TUPELO, Miss., July 16, 2013 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the second quarter of 2013. Net income increased 26% for the second quarter of 2013 to $8,019,000, or basic and diluted earnings per share of $0.32, as compared to $6,345,000, or basic and diluted earnings per share of $0.25, for the second quarter of 2012. The Company's net income and earnings per share for the second quarter of 2013 included pre-tax expenses related to the pending merger with First M&F Corporation of $385,000. Excluding the Company's merger related expenses, earnings per share, both basic and diluted, were $0.33 for the second quarter of 2013.
(Logo: http://photos.prnewswire.com/prnh/20130207/CL56161LOGO )
"Our second quarter results reflect our continued efforts to grow net income, which increased for the sixth consecutive quarter. Over the last year, we achieved double-digit loan growth while at the same time growing net interest and noninterest income. Additionally, we experienced a 37% decline in nonperforming assets resulting in improvements to our credit related costs," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.
Total assets as of June 30, 2013, were approximately $4.24 billion, up 3.16% from June 30, 2012, and 1.53% from December 31, 2012. As of June 30, 2013, the Company's Tier 1 leverage capital ratio was 9.83%, its Tier 1 risk-based capital ratio was 12.87%, and its total risk-based capital ratio was 14.14%. The Company's tangible common equity ratio was 7.66%. All of the Company's regulatory capital ratios increased on a linked quarter basis and continue to be in excess of the regulatory minimums required to be classified as "well-capitalized."
Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were approximately $2.88 billion at June 30, 2013, as compared to $2.68 billion at June 30, 2012, and $2.81 billion at December 31, 2012. Loans not covered under FDIC loss-share agreements were $2.68 billion at June 30, 2013, an increase of 12.15% from June 30, 2012, and 4.27% from December 31, 2012.
Total deposits were $3.51 billion at June 30, 2013, as compared to $3.41 billion at June 30, 2012, and $3.46 billion at December 31, 2012. Noninterest-bearing deposits totaled approximately $561.0 million at June 30, 2013, which represents 16% of the Company's total deposits. The Company's cost of funds was 0.60% for the second quarter of 2013, as compared to 0.74% for the second quarter of 2012, and 0.62% on a linked quarter basis.
Net interest income increased to $34.4 million for the second quarter of 2013, from $33.4 million for the second quarter of 2012, and $33.4 million on a linked quarter basis. Net interest margin was 3.88% for the second quarter of 2013, as compared to 3.99% for the second quarter of 2012, and 3.89% on a linked quarter basis.
Noninterest income increased 6.4% to $17.3 million for the second quarter of 2013, as compared to $16.3 million for the second quarter of 2012. Contributing to the growth in noninterest income were double-digit increases in mortgage related income, fees and commissions associated with loans and deposits, and wealth management revenue.
Noninterest expense was $37.7 million for the second quarter of 2013, as compared to $36.8 million for the second quarter of 2012. This increase was attributable to the full quarter impact of de novo expenses and merger related expenses offset by a reduction in other real estate owned ("OREO") related expenses.
The Company's loans and OREO acquired in FDIC-assisted transactions are recorded at fair value. The adjustments to the balances of these acquired assets to record them at fair value, coupled with the loss-sharing agreements with the FDIC, mitigate the impact of further losses on these assets.
Nonperforming loans and OREO covered under loss-share agreements totaled $47.4 million and $27.8 million, respectively, at June 30, 2013, combining for a decrease of approximately 27.33% in nonperforming assets subject to FDIC loss-share agreements from June 30, 2012, and a decrease of approximately 23.78% from December 31, 2012. The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios excludes the assets covered under loss-share agreements.
Nonperforming loans declined to $22.5 million at June 30, 2013, as compared to $30.0 million at June 30, 2012, and $30.2 million at December 31, 2012. Loans 30-to-89 days past due as a percentage of total loans were 0.27% as of June 30, 2013, as compared to 0.60% as of June 30, 2012, and 0.31% as of December 31, 2012.
The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 208.70% as of June 30, 2013, as compared to 149.45% as of June 30, 2012, and 146.90% as of December 31, 2012.
