RENASANT CORPORATION 
By TUPELO, Miss., Oct. 18, 2011 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2011. Net income for the third quarter of 2011 was $6,532,000 as compared to $5,757,000 for the second quarter of 2011. Basic and diluted earnings per share ("EPS") were $0.26 during the third quarter of 2011 as compared to basic and diluted EPS of $0.23 for the second quarter of 2011.
"We're pleased to have experienced a successful 2011 third quarter and believe expansion activities completed during the quarter will further enhance our performance," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Highlights for the third quarter include loan growth, a linked quarter increase in net income, capital ratios, and net interest margin along with three de novo market entrances and the completion of our acquisition of RBC USA's Birmingham-based trust unit."
For the third quarter of 2010, the Company's net income was $19,551,000 and both its basic and diluted EPS were $0.81. The Company's third quarter 2010 net income and EPS included a bargain purchase gain of $42,211,000 from the Company's FDIC-assisted acquisition in 2010. This gain was partially offset by acquisition expenses of $1,955,000 and a prepayment penalty of $2,785,000 from the early extinguishment of debt.
Net interest income was $32,864,000 for the third quarter of 2011, which represents a slight increase from the second quarter of 2011 and a 21.19% increase from the third quarter of 2010. Net interest margin increased to 3.92% for the third quarter of 2011 as compared to 3.76% for the second quarter of 2011 and 3.12% for the third quarter of 2010.
"As planned, we have steadily improved net interest margin over the past 4 quarters. This improvement in net interest margin continues to be driven by our strategic efforts to restructure our funding mix and deploy cash into higher yielding alternatives," stated McGraw.
The Company's noninterest income continues to be derived primarily from multiple lines of recurring income which include but are not limited to wealth management, treasury management, insurance and mortgage lending along with income from deposit and loan products. Noninterest income was $19,613,000 for the third quarter of 2011 as compared to $13,334,000 for the second quarter of 2011 and $54,534,000 for the third quarter of 2010. Noninterest income for the third quarter of 2011 included a gain of $5,041,000 from the sale of securities, while noninterest income for the same period in 2010 included the aforementioned bargain purchase gain of $42,211,000 related to the Crescent Bank & Trust transaction.
Noninterest expense was $38,129,000 for the third quarter of 2011 as compared to $32,555,000 for the second quarter of 2011 and $39,571,000 for the third quarter of 2010. The increase in noninterest expense on a linked quarter basis was primarily due to costs associated with other real estate owned ("OREO"). The additional salary and employee benefits due to new hires in connection with our entrance into the markets of Starkville, Mississippi, and Montgomery and Tuscaloosa, Alabama, and the costs associated with our acquisition of RBC USA's Birmingham-based trust unit also contributed to this increase.
At September 30, 2011, the Company's Tier 1 leverage capital ratio was 9.48%, its Tier 1 risk-based capital ratio was 13.63%, and its total risk-based capital ratio was 14.89%. The Company's tangible common equity ratio was 7.47%. During the third quarter of 2011, all of the Company's capital ratios increased from December 31, 2010 and, in all regulatory capital ratios, the Company continues to be in excess of regulatory minimums required to be classified as "well-capitalized."
Total assets at September 30, 2011 were approximately $4.136 billion, down 2.88% from June 30, 2011 and 3.74% from December 31, 2010. Total deposits were $3.342 billion at September 30, 2011 compared to $3.477 billion at June 30, 2011 and $3.468 billion at December 31, 2010. The Company continues to focus on changing its deposit mix as evidenced by noninterest-bearing deposits representing 14.75% of total deposits as compared to 10.63% at December 31, 2010. Resulting from this focus, the Company's cost of funds was 0.99% for the third quarter of 2011 as compared to 1.17% for the second quarter of 2011 and 1.75% for the third quarter of 2010.
Total loans were approximately $2.565 billion at September 30, 2011 as compared to $2.563 billion at June 30, 2011 and $2.525 billion at December 31, 2010. Loans not covered under FDIC loss-share agreements were $2.205 billion at September 30, 2011 as compared to $2.185 billion at June 30, 2011 and $2.191 billion at December 31, 2010.
