TUPELO, Miss., Jan. 22, 2019 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the fourth quarter of 2018. Net income for the fourth
quarter of 2018 was $44.4 million, as
compared to $16.5 million for the
fourth quarter of 2017. Basic and diluted earnings per share
("EPS") were $0.76 for the fourth
quarter of 2018, as compared to basic and diluted EPS of
$0.33 for the fourth quarter of
2017.
Net income for the year ending December
31, 2018, was $146.9 million,
as compared to $92.2 million for
2017. Basic and diluted EPS were $2.80 and $2.79,
respectively, for 2018, as compared to basic and diluted EPS of
$1.97 and $1.96, respectively, for 2017.
"During a quarter highlighted by increased volatility in
financial markets and uncertainty about the economic outlook,
Renasant once again closed the year with record results. Our
superior profitability metrics continue to increase and are a
direct result of our continued efforts to maintain a stable core
margin while focusing on cost containment," commented Renasant
Executive Chairman E. Robinson
McGraw. "While we are not immune to the increased level of
competition in our markets, we remain disciplined in our pricing
and prudent in our underwriting standards, and our credit quality
metrics all remain at or near historic lows."
"Although the economic uncertainty that arose at the close of
2018 has not resolved as we start the new year, we remain committed
to delivering strong shareholder value through prudent capital
management and a continued emphasis on profitability and growth of
our core operations," added C. Mitchell
Waycaster, Renasant President and Chief Executive Officer.
"With the integration of Brand's operations and team members now
complete, coupled with strategic hires throughout our footprint, we
begin 2019 with a renewed focus on understanding and meeting our
customers' needs and continuing to deliver a first class line up of
products and services which earned us the designation of "Best Bank
in the South" by Time Magazine's Money.com."
Brand Acquisition
The Company completed its acquisition by merger of Brand Group
Holdings, Inc. ("Brand") on September
1, 2018. As of the acquisition date, Brand operated 13
locations throughout the greater Atlanta market and, prior to purchase
accounting adjustments, had approximately $2.0 billion in assets, which included
approximately $1.6 billion in loans,
and approximately $1.7 billion in
deposits. The Company's balance sheet and results of operations as
of and for the year ended December 31,
2018, include the impact of the Company's acquisition of
Brand since the acquisition date. The assets acquired and
liabilities assumed, as presented in the table below, have been
recorded at estimated fair value and are subject to change pending
finalization of all valuations.
(in
thousands)
|
|
September 1,
2018
|
Cash and cash
equivalents
|
|
$
|
193,436
|
|
Securities
|
|
71,246
|
|
Loans including loans
held for sale
|
|
1,589,254
|
|
Premises and
equipment
|
|
20,070
|
|
Intangible
assets
|
|
349,416
|
|
Other
assets
|
|
112,050
|
|
Total
assets
|
|
$
|
2,335,472
|
|
|
|
|
Deposits
|
|
$
|
1,714,177
|
|
Borrowings
|
|
90,912
|
|
Other
liabilities
|
|
55,930
|
|
|
|
$
|
1,861,019
|
|
As part of the merger agreement, Brand agreed to divest the
operations of its subsidiary Brand Mortgage Group, LLC ("BMG"),
which transaction was completed as of November 1, 2018. As a result, the results
of operations of BMG, which are not significant to the Company's
operations, are included in the Company's results for 2018 from the
acquisition date through the completion date of the
divestiture.
Impact of Certain Expenses and Charges
The Company incurred expenses and charges in connection with
certain transactions with respect to which management is unable to
accurately predict when these expenses or charges will be incurred
or, when incurred, the amount of such expenses or charges. The
following table presents the impact of these expenses and charges
on reported earnings per share for the dates presented (in
thousands, except per share data):
|
Three months
ended
December 31,
2018
|
|
Three months
ended
December 31,
2017
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
Merger and conversion
expenses
|
$
|
1,625
|
|
$
|
1,255
|
|
$
|
0.02
|
|
|
$
|
723
|
|
$
|
479
|
|
$
|
0.01
|
|
Write-down of net
deferred tax assets
|
—
|
|
—
|
|
—
|
|
|
—
|
|
14,486
|
|
0.30
|
|
|
Year ended
December 31, 2018
|
|
Year ended
December 31, 2017
|
|
Pre-tax
|
After-tax
|
Impact
to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
Merger and conversion
expenses
|
$
|
14,246
|
|
$
|
11,095
|
|
$
|
0.21
|
|
|
$
|
10,378
|
|
$
|
6,925
|
|
$
|
0.15
|
|
Write-down of net
deferred tax assets
|
—
|
|
—
|
|
—
|
|
|
—
|
|
14,486
|
|
0.31
|
|
Debt prepayment
penalty
|
—
|
|
—
|
|
—
|
|
|
205
|
|
137
|
|
—
|
|
The Company's fourth quarter 2017 earnings include an after-tax
charge of $14.5 million resulting
from the revaluation of the Company's deferred tax assets in
response to the corporate tax rate reduction implemented by the Tax
Cuts and Jobs Act, which was enacted in December 2017. The
after-tax charge reduced diluted EPS by $0.30 and $0.31 for
the quarter and year ended December 31,
2017, respectively. No such charge is included in the
Company's 2018 results.
The Company's fourth quarter and 2018 earnings included pre-tax
expenses of $1.6 million and
$14.2 million, respectively, related
to the merger and conversion of Brand. These expenses reduced
diluted EPS by $0.02 and $0.21 for the fourth quarter and year,
respectively. Similarly, the Company's fourth quarter and
2017 earnings included pre-tax expenses of $723 thousand and $10.4
million related primarily to the acquisition of Metropolitan
BancGroup, Inc., which was completed in July 2017. These
charges reduced diluted EPS by $0.01
and $0.15 for the fourth quarter and
year, respectively.
Profitability Metrics
The following table presents the Company's profitability metrics
for the three and twelve months ending December 31, 2018, including and excluding the
impact of after-tax merger and conversion expenses related to the
Brand acquisition described above.
|
Three Months
Ended
|
|
Year
Ended
|
|
December 31,
2018
|
|
December 31,
2018
|
|
As
Reported
|
Excluding
merger
and conversion
expenses
(Non-GAAP)
|
|
As
Reported
|
Excluding
merger
and conversion
expenses
(Non-GAAP)
|
Return on average
assets
|
1.39
|
%
|
1.43
|
%
|
|
1.32
|
%
|
1.42
|
%
|
Return on average
tangible assets (Non-GAAP)
|
1.56
|
%
|
1.60
|
%
|
|
1.47
|
%
|
1.58
|
%
|
Return on average
equity
|
8.72
|
%
|
8.97
|
%
|
|
8.64
|
%
|
9.29
|
%
|
Return on average
tangible equity (Non-GAAP)
|
17.44
|
%
|
17.92
|
%
|
|
15.98
|
%
|
17.14
|
%
|
A reconciliation of all non-GAAP financial measures disclosed in
this release from GAAP to non-GAAP is included in the tables at the
end of this release.
Financial Condition
Total assets were $12.9 billion at
December 31, 2018, as compared to
$9.8 billion at December 31, 2017.
Total loans increased to $9.1
billion at December 31, 2018,
from $7.6 billion at December 31, 2017. Loans not purchased
increased to $6.4 billion at
December 31, 2018, from $5.6 billion at December
31, 2017. Loan production for the fourth quarter and for
2018 was $400.3 million and
$1.7 billion, respectively, as
compared to $448.5 million and
$1.5 billion for the same periods,
respectively, in 2017. As of the acquisition date, Brand added
$1.3 billion in loans held for
investment.
Total deposits increased to $10.1
billion at December 31, 2018,
from $7.9 billion at December 31, 2017. Non-interest bearing deposits
averaged $2.0 billion, or 22.83% of
average deposits, for 2018, compared to $1.7
billion, or 22.64% of average deposits, for the same period
in 2017. As of the acquisition date, Brand added $1.7 billion in deposits, which included
$429.2 million in non-interest
bearing deposits.
At December 31, 2018, Tier 1
leverage capital ratio was 10.11%, Common Equity Tier 1 ratio was
11.05%, Tier 1 risk-based capital ratio was 12.10%, and total
risk-based capital ratio was 14.12%. All regulatory ratios exceed
the minimums required to be considered "well-capitalized."
Our ratio of shareholders' equity to assets was 15.80% at
December 31, 2018, as compared to
15.41% at December 31, 2017. Our
tangible capital ratio (non-GAAP) was 8.92% at December 31, 2018, as compared to 9.56% at
December 31, 2017.
The Company announced a $50.0
million stock repurchase program in October 2018.
During the fourth quarter of 2018, the Company repurchased
$7.1 million of common stock at a
weighted average price of $35.48. The plan will remain in effect
until the earlier of October 2019 or
the repurchase of the entire amount of common stock authorized to
be repurchased by the Board of Directors.
Results of Operations
Net interest income was $115.5
million for the fourth quarter of 2018, as compared to
$99.4 million for the third quarter
of 2018 and $93.3 million for the
fourth quarter of 2017. The following table presents reported
taxable equivalent net interest margin and yield on loans held for
investment for the periods presented (in thousands).
|
Three Months
Ended
|
|
December
31,
|
September
30,
|
December
31,
|
|
2018
|
2018
|
2017
|
Taxable equivalent
net interest income
|
$
|
116,933
|
|
$
|
100,880
|
|
$
|
96,448
|
|
|
|
|
|
Average earning
assets
|
$
|
10,952,024
|
|
$
|
9,843,870
|
|
$
|
8,913,675
|
|
|
|
|
|
Net interest
margin
|
4.24
|
%
|
4.07
|
%
|
4.25
|
%
|
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
122,703
|
|
$
|
105,722
|
|
$
|
97,307
|
|
|
|
|
|
Average loans held
for investment
|
$
|
9,130,273
|
|
$
|
8,228,053
|
|
$
|
7,535,199
|
|
|
|
|
|
Loan yield
|
5.33
|
%
|
5.10
|
%
|
5.07
|
%
|
The impact from interest income collected on problem loans and
purchase accounting adjustments on loans to total interest income
on loans, loan yield and net interest margin is shown in the
following table for the periods presented (in thousands).
|
Three Months
Ended
|
|
December
31,
|
September
30,
|
December
31,
|
|
2018
|
2018
|
2017
|
Net interest income
collected on problem loans
|
$
|
744
|
|
$
|
714
|
|
$
|
4,543
|
|
Accretable yield
recognized on purchased loans(1)
|
7,236
|
|
5,261
|
|
5,878
|
|
Total impact to
interest income
|
$
|
7,980
|
|
$
|
5,975
|
|
$
|
10,421
|
|
|
|
|
|
Impact to loan
yield
|
0.35
|
%
|
0.29
|
%
|
0.55
|
%
|
|
|
|
|
Impact to net
interest margin
|
0.29
|
%
|
0.24
|
%
|
0.46
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $3,095, $2,570 and
$2,747 for the three months ended December 31, 2018, September 30,
2018, and December 31, 2017, respectively. This additional interest
income increased loan yield by 13 basis points, 12 basis points and
14 basis points for the same periods, respectively, while
increasing net interest margin by 11 basis points, 10 basis points
and 12 basis points for the same periods, respectively.
|
Net interest income was $396.5
million for 2018, as compared to $336.9 million for the same period in 2017. The
following table presents reported taxable equivalent net interest
margin and loan yield for the periods presented (in thousands).
