Top-Thema

10:41 Uhr +1,73%
Aktien Frankfurt Eröffnung: Dax zieht nach Italien-​Referendum kräftig an

Renasant Announces Record $23.2 Million in 2016 Third Quarter Earnings

Dienstag, 18.10.2016 23:20 von

PR Newswire

TUPELO, Miss., Oct. 18, 2016 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2016.  Net income for the third quarter of 2016 was $23.18 million, or basic and diluted earnings per share ("EPS") of $0.55, an increase of 42.90% from $16.22 million, or basic and diluted EPS of $0.40, for the third quarter of 2015.  

The Company incurred pre-tax merger and conversion expenses of $268 thousand, equal to $178 thousand on an after-tax basis, during the third quarter of 2016 which had an immaterial impact on reported diluted EPS, as compared to pre-tax merger and conversion expenses incurred during the third quarter of 2015 of $7.75 million, equal to $5.24 million on an after-tax basis, which reduced diluted EPS by $0.13 for such quarter.  In connection with the prepayment of approximately $38.89 million in long term advances from the Federal Home Loan Bank ("FHLB") in the third quarter of 2016, the Company incurred prepayment penalty charges of $2.21 million, equal to $1.47 million on an after-tax basis, which reduced diluted EPS by $0.04.  The Company did not incur any FHLB prepayment penalties in the third quarter of 2015.  Excluding the impact of after-tax merger and conversion expenses and debt prepayment penalties incurred during each quarter, diluted EPS was $0.59 for the third quarter of 2016, as compared to $0.53 for the third quarter of 2015.

The Company's balance sheet and results of operations as of and for the three months ending September 30, 2016, include the impact of the Company's acquisition of KeyWorth Bank ("KeyWorth"), a Georgia state bank headquartered in Atlanta, Georgia, which was completed on April 1, 2016. As of the acquisition date, KeyWorth operated six offices in the Atlanta metropolitan area and had approximately $399 million in assets, approximately $284 million in total loans, and approximately $347 million in total deposits.  The assets acquired and liabilities assumed were recorded at estimated fair value as of the acquisition date and are subject to change pending finalization of all valuations.

On August 22, 2016, the Company completed the public offering and sale of $60 million of its 5.00% fixed-to-floating rate subordinated notes due September 1, 2026, and $40 million of its 5.50% fixed-to-floating rate subordinated notes due September 1, 2031 (collectively, the "Notes"). The Notes were sold at par, resulting in net proceeds, after deducting underwriting discounts and expenses, of approximately $98.17 million.  The Company intends to use the net proceeds from the Notes offerings for general corporate purposes, which may include providing capital to support the Company's growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, and for investments in the Bank as regulatory capital.

For the third quarter of 2016, the Company's return on average assets and return on average equity were 1.08% and 8.12%, respectively, as compared to 0.81% and 6.33%, respectively, for the third quarter of 2015.  The Company's 2016 third quarter return on average tangible assets and return on average tangible shareholders' equity were 1.20% and 15.15%, respectively, as compared to 0.93% and 12.20%, respectively, for the third quarter of 2015.

The following table presents the Company's profitability metrics for the third quarter of 2016, including and excluding the impact of after-tax merger and conversion expenses and debt prepayment penalties:


As Reported


Excluding Merger and
Conversion Expenses and
Debt Prepayment Penalties

Return on average assets

1.08%


1.15%

Return on average tangible assets

1.20%


1.28%

Return on average equity

8.12%


8.70%

Return on average tangible equity

15.15%


16.18%

"We are pleased with our third quarter financial results highlighted by 21.64% annualized linked quarter growth in our non-acquired loan portfolio and a strong performance from our mortgage division.  These metrics, among others, contributed to a return on average tangible assets of 1.28%, when excluding merger and conversion expenses and debt prepayment penalties," said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Furthermore, the successful issuance of our subordinated notes at preferable interest rates provides us the ability to continue to capitalize on opportunities either through organic balance sheet growth or accretive acquisition opportunities."

Total assets as of September 30, 2016, were approximately $8.54 billion, as compared to $7.93 billion as of December 31, 2015.

Total loans, including loans acquired in the KeyWorth, Heritage Financial Group, Inc. ("Heritage"), and First M&F Corporation ("First M&F") acquisitions or in FDIC-assisted transactions (collectively referred to as "acquired loans"), were approximately $6.11 billion at September 30, 2016, as compared to $5.41 billion at December 31, 2015.  Excluding acquired loans, loans grew 18.16% to $4.53 billion at September 30, 2016, as compared to $3.83 billion at December 31, 2015.  Non-acquired loans were $3.61 billion at September 30, 2015.

