TUPELO, Miss., Jan. 20, 2015 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the fourth quarter and year ended December 31, 2014. Net income for the fourth
quarter of 2014 was approximately $15.6
million, up 39%, as compared to $11.3
million for the fourth quarter of 2013. Basic and diluted
earnings per share ("EPS") were $0.49
for the fourth quarter of 2014, as compared to basic and diluted
EPS of $0.36 for the fourth quarter
of 2013.
Net income for 2014 was $59.6
million, as compared to $33.5
million for 2013. Basic and diluted EPS were $1.89 and $1.88,
respectively, for 2014, as compared to basic and diluted EPS of
$1.23 and $1.22, respectively, for 2013.
In December of 2014, the Company announced a definitive merger
agreement to acquire Heritage Financial Group, Inc. ("Heritage"), a
bank holding company headquartered in Albany, Georgia, and the parent of
HeritageBank of the South, in an all-stock merger. During the
fourth quarter of 2014, the Company incurred merger expenses of
approximately $500 thousand, or
$0.01 in EPS, related to the Heritage
merger.
For the fourth quarter of 2014, the Company's return on average
assets and return on average equity were 1.08% and 8.72%,
respectively, as compared to 0.78% and 6.71%, respectively, for the
fourth quarter of 2013. The Company's 2014 fourth quarter return on
average tangible assets and return on average tangible equity were
1.20% and 15.89%, respectively, as compared to 0.90% and 13.55%,
respectively, for the fourth quarter of 2013.
For 2014, the Company's return on average assets and return on
average equity were 1.02% and 8.61%, respectively, as compared to
0.71% and 6.01%, respectively, for 2013. The Company's 2014 return
on average tangible assets and return on average tangible equity
were 1.15% and 16.25%, respectively, as compared to 0.79% and
10.83%, respectively, for 2013.
"Our financial results for the fourth quarter of 2014 represent
a strong finish to a great year. During 2014, we grew
non-acquired loans over 13%, increased net interest margin,
enhanced efficiency and improved our credit risk portfolio.
All of these accomplishments resulted in record earnings and
superior returns on profitability metrics," commented Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. "As we look to 2015, we believe we are well
positioned to continue to improve on profitability and earnings
growth, which in turn will generate shareholder value."
Total assets at December 31, 2014,
were approximately $5.80 billion, as
compared to $5.75 billion at
December 31, 2013.
Total loans, including loans acquired in either the Company's
acquisition of First M&F Corporation ("First M&F") in the
third quarter of 2013 or in FDIC-assisted transactions
(collectively referred to as "acquired loans"), increased 2.75% to
approximately $3.99 billion at
December 31, 2014, as compared to
$3.88 billion at December 31, 2013. Excluding acquired loans,
loans grew 13.23% to $3.27 billion at
December 31, 2014, as compared to
$2.89 billion at December 31, 2013.
Total period end deposits remained flat at $4.84 billion at December
31, 2014, as compared to December 31,
2013. The Company's noninterest-bearing deposits averaged
approximately $937 million, or 19.6%
of average deposits, for the fourth quarter of 2014, as compared to
$889 million, or 18.4% of average
deposits, for the fourth quarter of 2013. The Company's cost of
funds was 45 basis points for the fourth quarter of 2014, as
compared to 51 basis points for the same quarter in 2013.
At December 31, 2014, the
Company's tangible common equity ratio was 7.52%, Tier 1 leverage
capital ratio was 9.53%, Tier 1 risk-based capital ratio was
12.45%, and total risk-based capital ratio was 13.54%. The
Company's capital ratios were all in excess of regulatory minimums
required to be classified as "well-capitalized."
Net interest income was $50.0
million for the fourth quarter of 2014, as compared to
$50.7 million for the fourth quarter
of 2013. Net interest margin was 4.09% for the fourth quarter of
2014, as compared to 4.16% for the fourth quarter of 2013.
Additional interest income recognized in connection with the
acceleration of pay downs and payoffs from acquired loans increased
net interest margin 11 basis points in the fourth quarter of 2014,
as compared to 16 basis points in the same period in 2013.
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 2014, noninterest income
increased to $20.0 million, as
compared to $18.3 million for the
fourth quarter of 2013. The Company's growth in noninterest income
for the fourth quarter of 2014, as compared to the fourth quarter
of 2013, was driven primarily by higher levels of service charges
on deposits and mortgage banking income.
Noninterest expense was $46.0
million for the fourth quarter of 2014, as compared to
$51.1 million for the fourth quarter
of 2013. The reduction in noninterest expenses for the fourth
quarter of 2014, as compared to the same period in 2013, is
primarily due to reductions in salary and employee benefits, other
real estate expense and merger related expenses. The Company
recorded merger expenses during the fourth quarter of 2014 of
approximately $500 thousand related
to the pending Heritage merger and $1.9
million during the fourth quarter of 2013 related to the
First M&F acquisition.
At December 31, 2014, total
nonperforming loans (loans 90 days or more past due and nonaccrual
loans) were $55.1 million and total
other real estate owned ("OREO") was $34.5
million. The Company's nonperforming loans and OREO
that were acquired either through the First M&F merger or in
connection with FDIC-assisted transactions (collectively referred
to as "acquired nonperforming assets") were $34.9 million and $17.4
million, respectively at December
31, 2014.
Since the acquired nonperforming assets were recorded at fair
value at the time of acquisition or are subject to loss-share
agreements with the FDIC, which significantly mitigates our actual
loss, the remaining information in this release on nonperforming
loans, OREO and the related asset quality ratios excludes these
acquired nonperforming assets.
Nonperforming assets decreased 20.17% to $37.3 million at December
31, 2014, as compared to $46.7
million at December 31,
2013.
Nonperforming loans were $20.2
million at December 31, 2014,
as compared to $19.2 million at
December 31, 2013. Early stage
delinquencies, or loans 30-to-89 days past due, as a percentage of
total loans were 0.32% at December 31,
2014, as compared to 0.31% at December 31, 2013.
OREO was $17.1 million at
December 31, 2014, as compared to
$27.5 million at December 31, 2013, a 38.0% decrease. The Company
continues to proactively market the properties held in OREO as it
sold approximately $28.8 million of OREO during 2014 and
$6.1 million during the fourth
quarter of 2014.
The Company recorded a provision for loan losses of $1.1 million for the fourth quarter of 2014, as
compared to $2.0 million for the
fourth quarter of 2013. For the fourth quarter of 2014, net
charge-offs were $3.3 million, as
compared to $584 thousand in net
charge-offs for the same period in 2013. Annualized net charge-offs
as a percentage of average loans were 0.33% for the fourth quarter
of 2014, as compared to 0.06% for the same quarter in 2013.
The allowance for loan losses as a percentage of loans was 1.29%
at December 31, 2014, as compared to
1.65% at December 31, 2013. The
Company's coverage ratio, or the allowance for loan losses as a
percentage of nonperforming loans, decreased to 209.49% at
December 31, 2014, as compared to
248.90% at December 31,
2013.
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 21,
2015, through the Company's website: www.renasant.com or
http://services.choruscall.com/links/rnst150121.html. If Internet
access is unavailable, the conference may also be heard live
(listen-only) via telephone by dialing 1-877-513-1143 in
the United States and requesting
the Renasant Corporation earnings call. International participants
should dial 1-412-902-4145.
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 10058507 or by dialing
1-412-317-0088 internationally and entering the conference
number. Telephone replay access is available until
9:00 a.m. ET on February 5, 2015.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a
111-year-old financial services institution, and Renasant
Insurance. Renasant has assets of approximately $5.80 billion and operates more than
120 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.
NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally
accepted accounting principles in the
United States of America (GAAP), this press release contains
certain non-GAAP financial measures. These non-GAAP financial
measures adjust GAAP financial measures to exclude intangible
assets, which the Company's management uses when evaluating capital
utilization and adequacy. In addition, the Company believes that
these non-GAAP financial measures facilitate the making of
period-to-period comparisons and are meaningful indications of its
operating performance particularly because these measures are
widely used by industry analysts for companies with merger and
acquisition activities. Also, because intangible assets such as
goodwill and the core deposit intangible can vary extensively from
company to company and are excluded from the calculation of a
financial institution's regulatory capital, the Company believes
that the presentation of this non-GAAP financial information allows
readers to more easily compare the Company's results to information
provided in other regulatory reports and the results of other
companies.
The specific non-GAAP financial measures used are return on
average tangible shareholders' equity, return on average tangible
assets and the ratio of tangible equity to tangible assets
(commonly referred to as the "tangible capital ratio"). The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for any measure
prepared in accordance with GAAP. Investors should note that,
because there are no standardized definitions for the calculations
as well as the results, the Company's calculations may not be
comparable to other similarly titled measures presented by other
companies. Also there may be limits in the usefulness of these
measures to investors. As a result, the Company encourages readers
to consider its consolidated financial statements in their entirety
and not to rely on any single financial measure.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in the
table at the end of this release under the caption "Reconciliation
of GAAP to Non-GAAP."
Contact:
|
For Media:
|
For
Financials:
|
|
John
Oxford
|
Kevin
Chapman
|
|
First Vice
President
|
Executive Vice
President
|
|
Director of Corp
Communication
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2014
-
|
|
For the Year
Ending
|
|
|
|
|
|
2014
|
|
2013
|
|
Q4
2013
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of
earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2014
|
|
2013
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
$
58,644
|
|
$
46,083
|
|
$
41,331
|
|
$
40,371
|
|
(2.23)
|
|
$
233,246
|
|
$
186,429
|
|
25.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
55,596
|
|
$
56,359
|
|
$
58,277
|
|
$
56,177
|
|
$
57,076
|
|
$
44,638
|
|
$
39,945
|
|
$
38,945
|
|
(2.59)
|
|
$
226,409
|
|
$
180,604
|
|
25.36
|
Interest
expense
|
|
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
6,408
|
|
5,890
|
|
5,541
|
|
5,564
|
|
(12.92)
|
|
23,780
|
|
23,403
|
|
1.61
|
|
Net interest
income
|
|
|
50,016
|
|
50,473
|
|
52,169
|
|
49,971
|
|
50,668
|
|
38,748
|
|
34,404
|
|
33,381
|
|
(1.29)
|
|
202,629
|
|
157,201
|
|
28.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
1,050
|
|
2,217
|
|
1,450
|
|
1,450
|
|
2,000
|
|
2,300
|
|
3,000
|
|
3,050
|
|
(47.50)
|
|
6,167
|
|
10,350
|
|
(40.42)
|
|
Net interest income
after provision
|
|
48,966
|
|
48,256
|
|
50,719
|
|
48,521
|
|
48,668
|
|
36,448
|
|
31,404
|
|
30,331
|
|
0.61
|
|
196,462
|
|
146,851
|
|
33.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
6,527
|
|
6,747
|
|
6,194
|
|
5,915
|
|
6,165
|
|
5,361
|
|
4,509
|
|
4,500
|
|
5.87
|
|
25,383
|
|
20,535
|
|
23.61
|
Fees and commissions
on loans and deposits
|
|
5,150
|
|
6,236
|
|
5,515
|
|
4,972
|
|
5,300
|
|
4,982
|
|
4,848
|
|
4,831
|
|
(2.83)
|
|
21,873
|
|
19,961
|
|
9.58
|
Insurance commissions
and fees
|
|
|
1,973
|
|
2,270
|
|
2,088
|
|
1,863
|
|
1,869
|
|
1,295
|
|
951
|
|
861
|
|
5.56
|
|
8,194
|
|
4,976
|
|
64.67
|
Wealth management
revenue
|
|
|
2,144
|
|
2,197
|
|
2,170
|
|
2,144
|
|
2,124
|
|
2,091
|
|
1,715
|
|
1,724
|
|
0.94
|
|
8,655
|
|
7,654
|
|
13.08
|
Securities gains
(losses)
|
|
|
-
|
|
375
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
54
|
|
-
|
|
375
|
|
54
|
|
594.44
|
Gain on sale of
mortgage loans
|
|
|
2,368
|
|
2,635
|
|
2,005
|
|
1,586
|
|
1,350
|
|
2,788
|
|
3,870
|
|
3,565
|
|
75.41
|
|
8,594
|
|
11,573
|
|
(25.74)
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
|
|
|
1,809
|
|
2,102
|
|
1,499
|
|
2,136
|
|
1,533
|
|
2,418
|
|
1,424
|
|
1,843
|
|
18.00
|
|
7,546
|
|
7,218
|
|
4.54
|
|
Total noninterest
income
|
|
|
19,971
|
|
22,562
|
|
19,471
|
|
18,616
|
|
18,341
|
|
18,935
|
|
17,317
|
|
17,378
|
|
8.89
|
|
80,620
|
|
71,971
|
|
12.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
27,301
|
|
29,569
|
|
29,810
|
|
28,428
|
|
29,911
|
|
25,689
|
|
21,906
|
|
21,274
|
|
(8.73)
|
|
115,108
|
|
98,780
|
|
16.53
|
Data
processing
|
|
|
|
2,949
|
|
2,906
|
|
2,850
|
|
2,695
|
|
2,546
|
|
2,236
|
|
2,045
|
|
2,043
|
|
15.83
|
|
11,400
|
|
8,870
|
|
28.52
|
Occupancy and
equipment
|
|
|
5,146
|
|
5,353
|
|
4,906
|
|
4,847
|
|
5,105
|
|
4,576
|
|
3,668
|
|
3,608
|
|
0.80
|
|
20,252
|
|
16,957
|
|
19.43
|
Other real
estate
|
|
|
|
723
|
|
1,101
|
|
1,068
|
|
1,701
|
|
1,607
|
|
1,537
|
|
1,773
|
|
2,049
|
|
(55.01)
|
|
4,593
|
|
6,966
|
|
(34.07)
|
Amortization of
intangibles
|
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
1,508
|
|
724
|
|
314
|
|
323
|
|
(12.00)
|
|
5,606
|
|
2,869
|
|
95.40
|
Merger-related
expenses
|
|
|
499
|
|
-
|
|
-
|
|
195
|
|
1,879
|
|
3,763
|
|
385
|
|
-
|
|
(73.44)
|
|
694
|
|
6,027
|
|
(88.49)
|
Debt extinguishment
penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
|
|
|
8,034
|
|
7,865
|
|
9,335
|
|
8,308
|
|
8,573
|
|
8,088
|
|
7,643
|
|
8,303
|
|
(6.29)
|
|
33,542
|
|
32,607
|
|
2.87
|
|
Total noninterest
expense
|
|
|
45,979
|
|
48,175
|
|
49,396
|
|
47,645
|
|
51,129
|
|
46,613
|
|
37,734
|
|
37,600
|
|
(10.07)
|
|
191,195
|
|
173,076
|
|
10.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
22,958
|
|
22,643
|
|
20,794
|
|
19,492
|
|
15,880
|
|
8,770
|
|
10,987
|
|
10,109
|
|
44.57
|
|
85,887
|
|
45,746
|
|
87.75
|
Income
taxes
|
|
|
|
7,361
|
|
7,108
|
|
5,941
|
|
5,895
|
|
4,620
|
|
2,133
|
|
2,968
|
|
2,538
|
|
59.33
|
|
26,305
|
|
12,259
|
|
114.58
|
|
Net
income
|
|
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
$
11,260
|
|
$
6,637
|
|
$
8,019
|
|
$
7,571
|
|
38.52
|
|
$
59,582
|
|
$
33,487
|
|
77.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
0.49
|
|
$
0.49
|
|
$
0.47
|
|
$
0.43
|
|
$
0.36
|
|
$
0.24
|
|
$
0.32
|
|
$
0.30
|
|
36.11
|
|
$
1.89
|
|
$
1.23
|
|
53.66
|
Diluted earnings per
share
|
|
|
0.49
|
|
0.49
|
|
0.47
|
|
0.43
|
|
0.36
|
|
0.24
|
|
0.32
|
|
0.30
|
|
36.11
|
|
1.88
|
|
1.22
|
|
54.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
|
|
31,537,278
|
|
31,526,423
|
|
31,496,737
|
|
31,436,148
|
|
31,366,019
|
|
27,234,927
|
|
25,223,749
|
|
25,186,229
|
|
0.55
|
|
31,499,498
|
|
27,269,613
|
|
15.51
|
Average diluted
shares outstanding
|
|
31,781,734
|
|
31,718,529
|
|
31,698,198
|
|
31,724,474
|
|
31,617,681
|
|
27,447,382
|
|
25,373,868
|
|
25,288,785
|
|
0.52
|
|
31,759,647
|
|
27,460,757
|
|
15.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
|
31,545,145
|
|
31,533,703
|
|
31,519,641
|
|
31,480,395
|
|
31,387,668
|
|
31,358,583
|
|
25,231,074
|
|
25,208,733
|
|
0.50
|
|
31,545,145
|
|
31,387,668
|
|
0.50
|
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
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
6.71%
|
|
4.75%
|
|
6.35%
|
|
6.12%
|
|
|
|
8.61%
|
|
6.01%
|
|
|
Return on average
tangible shareholders' equity (1)
|
|
15.89%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
13.55%
|
|
8.74%
|
|
10.47%
|
|
10.19%
|
|
|
|
16.25%
|
|
10.83%
|
|
|
Return on average
assets
|
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
0.78%
|
|
0.56%
|
|
0.76%
|
|
0.73%
|
|
|
|
1.02%
|
|
0.71%
|
|
|
Return on average
tangible assets (2)
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
0.90%
|
|
0.63%
|
|
0.82%
|
|
0.79%
|
|
|
|
1.15%
|
|
0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
|
|
4.09%
|
|
4.12%
|
|
4.24%
|
|
4.04%
|
|
4.16%
|
|
3.86%
|
|
3.88%
|
|
3.89%
|
|
|
|
4.12%
|
|
3.96%
|
|
|
Yield on earning
assets (FTE)
|
|
|
4.53%
|
|
4.58%
|
|
4.72%
|
|
4.53%
|
|
4.67%
|
|
4.42%
|
|
4.49%
|
|
4.51%
|
|
|
|
4.59%
|
|
4.53%
|
|
|
Cost of
funding
|
|
|
|
0.45%
|
|
0.47%
|
|
0.48%
|
|
0.48%
|
|
0.51%
|
|
0.57%
|
|
0.60%
|
|
0.62%
|
|
|
|
0.47%
|
|
0.57%
|
|
|
Average earning
assets to average assets
|
|
87.41%
|
|
87.32%
|
|
87.39%
|
|
87.35%
|
|
86.78%
|
|
87.43%
|
|
87.32%
|
|
86.31%
|
|
|
|
87.37%
|
|
86.96%
|
|
|
Average loans to
average deposits
|
|
82.67%
|
|
82.26%
|
|
79.11%
|
|
77.00%
|
|
79.89%
|
|
81.69%
|
|
80.93%
|
|
80.30%
|
|
|
|
80.24%
|
|
80.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
|
1.38%
|
|
1.53%
|
|
1.34%
|
|
1.27%
|
|
1.27%
|
|
1.59%
|
|
1.64%
|
|
1.67%
|
|
|
|
1.38%
|
|
1.52%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
|
3.14%
|
|
3.32%
|
|
3.39%
|
|
3.25%
|
|
3.40%
|
|
3.59%
|
|
3.54%
|
|
3.63%
|
|
|
|
3.28%
|
|
3.53%
|
|
|
Net overhead
ratio
|
|
|
|
1.76%
|
|
1.79%
|
|
2.06%
|
|
1.97%
|
|
2.14%
|
|
2.01%
|
|
1.90%
|
|
1.95%
|
|
|
|
1.90%
|
|
2.01%
|
|
|
Efficiency ratio
(FTE) (4)
|
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
67.65%
|
|
71.25%
|
|
69.74%
|
|
71.51%
|
|
|
|
63.82%
|
|
69.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2014
-
|
|
For the Year
Ending
|
|
|
|
|
|
2014
|
|
2013
|
|
Q4
2013
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2014
|
|
2013
|
|
Variance
|
Total
assets
|
|
|
|
$ 5,746,146
|
|
$ 5,758,081
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
$ 5,741,794
|
|
$ 4,729,079
|
|
$ 4,231,947
|
|
$ 4,206,411
|
|
0.08
|
|
$ 5,816,517
|
|
$ 4,731,512
|
|
22.93
|
Earning
assets
|
|
|
|
5,022,647
|
|
5,027,805
|
|
5,100,834
|
|
5,178,069
|
|
4,982,614
|
|
4,134,730
|
|
3,695,409
|
|
3,630,759
|
|
0.80
|
|
5,081,764
|
|
4,114,606
|
|
23.51
|
Securities
|
|
|
|
979,052
|
|
1,001,547
|
|
1,026,948
|
|
1,002,519
|
|
924,179
|
|
819,351
|
|
754,515
|
|
698,863
|
|
5.94
|
|
1,002,450
|
|
799,899
|
|
25.32
|
Mortgage loans held
for sale
|
|
|
27,443
|
|
31,832
|
|
26,004
|
|
19,925
|
|
25,248
|
|
37,056
|
|
32,318
|
|
22,347
|
|
8.69
|
|
26,337
|
|
29,271
|
|
(10.02)
|
Loans, net of
unearned
|
|
|
3,954,606
|
|
3,937,142
|
|
3,897,028
|
|
3,868,747
|
|
3,865,615
|
|
3,213,853
|
|
2,845,260
|
|
2,804,618
|
|
2.30
|
|
3,914,679
|
|
3,185,288
|
|
22.90
|
Intangibles
|
|
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
304,388
|
|
227,606
|
|
190,362
|
|
190,787
|
|
(2.11)
|
|
301,104
|
|
228,629
|
|
31.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
Noninterest-bearing
deposits
|
|
|
$
936,672
|
|
$
896,856
|
|
$
905,180
|
|
$
949,317
|
|
$
888,888
|
|
$
660,415
|
|
$
562,104
|
|
$
549,514
|
|
5.38
|
|
$
921,903
|
|
$
666,147
|
|
38.39
|
Interest-bearing
deposits
|
|
|
3,846,891
|
|
3,889,132
|
|
4,020,754
|
|
4,074,746
|
|
3,949,909
|
|
3,273,658
|
|
2,953,435
|
|
2,943,247
|
|
(2.61)
|
|
3,957,068
|
|
3,282,816
|
|
20.54
|
|
Total
deposits
|
|
|
|
4,783,563
|
|
4,785,988
|
|
4,925,934
|
|
5,024,063
|
|
4,838,797
|
|
3,934,073
|
|
3,515,539
|
|
3,492,761
|
|
(1.14)
|
|
4,878,971
|
|
3,948,963
|
|
23.55
|
Borrowed
funds
|
|
|
|
190,928
|
|
214,017
|
|
169,373
|
|
170,091
|
|
173,583
|
|
189,909
|
|
164,894
|
|
163,981
|
|
9.99
|
|
186,236
|
|
173,161
|
|
7.55
|
Shareholders'
equity
|
|
|
709,811
|
|
697,103
|
|
686,794
|
|
673,047
|
|
665,513
|
|
553,772
|
|
506,225
|
|
501,634
|
|
6.66
|
|
691,802
|
|
557,209
|
|
24.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2014
-
|
|
As
of
|
|
|
|
|
|
2014
|
|
2013
|
|
Q4
2013
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Balances at period
end
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2014
|
|
2013
|
|
Variance
|
Total
assets
|
|
|
|
$ 5,804,526
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
$ 5,746,270
|
|
$ 5,735,865
|
|
$ 4,242,401
|
|
$ 4,267,658
|
|
1.01
|
|
$ 5,804,526
|
|
$ 5,746,270
|
|
1.01
|
Earning
assets
|
|
|
|
5,063,040
|
|
5,053,251
|
|
5,063,873
|
|
5,161,173
|
|
4,987,093
|
|
4,960,970
|
|
3,715,321
|
|
3,706,707
|
|
1.52
|
|
5,063,040
|
|
4,987,093
|
|
1.52
|
Securities
|
|
|
|
983,747
|
|
980,328
|
|
1,007,331
|
|
1,046,688
|
|
913,329
|
|
904,788
|
|
746,530
|
|
740,613
|
|
7.71
|
|
983,747
|
|
913,329
|
|
7.71
|
Mortgage loans held
for sale
|
|
|
25,628
|
|
30,451
|
|
28,116
|
|
28,433
|
|
33,440
|
|
28,466
|
|
50,268
|
|
26,286
|
|
(23.36)
|
|
25,628
|
|
33,440
|
|
(23.36)
|
Loans acquired from
M&F
|
|
|
577,347
|
|
636,628
|
|
694,115
|
|
746,047
|
|
813,451
|
|
891,420
|
|
-
|
|
-
|
|
(29.02)
|
|
577,347
|
|
813,451
|
|
(29.02)
|
Loans not
acquired
|
|
|
|
3,267,486
|
|
3,165,492
|
|
3,096,286
|
|
2,947,836
|
|
2,885,802
|
|
2,794,116
|
|
2,683,017
|
|
2,594,438
|
|
13.23
|
|
3,267,486
|
|
2,885,802
|
|
13.23
|
Loans acquired and
subject to loss share
|
|
143,041
|
|
155,319
|
|
167,129
|
|
173,545
|
|
181,765
|
|
195,996
|
|
201,494
|
|
213,872
|
|
(21.30)
|
|
143,041
|
|
181,765
|
|
(21.30)
|
|
Total
loans
|
|
|
|
3,987,874
|
|
3,957,439
|
|
3,957,530
|
|
3,867,428
|
|
3,881,018
|
|
3,881,532
|
|
2,884,511
|
|
2,808,310
|
|
2.75
|
|
3,987,874
|
|
3,881,018
|
|
2.75
|
Intangibles
|
|
|
|
297,329
|
|
298,609
|
|
301,478
|
|
302,903
|
|
304,330
|
|
305,065
|
|
190,208
|
|
190,522
|
|
(2.30)
|
|
297,329
|
|
304,330
|
|
(2.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
$
919,872
|
|
$
935,544
|
|
$
902,766
|
|
$
914,964
|
|
$
856,020
|
|
$
876,138
|
|
$
560,965
|
|
$
567,065
|
|
7.46
|
|
$
919,872
|
|
$
856,020
|
|
7.46
|
Interest-bearing
deposits
|
|
|
3,918,546
|
|
3,828,126
|
|
3,983,965
|
|
4,089,820
|
|
3,985,892
|
|
3,958,618
|
|
2,944,193
|
|
2,988,110
|
|
(1.69)
|
|
3,918,546
|
|
3,985,892
|
|
(1.69)
|
|
Total
deposits
|
|
|
|
4,838,418
|
|
4,763,670
|
|
4,886,731
|
|
5,004,784
|
|
4,841,912
|
|
4,834,756
|
|
3,505,158
|
|
3,555,175
|
|
(0.07)
|
|
4,838,418
|
|
4,841,912
|
|
(0.07)
|
Borrowed
funds
|
|
|
|
188,825
|
|
227,664
|
|
189,831
|
|
168,700
|
|
171,875
|
|
177,168
|
|
195,789
|
|
164,063
|
|
9.86
|
|
188,825
|
|
171,875
|
|
9.86
|
Shareholders'
equity
|
|
|
711,651
|
|
700,475
|
|
688,215
|
|
676,715
|
|
665,652
|
|
657,256
|
|
500,678
|
|
502,375
|
|
6.91
|
|
711,651
|
|
665,652
|
|
6.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per
common share
|
|
|
$
28.93
|
|
$
27.05
|
|
$
29.07
|
|
$
29.05
|
|
$
31.46
|
|
$
27.17
|
|
$
24.34
|
|
$
22.38
|
|
(8.04)
|
|
$
28.93
|
|
$
31.46
|
|
(8.04)
|
Book value per common
share
|
|
|
22.56
|
|
22.21
|
|
21.83
|
|
21.50
|
|
21.21
|
|
20.96
|
|
19.84
|
|
19.93
|
|
6.38
|
|
22.56
|
|
21.21
|
|
6.38
|
Tangible book value
per common share
|
|
13.13
|
|
12.74
|
|
12.27
|
|
11.87
|
|
11.51
|
|
11.23
|
|
12.31
|
|
12.37
|
|
14.07
|
|
13.13
|
|
11.51
|
|
14.07
|
Shareholders' equity
to assets (actual)
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
11.58%
|
|
11.46%
|
|
11.80%
|
|
11.77%
|
|
5.84
|
|
12.26%
|
|
11.58%
|
|
5.84
|
Tangible capital
ratio (3)
|
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
6.64%
|
|
6.49%
|
|
7.66%
|
|
7.65%
|
|
13.31
|
|
7.52%
|
|
6.64%
|
|
13.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
9.53%
|
|
9.31%
|
|
8.91%
|
|
8.56%
|
|
8.68%
|
|
8.66%
|
|
9.83%
|
|
9.79%
|
|
9.79
|
|
9.53%
|
|
8.68%
|
|
9.79
|
Tier 1 risk-based
capital ratio
|
|
|
12.45%
|
|
12.28%
|
|
11.82%
|
|
11.55%
|
|
11.41%
|
|
11.40%
|
|
12.87%
|
|
12.86%
|
|
9.11
|
|
12.45%
|
|
11.41%
|
|
9.11
|
Total risk-based
capital ratio
|
|
|
13.54%
|
|
13.43%
|
|
12.96%
|
|
12.72%
|
|
12.58%
|
|
12.53%
|
|
14.14%
|
|
14.13%
|
|
7.63
|
|
13.54%
|
|
12.58%
|
|
7.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2014
-
|
|
As
of
|
|
|
|
|
|
2014
|
|
2013
|
|
Q4
2013
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans not
acquired
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2014
|
|
2013
|
|
Variance
|
Commercial,
financial, agricultural
|
|
|
$
418,501
|
|
$
378,802
|
|
$
365,262
|
|
$
347,828
|
|
$
341,600
|
|
$
331,142
|
|
$
307,718
|
|
$
298,013
|
|
22.51
|
|
$
418,501
|
|
$
341,600
|
|
22.51
|
Lease
financing
|
|
|
|
10,114
|
|
5,377
|
|
1,767
|
|
612
|
|
52
|
|
75
|
|
103
|
|
162
|
|
19,350.00
|
|
10,114
|
|
52
|
|
19,350.00
