RENASANT CORPORATION 
By TUPELO, Miss., Jan. 18, 2011 /PRNewswire/ -- Renasant Corporation (Nasdaq: RNST) (the "Company") today announced its earnings results for the 2010 fourth quarter and year end. For the fourth quarter of 2010, net income was $4,721,000 as compared to $4,031,000 for the fourth quarter of 2009. Basic and diluted earnings per share were $0.19 for the fourth quarter of 2010 and for the fourth quarter of 2009.
Net income for 2010 was $31,675,000 as compared to $18,518,000 for 2009. Basic and diluted earnings per share were $1.39 and $1.38, respectively, for 2010 compared to basic and diluted earnings per share of $0.88 and $0.87, respectively, for 2009.
Renasant Corporation highlights for the fourth quarter of 2010:
-- Grew net interest margin to 3.43% from 3.22% as compared to same period
in 2009
-- Decreased non-performing loans, past due loans, charge-offs and
non-performing assets on a linked quarter basis in our legacy markets
(that is, those markets excluding the Company's North Georgia markets)
-- Grew core deposits (non-time deposits) on a year over year and a linked
quarter basis
-- Decreased noninterest expense on a linked quarter basis
-- Continued to decrease our exposure to residential construction and land
development loans
-- Opened a new full service banking location in the Golden Triangle market
of Columbus, Mississippi.
"Renasant found much success during the fourth quarter of 2010 as we experienced positive results from our strategic efforts to grow core deposits and increase margin while at the same time continuing to realize improving trends in our credit quality metrics," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.
Total deposits grew to $3.47 billion at December 31, 2010 as compared to $3.42 billion at September 30, 2010 and $2.58 billion at December 31, 2009. The Company experienced strong core deposit growth in its legacy markets as evidenced by an increase of 28%. The Company's cost of legacy deposits for the fourth quarter of 2010 was 1.25% as compared to 1.43% for the third quarter of 2010, and 1.67% for the fourth quarter of 2009.
"The increase in core deposits enhanced our ability to reduce our cost of funds as we were able to replace higher costing borrowings, public funds and certificates of deposit," said McGraw.
Total loans were $2.52 billion at the end of 2010 as compared to $2.58 billion at the end of the third quarter of 2010 and $2.35 billion at December 31, 2009. Loans from the Company's legacy markets were $2.18 billion at December 31, 2010 as compared to $2.22 billion at September 30, 2010. The decrease in total loans in our legacy markets during the fourth quarter of 2010 is a result of the Company's continued efforts to reduce its exposure to construction and land development loans, which decreased by $144.4 million, or 34.8%, at December 31, 2010 as compared to the balance at December 31, 2009. Loans related to the Company's acquisition of Crescent Bank & Trust covered under the FDIC loss share agreement were approximately $334 million.
Total assets as of December 31, 2010 were approximately $4.30 billion as compared to approximately $4.26 billion at September 30, 2010 and $3.64 billion for December 31, 2009.
Shareholders' equity was $469.5 million at December 31, 2010 as compared to $410.1 million at December 31, 2009. The change in shareholders' equity includes approximately $51.4 million in net proceeds related to the Company's sale of its common stock in July, 2010.
As of December 31, 2010, the Company's regulatory capital ratios were in excess of regulatory minimums required to be classified as "well-capitalized." The Company's Tier I leverage capital ratio was 8.97%, its Tier I risk-based capital ratio was 13.58%, and its total risk-based capital ratio was 14.83%.
Net interest income was $29,855,000 for the fourth quarter of 2010 as compared to $24,802,000 for the same period in 2009 and $27,117,000 on a linked quarter basis. Net interest income was $105,062,000 for 2010 as compared to $99,466,000 for 2009.
Net interest margin was 3.43% for the fourth quarter of 2010 as compared to 3.22% for the fourth quarter of 2009 and 3.12% on a linked quarter basis. For 2010, net interest margin was 3.26% as compared to 3.16% for 2009.
"In following management's previously announced strategic plans of reducing deposit costs by changing our deposit mix to more core deposits, deploying excess cash, and paying off higher costing liabilities, we were able to increase margin by 31 basis points on a linked quarter basis," said McGraw.
For the fourth quarter of 2010, noninterest income was $14,553,000 as compared to $13,419,000 for the fourth quarter of 2009 and $54,534,000 for the third quarter of 2010. Excluding the one time gain of $42,211,000 related to the acquisition of certain assets of Crescent Bank & Trust in the third quarter of 2010, noninterest income was $12,323,000 for the third quarter of 2010 and $53,704,000 for the year 2010. The Company experienced a linked quarter increase in noninterest income related to insurance, trust and mortgage operations and continues to focus on growing these key sources of revenue. Noninterest income was $95,915,000 for 2010 as compared to $57,558,000 for 2009.