Total deposits were $6.82 billion at September 30, 2016, as compared to $6.22 billion at December 31, 2015.  Noninterest-bearing deposits averaged approximately $1.51 billion, which represents 22.32% of the Company's average deposits, for the third quarter of 2016, as compared to $1.27 billion, or 20.38% of average deposits, for the third quarter of 2015.  The Company's cost of funds was 40 basis points for the third quarter of 2016, as compared to 33 basis points for the same quarter in 2015.

As of September 30, 2016, the Company's Tier 1 leverage capital ratio was 9.38%, its Common Equity Tier 1 risk-based capital ratio was 10.16%, its Tier 1 risk-based capital ratio was 11.57%, and its total risk-based capital ratio was 13.84%. The Company's regulatory capital ratios continue to be in excess of the regulatory minimums required to be classified as "well-capitalized."  At September 30, 2016, our tangible common equity ratio was 8.03%.

Net interest income was $75.73 million for the third quarter of 2016, as compared to $68.61 million for the third quarter of 2015. Net interest margin was 4.15% for the third quarter of 2016, as compared to 4.09% for the third quarter of 2015.  Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased net interest margin by $3.40 million, or 18 basis points, in the third quarter of 2016 and $726 thousand, or 4 basis points, in the third quarter of 2015.

The Company's noninterest income is derived from diverse lines of business which primarily consist of originations and sales of mortgage loans, wealth management and insurance revenue sources along with income from deposit and loan products.  Total noninterest income was $38.27 million for the third quarter of 2016, as compared to $32.08 million for the third quarter of 2015. The Company's overall increase in noninterest income for the third quarter, as compared to the same period in the prior year, is primarily attributable to an increase in mortgage banking income and the KeyWorth acquisition.

Noninterest expense was $76.47 million for the third quarter of 2016, as compared to $75.98 million for the third quarter of 2015.  The Company recorded merger and conversion expenses of approximately $268 thousand and $7.75 million during the third quarter of 2016 and 2015, respectively.  During the current quarter, the Company recognized a penalty charge of $2.21 million in connection with the prepayment of approximately $38.89 million in borrowings from the FHLB.  No such charge was incurred during the third quarter of 2015.  After considering these expenses, which are typically nonrecurring, the Company's overall growth in noninterest expense for the third quarter, as compared to the same period in the prior year, is primarily attributable to the addition of KeyWorth operations. 

Annualized net charge-offs as a percentage of average loans were 0.05% for the third quarter of 2016, as compared to 0.04% for the third quarter of 2015. The Company recorded a provision for loan losses of $2.65 million for the third quarter of 2016, as compared to $750 thousand for the third quarter of 2015.  The increase in provision is primarily attributed to the Company's loan growth over such period.

Nonperforming assets consists of loans 90 days or more past due, nonaccrual loans and other real estate owned ("OREO").  The following table provides details of the Company's nonperforming assets as of the dates presented (in thousands):


September 30, 2016


December 31, 2015


September 30, 2015

Not acquired

$23,198


$27,958


$29,105

Acquired and subject to loss-share agreements

3,340


9,746


10,596

Acquired and not subject to loss-share agreements

41,697


43,125


43,835

Total

$68,235


$80,829


$83,536

Since the nonperforming assets acquired in previous acquisitions or in connection with FDIC-assisted transactions (collectively referred to as "acquired nonperforming assets") were recorded at fair value at the time of acquisition or are subject to loss-share agreements with the FDIC, which significantly mitigates the Company's 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 (loans 90 days or more past due and nonaccrual loans) were $14.77 million as of September 30, 2016, as compared to $14.97 million as of December 31, 2015. Nonperforming loans as a percentage of total loans were 0.33% as of September 30, 2016, as compared to 0.39% as of December 31, 2015.

The allowance for loan losses totaled $45.92 million at September 30, 2016, as compared to $42.05 million as of September 30, 2015, and $42.44 million as of December 31, 2015.  The allowance for loan losses as a percentage of loans was 1.01% as of September 30, 2016, as compared to 1.17% as of September 30, 2015, and 1.11% as of December 31, 2015.

The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 310.95% as of September 30, 2016, as compared to 277.22% as of September 30, 2015, and 283.46% as of December 31, 2015. Loans 30-to-89 days past due as a percentage of total loans were 0.22% at September 30, 2016, as compared to 0.23% at September 30, 2015, and 0.19% at December 31, 2015. 