The Company recorded a provision for loan losses of $3.0 million for the second quarter of 2013, as compared to $4.7 million for the second quarter of 2012. Annualized net charge-offs as a percentage of average loans were 0.35% for the second quarter of 2013, as compared to 0.63% for the second quarter of 2012. The allowance for loan losses as a percentage of loans was 1.75% at June 30, 2013, as compared to 1.87% at June 30, 2012, and 1.72% at December 31, 2012.
OREO was $33.2 million at June 30, 2013, as compared to $58.4 million at June 30, 2012, and $44.7 million at December 31, 2012. On a linked quarter basis, OREO decreased approximately $6.5 million, and the Company currently has approximately $5.0 million under contract to sell during the third quarter of 2013.
"As we move into the second half of the year, we are well positioned to maintain our positive momentum for 2013 and beyond," stated McGraw. "Our pending merger with First M&F Corporation, which we anticipate completing during the third quarter of 2013, will only enhance our strong performance potential. Last quarter, the shareholders of both companies approved the proposed merger, and we are now waiting on final regulatory approval. Upon completion of the transaction, we will have approximately $5.8 billion in total assets and over 120 locations throughout Mississippi, Tennessee, Alabama and Georgia."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern on Wednesday, July 17, 2013.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst130717.html. To access the conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant Corporation Second Quarter 2013 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6016 to access the conference call.
The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10030802 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM ET on August 1, 2013.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 109-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.2 billion and operates over 85 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
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Contacts:
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For Media:
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For Financials:
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John Oxford
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Kevin Chapman
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Vice President
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Executive Vice President
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Director of External Affairs
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Chief Financial Officer
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(662) 680-1219
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(662) 680-1450
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joxford@renasant.com
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kchapman@renasant.com
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RENASANT CORPORATION
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(Unaudited)
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(Dollars in thousands, except per share data)
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Q2 2013 -
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For the Six Months
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2013
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2012
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Q2 2012
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Ended June 30,
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|
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Second
|
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First
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Fourth
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Third
|
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Second
|
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First
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Percent
|
|
|
|
|
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Percent
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Statement of earnings
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|
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Quarter
|
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Quarter
|
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Quarter
|
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Quarter
|
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Quarter
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Quarter
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Variance
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2013
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2012
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Variance
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|
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|
|
|
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|
|
|
|
|
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Interest income - taxable equivalent basis
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|
$ 41,331
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|
$ 40,371
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|
$ 41,135
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|
$ 40,613
|
|
$ 41,487
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|
$ 42,001
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(0.38)
|
|
$ 81,702
|
|
$ 83,488
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(2.14)
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|
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|
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|
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Interest income
|
|
|
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$ 39,945
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|
$ 38,945
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|
$ 39,676
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|
$ 39,154
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$ 39,978
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|
$ 40,505
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(0.08)
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$ 78,890
|
|
$ 80,483
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(1.98)
|
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Interest expense
|
|
|
|
5,541
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|
5,564
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|
5,723
|
|
6,022
|
|
6,568
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7,662
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(15.64)
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11,105
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$ 14,230
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(21.96)
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Net interest income
|
|
|
34,404
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33,381
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|
33,953
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|
33,132
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|
33,410
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|
32,843
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|
2.98
|
|
67,785
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|
66,253
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|
2.31
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Provision for loan losses
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3,000
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3,050
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4,000
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4,625
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4,700
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4,800
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(36.17)
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6,050
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9,500
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(36.32)
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Net interest income after provision
|
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31,404
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30,331
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|
29,953
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|
28,507
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28,710
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28,043
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9.38
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|
61,735
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|
56,753
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8.78
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Service charges on deposit accounts
|
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4,509
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4,500
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|
4,774
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4,818
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4,495
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4,525
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0.31
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|
9,009
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9,020
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(0.12)
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Fees and commissions on loans and deposits
|
|
4,848
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|
4,831
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|
4,706
|
|
4,639
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|
4,322
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|
3,928
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|
12.17
|
|
9,679
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|
8,250
|
|
17.32
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Insurance commissions and fees
|
|
|
951
|
|
861
|
|
876
|
|
889
|
|
882
|
|
939
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7.82
|
|
1,812
|
|
1,821
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(0.49)
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Wealth management revenue
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1,715
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1,724
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|
1,726
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|
1,707
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|
1,551
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|
1,942
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|
10.57
|
|
3,439
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|
3,493
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(1.55)
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Securities gains (losses)
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|
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-
|
|
54
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|
121
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-
|
|
869
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904
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(100.00)
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54
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|
1,773
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(96.95)
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Gain on sale of mortgage loans
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|
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3,870
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|
3,565
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|
4,431
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|
4,397
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|
2,390
|
|
1,281
|
|
61.92
|
|
7,435
|
|
3,671
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|
102.53
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Gain on acquisition
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|
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-
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-
|
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-
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-
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-
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-
|
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-
|
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-
|
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-
|
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-
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Other
|
|
|
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1,424
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|
1,843
|
|
1,272
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|
1,605
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|
1,769
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|
2,909
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(19.50)
|
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3,267
|
|
4,678
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(30.16)
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Total noninterest income
|
|
|
17,317
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|
17,378
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|
17,906
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|
18,055
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|
16,278
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|
16,428
|
|
6.38
|
|
34,695
|
|
32,706
|
|
6.08
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.
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Salaries and employee benefits
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|
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21,906
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21,274
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|
21,261
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|
21,221
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|
19,871
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|
18,649
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10.24
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|
43,180
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|
38,520
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|
12.10
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Data processing
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|
|
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2,045
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|
2,043
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|
2,281
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|
2,192
|
|
2,211
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|
2,040
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(7.51)
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4,088
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|
4,251
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(3.83)
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Occupancy and equipment
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3,668
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3,608
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3,522
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|
3,886
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|
3,586
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3,619
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2.29
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|
7,276
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|
7,205
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0.99
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Other real estate
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|
|
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1,773
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|
2,049
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|
3,787
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|
2,440
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|
3,370
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3,999
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(47.39)
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3,822
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|
7,369
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(48.13)
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Amortization of intangibles
|
|
|
314
|
|
323
|
|
333
|
|
341
|
|
349
|
|
358
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|
(10.03)
|
|
637
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|
707
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(9.90)
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Merger-related expenses
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|
|
385
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-
|
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-
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-
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-
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-
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|
-
|
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385
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-
|
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-
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Debt extinguishment penalty
|
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-
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-
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-
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-
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-
|
|
898
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-
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-
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|
898
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(100.00)
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Other
|
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7,643
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8,303
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7,147
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|
8,592
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|
7,363
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|
7,099
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|
3.80
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|
15,946
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|
14,462
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|
10.26
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Total noninterest expense
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|
|
37,734
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37,600
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|
38,331
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38,672
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36,750
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|
36,662
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|
2.68
|
|
75,334
|
|
73,412
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|
2.62
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|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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Income before income taxes
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|
|
10,987
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|
10,109
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|
9,528
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|
7,890
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|
8,238
|
|
7,809
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|
33.37
|
|
21,096
|
|
16,047
|
|
31.46
|
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Income taxes
|
|
|
|
2,968
|
|
2,538
|
|
2,247
|
|
853
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|
1,893
|
|
1,835
|
|
56.79
|
|
5,506
|
|
3,728
|
|
47.69
|
|
Net income
|
|
|
|
$ 8,019
|
|
$ 7,571
|
|
$ 7,281
|
|
$ 7,037
|
|
$ 6,345
|
|
$ 5,974
|
|
26.38
|
|
$ 15,590
|
|
$ 12,319
|
|
26.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic earnings per share
|
|
|
$ 0.32
|
|
$ 0.30
|
|
$ 0.29
|
|
$ 0.28
|
|
$ 0.25
|
|
$ 0.24
|
|
28.00
|
|
$ 0.62
|
|
$ 0.49
|
|
26.53
|
|
Diluted earnings per share
|
|
|
0.32
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|
0.30
|
|
0.29
|
|
0.28
|
|
0.25
|
|
0.24
|
|
28.00
|
|
0.62
|
|
0.49
|
|
26.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares outstanding
|
|
|
25,223,749
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|
25,186,229
|
|
25,129,932
|
|
25,114,672
|
|
25,110,709
|
|
25,078,996
|
|
0.45
|
|
25,205,092
|
|
25,094,852
|
|
0.44
|
|
Average diluted shares outstanding
|
|
25,373,868
|
|
25,288,785
|
|
25,259,048
|
|
25,220,887
|
|
25,149,360
|
|
25,138,213
|
|
0.89
|
|
25,334,898
|
|
25,144,134
|
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding
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|
|
25,231,074
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|
25,208,733
|
|
25,157,637
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|
25,120,412
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|
25,113,894
|
|
25,105,732
|
|
0.47
|
|
25,231,074
|
|
25,113,894
|
|
0.47
|
|
Cash dividend per common share
|
|
|
$ 0.17
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|
$ 0.17
|
|
$ 0.17
|
|
$ 0.17
|
|
$ 0.17
|
|
$ 0.17
|
|
-
|
|
$ 0.34
|
|
$ 0.34
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity
|
|
6.35%
|
|
6.12%
|
|
5.80%
|
|
5.65%
|
|
5.19%
|
|
4.88%
|
|
|
|
6.24%
|
|
5.03%
|
|
|
|
Return on average tangible shareholders' equity
|
|
10.47%
|
|
10.19%
|
|
9.73%
|
|
9.61%
|
|
8.86%
|
|
8.39%
|
|
|
|
10.34%
|
|
8.62%
|
|
|
|
Return on average assets
|
|
|
0.76%
|
|
0.73%
|
|
0.70%
|
|
0.69%
|
|
0.62%
|
|
0.57%
|
|
|
|
0.75%
|
|
0.59%
|
|
|
|
Return on average tangible assets
|
|
|
0.82%
|
|
0.79%
|
|
0.76%
|
|
0.75%
|
|
0.68%
|
|
0.62%
|
|
|
|
0.80%
|
|
0.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (FTE)
|
|
|
3.88%
|
|
3.89%
|
|
3.97%
|
|
3.94%
|
|
3.99%
|
|
3.85%
|
|
|
|
3.89%
|
|
3.92%
|
|
|
|
Yield on earning assets (FTE)
|
|
|
4.49%
|
|
4.51%
|
|
4.61%
|
|
4.63%
|
|
4.74%
|
|
4.71%
|
|
|
|
4.50%
|
|
4.73%
|
|
|
|
Cost of funding
|
|
|
|
0.60%
|
|
0.62%
|
|
0.64%
|
|
0.68%
|
|
0.74%
|
|
0.84%
|
|
|
|
0.61%
|
|
0.79%
|
|
|
|
Average earning assets to average assets
|
|
87.32%
|
|
86.31%
|
|
86.01%
|
|
85.62%
|
|
85.39%
|
|
84.88%
|
|
|
|
86.82%
|
|
85.13%
|
|
|
|
Average loans to average deposits
|
|
80.93%
|
|
80.30%
|
|
82.21%
|
|
81.33%
|
|
76.89%
|
|
75.45%
|
|
|
|
80.62%
|
|
76.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average assets
|
|
|
1.64%
|
|
1.67%
|
|
1.71%
|
|
1.76%
|
|
1.50%
|
|
1.48%
|
|
|
|
1.66%
|
|
1.49%
|
|
|
|
Noninterest expense (less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related expenses) to average assets
|
|
3.54%
|
|
3.63%
|
|
3.69%
|
|
3.77%
|
|
3.58%
|
|
3.41%
|
|
|
|
3.58%
|
|
3.49%
|
|
|
|
Net overhead ratio
|
|
|
|
1.90%
|
|
1.95%
|
|
1.98%
|
|
2.01%
|
|
2.08%
|
|
1.93%
|
|
|
|
1.93%
|
|
2.00%
|
|
|
|
Efficiency ratio (FTE)**
|
|
|
70.33%
|
|
72.13%
|
|
72.05%
|
|
73.46%
|
|
73.02%
|
|
71.72%
|
|
|
|
71.22%
|
|
72.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes debt extinguishment penalties and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2013 -
|
|
For the Six Months
|
|
|
|
|
|
2013
|
|
2012
|
|
Q2 2012
|
|
Ended June 30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Average balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
|
Total assets
|
|
|
|
$ 4,231,947
|
|
$ 4,206,411
|
|
$ 4,128,508
|
|
$ 4,078,333
|
|
$ 4,123,373
|
|
$ 4,222,376
|
|
2.63
|
|
$ 4,219,250
|
|
$ 4,172,848
|
|
1.11
|
|
Earning assets
|
|
|
|
3,695,409
|
|
3,630,759
|
|
3,551,026
|
|
3,491,941
|
|
3,521,099
|
|
3,583,957
|
|
4.95
|
|
3,663,263
|
|
3,552,508
|
|
3.12
|
|
Securities
|
|
|
|
754,515
|
|
698,863
|
|
665,578
|
|
682,123
|
|
793,353
|
|
813,826
|
|
(4.90)
|
|
726,843
|
|
803,589
|
|
(9.55)
|
|
Mortgage loans held for sale
|
|
|
32,318
|
|
22,347
|
|
29,331
|
|
24,514
|
|
19,237
|
|
23,938
|
|
68.00
|
|
27,360
|
|
21,588
|
|
26.74
|
|
Loans, net of unearned
|
|
|
2,845,260
|
|
2,804,618
|
|
2,798,591
|
|
2,729,503
|
|
2,628,084
|
|
2,590,062
|
|
8.26
|
|
2,825,051
|
|
2,609,072
|
|
8.28
|
|
Intangibles
|
|
|
|
190,362
|
|
190,787
|
|
191,086
|
|
191,442
|
|
191,788
|
|
192,429
|
|
(0.74)
|
|
190,573
|
|
191,964
|
|
(0.72)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Noninterest-bearing deposits
|
|
|
$ 562,104
|
|
$ 549,514
|
|
$ 564,440
|
|
$ 543,767
|
|
$ 531,209
|
|
$ 534,867
|
|
5.82
|
|
$ 555,844
|
|
$ 533,038
|
|
4.28
|
|
Interest-bearing deposits
|
|
|
2,953,435
|
|
2,943,247
|
|
2,839,709
|
|
2,812,140
|
|
2,886,878
|
|
2,897,750
|
|
2.31
|
|
2,948,369
|
|
2,892,314
|
|
1.94
|
|
Total deposits
|
|
|
|
3,515,539
|
|
3,492,761
|
|
3,404,149
|
|
3,355,907
|
|
3,418,087
|
|
3,432,617
|
|
2.85
|
|
3,504,213
|
|
3,425,352
|
|
2.30
|
|
Borrowed funds
|
|
|
|
164,894
|
|
163,981
|
|
175,876
|
|
177,016
|
|
168,856
|
|
238,937
|
|
(2.35)
|
|
164,440
|
|
203,897
|
|
(19.35)
|
|
Shareholders' equity
|
|
|
506,225
|
|
501,634
|
|
499,088
|
|
495,220
|
|
492,164
|
|
492,092
|
|
2.86
|
|
503,942
|
|
492,164
|
|
2.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
|
$ 20,554
|
|
$ 25,382
|
|
$ 26,881
|
|
$ 29,677
|
|
$ 26,099
|
|
$ 26,999
|
|
(21.25)
|
|
$ 20,554
|
|
$ 26,099
|
|
(21.25)
|
|
Loans 90 past due or more
|
|
|
1,983
|
|
2,601
|
|
3,307
|
|
2,358
|
|
3,864
|
|
3,435
|
|
(48.68)
|
|
1,983
|
|
3,864
|
|
(48.68)
|
|
Nonperforming loans
|
|
|
22,537
|
|
27,983
|
|
30,188
|
|
32,035
|
|
29,963
|
|
30,434
|
|
(24.78)
|
|
22,537
|
|
29,963
|
|
(24.78)
|
|
Other real estate owned
|
|
|
33,247
|
|
39,786
|
|
44,717
|
|
48,568
|
|
58,384
|
|
64,931
|
|
(43.05)
|
|
33,247
|
|
58,384
|
|
(43.05)
|
|
Nonperforming assets not subject to loss share
|
|
$ 55,784
|
|
$ 67,769
|
|
$ 74,905
|
|
$ 80,603
|
|
$ 88,347
|
|
$ 95,365
|
|
(36.86)
|
|
$ 55,784
|
|
$ 88,347
|
|
(36.86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
|
|
$ 47,281
|
|
$ 47,972
|
|
$ 53,186
|
|
$ 64,080
|
|
$ 65,386
|
|
$ 78,418
|
|
(27.69)
|
|
$ 47,281
|
|
$ 65,386
|
|
(27.69)
|
|
Loans 90 past due or more
|
|
|
126
|
|
-
|
|
-
|
|
-
|
|
199
|
|
1,397
|
|
(36.68)
|
|
126
|
|
199
|
|
(36.68)
|
|
Non-performing loans subject to loss share
|
|
47,407
|
|
47,972
|
|
53,186
|
|
64,080
|
|
65,585
|
|
79,815
|
|
(27.72)
|
|
47,407
|
|
65,585
|
|
(27.72)
|
|
Other real estate owned
|
|
|
27,835
|
|
35,095
|
|
45,534
|
|
41,615
|
|
37,951
|
|
35,461
|
|
(26.66)
|
|
27,835
|
|
37,951
|
|
(26.66)
|
|
Nonperforming assets subject to loss share
|
|
$ 75,242
|
|
$ 83,067
|
|
$ 98,720
|
|
$ 105,695
|
|
$ 103,536
|
|
$ 115,276
|
|
(27.33)
|
|
$ 75,242
|
|
$ 103,536
|
|
(27.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs (recoveries)
|
|
|
$ 2,471
|
|
$ 893
|
|
$ 3,722
|
|
$ 5,335
|
|
$ 4,097
|
|
$ 4,964
|
|
(39.69)
|
|
$ 3,364
|
|
$ 9,061
|
|
(62.87)
|
|
Allowance for loan losses
|
|
|
47,034
|
|
46,505
|
|
44,347
|
|
44,069
|
|
44,779
|
|
44,176
|
|
5.04
|
|
47,034
|
|
44,779
|
|
5.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / total loans*
|
|
0.84%
|
|
1.08%
|
|
1.17%
|
|
1.26%
|
|
1.25%
|
|
1.33%
|
|
|
|
0.84%
|
|
1.25%
|
|
|
|
Nonperforming assets / total assets*
|
|
1.31%
|
|
1.59%
|
|
1.79%
|
|
1.94%
|
|
2.15%
|
|
2.28%
|
|
|
|
1.31%
|
|
2.15%
|
|
|
|
Allowance for loan losses / total loans*
|
|
1.75%
|
|
1.79%
|
|
1.72%
|
|
1.74%
|
|
1.87%
|
|
1.94%
|
|
|
|
1.75%
|
|
1.87%
|
|
|
|
Allowance for loan losses / nonperforming loans*
|
|
208.70%
|
|
166.19%
|
|
146.90%
|
|
137.57%
|
|
149.45%
|
|
145.15%
|
|
|
|
208.70%
|
|
149.45%
|
|
|
|
Annualized net loan charge-offs / average loans
|
|
0.35%
|
|
0.13%
|
|
0.53%
|
|
0.78%
|
|
0.63%
|
|
0.77%
|
|
|
|
0.24%
|
|
0.70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
$ 4,242,401
|
|
$ 4,267,658
|
|
$ 4,178,616
|
|
$ 4,164,606
|
|
$ 4,112,377
|
|
$ 4,176,490
|
|
3.16
|
|
$ 4,242,401
|
|
$ 4,112,377
|
|
3.16
|
|
Earning assets
|
|
|
|
3,715,321
|
|
3,706,707
|
|
3,588,370
|
|
3,595,576
|
|
3,511,229
|
|
3,551,825
|
|
5.81
|
|
3,715,321
|
|
3,511,229
|
|
5.81
|
|
Securities
|
|
|
|
746,530
|
|
740,613
|
|
674,077
|
|
680,679
|
|
676,721
|
|
834,419
|
|
10.32
|
|
746,530
|
|
676,721
|
|
10.32
|
|
Mortgage loans held for sale
|
|
|
50,268
|
|
26,286
|
|
34,845
|
|
39,131
|
|
25,386
|
|
25,216
|
|
98.01
|
|
50,268
|
|
25,386
|
|
98.01
|
|
Loans not subject to loss share
|
|
|
2,683,017
|
|
2,594,438
|
|
2,573,165
|
|
2,539,618
|
|
2,392,349
|
|
2,281,957
|
|
12.15
|
|
2,683,017
|
|
2,392,349
|
|
12.15
|
|
Loans subject to loss share
|
|
|
201,494
|
|
213,872
|
|
237,088
|
|
260,545
|
|
289,685
|
|
318,089
|
|
(30.44)
|
|
201,494
|
|
289,685
|
|
(30.44)
|
|
Total loans
|
|
|
|
2,884,511
|
|
2,808,310
|
|
2,810,253
|
|
2,800,163
|
|
2,682,034
|
|
2,600,046
|
|
7.55
|
|
2,884,511
|
|
2,682,034
|
|
7.55
|
|
Intangibles
|
|
|
|
190,208
|
|
190,522
|
|
190,925
|
|
191,258
|
|
191,618
|
|
191,967
|
|
(0.74)
|
|
190,208
|
|
191,618
|
|
(0.74)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$ 560,965
|
|
$ 567,065
|
|
$ 568,214
|
|
$ 554,581
|
|
$ 539,237
|
|
$ 535,955
|
|
4.03
|
|
$ 560,965
|
|
$ 539,237
|
|
4.03
|
|
Interest-bearing deposits
|
|
|
2,944,193
|
|
2,988,110
|
|
2,893,007
|
|
2,841,447
|
|
2,866,959
|
|
2,937,211
|
|
2.69
|
|
2,944,193
|
|
2,866,959
|
|
2.69
|
|
Total deposits
|
|
|
|
3,505,158
|
|
3,555,175
|
|
3,461,221
|
|
3,396,028
|
|
3,406,196
|
|
3,473,166
|
|
2.91
|
|
3,505,158
|
|
3,406,196
|
|
2.91
|
|
Borrowed funds
|
|
|
|
195,789
|
|
164,063
|
|
164,706
|
|
222,907
|
|
169,979
|
|
171,753
|
|
15.18
|
|
195,789
|
|
169,979
|
|
15.18
|
|
Shareholders' equity
|
|
|
500,678
|
|
502,375
|
|
498,208
|
|
496,824
|
|
491,534
|
|
489,611
|
|
1.86
|
|
500,678
|
|
491,534
|
|
1.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per common share
|
|
|
$ 24.34
|
|
$ 22.38
|
|
$ 19.14
|
|
$ 19.61
|
|
$ 15.71
|
|
$ 16.28
|
|
54.93
|
|
$ 24.34
|
|
$ 15.71
|
|
54.93
|
|
Book value per common share
|
|
|
19.84
|
|
19.93
|
|
19.80
|
|
19.78
|
|
19.57
|
|
19.50
|
|
1.38
|
|
19.84
|
|
19.57
|
|
1.38
|
|
Tangible book value per common share
|
|
12.31
|
|
12.37
|
|
12.21
|
|
12.16
|
|
11.94
|
|
11.86
|
|
3.10
|
|
12.31
|
|
11.94
|
|
3.10
|
|
Shareholders' equity to assets (actual)
|
|
11.80%
|
|
11.77%
|
|
11.92%
|
|
11.93%
|
|
11.95%
|
|
11.72%
|
|
|
|
11.80%
|
|
11.95%
|
|
|
|
Tangible capital ratio
|
|
|
7.66%
|
|
7.65%
|
|
7.71%
|
|
7.69%
|
|
7.65%
|
|
7.47%
|
|
|
|
7.66%
|
|
7.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio
|
|
|
|
9.83%
|
|
9.79%
|
|
9.86%
|
|
9.90%
|
|
9.68%
|
|
9.38%
|
|
|
|
9.83%
|
|
9.68%
|
|
|
|
Tier 1 risk-based capital ratio
|
|
|
12.87%
|
|
12.86%
|
|
12.74%
|
|
12.73%
|
|
13.14%
|
|
13.32%
|
|
|
|
12.87%
|
|
13.14%
|
|
|
|
Total risk-based capital ratio
|
|
|
14.14%
|
|
14.13%
|
|
14.00%
|
|
14.00%
|
|
14.39%
|
|
14.57%
|
|
|
|
14.14%
|
|
14.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on assets not subject to loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2013 -
|
|
For the Six Months
|
|
|
|
|
|
2013
|
|
2012
|
|
Q2 2012
|
|
Ended June 30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Loans not subject to loss share by category
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
|
Commercial, financial, agricultural
|
|
|
$ 307,718
|
|
$ 298,013
|
|
$ 306,250
|
|
$ 299,774
|
|
$ 280,515
|
|
$ 263,720
|
|
9.70
|
|
$ 307,718
|
|
$ 280,515
|
|
9.70
|
|
Lease financing
|
|
|
|
103
|
|
162
|
|
190
|
|
217
|
|
245
|
|
302
|
|
(57.96)
|
|
103
|
|
245
|
|
(57.96)
|
|
Real estate - construction
|
|
|
117,339
|
|
109,484
|
|
104,058
|
|
103,522
|
|
73,109
|
|
67,223
|
|
60.50
|
|
117,339
|
|
73,109
|
|
60.50
|
|
Real estate - 1-4 family mortgages
|
|
859,884
|
|
834,204
|
|
829,975
|
|
801,612
|
|
771,161
|
|
738,765
|
|
11.51
|
|
859,884
|
|
771,161
|
|
11.51
|
|
Real estate - commercial mortgages
|
|
1,335,402
|
|
1,295,213
|
|
1,275,482
|
|
1,275,386
|
|
1,208,057
|
|
1,153,423
|
|
10.54
|
|
1,335,402
|
|
1,208,057
|
|
10.54
|
|
Installment loans to individuals
|
|
|
62,571
|
|
57,362
|
|
57,210
|
|
59,107
|
|
59,262
|
|
58,524
|
|
5.58
|
|
62,571
|
|
59,262
|
|
5.58
|
|
Loans, net of unearned
|
|
|
$ 2,683,017
|
|
$ 2,594,438
|
|
$ 2,573,165
|
|
$ 2,539,618
|
|
$ 2,392,349
|
|
$ 2,281,957
|
|
12.15
|
|
$ 2,683,017
|
|
$ 2,392,349
|
|
12.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural
|
|
|
$ 10,283
|
|
$ 10,157
|
|
$ 10,800
|
|
$ 11,282
|
|
$ 12,758
|
|
$ 15,206
|
|
(19.40)
|
|
$ 10,283
|
|
$ 12,758
|
|
(19.40)
|
|
Lease financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Real estate - construction
|
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,932
|
|
6,093
|
|
6,202
|
|
(73)
|
|
1,648
|
|
6,093
|
|
(72.95)
|
|
Real estate - 1-4 family mortgages
|
|
60,409
|
|
65,489
|
|
73,448
|
|
81,784
|
|
91,605
|
|
99,769
|
|
(34.05)
|
|
60,409
|
|
91,605
|
|
(34.05)
|
|
Real estate - commercial mortgages
|
|
129,120
|
|
136,541
|
|
151,161
|
|
165,494
|
|
179,160
|
|
196,754
|
|
(27.93)
|
|
129,120
|
|
179,160
|
|
(27.93)
|
|
Installment loans to individuals
|
|
|
34
|
|
37
|
|
31
|
|
53
|
|
69
|
|
158
|
|
(50.72)
|
|
34
|
|
69
|
|
(50.72)
|
|
Loans, net of unearned
|
|
|
$ 201,494
|
|
$ 213,872
|
|
$ 237,088
|
|
$ 260,545
|
|
$ 289,685
|
|
$ 318,089
|
|
(30.44)
|
|
$ 201,494
|
|
$ 289,685
|
|
(30.44)
|
SOURCE Renasant Corporation