Renasant Corporation Announces 2010 Third Quarter Earnings
TUPELO, Miss., Oct. 19 /PRNewswire-FirstCall/ -- Renasant Corporation (Nasdaq: RNST) (the "Company") today announced results for the third quarter of 2010. Net income for the third quarter of 2010 was $19,551,000 as compared to $3,796,000 for the second quarter of 2010 and $4,225,000 for the third quarter of 2009. Basic and diluted earnings per share were $0.81 during the third quarter of 2010 as compared to basic and diluted earnings per share of $0.18 during the second quarter of 2010 and basic and diluted earnings per share of $0.20 for the third quarter of 2009.
Highlights of the third quarter of 2010 included:
- The Company expanded into North Georgia through its acquisition of the assets of Crescent Bank & Trust ("Crescent") in an FDIC-assisted transaction. The acquisition, which was completed on July 23, 2010, added 11 branches and increased total assets $778.8 million, total loans $369.6 million, total deposits $698.0 million, and resulted in a pre-tax gain of $42.2 million.
- On July 23, 2010, the Company completed a private placement of 3,925,000 shares of its common stock, resulting in proceeds to the Company, net of issuance costs, of $51.4 million. The proceeds from the private placement further enhanced the Company's strong capital position. The Company's leverage, Tier 1 and total capital ratios were 9.03%, 13.55% and 14.80%, respectively, at September 30, 2010, in all instances above "well-capitalized" thresholds. The Company increased its tangible capital equity ratio to 7.00% at September 30, 2010 from 6.52% at June 30, 2010 and 6.34% at December 31, 2009.
- The Company hired seasoned banking talent at the production level in its Memphis, Tennessee, DeSoto County, Oxford and Columbus, Mississippi, and Birmingham, Alabama, markets.
- The Company opened its 5th branch in Birmingham by opening an office in Mountain Brook. The Company also announced plans to open a new banking location in Columbus which, along with Starkville and West Point, is part of the growing "Golden Triangle" region of Northeast Mississippi. We expect this location to open during the fourth quarter of 2010.
"We are proud of our accomplishments during the third quarter of 2010. These accomplishments included our first FDIC-assisted acquisition, enhancement to our capital ratios, completion of a successful equity raise and continued improvement in our legacy operations," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "With additional capital, excess cash and strong reserves, we believe that we are positioned to take advantage of opportunities to expand our market share and footprint as they present themselves in the future."
Total assets as of September 30, 2010 were approximately $4.26 billion, an 18.43% increase since June 30, 2010 and a 16.90% increase from December 31, 2009. Total deposits were $3.42 billion representing a 27.07% increase from June 30, 2010 and a 32.6% increase since December 31, 2009. In the Company's legacy markets (that is, excluding the North Georgia markets), the Company experienced strong core deposit growth as deposits increased to $2.72 billion at September 30, 2010.
Noninterest bearing deposits in the legacy markets grew to $322.3 million, an increase of 2.86% on a linked quarter basis and 5.67% since December 31, 2009. Additionally, the Company continued to successfully reduce its cost of funding by changing the mix of interest bearing deposits by growing lower costing retail non-time deposits while at the same time reducing public fund and retail time deposits. The Company's cost of legacy deposits for the third quarter of 2010 was 1.43% compared to 1.55% for the second quarter of 2010 and 1.76% for the third quarter of 2009.
Total loans were approximately $2.58 billion at the end of the third quarter of 2010 as compared to $2.26 billion at June 30, 2010 and $2.35 billion at December 31, 2009. Loans from the Company's legacy markets were $2.22 billion for the third quarter of 2010. The Company continued to focus on reducing its exposure to construction and land development loans. In its legacy markets, the Company reduced its construction and land development portfolio by $24.1 million, or 7.80%, during the third quarter of 2010 to $284.6 million dollars, or 12.7% as a percentage of our legacy loan portfolio at September 30, 2010. For the nine months ended September 30, 2010, the Company has reduced its construction and land development portfolio by $130.2 million, or 31.40%, compared to the balance of this portfolio at December 31, 2009.
