Renasant Corporation (NASDAQ:RNST) ("Renasant" or the "Company")
today announced record earnings per share for 2005. Basic and
diluted earnings per share were $2.33 and $2.31 for 2005,
respectively, up 8.37% and 7.94% compared to basic and diluted
earnings per share of $2.15 and $2.14 for 2004, respectively. Net
income for 2005 was $24,209,000, up 31.26%, or $5,766,000, from
2004. Basic and diluted earnings per share were $.60 for the fourth
quarter of 2005, compared to basic and diluted earnings per share
of $.45 for the fourth quarter of 2004. Net income for the fourth
quarter of 2005 was $6,218,000, compared to $4,048,000 from the
fourth quarter of 2004. "We are pleased with our 2005 performance
as we continue to realize the benefits of our mergers with Heritage
Financial Holding Corporation ("Heritage") and Renasant Bancshares,
Inc. Consistent with our strategic goals, we continue to experience
a low level of charge-offs and non-performing loans. Net interest
margin for the fourth quarter of 2005 improved slightly from the
third quarter of 2005 while non-interest income continues to be
strong. Reflecting this performance, we are excited to mention
that, in their January 9, 2006 report, Stephens Inc. Investment
Bankers selected Renasant as the "Best Idea to Start the New Year"
for investment in a bank or thrift," commented Renasant Chairman
and Chief Executive Officer, E. Robinson McGraw. Total assets as of
December 31, 2005 were $2.398 billion, an increase of 40.45%, from
December 31, 2004, reflecting primarily the acquisition of
Heritage. Total loans grew 44.22% to $1.646 billion at the end of
the fourth quarter of 2005 from December 31, 2004 while total
deposits grew 41.69% to $1.868 billion during the same period. The
increase in total loans and total deposits was also primarily due
to the Heritage acquisition. Excluding the balances from the
Heritage acquisition, total loans and deposits at December 31, 2005
grew $115,002,000, or 10.07%, and $168,776,000, or 12.80%,
respectively, from December 31, 2004. "We are realizing strong
growth in loans and deposits for our Tennessee division, with
increases of over $94 million and $65 million for 2005,
respectively, over 2004. We are beginning to realize solid loan
growth in Alabama with a $13 million increase in loans since the
Heritage acquisition. Alabama deposit growth has been robust in
2005 with $43 million in deposits generated since the Heritage
acquisition, including the intentional runoff of nearly $20 million
in brokered deposits which Heritage held at the time of the merger.
In Mississippi, deposit growth remained strong at $61 million for
2005 while loans have grown by $8 million," stated McGraw. "It is
important to note that approximately 70% of our loans and 61% of
our deposits are now in what we consider to be key growth markets."
"We continue to expand our presence in new growth markets with the
recent opening of a full-service banking office in a high profile
East Memphis, Tennessee location, and we expect to open a full
service banking office in Collierville, Tennessee in the first
quarter of 2006," commented McGraw. "We have acquired a prime
location on the historic square in Oxford, Mississippi to
compliment our recently opened full service banking office located
at one of Oxford's busiest intersections and our ATM located on the
campus of the University of Mississippi. Our strategic plan also
calls for the opening of additional offices in Huntsville,
Nashville, Birmingham and other growth markets in 2006 and 2007,"
continued McGraw. Net interest income grew 37.34% to $20,914,000
for the fourth quarter of 2005 compared to $15,228,000 for the same
period in 2004 due to loan growth and the Company's acquisition of
Heritage. During the fourth quarter of 2005, the Company recorded
$740,000 in interest income as cash flows from certain Heritage
loans accounted for under SOP 03-3 exceeded initial estimates. Net
interest margin decreased to 4.11% for the fourth quarter of 2005
from 4.20% for the fourth quarter of 2004. The additional interest
income from the Heritage loans accounted for under SOP 03-3
increased net interest margin for the fourth quarter of 2005 by 14
basis points. Excluding this increase, net interest margin for the
fourth quarter of 2005 was 3.97%, up 3 basis points from 3.94% in
the third quarter of 2005. Noninterest income increased 52.86% to
$10,118,000 for the fourth quarter of 2005 from $6,619,000 for the
fourth quarter of 2004. Noninterest income for the fourth quarter
of 2004 includes $1,093,000 from an other-than-temporary impairment
charge on certain Fannie Mae and Freddie Mac preferred stock held
in our securities portfolio. The increase in noninterest income was
due to the combination of the Heritage acquisition and improvements
in service charges, fees and commissions generated on the Company's
loan and deposit products, trust revenue and gains on the sale of
mortgage loans. Noninterest expense was $21,557,000 for the fourth
quarter of 2005 compared to $16,631,000 for the fourth quarter of
2004 due primarily to the acquisition of Heritage. Noninterest
expense to average assets decreased to 3.59% for the fourth quarter
of 2005 compared to 3.92% for the fourth quarter of 2004. The
decrease reflects the planned elimination of duplicate data
processing operations and staff as a result of the Heritage merger,
reduced data processing costs through contract renegotiations with
the Company's primary vendor and planned Mississippi staff
reductions. "Included in 2005 and 2004 earnings are after-tax
expenses of $420,000 and $313,000, respectively, related to the
expensing of stock options. We elected to expense stock options at
the beginning of 2001, and this decision reduced 2005 and 2004
earnings by $.04 and $.03 per share, respectively," stated McGraw.
