TUPELO, Miss., Jan. 19, 2016 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the fourth quarter and year ended December 31, 2015. Net income for the fourth
quarter of 2015 was approximately $21.2
million, up 35.67%, as compared to $15.6 million for the fourth quarter of 2014.
Basic and diluted earnings per share ("EPS") were $0.53 and $0.52,
respectively, for the fourth quarter of 2015, as compared to basic
and diluted EPS of $0.49 for the
fourth quarter of 2014. Excluding the impact of after-tax
merger expenses incurred during each quarter, basic and diluted EPS
were $0.55 for the fourth quarter of
2015, as compared to basic and diluted EPS of $0.50 for the fourth quarter of 2014.
Net income for 2015 was $68.0 million, as compared to
$59.6 million for 2014. Basic and
diluted EPS were$1.89 and $1.88,
respectively, for both 2015 and 2014. Excluding the impact of
after-tax merger expenses incurred during each year, basic and
diluted EPS were $2.10 and
$2.08, respectively, for 2015, as
compared to basic and diluted EPS of $1.90 and $1.89,
respectively, for 2014.
On July 1, 2015, the Company
completed the acquisition of Heritage Financial Group, Inc.
("Heritage"), a bank holding company headquartered in Albany, Georgia, and the parent of
HeritageBank of the South, a Georgia savings bank. The Company's
balance sheet and results of operations as of and for the year
ended December 31, 2015, include the
impact of Heritage's operations since the acquisition date.
At the acquisition date, Heritage had $2.02 billion in total assets, $1.11 billion in loans, and $1.37 billion in deposits. The assets
acquired and liabilities assumed are recorded at estimated fair
value and are subject to change pending finalization of all
valuations.
"Our financial results for the fourth quarter of 2015 represent
a strong finish to a great year. The results include our
successful completion of the Heritage acquisition and 24.58%
annualized linked quarter legacy loan growth," commented Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. "Excluding merger expenses on an after-tax
basis, our diluted EPS of $0.55 per
share represents some of the highest reported quarterly earnings
for the Company and was driven by the strong performance of our
legacy company coupled with the successful conversion of Heritage's
operations. Furthermore, the continued sustainability of this
profitability is reflected in our return on average assets,
excluding merger expenses on an after-tax basis, of 1.12% for the
quarter, marking the seventh consecutive quarter we've achieved
greater than 1.00% return on average assets. As we look to 2016, we
believe we are well positioned to continue to improve on
profitability and earnings growth, which in turn will generate
shareholder value."
The following table presents the Company's profitability metrics
for the fourth quarter of 2015 including and excluding the impact
of after-tax merger expenses from the Heritage acquisition:
|
As
Reported
|
|
Excluding
Merger
Expenses
|
Return on average
assets
|
1.06%
|
|
1.12%
|
Return on average
tangible assets
|
1.19%
|
|
1.25%
|
Return on average
equity
|
8.06%
|
|
8.48%
|
Return on average
tangible equity
|
15.84%
|
|
16.61%
|
The following table presents the Company's profitability metrics
for the year ending December 31,
2015, including and excluding the impact of after-tax merger
expenses from the Heritage acquisition:
|
As
Reported
|
|
Excluding
Merger
Expenses
|
Return on average
assets
|
0.99%
|
|
1.10%
|
Return on average
tangible assets
|
1.11%
|
|
1.23%
|
Return on average
equity
|
7.72%
|
|
8.57%
|
Return on average
tangible equity
|
14.50%
|
|
16.00%
|
Total assets at December 31, 2015,
were approximately $7.94 billion, as
compared to $5.81 billion at
December 31, 2014.
Total loans, including loans acquired in the Heritage and First
M&F Corporation ("First M&F") acquisitions or in
FDIC-assisted transactions (collectively referred to as "acquired
loans"), increased 35.75% to approximately $5.41 billion at December
31, 2015, as compared to $3.99
billion at December 31, 2014.
Excluding acquired loans, loans grew 17.23% to $3.83 billion at December
31, 2015, as compared to $3.27
billion at December 31,
2014.
Total deposits were $6.22 billion
at December 31, 2015, as compared to
$4.84 billion at December 31, 2014. The increase in deposits is
primarily attributable to the acquisition of Heritage. The
Company's noninterest-bearing deposits averaged approximately
$1.32 billion, or 21.36% of average
deposits, for the fourth quarter of 2015, as compared to
$937 million, or 19.58% of average
deposits, for the fourth quarter of 2014. The Company's cost of
funds was 31 basis points for the fourth quarter of 2015, as
compared to 45 basis points for the same quarter in 2014.
At December 31, 2015, the
Company's Tier 1 leverage capital ratio was 9.18%, its Common
Equity Tier 1 risk-based capital ratio was 9.98%, its Tier 1
risk-based capital ratio was 11.50%, and its total risk-based
capital ratio was 12.30%. The Company's regulatory capital ratios
continue to be in excess of the regulatory minimums required to be
classified as "well-capitalized." At December 31, 2015, our tangible common equity
ratio was 7.56%.
Net interest income was $72.4
million for the fourth quarter of 2015, as compared to
$50.0 million for the fourth quarter
of 2014. Net interest margin was 4.33% for the fourth quarter of
2015, as compared to 4.09% for the fourth quarter of 2014.
Additional interest income recognized in connection with the
acceleration of pay downs and payoffs from acquired loans increased
net interest margin 21 basis points in the fourth quarter of 2015,
as compared to 11 basis points in the same period in 2014.
Net interest income was $241.6
million for the year ended December
31, 2015, as compared to $202.6
million for the year ended December
31, 2014. Net interest margin was 4.17% for 2015, as
compared to 4.12% for the prior year. Additional interest
income recognized in connection with the acceleration of pay downs
and payoffs from acquired loans increased net interest margin 14
basis points for all of 2015, as compared to 17 basis points for
the prior year.
The Company's noninterest income is derived from diverse lines
of business which primarily consist of mortgage, wealth management
and insurance revenue sources along with income from deposit and
loan products. For the fourth quarter of 2015, noninterest income
increased to $31.5 million, as
compared to $20.0 million for the
fourth quarter of 2014. Noninterest income increased to
$108.4 million during 2015, as
compared to $80.6 million during
2014. The Company's growth in noninterest income for both the
fourth quarter and full year of 2015, as compared to the comparable
periods in the prior year, is primarily attributable to the
Heritage acquisition and growth in our mortgage lending.
