TUPELO, Miss., Oct. 21, 2019 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) (the "Company") today announced earnings
results for the third quarter of 2019. Net income for the third
quarter of 2019 was $37.4 million, as
compared to $32.0 million for the
third quarter of 2018. Basic and diluted earnings per share ("EPS")
were $0.65 and $0.64, respectively, for the third quarter of
2019, as compared to basic and diluted EPS of $0.61 for the third quarter of 2018.
Net income for the nine months ending September 30, 2019, was $129.2 million, as compared to $102.5 million for the same period in 2018. Basic
and diluted EPS were $2.21 for the
first nine months of 2019, as compared to basic and diluted EPS of
$2.03 for the same period in
2018.
"We closed the quarter with solid results and maintained strong
performance ratios despite feeling the impact from Durbin for the
first time," said Renasant Chairman, E.
Robinson McGraw. "We completed our previously announced
$50 million share repurchase program
in early October and our Board approved another $50 million share repurchase program.
Additionally during the third quarter, we redeemed the subordinated
notes we assumed as part of the Brand acquisition. The
repurchase programs support our strategy of returning capital to
our shareholders while also maintaining a strong capital
position."
The Company continues to capitalize on market disruption across
its footprint by hiring new production team members. The Company's
net income for the third quarter and first nine months of 2019
includes approximately $2.6 million
and $3.7 million, respectively, in
after-tax expense related to team members that have joined the
Company in the first nine months of 2019. The expense related
to these strategic hires decreased diluted EPS by $0.05 and $0.07,
respectively, for the quarter and the nine months ended
September 30, 2019.
"The third quarter results were highlighted by strong loan
growth and a continued focus on growing non-interest bearing
deposits," commented C. Mitchell
Waycaster, Renasant President and Chief Executive Officer.
"Our team did a tremendous job of executing our growth strategy
during the quarter, even as accelerated payoffs remain at record
levels for the Company. The legacy production team had a very
strong quarter, and we are on track with the plan previously laid
out for our new production team members."
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
September 30, 2019
|
|
Three months
ended
September 30, 2018
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted EPS
|
Earnings, as
reported
|
$
|
48,578
|
|
$
|
37,446
|
|
$
|
0.64
|
|
|
$
|
40,496
|
|
$
|
31,964
|
|
$
|
0.61
|
|
Merger and conversion
expenses
|
24
|
|
19
|
|
—
|
|
|
11,221
|
|
8,857
|
|
0.17
|
|
Debt prepayment
penalty
|
54
|
|
41
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
MSR valuation
adjustment
|
3,132
|
|
2,414
|
|
0.04
|
|
|
—
|
|
—
|
|
—
|
|
Earnings, with
exclusions (Non-GAAP)
|
$
|
51,788
|
|
$
|
39,920
|
|
$
|
0.68
|
|
|
$
|
51,717
|
|
$
|
40,821
|
|
$
|
0.78
|
|
|
Nine months
ended
September 30,
2019
|
|
Nine months
ended
September 30,
2018
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted EPS
|
|
Pre-tax
|
After-tax
|
Impact to
Diluted EPS
|
Earnings, as
reported
|
$
|
167,848
|
|
$
|
129,181
|
|
$
|
2.21
|
|
|
$
|
131,129
|
|
$
|
102,500
|
|
$
|
2.03
|
|
Merger and conversion
expenses
|
203
|
|
157
|
|
—
|
|
|
12,621
|
|
9,866
|
|
0.20
|
|
Debt prepayment
penalty
|
54
|
|
41
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
MSR valuation
adjustment
|
3,132
|
|
2,410
|
|
0.04
|
|
|
—
|
|
—
|
|
—
|
|
Earnings, with
exclusions (Non-GAAP)
|
$
|
171,237
|
|
$
|
131,789
|
|
$
|
2.25
|
|
|
$
|
143,750
|
|
$
|
112,366
|
|
$
|
2.23
|
|
A reconciliation of all non-GAAP financial measures disclosed in
this release from GAAP to non-GAAP is included in the tables at the
end of this release. The information below under the heading
"Non-GAAP Financial Measures" explains why the Company believes the
non-GAAP financial measures in this release provide useful
information and describes the other purposes for which the Company
uses non-GAAP financial measures.
Profitability Metrics
The following table presents the Company's profitability
metrics, including and excluding the impact of after-tax merger and
conversion expenses, debt prepayment penalties and mortgage
servicing rights (MSR) valuation adjustment, as applicable, for the
dates presented:
|
As
Reported
|
With
Exclusions
(Non-GAAP)
|
|
Three Months
Ended
|
Three Months
Ended
|
|
September 30,
2019
|
June 30,
2019
|
September 30,
2018
|
September 30,
2019
|
June 30,
2019
|
September 30,
2018
|
Return on average
assets
|
1.16
|
%
|
1.47
|
%
|
1.12
|
%
|
1.23
|
%
|
1.47
|
%
|
1.44
|
%
|
Return on average
tangible assets (Non-GAAP)
|
1.30
|
%
|
1.64
|
%
|
1.26
|
%
|
1.39
|
%
|
1.64
|
%
|
1.59
|
%
|
Return on average
equity
|
6.97
|
%
|
8.90
|
%
|
7.40
|
%
|
7.43
|
%
|
8.92
|
%
|
9.46
|
%
|
Return on average
tangible equity (Non-GAAP)
|
13.38
|
%
|
17.15
|
%
|
13.65
|
%
|
14.23
|
%
|
17.20
|
%
|
17.28
|
%
|
|
As
Reported
|
With
Exclusions
(Non-GAAP)
|
|
Nine Months
Ended
|
Nine Months
Ended
|
|
September 30,
2019
|
|
September 30,
2018
|
September 30,
2019
|
|
September 30,
2018
|
Return on average
assets
|
1.35
|
%
|
|
1.30
|
%
|
1.38
|
%
|
|
1.42
|
%
|
Return on average
tangible assets (Non-GAAP)
|
1.52
|
%
|
|
1.44
|
%
|
1.55
|
%
|
|
1.57
|
%
|
Return on average
equity
|
8.22
|
%
|
|
8.60
|
%
|
8.39
|
%
|
|
9.43
|
%
|
Return on average
tangible equity (Non-GAAP)
|
15.93
|
%
|
|
15.42
|
%
|
16.24
|
%
|
|
16.85
|
%
|
Financial Condition
Total assets were $13.04 billion
at September 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 nine months ended September 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 $9.31 billion at September
30, 2019 as compared to $9.08
billion at December 31, 2018.