Credit quality remained strong during the fourth quarter of 2005.
Annualized net charge-offs as a percentage of average loans were
.19% for the fourth quarter of 2005, down from .64% for the fourth
quarter of 2004. Of the fourth quarter 2004 net charge-offs,
$1,634,000, or .57%, was related to the sale of commercial and
commercial real estate loans during the fourth quarter of 2004. The
credit quality of these loans had declined below the desired credit
standards of the Company. Existing reserves on these loans exceeded
the charge-off amount by $612,000 which reduced the loan loss
provision for the fourth quarter of 2004. Net charge-offs as a
percentage of average loans for the year ended December 31, 2005,
were .20% compared to .32% for 2004. Non-performing loans as a
percentage of total loans were .42% at December 31, 2005, as
compared to .76% as of December 31, 2004. The allowance for loan
losses as a percentage of loans was 1.12% at December 31, 2005, as
compared to 1.26% for December 31, 2004. The non-performing loan
coverage ratio was 266.52% at December 31, 2005 compared to 166.30%
at December 31, 2004. The acquisition of Heritage was completed on
January 1, 2005 using the purchase accounting method under
generally accepted accounting principles. Under this method of
accounting, the financial statements of the Company do not reflect
the results of operations of Heritage prior to January 1, 2005. The
balance sheet of the Company as of December 31, 2005, however,
reflects the Company's acquisition of Heritage, including total
assets of $540.3 million, total loans of $389.8 million, total
deposits of $381.0 million, goodwill of $47.6 million and core
deposits intangible of $4.6 million. The Company issued 1,369,589
shares of Renasant common stock and paid $23.1 million cash in
connection with the acquisition. CONFERENCE CALL INFORMATION A live
audio webcast of a conference call with analysts will be available
beginning at 10:00 a.m. Eastern time on Wednesday, January 18,
2006, through the Company's website: www.renasant.com, and through
Thompson/CCBN's individual investor center at
www.fulldisclosure.com, or any of Thompson/CCBN's Investor
Distribution Network. The event will be archived for 90 days. If
Internet access is unavailable, the conference may also be heard
live (listen-only) via telephone by dialing 1-866-711-8198 in the
United States and entering the participant passcode: 53151230. The
conference call will be available for replay by dialing
888-286-8010 and entering passcode: 38741162. ABOUT RENASANT
CORPORATION Renasant Corporation is the parent of Renasant Bank and
Renasant Insurance. Renasant has assets of approximately $2.4
billion and operates 61 banking and insurance offices in 36 cities
in Mississippi, Tennessee and Alabama. NOTE TO INVESTORS This news
release may contain, or incorporate by reference, statements which
may constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such
forward looking statements usually include words such as "expects,"
"projects," "anticipates," "believes," "intends," "estimates,"
"strategy," "plan," "potential," "possible" and other similar
expressions. Prospective investors are cautioned that any such
forward-looking statements are not guarantees for future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to
management that could cause actual results to differ materially
from those in forward-looking statements include significant
fluctuations in interest rates, inflation, economic recession,
significant changes in the federal and state legal and regulatory
environment, significant underperformance in our portfolio of
