TUPELO, Miss., July 22, 2019 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the second quarter of 2019. Net income for the second
quarter of 2019 was $46.6 million, as
compared to $36.7 million for the
second quarter of 2018. Basic and diluted earnings per share
("EPS") were $0.80 for the second
quarter of 2019, as compared to basic and diluted EPS of
$0.74 for the second quarter of
2018.
Net income for the six months ending June
30, 2019, was $91.7 million,
as compared to $70.5 million for the
same time period in 2018. Basic and diluted EPS were $1.57 and $1.56,
respectively, for the first six months of 2019, as compared to
basic and diluted EPS of $1.43 and
$1.42, respectively, for the first
six months of 2018.
As discussed in more detail below, the Company's net income for
the second quarter and first half of 2019 includes approximately
$1.1 million and $1.2 million, respectively, in after-tax expense
related to production team members that have joined the Company in
the first half of 2019. The expense related to these
strategic hires decreased diluted EPS by $0.02 for both the quarter and the six months
ended June 30, 2019.
"We closed the quarter with solid results, while navigating
through the uncertainty around the direction of interest rates and
other macro-economic factors that have clouded much of 2019," said
Renasant Chairman, E. Robinson
McGraw. "Our continued effort to effectively
manage our core business in light of the economic pressures we face
has consistently driven greater shareholder value. Our
profitability metrics continue to remain strong, and we will
continue to evaluate opportunities to return value to our
shareholders."
New Hiring Bolsters Growth Outlook
The Company previously announced that Curtis Perry has joined Renasant Bank as its
Chief Corporate Banking Officer. Mr. Perry brings more than
34 years of experience in corporate banking, and we expect that his
knowledge and connections will broaden our corporate banking
operations as well as generate additional hiring opportunities for
Renasant. Since joining Renasant and through the date of this
release, Mr. Perry has successfully recruited 13 corporate bankers
and other revenue producers throughout our footprint.
In addition to the corporate hires by Mr. Perry, the Company
hired 18 revenue producers, including new market presidents,
commercial relationship managers and retail bankers, across the
footprint during the second quarter of 2019. Recruiting efforts
remain ongoing to support the Company's long term growth
strategy.
"In addition to the tremendous talent that already makes up our
team, we made significant investments in production talent during
the quarter which has amplified our long-term growth goals,"
commented C. Mitchell Waycaster,
Renasant President and Chief Executive Officer. "Although this
hiring had an immediate impact on our expenses, we expect our new
teammates to generate loan portfolios over the next 9 to 12 months
and provide additional loan growth into 2020 and beyond
significantly enhancing our revenue growth and profitability."
While focusing on growth, the Company remains disciplined in its
pricing decisions and prudent in in its underwriting
standards. The Company has added three senior credit officers
and other credit support staff to complement its already strong
credit team and to support the new production team members.
With the current disruption throughout its footprint caused by
recent merger activity and other factors, the Company expects to
continue to be successful in its recruiting efforts in future
quarters. Although the Company is capitalizing on this market
disruption to accelerate the pace of building out its corporate and
commercial banking teams, the Company believes that it is
positioned for growth and expansion from all lines of businesses
and markets.
Profitability Metrics
The following table presents the Company's profitability
metrics, including and excluding the impact of after-tax merger and
conversion expenses, for the dates presented:
|
As
Reported
|
Excluding merger
and conversion expenses
(Non-GAAP)
|
|
Three Months
Ended
|
Three Months
Ended
|
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
June 30,
2019
|
March 31,
2019
|
June 30,
2018
|
Return on average
assets
|
1.47
|
%
|
1.44
|
%
|
1.42
|
%
|
1.47
|
%
|
1.44
|
%
|
1.44
|
%
|
Return on average
tangible assets (Non-GAAP)
|
1.64
|
%
|
1.61
|
%
|
1.57
|
%
|
1.64
|
%
|
1.61
|
%
|
1.58
|
%
|
Return on average
equity
|
8.90
|
%
|
8.86
|
%
|
9.55
|
%
|
8.92
|
%
|
8.86
|
%
|
9.65
|
%
|
Return on average
tangible equity (Non-GAAP)
|
17.15
|
%
|
17.41
|
%
|
16.75
|
%
|
17.20
|
%
|
17.41
|
%
|
16.92
|
%
|
|
As
Reported
|
Excluding merger
and conversion expenses
(Non-GAAP)
|
|
Six Months
Ended
|
Six Months
Ended
|
|
June 30,
2019
|
|
June 30,
2018
|
June 30,
2019
|
|
June 30,
2018
|
Return on average
assets
|
1.45
|
%
|
|
1.39
|
%
|
1.45
|
%
|
|
1.42
|
%
|
Return on average
tangible assets (Non-GAAP)
|
1.63
|
%
|
|
1.54
|
%
|
1.63
|
%
|
|
1.56
|
%
|
Return on average
equity
|
8.88
|
%
|
|
9.28
|
%
|
8.89
|
%
|
|
9.42
|
%
|
Return on average
tangible equity (Non-GAAP)
|
17.28
|
%
|
|
16.39
|
%
|
17.30
|
%
|
|
16.63
|
%
|
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.
Financial Condition
Total assets were $12.89 billion
at June 30, 2019, as compared to
$12.93 billion at December 31, 2018. The Company's financial
condition as well as its results of operations as of and for the
three and six months ended June 30,
2019, include the impact of the Company's acquisition of
Brand Group Holdings, Inc., which was completed on September 1, 2018.
Total loans held for investment were $9.05 billion at June 30,
2019 as compared to $9.08
billion at December 31, 2018.
Loans not purchased increased $314.6
million to $6.70 billion at
June 30, 2019 as compared to
$6.39 billion at December 31, 2018.
Total deposits increased to $10.2
billion at June 30, 2019, from
$10.1 billion at December 31, 2018. Even as interest rates on
deposits increased in the first half of 2019, the Company has
experienced success in growing its non-interest bearing deposits.
Non-interest bearing deposits averaged $2.4
billion, or 23.4% of average deposits, for the first six
months of 2019, compared to $1.8
billion, or 22.3% of average deposits, for the same period
in 2018.
At June 30, 2019, Tier 1 leverage
capital ratio was 10.65%, Common Equity Tier 1 ratio was 11.64%,
Tier 1 risk-based capital ratio was 12.69%, and total risk-based
capital ratio was 14.62%. All regulatory ratios exceed the minimums
required to be considered "well-capitalized."
Our ratio of shareholders' equity to assets was 16.44% at
June 30, 2019, as compared to 15.80%
at December 31, 2018. Our tangible
capital ratio (non-GAAP) was 9.62% at June
30, 2019, as compared to 8.92% at December 31, 2018.
The Company announced a $50.0
million stock repurchase program in October 2018.
During the second quarter of 2019, the Company repurchased
$12.9 million of common stock at a
weighted average price of $35.57.
Since the date the program was authorized, a total of $20.0 million of common stock has been
repurchased. The plan will remain in effect until the earlier of
October 2019 or the repurchase of the
entire amount of common stock authorized to be repurchased by the
Board of Directors.
Results of Operations
Net interest income was $112.8
million for the second quarter of 2019, as compared to
$113.1 million for the first quarter
of 2019 and $92.4 million for the
second 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
|
|
June
30,
|
March
31,
|
June
30,
|
|
2019
|
2019
|
2018
|
Taxable equivalent
net interest income
|
$
|
114,223
|
|
$
|
114,631
|
|
$
|
93,806
|
|
|
|
|
|
Average earning
assets
|
$
|
10,942,492
|
|
$
|
10,895,205
|
|
$
|
9,067,016
|
|
|
|
|
|
Net interest
margin
|
4.19
|
%
|
4.27
|
%
|
4.15
|
%
|
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
127,896
|
|
$
|
127,206
|
|
$
|
99,426
|
|
|
|
|
|
Average loans,
including loans held for sale
|
$
|
9,396,891
|
|
$
|
9,405,066
|
|
$
|
7,913,873
|
|
|
|
|
|
Loan yield
|
5.46
|
%
|
5.49
|
%
|
5.04
|
%
|
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
|
|
June
30,
|
March
31,
|
June
30,
|
|
2019
|
2019
|
2018
|
Net interest income
collected on problem loans
|
$
|
2,173
|
|
$
|
812
|
|
$
|
1,045
|
|
Accretable yield
recognized on purchased loans(1)
|
7,513
|
|
7,542
|
|
5,719
|
|
Total impact to
interest income
|
$
|
9,686
|
|
$
|
8,354
|
|
$
|
6,764
|
|
|
|
|
|
Impact to total loan
yield
|
0.41
|
%
|
0.36
|
%
|
0.34
|
%
|
|
|
|
|
Impact to net
interest margin
|
0.36
|
%
|
0.31
|
%
|
0.30
|
%
|
|
|
|
|
|
|
|
(1) Includes additional interest
income recognized in connection with the acceleration of paydowns
and payoffs from purchased loans of $4,197, $3,833 and $3,316 for
the three months ended June 30, 2019, December 31, 2018, and June
30, 2018, respectively. This additional interest income increased
total loan yield by 18 basis points, 17 basis points and 17 basis
points for the same periods, respectively, while increasing net
interest margin by 15 basis points, 14 basis points and 15 basis
points for the same periods, respectively.