OREO was $8.43 million as of September 30, 2016, as compared to $12.99 million at December 31, 2015.  The Company continues to proactively market the properties held in OREO as it sold approximately $4.18 million of OREO during the nine months ended September 30, 2016.

CONFERENCE CALL INFORMATION:

The Company will hold executive management's quarterly webcast and conference call with analysts on Wednesday, October 19, 2016 at 10:00 AM Eastern Time (9:00 AM Central Time).    The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst161019.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Third 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 10094427 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until November 2, 2016.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 112-year-old financial services institution. Renasant has assets of approximately $8.5 billion and operates more than 175 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama, Florida 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."  

 

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)




















Q3 2016 -


For the Nine Months Ending
















2015








Q3 2015


September 30, 










Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Statement of earnings



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2016


2015


Variance



























Interest income - taxable equivalent basis


$          84,794


$          85,783


$          78,009


$          79,679


$          76,242


$            58,516


$          55,910


11.22


$        248,586


$           190,668


30.38



























Interest income 




$          83,032


$          84,008


$          76,259


$          77,788


$          74,300


$            56,769


$          54,166


11.75


$        243,299


$           185,235


31.35

Interest expense




7,301


$            6,851


6,205


5,437


5,688


5,155


5,385


28.36


20,357


16,228


25.44


Net interest income



75,731


77,157


70,054


72,351


68,612


51,614


48,781


10.38


222,942


169,007


31.91



























Provision for loan losses



2,650


1,430


1,800


1,750


750


1,175


1,075


253.33


5,880


3,000


96.00


Net interest income after provision


73,081


75,727


68,254


70,601


67,862


50,439


47,706


7.69


217,062


166,007


30.75



























Service charges on deposit accounts


8,200


7,521


7,991


8,261


8,151


6,522


6,335


0.60


23,712


21,008


12.87

Fees and commissions on loans and deposits


4,921


4,877


4,244


4,353


4,271


3,505


3,632


15.22


14,042


11,408


23.09

Insurance commissions and fees



2,420


2,175


1,962


1,956


2,381


2,119


1,967


1.64


6,557


6,467


1.39

Wealth management revenue



3,040


2,872


2,891


2,609


2,833


2,210


2,156


7.31


8,803


7,199


22.28

Securities gains (losses) 



-


1,257


(71)


-


-


96


-


-


1,186


96


1,135.42

Mortgage banking income



15,846


13,420


11,915


11,702


11,893


6,791


5,429


33.24


41,181


24,113


70.78

Other




3,845


3,464


4,370


2,561


2,550


1,637


2,350


50.78


11,679


6,537


78.66


Total noninterest income



38,272


35,586


33,302


31,442


32,079


22,880


21,869


19.31


107,160


76,828


39.48



























Salaries and employee benefits



44,702


45,387


42,393


43,408


43,048


30,394


28,260


3.84


132,482


101,702


30.26

Data processing




4,560


4,502


4,158


4,003


3,819


3,199


3,230


19.40


13,220


10,248


29.00

Occupancy and equipment



8,830


8,531


8,224


8,171


7,733


5,524


5,559


14.19


25,585


18,816


35.97

Other real estate




1,540


1,614


957


698


861


954


532


78.86


4,111


2,347


75.16

Amortization of intangibles



1,684


1,742


1,697


1,753


1,803


1,239


1,275


(6.60)


5,123


4,317


18.67

Merger and conversion related expenses


268


2,807


948


1,922


7,746


1,467


478


(96.54)


4,023


9,691


(58.49)

