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 July 18, 2017 issued by Renasant Corporation announcing earnings for the second quarter of 2017. |
RENASANT CORPORATION | |||
Date: July 18, 2017 | By: | /s/ E. Robinson McGraw | |
E. Robinson McGraw | |||
Chairman and Chief Executive Officer | |||
99.1 | Press release dated July 18, 2017 issued by Renasant Corporation announcing earnings for the second quarter of 2017. |
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 |
Three months ended June 30, 2017 | Three months ended June 30, 2016 | ||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||
Merger and conversion expenses | $ | 3,044 | $ | 2,065 | $ | 0.04 | $ | 2,807 | $ | 1,888 | $ | 0.05 | |||||||
Debt prepayment penalty | — | — | — | 329 | 221 | 0.01 |
Six months ended June 30, 2017 | Six months ended June 30, 2016 | ||||||||||||||||||
Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||
Merger and conversion expenses | $ | 3,389 | $ | 2,302 | $ | 0.05 | $ | 3,755 | $ | 2,518 | $ | 0.07 | |||||||
Debt prepayment penalty | 205 | 139 | — | 329 | 221 | 0.01 |
Three Months Ended | Six Months Ended | ||||
June 30, 2017 | June 30, 2017 | ||||
As Reported | Excluding Merger and Conversion Expenses | As Reported | Excluding Merger and Conversion Expenses and Debt Prepayment Penalties | ||
Return on average assets | 1.16% | 1.26% | 1.14% | 1.19% | |
Return on average tangible assets | 1.28% | 1.38% | 1.26% | 1.31% | |
Return on average equity | 8.06% | 8.71% | 7.93% | 8.32% | |
Return on average tangible equity | 13.76% | 14.84% | 13.62% | 14.27% |
• | Total assets were $8.9 billion at June 30, 2017, as compared to $8.7 billion at December 31, 2016. |
• | Loans not purchased increased to $5.1 billion at June 30, 2017, from $4.7 billion at December 31, 2016. For the second quarter of 2017, the yield on total loans was 5.03% compared to 4.82% for the first quarter of 2017 and 5.09% for the second quarter of 2016. For the six months ended June 30, 2017, the yield on total loans was 4.93% compared to 5.02% for the same time period in 2016. The following tables reconcile the reported loan yield to the adjusted loan yield excluding the impact from interest income collected on problem loans and purchase accounting adjustments on purchased loans for the periods presented (in thousands): |
Three Months Ended | |||||||||
June 30, | March 31, | June 30, | |||||||
2017 | 2017 | 2016 | |||||||
Taxable equivalent interest income on loans (as reported) | $ | 78,857 | $ | 73,710 | $ | 74,708 | |||
Interest income collected (foregone) on problem loans | 2,734 | 567 | 969 | ||||||
Accretable yield recognized on purchased loans(1) | 5,410 | 5,604 | 8,276 | ||||||
Interest income on loans (adjusted) | $ | 70,713 | $ | 67,539 | $ | 65,463 | |||
Average loans | $ | 6,293,497 | $ | 6,198,705 | $ | 5,897,650 | |||
Loan yield, as reported | 5.03 | % | 4.82 | % | 5.09 | % | |||
Loan yield, adjusted | 4.51 | % | 4.42 | % | 4.46 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $2,674, $2,741 and $4,533 for the three months ended June 30, 2017, March 31, 2017, and June 30, 2016, respectively, which increased loan yield by 17 basis points, 18 basis points and 31 basis points for the same periods, respectively. |
Six Months Ended | |||||||
June 30, | June 30, | ||||||
2017 | 2016 | ||||||
Taxable equivalent interest income on loans (as reported) | $ | 152,567 | $ | 141,938 | |||
Interest income collected (foregone) on problem loans | 3,301 | 1,591 | |||||
Accretable yield recognized on purchased loans(1) | 11,014 | 14,268 | |||||
Interest income on loans (adjusted) | $ | 138,252 | $ | 126,079 | |||
Average loans | $ | 6,246,363 | $ | 5,691,056 | |||
Loan yield, as reported | 4.93 | % | 5.02 | % | |||
Loan yield, adjusted | 4.46 | % | 4.46 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $5,415 and $6,300 for the six months ended June 30, 2017, and June 30, 2016, respectively, which increased loan yield by 17 basis points and 22 basis points for the same periods, respectively. |
• | Total deposits increased to $7.2 billion at June 30, 2017, from $7.1 billion at December 31, 2016. Noninterest-bearing deposits averaged $1.6 billion, or 22.17% of average deposits, for the first six months of 2017, compared to $1.4 billion, or 21.50% of average deposits, for the same period in 2016. For the second quarter of 2017, the cost of total deposits was 30 basis points, as compared to 29 basis points for the first quarter of 2017 and 26 basis points for the second quarter of 2016. The cost of total deposits was 30 basis points for the six months ending June 30, 2017, as compared to 26 basis points over the same time period in 2016. |
• | Net interest income was $79.6 million for the second quarter of 2017, as compared to $74.0 million for the first quarter of 2017 and $77.2 million for the second quarter of 2016. Net interest margin was 4.27% for the second quarter of 2017, as compared to 4.01% for the first quarter of 2017 and 4.29% for the second 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 purchased loans for the periods presented (in thousands): |
Three Months Ended | |||||||||
June 30, | March 31, | June 30, | |||||||
2017 | 2017 | 2016 | |||||||
Taxable equivalent net interest income (as reported) | $ | 81,453 | $ | 75,907 | $ | 78,932 | |||
