Renasant Corporation Announces 2013 Fourth Quarter and Year-end Results

Jan 21, 2014, 17:30 ET from Renasant Corporation

TUPELO, Miss., Jan. 21, 2014 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced earnings results for the fourth quarter and year ended December 31, 2013. Net income for the fourth quarter of 2013 was $11.3 million, up 54.7%, as compared to $7.3 million for the fourth quarter of 2012. Basic and diluted earnings per share (EPS) were $0.36 for the fourth quarter of 2013, as compared to basic and diluted EPS of $0.29 for the fourth quarter of 2012. On September 1, 2013, the Company completed its merger with First M&F Corporation ("M&F"), and thus the results for the fourth quarter of 2013 reflect a full quarter of M&F's operations.

(Logo: http://photos.prnewswire.com/prnh/20130207/CL56161LOGO )

The Company's 2013 fourth quarter results include $1.3 million, or $0.04 per share, in after-tax merger expenses associated with the M&F transaction. Excluding the after-tax merger expenses, net income was $12.6 million, or basic and diluted EPS of $0.40, for the fourth quarter of 2013.

Net income for 2013 was $33.5 million, as compared to $26.6 million for 2012. Basic and diluted EPS was $1.23 and $1.22, respectively, for 2013, as compared to basic and diluted EPS of $1.06 for 2012. The Company recorded after-tax merger expenses during 2013 totaling $4.4 million or $0.16 per share. Excluding M&F merger expenses, net income was $37.9 million or basic EPS of $1.39 and diluted EPS of $1.38, for 2013.  The Company did not record any merger expenses during 2012.

"During the fourth quarter of 2013, we experienced a strong finish to a great year," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Financial highlights for the year include a 26% increase in net income, a 38% increase in total loans, increased net interest margin and continued improvement to our credit risk profile as compared to 2012. In addition, one of our most significant accomplishments was our successful completion of the M&F merger, which is the largest merger in the history of our Company."

Total loans, including loans acquired in either the M&F merger or in FDIC-assisted transactions (collectively referred to as "acquired loans"), increased 38.1% to approximately $3.88 billion at December 31, 2013, as compared to $2.81 billion at December 31, 2012. Excluding acquired loans, loans grew 12.2% to $2.89 billion at December 31, 2013, as compared to $2.57 billion at December 31, 2012.

Total period end deposits, including deposits acquired from M&F, were $4.84 billion at December 31, 2013, as compared to $3.46 billion at December 31, 2012. The Company's noninterest-bearing deposits averaged approximately $888 million, or 18.4% of average deposits, for the fourth quarter of 2013, as compared to $564 million, or 16.6% of average deposits, for the fourth quarter of 2012. The Company's cost of funds was 51 basis points for the fourth quarter of 2013, as compared to 64 basis points for the same quarter in 2012.

Total assets at December 31, 2013, were approximately $5.74 billion, as compared to $4.18 billion at December 31, 2012. The increase in total assets during 2013 was primarily attributable to the merger with M&F.

At December 31, 2013, the Company's tangible common equity ratio was 6.64%, Tier 1 leverage capital ratio was 8.68%, Tier 1 risk-based capital ratio was 11.52%, and total risk-based capital ratio was 12.69%. The Company's capital ratios were all in excess of regulatory minimums required to be classified as "well-capitalized."  In addition, during 2013, the Company maintained its annual dividend of $0.68, which, based on the year-end stock price, equated to a dividend yield of approximately 2.16%.

Net interest income was $50.7 million for the fourth quarter of 2013, as compared to $34.0 million for the fourth quarter of 2012. Net interest margin was 4.16% for the fourth quarter of 2013, as compared to 3.97% for the fourth quarter of 2012. 

The Company's noninterest income is derived from diverse lines of business which primarily consist of mortgage, wealth management and insurance revenue sources along with income from deposit and loan products. For the fourth quarter of 2013, noninterest income increased to $18.3 million, as compared to $17.9 million for the fourth quarter of 2012. Driven by the addition of M&F and higher levels of consumer activity, during the fourth quarter of 2013, the Company experienced strong growth in service charges, fees and commissions on loans and deposits, wealth management and insurance fees and commissions, which offset a reduction in mortgage related income. The reduction in mortgage income was attributable to higher mortgage rates and fewer homeowners refinancing than in previous periods.

