TUPELO, Miss., July 21 /PRNewswire-FirstCall/ -- Renasant Corporation (Nasdaq: RNST) (the "Company") today announced results for the second quarter of 2009. Net income for the second quarter of 2009 was $4,256,000 compared to $7,985,000 for the second quarter of 2008. Basic and diluted earnings per share were $0.20 during the second quarter of 2009 as compared to basic and diluted earnings per share of $0.38 for the second quarter of 2008.
"Our second quarter 2009 results reflect our continued focus on controlling non-interest expenses and capitalizing on our diversified revenue sources to continue to grow non-interest income," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "While the current economic environment continues to be a challenge, especially with respect to credit quality, we are encouraged that our non-performing loans and our total past due loans decreased on a linked quarter basis. Additionally, we continue to maintain strong levels of capital which we believe will support our current and anticipated capital needs."
Non-interest expense was $27,132,000 for the second quarter of 2009 as compared to $27,698,000 for the second quarter of 2008. Non-interest expense for the second quarter of 2009 included approximately $1.75 million for the special deposit insurance assessment levied by the FDIC on all insured institutions.
"By controlling expenses, we were able to offset the costs of the special FDIC assessment and the increase in our base FDIC insurance rate, both of which applied to all insured institutions. Staff reductions resulted in lower expenses related to salaries and benefits, and our occupancy expense also declined during the second quarter of 2009," said McGraw. "Expense control continues to be one of our top priorities."
Non-interest income increased 11.85% to $15,424,000 for the second quarter of 2009 from $13,790,000 for the second quarter of 2008. The growth in non-interest income was generated primarily through the Company's mortgage operations and gains from the sale of investment securities coupled with the continued stability of other sources of non-interest income. Gains from the sale of mortgage loans increased $982,000 to $2,293,000 for the second quarter of 2009 as compared to the same period in 2008. Mortgage loan production increased $56.74 million to $260.58 million for the second quarter of 2009 as compared to the second quarter of 2008. Net gains from the sale of investment securities were $1,123,000 for the second quarter of 2009. The Company did not record any gains from the sale of investment securities during 2008.
"The outstanding performance by our mortgage production department coupled with the current low interest rate environment has been the catalyst in our non-interest income growth," stated McGraw. "In addition, we continue to experience a stable revenue stream from our various sources of non-interest income."
Net interest income was $24,160,000 for the second quarter of 2009 compared to $27,502,000 for the same period in 2008. Net interest margin was 3.04% for the second quarter of 2009 compared 3.43% for the second quarter of 2008. Net interest margin was 3.19% for the first quarter of 2009. The linked quarter decrease in net interest margin was, in large part, due to accelerated prepayments on mortgage-backed securities and calls of government agency securities. These cash flows were used to make loans and purchase investment securities that, due to the current interest rate environment, carried a lower interest rate than the loans and investment securities being replaced. Further impacting the Company's margin was an increase in nonaccrual loans in the second quarter of 2009 as compared to the corresponding period in 2008.
"Excluding the effect of nonaccrual loans on net interest income, we believe that our margin is positioned to improve during the second half of 2009 as we continue to improve the yields on new and renewed loans and replace higher-cost funding with lower-cost deposits," commented McGraw.
Non-performing loans as a percentage of total loans were 2.65% at June 30, 2009, as compared to 2.69% at March 31, 2009 and 1.05% at June 30, 2008. In addition, we saw a linked quarter decrease in loans 30-89 days past due during the second quarter of 2009. Loans past due 30-89 days as a percentage of total loans decreased to 0.89% at June 30, 2009 as compared to 1.04% at March 31, 2009 and 1.23% at June 30, 2008. Non-performing assets as a percentage of total assets increased to 2.59% at June 30, 2009 compared to 2.44% at March 31, 2009 and 1.05% at June 30, 2008, due to increases in other real estate owned.
The Company recorded a provision for loan losses of $6,700,000 for the second quarter of 2009 as compared to $5,040,000 for the first quarter of 2009 and $2,200,000 for the second quarter of 2008. The provision for loan losses was increased during the second quarter of 2009, which is reflective of the higher amount of net charge-offs during the quarter and consistent with our practice of providing for losses within our loan portfolio as we identify potential weaknesses. Annualized net charge-offs as a percentage of average loans were 0.93% for the second quarter of 2009, up from 0.75% for the first quarter of 2009 and 0.43% for the second quarter of 2008. The allowance for loan losses as a percentage of loans was 1.46% at June 30, 2009, as compared to 1.40% at March 31, 2009 and 1.05% at June 30, 2008.
"We continue to evaluate the risk within our loan portfolio and in this effort, we have continued to reduce our exposure to construction and development loans as witnessed by the $33.4 million decline on a linked quarter basis," stated McGraw. "We believe that we are adequately reserved for inherent loan losses absent any unprecedented or extraordinary events."
Total assets as of June 30, 2009 were approximately $3.70 billion, a 0.38% decrease since December 31, 2008. Total loans were approximately $2.47 billion at the end of the second quarter of 2009, a decrease from $2.53 billion at December 31, 2008. Total deposits were $2.60 billion at June 30, 2009, representing a 10.91% increase from December 31, 2008.
At June 30, 2009, each of the Company's regulatory capital ratios were in excess of regulatory well capitalized thresholds. The Company's Tier 1 leverage capital ratio was 8.37%, its Tier 1 risk-based capital ratio was 10.95%, and its total risk-based capital ratio was 12.20%. The Company's shareholders' equity to total assets increased to 10.82% at June 30, 2009 as compared to 10.54% at March 31, 2009 and 10.68% at June 30, 2008. The Company's tangible shareholders' equity to total tangible assets (tangible capital ratio) increased to 5.94% at June 30, 2009 as compared to 5.75% at March 31, 2009 and 5.83% at June 30, 2008.
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, July 22, 2009, through the Company's website: www.renasant.com, and through Thompson/CCBN's individual investor center at www.fulldisclosure.com, or any of Thompson/CCBN's Investor Distribution Network websites. The event will be archived on the Company's website for 90 days. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 800-291-5365 in the United States and entering the participant passcode 94451563. International participants should dial 617-614-3922 and enter the participant passcode 94451563.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $3.70 billion and operates over 60 banking, mortgage and insurance offices in Mississippi, Tennessee and Alabama.
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.
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
2009
----
Second First
Statement of earnings Quarter Quarter
--------------------- ------- -------
Interest income - taxable
equivalent basis $43,836 $44,988
Interest income $42,709 $43,910
Interest expense 18,549 18,597
------ ------
Net interest income 24,160 25,313
Provision for loan losses 6,700 5,040
----- -----
Net interest income
after provision 17,460 20,273
Service charges on
deposit accounts 5,395 5,425
Fees and commissions on
loans and deposits 4,424 4,682
Insurance commissions and fees 837 828
Trust revenue 488 491
Net gain on sale of securities 1,123 427
Gain on sale of mortgage loans 2,293 1,776
Other 864 1,133
--- -----
Total non-interest income 15,424 14,762
Salaries and employee
benefits 13,736 14,744
Occupancy and equipment 3,063 3,249
Data processing 1,430 1,329
Amortization of intangibles 494 501
Other 8,409 7,097
----- -----
Total non-interest
expense 27,132 26,920
Income before income taxes 5,752 8,115
Income taxes 1,496 2,109
----- -----
Net income $4,256 $6,006
====== ======
Basic earnings per share $0.20 $0.29
Diluted earnings per share 0.20 0.28
Average basic shares
outstanding 21,073,228 21,067,539
Average diluted shares
outstanding 21,194,055 21,188,397
Common shares outstanding 21,074,568 21,067,539
Cash dividend per common
share $0.17 $0.17
Performance ratios
------------------
Return on average
shareholders' equity 4.22% 6.04%
Return on average
shareholders' equity,
excluding amortization
expense 4.52% 6.35%
Return on average assets 0.46% 0.65%
Return on average assets,
excluding amortization
expense 0.49% 0.68%
Net interest margin (FTE) 3.04% 3.19%
Yield on earning assets (FTE) 5.27% 5.46%
Average earning assets to
average assets 89.25% 88.85%
Average loans to average
deposits 94.40% 99.13%
Noninterest income
(less securities gains/
losses) to average assets 1.53% 1.54%
Noninterest expense to
average assets 2.91% 2.90%
Net overhead ratio 1.38% 1.36%
Efficiency ratio (FTE) 66.65% 65.41%
2008
----
Fourth Third Second First
Statement of earnings Quarter Quarter Quarter Quarter
--------------------- ------- ------- ------- -------
Interest income - taxable
equivalent basis $47,989 $50,904 $51,386 $54,324
Interest income $47,110 $50,004 $50,465 $53,383
Interest expense 20,268 22,063 22,963 26,226
------ ------ ------ ------
Net interest income 26,842 27,941 27,502 27,157
Provision for loan losses 14,979 3,000 2,200 2,625
------ ----- ----- -----
Net interest income
after provision 11,863 24,941 25,302 24,532
Service charges on
deposit accounts 5,601 5,861 5,750 5,433
Fees and commissions on
loans and deposits 3,674 4,198 4,481 3,765
Insurance commissions and fees 868 920 838 857
Trust revenue 551 597 670 626
Net gain on sale of securities - - - -
Gain on sale of mortgage loans 1,263 1,352 1,311 1,521
Other 794 716 740 1,655
--- --- --- -----
Total non-interest
income 12,751 13,644 13,790 13,857
Salaries and employee
benefits 12,583 15,250 14,849 14,718
Occupancy and equipment 3,208 3,399 3,413 3,373
Data processing 1,310 1,289 1,303 1,307
Amortization of intangibles 683 610 578 584
Other 7,904 7,236 7,555 6,816
----- ----- ----- -----
Total non-interest expense 25,688 27,784 27,698 26,798
Income before income taxes (1,074) 10,801 11,394 11,591
Income taxes (1,306) 3,243 3,409 3,314
------ ----- ----- -----
Net income $232 $7,558 $7,985 $8,277
==== ====== ====== ======
Basic earnings per share $0.01 $0.36 $0.38 $0.40
Diluted earnings per share 0.01 0.36 0.38 0.39
Average basic shares
outstanding 21,039,068 20,980,557 20,946,287 20,878,478
Average diluted shares
outstanding 21,178,966 21,175,465 21,205,208 21,133,235
Common shares outstanding 21,067,539 21,013,427 20,954,627 20,930,871
Cash dividend per common
share $0.17 $0.17 $0.17 $0.17
Performance ratios
------------------
Return on average
shareholders' equity 0.23% 7.40% 7.82% 8.21%
Return on average
shareholders' equity,
excluding amortization
expense 0.64% 7.76% 8.17% 8.57%
Return on average assets 0.02% 0.80% 0.86% 0.92%
Return on average assets,
excluding amortization
expense 0.07% 0.84% 0.89% 0.96%
Net interest margin (FTE) 3.36% 3.45% 3.43% 3.52%
Yield on earning assets (FTE) 5.81% 6.08% 6.20% 6.81%
Average earning assets to
average assets 88.82% 88.93% 88.83% 88.44%
Average loans to average
deposits 105.30% 104.03% 101.20% 99.90%
Noninterest income
(less securities gains/
losses) to average assets 1.37% 1.45% 1.48% 1.54%
Noninterest expense to
average assets 2.76% 2.95% 2.97% 2.97%
Net overhead ratio 1.39% 1.50% 1.49% 1.43%
Efficiency ratio (FTE) 63.47% 65.40% 65.61% 63.87%
For the Six Months
Q2 2009 - Ended June 30,
Q2 2008 ---------------
Percent Percent
Statement of earnings Variance 2009 2008 Variance
--------------------- -------- ---- ---- --------
Interest income - taxable
equivalent basis (14.69) $88,824 $105,710 (15.97)
Interest income (15.37) $86,619 $103,848 (16.59)
Interest expense (19.22) 37,146 49,189 (24.48)
------ ------ ------ ------
Net interest income (12.15) 49,473 54,659 (9.49)
