TUPELO, Miss., April 23, 2019 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the first quarter of 2019. Net income for the first
quarter of 2019 was $45.1 million, as
compared to $33.8 million for the
first quarter of 2018. Basic and diluted earnings per share ("EPS")
were $0.77 for the first quarter of
2019, as compared to basic and diluted EPS of $0.69 and $0.68,
respectively, for the first quarter of 2018.
In addition, on April 23, 2019,
the Board of Directors of the Company declared a quarterly cash
dividend of $0.22 per share to be
paid on June 28, 2019 to shareholders
of record as of June 14, 2019.
The per share dividend represents a $0.01 increase from the dividend paid in the
previous quarter and the fifth dividend increase since March 31, 2016.
"We're proud of our results for the first quarter of 2019, in
which we again achieved record EPS," said Renasant Executive
Chairman, E. Robinson McGraw. "Our
strong earnings, coupled with our superior profitability metrics,
is evidence that we continue to generate robust levels of capital
at a consistent pace. Yesterday, our board approved an
increase to our quarterly cash dividend to $0.22, the third increase over the past
year. We will continue to prudently manage our capital and
take advantage of other opportunities to return value to our
shareholders."
"Our first quarter results prove our commitment to enhancing our
profitability while at the same time effectively managing
risk," said Renasant President and CEO, C. Mitchell Waycaster. "We remained disciplined
in our pricing decisions and prudent in our underwriting standards
such that we maintained a stable core margin without sacrificing
credit quality. Furthermore, we are excited about the
additional talent we have added over the last two quarters
throughout our footprint. We also intend to take advantage of
ongoing market disruptions to bring seasoned lenders and bankers to
our team, positioning us well for continued growth during
2019."
Impact of Certain Expenses and Charges
From time to time, the Company incurs expenses and charges in
connection with certain transactions with respect to which
management is unable to accurately predict when these expenses or
charges will be incurred or, when incurred, the amount of such
expenses or charges. The following table presents the impact of
these expenses and charges on reported earnings per share for the
dates presented (in thousands, except per share data):
|
Three months
ended
March 31, 2019
|
|
Three months
ended
March 31, 2018
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted
EPS
|
Earnings, as
reported
|
$
|
58,700
|
|
$
|
45,110
|
|
$
|
0.77
|
|
|
$
|
43,499
|
|
$
|
33,826
|
|
$
|
0.68
|
|
Merger and conversion
expenses
|
—
|
|
—
|
|
—
|
|
|
900
|
|
700
|
|
0.02
|
|
Earnings, with
exclusions (Non-GAAP)
|
$
|
58,700
|
|
$
|
45,110
|
|
$
|
0.77
|
|
|
$
|
44,399
|
|
$
|
34,526
|
|
$
|
0.70
|
|
A reconciliation of all non-GAAP financial measures disclosed in
this release from GAAP to non-GAAP is included in the tables at the
end of this release. The information below under the heading
"Non-GAAP Financial Measures" explains why the Company believes the
non-GAAP financial measures in this release provide useful
information and describes the other purposes for which the Company
uses non-GAAP financial measures.
Profitability Metrics
The following table presents the Company's profitability
metrics, including and excluding the impact of after-tax merger and
conversion expenses, for the dates presented:
|
As
Reported
|
Excluding merger
and conversion
expenses
(Non-GAAP)
|
|
Three Months
Ended
|
Three Months
Ended
|
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
March 31,
2019
|
December 31,
2018
|
March 31,
2018
|
Return on average
assets
|
1.44
|
%
|
1.39
|
%
|
1.36
|
%
|
1.44
|
%
|
1.43
|
%
|
1.39
|
%
|
Return on average
tangible assets
(Non-GAAP)
|
1.61
|
%
|
1.56
|
%
|
1.51
|
%
|
1.61
|
%
|
1.60
|
%
|
1.54
|
%
|
Return on average
equity
|
8.86
|
%
|
8.72
|
%
|
9.00
|
%
|
8.86
|
%
|
8.97
|
%
|
9.19
|
%
|
Return on average
tangible equity
(Non-GAAP)
|
17.41
|
%
|
17.44
|
%
|
16.02
|
%
|
17.41
|
%
|
17.92
|
%
|
16.34
|
%
|
Financial Condition
Total assets were $12.86 billion
at March 31, 2019, as compared to
$12.93 billion at December 31, 2018.
While total loans, excluding loans held for sale, at
March 31, 2019 grew only slightly
when compared to December 31, 2018,
loans not purchased increased $175.9
million to $6.57 billion at
March 31, 2019 as compared to
$6.39 billion at December 31, 2018. Loan production for the first
quarter of 2019 was $373.6 million as
compared to $396.6 million for the
same period in 2018.
Total deposits increased to $10.3
billion at March 31, 2019,
from $10.1 billion at December 31, 2018. Non-interest bearing deposits
averaged $2.3 billion, or 23.1% of
average deposits, for the first quarter of 2019, compared to
$1.8 billion, or 22.4% of average
deposits, for the same period in 2018.
At March 31, 2019, Tier 1 leverage
capital ratio was 10.44%, Common Equity Tier 1 ratio was 11.49%,
Tier 1 risk-based capital ratio was 12.55%, and total risk-based
capital ratio was 14.57%. All regulatory ratios exceed the minimums
required to be considered "well-capitalized."
Our ratio of shareholders' equity to assets was 16.24% at
March 31, 2019, as compared to 15.80%
at December 31, 2018. Our tangible
capital ratio (non-GAAP) was 9.36% at March
31, 2019, as compared to 8.92% at December 31, 2018.
The Company announced a $50.0
million stock repurchase program in October 2018 under which $42.9 million was available as of December 31, 2018. No shares were
repurchased in the first quarter of 2019. 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 $113.1
million for the first quarter of 2019, as compared to
$115.5 million for the fourth quarter
of 2018 and $89.2 million for the
first 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
|
|
March
31,
|
December
31,
|
March
31,
|
|
2019
|
2018
|
2018
|
Taxable equivalent
net interest income
|
$
|
114,631
|
|
$
|
116,933
|
|
$
|
90,807
|
|
|
|
|
|
Average earning
assets
|
$
|
10,895,205
|
|
$
|
10,952,024
|
|
$
|
8,760,679
|
|
|
|
|
|
Net interest
margin
|
4.27
|
%
|
4.24
|
%
|
4.20
|
%
|
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
127,206
|
|
$
|
127,880
|
|
$
|
95,044
|
|
|
|
|
|
Average loans,
including loans held for sale
|
$
|
9,405,066
|
|
$
|
9,548,486
|
|
$
|
7,799,290
|
|
|
|
|
|
Loan yield
|
5.49
|
%
|
5.31
|
%
|
4.94
|
%
|
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
|
|
March
31,
|
December
31,
|
March
31,
|
|
2019
|
2018
|
2018
|
Net interest income
collected on problem loans
|
$
|
812
|
|
$
|
744
|
|
$
|
358
|
|
Accretable yield
recognized on purchased loans(1)
|
7,542
|
|
7,236
|
|
6,118
|
|
Total impact to
interest income
|
$
|
8,354
|
|
$
|
7,980
|
|
$
|
6,476
|
|
|
|
|
|
Impact to total loan
yield
|
0.36
|
%
|
0.33
|
%
|
0.34
|
%
|
|
|
|
|
Impact to net
interest margin
|
0.31
|
%
|
0.29
|
%
|
0.30
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $3,833, $3,095 and
$3,358 for the three months ended March 31, 2019, December 31,
2018, and March 31, 2018, respectively. This additional interest
income increased total loan yield by 17 basis points, 13 basis
points and 17 basis points for the same periods, respectively,
while increasing net interest margin by 14 basis points, 11 basis
points and 16 basis points for the same periods,
respectively.
