Renasant Corporation Announces 2012 Third Quarter Earnings
TUPELO, Miss., Oct. 16, 2012 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2012. Net income for the third quarter of 2012 was $7.0 million, or basic and diluted earnings per share of $0.28, as compared to $6.5 million, or basic and diluted earnings per share of $0.26, for the third quarter of 2011.
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"During the third quarter of 2012, we continued to experience strong growth in loans, noninterest-bearing demand deposits and noninterest income, especially from our mortgage and wealth management divisions, all of which helped drive our increase in earnings per share," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "We were especially pleased in accomplishing loan growth throughout all regions of our footprint for the second consecutive quarter. Although the majority of our loan growth came from our non-de novo markets, we are excited about the potential opportunity for future loan growth from our new market operations as they continue to build their loan portfolios."
Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were approximately $2.800 billion at September 30, 2012, as compared to $2.565 billion at September 30, 2011, and $2.581 billion at December 31, 2011. Loans not covered under FDIC loss-share agreements were $2.540 billion at September 30, 2012, an increase of 15.2% from September 30, 2011, and 13.3% from December 31, 2011.
"Our increase in loans for the third quarter of 2012 represents our fifth consecutive quarter of loan growth. Furthermore, our annualized growth rate of 24% for the third quarter of 2012 represents our second consecutive quarter of double-digit annualized growth for loans not covered under FDIC loss-share agreements," said McGraw. "In addition, our new market operations in Alabama, Mississippi and Tennessee contributed approximately $64.4 million in net loan growth during the third quarter of 2012."
Total deposits were $3.396 billion at September 30, 2012, as compared to $3.342 billion at September 30, 2011, and $3.412 billion at December 31, 2011. Noninterest-bearing deposits were $554.58 million at September 30, 2012, an increase of $61.45 million, or 12.5%, as compared to the same period in 2011 and an increase of $22.67 million, or 4.3%, from December 31, 2011. Noninterest-bearing deposits now represent 16.33% of total deposits as of September 30, 2012.
Total assets as of September 30, 2012, were approximately $4.165 billion, down slightly from December 31, 2011. The Company's Tier 1 leverage capital ratio was 9.90%, its Tier 1 risk-based capital ratio was 12.73%, and its total risk-based capital ratio was 14.00% at September 30, 2012. All of the Company's regulatory capital ratios continued to be in excess of the required regulatory minimums to be classified as "well-capitalized." The Company's tangible common equity ratio was 7.69% as of September 30, 2012.
Net interest income was $33.1 million for the third quarter of 2012, as compared to $32.9 million for the third quarter of 2011. Net interest margin was 3.94% for the third quarter of 2012, as compared to 3.92% for the third quarter of 2011. The Company's cost of funds decreased to 0.68%, as compared to 0.99% for the third quarter of 2011.
"Despite continued pressure on our net interest income and net interest margin due to a historically low interest rate environment, we have continued to increase our net interest income and net interest margin each quarter as compared to the same periods in 2011 by restructuring our funding mix and through the continued deployment of cash into higher yielding assets," stated McGraw.
Noninterest income was $18.0 million for the third quarter of 2012, as compared to $18.4 million for the third quarter of 2011. During the third quarter of 2011, however, the Company had a $5.0 million gain on the sale of securities and a $570,000 gain from its RBC Birmingham-based trust unit acquisition.
"We experienced strong revenue from diverse noninterest income sources including fees and commissions from loans, mortgage operations, wealth management and insurance products, as well as service charges on deposit accounts. It is worth noting that, when excluding the gains from the sale of securities and trust unit acquisition during the third quarter of 2011, noninterest income grew approximately 41% during the third quarter of 2012, as compared to the same period in 2011," stated McGraw.
Noninterest expense was $38.6 million for the third quarter of 2012, as compared to $36.9 million for the third quarter of 2011. The increase in noninterest expense during the third quarter of 2012, as compared to the third quarter of 2011, is primarily attributable to commissions paid on mortgage loan originations and expenses related to the addition of our East Tennessee de novo operations.
