Renasant Corporation Announces 2011 Third Quarter Earnings

Oct 18, 2011, 17:15 ET from Renasant Corporation

TUPELO, Miss., Oct. 18, 2011 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2011. Net income for the third quarter of 2011 was $6,532,000 as compared to $5,757,000 for the second quarter of 2011. Basic and diluted earnings per share ("EPS") were $0.26 during the third quarter of 2011 as compared to basic and diluted EPS of $0.23 for the second quarter of 2011.

"We're pleased to have experienced a successful 2011 third quarter and believe expansion activities completed during the quarter will further enhance our performance," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Highlights for the third quarter include loan growth, a linked quarter increase in net income, capital ratios, and net interest margin along with three de novo market entrances and the completion of our acquisition of RBC USA's Birmingham-based trust unit."

For the third quarter of 2010, the Company's net income was $19,551,000 and both its basic and diluted EPS were $0.81. The Company's third quarter 2010 net income and EPS included a bargain purchase gain of $42,211,000 from the Company's FDIC-assisted acquisition in 2010. This gain was partially offset by acquisition expenses of $1,955,000 and a prepayment penalty of $2,785,000 from the early extinguishment of debt.

Net interest income was $32,864,000 for the third quarter of 2011, which represents a slight increase from the second quarter of 2011 and a 21.19% increase from the third quarter of 2010. Net interest margin increased to 3.92% for the third quarter of 2011 as compared to 3.76% for the second quarter of 2011 and 3.12% for the third quarter of 2010.

"As planned, we have steadily improved net interest margin over the past 4 quarters. This improvement in net interest margin continues to be driven by our strategic efforts to restructure our funding mix and deploy cash into higher yielding alternatives," stated McGraw.

The Company's noninterest income continues to be derived primarily from multiple lines of recurring income which include but are not limited to wealth management, treasury management, insurance and mortgage lending along with income from deposit and loan products. Noninterest income was $19,613,000 for the third quarter of 2011 as compared to $13,334,000 for the second quarter of 2011 and $54,534,000 for the third quarter of 2010. Noninterest income for the third quarter of 2011 included a gain of $5,041,000 from the sale of securities, while noninterest income for the same period in 2010 included the aforementioned bargain purchase gain of $42,211,000 related to the Crescent Bank & Trust transaction.

Noninterest expense was $38,129,000 for the third quarter of 2011 as compared to $32,555,000 for the second quarter of 2011 and $39,571,000 for the third quarter of 2010. The increase in noninterest expense on a linked quarter basis was primarily due to costs associated with other real estate owned ("OREO"). The additional salary and employee benefits due to new hires in connection with our entrance into the markets of Starkville, Mississippi, and Montgomery and Tuscaloosa, Alabama, and the costs associated with our acquisition of RBC USA's Birmingham-based trust unit also contributed to this increase.

At September 30, 2011, the Company's Tier 1 leverage capital ratio was 9.48%, its Tier 1 risk-based capital ratio was 13.63%, and its total risk-based capital ratio was 14.89%. The Company's tangible common equity ratio was 7.47%. During the third quarter of 2011, all of the Company's capital ratios increased from December 31, 2010 and, in all regulatory capital ratios, the Company continues to be in excess of regulatory minimums required to be classified as "well-capitalized."

Total assets at September 30, 2011 were approximately $4.136 billion, down 2.88% from June 30, 2011 and 3.74% from December 31, 2010. Total deposits were $3.342 billion at September 30, 2011 compared to $3.477 billion at June 30, 2011 and $3.468 billion at December 31, 2010. The Company continues to focus on changing its deposit mix as evidenced by noninterest-bearing deposits representing 14.75% of total deposits as compared to 10.63% at December 31, 2010. Resulting from this focus, the Company's cost of funds was 0.99% for the third quarter of 2011 as compared to 1.17% for the second quarter of 2011 and 1.75% for the third quarter of 2010.

Total loans were approximately $2.565 billion at September 30, 2011 as compared to $2.563 billion at June 30, 2011 and $2.525 billion at December 31, 2010. Loans not covered under FDIC loss-share agreements were $2.205 billion at September 30, 2011 as compared to $2.185 billion at June 30, 2011 and $2.191 billion at December 31, 2010.

