RENASANT CORPORATION 
By TUPELO, Miss., April 23, 2013 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the first quarter of 2013. Net income for the first quarter of 2013 was $7,571,000, or basic and diluted earnings per share ("EPS") of $0.30, as compared to $5,974,000, or basic and diluted EPS of $0.24, for the first quarter of 2012.
(Logo: http://photos.prnewswire.com/prnh/20130207/CL56161LOGO )
"Our strong start to 2013 represents the fifth consecutive quarter of improvement in net income and earnings per share. The results for the first quarter of 2013 reflect loan and deposit growth, higher levels of noninterest income, and lower credit costs as we experienced significant improvements in our credit quality metrics," said Renasant chairman and chief executive officer, E. Robinson McGraw. "In addition to our strong financial start for this year, during the first quarter of 2013, we also announced our plans to acquire First M&F Corporation, a bank holding company headquartered in Kosciusko, Mississippi and the parent of Merchants and Farmers Bank, a $1.6 billion financial services company with 36 full-service locations in Mississippi, Alabama and Tennessee. This will be the largest merger in our company's history and, upon completion of the transaction, the pro forma combined company will have approximately $5.8 billion in total assets and 123 full-service locations."
Total assets as of March 31, 2013, were approximately $4.27 billion, as compared to $4.18 billion as of December 31, 2012. At March 31, 2013, the Company's Tier 1 leverage capital ratio was 9.79%, its Tier 1 risk-based capital ratio was 12.86% and its total risk-based capital ratio was 14.13%. In all capital ratio categories, the Company's regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as "well-capitalized." The Company's tangible common equity ratio was 7.65% as of March 31, 2013.
Loans not covered under FDIC loss-share agreements were $2.59 billion as of March 31, 2013, as compared to $2.28 billion as of March 31, 2012, and $2.57 billion as of December 31, 2012. Loans covered under loss-share agreements decreased to $214 million as of March 31, 2013, as compared to $318 million as of March 31, 2012 and $237 million as of December 31, 2012. Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were approximately $2.81 billion as of March 31, 2013, as compared to $2.60 billion as of March 31, 2012, and $2.81 billion as of December 31, 2012.
"Our moderate loan growth during the first quarter of 2013, excluding the decline in covered loans, reflects not only the cyclical slowing we typically experience during this time period but also higher levels of paydowns, including approximately $20.4 million in principal reductions of problem credits. Looking ahead, our loan pipelines and opportunities for growth throughout all of our markets project more pronounced loan growth for the remainder of 2013," said McGraw.
Total deposits were $3.56 billion as of March 31, 2013, as compared to $3.47 billion as of March 31, 2012, and $3.46 billion as of December 31, 2012. The Company continues to improve its deposit mix by replacing higher-costing funds with lower-costing core deposits. The result of these continued changes to the Company's funding mix, coupled with a reduction in borrowed funds, has reduced its cost of funds 22 basis points to 0.62% for the first quarter of 2013, as compared to 0.84% for the first quarter of 2012; the Company's cost of funds was 0.64% for the fourth quarter of 2012.
Net interest income was $33.4 million for the first quarter of 2013, as compared to $32.8 million for the first quarter of 2012, and $33.9 million for the fourth quarter of 2012. Net interest margin was 3.89% for the first quarter of 2013, as compared to 3.85% for the first quarter of 2012, and 3.97% for all of 2012. One factor contributing to the Company's linked quarter decline in net interest margin was the seasonal influx of public fund deposits which resulted in higher levels of cash. Although these higher cash balances have a minimal effect on net interest income, they reduced net interest margin 5 basis points in the first quarter of 2013 when compared to the fourth quarter of 2012.
Noninterest income was $17.3 million for the first quarter of 2013, as compared to $16.4 million for the first quarter of 2012, and $17.9 million for the fourth quarter of 2012. While mortgage income increased for the first quarter of 2013 as compared to the first quarter of 2012, the Company did experience an expected seasonal decrease on a linked quarter basis. However, the Company's mortgage pipeline steadily increased throughout the first quarter of 2013 and mortgage production for the remainder of 2013 is expected to be strong.
