RENASANT CORPORATION 
By TUPELO, Miss., Oct. 15, 2013 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2013. Net income for the third quarter of 2013 was $6.6 million, or basic and diluted earnings per share of $0.24, as compared to $7.0 million, or basic and diluted earnings per share of $0.28, for the third quarter of 2012. On September 1, 2013, the Company completed its merger with First M&F Corporation ("M&F"). The Company's 2013 third quarter results include $2.7 million, or $0.10 per share, in after-tax merger expenses associated with the M&F transaction. Excluding merger expenses, net income was $9.3 million, or basic and diluted earnings per share of $0.34, for the third quarter of 2013.
(Logo: http://photos.prnewswire.com/prnh/20130207/CL56161LOGO )
The Company's results of operation do not reflect M&F's results prior to the date of merger completion, but balances for the Company as of September 30, 2013 incorporate the impact of the M&F acquisition, including M&F's $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. The Company issued approximately 6.2 million shares of stock in connection with the acquisition. The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.
"We are pleased with our third quarter performance which includes the completion of the M&F merger, our largest acquisition to date. In addition to the merger, we continued to experience strong loan growth and significant improvements to our credit risk profile," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.
Total assets as of September 30, 2013, were approximately $5.74 billion, as compared to $4.18 billion at December 31, 2012.
At September 30, 2013, the Company's Tier 1 leverage capital ratio was 8.66%, its Tier 1 risk-based capital ratio was 11.40%, and its total risk-based capital ratio was 12.53%. The Company's tangible common equity ratio was 6.49%. All of the Company's regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as "well-capitalized."
Total loans, which include both loans covered and not covered under FDIC loss-share agreements and the M&F acquired loans, were approximately $3.88 billion at September 30, 2013, as compared to $2.81 billion at December 31, 2012. Excluding loans from M&F, loans not covered under FDIC loss-share agreements were $2.79 billion at September 30, 2013, an increase of 8.59% from December 31, 2012.
Total deposits, which include deposits from M&F, were $4.83 billion at September 30, 2013, as compared to $3.46 billion at December 31, 2012. The Company's cost of funds decreased 11 basis points to 0.57% for the third quarter of 2013, as compared to 0.68% for the third quarter of 2012.
Net interest income increased to $38.7 million for the third quarter of 2013, from $33.1 million for the third quarter of 2012. Net interest margin was 3.86% for the third quarter of 2013, as compared to 3.94% for the third quarter of 2012.
"The competitive pricing pressure on loan growth, which continues to cause margin compression, remains a real risk. To combat the long-term interest rate risks associated with low rate loans for extended periods of time, we have made a concerted effort to shorten our repricing terms while maintaining new and renewed rates. As a result of these efforts, the yields on our new and renewed loan production improved slightly during the third quarter of 2013 as compared to recent quarters while reducing the weighted average repricing term," stated McGraw.
Noninterest income was $18.9 million for the third quarter of 2013, as compared to $18.0 million for the third quarter of 2012. Gain on sale of mortgage loans was $2.8 million for the third quarter of 2013, as compared to $4.4 million for the third quarter of 2012, due primarily to a decline in the mortgage pipeline and increased pricing pressure as a result of a slowdown in refinance volume caused by the recent increase in mortgage rates.
"While we experienced a slowdown in mortgage volume in the third quarter, as compared to exceptionally strong recent quarters, we have seen both our mortgage pipeline and competitor pricing stabilize. We were particularly pleased to see our purchase volume increase 41% from the third quarter of 2012, as we continue to see results from our efforts to increase both retail and wholesale purchase volume to offset the reduction in refinance volume," stated McGraw.
Noninterest expense was $46.6 million for the third quarter of 2013, as compared to $38.7 million for the third quarter of 2012. The increase in noninterest expense during the third quarter of 2013, as compared to the third quarter of 2012, is primarily attributable to $3.8 million in pre-tax merger expenses and additional personnel related to the new lines of business and in-market lift outs.
The Company's loans and other real estate owned ("OREO") acquired in FDIC-assisted transactions are recorded at fair value. 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 $50.1 million and $16.6 million, respectively, at September 30, 2013, combining for a decrease of approximately 32.47% in nonperforming assets subject to FDIC loss-share agreements from December 31, 2012. The remaining information in this release on nonperforming loans, OREO, and the related asset quality ratios exclude the assets covered under loss-share agreements.