Noninterest expense was $51.1 million for the fourth quarter of 2013, as compared to $38.3 million for the fourth quarter of 2012. The increase in noninterest expense during 2013 as compared to 2012 was primarily due to the inclusion of M&F's operational costs and one-time merger expenses of $1.9 million associated with the Company's fourth quarter 2013 conversion of M&F Bank. During the fourth quarter of 2013, the Company's salaries and employee benefits reflect a full quarter of M&F's operations.

At December 31, 2013, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $76.5 million and total other real estate owned ("OREO") was $52.9 million. The Company's nonperforming loans and OREO that were acquired either through the M&F merger or in connection with FDIC-assisted transactions (collectively referred to as "acquired nonperforming assets") were $57.4 million and $25.3 million, respectively at December 31, 2013. Since the acquired nonperforming assets were recorded at fair value at the time of acquisition or subject to loss-share agreements with the FDIC, which significantly mitigates our actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets.

Nonperforming assets decreased 37.7% to $46.7 million at December 31, 2013, as compared to $74.9 million at December 31, 2012.

Nonperforming loans were $19.2 million at December 31, 2013, as compared to $30.2 million at December 31, 2012. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans remained unchanged at 0.31% at December 31, 2013, as compared to December 31, 2012. 

The Company recorded a provision for loan losses of $2.0 million against net charge-offs of $584 thousand for the fourth quarter of 2013.  This is compared to $4.0 million in provision for loan losses recorded and $3.7 million in net charge-offs for the same period in 2012. Annualized net charge-offs as a percentage of average loans were 0.06% for the fourth quarter of 2013, as compared to 0.53% for the same quarter in 2012.

The allowance for loan losses as a percentage of loans was 1.65% at December 31, 2013, as compared to 1.72% at December 31, 2012. The Company's coverage ratio, or the allowance for loan losses as a percentage of nonperforming loans, increased to 248.91% at December 31, 2013, as compared to 146.90% at December 31, 2012. 

OREO was $27.5 million at December 31, 2013, as compared to $44.7 million at December 31, 2012, a 38.4% decrease. The Company continues to aggressively market the properties held in OREO as it sold approximately $27.0 million of OREO during 2013 and $4.9 million during the fourth quarter of 2013.

"During the conversion of M&F Bank into Renasant Bank, which was completed on December 9, 2013, we added more than 70,000 deposit relationships and 27 banking locations to our footprint while consolidating nine locations that overlapped in market coverage," commented McGraw.  "We remain well-positioned to take advantage of opportunities to enter new markets or expand our reach in existing markets. As we move into 2014, we look forward to enhancing our profitability by further realizing the benefits of the M&F acquisition, growing loan and deposit relationships and increasing our market share, to provide greater value for our shareholders."

CONFERENCE CALL INFORMATION:  A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Wednesday, January 22, 2014, through the Company's website: www.renasant.com  or http://services.choruscall.com/links/rnst140122.html. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-888-317-6016 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-317-6016.

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 10039510 or by dialing 1-412-317-0088 internationally and entering the conference number.  Telephone replay access is available until 9:00 a.m. ET on February 6, 2014.

ABOUT RENASANT CORPORATION:   Renasant Corporation, a 110-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance.  Renasant has assets of approximately $5.7 billion and operates over 120 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.

Contact: 

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

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q4 2013 -

For the Year Ending

2013

2012

Q4 2012

December 31,

Fourth

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Statement of earnings

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2013

2012

Variance

Interest income - taxable equivalent basis

$                58,644

$                 46,083

$         41,331

$       40,371

$          41,135

$         40,613

$          41,487

$          42,001

42.56

$      186,429

$     165,236

12.83

Interest income 

$                57,076

$                 44,638

$         39,945

$       38,945

$          39,676

$         39,154

$          39,978

$          40,505

43.86

$      180,604

$     159,313

13.36

Interest expense

6,408

5,890

5,541

5,564

5,723

6,022

6,568

7,662

11.97

23,403

25,975

(9.90)

Net interest income

50,668

38,748

34,404

33,381

33,953

33,132

33,410

32,843

49.23

157,201

133,338

17.90

Provision for loan losses

2,000

2,300

3,000

3,050

4,000

4,625

4,700

4,800

(50.00)

10,350

18,125

(42.90)

Net interest income after provision

48,668

36,448

31,404

30,331

29,953

28,507

28,710

28,043

62.48

146,851

115,213

27.46

Service charges on deposit accounts

6,165

5,361

4,509

4,500

4,774

4,818

4,495

4,525

29.14

20,535

18,612

10.33

Fees and commissions on loans and deposits

5,300

4,982

4,848

4,831

4,706

4,639

4,322

3,928

12.62

19,961

17,595

13.45

Insurance commissions and fees

1,869

1,295

951

861

876

889

926

939

113.36

4,976

3,630

37.08

Wealth management revenue

2,124

2,091

1,715

1,724

1,726

1,707

1,551

1,942

23.06

7,654

6,926

10.51

Securities gains (losses) 

-

-

-

54

121

-

869

904

(100.00)

54

1,894

(97.15)

Gain on sale of mortgage loans

1,350

2,788

3,870

3,565

4,431

4,397

2,390

1,281

(69.53)

11,573

12,499

(7.41)

Gain on acquisition

-

-

-

-

-

-

-

-

-

-

-

-

Other

1,533

2,418

1,424

1,843

1,272

1,605

1,769

2,909

20.52

7,218

7,555

(4.46)

Total noninterest income

18,341

18,935

17,317

17,378

17,906

18,055

16,322

16,428

2.43

71,971

68,711

4.74

Salaries and employee benefits

29,911

25,689

21,906

21,274

21,261

21,221

19,871

18,649

40.68

98,780

81,002

21.95

Data processing

2,546

2,236

2,045

2,043

2,281

2,192

2,211

2,040

11.62

8,870

8,724

1.67

Occupancy and equipment

5,105

4,576

3,668

3,608

3,522

3,886

3,570

3,619

44.95

16,957

14,597

16.17

Other real estate

1,607

1,537

1,773

2,049

3,787

2,440

3,370

3,999

(57.57)

6,966

13,596

(48.76)

Amortization of intangibles

1,508

724

314

323

333

341

349

358

352.85

2,869

1,381

107.75

Merger-related expenses

1,879

3,763

385

-

-

-

-

-

-

6,027

-

-

Debt extinguishment penalty

-

-

-

-

-

-

-

898

-

-

898

(100.00)

Other

8,573

8,088

7,643

8,303

7,147

8,592

7,423

7,099

19.95

32,607

30,261

7.75

Total noninterest expense

51,129

46,613

37,734

37,600

38,331

38,672

36,794

36,662

33.39

173,076

150,459

15.03

Income before income taxes

15,880

8,770

10,987

10,109

9,528

7,890

8,238

7,809

66.67

45,746

33,465

36.70

Income taxes

4,620

2,133

2,968

2,538

2,247

853

1,893

1,835

105.61

12,259

6,828

79.54

Net income 

$                11,260

$                   6,637

$           8,019

$         7,571

$            7,281

$           7,037

$            6,345

$            5,974

54.65

$        33,487

$       26,637

25.72

Basic earnings per share

$                    0.36

$                     0.24

$             0.32

$           0.30

$              0.29

$             0.28

$              0.25

$              0.24

24.14

$            1.23

$           1.06

16.04

Diluted earnings per share

0.36

0.24

0.32

0.30

0.29

0.28

0.25

0.24

24.14

1.22

1.06

15.09

Average basic shares outstanding

31,366,019

27,234,927

25,223,749

25,186,229

25,129,932

25,114,672

25,110,709

25,078,996

24.82

27,269,613

25,108,652

8.61

Average diluted shares outstanding

31,617,681

27,447,382

25,373,868

25,288,785

25,259,048

25,220,887

25,149,360

25,138,213

25.17

27,460,757

25,174,992

9.08

Common shares outstanding

31,387,668

31,358,583

25,231,074

25,208,733

25,157,637

25,120,412

25,113,894

25,105,732

24.76

31,387,668

25,157,637

24.76

Cash dividend per common share

$                    0.17

$                     0.17

$             0.17

$           0.17

$              0.17

$             0.17

$              0.17

$              0.17

-

$            0.68

$           0.68

-

Performance ratios

Return on average shareholders' equity

6.71%

4.75%

6.35%

6.12%

5.80%

5.65%

5.19%

4.88%

6.01%

5.39%

Return on average tangible shareholders' equity

13.55%

8.74%

10.47%

10.19%

9.73%

9.61%

8.86%

8.39%

10.83%

5.56%

Return on average shareholders' equity, excluding amortization expense

7.27%

5.08%

6.51%

6.28%

5.97%

5.82%

5.36%

5.06%

6.33%

5.56%

Return on average assets

0.78%

0.56%

0.76%

0.73%

0.70%

0.69%

0.62%

0.57%

0.71%

0.64%

Return on average tangible assets

0.90%

0.63%

0.82%

0.79%

0.76%

0.75%

0.68%

0.62%

0.79%

0.66%

Return on average assets, excluding amortization expense

0.84%

0.59%

0.78%

0.75%

0.72%

0.71%

0.64%

0.59%

0.75%

0.67%

Net interest margin (FTE)

4.16%

3.86%

3.88%

3.89%

3.97%

3.94%

3.99%

3.85%

3.96%

3.94%

Yield on earning assets (FTE)

4.67%

4.42%

4.49%

4.51%

4.61%

4.63%

4.74%

4.71%

4.53%

4.67%

Cost of funding

0.51%

0.57%

0.60%

0.62%

0.64%

0.68%

0.74%

0.84%

0.57%

0.72%

Average earning assets to average assets

86.78%

87.43%

87.32%

86.31%

86.01%

85.62%

85.39%

84.88%

86.96%

85.58%

Average loans to average deposits

79.89%

81.69%

80.93%

80.30%

82.21%

81.33%

76.89%

75.45%

80.66%

78.97%

Noninterest income (less securities gains/

losses) to average assets

1.27%

1.59%

1.64%

1.67%

1.71%

1.76%

1.51%

1.48%

1.52%

1.62%

Noninterest expense (less debt prepayment penalties/

merger-related expenses) to average assets

3.40%

3.59%

3.54%

3.63%

3.69%

3.77%

3.59%

3.41%

3.53%

3.62%

Net overhead ratio

2.14%

2.01%

1.90%

1.95%

1.98%

2.01%

2.08%

1.93%

2.01%

2.00%

Efficiency ratio (FTE)**

67.65%

71.25%

69.74%

71.51%

71.43%

72.81%

72.35%

71.01%

69.88%

71.90%

**Excludes debt extinguishment penalties, amortization of intangibles and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income

 

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q4 2013 -

For the Year Ending

2013

2012

Q4 2012

December 31,

Fourth

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Average balances

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2013

2012

Variance

Total assets

$            5,741,794

$       4,729,079

$     4,231,947

$   4,206,411

$             4,128,508

$    4,078,333

$  4,123,373

$         4,222,376

39.08

$      4,731,512

$       4,132,689

14.49

Earning assets

4,982,614

4,134,730

3,695,409

3,630,759

3,551,026

3,491,941

3,521,099

3,583,957

40.31

4,114,606

3,536,921

16.33

Securities

924,179

819,351

754,515

698,863

665,578

682,123

793,353

813,826

38.85

799,899

738,365

8.33

Mortgage loans held for sale

25,248

37,056

32,318

22,347

29,331

24,514

19,237

23,938

(13.92)

29,271

24,257

20.67

Loans, net of unearned

3,865,615

3,213,853

2,845,260

2,804,618

2,798,591

2,729,503

2,628,084

2,590,062

38.13

3,185,288

2,686,996

18.54

Intangibles

304,388

227,606

190,362

190,787

191,086

191,442

191,788

192,429

59.29

228,629

191,612

19.32

-

Noninterest-bearing deposits

$               888,888

$          660,415

$        562,104

$      549,514

$                564,440

$       543,767

$     531,209

$            534,867

57.48

$         666,147

$          543,628

22.54

Interest-bearing deposits

3,949,909

3,273,658

2,953,435

2,943,247

2,839,709

2,812,140

2,886,878

2,897,750

39.10

3,282,816

2,858,938

14.83

Total deposits

4,838,797

3,934,073

3,515,539

3,492,761

3,404,149

3,355,907

3,418,087

3,432,617

42.14

3,948,963

3,402,566

16.06

Borrowed funds

173,583

189,909

164,894

163,981

175,876

177,016

168,856

238,937

(1.30)

173,161

190,096

(8.91)

Shareholders' equity

665,513

553,772

506,225

501,634

499,088

495,220

492,164

492,092

33.35

557,209

494,162

12.76

Balances at period end

Total assets

$            5,746,270

$       5,735,865

$     4,242,401

$   4,267,658

$             4,178,616

$    4,164,606

$  4,112,377

$         4,176,490

37.52

$      5,746,270

$       4,178,616

37.52

Earning assets

4,999,434

4,972,051

3,715,321

3,706,707

3,588,370

3,595,576

3,510,654

3,551,825

39.32

4,999,434

3,588,370

39.32

Securities

925,670

915,869

746,530

740,613

674,077

680,679

676,721

834,419

37.32

925,670

674,077

37.32

Mortgage loans held for sale

33,440

28,466

50,268

26,286

34,845

39,131

25,386

25,216

(4.03)

33,440

34,845

(4.03)

Loans acquired from M&F

813,451

891,420

-

-

-

-

-

-

813,451

-

Loans not acquired

2,885,802

2,794,116

2,683,017

2,594,438

2,573,165

2,539,618

2,392,349

2,281,957

12.15

2,885,802

2,573,165

12.15

Loans acquired and subject to loss share

181,765

195,996

201,494

213,872

237,088

260,545

289,685

318,089

(23.33)

181,765

237,088

(23.33)

Total loans

3,881,018

3,881,532

2,884,511

2,808,310

2,810,253

2,800,163

2,682,034

2,600,046

38.10

3,881,018

2,810,253

38.10

Intangibles

304,330

305,065

190,208

190,522

190,925

191,258

191,618

191,967

59.40

304,330

190,925

59.40

Noninterest-bearing deposits

$               856,020

$          876,138

$        560,965

$      567,065

$                568,214

$       554,581

$     539,237

$            535,955

50.65

$         856,020

$          568,214

50.65

Interest-bearing deposits

3,985,892

3,958,618

2,944,193

2,988,110

2,893,007

2,841,447

2,866,959

2,937,211

37.78

3,985,892

2,893,007

37.78

Total deposits

4,841,912

4,834,756

3,505,158

3,555,175

3,461,221

3,396,028

3,406,196

3,473,166

39.89

4,841,912

3,461,221

39.89

Borrowed funds

171,875

177,168

195,789

164,063

164,706

222,907

169,979

171,753

4.35

171,875

164,706

4.35

Shareholders' equity

665,652

657,256

500,678

502,375

498,208

496,824

491,534

489,611

33.61

665,652

498,208

33.61

Market value per common share

$                   31.46

$              27.17

$            24.34

$          22.38

$                    19.14

$           19.61

$         15.71

$                16.28

64.37

$             31.46

$              19.14

64.37

Book value per common share

21.21

20.96

19.84

19.93

19.80

19.78

19.57

19.50

7.11

21.21

19.80

7.12

Tangible book value per common share

11.51

11.23

12.31

12.37

12.21

12.16

11.94

11.86

(5.72)

11.51

12.21

(5.73)

Shareholders' equity to assets (actual)

11.58%

11.46%

11.80%

11.77%

11.92%

11.93%

11.95%

11.72%

(2.84)

11.58%

11.92%

Tangible capital ratio

6.64%

6.49%

7.66%

7.65%

7.71%

7.69%

7.65%

7.47%

(13.84)

6.64%

7.71%

Leverage ratio

8.68%

8.61%

9.83%

9.79%

9.86%

9.90%

9.68%

9.38%

(11.97)

8.68%

9.86%

Tier 1 risk-based capital ratio

11.52%

11.34%

12.87%

12.86%

12.74%

12.73%

13.14%

13.32%

(9.58)

11.52%

12.74%

Total risk-based capital ratio

12.69%

12.47%

14.14%

14.13%

14.00%

14.00%

14.39%

14.57%

(9.36)

12.69%

14.00%

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q4 2013 -

For the Year Ending

2013

2012

Q4 2012

December 31,

Fourth

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Loans not acquired

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2013

2012

Variance

Commercial, financial, agricultural

$                   341,600

$                   331,142

$          307,718

$          298,013

$         306,250

$            299,774

$          280,515

$          263,720

11.54

$        341,600

$    306,250

11.54

Lease financing

52

75

103

162

190

217

245

302

(72.63)

52

190

(72.63)

Real estate - construction

147,075

127,013

117,339

109,484

104,058

103,522

73,109

67,223

41.34

147,075

104,058

41.34

Real estate - 1-4 family mortgages

928,803

891,422

859,884

834,204

829,975

801,612

771,161

738,765

11.91

928,803

829,975

11.91

Real estate - commercial mortgages

1,404,617

1,383,680

1,335,402

1,295,213

1,275,482

1,275,386

1,208,057

1,153,423

10.12

1,404,617

1,275,482

10.12

Installment loans to individuals

63,655

60,784

62,571

57,362

57,210

59,107

59,262

58,524

11.27

63,655

57,210

11.27

Loans, net of unearned

$                2,885,802

$                2,794,116

$       2,683,017

$       2,594,438

$      2,573,165

$         2,539,618

$       2,392,349

$       2,281,957

12.15

$     2,885,802

$ 2,573,165

12.15

Loans acquired and subject to loss share by category

Commercial, financial, agricultural

$                       9,546

$                     10,280

$            10,283

$            10,157

$           10,800

$              11,282

$            12,758

$            15,206

(11.61)

$            9,546

$      10,800

(11.61)

Lease financing

-

-

-

-

-

-

-

-

-

-

-

-

Real estate - construction

1,648

1,648

1,648

1,648

1,648

1,932

6,093

6,202

-

1,648

1,648

-

Real estate - 1-4 family mortgages

54,466

56,722

60,409

65,489

73,448

81,784

91,605

99,769

(25.84)

54,466

73,448

(25.84)

Real estate - commercial mortgages

116,077

127,315

129,120

136,541

151,161

165,494

179,160

196,754

(23.21)

116,077

151,161

(23.21)

Installment loans to individuals

28

31

34

37

31

53

69

158

(9.68)

28

31

(9.68)

Loans, net of unearned

$                   181,765

$                   195,996

$          201,494

$          213,872

$         237,088

$            260,545

$          289,685

$          318,089

(23.33)

$        181,765

$    237,088

(23.33)

Loans Acquired from M&F

Commercial, financial, agricultural

$                   117,817

$                   139,821

$                    -

$                    -

$                  -

$                      -

$                    -

$                    -

-

$        117,817

$               -

-

Lease financing

-

-

-

-

-

-

-

-

-

-

-

Real estate - construction

12,713

23,556

-

-

-

-

-

-

-

12,713

-

-

Real estate - 1-4 family mortgages

224,965

244,079

-

-

-

-

-

-

-

224,965

-

-

Real estate - commercial mortgages

429,878

449,589

-

-

-

-

-

-

-

429,878

-

-

Installment loans to individuals

28,078

34,375

-

-

-

-

-

-

-

28,078

-

-

Loans, net of unearned

$                   813,451

$                   891,420

$                      -

$                      -

$                    -

$                        -

$                      -

$                      -

-

$        813,451

$               -

-

Asset quality data

Assets not acquired:

Nonaccrual loans

$                     16,863

$                     19,995

$            20,554

$            25,382

$           26,881

$              29,677

$            26,099

$            26,999

(37.27)

$          16,863

$      26,881

(37.27)

Loans 90 past due or more

2,287

2,078

1,983

2,601

3,307

2,358

3,864

3,435

(30.84)

2,287

3,307

(30.84)

Nonperforming loans

19,150

22,073

22,537

27,983

30,188

32,035

29,963

30,434

(36.56)

19,150

30,188

(36.56)

Other real estate owned

27,543

27,357

33,247

39,786

44,717

48,568

58,384

64,931

(38.41)

27,543

44,717

(38.41)

Nonperforming assets not acquired

$                     46,693

$                     49,430

$            55,784

$            67,769

$           74,905

$              80,603

$            88,347

$            95,365

(37.66)

$          46,693

$      74,905

(37.66)

Assets acquired and subject to loss share:

Nonaccrual loans

$                     49,194

$                     49,585

$            47,281

$            47,972

$           53,186

$              64,080

$            65,386

$            78,418

(7.51)

$          49,194

$      53,186

(7.51)

Loans 90 past due or more

-

505

126

-

-

-

199

1,397

-

-

-

-

Non-performing loans subject to loss share

49,194

50,090

47,407

47,972

53,186

64,080

65,585

79,815

(7.51)

49,194

53,186

(7.51)

Other real estate owned

12,942

16,580

27,835

35,095

45,534

41,615

37,951

35,461

(71.58)

12,942

45,534

(71.58)

Nonperforming assets acquired and subject to loss share

$                     62,136

$                     66,670

$            75,242

$            83,067

$           98,720

$            105,695

$          103,536

$          115,276

(37.06)

$          62,136

$      98,720

(37.06)

Assets acquired from M&F:

Nonaccrual loans

$                       6,275

$                          224

$                      -

$                      -

$                    -

$                        -

$                      -

$                      -

-

6,275

$               -

-

Loans 90 past due or more

1,899

8,568

-

-

-

-

-

-

-

1,899

-

-

Nonperforming loans

8,174

8,792

-

-

-

-

-

-

-

8,174

-

-

Other real estate owned

12,402

13,223

-

-

-

-

-

-

-

12,402

-

-

Nonperforming assets acquired from M&F

$                     20,576

$                     22,015

$                      -

$                      -

$                    -

$                        -

$                      -

$                      -

-

$          20,576

$               -

-

Net loan charge-offs (recoveries)

$                          584

$                       3,084

$              2,471

$                 893

$             3,722

$                5,335

$              4,097

$              4,964

(84.31)

$            7,032

$      18,118

(61.19)

Allowance for loan losses

47,666

46,250

47,034

46,505

44,347

44,069

44,779

44,176

7.48

47,666

44,347

7.48

Annualized net loan charge-offs / average loans

0.06%

0.38%

0.35%

0.13%

0.53%

0.78%

0.63%

0.77%

0.22%

0.67%

Nonperforming loans / total loans* 

0.74%

0.84%

0.84%

1.08%

1.17%

1.26%

1.25%

1.33%

0.74%

1.17%

Nonperforming assets / total assets*

1.17%

1.25%

1.31%

1.59%

1.79%

1.94%

2.15%

2.28%

1.17%

1.79%

Allowance for loan losses / total loans*

1.29%

1.25%

1.75%

1.79%

1.72%

1.74%

1.87%

1.94%

1.29%

1.72%

Allowance for loan losses / nonperforming loans*

174.45%

149.85%

208.70%

166.19%

146.90%

137.57%

149.45%

145.15%

174.45%

146.90%

Nonperforming loans / total loans** 

0.66%

0.79%

0.84%

1.08%

1.17%

1.26%

1.25%

1.33%

0.66%

1.17%

Nonperforming assets / total assets**

0.81%

0.86%

1.31%

1.59%

1.79%

1.94%

2.15%

2.28%

0.81%

1.79%

Allowance for loan losses / total loans**

1.65%

1.66%

1.75%

1.79%

1.72%

1.74%

1.87%

1.94%

1.65%

1.72%

Allowance for loan losses / nonperforming loans**

248.91%

209.53%

208.70%

166.19%

146.90%

137.57%

149.45%

145.15%

248.91%

146.90%

*Based on assets not subject to loss share (includes assets acquired from M&F)

**Excludes assets acquired from M&F and assets covered under loss share

 

 

 

SOURCE Renasant Corporation



RELATED LINKS

http://www.renasantbank.com