Noninterest expense was $37.6 million for the first quarter of 2013, as compared to $36.6 million for the first quarter of 2012, and $38.3 million for the fourth quarter of 2012. The Company's increase in noninterest expense on a year-over-year basis was primarily due to de novo expansions, commissions paid on the increased volume of mortgage loan production, and increased health insurance costs. The decrease in noninterest expense on a linked quarter basis was primarily driven by a reduction in expense related to other real estate owned ("OREO").
The Company charged-off $893,000 during the first quarter of 2013, an 82% decrease from net charge-offs of approximately $5.0 million during the same period in 2012. Annualized net charge-offs as a percentage of average loans were 0.13% for the first quarter of 2013, as compared to 0.77% for the first quarter of 2012, and 0.53% for the fourth quarter of 2012. The Company recorded a provision for loan losses of $3.1 million for the first quarter of 2013, as compared to $4.8 million for the first quarter of 2012, and $4.0 million for the fourth quarter of 2012.
The allowance for loan losses totaled $46.5 million at March 31, 2013, as compared to $44.2 million as of March 31, 2012, and $44.3 million as of December 31, 2012. The allowance for loan losses as a percentage of loans was 1.79% as of March 31, 2013, as compared to 1.94% as of March 31, 2012, and 1.72% as of December 31, 2012.
"Consistent with our lower level of charge-offs and improved risk profile from the $20.4 million in principal reductions of problem credits, in the first quarter of 2013, we reduced our provision for loan losses as compared to previous periods. Even though our provision for loan losses decreased, we experienced an increase in our allowance for loan losses, coverage ratio and ratio of allowance to total loans," commented McGraw.
Total nonperforming loans (nonaccrual loans and loans 90 days or more past due) were $76.0 million as of March 31, 2013, while total nonperforming assets (nonperforming loans and OREO) were $150.8 million at March 31, 2013.
Nonperforming assets covered under FDIC loss-share agreements totaled $83.1 million as of March 31, 2013, down from $115.3 million as of March 31, 2012, and $98.7 million as of December 31, 2012.
Nonperforming loans and OREO covered under FDIC loss-share agreements totaled $48.0 million and $35.1 million, respectively, as of March 31, 2013, compared to $79.8 million and $35.5 million, respectively, as of March 31, 2012, and $53.2 million and $45.5 million, respectively, as of December 31, 2102. The remaining discussion in this release of nonperforming loans, OREO and the related asset quality ratios exclude these assets covered under FDIC loss-share agreements.
The Company's nonperforming loans were $28.0 million as of March 31, 2013, down from $30.4 million as of March 31, 2012, and $30.2 million as of December 31, 2012. Nonperforming loans as a percentage of total loans were 1.08% as of March 31, 2013, as compared to 1.33% as of March 31, 2012 and 1.17% as of December 31, 2012.
The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 166.19% as of March 31, 2013, as compared to 145.15% as of March 31, 2012, and 146.90% as of December 31, 2012. Loans 30 to 89 days past due as a percentage of total loans remained at pre-recession levels and were 0.32% as of March 31, 2013, as compared to 0.59% as of March 31, 2012, and 0.31% as of December 31, 2012.
With respect to the improvement in credit quality, McGraw stated, "We were especially pleased with our credit quality metrics during the first quarter of 2013 as we experienced significant improvement in nonperforming loans, early stage delinquencies and nonperforming assets as compared to both a year-over-year and linked quarter basis. Net charge-offs totaled $893,000, which represents the lowest quarterly charge-off level since the third quarter of 2007."