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
Taxable equivalent
net interest income
|
$
|
402,426
|
|
|
$
|
345,743
|
|
|
|
|
|
Average earning
assets
|
$
|
9,662,416
|
|
|
$
|
8,301,230
|
|
|
|
|
|
Net interest
margin
|
4.16
|
%
|
|
4.16
|
%
|
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
418,842
|
|
|
$
|
340,567
|
|
|
|
|
|
Average loans held
for investment
|
$
|
8,181,587
|
|
|
$
|
6,855,802
|
|
|
|
|
|
Loan yield
|
5.12
|
%
|
|
4.97
|
%
|
The impact from interest income collected on problem loans and
purchase accounting adjustments on loans to total interest income
on loans, loan yield and net interest margin is shown in the
following table for the periods presented (in thousands).
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2018
|
|
2017
|
Net interest income
collected on problem loans
|
$
|
2,861
|
|
|
$
|
8,807
|
|
Accretable yield
recognized on purchased loans(1)
|
24,333
|
|
|
23,151
|
|
Total impact to
interest income
|
$
|
27,194
|
|
|
$
|
31,958
|
|
|
|
|
|
Impact to loan
yield
|
0.33
|
%
|
|
0.47
|
%
|
|
|
|
|
Impact to net
interest margin
|
0.28
|
%
|
|
0.38
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $12,339 and $10,932
for the year ended December 31, 2018 and 2017, respectively, which
increased loan yield by 15 basis points and 16 basis points for the
same periods, respectively, while increasing net interest margin by
13 basis points for each period.
|
For the fourth quarter of 2018, the cost of total deposits was
67 basis points, as compared to 60 basis points for the third
quarter of 2018 and 36 basis points in the fourth quarter of 2017.
The cost of total deposits was 56 basis points for the year ending
December 31, 2018, as compared to 32
basis points for 2017.
|
Percentage of
Total Average Deposits and
Borrowed
Funds
|
|
Cost of
Funds
|
|
Three Months
Ending
|
|
Three Months
Ending
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
Noninterest-bearing
demand
|
22.71
|
%
|
|
21.68
|
%
|
|
21.74
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
44.89
|
|
|
45.01
|
|
|
43.80
|
|
|
0.69
|
|
|
0.62
|
|
|
0.32
|
|
Savings
|
5.82
|
|
|
6.31
|
|
|
6.63
|
|
|
0.16
|
|
|
0.15
|
|
|
0.07
|
|
Time
deposits
|
22.73
|
|
|
21.73
|
|
|
21.12
|
|
|
1.45
|
|
|
1.29
|
|
|
0.90
|
|
Borrowed
funds
|
3.85
|
|
|
5.27
|
|
|
6.71
|
|
|
4.31
|
|
|
3.82
|
|
|
2.74
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
0.81
|
%
|
|
0.77
|
%
|
|
0.52
|
%
|
|
Percentage of
Total Average
Deposits and Borrowed Funds
|
|
Cost of
Funds
|
|
Year
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Noninterest-bearing
demand
|
21.88
|
%
|
|
21.46
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
45.62
|
|
|
44.91
|
|
|
0.56
|
|
|
0.26
|
|
Savings
|
6.41
|
|
|
7.06
|
|
|
0.15
|
|
|
0.07
|
|
Time
deposits
|
21.92
|
|
|
21.35
|
|
|
1.24
|
|
|
0.85
|
|
Borrowed
funds
|
4.17
|
|
|
5.22
|
|
|
4.01
|
|
|
3.16
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.70
|
%
|
|
0.47
|
%
|
Noninterest income for the fourth quarter of 2018 was
$36.4 million, as compared to
$38.1 million for the third quarter
of 2018 and $32.4 million for the
fourth quarter of 2017. Noninterest income for the year ended
December 31, 2018 was $144.0 million, as compared to $132.1 million for the same period in 2017.
Mortgage banking income for the fourth quarter of 2018 was
$12.0 million, compared to
$14.4 million for the third quarter
of 2018 and $9.9 million for the
fourth quarter of 2017. Mortgage banking income for the year ended
December 31, 2018 was $50.1 million, as compared to $43.4 million for the same period in 2017. BMG
contributed $2.0 million and
$3.7 million to mortgage banking
income during the three and twelve months ended December 31, 2018, respectively.
Noninterest expense was $93.3
million for the fourth quarter of 2018, as compared to
$94.7 million for the third quarter
of 2018 and $76.8 million for the
fourth quarter of 2017. Noninterest expense for the year ended
December 31, 2018 was $345.0 million, as compared to $301.6 million for the same period in 2017.
Noninterest expense for the three and twelve months ended
December 31, 2018 includes
$2.4 million and $4.4 million, respectively, attributable to
BMG.
Excluding charges for merger and conversion expenses,
amortization of intangible assets and losses on the sale of
securities, the Company's efficiency ratio (non-GAAP) was 58.39%
and 59.22% for the fourth quarter and full year of 2018,
respectively, which exceeded the Company's goal of maintaining an
efficiency ratio below 60%.
Asset Quality Metrics
Total nonperforming assets were $37.0
million at December 31, 2018,
as compared to $39.4 million at
December 31, 2017, and consisted of
$26.0 million in nonperforming loans
(loans 90 days or more past due and nonaccrual loans) and
$11.0 million in other real estate
owned ("OREO").
The Company's nonperforming loans and OREO that were purchased
in previous acquisitions (collectively referred to as "purchased
nonperforming assets") were $13.1
million and $6.2 million,
respectively, at December 31, 2018,
as compared to $10.2 million and
$11.5 million, respectively, at
December 31, 2017. The purchased
nonperforming assets were recorded at fair value at the time of
acquisition, which significantly mitigates the Company's actual
loss. As such, the remaining information in this release on
nonperforming loans, OREO and the related asset quality ratios
focuses on non-purchased nonperforming assets.
- Non-purchased nonperforming loans were $12.9 million, or 0.20% of total non-purchased
loans, at December 31, 2018, as
compared to $13.3 million, or 0.24%
of total non-purchased loans, at December
31, 2017. Early stage delinquencies, or loans 30-to-89
days past due, as a percentage of total non-purchased loans were
0.27% at December 31, 2018, as
compared to 0.30% at December 31,
2017.
- Non-purchased OREO was $4.9
million at December 31, 2018,
as compared to $4.4 million at
December 31, 2017. Sales of
non-purchased OREO totaled $1.9
million for 2018 and $3.0
million for 2017.
- The allowance for loan losses was 0.54% of total loans at
December 31, 2018 and 0.61% of total
loans at December 31, 2017. The
allowance for loan losses was 0.77% of non-purchased loans at
December 31, 2018, as compared to
0.83% at December 31, 2017.
- Net loan charge-offs were $584
thousand, or 0.03% of average total loans on an annualized
basis, for the fourth quarter of 2018, as compared to $470 thousand, or 0.02% of average total loans on
an annualized basis, for the fourth quarter of 2017. Net loan
charge-offs were $4.0 million, or
0.05% of average total loans, for 2018, as compared to $4.1 million or 0.06% of average total loans for
2017.
- The provision for loan losses was $1.0
million for the fourth quarter of 2018 and $2.2 million for the fourth quarter of 2017. The
provision was $6.8 million for the
full year of 2018, as compared to $7.6
million for the same time period in 2017.
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 23, 2019.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst190123.html. 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 10127759 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until February 6, 2019.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a
114-year-old financial services institution. Renasant has assets of
approximately $12.9 billion and
operates more than 190 banking, mortgage, wealth management and
insurance offices in Mississippi,
Tennessee, Alabama, Florida and Georgia.
NOTE TO INVESTORS:
This press release may contain, or incorporate by reference,
statements which 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,"
"approximately," "should" and variations of such words 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. 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 the Company's portfolio of
outstanding loans, and competition in the Company's markets.
Management believes that the assumptions underlying the Company's
forward-looking statements are reasonable, but any of the
assumptions could prove to be inaccurate. Investors are urged to
carefully consider the risks described in the Company's filings
with the Securities and Exchange Commission (the "SEC") from time
to time, including its most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q, which are available at
www.renasant.com and the SEC's website at www.sec.gov. The
Company expressly disclaims any 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
non-GAAP financial measures, namely, return on average tangible
shareholders' equity, return on average tangible assets, the ratio
of tangible equity to tangible assets (commonly referred to as the
"tangible capital ratio") and the efficiency ratio. These non-GAAP
financial measures adjust GAAP financial measures to exclude
intangible assets and certain charges (such as merger and
conversion expenses and debt prepayment penalties) with respect to
which the Company is unable to accurately predict when these
charges will be incurred or, when incurred, the amount thereof.
Management uses these non-GAAP financial measures 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, and charges such as
merger and conversion expenses can vary extensively from company to
company and, as to intangible assets, 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. Reconciliations of these other 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."
None of the non-GAAP financial information that the Company has
included in this release is 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 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.