"Our loan growth during the third quarter of 2011 is reflective of our continued focus on taking advantage of business opportunities. This loan growth was achieved primarily from our existing branch network prior to our third quarter expansions. Looking ahead, we anticipate additional loan growth from our de novo markets as well as continued loan growth from our existing branch network," said McGraw.
The loans and OREO acquired in the Company's FDIC-assisted transactions are recorded at fair value which includes an estimated impairment. Furthermore, the loss-share agreements with the FDIC, as well as adjustments to the balances of these acquired assets to record them at fair value, mitigate the impact of further losses on these assets. Nonperforming loans and OREO covered under loss-share agreements totaled $96,648,000 and $44,021,000, respectively, at September 30, 2011. The remaining information in this release on nonperforming loans, other real estate owned and the related asset quality ratios excludes the assets covered under loss-share agreements.
The Company recorded a provision for loan losses of $5,500,000 for the third quarter of 2011 as compared to $5,350,000 for the second quarter of 2011 and $11,500,000 for the third quarter of 2010. Annualized net charge-offs as a percentage of average loans were 0.70% for the third quarter of 2011 as compared to 0.82% for the second quarter of 2011 and 1.18% for the third quarter of 2010. The allowance for loan losses as a percentage of loans was 2.20% at September 30, 2011 as compared to 2.18% at June 30, 2011 and 2.07% at December 31, 2010.
The Company's nonperforming loans were $49,037,000 at September 30, 2011 as compared to $51,977,000 at June 30, 2011 and $53,858,000 at December 31, 2010. Loans 30 to 89 days past due as a percentage of total loans were 0.75% at September 30, 2011 as compared to 0.80% at June 30, 2011 and 0.98% at December 31, 2010.
OREO was $72,765,000 at September 30, 2011 as compared to $68,384,000 at June 30, 2011 and $71,833,000 at December 31, 2010. During the third quarter of 2011, the Company sold approximately $4,125,000 in OREO, and an additional $4,937,000 in OREO under contract is expected to close during the fourth quarter of 2011.
"Our credit quality metrics continue to improve as we work problem assets through the resolution process. Our nonperforming loans and past due loans continued to decline during the third quarter of 2011. This decline, along with our efforts to build reserves, resulted in our highest coverage ratio since the second quarter of 2008," mentioned McGraw.
The Company announced three de novo banking expansions during the third quarter of 2011. On July 1, the Company announced its entrance into the Montgomery, Alabama banking market. On July 26, the Company announced its entrance into the Golden Triangle market of Starkville, which is home to Mississippi State University. Finally, on August 23, the Company announced its entrance into the Alabama market of Tuscaloosa, home of the University of Alabama. All of these new market entrances were built around the addition of experienced and successful bankers to the Company. In addition to these new markets, during the third quarter of 2011, the Company completed its acquisition of RBC Bank (USA)'s Birmingham-based $680 million asset trust division.