OREO was $39.8 million as of March 31, 2013, as compared to $64.9 million as of March 31, 2012, and $44.7 million as of December 31, 2012. The Company continues to work aggressively to market OREO and currently has approximately $5.9 million in OREO under purchase agreements which are expected to close during the second quarter of 2013. During the first quarter of 2013, the Company experienced a significant reduction in costs associated with OREO as OREO expense decreased approximately 50% as compared to the first quarter of 2012.
"As we look toward the remainder of 2013 and beyond, we see many positives on the horizon as our pipelines for both commercial loans and secondary market mortgage loans have returned to robust levels; we are beginning to experience the full benefit from our de novo market entries, and our credit quality continues to move back toward healthier pre-recession levels. Concurrently, we are working with our new partners at First M&F Corporation to ensure the foundation is in place for a smooth merger and conversion," stated 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, April 24, 2013.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst130424.html. To access the conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant Corporation First Quarter 2013 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6016 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 10027314 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM ET on May 9, 2013.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 109-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.2 billion and operates over 85 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: Media 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)
Q1 2013 - For the Three Months
2013 2012 Q4 2012 Ended March 31,
---- ---- ---------------
First Fourth Third Second First Percent Percent
Statement of earnings Quarter Quarter Quarter Quarter Quarter Variance 2013 2012 Variance
---------------------
Interest income - taxable equivalent basis $40,371 $41,135 $40,613 $41,487 $42,001 (1.86) $40,371 $42,001 (3.88)
Interest income $38,945 $39,676 $39,154 $39,978 $40,505 (1.84) $38,945 $40,505 (3.85)
Interest expense 5,564 5,723 6,022 6,568 7,662 (2.78) 5,564 7,662 (27.38)
Net interest income 33,381 33,953 33,132 33,410 32,843 (1.68) 33,381 32,843 1.64
Provision for loan losses 3,050 4,000 4,625 4,700 4,800 (23.75) 3,050 4,800 (36.46)
Net interest income
after provision 30,331 29,953 28,507 28,710 28,043 1.26 30,331 28,043 8.16
Service charges on deposit accounts 4,500 4,774 4,818 4,495 4,525 (5.74) 4,500 4,525 (0.55)
Fees and commissions on loans and deposits 4,831 4,706 4,639 4,322 3,928 2.66 4,831 3,928 22.99
Insurance commissions and fees 818 835 848 842 898 (2.04) 818 898 (8.91)
Wealth management revenue 1,724 1,726 1,707 1,551 1,942 (0.12) 1,724 1,942 (11.23)
Securities gains (losses) 54 121 - 869 904 (55.37) 54 904 (94.03)
Gain on sale of mortgage loans 3,565 4,431 4,397 2,390 1,281 (19.54) 3,565 1,281 178.30
Gain on acquisition - - - - - - - - -
Other 1,843 1,272 1,605 1,769 2,909 44.89 1,843 2,909 (36.64)
Total noninterest
income 17,335 17,865 18,014 16,238 16,387 (2.97) 17,335 16,387 5.79
.
