TUPELO, Miss., April 20 /PRNewswire-FirstCall/ -- Renasant
Corporation (Nasdaq: RNST) (the "Company") today announced results
for the first quarter of 2010. Net income for the first
quarter of 2010 was $3,607,000
compared to $4,031,000 for the fourth
quarter of 2009 and $6,006,000 for
the first quarter of 2009. Basic and diluted earnings per
share were $0.17 during the first
quarter of 2010 as compared to basic and diluted earnings per share
of $0.19 for the fourth quarter of
2009 and basic earnings per share of $0.29 and diluted earnings per share of
$0.28 for the first quarter of
2009.
"During the first quarter of 2010 we saw positive trends as our
net interest margin increased, our core deposits grew and we were
able to hold noninterest expenses relatively flat compared to the
fourth quarter of 2009," commented Renasant Chairman and Chief
Executive Officer, E. Robinson
McGraw. "As anticipated, our first quarter results
reflect the challenging environment for the financial services
industry as well as the national economy. As we adapt to this
challenging environment and focus on capitalizing on the
opportunities presented in our markets, we believe we are
positioned to improve earnings in future quarters."
Total deposits grew to $2.71
billion at March 31, 2010,
representing a 5.35% increase from December
31, 2009 and a 0.91% increase since March 31, 2009. In reducing our reliance on
other wholesale funding sources, the Company continued to pay down
borrowed funds and reduced its reliance on public fund deposits
through increasing core deposits. Noninterest bearing demand
deposits grew approximately $10
million, or 3.31%, during the first quarter of 2010 as
compared to December 31, 2009.
Total loans were approximately $2.31
billion at the end of the first quarter of 2010, a decrease
from $2.35 billion at December 31, 2009 and $2.51 billion at March 31,
2009. As anticipated, the decline was primarily
attributable to the reduction of exposure to construction and land
development loans. In addition, total loans were affected by
the Company's exit from the student lending program due to recent
legislation affecting the ability of banks to make these loans.
The sale of our student loans reduced total loans over
$10 million at March 31, 2010 compared to December 31, 2009.
Total assets as of March 31, 2010
were approximately $3.64 billion, a
slight increase since December 31,
2009 and a 4.04% decrease from March
31, 2009. The Company's Tier 1 leverage capital ratio
was 8.74%, its Tier I risk-based capital ratio was 11.19%, and its
total risk-based capital ratio was 12.44%.
"We increased all of our capital ratios during the first quarter
of 2010 as compared to the fourth quarter of 2009 and we remain
above well capitalized thresholds," said McGraw. "We are
particularly pleased that our leverage ratio has continually
increased quarter over quarter during the last year."
Net interest income was $24,410,000 for the first quarter of 2010 as
compared to $25,313,000 for the same
period in 2009. Net interest margin was 3.27% for the first
quarter of 2010 compared to 3.22% for the fourth quarter of 2009
and 3.19% for the first quarter of 2009. The improvement in
net interest margin was achieved despite a 4 basis point reduction
in the yield on earning assets as the Company recognized higher
levels of premium amortization resulting from increased prepayments
on its mortgage backed securities portfolio.
Contributing to the improvement in net interest margin was a
continued effort to improve the Company's funding costs by
replacing higher costing borrowings with lower costing deposits.
The Company's cost of funding was 1.95% for the first quarter
of 2010 as compared to 2.06% for the fourth quarter of 2009 and
2.24% for the first quarter of 2009.
"We are seeing positive results from our efforts to improve our
net interest margin even as interest rates remain at historically
low levels," commented McGraw. "We anticipate this upward
trend in our net interest margin continuing throughout 2010."
Noninterest income was $12,484,000
for the first quarter of 2010 as compared to $13,419,000 for the fourth quarter of 2009 and
$14,762,000 for the first quarter of
2009. The primary reduction in noninterest income was due to
a decline in production from our mortgage loan division.
During the first quarter of 2009, the Company experienced
increased production in residential mortgage loans being refinanced
due to a decline in mortgage interest rates.
"Despite a decline in mortgage loan production during the first
quarter of 2010 that affected noninterest income, early second
quarter 2010 production is showing encouraging signs. In
addition, we experienced growth in debit card revenue as well as
gains in revenue from our trust division during the first quarter
of 2010," stated McGraw.
