Renasant Corporation Announces 2017 First Quarter Earnings
TUPELO, Miss., April 25, 2017 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced earnings results for the first quarter of 2017. Net income for the first quarter of 2017 was approximately $24.0 million, up 12.99%, as compared to $21.2 million for the first quarter of 2016. Basic and diluted earnings per share ("EPS") were $0.54 for the first quarter of 2017, as compared to basic and diluted EPS of $0.53 and $0.52, respectively, for the first quarter of 2016.
The Company incurred expenses and charges in connection with certain transactions that are considered to be infrequent or non-recurring in nature. The following table presents the impact of these charges on reported EPS for the dates presented (in thousands):
| Three months ended |
Three months ended |
||||||||||||||||||
| Pre-tax |
After-tax |
Impact to |
Pre-tax |
After-tax |
Impact to |
||||||||||||||
| Merger and conversion expenses |
$ |
345 |
$ |
235 |
$ |
0.01 |
$ |
948 |
$ |
634 |
$ |
0.02 |
|||||||
| Debt prepayment penalty |
205 |
140 |
— |
— |
— |
— |
|||||||||||||
On January 17, 2017, the Company and Metropolitan BancGroup, Inc. ("Metropolitan"), the parent company of Metropolitan Bank, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire Metropolitan in an all-stock merger transaction. Metropolitan operates eight offices in Nashville and Memphis, Tennessee and the Jackson, Mississippi MSA. As of March 31, 2017, Metropolitan had approximately $1.2 billion in total assets, which included approximately $929.7 million in total loans and approximately $945.1 million in total deposits.
On February 22, 2017, the Company redeemed $10.3 million in subordinated debentures for an aggregate amount of $10.5 million, which included a prepayment penalty of $205 thousand. Prior to the redemption, the Company obtained all required board and regulatory approval.
"The first quarter of 2017 was an active quarter for our Company, and we are very pleased to report excellent results. Our results for the first quarter of 2017 include a record quarterly net income and a continuation of increasing profitability metrics as our return on average tangible assets was 1.23%," said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "In January, we announced our proposed acquisition of Metropolitan, which will expand our presence in Mississippi and Tennessee. We have received all federal bank regulatory approvals necessary to complete the proposed merger and are now focusing on securing the required approval of Metropolitan shareholders. Both Metropolitan and we have experienced positive reaction from our clients and associates in response to our proposed acquisition."
First quarter of 2017 highlights include the following:
Profitability Metrics
- Total assets were $8.8 billion at March 31, 2017, as compared to $8.7 billion at December 31, 2016, and $8.1 billion at March 31, 2016.
- Total loans increased $36.3 million to $6.2 billion at March 31, 2017, from December 31, 2016; total loans were $5.6 billion at March 31, 2016. Loans not acquired increased $123.7 million to $4.8 billion at March 31, 2017 from December 31, 2016, which represents an annualized growth rate of 10.65%. For the first quarter of 2017, the yield on total loans was 4.82% compared to 5.07% for the fourth quarter of 2016 and 4.93% for the first quarter of 2016. The following table reconciles the reported loan yield to the adjusted loan yield excluding the impact from interest income collected on problem loans and purchase accounting adjustments on acquired loans for the periods presented (in thousands):
| Three Months Ended |
|||||||||
| March 31, |
December 31, |
March 31, |
|||||||
| 2017 |
2016 |
2016 |
|||||||
| Taxable equivalent interest income on loans (as reported) |
$ |
73,710 |
$ |
78,267 |
$ |
67,223 |
|||
| Net interest income collected on problem loans |
567 |
1,971 |
622 |
||||||
| Accretable yield recognized on purchased loans(1) |
5,604 |
8,092 |
6,097 |
||||||
| Interest income on loans (adjusted) |
$ |
67,539 |
$ |
68,204 |
$ |
60,504 |
|||
| Average loans |
$ |
6,198,705 |
$ |
6,147,077 |
$ |
5,482,167 |
|||
| Loan yield, as reported |
4.82% |
5.07% |
4.93% |
||||||
| Loan yield, adjusted |
4.42% |
4.41% |
4.44% |
||||||
| (1) |
Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $2,741, $4,728 and $1,871 for the three months ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively, which increased loan yield by 18 basis points, 30 basis points and 13 basis points for the same periods, respectively. |
- Total deposits increased to $7.2 billion at March 31, 2017, from $7.1 billion at December 31, 2016, and $6.4 billion at March 31, 2016. Noninterest-bearing deposits averaged $1.6 billion, or 21.83% of average deposits, for the first quarter of 2017, compared to $1.3 billion, or 20.99% of average deposits, for the same period in 2016. For the first quarter of 2017, the cost of total deposits was 29 basis points, as compared to 28 basis points for the fourth quarter of 2016 and 25 basis points for the first quarter of 2016.
- Net interest income was $74.0 million for the first quarter of 2017, as compared to $78.0 million for the fourth quarter of 2016 and $70.1 million for the first quarter of 2016. Net interest margin was 4.01% for the first quarter of 2017, as compared to 4.24% for the fourth quarter of 2016 and 4.21% for the first quarter of 2016. The following table reconciles reported net interest margin to adjusted net interest margin excluding the impact from interest income collected on problem loans and purchase accounting adjustments on loans for the periods presented (in thousands):
| Three Months Ended |
|||||||||
| March 31, |
December 31, |
March 31, |
|||||||
| 2017 |
2016 |
2016 |
|||||||
| Taxable equivalent net interest income (as reported) |
$ |
75,907 |
$ |
79,774 |
$ |
71,804 |
|||
| Net interest income collected on problem loans |
567 |
1,971 |
622 |
||||||
| Accretable yield recognized on purchased loans (1) |
5,604 |
8,092 |
6,097 |
||||||
| Net interest income (adjusted) |
$ |
69,736 |
$ |
69,711 |
$ |
65,085 |
|||
| Average earning assets |
$ |
7,668,582 |
$ |
7,483,222 |
$ |
6,863,905 |
|||
| Net interest margin, as reported |
4.01% |
4.24% |
4.21% |
||||||
| Net interest margin, adjusted |
3.69% |
3.71% |
3.81% |
||||||
| (1) |
Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $2,741, $4,728 and $1,871 for the three months ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively, which increased net interest margin by 14 basis points, 25 basis points and 11 basis points for the same periods, respectively. |
Included in net interest margin is the impact from excess cash generated from the increase in average deposits during the first quarter of 2017. This excess cash was included in short-term investments and reduced our net interest margin by 10 basis points when compared to the fourth quarter of 2016.
- Noninterest income for the first quarter of 2017 was $32.0 million, as compared to $30.3 million for the fourth quarter of 2016 and $33.3 million for the first quarter of 2016. Mortgage banking income was $10.5 million for the first quarter of 2017, as compared to $8.3 million for the fourth quarter of 2016 and $11.9 million for the first quarter of 2017.
- Noninterest expense was $69.3 million for the first quarter of 2017, as compared to $71.6 million for the fourth quarter of 2016 and $69.8 million for the first quarter of 2016. Excluding nonrecurring charges for merger and conversion expenses and debt prepayment penalties, noninterest expense remained relatively flat when compared to the first quarter of 2016.