|
Real estate -
construction
|
|
|
210,837
|
|
193,787
|
|
172,319
|
|
149,450
|
|
147,075
|
|
127,013
|
|
117,339
|
|
109,484
|
|
43.35
|
|
210,837
|
|
147,075
|
|
43.35
|
Real estate - 1-4
family mortgages
|
|
1,014,412
|
|
984,778
|
|
966,546
|
|
941,260
|
|
928,803
|
|
891,422
|
|
859,884
|
|
834,204
|
|
9.22
|
|
1,014,412
|
|
928,803
|
|
9.22
|
Real estate -
commercial mortgages
|
|
1,538,950
|
|
1,527,680
|
|
1,516,372
|
|
1,441,403
|
|
1,404,617
|
|
1,383,680
|
|
1,335,402
|
|
1,295,213
|
|
9.56
|
|
1,538,950
|
|
1,404,617
|
|
9.56
|
Installment loans to
individuals
|
|
|
74,672
|
|
75,068
|
|
74,020
|
|
67,283
|
|
63,655
|
|
60,784
|
|
62,571
|
|
57,362
|
|
17.31
|
|
74,672
|
|
63,655
|
|
17.31
|
|
Loans, net of
unearned
|
|
|
$ 3,267,486
|
|
$ 3,165,492
|
|
$ 3,096,286
|
|
$ 2,947,836
|
|
$ 2,885,802
|
|
$ 2,794,116
|
|
$ 2,683,017
|
|
$ 2,594,438
|
|
13.23
|
|
$ 3,267,486
|
|
$ 2,885,802
|
|
13.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
6,684
|
|
$
7,698
|
|
$
7,677
|
|
$
8,283
|
|
$
9,546
|
|
$
10,280
|
|
$
10,283
|
|
$
10,157
|
|
(29.98)
|
|
$
6,684
|
|
$
9,546
|
|
(29.98)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
-
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,648
|
|
1,648
|
|
(100.00)
|
|
-
|
|
1,648
|
|
(100.00)
|
Real estate - 1-4
family mortgages
|
|
44,017
|
|
46,354
|
|
49,616
|
|
52,252
|
|
54,466
|
|
56,722
|
|
60,409
|
|
65,489
|
|
(19.18)
|
|
44,017
|
|
54,466
|
|
(19.18)
|
Real estate -
commercial mortgages
|
|
92,304
|
|
99,580
|
|
108,166
|
|
111,337
|
|
116,077
|
|
127,315
|
|
129,120
|
|
136,541
|
|
(20.48)
|
|
92,304
|
|
116,077
|
|
(20.48)
|
Installment loans to
individuals
|
|
|
36
|
|
39
|
|
22
|
|
25
|
|
28
|
|
31
|
|
34
|
|
37
|
|
28.57
|
|
36
|
|
28
|
|
28.57
|
|
Loans, net of
unearned
|
|
|
$
143,041
|
|
$
155,319
|
|
$
167,129
|
|
$
173,545
|
|
$
181,765
|
|
$
195,996
|
|
$
201,494
|
|
$
213,872
|
|
(21.30)
|
|
$
143,041
|
|
$
181,765
|
|
(21.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Acquired
from M&F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
58,098
|
|
$
64,058
|
|
$
74,887
|
|
$
84,004
|
|
$
117,817
|
|
$
139,821
|
|
$
-
|
|
$
-
|
|
(50.69)
|
|
$
58,098
|
|
$
117,817
|
|
(50.69)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
1,224
|
|
1,631
|
|
2,610
|
|
4,803
|
|
12,713
|
|
23,556
|
|
-
|
|
-
|
|
(90.37)
|
|
1,224
|
|
12,713
|
|
(90.37)
|
Real estate - 1-4
family mortgages
|
|
177,931
|
|
190,447
|
|
205,126
|
|
217,748
|
|
224,965
|
|
244,079
|
|
-
|
|
-
|
|
(20.91)
|
|
177,931
|
|
224,965
|
|
(20.91)
|
Real estate -
commercial mortgages
|
|
325,660
|
|
363,793
|
|
390,781
|
|
415,418
|
|
429,878
|
|
449,589
|
|
-
|
|
-
|
|
(24.24)
|
|
325,660
|
|
429,878
|
|
(24.24)
|
Installment loans to
individuals
|
|
|
14,434
|
|
16,699
|
|
20,711
|
|
24,074
|
|
28,078
|
|
34,375
|
|
-
|
|
-
|
|
(48.59)
|
|
14,434
|
|
28,078
|
|
(48.59)
|
|
Loans, net of
unearned
|
|
|
$
577,347
|
|
$
636,628
|
|
$
694,115
|
|
$
746,047
|
|
$
813,451
|
|
$
891,420
|
|
$
-
|
|
$
-
|
|
(29.02)
|
|
$
577,347
|
|
$
813,451
|
|
(29.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
18,781
|
|
$
19,070
|
|
$
17,175
|
|
$
18,365
|
|
$
16,863
|
|
$
19,995
|
|
$
20,554
|
|
$
25,382
|
|
11.37
|
|
$
18,781
|
|
$
16,863
|
|
11.37
|
Loans 90 past due or
more
|
|
|
1,406
|
|
7,177
|
|
3,615
|
|
1,322
|
|
2,287
|
|
2,078
|
|
1,983
|
|
2,601
|
|
(38.52)
|
|
1,406
|
|
2,287
|
|
(38.52)
|
Nonperforming
loans
|
|
|
20,187
|
|
26,247
|
|
20,790
|
|
19,687
|
|
19,150
|
|
22,073
|
|
22,537
|
|
27,983
|
|
5.42
|
|
20,187
|
|
19,150
|
|
5.42
|
Other real estate
owned
|
|
|
17,087
|
|
20,461
|
|
23,950
|
|
25,117
|
|
27,543
|
|
27,357
|
|
33,247
|
|
39,786
|
|
(37.96)
|
|
17,087
|
|
27,543
|
|
(37.96)
|
Nonperforming assets
not acquired
|
|
$
37,274
|
|
$
46,708
|
|
$
44,740
|
|
$
44,804
|
|
$
46,693
|
|
$
49,430
|
|
$
55,784
|
|
$
67,769
|
|
(20.17)
|
|
$
37,274
|
|
$
46,693
|
|
(20.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
24,172
|
|
$
33,216
|
|
$
41,425
|
|
$
46,078
|
|
$
49,194
|
|
$
49,585
|
|
$
47,281
|
|
$
47,972
|
|
(50.86)
|
|
$
24,172
|
|
$
49,194
|
|
(50.86)
|
Loans 90 past due or
more
|
|
|
48
|
|
1,979
|
|
-
|
|
32
|
|
-
|
|
505
|
|
126
|
|
-
|
|
-
|
|
48
|
|
-
|
|
-
|
Non-performing loans
subject to loss share
|
|
24,220
|
|
35,195
|
|
41,425
|
|
46,110
|
|
49,194
|
|
50,090
|
|
47,407
|
|
47,972
|
|
(50.77)
|
|
24,220
|
|
49,194
|
|
(50.77)
|
Other real estate
owned
|
|
|
6,368
|
|
4,033
|
|
7,472
|
|
10,218
|
|
12,942
|
|
16,580
|
|
27,835
|
|
35,095
|
|
(50.80)
|
|
6,368
|
|
12,942
|
|
(50.80)
|
Nonperforming assets
acquired and subject to loss share
|
|
$
30,588
|
|
$
39,228
|
|
$
48,897
|
|
$
56,328
|
|
$
62,136
|
|
$
66,670
|
|
$
75,242
|
|
$
83,067
|
|
(50.77)
|
|
$
30,588
|
|
$
62,136
|
|
(50.77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
from M&F:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
1,443
|
|
$
1,991
|
|
$
5,966
|
|
$
6,393
|
|
$
6,275
|
|
$
224
|
|
$
-
|
|
$
-
|
|
(77.00)
|
|
$
1,443
|
|
$
6,275
|
|
(77.00)
|
Loans 90 past due or
more
|
|
|
9,259
|
|
8,375
|
|
5,057
|
|
1,922
|
|
1,899
|
|
8,568
|
|
-
|
|
-
|
|
387.57
|
|
9,259
|
|
1,899
|
|
387.57
|
Nonperforming
loans
|
|
|
10,702
|
|
10,366
|
|
11,023
|
|
8,315
|
|
8,174
|
|
8,792
|
|
-
|
|
-
|
|
30.93
|
|
10,702
|
|
8,174
|
|
30.93
|
Other real estate
owned
|
|
|
11,017
|
|
9,565
|
|
10,381
|
|
12,406
|
|
12,402
|
|
13,223
|
|
-
|
|
-
|
|
(11.17)
|
|
11,017
|
|
12,402
|
|
(11.17)
|
Nonperforming assets
acquired from M&F
|
|
$
21,719
|
|
$
19,931
|
|
$
21,404
|
|
$
20,721
|
|
$
20,576
|
|
$
22,015
|
|
$
-
|
|
$
-
|
|
5.56
|
|
$
21,719
|
|
$
20,576
|
|
5.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
$
3,330
|
|
$
4,952
|
|
$
2,195
|
|
$
1,067
|
|
$
584
|
|
$
3,084
|
|
$
2,471
|
|
$
893
|
|
470.21
|
|
$
11,544
|
|
$
7,032
|
|
64.16
|
Allowance for loan
losses
|
|
|
42,289
|
|
44,569
|
|
47,304
|
|
48,048
|
|
47,665
|
|
46,250
|
|
47,034
|
|
46,505
|
|
(11.28)
|
|
42,289
|
|
$
47,665
|
|
(11.28)
|
Annualized net loan
charge-offs / average loans
|
|
0.33%
|
|
0.50%
|
|
0.23%
|
|
0.11%
|
|
0.06%
|
|
0.38%
|
|
0.35%
|
|
0.13%
|
|
|
|
0.29%
|
|
0.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans*
|
|
1.38%
|
|
1.81%
|
|
1.85%
|
|
1.92%
|
|
1.97%
|
|
2.09%
|
|
2.42%
|
|
2.70%
|
|
|
|
1.38%
|
|
1.97%
|
|
|
Nonperforming assets
/ total assets*
|
|
1.54%
|
|
1.84%
|
|
1.97%
|
|
2.06%
|
|
2.25%
|
|
2.41%
|
|
3.09%
|
|
3.53%
|
|
|
|
1.54%
|
|
2.25%
|
|
|
Allowance for loan
losses / total loans*
|
|
1.06%
|
|
1.13%
|
|
1.20%
|
|
1.24%
|
|
1.23%
|
|
1.19%
|
|
1.63%
|
|
1.66%
|
|
|
|
1.06%
|
|
1.23%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
76.74%
|
|
62.07%
|
|
64.59%
|
|
64.83%
|
|
62.29%
|
|
57.13%
|
|
67.25%
|
|
61.23%
|
|
|
|
76.74%
|
|
62.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans**
|
|
0.62%
|
|
0.83%
|
|
0.67%
|
|
0.67%
|
|
0.66%
|
|
0.79%
|
|
0.84%
|
|
1.08%
|
|
|
|
0.62%
|
|
0.66%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.64%
|
|
0.81%
|
|
0.77%
|
|
0.76%
|
|
0.81%
|
|
0.86%
|
|
1.31%
|
|
1.59%
|
|
|
|
0.64%
|
|
0.81%
|
|
|
Allowance for loan
losses / total loans**
|
|
1.29%
|
|
1.41%
|
|
1.53%
|
|
1.63%
|
|
1.65%
|
|
1.66%
|
|
1.75%
|
|
1.79%
|
|
|
|
1.29%
|
|
1.65%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
209.49%
|
|
169.81%
|
|
227.53%
|
|
244.06%
|
|
248.90%
|
|
209.53%
|
|
208.70%
|
|
166.19%
|
|
|
|
209.49%
|
|
248.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on all assets
(including acquired assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes assets
acquired from M&F and assets covered under loss
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ending
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2014
|
|
2013
|
Net income
(GAAP)
|
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
$
11,260
|
|
$
6,637
|
|
$
8,019
|
|
$
7,571
|
|
|
|
$
59,582
|
|
$
33,487
|
|
Amortization of
intangibles, net of tax
|
|
902
|
|
947
|
|
1,019
|
|
1,026
|
|
1,069
|
|
548
|
|
229
|
|
242
|
|
|
|
3,889
|
|
2,088
|
Tangible net income
(non-GAAP)
|
|
|
$
16,499
|
|
$
16,482
|
|
$
15,872
|
|
$
14,623
|
|
$
12,329
|
|
$
7,185
|
|
$
8,248
|
|
$
7,813
|
|
|
|
$
63,471
|
|
$
35,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$
709,811
|
|
$
697,103
|
|
$
686,794
|
|
$
673,047
|
|
$
665,513
|
|
$
553,772
|
|
$
506,225
|
|
$
501,634
|
|
|
|
$
691,802
|
|
$
557,209
|
|
Intangibles
|
|
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
304,388
|
|
227,606
|
|
190,362
|
|
190,787
|
|
|
|
301,104
|
|
228,629
|
Average tangible
shareholders' equity (non-GAAP)
|
|
$
411,833
|
|
$
396,378
|
|
$
384,613
|
|
$
369,448
|
|
$
361,125
|
|
$
326,166
|
|
$
315,863
|
|
$
310,847
|
|
|
|
$
390,698
|
|
$
328,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
|
$ 5,746,146
|
|
$ 5,758,081
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
$ 5,741,794
|
|
$ 4,729,079
|
|
$ 4,231,947
|
|
$ 4,206,411
|
|
|
|
$ 5,816,517
|
|
$ 4,731,512
|
|
Intangibles
|
|
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
304,388
|
|
227,606
|
|
190,362
|
|
190,787
|
|
|
|
301,104
|
|
228,629
|
Average tangible
assets (non-GAAP)
|
|
$ 5,448,168
|
|
$ 5,457,356
|
|
$ 5,534,426
|
|
$ 5,624,285
|
|
$ 5,437,406
|
|
$ 4,501,473
|
|
$ 4,041,585
|
|
$ 4,015,624
|
|
|
|
$ 5,515,413
|
|
$ 4,502,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
|
$ 5,804,526
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
$ 5,746,270
|
|
$ 5,735,865
|
|
$ 4,242,401
|
|
$ 4,267,658
|
|
|
|
$ 5,804,526
|
|
$ 5,746,270
|
|
Intangibles
|
|
|
|
297,329
|
|
298,609
|
|
301,478
|
|
302,903
|
|
304,330
|
|
305,065
|
|
190,208
|
|
190,522
|
|
|
|
297,329
|
|
304,330
|
Actual tangible
assets (non-GAAP)
|
|
$ 5,507,197
|
|
$ 5,453,102
|
|
$ 5,524,542
|
|
$ 5,599,928
|
|
$ 5,441,940
|
|
$ 5,430,800
|
|
$ 4,052,193
|
|
$ 4,077,136
|
|
|
|
$ 5,507,197
|
|
$ 5,441,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
shareholders' equity (GAAP)
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
6.71%
|
|
4.75%
|
|
6.35%
|
|
6.12%
|
|
|
|
8.61%
|
|
6.01%
|
|
Effect of adjustment
for intangible assets
|
|
7.18%
|
|
7.66%
|
|
7.88%
|
|
7.86%
|
|
6.83%
|
|
3.98%
|
|
4.12%
|
|
4.07%
|
|
|
|
7.63%
|
|
4.82%
|
Return on average
tangible shareholders' equity (non-GAAP)
|
|
15.89%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
13.55%
|
|
8.74%
|
|
10.47%
|
|
10.19%
|
|
|
|
16.25%
|
|
10.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
0.78%
|
|
0.56%
|
|
0.76%
|
|
0.73%
|
|
|
|
1.02%
|
|
0.71%
|
|
Effect of adjustment
for intangible assets
|
|
0.12%
|
|
0.13%
|
|
0.13%
|
|
0.12%
|
|
0.12%
|
|
0.08%
|
|
0.06%
|
|
0.06%
|
|
|
|
0.13%
|
|
0.08%
|
Return on average
tangible assets (non-GAAP)
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
0.90%
|
|
0.63%
|
|
0.82%
|
|
0.79%
|
|
|
|
1.15%
|
|
0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
11.58%
|
|
11.46%
|
|
11.80%
|
|
11.77%
|
|
|
|
12.26%
|
|
11.58%
|
|
Effect of adjustment
for intangible assets
|
|
4.74%
|
|
4.81%
|
|
4.81%
|
|
4.79%
|
|
4.94%
|
|
4.97%
|
|
4.14%
|
|
4.12%
|
|
|
|
4.74%
|
|
4.94%
|
Tangible capital
ratio (non-GAAP)
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
6.64%
|
|
6.49%
|
|
7.66%
|
|
7.65%
|
|
|
|
7.52%
|
|
6.64%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(FTE)
|
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
$
58,644
|
|
$
46,083
|
|
$
41,331
|
|
$
40,371
|
|
|
|
$
233,246
|
|
$
186,429
|
|
Interest
expense
|
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
6,408
|
|
5,890
|
|
5,541
|
|
5,564
|
|
|
|
23,780
|
|
23,403
|
Net Interest income
(FTE)
|
|
|
$
51,755
|
|
$
52,212
|
|
$
53,894
|
|
$
51,605
|
|
$
52,236
|
|
$
40,193
|
|
$
35,790
|
|
$
34,807
|
|
|
|
$
209,466
|
|
$
163,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
|
$
19,971
|
|
$
22,562
|
|
$
19,471
|
|
$
18,616
|
|
$
18,341
|
|
$
18,935
|
|
$
17,317
|
|
$
17,378
|
|
|
|
$
80,620
|
|
$
71,971
|
|
Securities gains
(losses)
|
|
|
-
|
|
375
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
54
|
|
|
|
375
|
|
54
|
|
Gain on
acquisition
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Total noninterest
income
|
|
|
|
$
19,971
|
|
$
22,187
|
|
$
19,471
|
|
$
18,616
|
|
$
18,341
|
|
$
18,935
|
|
$
17,317
|
|
$
17,324
|
|
|
|
$
80,245
|
|
$
71,917
|
Total Income
(FTE)
|
|
|
|
$
71,726
|
|
$
74,399
|
|
$
73,365
|
|
$
70,221
|
|
$
70,577
|
|
$
59,128
|
|
$
53,107
|
|
$
52,131
|
|
|
|
$
289,711
|
|
$
234,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
|
$
45,979
|
|
$
48,175
|
|
$
49,396
|
|
$
47,645
|
|
$
51,129
|
|
$
46,613
|
|
$
37,734
|
|
$
37,600
|
|
|
|
$
191,195
|
|
$
173,076
|
|
Amortization of
intangibles
|
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
1,508
|
|
724
|
|
314
|
|
323
|
|
|
|
5,606
|
|
2,869
|
|
Merger-related
expenses
|
|
|
499
|
|
-
|
|
-
|
|
195
|
|
1,879
|
|
3,763
|
|
385
|
|
-
|
|
|
|
694
|
|
6,027
|
|
Debt extinguishment
penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Total noninterest
expense
|
|
|
$
44,153
|
|
$
46,794
|
|
$
47,969
|
|
$
45,979
|
|
$
47,742
|
|
$
42,126
|
#
|
$
37,035
|
|
$
37,277
|
|
|
|
$
184,895
|
|
$
164,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
|
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
67.65%
|
|
71.25%
|
|
69.74%
|
|
71.51%
|
|
|
|
63.82%
|
|
69.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logo -
http://photos.prnewswire.com/prnh/20130207/CL56161LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/renasant-corporation-announces-2014-fourth-quarter-and-year-end-results-300023235.html
SOURCE Renasant Corporation