Noninterest expense was $70.9
million for the fourth quarter of 2015, and $245.5 for the year 2015, as compared to
$46.0 million for the fourth quarter
of 2014, and $191.2 million for the
year 2014. The increase in noninterest expense, when compared to
the comparable periods in 2014, was primarily due to the operating
expenses of the acquired Heritage operations as well as merger
expenses incurred in connection with the Heritage acquisition. The
Company recorded merger expenses of approximately $1.92 million and $499
thousand during the fourth quarter of 2015 and 2014,
respectively. The Company recorded merger expenses of
approximately $11.6 million and
$694 thousand during 2015 and 2014,
respectively.
The Company recorded a provision for loan losses of $1.8 million for the fourth quarter of 2015, as
compared to $1.1 million for the
fourth quarter of 2014. For the fourth quarter of 2015, net
charge-offs were $1.4 million, as
compared to $3.3 million in net
charge-offs for the same period in 2014. Annualized net charge-offs
as a percentage of average loans were 0.10% for the fourth quarter
of 2015, as compared to 0.33% for the same quarter in 2014.
The allowance for loan losses as a percentage of total loans was
0.78% at December 31, 2015, as
compared to 1.06% at December 31,
2014. The allowance for loan losses as a percentage of
non-acquired loans was 1.11% at December 31,
2015, as compared to 1.29% at December 31, 2014.
At December 31, 2015, total
nonperforming loans (loans 90 days or more past due and nonaccrual
loans) were $45.4 million, or 0.84%
of total loans, and total other real estate owned ("OREO") was
$35.4 million, as compared to total
nonperforming loans of $55.1 million,
or 1.38% of total loans, and total OREO of $34.5 million at December
31, 2014. The Company's nonperforming loans and OREO
that were acquired through the Heritage and First M&F
acquisitions or in connection with FDIC-assisted transactions
(collectively referred to as "acquired nonperforming assets") were
$30.0 million and $22.4 million, respectively, at December 31, 2015, as compared to $34.9 million and $17.4
million, respectively at December
31, 2014.
Since the acquired nonperforming assets were recorded at fair
value at the time of acquisition or are subject to loss-share
agreements with the FDIC, which significantly mitigates our actual
loss, the remaining information in this release on nonperforming
loans, OREO and the related asset quality ratios excludes these
acquired nonperforming assets.
Nonperforming assets decreased 23.85% to $28.4 million at December
31, 2015, as compared to $37.3
million at December 31,
2014.
Nonperforming loans were $15.4
million, or 0.40% of total non-acquired loans, at
December 31, 2015, as compared to
$20.2 million, or 0.62% of total
non-acquired loans, at December 31,
2014, representing a 23.73% decrease. Early stage
delinquencies, or loans 30-to-89 days past due, as a percentage of
total loans were 0.20% at December 31,
2015, as compared to 0.32% at December 31, 2014.
OREO was $13.0 million at
December 31, 2015, as compared to
$17.1 million at December 31, 2014, a 23.99% decrease. The Company
continues to proactively market the properties held in OREO as it
sold approximately $5.87 million of OREO during 2015, with
$1.10 million in sales occurring
during the fourth quarter of 2015.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM Eastern
Time on Wednesday, January 20,
2016.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://services.choruscall.com/links/rnst160120. To access the
conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation Fourth Quarter Earnings Webcast and Conference Call.
International participants should dial 1-412-902-4145 to access the
conference call.
The webcast will be archived on www.renasant.com beginning one
hour after the call and will remain accessible for one year.
Replays can also be accessed via telephone by dialing
1-877-344-7529 in the United
States and entering conference number 10079062 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until February 3, 2016.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a
111-year-old financial services institution. Renasant has assets of
approximately $7.9 billion and
operates more than 170 banking, mortgage, financial services and
insurance offices in Mississippi,
Tennessee, Alabama, Florida 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.
NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally
accepted accounting principles in the
United States of America (GAAP), this press release contains
certain non-GAAP financial measures. These non-GAAP financial
measures adjust GAAP financial measures to exclude intangible
assets, which the Company's management uses when evaluating capital
utilization and adequacy. In addition, the Company believes
that these non-GAAP financial measures facilitate the making of
period-to-period comparisons and are meaningful indications of its
operating performance particularly because these measures are
widely used by industry analysts for companies with merger and
acquisition activities. Also, because intangible assets such
as goodwill and the core deposit intangible can vary extensively
from company to company and are excluded from the calculation of a
financial institution's regulatory capital, the Company believes
that the presentation of this non-GAAP financial information allows
readers to more easily compare the Company's results to information
provided in other regulatory reports and the results of other
companies.
The specific non-GAAP financial measures used are return on
average tangible shareholders' equity, return on average tangible
assets and the ratio of tangible equity to tangible assets
(commonly referred to as the "tangible capital ratio"). The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for any measure
prepared in accordance with GAAP. Investors should note that,
because there are no standardized definitions for the calculations
as well as the results, the Company's calculations may not be
comparable to other similarly titled measures presented by other
companies. Also there may be limits in the usefulness of these
measures to investors. As a result, the Company encourages
readers to consider its consolidated financial statements in their
entirety and not to rely on any single financial measure.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in the
table at the end of this release under the caption "Reconciliation
of GAAP to Non-GAAP."
