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Exhibit 99.1

LOGO

 

Contact:    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

 

RENASANT CORPORATION ANNOUNCES 2011

FOURTH QUARTER AND YEAR-END RESULTS

TUPELO, MISSISSIPPI (January 17, 2012) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced its earnings results for the fourth quarter and year ended December 31, 2011. For the fourth quarter of 2011, net income was $5,790,000 as compared to $4,721,000 for the fourth quarter of 2010. Basic and diluted earnings per share (EPS) were $0.23 for the fourth quarter of 2011 as compared to basic and diluted EPS of $0.19 for the fourth quarter of 2010.

Net income for 2011 was $25,632,000 as compared to $31,675,000 for 2010. Net income for 2010 included a pre-tax acquisition gain of $42,211,000 from the Company’s FDIC-assisted acquisition of Crescent Bank of Jasper, Georgia recognized during the third quarter of 2010. During 2011, the Company recorded a pre-tax acquisition gain of $8,774,000 in connection with its FDIC-assisted acquisition of American Bank and Trust of Roswell, Georgia, which was recognized during the first quarter of the year.


For 2011, both basic and diluted EPS were $1.02 as compared to basic and diluted EPS of $1.39 and $1.38, respectively, for 2010.

“We achieved much success during the fourth quarter of 2011 as we experienced net loan growth while continuing to expand our franchise by opening de novo locations in Starkville, Mississippi, and Tuscaloosa and Montgomery, Alabama,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “In addition to our market expansions, we continued to experience a decrease in our nonperforming loans and other real estate owned. Our nonperforming loans not subject to loss-share decreased 35% during the year and represented only 1.56% of total loans at the end of 2011.”

Total deposits were $3.412 billion at December 31, 2011, as compared to $3.342 billion at September 30, 2011, and $3.468 billion at December 31, 2010. The Company continued to improve its deposit mix as noninterest-bearing deposits represented 15.59% of total deposits on December 31, 2011, up from 10.63% of total deposits at December 31, 2010. As a result of this improvement, the Company’s cost of funds declined to 1.11% at December 31, 2011, from 1.16% at September 30, 2011, and 1.74% at December 31, 2010.

Total loans were $2.581 billion at the end of 2011 as compared to $2.565 billion at the end of the third quarter of 2011 and $2.525 billion at the end of 2010. Loans not covered under FDIC loss-share agreements were $2.242 billion at December 31, 2011, as compared to $2.205 billion at September 30, 2011, and $2.191 billion at December 31, 2010.

“We are pleased to have achieved net loan growth on both an annual and linked quarter basis,” stated McGraw. “We believe that we are well-positioned to continue this trend of growing loans as we take advantage of our recent new hires, entrances into new markets and continued focus on loan opportunities in our existing markets.”


Total assets at December 31, 2011, were approximately $4.201 billion as compared to approximately $4.136 billion at September 30, 2011, and $4.297 billion at December 31, 2010.

At December 31, 2011, the Company’s capital ratios were in excess of regulatory minimums required to be classified as “well-capitalized.” The Company’s tangible common equity ratio was 7.38%, Tier I leverage capital ratio was 9.44%, Tier I risk-based capital ratio was 13.33%, and total risk-based capital ratio was 14.58%.

Net interest income was $32,495,000 for the fourth quarter of 2011 as compared to $29,855,000 for the fourth quarter of 2010 and $32,864,000 on a linked quarter basis. Net interest margin was 3.84% for the fourth quarter of 2011 as compared to 3.43% for the fourth quarter of 2010 and 3.92% on a linked quarter basis.

For 2011, net interest margin increased to 3.77% from 3.26% for 2010. Net interest income increased to $129,077,000 for 2011 from $105,062,000 for 2010.

“Although margin decreased on a linked quarter basis due primarily to higher than anticipated levels of cash from an increase in deposits and accelerated prepayments on mortgage backed securities, we grew margin by 51 basis points during 2011,” said McGraw. “We expect to see improvement in net interest income with year over year net interest margin remaining stable as we continue to adjust our asset mix by growing loans and changing our funding mix.”


For the fourth quarter of 2011, noninterest income was $13,912,000 as compared to $14,553,000 for the fourth quarter of 2010 and $19,613,000 for the third quarter of 2011. During the third quarter of 2011, noninterest income included a gain of $5,041,000 from the sale of securities. Noninterest income for 2011 was $68,624,000 as compared to $95,915,000 for 2010. Excluding the aforementioned gains from FDIC-assisted acquisitions, noninterest income was $59,850,000 for 2011 and $53,704,000 for 2010.