|
Net interest income was $225.9
million for the first half of 2019, as compared to
$181.6 million for the first half 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).
|
Six Months
Ended
|
|
June
30,
|
June
30,
|
|
2019
|
2018
|
Taxable equivalent
net interest income
|
$
|
228,854
|
|
$
|
184,613
|
|
|
|
|
Average earning
assets
|
$
|
10,918,979
|
|
$
|
8,914,694
|
|
|
|
|
Net interest
margin
|
4.23
|
%
|
4.18
|
%
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
255,102
|
|
$
|
194,470
|
|
|
|
|
Average loans,
including loans held for sale
|
$
|
9,400,956
|
|
$
|
7,856,898
|
|
|
|
|
Loan yield
|
5.47
|
%
|
4.99
|
%
|
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).
|
Six Months
Ended
|
|
June
30,
|
June
30,
|
|
2019
|
2018
|
Net interest income
collected on problem loans
|
$
|
2,985
|
|
$
|
1,403
|
|
Accretable yield
recognized on purchased loans(1)
|
15,056
|
|
11,837
|
|
Total impact to
interest income
|
$
|
18,041
|
|
$
|
13,240
|
|
|
|
|
Impact to total loan
yield
|
0.39
|
%
|
0.34
|
%
|
|
|
|
Impact to net
interest margin
|
0.33
|
%
|
0.30
|
%
|
|
|
|
|
|
(1) Includes additional interest
income recognized in connection with the acceleration of paydowns
and payoffs from purchased loans of $8,030 and $6,674 for the six
months ended June 30, 2019 and 2018, respectively. This additional
interest income increased total loan yield by 17 basis points in
each period while increasing net interest margin by 15 basis points
in each period.
|
For the second quarter of 2019, the cost of total deposits was
83 basis points, as compared to 79 basis points for the first
quarter of 2019 and 52 basis points in the second quarter of 2018.
The cost of total deposits was 81 basis points for the first six
months of 2019, as compared to 46 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
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
Noninterest-bearing
demand
|
22.82
|
%
|
|
22.30
|
%
|
|
21.43
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
45.12
|
|
|
45.60
|
|
|
46.51
|
|
|
0.89
|
|
|
0.85
|
|
|
0.54
|
|
Savings
|
6.14
|
|
|
6.00
|
|
|
6.80
|
|
|
0.20
|
|
|
0.19
|
|
|
0.15
|
|
Time
deposits
|
22.56
|
|
|
22.65
|
|
|
21.48
|
|
|
1.72
|
|
|
1.60
|
|
|
1.12
|
|
Borrowed
funds
|
3.36
|
|
|
3.45
|
|
|
3.78
|
|
|
4.61
|
|
|
4.66
|
|
|
3.98
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
0.96
|
%
|
|
0.92
|
%
|
|
0.65
|
%
|
|
Percentage of
Total Average
Deposits and Borrowed Funds
|
|
Cost of
Funds
|
|
Six Months
Ending
|
|
Six Months
Ending
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Noninterest-bearing
demand
|
22.56
|
%
|
|
21.47
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
45.36
|
|
|
46.43
|
|
|
0.87
|
|
|
0.45
|
|
Savings
|
6.07
|
|
|
6.84
|
|
|
0.20
|
|
|
0.13
|
|
Time
deposits
|
22.60
|
|
|
21.52
|
|
|
1.66
|
|
|
1.06
|
|
Borrowed
funds
|
3.41
|
|
|
3.74
|
|
|
4.64
|
|
|
3.98
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.94
|
%
|
|
0.60
|
%
|
Noninterest income for the second quarter of 2019 was
$42.0 million, as compared to
$35.9 million for the first quarter
of 2019 and $35.6 million for the
second quarter of 2018. Mortgage banking income for the second
quarter of 2019 was $16.6 million,
compared to $10.4 million for the
first quarter of 2019 and $12.8
million for the second quarter of 2018. The previously
announced acquisition of FirstBank's wholesale mortgage operations
was completed on June 7, 2019.
On account of the closing date of this transaction, the impact of
the acquired operations was immaterial to the Company's mortgage
banking income for the second quarter of 2019.
Noninterest expense was $93.3
million for the second quarter of 2019, as compared to
$88.8 million for the first quarter
of 2019 and $79.0 million for the
second quarter of 2018. Excluding charges for merger and conversion
expenses, amortization of intangible assets and gains and losses on
the sale of securities, the Company's efficiency ratio (non-GAAP)
was 58.30% for the second quarter of 2019 and 57.97% for the
first six months of 2019, representing the fifth consecutive
quarter that the Company has maintained an efficiency ratio below
60%, a long-term goal of the Company.
Asset Quality Metrics
Total nonperforming assets were $42.1
million at June 30, 2019, an
increase of $5.1 million from
December 31, 2018, and consisted of $33.4 million in nonperforming loans (loans 90
days or more past due and nonaccrual loans) and $8.7 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 $14.9
million and $5.3 million,
respectively, at June 30, 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 $18.4 million, or 0.28% of total non-purchased
loans, at June 30, 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 0.22% at
June 30, 2019, as compared to 0.27%
at December 31, 2018.
- Non-purchased OREO was $3.5
million at June 30, 2019, as
compared to $4.9 million at
December 31, 2018. Non-purchased OREO
sales totaled $1.9 million in the
first half of 2019.
- The allowance for loan losses was 0.55% of total loans held for
investment at June 30, 2019 , as
compared to 0.54% at December 31,
2018. The allowance for loan losses was 0.75% of total
non-purchased loans at June 30, 2019,
as compared to 0.77% at December 31,
2018.
-
- Net loan charge-offs were $676
thousand, or 0.03% of average loans held for investment on
an annualized basis, for the second quarter of 2019, as compared to
$856 thousand, or 0.04% of average
loans on an annualized basis, for the second quarter of 2018. Net
loan charge-offs were $1.4 million,
or 0.03% of average loans on an annualized basis, for the first
half of 2019, as compared to $2.4
million, or 0.06% of average loans on an annualized basis,
for the same period in 2018.
