TUPELO, Miss., July 27, 2020 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the second quarter of 2020. Net income for the second
quarter of 2020 was $20.1 million, as
compared to $46.6 million for the
second quarter of 2019. Basic and diluted earnings per share
("EPS") were $0.36 for the second
quarter of 2020, as compared to basic and diluted EPS of
$0.80 for the second quarter of
2019.
Net income for the six months ending June
30, 2020, was $22.1 million,
as compared to net income of $91.7
million for the same time period in 2019. Basic and diluted
EPS were $0.39 for the first six
months of 2020, as compared to basic and diluted EPS of
$1.57 and $1.56, respectively, for the first six months of
2019.
"Our second quarter results reflect a rebound in core earnings
when compared to the first quarter and truly highlight our team's
continued commitment to the core operations of the bank," commented
C. Mitchell Waycaster, Renasant
President and Chief Executive Officer. "Our team members are
continuing to execute our long-term strategy throughout our
footprint while providing extraordinary service to our customers.
During the quarter, our team closed over 10,500 PPP loans and
worked through our internal deferral programs with both commercial
and consumer customers. While there are still many economic
uncertainties, we remain committed to meeting the needs of our
clients and prudently managing our balance sheet while focusing on
profitable growth without sacrificing credit quality."
"There are several bright spots in our results that highlight
the strong underlying fundamentals of our core business," commented
Kevin D. Chapman, Renasant Chief
Operating and Financial Officer. "Our mortgage division had another
tremendous quarter, with over $1.67
billion of production, continuing to provide an excellent
source of diversity in our revenue streams, and our core expenses
are trending in the right direction. Our credit quality remains
sound and is top-of-mind as we've continued the enhanced monitoring
of our loan portfolio implemented in the first quarter of this
year, especially the segments we believe are most likely to be
adversely impacted by changes in economic activity as a result of
the pandemic. Still, in response to the continued economic
uncertainty stemming from the pandemic, during the second quarter,
we prudently increased our reserves and recorded a $29.5 million provision for loan losses and
unfunded commitments. We continue to monitor the impact the
pandemic is having on every aspect of our operations, but even
during these uncertain times, our commitment to serve the needs of
each of our stakeholders remains unchanged."
Paycheck Protection Program and COVID-19 Response
Update
Through June 30, 2020, the Company
has closed over 10,500 Paycheck Protection Program ("PPP") loans in
the aggregate amount of approximately $1.3
billion. The Company made PPP loans to both new and
existing customers, and generated over $44.7
million in gross fees. Based on trends thus far, the Company
does not anticipate the amount of these fees will be materially
impacted by payments required to be made to agents of PPP
borrowers.
The Company's branch lobbies remain accessible by appointment
only (and appointments are generally limited to services that
require access inside a branch, such as access to a safe-deposit
box to address a pressing need), while protocols designed to
minimize Company employees' exposure to COVID-19, such as working
remotely, reconfiguring work spaces to promote social distancing
and adjusting staff levels, remain in place. As discussed in more
detail below, the Company continued to incur expenses, primarily
related to employee overtime and other employee benefit accruals,
in its response to the COVID-19 pandemic and expects that it will
continue to incur elevated expenses even while conditions
presenting significant challenges to growth persist. At this time,
it remains difficult to accurately predict the duration of this new
operating reality. Management's decision on when to return to
pre-pandemic operating procedures will take into account the best
interests of all of the Company's stakeholders.
Impact of Certain Expenses and Charges
From time to time, the Company incurs 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 EPS for the second quarter
of 2020. There were no such expenses and charges that had a
material impact during the second quarter of 2019 or the first six
months of 2019. The "COVID-19 related expenses" line item in the
table below primarily consists of (a) employee overtime and
employee benefit accruals directly related to the Company's
response to both the COVID-19 pandemic itself and federal
legislation enacted to address the pandemic, such as the CARES Act,
and (b) expenses associated with supplying branches with protective
equipment and sanitation supplies (such as floor markings and
cautionary signage for branches, face coverings and hand sanitizer)
as well as more frequent and rigorous branch cleaning.
(in thousands,
except per share data)
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
2020
|
|
June 30,
2020
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
Earnings, as
reported
|
$
|
24,767
|
|
$
|
20,130
|
|
$
|
0.36
|
|
|
$
|
27,548
|
|
$
|
22,138
|
|
$
|
0.39
|
|
MSR valuation
adjustment
|
4,951
|
|
4,045
|
|
0.07
|
|
|
14,522
|
|
11,835
|
|
0.21
|
|
COVID-19 related
expenses
|
6,257
|
|
5,113
|
|
0.09
|
|
|
9,160
|
|
7,465
|
|
0.13
|
|
Earnings, with
exclusions (Non-GAAP)
|
$
|
35,975
|
|
$
|
29,288
|
|
$
|
0.52
|
|
|
$
|
51,230
|
|
$
|
41,438
|
|
$
|
0.73
|
|
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. The information below under the heading
"Non-GAAP Financial Measures" explains why the Company believes the
non-GAAP financial measures in this release provide useful
information and describes the other purposes for which the Company
uses non-GAAP financial measures.
Profitability Metrics
The following tables present the Company's profitability metrics,
including and excluding the impact of the mortgage servicing rights
(MSR) valuation adjustment, debt prepayment penalties, merger and
conversion expenses and COVID-19 related expenses, as applicable,
for the dates presented:
|
As
Reported
|
With
Exclusions
(Non-GAAP)
|
|
Three Months
Ended
|
Three Months
Ended
|
|
June 30,
2020
|
March 31,
2020
|
June 30,
2019
|
June 30,
2020
|
March 31,
2020
|
June 30,
2019
|
Return on average
assets
|
0.55
|
%
|
0.06
|
%
|
1.47
|
%
|
0.80
|
%
|
0.33
|
%
|
1.47
|
%
|
Return on average
tangible assets (Non-GAAP)
|
0.63
|
%
|
0.11
|
%
|
1.64
|
%
|
0.90
|
%
|
0.40
|
%
|
1.64
|
%
|
Return on average
equity
|
3.85
|
%
|
0.38
|
%
|
8.90
|
%
|
5.62
|
%
|
2.10
|
%
|
8.92
|
%
|
Return on average
tangible equity (Non-GAAP)
|
7.72
|
%
|
1.20
|
%
|
17.15
|
%
|
11.01
|
%
|
4.41
|
%
|
17.20
|
%
|
|
As
Reported
|
With
Exclusions
(Non-GAAP)
|
|
Six Months
Ended
|
Six Months
Ended
|
|
June 30,
2020
|
|
June 30,
2019
|
June 30,
2020
|
|
June 30,
2019
|
Return on average
assets
|
0.32
|
%
|
|
1.45
|
%
|
0.59
|
%
|
|
1.45
|
%
|
Return on average
tangible assets (Non-GAAP)
|
0.39
|
%
|
|
1.63
|
%
|
0.68
|
%
|
|
1.63
|
%
|
Return on average
equity
|
2.12
|
%
|
|
8.88
|
%
|
3.97
|
%
|
|
8.89
|
%
|
Return on average
tangible equity (Non-GAAP)
|
4.49
|
%
|
|
17.28
|
%
|
7.94
|
%
|
|
17.30
|
%
|
Financial Condition
Total assets were $14.90 billion at
June 30, 2020, as compared to $13.40
billion at December 31, 2019.
Total loans held for investment were $11.00
billion at June 30, 2020, as compared to $9.69 billion at December
31, 2019. Loans held for investment at June 30, 2020 included $1.28 billion in PPP loans.
Total deposits increased to $11.85
billion at June 30, 2020, from $10.21 billion at December
31, 2019. Non-interest bearing deposits increased
$1.19 billion to $3.74 billion, or 31.57% of total deposits, at
June 30, 2020, as compared to $2.55
billion, or 24.99% of total deposits, at December 31, 2019. The growth in non-interest
bearing deposits during the quarter was primarily driven by the
Company's PPP lending (as loan proceeds are held as Company
deposits until the borrower utilizes the funds), Economic Impact
Payments provided for in the government stimulus package and core
growth.
Continued Focus on Prudent Capital Management
The Company remains committed to maintaining a strong capital and
liquidity position, while also serving the needs of its
stakeholders during these uncertain times. As previously announced,
the Company suspended its stock repurchase program during the first
quarter of 2020 in response to the COVID-19 pandemic. There is
$5.5 million of repurchase
availability remaining under the $50.0
million stock repurchase program, which will remain in
effect until the earlier of October
2020 or the repurchase of the entire amount of common stock
authorized to be repurchased by the Board of Directors.
At June 30, 2020, Tier 1 leverage capital was 9.12%, Common
Equity Tier 1 ratio was 10.69%, Tier 1 risk-based capital ratio was
11.69%, and total risk-based capital ratio was 13.72%. All
regulatory ratios exceed the minimums required to be
"well-capitalized."
The Company's ratio of shareholders' equity to assets was 13.98%
at June 30, 2020, as compared to 15.86% at December 31,
2019. Its tangible capital ratio (non-GAAP) was 7.97% at
June 30, 2020, as compared to 9.25% at December 31,
2019.
The PPP loans originated during the quarter and held on the
Company's balance sheet at June 30,
2020, negatively impacted the Company's tangible
capital ratio by 81 basis points and its leverage ratio by 61 basis
points.
Results of Operations
Net interest income was $105.8
million for the second quarter of 2020, as compared to
$106.6 million for the first quarter
of 2020 and $112.8 million for the
second quarter of 2019. Net interest income was $212.4 million for the first half of 2020, as
compared to $225.9 million for the
first half of 2019.
The Company has continued to experience margin pressure during
the second quarter of 2020 as a result of the Federal Reserve's
decision to cut interest rates as well as changes in the mix of
earning assets during the quarter due to the excess liquidity on
the balance sheet. The Company has continued to focus on lowering
the cost of funding by growing noninterest-bearing deposits and
aggressively lowering interest rates on interest-bearing deposits,
while also continuing to be opportunistic when rates offered on
wholesale borrowings are advantageous. The following tables present
the percentage of total average earning assets, by type and yield,
for the periods presented:
|
Percentage of
Total Average Earning
Assets
|
Yield
|
|
Three Months
Ended
|
Three Months
Ended
|
|
June
30,
|
March
31,
|
June
30,
|
June
30,
|
March
31,
|
June
30,
|
|
2020
|
2020
|
2019
|
2020
|
2020
|
2019
|
Loans held for
investment excl. PPP loans
|
76.31
|
%
|
83.44
|
%
|
82.65
|
%
|
4.45
|
%
|
4.93
|
%
|
5.44
|
%
|
PPP loans
|
6.78
|
|
—
|
|
—
|
|
2.73
|
|
—
|
|
—
|
|
Loans held for
sale
|
2.67
|
|
2.90
|
|
3.23
|
|
3.51
|
|
3.57
|
|
5.90
|
|
Securities
|
10.14
|
|
11.14
|
|
11.54
|
|
2.71
|
|
2.91
|
|
3.04
|
|
Other
|
4.10
|
|
2.52
|
|
2.58
|
|
0.15
|
|
1.12
|
|
2.59
|
|
Total earning
assets
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
3.95
|
%
|
4.57
|
%
|
5.11
|
%
|
|
Percentage of
Total Average
Earning Assets
|
Yield
|
|
Six Months
Ended
|
Six Months
Ended
|
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|
2020
|
2019
|
2020
|
2019
|
Loans held for
investment excl. PPP loans
|
79.71
|
%
|
82.90
|
%
|
4.69
|
%
|
5.44
|
%
|
PPP loans
|
3.55
|
|
—
|
|
2.73
|
|
—
|
|
Loans held for
sale
|
2.78
|
|
3.20
|
|
3.54
|
|
6.37
|
|
Securities
|
10.61
|
|
11.52
|
|
2.81
|
|
3.12
|
|
Other
|
3.35
|
|
2.38
|
|
0.50
|
|
2.55
|
|
Total earning
assets
|
100.00
|
%
|
100.00
|
%
|
4.25
|
%
|
5.13
|
%
|
The following tables present reported taxable equivalent net
interest margin and yield on loans, including loans held for sale,
for the periods presented (in thousands).
