TUPELO, Miss., Oct. 20 /PRNewswire-FirstCall/ -- Renasant Corporation (the "Company") today announced results for the third quarter of 2009. Net income for the third quarter of 2009 was $4,225,000 compared to $7,558,000 for the third quarter of 2008. Basic and diluted earnings per share were $0.20 during the third quarter of 2009 as compared to basic and diluted earnings per share of $0.36 for the third quarter of 2008.
"Renasant's financial highlights during the third quarter of 2009 included growth in net interest income and net interest margin on a linked quarter basis, a decline in non-performing loans and total past due loans for the second consecutive quarter, and a continued reduction in non-interest expenses," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "In addition, we experienced an increase to all three of our regulatory capital ratios and an increase in our tangible common equity as compared to the previous quarter."
Net interest income was $25,191,000 for the third quarter of 2009 compared to $27,941,000 for the same period in 2008 and $24,160,000 for the second quarter of 2009. Net interest margin was 3.22% for the third quarter of 2009 compared 3.45% for the third quarter of 2008 and 3.04% for the second quarter of 2009. Loan yields increased 10 basis points during the third quarter of 2009 as compared to the second quarter of 2009 while funding costs declined 11 basis points during the same period.
"The linked quarter increase in both net interest income and net interest margin was the result of our ability to replace wholesale borrowings and public fund deposits with less expensive retail deposits coupled with an increase in our loan yields," said McGraw.
Non-interest income increased 2.26% to $13,953,000 for the third quarter of 2009 from $13,644,000 for the third quarter of 2008. Non-interest income for the third quarter was down $1,471,000 from $15,424,000 for the second quarter of 2009. During the second quarter of 2009 the Company recorded a gain of $1,123,000 from the sale of investment securities and additional income from the higher level of mortgage production.
The Company's mortgage operations continued to provide a strong source of revenue although mortgage loan production declined during the third quarter of 2009 compared to the record levels achieved during the second quarter of 2009. Gains from the sale of mortgage loans increased $480,000 to $1,832,000 for the third quarter of 2009 as compared to $1,352,000 for the third quarter of 2008. Mortgage loan production was $150.9 million during the third quarter of 2009 compared to $260.6 million for the second quarter of 2009 and $174.2 million for the third quarter of 2008.
Non-interest expense declined to $26,118,000 for the third quarter of 2009 as compared to $27,784,000 for the third quarter of 2008 and $27,132,000 for the second quarter of 2009.
"We continued our focus on reducing and controlling operating expenses during the third quarter of 2009. The reduction in operating expense was primarily due to cost containment on salaries and benefits as well as renegotiations of contracts related to items such as maintenance, supplies and leases," commented McGraw.
Non-performing loans (loans 90 days past due or more and nonaccrual loans) were $48,656,000 at September 30, 2009 compared to $65,501,000 at June 30, 2009 and $29,655,000 at September 30, 2008. Non-performing loans as a percentage of total loans were 2.03% at September 30, 2009, as compared to 2.65% at June 30, 2009 and 1.17% at September 30, 2008. Loans 30-89 days past due as a percentage of total loans increased to 1.38% at September 30, 2009 compared to 0.89% at June 30, 2009 and 1.17% at September 30, 2008. Non-performing assets as a percentage of total assets increased to 2.64% at September 30, 2009 compared to 2.59% at June 30, 2009 and 1.38% at September 30, 2008, due to increases in other real estate owned.
Annualized net charge-offs as a percentage of average loans were 1.12% for the third quarter of 2009, up from 0.93% for the second quarter of 2009 and 0.25% for the third quarter of 2008. The allowance for loan losses as a percentage of loans was 1.51% at September 30, 2009, as compared to 1.46% at June 30, 2009 and 1.11% at September 30, 2008. The Company recorded a provision for loan losses of $7,350,000 for the third quarter of 2009 as compared to $6,700,000 for the second quarter of 2009 and $3,000,000 for the third quarter of 2008. The provision for loan losses was increased during the third quarter of 2009 in response to the increase in loans 30-89 days past due and the higher amount of net charge-offs.
"Based on our concerns with the economy and our volume of past due loans, we continued to increase our allowance for loan losses through an increased provision for loan losses this quarter. This increase is consistent with our historical practice of providing for losses in our loan portfolio as we identify potential weaknesses," said McGraw.