RENASANT
CORPORATION
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(Dollars in
thousands, except per share data)
|
|
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Q4 2018
-
|
|
Twelve Months
Ended
|
|
|
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
December
31,
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
$
|
107,773
|
|
|
$
|
102,613
|
|
|
$
|
89,429
|
|
|
$
|
83,781
|
|
|
28.59
|
%
|
|
$
|
467,755
|
|
|
$
|
383,596
|
|
|
21.94
|
%
|
Interest
income
|
$
|
137,105
|
|
|
$
|
117,795
|
|
|
$
|
106,574
|
|
|
$
|
100,380
|
|
|
$
|
104,587
|
|
|
$
|
100,695
|
|
|
$
|
87,579
|
|
|
$
|
81,889
|
|
|
31.09
|
|
|
$
|
461,854
|
|
|
$
|
374,750
|
|
|
23.24
|
|
Interest
expense
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
11,325
|
|
|
10,678
|
|
|
7,976
|
|
|
7,874
|
|
|
91.15
|
|
|
65,329
|
|
|
37,853
|
|
|
72.59
|
|
|
Net interest
income
|
115,457
|
|
|
99,439
|
|
|
92,389
|
|
|
89,240
|
|
|
93,262
|
|
|
90,017
|
|
|
79,603
|
|
|
74,015
|
|
|
23.80
|
|
|
396,525
|
|
|
336,897
|
|
|
17.70
|
|
Provision for loan
losses
|
1,000
|
|
|
2,250
|
|
|
1,810
|
|
|
1,750
|
|
|
2,150
|
|
|
2,150
|
|
|
1,750
|
|
|
1,500
|
|
|
(53.49)
|
|
|
6,810
|
|
|
7,550
|
|
|
(9.80)
|
|
|
Net interest income
after provision
|
114,457
|
|
|
97,189
|
|
|
90,579
|
|
|
87,490
|
|
|
91,112
|
|
|
87,867
|
|
|
77,853
|
|
|
72,515
|
|
|
25.62
|
|
|
389,715
|
|
|
329,347
|
|
|
18.33
|
|
Service charges on
deposit accounts
|
9,069
|
|
|
8,847
|
|
|
8,271
|
|
|
8,473
|
|
|
8,659
|
|
|
8,676
|
|
|
7,958
|
|
|
7,931
|
|
|
4.73
|
|
|
34,660
|
|
|
33,224
|
|
|
4.32
|
|
Fees and commissions
on loans and deposits
|
6,322
|
|
|
5,944
|
|
|
5,917
|
|
|
5,685
|
|
|
5,647
|
|
|
5,618
|
|
|
5,470
|
|
|
5,199
|
|
|
11.95
|
|
|
23,868
|
|
|
21,934
|
|
|
8.82
|
|
Insurance commissions
and fees
|
2,014
|
|
|
2,461
|
|
|
2,110
|
|
|
2,005
|
|
|
1,955
|
|
|
2,365
|
|
|
2,181
|
|
|
1,860
|
|
|
3.02
|
|
|
8,590
|
|
|
8,361
|
|
|
2.74
|
|
Wealth management
revenue
|
3,446
|
|
|
3,386
|
|
|
3,446
|
|
|
3,262
|
|
|
3,000
|
|
|
2,963
|
|
|
3,037
|
|
|
2,884
|
|
|
14.87
|
|
|
13,540
|
|
|
11,884
|
|
|
13.93
|
|
Securities gains
(losses)
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
(100.00)
|
|
|
(16)
|
|
|
148
|
|
|
(110.81)
|
|
Mortgage banking
income
|
11,993
|
|
|
14,350
|
|
|
12,839
|
|
|
10,960
|
|
|
9,871
|
|
|
10,616
|
|
|
12,424
|
|
|
10,504
|
|
|
21.50
|
|
|
50,142
|
|
|
43,415
|
|
|
15.49
|
|
Other
|
3,530
|
|
|
3,081
|
|
|
2,998
|
|
|
3,568
|
|
|
3,218
|
|
|
3,118
|
|
|
3,195
|
|
|
3,643
|
|
|
9.70
|
|
|
13,177
|
|
|
13,174
|
|
|
0.02
|
|
|
Total noninterest
income
|
36,374
|
|
|
38,053
|
|
|
35,581
|
|
|
33,953
|
|
|
32,441
|
|
|
33,413
|
|
|
34,265
|
|
|
32,021
|
|
|
12.12
|
|
|
143,961
|
|
|
132,140
|
|
|
8.95
|
|
Salaries and employee
benefits
|
58,313
|
|
|
55,187
|
|
|
52,010
|
|
|
48,784
|
|
|
48,787
|
|
|
48,530
|
|
|
45,014
|
|
|
42,209
|
|
|
19.53
|
|
|
214,294
|
|
|
184,540
|
|
|
16.12
|
|
Data
processing
|
5,169
|
|
|
4,614
|
|
|
4,600
|
|
|
4,244
|
|
|
4,226
|
|
|
4,179
|
|
|
3,835
|
|
|
4,234
|
|
|
22.31
|
|
|
18,627
|
|
|
16,474
|
|
|
13.07
|
|
Occupancy and
equipment
|
11,816
|
|
|
10,668
|
|
|
9,805
|
|
|
9,822
|
|
|
10,153
|
|
|
9,470
|
|
|
8,814
|
|
|
9,319
|
|
|
16.38
|
|
|
42,111
|
|
|
37,756
|
|
|
11.53
|
|
Other real
estate
|
725
|
|
|
278
|
|
|
232
|
|
|
657
|
|
|
554
|
|
|
603
|
|
|
781
|
|
|
532
|
|
|
30.87
|
|
|
1,892
|
|
|
2,470
|
|
|
(23.40)
|
|
Amortization of
intangibles
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
1,708
|
|
|
1,766
|
|
|
1,493
|
|
|
1,563
|
|
|
26.99
|
|
|
7,179
|
|
|
6,530
|
|
|
9.94
|
|
Merger and conversion
related expenses
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
723
|
|
|
6,266
|
|
|
3,044
|
|
|
345
|
|
|
124.76
|
|
|
14,246
|
|
|
10,378
|
|
|
37.27
|
|
Debt extinguishment
penalty
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
(100.00)
|
|
Other
|
13,496
|
|
|
11,013
|
|
|
10,285
|
|
|
11,886
|
|
|
10,657
|
|
|
9,846
|
|
|
11,860
|
|
|
10,902
|
|
|
26.64
|
|
|
46,680
|
|
|
43,265
|
|
|
7.89
|
|
|
Total noninterest
expense
|
93,313
|
|
|
94,746
|
|
|
79,026
|
|
|
77,944
|
|
|
76,808
|
|
|
80,660
|
|
|
74,841
|
|
|
69,309
|
|
|
21.49
|
|
|
345,029
|
|
|
301,618
|
|
|
14.39
|
|
Income before income
taxes
|
57,518
|
|
|
40,496
|
|
|
47,134
|
|
|
43,499
|
|
|
46,745
|
|
|
40,620
|
|
|
37,277
|
|
|
35,227
|
|
|
23.05
|
|
|
188,647
|
|
|
159,869
|
|
|
18.00
|
|
Income
taxes
|
13,098
|
|
|
8,532
|
|
|
10,424
|
|
|
9,673
|
|
|
30,234
|
|
|
14,199
|
|
|
11,993
|
|
|
11,255
|
|
|
(56.68)
|
|
|
41,727
|
|
|
67,681
|
|
|
(38.35)
|
|
|
Net
income
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
$
|
16,511
|
|
|
$
|
26,421
|
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
169.03
|
|
|
$
|
146,920
|
|
|
$
|
92,188
|
|
|
59.37
|
|
Basic earnings per
share
|
$
|
0.76
|
|
|
$
|
0.61
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
$
|
0.33
|
|
|
$
|
0.54
|
|
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
130.30
|
|
|
$
|
2.80
|
|
|
$
|
1.97
|
|
|
42.13
|
|
Diluted earnings per
share
|
0.76
|
|
|
0.61
|
|
|
0.74
|
|
|
0.68
|
|
|
0.33
|
|
|
0.53
|
|
|
0.57
|
|
|
0.54
|
|
|
130.30
|
|
|
2.79
|
|
|
1.96
|
|
|
42.35
|
|
Average basic shares
outstanding
|
58,623,646
|
|
|
52,472,971
|
|
|
49,413,754
|
|
|
49,356,417
|
|
|
49,320,377
|
|
|
49,316,572
|
|
|
44,415,423
|
|
|
44,364,337
|
|
|
18.86
|
|
|
52,492,104
|
|
|
46,874,502
|
|
|
11.98
|
|
Average diluted
shares outstanding
|
58,767,519
|
|
|
52,609,902
|
|
|
49,549,761
|
|
|
49,502,950
|
|
|
49,456,289
|
|
|
49,435,225
|
|
|
44,523,541
|
|
|
44,480,499
|
|
|
18.83
|
|
|
52,626,850
|
|
|
47,001,516
|
|
|
11.97
|
|
Common shares
outstanding
|
58,546,480
|
|
|
58,743,814
|
|
|
49,424,339
|
|
|
49,392,978
|
|
|
49,321,231
|
|
|
49,320,225
|
|
|
44,430,335
|
|
|
44,394,707
|
|
|
18.70
|
|
|
58,546,480
|
|
|
49,321,231
|
|
|
18.70
|
|
Cash dividend per
common share
|
$
|
0.21
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
10.53
|
|
|
$
|
0.80
|
|
|
$
|
0.73
|
|
|
9.59
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
4.31
|
%
|
|
7.01
|
%
|
|
8.06
|
%
|
|
7.80
|
%
|
|
|
|
8.64
|
%
|
|
6.68
|
%
|
|
|
Return on avg
tangible s/h's equity (1)
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
7.94
|
%
|
|
12.74
|
%
|
|
13.76
|
%
|
|
13.48
|
%
|
|
|
|
15.98
|
%
|
|
11.84
|
%
|
|
|
Return on avg
assets