|
For the first quarter of 2019, the cost of total deposits was 79
basis points, as compared to 67 basis points for the fourth quarter
of 2018 and 40 basis points in the first quarter of 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
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
2019
|
|
2018
|
|
2018
|
|
2019
|
|
2018
|
|
2018
|
Noninterest-bearing
demand
|
22.30
|
%
|
|
22.71
|
%
|
|
21.52
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
45.60
|
|
|
44.89
|
|
|
46.31
|
|
|
0.85
|
|
|
0.69
|
|
|
0.35
|
|
Savings
|
6.00
|
|
|
5.82
|
|
|
6.88
|
|
|
0.19
|
|
|
0.16
|
|
|
0.11
|
|
Time
deposits
|
22.65
|
|
|
22.73
|
|
|
21.56
|
|
|
1.60
|
|
|
1.45
|
|
|
1.00
|
|
Borrowed
funds
|
3.45
|
|
|
3.85
|
|
|
3.73
|
|
|
4.66
|
|
|
4.31
|
|
|
3.98
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
0.92
|
%
|
|
0.81
|
%
|
|
0.53
|
%
|
Noninterest income for the first quarter of 2019 was
$35.9 million, as compared to
$36.4 million for the fourth quarter
of 2018 and $34.0 million for the
first quarter of 2018. Mortgage banking income for the first
quarter of 2019 was $10.4 million,
compared to $12.0 million for the
fourth quarter of 2018 and $11.0
million for the first quarter of 2018. Brand Mortgage Group,
LLC, which was divested on November 1,
2018, contributed $2.0 million
to mortgage banking income during the fourth quarter of 2018.
Noninterest expense was $88.8
million for the first quarter of 2019, as compared to
$93.3 million for the fourth quarter
of 2018 and $77.9 million for the
first 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
57.62% for the first quarter of 2019 as compared to 58.39%
for the fourth quarter of 2018 and 60.43% for the first quarter of
2018. By effectively managing expenses while at the same time
focusing on margin expansion and diversification of revenue
streams, the Company has maintained an efficiency ratio below 60%
for each of the past four quarters, which has been a long-term goal
of the Company.
Asset Quality Metrics
Total nonperforming assets were $37.2
million at March 31, 2019, as
compared to $37.0 million at
December 31, 2018, and consisted of
$27.0 million in nonperforming loans
(loans 90 days or more past due and nonaccrual loans) and
$10.2 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 $13.3
million and $5.9 million,
respectively, at March 31, 2019, as
compared to $13.1 million and
$6.2 million, respectively, at
December 31, 2018. The purchased
nonperforming assets were recorded at fair value at the time of
acquisition, which significantly mitigates the Company's actual
loss. As such, the remaining information in this release on
nonperforming loans, OREO and the related asset quality ratios
focuses on non-purchased nonperforming assets.
- Non-purchased nonperforming loans were $13.7 million, or 0.21% of total non-purchased
loans, at March 31, 2019, as compared
to $12.9 million, or 0.20% of total
non-purchased loans, at December 31,
2018. Early stage delinquencies, or loans 30-to-89 days past
due, as a percentage of total non-purchased loans were 0.35% at
March 31, 2019, as compared to 0.27%
at December 31, 2018.
- Non-purchased OREO was $4.2
million at March 31, 2019, as
compared to $4.9 million at
December 31, 2018. Non-purchased OREO
sales totaled $802 thousand in the
first quarter of 2019.
- The allowance for loan losses was 0.55% of total loans held for
investment at March 31, 2019 , as
compared to 0.54% at December 31,
2018. The allowance for loan losses was 0.76% of total
non-purchased loans at March 31,
2019, as compared to 0.77% at December 31, 2018.
-
- Net loan charge-offs were $691
thousand, or 0.03% of average loans held for investment on
an annualized basis, for the first quarter of 2019, as compared to
$584 thousand, or 0.03% of average
loans held for investment on an annualized basis, for the fourth
quarter of 2018.
- The provision for loan losses was $1.5
million for the first quarter of 2019, as compared to
$1.0 million for the fourth quarter
of 2018 and $1.8 million for the
first quarter of 2018.
CONFERENCE CALL INFORMATION:
A live audio webcast of
a conference call with analysts will be available beginning at
10:00 AM Eastern Time on Wednesday,
April 24, 2019.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst190424.html. To access
the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation First Quarter Earnings Webcast and Conference Call.
International participants should dial 1-412-902-4145 to access the
conference call.
The webcast will be archived on www.renasant.com beginning
one hour after the call and will remain accessible for one year.
Replays can also be accessed via telephone by dialing
1-877-344-7529 in the United
States and entering conference number 10130580 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until May 8, 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, net income (or earnings), with
exclusions, 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") and the efficiency ratio. These non-GAAP financial measures
adjust GAAP financial measures to exclude intangible assets and/or
certain charges (such as 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.