Interest income collected (foregone) on problem loans | 2,734 | 567 | 969 | ||||||
Accretable yield recognized on purchased loans (1) | 5,410 | 5,604 | 8,276 | ||||||
Net interest income (adjusted) | $ | 73,309 | $ | 69,736 | $ | 69,687 | |||
Average earning assets | $ | 7,657,849 | $ | 7,668,582 | $ | 7,396,283 | |||
Net interest margin, as reported | 4.27 | % | 4.01 | % | 4.29 | % | |||
Net interest margin, adjusted | 3.84 | % | 3.69 | % | 3.79 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $2,674, $2,741 and $4,533 for the three months ended June 30, 2017, March 31, 2017, and June 30, 2016, respectively, which increased net interest margin by 14 basis points at both June 30, 2017 and March 31, 2017 and 25 basis points at June 30, 2016. |
• | Net interest income was $153.6 million for the first six months of 2017, as compared to $147.2 million for the same period in 2016. Net interest margin was 4.14% for the first six months of 2017, as compared to 4.25% for the same period in 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 purchased loans for the periods presented (in thousands): |
Six Months Ended | |||||||
June 30, | June 30, | ||||||
2017 | 2016 | ||||||
Taxable equivalent net interest income (as reported) | $ | 157,360 | $ | 150,745 | |||
Interest income collected (foregone) on problem loans | 3,301 | 1,591 | |||||
Accretable yield recognized on purchased loans (1) | 11,014 | 14,268 | |||||
Net interest income (adjusted) | $ | 143,045 | $ | 134,886 | |||
Average earning assets | $ | 7,663,186 | $ | 7,131,565 | |||
Net interest margin, as reported | 4.14 | % | 4.25 | % | |||
Net interest margin, adjusted | 3.76 | % | 3.80 | % |
(1) | Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $5,415 and $6,300 for the six months ended June 30, 2017, and June 30, 2016, respectively, which increased net interest margin by 14 basis points and 18 basis points for the same periods, respectively. |
• | Noninterest income for the second quarter of 2017 was $34.3 million, as compared to $35.6 million for the second quarter of 2016. Noninterest income for the first six months of 2017 was $66.3 million, as compared $68.9 million for the same time frame in 2016. The Company experienced increases in service charges on deposit accounts, fees and commissions on loans and deposits, and wealth management revenue in the first half of 2017 as compared to the same period in 2016. Mortgage banking income for the second quarter of 2017 was $12.4 million, compared to $13.4 million for the same period in 2016 as mortgage loans originations were down for the same period due to a reduction in the refinancing of mortgage loans. Lastly, during the second quarter of 2016 the Company recognized $1.3 million in gains on sale of securities, while there was no gain or loss recognized in the first half of 2017. |
• | Noninterest expense was $74.8 million for the second quarter of 2017, as compared to $77.3 million for the second quarter of 2016. Noninterest expense for the first six months of 2017 was $144.2 million, as compared $147.1 million for the same time frame in 2016. Excluding nonrecurring charges for merger and conversion expenses and debt prepayment penalties, noninterest expense decreased when compared to the second quarter of 2016. This decrease is primarily attributable to a decrease in salary and employee benefits, data processing costs |
• | Non-purchased nonperforming loans decreased to $12.7 million, or 0.25% of total non-purchased loans, at June 30, 2017, from $13.4 million, or 0.28% of total non-purchased loans, at December 31, 2016. These loans were $12.0 million, or 0.28% of total non-purchased loans, at June 30, 2016. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.18% at June 30, 2017, as compared to 0.23% at December 31, 2016, and at 0.22% June 30, 2016. |
• | Non-purchased OREO was $4.3 million at June 30, 2017, as compared to $5.9 million at December 31, 2016, and $9.6 million at June 30, 2016. Non-purchased OREO sales totaled $1.8 million in the first half of 2017 and $3.3 million over the second half of 2016. |
• | The allowance for loan losses was 0.69% of total loans at both June 30, 2017, and December 31, 2016, and 0.74% at June 30, 2016. The allowance for loan losses was 0.87% of non-purchased loans at June 30, 2017, as compared to 0.91% at December 31, 2016, and 1.03% at June 30, 2016. |
◦ | Net loan charge-offs were $524 thousand, or 0.03% of average total loans, for the second quarter of 2017, as compared to $191 thousand, or 0.01% of average total loans, for the second quarter of 2016. |
◦ | The provision for loan losses was $1.8 million for the second quarter of 2017, as compared to $1.4 million for the second quarter of 2016. The provision was $3.3 million for the first six months of 2017, as compared to $3.2 million for the same time period in 2016. |
• | At June 30, 2017, Tier 1 leverage capital ratio was 10.68%, Common Equity Tier 1 ratio was 11.65%, Tier 1 risk-based capital ratio was 12.86%, and total risk-based capital ratio |
• | Tangible common equity ratio was 9.31% at June 30, 2017, as compared to 9.00% at December 31, 2016. |
RENASANT CORPORATION | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||
Q2 2017 - | For The Six Months Ending | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q2 2016 | June 30, | ||||||||||||||||||||||||||||||||||||||
Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||||||
Statement of earnings | |||||||||||||||||||||||||||||||||||||||||
Interest income - taxable equivalent basis | $ | 89,429 | $ | 83,781 | $ | 87,564 | $ | 84,786 | $ | 85,783 | $ | 78,009 | 4.25 | $ | 173,210 | $ | 163,792 | 5.75 | |||||||||||||||||||||||
Interest income | $ | 87,579 | $ | 81,889 | $ | 85,840 | $ | 83,032 | $ | 84,008 | $ | 76,259 | 4.25 | $ | 169,468 | $ | 160,267 | 5.74 | |||||||||||||||||||||||
Interest expense | 7,976 | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 16.42 | 15,850 | 13,056 | 21.40 | |||||||||||||||||||||||||||||||
Net interest income | 79,603 | 74,015 | 78,049 | 75,731 | 77,157 | 70,054 | 3.17 | 153,618 | 147,211 | 4.35 | |||||||||||||||||||||||||||||||
Provision for loan losses | 1,750 | 1,500 | 1,650 | 2,650 | 1,430 | 1,800 | 22.38 | 3,250 | 3,230 | 0.62 | |||||||||||||||||||||||||||||||
Net interest income after provision | 77,853 | 72,515 | 76,399 | 73,081 | 75,727 | 68,254 | 2.81 | 150,368 | 143,981 | 4.44 | |||||||||||||||||||||||||||||||
Service charges on deposit accounts | 7,958 | 7,931 | 8,163 | 8,200 | 7,521 | 7,991 | 5.81 | 15,889 | 15,512 | 2.43 | |||||||||||||||||||||||||||||||
Fees and commissions on loans and deposits | 5,470 | 5,199 | 4,772 | 4,921 | 4,877 | 4,244 | 12.16 | 10,669 | 9,121 | 16.98 | |||||||||||||||||||||||||||||||
Insurance commissions and fees | 2,181 | 1,860 | 1,951 | 2,420 | 2,175 | 1,962 | 0.28 | 4,041 | 4,137 | (2.32 | ) | ||||||||||||||||||||||||||||||
Wealth management revenue | 3,037 | 2,884 | 2,849 | 3,040 | 2,872 | 2,891 | 5.75 | 5,921 | 5,763 | 2.74 | |||||||||||||||||||||||||||||||
Securities gains (losses) | — | — | — | — | 1,257 | (71 | ) | — | — | 1,186 | — | ||||||||||||||||||||||||||||||
Mortgage banking income | 12,424 | 10,504 | 8,262 | 15,846 | 13,420 | 11,915 | (7.42 | ) | 22,928 | 25,335 | (9.50 | ) | |||||||||||||||||||||||||||||
Other | 3,195 | 3,643 | 4,258 | 3,845 | 3,464 | 4,370 | (7.77 | ) | 6,838 | 7,834 | (12.72 | ) | |||||||||||||||||||||||||||||
Total noninterest income | 34,265 | 32,021 | 30,255 | 38,272 | 35,586 | 33,302 | (3.71 | ) | 66,286 | 68,888 | (3.78 | ) | |||||||||||||||||||||||||||||
Salaries and employee benefits | 45,014 | 42,209 | 39,966 | 44,702 | 45,387 | 42,393 | (0.82 | ) | 87,223 | 87,780 | (0.63 | ) | |||||||||||||||||||||||||||||
Data processing | 3,835 | 4,234 | 4,503 | 4,560 | 4,502 | 4,158 | (14.82 | ) | 8,069 | 8,660 | (6.82 | ) | |||||||||||||||||||||||||||||
Occupancy and equipment | 8,814 | 9,319 | 8,809 | 8,830 | 8,531 | 8,224 | 3.32 | 18,133 | 16,755 | 8.22 | |||||||||||||||||||||||||||||||
Other real estate | 781 | 532 | 1,585 | 1,540 | 1,614 | 957 | (51.61 | ) | 1,313 | 2,571 | (48.93 | ) | |||||||||||||||||||||||||||||
Amortization of intangibles | 1,493 | 1,563 | 1,624 | 1,684 | 1,742 | 1,697 | (14.29 | ) | 3,056 | 3,439 | (11.14 | ) | |||||||||||||||||||||||||||||
Merger and conversion related expenses | 3,044 | 345 | — | 268 | 2,807 | 948 | 8.44 | 3,389 | 3,755 | (9.75 | ) | ||||||||||||||||||||||||||||||
Debt extinguishment penalty | — | 205 | — | 2,210 | 329 | — | — | 205 | 329 | (37.69 | ) | ||||||||||||||||||||||||||||||
Loss share termination | — | — | 2,053 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Other | 11,860 | 10,902 | 13,018 | 12,674 | 12,347 | 11,437 | (3.94 | ) | 22,762 | 23,784 | (4.30 | ) | |||||||||||||||||||||||||||||
Total noninterest expense | 74,841 | 69,309 | 71,558 | 76,468 | 77,259 | 69,814 | (3.13 | ) | 144,150 | 147,073 | (1.99 | ) | |||||||||||||||||||||||||||||
Income before income taxes | 37,277 | 35,227 | 35,096 | 34,885 | 34,054 | 31,742 | 9.46 | 72,504 | 65,796 | 10.20 | |||||||||||||||||||||||||||||||
Income taxes | 11,993 | 11,255 | 11,461 | 11,706 | 11,154 | 10,526 | 7.52 | 23,248 | 21,680 | 7.23 | |||||||||||||||||||||||||||||||
Net income | $ | 25,284 | $ | 23,972 | $ | 23,635 | $ | 23,179 | $ | 22,900 | $ | 21,216 | 10.41 | $ | 49,256 | $ | 44,116 | 11.65 | |||||||||||||||||||||||
Basic earnings per share | $ | 0.57 | $ | 0.54 | $ | 0.56 | $ | 0.55 | $ | 0.54 | $ | 0.53 | 5.56 | $ | 1.11 | $ | 1.07 | 3.74 | |||||||||||||||||||||||
Diluted earnings per share | 0.57 | 0.54 | 0.55 | 0.55 | 0.54 | 0.52 | 5.56 | 1.11 | 1.06 | 4.72 | |||||||||||||||||||||||||||||||
Average basic shares outstanding | 44,415,423 | 44,364,337 | 42,441,588 | 42,091,164 | 42,066,168 | 40,324,475 | 5.58 | 44,390,021 | 41,200,133 | 7.74 | |||||||||||||||||||||||||||||||
Average diluted shares outstanding | 44,523,541 | 44,480,499 | 42,636,325 | 42,310,358 | 42,303,626 | 40,559,145 | 5.25 | 44,500,280 | 41,435,963 | 7.40 | |||||||||||||||||||||||||||||||
Common shares outstanding | 44,430,335 | 44,394,707 | 44,332,273 | 42,102,224 | 42,085,690 | 40,373,753 | 5.57 | 44,430,335 | 42,085,690 | 5.57 | |||||||||||||||||||||||||||||||
Cash dividend per common share | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.18 | $ | 0.17 | — | $ | 0.36 | $ | 0.35 | 2.86 | |||||||||||||||||||||||
Performance ratios | |||||||||||||||||||||||||||||||||||||||||
Return on avg shareholders' equity | 8.06 | % | 7.80 | % | 8.14 | % | 8.12 | % | 8.21 | % | 8.12 | % | 7.93 | % | 8.17 | % | |||||||||||||||||||||||||
Return on avg tangible s/h's equity (1) | 13.76 | % | 13.48 | % | 14.90 | % | 15.15 | % | 15.57 | % | 15.58 | % | 13.62 | % | 15.57 | % | |||||||||||||||||||||||||
