Renasant Corporation Announces 2015 First Quarter Earnings

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TUPELO, Miss., April 28, 2015 /PRNewswire/ -- Renasant Corporation RNST (the "Company") today announced financial results for the first quarter of 2015. Net income for the first quarter of 2015 was $15,240,000, or basic and diluted earnings per share ("EPS") of $0.48, as compared to $13,597,000, or basic and diluted EPS of $0.43, for the first quarter of 2014. 

For the first quarter of 2015, the Company's return on average assets and return on average equity were 1.06% and 8.59%, respectively, as compared to 0.93% and 8.19%, respectively, for the first quarter of 2014.  The Company's 2015 first quarter return on average tangible assets and return on average tangible equity were 1.18% and 15.45%, respectively, as compared to 1.05% and 16.05%, respectively, for the first quarter of 2014.

In December 2014, the Company announced a definitive merger agreement to acquire Heritage Financial Group, Inc. ("Heritage"), a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, in an all-stock merger. During the first quarter of 2015, the Company incurred merger expenses of approximately $478 thousand, or $0.01 in EPS, related to the Heritage merger.

"Our first quarter 2015 financial results reflect a strong start to what we expect to be a great year. These results are a continuation of superior returns on profitability metrics, as our return on tangible assets was 1.18%, and our return on tangible equity was 15.45%," said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "When compared to the same quarter in 2014, we increased net income and EPS by 12% by growing revenue while at the same time holding noninterest expense flat. As we look forward, we believe we are well positioned to improve profitability and earnings growth during 2015."

Total assets as of March 31, 2015, were approximately $5.88 billion, as compared to $5.90 billion as of March 31, 2014, and $5.81 billion on a linked quarter basis.

Total deposits were $4.94 billion at March 31, 2015, as compared to $5.0 billion at March 31, 2014, and $4.84 billion at December 31, 2014. The Company's cost of funds was 43 basis points for the first quarter of 2015, as compared to 48 basis points for the same quarter in 2014.  The Company's noninterest-bearing deposits averaged approximately $932 million, or 19.1% of average deposits, for the first quarter of 2015, as compared to $949 million, or 18.9% of average deposits, for the first quarter of 2014.

Total loans, including loans acquired in either the First M&F Corporation ("First M&F") merger or in FDIC-assisted transactions (collectively referred to as "acquired loans"), were approximately $3.95 billion at March 31, 2015, as compared to $3.87 billion at March 31, 2014, and $3.99 billion on a linked quarter basis.

Excluding acquired loans, loans grew 11% to $3.27 billion at March 31, 2015, as compared to $2.95 billion at March 31, 2014.  On a linked quarter basis, non-acquired loans were $3.27 billion at December 31, 2014.

At March 31, 2015, the Company's Tier 1 leverage capital ratio was 9.75%, its Tier 1 risk-based capital ratio was 12.45%, and its total risk-based capital ratio was 13.50%. The Company's common equity Tier 1 capital ratio was 10.34% at March 31, 2015. In all capital ratio categories, the Company's regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as "well-capitalized." The Company's tangible common equity ratio was 7.65% as of March 31, 2015.

Net interest income was $48.8 million for the first quarter of 2015, as compared to approximately $50.0 million for the first quarter of 2014. Net interest margin was 4.03% for the first quarter of 2015, as compared to 4.04% for the first quarter of 2014. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans was $590,000 in the first quarter of 2015 and increased net interest margin 5 basis points compared to $2.6 million and 21 basis point increase in net interest margin in the same period in 2014.

Noninterest income was $21.9 million for the first quarter of 2015, as compared to approximately $18.6 million for the first quarter of 2014, and $20.0 million for the fourth quarter of 2014. The Company's mortgage revenue increased 95% on a linked quarter basis due to increased production as a result of a decrease in rates and originator hires made in the latter part of 2014.

Noninterest expense was $47.4 million for the first quarter of 2015, as compared to approximately $47.6 million for the first quarter of 2014.

At March 31, 2015, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $48.2 million, and total other real estate owned ("OREO") was $31.7 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 $29.3 million and $15.0 million, respectively at March 31, 2015.