Noninterest expense was $33,269,000 for the fourth quarter of 2011 as compared to $32,226,000 for the fourth quarter of 2010 and $38,129,000 on a linked quarter basis. Noninterest expense for 2011 was $140,676,000 as compared to $123,619,000 for 2010. The increase in noninterest expense during 2011 was primarily due to costs related to the operations associated with acquisitions and new market expansions, and higher levels of expenses related to other real estate owned.

At December 31, 2011, total nonperforming loans were $124.1 million and total other real estate owned was $113.2 million. The loans and other real estate owned acquired in FDIC-assisted transactions are recorded at fair value which includes an estimated impairment. 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. The Company’s nonperforming loans and other real estate owned covered under loss-share agreements with the FDIC at December 31, 2011, were $89.2 million and $43.1 million, respectively. The remaining information in this release on nonperforming loans, other real estate owned and the related asset quality ratios excludes the assets covered under loss-share agreements with the FDIC.


Nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $34.9 million at December 31, 2011, as compared to $49.0 million at September 30, 2011, and $53.9 million at December 31, 2010. Loans 30 to 89 days past due as a percentage of total loans were 0.71% at December 31, 2011, as compared to 0.75% at September 30, 2011, and 0.99% at December 31, 2010.

The Company recorded a provision for loan losses of $6,000,000 and $22,350,000 for the quarter and year ending December 31, 2011, respectively, as compared to $5,500,000 and $30,665,000 for the quarter and year ending December 31, 2010, respectively. The provision for loan losses for the third quarter of 2011 was $5,500,000. Annualized net charge-offs as a percentage of average loans were 1.56% for the fourth quarter of 2011 as compared to 0.80% for the same period in 2010 and 0.70% on a linked quarter basis. Net charge-offs as a percentage of average loans for the year ending December 31, 2011, were 0.91% as compared to 1.00% for 2010. The increase in net charge-offs, as compared to prior quarters, is due to the final resolution of several large credits during the fourth quarter of 2011.

The allowance for loan losses as a percentage of loans was 1.98% at December 31, 2011, as compared to 2.20% at September 30, 2011, and 2.07% at December 31, 2010. Although the Company’s allowance for loan losses decreased for the quarter and year ending December 31, 2011, as compared to the quarter ending September 30, 2011, and the year ending December 31, 2010, the Company’s coverage ratio, or the allowance for loan losses as a percentage of nonperforming loans, increased to 127% as compared to 99% on a linked quarter basis and 84% for 2010.

 


Other real estate owned was $70,079,000 at December 31, 2011, as compared to $72,765,000 at September 30, 2011, and $71,833,000 at December 31, 2010. The decrease in other real estate owned reflects the Company’s efforts to dispose of the underlying properties. The Company continues to aggressively market the property held in other real estate owned as evidenced by the fact the Company sold approximately $29.1 million of other real estate owned during 2011 and $7.2 million during the fourth quarter of 2011.

“Moving forward, we believe positive trends such as our improved deposit mix, net loan growth, improving credit metrics and our strong capital position have us prepared for another successful year,” commented McGraw. “In addition, our ability to participate in external opportunities, whether through de novo branches or acquisitions in new markets, has us positioned to expand our market share and cultivate new banking relationships in 2012.”

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, January 18, 2012, through the Company’s website: www.renasant.com. The event will be archived on the Company’s website for one year. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-877-317-6789 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-317-6789.

ABOUT RENASANT CORPORATION:

Renasant Corporation, a 107-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 75 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.


NOTE TO INVESTORS:

This news release may contain, or incorporate by reference, statements which may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions.

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

###


RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

 

     2011     2010     Q4 2011 -
Q4 2010

Percent
Variance
    For the Year
Ended December 31,
 

Statement of earnings

   Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
      2011     2010     Percent
Variance
 

Interest income - taxable equivalent basis

   $ 42,430      $ 43,432      $ 45,291      $ 45,371      $ 45,224      $ 44,770      $ 39,590      $ 40,900        (6.18   $ 176,524      $ 170,484        3.54   

Interest income

   $ 40,970      $ 41,930      $ 43,775      $ 43,803      $ 43,817      $ 43,433      $ 38,381      $ 39,708        (6.50   $ 170,478      $ 165,339        3.11   