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2015
-
|
|
For the Year
Ending
|
|
2015
|
|
2014
|
|
Q4
2014
|
|
December
31,
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of
earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
$
79,679
|
|
$
76,242
|
|
$
58,516
|
|
$
55,910
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
38.97
|
|
$
270,347
|
|
$
233,246
|
|
15.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
77,788
|
|
$
74,300
|
|
$
56,769
|
|
$
54,166
|
|
$
55,597
|
|
$
56,358
|
|
$
58,277
|
|
$
56,177
|
|
39.91
|
|
$
263,023
|
|
$
226,409
|
|
16.17
|
Interest
expense
|
5,364
|
|
5,620
|
|
5,099
|
|
5,324
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
(3.87)
|
|
21,407
|
|
23,780
|
|
(9.98)
|
|
Net interest
income
|
72,424
|
|
68,680
|
|
51,670
|
|
48,842
|
|
50,017
|
|
50,472
|
|
52,169
|
|
49,971
|
|
44.80
|
|
241,616
|
|
202,629
|
|
19.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
1,750
|
|
750
|
|
1,175
|
|
1,075
|
|
1,050
|
|
2,217
|
|
1,450
|
|
1,450
|
|
66.67
|
|
4,750
|
|
6,167
|
|
(22.98)
|
|
Net interest income
after provision
|
70,674
|
|
67,930
|
|
50,495
|
|
47,767
|
|
48,967
|
|
48,255
|
|
50,719
|
|
48,521
|
|
44.33
|
|
236,866
|
|
196,462
|
|
20.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
8,261
|
|
8,151
|
|
6,522
|
|
6,335
|
|
6,905
|
|
7,107
|
|
6,533
|
|
6,211
|
|
19.64
|
|
29,269
|
|
26,756
|
|
9.39
|
Fees and commissions
on loans and deposits
|
6,118
|
|
5,704
|
|
4,954
|
|
4,492
|
|
4,771
|
|
5,877
|
|
5,175
|
|
4,677
|
|
28.23
|
|
21,268
|
|
20,500
|
|
3.75
|
Insurance commissions
and fees
|
1,956
|
|
2,381
|
|
2,119
|
|
1,967
|
|
1,973
|
|
2,270
|
|
2,088
|
|
1,863
|
|
(0.86)
|
|
8,423
|
|
8,194
|
|
2.79
|
Wealth management
revenue
|
2,658
|
|
2,871
|
|
2,248
|
|
2,190
|
|
2,144
|
|
2,197
|
|
2,170
|
|
2,144
|
|
23.97
|
|
9,967
|
|
8,655
|
|
15.16
|
Securities gains
(losses)
|
-
|
|
-
|
|
96
|
|
-
|
|
-
|
|
375
|
|
-
|
|
-
|
|
-
|
|
96
|
|
375
|
|
(74.40)
|
Gain on sale of
mortgage loans
|
10,020
|
|
10,578
|
|
5,407
|
|
4,633
|
|
2,368
|
|
2,635
|
|
2,006
|
|
1,585
|
|
323.14
|
|
30,638
|
|
8,594
|
|
256.50
|
Gain on
acquisition
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
2,478
|
|
2,432
|
|
1,571
|
|
2,287
|
|
1,809
|
|
2,102
|
|
1,499
|
|
2,136
|
|
36.98
|
|
8,768
|
|
7,546
|
|
16.19
|
|
Total noninterest
income
|
31,491
|
|
32,117
|
|
22,917
|
|
21,904
|
|
19,970
|
|
22,563
|
|
19,471
|
|
18,616
|
|
57.69
|
|
108,429
|
|
80,620
|
|
34.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
43,409
|
|
43,048
|
|
30,394
|
|
28,260
|
|
27,301
|
|
29,569
|
|
29,810
|
|
28,428
|
|
59.00
|
|
145,111
|
|
115,108
|
|
26.07
|
Data
processing
|
3,940
|
|
3,773
|
|
3,152
|
|
3,181
|
|
2,949
|
|
2,906
|
|
2,850
|
|
2,695
|
|
33.60
|
|
14,046
|
|
11,400
|
|
23.21
|
Occupancy and
equipment
|
8,171
|
|
7,733
|
|
5,524
|
|
5,559
|
|
5,146
|
|
5,353
|
|
4,906
|
|
4,847
|
|
58.78
|
|
26,987
|
|
20,252
|
|
33.26
|
Other real
estate
|
698
|
|
861
|
|
954
|
|
532
|
|
723
|
|
1,101
|
|
1,068
|
|
1,701
|
|
(3.46)
|
|
3,045
|
|
4,593
|
|
(33.70)
|
Amortization of
intangibles
|
1,751
|
|
1,803
|
|
1,239
|
|
1,275
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
31.95
|
|
6,068
|
|
5,606
|
|
8.24
|
Merger-related
expenses
|
1,923
|
|
7,746
|
|
1,467
|
|
478
|
|
499
|
|
-
|
|
-
|
|
195
|
|
285.37
|
|
11,614
|
|
694
|
|
1,573.49
|
Debt extinguishment
penalty
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
10,964
|
|
11,121
|
|
8,446
|
|
8,129
|
|
8,034
|
|
7,865
|
|
9,335
|
|
8,308
|
|
36.47
|
|
38,660
|
|
33,542
|
|
15.26
|
|
Total noninterest
expense
|
70,856
|
|
76,085
|
|
51,176
|
|
47,414
|
|
45,979
|
|
48,175
|
|
49,396
|
|
47,645
|
|
54.11
|
|
245,531
|
|
191,195
|
|
28.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
31,309
|
|
23,962
|
|
22,236
|
|
22,257
|
|
22,958
|
|
22,643
|
|
20,794
|
|
19,492
|
|
36.38
|
|
99,764
|
|
85,887
|
|
16.16
|
Income
taxes
|
10,149
|
|
7,742
|
|
6,842
|
|
7,017
|
|
7,361
|
|
7,108
|
|
5,941
|
|
5,895
|
|
37.88
|
|
31,750
|
|
26,305
|
|
20.70
|
|
Net
income
|
$
21,160
|
|
$
16,220
|
|
$
15,394
|
|
$
15,240
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
35.67
|
|
$
68,014
|
|
$
59,582
|
|
14.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.53
|
|
$
0.40
|
|
$
0.49
|
|
$
0.48
|
|
$
0.49
|
|
$
0.49
|
|
$
0.47
|
|
$
0.43
|
|
8.16
|
|
$
1.89
|
|
$
1.89
|
|
-
|
Diluted earnings per
share
|
0.52
|
|
0.40
|
|
0.48
|
|
0.48
|
|
0.49
|
|
0.49
|
|
0.47
|
|
0.43
|
|
6.12
|
|
1.88
|
|
1.88
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
40,276,441
|
|
40,265,941
|
|
31,626,059
|
|
31,576,275
|
|
31,537,278
|
|
31,526,423
|
|
31,496,737
|
|
31,436,148
|
|
27.71
|
|
35,971,877
|
|
31,499,498
|
|
