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.
Contacts:
|
For
Media:
|
For Financials:
|
|
John
Oxford
|
Kevin
Chapman
|
|
Vice
President
|
Executive Vice
President
|
|
Director of External
Affairs
|
Chief Financial
Officer
|
|
(662)
680-1219
|
(662)
680-1450
|
|
joxford@renasant.com
|
kchapman@renasant.com
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2013
-
|
|
For the Six
Months
|
|
|
|
|
|
2013
|
|
2012
|
|
Q2
2012
|
|
Ended June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of
earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2013
|
|
2012
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
41,331
|
|
$
40,371
|
|
$
41,135
|
|
$
40,613
|
|
$
41,487
|
|
$
42,001
|
|
(0.38)
|
|
$
81,702
|
|
$
83,488
|
|
(2.14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
39,945
|
|
$
38,945
|
|
$
39,676
|
|
$
39,154
|
|
$
39,978
|
|
$
40,505
|
|
(0.08)
|
|
$
78,890
|
|
$
80,483
|
|
(1.98)
|
Interest
expense
|
|
|
|
5,541
|
|
5,564
|
|
5,723
|
|
6,022
|
|
6,568
|
|
7,662
|
|
(15.64)
|
|
11,105
|
|
$
14,230
|
|
(21.96)
|
|
Net interest
income
|
|
|
34,404
|
|
33,381
|
|
33,953
|
|
33,132
|
|
33,410
|
|
32,843
|
|
2.98
|
|
67,785
|
|
66,253
|
|
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
3,000
|
|
3,050
|
|
4,000
|
|
4,625
|
|
4,700
|
|
4,800
|
|
(36.17)
|
|
6,050
|
|
9,500
|
|
(36.32)
|
|
Net interest income
after provision
|
|
31,404
|
|
30,331
|
|
29,953
|
|
28,507
|
|
28,710
|
|
28,043
|
|
9.38
|
|
61,735
|
|
56,753
|
|
8.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
4,509
|
|
4,500
|
|
4,774
|
|
4,818
|
|
4,495
|
|
4,525
|
|
0.31
|
|
9,009
|
|
9,020
|
|
(0.12)
|
Fees and commissions
on loans and deposits
|
|
4,848
|
|
4,831
|
|
4,706
|
|
4,639
|
|
4,322
|
|
3,928
|
|
12.17
|
|
9,679
|
|
8,250
|
|
17.32
|
Insurance commissions
and fees
|
|
|
951
|
|
861
|
|
876
|
|
889
|
|
882
|
|
939
|
|
7.82
|
|
1,812
|
|
1,821
|
|
(0.49)
|
Wealth management
revenue
|
|
|
1,715
|
|
1,724
|
|
1,726
|
|
1,707
|
|
1,551
|
|
1,942
|
|
10.57
|
|
3,439
|
|
3,493
|
|
(1.55)
|
Securities gains
(losses)
|
|
|
-
|
|
54
|
|
121
|
|
-
|
|
869
|
|
904
|
|
(100.00)
|
|
54
|
|
1,773
|
|
(96.95)
|
Gain on sale of
mortgage loans
|
|
|
3,870
|
|
3,565
|
|
4,431
|
|
4,397
|
|
2,390
|
|
1,281
|
|
61.92
|
|
7,435
|
|
3,671
|
|
102.53
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
|
|
|
1,424
|
|
1,843
|
|
1,272
|
|
1,605
|
|
1,769
|
|
2,909
|
|
(19.50)
|
|
3,267
|
|
4,678
|
|
(30.16)
|
|
Total noninterest
income
|
|
|
17,317
|
|
17,378
|
|
17,906
|
|
18,055
|
|
16,278
|
|
16,428
|
|
6.38
|
|
34,695
|
|
32,706
|
|
6.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
Salaries and employee
benefits
|
|
|
21,906
|
|
21,274
|
|
21,261
|
|
21,221
|
|
19,871
|
|
18,649
|
|
10.24
|
|
43,180
|
|
38,520
|
|
12.10
|
Data
processing
|
|
|
|
2,045
|
|
2,043
|
|
2,281
|
|
2,192
|
|
2,211
|
|
2,040
|
|
(7.51)
|
|
4,088
|
|
4,251
|
|
(3.83)
|
Occupancy and
equipment
|
|
|
3,668
|
|
3,608
|
|
3,522
|
|
3,886
|
|
3,586
|
|
3,619
|
|
2.29
|
|
7,276
|
|
7,205
|
|
0.99
|
Other real
estate
|
|
|
|
1,773
|
|
2,049
|
|
3,787
|
|
2,440
|
|
3,370
|
|
3,999
|
|
(47.39)
|
|
3,822
|
|
7,369
|
|
(48.13)
|
Amortization of
intangibles
|
|
|
314
|
|
323
|
|
333
|
|
341
|
|
349
|
|
358
|
|
(10.03)
|
|
637
|
|
707
|
|
(9.90)
|
Merger-related
expenses
|
|
|
385
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
385
|
|
-
|
|
-
|
Debt extinguishment
penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
898
|
|
-
|
|
-
|
|
898
|
|
(100.00)
|
Other
|
|
|
|
7,643
|
|
8,303
|
|
7,147
|
|
8,592
|
|
7,363
|
|
7,099
|
|
3.80
|
|
15,946
|
|
14,462
|
|
10.26
|
|
Total noninterest
expense
|
|
|
37,734
|
|
37,600
|
|
38,331
|
|
38,672
|
|
36,750
|
|
36,662
|
|
2.68
|
|
75,334
|
|
73,412
|
|
2.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
10,987
|
|
10,109
|
|
9,528
|
|
7,890
|
|
8,238
|
|
7,809
|
|
33.37
|
|
21,096
|
|
16,047
|
|
31.46
|
Income
taxes
|
|
|
|
2,968
|
|
2,538
|
|
2,247
|
|
853
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
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
|
|
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
|
|
|
25,231,074
|
|
25,208,733
|
|
25,157,637
|
|
25,120,412
|
|
25,113,894
|
|
25,105,732
|
|
0.47
|
|
25,231,074
|
|
25,113,894
|
|
0.47
|
Cash dividend per
common share
|
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.34
|
|
$
0.34
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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