outstanding loans, and competition in our markets. We undertake no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time. -0- *T RENASANT
CORPORATION
----------------------------------------------------------------------
(Unaudited) (Dollars in thousands, except per share data) 2005
--------------------------------------------------- Statement of
Fourth Third Second First earnings Quarter Quarter Quarter Quarter
------------------ ------------ ------------ ------------
------------ Interest income - taxable equivalent basis $ 35,620 $
33,249 $ 32,718 $ 30,146 Interest income $ 34,777 $ 32,417 $ 31,900
$ 29,295 Interest expense 13,863 12,678 11,445 9,977 -----------
----------- ----------- ----------- Net interest income 20,914
19,739 20,455 19,318 Provision for loan losses 712 833 848 597
----------- ----------- ----------- ----------- Net interest income
after provision 20,202 18,906 19,607 18,721 Service charges on
deposit accounts 4,377 4,358 4,167 3,874 Fees and commissions on
loans and deposits 2,865 2,853 2,965 2,505 Insurance commissions
and fees 881 955 906 831 Trust revenue 644 613 611 625 Gain (loss)
on sale of securities - - (32) 102 Gain on sale of mortgage loans
673 766 673 693 Gain on sale of merchant business - - - - Merchant
discounts 2 2 2 2 Other 676 697 659 1,271 ----------- -----------
----------- ----------- Total non- interest income 10,118 10,244
9,951 9,903 Salaries and employee benefits 11,438 11,696 11,520
11,459 Occupancy and equipment 2,785 2,220 2,222 2,605 Data
processing 1,056 966 962 1,044 Amortization of intangibles 543 557
571 586 Other 5,735 5,125 5,581 5,269 ----------- -----------
----------- ----------- Total non- interest expense 21,557 20,564
20,856 20,963 Income before income taxes 8,763 8,586 8,702 7,661
Income taxes 2,545 2,261 2,495 2,202 ----------- -----------
----------- ----------- Net income $ 6,218 $ 6,325 $ 6,207 $ 5,459
=========== =========== =========== =========== Basic earnings per
share $ 0.60 $ 0.61 $ 0.60 $ 0.52 Diluted earnings per share 0.60
0.60 0.59 0.52 Average basic shares outstanding 10,318,913
10,396,579 10,400,330 10,406,243 Average diluted shares outstanding
10,429,769 10,511,212 10,518,760 10,560,330 Common shares
outstanding 10,289,510 10,380,372 10,397,897 10,412,775 Cash
dividend per common share $ 0.22 $ 0.22 $ 0.22 $ 0.21 Performance
ratios ------------------ Return on average shareholders' equity
10.45% 10.57% 10.64% 9.40% Return on average shareholders' equity,
excluding amortization expense 11.01% 11.14% 11.25% 10.16% Return
on average assets 1.04% 1.07% 1.06% 0.93% Return on average assets,
excluding amortization expense 1.09% 1.12% 1.12% 1.01% Net interest
margin (FTE) 4.11% 3.94% 4.14% 3.98% Yield on earning assets (FTE)
6.73% 6.36% 6.36% 5.95% Average earning assets to average assets
88.18% 88.06% 88.10% 87.54% Average loans to average deposits
89.96% 90.68% 90.75% 90.75% Noninterest income (less securities
gains / losses) to average assets 1.68% 1.73% 1.71% 1.68%
Noninterest expense to average assets 3.59% 3.47% 3.57% 3.58% Net
overhead ratio 1.90% 1.74% 1.86% 1.91% Efficiency ratio (FTE)
67.63% 66.73% 66.79% 69.71% (a) Percent variance not meaningful
2004 -------------------------------------------------- Statement
of Fourth Third Second First earnings Quarter Quarter Quarter
Quarter ------------------- ----------- ------------ ------------
----------- Interest income - taxable equivalent basis $ 21,803 $
21,538 $ 18,418 $ 18,441 Interest income $ 21,076 $ 20,805 $ 17,559
$ 17,584 Interest expense 5,848 5,802 5,012 5,134 ----------
---------- ---------- ---------- Net interest income 15,228 15,003
