Renasant Corporation Announces 2010 Second Quarter Earnings
TUPELO, Miss., July 20 /PRNewswire-FirstCall/ -- Renasant Corporation (Nasdaq: RNST) (the “Company”) today announced results for the second quarter of 2010. Net income for the second quarter of 2010 was $3,796,000 as compared to $3,607,000 for the first quarter of 2010 and $4,256,000 for the second quarter of 2009. Basic and diluted earnings per share were $0.18 during the second quarter of 2010 as compared to basic and diluted earnings per share of $0.17 for the first quarter of 2010 and basic and diluted earnings per share of $0.20 for the second quarter of 2009.
“During the first half of 2010, the markets within our footprint have continued to show positive trends. Reflecting this, Toyota announced in May that it will resume completion of its manufacturing facility in North Mississippi, Huntsville saw an expansion within its aerospace and engineering industries and Nashville showed its resilience by quickly rebounding from a catastrophic flood,” said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Even as the economy has not fully rebounded and many banks continue to struggle, during the second quarter of 2010, we opened two new full service banking locations, added strategic new hires and experienced a linked quarter increase in our net income.”
Total assets as of June 30, 2010 were approximately $3.59 billion, a 1.31% decrease since March 31, 2010 and a 1.30% decrease from December 31, 2009. Total deposits were $2.69 billion at June 30, 2010, representing a 0.94% decrease from March 31, 2010 and a 4.35% increase since December 31, 2009. The reduction in total deposits as compared to the previous quarter was due to a reduction in public funds and retail time deposits; however, retail non-time deposits grew 3.24% on a linked quarter basis.
Total loans were approximately $2.26 billion at the end of the second quarter of 2010 as compared to $2.31 billion at March 31, 2010 and $2.35 billion at December 31, 2009. The decrease in loans was attributed to a combination of soft demand for loans within our markets and our continued reduction in the Company’s construction and land development loan portfolio. In addition, approximately 67% of the linked quarter reduction in the Company’s construction loans was attributable to these loans being converted to permanent financing after completion of the construction phase of the loan.
As of June 30, 2010, the Company's Tier 1 leverage capital ratio was 8.78%, its Tier 1 risk-based capital ratio was 11.42%, and its total risk-based capital ratio was 12.67%. As has been the trend in previous quarters, the Company continued to grow its capital ratios in the second quarter of 2010, keeping them above well capitalized thresholds.
Net interest income was $23,680,000 for the second quarter of 2010 as compared to $24,410,000 for the first quarter of 2010 and $24,160,000 for the second quarter of 2009. Net interest margin was 3.15% for the second quarter of 2010 as compared to 3.27% for the first quarter of 2010 and 3.04% for the second quarter of 2009.
“The decrease in net interest income and net interest margin on a linked quarter basis was attributable not only to a reduction in loan volume but also to $1.2 million in premium amortization related to accelerated prepayments in our mortgage backed securities portfolio due to the recent Fannie Mae and Freddie Mac repurchase program,” commented McGraw.
Noninterest income was $14,344,000 for the second quarter of 2010 as compared to $12,484,000 for the first quarter of 2010 and $15,424,000 for the second quarter in 2009. The linked quarter increase in noninterest income is primarily due to an increase in service charges on deposit accounts and a gain from the sale of securities.
Noninterest expense was $26,188,000 for the second quarter of 2010 as compared to $25,634,000 for the first quarter of 2010 and $27,132,000 for the second quarter of 2009. Noninterest expense for the second quarter of 2009 included approximately $1.75 million for the special deposit insurance assessment levied by the FDIC on all insured institutions.
Annualized net charge-offs as a percentage of average loans were 1.21% for the second quarter of 2010, up from 0.81% for the first quarter of 2010 and 0.93% for the second quarter of 2009. The allowance for loan losses as a percentage of loans was 1.82% at June 30, 2010 as compared to 1.78% at March 31, 2010 and 1.67% at December 31, 2009. The Company recorded a provision for loan losses of $7,000,000 for the second quarter of 2010 as compared to $6,665,000 for the first quarter of 2010 and $6,700,000 for the second quarter of 2009.
