TUPELO, Miss., April 19, 2011 /PRNewswire/ --Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced results
for the first quarter of 2011. Net income for the first
quarter of 2011 was $7,553,000 as
compared to $4,721,000 for the fourth
quarter of 2010 and $3,607,000 for
the first quarter of 2010. Basic and diluted earnings per
share were $0.30 during the first
quarter of 2011 as compared to basic and diluted earnings per share
of $0.19 during the fourth quarter of
2010 and basic and diluted earnings per share of $0.17 for the first quarter of 2010.
"During the first quarter of 2011, we successfully completed our
second FDIC-assisted acquisition in North
Georgia, improved net interest margin, and experienced our
lowest levels of net charge-offs since 2008," commented Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. "Moving forward in 2011, we will
continue to position ourselves to increase future profitability,
attract new talent and capitalize on expansion opportunities as
they present themselves."
In February, 2011, the Company, through its bank subsidiary
Renasant Bank, acquired certain assets and assumed all of the
deposits and certain other liabilities of the former American Trust
Bank in Roswell, Georgia
("American Trust"), from the FDIC as the receiver of American
Trust. This acquisition added 3 new branches in North Georgia and expanded the Company's
network to 14 full-service locations in this market. The
loans acquired, except for a small portfolio of consumer loans (all
of which were performing at the time of closing), are covered by a
loss-share agreement in which the FDIC will reimburse Renasant Bank
for 80% of the losses incurred on these loans. The FDIC retained
all of American Trust's nonperforming loans and other real estate
owned at the time of closing. During the first quarter
of 2011, the Company recorded a gain of $8.8
million and $1.3 million in
acquisition and conversion costs, respectively, in connection with
the American Trust acquisition.
During the first quarter of 2011, the Company successfully
completed the systems conversion of Crescent Bank & Trust
("Crescent"), which was acquired in an FDIC-assisted transaction
during the third quarter of 2010. Following the conversion,
the Company is now able to offer its full array of banking, lending
and wealth management products to North
Georgia clientele.
"Our North Georgia markets have some of the highest household
incomes and projected population growth outlooks in the Southeast.
After entering these markets in the third quarter of 2010, we
immediately began the process of transitioning these operations
back to traditional banking activities," said McGraw. "Building on
the infrastructure in place at the time of acquisition, we have
realigned relationship managers, hired mortgage lenders and wealth
management advisors. As a result of these efforts, we are
well positioned to capitalize on future opportunities in these
markets."
Total assets as of March 31, 2011
were approximately $4.42 billion, a
2.90% increase from December 31,
2010. The Company's Tier 1 leverage capital ratio was
8.77%, its Tier I risk-based capital ratio was 13.60%, and its
total risk-based capital ratio was 14.85%. In all capital
ratio categories, the Company's regulatory capital ratios were in
excess of regulatory minimums required to be classified as
"well-capitalized."
Total deposits were $3.64 billion
which represents a 5.10% increase since December 31, 2010. The acquisition of American
Trust increased total deposits $153.9
million at March 31, 2011.
In the first quarter of 2011, the Company continued to focus
on changing its deposit mix by reducing higher-costing time
deposits while at the same time increasing lower costing retail
non-time deposits. In addition, the Company repaid
$50.0 million of Federal Home Loan
Bank ("FHLB") borrowings during the quarter. By doing so, the
Company will realize expense savings over 22 months totaling
$2.7 million while incurring a
$1.9 million prepayment penalty.
These actions resulted in the Company's cost of funds
declining to 1.31% for the first quarter of 2011 as compared to
1.49% for the fourth quarter of 2010 and 1.95% for the first
quarter of 2010.
Total loans, which include both loans covered and not covered
under loss-share agreements, were approximately $2.577 billion at the end of the first quarter of
2011 as compared to $2.525 billion at
December 31, 2010. Loans not
covered under loss-share agreements were $2.190 billion at March
31, 2011 as compared to $2.191
billion at December 31, 2010.