"During the third quarter we took advantage of several opportunities to expand our reach within our current footprint. We believe these new market entrances, coupled with the experienced banking talent that has joined Renasant, will enhance our already strong presence in Mississippi and Alabama," stated McGraw. "Moving into the fourth quarter, we believe our basic banking metrics are positive and we anticipate a strong finish for 2011."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM EDT on Wednesday, October 19, 2011.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst111019.html. To access the conference via telephone, dial 1-877-317-6789 in the United States and request the Renasant Corporation Third Quarter 2011 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 10005613 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM EDT on October 19, 2012.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 107-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 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)
Q3 2011
- For the Nine Months
2011 2010 Q3 2010 Ended September 30,
---- ---- -------------------
Third Second First Fourth Third Second First Percent Percent
Statement of earnings Quarter Quarter Quarter Quarter Quarter Quarter Quarter Variance 2011 2010 Variance
--------------------- ------- ------- ------- ------- ------- ------- ------- -------- ---- ---- --------
Interest income -taxable
equivalent basis $43,432 $45,291 $45,371 $45,224 $44,770 $39,590 $40,900 (2.99) $134,094 $125,260 7.05
Interest income $41,930 $43,775 $43,803 $43,817 $43,433 $38,381 $39,708 (3.46) $129,508 $121,522 6.57
Interest expense 9,066 11,153 12,707 13,962 16,316 14,701 15,298 (44.44) 32,926 46,315 (28.91)
----- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net interest income 32,864 32,622 31,096 29,855 27,117 23,680 24,410 21.19 96,582 75,207 28.42
Provision for loan losses 5,500 5,350 5,500 5,500 11,500 7,000 6,665 (52.17) 16,350 25,165 (35.03)
----- ----- ----- ----- ------ ----- ----- ------ ------ ------ ------
Net interest income after
provision 27,364 27,272 25,596 24,355 15,617 16,680 17,745 75.22 80,232 50,042 60.33
Service charges on deposit
accounts 4,797 5,082 4,880 5,482 5,771 5,361 5,090 (16.88) 14,759 16,222 (9.02)
Fees and commissions on loans and
deposits 4,898 4,548 4,138 4,184 3,654 3,409 3,721 34.04 13,584 10,784 25.96
Insurance commissions and fees 847 783 832 916 828 830 834 2.29 2,462 2,492 (1.20)
Trust revenue 771 650 613 626 562 632 584 37.19 2,034 1,778 14.40
Securities gains (losses) 5,041 (258) 12 - (1,009) 2,049 (160) (599.60) 4,795 880 444.89
Gain on sale of mortgage loans 1,371 949 1,151 2,127 1,774 994 1,329 (22.72) 3,471 4,097 (15.28)
Gain on acquisition 570 - 8,774 - 42,211 - - (98.65) 9,344 42,211 (77.86)
Other 1,318 1,580 1,365 1,218 743 1,069 1,086 77.39 4,263 2,898 47.10
----- ----- ----- ----- --- ----- ----- ----- ----- ----- -----
Total non-interest income 19,613 13,334 21,765 14,553 54,534 14,344 12,484 (64.04) 54,712 81,362 (32.75)
.
Salaries and employee benefits 17,493 16,173 16,237 15,957 16,694 13,052 13,197 4.79 49,903 42,943 16.21
Occupancy and equipment 3,434 3,357 3,239 2,716 3,271 2,926 2,931 4.98 10,030 9,128 9.88
Data processing 1,927 1,657 1,788 1,665 1,703 1,580 1,426 13.15 5,372 4,709 14.08
Debt extinguishment penalty - - 1,903 - 2,785 - - (100.00) 1,903 2,785 (31.67)
Merger-related expenses 326 - 1,325 - 1,955 - - (83.32) 1,651 1,955 (15.55)
Other real estate 6,336 2,122 3,511 3,288 4,635 959 736 36.70 11,969 6,330 89.08
Amortization of intangibles 351 510 515 523 505 470 476 (30.50) 1,376 1,451 (5.17)