The following table presents the Company's profitability metrics for the quarter ending March 31, 2017, including and excluding the impact of after-tax merger and conversion expenses:
| As Reported |
Excluding Merger and |
|
| Return on average assets |
1.11% |
1.13% |
| Return on average tangible assets |
1.23% |
1.25% |
| Return on average equity |
7.80% |
7.92% |
| Return on average tangible equity |
13.48% |
13.68% |
Asset Quality Metrics
Total nonperforming assets were $56.5 million at March 31, 2017, a decrease of $2.3 million from December 31, 2016, and a decrease of $21.1 million from March 31, 2016, and consisted of $35.2 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $21.3 million in OREO.
The Company's nonperforming loans and OREO that were purchased in previous acquisitions (collectively referred to as "acquired nonperforming assets") were $20.4 million and $16.3 million, respectively, at March 31, 2017, as compared to $22.2 million and $17.4 million, respectively, at December 31, 2016, and $30.2 million and $20.4 million, respectively, at March 31, 2016. The acquired nonperforming assets were recorded at fair value at the time of acquisition, which significantly mitigates the Company's actual loss. As such, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios primarily focuses on non-acquired nonperforming assets.
- Non-acquired nonperforming loans increased to $14.8 million, or 0.31% of total non-acquired loans, at March 31, 2017, from $13.4 million, or 0.28% of total non-acquired loans, at December 31, 2016. These loans were $14.2 million, or 0.35% of total non-aquired loans, at March 31, 2016. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.16% at March 31, 2017, as compared to 0.23% at December 31, 2016, and at 0.17% March 31, 2016.
- Non-acquired OREO was $5.1 million at March 31, 2017, as compared to $5.9 million at December 31, 2016, and $12.8 million at March 31, 2016. Non-acquired OREO sales totaled $1.2 million in the first quarter of 2017 and $5.8 million over the final three quarters of 2016.
- The allowance for loan losses represents 0.69% of total loans at both March 31, 2017, and December 31, 2016, and 0.77% at March 31, 2016. The allowance for loan losses represents 0.89% of nonaquired loans at March 31, 2017, as compared to 0.91% at December 31, 2016, and 1.05% at March 31, 2016
- Net loan charge-offs were $1.3 million, or 0.09% of average total loans, for the first quarter of 2017, as compared to $4.8 million, or 0.31% of average total loans, for the fourth quarter of 2016 and $1.4 million, or 0.10% of average total loans, for the first quarter of 2016. The decrease quarter over quarter is attributable to the final resolution of several problem credits in the fourth quarter of 2016.
- Provision for loan losses was $1.5 million for the first quarter of 2017, as compared to $1.7 million for the fourth quarter of 2016 and $1.8 million for the first quarter of 2016.
Capital Metrics
- At March 31, 2017, Tier 1 leverage capital ratio was 10.39%, Common Equity Tier 1 ratio was 11.69%, Tier 1 risk-based capital ratio was 12.93%, and total risk-based capital ratio was 15.11%. All regulatory ratios exceed the minimums required to be considered "well-capitalized."
- Tangible common equity ratio was 9.16% at March 31, 2017, as compared to 9.00% at December 31, 2016.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, April 26, 2017.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst170426.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation First Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 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 10105028 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until May 10, 2017.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 113-year-old financial services institution. Renasant has assets of approximately $8.8 billion and operates more than 170 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama, Florida 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 the Company's portfolio of outstanding loans, and competition in the Company's markets. Management undertakes 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.
NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures.
The Company's management uses certain non-GAAP financial measures to adjust GAAP financial measures to exclude purchase accounting adjustments and interest income collected, net of interest foregone, on problem loans from loan interest income when calculating the Company's taxable equivalent loan yields and net interest margin, respectively. Management uses these non-GAAP financial measures to evaluate ongoing operating results and to assess ongoing profitability. The reconciliations from GAAP to non-GAAP for these financial measures are included with the presentation of the non-GAAP financial measure itself.
Certain other non-GAAP financial measures that adjust GAAP financial measures to exclude intangible assets as well as merger and conversion expenses, debt prepayment penalties and other charges that the Company considers to be non-recurring in nature. These non-GAAP financial measures are return on average tangible shareholders' equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the "tangible capital ratio") and the efficiency ratio. The Company's management uses these non-GAAP financial measures to evaluate net income from our ongoing business and capital utilization. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption "Reconciliation of GAAP to Non-GAAP."