14.20
|
Average diluted
shares outstanding
|
40,539,151
|
|
40,518,413
|
|
31,865,172
|
|
31,815,710
|
|
31,781,734
|
|
31,718,529
|
|
31,698,198
|
|
31,668,362
|
|
27.55
|
|
36,227,439
|
|
31,759,647
|
|
14.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
40,293,291
|
|
40,268,455
|
|
31,644,706
|
|
31,604,937
|
|
31,545,145
|
|
31,533,703
|
|
31,519,641
|
|
31,480,395
|
|
27.73
|
|
40,293,291
|
|
31,545,145
|
|
27.73
|
Cash dividend per
common share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.68
|
|
$
0.68
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity
|
8.06%
|
|
6.28%
|
|
8.42%
|
|
8.59%
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
|
|
7.72%
|
|
8.61%
|
|
|
Return on average
tangible shareholders' equity (1)
|
15.84%
|
|
12.20%
|
|
14.89%
|
|
15.45%
|
|
15.90%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
|
|
14.50%
|
|
16.25%
|
|
|
Return on average
assets
|
1.06%
|
|
0.81%
|
|
1.06%
|
|
1.06%
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
|
|
0.99%
|
|
1.02%
|
|
|
Return on average
tangible assets (2)
|
1.19%
|
|
0.93%
|
|
1.17%
|
|
1.18%
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
|
|
1.11%
|
|
1.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
4.33%
|
|
4.09%
|
|
4.17%
|
|
4.03%
|
|
4.09%
|
|
4.12%
|
|
4.24%
|
|
4.04%
|
|
|
|
4.17%
|
|
4.12%
|
|
|
Yield on earning
assets (FTE)
|
4.65%
|
|
4.42%
|
|
4.57%
|
|
4.45%
|
|
4.53%
|
|
4.58%
|
|
4.72%
|
|
4.53%
|
|
|
|
4.52%
|
|
4.59%
|
|
|
Cost of
funding
|
0.31%
|
|
0.33%
|
|
0.40%
|
|
0.43%
|
|
0.45%
|
|
0.47%
|
|
0.48%
|
|
0.48%
|
|
|
|
0.36%
|
|
0.47%
|
|
|
Average earning
assets to average assets
|
86.02%
|
|
86.57%
|
|
87.79%
|
|
87.49%
|
|
87.41%
|
|
87.32%
|
|
87.39%
|
|
87.35%
|
|
|
|
86.88%
|
|
87.37%
|
|
|
Average loans to
average deposits
|
86.22%
|
|
83.63%
|
|
81.93%
|
|
81.44%
|
|
82.67%
|
|
82.26%
|
|
79.11%
|
|
77.00%
|
|
|
|
83.51%
|
|
80.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
1.58%
|
|
1.61%
|
|
1.57%
|
|
1.53%
|
|
1.38%
|
|
1.53%
|
|
1.34%
|
|
1.27%
|
|
|
|
1.57%
|
|
1.38%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
3.46%
|
|
3.43%
|
|
3.41%
|
|
3.27%
|
|
3.14%
|
|
3.32%
|
|
3.39%
|
|
3.25%
|
|
|
|
3.40%
|
|
3.28%
|
|
|
Net overhead
ratio
|
1.88%
|
|
1.82%
|
|
1.84%
|
|
1.74%
|
|
1.76%
|
|
1.79%
|
|
2.06%
|
|
1.97%
|
|
|
|
1.83%
|
|
1.90%
|
|
|
Efficiency ratio
(FTE) (4)
|
63.50%
|
|
64.76%
|
|
63.58%
|
|
62.99%
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
|
|
63.77%
|
|
63.82%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2015
-
|
|
For the Year
Ending
|
|
2015
|
|
2014
|
|
Q4
2014
|
|
December
31,
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Total
assets
|
$ 7,906,661
|
|
$ 7,905,538
|
|
$ 5,847,539
|
|
$ 5,821,758
|
|
$ 5,746,146
|
|
$ 5,758,083
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
37.60
|
|
$ 6,878,921
|
|
$ 5,816,517
|
|
18.27
|
Earning
assets
|
6,801,388
|
|
6,842,452
|
|
5,133,567
|
|
5,093,224
|
|
5,022,647
|
|
5,027,805
|
|
5,100,833
|
|
5,178,069
|
|
35.41
|
|
5,976,098
|
|
5,081,764
|
|
17.60
|
Securities
|
1,120,236
|
|
1,143,577
|
|
999,962
|
|
989,743
|
|
979,052
|
|
1,001,548
|
|
1,026,948
|
|
1,002,519
|
|
14.42
|
|
1,065,319
|
|
1,002,450
|
|
6.27
|
Mortgage loans held
for sale
|
268,096
|
|
398,480
|
|
87,435
|
|
50,918
|
|
27,443
|
|
31,832
|
|
26,004
|
|
19,925
|
|
876.92
|
|
202,368
|
|
26,337
|
|
668.38
|
Loans, net of
unearned
|
5,341,943
|
|
5,223,273
|
|
3,978,514
|
|
3,969,244
|
|
3,954,606
|
|
3,937,142
|
|
3,897,027
|
|
3,868,747
|
|
35.08
|
|
4,633,635
|
|
3,914,679
|
|
18.37
|
Intangibles
|
481,747
|
|
456,811
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
61.67
|
|
383,380
|
|
301,104
|
|
27.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$ 1,323,468
|
|
$ 1,272,714
|
|
$
969,770
|
|
$
932,011
|
|
$
936,672
|
|
$
896,856
|
|
$
905,180
|
|
$
949,317
|
|
41.29
|
|
$ 1,125,970
|
|
$
921,903
|
|
22.14
|
Interest-bearing
deposits
|
4,872,432
|
|
4,972,717
|
|
3,886,199
|
|
3,941,863
|
|
3,846,891
|
|
3,889,133
|
|
4,020,754
|
|
4,074,745
|
|
26.66
|
|
4,422,371
|
|
3,957,068
|
|
11.76
|
|
Total
deposits
|
6,195,900
|
|
6,245,431
|
|
4,855,969
|
|
4,873,874
|
|
4,783,563
|
|
4,785,989
|
|
4,925,934
|
|
5,024,062
|
|
29.52
|
|
5,548,341
|
|
4,878,971
|
|
13.72
|
Borrowed
funds
|
568,548
|
|
556,269
|
|
204,884
|
|
168,758
|
|
190,928
|
|
214,017
|
|
169,373
|
|
170,091
|
|
197.78
|
|
376,208
|
|
186,236
|
|
102.01
|
Shareholders'
equity
|
1,041,460
|
|
1,023,912
|
|
733,158
|
|
719,687
|
|
709,780
|
|
697,103
|
|
686,794
|
|
673,046
|
|
46.73
|
|
880,831
|
|
691,802
|
|
27.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2015
-
|
|
As
of
|
|
2015
|
|
2014
|
|
Q4
2014
|
|
December
31,