The Company's loans and other real estate owned ("OREO") acquired in FDIC-assisted transactions were recorded at fair value at the time of acquisition. Furthermore, the loss-share agreements with the FDIC, as well as subsequent fair value adjustments to the balances of these acquired assets, mitigate the impact of further losses on these assets. Nonperforming loans and OREO, or nonperforming assets, covered under loss-share agreements totaled $64.1 million and $41.6 million, respectively, at September 30, 2012, a decrease of approximately 24.9% from September 30, 2011, and 20.1% from December 31, 2011. The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios exclude the assets covered under loss-share agreements.
Nonperforming loans were $32.0 million at September 30, 2012, as compared to $49.0 million at September 30, 2011, and $34.9 million at December 31, 2011. Loans 30-to-89 days past due as a percentage of total loans were 0.56% as of September 30, 2012, as compared to 0.75% as of September 30, 2011, and 0.71% as of December 31, 2011. Restructured loans totaled $30.9 million at September 30, 2012, as compared to $35.8 million at September 30, 2011, and $36.3 million at December 31, 2011.
The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 137.57% as of September 30, 2012, up from 98.97% as of September 30, 2011, and 127.00% as of December 31, 2011.
The Company recorded a provision for loan losses of $4.6 million for the third quarter of 2012, as compared to $5.5 million for the third quarter of 2011. Annualized net charge-offs as a percentage of average loans were 0.77% for the third quarter of 2012, as compared to 0.70% for the third quarter of 2011, and 1.56% for the fourth quarter of 2011. The allowance for loan losses as a percentage of loans was 1.74% at September 30, 2012, as compared to 2.20% at September 30, 2011, and 1.98% at December 31, 2011.
OREO was $48.57 million at September 30, 2012, as compared to $72.77 million at September 30, 2011, and $70.1 million at December 31, 2011. The Company experienced a reduction in OREO of 31% at September 30, 2012, as compared to December 31, 2011. During the third quarter, the Company sold a total of approximately $10.8 million in OREO and currently has approximately $3.2 million under contract to sell during the fourth quarter of 2012.
"Moving into the fourth quarter, we are anticipating a strong finish to 2012 as we build upon the momentum generated from our continued loan growth, increase in mortgage and wealth management revenue, and our decrease in nonperforming assets," stated McGraw. "These positive metrics, along with the addition of our new markets, have us prepared to capitalize on future opportunities as they present themselves."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, October 17, 2012.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst121017.html. To access the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant Corporation Third Quarter 2012 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6789 to access the conference call.
