Renasant Corporation (NASDAQ:RNST) (the "Company") today announced
results for the third quarter of 2005. Basic earnings per share
were $.61, up 17% for the third quarter of 2005, and diluted
earnings per share were $.60, up 15% for the third quarter of 2005,
compared to basic and diluted earnings per share of $.52 for the
third quarter of 2004. Net income for the third quarter of 2005 was
$6,325,000, up 35%, or $1,634,000, from the third quarter of 2004.
"We are pleased with our third quarter performance as we begin to
realize the benefits of our acquisition of Heritage Financial
Holding Corporation (Heritage) and continue to build on the success
of our acquisition of Renasant Bancshares. Consistent with our
strategic goals, we continue to experience a low level of
charge-offs and non-performing loans. Net interest margin has
remained relatively steady while non-interest income has shown
solid growth. We are particularly pleased that non-interest expense
has declined over the last two-quarters as we realize the synergies
of our acquisition," commented Renasant Chairman and Chief
Executive Officer, E. Robinson McGraw. "I think it is important to
note that our footprint was spared from the wrath of Hurricane
Katrina and it should have no foreseeable negative impact on our
performance," continued McGraw. Total assets as of September 30,
2005 were $2.380 billion, an increase of 39% from December 31,
2004, reflecting primarily the acquisition of Heritage. Total loans
grew 41% to $1.609 billion at the end of the third quarter of 2005
from $1.141 billion at December 31, 2004, while total deposits grew
38% to $1.818 billion during the same period. The increase in total
loans and total deposits was also primarily due to the Heritage
acquisition. Excluding Heritage balances at the date of
acquisition, total loans and deposits at September 30, 2005 grew
$77,477,000, or 9% annualized and $118,643,000, or 12% annualized,
respectively, from December 31, 2004. "It is now over a year since
our entry into Tennessee with the acquisition of Renasant
Bancshares, and we have realized strong growth in loans and
deposits for our Tennessee division of over $63 million and $35
million year-to-date, respectively. It has been less than a year
since we entered into Alabama through our acquisition of Heritage,
but we are beginning to realize solid loan growth. Alabama deposit
growth has been robust with net year-to-date growth of $11 million,
including the intentional runoff of nearly $20 million in brokered
deposits which Heritage held at the time of the acquisition. In
Mississippi, deposit growth has been strong at $46 million
year-to-date while loan growth has been flat," stated McGraw. "We
continue to expand our presence in new growth markets with the
recent opening of a full-service banking office in a high profile
East Memphis, Tennessee location and expect to open a full service
banking office in Collierville, Tennessee in the first quarter of
2006," commented McGraw. "We also opened a full service banking
office in Oxford, Mississippi, which compliments our downtown
presence and ATM on the campus of the University of Mississippi. We
anticipate opening additional offices in Nashville, Tennessee and
in Huntsville and Birmingham, Alabama and other growth markets in
2006 and 2007 in accordance with our strategic plan," continued
McGraw. Net interest income grew 32% to $19,739,000 for the third
quarter of 2005 compared to $15,003,000 for the same period in 2004
due to loan growth and the Company's acquisition of Heritage. Net