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Balances at period
end
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Total
assets
|
$ 7,935,702
|
|
$ 7,918,732
|
|
$ 5,899,190
|
|
$ 5,881,849
|
|
$ 5,805,129
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
36.70
|
|
$ 7,935,702
|
|
$ 5,805,129
|
|
36.70
|
Earning
assets
|
6,778,485
|
|
6,810,285
|
|
5,186,419
|
|
5,168,497
|
|
5,063,039
|
|
5,053,252
|
|
5,063,873
|
|
5,161,173
|
|
33.88
|
|
6,778,485
|
|
5,063,039
|
|
33.88
|
Securities
|
1,105,205
|
|
1,139,553
|
|
965,290
|
|
1,016,394
|
|
983,747
|
|
980,328
|
|
1,007,331
|
|
1,046,688
|
|
12.35
|
|
1,105,205
|
|
983,747
|
|
12.35
|
Mortgage loans held
for sale
|
225,254
|
|
317,681
|
|
108,023
|
|
102,780
|
|
25,628
|
|
30,451
|
|
28,116
|
|
28,433
|
|
778.94
|
|
225,254
|
|
25,628
|
|
778.94
|
Loans not
acquired
|
3,830,434
|
|
3,607,005
|
|
3,407,925
|
|
3,274,314
|
|
3,267,486
|
|
3,165,492
|
|
3,096,286
|
|
2,947,836
|
|
17.23
|
|
3,830,434
|
|
3,267,486
|
|
17.23
|
Loans acquired and
covered by FDIC loss-share agreements
|
93,142
|
|
100,839
|
|
121,626
|
|
125,773
|
|
143,041
|
|
155,319
|
|
167,129
|
|
173,545
|
|
(34.88)
|
|
93,142
|
|
143,041
|
|
(34.88)
|
Loans acquired and
not covered by FDIC loss-share agreements
|
1,489,886
|
|
1,570,116
|
|
507,653
|
|
553,574
|
|
577,347
|
|
636,628
|
|
694,115
|
|
746,047
|
|
158.06
|
|
1,489,886
|
|
577,347
|
|
158.06
|
|
Total
loans
|
5,413,462
|
|
5,277,960
|
|
4,037,204
|
|
3,953,661
|
|
3,987,874
|
|
3,957,439
|
|
3,957,530
|
|
3,867,428
|
|
35.75
|
|
5,413,462
|
|
3,987,874
|
|
35.75
|
Intangibles
|
480,813
|
|
482,599
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
61.71
|
|
480,813
|
|
297,330
|
|
61.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$ 1,278,337
|
|
$ 1,303,884
|
|
$
972,672
|
|
$
959,351
|
|
$
919,872
|
|
$
935,544
|
|
$
902,766
|
|
$
914,964
|
|
38.97
|
|
$ 1,278,337
|
|
$
919,872
|
|
38.97
|
Interest-bearing
deposits
|
4,940,265
|
|
4,930,677
|
|
3,917,772
|
|
3,983,418
|
|
3,918,546
|
|
3,828,126
|
|
3,983,965
|
|
4,089,820
|
|
26.07
|
|
4,940,265
|
|
3,918,546
|
|
26.07
|
|
Total
deposits
|
6,218,602
|
|
6,234,561
|
|
4,890,444
|
|
4,942,769
|
|
4,838,418
|
|
4,763,670
|
|
4,886,731
|
|
5,004,784
|
|
28.53
|
|
6,218,602
|
|
4,838,418
|
|
28.53
|
Borrowed
funds
|
570,496
|
|
551,740
|
|
219,089
|
|
162,313
|
|
188,825
|
|
227,664
|
|
189,830
|
|
168,700
|
|
202.13
|
|
570,496
|
|
188,825
|
|
202.13
|
Shareholders'
equity
|
1,044,587
|
|
1,032,699
|
|
730,976
|
|
723,196
|
|
711,651
|
|
700,475
|
|
688,215
|
|
676,715
|
|
46.78
|
|
1,044,587
|
|
711,651
|
|
46.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per
common share
|
$
34.41
|
|
$
32.85
|
|
$
32.60
|
|
$
30.05
|
|
$
28.93
|
|
$
27.05
|
|
$
29.07
|
|
$
29.05
|
|
18.94
|
|
$
34.41
|
|
$
28.93
|
|
18.94
|
Book value per common
share
|
25.92
|
|
25.65
|
|
23.10
|
|
22.88
|
|
22.56
|
|
22.21
|
|
21.83
|
|
21.50
|
|
14.89
|
|
25.92
|
|
22.56
|
|
14.89
|
Tangible book value
per common share
|
13.99
|
|
13.66
|
|
13.78
|
|
13.52
|
|
13.13
|
|
12.74
|
|
12.27
|
|
11.87
|
|
6.55
|
|
13.99
|
|
13.13
|
|
6.55
|
Shareholders' equity
to assets (actual)
|
13.16%
|
|
13.04%
|
|
12.39%
|
|
12.30%
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
|
|
13.16%
|
|
12.26%
|
|
|
Tangible capital
ratio (3)
|
7.56%
|
|
7.40%
|
|
7.78%
|
|
7.65%
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
|
|
7.56%
|
|
7.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
9.18%
|
|
8.95%
|
|
9.89%
|
|
9.74%
|
|
9.53%
|
|
9.31%
|
|
8.91%
|
|
8.56%
|
|
|
|
9.18%
|
|
9.53%
|
|
|
Common equity tier 1
capital ratio
|
9.98%
|
|
9.92%
|
|
10.45%
|
|
10.35%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
9.98%
|
|
N/A
|
|
|
Tier 1 risk-based
capital ratio
|
11.50%
|
|
11.46%
|
|
12.52%
|
|
12.47%
|
|
12.45%
|
|
12.28%
|
|
11.82%
|
|
11.54%
|
|
|
|
11.50%
|
|
12.45%
|
|
|
Total risk-based
capital ratio
|
12.30%
|
|
12.27%
|
|
13.55%
|
|
13.51%
|
|
13.54%
|
|
13.43%
|
|
12.96%
|
|
12.70%
|
|
|
|
12.30%
|
|
13.54%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2015
-
|
|
As
of
|
|
2015
|
|
2014
|
|
Q4
2014
|
|
December
31,
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans not acquired
by category
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Commercial,
financial, agricultural
|
$
485,407
|
|
$
450,688
|
|
$
437,181
|
|
$
418,752
|
|
$
418,501
|
|
$
378,802
|
|
$
365,262
|
|
$
347,828
|
|
15.99
|
|
$
485,407
|
|
$
418,501
|
|
15.99
|
Lease
financing
|
34,815
|
|
24,698
|
|
17,633
|
|
11,560
|
|
10,114
|
|
5,377
|
|
1,767
|
|
612
|
|
244.23
|
|
34,815
|
|
10,114
|
|
244.23
|
Real estate -
construction
|
291,701
|
|
268,805
|
|
212,071
|
|
200,966
|
|
210,837
|
|
