TUPELO, Miss., Jan. 17, 2012 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
earnings results for the fourth quarter and year ended December 31, 2011. For the fourth quarter
of 2011, net income was $5,790,000 as
compared to $4,721,000 for the fourth
quarter of 2010. Basic and diluted earnings per share (EPS)
were $0.23 for the fourth quarter of
2011 as compared to basic and diluted EPS of $0.19 for the fourth quarter of 2010.
Net income for 2011 was $25,632,000 as compared to $31,675,000 for 2010. Net income for 2010
included a pre-tax acquisition gain of $42,211,000 from the Company's FDIC-assisted
acquisition of Crescent Bank of Jasper,
Georgia recognized during the third quarter of 2010.
During 2011, the Company recorded a pre-tax acquisition gain of
$8,774,000 in connection with its
FDIC-assisted acquisition of American Bank and Trust of
Roswell, Georgia, which was
recognized during the first quarter of the year.
For 2011, both basic and diluted EPS were $1.02 as compared to basic and diluted EPS of
$1.39 and $1.38, respectively, for 2010.
"We achieved much success during the fourth quarter of 2011 as
we experienced net loan growth while continuing to expand our
franchise by opening de novo locations in Starkville, Mississippi, and Tuscaloosa and Montgomery, Alabama," commented Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. "In addition to our market
expansions, we continued to experience a decrease in our
nonperforming loans and other real estate owned. Our
nonperforming loans not subject to loss-share decreased 35% during
the year and represented only 1.56% of total loans at the end of
2011."
Total deposits were $3.412 billion
at December 31, 2011, as compared to
$3.342 billion at September 30, 2011, and $3.468 billion at December
31, 2010. The Company continued to improve its deposit
mix as noninterest-bearing deposits represented 15.59% of total
deposits on December 31, 2011, up
from 10.63% of total deposits at December
31, 2010. As a result of this improvement, the
Company's cost of funds declined to 1.11% at December 31, 2011, from 1.16% at September 30, 2011, and 1.74% at December 31, 2010.
Total loans were $2.581 billion at
the end of 2011 as compared to $2.565
billion at the end of the third quarter of 2011 and
$2.525 billion at the end of
2010. Loans not covered under FDIC loss-share agreements were
$2.242 billion at December 31, 2011, as compared to $2.205 billion at September 30, 2011, and $2.191 billion at December
31, 2010.
"We are pleased to have achieved net loan growth on both an
annual and linked quarter basis," stated McGraw. "We believe
that we are well-positioned to continue this trend of growing loans
as we take advantage of our recent new hires, entrances into new
markets and continued focus on loan opportunities in our existing
markets."
Total assets at December 31, 2011,
were approximately $4.201 billion as
compared to approximately $4.136
billion at September 30, 2011,
and $4.297 billion at December 31, 2010.
At December 31, 2011, the
Company's capital ratios were in excess of regulatory minimums
required to be classified as "well-capitalized." The
Company's tangible common equity ratio was 7.38%, Tier I leverage
capital ratio was 9.44%, Tier I risk-based capital ratio was
13.33%, and total risk-based capital ratio was 14.58%.
Net interest income was $32,495,000 for the fourth quarter of 2011 as
compared to $29,855,000 for the
fourth quarter of 2010 and $32,864,000 on a linked quarter basis. Net
interest margin was 3.84% for the fourth quarter of 2011 as
compared to 3.43% for the fourth quarter of 2010 and 3.92% on a
linked quarter basis.
For 2011, net interest margin increased to 3.77% from 3.26% for
2010. Net interest income increased to $129,077,000 for 2011 from $105,062,000 for 2010.
"Although margin decreased on a linked quarter basis due
primarily to higher than anticipated levels of cash from an
increase in deposits and accelerated prepayments on mortgage backed
securities, we grew margin by 51 basis points during 2011," said
McGraw. "We expect to see improvement in net interest income
with year over year net interest margin remaining stable as we
continue to adjust our asset mix by growing loans and changing our
funding mix."
For the fourth quarter of 2011, noninterest income was
$13,912,000 as compared to
$14,553,000 for the fourth quarter of
2010 and $19,613,000 for the third
quarter of 2011. During the third quarter of 2011,
noninterest income included a gain of $5,041,000 from the sale of securities.
Noninterest income for 2011 was $68,624,000 as compared to $95,915,000 for 2010. Excluding the
aforementioned gains from FDIC-assisted acquisitions, noninterest
income was $59,850,000 for 2011 and
$53,704,000 for 2010.
Noninterest expense was $33,269,000 for the fourth quarter of 2011 as
compared to $32,226,000 for the
fourth quarter of 2010 and $38,129,000 on a linked quarter basis.
Noninterest expense for 2011 was $140,676,000 as compared to $123,619,000 for 2010. The increase in
noninterest expense during 2011 was primarily due to costs related
to the operations associated with acquisitions and new market
expansions, and higher levels of expenses related to other real
estate owned.