Return on avg assets | 1.16 | % | 1.11 | % | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % | 1.14 | % | 1.07 | % | |||||||||||||||||||||||||
Return on avg tangible assets (2) | 1.28 | % | 1.23 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.26 | % | 1.20 | % | |||||||||||||||||||||||||
Net interest margin (FTE) | 4.27 | % | 4.01 | % | 4.24 | % | 4.15 | % | 4.29 | % | 4.21 | % | 4.14 | % | 4.25 | % | |||||||||||||||||||||||||
Yield on earning assets (FTE) | 4.68 | % | 4.43 | % | 4.66 | % | 4.54 | % | 4.66 | % | 4.57 | % | 4.56 | % | 4.62 | % | |||||||||||||||||||||||||
Cost of funding | 0.43 | % | 0.43 | % | 0.42 | % | 0.40 | % | 0.38 | % | 0.37 | % | 0.43 | % | 0.37 | % | |||||||||||||||||||||||||
Average earning assets to average assets | 87.81 | % | 87.55 | % | 87.10 | % | 86.82 | % | 86.59 | % | 86.21 | % | 87.68 | % | 86.41 | % | |||||||||||||||||||||||||
Average loans to average deposits | 88.03 | % | 86.81 | % | 88.89 | % | 89.40 | % | 87.73 | % | 87.39 | % | 87.42 | % | 87.56 | % | |||||||||||||||||||||||||
Noninterest income (less securities gains/ | |||||||||||||||||||||||||||||||||||||||||
losses) to average assets | 1.58 | % | 1.48 | % | 1.40 | % | 1.78 | % | 1.62 | % | 1.69 | % | 1.53 | % | 1.65 | % | |||||||||||||||||||||||||
Noninterest expense (less debt prepayment penalties/ | |||||||||||||||||||||||||||||||||||||||||
merger-related expenses) to average assets | 3.30 | % | 3.18 | % | 3.22 | % | 3.44 | % | 3.49 | % | 3.48 | % | 3.24 | % | 3.48 | % | |||||||||||||||||||||||||
Net overhead ratio | 1.72 | % | 1.70 | % | 1.82 | % | 1.66 | % | 1.87 | % | 1.79 | % | 1.71 | % | 1.83 | % | |||||||||||||||||||||||||
Efficiency ratio (FTE) (4) | 60.75 | % | 62.26 | % | 61.69 | % | 62.46 | % | 63.91 | % | 63.86 | % | 61.48 | % | 63.88 | % |
RENASANT CORPORATION | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||
Q2 2017 | For The Six Months Ending | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q2 2016 | June 30, | ||||||||||||||||||||||||||||||||||||||
Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||||||
Average Balances | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,720,660 | $ | 8,759,448 | $ | 8,591,795 | $ | 8,562,199 | $ | 8,541,818 | $ | 7,961,700 | 2.09 | $ | 8,739,947 | $ | 8,253,361 | 5.90 | |||||||||||||||||||||||
Earning assets | 7,657,849 | 7,668,582 | 7,483,222 | 7,433,461 | 7,396,283 | 6,863,905 | 3.54 | 7,663,186 | 7,131,564 | 7.45 | |||||||||||||||||||||||||||||||
Securities | 1,069,244 | 1,043,697 | 1,034,270 | 1,045,905 | 1,111,831 | 1,103,504 | (3.83 | ) | 1,056,541 | 1,107,690 | (4.62 | ) | |||||||||||||||||||||||||||||
Mortgage loans held for sale | 168,650 | 112,105 | 184,583 | 241,314 | 306,011 | 217,200 | (44.89 | ) | 140,534 | 261,851 | (46.33 | ) | |||||||||||||||||||||||||||||
Loans, net of unearned | 6,293,497 | 6,198,705 | 6,147,077 | 6,048,017 | 5,897,650 | 5,482,167 | 6.71 | 6,246,363 | 5,691,056 | 9.76 | |||||||||||||||||||||||||||||||
Intangibles | 492,349 | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | (1.43 | ) | 493,078 | 486,749 | 1.30 | ||||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,608,467 | $ | 1,558,809 | $ | 1,564,150 | $ | 1,510,309 | $ | 1,477,380 | $ | 1,316,495 | 8.87 | $ | 1,583,775 | $ | 1,397,382 | 13.34 | |||||||||||||||||||||||
Interest-bearing deposits | 5,540,698 | 5,581,853 | 5,351,354 | 5,255,102 | 5,245,406 | 4,956,983 | 5.63 | 5,561,162 | 5,101,991 | 9.00 | |||||||||||||||||||||||||||||||
Total deposits | 7,149,165 | 7,140,662 | 6,915,505 | 6,765,411 | 6,722,786 | 6,273,478 | 6.34 | 7,144,937 | 6,499,373 | 9.93 | |||||||||||||||||||||||||||||||
Borrowed funds | 233,542 | 282,008 | 412,589 | 550,222 | 594,459 | 539,078 | (60.71 | ) | 257,641 | 566,921 | (54.55 | ) | |||||||||||||||||||||||||||||
Shareholders' equity | 1,258,935 | 1,246,903 | 1,155,749 | 1,135,073 | 1,121,298 | 1,050,668 | 12.27 | 1,252,952 | 1,086,178 | 15.35 | |||||||||||||||||||||||||||||||
Q2 2017 - | As of | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | June 30, | ||||||||||||||||||||||||||||||||||||||
Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||||||
Balances at period end | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,872,272 | $ | 8,764,711 | $ | 8,699,851 | $ | 8,542,471 | $ | 8,529,566 | $ | 8,146,229 | 1.98 | $ | 8,872,272 | $ | 8,529,566 | 4.02 | |||||||||||||||||||||||
Earning assets | 7,763,775 | 7,690,045 | 7,556,760 | 7,409,068 | 7,396,888 | 7,045,179 | 2.74 | 7,763,775 | 7,396,888 | 4.96 | |||||||||||||||||||||||||||||||
Securities | 1,076,625 | 1,044,862 | 1,030,530 | 1,039,957 | 1,063,592 | 1,101,820 | 4.47 | 1,076,625 | 1,063,592 | 1.23 | |||||||||||||||||||||||||||||||
Mortgage loans held for sale | 232,398 | 158,619 | 177,866 | 189,965 | 276,782 | 298,365 | 30.66 | 232,398 | 276,782 | (16.04 | ) | ||||||||||||||||||||||||||||||
Loans not purchased | 5,058,898 | 4,834,085 | 4,710,385 | 4,526,026 | 4,292,549 | 4,074,413 | 7.33 | 5,058,898 | 4,292,549 | 17.85 | |||||||||||||||||||||||||||||||
Loans purchased and covered by FDIC loss-share agreements | — | — | — | 30,533 | 42,171 | 44,989 | — | — | 42,171 | — | |||||||||||||||||||||||||||||||
Loans purchased and not covered by FDIC loss-share agreements | 1,312,109 | 1,401,720 | 1,489,137 | 1,548,674 | 1,630,709 | 1,453,328 | (11.89 | ) | 1,312,109 | 1,630,709 | (19.54 | ) | |||||||||||||||||||||||||||||