193,787
|
|
172,319
|
|
149,449
|
|
38.35
|
|
291,701
|
|
210,837
|
|
38.35
|
Real estate - 1-4
family mortgages
|
1,204,228
|
|
1,128,556
|
|
1,073,816
|
|
1,025,264
|
|
1,014,412
|
|
984,778
|
|
966,546
|
|
941,260
|
|
18.71
|
|
1,204,228
|
|
1,014,412
|
|
18.71
|
Real estate -
commercial mortgages
|
1,729,049
|
|
1,653,534
|
|
1,589,969
|
|
1,542,706
|
|
1,538,950
|
|
1,527,680
|
|
1,516,372
|
|
1,441,404
|
|
12.35
|
|
1,729,049
|
|
1,538,950
|
|
12.35
|
Installment loans to
individuals
|
85,234
|
|
80,724
|
|
77,255
|
|
75,066
|
|
74,672
|
|
75,068
|
|
74,020
|
|
67,283
|
|
14.14
|
|
85,234
|
|
74,672
|
|
14.14
|
|
Loans, net of
unearned
|
$ 3,830,434
|
|
$ 3,607,005
|
|
$ 3,407,925
|
|
$ 3,274,314
|
|
$ 3,267,486
|
|
$ 3,165,492
|
|
$ 3,096,286
|
|
$ 2,947,836
|
|
17.23
|
|
$ 3,830,434
|
|
$ 3,267,486
|
|
17.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
covered by FDIC loss-share agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
2,406
|
|
$
2,467
|
|
$
3,726
|
|
$
3,917
|
|
$
6,684
|
|
$
7,699
|
|
$
7,677
|
|
$
8,283
|
|
(64.00)
|
|
$
2,406
|
|
$
6,684
|
|
(64.00)
|
Lease
financing
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
130
|
|
137
|
|
-
|
|
-
|
|
-
|
|
1,648
|
|
1,648
|
|
1,648
|
|
-
|
|
130
|
|
-
|
|
-
|
Real estate - 1-4
family mortgages
|
45,988
|
|
48,779
|
|
40,333
|
|
42,758
|
|
44,017
|
|
46,354
|
|
49,616
|
|
52,252
|
|
4.48
|
|
45,988
|
|
44,017
|
|
4.48
|
Real estate -
commercial mortgages
|
44,550
|
|
49,382
|
|
77,536
|
|
79,064
|
|
92,304
|
|
99,579
|
|
108,166
|
|
111,337
|
|
(51.74)
|
|
44,550
|
|
92,304
|
|
(51.74)
|
Installment loans to
individuals
|
68
|
|
74
|
|
31
|
|
34
|
|
36
|
|
39
|
|
22
|
|
25
|
|
88.89
|
|
68
|
|
36
|
|
88.89
|
|
Loans, net of
unearned
|
$
93,142
|
|
$
100,839
|
|
$
121,626
|
|
$
125,773
|
|
$
143,041
|
|
$
155,319
|
|
$
167,129
|
|
$
173,545
|
|
(34.88)
|
|
$
93,142
|
|
$
143,041
|
|
(34.88)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
not covered by FDIC loss-share agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
149,024
|
|
$
167,966
|
|
$
39,652
|
|
$
52,119
|
|
$
58,098
|
|
$
64,058
|
|
$
74,887
|
|
$
84,005
|
|
156.50
|
|
$
149,024
|
|
$
58,098
|
|
156.50
|
Lease
financing
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
65,833
|
|
70,428
|
|
505
|
|
483
|
|
1,224
|
|
1,631
|
|
2,610
|
|
4,803
|
|
5,278.51
|
|
65,833
|
|
1,224
|
|
5,278.51
|
Real estate - 1-4
family mortgages
|
485,107
|
|
485,170
|
|
161,765
|
|
171,433
|
|
177,931
|
|
190,447
|
|
205,126
|
|
217,748
|
|
172.64
|
|
485,107
|
|
177,931
|
|
172.64
|
Real estate -
commercial mortgages
|
760,131
|
|
813,973
|
|
295,484
|
|
317,224
|
|
325,660
|
|
363,793
|
|
390,781
|
|
415,417
|
|
133.41
|
|
760,131
|
|
325,660
|
|
133.41
|
Installment loans to
individuals
|
29,791
|
|
32,579
|
|
10,247
|
|
12,315
|
|
14,434
|
|
16,699
|
|
20,711
|
|
24,074
|
|
106.39
|
|
29,791
|
|
14,434
|
|
106.39
|
|
Loans, net of
unearned
|
$ 1,489,886
|
|
$ 1,570,116
|
|
$
507,653
|
|
$
553,574
|
|
$
577,347
|
|
$
636,628
|
|
$
694,115
|
|
$
746,047
|
|
158.06
|
|
$ 1,489,886
|
|
$
577,347
|
|
158.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
13,645
|
|
$
14,522
|
|
$
15,514
|
|
$
17,719
|
|
$
18,781
|
|
$
19,070
|
|
$
17,175
|
|
$
18,365
|
|
(27.35)
|
|
$
13,645
|
|
$
18,781
|
|
(27.35)
|
Loans 90 past due or
more
|
1,751
|
|
647
|
|
5,647
|
|
1,193
|
|
1,406
|
|
7,177
|
|
3,615
|
|
1,322
|
|
24.54
|
|
1,751
|
|
1,406
|
|
24.54
|
Nonperforming
loans
|
15,396
|
|
15,169
|
|
21,161
|
|
18,912
|
|
20,187
|
|
26,247
|
|
20,790
|
|
19,687
|
|
(23.73)
|
|
15,396
|
|
20,187
|
|
(23.73)
|
Other real estate
owned
|
12,987
|
|
13,936
|
|
14,967
|
|
16,735
|
|
17,087
|
|
20,461
|
|
23,950
|
|
25,117
|
|
(23.99)
|
|
12,987
|
|
17,087
|
|
(23.99)
|
Nonperforming assets
not acquired
|
$
28,383
|
|
$
29,105
|
|
$
36,128
|
|
$
35,647
|
|
$
37,274
|
|
$
46,708
|
|
$
44,740
|
|
$
44,804
|
|
(23.85)
|
|
$
28,383
|
|
$
37,274
|
|
(23.85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
3,319
|
|
$
3,270
|
|
$
19,487
|
|
$
18,040
|
|
$
24,172
|
|
$
33,216
|
|
$
41,425
|
#
|
$
46,078
|
|
(86.27)
|
|
$
3,319
|
|
$
24,172
|
|
(86.27)
|
Loans 90 past due or
more
|
3,609
|
|
4,143
|
|
-
|
|
-
|
|
48
|
|
1,979
|
|
-
|
#
|
32
|
|
7,418.75
|
|
3,609
|
|
48
|
|
7,418.75
|
Nonperforming loans
subject to loss share
|
6,928
|
|
7,413
|
|
19,487
|
|
18,040
|
|
24,220
|
|
35,195
|
|
41,425
|
#
|
46,110
|
|
(71.40)
|
|
6,928
|
|
24,220
|
|
(71.40)
|
Other real estate
owned
|
2,818
|
|
3,183
|
|
3,853
|
|
4,325
|
|
6,368
|
|
4,033
|
|
7,472
|
#
|
10,218
|
|
(55.75)
|
|
2,818
|
|
6,368
|
|
(55.75)
|
Nonperforming assets
acquired and subject to loss share
|
$
9,746
|
|
$
10,596
|
|
$
23,340
|
|
$
22,365
|
|
$