The Company also believes that all of the foregoing non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indications of its operating performance particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets, such as goodwill and the core deposit intangible, and non-recurring charges can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution's regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company's results to information provided in other regulatory reports and the results of other companies.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company's calculations may not be comparable to other similarly titled measures presented by other companies. Also there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.
| RENASANT CORPORATION |
|||||||||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||||||||||
| Q1 2017 - |
For The Three Months Ending |
||||||||||||||||||||||||||||||||
| 2017 |
2016 |
Q4 2016 |
March 31, |
||||||||||||||||||||||||||||||
| First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
|||||||||||||||||||||||||||
| Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2017 |
2016 |
Variance |
|||||||||||||||||||||||||
| Statement of earnings |
|||||||||||||||||||||||||||||||||
| Interest income - taxable equivalent basis |
$ |
83,781 |
$ |
87,564 |
$ |
84,786 |
$ |
85,783 |
$ |
78,009 |
(4.32) |
$ |
83,781 |
$ |
78,009 |
7.40 |
|||||||||||||||||
| Interest income |
$ |
81,889 |
$ |
85,840 |
$ |
83,032 |
$ |
84,008 |
$ |
76,259 |
(4.60) |
$ |
81,889 |
$ |
76,259 |
7.38 |
|||||||||||||||||
| Interest expense |
7,874 |
7,791 |
7,301 |
6,851 |
6,205 |
1.07 |
7,874 |
6,205 |
26.90 |
||||||||||||||||||||||||
| Net interest income |
74,015 |
78,049 |
75,731 |
77,157 |
70,054 |
(5.17) |
74,015 |
70,054 |
5.65 |
||||||||||||||||||||||||
| Provision for loan losses |
1,500 |
1,650 |
2,650 |
1,430 |
1,800 |
(9.09) |
1,500 |
1,800 |
(16.67) |
||||||||||||||||||||||||
| Net interest income after provision |
72,515 |
76,399 |
73,081 |
75,727 |
68,254 |
(5.08) |
72,515 |
68,254 |
6.24 |
||||||||||||||||||||||||
| Service charges on deposit accounts |
7,931 |
8,163 |
8,200 |
7,521 |
7,991 |
(2.84) |
7,931 |
7,991 |
(0.75) |
||||||||||||||||||||||||
| Fees and commissions on loans and deposits |
5,199 |
4,772 |
4,921 |
4,877 |
4,244 |
8.95 |
5,199 |
4,244 |
22.50 |
||||||||||||||||||||||||
| Insurance commissions and fees |
1,860 |
1,951 |
2,420 |
2,175 |
1,962 |
(4.66) |
1,860 |
1,962 |
(5.20) |
||||||||||||||||||||||||
| Wealth management revenue |
2,884 |
2,849 |
3,040 |
2,872 |
2,891 |
1.23 |
2,884 |
2,891 |
(0.24) |
||||||||||||||||||||||||
| Securities gains (losses) |
— |
— |
— |
1,257 |
(71) |
— |
— |
(71) |
(100.00) |
||||||||||||||||||||||||
| Mortgage banking income |
10,504 |
8,262 |
15,846 |
13,420 |
11,915 |
27.14 |
10,504 |
11,915 |
(11.84) |
||||||||||||||||||||||||
| Other |
3,643 |
4,258 |
3,845 |
3,464 |
4,370 |
(14.44) |
3,643 |
4,370 |
(16.64) |
||||||||||||||||||||||||
| Total noninterest income |
32,021 |
30,255 |
38,272 |
35,586 |
33,302 |
5.84 |
32,021 |
33,302 |
(3.85) |
||||||||||||||||||||||||
| Salaries and employee benefits |
42,209 |
39,966 |
44,702 |
45,387 |
42,393 |
5.61 |
42,209 |
42,393 |
(0.43) |
||||||||||||||||||||||||
| Data processing |
4,234 |
4,503 |
4,560 |
4,502 |
4,158 |
(5.97) |
4,234 |
4,158 |
1.83 |
||||||||||||||||||||||||
| Occupancy and equipment |
9,319 |
8,809 |
8,830 |
8,531 |
8,224 |
5.79 |
9,319 |
8,224 |
13.31 |
||||||||||||||||||||||||
| Other real estate |
533 |
1,585 |
1,540 |
1,614 |
957 |
(66.37) |
533 |
957 |
(44.31) |
||||||||||||||||||||||||
| Amortization of intangibles |
1,563 |
1,624 |
1,684 |
1,742 |
1,697 |
(3.76) |
1,563 |
1,697 |
(7.90) |
||||||||||||||||||||||||
| Merger and conversion related expenses |
345 |
— |
268 |
2,807 |
948 |
100.00 |
345 |
948 |
(63.61) |
||||||||||||||||||||||||
| Debt extinguishment penalty |
205 |
— |
2,210 |
329 |
— |
100.00 |
205 |
— |
100.00 |
||||||||||||||||||||||||
| Loss share termination |
— |
2,053 |
— |
— |
— |
(100.00) |
— |
— |
— |
||||||||||||||||||||||||
| Other |
10,901 |
13,018 |
12,674 |
12,347 |
11,437 |
(16.26) |
10,901 |
11,437 |
(4.69) |
||||||||||||||||||||||||
| Total noninterest expense |
69,309 |
71,558 |
76,468 |
77,259 |
69,814 |
(3.14) |
69,309 |
69,814 |
(0.72) |
||||||||||||||||||||||||
| Income before income taxes |
35,227 |
35,096 |
34,885 |
34,054 |
31,742 |
0.37 |
35,227 |
31,742 |
10.98 |
||||||||||||||||||||||||
| Income taxes |
11,255 |
11,461 |
11,706 |
11,154 |
10,526 |
(1.80) |
11,255 |
10,526 |
6.93 |
||||||||||||||||||||||||
| Net income |
$ |
23,972 |
$ |
23,635 |
$ |
23,179 |
$ |
22,900 |
$ |
21,216 |
1.43 |
$ |
23,972 |
$ |
21,216 |
12.99 |
|||||||||||||||||
| Basic earnings per share |
$ |
0.54 |
$ |
0.56 |
$ |
0.55 |
$ |
0.54 |
$ |
0.53 |
(3.57) |
$ |
0.54 |
$ |
0.53 |
1.89 |
|||||||||||||||||
| Diluted earnings per share |
0.54 |
0.55 |
0.55 |
0.54 |
0.52 |
(1.82) |
0.54 |
0.52 |
3.85 |
||||||||||||||||||||||||