The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10019513or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM Eastern on October 17, 2013.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 108-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.1 billion and operates over 75 banking, 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.
| Contacts: |
For Media: |
For Financials: |
| John Oxford |
Kevin Chapman |
|
| Vice President |
Senior Executive Vice President |
|
| Director of External Affairs |
Chief Financial Officer |
|
| (662) 680-1219 |
(662) 680-1450 |
|
| RENASANT CORPORATION |
|||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||
| Q3 2012 - |
For the Nine Months |
||||||||||||||||||||||||
| 2012 |
2011 |
Q3 2011 |
Ended September 30, |
||||||||||||||||||||||
| Third |
Second |
First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
|||||||||||||||||
| Statement of earnings |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2012 |
2011 |
Variance |
||||||||||||||
| Interest income - taxable equivalent basis |
$ 40,613 |
$ 41,487 |
$ 42,001 |
$ 42,430 |
$ 43,432 |
$ 45,291 |
$ 45,371 |
(6.49) |
$ 124,101 |
$ 134,094 |
(7.45) |
||||||||||||||
| Interest income |
$ 39,154 |
$ 39,978 |
$ 40,505 |
$ 40,970 |
$ 41,981 |
$ 43,819 |
$ 43,843 |
(6.73) |
$ 119,637 |
$ 129,643 |
(7.72) |
||||||||||||||
| Interest expense |
6,022 |
6,568 |
7,662 |
8,475 |
9,070 |
11,153 |
12,707 |
(33.61) |
20,252 |
32,930 |
(38.50) |
||||||||||||||
| Net interest income |
33,132 |
33,410 |
32,843 |
32,495 |
32,911 |
32,666 |
31,136 |
0.67 |
99,385 |
96,713 |
2.76 |
||||||||||||||
| Provision for loan losses |
4,625 |
4,700 |
4,800 |
6,000 |
5,500 |
5,350 |
5,500 |
(15.91) |
14,125 |
16,350 |
(13.61) |
||||||||||||||
| Net interest income after provision |
28,507 |
28,710 |
28,043 |
26,495 |
27,411 |
27,316 |
25,636 |
4.00 |
85,260 |
80,363 |
6.09 |
||||||||||||||
| Service charges on deposit accounts |
4,818 |
4,495 |
4,525 |
4,527 |
4,751 |
5,036 |
4,841 |
1.41 |
13,838 |
14,628 |
(5.40) |
||||||||||||||
| Fees and commissions on loans and deposits |
4,639 |
4,322 |
3,928 |
3,794 |
3,320 |
3,118 |
2,931 |
39.73 |
12,889 |
9,369 |
37.57 |
||||||||||||||
| Insurance commissions and fees |
848 |
842 |
898 |
812 |
849 |
792 |
837 |
(0.12) |
2,588 |
2,478 |
4.44 |
||||||||||||||
| Wealth management revenue |
1,707 |
1,551 |
1,942 |
1,526 |
1,144 |
1,139 |
1,056 |
49.21 |
5,200 |
3,339 |
55.74 |
||||||||||||||
| Securities gains (losses) |
- |
869 |
904 |
- |
5,041 |
(258) |
12 |
(100.00) |
1,773 |
4,795 |
(63.02) |
||||||||||||||
| Gain on sale of mortgage loans |
4,397 |
2,390 |
1,281 |
662 |
1,371 |
949 |
1,151 |
220.71 |
8,068 |
3,471 |
132.44 |
||||||||||||||
| Gain on acquisition |
- |
- |
- |
- |
570 |
- |
8,774 |
(100.00) |
- |
9,344 |
(100.00) |
||||||||||||||
| Other |
1,605 |
1,769 |
2,909 |
1,686 |
1,349 |
1,604 |
1,393 |
18.98 |
6,283 |