The loan portfolio declined on a linked quarter basis as the Company continued to reduce its concentration in construction and land development loans. Total loans were approximately $2.40 billion at the end of the third quarter of 2009, a decrease from $2.53 billion at December 31, 2008 and $2.47 billion at June 30, 2009. Construction and land development loans decreased 9.34% to $459.5 million at September 30, 2009 as compared to $506.9 million at June 30, 2009.
The Company's retail deposits, on a linked quarter basis, grew $58.7 million which partially offset the anticipated reduction of $97.9 million in public fund deposits and resulted in a net decrease in total deposits of $39.2 million as of September 30, 2009. Total deposits were $2.56 billion at September 30, 2009, an increase of 9.24% from $2.34 billion at December 31, 2008.
Total assets as of September 30, 2009 were approximately $3.64 billion, a 1.97% decrease since December 31, 2008. As of September 30, 2009, the Company's Tier 1 leverage capital ratio was 8.56%, its Tier 1 risk-based capital ratio was 11.04%, and its total risk-based capital ratio was 12.29%.
"Our capital ratios have consistently improved over the past year, with the ratios remaining at levels which exceed "well capitalized" regulatory thresholds. In addition to the improvement in our regulatory capital ratios, during the third quarter of 2009, our tangible common equity ratio increased to 6.34% due to earnings retention after dividends paid and improvements in the fair value of available-for-sale securities in our investment portfolio," said McGraw.
conference call information:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Wednesday, October 21, 2009, through the Company's website: http://www.renasant.com/, and through Thompson/CCBN's individual investor center at http://www.fulldisclosure.com/, or any of Thompson/CCBN's Investor Distribution Network websites. The event will be archived on the Company's website for 90 days.
If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 800-510-9834 in the United States and entering the participant passcode 46813780. International participants should dial 617-614-3669 and enter the participant passcode 46813780.
about renasant corporation:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $3.64 billion and operates over 60 banking, mortgage and insurance offices in Mississippi, Tennessee and Alabama.
note to investors:
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
RENASANT CORPORATION -------------------- (Unaudited) (Dollars in thousands, except per share data) 2009 ------------------------------- Third Second First Statement of earnings Quarter Quarter Quarter --------------------- ------- ------- ------- Interest income - taxable equivalent basis $43,820 $43,836 $44,988 Interest income $42,614 $42,709 $43,910 Interest expense 17,423 18,549 18,597 ------ ------ ------ Net interest income 25,191 24,160 25,313 Provision for loan losses 7,350 6,700 5,040 ----- ----- ----- Net interest income after provision 17,841 17,460 20,273 Service charges on deposit accounts 5,379 5,395 5,425 Fees and commissions on loans and deposits 3,961 4,424 4,682 Insurance commissions and fees 949 837 828 Trust revenue 501 488 491 Net gain on sale of securities - 1,123 427 Gain on sale of mortgage loans 1,832 2,293 1,776 Other 1,331 864 1,133 ----- --- ----- Total non-interest income 13,953 15,424 14,762 Salaries and employee benefits 13,363 13,736 14,744 Occupancy and equipment 3,045 3,063 3,249 Data processing 1,439 1,430 1,329 Amortization of intangibles 489 494 501 Other 7,782 8,409 7,097 ----- ----- ----- Total non-interest expense 26,118 27,132 26,920 Income before income taxes 5,676 5,752 8,115 Income taxes 1,451 1,496 2,109 ----- ----- ----- Net income $4,225 $4,256 $6,006 ====== ====== ====== Basic earnings per share $0.20 $0.20 $0.29 Diluted earnings per share 0.20 0.20 0.28 Average basic shares outstanding 21,075,879 21,073,228 21,067,539 Average diluted shares outstanding 21,213,839 21,193,560 21,188,397 Common shares outstanding 21,078,828 21,074,568 21,067,539 Cash dividend per common share $0.17 $0.17 $0.17 Performance ratios ------------------ Return on average shareholders' equity 4.12% 4.22% 6.04% Return on average shareholders' equity, excluding amortization expense 4.41% 4.52% 6.35% Return on average assets 0.46% 0.46% 0.65% Return on average assets, excluding amortization expense 0.49% 0.49% 0.68% Net interest margin (FTE) 3.22% 3.04% 3.19% Yield on earning assets (FTE) 5.33% 5.27% 5.46% Average earning assets to average assets 88.73% 89.25% 88.85% Average loans to average deposits 94.22% 94.40% 99.13% Noninterest income (less securities gains/ losses) to average assets 1.51% 1.53% 1.54% Noninterest expense to average assets 2.82% 2.91% 2.90% Net overhead ratio 1.31% 1.38% 1.36% Efficiency ratio (FTE) 64.73% 66.65% 65.41% 2008 ------------------------------------------- Fourth Third Second First Statement of earnings Quarter Quarter Quarter Quarter --------------------- ------- ------- ------- ------- Interest income - taxable equivalent basis $47,989 $50,904 $51,386 $54,324 Interest income $47,110 $50,004 $50,465 $53,383 Interest expense 20,268 22,063 22,963 26,226 ------ ------ ------ ------ Net interest income 26,842 27,941 27,502 27,157 Provision for loan losses 14,979 3,000 2,200 2,625 ------ ----- ----- ----- Net interest income after provision 11,863 24,941 25,302 24,532 Service charges on deposit accounts 5,601 5,861 5,750 5,433 Fees and commissions on loans and deposits 3,674 4,198 4,481 3,765 Insurance commissions and fees 868 920 838 857 Trust revenue 551 597 670 626 Net gain on sale of securities - - - - Gain on sale of mortgage loans 1,263 1,352 1,311 1,521 Other 794 716 740 1,655 --- --- --- ----- Total non-interest income 12,751 13,644 13,790 13,857 Salaries and employee benefits 12,583 15,250 14,849 14,718 Occupancy and equipment 3,208 3,399 3,413 3,373 Data processing 1,310 1,289 1,303 1,307 Amortization of intangibles 683 610 578 584 Other 7,904 7,236 7,555 6,816 ----- ----- ----- ----- Total non-interest expense 25,688 27,784 27,698 26,798 Income before income taxes (1,074) 10,801 11,394 11,591 Income taxes (1,306) 3,243 3,409 3,314 ------ ----- ----- ----- Net income $232 $7,558 $7,985 $8,277 ==== ====== ====== ====== Basic earnings per share $0.01 $0.36 $0.38 $0.40 Diluted earnings per share 0.01 0.36 0.38 0.39 Average basic shares outstanding 21,039,068 20,980,557 20,946,287 20,878,478 Average diluted shares outstanding 21,178,966 21,175,465 21,205,208 21,133,235 Common shares outstanding 21,067,539 21,013,427 20,954,627 20,930,871 Cash dividend per common share $0.17 $0.17 $0.17 $0.17 Performance ratios ------------------ Return on average shareholders' equity 0.23% 7.40% 7.82% 8.21% Return on average shareholders' equity, excluding amortization expense 0.64% 7.76% 8.17% 8.57% Return on average assets 0.02% 0.80% 0.86% 0.92% Return on average assets, excluding amortization expense 0.07% 0.84% 0.89% 0.96% Net interest margin (FTE) 3.36% 3.45% 3.43% 3.52% Yield on earning assets (FTE) 5.81% 6.08% 6.20% 6.81% Average earning assets to average assets 88.82% 88.93% 88.83% 88.44% Average loans to average deposits 105.30% 104.03% 101.20% 99.90% Noninterest income (less securities gains/ losses) to average assets 1.37% 1.45% 1.48% 1.54% Noninterest expense to average assets 2.76% 2.95% 2.97% 2.97% Net overhead ratio 1.39% 1.50% 1.49% 1.43% Efficiency ratio (FTE) 63.47% 65.40% 65.61% 63.87% Q3 2009 - For the Nine Months Q3 2008 Ended September 30, --------------------------- Percent Percent Statement of earnings Variance 2009 2008 Variance --------------------- -------- ---- ---- -------- Interest income - taxable equivalent basis (13.92) $132,644 $156,614 (15.31) Interest