Non-performing loans (loans 90 days or more past due and nonaccrual loans) were $64,662,000 at June 30, 2010 as compared to $54,604,000 at March 31, 2010, $50,025,000 at December 31, 2009 and $65,501,000 at June 30, 2009. Most of the linked quarter increase in non-performing loans was attributable to the migration of approximately $11 million of troubled debt restructured loans into this category. Furthermore, loans in the 30 to 89 days past due category decreased approximately 15% on a linked quarter basis.
Other real estate owned (OREO) was $66,797,000 on June 30, 2010 as compared to $62,508,000 at March 31, 2010 and $58,568,000 at December 31, 2009. The balance of OREO at June 30, 2010 included a $5.3 million property which was booked and placed under contract to sell during the second quarter. The sale of this property is scheduled to close in July with no additional loss to the Company. As in the previous quarter, the Company’s OREO increased as the Company took possession of the real properties securing problem loans in order to control the liquidation of these properties. The Company has an additional $1.8 million in OREO currently under contract to sell which is scheduled to close in the third quarter of 2010.
“Even as the current economy and banking environment remains challenging, we believe our key markets are fundamentally sound and we are optimistic in our outlook for long term success as we continue to position ourselves for opportunities to grow and enhance our franchise,” stated McGraw.
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM EDT on Wednesday, July 21, 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=131700. To access the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant Corporation Second 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 442634 or by dialing 1-412-317-0088 internationally and entering 442634. Telephone replay access is available until 9:00 AM EST on October 22, 2010.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $3.6 billion and operates over 65banking, mortgage, financial services and insurance offices in Mississippi, Tennessee and Alabama.
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
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Contacts |
For Media: |
For Financials: |
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John Oxford |
Stuart Johnson |
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Vice President |
Senior Executive Vice President |
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Director of External Affairs |
Chief Financial Officer |
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(662) 680-1219 |
(662) 680-1472 |
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joxford@renasant.com |
stuartj@renasant.com |
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RENASANT CORPORATION |
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(Unaudited) |
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(Dollars in thousands, except per share data) |
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Q2 2010 - |
For the Six Months |
|||||||||||||||||||||||
|
2010 |
2009 |
Q2 2009 |
Ended June 30, |
|||||||||||||||||||||
|
Second |
First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
|||||||||||||||||
|
Statement of earnings |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2010 |
2009 |
Variance |
||||||||||||||
|
Interest income - taxable equivalent basis |
$ 39,590 |
$ 40,900 |
$ 42,526 |
$ 43,820 |
$ 43,836 |
$ 44,988 |
(9.69) |
$ 80,490 |
$ 88,824 |
(9.38) |
||||||||||||||
|
Interest income |
$ 38,381 |
$ 39,708 |
$ 41,331 |
$ 42,614 |
$ 42,709 |
$ 43,910 |
(10.13) |
$ 78,089 |
$ 86,619 |
(9.85) |
||||||||||||||
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Interest expense |
