Renasant Corporation Announces 2013 Third Quarter Earnings
TUPELO, Miss., Oct. 15, 2013 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2013. Net income for the third quarter of 2013 was $6.6 million, or basic and diluted earnings per share of $0.24, as compared to $7.0 million, or basic and diluted earnings per share of $0.28, for the third quarter of 2012. On September 1, 2013, the Company completed its merger with First M&F Corporation ("M&F"). The Company's 2013 third quarter results include $2.7 million, or $0.10 per share, in after-tax merger expenses associated with the M&F transaction. Excluding merger expenses, net income was $9.3 million, or basic and diluted earnings per share of $0.34, for the third quarter of 2013.
The Company's results of operation do not reflect M&F's results prior to the date of merger completion, but balances for the Company as of September 30, 2013 incorporate the impact of the M&F acquisition, including M&F's $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. The Company issued approximately 6.2 million shares of stock in connection with the acquisition. The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.
"We are pleased with our third quarter performance which includes the completion of the M&F merger, our largest acquisition to date. In addition to the merger, we continued to experience strong loan growth and significant improvements to our credit risk profile," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.
Total assets as of September 30, 2013, were approximately $5.74 billion, as compared to $4.18 billion at December 31, 2012.
At September 30, 2013, the Company's Tier 1 leverage capital ratio was 8.66%, its Tier 1 risk-based capital ratio was 11.40%, and its total risk-based capital ratio was 12.53%. The Company's tangible common equity ratio was 6.49%. All of the Company's regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as "well-capitalized."
Total loans, which include both loans covered and not covered under FDIC loss-share agreements and the M&F acquired loans, were approximately $3.88 billion at September 30, 2013, as compared to $2.81 billion at December 31, 2012. Excluding loans from M&F, loans not covered under FDIC loss-share agreements were $2.79 billion at September 30, 2013, an increase of 8.59% from December 31, 2012.
Total deposits, which include deposits from M&F, were $4.83 billion at September 30, 2013, as compared to $3.46 billion at December 31, 2012. The Company's cost of funds decreased 11 basis points to 0.57% for the third quarter of 2013, as compared to 0.68% for the third quarter of 2012.
Net interest income increased to $38.7 million for the third quarter of 2013, from $33.1 million for the third quarter of 2012. Net interest margin was 3.86% for the third quarter of 2013, as compared to 3.94% for the third quarter of 2012.
"The competitive pricing pressure on loan growth, which continues to cause margin compression, remains a real risk. To combat the long-term interest rate risks associated with low rate loans for extended periods of time, we have made a concerted effort to shorten our repricing terms while maintaining new and renewed rates. As a result of these efforts, the yields on our new and renewed loan production improved slightly during the third quarter of 2013 as compared to recent quarters while reducing the weighted average repricing term," stated McGraw.
Noninterest income was $18.9 million for the third quarter of 2013, as compared to $18.0 million for the third quarter of 2012. Gain on sale of mortgage loans was $2.8 million for the third quarter of 2013, as compared to $4.4 million for the third quarter of 2012, due primarily to a decline in the mortgage pipeline and increased pricing pressure as a result of a slowdown in refinance volume caused by the recent increase in mortgage rates.
"While we experienced a slowdown in mortgage volume in the third quarter, as compared to exceptionally strong recent quarters, we have seen both our mortgage pipeline and competitor pricing stabilize. We were particularly pleased to see our purchase volume increase 41% from the third quarter of 2012, as we continue to see results from our efforts to increase both retail and wholesale purchase volume to offset the reduction in refinance volume," stated McGraw.
Noninterest expense was $46.6 million for the third quarter of 2013, as compared to $38.7 million for the third quarter of 2012. The increase in noninterest expense during the third quarter of 2013, as compared to the third quarter of 2012, is primarily attributable to $3.8 million in pre-tax merger expenses and additional personnel related to the new lines of business and in-market lift outs.
The Company's loans and other real estate owned ("OREO") acquired in FDIC-assisted transactions are recorded at fair value. 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 $50.1 million and $16.6 million, respectively, at September 30, 2013, combining for a decrease of approximately 32.47% in nonperforming assets subject to FDIC loss-share agreements from December 31, 2012. The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios exclude the assets covered under loss-share agreements.