income (14.78) $129,233 $153,852 (16.00) Interest expense (21.03) 54,569 71,252 (23.41) ------ ------ ------ ------ Net interest income (9.84) 74,664 82,600 (9.61) Provision for loan losses 145.00 19,090 7,825 143.96 ------ ------ ----- ------ Net interest income after provision (28.47) 55,574 74,775 (25.68) Service charges on deposit accounts (8.22) 16,199 17,044 (4.96) Fees and commissions on loans and deposits (5.65) 13,067 12,444 5.01 Insurance commissions and fees 3.15 2,614 2,615 (0.04) Trust revenue (16.08) 1,480 1,893 (21.82) Net gain on sale of securities N/M 1,550 - N/M Gain on sale of mortgage loans 35.50 5,901 4,184 41.04 Other 85.89 3,328 3,111 6.98 ----- ----- ----- ---- Total non-interest income 2.26 44,139 41,291 6.90 Salaries and employee benefits (12.37) 41,843 44,817 (6.64) Occupancy and equipment (10.41) 9,357 10,185 (8.13) Data processing 11.64 4,198 3,899 7.67 Amortization of intangibles (19.84) 1,484 1,772 (16.25) Other 7.55 23,288 21,607 7.78 ---- ------ ------ ---- Total non-interest expense (6.00) 80,170 82,280 (2.56) Income before income taxes (47.45) 19,543 33,786 (42.16) Income taxes (55.26) 5,056 9,966 (49.27) ------ ----- ----- ------ Net income (44.10) $14,487 $23,820 (39.18) ====== ======= ======= ====== Basic earnings per share (44.44) $0.69 $1.14 (39.47) Diluted earnings per share (44.44) 0.68 1.13 (39.82) Average basic shares outstanding 0.45 21,072,246 20,926,567 0.70 Average diluted shares outstanding 0.18 21,204,924 21,146,878 0.27 Common shares outstanding 0.31 21,078,828 21,013,427 0.31 Cash dividend per common share - $0.51 $0.51 - Performance ratios ------------------ Return on average shareholders' equity 4.79% 7.84% Return on average shareholders' equity, excluding amortization expense 5.10% 8.19% Return on average assets 0.52% 0.86% Return on average assets, excluding amortization expense 0.55% 0.90% Net interest margin (FTE) 3.15% 3.46% Yield on earning assets (FTE) 5.35% 6.36% Average earning assets to average assets 89.04% 88.74% Average loans to average deposits 95.88% 101.67% Noninterest income (less securities gains/ losses) to average assets 1.53% 1.49% Noninterest expense to average assets 2.88% 2.96% Net overhead ratio 1.35% 1.48% Efficiency ratio (FTE) 65.60% 64.96% *Percent variance not meaningful RENASANT CORPORATION -------------------- (Unaudited) (Dollars in thousands, except per share data) 2009 ------------------------------- Third Second First Average balances Quarter Quarter Quarter ---------------- ------- ------- ------- Total assets $3,675,592 $3,738,852 $3,763,245 Earning assets 3,261,527 3,337,103 3,343,699 Securities 703,976 701,894 696,068 Loans, net of unearned 2,465,298 2,542,021 2,587,436 Intangibles 192,078 192,568 193,067 Non-interest bearing deposits $297,390 $293,546 $299,265 Interest bearing deposits 2,286,184 2,342,788 2,250,324 Total deposits 2,583,574 2,636,334 2,549,589 Other borrowings 647,919 662,387 815,548 Shareholders' equity 406,779 404,456 403,229 Asset quality data ------------------ Nonaccrual loans $37,995 $55,217 $47,591 Loans 90 past due or more 10,661 10,284 19,789 ------ ------ ------ Non-performing loans 48,656 65,501 67,380 Other real estate owned and repossessions 47,457 30,546 25,318 ------ ------ ------ Non-performing assets $96,113 $96,047 $92,698 ======= ======= ======= Net loan charge-offs (recoveries) $6,962 $5,917 $4,764 Allowance for loan losses 36,352 35,964 35,181 Non-performing loans / total loans 2.03% 2.65% 2.69% Non-performing assets / total assets 2.64% 2.59% 2.44% Allowance for loan losses / total loans 1.51% 1.46% 1.40% Allowance for loan losses / non-performing loans 74.71% 54.91% 52.21% Annualized net loan charge-offs / average loans 1.12% 0.93% 0.75% Balances at period end ---------------------- Total assets $3,642,657 $3,701,957 $3,795,217 Earning assets 3,188,554 3,236,615 3,368,962 Securities 738,204 684,723 709,950 