| Average basic shares outstanding |
44,364,337 |
42,441,588 |
42,091,164 |
42,066,168 |
40,324,475 |
4.53 |
44,364,337 |
40,324,475 |
10.02 |
||||||||||||||||||||||||
| Average diluted shares outstanding |
44,480,499 |
42,636,325 |
42,310,358 |
42,303,626 |
40,559,145 |
4.33 |
44,480,499 |
40,559,145 |
9.67 |
||||||||||||||||||||||||
| Common shares outstanding |
44,394,707 |
44,332,273 |
42,102,224 |
42,085,690 |
40,373,753 |
0.14 |
44,394,707 |
40,373,753 |
9.96 |
||||||||||||||||||||||||
| Cash dividend per common share |
$ |
0.18 |
$ |
0.18 |
$ |
0.18 |
$ |
0.18 |
$ |
0.17 |
— |
$ |
0.18 |
$ |
0.17 |
5.88 |
|||||||||||||||||
| Performance ratios |
|||||||||||||||||||||||||||||||||
| Return on avg shareholders' equity |
7.8% |
8.14% |
8.12% |
8.21% |
8.12% |
7.8 |
% |
8.12 |
% |
||||||||||||||||||||||||
| Return on avg tangible s/h's equity (1) |
13.48% |
14.9% |
15.15% |
15.57% |
15.58% |
13.48 |
% |
15.58 |
% |
||||||||||||||||||||||||
| Return on avg assets |
1.11% |
1.09% |
1.08% |
1.08% |
1.07% |
1.11 |
% |
1.07 |
% |
||||||||||||||||||||||||
| Return on avg tangible assets (2) |
1.23% |
1.22% |
1.2% |
1.2% |
1.2% |
1.23 |
% |
1.2 |
% |
||||||||||||||||||||||||
| Net interest margin (FTE) |
4.01% |
4.24% |
4.15% |
4.29% |
4.21% |
4.01 |
% |
4.21 |
% |
||||||||||||||||||||||||
| Yield on earning assets (FTE) |
4.43% |
4.66% |
4.54% |
4.66% |
4.57% |
4.43 |
% |
4.57 |
% |
||||||||||||||||||||||||
| Cost of funding |
0.43% |
0.42% |
0.4% |
0.38% |
0.37% |
0.43 |
% |
0.37 |
% |
||||||||||||||||||||||||
| Average earning assets to average assets |
87.55% |
87.1% |
86.82% |
86.59% |
86.21% |
87.55 |
% |
86.21 |
% |
||||||||||||||||||||||||
| Average loans to average deposits |
86.81% |
88.89% |
89.4% |
87.73% |
87.39% |
86.81 |
% |
87.39 |
% |
||||||||||||||||||||||||
| Noninterest income (less securities gains/ |
|||||||||||||||||||||||||||||||||
| losses) to average assets |
1.48% |
1.4% |
1.78% |
1.62% |
1.69% |
1.48 |
% |
1.69 |
% |
||||||||||||||||||||||||
| Noninterest expense (less debt prepayment penalties/ |
|||||||||||||||||||||||||||||||||
| merger-related expenses) to average assets |
3.18% |
3.22% |
3.44% |
3.49% |
3.48% |
3.18 |
% |
3.48 |
% |
||||||||||||||||||||||||
| Net overhead ratio |
1.7% |
1.82% |
1.66% |
1.87% |
1.79% |
1.7 |
% |
1.79 |
% |
||||||||||||||||||||||||
| Efficiency ratio (FTE) (4) |
62.26% |
61.69% |
62.46% |
63.91% |
63.86% |
62.26 |
% |
63.86 |
% |
||||||||||||||||||||||||
| RENASANT CORPORATION |
||||||||||||||||||||||||||||||||||||
| (Unaudited) |
||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
||||||||||||||||||||||||||||||||||||
| Q1 2017 |
For The Three Months Ending |
|||||||||||||||||||||||||||||||||||
| 2017 |
2016 |
Q4 2016 |
March 31, |
|||||||||||||||||||||||||||||||||
| First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
||||||||||||||||||||||||||||||
| Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2017 |
2016 |
Variance |
||||||||||||||||||||||||||||
| Average Balances |
||||||||||||||||||||||||||||||||||||
| Total assets |
$ |
8,759,448 |
$ |
8,591,795 |
$ |
8,562,199 |
$ |
8,541,818 |
$ |
7,961,700 |
1.95 |
$ |
8,759,448 |
$ |
7,961,700 |
10.02 |
||||||||||||||||||||
| Earning assets |
7,668,582 |
7,483,222 |
7,433,461 |
7,396,283 |
6,863,905 |
2.48 |
7,668,582 |
6,863,905 |
11.72 |
|||||||||||||||||||||||||||
| Securities |
1,043,697 |
1,034,270 |
1,045,905 |
1,111,831 |
1,103,504 |
0.91 |
1,043,697 |
1,103,504 |
(5.42) |
|||||||||||||||||||||||||||
| Mortgage loans held for sale |
112,105 |
184,583 |
241,314 |
306,011 |
217,200 |
(39.27) |
112,105 |
217,200 |
(48.39) |
|||||||||||||||||||||||||||
| Loans, net of unearned |
6,198,705 |
6,147,077 |
6,048,017 |
5,897,650 |
5,482,167 |
0.84 |
6,198,705 |
5,482,167 |
13.07 |
|||||||||||||||||||||||||||
| Intangibles |
493,816 |
495,404 |
497,064 |
499,503 |
473,852 |
(0.32) |
493,816 |
473,852 |
4.21 |
|||||||||||||||||||||||||||
| Noninterest-bearing deposits |
$ |
1,558,809 |
$ |
1,564,150 |
$ |
1,510,309 |
$ |
1,477,380 |
$ |
1,316,495 |
(0.34) |
$ |
1,558,809 |
$ |
1,316,495 |
18.41 |
||||||||||||||||||||
| Interest-bearing deposits |
5,581,853 |
5,351,354 |
5,255,102 |
5,245,406 |
4,956,983 |
4.31 |
5,581,853 |
4,956,983 |
12.61 |
|||||||||||||||||||||||||||
| Total deposits |
7,140,662 |
6,915,505 |
6,765,411 |
6,722,786 |
6,273,478 |
3.26 |
7,140,662 |
6,273,478 |
13.82 |
|||||||||||||||||||||||||||
| Borrowed funds |
282,008 |
412,589 |
550,222 |
594,459 |
539,078 |
(31.65) |
282,008 |
539,078 |
(47.69) |
|||||||||||||||||||||||||||
| Shareholders' equity |
1,246,903 |
1,155,749 |
1,135,073 |
1,121,298 |
1,050,668 |
7.89 |
1,246,903 |
1,050,668 |
18.68 |
|||||||||||||||||||||||||||
| Q1 2017 - |
As of |
|||||||||||||||||||||||||||||||||||
| 2017 |
2016 |
Q4 2016 |
March 31, |
|||||||||||||||||||||||||||||||||
| First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
||||||||||||||||||||||||||||||
| Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2017 |
2016 |
Variance |
||||||||||||||||||||||||||||
| Balances at period end |
||||||||||||||||||||||||||||||||||||
| Total assets |
$ |
8,764,711 |
$ |
8,699,851 |
$ |
8,542,471 |
$ |
8,529,566 |
$ |
8,146,229 |
0.75 |
$ |
8,764,711 |
$ |
8,146,229 |
7.59 |
||||||||||||||||||||