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
0.64
|
%
|
|
1.02
|
%
|
|
1.16
|
%
|
|
1.11
|
%
|
|
|
|
1.32
|
%
|
|
0.97
|
%
|
|
|
Return on avg
tangible assets (2)
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
0.73
|
%
|
|
1.13
|
%
|
|
1.28
|
%
|
|
1.23
|
%
|
|
|
|
1.47
|
%
|
|
1.08
|
%
|
|
|
Net interest margin
(FTE)
|
4.24
|
%
|
|
4.07
|
%
|
|
4.15
|
%
|
|
4.20
|
%
|
|
4.25
|
%
|
|
4.08
|
%
|
|
4.27
|
%
|
|
4.01
|
%
|
|
|
|
4.16
|
%
|
|
4.16
|
%
|
|
|
Yield on earning
assets (FTE)
|
5.02
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.72
|
%
|
|
4.75
|
%
|
|
4.55
|
%
|
|
4.68
|
%
|
|
4.43
|
%
|
|
|
|
4.84
|
%
|
|
4.62
|
%
|
|
|
Cost of
funding
|
0.81
|
%
|
|
0.77
|
%
|
|
0.65
|
%
|
|
0.53
|
%
|
|
0.52
|
%
|
|
0.49
|
%
|
|
0.43
|
%
|
|
0.43
|
%
|
|
|
|
0.70
|
%
|
|
0.47
|
%
|
|
|
Average earning
assets to average assets
|
86.15
|
%
|
|
87.29
|
%
|
|
87.67
|
%
|
|
87.12
|
%
|
|
86.92
|
%
|
|
87.03
|
%
|
|
87.81
|
%
|
|
87.55
|
%
|
|
|
|
87.01
|
%
|
|
87.30
|
%
|
|
|
Average loans to
average deposits
|
89.77
|
%
|
|
91.74
|
%
|
|
91.84
|
%
|
|
94.04
|
%
|
|
93.51
|
%
|
|
90.96
|
%
|
|
88.03
|
%
|
|
86.81
|
%
|
|
|
|
91.71
|
%
|
|
90.00
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
1.14
|
%
|
|
1.34
|
%
|
|
1.38
|
%
|
|
1.37
|
%
|
|
1.25
|
%
|
|
1.29
|
%
|
|
1.58
|
%
|
|
1.48
|
%
|
|
|
|
1.30
|
%
|
|
1.39
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
penalties/merger-related expenses) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets
|
2.86
|
%
|
|
2.94
|
%
|
|
3.05
|
%
|
|
3.11
|
%
|
|
2.94
|
%
|
|
2.87
|
%
|
|
3.30
|
%
|
|
3.18
|
%
|
|
|
|
2.98
|
%
|
|
3.06
|
%
|
|
|
Net overhead
ratio
|
1.72
|
%
|
|
1.60
|
%
|
|
1.67
|
%
|
|
1.74
|
%
|
|
1.69
|
%
|
|
1.58
|
%
|
|
1.72
|
%
|
|
1.70
|
%
|
|
|
|
1.68
|
%
|
|
1.67
|
%
|
|
|
Efficiency ratio
(FTE) (4)
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
57.75
|
%
|
|
57.97
|
%
|
|
60.75
|
%
|
|
62.26
|
%
|
|
|
|
59.22
|
%
|
|
59.55
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2018
-
|
|
Twelve Months
Ended
|
|
|
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
December
31,
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
$
|
10,254,774
|
|
|
$
|
10,277,476
|
|
|
$
|
8,720,660
|
|
|
$
|
8,759,448
|
|
|
23.97
|
%
|
|
$
|
11,104,567
|
|
|
$
|
9,509,308
|
|
|
16.78
|
%
|
Earning
assets
|
10,952,023
|
|
|
9,843,870
|
|
|
9,067,016
|
|
|
8,760,679
|
|
|
8,913,675
|
|
|
8,944,067
|
|
|
7,657,849
|
|
|
7,668,582
|
|
|
22.87
|
|
|
9,662,416
|
|
|
8,301,230
|
|
|
16.40
|
|
Securities
|
1,240,283
|
|
|
1,129,010
|
|
|
1,039,947
|
|
|
833,076
|
|
|
1,043,075
|
|
|
1,147,157
|
|
|
1,069,244
|
|
|
1,043,697
|
|
|
18.91
|
|
|
1,061,882
|
|
|
1,075,987
|
|
|
(1.31)
|
|
Loans held for
sale
|
418,213
|
|
|
297,692
|
|
|
209,652
|
|
|
152,299
|
|
|
188,795
|
|
|
226,512
|
|
|
168,650
|
|
|
112,105
|
|
|
121.52
|
|
|
270,270
|
|
|
174,369
|
|
|
55.00
|
|
Loans, net of
unearned
|
9,130,273
|
|
|
8,228,053
|
|
|
7,704,221
|
|
|
7,646,991
|
|
|
7,535,199
|
|
|
7,375,410
|
|
|
6,293,497
|
|
|
6,198,705
|
|
|
21.17
|
|
|
8,181,587
|
|
|
6,855,802
|
|
|
19.34
|
|
Intangibles
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
636,533
|
|
|
636,977
|
|
|
492,349
|
|
|
493,816
|
|
|
52.82
|
|
|
747,008
|
|
|
565,507
|
|
|
32.10
|
|
Noninterest-bearing
deposits
|
$
|
2,402,422
|
|
|
$
|
2,052,226
|
|
|
$
|
1,867,925
|
|
|
$
|
1,817,848
|
|
|
$
|
1,877,789
|
|
|
$
|
1,849,396
|
|
|
$
|
1,608,467
|
|
|
$
|
1,558,809
|
|
|
27.94
|
|
|
$
|
2,036,754
|
|
|
$
|
1,724,834
|
|
|
18.08
|
|
Interest-bearing
deposits
|
7,768,724
|
|
|
6,916,699
|
|
|
6,521,123
|
|
|
6,314,114
|
|
|
6,180,075
|
|
|
6,259,249
|
|
|
5,540,698
|
|
|
5,581,853
|
|
|
25.71
|
|
|
6,884,250
|
|
|
5,893,118
|
|
|
16.82
|
|
Total
deposits
|
10,171,146
|
|
|
8,968,925
|
|
|
8,389,048
|
|
|
8,131,962
|
|
|
8,057,864
|
|
|
8,108,645
|
|
|
7,149,165
|
|
|
7,140,662
|
|
|
26.23
|
|
|
8,921,004
|
|
|
7,617,952
|
|
|
17.11
|
|
Borrowed
funds
|
407,496
|
|
|
499,054
|
|
|
329,287
|
|
|
314,228
|
|
|
579,920
|
|
|
575,816
|
|
|
233,542
|
|
|
282,008
|
|
|
(29.73)
|
|
|
388,077
|
|
|
419,070
|
|
|
(7.40)
|
|
Shareholders'
equity
|
2,021,075
|
|
|
1,712,757
|
|
|
1,542,071
|
|
|
1,523,873
|
|
|
1,518,131
|
|
|
1,495,591
|
|
|
1,258,935
|
|
|
1,246,903
|
|
|
33.13
|
|
|
1,701,334
|
|
|
1,380,950
|
|
|
23.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2018
-
|
|
As
of
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
December
31,
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
$
|
9,829,981
|
|
|
$
|
10,323,687
|
|
|
$
|
8,872,272
|
|
|
$
|
8,764,711
|
|
|
31.59
|
%
|
|
$
|
12,934,878
|
|
|
$
|
9,829,981
|
|
|
31.59
|
%
|
Earning
assets
|
11,115,929
|
|
|
10,962,958
|
|
|
9,239,200
|
|
|
8,938,117
|
|
|
8,493,741
|
|
|
8,943,570
|
|
|
7,763,775
|
|
|
7,690,045
|
|
|
30.87
|
|
|
11,115,929
|
|
|
8,493,741
|
|
|
30.87
|
|
Securities
|
1,250,777
|
|
|
1,177,606
|
|
|
1,088,779
|
|
|
948,365
|
|
|
671,488
|
|
|
1,150,459
|
|
|
1,076,625
|
|
|
1,044,862
|
|
|
86.27
|
|
|
1,250,777
|
|
|
671,488
|
|
|
86.27
|
|
Loans held for
sale
|
411,427
|
|
|
463,287
|
|
|
245,046
|
|
|
204,472
|
|
|
108,316
|
|
|
207,288
|
|
|
232,398
|
|
|
158,619
|
|
|
279.84
|
|
|
411,427
|
|
|
108,316
|
|
|
279.84
|
|
Non purchased
loans
|
6,389,712
|
|
|
6,210,238
|
|
|
6,057,766
|
|
|
5,830,122
|
|
|
5,588,556
|
|
|
5,293,467
|
|
|
5,058,898
|
|
|
4,834,085
|
|
|
14.34
|
|
|
6,389,712
|
|
|
5,588,556
|
|
|
14.34
|
|
Purchased
loans
|
2,693,417
|
|
|
2,912,669
|
|
|
1,709,891
|
|
|
1,867,948
|
|
|
2,031,766
|
|
|
2,155,141
|
|
|
1,312,109
|
|
|
1,401,720
|
|
|
32.57
|
|
|
2,693,417
|
|
|
2,031,766
|
|
|
32.57
|
|
|
Total
loans
|
9,083,129
|
|
|
9,122,907
|
|
|
7,767,657
|
|
|
7,698,070
|
|
|
7,620,322
|
|
|
7,448,608
|
|
|
6,371,007
|
|
|
6,235,805
|
|
|
19.20
|
|
|
9,083,129
|
|
|
7,620,322
|
|
|
19.20
|
|
Intangibles
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
635,556
|
|
|
637,264
|
|
|
491,552
|
|
|
493,045
|
|
|
53.85
|
|
|
977,793
|
|
|
635,556
|
|
|
53.85
|
|
Noninterest-bearing
deposits
|
$
|
2,318,706
|
|
|
$
|
2,359,859
|
|
|
$
|
1,888,561
|
|
|
$
|
1,861,136
|
|
|
$
|
1,840,424
|
|
|
$
|
1,835,300
|
|
|
$
|
1,642,863
|
|
|
$
|
1,579,581
|
|
|
25.99
|
|
|
$
|
2,318,706
|
|
|
$
|
1,840,424
|
|
|
25.99
|
|
Interest-bearing
deposits
|
7,809,851
|
|
|
7,812,089
|
|
|
6,492,159
|
|
|
6,496,633
|
|
|
