TUPELO, Miss., April 24, 2012 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
financial results for the first quarter of 2012. Net income
for the first quarter of 2012 was $5,974,000, or basic and diluted earnings per
share of $0.24, as compared to
$5,790,000, or basic and diluted
earnings per share of $0.23, for the
fourth quarter of 2011. Net income for the first quarter of
2011 was $7,553,000, or basic and
diluted earnings per share of $0.30,
and included a pre-tax gain of $8,774,000 and pre-tax merger-related costs of
$1,325,000 in connection with the
American Trust FDIC-assisted acquisition.
"Our first quarter 2012 financial results reflect our continued
focus in several key areas, specifically, generating new business
and aggressively working through the remainder of our nonperforming
assets. Looking back at the progress we have made over the
last 12 months, it is noteworthy that we have grown loans for three
consecutive quarters and increased noninterest bearing core
deposits over 10 percent while reducing our nonperforming loans 47
percent on an annual comparison. We also experienced
significant decreases in 30 to 89 days past due loans and other
real estate owned during the same period," said Renasant chairman
and chief executive officer, E. Robinson
McGraw. "Capitalizing on new market entrances over the
past 12 months, we have taken advantage of many opportunities to
enhance our long-term profitability and expand our footprint and
product delivery via both de novo branching and acquisitions in the
southeast."
To recap the Company's new market opportunities over the past 12
months, during the first quarter of 2011, the Company successfully
completed the conversion related to the acquisition of the assets
of the former Crescent Bank & Trust of Jasper, Georgia, which was acquired in
2010. In February 2011, the
Company acquired the assets of the former American Trust Bank in
Roswell, Georgia, from the FDIC as
the receiver of American Trust. On July 1, 2011, the Company announced its entrance
into the Montgomery, Alabama
banking market with a de novo branch just two days after it
announced that it had entered into an agreement to acquire RBC Bank
(USA)'s Birmingham-based Trust division, which was
completed in August. Finishing out Renasant's new market
entrances, the Company entered both the Starkville, Mississippi and Tuscaloosa, Alabama banking markets in late
2011 by opening de novo branches.
Total assets as of March 31, 2012,
were approximately $4.18 billion, as
compared to $4.20 billion as of
December 31, 2011. The
Company's Tier 1 leverage capital ratio was 9.38 percent, its Tier
1 risk-based capital ratio was 13.34 percent and its total
risk-based capital ratio was 14.59 percent. In all capital
ratio categories, the Company's regulatory capital ratios continued
to be in excess of the regulatory minimums required to be
classified as "well-capitalized."
"Through prudent capital and balance sheet management, we
continue to enhance our strong capital position, as evidenced by
our tangible capital ratio which was 7.47 percent as of
March 31, 2012, an 81 basis point
increase over the prior year. Our capital and related ratios
are at levels that we believe adequately support future growth
while at the same time allowing us to maintain our dividend," said
McGraw.
Total deposits were $3.47 billion
as of March 31, 2012, as compared to
$3.41 billion as of December 31, 2011. The Company continues to
improve its deposit mix by replacing higher-costing funds with
lower-costing core deposits as evidenced by the 10.13 percent
growth in the Company's noninterest bearing deposits as of
March 31, 2012, compared to
March 31, 2011. The result of
these continued changes to the Company's funding mix, coupled with
a reduction in borrowed funds, has reduced its cost of funds 47
basis points to 0.84 percent for the first quarter of 2012, as
compared to 1.31 percent for the first quarter of 2011.
Total loans, which include both loans covered and not covered
under FDIC loss-share agreements, were approximately $2.60 billion as of March
31, 2012, as compared to $2.58
billion as of December 31,
2011. Loans not covered under loss-share agreements
were $2.28 billion as of March 31, 2012, as compared to $2.24 billion as of December 31, 2011, and $2.19 billion as of March
31, 2011, representing 1.80 percent linked quarter growth
which annualizes to an approximate growth rate of 7.20
percent. Loans covered under the FDIC loss-share agreements
decreased to $318 million as of
March 31, 2012, as compared to
$339 million as of December 31, 2011.
Net interest income was $32,843,000 for the first quarter of 2012, a 5.62
percent increase, from $31,096,000
for the first quarter of 2011. Net interest margin increased
to 3.85 percent for the first quarter of 2012, as compared to 3.55
percent for the first quarter of 2011.