4,346 |
44.57 |
||||||||||||||
| Total noninterest income |
18,014 |
16,238 |
16,387 |
13,007 |
18,395 |
12,380 |
20,995 |
(2.07) |
50,639 |
51,770 |
(2.18) |
||||||||||||||
| . |
|||||||||||||||||||||||||
| Salaries and employee benefits |
21,221 |
19,871 |
18,649 |
16,232 |
17,493 |
16,173 |
16,237 |
21.31 |
59,741 |
49,903 |
19.71 |
||||||||||||||
| Occupancy and equipment |
3,882 |
3,582 |
3,615 |
3,522 |
3,434 |
3,367 |
3,218 |
13.05 |
11,079 |
10,019 |
10.58 |
||||||||||||||
| Data processing |
2,192 |
2,211 |
2,040 |
1,925 |
1,927 |
1,657 |
1,788 |
13.75 |
6,443 |
5,372 |
19.94 |
||||||||||||||
| Debt extinguishment penalty |
- |
- |
898 |
- |
- |
- |
1,903 |
- |
898 |
1,903 |
(52.81) |
||||||||||||||
| Merger-related expenses |
- |
- |
- |
- |
326 |
- |
1,325 |
(100.00) |
- |
1,651 |
(100.00) |
||||||||||||||
| Other real estate |
2,440 |
3,370 |
3,999 |
3,357 |
6,336 |
2,122 |
3,511 |
(61.49) |
9,809 |
11,969 |
(18.05) |
||||||||||||||
| Amortization of intangibles |
341 |
349 |
358 |
366 |
351 |
510 |
515 |
(2.85) |
1,048 |
1,376 |
(23.84) |
||||||||||||||
| Other |
8,555 |
7,327 |
7,062 |
6,962 |
7,091 |
7,816 |
7,496 |
20.65 |
22,944 |
22,403 |
2.41 |
||||||||||||||
| Total noninterest expense |
38,631 |
36,710 |
36,621 |
32,364 |
36,958 |
31,645 |
35,993 |
4.53 |
111,962 |
104,596 |
7.04 |
||||||||||||||
| Income before income taxes |
7,890 |
8,238 |
7,809 |
7,138 |
8,848 |
8,051 |
10,638 |
(10.83) |
23,937 |
27,537 |
(13.07) |
||||||||||||||
| Income taxes |
853 |
1,893 |
1,835 |
1,348 |
2,316 |
2,294 |
3,085 |
(63.17) |
4,581 |
7,695 |
(40.47) |
||||||||||||||
| Net income |
$ 7,037 |
$ 6,345 |
$ 5,974 |
$ 5,790 |
$ 6,532 |
$ 5,757 |
$ 7,553 |
7.73 |
$ 19,356 |
$ 19,842 |
(2.45) |
||||||||||||||
| Basic earnings per share |
$ 0.28 |
$ 0.25 |
$ 0.24 |
$ 0.23 |
$ 0.26 |
$ 0.23 |
$ 0.30 |
7.69 |
$ 0.77 |
$ 0.79 |
(2.53) |
||||||||||||||
| Diluted earnings per share |
0.28 |
0.25 |
0.24 |
0.23 |
0.26 |
0.23 |
0.30 |
7.69 |
0.77 |
0.79 |
(2.53) |
||||||||||||||
| Average basic shares outstanding |
25,114,672 |
25,110,709 |
25,078,996 |
25,061,122 |
25,061,068 |
25,059,081 |
25,052,126 |
0.21 |
25,101,507 |
25,057,458 |
0.18 |
||||||||||||||
| Average diluted shares outstanding |
25,220,887 |
25,149,360 |
25,138,213 |
25,183,114 |
25,180,923 |
25,182,503 |
25,172,410 |
0.16 |
25,161,911 |
25,186,177 |
(0.10) |
||||||||||||||
| Common shares outstanding |
25,120,412 |
25,113,894 |
25,105,732 |
25,066,068 |
25,061,068 |
25,061,068 |
25,056,431 |
0.24 |
25,120,412 |
25,061,068 |
0.24 |
||||||||||||||
| Cash dividend per common share |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
$ 0.17 |
- |
$ 0.51 |
$ 0.51 |
- |
||||||||||||||
| Performance ratios |
|||||||||||||||||||||||||
| Return on average shareholders' equity |
5.65% |
5.19% |
4.88% |
4.71% |
5.36% |
4.84% |
6.51% |
5.24% |
5.56% |
||||||||||||||||
| Return on average shareholders' equity, excluding amortization expense |
5.82% |
5.36% |
5.06% |
4.89% |
5.54% |
5.11% |