Total loans | 6,371,007 | 6,235,805 | 6,199,522 | 6,105,233 | 5,965,429 | 5,572,730 | 2.71 | 6,371,007 | 5,965,429 | 6.80 | |||||||||||||||||||||||||||||||
Intangibles | 491,552 | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | (0.62 | ) | 491,552 | 497,917 | (1.28 | ) | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,642,863 | $ | 1,579,581 | $ | 1,561,357 | $ | 1,514,820 | $ | 1,459,383 | $ | 1,384,503 | 5.22 | $ | 1,642,863 | $ | 1,459,383 | 12.57 | |||||||||||||||||||||||
Interest-bearing deposits | 5,559,162 | 5,651,269 | 5,497,780 | 5,302,978 | 5,243,104 | 5,046,874 | 1.12 | 5,559,162 | 5,243,104 | 6.03 | |||||||||||||||||||||||||||||||
Total deposits | 7,202,025 | 7,230,850 | 7,059,137 | 6,817,798 | 6,702,487 | 6,431,377 | 2.02 | 7,202,025 | 6,702,487 | 7.45 | |||||||||||||||||||||||||||||||
Borrowed funds | 312,077 | 202,006 | 312,135 | 469,580 | 588,650 | 561,671 | (0.02 | ) | 312,077 | 588,650 | (46.98 | ) | |||||||||||||||||||||||||||||
Shareholders' equity | 1,271,786 | 1,251,065 | 1,232,883 | 1,142,247 | 1,124,256 | 1,053,178 | 3.16 | 1,271,786 | 1,124,256 | 13.12 | |||||||||||||||||||||||||||||||
Market value per common share | $ | 43.74 | $ | 39.69 | $ | 42.22 | $ | 33.63 | $ | 32.33 | $ | 32.91 | 3.60 | $ | 43.74 | $ | 32.33 | 35.29 | |||||||||||||||||||||||
Book value per common share | 28.62 | 28.18 | 27.81 | 27.13 | 26.71 | 26.09 | 2.91 | 28.62 | 26.71 | 7.14 | |||||||||||||||||||||||||||||||
Tangible book value per common share | 17.56 | 17.07 | 16.65 | 15.34 | 14.88 | 14.28 | 5.45 | 17.56 | 14.88 | 17.99 | |||||||||||||||||||||||||||||||
Shareholders' equity to assets (actual) | 14.33 | % | 14.27 | % | 14.17 | % | 13.37 | % | 13.18 | % | 12.93 | % | 14.33 | % | 13.18 | % | |||||||||||||||||||||||||
Tangible capital ratio (3) | 9.31 | % | 9.16 | % | 9.00 | % | 8.03 | % | 7.80 | % | 7.52 | % | 9.31 | % | 7.80 | % | |||||||||||||||||||||||||
Leverage ratio | 10.68 | % | 10.39 | % | 10.59 | % | 9.38 | % | 9.18 | % | 9.19 | % | 10.68 | % | 9.18 | % | |||||||||||||||||||||||||
Common equity tier 1 capital ratio | 11.65 | % | 11.69 | % | 11.48 | % | 10.16 | % | 10.12 | % | 9.88 | % | 11.65 | % | 10.12 | % | |||||||||||||||||||||||||
Tier 1 risk-based capital ratio | 12.86 | % | 12.93 | % | 12.86 | % | 11.57 | % | 11.55 | % | 11.38 | % | 12.86 | % | 11.55 | % | |||||||||||||||||||||||||
Total risk-based capital ratio | 15.00 | % | 15.11 | % | 15.03 | % | 13.84 | % | 12.31 | % | 12.17 | % | 15.00 | % | 12.31 | % |
RENASANT CORPORATION | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||
Q2 2017 - | As of | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Q4 2016 | June 30, | ||||||||||||||||||||||||||||||||||||||
Second | First | Fourth | Third | Second | First | Percent | Percent | ||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Variance | 2017 | 2016 | Variance | ||||||||||||||||||||||||||||||||
Loans not purchased | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 657,713 | $ | 626,237 | $ | 589,290 | $ | 554,151 | $ | 530,258 | $ | 520,463 | 11.61 | $ | 657,713 | $ | 530,258 | 24.04 | |||||||||||||||||||||||
Lease Financing | 49,066 | 47,816 | 46,841 | 45,510 | 43,116 | 41,937 | 4.75 | 49,066 | 43,116 | 13.80 | |||||||||||||||||||||||||||||||
Real estate- construction | 424,861 | 378,061 | 483,926 | 415,934 | 381,690 | 325,188 | (12.21 | ) | 424,861 | 381,690 | 11.31 | ||||||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 1,551,934 | 1,485,663 | 1,422,543 | 1,388,066 | 1,328,948 | 1,263,879 | 8.85 | 1,551,934 | 1,328,948 | 16.78 | |||||||||||||||||||||||||||||||
Real estate - commercial mortgages | 2,281,220 | 2,203,639 | 2,075,137 | 2,030,626 | 1,918,778 | 1,836,053 | 9.93 | 2,281,220 | 1,918,778 | 18.89 | |||||||||||||||||||||||||||||||
Installment loans to individuals | 94,104 | 92,669 | 92,648 | 91,739 | 89,759 | 86,893 | 1.57 | 94,104 | 89,759 | 4.84 | |||||||||||||||||||||||||||||||
Loans, net of unearned | $ | 5,058,898 | $ | 4,834,085 | $ | 4,710,385 | $ | 4,526,026 | $ | 4,292,549 | $ | 4,074,413 | 7.33 | $ | 5,058,898 | $ | 4,292,549 | 17.85 | |||||||||||||||||||||||
Loans purchased and covered by FDIC loss-share agreements | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | — | $ | — | $ | — | $ | 14 | $ | 607 | $ | 624 | — | $ | — | $ | 607 | — | |||||||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate- construction | — | — | — | — | 83 | 86 | — | — | 83 | — | |||||||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | — | — | — | 30,304 | 34,640 | 36,350 | — | — | 34,640 | — | |||||||||||||||||||||||||||||||
Real estate - commercial mortgages | — | — | — | 180 | 6,790 | 7,870 | — | — | 6,790 | — | |||||||||||||||||||||||||||||||
Installment loans to individuals | — | — | — | 35 | 51 | 59 | — | — | 51 | — | |||||||||||||||||||||||||||||||
Loans, net of unearned | $ | — | $ | — | $ | — | $ | 30,533 | $ | 42,171 | $ | 44,989 | — | $ | — | $ | 42,171 | — | |||||||||||||||||||||||
Loans purchased and not covered by FDIC loss-share agreements | |||||||||||||||||||||||||||||||||||||||||
Commercial, financial, agricultural | $ | 102,869 | $ | 115,229 | $ | 128,200 | $ | 139,961 | $ | 152,071 | $ | 133,847 | (19.76 | ) | $ | 102,869 | $ | 152,071 | (32.35 | ) | |||||||||||||||||||||
