TUPELO, Miss., July 18, 2017 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the second quarter of 2017. Net income for the second
quarter of 2017 was approximately $25.3
million, up 10.41%, as compared to $22.9 million for the second quarter of 2016.
Basic and diluted earnings per share ("EPS") were $0.57 for the second quarter of 2017, as compared
to basic and diluted EPS of $0.54 for
the second quarter of 2016.
Net income for the six months ending June
30, 2017, was $49.3 million,
an increase of 11.65%, as compared to $44.1
million for the same time period in 2016. Basic and diluted
EPS were $1.11 through the first six
months of 2017, as compared to basic and diluted EPS of
$1.07 and $1.06, respectively, for the same time period in
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
|
|
Three months
ended
|
|
June 30,
2017
|
|
June 30,
2016
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
Merger and conversion
expenses
|
$
3,044
|
$
2,065
|
$
0.04
|
|
$
2,807
|
$
1,888
|
$
0.05
|
Debt prepayment
penalty
|
-
|
-
|
-
|
|
329
|
221
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
Six months
ended
|
|
June 30,
2017
|
|
June 30,
2016
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
Merger and conversion
expenses
|
$
3,389
|
$
2,302
|
$
0.05
|
|
$
3,755
|
$
2,518
|
$
0.07
|
Debt prepayment
penalty
|
205
|
139
|
-
|
|
329
|
221
|
0.01
|
On July 1, 2017, the Company
completed its previously-announced acquisition of Metropolitan
BancGroup, Inc. ("Metropolitan") in an all-stock merger. As of the
acquisition date, Metropolitan operated eight offices in
Nashville and Memphis, Tennessee and the Jackson, Mississippi MSA and had approximately
$1.2 billion in assets, which
included approximately $990 million
in total loans and approximately $940
million in total deposits. The acquired operations of
Metropolitan are not included in the financial information in this
release.
"We are excited to report record earnings for the second quarter
of 2017. Our earnings were driven by expanding net interest margin,
strong fee income, improving credit quality metrics and continued
focus on overall expenses. As our earnings grew, our profitability
metrics continued to improve as our returns on average tangible
assets and average tangible equity, excluding nonrecurring items,
were 1.38% and 14.84%, respectively," said Renasant Chairman and
Chief Executive Officer, E. Robinson
McGraw. "With the closing of the Metropolitan merger on
July 1, 2017, we welcome our new
associates and clients as we look forward to a smooth integration
during the third quarter of 2017."
The following table presents the Company's profitability metrics
for the three and six months ending June 30,
2017, including and excluding the impact of after-tax merger
and conversion expenses and, for the six-month period, debt
prepayment penalties:
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
2017
|
|
June 30,
2017
|
|
As
Reported
|
Excluding
Merger
and Conversion
Expenses
|
|
As
Reported
|
Excluding Merger
and
Conversion Expenses
and Debt Prepayment
Penalties
|
Return on average
assets
|
1.16%
|
1.26%
|
|
1.14%
|
1.19%
|
Return on average
tangible assets
|
1.28%
|
1.38%
|
|
1.26%
|
1.31%
|
Return on average
equity
|
8.06%
|
8.71%
|
|
7.93%
|
8.32%
|
Return on average
tangible equity
|
13.76%
|
14.84%
|
|
13.62%
|
14.27%
|
Highlights from the second quarter of 2017 include the
following:
Profitability Metrics
- Total assets were $8.9 billion at
June 30, 2017, as compared to
$8.7 billion at December 31, 2016.
- Loans not purchased increased to $5.1
billion at June 30, 2017, from
$4.7 billion at December 31, 2016. For the second quarter of
2017, the yield on total loans was 5.03% compared to 4.82% for the
first quarter of 2017 and 5.09% for the second quarter of 2016. For
the six months ended June 30, 2017,
the yield on total loans was 4.93% compared to 5.02% for the same
time period in 2016. The following tables reconcile the reported
loan yield to the adjusted loan yield excluding the impact from
interest income collected on problem loans and purchase accounting
adjustments on purchased loans for the periods presented (in
thousands):
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2017
|
|
2017
|
|
2016
|
Taxable equivalent
interest income on loans (as reported)
|
$
78,857
|
|
$
73,710
|
|
$
74,708
|
Interest income
collected (foregone) on problem loans
|
2,734
|
|
567
|
|
969
|
Accretable yield
recognized on purchased loans(1)
|
5,410
|
|
5,604
|
|
8,276
|
Interest income on
loans (adjusted)
|
$
70,713
|
|
$
67,539
|
|
$
65,463
|
|
|
|
|
|
|
Average
loans
|
$
6,293,497
|
|
$
6,198,705
|
|
$
5,897,650
|
|
|
|
|
|
|
Loan yield, as
reported
|
5.03%
|
|
4.82%
|
|
5.09%
|
Loan yield,
adjusted
|
4.51%
|
|
4.42%
|
|
4.46%
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $2,674, $2,741 and
$4,533 for the three months ended June 30, 2017, March 31, 2017,
and June 30, 2016, respectively, which increased loan yield by 17
basis points, 18 basis points and 31 basis points for the same
periods, respectively.
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
Taxable equivalent
interest income on loans (as reported)
|
$
152,567
|
|
$
141,938
|
Interest income
collected (foregone) on problem loans
|
3,301
|
|
1,591
|
Accretable yield
recognized on purchased loans(1)
|
11,014
|
|
14,268
|
Interest income on
loans (adjusted)
|
$
138,252
|
|
$
126,079
|
|
|
|
|
Average
loans
|
$
6,246,363
|
|
$
5,691,056
|
|
|
|
|
Loan yield, as
reported
|
4.93%
|
|
5.02%
|
Loan yield,
adjusted
|
4.46%
|
|
4.46%
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $5,415 and $6,300 for
the six months ended June 30, 2017, and June 30, 2016,
respectively, which increased loan yield by 17 basis points and 22
basis points for the same periods, respectively.
|
- Total deposits increased to $7.2
billion at June 30, 2017, from
$7.1 billion at December 31, 2016. Noninterest-bearing deposits
averaged $1.6 billion, or 22.17% of
average deposits, for the first six months of 2017, compared to
$1.4 billion, or 21.50% of average
deposits, for the same period in 2016. For the second quarter of
2017, the cost of total deposits was 30 basis points, as compared
to 29 basis points for the first quarter of 2017 and 26 basis
points for the second quarter of 2016. The cost of total deposits
was 30 basis points for the six months ending June 30, 2017, as compared to 26 basis points
over the same time period in 2016.
- Net interest income was $79.6
million for the second quarter of 2017, as compared to
$74.0 million for the first quarter
of 2017 and $77.2 million for the
second quarter of 2016. Net interest margin was 4.27% for the
second quarter of 2017, as compared to 4.01% for the first quarter
of 2017 and 4.29% for the second 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 purchased
loans for the periods presented (in thousands):
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2017
|
|
2017
|
|
2016
|
Taxable equivalent
net interest income (as reported)
|
$
81,453
|
|
$
75,907
|
|
$
78,932
|
Interest income
collected (foregone) on problem loans
|
2,734
|
|
567
|
|
969
|
Accretable yield
recognized on purchased loans(1)
|
5,410
|
|
5,604
|
|
8,276
|
Net interest income
(adjusted)
|
$
73,309
|
|
$
69,736
|
|
$
69,687
|
|
|
|
|
|
|
Average earning
assets
|
$
7,657,849
|
|
$
7,668,582
|
|
$
7,396,283
|
|
|
|
|
|
|
Net interest margin,
as reported
|
4.27%
|
|
4.01%
|
|
4.29%
|
Net interest margin,
adjusted
|
3.84%
|
|
3.69%
|
|
3.79%
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $2,674, $2,741 and
$4,533 for the three months ended June 30, 2017, March 31, 2017,
and June 30, 2016, respectively, which increased net interest
margin by 14 basis points at both June 30, 2017 and March 31,
2017 and 25 basis points at June 30, 2016.
|
- Net interest income was $153.6
million for the first six months of 2017, as compared to
$147.2 million for the same period in
2016. Net interest margin was 4.14% for the first six months of
2017, as compared to 4.25% for the same period in 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
purchased loans for the periods presented (in thousands):
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
Taxable equivalent
net interest income (as reported)
|
$
157,360
|
|
$
150,745
|
Interest income
collected (foregone) on problem loans
|
3,301
|
|
1,591
|
Accretable yield
recognized on purchased loans(1)
|
11,014
|
|
14,268
|
Net interest income
(adjusted)
|
$
143,045
|
|
$
134,886
|
|
|
|
|
Average earning
assets
|
$
7,663,186
|
|
$
7,131,565
|
|
|
|
|
Net interest margin,
as reported
|
4.14%
|
|
4.25%
|
Net interest margin,
adjusted
|
3.76%
|
|
3.80%
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $5,415 and $6,300 for
the six months ended June 30, 2017, and June 30, 2016,
respectively, which increased net interest margin by 14 basis
points and 18 basis points for the same periods,
respectively.
|
- Noninterest income for the second quarter of 2017 was
$34.3 million, as compared to
$35.6 million for the second quarter
of 2016. Noninterest income for the first six months of 2017 was
$66.3 million, as compared
$68.9 million for the same time frame
in 2016. The Company experienced increases in service charges on
deposit accounts, fees and commissions on loans and deposits, and
wealth management revenue in the first half of 2017 as compared to
the same period in 2016. Mortgage banking income for the second
quarter of 2017 was $12.4 million,
compared to $13.4 million for the
same period in 2016 as mortgage loans originations were down for
the same period due to a reduction in the refinancing of mortgage
loans. Lastly, during the second quarter of 2016 the Company
recognized $1.3 million in gains on
sale of securities, while there was no gain or loss recognized in
the first half of 2017.