Debt extinguishment penalty



2,210


329


-


-


-


-


-


100.00


2,539


-


1.00

Other




12,674


12,347


11,437


10,779


10,969


8,305


7,985


15.54


36,458


27,259


33.75


Total noninterest expense



76,468


77,259


69,814


70,734


75,979


51,082


47,319


0.64


223,541


174,380


28.19



























Income before income taxes



34,885


34,054


31,742


31,309


23,962


22,237


22,256


45.58


100,681


68,455


47.08

Income taxes




11,706


11,154


10,526


10,149


7,742


6,842


7,017


51.20


33,386


21,601


54.56


Net income 




$          23,179


$          22,900


$          21,216


$          21,160


$          16,220


$            15,395


$          15,239


42.90


$          67,295


$             46,854


43.63



























Basic earnings per share



$              0.55


$              0.54


$              0.53


$              0.53


$              0.40


$                0.49


$              0.48


37.50


$              1.62


$                 1.36


19.12

Diluted earnings per share



0.55


0.54


0.52


0.52


0.40


0.48


0.48


37.50


1.61


1.35


19.26



























Average basic shares outstanding



42,091,164


42,066,168


40,324,475


40,276,441


40,265,941


31,626,059


31,576,275


4.53


41,500,407


34,521,255


20.22

Average diluted shares outstanding


42,310,358


42,303,626


40,559,145


40,539,151


40,518,413


31,865,172


31,815,710


4.42


41,729,908


34,799,118


19.92



























Common shares outstanding



42,102,224


42,085,690


40,373,753


40,293,291


40,268,455


31,644,706


31,604,937


4.55


42,102,224


40,268,455


4.55

Cash dividend per common share



$              0.18


$              0.18


$              0.17


$              0.17


$              0.17


$                0.17


$              0.17


5.88


$              0.53


$                 0.51


3.92



























Performance ratios
























Return on average shareholders' equity


8.12%


8.21%


8.12%


8.12%


6.33%


8.42%


8.59%




8.15%


7.60%



Return on average tangible shareholders' equity (1)


15.15%


15.57%


15.58%


15.84%


12.20%


14.89%


15.45%




15.42%


13.98%



Return on average assets



1.08%


1.08%


1.07%


1.06%


0.81%


1.06%


1.06%




1.08%


0.96%



Return on average tangible assets (2)


1.20%


1.20%


1.20%


1.19%


0.93%


1.17%


1.18%




1.20%


1.08%





























Net interest margin (FTE)



4.15%


4.29%


4.21%


4.33%


4.09%


4.17%


4.02%




4.21%


4.09%



Yield on earning assets (FTE)



4.54%


4.66%


4.57%


4.65%


4.42%


4.57%


4.45%




4.59%


4.48%



Cost of funding




0.40%


0.38%


0.37%


0.32%


0.33%


0.41%


0.43%




0.38%


0.38%



Average earning assets to average assets


86.82%


86.59%


86.21%


86.07%


86.64%


87.79%


87.49%




86.55%


87.23%



Average loans to average deposits


89.40%


87.73%


87.39%


86.22%


83.63%


81.93%


81.44%




88.20%


82.45%





























Noninterest income (less securities gains/
























losses) to average assets



1.78%


1.62%


1.69%


1.58%


1.61%


1.56%


1.52%




1.69%


1.57%



Noninterest expense (less debt prepayment penalties/
























merger-related expenses) to average assets


3.44%


3.49%


3.48%


3.46%


3.43%


3.40%


3.26%




3.47%


3.37%



Net overhead ratio




1.66%


1.87%


1.79%


1.88%


1.82%


1.84%


1.74%




1.78%


1.80%



Efficiency ratio (FTE) (4)



62.46%


63.91%


63.86%


63.45%


64.73%


63.53%


62.94%




63.39%


63.85%



 

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)





























Q3 2016 -


For the Nine Months Ending
















2015








Q3 2015


September 30, 










Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Average balances



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2016


2015


Variance

Total assets




$     8,562,198


$     8,541,818


$     7,961,700


$     7,898,803


$     7,897,769


$       5,847,539


$     5,821,758


8.41


$     8,357,438


$        6,529,959


27.99

Earning assets




7,433,461


7,396,284


6,863,905


6,798,474


6,842,452


5,133,567


5,093,223


8.64


7,233,303


5,696,155


26.99

Securities




1,045,905


1,111,831


1,103,504


1,117,322


1,143,577


999,962


989,743


(8.54)


1,086,869


1,044,991


4.01

Mortgage loans held for sale



241,314


306,011


217,200


268,096


398,480


87,435


50,918


(39.44)


254,930


180,217


41.46

Loans, net of unearned



6,048,017


5,897,650


5,482,167


5,341,943


5,223,273


3,978,514


3,969,243


15.79


5,811,351


4,394,937


32.23

Intangibles




497,064


499,503


473,852


473,996


449,042


295,441


296,682


10.69


490,225


347,613


41.03



























Noninterest-bearing deposits



$     1,510,309


$     1,477,380


$     1,316,495


$     1,323,467


$     1,272,714


$          969,770


$        932,011


18.67


$     1,435,438


$        1,059,413


35.49

Interest-bearing deposits



5,255,102


5,245,406


4,956,983


4,872,432


4,972,717


3,886,199


3,941,863


5.68


5,153,589


4,270,702


20.67


Total deposits




6,765,411


6,722,786


6,273,478


6,195,899


6,245,431


4,855,969


4,873,874


8.33


6,589,027


5,330,115


23.62

Borrowed funds




550,222


594,459


539,078


568,548


556,269


204,884


168,758


(1.09)