"Our loan growth during the third quarter of 2011 is reflective of our continued focus on taking advantage of business opportunities. This loan growth was achieved primarily from our existing branch network prior to our third quarter expansions. Looking ahead, we anticipate additional loan growth from our de novo markets as well as continued loan growth from our existing branch network," said McGraw.

The loans and OREO acquired in the Company's FDIC-assisted transactions are recorded at fair value which includes an estimated impairment. 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 $96,648,000 and $44,021,000, respectively, at September 30, 2011. The remaining information in this release on nonperforming loans, other real estate owned and the related asset quality ratios excludes the assets covered under loss-share agreements.

The Company recorded a provision for loan losses of $5,500,000 for the third quarter of 2011 as compared to $5,350,000 for the second quarter of 2011 and $11,500,000 for the third quarter of 2010. Annualized net charge-offs as a percentage of average loans were 0.70% for the third quarter of 2011 as compared to 0.82% for the second quarter of 2011 and 1.18% for the third quarter of 2010. The allowance for loan losses as a percentage of loans was 2.20% at September 30, 2011 as compared to 2.18% at June 30, 2011 and 2.07% at December 31, 2010.

The Company's nonperforming loans were $49,037,000 at September 30, 2011 as compared to $51,977,000 at June 30, 2011 and $53,858,000 at December 31, 2010. Loans 30 to 89 days past due as a percentage of total loans were 0.75% at September 30, 2011 as compared to 0.80% at June 30, 2011 and 0.98% at December 31, 2010.

OREO was $72,765,000 at September 30, 2011 as compared to $68,384,000 at June 30, 2011 and $71,833,000 at December 31, 2010. During the third quarter of 2011, the Company sold approximately $4,125,000 in OREO, and an additional $4,937,000 in OREO under contract is expected to close during the fourth quarter of 2011.

"Our credit quality metrics continue to improve as we work problem assets through the resolution process. Our nonperforming loans and past due loans continued to decline during the third quarter of 2011. This decline, along with our efforts to build reserves, resulted in our highest coverage ratio since the second quarter of 2008," mentioned McGraw.

The Company announced three de novo banking expansions during the third quarter of 2011. On July 1, the Company announced its entrance into the Montgomery, Alabama banking market. On July 26, the Company announced its entrance into the Golden Triangle market of Starkville, which is home to Mississippi State University. Finally, on August 23, the Company announced its entrance into the Alabama market of Tuscaloosa, home of the University of Alabama. All of these new market entrances were built around the addition of experienced and successful bankers to the Company. In addition to these new markets, during the third quarter of 2011, the Company completed its acquisition of RBC Bank (USA)'s Birmingham-based $680 million asset trust division.

"During the third quarter we took advantage of several opportunities to expand our reach within our current footprint. We believe these new market entrances, coupled with the experienced banking talent that has joined Renasant, will enhance our already strong presence in Mississippi and Alabama," stated McGraw. "Moving into the fourth quarter, we believe our basic banking metrics are positive and we anticipate a strong finish for 2011."

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM EDT on Wednesday, October 19, 2011.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst111019.html. To access the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant Corporation Third Quarter 2011 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 conference number 10005613 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM EDT on October 19, 2012.

ABOUT RENASANT CORPORATION:

Renasant Corporation, a 107-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.1 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.

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

joxford@renasant.com

stuartj@renasant.com

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2011 -

For the Nine Months

2011

2010

Q3 2010

Ended September 30,

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Statement of earnings

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2011

2010

Variance

Interest income - taxable equivalent basis

$      43,432

$      45,291

$      45,371

$      45,224

$      44,770

$      39,590

$      40,900

(2.99)

$    134,094

$    125,260

7.05

Interest income

$      41,930

$      43,775

$      43,803

$      43,817

$      43,433

$      38,381

$      39,708

(3.46)

$    129,508

$    121,522

6.57

Interest expense

9,066

11,153

12,707

13,962

16,316

14,701

15,298

(44.44)