- Noninterest expense was $74.8
million for the second quarter of 2017, as compared to
$77.3 million for the second quarter
of 2016. Noninterest expense for the first six months of 2017 was
$144.2 million, as compared
$147.1 million for the same time
frame in 2016. Excluding nonrecurring charges for merger and
conversion expenses and debt prepayment penalties, noninterest
expense decreased when compared to the second quarter of 2016. This
decrease is primarily attributable to a decrease in salary and
employee benefits, data processing costs which were realized
through contract renegotiations, and expenses on other real estate
owned.
Asset Quality Metrics
Total nonperforming
assets were $46.5 million at
June 30, 2017, a decrease of
$12.3 million from December 31, 2016, and consisted of $26.8 million in nonperforming loans (loans 90
days or more past due and nonaccrual loans) and $19.7 million in OREO.
The Company's nonperforming loans and OREO that were purchased
in previous acquisitions (collectively referred to as "purchased
nonperforming assets") were $14.1
million and $15.4 million,
respectively, at June 30, 2017, as
compared to $22.2 million and
$17.4 million, respectively, at
December 31, 2016. The
purchased 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
focuses on non-purchased nonperforming assets.
- Non-purchased nonperforming loans decreased to $12.7 million, or 0.25% of total non-purchased
loans, at June 30, 2017, from
$13.4 million, or 0.28% of total
non-purchased loans, at December 31,
2016. These loans were $12.0
million, or 0.28% of total non-purchased loans, at
June 30, 2016. Early stage
delinquencies, or loans 30-to-89 days past due, as a percentage of
total loans were 0.18% at June 30,
2017, as compared to 0.23% at December 31, 2016, and at 0.22% June 30, 2016.
- Non-purchased OREO was $4.3
million at June 30, 2017, as
compared to $5.9 million at
December 31, 2016, and $9.6 million at June 30,
2016. Non-purchased OREO sales totaled $1.8 million in the first half of 2017 and
$3.3 million over the second half of
2016.
- The allowance for loan losses was 0.69% of total loans at both
June 30, 2017, and December 31, 2016, and 0.74% at June 30, 2016. The allowance for loan losses was
0.87% of non-purchased loans at June 30,
2017, as compared to 0.91% at December 31, 2016, and 1.03% at June 30, 2016.
-
- Net loan charge-offs were $524
thousand, or 0.03% of average total loans, for the second
quarter of 2017, as compared to $191
thousand, or 0.01% of average total loans, for the second
quarter of 2016.
- The provision for loan losses was $1.8
million for the second quarter of 2017, as compared to
$1.4 million for the second quarter
of 2016. The provision was $3.3
million for the first six months of 2017, as compared to
$3.2 million for the same time period
in 2016.
Capital Metrics
- At June 30, 2017, Tier 1 leverage
capital ratio was 10.68%, Common Equity Tier 1 ratio was 11.65%,
Tier 1 risk-based capital ratio was 12.86%, and total risk-based
capital ratio was 15.00%. All regulatory ratios exceed the minimums
required to be considered "well-capitalized."
- Tangible common equity ratio was 9.31% at June 30, 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, July 19,
2017.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
http://services.choruscall.com/links/rnst170719.html. To access the
conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation Second Quarter Earnings Webcast and Conference Call.
International participants should dial 1-412-902-4145 to access the
conference call.
The webcast will be archived on www.renasant.com beginning one
hour after the call and will remain accessible for one year.
Replays can also be accessed via telephone by dialing
1-877-344-7529 in the United
States and entering conference number 10110411 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until August 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 $10.0 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. Certain non-GAAP financial
measures that the Company uses exclude purchase accounting
adjustments and interest income collected (foregone) on problem
loans from loan interest income and net interest income when
calculating the Company's taxable equivalent loan yields and net
interest margin, respectively. The Company's management uses these
non-GAAP financial measures to evaluate ongoing operating results
and to assess ongoing profitability.
Certain other non-GAAP financial measures (namely, 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) adjust GAAP financial measures to exclude intangible assets
and certain charges that the Company considers to be non-recurring
in nature. 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.
Reconciliations of these other 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."
With respect to all of the non-GAAP financial information that
the Company has included in this release, such 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017
-
|
|
For The Six Months
Ending
|
|
|
|
|
2017
|
|
2016
|
|
Q2
2016
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
|
89,429
|
|
|
$
|
83,781
|
|
|
$
|
87,564
|
|
|
$
|
84,786
|
|
|
$
|
85,783
|
|
|
$
|
78,009
|
|
|
4.25
|
|
|
$
|
173,210
|
|
|
$
|
163,792
|
|
|
5.75
|
|
Interest
income
|
|
$
|
87,579
|
|
|
$
|
81,889
|
|
|
$
|
85,840
|
|
|
$
|
83,032
|
|
|
$
|
84,008
|
|
|
$
|
76,259
|
|
|
4.25
|
|
|
$
|
169,468
|
|
|
$
|
160,267
|
|
|
5.74
|
|
Interest
expense
|
|
7,976
|
|
|
7,874
|
|
|
7,791
|
|
|
7,301
|
|
|
6,851
|
|
|
6,205
|
|
|
16.42
|
|
|
15,850
|
|
|
13,056
|
|
|
21.40
|
|
|
Net interest
income
|
|
79,603
|
|
|
74,015
|
|
|
78,049
|
|
|
75,731
|
|
|
77,157
|
|
|
70,054
|
|
|
3.17
|
|
|
153,618
|
|
|
147,211
|
|
|
4.35
|
|
Provision for loan
losses
|
|
1,750
|
|
|
1,500
|
|
|
1,650
|
|
|
2,650
|
|
|
1,430
|
|
|
1,800
|
|
|
22.38
|
|
|
3,250
|
|
|
3,230
|
|
|
0.62
|
|
|
Net interest income
after provision
|
|
77,853
|
|
|
72,515
|
|
|
76,399
|
|
|
73,081
|
|
|
75,727
|
|
|
68,254
|
|
|
2.81
|
|
|
150,368
|
|
|
143,981
|
|
|
4.44
|
|
Service charges on
deposit accounts
|
|
7,958
|
|
|
7,931
|
|
|
8,163
|
|
|
8,200
|
|
|
7,521
|
|
|
7,991
|
|
|
5.81
|
|
|
15,889
|
|
|
15,512
|
|
|
2.43
|
|
Fees and commissions
on loans and deposits
|
|
5,470
|
|
|
5,199
|
|
|
4,772
|
|
|
4,921
|
|
|
4,877
|
|
|
4,244
|
|
|
12.16
|
|
|
10,669
|
|
|
9,121
|
|
|
16.98
|
|
Insurance commissions
and fees
|
|
2,181
|
|
|
1,860
|
|
|
1,951
|
|
|
2,420
|
|
|
2,175
|
|
|
1,962
|
|
|
0.28
|
|
|
4,041
|
|
|
4,137
|
|
|
(2.32)
|
|
Wealth management
revenue
|
|
3,037
|
|
|
2,884
|
|
|
2,849
|
|
|
3,040
|
|
|
2,872
|
|
|
2,891
|
|
|
5.75
|
|
|
5,921
|
|
|
5,763
|
|
|
2.74
|
|
Securities gains
(losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,257
|
|
|
(71)
|
|
|
—
|
|
|
—
|
|
|
1,186
|
|
|
—
|
|
Mortgage banking
income
|
|
12,424
|
|
|
10,504
|
|
|
8,262
|
|
|
15,846
|
|
|
13,420
|
|
|
11,915
|
|
|
(7.42)
|
|
|
22,928
|
|
|
25,335
|
|
|
(9.50)
|
|
Other
|
|
3,195
|
|
|
3,643
|
|
|
4,258
|
|
|
3,845
|
|
|
3,464
|
|
|
4,370
|
|
|
(7.77)
|
|
|
6,838
|
|
|
7,834
|
|
|
(12.72)
|
|
|
Total noninterest
income
|
|
34,265
|
|
|
32,021
|
|
|
30,255
|
|
|
38,272
|
|
|
35,586
|
|
|
33,302
|
|
|
(3.71)
|
|
|
66,286
|
|
|
68,888
|
|
|
(3.78)
|
|
Salaries and employee
benefits
|
|
45,014
|
|
|
42,209
|
|
|
39,966
|
|
|
44,702
|
|
|
45,387
|
|
|
42,393
|
|
|
(0.82)
|
|
|
87,223
|
|
|
87,780
|
|
|
(0.63)
|
|
Data
processing
|
|
3,835
|
|
|
4,234
|
|
|
4,503
|
|
|
4,560
|
|
|
4,502
|
|
|
4,158
|
|
|
(14.82)
|
|
|
8,069
|
|
|
8,660
|
|
|
(6.82)
|
|
Occupancy and
equipment
|
|
8,814
|
|
|
9,319
|
|
|
8,809
|
|
|
8,830
|
|
|
8,531
|
|
|
8,224
|
|
|
3.32
|
|
|
18,133
|
|
|
16,755
|
|
|
8.22
|
|
Other real
estate
|
|
781
|
|
|
532
|
|
|
1,585
|
|
|
1,540
|
|
|
1,614
|
|
|
957
|
|
|
(51.61)
|
|
|
1,313
|
|
|
2,571
|
|
|
(48.93)
|
|
Amortization of
intangibles
|
|
1,493
|
|
|
1,563
|
|
|
1,624
|
|
|
1,684
|
|
|
1,742
|
|
|
1,697
|
|
|
(14.29)
|
|
|
3,056
|
|
|
3,439
|
|
|
(11.14)
|
|
Merger and conversion
related expenses
|
|
3,044
|
|
|
345
|
|
|
—
|
|
|
268
|
|
|
2,807
|
|
|
948
|
|
|
8.44
|
|
|
3,389
|
|
|
3,755
|
|
|
(9.75)
|
|
Debt extinguishment
penalty
|
|
—
|
|
|
205
|
|
|
—
|
|
|
2,210
|
|
|
329
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
329
|
|
|
(37.69)
|
|
Loss share
termination
|
|
—
|
|
|
—
|
|
|
2,053
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
|
11,860
|
|
|
10,902
|
|
|
13,018
|
|
|
12,674
|
|
|
12,347
|
|
|
11,437
|
|
|
(3.94)
|
|
|
22,762
|
|
|
23,784
|
|
|
(4.30)
|
|
|
Total noninterest
expense
|
|
74,841
|
|
|
69,309
|
|
|
71,558
|
|
|
76,468
|
|
|
77,259
|
|
|
69,814
|
|
|
(3.13)
|
|
|
144,150
|
|
|
147,073
|
|
|
(1.99)
|
|
Income before income
taxes
|
|
37,277
|
|
|
35,227
|
|
|
35,096
|
|
|
34,885
|
|
|
34,054
|
|
|
31,742
|
|
|
9.46
|
|
|
72,504
|
|
|
65,796
|
|
|
10.20
|
|
Income
taxes
|
|
11,993
|
|
|
11,255
|
|
|
11,461
|
|
|
11,706
|
|
|
11,154
|
|
|
10,526
|
|
|
7.52
|
|
|
23,248
|
|
|
21,680
|
|
|
7.23
|
|
|
Net
income
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
$
|
23,635
|
|
|
$
|
23,179
|
|
|
$
|
22,900
|
|
|
$
|
21,216
|
|
|
10.41
|
|
|
$
|
49,256
|
|
|
$
|
44,116
|
|
|
11.65
|
|
Basic earnings per
share
|
|
$
|
0.57
|
|
|
$
|
0.54
|
|
|
$
|
0.56
|
|
|
$
|
0.55
|
|
|
$
|
0.54
|
|
|
$
|
0.53
|
|
|
5.56
|
|
|
$
|
1.11
|
|
|
$
|
1.07
|
|
|
3.74
|
|
Diluted earnings per
share
|
|
0.57
|
|
|
0.54
|
|
|
0.55
|
|
|
0.55
|
|
|
0.54
|
|
|
0.52
|
|
|
5.56
|
|
|
1.11
|
|
|
1.06
|
|
|
4.72
|
|
Average basic shares
outstanding
|
|
44,415,423
|
|
|
44,364,337
|
|
|
42,441,588
|
|
|
42,091,164
|
|
|
42,066,168
|
|
|
40,324,475
|
|
|
5.58
|
|
|
44,390,021
|
|
|
41,200,133
|
|
|
7.74
|
|
Average diluted
shares outstanding
|
|
44,523,541
|
|
|
44,480,499
|
|
|
42,636,325
|
|
|
42,310,358
|
|
|
42,303,626
|
|
|
40,559,145
|
|
|
5.25
|
|
|
44,500,280
|
|
|
41,435,963
|
|
|
7.40
|
|
Common shares
outstanding
|
|
44,430,335
|
|
|
44,394,707
|
|
|
44,332,273
|
|
|
42,102,224
|
|
|
42,085,690
|
|
|
40,373,753
|
|
|
5.57
|
|
|
44,430,335
|
|
|
42,085,690
|
|
|
5.57
|
|
Cash dividend per
common share
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.17
|
|
|
—
|
|
|
$
|
0.36
|
|
|
$
|
0.35
|
|
|
2.86
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
|
8.06
|
%
|
|
7.80
|
%
|
|
8.14
|
%
|
|
8.12
|
%
|
|
8.21
|
%
|
|
8.12
|
%
|
|
|
|
7.93
|
%
|
|
8.17
|
%
|
|
|
Return on avg
tangible s/h's equity (1)
|
|
13.76
|
%
|
|
13.48
|
%
|
|
14.90
|
%
|
|
15.15
|
%
|
|
15.57
|
%
|
|
15.58
|
%
|
|
|
|
13.62
|
%
|
|
15.57
|
%
|
|
|
Return on avg
assets
|
|
1.16
|
%
|
|
1.11
|
%
|
|
1.09
|
%
|
|
1.08
|
%
|
|
1.08
|
%
|
|
1.07
|
%
|
|
|
|
1.14
|
%
|
|
1.07
|
%
|
|
|
Return on avg
tangible assets (2)
|
|
1.28
|
%
|
|
1.23
|
%
|
|
1.22
|
%
|
|
1.20
|
%
|
|
1.20
|
%
|
|
1.20
|
%
|
|
|
|
1.26
|
%
|
|
1.20
|
%
|
|
|
Net interest margin
(FTE)
|
|
4.27
|
%
|
|
4.01
|
%
|
|
4.24
|
%
|
|
4.15
|
%
|
|
4.29
|
%
|
|
4.21
|
%
|
|
|
|
4.14
|
%
|
|
4.25
|
%
|
|
|
Yield on earning
assets (FTE)
|
|
4.68
|
%
|
|
4.43
|
%
|
|
4.66
|
%
|
|
4.54
|
%
|
|
4.66
|
%
|
|
4.57
|
%
|
|
|
|
4.56
|
%
|
|
4.62
|
%
|
|
|
Cost of
funding
|
|
0.43
|
%
|
|
0.43
|
%
|
|
0.42
|
%
|
|
0.40
|
%
|
|
0.38
|
%
|
|
0.37
|
%
|
|
|
|
0.43
|
%
|
|
0.37
|
%
|
|
|
Average earning
assets to average assets
|
|
87.81
|
%
|
|
87.55
|
%
|
|
87.10
|
%
|
|
86.82
|
%
|
|
86.59
|
%
|
|
86.21
|
%
|
|
|
|
87.68
|
%
|
|
86.41
|
%
|
|
|
Average loans to
average deposits
|
|
88.03
|
%
|
|
86.81
|
%
|
|
88.89
|
%
|
|
89.40
|
%
|
|
87.73
|
%
|
|
87.39
|
%
|
|
|
|
87.42
|
%
|
|
87.56
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
1.58
|
%
|
|
1.48
|
%
|
|
1.40
|
%
|
|
1.78
|
%
|
|
1.62
|
%
|
|
1.69
|
%
|
|
|
|
1.53
|
%
|
|
1.65
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
merger-related
expenses) to average assets
|
|
3.30
|
%
|
|
3.18
|
%
|
|
3.22
|
%
|
|
3.44
|
%
|
|
3.49
|
%
|
|
3.48
|
%
|
|
|
|
3.24
|
%
|
|
3.48
|
%
|
|
|
Net overhead
ratio
|
|
1.72
|
%
|
|
1.70
|
%
|
|
1.82
|
%
|
|
1.66
|
%
|
|
1.87
|
%
|
|
1.79
|
%
|
|
|
|
1.71
|
%
|
|
1.83
|
%
|
|
|
Efficiency ratio
(FTE) (4)
|
|
60.75
|
%
|
|
62.26
|
%
|
|
61.69
|
%
|
|
62.46
|
%
|
|
63.91
|
%
|
|
63.86
|
%
|
|
|
|
61.48
|
%
|
|
63.88
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2
2017
|
|
For The Six Months
Ending
|
|
|
|
|
2017
|
|
2016
|
|
Q2
2016
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
8,720,660
|
|
|
$
|
8,759,448
|
|
|
$
|
8,591,795
|
|
|
$
|
8,562,199
|
|
|
$
|
8,541,818
|
|
|
$
|
7,961,700
|
|
|
2.09
|
|
|
$
|
8,739,947
|
|
|
$
|
8,253,361
|
|
|
5.90
|
|
Earning
assets
|
|
7,657,849
|
|
|
7,668,582
|
|
|
7,483,222
|
|
|
7,433,461
|
|
|
7,396,283
|
|
|
6,863,905
|
|
|
3.54
|
|
|
7,663,186
|
|
|
7,131,564
|
|
|
7.45
|
|
Securities
|
|
1,069,244
|
|
|
1,043,697
|
|
|
1,034,270
|
|
|
1,045,905
|
|
|
1,111,831
|
|
|
1,103,504
|
|
|
(3.83)
|
|
|
1,056,541
|
|
|
1,107,690
|
|
|
(4.62)
|
|
Mortgage loans held
for sale
|
|
168,650
|
|
|
112,105
|
|
|
184,583
|
|
|
241,314
|
|
|
306,011
|
|
|
217,200
|
|
|
(44.89)
|
|
|
140,534
|
|
|
261,851
|
|
|
(46.33)
|
|
Loans, net of
unearned
|
|
6,293,497
|
|
|
6,198,705
|
|
|
6,147,077
|
|
|
6,048,017
|
|
|
5,897,650
|
|
|
5,482,167
|
|
|
6.71
|
|
|
6,246,363
|
|
|
5,691,056
|
|
|
9.76
|
|
Intangibles
|
|
492,349
|
|
|
493,816
|
|
|
495,404
|
|
|
497,064
|
|
|
499,503
|
|
|
473,852
|
|
|
(1.43)
|
|
|
493,078
|
|
|
486,749
|
|
|
1.30
|
|
Noninterest-bearing
deposits
|
|
$
|
1,608,467
|
|
|
$
|
1,558,809
|
|
|
$
|
1,564,150
|
|
|
$
|
1,510,309
|
|
|
$
|
1,477,380
|
|
|
$
|
1,316,495
|
|
|
8.87
|
|
|
$
|
1,583,775
|
|
|
$
|
1,397,382
|
|
|
13.34
|
|
Interest-bearing
deposits
|
|
5,540,698
|
|
|
5,581,853
|
|
|
5,351,354
|
|
|
5,255,102
|
|
|
5,245,406
|
|
|
4,956,983
|
|
|
5.63
|
|
|
5,561,162
|
|
|
5,101,991
|
|
|
9.00
|
|
Total
deposits
|
|
7,149,165
|
|
|
7,140,662
|
|
|
6,915,505
|
|
|
6,765,411
|
|
|
6,722,786
|
|
|
6,273,478
|
|
|
6.34
|
|
|
7,144,937
|
|
|
6,499,373
|
|
|
9.93
|
|
Borrowed
funds
|
|
233,542
|
|
|
282,008
|
|
|
412,589
|
|
|
550,222
|
|
|
594,459
|
|
|
539,078
|
|
|
(60.71)
|
|
|
257,641
|
|
|
566,921
|
|
|
(54.55)
|
|
Shareholders'
equity
|
|
1,258,935
|
|
|
1,246,903
|
|
|
1,155,749
|
|
|
1,135,073
|
|
|
1,121,298
|
|
|
1,050,668
|
|
|
12.27
|
|
|
1,252,952
|
|
|
1,086,178
|
|
|
15.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017
-
|
|
As
of
|
|
2017
|
|
2016
|
|
Q4
2016
|
|
June
30,
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
8,872,272
|
|
|
$
|
8,764,711
|
|
|
$
|
8,699,851
|
|
|
$
|
8,542,471
|
|
|
$
|
8,529,566
|
|
|
$
|
8,146,229
|
|
|
1.98
|
|
|
$
|
8,872,272
|
|
|
$
|
8,529,566
|
|
|
4.02
|
|
Earning
assets
|
|
7,763,775
|
|
|
7,690,045
|
|
|
7,556,760
|
|
|
7,409,068
|
|
|
7,396,888
|
|
|
7,045,179
|
|
|
2.74
|
|
|
7,763,775
|
|
|
7,396,888
|
|
|
4.96
|
|
Securities
|
|
1,076,625
|
|
|
1,044,862
|
|
|
1,030,530
|
|
|
1,039,957
|
|
|
1,063,592
|
|
|
1,101,820
|
|
|
4.47
|
|
|
1,076,625
|
|
|
1,063,592
|
|
|
1.23
|
|
Mortgage loans held
for sale
|
|
232,398
|
|
|
158,619
|
|
|
177,866
|
|
|
189,965
|
|
|
276,782
|
|
|
298,365
|
|
|
30.66
|
|
|
232,398
|
|
|
276,782
|
|
|
(16.04)
|
|
Loans not
purchased
|
|
5,058,898
|
|
|
4,834,085
|
|
|
4,710,385
|
|
|
4,526,026
|
|
|
4,292,549
|
|
|
4,074,413
|
|
|
7.33
|
|
|
5,058,898
|
|
|
4,292,549
|
|
|
17.85
|
|
Loans purchased and
covered by FDIC loss-share
agreements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,533
|
|
|
42,171
|
|
|
44,989
|
|
|
—
|
|
|
—
|
|
|
42,171
|
|
|
—
|
|
Loans purchased and
not covered by FDIC loss-share
agreements
|
|
1,312,109
|
|
|
1,401,720
|
|
|
1,489,137
|
|
|
1,548,674
|
|
|
1,630,709
|
|
|
1,453,328
|
|
|
(11.89)
|
|
|
1,312,109
|
|
|
1,630,709
|
|
|
(19.54)
|
|
|
Total
loans
|
|
6,371,007
|
|
|
6,235,805
|
|
|
6,199,522
|
|
|
6,105,233
|
|
|
5,965,429
|
|
|
5,572,730
|
|
|
2.71
|
|
|
6,371,007
|
|
|
5,965,429
|
|
|
6.80
|
|
Intangibles
|
|
491,552
|
|
|
493,045
|
|
|
494,608
|
|
|
496,233
|
|
|
497,917
|
|
|
476,539
|
|
|
(0.62)
|
|
|
491,552
|
|
|
497,917
|
|
|
(1.28)
|
|
Noninterest-bearing
deposits
|
|
$
|
1,642,863
|
|
|
$
|
1,579,581
|
|
|
$
|
1,561,357
|
|
|
$
|
1,514,820
|
|
|
$
|
1,459,383
|
|
|
$
|
1,384,503
|
|
|
5.22
|
|
|
$
|
1,642,863
|
|
|
$
|
1,459,383
|
|
|
12.57
|
|
Interest-bearing
deposits
|
|
5,559,162
|
|
|
5,651,269
|
|
|
5,497,780
|
|
|
5,302,978
|
|
|
5,243,104
|
|
|
5,046,874
|
|
|
1.12
|
|
|
5,559,162
|
|
|
5,243,104
|
|
|
6.03
|
|
|
Total
deposits
|
|
7,202,025
|
|
|
7,230,850
|
|
|
7,059,137
|
|
|
6,817,798
|
|
|
6,702,487
|
|
|
6,431,377
|
|
|
2.02
|
|
|
7,202,025
|
|
|
6,702,487
|
|
|
7.45
|
|
Borrowed
funds
|
|
312,077
|
|
|
202,006
|
|
|
312,135
|
|
|
469,580
|
|
|
588,650
|
|
|
561,671
|
|
|
(0.02)
|
|
|
312,077
|
|
|
588,650
|
|
|
(46.98)
|
|
Shareholders'
equity
|
|
1,271,786
|
|
|
1,251,065
|
|
|
1,232,883
|
|
|
1,142,247
|
|
|
1,124,256
|
|
|
1,053,178
|
|
|
3.16
|
|
|
1,271,786
|
|
|
1,124,256
|
|
|
13.12
|
|
Market value per
common share
|
|
$
|
43.74
|
|
|
$
|
39.69
|
|
|
$
|
42.22
|
|
|
$
|
33.63
|
|
|
$
|
32.33
|
|
|
$
|
32.91
|
|
|
3.60
|
|
|
$
|
43.74
|
|
|
$
|
32.33
|
|
|
35.29
|
|
Book value per common
share
|
|
28.62
|
|
|
28.18
|
|
|
27.81
|
|
|
27.13
|
|
|
26.71
|
|
|
26.09
|
|
|
2.91
|
|
|
28.62
|
|
|
26.71
|
|
|
7.14
|
|
Tangible book value
per common share
|
|
17.56
|
|
|
17.07
|
|
|
16.65
|
|
|
15.34
|
|
|
14.88
|
|
|
14.28
|
|
|
5.45
|
|
|
17.56
|
|
|
14.88
|
|
|
17.99
|
|
Shareholders' equity
to assets (actual)
|
|
14.33
|
%
|
|
14.27
|
%
|
|
14.17
|
%
|
|
13.37
|
%
|
|
13.18
|
%
|
|
12.93
|
%
|
|
|
|
14.33
|
%
|
|
13.18
|
%
|
|
|
Tangible capital
ratio (3)
|
|
9.31
|
%
|
|
9.16
|
%
|
|
9.00
|
%
|
|
8.03
|
%
|
|
7.80
|
%
|
|
7.52
|
%
|
|
|
|
9.31
|
%
|
|
7.80
|
%
|
|
|
Leverage
ratio
|
|
10.68
|
%
|
|
10.39
|
%
|
|
10.59
|
%
|
|
9.38
|
%
|
|
9.18
|
%
|
|
9.19
|
%
|
|
|
|
10.68
|
%
|
|
9.18
|
%
|
|
|
Common equity tier 1
capital ratio
|
|
11.65
|
%
|
|
11.69
|
%
|
|
11.48
|
%
|
|
10.16
|
%
|
|
10.12
|
%
|
|
9.88
|
%
|
|
|
|
11.65
|
%
|
|
10.12
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
|
12.86
|
%
|
|
12.93
|
%
|
|
12.86
|
%
|
|
11.57
|
%
|
|
11.55
|
%
|
|
11.38
|
%
|
|
|
|
12.86
|
%
|
|
11.55
|
%
|
|
|
Total risk-based
capital ratio
|
|
15.00
|
%
|
|
15.11
|
%
|
|
15.03
|
%
|
|
13.84
|
%
|
|
12.31
|
%
|
|
12.17
|
%
|
|
|
|
15.00
|
%
|
|
12.31
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017
-
|
|
As
of
|
|
|
|
|
2017
|
|
2016
|
|
Q4
2016
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2017
|
|
2016
|
|
Variance
|
Loans not
purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
657,713
|
|
|
$
|
626,237
|
|
|
$
|
589,290
|
|
|
$
|
554,151
|
|
|
$
|
530,258
|
|
|
$
|
520,463
|
|
|
11.61
|
|
|
$
|
657,713
|
|
|
$
|
530,258
|
|
|
24.04
|
|
Lease
Financing
|
|
49,066
|
|
|
47,816
|
|
|
46,841
|
|
|
45,510
|
|
|
43,116
|
|
|
41,937
|
|
|
4.75
|
|
|
49,066
|
|
|
43,116
|
|
|
13.80
|
|
Real estate-
construction
|
|
424,861
|
|
|
378,061
|
|
|
483,926
|
|
|
415,934
|
|
|
381,690
|
|
|
325,188
|
|
|
(12.21)
|
|
|
424,861
|
|
|
381,690
|
|
|
11.31
|
|
Real estate - 1-4
family mortgages
|
|
1,551,934
|
|
|
1,485,663
|
|
|
1,422,543
|
|
|
1,388,066
|
|
|
1,328,948
|
|
|
1,263,879
|
|
|
8.85
|
|
|
1,551,934
|
|
|
1,328,948
|
|
|
16.78
|
|
Real estate -
commercial mortgages
|
|
2,281,220
|
|
|
2,203,639
|
|
|
2,075,137
|
|
|
2,030,626
|
|
|
1,918,778
|
|
|
1,836,053
|
|
|
9.93
|
|
|
2,281,220
|
|
|
1,918,778
|
|
|
18.89
|
|
Installment loans to
individuals
|
|
94,104
|
|
|
92,669
|
|
|
92,648
|
|
|
91,739
|
|
|
89,759
|
|
|
86,893
|
|
|
1.57
|
|
|
94,104
|
|
|
89,759
|
|
|
4.84
|
|
Loans, net of
unearned
|
|
$
|
5,058,898
|
|
|
$
|
4,834,085
|
|
|
$
|
4,710,385
|
|
|
$
|
4,526,026
|
|
|
$
|
4,292,549
|
|
|
$
|
4,074,413
|
|
|
7.33
|
|
|
$
|
5,058,898
|
|
|
$
|
4,292,549
|
|
|
17.85
|
|
Loans purchased
and covered by FDIC loss-share
agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
607
|
|
|
$
|
624
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
607
|
|
|
—
|
|
Lease
Financing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
—
|
|
Real estate - 1-4
family mortgages
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,304
|
|
|
34,640
|
|
|
36,350
|
|
|
—
|
|
|
—
|
|
|
34,640
|
|
|
—
|
|
Real estate -
commercial mortgages
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180
|
|
|
6,790
|
|
|
7,870
|
|
|
—
|
|
|
—
|
|
|
6,790
|
|
|
—
|
|
Installment loans to
individuals
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
51
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
Loans, net of
unearned
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,533
|
|
|
$
|
42,171
|
|
|
$
|
44,989
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
42,171
|
|
|
—
|
|
Loans purchased
and not covered by FDIC loss-share
agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
102,869
|
|
|
$
|
115,229
|
|
|
$
|
128,200
|
|
|
$
|
139,961
|
|
|
$
|
152,071
|
|
|
$
|
133,847
|
|
|
(19.76)
|
|
|
$
|
102,869
|
|
|
$
|
152,071
|
|
|
(32.35)
|
|
Lease
Financing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
|
35,946
|
|
|
35,673
|
|
|
68,753
|
|
|
71,704
|
|
|
70,958
|
|
|
52,300
|
|
|
(47.72)
|
|
|
35,946
|
|
|
70,958
|
|
|
(49.34)
|
|
Real estate - 1-4
family mortgages
|
|
400,460
|
|
|
431,904
|
|
|
452,447
|
|
|
452,274
|
|
|
485,458
|
|
|
477,266
|
|
|
(11.49)
|
|
|
400,460
|
|
|
485,458
|
|
|
(17.51)
|
|
Real estate -
commercial mortgages
|
|
759,743
|
|
|
804,790
|
|
|
823,758
|
|
|
864,825
|
|
|
898,108
|
|
|
763,587
|
|
|
(7.77)
|
|
|
759,743
|
|
|
898,108
|
|
|
(15.41)
|
|
Installment loans to
individuals
|
|
13,091
|
|
|
14,124
|
|
|
15,979
|
|
|
19,910
|
|
|
24,114
|
|
|
26,328
|
|
|
(18.07)
|
|
|
13,091
|
|
|
24,114
|
|
|
(45.71)
|
|
Loans, net of
unearned
|
|
$
|
1,312,109
|
|
|
$
|
1,401,720
|
|
|
$
|
1,489,137
|
|
|
$
|
1,548,674
|
|
|
$
|
1,630,709
|
|
|
$
|
1,453,328
|
|
|
(11.89)
|
|
|
$
|
1,312,109
|
|
|
$
|
1,630,709
|
|
|
(19.54)
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets not
purchased:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
11,413
|
|
|
$
|
12,629
|
|
|
$
|
11,273
|
|
|
$
|
12,454
|
|
|
$
|
10,591
|
|
|
$
|
11,690
|
|
|
1.24
|
|
|
$
|
11,413
|
|
|
$
|
10,591
|
|
|
7.76
|
|
Loans 90 past due or
more
|
|
1,283
|
|
|
2,175
|
|
|
2,079
|
|
|
2,315
|
|
|
1,428
|
|
|
2,495
|
|
|
(38.29)
|
|
|
1,283
|
|
|
1,428
|
|
|
(10.15)
|
|
Nonperforming
loans
|
|
12,696
|
|
|
14,804
|
|
|
13,352
|
|
|
14,769
|
|
|
12,019
|
|
|
14,185
|
|
|
(4.91)
|
|
|
12,696
|
|
|
12,019
|
|
|
5.63
|
|
Other real estate
owned
|
|
4,305
|
|
|
5,056
|
|
|
5,929
|
|
|
8,429
|
|
|
9,575
|
|
|
12,810
|
|
|
(27.39)
|
|
|
4,305
|
|
|
9,575
|
|
|
(55.04)
|
|
Nonperforming assets
not purchased
|
|
$
|
17,001
|
|
|
$
|
19,860
|
|
|
$
|
19,281
|
|
|
$
|
23,198
|
|
|
$
|
21,594
|
|
|
$
|
26,995
|
|
|
(11.83)
|
|
|
$
|
17,001
|
|
|
$
|
21,594
|
|
|
(21.27)
|
|
Assets purchased
and subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,628
|
|
|
$
|
2,060
|
|
|
$
|
2,708
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
2,060
|
|
|
—
|
|
Loans 90 past due or
more
|
|
—
|
|
|
—
|
|
|
—
|
|
|
786
|
|
|
2,076
|
|
|
4,343
|
|
|
—
|
|
|
—
|
|
|
2,076
|
|
|
—
|
|
Nonperforming
loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,414
|
|
|
4,136
|
|
|
7,051
|
|
|
—
|
|
|
—
|
|
|
4,136
|
|
|
—
|
|
Other real estate
owned
|
|
—
|
|
|
—
|
|
|
—
|
|
|
926
|
|
|
2,618
|
|
|
1,373
|
|
|
—
|
|
|
—
|
|
|
2,618
|
|
|
—
|
|
Nonperforming assets
purchased and subject to loss share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,340
|
|
|
$
|
6,754
|
|
|
$
|
8,424
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
6,754
|
|
|
—
|
|
Assets purchased
and not subject to loss share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
5,927
|
|
|
$
|
8,495
|
|
|
$
|
11,347
|
|
|
$
|
12,105
|
|
|
$
|
13,312
|
|
|
$
|
12,368
|
|
|
(47.77)
|
|
|
$
|
5,927
|
|
|
$
|
13,312
|
|
|
(55.48)
|
|
Loans 90 past due or
more
|
|
8,128
|
|
|
11,897
|
|
|
10,815
|
|
|
12,619
|
|
|
13,650
|
|
|
10,805
|
|
|
(24.85)
|
|
|
8,128
|
|
|
13,650
|
|
|
(40.45)
|
|
Nonperforming
loans
|
|
14,055
|
|
|
20,392
|
|
|
22,162
|
|
|
24,724
|
|
|
26,962
|
|
|
23,173
|
|
|
(36.58)
|
|
|
14,055
|
|
|
26,962
|
|
|
(47.87)
|
|
Other real estate
owned
|
|
15,409
|
|
|
16,266
|
|
|
17,370
|
|
|
16,973
|
|
|
17,146
|
|
|
19,051
|
|
|
(11.29)
|
|
|
15,409
|
|
|
17,146
|
|
|
(10.13)
|
|
Nonperforming assets
purchased
|
|
$
|
29,464
|
|
|
$
|
36,658
|
|
|
$
|
39,532
|
|
|
$
|
41,697
|
|
|
$
|
44,108
|
|
|
$
|
42,224
|
|
|
(25.47)
|
|
|
$
|
29,464
|
|
|
$
|
44,108
|
|
|
(33.20)
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
524
|
|
|
$
|
1,314
|
|
|
$
|
4,837
|
|
|
$
|
824
|
|
|
$
|
191
|
|
|
$
|
1,378
|
|
|
(89.17)
|
|
|
$
|
1,838
|
|
|
$
|
1,569
|
|
|
17.14
|
|
Allowance for loan
losses
|
|
$
|
44,149
|
|
|
$
|
42,923
|
|
|
$
|
42,737
|
|
|
$
|
45,924
|
|
|
$
|
44,098
|
|
|
$
|
42,859
|
|
|
3.30
|
|
|
$
|
44,149
|
|
|
$
|
44,098
|
|
|
0.12
|
|
Annualized net loan
charge-offs / average loans
|
|
0.03
|
%
|
|
0.09
|
%
|
|
0.31
|
%
|
|
0.05
|
%
|
|
0.01
|
%
|
|
0.10
|
%
|
|
|
|
0.06
|
%
|
|
0.06
|
%
|
|
|
Nonperforming loans /
total loans*
|
|
0.42
|
%
|
|
0.56
|
%
|
|
0.57
|
%
|
|
0.69
|
%
|
|
0.72
|
%
|
|
0.80
|
%
|
|
|
|
0.42
|
%
|
|
0.72
|
%
|
|
|
Nonperforming assets
/ total assets*
|
|
0.52
|
%
|
|
0.64
|
%
|
|
0.68
|
%
|
|
0.80
|
%
|
|
0.85
|
%
|
|
0.95
|
%
|
|
|
|
0.52
|
%
|
|
0.85
|
%
|
|
|
Allowance for loan
losses / total loans*
|
|
0.69
|
%
|
|
0.69
|
%
|
|
0.69
|
%
|
|
0.75
|
%
|
|
0.74
|
%
|
|
0.77
|
%
|
|
|
|
0.69
|
%
|
|
0.74
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
165.04
|
%
|
|
121.95
|
%
|
|
120.34
|
%
|
|
109.59
|
%
|
|
102.28
|
%
|
|
96.51
|
%
|
|
|
|
165.04
|
%
|
|
102.28
|
%
|
|
|
Nonperforming loans /
total loans**
|
|
0.25
|
%
|
|
0.31
|
%
|
|
0.28
|
%
|
|
0.33
|
%
|
|
0.28
|
%
|
|
0.35
|
%
|
|
|
|
0.25
|
%
|
|
0.28
|
%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.19
|
%
|
|
0.23
|
%
|
|
0.22
|
%
|
|
0.27
|
%
|
|
0.25
|
%
|
|
0.33
|
%
|
|
|
|
0.19
|
%
|
|
0.25
|
%
|
|
|
Allowance for loan
losses / total loans**
|
|
0.87
|
%
|
|
0.89
|
%
|
|
0.91
|
%
|
|
1.01
|
%
|
|
1.03
|
%
|
|
1.05
|
%
|
|
|
|
0.87
|
%
|
|
1.03
|
%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
347.74
|
%
|
|
289.94
|
%
|
|
320.08
|
%
|
|
310.95
|
%
|
|
366.90
|
%
|
|
302.14
|
%
|
|
|
|
347.74
|
%
|
|
366.90
|
%
|
|
|
*Based on all assets
(includes purchased assets)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Excludes all assets
purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
(Unaudited)
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
For The Six Months
Ending
|
|
|
June 30,
2017
|
|
March 31,
2017
|
|
June 30,
2016
|
|
June 30,
2017
|
|
June 30,
2016
|
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not
purchased
|
|
$
|
4,938,922
|
|
$
|
54,955
|
|
4.46
|
%
|
|
$
|
4,752,628
|
|
$
|
51,143
|
|
4.36
|
%
|
|
$
|
4,190,646
|
|
$
|
46,012
|
|
4.42
|
%
|
|
$
|
4,846,290
|
|
|
$
|
106,098
|
|
|
4.41
|
%
|
|
$
|
4,065,861
|
|
|
$
|
89,173
|
|
|
4.41
|
%
|
Purchased
|
|
1,354,575
|
|
23,902
|
|
7.08
|
|
|
1,446,077
|
|
22,567
|
|
6.33
|
|
|
1,665,623
|
|
27,623
|
|
6.67
|
|
|
1,400,073
|
|
|
46,469
|
|
|
6.69
|
|
|
1,562,468
|
|
|
50,557
|
|
|
6.51
|
|
Purchased and
covered(1)
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
41,381
|
|
1,073
|
