Renasant Corporation Announces Earnings For The Fourth Quarter Of 2019

TUPELO, Miss., Jan. 21, 2020 /PRNewswire/ -- Renasant Corporation RNST (the "Company") today announced earnings results for the fourth quarter of 2019. Net income for the fourth quarter of 2019 was $38.7 million, as compared to $44.4 million for the fourth quarter of 2018. Basic and diluted earnings per share ("EPS") were $0.68 and $0.67, respectively, for the fourth quarter of 2019, as compared to basic and diluted EPS of $0.76 for the fourth quarter of 2018.

Net income for the year ending December 31, 2019, was $167.9 million, as compared to $146.9 million for the same period in 2018. Basic and diluted EPS were $2.89 and $2.88, respectively,  for 2019, as compared to basic and diluted EPS of $2.80 and $2.79, respectively, for the same period in 2018.

"We closed 2019 on a strong note and maintained solid performance ratios through the fourth quarter even while absorbing the full impact of two interest rate cuts on our margin during the quarter," said Renasant Chairman, E. Robinson McGraw. "Our management team did an excellent job of navigating through the headwinds we faced throughout 2019 and has us well positioned for continued success in 2020 and beyond. We also continued to prudently manage our capital structure and repurchased approximately $21.3 million of our common stock in the quarter."

As previously discussed, the Company targeted market disruption across its footprint by hiring new production team members throughout 2019. The Company's net income for the fourth quarter of 2019 includes approximately $3.5 million in after-tax expense related to team members that have joined the Company in 2019.  The expense related to these strategic hires decreased diluted EPS by $0.06 for the fourth quarter of 2019.

"Our fourth quarter results were highlighted by continued strong loan growth," commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. "Throughout our footprint our team members are continuing to execute our growth strategy previously laid out. In addition to strong loan growth year over year, we continued to prioritize growing non-interest bearing deposits, which lowers the cost of funding needed to support our loan growth. As Robin previously mentioned, we believe that we have positioned ourselves well for success in the coming years."

Impact of Certain Expenses and Charges

From time to time, the Company incurs expenses and charges in connection with certain transactions with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following table presents the impact of these expenses and charges on reported earnings per share for the dates presented (in thousands, except per share data):



Three months ended

December 31, 2019



Three months ended

December 31, 2018



Pre-tax

After-tax

Impact to Diluted

EPS



Pre-tax

After-tax

Impact to Diluted

EPS

Earnings, as reported

$

48,266



$

38,733



$

0.67





$

57,518



$

44,420



$

0.76



Merger and conversion expenses

76



61







1,625



1,255



0.02



MSR valuation adjustment

(1,296)



(1,040)



(0.01)











Earnings, with exclusions (Non-GAAP)

$

47,046



$

37,754



$

0.66





$

59,143



$

45,675



$

0.78





















Year ended December 31, 2019



Year ended December 31, 2018



Pre-tax

After-tax

Impact to Diluted

EPS



Pre-tax

After-tax

Impact to Diluted

EPS

Earnings, as reported

$

216,114



$

167,914



$

2.88





$

188,647



$

146,920



$

2.79



Merger and conversion expenses

279



216







14,246



11,095



0.21



Debt prepayment penalty

54



41













MSR valuation adjustment

1,836



1,427



0.03











Earnings, with exclusions (Non-GAAP)

$

218,283



$

169,598



$

2.91





$

202,893



$

158,015



$

3.00



A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading "Non-GAAP Financial Measures" explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Profitability Metrics

The following table presents the Company's profitability metrics, including and excluding the impact of after-tax merger and conversion expenses, debt prepayment penalties and the mortgage servicing rights (MSR) valuation adjustment, as applicable, for the dates presented:



As Reported

With Exclusions

(Non-GAAP)



Three Months Ended

Three Months Ended



December 31, 2019

September 30, 2019

December 31, 2018

December 31, 2019

September 30, 2019

December 31, 2018

Return on average assets

1.17

%

1.16

%

1.39

%

1.14

%

1.23

%

1.43

%

Return on average tangible assets

(Non-GAAP)

1.31

%

1.30

%

1.56

%

1.28

%

1.39

%

1.60

%

Return on average equity

7.21

%

6.97

%

8.72

%

7.03

%

7.43

%

8.97

%

Return on average tangible equity

(Non-GAAP)

13.86

%

13.38

%

17.44

%

13.52

%

14.23

%

17.92

%

 



As Reported

With Exclusions

(Non-GAAP)



Twelve Months Ended

Twelve Months Ended



December 31, 2019



December 31, 2018

December 31, 2019



December 31, 2018

Return on average assets

1.30

%



1.32

%

1.32

%



1.42

%

Return on average tangible assets

(Non-GAAP)

1.46

%



1.47

%

1.48

%



1.58

%

Return on average equity

7.97

%



8.64

%

8.05

%



9.29

%

Return on average tangible equity

(Non-GAAP)

15.39

%



15.98

%

15.54

%



17.14

%

Financial Condition

Total assets were $13.40 billion at December 31, 2019, as compared to $12.93 billion at December 31, 2018. The Company's acquisition of Brand Group Holdings, Inc. was completed on September 1, 2018; the Company's results of operations for the year ended December 31, 2019 as compared to the year ended December 31, 2018 reflect the impact of this acquisition.

Total loans held for investment were $9.69 billion at December 31, 2019, as compared to $9.08 billion at December 31, 2018, representing annual net loan growth of 5.46% after excluding the balance of a portfolio of non-mortgage consumer loans, which was transferred from our held for sale portfolio during the year. When compared to the balance at September 30, 2019 of $9.31 billion, the Company had linked-quarter annualized net loan growth of 16.01%.

Total deposits increased to $10.21 billion at December 31, 2019, from $10.13 billion at December 31, 2018. Non-interest bearing deposits increased $233.1 million to $2.55 billion, or 24.99% of total deposits, at December 31, 2019, as compared to $2.32 billion, or 22.89% of total deposits, at December 31, 2018.

Results of Operations

Net interest income was $109.3 million for the fourth quarter of 2019, as compared to $108.8 million for the third quarter of 2019 and $115.5 million for the fourth quarter of 2018. The following table presents reported taxable equivalent net interest margin and yield on loans, including loans held for sale, for the periods presented (in thousands).



Three Months Ended



December 31,

September 30,

December 31,



2019

2019

2018

Taxable equivalent net interest income

$

111,283



$

110,276



$

116,933



Average earning assets

$

11,277,000



$

10,993,645



$

10,952,024



Net interest margin

3.90

%

3.98

%

4.24

%















Taxable equivalent interest income on loans

$

124,919



$

125,391



$

127,880



Average loans, including loans held for sale

$

9,808,441



$

9,494,689



$

9,548,486



Loan yield

5.04

%

5.24

%

5.31

%

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans, including loans held for sale, loan yield and net interest margin is shown in the following table for the periods presented (in thousands).











