Renasant Corporation Announces 2013 Third Quarter Earnings

Oct 15, 2013, 18:10 ET from Renasant Corporation

TUPELO, Miss., Oct. 15, 2013 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2013. Net income for the third quarter of 2013 was $6.6 million, or basic and diluted earnings per share of $0.24, as compared to $7.0 million, or basic and diluted earnings per share of $0.28, for the third quarter of 2012. On September 1, 2013, the Company completed its merger with First M&F Corporation ("M&F"). The Company's 2013 third quarter results include $2.7 million, or $0.10 per share, in after-tax merger expenses associated with the M&F transaction. Excluding merger expenses, net income was $9.3 million, or basic and diluted earnings per share of $0.34, for the third quarter of 2013.

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

The Company's results of operation do not reflect M&F's results prior to the date of merger completion, but balances for the Company as of September 30, 2013 incorporate the impact of the M&F acquisition, including M&F's $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. The Company issued approximately 6.2 million shares of stock in connection with the acquisition.  The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.

"We are pleased with our third quarter performance which includes the completion of the M&F merger, our largest acquisition to date. In addition to the merger, we continued to experience strong loan growth and significant improvements to our credit risk profile," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.

Total assets as of September 30, 2013, were approximately $5.74 billion, as compared to $4.18 billion at December 31, 2012. 

At September 30, 2013, the Company's Tier 1 leverage capital ratio was 8.66%, its Tier 1 risk-based capital ratio was 11.40%, and its total risk-based capital ratio was 12.53%. The Company's tangible common equity ratio was 6.49%.  All of the Company's regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as "well-capitalized." 

Total loans, which include both loans covered and not covered under FDIC loss-share agreements and the M&F acquired loans, were approximately $3.88 billion at September 30, 2013, as compared to $2.81 billion at December 31, 2012. Excluding loans from M&F, loans not covered under FDIC loss-share agreements were $2.79 billion at September 30, 2013, an increase of 8.59% from December 31, 2012.

Total deposits, which include deposits from M&F, were $4.83 billion at September 30, 2013, as compared to $3.46 billion at December 31, 2012.  The Company's cost of funds decreased 11 basis points to 0.57% for the third quarter of 2013, as compared to 0.68% for the third quarter of 2012.

Net interest income increased to $38.7 million for the third quarter of 2013, from $33.1 million for the third quarter of 2012.  Net interest margin was 3.86% for the third quarter of 2013, as compared to 3.94% for the third quarter of 2012.

"The competitive pricing pressure on loan growth, which continues to cause margin compression, remains a real risk. To combat the long-term interest rate risks associated with low rate loans for extended periods of time, we have made a concerted effort to shorten our repricing terms while maintaining new and renewed rates. As a result of these efforts, the yields on our new and renewed loan production improved slightly during the third quarter of 2013 as compared to recent quarters while reducing the weighted average repricing term," stated McGraw.

Noninterest income was $18.9 million for the third quarter of 2013, as compared to $18.0 million for the third quarter of 2012.  Gain on sale of mortgage loans was $2.8 million for the third quarter of 2013, as compared to $4.4 million for the third quarter of 2012, due primarily to a decline in the mortgage pipeline and increased pricing pressure as a result of a slowdown in refinance volume caused by the recent increase in mortgage rates.

"While we experienced a slowdown in mortgage volume in the third quarter, as compared to exceptionally strong recent quarters, we have seen both our mortgage pipeline and competitor pricing stabilize.  We were particularly pleased to see our purchase volume increase 41% from the third quarter of 2012, as we continue to see results from our efforts to increase both retail and wholesale purchase volume to offset the reduction in refinance volume," stated McGraw.

Noninterest expense was $46.6 million for the third quarter of 2013, as compared to $38.7 million for the third quarter of 2012.  The increase in noninterest expense during the third quarter of 2013, as compared to the third quarter of 2012, is primarily attributable to $3.8 million in pre-tax merger expenses and additional personnel related to the new lines of business and in-market lift outs.

The Company's loans and other real estate owned ("OREO") acquired in FDIC-assisted transactions are recorded at fair value.  Furthermore, the loss-share agreements with the FDIC, as well as adjustments to the balances of these acquired assets to record them at fair value, mitigate the impact of further losses on these assets.  Nonperforming loans and OREO covered under loss-share agreements totaled $50.1 million and $16.6 million, respectively, at September 30, 2013, combining for a decrease of approximately 32.47% in nonperforming assets subject to FDIC loss-share agreements from December 31, 2012.  The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios exclude the assets covered under loss-share agreements.

The Company recorded a provision for loan losses of $2.3 million for the third quarter of 2013, as compared to $4.6 million for the third quarter of 2012.  Annualized net charge-offs as a percentage of average loans were 0.38% for the third quarter of 2013, as compared to 0.78% for the third quarter of 2012.  The allowance for loan losses as a percentage of loans, including the acquired M&F loans, was 1.25% at September 30, 2013, as compared to 1.72% at December 31, 2012.  Excluding the acquired M&F loans, the allowance for loan losses as a percentage of loans was 1.66% at September 30, 2013.

Nonperforming loans were $30.9 million at September 30, 2013, which include $8.8 million of nonperforming loans from M&F, as compared to $30.2 million at December 31, 2012. The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 149.9% as of September 30, 2013, as compared to 146.9% as of December 31, 2012. Excluding M&F's nonperforming loans, which are carried at fair value and, therefore, do not have any allowance for loan losses assigned at September 30, 2013, the coverage ratio was 209.5%. 

OREO, including $13.2 million in OREO acquired from M&F, was $40.6 million at September 30, 2013, as compared to $44.7 million at December 31, 2012. Excluding the OREO acquired from M&F, OREO totaled $27.4 million at September 30, 2013, a 38.8% decrease from year end. During the third quarter, the Company sold approximately $6.4 million in OREO. 

"As we move towards full integration of M&F in the fourth quarter, we remain excited about our new market entries, additional banking talent and legacy market expansions provided by this merger," stated McGraw. "In addition, the M&F merger complements our other external growth initiatives, all of which will continue to enhance our profitability."

CONFERENCE CALL INFORMATION: A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern on Wednesday, October 16, 2013.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst131016.html. To access the conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant Corporation Third Quarter 2013 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6016 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 10035185 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM ET on October 31, 2013.

ABOUT RENASANT CORPORATION: Renasant Corporation, a 109-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.

Contacts:

For Media:

For Financials:

John Oxford

Kevin Chapman

Vice President

Executive Vice President

Director of External Affairs 

Chief Financial Officer

(662) 680-1219

(662) 680-1450

joxford@renasant.com

kchapman@renasant.com

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2013 -

For the Nine Months

2013

2012

Q3 2012

Ended September 30,

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Statement of earnings

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2013

2012

Variance

Interest income - taxable equivalent basis

$          46,083

$          41,331

$          40,371

$          41,135

$          40,613

$          41,487

$          42,001

13.47

$            127,785

$        124,101

2.97

Interest income 

$          44,638

$          39,945

$          38,945

$          39,676

$          39,154

$          39,978

$          40,505

14.01

123,528

$        119,637

3.25

Interest expense

5,890

5,541

5,564

5,723

6,022

6,568

7,662

(2.19)

16,995

$          20,252

(16.08)

Net interest income

38,748

34,404

33,381

33,953

33,132

33,410

32,843

16.95

106,533

99,385

7.19

Provision for loan losses

2,300

3,000

3,050

4,000

4,625

4,700

4,800

(50.27)

8,350

14,125

(40.88)

Net interest income after provision

36,448

31,404

30,331

29,953

28,507

28,710

28,043

27.86

98,183

85,260

15.16

Service charges on deposit accounts

5,361

4,509

4,500

4,774

4,818

4,495

4,525

11.27

14,370

13,838

3.85

Fees and commissions on loans and deposits

4,982

4,848

4,831

4,706

4,639

4,322

3,928

7.39

14,661

12,889

13.75

Insurance commissions and fees

1,295

951

861

876

889

842

939

45.70

3,107

2,588

20.07

Wealth management revenue

2,091

1,715

1,724

1,726

1,707

1,551

1,942

22.52

5,530

5,200

6.35

Securities gains (losses) 

-

-

54

121

-

869

904

-

54

1,773

(96.95)

Gain on sale of mortgage loans

2,788

3,870

3,565

4,431

4,397

2,390

1,281

(36.59)

10,223

8,068

26.71

Gain on acquisition

-

-

-

-

-

-

-

-

-

-

-

Other

2,418

1,424

1,843

1,272

1,605

1,769

2,909

50.65

5,685

6,283

(9.52)

Total noninterest income

18,935

17,317

17,378

17,906

18,055

16,238

16,428

4.87

53,630

50,639

5.91

Salaries and employee benefits

25,689

21,906

21,274

21,261

21,221

19,871

18,649

21.06

68,869

59,741

15.28

Data processing

2,236

2,045

2,043

2,281

2,192

2,211

2,040

2.00

6,324

6,443

(1.85)

Occupancy and equipment

4,576

3,668

3,608

3,522

3,886

3,582

3,619

17.75

11,852

11,079

6.97

Other real estate

1,537

1,773

2,049

3,787

2,440

3,370

3,999

(37.00)

5,359

9,809

(45.36)

Amortization of intangibles

724

314

323

333

341

349

358

112.32

1,361

1,048

29.87

Merger-related expenses

3,763

385

-

-

-

-

-

-

4,148

-

-

Debt extinguishment penalty

-

-

-

-

-

-

898

-

-

898

(100.00)

Other

8,088

7,643

8,303

7,147

8,592

7,327

7,099

(5.87)

24,034

22,944

4.75

Total noninterest expense

46,613

37,734

37,600

38,331

38,672

36,710

36,662

20.53

121,947

111,962

8.92

Income before income taxes

8,770

10,987

10,109

9,528

7,890

8,238

7,809

11.15

29,866

23,937

24.77

Income taxes

2,133

2,968

2,538

2,247

853

1,893

1,835

150.06

7,639

4,581

66.75

Net income 

$            6,637

$            8,019

$            7,571

$            7,281

$            7,037

$            6,345

$            5,974

(5.69)

$              22,227

$          19,356

14.83

Basic earnings per share

$              0.24

$              0.32

$              0.30

$              0.29

$              0.28

$              0.25

$              0.24

(14.29)

$                  0.86

$              0.77

11.69

Diluted earnings per share

0.24

0.32

0.30

0.29

0.28

0.25

0.24

(14.29)

0.85

0.77

10.39

Average basic shares outstanding

27,234,927

25,223,749

25,186,229

25,129,932

25,114,672

25,110,709

25,078,996

8.44

25,889,139

25,101,507

3.14

Average diluted shares outstanding

27,447,382

25,373,868

25,288,785

25,259,048

25,220,887

25,149,360

25,138,213

8.83

26,053,173

25,161,911

3.54

Common shares outstanding

31,358,583

25,231,074

25,208,733

25,157,637

25,120,412

25,113,894

25,105,732

24.83

31,358,583

25,120,412

24.83

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

4.75%

6.35%

6.12%

5.80%

5.65%

5.19%

4.88%

5.71%

5.24%

Return on average tangible shareholders' equity

8.74%

10.47%

10.19%

9.73%

9.61%

8.86%

8.39%

9.78%

8.95%

Return on average assets

0.56%

0.76%

0.73%

0.70%

0.69%

0.62%

0.57%

0.68%

0.62%

Return on average tangible assets

0.63%

0.82%

0.79%

0.76%

0.75%

0.68%

0.62%

0.74%

0.68%

Net interest margin (FTE)

3.86%

3.88%

3.89%

3.97%

3.94%

3.99%

3.85%

3.88%

3.93%

Yield on earning assets (FTE)

4.42%

4.49%

4.51%

4.61%

4.63%

4.74%

4.71%

4.47%

4.69%

Cost of funding

0.57%

0.60%

0.62%

0.64%

0.68%

0.74%

0.84%

0.59%

0.75%

Average earning assets to average assets

87.43%

87.32%

86.31%

86.01%

85.62%

85.39%

84.88%

87.04%

85.18%

Average loans to average deposits

81.69%

80.93%

80.30%

82.21%

81.33%

76.89%

75.45%

81.00%

77.88%

Noninterest income (less securities gains/

losses) to average assets

1.59%

1.64%

1.67%

1.71%

1.76%

1.50%

1.48%

1.63%

1.57%

Noninterest expense (less debt prepayment penalties/

merger-related expenses) to average assets

3.59%

3.54%

3.63%

3.69%

3.77%

3.58%

3.41%

3.59%

3.58%

Net overhead ratio

2.01%

1.90%

1.95%

1.98%

2.01%

2.08%

1.93%

1.96%

2.00%

Efficiency ratio (FTE)**

72.47%

70.33%

72.13%

72.05%

73.46%

73.00%

71.72%

71.67%

72.73%

**Excludes debt extinguishment penalties 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)

Q3 2013 -

For the Nine Months

2013

2012

Q3 2012

Ended September 30,

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Average balances

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2013

2012

Variance

Total assets

$     4,729,079

$     4,231,947

$     4,206,411

$     4,128,508

$     4,078,333

$     4,123,373

$     4,222,376

15.96

$         4,391,370

$     4,146,847

5.90

Earning assets

4,134,730

3,695,409

3,630,759

3,551,026

3,491,941

3,521,099

3,583,957

18.41

3,822,145

3,532,185

8.21

Securities

819,351

754,515

698,863

665,578

682,123

793,353

813,826

20.12

758,018

762,805

(0.63)

Mortgage loans held for sale

37,056

32,318

22,347

29,331

24,514

19,237

23,938

51.16

30,627

37,604

(18.55)

Loans, net of unearned

3,213,853

2,845,260

2,804,618

2,798,591

2,729,503

2,628,084

2,590,062

17.74

2,956,076

2,672,079

10.63

Intangibles

227,606

190,362

190,787

191,086

191,442

191,788

192,429

18.89

203,053

191,789

5.87

-

Noninterest-bearing deposits

$        660,415

$        562,104

$        549,514

$        564,440

$        543,767

$        531,209

$        534,867

21.45

$            591,394

$        536,640

10.20

Interest-bearing deposits

3,273,658

2,953,435

2,943,247

2,839,709

2,812,140

2,886,878

2,897,750

16.41

3,057,991

2,865,394

6.72

Total deposits

3,934,073

3,515,539

3,492,761

3,404,149

3,355,907

3,418,087

3,432,617

17.23

3,649,385

3,402,034

7.27

Borrowed funds

189,909

164,894

163,981

175,876

177,016

168,856

238,937

7.28

173,023

194,871

(11.21)

Shareholders' equity

553,772

506,225

501,634

499,088

495,220

492,164

492,092

11.82

520,734

493,279

5.57

Balances at period end

Total assets

$     5,735,865

$     4,242,401

$     4,267,658

$     4,178,616

$     4,164,606

$     4,112,377

$     4,176,490

37.73

$         5,735,865

$     4,164,606

37.73

Earning assets

4,972,051

3,715,321

3,706,707

3,588,370

3,595,576

3,510,654

3,551,825

38.28

4,972,051

3,595,576

38.28

Securities

915,869

746,530

740,613

674,077

680,679

676,721

834,419

34.55

915,869

680,679

34.55

Mortgage loans held for sale

28,466

50,268

26,286

34,845

39,131

25,386

25,216

(27.25)

28,466

39,131

(27.25)

Loans acquired from M&F

891,420

-

-

-

-

-

-

891,420

-

Loans not subject to loss share

2,794,116

2,683,017

2,594,438

2,573,165

2,539,618

2,392,349

2,281,957

10.02

2,794,116

2,539,618

10.02

Loans subject to loss share

195,996

201,494

213,872

237,088

260,545

289,685

318,089

(24.77)

195,996

260,545

(24.77)

Total loans

3,881,532

2,884,511

2,808,310

2,810,253

2,800,163

2,682,034

2,600,046

38.62

3,881,532

2,800,163

38.62

Intangibles

305,065

190,208

190,522

190,925

191,258

191,258

191,967

59.50

305,065

191,258

59.50

Noninterest-bearing deposits

$        876,138

$        560,965

$        567,065

$        568,214

$        554,581

$        539,237

$        535,955

57.98

$            876,138

$        554,581

57.98

Interest-bearing deposits

3,958,618

2,944,193

2,988,110

2,893,007

2,841,447

2,866,959

2,937,211

39.32

3,958,618

2,841,447

39.32

Total deposits

4,834,756

3,505,158

3,555,175

3,461,221

3,396,028

3,406,196

3,473,166

42.37

4,834,756

3,396,028

42.37

Borrowed funds

177,168

195,789

164,063

164,706

222,907

169,979

171,753

(20.52)

177,168

222,907

(20.52)

Shareholders' equity

657,256

500,678

502,375

498,208

496,824

491,534

489,611

32.29

657,256

496,824

32.29

Market value per common share

$            27.17

$            24.34

$            22.38

$            19.14

$            19.61

$            15.71

$            16.28

38.55

$                27.17

$            19.61

38.55

Book value per common share

20.96

19.84

19.93

19.80

19.78

19.57

19.50

5.96

20.96

19.78

5.97

Tangible book value per common share

11.23

12.31

12.37

12.21

12.16

11.94

11.86

(7.64)

11.23

12.16

(7.65)

Shareholders' equity to assets (actual)

11.46%

11.80%

11.77%

11.92%

11.93%

11.95%

11.72%

11.46%

11.93%

Tangible capital ratio

6.49%

7.66%

7.65%

7.71%

7.69%

7.65%

7.47%

6.49%

7.69%

Leverage ratio

8.66%

9.83%

9.79%

9.86%

9.90%

9.68%

9.38%

8.66%

9.90%

Tier 1 risk-based capital ratio

11.40%

12.87%

12.86%

12.74%

12.73%

13.14%

13.32%

11.40%

12.73%

Total risk-based capital ratio

12.53%

14.14%

14.13%

14.00%

14.00%

14.39%

14.57%

12.53%

14.00%

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2013 -

For the Nine Months

2013

2012

Q3 2012

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

2013

2012

Variance

Commercial, financial, agricultural

$        331,142

$        307,718

$        298,013

$        306,250

$        299,774

$        280,515

$        263,720

10.46

$            331,142

$        299,774

10.46

Lease financing

75

103

162

190

217

245

302

(65.44)

75

$               217

(65.44)

Real estate - construction

127,013

117,339

109,484

104,058

103,522

73,109

67,223

22.69

127,013

$        103,522

22.69

Real estate - 1-4 family mortgages

891,422

859,884

834,204

829,975

801,612

771,161

738,765

11.20

891,422

$        801,612

11.20

Real estate - commercial mortgages

1,383,680

1,335,402

1,295,213

1,275,482

1,275,386

1,208,057

1,153,423

8.49

1,383,680

$     1,275,386

8.49

Installment loans to individuals

60,784

62,571

57,362

57,210

59,107

59,262

58,524

2.84

60,784

$          59,107

2.84

Loans, net of unearned

$     2,794,116

$     2,683,017

$     2,594,438

$     2,573,165

$     2,539,618

$     2,392,349

$     2,281,957

10.02

$         2,794,116

$     2,539,618

10.02

Loans subject to loss share by category

Commercial, financial, agricultural

$          10,280

$          10,283

$          10,157

$          10,800

$          11,282

$          12,758

$          15,206

(8.88)

$              10,280

$          11,282

(8.88)

Lease financing

-

-

-

-

-

-

-

-

-

$                 -

-

Real estate - construction

1,648

1,648

1,648

1,648

1,932

6,093

6,202

(14.70)

1,648

$            1,932

(14.70)

Real estate - 1-4 family mortgages

56,722

60,409

65,489

73,448

81,784

91,605

99,769

(30.64)

56,722

$          81,784

(30.64)

Real estate - commercial mortgages

127,315

129,120

136,541

151,161

165,494

179,160

196,754

(23.07)

127,315

$        165,494

(23.07)

Installment loans to individuals

31

34

37

31

53

69

158

(41.51)

31

$                 53

(41.51)

Loans, net of unearned

$        195,996

$        201,494

$        213,872

$        237,088

$        260,545

$        289,685

$        318,089

(24.77)

$            195,996

$        260,545

(24.77)

Loans Acquired from M&F

Commercial, financial, agricultural

$        139,821

$                 -

$                 -

$                 -

$                 -

$                 -

$                 -

-

$            139,821

$                 -

-

Lease financing

-

-

-

-

-

-

-

-

$                 -

-

Real estate - construction

23,556

-

-

-

-

-

-

-

23,556

$                 -

-

Real estate - 1-4 family mortgages

244,079

-

-

-

-

-

-

-

244,079

$                 -

-

Real estate - commercial mortgages

449,589

-

-

-

-

-

-

-

449,589

$                 -

-

Installment loans to individuals

34,375

-

-

-

-

-

-

-

34,375

$                 -

-

Loans, net of unearned

$        891,420

$                   -

$                   -

$                   -

$                   -

$                   -

$                   -

-

$            891,420

$                   -

-

Asset quality data

Assets not subject to loss share:

Nonaccrual loans

$          19,995

$          20,554

$          25,382

$          26,881

$          29,677

$          26,099

$          26,999

(32.62)

$              19,995

$          29,677

(32.62)

Loans 90 past due or more

2,078

1,983

2,601

3,307

2,358

3,864

3,435

(11.87)

2,078

$            2,358

(11.87)

Nonperforming loans

22,073

22,537

27,983

30,188

32,035

29,963

30,434

(31.10)

22,073

32,035

(31.10)

Other real estate owned

27,357

33,247

39,786

44,717

48,568

58,384

64,931

(43.67)

27,357

48,568

(43.67)

Nonperforming assets not subject to loss share

$          49,430

$          55,784

$          67,769

$          74,905

$          80,603

$          88,347

$          95,365

(38.67)

$              49,430

$          80,603

(38.67)

Assets subject to loss share:

Nonaccrual loans

$          49,585

$          47,281

$          47,972

$          53,186

$          64,080

$          65,386

$          78,418

(22.62)

$              49,585

$          64,080

(22.62)

Loans 90 past due or more

505

126

-

-

-

199

1,397

-

505

-

-

Non-performing loans subject to loss share

50,090

47,407

47,972

53,186

64,080

65,585

79,815

(21.83)

50,090

64,080

(21.83)

Other real estate owned

16,580

27,835

35,095

45,534

41,615

37,951

35,461

(60.16)

16,580

41,615

(60.16)

Nonperforming assets subject to loss share

$          66,670

$          75,242

$          83,067

$          98,720

$        105,695

$        103,536

$        115,276

(36.92)

$              66,670

$        105,695

(36.92)

Assets acquired from M&F:

Nonaccrual loans

$               224

$                   -

$                   -

$                   -

$                   -

$                   -

$                   -

-

224

$                   -

-

Loans 90 past due or more

8,568

-

-

-

-

-

-

-

8,568

-

-

Nonperforming loans

8,792

-

-

-

-

-

-

-

8,792

-

-

Other real estate owned

13,223

-

-

-

-

-

-

-

13,223

-

-

Nonperforming assets not subject to loss share

$          22,015

$                   -

$                   -

$                   -

$                   -

$                   -

$                   -

-

$              22,015

$                   -

-

Net loan charge-offs (recoveries)

$            3,084

$            2,471

$               893

$            3,722

$            5,335

$            4,097

$            4,964

(42.19)

$                6,448

$          14,396

(55.21)

Allowance for loan losses

46,250

47,034

46,505

44,347

44,069

44,779

44,176

4.95

46,250

44,069

4.95

Nonperforming loans / total loans* 

0.84%

0.84%

1.08%

1.17%

1.26%

1.25%

1.33%

0.84%

1.26%

Nonperforming assets / total assets*

1.25%

1.31%

1.59%

1.79%

1.94%

2.15%

2.28%

1.25%

1.94%

Allowance for loan losses / total loans*

1.25%

1.75%

1.79%

1.72%

1.74%

1.87%

1.94%

1.25%

1.74%

Allowance for loan losses / nonperforming loans*

149.85%

208.70%

166.19%

146.90%

137.57%

149.45%

145.15%

149.85%

137.57%

Annualized net loan charge-offs / average loans

0.38%

0.35%

0.13%

0.53%

0.78%

0.63%

0.77%

0.29%

0.72%

Nonperforming loans / total loans** 

0.79%

0.84%

1.08%

1.17%

1.26%

1.25%

1.33%

0.79%

1.26%

Nonperforming assets / total assets**

0.86%

1.31%

1.59%

1.79%

1.94%

2.15%

2.28%

0.86%

1.94%

Allowance for loan losses / total loans**

1.66%

1.75%

1.79%

1.72%

1.74%

1.87%

1.94%

1.66%

1.74%

Allowance for loan losses / nonperforming loans**

209.53%

208.70%

166.19%

146.90%

137.57%

149.45%

145.15%

209.53%

137.57%

Annualized net loan charge-offs / average loans

0.38%

0.35%

0.13%

0.53%

0.78%

0.63%

0.77%

0.29%

0.72%

*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