|
Three Months
Ended
|
|
June
30,
|
March
31,
|
June
30,
|
|
2020
|
2020
|
2019
|
Taxable equivalent
net interest income
|
$
|
107,457
|
|
$
|
108,316
|
|
$
|
114,223
|
|
Average earning
assets
|
$
|
12,776,644
|
|
$
|
11,609,477
|
|
$
|
10,942,492
|
|
Net interest
margin
|
3.38
|
%
|
3.75
|
%
|
4.19
|
%
|
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
116,703
|
|
$
|
121,729
|
|
$
|
127,896
|
|
Average loans,
including loans held for sale
|
$
|
10,956,729
|
|
$
|
10,024,114
|
|
$
|
9,396,891
|
|
Loan yield
|
4.28
|
%
|
4.88
|
%
|
5.46
|
%
|
|
Six Months
Ended
|
|
June
30,
|
June
30,
|
|
2020
|
2019
|
Taxable equivalent
net interest income
|
$
|
215,773
|
|
$
|
228,854
|
|
Average earning
assets
|
$
|
12,193,061
|
|
$
|
10,918,979
|
|
Net interest
margin
|
3.56
|
%
|
4.23
|
%
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
238,432
|
|
$
|
255,102
|
|
Average loans,
including loans held for sale
|
$
|
10,490,422
|
|
$
|
9,400,956
|
|
Loan yield
|
4.57
|
%
|
5.47
|
%
|
PPP loans reduced margin and loan yield by 5 basis points and 14
basis points, respectively, in the second quarter of 2020 and 3
basis points and 8 basis points, respectively, in the first half of
2020. In addition to the impact of PPP loans on the margin as
disclosed above, excess cash carried on the Company's balance sheet
reduced margin by 15 basis points and 9 basis points in the second
quarter and first half of 2020, respectively.
The impact from interest income collected on problem loans and
purchase accounting adjustments on loans to total interest income
on loans, including loans held for sale, loan yield and net
interest margin is shown in the following tables for the periods
presented (in thousands).
|
Three Months
Ended
|
|
June
30,
|
March
31,
|
June
30,
|
|
2020
|
2020
|
2019
|
Net interest income
collected on problem loans
|
$
|
384
|
|
$
|
218
|
|
$
|
2,173
|
|
Accretable yield
recognized on purchased loans(1)
|
4,700
|
|
5,469
|
|
7,513
|
|
Total impact to
interest income
|
$
|
5,084
|
|
$
|
5,687
|
|
$
|
9,686
|
|
|
|
|
|
Impact to total loan
yield
|
0.19
|
%
|
0.23
|
%
|
0.41
|
%
|
|
|
|
|
Impact to net
interest margin
|
0.16
|
%
|
0.20
|
%
|
0.36
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $1,731, $2,187 and
$4,197 for the three months ended June 30, 2020, March 31, 2020,
and June 30, 2019, respectively. This additional interest income
increased total loan yield by 6 basis points, 9 basis points and 18
basis points for the same periods, respectively, while increasing
net interest margin by 5 basis points, 8 basis points and 15 basis
points for the same periods, respectively.
|
|
Six Months
Ended
|
|
June
30,
|
June
30,
|
|
2020
|
2019
|
Net interest income
collected on problem loans
|
$
|
602
|
|
$
|
2,985
|
|
Accretable yield
recognized on purchased loans(1)
|
10,169
|
|
15,056
|
|
Total impact to
interest income
|
$
|
10,771
|
|
$
|
18,041
|
|
|
|
|
Impact to total loan
yield
|
0.21
|
%
|
0.39
|
%
|
|
|
|
Impact to net
interest margin
|
0.18
|
%
|
0.33
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $3,919 and $8,030 for
the six months ended June 30, 2020 and 2019, respectively. This
additional interest income increased total loan yield by 8 basis
points and 17 basis points for the same periods, respectively,
while increasing net interest margin by 6 basis points and 15 basis
points for the same periods, respectively.
|
For the second quarter of 2020, the cost of total deposits was
49 basis points, as compared to 72 basis points for the first
quarter of 2020 and 83 basis points for the second quarter of 2019.
The cost of total deposits was 60 basis points for the first six
months of 2020, as compared to 81 basis points for the same period
in 2019. The tables below present, by type, our funding sources and
the total cost of each funding source for the periods
presented:
|
Percentage of
Total Average Deposits and
Borrowed Funds
|
|
Cost of
Funds
|
|
Three Months
Ending
|
|
Three Months
Ending
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
Noninterest-bearing
demand
|
27.80
|
%
|
|
23.19
|
%
|
|
22.82
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
41.64
|
|
|
44.29
|
|
|
45.12
|
|
|
0.43
|
|
|
0.75
|
|
|
0.89
|
|
Savings
|
6.04
|
|
|
6.11
|
|
|
6.14
|
|
|
0.09
|
|
|
0.15
|
|
|
0.20
|
|
Time
deposits
|
16.44
|
|
|
18.98
|
|
|
22.56
|
|
|
1.62
|
|
|
1.71
|
|
|
1.72
|
|
Borrowed
funds
|
8.08
|
|
|
7.43
|
|
|
3.36
|
|
|
1.73
|
|
|
2.46
|
|
|
4.61
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
0.59
|
%
|
|
0.85
|
%
|
|
0.96
|
%
|
|
Percentage of
Total Average
Deposits and Borrowed Funds
|
|
Cost of
Funds
|
|
Six Months
Ending
|
|
Six Months
Ending
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Noninterest-bearing
demand
|
25.62
|
%
|
|
22.56
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
42.89
|
|
|
45.36
|
|
|
0.59
|
|
|
0.87
|
|
Savings
|
6.07
|
|
|
6.07
|
|
|
0.12
|
|
|
0.20
|
|
Time
deposits
|
17.64
|
|
|
22.60
|
|
|
1.66
|
|
|
1.66
|
|
Borrowed
funds
|
7.78
|
|
|
3.41
|
|
|
2.06
|
|
|
4.64
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.71
|
%
|
|
0.94
|
%
|
Noninterest income for the second quarter of 2020 was
$64.2 million, as compared to
$37.6 million for the first quarter
of 2020 and $42.0 million for the
second quarter of 2019. Noninterest income for the first six months
of 2020 was $101.7 million, as
compared to $77.8 million for the
same period in 2019. Service charges on deposit accounts decreased
quarter over quarter due to a decrease in overdraft fees as a
result of increased customer liquidity and a decrease in consumer
spending due to shutdowns throughout the Company's footprint.
Effective July 1, 2019, the Company
became subject to the limitations on interchange fees imposed by
the Durbin Amendment under the Dodd-Frank Act, which is reflected
in the reduction in fees and commissions on loans and deposits in
the first six months of 2020 as compared to the first six months of
2019. Mortgage banking income continued to be a strong source of
noninterest income for the Company with mortgage production during
the second quarter of 2020 of approximately $1.67 billion and year-to-date production of
$3.57 billion. Mortgage banking
income was offset by a negative MSR valuation adjustment in both
the first and second quarter of 2020. The following tables present
the components of mortgage banking income for the periods presented
(in thousands):
|
Three Months
Ended
|
|
June 30,
2020
|
March 31,
2020
|
June 30,
2019
|
Gain on sales of
loans, net
|
$
|
46,560
|
|
$
|
21,782
|
|
$
|
12,901
|
|
Fees, net
|
5,309
|
|
2,919
|
|
2,945
|
|
Mortgage servicing
income, net
|
(1,428)
|
|
405
|
|
774
|
|
MSR valuation
adjustment
|
(4,951)
|
|
(9,571)
|
|
—
|
|
Mortgage banking
income, net
|
$
|
45,490
|
|
$
|
15,535
|
|
$
|
16,620
|
|
|
Six Months
Ended
|
|
June 30,
2020
|
June 30,
2019
|
Gain on sales of
loans, net
|
$
|
68,342
|
|
$
|
20,789
|
|
Fees, net
|
8,228
|
|
4,638
|
|
Mortgage servicing
income, net
|
(1,023)
|
|
1,594
|
|
MSR valuation
adjustment
|
(14,522)
|
|
—
|
|
Mortgage banking
income, net
|
$
|
61,025
|
|
$
|
27,021
|
|
Noninterest expense was $118.3
million for the second quarter of 2020, as compared to
$115.0 million for the first quarter
of 2020 and $93.3 million for the
second quarter of 2019. Noninterest expense was $233.3 million for the first six months of 2020,
as compared to $182.1 million for the
same period in 2019. Salaries and benefits expense was $79.4 million for the second quarter of 2020,
which represents an increase of $6.2
million from the previous quarter. Compensation related to
the continued elevated mortgage production during the quarter
increased $3.2 million dollars on a
linked quarter basis. In addition, during the quarter the Company
recognized approximately $5.8 million
in expense related to elevated overtime and other accruals for
employee benefits provided in response to the COVID-19 pandemic.
The Company recorded $2.6 million provision for unfunded
commitments in other noninterest expense in the second quarter of
2020, as compared to a $3.4 million
provision for unfunded commitments in the first quarter of
2020.
Asset Quality Metrics
At June 30, 2020, the Company's credit quality metrics
remained strong. During the first quarter of 2020, in
response to the potential economic impact of COVID-19 the Company
proactively identified customers in potentially high-risk
industries. The Company placed heightened attention on borrowers in
the hospitality (such as hotel/motel), restaurant, entertainment
and retail trade (the Company does not have material exposure to
the energy industry). The Company is continuing to monitor all
asset categories given that any category or borrower could be
negatively impacted by the pandemic. To provide necessary relief to
the Company's borrowers – both consumer and commercial clients –
the Company established loan deferral programs allowing qualified
clients to defer principal and interest payments for up to 90 days.
As of June 30, 2020, approximately
21.5% of the Company's loan portfolio excluding PPP loans was in
deferral. The deferral percentage decreased to approximately 13.5%
as of July 24, 2020.
The Company's credit quality in future quarters will potentially
be impacted by both external and internal factors. External
factors outside the Company's control could include items such as
federal, state and local government measures, "shelter-in-place"
orders, economic impact of government programs and future spread of
COVID-19. Internal factors that will potentially impact
credit quality include items such as the Company's loan deferral
programs, involvement in government offered programs and the
related financial impact of these programs. The impact of each of
these items are unknown at this time and could materially and
adversely impact future credit quality.
