Mississippi | 001-13253 | 64-0676974 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press release dated April 26, 2016 issued by Renasant Corporation announcing earnings for the first quarter of 2016. |
RENASANT CORPORATION | |||
Date: April 26, 2016 | By: | /s/ E. Robinson McGraw | |
E. Robinson McGraw | |||
Chairman and Chief Executive Officer | |||
99.1 | Press release dated April 26, 2016 issued by Renasant Corporation announcing earnings for the first quarter of 2016. |
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 | |||
joxford@renasant.com | kchapman@renasant.com |
As Reported | Excluding Merger Expenses | ||
Return on average assets | 1.07% | 1.10% | |
Return on average tangible assets | 1.20% | 1.23% | |
Return on average equity | 8.12% | 8.34% | |
Return on average tangible equity | 15.58% | 16.00% |
March 31, 2016 | December 31, 2015 | March 31, 2015 | |||
Not Acquired | $ 26,995 | $ 27,958 | $ 35,647 | ||
Acquired and Subject to Loss Sharing Agreements | 8,424 | 9,746 | 22,365 | ||
Acquired and Not Subject to Loss Sharing Agreements | 42,224 | 43,125 | 21,889 | ||
Total | $ 77,643 | $ 80,829 | $ 79,901 |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Q1 2016 - | For The Three Months Ending | |||||||||||||||||||||||||||||||||||
2016 | 2015 | Q4 2015 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2016 | 2015 | Variance | ||||||||||||||||||||||||||||
Statement of earnings | ||||||||||||||||||||||||||||||||||||
Interest income - taxable equivalent basis | $ | 78,009 | $ | 79,679 | $ | 76,242 | $ | 58,516 | $ | 55,910 | (2.10 | ) | $ | 78,009 | $ | 55,910 | 39.53 | |||||||||||||||||||
Interest income | $ | 76,259 | $ | 77,787 | $ | 74,300 | $ | 56,769 | $ | 54,166 | (1.97 | ) | $ | 76,259 | $ | 54,166 | 40.79 | |||||||||||||||||||
Interest expense | 6,205 | 5,436 | 5,688 | 5,155 | 5,385 | 14.14 | 6,205 | 5,385 | 15.23 | |||||||||||||||||||||||||||
Net interest income | 70,054 | 72,351 | 68,612 | 51,614 | 48,781 | (3.18 | ) | 70,054 | 48,781 | 43.61 | ||||||||||||||||||||||||||
Provision for loan losses | 1,800 | 1,750 | 750 | 1,175 | 1,075 | 2.86 | 1,800 | 1,075 | 67.44 | |||||||||||||||||||||||||||
Net interest income after provision | 68,254 | 70,601 | 67,862 | 50,439 | 47,706 | (3.33 | ) | 68,254 | 47,706 | 43.07 | ||||||||||||||||||||||||||
Service charges on deposit accounts | 7,991 | 8,260 | 8,151 | 6,522 | 6,335 | (3.26 | ) | 7,991 | 6,335 | 26.13 | ||||||||||||||||||||||||||
Fees and commissions on loans and deposits | 4,331 | 4,437 | 4,388 | 3,571 | 3,695 | (2.40 | ) | 4,331 | 3,695 | 17.19 | ||||||||||||||||||||||||||
Insurance commissions and fees | 1,962 | 1,956 | 2,380 | 2,119 | 1,967 | 0.32 | 1,962 | 1,967 | (0.24 | ) | ||||||||||||||||||||||||||
Wealth management revenue | 2,891 | 2,609 | 2,833 | 2,210 | 2,156 | 10.84 | 2,891 | 2,156 | 34.12 | |||||||||||||||||||||||||||
Securities gains (losses) | (71 | ) | — | — | 96 | — | — | (71 | ) | — | — | |||||||||||||||||||||||||
Mortgage banking income | 11,915 | 11,702 | 11,893 | 6,791 | 5,429 | 1.83 | 11,915 | 5,429 | 119.48 | |||||||||||||||||||||||||||
Gain on sale of SBA loans | 996 | 509 | 376 | 90 | 293 | 95.78 | 996 | 293 | 239.26 | |||||||||||||||||||||||||||
Other | 3,287 | 1,969 | 2,058 | 1,480 | 1,995 | 66.88 | 3,287 | 1,995 | 64.77 | |||||||||||||||||||||||||||