Net interest income was $24.3 million for the third quarter of 2010 as compared to $23.7 million for the second quarter of 2010 and $25.2 million for the third quarter of 2009. Net interest margin was 2.81% for the third quarter of 2010 as compared to 3.15% for the second quarter of 2010 and 3.22% for the third quarter of 2009. The impact of the Crescent acquisition decreased net interest margin for the third quarter of 2010 by 16 basis points. In addition, the Company repaid approximately $148 million of Federal Home Loan Bank ("FHLB") borrowings, including $23 million of FHLB borrowings assumed in the Crescent acquisition. The Company incurred a $2.8 million prepayment penalty which further reduced net interest margin by 36 basis points. The Company's net interest margin, excluding the impact of the Crescent acquisition and FHLB prepayment penalty, was 3.33% for the third quarter of 2010.
"We anticipate margin to improve as we continue to reduce rates on time deposit renewals, deploy excess cash from the Crescent acquisition and realize the full benefit of paying off high costing FHLB advances," commented McGraw.
Noninterest income was $54.5 million for the third quarter of 2010, which includes a pre-tax gain of $42.2 million recognized in connection with the Crescent acquisition, as compared to $14.3 million for the second quarter of 2010 and $14.0 million for the third quarter in 2009. During the third quarter of 2010, the Company experienced a 64% increase in mortgage fee income on a linked quarter basis which was offset by an impairment charge on its trust preferred securities portfolio of approximately $2.9 million.
Noninterest expense was $36.8 million for the third quarter of 2010 as compared to $26.2 million for the second quarter of 2010 and $26.1 million for the third quarter of 2009. Noninterest expense for the third quarter of 2010 included normal operating expenses of Crescent, merger expenses related to the acquisition totaling $2.2 million and an impairment charge on the write-downs of other real estate owned of approximately $3.3 million for the quarter.
The loans acquired in the Crescent acquisition were recorded at fair value which includes an estimated loan impairment. Therefore, in accordance with generally accepted accounting principles, the Company has not assigned any allowance for loan losses to these acquired loans at September 30, 2010. Excluding the Crescent loans, the allowance for loan losses as a percentage of loans was 2.02% at September 30, 2010 as compared to 1.82% at June 30, 2010 and 1.67% at December 31, 2009. The Company recorded a provision for loan losses of $11.5 million for the third quarter of 2010 as compared to $7.0 million for the second quarter of 2010 and $7.4 million for the third quarter of 2009. The increase in the provision for loan losses in the third quarter of 2010 is reflective of the higher net charge-offs incurred during the quarter and potential deterioration in the collateral values on certain loans. Annualized net charge-offs as a percentage of average loans were 1.18% for the third quarter of 2010 as compared to 1.21% for the second quarter of 2010 and 1.12% for the third quarter of 2009.
Although the allowance for loan losses and the related provision for loan losses were not affected by the Crescent acquisition, the Company's other measures of credit quality were significantly impacted. The Company's nonperforming loans were $132.7 million at September 30, 2010 which includes $67.1 million of nonperforming loans acquired in the Crescent acquisition. However, we expect the loss share agreement with the FDIC, as well as our adjustments to the balances of the acquired Crescent assets to record them at fair value, to provide substantial protection against loss on those assets. Excluding the impact of the Crescent loans, nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $65.6 million at September 30, 2010 as compared to $64.7 million at June 30, 2010 and $50.0 million at December 31, 2009. Furthermore, loans 30 to 89 days past due (excluding Crescent loans 30 to 89 days past due) as a percent of total loans was 1.05% at September 30, 2010 compared to 1.57% at June 30, 2010 and 1.03% at December 31, 2009.
Other real estate owned, excluding other real estate owned from Crescent, was $62.9 million on September 30, 2010 as compared to $66.8 million on June 30, 2010 and $58.6 million at December 31, 2009. We acquired other real estate owned with a fair value of $49.3 million in the Crescent acquisition.
"We look towards a strong finish to 2010 as we will soon enter a new banking market in Columbus, Mississippi, deploy excess cash to help grow margin, and continue to realize stabilization of nonperforming loans," stated McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM EST on Wednesday, October 20, 2010.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://www.talkpoint.com/viewer/starthere.asp?Pres=132763. To access the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant Corporation Third Quarter 2010 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6789 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 445166 or by dialing 1-412-317-0088 internationally and entering 445166. Telephone replay access is available until 9:00 AM EST on November 4, 2010.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.2 billion and operates over 75 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.