Lease Financing | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Real estate- construction | 35,946 | 35,673 | 68,753 | 71,704 | 70,958 | 52,300 | (47.72 | ) | 35,946 | 70,958 | (49.34 | ) | |||||||||||||||||||||||||||||
Real estate - 1-4 family mortgages | 400,460 | 431,904 | 452,447 | 452,274 | 485,458 | 477,266 | (11.49 | ) | 400,460 | 485,458 | (17.51 | ) | |||||||||||||||||||||||||||||
Real estate - commercial mortgages | 759,743 | 804,790 | 823,758 | 864,825 | 898,108 | 763,587 | (7.77 | ) | 759,743 | 898,108 | (15.41 | ) | |||||||||||||||||||||||||||||
Installment loans to individuals | 13,091 | 14,124 | 15,979 | 19,910 | 24,114 | 26,328 | (18.07 | ) | 13,091 | 24,114 | (45.71 | ) | |||||||||||||||||||||||||||||
Loans, net of unearned | $ | 1,312,109 | $ | 1,401,720 | $ | 1,489,137 | $ | 1,548,674 | $ | 1,630,709 | $ | 1,453,328 | (11.89 | ) | $ | 1,312,109 | $ | 1,630,709 | (19.54 | ) | |||||||||||||||||||||
Asset quality data | |||||||||||||||||||||||||||||||||||||||||
Assets not purchased: | |||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 11,413 | $ | 12,629 | $ | 11,273 | $ | 12,454 | $ | 10,591 | $ | 11,690 | 1.24 | $ | 11,413 | $ | 10,591 | 7.76 | |||||||||||||||||||||||
Loans 90 past due or more | 1,283 | 2,175 | 2,079 | 2,315 | 1,428 | 2,495 | (38.29 | ) | 1,283 | 1,428 | (10.15 | ) | |||||||||||||||||||||||||||||
Nonperforming loans | 12,696 | 14,804 | 13,352 | 14,769 | 12,019 | 14,185 | (4.91 | ) | 12,696 | 12,019 | 5.63 | ||||||||||||||||||||||||||||||
Other real estate owned | 4,305 | 5,056 | 5,929 | 8,429 | 9,575 | 12,810 | (27.39 | ) | 4,305 | 9,575 | (55.04 | ) | |||||||||||||||||||||||||||||
Nonperforming assets not purchased | $ | 17,001 | $ | 19,860 | $ | 19,281 | $ | 23,198 | $ | 21,594 | $ | 26,995 | (11.83 | ) | $ | 17,001 | $ | 21,594 | (21.27 | ) | |||||||||||||||||||||
Assets purchased and subject to loss share: | |||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | — | $ | — | $ | — | $ | 1,628 | $ | 2,060 | $ | 2,708 | — | $ | — | $ | 2,060 | — | |||||||||||||||||||||||
Loans 90 past due or more | — | — | — | 786 | 2,076 | 4,343 | — | — | 2,076 | — | |||||||||||||||||||||||||||||||
Nonperforming loans | — | — | — | 2,414 | 4,136 | 7,051 | — | — | 4,136 | — | |||||||||||||||||||||||||||||||
Other real estate owned | — | — | — | 926 | 2,618 | 1,373 | — | — | 2,618 | — | |||||||||||||||||||||||||||||||
Nonperforming assets purchased and subject to loss share | $ | — | $ | — | $ | — | $ | 3,340 | $ | 6,754 | $ | 8,424 | — | $ | — | $ | 6,754 | — | |||||||||||||||||||||||
Assets purchased and not subject to loss share: | |||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 5,927 | $ | 8,495 | $ | 11,347 | $ | 12,105 | $ | 13,312 | $ | 12,368 | (47.77 | ) | $ | 5,927 | $ | 13,312 | (55.48 | ) | |||||||||||||||||||||
Loans 90 past due or more | 8,128 | 11,897 | 10,815 | 12,619 | 13,650 | 10,805 | (24.85 | ) | 8,128 | 13,650 | (40.45 | ) | |||||||||||||||||||||||||||||
Nonperforming loans | 14,055 | 20,392 | 22,162 | 24,724 | 26,962 | 23,173 | (36.58 | ) | 14,055 | 26,962 | (47.87 | ) | |||||||||||||||||||||||||||||
Other real estate owned | 15,409 | 16,266 | 17,370 | 16,973 | 17,146 | 19,051 | (11.29 | ) | 15,409 | 17,146 | (10.13 | ) | |||||||||||||||||||||||||||||
Nonperforming assets purchased | $ | 29,464 | $ | 36,658 | $ | 39,532 | $ | 41,697 | $ | 44,108 | $ | 42,224 | (25.47 | ) | $ | 29,464 | $ | 44,108 | (33.20 | ) | |||||||||||||||||||||
Net loan charge-offs (recoveries) | $ | 524 | $ | 1,314 | $ | 4,837 | $ | 824 | $ | 191 | $ | 1,378 | (89.17 | ) | $ | 1,838 | $ | 1,569 | 17.14 | ||||||||||||||||||||||
Allowance for loan losses | $ | 44,149 | $ | 42,923 | $ | 42,737 | $ | 45,924 | $ | 44,098 | $ | 42,859 | 3.30 | $ | 44,149 | $ | 44,098 | 0.12 | |||||||||||||||||||||||
Annualized net loan charge-offs / average loans | 0.03 | % | 0.09 | % | 0.31 | % | 0.05 | % | 0.01 | % | 0.10 | % | 0.06 | % | 0.06 | % | |||||||||||||||||||||||||
Nonperforming loans / total loans* | 0.42 | % | 0.56 | % | 0.57 | % | 0.69 | % | 0.72 | % | 0.80 | % | 0.42 | % | 0.72 | % | |||||||||||||||||||||||||
Nonperforming assets / total assets* | 0.52 | % | 0.64 | % | 0.68 | % | 0.80 | % | 0.85 | % | 0.95 | % | 0.52 | % | 0.85 | % | |||||||||||||||||||||||||
Allowance for loan losses / total loans* | 0.69 | % | 0.69 | % | 0.69 | % | 0.75 | % | 0.74 | % | 0.77 | % | 0.69 | % | 0.74 | % | |||||||||||||||||||||||||
Allowance for loan losses / nonperforming loans* | 165.04 | % | 121.95 | % | 120.34 | % | 109.59 | % | 102.28 | % | 96.51 | % | 165.04 | % | 102.28 | % | |||||||||||||||||||||||||
Nonperforming loans / total loans** | 0.25 | % | 0.31 | % | 0.28 | % | 0.33 | % | 0.28 | % | 0.35 | % | 0.25 | % | 0.28 | % | |||||||||||||||||||||||||
Nonperforming assets / total assets** | 0.19 | % | 0.23 | % | 0.22 | % | 0.27 | % | 0.25 | % | 0.33 | % | 0.19 | % | 0.25 | % | |||||||||||||||||||||||||
Allowance for loan losses / total loans** | 0.87 | % | 0.89 | % | 0.91 | % | 1.01 | % | 1.03 | % | 1.05 | % | 0.87 | % | 1.03 | % | |||||||||||||||||||||||||
Allowance for loan losses / nonperforming loans** | 347.74 | % | 289.94 | % | 320.08 | % | 310.95 | % | 366.90 | % | 302.14 | % | 347.74 | % | 366.90 | % | |||||||||||||||||||||||||
*Based on all assets (includes purchased assets) | |||||||||||||||||||||||||||||||||||||||||