Loans not purchased increased $642.1
million to $7.03 billion at
September 30, 2019 as compared to
$6.39 billion at December 31, 2018. During the third quarter, the
Company reclassified a group of non-mortgage consumer loans from
the held for sale category to the held for investment
category; $123.9 million of these
loans are included in the September 30,
2019 held for investment balance. Excluding the
reclassification, the Company had linked-quarter annualized
total of 5.93% and linked-quarter
annualized non-purchased loan growth of 17.43%.
Total deposits increased to $10.29
billion at September 30, 2019,
from $10.13 billion at December 31, 2018. The Company continued its
focus on growing non-interest bearing deposits during the third
quarter, resulting in an increase in non-interest bearing deposits
of $198.1 million on a linked quarter
basis. Since the beginning since 2019, the Company's non-interest
baring deposits have grown $288.4
million. Non-interest bearing deposits were $2.61 billion, or 25.35% of total deposits, at
September 30, 2019 as compared to
$2.32 billion, or 22.89% of total
deposits, at December 31, 2018.
Results of Operations
Net interest income was $108.8
million for the third quarter of 2019, as compared to
$112.8 million for the second quarter
of 2019 and $99.4 million for the
third 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
|
|
September
30,
|
June
30,
|
September
30,
|
|
2019
|
2019
|
2018
|
Taxable equivalent
net interest income
|
$
|
110,276
|
|
$
|
114,223
|
|
$
|
100,880
|
|
|
|
|
|
Average earning
assets
|
$
|
10,993,645
|
|
$
|
10,942,492
|
|
$
|
9,843,870
|
|
|
|
|
|
Net interest
margin
|
3.98
|
%
|
4.19
|
%
|
4.07
|
%
|
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
125,391
|
|
$
|
127,896
|
|
$
|
109,385
|
|
|
|
|
|
Average loans,
including loans held for sale
|
$
|
9,494,689
|
|
$
|
9,396,891
|
|
$
|
8,525,745
|
|
|
|
|
|
Loan yield
|
5.24
|
%
|
5.46
|
%
|
5.09
|
%
|
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
|
|
September
30,
|
June
30,
|
September
30,
|
|
2019
|
2019
|
2018
|
Net interest income
collected on problem loans
|
$
|
905
|
|
$
|
2,173
|
|
$
|
714
|
|
Accretable yield
recognized on purchased loans(1)
|
5,510
|
|
7,513
|
|
5,381
|
|
Total impact to
interest income
|
$
|
6,415
|
|
$
|
9,686
|
|
$
|
6,095
|
|
|
|
|
|
Impact to total loan
yield
|
0.27
|
%
|
0.41
|
%
|
0.28
|
%
|
|
|
|
|
Impact to net
interest margin
|
0.23
|
%
|
0.36
|
%
|
0.25
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $2,564, $4,197 and
$2,690 for the three months ended September 30, 2019, June 30,
2019, and September 30, 2018, respectively. This additional
interest income increased total loan yield by 11 basis points, 18
basis points and 13 basis points for the same periods,
respectively, while increasing net interest margin by 9 basis
points, 15 basis points and 11 basis points for the same periods,
respectively.
|
Net interest income was $334.8
million for the first nine months of 2019, as compared to
$281.1 million for the same period in
2018. The following table presents reported taxable equivalent net
interest margin and yield on loans, including loans held for sale,
for the periods presented (in thousands).
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
2019
|
2018
|
Taxable equivalent
net interest income
|
$
|
339,130
|
|
$
|
285,493
|
|
|
|
|
Average earning
assets
|
$
|
10,944,142
|
|
$
|
9,227,822
|
|
|
|
|
Net interest
margin
|
4.14
|
%
|
4.14
|
%
|
|
|
|
Taxable equivalent
interest income on loans
|
$
|
380,492
|
|
$
|
303,854
|
|
|
|
|
Average loans,
including loans held for sale
|
$
|
9,432,544
|
|
$
|
8,082,296
|
|
|
|
|
Loan yield
|
5.39
|
%
|
5.03
|
%
|
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).
|
Nine Months
Ended
|
|
September
30,
|
September
30,
|
|
2019
|
2018
|
Net interest income
collected on problem loans
|
$
|
3,890
|
|
$
|
2,117
|
|
Accretable yield
recognized on purchased loans(1)
|
20,566
|
|
17,218
|
|
Total impact to
interest income
|
$
|
24,456
|
|
$
|
19,335
|
|
|
|
|
Impact to total loan
yield
|
0.35
|
%
|
0.32
|
%
|
|
|
|
Impact to net
interest margin
|
0.30
|
%
|
0.28
|
%
|
|
|
(1)
|
Includes additional
interest income recognized in connection with the acceleration of
paydowns and payoffs from purchased loans of $10,594 and $9,365 for
the nine months ended September 30, 2019 and 2018, respectively.
This additional interest income increased total loan yield by 15
basis points for the same periods, while increasing net interest
margin by 13 basis points and 14 basis points for the same periods,
respectively.