| Earning assets |
7,690,045 |
7,556,760 |
7,409,068 |
7,396,888 |
7,045,179 |
1.76 |
7,690,045 |
7,045,179 |
9.15 |
|||||||||||||||||||||||||||
| Securities |
1,044,862 |
1,030,530 |
1,039,957 |
1,063,592 |
1,101,820 |
1.39 |
1,044,862 |
1,101,820 |
(5.17) |
|||||||||||||||||||||||||||
| Mortgage loans held for sale |
158,619 |
177,866 |
189,965 |
276,782 |
298,365 |
(10.82) |
158,619 |
298,365 |
(46.84) |
|||||||||||||||||||||||||||
| Loans not acquired |
4,834,085 |
4,710,385 |
4,526,026 |
4,292,549 |
4,074,413 |
2.63 |
4,834,085 |
4,074,413 |
18.64 |
|||||||||||||||||||||||||||
| Loans acquired and covered by FDIC loss-share |
— |
— |
30,533 |
42,171 |
44,989 |
— |
— |
44,989 |
(100.00) |
|||||||||||||||||||||||||||
| Loans acquired and not covered by FDIC loss-share |
1,401,720 |
1,489,137 |
1,548,674 |
1,630,709 |
1,453,328 |
(5.87) |
1,401,720 |
1,453,328 |
(3.55) |
|||||||||||||||||||||||||||
| Total loans |
6,235,805 |
6,199,522 |
6,105,233 |
5,965,429 |
5,572,730 |
0.59 |
6,235,805 |
5,572,730 |
11.90 |
|||||||||||||||||||||||||||
| Intangibles |
493,045 |
494,608 |
496,233 |
497,917 |
476,539 |
(0.32) |
493,045 |
476,539 |
3.46 |
|||||||||||||||||||||||||||
| Noninterest-bearing deposits |
$ |
1,579,581 |
$ |
1,561,357 |
$ |
1,514,820 |
$ |
1,459,383 |
$ |
1,384,503 |
1.17 |
$ |
1,579,581 |
$ |
1,384,503 |
14.09 |
||||||||||||||||||||
| Interest-bearing deposits |
5,651,269 |
5,497,780 |
5,302,978 |
5,243,104 |
5,046,874 |
2.79 |
5,651,269 |
5,046,874 |
11.98 |
|||||||||||||||||||||||||||
| Total deposits |
7,230,850 |
7,059,137 |
6,817,798 |
6,702,487 |
6,431,377 |
2.43 |
7,230,850 |
6,431,377 |
12.43 |
|||||||||||||||||||||||||||
| Borrowed funds |
202,006 |
312,135 |
469,580 |
588,650 |
561,671 |
(35.28) |
202,006 |
561,671 |
(64.03) |
|||||||||||||||||||||||||||
| Shareholders' equity |
1,251,065 |
1,232,883 |
1,142,247 |
1,124,256 |
1,053,178 |
1.47 |
1,251,065 |
1,053,178 |
18.79 |
|||||||||||||||||||||||||||
| Market value per common share |
$ |
39.69 |
$ |
42.22 |
$ |
33.63 |
$ |
32.33 |
$ |
32.91 |
(5.99) |
$ |
39.69 |
$ |
32.91 |
20.60 |
||||||||||||||||||||
| Book value per common share |
28.18 |
27.81 |
27.13 |
26.71 |
26.09 |
1.33 |
28.18 |
26.09 |
8.03 |
|||||||||||||||||||||||||||
| Tangible book value per common share |
17.07 |
16.65 |
15.34 |
14.88 |
14.28 |
2.53 |
17.07 |
14.28 |
19.55 |
|||||||||||||||||||||||||||
| Shareholders' equity to assets (actual) |
14.27 |
% |
14.17 |
% |
13.37 |
% |
13.18 |
% |
12.93 |
% |
14.27 |
% |
12.93 |
% |
||||||||||||||||||||||
| Tangible capital ratio (3) |
9.16 |
% |
9 |
% |
8.03 |
% |
7.8 |
% |
7.52 |
% |
9.16 |
% |
7.52 |
% |
||||||||||||||||||||||
| Leverage ratio |
10.39 |
% |
10.59 |
% |
9.38 |
% |
9.18 |
% |
9.19 |
% |
10.39 |
% |
9.19 |
% |
||||||||||||||||||||||
| Common equity tier 1 capital ratio |
11.69 |
% |
11.48 |
% |
10.16 |
% |
10.12 |
% |
9.88 |
% |
11.69 |
% |
9.88 |
% |
||||||||||||||||||||||
| Tier 1 risk-based capital ratio |
12.93 |
% |
12.86 |
% |
11.57 |
% |
11.55 |
% |
11.38 |
% |
12.93 |
% |
11.38 |
% |
||||||||||||||||||||||
| Total risk-based capital ratio |
15.11 |
% |
15.03 |
% |
13.84 |
% |
12.31 |
% |
12.17 |
% |
15.11 |
% |
12.17 |
% |
||||||||||||||||||||||
| RENASANT CORPORATION |
||||||||||||||||||||||||||||||||||||
| (Unaudited) |
||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
||||||||||||||||||||||||||||||||||||
| Q1 2017 - |
As of |
|||||||||||||||||||||||||||||||||||
| 2017 |
2016 |
Q4 2016 |
March 31, |
|||||||||||||||||||||||||||||||||
| First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
||||||||||||||||||||||||||||||
| Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2017 |
2016 |
Variance |
||||||||||||||||||||||||||||
| Loans not acquired |
||||||||||||||||||||||||||||||||||||
| Commercial, financial, agricultural |
$ |
626,237 |
$ |
589,290 |
$ |
554,151 |
$ |
530,258 |
$ |
520,463 |
6.27 |
$ |
626,237 |
$ |
520,463 |
20.32 |
||||||||||||||||||||
| Lease Financing |
47,816 |
46,841 |
45,510 |
43,116 |
41,937 |
2.08 |
47,816 |
41,937 |
14.02 |
|||||||||||||||||||||||||||
| Real estate- construction |
378,061 |
483,926 |
415,934 |
381,690 |
325,188 |
(21.88) |
378,061 |
325,188 |
16.26 |
|||||||||||||||||||||||||||
| Real estate - 1-4 family mortgages |
1,485,663 |
1,422,543 |
1,388,066 |
1,328,948 |
1,263,879 |
4.44 |
1,485,663 |
1,263,879 |
17.55 |
|||||||||||||||||||||||||||
| Real estate - commercial mortgages |
2,203,639 |
2,075,137 |
2,030,626 |
1,918,778 |
1,836,053 |
6.19 |
2,203,639 |
1,836,053 |
20.02 |
|||||||||||||||||||||||||||
| Installment loans to individuals |
92,669 |
92,648 |
91,739 |
89,759 |
86,893 |
0.02 |
92,669 |
86,893 |
6.65 |
|||||||||||||||||||||||||||
| Loans, net of unearned |
$ |
4,834,085 |
$ |
4,710,385 |
$ |
4,526,026 |
$ |
4,292,549 |
$ |
4,074,413 |
2.63 |
$ |
4,834,085 |
$ |
4,074,413 |
18.64 |
||||||||||||||||||||
| Loans acquired and covered by FDIC loss-share |
||||||||||||||||||||||||||||||||||||
| Commercial, financial, agricultural |
$ |
— |
$ |
— |
$ |
14 |
$ |
607 |
$ |
624 |
— |
$ |
— |
$ |
624 |
— |
||||||||||||||||||||
| Lease Financing |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||
| Real estate- construction |
— |
— |
— |
83 |
86 |
— |
— |
86 |
— |
|||||||||||||||||||||||||||