**Excludes all assets purchased |
RENASANT CORPORATION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | For The Six Months Ending | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2017 | March 31, 2017 | June 30, 2016 | June 30, 2017 | June 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Not purchased | $ | 4,938,922 | $ | 54,955 | 4.46 | % | $ | 4,752,628 | $ | 51,143 | 4.36 | % | $ | 4,190,646 | $ | 46,012 | 4.42 | % | $ | 4,846,290 | $ | 106,098 | 4.41 | % | $ | 4,065,861 | $ | 89,173 | 4.41 | % | |||||||||||||||||||||||||
Purchased | 1,354,575 | 23,902 | 7.08 | 1,446,077 | 22,567 | 6.33 | 1,665,623 | 27,623 | 6.67 | 1,400,073 | 46,469 | 6.69 | 1,562,468 | 50,557 | 6.51 | ||||||||||||||||||||||||||||||||||||||||
Purchased and covered(1) | — | — | — | — | — | — | 41,381 | 1,073 | 10.43 | — | — | — | 62,727 | 2,208 | 7.08 | ||||||||||||||||||||||||||||||||||||||||
Total loans | 6,293,497 | 78,857 | 5.03 | 6,198,705 | 73,710 | 4.82 | 5,897,650 | 74,708 | 5.09 | 6,246,363 | 152,567 | 4.93 | 5,691,056 | 141,938 | 5.02 | ||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 168,650 | 1,831 | 4.35 | 112,105 | 1,148 | 4.15 | 306,011 | 2,472 | 3.25 | 140,534 | 2,980 | 4.28 | 261,851 | 4,845 | 3.72 | ||||||||||||||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable(2) | 737,494 | 4,340 | 2.36 | 704,805 | 4,070 | 2.34 | 755,220 | 4,321 | 2.30 | 721,240 | 8,410 | 2.35 | 751,887 | 8,457 | 2.26 | ||||||||||||||||||||||||||||||||||||||||
Tax-exempt | 331,750 | 3,891 | 4.70 | 338,892 | 4,297 | 5.14 | 356,611 | 4,178 | 4.71 | 335,301 | 8,188 | 4.92 | 355,804 | 8,384 | 4.74 | ||||||||||||||||||||||||||||||||||||||||
Total securities | 1,069,244 | 8,231 | 3.09 | 1,043,697 | 8,367 | 3.25 | 1,111,831 | 8,499 | 3.07 | 1,056,541 | 16,598 | 3.17 | 1,107,691 | 16,841 | 3.06 | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing balances with banks | 126,458 | 510 | 1.62 | 314,075 | 556 | 0.72 | 80,791 | 104 | 0.52 | 219,748 | 1,065 | 0.98 | 70,967 | 177 | 0.50 | ||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 7,657,849 | 89,429 | 4.68 | 7,668,582 | 83,781 | 4.43 | 7,396,283 | 85,783 | 4.66 | 7,663,186 | 173,210 | 4.56 | 7,131,565 | 163,801 | 4.62 | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 116,783 | 131,874 | 139,681 | 124,287 | 139,039 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | 492,349 | 493,816 | 499,503 | 493,078 | 486,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||
FDIC loss-share indemnification asset | — | — | 5,969 | — | 6,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 453,679 | 465,176 | 500,382 | 459,396 | 489,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,720,660 | $ | 8,759,448 | $ | 8,541,818 | $ | 8,739,947 | $ | 8,253,361 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand(3) | 3,368,363 | 1,917 | 0.23 | 3,410,606 | 1,813 | 0.22 | 3,111,718 | 1,421 | 0.18 | 3,389,368 | 3,730 | 0.22 | 3,034,314 | 2,762 | 0.18 | ||||||||||||||||||||||||||||||||||||||||
Savings deposits | 568,535 | 98 | 0.07 | 553,985 | 96 | 0.07 | 526,596 | 93 | 0.07 | 561,300 | 194 | 0.07 | 517,304 | 182 | 0.07 | ||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,603,800 | 3,300 | 0.83 | 1,617,262 | 3,240 | 0.81 | 1,607,092 | 2,906 | 0.73 | 1,610,494 | 6,539 | 0.82 | 1,550,373 | 5,436 | 0.71 | ||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 5,540,698 | 5,315 | 0.38 | 5,581,853 | 5,149 | 0.37 | 5,245,406 | 4,420 | 0.34 | 5,561,162 | 10,463 | 0.38 | 5,101,991 | 8,380 | 0.33 | ||||||||||||||||||||||||||||||||||||||||
Borrowed funds | 233,542 | 2,661 | 4.57 | 282,008 | 2,725 | 3.92 | 594,459 | 2,431 | 1.64 | 257,641 | 5,387 | 4.22 | 566,921 | 4,676 | 1.66 | ||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,774,240 | 7,976 | 0.55 | 5,863,861 | 7,874 | 0.54 | 5,839,865 | 6,851 | 0.47 | 5,818,803 | 15,850 | 0.55 | 5,668,912 | 13,056 | 0.46 | ||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,608,467 | 1,558,809 | 1,477,380 | 1,583,775 | 1,397,382 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 79,018 | 89,875 | 103,275 | 84,417 | 100,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 1,258,935 | 1,246,903 | 1,121,298 | 1,252,952 | 1,086,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,720,660 | $ | 8,759,448 | $ | 8,541,818 | $ | 8,739,947 | $ | 8,253,361 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest income/ net interest margin | $ | 81,453 | 4.27 | % | $ | 75,907 | 4.01 | % | $ | 78,932 | 4.29 | % | $ | 157,360 | 4.14 | % | $ | 150,745 | 4.25 | % | |||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | June 30, | |||||||||||||||||||||||||||||||||||||
Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | 2017 | 2016 | ||||||||||||||||||||||||||||||||
Net income (GAAP) | $ | 25,284 | $ | 23,972 | $ | 23,635 | $ | 23,179 | $ | 22,900 | $ | 21,216 | $ | 49,256 | $ | 44,116 | |||||||||||||||||||||||
Amortization of intangibles, net of tax | 1,013 | 1,064 | 1,094 | 1,119 | 1,171 | 1,134 | 2,077 | 2,305 | |||||||||||||||||||||||||||||||
Tangible net income (non-GAAP) | $ | 26,297 | $ | 25,036 | $ | 24,729 | $ | 24,298 | $ | 24,071 | $ | 22,350 | $ | 51,333 | $ | 46,421 | |||||||||||||||||||||||
Average shareholders' equity (GAAP) | $ | 1,258,935 | $ | 1,246,903 | $ | 1,155,749 | $ | 1,135,073 | $ | 1,121,298 | $ | 1,050,668 | $ | 1,252,952 | $ | 1,086,178 | |||||||||||||||||||||||