30,588
|
|
$
39,228
|
|
$
48,897
|
#
|
$
56,328
|
|
(68.14)
|
|
$
9,746
|
|
$
30,588
|
|
(68.14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and not subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
12,070
|
|
$
15,796
|
|
$
1,085
|
|
$
1,627
|
|
$
1,443
|
|
$
1,991
|
|
$
5,966
|
#
|
$
6,393
|
|
736.45
|
|
$
12,070
|
|
$
1,443
|
|
736.45
|
Loans 90 past due or
more
|
11,033
|
|
8,824
|
|
2,523
|
|
9,636
|
|
9,259
|
|
8,375
|
|
5,057
|
#
|
1,922
|
|
19.16
|
|
11,033
|
|
9,259
|
|
19.16
|
Nonperforming
loans
|
23,103
|
|
24,620
|
|
3,608
|
|
11,263
|
|
10,702
|
|
10,366
|
|
11,023
|
#
|
8,315
|
|
115.88
|
|
23,103
|
|
10,702
|
|
115.88
|
Other real estate
owned
|
19,597
|
|
19,215
|
|
8,244
|
|
10,626
|
|
11,017
|
|
9,565
|
|
10,381
|
#
|
12,406
|
|
77.88
|
|
19,597
|
|
11,017
|
|
77.88
|
Nonperforming assets
acquired
|
$
42,700
|
|
$
43,835
|
|
$
11,852
|
|
$
21,889
|
|
$
21,719
|
|
$
19,931
|
|
$
21,404
|
#
|
$
20,721
|
|
96.60
|
|
$
42,700
|
|
$
21,719
|
|
96.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
$
1,364
|
|
$
588
|
|
$
1,588
|
|
$
1,062
|
|
$
3,330
|
|
$
4,952
|
|
$
2,194
|
|
$
1,067
|
|
(59.04)
|
|
$
4,602
|
|
$
11,543
|
|
(60.13)
|
Allowance for loan
losses
|
42,437
|
|
42,051
|
|
41,888
|
|
42,302
|
|
42,289
|
|
44,569
|
|
47,304
|
|
48,048
|
|
0.35
|
|
42,437
|
|
$
42,289
|
|
0.35
|
Annualized net loan
charge-offs / average loans
|
0.10%
|
|
0.04%
|
|
0.16%
|
|
0.11%
|
|
0.33%
|
|
0.50%
|
|
0.23%
|
|
0.11%
|
|
|
|
0.10%
|
|
0.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans*
|
0.84%
|
|
0.89%
|
|
1.10%
|
|
1.22%
|
|
1.38%
|
|
1.81%
|
|
1.85%
|
|
1.92%
|
|
|
|
0.84%
|
|
1.38%
|
|
|
Nonperforming assets
/ total assets*
|
1.02%
|
|
1.05%
|
|
1.21%
|
|
1.36%
|
|
1.54%
|
|
1.84%
|
|
1.97%
|
|
2.06%
|
|
|
|
1.02%
|
|
1.54%
|
|
|
Allowance for loan
losses / total loans*
|
0.78%
|
|
0.80%
|
|
1.04%
|
|
1.07%
|
|
1.06%
|
|
1.13%
|
|
1.20%
|
|
1.24%
|
|
|
|
0.78%
|
|
1.06%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
93.42%
|
|
89.09%
|
|
94.65%
|
|
87.74%
|
|
76.74%
|
|
62.07%
|
|
64.59%
|
|
64.83%
|
|
|
|
93.42%
|
|
76.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans**
|
0.40%
|
|
0.42%
|
|
0.62%
|
|
0.58%
|
|
0.62%
|
|
0.83%
|
|
0.67%
|
|
0.67%
|
|
|
|
0.40%
|
|
0.62%
|
|
|
Nonperforming assets
/ total assets**
|
0.36%
|
|
0.37%
|
|
0.61%
|
|
0.61%
|
|
0.64%
|
|
0.81%
|
|
0.77%
|
|
0.76%
|
|
|
|
0.36%
|
|
0.64%
|
|
|
Allowance for loan
losses / total loans**
|
1.11%
|
|
1.17%
|
|
1.23%
|
|
1.29%
|
|
1.29%
|
|
1.41%
|
|
1.53%
|
|
1.63%
|
|
|
|
1.11%
|
|
1.29%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
275.64%
|
|
277.22%
|
|
197.95%
|
|
223.68%
|
|
209.49%
|
|
169.81%
|
|
227.53%
|
|
244.06%
|
|
|
|
275.64%
|
|
209.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on all assets
(including acquired assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes all assets
acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ending
|
|
2015
|
|
2014
|
|
|
|
December
31,
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2015
|
|
2014
|
Net income
(GAAP)
|
$
21,160
|
|
$
16,220
|
|
$
15,394
|
|
$
15,240
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
|
|
$
68,014
|
|
$
59,582
|
|
Amortization of
intangibles, net of tax
|
1,183
|
|
1,220
|
|
858
|
|
873
|
|
902
|
|
947
|
|
1,019
|
|
1,026
|
|
|
|
4,137
|
|
3,889
|
Tangible net income
(non-GAAP)
|
$
22,343
|
|
$
17,440
|
|
$
16,252
|
|
$
16,113
|
|
$
16,499
|
|
$
16,482
|
|
$
15,872
|
|
$
14,623
|
|
|
|
$
72,151
|
|
$
63,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
$ 1,041,460
|
|
$ 1,023,912
|
|
$
733,158
|
|
$
719,687
|
|
$
709,780
|
|
$
697,103
|
|
$
686,794
|
|
$
673,046
|
|
|
|
$
880,831
|
|
$
691,802
|
|
Intangibles
|
481,747
|
|
456,811
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
|
|
383,380
|
|
301,104
|
Average tangible
shareholders' equity (non-GAAP)
|
$
559,713
|
|
$
567,101
|
|
$
437,717
|
|
$
423,005
|
|
$
411,802
|
|
$
396,378
|
|
$
384,613
|
|
$
369,447
|
|
|
|
$
497,451
|
|
$
390,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
$ 7,906,661
|
|
$ 7,905,538
|
|
$ 5,847,539
|
|
$ 5,821,758
|
|
$ 5,746,146
|
|
$ 5,758,083
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
|
|
$ 6,878,921
|
|
$ 5,816,517
|
|
Intangibles
|
481,747
|
|
456,811
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
|
|
383,380
|
|
301,104
|
Average tangible
assets (non-GAAP)
|
$ 7,424,914
|
|
$ 7,448,727
|
|
$ 5,552,098
|
|
$ 5,525,076
|
|
$ 5,448,168
|
|
$ 5,457,358
|
|
$ 5,534,426
|
|
$ 5,624,285
|
|
|
|
$ 6,495,541
|
|
$ 5,515,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
$ 1,044,587
|
|
$ 1,032,699
|
|
$
730,976
|
|
$
723,196
|
|
$
711,651
|
|
$
700,475
|
|
$
688,215
|
|
$