Salaries and employee benefits 21,274 21,261 21,221 19,871 18,649 0.06 21,274 18,649 14.08
Data processing 2,043 2,281 2,192 2,211 2,040 (10.43) 2,043 2,040 0.15
Occupancy and equipment 3,604 3,518 3,882 3,582 3,615 2.44 3,604 3,615 (0.30)
Other real estate 2,049 3,787 2,440 3,370 3,999 (45.89) 2,049 3,999 (48.76)
Amortization of intangibles 323 333 341 349 358 (3.00) 323 358 (9.78)
Merger-related expenses - - - - - - - - -
Debt extinguishment penalty - - - - 898 - - 898 (100.00)
Other 8,264 7,110 8,555 7,327 7,062 16.23 8,264 7,062 17.02
Total noninterest
expense 37,557 38,290 38,631 36,710 36,621 (1.91) 37,557 36,621 2.56
Income before income taxes 10,109 9,528 7,890 8,238 7,809 6.10 10,109 7,809 29.45
Income taxes 2,538 2,247 853 1,893 1,835 12.95 2,538 1,835 38.31
Net income $7,571 $7,281 $7,037 $6,345 $5,974 3.98 $7,571 $5,974 26.73
==========
Basic earnings per share $0.30 $0.29 $0.28 $0.25 $0.24 3.45 $0.30 $0.24 25.00
Diluted earnings per share 0.30 0.29 0.28 0.25 0.24 3.45 0.30 0.24 25.00
Average basic shares outstanding 25,186,229 25,129,932 25,114,672 25,110,709 25,078,996 0.22 25,186,229 25,078,996 0.43
Average diluted shares outstanding 25,288,785 25,259,048 25,220,887 25,149,360 25,138,213 0.12 25,288,785 25,138,213 0.60
Common shares outstanding 25,208,733 25,157,637 25,120,412 25,113,894 25,105,732 0.20 25,208,733 25,105,732 0.41
Cash dividend per common share $0.17 $0.17 $0.17 $0.17 $0.17 - $0.17 $0.17 -
Performance ratios
------------------
Return on average shareholders' equity 6.12% 5.80% 5.65% 5.19% 4.88% 6.12% 4.88%
Return on average shareholders' equity, excluding
amortization expense 6.28% 5.97% 5.82% 5.36% 5.06% 6.28% 5.06%
Return on average assets 0.73% 0.70% 0.69% 0.62% 0.57% 0.73% 0.57%
Return on average assets, excluding amortization expense 0.75% 0.72% 0.71% 0.64% 0.59% 0.75% 0.59%
Net interest margin (FTE) 3.89% 3.97% 3.94% 3.99% 3.85% 3.89% 3.85%
Yield on earning assets (FTE) 4.51% 4.61% 4.63% 4.74% 4.71% 4.51% 4.71%
Cost of funding 0.62% 0.64% 0.68% 0.74% 0.84% 0.62% 0.84%
Average earning assets to average assets 86.27% 86.01% 85.62% 85.39% 84.88% 86.27% 84.88%
Average loans to average deposits 80.30% 82.21% 81.33% 76.89% 75.45% 80.30% 75.45%
Noninterest income (less securities gains/
losses) to average
assets 1.67% 1.71% 1.76% 1.50% 1.47% 1.67% 1.47%
Noninterest expense (less debt prepayment penalties) to
average assets 3.62% 3.69% 3.77% 3.58% 3.40% 3.62% 3.40%
Net overhead ratio 1.95% 1.98% 2.01% 2.08% 1.93% 1.95% 1.93%
Efficiency ratio (FTE) 72.10% 72.03% 73.44% 73.00% 71.70% 72.10% 71.70%
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
Q1 2013 - For the Three Months
2013 2012 Q4 2012 Ended March 31,
---- ---- ---------------
First Fourth Third Second First Percent Percent
Average balances Quarter Quarter Quarter Quarter Quarter Variance 2013 2012 Variance
----------------
Total assets $4,206,411 $4,128,508 $4,078,333 $4,123,373 $4,222,376 1.89 $4,206,411 $4,222,376 (0.38)
Earning assets 3,628,721 3,551,026 3,491,941 3,521,099 3,583,957 2.19 3,628,721 3,583,957 1.25
Securities 696,825 665,578 682,123 793,353 813,826 4.69 696,825 813,826 (14.38)