|
10.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,727
|
|
|
2,208
|
|
|
7.08
|
|
Total
loans
|
|
6,293,497
|
|
78,857
|
|
5.03
|
|
|
6,198,705
|
|
73,710
|
|
4.82
|
|
|
5,897,650
|
|
74,708
|
|
5.09
|
|
|
6,246,363
|
|
|
152,567
|
|
|
4.93
|
|
|
5,691,056
|
|
|
141,938
|
|
|
5.02
|
|
Mortgage loans held
for sale
|
|
168,650
|
|
1,831
|
|
4.35
|
|
|
112,105
|
|
1,148
|
|
4.15
|
|
|
306,011
|
|
2,472
|
|
3.25
|
|
|
140,534
|
|
|
2,980
|
|
|
4.28
|
|
|
261,851
|
|
|
4,845
|
|
|
3.72
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(2)
|
|
737,494
|
|
4,340
|
|
2.36
|
|
|
704,805
|
|
4,070
|
|
2.34
|
|
|
755,220
|
|
4,321
|
|
2.30
|
|
|
721,240
|
|
|
8,410
|
|
|
2.35
|
|
|
751,887
|
|
|
8,457
|
|
|
2.26
|
|
Tax-exempt
|
|
331,750
|
|
3,891
|
|
4.70
|
|
|
338,892
|
|
4,297
|
|
5.14
|
|
|
356,611
|
|
4,178
|
|
4.71
|
|
|
335,301
|
|
|
8,188
|
|
|
4.92
|
|
|
355,804
|
|
|
8,384
|
|
|
4.74
|
|
Total
securities
|
|
1,069,244
|
|
8,231
|
|
3.09
|
|
|
1,043,697
|
|
8,367
|
|
3.25
|
|
|
1,111,831
|
|
8,499
|
|
3.07
|
|
|
1,056,541
|
|
|
16,598
|
|
|
3.17
|
|
|
1,107,691
|
|
|
16,841
|
|
|
3.06
|
|
Interest-bearing
balances with banks
|
|
126,458
|
|
510
|
|
1.62
|
|
|
314,075
|
|
556
|
|
0.72
|
|
|
80,791
|
|
104
|
|
0.52
|
|
|
219,748
|
|
|
1,065
|
|
|
0.98
|
|
|
70,967
|
|
|
177
|
|
|
0.50
|
|
Total
interest-earning assets
|
|
7,657,849
|
|
89,429
|
|
4.68
|
|
|
7,668,582
|
|
83,781
|
|
4.43
|
|
|
7,396,283
|
|
85,783
|
|
4.66
|
|
|
7,663,186
|
|
|
173,210
|
|
|
4.56
|
|
|
7,131,565
|
|
|
163,801
|
|
|
4.62
|
|
Cash and due from
banks
|
|
116,783
|
|
|
|
|
|
131,874
|
|
|
|
|
|
139,681
|
|
|
|
|
|
124,287
|
|
|
|
|
|
|
139,039
|
|
|
|
|
|
Intangible
assets
|
|
492,349
|
|
|
|
|
|
493,816
|
|
|
|
|
|
499,503
|
|
|
|
|
|
493,078
|
|
|
|
|
|
|
486,749
|
|
|
|
|
|
FDIC loss-share
indemnification asset
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
5,969
|
|
|
|
|
|
—
|
|
|
|
|
|
|
6,187
|
|
|
|
|
|
Other
assets
|
|
453,679
|
|
|
|
|
|
465,176
|
|
|
|
|
|
500,382
|
|
|
|
|
|
459,396
|
|
|
|
|
|
|
489,821
|
|
|
|
|
|
Total
assets
|
|
$
|
8,720,660
|
|
|
|
|
|
$
|
8,759,448
|
|
|
|
|
|
$
|
8,541,818
|
|
|
|
|
|
$
|
8,739,947
|
|
|
|
|
|
|
$
|
8,253,361
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(3)
|
|
3,368,363
|
|
1,917
|
|
0.23
|
|
|
3,410,606
|
|
1,813
|
|
0.22
|
|
|
3,111,718
|
|
1,421
|
|
0.18
|
|
|
3,389,368
|
|
|
3,730
|
|
|
0.22
|
|
|
3,034,314
|
|
|
2,762
|
|
|
0.18
|
|
Savings
deposits
|
|
568,535
|
|
98
|
|
0.07
|
|
|
553,985
|
|
96
|
|
0.07
|
|
|
526,596
|
|
93
|
|
0.07
|
|
|
561,300
|
|
|
194
|
|
|
0.07
|
|
|
517,304
|
|
|
182
|
|
|
0.07
|
|
Time
deposits
|
|
1,603,800
|
|
3,300
|
|
0.83
|
|
|
1,617,262
|
|
3,240
|
|
0.81
|
|
|
1,607,092
|
|
2,906
|
|
0.73
|
|
|
1,610,494
|
|
|
6,539
|
|
|
0.82
|
|
|
1,550,373
|
|
|
5,436
|
|
|
0.71
|
|
Total
interest-bearing deposits
|
|
5,540,698
|
|
5,315
|
|
0.38
|
|
|
5,581,853
|
|
5,149
|
|
0.37
|
|
|
5,245,406
|
|
4,420
|
|
0.34
|
|
|
5,561,162
|
|
|
10,463
|
|
|
0.38
|
|
|
5,101,991
|
|
|
8,380
|
|
|
0.33
|
|
Borrowed
funds
|
|
233,542
|
|
2,661
|
|
4.57
|
|
|
282,008
|
|
2,725
|
|
3.92
|
|
|
594,459
|
|
2,431
|
|
1.64
|
|
|
257,641
|
|
|
5,387
|
|
|
4.22
|
|
|
566,921
|
|
|
4,676
|
|
|
1.66
|
|
Total
interest-bearing liabilities
|
|
5,774,240
|
|
7,976
|
|
0.55
|
|
|
5,863,861
|
|
7,874
|
|
0.54
|
|
|
5,839,865
|
|
6,851
|
|
0.47
|
|
|
5,818,803
|
|
|
15,850
|
|
|
0.55
|
|
|
5,668,912
|
|
|
13,056
|
|
|
0.46
|
|
Noninterest-bearing
deposits
|
|
1,608,467
|
|
|
|
|
|
1,558,809
|
|
|
|
|
|
1,477,380
|
|
|
|
|
|
1,583,775
|
|
|
|
|
|
|
1,397,382
|
|
|
|
|
|
Other
liabilities
|
|
79,018
|
|
|
|
|
|
89,875
|
|
|
|
|
|
103,275
|
|
|
|
|
|
84,417
|
|
|
|
|
|
|
100,889
|
|
|
|
|
|
Shareholders'
equity
|
|
1,258,935
|
|
|
|
|
|
1,246,903
|
|
|
|
|
|
1,121,298
|
|
|
|
|
|
1,252,952
|
|
|
|
|
|
|
1,086,178
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
8,720,660
|
|
|
|
|
|
$
|
8,759,448
|
|
|
|
|
|
$
|
8,541,818
|
|
|
|
|
|
$
|
8,739,947
|
|
|
|
|
|
|
$
|
8,253,361
|
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
|
$
|
81,453
|
|
4.27
|
%
|
|
|
|
$
|
75,907
|
|
4.01
|
%
|
|
|
|
$
|
78,932
|
|
4.29
|
%
|
|
|
|
$
|
157,360
|
|
|
4.14
|
%
|
|
|
|
$
|
150,745
|
|
|
4.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
2017
|
|
2016
|
|
|
|
June
30,
|
|
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2017
|
|
2016
|
|
Net income
(GAAP)
|
|
$
|
25,284
|
|
|
$
|
23,972
|
|
|
$
|
23,635
|
|
|
$
|
23,179
|
|
|
$
|
22,900
|
|
|
$
|
21,216
|
|
|
|
|
$
|
49,256
|
|
|
$
|
44,116
|
|
|
|
Amortization of
intangibles, net of tax
|
|
1,013
|
|
|
1,064
|
|
|
1,094
|
|
|
1,119
|
|
|
1,171
|
|
|
1,134
|
|
|
|
|
2,077
|
|
|
2,305
|
|
|
Tangible net income
(non-GAAP)
|
|
$
|
26,297
|
|
|
$
|
25,036
|
|
|
$
|
24,729
|
|
|
$
|
24,298
|
|
|
$
|
24,071
|
|
|
$
|
22,350
|
|
|
|
|
$
|
51,333
|
|
|
$
|
46,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$
|
1,258,935
|
|
|
$
|
1,246,903
|
|
|
$
|
1,155,749
|
|
|
$
|
1,135,073
|
|
|
$
|
1,121,298
|
|
|
$
|
1,050,668
|
|
|
|
|
$
|
1,252,952
|
|
|
$
|
1,086,178
|
|
|
|
Intangibles
|
|
492,349
|
|
|
493,816
|
|
|
495,404
|
|
|
497,064
|
|
|
499,503
|
|
|
473,852
|
|
|
|
|
493,078
|
|
|
486,749
|
|
|
Average tangible
s/h's equity (non-GAAP)
|
|
$
|
766,586
|
|
|
$
|
753,087
|
|
|
$
|
660,345
|
|
|
$
|
638,009
|
|
|
$
|
621,795
|
|
|
$
|
576,816
|
|
|
|
|
$
|
759,874
|
|
|
$
|
599,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
$
|
8,720,660
|