Noninterest expense was $25,634,000 for the first quarter of 2010 as
compared to $26,920,000 for the first
quarter of 2009, a 4.78% decrease; noninterest expense remained
relatively unchanged on a linked quarter basis. The decline
in year over year noninterest expense was due to a reduction in
personnel, occupancy and equipment expense which more than offset
increased expenses related to other real estate owned.
Annualized net charge-offs as a percentage of average loans were
0.81% for the first quarter of 2010, down from 0.83% for the fourth
quarter of 2009 and up from 0.75% for the first quarter of 2009.
Non-performing loans as a percentage of total loans were
2.37% at March 31, 2010, as compared
to 2.13% at December 31, 2009 and
2.69% at March 31, 2009. Loans
30-89 days past due as a percentage of total loans were 1.80% at
March 31, 2010, as compared to 1.03%
at December 31, 2009 and 1.04% at
March 31, 2009. The allowance for
loan losses as a percentage of loans was 1.78% at March 31, 2010, as compared to 1.67% at
December 31, 2009 and 1.40% at
March 31, 2009. The Company
recorded a provision for loan losses of $6,665,000 for the first quarter of 2010 as
compared to $7,800,000 for the fourth
quarter of 2009 and $5,040,000 for
the first quarter of 2009.
Non-performing loans (loans 90 days or more past due and
nonaccrual loans) were $54,604,000 at
March 31, 2010, as compared to
$50,025,000 at December 31, 2009 and $67,380,000 at March 31,
2009.
Other real estate owned was $62,508,000 on March 31,
2010 as compared to $58,568,000 at December
31, 2009 and $25,318,000 at
March 31, 2009. Other real
estate owned increased as the Company took possession of the real
properties securing problem loans in order to control the
liquidation of these properties.
"Our policy is to aggressively recognize potential issues in our
credit portfolio and address them as quickly as possible. In
order to provide for these potential issues we believed it was
prudent to have significantly increased our provision for loan
losses over the past six quarters. In addition, members of
our special assets division continue their proactive efforts to
market other real estate owned while at the same time maintaining
very low loss rates," stated McGraw. "Even though the current
banking environment remains a challenge, our key markets are
fundamentally sound and we are optimistic in our positioning for
long term success."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 a.m.
Eastern on Wednesday, April 21, 2010,
through the Company's website: www.renasant.com or
http://www.talkpoint.com/viewer/starthere.asp?Pres=130551.
The event will be archived on the Company's website for one
year. If Internet access is unavailable, the conference may
also be heard live (listen-only) via telephone by dialing
1-800-860-2442 in the United
States and requesting the Renasant First Quarter 2010
Earnings Webcast and Conference Call. International participants
should dial 1-412-858-4600.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant
Insurance. Renasant has assets of approximately $3.6 billion and operates over 65 banking,