Three Months Ended



December 31,

September 30,

December 31,



2019

2019

2018

Net interest income collected on problem loans

$

152



$

905



$

744



Accretable yield recognized on purchased loans(1)

6,661



5,510



7,236



Total impact to interest income

$

6,813



$

6,415



$

7,980











Impact to total loan yield

0.28

%

0.27

%

0.33

%

Impact to net interest margin

0.24

%

0.23

%

0.29

%

(1)      

Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $4,041, $2,564 and $3,095 for the three months ended December 31, 2019, September 30, 2019, and December 31, 2018, respectively. This additional interest income increased total loan yield by 16 basis points, 11 basis points and 13 basis points for the same periods, respectively, while increasing net interest margin by 14 basis points, 9 basis points and 11 basis points for the same periods, respectively.

Net interest income was $444.1 million for the twelve months ended December 31, 2019, as compared to $396.5 million for the same period in 2018. The following table presents reported taxable equivalent net interest margin and yield on loans, including loans held for sale, for the periods presented (in thousands).



Twelve Months Ended



December 31,

December 31,



2019

2018

Taxable equivalent net interest income

$

450,413



$

402,426



Average earning assets

$

11,028,040



$

9,662,416



Net interest margin

4.08

%

4.16

%











Taxable equivalent interest income on loans

$

505,411



$

431,734



Average loans, including loans held for sale

$

9,527,290



$

8,451,857



Loan yield

5.30

%

5.11

%

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans, including loans held for sale, loan yield and net interest margin is shown in the following table for the periods presented (in thousands).



Twelve Months Ended



December 31,

December 31,



2019

2018

Net interest income collected on problem loans

$

4,042



$

2,861



Accretable yield recognized on purchased loans(1)

27,227



24,454



Total impact to interest income

$

31,269



$

27,315









Impact to total loan yield

0.33

%

0.32

%

Impact to net interest margin

0.28

%

0.28

%

(1)      

Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $14,635 and $12,460 for the twelve months ended December 31, 2019 and 2018, respectively. This additional interest income increased total loan yield by 15 basis points for the same periods, while increasing net interest margin by 13 basis points for the same periods.

For the fourth quarter of 2019, the cost of total deposits was 75 basis points, as compared to 84 basis points for the third quarter of 2019 and 67 basis points in the fourth quarter of 2018. The cost of total deposits was 80 basis points for the year ending December 31, 2019, as compared to 56 basis points for the same period in 2018. The table below presents, by type, our funding sources and the total cost of each funding source for the periods presented:



Percentage of Total Average Deposits and

Borrowed Funds



Cost of Funds



Three Months Ending



Three Months Ending



December 31,



September 30,



December 31,



December 31,



September 30,



December 31,



2019



2019



2018



2019



2019



2018

Noninterest-bearing demand

24.12

%



23.75

%



22.71

%



%



%



%

Interest-bearing demand

43.86





45.02





44.89





0.77





0.90





0.69



Savings

6.11





6.19





5.82





0.17





0.22





0.16



Time deposits

20.41





22.10





22.73





1.76





1.77





1.45



Borrowed funds

5.50





2.94





3.85





3.02





5.31





4.31



Total deposits and borrowed funds

100.00

%



100.00

%



100.00

%



0.87

%



0.97

%



0.81

%

 



Percentage of Total Average

Deposits and Borrowed Funds



Cost of Funds



Twelve Months Ending



Twelve Months Ending



December 31,



December 31,



December 31,



December 31,



2019



2018



2019



2018

Noninterest-bearing demand

23.26

%



21.88

%



%



%

Interest-bearing demand

44.89





45.62





0.85





0.56



Savings

6.11





6.41





0.19





0.15



Time deposits

21.91





21.92





1.71





1.24



Borrowed funds

3.83





4.17





4.17





4.01



Total deposits and borrowed funds

100.00

%



100.00

%



0.93

%



0.70

%

Noninterest income for the fourth quarter of 2019 was $37.5 million, as compared to $38.0 million for the third quarter of 2019 and $36.4 million for the fourth quarter of 2018.   Noninterest income for 2019 was $153.3 million, as compared to $144.0 million for 2018. Effective July 1, 2019, the Company became subject to the limitations on interchange fees imposed by the Durbin Amendment under the Dodd-Frank Act, which resulted in an approximate $3.0 million reduction in fees and commissions on loans and deposits in each of the the third and fourth quarters of 2019. Mortgage banking income for the fourth quarter of 2019 was $15.2 million, compared to $15.7 million for the third quarter of 2019 and $12.0 million for the fourth quarter of 2018. Mortgage banking income during the third quarter of 2019 was negatively impacted by a MSR valuation adjustment of $3.1 million, of which $1.3 million was recovered during the fourth quarter of 2019.  Mortgage banking income for 2019 was $57.9 million, as compared to $50.1 million for 2018.

Noninterest expense was $95.6 million for the fourth quarter of 2019, as compared to $96.5 million for the third quarter of 2019 and $93.3 million for the fourth quarter of 2018. The Company experienced an increase in salaries and employee benefits during the quarter. This was primarily driven by the impact from new hires made throughout the footprint and the impact from the wholesale mortgage acquisition in the second quarter of 2019. The Company's efficiency ratio (GAAP) was 64.24% for the fourth quarter of 2019 and 61.98% for the year 2019, while its adjusted efficiency ratio (non-GAAP) was 63.43% and 60.44% for the same respective periods. The adjusted efficiency ratio excludes charges for merger and conversion expenses, debt extinguishment penalties, amortization of intangible assets, gains and losses on the sale of securities and the MSR valuation adjustment.

Continued Focus on Prudent Capital Management

In the fourth quarter of 2019, the Company completed the remaining repurchases authorized under its previous $50.0 million stock repurchase program and initiated repurchases under its new $50.0 million stock repurchase program authorized by the Company's Board of Directors in October 2019. During the fourth quarter of 2019, the Company repurchased $21.3 million of common stock under both programs at a weighted average price of $35.20. There is $30.0 million of repurchase availability remaining under the new stock repurchase program, which will remain in effect until the earlier of October 2020 or the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.

At December 31, 2019, Tier 1 leverage capital ratio was 10.37%, Common Equity Tier 1 ratio was 11.12%, Tier 1 risk-based capital ratio was 12.14%, and total risk-based capital ratio was 13.78%. All regulatory ratios exceed the minimums required to be considered "well-capitalized."

Our ratio of shareholders' equity to assets was 15.87% at December 31, 2019, as compared to 15.80% at December 31, 2018. Our tangible capital ratio (non-GAAP) was 9.25% at December 31, 2019, as compared to 8.92% at December 31, 2018.