The table below shows nonperforming assets, which includes
nonperforming loans (loans 90 days or more past due and nonaccrual
loans) and other real estate owned, as well as early stage
delinquencies (loans 30-89 days past due) for the periods presented
(in thousands).
|
June 30,
2020
|
December 31,
2019
|
|
Non
Purchased
|
Purchased
|
Total
|
Non
Purchased
|
Purchased
|
Total
|
Nonaccrual
loans
|
$
|
16,591
|
|
$
|
21,361
|
|
$
|
37,952
|
|
$
|
21,509
|
|
$
|
7,038
|
|
$
|
28,547
|
|
Loans 90 days past
due or more
|
3,993
|
|
2,158
|
|
6,151
|
|
3,458
|
|
4,317
|
|
7,775
|
|
Nonperforming
loans
|
$
|
20,584
|
|
$
|
23,519
|
|
$
|
44,103
|
|
$
|
24,967
|
|
$
|
11,355
|
|
$
|
36,322
|
|
Other real estate
owned
|
4,694
|
|
4,431
|
|
9,125
|
|
2,762
|
|
5,248
|
|
8,010
|
|
Nonperforming
assets
|
$
|
25,278
|
|
$
|
27,950
|
|
$
|
53,228
|
|
$
|
27,729
|
|
$
|
16,603
|
|
$
|
44,332
|
|
Nonperforming
loans/total loans
|
|
|
0.40
|
%
|
|
|
0.37
|
%
|
Nonperforming
loans/total loans excluding PPP loans
|
|
|
0.45
|
%
|
|
|
—
|
|
Nonperforming
assets/total assets
|
|
|
0.36
|
%
|
|
|
0.33
|
%
|
Nonperforming
assets/total assets excluding PPP loans
|
|
|
0.39
|
%
|
|
|
—
|
|
Loans 30-89 days past
due
|
$
|
6,586
|
|
$
|
3,089
|
|
$
|
9,675
|
|
$
|
22,781
|
|
$
|
14,887
|
|
$
|
37,668
|
|
Loans 30-89 days past
due/total loans
|
|
|
0.09
|
%
|
|
|
0.39
|
%
|
The implementation of CECL on January 1,
2020, which required purchased credit deteriorated loans to
be classified as nonaccrual based on performance, contributed
approximately $5.3 million as of
June 30, 2020 to the increase in
purchased nonaccrual loans.
The table below shows the allowance transition from the former
incurred loss allowance model at December
31, 2019 through the day one transition to CECL on
January 1, 2020 and the subsequent
reserve build-up through the first half of 2020 and the ending
allowance under the CECL model at June 30, 2020 (in
thousands).
|
December 31,
2019
|
January 1,
2020
|
March 31,
2020
|
June 30,
2020
|
|
Incurred Loss
Model
|
CECL
Model
Day 1
|
CECL
Model
|
Allowance for credit
losses
|
$
|
52,162
|
|
$
|
94,647
|
|
$
|
120,185
|
|
$
|
145,387
|
|
Reserve for unfunded
commitments
|
946
|
|
11,336
|
|
14,735
|
|
17,335
|
|
Total
reserves
|
$
|
53,108
|
|
$
|
105,983
|
|
$
|
134,920
|
|
$
|
162,722
|
|
Allowance for credit
losses/total loans
|
0.54
|
%
|
0.98
|
%
|
1.23
|
%
|
1.32
|
%
|
Allowance for credit
losses/total loans excluding PPP loans
|
—
|
|
—
|
|
—
|
|
1.50
|
%
|
Reserve for unfunded
commitments/total unfunded commitments
|
0.04
|
%
|
0.47
|
%
|
0.60
|
%
|
0.66
|
%
|
The Company recorded a provision for credit losses of
$26.9 million and a reserve for
unfunded commitments, which is recorded in other noninterest
expense, of $2.6 million for the
second quarter of 2020. Net loan charge-offs were $1.7 million, or 0.06% of average loans held for
investment on an annualized basis. The continued elevated provision
is driven by qualitative factors related to the uncertainty
concerning the COVID-19 pandemic, with forecasted negative GDP
growth and high unemployment rates throughout 2020 and into 2021,
and a potential prolonged economic recovery period.
The provision for credit losses recorded during the second
quarter of 2019 was $900 thousand
with net charge-offs of $676
thousand, or 0.03% of average loans held for sale on an
annualized basis. The Company's coverage ratio, or the allowance
for credit losses to nonperforming loans, was 329.65% as of
June 30, 2020, as compared to 240.19% as of March 31, 2020 and 143.61% as of December 31, 2019.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM Eastern Time
on Tuesday, July 28, 2020.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst200722.html. To access
the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation 2020 Second Quarter and Year-end 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 10146378 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until August 5, 2020.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 116-year-old
financial services institution. Renasant has assets of
approximately $14.9 billion and
operates more than 200 banking, mortgage, wealth management and
insurance offices in Mississippi,
Tennessee, Alabama, Florida and Georgia.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain, or incorporate by reference,
statements about Renasant Corporation that 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. Statements
preceded by, followed by or that otherwise include the words
"believes," "expects," "projects," "anticipates," "intends,"
"estimates," "plans," "potential," "possible," "may increase," "may
fluctuate," "will likely result," and similar expressions, or
future or conditional verbs such as "will," "should," "would" and
"could," are generally forward-looking in nature and not historical
facts. Forward-looking statements include information about the
Company's future financial performance, business strategy,
projected plans and objectives and are based on the current beliefs
and expectations of management. The Company's management
believes these forward-looking statements are reasonable, but they
are all inherently subject to significant business, economic and
competitive risks and uncertainties, many of which are beyond the
Company's control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change.
Actual results may differ from those indicated or implied in the
forward-looking statements, and such differences may be material.
Prospective investors are cautioned that any forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties and, accordingly, investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date they are made.
Currently, the most important factor that could cause the
Company's actual results to differ materially from those in
forward-looking statements is the continued impact of the COVID-19
pandemic and related governmental measures to respond to the
pandemic on the United States
economy and the economies of the markets in which the Company
operates. In this press release, the Company has addressed
the historical impact of the pandemic on the operations of the
Company and set forth certain expectations regarding the COVID-19
pandemic's future impact on the Company's business, financial
condition, results of operations, liquidity, asset quality, cash
flows and prospects. The Company believes that its statements
regarding future events and conditions in light of the COVID-19
pandemic are reasonable, but these statements are based on
assumptions regarding, among other things, how long the pandemic
will continue, the duration and extent of the governmental measures
implemented to contain the pandemic and ameliorate its impact on
businesses and individuals throughout the
United States, and the impact of the pandemic and the
government's virus containment measures on national and local
economies, all of which are out of the Company's control. If
the Company's assumptions underlying its statements about future
events prove to be incorrect, the Company's business, financial
condition, results of operations, liquidity, asset quality, cash
flows and prospects may be materially different from what is
presented in the Company's forward-looking statements.
Important factors other than the COVID-19 pandemic currently
known to management that could cause actual results to differ
materially from those in forward-looking statements include the
following: (i) the Company's ability to efficiently integrate
acquisitions into its operations, retain the customers of these
businesses, grow the acquired operations and realize the cost
savings expected from an acquisition to the extent and in the
timeframe anticipated by management; (ii) the effect of economic
conditions and interest rates on a national, regional or
international basis; (iii) timing and success of the implementation
of changes in operations to achieve enhanced earnings or effect
cost savings; (iv) competitive pressures in the consumer finance,
commercial finance, insurance, financial services, asset
management, retail banking, mortgage lending and auto lending
industries; (v) the financial resources of, and products available
from, competitors; (vi) changes in laws and regulations as well as
changes in accounting standards, such as the adoption of the CECL
model as of January 1, 2020; (vii)
changes in policy by regulatory agencies; (viii) changes in the
securities and foreign exchange markets; (ix) the Company's
potential growth, including its entrance or expansion into new
markets, and the need for sufficient capital to support that
growth; (x) changes in the quality or composition of the Company's
loan or investment portfolios, including adverse developments in
borrower industries or in the repayment ability of individual
borrowers; (xi) an insufficient allowance for credit losses as a
result of inaccurate assumptions; (xii) general economic, market or
business conditions, including the impact of inflation; (xiii)
changes in demand for loan products and financial services; (xiv)
concentration of credit exposure; (xv) changes or the lack of
changes in interest rates, yield curves and interest rate spread
relationships; (xvi) increased cybersecurity risk, including
potential network breaches, business disruptions or financial
losses; (xvii) natural disasters, epidemics and other catastrophic
events in the Company's geographic area; (xviii) the impact, extent
and timing of technological changes; and (xix) other circumstances,
many of which are beyond management's control. The COVID-19
pandemic has exacerbated, and is likely to continue to exacerbate,
the impact of any of these factors on the Company. 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 undertakes no obligation, and specifically disclaims
any obligation, to update or revise forward-looking statements,
whether as a result of new information or to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results over time, except as required by federal
securities laws.
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"), tangible book value per share and the
adjusted efficiency ratio. These non-GAAP financial measures adjust
GAAP financial measures to exclude intangible assets and/or certain
charges (such as, when applicable, COVID-19 related expenses,
merger and conversion expenses, debt prepayment penalties and asset
valuation adjustments) with respect to which the Company is unable
to accurately predict when these charges will be incurred or, when
incurred, the amount thereof. With respect to COVID-19 related
expenses in particular, management added these expenses as a charge
to exclude when calculating non-GAAP financial measures because the
expenses included within this line item (as discussed earlier in
this release) were readily quantifiable and possess the same
characteristics with respect to management's inability to
accurately predict the timing or amount thereof as the other
charges excluded when calculating non-GAAP financial measures.
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 indicators 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 and COVID-19 related charges 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.