Interest expense

     8,475        9,066        11,153        12,707        13,962        16,316        14,701        15,298        (39.30     41,401        60,277        (31.32
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

     32,495        32,864        32,622        31,096        29,855        27,117        23,680        24,410        8.84        129,077        105,062        22.86   

Provision for loan losses

     6,000        5,500        5,350        5,500        5,500        11,500        7,000        6,665        9.09        22,350        30,665        (27.12
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision

     26,495        27,364        27,272        25,596        24,355        15,617        16,680        17,745        8.79        106,727        74,397        43.46   

Service charges on deposit accounts

     4,527        4,797        5,082        4,880        5,482        5,771        5,361        5,090        (17.42     19,286        21,704        (11.14

Fees and commissions on loans and deposits

     5,102        4,898        4,548        4,138        4,184        3,654        3,409        3,721        21.94        18,686        14,968        24.84   

Insurance commissions and fees

     812        847        783        832        916        828        830        834        (11.35     3,274        3,408        (3.93

Trust revenue

     1,123        771        650        613        626        562        632        584        79.39        3,157        2,404        31.32   

Securities gains (losses)

     —          5,041        (258     12        —          (1,009     2,049        (160     —          4,795        880        444.89   

Gain on sale of mortgage loans

     662        1,371        949        1,151        2,127        1,774        994        1,329        (68.88     4,133        6,224        (33.60

Gain on acquisition

     —          570        —          8,774        —          42,211        —          —          —          9,344        42,211        (77.86

Other

     1,686        1,318        1,580        1,365        1,218        743        1,069        1,086        38.42        5,949        4,116        44.53   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total noninterest income

     13,912        19,613        13,334        21,765        14,553        54,534        14,344        12,484        (4.40     68,624        95,915        (28.45

Salaries and employee benefits

     16,232        17,493        16,173        16,237        15,957        16,694        13,052        13,197        1.72        66,135        58,900        12.28   

Occupancy and equipment

     3,522        3,434        3,357        3,239        2,716        3,271        2,926        2,931        29.68        13,552        11,844        14.42   

Data processing

     1,925        1,927        1,657        1,788        1,665        1,703        1,580        1,426        15.62        7,297        6,374        14.48   

Debt extinguishment penalty

     —          —          —          1,903        —          2,785        —          —          —          1,903        2,785        (31.67

Merger-related expenses

     —          326        —          1,325        —          1,955        —          —          —          1,651        1,955        (15.55

Other real estate

     3,357        6,336        2,122        3,511        3,288        4,635        959        736        2.10        15,326        9,618        59.35   

Amortization of intangibles

     366        351        510        515        523        505        470        476        (30.02     1,742        1,974        (11.75

Other

     7,867        8,262        8,736        8,205        8,077        8,023        7,201        6,868        (2.60     33,070        30,169        9.62   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total noninterest expense

     33,269        38,129        32,555        36,723        32,226        39,571        26,188        25,634        3.24        140,676        123,619        13.80   

Income before income taxes

     7,138        8,848        8,051        10,638        6,682        30,580        4,836        4,595        6.82        34,675        46,693        (25.74

Income taxes

     1,348        2,316        2,294        3,085        1,961        11,029        1,040        988        (31.26     9,043        15,018        (39.79
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 5,790      $ 6,532      $ 5,757      $ 7,553      $ 4,721      $ 19,551      $ 3,796      $ 3,607        22.64      $ 25,632      $ 31,675        (19.08
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 0.23      $ 0.26      $ 0.23      $ 0.30      $ 0.19      $ 0.81      $ 0.18      $ 0.17        21.05      $ 1.02      $ 1.39        (26.62

Diluted earnings per share

     0.23        0.26        0.23        0.30        0.19        0.81        0.18        0.17        21.05        1.02        1.38        (26.09

Average basic shares outstanding

     25,061,122        25,061,068        25,059,081        25,052,126        25,042,137        24,098,629        21,088,942        21,082,991        0.08        25,058,381        22,842,502        9.70   

Average diluted shares outstanding

     25,183,114        25,180,923        25,182,503        25,172,410        25,177,394        24,208,642        21,224,836        21,208,934        0.02        25,186,131        22,976,088        9.62   

Common shares outstanding

     25,066,068        25,061,068        25,061,068        25,056,431        25,043,112        25,041,540        21,100,130        21,082,991        0.09        25,066,068        25,043,112        0.09   