Other 8,262 8,736 8,205 8,077 8,023 7,201 6,868 2.98 25,203 22,092 14.08
----- ----- ----- ----- ----- ----- ----- ---- ------ ------ -----
Total non-interest expense 38,129 32,555 36,723 32,226 39,571 26,188 25,634 (3.64) 107,407 91,393 17.52
Income before income taxes 8,848 8,051 10,638 6,682 30,580 4,836 4,595 (71.07) 27,537 40,011 (31.18)
Income taxes 2,316 2,294 3,085 1,961 11,029 1,040 988 (79.00) 7,695 13,057 (41.07)
----- ----- ----- ----- ------ ----- --- ------ ----- ------ ------
Net income $6,532 $5,757 $7,553 $4,721 $19,551 $3,796 $3,607 (66.59) $19,842 $26,954 (26.39)
====== ====== ====== ====== ======= ====== ====== ====== ======= ======= ======
Basic earnings per share $0.26 $0.23 $0.30 $0.19 $0.81 $0.18 $0.17 (67.90) $0.79 $1.22 (35.25)
Diluted earnings per share 0.26 0.23 0.30 0.19 0.81 0.18 0.17 (67.90) 0.79 1.21 (34.71)
Average basic shares outstanding 25,061,068 25,059,081 25,052,126 25,042,137 24,098,629 21,088,942 21,082,991 3.99 25,057,458 22,101,234 13.38
Average diluted shares
outstanding 25,180,923 25,182,503 25,172,410 25,177,394 24,208,642 21,224,836 21,208,934 4.02 25,186,177 22,230,277 13.30
Common shares outstanding 25,061,068 25,061,068 25,056,431 25,043,112 25,041,540 21,100,130 21,082,991 0.08 25,061,068 25,041,540 0.08
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 5.36% 4.84% 6.51% 3.93% 16.64% 3.69% 3.55% 5.56% 8.44%
Return on average shareholders'
equity, excluding amortization
expense 5.54% 5.11% 6.78% 4.20% 16.91% 3.97% 3.84% 5.80% 8.72%
Return on average assets 0.63% 0.54% 0.69% 0.44% 1.83% 0.42% 0.40% 0.62% 0.94%
Return on average assets,
excluding amortization expense 0.65% 0.57% 0.72% 0.47% 1.86% 0.45% 0.44% 0.65% 0.97%
Net interest margin (FTE) 3.92% 3.76% 3.55% 3.43% 3.12% 3.15% 3.27% 3.74% 3.20%
Yield on earning assets (FTE) 4.96% 4.99% 4.93% 4.97% 4.92% 5.02% 5.23% 4.95% 5.08%
Cost of funding 0.99% 1.17% 1.31% 1.49% 1.75% 1.86% 1.95% 1.16% 1.86%
Average earning assets to average
assets 83.95% 84.75% 84.16% 84.24% 84.78% 87.42% 87.28% 84.42% 86.45%
Average loans to average deposits 76.23% 72.47% 70.20% 74.57% 76.41% 84.53% 88.47% 73.04% 82.69%
Noninterest income (less
securities gains/
losses) to average assets 1.40% 1.27% 1.99% 1.35% 5.19% 1.36% 1.42% 1.56% 2.81%
Noninterest expense to average
assets 3.65% 3.04% 3.37% 2.98% 3.70% 2.90% 2.87% 3.35% 3.19%
Net overhead ratio 2.26% 1.77% 1.37% 1.64% -1.49% 1.54% 1.45% 1.79% 0.38%
Efficiency ratio (FTE) 70.64% 68.58% 67.47% 70.34% 47.68% 66.75% 67.31% 68.90% 57.01%
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
Q3 2011
- For the Nine Months
2011 2010 Q3 2010 Ended September 30,
---- ---- -------------------
Third Second First Fourth Third Second First Percent Percent
Average
balances Quarter Quarter Quarter Quarter Quarter Quarter Quarter Variance 2011 2010 Variance
---------
Total assets $4,142,851 $4,294,530 $4,423,088 $4,285,887 $4,246,566 $3,616,125 $3,621,361 (2.44) $4,284,463 $3,830,155 11.86
Earning assets 3,478,054 3,639,696 3,722,419 3,610,526 3,600,033 3,161,214 3,160,620 (3.39) 3,616,922 3,311,167 9.23
Securities 796,957 863,735 881,808 785,613 729,789 734,690 697,913 9.20 847,110 720,914 17.51
Loans, net of
unearned 2,577,539 2,575,890 2,556,572 2,576,721 2,533,567 2,304,663 2,354,443 1.74 2,574,516 2,400,482 7.25
Intangibles 191,574 191,320 191,740 192,123 192,447 190,639 190,881 (0.45) 191,542 192,391 (0.44)
Non-interest
bearing
deposits $480,699 $468,170 $476,115 $371,908 $351,449 $315,242 $310,726 36.78 $475,009 $325,890 45.76