6,080,651
|
|
|
6,283,218
|
|
|
5,559,162
|
|
|
5,651,269
|
|
|
28.44
|
|
|
7,809,851
|
|
|
6,080,651
|
|
|
28.44
|
|
|
Total
deposits
|
10,128,557
|
|
|
10,171,948
|
|
|
8,380,720
|
|
|
8,357,769
|
|
|
7,921,075
|
|
|
8,118,518
|
|
|
7,202,025
|
|
|
7,230,850
|
|
|
27.87
|
|
|
10,128,557
|
|
|
7,921,075
|
|
|
27.87
|
|
Borrowed
funds
|
651,324
|
|
|
439,516
|
|
|
520,747
|
|
|
265,191
|
|
|
297,360
|
|
|
591,933
|
|
|
312,077
|
|
|
202,006
|
|
|
119.04
|
|
|
651,324
|
|
|
297,360
|
|
|
119.04
|
|
Shareholders'
equity
|
2,043,913
|
|
|
2,010,711
|
|
|
1,558,668
|
|
|
1,532,765
|
|
|
1,514,983
|
|
|
1,511,826
|
|
|
1,271,786
|
|
|
1,251,065
|
|
|
34.91
|
|
|
2,043,913
|
|
|
1,514,983
|
|
|
34.91
|
|
Market value per
common share
|
$
|
30.18
|
|
|
$
|
41.21
|
|
|
$
|
45.52
|
|
|
$
|
42.56
|
|
|
$
|
40.89
|
|
|
$
|
42.90
|
|
|
$
|
43.74
|
|
|
$
|
39.69
|
|
|
(26.19)
|
|
|
$
|
30.18
|
|
|
$
|
40.89
|
|
|
(26.19)
|
|
Book value per common
share
|
34.91
|
|
|
34.23
|
|
|
31.54
|
|
|
31.03
|
|
|
30.72
|
|
|
30.65
|
|
|
28.62
|
|
|
28.18
|
|
|
13.64
|
|
|
34.91
|
|
|
30.72
|
|
|
13.64
|
|
Tangible book value
per common share
|
18.21
|
|
|
17.65
|
|
|
18.74
|
|
|
18.20
|
|
|
17.83
|
|
|
17.73
|
|
|
17.56
|
|
|
17.07
|
|
|
2.13
|
|
|
18.21
|
|
|
17.83
|
|
|
2.13
|
|
Shareholders' equity
to assets (actual)
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
15.41
|
%
|
|
14.64
|
%
|
|
14.33
|
%
|
|
14.27
|
%
|
|
|
|
15.80
|
%
|
|
15.41
|
%
|
|
|
Tangible capital
ratio (3)
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
9.56
|
%
|
|
9.03
|
%
|
|
9.31
|
%
|
|
9.16
|
%
|
|
|
|
8.92
|
%
|
|
9.56
|
%
|
|
|
Leverage
ratio
|
10.11
|
%
|
|
9.85
|
%
|
|
10.63
|
%
|
|
10.61
|
%
|
|
10.18
|
%
|
|
10.05
|
%
|
|
10.68
|
%
|
|
10.39
|
%
|
|
|
|
10.11
|
%
|
|
10.16
|
%
|
|
|
Common equity tier 1
capital ratio
|
11.05
|
%
|
|
10.80
|
%
|
|
11.71
|
%
|
|
11.38
|
%
|
|
11.34
|
%
|
|
11.21
|
%
|
|
11.65
|
%
|
|
11.69
|
%
|
|
|
|
11.05
|
%
|
|
11.32
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
12.10
|
%
|
|
11.84
|
%
|
|
12.73
|
%
|
|
12.41
|
%
|
|
12.39
|
%
|
|
12.26
|
%
|
|
12.86
|
%
|
|
12.93
|
%
|
|
|
|
12.10
|
%
|
|
12.37
|
%
|
|
|
Total risk-based
capital ratio
|
14.12
|
%
|
|
13.85
|
%
|
|
14.75
|
%
|
|
14.44
|
%
|
|
14.46
|
%
|
|
14.30
|
%
|
|
15.00
|
%
|
|
15.11
|
%
|
|
|
|
14.12
|
%
|
|
14.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2018
-
|
|
As
of
|
|
|
|
|
2018
|
|
2017
|
|
Q4
2017
|
|
December
31,
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2018
|
|
2017
|
|
Variance
|
Non purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
875,649
|
|
|
$
|
817,799
|
|
|
$
|
790,363
|
|
|
$
|
803,146
|
|
|
$
|
763,823
|
|
|
$
|
707,835
|
|
|
$
|
657,713
|
|
|
$
|
626,237
|
|
|
14.64
|
%
|
|
$
|
875,649
|
|
|
$
|
763,823
|
|
|
14.64
|
%
|
Lease
Financing
|
61,865
|
|
|
54,272
|
|
|
52,423
|
|
|
52,536
|
|
|
54,013
|
|
|
51,902
|
|
|
49,066
|
|
|
47,816
|
|
|
14.54
|
|
|
61,865
|
|
|
54,013
|
|
|
14.54
|
|
Real estate-
construction
|
635,519
|
|
|
624,892
|
|
|
642,380
|
|
|
582,430
|
|
|
547,658
|
|
|
477,638
|
|
|
424,861
|
|
|
378,061
|
|
|
16.04
|
|
|
635,519
|
|
|
547,658
|
|
|
16.04
|
|
Real estate - 1-4
family mortgages
|
2,087,890
|
|
|
2,000,770
|
|
|
1,912,450
|
|
|
1,785,271
|
|
|
1,729,534
|
|
|
1,644,060
|
|
|
1,551,934
|
|
|
1,485,663
|
|
|
20.72
|
|
|
2,087,890
|
|
|
1,729,534
|
|
|
20.72
|
|
Real estate -
commercial mortgages
|
2,628,365
|
|
|
2,609,510
|
|
|
2,554,955
|
|
|
2,503,680
|
|
|
2,390,076
|
|
|
2,311,340
|
|
|
2,281,220
|
|
|
2,203,639
|
|
|
9.97
|
|
|
2,628,365
|
|
|
2,390,076
|
|
|
9.97
|
|
Installment loans to
individuals
|
100,424
|
|
|
102,995
|
|
|
105,195
|
|
|
103,059
|
|
|
103,452
|
|
|
100,692
|
|
|
94,104
|
|
|
92,669
|
|
|
(2.93)
|
|
|
100,424
|
|
|
103,452
|
|
|
(2.93)
|
|
Loans, net of
unearned
|
$
|
6,389,712
|
|
|
$
|
6,210,238
|
|
|
$
|
6,057,766
|
|
|
$
|
5,830,122
|
|
|
$
|
5,588,556
|
|
|
$
|
5,293,467
|
|
|
$
|
5,058,898
|
|
|
$
|
4,834,085
|
|
|
14.34
|
|
|
$
|
6,389,712
|
|
|
$
|
5,588,556
|
|
|
14.34
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
420,263
|
|
|
$
|
495,545
|
|
|
$
|
197,455
|
|
|
$
|
243,672
|
|
|
$
|
275,570
|
|
|
$
|
301,100
|
|
|
$
|
102,869
|
|
|
$
|
115,229
|
|
|
52.51
|
|
|
$
|
420,263
|
|
|
$
|
275,570
|
|
|
52.51
|
|
Lease
Financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
105,149
|
|
|
112,093
|
|
|
70,438
|
|
|
75,061
|
|
|
85,731
|
|
|
100,082
|
|
|
35,946
|
|
|
35,673
|
|
|
22.65
|
|
|
105,149
|
|
|
85,731
|
|
|
22.65
|
|
Real estate - 1-4
family mortgages
|
707,453
|
|
|
761,913
|
|
|
520,649
|
|
|
572,830
|
|
|
614,187
|
|
|
651,792
|
|
|
400,460
|
|
|
431,904
|
|
|
15.19
|
|
|
707,453
|
|
|
614,187
|
|
|
15.19
|
|
Real estate -
commercial mortgages
|
1,423,144
|
|
|
1,503,075
|
|
|
906,219
|
|
|
960,273
|
|
|
1,037,454
|
|
|
1,079,049
|
|
|
759,743
|
|
|
804,790
|
|
|
37.18
|
|
|
1,423,144
|
|
|
1,037,454
|
|
|
37.18
|
|
Installment loans to
individuals
|
37,408
|
|
|
40,043
|
|
|
15,130
|
|
|
16,112
|
|
|
18,824
|
|
|
23,118
|
|
|
13,091
|
|
|
14,124
|
|
|
98.73
|
|
|
37,408
|
|
|
18,824
|
|
|
98.73
|
|
Loans, net of
unearned
|
$
|
2,693,417
|
|
|
$
|
2,912,669
|
|
|
$
|
1,709,891
|
|
|
$
|
1,867,948
|
|
|
$
|
2,031,766
|
|
|
$
|
2,155,141
|
|
|
$
|
1,312,109
|
|
|
$
|
1,401,720
|
|
|
32.57
|
|
|
$
|
2,693,417
|
|
|
$
|
2,031,766
|
|
|
32.57
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
10,218
|
|
|
$
|
9,696
|
|
|
$
|
8,921
|
|
|
$
|
9,403
|
|
|
$
|
10,250
|
|
|
$
|
9,970
|
|
|
$
|
11,413
|
|
|
$
|
12,629
|
|
|
(0.31)
|
|
|
$
|
10,218
|
|
|
$
|
10,250
|
|
|
(0.31)
|
|
Loans 90 past due or
more
|
2,685
|
|
|
3,806
|
|
|
2,190
|
|
|
3,605
|
|
|
3,015
|
|
|
3,295
|
|
|
1,283
|
|
|
2,175
|
|
|
(10.95)
|
|
|
2,685
|
|
|
3,015
|
|
|
(10.95)
|
|
Nonperforming
loans
|
12,903
|
|
|
13,502
|
|
|
11,111
|
|
|
13,008
|
|
|
13,265
|
|
|
13,265
|
|
|
12,696
|
|
|
14,804
|
|
|
(2.73)
|
|
|
12,903
|
|
|
13,265
|
|
|
(2.73)
|
|
Other real estate
owned
|
4,853
|
|
|
4,665
|
|
|
4,698
|
|
|
4,801
|
|
|
4,410
|
|
|
4,524
|
|
|
4,305
|
|
|
5,056
|
|
|
10.05
|
|
|
4,853
|
|
|
4,410
|
|
|
10.05
|
|
Nonperforming assets
not purchased
|
$
|
17,756
|
|
|
$
|
18,167
|
|
|
$
|
15,809
|
|
|
$
|
17,809
|
|
|
$
|
17,675
|
|
|
$
|
17,789
|
|
|
$
|
17,001
|
|
|
$
|
19,860
|
|
|
0.46
|
|
|
$
|
17,756
|
|
|
$
|
17,675
|
|
|
0.46
|
|
Purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
5,836
|
|
|
$
|
4,809
|
|
|
$
|
4,561
|
|
|
$
|
5,340
|
|
|
$
|
4,424
|
|
|
$
|
4,868
|
|
|
$
|
5,927
|
|
|
$
|
8,495
|
|
|
31.92
|
|
|
$
|
5,836
|
|
|
$
|
4,424
|
|
|
31.92
|
|
Loans 90 past due or
more
|
7,232
|
|
|
7,960
|
|
|
5,491
|
|
|
4,564
|
|
|
5,731
|
|
|
7,349
|
|
|
8,128
|
|
|
11,897
|
|
|
26.19
|
|
|
7,232
|
|
|
5,731
|
|
|
26.19
|
|
Nonperforming
loans
|
13,068
|
|
|
12,769
|
|
|
10,052
|
|
|
9,904
|
|
|
10,155
|
|
|
12,217
|
|
|
14,055
|
|
|
20,392
|
|
|
28.69
|
|
|
13,068
|
|
|
10,155
|
|
|
28.69
|
|
Other real estate
owned
|
6,187
|
|
|
7,932
|
|
|
9,006
|
|
|
9,754
|
|
|
11,524
|
|
|
13,296
|
|
|
15,409
|
|
|
16,266
|
|
|
(46.31)
|
|
|
6,187
|
|
|
11,524
|
|
|
(46.31)
|
|
Nonperforming assets
purchased
|
$
|
19,255
|
|
|
$
|
20,701
|
|
|
$
|
19,058
|
|
|
$
|
19,658
|
|
|
$
|
21,679
|
|
|
$
|
25,513
|
|
|
$
|
29,464
|
|
|
$
|
36,658
|
|
|
(11.18)
|
|
|
$
|
19,255
|
|
|
$
|
21,679
|
|
|
(11.18)
|
|
Net loan charge-offs
(recoveries)
|
$
|
584
|
|
|
$
|
995
|
|
|
$
|
856
|
|
|
$
|
1,560
|
|
|
$
|
470
|
|
|
$
|
1,768
|
|
|
$
|
524
|
|
|
$
|
1,314
|
|
|
24.26
|
|
|
$
|
3,995
|
|
|
$
|
4,076
|
|
|
24.26
|
|
Allowance for loan
losses
|
$
|
49,026
|
|
|
$
|
48,610
|
|
|
$
|
47,355
|
|
|
$
|
46,401
|
|
|
$
|
46,211
|
|
|
$
|
44,531
|
|
|
$
|
44,149
|
|
|
$
|
42,923
|
|
|
6.09
|
|
|
$
|
49,026
|
|
|
$
|
46,211
|
|
|
6.09
|
|
Annualized net loan
charge-offs / average loans
|
0.03
|
%
|
|
0.05
|
%
|
|
0.04
|
%
|
|
0.08
|
%
|
|
0.02
|
%
|
|
0.10
|
%
|
|
0.03
|
%
|
|
0.09
|
%
|
|
|
|
0.05
|
%
|
|
0.06
|
%
|
|
|
Nonperforming loans /
total loans*
|
0.29
|
%
|
|
0.29
|
%
|
|
0.27
|
%
|
|
0.30
|
%
|
|
0.31
|
%
|
|
0.34
|
%
|
|
0.42
|
%
|
|
0.56
|
%
|
|
|
|
0.29
|
%
|
|
0.31
|
%
|
|
|
Nonperforming assets
/ total assets*
|
0.29
|
%
|
|
0.30
|
%
|
|
0.33
|
%
|
|
0.37
|
%
|
|
0.40
|
%
|
|
0.42
|
%
|
|
0.52
|
%
|
|
0.64
|
%
|
|
|
|
0.29
|
%
|
|
0.40
|
%
|
|
|
Allowance for loan
losses / total loans*
|
0.54
|
%
|
|
0.53
|
%
|
|
0.61
|
%
|
|
0.60
|
%
|
|
0.61
|
%
|
|
0.60
|
%
|
|
0.69
|
%
|
|
0.69
|
%
|
|
|
|
0.54
|
%
|
|
0.61
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
188.77
|
%
|
|
185.03
|
%
|
|
223.76
|
%
|
|
202.52
|
%
|
|
197.31
|
%
|
|
174.75
|
%
|
|
165.04
|
%
|
|
121.95
|
%
|
|
|
|
188.77
|
%
|
|
197.31
|
%
|
|
|
Nonperforming loans /
total loans**
|
0.20
|
%
|
|
0.22
|
%
|
|
0.18
|
%
|
|
0.22
|
%
|
|
0.24
|
%
|
|
0.25
|
%
|
|
0.25
|
%
|
|
0.31
|
%
|
|
|
|
0.20
|
%
|
|
0.24
|
%
|
|
|
Nonperforming assets
/ total assets**
|
0.14
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
0.18
|
%
|
|
0.17
|
%
|
|
0.19
|
%
|
|
0.23
|
%
|
|
|
|
0.14
|
%
|
|
0.18
|
%
|
|
|
Allowance for loan
losses / total loans**
|
0.77
|
%
|
|
0.78
|
%
|
|
0.78
|
%
|
|
0.80
|
%
|
|
0.83
|
%
|
|
0.84
|
%
|
|
0.87
|
%
|
|
0.89
|
%
|
|
|
|
0.77
|
%
|
|
0.83
|
%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
379.96
|
%
|
|
360.02
|
%
|
|
426.20
|
%
|
|
356.71
|
%
|
|
348.37
|
%
|
|
335.70
|
%
|
|
347.74
|
%
|
|
289.94
|
%
|
|
|
|
379.96
|
%
|
|
348.37
|
%
|
|
|
*Based on all assets
(includes purchased assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes all
purchased assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
|
|
|
|
Three Months
Ending
|
|
For The Twelve
Months Ending
|
|
|
December 31,
2018
|
|
September 30,
2018
|
|
December 31,
2017
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
|
|
Expense
|
|
|
Expense
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
purchased
|
|
$
|
6,318,434
|
|
|
$
|
78,633
|
|
|
4.94
|
%
|
|
$
|
6,140,386
|
|
|
$
|
73,662
|
|
|
4.76
|
%
|
|
$
|
5,446,973
|
|
|
$
|
62,994
|
|
|
4.51
|
%
|
|
$
|
6,019,177
|
|
|
$
|
286,643
|
|
|
4.76
|
%
|
|
$
|
5,060,496
|
|
|
$
|
226,524
|
|
|
4.48
|
%
|
Purchased
|
|
2,811,839
|
|
|
44,070
|
|
|
6.22
|
%
|
|
2,087,667
|
|
|
32,060
|
|
|
6.09
|
%
|
|
2,088,226
|
|
|
34,313
|
|
|
6.52
|
%
|
|
2,162,410
|
|
|
132,199
|
|
|
6.11
|
%
|
|
1,795,306
|
|
|
114,043
|
|
|
6.35
|
%
|
Total
loans
|
|
9,130,273
|
|
|
122,703
|
|
|
5.33
|
%
|
|
8,228,053
|
|
|
105,722
|
|
|
5.10
|
%
|
|
7,535,199
|
|
|
97,307
|
|
|
5.07
|
%
|
|
8,181,587
|
|
|
418,842
|
|
|
5.12
|
%
|
|
6,855,802
|
|
|
340,567
|
|
|
4.97
|
%
|
Loans held for
sale
|
|
418,213
|
|
|
5,177
|
|
|
4.91
|
%
|
|
297,692
|
|
|
3,663
|
|
|
4.88
|
%
|
|
188,795
|
|
|
2,071
|
|
|
4.35
|
%
|
|
270,270
|
|
|
12,892
|
|
|
4.77
|
%
|
|
174,369
|
|
|
7,469
|
|
|
4.28
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(1)
|
|
1,033,288
|
|
|
7,587
|
|
|
2.91
|
%
|
|
914,380
|
|
|
6,574
|
|
|
2.85
|
%
|
|
735,923
|
|
|
4,240
|
|
|
2.29
|
%
|
|
844,692
|
|
|
23,713
|
|
|
2.81
|
%
|
|
746,557
|
|
|
17,408
|
|
|
2.33
|
%
|
Tax-exempt
|
|
206,996
|
|
|
2,184
|
|
|
4.19
|
%
|
|
214,630
|
|
|
2,283
|
|
|
4.22
|
%
|
|
307,152
|
|
|
3,604
|
|
|
4.66
|
%
|
|
217,190
|
|
|
9,232
|
|
|
4.25
|
%
|
|
329,430
|
|
|
15,838
|
|
|
4.81
|
%
|
Total
securities
|
|
1,240,284
|
|
|
9,771
|
|
|
3.13
|
%
|
|
1,129,010
|
|
|
8,857
|
|
|
3.11
|
%
|
|
1,043,075
|
|
|
7,844
|
|
|
2.98
|
%
|
|
1,061,882
|
|
|
32,945
|
|
|
3.10
|
%
|
|
1,075,987
|
|
|
33,246
|
|
|
3.09
|
%
|
Interest-bearing
balances with banks
|
|
163,254
|
|
|
930
|
|
|
2.26
|
%
|
|
189,115
|
|
|
994
|
|
|
2.09
|
%
|
|
146,606
|
|
|
551
|
|
|
1.49
|
%
|
|
148,677
|
|
|
3,076
|
|
|
2.07
|
%
|
|
195,072
|
|
|
2,314
|
|
|
1.19
|
%
|
Total
interest-earning assets
|
|
10,952,024
|
|
|
138,581
|
|
|
5.02
|
%
|
|
9,843,870
|
|
|
119,236
|
|
|
4.81
|
%
|
|
8,913,675
|
|
|
107,773
|
|
|
4.75
|
%
|
|
9,662,416
|
|
|
467,755
|
|
|
4.84
|
%
|
|
8,301,230
|
|
|
383,596
|
|
|
4.62
|
%
|
Cash and due from
banks
|
|
177,601
|
|
|
|
|
|
|
154,171
|
|
|
|
|
|
|
161,202
|
|
|
|
|
|
|
163,286
|
|
|
|
|
|
|
140,742
|
|
|
|
|
|
Intangible
assets
|
|
972,736
|
|
|
|
|
|
|
743,567
|
|
|
|
|
|
|
636,533
|
|
|
|
|
|
|
747,008
|
|
|
|
|
|
|
565,507
|
|
|
|
|
|
Other
assets
|
|
610,639
|
|
|
|
|
|
|
534,979
|
|
|
|
|
|
|
543,364
|
|
|
|
|
|
|
531,857
|
|
|
|
|
|
|
501,829
|
|
|
|
|
|
Total
assets
|
|
$
|
12,713,000
|
|
|
|
|
|
|
$
|
11,276,587
|
|
|
|
|
|
|
$
|
10,254,774
|
|
|
|
|
|
|
$
|
11,104,567
|
|
|
|
|
|
|
$
|
9,509,308
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(2)
|
|
$
|
4,748,320
|
|
|
$
|
8,201
|
|
|
0.69
|
%
|
|
$
|
4,261,946
|
|
|
$
|
6,629
|
|
|
0.62
|
%
|
|
$
|
3,783,056
|
|
|
$
|
3,072
|
|
|
0.32
|
%
|
|
$
|
4,246,585
|
|
|
$
|
23,678
|
|
|