"Our increase in margin and net interest income was partly due
to improvements in asset mix including an increase in loans, a
decrease in nonaccrual loans and a decrease in cash. We also
saw improvements in our liability mix that included an increase in
demand deposit, savings and money market balances and a decline in
borrowed funds. These improvements resulted in a 30 basis
point increase in our net interest margin for the first quarter of
2012, as compared to the same period in 2011," stated
McGraw.
Noninterest income was $16,387,000
for the first quarter of 2012, as compared to $21,035,000 for the first quarter in 2011.
Noninterest income for the first quarter of 2011 included a
one-time gain of $8,774,000
recognized in connection with the American Trust acquisition.
Included in first-quarter 2012 noninterest income was a
$904,000 gain from the sale of
investment securities compared to a $12,000 gain from the sale of securities during
the same period in 2011. Wealth management income totaled
$1,942,000 for the first quarter of
2012, up $885,000, from the
$1,057,000 realized during the same
period in 2011, reflecting the full impact of the Company's trust
acquisition.
"Our diversified sources of noninterest income, such as mortgage
and wealth management, have helped augment reductions in other
areas of noninterest income due to recently enacted regulatory
requirements," said McGraw.
Noninterest expense was $36,621,000 for the first quarter of 2012, as
compared to $35,993,000 for the first
quarter of 2011. Included in noninterest expense for the
first quarter of 2012 and 2011 were $898,000 and $1,903,000, respectively, in prepayment penalties
related to the early extinguishment of higher-cost
borrowings. Salaries and employee benefits were $18,649,000 during the first quarter of 2012, as
compared to $16,237,000 during the
first quarter of 2011. This increase is primarily
attributable to the additional personnel from the Company's de novo
branches and its trust acquisition. Also contributing to this
increase was higher-than-anticipated health insurance costs.
Nonperforming assets covered under FDIC loss-share agreements
totaled $115.3 million as of
March 31, 2012, down from
$132.3 million as of December 31, 2011 and $145.8 million as of March
31, 2011.
Nonperforming loans and other real estate owned ("OREO") covered
under FDIC loss-share agreements totaled $79.8 million and $35.5
million, respectively, as of March
31, 2012, compared to $89.2
million and $43.1 million,
respectively, as of December 31,
2011. The remaining discussion in this release of
nonperforming loans, OREO and the related asset quality ratios
exclude these assets covered under FDIC loss-share agreements.
The Company's nonperforming loans were $30.4 million as of March
31, 2012, down from $34.9
million as of December 31,
2011 and $57.2 million as of
March 31, 2011. Nonperforming
loans as a percentage of total loans were 1.33 percent as of
March 31, 2012, as compared to 1.56
percent as of December 31, 2011, and
2.61 percent as of March 31,
2011. Furthermore, loans 30 to 89 days past due as a percent
of total loans remained at pre-credit cycle levels and were 0.59
percent as of March 31, 2012, as
compared to 0.71 percent as of December 31,
2011 and 0.86 percent as of March
31, 2011.
The Company's coverage ratio, or its allowance for loan losses
as a percentage of nonperforming loans, was 145.15 percent as of
March 31, 2012, as compared to 127.00
percent as of December 31, 2011, and
82.99 percent as of March 31,
2011. The allowance for loan losses as a percentage of loans
was 1.94 percent as of March 31,
2012, as compared to 1.98 percent as of December 31, 2011 and 2.17 percent as of
March 31, 2011.
The Company recorded a provision for loan losses of $4,800,000 for the first quarter of 2012, as
compared to $6,000,000 for the fourth
quarter of 2011 and $5,500,000 for
the first quarter of 2011. Annualized net charge-offs as a
percentage of average loans were 0.76 percent for the first quarter
of 2012, as compared to 1.56 percent for the fourth quarter of 2011
and 0.54 percent for the first quarter of 2011.
OREO was $64.9 million as of
March 31, 2012, as compared to
$70.1 million as of December 31, 2011 and $71.4 million as of March
31, 2011. The Company continues to work aggressively
to market OREO and currently has approximately $9.5 million of OREO under purchase agreements of
which $3.6 million is scheduled to
close during the second quarter of 2012.