Mortgage loans held for sale 24,091 49,565 55,194 Loans, net of unearned 2,402,423 2,468,844 2,506,780 Intangibles 191,839 192,328 192,822 Non-interest bearing deposits $297,858 $292,129 $303,536 Interest bearing deposits 2,263,126 2,308,081 2,385,769 Total deposits 2,560,984 2,600,210 2,689,305 Other borrowings 635,076 665,755 672,130 Shareholders' equity 410,473 400,680 400,095 Market value per common share $14.85 $15.02 $12.56 Book value per common share 19.47 19.01 18.99 Tangible book value per common share 10.37 9.89 9.84 Shareholders' equity to assets (actual) 11.27% 10.82% 10.54% Tangible capital ratio 6.34% 5.94% 5.75% Leverage ratio 8.56% 8.37% 8.28% Tier 1 risk-based capital ratio 11.04% 10.92% 11.00% Total risk-based capital ratio 12.29% 12.17% 12.25% Detail of Loans by Category --------------------------- Commercial, financial, agricultural $280,930 $292,177 $301,899 Lease financing 936 1,283 1,434 Real estate - construction 153,367 180,202 210,747 Real estate - 1-4 family mortgages 848,267 878,263 872,796 Real estate - commercial mortgages 1,048,135 1,054,169 1,055,537 Installment loans to individuals 70,788 62,750 64,367 ------ ------ ------ Loans, net of unearned $2,402,423 $2,468,844 $2,506,780 ========== ========== ========== 2008 ------------------------------------------- Fourth Third Second First Average balances Quarter Quarter Quarter Quarter ---------------- ------- ------- ------- ------- Total assets $3,697,726 $3,744,069 $3,752,401 $3,629,623 Earning assets 3,284,282 3,329,651 3,333,176 3,210,112 Securities 713,108 735,977 704,694 555,174 Loans, net of unearned 2,551,660 2,571,069 2,611,843 2,631,101 Intangibles 193,671 194,382 195,949 197,036 Non-interest bearing deposits $289,079 $287,197 $298,692 $293,528 Interest bearing deposits 2,106,341 2,143,680 2,233,380 2,301,291 Total deposits 2,395,420 2,430,877 2,532,072 2,594,819 Other borrowings 856,057 871,744 774,052 587,957 Shareholders' equity 407,286 406,571 410,780 405,355 Asset quality data ------------------ Nonaccrual loans $35,661 $20,578 $17,659 $16,090 Loans 90 past due or more 4,252 9,077 8,962 5,888 ----- ----- ----- ----- Non-performing loans 39,913 29,655 26,621 21,978 Other real estate owned and repossessions 25,111 21,901 13,111 12,802 ------ ------ ------ ------ Non-performing assets $65,024 $51,556 $39,732 $34,780 ======= ======= ======= ======= Net loan charge-offs (recoveries) $8,098 $1,623 $2,824 $1,726 Allowance for loan losses 34,905 28,024 26,647 27,271 Non-performing loans / total loans 1.58% 1.17% 1.05% 0.85% Non-performing assets / total assets 1.75% 1.38% 1.05% 0.94% Allowance for loan losses / total loans 1.38% 1.11% 1.05% 1.06% Allowance for loan losses / non-performing loans 87.45% 94.50% 100.10% 124.08% Annualized net loan charge-offs / average loans 1.26% 0.25% 0.43% 0.26% Balances at period end ---------------------- Total assets $3,715,980 $3,725,209 $3,782,196 $3,699,276 Earning assets 3,286,764 3,284,813 3,339,511 3,267,329 Securities 695,106 708,406 741,154 636,338 Mortgage loans held for sale 41,805 35,976 43,487 33,062 Loans, net of unearned 2,530,886 2,525,424 2,541,012 2,580,911 Intangibles 193,323 194,022 194,688 196,264 Non-interest bearing deposits $284,227 $287,850 $305,877 $304,171 Interest bearing deposits 2,060,104 2,124,318 2,161,301 2,322,471 Total deposits 2,344,331 2,412,168 2,467,178 2,626,642 Other borrowings 933,976 870,326 878,813 623,906 Shareholders' equity 400,371 406,267 403,795 409,827 Market value per common share $17.03 $21.71 $14.73 $22.50 Book value per common share 19.00 19.33 19.27 19.58 Tangible book value per common share 9.83 10.10 9.98 10.20 Shareholders' equity to assets (actual) 10.77% 10.91% 10.68% 11.08% Tangible capital ratio 5.88% 6.01% 5.83% 6.10% Leverage ratio 8.34% 8.30% 8.12% 8.23% Tier 1 risk-based capital ratio 10.85% 10.81% 10.49% 10.03% Total risk-based capital ratio 12.10% 11.84% 11.45% 11.00% Detail of Loans by Category --------------------------- Commercial, financial, agricultural $312,648 $299,233 $303,385 $310,497 Lease financing 1,746 1,943 2,130 2,304 Real estate - construction 241,818 241,661 335,430 385,957 Real estate - 1-4 family mortgages 886,380 877,045 857,165 846,626 Real estate - commercial mortgages 1,015,894 1,032,797 972,111 954,131 Installment loans to individuals 72,400 72,745 70,791 81,396 ------ ------ ------ ------ Loans, net of unearned $2,530,886 $2,525,424 $2,541,012 $2,580,911 ========== ========== ========== ========== Q3 2009 - For the Nine Months Q3 2008 Ended September 30, --------------------------- Percent Percent Average balances Variance 2009 2008 Variance ---------------- -------- ---- ---- -------- Total assets (1.83) $3,725,532 $3,708,888 0.45 Earning assets (2.05) 3,317,233 3,291,122 0.79 Securities (4.35) 697,076 665,540 4.74 Loans, net of unearned (4.11) 2,531,138 2,604,548 (2.82) Intangibles (1.19) 192,567 195,783 (1.64) Non-interest bearing deposits 3.55 $296,711 $293,081 1.24 Interest bearing deposits 6.65 2,293,230 2,225,799 3.03 Total deposits 6.28 2,589,941 2,518,880 2.82 Other borrowings (25.68) 708,004 745,048 (4.97) Shareholders' equity 0.05 404,043 406,072 (0.50) Asset quality data ------------------ Nonaccrual loans 84.64 $37,995 $20,578 84.64 Loans 90 past due or more 17.45 10,661 9,077 17.45 ------ ----- Non-performing loans 64.07 48,656 29,655 64.07 Other real estate owned and repossessions 116.69 47,457 21,901 116.69 ------ ------ Non-performing assets 86.42 $96,113 $51,556 86.42 ======= ======= Net loan charge-offs (recoveries) 328.96 $17,643 $6,173 185.81 Allowance for loan losses 29.72 36,352 28,024 29.72 Non-performing loans / total loans 2.03% 1.17% Non-performing assets / total assets 2.64% 1.38% Allowance for loan losses / total loans 1.51% 1.11% Allowance for loan losses / non-performing loans 74.71% 94.50% Annualized net loan charge-offs / average loans 0.93% 0.32% Balances at period end ---------------------- Total assets $3,642,657 $3,725,209 (2.22) Earning assets 3,188,554 3,284,813 (2.93) Securities 738,204 708,406 4.21 Mortgage loans held for sale 24,091 35,976 (33.04) Loans, net of unearned 2,402,423 2,525,424 (4.87) Intangibles 191,839 194,022 (1.13) Non-interest bearing deposits $297,858 $287,850 3.48 Interest bearing deposits 2,263,126 2,124,318 6.53 Total deposits 2,560,984 2,412,168 6.17 Other borrowings 635,076 870,326 (27.03) Shareholders' equity 410,473 406,267 1.04 Market value per common share $14.85 $21.71 (31.60) Book value per common share 19.47 19.33 0.72 Tangible book value per common share 10.37 10.10 2.69 Shareholders' equity to assets (actual) 11.27% 10.91% Tangible capital ratio 6.34% 6.01% Leverage ratio 8.56% 8.30% Tier 1 risk-based capital ratio 11.04% 10.81% Total risk-based capital ratio 12.29% 11.84% Detail of Loans by Category --------------------------- Commercial, financial, agricultural $280,930 $299,233 (6.12) Lease financing 936 1,943 (51.83) Real estate - construction 153,367 241,661 (36.54) Real estate - 1-4 family mortgages 848,267 877,045 (3.28) Real estate - commercial mortgages 1,048,135 1,032,797 1.49 Installment loans to individuals 70,788 72,745 (2.69) ------ ------ Loans, net of unearned $2,402,423 $2,525,424 (4.87) ========== ========== *Percent variance not meaningful Contacts For Media: For Financials: John Oxford Stuart Johnson Vice President Senior Executive Vice President Director of External Affairs Chief Financial Officer (662) 680-1219 (662) 680-1472 joxford@renasant.com stuartj@renasant.com
Renasant Corporation
CONTACT: Media, John Oxford, Vice President, Director of External
Affairs, +1-662-680-1219, joxford@renasant.com, or Financials, Stuart Johnson,
Senior Executive Vice President, Chief Financial Officer, +1-662-680-1472,
stuartj@renasant.com
Web Site: http://www.renasantbank.com/