The Company recorded a provision for loan losses of $2.3 million for the third quarter of 2013, as compared to $4.6 million for the third quarter of 2012. Annualized net charge-offs as a percentage of average loans were 0.38% for the third quarter of 2013, as compared to 0.78% for the third quarter of 2012. The allowance for loan losses as a percentage of loans, including the acquired M&F loans, was 1.25% at September 30, 2013, as compared to 1.72% at December 31, 2012. Excluding the acquired M&F loans, the allowance for loan losses as a percentage of loans was 1.66% at September 30, 2013.
Nonperforming loans were $30.9 million at September 30, 2013, which include $8.8 million of nonperforming loans from M&F, as compared to $30.2 million at December 31, 2012. The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 149.9% as of September 30, 2013, as compared to 146.9% as of December 31, 2012. Excluding M&F's nonperforming loans, which are carried at fair value and, therefore, do not have any allowance for loan losses assigned at September 30, 2013, the coverage ratio was 209.5%.
OREO, including $13.2 million in OREO acquired from M&F, was $40.6 million at September 30, 2013, as compared to $44.7 million at December 31, 2012. Excluding the OREO acquired from M&F, OREO totaled $27.4 million at September 30, 2013, a 38.8% decrease from year end. During the third quarter, the Company sold approximately $6.4 million in OREO.
"As we move towards full integration of M&F in the fourth quarter, we remain excited about our new market entries, additional banking talent and legacy market expansions provided by this merger," stated McGraw. "In addition, the M&F merger complements our other external growth initiatives, all of which will continue to enhance our profitability."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern on Wednesday, October 16, 2013.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst131016.html. To access the conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant Corporation Third Quarter 2013 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6016 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 10035185 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM ET on October 31, 2013.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 109-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $5.7 billion and operates over 120banking, 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.
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Contacts: |
For Media: |
For Financials: |
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John Oxford |
Kevin Chapman |
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Vice President |
Executive Vice President |
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Director of External Affairs |
Chief Financial Officer |
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(662) 680-1219 |
(662) 680-1450 |
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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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Q3 2013 - |
For the Nine Months |
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2013 |
2012 |
Q3 2012 |
Ended September 30, |
||||||||||||||||||||
|
Third |
Second |
First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
|||||||||||||||
|
Statement of earnings |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2013 |
2012 |
Variance |
||||||||||||
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Interest income - taxable equivalent basis |
$ 46,083 |
$ 41,331 |
$ 40,371 |
$ 41,135 |