Noninterest expense was $32,226,000 for the fourth quarter of 2010 as compared to $25,583,000 for the fourth quarter of 2009 and $39,571,000 on a linked quarter basis. Noninterest expense for 2010 was $123,619,000 as compared to $105,753,000 for 2009. The quarter over quarter and year over year increase in noninterest expense is primarily due to the Crescent acquisition. Excluding the one time items of $1,955,000 in merger expenses related to the Crescent acquisition and $2,785,000 related to a prepayment penalty on Federal Home Loan Bank borrowings incurred during the third quarter of 2010, noninterest expense was $34,831,000 for the third quarter of 2010 and $118,879,000 for the year ending 2010.
During the fourth quarter of 2010, net charge-offs as a percentage of average loans were 0.80% as compared to 0.83% for the same period in 2009 and 1.18% on a linked quarter basis. Net charge-offs as a percentage of average loans for the year ending December 31, 2010, were 1.00% as compared to 0.91% for 2009.
The Company recorded a provision for loan losses of $30,665,000 and $5,500,000 for the year and quarter ending December 31, 2010, respectively, as compared to $26,890,000 and $7,800,000 for the year and quarter ending December 31, 2009, respectively. The provision for loan losses for the third quarter of 2010 was $11,500,000.
The loans acquired in the Crescent acquisition were recorded at fair value which have been written-down to reflect estimated credit deterioration. Therefore, in accordance with generally accepted accounting principles, the Company did not assign any further allowance for loan losses to these acquired loans. Excluding the Crescent loans, the allowance for loan losses as a percentage of total loans not covered under the FDIC loss sharing agreement was 2.07% at December 31, 2010, as compared to 1.67% for December 31, 2009 and 2.02% on a linked quarter basis.
Within our legacy markets, non-performing loans (loans 90 days or more past due and nonaccrual loans) were $53.9 million at December 31, 2010, as compared to $65.6 million at September 30, 2010 and $50.0 million at December 31, 2009. Excluding the Crescent loans, non-performing loans as a percentage of total loans were 2.46% at December 31, 2010, as compared to 2.94% at September 30, 2010 and 2.13% as of December 31, 2009. Loans 30-to-89 days past due as a percentage of total loans in the Company's legacy markets decreased to .99% at December 31, 2010 from 1.06% at September 30, 2010 and 1.02% at December 31, 2009. Non-performing loans covered under the loss share agreement with the FDIC in our North Georgia markets were $82.4 million at December 31, 2010.
"Our credit administration team continues to reduce our exposure to construction and land development loans. Through these efforts, we reduced our charge-offs and provision for loan losses on a linked quarter basis," stated McGraw. "In addition, it is worth noting that our non-performing loans are at their lowest level in a year."
Also within our legacy markets, other real estate owned was $71.8 million at December 31, 2010 as compared to $62.9 million at September 30, 2010 and $58.6 million at December 31, 2009. The increase in other real estate owned continues to reflect the Company's efforts to resolve problem loans by taking possession and managing the disposal of the underlying properties. The Company continues to aggressively market the property held in our other real estate owned as evidenced by the fact we sold approximately $28 million of other real estate owned during 2010 and $9.6 million during the fourth quarter of 2010. Other real estate owned covered under the loss share agreement with the FDIC was $54.72 million at December 31, 2010.
"This past year we added a total of 14 new locations through a combination of acquisition and de novo activity, grew our core deposit base, continued to decrease our exposure to construction and land development loans, and completed an equity raise," commented McGraw. "Throughout 2010 we were able to continue to pay dividends to our shareholders and maintain our capital ratios in excess of regulatory "well capitalized" thresholds. In total, we believe these accomplishments, along with the integration of our North Georgia markets, our increase in net interest margin and our improving credit quality metrics have positioned us for a strong year going forward into 2011."
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, January 19, 2011, through the Company's website: www.renasant.com. The event will be archived on the Company's website for one year. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-877-317-6789 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-317-6789.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of December 31, 2010, Renasant had assets of approximately $4.3 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.