|
For the third quarter of 2019, the cost of total deposits was 84
basis points, as compared to 83 basis points for the second quarter
of 2019 and 60 basis points in the third quarter of 2018. The cost
of total deposits was 82 basis points for the first nine months of
2019, as compared to 51 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
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
2019
|
|
2019
|
|
2018
|
|
2019
|
|
2019
|
|
2018
|
Noninterest-bearing
demand
|
23.75
|
%
|
|
22.82
|
%
|
|
21.68
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
45.02
|
|
|
45.12
|
|
|
45.01
|
|
|
0.90
|
|
|
0.89
|
|
|
0.62
|
|
Savings
|
6.19
|
|
|
6.14
|
|
|
6.31
|
|
|
0.22
|
|
|
0.20
|
|
|
0.15
|
|
Time
deposits
|
22.10
|
|
|
22.56
|
|
|
21.73
|
|
|
1.77
|
|
|
1.72
|
|
|
1.29
|
|
Borrowed
funds
|
2.94
|
|
|
3.36
|
|
|
5.27
|
|
|
5.31
|
|
|
4.61
|
|
|
3.82
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
0.97
|
%
|
|
0.96
|
%
|
|
0.77
|
%
|
|
Percentage of
Total Average Deposits and
Borrowed Funds
|
|
Cost of
Funds
|
|
Nine Months
Ending
|
|
Nine Months
Ending
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Noninterest-bearing
demand
|
22.96
|
%
|
|
21.55
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest-bearing
demand
|
45.25
|
|
|
45.91
|
|
|
0.88
|
|
|
0.51
|
|
Savings
|
6.11
|
|
|
6.65
|
|
|
0.20
|
|
|
0.14
|
|
Time
deposits
|
22.43
|
|
|
21.60
|
|
|
1.70
|
|
|
1.15
|
|
Borrowed
funds
|
3.25
|
|
|
4.29
|
|
|
4.84
|
|
|
3.91
|
|
Total deposits and
borrowed funds
|
100.00
|
%
|
|
100.00
|
%
|
|
0.95
|
%
|
|
0.66
|
%
|
Noninterest income for the third quarter of 2019 was
$38.0 million, as compared to
$42.0 million for the second quarter
of 2019 and $38.1 million for the
third quarter of 2018. Effective July 1,
2019, the Company became subject to the limitations on
interchange fees imposed by the Durbin Amendment under the
Dodd-Frank Act, which resulted in a $3.0
million reduction in fees and commissions on loans and
deposits in the third quarter of 2019. Mortgage banking income for
the third quarter of 2019 was $15.7
million, compared to $16.6
million for the second quarter of 2019 and $14.4 million for the third quarter of 2018.
Mortgage banking income during the third quarter of 2019 was
negatively impacted by a MSR valuation adjustment of $3.1 million.
Noninterest expense was $96.5
million for the third quarter of 2019, as compared to
$93.3 million for the second quarter
of 2019 and $94.7 million for the
third quarter of 2018. The Company experienced an increase in
salaries and employee benefits during the quarter. This was
primarily driven by the impact from new hires made throughout the
footprint and the impact from the wholesale mortgage acquisition in
the second quarter of 2019. The Company's efficiency ratio (GAAP)
was 65.10% for the third quarter of 2019 and 61.25% for the first
nine months of 2019, while its adjusted efficiency ratio (non-GAAP)
was 62.53% and 59.47% for the same respective periods. The adjusted
efficiency ratio excludes charges for merger and conversion
expenses, debt extinguishment penalties, amortization of intangible
assets, gains and losses on the sale of securities and the MSR
valuation adjustment.
Completion of Previously Announced Stock Repurchase
Program and Announcement of New $50
Million Stock Repurchase Program
The Company completed its previously announced $50.0 million stock repurchase program during the
first week of October 2019. In the third quarter of 2019, the
Company repurchased $28.7 million of
common stock at a weighted average price of $33.72, with the remaining $1.3 million repurchased during the first week of
October. The weighted average price of all shares of common stock
repurchased over the entire repurchase program was $34.45.
On October 15, 2019, the Company's
Board of Directors approved a new stock repurchase program,
authorizing the Company to repurchase up to $50.0 million of its outstanding common stock,
either in open market purchases or privately-negotiated
transactions. The new stock repurchase program will remain in
effect for one year or, if earlier, the repurchase of the entire
amount of common stock authorized to be repurchased by the Board of
Directors.
Additionally, the Company redeemed its $30.0 million
principal amount 8.50% subordinated notes during the third quarter
of 2019. These subordinated notes were assumed as part of the
Brand acquisition.
At September 30, 2019, Tier 1
leverage capital ratio was 10.56%, Common Equity Tier 1 ratio was
11.36%, Tier 1 risk-based capital ratio was 12.40%, and total
risk-based capital ratio was 14.07%. All regulatory ratios exceed
the minimums required to be considered "well-capitalized."
Our ratio of shareholders' equity to assets was 16.26% at
September 30, 2019, as compared to
15.80% at December 31, 2018. Our
tangible capital ratio (non-GAAP) was 9.46% at September 30, 2019, as compared to 8.92% at
December 31, 2018.
Asset Quality Metrics
Total nonperforming assets were $44.4
million at September 30, 2019,
an increase of $7.4 million from
December 31, 2018, and consisted of
$36.2 million in nonperforming loans
(loans 90 days or more past due and nonaccrual loans) and
$8.2 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 $13.2
million and $6.2 million,
respectively, at September 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 $23.1 million, or 0.33% of total non-purchased
loans, at September 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 0.18%
at September 30, 2019, as compared to
0.27% at December 31, 2018.
- Non-purchased OREO was $2.0
million at September 30, 2019,
as compared to $4.9 million at
December 31, 2018. Non-purchased OREO
sales totaled $3.8 million in the
first nine months of 2019.
- The allowance for loan losses was 0.55% of total loans held for
investment at September 30, 2019, as
compared to 0.54% at December 31,
2018. The allowance for loan losses was 0.72% of total
non-purchased loans at September 30,
2019, as compared to 0.77% at December 31, 2018.
-
- Net loan charge-offs were $945
thousand, or 0.04% of average loans held for investment on
an annualized basis, for the third quarter of 2019, as compared to
$995 thousand, or 0.05% of average
loans on an annualized basis, for the third quarter of 2018. Net
loan charge-offs were $2.3 million,
or 0.03% of average loans on an annualized basis, for the first
nine months of 2019, as compared to $3.4
million, or 0.06% of average loans on an annualized basis,
for the same period in 2018.
- The provision for loan losses was $1.7
million for the third quarter of 2019, as compared to
$2.3 million for the third quarter of
2018. The provision was $4.1 million
for the first nine months of 2019, as compared to $5.8 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, October 22, 2019.
The webcast can be accessed through Renasant's investor
relations website at www.renasant.com or
https://services.choruscall.com/links/rnst191022.html. To access
the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant
Corporation Third Quarter Earnings Webcast and Conference Call.
International participants should dial 1-412-902-4145 to access the
conference call.
The webcast will be archived on www.renasant.com beginning one
hour after the call and will remain accessible for one year.
Replays can also be accessed via telephone by dialing
1-877-344-7529 in the United
States and entering conference number 10135897 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until November 5, 2019.
ABOUT RENASANT CORPORATION:
Renasant Corporation is
the parent of Renasant Bank, a 115-year-old financial services
institution. Renasant has assets of approximately $13.0 billion and operates more than 190 banking,
mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.
NOTE TO INVESTORS:
This press release may contain, or
incorporate by reference, statements which constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward looking
statements usually include words such as "expects," "projects,"
"anticipates," "believes," "intends," "estimates," "strategy,"
"plan," "potential," "possible," "approximately," "should" and
variations of such words and other similar expressions.
