TUPELO, Miss., Oct. 16, 2012 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
financial results for the third quarter of 2012. Net income
for the third quarter of 2012 was $7.0
million, or basic and diluted earnings per share of
$0.28, as compared to $6.5 million, or basic and diluted earnings per
share of $0.26, for the third quarter
of 2011.
(Logo: http://photos.prnewswire.com/prnh/20110629/CL28420LOGO
)
"During the third quarter of 2012, we continued to experience
strong growth in loans, noninterest-bearing demand deposits and
noninterest income, especially from our mortgage and wealth
management divisions, all of which helped drive our increase in
earnings per share," commented Renasant Chairman and Chief
Executive Officer, E. Robinson
McGraw. "We were especially pleased in accomplishing
loan growth throughout all regions of our footprint for the second
consecutive quarter. Although the majority of our loan growth
came from our non-de novo markets, we are excited about the
potential opportunity for future loan growth from our new market
operations as they continue to build their loan portfolios."
Total loans, which include both loans covered and not covered
under FDIC loss-share agreements, were approximately $2.800 billion at September 30, 2012, as compared to $2.565 billion at September 30, 2011, and $2.581 billion at December
31, 2011. Loans not covered under FDIC
loss-share agreements were $2.540
billion at September 30, 2012,
an increase of 15.2% from September 30,
2011, and 13.3% from December
31, 2011.
"Our increase in loans for the third quarter of 2012 represents
our fifth consecutive quarter of loan growth.
Furthermore, our annualized growth rate of 24% for the third
quarter of 2012 represents our second consecutive quarter of
double-digit annualized growth for loans not covered under FDIC
loss-share agreements," said McGraw. "In addition, our new
market operations in Alabama,
Mississippi and Tennessee contributed approximately
$64.4 million in net loan growth
during the third quarter of 2012."
Total deposits were $3.396 billion
at September 30, 2012, as compared to
$3.342 billion at September 30, 2011, and $3.412 billion at December
31, 2011. Noninterest-bearing deposits were
$554.58 million at September 30, 2012, an increase of $61.45 million, or 12.5%, as compared to the same
period in 2011 and an increase of $22.67
million, or 4.3%, from December 31,
2011. Noninterest-bearing deposits now represent 16.33% of
total deposits as of September 30,
2012.
Total assets as of September 30,
2012, were approximately $4.165
billion, down slightly from December
31, 2011. The Company's Tier 1 leverage capital ratio
was 9.90%, its Tier 1 risk-based capital ratio was 12.73%, and its
total risk-based capital ratio was 14.00% at September 30, 2012. All of the Company's
regulatory capital ratios continued to be in excess of the required
regulatory minimums to be classified as "well-capitalized."
The Company's tangible common equity ratio was 7.69% as of
September 30, 2012.
Net interest income was $33.1
million for the third quarter of 2012, as compared to
$32.9 million for the third quarter
of 2011. Net interest margin was 3.94% for the third
quarter of 2012, as compared to 3.92% for the third quarter of
2011. The Company's cost of funds decreased to 0.68%, as
compared to 0.99% for the third quarter of 2011.
"Despite continued pressure on our net interest income and net
interest margin due to a historically low interest rate
environment, we have continued to increase our net interest income
and net interest margin each quarter as compared to the same
periods in 2011 by restructuring our funding mix and through the
continued deployment of cash into higher yielding assets," stated
McGraw.
Noninterest income was $18.0
million for the third quarter of 2012, as compared to
$18.4 million for the third quarter
of 2011. During the third quarter of 2011, however, the
Company had a $5.0 million gain on
the sale of securities and a $570,000
gain from its RBC Birmingham-based trust unit acquisition.
"We experienced strong revenue from diverse noninterest income
sources including fees and commissions from loans, mortgage
operations, wealth management and insurance products, as well as
service charges on deposit accounts. It is worth noting that,
when excluding the gains from the sale of securities and trust unit
acquisition during the third quarter of 2011, noninterest income
grew approximately 41% during the third quarter of 2012, as
compared to the same period in 2011," stated McGraw.
Noninterest expense was $38.6
million for the third quarter of 2012, as compared to
$36.9 million for the third quarter
of 2011. The increase in noninterest expense during the third
quarter of 2012, as compared to the third quarter of 2011, is
primarily attributable to commissions paid on mortgage loan
originations and expenses related to the addition of our
East Tennessee de novo
operations.