12,547 12,450 Provision for loan losses (82) 636 488 505 ----------
---------- ---------- ---------- Net interest income after
provision 15,310 14,367 12,059 11,945 Service charges on deposit
accounts 3,856 4,067 3,732 3,700 Fees and commissions on loans and
deposits 1,812 1,975 1,958 1,671 Insurance commissions and fees 887
993 890 820 Trust revenue 419 658 606 464 Gain (loss) on sale of
securities (1,130) 51 (31) 89 Gain on sale of mortgage loans 166
138 151 128 Gain on sale of merchant business - - 1,000 - Merchant
discounts 39 7 270 356 Other 570 489 543 943 ---------- ----------
---------- ---------- Total non-interest income 6,619 8,378 9,119
8,171 Salaries and employee benefits 8,755 9,106 7,952 7,593
Occupancy and equipment 2,406 2,095 1,727 1,566 Data processing
1,159 1,020 1,141 1,163 Amortization of intangibles 389 403 100 123
Other 3,922 3,586 3,262 3,241 ---------- ---------- ----------
---------- Total non-interest expense 16,631 16,210 14,182 13,686
Income before income taxes 5,298 6,535 6,996 6,430 Income taxes
1,250 1,844 1,939 1,783 ---------- ---------- ---------- ----------
Net income $ 4,048 $ 4,691 $ 5,057 $ 4,647 ========== ==========
========== ========== Basic earnings per share $ 0.45 $ 0.52 $ 0.61
$ 0.57 Diluted earnings per share 0.45 0.52 0.61 0.57 Average basic
shares outstanding 9,024,384 8,977,549 8,186,826 8,191,530 Average
diluted shares outstanding 9,081,944 9,042,695 8,207,941 8,212,533
Common shares outstanding 9,046,997 9,018,145 8,186,826 8,186,826
Cash dividend per common share $ 0.21 $ 0.21 $ 0.20 $ 0.20
Performance ratios ------------------- Return on average
shareholders' equity 9.07% 10.49% 14.02% 13.27% Return on average
shareholders' equity, excluding amortization expense 9.55% 10.98%
14.27% 13.56% Return on average assets 0.95% 1.12% 1.40% 1.29%
Return on average assets, excluding amortization expense 1.00%
1.17% 1.43% 1.32% Net interest margin (FTE) 4.20% 4.16% 4.10% 4.09%
Yield on earning assets (FTE) 5.74% 5.69% 5.64% 5.67% Average
earning assets to average assets 89.10% 89.52% 91.10% 90.79%
Average loans to average deposits 84.13% 82.46% 77.17% 76.09%
Noninterest income (less securities gains/ losses) to average
assets 1.82% 1.98% 2.26% 2.25% Noninterest expense to average
assets 3.92% 3.86% 3.94% 3.80% Net overhead ratio 2.09% 1.88% 1.68%
1.56% Efficiency ratio (FTE) 73.67% 67.22% 62.96% 63.72% (a)
Percent variance not meaningful 4th Qtr 2005 - 4th Qtr For the Year
2004 Ended December 31, --------------------------------------
Statement of Percent Percent earnings Variance 2005 2004 Variance
-------------------- ---------- ----------- ---------- -----------
Interest income - taxable equivalent basis 63.37 $ 131,733 $ 80,200
64.26 Interest income 65.01 $ 128,389 $ 77,024 66.69 Interest
expense 137.06 47,963 21,796 120.05 ---------- -----------
---------- ----------- Net interest income 37.34 80,426 55,228
45.63 Provision for loan losses (968.29) 2,990 1,547 93.28
---------- ----------- ---------- ----------- Net interest income
after provision 31.95 77,436 53,681 44.25 Service charges on
deposit accounts 13.51 16,776 15,355 9.25 Fees and commissions on
loans and deposits 58.11 11,188 7,416 50.86 Insurance commissions
and fees (0.68) 3,573 3,590 (0.47) Trust revenue 53.70 2,493 2,147
16.12 Gain (loss) on sale of securities (100.00) 70 (1,021)
(106.86) Gain on sale of mortgage loans 305.42 2,805 583 381.13
Gain on sale of merchant business - - 1,000 (100.00) Merchant
discounts (94.87) 8 672 (98.81) Other 18.60 3,303 2,545 29.78
---------- ----------- ---------- ----------- Total non-interest
income 52.86 40,216 32,287 24.56 Salaries and employee benefits