The Company recorded a provision for loan losses of $2.3 million for the third quarter of 2013, as compared to $4.6 million for the third quarter of 2012. Annualized net charge-offs as a percentage of average loans were 0.38% for the third quarter of 2013, as compared to 0.78% for the third quarter of 2012. The allowance for loan losses as a percentage of loans, including the acquired M&F loans, was 1.25% at September 30, 2013, as compared to 1.72% at December 31, 2012. Excluding the acquired M&F loans, the allowance for loan losses as a percentage of loans was 1.66% at September 30, 2013.
Nonperforming loans were $30.9 million at September 30, 2013, which include $8.8 million of nonperforming loans from M&F, as compared to $30.2 million at December 31, 2012. The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 149.9% as of September 30, 2013, as compared to 146.9% as of December 31, 2012. Excluding M&F's nonperforming loans, which are carried at fair value and, therefore, do not have any allowance for loan losses assigned at September 30, 2013, the coverage ratio was 209.5%.
OREO, including $13.2 million in OREO acquired from M&F, was $40.6 million at September 30, 2013, as compared to $44.7 million at December 31, 2012. Excluding the OREO acquired from M&F, OREO totaled $27.4 million at September 30, 2013, a 38.8% decrease from year end. During the third quarter, the Company sold approximately $6.4 million in OREO.
"As we move towards full integration of M&F in the fourth quarter, we remain excited about our new market entries, additional banking talent and legacy market expansions provided by this merger," stated McGraw. "In addition, the M&F merger complements our other external growth initiatives, all of which will continue to enhance our profitability."
CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern on Wednesday, October 16, 2013.
The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst131016.html. To access the conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant Corporation Third 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 10035185 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM ET on October 31, 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 $5.7 billion and operates over 120 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.
For Media:
Contacts: For Financials:
John Oxford Kevin Chapman
Vice President 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 2013 - For the Nine Months
2013 2012 Q3 2012 Ended September 30,
---- ---- -------------------
Third Second First Fourth Third Second First Percent Percent
Statement of earnings Quarter Quarter Quarter Quarter Quarter Quarter Quarter Variance 2013 2012 Variance
--------------------- --------
Interest income - taxable equivalent basis $46,083 $41,331 $40,371 $41,135 $40,613 $41,487 $42,001 13.47 $127,785 $124,101 2.97
Interest income $44,638 $39,945 $38,945 $39,676 $39,154 $39,978 $40,505 14.01 123,528 $119,637 3.25
Interest expense 5,890 5,541 5,564 5,723 6,022 6,568 7,662 (2.19) 16,995 $20,252 (16.08)
----- ------
Net interest income 38,748 34,404 33,381 33,953 33,132 33,410 32,843 16.95 106,533 99,385 7.19
Provision for loan losses 2,300 3,000 3,050 4,000 4,625 4,700 4,800 (50.27) 8,350 14,125 (40.88)
------ ------
Net interest income after provision 36,448 31,404 30,331 29,953 28,507 28,710 28,043 27.86 98,183 85,260 15.16