14,701 |
15,298 |
16,529 |
17,423 |
18,549 |
18,597 |
(20.75) |
29,999 |
37,146 |
(19.24) |
||||||||||||||
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Net interest income |
23,680 |
24,410 |
24,802 |
25,191 |
24,160 |
25,313 |
(1.99) |
48,090 |
49,473 |
(2.80) |
||||||||||||||
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Provision for loan losses |
7,000 |
6,665 |
7,800 |
7,350 |
6,700 |
5,040 |
4.48 |
13,665 |
11,740 |
16.40 |
||||||||||||||
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Net interest income after provision |
16,680 |
17,745 |
17,002 |
17,841 |
17,460 |
20,273 |
(4.47) |
34,425 |
37,733 |
(8.77) |
||||||||||||||
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Service charges on deposit accounts |
5,361 |
5,090 |
5,801 |
5,379 |
5,395 |
5,425 |
(0.63) |
10,451 |
10,820 |
(3.41) |
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Fees and commissions on loans and deposits |
3,409 |
3,721 |
3,554 |
3,961 |
4,424 |
4,682 |
(22.94) |
7,130 |
9,106 |
(21.70) |
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Insurance commissions and fees |
830 |
834 |
705 |
949 |
837 |
828 |
(0.84) |
1,664 |
1,665 |
(0.06) |
||||||||||||||
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Trust revenue |
632 |
584 |
559 |
501 |
488 |
491 |
29.51 |
1,216 |
979 |
24.21 |
||||||||||||||
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Securities (losses) gains |
2,049 |
(160) |
123 |
- |
1,123 |
427 |
82.46 |
1,889 |
1,550 |
21.87 |
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Gain on sale of mortgage loans |
994 |
1,329 |
1,665 |
1,832 |
2,293 |
1,776 |
(56.65) |
2,323 |
4,069 |
(42.91) |
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Other |
1,069 |
1,086 |
1,012 |
1,331 |
864 |
1,133 |
23.73 |
2,155 |
1,997 |
7.91 |
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Total non-interest income |
14,344 |
12,484 |
13,419 |
13,953 |
15,424 |
14,762 |
(7.00) |
26,828 |
30,186 |
(11.12) |
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Salaries and employee benefits |
13,052 |
13,197 |
13,572 |
13,363 |
13,736 |
14,744 |
(4.98) |
26,249 |
28,480 |
(7.83) |
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Occupancy and equipment |
2,926 |
2,931 |
2,981 |
3,045 |
3,063 |
3,249 |
(4.47) |
5,857 |
6,312 |
(7.21) |
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Data processing |
1,580 |
1,426 |
1,407 |
1,439 |
1,430 |
1,329 |
10.49 |
3,006 |
2,759 |
8.95 |
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Amortization of intangibles |
470 |
476 |
482 |
489 |
494 |
501 |
(4.86) |
946 |
995 |
(4.92) |
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Other |
8,160 |
7,604 |
7,141 |
7,782 |
8,409 |
7,097 |
(2.96) |
15,764 |
15,506 |
1.66 |
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Total non-interest expense |
26,188 |
25,634 |
25,583 |
26,118 |
27,132 |
26,920 |
(3.48) |
51,822 |
54,052 |
(4.13) |
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Income before income taxes |
4,836 |
4,595 |
4,838 |
5,676 |
5,752 |
8,115 |
(15.92) |
9,431 |
13,867 |
(31.99) |
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Income taxes |
1,040 |
988 |
807 |
1,451 |
1,496 |
2,109 |
(30.48) |
2,028 |
3,605 |
(43.74) |
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Net income |
$ 3,796 |
$ 3,607 |
$ 4,031 |
$ 4,225 |
$ 4,256 |
$ 6,006 |
(10.81) |
$ 7,403 |
$ 10,262 |
(27.86) |
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Basic earnings per share |
$ 0.18 |
$ 0.17 |
$ 0.19 |
$ 0.20 |
$ 0.20 |
$ 0.29 |
(10.00) |
$ 0.35 |
$ 0.49 |
(28.57) |
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Diluted earnings per share |
0.18 |
0.17 |
0.19 |
0.20 |
0.20 |
0.28 |
(10.00) |
0.35 |
0.48 |
