Renasant Corporation Announces 2012 Third Quarter Earnings

TUPELO, Miss., Oct. 16, 2012 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2012.  Net income for the third quarter of 2012 was $7.0 million, or basic and diluted earnings per share of $0.28, as compared to $6.5 million, or basic and diluted earnings per share of $0.26, for the third quarter of 2011. 

(Logo: http://photos.prnewswire.com/prnh/20110629/CL28420LOGO )

"During the third quarter of 2012, we continued to experience strong growth in loans, noninterest-bearing demand deposits and noninterest income, especially from our mortgage and wealth management divisions, all of which helped drive our increase in earnings per share," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.  "We were especially pleased in accomplishing loan growth throughout all regions of our footprint for the second consecutive quarter.  Although the majority of our loan growth came from our non-de novo markets, we are excited about the potential opportunity for future loan growth from our new market operations as they continue to build their loan portfolios."

Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were approximately $2.800 billion at September 30, 2012, as compared to $2.565 billion at September 30, 2011, and $2.581 billion at December 31, 2011.   Loans not covered under FDIC loss-share agreements were $2.540 billion at September 30, 2012, an increase of 15.2% from September 30, 2011, and 13.3% from December 31, 2011. 

"Our increase in loans for the third quarter of 2012 represents our fifth consecutive quarter of loan growth.   Furthermore, our annualized growth rate of 24% for the third quarter of 2012 represents our second consecutive quarter of double-digit annualized growth for loans not covered under FDIC loss-share agreements," said McGraw.  "In addition, our new market operations in Alabama, Mississippi and Tennessee contributed approximately $64.4 million in net loan growth during the third quarter of 2012."

Total deposits were $3.396 billion at September 30, 2012, as compared to $3.342 billion at September 30, 2011, and $3.412 billion at December 31, 2011.  Noninterest-bearing deposits were $554.58 million at September 30, 2012, an increase of $61.45 million, or 12.5%, as compared to the same period in 2011 and an increase of $22.67 million, or 4.3%, from December 31, 2011. Noninterest-bearing deposits now represent 16.33% of total deposits as of September 30, 2012.

Total assets as of September 30, 2012, were approximately $4.165 billion, down slightly from December 31, 2011.  The Company's Tier 1 leverage capital ratio was 9.90%, its Tier 1 risk-based capital ratio was 12.73%, and its total risk-based capital ratio was 14.00% at September 30, 2012. All of the Company's regulatory capital ratios continued to be in excess of the required regulatory minimums to be classified as "well-capitalized."  The Company's tangible common equity ratio was 7.69% as of September 30, 2012.

Net interest income was $33.1 million for the third quarter of 2012, as compared to $32.9 million for the third quarter of 2011.   Net interest margin was 3.94% for the third quarter of 2012, as compared to 3.92% for the third quarter of 2011.  The Company's cost of funds decreased to 0.68%, as compared to 0.99% for the third quarter of 2011.

"Despite continued pressure on our net interest income and net interest margin due to a historically low interest rate environment, we have continued to increase our net interest income and net interest margin each quarter as compared to the same periods in 2011 by restructuring our funding mix and through the continued deployment of cash into higher yielding assets," stated McGraw.

Noninterest income was $18.0 million for the third quarter of 2012, as compared to $18.4 million for the third quarter of 2011.  During the third quarter of 2011, however, the Company had a $5.0 million gain on the sale of securities and a $570,000 gain from its RBC Birmingham-based trust unit acquisition.

"We experienced strong revenue from diverse noninterest income sources including fees and commissions from loans, mortgage operations, wealth management and insurance products, as well as service charges on deposit accounts.  It is worth noting that, when excluding the gains from the sale of securities and trust unit acquisition during the third quarter of 2011, noninterest income grew approximately 41% during the third quarter of 2012, as compared to the same period in 2011," stated McGraw.

Noninterest expense was $38.6 million for the third quarter of 2012, as compared to $36.9 million for the third quarter of 2011.  The increase in noninterest expense during the third quarter of 2012, as compared to the third quarter of 2011, is primarily attributable to commissions paid on mortgage loan originations and expenses related to the addition of our East Tennessee de novo operations.