|
|
$
|
8,759,448
|
|
|
$
|
8,591,795
|
|
|
$
|
8,562,199
|
|
|
$
|
8,541,818
|
|
|
$
|
7,961,700
|
|
|
|
|
$
|
8,739,947
|
|
|
$
|
8,253,361
|
|
|
|
Intangibles
|
|
492,349
|
|
|
493,816
|
|
|
495,404
|
|
|
497,064
|
|
|
499,503
|
|
|
473,852
|
|
|
|
|
493,078
|
|
|
486,749
|
|
|
Average tangible
assets (non-GAAP)
|
|
$
|
8,228,311
|
|
|
$
|
8,265,632
|
|
|
$
|
8,096,391
|
|
|
$
|
8,065,135
|
|
|
$
|
8,042,315
|
|
|
$
|
7,487,848
|
|
|
|
|
$
|
8,246,869
|
|
|
$
|
7,766,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
|
$
|
1,271,786
|
|
|
$
|
1,251,065
|
|
|
$
|
1,232,883
|
|
|
$
|
1,142,247
|
|
|
$
|
1,124,256
|
|
|
$
|
1,053,178
|
|
|
|
|
$
|
1,271,786
|
|
|
$
|
1,124,256
|
|
|
|
Intangibles
|
|
491,552
|
|
|
493,045
|
|
|
494,608
|
|
|
496,233
|
|
|
497,917
|
|
|
476,539
|
|
|
|
|
491,552
|
|
|
497,917
|
|
|
Actual tangible s/h's
equity (non-GAAP)
|
|
$
|
780,234
|
|
|
$
|
758,020
|
|
|
$
|
738,275
|
|
|
$
|
646,014
|
|
|
$
|
626,339
|
|
|
$
|
576,639
|
|
|
|
|
$
|
780,234
|
|
|
$
|
626,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
$
|
8,872,272
|
|
|
$
|
8,764,711
|
|
|
$
|
8,699,851
|
|
|
$
|
8,542,471
|
|
|
$
|
8,529,566
|
|
|
$
|
8,146,229
|
|
|
|
|
$
|
8,872,272
|
|
|
$
|
8,529,566
|
|
|
|
Intangibles
|
|
491,552
|
|
|
493,045
|
|
|
494,608
|
|
|
496,233
|
|
|
497,917
|
|
|
476,539
|
|
|
|
|
491,552
|
|
|
497,917
|
|
|
Actual tangible
assets (non-GAAP)
|
|
$
|
8,380,720
|
|
|
$
|
8,271,666
|
|
|
$
|
8,205,243
|
|
|
$
|
8,046,238
|
|
|
$
|
8,031,649
|
|
|
$
|
7,669,690
|
|
|
|
|
$
|
8,380,720
|
|
|
$
|
8,031,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
|
8.06
|
%
|
|
7.80
|
%
|
|
8.14
|
%
|
|
8.12
|
%
|
|
8.21
|
%
|
|
8.12
|
%
|
|
|
|
7.93
|
%
|
|
8.17
|
%
|
|
|
Effect of adjustment
for intangible assets
|
|
5.70
|
%
|
|
5.69
|
%
|
|
6.76
|
%
|
|
7.03
|
%
|
|
7.36
|
%
|
|
7.46
|
%
|
|
|
|
5.7
|
%
|
|
7.41
|
%
|
|
Return on avg
tangible s/h's equity (non-GAAP)
|
|
13.76
|
%
|
|
13.48
|
%
|
|
14.9
|
%
|
|
15.15
|
%
|
|
15.57
|
%
|
|
15.58
|
%
|
|
|
|
13.62
|
%
|
|
15.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on (average)
assets (GAAP)
|
|
1.16
|
%
|
|
1.11
|
%
|
|
1.09
|
%
|
|
1.08
|
%
|
|
1.08
|
%
|
|
1.07
|
%
|
|
|
|
1.14
|
%
|
|
1.07
|
%
|
|
|
Effect of adjustment
for intangible assets
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
0.13
|
%
|
|
0.13
|
%
|
|
|
|
0.12
|
%
|
|
0.13
|
%
|
|
Return on average
tangible assets (non-GAAP)
|
|
1.28
|
%
|
|
1.23
|
%
|
|
1.22
|
%
|
|
1.20
|
%
|
|
1.20
|
%
|
|
1.20
|
%
|
|
|
|
1.26
|
%
|
|
1.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to (actual) assets (GAAP)
|
|
14.33
|
%
|
|
14.27
|
%
|
|
14.17
|
%
|
|
13.37
|
%
|
|
13.18
|
%
|
|
12.93
|
%
|
|
|
|
14.33
|
%
|
|
13.18
|
%
|
|
|
Effect of adjustment
for intangible assets
|
|
5.02
|
%
|
|
5.11
|
%
|
|
5.17
|
%
|
|
5.34
|
%
|
|
5.38
|
%
|
|
5.41
|
%
|
|
|
|
5.02
|
%
|
|
5.38
|
%
|
|
Tangible capital
ratio (non-GAAP)
|
|
9.31
|
%
|
|
9.16
|
%
|
|
9.00
|
%
|
|
8.03
|
%
|
|
7.80
|
%
|
|
7.52
|
%
|
|
|
|
9.31
|
%
|
|
7.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF
EFFICIENCY RATIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
(FTE)
|
|
$
|
89,429
|
|
|
$
|
83,781
|
|
|
$
|
87,564
|
|
|
$
|
84,786
|
|
|
$
|
85,783
|
|
|
$
|
78,009
|
|
|
|
|
$
|
173,210
|
|
|
$
|
163,792
|
|
|
|
Interest
expense
|
|
7,976
|
|
|
7,874
|
|
|
7,791
|
|
|
7,301
|
|
|
6,851
|
|
|
6,205
|
|
|
|
|
15,850
|
|
|
13,056
|
|
|
Net Interest income
(FTE)
|
|
$
|
81,453
|
|
|
$
|
75,907
|
|
|
$
|
79,773
|
|
|
$
|
77,485
|
|
|
$
|
78,932
|
|
|
$
|
71,804
|
|
|
|
|
$
|
157,360
|
|
|
$
|
150,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
$
|
34,265
|
|
|
$
|
32,021
|
|
|
$
|
30,255
|
|
|
$
|
38,272
|
|
|
$
|
35,586
|
|
|
$
|
33,302
|
|
|
|
|
$
|
66,286
|
|
|
$
|
68,888
|
|
|
|
Securities gains
(losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,257
|
|
|
(71
|
)
|
|
|
|
—
|
|
|
1,186
|
|
|
Total noninterest
income
|
|
$
|
34,265
|
|
|
$
|
32,021
|
|
|
$
|
30,255
|
|
|
$
|
38,272
|
|
|
$
|
34,329
|
|
|
$
|
33,373
|
|
|
|
|
$
|
66,286
|
|
|
$
|
67,702
|
|
|
Total Income
(FTE)
|
|
$
|
115,718
|
|
|
$
|
107,928
|
|
|
$
|
110,028
|
|
|
$
|
115,757
|
|
|
$
|
113,261
|
|
|
$
|
105,177
|
|
|
|
|
$
|
223,646
|
|
|
$
|
218,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
|
74,841
|
|
|
$
|
69,309
|
|
|
$
|
71,558
|
|
|
$
|
76,468
|
|
|
$
|
77,259
|
|
|
$
|
69,814
|
|
|
|
|
$
|
144,150
|
|
|
$
|
147,073
|
|
|
|
Amortization of
intangibles
|
|
1,493
|
|
|
1,563
|
|
|
1,624
|
|
|
1,684
|
|
|
1,742
|
|
|
1,697
|
|
|
|
|
3,056
|
|
|
3,439
|
|
|
|
Merger-related
expenses
|
|
3,044
|
|
|
345
|
|
|
—
|
|
|
268
|
|
|
2,807
|
|
|
948
|
|
|
|
|
3,389
|
|
|
3,755
|
|
|
|
Debt extinguishment
penalty
|
|
—
|
|
|
205
|
|
|
—
|
|
|
2,210
|
|
|
329
|
|
|
—
|
|
|
|
|
205
|
|
|
329
|
|
|
|
Loss share
termination
|
|
—
|
|
|
—
|
|
|
2,053
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
Total noninterest
expense
|
|
$
|
70,304
|
|
|
$
|
67,196
|
|
|
$
|
67,881
|
|
|
$
|
72,306
|
|
|
$
|
72,381
|
|
|
$
|
67,169
|
|
|
|
|
$
|
137,500
|
|
|
$
|
139,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
|
60.75
|
%
|
|
62.26
|
%
|
|
61.69
|
%
|
|
62.46
|
%
|
|
63.91
|
%
|
|
63.86
|
%
|
|
|
|
61.48
|
%
|
|
63.89
|
%
|
|
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
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/renasant-corporation-announces-record-earnings-for-the-second-quarter-of-2017-300490206.html
SOURCE Renasant Corporation