Total noninterest income | 33,302 | 31,442 | 32,079 | 22,879 | 21,870 | 5.92 | 33,302 | 21,870 | 52.28 | |||||||||||||||||||||||||||
Salaries and employee benefits | 42,393 | 43,409 | 43,047 | 30,395 | 28,260 | (2.34 | ) | 42,393 | 28,260 | 50.01 | ||||||||||||||||||||||||||
Data processing | 4,158 | 4,003 | 3,819 | 3,199 | 3,230 | 3.88 | 4,158 | 3,230 | 30.71 | |||||||||||||||||||||||||||
Occupancy and equipment | 7,998 | 7,887 | 7,493 | 5,360 | 5,550 | 1.41 | 7,998 | 5,550 | 44.10 | |||||||||||||||||||||||||||
Other real estate | 957 | 697 | 862 | 954 | 532 | 37.21 | 957 | 532 | 79.95 | |||||||||||||||||||||||||||
Amortization of intangibles | 1,697 | 1,751 | 1,804 | 1,238 | 1,275 | (3.07 | ) | 1,697 | 1,275 | 33.07 | ||||||||||||||||||||||||||
Merger and conversion related expenses | 948 | 1,923 | 7,746 | 1,468 | 478 | (50.69 | ) | 948 | 478 | 98.55 | ||||||||||||||||||||||||||
Debt extinguishment penalty | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other | 11,663 | 11,064 | 11,208 | 8,468 | 7,994 | 5.41 | 11,663 | 7,994 | 45.00 | |||||||||||||||||||||||||||
Total noninterest expense | 69,814 | 70,734 | 75,979 | 51,082 | 47,319 | (1.30 | ) | 69,814 | 47,319 | 47.54 | ||||||||||||||||||||||||||
Income before income taxes | 31,742 | 31,309 | 23,962 | 22,236 | 22,257 | 1.38 | 31,742 | 22,257 | 42.62 | |||||||||||||||||||||||||||
Income taxes | 10,526 | 10,149 | 7,741 | 6,842 | 7,017 | 3.71 | 10,526 | 7,017 | 50.00 | |||||||||||||||||||||||||||
Net income | $ | 21,216 | $ | 21,160 | $ | 16,221 | $ | 15,394 | $ | 15,240 | 0.27 | $ | 21,216 | $ | 15,240 | 39.22 | ||||||||||||||||||||
Basic earnings per share | $ | 0.53 | $ | 0.53 | $ | 0.40 | $ | 0.49 | $ | 0.48 | — | $ | 0.53 | $ | 0.48 | 10.42 | ||||||||||||||||||||
Diluted earnings per share | 0.52 | 0.52 | 0.40 | 0.48 | 0.48 | — | 0.52 | 0.48 | 8.33 | |||||||||||||||||||||||||||
Average basic shares outstanding | 40,324,475 | 40,276,441 | 40,265,941 | 31,626,059 | 31,576,275 | 0.12 | 40,324,475 | 31,576,275 | 27.70 | |||||||||||||||||||||||||||
Average diluted shares outstanding | 40,559,145 | 40,539,151 | 40,518,413 | 31,865,172 | 31,815,710 | 0.05 | 40,559,145 | 31,815,710 | 27.48 | |||||||||||||||||||||||||||
Common shares outstanding | 40,373,753 | 40,293,291 | 40,268,455 | 31,644,706 | 31,604,937 | 0.20 | 40,373,753 | 31,604,937 | 27.75 | |||||||||||||||||||||||||||
Cash dividend per common share | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | $ | 0.17 | — | $ | 0.17 | $ | 0.17 | — | ||||||||||||||||||||
Performance ratios | ||||||||||||||||||||||||||||||||||||
Return on average shareholders' equity | 8.12 | % | 8.12 | % | 6.33 | % | 8.42 | % | 8.59 | % | 8.12 | % | 8.59 | % | ||||||||||||||||||||||
Return on average tangible shareholders' equity (1) | 15.58 | % | 15.84 | % | 12.20 | % | 14.89 | % | 15.45 | % | 15.58 | % | 15.45 | % | ||||||||||||||||||||||
Return on average assets | 1.07 | % | 1.06 | % | 0.81 | % | 1.06 | % | 1.06 | % | 1.07 | % | 1.06 | % | ||||||||||||||||||||||
Return on average tangible assets (2) | 1.20 | % | 1.19 | % | 0.93 | % | 1.17 | % | 1.18 | % | 1.20 | % | 1.18 | % | ||||||||||||||||||||||
Net interest margin (FTE) | 4.21 | % | 4.33 | % | 4.09 | % | 4.17 | % | 4.02 | % | 4.21 | % | 4.02 | % | ||||||||||||||||||||||
Yield on earning assets (FTE) | 4.57 | % | 4.65 | % | 4.42 | % | 4.57 | % | 4.45 | % | 4.57 | % | 4.45 | % | ||||||||||||||||||||||
Cost of funding | 0.37 | % | 0.32 | % | 0.33 | % | 0.41 | % | 0.43 | % | 0.37 | % | 0.43 | % | ||||||||||||||||||||||
Average earning assets to average assets | 86.21 | % | 86.07 | % | 86.64 | % | 87.79 | % | 87.49 | % | 86.21 | % | 87.49 | % | ||||||||||||||||||||||
Average loans to average deposits | 87.39 | % | 86.22 | % | 83.63 | % | 81.93 | % | 81.44 | % | 87.39 | % | 81.44 | % | ||||||||||||||||||||||
Noninterest income (less securities gains/ | ||||||||||||||||||||||||||||||||||||
losses) to average assets | 1.69 | % | 1.58 | % | 1.61 | % | 1.56 | % | 1.52 | % | 1.69 | % | 1.52 | % | ||||||||||||||||||||||
Noninterest expense (less debt prepayment penalties/ | ||||||||||||||||||||||||||||||||||||
merger-related expenses) to average assets | 3.48 | % | 3.46 | % | 3.43 | % | 3.40 | % | 3.26 | % | 3.48 | % | 3.26 | % | ||||||||||||||||||||||
Net overhead ratio | 1.79 | % | 1.88 | % | 1.82 | % | 1.84 | % | 1.74 | % | 1.79 | % | 1.74 | % | ||||||||||||||||||||||
Efficiency ratio (FTE) (4) | 63.86 | % | 63.45 | % | 64.73 | % | 63.53 | % | 62.94 | % | 63.86 | % | 62.94 | % |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Q1 2016 | For The Three Months Ending | |||||||||||||||||||||||||||||||||||
2016 | 2015 | Q4 2015 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2016 | 2015 | Variance | ||||||||||||||||||||||||||||
Average Balances | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,961,700 | $ | 7,898,803 | $ | 7,897,769 | $ | 5,847,539 | $ | 5,821,756 | 0.80 | $ | 7,961,700 | $ | 5,821,756 | 36.76 | ||||||||||||||||||||
Earning assets | 6,863,905 | 6,798,474 | 6,842,452 | 5,133,567 | 5,093,224 | 0.96 | 6,863,905 | 5,093,224 | 34.77 | |||||||||||||||||||||||||||
Securities | 1,103,504 | 1,117,322 | 1,143,577 | 999,962 | 989,743 | (1.24 | ) | 1,103,504 | 989,743 | 11.49 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 217,200 | 268,096 | 398,480 | 87,435 | 50,918 | (18.98 | ) | 217,200 | 50,918 | 326.57 | ||||||||||||||||||||||||||
Loans, net of unearned | 5,482,167 | 5,341,943 | 5,223,273 | 3,978,514 | 3,969,244 | 2.62 | 5,482,167 | 3,969,244 | 38.12 | |||||||||||||||||||||||||||
Intangibles | 473,852 | 473,996 | 449,042 | 295,441 | 296,682 | (0.03 | ) | 473,852 | 296,682 | 59.72 | ||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,316,495 | $ | 1,323,467 | $ | 1,272,714 | $ | 969,770 | $ | 932,011 | (0.53 | ) | $ | 1,316,495 | $ | 932,011 | 41.25 | |||||||||||||||||||
Interest-bearing deposits | 4,956,983 | 4,872,432 | 4,972,717 | 3,886,199 | 3,941,863 | 1.74 | 4,956,983 | 3,941,863 | 25.75 | |||||||||||||||||||||||||||
Total deposits | 6,273,478 | 6,195,899 | 6,245,431 | 4,855,969 | 4,873,874 | 1.25 | 6,273,478 | 4,873,874 | 28.72 | |||||||||||||||||||||||||||
Borrowed funds | 539,078 | 568,548 | 556,269 | 204,884 | 168,758 | (5.18 | ) | 539,078 | 168,758 | 219.44 | ||||||||||||||||||||||||||
Shareholders' equity | 1,050,668 | 1,033,692 | 1,016,143 | 733,158 | 719,687 | 1.64 | 1,050,668 | 719,687 | 45.99 | |||||||||||||||||||||||||||
Q1 2016 - | As of | |||||||||||||||||||||||||||||||||||
2016 | 2015 | Q4 2015 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2016 | 2015 | Variance | ||||||||||||||||||||||||||||