32,926

46,315

(28.91)

Net interest income

32,864

32,622

31,096

29,855

27,117

23,680

24,410

21.19

96,582

75,207

28.42

Provision for loan losses

5,500

5,350

5,500

5,500

11,500

7,000

6,665

(52.17)

16,350

25,165

(35.03)

Net interest income after provision

27,364

27,272

25,596

24,355

15,617

16,680

17,745

75.22

80,232

50,042

60.33

Service charges on deposit accounts

4,797

5,082

4,880

5,482

5,771

5,361

5,090

(16.88)

14,759

16,222

(9.02)

Fees and commissions on loans and deposits

4,898

4,548

4,138

4,184

3,654

3,409

3,721

34.04

13,584

10,784

25.96

Insurance commissions and fees

847

783

832

916

828

830

834

2.29

2,462

2,492

(1.20)

Trust revenue

771

650

613

626

562

632

584

37.19

2,034

1,778

14.40

Securities gains (losses)

5,041

(258)

12

-

(1,009)

2,049

(160)

(599.60)

4,795

880

444.89

Gain on sale of mortgage loans

1,371

949

1,151

2,127

1,774

994

1,329

(22.72)

3,471

4,097

(15.28)

Gain on acquisition

570

-

8,774

-

42,211

-

-

(98.65)

9,344

42,211

(77.86)

Other

1,318

1,580

1,365

1,218

743

1,069

1,086

77.39

4,263

2,898

47.10

Total non-interest income

19,613

13,334

21,765

14,553

54,534

14,344

12,484

(64.04)

54,712

81,362

(32.75)

.

Salaries and employee benefits

17,493

16,173

16,237

15,957

16,694

13,052

13,197

4.79

49,903

42,943

16.21

Occupancy and equipment

3,434

3,357

3,239

2,716

3,271

2,926

2,931

4.98

10,030

9,128

9.88

Data processing

1,927

1,657

1,788

1,665

1,703

1,580

1,426

13.15

5,372

4,709

14.08

Debt extinguishment penalty

-

-

1,903

-

2,785

-

-

(100.00)

1,903

2,785

(31.67)

Merger-related expenses

326

-

1,325

-

1,955

-

-

(83.32)

1,651

1,955

(15.55)

Other real estate

6,336

2,122

3,511

3,288

4,635

959

736

36.70

11,969

6,330

89.08

Amortization of intangibles

351

510

515

523

505

470

476

(30.50)

1,376

1,451

(5.17)

Other

8,262

8,736

8,205

8,077

8,023

7,201

6,868

2.98

25,203

22,092

14.08

Total non-interest expense

38,129

32,555

36,723

32,226

39,571

26,188

25,634

(3.64)

107,407

91,393

17.52

Income before income taxes

8,848

8,051

10,638

6,682

30,580

4,836

4,595

(71.07)

27,537

40,011

(31.18)

Income taxes

2,316

2,294

3,085

1,961

11,029

1,040

988

(79.00)

7,695

13,057

(41.07)

Net income

$        6,532

$        5,757

$        7,553

$        4,721

$      19,551

$        3,796

$        3,607

(66.59)

$      19,842

$      26,954

(26.39)

Basic earnings per share

$          0.26

$          0.23

$          0.30

$          0.19

$          0.81

$          0.18

$          0.17

(67.90)

$          0.79

$          1.22

(35.25)

Diluted earnings per share

0.26

0.23

0.30

0.19

0.81

0.18

0.17

(67.90)

0.79

1.21

(34.71)

