Renasant Announces 2014 Second Quarter Earnings - AZTV7/Cable 13, Me-TV 7.2, HSN 7.3, Phoenix-Prescott, AZ

Renasant Announces 2014 Second Quarter Earnings

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Renasant Corporation

TUPELO, Miss., July 15, 2014 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the second quarter of 2014.  Net income increased 85% for the second quarter of 2014 to $14,853,000, or basic and diluted earnings per share ("EPS") of $0.47, as compared to $8,019,000, or basic and diluted EPS of $0.32, for the second quarter of 2013. The Company's balance sheet and results of operations as of and for the three months ending June 30, 2014, include the impact of the Company's acquisition of First M&F Corporation ("First M&F"), which was completed on September 1, 2013.  Periods presented prior to September 1, 2013, do not reflect any impact from the First M&F acquisition.

For the second quarter of 2014, the Company's return on assets and return on equity were 1.02% and 8.67%, respectively, as compared to 0.76% and 6.35%, respectively, for the second quarter of 2013. The Company's 2014 second quarter return on tangible assets and return on tangible equity were 1.15% and 16.55%, respectively, as compared to 0.82% and 10.47%, respectively, for the second quarter of 2013.

"Our second quarter financial results reflect the achievement of several key short-term initiatives and continued progress on our long-term strategies, specifically a return to higher levels of sustainable profitability and replenishing capital deployed in the First M&F acquisition. Focusing first on sustainable profitability, our earnings per share of 47 cents represents our highest quarterly earnings in the 110-year history of our company excluding quarters which recognized one-time gains associated with acquisitions.  In addition, our return on assets was 1.02% for the quarter, marking the first time our return on assets exceeded 1% since the economic downturn," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.  "These accomplishments were driven by annualized linked quarter non-acquired loan growth of 20.1% and a continued focus on generating revenues from our diversified lines of business while at the same time managing expenses to ensure future revenue growth is maximized. In regards to capital levels, our tangible common equity ratio stands at 7.00% at June 30, 2014, which, coupled with our strong regulatory capital ratios, will continue to support future balance sheet growth whether that growth is organic or the result of an external opportunity."

Total assets as of June 30, 2014, were approximately $5.83 billion, as compared to $5.74 billion from December 31, 2013, and $5.9 billion on a linked quarter basis. The decrease in assets on a linked quarter basis is due to the seasonal runoff of deposits, primarily in public fund deposits, and the related divestiture of the liquid assets (low-yielding interest bearing cash or short-term investments) in which these seasonal deposits were invested.

Total loans, including loans acquired in either the First M&F merger or in FDIC-assisted transactions (collectively referred to as "acquired loans"), were approximately $3.96 billion at June 30, 2014, as compared to $3.88 billion at December 31, 2013, and $3.87 billion on a linked quarter basis. Excluding acquired loans, loans grew 7.3%, or 14.6% annualized, to $3.10 billion at June 30, 2014, as compared to $2.89 billion at December 31, 2013, and increased 5.0%, or 20.1% annualized, from $2.95 billion on a linked quarter basis.

Total deposits were $4.89 billion at June 30, 2014, as compared to $4.84 billion at December 31, 2013, and $5.00 billion on a linked quarter basis.  Noninterest-bearing deposits averaged approximately $905.2 million, which represents 18.4% of the Company's average deposits, for the second quarter of 2014, as compared to $562.1 million, or 16% of average deposits, for the second quarter of 2013.  The Company's cost of funds was 48 basis points for the second quarter of 2014, as compared to 60 basis points for the same quarter in 2013.

As of June 30, 2014, the Company's Tier 1 leverage capital ratio was 8.91%, its Tier 1 risk-based capital ratio was 11.82%, and its total risk-based capital ratio was 12.96%. The Company's tangible common equity ratio was 7.00%. All of the Company's regulatory capital ratios increased on a linked quarter basis and continue to be in excess of the regulatory minimums required to be classified as "well-capitalized." 

Net interest income was $52.2 million for the second quarter of 2014, as compared to $34.4 million for the second quarter of 2013 and $50.0 million for the first quarter of 2014. Net interest margin was 4.24% for the second quarter of 2014, as compared to 3.88% for the second quarter of 2013 and 4.04% for the first quarter of 2014.