Interest
bearing
deposits 2,880,248 3,072,809 3,148,481 3,053,382 2,929,739 2,387,175 2,332,741 (1.69) 3,032,873 2,552,064 18.84
Total deposits 3,360,947 3,540,979 3,624,596 3,425,290 3,281,188 2,702,417 2,643,467 2.43 3,507,882 2,877,954 21.89
Borrowed funds 259,387 261,060 290,201 318,873 438,047 468,196 530,654 (40.79) 270,103 478,620 (43.57)
Shareholders'
equity 483,121 476,896 470,875 476,449 466,109 412,959 412,132 3.65 476,708 427,100 11.62
Asset quality data
------------------
Assets not subject to
loss share:
Nonaccrual
loans $40,363 $42,331 $46,406 $46,662 $56,674 $53,868 $44,688 (28.78) $40,363 $56,674 (28.78)
Loans 90 past
due or more 8,674 9,646 10,839 7,196 8,923 10,794 9,916 (2.79) 8,674 8,923 (2.79)
----- ----- ------ ----- ----- ------ ----- ----- -----
Non-performing
loans 49,037 51,977 57,245 53,858 65,597 64,662 54,604 (25.25) 49,037 65,597 (25.25)
Other real
estate owned
and
repossessions 72,765 68,384 71,415 71,833 62,936 66,797 62,508 15.62 72,765 62,936 15.62
Non-performing
assets not
subject to
loss share $121,802 $120,361 $128,660 $125,691 $128,533 $131,459 $117,112 (5.24) $121,802 $128,533 (5.24)
======== ======== ======== ======== ======== ======== ======== ======== ========
Assets subject to loss
share:
Nonaccrual
loans $84,426 $78,780 $78,909 $82,393 $67,135 $- $- 25.76 $84,426 $67,135 25.76
Loans 90 past
due or more 12,222 10,619 7,817 - - - - - - 12,222 - -
------ ------ ----- --- --- --- --- ------ ---
Non-performing
loans subject
to loss share 96,648 89,399 86,726 82,393 67,135 - - 43.96 96,648 67,135 43.96
Other real
estate owned
and
repossessions 44,021 59,802 59,036 54,715 49,286 - - (10.68) 44,021 49,286 (10.68)
Non-performing
assets subject
to loss share $140,669 $149,201 $145,762 $137,108 $116,421 $- $- 20.83 $140,669 $116,421 20.83
======== ======== ======== ======== ======== === === ======== ========
Net loan
charge-offs
(recoveries) $4,539 $5,284 $3,410 $5,217 $7,514 $6,948 $4,716 (39.59) $13,233 $19,178 (31.00)
Allowance for
loan losses 48,532 47,571 47,505 45,415 45,132 41,146 41,094 7.53 48,532 45,132 7.53
Non-performing
loans /total
loans* 2.22% 2.38% 2.61% 2.46% 2.94% 2.86% 2.37% 2.22% 2.94%
Non-performing
assets /total
assets* 2.94% 2.83% 2.91% 2.92% 3.02% 3.66% 3.22% 2.94% 3.02%
Allowance for
loan losses /
total loans* 2.20% 2.18% 2.17% 2.07% 2.02% 1.82% 1.78% 2.20% 2.02%
Allowance for loan
losses /
non-performing
loans* 98.97% 91.52% 82.99% 84.32% 68.80% 63.63% 75.26% 98.97% 68.80%
Annualized net loan
charge-offs /
average loans* 0.70% 0.82% 0.54% 0.80% 1.18% 1.21% 0.81% 0.69% 1.07%
Balances at period end
----------------------
Total assets $4,136,474 $4,259,200 $4,422,164 $4,297,327 $4,256,253 $3,593,872 $3,641,709 (2.81) $4,136,474 $4,256,253 (2.81)
Earning assets 3,121,166 3,585,441 3,724,108 3,631,730 3,600,972 3,156,451 3,200,159 (13.32) 3,121,166 3,600,972 (13.32)
Securities 718,881 833,710 880,382 834,472 745,486 721,640 741,207 (3.57) 718,881 745,486 (3.57)
Mortgage loans
held for sale 24,739 11,511 9,399 27,704 25,639 21,261 16,597 (3.51) 24,739 25,639 (3.51)
Loans not
subject to
loss share 2,204,955 2,185,490 2,190,376 2,190,909 2,231,075 2,263,263 2,308,335 (1.17) 2,204,955 2,231,075 (1.17)
Loans subject
to loss share 359,813 377,149 386,811 333,681 352,535 - - 2.07 359,813 352,535 2.07
Total loans 2,564,768 2,562,639 2,577,187 2,524,590 2,583,610 2,263,263 2,308,335 (0.73) 2,564,768 2,583,610 (0.73)
Intangibles 192,755 191,086 191,581 191,867 192,391 190,411 190,881 0.19 192,755 192,391 0.19