561,294


311,390


80.25

Shareholders' equity



1,135,072


1,121,298


1,050,668


1,033,692


1,016,143


733,158


719,687


11.70


1,102,655


824,082


33.80














































Q3 2016 -


As of
















2015








Q4 2015


September 30, 










Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Balances at period end



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2016


2015


Variance

Total assets




8,542,323


8,529,566


8,146,229


7,926,496


7,910,963


5,899,190


5,881,849


7.77


8,542,323


7,910,963


7.98

Earning assets




7,409,068


7,396,888


7,045,179


6,778,485


6,810,285


5,186,419


5,168,498


9.30


7,409,068


6,810,285


8.79

Securities




1,039,957


1,063,592


1,101,820


1,105,205


1,139,553


965,290


1,016,394


(5.90)


1,039,957


1,139,553


(8.74)

Mortgage loans held for sale



189,965


276,782


298,365


225,254


317,681


108,023


102,780


(15.67)


189,965


317,681


(40.20)

Loans not acquired




4,526,026


4,292,549


4,074,413


3,830,434


3,607,005


3,407,925


3,274,314


18.16


4,526,026


3,607,005


25.48

Loans acquired and covered by FDIC loss-share agreements


30,533


42,171


44,989


93,142


100,839


121,626


125,773


(67.22)


30,533


100,839


(69.72)

Loans acquired and not covered by FDIC loss-share agreements


1,548,674


1,630,709


1,453,328


1,489,886


1,570,116


507,653


553,574


3.95


1,548,674


1,570,116


(1.37)


Total loans




6,105,233


5,965,429


5,572,730


5,413,462


5,277,960


4,037,204


3,953,661


12.78


6,105,233


5,277,960


15.67

Intangibles




496,233


497,917


476,539


474,682


474,830


294,808


296,053


4.54


496,233


474,830


4.51



























Noninterest-bearing deposits



1,514,820


1,459,383


1,384,503


1,278,337


1,303,884


972,672


959,351


18.50


1,514,820


1,303,884


16.18

Interest-bearing deposits



5,302,978


5,243,104


5,046,874


4,940,265


4,930,677


3,917,772


3,983,418


7.34


5,302,978


4,930,677


7.55


Total deposits




6,817,798


6,702,487


6,431,377


6,218,602


6,234,561


4,890,444


4,942,769


9.64


6,817,798


6,234,561


9.35

Borrowed funds




469,580


588,650


561,671


570,496


551,740


219,089


162,313


(17.69)


469,580


551,740


(14.89)

Shareholders' equity



1,142,099


1,124,256


1,053,178


1,036,818


1,024,930


730,976


723,196


10.15


1,142,099


1,024,930


11.43



























Market value per common share



$            33.63


$            32.33


$            32.91


$            34.41


$            32.85


$              32.60


$            30.05


(2.27)


$            33.63


32.85


2.37

Book value per common share



27.13


26.71


26.09


25.73


25.45


23.10


22.88


5.42


27.13


25.45


6.58

Tangible book value per common share


15.34


14.88


14.28


13.95


13.66


13.78


13.52


9.96


15.34


13.66


12.30

Shareholders' equity to assets (actual)


13.37%


13.18%


12.93%


13.08%


12.96%


12.39%


12.30%




13.37%


12.96%



Tangible capital ratio (3)



8.03%


7.80%


7.52%


7.54%


7.40%


7.78%


7.65%




8.03%


7.40%























































Leverage ratio




9.38%


9.18%


9.19%


9.16%


8.95%


9.89%


9.74%




9.38%


8.95%



Common equity tier 1 capital ratio


10.16%


10.12%


9.88%


9.99%


9.92%


10.45%


10.35%




10.16%


9.92%



Tier 1 risk-based capital ratio



11.57%


11.55%


11.38%


11.51%


11.46%


12.52%


12.47%




11.57%


11.46%



Total risk-based capital ratio



13.84%


12.31%


12.17%


12.32%


12.27%


13.55%


13.51%




13.84%


12.27%



 

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)




















Q3 2016 -


As of
















2015








Q4 2015


September 30, 










Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Loans not acquired by category