Asset Quality Metrics

Total nonperforming assets were $44.3 million at December 31, 2019, an increase of $7.3 million from December 31, 2018, and consisted of $36.3 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $8.0 million in other real estate owned ("OREO").

The Company's nonperforming loans and OREO that were purchased in previous acquisitions (collectively referred to as "purchased nonperforming assets") were $11.4 million and $5.2 million, respectively, at December 31, 2019, as compared to $13.1 million and $6.2 million, respectively, at December 31, 2018. The purchased nonperforming assets were recorded at fair value at the time of acquisition, which significantly mitigates the Company's actual loss. As such, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios focuses on non-purchased nonperforming assets.

  • Non-purchased nonperforming loans were $25.0 million, or 0.33% of total non-purchased loans, at December 31, 2019, as compared to $12.9 million, or 0.20% of total non-purchased loans, at December 31, 2018. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total non-purchased loans were 0.30% at December 31, 2019, as compared to 0.27% at December 31, 2018.
  • Non-purchased OREO was $2.8 million at December 31, 2019, as compared to $4.9 million at December 31, 2018. Non-purchased OREO sales totaled $4.2 million during 2019.
  • The allowance for loan losses was 0.54% of total loans held for investment at each of December 31, 2019 and 2018. The allowance for loan losses was 0.69% of total non-purchased loans at December 31, 2019, as compared to 0.77% at December 31, 2018.
    • Net loan charge-offs were $1.6 million, or 0.07% of average loans held for investment on an annualized basis, for the fourth quarter of 2019, as compared to $584 thousand, or 0.03% of average loans on an annualized basis, for the fourth quarter of 2018. Net loan charge-offs were $3.9 million, or 0.04% of average loans for the year 2019, as compared to $4.0 million, or 0.05% of average loans for the year 2018.
    • The provision for loan losses was $3.0 million for the fourth quarter of 2019, as compared to $1.0 million for the fourth quarter of 2018. The provision was $7.1 million for the year 2019, as compared to $6.8 million for the year 2018.


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, January 22, 2020.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst200122.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2019 Fourth Quarter and Year-end 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 10138528 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 5, 2020.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 115-year-old financial services institution. Renasant has assets of approximately $13.4 billion and operates more than 190 banking, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

NOTE TO INVESTORS:

This press release may contain, or incorporate by reference, statements which 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," "approximately," "should" and variations of such words 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. 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 the Company's portfolio of outstanding loans, and competition in the Company's markets. Management believes that the assumptions underlying the Company's forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company's filings with the Securities and Exchange Commission (the "SEC") from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC's website at www.sec.gov.  The Company expressly disclaims any 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 non-GAAP financial measures, namely, return on average tangible shareholders' equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the "tangible capital ratio"), tangible book value per share and the adjusted efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, when applicable, merger and conversion expenses, debt prepayment penalties and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures 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 indicators 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 and charges such as merger and conversion expenses can vary extensively from company to company and, as to intangible assets, 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. Reconciliations of these other 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."

None of the non-GAAP financial information that the Company has included in this release is 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 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.

RENASANT CORPORATION









































(Unaudited)















































(Dollars in thousands, except per share data)



































































Q4 2019 -



Twelve Months Ended











2019



2018



Q4 2018



December 31,











Fourth



Third



Second



First



Fourth



Third



Second



First



Percent











Percent





Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Variance



2019



2018



Variance

Statement of earnings

















































Interest income - taxable equivalent basis



$

135,119





$

135,927





$

139,285





$

138,578





$

138,581





$

119,236





$

107,991





$

101,947





(2.50)

%



$

548,909





$

467,755





17.35

%

Interest income



$

133,148





$

134,476





$

137,862





$

137,094





$

137,105





$

117,795





$

106,574





$

100,380





(2.89)





$

542,580





$

461,854





17.48



Interest expense



23,836





25,651





25,062





23,947





21,648





18,356





14,185





11,140





10.11





98,496





65,329





50.77





Net interest income



109,312





108,825





112,800





113,147





115,457





99,439





92,389





89,240





(5.32)





444,084





396,525





11.99



Provision for loan losses



2,950





1,700





900





1,500





1,000





2,250





1,810





1,750





195.00





7,050





6,810





3.52





Net interest income after provision



106,362





107,125





111,900





111,647





114,457





97,189





90,579





87,490





(7.07)





437,034





389,715





12.14



Service charges on deposit accounts



9,273





8,992





8,605





9,102





9,069





8,847





8,271





8,473





2.25





35,972





34,660





3.79



Fees and commissions on loans and deposits



2,822





3,090





7,047





6,471





6,322





5,944





5,917





5,685





(55.36)





19,430





23,868





(18.59)



Insurance commissions and fees



2,105





2,508





2,190





2,116





2,014





2,461





2,110





2,005





4.52





8,919





8,590





3.83



Wealth management revenue



3,920





3,588





3,601





3,324





3,446





3,386





3,446





3,262





13.76





14,433





13,540





6.60



Securities gains (losses)







343





(8)





13









(16)













100.00





348





(16)





100.00



Mortgage banking income



15,165





15,710





16,620





10,401





11,993





14,350





12,839





10,960





26.45





57,896





50,142





15.46



Other



4,171





3,722





3,905





4,458





3,530





3,081





2,998





3,568





18.16





16,256





13,177





23.37





Total noninterest income



37,456





37,953





41,960





35,885





36,374





38,053





35,581





33,953





2.97





153,254





143,961





6.46



Salaries and employee benefits



67,684





65,425





60,325





57,350





58,313





55,187





52,010





48,784





16.07





250,784





214,294





17.03



Data processing



5,095





4,980





4,698





4,906





5,169





4,614





4,600





4,244





(1.43)





19,679





18,627





5.65



Occupancy and equipment



13,231





12,943





11,544





11,835





11,816





10,668





9,805





9,822





11.98





49,553





42,111





17.67



Other real estate



339





418





252





1,004





725





278





232





657





(53.24)





2,013





1,892





6.40



Amortization of intangibles



1,946





1,996





2,053





2,110





2,169





1,765





1,594





1,651





(10.28)





8,105





7,179





12.90



Merger and conversion related expenses



76





24





179









1,625





11,221





500





900





(95.32)





279





14,246





(98.04)



Debt extinguishment penalty







54





























100.00





54









100.00



Other



7,181





10,660





14,239





11,627





13,496





11,013





10,285





11,886





(46.79)





43,707





46,680





(6.37)





Total noninterest expense



95,552





96,500





93,290





88,832





93,313





94,746





79,026





77,944





2.40





374,174





345,029





8.45



Income before income taxes



48,266





48,578





60,570





58,700





57,518





40,496





47,134





43,499





(16.09)