Contact: For Media: For Financials:
John Oxford Stuart Johnson
Senior Executive Vice
Vice President President
Director of External
Affairs Chief Financial Officer
(662) 680-1219 (662) 680-1472
joxford@renasant.com stuartj@renasant.com
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
2010
----
Fourth Third Second
Statement of earnings Quarter Quarter Quarter
--------------------- ------- ------- -------
Interest income -taxable
equivalent basis $45,224 $44,770 $39,590
Interest income $43,817 $43,433 $38,381
Interest expense 13,962 16,316 14,701
Net interest income 29,855 27,117 23,680
Provision for loan losses 5,500 11,500 7,000
----- ------ -----
Net interest income after
provision 24,355 15,617 16,680
Service charges on deposit
accounts 5,482 5,771 5,361
Fees and commissions on loans
and deposits 4,184 3,654 3,409
Insurance commissions and fees 916 828 830
Trust revenue 626 562 632
Securities (losses) gains - (1,009) 2,049
Gain on sale of mortgage loans 2,127 1,774 994
Gain on acquisition - 42,211 -
Other 1,218 743 1,069
Total non-interest income 14,553 54,534 14,344
Salaries and employee benefits 15,957 16,694 13,052
Occupancy and equipment 2,716 3,271 2,926
Data processing 1,665 1,703 1,580
Amortization of intangibles 523 505 470
Other 11,365 17,398 8,160
Total non-interest expense 32,226 39,571 26,188
Income before income taxes 6,682 30,580 4,836
Income taxes 1,961 11,029 1,040
----- ------ -----
Net income $4,721 $19,551 $3,796
====== ======= ======
Basic earnings per share $0.19 $0.81 $0.18
Diluted earnings per share 0.19 0.81 0.18
Average basic shares
outstanding 25,042,137 24,098,629 21,088,942
Average diluted shares
outstanding 25,177,394 24,208,642 21,224,836
Common shares outstanding 25,043,112 25,041,540 21,100,130
Cash dividend per common share $0.17 $0.17 $0.17
Performance ratios
------------------
Return on average
shareholders' equity 3.93% 16.64% 3.69%
Return on average
shareholders' equity,
excluding amortization
expense 4.20% 16.91% 3.97%
Return on average assets 0.44% 1.83% 0.42%
Return on average assets,
excluding amortization
expense 0.47% 1.86% 0.45%
Net interest margin (FTE) 3.43% 3.12% 3.15%
Yield on earning assets (FTE) 4.97% 4.92% 5.02%
Average earning assets to
average assets 84.24% 84.78% 87.42%
Average loans to average
deposits 75.23% 76.41% 84.53%
Noninterest income (less
securities gains/
losses) to average assets 1.35% 5.19% 1.36%
Noninterest expense to average
assets 2.98% 3.70% 2.90%
Net overhead ratio 1.64% -1.49% 1.54%
Efficiency ratio (FTE) 70.34% 47.68% 66.75%
2010 2009
---- ----
First Fourth Third
Statement of earnings Quarter Quarter Quarter
--------------------- ------- ------- -------
Interest income -taxable
equivalent basis $40,900 $42,526 $43,820
Interest income $39,708 $41,331 $42,614
Interest expense 15,298 16,529 17,423
Net interest income 24,410 24,802 25,191
Provision for loan losses 6,665 7,800 7,350
----- ----- -----
Net interest income after
provision 17,745 17,002 17,841
Service charges on deposit
accounts 5,090 5,801 5,379
Fees and commissions on loans
and deposits 3,721 3,554 3,961
Insurance commissions and fees 834 705 949
Trust revenue 584 559 501
Securities (losses) gains (160) 123 -
Gain on sale of mortgage loans 1,329 1,665 1,832
Gain on acquisition - - -
Other 1,086 1,012 1,331
Total non-interest income 12,484 13,419 13,953
Salaries and employee benefits 13,197 13,572 13,363
Occupancy and equipment 2,931 2,981 3,045
Data processing 1,426 1,407 1,439
Amortization of intangibles 476 482 489
Other 7,604 7,141 7,782
Total non-interest expense 25,634 25,583 26,118
Income before income taxes 4,595 4,838 5,676
Income taxes 988 807 1,451
--- --- -----
Net income $3,607 $4,031 $4,225
====== ====== ======
Basic earnings per share $0.17 $0.19 $0.20
Diluted earnings per share 0.17 0.19 0.20
Average basic shares
outstanding 21,082,991 21,078,873 21,075,879
Average diluted shares
outstanding 21,208,934 21,217,841 21,213,839
Common shares outstanding 21,082,991 21,082,991 21,078,828
Cash dividend per common share $0.17 $0.17 $0.17
Performance ratios
------------------
Return on average
shareholders' equity 3.55% 3.87% 4.12%
Return on average
shareholders' equity,
excluding amortization
expense 3.84% 4.15% 4.41%
Return on average assets 0.40% 0.44% 0.46%
Return on average assets,
excluding amortization
expense 0.44% 0.47% 0.49%
Net interest margin (FTE) 3.27% 3.22% 3.22%
Yield on earning assets (FTE) 5.23% 5.26% 5.33%
Average earning assets to
average assets 87.28% 88.19% 88.73%
Average loans to average
deposits 88.47% 92.96% 94.22%
Noninterest income (less
securities gains/
losses) to average assets 1.42% 1.45% 1.51%
Noninterest expense to average
assets 2.87% 2.79% 2.82%
Net overhead ratio 1.45% 1.34% 1.31%
Efficiency ratio (FTE) 67.31% 64.91% 64.73%
2009
----
Second First
Statement of earnings Quarter Quarter
--------------------- ------- -------
Interest income -taxable
equivalent basis $43,836 $44,988
Interest income $42,709 $43,910
Interest expense 18,549 18,597
Net interest income 24,160 25,313
Provision for loan losses 6,700 5,040
----- -----
Net interest income after
provision 17,460 20,273
Service charges on deposit
accounts 5,395 5,425
Fees and commissions on loans
and deposits 4,424 4,682
Insurance commissions and fees 837 828
Trust revenue 488 491
Securities (losses) gains 1,123 427
Gain on sale of mortgage loans 2,293 1,776
Gain on acquisition - -
Other 864 1,133
Total non-interest income 15,424 14,762
Salaries and employee benefits 13,736 14,744
Occupancy and equipment 3,063 3,249
Data processing 1,430 1,329
Amortization of intangibles 494 501
Other 8,409 7,097
Total non-interest expense 27,132 26,920
Income before income taxes 5,752 8,115
Income taxes 1,496 2,109
----- -----
Net income $4,256 $6,006
====== ======
Basic earnings per share $0.20 $0.29
Diluted earnings per share 0.20 0.28
Average basic shares
outstanding 21,073,228 21,067,539
Average diluted shares
outstanding 21,193,560 21,188,397
Common shares outstanding 21,074,568 21,067,539
Cash dividend per common share $0.17 $0.17
Performance ratios
------------------
Return on average
shareholders' equity 4.22% 6.04%
Return on average
shareholders' equity,
excluding amortization
expense 4.52% 6.35%
Return on average assets 0.46% 0.65%
Return on average assets,
excluding amortization
expense 0.49% 0.68%
Net interest margin (FTE) 3.04% 3.19%
Yield on earning assets (FTE) 5.27% 5.46%
Average earning assets to
average assets 89.25% 88.85%
Average loans to average
deposits 94.40% 99.13%
Noninterest income (less
securities gains/
losses) to average assets 1.53% 1.54%
Noninterest expense to average
assets 2.91% 2.90%
Net overhead ratio 1.38% 1.36%
Efficiency ratio (FTE) 66.65% 65.41%
Q4 2010
- For the Year
Q4 2009 Ended December 31,
------------------
Percent
Statement of earnings Variance 2010
--------------------- -------- ----
Interest income -taxable
equivalent basis 6.34 $170,484
Interest income 6.01 $165,339
Interest expense (15.53) 60,277
------
Net interest income 20.37 105,062
Provision for loan losses (29.49) 30,665
------ ------
Net interest income after
provision 43.25 74,397
Service charges on deposit
accounts (5.50) 21,704
Fees and commissions on loans
and deposits 17.73 14,968
Insurance commissions and fees 29.93 3,408
Trust revenue 11.99 2,404
Securities (losses) gains (100.00) 880
Gain on sale of mortgage loans 27.75 6,224
Gain on acquisition - 42,211
Other 20.36 4,116
-----
Total non-interest income 8.45 95,915
Salaries and employee benefits 17.57 58,900
Occupancy and equipment (8.89) 11,844
Data processing 18.34 6,374
Amortization of intangibles 8.51 1,974
Other 59.15 44,527
-----
Total non-interest expense 25.97 123,619
Income before income taxes 38.11 46,693
Income taxes 143.00 15,018
------ ------
Net income 17.12 $31,675
===== =======
Basic earnings per share - $1.39
Diluted earnings per share - 1.38
Average basic shares
outstanding 18.80 22,842,502
Average diluted shares
outstanding 18.66 22,976,088
Common shares outstanding 18.78 25,043,112
Cash dividend per common share - $0.68
Performance ratios
------------------
Return on average
shareholders' equity 7.16%
Return on average
shareholders' equity,
excluding amortization
expense 7.44%
Return on average assets 0.80%
Return on average assets,
excluding amortization
expense 0.83%
Net interest margin (FTE) 3.26%
Yield on earning assets (FTE) 5.04%
Average earning assets to
average assets 85.82%
Average loans to average
deposits 80.20%
Noninterest income (less
securities gains/
losses) to average assets 2.41%
Noninterest expense to average
assets 3.13%
Net overhead ratio 0.72%
Efficiency ratio (FTE) 59.97%
For the Year
Ended December 31,
------------------
Percent
Statement of earnings 2009 Variance
--------------------- ---- --------
Interest income -taxable
equivalent basis $175,170 (2.68)
Interest income $170,564 (3.06)
Interest expense 71,098 (15.22)
------
Net interest income 99,466 5.63
Provision for loan losses 26,890 14.04
------ -----
Net interest income after
provision 72,576 2.51
Service charges on deposit
accounts 22,000 (1.35)
Fees and commissions on loans
and deposits 16,621 (9.95)
Insurance commissions and fees 3,319 2.68
Trust revenue 2,039 17.90
Securities (losses) gains 1,673 (47.40)
Gain on sale of mortgage loans 7,566 (17.74)
Gain on acquisition - -
Other 4,340 (5.16)
-----
Total non-interest income 57,558 66.64
Salaries and employee benefits 55,415 6.29
Occupancy and equipment 12,338 (4.00)
Data processing 5,605 13.72
Amortization of intangibles 1,966 0.41
Other 30,429 46.33
-----
Total non-interest expense 105,753 16.89
Income before income taxes 24,381 91.51
Income taxes 5,863 156.15
----- ------
Net income $18,518 71.05
======= =====
Basic earnings per share $0.88 76.81
Diluted earnings per share 0.87 77.94
Average basic shares
outstanding 21,073,916 8.39
Average diluted shares
outstanding 21,211,672 8.32
Common shares outstanding 21,082,991 18.78
Cash dividend per common share $0.68 -
Performance ratios
------------------
Return on average
shareholders' equity 4.56%
Return on average
shareholders' equity,
excluding amortization
expense 4.86%
Return on average assets 0.50%
Return on average assets,
excluding amortization
expense 0.53%
Net interest margin (FTE) 3.16%
Yield on earning assets (FTE) 5.32%
Average earning assets to
average assets 88.82%
Average loans to average
deposits 95.15%
Noninterest income (less
securities gains/
losses) to average assets 1.51%
Noninterest expense to average
assets 2.85%
Net overhead ratio 1.35%
Efficiency ratio (FTE) 65.43%
*Percent variance not meaningful
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
2010
----
Fourth Third Second
Average balances Quarter Quarter Quarter
----------------
Total assets $4,285,887 $4,246,566 $3,616,125
Earning assets 3,610,526 3,600,033 3,161,214
Securities 785,613 729,789 734,690
Loans, net of unearned 2,576,721 2,533,567 2,304,663
Intangibles 192,123 192,447 190,639
Non-interest bearing deposits $371,908 $351,449 $315,242
Interest bearing deposits 3,053,382 2,929,739 2,387,175
Total deposits 3,425,290 3,281,188 2,702,417
Borrowed funds 318,873 438,047 468,196
Shareholders' equity 476,449 466,109 412,959
Asset quality data
------------------
Assets not subject to loss
share:
Nonaccrual loans $46,662 $56,674 $53,868
Loans 90 past due or more 7,196 8,923 10,794
----- ----- ------
Non-performing loans 53,858 65,597 64,662
Other real estate owned and
repossessions 71,833 62,936 66,797
------ ------ ------
Non-performing assets $125,691 $128,533 $131,459
======== ======== ========
Assets subject to loss share:
Nonaccrual loans $82,393 $67,135 $-
Loans 90 past due or more - - -
--- --- ---
Non-performing loans subject
to loss share 82,393 67,135 -
Other real estate owned and
repossessions 54,715 49,286 -
Non-performing assets subject
to loss share $137,108 $116,421 $-
======== ======== ===
Net loan charge-offs
(recoveries) $5,217 $7,514 $6,948
Allowance for loan losses 45,415 45,132 41,146
Non-performing loans /total
loans 2.46% 2.94% 2.86%
Non-performing assets /total
assets 2.92% 3.02% 3.66%
Allowance for loan losses /
total loans 2.07% 2.02% 1.82%
Allowance for loan losses /
non-performing loans 84.32% 68.80% 63.63%
Annualized net loan charge-
offs /
average loans 0.80% 1.18% 1.21%
Balances at period end
----------------------
Total assets $4,297,359 $4,256,253 $3,593,872
Earning assets 3,298,049 3,248,437 3,156,451
Securities 834,472 745,486 721,640
Mortgage loans held for sale 27,704 25,639 21,261
Loans not subject to loss
share 2,190,909 2,231,075 2,263,263
Loans subject to loss share 333,681 352,535 -
Intangibles 191,867 192,391 190,411
Non-interest bearing deposits $368,798 $361,504 $313,309
Interest bearing deposits 3,099,353 3,054,424 2,374,903
Total deposits 3,468,151 3,415,928 2,688,212
Borrowed funds 316,436 322,245 459,762
Shareholders' equity 469,457 477,034 412,235
Market value per common share $16.91 $15.21 $14.35
Book value per common share 18.75 19.05 19.54