30.65 46,113 33,406 38.04 Occupancy and equipment 15.75 9,832 7,794
26.15 Data processing (8.89) 4,028 4,483 (10.15) Amortization of
intangibles 39.59 2,257 1,015 122.36 Other 46.23 21,710 14,011
54.95 ---------- ----------- ---------- ----------- Total
non-interest expense 29.62 83,940 60,709 38.27 Income before income
taxes 65.40 33,712 25,259 33.47 Income taxes 103.60 9,503 6,816
39.42 ---------- ----------- ---------- ----------- Net income
53.61 $ 24,209 $ 18,443 31.26 ========== =========== ==========
=========== Basic earnings per share 33.33 $ 2.33 $ 2.15 8.37
Diluted earnings per share 33.33 2.31 2.14 7.94 Average basic
shares outstanding 14.34 10,380,320 8,597,267 20.74 Average diluted
shares outstanding 14.84 10,491,067 8,637,008 21.47 Common shares
outstanding 13.73 10,289,510 9,046,997 13.73 Cash dividend per
common share 4.76 $ 0.87 $ 0.82 6.10 Performance ratios
-------------------- Return on average shareholders' equity 10.29%
11.52% Return on average shareholders' equity, excluding
amortization expense 10.87% 11.91% Return on average assets 1.03%
1.18% Return on average assets, excluding amortization expense
1.09% 1.22% Net interest margin (FTE) 4.05% 4.14% Yield on earning
assets (FTE) 6.36% 5.68% Average earning assets to average assets
87.94% 90.01% Average loans to average deposits 91.16% 79.91%
Noninterest income (less securities gains / losses) to average
assets 1.70% 2.12% Noninterest expense to average assets 3.56%
3.87% Net overhead ratio 1.86% 1.75% Efficiency ratio (FTE) 67.70%
66.94% (a) Percent variance not meaningful RENASANT CORPORATION
----------------------------------------------------------------------
(Unaudited) (Dollars in thousands, except per share data) 2005
----------------------------------------------- Fourth Third Second
First Average balances Quarter Quarter Quarter Quarter
---------------------- ----------- ----------- -----------
----------- Total assets $2,382,811 $2,353,914 $2,340,597
$2,339,201 Earning assets 2,101,218 2,072,762 2,062,124 2,047,770
Securities 404,882 408,161 420,463 452,818 Loans, net of unearned
1,661,546 1,640,121 1,611,143 1,576,877 Intangibles 100,657 101,323
101,385 101,453 Non-interest bearing deposits 244,384 235,611
234,946 229,638 Interest bearing deposits 1,602,674 1,573,085
1,515,318 1,483,677 Total deposits 1,847,058 1,808,696 1,750,264
1,713,315 Other borrowings 274,922 289,849 333,710 371,855
Shareholders' equity 236,015 237,386 233,908 232,348 Asset quality
data ---------------------- Nonaccrual loans $ 3,984 $ 3,803 $
4,157 $ 3,807 Loans 90 past due or more 2,906 3,398 2,292 3,002
---------- ---------- ---------- ---------- Non-performing loans
6,890 7,201 6,449 6,809 Other real estate owned and repossessions
4,299 6,646 7,114 7,232 ---------- ---------- ---------- ----------
Non-performing assets $ 11,189 $ 13,847 $ 13,563 $ 14,041
========== ========== ========== ========== Net loan charge-offs $
813 $ 465 $ 780 $ 1,186 Allowance for loan losses 18,363 18,448
18,080 18,012 Non-performing loans / total loans 0.42% 0.45% 0.40%
0.43% Non-performing assets / total assets 0.47% 0.58% 0.58% 0.60%
Allowance for loan losses / total loans 1.12% 1.15% 1.14% 1.14%
Allowance for loan losses / non-performing loans 266.52% 256.19%
280.35% 264.53% Net loan charge-offs (annualized) / average loans
0.19% 0.11% 0.19% 0.31% Balances at period end
---------------------- Total assets $2,398,173 $2,379,793
$2,353,385 $2,320,164 Earning assets 2,105,281 2,073,678 2,075,244
2,041,307 Securities 399,034 400,786 415,193 425,196 Mortgage loans
held for sale 33,496 42,865 32,792 32,623 Loans, net of unearned