$ 40,613 |
$ 41,487 |
$ 42,001 |
13.47 |
$ 127,785 |
$ 124,101 |
2.97 |
||||||||||||
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Interest income |
$ 44,638 |
$ 39,945 |
$ 38,945 |
$ 39,676 |
$ 39,154 |
$ 39,978 |
$ 40,505 |
14.01 |
123,528 |
$ 119,637 |
3.25 |
||||||||||||
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Interest expense |
5,890 |
5,541 |
5,564 |
5,723 |
6,022 |
6,568 |
7,662 |
(2.19) |
16,995 |
$ 20,252 |
(16.08) |
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Net interest income |
38,748 |
34,404 |
33,381 |
33,953 |
33,132 |
33,410 |
32,843 |
16.95 |
106,533 |
99,385 |
7.19 |
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Provision for loan losses |
2,300 |
3,000 |
3,050 |
4,000 |
4,625 |
4,700 |
4,800 |
(50.27) |
8,350 |
14,125 |
(40.88) |
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Net interest income after provision |
36,448 |
31,404 |
30,331 |
29,953 |
28,507 |
28,710 |
28,043 |
27.86 |
98,183 |
85,260 |
15.16 |
||||||||||||
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Service charges on deposit accounts |
5,361 |
4,509 |
4,500 |
4,774 |
4,818 |
4,495 |
4,525 |
11.27 |
14,370 |
13,838 |
3.85 |
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Fees and commissions on loans and deposits |
4,982 |
4,848 |
4,831 |
4,706 |
4,639 |
4,322 |
3,928 |
7.39 |
14,661 |
12,889 |
13.75 |
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Insurance commissions and fees |
1,295 |
951 |
861 |
876 |
889 |
842 |
939 |
45.70 |
3,107 |
2,588 |
20.07 |
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Wealth management revenue |
2,091 |
1,715 |
1,724 |
1,726 |
1,707 |
1,551 |
1,942 |
22.52 |
5,530 |
5,200 |
6.35 |
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Securities gains (losses) |
- |
- |
54 |
121 |
- |
869 |
904 |
- |
54 |
1,773 |
(96.95) |
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Gain on sale of mortgage loans |
2,788 |
3,870 |
3,565 |
4,431 |
4,397 |
2,390 |
1,281 |
(36.59) |
10,223 |
8,068 |
26.71 |
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Gain on acquisition |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
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Other |
2,418 |
1,424 |
1,843 |
1,272 |
1,605 |
1,769 |
2,909 |
50.65 |
5,685 |
6,283 |
(9.52) |
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Total noninterest income |
18,935 |
17,317 |
17,378 |
17,906 |
18,055 |
16,238 |
16,428 |
4.87 |
53,630 |
50,639 |
5.91 |
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Salaries and employee benefits |
25,689 |
21,906 |
21,274 |
21,261 |
21,221 |
19,871 |
18,649 |
21.06 |
68,869 |
59,741 |
15.28 |
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Data processing |
2,236 |
2,045 |
2,043 |
2,281 |
2,192 |
2,211 |
2,040 |
2.00 |
6,324 |
6,443 |
(1.85) |
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Occupancy and equipment |
4,576 |
3,668 |
3,608 |
3,522 |
3,886 |
3,582 |
3,619 |
17.75 |
11,852 |
11,079 |
6.97 |
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Other real estate |
1,537 |
1,773 |
2,049 |
3,787 |
2,440 |
3,370 |
3,999 |
(37.00) |
5,359 |
9,809 |
(45.36) |
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Amortization of intangibles |
724 |
314 |
323 |
333 |
341 |
349 |
358 |
112.32 |
1,361 |
1,048 |
29.87 |
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Merger-related expenses |
3,763 |
385 |
- |
- |
- |
- |
- |
- |
4,148 |
- |
- |
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Debt extinguishment penalty |
- |
- |
- |
- |
- |
- |
898 |
- |
- |
898 |
(100.00) |