676,715
|
|
|
|
$ 1,044,587
|
|
$
711,651
|
|
Intangibles
|
480,813
|
|
482,599
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
|
|
480,813
|
|
297,329
|
Actual tangible
shareholders' equity (non-GAAP)
|
$
563,774
|
|
$
550,100
|
|
$
436,168
|
|
$
427,143
|
|
$
414,321
|
|
$
401,866
|
|
$
386,737
|
|
$
373,812
|
|
|
|
$
563,774
|
|
$
414,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
$ 7,935,702
|
|
$ 7,918,732
|
|
$ 5,899,190
|
|
$ 5,881,849
|
|
$ 5,805,129
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
|
|
$ 7,935,702
|
|
$ 5,805,129
|
|
Intangibles
|
480,813
|
|
482,599
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
|
|
480,813
|
|
297,329
|
Actual tangible
assets (non-GAAP)
|
$ 7,454,889
|
|
$ 7,436,133
|
|
$ 5,604,382
|
|
$ 5,585,796
|
|
$ 5,507,799
|
|
$ 5,453,102
|
|
$ 5,524,542
|
|
$ 5,599,928
|
|
|
|
$ 7,454,889
|
|
$ 5,507,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
shareholders' equity (GAAP)
|
8.06%
|
|
6.28%
|
|
8.42%
|
|
8.59%
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
|
|
7.72%
|
|
8.61%
|
|
Effect of adjustment
for intangible assets
|
7.78%
|
|
5.92%
|
|
6.47%
|
|
6.86%
|
|
7.18%
|
|
7.66%
|
|
7.88%
|
|
7.86%
|
|
|
|
6.78%
|
|
7.63%
|
Return on average
tangible shareholders' equity (non-GAAP)
|
15.84%
|
|
12.20%
|
|
14.89%
|
|
15.45%
|
|
15.90%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
|
|
14.50%
|
|
16.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
1.06%
|
|
0.81%
|
|
1.06%
|
|
1.06%
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
|
|
0.99%
|
|
1.02%
|
|
Effect of adjustment
for intangible assets
|
0.13%
|
|
0.11%
|
|
0.12%
|
|
0.12%
|
|
0.12%
|
|
0.13%
|
|
0.13%
|
|
0.12%
|
|
|
|
0.12%
|
|
0.13%
|
Return on average
tangible assets (non-GAAP)
|
1.19%
|
|
0.93%
|
|
1.17%
|
|
1.18%
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
|
|
1.11%
|
|
1.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
13.16%
|
|
13.04%
|
|
12.39%
|
|
12.30%
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
|
|
13.16%
|
|
12.26%
|
|
Effect of adjustment
for intangible assets
|
5.60%
|
|
5.64%
|
|
4.61%
|
|
4.65%
|
|
4.74%
|
|
4.81%
|
|
4.81%
|
|
4.79%
|
|
|
|
5.60%
|
|
4.74%
|
Tangible capital
ratio (non-GAAP)
|
7.56%
|
|
7.40%
|
|
7.78%
|
|
7.65%
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
|
|
7.56%
|
|
7.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(FTE)
|
$
79,679
|
|
$
76,242
|
|
$
58,516
|
|
$
55,910
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
|
|
$
270,347
|
|
$
233,246
|
|
Interest
expense
|
5,364
|
|
5,620
|
|
5,099
|
|
5,324
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
|
|
21,407
|
|
23,780
|
Net Interest income
(FTE)
|
$
74,315
|
|
$
70,622
|
|
$
53,417
|
|
$
50,586
|
|
$
51,755
|
|
$
52,212
|
|
$
53,894
|
|
$
51,605
|
|
|
|
$
248,940
|
|
$
209,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
$
31,491
|
|
$
32,117
|
|
$
22,917
|
|
$
21,904
|
|
$
19,970
|
|
$
22,563
|
|
$
19,471
|
|
$
18,616
|
|
|
|
$
108,429
|
|
$
80,620
|
|
Securities gains
(losses)
|
-
|
|
-
|
|
96
|
|
-
|
|
-
|
|
375
|
|
-
|
|
-
|
|
|
|
96
|
|
375
|
|
Gain on
acquisition
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Total noninterest
income
|
$
31,491
|
|
$
32,117
|
|
$
22,821
|
|
$
21,904
|
|
$
19,970
|
|
$
22,188
|
|
$
19,471
|
|
$
18,616
|
|
|
|
$
108,333
|
|
$
80,245
|
Total Income
(FTE)
|
$
105,806
|
|
$
102,739
|
|
$
76,238
|
|
$
72,490
|
|
$
71,725
|
|
$
74,400
|
|
$
73,365
|
|
$
70,221
|
|
|
|
$
357,273
|
|
$
289,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
70,856
|
|
$
76,085
|
|
$
51,176
|
|
$
47,414
|
|
$
45,979
|
|
$
48,175
|
|
$
49,396
|
|
$
47,645
|
|
|
|
$
245,531
|
|
$
191,195
|
|
Amortization of
intangibles
|
1,751
|
|
1,803
|
|
1,239
|
|
1,275
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
|
|
6,068
|
|
5,606
|
|
Merger-related
expenses
|
1,923
|
|
7,746
|
|
1,467
|
|
478
|
|
499
|
|
-
|
|
-
|
|
195
|
|
|
|
11,614
|
|
694
|
|
Debt extinguishment
penalty
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Total noninterest
expense
|
$
67,182
|
|
$
66,536
|
|
$
48,470
|
|
$
45,661
|
|
$
44,153
|
|
$
46,794
|
#
|
$
47,969
|
|
$
45,979
|
|
|
|
$
227,849
|
|
$
184,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
63.50%
|
|
64.76%
|
|
63.58%
|
|
62.99%
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
|
|
63.77%
|
|
63.82%
|
|
|
|
|
|
|
Contact:
|
For Media:
|
For
Financials:
|
|
John
Oxford
|
Kevin
Chapman
|
|
First Vice
President
|
Executive Vice
President
|
|
Director of Corp
Communication
|
Chief Financial
Officer
|
|
(662)
680-1219
|
(662)
680-1450
|
|
joxford@renasant.com
|
kchapman@renasant.com
|
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SOURCE Renasant Corporation