1,646,223 1,608,697 1,592,391 1,572,103 Intangibles 100,664 100,766
101,528 101,406 Non-interest bearing deposits $ 250,270 $ 244,086 $
233,095 $ 238,651 Interest bearing deposits 1,618,181 1,574,232
1,531,082 1,502,350 Total deposits 1,868,451 1,818,318 1,764,177
1,741,001 Other borrowings 266,505 299,076 334,952 324,330
Shareholders' equity 235,440 237,211 235,454 230,892 Market value
per common share 31.63 31.65 30.76 31.10 Book value per common
share 22.88 22.85 22.64 22.17 Tangible book value per common share
13.10 13.14 12.88 12.44 Shareholders' equity to assets (actual)
9.82 9.97 10.00 9.95 Tangible capital ratio 5.87 5.99 5.95 5.84
Leverage ratio 8.61 8.79 8.67 8.59 Detail of Loans by Category
---------------------- Commercial, financial, agricultural $
226,203 $ 224,673 $ 228,371 $ 228,305 Lease financing 7,469 8,143
9,576 10,763 Real estate - construction 169,543 162,694 159,798
159,155 Real estate - 1-4 family mortgages 566,455 558,616 547,307
531,347 Real estate - commercial mortgages 597,273 570,849 556,694
537,800 Installment loans to individuals 79,280 83,722 90,645
104,733 ---------- ---------- ---------- ---------- Loans, net of
unearned $1,646,223 $1,608,697 $1,592,391 $1,572,103 ==========
========== ========== ========== (a) Percent variance not
meaningful 2004 -----------------------------------------------
Fourth Third Second First Average balances Quarter Quarter Quarter
Quarter ---------------------- ----------- ----------- -----------
----------- Total assets $1,699,207 $1,681,430 $1,440,130
$1,439,689 Earning assets 1,514,042 1,505,190 1,311,945 1,307,160
Securities 377,482 388,286 403,959 405,543 Loans, net of unearned
1,128,631 1,103,362 897,219 871,897 Intangibles 48,128 51,483 5,697
5,797 Non-interest bearing deposits 195,732 182,542 160,744 140,084
Interest bearing deposits 1,143,957 1,153,291 999,160 1,003,744
Total deposits 1,339,689 1,335,833 1,159,904 1,143,828 Other
borrowings 161,263 149,590 123,197 113,586 Shareholders' equity
178,591 178,855 144,306 140,084 Asset quality data
---------------------- Nonaccrual loans $ 6,443 $ 5,626 $ 5,566 $
5,413 Loans 90 past due or more 2,228 2,054 1,848 3,891 ----------
---------- ---------- ---------- Non-performing loans 8,671 7,680
7,414 9,304 Other real estate owned and repossessions 2,324 2,516
1,901 1,661 ---------- ---------- ---------- ----------
Non-performing assets $ 10,995 $ 10,196 $ 9,315 $ 10,965 ==========
========== ========== ========== Net loan charge-offs $ 1,824 $ 324
$ 610 $ 463 Allowance for loan losses 14,403 16,309 13,152 13,274
Non-performing loans / total loans 0.76% 0.68% 0.82% 1.05%
Non-performing assets / total assets 0.64% 0.60% 0.65% 0.75%
Allowance for loan losses / total loans 1.26% 1.45% 1.45% 1.50%
Allowance for loan losses / non-performing loans 166.30% 212.36%
177.39% 142.67% Net loan charge-offs (annualized) / average loans
0.64% 0.12% 0.28% 0.21% Balances at period end
---------------------- Total assets $1,707,545 $1,706,462
$1,422,381 $1,469,269 Earning assets 1,519,704 1,527,387 1,295,876
1,347,168 Securities 371,581 384,550 360,120 425,609 Mortgage loans
held for sale 2,714 1,502 1,708 1,255 Loans, net of unearned
1,141,480 1,128,047 906,186 882,484 Intangibles 50,424 50,712 5,646
5,746 Non-interest bearing deposits $ 200,922 $ 201,419 $ 160,771 $
195,837 Interest bearing deposits 1,117,755 1,135,882 990,310
1,002,188 Total deposits 1,318,677 1,337,301 1,151,081 1,198,025
Other borrowings 191,547 172,723 115,679 112,340 Shareholders'
equity 179,042 176,712 138,276 141,286 Market value per common
share 33.10 32.55 34.56 33.70 Book value per common share 19.79