- The provision for loan losses was $900
thousand for the second quarter of 2019, as compared to
$1.8 million for the second quarter
of 2018. The provision was $2.4
million for the first six months of 2019, as compared to
$3.6 million for the same time period
in 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 Tuesday, July 23, 2019.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst190723.html. To access
the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation Second 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 10133435 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until August 6, 2019.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a
115-year-old financial services institution. Renasant has assets of
approximately $12.9 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
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
and debt prepayment penalties) 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2019
-
|
|
For The Six Months
Ending
|
|
|
|
2019
|
|
2018
|
|
Q2
2018
|
|
June
30,
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
|
139,285
|
|
|
$
|
138,578
|
|
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
28.98
|
%
|
|
$
|
277,863
|
|
|
$
|
209,938
|
|
|
32.35
|
%
|
Interest
income
|
|
137,862
|
|
|
137,094
|
|
|
137,105
|
|
|
117,795
|
|
|
106,574
|
|
|
100,380
|
|
|
29.36
|
|
|
274,956
|
|
|
206,954
|
|
|
32.86
|
|
Interest
expense
|
|
25,062
|
|
|
23,947
|
|
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
76.68
|
|
|
49,009
|
|
|
25,325
|
|
|
93.52
|
|
|
Net interest
income
|
|
112,800
|
|
|
113,147
|
|
|
115,457
|
|
|
99,439
|
|
|
92,389
|
|
|
89,240
|
|
|
22.09
|
|
|
225,947
|
|
|
181,629
|
|
|
24.40
|
|
Provision for loan
losses
|
|
900
|
|
|
1,500
|
|
|
1,000
|
|
|
2,250
|
|
|
1,810
|
|
|
1,750
|
|
|
(50.28)
|
|
|
2,400
|
|
|
3,560
|
|
|
(32.58)
|
|
|
Net interest income
after provision
|
|
111,900
|
|
|
111,647
|
|
|
114,457
|
|
|
97,189
|
|
|
90,579
|
|
|
87,490
|
|
|
23.54
|
|
|
223,547
|
|
|
178,069
|
|
|
25.54
|
|
Service charges on
deposit accounts
|
|
8,605
|
|
|
9,102
|
|
|
9,069
|
|
|
8,847
|
|
|
8,271
|
|
|
8,473
|
|
|
4.04
|
|
|
17,707
|
|
|
16,744
|
|
|
5.75
|
|
Fees and commissions
on loans and deposits
|
|
7,047
|
|
|
6,471
|
|
|
6,322
|
|
|
5,944
|
|
|
5,917
|
|
|
5,685
|
|
|
19.10
|
|
|
13,518
|
|
|
11,602
|
|
|
16.51
|
|
Insurance commissions
and fees
|
|
2,190
|
|
|
2,116
|
|
|
2,014
|
|
|
2,461
|
|
|
2,110
|
|
|
2,005
|
|
|
3.79
|
|
|
4,306
|
|
|
4,115
|
|
|
4.64
|
|
Wealth management
revenue
|
|
3,601
|
|
|
3,324
|
|
|
3,446
|
|
|
3,386
|
|
|
3,446
|
|
|
3,262
|
|
|
4.50
|
|
|
6,925
|
|
|
6,708
|
|
|
3.23
|
|
Securities gains
(losses)
|
|
(8)
|
|
|
13
|
|
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
100.00
|
|
|
5
|
|
|
—
|
|
|
100.00
|
|
Mortgage banking
income
|
|
16,620
|
|
|
10,401
|
|
|
11,993
|
|
|
14,350
|
|
|
12,839
|
|
|
10,960
|
|
|
29.45
|
|
|
27,021
|
|
|
23,799
|
|
|
13.54
|
|
Other
|
|
3,905
|
|
|
4,458
|
|
|
3,530
|
|
|
3,081
|
|
|
2,998
|
|
|
3,568
|
|
|
30.25
|
|
|
8,363
|
|
|
6,566
|
|
|
27.37
|
|
|
Total noninterest
income
|
|
41,960
|
|
|
35,885
|
|
|
36,374
|
|
|
38,053
|
|
|
35,581
|
|
|
33,953
|
|
|
17.93
|
|
|
77,845
|
|
|
69,534
|
|
|
11.95
|
|
Salaries and employee
benefits
|
|
60,325
|
|
|
57,350
|
|
|
58,313
|
|
|
55,187
|
|
|
52,010
|
|
|
48,784
|
|
|
15.99
|
|
|
117,675
|
|
|
100,794
|
|
|
16.75
|
|
Data
processing
|
|
4,698
|
|
|
4,906
|
|
|
5,169
|
|
|
4,614
|
|
|
4,600
|
|
|
4,244
|
|
|
2.13
|
|
|
9,604
|
|
|
8,844
|
|
|
8.59
|
|
Occupancy and
equipment
|
|
11,544
|
|
|
11,835
|
|
|
11,816
|
|
|
10,668
|
|
|
9,805
|
|
|
9,822
|
|
|
17.74
|
|
|
23,379
|
|
|
19,627
|
|
|
19.12
|
|
Other real
estate
|
|
252
|
|
|
1,004
|
|
|
725
|
|
|
278
|
|
|
232
|
|
|
657
|
|
|
8.62
|
|
|
1,256
|
|
|
889
|
|
|
41.28
|
|
Amortization of
intangibles
|
|
2,053
|
|
|
2,110
|
|
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
28.80
|
|
|
4,163
|
|
|
3,245
|
|
|
28.29
|
|
Merger and conversion
related expenses
|
|
179
|
|
|
—
|
|
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
(64.20)
|
|
|
179
|
|
|
1,400
|
|
|
(87.21)
|
|
Other
|
|
14,239
|
|
|
11,627
|
|
|
13,496
|
|
|
11,013
|
|
|
10,285
|
|
|
11,886
|
|
|
38.44
|
|
|
25,866
|
|
|
22,171
|
|
|
16.67
|
|
|
Total noninterest
expense
|
|
93,290
|
|
|
88,832
|
|
|
93,313
|
|
|
94,746
|
|
|
79,026
|
|
|
77,944
|
|
|
18.05
|
|
|
182,122
|
|
|
156,970
|
|
|
16.02
|
|
Income before income
taxes
|
|
60,570
|
|
|
58,700
|
|
|
57,518
|
|
|
40,496
|
|
|
47,134
|
|
|
43,499
|
|
|
28.51
|
|
|
119,270
|
|
|
90,633
|
|
|
31.60
|
|
Income
taxes
|
|
13,945
|
|
|
13,590
|
|
|
13,098
|
|
|
8,532
|
|
|
10,424
|
|
|
9,673
|
|
|
33.78
|
|
|
27,535
|
|
|
20,097
|
|
|
37.01
|
|
|
Net
income
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
27.01
|
|
|
$
|
91,735
|
|
|
$
|
70,536
|
|
|
30.05
|
|
Basic earnings per
share
|
|
$
|
0.80
|
|
|
$
|
0.77
|
|
|
$
|
0.76
|
|
|
$
|
0.61
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
8.11
|
|
|
$
|
1.57
|
|
|
$
|
1.43
|
|
|
9.79
|
|
Diluted earnings per
share
|
|
0.80
|
|
|
0.77
|
|
|
0.76
|
|
|
0.61
|
|
|
0.74
|
|
|
0.68
|
|
|
8.11
|
|
|
1.56
|
|
|
1.42
|
|
|
9.86
|
|
Average basic shares
outstanding
|
|
58,461,024
|
|
|
58,585,517
|
|
|
58,623,646
|
|
|
52,472,971
|
|
|
49,413,754
|
|
|
49,356,417
|
|
|
18.31
|
|
|
58,523,007
|
|
|
49,385,244
|
|
|
18.50
|
|
Average diluted
shares outstanding
|
|
58,618,976
|
|
|
58,730,535
|
|
|
58,767,519
|
|
|
52,609,902
|
|
|
49,549,761
|
|
|
49,502,950
|
|
|
18.30
|
|
|
58,669,056
|
|
|
49,522,045
