Renasant Corporation Announces 2013 Fourth Quarter and Year-end Results

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



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