Non-interest
bearing
deposits $493,130 $458,686 $486,676 $368,798 $361,504 $313,309 $315,064 36.41 $493,130 $361,504 36.41
Interest
bearing
deposits 2,849,225 3,018,733 3,158,198 3,099,353 3,054,424 2,374,903 2,398,784 (6.72) 2,849,225 3,054,424 (6.72)
Total deposits 3,342,355 3,477,419 3,644,874 3,468,151 3,415,928 2,688,212 2,713,848 (2.15) 3,342,355 3,415,928 (2.15)
Borrowed funds 262,569 263,067 260,149 316,436 322,245 459,762 483,183 (18.52) 262,569 322,245 (18.52)
Shareholders'
equity 487,401 480,135 473,354 469,509 477,034 412,235 410,557 2.17 487,401 477,034 2.17
Market value
per common
share $12.73 $14.49 $16.98 $16.91 $15.21 $14.35 $16.18 (16.31) $12.73 $15.21 (16.31)
Book value per
common share 19.45 19.16 18.89 18.75 19.05 19.54 19.47 2.09 19.45 19.05 2.09
Tangible book
value per
common share 11.76 11.53 11.25 11.09 11.37 10.51 10.42 3.43 11.76 11.37 3.43
Shareholders'
equity to
assets
(actual) 11.78% 11.27% 10.70% 10.93% 11.21% 11.47% 11.27% 11.78% 11.21%
Tangible
capital ratio 7.47% 7.11% 6.66% 6.76% 7.00% 6.52% 6.37% 7.47% 7.00%
Leverage ratio 9.48% 9.10% 8.77% 8.97% 9.03% 8.78% 8.74% 9.48% 9.03%
Tier 1 risk-
based capital
ratio 13.63% 13.58% 13.59% 13.58% 13.55% 11.42% 11.20% 13.63% 13.55%
Total risk-
based capital
ratio 14.89% 14.83% 14.84% 14.83% 14.80% 12.67% 12.45% 14.89% 14.80%
*Based on assets not subject to loss share
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
Q3 2011
- For the Nine Months
2011 2010 Q3 2010 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 2011 2010 Variance
-------------- ------- ------- ------- ------- ------- ------- ------- -------- ---- ---- --------
Commercial,
financial,
agricultural $247,950 $243,343 $250,889 $244,355 $259,710 $273,356 $276,749 (4.53) $247,950 $259,710 (4.53)
Lease financing 350 393 458 503 547 601 677 (36.01) 350 547 (36.01)
Real estate -
construction 75,690 77,224 71,559 66,798 62,593 62,469 110,121 20.92 75,690 62,593 20.92
Real estate -
1-4 family
mortgages 712,871 720,451 730,860 749,863 770,773 798,185 809,271 (7.51) 712,871 770,773 (7.51)
Real estate -
commercial
mortgages 1,106,037 1,081,801 1,073,561 1,065,271 1,072,484 1,071,876 1,055,102 3.13 1,106,037 1,072,484 3.13
Installment
loans to
individuals 62,057 62,278 63,049 64,119 64,968 56,776 56,415 (4.48) 62,057 64,968 (4.48)
------ ------ ------ ------ ------ ------ ------ ------ ------
Loans, net of
unearned $2,204,955 $2,185,490 $2,190,376 $2,190,909 $2,231,075 $2,263,263 $2,308,335 (1.17) $2,204,955 $2,231,075 (1.17)
========== ========== ========== ========== ========== ========== ========== ========== ==========
Loans subject to loss
share by category
---------------------
Commercial,
financial,
agricultural $19,196 $24,233 $22,964 $20,921 $22,543 $- $- (14.85) $19,196 $22,543 (14.85)
Lease financing - - - - - - - - - - -
Real estate -
construction 10,811 10,318 13,847 15,563 17,385 - - (37.81) 10,811 17,385 (37.81)
Real estate -
1-4 family
mortgages 114,228 119,508 123,770 122,519 138,863 - - (17.74) 114,228 138,863 (17.74)
Real estate -
commercial
mortgages 215,370 222,876 226,038 174,572 172,145 - - 25.11 215,370 172,145 25.11
Installment
loans to
individuals 208 214 192 106 1,599 - - (86.99) 208 1,599 (86.99)
--- --- --- --- ----- --- --- --- -----
Loans, net of
unearned $359,813 $377,149 $386,811 $333,681 $352,535 $- $- 2.06 $359,813 $352,535 2.06
======== ======== ======== ======== ======== === === ======== ========
SOURCE Renasant Corporation