RENASANT CORPORATION | |||||||||||||||||||||||
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Q3 2010 - | For the Nine Months | ||||||||||||||||||||||
2010 | 2009 | Q3 2009 | Ended September 30, | ||||||||||||||||||||
Third | Second | First | Fourth | Third | Second | First | Percent | Percent | |||||||||||||||
Statement of earnings | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2010 | 2009 | Variance | ||||||||||||
Interest income - taxable equivalent basis | $ 44,770 | $ 39,590 | $ 40,900 | $ 42,526 | $ 43,820 | $ 43,836 | $ 44,988 | 2.17 | $ 125,260 | $ 132,644 | (5.57) | ||||||||||||
Interest income | $ 43,433 | $ 38,381 | $ 39,708 | $ 41,331 | $ 42,614 | $ 42,709 | $ 43,910 | 1.92 | $ 121,522 | $ 129,233 | (5.97) | ||||||||||||
Interest expense | 19,101 | 14,701 | 15,298 | 16,529 | 17,423 | 18,549 | 18,597 | 9.63 | 49,100 | 54,569 | (10.02) | ||||||||||||
Net interest income | 24,332 | 23,680 | 24,410 | 24,802 | 25,191 | 24,160 | 25,313 | (3.41) | 72,422 | 74,664 | (3.00) | ||||||||||||
Provision for loan losses | 11,500 | 7,000 | 6,665 | 7,800 | 7,350 | 6,700 | 5,040 | 56.46 | 25,165 | 19,090 | 31.82 | ||||||||||||
Net interest income after provision | 12,832 | 16,680 | 17,745 | 17,002 | 17,841 | 17,460 | 20,273 | (28.08) | 47,257 | 55,574 | (14.97) | ||||||||||||
Service charges on deposit accounts | 5,771 | 5,361 | 5,090 | 5,801 | 5,379 | 5,395 | 5,425 | 7.29 | 16,222 | 16,199 | 0.14 | ||||||||||||
Fees and commissions on loans and deposits | 3,654 | 3,409 | 3,721 | 3,554 | 3,961 | 4,424 | 4,682 | (7.75) | 10,784 | 13,067 | (17.47) | ||||||||||||
Insurance commissions and fees | 828 | 830 | 834 | 705 | 949 | 837 | 828 | (12.75) | 2,492 | 2,614 | (4.67) | ||||||||||||
Trust revenue | 562 | 632 | 584 | 559 | 501 | 488 | 491 | 12.18 | 1,778 | 1,480 | 20.14 | ||||||||||||
Securities (losses) gains | (1,009) | 2,049 | (160) | 123 | - | 1,123 | 427 | - | 880 | 1,550 | (43.23) | ||||||||||||
Gain on sale of mortgage loans | 1,774 | 994 | 1,329 | 1,665 | 1,832 | 2,293 | 1,776 | (3.17) | 4,097 | 5,901 | (30.57) | ||||||||||||
Gain on acquisition | 42,211 | - | - | - | - | - | - | - | 42,211 | - | - | ||||||||||||
Other | 743 | 1,069 | 1,086 | 1,012 | 1,331 | 864 | 1,133 | (44.18) | 2,898 | 3,328 | (12.92) | ||||||||||||
Total non-interest income | 54,534 | 14,344 | 12,484 | 13,419 | 13,953 | 15,424 | 14,762 | 290.84 | 81,362 | 44,139 | 84.33 | ||||||||||||
Salaries and employee benefits | 16,694 | 13,052 | 13,197 | 13,572 | 13,363 | 13,736 | 14,744 | 24.93 | 42,943 | 41,843 | 2.63 | ||||||||||||
Occupancy and equipment | 3,271 | 2,926 | 2,931 | 2,981 | 3,045 | 3,063 | 3,249 | 7.42 | 9,128 | 9,357 | (2.45) | ||||||||||||
Data processing | 1,703 | 1,580 | 1,426 | 1,407 | 1,439 | 1,430 | 1,329 | 18.35 | 4,709 | 4,198 | 12.17 | ||||||||||||
Amortization of intangibles | 505 | 470 | 476 | 482 | 489 | 494 | 501 | 3.27 | 1,451 | 1,484 | (2.22) | ||||||||||||