|
|
|
18.47
|
|
Common shares
outstanding
|
|
58,297,670
|
|
|
58,633,630
|
|
|
58,546,480
|
|
|
58,743,814
|
|
|
49,424,339
|
|
|
49,392,978
|
|
|
17.95
|
|
|
58,297,670
|
|
|
49,424,339
|
|
|
17.95
|
|
Cash dividend per
common share
|
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
$
|
0.21
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
10.00
|
|
|
$
|
0.43
|
|
|
$
|
0.39
|
|
|
10.26
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
|
8.90
|
%
|
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
8.88
|
%
|
|
9.28
|
%
|
|
|
Return on avg
tangible s/h's equity (1)
|
|
17.15
|
%
|
|
17.41
|
%
|
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
|
|
17.28
|
%
|
|
16.39
|
%
|
|
|
Return on avg
assets
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
1.45
|
%
|
|
1.40
|
%
|
|
|
Return on avg
tangible assets (2)
|
|
1.64
|
%
|
|
1.61
|
%
|
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
|
|
1.63
|
%
|
|
1.54
|
%
|
|
|
Net interest margin
(FTE)
|
|
4.19
|
%
|
|
4.27
|
%
|
|
4.24
|
%
|
|
4.07
|
%
|
|
4.15
|
%
|
|
4.20
|
%
|
|
|
|
4.23
|
%
|
|
4.18
|
%
|
|
|
Yield on earning
assets (FTE)
|
|
5.11
|
%
|
|
5.16
|
%
|
|
5.02
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.72
|
%
|
|
|
|
5.13
|
%
|
|
4.75
|
%
|
|
|
Cost of
funding
|
|
0.96
|
%
|
|
0.92
|
%
|
|
0.81
|
%
|
|
0.77
|
%
|
|
0.65
|
%
|
|
0.53
|
%
|
|
|
|
0.94
|
%
|
|
0.60
|
%
|
|
|
Average earning
assets to average assets
|
|
85.72
|
%
|
|
85.58
|
%
|
|
86.15
|
%
|
|
87.29
|
%
|
|
87.67
|
%
|
|
87.12
|
%
|
|
|
|
85.65
|
%
|
|
87.39
|
%
|
|
|
Average loans to
average deposits
|
|
89.13
|
%
|
|
89.33
|
%
|
|
89.77
|
%
|
|
91.74
|
%
|
|
91.84
|
%
|
|
94.04
|
%
|
|
|
|
89.23
|
%
|
|
92.91
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
1.32
|
%
|
|
1.14
|
%
|
|
1.14
|
%
|
|
1.34
|
%
|
|
1.38
|
%
|
|
1.37
|
%
|
|
|
|
1.23
|
%
|
|
1.38
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
penalties/merger-related expenses) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets
|
|
2.93
|
%
|
|
2.83
|
%
|
|
2.86
|
%
|
|
2.94
|
%
|
|
3.05
|
%
|
|
3.11
|
%
|
|
|
|
2.88
|
%
|
|
3.08
|
%
|
|
|
Net overhead
ratio
|
|
1.61
|
%
|
|
1.69
|
%
|
|
1.72
|
%
|
|
1.60
|
%
|
|
1.67
|
%
|
|
1.74
|
%
|
|
|
|
1.65
|
%
|
|
1.70
|
%
|
|
|
Efficiency ratio
(FTE) (4)
|
|
58.30
|
%
|
|
57.62
|
%
|
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
|
|
57.97
|
%
|
|
59.94
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2019
-
|
|
For The Six Months
Ending
|
|
|
|
2019
|
|
2018
|
|
Q2
2018
|
|
June
30,
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
12,764,669
|
|
|
$
|
12,730,939
|
|
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
23.43
|
%
|
|
$
|
12,747,897
|
|
|
$
|
10,199,599
|
|
|
24.98
|
%
|
Earning
assets
|
|
10,942,492
|
|
|
10,895,205
|
|
|
10,952,023
|
|
|
9,843,870
|
|
|
9,067,016
|
|
|
8,760,679
|
|
|
20.68
|
|
|
10,918,979
|
|
|
8,914,694
|
|
|
22.48
|
|
Securities
|
|
1,262,271
|
|
|
1,253,224
|
|
|
1,240,283
|
|
|
1,129,010
|
|
|
1,039,947
|
|
|
833,076
|
|
|
21.38
|
|
|
1,257,772
|
|
|
937,083
|
|
|
34.22
|
|
Loans held for
sale
|
|
353,103
|
|
|
345,264
|
|
|
418,213
|
|
|
297,692
|
|
|
209,652
|
|
|
152,299
|
|
|
68.42
|
|
|
349,205
|
|
|
181,134
|
|
|
92.79
|
|
Loans, net of
unearned
|
|
9,043,788
|
|
|
9,059,802
|
|
|
9,130,273
|
|
|
8,228,053
|
|
|
7,704,221
|
|
|
7,646,991
|
|
|
17.39
|
|
|
9,051,751
|
|
|
7,675,764
|
|
|
17.93
|
|
Intangibles
|
|
974,628
|
|
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
53.93
|
|
|
975,718
|
|
|
634,022
|
|
|
53.89
|
|
Noninterest-bearing
deposits
|
|
2,395,899
|
|
|
2,342,406
|
|
|
2,402,422
|
|
|
2,052,226
|
|
|
1,867,925
|
|
|
1,817,848
|
|
|
28.27
|
|
|
2,369,300
|
|
|
1,843,025
|
|
|
28.55
|
|
Interest-bearing
deposits
|
|
7,750,986
|
|
|
7,799,892
|
|
|
7,768,724
|
|
|
6,916,699
|
|
|
6,521,123
|
|
|
6,314,114
|
|
|
18.86
|
|
|
7,775,304
|
|
|
6,418,190
|
|
|
21.14
|
|
Total
deposits
|
|
10,146,885
|
|
|
10,142,298
|
|
|
10,171,146
|
|
|
8,968,925
|
|
|
8,389,048
|
|
|
8,131,962
|
|
|
20.95
|
|
|
10,144,604
|
|
|
8,261,215
|
|
|
22.8
|
|
Borrowed
funds
|
|
354,234
|
|
|
363,140
|
|
|
407,496
|
|
|
499,054
|
|
|
329,287
|
|
|
314,228
|
|
|
7.58
|
|
|
358,662
|
|
|
321,799
|
|
|
11.46
|
|
Shareholders'
equity
|
|
2,102,093
|
|
|
2,065,370
|
|
|
2,021,075
|
|
|
1,712,757
|
|
|
1,542,071
|
|
|
1,523,873
|
|
|
36.32
|
|
|
2,083,833
|
|
|
1,533,022
|
|
|
35.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2019
-
|
|
As
of
|
|
|
2019
|
|
2018
|
|
Q4
2018
|
|
June
30,
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
12,892,653
|
|
|
$
|
12,862,395
|
|
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
(0.33)
|
%
|
|
$
|
12,892,653
|
|
|
$
|
10,544,475
|
|
|
22.27
|
%
|
Earning
assets
|
|
11,064,957
|
|
|
11,015,535
|
|
|
11,115,929
|
|
|
10,962,958
|
|
|
9,239,200
|
|
|
8,938,117
|
|
|
(0.46)
|
|
|
11,064,957
|
|
|
9,239,200
|
|
|
19.76
|
|
Securities
|
|
1,268,280
|
|
|
1,255,353
|
|
|
1,250,777
|
|
|
1,177,606
|
|
|
1,088,779
|
|
|
948,365
|
|
|
1.40
|
|
|
1,268,280
|
|
|
1,088,779
|
|
|
16.49
|
|
Loans held for
sale
|
|
461,681
|
|
|
318,563
|
|
|
411,427
|
|
|
463,287
|
|
|
245,046
|
|
|
204,472
|
|
|
12.21
|
|
|
461,681
|
|
|
245,046
|
|
|
88.41
|
|
Non purchased
loans
|
|
6,704,288
|
|
|
6,565,599
|
|
|
6,389,712
|
|
|
6,210,238
|
|
|
6,057,766
|
|
|
5,830,122
|
|
|
4.92
|
|
|
6,704,288
|
|
|
6,057,766
|
|
|
10.67
|
|
Purchased
loans
|
|
2,350,366
|
|
|
2,522,694
|
|
|
2,693,417
|
|
|
2,912,669
|
|
|
1,709,891
|
|
|
1,867,948
|
|
|
(12.74)
|
|
|
2,350,366
|
|
|