(27.08) |
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Average basic shares outstanding |
21,088,942 |
21,082,991 |
21,078,873 |
21,075,879 |
21,073,228 |
21,067,539 |
0.07 |
21,085,983 |
21,067,539 |
0.09 |
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Average diluted shares outstanding |
21,224,836 |
21,208,934 |
21,217,841 |
21,213,839 |
21,193,560 |
21,188,397 |
0.15 |
21,219,662 |
21,188,397 |
0.15 |
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Common shares outstanding |
21,100,130 |
21,082,991 |
21,082,991 |
21,078,828 |
21,074,568 |
21,067,539 |
0.12 |
21,100,130 |
21,074,568 |
0.12 |
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Cash dividend per common share |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
- |
$ 0.34 |
$ 0.34 |
- |
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Performance ratios |
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Return on average shareholders' equity |
3.69% |
3.55% |
3.87% |
4.12% |
4.22% |
6.04% |
3.62% |
5.13% |
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Return on average shareholders' equity, excluding amortization expense |
3.97% |
3.84% |
4.15% |
4.41% |
4.52% |
6.35% |
3.90% |
5.44% |
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Return on average assets |
0.42% |
0.40% |
0.44% |
0.46% |
0.46% |
0.65% |
0.41% |
0.55% |
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Return on average assets, excluding amortization expense |
0.45% |
0.44% |
0.47% |
0.49% |
0.49% |
0.68% |
0.45% |
0.58% |
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Net interest margin (FTE) |
3.15% |
3.27% |
3.22% |
3.22% |
3.04% |
3.19% |
3.21% |
3.12% |
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Yield on earning assets (FTE) |
5.02% |
5.23% |
5.26% |
5.33% |
5.27% |
5.46% |
5.13% |
5.37% |
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Average earning assets to average assets |
87.42% |
87.28% |
88.19% |
88.73% |
89.25% |
88.85% |
87.37% |
88.91% |
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Average loans to average deposits |
84.53% |
88.47% |
92.96% |
94.22% |
94.40% |
99.13% |
86.47% |
96.72% |
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Noninterest income (less securities gains/losses) to average assets |
1.36% |
1.42% |
1.45% |
1.51% |
1.53% |
1.54% |
1.39% |
1.54% |
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Noninterest expense to average assets |
2.90% |
2.87% |
2.79% |
2.82% |
2.91% |
2.90% |
2.89% |
2.91% |
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Net overhead ratio |
1.54% |
1.45% |
1.34% |
1.31% |
1.38% |
1.36% |
1.50% |
1.37% |
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Efficiency ratio (FTE) |
66.75% |
67.31% |
64.91% |
64.73% |
66.65% |
65.41% |
67.02% |
66.03% |
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*Percent variance not meaningful |
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RENASANT CORPORATION |
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(Unaudited) |
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(Dollars in thousands, except per share data) |
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Q2 2010 - |
For the Six Months |
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2010 |
2009 |
Q2 2009 |
Ended June 30, |
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Second |
First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
|||||||||||||||||||
|
Average balances |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2010 |
2009 |
Variance |
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Total assets |
$ 3,616,125 |
$ 3,621,361 |
$ 3,640,514 |
$ 3,675,592 |
$ 3,738,852 |
$ 3,763,245 |
(3.28) |
$ 3,617,888 |
$ 3,750,916 |
(3.55) |