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
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2019
-
|
|
For The Three
Months Ending
|
|
|
|
|
2019
|
|
2018
|
|
|
Q4
2018
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
$
|
138,578
|
|
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
|
—
|
%
|
|
$
|
138,578
|
|
|
$
|
101,947
|
|
|
35.93
|
%
|
Interest
income
|
$
|
137,094
|
|
|
$
|
137,105
|
|
|
$
|
117,795
|
|
|
$
|
106,574
|
|
|
$
|
100,380
|
|
|
|
(0.01)
|
|
|
$
|
137,094
|
|
|
$
|
100,380
|
|
|
36.58
|
|
Interest
expense
|
23,947
|
|
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
|
10.62
|
|
|
23,947
|
|
|
11,140
|
|
|
114.96
|
|
|
Net interest
income
|
113,147
|
|
|
115,457
|
|
|
99,439
|
|
|
92,389
|
|
|
89,240
|
|
|
|
(2.00)
|
|
|
113,147
|
|
|
89,240
|
|
|
26.79
|
|
Provision for loan
losses
|
1,500
|
|
|
1,000
|
|
|
2,250
|
|
|
1,810
|
|
|
1,750
|
|
|
|
50.00
|
|
|
1,500
|
|
|
1,750
|
|
|
(14.29)
|
|
|
Net interest income
after provision
|
111,647
|
|
|
114,457
|
|
|
97,189
|
|
|
90,579
|
|
|
87,490
|
|
|
|
(2.46)
|
|
|
111,647
|
|
|
87,490
|
|
|
27.61
|
|
Service charges on
deposit accounts
|
9,102
|
|
|
9,069
|
|
|
8,847
|
|
|
8,271
|
|
|
8,473
|
|
|
|
0.36
|
|
|
9,102
|
|
|
8,473
|
|
|
7.42
|
|
Fees and commissions
on loans and deposits
|
6,471
|
|
|
6,322
|
|
|
5,944
|
|
|
5,917
|
|
|
5,685
|
|
|
|
2.36
|
|
|
6,471
|
|
|
5,685
|
|
|
13.83
|
|
Insurance commissions
and fees
|
2,116
|
|
|
2,014
|
|
|
2,461
|
|
|
2,110
|
|
|
2,005
|
|
|
|
5.06
|
|
|
2,116
|
|
|
2,005
|
|
|
5.54
|
|
Wealth management
revenue
|
3,324
|
|
|
3,446
|
|
|
3,386
|
|
|
3,446
|
|
|
3,262
|
|
|
|
(3.54)
|
|
|
3,324
|
|
|
3,262
|
|
|
1.90
|
|
Securities gains
(losses)
|
13
|
|
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
|
100.00
|
|
|
13
|
|
|
—
|
|
|
100.00
|
|
Mortgage banking
income
|
10,401
|
|
|
11,993
|
|
|
14,350
|
|
|
12,839
|
|
|
10,960
|
|
|
|
(13.27)
|
|
|
10,401
|
|
|
10,960
|
|
|
(5.10)
|
|
Other
|
4,458
|
|
|
3,530
|
|
|
3,081
|
|
|
2,998
|
|
|
3,568
|
|
|
|
26.29
|
|
|
4,458
|
|
|
3,568
|
|
|
24.94
|
|
|
Total noninterest
income
|
35,885
|
|
|
36,374
|
|
|
38,053
|
|
|
35,581
|
|
|
33,953
|
|
|
|
(1.34)
|
|
|
35,885
|
|
|
33,953
|
|
|
5.69
|
|
Salaries and employee
benefits
|
57,350
|
|
|
58,313
|
|
|
55,187
|
|
|
52,010
|
|
|
48,784
|
|
|
|
(1.64)
|
|
|
57,350
|
|
|
48,784
|
|
|
17.56
|
|
Data
processing
|
4,906
|
|
|
5,169
|
|
|
4,614
|
|
|
4,600
|
|
|
4,244
|
|
|
|
(5.09)
|
|
|
4,906
|
|
|
4,244
|
|
|
15.60
|
|
Occupancy and
equipment
|
11,835
|
|
|
11,816
|
|
|
10,668
|
|
|
9,805
|
|
|
9,822
|
|
|
|
0.16
|
|
|
11,835
|
|
|
9,822
|
|
|
20.49
|
|
Other real
estate
|
1,004
|
|
|
725
|
|
|
278
|
|
|
232
|
|
|
657
|
|
|
|
38.48
|
|
|
1,004
|
|
|
657
|
|
|
52.82
|
|
Amortization of
intangibles
|
2,110
|
|
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
|
(2.72)
|
|
|
2,110
|
|
|
1,651
|
|
|
27.80
|
|
Merger and conversion
related expenses
|
—
|
|
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
|
(100.00)
|
|
|
—
|
|
|
900
|
|
|
(100.00)
|
|
Other
|
11,627
|
|
|
13,496
|
|
|
11,013
|
|
|
10,285
|
|
|
11,886
|
|
|
|
(13.85)
|
|
|
11,627
|
|
|
11,886
|
|
|
(2.18)
|
|
|
Total noninterest
expense
|
88,832
|
|
|
93,313
|
|
|
94,746
|
|
|
79,026
|
|
|
77,944
|
|
|
|
(4.80)
|
|
|
88,832
|
|
|
77,944
|
|
|
13.97
|
|
Income before income
taxes
|
58,700
|
|
|
57,518
|
|
|
40,496
|
|
|
47,134
|
|
|
43,499
|
|
|
|
2.06
|
|
|
58,700
|
|
|
43,499
|
|
|
34.95
|
|
Income
taxes
|
13,590
|
|
|
13,098
|
|
|
8,532
|
|
|
10,424
|
|
|
9,673
|
|
|
|
3.76
|
|
|
13,590
|
|
|
9,673
|
|
|
40.49
|
|
|
Net
income
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
1.55
|
|
|
$
|
45,110
|
|
|
$
|
33,826
|
|
|
33.36
|
|
Basic earnings per
share
|
$
|
0.77
|
|
|
$
|
0.76
|
|
|
$
|
0.61
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
|
1.32
|
|
|
$
|
0.77
|
|
|
$
|
0.69
|
|
|
11.59
|
|
Diluted earnings per
share
|
0.77
|
|
|
0.76
|
|
|
0.61
|
|
|
0.74
|
|
|
0.68
|
|
|
|
1.32
|
|
|
0.77
|
|
|
0.68
|
|
|
13.24
|
|
Average basic shares
outstanding
|
58,585,517
|
|
|
58,623,646
|
|
|
52,472,971
|
|
|
49,413,754
|
|
|
49,356,417
|
|
|
|
(0.07)
|
|
|
58,585,517
|
|
|
49,356,417
|
|
|
18.70
|
|
Average diluted
shares outstanding
|
58,730,535
|
|
|
58,767,519
|
|
|
52,609,902
|
|
|
49,549,761
|
|
|
49,502,950
|
|
|
|
(0.06)
|
|
|
58,730,535
|
|
|
49,502,950
|
|
|
18.64
|
|
Common shares
outstanding
|
58,633,630
|
|
|
58,546,480
|
|
|
58,743,814
|
|
|
49,424,339
|
|
|
49,392,978
|
|
|
|
0.15
|
|
|
58,633,630
|
|
|
49,392,978
|
|
|
18.71
|
|
Cash dividend per
common share
|
$
|
0.21
|
|
|
$
|
0.21
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
|
—
|
|
|
$
|
0.21
|
|
|
$
|
0.19
|
|
|
10.53