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 $18.9 million as of March 31, 2015, as compared to $19.7 million as of March 31, 2014, and $20.2 million at December 31, 2014. Nonperforming loans as a percentage of total loans were 0.58% as of March 31, 2015, as compared to 0.67% as of March 31, 2014, and 0.62% as of December 31, 2014.

Annualized net charge-offs as a percentage of average loans remained the same at 0.11% for the first quarter of 2015, as compared to the first quarter of 2014. The Company recorded a provision for loan losses of $1.1 million for the first quarter of 2015, as compared to $1.5 million for the first quarter of 2014.

The allowance for loan losses totaled $42.3 million at March 31, 2015, as compared to $48.0 million as of March 31, 2014, and $42.3 million as of December 31, 2014. The allowance for loan losses as a percentage of loans was 1.29% as of March 31, 2015, as compared to 1.63% as of March 31, 2014, and 1.29% as of December 31, 2014.

The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 223.68% as of March 31, 2015, as compared to 244.06% as of March 31, 2014, and 209.49% as of December 31, 2014.   Loans 30 to 89 days past due as a percentage of total loans were 0.37% at March 31, 2015, as compared to 0.25% at March 31, 2014, and 0.32% at December 31, 2014.

OREO was $16.7 million as of March 31, 2015, as compared to $25.1 million as of March 31, 2014, and $17.1 million at December 31, 2014. During the first quarter of 2015, the Company experienced a significant reduction in costs associated with OREO as OREO expense decreased approximately 68.7% as compared to the first quarter of 2014.

"We see many positives on the horizon, specifically, healthy commercial loan pipelines which support our annual loan growth goals with a robust mortgage loan pipeline—both of which should drive continued revenue growth," stated McGraw. "Concurrently, we are working towards a successful merger and conversion with Heritage, which after receiving the required regulatory approval during the first quarter of 2015, we anticipate completing during the third quarter of 2015."

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, April 29, 2015.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst150429.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation First Quarter 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 10063653 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until May 13, 2015.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 111-year-old financial services institution, and Renasant Insurance. Renasant has assets of approximately $5.9 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:

Media

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)























Q1 2015 -


For the Three Months Ending






2015


2014


Q4 2014


March 31,






First


Fourth


Third


Second


First


Percent






Percent

Statement of earnings


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2015


2014


Variance























Interest income - taxable equivalent basis


$        55,910


$        57,335


$        58,098


$          60,002


$        57,811


(2.49)


$        55,910


$         57,811


(3.29)























Interest income 


$        54,166


$        55,596


$        56,358


$          58,277


$        56,177


(2.57)


$        54,166


$         56,177


(3.58)

Interest expense


5,324


5,580


5,886


6,108


6,206


(4.59)


5,324


6,206


(14.21)


Net interest income


48,842


50,016


50,472


52,169


49,971


(2.35)


48,842


49,971


(2.26)























Provision for loan losses


1,075


1,050


2,217


1,450


1,450


2.38


1,075


1,450


(25.86)


Net interest income after provision


47,767


48,966


48,255


50,719


48,521


(2.45)


47,767


48,521


(1.55)























Service charges on deposit accounts


5,933


6,526


6,747


6,193


5,916


(9.09)


5,933


5,916


0.29

Fees and commissions on loans and deposits


4,894


5,150


6,237


5,515


4,972


(4.97)


4,894


4,972


(1.57)

Insurance commissions and fees


1,967


1,973


2,270


2,088


1,863


(0.30)


1,967


1,863


5.58

Wealth management revenue


2,190


2,144


2,197


2,170


2,144


2.15


2,190


2,144


2.15

Securities gains (losses) 


-


-


375


-


-


-


-


-


-

Gain on sale of mortgage loans


4,633


2,369


2,635


2,006


1,585


95.57


4,633


1,585


192.30

Gain on acquisition


-


-


-


-


-


-


-


-


-

Other


2,287


1,809


2,102


1,499


2,136


26.42


2,287


2,136


7.07


Total noninterest income


21,904


19,971


22,563


19,471


18,616


9.68


21,904


18,616


17.66























Salaries and employee benefits


28,260


27,301


29,569


29,810


28,428


3.51


28,260


28,428


(0.59)

Data processing


3,181


2,949


2,906


2,850


2,695


7.87


3,181


2,695


18.03

Occupancy and equipment


5,559


5,146


5,353


4,906


4,847


8.03


5,559


4,847


14.69

Other real estate


532


723


1,101


1,068


1,701


(26.42)


532


1,701


(68.72)

Amortization of intangibles


1,275


1,327


1,381


1,427


1,471


(3.92)


1,275


1,471


(13.32)

Merger-related expenses


478


499


-


-


195


(4.21)


478


195


145.13

Debt extinguishment penalty


-


-


-


-


-


-


-


-


-

Other


8,129


8,034


7,865


9,335


8,308


1.18


8,129


8,308


(2.15)


Total noninterest expense


47,414


45,979


48,175


49,396


47,645


3.12


47,414


47,645


(0.48)























Income before income taxes


22,257


22,958


22,643


20,794


19,492


(3.05)


22,257


19,492


14.19

Income taxes


7,017


7,361


7,108


5,941


5,895


(4.67)


7,017


5,895


19.03


Net income 


$        15,240


$        15,597


$        15,535


$          14,853


$        13,597


(2.29)


$        15,240


$         13,597


12.08























Basic earnings per share


$            0.48


$            0.49


$            0.49


$              0.47


$            0.43


(2.04)


$            0.48


$             0.43


11.63

Diluted earnings per share


0.48


0.49


0.49


0.47


0.43


(2.04)


0.48


0.43


11.63























Average basic shares outstanding


31,576,275


31,537,278


31,526,423


31,496,737


31,436,148


0.12


31,576,275


31,436,148


0.45

Average diluted shares outstanding


31,815,710


31,781,734


31,718,529


31,698,198


31,668,362


0.11


31,815,710


31,668,362


0.47























Common shares outstanding


31,604,937


31,545,145


31,533,703


31,519,641


31,480,395


0.19


31,604,937


31,480,395


0.40

Cash dividend per common share


$            0.17


$            0.17


$            0.17


$              0.17


$            0.17


-


$            0.17


$             0.17


-























Performance ratios



















Return on average shareholders' equity


8.59%


8.72%


8.84%


8.67%


8.19%




8.59%


8.19%



Return on average tangible shareholders' equity (1)


15.45%


15.90%


16.50%


16.55%


16.05%




15.45%


16.05%



Return on average assets


1.06%


1.08%


1.07%


1.02%


0.93%




1.06%


0.93%



Return on average tangible assets (2)


1.18%


1.20%


1.20%


1.15%


1.05%




1.18%


1.05%

























Net interest margin (FTE)


4.03%


4.09%


4.12%


4.24%


4.04%




4.03%


4.04%



Yield on earning assets (FTE)


4.45%


4.53%


4.58%


4.72%


4.53%




4.45%


4.53%



Cost of funding


0.43%


0.45%


0.47%


0.48%


0.48%




0.43%


0.48%



Average earning assets to average assets


87.49%


87.41%


87.32%


87.39%


87.35%




87.49%


87.35%



Average loans to average deposits


81.44%


82.67%


82.26%


79.11%


77.00%




81.44%


77.00%

























Noninterest income (less securities gains/




















losses) to average assets


1.53%


1.38%


1.53%


1.34%


1.27%




1.53%


1.27%



Noninterest expense (less debt prepayment penalties/




















merger-related expenses) to average assets


3.27%


3.14%


3.32%


3.39%


3.25%




3.27%


3.25%



Net overhead ratio


1.74%


1.76%


1.79%


2.06%


1.97%




1.74%


1.97%



Efficiency ratio (FTE) (4)


62.99%


61.56%


62.90%


65.38%


65.48%




62.99%


65.48%



 

 

RENASANT CORPORATION













(Unaudited)













(Dollars in thousands, except per share data)




























Q1 2015 -


For the Three Months Ending






2015


2014


Q4 2014


March 31,






First


Fourth


Third


Second


First


Percent






Percent

Average balances


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2015


2014


Variance

Total assets


$   5,821,758


$   5,746,146


$   5,758,083


$      5,836,607


$   5,927,884


1.32


$    5,821,758


$     5,927,884


(1.79)

Earning assets


5,093,224


5,022,647


5,027,805


5,100,833


5,178,069


1.41


5,093,224


5,178,069


(1.64)

Securities


989,743


979,052


1,001,548


1,026,948


1,002,519


1.09


989,743


1,002,519


(1.27)

Mortgage loans held for sale


50,918


27,443


31,832


26,004


19,925


85.54


50,918


19,925


155.55

Loans, net of unearned


3,969,244


3,954,606


3,937,142


3,897,027


3,868,747


0.37


3,969,244


3,868,747


2.60

Intangibles


296,682


297,978


300,725


302,181


303,599


(0.43)


296,682


303,599


(2.28)























Noninterest-bearing deposits


$      932,011


$      936,672


$      896,856


$        905,180


$      949,317


(0.50)


$      932,011


$       949,317


(1.82)

Interest-bearing deposits


3,941,863


3,846,891


3,889,133


4,020,754


4,074,745


2.47


3,941,863


4,074,745


(3.26)


Total deposits


4,873,874


4,783,563


4,785,988


4,925,934


5,024,063


1.89


4,873,874


5,024,063


(2.99)

Borrowed funds


168,758


190,928


214,017


169,373


170,091


(11.61)


168,758


170,091


(0.78)

Shareholders' equity


719,687


709,780


697,103


686,794


673,046


1.40


719,687


673,046


6.93






































Q1 2015 - 


As of






2015


2014


Q4 2014


March 31,






First


Fourth


Third


Second


First


Percent






Percent

Balances at period end


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2015


2014


Variance

Total assets


$   5,882,098


$   5,805,129


$   5,751,711


$      5,826,020


$   5,902,831


1.33


$    5,882,098


$     5,902,831


(0.35)

Earning assets


5,168,497


5,063,039


5,053,252


5,063,873


5,161,173


2.08


5,168,497


5,161,173


0.14

Securities


1,016,393


983,747


980,328


1,007,331


1,046,688


3.32


1,016,393


1,046,688


(2.89)

Mortgage loans held for sale


102,780


25,628


30,451


28,116


28,433


301.05


102,780


28,433


261.48

Loans acquired from M&F


553,574


577,347


636,628


694,115


746,047


(4.12)


553,574


746,047


(25.80)

Loans not acquired


3,274,314


3,267,486


3,165,492


3,096,286


2,947,836


0.21


3,274,314


2,947,836


11.08

Loans acquired and subject to loss share


125,773


143,041


155,319


167,129


173,545


(12.07)


125,773


173,545


(27.53)


Total loans


3,953,661


3,987,874


3,957,439


3,957,530


3,867,428


(0.86)


3,953,661


3,867,428


2.23

Intangibles


296,053


297,330


298,609


301,478


302,903


(0.43)


296,053


302,903


(2.26)























Noninterest-bearing deposits


$      959,351


$      919,872


$      935,544


$        902,766


$      914,964


4.29


$      959,351


$       914,964


4.85

Interest-bearing deposits


3,983,419


3,918,546


3,828,126


3,983,965


4,089,820


1.66


3,983,419


4,089,820


(2.60)


Total deposits


4,942,770


4,838,418


4,763,670


4,886,731


5,004,784


2.16


4,942,770


5,004,784


(1.24)

Borrowed funds


162,313


188,825


227,664


189,830


168,700


(14.04)


162,313


168,700


(3.79)

Shareholders' equity


723,196


711,651


700,475


688,215


676,715


1.62


723,196


676,715


6.87























Market value per common share


$          30.05


$          28.93


$          27.05


$            29.07


$          29.05


3.87


$          30.05


$           29.05


3.44

Book value per common share


22.88


22.56


22.21


21.83


21.50


1.43


22.88


21.50


6.42

Tangible book value per common share


13.52


13.13


12.74


12.27


11.87


2.90


13.52


11.87


13.90

Shareholders' equity to assets (actual)


12.29%


12.26%


12.18%


11.81%


11.46%


0.29


12.29%


11.46%


7.24

Tangible capital ratio (3)


7.65%


7.52%


7.37%


7.00%


6.68%


1.65


7.65%


6.68%


14.52













































Leverage ratio


9.75%


9.53%


9.31%


8.91%


8.56%


2.31


9.75%


8.56%


13.90

Common equity tier 1 capital ratio


10.34%


N/A


N/A


N/A


N/A


N/A


10.34%


N/A


N/A

Tier 1 risk-based capital ratio


12.45%


12.45%


12.28%


11.82%


11.54%


-


12.45%


11.54%


7.89

Total risk-based capital ratio


13.50%


13.54%


13.43%


12.96%


12.70%


(0.30)


13.50%


12.70%


6.30

 

 

RENASANT CORPORATION











(Unaudited)











(Dollars in thousands, except per share data)


























Q1 2015 - 


As of






2015


2014


Q4 2014


March 31,






First


Fourth


Third


Second


First


Percent






Percent

Loans not acquired


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2015


2014


Variance

Commercial, financial, agricultural


$      418,752


$      418,501


$      378,802


$        365,262


$      347,828


0.06


$      418,752


$       347,828


20.39

Lease financing


11,560


10,114


5,377


1,767


612


14.30


11,560


612


1,788.89

Real estate - construction


200,966


210,837


193,787


172,319


149,450


(4.68)


200,966


149,450


34.47

Real estate - 1-4 family mortgages


1,025,264


1,014,412


984,778


966,546


941,260


1.07


1,025,264


941,260


8.92

Real estate - commercial mortgages


1,542,706


1,538,950


1,527,680


1,516,372


1,441,403


0.24


1,542,706


1,441,403


7.03

Installment loans to individuals


75,066


74,672


75,068


74,020


67,283


0.53


75,066


67,283


11.57


Loans, net of unearned


$   3,274,314


$   3,267,486


$   3,165,492


$      3,096,286


$   2,947,836


0.21


$    3,274,314


$     2,947,836


11.08























Loans acquired and subject to loss share by category



















Commercial, financial, agricultural


$          3,917


$          6,684


$          7,699


$            7,677


$          8,283


(41.40)


$          3,917


$           8,283


(52.71)

Lease financing


-


-


-


-


-


-


-


-


-

Real estate - construction


-


-


1,648


1,648


1,648


-


-


1,648


(100.00)

Real estate - 1-4 family mortgages


42,758


44,017


46,354


49,616


52,252


(2.86)


42,758


52,252


(18.17)

Real estate - commercial mortgages


79,064


92,304


99,579


108,166


111,337


(14.34)


79,064


111,337


(28.99)

Installment loans to individuals


34


36


39


22


25


(5.56)


34


25


36.00


Loans, net of unearned


$      125,773


$      143,041


$      155,319


$        167,129


$      173,545


(12.07)


$      125,773


$       173,545


(27.53)























Loans Acquired from M&F



















Commercial, financial, agricultural


$        52,119


$        58,098


$        64,058


$          74,887


$        84,004


(10.29)


$        52,119


$         84,004


(37.96)

Lease financing


-


-


-


-


-


-


-


-


-

Real estate - construction


483


1,224


1,631


2,610


4,803


(60.54)


483


4,803


(89.94)

Real estate - 1-4 family mortgages


171,433


177,931


190,447


205,126


217,748


(3.65)


171,433


217,748


(21.27)

Real estate - commercial mortgages


317,224


325,660


363,793


390,781


415,418


(2.59)


317,224


415,418


(23.64)

Installment loans to individuals


12,315


14,434


16,699


20,711


24,074


(14.68)


12,315


24,074


(48.85)


Loans, net of unearned


$      553,574


$      577,347


$      636,628


$        694,115


$      746,047


(4.12)


$      553,574


$       746,047


(25.80)













































Asset quality data



















Assets not acquired:



















Nonaccrual loans


$        17,719


$        18,781


$        19,070


$          17,175


$        18,365


(5.65)


$        17,719


$         18,365


(3.52)

Loans 90 past due or more


1,193


1,406


7,177


3,615


1,322


(15.15)


1,193


1,322


(9.76)

Nonperforming loans


18,912


20,187


26,247


20,790


19,687


(6.32)


18,912


19,687


(3.94)

Other real estate owned


16,735


17,087


20,461


23,950


25,117


(2.06)


16,735


25,117


(33.37)

Nonperforming assets not acquired


$        35,647


$        37,274


$        46,708


$          44,740


$        44,804


(4.36)


$        35,647


$         44,804


(20.44)























Assets acquired and subject to loss share:



















Nonaccrual loans


$        18,040


$        24,172


$        33,216


$          41,425


$        46,078


(25.37)


$        18,040


$         46,078


(60.85)

Loans 90 past due or more


-


48


1,979


-


32


(100.00)


-


32


(100.00)

Non-performing loans subject to loss share


18,040


24,220


35,195


41,425


46,110


(25.52)


18,040


46,110


(60.88)

Other real estate owned


4,325


6,368


4,033


7,472


10,218


(32.08)


4,325


10,218


(57.67)

Nonperforming assets acquired and subject to loss share


$        22,365


$        30,588


$        39,228


$          48,897


$        56,328


(26.88)


$        22,365


$         56,328


(60.30)























Assets acquired from M&F:



















Nonaccrual loans


$          1,627


$          1,443


$          1,991


$            5,966


$          6,393


12.75


$          1,627


$           6,393


(74.55)

Loans 90 past due or more


9,636


9,259


8,375


5,057


1,922


4.07


9,636


1,922


401.35

Nonperforming loans


11,263


10,702


10,366


11,023


8,315


5.24


11,263


8,315


35.45

Other real estate owned


10,626


11,017


9,565


10,381


12,406


(3.55)


10,626


12,406


(14.35)

Nonperforming assets acquired from M&F


$        21,889


$        21,719


$        19,931


$          21,404


$        20,721


0.78


$        21,889


$         20,721


5.64























Net loan charge-offs (recoveries)


$          1,062


$          3,330


$          4,952


$            2,194


$          1,067


(68.11)


$          1,062


$           1,067


(0.47)

Allowance for loan losses


42,302


42,289


44,569


47,304


48,048


0.03


42,302


$         48,048


(11.96)

Annualized net loan charge-offs / average loans


0.11%


0.33%


0.50%


0.23%


0.11%




0.11%


0.11%

























Nonperforming loans / total loans* 


1.22%


1.38%


1.81%


1.85%


1.92%




1.22%


1.92%



Nonperforming assets / total assets*


1.36%


1.54%


1.84%


1.97%


2.06%




1.36%


2.06%



Allowance for loan losses / total loans*


1.07%


1.06%


1.13%


1.20%


1.24%




1.07%


1.24%



Allowance for loan losses / nonperforming loans*


87.74%


76.74%


62.07%


64.59%


64.83%




87.74%


64.83%

























Nonperforming loans / total loans** 


0.58%


0.62%


0.83%


0.67%


0.67%




0.58%


0.67%



Nonperforming assets / total assets**


0.61%


0.64%


0.81%


0.77%


0.76%




0.61%


0.76%



Allowance for loan losses / total loans**


1.29%


1.29%


1.41%


1.53%


1.63%




1.29%


1.63%



Allowance for loan losses / nonperforming loans**


223.68%


209.49%


169.81%


227.53%


244.06%




223.68%


244.06%

























*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 Three Months Ending






2015


2014




March 31,






First


Fourth


Third


Second


First












Quarter


Quarter


Quarter


Quarter


Quarter




2015


2014

Net income (GAAP)


$        15,240


$        15,597


$        15,535


$          14,853


$        13,597




$        15,240


$         13,597


Amortization of intangibles, net of tax


873


902


947


1,019


1,026




873


1,026

Tangible net income (non-GAAP)


$        16,113


$        16,499


$        16,482


$          15,872


$        14,623




$        16,113


$         14,623





















Average shareholders' equity (GAAP)


$      719,687


$      709,780


$      697,103


$        686,794


$      673,046




$      719,687


$       673,046


Intangibles


296,682


297,978


300,725


302,181


303,599




296,682


303,599

Average tangible shareholders' equity (non-GAAP)


$      423,005


$      411,802


$      396,378


$        384,613


$      369,447




$      423,005


$       369,447





















Average total assets (GAAP)


$   5,821,758


$   5,746,146


$   5,758,083


$      5,836,607


$   5,927,884




$    5,821,758


$     5,927,884


Intangibles


296,682


297,978


300,725


302,181


303,599




296,682


303,599

Average tangible assets (non-GAAP)


$   5,525,076


$   5,448,168


$   5,457,358


$      5,534,426


$   5,624,285




$    5,525,076


$     5,624,285





















Actual total assets (GAAP)


$   5,882,098


$   5,805,129


$   5,751,711


$      5,826,020


$   5,902,831




$    5,882,098


$     5,902,831


Intangibles


296,053


297,330


298,609


301,478


302,903




296,053


302,903

Actual tangible assets (non-GAAP)


$   5,586,045


$   5,507,799


$   5,453,102


$      5,524,542


$   5,599,928




$    5,586,045


$     5,599,928





















(1) Return on Average Equity

















Return on (average) shareholders' equity (GAAP)


8.59%


8.72%


8.84%


8.67%


8.19%




8.59%


8.19%


Effect of adjustment for intangible assets


6.86%


7.18%


7.66%


7.88%


7.86%




6.86%


7.86%

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


15.45%


15.90%


16.50%


16.55%


16.05%




15.45%


16.05%





















(2) Return on Average Assets

















Return on (average) assets (GAAP)


1.06%


1.08%


1.07%


1.02%


0.93%




1.06%


0.93%


Effect of adjustment for intangible assets


0.12%


0.12%


0.13%


0.13%


0.12%




0.12%


0.12%

Return on average tangible assets (non-GAAP)


1.18%


1.20%


1.20%


1.15%


1.05%




1.18%


1.05%





















(3) Shareholder Equity Ratio 

















Shareholders' equity to (actual) assets (GAAP)


12.29%


12.26%


12.18%


11.81%


11.46%




12.29%


11.46%


Effect of adjustment for intangible assets


4.65%


4.74%


4.81%


4.81%


4.79%




4.65%


4.79%

Tangible capital ratio (non-GAAP)


7.65%


7.52%


7.37%


7.00%


6.68%




7.65%


6.68%














































CALCULATION OF EFFICIENCY RATIO



























Interest income (FTE)


$        55,910


$        57,335


$        58,098


$          60,002


$        57,811




$        55,910


$         57,811


Interest expense


5,324


5,580


5,886


6,108


6,206




5,324


6,206

Net Interest income (FTE)


$        50,586


$        51,755


$        52,212


$          53,894


$        51,605




$        50,586


$         51,605





















Total noninterest income 


$        21,904


$        19,971


$        22,563


$          19,471


$        18,616




$        21,904


$         18,616


Securities gains (losses) 


-


-


375


-


-




-


-


Gain on acquisition


-


-


-


-


-




-


-

Total noninterest income 


$        21,904


$        19,971


$        22,188


$          19,471


$        18,616




$        21,904


$         18,616

Total Income (FTE)


$        72,490


$        71,726


$        74,400


$          73,365


$        70,221




$        72,490


$         70,221





















Total noninterest expense


$        47,414


$        45,979


$        48,175


$          49,396


$        47,645




$        47,414


$         47,645


Amortization of intangibles


1,275


1,327


1,381


1,427


1,471




1,275


1,471


Merger-related expenses


478


499


-


-


195




478


195


Debt extinguishment penalty


-


-


-


-


-




-


-

Total noninterest expense 


$        45,661


$        44,153


$        46,794


$          47,969


$        45,979




$        45,661


$         45,979





















(4) Efficiency Ratio


62.99%


61.56%


62.90%


65.38%


65.48%




62.99%


65.48%

 

Logo - http://photos.prnewswire.com/prnh/20130207/CL56161LOGO

 

SOURCE Renasant Corporation

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