Average basic shares outstanding

25,061,068

25,059,081

25,052,126

25,042,137

24,098,629

21,088,942

21,082,991

3.99

25,057,458

22,101,234

13.38

Average diluted shares outstanding

25,180,923

25,182,503

25,172,410

25,177,394

24,208,642

21,224,836

21,208,934

4.02

25,186,177

22,230,277

13.30

Common shares outstanding

25,061,068

25,061,068

25,056,431

25,043,112

25,041,540

21,100,130

21,082,991

0.08

25,061,068

25,041,540

0.08

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

5.36%

4.84%

6.51%

3.93%

16.64%

3.69%

3.55%

5.56%

8.44%

Return on average shareholders' equity, excluding amortization expense

5.54%

5.11%

6.78%

4.20%

16.91%

3.97%

3.84%

5.80%

8.72%

Return on average assets

0.63%

0.54%

0.69%

0.44%

1.83%

0.42%

0.40%

0.62%

0.94%

Return on average assets, excluding amortization expense

0.65%

0.57%

0.72%

0.47%

1.86%

0.45%

0.44%

0.65%

0.97%

Net interest margin (FTE)

3.92%

3.76%

3.55%

3.43%

3.12%

3.15%

3.27%

3.74%

3.20%

Yield on earning assets (FTE)

4.96%

4.99%

4.93%

4.97%

4.92%

5.02%

5.23%

4.95%

5.08%

Cost of funding

0.99%

1.17%

1.31%

1.49%

1.75%

1.86%

1.95%

1.16%

1.86%

Average earning assets to average assets

83.95%

84.75%

84.16%

84.24%

84.78%

87.42%

87.28%

84.42%

86.45%

Average loans to average deposits

76.23%

72.47%

70.20%

74.57%

76.41%

84.53%

88.47%

73.04%

82.69%

Noninterest income (less securities gains/

losses) to average assets

1.40%

1.27%

1.99%

1.35%

5.19%

1.36%

1.42%

1.56%

2.81%

Noninterest expense to average assets

3.65%

3.04%

3.37%

2.98%

3.70%

2.90%

2.87%

3.35%

3.19%

Net overhead ratio

2.26%

1.77%

1.37%

1.64%

-1.49%

1.54%

1.45%

1.79%

0.38%

Efficiency ratio (FTE)

70.64%

68.58%

67.47%

70.34%

47.68%

66.75%

67.31%

68.90%

57.01%

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2011 -

For the Nine Months

2011

2010

Q3 2010

Ended September 30,

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Average balances

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2011

2010

Variance

Total assets

$ 4,142,851

$ 4,294,530

$ 4,423,088

$ 4,285,887

$ 4,246,566

$ 3,616,125

$ 3,621,361

(2.44)

$ 4,284,463

$ 3,830,155

11.86

Earning assets

3,478,054

3,639,696

3,722,419

3,610,526

3,600,033

3,161,214

3,160,620

(3.39)

3,616,922

3,311,167

9.23

Securities

796,957

863,735

881,808

785,613

729,789

734,690

697,913

9.20

847,110

720,914

17.51

Loans, net of unearned

2,577,539

2,575,890

2,556,572

2,576,721

2,533,567

2,304,663

2,354,443

1.74

2,574,516

2,400,482

7.25

Intangibles

191,574

191,320

191,740

192,123

192,447

190,639

190,881

(0.45)

191,542

192,391

(0.44)

Non-interest bearing deposits

$    480,699

$    468,170

$    476,115

$    371,908

$    351,449

$    315,242

$    310,726

36.78

$    475,009

$    325,890

45.76

Interest bearing deposits

2,880,248

3,072,809

3,148,481

3,053,382

2,929,739

2,387,175

2,332,741

(1.69)

3,032,873

2,552,064

18.84

Total deposits

3,360,947

3,540,979

3,624,596

3,425,290

3,281,188

2,702,417

2,643,467

2.43

3,507,882

2,877,954

21.89

Borrowed funds

259,387

261,060

290,201

318,873

438,047

468,196

530,654

(40.79)

270,103

478,620

(43.57)

Shareholders' equity

483,121

476,896

470,875

476,449

466,109

412,959

412,132

3.65

476,708

427,100

11.62

Asset quality data

Assets not subject to loss share:

Nonaccrual loans

$      40,363

$      42,331

$      46,406

$      46,662

$      56,674

$      53,868

$      44,688

(28.78)

$      40,363

$      56,674

(28.78)

Loans 90 past due or more

8,674

9,646

10,839

7,196

8,923

10,794

9,916

(2.79)