mortgage, financial services and insurance offices 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.
Contacts
|
|
|
|
For Media:
|
|
John Oxford
|
|
Vice President
|
|
Director of External Affairs
|
|
(662) 680-1219
|
|
joxford@renasant.com
|
|
|
|
|
|
For Financials:
|
|
Stuart Johnson
|
|
Senior Executive Vice President
|
|
Chief Financial Officer
|
|
(662) 680-1472
|
|
stuartj@renasant.com
|
|
|
RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010
-
|
|
For the Three
Months
|
|
|
|
2010
|
|
2009
|
|
Q1 2009
|
|
Ended March
31,
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Statement of earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2010
|
|
2009
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - taxable equivalent
basis
|
$
40,900
|
|
$
42,526
|
|
$
43,820
|
|
$
43,836
|
|
$
44,988
|
|
(9.09)
|
|
$
40,900
|
|
$
44,988
|
|
(9.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
$
39,708
|
|
$
41,331
|
|
$
42,614
|
|
$
42,709
|
|
$
43,910
|
|
(9.57)
|
|
$
39,708
|
|
$
43,910
|
|
(9.57)
|
|
Interest expense
|
15,298
|
|
16,529
|
|
17,423
|
|
18,549
|
|
18,597
|
|
(17.74)
|
|
15,298
|
|
18,597
|
|
(17.74)
|
|
|
Net interest income
|
24,410
|
|
24,802
|
|
25,191
|
|
24,160
|
|
25,313
|
|
(3.57)
|
|
24,410
|
|
25,313
|
|
(3.57)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
6,665
|
|
7,800
|
|
7,350
|
|
6,700
|
|
5,040
|
|
32.24
|
|
6,665
|
|
5,040
|
|
32.24
|
|
|
Net interest income after
provision
|
17,745
|
|
17,002
|
|
17,841
|
|
17,460
|
|
20,273
|
|
(12.47)
|
|
17,745
|
|
20,273
|
|
(12.47)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
5,090
|
|
5,801
|
|
5,379
|
|
5,395
|
|
5,425
|
|
(6.18)
|
|
5,090
|
|
5,425
|
|
(6.18)
|
|
Fees and commissions on loans and
deposits
|
3,721
|
|
3,554
|
|
3,961
|
|
4,424
|
|
4,682
|
|
(20.53)
|
|
3,721
|
|
4,682
|
|
(20.53)
|
|
Insurance commissions and
fees
|
834
|
|
705
|
|
949
|
|
837
|
|
828
|
|
0.72
|
|
834
|
|
828
|
|
0.72
|
|
Trust revenue
|
584
|
|
559
|
|
501
|
|
488
|
|
491
|
|
18.94
|
|
584
|
|
491
|
|
18.94
|
|
Securities (losses) gains
|
(160)
|
|
123
|
|
-
|
|
1,123
|
|
427
|
|
(137.47)
|
|
(160)
|
|
427
|
|
(137.47)
|
|
Gain on sale of mortgage
loans
|
1,169
|
|
1,665
|
|
1,832
|
|
2,293
|
|
1,776
|
|
(34.18)
|
|
1,169
|
|
1,776
|
|
(34.18)
|
|
Other
|
1,246
|
|
1,012
|
|
1,331
|
|
864
|
|
1,133
|
|
9.97
|
|
1,246
|
|
1,133
|
|
9.97
|
|
|
Total non-interest income
|
12,484
|
|
13,419
|
|
13,953
|
|
15,424
|
|
14,762
|
|
(15.43)
|
|
12,484
|
|
14,762
|
|
(15.43)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
13,197
|
|
13,572
|
|
13,363
|
|
13,736
|
|
14,744
|
|
(10.49)
|
|
13,197
|
|
14,744
|
|
(10.49)
|
|
Occupancy and equipment
|
2,931
|
|
2,981
|
|
3,045
|
|
3,063
|
|
3,249
|
|
(9.79)
|
|
2,931
|
|
3,249
|
|
(9.79)
|
|
Data processing
|
1,426
|
|
1,407
|
|
1,439
|
|
1,430
|
|
1,329
|
|
7.30
|
|
1,426
|
|
1,329
|
|
7.30
|
|
Amortization of intangibles
|
476
|
|
482
|
|
489
|
|
494
|
|
501
|
|
(4.99)
|
|
476
|
|
501
|
|
(4.99)
|
|
Other
|
7,604
|
|
7,141
|
|
7,782
|
|
8,409
|
|
7,097
|
|
7.14
|
|
7,604
|
|
7,097
|
|
7.14
|
|
|
Total non-interest expense
|
25,634
|
|
25,583
|
|
26,118
|
|
27,132
|
|
26,920
|
|
(4.78)
|
|
25,634
|
|
26,920
|
|