Loans not covered under FDIC loss-share agreements were
relatively unchanged at March 31,
2011 as compared to December 31,
2010. In the first quarter of 2011, the Company did
experience growth in loans not covered under FDIC loss-share
agreements in several key markets including its markets in
Nashville, Tennessee; Birmingham, Alabama; Alpharetta, Georgia; and DeSoto County and Oxford, Mississippi. Loans covered under
the FDIC loss-share agreements increased to $387 million at March 31,
2011 as compared to $334
million at December 31, 2010.
The American Trust acquisition increased loans covered by
loss-share agreements by $72.5
million.
Net interest income was $31,096,000 for the first quarter of 2011 as
compared to $29,855,000 for the
fourth quarter of 2010 and $24,410,000 for the first quarter of 2010.
Net interest margin was 3.55% for the first quarter of 2011
as compared to 3.43% for the fourth quarter of 2010 and 3.27% for
the first quarter of 2010. The improvement in net interest
income and net interest margin was driven by the continued decrease
in the Company's interest expense.
"We expect net interest income and net interest margin to
continue to improve as excess cash is deployed into higher yielding
alternatives, deposit costs continue to decrease and the full
benefit of the expense savings of the FHLB prepayment is realized,"
stated McGraw.
Noninterest income was $21,765,000
for the first quarter of 2011, which includes the gain of
$8,774,000 from the American Trust
acquisition, as compared to $14,553,000 for the fourth quarter of 2010 and
$12,484,000 for the first quarter in
2010. Excluding the gain from the American Trust acquisition,
noninterest income was $12,991,000
for the first quarter of 2011. The decrease in noninterest income
on a linked-quarter basis reflects the cyclical nature of deposit
service charges and mortgage production income.
Noninterest expense was $36,723,000 for the first quarter of 2011 as
compared to $32,226,000 for the
fourth quarter of 2010 and $25,634,000 for the first quarter of 2010.
Noninterest expense for the first quarter of 2011 included
acquisition expenses related to the American Trust acquisition
totaling $1,325,000, the
aforementioned debt prepayment penalty totaling $1,903,000, and duplicate personnel and operating
costs associated with the Crescent and American Trust acquisitions.
Future noninterest expense will reflect the cost savings from
the completed Crescent conversion; the American Trust conversion is
scheduled for the second quarter of 2011 and is also expected to
result in future cost savings. Noninterest expense for the first
quarter of 2011 also includes an impairment charge on other real
estate owned totaling $969,000.
The loans and other real estate owned acquired in FDIC-assisted
transactions are recorded at fair value which includes an estimated
impairment. In accordance with generally accepted accounting
principles, the Company has not assigned any allowance for loan
losses to these acquired loans at March 31,
2011. Furthermore, the loss-share agreements with the
FDIC, as well as adjustments to the balances of these acquired
assets to record them at fair value, provide substantial protection
against loss on those assets. Nonperforming loans and other
real estate owned covered under loss-share agreements totaled
$86.7 million and $59.0 million, respectively, at March 31, 2011. The remaining discussion in
this release on nonperforming loans, other real estate owned and
the related asset quality ratios exclude these assets covered under
loss-share agreements.
The allowance for loan losses as a percentage of loans was 2.17%
at March 31, 2011 as compared to
2.07% at December 31, 2010 and 1.78%
at March 31, 2010.
The Company recorded a provision for loan losses of $5,500,000 for the first quarter of 2011 as
compared to $5,500,000 for the fourth
quarter of 2010 and $6,665,000 for
the first quarter of 2010. Annualized net charge-offs as a
percentage of average loans were 0.54% for the first quarter of
2011 as compared to 0.80% for the fourth quarter of 2010 and 0.81%
for the first quarter of 2010. The decline in net charge-offs
in the first quarter of 2011 contributed to the increase in the
allowance for loan losses as a percentage of average loans in the
first
quarter of 2011.
The Company's nonperforming loans were $57,245,000 at March 31,
2011 as compared to $53,858,000 at December
31, 2010 and $54,604,000 at
March 31, 2010. Furthermore,
loans 30 to 89 days past due as a percent of total loans was 0.86%
at March 31, 2011 as compared to
0.98% at December 31, 2010 and 1.80%
at March 31, 2010.