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
|
8.86
|
%
|
|
9.00
|
%
|
|
|
Return on avg
tangible s/h's equity (1)
|
17.41
|
%
|
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
|
|
|
17.41
|
%
|
|
16.02
|
%
|
|
|
Return on avg
assets
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
|
1.44
|
%
|
|
1.36
|
%
|
|
|
Return on avg
tangible assets (2)
|
1.61
|
%
|
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
|
|
|
1.61
|
%
|
|
1.51
|
%
|
|
|
Net interest margin
(FTE)
|
4.27
|
%
|
|
4.24
|
%
|
|
4.07
|
%
|
|
4.15
|
%
|
|
4.20
|
%
|
|
|
|
|
4.27
|
%
|
|
4.20
|
%
|
|
|
Yield on earning
assets (FTE)
|
5.16
|
%
|
|
5.02
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.72
|
%
|
|
|
|
|
5.16
|
%
|
|
4.72
|
%
|
|
|
Cost of
funding
|
0.92
|
%
|
|
0.81
|
%
|
|
0.77
|
%
|
|
0.65
|
%
|
|
0.53
|
%
|
|
|
|
|
0.92
|
%
|
|
0.53
|
%
|
|
|
Average earning
assets to average assets
|
85.58
|
%
|
|
86.15
|
%
|
|
87.29
|
%
|
|
87.67
|
%
|
|
87.12
|
%
|
|
|
|
|
85.58
|
%
|
|
87.12
|
%
|
|
|
Average loans to
average deposits
|
89.33
|
%
|
|
89.77
|
%
|
|
91.74
|
%
|
|
91.84
|
%
|
|
94.04
|
%
|
|
|
|
|
89.33
|
%
|
|
94.04
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
1.14
|
%
|
|
1.14
|
%
|
|
1.34
|
%
|
|
1.38
|
%
|
|
1.37
|
%
|
|
|
|
|
1.14
|
%
|
|
1.37
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
penalties/merger-related expenses) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets
|
2.83
|
%
|
|
2.86
|
%
|
|
2.94
|
%
|
|
3.05
|
%
|
|
3.11
|
%
|
|
|
|
|
2.83
|
%
|
|
3.11
|
%
|
|
|
Net overhead
ratio
|
1.69
|
%
|
|
1.72
|
%
|
|
1.60
|
%
|
|
1.67
|
%
|
|
1.74
|
%
|
|
|
|
|
1.69
|
%
|
|
1.74
|
%
|
|
|
Efficiency ratio
(FTE) (4)
|
57.62
|
%
|
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
|
|
|
57.62
|
%
|
|
60.43
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2019
-
|
|
For The Three
Months Ending
|
|
|
|
|
2019
|
|
2018
|
|
|
Q4
2018
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
12,730,939
|
|
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
|
0.14
|
%
|
|
$
|
12,730,939
|
|
|
$
|
10,055,755
|
|
|
26.60
|
%
|
Earning
assets
|
10,895,205
|
|
|
10,952,023
|
|
|
9,843,870
|
|
|
9,067,016
|
|
|
8,760,679
|
|
|
|
(0.52)
|
|
|
10,895,205
|
|
|
8,760,679
|
|
|
24.36
|
|
Securities
|
1,253,224
|
|
|
1,240,283
|
|
|
1,129,010
|
|
|
1,039,947
|
|
|
833,076
|
|
|
|
1.04
|
|
|
1,253,224
|
|
|
833,076
|
|
|
50.43
|
|
Loans held for
sale
|
345,264
|
|
|
418,213
|
|
|
297,692
|
|
|
209,652
|
|
|
152,299
|
|
|
|
(17.44)
|
|
|
345,264
|
|
|
152,299
|
|
|
126.70
|
|
Loans, net of
unearned
|
9,059,802
|
|
|
9,130,273
|
|
|
8,228,053
|
|
|
7,704,221
|
|
|
7,646,991
|
|
|
|
(0.77)
|
|
|
9,059,802
|
|
|
7,646,991
|
|
|
18.48
|
|
Intangibles
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
0.42
|
|
|
976,820
|
|
|
634,898
|
|
|
53.85
|
|
Noninterest-bearing
deposits
|
$
|
2,342,406
|
|
|
$
|
2,402,422
|
|
|
$
|
2,052,226
|
|
|
$
|
1,867,925
|
|
|
$
|
1,817,848
|
|
|
|
(2.50)
|
|
|
$
|
2,342,406
|
|
|
$
|
1,817,848
|
|
|
28.86
|
|
Interest-bearing
deposits
|
7,799,892
|
|
|
7,768,724
|
|
|
6,916,699
|
|
|
6,521,123
|
|
|
6,314,114
|
|
|
|
0.40
|
|
|
7,799,892
|
|
|
6,314,114
|
|
|
23.53
|
|
Total
deposits
|
10,142,298
|
|
|
10,171,146
|
|
|
8,968,925
|
|
|
8,389,048
|
|
|
8,131,962
|
|
|
|
(0.28)
|
|
|
10,142,298
|
|
|
8,131,962
|
|
|
24.72
|
|
Borrowed
funds
|
363,140
|
|
|
407,496
|
|
|
499,054
|
|
|
329,287
|
|
|
314,228
|
|
|
|
(10.89)
|
|
|
363,140
|
|
|
314,228
|
|
|
15.57
|
|
Shareholders'
equity
|
2,065,370
|
|
|
2,021,075
|
|
|
1,712,757
|
|
|
1,542,071
|
|
|
1,523,873
|
|
|
|
2.19
|
|
|
2,065,370
|
|
|
1,523,873
|
|
|
35.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2019
-
|
|
As
of
|
|
2019
|
|
2018
|
|
|
Q4
2018
|
|
March
31,
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
12,862,395
|
|
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
|
(0.56)
|
%
|
|
$
|
12,862,395
|
|
|
$
|
10,238,313
|
|
|
25.63
|
%
|
Earning
assets
|
11,015,535
|
|
|
11,115,929
|
|
|
10,962,958
|
|
|
9,239,200
|
|
|
8,938,117
|
|
|
|
(0.90)
|
|
|
11,015,535
|
|
|
8,938,117
|
|
|
23.24
|
|
Securities
|
1,255,353
|
|
|
1,250,777
|
|
|
1,177,606
|
|
|
1,088,779
|
|
|
948,365
|
|
|
|
0.37
|
|
|
1,255,353
|
|
|
948,365
|
|
|
32.37
|
|
Loans held for
sale
|
318,563
|
|
|
411,427
|
|
|
463,287
|
|
|
245,046
|
|
|
204,472
|
|
|
|
(22.57)
|
|
|
318,563
|
|
|
204,472
|
|
|
55.80
|
|
Non purchased
loans
|
6,565,599
|
|
|
6,389,712
|
|
|
6,210,238
|
|
|
6,057,766
|
|
|
5,830,122
|
|
|
|
2.75
|
|
|
6,565,599
|
|
|
5,830,122
|
|
|
12.62
|
|
Purchased
loans
|
2,522,694
|
|
|
2,693,417
|
|
|
2,912,669
|
|
|
1,709,891
|
|
|
1,867,948
|
|
|
|
(6.34)
|
|
|
2,522,694
|
|
|
1,867,948
|
|
|
35.05