"We are especially pleased to continue to see positive trends in
our credit quality. During the first quarter of 2012,
nonperforming loans decreased 13 percent and 47 percent on a linked
quarter and year-over-year comparison, respectively, and
nonperforming assets decreased 9 percent and 26 percent on a linked
quarter and year-over-year comparison, respectively. In
addition, our nonperforming loans, as compared to total loans, are
at their lowest level since the second quarter of 2007. At
the same time, our coverage ratio, which was approximately 145
percent, is at its highest level since the fourth quarter of 2007,"
stated McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 a.m. EDT
on Wednesday, April 25, 2012.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst120425.html. To
access the conference via telephone, dial 1-877-317-6789 in
the United States and request the
Renasant Corporation First Quarter 2012 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 conference number 10012811 or by dialing
1-412-317-0088 internationally and entering the conference
number.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 108-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.
(Unaudited)
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(Dollars in thousands, except per share
data)
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Q1 2012
-
|
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For the
Three Months
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2012
|
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2011
|
|
Q4
2011
|
|
Ended
March 31,
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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
|
|
Percent
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|
|
|
Percent
|
|
Statement of earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
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Variance
|
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|
|
|
|
|
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|
|
|
|
|
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|
Interest
income - taxable equivalent basis
|
|
$
42,001
|
|
$
42,430
|
|
$
43,432
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|
$
45,291
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|
$
45,371
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|
(1.01)
|
|
$
42,001
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|
$
45,371
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(7.43)
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|
|
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|
|
|
Interest
income
|
|
|
|
$
40,505
|
|
$
40,970
|
|
$
41,930
|
|
$
43,775
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|
$
43,803
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|
(1.13)
|
|
$
40,505
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|
$
43,803
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|
(7.53)
|
|
Interest
expense
|
|
|
|
7,662
|
|
8,475
|
|
9,066
|
|
11,153
|
|
12,707
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|
(9.59)
|
|
7,662
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|
12,707
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|
(39.70)
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|
|
Net
interest income
|
|
|
32,843
|
|
32,495
|
|
32,864
|
|
32,622
|
|
31,096
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|
1.07
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|
32,843
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|
31,096
|
|
5.62
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Provision
for loan losses
|
|
|
4,800
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|
6,000
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|
5,500
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|
5,350
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|
5,500
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|
(20.00)
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|
4,800
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|
5,500
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|
(12.73)
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|
Net
interest income after provision
|
|
28,043
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|
26,495
|
|
27,364
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|
27,272
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|
25,596
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|
5.84
|
|
28,043
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|
25,596
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|
9.56
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Service
charges on deposit accounts
|
|
4,525
|
|
4,527
|
|
4,797
|
|
5,082
|
|
4,880
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|
(0.04)
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|
4,525
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|
4,880
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|
(7.27)
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|
Fees and
commissions on loans and deposits
|
|
3,928
|
|
3,794
|
|
3,354
|
|
3,147
|
|
2,964
|
|
3.53
|
|
3,928
|
|
2,964
|
|
32.52
|
|
Insurance
commissions and fees
|
|
|
898
|
|
812
|
|
847
|
|
783
|
|
832
|
|
10.59
|
|
898
|
|
832
|
|
7.93
|
|
Wealth
management revenue
|
|
|
1,942
|
|
1,526
|
|
1,145
|
|
1,140
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|
1,057
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|
27.26
|
|
1,942
|
|
1,057
|
|
83.73
|
|
Securities
gains (losses)
|
|
|
904
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|
-
|
|
5,041
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|
(258)
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|
12
|
|
-
|
|
904
|
|
12
|
|
7,433.33
|
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Gain on
sale of mortgage loans
|
|
|
1,281
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|
662
|
|
1,371
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|
949
|
|
1,151
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|
93.50
|
|
1,281
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|
1,151
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|
11.29
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Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
570
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|
-
|
|
8,774
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-
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|
-
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|
8,774
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(100.00)
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Other
|
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|
2,909
|
|
1,686
|
|
1,318
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|
1,580
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|
1,365
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|
72.54
|
|
2,909
|
|
1,365
|
|
113.11
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Total
noninterest income
|
|
|
16,387
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|
13,007
|
|
18,443
|
|
12,423
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|
21,035
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25.99
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|
16,387
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|
21,035
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(22.10)
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.
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Salaries
and employee benefits
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|
18,649
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|
16,232
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|
17,493
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|
16,173
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|
16,237
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|
14.89
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|
18,649
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|
16,237
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|
14.85
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Occupancy
and equipment
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|
|
3,615
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|
3,522
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|
3,434
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|
3,357
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|
3,239
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|
2.64
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|
3,615
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|
3,239
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|
11.61
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Data
processing
|
|
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|
2,040
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|
1,925
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|
1,927
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|
1,657
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|
1,788
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|
5.97
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|
2,040
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|
1,788
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|
14.09
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|
Debt
extinguishment penalty
|
|
|
898
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|
-
|
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-
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-
|
|
1,903
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|
-
|
|
898
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|
1,903
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|
(52.81)
|
|
Merger-related expenses
|
|
|
-
|
|
-
|
|
326
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|
-
|
|
1,325
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|
-
|
|
-
|
|
1,325
|
|
(100.00)
|
|
Other real
estate
|
|
|
|
3,999
|
|
3,357
|
|
6,336
|
|
2,122
|
|
3,511
|
|
19.12
|
|
3,999
|
|
3,511
|
|
13.90
|
|
Amortization of intangibles
|
|
|
358
|
|
366
|
|
351
|
|
510
|
|
515
|
|
(2.19)
|
|
358
|
|
515
|
|
(30.49)
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|
Other
|
|
|
|
7,062
|
|
6,962
|
|
7,092
|
|
7,825
|
|
7,475
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|
1.44
|
|
7,062
|
|
7,475
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|
(5.53)
|
|
|
Total
noninterest expense
|
|
|
36,621
|
|
32,364
|
|
36,959
|
|
31,644
|
|
35,993
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|
13.15
|
|
36,621
|
|
35,993
|
|
1.74
|
|
|
|
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|
|
|
|
|
|
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|
|
|
|
|
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|
|
Income
before income taxes
|
|
|
7,809
|
|
7,138
|
|
8,848
|
|
8,051
|
|
10,638
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|
(26.59)
|
|
7,809
|
|
10,638
|
|
(26.59)
|
|
Income
taxes
|
|
|
|
1,835
|
|
1,348
|
|
2,316
|
|
2,294
|
|
3,085
|
|
36.13
|
|
1,835
|
|
3,085
|
|
(40.52)
|
|
|
Net
income
|
|
|
|
$
5,974
|
|
$
5,790
|
|
$
6,532
|
|
$
5,757
|
|
$
7,553
|
|
3.18
|
|
$
5,974
|
|
$
7,553
|
|
(20.91)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
$
0.24
|
|
$
0.23
|
|
$
0.26
|
|
$
0.23
|
|
$
0.30
|
|
4.35
|
|
$
0.24
|
|
$
0.30
|
|
(20.00)
|
|
Diluted
earnings per share
|
|
|
0.24
|
|
0.23
|
|
0.26
|
|
0.23
|
|
0.30
|
|
4.35
|
|
0.24
|
|
0.30
|
|
(20.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares outstanding
|
|
|
25,078,996
|
|
25,061,122
|
|
25,061,068
|
|
25,059,081
|
|
25,052,126
|
|
0.07
|
|
25,078,996
|
|
25,052,126
|
|
0.11
|
|
Average
diluted shares outstanding
|
|
25,138,213
|
|
25,183,114
|
|
25,180,923
|
|
25,182,503
|
|
25,172,410
|
|
(0.18)
|
|
25,138,213
|
|
25,172,410
|
|
(0.14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding
|
|
|
25,105,732
|
|
25,066,068
|
|
25,061,068
|
|
25,061,068
|
|
25,056,431
|
|
0.16
|
|
25,105,732
|
|
25,056,431
|
|
0.20
|
|
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
|
|
4.88%
|
|
4.71%
|
|
5.36%
|
|
4.84%
|
|
6.51%
|
|
|
|
4.88%
|
|
6.51%
|
|
|
|
Return on
average shareholders' equity, excluding amortization
expense
|
|
5.06%
|
|
4.89%
|
|
5.54%
|
|
5.11%
|
|
6.78%
|
|
|
|
5.06%
|
|
6.78%
|
|
|
|
Return on
average assets
|
|
|
0.57%
|
|
0.55%
|
|
0.63%
|
|
0.54%
|
|
0.69%
|
|
|
|
0.57%
|
|
0.69%
|
|
|
|
Return on
average assets, excluding amortization expense
|
|
0.59%
|
|
0.57%
|
|
0.65%
|
|
0.57%
|
|
0.72%
|
|
|
|
0.59%
|
|
0.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE)
|
|
|
3.85%
|
|
3.84%
|
|
3.92%
|
|
3.76%
|
|
3.55%
|
|
|
|
3.85%
|
|
3.55%
|
|
|
|
Yield on
earning assets (FTE)
|
|
|
4.71%
|
|
4.80%
|
|
4.96%
|
|
4.99%
|
|
4.93%
|
|
|
|
4.71%
|
|
4.93%
|
|
|
|
Cost of
funding
|
|
|
|
0.84%
|
|
0.92%
|
|
0.99%
|
|
1.17%
|
|
1.31%
|
|
|
|
0.84%
|
|
1.31%
|
|
|
|
Average
earning assets to average assets
|
|
84.88%
|
|
84.22%
|
|
83.95%
|
|
84.75%
|
|
84.16%
|
|
|
|
84.88%
|
|
84.16%
|
|
|
|
Average
loans to average deposits
|
|
75.45%
|
|
75.83%
|
|
76.23%
|
|
72.47%
|
|
70.20%
|
|
|
|
75.45%
|
|
70.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities
gains/losses) to average assets
|
|
|
1.47%
|
|
1.24%
|
|
1.28%
|
|
1.18%
|
|
1.93%
|
|
|
|
1.47%
|
|
1.93%
|
|
|
|
Noninterest expense to average assets
|
|
3.49%
|
|
3.08%
|
|
3.54%
|
|
2.96%
|
|
3.30%
|
|
|
|
3.49%
|
|
3.30%
|
|
|
|
Net
overhead ratio
|
|
|
|
2.01%
|
|
1.84%
|
|
2.26%
|
|
1.77%
|
|
1.37%
|
|
|
|
2.01%
|
|
1.37%
|
|
|
|
Efficiency
ratio (FTE)
|
|
|
72.19%
|
|
68.92%
|
|
69.99%
|
|
67.96%
|
|
67.03%
|
|
|
|
72.19%
|
|
67.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2012
-
|
|
For the
Three Months
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Q4
2011
|
|
Ended
March 31,
|
|
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
|
Total
assets
|
|
|
|
$
4,222,376
|
|
$
4,172,518
|
|
$
4,142,851
|
|
$
4,294,530
|
|
$
4,423,088
|
|
1.19
|
|
$
4,222,376
|
|
$
4,423,088
|
|
(4.54)
|
|
Earning
assets
|
|
|
|
3,583,957
|
|
3,514,110
|
|
3,478,054
|
|
3,639,696
|
|
3,722,419
|
|
1.99
|
|
3,583,957
|
|
3,722,419
|
|
(3.72)
|
|
Securities
|
|
|
|
813,826
|
|
745,398
|
|
796,957
|
|
863,735
|
|
881,808
|
|
9.18
|
|
813,826
|
|
881,808
|
|
(7.71)
|
|
Loans, net
of unearned
|
|
|
2,614,000
|
|
2,594,820
|
|
2,577,539
|
|
2,575,890
|
|
2,556,572
|
|
0.74
|
|
2,614,000
|
|
2,556,572
|
|
2.25
|
|
Intangibles
|
|
|
|
192,429
|
|
192,611
|
|
191,574
|
|
191,320
|
|
191,740
|
|
(0.09)
|
|
192,429
|
|
191,740
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$
534,867
|
|
$
523,807
|
|
$
480,699
|
|
$
468,170
|
|
$
476,115
|
|
2.11
|
|
$
534,867
|
|
$
476,115
|
|
12.34
|
|
Interest-bearing deposits
|
|
|
2,897,750
|
|
2,854,146
|
|
2,880,248
|
|
3,072,809
|
|
3,148,481
|
|
1.53
|
|
2,897,750
|
|
3,148,481
|
|
(7.96)
|
|
|
Total
deposits
|
|
|
|
3,432,617
|
|
3,377,953
|
|
3,360,947
|
|
3,540,979
|
|
3,624,596
|
|
1.62
|
|
3,432,617
|
|
3,624,596
|
|
(5.30)
|
|
Borrowed
funds
|
|
|
|
238,937
|
|
260,672
|
|
259,387
|
|
261,060
|
|
290,201
|
|
(8.34)
|
|
238,937
|
|
290,201
|
|
(17.66)
|
|
Shareholders' equity
|
|
|
492,092
|
|
487,752
|
|
483,121
|
|
476,896
|
|
470,875
|
|
0.89
|
|
492,092
|
|
470,875
|
|
4.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
26,999
|
|
$
31,154
|
|
$
40,363
|
|
$
42,331
|
|
$
46,406
|
|
(13.34)
|
|
$
26,999
|
|
$
46,406
|
|
(41.82)
|
|
Loans 90
past due or more
|
|
|
3,435
|
|
3,760
|
|
8,674
|
|
9,646
|
|
10,839
|
|
(8.64)
|
|
3,435
|
|
10,839
|
|
(68.31)
|
|
Nonperforming loans
|
|
|
30,434
|
|
34,914
|
|
49,037
|
|
51,977
|
|
57,245
|
|
(12.83)
|
|
30,434
|
|
57,245
|
|
(46.84)
|
|
Other real
estate owned
|
|
|
64,931
|
|
70,079
|
|
72,765
|
|
68,384
|
|
71,415
|
|
(7.35)
|
|
64,931
|
|
71,415
|
|
(9.08)
|
|
Nonperforming assets not subject to loss
share
|
|
$
95,365
|
|
$
104,993
|
|
$
121,802
|
|
$
120,361
|
|
$
128,660
|
|
(9.17)
|
|
$
95,365
|
|
$
128,660
|
|
(25.88)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
78,418
|
|
$
88,034
|
|
$
84,426
|
|
$
78,780
|
#
|
$
78,909
|
|
(10.92)
|
|
$
78,418
|
|
$
78,909
|
|
(0.62)
|
|
Loans 90
past due or more
|
|
|
1,397
|
|
1,134
|
|
12,222
|
|
10,619
|
#
|
7,817
|
|
23.19
|
|
1,397
|
|
7,817
|
|
(82.13)
|
|
Non-performing loans subject to loss share
|
|
79,815
|
|
89,168
|
|
96,648
|
|
89,399
|
#
|
86,726
|
|
(10.49)
|
|
79,815
|
|
86,726
|
|
(7.97)
|
|
Other real
estate owned and repossessions
|
|
35,461
|
|
43,156
|
|
44,021
|
|
59,802
|
#
|
59,036
|
|
(17.83)
|
|
35,461
|
|
59,036
|
|
(39.93)
|
|
Non-performing assets subject to loss
share
|
|
$
115,276
|
|
$
132,324
|
|
$
140,669
|
|
$
149,201
|
#
|
$
145,762
|
|
(12.88)
|
|
$
115,276
|
|
$
145,762
|
|
(20.91)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs (recoveries)
|
|
|
$
4,964
|
|
$
10,192
|
|
$
4,539
|
|
$
5,284
|
|
$
3,410
|
|
(51.30)
|
|
$
4,964
|
|
$
3,410
|
|
45.57
|
|
Allowance
for loan losses
|
|
|
44,176
|
|
44,340
|
|
48,532
|
|
47,571
|
|
47,505
|
|
(0.37)
|
|
44,176
|
|
47,505
|
|
(7.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / total loans*
|
|
1.33%
|
|
1.56%
|
|
2.22%
|
|
2.38%
|
|
2.61%
|
|
|
|
1.33%
|
|
2.61%
|
|
|
|
Nonperforming assets / total assets*
|
|
2.28%
|
|
2.50%
|
|
2.94%
|
|
2.83%
|
|
2.91%
|
|
|
|
2.28%
|
|
2.91%
|
|
|
|
Allowance
for loan losses / total loans*
|
|
1.94%
|
|
1.98%
|
|
2.20%
|
|
2.18%
|
|
2.17%
|
|
|
|
1.94%
|
|
2.17%
|
|
|
|
Allowance
for loan losses / nonperforming loans*
|
|
145.15%
|
|
127.00%
|
|
98.97%
|
|
91.52%
|
|
82.99%
|
|
|
|
145.15%
|
|
82.99%
|
|
|
|
Annualized
net loan charge-offs / average loans*
|
|
0.76%
|
|
1.56%
|
|
0.70%
|
|
0.82%
|
|
0.54%
|
|
|
|
0.76%
|
|
0.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
$
4,176,490
|
|
$
4,202,008
|
|
$
4,136,474
|
|
$
4,259,200
|
|
$
4,422,164
|
|
(0.61)
|
|
$
4,176,490
|
|
$
4,422,164
|
|
(5.56)
|
|
Earning
assets
|
|
|
|
3,551,252
|
|
3,528,980
|
|
3,480,982
|
|
3,585,441
|
|
3,724,108
|
|
0.63
|
|
3,551,252
|
|
3,724,108
|
|
(4.64)
|
|
Securities
|
|
|
|
834,419
|
|
796,341
|
|
718,881
|
|
833,710
|
|
880,382
|
|
4.78
|
|
834,419
|
|
880,382
|
|
(5.22)
|
|
Mortgage
loans held for sale
|
|
|
25,216
|
|
28,222
|
|
24,739
|
|
11,511
|
|
9,399
|
|
(10.65)
|
|
25,216
|
|
9,399
|
|
168.27
|
|
Loans not
subject to loss share
|
|
|
2,281,957
|
|
2,241,622
|
|
2,204,955
|
|
2,185,490
|
|
2,190,376
|
|
1.80
|
|
2,281,957
|
|
2,190,376
|
|
4.18
|
|
Loans
subject to loss share
|
|
|
318,089
|
|
339,462
|
|
359,813
|
|
377,149
|
|
386,811
|
|
(6.30)
|
|
318,089
|
|
386,811
|
|
(17.77)
|
|
|
Total
loans
|
|
|
|
2,600,046
|
|
2,581,084
|
|
2,564,768
|
|
2,562,639
|
|
2,577,187
|
|
0.73
|
|
2,600,046
|
|
2,577,187
|
|
0.89
|
|
Intangibles
|
|
|
|
191,968
|
|
192,326
|
|
192,755
|
|
191,086
|
|
191,581
|
|
(0.19)
|
|
191,968
|
|
191,581
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$
535,955
|
|
$
531,910
|
|
$
493,130
|
|
$
458,686
|
|
$
486,676
|
|
0.76
|
|
$
535,955
|
|
$
486,676
|
|
10.13
|
|
Interest-bearing deposits
|
|
|
2,937,211
|
|
2,880,327
|
|
2,849,225
|
|
3,018,733
|
|
3,158,198
|
|
1.97
|
|
2,937,211
|
|
3,158,198
|
|
(7.00)
|
|
|
Total
deposits
|
|
|
|
3,473,166
|
|
3,412,237
|
|
3,342,355
|
|
3,477,419
|
|
3,644,874
|
|
1.79
|
|
3,473,166
|
|
3,644,874
|
|
(4.71)
|
|
Borrowed
funds
|
|
|
|
171,753
|
|
254,709
|
|
262,569
|
|
263,067
|
|
260,149
|
|
(32.57)
|
|
171,753
|
|
260,149
|
|
(33.98)
|
|
Shareholders' equity
|
|
|
489,611
|
|
487,202
|
|
487,401
|
|
480,135
|
|
473,354
|
|
0.49
|
|
489,611
|
|
473,354
|
|
3.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
value per common share
|
|
|
$
16.28
|
|
$
15.00
|
|
$
12.73
|
|
$
14.49
|
|
$
16.98
|
|
8.53
|
|
$
16.28
|
|
$
16.98
|
|
(4.12)
|
|
Book value
per common share
|
|
|
19.50
|
|
19.44
|
|
19.45
|
|
19.16
|
|
18.89
|
|
0.34
|
|
19.50
|
|
18.89
|
|
3.23
|
|
Tangible
book value per common share
|
|
11.86
|
|
11.76
|
|
11.76
|
|
11.53
|
|
11.25
|
|
0.78
|
|
11.86
|
|
11.25
|
|
5.42
|
|
Shareholders' equity to assets (actual)
|
|
11.72%
|
|
11.59%
|
|
11.78%
|
|
11.27%
|
|
10.70%
|
|
|
|
11.72%
|
|
10.70%
|
|
|
|
Tangible
capital ratio
|
|
|
7.47%
|
|
7.35%
|
|
7.47%
|
|
7.11%
|
|
6.66%
|
|
|
|
7.47%
|
|
6.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
9.38%
|
|
9.44%
|
|
9.48%
|
|
9.10%
|
|
8.77%
|
|
|
|
9.38%
|
|
8.77%
|
|
|
|
Tier 1
risk-based capital ratio
|
|
|
13.34%
|
|
13.32%
|
|
13.63%
|
|
13.58%
|
|
13.59%
|
|
|
|
13.34%
|
|
13.59%
|
|
|
|
Total
risk-based capital ratio
|
|
|
14.59%
|
|
14.58%
|
|
14.89%
|
|
14.83%
|
|
14.84%
|
|
|
|
14.59%
|
|
14.84%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on
assets not subject to loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2012
-
|
|
For the
Three Months
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Q4
2011
|
|
Ended
March 31,
|
|
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Loans
not subject to loss share by category
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
|
Commercial, financial, agricultural
|
|
|
$
263,720
|
|
$
260,288
|
|
$
247,950
|
|
$
243,343
|
|
$
250,889
|
|
1.32
|
|
$
263,720
|
|
$
250,889
|
|
5.11
|
|
Lease
financing
|
|
|
|
302
|
|
328
|
|
350
|
|
393
|
|
458
|
|
(7.93)
|
|
302
|
|
458
|
|
(34.06)
|
|
Real
estate - construction
|
|
|
67,223
|
|
74,159
|
|
75,690
|
|
77,224
|
|
71,559
|
|
(9.35)
|
|
67,223
|
|
71,559
|
|
(6.06)
|
|
Real
estate - 1-4 family mortgages
|
|
738,765
|
|
716,704
|
|
712,871
|
|
720,451
|
|
730,860
|
|
3.08
|
|
738,765
|
|
730,860
|
|
1.08
|
|
Real
estate - commercial mortgages
|
|
1,153,423
|
|
1,130,143
|
|
1,106,037
|
|
1,081,801
|
|
1,073,561
|
|
2.06
|
|
1,153,423
|
|
1,073,561
|
|
7.44
|
|
Installment loans to individuals
|
|
|
58,524
|
|
60,000
|
|
62,057
|
|
62,278
|
|
63,049
|
|
(2.46)
|
|
58,524
|
|
63,049
|
|
(7.18)
|
|
|
Loans, net
of unearned
|
|
|
$
2,281,957
|
|
$
2,241,622
|
|
$
2,204,955
|
|
$
2,185,490
|
|
$
2,190,376
|
|
1.80
|
|
$
2,281,957
|
|
$
2,190,376
|
|
4.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural
|
|
|
$
15,206
|
|
$
17,803
|
|
$
19,196
|
|
$
24,233
|
|
$
22,964
|
|
(14.59)
|
|
$
15,206
|
|
$
22,964
|
|
(33.78)
|
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Real
estate - construction
|
|
|
6,202
|
|
7,076
|
|
10,811
|
|
10,318
|
|
13,847
|
|
(12.35)
|
|
6,202
|
|
13,847
|
|
(55.21)
|
|
Real
estate - 1-4 family mortgages
|
|
99,769
|
|
107,923
|
|
114,228
|
|
119,508
|
|
123,770
|
|
(7.56)
|
|
99,769
|
|
123,770
|
|
(19.39)
|
|
Real
estate - commercial mortgages
|
|
196,754
|
|
206,492
|
|
215,370
|
|
222,876
|
|
226,038
|
|
(4.72)
|
|
196,754
|
|
226,038
|
|
(12.96)
|
|
Installment loans to individuals
|
|
|
158
|
|
168
|
|
208
|
|
214
|
|
192
|
|
(5.95)
|
|
158
|
|
192
|
|
(17.71)
|
|
|
Loans, net
of unearned
|
|
|
$
318,089
|
|
$
339,462
|
|
$
359,813
|
|
$
377,149
|
|
$
386,811
|
|
(6.30)
|
|
$
318,089
|
|
$
386,811
|
|
(17.77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
SOURCE Renasant Corporation