Prospective investors are cautioned that any such
forward-looking statements are not guarantees for future
performance and involve risks and uncertainties. Actual results may
differ materially from those contemplated by such forward-looking
statements. Important factors currently known to management that
could cause actual results to differ materially from those in
forward-looking statements include significant fluctuations in
interest rates, inflation, economic recession, significant changes
in the federal and state legal and regulatory environment,
significant underperformance in the Company's portfolio of
outstanding loans, and competition in the Company's markets.
Management believes that the assumptions underlying the Company's
forward-looking statements are reasonable, but any of the
assumptions could prove to be inaccurate. Investors are urged to
carefully consider the risks described in the Company's filings
with the Securities and Exchange Commission (the "SEC") from time
to time, including its most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q, which are available at
www.renasant.com and the SEC's website at www.sec.gov. The
Company expressly disclaims any obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time.
NON-GAAP FINANCIAL MEASURES:
In addition to results
presented in accordance with generally accepted accounting
principles in the United States of
America (GAAP), this press release contains non-GAAP
financial measures, namely, return on average tangible
shareholders' equity, return on average tangible assets, the ratio
of tangible equity to tangible assets (commonly referred to as the
"tangible capital ratio"), tangible book value per share and the
adjusted efficiency ratio. These non-GAAP financial measures adjust
GAAP financial measures to exclude intangible assets and/or certain
charges (such as, when applicable, merger and conversion expenses,
debt prepayment penalties and asset valuation adjustments) with
respect to which the Company is unable to accurately predict when
these charges will be incurred or, when incurred, the amount
thereof. Management uses these non-GAAP financial measures when
evaluating capital utilization and adequacy. In addition, the
Company believes that these non-GAAP financial measures facilitate
the making of period-to-period comparisons and are meaningful
indicators of its operating performance, particularly because these
measures are widely used by industry analysts for companies with
merger and acquisition activities. Also, because intangible assets
such as goodwill and the core deposit intangible and charges such
as merger and conversion expenses can vary extensively from company
to company and, as to intangible assets, are excluded from the
calculation of a financial institution's regulatory capital, the
Company believes that the presentation of this non-GAAP financial
information allows readers to more easily compare the Company's
results to information provided in other regulatory reports and the
results of other companies. Reconciliations of these other non-GAAP
financial measures to the most directly comparable GAAP financial
measures are included in the table at the end of this release under
the caption "Reconciliation of GAAP to Non-GAAP."
None of the non-GAAP financial information that the Company has
included in this release is intended to be considered in isolation
or as a substitute for any measure prepared in accordance with
GAAP. Investors should note that, because there are no standardized
definitions for the calculations as well as the results, the
Company's calculations may not be comparable to similarly titled
measures presented by other companies. Also, there may be limits in
the usefulness of these measures to investors. As a result, the
Company encourages readers to consider its consolidated financial
statements in their entirety and not to rely on any single
financial measure.
RENASANT
CORPORATION
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2019
-
|
|
For The Nine
Months Ending
|
|
|
|
|
2019
|
|
2018
|
|
|
Q3
2018
|
|
September
30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Statement of
earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income -
taxable equivalent basis
|
|
$
|
135,927
|
|
|
$
|
139,285
|
|
|
$
|
138,578