(4.78)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
4,595
|
|
4,838
|
|
5,676
|
|
5,752
|
|
8,115
|
|
(43.38)
|
|
4,595
|
|
8,115
|
|
(43.38)
|
|
Income taxes
|
988
|
|
807
|
|
1,451
|
|
1,496
|
|
2,109
|
|
(53.15)
|
|
988
|
|
2,109
|
|
(53.15)
|
|
|
Net income
|
$
3,607
|
|
$
4,031
|
|
$
4,225
|
|
$
4,256
|
|
$
6,006
|
|
(39.94)
|
|
$
3,607
|
|
$
6,006
|
|
(39.94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
0.17
|
|
$
0.19
|
|
$
0.20
|
|
$
0.20
|
|
$
0.29
|
|
(41.38)
|
|
$
0.17
|
|
$
0.29
|
|
(41.38)
|
|
Diluted earnings per share
|
0.17
|
|
0.19
|
|
0.20
|
|
0.20
|
|
0.28
|
|
(39.29)
|
|
0.17
|
|
0.28
|
|
(39.29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
21,082,991
|
|
21,078,873
|
|
21,075,879
|
|
21,073,228
|
|
21,067,539
|
|
0.07
|
|
21,082,991
|
|
21,067,539
|
|
0.07
|
|
Average diluted shares
outstanding
|
21,208,934
|
|
21,217,841
|
|
21,213,839
|
|
21,193,560
|
|
21,188,397
|
|
0.10
|
|
21,208,934
|
|
21,188,397
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding
|
21,082,991
|
|
21,082,991
|
|
21,078,828
|
|
21,074,568
|
|
21,067,539
|
|
0.07
|
|
21,082,991
|
|
21,067,539
|
|
0.07
|
|
Cash dividend per common
share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders'
equity
|
3.55%
|
|
3.87%
|
|
4.12%
|
|
4.22%
|
|
6.04%
|
|
|
|
3.55%
|
|
6.04%
|
|
|
|
Return on average shareholders'
equity, excluding amortization expense
|
3.84%
|
|
4.15%
|
|
4.41%
|
|
4.52%
|
|
6.35%
|
|
|
|
3.84%
|
|
6.35%
|
|
|
|
Return on average assets
|
0.40%
|
|
0.44%
|
|
0.46%
|
|
0.46%
|
|
0.65%
|
|
|
|
0.40%
|
|
0.65%
|
|
|
|
Return on average assets, excluding
amortization expense
|
0.44%
|
|
0.47%
|
|
0.49%
|
|
0.49%
|
|
0.68%
|
|
|
|
0.44%
|
|
0.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (FTE)
|
3.27%
|
|
3.22%
|
|
3.22%
|
|
3.04%
|
|
3.19%
|
|
|
|
3.27%
|
|
3.19%
|
|
|
|
Yield on earning assets
(FTE)
|
5.23%
|
|
5.26%
|
|
5.33%
|
|
5.27%
|
|
5.46%
|
|
|
|
5.23%
|
|
5.46%
|
|
|
|
Average earning assets to average
assets
|
87.28%
|
|
88.19%
|
|
88.73%
|
|
89.25%
|
|
88.85%
|
|
|
|
87.28%
|
|
88.85%
|
|
|
|
Average loans to average
deposits
|
88.47%
|
|
92.96%
|
|
94.22%
|
|
94.40%
|
|
99.13%
|
|
|
|
88.47%
|
|
99.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities
gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average assets
|
1.42%
|
|
1.45%
|
|
1.51%
|
|
1.53%
|
|
1.54%
|
|
|
|
1.42%
|
|
1.54%
|
|
|
|
Noninterest expense to average
assets
|
2.87%
|
|
2.79%
|
|
2.82%
|
|
2.91%
|
|
2.90%
|
|
|
|
2.87%
|
|
2.90%
|
|
|
|
Net overhead ratio
|
1.45%
|
|
1.34%
|
|
1.31%
|
|
1.38%
|
|
1.36%
|
|
|
|
1.45%
|
|
1.36%
|
|
|
|
Efficiency ratio (FTE)
|
67.31%
|
|
64.91%
|
|
64.73%
|
|
66.65%
|
|
65.41%
|
|
|
|
67.31%
|
|
65.41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2010
-
|
|
For the Three
Months
|
|
|
|
2010
|
|
2009
|
|
Q1 2009
|
|
Ended March
31,
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Average balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2010
|
|
2009
|
|
Variance
|
|
Total assets
|
$
3,621,361
|
|
$
3,640,514
|
|
$
3,675,592
|
|
$
3,738,852
|
|
$
3,763,245
|
|
(3.77)
|
|
$
3,621,361
|
|
$
3,763,245
|
|
(3.77)
|
|
Earning assets
|
3,160,620
|
|
3,210,554
|
|
3,261,527