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Earning assets |
3,161,214 |
3,160,620 |
3,210,554 |
3,261,527 |
3,337,103 |
3,343,699 |
(5.27) |
3,160,918 |
3,334,954 |
(5.22) |
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Securities |
734,690 |
697,913 |
719,298 |
703,976 |
701,894 |
696,068 |
4.67 |
716,403 |
693,569 |
3.29 |
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Loans, net of unearned |
2,304,663 |
2,354,443 |
2,397,195 |
2,465,298 |
2,542,021 |
2,587,436 |
(9.34) |
2,329,415 |
2,564,603 |
(9.17) |
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Intangibles |
190,639 |
190,881 |
191,591 |
192,078 |
192,568 |
193,067 |
(1.00) |
190,875 |
192,816 |
(1.01) |
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Non-interest bearing deposits |
$ 315,242 |
$ 310,726 |
$ 307,753 |
$ 297,390 |
$ 293,546 |
$ 299,265 |
7.39 |
$ 312,878 |
$ 296,373 |
5.57 |
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Interest bearing deposits |
2,387,175 |
2,332,741 |
2,247,854 |
2,286,184 |
2,342,788 |
2,250,324 |
1.89 |
2,360,108 |
2,296,812 |
2.76 |
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Total deposits |
2,702,417 |
2,643,467 |
2,555,607 |
2,583,574 |
2,636,334 |
2,549,589 |
2.51 |
2,672,986 |
2,593,185 |
3.08 |
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Borrowed funds |
468,196 |
530,654 |
632,689 |
647,919 |
662,387 |
815,548 |
(29.32) |
499,252 |
738,544 |
(32.40) |
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Shareholders' equity |
412,959 |
412,132 |
413,773 |
406,779 |
404,456 |
403,229 |
2.10 |
412,589 |
403,141 |
2.34 |
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Asset quality data |
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Nonaccrual loans |
$ 53,868 |
$ 44,688 |
$ 39,454 |
$ 37,995 |
$ 55,217 |
$ 47,591 |
(2.44) |
$ 53,868 |
$ 55,217 |
(2.44) |
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Loans 90 past due or more |
10,794 |
9,916 |
10,571 |
10,661 |
10,284 |
19,789 |
4.96 |
10,794 |
10,284 |
4.96 |
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Non-performing loans |
64,662 |
54,604 |
50,025 |
48,656 |
65,501 |
67,380 |
(1.28) |
64,662 |
65,501 |
(1.28) |
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Other real estate owned and repossessions |
66,797 |
62,508 |
58,568 |
47,457 |
30,546 |
25,318 |
118.68 |
66,797 |
30,546 |
118.68 |
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Non-performing assets |
$ 131,459 |
$ 117,112 |
$ 108,593 |
$ 96,113 |
$ 96,047 |
$ 92,698 |
36.87 |
$ 131,459 |
$ 96,047 |
36.87 |
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Net loan charge-offs (recoveries) |
$ 6,948 |
$ 4,716 |
$ 5,007 |
$ 6,962 |
$ 5,917 |
$ 4,764 |
17.42 |
$ 11,664 |
$ 10,681 |
9.20 |
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Allowance for loan losses |
41,146 |
41,094 |
39,145 |
36,352 |
35,964 |
35,181 |
14.41 |
41,146 |
35,964 |
14.41 |
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Non-performing loans / total loans |
2.86% |
2.37% |
2.13% |
2.03% |
2.65% |
2.69% |
2.86% |
2.65% |
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Non-performing assets / total assets |
3.66% |
3.22% |
2.98% |
2.64% |
2.59% |
2.44% |
3.66% |
2.59% |
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Allowance for loan losses / total loans |
1.82% |
1.78% |
1.67% |
1.51% |
1.46% |
1.40% |
1.82% |
1.46% |
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Allowance for loan losses / non-performing loans |
63.63% |
75.26% |
78.25% |
74.71% |
54.91% |
52.21% |
63.63% |
54.91% |
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Annualized net loan charge-offs / average loans |
1.21% |
0.81% |
0.83% |
1.12% |
0.93% |
0.75% |
1.01% |
0.84% |
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Balances at period end |
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Total assets |
$ 3,593,872 |
$ 3,641,709 |
$ 3,641,081 |
$ 3,642,657 |
$ 3,701,957 |
$ 3,795,217 |
$ 3,593,872 |
$ 3,701,957 |
(2.92) |
|||||||||||||||||
|
Earning assets |
3,156,451 |
3,200,159 |
3,173,039 |
3,188,554 |
3,236,615 |
3,368,962 |
3,156,451 |
3,236,615 |
(2.48) |
|||||||||||||||||
|
Securities |
721,640 |
741,207 |
714,164 |
738,204 |
684,723 |
709,950 |
721,640 |
684,723 |
5.39 |
|||||||||||||||||
|
Mortgage loans held for sale |
21,261 |
16,597 |
25,749 |
24,091 |
49,565 |
55,194 |
21,261 |
49,565 |
(57.10) |
|||||||||||||||||
|
Loans, net of unearned |
2,263,263 |
2,308,335 |
2,347,615 |
2,402,423 |
2,468,844 |
2,506,780 |
2,263,263 |
2,468,844 |
(8.33) |
|||||||||||||||||
|
Intangibles |
190,411 |
190,881 |
191,357 |
191,839 |
192,328 |
192,822 |
190,411 |
192,328 |
(1.00) |
|||||||||||||||||
|
Non-interest bearing deposits |
$ 313,309 |
$ 315,064 |
$ 304,962 |
$ 297,858 |
$ 292,129 |
$ 303,536 |
$ 313,309 |
$ 292,129 |
7.25 |
|||||||||||||||||
|
Interest bearing deposits |
2,374,903 |
2,398,784 |
2,271,138 |
2,263,126 |
2,308,081 |
2,385,769 |
2,374,903 |
2,308,081 |
2.90 |
|||||||||||||||||
|
Total deposits |
2,688,212 |
2,713,848 |
2,576,100 |
2,560,984 |
2,600,210 |
2,689,305 |
2,688,212 |
2,600,210 |
3.38 |
|||||||||||||||||
|
Borrowed funds |
459,762 |
483,183 |
618,024 |
635,076 |
665,755 |
672,130 |
459,762 |
665,755 |
(30.94) |
|||||||||||||||||
|
Shareholders' equity |
412,235 |
410,557 |
410,122 |
410,473 |
400,680 |
400,095 |
412,235 |
400,680 |
2.88 |
|||||||||||||||||
|
Market value per common share |
$ 14.35 |
$ 16.18 |
$ 13.60 |
$ 14.85 |
$ 15.02 |
$ 12.56 |
$ 14.35 |
$ 15.02 |
(4.46) |
|||||||||||||||||
|
Book value per common share |
19.54 |
19.47 |
19.45 |
19.47 |
19.01 |
18.99 |
19.54 |
19.01 |
2.76 |
|||||||||||||||||
|
Tangible book value per common share |
10.51 |
10.42 |
10.38 |
10.37 |
9.89 |
9.84 |
10.51 |
9.89 |
6.34 |
|||||||||||||||||
|
Shareholders' equity to assets (actual) |
11.47% |
11.27% |
11.26% |
11.27% |
10.82% |
10.54% |
11.47% |
10.82% |
||||||||||||||||||
|
Tangible capital ratio |
6.52% |
6.37% |
6.34% |
6.34% |
5.94% |
5.75% |
6.52% |
5.94% |
||||||||||||||||||
|
Leverage ratio |
8.78% |
8.74% |
8.68% |
8.56% |
8.37% |
8.28% |
8.78% |
8.37% |
||||||||||||||||||
|
Tier 1 risk-based capital ratio |
11.42% |
11.20% |
11.12% |
11.04% |
10.92% |
11.00% |
11.42% |
10.92% |
||||||||||||||||||
|
Total risk-based capital ratio |
12.67% |
12.45% |
12.37% |
12.29% |
12.17% |
12.25% |
12.67% |
12.17% |
||||||||||||||||||
|
Detail of Loans by Category |
||||||||||||||||||||||||||
|
Commercial, financial, agricultural |
$ 273,356 |
$ 276,749 |
$ 281,329 |
$ 280,930 |
$ 292,177 |
$ 301,899 |
$ 273,356 |
$ 292,177 |
(6.44) |
|||||||||||||||||
|
Lease financing |
601 |
677 |
778 |
936 |
1,283 |
1,434 |
601 |
1,283 |
(53.16) |
|||||||||||||||||
|
Real estate - construction |
62,469 |
110,121 |
133,299 |
153,367 |
180,202 |
210,747 |
62,469 |
180,202 |
(65.33) |
|||||||||||||||||
|
Real estate - 1-4 family mortgages |
798,185 |
809,271 |
820,917 |
848,267 |
878,263 |
872,796 |
798,185 |
878,263 |
(9.12) |
|||||||||||||||||
|
Real estate - commercial mortgages |
1,071,876 |
1,055,102 |
1,040,589 |
1,048,135 |
1,054,169 |
1,055,537 |
1,071,876 |
1,054,169 |
1.68 |
|||||||||||||||||
|
Installment loans to individuals |
56,776 |
56,415 |
70,703 |
70,788 |
62,750 |
64,367 |
56,776 |
62,750 |
(9.52) |
|||||||||||||||||
|
Loans, net of unearned |
$ 2,263,263 |
$ 2,308,335 |
$ 2,347,615 |
$ 2,402,423 |
$ 2,468,844 |
$ 2,506,780 |
$ 2,263,263 |
$ 2,468,844 |
(8.33) |
|||||||||||||||||
|
*Percent variance not meaningful |
||||||||||||||||||||||||||
SOURCE Renasant Corporation