Other | 14,613 | 8,160 | 7,604 | 7,141 | 7,782 | 8,409 | 7,097 | 87.78 | 30,377 | 23,288 | 30.44 | ||||||||||||
Total non-interest expense | 36,786 | 26,188 | 25,634 | 25,583 | 26,118 | 27,132 | 26,920 | 40.85 | 88,608 | 80,170 | 10.53 | ||||||||||||
Income before income taxes | 30,580 | 4,836 | 4,595 | 4,838 | 5,676 | 5,752 | 8,115 | 438.76 | 40,011 | 19,543 | 104.73 | ||||||||||||
Income taxes | 11,029 | 1,040 | 988 | 807 | 1,451 | 1,496 | 2,109 | 660.10 | 13,057 | 5,056 | 158.25 | ||||||||||||
Net income | $ 19,551 | $ 3,796 | $ 3,607 | $ 4,031 | $ 4,225 | $ 4,256 | $ 6,006 | 362.75 | $ 26,954 | $ 14,487 | 86.06 | ||||||||||||
Basic earnings per share | $ 0.81 | $ 0.18 | $ 0.17 | $ 0.19 | $ 0.20 | $ 0.20 | $ 0.29 | 305.00 | $ 1.22 | $ 0.69 | 76.81 | ||||||||||||
Diluted earnings per share | 0.81 | 0.18 | 0.17 | 0.19 | 0.20 | 0.20 | 0.28 | 305.00 | 1.21 | 0.68 | 77.94 | ||||||||||||
Average basic shares outstanding | 24,098,629 | 21,088,942 | 21,082,991 | 21,078,873 | 21,075,879 | 21,073,228 | 21,067,539 | 14.34 | 22,101,234 | 21,072,246 | 4.88 | ||||||||||||
Average diluted shares outstanding | 24,208,642 | 21,224,836 | 21,208,934 | 21,217,841 | 21,213,839 | 21,193,560 | 21,188,397 | 14.12 | 22,230,277 | 21,204,924 | 4.84 | ||||||||||||
Common shares outstanding | 25,041,540 | 21,100,130 | 21,082,991 | 21,082,991 | 21,078,828 | 21,074,568 | 21,067,539 | 18.80 | 25,041,540 | 21,078,828 | 18.80 | ||||||||||||
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 | 16.64% | 3.69% | 3.55% | 3.87% | 4.12% | 4.22% | 6.04% | 8.44% | 4.79% | ||||||||||||||
Return on average shareholders' equity, excluding amortization expense | 16.91% | 3.97% | 3.84% | 4.15% | 4.41% | 4.52% | 6.35% | 8.72% | 5.10% | ||||||||||||||
Return on average assets | 1.83% | 0.42% | 0.40% | 0.44% | 0.46% | 0.46% | 0.65% | 0.94% | 0.52% | ||||||||||||||
Return on average assets, excluding amortization expense | 1.86% | 0.45% | 0.44% | 0.47% | 0.49% | 0.49% | 0.68% | 0.97% | 0.55% | ||||||||||||||
Net interest margin (FTE) | 2.81% | 3.15% | 3.27% | 3.22% | 3.22% | 3.04% | 3.19% | 3.08% | 3.15% | ||||||||||||||
Yield on earning assets (FTE) | 4.93% | 5.02% | 5.23% | 5.26% | 5.33% | 5.27% | 5.46% | 5.08% | 5.35% | ||||||||||||||
Average earning assets to average assets | 84.78% | 87.42% | 87.28% | 88.19% | 88.73% | 89.25% | 88.85% | 86.45% | 89.04% | ||||||||||||||
Average loans to average deposits | 76.41% | 84.53% | 88.47% | 92.96% | 94.22% | 94.40% | 99.13% | 82.69% | 95.88% | ||||||||||||||
Noninterest income (less securities gains/ | |||||||||||||||||||||||
losses) to average assets | 5.19% | 1.36% | 1.42% | 1.45% | 1.51% | 1.53% | 1.54% | 2.81% | 1.53% | ||||||||||||||
Noninterest expense to average assets | 3.44% | 2.90% | 2.87% | 2.79% | 2.82% | 2.91% | 2.90% | 3.09% | 2.88% | ||||||||||||||
Net overhead ratio | -1.75% | 1.54% | 1.45% | 1.34% | 1.31% | 1.38% | 1.36% | 0.28% | 1.35% | ||||||||||||||