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Other |
8,088 |
7,643 |
8,303 |
7,147 |
8,592 |
7,327 |
7,099 |
(5.87) |
24,034 |
22,944 |
4.75 |
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Total noninterest expense |
46,613 |
37,734 |
37,600 |
38,331 |
38,672 |
36,710 |
36,662 |
20.53 |
121,947 |
111,962 |
8.92 |
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Income before income taxes |
8,770 |
10,987 |
10,109 |
9,528 |
7,890 |
8,238 |
7,809 |
11.15 |
29,866 |
23,937 |
24.77 |
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Income taxes |
2,133 |
2,968 |
2,538 |
2,247 |
853 |
1,893 |
1,835 |
150.06 |
7,639 |
4,581 |
66.75 |
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Net income |
$ 6,637 |
$ 8,019 |
$ 7,571 |
$ 7,281 |
$ 7,037 |
$ 6,345 |
$ 5,974 |
(5.69) |
$ 22,227 |
$ 19,356 |
14.83 |
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Basic earnings per share |
$ 0.24 |
$ 0.32 |
$ 0.30 |
$ 0.29 |
$ 0.28 |
$ 0.25 |
$ 0.24 |
(14.29) |
$ 0.86 |
$ 0.77 |
11.69 |
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Diluted earnings per share |
0.24 |
0.32 |
0.30 |
0.29 |
0.28 |
0.25 |
0.24 |
(14.29) |
0.85 |
0.77 |
10.39 |
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Average basic shares outstanding |
27,234,927 |
25,223,749 |
25,186,229 |
25,129,932 |
25,114,672 |
25,110,709 |
25,078,996 |
8.44 |
25,889,139 |
25,101,507 |
3.14 |
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Average diluted shares outstanding |
27,447,382 |
25,373,868 |
25,288,785 |
25,259,048 |
25,220,887 |
25,149,360 |
25,138,213 |
8.83 |
26,053,173 |
25,161,911 |
3.54 |
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Common shares outstanding |
31,358,583 |
25,231,074 |
25,208,733 |
25,157,637 |
25,120,412 |
25,113,894 |
25,105,732 |
24.83 |
31,358,583 |
25,120,412 |
24.83 |
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Cash dividend per common share |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
- |
$ 0.51 |
$ 0.51 |
- |
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Performance ratios |
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Return on average shareholders' equity |
4.75% |
6.35% |
6.12% |
5.80% |
5.65% |
5.19% |
4.88% |
5.71% |
5.24% |
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Return on average tangible shareholders' equity |
8.74% |
10.47% |
10.19% |
9.73% |
9.61% |
8.86% |
8.39% |
9.78% |
8.95% |
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Return on average assets |
0.56% |
0.76% |
0.73% |
0.70% |
0.69% |
0.62% |
0.57% |
0.68% |
0.62% |
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Return on average tangible assets |
0.63% |
0.82% |
0.79% |
0.76% |
0.75% |
0.68% |
0.62% |
0.74% |
0.68% |
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Net interest margin (FTE) |
3.86% |
3.88% |
3.89% |
3.97% |
3.94% |
3.99% |
3.85% |
3.88% |
3.93% |
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Yield on earning assets (FTE) |
4.42% |
4.49% |
4.51% |
4.61% |
4.63% |
4.74% |
4.71% |
4.47% |
4.69% |
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Cost of funding |
0.57% |
0.60% |
0.62% |
0.64% |
0.68% |
0.74% |
0.84% |
0.59% |
0.75% |
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Average earning assets to average assets |
87.43% |
87.32% |
86.31% |
86.01% |
85.62% |
85.39% |
84.88% |
87.04% |
85.18% |
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Average loans to average deposits |
81.69% |
80.93% |
80.30% |
82.21% |
81.33% |
76.89% |
75.45% |
81.00% |
77.88% |
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Noninterest income (less securities gains/ |