1,709,891
|
|
|
37.46
|
|
|
Total
loans
|
|
9,054,654
|
|
|
9,088,293
|
|
|
9,083,129
|
|
|
9,122,907
|
|
|
7,767,657
|
|
|
7,698,070
|
|
|
(0.31)
|
|
|
9,054,654
|
|
|
7,767,657
|
|
|
16.57
|
|
Intangibles
|
|
973,673
|
|
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
(0.42)
|
|
|
973,673
|
|
|
632,311
|
|
|
53.99
|
|
Noninterest-bearing
deposits
|
|
2,408,984
|
|
|
2,366,223
|
|
|
2,318,706
|
|
|
2,359,859
|
|
|
1,888,561
|
|
|
1,861,136
|
|
|
3.89
|
|
|
2,408,984
|
|
|
1,888,561
|
|
|
27.56
|
|
Interest-bearing
deposits
|
|
7,781,077
|
|
|
7,902,689
|
|
|
7,809,851
|
|
|
7,812,089
|
|
|
6,492,159
|
|
|
6,496,633
|
|
|
(0.37)
|
|
|
7,781,077
|
|
|
6,492,159
|
|
|
19.85
|
|
|
Total
deposits
|
|
10,190,061
|
|
|
10,268,912
|
|
|
10,128,557
|
|
|
10,171,948
|
|
|
8,380,720
|
|
|
8,357,769
|
|
|
0.61
|
|
|
10,190,061
|
|
|
8,380,720
|
|
|
21.59
|
|
Borrowed
funds
|
|
401,934
|
|
|
350,859
|
|
|
651,324
|
|
|
439,516
|
|
|
520,747
|
|
|
265,191
|
|
|
(38.29)
|
|
|
401,934
|
|
|
520,747
|
|
|
(22.82)
|
|
Shareholders'
equity
|
|
2,119,696
|
|
|
2,088,877
|
|
|
2,043,913
|
|
|
2,010,711
|
|
|
1,558,668
|
|
|
1,532,765
|
|
|
3.71
|
|
|
2,119,696
|
|
|
1,558,668
|
|
|
35.99
|
|
Market value per
common share
|
|
35.94
|
|
|
33.85
|
|
|
30.18
|
|
|
41.21
|
|
|
45.52
|
|
|
42.56
|
|
|
19.09
|
|
|
35.94
|
|
|
45.52
|
|
|
(21.05)
|
|
Book value per common
share
|
|
36.36
|
|
|
35.63
|
|
|
34.91
|
|
|
34.23
|
|
|
31.54
|
|
|
31.03
|
|
|
4.15
|
|
|
36.36
|
|
|
31.54
|
|
|
15.28
|
|
Tangible book value
per common share
|
|
19.66
|
|
|
18.98
|
|
|
18.21
|
|
|
17.65
|
|
|
18.74
|
|
|
18.20
|
|
|
7.96
|
|
|
19.66
|
|
|
18.74
|
|
|
4.91
|
|
Shareholders' equity
to assets (actual)
|
|
16.44
|
%
|
|
16.24
|
%
|
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
|
|
16.44
|
%
|
|
14.78
|
%
|
|
|
Tangible capital
ratio (3)
|
|
9.62
|
%
|
|
9.36
|
%
|
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
|
|
9.62
|
%
|
|
9.35
|
%
|
|
|
Leverage
ratio
|
|
10.65
|
%
|
|
10.44
|
%
|
|
10.11
|
%
|
|
9.85
|
%
|
|
10.63
|
%
|
|
10.61
|
%
|
|
|
|
10.65
|
%
|
|
10.63
|
%
|
|
|
Common equity tier 1
capital ratio
|
|
11.64
|
%
|
|
11.49
|
%
|
|
11.05
|
%
|
|
10.80
|
%
|
|
11.71
|
%
|
|
11.38
|
%
|
|
|
|
11.64
|
%
|
|
11.71
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
|
12.69
|
%
|
|
12.55
|
%
|
|
12.10
|
%
|
|
11.84
|
%
|
|
12.73
|
%
|
|
12.41
|
%
|
|
|
|
12.69
|
%
|
|
12.73
|
%
|
|
|
Total risk-based
capital ratio
|
|
14.62
|
%
|
|
14.57
|
%
|
|
14.12
|
%
|
|
13.85
|
%
|
|
14.75
|
%
|
|
14.44
|
%
|
|
|
|
14.62
|
%
|
|
14.75
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2019
-
|
|
As
of
|
|
|
|
2019
|
|
2018
|
|
Q4
2018
|
|
June
30,
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Non purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
930,598
|
|
|
$
|
921,081
|
|
|
$
|
875,649
|
|
|
$
|
817,799
|
|
|
$
|
790,363
|
|
|
$
|
803,146
|
|
|
6.28
|
%
|
|
$
|
930,598
|
|
|
$
|
790,363
|
|
|
17.74
|
%
|
Lease
Financing
|
|
59,158
|
|
|
58,651
|
|
|
61,865
|
|
|
54,272
|
|
|
52,423
|
|
|
52,536
|
|
|
(4.38)
|
|
|
59,158
|
|
|
52,423
|
|
|
12.85
|
|
Real estate-
construction
|
|
716,129
|
|
|
651,119
|
|
|
635,519
|
|
|
624,892
|
|
|
642,380
|
|
|
582,430
|
|
|
12.68
|
|
|
716,129
|
|
|
642,380
|
|
|
11.48
|
|
Real estate - 1-4
family mortgages
|
|
2,160,617
|
|
|
2,114,908
|
|
|
2,087,890
|
|
|
2,000,770
|
|
|
1,912,450
|
|
|
1,785,271
|
|
|
3.48
|
|
|
2,160,617
|
|
|
1,912,450
|
|
|
12.98
|
|
Real estate -
commercial mortgages
|
|
2,741,402
|
|
|
2,726,186
|
|
|
2,628,365
|
|
|
2,609,510
|
|
|
2,554,955
|
|
|
2,503,680
|
|
|
4.30
|
|
|
2,741,402
|
|
|
2,554,955
|
|
|
7.30
|
|
Installment loans to
individuals
|
|
96,384
|
|
|
93,654
|
|
|
100,424
|
|
|
102,995
|
|
|
105,195
|
|
|
103,059
|
|
|
(4.02)
|
|
|
96,384
|
|
|
105,195
|
|
|
(8.38)
|
|
Loans, net of
unearned
|
|
$
|
6,704,288
|
|
|
$
|
6,565,599
|
|
|
$
|
6,389,712
|
|
|
$
|
6,210,238
|
|
|
$
|
6,057,766
|
|
|
$
|
5,830,122
|
|
|
4.92
|
|
|
$
|
6,704,288
|
|
|
$
|
6,057,766
|
|
|
10.67
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
374,478
|
|
|
$
|
387,376
|
|
|
$
|
420,263
|
|
|
$
|
495,545
|
|
|
$
|
197,455
|
|
|
$
|
243,672
|
|
|
(10.89)
|
|
|
$
|
374,478
|
|
|
$
|
197,455
|
|
|
89.65
|
|
Lease
Financing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
|
65,402
|
|
|
89,954
|
|
|
105,149
|
|
|
112,093
|
|
|
70,438
|
|
|
75,061
|
|
|
(37.80)
|
|
|
65,402
|
|
|
70,438
|
|
|
(7.15)
|
|
Real estate - 1-4
family mortgages
|
|
604,855
|
|
|
654,265
|
|
|
707,453
|
|
|
761,913
|
|
|
520,649
|
|
|
572,830
|
|
|
(14.50)
|
|
|
604,855
|
|
|
520,649
|
|
|
16.17
|
|
Real estate -
commercial mortgages
|
|
1,276,567
|
|
|
1,357,446
|
|
|
1,423,144
|
|
|
1,503,075
|
|
|
906,219
|
|
|
960,273
|
|
|
(10.30)
|
|
|
1,276,567
|
|
|
906,219
|
|
|
40.87
|
|
Installment loans to
individuals
|
|
29,064
|
|
|
33,653
|
|
|
37,408
|
|
|
40,043
|
|
|
15,130
|
|
|
16,112
|
|
|
(22.31)
|
|
|
29,064
|
|
|
15,130
|
|
|
92.10
|
|
Loans, net of
unearned
|
|
$
|
2,350,366
|
|
|
$
|
2,522,694
|
|
|
$
|
2,693,417
|
|
|
$
|
2,912,669
|
|
|
$
|
1,709,891
|
|
|
$
|
1,867,948
|
|
|
(12.74)
|
|
|
$
|
2,350,366
|
|
|
$
|
1,709,891
|
|
|
37.46
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
14,268
|
|
|
$
|
12,507
|
|
|
$
|
10,218
|
|
|
$
|
9,696
|
|
|
$
|
8,921
|
|
|
$
|
9,403
|
|
|
39.64
|
|
|
$
|
14,268
|
|
|
$
|
8,921
|
|
|
59.94
|
|
Loans 90 past due or
more
|
|
4,175
|
|
|
1,192
|
|
|
2,685
|
|
|
3,806
|
|
|
2,190
|
|
|
3,605
|
|
|
55.49
|
|
|
4,175
|
|
|
2,190
|
|
|
90.64
|
|
Nonperforming
loans
|
|