Tangible book value per common
share 11.08 11.37 10.51
Shareholders' equity to assets
(actual) 10.92% 11.21% 11.47%
Tangible capital ratio 6.76% 7.00% 6.52%
Leverage ratio 8.97% 9.03% 8.78%
Tier 1 risk-based capital
ratio 13.58% 13.55% 11.42%
Total risk-based capital ratio 14.83% 14.80% 12.67%
2010 2009
---- ----
First Fourth Third
Average balances Quarter Quarter Quarter
---------------- ------- ------- -------
Total assets $3,621,361 $3,640,514 $3,675,592
Earning assets 3,160,620 3,210,554 3,261,527
Securities 697,913 719,298 703,976
Loans, net of unearned 2,354,443 2,397,195 2,465,298
Intangibles 190,881 191,591 192,078
Non-interest bearing deposits $310,726 $307,753 $297,390
Interest bearing deposits 2,332,741 2,247,854 2,286,184
Total deposits 2,643,467 2,555,607 2,583,574
Borrowed funds 530,654 632,689 647,919
Shareholders' equity 412,132 413,773 406,779
Asset quality data
------------------
Assets not subject to loss
share:
Nonaccrual loans $44,688 $39,454 $37,995
Loans 90 past due or more 9,916 10,571 10,661
----- ------ ------
Non-performing loans 54,604 50,025 48,656
Other real estate owned and
repossessions 62,508 58,568 47,457
------ ------ ------
Non-performing assets $117,112 $108,593 $96,113
======== ======== =======
Assets subject to loss share:
Nonaccrual loans $- $- $-
Loans 90 past due or more - - -
--- --- ---
Non-performing loans subject
to loss share - - -
Other real estate owned and
repossessions - - -
--- --- ---
Non-performing assets subject
to loss share $- $- $-
=== === ===
Net loan charge-offs
(recoveries) $4,716 $5,007 $6,962
Allowance for loan losses 41,094 39,145 36,352
Non-performing loans /total
loans 2.37% 2.13% 2.03%
Non-performing assets /total
assets 3.22% 2.98% 2.64%
Allowance for loan losses /
total loans 1.78% 1.67% 1.51%
Allowance for loan losses /
non-performing loans 75.26% 78.25% 74.71%
Annualized net loan charge-
offs /
average loans 0.81% 0.83% 1.12%
Balances at period end
----------------------
Total assets $3,641,709 $3,641,081 $3,642,657
Earning assets 3,200,159 3,173,039 3,188,554
Securities 741,207 714,164 738,204
Mortgage loans held for sale 16,597 25,749 24,091
Loans not subject to loss
share 2,308,335 2,347,615 2,402,423
Loans subject to loss share - - -
Intangibles 190,881 191,357 191,839
Non-interest bearing deposits $315,064 $304,962 $297,858
Interest bearing deposits 2,398,784 2,271,138 2,263,126
Total deposits 2,713,848 2,576,100 2,560,984
Borrowed funds 483,183 618,024 635,076
Shareholders' equity 410,557 410,122 410,473
Market value per common share $16.18 $13.60 $14.85
Book value per common share 19.47 19.45 19.47
Tangible book value per common
share 10.42 10.38 10.37
Shareholders' equity to assets
(actual) 11.27% 11.26% 11.27%
Tangible capital ratio 6.37% 6.34% 6.34%
Leverage ratio 8.74% 8.68% 8.56%
Tier 1 risk-based capital
ratio 11.20% 11.12% 11.04%
Total risk-based capital ratio 12.45% 12.37% 12.29%
2009
----
Second First
Average balances Quarter Quarter
----------------
Total assets $3,738,852 $3,763,245
Earning assets 3,337,103 3,343,699
Securities 701,894 696,068
Loans, net of unearned 2,542,021 2,587,436
Intangibles 192,568 193,067
Non-interest bearing deposits $293,546 $299,265
Interest bearing deposits 2,342,788 2,250,324
Total deposits 2,636,334 2,549,589
Borrowed funds 662,387 815,548
Shareholders' equity 404,456 403,229
Asset quality data
------------------
Assets not subject to loss
share:
Nonaccrual loans $55,217 $47,591
Loans 90 past due or more 10,284 19,789
------ ------
Non-performing loans 65,501 67,380
Other real estate owned and
repossessions 30,546 25,318
------ ------
Non-performing assets $96,047 $92,698
======= =======
Assets subject to loss share:
Nonaccrual loans $- $-
Loans 90 past due or more - -
--- ---
Non-performing loans subject
to loss share - -
Other real estate owned and
repossessions - -
Non-performing assets subject
to loss share $- $-
=== ===
Net loan charge-offs
(recoveries) $5,917 $4,764
Allowance for loan losses 35,964 35,181
Non-performing loans /total
loans 2.65% 2.69%
Non-performing assets /total
assets 2.59% 2.44%
Allowance for loan losses /
total loans 1.46% 1.40%
Allowance for loan losses /
non-performing loans 54.91% 52.21%
Annualized net loan charge-
offs /
average loans 0.93% 0.75%
Balances at period end
----------------------