| Real estate - 1-4 family mortgages |
— |
— |
30,304 |
34,640 |
36,350 |
— |
— |
36,350 |
— |
|||||||||||||||||||||||||||
| Real estate - commercial mortgages |
— |
— |
180 |
6,790 |
7,870 |
— |
— |
7,870 |
— |
|||||||||||||||||||||||||||
| Installment loans to individuals |
— |
— |
35 |
51 |
59 |
— |
— |
59 |
— |
|||||||||||||||||||||||||||
| Loans, net of unearned |
$ |
— |
$ |
— |
$ |
30,533 |
$ |
42,171 |
$ |
44,989 |
— |
$ |
— |
$ |
44,989 |
— |
||||||||||||||||||||
| Loans acquired and not covered by FDIC loss-share |
||||||||||||||||||||||||||||||||||||
| Commercial, financial, agricultural |
$ |
115,229 |
$ |
128,200 |
$ |
139,961 |
$ |
152,071 |
$ |
133,847 |
(10.12) |
$ |
115,229 |
$ |
133,847 |
(13.91) |
||||||||||||||||||||
| Lease Financing |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||
| Real estate- construction |
35,673 |
68,753 |
71,704 |
70,958 |
52,300 |
(48.11) |
35,673 |
52,300 |
(31.79) |
|||||||||||||||||||||||||||
| Real estate - 1-4 family mortgages |
431,904 |
452,447 |
452,274 |
485,458 |
477,266 |
(4.54) |
431,904 |
477,266 |
(9.50) |
|||||||||||||||||||||||||||
| Real estate - commercial mortgages |
804,790 |
823,758 |
864,825 |
898,108 |
763,587 |
(2.30) |
804,790 |
763,587 |
5.40 |
|||||||||||||||||||||||||||
| Installment loans to individuals |
14,124 |
15,979 |
19,910 |
24,114 |
26,328 |
(11.61) |
14,124 |
26,328 |
(46.35) |
|||||||||||||||||||||||||||
| Loans, net of unearned |
$ |
1,401,720 |
$ |
1,489,137 |
$ |
1,548,674 |
$ |
1,630,709 |
$ |
1,453,328 |
(5.87) |
$ |
1,401,720 |
$ |
1,453,328 |
(3.55) |
||||||||||||||||||||
| Asset quality data |
||||||||||||||||||||||||||||||||||||
| Assets not acquired: |
||||||||||||||||||||||||||||||||||||
| Nonaccrual loans |
$ |
12,629 |
$ |
11,273 |
$ |
12,454 |
$ |
10,591 |
$ |
11,690 |
12.03 |
$ |
12,629 |
$ |
11,690 |
8.03 |
||||||||||||||||||||
| Loans 90 past due or more |
2,175 |
2,079 |
2,315 |
1,428 |
2,495 |
4.62 |
2,175 |
2,495 |
(12.83) |
|||||||||||||||||||||||||||
| Nonperforming loans |
14,804 |
13,352 |
14,769 |
12,019 |
14,185 |
10.87 |
14,804 |
14,185 |
4.36 |
|||||||||||||||||||||||||||
| Other real estate owned |
5,056 |
5,929 |
8,429 |
9,575 |
12,810 |
(14.72) |
5,056 |
12,810 |
(60.53) |
|||||||||||||||||||||||||||
| Nonperforming assets not acquired |
$ |
19,860 |
$ |
19,281 |
$ |
23,198 |
$ |
21,594 |
$ |
26,995 |
3.00 |
$ |
19,860 |
$ |
26,995 |
(26.43) |
||||||||||||||||||||
| Assets acquired and subject to loss share: |
||||||||||||||||||||||||||||||||||||
| Nonaccrual loans |
$ |
— |
$ |
— |
$ |
1,628 |
$ |
2,060 |
$ |
2,708 |
— |
$ |
— |
$ |
2,708 |
— |
||||||||||||||||||||
| Loans 90 past due or more |
— |
— |
786 |
2,076 |
4,343 |
— |
— |
4,343 |
— |
|||||||||||||||||||||||||||
| Nonperforming loans |
— |
— |
2,414 |
4,136 |
7,051 |
— |
— |
7,051 |
— |
|||||||||||||||||||||||||||
| Other real estate owned |
— |
— |
926 |
2,618 |
1,373 |
— |
— |
1,373 |
— |
|||||||||||||||||||||||||||
| Nonperforming assets acquired and subject to loss |
$ |
— |
$ |
— |
$ |
3,340 |
$ |
6,754 |
$ |
8,424 |
— |
$ |
— |
$ |
8,424 |
— |
||||||||||||||||||||
| Assets acquired and not subject to loss share: |
||||||||||||||||||||||||||||||||||||
| Nonaccrual loans |
$ |
8,495 |
$ |
11,347 |
$ |
12,105 |
$ |
13,312 |
$ |
12,368 |
(25.13) |
$ |
8,495 |
$ |
12,368 |
(31.31) |
||||||||||||||||||||
| Loans 90 past due or more |
11,897 |
10,815 |
12,619 |
13,650 |
10,805 |
10.00 |
11,897 |
10,805 |
10.11 |
|||||||||||||||||||||||||||
| Nonperforming loans |
20,392 |
22,162 |
24,724 |
26,962 |
23,173 |
(7.99) |
20,392 |
23,173 |
(12.00) |
|||||||||||||||||||||||||||
| Other real estate owned |
16,266 |
17,370 |
16,973 |
17,146 |
19,051 |
(6.36) |
16,266 |
19,051 |
(14.62) |
|||||||||||||||||||||||||||
| Nonperforming assets acquired |
$ |
36,658 |
$ |
39,532 |
$ |
41,697 |
$ |
44,108 |
$ |
42,224 |
7.27 |
$ |
36,658 |
$ |
42,224 |
(13.18) |
||||||||||||||||||||
| Net loan charge-offs (recoveries) |
$ |
1,314 |
$ |
4,837 |
$ |
824 |
$ |
191 |
$ |
1,378 |
(72.83) |
$ |
1,314 |
$ |
1,378 |
(4.64) |
||||||||||||||||||||
| Allowance for loan losses |
$ |
42,923 |
$ |
42,737 |
$ |
45,924 |
$ |
44,098 |
$ |
42,859 |
0.44 |
$ |
42,923 |
$ |
42,859 |
0.15 |
||||||||||||||||||||
| Annualized net loan charge-offs / average loans |
0.09 |
% |
0.31 |
% |
0.05 |
% |
0.01 |
% |
0.1 |
% |
0.09 |
% |
0.1 |
% |
||||||||||||||||||||||
| Nonperforming loans / total loans* |
0.56 |
% |
0.57 |
% |
0.69 |
% |
0.72 |
% |
0.8 |
% |
0.56 |
% |
0.8 |
% |
||||||||||||||||||||||
| Nonperforming assets / total assets* |
0.64 |
% |
0.68 |
% |
0.8 |
% |
0.85 |
% |
0.95 |
% |
0.64 |
% |
0.95 |
% |
||||||||||||||||||||||
| Allowance for loan losses / total loans* |
0.69 |
% |
0.69 |
% |
0.75 |
% |
0.74 |
% |
0.77 |
% |
0.69 |
% |
0.77 |
% |
||||||||||||||||||||||
| Allowance for loan losses / nonperforming loans* |
121.95 |
% |
120.34 |
% |
109.59 |
% |
102.28 |
% |
96.51 |
% |
121.95 |
% |
96.51 |
% |
||||||||||||||||||||||
| Nonperforming loans / total loans** |
0.31 |
% |
0.28 |
% |
0.33 |
% |
0.28 |
% |
0.35 |
% |
0.31 |
% |
0.35 |
% |
||||||||||||||||||||||
| Nonperforming assets / total assets** |
0.23 |
% |
0.22 |
% |
0.27 |
% |
0.25 |
% |
0.33 |
% |
0.23 |
% |
0.33 |
% |
||||||||||||||||||||||
| Allowance for loan losses / total loans** |
0.89 |
% |
0.91 |
% |
1.01 |
% |
1.03 |
% |
1.05 |
% |
0.89 |
% |
1.05 |
% |
||||||||||||||||||||||
| Allowance for loan losses / nonperforming loans** |
289.94 |
% |
320.08 |
% |
310.95 |
% |
366.9 |
% |
302.14 |
% |
289.94 |
% |
302.14 |
% |
||||||||||||||||||||||
| *Based on all assets (includes acquired assets) |
||||||||||||||||||||||||||||||||||||
| **Excludes all assets acquired |
||||||||||||||||||||||||||||||||||||
| RENASANT CORPORATION |
|||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||||
| Three Months Ended |
|||||||||||||||||||||||||||
| March 31, 2017 |
December 31, 2016 |
March 31, 2016 |
|||||||||||||||||||||||||
| Average |
Interest |
Yield/ |
Average |
Interest |
Yield/ |
Average |
Interest |
Yield/ |
|||||||||||||||||||
| Balance |
Income/ |
Rate |
Balance |
Income/ |
Rate |
Balance |
Income/ |
Rate |
|||||||||||||||||||
| Expense |
Expense |
Expense |
|||||||||||||||||||||||||
| Assets |
|||||||||||||||||||||||||||
| Interest-earning assets: |
|||||||||||||||||||||||||||
| Loans |
|||||||||||||||||||||||||||
| Not purchased |
$ |
4,752,628 |
$ |
51,143 |
4.4 |
% |
$ |
4,612,237 |
$ |
50,073 |
4.3 |
% |
$ |
3,939,690 |
$ |
43,154 |
4.4 |
% |
|||||||||
| Purchased |
1,446,077 |
22,567 |
6.3 |
1,513,122 |
27,808 |
7.3 |
1,458,167 |
22,934 |
6.3 |
||||||||||||||||||
| Purchased and covered(1) |
— |
— |
— |
21,718 |
386 |
7.1 |
84,310 |
1,135 |
5.4 |
||||||||||||||||||
| Total loans |
6,198,705 |
73,710 |
4.8 |
6,147,077 |
78,267 |
5.1 |
5,482,167 |
67,223 |
4.9 |
||||||||||||||||||
| Mortgage loans held for sale |
112,105 |
1,148 |
4.2 |
184,583 |
1,627 |
3.5 |
217,200 |
2,372 |
4.4 |
||||||||||||||||||
| Securities: |
|||||||||||||||||||||||||||
| Taxable(2) |
704,805 |
4,070 |
2.3 |
688,268 |
3,430 |
2 |
748,516 |
4,136 |
2.2 |
||||||||||||||||||
| Tax-exempt |
338,892 |
4,297 |
5.1 |
346,002 |
4,089 |
4.7 |
354,988 |
4,206 |
4.8 |
||||||||||||||||||
| Total securities |
1,043,697 |
8,367 |
3.3 |
1,034,270 |
7,519 |
2.9 |
1,103,504 |
8,342 |
3 |
||||||||||||||||||
| Interest-bearing balances with banks |
314,075 |
556 |
0.7 |
117,292 |
151 |
0.5 |
61,034 |
72 |
0.5 |
||||||||||||||||||
| Total interest-earning assets |
7,668,582 |
83,781 |
4.4 |
7,483,222 |
87,564 |
4.7 |
6,863,905 |
78,009 |
4.6 |
||||||||||||||||||
| Cash and due from banks |
131,874 |
118,851 |
138,389 |
||||||||||||||||||||||||
| Intangible assets |
493,816 |
495,404 |
473,852 |
||||||||||||||||||||||||
| FDIC loss-share indemnification asset |
— |
2,693 |
6,407 |
||||||||||||||||||||||||
| Other assets |
465,176 |
491,625 |
479,147 |
||||||||||||||||||||||||
| Total assets |
$ |
8,759,448 |
$ |
8,591,795 |
$ |
7,961,700 |
|||||||||||||||||||||
| Liabilities and shareholders' equity |
|||||||||||||||||||||||||||
| Interest-bearing liabilities: |
|||||||||||||||||||||||||||
| Deposits: |
|||||||||||||||||||||||||||
| Interest-bearing demand(3) |
3,410,606 |
1,813 |
0.2 |
3,184,949 |
1,597 |
0.2 |
2,956,050 |
1,341 |
0.2 |
||||||||||||||||||
| Savings deposits |
553,985 |
96 |
0.1 |
538,323 |
96 |
0.1 |
507,909 |
89 |
0.1 |
||||||||||||||||||
| Time deposits |
1,617,262 |
3,240 |
0.8 |
1,628,082 |
3,145 |
0.8 |
1,493,024 |
2,530 |
0.7 |
||||||||||||||||||
| Total interest-bearing deposits |
5,581,853 |
5,149 |
0.4 |
5,351,354 |
4,838 |
0.4 |
4,956,983 |
3,960 |
0.3 |
||||||||||||||||||
| Borrowed funds |
282,008 |
2,725 |
3.9 |
412,589 |
2,952 |
2.9 |
539,078 |
2,245 |
1.7 |
||||||||||||||||||
| Total interest-bearing liabilities |
5,863,861 |
7,874 |
0.5 |
5,763,943 |
7,790 |
0.5 |
5,496,061 |
6,205 |
0.5 |
||||||||||||||||||
| Noninterest-bearing deposits |
1,558,809 |
1,564,150 |
1,316,495 |
||||||||||||||||||||||||
| Other liabilities |
89,875 |
107,953 |
98,476 |
||||||||||||||||||||||||
| Shareholders' equity |
1,246,903 |
1,155,749 |
1,050,668 |
||||||||||||||||||||||||
| Total liabilities and shareholders' equity |
$ |
8,759,448 |
$ |
8,591,795 |
$ |
7,961,700 |
|||||||||||||||||||||
| Net interest income/ net interest margin |
$ |
75,907 |
4 |
% |
$ |
79,774 |
4.2 |
% |
$ |
71,804 |
4.2 |
% |
|||||||||||||||
| (1)Represents information associated with purchased loans covered under loss sharing agreements prior to their termination on December 8, 2016. |
||||||||||||||||||||||||||||
| (2)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate. |
||||||||||||||||||||||||||||
| (3)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. |
| RENASANT CORPORATION |
||||||||||||||||||||||||||||||||
| (Unaudited) |
||||||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
||||||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP |
||||||||||||||||||||||||||||||||
| Three Months Ended |
||||||||||||||||||||||||||||||||
| 2017 |
2016 |
March 31, |
||||||||||||||||||||||||||||||
| First |
Fourth |
Third |
Second |
First |
||||||||||||||||||||||||||||
| Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
2017 |
2016 |
||||||||||||||||||||||||||
| Net income (GAAP) |
$ |
23,972 |
$ |
23,635 |
$ |
23,179 |
$ |
22,900 |
$ |
21,216 |
$ |
23,972 |
$ |
21,216 |
||||||||||||||||||
| Amortization of intangibles, net of tax |
1,064 |
1,094 |
1,119 |
1,171 |
1,134 |
1,064 |
1,134 |
|||||||||||||||||||||||||
| Tangible net income (non-GAAP) |
$ |
25,036 |
$ |
24,729 |
$ |
24,298 |
$ |
24,071 |
$ |
22,350 |
$ |
25,036 |
$ |
22,350 |
||||||||||||||||||
| Average shareholders' equity (GAAP) |
$ |
1,246,903 |
$ |
1,155,749 |
$ |
1,135,073 |
$ |
1,121,298 |
$ |
1,050,668 |
$ |
1,246,903 |
$ |
1,050,668 |
||||||||||||||||||
| Intangibles |
493,816 |
495,404 |
497,064 |
499,503 |
473,852 |
493,816 |
473,852 |
|||||||||||||||||||||||||
| Average tangible s/h's equity (non-GAAP) |
$ |
753,087 |
$ |
660,345 |
$ |
638,009 |
$ |
621,795 |
$ |
576,816 |
$ |
753,087 |
$ |
576,816 |
||||||||||||||||||
| Average total assets (GAAP) |
$ |
8,759,448 |
$ |
8,591,795 |
$ |
8,562,199 |
$ |
8,541,818 |
$ |
7,961,700 |
$ |
8,759,448 |
$ |
7,961,700 |
||||||||||||||||||
| Intangibles |
493,816 |
495,404 |
497,064 |
499,503 |
473,852 |
493,816 |
473,852 |
|||||||||||||||||||||||||
| Average tangible assets (non-GAAP) |
$ |
8,265,632 |
$ |
8,096,391 |
$ |
8,065,135 |
$ |
8,042,315 |
$ |
7,487,848 |
$ |
8,265,632 |
$ |
7,487,848 |
||||||||||||||||||
| Actual shareholders' equity (GAAP) |
$ |
1,251,065 |
$ |
1,232,883 |
$ |
1,142,247 |
$ |
1,124,256 |
$ |
1,053,178 |
$ |
1,251,065 |
$ |
1,053,178 |
||||||||||||||||||
| Intangibles |
493,045 |
494,608 |
496,233 |
497,917 |
476,539 |
493,045 |
476,539 |
|||||||||||||||||||||||||
| Actual tangible s/h's equity (non-GAAP) |
$ |
758,020 |
$ |
738,275 |
$ |
646,014 |
$ |
626,339 |
$ |
576,639 |
$ |
758,020 |
$ |
576,639 |
||||||||||||||||||
| Actual total assets (GAAP) |
$ |
8,764,711 |
$ |
8,699,851 |
$ |
8,542,471 |
$ |
8,529,566 |
$ |
8,146,229 |
$ |
8,767,411 |
$ |
8,146,229 |
||||||||||||||||||
| Intangibles |
493,045 |
494,608 |
496,233 |
497,917 |
476,539 |
493,045 |
476,539 |
|||||||||||||||||||||||||
| Actual tangible assets (non-GAAP) |
$ |
8,271,666 |
$ |
8,205,243 |
$ |
8,046,238 |
$ |
8,031,649 |
$ |
7,669,690 |
$ |
8,271,666 |
$ |
7,669,690 |
||||||||||||||||||
| (1) Return on Average Equity |
||||||||||||||||||||||||||||||||
| Return on avg s/h's equity (GAAP) |
7.8 |
% |
8.14 |
% |
8.12 |
% |
8.21 |
% |
8.12 |
% |
7.8 |
% |
8.12 |
% |
||||||||||||||||||
| Effect of adjustment for intangible assets |
5.69 |
% |
6.76 |
% |
7.03 |
% |
7.36 |
% |
7.46 |
% |
5.69 |
% |
7.46 |
% |
||||||||||||||||||
| Return on avg tangible s/h's equity (non-GAAP) |
13.48 |
% |
14.9 |
% |
15.15 |
% |
15.57 |
% |
15.58 |
% |
13.48 |
% |
15.58 |
% |
||||||||||||||||||
| (2) Return on Average Assets |
||||||||||||||||||||||||||||||||
| Return on (average) assets (GAAP) |
1.11 |
% |
1.09 |
% |
1.08 |
% |
1.08 |
% |
1.07 |
% |
1.11 |
% |
1.07 |
% |
||||||||||||||||||
| Effect of adjustment for intangible assets |
0.12 |
% |
0.12 |
% |
0.12 |
% |
0.13 |
% |
0.13 |
% |
0.12 |
% |
0.13 |
% |
||||||||||||||||||
| Return on average tangible assets (non-GAAP) |
1.23 |
% |
1.22 |
% |
1.2 |
% |
1.2 |
% |
1.2 |
% |
1.23 |
% |
1.2 |
% |
||||||||||||||||||
| (3) Shareholder Equity Ratio |
||||||||||||||||||||||||||||||||
| Shareholders' equity to (actual) assets (GAAP) |
14.27 |
% |
14.17 |
% |
13.37 |
% |
13.18 |
% |
12.93 |
% |
14.27 |
% |
12.93 |
% |
||||||||||||||||||
| Effect of adjustment for intangible assets |
5.11 |
% |
5.17 |
% |
5.34 |
% |
5.38 |
% |
5.41 |
% |
5.11 |
% |
5.41 |
% |
||||||||||||||||||
| Tangible capital ratio (non-GAAP) |
9.16 |
% |
9 |
% |
8.03 |
% |
7.8 |
% |
7.52 |
% |
9.16 |
% |
7.52 |
% |
||||||||||||||||||
| CALCULATION OF EFFICIENCY RATIO |
||||||||||||||||||||||||||||||||
| Interest income (FTE) |
$ |
83,781 |
$ |
87,564 |
$ |
84,786 |
$ |
85,783 |
$ |
78,009 |
$ |
83,781 |
$ |
78,009 |
||||||||||||||||||
| Interest expense |
7,874 |
7,791 |
7,301 |
6,851 |
6,205 |
7,874 |
6,205 |
|||||||||||||||||||||||||
| Net Interest income (FTE) |
$ |
75,907 |
$ |
79,773 |
$ |
77,485 |
$ |
78,932 |
$ |
71,804 |
$ |
75,907 |
$ |
71,804 |
||||||||||||||||||
| Total noninterest income |
$ |
32,021 |
$ |
30,255 |
$ |
38,272 |
$ |
35,586 |
$ |
33,302 |
$ |
32,021 |
$ |
33,302 |
||||||||||||||||||
| Securities gains (losses) |
— |
— |
— |
1,257 |
(71) |
— |
(71) |
|||||||||||||||||||||||||
| Total noninterest income |
$ |
32,021 |
$ |
30,255 |
$ |
38,272 |
$ |
34,329 |
$ |
33,373 |
$ |
32,021 |
$ |
33,373 |
||||||||||||||||||
| Total Income (FTE) |
$ |
107,928 |
$ |
110,028 |
$ |
115,757 |
$ |
113,261 |
$ |
105,177 |
$ |
107,928 |
$ |
105,177 |
||||||||||||||||||
| Total noninterest expense |
$ |
69,309 |
$ |
71,558 |
$ |
76,468 |
$ |
77,259 |
$ |
69,814 |
$ |
69,309 |
$ |
69,814 |
||||||||||||||||||
| Amortization of intangibles |
1,563 |
1,624 |
1,684 |
1,742 |
1,697 |
1,563 |
1,697 |
|||||||||||||||||||||||||
| Merger-related expenses |
345 |
— |
268 |
2,807 |
948 |
345 |
948 |
|||||||||||||||||||||||||
| Debt extinguishment penalty |
205 |
— |
2,210 |
329 |
— |
205 |
— |
|||||||||||||||||||||||||
| Loss share termination |
$ |
— |
$ |
2,053 |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||||||
| Total noninterest expense |
$ |
67,196 |
$ |
67,881 |
$ |
72,306 |
$ |
72,381 |
$ |
67,169 |
$ |
67,196 |
$ |
67,169 |
||||||||||||||||||
| (4) Efficiency Ratio |
62.26 |
% |
61.69 |
% |
62.46 |
% |
63.91 |
% |
63.86 |
% |
62.26 |
% |
63.86 |
% |
||||||||||||||||||
| 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 |
|||
SOURCE Renasant Corporation
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