216,114





188,647





14.56



Income taxes



9,533





11,132





13,945





13,590





13,098





8,532





10,424





9,673





(27.22)





48,200





41,727





15.51





Net income



$

38,733





$

37,446





$

46,625





$

45,110





$

44,420





$

31,964





$

36,710





$

33,826





(12.80)





$

167,914





$

146,920





14.29



Basic earnings per share



$

0.68





$

0.65





$

0.80





$

0.77





$

0.76





$

0.61





$

0.74





$

0.69





(10.53)





$

2.89





$

2.80





3.21



Diluted earnings per share



0.67





0.64





0.80





0.77





0.76





0.61





0.74





0.68





(11.84)





2.88





2.79





3.23



Average basic shares outstanding



57,153,160





58,003,215





58,461,024





58,585,517





58,623,646





52,472,971





49,413,754





49,356,417





(2.51)





58,046,716





52,492,104





10.58



Average diluted shares outstanding



57,391,876





58,192,419





58,618,976





58,730,535





58,767,519





52,609,902





49,549,761





49,502,950





(2.34)





58,226,686





52,626,850





10.64



Common shares outstanding



56,855,002





57,455,306





58,297,670





58,633,630





58,546,480





58,743,814





49,424,339





49,392,978





(2.89)





56,855,002





58,546,480





(2.89)



Cash dividend per common share



$

0.22





$

0.22





$

0.22





$

0.21





$

0.21





$

0.20





$

0.20





$

0.19





4.76





$

0.87





$

0.80





8.75



Performance ratios

















































Return on avg shareholders' equity



7.21

%



6.97

%



8.90

%



8.86

%



8.72

%



7.40

%



9.55

%



9.00

%







7.97

%



8.64

%





Return on avg tangible s/h's equity (non-GAAP) (1)



13.86

%



13.38

%



17.15

%



17.41

%



17.44

%



13.65

%



16.75

%



16.02

%







15.39

%



15.98

%





Return on avg assets



1.17

%



1.16

%



1.47

%



1.44

%



1.39

%



1.12

%



1.42

%



1.36

%







1.30

%



1.32

%





Return on avg tangible assets (non-GAAP)(2)



1.31

%



1.30

%



1.64

%



1.61

%



1.56

%



1.26

%



1.57

%



1.51

%







1.46

%



1.47

%





Net interest margin (FTE)



3.90

%



3.98

%



4.19

%



4.27

%



4.24

%



4.07

%



4.15

%



4.20

%







4.08

%



4.16

%





Yield on earning assets (FTE)



4.74

%



4.91

%



5.11

%



5.16

%



5.02

%



4.81

%



4.78

%



4.72

%







4.98

%



4.84

%





Cost of funding



0.87

%



0.97

%



0.96

%



0.92

%



0.81

%



0.77

%



0.65

%



0.53

%







0.93

%



0.70

%





Average earning assets to average assets



85.71

%



85.58

%



85.72

%



85.58

%



86.15

%



87.29

%



87.67

%



87.12

%







85.65

%



87.01

%





Average loans to average deposits



92.43

%



89.13

%



89.13

%



89.33

%



89.77

%



91.74

%



91.84

%



94.04

%







90.01

%



91.71

%





Noninterest income (less securities gains/



















































losses) to average assets



1.13

%



1.16

%



1.32

%



1.14

%



1.14

%



1.34

%



1.38

%



1.37

%







1.19

%



1.30

%





Noninterest expense (less debt prepayment penalties/



















































penalties/merger-related expenses) to



















































average assets



2.88

%



2.98

%



2.93

%



2.83

%



2.86

%



2.94

%



3.05

%



3.11

%







2.9

%



2.98

%





Net overhead ratio



1.75

%



1.82

%



1.61

%



1.69

%



1.72

%



1.60

%



1.67

%



1.74

%







1.71

%



1.68

%





Efficiency ratio (FTE)



64.24

%



65.10

%



59.73

%



59.02

%



60.87

%



68.20

%



61.08

%



62.48

%







61.98

%



63.15

%





Adjusted efficiency ratio (FTE) (non-GAAP) (4)



63.43

%



62.53

%



58.30

%



57.62

%



58.39

%



58.84

%



59.46

%



60.43

%







60.44

%



59.22

%





 

 

RENASANT CORPORATION









































(Unaudited)















































(Dollars in thousands, except per share data)



































































Q4 2019 -



As of











2019



2018



Q4 2018



December 31,











Fourth



Third



Second



First



Fourth



Third



Second



First



Percent











Percent





Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Variance



2019



2018



Variance

Average Balances

















































Total assets



$

13,157,843





$

12,846,131





$

12,764,669





$

12,730,939





$

12,713,000





$

11,276,587





$

10,341,863





$

10,055,755





3.50

%



$

12,875,986





$

11,104,567





15.95

%

Earning assets



11,277,000





10,993,645





10,942,492





10,895,205





10,952,023





9,843,870





9,067,016





8,760,679





2.97





11,028,040





9,662,416





14.13



Securities



1,234,718





1,227,678





1,262,271





1,253,224





1,240,283





1,129,010





1,039,947





833,076





(0.45)





1,244,376





1,061,882





17.19



Loans held for sale



350,783





385,437





353,103





345,264





418,213





297,692





209,652





152,299





(16.12)





358,735





270,270





32.73



Loans, net of unearned



9,457,658





9,109,252





9,043,788





9,059,802





9,130,273





8,228,053





7,704,221





7,646,991





3.59





9,168,555





8,181,587





12.06



Intangibles



977,506





975,306





974,628





976,820





972,736





743,567





633,155





634,898





0.49





976,065





747,008





30.66



Noninterest-bearing deposits



2,611,265





2,500,810





2,395,899





2,342,406





2,402,422





2,052,226





1,867,925





1,817,848





8.69





2,463,436





2,036,754





20.95



Interest-bearing deposits



7,620,602





7,719,510





7,750,986





7,799,892





7,768,724





6,916,699





6,521,123





6,314,114





(1.91)





