RENASANT CORPORATION 
By 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
joxford@renasant.com kchapman@renasant.com
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
----- -----
18,014 16,238 16,387 13,007 18,395 12,380 20,995 (2.07) 50,639 51,770 (2.18)
Total noninterest income
.
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
----- ----
38,631 36,710 36,621 32,364 36,958 31,645 35,993 4.53 111,962 104,596 7.04
Total noninterest expense
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)
------
$7,037 $6,345 $5,974 $5,790 $6,532 $5,757 $7,553 7.73 $19,356 $19,842 (2.45)
Net income
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/
1.76% 1.50% 1.47% 1.24% 1.28% 1.18% 1.92% 1.57% 1.47%
losses) to average assets
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)
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)
Total deposits
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)
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
Total loans
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)
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
Total deposits
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)
------ ------ ------ ------ ------
$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, net of unearned
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)
--- --- --- --- --- --- --- ---
$260,545 $289,685 $318,089 $339,462 $359,813 $377,149 $386,811 (27.59) $260,545 $359,813 (27.59)
Loans, net of unearned
SOURCE Renasant Corporation