Efficiency ratio (FTE) | 45.87% | 66.75% | 67.31% | 64.91% | 64.73% | 66.65% | 65.41% | 56.25% | 65.60% | ||||||||||||||
*Percent variance not meaningful | |||||||||||||||||||||||
RENASANT CORPORATION | |||||||||||||||||||||||
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(Dollars in thousands, except per share data) | |||||||||||||||||||||||
Q3 2010 - | For the Nine Months | ||||||||||||||||||||||
2010 | 2009 | Q3 2009 | Ended September 30, | ||||||||||||||||||||
Third | Second | First | Fourth | Third | Second | First | Percent | Percent | |||||||||||||||
Average balances | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2010 | 2009 | Variance | ||||||||||||
Total assets | $ 4,246,566 | $ 3,616,125 | $ 3,621,361 | $ 3,640,514 | $ 3,675,592 | $ 3,738,852 | $ 3,763,245 | 15.53 | $ 3,830,155 | $ 3,725,532 | 2.81 | ||||||||||||
Earning assets | 3,600,033 | 3,161,214 | 3,160,620 | 3,210,554 | 3,261,527 | 3,337,103 | 3,343,699 | 10.38 | 3,311,167 | 3,317,233 | (0.18) | ||||||||||||
Securities | 729,789 | 734,690 | 697,913 | 719,298 | 703,976 | 701,894 | 696,068 | 3.67 | 720,914 | 697,076 | 3.42 | ||||||||||||
Loans, net of unearned | 2,533,567 | 2,304,663 | 2,354,443 | 2,397,195 | 2,465,298 | 2,542,021 | 2,587,436 | 2.77 | 2,400,482 | 2,531,138 | (5.16) | ||||||||||||
Intangibles | 192,447 | 190,639 | 190,881 | 191,591 | 192,078 | 192,568 | 193,067 | 0.19 | 192,391 | 192,567 | (0.09) | ||||||||||||
Non-interest bearing deposits | $ 351,449 | $ 315,242 | $ 310,726 | $ 307,753 | $ 297,390 | $ 293,546 | $ 299,265 | 18.18 | $ 325,890 | $ 296,711 | 9.83 | ||||||||||||
Interest bearing deposits | 2,929,739 | 2,387,175 | 2,332,741 | 2,247,854 | 2,286,184 | 2,342,788 | 2,250,324 | 28.15 | 2,552,064 | 2,293,230 | 11.29 | ||||||||||||
Total deposits | 3,281,188 | 2,702,417 | 2,643,467 | 2,555,607 | 2,583,574 | 2,636,334 | 2,549,589 | 27.00 | 2,877,954 | 2,589,941 | 11.12 | ||||||||||||
Borrowed funds | 438,047 | 468,196 | 530,654 | 632,689 | 647,919 | 662,387 | 815,548 | (32.39) | 478,620 | 708,004 | (32.40) | ||||||||||||
Shareholders' equity | 466,109 | 412,959 | 412,132 | 413,773 | 406,779 | 404,456 | 403,229 | 14.59 | 427,100 | 404,043 | 5.71 | ||||||||||||
Asset quality data | |||||||||||||||||||||||
Assets not subject to loss share: | |||||||||||||||||||||||
Nonaccrual loans | $ 56,674 | $ 53,868 | $ 44,688 | $ 39,454 | $ 37,995 | $ 55,217 | $ 47,591 | 49.16 | $ 56,674 | $ 37,995 | 49.16 | ||||||||||||
Loans 90 past due or more | 8,923 | 10,794 | 9,916 | 10,571 | 10,661 | 10,284 | 19,789 | (16.30) | 8,923 | 10,661 | (16.30) | ||||||||||||
Non-performing loans | 65,597 | 64,662 | 54,604 | 50,025 | 48,656 | 65,501 | 67,380 | 34.82 | 65,597 | 48,656 | 34.82 | ||||||||||||
Other real estate owned and repossessions | 62,936 | 66,797 | 62,508 | 58,568 | 47,457 | 30,546 | 25,318 | 32.62 | 62,936 | 47,457 | 32.62 | ||||||||||||
