TUPELO, Miss., Jan. 15, 2013 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced its
earnings results for the fourth quarter and year ended December 31, 2012. Net income for the fourth
quarter of 2012 was $7.3 million as
compared to $5.8 million for the
fourth quarter of 2011. Basic and diluted earnings per share (EPS)
were $0.29 for the fourth quarter of
2012, as compared to basic and diluted EPS of $0.23 for the fourth quarter of 2011. For the
fourth quarter of 2012, net income and earnings per share were both
up 26% as compared to the same period in 2011.
(Logo:
http://photos.prnewswire.com/prnh/20110629/CL28420LOGO )
Net income for 2012 was $26.6
million as compared to $25.6
million for 2011. Both basic and diluted EPS were
$1.06 for 2012 as compared to basic
and diluted EPS of $1.02 for 2011.
Net income and EPS for 2011 included pre-tax acquisition gains of
$8.8 million in connection with the
Company's FDIC-assisted acquisition of American Bank and Trust of
Roswell, Georgia, and $570,000 associated with the Company's
acquisition of RBC's Birmingham Trust operations. The Company did
not record any acquisition-related gains in 2012.
"Our results for the fourth quarter of 2012 represent a strong
finish to a successful year for Renasant as we experienced a 26%
increase in EPS and net income as compared to the same period in
2011," commented Renasant Chairman and Chief Executive Officer,
E. Robinson McGraw.
"Contributing to this strong performance during the fourth quarter
of 2012 as compared to the fourth quarter of 2011, we increased net
interest margin by 13 basis points and grew both net interest
income and noninterest income. Also, loans increased for the
6th consecutive quarter. In addition, we continued to
experience significant improvement in all of our major credit
metrics throughout 2012."
Total loans increased 9% to $2.810
billion at December 31, 2012,
as compared to $2.581 billion at
December 31, 2011. Loans not covered
under FDIC loss-share agreements grew 15% to $2.573 billion at December
31, 2012, as compared to $2.242
billion at December 31,
2011.
Total deposits were $3.461 billion
at December 31, 2012, as compared to
$3.412 billion at December 31, 2011. The Company continued to
improve its deposit mix as noninterest-bearing deposits grew 7% to
approximately $568 million at
December 31, 2012, as compared to the
balance at December 31, 2011.
Noninterest-bearing deposits now represent 17% of total average
deposits for the fourth quarter of 2012, up from 16% of total
average deposits for the fourth quarter of 2011. As a result of
this continued improvement in funding mix, the Company's cost of
funds was 64 basis points for the fourth quarter of 2012 as
compared to 92 basis points for the same quarter in 2011.
Total assets at December 31, 2012,
were approximately $4.183 billion as
compared to approximately $4.165
billion at September 30, 2012,
and $4.202 billion at December 31, 2011.
At December 31, 2012, the
Company's tangible common equity ratio was 7.60%, Tier 1 leverage
capital ratio was 9.86%, Tier 1 risk-based capital ratio was
12.85%, and total risk-based capital ratio was 14.13%. The
Company's capital ratios were all in excess of regulatory minimums
required to be classified as "well-capitalized." In addition,
during 2012 and throughout the recent economic downturn, the
Company maintained its annual dividend of $0.68, which equates to an approximate dividend
yield of 3.50%.
Net interest income was $34.0
million for the fourth quarter of 2012 as compared to
$32.6 million for the fourth quarter
of 2011. Net interest margin was 3.97% for the fourth quarter of
2012, up 13 basis points, as compared to 3.84% for the fourth
quarter of 2011.
Net interest income increased to $133.3
million for 2012 from $129.3
million for 2011. For 2012, net interest margin increased to
3.94% from 3.77% for 2011, or 17 basis points.
"The current interest rate and competitive banking environment
continues to put pressure on any banking and financial service
institution's ability to grow net interest income and preserve net
interest margin. Despite these pressures, we have grown net
interest income and net interest margin on both a quarterly and
year-over-year basis," said McGraw. "As we continue our efforts to
grow loans and improve our funding mix, we believe we will be able
to increase net interest income while minimizing net interest
margin compression."
The Company's noninterest income is derived from diverse lines
of business which primarily consist of mortgage, wealth management
and insurance revenue sources along with income from deposit and
loan products. For the fourth quarter of 2012, noninterest income
increased 40% to $18.0 million as
compared to $12.9 million for the
fourth quarter of 2011. Noninterest income for 2012 was
$68.7 million as compared to
$64.7 million for 2011. Excluding the
aforementioned gain from the Company's acquisitions, noninterest
income increased $13.4 million, or
24%, for 2012 as compared to 2011.
Noninterest expense was $38.5
million for the fourth quarter of 2012 as compared to
$32.4 million for the fourth quarter
of 2011. Noninterest expense for 2012 was $150.5 million as compared to $137.0 million for 2011. The increase in
noninterest expense during 2012 as compared to 2011, as well as on
a quarter-over-quarter basis, was primarily due to costs associated
with the Company's new market expansions, increased health care
costs, and commissions paid on increased mortgage loan
originations.
At December 31, 2012, total
nonperforming loans were $83.4
million and total other real estate owned (OREO) was
$90.3 million. The Company's
nonperforming loans and OREO under loss-share agreements with the
FDIC at December 31, 2012, were
$53.2 million and $45.5 million, respectively. The remaining
information in this release on nonperforming loans, OREO and the
related asset quality ratios excludes the assets covered under
loss-share agreements with the FDIC.
Nonperforming assets decreased 28.7% to $75.0 million at December
31, 2012, as compared to $105.0
million at December 31,
2011.
Nonperforming loans (loans 90 days or more past due and
nonaccrual loans) decreased 13.5% to $30.2
million at December 31, 2012,
as compared to $34.9 million at
December 31, 2011. Early stage
delinquencies, or loans 30-to-89 days past due, as a percentage of
total loans were 0.31% at December 31,
2012, as compared to 0.71% at December 31, 2011.
The Company recorded a provision for loan losses of $4.0 million and $18.1
million for the quarter and year ending December 31, 2012, respectively, as compared to
$6.0 million and $22.4 million for the quarter and year ending
December 31, 2011, respectively.
Annualized net charge-offs as a percentage of average loans were
0.52% for the fourth quarter of 2012 as compared to 1.56% for the
same quarter in 2011. Net charge-offs as a percentage of average
loans for the year ending December 31,
2012, were 0.67% as compared to 0.91% for
2011.
The allowance for loan losses as a percentage of loans was 1.72%
at December 31, 2012, as compared to
1.98% at December 31, 2011. The
Company's coverage ratio, or the allowance for loan losses as a
percentage of nonperforming loans, increased to 147% at
December 31, 2012, as compared to
138% on a linked quarter basis and 127% at December 31, 2011.
OREO was $44.7 million at
December 31, 2012, as compared to
$48.6 million at September 30, 2012, and $70.1 million at December
31, 2011. The Company continues to aggressively market the
properties held in OREO as it sold approximately $30.4 million of OREO during 2012 and
$4.7 million during the fourth
quarter of 2012. The Company has an additional $4.9 million of OREO under contract which is
expected to close during the first quarter of 2013.
"As we move into 2013, we are excited about our many
opportunities to build upon our success from 2012. We are well
positioned to continue our positive trends which enhance our
earnings potential through our strong team of community bankers and
favorable banking markets. Additionally, we will continue to
take advantage of external opportunities to expand our market share
and cultivate new relationships," commented McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a
conference call with analysts will be available beginning at
10:00 a.m. Eastern Time on
Wednesday, January 16, 2013, through
the Company's website: www.renasant.com. The event will be archived
on the Company's website for one year. If Internet access is
unavailable, the conference may also be heard live (listen-only)
via telephone by dialing 1-877-317-6016 in the United States and requesting the Renasant
Corporation earnings call. International participants should dial
1-412-317-6016.
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.
Contact:
|
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
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(Unaudited)
|
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|
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|
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(Dollars in thousands, except per share
data)
|
|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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|
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|
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Q4 2012
-
|
|
For the
Year
|
|
|
|
|
|
2012
|
|
2011
|
|
Q4
2011
|
|
Ended
December 31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of earnings
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income - taxable equivalent basis
|
$
41,135
|
|
$
40,613
|
|
$
41,487
|
|
$
42,001
|
|
$
42,430
|
|
$
43,432
|
|
$
45,291
|
|
$
45,371
|
|
(3.05)
|
|
$
165,236
|
|
$
176,524
|
|
(6.39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
$
39,676
|
|
$
39,154
|
|
$
39,978
|
|
$
40,505
|
|
$
41,044
|
|
$
41,981
|
|
$
43,819
|
|
$
43,843
|
|
(3.33)
|
|
$
159,313
|
|
$
170,687
|
|
(6.66)
|
Interest
expense
|
|
|
5,723
|
|
6,022
|
|
6,568
|
|
7,662
|
|
8,471
|
|
9,070
|
|
11,153
|
|
12,707
|
|
(32.44)
|
|
25,975
|
|
41,401
|
|
(37.26)
|
|
Net
interest income
|
|
33,953
|
|
33,132
|
|
33,410
|
|
32,843
|
|
32,573
|
|
32,911
|
|
32,666
|
|
31,136
|
|
4.24
|
|
133,338
|
|
129,286
|
|
3.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses
|
|
4,000
|
|
4,625
|
|
4,700
|
|
4,800
|
|
6,000
|
|
5,500
|
|
5,350
|
|
5,500
|
|
(33.33)
|
|
18,125
|
|
22,350
|
|
(18.90)
|
|
Net
interest income after provision
|
29,953
|
|
28,507
|
|
28,710
|
|
28,043
|
|
26,573
|
|
27,411
|
|
27,316
|
|
25,636
|
|
12.72
|
|
115,213
|
|
106,936
|
|
7.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
4,774
|
|
4,818
|
|
4,495
|
|
4,525
|
|
4,483
|
|
4,751
|
|
5,036
|
|
4,841
|
|
6.49
|
|
18,612
|
|
19,111
|
|
(2.61)
|
Fees and
commissions on loans and deposits
|
4,706
|
|
4,639
|
|
4,322
|
|
3,928
|
|
3,757
|
|
3,320
|
|
3,118
|
|
2,931
|
|
25.26
|
|
17,595
|
|
13,126
|
|
34.05
|
Insurance
commissions and fees
|
|
1,042
|
|
848
|
|
842
|
|
898
|
|
820
|
|
849
|
|
792
|
|
837
|
|
27.07
|
|
3,630
|
|
3,298
|
|
10.07
|
Wealth
management revenue
|
|
1,726
|
|
1,707
|
|
1,551
|
|
1,942
|
|
1,525
|
|
1,144
|
|
1,139
|
|
1,056
|
|
13.18
|
|
6,926
|
|
4,864
|
|
42.39
|
Securities
gains (losses)
|
|
|
121
|
|
-
|
|
869
|
|
904
|
|
-
|
|
5,041
|
|
(258)
|
|
12
|
|
-
|
|
1,894
|
|
4,795
|
|
(60.50)
|
Gain on
sale of mortgage loans
|
|
4,431
|
|
4,397
|
|
2,390
|
|
1,281
|
|
662
|
|
1,371
|
|
949
|
|
1,151
|
|
569.34
|
|
12,499
|
|
4,133
|
|
202.42
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
570
|
|
-
|
|
8,774
|
|
-
|
|
-
|
|
9,344
|
|
(100.00)
|
Other
|
|
|
|
1,272
|
|
1,605
|
|
1,769
|
|
2,909
|
|
1,682
|
|
1,349
|
|
1,604
|
|
1,393
|
|
(24.38)
|
|
7,555
|
|
6,028
|
|
25.33
|
|
Total
noninterest income
|
|
18,072
|
|
18,014
|
|
16,238
|
|
16,387
|
|
12,929
|
|
18,395
|
|
12,380
|
|
20,995
|
|
39.78
|
|
68,711
|
|
64,699
|
|
6.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
|
|
|
Salaries
and employee benefits
|
|
21,261
|
|
21,221
|
|
19,871
|
|
18,649
|
|
16,232
|
|
17,493
|
|
16,173
|
|
16,237
|
|
30.98
|
|
81,002
|
|
66,135
|
|
22.48
|
Occupancy
and equipment
|
|
|
3,518
|
|
3,882
|
|
3,582
|
|
3,615
|
|
3,533
|
|
3,434
|
|
3,367
|
|
3,218
|
|
(0.42)
|
|
14,597
|
|
13,552
|
|
7.71
|
Data
processing
|
|
|
|
2,281
|
|
2,192
|
|
2,211
|
|
2,040
|
|
1,925
|
|
1,927
|
|
1,657
|
|
1,788
|
|
18.49
|
|
8,724
|
|
7,297
|
|
19.56
|
Debt
extinguishment penalty
|
|
|
-
|
|
-
|
|
-
|
|
898
|
|
-
|
|
-
|
|
-
|
|
1,903
|
|
-
|
|
898
|
|
1,903
|
|
(52.81)
|
Merger-related expenses
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
326
|
|
-
|
|
1,325
|
|
-
|
|
-
|
|
1,651
|
|
(100.00)
|
Other real
estate
|
|
|
|
3,787
|
|
2,440
|
|
3,370
|
|
3,999
|
|
3,357
|
|
6,336
|
|
2,122
|
|
3,511
|
|
12.81
|
|
13,596
|
|
15,326
|
|
(11.29)
|
Amortization of intangibles
|
|
|
333
|
|
341
|
|
349
|
|
358
|
|
366
|
|
351
|
|
510
|
|
515
|
|
(9.02)
|
|
1,381
|
|
1,742
|
|
(20.72)
|
Other
|
|
|
|
7,317
|
|
8,555
|
|
7,327
|
|
7,062
|
|
6,951
|
|
7,091
|
|
7,816
|
|
7,496
|
|
5.27
|
|
30,261
|
|
29,354
|
|
3.09
|
|
Total
noninterest expense
|
|
38,497
|
|
38,631
|
|
36,710
|
|
36,621
|
|
32,364
|
|
36,958
|
|
31,645
|
|
35,993
|
|
18.95
|
|
150,459
|
|
136,960
|
|
9.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
|
9,528
|
|
7,890
|
|
8,238
|
|
7,809
|
|
7,138
|
|
8,848
|
|
8,051
|
|
10,638
|
|
33.48
|
|
33,465
|
|
34,675
|
|
(3.49)
|
Income
taxes
|
|
|
|
2,247
|
|
853
|
|
1,893
|
|
1,835
|
|
1,348
|
|
2,316
|
|
2,294
|
|
3,085
|
|
66.69
|
|
6,828
|
|
9,043
|
|
(24.49)
|
|
Net
income
|
|
|
|
$
7,281
|
|
$
7,037
|
|
$
6,345
|
|
$
5,974
|
|
$
5,790
|
|
$
6,532
|
|
$
5,757
|
|
$
7,553
|
|
25.75
|
|
$
26,637
|
|
$
25,632
|
|
3.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
$
0.29
|
|
$
0.28
|
|
$
0.25
|
|
$
0.24
|
|
$
0.23
|
|
$
0.26
|
|
$
0.23
|
|
$
0.30
|
|
26.09
|
|
$
1.06
|
|
$
1.02
|
|
3.92
|
Diluted
earnings per share
|
|
|
0.29
|
|
0.28
|
|
0.25
|
|
0.24
|
|
0.23
|
|
0.26
|
|
0.23
|
|
0.30
|
|
26.09
|
|
1.06
|
|
1.02
|
|
3.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
basic shares outstanding
|
|
25,129,932
|
|
25,114,672
|
|
25,110,709
|
|
25,078,996
|
|
25,061,122
|
|
25,061,068
|
|
25,059,081
|
|
25,052,126
|
|
0.27
|
|
25,108,652
|
|
25,058,381
|
|
0.20
|
Average
diluted shares outstanding
|
|
25,259,048
|
|
25,220,887
|
|
25,149,360
|
|
25,138,213
|
|
25,183,114
|
|
25,180,923
|
|
25,182,503
|
|
25,172,410
|
|
0.30
|
|
25,174,992
|
|
25,186,131
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding
|
|
|
25,157,637
|
|
25,120,412
|
|
25,113,894
|
|
25,105,732
|
|
25,066,068
|
|
25,061,068
|
|
25,061,068
|
|
25,056,431
|
|
0.37
|
|
25,157,637
|
|
25,066,068
|
|
0.37
|
Cash
dividend per common share
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.68
|
|
$
0.68
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity
|
5.80%
|
|
5.65%
|
|
5.19%
|
|
4.88%
|
|
4.71%
|
|
5.36%
|
|
4.84%
|
|
6.51%
|
|
|
|
5.38%
|
|
5.34%
|
|
|
Return on
average shareholders' equity, excluding amortization
expense
|
5.97%
|
|
5.82%
|
|
5.36%
|
|
5.06%
|
|
4.89%
|
|
5.54%
|
|
5.11%
|
|
6.78%
|
|
|
|
5.56%
|
|
5.57%
|
|
|
Return on
average assets
|
|
|
0.70%
|
|
0.69%
|
|
0.62%
|
|
0.57%
|
|
0.55%
|
|
0.63%
|
|
0.54%
|
|
0.69%
|
|
|
|
0.64%
|
|
0.60%
|
|
|
Return on
average assets, excluding amortization expense
|
|
0.72%
|
|
0.71%
|
|
0.64%
|
|
0.59%
|
|
0.57%
|
|
0.65%
|
|
0.57%
|
|
0.72%
|
|
|
|
0.66%
|
|
0.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE)
|
|
|
3.97%
|
|
3.94%
|
|
3.98%
|
|
3.85%
|
|
3.84%
|
|
3.92%
|
|
3.76%
|
|
3.55%
|
|
|
|
3.94%
|
|
3.77%
|
|
|
Yield on
earning assets (FTE)
|
|
|
4.61%
|
|
4.63%
|
|
4.73%
|
|
4.71%
|
|
4.80%
|
|
4.96%
|
|
4.99%
|
|
4.93%
|
|
|
|
4.67%
|
|
4.92%
|
|
|
Cost of
funding
|
|
|
|
0.64%
|
|
0.68%
|
|
0.74%
|
|
0.84%
|
|
0.92%
|
|
0.99%
|
|
1.17%
|
|
1.31%
|
|
|
|
0.72%
|
|
1.11%
|
|
|
Average
earning assets to average assets
|
|
86.01%
|
|
85.62%
|
|
85.39%
|
|
84.88%
|
|
84.22%
|
|
83.95%
|
|
84.75%
|
|
84.16%
|
|
|
|
85.48%
|
|
84.28%
|
|
|
Average
loans to average deposits
|
|
82.21%
|
|
81.34%
|
|
76.89%
|
|
75.45%
|
|
75.83%
|
|
76.23%
|
|
72.47%
|
|
70.20%
|
|
|
|
78.97%
|
|
73.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income (less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to
average assets
|
|
|
1.73%
|
|
1.76%
|
|
1.50%
|
|
1.47%
|
|
1.23%
|
|
1.28%
|
|
1.18%
|
|
1.92%
|
|
|
|
1.60%
|
|
1.41%
|
|
|
Noninterest expense to average assets
|
|
3.71%
|
|
3.77%
|
|
3.58%
|
|
3.49%
|
|
3.08%
|
|
3.54%
|
|
2.96%
|
|
3.30%
|
|
|
|
3.64%
|
|
3.22%
|
|
|
Net
overhead ratio
|
|
|
|
1.98%
|
|
2.01%
|
|
2.08%
|
|
2.01%
|
|
1.85%
|
|
2.26%
|
|
1.78%
|
|
1.38%
|
|
|
|
2.04%
|
|
1.81%
|
|
|
Efficiency
ratio (FTE)
|
|
|
71.98%
|
|
73.44%
|
|
71.76%
|
|
72.19%
|
|
69.02%
|
|
70.05%
|
|
68.03%
|
|
67.08%
|
|
|
|
72.58%
|
|
68.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2012
-
|
|
For the
Year
|
|
|
|
|
|
2012
|
|
2011
|
|
Q4
2011
|
|
Ended
December 31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
Total
assets
|
|
|
|
$
4,128,508
|
|
$
4,078,333
|
|
$
4,123,373
|
|
$
4,222,376
|
|
$
4,172,518
|
|
$
4,142,851
|
|
$
4,294,530
|
|
$
4,423,088
|
|
(1.05)
|
|
$
4,137,931
|
|
$
4,257,244
|
|
(2.80)
|
Earning
assets
|
|
|
3,551,026
|
|
3,491,941
|
|
3,521,099
|
|
3,583,957
|
|
3,514,110
|
|
3,478,054
|
|
3,639,696
|
|
3,722,419
|
|
1.05
|
|
3,536,921
|
|
3,588,195
|
|
(1.43)
|
Securities
|
|
|
|
665,578
|
|
682,123
|
|
793,353
|
|
813,826
|
|
745,398
|
|
796,957
|
|
863,735
|
|
881,808
|
|
(10.71)
|
|
738,365
|
|
821,532
|
|
(10.12)
|
Loans, net
of unearned
|
|
2,827,922
|
|
2,754,017
|
|
2,647,321
|
|
2,614,000
|
|
2,594,820
|
|
2,577,539
|
|
2,575,890
|
|
2,556,572
|
|
8.98
|
|
2,711,253
|
|
2,577,185
|
|
5.20
|
Intangibles
|
|
|
|
191,086
|
|
191,442
|
|
191,788
|
|
192,429
|
|
192,611
|
|
191,574
|
|
191,320
|
|
191,740
|
|
(0.79)
|
|
191,612
|
|
191,776
|
|
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
$
564,440
|
|
$
543,767
|
|
$
531,209
|
|
$
534,867
|
|
$
523,807
|
|
$
480,699
|
|
$
468,170
|
|
$
476,115
|
|
7.76
|
|
$
543,628
|
|
$
487,310
|
|
11.56
|
Interest-bearing deposits
|
2,839,709
|
|
2,812,140
|
|
2,886,878
|
|
2,897,750
|
|
2,854,146
|
|
2,880,248
|
|
3,072,809
|
|
3,148,481
|
|
(0.51)
|
|
2,858,938
|
|
2,988,208
|
|
(4.33)
|
|
Total
deposits
|
|
|
3,404,149
|
|
3,355,907
|
|
3,418,087
|
|
3,432,617
|
|
3,377,953
|
|
3,360,947
|
|
3,540,979
|
|
3,624,596
|
|
0.78
|
|
3,402,566
|
|
3,475,518
|
|
(2.10)
|
Borrowed
funds
|
|
|
175,876
|
|
177,016
|
|
168,856
|
|
238,937
|
|
260,672
|
|
259,387
|
|
261,060
|
|
290,201
|
|
(32.53)
|
|
190,096
|
|
267,726
|
|
(29.00)
|
Shareholders' equity
|
|
499,088
|
|
495,220
|
|
492,164
|
|
492,092
|
|
487,752
|
|
483,121
|
|
476,896
|
|
470,875
|
|
2.32
|
|
494,739
|
|
479,717
|
|
3.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
quality data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
$
26,881
|
|
$
29,677
|
|
$
26,099
|
|
$
26,999
|
|
$
31,154
|
|
$
40,363
|
|
$
42,331
|
|
$
46,406
|
|
(13.72)
|
|
$
26,881
|
|
$
31,154
|
|
(13.72)
|
Loans 90
past due or more
|
|
3,307
|
|
2,358
|
|
3,864
|
|
3,435
|
|
3,760
|
|
8,674
|
|
9,646
|
|
10,839
|
|
(12.05)
|
|
3,307
|
|
3,760
|
|
(12.05)
|
Nonperforming loans
|
|
|
30,188
|
|
32,035
|
|
29,963
|
|
30,434
|
|
34,914
|
|
49,037
|
|
51,977
|
|
57,245
|
|
(13.54)
|
|
30,188
|
|
34,914
|
|
(13.54)
|
Other real
estate owned
|
|
44,717
|
|
48,568
|
|
58,384
|
|
64,931
|
|
70,079
|
|
72,765
|
|
68,384
|
|
71,415
|
|
(36.19)
|
|
44,717
|
|
70,079
|
|
(36.19)
|
Nonperforming assets not subject to loss
share
|
$
74,905
|
|
$
80,603
|
|
$
88,347
|
|
$
95,365
|
|
$
104,993
|
|
$
121,802
|
|
$
120,361
|
|
$
128,660
|
|
(28.66)
|
|
$
74,905
|
|
$
104,993
|
|
(28.66)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
53,186
|
|
$
64,080
|
|
$
65,386
|
|
$
78,418
|
|
$
88,034
|
|
$
84,426
|
|
$
78,780
|
|
$
78,909
|
|
(39.58)
|
|
$
53,186
|
|
$
88,034
|
|
(39.58)
|
Loans 90
past due or more
|
|
|
-
|
|
-
|
|
199
|
|
1,397
|
|
1,134
|
|
12,222
|
|
10,619
|
|
7,817
|
|
(100.00)
|
|
-
|
|
1,134
|
|
(100.00)
|
Non-performing loans subject to loss share
|
53,186
|
|
64,080
|
|
65,585
|
|
79,815
|
|
89,168
|
|
96,648
|
|
89,399
|
|
86,726
|
|
(40.35)
|
|
53,186
|
|
89,168
|
|
(40.35)
|
Other real
estate owned
|
|
|
45,534
|
|
41,615
|
|
37,951
|
|
35,461
|
|
43,156
|
|
44,021
|
|
59,802
|
|
59,036
|
|
5.51
|
|
45,534
|
|
43,156
|
|
5.51
|
Nonperforming assets subject to loss share
|
$
98,720
|
|
$
105,695
|
|
$
103,536
|
|
$
115,276
|
|
$
132,324
|
|
$
140,669
|
|
$
149,201
|
|
$
145,762
|
|
(25.40)
|
|
$
98,720
|
|
$
132,324
|
|
(25.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs (recoveries)
|
|
$
3,722
|
|
$
5,335
|
|
$
4,097
|
|
$
4,964
|
|
$
10,192
|
|
$
4,539
|
|
$
5,284
|
|
$
3,410
|
|
(63.48)
|
|
$
18,118
|
|
$
23,425
|
|
(22.66)
|
Allowance
for loan losses
|
|
|
44,347
|
|
44,069
|
|
44,779
|
|
44,176
|
|
44,340
|
|
48,532
|
|
47,571
|
|
47,505
|
|
0.02
|
|
44,347
|
|
44,340
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans / total loans*
|
|
1.17%
|
|
1.26%
|
|
1.25%
|
|
1.33%
|
|
1.56%
|
|
2.22%
|
|
2.38%
|
|
2.61%
|
|
|
|
1.17%
|
|
1.56%
|
|
|
Nonperforming assets / total assets*
|
|
1.79%
|
|
1.94%
|
|
2.15%
|
|
2.28%
|
|
2.50%
|
|
2.94%
|
|
2.83%
|
|
2.91%
|
|
|
|
1.79%
|
|
2.50%
|
|
|
Allowance
for loan losses / total loans*
|
|
1.72%
|
|
1.74%
|
|
1.87%
|
|
1.94%
|
|
1.98%
|
|
2.20%
|
|
2.18%
|
|
2.17%
|
|
|
|
1.72%
|
|
1.98%
|
|
|
Allowance
for loan losses / nonperforming loans*
|
|
146.90%
|
|
137.57%
|
|
149.45%
|
|
145.15%
|
|
127.00%
|
|
98.97%
|
|
91.52%
|
|
82.99%
|
|
|
|
146.90%
|
|
127.00%
|
|
|
Annualized
net loan charge-offs / average loans*
|
0.52%
|
|
0.77%
|
|
0.62%
|
|
0.76%
|
|
1.56%
|
|
0.70%
|
|
0.82%
|
|
0.54%
|
|
|
|
0.67%
|
|
0.91%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at period end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
|
$
4,182,781
|
|
$
4,164,606
|
|
$
4,112,377
|
|
$
4,176,490
|
|
$
4,202,008
|
|
$
4,136,474
|
|
$
4,259,200
|
|
$
4,422,164
|
|
(0.46)
|
|
$
4,182,781
|
|
$
4,202,008
|
|
(0.46)
|
Earning
assets
|
|
|
|
3,588,371
|
|
3,595,576
|
|
3,510,654
|
|
3,551,252
|
|
3,528,980
|
|
3,480,982
|
|
3,585,441
|
|
3,724,108
|
|
1.68
|
|
3,588,371
|
|
3,528,980
|
|
1.68
|
Securities
|
|
|
|
674,078
|
|
680,679
|
|
676,721
|
|
834,419
|
|
796,341
|
|
718,881
|
|
833,710
|
|
880,382
|
|
(15.35)
|
|
674,078
|
|
796,341
|
|
(15.35)
|
Mortgage
loans held for sale
|
|
|
34,845
|
|
39,131
|
|
25,386
|
|
25,216
|
|
28,222
|
|
24,739
|
|
11,511
|
|
9,399
|
|
23.47
|
|
34,845
|
|
28,222
|
|
23.47
|
Loans not
subject to loss share
|
|
|
2,573,165
|
|
2,539,618
|
|
2,392,349
|
|
2,281,957
|
|
2,241,622
|
|
2,204,955
|
|
2,185,490
|
|
2,190,376
|
|
14.79
|
|
2,573,165
|
|
2,241,622
|
|
14.79
|
Loans
subject to loss share
|
|
|
237,088
|
|
260,545
|
|
289,685
|
|
318,089
|
|
339,462
|
|
359,813
|
|
377,149
|
|
386,811
|
|
(30.16)
|
|
237,088
|
|
339,462
|
|
(30.16)
|
|
Total
loans
|
|
|
|
2,810,253
|
|
2,800,163
|
|
2,682,034
|
|
2,600,046
|
|
2,581,084
|
|
2,564,768
|
|
2,562,639
|
|
2,577,187
|
|
8.88
|
|
2,810,253
|
|
2,581,084
|
|
8.88
|
Intangibles
|
|
|
|
190,925
|
|
191,258
|
|
191,618
|
|
191,968
|
|
192,326
|
|
192,755
|
|
191,086
|
|
191,581
|
|
(0.73)
|
|
190,925
|
|
192,326
|
|
(0.73)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
|
|
|
$
568,214
|
|
$
554,581
|
|
$
539,237
|
|
$
535,955
|
|
$
531,910
|
|
$
493,130
|
|
$
458,686
|
|
$
486,676
|
|
6.83
|
|
$
568,214
|
|
$
531,910
|
|
6.83
|
Interest-bearing deposits
|
|
|
2,893,007
|
|
2,841,447
|
|
2,866,959
|
|
2,937,211
|
|
2,880,327
|
|
2,849,225
|
|
3,018,733
|
|
3,158,198
|
|
0.44
|
|
2,893,007
|
|
2,880,327
|
|
0.44
|
|
Total
deposits
|
|
|
|
3,461,221
|
|
3,396,028
|
|
3,406,196
|
|
3,473,166
|
|
3,412,237
|
|
3,342,355
|
|
3,477,419
|
|
3,644,874
|
|
1.44
|
|
3,461,221
|
|
3,412,237
|
|
1.44
|
Borrowed
funds
|
|
|
|
164,705
|
|
222,907
|
|
169,979
|
|
171,753
|
|
254,709
|
|
262,569
|
|
263,067
|
|
260,149
|
|
(35.34)
|
|
164,705
|
|
254,709
|
|
(35.34)
|
Shareholders' equity
|
|
|
498,208
|
|
496,824
|
|
491,534
|
|
489,611
|
|
487,202
|
|
487,401
|
|
480,135
|
|
473,354
|
|
2.26
|
|
498,208
|
|
487,202
|
|
2.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
value per common share
|
|
|
$
19.14
|
|
$
19.61
|
|
$
15.71
|
|
$
16.28
|
|
$
15.00
|
|
$
12.73
|
|
$
14.49
|
|
$
16.98
|
|
27.60
|
|
$
19.14
|
|
$
15.00
|
|
27.60
|
Book value
per common share
|
|
|
19.80
|
|
19.78
|
|
19.57
|
|
19.50
|
|
19.44
|
|
19.45
|
|
19.16
|
|
18.89
|
|
1.89
|
|
19.80
|
|
19.44
|
|
1.89
|
Tangible
book value per common share
|
|
12.21
|
|
12.16
|
|
11.94
|
|
11.86
|
|
11.76
|
|
11.76
|
|
11.53
|
|
11.25
|
|
3.83
|
|
12.21
|
|
11.76
|
|
3.83
|
Shareholders' equity to assets (actual)
|
|
11.91%
|
|
11.93%
|
|
11.95%
|
|
11.72%
|
|
11.59%
|
|
11.78%
|
|
11.27%
|
|
10.70%
|
|
|
|
11.91%
|
|
11.59%
|
|
|
Tangible
capital ratio
|
|
|
7.60%
|
|
7.69%
|
|
7.65%
|
|
7.47%
|
|
7.35%
|
|
7.47%
|
|
7.11%
|
|
6.66%
|
|
|
|
7.60%
|
|
7.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
9.86%
|
|
9.90%
|
|
9.68%
|
|
9.38%
|
|
9.44%
|
|
9.48%
|
|
9.10%
|
|
8.77%
|
|
|
|
9.86%
|
|
9.44%
|
|
|
Tier 1
risk-based capital ratio
|
|
|
12.85%
|
|
12.73%
|
|
13.14%
|
|
13.32%
|
|
13.32%
|
|
13.63%
|
|
13.58%
|
|
13.59%
|
|
|
|
12.85%
|
|
13.32%
|
|
|
Total
risk-based capital ratio
|
|
|
14.13%
|
|
14.00%
|
|
14.39%
|
|
14.58%
|
|
14.58%
|
|
14.89%
|
|
14.83%
|
|
14.84%
|
|
|
|
14.13%
|
|
14.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on
assets not subject to loss share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2012
-
|
|
For the
Year
|
|
|
|
|
|
2012
|
|
2011
|
|
Q4
2011
|
|
Ended
December 31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans
not subject to loss share by category
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2012
|
|
2011
|
|
Variance
|
Commercial, financial, agricultural
|
|
|
$
306,250
|
|
$
299,774
|
|
$
280,515
|
|
$
263,720
|
|
$
260,288
|
|
$
247,950
|
|
$
243,343
|
|
$
250,889
|
|
17.66
|
|
$
306,250
|
|
$
260,288
|
|
17.66
|
Lease
financing
|
|
|
|
190
|
|
217
|
|
245
|
|
302
|
|
328
|
|
350
|
|
393
|
|
458
|
|
(42.07)
|
|
190
|
|
328
|
|
(42.07)
|
Real
estate - construction
|
|
|
104,058
|
|
103,522
|
|
73,109
|
|
67,223
|
|
74,159
|
|
75,690
|
|
77,224
|
|
71,559
|
|
40.32
|
|
104,058
|
|
74,159
|
|
40.32
|
Real
estate - 1-4 family mortgages
|
|
829,975
|
|
801,612
|
|
771,161
|
|
738,765
|
|
716,704
|
|
712,871
|
|
720,451
|
|
730,860
|
|
15.80
|
|
829,975
|
|
716,704
|
|
15.80
|
Real
estate - commercial mortgages
|
|
1,275,482
|
|
1,275,386
|
|
1,208,057
|
|
1,153,423
|
|
1,130,143
|
|
1,106,037
|
|
1,081,801
|
|
1,073,561
|
|
12.86
|
|
1,275,482
|
|
1,130,143
|
|
12.86
|
Installment loans to individuals
|
|
|
57,210
|
|
59,107
|
|
59,262
|
|
58,524
|
|
60,000
|
|
62,057
|
|
62,278
|
|
63,049
|
|
(4.65)
|
|
57,210
|
|
60,000
|
|
(4.65)
|
|
Loans, net
of unearned
|
|
$
2,573,165
|
|
$
2,539,618
|
|
$
2,392,349
|
|
$
2,281,957
|
|
$
2,241,622
|
|
$
2,204,955
|
|
$
2,185,490
|
|
$
2,190,376
|
|
14.79
|
|
$
2,573,165
|
|
$
2,241,622
|
|
14.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial, financial, agricultural
|
|
|
$
10,800
|
|
$
11,282
|
|
$
12,758
|
|
$
15,206
|
|
$
17,803
|
|
$
19,196
|
|
$
24,233
|
|
$
22,964
|
|
(39.34)
|
|
$
10,800
|
|
$
17,803
|
|
(39.34)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real
estate - construction
|
|
|
1,648
|
|
1,932
|
|
6,093
|
|
6,202
|
|
7,076
|
|
10,811
|
|
10,318
|
|
13,847
|
|
(76.71)
|
|
1,648
|
|
7,076
|
|
(76.71)
|
Real
estate - 1-4 family mortgages
|
|
73,448
|
|
81,784
|
|
91,605
|
|
99,769
|
|
107,923
|
|
114,228
|
|
119,508
|
|
123,770
|
|
(31.94)
|
|
73,448
|
|
107,923
|
|
(31.94)
|
Real
estate - commercial mortgages
|
|
151,161
|
|
165,494
|
|
179,160
|
|
196,754
|
|
206,492
|
|
215,370
|
|
222,876
|
|
226,038
|
|
(26.80)
|
|
151,161
|
|
206,492
|
|
(26.80)
|
Installment loans to individuals
|
|
|
31
|
|
53
|
|
69
|
|
158
|
|
168
|
|
208
|
|
214
|
|
192
|
|
(81.55)
|
|
31
|
|
168
|
|
(81.55)
|
|
Loans, net
of unearned
|
|
$
237,088
|
|
$
260,545
|
|
$
289,685
|
|
$
318,089
|
|
$
339,462
|
|
$
359,813
|
|
$
377,149
|
|
$
386,811
|
|
(30.16)
|
|
$
237,088
|
|
$
339,462
|
|
(30.16)
|
SOURCE Renasant Corporation