TUPELO, Miss., Jan. 17, 2017 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the fourth quarter and year ended December 31, 2016. Net income for the fourth
quarter of 2016 was approximately $23.6
million, up 11.70%, as compared to $21.2 million for the fourth quarter of 2015.
Basic and diluted earnings per share ("EPS") were $0.56 and $0.55,
respectively, for the fourth quarter of 2016, as compared to basic
and diluted EPS of $0.53 and
$0.52, respectively, for the fourth
quarter of 2015.
Net income for 2016 was $90.9
million, an increase of 33.69%, as compared to $68.0 million for 2015. Basic and diluted EPS
were $2.18 and $2.17, respectively, for 2016, as compared to
basic and diluted EPS of $1.89 and
$1.88, respectively, for 2015.
The Company incurred expenses and charges in connection with
certain transactions that are considered to be infrequent or
non-recurring in nature. The following table presents the impact of
these charges on reported EPS for the dates presented:
|
Three months
ended
|
|
Three months
ended
|
|
December 31,
2016
|
|
December 31,
2015
|
|
Pre-tax
|
After-tax
|
Impact
to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to Diluted
EPS
|
Merger and conversion
expenses
|
$
-
|
$
-
|
$
-
|
|
$
1,923
|
$
1,300
|
$
0.03
|
Loss share
termination
|
2,053
|
1,495
|
0.04
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Year
ended
|
|
Year
ended
|
|
December 31,
2016
|
|
December 31,
2015
|
|
Pre-tax
|
After-tax
|
Impact to Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to Diluted
EPS
|
Merger and conversion
expenses
|
$
4,023
|
$
2,694
|
$
0.06
|
|
$
11,614
|
$
7,918
|
$
0.23
|
Debt prepayment
penalty
|
2,539
|
1,700
|
0.04
|
|
-
|
-
|
-
|
Loss share
termination
|
2,053
|
1,495
|
0.04
|
|
-
|
-
|
-
|
The Company's balance sheet and results of operations as of and
for the year ending December 31,
2016, include the impact of the Company's acquisition of
KeyWorth Bank ("KeyWorth"), a
Georgia state bank headquartered
in Atlanta, Georgia, which was
completed on April 1, 2016. As of the
acquisition date, KeyWorth operated six offices in the Atlanta metropolitan area and had
approximately $399 million in assets,
approximately $284 million in total
loans, and approximately $347 million
in total deposits. The assets acquired and liabilities assumed were
recorded at estimated fair value as of the acquisition date and are
subject to change pending finalization of all valuations.
On December 8, 2016, the Company's
wholly owned subsidiary, Renasant Bank (the "Bank"), entered into
an agreement with the Federal Deposit Insurance Corporation (the
"FDIC") that terminated all of the Bank's loss share agreements
with the FDIC, which includes Single-Family Shared Loss and
Commercial Shared Loss agreements. All rights and obligations of
the Bank and the FDIC under the FDIC loss share agreements were
eliminated under the termination agreement. The Company
incurred a one-time pre-tax charge of $2.1
million, or $1.4 million on an
after-tax basis, in connection with the termination agreement. At
December 31, 2016, the Company had
$28.1 million in loans, $2.6 million of which were nonperforming, and
$487 thousand in other real estate
owned ("OREO") which had been previously covered under these loss
share agreements.
"We made significant achievements in 2016, and the financial
results for the year are a testament to a well executed plan. Our
diluted EPS of $2.17 per share
represents our highest reported yearly earnings which was driven by
the strong performance of our overall company coupled with the
successful conversion and integration of KeyWorth's operations,"
commented Renasant Chairman and Chief Executive Officer,
E. Robinson McGraw. "The results
include our successful completion of the KeyWorth acquisition and a
22.97% annual growth in our legacy loan portfolio. As we look to
2017, we believe we are well positioned to continue to improve on
profitability and earnings growth, which in turn will generate
shareholder value."
Highlights from the fourth quarter and annual results of 2016
include the following:
Enhanced Profitability
- Total assets increased $773.4
million to $8.7 billion at
December 31, 2016, as compared to
$7.9 billion at December 31, 2015. Earning assets contributed
$778.3 million of the increase year
over year.
- Loans not acquired increased $880.0
million, or 22.97%, to $4.7
billion from December 31,
2015. For the fourth quarter of 2016, the yield on loans was
5.02% compared to 5.03% for the same period in 2015. The yield on
loans excluding the impact from purchase accounting adjustments
during the fourth quarter of 2016 was 4.51% compared to 4.48% for
the same period in 2015. The yield on loans was 4.95% for the full
year of 2016 compared to 4.91% for 2015. The yield on loans
excluding the impact from purchase accounting adjustments on loans
was 4.47% and 4.50% for 2016 and 2015, respectively.
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Taxable equivalent
interest income on loans (as reported)
|
$
79,894
|
|
$
71,144
|
|
$
303,830
|
|
$
237,408
|
Accretable yield
recognized on purchased loans
|
8,092
|
|
7,806
|
|
29,614
|
|
20,024
|
Interest income on
loans (excluding accretable yield)
|
$
71,802
|
|
$
63,338
|
|
$
274,216
|
|
$
217,384
|
|
|
|
|
|
|
|
|
Average
loans
|
$
6,331,660
|
|
$
5,610,039
|
|
$
6,133,171
|
|
$
4,836,002
|
|
|
|
|
|
|
|
|
Loan yield, as
reported
|
5.02%
|
|
5.03%
|
|
4.95%
|
|
4.91%
|
Loan yield excluding
accretable yield
|
4.51%
|
|
4.48%
|
|
4.47%
|
|
4.50%
|
- Total deposits increased $840.5
million, or 13.52%, to $7.1
billion from December 31,
2015, with noninterest bearing deposits growing 22.14%
during the same time. Noninterest-bearing deposits averaged
$1.47 billion, or 22.00% of average
deposits, for 2016, compared to $1.13
billion, or 20.29% of average deposits, for 2015. For the
fourth quarter of 2016, the cost of total deposits was 28 basis
points, as compared to 22 basis points for the same period in 2015.
The cost of total deposits was 27 basis points for the full year of
2016, as compared to 25 basis points in 2015.
- Net interest income was $78.0
million for the fourth quarter of 2016, as compared to
$72.4 million for the fourth quarter
of 2015. Net interest margin was 4.24% for the fourth quarter of
2016, as compared to 4.33% for the fourth quarter of 2015. The
following table reconciles reported net interest margin to net
interest margin excluding the impact from purchase accounting
adjustments on loans for the periods presented:
|
Three Months
Ended
|
|
December
31,
|
|
2016
|
|
2015
|
Taxable equivalent
net interest income (as reported)
|
$
79,774
|
|
$
74,242
|
Accretable yield
recognized on purchased loans(1)
|
8,092
|
|
7,806
|
Net interest income
(excluding accretable yield)
|
$
71,682
|
|
$
66,436
|
|
|
|
|
Average earning
assets
|
$
7,483,222
|
|
$
6,798,474
|
|
|
|
|
Net interest margin,
as reported
|
4.24%
|
|
4.33%
|
Net interest margin,
excluding accretable yield
|
3.81%
|
|
3.88%
|
|
(1)
Includes additional interest income recognized in connection with
the acceleration of paydowns
and
payoffs from acquired loans of $4,728 and $3,686 for the three
months ended December 31,
2016
and 2015, respectively, which increased net interest margin by 25
basis points and 22 basis
points
for the same periods, respectively.
|
- Net interest income was $301.0
million for the year ended December
31, 2016, as compared to $241.4
million for the year ended December
31, 2015. Net interest margin was 4.22% for 2016, as
compared to 4.16% for the prior year. The following table
reconciles reported net interest margin to net interest margin
excluding the impact from purchase accounting adjustments on loans
for the periods presented:
|
Year
Ended
|
|
December
31,
|
|
2016
|
|
2015
|
Taxable equivalent
net interest income (as reported)
|
$
308,002
|
|
$
248,613
|
Accretable yield
recognized on purchased loans(1)
|
29,614
|
|
20,024
|
Net interest income
(excluding accretable yield)
|
$
278,388
|
|
$
228,589
|
|
|
|
|
Average earning
assets
|
$
7,296,296
|
|
$
5,974,000
|
|
|
|
|
Net interest margin,
as reported
|
4.22%
|
|
4.16%
|
Net interest margin,
excluding accretable yield
|
3.82%
|
|
3.83%
|
|
(1)
Includes additional interest income recognized in connection with
the acceleration of paydowns
and
payoffs from acquired loans of $14,733 and $9,130 for the year
ended December 31, 2016
and
2015, respectively, which increased net interest margin by 20 basis
points and 15 basis
points
for the same periods, respectively.
|
- Noninterest income for the fourth quarter of 2016 was
$30.1 million, as compared to
$31.4 million in the same period of
2015. The decrease is driven by a decline in mortgage banking
income resulting from rising interest rates during the fourth
quarter of 2016. Noninterest income increased to $137.2 million for the full year of 2016, as
compared to $108.3 million for 2015.
The growth is primarily attributable to an increase in mortgage
banking income, income from the Company's wealth management
division and the KeyWorth acquisition.
- Noninterest expense was $71.4
million for the fourth quarter of 2016, as compared to
$70.7 million for the fourth quarter
of 2015 and $294.9 million for the
full year of 2016, as compared to $245.1
million for 2015. Excluding nonrecurring charges for merger
and conversion expenses, debt prepayment penalties and loss share
termination, the increase from 2015 is primarily attributable to
the addition of KeyWorth operations and strategic additions of
personnel.
The following table presents the Company's profitability metrics
for the quarter and year ending December 31,
2016, including and excluding the impact of after-tax merger
and conversion expenses, debt prepayment penalties and loss share
termination:
|
Three Months
Ended
|
|
Year
Ended
|
|
December 31,
2016
|
|
December 31,
2016
|
|
As
Reported
|
Excluding Merger
and
Conversion Expenses, Debt
Prepayment Penalties and Loss
Share Termination
|
|
As
Reported
|
Excluding Merger
and
Conversion
Expenses, Debt
Prepayment Penalties and
Loss Share Termination
|
Return on average
assets
|
1.09%
|
1.16%
|
|
1.08%
|
1.15%
|
Return on average
tangible assets
|
1.22%
|
1.28%
|
|
1.20%
|
1.28%
|
Return on average
equity
|
8.14%
|
8.61%
|
|
8.15%
|
8.66%
|
Return on average
tangible equity
|
14.90%
|
15.73%
|
|
15.28%
|
16.21%
|
Aggressively Managed Problem Credits
Total nonperforming assets were $58.8
million at December 31, 2016,
a decrease of $22.0 million from
December 31, 2015, and consisted of
$35.5 million in nonperforming loans
(loans 90 days or more past due and nonaccrual loans) and
$23.3 million in OREO.
The Company's nonperforming loans and OREO that were purchased
in previous acquisitions (collectively referred to as "acquired
nonperforming assets") were $22.2
million and $17.4 million,
respectively, at December 31, 2016,
as compared to $30.5 million and
$22.4 million, respectively, at
December 31, 2015. The acquired
nonperforming assets were recorded at fair value at the time of
acquisition, which significantly mitigates the Company's actual
loss. As such, the remaining information in this release on
nonperforming loans, OREO and the related asset quality ratios
primarily focuses on non-acquired nonperforming assets.
- Non-acquired nonperforming loans decreased to $13.4 million, or 0.28% of total non-acquired
loans, at December 31, 2016, from
$15.0 million, or 0.39% of total
non-acquired loans, at December 31,
2015. Early stage delinquencies, or loans 30-to-89 days past
due, as a percentage of total loans were 0.23% at December 31, 2016, as compared to 0.19% at
December 31, 2015.
- Non-acquired OREO decreased 54.35% to $5.9 million at December
31, 2016, from $13.0 million
at December 31, 2015. Non-acquired
OREO sales totaled $10.0 million in
2016 with $4.2 million occurring
during the fourth quarter of 2016.
- The allowance for loan losses represents 0.69% of total loans
at December 31, 2016, as compared to
0.78% at December 31, 2015. The
allowance for loan losses represents 0.91% of nonaquired loans at
December 31, 2016, as compared to
1.11% at December 31, 2015.
- Net loan charge-offs were $4.8
million, or 0.31% of average total loans, for the fourth
quarter of 2016, as compared to $1.4
million, or 0.10% of average total loans, for the same
period in 2015. Net loan charge-offs were $7.2 million, or 0.12% of average total loans,
for 2016, as compared to $4.6
million, or 0.10% of average total loans, for 2015. The
increase year over year and quarter over quarter is attributable to
bringing several problem credits to final resolution. The charges
were fully reserved for in the Company's allowance for loan losses
and resulted in no additional provision for loan loss expense.
- Provision for loan losses was $1.7
million for the fourth quarter of 2016, as compared to
$1.8 million for the fourth quarter
of 2016 and $7.5 million for the full
year 2016, as compared to $4.8
million for 2015. The increase in the Company's provision
year over year is primarily attributable to the aforementioned
nonacquired loan growth.
Built Our Capital Ratios
- At December 31, 2016, Tier 1
leverage capital ratio was 10.59%, Common Equity Tier 1 ratio was
11.48%, Tier 1 risk-based bapital ratio was 12.86%, and total
risk-based capital ratio was 15.03%. All regulatory ratios exceed
the minimums required to be considered "well-capitalized."
- Tangible common equity ratio was 9.00% at December 31, 2016, as compared to 7.54% at
December 31, 2015.
- In December 2016, the Company
completed the underwritten public offering of 2,135,000 shares of
the Company's common stock at a public offering price of
$41.50 per share resulting in net
proceeds to the Company of $84.1
million.
- In August 2016, the Company
completed the public offering and sale of $60 million of the Company's 5.00%
fixed-to-floating rate subordinated notes due September 1, 2026, and $40
million of its 5.50% fixed-to-floating rate subordinated
notes due September 1, 2031
(collectively, the "Notes"). The Notes resulted in net proceeds to
the Company of $98.2 million and
qualify as Tier 2 capital.
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, January 18, 2017.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://services.choruscall.com/links/rnst170118.html. To access the
conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation Fourth 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 10098912 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until February 2, 2017.
ABOUT RENASANT CORPORATION:
Renasant
Corporation is the parent of Renasant Bank, a 113-year-old
financial services institution. Renasant has assets of
approximately $8.7 billion and
operates more than 175 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 the Company's
portfolio of outstanding loans, and competition in the Company's
markets. Management undertakes 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 and certain charges that the Company considers to be
non-recurring in nature. The Company's management uses these
non-GAAP financial measures 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, and non-recurring
charges can vary extensively from company to company and, as to
intangible assets, 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, the ratio of tangible equity to tangible assets (commonly
referred to as the "tangible capital ratio") and the efficiency
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."
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2016
-
|
|
For the Year
Ending
|
|
|
|
|
|
2016
|
|
2015
|
|
Q4
2015
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Statement of
earnings
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
87,564
|
|
$
84,786
|
|
$
85,783
|
|
$
78,009
|
|
$
79,679
|
|
$
76,242
|
|
$
58,516
|
|
$
55,910
|
|
9.90
|
|
$
336,149
|
|
$
270,278
|
|
24.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
$
85,839
|
|
$
83,032
|
|
$
84,008
|
|
$
76,259
|
|
$
77,788
|
|
$
74,300
|
|
$
56,769
|
|
$
54,166
|
|
10.35
|
|
$
329,138
|
|
$
263,023
|
|
25.14
|
Interest
expense
|
|
|
|
7,790
|
|
7,301
|
|
6,851
|
|
6,205
|
|
5,437
|
|
5,688
|
|
5,155
|
|
5,385
|
|
43.28
|
|
28,147
|
|
21,665
|
|
29.92
|
|
Net interest
income
|
|
|
78,049
|
|
75,731
|
|
77,157
|
|
70,054
|
|
72,351
|
|
68,612
|
|
51,614
|
|
48,781
|
|
7.88
|
|
300,991
|
|
241,358
|
|
24.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan
losses
|
|
|
1,650
|
|
2,650
|
|
1,430
|
|
1,800
|
|
1,750
|
|
750
|
|
1,175
|
|
1,075
|
|
(5.71)
|
|
7,530
|
|
4,750
|
|
58.53
|
|
Net interest income
after provision
|
|
76,399
|
|
73,081
|
|
75,727
|
|
68,254
|
|
70,601
|
|
67,862
|
|
50,439
|
|
47,706
|
|
8.21
|
|
293,461
|
|
236,608
|
|
24.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on
deposit accounts
|
|
8,163
|
|
8,200
|
|
7,521
|
|
7,991
|
|
8,261
|
|
8,151
|
|
6,522
|
|
6,335
|
|
(1.19)
|
|
31,875
|
|
29,269
|
|
8.90
|
Fees and commissions
on loans and deposits
|
|
4,588
|
|
4,921
|
|
4,877
|
|
4,244
|
|
4,353
|
|
4,271
|
|
3,505
|
|
3,632
|
|
5.40
|
|
18,630
|
|
15,761
|
|
18.20
|
Insurance commissions
and fees
|
|
|
1,951
|
|
2,420
|
|
2,175
|
|
1,962
|
|
1,956
|
|
2,381
|
|
2,119
|
|
1,967
|
|
(0.26)
|
|
8,508
|
|
8,423
|
|
1.01
|
Wealth management
revenue
|
|
|
2,849
|
|
3,040
|
|
2,872
|
|
2,891
|
|
2,609
|
|
2,833
|
|
2,210
|
|
2,156
|
|
9.20
|
|
11,652
|
|
9,808
|
|
18.80
|
Securities gains
(losses)
|
|
|
-
|
|
-
|
|
1,257
|
|
(71)
|
|
-
|
|
-
|
|
96
|
|
-
|
|
-
|
|
1,186
|
|
96
|
|
1,135.42
|
Mortgage banking
income
|
|
|
8,262
|
|
15,846
|
|
13,420
|
|
11,915
|
|
11,702
|
|
11,893
|
|
6,791
|
|
5,429
|
|
(29.40)
|
|
49,443
|
|
35,815
|
|
38.05
|
Other
|
|
|
|
4,258
|
|
3,845
|
|
3,464
|
|
4,370
|
|
2,561
|
|
2,550
|
|
1,637
|
|
2,350
|
|
66.26
|
|
15,937
|
|
9,098
|
|
75.17
|
|
Total noninterest
income
|
|
|
30,071
|
|
38,272
|
|
35,586
|
|
33,302
|
|
31,442
|
|
32,079
|
|
22,880
|
|
21,869
|
|
(4.36)
|
|
137,231
|
|
108,270
|
|
26.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
|
|
39,966
|
|
44,702
|
|
45,387
|
|
42,393
|
|
43,409
|
|
43,048
|
|
30,394
|
|
28,260
|
|
(7.93)
|
|
172,448
|
|
145,111
|
|
18.84
|
Data
processing
|
|
|
|
4,503
|
|
4,560
|
|
4,502
|
|
4,158
|
|
4,003
|
|
3,819
|
|
3,199
|
|
3,230
|
|
12.49
|
|
17,723
|
|
14,251
|
|
24.36
|
Occupancy and
equipment
|
|
|
8,809
|
|
8,830
|
|
8,531
|
|
8,224
|
|
8,171
|
|
7,733
|
|
5,524
|
|
5,559
|
|
7.81
|
|
34,394
|
|
26,987
|
|
27.45
|
Other real
estate
|
|
|
|
1,585
|
|
1,540
|
|
1,614
|
|
957
|
|
698
|
|
861
|
|
954
|
|
532
|
|
127.08
|
|
5,696
|
|
3,045
|
|
87.06
|
Amortization of
intangibles
|
|
|
1,624
|
|
1,684
|
|
1,742
|
|
1,697
|
|
1,752
|
|
1,803
|
|
1,239
|
|
1,275
|
|
(7.31)
|
|
6,747
|
|
6,069
|
|
11.17
|
Merger and conversion
related expenses
|
|
-
|
|
268
|
|
2,807
|
|
948
|
|
1,923
|
|
7,746
|
|
1,467
|
|
478
|
|
(100.00)
|
|
4,023
|
|
11,614
|
|
(65.36)
|
Debt extinguishment
penalty
|
|
|
-
|
|
2,210
|
|
329
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,539
|
|
-
|
|
1.00
|
Loss share
termination
|
|
|
2,053
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100.00
|
|
2,053
|
|
-
|
|
1.00
|
Other
|
|
|
|
12,834
|
|
12,674
|
|
12,347
|
|
11,437
|
|
10,778
|
|
10,969
|
|
8,306
|
|
7,984
|
|
19.08
|
|
49,292
|
|
38,037
|
|
29.59
|
|
Total noninterest
expense
|
|
|
71,374
|
|
76,468
|
|
77,259
|
|
69,814
|
|
70,734
|
|
75,979
|
|
51,083
|
|
47,318
|
|
0.90
|
|
294,915
|
|
245,114
|
|
20.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
35,096
|
|
34,885
|
|
34,054
|
|
31,742
|
|
31,309
|
|
23,962
|
|
22,236
|
|
22,257
|
|
12.10
|
|
135,777
|
|
99,764
|
|
36.10
|
Income
taxes
|
|
|
|
11,461
|
|
11,706
|
|
11,154
|
|
10,526
|
|
10,149
|
|
7,742
|
|
6,842
|
|
7,017
|
|
12.93
|
|
44,847
|
|
31,750
|
|
41.25
|
|
Net
income
|
|
|
|
$
23,635
|
|
$
23,179
|
|
$
22,900
|
|
$
21,216
|
|
$
21,160
|
|
$
16,220
|
|
$
15,394
|
|
$
15,240
|
|
11.70
|
|
$
90,930
|
|
$
68,014
|
|
33.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
0.56
|
|
$
0.55
|
|
$
0.54
|
|
$
0.53
|
|
$
0.53
|
|
$
0.40
|
|
$
0.49
|
|
$
0.48
|
|
5.66
|
|
$
2.18
|
|
$
1.89
|
|
15.34
|
Diluted earnings per
share
|
|
|
0.55
|
|
0.55
|
|
0.54
|
|
0.52
|
|
0.52
|
|
0.40
|
|
0.48
|
|
0.48
|
|
5.77
|
|
2.17
|
|
1.88
|
|
15.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average basic shares
outstanding
|
|
|
42,441,588
|
|
42,091,164
|
|
42,066,168
|
|
40,324,475
|
|
40,276,441
|
|
40,265,941
|
|
31,626,059
|
|
31,576,275
|
|
5.38
|
|
41,737,636
|
|
35,971,877
|
|
16.03
|
Average diluted
shares outstanding
|
|
42,636,325
|
|
42,310,358
|
|
42,303,626
|
|
40,559,145
|
|
40,539,151
|
|
40,518,413
|
|
31,865,172
|
|
31,815,710
|
|
5.17
|
|
41,962,907
|
|
36,227,439
|
|
15.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding
|
|
|
44,332,273
|
|
42,102,224
|
|
42,085,690
|
|
40,373,753
|
|
40,293,291
|
|
40,268,455
|
|
31,644,706
|
|
31,604,937
|
|
10.02
|
|
44,332,273
|
|
40,293,291
|
|
10.02
|
Cash dividend per
common share
|
|
|
$
0.18
|
|
$
0.18
|
|
$
0.18
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
$
0.17
|
|
5.88
|
|
$
0.71
|
|
$
0.68
|
|
4.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
shareholders' equity
|
|
8.14%
|
|
8.12%
|
|
8.21%
|
|
8.12%
|
|
8.12%
|
|
6.33%
|
|
8.42%
|
|
8.59%
|
|
|
|
8.15%
|
|
7.76%
|
|
|
Return on average
tangible shareholders' equity (1)
|
|
14.90%
|
|
15.15%
|
|
15.57%
|
|
15.58%
|
|
15.84%
|
|
12.20%
|
|
14.89%
|
|
15.45%
|
|
|
|
15.28%
|
|
14.50%
|
|
|
Return on average
assets
|
|
|
1.09%
|
|
1.08%
|
|
1.08%
|
|
1.07%
|
|
1.06%
|
|
0.81%
|
|
1.06%
|
|
1.06%
|
|
|
|
1.08%
|
|
0.99%
|
|
|
Return on average
tangible assets (2)
|
|
1.22%
|
|
1.20%
|
|
1.20%
|
|
1.20%
|
|
1.19%
|
|
0.93%
|
|
1.17%
|
|
1.18%
|
|
|
|
1.20%
|
|
1.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
|
|
4.24%
|
|
4.15%
|
|
4.29%
|
|
4.21%
|
|
4.33%
|
|
4.09%
|
|
4.17%
|
|
4.02%
|
|
|
|
4.22%
|
|
4.16%
|
|
|
Yield on earning
assets (FTE)
|
|
|
4.66%
|
|
4.54%
|
|
4.66%
|
|
4.57%
|
|
4.65%
|
|
4.42%
|
|
4.57%
|
|
4.45%
|
|
|
|
4.61%
|
|
4.52%
|
|
|
Cost of
funding
|
|
|
|
0.42%
|
|
0.40%
|
|
0.38%
|
|
0.37%
|
|
0.32%
|
|
0.33%
|
|
0.41%
|
|
0.43%
|
|
|
|
0.39%
|
|
0.37%
|
|
|
Average earning
assets to average assets
|
|
87.10%
|
|
86.82%
|
|
86.59%
|
|
86.21%
|
|
86.07%
|
|
86.64%
|
|
87.79%
|
|
87.49%
|
|
|
|
86.69%
|
|
86.89%
|
|
|
Average loans to
average deposits
|
|
88.89%
|
|
89.40%
|
|
87.73%
|
|
87.39%
|
|
86.22%
|
|
83.63%
|
|
81.93%
|
|
81.44%
|
|
|
|
88.38%
|
|
83.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
|
1.39%
|
|
1.78%
|
|
1.62%
|
|
1.69%
|
|
1.58%
|
|
1.61%
|
|
1.56%
|
|
1.52%
|
|
|
|
1.62%
|
|
1.57%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
|
3.21%
|
|
3.44%
|
|
3.49%
|
|
3.48%
|
|
3.46%
|
|
3.43%
|
|
3.40%
|
|
3.26%
|
|
|
|
3.40%
|
|
3.40%
|
|
|
Net overhead
ratio
|
|
|
|
1.82%
|
|
1.66%
|
|
1.87%
|
|
1.79%
|
|
1.88%
|
|
1.82%
|
|
1.84%
|
|
1.74%
|
|
|
|
1.78%
|
|
1.83%
|
|
|
Efficiency ratio
(FTE) (4)
|
|
|
61.63%
|
|
62.46%
|
|
63.91%
|
|
63.86%
|
|
63.45%
|
|
64.73%
|
|
63.53%
|
|
62.94%
|
|
|
|
62.96%
|
|
63.74%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2016
-
|
|
For the Year
Ending
|
|
|
|
|
|
2016
|
|
2015
|
|
Q4
2015
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Average
balances
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
Total
assets
|
|
|
|
$
8,591,795
|
|
$
8,562,199
|
|
$
8,541,818
|
|
$
7,961,700
|
|
$
7,898,803
|
|
$
7,897,769
|
|
$
5,847,539
|
|
$
5,821,758
|
|
8.77
|
|
$
8,416,509
|
|
$
6,874,983
|
|
22.42
|
Earning
assets
|
|
|
|
7,483,221
|
|
7,433,461
|
|
7,396,283
|
|
6,863,905
|
|
6,798,474
|
|
6,842,452
|
|
5,133,567
|
|
5,093,224
|
|
10.07
|
|
7,296,296
|
|
5,974,001
|
|
22.13
|
Securities
|
|
|
|
1,034,269
|
|
1,045,905
|
|
1,111,831
|
|
1,103,504
|
|
1,117,322
|
|
1,143,577
|
|
999,962
|
|
989,743
|
|
(7.43)
|
|
1,073,611
|
|
1,063,222
|
|
0.98
|
Mortgage loans held
for sale
|
|
|
184,653
|
|
241,314
|
|
306,011
|
|
217,200
|
|
268,096
|
|
398,480
|
|
87,435
|
|
50,918
|
|
(31.12)
|
|
237,216
|
|
202,368
|
|
17.22
|
Loans, net of
unearned
|
|
|
6,147,007
|
|
6,048,017
|
|
5,897,650
|
|
5,482,167
|
|
5,341,943
|
|
5,223,273
|
|
3,978,514
|
|
3,969,243
|
|
15.07
|
|
5,895,955
|
|
4,633,635
|
|
27.24
|
Intangibles
|
|
|
|
495,404
|
|
497,064
|
|
499,503
|
|
473,852
|
|
473,996
|
|
449,042
|
|
295,441
|
|
296,682
|
|
4.52
|
|
491,530
|
|
379,469
|
|
29.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
$
1,564,150
|
|
$
1,510,309
|
|
$
1,477,380
|
|
$
1,316,495
|
|
$
1,323,467
|
|
$
1,272,714
|
|
$
969,770
|
|
$
932,011
|
|
18.19
|
|
$
1,467,881
|
|
$
1,125,969
|
|
30.37
|
Interest-bearing
deposits
|
|
|
5,351,354
|
|
5,255,102
|
|
5,245,406
|
|
4,956,983
|
|
4,872,432
|
|
4,972,717
|
|
3,886,199
|
|
3,941,863
|
|
9.83
|
|
5,203,437
|
|
4,422,371
|
|
17.66
|
|
Total
deposits
|
|
|
|
6,915,505
|
|
6,765,411
|
|
6,722,786
|
|
6,273,478
|
|
6,195,899
|
|
6,245,431
|
|
4,855,969
|
|
4,873,874
|
|
11.61
|
|
6,671,318
|
|
5,548,340
|
|
20.24
|
Borrowed
funds
|
|
|
|
412,589
|
|
550,222
|
|
594,459
|
|
539,078
|
|
568,548
|
|
556,269
|
|
204,884
|
|
168,758
|
|
(27.43)
|
|
523,812
|
|
376,208
|
|
39.23
|
Shareholders'
equity
|
|
|
1,155,749
|
|
1,135,073
|
|
1,121,298
|
|
1,050,668
|
|
1,033,692
|
|
1,016,143
|
|
733,158
|
|
719,687
|
|
11.81
|
|
1,116,038
|
|
876,915
|
|
27.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2016
-
|
|
As
of
|
|
|
|
|
|
2016
|
|
2015
|
|
Q4
2015
|
|
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
|
|
2016
|
|
2015
|
|
Variance
|
Total
assets
|
|
|
|
8,699,851
|
|
8,542,471
|
|
8,529,566
|
|
8,146,229
|
|
7,926,496
|
|
7,910,963
|
|
5,899,190
|
|
5,881,849
|
|
9.76
|
|
8,699,851
|
|
7,926,496
|
|
9.76
|
Earning
assets
|
|
|
|
7,556,760
|
|
7,409,068
|
|
7,396,888
|
|
7,045,179
|
|
6,778,485
|
|
6,810,285
|
|
5,186,419
|
|
5,168,498
|
|
11.48
|
|
7,556,760
|
|
6,778,485
|
|
11.48
|
Securities
|
|
|
|
1,030,530
|
|
1,039,957
|
|
1,063,592
|
|
1,101,820
|
|
1,105,205
|
|
1,139,553
|
|
965,290
|
|
1,016,394
|
|
(6.76)
|
|
1,030,530
|
|
1,105,205
|
|
(6.76)
|
Mortgage loans held
for sale
|
|
|
181,053
|
|
189,965
|
|
276,782
|
|
298,365
|
|
225,254
|
|
317,681
|
|
108,023
|
|
102,780
|
|
(19.62)
|
|
181,053
|
|
225,254
|
|
(19.62)
|
Loans not
acquired
|
|
|
|
4,710,385
|
|
4,526,026
|
|
4,292,549
|
|
4,074,413
|
|
3,830,434
|
|
3,607,005
|
|
3,407,925
|
|
3,274,314
|
|
22.97
|
|
4,710,385
|
|
3,830,434
|
|
22.97
|
Loans acquired and
covered by FDIC loss-share agreements
|
-
|
|
30,533
|
|
42,171
|
|
44,989
|
|
93,142
|
|
100,839
|
|
121,626
|
|
125,773
|
|
(100.00)
|
|
-
|
|
93,142
|
|
(100.00)
|
Loans acquired and
not covered by FDIC loss-share agreements
|
1,489,137
|
|
1,548,674
|
|
1,630,709
|
|
1,453,328
|
|
1,489,886
|
|
1,570,116
|
|
507,653
|
|
553,574
|
|
(0.05)
|
|
1,489,137
|
|
1,489,886
|
|
(0.05)
|
|
Total
loans
|
|
|
|
6,199,522
|
|
6,105,233
|
|
5,965,429
|
|
5,572,730
|
|
5,413,462
|
|
5,277,960
|
|
4,037,204
|
|
3,953,661
|
|
14.52
|
|
6,199,522
|
|
5,413,462
|
|
14.52
|
Intangibles
|
|
|
|
494,608
|
|
496,233
|
|
497,917
|
|
476,539
|
|
474,682
|
|
474,830
|
|
294,808
|
|
296,053
|
|
4.20
|
|
494,608
|
|
474,682
|
|
4.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
|
1,561,357
|
|
1,514,820
|
|
1,459,383
|
|
1,384,503
|
|
1,278,337
|
|
1,303,884
|
|
972,672
|
|
959,351
|
|
22.14
|
|
1,561,357
|
|
1,278,337
|
|
22.14
|
Interest-bearing
deposits
|
|
|
5,497,780
|
|
5,302,978
|
|
5,243,104
|
|
5,046,874
|
|
4,940,265
|
|
4,930,677
|
|
3,917,772
|
|
3,983,418
|
|
11.29
|
|
5,497,780
|
|
4,940,265
|
|
11.29
|
|
Total
deposits
|
|
|
|
7,059,137
|
|
6,817,798
|
|
6,702,487
|
|
6,431,377
|
|
6,218,602
|
|
6,234,561
|
|
4,890,444
|
|
4,942,769
|
|
13.52
|
|
7,059,137
|
|
6,218,602
|
|
13.52
|
Borrowed
funds
|
|
|
|
312,135
|
|
469,580
|
|
588,650
|
|
561,671
|
|
570,496
|
|
551,740
|
|
219,089
|
|
162,313
|
|
(45.29)
|
|
312,135
|
|
570,496
|
|
(45.29)
|
Shareholders'
equity
|
|
|
1,232,883
|
|
1,142,247
|
|
1,124,256
|
|
1,053,178
|
|
1,036,818
|
|
1,024,930
|
|
730,976
|
|
723,196
|
|
18.91
|
|
1,232,883
|
|
1,036,818
|
|
18.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value per
common share
|
|
|
$
42.22
|
|
$
33.63
|
|
$
32.33
|
|
$
32.91
|
|
$
34.41
|
|
$
32.85
|
|
$
32.60
|
|
$
30.05
|
|
22.70
|
|
$
42.22
|
|
34.41
|
|
22.70
|
Book value per common
share
|
|
|
27.81
|
|
27.13
|
|
26.71
|
|
26.09
|
|
25.73
|
|
25.45
|
|
23.10
|
|
22.88
|
|
8.08
|
|
27.81
|
|
25.73
|
|
8.08
|
Tangible book value
per common share
|
|
16.65
|
|
15.34
|
|
14.88
|
|
14.28
|
|
13.95
|
|
13.66
|
|
13.78
|
|
13.52
|
|
19.35
|
|
16.65
|
|
13.95
|
|
19.35
|
Shareholders' equity
to assets (actual)
|
|
14.17%
|
|
13.37%
|
|
13.18%
|
|
12.93%
|
|
13.08%
|
|
12.96%
|
|
12.39%
|
|
12.30%
|
|
|
|
14.17%
|
|
13.08%
|
|
|
Tangible capital
ratio (3)
|
|
|
9.00%
|
|
8.03%
|
|
7.80%
|
|
7.52%
|
|
7.54%
|
|
7.40%
|
|
7.78%
|
|
7.65%
|
|
|
|
9.00%
|
|
7.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage
ratio
|
|
|
|
10.59%
|
|
9.38%
|
|
9.18%
|
|
9.19%
|
|
9.16%
|
|
8.95%
|
|
9.89%
|
|
9.74%
|
|
|
|
10.59%
|
|
9.16%
|
|
|
Common equity tier 1
capital ratio
|
|
11.47%
|
|
10.16%
|
|
10.12%
|
|
9.88%
|
|
9.99%
|
|
9.92%
|
|
10.45%
|
|
10.35%
|
|
|
|
11.48%
|
|
9.99%
|
|
|
Tier 1 risk-based
capital ratio
|
|
|
12.86%
|
|
11.57%
|
|
11.55%
|
|
11.38%
|
|
11.51%
|
|
11.46%
|
|
12.52%
|
|
12.47%
|
|
|
|
12.86%
|
|
11.51%
|
|
|
Total risk-based
capital ratio
|
|
|
15.03%
|
|
13.84%
|
|
12.31%
|
|
12.17%
|
|
12.32%
|
|
12.27%
|
|
13.55%
|
|
13.51%
|
|
|
|
15.03%
|
|
12.32%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2016
-
|
|
As
of
|
|
|
|
|
|
2016
|
|
2015
|
|
Q4
2015
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
Loans not acquired
by category
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2016
|
|
2015
|
|
Variance
|
Commercial,
financial, agricultural
|
|
|
$
589,290
|
|
$
554,151
|
|
$
530,258
|
|
$
520,463
|
|
$
485,407
|
|
$
450,688
|
|
$
437,181
|
|
$
418,752
|
|
21.40
|
|
$
589,290
|
|
$
485,407
|
|
21.40
|
Lease
financing
|
|
|
|
46,841
|
|
45,510
|
|
43,116
|
|
41,937
|
|
34,815
|
|
24,698
|
|
17,633
|
|
11,560
|
|
34.54
|
|
46,841
|
|
34,815
|
|
34.54
|
Real estate -
construction
|
|
|
483,926
|
|
415,934
|
|
381,690
|
|
325,188
|
|
291,701
|
|
268,805
|
|
212,071
|
|
200,966
|
|
65.90
|
|
483,926
|
|
291,701
|
|
65.90
|
Real estate - 1-4
family mortgages
|
|
1,422,543
|
|
1,388,066
|
|
1,328,948
|
|
1,263,879
|
|
1,204,228
|
|
1,128,556
|
|
1,073,816
|
|
1,025,264
|
|
18.13
|
|
1,422,543
|
|
1,204,228
|
|
18.13
|
Real estate -
commercial mortgages
|
|
2,075,137
|
|
2,030,626
|
|
1,918,778
|
|
1,836,053
|
|
1,729,049
|
|
1,653,534
|
|
1,589,969
|
|
1,542,706
|
|
20.02
|
|
2,075,137
|
|
1,729,049
|
|
20.02
|
Installment loans to
individuals
|
|
|
92,648
|
|
91,739
|
|
89,759
|
|
86,893
|
|
85,234
|
|
80,724
|
|
77,255
|
|
75,066
|
|
8.70
|
|
92,648
|
|
85,234
|
|
8.70
|
|
Loans, net of
unearned
|
|
|
$
4,710,385
|
|
$
4,526,026
|
|
$
4,292,549
|
|
$
4,074,413
|
|
$
3,830,434
|
|
$
3,607,005
|
|
$
3,407,925
|
|
$
3,274,314
|
|
22.97
|
|
$
4,710,385
|
|
$
3,830,434
|
|
22.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
covered by FDIC loss-share agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
-
|
|
$
14
|
|
$
607
|
|
$
624
|
|
$
2,406
|
|
$
2,467
|
|
$
3,726
|
|
$
3,917
|
|
(100.00)
|
|
$
-
|
|
$
2,406
|
|
(100.00)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
-
|
|
-
|
|
83
|
|
86
|
|
130
|
|
137
|
|
-
|
|
-
|
|
(100.00)
|
|
-
|
|
130
|
|
(100.00)
|
Real estate - 1-4
family mortgages
|
|
-
|
|
30,304
|
|
34,640
|
|
36,350
|
|
45,988
|
|
48,779
|
|
40,333
|
|
42,758
|
|
(100.00)
|
|
-
|
|
45,988
|
|
(100.00)
|
Real estate -
commercial mortgages
|
|
-
|
|
180
|
|
6,790
|
|
7,870
|
|
44,550
|
|
49,382
|
|
77,536
|
|
79,064
|
|
(100.00)
|
|
-
|
|
44,550
|
|
(100.00)
|
Installment loans to
individuals
|
|
|
-
|
|
35
|
|
51
|
|
59
|
|
68
|
|
74
|
|
31
|
|
34
|
|
(100.00)
|
|
-
|
|
68
|
|
(100.00)
|
|
Loans, net of
unearned
|
|
|
$
-
|
|
$
30,533
|
|
$
42,171
|
|
$
44,989
|
|
$
93,142
|
|
$
100,839
|
|
$
121,626
|
|
$
125,773
|
|
(100.00)
|
|
$
-
|
|
$
93,142
|
|
(100.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans acquired and
not covered by FDIC loss-share agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
|
$
128,200
|
|
$
139,961
|
|
$
152,071
|
|
$
133,847
|
|
$
149,024
|
|
$
167,966
|
|
$
39,652
|
|
$
52,119
|
|
(13.97)
|
|
$
128,200
|
|
$
149,024
|
|
(13.97)
|
Lease
financing
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Real estate -
construction
|
|
|
68,753
|
|
71,704
|
|
70,958
|
|
52,300
|
|
65,834
|
|
70,428
|
|
505
|
|
483
|
|
4.43
|
|
68,753
|
|
65,834
|
|
4.43
|
Real estate - 1-4
family mortgages
|
|
452,447
|
|
452,274
|
|
485,458
|
|
477,266
|
|
485,107
|
|
485,170
|
|
161,765
|
|
171,433
|
|
(6.73)
|
|
452,447
|
|
485,107
|
|
(6.73)
|
Real estate -
commercial mortgages
|
|
823,758
|
|
864,825
|
|
898,108
|
|
763,587
|
|
760,130
|
|
813,973
|
|
295,484
|
|
317,224
|
|
8.37
|
|
823,758
|
|
760,130
|
|
8.37
|
Installment loans to
individuals
|
|
|
15,979
|
|
19,910
|
|
24,114
|
|
26,328
|
|
29,791
|
|
32,579
|
|
10,247
|
|
12,315
|
|
(46.36)
|
|
15,979
|
|
29,791
|
|
(46.36)
|
|
Loans, net of
unearned
|
|
|
$
1,489,137
|
|
$
1,548,674
|
|
$
1,630,709
|
|
$
1,453,328
|
|
$
1,489,886
|
|
$
1,570,116
|
|
$
507,653
|
|
$
553,574
|
|
(0.05)
|
|
$
1,489,137
|
|
$
1,489,886
|
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
11,273
|
|
$
12,454
|
|
$
10,591
|
|
$
11,690
|
|
$
13,645
|
|
$
14,522
|
|
$
15,514
|
|
$
17,719
|
|
(17.38)
|
|
$
11,273
|
|
$
13,645
|
|
(17.38)
|
Loans 90 past due or
more
|
|
|
2,079
|
|
2,315
|
|
1,428
|
|
2,495
|
|
1,326
|
|
647
|
|
5,647
|
|
1,193
|
|
56.79
|
|
2,079
|
|
1,326
|
|
56.79
|
Nonperforming
loans
|
|
|
13,352
|
|
14,769
|
|
12,019
|
|
14,185
|
|
14,971
|
|
15,169
|
|
21,161
|
|
18,912
|
|
(10.81)
|
|
13,352
|
|
14,971
|
|
(10.81)
|
Other real estate
owned
|
|
|
5,929
|
|
8,429
|
|
9,575
|
|
12,810
|
|
12,987
|
|
13,936
|
|
14,967
|
|
16,735
|
|
(54.35)
|
|
5,929
|
|
12,987
|
|
(54.35)
|
Nonperforming assets
not acquired
|
|
$
19,281
|
|
$
23,198
|
|
$
21,594
|
|
$
26,995
|
|
$
27,958
|
|
$
29,105
|
|
$
36,128
|
|
$
35,647
|
|
(31.04)
|
|
$
19,281
|
|
$
27,958
|
|
(31.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
-
|
|
$
1,628
|
|
$
2,060
|
|
$
2,708
|
|
$
3,319
|
|
$
3,270
|
|
$
19,487
|
|
$
18,040
|
|
(100.00)
|
|
$
-
|
|
$
3,319
|
|
(100.00)
|
Loans 90 past due or
more
|
|
|
-
|
|
786
|
|
2,076
|
|
4,343
|
|
3,609
|
|
4,143
|
|
-
|
|
-
|
|
(100.00)
|
|
-
|
|
3,609
|
|
(100.00)
|
Nonperforming loans
subject to loss share
|
|
-
|
|
2,414
|
|
4,136
|
|
7,051
|
|
6,928
|
|
7,413
|
|
19,487
|
|
18,040
|
|
(100.00)
|
|
-
|
|
6,928
|
|
(100.00)
|
Other real estate
owned
|
|
|
-
|
|
926
|
|
2,618
|
|
1,373
|
|
2,818
|
|
3,183
|
|
3,853
|
|
4,325
|
|
(100.00)
|
|
-
|
|
2,818
|
|
(100.00)
|
Nonperforming assets
acquired and subject to loss share
|
|
$
-
|
|
$
3,340
|
|
$
6,754
|
|
$
8,424
|
|
$
9,746
|
|
$
10,596
|
|
$
23,340
|
|
$
22,365
|
|
(100.00)
|
|
$
-
|
|
$
9,746
|
|
(100.00)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired
and not subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
|
|
$
11,347
|
|
$
12,105
|
|
$
13,312
|
|
$
12,368
|
|
$
12,070
|
|
$
15,796
|
|
$
1,085
|
|
$
1,627
|
|
(5.99)
|
|
$
11,347
|
|
$
12,070
|
|
(5.99)
|
Loans 90 past due or
more
|
|
|
10,815
|
|
12,619
|
|
13,650
|
|
10,805
|
|
11,458
|
|
8,824
|
|
2,523
|
|
9,636
|
|
(5.61)
|
|
10,815
|
|
11,458
|
|
(5.61)
|
Nonperforming
loans
|
|
|
22,162
|
|
24,724
|
|
26,962
|
|
23,173
|
|
23,528
|
|
24,620
|
|
3,608
|
|
11,263
|
|
(5.81)
|
|
22,162
|
|
23,528
|
|
(5.81)
|
Other real estate
owned
|
|
|
17,370
|
|
16,973
|
|
17,146
|
|
19,051
|
|
19,597
|
|
19,215
|
|
8,244
|
|
10,626
|
|
(11.36)
|
|
17,370
|
|
19,597
|
|
(11.36)
|
Nonperforming assets
acquired
|
|
|
$
39,532
|
|
$
41,697
|
|
$
44,108
|
|
$
42,224
|
|
$
43,125
|
|
$
43,835
|
|
$
11,852
|
|
$
21,889
|
|
(8.33)
|
|
$
39,532
|
|
$
43,125
|
|
(8.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan charge-offs
(recoveries)
|
|
|
$
4,837
|
|
$
824
|
|
$
191
|
|
$
1,378
|
|
$
1,364
|
|
$
588
|
|
$
1,588
|
|
$
1,062
|
|
254.62
|
|
$
7,230
|
|
$
4,602
|
|
57.11
|
Allowance for loan
losses
|
|
|
42,737
|
|
45,924
|
|
44,098
|
|
42,859
|
|
42,437
|
|
42,051
|
|
41,888
|
|
42,302
|
|
0.71
|
|
42,737
|
|
$
42,437
|
|
0.71
|
Annualized net loan
charge-offs / average loans
|
|
0.31%
|
|
0.05%
|
|
0.01%
|
|
0.10%
|
|
0.10%
|
|
0.04%
|
|
0.16%
|
|
0.11%
|
|
|
|
0.12%
|
|
0.10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans*
|
|
0.57%
|
|
0.69%
|
|
0.72%
|
|
0.80%
|
|
0.84%
|
|
0.89%
|
|
1.10%
|
|
1.22%
|
|
|
|
0.57%
|
|
0.84%
|
|
|
Nonperforming assets
/ total assets*
|
|
0.68%
|
|
0.80%
|
|
0.85%
|
|
0.95%
|
|
1.02%
|
|
1.06%
|
|
1.21%
|
|
1.36%
|
|
|
|
0.68%
|
|
1.02%
|
|
|
Allowance for loan
losses / total loans*
|
|
0.69%
|
|
0.75%
|
|
0.74%
|
|
0.77%
|
|
0.78%
|
|
0.80%
|
|
1.04%
|
|
1.07%
|
|
|
|
0.69%
|
|
0.78%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
120.34%
|
|
109.59%
|
|
102.28%
|
|
96.51%
|
|
93.42%
|
|
89.09%
|
|
94.65%
|
|
87.74%
|
|
|
|
120.34%
|
|
93.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans /
total loans**
|
|
0.28%
|
|
0.33%
|
|
0.28%
|
|
0.35%
|
|
0.39%
|
|
0.42%
|
|
0.62%
|
|
0.58%
|
|
|
|
0.28%
|
|
0.39%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.22%
|
|
0.27%
|
|
0.25%
|
|
0.33%
|
|
0.35%
|
|
0.37%
|
|
0.61%
|
|
0.61%
|
|
|
|
0.22%
|
|
0.35%
|
|
|
Allowance for loan
losses / total loans**
|
|
0.91%
|
|
1.01%
|
|
1.03%
|
|
1.05%
|
|
1.11%
|
|
1.17%
|
|
1.23%
|
|
1.29%
|
|
|
|
0.91%
|
|
1.11%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
320.08%
|
|
310.95%
|
|
366.90%
|
|
302.14%
|
|
283.46%
|
|
277.22%
|
|
197.95%
|
|
223.68%
|
|
|
|
320.08%
|
|
283.46%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Based on all assets
(including acquired assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes all assets
acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1)
|
|
$
6,331,660
|
|
$
79,894
|
|
5.02%
|
|
$
6,289,331
|
|
$
77,154
|
|
4.88%
|
|
$
5,610,039
|
|
$
71,144
|
|
5.03%
|
|
$
6,133,171
|
|
$
303,830
|
|
4.95%
|
|
$
4,836,002
|
|
$
237,408
|
|
4.91%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
688,268
|
|
3,430
|
|
1.98
|
|
695,589
|
|
3,418
|
|
1.95
|
|
761,145
|
|
4,110
|
|
2.14
|
|
721,661
|
|
15,305
|
|
2.12
|
|
732,016
|
|
15,946
|
|
2.18
|
Tax-exempt
|
|
346,002
|
|
4,089
|
|
4.70
|
|
350,316
|
|
4,082
|
|
4.64
|
|
356,177
|
|
4,364
|
|
4.86
|
|
351,950
|
|
16,555
|
|
4.70
|
|
331,206
|
|
16,709
|
|
5.04
|
Total
securities
|
|
1,034,270
|
|
7,519
|
|
2.89
|
|
1,045,905
|
|
7,500
|
|
2.85
|
|
1,117,322
|
|
8,474
|
|
3.01
|
|
1,073,611
|
|
31,860
|
|
2.97
|
|
1,063,222
|
|
32,655
|
|
3.07
|
Interest-bearing
balances with banks
|
|
117,292
|
|
151
|
|
0.51
|
|
98,225
|
|
132
|
|
0.53
|
|
71,113
|
|
61
|
|
0.34
|
|
89,514
|
|
459
|
|
0.51
|
|
74,776
|
|
215
|
|
0.29
|
Total
interest-earning assets
|
|
7,483,222
|
|
87,564
|
|
4.66
|
|
7,433,461
|
|
84,786
|
|
4.54
|
|
6,798,474
|
|
79,679
|
|
4.65
|
|
7,296,296
|
|
336,149
|
|
4.61
|
|
5,974,000
|
|
270,278
|
|
4.52
|
Cash and due from
banks
|
|
118,851
|
|
|
|
|
|
124,794
|
|
|
|
|
|
133,526
|
|
|
|
|
|
130,360
|
|
|
|
|
|
102,417
|
|
|
|
|
Intangible
assets
|
|
495,404
|
|
|
|
|
|
497,064
|
|
|
|
|
|
473,996
|
|
|
|
|
|
491,530
|
|
|
|
|
|
379,469
|
|
|
|
|
FDIC loss-share
indemnification asset
|
|
2,693
|
|
|
|
|
|
4,816
|
|
|
|
|
|
7,691
|
|
|
|
|
|
4,961
|
|
|
|
|
|
8,928
|
|
|
|
|
Other
Assets
|
|
491,625
|
|
|
|
|
|
502,064
|
|
|
|
|
|
485,116
|
|
|
|
|
|
493,362
|
|
|
|
|
|
410,169
|
|
|
|
|
Total
Assets
|
|
8,591,795
|
|
|
|
|
|
8,562,199
|
|
|
|
|
|
7,898,803
|
|
|
|
|
|
8,416,509
|
|
|
|
|
|
6,874,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
|
3,184,949
|
|
1,597
|
|
0.20
|
|
3,106,568
|
|
1,515
|
|
0.19
|
|
2,860,182
|
|
1,256
|
|
0.17
|
|
3,090,495
|
|
5,874
|
|
0.19
|
|
2,596,362
|
|
4,721
|
|
0.18
|
Savings deposits
|
|
538,323
|
|
96
|
|
0.07
|
|
528,794
|
|
94
|
|
0.07
|
|
497,648
|
|
89
|
|
0.07
|
|
525,498
|
|
372
|
|
0.07
|
|
433,838
|
|
320
|
|
0.07
|
Time deposits
|
|
1,628,082
|
|
3,145
|
|
0.77
|
|
1,619,740
|
|
3,029
|
|
0.74
|
|
1,514,602
|
|
2,030
|
|
0.53
|
|
1,587,444
|
|
11,610
|
|
0.73
|
|
1,392,171
|
|
8,673
|
|
0.62
|
Total
interest-bearing deposits
|
|
5,351,354
|
|
4,838
|
|
0.36
|
|
5,255,102
|
|
4,638
|
|
0.35
|
|
4,872,432
|
|
3,375
|
|
0.27
|
|
5,203,437
|
|
17,856
|
|
0.34
|
|
4,422,371
|
|
13,714
|
|
0.31
|
Borrowed
Funds
|
|
412,589
|
|
2,952
|
|
2.85
|
|
550,222
|
|
2,663
|
|
1.93
|
|
568,548
|
|
2,062
|
|
1.44
|
|
523,812
|
|
10,291
|
|
1.96
|
|
376,208
|
|
7,950
|
|
2.11
|
Total
interest-bearing liabilities
|
|
5,763,943
|
|
7,790
|
|
0.54
|
|
5,805,324
|
|
7,301
|
|
0.50
|
|
5,440,980
|
|
5,437
|
|
0.40
|
|
5,727,249
|
|
28,147
|
|
0.49
|
|
4,798,579
|
|
21,664
|
|
0.45
|
Noninterest-bearing
deposits
|
|
1,564,150
|
|
|
|
|
|
1,510,309
|
|
|
|
|
|
1,323,467
|
|
|
|
|
|
1,467,881
|
|
|
|
|
|
1,125,969
|
|
|
|
|
Other
liabilities
|
|
107,953
|
|
|
|
|
|
111,493
|
|
|
|
|
|
100,664
|
|
|
|
|
|
105,341
|
|
|
|
|
|
73,520
|
|
|
|
|
Shareholders'
equity
|
|
1,155,749
|
|
|
|
|
|
1,135,073
|
|
|
|
|
|
1,033,692
|
|
|
|
|
|
1,116,038
|
|
|
|
|
|
876,915
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
8,591,795
|
|
|
|
|
|
8,562,199
|
|
|
|
|
|
7,898,803
|
|
|
|
|
|
8,416,509
|
|
|
|
|
|
6,874,983
|
|
|
|
|
Net interest
income/net interest margin
|
|
|
|
$
79,774
|
|
4.24%
|
|
|
|
$
77,485
|
|
4.15%
|
|
|
|
$
74,242
|
|
4.33%
|
|
|
|
$
308,002
|
|
4.22%
|
|
|
|
$
248,614
|
|
4.16%
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ending
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
December
31,
|
|
|
|
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2016
|
|
2015
|
Net income
(GAAP)
|
|
|
$
23,635
|
|
$
23,179
|
|
$
22,900
|
|
$
21,216
|
|
$
21,160
|
|
$
16,220
|
|
$
15,394
|
|
$
15,240
|
|
|
|
$
90,930
|
|
$
68,014
|
|
Amortization of
intangibles, net of tax
|
|
1,094
|
|
1,119
|
|
1,171
|
|
1,134
|
|
1,186
|
|
1,220
|
|
858
|
|
873
|
|
|
|
4,518
|
|
4,138
|
Tangible net income
(non-GAAP)
|
|
|
|
$
24,729
|
|
$
24,298
|
|
$
24,071
|
|
$
22,350
|
|
$
22,346
|
|
$
17,440
|
|
$
16,252
|
|
$
16,113
|
|
|
|
$
95,448
|
|
$
72,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$
1,155,749
|
|
$
1,135,073
|
|
$
1,121,298
|
|
$
1,050,668
|
|
$
1,033,692
|
|
$
1,016,143
|
|
$
733,158
|
|
$
719,687
|
|
|
|
$
1,116,038
|
|
$
876,915
|
|
Intangibles
|
|
|
|
495,404
|
|
497,064
|
|
499,503
|
|
473,852
|
|
473,996
|
|
449,042
|
|
295,441
|
|
296,682
|
|
|
|
491,530
|
|
379,469
|
Average tangible
shareholders' equity (non-GAAP)
|
|
$
660,345
|
|
$
638,009
|
|
$
621,795
|
|
$
576,816
|
|
$
559,696
|
|
$
567,101
|
|
$
437,717
|
|
$
423,005
|
|
|
|
$
624,508
|
|
$
497,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
|
$
8,591,795
|
|
$
8,562,199
|
|
$
8,541,818
|
|
$
7,961,700
|
|
$
7,898,803
|
|
$
7,897,769
|
|
$
5,847,539
|
|
$
5,821,758
|
|
|
|
$
8,416,509
|
|
$
6,874,983
|
|
Intangibles
|
|
|
|
495,404
|
|
497,064
|
|
499,503
|
|
473,852
|
|
473,996
|
|
449,042
|
|
295,441
|
|
296,682
|
|
|
|
491,530
|
|
379,469
|
Average tangible
assets (non-GAAP)
|
|
$
8,096,392
|
|
$
8,065,135
|
|
$
8,042,315
|
|
$
7,487,848
|
|
$
7,424,807
|
|
$
7,448,727
|
|
$
5,552,098
|
|
$
5,525,076
|
|
|
|
$
7,924,979
|
|
$
6,495,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
|
$
1,232,883
|
|
$
1,142,247
|
|
$
1,124,256
|
|
$
1,053,178
|
|
$
1,036,818
|
|
$
1,024,930
|
|
$
730,976
|
|
$
723,196
|
|
|
|
$
1,232,883
|
|
$
1,036,818
|
|
Intangibles
|
|
|
|
494,608
|
|
496,233
|
|
497,917
|
|
476,539
|
|
474,682
|
|
474,830
|
|
294,808
|
|
296,053
|
|
|
|
494,608
|
|
474,682
|
Actual tangible
shareholders' equity (non-GAAP)
|
|
$
738,275
|
|
$
646,014
|
|
$
626,339
|
|
$
576,639
|
|
$
562,136
|
|
$
550,100
|
|
$
436,168
|
|
$
427,143
|
|
|
|
$
738,275
|
|
$
562,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
|
$
8,699,851
|
|
$
8,542,471
|
|
$
8,529,566
|
|
$
8,146,229
|
|
$
7,926,496
|
|
$
7,910,963
|
|
$
5,899,190
|
|
$
5,881,849
|
|
|
|
$
8,699,851
|
|
$
7,926,496
|
|
Intangibles
|
|
|
|
494,608
|
|
496,233
|
|
497,917
|
|
476,539
|
|
474,682
|
|
474,830
|
|
294,808
|
|
296,053
|
|
|
|
494,608
|
|
474,682
|
Actual tangible
assets (non-GAAP)
|
|
$
8,205,243
|
|
$
8,046,238
|
|
$
8,031,649
|
|
$
7,669,690
|
|
$
7,451,814
|
|
$
7,436,133
|
|
$
5,604,382
|
|
$
5,585,796
|
|
|
|
$
8,205,243
|
|
$
7,451,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
shareholders' equity (GAAP)
|
|
8.14%
|
|
8.12%
|
|
8.21%
|
|
8.12%
|
|
8.12%
|
|
6.33%
|
|
8.42%
|
|
8.59%
|
|
|
|
8.15%
|
|
7.76%
|
|
Effect of adjustment
for intangible assets
|
|
6.76%
|
|
7.03%
|
|
7.36%
|
|
7.46%
|
|
7.72%
|
|
5.87%
|
|
6.47%
|
|
6.86%
|
|
|
|
7.14%
|
|
6.75%
|
Return on average
tangible shareholders' equity (non-GAAP)
|
14.90%
|
|
15.15%
|
|
15.57%
|
|
15.58%
|
|
15.84%
|
|
12.20%
|
|
14.89%
|
|
15.45%
|
|
|
|
15.28%
|
|
14.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
|
1.09%
|
|
1.08%
|
|
1.08%
|
|
1.07%
|
|
1.06%
|
|
0.81%
|
|
1.06%
|
|
1.06%
|
|
|
|
1.08%
|
|
0.99%
|
|
Effect of adjustment
for intangible assets
|
|
0.12%
|
|
0.12%
|
|
0.13%
|
|
0.13%
|
|
0.13%
|
|
0.11%
|
|
0.12%
|
|
0.12%
|
|
|
|
0.12%
|
|
0.12%
|
Return on average
tangible assets (non-GAAP)
|
|
1.22%
|
|
1.20%
|
|
1.20%
|
|
1.20%
|
|
1.19%
|
|
0.93%
|
|
1.17%
|
|
1.18%
|
|
|
|
1.20%
|
|
1.11%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
|
14.17%
|
|
13.37%
|
|
13.18%
|
|
12.93%
|
|
13.08%
|
|
12.96%
|
|
12.39%
|
|
12.30%
|
|
|
|
14.17%
|
|
13.08%
|
|
Effect of adjustment
for intangible assets
|
|
5.17%
|
|
5.34%
|
|
5.38%
|
|
5.41%
|
|
5.54%
|
|
5.56%
|
|
4.61%
|
|
4.65%
|
|
|
|
5.17%
|
|
5.54%
|
Tangible capital
ratio (non-GAAP)
|
|
9.00%
|
|
8.03%
|
|
7.80%
|
|
7.52%
|
|
7.54%
|
|
7.40%
|
|
7.78%
|
|
7.65%
|
|
|
|
9.00%
|
|
7.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(FTE)
|
|
|
$
87,564
|
|
$
84,786
|
|
$
85,783
|
|
$
78,009
|
|
$
79,679
|
|
$
76,242
|
|
$
58,516
|
|
$
55,910
|
|
|
|
$
336,149
|
|
$
270,278
|
|
Interest
expense
|
|
|
7,790
|
|
7,301
|
|
6,851
|
|
6,205
|
|
5,437
|
|
5,688
|
|
5,155
|
|
5,385
|
|
|
|
28,147
|
|
21,665
|
Net Interest income
(FTE)
|
|
|
$
79,774
|
|
$
77,485
|
|
$
78,932
|
|
$
71,804
|
|
$
74,242
|
|
$
70,554
|
|
$
53,361
|
|
$
50,525
|
|
|
|
$
308,002
|
|
$
248,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
|
$
30,071
|
|
$
38,272
|
|
$
35,586
|
|
$
33,302
|
|
$
31,442
|
|
$
32,079
|
|
$
22,880
|
|
$
21,869
|
|
|
|
$
137,231
|
|
$
108,270
|
|
Securities gains
(losses)
|
|
|
-
|
|
-
|
|
1,257
|
|
(71)
|
|
-
|
|
-
|
|
96
|
|
-
|
|
|
|
1,186
|
|
96
|
Total noninterest
income
|
|
|
|
$
30,071
|
|
$
38,272
|
|
$
34,329
|
|
$
33,373
|
|
$
31,442
|
|
$
32,079
|
|
$
22,784
|
|
$
21,869
|
|
|
|
$
136,045
|
|
$
108,174
|
Total Income
(FTE)
|
|
|
|
$
109,845
|
|
$
115,757
|
|
$
113,261
|
|
$
105,177
|
|
$
105,684
|
|
$
102,633
|
|
$
76,145
|
|
$
72,394
|
|
|
|
$
444,047
|
|
$
356,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
|
$
71,374
|
|
$
76,468
|
|
$
77,259
|
|
$
69,814
|
|
$
70,734
|
|
$
75,979
|
|
$
51,083
|
|
$
47,318
|
|
|
|
$
294,915
|
|
$
245,114
|
|
Amortization of
intangibles
|
|
1,624
|
|
1,684
|
|
1,742
|
|
1,697
|
|
1,752
|
|
1,803
|
|
1,239
|
|
1,275
|
|
|
|
6,747
|
|
6,069
|
|
Merger-related
expenses
|
|
-
|
|
268
|
|
2,807
|
|
948
|
|
1,923
|
|
7,746
|
|
1,467
|
|
478
|
|
|
|
4,023
|
|
11,614
|
|
Debt extinguishment
penalty
|
|
-
|
|
2,210
|
|
329
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
2,539
|
|
-
|
|
Loss share
termination
|
|
2,053
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
2,053
|
|
-
|
Total noninterest
expense
|
|
|
$
67,697
|
|
$
72,306
|
|
$
72,381
|
|
$
67,169
|
|
$
67,059
|
|
$
66,430
|
|
$
48,377
|
|
$
45,565
|
|
|
|
$
279,553
|
|
$
227,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
|
|
|
61.63%
|
|
62.46%
|
|
63.91%
|
|
63.86%
|
|
63.45%
|
|
64.73%
|
|
63.53%
|
|
62.94%
|
|
|
|
62.96%
|
|
63.74%
|
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
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/renasant-corporation-announces-2016-fourth-quarter-and-year-end-results-300392474.html
SOURCE Renasant Corporation