Provision for loan losses 204.55 11,740 4,825 143.32
------ ------ ----- ------
Net interest income
after provision (30.99) 37,733 49,834 (24.28)
Service charges on
deposit accounts (6.17) 10,820 11,183 (3.25)
Fees and commissions on
loans and deposits (1.27) 9,106 8,246 10.43
Insurance commissions and fees (0.12) 1,665 1,695 (1.77)
Trust revenue (27.16) 979 1,296 (24.46)
Net gain on sale of securities N/M 1,550 - N/M
Gain on sale of mortgage loans 74.90 4,069 2,832 43.68
Other 16.76 1,997 2,395 (16.62)
----- ----- ----- ------
Total non-interest income 11.85 30,186 27,647 9.18
Salaries and employee benefits (7.50) 28,480 29,567 (3.68)
Occupancy and equipment (10.25) 6,312 6,786 (6.98)
Data processing 9.75 2,759 2,610 5.71
Amortization of intangibles (14.53) 995 1,162 (14.37)
Other 11.30 15,506 14,371 7.90
----- ------ ------ ----
Total non-interest expense (2.04) 54,052 54,496 (0.81)
Income before income taxes (49.52) 13,867 22,985 (39.67)
Income taxes (56.12) 3,605 6,723 (46.38)
------ ----- ----- ------
Net income (46.70) $10,262 $16,262 (36.90)
====== ======= ======= ======
Basic earnings per share (47.37) $0.49 $0.78 (37.18)
Diluted earnings per share (47.37) 0.48 0.77 (37.66)
Average basic shares
outstanding 0.61 21,067,539 20,912,383 0.74
Average diluted shares
outstanding (0.05) 21,188,397 21,164,345 0.11
Common shares outstanding 0.57 21,074,568 20,954,627 0.57
Cash dividend per common
share - $0.34 $0.34 -
Performance ratios
------------------
Return on average
shareholders' equity 5.13% 8.05%
Return on average
shareholders' equity,
excluding amortization
expense 5.44% 8.41%
Return on average assets 0.55% 0.89%
Return on average assets,
excluding amortization
expense 0.58% 0.92%
Net interest margin (FTE) 3.12% 3.47%
Yield on earning assets (FTE) 5.37% 6.50%
Average earning assets to
average assets 88.91% 88.64%
Average loans to
average deposits 96.72% 100.54%
Noninterest income
(less securities gains/
losses) to average assets 1.54% 1.51%
Noninterest expense to
average assets 2.91% 2.97%
Net overhead ratio 1.37% 1.46%
Efficiency ratio (FTE) 66.03% 64.75%
*Percent variance not meaningful
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
2009
----
Second First
Average balances Quarter Quarter
---------------- ------- -------
Total assets $3,738,852 $3,763,245
Earning assets 3,337,103 3,343,699
Securities 701,894 696,068
Loans, net of unearned 2,542,021 2,587,436
Intangibles 192,568 193,067
Non-interest bearing
deposits $293,546 $299,265
Interest bearing deposits 2,342,788 2,250,324
Total deposits 2,636,334 2,549,589
Other borrowings 662,387 815,548
Shareholders' equity 404,456 403,229
Asset quality data
------------------
Nonaccrual loans $55,217 $47,591
Loans 90 past due or more 10,284 19,789
------ ------
Non-performing loans 65,501 67,380
Other real estate owned and
repossessions 30,546 25,318
------ ------
Non-performing assets $96,047 $92,698
======= =======
Net loan charge-offs
(recoveries) $5,917 $4,764
Allowance for loan losses 35,964 35,181
Non-performing loans /
total loans 2.65% 2.69%
Non-performing assets /
total assets 2.59% 2.44%
Allowance for loan losses /
total loans 1.46% 1.40%
Allowance for loan losses /
non-performing loans 54.91% 52.21%
Annualized net loan charge-offs /
average loans 0.93% 0.75%
Balances at period end
----------------------
Total assets $3,701,957 $3,795,217
Earning assets 3,236,615 3,368,962
Securities 684,723 709,950
Mortgage loans held for sale 49,565 55,194
Loans, net of unearned 2,468,844 2,506,780
Intangibles 192,328 192,822
Non-interest bearing
deposits $292,129 $303,536
Interest bearing deposits 2,308,081 2,385,769
Total deposits 2,600,210 2,689,305
Other borrowings 665,755 672,130
Shareholders' equity 400,680 400,095
Market value per common
share $15.02 $12.56
Book value per common share 19.01 18.99
Tangible book value per
common share 9.89 9.84
Shareholders' equity to
assets (actual) 10.82% 10.54%
Tangible capital ratio 5.94% 5.75%
Leverage ratio 8.37% 8.28%
Tier 1 risk-based capital
ratio 10.95% 10.99%
Total risk-based capital
ratio 12.20% 12.24%
Detail of Loans by Category
---------------------------
Commercial, financial,
agricultural $292,177 $301,899
Lease financing 1,283 1,434
Real estate - construction 180,202 210,747
Real estate - 1-4 family
mortgages 878,263 872,796
Real estate - commercial
mortgages 1,054,169 1,055,537
Installment loans to
individuals 62,750 64,367
------ ------
Loans, net of unearned $2,468,844 $2,506,780
========== ==========
2008
----
Fourth Third Second First
Average balances Quarter Quarter Quarter Quarter
---------------- ------- ------- ------- -------
Total assets $3,697,726 $3,744,069 $3,752,401 $3,629,623
Earning assets 3,284,282 3,329,651 3,333,176 3,210,112
Securities 713,108 735,977 704,694 555,174
Loans, net of unearned 2,551,660 2,571,069 2,611,843 2,631,101
Intangibles 193,671 194,382 195,949 197,036
Non-interest
bearing deposits $289,079 $287,197 $298,692 $293,528
Interest bearing
deposits 2,106,341 2,143,680 2,233,380 2,301,291
Total deposits 2,395,420 2,430,877 2,532,072 2,594,819
Other borrowings 856,057 871,744 774,052 587,957
Shareholders' equity 407,286 406,571 410,780 405,355
Asset quality data
------------------
Nonaccrual loans $35,661 $20,578 $17,659 $16,090
Loans 90 past due or more 4,252 9,077 8,962 5,888
----- ----- ----- -----
Non-performing loans 39,913 29,655 26,621 21,978
Other real estate
owned and repossessions 25,111 21,901 13,111 12,802
------ ------ ------ ------
Non-performing assets $65,024 $51,556 $39,732 $34,780
======= ======= ======= =======
Net loan charge-offs
(recoveries) $8,098 $1,624 $2,823 $1,726
Allowance for loan losses 34,905 28,024 26,647 27,271
Non-performing
loans / total loans 1.58% 1.17% 1.05% 0.85%
Non-performing
assets / total assets 1.75% 1.38% 1.05% 0.94%
Allowance for loan
losses / total loans 1.38% 1.11% 1.05% 1.06%
Allowance for
loan losses /
non-performing loans 87.45% 94.50% 100.10% 124.08%
Annualized net
loan charge-offs /
average loans 1.26% 0.25% 0.43% 0.26%
Balances at period end
----------------------
Total assets $3,715,980 $3,725,209 $3,782,196 $3,699,276
Earning assets 3,286,764 3,284,813 3,339,511 3,267,329
Securities 695,106 708,406 741,154 636,338
Mortgage loans
held for sale 41,805 35,976 43,487 33,062
Loans, net of unearned 2,530,886 2,525,424 2,541,012 2,580,911
Intangibles 193,323 194,022 194,688 196,264
Non-interest
bearing deposits $284,227 $287,850 $305,877 $304,171
Interest bearing
deposits 2,060,104 2,124,318 2,161,301 2,322,471
Total deposits 2,344,331 2,412,168 2,467,178 2,626,642
Other borrowings 933,976 870,326 878,813 623,906
Shareholders' equity 400,371 406,267 403,795 409,827
Market value per
common share $17.03 $21.71 $14.73 $22.50
Book value per
common share 19.00 19.33 19.27 19.58
Tangible book value
per common share 9.83 10.10 9.98 10.20
Shareholders' equity
to assets (actual) 10.77% 10.91% 10.68% 11.08%
Tangible capital ratio 5.88% 6.01% 5.83% 6.10%
Leverage ratio 8.34% 8.30% 8.12% 8.23%
Tier 1 risk-based
capital ratio 10.85% 10.81% 10.49% 10.03%
Total risk-based
capital ratio 12.10% 11.84% 11.45% 11.00%
Detail of Loans by Category
---------------------------
Commercial, financial,
agricultural $312,648 $299,233 $303,385 $310,497
Lease financing 1,746 1,943 2,130 2,304
Real estate -
construction 241,818 241,661 335,430 385,957
Real estate - 1-4
family mortgages 886,380 877,045 857,165 846,626
Real estate - commercial
mortgages 1,015,894 1,032,797 972,111 954,131
Installment loans to
individuals 72,400 72,745 70,791 81,396
------ ------ ------ ------
Loans, net of
unearned $2,530,886 $2,525,424 $2,541,012 $2,580,911
========== ========== ========== ==========
For the Six Months
Q2 2009 - Ended June 30,
Q2 2008 ---------------
Percent Percent
Average balances Variance 2009 2008 Variance
---------------- -------- ---- ---- --------
Total assets (0.36) $3,750,916 $3,691,018 1.62
Earning assets 0.12 3,334,954 3,271,644 1.94
Securities (0.40) 693,569 629,934 10.10
Loans, net of unearned (2.67) 2,564,603 2,621,472 (2.17)
Intangibles (1.73) 192,816 196,493 (1.87)
Non-interest bearing
deposits (1.72) $296,373 $296,075 0.10
Interest bearing
deposits 4.90 2,296,812 2,267,309 1.30
Total deposits 4.12 2,593,185 2,563,384 1.16
Other borrowings (14.43) 738,544 681,004 8.45
Shareholders' equity (1.54) 403,141 406,151 (0.74)
Asset quality data
------------------
Nonaccrual loans 212.68 $55,217 $17,659 212.68
Loans 90 past
due or more 14.75 10,284 8,962 14.75
------ ------ ----- -----
Non-performing loans 146.05 65,501 26,621 146.05
Other real estate owned
and repossessions 132.98 30,546 13,111 132.98
------ ------ ------ ------
Non-performing assets 141.74 $96,047 $39,732 141.74
======= ======= ======= =======
Net loan charge-offs
(recoveries) 109.60 $10,681 $4,549 134.80
Allowance for loan
losses 34.96 35,964 26,647 34.96
Non-performing loans /
total loans 2.65% 1.05%
Non-performing assets /
total assets 2.59% 1.05%
Allowance for loan losses /
total loans 1.46% 1.05%
Allowance for loan losses /
non-performing loans 54.91% 100.10%
Annualized net loan
charge-offs /
average loans 0.84% 0.35%
Balances at period end
----------------------
Total assets $3,701,957 $3,782,196 (2.12)
Earning assets 3,236,615 3,339,511 (3.08)
Securities 684,723 741,154 (7.61)
Mortgage loans held
for sale 49,565 43,487 13.98
Loans, net of unearned 2,468,844 2,541,012 (2.84)
Intangibles 192,328 194,688 (1.21)
Non-interest bearing
deposits $292,129 $305,877 (4.49)
Interest bearing
deposits 2,308,081 2,161,301 6.79
Total deposits 2,600,210 2,467,178 5.39
Other borrowings 665,755 878,813 (24.24)
Shareholders' equity 400,680 403,795 (0.77)
Market value per
common share $15.02 $14.73 1.97
Book value per
common share 19.01 19.27 (1.34)
Tangible book value
per common share 9.89 9.98 (0.93)
Shareholders' equity
to assets (actual) 10.82% 10.68%
Tangible capital ratio 5.94% 5.83%
Leverage ratio 8.37% 8.12%
Tier 1 risk-based
capital ratio 10.95% 10.49%
Total risk-based
capital ratio 12.20% 11.45%
Detail of Loans by Category
---------------------------
Commercial, financial,
agricultural $292,177 $303,385 (3.69)
Lease financing 1,283 2,130 (39.77)
Real estate -
construction 180,202 335,430 (46.28)
Real estate -
1-4 family mortgages 878,263 857,165 2.46
Real estate -
commercial mortgages 1,054,169 972,111 8.44
Installment loans
to individuals 62,750 70,791 (11.36)
------ ------ ------
Loans, net of unearned $2,468,844 $2,541,012 (2.84)
========== ========== ======
*Percent variance not meaningful
Contacts For Media: For Financials:
John Oxford Stuart Johnson
Vice President Senior Executive Vice President
Director of External Affairs Chief Financial Officer
(662) 680-1219 (662) 680-1472
joxford@renasant.com stuartj@renasant.com
SOURCE Renasant Corporation