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
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2
2020-
|
|
For The Six Months
Ending
|
|
|
|
|
2020
|
|
2019
|
|
Q2
2019
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2020
|
|
2019
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
|
125,630
|
|
|
$
|
131,887
|
|
|
$
|
135,119
|
|
|
$
|
135,927
|
|
|
$
|
139,285
|
|
|
$
|
138,578
|
|
|
(9.80)
|
%
|
|
$
|
257,517
|
|
|
$
|
277,863
|
|
|
(7.32)
|
%
|
Interest
income
|
|
$
|
123,955
|
|
|
$
|
130,173
|
|
|
$
|
133,148
|
|
|
$
|
134,476
|
|
|
$
|
137,862
|
|
|
$
|
137,094
|
|
|
(10.09)
|
|
|
$
|
254,128
|
|
|
$
|
274,956
|
|
|
(7.58)
|
|
Interest
expense
|
|
18,173
|
|
|
23,571
|
|
|
24,263
|
|
|
25,651
|
|
|
25,062
|
|
|
23,947
|
|
|
(27.49)
|
|
|
41,744
|
|
|
49,009
|
|
|
(14.82)
|
|
|
Net interest
income
|
|
105,782
|
|
|
106,602
|
|
|
108,885
|
|
|
108,825
|
|
|
112,800
|
|
|
113,147
|
|
|
(6.22)
|
|
|
212,384
|
|
|
225,947
|
|
|
(6.00)
|
|
Provision for loan
losses
|
|
26,900
|
|
|
26,350
|
|
|
2,950
|
|
|
1,700
|
|
|
900
|
|
|
1,500
|
|
|
2,888.89
|
|
|
53,250
|
|
|
2,400
|
|
|
2,118.75
|
|
|
Net interest income
after provision
|
|
78,882
|
|
|
80,252
|
|
|
105,935
|
|
|
107,125
|
|
|
111,900
|
|
|
111,647
|
|
|
(29.51)
|
|
|
159,134
|
|
|
223,547
|
|
|
(28.81)
|
|
Service charges on
deposit accounts
|
|
6,832
|
|
|
9,070
|
|
|
9,273
|
|
|
8,992
|
|
|
8,605
|
|
|
9,102
|
|
|
(20.60)
|
|
|
15,902
|
|
|
17,707
|
|
|
(10.19)
|
|
Fees and commissions
on loans and deposits
|
|
2,971
|
|
|
3,054
|
|
|
2,822
|
|
|
3,090
|
|
|
7,047
|
|
|
6,471
|
|
|
(57.84)
|
|
|
6,025
|
|
|
13,518
|
|
|
(55.43)
|
|
Insurance commissions
and fees
|
|
2,125
|
|
|
1,991
|
|
|
2,105
|
|
|
2,508
|
|
|
2,190
|
|
|
2,116
|
|
|
(2.97)
|
|
|
4,116
|
|
|
4,306
|
|
|
(4.41)
|
|
Wealth management
revenue
|
|
3,824
|
|
|
4,002
|
|
|
3,920
|
|
|
3,588
|
|
|
3,601
|
|
|
3,324
|
|
|
6.19
|
|
|
7,826
|
|
|
6,925
|
|
|
13.01
|
|
Securities gains
(losses)
|
|
31
|
|
|
—
|
|
|
—
|
|
|
343
|
|
|
-8
|
|
|
13
|
|
|
(487.50)
|
|
|
31
|
|
|
5
|
|
|
520.00
|
|
Mortgage banking
income
|
|
45,490
|
|
|
15,535
|
|
|
15,165
|
|
|
15,710
|
|
|
16,620
|
|
|
10,401
|
|
|
173.71
|
|
|
61,025
|
|
|
27,021
|
|
|
125.84
|
|
Other
|
|
2,897
|
|
|
3,918
|
|
|
4,171
|
|
|
3,722
|
|
|
3,905
|
|
|
4,458
|
|
|
(25.81)
|
|
|
6,815
|
|
|
8,363
|
|
|
(18.51)
|
|
|
Total noninterest
income
|
|
64,170
|
|
|
37,570
|
|
|
37,456
|
|
|
37,953
|
|
|
41,960
|
|
|
35,885
|
|
|
52.93
|
|
|
101,740
|
|
|
77,845
|
|
|
30.70
|
|
Salaries and employee
benefits
|
|
79,361
|
|
|
73,189
|
|
|
67,684
|
|
|
65,425
|
|
|
60,325
|
|
|
57,350
|
|
|
31.56
|
|
|
152,550
|
|
|
117,675
|
|
|
29.64
|
|
Data
processing
|
|
5,047
|
|
|
5,006
|
|
|
5,095
|
|
|
4,980
|
|
|
4,698
|
|
|
4,906
|
|
|
7.43
|
|
|
10,053
|
|
|
9,604
|
|
|
4.68
|
|
Occupancy and
equipment
|
|
13,511
|
|
|
14,120
|
|
|
13,231
|
|
|
12,943
|
|
|
11,544
|
|
|
11,835
|
|
|
17.04
|
|
|
27,631
|
|
|
23,379
|
|
|
18.19
|
|
Other real
estate
|
|
620
|
|
|
418
|
|
|
339
|
|
|
418
|
|
|
252
|
|
|
1,004
|
|
|
146.03
|
|
|
1,038
|
|
|
1,256
|
|
|
(17.36)
|
|
Amortization of
intangibles
|
|
1,834
|
|
|
1,895
|
|
|
1,946
|
|
|
1,996
|
|
|
2,053
|
|
|
2,110
|
|
|
(10.67)
|
|
|
3,729
|
|
|
4,163
|
|
|
(10.43)
|
|
Merger and conversion
related expenses
|
|
—
|
|
|
—
|
|
|
76
|
|
|
24
|
|
|
179
|
|
|
—
|
|
|
(100.00)
|
|
|
—
|
|
|
179
|
|
|
—
|
|
Debt extinguishment
penalty
|
|
90
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
100.00
|
|
|
90
|
|
|
—
|
|
|
100.00
|
|
Other
|
|
17,822
|
|
|
20,413
|
|
|
7,181
|
|
|
10,660
|
|
|
14,239
|
|
|
11,627
|
|
|
25.16
|
|
|
38,235
|
|
|
25,866
|
|
|
47.82
|
|
|
Total noninterest
expense
|
|
118,285
|
|
|
115,041
|
|
|
95,552
|
|
|
96,500
|
|
|
93,290
|
|
|
88,832
|
|
|
26.79
|
|
|
233,326
|
|
|
182,122
|
|
|
28.12
|
|
Income before income
taxes
|
|
24,767
|
|
|
2,781
|
|
|
47,839
|
|
|
48,578
|
|
|
60,570
|
|
|
58,700
|
|
|
(59.11)
|
|
|
27,548
|
|
|
119,270
|
|
|
(53.07)
|
|
Income
taxes
|
|
4,637
|
|
|
773
|
|
|
9,424
|
|
|
11,132
|
|
|
13,945
|
|
|
13,590
|
|
|
(66.75)
|
|
|
5,410
|
|
|
27,535
|
|
|
(80.35)
|
|
|
Net
income
|
|
$
|
20,130
|
|
|
$
|
2,008
|
|
|
$
|
38,415
|
|
|
$
|
37,446
|
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
(56.83)
|
|
|
$
|
22,138
|
|
|
$
|
91,735
|
|
|
(28.97)
|
|
Basic earnings per
share
|
|
$
|
0.36
|
|
|
$
|
0.04
|
|
|
$
|
0.67
|
|
|
$
|
0.65
|
|
|
$
|
0.80
|
|
|
$
|
0.77
|
|
|
(55.00)
|
|
|
$
|
0.39
|
|
|
$
|
1.57
|
|
|
(75.16)
|
|
Diluted earnings per
share
|
|
0.36
|
|
|
0.04
|
|
|
0.67
|
|
|
0.64
|
|
|
0.80
|
|
|
0.77
|
|
|
(55.00)
|
|
|
0.39
|
|
|
1.56
|
|
|
(75.00)
|
|
Average basic shares
outstanding
|
|
56,165,452
|
|
|
56,534,816
|
|
|
57,153,160
|
|
|
58,003,215
|
|
|
58,461,024
|
|
|
58,585,517
|
|
|
(3.93)
|
|
|
56,350,134
|
|
|
58,523,007
|
|
|
(3.71)
|
|
Average diluted
shares outstanding
|
|
56,325,476
|
|
|
56,706,289
|
|
|
57,391,876
|
|
|
58,192,419
|
|
|
58,618,976
|
|
|
58,730,535
|
|
|
(3.91)
|
|
|
56,514,599
|
|
|
58,669,056
|
|
|
(3.67)
|
|
Common shares
outstanding
|
|
56,181,962
|
|
|
56,141,018
|
|
|
56,855,002
|
|
|
57,455,306
|
|
|
58,297,670
|
|
|
58,633,630
|
|
|
(3.63)
|
|
|
56,181,962
|
|
|
58,297,670
|
|
|
(3.63)
|
|
Cash dividend per
common share
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
—
|
|
|
$
|
0.44
|
|
|
$
|
0.43
|
|
|
2.33
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
|
3.85
|
%
|
|
0.38
|
%
|
|
7.15
|
%
|
|
6.97
|
%
|
|
8.90
|
%
|
|
8.86
|
%
|
|
|
|
2.12
|
%
|
|
8.88
|
%
|
|
|
Return on avg
tangible s/h's equity (non-GAAP) (1)
|
|
7.72
|
%
|
|
1.20
|
%
|
|
13.75
|
%
|
|
13.38
|
%
|
|
17.15
|
%
|
|
17.41
|
%
|
|
|
|
4.49
|
%
|
|
17.28
|
%
|
|
|
Return on avg
assets
|
|
0.55
|
%
|
|
0.06
|
%
|
|
1.16
|
%
|
|
1.16
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
|
|
0.32
|
%
|
|
1.45
|
%
|
|
|
Return on avg
tangible assets (non-GAAP)(2)
|
|
0.63
|
%
|
|
0.11
|
%
|
|
1.30
|
%
|
|
1.30
|
%
|
|
1.64
|
%
|
|
1.61
|
%
|
|
|
|
0.39
|
%
|
|
1.63
|
%
|
|
|
Net interest margin
(FTE)
|
|
3.38
|
%
|
|
3.75
|
%
|
|
3.90
|
%
|
|
3.98
|
%
|
|
4.19
|
%
|
|
4.27
|
%
|
|
|
|
3.56
|
%
|
|
4.23
|
%
|
|
|
Yield on earning
assets (FTE)
|
|
3.95
|
%
|
|
4.57
|
%
|
|
4.75
|
%
|
|
4.91
|
%
|
|
5.11
|
%
|
|
5.16
|
%
|
|
|
|
4.25
|
%
|
|
5.13
|
%
|
|
|
Cost of
funding
|
|
0.59
|
%
|
|
0.85
|
%
|
|
0.89
|
%
|
|
0.97
|
%
|
|
0.96
|
%
|
|
0.92
|
%
|
|
|
|
0.71
|
%
|
|
0.94
|
%
|
|
|
Average earning
assets to average assets
|
|
86.88
|
%
|
|
86.17
|
%
|
|
85.71
|
%
|
|
85.58
|
%
|
|
85.72
|
%
|
|
85.58
|
%
|
|
|
|
86.54
|
%
|
|
85.65
|
%
|
|
|
Average loans to
average deposits
|
|
93.35
|
%
|
|
93.83
|
%
|
|
92.43
|
%
|
|
89.13
|
%
|
|
89.13
|
%
|
|
89.33
|
%
|
|
|
|
93.58
|
%
|
|
89.23
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
1.75
|
%
|
|
1.12
|
%
|
|
1.13
|
%
|
|
1.16
|
%
|
|
1.32
|
%
|
|
1.14
|
%
|
|
|
|
1.45
|
%
|
|
1.23
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
penalties/merger-related expenses) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets
|
|
3.23
|
%
|
|
3.43
|
%
|
|
2.88
|
%
|
|
2.98
|
%
|
|
2.93
|
%
|
|
2.83
|
%
|
|
|
|
3.33
|
%
|
|
2.88
|
%
|
|
|
Net overhead
ratio
|
|
1.48
|
%
|
|
2.31
|
%
|
|
1.75
|
%
|
|
1.82
|
%
|
|
1.61
|
%
|
|
1.69