|
|
3,337,103
|
|
3,343,699
|
|
(5.48)
|
|
3,160,620
|
|
3,343,699
|
|
(5.48)
|
|
Securities
|
697,913
|
|
719,298
|
|
703,976
|
|
701,894
|
|
696,068
|
|
0.27
|
|
697,913
|
|
696,068
|
|
0.27
|
|
Loans, net of unearned
|
2,354,443
|
|
2,397,195
|
|
2,465,298
|
|
2,542,021
|
|
2,587,436
|
|
(9.00)
|
|
2,354,443
|
|
2,587,436
|
|
(9.00)
|
|
Intangibles
|
190,881
|
|
191,591
|
|
192,078
|
|
192,568
|
|
193,067
|
|
(1.13)
|
|
190,881
|
|
193,067
|
|
(1.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
310,726
|
|
$
307,753
|
|
$
297,390
|
|
$
293,546
|
|
$
299,265
|
|
3.83
|
|
$
310,726
|
|
$
299,265
|
|
3.83
|
|
Interest bearing deposits
|
2,332,741
|
|
2,247,854
|
|
2,286,184
|
|
2,342,788
|
|
2,250,324
|
|
3.66
|
|
2,332,741
|
|
2,250,324
|
|
3.66
|
|
|
Total deposits
|
2,643,467
|
|
2,555,607
|
|
2,583,574
|
|
2,636,334
|
|
2,549,589
|
|
3.68
|
|
2,643,467
|
|
2,549,589
|
|
3.68
|
|
Borrowed funds
|
530,654
|
|
632,689
|
|
647,919
|
|
662,387
|
|
815,548
|
|
(34.93)
|
|
530,654
|
|
815,548
|
|
(34.93)
|
|
Shareholders' equity
|
412,132
|
|
413,773
|
|
406,779
|
|
404,456
|
|
403,229
|
|
2.21
|
|
412,132
|
|
403,229
|
|
2.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
44,688
|
|
$
39,454
|
|
$
37,995
|
|
$
55,217
|
|
$
47,591
|
|
(6.10)
|
|
$
44,688
|
|
$
47,591
|
|
(6.10)
|
|
Loans 90 past due or more
|
9,916
|
|
10,571
|
|
10,661
|
|
10,284
|
|
19,789
|
|
(49.89)
|
|
9,916
|
|
19,789
|
|
(49.89)
|
|
Non-performing loans
|
54,604
|
|
50,025
|
|
48,656
|
|
65,501
|
|
67,380
|
|
(18.96)
|
|
54,604
|
|
67,380
|
|
(18.96)
|
|
Other real estate owned and
repossessions
|
62,508
|
|
58,568
|
|
47,457
|
|
30,546
|
|
25,318
|
|
146.89
|
|
62,508
|
|
25,318
|
|
146.89
|
|
Non-performing assets
|
$
117,112
|
|
$
108,593
|
|
$
96,113
|
|
$
96,047
|
|
$
92,698
|
|
26.34
|
|
$
117,112
|
|
$
92,698
|
|
26.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
$
4,716
|
|
$
5,007
|
|
$
6,962
|
|
$
5,917
|
|
$
4,764
|
|
(1.01)
|
|
$
4,716
|
|
$
4,764
|
|
(1.01)
|
|
Allowance for loan losses
|
41,094
|
|
39,145
|
|
36,352
|
|
35,964
|
|
35,181
|
|
16.81
|
|
41,094
|
|
35,181
|
|
16.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
2.37%
|
|
2.13%
|
|
2.03%
|
|
2.65%
|
|
2.69%
|
|
|
|
2.37%
|
|
2.69%
|
|
|
|
Non-performing assets / total
assets
|
3.22%
|
|
2.98%
|
|
2.64%
|
|
2.59%
|
|
2.44%
|
|
|
|
3.22%
|
|
2.44%
|
|
|
|
Allowance for loan losses / total
loans
|
1.78%
|
|
1.67%
|
|
1.51%
|
|
1.46%
|
|
1.40%
|
|
|
|
1.78%
|
|
1.40%
|
|
|
|
Allowance for loan losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-performing
loans
|
75.26%
|
|
78.25%
|
|
74.71%
|
|
54.91%
|
|
52.21%
|
|
|
|
75.26%
|
|
52.21%
|
|
|
|
Annualized net loan charge-offs
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average loans
|
0.81%
|
|
0.83%
|
|
1.12%
|
|
0.93%
|
|
0.75%
|
|
|
|
0.81%
|
|
0.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
3,641,709
|
|
$
3,641,081
|
|
$
3,642,657
|
|
$
3,701,957
|
|
$
3,795,217
|
|
|
|
$
3,641,709
|
|
$
3,795,217
|
|
(4.04)
|
|
Earning assets
|
3,200,159
|
|
3,173,039
|
|
3,188,554
|
|
3,236,615
|
|
3,368,962
|
|
|
|
3,200,159
|
|
3,368,962
|
|
(5.01)
|
|
Securities
|
741,207
|
|
714,164
|
|
738,204
|
|
684,723
|
|
709,950
|
|
|
|
741,207
|
|
709,950
|
|
4.40
|
|
Mortgage loans held for
sale
|
16,597
|
|
25,749
|
|
24,091
|
|
49,565
|
|
55,194
|
|
|
|
16,597
|
|
55,194
|
|
(69.93)
|
|
Loans, net of unearned
|
2,308,335
|
|
2,347,615
|
|
2,402,423
|
|
2,468,844
|
|
2,506,780
|
|
|
|
2,308,335
|
|
2,506,780
|
|
(7.92)
|
|
Intangibles
|
190,881
|
|
191,357
|
|
191,839
|
|
192,328
|
|
192,822
|
|
|
|
190,881
|
|
192,822
|
|
(1.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
315,064
|
|
$
304,962
|
|
$
297,858
|
|
$
292,129
|
|
$
303,536
|
|
|
|
$
315,064
|
|
$
303,536
|
|
3.80
|
|
Interest bearing deposits
|
2,398,784
|
|
2,271,138
|
|
2,263,126
|
|
2,308,081
|
|
2,385,769
|
|
|
|
2,398,784
|
|
2,385,769
|
|
0.55
|
|
|
Total deposits
|
2,713,848
|
|
2,576,100
|
|
2,560,984
|
|
2,600,210
|
|
2,689,305
|
|
|
|
2,713,848
|
|
2,689,305
|
|
0.91
|
|
Borrowed funds
|
483,183
|
|
618,024
|
|
635,076
|
|
665,755
|
|
672,130
|
|
|
|
483,183
|
|
672,130
|
|
(28.11)
|
|
Shareholders' equity
|
410,557
|
|
410,122
|
|
410,473
|
|
400,680
|
|
400,095
|
|
|
|
410,557
|
|
400,095
|
|
2.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per common
share
|
$
16.18
|
|
$
13.60
|
|
$
14.85
|
|
$
15.02
|
|
$
12.56
|
|
|
|
$
16.18
|
|
$
12.56
|
|
28.82
|
|
Book value per common share
|
19.47
|
|
19.45
|
|
19.47
|
|
19.01
|
|
18.99
|
|
|
|
19.47
|
|
18.99
|
|
2.54
|
|
Tangible book value per common
share
|
10.42
|
|
10.38
|
|
10.37
|
|
9.89
|
|
9.84
|
|
|
|
10.42
|
|
9.84
|
|
5.91
|
|
Shareholders' equity to assets
(actual)
|
11.27%
|
|
11.26%
|
|
11.27%
|
|
10.82%
|
|
10.54%
|
|
|
|
11.27%
|
|
10.54%
|
|
|
|
Tangible capital ratio
|
6.37%
|
|
6.34%
|
|
6.34%
|
|
5.94%
|
|
5.75%
|
|
|
|
6.37%
|
|
5.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio
|
8.74%
|
|
8.68%
|
|
8.56%
|
|
8.37%
|
|
8.28%
|
|
|
|
8.74%
|
|
8.28%
|
|
|
|
Tier 1 risk-based capital
ratio
|
11.19%
|
|
11.12%
|
|
11.04%
|
|
10.92%
|
|
11.00%
|
|
|
|
11.19%
|
|
11.00%
|
|
|
|
Total risk-based capital
ratio
|
12.44%
|
|
12.37%
|
|
12.29%
|
|
12.17%
|
|
12.25%
|
|
|
|
12.44%
|
|
12.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Detail of Loans by
Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
agricultural
|
$
276,749
|
|
$
281,329
|
|
$
280,930
|
|
$
292,177
|
|
$
301,899
|
|
|
|
$
276,749
|
|
$
301,899
|
|
(8.33)
|
|
Lease financing
|
677
|
|
778
|
|
936
|
|
1,283
|
|
1,434
|
|
|
|
677
|
|
1,434
|
|
(52.79)
|
|
Real estate - construction
|
110,121
|
|
133,299
|
|
153,367
|
|
180,202
|
|
210,747
|
|
|
|
110,121
|
|
210,747
|
|
(47.75)
|
|
Real estate - 1-4 family
mortgages
|
809,271
|
|
820,917
|
|
848,267
|
|
878,263
|
|
872,796
|
|
|
|
809,271
|
|
872,796
|
|
(7.28)
|
|
Real estate - commercial
mortgages
|
1,055,102
|
|
1,040,589
|
|
1,048,135
|
|
1,054,169
|
|
1,055,537
|
|
|
|
1,055,102
|
|
1,055,537
|
|
(0.04)
|
|
Installment loans to
individuals
|
56,415
|
|
70,703
|
|
70,788
|
|
62,750
|
|
64,367
|
|
|
|
56,415
|
|
64,367
|
|
(12.35)
|
|
|
Loans, net of unearned
|
$
2,308,335
|
|
$
2,347,615
|
|
$
2,402,423
|
|
$
2,468,844
|
|
$
2,506,780
|
|
|
|
$
2,308,335
|
|
$
2,506,780
|
|
(7.92)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation