |
|
|
$ |
1,698 |
|
|
$ |
811 |
|
|
16.98 |
|
|
$ |
4,906 |
|
|
$ |
2,898 |
|
|
69.29 |
|
Allowance for credit losses on loans |
|
$ |
170,038 |
|
|
$ |
172,354 |
|
|
$ |
173,106 |
|
|
$ |
176,144 |
|
|
$ |
168,098 |
|
|
$ |
145,387 |
|
|
$ |
120,185 |
|
|
(3.47) |
|
|
$ |
170,038 |
|
|
$ |
168,098 |
|
|
1.15 |
|
Annualized net loan charge-offs / average loans |
|
0.04 |
% |
|
0.03 |
% |
|
0.11 |
% |
|
0.03 |
% |
|
0.01 |
% |
|
0.06 |
% |
|
0.03 |
% |
|
|
|
0.06 |
% |
|
0.04 |
% |
|
|
Nonperforming loans / total loans* |
|
0.57 |
% |
|
0.56 |
% |
|
0.52 |
% |
|
0.51 |
% |
|
0.41 |
% |
|
0.40 |
% |
|
0.51 |
% |
|
|
|
0.57 |
% |
|
0.41 |
% |
|
|
Nonperforming assets / total assets* |
|
0.38 |
% |
|
0.38 |
% |
|
0.40 |
% |
|
0.41 |
% |
|
0.36 |
% |
|
0.36 |
% |
|
0.42 |
% |
|
|
|
0.38 |
% |
|
0.36 |
% |
|
|
Allowance for credit losses on loans / total loans* |
|
1.70 |
% |
|
1.70 |
% |
|
1.62 |
% |
|
1.61 |
% |
|
1.52 |
% |
|
1.32 |
% |
|
1.23 |
% |
|
|
|
1.70 |
% |
|
1.52 |
% |
|
|
Allowance for credit losses on loans / nonperforming loans* |
|
299.68 |
% |
|
304.85 |
% |
|
308.54 |
% |
|
317.55 |
% |
|
367.05 |
% |
|
329.65 |
% |
|
240.19 |
% |
|
|
|
299.68 |
% |
|
367.05 |
% |
|
|
Nonperforming loans / total loans** |
|
0.34 |
% |
|
0.31 |
% |
|
0.29 |
% |
|
0.26 |
% |
|
0.22 |
% |
|
0.22 |
% |
|
0.33 |
% |
|
|
|
0.34 |
% |
|
0.22 |
% |
|
|
Nonperforming assets / total assets** |
|
0.20 |
% |
|
0.18 |
% |
|
0.19 |
% |
|
0.18 |
% |
|
0.16 |
% |
|
0.17 |
% |
|
0.21 |
% |
|
|
|
0.20 |
% |
|
0.16 |
% |
|
|
Nonperforming loans / total loans*** (non-GAAP) |
|
0.57 |
% |
|
0.57 |
% |
|
0.57 |
% |
|
0.57 |
% |
|
0.47 |
% |
|
0.45 |
% |
|
0.51 |
% |
|
|
|
0.57 |
% |
|
0.47 |
% |
|
|
Nonperforming assets / total assets*** (non-GAAP) |
|
0.38 |
% |
|
0.39 |
% |
|
0.42 |
% |
|
0.45 |
% |
|
0.40 |
% |
|
0.39 |
% |
|
0.42 |
% |
|
|
|
0.38 |
% |
|
0.40 |
% |
|
|
Allowance for credit losses on loans / total loans***
(non-GAAP) |
|
1.71 |
% |
|
1.74 |
% |
|
1.76 |
% |
|
1.80 |
% |
|
1.72 |
% |
|
1.50 |
% |
|
1.23 |
% |
|
|
|
1.71 |
% |
|
1.72 |
% |
|
|
*Based on all assets
(includes purchased assets) |
**Excludes all
purchased assets |
***Excludes Paycheck
Protection Program loans |
RENASANT
CORPORATION |
(Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ending |
|
For The Nine Months Ending |
|
|
September 30, 2021 |
|
June 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2020 |
|
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
Average |
|
Interest |
|
Yield/ |
|
|
Average |
|
|
|
Interest |
|
|
Yield/ |
|
|
|
Average |
|
|
|
Interest |
|
|
Yield/ |
|
Balance |
Income/ |
Rate |
Balance |
Income/ |
Rate |
Balance |
Income/ |
Rate |
|
|
Balance |
|
|
Income/ |
|
Rate |
|
|
Balance |
|
|
|
Income/ |
|
|
Rate |
|
|
Expense |
|
|
Expense |
|
|
Expense |
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased |
|
$ |
8,690,443 |
|
|
$ |
84,427 |
|
|
3.86 |
% |
|
$ |
8,521,028 |
|
|
$ |
82,774 |
|
|
3.90 |
% |
|
$ |
8,012,741 |
|
|
$ |
81,281 |
|
|
4.04 |
% |
|
$ |
8,525,359 |
|
|
$ |
249,128 |
|
|
3.91 |
% |
|
$ |
7,847,197 |
|
|
$ |
251,671 |
|
|
4.28 |
% |
Purchased |
|
1,200,429 |
|
|
15,840 |
|
|
5.24 |
% |
|
1,328,631 |
|
|
17,891 |
|
|
5.40 |
% |
|
1,723,714 |
|
|
24,034 |
|
|
5.55 |
% |
|
1,327,434 |
|
|
54,187 |
|
|
5.46 |
% |
|
1,877,449 |
|
|
80,226 |
|
|
5.71 |
% |
SBA Paycheck Protection Program |
|
126,870 |
|
|
3,503 |
|
|
10.95 |
% |
|
628,462 |
|
|
10,120 |
|
|
6.46 |
% |
|
1,305,229 |
|
|
7,449 |
|
|
2.27 |
% |
|
578,643 |
|
|
24,310 |
|
|
5.62 |
% |
|
725,891 |
|
|
13,335 |
|
|
2.45 |
% |
Total
loans |
|
10,017,742 |
|
|
103,770 |
|
|
4.11 |
% |
|
10,478,121 |
|
|
110,785 |
|
|
4.24 |
% |
|
11,041,684 |
|
|
112,764 |
|
|
4.06 |
% |
|
10,431,436 |
|
|
327,625 |
|
|
4.20 |
% |
|
10,450,537 |
|
|
345,232 |
|
|
4.41 |
% |
Loans held
for sale |
|
451,586 |
|
|
2,376 |
|
|
2.13 |
% |
|
461,752 |
|
|
3,604 |
|
|
3.12 |
% |
|
378,225 |
|
|
3,144 |
|
|
3.31 |
% |
|
439,954 |
|
|
8,980 |
|
|
2.73 |
% |
|
351,975 |
|
|
9,108 |
|
|
3.46 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(1) |
|
1,942,647 |
|
|
6,688 |
|
|
1.38 |
% |
|
1,503,605 |
|
|
5,549 |
|
|
1.48 |
% |
|
1,003,886 |
|
|
5,473 |
|
|
2.17 |
% |
|
1,505,611 |
|
|
17,077 |
|
|
1.51 |
% |
|
1,034,189 |
|
|
19,148 |
|
|
2.47 |
% |
Tax-exempt |
|
324,219 |
|
|
2,297 |
|
|
2.83 |
% |
|
317,824 |
|
|
2,333 |
|
|
2.94 |
% |
|
265,679 |
|
|
2,205 |
|
|
3.30 |
% |
|
316,159 |
|
|
6,915 |
|
|
2.92 |
% |
|
251,744 |
|
|
6,609 |
|
|
3.51 |
% |
Total
securities |
|
2,266,866 |
|
|
8,985 |
|
|
1.59 |
% |
|
1,821,429 |
|
|
7,882 |
|
|
1.73 |
% |
|
1,269,565 |
|
|
7,678 |
|
|
2.41 |
% |
|
1,821,770 |
|
|
23,992 |
|
|
1.76 |
% |
|
1,285,933 |
|
|
25,757 |
|
|
2.68 |
% |
Interest-bearing balances with banks |
|
1,520,227 |
|
|
592 |
|
|
0.15 |
% |
|
1,227,962 |
|
|
346 |
|
|
0.11 |
% |
|
344,948 |
|
|
91 |
|
|
0.10 |
% |
|
1,176,378 |
|
|
1,121 |
|
|
0.13 |
% |
|
387,116 |
|
|
1,098 |
|
|
0.38 |
% |
Total
interest-earning assets |
|
14,256,421 |
|
|
115,723 |
|
|
3.23 |
% |
|
13,989,264 |
|
|
122,617 |
|
|
3.51 |
% |
|
13,034,422 |
|
|
123,677 |
|
|
3.77 |
% |
|
13,869,538 |
|
|
361,718 |
|
|
3.49 |
% |
|
12,475,561 |
|
|
381,195 |
|
|
4.08 |
% |
Cash and due
from banks |
|
195,095 |
|
|
|
|
|
|
195,982 |
|
|
|
|
|
|
210,278 |
|
|
|
|
|
|
198,955 |
|
|
|
|
|
|
203,582 |
|
|
|
|
|
Intangible
assets |
|
965,960 |
|
|
|
|
|
|
967,430 |
|
|
|
|
|
|
972,394 |
|
|
|
|
|
|
967,458 |
|
|
|
|
|
|
974,182 |
|
|
|
|
|
Other
assets |
|
712,673 |
|
|
|
|
|
|
678,342 |
|
|
|
|
|
|
711,065 |
|
|
|
|
|
|
687,159 |
|
|
|
|
|
|
717,628 |
|
|
|
|
|
Total
assets |
|
$ |
16,130,149 |
|
|
|
|
|
|
$ |
15,831,018 |
|
|
|
|
|
|
$ |
14,928,159 |
|
|
|
|
|
|
$ |
15,723,110 |
|
|
|
|
|
|
$ |
14,370,953 |
|
|
|
|
|
Liabilities
and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand(2) |
|
$ |
6,231,718 |
|
|
$ |
3,821 |
|
|
0.24 |
% |
|
$ |
6,109,956 |
|
|
$ |
4,069 |
|
|
0.27 |
% |
|
$ |
5,405,085 |
|
|
$ |
4,839 |
|
|
0.36 |
% |
|
$ |
6,083,179 |
|
|
$ |
11,821 |
|
|
0.26 |
% |
|
$ |
5,166,393 |
|
|
$ |
19,616 |
|
|
0.51 |
% |
Savings deposits |
|
1,006,847 |
|
|
192 |
|
|
0.08 |
% |
|
969,982 |
|
|
185 |
|
|
0.08 |
% |
|
796,841 |
|
|
167 |
|
|
0.08 |
% |
|
953,391 |
|
|
547 |
|
|
0.08 |
% |
|
741,933 |
|
|
592 |
|
|
0.11 |
% |
Time deposits |
|
1,506,192 |
|
|
2,959 |
|
|
0.78 |
% |
|
1,564,448 |
|
|
3,415 |
|
|
0.88 |
% |
|
1,907,918 |
|
|
6,804 |
|
|
1.42 |
% |
|
1,575,220 |
|
|
10,552 |
|
|
0.90 |
% |
|
2,019,173 |
|
|
23,967 |
|
|
1.59 |
% |
Total
interest-bearing deposits |
|
8,744,757 |
|
|
6,972 |
|
|
0.32 |
% |
|
8,644,386 |
|
|
7,669 |
|
|
0.36 |
% |
|
8,109,844 |
|
|
11,810 |
|
|
0.58 |
% |
|
8,611,790 |
|
|
22,920 |
|
|
0.36 |
% |
|
7,927,499 |
|
|
44,175 |
|
|
0.74 |
% |
Borrowed
funds |
|
482,709 |
|
|
3,749 |
|
|
3.08 |
% |
|
483,081 |
|
|
3,743 |
|
|
3.11 |
% |
|
719,800 |
|
|
3,982 |
|
|
2.20 |
% |
|
483,230 |
|
|
11,327 |
|
|
3.13 |
% |
|
849,494 |
|
|
13,361 |
|
|
2.10 |
% |
Total
interest-bearing liabilities |
|
9,227,466 |
|
|
10,721 |
|
|
0.46 |
% |
|
9,127,467 |
|
|
11,412 |
|
|
0.50 |
% |
|
8,829,644 |
|
|
15,792 |
|
|
0.71 |
% |
|
9,095,020 |
|
|
34,247 |
|
|
0.50 |
% |
|
8,776,993 |
|
|
57,536 |
|
|
0.88 |
% |
Noninterest-bearing deposits |
|
4,470,262 |
|
|
|
|
|
|
4,271,464 |
|
|
|
|
|
|
3,723,059 |
|
|
|
|
|
|
4,202,364 |
|
|
|
|
|
|
3,251,612 |
|
|
|
|
|
Other
liabilities |
|
212,990 |
|
|
|
|
|
|
218,344 |
|
|
|
|
|
|
255,956 |
|
|
|
|
|
|
223,796 |
|
|
|
|
|
|
233,730 |
|
|
|
|
|
Shareholders’ equity |
|
2,219,431 |
|
|
|
|
|
|
2,213,743 |
|
|
|
|
|
|
2,119,500 |
|
|
|
|
|
|
2,201,930 |
|
|
|
|
|
|
2,108,618 |
|
|
|
|
|
Total
liabilities and shareholders’ equity |
|
$ |
16,130,149 |
|
|
|
|
|
|
$ |
15,831,018 |
|
|
|
|
|
|
$ |
14,928,159 |
|
|
|
|
|
|
$ |
15,723,110 |
|
|
|
|
|
|
$ |
14,370,953 |
|
|
|
|
|
Net interest
income/ net interest margin |
|
|
|
$ |
105,002 |
|
|
2.93 |
% |
|
|
|
$ |
111,205 |
|
|
3.19 |
% |
|
|
|
$ |
107,885 |
|
|
3.29 |
% |
|
|
|
$ |
327,471 |
|
|
3.16 |
% |
|
|
|
$ |
323,659 |
|
|
3.47 |
% |
Cost of
funding |
|
|
|
|
|
0.31 |
% |
|
|
|
|
|
0.34 |
% |
|
|
|
|
|
0.50 |
% |
|
|
|
|
|
0.34 |
% |
|
|
|
|
|
0.64 |
% |
Cost of
total deposits |
|
|
|
|
|
0.21 |
% |
|
|
|
|
|
0.24 |
% |
|
|
|
|
|
0.40 |
% |
|
|
|
|
|
0.24 |
% |
|
|
|
|
|
0.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) U.S. Government
and some U.S. Government Agency securities are tax-exempt in the
states in which the Company operates. |
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
|
|
2021 |
|
2020 |
|
September 30, |
|
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
|
|
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2021 |
|
2020 |
Net income (GAAP) |
|
$ |
40,063 |
|
|
$ |
40,867 |
|
|
$ |
57,908 |
|
|
$ |
31,521 |
|
|
$ |
29,992 |
|
|
$ |
20,130 |
|
|
$ |
2,008 |
|
|
$ |
138,838 |
|
|
$ |
52,130 |
|
Amortization of intangibles |
|
1,481 |
|
|
1,539 |
|
|
1,598 |
|
|
1,659 |
|
|
1,733 |
|
|
1,834 |
|
|
1,895 |
|
|
4,618 |
|
|
5,462 |
|
Tax effect of adjustment noted above (A) |
|
(323) |
|
|
(333) |
|
|
(361) |
|
|
(297) |
|
|
(374) |
|
|
(335) |
|
|
(527) |
|
|
(1,021) |
|
|
(1,108) |
|
Tangible net income (non-GAAP) |
|
$ |
41,221 |
|
|
$ |
42,073 |
|
|
$ |
59,145 |
|
|
$ |
32,883 |
|
|
$ |
31,351 |
|
|
$ |
21,629 |
|
|
$ |
3,376 |
|
|
$ |
142,435 |
|
|
$ |
56,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
40,063 |
|
|
$ |
40,867 |
|
|
$ |
57,908 |
|
|
$ |
31,521 |
|
|
$ |
29,992 |
|
|
$ |
20,130 |
|
|
$ |
2,008 |
|
|
$ |
138,838 |
|
|
$ |
52,130 |
|
Debt prepayment penalties |
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
28 |
|
|
90 |
|
|
— |
|
|
— |
|
|
118 |
|
MSR valuation adjustment |
|
— |
|
|
— |
|
|
(13,561) |
|
|
(1,968) |
|
|
(828) |
|
|
4,951 |
|
|
9,571 |
|
|
(13,561) |
|
|
13,694 |
|
Restructuring charges |
|
— |
|
|
15 |
|
|
292 |
|
|
7,365 |
|
|
— |
|
|
— |
|
|
— |
|
|
307 |
|
|
— |
|
Swap termination charges |
|
— |
|
|
— |
|
|
— |
|
|
2,040 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
COVID-19 related expenses |
|
323 |
|
|
370 |
|
|
785 |
|
|
613 |
|
|
570 |
|
|
6,257 |
|
|
2,903 |
|
|
1,478 |
|
|
9,730 |
|
Tax effect of adjustment noted above (A) |
|
(71) |
|
|
(83) |
|
|
2,820 |
|
|
(1,443) |
|
|
50 |
|
|
(2,065) |
|
|
(3,467) |
|
|
2,603 |
|
|
(4,774) |
|
Net income with exclusions (non-GAAP) |
|
$ |
40,315 |
|
|
$ |
41,169 |
|
|
$ |
48,244 |
|
|
$ |
38,131 |
|
|
$ |
29,812 |
|
|
$ |
29,363 |
|
|
$ |
11,015 |
|
|
$ |
129,665 |
|
|
$ |
70,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders’ equity (GAAP) |
|
$ |
2,219,431 |
|
|
$ |
2,213,743 |
|
|
$ |
2,172,425 |
|
|
$ |
2,132,375 |
|
|
$ |
2,119,500 |
|
|
$ |
2,101,092 |
|
|
$ |
2,105,143 |
|
|
$ |
2,201,930 |
|
|
$ |
2,108,618 |
|
Intangibles |
|
965,960 |
|
|
967,430 |
|
|
969,001 |
|
|
970,624 |
|
|
972,394 |
|
|
974,237 |
|
|
975,933 |
|
|
967,458 |
|
|
974,182 |
|
Average tangible s/h’s equity (non-GAAP) |
|
$ |
1,253,471 |
|
|
$ |
1,246,313 |
|
|
$ |
1,203,424 |
|
|
$ |
1,161,751 |
|
|
$ |
1,147,106 |
|
|
$ |
1,126,855 |
|
|
$ |
1,129,210 |
|
|
$ |
1,234,472 |
|
|
$ |
1,134,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets (GAAP) |
|
$ |
16,130,149 |
|
|
$ |
15,831,018 |
|
|
$ |
15,203,691 |
|
|
$ |
14,898,055 |
|
|
$ |
14,928,159 |
|
|
$ |
14,706,027 |
|
|
$ |
13,472,550 |
|
|
$ |
15,723,110 |
|
|
$ |
14,370,953 |
|
Intangibles |
|
965,960 |
|
|
967,430 |
|
|
969,001 |
|
|
970,624 |
|
|
972,394 |
|
|
974,237 |
|
|
975,933 |
|
|
967,458 |
|
|
974,182 |
|
Average tangible assets (non-GAAP) |
|
$ |
15,164,189 |
|
|
$ |
14,863,588 |
|
|
$ |
14,234,690 |
|
|
$ |
13,927,431 |
|
|
$ |
13,955,765 |
|
|
$ |
13,731,790 |
|
|
$ |
12,496,617 |
|
|
$ |
14,755,652 |
|
|
$ |
13,396,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders’ equity (GAAP) |
|
$ |
2,203,944 |
|
|
$ |
2,203,807 |
|
|
$ |
2,173,701 |
|
|
$ |
2,132,733 |
|
|
$ |
2,104,300 |
|
|
$ |
2,082,946 |
|
|
$ |
2,070,512 |
|
|
$ |
2,203,944 |
|
|
$ |
2,104,300 |
|
Intangibles |
|
965,205 |
|
|
966,686 |
|
|
968,225 |
|
|
969,823 |
|
|
971,481 |
|
|
973,214 |
|
|
975,048 |
|
|
965,205 |
|
|
971,481 |
|
Actual tangible s/h’s equity (non-GAAP) |
|
$ |
1,238,739 |
|
|
$ |
1,237,121 |
|
|
$ |
1,205,476 |
|
|
$ |
1,162,910 |
|
|
$ |
1,132,819 |
|
|
$ |
1,109,732 |
|
|
$ |
1,095,464 |
|
|
$ |
1,238,739 |
|
|
$ |
1,132,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets (GAAP) |
|
$ |
16,155,550 |
|
|
$ |
16,022,386 |
|
|
$ |
15,622,571 |
|
|
$ |
14,929,612 |
|
|
$ |
14,808,933 |
|
|
$ |
14,897,207 |
|
|
$ |
13,900,550 |
|
|
$ |
16,155,550 |
|
|
$ |
14,808,933 |
|
Intangibles |
|
965,205 |
|
|
966,686 |
|
|
968,225 |
|
|
969,823 |
|
|
971,481 |
|
|
973,214 |
|
|
975,048 |
|
|
965,205 |
|
|
971,481 |
|
Actual tangible assets (non-GAAP) |
|
$ |
15,190,345 |
|
|
$ |
15,055,700 |
|
|
$ |
14,654,346 |
|
|
$ |
13,959,789 |
|
|
$ |
13,837,452 |
|
|
$ |
13,923,993 |
|
|
$ |
12,925,502 |
|
|
$ |
15,190,345 |
|
|
$ |
13,837,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Tax effect is calculated based on respective periods effective
tax rate. |
RENASANT
CORPORATION |
(Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
RECONCILIATION OF GAAP TO NON-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
|
|
2021 |
|
2020 |
|
September 30, |
|
|
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
|
|
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
2021 |
|
2020 |
(1) Return on Average Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h’s equity (GAAP) |
|
7.16 |
% |
|
7.40 |
% |
|
10.81 |
% |
|
5.88 |
% |
|
5.63 |
% |
|
3.85 |
% |
|
0.38 |
% |
|
8.43 |
% |
|
3.30 |
% |
Effect of adjustment for intangible assets |
|
5.89 |
% |
|
6.14 |
% |
|
9.12 |
% |
|
5.38 |
% |
|
5.24 |
% |
|
3.87 |
% |
|
0.82 |
% |
|
7.00 |
% |
|
3.35 |
% |
Return on avg tangible s/h’s equity (non-GAAP) |
|
13.05 |
% |
|
13.54 |
% |
|
19.93 |
% |
|
11.26 |
% |
|
10.87 |
% |
|
7.72 |
% |
|
1.20 |
% |
|
15.43 |
% |
|
6.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h’s equity (GAAP) |
|
7.16 |
% |
|
7.40 |
% |
|
10.81 |
% |
|
5.88 |
% |
|
5.63 |
% |
|
3.85 |
% |
|
0.38 |
% |
|
8.43 |
% |
|
3.30 |
% |
Effect of exclusions from net income |
|
0.05 |
% |
|
0.06 |
% |
|
(1.80) |
% |
|
1.23 |
% |
|
(0.03) |
% |
|
1.77 |
% |
|
1.72 |
% |
|
(0.56) |
% |
|
1.19 |
% |
Return on avg s/h’s equity with excl.
(non-GAAP) |
|
7.21 |
% |
|
7.46 |
% |
|
9.01 |
% |
|
7.11 |
% |
|
5.60 |
% |
|
5.62 |
% |
|
2.10 |
% |
|
7.87 |
% |
|
4.49 |
% |
Effect of adjustment for intangible assets |
|
5.92 |
% |
|
6.18 |
% |
|
7.67 |
% |
|
6.41 |
% |
|
5.21 |
% |
|
5.39 |
% |
|
2.31 |
% |
|
6.56 |
% |
|
4.37 |
% |
Return on avg tangible s/h’s equity with exclusions
(non-GAAP) |
|
13.13 |
% |
|
13.64 |
% |
|
16.68 |
% |
|
13.52 |
% |
|
10.81 |
% |
|
11.01 |
% |
|
4.41 |
% |
|
14.43 |
% |
|
8.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets (GAAP) |
|
0.99 |
% |
|
1.04 |
% |
|
1.54 |
% |
|
0.84 |
% |
|
0.80 |
% |
|
0.55 |
% |
|
0.06 |
% |
|
1.18 |
% |
|
0.48 |
% |
Effect of adjustment for intangible assets |
|
0.09 |
% |
|
0.10 |
% |
|
0.15 |
% |
|
0.10 |
% |
|
0.09 |
% |
|
0.08 |
% |
|
0.05 |
% |
|
0.11 |
% |
|
0.08 |
% |
Return on avg tangible assets (non-GAAP) |
|
1.08 |
% |
|
1.14 |
% |
|
1.69 |
% |
|
0.94 |
% |
|
0.89 |
% |
|
0.63 |
% |
|
0.11 |
% |
|
1.29 |
% |
|
0.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets (GAAP) |
|
0.99 |
% |
|
1.04 |
% |
|
1.54 |
% |
|
0.84 |
% |
|
0.80 |
% |
|
0.55 |
% |
|
0.06 |
% |
|
1.18 |
% |
|
0.48 |
% |
Effect of exclusions from net income |
|
— |
% |
|
— |
% |
|
(0.25) |
% |
|
0.18 |
% |
|
(0.01) |
% |
|
0.25 |
% |
|
0.27 |
% |
|
(0.08) |
% |
|
0.18 |
% |
Return on avg assets with exclusions
(non-GAAP) |
|
0.99 |
% |
|
1.04 |
% |
|
1.29 |
% |
|
1.02 |
% |
|
0.79 |
% |
|
0.80 |
% |
|
0.33 |
% |
|
1.10 |
% |
|
0.66 |
% |
Effect of adjustment for intangible assets |
|
0.10 |
% |
|
0.10 |
% |
|
0.12 |
% |
|
0.11 |
% |
|
0.10 |
% |
|
0.10 |
% |
|
0.07 |
% |
|
0.11 |
% |
|
0.09 |
% |
Return on avg tangible assets with exclusions
(non-GAAP) |
|
1.09 |
% |
|
1.14 |
% |
|
1.41 |
% |
|
1.13 |
% |
|
0.89 |
% |
|
0.90 |
% |
|
0.40 |
% |
|
1.21 |
% |
|
0.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder Equity Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity to actual assets (GAAP) |
|
13.64 |
% |
|
13.75 |
% |
|
13.91 |
% |
|
14.29 |
% |
|
14.21 |
% |
|
13.98 |
% |
|
14.91 |
% |
|
13.64 |
% |
|
14.21 |
% |
Effect of adjustment for intangible assets |
|
5.49 |
% |
|
5.53 |
% |
|
5.68 |
% |
|
5.96 |
% |
|
6.02 |
% |
|
6.01 |
% |
|
6.43 |
% |
|
5.49 |
% |
|
6.02 |
% |
Tangible capital ratio (non-GAAP) |
|
8.15 |
% |
|
8.22 |
% |
|
8.23 |
% |
|
8.33 |
% |
|
8.19 |
% |
|
7.97 |
% |
|
8.48 |
% |
|
8.15 |
% |
|
8.19 |
% |
RENASANT
CORPORATION |
(Unaudited) |
(Dollars in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
|
2021 |
|
2020 |
|
|
September 30, |
|
|
Third |
|
Second |
|
First |
|
Fourth |
|
Third |
|
Second |
|
First |
|
|
|
|
|
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
|
2021 |
|
2020 |
Interest income (FTE) |
$ |
115,723 |
|
|
$ |
122,617 |
|
|
$ |
123,378 |
|
|
$ |
123,823 |
|
|
$ |
123,677 |
|
|
$ |
125,630 |
|
|
$ |
131,887 |
|
|
|
$ |
361,718 |
|
|
$ |
381,194 |
|
Interest expense |
10,721 |
|
|
11,412 |
|
|
12,114 |
|
|
13,799 |
|
|
15,792 |
|
|
18,173 |
|
|
23,571 |
|
|
|
34,247 |
|
|
57,536 |
|
Net Interest income (FTE) |
$ |
105,002 |
|
|
$ |
111,205 |
|
|
$ |
111,264 |
|
|
$ |
110,024 |
|
|
$ |
107,885 |
|
|
$ |
107,457 |
|
|
$ |
108,316 |
|
|
|
$ |
327,471 |
|
|
$ |
323,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
$ |
50,755 |
|
|
$ |
47,610 |
|
|
$ |
81,037 |
|
|
$ |
62,864 |
|
|
$ |
70,928 |
|
|
$ |
64,170 |
|
|
$ |
37,570 |
|
|
|
$ |
179,402 |
|
|
$ |
172,668 |
|
Securities gains (losses) |
764 |
|
|
— |
|
|
1,357 |
|
|
15 |
|
|
— |
|
|
31 |
|
|
— |
|
|
|
2,121 |
|
|
31 |
|
MSR valuation adjustment |
— |
|
|
— |
|
|
13,561 |
|
|
1,968 |
|
|
828 |
|
|
(4,951 |
) |
|
(9,571 |
) |
|
|
13,561 |
|
|
(13,694 |
) |
Total adjusted noninterest income |
$ |
49,991 |
|
|
$ |
47,610 |
|
|
$ |
66,119 |
|
|
$ |
60,881 |
|
|
$ |
70,100 |
|
|
$ |
69,090 |
|
|
$ |
47,141 |
|
|
|
$ |
163,720 |
|
|
$ |
186,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
$ |
103,999 |
|
|
$ |
108,777 |
|
|
$ |
115,935 |
|
|
$ |
122,152 |
|
|
$ |
116,510 |
|
|
$ |
118,285 |
|
|
$ |
115,041 |
|
|
|
$ |
328,711 |
|
|
$ |
349,836 |
|
Amortization of intangibles |
1,481 |
|
|
1,539 |
|
|
1,598 |
|
|
1,659 |
|
|
1,733 |
|
|
1,834 |
|
|
1,895 |
|
|
|
4,618 |
|
|
5,462 |
|
Debt prepayment penalty |
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
28 |
|
|
90 |
|
|
— |
|
|
|
— |
|
|
118 |
|
Restructuring charges |
— |
|
|
15 |
|
|
292 |
|
|
7,365 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
307 |
|
|
— |
|
Swap termination charges |
— |
|
|
— |
|
|
— |
|
|
2,040 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
COVID-19 related expenses |
323 |
|
|
370 |
|
|
785 |
|
|
613 |
|
|
570 |
|
|
6,257 |
|
|
2,903 |
|
|
|
1,478 |
|
|
9,730 |
|
(Recovery of) provision for unfunded commitments |
(200 |
) |
|
— |
|
|
— |
|
|
500 |
|
|
2,700 |
|
|
2,600 |
|
|
3,400 |
|
|
|
(200 |
) |
|
8,700 |
|
Total adjusted noninterest expense |
$ |
102,395 |
|
|
$ |
106,853 |
|
|
$ |
113,260 |
|
|
$ |
109,972 |
|
|
$ |
111,479 |
|
|
$ |
107,504 |
|
|
$ |
106,843 |
|
|
|
$ |
322,508 |
|
|
$ |
325,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio (GAAP) |
66.77 |
% |
|
68.49 |
% |
|
60.29 |
% |
|
70.65 |
% |
|
65.16 |
% |
|
68.92 |
% |
|
78.86 |
% |
|
|
64.85 |
% |
|
70.49 |
% |
(4) Adjusted Efficiency Ratio
(non-GAAP) |
66.06 |
% |
|
67.28 |
% |
|
63.85 |
% |
|
64.35 |
% |
|
62.63 |
% |
|
60.89 |
% |
|
68.73 |
% |
|
|
65.66 |
% |
|
63.89 |
% |
Contacts: |
For Media: |
|
For Financials: |
|
John S. Oxford |
|
James C. Mabry IV |
|
Senior Vice President |
|
Executive Vice President |
|
Director of Marketing |
|
Chief Financial Officer |
|
(662) 680-1219 |
|
(662) 680-1281 |
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