|
|
|
Total
loans
|
9,088,293
|
|
|
9,083,129
|
|
|
9,122,907
|
|
|
7,767,657
|
|
|
7,698,070
|
|
|
|
0.06
|
|
|
9,088,293
|
|
|
7,698,070
|
|
|
18.06
|
|
Intangibles
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
(0.21)
|
|
|
975,726
|
|
|
633,905
|
|
|
53.92
|
|
Noninterest-bearing
deposits
|
$
|
2,366,223
|
|
|
$
|
2,318,706
|
|
|
$
|
2,359,859
|
|
|
$
|
1,888,561
|
|
|
$
|
1,861,136
|
|
|
|
2.05
|
|
|
$
|
2,366,223
|
|
|
$
|
1,861,136
|
|
|
27.14
|
|
Interest-bearing
deposits
|
7,902,689
|
|
|
7,809,851
|
|
|
7,812,089
|
|
|
6,492,159
|
|
|
6,496,633
|
|
|
|
1.19
|
|
|
7,902,689
|
|
|
6,496,633
|
|
|
21.64
|
|
|
Total
deposits
|
10,268,912
|
|
|
10,128,557
|
|
|
10,171,948
|
|
|
8,380,720
|
|
|
8,357,769
|
|
|
|
1.39
|
|
|
10,268,912
|
|
|
8,357,769
|
|
|
22.87
|
|
Borrowed
funds
|
350,859
|
|
|
651,324
|
|
|
439,516
|
|
|
520,747
|
|
|
265,191
|
|
|
|
(46.13)
|
|
|
350,859
|
|
|
265,191
|
|
|
32.30
|
|
Shareholders'
equity
|
2,088,877
|
|
|
2,043,913
|
|
|
2,010,711
|
|
|
1,558,668
|
|
|
1,532,765
|
|
|
|
2.20
|
|
|
2,088,877
|
|
|
1,532,765
|
|
|
36.28
|
|
Market value per
common share
|
$
|
33.85
|
|
|
$
|
30.18
|
|
|
$
|
41.21
|
|
|
$
|
45.52
|
|
|
$
|
42.56
|
|
|
|
12.16
|
|
|
$
|
33.85
|
|
|
$
|
42.56
|
|
|
(20.47)
|
|
Book value per common
share
|
35.63
|
|
|
34.91
|
|
|
34.23
|
|
|
31.54
|
|
|
31.03
|
|
|
|
2.06
|
|
|
35.63
|
|
|
31.03
|
|
|
14.82
|
|
Tangible book value
per common share
|
18.98
|
|
|
18.21
|
|
|
17.65
|
|
|
18.74
|
|
|
18.20
|
|
|
|
4.23
|
|
|
18.98
|
|
|
18.20
|
|
|
4.29
|
|
Shareholders' equity
to assets (actual)
|
16.24
|
%
|
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
|
|
|
16.24
|
%
|
|
14.97
|
%
|
|
|
Tangible capital
ratio (3)
|
9.36
|
%
|
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
|
|
|
9.36
|
%
|
|
9.36
|
%
|
|
|
Leverage
ratio
|
10.44
|
%
|
|
10.11
|
%
|
|
9.85
|
%
|
|
10.63
|
%
|
|
10.61
|
%
|
|
|
|
|
10.44
|
%
|
|
10.61
|
%
|
|
|
Common equity tier 1
capital ratio
|
11.49
|
%
|
|
11.05
|
%
|
|
10.80
|
%
|
|
11.71
|
%
|
|
11.38
|
%
|
|
|
|
|
11.49
|
%
|
|
11.38
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
12.55
|
%
|
|
12.10
|
%
|
|
11.84
|
%
|
|
12.73
|
%
|
|
12.41
|
%
|
|
|
|
|
12.55
|
%
|
|
12.41
|
%
|
|
|
Total risk-based
capital ratio
|
14.57
|
%
|
|
14.12
|
%
|
|
13.85
|
%
|
|
14.75
|
%
|
|
14.44
|
%
|
|
|
|
|
14.57
|
%
|
|
14.44
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2019
-
|
|
As
of
|
|
|
|
|
2019
|
|
2018
|
|
|
Q4
2018
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Non purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
921,081
|
|
$
|
875,649
|
|
|
$
|
817,799
|
|
|
$
|
790,363
|
|
|
$
|
803,146
|
|
|
|
5.19
|
%
|
|
$
|
921,081
|
|
|
$
|
803,146
|
|
|
14.68
|
%
|
Lease
Financing
|
58,651
|
|
61,865
|
|
|
54,272
|
|
|
52,423
|
|
|
52,536
|
|
|
|
(5.20)
|
|
|
58,651
|
|
|
52,536
|
|
|
11.64
|
|
Real estate-
construction
|
651,119
|
|
635,519
|
|
|
624,892
|
|
|
642,380
|
|
|
582,430
|
|
|
|
2.45
|
|
|
651,119
|
|
|
582,430
|
|
|
11.79
|
|
Real estate - 1-4
family mortgages
|
2,114,908
|
|
2,087,890
|
|
|
2,000,770
|
|
|
1,912,450
|
|
|
1,785,271
|
|
|
|
1.29
|
|
|
2,114,908
|
|
|
1,785,271
|
|
|
18.46
|
|
Real estate -
commercial mortgages
|
2,726,186
|
|
2,628,365
|
|
|
2,609,510
|
|
|
2,554,955
|
|
|
2,503,680
|
|
|
|
3.72
|
|
|
2,726,186
|
|
|
2,503,680
|
|
|
8.89
|
|
Installment loans to
individuals
|
93,654
|
|
100,424
|
|
|
102,995
|
|
|
105,195
|
|
|
103,059
|
|
|
|
(6.74)
|
|
|
93,654
|
|
|
103,059
|
|
|
(9.13)
|
|
Loans, net of
unearned
|
$
|
6,565,599
|
|
$
|
6,389,712
|
|
|
$
|
6,210,238
|
|
|
$
|
6,057,766
|
|
|
$
|
5,830,122
|
|
|
|
2.75
|
|
|
$
|
6,565,599
|
|
|
$
|
5,830,122
|
|
|
12.62
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
$
|
387,376
|
|
$
|
420,263
|
|
|
$
|
495,545
|
|
|
$
|
197,455
|
|
|
$
|
243,672
|
|
|
|
(7.83)
|
|
|
$
|
387,376
|
|
|
$
|
243,672
|
|
|
58.97
|
|
Lease
Financing
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
89,954
|
|
105,149
|
|
|
112,093
|
|
|
70,438
|
|
|
75,061
|
|
|
|
(14.45)
|
|
|
89,954
|
|
|
75,061
|
|
|
19.84
|
|
Real estate - 1-4
family mortgages
|
654,265
|
|
707,453
|
|
|
761,913
|
|
|
520,649
|
|
|
572,830
|
|
|
|
(7.52)
|
|
|
654,265
|
|
|
572,830
|
|
|
14.22
|
|
Real estate -
commercial mortgages
|
1,357,446
|
|
1,423,144
|
|
|
1,503,075
|
|
|
906,219
|
|
|
960,273
|
|
|
|
(4.62)
|
|
|
1,357,446
|
|
|
960,273
|
|
|
41.36
|
|
Installment loans to
individuals
|
33,653
|
|
37,408
|
|
|
40,043
|
|
|
15,130
|
|
|
16,112
|
|
|
|
(10.04)
|
|
|
33,653
|
|
|
16,112
|
|
|
108.87
|
|
Loans, net of
unearned
|
$
|
2,522,694
|
|
$
|
2,693,417
|
|
|
$
|
2,912,669
|
|
|
$
|
1,709,891
|
|
|
$
|
1,867,948
|
|
|
|
(6.34)
|
|
|
$
|
2,522,694