7,722,247





6,884,250





12.17



Total deposits



10,231,867





10,220,320





10,146,885





10,142,298





10,171,146





8,968,925





8,389,048





8,131,962





0.60





10,185,683





8,921,004





14.18



Borrowed funds



596,101





308,931





354,234





363,140





407,496





499,054





329,287





314,228





46.28





405,975





388,077





4.61



Shareholders' equity



2,131,345





2,131,537





2,102,093





2,065,370





2,021,075





1,712,757





1,542,071





1,523,873





5.46





2,107,832





1,701,334





23.89





































































































































Q4 2019 -



As of





2019



2018



Q4 2018



December 31,





Fourth



Third



Second



First



Fourth



Third



Second



First



Percent











Percent





Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Variance



2019



2018



Variance

Balances at period end

















































Total assets



$

13,400,510





$

13,039,674





$

12,892,653





$

12,862,395





$

12,934,878





$

12,746,939





$

10,544,475





$

10,238,313





3.60

%



$

13,400,510





$

12,934,878





3.60

%

Earning assets



11,522,388





11,145,052





11,064,957





11,015,535





11,115,929





10,962,958





9,239,200





8,938,117





3.66





11,522,388





11,115,929





3.66



Securities



1,290,613





1,238,577





1,268,280





1,255,353





1,250,777





1,177,606





1,088,779





948,365





3.18





1,290,613





1,250,777





3.18



Loans held for sale



318,272





392,448





461,681





318,563





411,427





463,287





245,046





204,472





(22.64)





318,272





411,427





(22.64)



Non purchased loans



7,587,974





7,031,818





6,704,288





6,565,599





6,389,712





6,210,238





6,057,766





5,830,122





18.75





7,587,974





6,389,712





18.75



Purchased loans



2,101,664





2,281,966





2,350,366





2,522,694





2,693,417





2,912,669





1,709,891





1,867,948





(21.97)





2,101,664





2,693,417





(21.97)





Total loans



9,689,638





9,313,784





9,054,654





9,088,293





9,083,129





9,122,907





7,767,657





7,698,070





6.68





9,689,638





9,083,129





6.68



Intangibles



976,943





978,390





973,673





975,726





977,793





974,115





632,311





633,905





(0.09)





976,943





977,793





(0.09)



Noninterest-bearing deposits



2,551,771





2,607,056





2,408,984





2,366,223





2,318,706





2,359,859





1,888,561





1,861,136





10.05





2,551,771





2,318,706





10.05



Interest-bearing deposits



7,661,398





7,678,980





7,781,077





7,902,689





7,809,851





7,812,089





6,492,159





6,496,633





(1.90)





7,661,398





7,809,851





(1.90)





Total deposits



10,213,169





10,286,036





10,190,061





10,268,912





10,128,557





10,171,948





8,380,720





8,357,769





0.84





10,213,169





10,128,557





0.84



Borrowed funds



865,598





433,705





401,934





350,859





651,324





439,516





520,747





265,191





32.90





865,598





651,324





32.90



Shareholders' equity



2,126,008





2,119,659





2,119,696





2,088,877





2,043,913





2,010,711





1,558,668





1,532,765





4.02





2,126,008





2,043,913





4.02



Market value per common share



35.42





35.01





35.94





33.85





30.18





41.21





45.52





42.56





17.36





35.42





30.18





17.36



Book value per common share



37.39





36.89





36.36





35.63





34.91





34.23





31.54





31.03





7.10





37.39





34.91





7.10



Tangible book value per common share



20.21





19.86





19.66





18.98





18.21





17.65





18.74





18.20





10.98





20.21





18.21





10.98



Shareholders' equity to assets (actual)



15.87

%



16.26

%



16.44

%



16.24

%



15.80

%



15.77

%



14.78

%



14.97

%







15.87

%



15.80

%





Tangible capital ratio (non-GAAP)(3)



9.25

%



9.46

%



9.62

%



9.36

%



8.92

%



8.80

%



9.35

%



9.36

%







9.25

%



8.92

%





Leverage ratio



10.37

%



10.56

%



10.65

%



10.44

%



10.11

%



9.85

%



10.63

%



10.61

%







10.37

%



10.11

%





Common equity tier 1 capital ratio



11.12

%



11.36

%



11.64

%



11.49

%



11.05

%



10.80

%



11.71

%



11.38

%







11.12

%



11.05

%





Tier 1 risk-based capital ratio



12.14

%



12.40

%



12.69

%



12.55

%



12.10

%



11.84

%



12.73

%



12.41

%







12.14

%



12.10

%





Total risk-based capital ratio



13.78

%



14.07

%



14.62

%



14.57

%



14.12

%



13.85

%



14.75

%



14.44

%







13.78

%



14.12

%





 

 

RENASANT CORPORATION









































(Unaudited)















































(Dollars in thousands, except per share data)



































































Q4 2019 -



As of











2019



2018



Q4 2018



December 31,











Fourth



Third



Second



First



Fourth



Third



Second



First



Percent











Percent





Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Variance



2019



2018



Variance

Non purchased loans

















































Commercial, financial, agricultural



$

1,052,353





$

988,867





$

930,598





$

921,081



$

875,649





$

817,799





$

790,363





$

803,146





20.18

%



$

1,052,353





$

875,649





20.18

%

Lease financing



81,875





69,953





59,158





58,651



61,865





54,272





52,423





52,536





32.34





81,875





61,865





32.34



Real estate- construction



774,901





764,589





716,129





651,119



635,519





624,892





642,380





582,430





21.93





774,901





635,519





21.93



Real estate - 1-4 family mortgages



2,350,126





2,235,908





2,160,617





2,114,908



2,087,890





2,000,770





1,912,450





1,785,271





12.56





2,350,126





2,087,890





12.56



Real estate - commercial mortgages



3,128,876





2,809,470





2,741,402





2,726,186



2,628,365





2,609,510





2,554,955





2,503,680





19.04





3,128,876





2,628,365





19.04



Installment loans to individuals



199,843





163,031





96,384





93,654



100,424





102,995





105,195





103,059





99.00





199,843





100,424





99.00



Loans, net of unearned



$

7,587,974





$

7,031,818





$

6,704,288





$

6,565,599



$

6,389,712





$

6,210,238





$

6,057,766





$

5,830,122





18.75





$

7,587,974





$

6,389,712





18.75



Purchased loans















































Commercial, financial, agricultural



$

315,619





$

339,693





$

374,478





$

387,376



$

420,263





$

495,545





$

197,455





$

243,672





(24.90)





$

315,619





$

420,263





(24.90)



Lease financing















































Real estate- construction



51,582





52,106





65,402





89,954



105,149





112,093





70,438





75,061





(50.94)





51,582





105,149





(50.94)



Real estate - 1-4 family mortgages



516,487





561,725





604,855





654,265



707,453





761,913





520,649





572,830





(26.99)





516,487





707,453





(26.99)



Real estate - commercial mortgages



1,115,389





1,212,905





1,276,567





1,357,446



1,423,144





1,503,075





906,219





960,273





(21.63)





1,115,389





1,423,144





(21.63)



Installment loans to individuals



102,587





115,537





29,064





33,653



37,408





40,043





15,130





16,112





174.24





102,587





37,408





174.24



Loans, net of unearned



$

2,101,664





$

2,281,966





$

2,350,366





$

2,522,694



$

2,693,417





$

2,912,669





$

1,709,891





$

1,867,948





(21.97)





$

2,101,664





$

2,693,417





(21.97)



Asset quality data















































Non purchased assets















































Nonaccrual loans



$

21,509





$

15,733





$

14,268





$

12,507



$

10,218





$

9,696





$

8,921





$

9,403





110.50





$

21,509





$

10,218





110.50



Loans 90 past due or more



3,458





7,325





4,175





1,192



2,685





3,806





2,190





3,605





28.79





3,458





2,685





28.79



Nonperforming loans



24,967





23,058





18,443





13,699



12,903





13,502





11,111





13,008





93.50





24,967





12,903





93.50



Other real estate owned



2,762





1,975





3,475





4,223



4,853





4,665





4,698





4,801





(43.09)





2,762





4,853





(43.09)



Nonperforming assets



$

27,729





$

25,033





$

21,918





$

17,922



$

17,756





$

18,167





$

15,809





$

17,809





56.17





$

27,729





$

17,756





56.17



Purchased assets















































Nonaccrual loans



$

7,038





$

6,123





$

7,250





$

7,828



$

5,836





$

4,809





$

4,561





$

5,340





20.60





$

7,038





$

5,836





20.60



Loans 90 past due or more



4,317





7,034





7,687





5,436



7,232





7,960





5,491





4,564





(40.31)





4,317





7,232





(40.31)



Nonperforming loans



11,355





13,157





14,937





13,264



13,068





12,769





10,052





9,904





(13.11)





11,355





13,068





(13.11)



Other real estate owned



5,248





6,216





5,258





5,932



6,187





7,932





9,006





9,754





(15.18)





5,248





6,187





(15.18)



Nonperforming assets



$

16,603





$

19,373





$

20,195





$

19,196



$

19,255





$

20,701





$

19,058





$

19,658





(13.77)





$

16,603





$

19,255





(13.77)



Net loan charge-offs (recoveries)



$

1,602





$

945





$

676





$

691



$

584





$

995





$

856





$

1,560





174.32





$

3,914





$

3,995





174.32



Allowance for loan losses



$

52,162





$

50,814





$

50,059





$

49,835



$

49,026





$

48,610





$

47,355





$

46,401





6.40





$

52,162





$

49,026





6.40



Annualized net loan charge-offs / average loans



0.07

%



0.04

%



0.03

%



0.03

%

0.03

%



0.05

%



0.04

%



0.08

%







0.04

%



0.05

%





Nonperforming loans / total loans*



0.37

%



0.39

%



0.37

%



0.30

%

0.29

%



0.29

%



0.27

%



0.30

%







0.37

%



0.29

%





Nonperforming assets / total assets*



0.33

%



0.34

%



0.33

%



0.29

%

0.29

%



0.30

%



0.33

%



0.37

%







0.33

%



0.29

%





Allowance for loan losses / total loans*



0.54

%



0.55

%



0.55

%



0.55

%

0.54

%



0.53

%



0.61

%



0.60

%







0.54

%



0.54

%





Allowance for loan losses / nonperforming loans*



143.61

%



140.31

%



149.97

%



184.83

%

188.77

%



185.03

%



223.76

%



202.52

%







143.61

%



188.77

%





Nonperforming loans / total loans**



0.33

%



0.33

%



0.28

%



0.21

%

0.20

%



0.22

%



0.18

%



0.22

%







0.33

%



0.20

%





Nonperforming assets / total assets**



0.21

%



0.19

%



0.17

%



0.14

%

0.14

%



0.14

%



0.15

%



0.17

%







0.21

%



0.14

%





Allowance for loan losses / total loans**



0.69

%



0.72

%



0.75

%



0.76

%

0.77

%



0.78

%



0.78

%



0.80

%







0.69

%



0.77

%





Allowance for loan losses / nonperforming loans**



208.92

%



220.37

%



271.43

%



363.79

%

379.96

%



360.02

%



426.20

%



356.71

%







208.92

%



379.96

%





*Based on all assets (includes purchased assets)

















**Excludes all purchased assets

















 

 

RENASANT CORPORATION









































































































(Unaudited)













































































































(Dollars in thousands, except per share data)

































































































































































































































































































































Three Months Ending







For The Twelve Months Ending







December 31, 2019







September 30, 2019







December 31, 2018







December 31, 2019







December 31, 2018















Interest





















Interest





















Interest





















Interest





















Interest













Average







Income/





Yield/







Average







Income/





Yield/







Average







Income/





Yield/







Average







Income/





Yield/







Average







Income/





Yield/







Balance







Expense





Rate







Balance







Expense





Rate







Balance







Expense





Rate







Balance







Expense





 Rate







Balance







Expense





Rate



Assets













































































































Interest-earning assets:













































































































Loans













































































































Non purchased

$

7,258,517





$

87,482





4.76

%



$

6,792,021





$

85,084





4.97

%



$

6,318,434





$

78,633





4.94

%



$

6,784,132





$

337,672





4.98

%



$

6,019,177





$

286,643





4.76

%

Purchased

2,199,141





34,270





6.18

%



2,317,231





36,330





6.22

%



2,811,839





44,070





6.22

%



2,384,423





149,568





6.27

%



2,162,410





132,199





6.11

%

Total loans

9,457,658





121,752





5.09

%



9,109,252





121,414





5.29

%



9,130,273





122,703





5.33

%



9,168,555





487,240





5.31

%



8,181,587





418,842





5.12

%

Loans held for sale

350,783





3,167





3.58

%



385,437





3,977





4.09

%



418,213





5,177





4.91

%



358,735





18,171





5.07

%



270,270





12,892





4.77

%

Securities:



























































Taxable(1)

1,018,076





6,994





2.73

%



1,040,302





7,200





2.75

%



1,033,288





7,587





2.91

%



1,051,124





29,786





2.83

%



844,692





23,713





2.81

%

Tax-exempt

216,642





2,093





3.83

%



187,376





1,846





3.91

%



206,996





2,184





4.19

%



193,252





7,821





4.05

%



217,190





9,232





4.25

%

Total securities

1,234,718





9,087





2.92

%



1,227,678





9,046





2.92

%



1,240,284





9,771





3.13

%



1,244,376





37,607





3.02

%



1,061,882





32,945





3.10

%

Interest-bearing balances with banks

233,841





1,113





1.89

%



271,278





1,490





2.18

%



163,254





930





2.26

%



256,374





5,891





2.30

%



148,677





3,076





2.07

%

Total interest-earning assets

11,277,000





135,119





4.74

%



10,993,645





135,927





4.91

%



10,952,024





138,581





5.02

%



11,028,040





548,909





4.98

%



9,662,416





467,755





4.84

%

Cash and due from banks

176,582













173,156













177,601













179,991













163,286











Intangible assets

977,506













975,306













972,736













976,065













747,008











Other assets

726,755













704,024













610,639













691,890













531,857











Total assets

$

13,157,843













$

12,846,131













$

12,713,000













$

12,875,986













$

11,104,567











Liabilities and shareholders' equity



























































Interest-bearing liabilities:



























































Deposits:



























































Interest-bearing demand(2)

$

4,749,018





$

9,226





0.77

%



$

4,740,426





$

10,769





0.90

%



$

4,748,320





$

8,201





0.69

%



$

4,754,201





$

40,564





0.85

%



$

4,246,585





$

23,678





0.56

%

Savings deposits

661,362





282





0.17

%



652,121





355





0.22

%



615,812





256





0.16

%



647,271





1258





0.19

%



596,990





868





0.15

%

Time deposits

2,210,222





9,783





1.76

%



2,326,963





10,390





1.77

%



2,404,592





8,769





1.45

%



2,320,775





39,746





1.71

%



2,040,675





25,214





1.24

%

Total interest-bearing deposits

7,620,602





19,291





1.00

%



7,719,510





21,514





1.11

%



7,768,724





17,226





0.88

%



7,722,247





81,568





1.06

%



6,884,250





49,760





0.72

%

Borrowed funds

596,101





4,545





3.02

%



308,931





4,137





5.31

%



407,496





4,422





4.31

%



405,975





16,928





4.17

%



388,077





15,569





4.01

%

Total interest-bearing liabilities

8,216,703





23,836





1.15

%



8,028,441





25,651





1.27

%



8,176,220





21,648





1.05

%



8,128,222





98,496





1.21

%



7,272,327





65,329





0.90

%

Noninterest-bearing deposits

2,611,265













2,500,810













2,402,422













2,463,436













2,036,754











Other liabilities

198,530













185,343













113,283













176,496













94,152











Shareholders' equity

2,131,345













2,131,537













2,021,075













2,107,832













1,701,334











Total liabilities and shareholders' equity

$

13,157,843













$

12,846,131













$

12,713,000













$

12,875,986













$

11,104,567











Net interest income/ net interest margin





$

111,283





3.90

%







$

110,276





3.98

%







$

116,933





4.24

%







$

450,413





4.08

%







$

402,426





4.16

%

Cost of funding









0.87

%











0.97

%











0.81

%











0.93

%











0.70

%

Cost of total deposits









0.75

%











0.84

%











0.67

%











0.80

%











0.56

%





























































(1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.













































(2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.













































 

 

RENASANT CORPORATION







































(Unaudited)













































(Dollars in thousands, except per share data)











































RECONCILIATION OF GAAP TO NON-GAAP















































Twelve Months Ended











2019



2018







December 31,











Fourth



Third



Second



First



Fourth



Third



Second



First

















Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter







2019



2018

Net income (GAAP)



$

38,733





$

37,446





$

46,625





$

45,110





$

44,420





$

31,964





$

36,710





$

33,826









$

167,914





$

146,920





Amortization of intangibles



1,946





1,996





2,053





2,110





2,169





1,765





1,594





1,651









8,105





7,179





Tax effect of adjustment noted above (A)



(384)





(457)





(473)





(488)





(494)





(372)





(353)





(367)









(1,808)





(1,588)



Tangible net income (non-GAAP)



$

40,295





$

38,985





$

48,205





$

46,732





$

46,095





$

33,357





$

37,951





$

35,110









$

174,211





$

152,511























































Net income (GAAP)



$

38,733





$

37,446





$

46,625





$

45,110





$

44,420





$

31,964





$

36,710





$

33,826









$

167,914





$

146,920





Merger & conversion expenses



76





24





179









1,625





11,221





500





900









279





14,246





Debt prepayment penalties







54

































54









MSR valuation adjustment



(1,296)





3,132

































1,836









Tax effect of adjustment noted above (A)



241





(736)





(41)









(370)





(2,364)





(111)





(200)









(484)





(3,151)



Net income with exclusions (non-GAAP)



$

37,754





$

39,920





$

46,763





$

45,110





$

45,675





$

40,821





$

37,099





$

34,526









$

169,599





$

158,015























































Average shareholders' equity (GAAP)



$

2,131,345





$

2,131,537





$

2,102,093





$

2,065,370





$

2,021,075





$

1,712,757





$

1,542,071





$

1,523,873









$

2,107,832





$

1,701,334





Intangibles



977,506





975,306





974,628





976,820





972,736





743,567





633,155





634,898









976,065





747,008



Average tangible s/h's equity (non-GAAP)



$

1,153,839





$

1,156,231





$

1,127,465





$

1,088,550





$

1,048,339





$

969,190





$

908,916





$

888,975









$

1,131,767





$

954,326























































Average total assets (GAAP)



$

13,157,843





$

12,846,131





$

12,764,669





$

12,730,939





$

12,713,000





$

11,276,587





$

10,341,863





$

10,055,755









$

12,875,986





$

11,104,567





Intangibles



977,506





975,306





974,628





976,820





972,736





743,567





633,155





634,898









976,065





747,008



Average tangible assets (non-GAAP)



$

12,180,337





$

11,870,825





$

11,790,041





$

11,754,119





$

11,740,264





$

10,533,020





$

9,708,708





$

9,420,857









$

11,899,921





$

10,357,559























































Actual shareholders' equity (GAAP)



$

2,126,008





$

2,119,659





$

2,119,696





$

2,088,877





$

2,043,913





$

2,010,711





$

1,558,668





$

1,532,765









$

2,126,008





$

2,043,913





Intangibles



976,943





978,390





973,673





975,726





977,793





974,115





632,311





633,905









976,943





977,793



Actual tangible s/h's equity (non-GAAP)



$

1,149,065





$

1,141,269





$

1,146,023





$

1,113,151





$

1,066,120





$

1,036,596





$

926,357





$

898,860









$

1,149,065





$

1,066,120























































Actual total assets (GAAP)



$

13,400,510





$

13,039,674





$

12,892,653





$

12,862,395





$

12,934,878





$

12,746,939





$

10,544,475





$

10,238,313









$

13,400,510





$

12,934,878





Intangibles



976,943





978,390





973,673





975,726





977,793





974,115





632,311





633,905









976,943





977,793



Actual tangible assets (non-GAAP)



$

12,423,567





$

12,061,284





$

11,918,980





$

11,886,669





$

11,957,085





$

11,772,824





$

9,912,164





$

9,604,408









$

12,423,567





$

11,957,085

























































(A) Tax effect is calculated based on respective periods effective tax rate.

































 

 

RENASANT CORPORATION









































(Unaudited)















































(Dollars in thousands, except per share data)















































RECONCILIATION OF GAAP TO NON-GAAP

















































Twelve Months Ended









2019



2018







December 31,











Fourth





Third



Second



First



Fourth



Third



Second



First

















Quarter





Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter







2019



2018

(1) Return on Average Equity















































Return on avg s/h's equity (GAAP)



7.21

%





6.97

%



8.90

%



8.86

%



8.72

%



7.40

%



9.55

%



9.00

%







7.97

%



8.64

%



Effect of adjustment for intangible assets



6.65

%





6.41

%



8.25

%



8.55

%



8.72

%



6.25

%



7.20

%



7.02

%







7.42

%



7.34

%

Return on avg tangible s/h's equity (non-GAAP)



13.86

%





13.38

%



17.15

%



17.41

%



17.44

%



13.65

%



16.75

%



16.02

%







15.39

%



15.98

%























































Return on avg s/h's equity (GAAP)



7.21

%





6.97

%



8.90

%



8.86

%



8.72

%



7.40

%



9.55

%



9.00

%







7.97

%



8.64

%



Effect of exclusions from net income



(0.18)

%





0.46

%



0.02

%



%



0.25

%



2.06

%



0.10

%



0.19

%







0.08

%



0.65

%

Return on avg s/h's equity with excl. (non-GAAP)



7.03

%





7.43

%



8.92

%



8.86

%



8.97

%



9.46

%



9.65

%



9.19

%







8.05

%



9.29

%



Effect of adjustment for intangible assets



6.49

%





6.80

%



8.28

%



8.55

%



8.95

%



7.82

%



7.27

%



7.15

%







7.49

%



7.85

%

Return on avg tangible s/h's equity with exclusions (non-GAAP)



13.52

%





14.23

%



17.20

%



17.41

%



17.92

%



17.28

%



16.92

%



16.34

%







15.54

%



17.14

%























































(2) Return on Average Assets















































Return on avg assets (GAAP)



1.17

%





1.16

%



1.47

%



1.44

%



1.39

%



1.12

%



1.42

%



1.36

%







1.30

%



1.32

%



Effect of adjustment for intangible assets



0.14

%





0.14

%



0.17

%



0.17

%



0.17

%



0.14

%



0.15

%



0.15

%







0.16

%



0.15

%

Return on avg tangible assets (non-GAAP)



1.31

%





1.30

%



1.64

%



1.61

%



1.56

%



1.26

%



1.57

%



1.51

%







1.46

%



1.47

%























































Return on avg assets (GAAP)



1.17

%





1.16

%



1.47

%



1.44

%



1.39

%



1.12

%



1.42

%



1.36

%







1.30

%



1.32

%



Effect of exclusions from net income



(0.03)

%





0.07

%



%



%



0.04

%



0.32

%



0.02

%



0.03

%







0.02

%



0.10

%

Return on avg assets with exclusions (non-GAAP)



1.14

%





1.23

%



1.47

%



1.44

%



1.43

%



1.44

%



1.44

%



1.39

%







1.32

%



1.42

%



Effect of adjustment for intangible assets



0.14

%





0.16

%



0.17

%



0.17

%



0.17

%



0.15

%



0.14

%



0.15

%







0.16

%



0.16

%

Return on avg tangible assets with exclusions (non-GAAP)



1.28

%





1.39

%



1.64

%



1.61

%



1.60

%



1.59

%



1.58

%



1.54

%







1.48

%



1.58

%























































(3) Shareholder Equity Ratio















































Shareholders' equity to actual assets (GAAP)



15.87

%





16.26

%



16.44

%



16.24

%



15.80

%



15.77

%



14.78

%



14.97

%







15.87

%



15.80

%



Effect of adjustment for intangible assets



6.62

%





6.80

%



6.82

%



6.88

%



6.88

%



6.97

%



5.43

%



5.61

%







6.62

%



6.88

%

Tangible capital ratio (non-GAAP)



9.25

%





9.46

%



9.62

%



9.36

%



8.92

%



8.80

%



9.35

%



9.36

%







9.25

%



8.92

%

 

 

RENASANT CORPORATION







































(Unaudited)









































(Dollars in thousands, except per share data)













































































































































































Twelve Months Ended







2019



2018







December 31,







Fourth



Third



Second



First



Fourth



Third



Second



First



















Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter



Quarter







2019



2018

Interest income (FTE)

$

135,119





$

135,927





$

139,285





$

138,578





$

138,581





$

119,236





$

107,991





$

101,947









$

548,909





$

467,755





Interest expense

23,836





25,651





25,062





23,947





21,648





18,356





14,185





11,140









98,496





65,329



Net Interest income (FTE)

$

111,283





$

110,276





$

114,223





$

114,631





$

116,933





$

100,880





$

93,806





$

90,807









$

450,413





$

402,426



















































Total noninterest income

$

37,456





$

37,953





$

41,960





$

35,885





$

36,374





$

38,053





$

35,581





$

33,953









$

153,254





$

143,961





Securities gains (losses)







343





(8)





13









(16)

















348





(16)





MSR valuation adjustment

1,296





(3,132)

































(1,836)







Total adjusted noninterest income

$

36,160





$

40,742





$

41,968





$

35,872





$

36,374





$

38,069





$

35,581





$

33,953









$

154,742





$

143,977



















































Total noninterest expense

$

95,552





$

96,500





$

93,290





$

88,832





$

93,313





$

94,746





$

79,026





$

77,944









$

374,174





$

345,029





Amortization of intangibles

1,946





1,995





2,053





2,110





2,169





1,765





1,594





1,651









8,105





7,179





Merger-related expenses

76





24





179









1,625





11,221





500





900









279





14,246





Debt extinguishment penalty





54

































54







Total adjusted noninterest expense

$

93,530





$

94,427





$

91,058





$

86,722





$

89,519





$

81,760





$

76,932





$

75,393









$

365,736





$

323,604



















































Efficiency Ratio (GAAP)

64.24

%



65.10

%



59.73

%



59.02

%



60.87

%



68.20

%



61.08

%



62.48

%







61.98

%



63.15

%

(4) Adjusted Efficiency Ratio (non-GAAP)

63.43

%



62.53

%



58.30

%



57.62

%



58.39

%



58.84

%



59.46

%



60.43

%







60.44

%



59.22

%

 

Contacts:

For Media:



For Financials:



John Oxford



Kevin Chapman



Senior Vice President



Executive Vice President



Director of Marketing and Public Relations



Chief Operating and Financial Officer



(662) 680-1219



(662) 680-1450



joxford@renasant.com



kchapman@renasant.com

 

Cision View original content:http://www.prnewswire.com/news-releases/renasant-corporation-announces-earnings-for-the-fourth-quarter-of-2019-300990704.html

SOURCE Renasant Corporation

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