Balances at period end | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,146,229 | $ | 7,926,496 | $ | 7,910,963 | $ | 5,899,190 | $ | 5,881,849 | 2.77 | $ | 8,146,229 | $ | 5,881,849 | 38.50 | ||||||||||||||||||||
Earning assets | 7,045,180 | 6,778,485 | 6,810,285 | 5,186,419 | 5,168,497 | 3.93 | 7,045,180 | 5,168,497 | 36.31 | |||||||||||||||||||||||||||
Securities | 1,101,820 | 1,105,205 | 1,139,553 | 965,290 | 1,016,393 | (0.31 | ) | 1,101,820 | 1,016,393 | 8.40 | ||||||||||||||||||||||||||
Mortgage loans held for sale | 298,365 | 225,254 | 317,681 | 108,023 | 102,780 | 32.46 | 298,365 | 102,780 | 190.30 | |||||||||||||||||||||||||||
Loans not acquired | 4,074,413 | 3,830,434 | 3,607,005 | 3,407,925 | 3,274,314 | 6.37 | 4,074,413 | 3,274,314 | 24.44 | |||||||||||||||||||||||||||
Loans acquired and covered by FDIC loss-share agreements | 44,989 | 93,142 | 100,839 | 121,626 | 125,773 | (51.70 | ) | 44,989 | 125,773 | (64.23 | ) | |||||||||||||||||||||||||
Loans acquired and not covered by FDIC loss-share agreements | 1,453,328 | 1,489,886 | 1,570,116 | 507,653 | 553,574 | (2.45 | ) | 1,453,328 | 553,574 | 162.54 | ||||||||||||||||||||||||||
Total loans | 5,572,730 | 5,413,462 | 5,277,960 | 4,037,204 | 3,953,661 | 2.94 | 5,572,730 | 3,953,661 | 40.95 | |||||||||||||||||||||||||||
Intangibles | 476,539 | 474,683 | 474,830 | 294,808 | 296,053 | 0.39 | 476,539 | 296,053 | 60.96 | |||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,384,503 | $ | 1,278,337 | $ | 1,303,884 | $ | 972,671 | $ | 959,351 | 8.31 | $ | 1,384,503 | $ | 959,351 | 44.32 | ||||||||||||||||||||
Interest-bearing deposits | 5,046,874 | 4,940,265 | 4,930,677 | 3,917,772 | 3,983,419 | 2.16 | 5,046,874 | 3,983,419 | 26.70 | |||||||||||||||||||||||||||
Total deposits | 6,431,377 | 6,218,602 | 6,234,561 | 4,890,443 | 4,942,770 | 3.42 | 6,431,377 | 4,942,770 | 30.12 | |||||||||||||||||||||||||||
Borrowed funds | 561,671 | 570,496 | 551,740 | 219,089 | 162,313 | (1.55 | ) | 561,671 | 162,313 | 246.04 | ||||||||||||||||||||||||||
Shareholders' equity | 1,053,178 | 1,036,818 | 1,024,930 | 730,976 | 723,196 | 1.58 | 1,053,178 | 723,196 | 45.63 | |||||||||||||||||||||||||||
Market value per common share | $ | 32.91 | $ | 34.41 | $ | 32.85 | $ | 32.60 | $ | 30.05 | (4.36 | ) | $ | 32.91 | $ | 30.05 | 9.52 | |||||||||||||||||||
Book value per common share | 26.09 | 25.73 | 25.45 | 23.10 | 22.88 | 1.38 | 26.09 | 22.88 | 14.02 | |||||||||||||||||||||||||||
Tangible book value per common share | 14.28 | 13.95 | 13.66 | 13.78 | 13.52 | 2.38 | 14.28 | 13.52 | 5.62 | |||||||||||||||||||||||||||
Shareholders' equity to assets (actual) | 12.93 | % | 13.08 | % | 12.96 | % | 12.39 | % | 12.30 | % | 12.93 | % | 12.30 | % | ||||||||||||||||||||||
Tangible capital ratio (3) | 7.52 | % | 7.54 | % | 7.40 | % | 7.78 | % | 7.65 | % | 7.52 | % | 7.65 | % | ||||||||||||||||||||||
Leverage ratio | 9.19 | % | 9.16 | % | 8.95 | % | 9.89 | % | 9.74 | % | 9.19 | % | 9.74 | % | ||||||||||||||||||||||
Common equity tier 1 capital ratio | 9.88 | % | 9.99 | % | 9.92 | % | 10.45 | % | 10.35 | % | 9.88 | % | 10.35 | % | ||||||||||||||||||||||
Tier 1 risk-based capital ratio | 11.38 | % | 11.51 | % | 11.46 | % | 12.52 | % | 12.47 | % | 11.38 | % | 12.47 | % | ||||||||||||||||||||||