|
|
|
$
|
1,867,948
|
|
|
35.05
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
12,507
|
|
$
|
10,218
|
|
|
$
|
9,696
|
|
|
$
|
8,921
|
|
|
$
|
9,403
|
|
|
|
22.40
|
|
|
$
|
12,507
|
|
|
$
|
9,403
|
|
|
33.01
|
|
Loans 90 past due or
more
|
1,192
|
|
2,685
|
|
|
3,806
|
|
|
2,190
|
|
|
3,605
|
|
|
|
(55.61)
|
|
|
1,192
|
|
|
3,605
|
|
|
(66.93)
|
|
Nonperforming
loans
|
13,699
|
|
12,903
|
|
|
13,502
|
|
|
11,111
|
|
|
13,008
|
|
|
|
6.17
|
|
|
13,699
|
|
|
13,008
|
|
|
5.31
|
|
Other real estate
owned
|
4,223
|
|
4,853
|
|
|
4,665
|
|
|
4,698
|
|
|
4,801
|
|
|
|
(12.98)
|
|
|
4,223
|
|
|
4,801
|
|
|
(12.04)
|
|
Nonperforming
assets
|
$
|
17,922
|
|
$
|
17,756
|
|
|
$
|
18,167
|
|
|
$
|
15,809
|
|
|
$
|
17,809
|
|
|
|
0.93
|
|
|
$
|
17,922
|
|
|
$
|
17,809
|
|
|
0.63
|
|
Purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
7,828
|
|
$
|
5,836
|
|
|
$
|
4,809
|
|
|
$
|
4,561
|
|
|
$
|
5,340
|
|
|
|
34.13
|
|
|
$
|
7,828
|
|
|
$
|
5,340
|
|
|
46.59
|
|
Loans 90 past due or
more
|
5,436
|
|
7,232
|
|
|
7,960
|
|
|
5,491
|
|
|
4,564
|
|
|
|
(24.83)
|
|
|
5,436
|
|
|
4,564
|
|
|
19.11
|
|
Nonperforming
loans
|
13,264
|
|
13,068
|
|
|
12,769
|
|
|
10,052
|
|
|
9,904
|
|
|
|
1.50
|
|
|
13,264
|
|
|
9,904
|
|
|
33.93
|
|
Other real estate
owned
|
5,932
|
|
6,187
|
|
|
7,932
|
|
|
9,006
|
|
|
9,754
|
|
|
|
(4.12)
|
|
|
5,932
|
|
|
9,754
|
|
|
(39.18)
|
|
Nonperforming
assets
|
$
|
19,196
|
|
$
|
19,255
|
|
|
$
|
20,701
|
|
|
$
|
19,058
|
|
|
$
|
19,658
|
|
|
|
(0.31)
|
|
|
$
|
19,196
|
|
|
$
|
19,658
|
|
|
(2.35)
|
|
Net loan charge-offs
(recoveries)
|
$
|
691
|
|
$
|
584
|
|
|
$
|
995
|
|
|
$
|
856
|
|
|
$
|
1,560
|
|
|
|
18.32
|
|
|
$
|
691
|
|
|
$
|
1,560
|
|
|
(55.71)
|
|
Allowance for loan
losses
|
$
|
49,835
|
|
$
|
49,026
|
|
|
$
|
48,610
|
|
|
$
|
47,355
|
|
|
$
|
46,401
|
|
|
|
1.65
|
|
|
$
|
49,835
|
|
|
$
|
46,401
|
|
|
7.40
|
|
Annualized net loan
charge-offs / average loans
|
0.03
|
|
0.03
|
%
|
|
0.05
|
%
|
|
0.04
|
%
|
|
0.08
|
%
|
|
|
|
|
0.03
|
%
|
|
0.08
|
%
|
|
|
Nonperforming loans /
total loans*
|
0.30
|
|
0.29
|
%
|
|
0.29
|
%
|
|
0.27
|
%
|
|
0.30
|
%
|
|
|
|
|
0.30
|
%
|
|
0.30
|
%
|
|
|
Nonperforming assets
/ total assets*
|
0.29
|
|
0.29
|
%
|
|
0.30
|
%
|
|
0.33
|
%
|
|
0.37
|
%
|
|
|
|
|
0.29
|
%
|
|
0.37
|
%
|
|
|
Allowance for loan
losses / total loans*
|
0.55
|
|
0.54
|
%
|
|
0.53
|
%
|
|
0.61
|
%
|
|
0.60
|
%
|
|
|
|
|
0.55
|
%
|
|
0.60
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
184.83
|
|
188.77
|
%
|
|
185.03
|
%
|
|
223.76
|
%
|
|
202.52
|
%
|
|
|
|
|
184.83
|
%
|
|
202.52
|
%
|
|
|
Nonperforming loans /
total loans**
|
0.21
|
|
0.20
|
%
|
|
0.22
|
%
|
|
0.18
|
%
|
|
0.22
|
%
|
|
|
|
|
0.21
|
%
|
|
0.22
|
%
|
|
|
Nonperforming assets
/ total assets**
|
0.14
|
|
0.14
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
|
|
|
0.14
|
%
|
|
0.17
|
%
|
|
|
Allowance for loan
losses / total loans**
|
0.76
|
|
0.77
|
%
|
|
0.78
|
%
|
|
0.78
|
%
|
|
0.80
|
%
|
|
|
|
|
0.76
|
%
|
|
0.80
|
%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
363.79
|
|
379.96
|
%
|
|
360.02
|
%
|
|
426.20
|
%
|
|
356.71
|
%
|
|
|
|
|
363.79
|
%
|
|
356.71
|
%
|
|
|
*Based on all assets
(includes purchased assets)
|
|
|
|
|
|
|
|
|
|
**Excludes all
purchased assets
|
|
|
|
|
|
|
|
|
|
**Excludes all
purchased assets
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending
|
|
March 31,
2019
|
|
December 31,
2018
|
|
March 31,
2018
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
|
Average
|
|
Interest
|
|
Yield/
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
Balance
|
Income/
|
Rate
|
|
Expense
|
|
|
Expense
|
|
|
Expense
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
purchased
|
$
|
6,454,870
|
|
|
$
|
81,184
|
|
|
5.10
|
%
|
|
$
|
6,318,434
|
|
|
$
|
78,633
|
|
|
4.94
|
%
|
|
$
|
5,689,210
|
|
|
$
|
64,611
|
|
|
4.61
|
%
|
Purchased
|
2,604,932
|
|
|
40,185
|
|
|
6.26
|
%
|
|
2,811,839
|
|
|
44,070
|
|
|
6.22
|
%
|
|
1,957,781
|
|
|
28,762
|
|
|
5.96
|
%
|
Total
loans
|
9,059,802
|
|
|
121,369
|
|
|
5.43
|
%
|
|
9,130,273
|
|
|
122,703
|
|
|
5.33
|
%
|
|
7,646,991
|
|
|
93,373
|
|
|
4.95
|
%
|
Loans held for
sale
|
345,264
|
|
|
5,837
|
|
|
6.86
|
%
|
|
418,213
|
|
|
5,177
|
|
|
4.91
|
%
|
|
152,299
|
|
|
1,671
|
|
|
4.45
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(1)
|
1,061,983
|
|
|
7,892
|
|
|
3.01
|
%
|
|
1,033,288
|
|
|
7,587
|
|
|
2.91
|
%
|
|
606,642
|
|
|
3,914
|
|
|
2.62
|
%
|
Tax-exempt
|
191,241
|
|
|
2,022
|
|
|
4.29
|
%
|
|
206,996
|
|
|
2,184
|
|
|
4.19
|
%
|
|
226,434
|
|
|
2,406
|
|
|
4.31
|
%
|
Total
securities
|
1,253,224
|
|
|
9,914
|
|
|
3.21
|
%
|
|
1,240,284
|
|
|
9,771
|
|
|
3.13
|
%
|
|
833,076
|
|
|
6,320
|
|
|
3.08
|
%
|
Interest-bearing
balances with banks
|
236,915
|
|
|
1,458
|
|
|
2.50
|
%
|
|
163,254
|
|
|
930
|
|
|
2.26
|
%
|
|
128,313
|
|
|
583
|
|
|
1.84
|
%
|
Total
interest-earning assets
|
10,895,205
|
|
|
138,578
|
|
|
5.16
|
%
|
|
10,952,024
|
|
|
138,581
|
|
|
5.02
|
%
|
|
8,760,679
|
|
|
101,947
|
|
|
4.72
|
%
|
Cash and due from
banks
|
191,863
|
|
|
|
|
|
|
177,601
|
|
|
|
|
|
|
163,141
|
|
|
|
|
|
Intangible
assets
|
976,820
|
|
|
|
|
|
|
972,736
|
|
|
|
|
|
|
634,898
|
|
|
|
|
|
Other
assets
|
667,051
|
|
|
|
|
|
|
610,639
|
|
|
|
|
|
|
497,037
|
|
|
|
|
|
Total
assets
|
$
|
12,730,939
|
|
|
|
|
|
|
$
|
12,713,000
|
|
|
|
|
|
|
$
|
10,055,755
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(2)
|
$
|
4,790,184
|
|
|
$
|
10,074
|
|
|
0.85
|
%
|
|
$
|
4,748,320
|
|
|
$
|
8,201
|
|
|
0.69
|
%
|
|
$
|
3,911,802
|
|
|
$
|
3,407
|
|
|
0.35
|
%
|
Savings
deposits
|
630,671
|
|
|
292
|
|
|
0.19
|
%
|
|
615,812
|
|
|
256
|
|
|
0.16
|
%
|
|
581,194
|
|
|
151
|
|
|
0.11
|
%
|
Time
deposits
|
2,379,037
|
|
|
9,406
|
|
|
1.60
|
%
|
|
2,404,592
|
|
|
8,769
|
|
|
1.45
|
%
|
|
1,821,118
|
|
|
4,501
|
|
|
1.00
|
%
|
Total
interest-bearing deposits
|
7,799,892
|
|
|
19,772
|
|
|
1.03
|
%
|
|
7,768,724
|
|
|
17,226
|
|
|
0.88
|
%
|
|
6,314,114
|
|
|
8,059
|
|
|
0.52
|
%
|
Borrowed
funds
|
363,140
|
|
|
4,175
|
|
|
4.66
|
%
|
|
407,496
|
|
|
4,422
|
|
|
4.31
|
%
|
|
314,228
|
|
|
3,081
|
|
|
3.98
|
%
|
Total
interest-bearing liabilities
|
8,163,032
|
|
|
23,947
|
|
|
1.19
|
%
|
|
8,176,220
|
|
|
21,648
|
|
|
1.05
|
%
|
|
6,628,342
|
|
|
11,140
|
|
|
0.68
|
%
|
Noninterest-bearing
deposits
|
2,342,406
|
|
|
|
|
|
|
2,402,422
|
|
|
|
|
|
|
1,817,848
|
|
|
|
|
|
Other
liabilities
|
160,131
|
|
|
|
|
|
|
113,283
|
|
|
|
|
|
|
85,692
|
|
|
|
|
|
Shareholders'
equity
|
2,065,370
|
|
|
|
|
|
|
2,021,075
|
|
|
|
|
|
|
1,523,873
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,730,939
|
|
|
|
|
|
|
$
|
12,713,000
|
|
|
|
|
|
|
$
|
10,055,755
|
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
$
|
114,631
|
|
|
4.27
|
%
|
|
|
|
$
|
116,933
|
|
|
4.24
|
%
|
|
|
|
$
|
90,807
|
|
|
4.20
|
%
|
Cost of
funding
|
|
|
|
|
0.92
|
%
|
|
|
|
|
|
0.81
|
%
|
|
|
|
|
|
0.53
|
%
|
Cost of total
deposits
|
|
|
|
|
0.79
|
%
|
|
|
|
|
|
0.67
|
%
|
|
|
|
|
|
0.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
2019
|
|
2018
|
|
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2019
|
|
2018
|
Net income
(GAAP)
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
|
$
|
45,110
|
|
|
$
|
33,826
|
|
|
Amortization of
intangibles, net of tax
|
1,622
|
|
|
1,675
|
|
|
1,393
|
|
|
1,241
|
|
|
1,284
|
|
|
|
|
1,622
|
|
|
1,284
|
|
Tangible net income
(non-GAAP)
|
$
|
46,732
|
|
|
$
|
46,095
|
|
|
$
|
33,357
|
|
|
$
|
37,951
|
|
|
$
|
35,110
|
|
|
|
|
$
|
46,732
|
|
|
$
|
35,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
|
$
|
45,110
|
|
|
$
|
33,826
|
|
|
Merger &
conversion expenses, net of tax
|
—
|
|
|
1,255
|
|
|
8,857
|
|
|
389
|
|
|
700
|
|
|
|
|
—
|
|
|
700
|
|
Net income with
exclusions (non-GAAP)
|
$
|
45,110
|
|
|
$
|
45,675
|
|
|
$
|
40,821
|
|
|
$
|
37,099
|
|
|
$
|
34,526
|
|
|
|
|
$
|
45,110
|
|
|
$
|
34,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
$
|
2,065,370
|
|
|
$
|
2,021,075
|
|
|
$
|
1,712,757
|
|
|
$
|
1,542,071
|
|
|
$
|
1,523,873
|
|
|
|
|
$
|
2,065,370
|
|
|
$
|
1,523,873
|
|
|
Intangibles
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
|
976,820
|
|
|
634,898
|
|
Average tangible
s/h's equity (non-GAAP)
|
$
|
1,088,550
|
|
|
$
|
1,048,339
|
|
|
$
|
969,190
|
|
|
$
|
908,916
|
|
|
$
|
888,975
|
|
|
|
|
$
|
1,088,550
|
|
|
$
|
888,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
$
|
12,730,939
|
|
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
|
|
$
|
12,730,939
|
|
|
$
|
10,055,755
|
|
|
Intangibles
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
|
976,820
|
|
|
634,898
|
|
Average tangible
assets (non-GAAP)
|
$
|
11,754,119
|
|
|
$
|
11,740,264
|
|
|
$
|
10,533,020
|
|
|
$
|
9,708,708
|
|
|
$
|
9,420,857
|
|
|
|
|
$
|
11,754,119
|
|
|
$
|
9,420,857
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
$
|
2,088,877
|
|
|
$
|
2,043,913
|
|
|
$
|
2,010,711
|
|
|
$
|
1,558,668
|
|
|
$
|
1,532,765
|
|
|
|
|
$
|
2,088,877
|
|
|
$
|
1,532,765
|
|
|
Intangibles
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
|
975,726
|
|
|
633,905
|
|
Actual tangible s/h's
equity (non-GAAP)
|
$
|
1,113,151
|
|
|
$
|
1,066,120
|
|
|
$
|
1,036,596
|
|
|
$
|
926,357
|
|
|
$
|
898,860
|
|
|
|
|
$
|
1,113,151
|
|
|
$
|
898,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
$
|
12,862,395
|
|
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
|
|
$
|
12,862,395
|
|
|
$
|
10,238,313
|
|
|
Intangibles
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
|
975,726
|
|
|
633,905
|
|
Actual tangible
assets (non-GAAP)
|
$
|
11,886,669
|
|
|
$
|
11,957,085
|
|
|
$
|
11,772,824
|
|
|
$
|
9,912,164
|
|
|
$
|
9,604,408
|
|
|
|
|
$
|
11,886,669
|
|
|
$
|
9,604,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
8.86
|
%
|
|
9.00
|
%
|
|
Effect of adjustment
for intangible assets
|
8.55
|
%
|
|
8.72
|
%
|
|
6.25
|
%
|
|
7.20
|
%
|
|
7.02
|
%
|
|
|
|
8.55
|
%
|
|
7.02
|
%
|
Return on avg
tangible s/h's equity (non-GAAP)
|
17.41
|
%
|
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
|
|
17.41
|
%
|
|
16.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
8.86
|
%
|
|
9.00
|
%
|
|
Effect of exclusions
from net income
|
—
|
%
|
|
0.25
|
%
|
|
2.06
|
%
|
|
0.10
|
%
|
|
0.19
|
%
|
|
|
|
—
|
%
|
|
0.19
|
%
|
Return on avg s/h's
equity with excl. (non-GAAP)
|
8.86
|
%
|
|
8.97
|
%
|
|
9.46
|
%
|
|
9.65
|
%
|
|
9.19
|
%
|
|
|
|
8.86
|
%
|
|
9.19
|
%
|
|
Effect of adjustment
for intangible assets
|
8.55
|
%
|
|
8.95
|
%
|
|
7.82
|
%
|
|
7.27
|
%
|
|
7.15
|
%
|
|
|
|
8.55
|
%
|
|
7.15
|
%
|
Return on avg
tangible s/h's equity with exclusions (non-GAAP)
|
17.41
|
%
|
|
17.92
|
%
|
|
17.28
|
%
|
|
16.92
|
%
|
|
16.34
|
%
|
|
|
|
17.41
|
%
|
|
16.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
1.44
|
%
|
|
1.36
|
%
|
|
Effect of adjustment
for intangible assets
|
0.17
|
%
|
|
0.17
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.15
|
%
|
|
|
|
0.17
|
%
|
|
0.15
|
%
|
Return on avg
tangible assets (non-GAAP)
|
1.61
|
%
|
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
|
|
1.61
|
%
|
|
1.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
1.44
|
%
|
|
1.36
|
%
|
|
Effect of exclusions
from net income
|
—
|
%
|
|
0.04
|
%
|
|
0.32
|
%
|
|
0.02
|
%
|
|
0.03
|
%
|
|
|
|
—
|
%
|
|
0.03
|
%
|
Return on avg assets
with exclusions (non-GAAP)
|
1.44
|
%
|
|
1.43
|
%
|
|
1.44
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
|
|
1.44
|
%
|
|
1.39
|
%
|
|
Effect of adjustment
for intangible assets
|
0.17
|
%
|
|
0.17
|
%
|
|
0.15
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
|
|
0.17
|
%
|
|
0.15
|
%
|
Return on avg
tangible assets with exclusions (non-GAAP)
|
1.61
|
%
|
|
1.60
|
%
|
|
1.59
|
%
|
|
1.58
|
%
|
|
1.54
|
%
|
|
|
|
1.61
|
%
|
|
1.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to actual assets (GAAP)
|
16.24
|
%
|
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
|
|
16.24
|
%
|
|
14.97
|
%
|
|
Effect of adjustment
for intangible assets
|
6.88
|
%
|
|
6.88
|
%
|
|
6.97
|
%
|
|
5.43
|
%
|
|
5.61
|
%
|
|
|
|
6.88
|
%
|
|
5.61
|
%
|
Tangible capital
ratio (non-GAAP)
|
9.36
|
%
|
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
|
|
9.36
|
%
|
|
9.36
|
%
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
2019
|
|
2018
|
|
|
|
March
31,
|
|
|
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2019
|
|
2018
|
Interest income
(FTE)
|
$
|
138,578
|
|
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
|
|
$
|
138,578
|
|
|
$
|
101,947
|
|
|
Interest
expense
|
23,947
|
|
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
|
|
23,947
|
|
|
11,140
|
|
Net Interest income
(FTE)
|
$
|
114,631
|
|
|
$
|
116,933
|
|
|
$
|
100,880
|
|
|
$
|
93,806
|
|
|
$
|
90,807
|
|
|
|
|
$
|
114,631
|
|
|
$
|
90,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
$
|
35,885
|
|
|
$
|
36,374
|
|
|
$
|
38,053
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
|
|
$
|
35,885
|
|
|
$
|
33,953
|
|
|
Securities gains
(losses)
|
13
|
|
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
|
|
13
|
|
|
—
|
|
Total noninterest
income
|
$
|
35,872
|
|
|
$
|
36,374
|
|
|
$
|
38,069
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
|
|
$
|
35,872
|
|
|
$
|
33,953
|
|
Total Income
(FTE)
|
$
|
150,503
|
|
|
$
|
153,307
|
|
|
$
|
138,949
|
|
|
$
|
129,387
|
|
|
$
|
124,760
|
|
|
|
|
$
|
150,503
|
|
|
$
|
124,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
$
|
88,832
|
|
|
$
|
93,313
|
|
|
$
|
94,746
|
|
|
$
|
79,026
|
|
|
$
|
77,944
|
|
|
|
|
$
|
88,832
|
|
|
$
|
77,944
|
|
|
Amortization of
intangibles
|
2,110
|
|
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
|
|
2,110
|
|
|
1,651
|
|
|
Merger-related
expenses
|
—
|
|
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
|
|
—
|
|
|
900
|
|
Total noninterest
expense
|
$
|
86,722
|
|
|
$
|
89,519
|
|
|
$
|
81,760
|
|
|
$
|
76,932
|
|
|
$
|
75,393
|
|
|
|
|
$
|
86,722
|
|
|
$
|
75,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Efficiency
Ratio
|
57.62
|
%
|
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
|
|
57.62
|
%
|
|
60.43
|
%
|
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SOURCE Renasant Corporation