6.78% |
5.42% |
5.80% |
||||||||||||||||
| Return on average assets |
0.69% |
0.62% |
0.57% |
0.55% |
0.63% |
0.54% |
0.69% |
0.62% |
0.62% |
||||||||||||||||
| Return on average assets, excluding amortization expense |
0.71% |
0.64% |
0.59% |
0.57% |
0.65% |
0.57% |
0.72% |
0.64% |
0.65% |
||||||||||||||||
| Net interest margin (FTE) |
3.94% |
3.98% |
3.85% |
3.84% |
3.92% |
3.76% |
3.55% |
3.93% |
3.74% |
||||||||||||||||
| Yield on earning assets (FTE) |
4.63% |
4.73% |
4.71% |
4.80% |
4.96% |
4.99% |
4.93% |
4.69% |
4.95% |
||||||||||||||||
| Cost of funding |
0.68% |
0.74% |
0.84% |
0.92% |
0.99% |
1.17% |
1.31% |
0.75% |
1.16% |
||||||||||||||||
| Average earning assets to average assets |
85.62% |
85.39% |
84.88% |
84.22% |
83.95% |
84.75% |
84.16% |
85.18% |
84.42% |
||||||||||||||||
| Average loans to average deposits |
81.34% |
76.89% |
75.45% |
75.83% |
76.23% |
72.47% |
70.20% |
77.88% |
73.04% |
||||||||||||||||
| Noninterest income (less securities gains/ |
|||||||||||||||||||||||||
| losses) to average assets |
1.76% |
1.50% |
1.47% |
1.24% |
1.28% |
1.18% |
1.92% |
1.57% |
1.47% |
||||||||||||||||
| Noninterest expense to average assets |
3.77% |
3.58% |
3.49% |
3.08% |
3.54% |
2.96% |
3.30% |
3.61% |
3.26% |
||||||||||||||||
| Net overhead ratio |
2.01% |
2.08% |
2.01% |
1.84% |
2.26% |
1.78% |
1.38% |
2.04% |
1.79% |
||||||||||||||||
| Efficiency ratio (FTE) |
73.44% |
71.76% |
72.19% |
68.92% |
70.05% |
68.03% |
67.08% |
72.47% |
68.39% |
||||||||||||||||
| RENASANT CORPORATION |
|||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||
| Q3 2012 - |
For the Nine Months |
||||||||||||||||||||||||
| 2012 |
2011 |
Q3 2011 |
Ended September 30, |
||||||||||||||||||||||
| Third |
Second |
First |
Fourth |
Third |
Second |
First |
Percent |
Percent |
|||||||||||||||||
| Average balances |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Quarter |
Variance |
2012 |
2011 |
Variance |
||||||||||||||
| Total assets |
$ 4,078,333 |
$ 4,123,373 |
$ 4,222,376 |
$ 4,172,518 |
$ 4,142,851 |
$ 4,294,530 |
$ 4,423,088 |
(1.56) |
$ 4,146,847 |
$ 4,284,463 |
(3.21) |
||||||||||||||
| Earning assets |
3,491,941 |
3,521,099 |
3,583,957 |
3,514,110 |
3,478,054 |
3,639,696 |
3,722,419 |
0.40 |
3,532,185 |
3,616,922 |
(2.34) |
||||||||||||||
| Securities |
682,123 |
793,353 |
813,826 |
745,398 |
796,957 |
863,735 |
881,808 |
(14.41) |
762,805 |
847,110 |
(9.95) |
||||||||||||||
| Loans, net of unearned |
2,754,017 |
2,647,321 |
2,614,000 |
2,594,820 |
2,577,539 |
2,575,890 |
2,556,572 |
6.85 |
2,672,079 |
2,574,516 |
3.79 |
||||||||||||||
| Intangibles |
191,442 |
191,788 |
192,429 |
192,611 |
191,574 |
191,320 |
191,740 |
(0.07) |
191,789 |
191,542 |
0.13 |
||||||||||||||
| Noninterest-bearing deposits |
$ 543,767 |
$ 531,209 |
$ 534,867 |
$ 523,807 |
$ 480,699 |
$ 468,170 |
$ 476,115 |
13.12 |
$ 536,640 |
$ 475,009 |
12.97 |
||||||||||||||
| Interest-bearing deposits |
2,812,140 |
2,886,878 |
2,897,750 |
2,854,146 |
2,880,248 |
3,072,809 |
3,148,481 |
(2.36) |
2,865,394 |
3,032,873 |
(5.52) |
||||||||||||||
| Total deposits |
3,355,907 |
3,418,087 |
3,432,617 |
3,377,953 |
3,360,947 |
3,540,979 |
3,624,596 |
(0.15) |
3,402,034 |
3,507,882 |
(3.02) |
||||||||||||||
| Borrowed funds |
177,016 |
168,856 |
238,937 |
260,672 |
259,387 |
261,060 |
290,201 |
(31.76) |
194,871 |
270,103 |
(27.85) |
||||||||||||||
| Shareholders' equity |
495,220 |
492,164 |
492,092 |
487,752 |
483,121 |
476,896 |
470,875 |
2.50 |
493,279 |
476,708 |
3.48 |
||||||||||||||
| Asset quality data |
|||||||||||||||||||||||||
| Assets not subject to loss share: |
|||||||||||||||||||||||||
| Nonaccrual loans |
$ 29,677 |
$ 26,099 |
$ 26,999 |
$ 31,154 |
$ 40,363 |
$ 42,331 |
$ 46,406 |
(26.47) |
$ 29,677 |
$ 40,363 |
(26.47) |
||||||||||||||
| Loans 90 past due or more |
2,358 |
3,864 |
3,435 |
3,760 |
8,674 |
9,646 |
10,839 |
(72.82) |
2,358 |
8,674 |
(72.82) |
||||||||||||||
| Nonperforming loans |
32,035 |
29,963 |
30,434 |
34,914 |
49,037 |
51,977 |
57,245 |
(34.67) |
32,035 |
49,037 |
(34.67) |
||||||||||||||
| Other real estate owned |
48,568 |
58,384 |
64,931 |
70,079 |
72,765 |
68,384 |
71,415 |
(33.25) |
48,568 |
72,765 |
(33.25) |
||||||||||||||
| Nonperforming assets not subject to loss share |
$ 80,603 |
$ 88,347 |
$ 95,365 |
$ 104,993 |
$ 121,802 |
$ 120,361 |
$ 128,660 |
(33.82) |
$ 80,603 |
$ 121,802 |
(33.82) |
||||||||||||||
| Assets subject to loss share: |
|||||||||||||||||||||||||
| Nonaccrual loans |
$ 64,080 |
$ 65,386 |
$ 78,418 |
$ 88,034 |
$ 84,426 |
$ 78,780 |
$ 78,909 |
(24.10) |
$ 64,080 |
$ 84,426 |
(24.10) |
||||||||||||||
| Loans 90 past due or more |
- |
199 |
1,397 |
1,134 |
12,222 |
10,619 |
7,817 |
(100.00) |
- |
12,222 |
(100.00) |
||||||||||||||
| Non-performing loans subject to loss share |
64,080 |
65,585 |
79,815 |
89,168 |
96,648 |
89,399 |
86,726 |
(33.70) |
64,080 |
96,648 |
(33.70) |
||||||||||||||
| Other real estate owned and repossessions |
41,615 |
37,951 |
35,461 |
43,156 |
44,021 |
59,802 |
59,036 |
(5.47) |
41,615 |
44,021 |
(5.47) |
||||||||||||||
| Nonperforming assets subject to loss share |
$ 105,695 |
$ 103,536 |
$ 115,276 |
$ 132,324 |
$ 140,669 |
$ 149,201 |
$ 145,762 |
(24.86) |
$ 105,695 |
$ 140,669 |
(24.86) |
||||||||||||||
| Net loan charge-offs (recoveries) |
$ 5,335 |
$ 4,097 |
$ 4,964 |
$ 10,192 |
$ 4,539 |
$ 5,284 |
$ 3,410 |
17.54 |
$ 14,396 |
$ 13,233 |
8.79 |
||||||||||||||
| Allowance for loan losses |
44,069 |
44,779 |
44,176 |
44,340 |
48,532 |
47,571 |
47,505 |
(9.20) |
44,069 |
48,532 |
(9.20) |
||||||||||||||
| Nonperforming loans / total loans* |
1.26% |
1.25% |
1.33% |
1.56% |
2.22% |
2.38% |
2.61% |
1.26% |
2.22% |
||||||||||||||||
| Nonperforming assets / total assets* |
1.94% |
2.15% |
2.28% |
2.50% |
2.94% |
2.83% |
2.91% |
1.94% |
2.94% |
||||||||||||||||
| Allowance for loan losses / total loans* |
1.74% |
1.87% |
1.94% |
1.98% |
2.20% |
2.18% |
2.17% |
1.74% |
2.20% |
||||||||||||||||
| Allowance for loan losses / nonperforming loans* |