Other real estate owned was $71.4
million at March 31, 2011 as
compared to $71.8 million on
December 31, 2010 and $62.5 million at March 31,
2010. In the first quarter of 2011, the Company
realized $1.4 million in losses from
the sale of $10.4 million in other
real estate owned. The Company is aggressively working to
dispose of other real estate owned, particularly real estate which
is likely to incur further declines in value over time. The
losses recognized during the first quarter of 2011 were primarily a
result from the sale of a special use property with a limited group
of potential purchasers, auction of vacant residential homes and
the sale of a custom, high-end single family residence. In
addition, the Company currently has approximately $3.8 million of other real estate under contracts
expected to close during the second quarter of 2011, which the
Company anticipates will result in a slight gain.
"We are optimistic about the improvement in our net interest
margin, loan and deposit growth and credit metrics in the first
quarter of 2011. This improvement should result in increased
earnings power throughout the remainder of the year," stated
McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM ET on
Wednesday, April 20, 2011.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://www.talkpoint.com/viewer/starthere.asp?Pres=135203. To
access the conference via telephone, dial 1-877-317-6789 in
the United States and request the
Renasant Corporation First Quarter 2011 Earnings Webcast and
Conference Call. International participants should dial
1-412-317-6789 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 450213 or by dialing 1-412-317-0088
internationally and entering 450213. Telephone replay access
is available until 9:00 AM ET on
May 5, 2011.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant
Insurance. Renasant has assets of approximately $4.4 billion and operates over 80 banking,
mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference,
statements which may constitute "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward looking statements usually include
words such as "expects," "projects," "anticipates," "believes,"
"intends," "estimates," "strategy," "plan," "potential," "possible"
and other similar expressions.
Prospective investors are cautioned that any such
forward-looking statements are not guarantees for future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known
to management that could cause actual results to differ materially
from those in forward-looking statements include significant
fluctuations in interest rates, inflation, economic recession,
significant changes in the federal and state legal and regulatory
environment, significant underperformance in our portfolio of
outstanding loans, and competition in our markets. We undertake no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
Contacts
|
For Media:
|
For Financials:
|
|
|
John Oxford
|
Stuart Johnson
|
|
|