Non-performing assets | $ 128,533 | $ 131,459 | $ 117,112 | $ 108,593 | $ 96,113 | $ 96,047 | $ 92,698 | 33.73 | $ 128,533 | $ 96,113 | 33.73 | ||||||||||||
Assets subject to loss share: | |||||||||||||||||||||||
Nonaccrual loans | $ 67,135 | $ - | $ - | $ - | $ - | $ - | $ - | - | $ 67,135 | $ - | - | ||||||||||||
Loans 90 past due or more | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||
Non-performing loans subject to loss share | 67,135 | - | - | - | - | - | - | - | 67,135 | - | - | ||||||||||||
Other real estate owned and repossessions | 49,286 | - | - | - | - | - | - | - | 49,286 | - | - | ||||||||||||
Non-performing assets subject to loss share | $ 116,421 | $ - | $ - | $ - | $ - | $ - | $ - | - | $ 116,421 | $ - | - | ||||||||||||
Net loan charge-offs (recoveries) | $ 7,514 | $ 6,948 | $ 4,716 | $ 5,007 | $ 6,962 | $ 5,917 | $ 4,764 | 7.93 | $ 19,178 | $ 17,643 | 8.70 | ||||||||||||
Allowance for loan losses | 45,131 | 41,146 | 41,094 | 39,145 | 36,352 | 35,964 | 35,181 | 24.15 | 45,131 | 36,352 | 24.15 | ||||||||||||
Non-performing loans / total loans | 2.93% | 2.86% | 2.37% | 2.13% | 2.03% | 2.65% | 2.69% | 2.93% | 2.03% | ||||||||||||||
Non-performing assets / total assets | 3.02% | 3.66% | 3.22% | 2.98% | 2.64% | 2.59% | 2.44% | 3.02% | 2.64% | ||||||||||||||
Allowance for loan losses / total loans | 2.02% | 1.82% | 1.78% | 1.67% | 1.51% | 1.46% | 1.40% | 2.02% | 1.51% | ||||||||||||||
Allowance for loan losses / | |||||||||||||||||||||||
non-performing loans | 68.80% | 63.63% | 75.26% | 78.25% | 74.71% | 54.91% | 52.21% | 68.80% | 74.71% | ||||||||||||||
Annualized net loan charge-offs / | |||||||||||||||||||||||
average loans | 1.18% | 1.21% | 0.81% | 0.83% | 1.12% | 0.93% | 0.75% | 1.07% | 0.93% | ||||||||||||||
Balances at period end | |||||||||||||||||||||||
Total assets | $ 4,256,253 | $ 3,593,872 | $ 3,641,709 | $ 3,641,081 | $ 3,642,657 | $ 3,701,957 | $ 3,795,217 | $ 4,256,253 | $ 3,642,657 | 16.84 | |||||||||||||
Earning assets | 3,257,079 | 3,156,451 | 3,200,159 | 3,173,039 | 3,188,554 | 3,236,615 | 3,368,962 | 3,257,079 | 3,188,554 | 2.15 | |||||||||||||
Securities | 745,486 | 721,640 | 741,207 | 714,164 | 738,204 | 684,723 | 709,950 | 745,486 | 738,204 | 0.99 | |||||||||||||
Mortgage loans held for sale | 25,639 | 21,261 | 16,597 | 25,749 | 24,091 | 49,565 | 55,194 | 25,639 | 24,091 | 6.43 | |||||||||||||
Loans, net of unearned | 2,239,717 | 2,263,263 | 2,308,335 | 2,347,615 | 2,402,423 | 2,468,844 | 2,506,780 | 2,239,717 | 2,402,423 | (6.77) | |||||||||||||
Assets subject to loss share | 393,179 | - | - | - | - | - | - | 393,179 | - | - | |||||||||||||
Intangibles | 192,391 | 190,411 | 190,881 | 191,357 | 191,839 | 192,328 | 192,822 | 192,391 | 191,839 | 0.29 | |||||||||||||
Non-interest bearing deposits | $ 361,504 | $ 313,309 | $ 315,064 | $ 304,962 | $ 297,858 | $ 292,129 | $ 303,536 | $ 361,504 | $ 297,858 | 21.37 | |||||||||||||