Cash dividend per common share

   $ 0.17      $ 0.17      $ 0.17      $ 0.17      $ 0.17      $ 0.17      $ 0.17      $ 0.17        —        $ 0.68      $ 0.68        —     

Performance ratios

                        

Return on average shareholders’ equity

     4.71     5.36     4.84     6.51     3.93     16.64     3.69     3.55       5.34     7.16  

Return on average shareholders’ equity, excluding amortization expense

     4.89     5.54     5.11     6.78     4.20     16.91     3.97     3.84       5.57     7.44  

Return on average assets

     0.55     0.63     0.54     0.69     0.44     1.83     0.42     0.40       0.60     0.80  

Return on average assets, excluding amortization expense

     0.57     0.65     0.57     0.72     0.47     1.86     0.45     0.44       0.63     0.83  

Net interest margin (FTE)

     3.84     3.92     3.76     3.55     3.43     3.12     3.15     3.27       3.77     3.26  

Yield on earning assets (FTE)

     4.80     4.96     4.99     4.93     4.97     4.92     5.02     5.23       4.92     5.04  

Cost of funding

     0.92     0.99     1.17     1.31     1.49     1.75     1.86     1.95       1.11     1.74  

Average earning assets to average assets

     84.22     83.95     84.75     84.16     84.24     84.78     87.42     87.28       84.28     85.82  

Average loans to average deposits

     75.83     76.23     72.47     70.20     74.41     76.41     84.53     88.47       73.64     80.20  

Noninterest income (less securities gains/losses) to average assets

     1.32     1.40     1.27     1.99     1.35     5.19     1.36     1.42       1.50     2.41  

Noninterest expense to average assets

     3.16     3.65     3.04     3.37     2.98     3.70     2.90     2.87       3.30     3.13  

Net overhead ratio

     1.84     2.26     1.77     1.37     1.64     -1.49     1.54     1.45       1.81     0.72  

Efficiency ratio (FTE)

     69.50     70.64     68.58     67.47     70.34     47.68     66.75     67.31       69.04     59.97  


RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

 

    2011     2010     Q4 2011 -
Q4 2010
Percent
Variance
    For the Year
Ended December 31,
 
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
      2011     2010     Percent
Variance
 

Average balances

                       

Total assets

  $ 4,172,518      $ 4,142,851      $ 4,294,530      $ 4,423,088      $ 4,285,887      $ 4,246,566      $ 3,616,125      $ 3,621,361        (2.65   $ 4,257,244      $ 3,944,009        7.94   

Earning assets

    3,514,110        3,478,054        3,639,696        3,722,419        3,610,526        3,600,033        3,161,214        3,160,620        (2.67     3,588,195        3,384,856        6.01   

Securities

    745,398        796,957        863,735        881,808        785,613        729,789        734,690        697,913        (5.12     821,532        737,256        11.43   

Loans, net of unearned

    2,594,820        2,577,539        2,575,890        2,556,572        2,576,721        2,533,567        2,304,663        2,354,443        0.70        2,577,185        2,442,761        5.50   

Intangibles

    192,611        191,574        191,320        191,740        192,123        192,447        190,639        190,881        0.25        191,809        191,867        (0.03

Noninterest-bearing deposits

  $ 523,807      $ 480,699      $ 468,170      $ 476,115      $ 371,908      $ 351,449      $ 315,242      $ 310,726        40.84      $ 487,310      $ 334,849        45.53   

Interest-bearing deposits

    2,854,146        2,880,248        3,072,809        3,148,481        3,053,382        2,929,739        2,387,175        2,332,741        (6.53     2,988,208        2,683,017        11.37   

Total deposits

    3,377,953        3,360,947        3,540,979        3,624,596        3,425,290        3,281,188        2,702,417        2,643,467        (1.38     3,475,518        3,017,866        15.16   

Borrowed funds

    260,672        259,387        261,060        290,201        318,873        438,047        468,196        530,654        (18.25     267,726        438,140        (38.89

Shareholders’ equity

    487,752        483,121        476,896        470,875        476,449        466,109        412,959        412,132        2.37        479,717        442,311        8.46   

Asset quality data

                       

Assets not subject to loss share:

                       

Nonaccrual loans

  $ 31,154      $ 40,363      $ 42,331      $ 46,406      $ 46,662      $ 56,674      $ 53,868      $ 44,688        (33.23   $ 31,154      $ 46,662        (33.23

Loans 90 past due or more

    3,760        8,674        9,646        10,839        7,196        8,923        10,794        9,916        (47.75     3,760        7,196        (47.75
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Nonperforming loans

    34,914        49,037        51,977        57,245        53,858        65,597        64,662        54,604        (35.17     34,914        53,858        (35.17

Other real estate owned

    70,079        72,765        68,384        71,415        71,833        62,936        66,797        62,508        (2.44     70,079        71,833        (2.44
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Nonperforming assets not subject to loss share

  $ 104,993      $ 121,802      $ 120,361      $ 128,660      $ 125,691      $ 128,533      $ 131,459      $ 117,112        (16.47   $ 104,993      $ 125,691        (16.47
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Assets subject to loss share:

                       

Nonaccrual loans

  $ 88,034      $ 84,426      $ 78,780      $ 78,909      $ 82,393      $ 67,135      $ —        $ —          6.85      $ 88,034      $ 82,393        6.85   

Loans 90 past due or more

    1,134        12,222        10,619        7,817        —          —          —          —          —          1,134        —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Non-performing loans subject to loss share

    89,168        96,648        89,399        86,726        82,393        67,135        —          —          8.22        89,168        82,393        8.22   

Other real estate owned and repossessions

    43,156        44,021        59,802        59,036        54,715        49,286        —          —          (21.13     43,156        54,715        (21.13
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Non-performing assets subject to loss share

  $ 132,324      $ 140,669      $ 149,201      $ 145,762      $ 137,108      $ 116,421      $ —        $ —          (3.49   $ 132,324      $ 137,108        (3.49
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Net loan charge-offs (recoveries)

  $ 10,192      $ 4,539      $ 5,284      $ 3,410      $ 5,217      $ 7,514      $ 6,948      $ 4,716        95.36      $ 23,425      $ 24,395        (3.98

Allowance for loan losses

    44,340        48,532        47,571        47,505        45,415        45,132        41,146        41,094        (2.37     44,340        45,415        (2.37

Nonperforming loans / total loans*

    1.56     2.22     2.38     2.61     2.46     2.94     2.86     2.37       1.56     2.46  

Nonperforming assets / total assets*

    2.50     2.94     2.83     2.91     2.92     3.02     3.66     3.22       2.50     2.92  

Allowance for loan losses / total loans*

    1.98     2.20     2.18     2.17     2.07     2.02     1.82     1.78       1.98     2.07  

Allowance for loan losses / nonperforming loans*

    127.00     98.97     91.52     82.99     84.32     68.80     63.63     75.26       127.00     84.32  

Annualized net loan charge-offs / average loans*

    1.56     0.70     0.82     0.54     0.80     1.18     1.21     0.81       0.91     1.00  

Balances at period end

                       

Total assets

  $ 4,201,332      $ 4,136,474      $ 4,259,200      $ 4,422,164      $ 4,297,327      $ 4,256,253      $ 3,593,872      $ 3,641,709        (2.23   $ 4,201,332      $ 4,297,327        (2.23

Earning assets

    3,528,980        3,480,982        3,585,441        3,724,108        3,631,730        3,600,972        3,156,451        3,200,159        (2.83     3,528,980        3,631,730        (2.83

Securities

    796,341        718,881        833,710        880,382        834,472        745,486        721,640        741,207        (4.57     796,341        834,472        (4.57

Mortgage loans held for sale

    28,222        24,739        11,511        9,399        27,704        25,639        21,261        16,597        1.87        28,222        27,704        1.87   

Loans not subject to loss share

    2,241,622        2,204,955        2,185,490        2,190,376        2,190,909        2,231,075        2,263,263        2,308,335        2.31        2,241,622        2,190,909        2.31   

Loans subject to loss share

    339,462        359,813        377,149        386,811        333,681        352,535        —          —          1.73        339,462        333,681        1.73   

Total loans

    2,581,084        2,564,768        2,562,639        2,577,187        2,524,590        2,583,610        2,263,263        2,308,335        2.24        2,581,084        2,524,590        2.24   

Intangibles

    192,520        192,755        191,086        191,581        191,867        192,391        190,411        190,881        0.34        192,520        191,867        0.34   

Noninterest-bearing deposits

  $ 531,910      $ 493,130      $ 458,686      $ 486,676      $ 368,798      $ 361,504      $ 313,309      $ 315,064        44.23      $ 531,910      $ 368,798        44.23   

Interest-bearing deposits

    2,880,327        2,849,225        3,018,733        3,158,198        3,099,353        3,054,424        2,374,903        2,398,784        (7.07     2,880,327        3,099,353        (7.07

Total deposits

    3,412,237        3,342,355        3,477,419        3,644,874        3,468,151        3,415,928        2,688,212        2,713,848        (1.61     3,412,237        3,468,151        (1.61

Borrowed funds

    254,709        262,569        263,067        260,149        316,436        322,245        459,762        483,183        (19.51     254,709        316,436        (19.51

Shareholders’ equity

    488,294        487,401        480,135        473,354        469,509        477,034        412,235        410,557        4.00        488,294        469,509        4.00   

Market value per common share

  $ 15.00      $ 12.73      $ 14.49      $ 16.98      $ 16.91      $ 15.21      $ 14.35      $ 16.18        (11.30   $ 15.00      $ 16.91        (11.30

Book value per common share

    19.48        19.45        19.16        18.89        18.75        19.05        19.54        19.47        3.91        19.48        18.75        3.91   

Tangible book value per common share

    11.80        11.76        11.53        11.25        11.09        11.37        10.51        10.42        6.43        11.80        11.09        6.43   

Shareholders’ equity to assets (actual)

    11.62     11.78     11.27     10.70     10.93     11.21     11.47     11.27       11.62     10.93  

Tangible capital ratio

    7.38     7.47     7.11     6.66     6.76     7.00     6.52     6.37       7.38     6.76  

Leverage ratio

    9.44     9.48     9.10     8.77     8.97     9.03     8.78     8.74       9.44     8.97  

Tier 1 risk-based capital ratio

    13.33     13.63     13.58     13.59     13.58     13.55     11.42     11.20       13.33     13.58  

Total risk-based capital ratio

    14.58     14.89     14.83     14.84     14.83     14.80     12.67     12.45       14.58     14.83  

 

* Based on assets not subject to loss share


RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

 

    2011     2010     Q4 2011 -
Q4 2010

Percent
Variance
    For the Year
Ended December 31,
 
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
    Fourth
Quarter
    Third
Quarter
    Second
Quarter
    First
Quarter
      2011     2010     Percent
Variance
 

Loans not subject to loss share by category

                       

Commercial, financial, agricultural

  $ 260,288      $ 247,950      $ 243,343      $ 250,889      $ 244,355      $ 259,710      $ 273,356      $ 276,749        6.52      $ 260,288      $ 244,355        6.52   

Lease financing

    328        350        393        458        503        547        601        677        (34.79     328        503        (34.79

Real estate - construction

    74,159        75,690        77,224        71,559        66,798        62,593        62,469        110,121        11.02        74,159        66,798        11.02   

Real estate - 1-4 family mortgages

    716,704        712,871        720,451        730,860        749,863        770,773        798,185        809,271        (4.42     716,704        749,863        (4.42

Real estate - commercial mortgages

    1,130,143        1,106,037        1,081,801        1,073,561        1,065,271        1,072,484        1,071,876        1,055,102        6.09        1,130,143        1,065,271        6.09   

Installment loans to individuals

    60,000        62,057        62,278        63,049        64,119        64,968        56,776        56,415        (6.42     60,000        64,119        (6.42
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Loans, net of unearned

  $ 2,241,622      $ 2,204,955      $ 2,185,490      $ 2,190,376      $ 2,190,909      $ 2,231,075      $ 2,263,263      $ 2,308,335        2.31      $ 2,241,622      $ 2,190,909        2.31   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Loans subject to loss share by category

                       

Commercial, financial, agricultural

  $ 17,803      $ 19,196      $ 24,233      $ 22,964      $ 20,921      $ 22,543      $ —        $ —          (14.90   $ 17,803      $ 20,921        (14.90

Lease financing

    —          —          —          —          —          —          —          —          —          —          —          —     

Real estate - construction

    7,076        10,811        10,318        13,847        15,563        17,385        —          —          (54.53     7,076        15,563        (54.53

Real estate - 1-4 family mortgages

    107,923        114,228        119,508        123,770        122,519        138,863        —          —          (11.91     107,923        122,519        (11.91

Real estate - commercial mortgages

    206,492        215,370        222,876        226,038        174,572        172,145        —          —          18.28        206,492        174,572        18.28   

Installment loans to individuals

    168        208        214        192        106        1,599        —          —          58.49        168        106        58.49   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

Loans, net of unearned

  $ 339,462      $ 359,813      $ 377,149      $ 386,811      $ 333,681      $ 352,535      $ —        $ —          1.73      $ 339,462      $ 333,681        1.73