Total risk-based capital ratio | 12.17 | % | 12.32 | % | 12.27 | % | 13.55 | % | 13.51 | % | 12.17 | % | 13.51 | % |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Q1 2016 - | As of | |||||||||||||||||||||||||||||||||||
2016 | 2015 | Q4 2015 | March 31, | |||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2016 | 2015 | Variance | ||||||||||||||||||||||||||||
Loans not acquired | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 520,463 | $ | 485,407 | $ | 450,688 | $ | 437,181 | $ | 418,752 | 7.22 | $ | 520,463 | $ | 418,752 | 24.29 | ||||||||||||||||||||
Lease Financing | 41,937 | 34,815 | 24,698 | 17,633 | 11,560 | 20.46 | 41,937 | 11,560 | 262.78 | |||||||||||||||||||||||||||
Real estate- construction | 325,188 | 291,701 | 268,805 | 212,071 | 200,966 | 11.48 | 325,188 | 200,966 | 61.81 | |||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 1,263,879 | 1,204,228 | 1,128,556 | 1,073,816 | 1,025,264 | 4.95 | 1,263,879 | 1,025,264 | 23.27 | |||||||||||||||||||||||||||
Real estate - commercial mortgages | 1,836,053 | 1,729,049 | 1,653,534 | 1,589,969 | 1,542,706 | 6.19 | 1,836,053 | 1,542,706 | 19.02 | |||||||||||||||||||||||||||
Installment loans to individuals | 86,893 | 85,234 | 80,724 | 77,255 | 75,066 | 1.95 | 86,893 | 75,066 | 15.76 | |||||||||||||||||||||||||||
Loans, net of unearned | $ | 4,074,413 | $ | 3,830,434 | $ | 3,607,005 | $ | 3,407,925 | $ | 3,274,314 | 6.37 | $ | 4,074,413 | $ | 3,274,314 | 24.44 | ||||||||||||||||||||
Loans acquired and covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 624 | $ | 2,406 | $ | 2,467 | $ | 3,726 | $ | 3,917 | (74.06 | ) | $ | 624 | $ | 3,917 | (84.07 | ) | ||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Real estate- construction | 86 | 130 | 137 | — | — | (33.85 | ) | 86 | — | — | ||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 36,350 | 45,988 | 48,779 | 40,333 | 42,758 | (20.96 | ) | 36,350 | 42,758 | (14.99 | ) | |||||||||||||||||||||||||
Real estate - commercial mortgages | 7,870 | 44,550 | 49,382 | 77,536 | 79,064 | (82.33 | ) | 7,870 | 79,064 | (90.05 | ) | |||||||||||||||||||||||||
Installment loans to individuals | 59 | 68 | 74 | 31 | 34 | (13.24 | ) | 59 | 34 | 73.53 | ||||||||||||||||||||||||||
Loans, net of unearned | $ | 44,989 | $ | 93,142 | $ | 100,839 | $ | 121,626 | $ | 125,773 | (51.70 | ) | $ | 44,989 | $ | 125,773 | (64.23 | ) | ||||||||||||||||||
Loans acquired and not covered by FDIC loss-share agreements | ||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 133,847 | $ | 149,024 | $ | 167,966 | $ | 39,652 | $ | 52,119 | (10.18 | ) | $ | 133,847 | $ | 52,119 | 156.81 | |||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Real estate- construction | 52,300 | 65,834 | 70,428 | 505 | 483 | (20.56 | ) | 52,300 | 483 | 10,728.16 | ||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 477,266 | 485,107 | 485,170 | 161,765 | 171,433 | (1.62 | ) | 477,266 | 171,433 | 178.40 | ||||||||||||||||||||||||||
Real estate - commercial mortgages | 763,587 | 760,130 | 813,973 | 295,484 | 317,224 | 0.45 | 763,587 | 317,224 | 140.71 | |||||||||||||||||||||||||||
Installment loans to individuals | 26,328 | 29,791 | 32,579 | 10,247 | 12,315 | (11.62 | ) | 26,328 | 12,315 | 113.79 | ||||||||||||||||||||||||||
Loans, net of unearned | $ | 1,453,328 | $ | 1,489,886 | $ | 1,570,116 | $ | 507,653 | $ | 553,574 | (2.45 | ) | $ | 1,453,328 | $ | 553,574 | 162.54 | |||||||||||||||||||