Interest bearing deposits | 3,054,424 | 2,374,903 | 2,398,784 | 2,271,138 | 2,263,126 | 2,308,081 | 2,385,769 | 3,054,424 | 2,263,126 | 34.96 | |||||||||||||
Total deposits | 3,415,928 | 2,688,212 | 2,713,848 | 2,576,100 | 2,560,984 | 2,600,210 | 2,689,305 | 3,415,928 | 2,560,984 | 33.38 | |||||||||||||
Borrowed funds | 322,245 | 459,762 | 483,183 | 618,024 | 635,076 | 665,755 | 672,130 | 322,245 | 635,076 | (49.26) | |||||||||||||
Shareholders' equity | 477,034 | 412,235 | 410,557 | 410,122 | 410,473 | 400,680 | 400,095 | 477,034 | 410,473 | 16.22 | |||||||||||||
Market value per common share | $ 15.21 | $ 14.35 | $ 16.18 | $ 13.60 | $ 14.85 | $ 15.02 | $ 12.56 | $ 15.21 | $ 14.85 | 2.42 | |||||||||||||
Book value per common share | 19.05 | 19.54 | 19.47 | 19.45 | 19.47 | 19.01 | 18.99 | 19.05 | 19.47 | (2.17) | |||||||||||||
Tangible book value per common share | 11.37 | 10.51 | 10.42 | 10.38 | 10.37 | 9.89 | 9.84 | 11.37 | 10.37 | 9.59 | |||||||||||||
Shareholders' equity to assets (actual) | 11.21% | 11.47% | 11.27% | 11.26% | 11.27% | 10.82% | 10.54% | 11.21% | 11.27% | ||||||||||||||
Tangible capital ratio | 7.00% | 6.52% | 6.37% | 6.34% | 6.34% | 5.94% | 5.75% | 7.00% | 6.34% | ||||||||||||||
Leverage ratio | 9.03% | 8.78% | 8.74% | 8.68% | 8.56% | 8.37% | 8.28% | 9.03% | 8.56% | ||||||||||||||
Tier 1 risk-based capital ratio | 13.55% | 11.42% | 11.20% | 11.12% | 11.04% | 10.92% | 11.00% | 13.55% | 11.04% | ||||||||||||||
Total risk-based capital ratio | 14.80% | 12.67% | 12.45% | 12.37% | 12.29% | 12.17% | 12.25% | 14.80% | 12.29% | ||||||||||||||
Loans not subject to loss share by category | |||||||||||||||||||||||
Commercial, financial, agricultural | $ 259,970 | $ 273,356 | $ 276,749 | $ 281,329 | $ 280,930 | $ 292,177 | $ 301,899 | $ 259,970 | $ 280,930 | (7.46) | |||||||||||||
Lease financing | 547 | 601 | 677 | 778 | 936 | 1,283 | 1,434 | 547 | 936 | (41.56) | |||||||||||||
Real estate - construction | 62,593 | 62,469 | 110,121 | 133,299 | 153,367 | 180,202 | 210,747 | 62,593 | 153,367 | (59.19) | |||||||||||||
Real estate - 1-4 family mortgages | 773,243 | 798,185 | 809,271 | 820,917 | 848,267 | 878,263 | 872,796 | 773,243 | 848,267 | (8.84) | |||||||||||||
Real estate - commercial mortgages | 1,078,396 | 1,071,876 | 1,055,102 | 1,040,589 | 1,048,135 | 1,054,169 | 1,055,537 | 1,078,396 | 1,048,135 | 2.89 | |||||||||||||
Installment loans to individuals | 64,968 | 56,776 | 56,415 | 70,703 | 70,788 | 62,750 | 64,367 | 64,968 | 70,788 | (8.22) | |||||||||||||
Loans, net of unearned | $ 2,239,717 | $ 2,263,263 | $ 2,308,335 | $ 2,347,615 | $ 2,402,423 | $ 2,468,844 | $ 2,506,780 | $ 2,239,717 | $ 2,402,423 | (6.77) | |||||||||||||
*Percent variance not meaningful | |||||||||||||||||||||||
Contacts | 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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