0.56
|
%
|
|
$
|
3,609,567
|
|
|
$
|
9,559
|
|
|
0.26
|
%
|
Savings
deposits
|
|
615,812
|
|
|
256
|
|
|
0.16
|
%
|
|
597,343
|
|
|
233
|
|
|
0.15
|
%
|
|
572,397
|
|
|
99
|
|
|
0.07
|
%
|
|
596,990
|
|
|
868
|
|
|
0.15
|
%
|
|
567,723
|
|
|
394
|
|
|
0.07
|
%
|
Time
deposits
|
|
2,404,592
|
|
|
8,769
|
|
|
1.45
|
%
|
|
2,057,410
|
|
|
6,694
|
|
|
1.29
|
%
|
|
1,824,622
|
|
|
4,152
|
|
|
0.90
|
%
|
|
2,040,675
|
|
|
25,214
|
|
|
1.24
|
%
|
|
1,715,828
|
|
|
14,667
|
|
|
0.85
|
%
|
Total
interest-bearing deposits
|
|
7,768,724
|
|
|
17,226
|
|
|
0.88
|
%
|
|
6,916,699
|
|
|
13,556
|
|
|
0.78
|
%
|
|
6,180,075
|
|
|
7,323
|
|
|
0.47
|
%
|
|
6,884,250
|
|
|
49,760
|
|
|
0.72
|
%
|
|
5,893,118
|
|
|
24,620
|
|
|
0.42
|
%
|
Borrowed
funds
|
|
407,496
|
|
|
4,422
|
|
|
4.31
|
%
|
|
499,054
|
|
|
4,800
|
|
|
3.82
|
%
|
|
579,920
|
|
|
4,002
|
|
|
2.74
|
%
|
|
388,077
|
|
|
15,569
|
|
|
4.01
|
%
|
|
419,070
|
|
|
13,233
|
|
|
3.16
|
%
|
Total
interest-bearing liabilities
|
|
8,176,220
|
|
|
21,648
|
|
|
1.05
|
%
|
|
7,415,753
|
|
|
18,356
|
|
|
0.98
|
%
|
|
6,759,995
|
|
|
11,325
|
|
|
0.66
|
%
|
|
7,272,327
|
|
|
65,329
|
|
|
0.90
|
%
|
|
6,312,188
|
|
|
37,853
|
|
|
0.60
|
%
|
Noninterest-bearing
deposits
|
|
2,402,422
|
|
|
|
|
|
|
2,052,226
|
|
|
|
|
|
|
1,877,789
|
|
|
|
|
|
|
2,036,754
|
|
|
|
|
|
|
1,724,834
|
|
|
|
|
|
Other
liabilities
|
|
113,283
|
|
|
|
|
|
|
95,851
|
|
|
|
|
|
|
98,859
|
|
|
|
|
|
|
94,152
|
|
|
|
|
|
|
91,336
|
|
|
|
|
|
Shareholders'
equity
|
|
2,021,075
|
|
|
|
|
|
|
1,712,757
|
|
|
|
|
|
|
1,518,131
|
|
|
|
|
|
|
1,701,334
|
|
|
|
|
|
|
1,380,950
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
12,713,000
|
|
|
|
|
|
|
$
|
11,276,587
|
|
|
|
|
|
|
$
|
10,254,774
|
|
|
|
|
|
|
$
|
11,104,567
|
|
|
|
|
|
|
$
|
9,509,308
|
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
|
$
|
116,933
|
|
|
4.24
|
%
|
|
|
|
$
|
100,880
|
|
|
4.07
|
%
|
|
|
|
$
|
96,448
|
|
|
4.25
|
%
|
|
|
|
$
|
402,426
|
|
|
4.16
|
%
|
|
|
|
$
|
345,743
|
|
|
4.16
|
%
|
Cost of
funding
|
|
|
|
|
|
0.81
|
%
|
|
|
|
|
|
0.77
|
%
|
|
|
|
|
|
0.52
|
%
|
|
|
|
|
|
0.70
|
%
|
|
|
|
|
|
0.47
|
%
|
Cost of total
deposits
|
|
|
|
|
|
0.67
|
%
|
|
|
|
|
|
0.60
|
%
|
|
|
|
|
|
0.36
|
%
|
|
|
|
|
|
0.56
|
%
|
|
|
|
|
|
0.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)U.S.
Government and some U.S. Government Agency securities are
tax-exempt in the states in which we operate.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)Interest-bearing demand deposits
include interest-bearing transactional accounts and money market
deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
December
31,
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2018
|
|
2017
|
Net income
(GAAP)
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
$
|
16,511
|
|
|
$
|
26,421
|
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
|
|
$
|
146,920
|
|
|
$
|
92,188
|
|
|
Amortization of
intangibles, net of tax
|
1,675
|
|
|
1,393
|
|
|
1,241
|
|
|
1,284
|
|
|
1,133
|
|
|
1,149
|
|
|
1,013
|
|
|
1,064
|
|
|
|
|
5,591
|
|
|
4,358
|
|
Tangible net income
(non-GAAP)
|
$
|
46,095
|
|
|
$
|
33,357
|
|
|
$
|
37,951
|
|
|
$
|
35,110
|
|
|
$
|
17,644
|
|
|
$
|
27,570
|
|
|
$
|
26,297
|
|
|
$
|
25,036
|
|
|
|
|
$
|
152,511
|
|
|
$
|
96,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
16,511
|
|
|
$
|
26,421
|
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
|
|
$
|
146,920
|
|
|
$
|
92,188
|
|
|
Merger &
conversion expenses, net of tax
|
1,255
|
|
|
8,857
|
|
|
389
|
|
|
700
|
|
|
479
|
|
|
4,075
|
|
|
2,065
|
|
|
235
|
|
|
|
|
11,095
|
|
|
6,925
|
|
|
Debt prepayment
penalties, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
|
|
|
—
|
|
|
137
|
|
|
Write-down of net
deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,486
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
14,486
|
|
Net income with
exclusions (non-GAAP)
|
$
|
45,675
|
|
|
$
|
40,821
|
|
|
$
|
37,099
|
|
|
$
|
34,526
|
|
|
$
|
31,476
|
|
|
$
|
30,496
|
|
|
$
|
27,349
|
|
|
$
|
24,347
|
|
|
|
|
$
|
158,015
|
|
|
$
|
113,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
$
|
2,021,075
|
|
|
$
|
1,712,757
|
|
|
$
|
1,542,071
|
|
|
$
|
1,523,873
|
|
|
$
|
1,518,131
|
|
|
$
|
1,495,591
|
|
|
$
|
1,258,935
|
|
|
$
|
1,246,903
|
|
|
|
|
$
|
1,701,334
|
|
|
$
|
1,380,950
|
|
|
Intangibles
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
636,533
|
|
|
636,977
|
|
|
492,349
|
|
|
493,816
|
|
|
|
|
747,008
|
|
|
565,507
|
|
Average tangible
s/h's equity (non-GAAP)
|
$
|
1,048,339
|
|
|
$
|
969,190
|
|
|
$
|
908,916
|
|
|
$
|
888,975
|
|
|
$
|
881,598
|
|
|
$
|
858,614
|
|
|
$
|
766,586
|
|
|
$
|
753,087
|
|
|
|
|
$
|
954,326
|
|
|
$
|
815,443
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
$
|
10,254,774
|
|
|
$
|
10,277,476
|
|
|
$
|
8,720,660
|
|
|
$
|
8,759,448
|
|
|
|
|
$
|
11,104,567
|
|
|
$
|
9,509,308
|
|
|
Intangibles
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
636,533
|
|
|
636,977
|
|
|
492,349
|
|
|
493,816
|
|
|
|
|
747,008
|
|
|
565,507
|
|
Average tangible
assets (non-GAAP)
|
$
|
11,740,264
|
|
|
$
|
10,533,020
|
|
|
$
|
9,708,708
|
|
|
$
|
9,420,857
|
|
|
$
|
9,618,241
|
|
|
$
|
9,640,499
|
|
|
$
|
8,228,311
|
|
|
$
|
8,265,632
|
|
|
|
|
$
|
10,357,559
|
|
|
$
|
8,943,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
$
|
2,043,913
|
|
|
$
|
2,010,711
|
|
|
$
|
1,558,668
|
|
|
$
|
1,532,765
|
|
|
$
|
1,514,983
|
|
|
$
|
1,511,826
|
|
|
$
|
1,271,786
|
|
|
$
|
1,251,065
|
|
|
|
|
$
|
2,043,913
|
|
|
$
|
1,514,983
|
|
|
Intangibles
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
635,556
|
|
|
637,264
|
|
|
491,552
|
|
|
493,045
|
|
|
|
|
977,793
|
|
|
635,556
|
|
Actual tangible s/h's
equity (non-GAAP)
|
$
|
1,066,120
|
|
|
$
|
1,036,596
|
|
|
$
|
926,357
|
|
|
$
|
898,860
|
|
|
$
|
879,427
|
|
|
$
|
874,562
|
|
|
$
|
780,234
|
|
|
$
|
758,020
|
|
|
|
|
$
|
1,066,120
|
|
|
$
|
879,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
$
|
9,829,981
|
|
|
$
|
10,323,687
|
|
|
$
|
8,872,272
|
|
|
$
|
8,764,711
|
|
|
|
|
$
|
12,934,878
|
|
|
$
|
9,829,981
|
|
|
Intangibles
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
635,556
|
|
|
637,264
|
|
|
491,552
|
|
|
493,045
|
|
|
|
|
977,793
|
|
|
635,556
|
|
Actual tangible
assets (non-GAAP)
|
$
|
11,957,085
|
|
|
$
|
11,772,824
|
|
|
$
|
9,912,164
|
|
|
$
|
9,604,408
|
|
|
$
|
9,194,425
|
|
|
$
|