8,674

8,923

(2.79)

Non-performing loans

49,037

51,977

57,245

53,858

65,597

64,662

54,604

(25.25)

49,037

65,597

(25.25)

Other real estate owned and repossessions

72,765

68,384

71,415

71,833

62,936

66,797

62,508

15.62

72,765

62,936

15.62

Non-performing assets not subject to loss share

$    121,802

$    120,361

$    128,660

$    125,691

$    128,533

$    131,459

$    117,112

(5.24)

$    121,802

$    128,533

(5.24)

Assets subject to loss share:

Nonaccrual loans

$      84,426

$      78,780

$      78,909

$      82,393

$      67,135

$                -

$                -

25.76

$      84,426

$      67,135

25.76

Loans 90 past due or more

12,222

10,619

7,817

-

-

-

-

-

-

12,222

-

-

Non-performing loans subject to loss share

96,648

89,399

86,726

82,393

67,135

-

-

43.96

96,648

67,135

43.96

Other real estate owned and repossessions

44,021

59,802

59,036

54,715

49,286

-

-

(10.68)

44,021

49,286

(10.68)

Non-performing assets subject to loss share

$    140,669

$    149,201

$    145,762

$    137,108

$    116,421

$                -

$                -

20.83

$    140,669

$    116,421

20.83

Net loan charge-offs (recoveries)

$        4,539

$        5,284

$        3,410

$        5,217

$        7,514

$        6,948

$        4,716

(39.59)

$      13,233

$      19,178

(31.00)

Allowance for loan losses

48,532

47,571

47,505

45,415

45,132

41,146

41,094

7.53

48,532

45,132

7.53

Non-performing loans / total loans*

2.22%

2.38%

2.61%

2.46%

2.94%

2.86%

2.37%

2.22%

2.94%

Non-performing assets / total assets*

2.94%

2.83%

2.91%

2.92%

3.02%

3.66%

3.22%

2.94%

3.02%

Allowance for loan losses / total loans*

2.20%

2.18%

2.17%

2.07%

2.02%

1.82%

1.78%

2.20%

2.02%

Allowance for loan losses /

    non-performing loans*

98.97%

91.52%

82.99%

84.32%

68.80%

63.63%

75.26%

98.97%

68.80%

Annualized net loan charge-offs /

   average loans*

0.70%

0.82%

0.54%

0.80%

1.18%

1.21%

0.81%

0.69%

1.07%

Balances at period end

Total assets

$ 4,136,474

$ 4,259,200

$ 4,422,164

$ 4,297,327

$ 4,256,253

$ 3,593,872

$ 3,641,709

(2.81)

$ 4,136,474

$ 4,256,253

(2.81)

Earning assets

3,121,166

3,585,441

3,724,108

3,631,730

3,600,972

3,156,451

3,200,159

(13.32)

3,121,166

3,600,972

(13.32)

Securities

718,881

833,710

880,382

834,472

745,486

721,640

741,207

(3.57)

718,881

745,486

(3.57)

Mortgage loans held for sale

24,739

11,511

9,399

27,704

25,639

21,261

16,597

(3.51)

24,739

25,639

(3.51)

Loans not subject to loss share

2,204,955

2,185,490

2,190,376

2,190,909

2,231,075

2,263,263

2,308,335

(1.17)

2,204,955

2,231,075

(1.17)

Loans subject to loss share

359,813

377,149

386,811

333,681

352,535

-

-

2.07

359,813

352,535

2.07

Total loans

2,564,768

2,562,639

2,577,187

2,524,590

2,583,610

2,263,263

2,308,335

(0.73)

2,564,768

2,583,610

(0.73)

Intangibles

192,755

191,086

191,581

191,867

192,391

190,411

190,881

0.19

192,755

192,391

0.19

Non-interest bearing deposits

$    493,130

$    458,686

$    486,676

$    368,798

$    361,504

$    313,309

$    315,064

36.41

$    493,130

$    361,504

36.41

Interest bearing deposits

2,849,225

3,018,733

3,158,198

3,099,353

3,054,424

2,374,903

2,398,784

(6.72)

