Renasant Corporation Announces 2013 Third Quarter Earnings

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

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