Asset quality data | ||||||||||||||||||||||||||||||||||||
Assets not acquired: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 11,690 | $ | 13,645 | $ | 14,522 | $ | 15,514 | $ | 17,719 | (14.33 | ) | $ | 11,690 | $ | 17,719 | (34.03 | ) | ||||||||||||||||||
Loans 90 past due or more | 2,495 | 1,326 | 647 | 5,647 | 1,193 | 88.16 | 2,495 | 1,193 | 109.14 | |||||||||||||||||||||||||||
Nonperforming loans | 14,185 | 14,971 | 15,169 | 21,161 | 18,912 | (5.25 | ) | 14,185 | 18,912 | (24.99 | ) | |||||||||||||||||||||||||
Other real estate owned | 12,810 | 12,987 | 13,936 | 14,967 | 16,735 | (1.36 | ) | 12,810 | 16,735 | (23.45 | ) | |||||||||||||||||||||||||
Nonperforming assets not acquired | $ | 26,995 | $ | 27,958 | $ | 29,105 | $ | 36,128 | $ | 35,647 | (3.44 | ) | $ | 26,995 | $ | 35,647 | (24.27 | ) | ||||||||||||||||||
Assets acquired and subject to loss share: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 2,708 | $ | 3,319 | $ | 3,270 | $ | 19,487 | $ | 18,040 | (18.41 | ) | $ | 2,708 | $ | 18,040 | (84.99 | ) | ||||||||||||||||||
Loans 90 past due or more | 4,343 | 3,609 | 4,143 | — | — | 20.34 | 4,343 | — | — | |||||||||||||||||||||||||||
Nonperforming loans | 7,051 | 6,928 | 7,413 | 19,487 | 18,040 | 1.78 | 7,051 | 18,040 | (60.91 | ) | ||||||||||||||||||||||||||
Other real estate owned | 1,373 | 2,818 | 3,183 | 3,853 | 4,325 | (51.28 | ) | 1,373 | 4,325 | (68.25 | ) | |||||||||||||||||||||||||
Nonperforming assets acquired and subject to loss share | $ | 8,424 | $ | 9,746 | $ | 10,596 | $ | 23,340 | $ | 22,365 | (13.56 | ) | $ | 8,424 | $ | 22,365 | (62.33 | ) | ||||||||||||||||||
Assets acquired and not subject to loss share: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 12,368 | $ | 12,070 | $ | 15,796 | $ | 1,085 | $ | 1,627 | 2.47 | $ | 12,368 | $ | 1,627 | 660.17 | ||||||||||||||||||||
Loans 90 past due or more | 10,805 | 11,458 | 8,824 | 2,523 | 9,636 | (5.70 | ) | 10,805 | 9,636 | 12.13 | ||||||||||||||||||||||||||
Nonperforming loans | 23,173 | 23,528 | 24,620 | 3,608 | 11,263 | (1.51 | ) | 23,173 | 11,263 | 105.74 | ||||||||||||||||||||||||||
Other real estate owned | 19,051 | 19,597 | 19,215 | 8,244 | 10,626 | (2.79 | ) | 19,051 | 10,626 | 79.29 | ||||||||||||||||||||||||||
Nonperforming assets acquired | $ | 42,224 | $ | 43,125 | $ | 43,835 | $ | 11,852 | $ | 21,889 | (2.09 | ) | $ | 42,224 | $ | 21,889 | 92.90 | |||||||||||||||||||
Net loan charge-offs (recoveries) | $ | 1,378 | $ | 1,364 | $ | 588 | $ | 1,588 | $ | 1,062 | 1.03 | $ | 1,378 | $ | 1,062 | 29.76 | ||||||||||||||||||||
Allowance for loan losses | $ | 42,859 | $ | 42,437 | $ | 42,051 | $ | 41,888 | $ | 42,302 | 0.99 | $ | 42,859 | $ | 42,302 | 1.32 | ||||||||||||||||||||
Annualized net loan charge-offs / average loans | 0.10 | % | 0.10 | % | 0.04 | % | 0.16 | % | 0.11 | % | 0.10 | % | 0.11 | % | ||||||||||||||||||||||
Nonperforming loans / total loans* | 0.80 | % | 0.84 | % | 0.89 | % | 1.10 | % | 1.22 | % | 0.80 | % | 1.22 | % | ||||||||||||||||||||||
Nonperforming assets / total assets* | 0.95 | % | 1.02 | % | 1.06 | % | 1.21 | % | 1.36 | % | 0.95 | % | 1.36 | % | ||||||||||||||||||||||
Allowance for loan losses / total loans* | 0.77 | % | 0.78 | % | 0.80 | % | 1.04 | % | 1.07 | % | 0.77 | % | 1.07 | % | ||||||||||||||||||||||
Allowance for loan losses / nonperforming loans* | 96.51 | % | 93.42 | % | 89.09 | % | 94.65 | % | 87.74 | % | 96.51 | % | 87.74 | % | ||||||||||||||||||||||
Nonperforming loans / total loans** | 0.35 | % | 0.39 | % | 0.42 | % | 0.62 | % | 0.58 | % | 0.35 | % | 0.58 | % | ||||||||||||||||||||||
Nonperforming assets / total assets** | 0.33 | % | 0.35 | % | 0.37 | % | 0.61 | % | 0.61 | % | 0.33 | % | 0.61 | % | ||||||||||||||||||||||
Allowance for loan losses / total loans** | 1.05 | % | 1.11 | % | 1.17 | % | 1.23 | % | 1.29 | % | 1.05 | % | 1.29 | % | ||||||||||||||||||||||
Allowance for loan losses / nonperforming loans** | 302.14 | % | 283.46 | % | 277.22 | % | 197.95 | % | 223.68 | % | 302.14 | % | 223.68 | % | ||||||||||||||||||||||
*Based on all assets (includes acquired assets) | ||||||||||||||||||||||||||||||||||||
**Excludes all assets acquired |
RENASANT CORPORATION | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP | ||||||||||||||||||||||||||||||||||||
For The Three Months Ending | ||||||||||||||||||||||||||||||||||||
2016 | 2015 | March 31, | ||||||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | 2016 | 2015 | ||||||||||||||||||||||||||||||
Net income (GAAP) | $ | 21,216 | $ | 21,160 | $ | 16,221 | $ | 15,394 | $ | 15,240 | $ | 21,216 | $ | 15,240 | ||||||||||||||||||||||
Amortization of intangibles, net of tax | 1,134 | 1,183 | 1,221 | 857 | 873 | 1,134 | 873 | |||||||||||||||||||||||||||||
Tangible net income (non-GAAP) | $ | 22,350 | $ | 22,343 | $ | 17,442 | $ | 16,251 | $ | 16,113 | $ | 22,350 | $ | 16,113 | ||||||||||||||||||||||
Average shareholders' equity (GAAP) | $ | 1,050,668 | $ | 1,033,692 | $ | 1,016,143 | $ | 733,158 | $ | 719,687 | $ | 1,050,668 | $ | 719,687 | ||||||||||||||||||||||
Intangibles | 473,852 | 473,996 | 449,042 | 295,441 | 296,682 | 473,852 | 296,682 | |||||||||||||||||||||||||||||
Average tangible s/h's equity (non-GAAP) | $ | 576,816 | $ | 559,696 | $ | 567,101 | $ | 437,717 | $ | 423,005 | $ | 576,816 | $ | 423,005 | ||||||||||||||||||||||
Average total assets (GAAP) | $ | 7,961,700 | $ | 7,898,803 | $ | 7,897,769 | $ | 5,847,539 | $ | 5,821,756 | $ | 7,961,700 | $ | 5,821,756 | ||||||||||||||||||||||
Intangibles | 473,852 | 473,996 | 449,042 | 295,441 | 296,682 | 473,852 | 296,682 | |||||||||||||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 7,487,848 | $ | 7,424,807 | $ | 7,448,727 | $ | 5,552,098 | $ | 5,525,074 | $ | 7,487,848 | $ | 5,525,074 | ||||||||||||||||||||||
Actual shareholders' equity (GAAP) | $ | 1,053,178 | $ | 1,036,818 | $ | 1,024,930 | $ | 730,976 | $ | 723,196 | $ | 1,053,178 | $ | 723,196 | ||||||||||||||||||||||
Intangibles | 476,539 | 474,683 | 474,830 | 294,808 | 296,053 | 476,539 | 296,053 | |||||||||||||||||||||||||||||
Actual tangible s/h's equity (non-GAAP) | $ | 576,639 | $ | 562,135 | $ | 550,100 | $ | 436,168 | $ | 427,143 | $ | 576,639 | $ | 427,143 | ||||||||||||||||||||||
Actual total assets (GAAP) | $ | 8,146,229 | $ | 7,926,496 | $ | 7,910,963 | $ | 5,899,190 | $ | 5,881,849 | $ | 8,146,229 | $ | 5,881,849 | ||||||||||||||||||||||
Intangibles | 476,539 | 474,683 | 474,830 | 294,808 | 296,053 | 476,539 | 296,053 | |||||||||||||||||||||||||||||
Actual tangible assets (non-GAAP) | $ | 7,669,690 | $ | 7,451,813 | $ | 7,436,133 | $ | 5,604,382 | $ | 5,585,796 | $ | 7,669,690 | $ | 5,585,796 | ||||||||||||||||||||||