9,686,423
|
|
|
$
|
8,380,720
|
|
|
$
|
8,271,666
|
|
|
|
|
$
|
11,957,085
|
|
|
$
|
9,194,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
4.31
|
%
|
|
7.01
|
%
|
|
8.06
|
%
|
|
7.80
|
%
|
|
|
|
8.64
|
%
|
|
6.68
|
%
|
|
Effect of adjustment
for intangible assets
|
8.72
|
%
|
|
6.25
|
%
|
|
7.20
|
%
|
|
7.02
|
%
|
|
3.63
|
%
|
|
5.73
|
%
|
|
5.70
|
%
|
|
5.68
|
%
|
|
|
|
7.34
|
%
|
|
5.16
|
%
|
Return on avg
tangible s/h's equity (non-GAAP)
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
7.94
|
%
|
|
12.74
|
%
|
|
13.76
|
%
|
|
13.48
|
%
|
|
|
|
15.98
|
%
|
|
11.84
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
4.31
|
%
|
|
7.01
|
%
|
|
8.06
|
%
|
|
7.80
|
%
|
|
|
|
8.64
|
%
|
|
6.68
|
%
|
|
Effect of exclusions
from net income
|
0.25
|
%
|
|
2.06
|
%
|
|
0.10
|
%
|
|
0.19
|
%
|
|
3.92
|
%
|
|
1.08
|
%
|
|
0.65
|
%
|
|
0.12
|
%
|
|
|
|
0.65
|
%
|
|
1.56
|
%
|
Return on avg s/h's
equity with excl. (non-GAAP)
|
8.97
|
%
|
|
9.46
|
%
|
|
9.65
|
%
|
|
9.19
|
%
|
|
8.23
|
%
|
|
8.09
|
%
|
|
8.71
|
%
|
|
7.92
|
%
|
|
|
|
9.29
|
%
|
|
8.24
|
%
|
|
Effect of adjustment
for intangible assets
|
8.95
|
%
|
|
7.82
|
%
|
|
7.27
|
%
|
|
7.15
|
%
|
|
6.44
|
%
|
|
6.53
|
%
|
|
6.13
|
%
|
|
5.76
|
%
|
|
|
|
7.85
|
%
|
|
6.24
|
%
|
Return on avg
tangible s/h's equity with exclusions (non-GAAP)
|
17.92
|
%
|
|
17.28
|
%
|
|
16.92
|
%
|
|
16.34
|
%
|
|
14.67
|
%
|
|
14.62
|
%
|
|
14.84
|
%
|
|
13.68
|
%
|
|
|
|
17.14
|
%
|
|
14.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
0.64
|
%
|
|
1.02
|
%
|
|
1.16
|
%
|
|
1.11
|
%
|
|
|
|
1.32
|
%
|
|
0.97
|
%
|
|
Effect of adjustment
for intangible assets
|
0.17
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.15
|
%
|
|
0.09
|
%
|
|
0.11
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
|
|
0.15
|
%
|
|
0.11
|
%
|
Return on avg
tangible assets (non-GAAP)
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
0.73
|
%
|
|
1.13
|
%
|
|
1.28
|
%
|
|
1.23
|
%
|
|
|
|
1.47
|
%
|
|
1.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
0.64
|
%
|
|
1.02
|
%
|
|
1.16
|
%
|
|
1.11
|
%
|
|
|
|
1.32
|
%
|
|
0.97
|
%
|
|
Effect of exclusions
from net income
|
0.04
|
%
|
|
0.32
|
%
|
|
0.02
|
%
|
|
0.03
|
%
|
|
0.58
|
%
|
|
0.16
|
%
|
|
0.10
|
%
|
|
0.02
|
%
|
|
|
|
0.10
|
%
|
|
0.23
|
%
|
Return on avg assets
with exclusions (non-GAAP)
|
1.43
|
%
|
|
1.44
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
1.22
|
%
|
|
1.18
|
%
|
|
1.26
|
%
|
|
1.13
|
%
|
|
|
|
1.42
|
%
|
|
1.20
|
%
|
|
Effect of adjustment
for intangible assets
|
0.17
|
%
|
|
0.15
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.13
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
|
|
0.16
|
%
|
|
0.12
|
%
|
Return on avg
tangible assets with exclusions (non-GAAP)
|
1.60
|
%
|
|
1.59
|
%
|
|
1.58
|
%
|
|
1.54
|
%
|
|
1.35
|
%
|
|
1.30
|
%
|
|
1.38
|
%
|
|
1.25
|
%
|
|
|
|
1.58
|
%
|
|
1.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to actual assets (GAAP)
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
15.41
|
%
|
|
14.64
|
%
|
|
14.33
|
%
|
|
14.27
|
%
|
|
|
|
15.80
|
%
|
|
15.41
|
%
|
|
Effect of adjustment
for intangible assets
|
6.88
|
%
|
|
6.97
|
%
|
|
5.43
|
%
|
|
5.61
|
%
|
|
5.85
|
%
|
|
5.61
|
%
|
|
5.02
|
%
|
|
5.11
|
%
|
|
|
|
6.88
|
%
|
|
5.85
|
%
|
Tangible capital
ratio (non-GAAP)
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
9.56
|
%
|
|
9.03
|
%
|
|
9.31
|
%
|
|
9.16
|
%
|
|
|
|
8.92
|
%
|
|
9.56
|
%
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
December
31,
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2018
|
|
2017
|
Interest income
(FTE)
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
$
|
107,773
|
|
|
$
|
102,613
|
|
|
$
|
89,429
|
|
|
$
|
83,781
|
|
|
|
|
$
|
467,755
|
|
|
$
|
383,596
|
|
|
Interest
expense
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
11,325
|
|
|
10,678
|
|
|
7,976
|
|
|
7,874
|
|
|
|
|
65,329
|
|
|
37,853
|
|
Net Interest income
(FTE)
|
$
|
116,933
|
|
|
$
|
100,880
|
|
|
$
|
93,806
|
|
|
$
|
90,807
|
|
|
$
|
96,448
|
|
|
$
|
91,935
|
|
|
$
|
81,453
|
|
|
$
|
75,907
|
|
|
|
|
$
|
402,426
|
|
|
$
|
345,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
$
|
36,374
|
|
|
$
|
38,053
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
$
|
32,441
|
|
|
$
|
33,413
|
|
|
$
|
34,265
|
|
|
$
|
32,021
|
|
|
|
|
$
|
143,961
|
|
|
$
|
132,140
|
|
|
Securities gains
(losses)
|
-
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
91
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
|
|
(16)
|
|
|
148
|
|
Total noninterest
income
|
$
|
36,374
|
|
|
$
|
38,069
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
$
|
32,350
|
|
|
$
|
33,356
|
|
|
$
|
34,265
|
|
|
$
|
32,021
|
|
|
|
|
$
|
143,977
|
|
|
$
|
131,992
|
|
Total Income
(FTE)
|
$
|
153,307
|
|
|
$
|
138,949
|
|
|
$
|
129,387
|
|
|
$
|
124,760
|
|
|
$
|
128,798
|
|
|
$
|
125,291
|
|
|
$
|
115,718
|
|
|
$
|
107,928
|
|
|
|
|
$
|
546,403
|
|
|
$
|
477,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
93,313
|
|
|
$
|
94,746
|
|
|
$
|
79,026
|
|
|
$
|
77,944
|
|
|
$
|
76,808
|
|
|
$
|
80,660
|
|
|
$
|
74,841
|
|
|
$
|
69,309
|
|
|
|
|
$
|
345,029
|
|
|
$
|
301,618
|
|
|
Amortization of
intangibles
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
1,708
|
|
|
1,766
|
|
|
1,493
|
|
|
1,563
|
|
|
|
|
7,179
|
|
|
6,530
|
|
|
Merger-related
expenses
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
723
|
|
|
6,266
|
|
|
3,044
|
|
|
345
|
|
|
|
|
14,246
|
|
|
10,378
|
|
|
Debt extinguishment
penalty
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
|
|
—
|
|
|
205
|
|
Total noninterest
expense
|
$
|
89,519
|
|
|
$
|
81,760
|
|
|
$
|
76,932
|
|
|
$
|
75,393
|
|
|
$
|
74,377
|
|
|
$
|
72,628
|
|
|
$
|
70,304
|
|
|
$
|
67,196
|
|
|
|
|
$
|
323,604
|
|
|
$
|
284,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
57.75
|
%
|
|
57.97
|
%
|
|
60.75
|
%
|
|
62.26
|
%
|
|
|
|
59.22
|
%
|
|
59.55
|
%
|
Contacts:
|
For Media:
|
|
For
Financials:
|
|
John
Oxford
|
|
Kevin
Chapman
|
|
Senior Vice
President
|
|
Executive Vice
President
|
|
Director of Marketing
and Public Relations
|
|
Chief Operating and
Financial Officer
|
|
(662)
680-1219
|
|
(662)
680-1450
|
|
joxford@renasant.com
|
|
kchapman@renasant.com
|
View original
content:http://www.prnewswire.com/news-releases/renasant-corporation-announces-record-earnings-for-2018-300782436.html
SOURCE Renasant Corporation