Total assets $3,701,957 $3,795,217
Earning assets 3,236,615 3,368,962
Securities 684,723 709,950
Mortgage loans held for sale 49,565 55,194
Loans not subject to loss
share 2,468,844 2,506,780
Loans subject to loss share - -
Intangibles 192,328 192,822
Non-interest bearing deposits $292,129 $303,536
Interest bearing deposits 2,308,081 2,385,769
Total deposits 2,600,210 2,689,305
Borrowed funds 665,755 672,130
Shareholders' equity 400,680 400,095
Market value per common share $15.02 $12.56
Book value per common share 19.01 18.99
Tangible book value per common
share 9.89 9.84
Shareholders' equity to assets
(actual) 10.82% 10.54%
Tangible capital ratio 5.94% 5.75%
Leverage ratio 8.37% 8.28%
Tier 1 risk-based capital
ratio 10.92% 11.00%
Total risk-based capital ratio 12.17% 12.25%
Q4 2010
- For the Year
Q4 2009 Ended December 31,
------------------
Percent
Average balances Variance 2010
---------------- --------
Total assets 17.73 $3,944,009
Earning assets 12.46 3,384,856
Securities 9.22 737,256
Loans, net of unearned 7.49 2,442,761
Intangibles 0.28 191,867
Non-interest bearing deposits 20.85 $334,849
Interest bearing deposits 35.84 2,683,017
Total deposits 34.03 3,017,866
Borrowed funds (49.60) 438,140
Shareholders' equity 15.15 442,311
Asset quality data
------------------
Assets not subject to loss
share:
Nonaccrual loans 18.27 $46,662
Loans 90 past due or more (31.93) 7,196
-----
Non-performing loans 7.66 53,858
Other real estate owned and
repossessions 22.65 71,833
------
Non-performing assets 15.75 $125,691
========
Assets subject to loss share:
Nonaccrual loans - $82,393
Loans 90 past due or more - -
---
Non-performing loans subject
to loss share - 82,393
Other real estate owned and
repossessions - 54,715
Non-performing assets subject
to loss share - $137,108
========
Net loan charge-offs
(recoveries) 4.19 $24,395
Allowance for loan losses 16.02 45,415
Non-performing loans /total
loans 2.46%
Non-performing assets /total
assets 2.92%
Allowance for loan losses /
total loans 2.07%
Allowance for loan losses /
non-performing loans 84.32%
Annualized net loan charge-
offs /
average loans 1.00%
Balances at period end
----------------------
Total assets $4,297,359
Earning assets 3,298,049
Securities 834,472
Mortgage loans held for sale 27,704
Loans not subject to loss
share 2,190,909
Loans subject to loss share 333,681
Intangibles 191,867
Non-interest bearing deposits $368,798
Interest bearing deposits 3,099,353
Total deposits 3,468,151
Borrowed funds 316,436
Shareholders' equity 469,457
Market value per common share $16.91
Book value per common share 18.75
Tangible book value per common
share 11.08
Shareholders' equity to assets
(actual) 10.92%
Tangible capital ratio 6.76%
Leverage ratio 8.97%
Tier 1 risk-based capital
ratio 13.58%
Total risk-based capital ratio 14.83%
For the Year
Ended December 31,
------------------
Percent
Average balances 2009 Variance
---------------- ----
Total assets $3,704,350 6.47
Earning assets 3,290,356 2.87
Securities 702,689 4.92
Loans, net of unearned 2,497,377 (2.19)
Intangibles 192,321 (0.24)
Non-interest bearing deposits $299,465 11.82
Interest bearing deposits 2,281,793 17.58
Total deposits 2,581,258 16.91
Borrowed funds 689,020 (36.41)
Shareholders' equity 406,178 8.90
Asset quality data
------------------
Assets not subject to loss
share:
Nonaccrual loans $39,454 18.27
Loans 90 past due or more 10,571 (31.93)
------
Non-performing loans 50,025 7.66
Other real estate owned and
repossessions 58,568 22.65
------
Non-performing assets $108,593 15.75
========
Assets subject to loss share:
Nonaccrual loans $- -
Loans 90 past due or more - -
---
Non-performing loans subject
to loss share - -
Other real estate owned and
repossessions - -
Non-performing assets subject
to loss share $- -
===
Net loan charge-offs
(recoveries) $22,650 7.70
Allowance for loan losses 39,145 16.02
Non-performing loans /total
loans 2.13%
Non-performing assets /total
assets 2.98%
Allowance for loan losses /
total loans 1.67%
Allowance for loan losses /
non-performing loans 78.25%
Annualized net loan charge-
offs /
average loans 0.91%
Balances at period end
----------------------
Total assets $3,641,081 18.02
Earning assets 3,173,039 3.94
Securities 714,164 16.85
Mortgage loans held for sale 25,749 7.59
Loans not subject to loss
share 2,347,615 (6.68)