2,849,225

3,054,424

(6.72)

Total deposits

3,342,355

3,477,419

3,644,874

3,468,151

3,415,928

2,688,212

2,713,848

(2.15)

3,342,355

3,415,928

(2.15)

Borrowed funds

262,569

263,067

260,149

316,436

322,245

459,762

483,183

(18.52)

262,569

322,245

(18.52)

Shareholders' equity

487,401

480,135

473,354

469,509

477,034

412,235

410,557

2.17

487,401

477,034

2.17

Market value per common share

$        12.73

$        14.49

$        16.98

$        16.91

$        15.21

$        14.35

$        16.18

(16.31)

$        12.73

$        15.21

(16.31)

Book value per common share

19.45

19.16

18.89

18.75

19.05

19.54

19.47

2.09

19.45

19.05

2.09

Tangible book value per common share

11.76

11.53

11.25

11.09

11.37

10.51

10.42

3.43

11.76

11.37

3.43

Shareholders' equity to assets (actual)

11.78%

11.27%

10.70%

10.93%

11.21%

11.47%

11.27%

11.78%

11.21%

Tangible capital ratio

7.47%

7.11%

6.66%

6.76%

7.00%

6.52%

6.37%

7.47%

7.00%

Leverage ratio

9.48%

9.10%

8.77%

8.97%

9.03%

8.78%

8.74%

9.48%

9.03%

Tier 1 risk-based capital ratio

13.63%

13.58%

13.59%

13.58%

13.55%

11.42%

11.20%

13.63%

13.55%

Total risk-based capital ratio

14.89%

14.83%

14.84%

14.83%

14.80%

12.67%

12.45%

14.89%

14.80%

*Based on assets not subject to loss share

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q3 2011 -

For the Nine Months

2011

2010

Q3 2010

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

2011

2010

Variance

Commercial, financial, agricultural

$    247,950

$    243,343

$    250,889

$    244,355

$    259,710

$    273,356

$    276,749

(4.53)

$    247,950

$    259,710

(4.53)

Lease financing

350

393

458

503

547

601

677

(36.01)

350

547

(36.01)

Real estate - construction

75,690

77,224

71,559

66,798

62,593

62,469

110,121

20.92

75,690

62,593

20.92

Real estate - 1-4 family mortgages

712,871

720,451

730,860

749,863

770,773

798,185

809,271

(7.51)

712,871

770,773

(7.51)

Real estate - commercial mortgages

1,106,037

1,081,801

1,073,561

1,065,271

1,072,484

1,071,876

1,055,102

3.13

1,106,037

1,072,484

3.13

Installment loans to individuals

62,057

62,278

63,049

64,119

64,968

56,776

56,415

(4.48)

62,057

64,968

(4.48)

Loans, net of unearned

$ 2,204,955

$ 2,185,490

$ 2,190,376

$ 2,190,909

$ 2,231,075

$ 2,263,263

$ 2,308,335

(1.17)

$ 2,204,955

$ 2,231,075

(1.17)

Loans subject to loss share by category

Commercial, financial, agricultural

$      19,196

$      24,233

$      22,964

$      20,921

$      22,543

$                -

$                -

(14.85)

$      19,196

$      22,543

(14.85)

Lease financing

-

-

-

-

-

-

-

-

-

-

-

Real estate - construction

10,811

10,318

13,847

15,563

17,385

-

-

(37.81)

10,811

17,385

(37.81)

Real estate - 1-4 family mortgages

114,228

119,508

123,770

122,519

138,863

-

-

(17.74)

114,228

138,863

(17.74)

Real estate - commercial mortgages

215,370

222,876

226,038

174,572

172,145

-

-

25.11

215,370

172,145

25.11

Installment loans to individuals

208

214

192

106

1,599

-

-

(86.99)

208

1,599

(86.99)

Loans, net of unearned

$    359,813

$    377,149

$    386,811

$    333,681

$    352,535

$                -

$                -

2.06

$    359,813

$    352,535

2.06

SOURCE Renasant Corporation



RELATED LINKS

http://www.renasantbank.com