interest margin decreased to 3.94% for the third quarter of 2005
from 4.16% for the third quarter of 2004. Factors negatively
impacting net interest margin include the acquisition of Heritage,
which had a lower net interest margin than the Company prior to the
acquisition, the issuance of subordinated debentures to fund that
acquisition and the rising cost of deposits. Noninterest income
increased 22% to $10,244,000 for the third quarter of 2005 from
$8,378,000 for the third quarter of 2004. The increase in
noninterest income was due to the combination of the Heritage
acquisition and improvements in service charges, fees and
commissions generated on the Company's loan and deposit products,
trust revenue and gains on the sale of mortgage loans. Noninterest
income represented 34% of total revenue for the third quarter of
2005. Noninterest expense was $20,564,000 for the third quarter of
2005 compared to $16,210,000 for the third quarter of 2004 due
primarily to the acquisition of Heritage. When compared to the
second and first quarters of 2005, noninterest expenses for the
third quarter of 2005 decreased $293,000 and $399,000,
respectively. The decrease reflects the planned elimination of
duplicate data processing operations and staff as a result of the
Heritage acquisition, reduced data processing costs through
contract renegotiations with the Company's primary vendor and
planned Mississippi staff reductions. "We elected to expense stock
options at the beginning of 2001 and we anticipate the impact on
2005 earnings to be $.04 per share. Our third quarter 2005
noninterest expenses include $171,000 related to the expensing of
those stock options," stated McGraw. The Company maintained its
quality credit during the third quarter of 2005. Annualized net
charge-offs as a percentage of average loans were .11% for the
third quarter of 2005, down from .12% for the third quarter of
2004. Annualized net charge-offs as a percentage of average loans
for the nine months ending September 30, 2005 were .20% compared to
.19% for the same period in 2004. Non-performing loans as a
percentage of total loans were .45% at September 30, 2005, as
compared to .40% at June 30, 2005 and .43% at March 31, 2005. The
allowance for loan losses as a percentage of loans was 1.15% at
September 30, 2005, basically unchanged from 1.14% for June 30,
2005 and March 31, 2005. The non-performing loan coverage ratio was
256.19% at September 30, 2005 compared to 280.35% at June 30, 2005
and 264.53% at March 31, 2005. At September 30, 2005, the carrying
balance of the loans acquired by the Company in connection with its
acquisition of Heritage accounted for in accordance with SOP 03-3
was $9,617,000 as compared to the June 30, 2005 balance of
$10,604,000. The balance of these acquired loans decreased
primarily due to principal reductions. The acquisition of Heritage
was completed on January 1, 2005 using the purchase accounting
method under generally accepted accounting principles. Under this
method of accounting, the financial statements of the Company do
not reflect the results of operations of Heritage prior to January
1, 2005. The balance sheet of the Company as of September 30, 2005,
however, reflects the Company's acquisition of Heritage, including
total assets of $540.3 million, total loans of $389.8 million,
total deposits of $381.0 million, goodwill of $47.3 million and
core deposits intangible of $4.6 million. The Company issued
1,369,589 shares of Renasant Corporation common stock and paid
$23.1 million cash in connection with the acquisition. CONFERENCE