Vice President
|
Senior Executive Vice President
|
|
|
Director of External
Affairs
|
Chief Financial
Officer
|
|
|
(662) 680-1219
|
(662) 680-1472
|
|
|
joxford@renasant.com
|
stuartj@renasant.com
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2011
-
|
|
For the
Three Months
|
|
|
|
2011
|
|
2010
|
|
Q4
2010
|
|
Ended March
31,
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Statement of
earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income - taxable
equivalent basis
|
$
45,371
|
|
$
45,224
|
|
$
44,770
|
|
$
39,590
|
|
$
40,900
|
|
0.33
|
|
$
45,371
|
|
$
40,900
|
|
10.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
$
43,803
|
|
$
43,817
|
|
$
43,433
|
|
$
38,381
|
|
$
39,708
|
|
(0.03)
|
|
$
43,803
|
|
$
39,708
|
|
10.31
|
|
Interest expense
|
12,707
|
|
13,962
|
|
16,316
|
|
14,701
|
|
15,298
|
|
(8.99)
|
|
12,707
|
|
15,298
|
|
(16.94)
|
|
|
Net interest income
|
31,096
|
|
29,855
|
|
27,117
|
|
23,680
|
|
24,410
|
|
4.16
|
|
31,096
|
|
24,410
|
|
27.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
5,500
|
|
5,500
|
|
11,500
|
|
7,000
|
|
6,665
|
|
-
|
|
5,500
|
|
6,665
|
|
(17.48)
|
|
|
Net interest income after
provision
|
25,596
|
|
24,355
|
|
15,617
|
|
16,680
|
|
17,745
|
|
5.10
|
|
25,596
|
|
17,745
|
|
44.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
4,880
|
|
5,482
|
|
5,771
|
|
5,361
|
|
5,090
|
|
(10.98)
|
|
4,880
|
|
5,090
|
|
(4.13)
|
|
Fees and commissions on loans
and deposits
|
4,138
|
|
4,184
|
|
3,654
|
|
3,409
|
|
3,721
|
|
(1.10)
|
|
4,138
|
|
3,721
|
|
11.21
|
|
Insurance commissions and
fees
|
832
|
|
916
|
|
828
|
|
830
|
|
834
|
|
(9.17)
|
|
832
|
|
834
|
|
(0.24)
|
|
Trust revenue
|
613
|
|
626
|
|
562
|
|
632
|
|
584
|
|
(2.08)
|
|
613
|
|
584
|
|
4.97
|
|
Securities (losses)
gains
|
12
|
|
-
|
|
(1,009)
|
|
2,049
|
|
(160)
|
|
-
|
|
12
|
|
(160)
|
|
(107.50)
|
|
Gain on sale of mortgage
loans
|
1,151
|
|
2,127
|
|
1,774
|
|
994
|
|
1,329
|
|
(45.89)
|
|
1,151
|
|
1,329
|
|
(13.39)
|
|
Gain on acquisition
|
8,774
|
|
-
|
|
42,211
|
|
-
|
|
-
|
|
-
|
|
8,774
|
|
-
|
|
-
|
|
Other
|
1,365
|
|
1,218
|
|
743
|
|
1,069
|
|
1,086
|
|
12.07
|
|
1,365
|
|
1,086
|
|
25.69
|
|
|
Total non-interest
income
|
21,765
|
|
14,553
|
|
54,534
|
|
14,344
|
|
12,484
|
|
49.56
|
|
21,765
|
|
12,484
|
|
74.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
16,237
|
|
15,957
|
|
16,694
|
|
13,052
|
|
13,197
|
|
1.75
|
|
16,237
|
|
13,197
|
|
23.04
|
|
Occupancy and
equipment
|
3,239
|
|
2,716
|
|
3,271
|
|
2,926
|
|
2,931
|
|
19.26
|
|
3,239
|
|
2,931
|
|
10.51
|
|
Data processing
|
1,788
|
|
1,665
|
|
1,703
|
|
1,580
|
|
1,426
|
|
7.39
|
|
1,788
|
|
1,426
|
|
25.39
|
|
Debt extinguishment
penalty
|
1,903
|
|
-
|
|
2,785
|
|
-
|
|
-
|
|
-
|
|
1,903
|
|
-
|
|
-
|
|
Merger-related
expenses
|
1,325
|
|
-
|
|
1,955
|
|
-
|
|
-
|
|
-
|
|
1,325
|
|
-
|
|
-
|
|
Amortization of
intangibles
|
515
|
|
523
|
|
505
|
|
470
|
|
476
|
|
(1.53)
|
|
515
|
|
476
|
|
8.19
|
|
Other
|
11,716
|
|
11,365
|
|
12,658
|
|
8,160
|
|
7,604
|
|
3.09
|
|
11,716
|
|
7,604
|
|
54.08
|
|
|
Total non-interest
expense
|
36,723
|
|
32,226
|
|
39,571
|
|
26,188
|
|
25,634
|
|
13.95
|
|
36,723
|
|
25,634
|
|
43.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
10,638
|
|
6,682
|
|
30,580
|
|
4,836
|
|
4,595
|
|
59.20
|
|
10,638
|
|
4,595
|
|
131.51
|
|
Income taxes
|
3,085
|
|
1,961
|
|
11,029
|
|
1,040
|
|
988
|
|
57.32
|
|
3,085
|
|
988
|
|
212.25
|
|
|
Net income
|
$
7,553
|
|
$
4,721
|
|
$
19,551
|
|
$
3,796
|
|
$
3,607
|
|
59.99
|
|
$
7,553
|
|
$
3,607
|
|
109.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.30
|
|
$
0.19
|
|
$
0.81
|
|
$
0.18
|
|
$
0.17
|
|
57.89
|
|
$
0.30
|
|
$
0.17
|
|
76.47
|
|
Diluted earnings per
share
|
0.30
|
|
0.19
|
|
0.81
|
|
0.18
|
|
0.17
|
|
57.89
|
|
0.30
|
|
0.17
|
|
76.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
25,052,126
|
|
25,042,137
|
|
24,098,629
|
|
21,088,942
|
|
21,082,991
|
|
0.04
|
|
25,052,126
|
|
21,082,991
|
|
18.83
|
|
Average diluted shares
outstanding
|
25,172,410
|
|
25,177,394
|
|
24,208,642
|
|
21,224,836
|
|
21,208,934
|
|
(0.02)
|
|
25,172,410
|
|
21,208,934
|
|
18.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
25,056,431
|
|
25,043,112
|
|
25,041,540
|
|
21,100,130
|
|
21,082,991
|
|
0.05
|
|
25,056,431
|
|
21,082,991
|
|
18.85
|
|
Cash dividend per common
share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders'
equity
|
6.51%
|
|
3.93%
|
|
16.64%
|
|
3.69%
|
|
3.55%
|
|
|
|
6.51%
|
|
3.55%
|
|
|
|
Return on average shareholders'
equity, excluding amortization expense
|
6.78%
|
|
4.20%
|
|
16.91%
|
|
3.97%
|
|
3.84%
|
|
|
|
6.78%
|
|
3.84%
|
|
|
|
Return on average
assets
|
0.69%
|
|
0.44%
|
|
1.83%
|
|
0.42%
|
|
0.40%
|
|
|
|
0.69%
|
|
0.40%
|
|
|
|
Return on average assets,
excluding amortization expense
|
0.72%
|
|
0.47%
|
|
1.86%
|
|
0.45%
|
|
0.44%
|
|
|
|
0.72%
|
|
0.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
3.55%
|
|
3.43%
|
|
3.12%
|
|
3.15%
|
|
3.27%
|
|
|
|
3.55%
|
|
3.27%
|
|
|
|
Yield on earning assets
(FTE)
|
4.93%
|
|
4.97%
|
|
4.92%
|
|
5.02%
|
|
5.23%
|
|
|
|
4.93%
|
|
5.23%
|
|
|
|
Cost of funding
|
1.31%
|
|
1.49%
|
|
1.75%
|
|
1.86%
|
|
1.95%
|
|
|
|
1.31%
|
|
1.95%
|
|
|
|
Average earning assets to
average assets
|
84.16%
|
|
84.24%
|
|
84.78%
|
|
87.42%
|
|
87.28%
|
|
|
|
84.16%
|
|
87.28%
|
|
|
|
Average loans to average
deposits
|
70.20%
|
|
74.57%
|
|
76.41%
|
|
84.53%
|
|
88.47%
|
|
|
|
70.20%
|
|
88.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less
securities gains/losses) to average assets
|
1.99%
|
|
1.35%
|
|
5.19%
|
|
1.36%
|
|
1.42%
|
|
|
|
1.99%
|
|
1.42%
|
|
|
|
Noninterest expense to average
assets
|
3.37%
|
|
2.98%
|
|
3.70%
|
|
2.90%
|
|
2.87%
|
|
|
|
3.37%
|
|
2.87%
|
|
|
|
Net overhead ratio
|
1.37%
|
|
1.64%
|
|
-1.49%
|
|
1.54%
|
|
1.45%
|
|
|
|
1.37%
|
|
1.45%
|
|
|
|
Efficiency ratio
(FTE)
|
67.47%
|
|
70.34%
|
|
47.68%
|
|
66.75%
|
|
67.31%
|
|
|
|
67.47%
|
|