Loans subject to loss share - -
Intangibles 191,357 0.27
Non-interest bearing deposits $304,962 20.93
Interest bearing deposits 2,271,138 36.47
Total deposits 2,576,100 34.63
Borrowed funds 618,024 (48.80)
Shareholders' equity 410,122 14.47
Market value per common share $13.60 24.34
Book value per common share 19.45 (3.63)
Tangible book value per common
share 10.38 6.82
Shareholders' equity to assets
(actual) 11.26%
Tangible capital ratio 6.34%
Leverage ratio 8.68%
Tier 1 risk-based capital
ratio 11.12%
Total risk-based capital ratio 12.37%
*Percent variance not meaningful
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
2010
----
Fourth Third Second
Loans not subject to loss
share by category Quarter Quarter Quarter
------------------------- ------- ------- -------
Commercial, financial,
agricultural $244,355 $259,710 $273,356
Lease financing 503 547 601
Real estate - construction 66,798 62,593 62,469
Real estate -1-4 family
mortgages 749,863 770,773 798,185
Real estate -commercial
mortgages 1,065,271 1,072,484 1,071,876
Installment loans to
individuals 64,119 64,968 56,776
------ ------ ------
Loans, net of unearned $2,190,909 $2,231,075 $2,263,263
========== ========== ==========
Loans subject to loss share by
category
------------------------------
Commercial, financial,
agricultural $20,921 $22,543 $-
Lease financing - - -
Real estate - construction 15,563 17,385 -
Real estate -1-4 family
mortgages 122,519 138,863 -
Real estate -commercial
mortgages 174,572 172,145 -
Installment loans to
individuals 106 1,599 -
--- ----- ---
Loans, net of unearned $333,681 $352,535 $-
======== ======== ===
2010 2009
---- ----
First Fourth Third
Loans not subject to loss
share by category Quarter Quarter Quarter
------------------------- ------- ------- -------
Commercial, financial,
agricultural $276,749 $281,329 $280,930
Lease financing 677 778 936
Real estate - construction 110,121 133,299 153,367
Real estate -1-4 family
mortgages 809,271 820,917 848,267
Real estate -commercial
mortgages 1,055,102 1,040,589 1,048,135
Installment loans to
individuals 56,415 70,703 70,788
------ ------ ------
Loans, net of unearned $2,308,335 $2,347,615 $2,402,423
========== ========== ==========
Loans subject to loss share by
category
------------------------------
Commercial, financial,
agricultural $- $- $-
Lease financing - - -
Real estate - construction - - -
Real estate -1-4 family
mortgages - - -
Real estate -commercial
mortgages - - -
Installment loans to
individuals - - -
--- --- ---
Loans, net of unearned $- $- $-
=== === ===
2009
----
Second First
Loans not subject to loss
share by category Quarter Quarter
------------------------- ------- -------
Commercial, financial,
agricultural $292,177 $301,899
Lease financing 1,283 1,434
Real estate - construction 180,202 210,747
Real estate -1-4 family
mortgages 878,263 872,796
Real estate -commercial
mortgages 1,054,169 1,055,537
Installment loans to
individuals 62,750 64,367
------ ------
Loans, net of unearned $2,468,844 $2,506,780
========== ==========
Loans subject to loss share by
category
------------------------------
Commercial, financial,
agricultural $- $-
Lease financing - -
Real estate - construction - -
Real estate -1-4 family
mortgages - -
Real estate -commercial
mortgages - -
Installment loans to
individuals - -
--- ---
Loans, net of unearned $- $-
=== ===
For the Year
Ended
December
31,
--
Percent
Loans not subject to loss
share by category 2010 2009 Variance
------------------------- ---- ---- --------
Commercial, financial,
agricultural $244,355 $281,329 (13.14)
Lease financing 503 778 (35.35)
Real estate - construction 66,798 133,299 (49.89)
Real estate -1-4 family
mortgages 749,863 820,917 (8.66)
Real estate -commercial
mortgages 1,065,271 1,040,589 2.37
Installment loans to
individuals 64,119 70,703 (9.31)
------ ------
Loans, net of unearned $2,190,909 $2,347,615 (6.68)
========== ==========
Loans subject to loss share by
category
------------------------------
Commercial, financial,
agricultural $20,921 $- -
Lease financing - - -
Real estate - construction 15,563 - -
Real estate -1-4 family
mortgages 122,519 - -
Real estate -commercial
mortgages 174,572 - -
Installment loans to
individuals 106 - -
--- ---
Loans, net of unearned $333,681 $- -
======== ===
*Percent variance not meaningful
SOURCE Renasant Corporation