137.57% |
149.45% |
145.15% |
127.00% |
98.97% |
91.52% |
82.99% |
137.57% |
98.97% |
||||||||||||||||
| Annualized net loan charge-offs / average loans* |
0.77% |
0.62% |
0.76% |
1.56% |
0.70% |
0.82% |
0.54% |
0.72% |
0.69% |
||||||||||||||||
| Balances at period end |
|||||||||||||||||||||||||
| Total assets |
$ 4,164,606 |
$ 4,112,377 |
$ 4,176,490 |
$ 4,202,008 |
$ 4,136,474 |
$ 4,259,200 |
$ 4,422,164 |
0.68 |
$ 4,164,606 |
$ 4,136,474 |
0.68 |
||||||||||||||
| Earning assets |
3,595,576 |
3,510,654 |
3,551,252 |
3,528,980 |
3,480,982 |
3,585,441 |
3,724,108 |
3.29 |
3,595,576 |
3,480,982 |
3.29 |
||||||||||||||
| Securities |
680,679 |
676,721 |
834,419 |
796,341 |
718,881 |
833,710 |
880,382 |
(5.31) |
680,679 |
718,881 |
(5.31) |
||||||||||||||
| Mortgage loans held for sale |
39,131 |
25,386 |
25,216 |
28,222 |
24,739 |
11,511 |
9,399 |
58.18 |
39,131 |
24,739 |
58.18 |
||||||||||||||
| Loans not subject to loss share |
2,539,618 |
2,392,349 |
2,281,957 |
2,241,622 |
2,204,955 |
2,185,490 |
2,190,376 |
15.18 |
2,539,618 |
2,204,955 |
15.18 |
||||||||||||||
| Loans subject to loss share |
260,545 |
289,685 |
318,089 |
339,462 |
359,813 |
377,149 |
386,811 |
(27.59) |
260,545 |
359,813 |
(27.59) |
||||||||||||||
| Total loans |
2,800,163 |
2,682,034 |
2,600,046 |
2,581,084 |
2,564,768 |
2,562,639 |
2,577,187 |
9.18 |
2,800,163 |
2,564,768 |
9.18 |
||||||||||||||
| Intangibles |
191,258 |
191,618 |
191,968 |
192,326 |
192,755 |
191,086 |
191,581 |
(0.78) |
191,258 |
192,755 |
(0.78) |
||||||||||||||
| Noninterest-bearing deposits |
$ 554,581 |
$ 539,237 |
$ 535,955 |
$ 531,910 |
$ 493,130 |
$ 458,686 |
$ 486,676 |
12.46 |
$ 554,581 |
$ 493,130 |
12.46 |
||||||||||||||
| Interest-bearing deposits |
2,841,447 |
2,866,959 |
2,937,211 |
2,880,327 |
2,849,225 |
3,018,733 |
3,158,198 |
(0.27) |
2,841,447 |
2,849,225 |
(0.27) |
||||||||||||||
| Total deposits |
3,396,028 |
3,406,196 |
3,473,166 |
3,412,237 |
3,342,355 |
3,477,419 |
3,644,874 |
1.61 |
3,396,028 |
3,342,355 |
1.61 |
||||||||||||||
| Borrowed funds |
222,907 |
169,979 |
171,753 |
254,709 |
262,569 |
263,067 |
260,149 |
(15.11) |
222,907 |
262,569 |
(15.11) |
||||||||||||||
| Shareholders' equity |
496,824 |
491,534 |
489,611 |
487,202 |
487,401 |
480,135 |
473,354 |
1.93 |
496,824 |
487,401 |
1.93 |
||||||||||||||
| Market value per common share |
$ 19.61 |
$ 15.71 |
$ 16.28 |
$ 15.00 |
$ 12.73 |
$ 14.49 |
$ 16.98 |
54.05 |
$ 19.61 |
$ 12.73 |
54.05 |
||||||||||||||
| Book value per common share |
19.78 |
19.57 |
19.50 |
19.44 |
19.45 |
19.16 |
18.89 |
1.69 |
19.78 |
19.45 |
1.69 |
||||||||||||||
| Tangible book value per common share |
12.16 |
11.94 |
11.86 |
11.76 |
11.76 |
11.53 |
11.25 |
3.46 |
12.16 |
11.76 |
3.46 |
||||||||||||||
| Shareholders' equity to assets (actual) |
11.93% |
11.95% |
11.72% |
11.59% |
11.78% |
11.27% |
10.70% |
11.93% |
11.78% |
||||||||||||||||
| Tangible capital ratio |
7.69% |
7.65% |
7.47% |
7.35% |
7.47% |
7.11% |
6.66% |
7.69% |
7.47% |
||||||||||||||||
| Leverage ratio |
9.90% |
9.68% |
9.38% |
9.44% |
9.48% |
9.10% |
8.77% |
9.90% |
9.48% |
||||||||||||||||
| Tier 1 risk-based capital ratio |
12.73% |
13.14% |
13.32% |
13.32% |
13.63% |
13.58% |
13.59% |
12.73% |
13.63% |
||||||||||||||||
| Total risk-based capital ratio |
14.00% |
14.39% |
14.58% |
14.58% |
14.89% |
14.83% |
14.84% |
14.00% |
14.89% |
||||||||||||||||
| *Based on assets not subject to loss share |
|||||||||||||||||||||||||
| RENASANT CORPORATION |
|||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||
| Q3 2012 - |
For the Nine Months |
||||||||||||||||||||||||
| 2012 |
2011 |
Q3 2011 |
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 |
2012 |
2011 |
Variance |
||||||||||||||
| Commercial, financial, agricultural |
$ 299,774 |
$ 280,515 |
$ 263,720 |
$ 260,288 |
$ 247,950 |
$ 243,343 |
$ 250,889 |
20.90 |
$ 299,774 |
$ 247,950 |
20.90 |
||||||||||||||
| Lease financing |
217 |
245 |
302 |
328 |
350 |
393 |
458 |
(38.00) |
217 |
350 |
(38.00) |
||||||||||||||
| Real estate - construction |
103,522 |
73,109 |
67,223 |
74,159 |
75,690 |
77,224 |
71,559 |
36.77 |
103,522 |
75,690 |
36.77 |
||||||||||||||
| Real estate - 1-4 family mortgages |
801,612 |
771,161 |
738,765 |
716,704 |
712,871 |
720,451 |
730,860 |
12.45 |
801,612 |
712,871 |
12.45 |
||||||||||||||
| Real estate - commercial mortgages |
1,275,386 |
1,208,057 |
1,153,423 |
1,130,143 |
1,106,037 |
1,081,801 |
1,073,561 |
15.31 |
1,275,386 |
1,106,037 |
15.31 |
||||||||||||||
| Installment loans to individuals |
59,107 |
59,262 |
58,524 |
60,000 |
62,057 |
62,278 |
63,049 |
(4.75) |
59,107 |
62,057 |
(4.75) |
||||||||||||||
| Loans, net of unearned |
$ 2,539,618 |
$ 2,392,349 |
$ 2,281,957 |
$ 2,241,622 |
$ 2,204,955 |
$ 2,185,490 |
$ 2,190,376 |
15.18 |
$ 2,539,618 |
$ 2,204,955 |
15.18 |
||||||||||||||
| Loans subject to loss share by category |
|||||||||||||||||||||||||
| Commercial, financial, agricultural |
$ 11,282 |
$ 12,758 |
$ 15,206 |
$ 17,803 |
$ 19,196 |
$ 24,233 |
$ 22,964 |
(41.23) |
$ 11,282 |
$ 19,196 |
(41.23) |
||||||||||||||
| Lease financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||
| Real estate - construction |
1,932 |
6,093 |
6,202 |
7,076 |
10,811 |
10,318 |
13,847 |
(82.13) |
1,932 |
10,811 |
(82.13) |
||||||||||||||
| Real estate - 1-4 family mortgages |
81,784 |
91,605 |
99,769 |
107,923 |
114,228 |
119,508 |
123,770 |
(28.40) |
81,784 |
114,228 |
(28.40) |
||||||||||||||
| Real estate - commercial mortgages |
165,494 |
179,160 |
196,754 |
206,492 |
215,370 |
222,876 |
226,038 |
(23.16) |
165,494 |
215,370 |
(23.16) |
||||||||||||||
| Installment loans to individuals |
53 |
69 |
158 |
168 |
208 |
214 |
192 |
(74.52) |
53 |
208 |
(74.52) |
||||||||||||||
| Loans, net of unearned |
$ 260,545 |
$ 289,685 |
$ 318,089 |
$ 339,462 |
$ 359,813 |
$ 377,149 |
$ 386,811 |
(27.59) |
$ 260,545 |
$ 359,813 |
(27.59) |
||||||||||||||
SOURCE Renasant Corporation
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