18,443
|
|
|
13,699
|
|
|
12,903
|
|
|
13,502
|
|
|
11,111
|
|
|
13,008
|
|
|
42.94
|
|
|
18,443
|
|
|
11,111
|
|
|
65.99
|
|
Other real estate
owned
|
|
3,475
|
|
|
4,223
|
|
|
4,853
|
|
|
4,665
|
|
|
4,698
|
|
|
4,801
|
|
|
(28.39)
|
|
|
3,475
|
|
|
4,698
|
|
|
(26.03)
|
|
Nonperforming
assets
|
|
$
|
21,918
|
|
|
$
|
17,922
|
|
|
$
|
17,756
|
|
|
$
|
18,167
|
|
|
$
|
15,809
|
|
|
$
|
17,809
|
|
|
23.44
|
|
|
$
|
21,918
|
|
|
$
|
15,809
|
|
|
38.64
|
|
Purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
7,250
|
|
|
$
|
7,828
|
|
|
$
|
5,836
|
|
|
$
|
4,809
|
|
|
$
|
4,561
|
|
|
$
|
5,340
|
|
|
24.23
|
|
|
$
|
7,250
|
|
|
$
|
4,561
|
|
|
58.96
|
|
Loans 90 past due or
more
|
|
7,687
|
|
|
5,436
|
|
|
7,232
|
|
|
7,960
|
|
|
5,491
|
|
|
4,564
|
|
|
6.29
|
|
|
7,687
|
|
|
5,491
|
|
|
39.99
|
|
Nonperforming
loans
|
|
14,937
|
|
|
13,264
|
|
|
13,068
|
|
|
12,769
|
|
|
10,052
|
|
|
9,904
|
|
|
14.30
|
|
|
14,937
|
|
|
10,052
|
|
|
48.60
|
|
Other real estate
owned
|
|
5,258
|
|
|
5,932
|
|
|
6,187
|
|
|
7,932
|
|
|
9,006
|
|
|
9,754
|
|
|
(15.02)
|
|
|
5,258
|
|
|
9,006
|
|
|
(41.62)
|
|
Nonperforming
assets
|
|
$
|
20,195
|
|
|
$
|
19,196
|
|
|
$
|
19,255
|
|
|
$
|
20,701
|
|
|
$
|
19,058
|
|
|
$
|
19,658
|
|
|
4.88
|
|
|
$
|
20,195
|
|
|
$
|
19,058
|
|
|
5.97
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
676
|
|
|
$
|
691
|
|
|
$
|
584
|
|
|
$
|
995
|
|
|
$
|
856
|
|
|
$
|
1,560
|
|
|
15.75
|
|
|
$
|
1,367
|
|
|
$
|
2,416
|
|
|
(43.42)
|
|
Allowance for loan
losses
|
|
$
|
50,059
|
|
|
$
|
49,835
|
|
|
$
|
49,026
|
|
|
$
|
48,610
|
|
|
$
|
47,355
|
|
|
$
|
46,401
|
|
|
2.11
|
|
|
$
|
50,059
|
|
|
$
|
47,355
|
|
|
5.71
|
|
Annualized net loan
charge-offs / average loans
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.05
|
%
|
|
0.04
|
%
|
|
0.08
|
%
|
|
|
|
0.03
|
%
|
|
0.06
|
%
|
|
|
Nonperforming loans /
total loans*
|
|
0.37
|
%
|
|
0.30
|
%
|
|
0.29
|
%
|
|
0.29
|
%
|
|
0.27
|
%
|
|
0.30
|
%
|
|
|
|
0.37
|
%
|
|
0.27
|
%
|
|
|
Nonperforming assets
/ total assets*
|
|
0.33
|
%
|
|
0.29
|
%
|
|
0.29
|
%
|
|
0.30
|
%
|
|
0.33
|
%
|
|
0.37
|
%
|
|
|
|
0.33
|
%
|
|
0.33
|
%
|
|
|
Allowance for loan
losses / total loans*
|
|
0.55
|
%
|
|
0.55
|
%
|
|
0.54
|
%
|
|
0.53
|
%
|
|
0.61
|
%
|
|
0.60
|
%
|
|
|
|
0.55
|
%
|
|
0.61
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
149.97
|
%
|
|
184.83
|
%
|
|
188.77
|
%
|
|
185.03
|
%
|
|
223.76
|
%
|
|
202.52
|
%
|
|
|
|
149.97
|
%
|
|
223.76
|
%
|
|
|
Nonperforming loans /
total loans**
|
|
0.28
|
%
|
|
0.21
|
%
|
|
0.20
|
%
|
|
0.22
|
%
|
|
0.18
|
%
|
|
0.22
|
%
|
|
|
|
0.28
|
%
|
|
0.18
|
%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.17
|
%
|
|
0.14
|
%
|
|
0.14
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
|
|
0.17
|
%
|
|
0.15
|
%
|
|
|
Allowance for loan
losses / total loans**
|
|
0.75
|
%
|
|
0.76
|
%
|
|
0.77
|
%
|
|
0.78
|
%
|
|
0.78
|
%
|
|
0.80
|
%
|
|
|
|
0.75
|
%
|
|
0.78
|
%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
271.43
|
%
|
|
363.79
|
%
|
|
379.96
|
%
|
|
360.02
|
%
|
|
426.20
|
%
|
|
356.71
|
%
|
|
|
|
271.43
|
%
|
|
426.20
|
%
|
|
|
*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 Six Months
Ending
|
|
June 30,
2019
|
|
March 31,
2019
|
|
June 30,
2018
|
|
June 30,
2019
|
|
June 30,
2018
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
|
|
Expense
|
|
|
Expense
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
purchased
|
$
|
6,622,202
|
|
|
$
|
83,922
|
|
|
5.08
|
%
|
|
$
|
6,454,870
|
|
|
$
|
81,184
|
|
|
5.10
|
%
|
|
$
|
5,920,430
|
|
|
$
|
69,737
|
|
|
4.72
|
%
|
|
$
|
6,538,998
|
|
|
$
|
165,106
|
|
|
5.09
|
%
|
|
$
|
5,805,459
|
|
|
$
|
134,348
|
|
|
4.67
|
%
|
Purchased
|
2,421,586
|
|
|
38,783
|
|
|
6.42
|
%
|
|
2,604,932
|
|
|
40,185
|
|
|
6.26
|
%
|
|
1,783,791
|
|
|
27,308
|
|
|
6.14
|
%
|
|
2,512,753
|
|
|
78,968
|
|
|
6.34
|
%
|
|
1,870,305
|
|
|
56,070
|
|
|
6.05
|
%
|
Total
loans
|
9,043,788
|
|
|
122,705
|
|
|
5.44
|
%
|
|
9,059,802
|
|
|
121,369
|
|
|
5.43
|
%
|
|
7,704,221
|
|
|
97,045
|
|
|
5.05
|
%
|
|
9,051,751
|
|
|
244,074
|
|
|
5.44
|
%
|
|
7,675,764
|
|
|
190,418
|
|
|
5.00
|
%
|
Loans held for
sale
|
353,103
|
|
|
5,191
|
|
|
5.90
|
%
|
|
345,264
|
|
|
5,837
|
|
|
6.86
|
%
|
|
209,652
|
|
|
2,381
|
|
|
4.56
|
%
|
|
349,205
|
|
|
11,028
|
|
|
6.37
|
%
|
|
181,134
|
|
|
4,052
|
|
|
4.51
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(1)
|
1,084,736
|
|
|
7,699
|
|
|
2.85
|
%
|
|
1,061,983
|
|
|
7,892
|
|
|
3.01
|
%
|
|
819,004
|
|
|
5,638
|
|
|
2.76
|
%
|
|
1,073,422
|
|
|
15,591
|
|
|
2.93
|
%
|
|
713,410
|
|
|
9,552
|
|
|
2.70
|
%
|
Tax-exempt
|
177,535
|
|
|
1,860
|
|
|
4.20
|
%
|
|
191,241
|
|
|
2,022
|
|
|
4.29
|
%
|
|
220,943
|
|
|
2,358
|
|
|
4.28
|
%
|
|
184,350
|
|
|
3,882
|
|
|
4.25
|
%
|
|
223,673
|
|
|
4,764
|
|
|
4.30
|
%
|
Total
securities
|
1,262,271
|
|
|
9,559
|
|
|
3.04
|
%
|
|
1,253,224
|
|
|
9,914
|
|
|
3.21
|
%
|
|
1,039,947
|
|
|
7,996
|
|
|
3.08
|
%
|
|
1,257,772
|
|
|
19,473
|
|
|
3.12
|
%
|
|
937,083
|
|
|
14,316
|
|
|
3.08
|
%
|
Interest-bearing
balances with banks
|
283,330
|
|
|
1,830
|
|
|
2.59
|
%
|
|
236,915
|
|
|
1,458
|
|
|
2.50
|
%
|
|
113,196
|
|
|
569
|
|
|
2.02
|
%
|
|
260,251
|
|
|
3,288
|
|
|
2.55
|
%
|
|
120,713
|
|
|
1,152
|
|
|
1.92
|
%
|
Total
interest-earning assets
|
10,942,492
|
|
|
139,285
|
|
|
5.11
|
%
|
|
10,895,205
|
|
|
138,578
|
|
|
5.16
|
%
|
|
9,067,016
|
|
|
107,991
|
|
|
4.78
|
%
|
|
10,918,979
|
|
|
277,863
|
|
|
5.13
|
%
|
|
8,914,694
|
|
|
209,938
|
|
|
4.75
|
%
|
Cash and due from
banks
|
178,606
|
|
|
|
|
|
|
191,863
|
|
|
|
|
|
|
158,173
|
|
|
|
|
|
|
185,198
|
|
|
|
|
|
|
160,644
|
|
|
|
|
|
Intangible
assets
|
974,628
|
|
|
|
|
|
|
976,820
|
|
|
|
|
|
|
633,155
|
|
|
|
|
|
|
975,718
|
|
|
|
|
|
|
634,022
|
|
|
|
|
|
Other
assets
|
668,943
|
|
|
|
|
|
|
667,051
|
|
|
|
|
|
|
483,519
|
|
|
|
|
|
|
668,002
|
|
|
|
|
|
|
490,239
|
|
|
|
|
|
Total
assets
|
$
|
12,764,669
|
|
|
|
|
|
|
$
|
12,730,939
|
|
|
|
|
|
|
$
|
10,341,863
|
|
|
|
|
|
|
$
|
12,747,897
|
|
|
|
|
|
|
$
|
10,199,599
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(2)
|
$
|
4,737,780
|
|
|
$
|
10,495
|
|
|
0.89
|
%
|
|
$
|
4,790,184
|
|
|
$
|
10,074
|
|
|
0.85
|
%
|
|
$
|
4,054,909
|
|
|
$
|
5,441
|
|
|
0.54
|
%
|
|
$
|
4,763,837
|
|
|
$
|
20,569
|
|
|
0.87
|
%
|
|
$
|
3,983,751
|
|
|
$
|
8,848
|
|
|
0.45
|
%
|
Savings
deposits
|
644,540
|
|
|
329
|
|
|
0.20
|
%
|
|
630,671
|
|
|
292
|
|
|
0.19
|
%
|
|
593,227
|
|
|
227
|
|
|
0.15
|
%
|
|
637,644
|
|
|
621
|
|
|
0.20
|
%
|
|
587,244
|
|
|
378
|
|
|
0.13
|
%
|
Time
deposits
|
2,368,666
|
|
|
10,167
|
|
|
1.72
|
%
|
|
2,379,037
|
|
|
9,406
|
|
|
1.60
|
%
|
|
1,872,987
|
|
|
5,251
|
|
|
1.12
|
%
|
|
2,373,823
|
|
|
19,573
|
|
|
1.66
|
%
|
|
1,847,195
|
|
|
9,752
|
|
|
1.06
|
%
|
Total
interest-bearing deposits
|
7,750,986
|
|
|
20,991
|
|
|
1.09
|
%
|
|
7,799,892
|
|
|
19,772
|
|
|
1.03
|
%
|
|
6,521,123
|
|
|
10,919
|
|
|
0.67
|
%
|
|
7,775,304
|
|
|
40,763
|
|
|
1.06
|
%
|
|
6,418,190
|
|
|
18,978
|
|
|
0.60
|
%
|
Borrowed
funds
|
354,234
|
|
|
4,071
|
|
|
4.61
|
%
|
|
363,140
|
|
|
4,175
|
|
|
4.66
|
%
|
|
329,287
|
|
|
3,266
|
|
|
3.98
|
%
|
|
358,662
|
|
|
8,246
|
|
|
4.64
|
%
|
|
321,799
|
|
|
6,347
|
|
|
3.98
|
%
|
Total
interest-bearing liabilities
|
8,105,220
|
|
|
25,062
|
|
|
1.24
|
%
|
|
8,163,032
|
|
|
23,947
|
|
|
1.19
|
%
|
|
6,850,410
|
|
|
14,185
|
|
|
0.83
|
%
|
|
8,133,966
|
|
|
49,009
|
|
|
1.22
|
%
|
|
6,739,989
|
|
|
25,325
|
|
|
0.76
|
%
|
Noninterest-bearing
deposits
|
2,395,899
|
|
|
|
|
|
|
2,342,406
|
|
|
|
|
|
|
1,867,925
|
|
|
|
|
|
|
2,369,300
|
|
|
|
|
|
|
1,843,025
|
|
|
|
|
|
Other
liabilities
|
161,457
|
|
|
|
|
|
|
160,131
|
|
|
|
|
|
|
81,457
|
|
|
|
|
|
|
160,798
|
|
|
|
|
|
|
83,563
|
|
|
|
|
|
Shareholders'
equity
|
2,102,093
|
|
|
|
|
|
|
2,065,370
|
|
|
|
|
|
|
1,542,071
|
|
|
|
|
|
|
2,083,833
|
|
|
|
|
|
|
1,533,022
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,764,669
|
|
|
|
|
|
|
$
|
12,730,939
|
|
|
|
|
|
|
$
|
10,341,863
|
|
|
|
|
|
|
$
|
12,747,897
|
|
|
|
|
|
|
$
|
10,199,599
|
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
$
|
114,223
|
|
|
4.19
|
%
|
|
|
|
$
|
114,631
|
|
|
4.27
|
%
|
|
|
|
$
|
93,806
|
|
|
4.15
|
%
|
|
|
|
$
|
228,854
|
|
|
4.23
|
%
|
|
|
|
$
|
184,613
|
|
|
4.18
|
%
|
Cost of
funding
|
|
|
|
|
0.96
|
%
|
|
|
|
|
|
0.92
|
%
|
|
|
|
|
|
0.65
|
%
|
|
|
|
|
|
0.94
|
%
|
|
|
|
|
|
0.60
|
%
|
Cost of total
deposits
|
|
|
|
|
0.83
|
%
|
|
|
|
|
|
0.79
|
%
|
|
|
|
|
|
0.52
|
%
|
|
|
|
|
|
0.81
|
%
|
|
|
|
|
|
0.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
2019
|
|
2018
|
|
|
|
June
30,
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2019
|
|
2018
|
Net income
(GAAP)
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
|
$
|
91,735
|
|
|
$
|
70,536
|
|
|
Amortization of
intangibles, net of tax
|
|
1,580
|
|
|
1,622
|
|
|
1,675
|
|
|
1,393
|
|
|
1,241
|
|
|
1,284
|
|
|
|
|
3,202
|
|
|
2,525
|
|
Tangible net income
(non-GAAP)
|
|
$
|
48,205
|
|
|
$
|
46,732
|
|
|
$
|
46,095
|
|
|
$
|
33,357
|
|
|
$
|
37,951
|
|
|
$
|
35,110
|
|
|
|
|
$
|
94,937
|
|
|
$
|
73,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
|
$
|
91,735
|
|
|
$
|
70,536
|
|
|
Merger &
conversion expenses, net of tax
|
|
138
|
|
|
—
|
|
|
1,255
|
|
|
8,857
|
|
|
389
|
|
|
700
|
|
|
|
|
138
|
|
|
1,090
|
|
Net income with
exclusions (non-GAAP)
|
|
$
|
46,763
|
|
|
$
|
45,110
|
|
|
$
|
45,675
|
|
|
$
|
40,821
|
|
|
$
|
37,099
|
|
|
$
|
34,526
|
|
|
|
|
$
|
91,873
|
|
|
$
|
71,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$
|
2,102,093
|
|
|
$
|
2,065,370
|
|
|
$
|
2,021,075
|
|
|
$
|
1,712,757
|
|
|
$
|
1,542,071
|
|
|
$
|
1,523,873
|
|
|
|
|
$
|
2,083,833
|
|
|
$
|
1,533,022
|
|
|
Intangibles
|
|
974,628
|
|
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
|
975,718
|
|
|
634,022
|
|
Average tangible
s/h's equity (non-GAAP)
|
|
$
|
1,127,465
|
|
|
$
|
1,088,550
|
|
|
$
|
1,048,339
|
|
|
$
|
969,190
|
|
|
$
|
908,916
|
|
|
$
|
888,975
|
|
|
|
|
$
|
1,108,115
|
|
|
$
|
899,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
$
|
12,764,669
|
|
|
$
|
12,730,939
|
|
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
|
|
$
|
12,747,897
|
|
|
$
|
10,199,599
|
|
|
Intangibles
|
|
974,628
|
|
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
|
975,718
|
|
|
634,022
|
|
Average tangible
assets (non-GAAP)
|
|
$
|
11,790,041
|
|
|
$
|
11,754,119
|
|
|
$
|
11,740,264
|
|
|
$
|
10,533,020
|
|
|
$
|
9,708,708
|
|
|
$
|
9,420,857
|
|
|
|
|
$
|
11,772,179
|
|
|
$
|
9,565,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
|
$
|
2,119,696
|
|
|
$
|
2,088,877
|
|
|
$
|
2,043,913
|
|
|
$
|
2,010,711
|
|
|
$
|
1,558,668
|
|
|
$
|
1,532,765
|
|
|
|
|
$
|
2,119,696
|
|
|
$
|
1,558,668
|
|
|
Intangibles
|
|
973,673
|
|
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
|
973,673
|
|
|
632,311
|
|
Actual tangible s/h's
equity (non-GAAP)
|
|
$
|
1,146,023
|
|
|
$
|
1,113,151
|
|
|
$
|
1,066,120
|
|
|
$
|
1,036,596
|
|
|
$
|
926,357
|
|
|
$
|
898,860
|
|
|
|
|
$
|
1,146,023
|
|
|
$
|
926,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
$
|
12,892,653
|
|
|
$
|
12,862,395
|
|
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
|
|
$
|
12,892,653
|
|
|
$
|
10,544,475
|
|
|
Intangibles
|
|
973,673
|
|
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
|
973,673
|
|
|
632,311
|
|
Actual tangible
assets (non-GAAP)
|
|
$
|
11,918,980
|
|
|
$
|
11,886,669
|
|
|
$
|
11,957,085
|
|
|
$
|
11,772,824
|
|
|
$
|
9,912,164
|
|
|
$
|
9,604,408
|
|
|
|
|
$
|
11,918,980
|
|
|
$
|
9,912,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
|
8.90
|
%
|
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
8.88
|
%
|
|
9.28
|
%
|
|
Effect of adjustment
for intangible assets
|
|
8.25
|
%
|
|
8.55
|
%
|
|
8.72
|
%
|
|
6.25
|
%
|
|
7.20
|
%
|
|
7.02
|
%
|
|
|
|
8.40
|
%
|
|
7.11
|
%
|
Return on avg
tangible s/h's equity (non-GAAP)
|
|
17.15
|
%
|
|
17.41
|
%
|
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
|
|
17.28
|
%
|
|
16.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
|
8.90
|
%
|
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
8.88
|
%
|
|
9.28
|
%
|
|
Effect of exclusions
from net income
|
|
0.02
|
%
|
|
—
|
%
|
|
0.25
|
%
|
|
2.06
|
%
|
|
0.10
|
%
|
|
0.19
|
%
|
|
|
|
0.01
|
%
|
|
0.14
|
%
|
Return on avg s/h's
equity with excl. (non-GAAP)
|
|
8.92
|
%
|
|
8.86
|
%
|
|
8.97
|
%
|
|
9.46
|
%
|
|
9.65
|
%
|
|
9.19
|
%
|
|
|
|
8.89
|
%
|
|
9.42
|
%
|
|
Effect of adjustment
for intangible assets
|
|
8.28
|
%
|
|
8.55
|
%
|
|
8.95
|
%
|
|
7.82
|
%
|
|
7.27
|
%
|
|
7.15
|
%
|
|
|
|
8.41
|
%
|
|
7.21
|
%
|
Return on avg
tangible s/h's equity with exclusions (non-GAAP)
|
|
17.20
|
%
|
|
17.41
|
%
|
|
17.92
|
%
|
|
17.28
|
%
|
|
16.92
|
%
|
|
16.34
|
%
|
|
|
|
17.30
|
%
|
|
16.63
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
1.45
|
%
|
|
1.39
|
%
|
|
Effect of adjustment
for intangible assets
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.15
|
%
|
|
|
|
0.18
|
%
|
|
0.15
|
%
|
Return on avg
tangible assets (non-GAAP)
|
|
1.64
|
%
|
|
1.61
|
%
|
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
|
|
1.63
|
%
|
|
1.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
1.45
|
%
|
|
1.39
|
%
|
|
Effect of exclusions
from net income
|
|
—
|
%
|
|
—
|
%
|
|
0.04
|
%
|
|
0.32
|
%
|
|
0.02
|
%
|
|
0.03
|
%
|
|
|
|
—
|
%
|
|
0.03
|
%
|
Return on avg assets
with exclusions (non-GAAP)
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.43
|
%
|
|
1.44
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
|
|
1.45
|
%
|
|
1.42
|
%
|
|
Effect of adjustment
for intangible assets
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.15
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
|
|
0.18
|
%
|
|
0.14
|
%
|
Return on avg
tangible assets with exclusions (non-GAAP)
|
|
1.64
|
%
|
|
1.61
|
%
|
|
1.60
|
%
|
|
1.59
|
%
|
|
1.58
|
%
|
|
1.54
|
%
|
|
|
|
1.63
|
%
|
|
1.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to actual assets (GAAP)
|
|
16.44
|
%
|
|
16.24
|
%
|
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
|
|
16.44
|
%
|
|
14.78
|
%
|
|
Effect of adjustment
for intangible assets
|
|
6.82
|
%
|
|
6.88
|
%
|
|
6.88
|
%
|
|
6.97
|
%
|
|
5.43
|
%
|
|
5.61
|
%
|
|
|
|
6.82
|
%
|
|
5.44
|
%
|
Tangible capital
ratio (non-GAAP)
|
|
9.62
|
%
|
|
9.36
|
%
|
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
|
|
9.62
|
%
|
|
9.35
|
%
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
2019
|
|
2018
|
|
|
|
June
30,
|
|
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2019
|
|
2018
|
Interest income
(FTE)
|
|
$
|
139,285
|
|
|
$
|
138,578
|
|
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
|
|
$
|
277,863
|
|
|
$
|
209,938
|
|
|
Interest
expense
|
|
25,062
|
|
|
23,947
|
|
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
|
|
49,009
|
|
|
25,325
|
|
Net Interest income
(FTE)
|
|
$
|
114,223
|
|
|
$
|
114,631
|
|
|
$
|
116,933
|
|
|
$
|
100,880
|
|
|
$
|
93,806
|
|
|
$
|
90,807
|
|
|
|
|
$
|
228,854
|
|
|
$
|
184,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
$
|
41,960
|
|
|
$
|
35,885
|
|
|
$
|
36,374
|
|
|
$
|
38,053
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
|
|
$
|
77,845
|
|
|
$
|
69,534
|
|
|
Securities gains
(losses)
|
|
(8)
|
|
|
13
|
|
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
|
|
5
|
|
|
—
|
|
Total noninterest
income
|
|
$
|
41,968
|
|
|
$
|
35,872
|
|
|
$
|
36,374
|
|
|
$
|
38,069
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
|
|
$
|
77,840
|
|
|
$
|
69,534
|
|
Total Income
(FTE)
|
|
$
|
156,191
|
|
|
$
|
150,503
|
|
|
$
|
153,307
|
|
|
$
|
138,949
|
|
|
$
|
129,387
|
|
|
$
|
124,760
|
|
|
|
|
$
|
306,694
|
|
|
$
|
254,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
|
93,290
|
|
|
$
|
88,832
|
|
|
$
|
93,313
|
|
|
$
|
94,746
|
|
|
$
|
79,026
|
|
|
$
|
77,944
|
|
|
|
|
$
|
182,122
|
|
|
$
|
156,970
|
|
|
Amortization of
intangibles
|
|
2,053
|
|
|
2,110
|
|
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
|
|
4,163
|
|
|
3,245
|
|
|
Merger-related
expenses
|
|
179
|
|
|
—
|
|
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
|
|
179
|
|
|
1,400
|
|
Total noninterest
expense
|
|
$
|
91,058
|
|
|
$
|
86,722
|
|
|
$
|
89,519
|
|
|
$
|
81,760
|
|
|
$
|
76,932
|
|
|
$
|
75,393
|
|
|
|
|
$
|
177,780
|
|
|
$
|
152,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
|
58.30
|
%
|
|
57.62
|
%
|
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
|
|
57.97
|
%
|
|
59.94
|
%
|
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
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/renasant-announces-second-quarter-2019-results-new-hiring-bolsters-growth-outlook-300888938.html
SOURCE Renasant Corporation