Intangibles | 492,349 | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | 493,078 | 486,749 | |||||||||||||||||||||||||||||||
Average tangible s/h's equity (non-GAAP) | $ | 766,586 | $ | 753,087 | $ | 660,345 | $ | 638,009 | $ | 621,795 | $ | 576,816 | $ | 759,874 | $ | 599,429 | |||||||||||||||||||||||
Average total assets (GAAP) | $ | 8,720,660 | $ | 8,759,448 | $ | 8,591,795 | $ | 8,562,199 | $ | 8,541,818 | $ | 7,961,700 | $ | 8,739,947 | $ | 8,253,361 | |||||||||||||||||||||||
Intangibles | 492,349 | 493,816 | 495,404 | 497,064 | 499,503 | 473,852 | 493,078 | 486,749 | |||||||||||||||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 8,228,311 | $ | 8,265,632 | $ | 8,096,391 | $ | 8,065,135 | $ | 8,042,315 | $ | 7,487,848 | $ | 8,246,869 | $ | 7,766,612 | |||||||||||||||||||||||
Actual shareholders' equity (GAAP) | $ | 1,271,786 | $ | 1,251,065 | $ | 1,232,883 | $ | 1,142,247 | $ | 1,124,256 | $ | 1,053,178 | $ | 1,271,786 | $ | 1,124,256 | |||||||||||||||||||||||
Intangibles | 491,552 | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | 491,552 | 497,917 | |||||||||||||||||||||||||||||||
Actual tangible s/h's equity (non-GAAP) | $ | 780,234 | $ | 758,020 | $ | 738,275 | $ | 646,014 | $ | 626,339 | $ | 576,639 | $ | 780,234 | $ | 626,339 | |||||||||||||||||||||||
Actual total assets (GAAP) | $ | 8,872,272 | $ | 8,764,711 | $ | 8,699,851 | $ | 8,542,471 | $ | 8,529,566 | $ | 8,146,229 | $ | 8,872,272 | $ | 8,529,566 | |||||||||||||||||||||||
Intangibles | 491,552 | 493,045 | 494,608 | 496,233 | 497,917 | 476,539 | 491,552 | 497,917 | |||||||||||||||||||||||||||||||
Actual tangible assets (non-GAAP) | $ | 8,380,720 | $ | 8,271,666 | $ | 8,205,243 | $ | 8,046,238 | $ | 8,031,649 | $ | 7,669,690 | $ | 8,380,720 | $ | 8,031,649 | |||||||||||||||||||||||
(1) Return on Average Equity | |||||||||||||||||||||||||||||||||||||||
Return on avg s/h's equity (GAAP) | 8.06 | % | 7.80 | % | 8.14 | % | 8.12 | % | 8.21 | % | 8.12 | % | 7.93 | % | 8.17 | % | |||||||||||||||||||||||
Effect of adjustment for intangible assets | 5.70 | % | 5.69 | % | 6.76 | % | 7.03 | % | 7.36 | % | 7.46 | % | 5.70 | % | 7.41 | % | |||||||||||||||||||||||
Return on avg tangible s/h's equity (non-GAAP) | 13.76 | % | 13.48 | % | 14.90 | % | 15.15 | % | 15.57 | % | 15.58 | % | 13.62 | % | 15.57 | % | |||||||||||||||||||||||
(2) Return on Average Assets | |||||||||||||||||||||||||||||||||||||||
Return on (average) assets (GAAP) | 1.16 | % | 1.11 | % | 1.09 | % | 1.08 | % | 1.08 | % | 1.07 | % | 1.14 | % | 1.07 | % | |||||||||||||||||||||||
Effect of adjustment for intangible assets | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.12 | % | 0.13 | % | |||||||||||||||||||||||
Return on average tangible assets (non-GAAP) | 1.28 | % | 1.23 | % | 1.22 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.26 | % | 1.20 | % | |||||||||||||||||||||||
(3) Shareholder Equity Ratio | |||||||||||||||||||||||||||||||||||||||
Shareholders' equity to (actual) assets (GAAP) | 14.33 | % | 14.27 | % | 14.17 | % | 13.37 | % | 13.18 | % | 12.93 | % | 14.33 | % | 13.18 | % | |||||||||||||||||||||||
Effect of adjustment for intangible assets | 5.02 | % | 5.11 | % | 5.17 | % | 5.34 | % | 5.38 | % | 5.41 | % | 5.02 | % | 5.38 | % | |||||||||||||||||||||||
Tangible capital ratio (non-GAAP) | 9.31 | % | 9.16 | % | 9.00 | % | 8.03 | % | 7.80 | % | 7.52 | % | 9.31 | % | 7.80 | % | |||||||||||||||||||||||
CALCULATION OF EFFICIENCY RATIO | |||||||||||||||||||||||||||||||||||||||
Interest income (FTE) | $ | 89,429 | $ | 83,781 | $ | 87,564 | $ | 84,786 | $ | 85,783 | $ | 78,009 | $ | 173,210 | $ | 163,792 | |||||||||||||||||||||||
Interest expense | 7,976 | 7,874 | 7,791 | 7,301 | 6,851 | 6,205 | 15,850 | 13,056 | |||||||||||||||||||||||||||||||
Net Interest income (FTE) | $ | 81,453 | $ | 75,907 | $ | 79,773 | $ | 77,485 | $ | 78,932 | $ | 71,804 | $ | 157,360 | $ | 150,736 | |||||||||||||||||||||||
Total noninterest income | $ | 34,265 | $ | 32,021 | $ | 30,255 | $ | 38,272 | $ | 35,586 | $ | 33,302 | $ | 66,286 | $ | 68,888 | |||||||||||||||||||||||
Securities gains (losses) | — | — | — | — | 1,257 | (71 | ) | — | 1,186 | ||||||||||||||||||||||||||||||
Total noninterest income | $ | 34,265 | $ | 32,021 | $ | 30,255 | $ | 38,272 | $ | 34,329 | $ | 33,373 | $ | 66,286 | $ | 67,702 | |||||||||||||||||||||||
Total Income (FTE) | $ | 115,718 | $ | 107,928 | $ | 110,028 | $ | 115,757 | $ | 113,261 | $ | 105,177 | $ | 223,646 | $ | 218,438 | |||||||||||||||||||||||
Total noninterest expense | $ | 74,841 | $ | 69,309 | $ | 71,558 | $ | 76,468 | $ | 77,259 | $ | 69,814 | $ | 144,150 | $ | 147,073 | |||||||||||||||||||||||
Amortization of intangibles | 1,493 | 1,563 | 1,624 | 1,684 | 1,742 | 1,697 | 3,056 | 3,439 | |||||||||||||||||||||||||||||||
Merger-related expenses | 3,044 | 345 | — | 268 | 2,807 | 948 | 3,389 | 3,755 | |||||||||||||||||||||||||||||||
Debt extinguishment penalty | — | 205 | — | 2,210 | 329 | — | 205 | 329 | |||||||||||||||||||||||||||||||
Loss share termination | — | — | 2,053 | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total noninterest expense | $ | 70,304 | $ | 67,196 | $ | 67,881 | $ | 72,306 | $ | 72,381 | $ | 67,169 | $ | 137,500 | $ | 139,550 | |||||||||||||||||||||||
(4) Efficiency Ratio | 60.75 | % | 62.26 | % | 61.69 | % | 62.46 | % | 63.91 | % | 63.86 | % | 61.48 | % | 63.89 | % |