|
%
|
|
|
|
1.88
|
%
|
|
1.65
|
%
|
|
|
Efficiency ratio
(FTE)
|
|
68.92
|
%
|
|
78.86
|
%
|
|
64.43
|
%
|
|
65.10
|
%
|
|
59.73
|
%
|
|
59.02
|
%
|
|
|
|
73.49
|
%
|
|
59.38
|
%
|
|
|
Adjusted efficiency
ratio (FTE) (non-GAAP) (4)
|
|
60.89
|
%
|
|
68.73
|
%
|
|
63.62
|
%
|
|
62.53
|
%
|
|
58.30
|
%
|
|
57.62
|
%
|
|
|
|
64.56
|
%
|
|
57.97
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2020
-
|
|
As
of
|
|
|
|
|
2020
|
|
2019
|
|
Q2
2019
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2020
|
|
2019
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
14,706,027
|
|
|
$
|
13,472,550
|
|
|
$
|
13,157,843
|
|
|
$
|
12,846,131
|
|
|
$
|
12,764,669
|
|
|
$
|
12,730,939
|
|
|
15.21
|
%
|
|
$
|
14,089,289
|
|
|
$
|
12,747,897
|
|
|
10.52
|
%
|
Earning
assets
|
|
12,776,643
|
|
|
11,609,477
|
|
|
11,277,000
|
|
|
10,993,645
|
|
|
10,942,492
|
|
|
10,895,205
|
|
|
16.76
|
|
|
12,193,058
|
|
|
10,918,979
|
|
|
11.67
|
|
Securities
|
|
1,295,539
|
|
|
1,292,875
|
|
|
1,234,718
|
|
|
1,227,678
|
|
|
1,262,271
|
|
|
1,253,224
|
|
|
2.64
|
|
|
1,294,207
|
|
|
1,257,772
|
|
|
2.90
|
|
Loans held for
sale
|
|
340,582
|
|
|
336,829
|
|
|
350,783
|
|
|
385,437
|
|
|
353,103
|
|
|
345,264
|
|
|
(3.55)
|
|
|
338,706
|
|
|
349,205
|
|
|
(3.01)
|
|
Loans, net of
unearned
|
|
10,616,147
|
|
|
9,687,285
|
|
|
9,457,658
|
|
|
9,109,252
|
|
|
9,043,788
|
|
|
9,059,802
|
|
|
17.39
|
|
|
10,151,716
|
|
|
9,051,751
|
|
|
12.15
|
|
Intangibles
|
|
974,237
|
|
|
975,933
|
|
|
977,506
|
|
|
975,306
|
|
|
974,628
|
|
|
976,820
|
|
|
(0.04)
|
|
|
975,085
|
|
|
975,718
|
|
|
(0.06)
|
|
Noninterest-bearing
deposits
|
|
3,439,634
|
|
|
2,586,963
|
|
|
2,611,265
|
|
|
2,500,810
|
|
|
2,395,899
|
|
|
2,342,406
|
|
|
43.56
|
|
|
3,013,298
|
|
|
2,369,300
|
|
|
27.18
|
|
Interest-bearing
deposits
|
|
7,933,035
|
|
|
7,737,615
|
|
|
7,620,602
|
|
|
7,719,510
|
|
|
7,750,986
|
|
|
7,799,892
|
|
|
2.35
|
|
|
7,835,324
|
|
|
7,775,304
|
|
|
0.77
|
|
Total
deposits
|
|
11,372,669
|
|
|
10,324,578
|
|
|
10,231,867
|
|
|
10,220,320
|
|
|
10,146,885
|
|
|
10,142,298
|
|
|
12.08
|
|
|
10,848,622
|
|
|
10,144,604
|
|
|
6.94
|
|
Borrowed
funds
|
|
1,000,789
|
|
|
829,320
|
|
|
596,101
|
|
|
308,931
|
|
|
354,234
|
|
|
363,140
|
|
|
182.52
|
|
|
915,054
|
|
|
358,662
|
|
|
155.13
|
|
Shareholders'
equity
|
|
2,101,092
|
|
|
2,105,143
|
|
|
2,131,342
|
|
|
2,131,537
|
|
|
2,102,093
|
|
|
2,065,370
|
|
|
(0.05)
|
|
|
2,103,118
|
|
|
2,083,833
|
|
|
0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2020
-
|
|
As
of
|
|
2020
|
|
2019
|
|
Q4
2019
|
|
June
30,
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2020
|
|
2019
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
14,897,207
|
|
|
$
|
13,890,550
|
|
|
$
|
13,400,618
|
|
|
$
|
13,039,674
|
|
|
$
|
12,892,653
|
|
|
$
|
12,862,395
|
|
|
11.17
|
%
|
|
$
|
14,897,207
|
|
|
$
|
12,892,653
|
|
|
15.55
|
%
|
Earning
assets
|
|
13,041,846
|
|
|
11,970,492
|
|
|
11,522,388
|
|
|
11,145,052
|
|
|
11,064,957
|
|
|
11,015,535
|
|
|
13.19
|
|
|
13,041,846
|
|
|
11,064,957
|
|
|
17.87
|
|
Securities
|
|
1,303,494
|
|
|
1,359,129
|
|
|
1,290,613
|
|
|
1,238,577
|
|
|
1,268,280
|
|
|
1,255,353
|
|
|
1.00
|
|
|
1,303,494
|
|
|
1,268,280
|
|
|
2.78
|
|
Loans held for
sale
|
|
339,747
|
|
|
448,797
|
|
|
318,272
|
|
|
392,448
|
|
|
461,681
|
|
|
318,563
|
|
|
6.75
|
|
|
339,747
|
|
|
461,681
|
|
|
(26.41)
|
|
Non purchased
loans
|
|
9,206,101
|
|
|
7,802,404
|
|
|
7,587,974
|
|
|
7,031,818
|
|
|
6,704,288
|
|
|
6,565,599
|
|
|
21.32
|
|
|
9,206,101
|
|
|
6,704,288
|
|
|
37.32
|
|
Purchased
loans
|
|
1,791,203
|
|
|
1,966,973
|
|
|
2,101,664
|
|
|
2,281,966
|
|
|
2,350,366
|
|
|
2,522,694
|
|
|
(14.77)
|
|
|
1,791,203
|
|
|
2,350,366
|
|
|
(23.79)
|
|
|
Total
loans
|
|
10,997,304
|
|
|
9,769,377
|
|
|
9,689,638
|
|
|
9,313,784
|
|
|
9,054,654
|
|
|
9,088,293
|
|
|
13.50
|
|
|
10,997,304
|
|
|
9,054,654
|
|
|
21.45
|
|
Intangibles
|
|
973,214
|
|
|
975,048
|
|
|
976,943
|
|
|
978,390
|
|
|
973,673
|
|
|
975,726
|
|
|
(0.38)
|
|
|
973,214
|
|
|
973,673
|
|
|
(0.05)
|
|
Noninterest-bearing
deposits
|
|
3,740,296
|
|
|
2,642,059
|
|
|
2,551,770
|
|
|
2,607,056
|
|
|
2,408,984
|
|
|
2,366,223
|
|
|
46.58
|
|
|
3,740,296
|
|
|
2,408,984
|
|
|
55.26
|
|
Interest-bearing
deposits
|
|
8,106,062
|
|
|
7,770,367
|
|
|
7,661,398
|
|
|
7,678,980
|
|
|
7,781,077
|
|
|
7,902,689
|
|
|
5.80
|
|
|
8,106,062
|
|
|
7,781,077
|
|
|
4.18
|
|
|
Total
deposits
|
|
11,846,358
|
|
|
10,412,426
|
|
|
10,213,168
|
|
|
10,286,036
|
|
|
10,190,061
|
|
|
10,268,912
|
|
|
15.99
|
|
|
11,846,358
|
|
|
10,190,061
|
|
|
16.25
|
|
Borrowed
funds
|
|
718,490
|
|
|
1,169,631
|
|
|
865,598
|
|
|
433,705
|
|
|
401,934
|
|
|
350,859
|
|
|
(16.99)
|
|
|
718,490
|
|
|
401,934
|
|
|
78.76
|
|
Shareholders'
equity
|
|
2,082,946
|
|
|
2,070,512
|
|
|
2,125,689
|
|
|
2,119,659
|
|
|
2,119,696
|
|
|
2,088,877
|
|
|
(2.01)
|
|
|
2,082,946
|
|
|
2,119,696
|
|
|
(1.73)
|
|
Market value per
common share
|
|
24.90
|
|
|
21.84
|
|
|
35.42
|
|
|
35.01
|
|
|
35.94
|
|
|
33.85
|
|
|
(29.70)
|
|
|
24.90
|
|
|
35.94
|
|
|
(30.72)
|
|
Book value per common
share
|
|
37.07
|
|
|
36.88
|
|
|
37.39
|
|
|
36.89
|
|
|
36.36
|
|
|
35.63
|
|
|
(0.85)
|
|
|
37.07
|
|
|
36.36
|
|
|
1.95
|
|
Tangible book value
per common share
|
|
19.75
|
|
|
19.51
|
|
|
20.20
|
|
|
19.86
|
|
|
19.66
|
|
|
18.98
|
|
|
(2.25)
|
|
|
19.75
|
|
|
19.66
|
|
|
0.46
|
|
Shareholders' equity
to assets (actual)
|
|
13.98
|
%
|
|
14.91
|
%
|
|
15.86
|
%
|
|
16.26
|
%
|
|
16.44
|
%
|
|
16.24
|
%
|
|
|
|
13.98
|
%
|
|
16.44
|
%
|
|
|
Tangible capital
ratio (non-GAAP)(3)
|
|
7.97
|
%
|
|
8.48
|
%
|
|
9.25
|
%
|
|
9.46
|
%
|
|
9.62
|
%
|
|
9.36
|
%
|
|
|
|
7.97
|
%
|
|
9.62
|
%
|
|
|
Leverage
ratio
|
|
9.12
|
%
|
|
9.90
|
%
|
|
10.37
|
%
|
|
10.56
|
%
|
|
10.65
|
%
|
|
10.44
|
%
|
|
|
|
9.12
|
%
|
|
10.65
|
%
|
|
|
Common equity tier 1
capital ratio
|
|
10.69
|
%
|
|
10.63
|
%
|
|
11.12
|
%
|
|
11.36
|
%
|
|
11.64
|
%
|
|
11.49
|
%
|
|
|
|
10.69
|
%
|
|
11.64
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
|
11.69
|
%
|
|
11.63
|
%
|
|
12.14
|
%
|
|
12.40
|
%
|
|
12.69
|
%
|
|
12.55
|
%
|
|
|
|
11.69
|
%
|
|
12.69
|
%
|
|
|
Total risk-based
capital ratio
|
|
13.72
|
%
|
|
13.44
|
%
|
|
13.78
|
%
|
|
14.07
|
%
|
|
14.62
|
%
|
|
14.57
|
%
|
|
|
|
13.72
|
%
|
|
14.62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2020
-
|
|
As
of
|
|
|
|
|
2020
|
|
2019
|
|
Q4
2019
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2020
|
|
2019
|
|
Variance
|
Non purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
1,134,965
|
|
|
$
|
1,144,004
|
|
$
|
1,052,353
|
|
|
$
|
988,867
|
|
|
$
|
930,598
|
|
|
$
|
921,081
|
|
|
7.85
|
%
|
|
$
|
1,134,965
|
|
|
$
|
930,598
|
|
|
21.96
|
%
|
SBA Paycheck
Protection Program
|
|
1,281,278
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.00
|
|
|
1,281,278
|
|
|
—
|
|
|
100.00
|
|
Lease
financing
|
|
80,779
|
|
|
84,679
|
|
81,875
|
|
|
69,953
|
|
|
59,158
|
|
|
58,651
|
|
|
(1.34)
|
|
|
80,779
|
|
|
59,158
|
|
|
36.55
|
|
Real estate-
construction
|
|
756,872
|
|
|
745,066
|
|
774,901
|
|
|
764,589
|
|
|
716,129
|
|
|
651,119
|
|
|
(2.33)
|
|
|
756,872
|
|
|
716,129
|
|
|
5.69
|
|
Real estate - 1-4
family mortgages
|
|
2,342,987
|
|
|
2,356,627
|
|
2,350,126
|
|
|
2,235,908
|
|
|
2,160,617
|
|
|
2,114,908
|
|
|
(0.30)
|
|
|
2,342,987
|
|
|
2,160,617
|
|
|
8.44
|
|
Real estate -
commercial mortgages
|
|
3,400,718
|
|
|
3,242,172
|
|
3,128,876
|
|
|
2,809,470
|
|
|
2,741,402
|
|
|
2,726,186
|
|
|
8.69
|
|
|
3,400,718
|
|
|
2,741,402
|
|
|
24.05
|
|
Installment loans to
individuals
|
|
208,502
|
|
|
229,856
|
|
199,843
|
|
|
163,031
|
|
|
96,384
|
|
|
93,654
|
|
|
4.33
|
|
|
208,502
|
|
|
96,384
|
|
|
116.32
|
|
Loans, net of
unearned
|
|
$
|
9,206,101
|
|
|
$
|
7,802,404
|
|
$
|
7,587,974
|
|
|
$
|
7,031,818
|
|
|
$
|
6,704,288
|
|
|
$
|
6,565,599
|
|
|
21.32
|
|
|
$
|
9,206,101
|
|
|
$
|
6,704,288
|
|
|
37.32
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
225,355
|
|
|
$
|
280,572
|
|
$
|
315,619
|
|
|
$
|
339,693
|
|
|
$
|
374,478
|
|
|
$
|
387,376
|
|
|
(28.60)
|
|
|
$
|
225,355
|
|
|
$
|
374,478
|
|
|
(39.82)
|
|
Real estate-
construction
|
|
34,236
|
|
|
42,829
|
|
51,582
|
|
|
52,106
|
|
|
65,402
|
|
|
89,954
|
|
|
(33.63)
|
|
|
34,236
|
|
|
65,402
|
|
|
(47.65)
|
|
Real estate - 1-4
family mortgages
|
|
445,526
|
|
|
489,674
|
|
516,487
|
|
|
561,725
|
|
|
604,855
|
|
|
654,265
|
|
|
(13.74)
|
|
|
445,526
|
|
|
604,855
|
|
|
(26.34)
|
|
Real estate -
commercial mortgages
|
|
1,010,035
|
|
|
1,066,536
|
|
1,115,389
|
|
|
1,212,905
|
|
|
1,276,567
|
|
|
1,357,446
|
|
|
(9.45)
|
|
|
1,010,035
|
|
|
1,276,567
|
|
|
(20.88)
|
|
Installment loans to
individuals
|
|
76,051
|
|
|
87,362
|
|
102,587
|
|
|
115,537
|
|
|
29,064
|
|
|
33,653
|
|
|
(25.87)
|
|
|
76,051
|
|
|
29,064
|
|
|
161.67
|
|
Loans, net of
unearned
|
|
$
|
1,791,203
|
|
|
$
|
1,966,973
|
|
$
|
2,101,664
|
|
|
$
|
2,281,966
|
|
|
$
|
2,350,366
|
|
|
$
|
2,522,694
|
|
|
(14.77)
|
|
|
$
|
1,791,203
|
|
|
$
|
2,350,366
|
|
|
(23.79)
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
16,591
|
|
|
$
|
21,384
|
|
$
|
21,509
|
|
|
$
|
15,733
|
|
|
$
|
14,268
|
|
|
$
|
12,507
|
|
|
(22.86)
|
|
|
$
|
16,591
|
|
|
$
|
14,268
|
|
|
16.28
|
|
Loans 90 past due or
more
|
|
3,993
|
|
|
4,459
|
|
3,458
|
|
|
7,325
|
|
|
4,175
|
|
|
1,192
|
|
|
15.47
|
|
|
3,993
|
|
|
4,175
|
|
|
(4.36)
|
|
Nonperforming
loans
|
|
20,584
|
|
|
25,843
|
|
24,967
|
|
|
23,058
|
|
|
18,443
|
|
|
13,699
|
|
|
(17.56)
|
|
|
20,584
|
|
|
18,443
|
|
|
11.61
|
|
Other real estate
owned
|
|
4,694
|
|
|
3,241
|
|
2,762
|
|
|
1,975
|
|
|
3,475
|
|
|
4,223
|
|
|
69.95
|
|
|
4,694
|
|
|
3,475
|
|
|
35.08
|
|
Nonperforming
assets
|
|
$
|
25,278
|
|
|
$
|
29,084
|
|
$
|
27,729
|
|
|
$
|
25,033
|
|
|
$
|
21,918
|
|
|
$
|
17,922
|
|
|
(8.84)
|
|
|
$
|
25,278
|
|
|
$
|
21,918
|
|
|
15.33
|
|
Purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
21,361
|
|
|
$
|
19,090
|
|
$
|
7,038
|
|
|
$
|
6,123
|
|
|
$
|
7,250
|
|
|
$
|
7,828
|
|
|
203.51
|
|
|
$
|
21,361
|
|
|
$
|
7,250
|
|
|
194.63
|
|
Loans 90 past due or
more
|
|
2,158
|
|
|
5,104
|
|
4,317
|
|
|
7,034
|
|
|
7,687
|
|
|
5,436
|
|
|
(50.01)
|
|
|
2,158
|
|
|
7,687
|
|
|
(71.93)
|
|
Nonperforming
loans
|
|
23,519
|
|
|
24,194
|
|
11,355
|
|
|
13,157
|
|
|
14,937
|
|
|
13,264
|
|
|
107.12
|
|
|
23,519
|
|
|
14,937
|
|
|
57.45
|
|
Other real estate
owned
|
|
4,431
|
|
|
5,430
|
|
5,248
|
|
|
6,216
|
|
|
5,258
|
|
|
5,932
|
|
|
(15.57)
|
|
|
4,431
|
|
|
5,258
|
|
|
(15.73)
|
|
Nonperforming
assets
|
|
$
|
27,950
|
|
|
$
|
29,624
|
|
$
|
16,603
|
|
|
$
|
19,373
|
|
|
$
|
20,195
|
|
|
$
|
19,196
|
|
|
68.34
|
|
|
$
|
27,950
|
|
|
$
|
20,195
|
|
|
38.40
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
1,698
|
|
|
$
|
811
|
|
$
|
1,602
|
|
|
$
|
945
|
|
|
$
|
676
|
|
|
$
|
691
|
|
|
5.99
|
|
|
$
|
2,509
|
|
|
$
|
1,367
|
|
|
83.54
|
|
Allowance for loan
losses
|
|
$
|
145,387
|
|
|
$
|
120,185
|
|
$
|
52,162
|
|
|
$
|
50,814
|
|
|
$
|
50,059
|
|
|
$
|
49,835
|
|
|
178.72
|
|
|
$
|
145,387
|
|
|
$
|
50,059
|
|
|
190.43
|
|
Annualized net loan
charge-offs / average loans
|
|
0.06
|
%
|
|
0.03
|
%
|
0.07
|
%
|
|
0.04
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
|
|
0.05
|
%
|
|
0.03
|
%
|
|
|
Nonperforming loans /
total loans*
|
|
0.40
|
%
|
|
0.51
|
%
|
0.37
|
%
|
|
0.39
|
%
|
|
0.37
|
%
|
|
0.30
|
%
|
|
|
|
0.40
|
%
|
|
0.37
|
%
|
|
|
Nonperforming assets
/ total assets*
|
|
0.36
|
%
|
|
0.42
|
%
|
0.33
|
%
|
|
0.34
|
%
|
|
0.33
|
%
|
|
0.29
|
%
|
|
|
|
0.36
|
%
|
|
0.33
|
%
|
|
|
Allowance for loan
losses / total loans*
|
|
1.32
|
%
|
|
1.23
|
%
|
0.54
|
%
|
|
0.55
|
%
|
|
0.55
|
%
|
|
0.55
|
%
|
|
|
|
1.32
|
%
|
|
0.55
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
329.65
|
%
|
|
240.19
|
%
|
143.61
|
%
|
|
140.31
|
%
|
|
149.97
|
%
|
|
184.83
|
%
|
|
|
|
329.65
|
%
|
|
149.97
|
%
|
|
|
Nonperforming loans /
total loans**
|
|
0.22
|
%
|
|
0.33
|
%
|
0.33
|
%
|
|
0.33
|
%
|
|
0.28
|
%
|
|
0.21
|
%
|
|
|
|
0.22
|
%
|
|
0.28
|
%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.17
|
%
|
|
0.21
|
%
|
0.21
|
%
|
|
0.19
|
%
|
|
0.17
|
%
|
|
0.14
|
%
|
|
|
|
0.17
|
%
|
|
0.17
|
%
|
|
|
|
*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 Six Months
Ending
|
|
|
|
June 30,
2020
|
|
March 31,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
|
|
June 30,
2019
|
|
|
|
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
|
|
$
|
7,872,371
|
|
|
$
|
81,836
|
|
|
4.18
|
%
|
|
$
|
7,654,662
|
|
|
$
|
88,554
|
|
|
4.65
|
%
|
|
$
|
6,622,202
|
|
|
$
|
83,922
|
|
|
5.08
|
%
|
|
$
|
7,763,516
|
|
|
$
|
170,390
|
|
4.41
|
%
|
|
$
|
6,538,998
|
|
|
$
|
165,106
|
|
5.09
|
%
|
Purchased
|
|
1,877,698
|
|
|
26,005
|
|
|
5.57
|
%
|
|
2,032,623
|
|
|
30,187
|
|
|
5.97
|
%
|
|
2,421,586
|
|
|
38,783
|
|
|
6.42
|
%
|
|
1,955,161
|
|
|
56,192
|
|
5.78
|
%
|
|
2,512,753
|
|
|
78,968
|
|
6.34
|
%
|
SBA Paycheck
Protection Program
|
|
866,078
|
|
|
5,886
|
|
|
2.73
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
433,039
|
|
|
5,886
|
|
2.73
|
%
|
|
—
|
|
|
—
|
|
—
|
%
|
Total
loans
|
|
10,616,147
|
|
|
113,727
|
|
|
4.31
|
%
|
|
9,687,285
|
|
|
118,741
|
|
|
4.93
|
%
|
|
9,043,788
|
|
|
122,705
|
|
|
5.44
|
%
|
|
10,151,716
|
|
|
232,468
|
|
4.61
|
%
|
|
9,051,751
|
|
|
244,074
|
|
5.44
|
%
|
Loans held for
sale
|
|
340,582
|
|
|
2,976
|
|
|
3.51
|
%
|
|
336,829
|
|
|
2,988
|
|
|
3.57
|
%
|
|
353,103
|
|
|
5,191
|
|
|
5.90
|
%
|
|
338,706
|
|
|
5,964
|
|
3.54
|
%
|
|
349,205
|
|
|
11,028
|
|
6.37
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(1)
|
|
1,031,740
|
|
|
6,386
|
|
|
2.49
|
%
|
|
1,067,274
|
|
|
7,289
|
|
|
2.75
|
%
|
|
1,084,736
|
|
|
7,699
|
|
|
2.85
|
%
|
|
1,049,507
|
|
|
13,675
|
|
2.62
|
%
|
|
1,073,422
|
|
|
15,591
|
|
2.93
|
%
|
Tax-exempt
|
|
263,799
|
|
|
2,346
|
|
|
3.58
|
%
|
|
225,601
|
|
|
2,058
|
|
|
3.67
|
%
|
|
177,535
|
|
|
1,860
|
|
|
4.20
|
%
|
|
244,700
|
|
|
4,404
|
|
3.62
|
%
|
|
184,350
|
|
|
3,882
|
|
4.25
|
%
|
Total
securities
|
|
1,295,539
|
|
|
8,732
|
|
|
2.71
|
%
|
|
1,292,875
|
|
|
9,347
|
|
|
2.91
|
%
|
|
1,262,271
|
|
|
9,559
|
|
|
3.04
|
%
|
|
1,294,207
|
|
|
18,079
|
|
2.81
|
%
|
|
1,257,772
|
|
|
19,473
|
|
3.12
|
%
|
Interest-bearing
balances with banks
|
|
524,376
|
|
|
195
|
|
|
0.15
|
%
|
|
292,488
|
|
|
811
|
|
|
1.12
|
%
|
|
283,330
|
|
|
1,830
|
|
|
2.59
|
%
|
|
408,432
|
|
|
1,006
|
|
0.50
|
%
|
|
260,251
|
|
|
3,288
|
|
2.55
|
%
|
Total
interest-earning assets
|
|
12,776,644
|
|
|
125,630
|
|
|
3.95
|
%
|
|
11,609,477
|
|
|
131,887
|
|
|
4.57
|
%
|
|
10,942,492
|
|
|
139,285
|
|
|
5.11
|
%
|
|
12,193,061
|
|
|
257,517
|
|
4.25
|
%
|
|
10,918,979
|
|
|
277,863
|
|
5.13
|
%
|
Cash and due from
banks
|
|
214,079
|
|
|
|
|
|
|
186,317
|
|
|
|
|
|
|
178,606
|
|
|
|
|
|
|
200,198
|
|
|
|
|
|
185,198
|
|
|
|
|
Intangible
assets
|
|
974,237
|
|
|
|
|
|
|
975,933
|
|
|
|
|
|
|
974,628
|
|
|
|
|
|
|
975,085
|
|
|
|
|
|
975,718
|
|
|
|
|
Other
assets
|
|
741,067
|
|
|
|
|
|
|
700,823
|
|
|
|
|
|
|
668,943
|
|
|
|
|
|
|
720,945
|
|
|
|
|
|
668,002
|
|
|
|
|
Total
assets
|
|
$
|
14,706,027
|
|
|
|
|
|
|
$
|
13,472,550
|
|
|
|
|
|
|
$
|
12,764,669
|
|
|
|
|
|
|
$
|
14,089,289
|
|
|
|
|
|
$
|
12,747,897
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(2)
|
|
$
|
5,151,713
|
|
|
$
|
5,524
|
|
|
0.43
|
%
|
|
$
|
4,939,757
|
|
|
$
|
9,253
|
|
|
0.75
|
%
|
|
$
|
4,737,780
|
|
|
$
|
10,495
|
|
|
0.89
|
%
|
|
$
|
5,045,735
|
|
|
$
|
14,777
|
|
0.59
|
%
|
|
$
|
4,763,837
|
|
|
$
|
20,569
|
|
0.87
|
%
|
Savings
deposits
|
|
747,173
|
|
|
173
|
|
|
0.09
|
%
|
|
681,182
|
|
|
252
|
|
|
0.15
|
%
|
|
644,540
|
|
|
329
|
|
|
0.20
|
%
|
|
714,177
|
|
|
426
|
|
0.12
|
%
|
|
637,644
|
|
|
621
|
|
0.20
|
%
|
Time
deposits
|
|
2,034,149
|
|
|
8,174
|
|
|
1.62
|
%
|
|
2,116,676
|
|
|
8,989
|
|
|
1.71
|
%
|
|
2,368,666
|
|
|
10,167
|
|
|
1.72
|
%
|
|
2,075,412
|
|
|
17,163
|
|
1.66
|
%
|
|
2,373,823
|
|
|
19,573
|
|
1.66
|
%
|
Total
interest-bearing deposits
|
|
7,933,035
|
|
|
13,871
|
|
|
0.70
|
%
|
|
7,737,615
|
|
|
18,494
|
|
|
0.96
|
%
|
|
7,750,986
|
|
|
20,991
|
|
|
1.09
|
%
|
|
7,835,324
|
|
|
32,366
|
|
0.83
|
%
|
|
7,775,304
|
|
|
40,763
|
|
1.06
|
%
|
Borrowed
funds
|
|
1,000,789
|
|
|
4,302
|
|
|
1.73
|
%
|
|
829,320
|
|
|
5,077
|
|
|
2.46
|
%
|
|
354,234
|
|
|
4,071
|
|
|
4.61
|
%
|
|
915,054
|
|
|
9,378
|
|
2.06
|
%
|
|
358,662
|
|
|
8,246
|
|
4.64
|
%
|
Total
interest-bearing liabilities
|
|
8,933,824
|
|
|
18,173
|
|
|
0.82
|
%
|
|
8,566,935
|
|
|
23,571
|
|
|
1.11
|
%
|
|
8,105,220
|
|
|
25,062
|
|
|
1.24
|
%
|
|
8,750,378
|
|
|
41,744
|
|
0.96
|
%
|
|
8,133,966
|
|
|
49,009
|
|
1.22
|
%
|
Noninterest-bearing
deposits
|
|
3,439,634
|
|
|
|
|
|
|
2,586,963
|
|
|
|
|
|
|
2,395,899
|
|
|
|
|
|
|
3,013,298
|
|
|
|
|
|
2,369,300
|
|
|
|
|
Other
liabilities
|
|
231,477
|
|
|
|
|
|
|
213,509
|
|
|
|
|
|
|
161,457
|
|
|
|
|
|
|
222,495
|
|
|
|
|
|
160,798
|
|
|
|
|
Shareholders'
equity
|
|
2,101,092
|
|
|
|
|
|
|
2,105,143
|
|
|
|
|
|
|
2,102,093
|
|
|
|
|
|
|
2,103,118
|
|
|
|
|
|
2,083,833
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
14,706,027
|
|
|
|
|
|
|
$
|
13,472,550
|
|
|
|
|
|
|
$
|
12,764,669
|
|
|
|
|
|
|
$
|
14,089,289
|
|
|
|
|
|
$
|
12,747,897
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
|
$
|
107,457
|
|
|
3.38
|
%
|
|
|
|
$
|
108,316
|
|
|
3.75
|
%
|
|
|
|
$
|
114,223
|
|
|
4.19
|
%
|
|
|
|
$
|
215,773
|
|
3.56
|
%
|
|
|
|
$
|
228,854
|
|
4.23
|
%
|
Cost of
funding
|
|
|
|
|
|
0.59
|
%
|
|
|
|
|
|
0.85
|
%
|
|
|
|
|
|
0.96
|
%
|
|
|
|
|
0.71
|
%
|
|
|
|
|
0.94
|
%
|
Cost of total
deposits
|
|
|
|
|
|
0.49
|
%
|
|
|
|
|
|
0.72
|
%
|
|
|
|
|
|
0.83
|
%
|
|
|
|
|
0.60
|
%
|
|
|
|
|
0.81
|
%
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
2020
|
|
2019
|
|
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2020
|
|
2019
|
Net income
(GAAP)
|
|
$
|
20,130
|
|
|
$
|
2,008
|
|
|
$
|
38,415
|
|
|
$
|
37,446
|
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
|
|
$
|
22,138
|
|
|
$
|
91,735
|
|
|
Amortization of
intangibles
|
|
1,834
|
|
|
1,895
|
|
|
1,946
|
|
|
1,996
|
|
|
2,053
|
|
|
2,110
|
|
|
|
|
3,729
|
|
|
4,163
|
|
|
Tax effect of
adjustment noted above (A)
|
|
(335)
|
|
|
(527)
|
|
|
(383)
|
|
|
(457)
|
|
|
(473)
|
|
|
(488)
|
|
|
|
|
(690)
|
|
|
(961)
|
|
Tangible net income
(non-GAAP)
|
|
$
|
21,629
|
|
|
$
|
3,376
|
|
|
$
|
39,978
|
|
|
$
|
38,985
|
|
|
$
|
48,205
|
|
|
$
|
46,732
|
|
|
|
|
$
|
25,177
|
|
|
$
|
94,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
|
$
|
20,130
|
|
|
$
|
2,008
|
|
|
$
|
38,415
|
|
|
$
|
37,446
|
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
|
|
$
|
22,138
|
|
|
$
|
91,735
|
|
|
Merger &
conversion expenses
|
|
—
|
|
|
—
|
|
|
76
|
|
|
24
|
|
|
179
|
|
|
—
|
|
|
|
|
—
|
|
|
179
|
|
|
Debt prepayment
penalties
|
|
90
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
|
|
90
|
|
|
—
|
|
|
MSR valuation
adjustment
|
|
4,951
|
|
|
9,571
|
|
|
(1,296)
|
|
|
3,132
|
|
|
—
|
|
|
—
|
|
|
|
|
14,522
|
|
|
—
|
|
|
COVID-19 related
expenses
|
|
6,257
|
|
|
2,903
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
9,160
|
|
|
—
|
|
|
Tax effect of
adjustment noted above (A)
|
|
(2,065)
|
|
|
(3,467)
|
|
|
241
|
|
|
(736)
|
|
|
(41)
|
|
|
—
|
|
|
|
|
(4,398)
|
|
|
(41)
|
|
Net income with
exclusions (non-GAAP)
|
|
$
|
29,363
|
|
|
$
|
11,015
|
|
|
$
|
37,436
|
|
|
$
|
39,920
|
|
|
$
|
46,763
|
|
|
$
|
45,110
|
|
|
|
|
$
|
41,512
|
|
|
$
|
91,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$
|
2,101,092
|
|
|
$
|
2,105,143
|
|
|
$
|
2,131,342
|
|
|
$
|
2,131,537
|
|
|
$
|
2,102,093
|
|
|
$
|
2,065,370
|
|
|
|
|
$
|
2,103,118
|
|
|
$
|
2,083,833
|
|
|
Intangibles
|
|
974,237
|
|
|
975,933
|
|
|
977,506
|
|
|
975,306
|
|
|
974,628
|
|
|
976,820
|
|
|
|
|
975,085
|
|
|
975,718
|
|
Average tangible
s/h's equity (non-GAAP)
|
|
$
|
1,126,855
|
|
|
$
|
1,129,210
|
|
|
$
|
1,153,836
|
|
|
$
|
1,156,231
|
|
|
$
|
1,127,465
|
|
|
$
|
1,088,550
|
|
|
|
|
$
|
1,128,033
|
|
|
$
|
1,108,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
$
|
14,706,027
|
|
|
$
|
13,472,550
|
|
|
$
|
13,157,843
|
|
|
$
|
12,846,131
|
|
|
$
|
12,764,669
|
|
|
$
|
12,730,939
|
|
|
|
|
$
|
14,089,289
|
|
|
$
|
12,747,897
|
|
|
Intangibles
|
|
974,237
|
|
|
975,933
|
|
|
977,506
|
|
|
975,306
|
|
|
974,628
|
|
|
976,820
|
|
|
|
|
975,085
|
|
|
975,718
|
|
Average tangible
assets (non-GAAP)
|
|
$
|
13,731,790
|
|
|
$
|
12,496,617
|
|
|
$
|
12,180,337
|
|
|
$
|
11,870,825
|
|
|
$
|
11,790,041
|
|
|
$
|
11,754,119
|
|
|
|
|
$
|
13,114,204
|
|
|
$
|
11,772,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
|
$
|
2,082,946
|
|
|
$
|
2,070,512
|
|
|
$
|
2,125,689
|
|
|
$
|
2,119,659
|
|
|
$
|
2,119,696
|
|
|
$
|
2,088,877
|
|
|
|
|
$
|
2,082,946
|
|
|
$
|
2,119,696
|
|
|
Intangibles
|
|
973,214
|
|
|
975,048
|
|
|
976,943
|
|
|
978,390
|
|
|
973,673
|
|
|
975,726
|
|
|
|
|
973,214
|
|
|
973,673
|
|
Actual tangible s/h's
equity (non-GAAP)
|
|
$
|
1,109,732
|
|
|
$
|
1,095,464
|
|
|
$
|
1,148,746
|
|
|
$
|
1,141,269
|
|
|
$
|
1,146,023
|
|
|
$
|
1,113,151
|
|
|
|
|
$
|
1,109,732
|
|
|
$
|
1,146,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
$
|
14,897,207
|
|
|
$
|
13,890,550
|
|
|
$
|
13,400,618
|
|
|
$
|
13,039,674
|
|
|
$
|
12,892,653
|
|
|
$
|
12,862,395
|
|
|
|
|
$
|
14,897,207
|
|
|
$
|
12,892,653
|
|
|
Intangibles
|
|
973,214
|
|
|
975,048
|
|
|
976,943
|
|
|
978,390
|
|
|
973,673
|
|
|
975,726
|
|
|
|
|
973,214
|
|
|
973,673
|
|
Actual tangible
assets (non-GAAP)
|
|
$
|
13,923,993
|
|
|
$
|
12,915,502
|
|
|
$
|
12,423,675
|
|
|
$
|
12,061,284
|
|
|
$
|
11,918,980
|
|
|
$
|
11,886,669
|
|
|
|
|
$
|
13,923,993
|
|
|
$
|
11,918,980
|
|
|
(A) Tax effect is
calculated based on respective periods effective tax
rate.
|
RENASANT
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
2020
|
|
2019
|
|
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2020
|
|
2019
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
|
3.85
|
%
|
|
0.38
|
%
|
|
7.15
|
%
|
|
6.97
|
%
|
|
8.90
|
%
|
|
8.86
|
%
|
|
|
|
2.12
|
%
|
|
8.88
|
%
|
|
Effect of adjustment
for intangible assets
|
|
3.87
|
%
|
|
0.82
|
%
|
|
6.60
|
%
|
|
6.41
|
%
|
|
8.25
|
%
|
|
8.55
|
%
|
|
|
|
2.37
|
%
|
|
8.40
|
%
|
Return on avg
tangible s/h's equity (non-GAAP)
|
|
7.72
|
%
|
|
1.20
|
%
|
|
13.75
|
%
|
|
13.38
|
%
|
|
17.15
|
%
|
|
17.41
|
%
|
|
|
|
4.49
|
%
|
|
17.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
|
3.85
|
%
|
|
0.38
|
%
|
|
7.15
|
%
|
|
6.97
|
%
|
|
8.90
|
%
|
|
8.86
|
%
|
|
|
|
2.12
|
%
|
|
8.88
|
%
|
|
Effect of exclusions
from net income
|
|
1.77
|
%
|
|
1.72
|
%
|
|
-0.18
|
%
|
|
0.46
|
%
|
|
0.02
|
%
|
|
—
|
%
|
|
|
|
1.85
|
%
|
|
0.01
|
%
|
Return on avg s/h's
equity with excl. (non-GAAP)
|
|
5.62
|
%
|
|
2.10
|
%
|
|
6.97
|
%
|
|
7.43
|
%
|
|
8.92
|
%
|
|
8.86
|
%
|
|
|
|
3.97
|
%
|
|
8.89
|
%
|
|
Effect of adjustment
for intangible assets
|
|
5.40
|
%
|
|
2.31
|
%
|
|
6.44
|
%
|
|
6.80
|
%
|
|
8.28
|
%
|
|
8.55
|
%
|
|
|
|
3.97
|
%
|
|
8.41
|
%
|
Return on avg
tangible s/h's equity with exclusions (non-GAAP)
|
|
11.02
|
%
|
|
4.41
|
%
|
|
13.41
|
%
|
|
14.23
|
%
|
|
17.20
|
%
|
|
17.41
|
%
|
|
|
|
7.94
|
%
|
|
17.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
|
0.55
|
%
|
|
0.06
|
%
|
|
1.16
|
%
|
|
1.16
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
|
|
0.32
|
%
|
|
1.45
|
%
|
|
Effect of adjustment
for intangible assets
|
|
0.08
|
%
|
|
0.05
|
%
|
|
0.14
|
%
|
|
0.14
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
|
|
0.07
|
%
|
|
0.18
|
%
|
Return on avg
tangible assets (non-GAAP)
|
|
0.63
|
%
|
|
0.11
|
%
|
|
1.30
|
%
|
|
1.30
|
%
|
|
1.64
|
%
|
|
1.61
|
%
|
|
|
|
0.39
|
%
|
|
1.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
|
0.55
|
%
|
|
0.06
|
%
|
|
1.16
|
%
|
|
1.16
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
|
|
0.32
|
%
|
|
1.45
|
%
|
|
Effect of exclusions
from net income
|
|
0.25
|
%
|
|
0.27
|
%
|
|
-0.03
|
%
|
|
0.07
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
|
0.27
|
%
|
|
—
|
%
|
Return on avg assets
with exclusions (non-GAAP)
|
|
0.80
|
%
|
|
0.33
|
%
|
|
1.13
|
%
|
|
1.23
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
|
|
0.59
|
%
|
|
1.45
|
%
|
|
Effect of adjustment
for intangible assets
|
|
0.10
|
%
|
|
0.07
|
%
|
|
0.14
|
%
|
|
0.16
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
|
|
0.09
|
%
|
|
0.18
|
%
|
Return on avg
tangible assets with exclusions (non-GAAP)
|
|
0.90
|
%
|
|
0.40
|
%
|
|
1.27
|
%
|
|
1.39
|
%
|
|
1.64
|
%
|
|
1.61
|
%
|
|
|
|
0.68
|
%
|
|
1.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to actual assets (GAAP)
|
|
13.98
|
%
|
|
14.91
|
%
|
|
15.86
|
%
|
|
16.26
|
%
|
|
16.44
|
%
|
|
16.24
|
%
|
|
|
|
13.98
|
%
|
|
16.44
|
%
|
|
Effect of adjustment
for intangible assets
|
|
6.01
|
%
|
|
6.43
|
%
|
|
6.61
|
%
|
|
6.80
|
%
|
|
6.82
|
%
|
|
6.88
|
%
|
|
|
|
6.01
|
%
|
|
6.82
|
%
|
Tangible capital
ratio (non-GAAP)
|
|
7.97
|
%
|
|
8.48
|
%
|
|
9.25
|
%
|
|
9.46
|
%
|
|
9.62
|
%
|
|
9.36
|
%
|
|
|
|
7.97
|
%
|
|
9.62
|
%
|
RENASANT
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
2020
|
|
2019
|
|
|
|
June
30,
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2020
|
|
2019
|
Interest income
(FTE)
|
|
$
|
125,630
|
|
|
$
|
131,887
|
|
|
$
|
135,119
|
|
|
$
|
135,927
|
|
|
$
|
139,285
|
|
|
$
|
138,578
|
|
|
|
|
$
|
257,517
|
|
|
$
|
277,863
|
|
|
Interest
expense
|
|
18,173
|
|
|
23,571
|
|
|
24,263
|
|
|
25,651
|
|
|
25,062
|
|
|
23,947
|
|
|
|
|
41,744
|
|
|
49,009
|
|
Net Interest income
(FTE)
|
|
$
|
107,457
|
|
|
$
|
108,316
|
|
|
$
|
110,856
|
|
|
$
|
110,276
|
|
|
$
|
114,223
|
|
|
$
|
114,631
|
|
|
|
|
$
|
215,773
|
|
|
$
|
228,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
$
|
64,170
|
|
|
$
|
37,570
|
|
|
$
|
37,456
|
|
|
$
|
37,953
|
|
|
$
|
41,960
|
|
|
$
|
35,885
|
|
|
|
|
$
|
101,740
|
|
|
$
|
77,845
|
|
|
Securities gains
(losses)
|
|
31
|
|
|
—
|
|
|
—
|
|
|
343
|
|
|
(8)
|
|
|
13
|
|
|
|
|
31
|
|
|
5
|
|
|
MSR valuation
adjustment
|
|
(4,951)
|
|
|
(9,571)
|
|
|
1,296
|
|
|
(3,132)
|
|
|
—
|
|
|
—
|
|
|
|
|
(14,522)
|
|
|
—
|
|
Total adjusted
noninterest income
|
|
$
|
69,090
|
|
|
$
|
47,141
|
|
|
$
|
36,160
|
|
|
$
|
40,742
|
|
|
$
|
41,968
|
|
|
$
|
35,872
|
|
|
|
|
$
|
116,231
|
|
|
$
|
77,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
|
118,285
|
|
|
$
|
115,041
|
|
|
$
|
95,552
|
|
|
$
|
96,500
|
|
|
$
|
93,290
|
|
|
$
|
88,832
|
|
|
|
|
$
|
233,326
|
|
|
$
|
182,122
|
|
|
Amortization of
intangibles
|
|
1,834
|
|
|
1,895
|
|
|
1,946
|
|
|
1,996
|
|
|
2,053
|
|
|
2,110
|
|
|
|
|
3,729
|
|
|
4,163
|
|
|
Merger-related
expenses
|
|
—
|
|
|
—
|
|
|
76
|
|
|
24
|
|
|
179
|
|
|
—
|
|
|
|
|
—
|
|
|
179
|
|
|
Debt extinguishment
penalty
|
|
90
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
|
|
90
|
|
|
—
|
|
|
COVID-19 related
expenses
|
|
6,257
|
|
|
2,903
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
9,160
|
|
|
—
|
|
|
Provision for
unfunded commitments
|
|
2,600
|
|
|
3,400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
6,000
|
|
|
—
|
|
Total adjusted
noninterest expense
|
|
$
|
107,504
|
|
|
$
|
106,843
|
|
|
$
|
93,530
|
|
|
$
|
94,426
|
|
|
$
|
91,058
|
|
|
$
|
86,722
|
|
|
|
|
$
|
214,347
|
|
|
$
|
177,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
(GAAP)
|
|
68.92
|
%
|
|
78.86
|
%
|
|
64.43
|
%
|
|
65.10
|
%
|
|
59.73
|
%
|
|
59.02
|
%
|
|
|
|
73.49
|
%
|
|
59.38
|
%
|
(4) Adjusted
Efficiency Ratio (non-GAAP)
|
|
60.89
|
%
|
|
68.73
|
%
|
|
63.62
|
%
|
|
62.53
|
%
|
|
58.30
|
%
|
|
57.62
|
%
|
|
|
|
64.56
|
%
|
|
57.97
|
%
|
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SOURCE Renasant Corporation