CALL INFORMATION A live audio webcast of a conference call with
analysts will be available beginning at 10:00 a.m. Eastern time on
Wednesday, October 19, 2005, through the Company's website:
www.renasant.com, and through Thompson/CCBN's individual investor
center at www.fulldisclosure.com, or any of Thompson/CCBN's
Investor Distribution Network websites. The event will be archived
on the Company's website for 90 days. If Internet access is
unavailable, the conference may also be heard live (listen-only)
via telephone by dialing 1-800-510-9661 in the United States and
entering the participant passcode 81268594. ABOUT RENASANT
CORPORATION Renasant Corporation is the parent of Renasant Bank and
Renasant Insurance. Renasant has assets of approximately $2.4
billion and operates 61 banking and insurance offices in 36 cities
in Mississippi, Tennessee and Alabama. 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. -0- *T RENASANT
CORPORATION -------------------- (Unaudited) (Dollars in thousands,
except per share data) 2005
--------------------------------------------- Third Second First
Statement of earnings Quarter Quarter Quarter ---------------------
------------- --------------- --------------- Interest income -
taxable equivalent basis $ 33,249 $ 32,718 $ 30,146 Interest income
$ 32,417 $ 31,900 $ 29,295 Interest expense 12,678 11,445 9,977
------------ -------------- -------------- Net interest income
19,739 20,455 19,318 Provision for loan losses 833 847 597
------------ -------------- -------------- Net interest income
after provision 18,906 19,608 18,721 Service charges on deposit
accounts 4,358 4,167 3,874 Fees and commissions on loans and
deposits 2,853 2,965 2,505 Insurance commissions and fees 955 906
831 Trust revenue 613 611 625 Gain (loss) on sale of securities -
(32) 102 Gain on sale of mortgage loans 766 673 693 Gain on sale of
merchant business - - - Merchant discounts 2 2 2 Other 697 659
1,271 ------------ -------------- -------------- Total non-interest
income 10,244 9,951 9,903 Salaries and employee benefits 11,696
11,520 11,459 Occupancy and equipment 2,220 2,222 2,605 Data
processing 966 962 1,044 Amortization of intangibles 557 571 586
Other 5,125 5,582 5,269 ------------ -------------- --------------
Total non-interest expense 20,564 20,857 20,963 Income before
income taxes 8,586 8,702 7,661 Income taxes 2,261 2,495 2,202
------------ -------------- -------------- Net income (loss) $
6,325 $ 6,207 $ 5,459 ============ ============== ==============
Basic earnings per share $ 0.61 $ 0.60 $ 0.52 Diluted earnings per
share 0.60 0.59 0.52 Average basic shares outstanding 10,396,579
10,400,330 10,406,243 Average diluted shares outstanding 10,511,212
10,518,760 10,560,330 Common shares outstanding 10,380,372
10,397,897 10,412,775 Cash dividend per common share $ 0.22 $ 0.22
$ 0.21 Performance ratios ------------------ Return on average
shareholders' equity 10.57% 10.64% 9.40% Return on average tangible
shareholders' equity 19.44% 19.85% 17.78% Return on average assets
1.07% 1.06% 0.93% Return on average tangible assets 1.17% 1.17%
1.05% Net interest margin (FTE) 3.94% 4.14% 3.98% Yield on earning
assets (FTE) 6.36% 6.36% 5.95% Average earning assets to average
assets 88.06% 88.10% 87.54% Average loans to average deposits
90.68% 90.75% 90.75% Noninterest income (less securities gains/
losses) to average assets 1.73% 1.71% 1.68% Noninterest expense to
average assets 3.47% 3.57% 3.58% Net overhead ratio 1.74% 1.86%
1.91% Efficiency ratio (FTE) 66.73% 66.80% 69.71% (a)Percent
variance not meaningful 2004
----------------------------------------------- Fourth Third Second
First Statement of earnings Quarter Quarter Quarter Quarter
--------------------- ----------- ----------- -----------
----------- Interest income - taxable equivalent basis $ 21,803 $
21,538 $ 18,418 $ 18,441 Interest income $ 21,076 $ 20,805 $ 17,559
$ 17,584 Interest expense 5,848 5,802 5,012 5,134 ----------
---------- ---------- ---------- Net interest income 15,228 15,003
12,547 12,450 Provision for loan losses (82) 636 488 505 ----------
---------- ---------- ---------- Net interest income after
provision 15,310 14,367 12,059 11,945 Service charges on deposit
accounts 3,856 4,067 3,732 3,700 Fees and commissions on loans and
deposits 1,812 1,975 1,958 1,671 Insurance commissions and fees 887
993 890 820 Trust revenue 419 658 606 464 Gain (loss) on sale of
securities (1,130) 51 (31) 89 Gain on sale of mortgage loans 166
138 151 128 Gain on sale of merchant business - - 1,000 - Merchant
discounts 39 7 270 356 Other 570 489 543 943 ---------- ----------
---------- ---------- Total non-interest income 6,619 8,378 9,119
8,171 Salaries and employee benefits 8,755 9,106 7,952 7,593
Occupancy and equipment 2,406 2,095 1,727 1,566 Data processing
1,159 1,020 1,141 1,163 Amortization of intangibles 389 403 100 123
Other 3,922 3,586 3,262 3,241 ---------- ---------- ----------
---------- Total non-interest expense 16,631 16,210 14,182 13,686
Income before income taxes 5,298 6,535 6,996 6,430 Income taxes
1,250 1,844 1,939 1,783 ---------- ---------- ---------- ----------
Net income (loss) $ 4,048 $ 4,691 $ 5,057 $ 4,647 ==========
========== ========== ========== Basic earnings per share $ 0.45 $
0.52 $ 0.61 $ 0.57 Diluted earnings per share 0.45 0.52 0.61 0.57
Average basic shares outstanding 9,024,384 8,977,549 8,186,826
8,191,530 Average diluted shares outstanding 9,081,944 9,042,695
8,207,941 8,212,533 Common shares outstanding 9,046,997 9,018,145
8,186,826 8,186,826 Cash dividend per common share $ 0.21 $ 0.21 $
0.20 $ 0.20 Performance ratios ------------------ Return on average
shareholders' equity 9.07% 10.49% 14.02% 13.27% Return on average
tangible shareholders' equity 13.14% 15.51% 14.77% 14.07% Return on
average assets 0.95% 1.12% 1.40% 1.29% Return on average tangible
assets 1.04% 1.21% 1.43% 1.32% Net interest margin (FTE) 4.20%
4.16% 4.10% 4.09% Yield on earning assets (FTE) 5.74% 5.69% 5.64%
5.67% Average earning assets to average assets 89.10% 89.52% 91.10%
90.79% Average loans to average deposits 84.13% 82.46% 77.17%
76.09% Noninterest income (less securities gains/losses) to average
assets 1.82% 1.98% 2.26% 2.25% Noninterest expense to average
assets 3.92% 3.86% 3.94% 3.80% Net overhead ratio 2.09% 1.88% 1.68%
1.56% Efficiency ratio (FTE) 73.67% 67.22% 62.96% 63.72% (a)Percent
variance not meaningful 3rd Qtr 2005 - 3rd Qtr For the Nine Months
2004 Ended September 30, -------------------------------- Percent
Percent Statement of earnings Variance 2005 2004 Variance
--------------------- -------- ----------- ---------- --------
Interest income - taxable equivalent basis 54.37 $ 96,113 $ 58,397
64.59 Interest income 55.81 $ 93,612 $ 55,948 67.32 Interest
expense 118.51 34,100 15,948 113.82 -------- ----------- ----------
-------- Net interest income 31.57 59,512 40,000 48.78 Provision
for loan losses 30.97 2,277 1,629 39.78 -------- -----------
---------- -------- Net interest income after provision 31.59
57,235 38,371 49.16 Service charges on deposit accounts 7.16 12,399
11,499 7.83 Fees and commissions on loans and deposits 44.46 8,323
5,604 48.52 Insurance commissions and fees (3.83) 2,692 2,703
(0.41) Trust revenue (6.84) 1,849 1,728 7.00 Gain (loss) on sale of
securities (100.00) 70 109 (35.78) Gain on sale of mortgage loans
455.07 2,132 417 411.27 Gain on sale of merchant business - - 1,000
(100.00) Merchant discounts (71.43) 6 633 (99.05) Other 42.54 2,627
1,975 33.01 -------- ----------- ---------- -------- Total
non-interest income 22.27 30,098 25,668 17.26 Salaries and employee
benefits 28.44 34,675 24,651 40.66 Occupancy and equipment 5.97
7,047 5,388 30.79 Data processing (5.29) 2,972 3,324 (10.59)
Amortization of intangibles 38.21 1,714 626 173.80 Other 42.92
15,976 10,089 58.35 -------- ----------- ---------- -------- Total
non-interest expense 26.86 62,384 44,078 41.53 Income before income
taxes 31.38 24,949 19,961 24.99 Income taxes 22.61 6,958 5,566
25.01 -------- ----------- ---------- -------- Net income (loss)
34.83 $ 17,991 $ 14,395 24.98 ======== =========== ==========
======== Basic earnings per share 17.31 $ 1.73 $ 1.70 1.76 Diluted
earnings per share 15.38 1.71 1.70 0.59 Average basic shares
outstanding 15.81 10,399,915 8,453,886 23.02 Average diluted shares
outstanding 16.24 10,512,291 8,481,369 23.95 Common shares
outstanding 15.11 10,380,372 9,018,145 15.11 Cash dividend per
common share 4.76 $ 0.65 $ 0.61 6.56 Performance ratios
------------------ Return on average shareholders' equity 10.25%
12.55% Return on average tangible shareholders' equity 19.12%
14.94% Return on average assets 1.03% 1.26% Return on average
tangible assets 1.14% 1.32% Net interest margin (FTE) 4.02% 4.12%
Yield on earning assets (FTE) 6.24% 5.67% Average earning assets to
average assets 87.90% 90.41% Average loans to average deposits
91.52% 78.35% Noninterest income (less securities gains/ losses) to
average assets 1.71% 2.24% Noninterest expense to average assets
3.56% 3.87% Net overhead ratio 1.85% 1.63% Efficiency ratio (FTE)
67.73% 64.71% (a)Percent variance not meaningful RENASANT
CORPORATION -------------------- (Unaudited) (Dollars in thousands,
except per share data) ----------------------------------- Third
Second First Average balances Quarter Quarter Quarter
---------------- ----------- ----------- ----------- Total assets
$2,353,914 $2,340,597 $2,339,201 Earning assets 2,072,762 2,062,124
2,047,770 Securities 408,161 420,463 452,818 Loans, net of unearned
1,640,121 1,611,143 1,576,877 Intangibles 101,323 101,385 101,453
Non-interest bearing deposits 235,611 234,946 229,638 Interest
bearing deposits 1,573,085 1,515,318 1,483,677 Total deposits
1,808,696 1,750,264 1,713,315 Other borrowings 289,849 333,710
371,855 Shareholders' equity 237,386 233,908 232,348 Asset quality
data ------------------ Nonaccrual loans $ 3,803 $ 4,157 $ 3,807
Loans 90 past due or more 3,398 2,292 3,002 ---------- ----------
---------- Non-performing loans 7,201 6,449 6,809 Other real estate
owned and repossessions 6,646 7,114 7,232 ---------- ----------
---------- Non-performing assets 13,847 13,563 14,041 ==========
========== ========== Net loan charge-offs $ 465 $ 781 $ 1,186
Allowance for loan losses 18,448 18,080 18,012 Non-performing loans
/ total loans 0.45% 0.40% 0.43% Non-performing assets / total
assets 0.58% 0.58% 0.60% Allowance for loan losses / total loans
1.15% 1.14% 1.14% Allowance for loan losses / non- performing loans
256.19% 280.35% 264.53% Net loan charge-offs (annualized) / average
loans 0.11% 0.19% 0.31% Balances at period end
---------------------- Total assets $2,379,793 $2,353,385
$2,320,164 Earning assets 2,073,678 2,075,244 2,041,307 Securities
400,786 415,193 425,196 Mortgage loans held for sale 42,865 32,792
32,623 Loans, net of unearned 1,608,697 1,592,391 1,572,103
Intangibles 100,766 101,528 101,406 Non-interest bearing deposits $
244,086 $ 233,095 $ 238,651 Interest bearing deposits 1,574,232
1,531,082 1,502,350 Total deposits 1,818,318 1,764,177 1,741,001
Other borrowings 299,076 334,952 324,330 Shareholders' equity
237,211 235,454 230,892 Market value per common share 31.65 30.76
31.10 Book value per common share 22.85 22.64 22.17 Tangible book
value per common share 13.14 12.88 12.44 Shareholders' equity to
assets (actual) 9.97 10.00 9.95 Tangible capital ratio 5.99 5.95
5.84 Leverage ratio 8.79 8.67 8.59 Detail of Loans by Category
--------------------------- Commercial, financial, agricultural $
224,673 $ 228,371 $ 228,305 Lease financing 8,143 9,576 10,763 Real
estate - construction 162,694 159,798 159,155 Real estate - 1-4
family mortgages 558,616 547,307 531,347 Real estate - commercial
mortgages 570,849 556,694 537,800 Installment loans to individuals
83,722 90,645 104,733 ---------- ---------- ---------- Loans, net
of unearned 1,608,697 1,592,391 1,572,103 ========== ==========
========== (a)Percent variance not meaningful 2004
----------------------------------------------- Fourth Third Second
First Average balances Quarter Quarter Quarter Quarter
---------------- ----------- ----------- ----------- -----------
Total assets $1,699,207 $1,681,430 $1,440,130 $1,439,689 Earning
assets 1,514,042 1,505,190 1,311,945 1,307,160 Securities 377,482
388,286 403,959 405,543 Loans, net of unearned 1,128,631 1,103,362
897,219 871,897 Intangibles 48,128 51,483 5,697 5,797 Non-interest
bearing deposits 195,732 182,542 160,744 140,084 Interest bearing
deposits 1,143,957 1,153,291 999,160 1,003,744 Total deposits
1,339,689 1,335,833 1,159,904 1,143,828 Other borrowings 161,263
149,590 123,197 113,586 Shareholders' equity 178,591 178,855
144,306 140,084 Asset quality data ------------------ Nonaccrual
loans $ 6,443 $ 5,626 $ 5,566 $ 5,413 Loans 90 past due or more
2,228 2,054 1,848 3,891 ---------- ---------- ---------- ----------
Non-performing loans 8,671 7,680 7,414 9,304 Other real estate
owned and repossessions 2,324 2,516 1,901 1,661 ----------
---------- ---------- ---------- Non-performing assets 10,995
10,196 9,315 10,965 ========== ========== ========== ========== Net
loan charge-offs $ 1,824 $ 324 $ 610 $ 463 Allowance for loan
losses 14,403 16,309 13,152 13,274 Non-performing loans / total
loans 0.76% 0.68% 0.82% 1.05% Non-performing assets / total assets
0.64% 0.60% 0.65% 0.75% Allowance for loan losses / total loans
1.26% 1.45% 1.45% 1.50% Allowance for loan losses / non- performing
loans 166.30% 212.36% 177.39% 142.67% Net loan charge-offs
(annualized) / average loans 0.64% 0.12% 0.28% 0.21% Balances at
period end ---------------------- Total assets $1,707,545
$1,706,462 $1,422,381 $1,469,269 Earning assets 1,519,704 1,527,387
1,295,876 1,347,168 Securities 371,581 384,550 360,120 425,609
Mortgage loans held for sale 2,714 1,502 1,708 1,255 Loans, net of
unearned 1,141,480 1,128,047 906,186 882,484 Intangibles 50,424
50,712 5,646 5,746 Non-interest bearing deposits $ 200,922 $
201,419 $ 160,771 $ 195,837 Interest bearing deposits 1,117,755
1,135,882 990,310 1,002,188 Total deposits 1,318,677 1,337,301
1,151,081 1,198,025 Other borrowings 191,547 172,723 115,679
112,340 Shareholders' equity 179,042 176,712 138,276 141,286 Market
value per common share 33.10 32.55 34.56 33.70 Book value per
common share 19.79 19.60 16.89 17.26 Tangible book value per common
share 14.22 13.97 16.20 16.56 Shareholders' equity to assets
(actual) 10.49 10.36 9.72 9.62 Tangible capital ratio 7.76 7.61
9.36 9.26 Leverage ratio 8.97 8.95 10.77 10.54 Detail of Loans by
Category ------------------ Commercial, financial, agricultural $
175,571 $ 177,018 $ 142,999 $ 139,960 Lease financing 10,809 11,450
11,365 11,785 Real estate - construction 96,404 94,779 58,344
59,361 Real estate - 1-4 family mortgages 375,698 356,798 320,198
309,029 Real estate - commercial mortgages 395,048 394,386 291,012
277,517 Installment loans to individuals 87,950 93,616 82,268
84,832 ---------- ---------- ---------- ---------- Loans, net of
unearned 1,141,480 1,128,047 906,186 882,484 ========== ==========
========== ========== (a)Percent variance not meaningful 3rd Qtr
2005 - 3rd Qtr For the Nine Months 2004 Ended September 30,
-------------------------------- Percent Percent Average balances
Variance 2005 2004 Variance ---------------- -------- ----------
---------- -------- Total assets 39.99 $2,344,625 $1,521,336 54.12
Earning assets 37.71 2,060,977 1,375,497 49.84 Securities 5.12
426,984 399,479 6.89 Loans, net of unearned 48.65 1,609,675 958,025
68.02 Intangibles 96.81 101,387 21,010 (a) Non-interest bearing
deposits 29.07 233,420 170,365 37.01 Interest bearing deposits
36.40 1,525,390 1,052,434 44.94 Total deposits 35.40 1,758,810
1,222,799 43.83 Other borrowings 93.76 331,504 128,867 157.25
Shareholders' equity 32.73 234,566 153,184 53.13 Asset quality data
------------------ Nonaccrual loans (32.40) $ 3,803 $ 5,626 (32.40)
Loans 90 past due or more 65.43 3,398 2,054 65.43 ----------
---------- Non-performing loans (6.24) 7,201 7,680 (6.24) Other
real estate owned and repossessions 164.15 6,646 2,516 164.15
---------- ---------- Non-performing assets 35.81 13,847 10,196
35.81 ========== ========== Net loan charge-offs 43.52 $ 2,432 $
1,397 74.09 Allowance for loan losses 13.12 18,448 16,309 13.12
Non-performing loans / total loans 0.45% 0.68% Non-performing
assets / total assets 0.58% 0.60% Allowance for loan losses / total
loans 1.15% 1.45% Allowance for loan losses / non-performing loans
256.19% 212.36% Net loan charge-offs (annualized) / average loans
0.20% 0.19% Balances at period end ---------------------- Total
assets 39.46 $2,379,793 $1,706,462 39.46 Earning assets 35.77
2,073,678 1,527,387 35.77 Securities 4.22 400,786 384,550 4.22
Mortgage loans held for sale (a) 42,865 1,502 (a) Loans, net of
unearned 42.61 1,608,697 1,128,047 42.61 Intangibles 98.70 100,766
50,712 98.70 Non-interest bearing deposits 21.18 $ 244,086 $
201,419 21.18 Interest bearing deposits 38.59 1,574,232 1,135,882
38.59 Total deposits 35.97 1,818,318 1,337,301 35.97 Other
borrowings 73.15 299,076 172,723 73.15 Shareholders' equity 34.24
237,211 176,712 34.24 Market value per common share 31.65 32.55
Book value per common share 22.85 19.60 Tangible book value per
common share 13.14 13.97 Shareholders' equity to assets (actual)
9.97 10.36 Tangible capital ratio 5.99 7.61 Leverage ratio 8.79
8.95 Detail of Loans by Category ---------------------------
Commercial, financial, agricultural 26.92 $ 224,673 $ 177,018 26.92
Lease financing (28.88) 8,143 11,450 (28.88) Real estate -
construction 71.66 162,694 94,779 71.66 Real estate - 1-4 family
mortgages 56.56 558,616 356,798 56.56 Real estate - commercial
mortgages 44.74 570,849 394,386 44.74 Installment loans to
individuals (10.57) 83,722 93,616 (10.57) ---------- ----------
Loans, net of unearned 42.61 1,608,697 1,128,047 42.61 ==========
========== (a)Percent variance not meaningful *T
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