Service charges on deposit accounts 5,361 4,509 4,500 4,774 4,818 4,495 4,525 11.27 14,370 13,838 3.85
Fees and commissions on loans and deposits 4,982 4,848 4,831 4,706 4,639 4,322 3,928 7.39 14,661 12,889 13.75
Insurance commissions and fees 1,295 951 861 876 889 842 939 45.70 3,107 2,588 20.07
Wealth management revenue 2,091 1,715 1,724 1,726 1,707 1,551 1,942 22.52 5,530 5,200 6.35
Securities gains (losses) - - 54 121 - 869 904 - 54 1,773 (96.95)
Gain on sale of mortgage loans 2,788 3,870 3,565 4,431 4,397 2,390 1,281 (36.59) 10,223 8,068 26.71
Gain on acquisition - - - - - - - - - - -
Other 2,418 1,424 1,843 1,272 1,605 1,769 2,909 50.65 5,685 6,283 (9.52)
----- -----
Total noninterest income 18,935 17,317 17,378 17,906 18,055 16,238 16,428 4.87 53,630 50,639 5.91
Salaries and employee benefits 25,689 21,906 21,274 21,261 21,221 19,871 18,649 21.06 68,869 59,741 15.28
Data processing 2,236 2,045 2,043 2,281 2,192 2,211 2,040 2.00 6,324 6,443 (1.85)
Occupancy and equipment 4,576 3,668 3,608 3,522 3,886 3,582 3,619 17.75 11,852 11,079 6.97
Other real estate 1,537 1,773 2,049 3,787 2,440 3,370 3,999 (37.00) 5,359 9,809 (45.36)
Amortization of intangibles 724 314 323 333 341 349 358 112.32 1,361 1,048 29.87
Merger-related expenses 3,763 385 - - - - - - 4,148 - -
Debt extinguishment penalty - - - - - - 898 - - 898 (100.00)
Other 8,088 7,643 8,303 7,147 8,592 7,327 7,099 (5.87) 24,034 22,944 4.75
----- ----
Total noninterest expense 46,613 37,734 37,600 38,331 38,672 36,710 36,662 20.53 121,947 111,962 8.92
Income before income taxes 8,770 10,987 10,109 9,528 7,890 8,238 7,809 11.15 29,866 23,937 24.77
Income taxes 2,133 2,968 2,538 2,247 853 1,893 1,835 150.06 7,639 4,581 66.75
-----
Net income $6,637 $8,019 $7,571 $7,281 $7,037 $6,345 $5,974 (5.69) $22,227 $19,356 14.83
Basic earnings per share $0.24 $0.32 $0.30 $0.29 $0.28 $0.25 $0.24 (14.29) $0.86 $0.77 11.69
Diluted earnings per share 0.24 0.32 0.30 0.29 0.28 0.25 0.24 (14.29) 0.85 0.77 10.39
Average basic shares outstanding 27,234,927 25,223,749 25,186,229 25,129,932 25,114,672 25,110,709 25,078,996 8.44 25,889,139 25,101,507 3.14
Average diluted shares outstanding 27,447,382 25,373,868 25,288,785 25,259,048 25,220,887 25,149,360 25,138,213 8.83 26,053,173 25,161,911 3.54
Common shares outstanding 31,358,583 25,231,074 25,208,733 25,157,637 25,120,412 25,113,894 25,105,732 24.83 31,358,583 25,120,412 24.83
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 4.75% 6.35% 6.12% 5.80% 5.65% 5.19% 4.88% 5.71% 5.24%
Return on average tangible shareholders' equity 8.74% 10.47% 10.19% 9.73% 9.61% 8.86% 8.39% 9.78% 8.95%
Return on average assets 0.56% 0.76% 0.73% 0.70% 0.69% 0.62% 0.57% 0.68% 0.62%
Return on average tangible assets 0.63% 0.82% 0.79% 0.76% 0.75% 0.68% 0.62% 0.74% 0.68%
Net interest margin (FTE) 3.86% 3.88% 3.89% 3.97% 3.94% 3.99% 3.85% 3.88% 3.93%
Yield on earning assets (FTE) 4.42% 4.49% 4.51% 4.61% 4.63% 4.74% 4.71% 4.47% 4.69%
Cost of funding 0.57% 0.60% 0.62% 0.64% 0.68% 0.74% 0.84% 0.59% 0.75%
Average earning assets to average assets 87.43% 87.32% 86.31% 86.01% 85.62% 85.39% 84.88% 87.04% 85.18%
Average loans to average deposits 81.69% 80.93% 80.30% 82.21% 81.33% 76.89% 75.45% 81.00% 77.88%
Noninterest income (less securities gains/
losses) to average assets 1.59% 1.64% 1.67% 1.71% 1.76% 1.50% 1.48% 1.63% 1.57%
Noninterest expense (less debt prepayment penalties/
merger-related expenses) to average assets 3.59% 3.54% 3.63% 3.69% 3.77% 3.58% 3.41% 3.59% 3.58%
Net overhead ratio 2.01% 1.90% 1.95% 1.98% 2.01% 2.08% 1.93% 1.96% 2.00%
Efficiency ratio (FTE)** 72.47% 70.33% 72.13% 72.05% 73.46% 73.00% 71.72% 71.67% 72.73%
**Excludes debt extinguishment penalties and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income
RENASANT CORPORATION
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(Unaudited)
(Dollars in thousands, except per share data)
Q3 2013 - For the Nine Months
2013 2012 Q3 2012 Ended September 30,
---- ---- -------------------
Third Second First Fourth Third Second First Percent Percent
Average balances Quarter Quarter Quarter Quarter Quarter Quarter Quarter Variance 2013 2012 Variance
---------------- -------- ----
Total assets $4,729,079 $4,231,947 $4,206,411 $4,128,508 $4,078,333 $4,123,373 $4,222,376 15.96 $4,391,370 $4,146,847 5.90
Earning assets 4,134,730 3,695,409 3,630,759 3,551,026 3,491,941 3,521,099 3,583,957 18.41 3,822,145 3,532,185 8.21
Securities 819,351 754,515 698,863 665,578 682,123 793,353 813,826 20.12 758,018 762,805 (0.63)
Mortgage loans held for sale 37,056 32,318 22,347 29,331 24,514 19,237 23,938 51.16 30,627 37,604 (18.55)
Loans, net of unearned 3,213,853 2,845,260 2,804,618 2,798,591 2,729,503 2,628,084 2,590,062 17.74 2,956,076 2,672,079 10.63
Intangibles 227,606 190,362 190,787 191,086 191,442 191,788 192,429 18.89 203,053 191,789 5.87
-
Noninterest-bearing deposits $660,415 $562,104 $549,514 $564,440 $543,767 $531,209 $534,867 21.45 $591,394 $536,640 10.20
Interest-bearing deposits 3,273,658 2,953,435 2,943,247 2,839,709 2,812,140 2,886,878 2,897,750 16.41 3,057,991 2,865,394 6.72
Total deposits 3,934,073 3,515,539 3,492,761 3,404,149 3,355,907 3,418,087 3,432,617 17.23 3,649,385 3,402,034 7.27
Borrowed funds 189,909 164,894 163,981 175,876 177,016 168,856 238,937 7.28 173,023 194,871 (11.21)
Shareholders' equity 553,772 506,225 501,634 499,088 495,220 492,164 492,092 11.82 520,734 493,279 5.57
Balances at period end
----------------------
Total assets $5,735,865 $4,242,401 $4,267,658 $4,178,616 $4,164,606 $4,112,377 $4,176,490 37.73 $5,735,865 $4,164,606 37.73
Earning assets 4,972,051 3,715,321 3,706,707 3,588,370 3,595,576 3,510,654 3,551,825 38.28 4,972,051 3,595,576 38.28
Securities 915,869 746,530 740,613 674,077 680,679 676,721 834,419 34.55 915,869 680,679 34.55
Mortgage loans held for sale 28,466 50,268 26,286 34,845 39,131 25,386 25,216 (27.25) 28,466 39,131 (27.25)
Loans acquired from M&F 891,420 - - - - - - 891,420 -
Loans not subject to loss share 2,794,116 2,683,017 2,594,438 2,573,165 2,539,618 2,392,349 2,281,957 10.02 2,794,116 2,539,618 10.02
Loans subject to loss share 195,996 201,494 213,872 237,088 260,545 289,685 318,089 (24.77) 195,996 260,545 (24.77)
Total loans 3,881,532 2,884,511 2,808,310 2,810,253 2,800,163 2,682,034 2,600,046 38.62 3,881,532 2,800,163 38.62
Intangibles 305,065 190,208 190,522 190,925 191,258 191,258 191,967 59.50 305,065 191,258 59.50
Noninterest-bearing deposits $876,138 $560,965 $567,065 $568,214 $554,581 $539,237 $535,955 57.98 $876,138 $554,581 57.98
Interest-bearing deposits 3,958,618 2,944,193 2,988,110 2,893,007 2,841,447 2,866,959 2,937,211 39.32 3,958,618 2,841,447 39.32
Total deposits 4,834,756 3,505,158 3,555,175 3,461,221 3,396,028 3,406,196 3,473,166 42.37 4,834,756 3,396,028 42.37
Borrowed funds 177,168 195,789 164,063 164,706 222,907 169,979 171,753 (20.52) 177,168 222,907 (20.52)
Shareholders' equity 657,256 500,678 502,375 498,208 496,824 491,534 489,611 32.29 657,256 496,824 32.29
Market value per common share $27.17 $24.34 $22.38 $19.14 $19.61 $15.71 $16.28 38.55 $27.17 $19.61 38.55
Book value per common share 20.96 19.84 19.93 19.80 19.78 19.57 19.50 5.96 20.96 19.78 5.97
Tangible book value per common share 11.23 12.31 12.37 12.21 12.16 11.94 11.86 (7.64) 11.23 12.16 (7.65)
Shareholders' equity to assets (actual) 11.46% 11.80% 11.77% 11.92% 11.93% 11.95% 11.72% 11.46% 11.93%
Tangible capital ratio 6.49% 7.66% 7.65% 7.71% 7.69% 7.65% 7.47% 6.49% 7.69%
Leverage ratio 8.66% 9.83% 9.79% 9.86% 9.90% 9.68% 9.38% 8.66% 9.90%
Tier 1 risk-based capital ratio 11.40% 12.87% 12.86% 12.74% 12.73% 13.14% 13.32% 11.40% 12.73%
Total risk-based capital ratio 12.53% 14.14% 14.13% 14.00% 14.00% 14.39% 14.57% 12.53% 14.00%
RENASANT CORPORATION
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(Unaudited)
(Dollars in thousands, except per share data)
Q3 2013 - For the Nine Months
2013 2012 Q3 2012 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 2013 2012 Variance
------------------------------------------- ------- ------- ------- ------- ------- ------- ------- -------- ---- ---- --------
Commercial, financial, agricultural $331,142 $307,718 $298,013 $306,250 $299,774 $280,515 $263,720 10.46 $331,142 $299,774 10.46
Lease financing 75 103 162 190 217 245 302 (65.44) 75 $217 (65.44)
Real estate - construction 127,013 117,339 109,484 104,058 103,522 73,109 67,223 22.69 127,013 $103,522 22.69
Real estate - 1-4 family mortgages 891,422 859,884 834,204 829,975 801,612 771,161 738,765 11.20 891,422 $801,612 11.20
Real estate - commercial mortgages 1,383,680 1,335,402 1,295,213 1,275,482 1,275,386 1,208,057 1,153,423 8.49 1,383,680 $1,275,386 8.49
Installment loans to individuals 60,784 62,571 57,362 57,210 59,107 59,262 58,524 2.84 60,784 $59,107 2.84
------ ------ ------ ------ ------
Loans, net of unearned $2,794,116 $2,683,017 $2,594,438 $2,573,165 $2,539,618 $2,392,349 $2,281,957 10.02 $2,794,116 $2,539,618 10.02
Loans subject to loss share by category
---------------------------------------
Commercial, financial, agricultural $10,280 $10,283 $10,157 $10,800 $11,282 $12,758 $15,206 (8.88) $10,280 $11,282 (8.88)
Lease financing - - - - - - - - - $ - -
Real estate - construction 1,648 1,648 1,648 1,648 1,932 6,093 6,202 (14.70) 1,648 $1,932 (14.70)
Real estate - 1-4 family mortgages 56,722 60,409 65,489 73,448 81,784 91,605 99,769 (30.64) 56,722 $81,784 (30.64)
Real estate - commercial mortgages 127,315 129,120 136,541 151,161 165,494 179,160 196,754 (23.07) 127,315 $165,494 (23.07)
Installment loans to individuals 31 34 37 31 53 69 158 (41.51) 31 $53 (41.51)
--- --- --- --- --- --- ---
Loans, net of unearned $195,996 $201,494 $213,872 $237,088 $260,545 $289,685 $318,089 (24.77) $195,996 $260,545 (24.77)
Loans Acquired from M&F
-----------------------
Commercial, financial, agricultural $139,821 $ - $ - $ - $ - $ - $ - - $139,821 $ - -
Lease financing - - - - - - - - $ - -
Real estate - construction 23,556 - - - - - - - 23,556 $ - -
Real estate - 1-4 family mortgages 244,079 - - - - - - - 244,079 $ - -
Real estate - commercial mortgages 449,589 - - - - - - - 449,589 $ - -
Installment loans to individuals 34,375 - - - - - - - 34,375 $ - -
------
Loans, net of unearned $891,420 $ - $ - $ - $ - $ - $ - - $891,420 $ - -
Asset quality data
------------------
Assets not subject to loss share:
Nonaccrual loans $19,995 $20,554 $25,382 $26,881 $29,677 $26,099 $26,999 (32.62) $19,995 $29,677 (32.62)
Loans 90 past due or more 2,078 1,983 2,601 3,307 2,358 3,864 3,435 (11.87) 2,078 $2,358 (11.87)
----- ----- ----- ----- ----- ----- ----- ----- ------
Nonperforming loans 22,073 22,537 27,983 30,188 32,035 29,963 30,434 (31.10) 22,073 32,035 (31.10)
Other real estate owned 27,357 33,247 39,786 44,717 48,568 58,384 64,931 (43.67) 27,357 48,568 (43.67)
Nonperforming assets not subject to loss share $49,430 $55,784 $67,769 $74,905 $80,603 $88,347 $95,365 (38.67) $49,430 $80,603 (38.67)
======= ======= =======
Assets subject to loss share:
Nonaccrual loans $49,585 $47,281 $47,972 $53,186 $64,080 $65,386 $78,418 (22.62) $49,585 $64,080 (22.62)
Loans 90 past due or more 505 126 - - - 199 1,397 - 505 - -
--- --- --- --- --- --- ----- --- ---
Non-performing loans subject to loss share 50,090 47,407 47,972 53,186 64,080 65,585 79,815 (21.83) 50,090 64,080 (21.83)
Other real estate owned 16,580 27,835 35,095 45,534 41,615 37,951 35,461 (60.16) 16,580 41,615 (60.16)
------
Nonperforming assets subject to loss share $66,670 $75,242 $83,067 $98,720 $105,695 $103,536 $115,276 (36.92) $66,670 $105,695 (36.92)
======= ======= ======= ======= ======== ======== ======== ======= ========
Assets acquired from M&F:
Nonaccrual loans $224 $ - $ - $ - $ - $ - $ - - 224 $ - -
Loans 90 past due or more 8,568 - - - - - - - 8,568 - -
----- --- --- --- --- --- --- ----- ---
Nonperforming loans 8,792 - - - - - - - 8,792 - -
Other real estate owned 13,223 - - - - - - - 13,223 - -
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Nonperforming assets not subject to loss share $22,015 $ - $ - $ - $ - $ - $ - - $22,015 $ - -
======= ===================== ===================== ===================== ===================== ===================== ===================== ======= =====================
Net loan charge-offs (recoveries) $3,084 $2,471 $893 $3,722 $5,335 $4,097 $4,964 (42.19) $6,448 $14,396 (55.21)
Allowance for loan losses 46,250 47,034 46,505 44,347 44,069 44,779 44,176 4.95 46,250 44,069 4.95
Nonperforming loans / total loans* 0.84% 0.84% 1.08% 1.17% 1.26% 1.25% 1.33% 0.84% 1.26%
Nonperforming assets / total assets* 1.25% 1.31% 1.59% 1.79% 1.94% 2.15% 2.28% 1.25% 1.94%
Allowance for loan losses / total loans* 1.25% 1.75% 1.79% 1.72% 1.74% 1.87% 1.94% 1.25% 1.74%
Allowance for loan losses / nonperforming loans* 149.85% 208.70% 166.19% 146.90% 137.57% 149.45% 145.15% 149.85% 137.57%
Annualized net loan charge-offs / average loans 0.38% 0.35% 0.13% 0.53% 0.78% 0.63% 0.77% 0.29% 0.72%
Nonperforming loans / total loans** 0.79% 0.84% 1.08% 1.17% 1.26% 1.25% 1.33% 0.79% 1.26%
Nonperforming assets / total assets** 0.86% 1.31% 1.59% 1.79% 1.94% 2.15% 2.28% 0.86% 1.94%
Allowance for loan losses / total loans** 1.66% 1.75% 1.79% 1.72% 1.74% 1.87% 1.94% 1.66% 1.74%
Allowance for loan losses / nonperforming loans** 209.53% 208.70% 166.19% 146.90% 137.57% 149.45% 145.15% 209.53% 137.57%
Annualized net loan charge-offs / average loans 0.38% 0.35% 0.13% 0.53% 0.78% 0.63% 0.77% 0.29% 0.72%
*Based on assets not subject to loss share (includes assets acquired from M&F)
**Excludes assets acquired from M&F and assets covered under loss share
SOURCE Renasant Corporation