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2016


2015


Variance

Commercial, financial, agricultural



$        554,151


$        530,258


$        520,463


$        485,407


$        450,688


$          437,181


$        418,752


14.16


$        554,151


$           450,688


22.96

Lease financing




45,510


43,116


41,937


34,815


24,698


17,633


11,560


30.72


45,510


24,698


84.27

Real estate - construction



415,934


381,690


325,188


291,701


268,805


212,071


200,966


42.59


415,934


268,805


54.73

Real estate - 1-4 family mortgages


1,388,066


1,328,948


1,263,879


1,204,228


1,128,556


1,073,816


1,025,264


15.27


1,388,066


1,128,556


22.99

Real estate - commercial mortgages


2,030,626


1,918,778


1,836,053


1,729,049


1,653,534


1,589,969


1,542,706


17.44


2,030,626


1,653,534


22.81

Installment loans to individuals



91,739


89,759


86,893


85,234


80,724


77,255


75,066


7.63


91,739


80,724


13.65


Loans, net of unearned



$     4,526,026


$     4,292,549


$     4,074,413


$     3,830,434


$     3,607,005


$       3,407,925


$     3,274,314


18.16


$     4,526,026


$        3,607,005


25.48



























Loans acquired and covered by FDIC loss-share agreements





















Commercial, financial, agricultural



$                 14


$               607


$               624


$            2,406


$            2,467


$              3,726


$            3,917


(99.42)


$                 14


$               2,467


(99.43)

Lease financing




-


-


-


-


-


-


-


-


-


-


-

Real estate - construction



-


83


86


130


137


-


-


(100.00)


-


137


(100.00)

Real estate - 1-4 family mortgages


30,304


34,640


36,350


45,988


48,779


40,333


42,758


(34.10)


30,304


48,779


(37.87)

Real estate - commercial mortgages


180


6,790


7,870


44,550


49,382


77,536


79,064


(99.60)


180


49,382


(99.64)

Installment loans to individuals



35


51


59


68


74


31


34


(48.53)


35


74


(52.70)


Loans, net of unearned



$          30,533


$          42,171


$          44,989


$          93,142


$        100,839


$          121,626


$        125,773


(67.22)


$          30,533


$           100,839


(69.72)



























Loans acquired and not covered by FDIC loss-share agreements





















Commercial, financial, agricultural



$        139,961


$        152,071


$        133,847


$        149,024


$        167,966


$            39,652


$          52,119


(6.08)


$        139,961


$           167,966


(16.67)

Lease financing




-


-


-


-


-


-


-


-


-


-


-

Real estate - construction



71,704


70,958


52,300


65,834


70,428


505


483


8.92


71,704


70,428


1.81

Real estate - 1-4 family mortgages


452,274


485,458


477,266


485,107


485,170


161,765


171,433


(6.77)


452,274


485,170


(6.78)

Real estate - commercial mortgages


864,825


898,108


763,587


760,130


813,973


295,484


317,224


13.77


864,825


813,973


6.25

Installment loans to individuals



19,910


24,114


26,328


29,791


32,579


10,247


12,315


(33.17)


19,910


32,579


(38.89)


Loans, net of unearned



$     1,548,674


$     1,630,709


$     1,453,328


$     1,489,886


$     1,570,116


$          507,653


$        553,574


3.95


$     1,548,674


$        1,570,116


(1.37)



























Asset quality data
























Assets not acquired:
























Nonaccrual loans




$          12,454


$          10,591


$          11,690


$          13,645


$          14,522


$            15,514


$          17,719


(8.73)


$          12,454


$             14,522


(14.24)

Loans 90 past due or more



2,315


1,428


2,495


1,326


647


5,647


1,193


74.59


2,315


647


257.81

Nonperforming loans



14,769


12,019


14,185


14,971


15,169


21,161


18,912


(1.35)


14,769


15,169


(2.64)

Other real estate owned



8,429


9,575


12,810


12,987


13,936


14,967


16,735


(35.10)


8,429


13,936


(39.52)

Nonperforming assets not acquired


$          23,198


$          21,594


$          26,995


$          27,958


$          29,105


$            36,128


$          35,647


(17.03)


$          23,198


$             29,105


(20.30)



























Assets acquired and subject to loss share:























Nonaccrual loans




$            1,628


$            2,060


$            2,708


$            3,319


$            3,270


$            19,487

#

$          18,040


(50.95)


$            1,628


$               3,270


(50.21)

Loans 90 past due or more



786


2,076


4,343


3,609


4,143


-


-


(78.22)


786


4,143


(81.03)

Nonperforming loans subject to loss share


2,414


4,136


7,051


6,928


7,413


19,487


18,040


(65.16)


2,414


7,413


(67.44)

Other real estate owned



926


2,618


1,373


2,818


3,183


3,853


4,325


(67.14)


926


3,183


(70.91)

Nonperforming assets acquired and subject to loss share


$            3,340


$            6,754


$            8,424


$            9,746


$          10,596


$            23,340


$          22,365


(65.73)


$            3,340


$             10,596


(68.48)



























Assets acquired and not subject to loss share:























Nonaccrual loans




$          12,105


$          13,312


$          12,368


$          12,070


$          15,796


$              1,085


$            1,627


0.29


$          12,105


$             15,796


(23.37)

Loans 90 past due or more



12,619


13,650


10,805


11,458


8,824


2,523


9,636


10.13


12,619


8,824


43.01

Nonperforming loans



24,724


26,962


23,173


23,528


24,620


3,608


11,263


5.08


24,724


24,620


0.42

Other real estate owned



16,973


17,146


19,051


19,597


19,215


8,244


10,626


(13.39)


16,973


19,215


(11.67)

Nonperforming assets acquired



$          41,697


$          44,108


$          42,224


$          43,125


$          43,835


$            11,852


$          21,889


(3.31)


$          41,697


$             43,835


(4.88)



























Net loan charge-offs (recoveries)



$               824


$               191


$            1,378


$            1,364


$               588


$              1,588


$            1,062


(39.59)


$            2,393


$               3,238


(26.10)

Allowance for loan losses



45,924


44,098


42,859


42,437


42,051


41,888


42,302


8.22


45,924


$             42,051


9.21

Annualized net loan charge-offs / average loans


0.05%


0.01%


0.10%


0.10%


0.04%


0.16%


0.11%




0.06%


0.10%





























Nonperforming loans / total loans* 


0.69%


0.72%


0.80%


0.84%


0.89%


1.10%


1.22%




0.69%


0.89%



Nonperforming assets / total assets*


0.80%


0.85%


0.95%


1.02%


1.06%


1.21%


1.36%




0.80%


1.06%



Allowance for loan losses / total loans*


0.75%


0.74%


0.77%


0.78%


0.80%


1.04%


1.07%




0.75%


0.80%



Allowance for loan losses / nonperforming loans*


109.59%


102.28%


96.51%


93.42%


89.09%


94.65%


87.74%




109.59%


89.09%





























Nonperforming loans / total loans** 


0.33%


0.28%


0.35%


0.39%


0.42%


0.62%


0.58%




0.33%


0.42%



Nonperforming assets / total assets**


0.27%


0.25%


0.33%


0.35%


0.37%


0.61%


0.61%




0.27%


0.37%



Allowance for loan losses / total loans**


1.01%


1.03%


1.05%


1.11%


1.17%


1.23%


1.29%




1.01%


1.17%



Allowance for loan losses / nonperforming loans**


310.95%


366.90%


302.14%


283.46%


277.22%


197.95%


223.68%




310.95%


277.22%





























*Based on all assets (including acquired assets)

**Excludes all assets acquired

 

 

RENASANT CORPORATION

(Unaudited)







(Dollars in thousands, except per share data)




































RECONCILIATION OF GAAP TO NON-GAAP
























































For the Nine Months Ending














2015










September 30, 








Third


Second


First


Fourth


Third


Second


First












Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter




2016


2015

Net income (GAAP)



$          23,179


$          22,900


$          21,216


$          21,160


$          16,220


$            15,395


$          15,239




$          67,295


$             46,854


Amortization of intangibles, net of tax


1,119


1,171


1,134


1,185


1,220


858


873




3,424


2,955

Tangible net income (non-GAAP)


$          24,298


$          24,071


$          22,350


$          22,345


$          17,440


$            16,253


$          16,112




$          70,719


$             49,809

























Average shareholders' equity (GAAP)


$     1,135,072


$     1,121,298


$     1,050,668


$     1,033,692


$     1,016,143


$          733,158


$        719,687




$     1,102,655


$           824,082


Intangibles




497,064


499,503


473,852


473,996


449,042


295,441


296,682




490,225


347,613

Average tangible shareholders' equity (non-GAAP)


$        638,008


$        621,795


$        576,816


$        559,696


$        567,101


$          437,717


$        423,005




$        612,430


$           476,469

























Average total assets (GAAP)



$     8,562,198


$     8,541,818


$     7,961,700


$     7,898,803


$     7,897,769


$       5,847,539


$     5,821,758




$     8,357,438


$        6,529,959


Intangibles




497,064


499,503


473,852


473,996


449,042


295,441


296,682




490,225


347,613

Average tangible assets (non-GAAP)


$     8,065,134


$     8,042,315


$     7,487,848


$     7,424,807


$     7,448,727


$       5,552,098


$     5,525,076




$     7,867,213


$        6,182,346

























Actual shareholders' equity (GAAP)


$     1,142,099


$     1,124,256


$     1,053,178


$     1,036,818


$     1,024,930


$          730,976


$        723,196




$     1,142,099


$        1,024,930


Intangibles




496,233


497,917


476,539


474,682


474,830


294,808


296,053




496,233


474,830

Actual tangible shareholders' equity (non-GAAP)


$        645,866


$        626,339


$        576,639


$        562,136


$        550,100


$          436,168


$        427,143




$        645,866


$           550,100

























Actual total assets (GAAP)



$     8,542,323


$     8,529,566


$     8,146,229


$     7,926,496


$     7,910,963


$       5,899,190


$     5,881,849




$     8,542,323


$        7,910,963


Intangibles




496,233


497,917


476,539


474,682


474,830


294,808


296,053




496,233


474,830

Actual tangible assets (non-GAAP)


$     8,046,090


$     8,031,649


$     7,669,690


$     7,451,814


$     7,436,133


$       5,604,382


$     5,585,796




$     8,046,090


$        7,436,133

























(1) Return on Average Equity





















Return on (average) shareholders' equity (GAAP)


8.12%


8.21%


8.12%


8.12%


6.33%


8.42%


8.59%




8.15%


7.60%


Effect of adjustment for intangible assets


7.03%


7.36%


7.46%


7.72%


5.87%


6.47%


6.86%




7.27%


6.37%

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


15.15%


15.57%


15.58%


15.84%


12.20%


14.89%


15.45%




15.42%


13.98%

























(2) Return on Average Assets





















Return on (average) assets (GAAP)


1.08%


1.08%


1.07%


1.06%


0.81%


1.06%


1.06%




1.08%


0.96%


Effect of adjustment for intangible assets


0.12%


0.13%


0.13%


0.13%


0.11%


0.12%


0.12%




0.13%


0.12%

Return on average tangible assets (non-GAAP)


1.20%


1.20%


1.20%


1.19%


0.93%


1.17%


1.18%




1.20%


1.08%

























(3) Shareholder Equity Ratio 





















Shareholders' equity to (actual) assets (GAAP)


13.37%


13.18%


12.93%


13.08%


12.96%


12.39%


12.30%




13.37%


12.96%


Effect of adjustment for intangible assets


5.34%


5.38%


5.41%


5.54%


5.56%


4.61%


4.65%




5.34%


5.56%

Tangible capital ratio (non-GAAP)


8.03%


7.80%


7.52%


7.54%


7.40%


7.78%


7.65%




8.03%


7.40%




























































CALCULATION OF EFFICIENCY RATIO

































Interest income (FTE)



$          84,794


$          85,783


$          78,009


$          79,679


$          76,242


$            58,516


$          55,910




$        248,586


$           190,668


Interest expense



7,301


6,851


6,205


5,437


5,688


5,155


5,385




20,357


16,228

Net Interest income (FTE)



$          77,493


$          78,932


$          71,804


$          74,242


$          70,554


$            53,361


$          50,525




$        228,229


$           174,440

























Total noninterest income 



$          38,272


$          35,586


$          33,302


$          31,442


$          32,079


$            22,880


$          21,869




$        107,160


$             76,828


Securities gains (losses) 



-


1,257


(71)


-


-


96


-




1,186


96

Total noninterest income 


$          38,272


$          34,329


$          33,373


$          31,442


$          32,079


$            22,784


$          21,869




$        105,974


$             76,732

Total Income (FTE)


$        115,765


$        113,261


$        105,177


$        105,684


$        102,633


$            76,145


$          72,394




$        334,203


$           251,172

























Total noninterest expense



$          76,468


$          77,259


$          69,814


$          70,734


$          75,979


$            51,082


$          47,319




$        223,541


$           174,380


Amortization of intangibles



1,684


1,742


1,697


1,753


1,803


1,239


1,275




5,123


4,317


Merger-related expenses



268


2,807


948


1,922


7,746


1,467


478




4,023


9,691


Debt extinguishment penalty



2,210


329


-


-


-


-


-




2,539


-

Total noninterest expense 



$          72,306


$          72,381


$          67,169


$          67,059


$          66,430

#

$            48,376


$          45,566




$        211,856


$           160,372

























(4) Efficiency Ratio


62.46%


63.91%


63.86%


63.45%


64.73%


63.53%


62.94%




63.39%


63.85%

 

Contacts:

 For Media: 

 For Financials:            


 John Oxford 

 Kevin Chapman


 First Vice President 

 Executive Vice President       


 Director of Corp Communication 

 Chief Financial Officer


 (662) 680-1219 

 (662) 680-1450


 joxford@renasant.com 

 kchapman@renasant.com

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/renasant-announces-record-232-million-in-2016-third-quarter-earnings-300347085.html

SOURCE Renasant Corporation