Mortgage loans held for sale 22,347 29,331 24,514 19,237 23,938 (23.81) 22,347 23,938 (6.65)
Loans, net of unearned 2,804,618 2,798,591 2,729,503 2,628,084 2,590,062 0.22 2,804,618 2,590,062 8.28
Intangibles 190,787 191,086 191,442 191,788 192,429 (0.16) 190,787 192,429 (0.85)
-
Noninterest-bearing deposits $549,514 $564,440 $543,767 $531,209 $534,867 (2.64) $549,514 $534,867 2.74
Interest-bearing deposits 2,943,247 2,839,709 2,812,140 2,886,878 2,897,750 3.65 2,943,247 2,897,750 1.57
Total deposits 3,492,761 3,404,149 3,355,907 3,418,087 3,432,617 2.60 3,492,761 3,432,617 1.75
Borrowed funds 163,981 175,876 177,016 168,856 238,937 (6.76) 163,981 238,937 (31.37)
Shareholders' equity 501,634 499,088 495,220 492,164 492,092 0.51 501,634 492,092 1.94
Asset quality data
------------------
Assets not subject to loss share:
Nonaccrual loans $25,382 $26,881 $29,677 $26,099 $26,999 (5.58) $25,382 $26,999 (5.99)
Loans 90 past due or more 2,601 3,307 2,358 3,864 3,435 (21.35) 2,601 3,435 (24.28)
----- ----- ----- ----- ----- ----- -----
Nonperforming loans 27,983 30,188 32,035 29,963 30,434 (7.30) 27,983 30,434 (8.05)
Other real estate owned 39,786 44,717 48,568 58,384 64,931 (11.03) 39,786 64,931 (38.73)
Nonperforming assets not subject to loss share $67,769 $74,905 $80,603 $88,347 $95,365 (9.53) $67,769 $95,365 (28.94)
=======
Assets subject to loss share:
Nonaccrual loans $47,972 $53,186 $64,080 $65,386 $78,418 (9.80) $47,972 $78,418 (38.83)
Loans 90 past due or more - - - 199 1,397 - - 1,397 (100.00)
--- --- --- --- ----- --- -----
Non-performing loans subject to loss share 47,972 53,186 64,080 65,585 79,815 (9.80) 47,972 79,815 (39.90)
Other real estate owned 35,095 45,534 41,615 37,951 35,461 (22.93) 35,095 35,461 (1.03)
Nonperforming assets subject to loss share $83,067 $98,720 $105,695 $103,536 $115,276 (15.86) $83,067 $115,276 (27.94)
======= ======= ======== ======== ======== ======= ========
Net loan charge-offs (recoveries) $893 $3,722 $5,335 $4,097 $4,964 (76.01) $893 $4,964 (82.01)
Allowance for loan losses 46,505 44,347 44,069 44,779 44,176 4.87 46,505 44,176 5.27
Nonperforming loans / total loans* 1.08% 1.17% 1.26% 1.25% 1.33% 1.08% 1.33%
Nonperforming assets / total assets* 1.59% 1.79% 1.94% 2.15% 2.28% 1.59% 2.28%
Allowance for loan losses / total loans* 1.79% 1.72% 1.74% 1.87% 1.94% 1.79% 1.94%
Allowance for loan losses / nonperforming loans* 166.19% 146.90% 137.57% 149.45% 145.15% 166.19% 145.15%
Annualized net loan charge-offs / average loans 0.13% 0.53% 0.78% 0.63% 0.77% 0.13% 0.77%
Balances at period end
----------------------
Total assets $4,267,658 $4,178,616 $4,164,606 $4,112,377 $4,176,490 2.13 $4,267,658 $4,176,490 2.18
Earning assets 3,706,707 3,588,370 3,595,576 3,511,229 3,551,825 3.30 3,706,707 3,551,825 4.36
Securities 740,613 674,077 680,679 676,721 834,419 9.87 740,613 834,419 (11.24)
Mortgage loans held for sale 26,286 34,845 39,131 25,386 25,216 (24.56) 26,286 25,216 4.24
Loans not subject to loss share 2,594,438 2,573,165 2,539,618 2,392,349 2,281,957 0.83 2,594,438 2,281,957 13.69
Loans subject to loss share 213,872 237,088 260,545 289,685 318,089 (9.79) 213,872 318,089 (32.76)