67.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2011
-
|
|
For the
Three Months
|
|
|
|
2011
|
|
2010
|
|
Q4
2010
|
|
Ended March
31,
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Average balances
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
Total assets
|
$ 4,423,088
|
|
$ 4,285,887
|
|
$ 4,246,566
|
|
$ 3,616,125
|
|
$ 3,621,361
|
|
3.20
|
|
$ 4,423,088
|
|
$ 3,621,361
|
|
22.14
|
|
Earning assets
|
3,722,419
|
|
3,610,526
|
|
3,600,033
|
|
3,161,214
|
|
3,160,620
|
|
3.10
|
|
3,722,419
|
|
3,160,620
|
|
17.77
|
|
Securities
|
881,808
|
|
785,613
|
|
729,789
|
|
734,690
|
|
697,913
|
|
12.24
|
|
881,808
|
|
697,913
|
|
26.35
|
|
Loans, net of
unearned
|
2,556,572
|
|
2,576,721
|
|
2,533,567
|
|
2,304,663
|
|
2,354,443
|
|
(0.78)
|
|
2,556,572
|
|
2,354,443
|
|
8.59
|
|
Intangibles
|
191,740
|
|
192,123
|
|
192,447
|
|
190,639
|
|
190,881
|
|
(0.20)
|
|
191,740
|
|
190,881
|
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
476,115
|
|
$
371,908
|
|
$
351,449
|
|
$
315,242
|
|
$
310,726
|
|
28.02
|
|
$
476,115
|
|
$
310,726
|
|
53.23
|
|
Interest bearing
deposits
|
3,148,481
|
|
3,053,382
|
|
2,929,739
|
|
2,387,175
|
|
2,332,741
|
|
3.11
|
|
3,148,481
|
|
2,332,741
|
|
34.97
|
|
|
Total deposits
|
3,624,596
|
|
3,425,290
|
|
3,281,188
|
|
2,702,417
|
|
2,643,467
|
|
5.82
|
|
3,624,596
|
|
2,643,467
|
|
37.12
|
|
Borrowed funds
|
290,201
|
|
318,873
|
|
438,047
|
|
468,196
|
|
530,654
|
|
(8.99)
|
|
290,201
|
|
530,654
|
|
(45.31)
|
|
Shareholders' equity
|
470,875
|
|
476,449
|
|
466,109
|
|
412,959
|
|
412,132
|
|
(1.17)
|
|
470,875
|
|
412,132
|
|
14.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
46,406
|
|
$
46,662
|
|
$
56,674
|
|
$
53,868
|
|
$
44,688
|
|
(0.55)
|
|
$
46,406
|
|
$
44,688
|
|
3.84
|
|
Loans 90 past due or
more
|
10,839
|
|
7,196
|
|
8,923
|
|
10,794
|
|
9,916
|
|
50.63
|
|
10,839
|
|
9,916
|
|
9.31
|
|
Non-performing loans
|
57,245
|
|
53,858
|
|
65,597
|
|
64,662
|
|
54,604
|
|
6.29
|
|
57,245
|
|
54,604
|
|
4.84
|
|
Other real estate owned and
repossessions
|
71,415
|
|
71,833
|
|
62,936
|
|
66,797
|
|
62,508
|
|
(0.58)
|
|
71,415
|
|
62,508
|
|
14.25
|
|
Non-performing assets
|
$
128,660
|
|
$
125,691
|
|
$
128,533
|
|
$
131,459
|
|
$
117,112
|
|
2.36
|
|
$
128,660
|
|
$
117,112
|
|
9.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets subject to loss
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
$
78,909
|
|
$
82,393
|
|
$
67,135
|
|
$
-
|
|
$
-
|
|
(4.23)
|
|
$
78,909
|
|
$
-
|
|
-
|
|
Loans 90 past due or
more
|
7,817
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,817
|
|
-
|
|
-
|
|
Non-performing loans subject to
loss share
|
86,726
|
|
82,393
|
|
67,135
|
|
-
|
|
-
|
|
5.26
|
|
86,726
|
|
-
|
|
-
|
|
Other real estate owned and
repossessions
|
59,036
|
|
54,715
|
|
49,286
|
|
-
|
|
-
|
|
7.90
|
|
59,036
|
|
-
|
|
-
|
|
Non-performing assets subject to
loss share
|
$
145,762
|
|
$
137,108
|
|
$
116,421
|
|
$
-
|
|
$
-
|
|
6.31
|
|
$
145,762
|
|
$
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
$
3,409
|
|
$
5,217
|
|
$
7,514
|
|
$
6,948
|
|
$
4,716
|
|
(34.66)
|
|
$
3,409
|
|
$
4,716
|
|
(27.71)
|
|
Allowance for loan
losses
|
47,505
|
|
45,415
|
|
45,132
|
|
41,146
|
|
41,094
|
|
4.60
|
|
47,505
|
|
41,094
|
|
15.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans / total
loans
|
2.61%
|
|
2.46%
|
|
2.94%
|
|
2.86%
|
|
2.37%
|
|
|
|
2.61%
|
|
2.37%
|
|
|
|
Non-performing assets / total
assets
|
2.91%
|
|
2.92%
|
|
3.02%
|
|
3.66%
|
|
3.22%
|
|
|
|
2.91%
|
|
3.22%
|
|
|
|
Allowance for loan losses /
total loans
|
2.17%
|
|
2.07%
|
|
2.02%
|
|
1.82%
|
|
1.78%
|
|
|
|
2.17%
|
|
1.78%
|
|
|
|
Allowance for loan losses /
non-performing loans
|
82.99%
|
|
84.32%
|
|
68.80%
|
|
63.63%
|
|
75.26%
|
|
|
|
82.99%
|
|
75.26%
|
|
|
|
Annualized net loan charge-offs
/ average loans
|
0.54%
|
|
0.80%
|
|
1.18%
|
|
1.21%
|
|
0.81%
|
|
|
|
0.54%
|
|
0.81%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 4,422,164
|
|
$ 4,297,327
|
|
$ 4,256,253
|
|
$ 3,593,872
|
|
$ 3,641,709
|
|
2.90
|
|
$ 4,422,164
|
|
$ 3,641,709
|
|
21.43
|
|
Earning assets
|
3,724,108
|
|
3,631,730
|
|
3,600,972
|
|
3,156,451
|
|
3,200,159
|
|
2.54
|
|
3,724,108
|
|
3,200,159
|
|
16.37
|
|
Securities
|
880,382
|
|
834,472
|
|
745,486
|
|
721,640
|
|
741,207
|
|
5.50
|
|
880,382
|
|
741,207
|
|
18.78
|
|
Mortgage loans held for
sale
|
9,399
|
|
27,704
|
|
25,639
|
|
21,261
|
|
16,597
|
|
(66.07)
|
|
9,399
|
|
16,597
|
|
(43.37)
|
|
Loans not subject to loss
share
|
2,190,376
|
|
2,190,909
|
|
2,231,075
|
|
2,263,263
|
|
2,308,335
|
|
(0.02)
|
|
2,190,376
|
|
2,308,335
|
|
(5.11)
|
|
Loans subject to loss
share
|
386,811
|
|
333,681
|
|
352,535
|
|
-
|
|
-
|
|
15.92
|
|
386,811
|
|
-
|
|
-
|
|
Intangibles
|
191,581
|
|
191,867
|
|
192,391
|
|
190,411
|
|
190,881
|
|
(0.15)
|
|
191,581
|
|
190,881
|
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
486,676
|
|
$
368,798
|
|
$
361,504
|
|
$
313,309
|
|
$
315,064
|
|
31.96
|
|
$
486,676
|
|
$
315,064
|
|
54.47
|
|
Interest bearing
deposits
|
3,158,198
|
|
3,099,353
|
|
3,054,424
|
|
2,374,903
|
|
2,398,784
|
|
1.90
|
|
3,158,198
|
|
2,398,784
|
|
31.66
|
|
|
Total deposits
|
3,644,874
|
|
3,468,151
|
|
3,415,928
|
|
2,688,212
|
|
2,713,848
|
|
5.10
|
|
3,644,874
|
|
2,713,848
|
|
34.31
|
|
Borrowed funds
|
260,149
|
|
316,436
|
|
322,245
|
|
459,762
|
|
483,183
|
|
(17.79)
|
|
260,149
|
|
483,183
|
|
(46.16)
|
|
Shareholders' equity
|
473,354
|
|
469,509
|
|
477,034
|
|
412,235
|
|
410,557
|
|
0.82
|
|
473,354
|
|
410,557
|
|
15.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per common
share
|
$
16.98
|
|
$
16.91
|
|
$
15.21
|
|
$
14.35
|
|
$
16.18
|
|
0.41
|
|
$
16.98
|
|
$
16.18
|
|
4.94
|
|
Book value per common
share
|
18.89
|
|
18.75
|
|
19.05
|
|
19.54
|
|
19.47
|
|
0.77
|
|
18.89
|
|
19.47
|
|
(2.99)
|
|
Tangible book value per common
share
|
11.25
|
|
11.09
|
|
11.37
|
|
10.51
|
|
10.42
|
|
1.43
|
|
11.25
|
|
10.42
|
|
7.93
|
|
Shareholders' equity to assets
(actual)
|
10.70%
|
|
10.93%
|
|
11.21%
|
|
11.47%
|
|
11.27%
|
|
|
|
10.70%
|
|
11.27%
|
|
|
|
Tangible capital
ratio
|
6.66%
|
|
6.76%
|
|
7.00%
|
|
6.52%
|
|
6.37%
|
|
|
|
6.66%
|
|
6.37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio
|
8.77%
|
|
8.97%
|
|
9.03%
|
|
8.78%
|
|
8.74%
|
|
|
|
8.77%
|
|
8.74%
|
|
|
|
Tier 1 risk-based capital
ratio
|
13.60%
|
|
13.58%
|
|
13.55%
|
|
11.42%
|
|
11.20%
|
|
|
|
13.60%
|
|
11.20%
|
|
|
|
Total risk-based capital
ratio
|
14.85%
|
|
14.83%
|
|
14.80%
|
|
12.67%
|
|
12.45%
|
|
|
|
14.85%
|
|
12.45%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
(Unaudited)
(Dollars in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2011
-
|
|
For the
Three Months
|
|
|
|
2011
|
|
2010
|
|
Q4
2010
|
|
Ended March
31,
|
|
Loans not subject to loss share
by category
|
First
Quarter
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
|
Percent
Variance
|
|
2011
|
|
2010
|
|
Percent
Variance
|
|
Commercial, financial,
agricultural
|
$
250,889
|
|
$
244,355
|
|
$
259,710
|
|
$
273,356
|
|
$
276,749
|
|
2.67
|
|
$
250,889
|
|
$
276,749
|
|
(9.34)
|
|
Lease financing
|
458
|
|
503
|
|
547
|
|
601
|
|
677
|
|
(8.95)
|
|
458
|
|
$
677
|
|
(32.35)
|
|
Real estate -
construction
|
71,559
|
|
66,798
|
|
62,593
|
|
62,469
|
|
110,121
|
|
7.13
|
|
71,559
|
|
$
110,121
|
|
(35.02)
|
|
Real estate - 1-4 family
mortgages
|
730,860
|
|
749,863
|
|
770,773
|
|
798,185
|
|
809,271
|
|
(2.53)
|
|
730,860
|
|
$
809,271
|
|
(9.69)
|
|
Real estate - commercial
mortgages
|
1,073,561
|
|
1,065,271
|
|
1,072,484
|
|
1,071,876
|
|
1,055,102
|
|
0.78
|
|
1,073,561
|
|
$ 1,055,102
|
|
1.75
|
|
Installment loans to
individuals
|
63,049
|
|
64,119
|
|
64,968
|
|
56,776
|
|
56,415
|
|
(1.67)
|
|
63,049
|
|
$
56,415
|
|
11.76
|
|
|
Loans, net of
unearned
|
$ 2,190,376
|
|
$ 2,190,909
|
|
$ 2,231,075
|
|
$ 2,263,263
|
|
$ 2,308,335
|
|
(0.02)
|
|
$ 2,190,376
|
|
$ 2,308,335
|
|
(5.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans subject to loss share by
category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial,
agricultural
|
$
22,964
|
|
$
20,921
|
|
$
22,543
|
|
$
-
|
|
$
-
|
|
9.77
|
|
$
22,964
|
|
$
-
|
|
-
|
|
Lease financing
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
$
-
|
|
-
|
|
Real estate -
construction
|
13,847
|
|
15,563
|
|
17,385
|
|
-
|
|
-
|
|
(11.03)
|
|
13,847
|
|
$
-
|
|
-
|
|
Real estate - 1-4 family
mortgages
|
123,770
|
|
122,519
|
|
138,863
|
|
-
|
|
-
|
|
1.02
|
|
123,770
|
|
$
-
|
|
-
|
|
Real estate - commercial
mortgages
|
226,038
|
|
174,572
|
|
172,145
|
|
-
|
|
-
|
|
29.48
|
|
226,038
|
|
$
-
|
|
-
|
|
Installment loans to
individuals
|
192
|
|
106
|
|
1,599
|
|
-
|
|
-
|
|
81.13
|
|
192
|
|
$
-
|
|
-
|
|
|
Loans, net of
unearned
|
$
386,811
|
|
$
333,681
|
|
$
352,535
|
|
$
-
|
|
$
-
|
|
15.92
|
|
$
386,811
|
|
$
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Percent variance not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation