TUPELO, Miss., April 25, 2017 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the first quarter of 2017. Net income for the first
quarter of 2017 was approximately $24.0
million, up 12.99%, as compared to $21.2 million for the first quarter of 2016.
Basic and diluted earnings per share ("EPS") were $0.54 for the first quarter of 2017, as compared
to basic and diluted EPS of $0.53 and
$0.52, respectively, for the first
quarter of 2016.
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 (in
thousands):
|
Three months
ended
March 31, 2017
|
|
Three months
ended
March 31, 2016
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
Merger and conversion
expenses
|
$
|
345
|
|
$
|
235
|
|
$
|
0.01
|
|
|
$
|
948
|
|
$
|
634
|
|
$
|
0.02
|
|
Debt prepayment
penalty
|
205
|
|
140
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
On January 17, 2017, the Company
and Metropolitan BancGroup, Inc. ("Metropolitan"), the parent
company of Metropolitan Bank, jointly announced the signing of a
definitive merger agreement pursuant to which the Company will
acquire Metropolitan in an all-stock merger transaction.
Metropolitan operates eight offices in Nashville and Memphis, Tennessee and the Jackson, Mississippi MSA. As of March 31, 2017, Metropolitan had approximately
$1.2 billion in total assets, which
included approximately $929.7 million
in total loans and approximately $945.1
million in total deposits.
On February 22, 2017, the Company
redeemed $10.3 million in
subordinated debentures for an aggregate amount of $10.5 million, which included a prepayment
penalty of $205 thousand. Prior
to the redemption, the Company obtained all required board and
regulatory approval.
"The first quarter of 2017 was an active quarter for our
Company, and we are very pleased to report excellent results. Our
results for the first quarter of 2017 include a record quarterly
net income and a continuation of increasing profitability metrics
as our return on average tangible assets was 1.23%," said Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. "In January, we announced our proposed
acquisition of Metropolitan, which will expand our presence in
Mississippi and Tennessee. We have received all federal bank
regulatory approvals necessary to complete the proposed merger and
are now focusing on securing the required approval of Metropolitan
shareholders. Both Metropolitan and we have experienced positive
reaction from our clients and associates in response to our
proposed acquisition."
First quarter of 2017 highlights include the following:
Profitability Metrics
- Total assets were $8.8 billion at
March 31, 2017, as compared to
$8.7 billion at December 31, 2016, and $8.1 billion at March 31,
2016.
- Total loans increased $36.3
million to $6.2 billion at
March 31, 2017, from December 31, 2016; total loans were $5.6 billion at March 31,
2016. Loans not acquired increased $123.7 million to $4.8
billion at March 31, 2017 from
December 31, 2016, which represents
an annualized growth rate of 10.65%. For the first quarter of 2017,
the yield on total loans was 4.82% compared to 5.07% for the fourth
quarter of 2016 and 4.93% for the first quarter of 2016. The
following table reconciles the reported loan yield to the adjusted
loan yield excluding the impact from interest income collected on
problem loans and purchase accounting adjustments on acquired loans
for the periods presented (in thousands):
|
Three Months
Ended
|
|
March
31,
|
December
31,
|
March
31,
|
|
2017
|
2016
|
2016
|
Taxable equivalent
interest income on loans (as reported)
|
$
|
73,710
|
|
$
|
78,267
|
|
$
|
67,223
|
Net interest income
collected on problem loans
|
567
|
|
1,971
|
|
622
|
Accretable yield
recognized on purchased loans(1)
|
5,604
|
|
8,092
|
|
6,097
|
Interest income on
loans (adjusted)
|
$
|
67,539
|
|
$
|
68,204
|
|
$
|
60,504
|
|
|
|
|
Average
loans
|
$
|
6,198,705
|
|
$
|
6,147,077
|
|
$
|
5,482,167
|
|
|
|
|
Loan yield, as
reported
|
4.82%
|
|
5.07%
|
|
4.93%
|
Loan yield,
adjusted
|
4.42%
|
|
4.41%
|
|
4.44%
|
|
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from acquired loans of $2,741, $4,728 and
$1,871 for the three months ended March 31, 2017, December 31,
2016, and March 31, 2016, respectively, which increased loan yield
by 18 basis points, 30 basis points and 13 basis points for the
same periods, respectively.
|
- Total deposits increased to $7.2
billion at March 31, 2017,
from $7.1 billion at December 31, 2016, and $6.4 billion at March 31,
2016. Noninterest-bearing deposits averaged $1.6 billion, or 21.83% of average deposits, for
the first quarter of 2017, compared to $1.3
billion, or 20.99% of average deposits, for the same period
in 2016. For the first quarter of 2017, the cost of total deposits
was 29 basis points, as compared to 28 basis points for the fourth
quarter of 2016 and 25 basis points for the first quarter of
2016.
- Net interest income was $74.0
million for the first quarter of 2017, as compared to
$78.0 million for the fourth quarter
of 2016 and $70.1 million for the
first quarter of 2016. Net interest margin was 4.01% for the first
quarter of 2017, as compared to 4.24% for the fourth quarter of
2016 and 4.21% for the first quarter of 2016. The following table
reconciles reported net interest margin to adjusted net interest
margin excluding the impact from interest income collected on
problem loans and purchase accounting adjustments on loans for the
periods presented (in thousands):
|
Three Months
Ended
|
|
March
31,
|
December
31,
|
March
31,
|
|
2017
|
2016
|
2016
|
Taxable equivalent
net interest income (as reported)
|
$
|
75,907
|
|
$
|
79,774
|
|
$
|
71,804
|
Net interest income
collected on problem loans
|
567
|
|
1,971
|
|
622
|
Accretable yield
recognized on purchased loans (1)
|
5,604
|
|
8,092
|
|
6,097
|
Net interest income
(adjusted)
|
$
|
69,736
|
|
$
|
69,711
|
|
$
|
65,085
|
|
|
|
|
Average earning
assets
|
$
|
7,668,582
|
|
$
|
7,483,222
|
|
$
|
6,863,905
|
|
|
|
|
Net interest margin,
as reported
|
4.01%
|
|
4.24%
|
|
4.21%
|
Net interest margin,
adjusted
|
3.69%
|
|
3.71%
|
|
3.81%
|
|
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from acquired loans of $2,741, $4,728 and
$1,871 for the three months ended March 31, 2017, December 31,
2016, and March 31, 2016, respectively, which increased net
interest margin by 14 basis points, 25 basis points and 11 basis
points for the same periods, respectively.
|
Included in net interest margin is the impact from excess cash
generated from the increase in average deposits during the first
quarter of 2017. This excess cash was included in short-term
investments and reduced our net interest margin by 10 basis points
when compared to the fourth quarter of 2016.
- Noninterest income for the first quarter of 2017 was
$32.0 million, as compared to
$30.3 million for the fourth quarter
of 2016 and $33.3 million for the
first quarter of 2016. Mortgage banking income was $10.5 million for the first quarter of 2017, as
compared to $8.3 million for the
fourth quarter of 2016 and $11.9
million for the first quarter of 2017.
- Noninterest expense was $69.3
million for the first quarter of 2017, as compared to
$71.6 million for the fourth quarter
of 2016 and $69.8 million for the
first quarter of 2016. Excluding nonrecurring charges for merger
and conversion expenses and debt prepayment penalties, noninterest
expense remained relatively flat when compared to the first quarter
of 2016.
The following table presents the Company's profitability metrics
for the quarter ending March 31,
2017, including and excluding the impact of after-tax merger
and conversion expenses:
|
As
Reported
|
Excluding Merger
and
Conversion Expenses and Debt
Prepayment Penalties
|
Return on average
assets
|
1.11%
|
1.13%
|
Return on average
tangible assets
|
1.23%
|
1.25%
|
Return on average
equity
|
7.80%
|
7.92%
|
Return on average
tangible equity
|
13.48%
|
13.68%
|
Asset Quality Metrics
Total nonperforming
assets were $56.5 million at
March 31, 2017, a decrease of
$2.3 million from December 31, 2016, and a decrease of $21.1 million from March
31, 2016, and consisted of $35.2
million in nonperforming loans (loans 90 days or more past
due and nonaccrual loans) and $21.3
million in OREO.
The Company's nonperforming loans and OREO that were purchased
in previous acquisitions (collectively referred to as "acquired
nonperforming assets") were $20.4
million and $16.3 million,
respectively, at March 31, 2017, as
compared to $22.2 million and
$17.4 million, respectively, at
December 31, 2016, and $30.2 million and $20.4
million, respectively, at March
31, 2016. 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 increased to $14.8 million, or 0.31% of total non-acquired
loans, at March 31, 2017, from
$13.4 million, or 0.28% of total
non-acquired loans, at December 31,
2016. These loans were $14.2
million, or 0.35% of total non-aquired loans, at
March 31, 2016. Early stage
delinquencies, or loans 30-to-89 days past due, as a percentage of
total loans were 0.16% at March 31,
2017, as compared to 0.23% at December 31, 2016, and at 0.17% March 31, 2016.
- Non-acquired OREO was $5.1
million at March 31, 2017, as
compared to $5.9 million at
December 31, 2016, and $12.8 million at March 31,
2016. Non-acquired OREO sales totaled $1.2 million in the first quarter of 2017 and
$5.8 million over the final three
quarters of 2016.
- The allowance for loan losses represents 0.69% of total loans
at both March 31, 2017, and
December 31, 2016, and 0.77% at
March 31, 2016. The allowance for
loan losses represents 0.89% of nonaquired loans at March 31, 2017, as compared to 0.91% at
December 31, 2016, and 1.05% at
March 31, 2016
- Net loan charge-offs were $1.3
million, or 0.09% of average total loans, for the first
quarter of 2017, as compared to $4.8
million, or 0.31% of average total loans, for the fourth
quarter of 2016 and $1.4 million, or
0.10% of average total loans, for the first quarter of 2016. The
decrease quarter over quarter is attributable to the final
resolution of several problem credits in the fourth quarter of
2016.
- Provision for loan losses was $1.5
million for the first quarter of 2017, as compared to
$1.7 million for the fourth quarter
of 2016 and $1.8 million for the
first quarter of 2016.
Capital Metrics
- At March 31, 2017, Tier 1
leverage capital ratio was 10.39%, Common Equity Tier 1 ratio was
11.69%, Tier 1 risk-based capital ratio was 12.93%, and total
risk-based capital ratio was 15.11%. All regulatory ratios exceed
the minimums required to be considered "well-capitalized."
- Tangible common equity ratio was 9.16% at March 31, 2017, as compared to 9.00% at
December 31, 2016.
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, April 26, 2017.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://services.choruscall.com/links/rnst170426.html. To access the
conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation First 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 10105028 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until May 10, 2017.
ABOUT RENASANT CORPORATION:
Renasant Corporation is
the parent of Renasant Bank, a 113-year-old financial services
institution. Renasant has assets of approximately $8.8 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 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.
The Company's management uses certain non-GAAP financial
measures to adjust GAAP financial measures to exclude purchase
accounting adjustments and interest income collected, net of
interest foregone, on problem loans from loan interest income when
calculating the Company's taxable equivalent loan yields and net
interest margin, respectively. Management uses these non-GAAP
financial measures to evaluate ongoing operating results and to
assess ongoing profitability. The reconciliations from GAAP to
non-GAAP for these financial measures are included with the
presentation of the non-GAAP financial measure itself.
Certain other non-GAAP financial measures that adjust GAAP
financial measures to exclude intangible assets as well as merger
and conversion expenses, debt prepayment penalties and other
charges that the Company considers to be non-recurring in
nature. These non-GAAP financial measures 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 Company's management uses these non-GAAP financial
measures to evaluate net income from our ongoing business and
capital utilization. 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."
The Company also believes that all of the foregoing 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 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.
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2017
-
|
|
For The Three
Months Ending
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2016
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
$
|
83,781
|
|
$
|
87,564
|
|
$
|
84,786
|
|
|
$
|
85,783
|
|
$
|
78,009
|
|
(4.32)
|
|
|
$
|
83,781
|
|
|
$
|
78,009
|
|
|
7.40
|
|
Interest
income
|
$
|
81,889
|
|
$
|
85,840
|
|
$
|
83,032
|
|
|
$
|
84,008
|
|
$
|
76,259
|
|
(4.60)
|
|
|
$
|
81,889
|
|
|
$
|
76,259
|
|
|
7.38
|
|
Interest
expense
|
7,874
|
|
7,791
|
|
7,301
|
|
|
6,851
|
|
6,205
|
|
1.07
|
|
|
7,874
|
|
|
6,205
|
|
|
26.90
|
|
|
Net interest
income
|
74,015
|
|
78,049
|
|
75,731
|
|
|
77,157
|
|
70,054
|
|
(5.17)
|
|
|
74,015
|
|
|
70,054
|
|
|
5.65
|
|
Provision for loan
losses
|
1,500
|
|
1,650
|
|
2,650
|
|
|
1,430
|
|
1,800
|
|
(9.09)
|
|
|
1,500
|
|
|
1,800
|
|
|
(16.67)
|
|
|
Net interest income
after provision
|
72,515
|
|
76,399
|
|
73,081
|
|
|
75,727
|
|
68,254
|
|
(5.08)
|
|
|
72,515
|
|
|
68,254
|
|
|
6.24
|
|
Service charges on
deposit accounts
|
7,931
|
|
8,163
|
|
8,200
|
|
|
7,521
|
|
7,991
|
|
(2.84)
|
|
|
7,931
|
|
|
7,991
|
|
|
(0.75)
|
|
Fees and commissions
on loans and deposits
|
5,199
|
|
4,772
|
|
4,921
|
|
|
4,877
|
|
4,244
|
|
8.95
|
|
|
5,199
|
|
|
4,244
|
|
|
22.50
|
|
Insurance commissions
and fees
|
1,860
|
|
1,951
|
|
2,420
|
|
|
2,175
|
|
1,962
|
|
(4.66)
|
|
|
1,860
|
|
|
1,962
|
|
|
(5.20)
|
|
Wealth management
revenue
|
2,884
|
|
2,849
|
|
3,040
|
|
|
2,872
|
|
2,891
|
|
1.23
|
|
|
2,884
|
|
|
2,891
|
|
|
(0.24)
|
|
Securities gains
(losses)
|
—
|
|
—
|
|
—
|
|
|
1,257
|
|
(71)
|
|
—
|
|
|
—
|
|
|
(71)
|
|
|
(100.00)
|
|
Mortgage banking
income
|
10,504
|
|
8,262
|
|
15,846
|
|
|
13,420
|
|
11,915
|
|
27.14
|
|
|
10,504
|
|
|
11,915
|
|
|
(11.84)
|
|
Other
|
3,643
|
|
4,258
|
|
3,845
|
|
|
3,464
|
|
4,370
|
|
(14.44)
|
|
|
3,643
|
|
|
4,370
|
|
|
(16.64)
|
|
|
Total noninterest
income
|
32,021
|
|
30,255
|
|
38,272
|
|
|
35,586
|
|
33,302
|
|
5.84
|
|
|
32,021
|
|
|
33,302
|
|
|
(3.85)
|
|
Salaries and employee
benefits
|
42,209
|
|
39,966
|
|
44,702
|
|
|
45,387
|
|
42,393
|
|
5.61
|
|
|
42,209
|
|
|
42,393
|
|
|
(0.43)
|
|
Data
processing
|
4,234
|
|
4,503
|
|
4,560
|
|
|
4,502
|
|
4,158
|
|
(5.97)
|
|
|
4,234
|
|
|
4,158
|
|
|
1.83
|
|
Occupancy and
equipment
|
9,319
|
|
8,809
|
|
8,830
|
|
|
8,531
|
|
8,224
|
|
5.79
|
|
|
9,319
|
|
|
8,224
|
|
|
13.31
|
|
Other real
estate
|
533
|
|
1,585
|
|
1,540
|
|
|
1,614
|
|
957
|
|
(66.37)
|
|
|
533
|
|
|
957
|
|
|
(44.31)
|
|
Amortization of
intangibles
|
1,563
|
|
1,624
|
|
1,684
|
|
|
1,742
|
|
1,697
|
|
(3.76)
|
|
|
1,563
|
|
|
1,697
|
|
|
(7.90)
|
|
Merger and conversion
related expenses
|
345
|
|
—
|
|
268
|
|
|
2,807
|
|
948
|
|
100.00
|
|
|
345
|
|
|
948
|
|
|
(63.61)
|
|
Debt extinguishment
penalty
|
205
|
|
—
|
|
2,210
|
|
|
329
|
|
—
|
|
100.00
|
|
|
205
|
|
|
—
|
|
|
100.00
|
|
Loss share
termination
|
—
|
|
2,053
|
|
—
|
|
|
—
|
|
—
|
|
(100.00)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
10,901
|
|
13,018
|
|
12,674
|
|
|
12,347
|
|
11,437
|
|
(16.26)
|
|
|
10,901
|
|
|
11,437
|
|
|
(4.69)
|
|
|
Total noninterest
expense
|
69,309
|
|
71,558
|
|
76,468
|
|
|
77,259
|
|
69,814
|
|
(3.14)
|
|
|
69,309
|
|
|
69,814
|
|
|
(0.72)
|
|
Income before income
taxes
|
35,227
|
|
35,096
|
|
34,885
|
|
|
34,054
|
|
31,742
|
|
0.37
|
|
|
35,227
|
|
|
31,742
|
|
|
10.98
|
|
Income
taxes
|
11,255
|
|
11,461
|
|
11,706
|
|
|
11,154
|
|
10,526
|
|
(1.80)
|
|
|
11,255
|
|
|
10,526
|
|
|
6.93
|
|
|
Net
income
|
$
|
23,972
|
|
$
|
23,635
|
|
$
|
23,179
|
|
|
$
|
22,900
|
|
$
|
21,216
|
|
1.43
|
|
|
$
|
23,972
|
|
|
$
|
21,216
|
|
|
12.99
|
|
Basic earnings per
share
|
$
|
0.54
|
|
$
|
0.56
|
|
$
|
0.55
|
|
|
$
|
0.54
|
|
$
|
0.53
|
|
(3.57)
|
|
|
$
|
0.54
|
|
|
$
|
0.53
|
|
|
1.89
|
|
Diluted earnings per
share
|
0.54
|
|
0.55
|
|
0.55
|
|
|
0.54
|
|
0.52
|
|
(1.82)
|
|
|
0.54
|
|
|
0.52
|
|
|
3.85
|
|
Average basic shares
outstanding
|
44,364,337
|
|
42,441,588
|
|
42,091,164
|
|
|
42,066,168
|
|
40,324,475
|
|
4.53
|
|
|
44,364,337
|
|
|
40,324,475
|
|
|
10.02
|
|
Average diluted
shares outstanding
|
44,480,499
|
|
42,636,325
|
|
42,310,358
|
|
|
42,303,626
|
|
40,559,145
|
|
4.33
|
|
|
44,480,499
|
|
|
40,559,145
|
|
|
9.67
|
|
Common shares
outstanding
|
44,394,707
|
|
44,332,273
|
|
42,102,224
|
|
|
42,085,690
|
|
40,373,753
|
|
0.14
|
|
|
44,394,707
|
|
|
40,373,753
|
|
|
9.96
|
|
Cash dividend per
common share
|
$
|
0.18
|
|
$
|
0.18
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
$
|
0.17
|
|
—
|
|
|
$
|
0.18
|
|
|
$
|
0.17
|
|
|
5.88
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
7.8%
|
|
8.14%
|
|
8.12%
|
|
|
8.21%
|
|
8.12%
|
|
|
|
7.8
|
%
|
|
8.12
|
%
|
|
|
Return on avg
tangible s/h's equity (1)
|
13.48%
|
|
14.9%
|
|
15.15%
|
|
|
15.57%
|
|
15.58%
|
|
|
|
13.48
|
%
|
|
15.58
|
%
|
|
|
Return on avg
assets
|
1.11%
|
|
1.09%
|
|
1.08%
|
|
|
1.08%
|
|
1.07%
|
|
|
|
1.11
|
%
|
|
1.07
|
%
|
|
|
Return on avg
tangible assets (2)
|
1.23%
|
|
1.22%
|
|
1.2%
|
|
|
1.2%
|
|
1.2%
|
|
|
|
1.23
|
%
|
|
1.2
|
%
|
|
|
Net interest margin
(FTE)
|
4.01%
|
|
4.24%
|
|
4.15%
|
|
|
4.29%
|
|
4.21%
|
|
|
|
4.01
|
%
|
|
4.21
|
%
|
|
|
Yield on earning
assets (FTE)
|
4.43%
|
|
4.66%
|
|
4.54%
|
|
|
4.66%
|
|
4.57%
|
|
|
|
4.43
|
%
|
|
4.57
|
%
|
|
|
Cost of
funding
|
0.43%
|
|
0.42%
|
|
0.4%
|
|
|
0.38%
|
|
0.37%
|
|
|
|
0.43
|
%
|
|
0.37
|
%
|
|
|
Average earning
assets to average assets
|
87.55%
|
|
87.1%
|
|
86.82%
|
|
|
86.59%
|
|
86.21%
|
|
|
|
87.55
|
%
|
|
86.21
|
%
|
|
|
Average loans to
average deposits
|
86.81%
|
|
88.89%
|
|
89.4%
|
|
|
87.73%
|
|
87.39%
|
|
|
|
86.81
|
%
|
|
87.39
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
1.48%
|
|
1.4%
|
|
1.78%
|
|
|
1.62%
|
|
1.69%
|
|
|
|
1.48
|
%
|
|
1.69
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
3.18%
|
|
3.22%
|
|
3.44%
|
|
|
3.49%
|
|
3.48%
|
|
|
|
3.18
|
%
|
|
3.48
|
%
|
|
|
Net overhead
ratio
|
1.7%
|
|
1.82%
|
|
1.66%
|
|
|
1.87%
|
|
1.79%
|
|
|
|
1.7
|
%
|
|
1.79
|
%
|
|
|
Efficiency ratio
(FTE) (4)
|
62.26%
|
|
61.69%
|
|
62.46%
|
|
|
63.91%
|
|
63.86%
|
|
|
|
62.26
|
%
|
|
63.86
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2017
|
|
For The Three
Months Ending
|
|
|
|
|
2017
|
|
2016
|
|
Q4
2016
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
8,759,448
|
|
|
$
|
8,591,795
|
|
|
$
|
8,562,199
|
|
|
$
|
8,541,818
|
|
|
$
|
7,961,700
|
|
|
1.95
|
|
|
$
|
8,759,448
|
|
|
$
|
7,961,700
|
|
|
10.02
|
|
Earning
assets
|
7,668,582
|
|
|
7,483,222
|
|
|
7,433,461
|
|
|
7,396,283
|
|
|
6,863,905
|
|
|
2.48
|
|
|
7,668,582
|
|
|
6,863,905
|
|
|
11.72
|
|
Securities
|
1,043,697
|
|
|
1,034,270
|
|
|
1,045,905
|
|
|
1,111,831
|
|
|
1,103,504
|
|
|
0.91
|
|
|
1,043,697
|
|
|
1,103,504
|
|
|
(5.42)
|
|
Mortgage loans held
for sale
|
112,105
|
|
|
184,583
|
|
|
241,314
|
|
|
306,011
|
|
|
217,200
|
|
|
(39.27)
|
|
|
112,105
|
|
|
217,200
|
|
|
(48.39)
|
|
Loans, net of
unearned
|
6,198,705
|
|
|
6,147,077
|
|
|
6,048,017
|
|
|
5,897,650
|
|
|
5,482,167
|
|
|
0.84
|
|
|
6,198,705
|
|
|
5,482,167
|
|
|
13.07
|
|
Intangibles
|
493,816
|
|
|
495,404
|
|
|
497,064
|
|
|
499,503
|
|
|
473,852
|
|
|
(0.32)
|
|
|
493,816
|
|
|
473,852
|
|
|
4.21
|
|
Noninterest-bearing
deposits
|
$
|
1,558,809
|
|
|
$
|
1,564,150
|
|
|
$
|
1,510,309
|
|
|
$
|
1,477,380
|
|
|
$
|
1,316,495
|
|
|
(0.34)
|
|
|
$
|
1,558,809
|
|
|
$
|
1,316,495
|
|
|
18.41
|
|
Interest-bearing
deposits
|
5,581,853
|
|
|
5,351,354
|
|
|
5,255,102
|
|
|
5,245,406
|
|
|
4,956,983
|
|
|
4.31
|
|
|
5,581,853
|
|
|
4,956,983
|
|
|
12.61
|
|
Total
deposits
|
7,140,662
|
|
|
6,915,505
|
|
|
6,765,411
|
|
|
6,722,786
|
|
|
6,273,478
|
|
|
3.26
|
|
|
7,140,662
|
|
|
6,273,478
|
|
|
13.82
|
|
Borrowed
funds
|
282,008
|
|
|
412,589
|
|
|
550,222
|
|
|
594,459
|
|
|
539,078
|
|
|
(31.65)
|
|
|
282,008
|
|
|
539,078
|
|
|
(47.69)
|
|
Shareholders'
equity
|
1,246,903
|
|
|
1,155,749
|
|
|
1,135,073
|
|
|
1,121,298
|
|
|
1,050,668
|
|
|
7.89
|
|
|
1,246,903
|
|
|
1,050,668
|
|
|
18.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2017
-
|
|
As
of
|
|
2017
|
|
2016
|
|
Q4
2016
|
|
March
31,
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
8,764,711
|
|
|
$
|
8,699,851
|
|
|
$
|
8,542,471
|
|
|
$
|
8,529,566
|
|
|
$
|
8,146,229
|
|
|
0.75
|
|
|
$
|
8,764,711
|
|
|
$
|
8,146,229
|
|
|
7.59
|
|
Earning
assets
|
7,690,045
|
|
|
7,556,760
|
|
|
7,409,068
|
|
|
7,396,888
|
|
|
7,045,179
|
|
|
1.76
|
|
|
7,690,045
|
|
|
7,045,179
|
|
|
9.15
|
|
Securities
|
1,044,862
|
|
|
1,030,530
|
|
|
1,039,957
|
|
|
1,063,592
|
|
|
1,101,820
|
|
|
1.39
|
|
|
1,044,862
|
|
|
1,101,820
|
|
|
(5.17)
|
|
Mortgage loans held
for sale
|
158,619
|
|
|
177,866
|
|
|
189,965
|
|
|
276,782
|
|
|
298,365
|
|
|
(10.82)
|
|
|
158,619
|
|
|
298,365
|
|
|
(46.84)
|
|
Loans not
acquired
|
4,834,085
|
|
|
4,710,385
|
|
|
4,526,026
|
|
|
4,292,549
|
|
|
4,074,413
|
|
|
2.63
|
|
|
4,834,085
|
|
|
4,074,413
|
|
|
18.64
|
|
Loans acquired and
covered by FDIC loss-share
agreements
|
—
|
|
|
—
|
|
|
30,533
|
|
|
42,171
|
|
|
44,989
|
|
|
—
|
|
|
—
|
|
|
44,989
|
|
|
(100.00)
|
|
Loans acquired and
not covered by FDIC loss-share
agreements
|
1,401,720
|
|
|
1,489,137
|
|
|
1,548,674
|
|
|
1,630,709
|
|
|
1,453,328
|
|
|
(5.87)
|
|
|
1,401,720
|
|
|
1,453,328
|
|
|
(3.55)
|
|
|
Total
loans
|
6,235,805
|
|
|
6,199,522
|
|
|
6,105,233
|
|
|
5,965,429
|
|
|
5,572,730
|
|
|
0.59
|
|
|
6,235,805
|
|
|
5,572,730
|
|
|
11.90
|
|
Intangibles
|
493,045
|
|
|
494,608
|
|
|
496,233
|
|
|
497,917
|
|
|
476,539
|
|
|
(0.32)
|
|
|
493,045
|
|
|
476,539
|
|
|
3.46
|
|
Noninterest-bearing
deposits
|
$
|
1,579,581
|
|
|
$
|
1,561,357
|
|
|
$
|
1,514,820
|
|
|
$
|
1,459,383
|
|
|
$
|
1,384,503
|
|
|
1.17
|
|
|
$
|
1,579,581
|
|
|
$
|
1,384,503
|
|
|
14.09
|
|
Interest-bearing
deposits
|
5,651,269
|
|
|
5,497,780
|
|
|
5,302,978
|
|
|
5,243,104
|
|
|
5,046,874
|
|
|
2.79
|
|
|
5,651,269
|
|
|
5,046,874
|
|
|
11.98
|
|
|
Total
deposits
|
7,230,850
|
|
|
7,059,137
|
|
|
6,817,798
|
|
|
6,702,487
|
|
|
6,431,377
|
|
|
2.43
|
|
|
7,230,850
|
|
|
6,431,377
|
|
|
12.43
|
|
Borrowed
funds
|
202,006
|
|
|
312,135
|
|
|
469,580
|
|
|
588,650
|
|
|
561,671
|
|
|
(35.28)
|
|
|
202,006
|
|
|
561,671
|
|
|
(64.03)
|
|
Shareholders'
equity
|
1,251,065
|
|
|
1,232,883
|
|
|
1,142,247
|
|
|
1,124,256
|
|
|
1,053,178
|
|
|
1.47
|
|
|
1,251,065
|
|
|
1,053,178
|
|
|
18.79
|
|
Market value per
common share
|
$
|
39.69
|
|
|
$
|
42.22
|
|
|
$
|
33.63
|
|
|
$
|
32.33
|
|
|
$
|
32.91
|
|
|
(5.99)
|
|
|
$
|
39.69
|
|
|
$
|
32.91
|
|
|
20.60
|
|
Book value per common
share
|
28.18
|
|
|
27.81
|
|
|
27.13
|
|
|
26.71
|
|
|
26.09
|
|
|
1.33
|
|
|
28.18
|
|
|
26.09
|
|
|
8.03
|
|
Tangible book value
per common share
|
17.07
|
|
|
16.65
|
|
|
15.34
|
|
|
14.88
|
|
|
14.28
|
|
|
2.53
|
|
|
17.07
|
|
|
14.28
|
|
|
19.55
|
|
Shareholders' equity
to assets (actual)
|
14.27
|
%
|
|
14.17
|
%
|
|
13.37
|
%
|
|
13.18
|
%
|
|
12.93
|
%
|
|
|
|
14.27
|
%
|
|
12.93
|
%
|
|
|
Tangible capital
ratio (3)
|
9.16
|
%
|
|
9
|
%
|
|
8.03
|
%
|
|
7.8
|
%
|
|
7.52
|
%
|
|
|
|
9.16
|
%
|
|
7.52
|
%
|
|
|
Leverage
ratio
|
10.39
|
%
|
|
10.59
|
%
|
|
9.38
|
%
|
|
9.18
|
%
|
|
9.19
|
%
|
|
|
|
10.39
|
%
|
|
9.19
|
%
|
|
|
Common equity tier 1
capital ratio
|
11.69
|
%
|
|
11.48
|
%
|
|
10.16
|
%
|
|
10.12
|
%
|
|
9.88
|
%
|
|
|
|
11.69
|
%
|
|
9.88
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
12.93
|
%
|
|
12.86
|
%
|
|
11.57
|
%
|
|
11.55
|
%
|
|
11.38
|
%
|
|
|
|
12.93
|
%
|
|
11.38
|
%
|
|
|
Total risk-based
capital ratio
|
15.11
|
%
|
|
15.03
|
%
|
|
13.84
|
%
|
|
12.31
|
%
|
|
12.17
|
%
|
|
|
|
15.11
|
%
|
|
12.17
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2017
-
|
|
As
of
|
|
|
|
|
2017
|
|
2016
|
|
Q4
2016
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Loans not
acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
626,237
|
|
|
$
|
589,290
|
|
|
$
|
554,151
|
|
|
$
|
530,258
|
|
|
$
|
520,463
|
|
|
6.27
|
|
|
$
|
626,237
|
|
|
$
|
520,463
|
|
|
20.32
|
|
Lease
Financing
|
47,816
|
|
|
46,841
|
|
|
45,510
|
|
|
43,116
|
|
|
41,937
|
|
|
2.08
|
|
|
47,816
|
|
|
41,937
|
|
|
14.02
|
|
Real estate-
construction
|
378,061
|
|
|
483,926
|
|
|
415,934
|
|
|
381,690
|
|
|
325,188
|
|
|
(21.88)
|
|
|
378,061
|
|
|
325,188
|
|
|
16.26
|
|
Real estate - 1-4
family mortgages
|
1,485,663
|
|
|
1,422,543
|
|
|
1,388,066
|
|
|
1,328,948
|
|
|
1,263,879
|
|
|
4.44
|
|
|
1,485,663
|
|
|
1,263,879
|
|
|
17.55
|
|
Real estate -
commercial mortgages
|
2,203,639
|
|
|
2,075,137
|
|
|
2,030,626
|
|
|
1,918,778
|
|
|
1,836,053
|
|
|
6.19
|
|
|
2,203,639
|
|
|
1,836,053
|
|
|
20.02
|
|
Installment loans to
individuals
|
92,669
|
|
|
92,648
|
|
|
91,739
|
|
|
89,759
|
|
|
86,893
|
|
|
0.02
|
|
|
92,669
|
|
|
86,893
|
|
|
6.65
|
|
Loans, net of
unearned
|
$
|
4,834,085
|
|
|
$
|
4,710,385
|
|
|
$
|
4,526,026
|
|
|
$
|
4,292,549
|
|
|
$
|
4,074,413
|
|
|
2.63
|
|
|
$
|
4,834,085
|
|
|
$
|
4,074,413
|
|
|
18.64
|
|
Loans acquired and
covered by FDIC loss-share
agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
607
|
|
|
$
|
624
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
624
|
|
|
—
|
|
Lease
Financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
—
|
|
Real estate - 1-4
family mortgages
|
—
|
|
|
—
|
|
|
30,304
|
|
|
34,640
|
|
|
36,350
|
|
|
—
|
|
|
—
|
|
|
36,350
|
|
|
—
|
|
Real estate -
commercial mortgages
|
—
|
|
|
—
|
|
|
180
|
|
|
6,790
|
|
|
7,870
|
|
|
—
|
|
|
—
|
|
|
7,870
|
|
|
—
|
|
Installment loans to
individuals
|
—
|
|
|
—
|
|
|
35
|
|
|
51
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
|
—
|
|
Loans, net of
unearned
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,533
|
|
|
$
|
42,171
|
|
|
$
|
44,989
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
44,989
|
|
|
—
|
|
Loans acquired and
not covered by FDIC loss-share
agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
115,229
|
|
|
$
|
128,200
|
|
|
$
|
139,961
|
|
|
$
|
152,071
|
|
|
$
|
133,847
|
|
|
(10.12)
|
|
|
$
|
115,229
|
|
|
$
|
133,847
|
|
|
(13.91)
|
|
Lease
Financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
35,673
|
|
|
68,753
|
|
|
71,704
|
|
|
70,958
|
|
|
52,300
|
|
|
(48.11)
|
|
|
35,673
|
|
|
52,300
|
|
|
(31.79)
|
|
Real estate - 1-4
family mortgages
|
431,904
|
|
|
452,447
|
|
|
452,274
|
|
|
485,458
|
|
|
477,266
|
|
|
(4.54)
|
|
|
431,904
|
|
|
477,266
|
|
|
(9.50)
|
|
Real estate -
commercial mortgages
|
804,790
|
|
|
823,758
|
|
|
864,825
|
|
|
898,108
|
|
|
763,587
|
|
|
(2.30)
|
|
|
804,790
|
|
|
763,587
|
|
|
5.40
|
|
Installment loans to
individuals
|
14,124
|
|
|
15,979
|
|
|
19,910
|
|
|
24,114
|
|
|
26,328
|
|
|
(11.61)
|
|
|
14,124
|
|
|
26,328
|
|
|
(46.35)
|
|
Loans, net of
unearned
|
$
|
1,401,720
|
|
|
$
|
1,489,137
|
|
|
$
|
1,548,674
|
|
|
$
|
1,630,709
|
|
|
$
|
1,453,328
|
|
|
(5.87)
|
|
|
$
|
1,401,720
|
|
|
$
|
1,453,328
|
|
|
(3.55)
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
12,629
|
|
|
$
|
11,273
|
|
|
$
|
12,454
|
|
|
$
|
10,591
|
|
|
$
|
11,690
|
|
|
12.03
|
|
|
$
|
12,629
|
|
|
$
|
11,690
|
|
|
8.03
|
|
Loans 90 past due or
more
|
2,175
|
|
|
2,079
|
|
|
2,315
|
|
|
1,428
|
|
|
2,495
|
|
|
4.62
|
|
|
2,175
|
|
|
2,495
|
|
|
(12.83)
|
|
Nonperforming
loans
|
14,804
|
|
|
13,352
|
|
|
14,769
|
|
|
12,019
|
|
|
14,185
|
|
|
10.87
|
|
|
14,804
|
|
|
14,185
|
|
|
4.36
|
|
Other real estate
owned
|
5,056
|
|
|
5,929
|
|
|
8,429
|
|
|
9,575
|
|
|
12,810
|
|
|
(14.72)
|
|
|
5,056
|
|
|
12,810
|
|
|
(60.53)
|
|
Nonperforming assets
not acquired
|
$
|
19,860
|
|
|
$
|
19,281
|
|
|
$
|
23,198
|
|
|
$
|
21,594
|
|
|
$
|
26,995
|
|
|
3.00
|
|
|
$
|
19,860
|
|
|
$
|
26,995
|
|
|
(26.43)
|
|
Assets acquired
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,628
|
|
|
$
|
2,060
|
|
|
$
|
2,708
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
2,708
|
|
|
—
|
|
Loans 90 past due or
more
|
—
|
|
|
—
|
|
|
786
|
|
|
2,076
|
|
|
4,343
|
|
|
—
|
|
|
—
|
|
|
4,343
|
|
|
—
|
|
Nonperforming
loans
|
—
|
|
|
—
|
|
|
2,414
|
|
|
4,136
|
|
|
7,051
|
|
|
—
|
|
|
—
|
|
|
7,051
|
|
|
—
|
|
Other real estate
owned
|
—
|
|
|
—
|
|
|
926
|
|
|
2,618
|
|
|
1,373
|
|
|
—
|
|
|
—
|
|
|
1,373
|
|
|
—
|
|
Nonperforming assets
acquired and subject to loss
share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,340
|
|
|
$
|
6,754
|
|
|
$
|
8,424
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
8,424
|
|
|
—
|
|
Assets acquired
and not subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
8,495
|
|
|
$
|
11,347
|
|
|
$
|
12,105
|
|
|
$
|
13,312
|
|
|
$
|
12,368
|
|
|
(25.13)
|
|
|
$
|
8,495
|
|
|
$
|
12,368
|
|
|
(31.31)
|
|
Loans 90 past due or
more
|
11,897
|
|
|
10,815
|
|
|
12,619
|
|
|
13,650
|
|
|
10,805
|
|
|
10.00
|
|
|
11,897
|
|
|
10,805
|
|
|
10.11
|
|
Nonperforming
loans
|
20,392
|
|
|
22,162
|
|
|
24,724
|
|
|
26,962
|
|
|
23,173
|
|
|
(7.99)
|
|
|
20,392
|
|
|
23,173
|
|
|
(12.00)
|
|
Other real estate
owned
|
16,266
|
|
|
17,370
|
|
|
16,973
|
|
|
17,146
|
|
|
19,051
|
|
|
(6.36)
|
|
|
16,266
|
|
|
19,051
|
|
|
(14.62)
|
|
Nonperforming assets
acquired
|
$
|
36,658
|
|
|
$
|
39,532
|
|
|
$
|
41,697
|
|
|
$
|
44,108
|
|
|
$
|
42,224
|
|
|
7.27
|
|
|
$
|
36,658
|
|
|
$
|
42,224
|
|
|
(13.18)
|
|
Net loan charge-offs
(recoveries)
|
$
|
1,314
|
|
|
$
|
4,837
|
|
|
$
|
824
|
|
|
$
|
191
|
|
|
$
|
1,378
|
|
|
(72.83)
|
|
|
$
|
1,314
|
|
|
$
|
1,378
|
|
|
(4.64)
|
|
Allowance for loan
losses
|
$
|
42,923
|
|
|
$
|
42,737
|
|
|
$
|
45,924
|
|
|
$
|
44,098
|
|
|
$
|
42,859
|
|
|
0.44
|
|
|
$
|
42,923
|
|
|
$
|
42,859
|
|
|
0.15
|
|
Annualized net loan
charge-offs / average loans
|
0.09
|
%
|
|
0.31
|
%
|
|
0.05
|
%
|
|
0.01
|
%
|
|
0.1
|
%
|
|
|
|
0.09
|
%
|
|
0.1
|
%
|
|
|
Nonperforming loans /
total loans*
|
0.56
|
%
|
|
0.57
|
%
|
|
0.69
|
%
|
|
0.72
|
%
|
|
0.8
|
%
|
|
|
|
0.56
|
%
|
|
0.8
|
%
|
|
|
Nonperforming assets
/ total assets*
|
0.64
|
%
|
|
0.68
|
%
|
|
0.8
|
%
|
|
0.85
|
%
|
|
0.95
|
%
|
|
|
|
0.64
|
%
|
|
0.95
|
%
|
|
|
Allowance for loan
losses / total loans*
|
0.69
|
%
|
|
0.69
|
%
|
|
0.75
|
%
|
|
0.74
|
%
|
|
0.77
|
%
|
|
|
|
0.69
|
%
|
|
0.77
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
121.95
|
%
|
|
120.34
|
%
|
|
109.59
|
%
|
|
102.28
|
%
|
|
96.51
|
%
|
|
|
|
121.95
|
%
|
|
96.51
|
%
|
|
|
Nonperforming loans /
total loans**
|
0.31
|
%
|
|
0.28
|
%
|
|
0.33
|
%
|
|
0.28
|
%
|
|
0.35
|
%
|
|
|
|
0.31
|
%
|
|
0.35
|
%
|
|
|
Nonperforming assets
/ total assets**
|
0.23
|
%
|
|
0.22
|
%
|
|
0.27
|
%
|
|
0.25
|
%
|
|
0.33
|
%
|
|
|
|
0.23
|
%
|
|
0.33
|
%
|
|
|
Allowance for loan
losses / total loans**
|
0.89
|
%
|
|
0.91
|
%
|
|
1.01
|
%
|
|
1.03
|
%
|
|
1.05
|
%
|
|
|
|
0.89
|
%
|
|
1.05
|
%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
289.94
|
%
|
|
320.08
|
%
|
|
310.95
|
%
|
|
366.9
|
%
|
|
302.14
|
%
|
|
|
|
289.94
|
%
|
|
302.14
|
%
|
|
|
*Based on all assets
(includes acquired assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes all assets
acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
March 31,
2016
|
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not
purchased
|
|
$
|
4,752,628
|
|
$
|
51,143
|
|
4.4
|
%
|
|
$
|
4,612,237
|
|
$
|
50,073
|
|
4.3
|
%
|
|
$
|
3,939,690
|
|
$
|
43,154
|
|
4.4
|
%
|
Purchased
|
|
1,446,077
|
|
22,567
|
|
6.3
|
|
|
1,513,122
|
|
27,808
|
|
7.3
|
|
|
1,458,167
|
|
22,934
|
|
6.3
|
|
Purchased and
covered(1)
|
|
—
|
|
—
|
|
—
|
|
|
21,718
|
|
386
|
|
7.1
|
|
|
84,310
|
|
1,135
|
|
5.4
|
|
Total
loans
|
|
6,198,705
|
|
73,710
|
|
4.8
|
|
|
6,147,077
|
|
78,267
|
|
5.1
|
|
|
5,482,167
|
|
67,223
|
|
4.9
|
|
Mortgage loans held
for sale
|
|
112,105
|
|
1,148
|
|
4.2
|
|
|
184,583
|
|
1,627
|
|
3.5
|
|
|
217,200
|
|
2,372
|
|
4.4
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(2)
|
|
704,805
|
|
4,070
|
|
2.3
|
|
|
688,268
|
|
3,430
|
|
2
|
|
|
748,516
|
|
4,136
|
|
2.2
|
|
Tax-exempt
|
|
338,892
|
|
4,297
|
|
5.1
|
|
|
346,002
|
|
4,089
|
|
4.7
|
|
|
354,988
|
|
4,206
|
|
4.8
|
|
Total
securities
|
|
1,043,697
|
|
8,367
|
|
3.3
|
|
|
1,034,270
|
|
7,519
|
|
2.9
|
|
|
1,103,504
|
|
8,342
|
|
3
|
|
Interest-bearing
balances with banks
|
|
314,075
|
|
556
|
|
0.7
|
|
|
117,292
|
|
151
|
|
0.5
|
|
|
61,034
|
|
72
|
|
0.5
|
|
Total
interest-earning assets
|
|
7,668,582
|
|
83,781
|
|
4.4
|
|
|
7,483,222
|
|
87,564
|
|
4.7
|
|
|
6,863,905
|
|
78,009
|
|
4.6
|
|
Cash and due from
banks
|
|
131,874
|
|
|
|
|
|
118,851
|
|
|
|
|
|
138,389
|
|
|
|
|
Intangible
assets
|
|
493,816
|
|
|
|
|
|
495,404
|
|
|
|
|
|
473,852
|
|
|
|
|
FDIC loss-share
indemnification asset
|
|
—
|
|
|
|
|
|
2,693
|
|
|
|
|
|
6,407
|
|
|
|
|
Other
assets
|
|
465,176
|
|
|
|
|
|
491,625
|
|
|
|
|
|
479,147
|
|
|
|
|
Total
assets
|
|
$
|
8,759,448
|
|
|
|
|
|
$
|
8,591,795
|
|
|
|
|
|
$
|
7,961,700
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(3)
|
|
3,410,606
|
|
1,813
|
|
0.2
|
|
|
3,184,949
|
|
1,597
|
|
0.2
|
|
|
2,956,050
|
|
1,341
|
|
0.2
|
|
Savings
deposits
|
|
553,985
|
|
96
|
|
0.1
|
|
|
538,323
|
|
96
|
|
0.1
|
|
|
507,909
|
|
89
|
|
0.1
|
|
Time
deposits
|
|
1,617,262
|
|
3,240
|
|
0.8
|
|
|
1,628,082
|
|
3,145
|
|
0.8
|
|
|
1,493,024
|
|
2,530
|
|
0.7
|
|
Total
interest-bearing deposits
|
|
5,581,853
|
|
5,149
|
|
0.4
|
|
|
5,351,354
|
|
4,838
|
|
0.4
|
|
|
4,956,983
|
|
3,960
|
|
0.3
|
|
Borrowed
funds
|
|
282,008
|
|
2,725
|
|
3.9
|
|
|
412,589
|
|
2,952
|
|
2.9
|
|
|
539,078
|
|
2,245
|
|
1.7
|
|
Total
interest-bearing liabilities
|
|
5,863,861
|
|
7,874
|
|
0.5
|
|
|
5,763,943
|
|
7,790
|
|
0.5
|
|
|
5,496,061
|
|
6,205
|
|
0.5
|
|
Noninterest-bearing
deposits
|
|
1,558,809
|
|
|
|
|
|
1,564,150
|
|
|
|
|
|
1,316,495
|
|
|
|
|
Other
liabilities
|
|
89,875
|
|
|
|
|
|
107,953
|
|
|
|
|
|
98,476
|
|
|
|
|
Shareholders'
equity
|
|
1,246,903
|
|
|
|
|
|
1,155,749
|
|
|
|
|
|
1,050,668
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
8,759,448
|
|
|
|
|
|
$
|
8,591,795
|
|
|
|
|
|
$
|
7,961,700
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
|
$
|
75,907
|
|
4
|
%
|
|
|
|
$
|
79,774
|
|
4.2
|
%
|
|
|
|
$
|
71,804
|
|
4.2
|
%
|
|
(1)Represents information associated with
purchased loans covered under loss sharing agreements prior to
their termination on December 8, 2016.
|
(2)U.S.
Government and some U.S. Government Agency securities are
tax-exempt in the states in which we operate.
|
(3)Interest-bearing demand deposits
include interest-bearing transactional accounts and money market
deposits.
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
2017
|
|
2016
|
|
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2017
|
|
2016
|
Net income
(GAAP)
|
$
|
23,972
|
|
|
$
|
23,635
|
|
|
$
|
23,179
|
|
|
$
|
22,900
|
|
|
$
|
21,216
|
|
|
|
|
$
|
23,972
|
|
|
$
|
21,216
|
|
|
Amortization of
intangibles, net of tax
|
1,064
|
|
|
1,094
|
|
|
1,119
|
|
|
1,171
|
|
|
1,134
|
|
|
|
|
1,064
|
|
|
1,134
|
|
Tangible net income
(non-GAAP)
|
$
|
25,036
|
|
|
$
|
24,729
|
|
|
$
|
24,298
|
|
|
$
|
24,071
|
|
|
$
|
22,350
|
|
|
|
|
$
|
25,036
|
|
|
$
|
22,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
$
|
1,246,903
|
|
|
$
|
1,155,749
|
|
|
$
|
1,135,073
|
|
|
$
|
1,121,298
|
|
|
$
|
1,050,668
|
|
|
|
|
$
|
1,246,903
|
|
|
$
|
1,050,668
|
|
|
Intangibles
|
493,816
|
|
|
495,404
|
|
|
497,064
|
|
|
499,503
|
|
|
473,852
|
|
|
|
|
493,816
|
|
|
473,852
|
|
Average tangible
s/h's equity (non-GAAP)
|
$
|
753,087
|
|
|
$
|
660,345
|
|
|
$
|
638,009
|
|
|
$
|
621,795
|
|
|
$
|
576,816
|
|
|
|
|
$
|
753,087
|
|
|
$
|
576,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
$
|
8,759,448
|
|
|
$
|
8,591,795
|
|
|
$
|
8,562,199
|
|
|
$
|
8,541,818
|
|
|
$
|
7,961,700
|
|
|
|
|
$
|
8,759,448
|
|
|
$
|
7,961,700
|
|
|
Intangibles
|
493,816
|
|
|
495,404
|
|
|
497,064
|
|
|
499,503
|
|
|
473,852
|
|
|
|
|
493,816
|
|
|
473,852
|
|
Average tangible
assets (non-GAAP)
|
$
|
8,265,632
|
|
|
$
|
8,096,391
|
|
|
$
|
8,065,135
|
|
|
$
|
8,042,315
|
|
|
$
|
7,487,848
|
|
|
|
|
$
|
8,265,632
|
|
|
$
|
7,487,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
$
|
1,251,065
|
|
|
$
|
1,232,883
|
|
|
$
|
1,142,247
|
|
|
$
|
1,124,256
|
|
|
$
|
1,053,178
|
|
|
|
|
$
|
1,251,065
|
|
|
$
|
1,053,178
|
|
|
Intangibles
|
493,045
|
|
|
494,608
|
|
|
496,233
|
|
|
497,917
|
|
|
476,539
|
|
|
|
|
493,045
|
|
|
476,539
|
|
Actual tangible s/h's
equity (non-GAAP)
|
$
|
758,020
|
|
|
$
|
738,275
|
|
|
$
|
646,014
|
|
|
$
|
626,339
|
|
|
$
|
576,639
|
|
|
|
|
$
|
758,020
|
|
|
$
|
576,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
$
|
8,764,711
|
|
|
$
|
8,699,851
|
|
|
$
|
8,542,471
|
|
|
$
|
8,529,566
|
|
|
$
|
8,146,229
|
|
|
|
|
$
|
8,767,411
|
|
|
$
|
8,146,229
|
|
|
Intangibles
|
493,045
|
|
|
494,608
|
|
|
496,233
|
|
|
497,917
|
|
|
476,539
|
|
|
|
|
493,045
|
|
|
476,539
|
|
Actual tangible
assets (non-GAAP)
|
$
|
8,271,666
|
|
|
$
|
8,205,243
|
|
|
$
|
8,046,238
|
|
|
$
|
8,031,649
|
|
|
$
|
7,669,690
|
|
|
|
|
$
|
8,271,666
|
|
|
$
|
7,669,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
7.8
|
%
|
|
8.14
|
%
|
|
8.12
|
%
|
|
8.21
|
%
|
|
8.12
|
%
|
|
|
|
7.8
|
%
|
|
8.12
|
%
|
|
Effect of adjustment
for intangible assets
|
5.69
|
%
|
|
6.76
|
%
|
|
7.03
|
%
|
|
7.36
|
%
|
|
7.46
|
%
|
|
|
|
5.69
|
%
|
|
7.46
|
%
|
Return on avg
tangible s/h's equity (non-GAAP)
|
13.48
|
%
|
|
14.9
|
%
|
|
15.15
|
%
|
|
15.57
|
%
|
|
15.58
|
%
|
|
|
|
13.48
|
%
|
|
15.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
1.11
|
%
|
|
1.09
|
%
|
|
1.08
|
%
|
|
1.08
|
%
|
|
1.07
|
%
|
|
|
|
1.11
|
%
|
|
1.07
|
%
|
|
Effect of adjustment
for intangible assets
|
0.12
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.13
|
%
|
|
0.13
|
%
|
|
|
|
0.12
|
%
|
|
0.13
|
%
|
Return on average
tangible assets (non-GAAP)
|
1.23
|
%
|
|
1.22
|
%
|
|
1.2
|
%
|
|
1.2
|
%
|
|
1.2
|
%
|
|
|
|
1.23
|
%
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
14.27
|
%
|
|
14.17
|
%
|
|
13.37
|
%
|
|
13.18
|
%
|
|
12.93
|
%
|
|
|
|
14.27
|
%
|
|
12.93
|
%
|
|
Effect of adjustment
for intangible assets
|
5.11
|
%
|
|
5.17
|
%
|
|
5.34
|
%
|
|
5.38
|
%
|
|
5.41
|
%
|
|
|
|
5.11
|
%
|
|
5.41
|
%
|
Tangible capital
ratio (non-GAAP)
|
9.16
|
%
|
|
9
|
%
|
|
8.03
|
%
|
|
7.8
|
%
|
|
7.52
|
%
|
|
|
|
9.16
|
%
|
|
7.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(FTE)
|
$
|
83,781
|
|
|
$
|
87,564
|
|
|
$
|
84,786
|
|
|
$
|
85,783
|
|
|
$
|
78,009
|
|
|
|
|
$
|
83,781
|
|
|
$
|
78,009
|
|
|
Interest
expense
|
7,874
|
|
|
7,791
|
|
|
7,301
|
|
|
6,851
|
|
|
6,205
|
|
|
|
|
7,874
|
|
|
6,205
|
|
Net Interest income
(FTE)
|
$
|
75,907
|
|
|
$
|
79,773
|
|
|
$
|
77,485
|
|
|
$
|
78,932
|
|
|
$
|
71,804
|
|
|
|
|
$
|
75,907
|
|
|
$
|
71,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
$
|
32,021
|
|
|
$
|
30,255
|
|
|
$
|
38,272
|
|
|
$
|
35,586
|
|
|
$
|
33,302
|
|
|
|
|
$
|
32,021
|
|
|
$
|
33,302
|
|
|
Securities gains
(losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,257
|
|
|
(71)
|
|
|
|
|
—
|
|
|
(71)
|
|
Total noninterest
income
|
$
|
32,021
|
|
|
$
|
30,255
|
|
|
$
|
38,272
|
|
|
$
|
34,329
|
|
|
$
|
33,373
|
|
|
|
|
$
|
32,021
|
|
|
$
|
33,373
|
|
Total Income
(FTE)
|
$
|
107,928
|
|
|
$
|
110,028
|
|
|
$
|
115,757
|
|
|
$
|
113,261
|
|
|
$
|
105,177
|
|
|
|
|
$
|
107,928
|
|
|
$
|
105,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
69,309
|
|
|
$
|
71,558
|
|
|
$
|
76,468
|
|
|
$
|
77,259
|
|
|
$
|
69,814
|
|
|
|
|
$
|
69,309
|
|
|
$
|
69,814
|
|
|
Amortization of
intangibles
|
1,563
|
|
|
1,624
|
|
|
1,684
|
|
|
1,742
|
|
|
1,697
|
|
|
|
|
1,563
|
|
|
1,697
|
|
|
Merger-related
expenses
|
345
|
|
|
—
|
|
|
268
|
|
|
2,807
|
|
|
948
|
|
|
|
|
345
|
|
|
948
|
|
|
Debt extinguishment
penalty
|
205
|
|
|
—
|
|
|
2,210
|
|
|
329
|
|
|
—
|
|
|
|
|
205
|
|
|
—
|
|
|
Loss share
termination
|
$
|
—
|
|
|
$
|
2,053
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total noninterest
expense
|
$
|
67,196
|
|
|
$
|
67,881
|
|
|
$
|
72,306
|
|
|
$
|
72,381
|
|
|
$
|
67,169
|
|
|
|
|
$
|
67,196
|
|
|
$
|
67,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
62.26
|
%
|
|
61.69
|
%
|
|
62.46
|
%
|
|
63.91
|
%
|
|
63.86
|
%
|
|
|
|
62.26
|
%
|
|
63.86
|
%
|
Contacts:
|
For Media:
|
|
|
For
Financials:
|
|
John
Oxford
|
|
|
Kevin
Chapman
|
|
Vice
President
|
|
|
Executive Vice
President
|
|
Director of External
Affairs
|
|
|
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-2017-first-quarter-earnings-300445604.html
SOURCE Renasant Corporation