(1) Return on Average Equity | ||||||||||||||||||||||||||||||||||||
Return on avg s/h's equity (GAAP) | 8.12 | % | 8.12 | % | 6.33 | % | 8.42 | % | 8.59 | % | 8.12 | % | 8.59 | % | ||||||||||||||||||||||
Effect of adjustment for intangible assets | 7.46 | % | 7.72 | % | 5.87 | % | 6.47 | % | 6.86 | % | 7.46 | % | 6.86 | % | ||||||||||||||||||||||
Return on avg tangible s/h's equity (non-GAAP) | 15.58 | % | 15.84 | % | 12.20 | % | 14.89 | % | 15.45 | % | 15.58 | % | 15.45 | % | ||||||||||||||||||||||
(2) Return on Average Assets | ||||||||||||||||||||||||||||||||||||
Return on (average) assets (GAAP) | 1.07 | % | 1.06 | % | 0.81 | % | 1.06 | % | 1.06 | % | 1.07 | % | 1.06 | % | ||||||||||||||||||||||
Effect of adjustment for intangible assets | 0.13 | % | 0.13 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.12 | % | ||||||||||||||||||||||
Return on average tangible assets (non-GAAP) | 1.20 | % | 1.19 | % | 0.93 | % | 1.17 | % | 1.18 | % | 1.20 | % | 1.18 | % | ||||||||||||||||||||||
(3) Shareholder Equity Ratio | ||||||||||||||||||||||||||||||||||||
Shareholders' equity to (actual) assets (GAAP) | 12.93 | % | 13.08 | % | 12.96 | % | 12.39 | % | 12.30 | % | 12.93 | % | 12.30 | % | ||||||||||||||||||||||
Effect of adjustment for intangible assets | 5.41 | % | 5.54 | % | 5.56 | % | 4.61 | % | 4.65 | % | 5.41 | % | 4.65 | % | ||||||||||||||||||||||
Tangible capital ratio (non-GAAP) | 7.52 | % | 7.54 | % | 7.40 | % | 7.78 | % | 7.65 | % | 7.52 | % | 7.65 | % | ||||||||||||||||||||||
CALCULATION OF EFFICIENCY RATIO | ||||||||||||||||||||||||||||||||||||
Interest income (FTE) | $ | 78,009 | $ | 79,679 | $ | 76,242 | $ | 58,516 | $ | 55,910 | $ | 78,009 | $ | 55,910 | ||||||||||||||||||||||
Interest expense | 6,205 | 5,436 | 5,688 | 5,155 | 5,385 | 6,205 | 5,385 | |||||||||||||||||||||||||||||
Net Interest income (FTE) | $ | 71,804 | $ | 74,243 | $ | 70,554 | $ | 53,361 | $ | 50,525 | $ | 71,804 | $ | 50,525 | ||||||||||||||||||||||
Total noninterest income | $ | 33,302 | $ | 31,442 | $ | 32,079 | $ | 22,880 | $ | 21,870 | $ | 33,302 | $ | 21,870 | ||||||||||||||||||||||
Securities gains (losses) | (71 | ) | — | — | 96 | — | (71 | ) | — | |||||||||||||||||||||||||||
Gain on acquisition | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total noninterest income | $ | 33,373 | $ | 31,442 | $ | 32,079 | $ | 22,784 | $ | 21,870 | $ | 33,373 | $ | 21,870 | ||||||||||||||||||||||
Total Income (FTE) | $ | 105,177 | $ | 105,685 | $ | 102,633 | $ | 76,145 | $ | 72,395 | $ | 105,177 | $ | 72,395 | ||||||||||||||||||||||
Total noninterest expense | $ | 69,814 | $ | 70,734 | $ | 75,979 | $ | 51,082 | $ | 47,319 | $ | 69,814 | $ | 47,319 | ||||||||||||||||||||||
Amortization of intangibles | 1,697 | 1,751 | 1,804 | 1,238 | 1,275 | 1,697 | 1,275 | |||||||||||||||||||||||||||||
Merger-related expenses | 948 | 1,923 | 7,746 | 1,468 | 478 | 948 | 478 | |||||||||||||||||||||||||||||
Debt extinguishment penalty | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total noninterest expense | $ | 67,169 | $ | 67,060 | $ | 66,429 | $ | 48,376 | $ | 45,566 | $ | 67,169 | $ | 45,566 | ||||||||||||||||||||||
(4) Efficiency Ratio | 63.86 | % | 63.45 | % | 64.73 | % | 63.53 | % | 62.94 | % | 63.86 | % | 62.94 | % |