TUPELO, Miss., July 17, 2012 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
financial results for the second quarter of 2012. Net income
for the second quarter of 2012 was $6,345,000, or basic and diluted earnings per
share of $0.25, as compared to
$5,757,000, or basic and diluted
earnings per share of $0.23, for the
second quarter of 2011.
"During the second quarter of 2012 we continued to execute our
plan of driving improvement in key areas which should result in
sustained long-term profitability. Our second quarter
financial results as compared to the same period in 2011 reflects
significant growth in loans and noninterest-bearing deposits, a 22
basis point increase in net interest margin, and a 31% increase in
noninterest income," commented Renasant Chairman and Chief
Executive Officer, E. Robinson
McGraw. "In addition, we continued to experience
significant improvement in our credit quality metrics as our
nonperforming loans and nonperforming assets not covered by
loss-share agreements with the FDIC decreased by 42% and 27%,
respectively, as compared to the same period in 2011."
Total assets as of June 30, 2012,
were approximately $4.112 billion,
down slightly from December 31,
2011. The Company's Tier 1 leverage capital ratio was 9.68%,
its Tier 1 risk-based capital ratio was 13.14%, and its total
risk-based capital ratio was 14.39%. The Company's tangible common
equity ratio was 7.65%. All of the Company's regulatory
capital ratios continued to be in excess of the regulatory minimums
required to be classified as "well-capitalized."
Total loans, which include both loans covered and not covered
under FDIC loss-share agreements, were approximately $2.682 billion at June 30,
2012, as compared to $2.563
billion at June 30, 2011, and
$2.581 billion at December 31, 2011. Loans not covered
under FDIC loss-share agreements were $2.392
billion at June 30, 2012, an
increase of 9.5% from June 30, 2011,
and 6.7% from December 31,
2011.
"Our annualized loan growth rate of 19.35% during the second
quarter of 2012 represents one of the largest percentage increases
in loans for a single quarter in the history of our company.
Furthermore, we are particularly pleased that each region within
our footprint contributed to this growth, which represents our 4th
consecutive quarter of net loan growth. With the contribution
of each region and the additional loan volume from our de novo
operations, we expect net loan growth to remain strong in future
quarters," said McGraw.
Total deposits were $3.406 billion
at June 30, 2012, as compared to
$3.477 billion at June 30, 2011, and $3.412
billion at December 31,
2011. Noninterest-bearing deposits increased $81 million, or 18%, at June 30, 2012, as compared to the same period in
2011 and increased $7.3 million, or
1%, from December 31, 2011.
This continued growth in noninterest-bearing deposits, coupled with
reductions in borrowed funds, reduced the Company's cost of funds
43 basis points to 0.74% for the second quarter of 2012, as
compared to 1.17% for the second quarter of 2011.
Net interest income increased to $33,410,000 for the second quarter of 2012, from
$32,622,000 for the second quarter of
2011. Net interest margin was 3.98% for the second
quarter of 2012, as compared to 3.76% for the second quarter of
2011.
"The current interest rate environment continues to put pressure
on all financial institutions' ability to grow net interest income
and net interest margin. Despite this pressure, we have
continued to increase our net interest income and net interest
margin through the restructuring of our funding mix and through the
deployment of cash into higher yielding alternatives," stated
McGraw.
Noninterest income was $16,238,000, up 30.7%, for the second quarter of
2012, as compared to $12,423,000 for
the second quarter of 2011. Contributing to this
year-over-year increase in noninterest income was strong growth in
mortgage production and an increase in wealth management income
primarily due to the additional revenue from the trust acquisition
in the third quarter of 2011. Also in the Company's second
quarter 2012 noninterest income was a gain of $869,000 resulting from the sale of securities,
as compared to a loss of $258,000 in
the second quarter of 2011. The Company sold securities in
the second quarter of 2012 because the effective yield had
significantly declined as a result of accelerated
prepayments. The proceeds from the sale of these securities
were primarily deployed to fund the Company's loan
growth.
Noninterest expense was $36,710,000 for the second quarter of 2012, as
compared to $31,644,000 for the
second quarter of 2011. This increase in noninterest expense
during the second quarter of 2012, as compared to the second
quarter of 2011, is primarily attributable to the additional
personnel and facilities costs from the recent de novo branching
activities, the previously-disclosed trust acquisition, expenses
related to mortgage production, and higher health insurance
costs.
The Company's loans and other real estate owned acquired in
FDIC-assisted transactions are recorded at fair value.
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. Nonperforming loans and other real estate owned
covered under loss-share agreements totaled $65.6 million and $37.9
million, respectively, at June 30,
2012, combining for a decrease of approximately 31% in
nonperforming assets subject to FDIC loss-share agreements from
June 30, 2011, and a decrease of
approximately 22% from December 31,
2011. The remaining information in this release on
nonperforming loans, other real estate owned, and the related asset
quality ratios exclude the assets covered under loss-share
agreements.
Nonperforming loans declined to $29.9
million at June 30, 2012, as
compared to $51.9 million at
June 30, 2011, and $34.9 million at December
31, 2011. Loans 30 to 89 days past due as a percentage
of total loans were 0.60% as of June 30,
2012, as compared to 0.80% as of June
30, 2011, and 0.71% as of December
31, 2011.
The Company's coverage ratio, or its allowance for loan losses
as a percentage of nonperforming loans, was 149.45% as of
June 30, 2012, as compared to 91.52%
as of June 30, 2011, and 127.00% as
of December 31, 2011.
The Company recorded a provision for loan losses of $4,700,000 for the second quarter of 2012, as
compared to $5,350,000 for the second
quarter of 2011. Annualized net charge-offs as a percentage
of average loans were 0.62% for the second quarter of 2012, as
compared to 0.82% for the second quarter of 2011, and 1.56% for the
fourth quarter of 2011. The allowance for loan losses as a
percentage of loans was 1.87% at June 30,
2012, as compared to 2.18% at June
30, 2011, and 1.98% at December
31, 2011.
Other real estate owned was $58.4
million at June 30, 2012, as
compared to $68.4 million at
June 30, 2011, and $70.1 million at December
31, 2011. During the second quarter, the Company sold
a total of approximately $7.3 million
in other real estate owned and currently has approximately
$8.4 million under contract to sell
during the third quarter of 2012.
"We continued to capitalize on opportunities in new markets as
we entered into the Eastern
Tennessee banking market via de novo branching and broke
ground on our new Starkville,
Mississippi location during the second quarter of 2012,"
stated McGraw. "Overall, the positive trends we are
experiencing in loan growth, change in our funding mix, increases
in net interest income and margin, increases in mortgage revenue,
as well as a decrease in non-performing assets, have us well
positioned for what we believe will be a strong second half of
2012."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM
Eastern on Wednesday, July 18,
2012.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst120718.html. To
access the conference via telephone, dial 1-877-317-6789 in
the United States and request the
Renasant Corporation Second 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 10016155 or by dialing
1-412-317-0088 internationally and entering the conference
number. Telephone replay access is available until
9:00 AM Eastern on July 18, 2013.
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 $4.1 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.
Contacts:
|
For
Media:
|
For
Financials:
|
|
John
Oxford
|
Stuart
Johnson
|
|
Vice
President
|
Senior
Executive Vice President
|
|
Director
of External
Affairs
|
Treasurer
|
|
(662)
680-1219
|
(662)
680-1472
|
|
joxford@renasant.com
|
stuartj@renasant.com
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2012
-
|
|
For the
Six Months
|
|
|
|
|
|
2012
|
|
2011
|
|
Q2
2011
|
|
Ended
June 30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income - taxable equivalent basis
|
|
$
41,487
|
|
$
42,001
|
|
$
42,430
|
|
$
43,432
|
|
$
45,291
|
|
$
45,371
|
|
(8.40)
|
|
$
83,488
|
|
$
90,662
|
|
(7.91)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
39,978
|
|
$
40,505
|
|
$
40,970
|
|
$
41,930
|
|
$
43,775
|
|
$
43,803
|
|
(8.67)
|
|
$
80,483
|
|
$
87,578
|
|
(8.10)
|
Interest
expense
|
|
|
|
6,568
|
|
7,662
|
|
8,475
|
|
9,066
|
|
11,153
|
|
12,707
|
|
(41.11)
|
|
14,230
|
|
23,860
|
|
(40.36)
|
|
Net
interest income
|
|
|
33,410
|
|
32,843
|
|
32,495
|
|
32,864
|
|
32,622
|
|
31,096
|
|
2.42
|
|
66,253
|
|
63,718
|
|
3.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
|
|
4,700
|
|
4,800
|
|
6,000
|
|
5,500
|
|
5,350
|
|
5,500
|
|
(12.15)
|
|
9,500
|
|
10,850
|
|
(12.44)
|
|
Net
interest income after provision
|
|
28,710
|
|
28,043
|
|
26,495
|
|
27,364
|
|
27,272
|
|
25,596
|
|
5.27
|
|
56,753
|
|
52,868
|
|
7.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
4,495
|
|
4,525
|
|
4,527
|
|
4,797
|
|
5,082
|
|
4,880
|
|
(11.55)
|
|
9,020
|
|
9,962
|
|
(9.46)
|
Fees and
commissions on loans and deposits
|
|
4,322
|
|
3,928
|
|
3,794
|
|
3,354
|
|
3,147
|
|
2,964
|
|
37.34
|
|
8,250
|
|
6,111
|
|
35.00
|
Insurance
commissions and fees
|
|
|
842
|
|
898
|
|
812
|
|
847
|
|
783
|
|
832
|
|
7.54
|
|
1,740
|
|
1,615
|
|
7.74
|
Wealth
management revenue
|
|
|
1,551
|
|
1,942
|
|
1,526
|
|
1,145
|
|
1,140
|
|
1,057
|
|
36.05
|
|
3,493
|
|
2,197
|
|
58.99
|
Securities
gains (losses)
|
|
|
869
|
|
904
|
|
-
|
|
5,041
|
|
(258)
|
|
12
|
|
(436.82)
|
|
1,773
|
|
(246)
|
|
(820.73)
|
Gain on
sale of mortgage loans
|
|
|
2,390
|
|
1,281
|
|
662
|
|
1,371
|
|
949
|
|
1,151
|
|
151.84
|
|
3,671
|
|
2,100
|
|
74.81
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
570
|
|
-
|
|
8,774
|
|
-
|
|
-
|
|
8,774
|
|
(100.00)
|
Other
|
|
|
|
1,769
|
|
2,909
|
|
1,686
|
|
1,318
|
|
1,580
|
|
1,365
|
|
11.96
|
|
4,678
|
|
2,945
|
|
58.85
|
|
Total
noninterest income
|
|
|
16,238
|
|
16,387
|
|
13,007
|
|
18,443
|
|
12,423
|
|
21,035
|
|
30.71
|
|
32,625
|
|
33,458
|
|
(2.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
Salaries
and employee benefits
|
|
|
19,871
|
|
18,649
|
|
16,232
|
|
17,493
|
|
16,173
|
|
16,237
|
|
22.87
|
|
38,520
|
|
32,410
|
|
18.85
|
Occupancy
and equipment
|
|
|
3,582
|
|
3,615
|
|
3,522
|
|
3,434
|
|
3,357
|
|
3,218
|
|
6.70
|
|
7,197
|
|
6,575
|
|
9.46
|
Data
processing
|
|
|
|
2,211
|
|
2,040
|
|
1,925
|
|
1,927
|
|
1,657
|
|
1,788
|
|
33.43
|
|
4,251
|
|
3,445
|
|
23.40
|
Debt
extinguishment penalty
|
|
|
-
|
|
898
|
|
-
|
|
-
|
|
-
|
|
1,903
|
|
-
|
|
898
|
|
1,903
|
|
(52.81)
|
Merger-related expenses
|
|
|
-
|
|
-
|
|
-
|
|
326
|
|
-
|
|
1,325
|
|
-
|
|
-
|
|
1,325
|
|
(100.00)
|
Other real
estate
|
|
|
|
3,370
|
|
3,999
|
|
3,357
|
|
6,336
|
|
2,122
|
|
3,511
|
|
58.81
|
|
7,369
|
|
5,633
|
|
30.82
|
Amortization of intangibles
|
|
|
349
|
|
358
|
|
366
|
|
351
|
|
510
|
|
515
|
|
(31.57)
|
|
707
|
|
1,025
|
|
(31.02)
|
Other
|
|
|
|
7,327
|
|
7,062
|
|
6,962
|
|
7,092
|
|
7,825
|
|
7,496
|
|
(6.36)
|
|
14,389
|
|
15,321
|
|
(6.08)
|
|
Total
noninterest expense
|
|
|
36,710
|
|
36,621
|
|
32,364
|
|
36,959
|
|
31,644
|
|
35,993
|
|
16.01
|
|
73,331
|
|
67,637
|
|
8.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
|
8,238
|
|
7,809
|
|
7,138
|
|
8,848
|
|
8,051
|
|
10,638
|
|
(22.56)
|
|
16,047
|
|
18,689
|
|
(14.14)
|
Income
taxes
|
|
|
|
1,893
|
|
1,835
|
|
1,348
|
|
2,316
|
|
2,294
|
|
3,085
|
|
(17.48)
|
|
3,728
|
|
5,379
|
|
(30.69)
|
|
Net
income
|
|
|
|
$
6,345
|
|
$
5,974
|
|
$
5,790
|
|
$
6,532
|
|
$
5,757
|
|
$
7,553
|
|
10.21
|
|
$
12,319
|
|
$
13,310
|
|
(7.45)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
$
0.25
|
|
$
0.24
|
|
$
0.23
|
|
$
0.26
|
|
$
0.23
|
|
$
0.30
|
|
8.70
|
|
$
0.49
|
|
$
0.53
|
|
(7.55)
|
Diluted
earnings per share
|
|
|
0.25
|
|
0.24
|
|
0.23
|
|
0.26
|
|
0.23
|
|
0.30
|
|
8.70
|
|
0.49
|
|
0.53
|
|
(7.55)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares outstanding
|
|
|
25,110,709
|
|
25,078,996
|
|
25,061,122
|
|
25,061,068
|
|
25,059,081
|
|
25,052,126
|
|
0.21
|
|
25,094,852
|
|
25,055,623
|
|
0.16
|
Average
diluted shares outstanding
|
|
25,149,360
|
|
25,138,213
|
|
25,183,114
|
|
25,180,923
|
|
25,182,503
|
|
25,172,410
|
|
(0.13)
|
|
25,144,134
|
|
25,183,215
|
|
(0.16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding
|
|
|
25,113,894
|
|
25,105,732
|
|
25,066,068
|
|
25,061,068
|
|
25,061,068
|
|
25,056,431
|
|
0.21
|
|
25,113,894
|
|
25,061,068
|
|
0.21
|
Cash
dividend per common share
|
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.34
|
|
$
0.34
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity
|
|
5.19%
|
|
4.88%
|
|
4.71%
|
|
5.36%
|
|
4.84%
|
|
6.51%
|
|
|
|
5.03%
|
|
5.67%
|
|
|
Return on
average shareholders' equity, excluding
amortization expense
|
|
5.36%
|
|
5.06%
|
|
4.89%
|
|
5.54%
|
|
5.11%
|
|
6.78%
|
|
|
|
5.21%
|
|
5.94%
|
|
|
Return on
average assets
|
|
|
0.62%
|
|
0.57%
|
|
0.55%
|
|
0.63%
|
|
0.54%
|
|
0.69%
|
|
|
|
0.59%
|
|
0.62%
|
|
|
Return on
average assets, excluding amortization expense
|
|
0.64%
|
|
0.59%
|
|
0.57%
|
|
0.65%
|
|
0.57%
|
|
0.72%
|
|
|
|
0.61%
|
|
0.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE)
|
|
|
3.98%
|
|
3.85%
|
|
3.84%
|
|
3.92%
|
|
3.76%
|
|
3.55%
|
|
|
|
3.92%
|
|
3.65%
|
|
|
Yield on
earning assets (FTE)
|
|
|
4.73%
|
|
4.71%
|
|
4.80%
|
|
4.96%
|
|
4.99%
|
|
4.93%
|
|
|
|
4.72%
|
|
4.96%
|
|
|
Cost of
funding
|
|
|
|
0.74%
|
|
0.84%
|
|
0.92%
|
|
0.99%
|
|
1.17%
|
|
1.31%
|
|
|
|
0.79%
|
|
1.25%
|
|
|
Average
earning assets to average assets
|
|
85.39%
|
|
84.88%
|
|
84.22%
|
|
83.95%
|
|
84.75%
|
|
84.16%
|
|
|
|
85.13%
|
|
84.66%
|
|
|
Average
loans to average deposits
|
|
76.89%
|
|
75.45%
|
|
75.83%
|
|
76.23%
|
|
72.47%
|
|
70.20%
|
|
|
|
76.17%
|
|
71.48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to
average assets
|
|
|
1.50%
|
|
1.47%
|
|
1.24%
|
|
1.28%
|
|
1.18%
|
|
1.93%
|
|
|
|
1.49%
|
|
1.56%
|
|
|
Noninterest expense to average assets
|
|
3.58%
|
|
3.49%
|
|
3.08%
|
|
3.54%
|
|
2.96%
|
|
3.30%
|
|
|
|
3.53%
|
|
3.13%
|
|
|
Net
overhead ratio
|
|
|
|
2.08%
|
|
2.01%
|
|
1.84%
|
|
2.26%
|
|
1.77%
|
|
1.37%
|
|
|
|
2.05%
|
|
1.57%
|
|
|
Efficiency
ratio (FTE)
|
|
|
71.76%
|
|
72.19%
|
|
68.92%
|
|
69.99%
|
|
67.96%
|
|
67.03%
|
|
|
|
71.98%
|
|
67.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2012
-
|
|
For the
Six Months
|
|
|
|
|
|
2012
|
|
2011
|
|
Q2
2011
|
|
Ended
June 30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
Total
assets
|
|
|
|
$
4,123,373
|
|
$
4,222,376
|
|
$
4,172,518
|
|
$
4,142,851
|
|
$
4,294,530
|
|
$
4,423,088
|
|
(3.99)
|
|
$
4,172,848
|
|
$
4,355,810
|
|
(4.20)
|
Earning
assets
|
|
|
|
3,521,099
|
|
3,583,957
|
|
3,514,110
|
|
3,478,054
|
|
3,639,696
|
|
3,722,419
|
|
(3.26)
|
|
3,552,528
|
|
3,687,507
|
|
(3.66)
|
Securities
|
|
|
|
793,353
|
|
813,826
|
|
745,398
|
|
796,957
|
|
863,735
|
|
881,808
|
|
(8.15)
|
|
803,589
|
|
872,701
|
|
(7.92)
|
Loans, net
of unearned
|
|
|
2,647,321
|
|
2,614,000
|
|
2,594,820
|
|
2,577,539
|
|
2,575,890
|
|
2,556,572
|
|
2.77
|
|
2,630,660
|
|
2,572,980
|
|
2.24
|
Intangibles
|
|
|
|
191,788
|
|
192,429
|
|
192,611
|
|
191,574
|
|
191,320
|
|
191,740
|
|
0.24
|
|
191,964
|
|
191,529
|
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$
531,209
|
|
$
534,867
|
|
$
523,807
|
|
$
480,699
|
|
$
468,170
|
|
$
476,115
|
|
13.46
|
|
$
533,038
|
|
$
472,116
|
|
12.90
|
Interest-bearing deposits
|
|
|
2,886,878
|
|
2,897,750
|
|
2,854,146
|
|
2,880,248
|
|
3,072,809
|
|
3,148,481
|
|
(6.05)
|
|
2,892,314
|
|
3,110,450
|
|
(7.01)
|
|
Total
deposits
|
|
|
|
3,418,087
|
|
3,432,617
|
|
3,377,953
|
|
3,360,947
|
|
3,540,979
|
|
3,624,596
|
|
(3.47)
|
|
3,425,352
|
|
3,582,566
|
|
(4.39)
|
Borrowed
funds
|
|
|
|
168,856
|
|
238,937
|
|
260,672
|
|
259,387
|
|
261,060
|
|
290,201
|
|
(35.32)
|
|
203,897
|
|
275,550
|
|
(26.00)
|
Shareholders' equity
|
|
|
492,164
|
|
492,092
|
|
487,752
|
|
483,121
|
|
476,896
|
|
470,875
|
|
3.20
|
|
492,164
|
|
473,541
|
|
3.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
26,099
|
|
$
26,999
|
|
$
31,154
|
|
$
40,363
|
|
$
42,331
|
|
$
46,406
|
|
(38.35)
|
|
$
26,099
|
|
$
42,331
|
|
(38.35)
|
Loans 90
past due or more
|
|
|
3,864
|
|
3,435
|
|
3,760
|
|
8,674
|
|
9,646
|
|
10,839
|
|
(59.94)
|
|
3,864
|
|
9,646
|
|
(59.94)
|
Nonperforming loans not subject to loss
share
|
|
29,963
|
|
30,434
|
|
34,914
|
|
49,037
|
|
51,977
|
|
57,245
|
|
(42.35)
|
|
29,963
|
|
51,977
|
|
(42.35)
|
Other real
estate owned
|
|
|
58,384
|
|
64,931
|
|
70,079
|
|
72,765
|
|
68,384
|
|
71,415
|
|
(14.62)
|
|
58,384
|
|
68,384
|
|
(14.62)
|
Nonperforming assets not subject to loss
share
|
|
$
88,347
|
|
$
95,365
|
|
$
104,993
|
|
$
121,802
|
|
$
120,361
|
|
$
128,660
|
|
(26.60)
|
|
$
88,347
|
|
$
120,361
|
|
(26.60)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
65,386
|
|
$
78,418
|
|
$
88,034
|
|
$
84,426
|
|
$
78,780
|
|
$
78,909
|
|
(17.00)
|
|
$
65,386
|
|
$
78,780
|
|
(17.00)
|
Loans 90
past due or more
|
|
|
199
|
|
1,397
|
|
1,134
|
|
12,222
|
|
10,619
|
|
7,817
|
|
(98.13)
|
|
199
|
|
10,619
|
|
(98.13)
|
Nonperforming loans subject to loss share
|
|
65,585
|
|
79,815
|
|
89,168
|
|
96,648
|
|
89,399
|
|
86,726
|
|
(26.64)
|
|
65,585
|
|
89,399
|
|
(26.64)
|
Other real
estate owned
|
|
|
37,951
|
|
35,461
|
|
43,156
|
|
44,021
|
|
59,802
|
|
59,036
|
|
(36.54)
|
|
37,951
|
|
59,802
|
|
(36.54)
|
Nonperforming assets subject to loss share
|
|
$
103,536
|
|
$
115,276
|
|
$
132,324
|
|
$
140,669
|
|
$
149,201
|
|
$
145,762
|
|
(30.61)
|
|
$
103,536
|
|
$
149,201
|
|
(30.61)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs
|
|
|
$
4,097
|
|
$
4,964
|
|
$
10,192
|
|
$
4,539
|
|
$
5,284
|
|
$
3,410
|
|
(22.46)
|
|
$
9,061
|
|
$
8,694
|
|
4.22
|
Allowance
for loan losses
|
|
|
44,779
|
|
44,176
|
|
44,340
|
|
48,532
|
|
47,571
|
|
47,505
|
|
(5.87)
|
|
44,779
|
|
47,571
|
|
(5.87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / total loans*
|
|
1.25%
|
|
1.33%
|
|
1.56%
|
|
2.22%
|
|
2.38%
|
|
2.61%
|
|
|
|
1.25%
|
|
2.38%
|
|
|
Nonperforming assets / total assets*
|
|
2.15%
|
|
2.28%
|
|
2.50%
|
|
2.94%
|
|
2.83%
|
|
2.91%
|
|
|
|
2.15%
|
|
2.83%
|
|
|
Allowance
for loan losses / total loans*
|
|
1.87%
|
|
1.94%
|
|
1.98%
|
|
2.20%
|
|
2.18%
|
|
2.17%
|
|
|
|
1.87%
|
|
2.18%
|
|
|
Allowance
for loan losses / nonperforming loans*
|
|
149.45%
|
|
145.15%
|
|
127.00%
|
|
98.97%
|
|
91.52%
|
|
82.99%
|
|
|
|
149.45%
|
|
91.52%
|
|
|
Annualized
net loan charge-offs / average loans*
|
|
0.62%
|
|
0.76%
|
|
1.56%
|
|
0.70%
|
|
0.82%
|
|
0.54%
|
|
|
|
0.69%
|
|
0.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
$
4,112,377
|
|
$
4,176,490
|
|
$
4,202,008
|
|
$
4,136,474
|
|
$
4,259,200
|
|
$
4,422,164
|
|
(3.45)
|
|
$
4,112,377
|
|
$
4,259,200
|
|
(3.45)
|
Earning
assets
|
|
|
|
3,510,654
|
|
3,551,252
|
|
3,528,980
|
|
3,480,982
|
|
3,585,441
|
|
3,724,108
|
|
(2.09)
|
|
3,510,654
|
|
3,585,441
|
|
(2.09)
|
Securities
|
|
|
|
676,721
|
|
834,419
|
|
796,341
|
|
718,881
|
|
833,710
|
|
880,382
|
|
(18.83)
|
|
676,721
|
|
833,710
|
|
(18.83)
|
Mortgage
loans held for sale
|
|
|
25,386
|
|
25,216
|
|
28,222
|
|
24,739
|
|
11,511
|
|
9,399
|
|
120.54
|
|
25,386
|
|
11,511
|
|
120.54
|
Loans not
subject to loss share
|
|
|
2,392,349
|
|
2,281,957
|
|
2,241,622
|
|
2,204,955
|
|
2,185,490
|
|
2,190,376
|
|
9.47
|
|
2,392,349
|
|
2,185,490
|
|
9.47
|
Loans
subject to loss share
|
|
|
289,685
|
|
318,089
|
|
339,462
|
|
359,813
|
|
377,149
|
|
386,811
|
|
(23.19)
|
|
289,685
|
|
377,149
|
|
(23.19)
|
|
Total
loans
|
|
|
|
2,682,034
|
|
2,600,046
|
|
2,581,084
|
|
2,564,768
|
|
2,562,639
|
|
2,577,187
|
|
4.66
|
|
2,682,034
|
|
2,562,639
|
|
4.66
|
Intangibles
|
|
|
|
191,618
|
|
191,968
|
|
192,326
|
|
192,755
|
|
191,086
|
|
191,581
|
|
0.28
|
|
191,618
|
|
191,086
|
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$
539,237
|
|
$
535,955
|
|
$
531,910
|
|
$
493,130
|
|
$
458,686
|
|
$
486,676
|
|
17.56
|
|
$
539,237
|
|
$
458,686
|
|
17.56
|
Interest-bearing deposits
|
|
|
2,866,959
|
|
2,937,211
|
|
2,880,327
|
|
2,849,225
|
|
3,018,733
|
|
3,158,198
|
|
(5.03)
|
|
2,866,959
|
|
3,018,733
|
|
(5.03)
|
|
Total
deposits
|
|
|
|
3,406,196
|
|
3,473,166
|
|
3,412,237
|
|
3,342,355
|
|
3,477,419
|
|
3,644,874
|
|
(2.05)
|
|
3,406,196
|
|
3,477,419
|
|
(2.05)
|
Borrowed
funds
|
|
|
|
169,979
|
|
171,753
|
|
254,709
|
|
262,569
|
|
263,067
|
|
260,149
|
|
(35.39)
|
|
169,979
|
|
263,067
|
|
(35.39)
|
Shareholders' equity
|
|
|
491,534
|
|
489,611
|
|
487,202
|
|
487,401
|
|
480,135
|
|
473,354
|
|
2.37
|
|
491,534
|
|
480,135
|
|
2.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
value per common share
|
|
|
$
15.71
|
|
$
16.28
|
|
$
15.00
|
|
$
12.73
|
|
$
14.49
|
|
$
16.98
|
|
8.42
|
|
$
15.71
|
|
$
14.49
|
|
8.42
|
Book value
per common share
|
|
|
19.57
|
|
19.50
|
|
19.44
|
|
19.45
|
|
19.16
|
|
18.89
|
|
2.16
|
|
19.57
|
|
19.16
|
|
2.16
|
Tangible
book value per common share
|
|
11.94
|
|
11.86
|
|
11.76
|
|
11.76
|
|
11.53
|
|
11.25
|
|
3.54
|
|
11.94
|
|
11.53
|
|
3.54
|
Shareholders' equity to assets (actual)
|
|
11.95%
|
|
11.72%
|
|
11.59%
|
|
11.78%
|
|
11.27%
|
|
10.70%
|
|
|
|
11.95%
|
|
11.27%
|
|
|
Tangible
capital ratio
|
|
|
7.65%
|
|
7.47%
|
|
7.35%
|
|
7.47%
|
|
7.11%
|
|
6.66%
|
|
|
|
7.65%
|
|
7.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
9.68%
|
|
9.38%
|
|
9.44%
|
|
9.48%
|
|
9.10%
|
|
8.77%
|
|
|
|
9.68%
|
|
9.10%
|
|
|
Tier 1
risk-based capital ratio
|
|
|
13.14%
|
|
13.32%
|
|
13.32%
|
|
13.63%
|
|
13.58%
|
|
13.59%
|
|
|
|
13.14%
|
|
13.58%
|
|
|
Total
risk-based capital ratio
|
|
|
14.39%
|
|
14.58%
|
|
14.58%
|
|
14.89%
|
|
14.83%
|
|
14.84%
|
|
|
|
14.39%
|
|
14.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on
assets not subject to loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2012
-
|
|
For the
Six Months
|
|
|
|
|
|
2012
|
|
2011
|
|
Q2
2011
|
|
Ended
June 30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans
not subject to loss share by category
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
Commercial, financial, agricultural
|
|
|
$
280,515
|
|
$
263,720
|
|
$
260,288
|
|
$
247,950
|
|
$
243,343
|
|
$
250,889
|
|
15.28
|
|
$
280,515
|
|
$
243,343
|
|
15.28
|
Lease
financing
|
|
|
|
245
|
|
302
|
|
328
|
|
350
|
|
393
|
|
458
|
|
(37.66)
|
|
245
|
|
393
|
|
(37.66)
|
Real
estate - construction
|
|
|
73,109
|
|
67,223
|
|
74,159
|
|
75,690
|
|
77,224
|
|
71,559
|
|
(5.33)
|
|
73,109
|
|
77,224
|
|
(5.33)
|
Real
estate - 1-4 family mortgages
|
|
771,161
|
|
738,765
|
|
716,704
|
|
712,871
|
|
720,451
|
|
730,860
|
|
7.04
|
|
771,161
|
|
720,451
|
|
7.04
|
Real
estate - commercial mortgages
|
|
1,208,057
|
|
1,153,423
|
|
1,130,143
|
|
1,106,037
|
|
1,081,801
|
|
1,073,561
|
|
11.67
|
|
1,208,057
|
|
1,081,801
|
|
11.67
|
Installment loans to individuals
|
|
|
59,262
|
|
58,524
|
|
60,000
|
|
62,057
|
|
62,278
|
|
63,049
|
|
(4.84)
|
|
59,262
|
|
62,278
|
|
(4.84)
|
|
Loans, net
of unearned
|
|
|
$
2,392,349
|
|
$
2,281,957
|
|
$
2,241,622
|
|
$
2,204,955
|
|
$
2,185,490
|
|
$
2,190,376
|
|
9.47
|
|
$
2,392,349
|
|
$
2,185,490
|
|
9.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural
|
|
|
$
12,758
|
|
$
15,206
|
|
$
17,803
|
|
$
19,196
|
|
$
24,233
|
|
$
22,964
|
|
(47.35)
|
|
$
12,758
|
|
$
24,233
|
|
(47.35)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real
estate - construction
|
|
|
6,093
|
|
6,202
|
|
7,076
|
|
10,811
|
|
10,318
|
|
13,847
|
|
(40.95)
|
|
6,093
|
|
10,318
|
|
(40.95)
|
Real
estate - 1-4 family mortgages
|
|
91,605
|
|
99,769
|
|
107,923
|
|
114,228
|
|
119,508
|
|
123,770
|
|
(23.35)
|
|
91,605
|
|
119,508
|
|
(23.35)
|
Real
estate - commercial mortgages
|
|
179,160
|
|
196,754
|
|
206,492
|
|
215,370
|
|
222,876
|
|
226,038
|
|
(19.61)
|
|
179,160
|
|
222,876
|
|
(19.61)
|
Installment loans to individuals
|
|
|
69
|
|
158
|
|
168
|
|
208
|
|
214
|
|
192
|
|
(67.76)
|
|
69
|
|
214
|
|
(67.76)
|
|
Loans, net
of unearned
|
|
|
$
289,685
|
|
$
318,089
|
|
$
339,462
|
|
$
359,813
|
|
$
377,149
|
|
$
386,811
|
|
(23.19)
|
|
$
289,685
|
|
$
377,149
|
|
(23.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation