Renasant Corporation Announces 2009 Fourth Quarter and Year End Earnings Results
TUPELO, Miss., Jan. 19 /PRNewswire-FirstCall/ -- Renasant Corporation (Nasdaq: RNST) (the “Company”) today announced its earnings results for 2009. Net income for 2009 was $18,518,000 as compared to $24,052,000 for 2008. Basic and diluted earnings per share were $0.88 and $0.87, respectively, for 2009 compared to basic and diluted earnings per share of $1.15 and $1.14, respectively, for 2008.
For the fourth quarter of 2009, net income was $4,031,000 as compared to $232,000 for the fourth quarter of 2008. Basic and diluted earnings per share were $0.19 for the fourth quarter of 2009, compared to basic and diluted earnings per share of $0.01 for the fourth quarter of 2008. The increase in fourth quarter 2009 net income and earnings per share as compared to 2008 is primarily due to a lower provision for loan losses during the fourth quarter of 2009.
“At the beginning of last year we stated that the Company’s success would be determined by management’s ability to preserve margin, minimize credit losses, grow noninterest income and reduce noninterest expense - all of which would result in continued enhancement of our strong capital position,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Looking back, after experiencing margin compression through the second quarter of 2009, we grew margin during the second half of the year, continued to reduce our construction and development loans, grew noninterest income and reduced noninterest expense notwithstanding the special assessment levied by the FDIC during the second quarter of 2009.”
Total deposits grew to $2.58 billion at December 31, 2009 as compared to approximately $2.34 billion at December 31, 2008. Included within this growth is an increase in noninterest bearing deposits of $20.7 million and an increase in retail interest bearing deposits of $288.2 million. This growth allowed the Company to reduce public fund deposits by $80.6 million and borrowings by $315.9 million during 2009.
“The Company experienced strong deposit growth due to management’s strategic efforts to acquire lower costing and noninterest bearing deposits while reducing reliance on higher costing sources of funds. This growth in deposits will allow us to continue to reduce higher cost borrowings,” stated McGraw.
Total loans were approximately $2.35 billion at the end of 2009 as compared to approximately $2.53 billion at December 31, 2008.
“During 2009, total loans declined year-over-year as new loan production did not keep pace with our efforts to have our construction and development loan portfolios, which have been more negatively impacted by the economic downturn, pay off and pay down. During 2009, our construction and development loan portfolio decreased an additional $150 million,” said McGraw.
Total assets as of December 31, 2009 were approximately $3.64 billion as compared to approximately $3.72 billion for December 31, 2008.
Shareholders’ equity was $410,122,000 at December 31, 2009 as compared to $400,371,000 at December 31, 2008. The change in shareholders’ equity reflects earnings less dividends paid and changes in unrealized gains and losses on available for sale investment securities.
As of December 31, 2009, the Company’s regulatory capital ratios were in excess of regulatory minimums required to be classified as “well-capitalized”. At December 31, 2009, the Company’s Tier I leverage capital ratio was 8.68%, its Tier I risk-based capital ratio was 11.16%, and its total risk-based capital ratio was 12.41%. The growth in the Company’s capital ratios reaffirms management’s decision in the fourth quarter of 2008 not to participate in the federal government’s Troubled Asset Relief Program.
Net interest income was $99,466,000 for 2009 as compared to $109,442,000 for 2008. Net interest income was $24,802,000 for the fourth quarter of 2009 as compared to $26,842,000 for the same period in 2008. Net interest margin was 3.16% for 2009 as compared to 3.44% for 2008 and net interest margin was 3.22% for the fourth quarter of 2009 as compared to 3.36% for the fourth quarter of 2008. Net interest margin was unchanged on a linked quarter basis.
Noninterest income was $57,558,000 for 2009 as compared to $54,042,000 for 2008. For the fourth quarter of 2009, noninterest income was $13,419,000 as compared to $12,751,000 for the fourth quarter of 2008. The Company experienced an increase in year-over-year and quarter-over-quarter noninterest income primarily associated with our increase in deposits and our record mortgage loan production during 2009.
Noninterest expense was $105,753,000 for 2009 as compared to $107,968,000 for 2008. Noninterest expense was $25,583,000 for the fourth quarter of 2009 compared to $25,688,000 for the fourth quarter of 2008. Despite an industry wide special assessment levied by the FDIC which resulted in a $1,750,000 expense to the Company, noninterest expense decreased by approximately $2.2 million during 2009 as compared to 2008. This planned reduction in noninterest expense was due to achieved efficiencies throughout the Company.
Net charge-offs as a percentage of average loans for the year ending December 31, 2009, were 0.91% compared to 0.55% for 2008. The Company recorded a provision for loan losses of $7,800,000 and $26,890,000 for the fourth quarter of 2009 and the year ending December 31, 2009, respectively, as compared to $14,979,000 and $22,804,000, respectively, for the same periods in 2008. The allowance for loan losses as a percentage of loans was 1.67% at December 31, 2009, as compared to 1.51% at September 30, 2009 and 1.38% for December 31, 2008.
“Our credit administration team has an ongoing initiative of aggressively reviewing our credit portfolio with the goal of establishing appropriate reserves against potential future losses,” stated McGraw.
Non-performing loans (loans 90 days or more past due and nonaccrual loans) were $50,025,000 at December 31, 2009, as compared to $48,656,000 at September 30, 2009 and $39,913,000 at December 31, 2008. Non-performing loans as a percentage of total loans were 2.13% at December 31, 2009, as compared to 2.03% at September 30, 2009 and 1.58% as of December 31, 2008. Loans 30-89 days past due as a percentage of total loans decreased to 1.03% at December 31, 2009 down from 1.38% at September 30, 2009 and 1.92% at December 31, 2008.
Other real estate owned was $58,568,000 at December 31, 2009 as compared to $47,457,000 at September 30, 2009 and $25,111,000 at December 31, 2008. The increase in OREO reflects the Company’s efforts to resolve problem loans by taking possession and controlling the liquidation of the underlying properties. The Company continues to aggressively manage the property held in our other real estate owned portfolio. This is evident as the Company sold $16 million of other real estate owned during 2009.
“Renasant is looking forward to a successful 2010 as we build on our 105 year history of success and capitalize on future opportunities to enhance our long-term value,” said McGraw.
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 20, 2010, through the Company's website: www.renasant.com. The event will be archived on the Company’s website for one year. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-800-860-2442 in the United States and requesting the Renasant Corporation 2009 earnings call. International participants should dial 1-412-858-4600.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of December 31, 2009, Renasant had assets of approximately $3.6 billion and operated 65 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee and Alabama.
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.
RENASANT CORPORATION | |||||||||||||||||||||||||||||
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(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||
Q4 2009 - | For the Year | ||||||||||||||||||||||||||||
2009 | 2008 | Q4 2008 | Ended December 31, | ||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2009 | 2008 | Variance | ||||||||||||||||||
Average balances | |||||||||||||||||||||||||||||
Total assets | $ 3,640,514 | $ 3,675,592 | $ 3,738,852 | $ 3,763,245 | $ 3,697,726 | $ 3,744,069 | $ 3,752,401 | $ 3,629,623 | (1.55) | $ 3,704,350 | $ 3,706,025 | (0.05) | |||||||||||||||||
Earning assets | 3,210,554 | 3,261,527 | 3,337,103 | 3,343,699 | 3,284,282 | 3,329,651 | 3,333,176 | 3,210,112 | (2.24) | 3,290,356 | 3,289,402 | 0.03 | |||||||||||||||||
Securities | 719,298 | 703,976 | 701,894 | 696,068 | 713,108 | 735,977 | 704,694 | 555,174 | 0.87 | 702,690 | 677,497 | 3.72 | |||||||||||||||||
Loans, net of unearned | 2,397,195 | 2,465,298 | 2,542,021 | 2,587,436 | 2,551,660 | 2,571,069 | 2,611,843 | 2,631,101 | (6.05) | 2,497,377 | 2,591,254 | (3.62) | |||||||||||||||||
Intangibles | 191,591 | 192,078 | 192,568 | 193,067 | 193,671 | 194,382 | 195,949 | 197,036 | (1.07) | 192,404 | 195,252 | (1.46) | |||||||||||||||||
Non-interest bearing deposits | $ 307,753 | $ 297,390 | $ 293,546 | $ 299,265 | $ 289,079 | $ 287,197 | $ 298,692 | $ 293,528 | 6.46 | $ 299,465 | $ 292,145 | 2.51 | |||||||||||||||||
Interest bearing deposits | 2,247,854 | 2,286,184 | 2,342,788 | 2,250,324 | 2,106,341 | 2,143,680 | 2,233,380 | 2,301,291 | 6.72 | 2,281,793 | 2,195,771 | 3.92 | |||||||||||||||||
Total deposits | 2,555,607 | 2,583,574 | 2,636,334 | 2,549,589 | 2,395,420 | 2,430,877 | 2,532,072 | 2,594,819 | 6.69 | 2,581,258 | 2,487,916 | 3.75 | |||||||||||||||||
Borrowed funds | 632,689 | 647,919 | 662,387 | 815,548 | 856,057 | 871,744 | 774,052 | 587,957 | (26.09) | 689,020 | 772,952 | (10.86) | |||||||||||||||||
Shareholders' equity | 413,773 | 406,779 | 404,456 | 403,229 | 407,286 | 406,571 | 410,780 | 405,355 | 1.59 | 406,178 | 403,025 | 0.78 | |||||||||||||||||
Asset quality data | |||||||||||||||||||||||||||||
Nonaccrual loans | $ 39,454 | $ 37,995 | $ 55,217 | $ 47,591 | $ 35,661 | $ 20,578 | $ 17,659 | $ 16,090 | 10.64 | $ 39,454 | $ 35,661 | 10.64 | |||||||||||||||||
Loans 90 past due or more | 10,571 | 10,661 | 10,284 | 19,789 | 4,252 | 9,077 | 8,962 | 5,888 | 148.61 | 10,571 | 4,252 | 148.61 | |||||||||||||||||
Non-performing loans | 50,025 | 48,656 | 65,501 | 67,380 | 39,913 | 29,655 | 26,621 | 21,978 | 25.34 | 50,025 | 39,913 | 25.34 | |||||||||||||||||
Other real estate owned and repossessions | 58,568 | 47,457 | 30,546 | 25,318 | 25,111 | 21,901 | 13,111 | 12,802 | 133.24 | 58,568 | 25,111 | 133.24 | |||||||||||||||||
Non-performing assets | $ 108,593 | $ 96,113 | $ 96,047 | $ 92,698 | $ 65,024 | $ 51,556 | $ 39,732 | $ 34,780 | 67.00 | $ 108,593 | $ 65,024 | 67.00 | |||||||||||||||||
Net loan charge-offs (recoveries) | $ 5,007 | $ 6,962 | $ 5,917 | $ 4,764 | $ 8,098 | $ 1,623 | $ 2,824 | $ 1,726 | (38.17) | $ 22,650 | $ 14,271 | 58.71 | |||||||||||||||||
Allowance for loan losses | 39,145 | 36,352 | 35,964 | 35,181 | 34,905 | 28,024 | 26,647 | 27,271 | 12.15 | 39,145 | 34,905 | 12.15 | |||||||||||||||||
Non-performing loans / total loans | 2.13% | 2.03% | 2.65% | 2.69% | 1.58% | 1.17% | 1.05% | 0.85% | 2.13% | 1.58% | |||||||||||||||||||
Non-performing assets / total assets | 2.98% | 2.64% | 2.59% | 2.44% | 1.75% | 1.38% | 1.05% | 0.94% | 2.98% | 1.75% | |||||||||||||||||||
Allowance for loan losses / total loans | 1.67% | 1.51% | 1.46% | 1.40% | 1.38% | 1.11% | 1.05% | 1.06% | 1.67% | 1.38% | |||||||||||||||||||
Allowance for loan losses / | |||||||||||||||||||||||||||||
non-performing loans | 78.25% | 74.71% | 54.91% | 52.21% | 87.45% | 94.50% | 100.10% | 124.08% | 78.25% | 87.45% | |||||||||||||||||||
Annualized net loan charge-offs / | |||||||||||||||||||||||||||||
average loans | 0.83% | 1.12% | 0.93% | 0.75% | 1.26% | 0.25% | 0.43% | 0.26% | 0.91% | 0.55% | |||||||||||||||||||
Balances at period end | |||||||||||||||||||||||||||||
Total assets | $ 3,641,081 | $ 3,642,657 | $ 3,701,957 | $ 3,795,217 | $ 3,715,980 | $ 3,725,209 | $ 3,782,196 | $ 3,699,276 | $ 3,641,081 | $ 3,715,980 | (2.02) | ||||||||||||||||||
Earning assets | 3,173,039 | 3,188,554 | 3,236,615 | 3,368,962 | 3,286,764 | 3,284,813 | 3,339,511 | 3,267,329 | 3,173,039 | 3,286,764 | (3.46) | ||||||||||||||||||
Securities | 714,164 | 738,204 | 684,723 | 709,950 | 695,106 | 708,406 | 741,154 | 636,338 | 714,164 | 695,106 | 2.74 | ||||||||||||||||||
Mortgage loans held for sale | 25,749 | 24,091 | 49,565 | 55,194 | 41,805 | 35,976 | 43,487 | 33,062 | 25,749 | 41,805 | (38.41) | ||||||||||||||||||
Loans, net of unearned | 2,347,615 | 2,402,423 | 2,468,844 | 2,506,780 | 2,530,886 | 2,525,424 | 2,541,012 | 2,580,911 | 2,347,615 | 2,530,886 | (7.24) | ||||||||||||||||||
Intangibles | 191,357 | 191,839 | 192,328 | 192,822 | 193,323 | 194,022 | 194,688 | 196,264 | 191,357 | 193,323 | (1.02) | ||||||||||||||||||
Non-interest bearing deposits | $ 304,962 | $ 297,858 | $ 292,129 | $ 303,536 | $ 284,227 | $ 287,850 | $ 305,877 | $ 304,171 | $ 304,962 | $ 284,227 | 7.30 | ||||||||||||||||||
Interest bearing deposits | 2,271,138 | 2,263,126 | 2,308,081 | 2,385,769 | 2,060,104 | 2,124,318 | 2,161,301 | 2,322,471 | 2,271,138 | 2,060,104 | 10.24 | ||||||||||||||||||
Total deposits | 2,576,100 | 2,560,984 | 2,600,210 | 2,689,305 | 2,344,331 | 2,412,168 | 2,467,178 | 2,626,642 | 2,576,100 | 2,344,331 | 9.89 | ||||||||||||||||||
Borrowed funds | 618,024 | 635,076 | 665,755 | 672,130 | 933,976 | 870,326 | 878,813 | 623,906 | 618,024 | 933,976 | (33.83) | ||||||||||||||||||
Shareholders' equity | 410,122 | 410,473 | 400,680 | 400,095 | 400,371 | 406,267 | 403,795 | 409,827 | 410,122 | 400,371 | 2.44 | ||||||||||||||||||
Market value per common share | $ 13.60 | $ 14.85 | $ 15.02 | $ 12.56 | $ 17.03 | $ 21.71 | $ 14.73 | $ 22.50 | $ 13.60 | $ 17.03 | (20.14) | ||||||||||||||||||
Book value per common share | 19.45 | 19.47 | 19.01 | 18.99 | 19.00 | 19.33 | 19.27 | 19.58 | 19.45 | 19.00 | 2.36 | ||||||||||||||||||
Tangible book value per common share | 10.38 | 10.37 | 9.89 | 9.84 | 9.83 | 10.10 | 9.98 | 10.20 | 10.38 | 9.83 | 5.58 | ||||||||||||||||||
Shareholders' equity to assets (actual) | 11.26% | 11.27% | 10.82% | 10.54% | 10.77% | 10.91% | 10.68% | 11.08% | 11.26% | 10.77% | |||||||||||||||||||
Tangible capital ratio | 6.34% | 6.34% | 5.94% | 5.75% | 5.88% | 6.01% | 5.83% | 6.10% | 6.34% | 5.88% | |||||||||||||||||||
Leverage ratio | 8.68% | 8.56% | 8.37% | 8.28% | 8.34% | 8.30% | 8.12% | 8.23% | 8.68% | 8.34% | |||||||||||||||||||
Tier 1 risk-based capital ratio | 11.16% | 11.04% | 10.92% | 11.00% | 10.85% | 10.81% | 10.49% | 10.03% | 11.16% | 10.85% | |||||||||||||||||||
Total risk-based capital ratio | 12.41% | 12.29% | 12.17% | 12.25% | 12.10% | 11.84% | 11.45% | 11.00% | 12.41% | 12.10% | |||||||||||||||||||
Detail of Loans by Category | |||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ 281,329 | $ 280,930 | $ 292,177 | $ 301,899 | $ 312,648 | $ 299,233 | $ 303,385 | $ 310,497 | $ 281,329 | $ 312,648 | (10.02) | ||||||||||||||||||
Lease financing | 778 | 936 | 1,283 | 1,434 | 1,746 | 1,943 | 2,130 | 2,304 | 778 | 1,746 | (55.44) | ||||||||||||||||||
Real estate - construction | 133,299 | 153,367 | 180,202 | 210,747 | 241,818 | 241,661 | 335,430 | 385,957 | 133,299 | 241,818 | (44.88) | ||||||||||||||||||
Real estate - 1-4 family mortgages | 820,917 | 848,267 | 878,263 | 872,796 | 886,380 | 877,045 | 857,165 | 846,626 | 820,917 | 886,380 | (7.39) | ||||||||||||||||||
Real estate - commercial mortgages | 1,040,589 | 1,048,135 | 1,054,169 | 1,055,537 | 1,015,894 | 1,032,797 | 972,111 | 954,131 | 1,040,589 | 1,015,894 | 2.43 | ||||||||||||||||||
Installment loans to individuals | 70,703 | 70,788 | 62,750 | 64,367 | 72,400 | 72,745 | 70,791 | 81,396 | 70,703 | 72,400 | (2.34) | ||||||||||||||||||
Loans, net of unearned | $ 2,347,615 | $ 2,402,423 | $ 2,468,844 | $ 2,506,780 | $ 2,530,886 | $ 2,525,424 | $ 2,541,012 | $ 2,580,911 | $ 2,347,615 | $ 2,530,886 | (7.24) | ||||||||||||||||||
*Percent variance not meaningful | |||||||||||||||||||||||||||||
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||||
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(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||
Q4 2009 - | For the Year | |||||||||||||||||||||||||||||||||||||||||||||
2009 | 2008 | Q4 2008 | Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | Percent | Percent | |||||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2009 | 2008 | Variance | |||||||||||||||||||||||||||||||||||
Statement of earnings | ||||||||||||||||||||||||||||||||||||||||||||||
Interest income - taxable equivalent basis | 42,526 | $ 43,820 | $ 43,836 | $ 44,988 | $ 47,989 | $ 50,904 | $ 51,386 | $ 54,324 | (11.38) | $ 175,170 | $ 204,603 | (14.39) | ||||||||||||||||||||||||||||||||||
Interest income | $ 41,331 | $ 42,614 | $ 42,709 | $ 43,910 | $ 47,110 | $ 50,004 | $ 50,465 | $ 53,383 | (12.27) | $ 170,564 | $ 200,962 | (15.13) | ||||||||||||||||||||||||||||||||||
Interest expense | 16,529 | 17,423 | 18,549 | 18,597 | 20,268 | 22,063 | 22,963 | 26,226 | (18.45) | 71,098 | 91,520 | (22.31) | ||||||||||||||||||||||||||||||||||
Net interest income | 24,802 | 25,191 | 24,160 | 25,313 | 26,842 | 27,941 | 27,502 | 27,157 | (7.60) | 99,466 | 109,442 | (9.12) | ||||||||||||||||||||||||||||||||||
Provision for loan losses | 7,800 | 7,350 | 6,700 | 5,040 | 14,979 | 3,000 | 2,200 | 2,625 | (47.93) | 26,890 | 22,804 | 17.92 | ||||||||||||||||||||||||||||||||||
Net interest income after provision | 17,002 | 17,841 | 17,460 | 20,273 | 11,863 | 24,941 | 25,302 | 24,532 | 43.32 | 72,576 | 86,638 | (16.23) | ||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 5,801 | 5,379 | 5,395 | 5,425 | 5,601 | 5,861 | 5,750 | 5,433 | 3.57 | 22,000 | 22,645 | (2.85) | ||||||||||||||||||||||||||||||||||
Fees and commissions on loans and deposits | 3,554 | 3,961 | 4,424 | 4,682 | 3,674 | 4,198 | 4,481 | 3,765 | (3.27) | 16,621 | 16,118 | 3.12 | ||||||||||||||||||||||||||||||||||
Insurance commissions and fees | 705 | 949 | 837 | 828 | 868 | 920 | 838 | 857 | (18.78) | 3,319 | 3,483 | (4.71) | ||||||||||||||||||||||||||||||||||
Trust revenue | 559 | 501 | 488 | 491 | 551 | 597 | 670 | 626 | 1.45 | 2,039 | 2,444 | (16.57) | ||||||||||||||||||||||||||||||||||
Net gain on sale of securities | 123 | - | 1,123 | 427 | - | - | - | - | N/M | 1,673 | - | N/M | ||||||||||||||||||||||||||||||||||
Gain on sale of mortgage loans | 1,665 | 1,832 | 2,293 | 1,776 | 1,263 | 1,352 | 1,311 | 1,521 | 31.83 | 7,566 | 5,447 | 38.90 | ||||||||||||||||||||||||||||||||||
Other | 1,012 | 1,331 | 864 | 1,133 | 794 | 716 | 740 | 1,655 | 27.46 | 4,340 | 3,905 | 11.14 | ||||||||||||||||||||||||||||||||||
Total non-interest income | 13,419 | 13,953 | 15,424 | 14,762 | 12,751 | 13,644 | 13,790 | 13,857 | 5.24 | 57,558 | 54,042 | 6.51 | ||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 13,572 | 13,363 | 13,736 | 14,744 | 12,583 | 15,250 | 14,849 | 14,718 | 7.86 | 55,415 | 57,400 | (3.46) | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | 2,981 | 3,045 | 3,063 | 3,249 | 3,208 | 3,399 | 3,413 | 3,373 | (7.08) | 12,338 | 13,393 | (7.88) | ||||||||||||||||||||||||||||||||||
Data processing | 1,407 | 1,439 | 1,430 | 1,329 | 1,310 | 1,289 | 1,303 | 1,307 | 7.40 | 5,605 | 5,209 | 7.60 | ||||||||||||||||||||||||||||||||||
Amortization of intangibles | 482 | 489 | 494 | 501 | 683 | 610 | 578 | 584 | (29.43) | 1,966 | 2,455 | (19.92) | ||||||||||||||||||||||||||||||||||
Other | 7,141 | 7,782 | 8,409 | 7,097 | 7,904 | 7,236 | 7,555 | 6,816 | (9.65) | 30,429 | 29,511 | 3.11 | ||||||||||||||||||||||||||||||||||
Total non-interest expense | 25,583 | 26,118 | 27,132 | 26,920 | 25,688 | 27,784 | 27,698 | 26,798 | (0.41) | 105,753 | 107,968 | (2.05) | ||||||||||||||||||||||||||||||||||
Income before income taxes | 4,838 | 5,676 | 5,752 | 8,115 | (1,074) | 10,801 | 11,394 | 11,591 | (550.47) | 24,381 | 32,712 | (25.47) | ||||||||||||||||||||||||||||||||||
Income taxes | 807 | 1,451 | 1,496 | 2,109 | (1,306) | 3,243 | 3,409 | 3,314 | (161.79) | 5,863 | 8,660 | (32.30) | ||||||||||||||||||||||||||||||||||
Net income | $ 4,031 | $ 4,225 | $ 4,256 | $ 6,006 | $ 232 | $ 7,558 | $ 7,985 | $ 8,277 | 1,637.50 | $ 18,518 | $ 24,052 | (23.01) | ||||||||||||||||||||||||||||||||||
Basic earnings per share | $ 0.19 | $ 0.20 | $ 0.20 | $ 0.29 | $ 0.01 | $ 0.36 | $ 0.38 | $ 0.40 | 1,800.00 | $ 0.88 | $ 1.15 | (23.48) | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | 0.19 | 0.20 | 0.20 | 0.28 | 0.01 | 0.36 | 0.38 | 0.39 | 1,800.00 | 0.87 | 1.14 | (23.68) | ||||||||||||||||||||||||||||||||||
Average basic shares outstanding | 21,078,873 | 21,075,879 | 21,073,228 | 21,067,539 | 21,039,068 | 20,980,557 | 20,946,287 | 20,878,478 | 0.19 | 21,073,916 | 20,961,364 | 0.54 | ||||||||||||||||||||||||||||||||||
Average diluted shares outstanding | 21,217,841 | 21,213,839 | 21,193,560 | 21,188,397 | 21,178,966 | 21,175,465 | 21,205,208 | 21,133,235 | 0.18 | 21,211,672 | 21,118,214 | 0.44 | ||||||||||||||||||||||||||||||||||
Common shares outstanding | 21,082,991 | 21,078,828 | 21,074,568 | 21,067,539 | 21,067,539 | 21,013,427 | 20,954,627 | 20,930,871 | 0.07 | 21,082,991 | 21,067,539 | 0.07 | ||||||||||||||||||||||||||||||||||
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 | 3.87% | 4.12% | 4.22% | 6.04% | 0.23% | 7.40% | 7.82% | 8.21% | 4.56% | 5.97% | ||||||||||||||||||||||||||||||||||||
Return on average shareholders' equity, excluding amortization expense | 4.15% | 4.41% | 4.52% | 6.35% | 0.64% | 7.76% | 8.17% | 8.57% | 4.86% | 6.34% | ||||||||||||||||||||||||||||||||||||
Return on average assets | 0.44% | 0.46% | 0.46% | 0.65% | 0.02% | 0.80% | 0.86% | 0.92% | 0.50% | 0.65% | ||||||||||||||||||||||||||||||||||||
Return on average assets, excluding amortization expense | 0.47% | 0.49% | 0.49% | 0.68% | 0.07% | 0.84% | 0.89% | 0.96% | 0.53% | 0.69% | ||||||||||||||||||||||||||||||||||||
Net interest margin (FTE) | 3.22% | 3.22% | 3.04% | 3.19% | 3.36% | 3.45% | 3.43% | 3.52% | 3.16% | 3.44% | ||||||||||||||||||||||||||||||||||||
Yield on earning assets (FTE) | 5.26% | 5.33% | 5.27% | 5.46% | 5.81% | 6.08% | 6.20% | 6.81% | 5.32% | 6.22% | ||||||||||||||||||||||||||||||||||||
Average earning assets to average assets | 88.19% | 88.73% | 89.25% | 88.85% | 88.82% | 88.93% | 88.83% | 88.44% | 88.82% | 88.76% | ||||||||||||||||||||||||||||||||||||
Average loans to average deposits | 92.96% | 94.22% | 94.40% | 99.13% | 105.30% | 104.03% | 101.20% | 99.90% | 95.15% | 102.55% | ||||||||||||||||||||||||||||||||||||
Noninterest income (less securities gains/ | ||||||||||||||||||||||||||||||||||||||||||||||
losses) to average assets | 1.45% | 1.51% | 1.53% | 1.54% | 1.37% | 1.45% | 1.48% | 1.54% | 1.51% | 1.46% | ||||||||||||||||||||||||||||||||||||
Noninterest expense to average assets | 2.79% | 2.82% | 2.91% | 2.90% | 2.76% | 2.95% | 2.97% | 2.97% | 2.85% | 2.91% | ||||||||||||||||||||||||||||||||||||
Net overhead ratio | 1.34% | 1.31% | 1.38% | 1.36% | 1.39% | 1.50% | 1.49% | 1.43% | 1.35% | 1.46% | ||||||||||||||||||||||||||||||||||||
Efficiency ratio (FTE) | 64.91% | 64.73% | 66.65% | 65.41% | 63.47% | 65.40% | 65.61% | 63.87% | 65.43% | 64.60% | ||||||||||||||||||||||||||||||||||||
*Percent variance not meaningful | ||||||||||||||||||||||||||||||||||||||||||||||
Contact: | For Media: | For Financials: | |
John Oxford | Stuart Johnson | ||
Vice President | Senior Executive Vice President | ||
Director of External Affairs | Chief Financial Officer | ||
(662) 680-1219 | (662) 680-1472 | ||
SOURCE Renasant Corporation
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