Noninterest income was $19.5 million for the second quarter of 2014, as compared to $17.3 million for the second quarter of 2013 and $18.6 million on a linked quarter basis. The Company's increase in noninterest income year-over-year is primarily attributable to the First M&F merger, notably a 37% increase in service charges and a 120% increase in insurance commissions and fees. On a linked quarter basis, the Company's growth in noninterest income was driven by higher levels of deposit and loan fees, and increased revenues generated from the Company's insurance, wealth management and mortgage banking divisions.  

Noninterest expense was $49.4 million for the second quarter of 2014, as compared to $37.7 million for the second quarter of 2013. The increase in noninterest expense, as compared to the same period in 2013, was primarily due to the expenses of the acquired First M&F operations. The increase in expense was offset, however, by a significant reduction in costs associated with other real estate owned ("OREO") as OREO expense decreased approximately 39.76% as compared to the second quarter of 2013. On a linked quarter comparison, noninterest expense increased primarily due to higher levels of salaries and employee benefits as a result of higher commissions on mortgage and insurance production and higher than anticipated health insurance claims. 

At June 30, 2014, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $73.2 million and total OREO was $41.8 million. The Company's nonperforming loans and OREO that were acquired either through the First M&F merger or in connection with FDIC-assisted transactions (collectively referred to as "acquired nonperforming assets") were $52.4 million and $17.9 million, respectively, at June 30, 2014. 

Since the acquired nonperforming assets were recorded at fair value at the time of acquisition or subject to loss-share agreements with the FDIC, which significantly mitigates our actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets. 

The Company's nonperforming loans were $20.8 million as of June 30, 2014, as compared to $19.2 million as of December 31, 2013. Nonperforming loans as a percentage of total loans were 0.67% as of June 30, 2014, as compared to 0.66% as of December 31, 2013.

Annualized net charge-offs as a percentage of average loans were 0.23% for the second quarter of 2014, as compared to 0.35% for the second quarter of 2013. The Company recorded a provision for loan losses of $1.5 million for the second quarter of 2014, as compared to $3.0 million for the second quarter of 2013.

The allowance for loan losses totaled $47.3 million at June 30, 2014, as compared to $47.7 million as of December 31, 2013. The allowance for loan losses as a percentage of loans was 1.53% as of June 30, 2014, as compared to 1.65% as of December 31, 2013.

The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 227.53% as of June 30, 2014, as compared to 248.90% as of December 31, 2013. Loans 30-to-89 days past due as a percentage of total loans declined to 0.25% at June 30, 2014, as compared to 0.31% at December 31, 2013.  OREO was $23.9 million as of June 30, 2014, as compared to $27.5 million as of December 31, 2013.

"In closing, our quarterly results represent our efforts to increase profitability in an economic period where competition results in thin margins. Despite these headwinds, our strong commercial and mortgage loan pipelines and our continued focus on improving our efficiency positions us to be opportunistic and drive higher levels of future profitability," stated McGraw.

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, July 16, 2014.

The webcast and call can be accessed by pre-registering (preferred method) at http://dpregister.com/10049152 or visiting http://services.choruscall.com/links/rnst140716.html at the time of the call. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Second Quarter 2014 Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 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 10049152 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 AM ET on July 31, 2014.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 110-year-old financial services institution, and Renasant Insurance. Renasant has assets of approximately $5.8 billion and operates more than 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.

NON-GAAP FINANCIAL MEASURES: 
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures.  These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, which the Company's management uses when evaluating capital utilization and adequacy.  In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indications of its operating performance particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities.  Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and are excluded from the calculation of a financial institution's regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company's results to information provided in other regulatory reports and the results of other companies.

The specific non-GAAP financial measures used are return on average tangible shareholders' equity, return on average tangible assets and the ratio of tangible equity to tangible assets (commonly referred to as the "tangible capital ratio").  The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP.  Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company's calculations may not be comparable to other similarly titled measures presented by other companies. Also there may be limits in the usefulness of these measures to investors.  As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption "Reconciliation of GAAP to Non-GAAP."

 

Contacts:


For Media:

For Financials:

John Oxford

Kevin Chapman

First Vice President

Executive Vice President

Director of Corp Communication

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)

















Q2 2014 -


For the Six Months Ending





2014


2013


Q2 2013


June 30,





Second


First


Fourth


Third


Second


First


Percent






Percent

Statement of earnings

Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2014


2013


Variance
























Interest income - taxable equivalent basis

$          60,004


$          57,810


$          58,644


$          46,083


$          41,331


$          40,371


45.18


$        117,814


$          81,702


44.20
























Interest income 

$          58,277


$          56,177


$          57,076


$          44,638


$          39,945


$          38,945


45.89


$        114,454


$          78,890


45.08

Interest expense

6,108


6,206


6,408


5,890


5,541


5,564


10.23


12,314


11,105


10.89


Net interest income

52,169


49,971


50,668


38,748


34,404


33,381


51.64


102,140


67,785


50.68
























Provision for loan losses

1,450


1,450


2,000


2,300


3,000


3,050


(51.67)


2,900


6,050


(52.07)


Net interest income after provision

50,719


48,521


48,668


36,448


31,404


30,331


61.50


99,240


61,735


60.75
























Service charges on deposit accounts

6,194


5,915


6,165


5,361


4,509


4,500


37.37


12,109


9,009


34.41

Fees and commissions on loans and deposits

5,515


4,972


5,300


4,982


4,848


4,831


13.76


10,487


9,679


8.35

Insurance commissions and fees

2,088


1,863


1,869


1,295


951


861


119.56


3,951


1,812


118.05

Wealth management revenue

2,170


2,144


2,124


2,091


1,715


1,724


26.53


4,314


3,439


25.44

Securities gains (losses) 

-


-


-


-


-


54


-


-


54


(100.00)

Gain on sale of mortgage loans

2,005


1,586


1,350


2,788


3,870


3,565


(48.19)


3,591


7,435


(51.70)

Gain on acquisition

-


-


-


-


-


-


-


-


-


-

Other


1,499


2,136


1,533


2,418


1,424


1,843


5.27


3,635


3,267


11.26


Total noninterest income

19,471


18,616


18,341


18,935


17,317


17,378


12.44


38,087


34,695


9.78
























Salaries and employee benefits

29,810


28,428


29,911


25,689


21,906


21,274


36.08


58,238


43,180


34.87

Data processing

2,850


2,695


2,546


2,236


2,045


2,043


39.36


5,545


4,088


35.64

Occupancy and equipment

4,906


4,847


5,105


4,576


3,668


3,608


33.75


9,753


7,276


34.04

Other real estate

1,068


1,701


1,607


1,537


1,773


2,049


(39.76)


2,769


3,822


(27.55)

Amortization of intangibles

1,427


1,471


1,508


724


314


323


354.46


2,898


637


354.95

Merger-related expenses

-


195


1,879


3,763


385


-


(100.00)


195


385


(49.35)

Debt extinguishment penalty

-


-


-


-


-


-


-


-


-


-

Other

9,335


8,308


8,573


8,088


7,643


8,303


22.14


17,643


15,946


10.64


Total noninterest expense

49,396


47,645


51,129


46,613


37,734


37,600


30.91


97,041


75,334


28.81
























Income before income taxes

20,794


19,492


15,880


8,770


10,987


10,109


89.26


40,286


21,096


90.97

Income taxes

5,941


5,895


4,620


2,133


2,968


2,538


100.17


11,836


5,506


114.97


Net income 

$          14,853


$          13,597


$          11,260


$            6,637


$            8,019


$            7,571


85.22


$          28,450


$          15,590


82.49
























Basic earnings per share

$              0.47


$              0.43


$              0.36


$              0.24


$              0.32


$              0.30


46.88


$              0.90


$              0.62


45.16

Diluted earnings per share

0.47


0.43


0.36


0.24


0.32


0.30


46.88


0.90


0.62


45.16
























Average basic shares outstanding

31,496,737


31,436,148


31,366,019


27,234,927


25,223,749


25,186,229


24.87


31,466,610


25,205,092


24.84

Average diluted shares outstanding

31,698,198


31,724,474


31,617,681


27,447,382


25,373,868


25,288,785


24.92


31,682,496


25,334,898


25.05
























Common shares outstanding

31,519,641


31,480,395


31,387,668


31,358,583


25,231,074


25,208,733


24.92


31,519,641


25,231,074


24.92

Cash dividend per common share

$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


-


$              0.34


$              0.34


-
























Performance ratios





















Return on average shareholders' equity

8.67%


8.19%


6.71%


4.75%


6.35%


6.12%




8.44%


6.24%



Return on average tangible shareholders' equity (1)

16.55%


16.05%


13.55%


8.74%


10.47%


10.19%




16.31%


10.34%



Return on average assets

1.02%


0.93%


0.78%


0.56%


0.76%


0.73%




0.98%


0.75%



Return on average tangible assets (2)

1.15%


1.05%


0.90%


0.63%


0.82%


0.79%




1.10%


0.80%


























Net interest margin (FTE)

4.24%


4.04%


4.16%


3.86%


3.88%


3.89%




4.14%


3.89%



Yield on earning assets (FTE)

4.72%


4.53%


4.67%


4.42%


4.49%


4.51%




4.62%


4.50%



Cost of funding

0.48%


0.48%


0.51%


0.57%


0.60%


0.62%




0.48%


0.61%



Average earning assets to average assets

87.39%


87.35%


86.78%


87.43%


87.32%


86.31%




87.37%


86.82%



Average loans to average deposits

79.11%


77.00%


79.89%


81.69%


80.93%


80.30%




78.05%


80.62%


























Noninterest income (less securities gains/





















losses) to average assets

1.34%


1.27%


1.27%


1.59%


1.64%


1.67%




1.31%


1.66%



Noninterest expense (less debt prepayment penalties/





















merger-related expenses) to average assets

3.39%


3.25%


3.40%


3.59%


3.54%


3.63%




3.32%


3.58%



Net overhead ratio

2.06%


1.97%


2.14%


2.01%


1.90%


1.95%




2.01%


1.93%



Efficiency ratio (FTE)**

65.38%


65.48%


67.65%


71.25%


69.74%


71.51%




65.43%


70.61%


























**Excludes debt extinguishment penalties, amortization of intangibles and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

















Q2 2014 -


For the Six Months Ending





2014


2013


Q2 2013


June 30,





Second


First


Fourth


Third


Second


First


Percent






Percent

Average balances

Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2014


2013


Variance

Total assets

$     5,836,607


$     5,927,884


$     5,741,794


$     4,729,079


$     4,231,947


$     4,206,411


37.92


$     5,881,993


$     4,219,250


39.41

Earning assets

5,100,834


5,178,069


4,982,614


4,134,730


3,695,409


3,630,759


38.03


5,139,238


3,663,263


40.29

Securities

1,026,948


1,002,519


924,179


819,351


754,515


698,863


36.11


1,014,801


726,843


39.62

Mortgage loans held for sale

26,004


19,925


25,248


37,056


32,318


22,347


(19.54)


22,981


27,360


(16.01)

Loans, net of unearned

3,897,028


3,868,747


3,865,615


3,213,853


2,845,260


2,804,618


36.97


3,882,966


2,825,051


37.45

Intangibles

302,181


303,599


304,388


227,606


190,362


190,787


58.74


302,886


190,573


58.93























-

Noninterest-bearing deposits

$        905,180


$        949,317


$        888,888


$        660,415


$        562,104


$        549,514


61.03


$        927,126


$        555,844


66.80

Interest-bearing deposits

4,020,754


4,074,746


3,949,909


3,273,658


2,953,435


2,943,247


36.14


4,047,601


2,948,369


37.28


Total deposits

4,925,934


5,024,063


4,838,797


3,934,073


3,515,539


3,492,761


40.12


4,974,727


3,504,213


41.96

Borrowed funds

169,373


170,091


173,583


189,909


164,894


163,981


2.72


169,730


164,440


3.22

Shareholders' equity

686,794


673,047


665,513


553,772


506,225


501,634


35.67


679,959


503,942


34.93








































Q2 2014 -


As of





2014


2013


Q4 2013


June 30,





Second


First


Fourth


Third


Second


First


Percent






Percent

Balances at period end


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2014


2013


Variance

Total assets

$     5,826,020


$     5,902,831


$     5,746,270


$     5,735,865


$     4,242,401


$     4,267,658


1.39


$     5,826,020


$     4,242,401


37.33

Earning assets

5,069,743


5,168,996


4,999,434


4,972,051


3,715,321


3,706,707


1.41


5,069,743


3,715,321


36.46

Securities

1,013,200


1,054,511


925,670


915,869


746,530


740,613


9.46


1,013,200


746,530


35.72

Mortgage loans held for sale

28,116


28,433


33,440


28,466


50,268


26,286


(15.92)


28,116


50,268


(44.07)

Loans acquired from M&F

694,115


746,047


813,451


891,420


-


-


(14.67)


694,115


-


-

Loans not acquired

3,096,286


2,947,836


2,885,802


2,794,116


2,683,017


2,594,438


7.29


3,096,286


2,683,017


15.40

Loans acquired and subject to loss share

167,129


173,545


181,765


195,996


201,494


213,872


(8.05)


167,129


201,494


(17.06)


Total loans

3,957,530


3,867,428


3,881,018


3,881,532


2,884,511


2,808,310


1.97


3,957,530


2,884,511


37.20

Intangibles

301,478


302,903


304,330


305,065


190,208


190,522


(0.94)


301,478


190,208


58.50
























Noninterest-bearing deposits

$        902,766


$        914,964


$        856,020


$        876,138


$        560,965


$        567,065


5.46


$        902,766


$        560,965


60.93

Interest-bearing deposits

3,983,965


4,089,820


3,985,892


3,958,618


2,944,193


2,988,110


(0.05)


3,983,965


2,944,193


35.32


Total deposits

4,886,731


5,004,784


4,841,912


4,834,756


3,505,158


3,555,175


0.93


4,886,731


3,505,158


39.42

Borrowed funds

189,831


168,700


171,875


177,168


195,789


164,063


10.45


189,831


195,789


(3.04)

Shareholders' equity

688,215


676,715


665,652


657,256


500,678


502,375


3.39


688,215


500,678


37.46
























Market value per common share

$            29.07


$            29.05


$            31.46


$            27.17


$            24.34


$            22.38


(7.60)


$            29.07


$            24.34


19.43

Book value per common share

21.83


21.50


21.21


20.96


19.84


19.93


2.92


21.83


19.84


10.03

Tangible book value per common share

12.27


11.87


11.51


11.23


12.31


12.37


6.60


12.27


12.31


(0.32)

Shareholders' equity to assets (actual)

11.81%


11.46%


11.58%


11.46%


11.80%


11.77%


1.97


11.81%


11.80%


0.11

Tangible capital ratio (3)


7.00%


6.68%


6.64%


6.49%


7.66%


7.65%


5.43


7.00%


7.66%


(8.61)















































Leverage ratio

8.91%


8.56%


8.68%


8.61%


9.83%


9.79%


2.65


8.91%


9.83%


(9.36)

Tier 1 risk-based capital ratio

11.82%


11.55%


11.41%


11.34%


12.87%


12.86%


3.59


11.82%


12.87%


(8.16)

Total risk-based capital ratio

12.96%


12.72%


12.58%


12.47%


14.14%


14.13%


3.02


12.96%


14.14%


(8.35)

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

















Q2 2014 -


As of





2014


2013


Q4 2013


June 30,





Second


First


Fourth


Third


Second


First


Percent






Percent

Loans not acquired


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2014


2013


Variance

Commercial, financial, agricultural

$        365,262


$        347,828


$        341,600


$        331,142


$        307,718


$        298,013


6.93


$        365,262


$        307,718


18.70

Lease financing

1,767


612


52


75


103


162


3,298.08


1,767


103


1,615.53

Real estate - construction

172,319


149,450


147,075


127,013


117,339


109,484


17.16


172,319


117,339


46.86

Real estate - 1-4 family mortgages

966,546


941,260


928,803


891,422


859,884


834,204


4.06


966,546


859,884


12.40

Real estate - commercial mortgages

1,516,372


1,441,403


1,404,617


1,383,680


1,335,402


1,295,213


7.96


1,516,372


1,335,402


13.55

Installment loans to individuals

74,020


67,283


63,655


60,784


62,571


57,362


16.28


74,020


62,571


18.30


Loans, net of unearned

$     3,096,286


$     2,947,836


$     2,885,802


$     2,794,116


$     2,683,017


$     2,594,438


7.29


$     3,096,286


$     2,683,017


15.40
























Loans acquired and subject to loss share by category




















Commercial, financial, agricultural


$            7,677


$            8,283


$            9,546


$          10,280


$          10,283


$          10,157


(19.58)


$            7,677


$          10,283


(25.34)

Lease financing



-


-


-


-


-


-


-


-


-


-

Real estate - construction


1,648


1,648


1,648


1,648


1,648


1,648


-


1,648


1,648


-

Real estate - 1-4 family mortgages

49,616


52,252


54,466


56,722


60,409


65,489


(8.90)


49,616


60,409


(17.87)

Real estate - commercial mortgages

108,166


111,337


116,077


127,315


129,120


136,541


(6.82)


108,166


129,120


(16.23)

Installment loans to individuals

22


25


28


31


34


37


(21.43)


22


34


(35.29)


Loans, net of unearned

$        167,129


$        173,545


$        181,765


$        195,996


$        201,494


$        213,872


(8.05)


$        167,129


$        201,494


(17.06)
























Loans Acquired from M&F




















Commercial, financial, agricultural

$          74,887


$          84,004


$        117,817


$        139,821


$                 -


$                 -


(36.44)


$          74,887


$                   -


-

Lease financing

-


-


-


-


-


-


-


-


-


-

Real estate - construction

2,610


4,803


12,713


23,556


-


-


(79.47)


2,610


-


-

Real estate - 1-4 family mortgages

205,126


217,748


224,965


244,079


-


-


(8.82)


205,126


-


-

Real estate - commercial mortgages

390,781


415,418


429,878


449,589


-


-


(9.09)


390,781


-


-

Installment loans to individuals

20,711


24,074


28,078


34,375


-


-


(26.24)


20,711


-


-


Loans, net of unearned

$        694,115


$        746,047


$        813,451


$        891,420


$                   -


$                   -


(14.67)


$        694,115


$                   -


-















































Asset quality data




















Assets not acquired:




















Nonaccrual loans

$          17,175


$          18,365


$          16,863


$          19,995


$          20,554


$          25,382


1.85


$          17,175


$          20,554


(16.44)

Loans 90 past due or more

3,615


1,322


2,287


2,078


1,983


2,601


58.07


3,615


1,983


82.30

Nonperforming loans

20,790


19,687


19,150


22,073


22,537


27,983


8.56


20,790


22,537


(7.75)

Other real estate owned

23,950


25,117


27,543


27,357


33,247


39,786


(13.05)


23,950


33,247


(27.96)

Nonperforming assets not acquired

$          44,740


$          44,804


$          46,693


$          49,430


$          55,784


$          67,769


(4.18)


$          44,740


$          55,784


(19.80)
























Assets acquired and subject to loss share:




















Nonaccrual loans

$          41,425


$          46,078


$          49,194


$          49,585


$          47,281


$          47,972


(15.79)


$          41,425


$          47,281


(12.39)

Loans 90 past due or more

-


32


-


505


126


-


-


-


126


(100.00)

Non-performing loans subject to loss share

41,425


46,110


49,194


50,090


47,407


47,972


(15.79)


41,425


47,407


(12.62)

Other real estate owned

7,472


10,218


12,942


16,580


27,835


35,095


(42.27)


7,472


27,835


(73.16)

Nonperforming assets acquired and subject to loss share

$          48,897


$          56,328


$          62,136


$          66,670


$          75,242


$          83,067


(21.31)


$          48,897


$          75,242


(35.01)
























Assets acquired from M&F:





















Nonaccrual loans

$            5,966


$            6,393


$            6,275


$               224


$                   -


$                   -


(4.92)


$            5,966


$                   -


-

Loans 90 past due or more

5,057


1,922


1,899


8,568


-


-


166.30


5,057


-


-

Nonperforming loans

11,023


8,315


8,174


8,792


-


-


34.85


11,023


-


-

Other real estate owned

10,381


12,406


12,402


13,223


-


-


(16.30)


10,381


-


-

Nonperforming assets acquired from M&F

$          21,404


$          20,721


$          20,576


$          22,015


$                   -


$                   -


4.02


$          21,404


$                   -


-
























Net loan charge-offs (recoveries)

$            2,195


$            1,067


$               584


$            3,084


$            2,471


$               893


275.86


$            3,262


$            3,364


(3.03)

Allowance for loan losses

47,304


48,048


47,665


46,250


47,034


46,505


(0.76)


47,304


$          47,034


0.57

Annualized net loan charge-offs / average loans

0.23%


0.11%


0.06%


0.38%


0.35%


0.13%




0.17%


0.24%


























Nonperforming loans / total loans* 

1.85%


1.92%


1.97%


2.09%


2.42%


2.70%




1.85%


2.42%



Nonperforming assets / total assets*

1.97%


2.06%


2.25%


2.41%


3.09%


3.53%




1.97%


3.09%



Allowance for loan losses / total loans*

1.20%


1.24%


1.23%


1.19%


1.63%


1.66%




1.20%


1.63%



Allowance for loan losses / nonperforming loans*

64.59%


64.83%


62.29%


57.13%


67.25%


61.23%




64.59%


67.25%


























Nonperforming loans / total loans** 

0.67%


0.67%


0.66%


0.79%


0.84%


1.08%




0.67%


0.84%



Nonperforming assets / total assets**

0.77%


0.76%


0.81%


0.86%


1.31%


1.59%




0.77%


1.31%



Allowance for loan losses / total loans**

1.53%


1.63%


1.65%


1.66%


1.75%


1.79%




1.53%


1.75%



Allowance for loan losses / nonperforming loans**

227.53%


244.06%


248.90%


209.53%


208.70%


166.19%




227.53%


208.70%


























*Based on all assets (including acquired assets)
















**Excludes assets acquired from M&F and assets covered under loss share
















 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)






























RECONCILIATION OF GAAP TO NON-GAAP
















































For the Six Months Ending





2014


2013




June 30,





Second


First


Fourth


Third


Second


First











Quarter


Quarter


Quarter


Quarter


Quarter


Quarter




2014


2013

Net income (GAAP)


$          14,853


$          13,597


$          11,260


$            6,637


$            8,019


$            7,571




$          28,450


$          15,590


Amortization of intangibles, net of tax

1,019


1,026


1,069


548


229


242




2,047


471

Tangible net income (non-GAAP)

$          15,872


$          14,623


$          12,329


$            7,185


$            8,248


$            7,813




$          30,497


$          16,061






















Average shareholders' equity (GAAP)

$        686,794


$        673,047


$        665,513


$        553,772


$        506,225


$        501,634




$        679,959


$        503,942


Intangibles

302,181


303,599


304,388


227,606


190,362


190,787




302,886


190,573

Average tangible shareholders' equity (non-GAAP)

$        384,613


$        369,448


$        361,125


$        326,166


$        315,863


$        310,847




$        377,073


$        313,369






















Average total assets (GAAP)

$     5,836,607


$     5,927,884


$     5,741,794


$     4,729,079


$     4,231,947


$     4,206,411




$     5,881,993


$     4,219,250


Intangibles

302,181


303,599


304,388


227,606


190,362


190,787




302,886


190,573

Average tangible assets (non-GAAP)

$     5,534,426


$     5,624,285


$     5,437,406


$     4,501,473


$     4,041,585


$     4,015,624




$     5,579,107


$     4,028,677






















Actual total assets (GAAP)

$     5,826,020


$     5,902,831


$     5,746,270


$     5,735,865


$     4,242,401


$     4,267,658




$     5,826,020


$     4,242,401


Intangibles


301,478


302,903


304,330


305,065


190,208


190,522




301,478


190,208

Actual tangible assets (non-GAAP)

$     5,524,542


$     5,599,928


$     5,441,940


$     5,430,800


$     4,052,193


$     4,077,136




$     5,524,542


$     4,052,193






















(1) Return on Average Equity


















Return on (average) shareholders' equity (GAAP)

8.67%


8.19%


6.71%


4.75%


6.35%


6.12%




8.44%


6.24%


Effect of adjustment for intangible assets

7.88%


7.86%


6.83%


3.98%


4.12%


4.07%




7.87%


4.10%

Return on average tangible shareholders' equity (non-GAAP)

16.55%


16.05%


13.55%


8.74%


10.47%


10.19%




16.31%


10.34%






















(2) Return on Average Assets


















Return on (average) assets (GAAP)

1.02%


0.93%


0.78%


0.56%


0.76%


0.73%




0.98%


0.75%


Effect of adjustment for intangible assets

0.13%


0.12%


0.12%


0.08%


0.06%


0.06%




0.13%


0.06%

Return on average tangible assets (non-GAAP)

1.15%


1.05%


0.90%


0.63%


0.82%


0.79%




1.10%


0.80%






















(3) Shareholder Equity Ratio 


















Shareholders' equity to (actual) assets (GAAP)

11.81%


11.46%


11.58%


11.46%


11.80%


11.77%




11.81%


11.80%


Effect of adjustment for intangible assets

4.81%


4.79%


4.94%


4.97%


4.14%


4.12%




4.81%


4.14%

Tangible capital ratio (non-GAAP)

7.00%


6.68%


6.64%


6.49%


7.66%


7.65%




7.00%


7.66%

 

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and AZ-TV. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.