The Company's loans and other real estate owned ("OREO")
acquired in FDIC-assisted transactions were recorded at fair value
at the time of acquisition. Furthermore, the loss-share
agreements with the FDIC, as well as subsequent fair value
adjustments to the balances of these acquired assets, mitigate the
impact of further losses on these assets. Nonperforming loans
and OREO, or nonperforming assets, covered under loss-share
agreements totaled $64.1 million and
$41.6 million, respectively, at
September 30, 2012, a decrease of
approximately 24.9% from September 30,
2011, and 20.1% from December
31, 2011. The remaining information in this release on
nonperforming loans, OREO, and the related asset quality ratios
exclude the assets covered under loss-share agreements.
Nonperforming loans were $32.0
million at September 30, 2012,
as compared to $49.0 million at
September 30, 2011, and $34.9 million at December
31, 2011. Loans 30-to-89 days past due as a percentage
of total loans were 0.56% as of September
30, 2012, as compared to 0.75% as of September 30, 2011, and 0.71% as of December 31, 2011. Restructured loans
totaled $30.9 million at September 30, 2012, as compared to $35.8 million at September
30, 2011, and $36.3 million at
December 31, 2011.
The Company's coverage ratio, or its allowance for loan losses
as a percentage of nonperforming loans, was 137.57% as of
September 30, 2012, up from 98.97% as
of September 30, 2011, and 127.00% as
of December 31, 2011.
The Company recorded a provision for loan losses of $4.6 million for the third quarter of 2012, as
compared to $5.5 million for the
third quarter of 2011. Annualized net charge-offs as a
percentage of average loans were 0.77% for the third quarter of
2012, as compared to 0.70% for the third quarter of 2011, and 1.56%
for the fourth quarter of 2011. The allowance for loan losses
as a percentage of loans was 1.74% at September 30, 2012, as compared to 2.20% at
September 30, 2011, and 1.98% at
December 31, 2011.
OREO was $48.57 million at
September 30, 2012, as compared to
$72.77 million at September 30, 2011, and $70.1 million at December
31, 2011. The Company experienced a reduction in OREO
of 31% at September 30, 2012, as
compared to December 31, 2011.
During the third quarter, the Company sold a total of approximately
$10.8 million in OREO and currently
has approximately $3.2 million under
contract to sell during the fourth quarter of 2012.
"Moving into the fourth quarter, we are anticipating a strong
finish to 2012 as we build upon the momentum generated from our
continued loan growth, increase in mortgage and wealth management
revenue, and our decrease in nonperforming assets," stated
McGraw. "These positive metrics, along with the addition of
our new markets, have us prepared to capitalize on future
opportunities as they present themselves."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM Eastern
Time on Wednesday, October 17,
2012.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst121017.html. To
access the conference via telephone, dial 1-877-317-6789 in
the United States and request the
Renasant Corporation Third 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 10019513or by dialing
1-412-317-0088 internationally and entering the conference
number. Telephone replay access is available until
9:00 AM Eastern on October 17, 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
|
Kevin
Chapman
|
|
Vice
President
|
Senior
Executive Vice President
|
|
Director
of External Affairs
|
Chief
Financial Officer
|
|
(662)
680-1219
|
(662)
680-1450
|
|
joxford@renasant.com
|
kchapman@renasant.com
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2012
-
|
|
For the
Nine Months
|
|
|
|
|
|
2012
|
|
2011
|
|
Q3
2011
|
|
Ended
September 30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income - taxable equivalent basis
|
|
$
40,613
|
|
$
41,487
|
|
$
42,001
|
|
$
42,430
|
|
$
43,432
|
|
$
45,291
|
|
$
45,371
|
|
(6.49)
|
|
$
124,101
|
|
$
134,094
|
|
(7.45)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
39,154
|
|
$
39,978
|
|
$
40,505
|
|
$
40,970
|
|
$
41,981
|
|
$
43,819
|
|
$
43,843
|
|
(6.73)
|
|
$
119,637
|
|
$
129,643
|
|
(7.72)
|
Interest
expense
|
|
|
|
6,022
|
|
6,568
|
|
7,662
|
|
8,475
|
|
9,070
|
|
11,153
|
|
12,707
|
|
(33.61)
|
|
20,252
|
|
32,930
|
|
(38.50)
|
Net interest
income
|
|
|
|
33,132
|
|
33,410
|
|
32,843
|
|
32,495
|
|
32,911
|
|
32,666
|
|
31,136
|
|
0.67
|
|
99,385
|
|
96,713
|
|
2.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
|
|
4,625
|
|
4,700
|
|
4,800
|
|
6,000
|
|
5,500
|
|
5,350
|
|
5,500
|
|
(15.91)
|
|
14,125
|
|
16,350
|
|
(13.61)
|
Net interest income
after provision
|
|
|
28,507
|
|
28,710
|
|
28,043
|
|
26,495
|
|
27,411
|
|
27,316
|
|
25,636
|
|
4.00
|
|
85,260
|
|
80,363
|
|
6.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
|
4,818
|
|
4,495
|
|
4,525
|
|
4,527
|
|
4,751
|
|
5,036
|
|
4,841
|
|
1.41
|
|
13,838
|
|
14,628
|
|
(5.40)
|
Fees and
commissions on loans and deposits
|
|
4,639
|
|
4,322
|
|
3,928
|
|
3,794
|
|
3,320
|
|
3,118
|
|
2,931
|
|
39.73
|
|
12,889
|
|
9,369
|
|
37.57
|
Insurance
commissions and fees
|
|
|
848
|
|
842
|
|
898
|
|
812
|
|
849
|
|
792
|
|
837
|
|
(0.12)
|
|
2,588
|
|
2,478
|
|
4.44
|
Wealth
management revenue
|
|
|
1,707
|
|
1,551
|
|
1,942
|
|
1,526
|
|
1,144
|
|
1,139
|
|
1,056
|
|
49.21
|
|
5,200
|
|
3,339
|
|
55.74
|
Securities
gains (losses)
|
|
|
-
|
|
869
|
|
904
|
|
-
|
|
5,041
|
|
(258)
|
|
12
|
|
(100.00)
|
|
1,773
|
|
4,795
|
|
(63.02)
|
Gain on
sale of mortgage loans
|
|
|
4,397
|
|
2,390
|
|
1,281
|
|
662
|
|
1,371
|
|
949
|
|
1,151
|
|
220.71
|
|
8,068
|
|
3,471
|
|
132.44
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
570
|
|
-
|
|
8,774
|
|
(100.00)
|
|
-
|
|
9,344
|
|
(100.00)
|
Other
|
|
|
|
1,605
|
|
1,769
|
|
2,909
|
|
1,686
|
|
1,349
|
|
1,604
|
|
1,393
|
|
18.98
|
|
6,283
|
|
4,346
|
|
44.57
|
Total noninterest
income
|
|
|
|
18,014
|
|
16,238
|
|
16,387
|
|
13,007
|
|
18,395
|
|
12,380
|
|
20,995
|
|
(2.07)
|
|
50,639
|
|
51,770
|
|
(2.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
Salaries
and employee benefits
|
|
|
21,221
|
|
19,871
|
|
18,649
|
|
16,232
|
|
17,493
|
|
16,173
|
|
16,237
|
|
21.31
|
|
59,741
|
|
49,903
|
|
19.71
|
Occupancy
and equipment
|
|
|
3,882
|
|
3,582
|
|
3,615
|
|
3,522
|
|
3,434
|
|
3,367
|
|
3,218
|
|
13.05
|
|
11,079
|
|
10,019
|
|
10.58
|
Data
processing
|
|
|
|
2,192
|
|
2,211
|
|
2,040
|
|
1,925
|
|
1,927
|
|
1,657
|
|
1,788
|
|
13.75
|
|
6,443
|
|
5,372
|
|
19.94
|
Debt
extinguishment penalty
|
|
|
-
|
|
-
|
|
898
|
|
-
|
|
-
|
|
-
|
|
1,903
|
|
-
|
|
898
|
|
1,903
|
|
(52.81)
|
Merger-related expenses
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
326
|
|
-
|
|
1,325
|
|
(100.00)
|
|
-
|
|
1,651
|
|
(100.00)
|
Other real
estate
|
|
|
|
2,440
|
|
3,370
|
|
3,999
|
|
3,357
|
|
6,336
|
|
2,122
|
|
3,511
|
|
(61.49)
|
|
9,809
|
|
11,969
|
|
(18.05)
|
Amortization of intangibles
|
|
|
341
|
|
349
|
|
358
|
|
366
|
|
351
|
|
510
|
|
515
|
|
(2.85)
|
|
1,048
|
|
1,376
|
|
(23.84)
|
Other
|
|
|
|
8,555
|
|
7,327
|
|
7,062
|
|
6,962
|
|
7,091
|
|
7,816
|
|
7,496
|
|
20.65
|
|
22,944
|
|
22,403
|
|
2.41
|
Total noninterest
expense
|
|
|
|
38,631
|
|
36,710
|
|
36,621
|
|
32,364
|
|
36,958
|
|
31,645
|
|
35,993
|
|
4.53
|
|
111,962
|
|
104,596
|
|
7.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
|
7,890
|
|
8,238
|
|
7,809
|
|
7,138
|
|
8,848
|
|
8,051
|
|
10,638
|
|
(10.83)
|
|
23,937
|
|
27,537
|
|
(13.07)
|
Income
taxes
|
|
|
|
853
|
|
1,893
|
|
1,835
|
|
1,348
|
|
2,316
|
|
2,294
|
|
3,085
|
|
(63.17)
|
|
4,581
|
|
7,695
|
|
(40.47)
|
Net
income
|
|
|
|
|
$
7,037
|
|
$
6,345
|
|
$
5,974
|
|
$
5,790
|
|
$
6,532
|
|
$
5,757
|
|
$
7,553
|
|
7.73
|
|
$
19,356
|
|
$
19,842
|
|
(2.45)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
$
0.28
|
|
$
0.25
|
|
$
0.24
|
|
$
0.23
|
|
$
0.26
|
|
$
0.23
|
|
$
0.30
|
|
7.69
|
|
$
0.77
|
|
$
0.79
|
|
(2.53)
|
Diluted
earnings per share
|
|
|
0.28
|
|
0.25
|
|
0.24
|
|
0.23
|
|
0.26
|
|
0.23
|
|
0.30
|
|
7.69
|
|
0.77
|
|
0.79
|
|
(2.53)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares outstanding
|
|
|
25,114,672
|
|
25,110,709
|
|
25,078,996
|
|
25,061,122
|
|
25,061,068
|
|
25,059,081
|
|
25,052,126
|
|
0.21
|
|
25,101,507
|
|
25,057,458
|
|
0.18
|
Average
diluted shares outstanding
|
|
25,220,887
|
|
25,149,360
|
|
25,138,213
|
|
25,183,114
|
|
25,180,923
|
|
25,182,503
|
|
25,172,410
|
|
0.16
|
|
25,161,911
|
|
25,186,177
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding
|
|
|
25,120,412
|
|
25,113,894
|
|
25,105,732
|
|
25,066,068
|
|
25,061,068
|
|
25,061,068
|
|
25,056,431
|
|
0.24
|
|
25,120,412
|
|
25,061,068
|
|
0.24
|
Cash
dividend per common share
|
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.51
|
|
$
0.51
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity
|
|
5.65%
|
|
5.19%
|
|
4.88%
|
|
4.71%
|
|
5.36%
|
|
4.84%
|
|
6.51%
|
|
|
|
5.24%
|
|
5.56%
|
|
|
Return on
average shareholders' equity, excluding amortization
expense
|
|
5.82%
|
|
5.36%
|
|
5.06%
|
|
4.89%
|
|
5.54%
|
|
5.11%
|
|
6.78%
|
|
|
|
5.42%
|
|
5.80%
|
|
|
Return on
average assets
|
|
|
0.69%
|
|
0.62%
|
|
0.57%
|
|
0.55%
|
|
0.63%
|
|
0.54%
|
|
0.69%
|
|
|
|
0.62%
|
|
0.62%
|
|
|
Return on
average assets, excluding amortization expense
|
|
0.71%
|
|
0.64%
|
|
0.59%
|
|
0.57%
|
|
0.65%
|
|
0.57%
|
|
0.72%
|
|
|
|
0.64%
|
|
0.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE)
|
|
|
3.94%
|
|
3.98%
|
|
3.85%
|
|
3.84%
|
|
3.92%
|
|
3.76%
|
|
3.55%
|
|
|
|
3.93%
|
|
3.74%
|
|
|
Yield on
earning assets (FTE)
|
|
|
4.63%
|
|
4.73%
|
|
4.71%
|
|
4.80%
|
|
4.96%
|
|
4.99%
|
|
4.93%
|
|
|
|
4.69%
|
|
4.95%
|
|
|
Cost of
funding
|
|
|
|
0.68%
|
|
0.74%
|
|
0.84%
|
|
0.92%
|
|
0.99%
|
|
1.17%
|
|
1.31%
|
|
|
|
0.75%
|
|
1.16%
|
|
|
Average
earning assets to average assets
|
|
85.62%
|
|
85.39%
|
|
84.88%
|
|
84.22%
|
|
83.95%
|
|
84.75%
|
|
84.16%
|
|
|
|
85.18%
|
|
84.42%
|
|
|
Average
loans to average deposits
|
|
81.34%
|
|
76.89%
|
|
75.45%
|
|
75.83%
|
|
76.23%
|
|
72.47%
|
|
70.20%
|
|
|
|
77.88%
|
|
73.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
|
|
1.76%
|
|
1.50%
|
|
1.47%
|
|
1.24%
|
|
1.28%
|
|
1.18%
|
|
1.92%
|
|
|
|
1.57%
|
|
1.47%
|
|
|
Noninterest expense to average assets
|
|
3.77%
|
|
3.58%
|
|
3.49%
|
|
3.08%
|
|
3.54%
|
|
2.96%
|
|
3.30%
|
|
|
|
3.61%
|
|
3.26%
|
|
|
Net
overhead ratio
|
|
|
|
2.01%
|
|
2.08%
|
|
2.01%
|
|
1.84%
|
|
2.26%
|
|
1.78%
|
|
1.38%
|
|
|
|
2.04%
|
|
1.79%
|
|
|
Efficiency
ratio (FTE)
|
|
|
73.44%
|
|
71.76%
|
|
72.19%
|
|
68.92%
|
|
70.05%
|
|
68.03%
|
|
67.08%
|
|
|
|
72.47%
|
|
68.39%
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2012
-
|
|
For the
Nine Months
|
|
|
|
|
|
2012
|
|
2011
|
|
Q3
2011
|
|
Ended
September 30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
Total
assets
|
|
|
|
$
4,078,333
|
|
$
4,123,373
|
|
$
4,222,376
|
|
$
4,172,518
|
|
$
4,142,851
|
|
$
4,294,530
|
|
$
4,423,088
|
|
(1.56)
|
|
$
4,146,847
|
|
$
4,284,463
|
|
(3.21)
|
Earning
assets
|
|
|
|
3,491,941
|
|
3,521,099
|
|
3,583,957
|
|
3,514,110
|
|
3,478,054
|
|
3,639,696
|
|
3,722,419
|
|
0.40
|
|
3,532,185
|
|
3,616,922
|
|
(2.34)
|
Securities
|
|
|
|
682,123
|
|
793,353
|
|
813,826
|
|
745,398
|
|
796,957
|
|
863,735
|
|
881,808
|
|
(14.41)
|
|
762,805
|
|
847,110
|
|
(9.95)
|
Loans, net
of unearned
|
|
|
2,754,017
|
|
2,647,321
|
|
2,614,000
|
|
2,594,820
|
|
2,577,539
|
|
2,575,890
|
|
2,556,572
|
|
6.85
|
|
2,672,079
|
|
2,574,516
|
|
3.79
|
Intangibles
|
|
|
|
191,442
|
|
191,788
|
|
192,429
|
|
192,611
|
|
191,574
|
|
191,320
|
|
191,740
|
|
(0.07)
|
|
191,789
|
|
191,542
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$
543,767
|
|
$
531,209
|
|
$
534,867
|
|
$
523,807
|
|
$
480,699
|
|
$
468,170
|
|
$
476,115
|
|
13.12
|
|
$
536,640
|
|
$
475,009
|
|
12.97
|
Interest-bearing deposits
|
|
|
2,812,140
|
|
2,886,878
|
|
2,897,750
|
|
2,854,146
|
|
2,880,248
|
|
3,072,809
|
|
3,148,481
|
|
(2.36)
|
|
2,865,394
|
|
3,032,873
|
|
(5.52)
|
Total
deposits
|
|
|
|
|
3,355,907
|
|
3,418,087
|
|
3,432,617
|
|
3,377,953
|
|
3,360,947
|
|
3,540,979
|
|
3,624,596
|
|
(0.15)
|
|
3,402,034
|
|
3,507,882
|
|
(3.02)
|
Borrowed
funds
|
|
|
|
177,016
|
|
168,856
|
|
238,937
|
|
260,672
|
|
259,387
|
|
261,060
|
|
290,201
|
|
(31.76)
|
|
194,871
|
|
270,103
|
|
(27.85)
|
Shareholders' equity
|
|
|
495,220
|
|
492,164
|
|
492,092
|
|
487,752
|
|
483,121
|
|
476,896
|
|
470,875
|
|
2.50
|
|
493,279
|
|
476,708
|
|
3.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
29,677
|
|
$
26,099
|
|
$
26,999
|
|
$
31,154
|
|
$
40,363
|
|
$
42,331
|
|
$
46,406
|
|
(26.47)
|
|
$
29,677
|
|
$
40,363
|
|
(26.47)
|
Loans 90
past due or more
|
|
|
2,358
|
|
3,864
|
|
3,435
|
|
3,760
|
|
8,674
|
|
9,646
|
|
10,839
|
|
(72.82)
|
|
2,358
|
|
8,674
|
|
(72.82)
|
Nonperforming loans
|
|
|
32,035
|
|
29,963
|
|
30,434
|
|
34,914
|
|
49,037
|
|
51,977
|
|
57,245
|
|
(34.67)
|
|
32,035
|
|
49,037
|
|
(34.67)
|
Other real
estate owned
|
|
|
48,568
|
|
58,384
|
|
64,931
|
|
70,079
|
|
72,765
|
|
68,384
|
|
71,415
|
|
(33.25)
|
|
48,568
|
|
72,765
|
|
(33.25)
|
Nonperforming assets not subject to loss
share
|
|
$
80,603
|
|
$
88,347
|
|
$
95,365
|
|
$
104,993
|
|
$
121,802
|
|
$
120,361
|
|
$
128,660
|
|
(33.82)
|
|
$
80,603
|
|
$
121,802
|
|
(33.82)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
64,080
|
|
$
65,386
|
|
$
78,418
|
|
$
88,034
|
|
$
84,426
|
|
$
78,780
|
|
$
78,909
|
|
(24.10)
|
|
$
64,080
|
|
$
84,426
|
|
(24.10)
|
Loans 90
past due or more
|
|
|
-
|
|
199
|
|
1,397
|
|
1,134
|
|
12,222
|
|
10,619
|
|
7,817
|
|
(100.00)
|
|
-
|
|
12,222
|
|
(100.00)
|
Non-performing loans subject to loss share
|
|
64,080
|
|
65,585
|
|
79,815
|
|
89,168
|
|
96,648
|
|
89,399
|
|
86,726
|
|
(33.70)
|
|
64,080
|
|
96,648
|
|
(33.70)
|
Other real
estate owned and repossessions
|
|
41,615
|
|
37,951
|
|
35,461
|
|
43,156
|
|
44,021
|
|
59,802
|
|
59,036
|
|
(5.47)
|
|
41,615
|
|
44,021
|
|
(5.47)
|
Nonperforming assets subject to loss share
|
|
$
105,695
|
|
$
103,536
|
|
$
115,276
|
|
$
132,324
|
|
$
140,669
|
|
$
149,201
|
|
$
145,762
|
|
(24.86)
|
|
$
105,695
|
|
$
140,669
|
|
(24.86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs (recoveries)
|
|
|
$
5,335
|
|
$
4,097
|
|
$
4,964
|
|
$
10,192
|
|
$
4,539
|
|
$
5,284
|
|
$
3,410
|
|
17.54
|
|
$
14,396
|
|
$
13,233
|
|
8.79
|
Allowance
for loan losses
|
|
|
44,069
|
|
44,779
|
|
44,176
|
|
44,340
|
|
48,532
|
|
47,571
|
|
47,505
|
|
(9.20)
|
|
44,069
|
|
48,532
|
|
(9.20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / total loans*
|
|
1.26%
|
|
1.25%
|
|
1.33%
|
|
1.56%
|
|
2.22%
|
|
2.38%
|
|
2.61%
|
|
|
|
1.26%
|
|
2.22%
|
|
|
Nonperforming assets / total assets*
|
|
1.94%
|
|
2.15%
|
|
2.28%
|
|
2.50%
|
|
2.94%
|
|
2.83%
|
|
2.91%
|
|
|
|
1.94%
|
|
2.94%
|
|
|
Allowance
for loan losses / total loans*
|
|
1.74%
|
|
1.87%
|
|
1.94%
|
|
1.98%
|
|
2.20%
|
|
2.18%
|
|
2.17%
|
|
|
|
1.74%
|
|
2.20%
|
|
|
Allowance
for loan losses / nonperforming loans*
|
|
137.57%
|
|
149.45%
|
|
145.15%
|
|
127.00%
|
|
98.97%
|
|
91.52%
|
|
82.99%
|
|
|
|
137.57%
|
|
98.97%
|
|
|
Annualized
net loan charge-offs / average loans*
|
|
0.77%
|
|
0.62%
|
|
0.76%
|
|
1.56%
|
|
0.70%
|
|
0.82%
|
|
0.54%
|
|
|
|
0.72%
|
|
0.69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
$
4,164,606
|
|
$
4,112,377
|
|
$
4,176,490
|
|
$
4,202,008
|
|
$
4,136,474
|
|
$
4,259,200
|
|
$
4,422,164
|
|
0.68
|
|
$
4,164,606
|
|
$
4,136,474
|
|
0.68
|
Earning
assets
|
|
|
|
3,595,576
|
|
3,510,654
|
|
3,551,252
|
|
3,528,980
|
|
3,480,982
|
|
3,585,441
|
|
3,724,108
|
|
3.29
|
|
3,595,576
|
|
3,480,982
|
|
3.29
|
Securities
|
|
|
|
680,679
|
|
676,721
|
|
834,419
|
|
796,341
|
|
718,881
|
|
833,710
|
|
880,382
|
|
(5.31)
|
|
680,679
|
|
718,881
|
|
(5.31)
|
Mortgage
loans held for sale
|
|
|
39,131
|
|
25,386
|
|
25,216
|
|
28,222
|
|
24,739
|
|
11,511
|
|
9,399
|
|
58.18
|
|
39,131
|
|
24,739
|
|
58.18
|
Loans not
subject to loss share
|
|
|
2,539,618
|
|
2,392,349
|
|
2,281,957
|
|
2,241,622
|
|
2,204,955
|
|
2,185,490
|
|
2,190,376
|
|
15.18
|
|
2,539,618
|
|
2,204,955
|
|
15.18
|
Loans
subject to loss share
|
|
|
260,545
|
|
289,685
|
|
318,089
|
|
339,462
|
|
359,813
|
|
377,149
|
|
386,811
|
|
(27.59)
|
|
260,545
|
|
359,813
|
|
(27.59)
|
Total loans
|
|
|
|
|
2,800,163
|
|
2,682,034
|
|
2,600,046
|
|
2,581,084
|
|
2,564,768
|
|
2,562,639
|
|
2,577,187
|
|
9.18
|
|
2,800,163
|
|
2,564,768
|
|
9.18
|
Intangibles
|
|
|
|
191,258
|
|
191,618
|
|
191,968
|
|
192,326
|
|
192,755
|
|
191,086
|
|
191,581
|
|
(0.78)
|
|
191,258
|
|
192,755
|
|
(0.78)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$
554,581
|
|
$
539,237
|
|
$
535,955
|
|
$
531,910
|
|
$
493,130
|
|
$
458,686
|
|
$
486,676
|
|
12.46
|
|
$
554,581
|
|
$
493,130
|
|
12.46
|
Interest-bearing deposits
|
|
|
2,841,447
|
|
2,866,959
|
|
2,937,211
|
|
2,880,327
|
|
2,849,225
|
|
3,018,733
|
|
3,158,198
|
|
(0.27)
|
|
2,841,447
|
|
2,849,225
|
|
(0.27)
|
Total
deposits
|
|
|
|
|
3,396,028
|
|
3,406,196
|
|
3,473,166
|
|
3,412,237
|
|
3,342,355
|
|
3,477,419
|
|
3,644,874
|
|
1.61
|
|
3,396,028
|
|
3,342,355
|
|
1.61
|
Borrowed
funds
|
|
|
|
222,907
|
|
169,979
|
|
171,753
|
|
254,709
|
|
262,569
|
|
263,067
|
|
260,149
|
|
(15.11)
|
|
222,907
|
|
262,569
|
|
(15.11)
|
Shareholders' equity
|
|
|
496,824
|
|
491,534
|
|
489,611
|
|
487,202
|
|
487,401
|
|
480,135
|
|
473,354
|
|
1.93
|
|
496,824
|
|
487,401
|
|
1.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
value per common share
|
|
|
$
19.61
|
|
$
15.71
|
|
$
16.28
|
|
$
15.00
|
|
$
12.73
|
|
$
14.49
|
|
$
16.98
|
|
54.05
|
|
$
19.61
|
|
$
12.73
|
|
54.05
|
Book value
per common share
|
|
|
19.78
|
|
19.57
|
|
19.50
|
|
19.44
|
|
19.45
|
|
19.16
|
|
18.89
|
|
1.69
|
|
19.78
|
|
19.45
|
|
1.69
|
Tangible
book value per common share
|
|
12.16
|
|
11.94
|
|
11.86
|
|
11.76
|
|
11.76
|
|
11.53
|
|
11.25
|
|
3.46
|
|
12.16
|
|
11.76
|
|
3.46
|
Shareholders' equity to assets (actual)
|
|
11.93%
|
|
11.95%
|
|
11.72%
|
|
11.59%
|
|
11.78%
|
|
11.27%
|
|
10.70%
|
|
|
|
11.93%
|
|
11.78%
|
|
|
Tangible
capital ratio
|
|
|
7.69%
|
|
7.65%
|
|
7.47%
|
|
7.35%
|
|
7.47%
|
|
7.11%
|
|
6.66%
|
|
|
|
7.69%
|
|
7.47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
9.90%
|
|
9.68%
|
|
9.38%
|
|
9.44%
|
|
9.48%
|
|
9.10%
|
|
8.77%
|
|
|
|
9.90%
|
|
9.48%
|
|
|
Tier 1
risk-based capital ratio
|
|
|
12.73%
|
|
13.14%
|
|
13.32%
|
|
13.32%
|
|
13.63%
|
|
13.58%
|
|
13.59%
|
|
|
|
12.73%
|
|
13.63%
|
|
|
Total
risk-based capital ratio
|
|
|
14.00%
|
|
14.39%
|
|
14.58%
|
|
14.58%
|
|
14.89%
|
|
14.83%
|
|
14.84%
|
|
|
|
14.00%
|
|
14.89%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on
assets not subject to loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2012
-
|
|
For the
Nine Months
|
|
|
|
|
|
2012
|
|
2011
|
|
Q3
2011
|
|
Ended
September 30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans
not subject to loss share by category
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
Commercial, financial, agricultural
|
|
|
$
299,774
|
|
$
280,515
|
|
$
263,720
|
|
$
260,288
|
|
$
247,950
|
|
$
243,343
|
|
$
250,889
|
|
20.90
|
|
$
299,774
|
|
$
247,950
|
|
20.90
|
Lease
financing
|
|
|
|
217
|
|
245
|
|
302
|
|
328
|
|
350
|
|
393
|
|
458
|
|
(38.00)
|
|
217
|
|
350
|
|
(38.00)
|
Real
estate - construction
|
|
|
103,522
|
|
73,109
|
|
67,223
|
|
74,159
|
|
75,690
|
|
77,224
|
|
71,559
|
|
36.77
|
|
103,522
|
|
75,690
|
|
36.77
|
Real
estate - 1-4 family mortgages
|
|
801,612
|
|
771,161
|
|
738,765
|
|
716,704
|
|
712,871
|
|
720,451
|
|
730,860
|
|
12.45
|
|
801,612
|
|
712,871
|
|
12.45
|
Real
estate - commercial mortgages
|
|
1,275,386
|
|
1,208,057
|
|
1,153,423
|
|
1,130,143
|
|
1,106,037
|
|
1,081,801
|
|
1,073,561
|
|
15.31
|
|
1,275,386
|
|
1,106,037
|
|
15.31
|
Installment loans to individuals
|
|
|
59,107
|
|
59,262
|
|
58,524
|
|
60,000
|
|
62,057
|
|
62,278
|
|
63,049
|
|
(4.75)
|
|
59,107
|
|
62,057
|
|
(4.75)
|
Loans, net of
unearned
|
|
|
|
$
2,539,618
|
|
$
2,392,349
|
|
$
2,281,957
|
|
$
2,241,622
|
|
$
2,204,955
|
|
$
2,185,490
|
|
$
2,190,376
|
|
15.18
|
|
$
2,539,618
|
|
$
2,204,955
|
|
15.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural
|
|
|
$
11,282
|
|
$
12,758
|
|
$
15,206
|
|
$
17,803
|
|
$
19,196
|
|
$
24,233
|
|
$
22,964
|
|
(41.23)
|
|
$
11,282
|
|
$
19,196
|
|
(41.23)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real
estate - construction
|
|
|
1,932
|
|
6,093
|
|
6,202
|
|
7,076
|
|
10,811
|
|
10,318
|
|
13,847
|
|
(82.13)
|
|
1,932
|
|
10,811
|
|
(82.13)
|
Real
estate - 1-4 family mortgages
|
|
81,784
|
|
91,605
|
|
99,769
|
|
107,923
|
|
114,228
|
|
119,508
|
|
123,770
|
|
(28.40)
|
|
81,784
|
|
114,228
|
|
(28.40)
|
Real
estate - commercial mortgages
|
|
165,494
|
|
179,160
|
|
196,754
|
|
206,492
|
|
215,370
|
|
222,876
|
|
226,038
|
|
(23.16)
|
|
165,494
|
|
215,370
|
|
(23.16)
|
Installment loans to individuals
|
|
|
53
|
|
69
|
|
158
|
|
168
|
|
208
|
|
214
|
|
192
|
|
(74.52)
|
|
53
|
|
208
|
|
(74.52)
|
Loans, net of
unearned
|
|
|
|
$
260,545
|
|
$
289,685
|
|
$
318,089
|
|
$
339,462
|
|
$
359,813
|
|
$
377,149
|
|
$
386,811
|
|
(27.59)
|
|
$
260,545
|
|
$
359,813
|
|
(27.59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Renasant Corporation