At December 31, 2011, total
nonperforming loans were $124.1
million and total other real estate owned was $113.2 million. The loans and other
real estate owned acquired in FDIC-assisted transactions are
recorded at fair value which includes an estimated
impairment. 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, mitigate the impact of further
losses on these assets. The Company's nonperforming loans and
other real estate owned covered under loss-share agreements with
the FDIC at December 31, 2011, were
$89.2 million and $43.1 million, respectively. The remaining
information in this release on nonperforming loans, other real
estate owned and the related asset quality ratios excludes the
assets covered under loss-share agreements with the FDIC.
Nonperforming loans (loans 90 days or more past due and
nonaccrual loans) were $34.9 million
at December 31, 2011, as compared to
$49.0 million at September 30, 2011, and $53.9 million at December
31, 2010. Loans 30 to 89 days past due as a percentage
of total loans were 0.71% at December 31,
2011, as compared to 0.75% at September 30, 2011, and 0.99% at December 31, 2010.
The Company recorded a provision for loan losses of $6,000,000 and $22,350,000 for the quarter and year ending
December 31, 2011, respectively, as
compared to $5,500,000 and
$30,665,000 for the quarter and year
ending December 31, 2010,
respectively. The provision for loan losses for the third
quarter of 2011 was $5,500,000.
Annualized net charge-offs as a percentage of average loans were
1.56% for the fourth quarter of 2011 as compared to 0.80% for the
same period in 2010 and 0.70% on a linked quarter basis. Net
charge-offs as a percentage of average loans for the year ending
December 31, 2011, were 0.91% as
compared to 1.00% for 2010. The increase in net charge-offs,
as compared to prior quarters, is due to the final resolution of
several large credits during the fourth quarter of 2011.
The allowance for loan losses as a percentage of loans was 1.98%
at December 31, 2011, as compared to
2.20% at September 30, 2011, and
2.07% at December 31, 2010.
Although the Company's allowance for loan losses decreased for the
quarter and year ending December 31,
2011, as compared to the quarter ending September 30, 2011, and the year ending
December 31, 2010, the Company's
coverage ratio, or the allowance for loan losses as a percentage of
nonperforming loans, increased to 127% as compared to 99% on a
linked quarter basis and 84% for 2010.
Other real estate owned was $70,079,000 at December
31, 2011, as compared to $72,765,000 at September
30, 2011, and $71,833,000 at
December 31, 2010. The decrease
in other real estate owned reflects the Company's efforts to
dispose of the underlying properties. The Company continues
to aggressively market the property held in other real estate owned
as evidenced by the fact the Company sold approximately
$29.1 million of other real estate
owned during 2011 and $7.2 million
during the fourth quarter of 2011.
"Moving forward, we believe positive trends such as our improved
deposit mix, net loan growth, improving credit metrics and our
strong capital position have us prepared for another successful
year," commented McGraw. "In addition, our ability to
participate in external opportunities, whether through de novo
branches or acquisitions in new markets, has us positioned to
expand our market share and cultivate new banking relationships in
2012."
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,
2012, through the Company's website: www.renasant.com.
The event will be archived on the Company's website for one
year. If Internet access is unavailable, the conference may
also be heard live (listen-only) via telephone by dialing
1-877-317-6789 in the United
States and requesting the Renasant Corporation earnings
call. International participants should dial
1-412-317-6789.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 107-year-old financial services
institution, is the parent of Renasant Bank and Renasant
Insurance. Renasant has assets of approximately $4.2 billion and operates over 75 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.
Contact:
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For
Media:
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For
Financials:
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John
Oxford
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Stuart
Johnson
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Vice
President
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Senior
Executive Vice President
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Director
of External
Affairs
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Chief
Financial Officer
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(662)
680-1219
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(662)
680-1472
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joxford@renasant.com
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stuartj@renasant.com
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RENASANT CORPORATION
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(Unaudited)
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(Dollars in thousands, except per share
data)
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Q4 2011
-
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For the
Year
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2011
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2010
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Q4
2010
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Ended
December 31,
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Fourth
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Third
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Second
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First
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Fourth
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Third
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Second
|
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First
|
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Percent
|
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Percent
|
Statement of earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
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|
Quarter
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|
Quarter
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Variance
|
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2011
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2010
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Variance
|
|
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|
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|
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|
|
Interest
income - taxable equivalent basis
|
$
42,430
|
|
$
43,432
|
|
$
45,291
|
|
$
45,371
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|
$
45,224
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|
$
44,770
|
|
$
39,590
|
|
$
40,900
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|
(6.18)
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|
$
176,524
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|
$
170,484
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|
3.54
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
40,970
|
|
$
41,930
|
|
$
43,775
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|
$
43,803
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|
$
43,817
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|
$
43,433
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|
$
38,381
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|
$
39,708
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|
(6.50)
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|
$
170,478
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|
$
165,339
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|
3.11
|
Interest
expense
|
8,475
|
|
9,066
|
|
11,153
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|
12,707
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|
13,962
|
|
16,316
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|
14,701
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|
15,298
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|
(39.30)
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|
41,401
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|
60,277
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|
(31.32)
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|
Net
interest income
|
32,495
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|
32,864
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|
32,622
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|
31,096
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|
29,855
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|
27,117
|
|
23,680
|
|
24,410
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|
8.84
|
|
129,077
|
|
105,062
|
|
22.86
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
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|
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Provision
for loan losses
|
6,000
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|
5,500
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|
5,350
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|
5,500
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|
5,500
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|
11,500
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|
7,000
|
|
6,665
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|
9.09
|
|
22,350
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|
30,665
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|
(27.12)
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|
Net
interest income after provision
|
26,495
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|
27,364
|
|
27,272
|
|
25,596
|
|
24,355
|
|
15,617
|
|
16,680
|
|
17,745
|
|
8.79
|
|
106,727
|
|
74,397
|
|
43.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Service
charges on deposit accounts
|
4,527
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|
4,797
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|
5,082
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|
4,880
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|
5,482
|
|
5,771
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|
5,361
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|
5,090
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|
(17.42)
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19,286
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|
21,704
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(11.14)
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Fees and
commissions on loans and deposits
|
5,102
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|
4,898
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|
4,548
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|
4,138
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|
4,184
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|
3,654
|
|
3,409
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|
3,721
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|
21.94
|
|
18,686
|
|
14,968
|
|
24.84
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Insurance
commissions and fees
|
812
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|
847
|
|
783
|
|
832
|
|
916
|
|
828
|
|
830
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|
834
|
|
(11.35)
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|
3,274
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|
3,408
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|
(3.93)
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Trust
revenue
|
1,123
|
|
771
|
|
650
|
|
613
|
|
626
|
|
562
|
|
632
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|
584
|
|
79.39
|
|
3,157
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|
2,404
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31.32
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Securities
gains (losses)
|
-
|
|
5,041
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(258)
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|
12
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|
-
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(1,009)
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2,049
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(160)
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|
-
|
|
4,795
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|
880
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|
444.89
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Gain on
sale of mortgage loans
|
662
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|
1,371
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|
949
|
|
1,151
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|
2,127
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|
1,774
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|
994
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|
1,329
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(68.88)
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4,133
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|
6,224
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(33.60)
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Gain on
acquisition
|
-
|
|
570
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-
|
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8,774
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|
-
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42,211
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-
|
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-
|
|
-
|
|
9,344
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|
42,211
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(77.86)
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Other
|
1,686
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|
1,318
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|
1,580
|
|
1,365
|
|
1,218
|
|
743
|
|
1,069
|
|
1,086
|
|
38.42
|
|
5,949
|
|
4,116
|
|
44.53
|
|
Total
noninterest income
|
13,912
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|
19,613
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|
13,334
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|
21,765
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|
14,553
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|
54,534
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|
14,344
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|
12,484
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|
(4.40)
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|
68,624
|
|
95,915
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|
(28.45)
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|
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|
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|
|
|
|
|
|
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|
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.
|
|
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|
|
Salaries
and employee benefits
|
16,232
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|
17,493
|
|
16,173
|
|
16,237
|
|
15,957
|
|
16,694
|
|
13,052
|
|
13,197
|
|
1.72
|
|
66,135
|
|
58,900
|
|
12.28
|
Occupancy
and equipment
|
3,522
|
|
3,434
|
|
3,357
|
|
3,239
|
|
2,716
|
|
3,271
|
|
2,926
|
|
2,931
|
|
29.68
|
|
13,552
|
|
11,844
|
|
14.42
|
Data
processing
|
1,925
|
|
1,927
|
|
1,657
|
|
1,788
|
|
1,665
|
|
1,703
|
|
1,580
|
|
1,426
|
|
15.62
|
|
7,297
|
|
6,374
|
|
14.48
|
Debt
extinguishment penalty
|
-
|
|
-
|
|
-
|
|
1,903
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|
-
|
|
2,785
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|
-
|
|
-
|
|
-
|
|
1,903
|
|
2,785
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|
(31.67)
|
Merger-related expenses
|
-
|
|
326
|
|
-
|
|
1,325
|
|
-
|
|
1,955
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|
-
|
|
-
|
|
-
|
|
1,651
|
|
1,955
|
|
(15.55)
|
Other real
estate
|
3,357
|
|
6,336
|
|
2,122
|
|
3,511
|
|
3,288
|
|
4,635
|
|
959
|
|
736
|
|
2.10
|
|
15,326
|
|
9,618
|
|
59.35
|
Amortization of intangibles
|
366
|
|
351
|
|
510
|
|
515
|
|
523
|
|
505
|
|
470
|
|
476
|
|
(30.02)
|
|
1,742
|
|
1,974
|
|
(11.75)
|
Other
|
7,867
|
|
8,262
|
|
8,736
|
|
8,205
|
|
8,077
|
|
8,023
|
|
7,201
|
|
6,868
|
|
(2.60)
|
|
33,070
|
|
30,169
|
|
9.62
|
|
Total
noninterest expense
|
33,269
|
|
38,129
|
|
32,555
|
|
36,723
|
|
32,226
|
|
39,571
|
|
26,188
|
|
25,634
|
|
3.24
|
|
140,676
|
|
123,619
|
|
13.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
7,138
|
|
8,848
|
|
8,051
|
|
10,638
|
|
6,682
|
|
30,580
|
|
4,836
|
|
4,595
|
|
6.82
|
|
34,675
|
|
46,693
|
|
(25.74)
|
Income
taxes
|
1,348
|
|
2,316
|
|
2,294
|
|
3,085
|
|
1,961
|
|
11,029
|
|
1,040
|
|
988
|
|
(31.26)
|
|
9,043
|
|
15,018
|
|
(39.79)
|
|
Net
income
|
$
5,790
|
|
$
6,532
|
|
$
5,757
|
|
$
7,553
|
|
$
4,721
|
|
$
19,551
|
|
$
3,796
|
|
$
3,607
|
|
22.64
|
|
$
25,632
|
|
$
31,675
|
|
(19.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
$
0.23
|
|
$
0.26
|
|
$
0.23
|
|
$
0.30
|
|
$
0.19
|
|
$
0.81
|
|
$
0.18
|
|
$
0.17
|
|
21.05
|
|
$
1.02
|
|
$
1.39
|
|
(26.62)
|
Diluted
earnings per share
|
0.23
|
|
0.26
|
|
0.23
|
|
0.30
|
|
0.19
|
|
0.81
|
|
0.18
|
|
0.17
|
|
21.05
|
|
1.02
|
|
1.38
|
|
(26.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares outstanding
|
25,061,122
|
|
25,061,068
|
|
25,059,081
|
|
25,052,126
|
|
25,042,137
|
|
24,098,629
|
|
21,088,942
|
|
21,082,991
|
|
0.08
|
|
25,058,381
|
|
22,842,502
|
|
9.70
|
Average
diluted shares outstanding
|
25,183,114
|
|
25,180,923
|
|
25,182,503
|
|
25,172,410
|
|
25,177,394
|
|
24,208,642
|
|
21,224,836
|
|
21,208,934
|
|
0.02
|
|
25,186,131
|
|
22,976,088
|
|
9.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding
|
25,066,068
|
|
25,061,068
|
|
25,061,068
|
|
25,056,431
|
|
25,043,112
|
|
25,041,540
|
|
21,100,130
|
|
21,082,991
|
|
0.09
|
|
25,066,068
|
|
25,043,112
|
|
0.09
|
Cash
dividend per common share
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.68
|
|
$
0.68
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity
|
4.71%
|
|
5.36%
|
|
4.84%
|
|
6.51%
|
|
3.93%
|
|
16.64%
|
|
3.69%
|
|
3.55%
|
|
|
|
5.34%
|
|
7.16%
|
|
|
Return on
average shareholders' equity, excluding amortization
expense
|
4.89%
|
|
5.54%
|
|
5.11%
|
|
6.78%
|
|
4.20%
|
|
16.91%
|
|
3.97%
|
|
3.84%
|
|
|
|
5.57%
|
|
7.44%
|
|
|
Return on
average assets
|
0.55%
|
|
0.63%
|
|
0.54%
|
|
0.69%
|
|
0.44%
|
|
1.83%
|
|
0.42%
|
|
0.40%
|
|
|
|
0.60%
|
|
0.80%
|
|
|
Return on
average assets, excluding amortization expense
|
0.57%
|
|
0.65%
|
|
0.57%
|
|
0.72%
|
|
0.47%
|
|
1.86%
|
|
0.45%
|
|
0.44%
|
|
|
|
0.63%
|
|
0.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE)
|
3.84%
|
|
3.92%
|
|
3.76%
|
|
3.55%
|
|
3.43%
|
|
3.12%
|
|
3.15%
|
|
3.27%
|
|
|
|
3.77%
|
|
3.26%
|
|
|
Yield on
earning assets (FTE)
|
4.80%
|
|
4.96%
|
|
4.99%
|
|
4.93%
|
|
4.97%
|
|
4.92%
|
|
5.02%
|
|
5.23%
|
|
|
|
4.92%
|
|
5.04%
|
|
|
Cost of
funding
|
0.92%
|
|
0.99%
|
|
1.17%
|
|
1.31%
|
|
1.49%
|
|
1.75%
|
|
1.86%
|
|
1.95%
|
|
|
|
1.11%
|
|
1.74%
|
|
|
Average
earning assets to average assets
|
84.22%
|
|
83.95%
|
|
84.75%
|
|
84.16%
|
|
84.24%
|
|
84.78%
|
|
87.42%
|
|
87.28%
|
|
|
|
84.28%
|
|
85.82%
|
|
|
Average
loans to average deposits
|
75.83%
|
|
76.23%
|
|
72.47%
|
|
70.20%
|
|
74.41%
|
|
76.41%
|
|
84.53%
|
|
88.47%
|
|
|
|
73.64%
|
|
80.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to
average assets
|
1.32%
|
|
1.40%
|
|
1.27%
|
|
1.99%
|
|
1.35%
|
|
5.19%
|
|
1.36%
|
|
1.42%
|
|
|
|
1.50%
|
|
2.41%
|
|
|
Noninterest expense to average assets
|
3.16%
|
|
3.65%
|
|
3.04%
|
|
3.37%
|
|
2.98%
|
|
3.70%
|
|
2.90%
|
|
2.87%
|
|
|
|
3.30%
|
|
3.13%
|
|
|
Net
overhead ratio
|
1.84%
|
|
2.26%
|
|
1.77%
|
|
1.37%
|
|
1.64%
|
|
-1.49%
|
|
1.54%
|
|
1.45%
|
|
|
|
1.81%
|
|
0.72%
|
|
|
Efficiency
ratio (FTE)
|
69.50%
|
|
70.64%
|
|
68.58%
|
|
67.47%
|
|
70.34%
|
|
47.68%
|
|
66.75%
|
|
67.31%
|
|
|
|
69.04%
|
|
59.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2011
-
|
|
For the
Year
|
|
|
|
|
|
2011
|
|
2010
|
|
Q4
2010
|
|
Ended
December 31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
Total
assets
|
$
4,172,518
|
|
$
4,142,851
|
|
$
4,294,530
|
|
$
4,423,088
|
|
$
4,285,887
|
|
$
4,246,566
|
|
$
3,616,125
|
|
$
3,621,361
|
|
(2.65)
|
|
$
4,257,244
|
|
$
3,944,009
|
|
7.94
|
Earning
assets
|
3,514,110
|
|
3,478,054
|
|
3,639,696
|
|
3,722,419
|
|
3,610,526
|
|
3,600,033
|
|
3,161,214
|
|
3,160,620
|
|
(2.67)
|
|
3,588,195
|
|
3,384,856
|
|
6.01
|
Securities
|
745,398
|
|
796,957
|
|
863,735
|
|
881,808
|
|
785,613
|
|
729,789
|
|
734,690
|
|
697,913
|
|
(5.12)
|
|
821,532
|
|
737,256
|
|
11.43
|
Loans, net
of unearned
|
2,594,820
|
|
2,577,539
|
|
2,575,890
|
|
2,556,572
|
|
2,576,721
|
|
2,533,567
|
|
2,304,663
|
|
2,354,443
|
|
0.70
|
|
2,577,185
|
|
2,442,761
|
|
5.50
|
Intangibles
|
192,611
|
|
191,574
|
|
191,320
|
|
191,740
|
|
192,123
|
|
192,447
|
|
190,639
|
|
190,881
|
|
0.25
|
|
191,809
|
|
191,867
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
$
523,807
|
|
$
480,699
|
|
$
468,170
|
|
$
476,115
|
|
$
371,908
|
|
$
351,449
|
|
$
315,242
|
|
$
310,726
|
|
40.84
|
|
$
487,310
|
|
$
334,849
|
|
45.53
|
Interest-bearing deposits
|
|
2,854,146
|
|
2,880,248
|
|
3,072,809
|
|
3,148,481
|
|
3,053,382
|
|
2,929,739
|
|
2,387,175
|
|
2,332,741
|
|
(6.53)
|
|
2,988,208
|
|
2,683,017
|
|
11.37
|
|
Total
deposits
|
3,377,953
|
|
3,360,947
|
|
3,540,979
|
|
3,624,596
|
|
3,425,290
|
|
3,281,188
|
|
2,702,417
|
|
2,643,467
|
|
(1.38)
|
|
3,475,518
|
|
3,017,866
|
|
15.16
|
Borrowed
funds
|
|
260,672
|
|
259,387
|
|
261,060
|
|
290,201
|
|
318,873
|
|
438,047
|
|
468,196
|
|
530,654
|
|
(18.25)
|
|
267,726
|
|
438,140
|
|
(38.89)
|
Shareholders' equity
|
|
487,752
|
|
483,121
|
|
476,896
|
|
470,875
|
|
476,449
|
|
466,109
|
|
412,959
|
|
412,132
|
|
2.37
|
|
479,717
|
|
442,311
|
|
8.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
31,154
|
|
$
40,363
|
|
$
42,331
|
|
$
46,406
|
|
$
46,662
|
|
$
56,674
|
|
$
53,868
|
|
$
44,688
|
|
(33.23)
|
|
$
31,154
|
|
$
46,662
|
|
(33.23)
|
Loans 90
past due or more
|
|
|
3,760
|
|
8,674
|
|
9,646
|
|
10,839
|
|
7,196
|
|
8,923
|
|
10,794
|
|
9,916
|
|
(47.75)
|
|
3,760
|
|
7,196
|
|
(47.75)
|
Nonperforming loans
|
|
|
34,914
|
|
49,037
|
|
51,977
|
|
57,245
|
|
53,858
|
|
65,597
|
|
64,662
|
|
54,604
|
|
(35.17)
|
|
34,914
|
|
53,858
|
|
(35.17)
|
Other real
estate owned
|
|
|
70,079
|
|
72,765
|
|
68,384
|
|
71,415
|
|
71,833
|
|
62,936
|
|
66,797
|
|
62,508
|
|
(2.44)
|
|
70,079
|
|
71,833
|
|
(2.44)
|
Nonperforming assets not subject to loss
share
|
$
104,993
|
|
$
121,802
|
|
$
120,361
|
|
$
128,660
|
|
$
125,691
|
|
$
128,533
|
|
$
131,459
|
|
$
117,112
|
|
(16.47)
|
|
$
104,993
|
|
$
125,691
|
|
(16.47)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
88,034
|
|
$
84,426
|
|
$
78,780
|
|
$
78,909
|
|
$
82,393
|
|
$
67,135
|
|
$
-
|
|
$
-
|
|
6.85
|
|
$
88,034
|
|
$
82,393
|
|
6.85
|
Loans 90
past due or more
|
1,134
|
|
12,222
|
|
10,619
|
|
7,817
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,134
|
|
-
|
|
-
|
Non-performing loans subject to loss share
|
89,168
|
|
96,648
|
|
89,399
|
|
86,726
|
|
82,393
|
|
67,135
|
|
-
|
|
-
|
|
8.22
|
|
89,168
|
|
82,393
|
|
8.22
|
Other real
estate owned and repossessions
|
43,156
|
|
44,021
|
|
59,802
|
|
59,036
|
|
54,715
|
|
49,286
|
|
-
|
|
-
|
|
(21.13)
|
|
43,156
|
|
54,715
|
|
(21.13)
|
Non-performing assets subject to loss
share
|
$
132,324
|
|
$
140,669
|
|
$
149,201
|
|
$
145,762
|
|
$
137,108
|
|
$
116,421
|
|
$
-
|
|
$
-
|
|
(3.49)
|
|
$
132,324
|
|
$
137,108
|
|
(3.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs (recoveries)
|
$
10,192
|
|
$
4,539
|
|
$
5,284
|
|
$
3,410
|
|
$
5,217
|
|
$
7,514
|
|
$
6,948
|
|
$
4,716
|
|
95.36
|
|
$
23,425
|
|
$
24,395
|
|
(3.98)
|
Allowance
for loan losses
|
44,340
|
|
48,532
|
|
47,571
|
|
47,505
|
|
45,415
|
|
45,132
|
|
41,146
|
|
41,094
|
|
(2.37)
|
|
44,340
|
|
45,415
|
|
(2.37)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / total loans*
|
1.56%
|
|
2.22%
|
|
2.38%
|
|
2.61%
|
|
2.46%
|
|
2.94%
|
|
2.86%
|
|
2.37%
|
|
|
|
1.56%
|
|
2.46%
|
|
|
Nonperforming assets / total assets*
|
2.50%
|
|
2.94%
|
|
2.83%
|
|
2.91%
|
|
2.92%
|
|
3.02%
|
|
3.66%
|
|
3.22%
|
|
|
|
2.50%
|
|
2.92%
|
|
|
Allowance
for loan losses / total loans*
|
1.98%
|
|
2.20%
|
|
2.18%
|
|
2.17%
|
|
2.07%
|
|
2.02%
|
|
1.82%
|
|
1.78%
|
|
|
|
1.98%
|
|
2.07%
|
|
|
Allowance
for loan losses / nonperforming loans*
|
127.00%
|
|
98.97%
|
|
91.52%
|
|
82.99%
|
|
84.32%
|
|
68.80%
|
|
63.63%
|
|
75.26%
|
|
|
|
127.00%
|
|
84.32%
|
|
|
Annualized
net loan charge-offs / average loans*
|
1.56%
|
|
0.70%
|
|
0.82%
|
|
0.54%
|
|
0.80%
|
|
1.18%
|
|
1.21%
|
|
0.81%
|
|
|
|
0.91%
|
|
1.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
4,201,332
|
|
$
4,136,474
|
|
$
4,259,200
|
|
$
4,422,164
|
|
$
4,297,327
|
|
$
4,256,253
|
|
$
3,593,872
|
|
$
3,641,709
|
|
(2.23)
|
|
$
4,201,332
|
|
$
4,297,327
|
|
(2.23)
|
Earning
assets
|
|
|
3,528,980
|
|
3,480,982
|
|
3,585,441
|
|
3,724,108
|
|
3,631,730
|
|
3,600,972
|
|
3,156,451
|
|
3,200,159
|
|
(2.83)
|
|
3,528,980
|
|
3,631,730
|
|
(2.83)
|
Securities
|
|
|
|
796,341
|
|
718,881
|
|
833,710
|
|
880,382
|
|
834,472
|
|
745,486
|
|
721,640
|
|
741,207
|
|
(4.57)
|
|
796,341
|
|
834,472
|
|
(4.57)
|
Mortgage
loans held for sale
|
|
28,222
|
|
24,739
|
|
11,511
|
|
9,399
|
|
27,704
|
|
25,639
|
|
21,261
|
|
16,597
|
|
1.87
|
|
28,222
|
|
27,704
|
|
1.87
|
Loans not
subject to loss share
|
|
2,241,622
|
|
2,204,955
|
|
2,185,490
|
|
2,190,376
|
|
2,190,909
|
|
2,231,075
|
|
2,263,263
|
|
2,308,335
|
|
2.31
|
|
2,241,622
|
|
2,190,909
|
|
2.31
|
Loans
subject to loss share
|
339,462
|
|
359,813
|
|
377,149
|
|
386,811
|
|
333,681
|
|
352,535
|
|
-
|
|
-
|
|
1.73
|
|
339,462
|
|
333,681
|
|
1.73
|
|
Total
loans
|
2,581,084
|
|
2,564,768
|
|
2,562,639
|
|
2,577,187
|
|
2,524,590
|
|
2,583,610
|
|
2,263,263
|
|
2,308,335
|
|
2.24
|
|
2,581,084
|
|
2,524,590
|
|
2.24
|
Intangibles
|
192,520
|
|
192,755
|
|
191,086
|
|
191,581
|
|
191,867
|
|
192,391
|
|
190,411
|
|
190,881
|
|
0.34
|
|
192,520
|
|
191,867
|
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
$
531,910
|
|
$
493,130
|
|
$
458,686
|
|
$
486,676
|
|
$
368,798
|
|
$
361,504
|
|
$
313,309
|
|
$
315,064
|
|
44.23
|
|
$
531,910
|
|
$
368,798
|
|
44.23
|
Interest-bearing deposits
|
|
2,880,327
|
|
2,849,225
|
|
3,018,733
|
|
3,158,198
|
|
3,099,353
|
|
3,054,424
|
|
2,374,903
|
|
2,398,784
|
|
(7.07)
|
|
2,880,327
|
|
3,099,353
|
|
(7.07)
|
|
Total
deposits
|
|
3,412,237
|
|
3,342,355
|
|
3,477,419
|
|
3,644,874
|
|
3,468,151
|
|
3,415,928
|
|
2,688,212
|
|
2,713,848
|
|
(1.61)
|
|
3,412,237
|
|
3,468,151
|
|
(1.61)
|
Borrowed
funds
|
254,709
|
|
262,569
|
|
263,067
|
|
260,149
|
|
316,436
|
|
322,245
|
|
459,762
|
|
483,183
|
|
(19.51)
|
|
254,709
|
|
316,436
|
|
(19.51)
|
Shareholders' equity
|
488,294
|
|
487,401
|
|
480,135
|
|
473,354
|
|
469,509
|
|
477,034
|
|
412,235
|
|
410,557
|
|
4.00
|
|
488,294
|
|
469,509
|
|
4.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
value per common share
|
$
15.00
|
|
$
12.73
|
|
$
14.49
|
|
$
16.98
|
|
$
16.91
|
|
$
15.21
|
|
$
14.35
|
|
$
16.18
|
|
(11.30)
|
|
$
15.00
|
|
$
16.91
|
|
(11.30)
|
Book value
per common share
|
19.48
|
|
19.45
|
|
19.16
|
|
18.89
|
|
18.75
|
|
19.05
|
|
19.54
|
|
19.47
|
|
3.91
|
|
19.48
|
|
18.75
|
|
3.91
|
Tangible
book value per common share
|
11.80
|
|
11.76
|
|
11.53
|
|
11.25
|
|
11.09
|
|
11.37
|
|
10.51
|
|
10.42
|
|
6.43
|
|
11.80
|
|
11.09
|
|
6.43
|
Shareholders' equity to assets (actual)
|
11.62%
|
|
11.78%
|
|
11.27%
|
|
10.70%
|
|
10.93%
|
|
11.21%
|
|
11.47%
|
|
11.27%
|
|
|
|
11.62%
|
|
10.93%
|
|
|
Tangible
capital ratio
|
7.38%
|
|
7.47%
|
|
7.11%
|
|
6.66%
|
|
6.76%
|
|
7.00%
|
|
6.52%
|
|
6.37%
|
|
|
|
7.38%
|
|
6.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
9.44%
|
|
9.48%
|
|
9.10%
|
|
8.77%
|
|
8.97%
|
|
9.03%
|
|
8.78%
|
|
8.74%
|
|
|
|
9.44%
|
|
8.97%
|
|
|
Tier 1
risk-based capital ratio
|
13.33%
|
|
13.63%
|
|
13.58%
|
|
13.59%
|
|
13.58%
|
|
13.55%
|
|
11.42%
|
|
11.20%
|
|
|
|
13.33%
|
|
13.58%
|
|
|
Total
risk-based capital ratio
|
14.58%
|
|
14.89%
|
|
14.83%
|
|
14.84%
|
|
14.83%
|
|
14.80%
|
|
12.67%
|
|
12.45%
|
|
|
|
14.58%
|
|
14.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on
assets not subject to loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2011
-
|
|
For the
Year
|
|
|
|
|
|
2011
|
|
2010
|
|
Q4
2010
|
|
Ended
December 31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans
not subject to loss share by category
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
Commercial, financial, agricultural
|
$
260,288
|
|
$
247,950
|
|
$
243,343
|
|
$
250,889
|
|
$
244,355
|
|
$
259,710
|
|
$
273,356
|
|
$
276,749
|
|
6.52
|
|
$
260,288
|
|
$
244,355
|
|
6.52
|
Lease
financing
|
328
|
|
350
|
|
393
|
|
458
|
|
503
|
|
547
|
|
601
|
|
677
|
|
(34.79)
|
|
328
|
|
503
|
|
(34.79)
|
Real
estate - construction
|
74,159
|
|
75,690
|
|
77,224
|
|
71,559
|
|
66,798
|
|
62,593
|
|
62,469
|
|
110,121
|
|
11.02
|
|
74,159
|
|
66,798
|
|
11.02
|
Real
estate - 1-4 family mortgages
|
716,704
|
|
712,871
|
|
720,451
|
|
730,860
|
|
749,863
|
|
770,773
|
|
798,185
|
|
809,271
|
|
(4.42)
|
|
716,704
|
|
749,863
|
|
(4.42)
|
Real
estate - commercial mortgages
|
1,130,143
|
|
1,106,037
|
|
1,081,801
|
|
1,073,561
|
|
1,065,271
|
|
1,072,484
|
|
1,071,876
|
|
1,055,102
|
|
6.09
|
|
1,130,143
|
|
1,065,271
|
|
6.09
|
Installment loans to individuals
|
60,000
|
|
62,057
|
|
62,278
|
|
63,049
|
|
64,119
|
|
64,968
|
|
56,776
|
|
56,415
|
|
(6.42)
|
|
60,000
|
|
64,119
|
|
(6.42)
|
|
Loans, net
of unearned
|
$
2,241,622
|
|
$
2,204,955
|
|
$
2,185,490
|
|
$
2,190,376
|
|
$
2,190,909
|
|
$
2,231,075
|
|
$
2,263,263
|
|
$
2,308,335
|
|
2.31
|
|
$
2,241,622
|
|
$
2,190,909
|
|
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural
|
$
17,803
|
|
$
19,196
|
|
$
24,233
|
|
$
22,964
|
|
$
20,921
|
|
$
22,543
|
|
$
-
|
|
$
-
|
|
(14.90)
|
|
$
17,803
|
|
$
20,921
|
|
(14.90)
|
Lease
financing
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real
estate - construction
|
7,076
|
|
10,811
|
|
10,318
|
|
13,847
|
|
15,563
|
|
17,385
|
|
-
|
|
-
|
|
(54.53)
|
|
7,076
|
|
15,563
|
|
(54.53)
|
Real
estate - 1-4 family mortgages
|
107,923
|
|
114,228
|
|
119,508
|
|
123,770
|
|
122,519
|
|
138,863
|
|
-
|
|
-
|
|
(11.91)
|
|
107,923
|
|
122,519
|
|
(11.91)
|
Real
estate - commercial mortgages
|
206,492
|
|
215,370
|
|
222,876
|
|
226,038
|
|
174,572
|
|
172,145
|
|
-
|
|
-
|
|
18.28
|
|
206,492
|
|
174,572
|
|
18.28
|
Installment loans to individuals
|
168
|
|
208
|
|
214
|
|
192
|
|
106
|
|
1,599
|
|
-
|
|
-
|
|
58.49
|
|
168
|
|
106
|
|
58.49
|
|
Loans, net
of unearned
|
$
339,462
|
|
$
359,813
|
|
$
377,149
|
|
$
386,811
|
|
$
333,681
|
|
$
352,535
|
|
$
-
|
|
$
-
|
|
1.73
|
|
$
339,462
|
|
$
333,681
|
|
1.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation