TUPELO, Miss., July 21, 2015 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced
financial results for the second quarter of 2015. Net income for
the second quarter of 2015 was $15,394,000, or basic and diluted earnings per
share ("EPS") of $0.49 and
$0.48, respectively, as compared to
$14,853,000, or basic and diluted EPS
of $0.47, for the second quarter of
2014.
![Renasant Corporation logo. Renasant Corporation logo.](http://photos.prnewswire.com/prnvar/20130207/CL56161LOGO)
On July 1, 2015, the Company
acquired by merger Heritage Financial Group, Inc. ("Heritage"), a
bank holding company headquartered in Albany, Georgia, and the parent of
HeritageBank of the South, a Georgia savings bank. The combined company has
approximately $7.77 billion in total
assets with 171 banking, mortgage, wealth management, investment
and insurance offices throughout Mississippi, Tennessee, Alabama, Georgia and Florida. During the second
quarter of 2015, the Company incurred pre-tax merger expenses
related to the Heritage merger of approximately $1,467,000, or $906,000 on an after-tax basis, which equated to
a reduction of $0.03 in diluted EPS
for the second quarter of 2015.
For the second quarter of 2015, the Company's return on average
assets and return on average equity were 1.06% and 8.42%,
respectively, as compared to 1.02% and 8.67%, respectively, for the
second quarter of 2014. The Company's 2015 second quarter
return on average tangible assets and return on average tangible
shareholders' equity were 1.17% and 14.89%, respectively, as
compared to 1.15% and 16.55%, respectively, for the second quarter
of 2014.
"We are pleased with our second quarter financial results
highlighted by 16.37% annualized linked quarter non-acquired loan
growth and strong revenue growth driven from our mortgage
operations. Focusing on profitability for the quarter, our
diluted earnings per share of $0.48
continues to represent some of the highest quarterly operating
earnings in the 111-year history of our company excluding quarters
which recognized one-time gains associated with acquisitions,"
commented Renasant Chairman and Chief Executive Officer,
E. Robinson McGraw. "The
sustainability of this profitability is reflected in our return on
average assets of 1.06% for the quarter, marking the fifth
consecutive quarter we've achieved greater than 1.00% return on
average assets."
Total assets as of June 30, 2015,
were approximately $5.90 billion, as
compared to $5.88 billion on a linked
quarter basis and $5.81 billion as of
December 31, 2014.
Total loans, including loans acquired in either the First
M&F Corporation ("First M&F") merger or in FDIC-assisted
transactions (collectively referred to as "acquired loans"), were
approximately $4.04 billion at
June 30, 2015, as compared to
$3.95 billion on a linked quarter
basis and $3.99 billion as of
December 31, 2014.
Excluding acquired loans, loans grew 4.30%, or 8.67% annualized,
to $3.41 billion at June 30, 2015, as compared to $3.27 billion at December
31, 2014 and increased 4.08%, or 16.37% annualized, from
$3.27 billion at March 31, 2015.
Total deposits were $4.89 billion
at June 30, 2015, as compared to
$4.84 billion at December 31, 2014, and $4.89 billion at June 30,
2014. The Company's cost of funds was 40 basis points for
the second quarter of 2015, as compared to 48 basis points for the
same quarter in 2014. The Company's noninterest-bearing
deposits averaged approximately $970
million, or 19.97% of average total deposits, for the second
quarter of 2015, as compared to $937
million, or 19.58% for the fourth quarter of 2014, and
$905 million, or 18.38% for the
second quarter of 2014.
At June 30, 2015, the Company's
Tier 1 leverage capital ratio was 9.90%, its common equity Tier 1
capital ratio was 10.44%, its Tier 1 risk-based capital ratio was
12.52%, and its total risk-based capital ratio was 13.54%. The
Company's regulatory capital ratios continued to be in excess of
the regulatory minimums required to be classified as
"well-capitalized."
"Looking at our capital levels, our tangible common equity ratio
stands at 7.78% at June 30, 2015,
which, coupled with our strong regulatory capital ratios, will
continue to support future balance sheet growth whether organic or
the result of additional external opportunity," said McGraw.
Net interest income was $51.67
million for the second quarter of 2015, as compared to
$52.17 million for the second quarter
of 2014. Net interest margin was 4.17% for the second quarter of
2015, compared to 4.24% for the second quarter of 2014. Additional
interest income recognized in connection with the acceleration of
pay downs and payoffs from acquired loans was $3.60 million in the second quarter of 2015,
which increased net interest margin 28 basis points, compared to
$3.52 million, which is a 28 basis
point increase in net interest margin for the same period in
2014.
Noninterest income increased 17.70% to $22.92 million for the second quarter of 2015, as
compared to $19.47 million for the
second quarter of 2014. The increase in noninterest income was
primarily attributable to growth in the Company's mortgage
operations and resulting mortgage income.
Noninterest expense was $51.18
million for the second quarter of 2015, as compared to
approximately $49.40 million for the
second quarter of 2014. The increase in the Company's
noninterest expense was primarily attributable to an increase in
salary and employee benefits as well as merger related
expenses. The increase in salaries and employee benefits was
due to higher levels of commissions paid in our mortgage banking
division.
At June 30, 2015, total
nonperforming loans (loans 90 days or more past due and nonaccrual
loans) were $44.26 million, and total
other real estate owned ("OREO") was $27.06
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 $23.10 million and $12.10
million, respectively at June 30,
2015.
Since the acquired nonperforming assets were recorded at fair
value at the time of acquisition and/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.
The Company's nonperforming loans were $21.16 million as of June
30, 2015, as compared to $20.19
million at December 31, 2014.
Nonperforming loans as a percentage of total loans were 0.62% as of
June 30, 2015 and December 31, 2014. The increase in
nonperforming loans at June 30, 2015,
was primarily due to a $2.8 million
matured loan which was carried as 90 days past due at June 30, 2015 but has since been resolved through
pay-off.
Annualized net charge-offs as a percentage of average loans were
0.16% for the second quarter of 2015, as compared to 0.23% for the
same period in 2014. The Company recorded a provision for loan
losses of $1.18 million for the
second quarter of 2015, as compared to $1.45
million for the second quarter of 2014.
The allowance for loan losses totaled $41.89 million at June 30,
2015, as compared to $42.29
million as of December 31,
2014. The allowance for loan losses as a percentage of loans
was 1.23% as of June 30, 2015, as
compared to 1.29% as of December 31,
2014.
The Company's coverage ratio, or its allowance for loan losses
as a percentage of nonperforming loans, was 197.95% as of
June 30, 2015, as compared to 209.49%
as of December 31, 2014.
Loans 30 to 89 days past due as a percentage of total loans were
0.19% at June 30, 2015, as compared
to 0.32% at December 31, 2014.
OREO was $14.97 million as of
June 30, 2015, as compared to
$17.09 million at December 31, 2014.
"We continue to see many opportunities on the horizon,
specifically strong commercial loan pipelines which support our
annual loan growth goals with a robust mortgage loan pipeline, both
of which should drive continued revenue growth," stated McGraw.
"With the addition of the Heritage team, its customers and
operations, we continue to be well positioned to accelerate
profitability and earnings growth, which in turn, we believe will
generate shareholder value."
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, July 22,
2015.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://services.choruscall.com/links/rnst150722. To access the
conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation Second Quarter Earnings Webcast and Conference Call.
International participants should dial 1-412-902-4145 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 10069391 or by dialing
1-412-317-0088 internationally and entering the conference number.
Telephone replay access is available until August 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 $7.77 billion and operates more than
170 banking, mortgage, financial services and insurance
offices in Mississippi,
Tennessee, Alabama, Florida 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 "average tangible shareholders'
equity"). 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."
Contacts:
|
Media
|
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
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(Unaudited)
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(Dollars in
thousands, except per share data)
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Q2 2015
-
|
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For the Six Months
Ending
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|
|
|
|
|
|
2015
|
|
2014
|
|
Q2
2014
|
|
June
30,
|
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Statement of
earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
58,516
|
|
$
55,910
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
(2.48)
|
|
$
114,426
|
|
$
117,813
|
|
(2.87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
56,769
|
|
$
54,166
|
|
$
55,596
|
|
$
56,358
|
|
$
58,277
|
|
$
56,177
|
|
(2.59)
|
|
$
110,935
|
|
$
114,454
|
|
(3.07)
|
|
Interest
expense
|
|
|
|
5,099
|
|
5,324
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
(16.52)
|
|
10,423
|
|
12,314
|
|
(15.36)
|
|
|
Net interest
income
|
|
|
51,670
|
|
48,842
|
|
50,016
|
|
50,472
|
|
52,169
|
|
49,971
|
|
(0.96)
|
|
100,512
|
|
102,140
|
|
(1.59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
1,175
|
|
1,075
|
|
1,050
|
|
2,217
|
|
1,450
|
|
1,450
|
|
(18.97)
|
|
2,250
|
|
2,900
|
|
(22.41)
|
|
|
Net interest income
after provision
|
|
50,495
|
|
47,767
|
|
48,966
|
|
48,255
|
|
50,719
|
|
48,521
|
|
(0.44)
|
|
98,262
|
|
99,240
|
|
(0.99)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
6,092
|
|
5,933
|
|
6,526
|
|
6,747
|
|
6,193
|
|
5,916
|
|
(1.63)
|
|
12,025
|
|
12,109
|
|
(0.69)
|
|
Fees and commissions
on loans and deposits
|
|
5,384
|
|
4,894
|
|
5,150
|
|
6,237
|
|
5,515
|
|
4,972
|
|
(2.38)
|
|
10,278
|
|
10,487
|
|
(1.99)
|
|
Insurance commissions
and fees
|
|
|
2,119
|
|
1,967
|
|
1,973
|
|
2,270
|
|
2,088
|
|
1,863
|
|
1.48
|
|
4,086
|
|
3,951
|
|
3.42
|
|
Wealth management
revenue
|
|
|
2,248
|
|
2,190
|
|
2,144
|
|
2,197
|
|
2,170
|
|
2,144
|
|
3.59
|
|
4,438
|
|
4,314
|
|
2.87
|
|
Securities gains
(losses)
|
|
|
96
|
|
-
|
|
-
|
|
375
|
|
-
|
|
-
|
|
-
|
|
96
|
|
-
|
|
-
|
|
Gain on sale of
mortgage loans
|
|
|
5,407
|
|
4,633
|
|
2,369
|
|
2,635
|
|
2,006
|
|
1,585
|
|
169.54
|
|
10,040
|
|
3,591
|
|
179.59
|
|
Gain on
acquisition
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Other
|
|
|
|
1,571
|
|
2,287
|
|
1,809
|
|
2,102
|
|
1,499
|
|
2,136
|
|
4.80
|
|
3,858
|
|
3,635
|
|
6.13
|
|
|
Total noninterest
income
|
|
|
22,917
|
|
21,904
|
|
19,971
|
|
22,563
|
|
19,471
|
|
18,616
|
|
17.70
|
|
44,821
|
|
38,087
|
|
17.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
30,394
|
|
28,260
|
|
27,301
|
|
29,569
|
|
29,810
|
|
28,428
|
|
1.96
|
|
58,654
|
|
58,238
|
|
0.71
|
|
Data
processing
|
|
|
|
3,152
|
|
3,181
|
|
2,949
|
|
2,906
|
|
2,850
|
|
2,695
|
|
10.60
|
|
6,333
|
|
5,545
|
|
14.21
|
|
Occupancy and
equipment
|
|
|
5,524
|
|
5,559
|
|
5,146
|
|
5,353
|
|
4,906
|
|
4,847
|
|
12.60
|
|
11,083
|
|
9,753
|
|
13.64
|
|
Other real
estate
|
|
|
|
954
|
|
532
|
|
723
|
|
1,101
|
|
1,068
|
|
1,701
|
|
(10.67)
|
|
1,486
|
|
2,769
|
|
(46.33)
|
|
Amortization of
intangibles
|
|
|
1,239
|
|
1,275
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
(13.17)
|
|
2,514
|
|
2,898
|
|
(13.25)
|
|
Merger-related
expenses
|
|
|
1,467
|
|
478
|
|
499
|
|
-
|
|
-
|
|
195
|
|
-
|
|
1,945
|
|
195
|
|
897.44
|
|
Debt extinguishment
penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Other
|
|
|
|
8,446
|
|
8,129
|
|
8,034
|
|
7,865
|
|
9,335
|
|
8,308
|
|
(9.52)
|
|
16,575
|
|
17,643
|
|
(6.05)
|
|
|
Total noninterest
expense
|
|
|
51,176
|
|
47,414
|
|
45,979
|
|
48,175
|
|
49,396
|
|
47,645
|
|
3.60
|
|
98,590
|
|
97,041
|
|
1.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
22,236
|
|
22,257
|
|
22,958
|
|
22,643
|
|
20,794
|
|
19,492
|
|
6.93
|
|
44,493
|
|
40,286
|
|
10.44
|
|
Income
taxes
|
|
|
|
6,842
|
|
7,017
|
|
7,361
|
|
7,108
|
|
5,941
|
|
5,895
|
|
15.17
|
|
13,859
|
|
11,836
|
|
17.09
|
|
|
Net
income
|
|
|
|
$
15,394
|
|
$
15,240
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
3.64
|
|
$
30,634
|
|
$
28,450
|
|
7.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
0.49
|
|
$
0.48
|
|
$
0.49
|
|
$
0.49
|
|
$
0.47
|
|
$
0.43
|
|
4.26
|
|
$
0.97
|
|
$
0.90
|
|
7.78
|
|
Diluted earnings per
share
|
|
|
0.48
|
|
0.48
|
|
0.49
|
|
0.49
|
|
0.47
|
|
0.43
|
|
2.13
|
|
0.96
|
|
0.90
|
|
6.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
|
|
31,626,059
|
|
31,576,275
|
|
31,537,278
|
|
31,526,423
|
|
31,496,737
|
|
31,436,148
|
|
0.41
|
|
31,601,304
|
|
31,466,610
|
|
0.43
|
|
Average diluted
shares outstanding
|
|
31,865,172
|
|
31,815,710
|
|
31,781,734
|
|
31,718,529
|
|
31,698,198
|
|
31,668,362
|
|
0.53
|
|
31,834,257
|
|
31,682,496
|
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
|
31,644,706
|
|
31,604,937
|
|
31,545,145
|
|
31,533,703
|
|
31,519,641
|
|
31,480,395
|
|
0.40
|
|
31,644,706
|
|
31,519,641
|
|
0.40
|
|
Cash dividend per
common share
|
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
-
|
|
$
0.34
|
|
$
0.34
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity
|
|
8.42%
|
|
8.59%
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
|
|
8.50%
|
|
8.44%
|
|
|
|
Return on average
tangible shareholders' equity (1)
|
|
14.89%
|
|
15.45%
|
|
15.90%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
|
|
15.16%
|
|
16.31%
|
|
|
|
Return on average
assets
|
|
|
1.06%
|
|
1.06%
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
|
|
1.06%
|
|
0.98%
|
|
|
|
Return on average
tangible assets (2)
|
|
1.17%
|
|
1.18%
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
|
|
1.18%
|
|
1.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
|
|
4.17%
|
|
4.03%
|
|
4.09%
|
|
4.12%
|
|
4.24%
|
|
4.04%
|
|
|
|
4.10%
|
|
4.12%
|
|
|
|
Yield on earning
assets (FTE)
|
|
|
4.57%
|
|
4.45%
|
|
4.53%
|
|
4.58%
|
|
4.72%
|
|
4.53%
|
|
|
|
4.51%
|
|
4.60%
|
|
|
|
Cost of
funding
|
|
|
|
0.40%
|
|
0.43%
|
|
0.45%
|
|
0.47%
|
|
0.48%
|
|
0.48%
|
|
|
|
0.42%
|
|
0.48%
|
|
|
|
Average earning
assets to average assets
|
|
87.79%
|
|
87.49%
|
|
87.41%
|
|
87.32%
|
|
87.39%
|
|
87.35%
|
|
|
|
87.64%
|
|
87.79%
|
|
|
|
Average loans to
average deposits
|
|
81.93%
|
|
81.44%
|
|
82.67%
|
|
82.26%
|
|
79.11%
|
|
77.00%
|
|
|
|
81.69%
|
|
78.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
|
1.57%
|
|
1.53%
|
|
1.38%
|
|
1.53%
|
|
1.34%
|
|
1.27%
|
|
|
|
1.55%
|
|
1.31%
|
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
|
3.41%
|
|
3.27%
|
|
3.14%
|
|
3.32%
|
|
3.39%
|
|
3.25%
|
|
|
|
3.34%
|
|
3.32%
|
|
|
|
Net overhead
ratio
|
|
|
|
1.84%
|
|
1.74%
|
|
1.76%
|
|
1.79%
|
|
2.06%
|
|
1.97%
|
|
|
|
1.79%
|
|
2.01%
|
|
|
|
Efficiency ratio
(FTE) (4)
|
|
|
63.58%
|
|
62.99%
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
|
|
63.29%
|
|
65.43%
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2015
-
|
|
For the Six Months
Ending
|
|
|
|
|
|
2015
|
|
2014
|
|
Q2
2014
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Total
assets
|
|
|
|
$ 5,847,539
|
|
$ 5,821,758
|
|
$ 5,746,146
|
|
$ 5,758,083
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
0.19
|
|
$ 5,834,718
|
|
$ 5,881,993
|
|
(0.80)
|
Earning
assets
|
|
|
|
5,133,567
|
|
5,093,224
|
|
5,022,647
|
|
5,027,805
|
|
5,100,833
|
|
5,178,069
|
|
0.64
|
|
5,113,507
|
|
5,163,613
|
|
(0.97)
|
Securities
|
|
|
|
999,962
|
|
989,743
|
|
979,052
|
|
1,001,548
|
|
1,026,948
|
|
1,002,519
|
|
(2.63)
|
|
994,881
|
|
1,014,801
|
|
(1.96)
|
Mortgage loans held
for sale
|
|
|
87,435
|
|
50,918
|
|
27,443
|
|
31,832
|
|
26,004
|
|
19,925
|
|
236.24
|
|
69,277
|
|
22,981
|
|
201.45
|
Loans, net of
unearned
|
|
|
3,978,514
|
|
3,969,244
|
|
3,954,606
|
|
3,937,142
|
|
3,897,027
|
|
3,868,747
|
|
2.09
|
|
3,973,905
|
|
3,882,966
|
|
2.34
|
Intangibles
|
|
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
(2.23)
|
|
296,058
|
|
302,886
|
|
(2.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
$
969,770
|
|
$
932,011
|
|
$
936,672
|
|
$
896,856
|
|
$
905,180
|
|
$
949,317
|
|
7.14
|
|
$
950,995
|
|
$
927,126
|
|
2.57
|
Interest-bearing
deposits
|
|
|
3,886,199
|
|
3,941,863
|
|
3,846,891
|
|
3,889,133
|
|
4,020,754
|
|
4,074,745
|
|
(3.35)
|
|
3,913,877
|
|
4,047,601
|
|
(3.30)
|
|
Total
deposits
|
|
|
|
4,855,969
|
|
4,873,874
|
|
4,783,563
|
|
4,785,988
|
|
4,925,934
|
|
5,024,063
|
|
(1.42)
|
|
4,864,872
|
|
4,974,727
|
|
(2.21)
|
Borrowed
funds
|
|
|
|
204,884
|
|
168,758
|
|
190,928
|
|
214,017
|
|
169,373
|
|
170,091
|
|
20.97
|
|
186,921
|
|
169,730
|
|
10.13
|
Shareholders'
equity
|
|
|
733,158
|
|
719,687
|
|
709,780
|
|
697,103
|
|
686,794
|
|
673,046
|
|
6.75
|
|
726,460
|
|
679,959
|
|
6.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2015
-
|
|
As
of
|
|
|
|
|
|
2015
|
|
2014
|
|
Q4
2014
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Balances at period
end
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Total
assets
|
|
|
|
$ 5,899,190
|
|
$ 5,882,098
|
|
$ 5,805,129
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
1.62
|
|
$ 5,899,190
|
|
$ 5,826,020
|
|
1.26
|
Earning
assets
|
|
|
|
5,186,419
|
|
5,168,497
|
|
5,063,039
|
|
5,053,252
|
|
5,063,873
|
|
5,161,173
|
|
2.44
|
|
5,186,419
|
|
5,063,873
|
|
2.42
|
Securities
|
|
|
|
965,290
|
|
1,016,393
|
|
983,747
|
|
980,328
|
|
1,007,331
|
|
1,046,688
|
|
(1.88)
|
|
965,290
|
|
1,007,331
|
|
(4.17)
|
Mortgage loans held
for sale
|
|
|
108,023
|
|
102,780
|
|
25,628
|
|
30,451
|
|
28,116
|
|
28,433
|
|
321.50
|
|
108,023
|
|
28,116
|
|
284.20
|
Loans acquired from
M&F
|
|
|
507,653
|
|
553,574
|
|
577,347
|
|
636,628
|
|
694,115
|
|
746,047
|
|
(12.07)
|
|
507,653
|
|
694,115
|
|
(26.86)
|
Loans not
acquired
|
|
|
|
3,407,925
|
|
3,274,314
|
|
3,267,486
|
|
3,165,492
|
|
3,096,286
|
|
2,947,836
|
|
4.30
|
|
3,407,925
|
|
3,096,286
|
|
10.06
|
Loans acquired and
subject to loss share
|
|
121,626
|
|
125,773
|
|
143,041
|
|
155,319
|
|
167,129
|
|
173,545
|
|
(14.97)
|
|
121,626
|
|
167,129
|
|
(27.23)
|
|
Total
loans
|
|
|
|
4,037,204
|
|
3,953,661
|
|
3,987,874
|
|
3,957,439
|
|
3,957,530
|
|
3,867,428
|
|
1.24
|
|
4,037,204
|
|
3,957,530
|
|
2.01
|
Intangibles
|
|
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
(0.85)
|
|
294,808
|
|
301,478
|
|
(2.21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
$
972,672
|
|
$
959,351
|
|
$
919,872
|
|
$
935,544
|
|
$
902,766
|
|
$
914,964
|
|
5.74
|
|
$
972,672
|
|
$
902,766
|
|
7.74
|
Interest-bearing
deposits
|
|
|
3,917,772
|
|
3,983,419
|
|
3,918,546
|
|
3,828,126
|
|
3,983,965
|
|
4,089,820
|
|
(0.02)
|
|
3,917,772
|
|
3,983,965
|
|
(1.66)
|
|
Total
deposits
|
|
|
|
4,890,444
|
|
4,942,770
|
|
4,838,418
|
|
4,763,670
|
|
4,886,731
|
|
5,004,784
|
|
1.08
|
|
4,890,444
|
|
4,886,731
|
|
0.08
|
Borrowed
funds
|
|
|
|
219,089
|
|
162,313
|
|
188,825
|
|
227,664
|
|
189,830
|
|
168,700
|
|
16.03
|
|
219,089
|
|
189,830
|
|
15.41
|
Shareholders'
equity
|
|
|
730,976
|
|
723,196
|
|
711,651
|
|
700,475
|
|
688,215
|
|
676,715
|
|
2.72
|
|
730,976
|
|
688,215
|
|
6.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per
common share
|
|
|
$
32.60
|
|
$
30.05
|
|
$
28.93
|
|
$
27.05
|
|
$
29.07
|
|
$
29.05
|
|
12.69
|
|
$
32.60
|
|
$
29.07
|
|
12.14
|
Book value per common
share
|
|
|
23.10
|
|
22.88
|
|
22.56
|
|
22.21
|
|
21.83
|
|
21.50
|
|
2.39
|
|
23.10
|
|
21.83
|
|
5.82
|
Tangible book value
per common share
|
|
13.78
|
|
13.52
|
|
13.13
|
|
12.74
|
|
12.27
|
|
11.87
|
|
4.95
|
|
13.78
|
|
12.27
|
|
12.31
|
Shareholders' equity
to assets (actual)
|
|
12.39%
|
|
12.29%
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
|
|
12.39%
|
|
11.81%
|
|
|
Tangible capital
ratio (3)
|
|
|
7.78%
|
|
7.65%
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
|
|
7.78%
|
|
7.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
9.90%
|
|
9.74%
|
|
9.53%
|
|
9.31%
|
|
8.91%
|
|
8.56%
|
|
|
|
9.90%
|
|
8.91%
|
|
|
Common equity tier 1
capital ratio
|
|
10.44%
|
|
10.35%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
10.44%
|
|
N/A
|
|
|
Tier 1 risk-based
capital ratio
|
|
|
12.52%
|
|
12.47%
|
|
12.45%
|
|
12.28%
|
|
11.82%
|
|
11.54%
|
|
|
|
12.52%
|
|
11.82%
|
|
|
Total risk-based
capital ratio
|
|
|
13.54%
|
|
13.51%
|
|
13.54%
|
|
13.43%
|
|
12.96%
|
|
12.70%
|
|
|
|
13.54%
|
|
12.96%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2015
-
|
|
As
of
|
|
|
|
|
|
2015
|
|
2014
|
|
Q4
2014
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans not
acquired
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2015
|
|
2014
|
|
Variance
|
Commercial,
financial, agricultural
|
|
|
$
437,181
|
|
$
418,752
|
|
$
418,501
|
|
$
378,802
|
|
$
365,262
|
|
$
347,828
|
|
4.46
|
|
$
437,181
|
|
$
365,262
|
|
19.69
|
Lease
financing
|
|
|
|
17,633
|
|
11,560
|
|
10,114
|
|
5,377
|
|
1,767
|
|
612
|
|
74.34
|
|
17,633
|
|
1,767
|
|
897.91
|
Real estate -
construction
|
|
|
212,071
|
|
200,966
|
|
210,837
|
|
193,787
|
|
172,319
|
|
149,449
|
|
0.59
|
|
212,071
|
|
172,319
|
|
23.07
|
Real estate - 1-4
family mortgages
|
|
1,073,816
|
|
1,025,264
|
|
1,014,412
|
|
984,778
|
|
966,546
|
|
941,260
|
|
5.86
|
|
1,073,816
|
|
966,546
|
|
11.10
|
Real estate -
commercial mortgages
|
|
1,589,969
|
|
1,542,706
|
|
1,538,950
|
|
1,527,680
|
|
1,516,372
|
|
1,441,404
|
|
3.32
|
|
1,589,969
|
|
1,516,372
|
|
4.85
|
Installment loans to
individuals
|
|
|
77,255
|
|
75,066
|
|
74,672
|
|
75,068
|
|
74,020
|
|
67,283
|
|
3.46
|
|
77,255
|
|
74,020
|
|
4.37
|
|
Loans, net of
unearned
|
|
|
$ 3,407,925
|
|
$ 3,274,314
|
|
$ 3,267,486
|
|
$ 3,165,492
|
|
$ 3,096,286
|
|
$ 2,947,836
|
|
4.30
|
|
$ 3,407,925
|
|
$ 3,096,286
|
|
10.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
subject to loss share by category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
3,726
|
|
$
3,917
|
|
$
6,684
|
|
$
7,699
|
|
$
7,677
|
|
$
8,283
|
|
(44.25)
|
|
$
3,726
|
|
$
7,677
|
|
(51.47)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
-
|
|
-
|
|
-
|
|
1,648
|
|
1,648
|
|
1,648
|
|
-
|
|
-
|
|
1,648
|
|
(100.00)
|
Real estate - 1-4
family mortgages
|
|
40,333
|
|
42,758
|
|
44,017
|
|
46,354
|
|
49,616
|
|
52,252
|
|
(8.37)
|
|
40,333
|
|
49,616
|
|
(18.71)
|
Real estate -
commercial mortgages
|
|
77,536
|
|
79,064
|
|
92,304
|
|
99,579
|
|
108,166
|
|
111,337
|
|
(16.00)
|
|
77,536
|
|
108,166
|
|
(28.32)
|
Installment loans to
individuals
|
|
|
31
|
|
34
|
|
36
|
|
39
|
|
22
|
|
25
|
|
(13.89)
|
|
31
|
|
22
|
|
40.91
|
|
Loans, net of
unearned
|
|
|
$
121,626
|
|
$
125,773
|
|
$
143,041
|
|
$
155,319
|
|
$
167,129
|
|
$
173,545
|
|
(14.97)
|
|
$
121,626
|
|
$
167,129
|
|
(27.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Acquired
from M&F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
39,652
|
|
$
52,119
|
|
$
58,098
|
|
$
64,058
|
|
$
74,887
|
|
$
84,005
|
|
(31.75)
|
|
$
39,652
|
|
$
74,887
|
|
(47.05)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
505
|
|
483
|
|
1,224
|
|
1,631
|
|
2,610
|
|
4,803
|
|
(58.74)
|
|
505
|
|
2,610
|
|
(80.65)
|
Real estate - 1-4
family mortgages
|
|
161,765
|
|
171,433
|
|
177,931
|
|
190,447
|
|
205,126
|
|
217,748
|
|
(9.09)
|
|
161,765
|
|
205,126
|
|
(21.14)
|
Real estate -
commercial mortgages
|
|
295,484
|
|
317,224
|
|
325,660
|
|
363,793
|
|
390,781
|
|
415,417
|
|
(9.27)
|
|
295,484
|
|
390,781
|
|
(24.39)
|
Installment loans to
individuals
|
|
|
10,247
|
|
12,315
|
|
14,434
|
|
16,699
|
|
20,711
|
|
24,074
|
|
(29.01)
|
|
10,247
|
|
20,711
|
|
(50.52)
|
|
Loans, net of
unearned
|
|
|
$
507,653
|
|
$
553,574
|
|
$
577,347
|
|
$
636,628
|
|
$
694,115
|
|
$
746,047
|
|
(12.07)
|
|
$
507,653
|
|
$
694,115
|
|
(26.86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
15,514
|
|
$
17,719
|
|
$
18,781
|
|
$
19,070
|
|
$
17,175
|
|
$
18,365
|
|
(17.40)
|
|
$
15,514
|
|
$
17,175
|
|
(9.67)
|
Loans 90 past due or
more
|
|
|
5,647
|
|
1,193
|
|
1,406
|
|
7,177
|
|
3,615
|
|
1,322
|
|
301.64
|
|
5,647
|
|
3,615
|
|
56.21
|
Nonperforming
loans
|
|
|
21,161
|
|
18,912
|
|
20,187
|
|
26,247
|
|
20,790
|
|
19,687
|
|
4.82
|
|
21,161
|
|
20,790
|
|
1.78
|
Other real estate
owned
|
|
|
14,967
|
|
16,735
|
|
17,087
|
|
20,461
|
|
23,950
|
|
25,117
|
|
(12.41)
|
|
14,967
|
|
23,950
|
|
(37.51)
|
Nonperforming assets
not acquired
|
|
$
36,128
|
|
$
35,647
|
|
$
37,274
|
|
$
46,708
|
|
$
44,740
|
|
$
44,804
|
|
(3.07)
|
|
$
36,128
|
|
$
44,740
|
|
(19.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
19,487
|
|
$
18,040
|
|
$
24,172
|
|
$
33,216
|
|
$
41,425
|
|
$
46,078
|
|
(19.38)
|
|
$
19,487
|
|
$
41,425
|
|
(52.96)
|
Loans 90 past due or
more
|
|
|
-
|
|
-
|
|
48
|
|
1,979
|
|
-
|
|
32
|
|
(100.00)
|
|
-
|
|
-
|
|
-
|
Non-performing loans
subject to loss share
|
|
19,487
|
|
18,040
|
|
24,220
|
|
35,195
|
|
41,425
|
|
46,110
|
|
(19.54)
|
|
19,487
|
|
41,425
|
|
(52.96)
|
Other real estate
owned
|
|
|
3,853
|
|
4,325
|
|
6,368
|
|
4,033
|
|
7,472
|
|
10,218
|
|
(39.49)
|
|
3,853
|
|
7,472
|
|
(48.43)
|
Nonperforming assets
acquired and subject to loss share
|
|
$
23,340
|
|
$
22,365
|
|
$
30,588
|
|
$
39,228
|
|
$
48,897
|
|
$
56,328
|
|
(23.70)
|
|
$
23,340
|
|
$
48,897
|
|
(52.27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
from M&F:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
1,085
|
|
$
1,627
|
|
$
1,443
|
|
$
1,991
|
|
$
5,966
|
|
$
6,393
|
|
(24.81)
|
|
$
1,085
|
|
$
5,966
|
|
(81.81)
|
Loans 90 past due or
more
|
|
|
2,523
|
|
9,636
|
|
9,259
|
|
8,375
|
|
5,057
|
|
1,922
|
|
(72.75)
|
|
2,523
|
|
5,057
|
|
(50.11)
|
Nonperforming
loans
|
|
|
3,608
|
|
11,263
|
|
10,702
|
|
10,366
|
|
11,023
|
|
8,315
|
|
(66.29)
|
|
3,608
|
|
11,023
|
|
(67.27)
|
Other real estate
owned
|
|
|
8,244
|
|
10,626
|
|
11,017
|
|
9,565
|
|
10,381
|
|
12,406
|
|
(25.17)
|
|
8,244
|
|
10,381
|
|
(20.59)
|
Nonperforming assets
acquired from M&F
|
|
$
11,852
|
|
$
21,889
|
|
$
21,719
|
|
$
19,931
|
|
$
21,404
|
|
$
20,721
|
|
(45.43)
|
|
$
11,852
|
|
$
21,404
|
|
(44.63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
$
1,589
|
|
$
1,062
|
|
$
3,330
|
|
$
4,952
|
|
$
2,194
|
|
$
1,067
|
|
(52.28)
|
|
$
2,651
|
|
$
3,261
|
|
(18.71)
|
Allowance for loan
losses
|
|
|
41,888
|
|
42,302
|
|
42,289
|
|
44,569
|
|
47,304
|
|
48,048
|
|
(0.95)
|
|
41,888
|
|
$
47,304
|
|
(11.45)
|
Annualized net loan
charge-offs / average loans
|
|
0.16%
|
|
0.11%
|
|
0.33%
|
|
0.50%
|
|
0.23%
|
|
0.11%
|
|
|
|
0.13%
|
|
0.17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans*
|
|
1.10%
|
|
1.22%
|
|
1.38%
|
|
1.81%
|
|
1.85%
|
|
1.92%
|
|
|
|
1.10%
|
|
1.85%
|
|
|
Nonperforming assets
/ total assets*
|
|
1.21%
|
|
1.36%
|
|
1.54%
|
|
1.84%
|
|
1.97%
|
|
2.06%
|
|
|
|
1.21%
|
|
1.97%
|
|
|
Allowance for loan
losses / total loans*
|
|
1.04%
|
|
1.07%
|
|
1.06%
|
|
1.13%
|
|
1.20%
|
|
1.24%
|
|
|
|
1.04%
|
|
1.20%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
94.65%
|
|
87.74%
|
|
76.74%
|
|
62.07%
|
|
64.59%
|
|
64.83%
|
|
|
|
94.65%
|
|
64.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans**
|
|
0.62%
|
|
0.58%
|
|
0.62%
|
|
0.83%
|
|
0.67%
|
|
0.67%
|
|
|
|
0.62%
|
|
0.67%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.61%
|
|
0.61%
|
|
0.64%
|
|
0.81%
|
|
0.77%
|
|
0.76%
|
|
|
|
0.61%
|
|
0.77%
|
|
|
Allowance for loan
losses / total loans**
|
|
1.23%
|
|
1.29%
|
|
1.29%
|
|
1.41%
|
|
1.53%
|
|
1.63%
|
|
|
|
1.23%
|
|
1.53%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
197.95%
|
|
223.68%
|
|
209.49%
|
|
169.81%
|
|
227.53%
|
|
244.06%
|
|
|
|
197.95%
|
|
227.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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 Six Months
Ending
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2015
|
|
2014
|
Net income
(GAAP)
|
|
|
$
15,394
|
|
$
15,240
|
|
$
15,597
|
|
$
15,535
|
|
$
14,853
|
|
$
13,597
|
|
|
|
$
30,634
|
|
$
28,450
|
|
Amortization of
intangibles, net of tax
|
|
858
|
|
873
|
|
902
|
|
947
|
|
1,019
|
|
1,026
|
|
|
|
1,731
|
|
2,047
|
Tangible net income
(non-GAAP)
|
|
$
16,252
|
|
$
16,113
|
|
$
16,499
|
|
$
16,482
|
|
$
15,872
|
|
$
14,623
|
|
|
|
$
32,365
|
|
$
30,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$
733,158
|
|
$
719,687
|
|
$
709,780
|
|
$
697,103
|
|
$
686,794
|
|
$
673,046
|
|
|
|
$
726,460
|
|
$
679,959
|
|
Intangibles
|
|
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
|
|
296,058
|
|
302,886
|
Average tangible
shareholders' equity (non-GAAP)
|
|
$
437,717
|
|
$
423,005
|
|
$
411,802
|
|
$
396,378
|
|
$
384,613
|
|
$
369,447
|
|
|
|
$
430,402
|
|
$
377,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
|
$ 5,847,539
|
|
$ 5,821,758
|
|
$ 5,746,146
|
|
$ 5,758,083
|
|
$ 5,836,607
|
|
$ 5,927,884
|
|
|
|
$ 5,834,718
|
|
$ 5,881,993
|
|
Intangibles
|
|
|
|
295,441
|
|
296,682
|
|
297,978
|
|
300,725
|
|
302,181
|
|
303,599
|
|
|
|
296,058
|
|
302,886
|
Average tangible
assets (non-GAAP)
|
|
$ 5,552,098
|
|
$ 5,525,076
|
|
$ 5,448,168
|
|
$ 5,457,358
|
|
$ 5,534,426
|
|
$ 5,624,285
|
|
|
|
$ 5,538,660
|
|
$ 5,579,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
|
$ 5,899,190
|
|
$ 5,882,098
|
|
$ 5,805,129
|
|
$ 5,751,711
|
|
$ 5,826,020
|
|
$ 5,902,831
|
|
|
|
$ 5,899,190
|
|
$ 5,826,020
|
|
Intangibles
|
|
|
|
294,808
|
|
296,053
|
|
297,330
|
|
298,609
|
|
301,478
|
|
302,903
|
|
|
|
294,808
|
|
301,478
|
Actual tangible
assets (non-GAAP)
|
|
$ 5,604,382
|
|
$ 5,586,045
|
|
$ 5,507,799
|
|
$ 5,453,102
|
|
$ 5,524,542
|
|
$ 5,599,928
|
|
|
|
$ 5,604,382
|
|
$ 5,524,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
shareholders' equity (GAAP)
|
|
8.42%
|
|
8.59%
|
|
8.72%
|
|
8.84%
|
|
8.67%
|
|
8.19%
|
|
|
|
8.50%
|
|
8.44%
|
|
Effect of adjustment
for intangible assets
|
|
6.47%
|
|
6.86%
|
|
7.18%
|
|
7.66%
|
|
7.88%
|
|
7.86%
|
|
|
|
6.66%
|
|
7.87%
|
Return on average
tangible shareholders' equity (non-GAAP)
|
|
14.89%
|
|
15.45%
|
|
15.90%
|
|
16.50%
|
|
16.55%
|
|
16.05%
|
|
|
|
15.16%
|
|
16.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
|
1.06%
|
|
1.06%
|
|
1.08%
|
|
1.07%
|
|
1.02%
|
|
0.93%
|
|
|
|
1.06%
|
|
0.98%
|
|
Effect of adjustment
for intangible assets
|
|
0.11%
|
|
0.12%
|
|
0.12%
|
|
0.13%
|
|
0.13%
|
|
0.12%
|
|
|
|
0.12%
|
|
0.13%
|
Return on average
tangible assets (non-GAAP)
|
|
1.17%
|
|
1.18%
|
|
1.20%
|
|
1.20%
|
|
1.15%
|
|
1.05%
|
|
|
|
1.18%
|
|
1.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
|
12.39%
|
|
12.29%
|
|
12.26%
|
|
12.18%
|
|
11.81%
|
|
11.46%
|
|
|
|
12.39%
|
|
11.81%
|
|
Effect of adjustment
for intangible assets
|
|
4.61%
|
|
4.65%
|
|
4.74%
|
|
4.81%
|
|
4.81%
|
|
4.79%
|
|
|
|
4.61%
|
|
4.81%
|
Tangible capital
ratio (non-GAAP)
|
|
7.78%
|
|
7.65%
|
|
7.52%
|
|
7.37%
|
|
7.00%
|
|
6.68%
|
|
|
|
7.78%
|
|
7.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(FTE)
|
|
|
$
58,516
|
|
$
55,910
|
|
$
57,335
|
|
$
58,098
|
|
$
60,002
|
|
$
57,811
|
|
|
|
$
114,426
|
|
$
117,813
|
|
Interest
expense
|
|
|
5,099
|
|
5,324
|
|
5,580
|
|
5,886
|
|
6,108
|
|
6,206
|
|
|
|
10,423
|
|
12,314
|
Net Interest income
(FTE)
|
|
|
$
53,417
|
|
$
50,586
|
|
$
51,755
|
|
$
52,212
|
|
$
53,894
|
|
$
51,605
|
|
|
|
$
104,003
|
|
$
105,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
|
$
22,917
|
|
$
21,904
|
|
$
19,971
|
|
$
22,563
|
|
$
19,471
|
|
$
18,616
|
|
|
|
$
44,821
|
|
$
38,087
|
|
Securities gains
(losses)
|
|
|
96
|
|
-
|
|
-
|
|
375
|
|
-
|
|
-
|
|
|
|
96
|
|
-
|
|
Gain on
acquisition
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Total noninterest
income
|
|
|
$
22,821
|
|
$
21,904
|
|
$
19,971
|
|
$
22,188
|
|
$
19,471
|
|
$
18,616
|
|
|
|
$
44,725
|
|
$
38,087
|
Total Income
(FTE)
|
|
|
$
76,238
|
|
$
72,490
|
|
$
71,726
|
|
$
74,400
|
|
$
73,365
|
|
$
70,221
|
|
|
|
$
148,728
|
|
$
143,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
|
$
51,176
|
|
$
47,414
|
|
$
45,979
|
|
$
48,175
|
|
$
49,396
|
|
$
47,645
|
|
|
|
$
98,590
|
|
$
97,041
|
|
Amortization of
intangibles
|
|
|
1,239
|
|
1,275
|
|
1,327
|
|
1,381
|
|
1,427
|
|
1,471
|
|
|
|
2,514
|
|
2,898
|
|
Merger-related
expenses
|
|
|
1,467
|
|
478
|
|
499
|
|
-
|
|
-
|
|
195
|
|
|
|
1,945
|
|
195
|
|
Debt extinguishment
penalty
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
Total noninterest
expense
|
|
|
$
48,470
|
|
$
45,661
|
|
$
44,153
|
|
$
46,794
|
|
$
47,969
|
|
$
45,979
|
|
|
|
$
94,131
|
|
$
93,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
|
|
63.58%
|
|
62.99%
|
|
61.56%
|
|
62.90%
|
|
65.38%
|
|
65.48%
|
|
|
|
63.29%
|
|
65.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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-2015-second-quarter-earnings-300116654.html
SOURCE Renasant Corporation