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losses) to average assets |
1.59% |
1.64% |
1.67% |
1.71% |
1.76% |
1.50% |
1.48% |
1.63% |
1.57% |
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Noninterest expense (less debt prepayment penalties/ |
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merger-related expenses) to average assets |
3.59% |
3.54% |
3.63% |
3.69% |
3.77% |
3.58% |
3.41% |
3.59% |
3.58% |
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Net overhead ratio |
2.01% |
1.90% |
1.95% |
1.98% |
2.01% |
2.08% |
1.93% |
1.96% |
2.00% |
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Efficiency ratio (FTE)** |
72.47% |
70.33% |
72.13% |
72.05% |
73.46% |
73.00% |
71.72% |
71.67% |
72.73% |
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**Excludes debt extinguishment penalties and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income |
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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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Q3 2013 - |
For the Nine Months |
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2013 |
2012 |
Q3 2012 |
Ended September 30, |
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Third |
Second |
First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
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Average balances |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2013 |
2012 |
Variance |
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Total assets |
$ 4,729,079 |
$ 4,231,947 |
$ 4,206,411 |
$ 4,128,508 |
$ 4,078,333 |
$ 4,123,373 |
$ 4,222,376 |
15.96 |
$ 4,391,370 |
$ 4,146,847 |
5.90 |
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Earning assets |
4,134,730 |
3,695,409 |
3,630,759 |
3,551,026 |
3,491,941 |
3,521,099 |
3,583,957 |
18.41 |
3,822,145 |
3,532,185 |
8.21 |
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Securities |
819,351 |
754,515 |
698,863 |
665,578 |
682,123 |
793,353 |
813,826 |
20.12 |
758,018 |
762,805 |
(0.63) |
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Mortgage loans held for sale |
37,056 |
32,318 |
22,347 |
29,331 |
24,514 |
19,237 |
23,938 |
51.16 |
30,627 |
37,604 |
(18.55) |
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Loans, net of unearned |
3,213,853 |
2,845,260 |
2,804,618 |
2,798,591 |
2,729,503 |
2,628,084 |
2,590,062 |
17.74 |
2,956,076 |
2,672,079 |
10.63 |
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Intangibles |
227,606 |
190,362 |
190,787 |
191,086 |
191,442 |
191,788 |
192,429 |
18.89 |
203,053 |
191,789 |
5.87 |
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- |
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Noninterest-bearing deposits |
$ 660,415 |
$ 562,104 |
$ 549,514 |
$ 564,440 |
$ 543,767 |
$ 531,209 |
$ 534,867 |
21.45 |
$ 591,394 |
$ 536,640 |
10.20 |
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Interest-bearing deposits |
3,273,658 |
2,953,435 |
2,943,247 |
2,839,709 |
2,812,140 |
2,886,878 |
2,897,750 |
16.41 |
3,057,991 |
2,865,394 |
6.72 |
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Total deposits |
3,934,073 |
3,515,539 |
3,492,761 |
3,404,149 |
3,355,907 |
3,418,087 |
3,432,617 |
17.23 |
3,649,385 |
3,402,034 |
7.27 |
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Borrowed funds |
189,909 |
164,894 |
163,981 |
175,876 |
177,016 |
168,856 |
238,937 |
7.28 |
173,023 |
194,871 |
(11.21) |
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Shareholders' equity |
553,772 |
506,225 |
501,634 |
499,088 |
495,220 |
492,164 |
492,092 |
11.82 |
520,734 |
493,279 |
5.57 |
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Balances at period end |
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Total assets |
$ 5,735,865 |
$ 4,242,401 |
$ 4,267,658 |
$ 4,178,616 |
$ 4,164,606 |
$ 4,112,377 |
$ 4,176,490 |
37.73 |
$ 5,735,865 |
$ 4,164,606 |
37.73 |
||||||||||||
|
Earning assets |
4,972,051 |
3,715,321 |
3,706,707 |
3,588,370 |
3,595,576 |
3,510,654 |
3,551,825 |
38.28 |
4,972,051 |
3,595,576 |
38.28 |
||||||||||||
|
Securities |
915,869 |
746,530 |
740,613 |
674,077 |
680,679 |
676,721 |
834,419 |
34.55 |
915,869 |
680,679 |
34.55 |
||||||||||||
|
Mortgage loans held for sale |
28,466 |
50,268 |
26,286 |
34,845 |
39,131 |
25,386 |
25,216 |
(27.25) |
28,466 |
39,131 |
(27.25) |
||||||||||||
|
Loans acquired from M&F |
891,420 |
- |
- |
- |
- |
- |
- |
891,420 |
- |
||||||||||||||
|
Loans not subject to loss share |
2,794,116 |
2,683,017 |
2,594,438 |
2,573,165 |
2,539,618 |
2,392,349 |
2,281,957 |
10.02 |
2,794,116 |
2,539,618 |
10.02 |
||||||||||||
|
Loans subject to loss share |
195,996 |
201,494 |
213,872 |
237,088 |
260,545 |
289,685 |
318,089 |
(24.77) |
195,996 |
260,545 |
(24.77) |
||||||||||||
|
Total loans |
3,881,532 |
2,884,511 |
2,808,310 |
2,810,253 |
2,800,163 |
2,682,034 |
2,600,046 |
38.62 |
3,881,532 |
2,800,163 |
38.62 |
||||||||||||
|
Intangibles |
305,065 |
190,208 |
190,522 |
190,925 |
191,258 |
191,258 |
191,967 |
59.50 |
305,065 |
191,258 |
59.50 |
||||||||||||
|
Noninterest-bearing deposits |
$ 876,138 |
$ 560,965 |
$ 567,065 |
$ 568,214 |
$ 554,581 |
$ 539,237 |
$ 535,955 |
57.98 |
$ 876,138 |
$ 554,581 |
57.98 |
||||||||||||
|
Interest-bearing deposits |
3,958,618 |
2,944,193 |
2,988,110 |
2,893,007 |
2,841,447 |
2,866,959 |
2,937,211 |
39.32 |
3,958,618 |
2,841,447 |
39.32 |
||||||||||||
|
Total deposits |
4,834,756 |
3,505,158 |
3,555,175 |
3,461,221 |
3,396,028 |
3,406,196 |
3,473,166 |
42.37 |
4,834,756 |
3,396,028 |
42.37 |
||||||||||||
|
Borrowed funds |
177,168 |
195,789 |
164,063 |
164,706 |
222,907 |
169,979 |
171,753 |
(20.52) |
177,168 |
222,907 |
(20.52) |
||||||||||||
|
Shareholders' equity |
657,256 |
500,678 |
502,375 |
498,208 |
496,824 |
491,534 |
489,611 |
32.29 |
657,256 |
496,824 |
32.29 |
||||||||||||
|
Market value per common share |
$ 27.17 |
$ 24.34 |
$ 22.38 |
$ 19.14 |
$ 19.61 |
$ 15.71 |
$ 16.28 |
38.55 |
$ 27.17 |
$ 19.61 |
38.55 |
||||||||||||
|
Book value per common share |
20.96 |
19.84 |
19.93 |
19.80 |
19.78 |
19.57 |
19.50 |
5.96 |
20.96 |
19.78 |
5.97 |
||||||||||||
|
Tangible book value per common share |
11.23 |
12.31 |
12.37 |
12.21 |
12.16 |
11.94 |
11.86 |
(7.64) |
11.23 |
12.16 |
(7.65) |
||||||||||||
|
Shareholders' equity to assets (actual) |
11.46% |
11.80% |
11.77% |
11.92% |
11.93% |
11.95% |
11.72% |
11.46% |
11.93% |
||||||||||||||
|
Tangible capital ratio |
6.49% |
7.66% |
7.65% |
7.71% |
7.69% |
7.65% |
7.47% |
6.49% |
7.69% |
||||||||||||||
|
Leverage ratio |
8.66% |
9.83% |
9.79% |
9.86% |
9.90% |
9.68% |
9.38% |
8.66% |
9.90% |
||||||||||||||
|
Tier 1 risk-based capital ratio |
11.40% |
12.87% |
12.86% |
12.74% |
12.73% |
13.14% |
13.32% |
11.40% |
12.73% |
||||||||||||||
|
Total risk-based capital ratio |
12.53% |
14.14% |
14.13% |
14.00% |
14.00% |
14.39% |
14.57% |
12.53% |
14.00% |
||||||||||||||
|
RENASANT CORPORATION |
|||||||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||||||
|
(Dollars in thousands, except per share data) |
|||||||||||||||||||||||
|
Q3 2013 - |
For the Nine Months |
||||||||||||||||||||||
|
2013 |
2012 |
Q3 2012 |
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 |
2013 |
2012 |
Variance |
||||||||||||
|
Commercial, financial, agricultural |
$ 331,142 |
$ 307,718 |
$ 298,013 |
$ 306,250 |
$ 299,774 |
$ 280,515 |
$ 263,720 |
10.46 |
$ 331,142 |
$ 299,774 |
10.46 |
||||||||||||
|
Lease financing |
75 |
103 |
162 |
190 |
217 |
245 |
302 |
(65.44) |
75 |
$ 217 |
(65.44) |
||||||||||||
|
Real estate - construction |
127,013 |
117,339 |
109,484 |
104,058 |
103,522 |
73,109 |
67,223 |
22.69 |
127,013 |
$ 103,522 |
22.69 |
||||||||||||
|
Real estate - 1-4 family mortgages |
891,422 |
859,884 |
834,204 |
829,975 |
801,612 |
771,161 |
738,765 |
11.20 |
891,422 |
$ 801,612 |
11.20 |
||||||||||||
|
Real estate - commercial mortgages |
1,383,680 |
1,335,402 |
1,295,213 |
1,275,482 |
1,275,386 |
1,208,057 |
1,153,423 |
8.49 |
1,383,680 |
$ 1,275,386 |
8.49 |
||||||||||||
|
Installment loans to individuals |
60,784 |
62,571 |
57,362 |
57,210 |
59,107 |
59,262 |
58,524 |
2.84 |
60,784 |
$ 59,107 |
2.84 |
||||||||||||
|
Loans, net of unearned |
$ 2,794,116 |
$ 2,683,017 |
$ 2,594,438 |
$ 2,573,165 |
$ 2,539,618 |
$ 2,392,349 |
$ 2,281,957 |
10.02 |
$ 2,794,116 |
$ 2,539,618 |
10.02 |
||||||||||||
|
Loans subject to loss share by category |
|||||||||||||||||||||||
|
Commercial, financial, agricultural |
$ 10,280 |
$ 10,283 |
$ 10,157 |
$ 10,800 |
$ 11,282 |
$ 12,758 |
$ 15,206 |
(8.88) |
$ 10,280 |
$ 11,282 |
(8.88) |
||||||||||||
|
Lease financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
$ - |
- |
||||||||||||
|
Real estate - construction |
1,648 |
1,648 |
1,648 |
1,648 |
1,932 |
6,093 |
6,202 |
(14.70) |
1,648 |
$ 1,932 |
(14.70) |
||||||||||||
|
Real estate - 1-4 family mortgages |
56,722 |
60,409 |
65,489 |
73,448 |
81,784 |
91,605 |
99,769 |
(30.64) |
56,722 |
$ 81,784 |
(30.64) |
||||||||||||
|
Real estate - commercial mortgages |
127,315 |
129,120 |
136,541 |
151,161 |
165,494 |
179,160 |
196,754 |
(23.07) |
127,315 |
$ 165,494 |
(23.07) |
||||||||||||
|
Installment loans to individuals |
31 |
34 |
37 |
31 |
53 |
69 |
158 |
(41.51) |
31 |
$ 53 |
(41.51) |
||||||||||||
|
Loans, net of unearned |
$ 195,996 |
$ 201,494 |
$ 213,872 |
$ 237,088 |
$ 260,545 |
$ 289,685 |
$ 318,089 |
(24.77) |
$ 195,996 |
$ 260,545 |
(24.77) |
||||||||||||
|
Loans Acquired from M&F |
|||||||||||||||||||||||
|
Commercial, financial, agricultural |
$ 139,821 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
- |
$ 139,821 |
$ - |
- |
||||||||||||
|
Lease financing |
- |
- |
- |
- |
- |
- |
- |
- |
$ - |
- |
|||||||||||||
|
Real estate - construction |
23,556 |
- |
- |
- |
- |
- |
- |
- |
23,556 |
$ - |
- |
||||||||||||
|
Real estate - 1-4 family mortgages |
244,079 |
- |
- |
- |
- |
- |
- |
- |
244,079 |
$ - |
- |
||||||||||||
|
Real estate - commercial mortgages |
449,589 |
- |
- |
- |
- |
- |
- |
- |
449,589 |
$ - |
- |
||||||||||||
|
Installment loans to individuals |
34,375 |
- |
- |
- |
- |
- |
- |
- |
34,375 |
$ - |
- |
||||||||||||
|
Loans, net of unearned |
$ 891,420 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
- |
$ 891,420 |
$ - |
- |
||||||||||||
|
Asset quality data |
|||||||||||||||||||||||
|
Assets not subject to loss share: |
|||||||||||||||||||||||
|
Nonaccrual loans |
$ 19,995 |
$ 20,554 |
$ 25,382 |
$ 26,881 |
$ 29,677 |
$ 26,099 |
$ 26,999 |
(32.62) |
$ 19,995 |
$ 29,677 |
(32.62) |
||||||||||||
|
Loans 90 past due or more |
2,078 |
1,983 |
2,601 |
3,307 |
2,358 |
3,864 |
3,435 |
(11.87) |
2,078 |
$ 2,358 |
(11.87) |
||||||||||||
|
Nonperforming loans |
22,073 |
22,537 |
27,983 |
30,188 |
32,035 |
29,963 |
30,434 |
(31.10) |
22,073 |
32,035 |
(31.10) |
||||||||||||
|
Other real estate owned |
27,357 |
33,247 |
39,786 |
44,717 |
48,568 |
58,384 |
64,931 |
(43.67) |
27,357 |
48,568 |
(43.67) |
||||||||||||
|
Nonperforming assets not subject to loss share |
$ 49,430 |
$ 55,784 |
$ 67,769 |
$ 74,905 |
$ 80,603 |
$ 88,347 |
$ 95,365 |
(38.67) |
$ 49,430 |
$ 80,603 |
(38.67) |
||||||||||||
|
Assets subject to loss share: |
|||||||||||||||||||||||
|
Nonaccrual loans |
$ 49,585 |
$ 47,281 |
$ 47,972 |
$ 53,186 |
$ 64,080 |
$ 65,386 |
$ 78,418 |
(22.62) |
$ 49,585 |
$ 64,080 |
(22.62) |
||||||||||||
|
Loans 90 past due or more |
505 |
126 |
- |
- |
- |
199 |
1,397 |
- |
505 |
- |
- |
||||||||||||
|
Non-performing loans subject to loss share |
50,090 |
47,407 |
47,972 |
53,186 |
64,080 |
65,585 |
79,815 |
(21.83) |
50,090 |
64,080 |
(21.83) |
||||||||||||
|
Other real estate owned |
16,580 |
27,835 |
35,095 |
45,534 |
41,615 |
37,951 |
35,461 |
(60.16) |
16,580 |
41,615 |
(60.16) |
||||||||||||
|
Nonperforming assets subject to loss share |
$ 66,670 |
$ 75,242 |
$ 83,067 |
$ 98,720 |
$ 105,695 |
$ 103,536 |
$ 115,276 |
(36.92) |
$ 66,670 |
$ 105,695 |
(36.92) |
||||||||||||
|
Assets acquired from M&F: |
|||||||||||||||||||||||
|
Nonaccrual loans |
$ 224 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
- |
224 |
$ - |
- |
||||||||||||
|
Loans 90 past due or more |
8,568 |
- |
- |
- |
- |
- |
- |
- |
8,568 |
- |
- |
||||||||||||
|
Nonperforming loans |
8,792 |
- |
- |
- |
- |
- |
- |
- |
8,792 |
- |
- |
||||||||||||
|
Other real estate owned |
13,223 |
- |
- |
- |
- |
- |
- |
- |
13,223 |
- |
- |
||||||||||||
|
Nonperforming assets not subject to loss share |
$ 22,015 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
- |
$ 22,015 |
$ - |
- |
||||||||||||
|
Net loan charge-offs (recoveries) |
$ 3,084 |
$ 2,471 |
$ 893 |
$ 3,722 |
$ 5,335 |
$ 4,097 |
$ 4,964 |
(42.19) |
$ 6,448 |
$ 14,396 |
(55.21) |
||||||||||||
|
Allowance for loan losses |
46,250 |
47,034 |
46,505 |
44,347 |
44,069 |
44,779 |
44,176 |
4.95 |
46,250 |
44,069 |
4.95 |
||||||||||||
|
Nonperforming loans / total loans* |
0.84% |
0.84% |
1.08% |
1.17% |
1.26% |
1.25% |
1.33% |
0.84% |
1.26% |
||||||||||||||
|
Nonperforming assets / total assets* |
1.25% |
1.31% |
1.59% |
1.79% |
1.94% |
2.15% |
2.28% |
1.25% |
1.94% |
||||||||||||||
|
Allowance for loan losses / total loans* |
1.25% |
1.75% |
1.79% |
1.72% |
1.74% |
1.87% |
1.94% |
1.25% |
1.74% |
||||||||||||||
|
Allowance for loan losses / nonperforming loans* |
149.85% |
208.70% |
166.19% |
146.90% |
137.57% |
149.45% |
145.15% |
149.85% |
137.57% |
||||||||||||||
|
Annualized net loan charge-offs / average loans |
0.38% |
0.35% |
0.13% |
0.53% |
0.78% |
0.63% |
0.77% |
0.29% |
0.72% |
||||||||||||||
|
Nonperforming loans / total loans** |
0.79% |
0.84% |
1.08% |
1.17% |
1.26% |
1.25% |
1.33% |
0.79% |
1.26% |
||||||||||||||
|
Nonperforming assets / total assets** |
0.86% |
1.31% |
1.59% |
1.79% |
1.94% |
2.15% |
2.28% |
0.86% |
1.94% |
||||||||||||||
|
Allowance for loan losses / total loans** |
1.66% |
1.75% |
1.79% |
1.72% |
1.74% |
1.87% |
1.94% |
1.66% |
1.74% |
||||||||||||||
|
Allowance for loan losses / nonperforming loans** |
209.53% |
208.70% |
166.19% |
146.90% |
137.57% |
149.45% |
145.15% |
209.53% |
137.57% |
||||||||||||||
|
Annualized net loan charge-offs / average loans |
0.38% |
0.35% |
0.13% |
0.53% |
0.78% |
0.63% |
0.77% |
0.29% |
0.72% |
||||||||||||||
|
*Based on assets not subject to loss share (includes assets acquired from M&F) |
|||||||||||||||||||||||
|
**Excludes assets acquired from M&F and assets covered under loss share |
|||||||||||||||||||||||
SOURCE Renasant Corporation