The Company's loans and other real estate owned ("OREO") acquired in FDIC-assisted transactions were recorded at fair value at the time of acquisition.  Furthermore, the loss-share agreements with the FDIC, as well as subsequent fair value adjustments to the balances of these acquired assets, mitigate the impact of further losses on these assets.  Nonperforming loans and OREO, or nonperforming assets, covered under loss-share agreements totaled $64.1 million and $41.6 million, respectively, at September 30, 2012, a decrease of approximately 24.9% from September 30, 2011, and 20.1% from December 31, 2011.  The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios exclude the assets covered under loss-share agreements.

Nonperforming loans were $32.0 million at September 30, 2012, as compared to $49.0 million at September 30, 2011, and $34.9 million at December 31, 2011.  Loans 30-to-89 days past due as a percentage of total loans were 0.56% as of September 30, 2012, as compared to 0.75% as of September 30, 2011, and 0.71% as of December 31, 2011.  Restructured loans totaled $30.9 million at September 30, 2012, as compared to $35.8 million at September 30, 2011, and $36.3 million at December 31, 2011.

The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 137.57% as of September 30, 2012, up from 98.97% as of September 30, 2011, and 127.00% as of December 31, 2011.   

The Company recorded a provision for loan losses of $4.6 million for the third quarter of 2012, as compared to $5.5 million for the third quarter of 2011.  Annualized net charge-offs as a percentage of average loans were 0.77% for the third quarter of 2012, as compared to 0.70% for the third quarter of 2011, and 1.56% for the fourth quarter of 2011.  The allowance for loan losses as a percentage of loans was 1.74% at September 30, 2012, as compared to 2.20% at September 30, 2011, and 1.98% at December 31, 2011. 

OREO was $48.57 million at September 30, 2012, as compared to $72.77 million at September 30, 2011, and $70.1 million at December 31, 2011.  The Company experienced a reduction in OREO of 31% at September 30, 2012, as compared to December 31, 2011.  During the third quarter, the Company sold a total of approximately $10.8 million in OREO and currently has approximately $3.2 million under contract to sell during the fourth quarter of 2012. 

"Moving into the fourth quarter, we are anticipating a strong finish to 2012 as we build upon the momentum generated from our continued loan growth, increase in mortgage and wealth management revenue, and our decrease in nonperforming assets," stated McGraw.  "These positive metrics, along with the addition of our new markets, have us prepared to capitalize on future opportunities as they present themselves."

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, October 17, 2012.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst121017.html.  To access the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant Corporation Third Quarter 2012 Earnings Webcast and Conference Call.  International participants should dial 1-412-317-6789 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 10019513or by dialing 1-412-317-0088 internationally and entering the conference number.  Telephone replay access is available until 9:00 AM Eastern on October 17, 2013.

ABOUT RENASANT CORPORATION:

Renasant Corporation, a 108-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance.  Renasant has assets of approximately $4.1 billion and operates over 75 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.

NOTE TO INVESTORS:

This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions. 

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.  Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.  

 

Contacts:

For Media:

For Financials:


John Oxford

Kevin Chapman


Vice President

Senior Executive Vice President


Director of External Affairs

Chief Financial Officer


(662) 680-1219

(662) 680-1450


joxford@renasant.com

kchapman@renasant.com

 

 

RENASANT CORPORATION





















(Unaudited)

























(Dollars in thousands, except per share data)










































Q3 2012 -


For the Nine Months






2012


2011


Q3 2011


Ended September 30,






Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Statement of earnings



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2012


2011


Variance



























Interest income - taxable equivalent basis


$          40,613


$          41,487


$          42,001


$          42,430


$          43,432


$          45,291


$          45,371


(6.49)


$        124,101


$        134,094


(7.45)



























Interest income 




$          39,154


$          39,978


$          40,505


$          40,970


$          41,981


$          43,819


$          43,843


(6.73)


$        119,637


$        129,643


(7.72)

Interest expense




6,022


6,568


7,662


8,475


9,070


11,153


12,707


(33.61)


20,252


32,930


(38.50)

      Net interest income




33,132


33,410


32,843


32,495


32,911


32,666


31,136


0.67


99,385


96,713


2.76



























Provision for loan losses



4,625


4,700


4,800


6,000


5,500


5,350


5,500


(15.91)


14,125


16,350


(13.61)

      Net interest income after provision



28,507


28,710


28,043


26,495


27,411


27,316


25,636


4.00


85,260


80,363


6.09



























Service charges on deposit accounts


4,818


4,495


4,525


4,527


4,751


5,036


4,841


1.41


13,838


14,628


(5.40)

Fees and commissions on loans and deposits


4,639


4,322


3,928


3,794


3,320


3,118


2,931


39.73


12,889


9,369


37.57

Insurance commissions and fees



848


842


898


812


849


792


837


(0.12)


2,588


2,478


4.44

Wealth management revenue



1,707


1,551


1,942


1,526


1,144


1,139


1,056


49.21


5,200


3,339


55.74

Securities gains (losses) 



-


869


904


-


5,041


(258)


12


(100.00)


1,773


4,795


(63.02)

Gain on sale of mortgage loans



4,397


2,390


1,281


662


1,371


949


1,151


220.71


8,068


3,471


132.44

Gain on acquisition




-


-


-


-


570


-


8,774


(100.00)


-


9,344


(100.00)

Other




1,605


1,769


2,909


1,686


1,349


1,604


1,393


18.98


6,283


4,346


44.57

      Total noninterest income




18,014


16,238


16,387


13,007


18,395


12,380


20,995


(2.07)


50,639


51,770


(2.18)






















 . 





Salaries and employee benefits



21,221


19,871


18,649


16,232


17,493


16,173


16,237


21.31


59,741


49,903


19.71

Occupancy and equipment



3,882


3,582


3,615


3,522


3,434


3,367


3,218


13.05


11,079


10,019


10.58

Data processing




2,192


2,211


2,040


1,925


1,927


1,657


1,788


13.75


6,443


5,372


19.94

Debt extinguishment penalty



-


-


898


-


-


-


1,903


-


898


1,903


(52.81)

Merger-related expenses



-


-


-


-


326


-


1,325


(100.00)


-


1,651


(100.00)

Other real estate




2,440


3,370


3,999


3,357


6,336


2,122


3,511


(61.49)


9,809


11,969


(18.05)

Amortization of intangibles



341


349


358


366


351


510


515


(2.85)


1,048


1,376


(23.84)

Other




8,555


7,327


7,062


6,962


7,091


7,816


7,496


20.65


22,944


22,403


2.41

      Total noninterest expense




38,631


36,710


36,621


32,364


36,958


31,645


35,993


4.53


111,962


104,596


7.04



























Income before income taxes



7,890


8,238


7,809


7,138


8,848


8,051


10,638


(10.83)


23,937


27,537


(13.07)

Income taxes




853


1,893


1,835


1,348


2,316


2,294


3,085


(63.17)


4,581


7,695


(40.47)

      Net income





$            7,037


$            6,345


$            5,974


$            5,790


$            6,532


$            5,757


$            7,553


7.73


$          19,356


$          19,842


(2.45)



























Basic earnings per share



$              0.28


$              0.25


$              0.24


$              0.23


$              0.26


$              0.23


$              0.30


7.69


$              0.77


$              0.79


(2.53)

Diluted earnings per share



0.28


0.25


0.24


0.23


0.26


0.23


0.30


7.69


0.77


0.79


(2.53)



























Average basic shares outstanding



25,114,672


25,110,709


25,078,996


25,061,122


25,061,068


25,059,081


25,052,126


0.21


25,101,507


25,057,458


0.18

Average diluted shares outstanding


25,220,887


25,149,360


25,138,213


25,183,114


25,180,923


25,182,503


25,172,410


0.16


25,161,911


25,186,177


(0.10)



