Total loans 2,808,310 2,810,253 2,800,163 2,682,034 2,600,046 (0.07) 2,808,310 2,600,046 8.01
Intangibles 190,522 190,925 191,258 191,618 191,967 (0.21) 190,522 191,967 (0.75)
Noninterest-bearing deposits $567,065 $568,214 $554,581 $539,237 $535,955 (0.20) $567,065 $535,955 5.80
Interest-bearing deposits 2,988,110 2,893,007 2,841,447 2,866,959 2,937,211 3.29 2,988,110 2,937,211 1.73
Total deposits 3,555,175 3,461,221 3,396,028 3,406,196 3,473,166 2.71 3,555,175 3,473,166 2.36
Borrowed funds 164,063 164,706 222,907 169,979 171,753 (0.39) 164,063 171,753 (4.48)
Shareholders' equity 502,375 498,208 496,824 491,534 489,611 0.84 502,375 489,611 2.61
Market value per common share $22.38 $19.14 $19.61 $15.71 $16.28 16.93 $22.38 $16.28 37.47
Book value per common share 19.93 19.80 19.78 19.57 19.50 0.63 19.93 19.50 2.19
Tangible book value per common share 12.37 12.21 12.16 11.94 11.86 1.28 12.37 11.86 4.35
Shareholders' equity to assets (actual) 11.77% 11.92% 11.93% 11.95% 11.72% 11.77% 11.72%
Tangible capital ratio 7.65% 7.71% 7.69% 7.65% 7.47% 7.65% 7.47%
Leverage ratio 9.79% 9.86% 9.90% 9.68% 9.38% 9.79% 9.38%
Tier 1 risk-based capital ratio 12.86% 12.74% 12.73% 13.14% 13.32% 12.86% 13.32%
Total risk-based capital ratio 14.13% 14.00% 14.00% 14.39% 14.57% 14.13% 14.57%
*Based on assets not subject to loss share
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
Q1 2013 - For the Three Months
2013 2012 Q4 2012 Ended March 31,
---- ---- ---------------
First Fourth Third Second First Percent Percent
Loans not subject to loss share by category Quarter Quarter Quarter Quarter Quarter Variance 2013 2012 Variance
------------------------------------------- ------- ------- ------- ------- ------- -------- ---- ---- --------
Commercial, financial, agricultural $298,013 $306,250 $299,774 $280,515 $263,720 (2.69) $298,013 $263,720 13.00
Lease financing 162 190 217 245 302 (14.74) 162 302 (46.36)
Real estate - construction 109,484 104,058 103,522 73,109 67,223 5.21 109,484 67,223 62.87
Real estate - 1-4 family mortgages 834,204 829,975 801,612 771,161 738,765 0.51 834,204 738,765 12.92
Real estate - commercial mortgages 1,295,213 1,275,482 1,275,386 1,208,057 1,153,423 1.55 1,295,213 1,153,423 12.29
Installment loans to individuals 57,362 57,210 59,107 59,262 58,524 0.27 57,362 58,524 (1.99)
------ ------ ------
Loans, net of unearned $2,594,438 $2,573,165 $2,539,618 $2,392,349 $2,281,957 0.83 $2,594,438 $2,281,957 13.69
======================
Loans subject to loss share by category
---------------------------------------
Commercial, financial, agricultural $10,157 $10,800 $11,282 $12,758 $15,206 (5.95) $10,157 $15,206 (33.20)
Lease financing - - - - - - - - -
Real estate - construction 1,648 1,648 1,932 6,093 6,202 - 1,648 6,202 (73.43)
Real estate - 1-4 family mortgages 65,489 73,448 81,784 91,605 99,769 (10.84) 65,489 99,769 (34.36)
Real estate - commercial mortgages 136,541 151,161 165,494 179,160 196,754 (9.67) 136,541 196,754 (30.60)
Installment loans to individuals 37 31 53 69 158 19.35 37 158 (76.58)
--- --- --- --- ---
Loans, net of unearned $213,872 $237,088 $260,545 $289,685 $318,089 (9.79) $213,872 $318,089 (32.76)
======================
SOURCE Renasant Corporation