19.60 16.89 17.26 Tangible book value per common share 14.22 13.97
16.20 16.56 Shareholders' equity to assets (actual) 10.49 10.36
9.72 9.62 Tangible capital ratio 7.76 7.61 9.36 9.26 Leverage ratio
8.97 8.95 10.77 10.54 Detail of Loans by Category
---------------------- Commercial, financial, agricultural $
175,571 $ 177,018 $ 142,999 $ 139,960 Lease financing 10,809 11,450
11,365 11,785 Real estate - construction 96,404 94,779 58,344
59,361 Real estate - 1-4 family mortgages 375,698 356,798 320,198
309,029 Real estate - commercial mortgages 395,048 394,386 291,012
277,517 Installment loans to individuals 87,950 93,616 82,268
84,832 ---------- ---------- ---------- ---------- Loans, net of
unearned $1,141,480 $1,128,047 $ 906,186 $ 882,484 ==========
========== ========== ========== (a) Percent variance not
meaningful 4th Qtr 2005 - 4th Qtr For the Year 2004 Ended December
31, ----------------------------------- Percent Percent Average
balances Variance 2005 2004 Variance -----------------------
---------- ---------- ----------- ---------- Total assets 40.23
$2,354,671 $ 1,567,638 50.21 Earning assets 38.78 2,070,661
1,410,977 46.75 Securities 7.26 420,889 394,456 6.70 Loans, net of
unearned 47.22 1,622,749 1,000,713 62.16 Intangibles 109.14 101,194
33,461 (a) Non-interest bearing deposits 24.86 235,998 176,908
33.40 Interest bearing deposits 40.10 1,544,095 1,075,440 43.58
Total deposits 37.87 1,780,093 1,252,348 42.14 Other borrowings
70.48 315,046 137,008 129.95 Shareholders' equity 32.15 235,372
160,032 47.08 Asset quality data ----------------------- Nonaccrual
loans (38.17) $ 3,984 $ 6,443 (38.17) Loans 90 past due or more
30.43 2,906 2,228 30.43 ---------- ----------- Non-performing loans
(20.54) 6,890 8,671 (20.54) Other real estate owned and
repossessions 84.98 4,299 2,324 84.98 ---------- -----------
Non-performing assets 1.76 $ 11,189 $ 10,995 1.76 ==========
=========== Net loan charge-offs (55.43) $ 3,244 $ 3,221 0.71
Allowance for loan losses 27.49 18,363 14,403 27.49 Non-performing
loans / total loans 0.42% 0.76% Non-performing assets / total
assets 0.47% 0.64% Allowance for loan losses / total loans 1.12%
1.26% Allowance for loan losses / non-performing loans 266.52%
166.30% Net loan charge-offs (annualized) / average loans 0.20%
0.32% Balances at period end ----------------------- Total assets
$2,398,173 $ 1,707,545 40.45 Earning assets 2,105,281 1,519,704
38.53 Securities 399,034 371,581 7.39 Mortgage loans held for sale
33,496 2,714 1,134.19 Loans, net of unearned 1,646,223 1,141,480
44.22 Intangibles 100,664 50,424 99.64 Non-interest bearing
deposits $ 250,270 $ 200,922 24.56 Interest bearing deposits
1,618,181 1,117,755 44.77 Total deposits 1,868,451 1,318,677 41.69
Other borrowings 266,505 191,547 39.13 Shareholders' equity 235,440
179,042 31.50 Market value per common share 31.63 33.10 (4.44) Book
value per common share 22.88 19.79 15.62 Tangible book value per
common share 13.10 14.22 (7.87) Shareholders' equity to assets
(actual) 9.82 10.49 Tangible capital ratio 5.87 7.76 Leverage ratio
8.61 8.97 Detail of Loans by Category -----------------------
Commercial, financial, agricultural $ 226,203 $ 175,571 28.84 Lease
financing 7,469 10,809 (30.90) Real estate - construction 169,543
96,404 75.87 Real estate - 1-4 family mortgages 566,455 375,698
50.77 Real estate - commercial mortgages 597,273 395,048 51.19
Installment loans to individuals 79,280 87,950 (9.86) ----------
----------- Loans, net of unearned $1,646,223 $ 1,141,480 44.22
========== =========== (a) Percent variance not meaningful *T
Renasant (NASDAQ:RNST)
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