Common shares outstanding



25,120,412


25,113,894


25,105,732


25,066,068


25,061,068


25,061,068


25,056,431


0.24


25,120,412


25,061,068


0.24

Cash dividend per common share



$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


-


$              0.51


$              0.51


-



























Performance ratios
























Return on average shareholders' equity


5.65%


5.19%


4.88%


4.71%


5.36%


4.84%


6.51%




5.24%


5.56%



Return on average shareholders' equity, excluding amortization expense


5.82%


5.36%


5.06%


4.89%


5.54%


5.11%


6.78%




5.42%


5.80%



Return on average assets



0.69%


0.62%


0.57%


0.55%


0.63%


0.54%


0.69%




0.62%


0.62%



Return on average assets, excluding amortization expense


0.71%


0.64%


0.59%


0.57%


0.65%


0.57%


0.72%




0.64%


0.65%





























Net interest margin (FTE)



3.94%


3.98%


3.85%


3.84%


3.92%


3.76%


3.55%




3.93%


3.74%



Yield on earning assets (FTE)



4.63%


4.73%


4.71%


4.80%


4.96%


4.99%


4.93%




4.69%


4.95%



Cost of funding




0.68%


0.74%


0.84%


0.92%


0.99%


1.17%


1.31%




0.75%


1.16%



Average earning assets to average assets


85.62%


85.39%


84.88%


84.22%


83.95%


84.75%


84.16%




85.18%


84.42%



Average loans to average deposits


81.34%


76.89%


75.45%


75.83%


76.23%


72.47%


70.20%




77.88%


73.04%





























Noninterest income (less securities gains/























      losses) to average assets




1.76%


1.50%


1.47%


1.24%


1.28%


1.18%


1.92%




1.57%


1.47%



Noninterest expense to average assets


3.77%


3.58%


3.49%


3.08%


3.54%


2.96%


3.30%




3.61%


3.26%



Net overhead ratio




2.01%


2.08%


2.01%


1.84%


2.26%


1.78%


1.38%




2.04%


1.79%



Efficiency ratio (FTE)



73.44%


71.76%


72.19%


68.92%


70.05%


68.03%


67.08%




72.47%


68.39%



 

RENASANT CORPORATION























(Unaudited)

























(Dollars in thousands, except per share data)










































Q3 2012 -


For the Nine Months






2012


2011


Q3 2011


Ended September 30,






Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Average balances



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2012


2011


Variance

Total assets




$     4,078,333


$     4,123,373


$     4,222,376


$     4,172,518


$     4,142,851


$     4,294,530


$     4,423,088


(1.56)


$     4,146,847


$     4,284,463


(3.21)

Earning assets




3,491,941


3,521,099


3,583,957


3,514,110


3,478,054


3,639,696


3,722,419


0.40


3,532,185


3,616,922


(2.34)

Securities




682,123


793,353


813,826


745,398


796,957


863,735


881,808


(14.41)


762,805


847,110


(9.95)

Loans, net of unearned



2,754,017


2,647,321


2,614,000


2,594,820


2,577,539


2,575,890


2,556,572


6.85


2,672,079


2,574,516


3.79

Intangibles




191,442


191,788


192,429


192,611


191,574


191,320


191,740


(0.07)


191,789


191,542


0.13



























Noninterest-bearing deposits



$        543,767


$        531,209


$        534,867


$        523,807


$        480,699


$        468,170


$        476,115


13.12


$        536,640


$        475,009


12.97

Interest-bearing deposits



2,812,140


2,886,878


2,897,750


2,854,146


2,880,248


3,072,809


3,148,481


(2.36)


2,865,394


3,032,873


(5.52)

      Total deposits





3,355,907


3,418,087


3,432,617


3,377,953


3,360,947


3,540,979


3,624,596


(0.15)


3,402,034


3,507,882


(3.02)

Borrowed funds




177,016


168,856


238,937


260,672


259,387


261,060


290,201


(31.76)


194,871


270,103


(27.85)

Shareholders' equity



495,220


492,164


492,092


487,752


483,121


476,896


470,875


2.50


493,279


476,708


3.48



























Asset quality data
























Assets not subject to loss share:
























Nonaccrual loans




$          29,677


$          26,099


$          26,999


$          31,154


$          40,363


$          42,331


$          46,406


(26.47)


$          29,677


$          40,363


(26.47)

Loans 90 past due or more



2,358


3,864


3,435


3,760


8,674


9,646


10,839


(72.82)


2,358


8,674


(72.82)

Nonperforming loans



32,035


29,963


30,434


34,914


49,037


51,977


57,245


(34.67)


32,035


49,037


(34.67)

Other real estate owned



48,568


58,384


64,931


70,079


72,765


68,384


71,415


(33.25)


48,568


72,765


(33.25)

Nonperforming assets not subject to loss share


$          80,603


$          88,347


$          95,365


$        104,993


$        121,802


$        120,361


$        128,660


(33.82)


$          80,603


$        121,802


(33.82)



























Assets subject to loss share:
























Nonaccrual loans




$          64,080


$          65,386


$          78,418


$          88,034


$          84,426


$          78,780


$          78,909


(24.10)


$          64,080


$          84,426


(24.10)

Loans 90 past due or more



-


199


1,397


1,134


12,222


10,619


7,817


(100.00)


-


12,222


(100.00)

Non-performing loans subject to loss share


64,080


65,585


79,815


89,168


96,648


89,399


86,726


(33.70)


64,080


96,648


(33.70)

Other real estate owned and repossessions


41,615


37,951


35,461


43,156


44,021


59,802


59,036


(5.47)


41,615


44,021


(5.47)

Nonperforming assets subject to loss share


$        105,695


$        103,536


$        115,276


$        132,324


$        140,669


$        149,201


$        145,762


(24.86)


$        105,695


$        140,669


(24.86)



























Net loan charge-offs (recoveries)



$            5,335


$            4,097


$            4,964


$          10,192


$            4,539


$            5,284


$            3,410


17.54


$          14,396


$          13,233


8.79

Allowance for loan losses



44,069


44,779


44,176


44,340


48,532


47,571


47,505


(9.20)


44,069


48,532


(9.20)



























Nonperforming loans / total loans* 


1.26%


1.25%


1.33%


1.56%


2.22%


2.38%


2.61%




1.26%


2.22%



Nonperforming assets / total assets*


1.94%


2.15%


2.28%


2.50%


2.94%


2.83%


2.91%




1.94%


2.94%



Allowance for loan losses / total loans*


1.74%


1.87%


1.94%


1.98%


2.20%


2.18%


2.17%




1.74%


2.20%



Allowance for loan losses / nonperforming loans*


137.57%


149.45%


145.15%


127.00%


98.97%


91.52%


82.99%




137.57%


98.97%



Annualized net loan charge-offs / average loans*


0.77%


0.62%


0.76%


1.56%


0.70%


0.82%


0.54%




0.72%


0.69%





























Balances at period end
























Total assets




$     4,164,606


$     4,112,377


$     4,176,490


$     4,202,008


$     4,136,474


$     4,259,200


$     4,422,164


0.68


$     4,164,606


$     4,136,474


0.68

Earning assets




3,595,576


3,510,654


3,551,252


3,528,980


3,480,982


3,585,441


3,724,108


3.29


3,595,576


3,480,982


3.29

Securities




680,679


676,721


834,419


796,341


718,881


833,710


880,382


(5.31)


680,679


718,881


(5.31)

Mortgage loans held for sale



39,131


25,386


25,216


28,222


24,739


11,511


9,399


58.18


39,131


24,739


58.18

Loans not subject to loss share



2,539,618


2,392,349


2,281,957


2,241,622


2,204,955


2,185,490


2,190,376


15.18


2,539,618


2,204,955


15.18

Loans subject to loss share



260,545


289,685


318,089


339,462


359,813


377,149


386,811


(27.59)


260,545


359,813


(27.59)

      Total loans





2,800,163


2,682,034


2,600,046


2,581,084


2,564,768


2,562,639


2,577,187


9.18


2,800,163


2,564,768


9.18

Intangibles




191,258


191,618


191,968


192,326


192,755


191,086


191,581


(0.78)


191,258


192,755


(0.78)



























Noninterest-bearing deposits



$        554,581


$        539,237


$        535,955


$        531,910


$        493,130


$        458,686


$        486,676


12.46


$        554,581


$        493,130


12.46

Interest-bearing deposits



2,841,447


2,866,959


2,937,211


2,880,327


2,849,225


3,018,733


3,158,198


(0.27)


2,841,447


2,849,225


(0.27)

      Total deposits





3,396,028


3,406,196


3,473,166


3,412,237


3,342,355


3,477,419


3,644,874


1.61


3,396,028


3,342,355


1.61

Borrowed funds




222,907


169,979


171,753


254,709


262,569


263,067


260,149


(15.11)


222,907


262,569


(15.11)

Shareholders' equity



496,824


491,534


489,611


487,202


487,401


480,135


473,354


1.93


496,824


487,401


1.93



























Market value per common share



$            19.61


$            15.71


$            16.28


$            15.00


$            12.73


$            14.49


$            16.98


54.05


$            19.61


$            12.73


54.05

Book value per common share



19.78


19.57


19.50


19.44


19.45


19.16


18.89


1.69


19.78


19.45


1.69

Tangible book value per common share


12.16


11.94


11.86


11.76


11.76


11.53


11.25


3.46


12.16


11.76


3.46

Shareholders' equity to assets (actual)


11.93%


11.95%


11.72%


11.59%


11.78%


11.27%


10.70%




11.93%


11.78%



Tangible capital ratio



7.69%


7.65%


7.47%


7.35%


7.47%


7.11%


6.66%




7.69%


7.47%





























Leverage ratio




9.90%


9.68%


9.38%


9.44%


9.48%


9.10%


8.77%




9.90%


9.48%



Tier 1 risk-based capital ratio



12.73%


13.14%


13.32%


13.32%


13.63%


13.58%


13.59%




12.73%


13.63%



Total risk-based capital ratio



14.00%


14.39%


14.58%


14.58%


14.89%


14.83%


14.84%




14.00%


14.89%





























*Based on assets not subject to loss share


























 

RENASANT CORPORATION























(Unaudited)

























(Dollars in thousands, except per share data)










































Q3 2012 -


For the Nine Months






2012


2011


Q3 2011


Ended September 30,






Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Loans not subject to loss share by category


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2012


2011


Variance

Commercial, financial, agricultural



$        299,774


$        280,515


$        263,720


$        260,288


$        247,950


$        243,343


$        250,889


20.90


$        299,774


$        247,950


20.90

Lease financing




217


245


302


328


350


393


458


(38.00)


217


350


(38.00)

Real estate - construction



103,522


73,109


67,223


74,159


75,690


77,224


71,559


36.77


103,522


75,690


36.77

Real estate - 1-4 family mortgages


801,612


771,161


738,765


716,704


712,871


720,451


730,860


12.45


801,612


712,871


12.45

Real estate - commercial mortgages


1,275,386


1,208,057


1,153,423


1,130,143


1,106,037


1,081,801


1,073,561


15.31


1,275,386


1,106,037


15.31

Installment loans to individuals



59,107


59,262


58,524


60,000


62,057


62,278


63,049


(4.75)


59,107


62,057


(4.75)

      Loans, net of unearned




$     2,539,618


$     2,392,349


$     2,281,957


$     2,241,622


$     2,204,955


$     2,185,490


$     2,190,376


15.18


$     2,539,618


$     2,204,955


15.18



























Loans subject to loss share by category























Commercial, financial, agricultural



$          11,282


$          12,758


$          15,206


$          17,803


$          19,196


$          24,233


$          22,964


(41.23)


$          11,282


$          19,196


(41.23)

Lease financing




-


-


-


-


-


-


-


-


-


-


-

Real estate - construction



1,932


6,093


6,202


7,076


10,811


10,318


13,847


(82.13)


1,932


10,811


(82.13)

Real estate - 1-4 family mortgages


81,784


91,605


99,769


107,923


114,228


119,508


123,770


(28.40)


81,784


114,228


(28.40)

Real estate - commercial mortgages


165,494


179,160


196,754


206,492


215,370


222,876


226,038


(23.16)


165,494


215,370


(23.16)

Installment loans to individuals



53


69


158


168


208


214


192


(74.52)


53


208


(74.52)

      Loans, net of unearned




$        260,545


$        289,685


$        318,089


$        339,462


$        359,813


$        377,149


$        386,811


(27.59)


$        260,545


$        359,813


(27.59)



























 

SOURCE Renasant Corporation



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