|
|
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
|
14.00
|
%
|
|
$
|
413,790
|
|
|
$
|
329,174
|
|
|
25.71
|
%
|
Interest
income
|
|
134,476
|
|
|
137,862
|
|
|
137,094
|
|
|
137,105
|
|
|
117,795
|
|
|
106,574
|
|
|
100,380
|
|
|
|
14.16
|
|
|
409,432
|
|
|
324,749
|
|
|
26.08
|
|
Interest
expense
|
|
25,651
|
|
|
25,062
|
|
|
23,947
|
|
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
|
39.74
|
|
|
74,660
|
|
|
43,681
|
|
|
70.92
|
|
|
Net interest
income
|
|
108,825
|
|
|
112,800
|
|
|
113,147
|
|
|
115,457
|
|
|
99,439
|
|
|
92,389
|
|
|
89,240
|
|
|
|
9.44
|
|
|
334,772
|
|
|
281,068
|
|
|
19.11
|
|
Provision for loan
losses
|
|
1,700
|
|
|
900
|
|
|
1,500
|
|
|
1,000
|
|
|
2,250
|
|
|
1,810
|
|
|
1,750
|
|
|
|
(24.44)
|
|
|
4,100
|
|
|
5,810
|
|
|
(29.43)
|
|
|
Net interest income
after provision
|
|
107,125
|
|
|
111,900
|
|
|
111,647
|
|
|
114,457
|
|
|
97,189
|
|
|
90,579
|
|
|
87,490
|
|
|
|
10.22
|
|
|
330,672
|
|
|
275,258
|
|
|
20.13
|
|
Service charges on
deposit accounts
|
|
8,992
|
|
|
8,605
|
|
|
9,102
|
|
|
9,069
|
|
|
8,847
|
|
|
8,271
|
|
|
8,473
|
|
|
|
1.64
|
|
|
26,699
|
|
|
25,591
|
|
|
4.33
|
|
Fees and commissions
on loans and deposits
|
|
3,090
|
|
|
7,047
|
|
|
6,471
|
|
|
6,322
|
|
|
5,944
|
|
|
5,917
|
|
|
5,685
|
|
|
|
(48.01)
|
|
|
16,608
|
|
|
17,546
|
|
|
(5.35)
|
|
Insurance commissions
and fees
|
|
2,508
|
|
|
2,190
|
|
|
2,116
|
|
|
2,014
|
|
|
2,461
|
|
|
2,110
|
|
|
2,005
|
|
|
|
1.91
|
|
|
6,814
|
|
|
6,576
|
|
|
3.62
|
|
Wealth management
revenue
|
|
3,588
|
|
|
3,601
|
|
|
3,324
|
|
|
3,446
|
|
|
3,386
|
|
|
3,446
|
|
|
3,262
|
|
|
|
5.97
|
|
|
10,513
|
|
|
10,094
|
|
|
4.15
|
|
Securities gains
(losses)
|
|
343
|
|
|
(8)
|
|
|
13
|
|
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
|
100.00
|
|
|
348
|
|
|
(16)
|
|
|
100.00
|
|
Mortgage banking
income
|
|
15,710
|
|
|
16,620
|
|
|
10,401
|
|
|
11,993
|
|
|
14,350
|
|
|
12,839
|
|
|
10,960
|
|
|
|
9.48
|
|
|
42,731
|
|
|
38,149
|
|
|
12.01
|
|
Other
|
|
3,722
|
|
|
3,905
|
|
|
4,458
|
|
|
3,530
|
|
|
3,081
|
|
|
2,998
|
|
|
3,568
|
|
|
|
20.80
|
|
|
12,085
|
|
|
9,647
|
|
|
25.27
|
|
|
Total noninterest
income
|
|
37,953
|
|
|
41,960
|
|
|
35,885
|
|
|
36,374
|
|
|
38,053
|
|
|
35,581
|
|
|
33,953
|
|
|
|
(0.26)
|
|
|
115,798
|
|
|
107,587
|
|
|
7.63
|
|
Salaries and employee
benefits
|
|
65,425
|
|
|
60,325
|
|
|
57,350
|
|
|
58,313
|
|
|
55,187
|
|
|
52,010
|
|
|
48,784
|
|
|
|
18.55
|
|
|
183,100
|
|
|
155,981
|
|
|
17.39
|
|
Data
processing
|
|
4,980
|
|
|
4,698
|
|
|
4,906
|
|
|
5,169
|
|
|
4,614
|
|
|
4,600
|
|
|
4,244
|
|
|
|
7.93
|
|
|
14,584
|
|
|
13,458
|
|
|
8.37
|
|
Occupancy and
equipment
|
|
12,943
|
|
|
11,544
|
|
|
11,835
|
|
|
11,816
|
|
|
10,668
|
|
|
9,805
|
|
|
9,822
|
|
|
|
21.33
|
|
|
36,322
|
|
|
30,295
|
|
|
19.89
|
|
Other real
estate
|
|
418
|
|
|
252
|
|
|
1,004
|
|
|
725
|
|
|
278
|
|
|
232
|
|
|
657
|
|
|
|
50.36
|
|
|
1,674
|
|
|
1,167
|
|
|
43.44
|
|
Amortization of
intangibles
|
|
1,996
|
|
|
2,053
|
|
|
2,110
|
|
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
|
13.09
|
|
|
6,159
|
|
|
5,010
|
|
|
22.93
|
|
Merger and conversion
related expenses
|
|
24
|
|
|
179
|
|
|
—
|
|
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
|
(99.79)
|
|
|
203
|
|
|
12,621
|
|
|
(98.39)
|
|
Debt extinguishment
penalty
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
100.00
|
|
|
54
|
|
|
—
|
|
|
100.00
|
|
Other
|
|
10,660
|
|
|
14,239
|
|
|
11,627
|
|
|
13,496
|
|
|
11,013
|
|
|
10,285
|
|
|
11,886
|
|
|
|
(3.21)
|
|
|
36,526
|
|
|
33,184
|
|
|
10.07
|
|
|
Total noninterest
expense
|
|
96,500
|
|
|
93,290
|
|
|
88,832
|
|
|
93,313
|
|
|
94,746
|
|
|
79,026
|
|
|
77,944
|
|
|
|
1.85
|
|
|
278,622
|
|
|
251,716
|
|
|
10.69
|
|
Income before income
taxes
|
|
48,578
|
|
|
60,570
|
|
|
58,700
|
|
|
57,518
|
|
|
40,496
|
|
|
47,134
|
|
|
43,499
|
|
|
|
19.96
|
|
|
167,848
|
|
|
131,129
|
|
|
28.00
|
|
Income
taxes
|
|
11,132
|
|
|
13,945
|
|
|
13,590
|
|
|
13,098
|
|
|
8,532
|
|
|
10,424
|
|
|
9,673
|
|
|
|
30.47
|
|
|
38,667
|
|
|
28,629
|
|
|
35.06
|
|
|
Net
income
|
|
$
|
37,446
|
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
17.15
|
|
|
$
|
129,181
|
|
|
$
|
102,500
|
|
|
26.03
|
|
Basic earnings per
share
|
|
$
|
0.65
|
|
|
$
|
0.80
|
|
|
$
|
0.77
|
|
|
$
|
0.76
|
|
|
$
|
0.61
|
|
|
$
|
0.74
|
|
|
$
|
0.69
|
|
|
|
6.56
|
|
|
$
|
2.21
|
|
|
$
|
2.03
|
|
|
8.87
|
|
Diluted earnings per
share
|
|
0.64
|
|
|
0.80
|
|
|
0.77
|
|
|
0.76
|
|
|
0.61
|
|
|
0.74
|
|
|
0.68
|
|
|
|
4.92
|
|
|
2.21
|
|
|
2.03
|
|
|
8.87
|
|
Average basic shares
outstanding
|
|
58,003,215
|
|
|
58,461,024
|
|
|
58,585,517
|
|
|
58,623,646
|
|
|
52,472,971
|
|
|
49,413,754
|
|
|
49,356,417
|
|
|
|
10.54
|
|
|
58,347,840
|
|
|
50,425,797
|
|
|
15.71
|
|
Average diluted
shares outstanding
|
|
58,192,419
|
|
|
58,618,976
|
|
|
58,730,535
|
|
|
58,767,519
|
|
|
52,609,902
|
|
|
49,549,761
|
|
|
49,502,950
|
|
|
|
10.61
|
|
|
58,508,582
|
|
|
50,553,191
|
|
|
15.74
|
|
Common shares
outstanding
|
|
57,455,306
|
|
|
58,297,670
|
|
|
58,633,630
|
|
|
58,546,480
|
|
|
58,743,814
|
|
|
49,424,339
|
|
|
49,392,978
|
|
|
|
(2.19)
|
|
|
57,455,306
|
|
|
58,743,814
|
|
|
(2.19)
|
|
Cash dividend per
common share
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
$
|
0.21
|
|
|
$
|
0.20
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
|
10.00
|
|
|
$
|
0.65
|
|
|
$
|
0.59
|
|
|
10.17
|
|
Performance
ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg
shareholders' equity
|
|
6.97
|
%
|
|
8.90
|
%
|
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
|
8.22
|
%
|
|
8.60
|
%
|
|
|
Return on avg
tangible s/h's equity (non-GAAP) (1)
|
|
13.38
|
%
|
|
17.15
|
%
|
|
17.41
|
%
|
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
|
|
|
15.93
|
%
|
|
15.42
|
%
|
|
|
Return on avg
assets
|
|
1.16
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
|
1.35
|
%
|
|
1.30
|
%
|
|
|
Return on avg
tangible assets (non-GAAP)(2)
|
|
1.30
|
%
|
|
1.64
|
%
|
|
1.61
|
%
|
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
|
|
|
1.52
|
%
|
|
1.44
|
%
|
|
|
Net interest margin
(FTE)
|
|
3.98
|
%
|
|
4.19
|
%
|
|
4.27
|
%
|
|
4.24
|
%
|
|
4.07
|
%
|
|
4.15
|
%
|
|
4.20
|
%
|
|
|
|
|
4.14
|
%
|
|
4.14
|
%
|
|
|
Yield on earning
assets (FTE)
|
|
4.91
|
%
|
|
5.11
|
%
|
|
5.16
|
%
|
|
5.02
|
%
|
|
4.81
|
%
|
|
4.78
|
%
|
|
4.72
|
%
|
|
|
|
|
5.06
|
%
|
|
4.77
|
%
|
|
|
Cost of
funding
|
|
0.97
|
%
|
|
0.96
|
%
|
|
0.92
|
%
|
|
0.81
|
%
|
|
0.77
|
%
|
|
0.65
|
%
|
|
0.53
|
%
|
|
|
|
|
0.95
|
%
|
|
0.66
|
%
|
|
|
Average earning
assets to average assets
|
|
85.58
|
%
|
|
85.72
|
%
|
|
85.58
|
%
|
|
86.15
|
%
|
|
87.29
|
%
|
|
87.67
|
%
|
|
87.12
|
%
|
|
|
|
|
85.63
|
%
|
|
87.36
|
%
|
|
|
Average loans to
average deposits
|
|
89.13
|
%
|
|
89.13
|
%
|
|
89.33
|
%
|
|
89.77
|
%
|
|
91.74
|
%
|
|
91.84
|
%
|
|
94.04
|
%
|
|
|
|
|
89.19
|
%
|
|
92.50
|
%
|
|
|
Noninterest income
(less securities gains/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
losses) to average
assets
|
|
1.16
|
%
|
|
1.32
|
%
|
|
1.14
|
%
|
|
1.14
|
%
|
|
1.34
|
%
|
|
1.38
|
%
|
|
1.37
|
%
|
|
|
|
|
1.21
|
%
|
|
1.36
|
%
|
|
|
Noninterest expense
(less debt prepayment penalties/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
penalties/merger-related expenses) to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average
assets
|
|
2.98
|
%
|
|
2.93
|
%
|
|
2.83
|
%
|
|
2.86
|
%
|
|
2.94
|
%
|
|
3.05
|
%
|
|
3.11
|
%
|
|
|
|
|
2.91
|
%
|
|
3.03
|
%
|
|
|
Net overhead
ratio
|
|
1.82
|
%
|
|
1.61
|
%
|
|
1.69
|
%
|
|
1.72
|
%
|
|
1.60
|
%
|
|
1.67
|
%
|
|
1.74
|
%
|
|
|
|
|
1.70
|
%
|
|
1.67
|
%
|
|
|
Efficiency ratio
(FTE)
|
|
65.10
|
%
|
|
59.73
|
%
|
|
59.02
|
%
|
|
60.87
|
%
|
|
68.20
|
%
|
|
61.08
|
%
|
|
62.48
|
%
|
|
|
|
|
61.25
|
%
|
|
64.04
|
%
|
|
|
Adjusted efficiency
ratio (FTE) (non-GAAP) (4)
|
|
62.53
|
%
|
|
58.30
|
%
|
|
57.62
|
%
|
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
|
|
|
59.47
|
%
|
|
59.55
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2019
-
|
|
As
of
|
|
|
|
|
2019
|
|
2018
|
|
|
Q3
2018
|
|
September
30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Average
Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
12,846,131
|
|
|
$
|
12,764,669
|
|
|
$
|
12,730,939
|
|
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
|
13.92
|
%
|
|
$
|
12,781,001
|
|
|
$
|
10,562,540
|
|
|
21.00
|
%
|
Earning
assets
|
|
10,993,645
|
|
|
10,942,492
|
|
|
10,895,205
|
|
|
10,952,023
|
|
|
9,843,870
|
|
|
9,067,016
|
|
|
8,760,679
|
|
|
|
11.68
|
|
|
10,944,142
|
|
|
9,227,822
|
|
|
18.60
|
|
Securities
|
|
1,227,678
|
|
|
1,262,271
|
|
|
1,253,224
|
|
|
1,240,283
|
|
|
1,129,010
|
|
|
1,039,947
|
|
|
833,076
|
|
|
|
8.74
|
|
|
1,247,631
|
|
|
1,001,762
|
|
|
24.54
|
|
Loans held for
sale
|
|
385,437
|
|
|
353,103
|
|
|
345,264
|
|
|
418,213
|
|
|
297,692
|
|
|
209,652
|
|
|
152,299
|
|
|
|
29.48
|
|
|
361,415
|
|
|
220,413
|
|
|
63.97
|
|
Loans, net of
unearned
|
|
9,109,252
|
|
|
9,043,788
|
|
|
9,059,802
|
|
|
9,130,273
|
|
|
8,228,053
|
|
|
7,704,221
|
|
|
7,646,991
|
|
|
|
10.71
|
|
|
9,071,129
|
|
|
7,861,883
|
|
|
15.38
|
|
Intangibles
|
|
975,306
|
|
|
974,628
|
|
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
31.17
|
|
|
975,579
|
|
|
670,938
|
|
|
45.41
|
|
Noninterest-bearing
deposits
|
|
2,500,810
|
|
|
2,395,899
|
|
|
2,342,406
|
|
|
2,402,422
|
|
|
2,052,226
|
|
|
1,867,925
|
|
|
1,817,848
|
|
|
|
21.86
|
|
|
2,413,619
|
|
|
1,913,525
|
|
|
26.13
|
|
Interest-bearing
deposits
|
|
7,719,510
|
|
|
7,750,986
|
|
|
7,799,892
|
|
|
7,768,724
|
|
|
6,916,699
|
|
|
6,521,123
|
|
|
6,314,114
|
|
|
|
11.61
|
|
|
7,756,501
|
|
|
6,586,186
|
|
|
17.77
|
|
Total
deposits
|
|
10,220,320
|
|
|
10,146,885
|
|
|
10,142,298
|
|
|
10,171,146
|
|
|
8,968,925
|
|
|
8,389,048
|
|
|
8,131,962
|
|
|
|
13.95
|
|
|
10,170,120
|
|
|
8,499,711
|
|
|
19.65
|
|
Borrowed
funds
|
|
308,931
|
|
|
354,234
|
|
|
363,140
|
|
|
407,496
|
|
|
499,054
|
|
|
329,287
|
|
|
314,228
|
|
|
|
(38.10)
|
|
|
341,903
|
|
|
381,533
|
|
|
(10.39)
|
|
Shareholders'
equity
|
|
2,131,537
|
|
|
2,102,093
|
|
|
2,065,370
|
|
|
2,021,075
|
|
|
1,712,757
|
|
|
1,542,071
|
|
|
1,523,873
|
|
|
|
24.45
|
|
|
2,099,909
|
|
|
1,593,592
|
|
|
31.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2019
-
|
|
As
of
|
|
2019
|
|
2018
|
|
|
Q4
2018
|
|
September
30,
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Balances at period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
13,039,674
|
|
|
$
|
12,892,653
|
|
|
$
|
12,862,395
|
|
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
|
0.81
|
%
|
|
$
|
13,039,674
|
|
|
$
|
12,746,939
|
|
|
2.30
|
%
|
Earning
assets
|
|
11,145,052
|
|
|
11,064,957
|
|
|
11,015,535
|
|
|
11,115,929
|
|
|
10,962,958
|
|
|
9,239,200
|
|
|
8,938,117
|
|
|
|
0.26
|
|
|
11,145,052
|
|
|
10,962,958
|
|
|
1.66
|
|
Securities
|
|
1,238,577
|
|
|
1,268,280
|
|
|
1,255,353
|
|
|
1,250,777
|
|
|
1,177,606
|
|
|
1,088,779
|
|
|
948,365
|
|
|
|
(0.98)
|
|
|
1,238,577
|
|
|
1,177,606
|
|
|
5.18
|
|
Loans held for
sale
|
|
392,448
|
|
|
461,681
|
|
|
318,563
|
|
|
411,427
|
|
|
463,287
|
|
|
245,046
|
|
|
204,472
|
|
|
|
(4.61)
|
|
|
392,448
|
|
|
463,287
|
|
|
(15.29)
|
|
Non purchased
loans
|
|
7,031,818
|
|
|
6,704,288
|
|
|
6,565,599
|
|
|
6,389,712
|
|
|
6,210,238
|
|
|
6,057,766
|
|
|
5,830,122
|
|
|
|
10.05
|
|
|
7,031,818
|
|
|
6,210,238
|
|
|
13.23
|
|
Purchased
loans
|
|
2,281,966
|
|
|
2,350,366
|
|
|
2,522,694
|
|
|
2,693,417
|
|
|
2,912,669
|
|
|
1,709,891
|
|
|
1,867,948
|
|
|
|
(15.28)
|
|
|
2,281,966
|
|
|
2,912,669
|
|
|
(21.65)
|
|
|
Total
loans
|
|
9,313,784
|
|
|
9,054,654
|
|
|
9,088,293
|
|
|
9,083,129
|
|
|
9,122,907
|
|
|
7,767,657
|
|
|
7,698,070
|
|
|
|
2.54
|
|
|
9,313,784
|
|
|
9,122,907
|
|
|
2.09
|
|
Intangibles
|
|
978,390
|
|
|
973,673
|
|
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
0.06
|
|
|
978,390
|
|
|
974,115
|
|
|
0.44
|
|
Noninterest-bearing
deposits
|
|
2,607,056
|
|
|
2,408,984
|
|
|
2,366,223
|
|
|
2,318,706
|
|
|
2,359,859
|
|
|
1,888,561
|
|
|
1,861,136
|
|
|
|
12.44
|
|
|
2,607,056
|
|
|
2,359,859
|
|
|
10.48
|
|
Interest-bearing
deposits
|
|
7,678,980
|
|
|
7,781,077
|
|
|
7,902,689
|
|
|
7,809,851
|
|
|
7,812,089
|
|
|
6,492,159
|
|
|
6,496,633
|
|
|
|
(1.68)
|
|
|
7,678,980
|
|
|
7,812,089
|
|
|
(1.70)
|
|
|
Total
deposits
|
|
10,286,036
|
|
|
10,190,061
|
|
|
10,268,912
|
|
|
10,128,557
|
|
|
10,171,948
|
|
|
8,380,720
|
|
|
8,357,769
|
|
|
|
1.55
|
|
|
10,286,036
|
|
|
10,171,948
|
|
|
1.12
|
|
Borrowed
funds
|
|
433,705
|
|
|
401,934
|
|
|
350,859
|
|
|
651,324
|
|
|
439,516
|
|
|
520,747
|
|
|
265,191
|
|
|
|
(33.41)
|
|
|
433,705
|
|
|
439,516
|
|
|
(1.32)
|
|
Shareholders'
equity
|
|
2,119,659
|
|
|
2,119,696
|
|
|
2,088,877
|
|
|
2,043,913
|
|
|
2,010,711
|
|
|
1,558,668
|
|
|
1,532,765
|
|
|
|
3.71
|
|
|
2,119,659
|
|
|
2,010,711
|
|
|
5.42
|
|
Market value per
common share
|
|
35.01
|
|
|
35.94
|
|
|
33.85
|
|
|
30.18
|
|
|
41.21
|
|
|
45.52
|
|
|
42.56
|
|
|
|
16.00
|
|
|
35.01
|
|
|
41.21
|
|
|
(15.04)
|
|
Book value per common
share
|
|
36.89
|
|
|
36.36
|
|
|
35.63
|
|
|
34.91
|
|
|
34.23
|
|
|
31.54
|
|
|
31.03
|
|
|
|
5.67
|
|
|
36.89
|
|
|
34.23
|
|
|
7.77
|
|
Tangible book value
per common share
|
|
19.86
|
|
|
19.66
|
|
|
18.98
|
|
|
18.21
|
|
|
17.65
|
|
|
18.74
|
|
|
18.20
|
|
|
|
9.06
|
|
|
19.86
|
|
|
17.65
|
|
|
12.52
|
|
Shareholders' equity
to assets (actual)
|
|
16.26
|
%
|
|
16.44
|
%
|
|
16.24
|
%
|
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
|
|
|
16.26
|
%
|
|
15.77
|
%
|
|
|
Tangible capital
ratio (non-GAAP)(3)
|
|
9.46
|
%
|
|
9.62
|
%
|
|
9.36
|
%
|
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
|
|
|
9.46
|
%
|
|
8.80
|
%
|
|
|
Leverage
ratio
|
|
10.56
|
%
|
|
10.65
|
%
|
|
10.44
|
%
|
|
10.11
|
%
|
|
9.85
|
%
|
|
10.63
|
%
|
|
10.61
|
%
|
|
|
|
|
10.56
|
%
|
|
9.85
|
%
|
|
|
Common equity tier 1
capital ratio
|
|
11.36
|
%
|
|
11.64
|
%
|
|
11.49
|
%
|
|
11.05
|
%
|
|
10.80
|
%
|
|
11.71
|
%
|
|
11.38
|
%
|
|
|
|
|
11.36
|
%
|
|
10.80
|
%
|
|
|
Tier 1 risk-based
capital ratio
|
|
12.40
|
%
|
|
12.69
|
%
|
|
12.55
|
%
|
|
12.10
|
%
|
|
11.84
|
%
|
|
12.73
|
%
|
|
12.41
|
%
|
|
|
|
|
12.40
|
%
|
|
11.84
|
%
|
|
|
Total risk-based
capital ratio
|
|
14.07
|
%
|
|
14.62
|
%
|
|
14.57
|
%
|
|
14.12
|
%
|
|
13.85
|
%
|
|
14.75
|
%
|
|
14.44
|
%
|
|
|
|
|
14.07
|
%
|
|
13.85
|
%
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2019
-
|
|
As
of
|
|
|
|
|
2019
|
|
2018
|
|
|
Q4
2018
|
|
September
30,
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Variance
|
|
2019
|
|
2018
|
|
Variance
|
Non purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
988,867
|
|
|
$
|
930,598
|
|
|
$
|
921,081
|
|
$
|
875,649
|
|
|
$
|
817,799
|
|
|
$
|
790,363
|
|
|
$
|
803,146
|
|
|
|
12.93
|
%
|
|
$
|
988,867
|
|
|
$
|
817,799
|
|
|
20.92
|
%
|
Lease
financing
|
|
69,953
|
|
|
59,158
|
|
|
58,651
|
|
61,865
|
|
|
54,272
|
|
|
52,423
|
|
|
52,536
|
|
|
|
13.07
|
|
|
69,953
|
|
|
54,272
|
|
|
28.89
|
|
Real estate-
construction
|
|
764,589
|
|
|
716,129
|
|
|
651,119
|
|
635,519
|
|
|
624,892
|
|
|
642,380
|
|
|
582,430
|
|
|
|
20.31
|
|
|
764,589
|
|
|
624,892
|
|
|
22.36
|
|
Real estate - 1-4
family mortgages
|
|
2,235,908
|
|
|
2,160,617
|
|
|
2,114,908
|
|
2,087,890
|
|
|
2,000,770
|
|
|
1,912,450
|
|
|
1,785,271
|
|
|
|
7.09
|
|
|
2,235,908
|
|
|
2,000,770
|
|
|
11.75
|
|
Real estate -
commercial mortgages
|
|
2,809,470
|
|
|
2,741,402
|
|
|
2,726,186
|
|
2,628,365
|
|
|
2,609,510
|
|
|
2,554,955
|
|
|
2,503,680
|
|
|
|
6.89
|
|
|
2,809,470
|
|
|
2,609,510
|
|
|
7.66
|
|
Installment loans to
individuals
|
|
163,031
|
|
|
96,384
|
|
|
93,654
|
|
100,424
|
|
|
102,995
|
|
|
105,195
|
|
|
103,059
|
|
|
|
62.34
|
|
|
163,031
|
|
|
102,995
|
|
|
58.29
|
|
Loans,
net of unearned
|
|
$
|
7,031,818
|
|
|
$
|
6,704,288
|
|
|
$
|
6,565,599
|
|
$
|
6,389,712
|
|
|
$
|
6,210,238
|
|
|
$
|
6,057,766
|
|
|
$
|
5,830,122
|
|
|
|
10.05
|
|
|
$
|
7,031,818
|
|
|
$
|
6,210,238
|
|
|
13.23
|
|
Purchased
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, agricultural
|
|
$
|
339,693
|
|
|
$
|
374,478
|
|
|
$
|
387,376
|
|
$
|
420,263
|
|
|
$
|
495,545
|
|
|
$
|
197,455
|
|
|
$
|
243,672
|
|
|
|
(19.17)
|
|
|
$
|
339,693
|
|
|
$
|
495,545
|
|
|
(31.45)
|
|
Lease
financing
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Real estate-
construction
|
|
52,106
|
|
|
65,402
|
|
|
89,954
|
|
105,149
|
|
|
112,093
|
|
|
70,438
|
|
|
75,061
|
|
|
|
(50.45)
|
|
|
52,106
|
|
|
112,093
|
|
|
(53.52)
|
|
Real estate - 1-4
family mortgages
|
|
561,725
|
|
|
604,855
|
|
|
654,265
|
|
707,453
|
|
|
761,913
|
|
|
520,649
|
|
|
572,830
|
|
|
|
(20.60)
|
|
|
561,725
|
|
|
761,913
|
|
|
(26.27)
|
|
Real estate -
commercial mortgages
|
|
1,212,905
|
|
|
1,276,567
|
|
|
1,357,446
|
|
1,423,144
|
|
|
1,503,075
|
|
|
906,219
|
|
|
960,273
|
|
|
|
(14.77)
|
|
|
1,212,905
|
|
|
1,503,075
|
|
|
(19.31)
|
|
Installment loans to
individuals
|
|
115,537
|
|
|
29,064
|
|
|
33,653
|
|
37,408
|
|
|
40,043
|
|
|
15,130
|
|
|
16,112
|
|
|
|
208.86
|
|
|
115,537
|
|
|
40,043
|
|
|
188.53
|
|
Loans,
net of unearned
|
|
$
|
2,281,966
|
|
|
$
|
2,350,366
|
|
|
$
|
2,522,694
|
|
$
|
2,693,417
|
|
|
$
|
2,912,669
|
|
|
$
|
1,709,891
|
|
|
$
|
1,867,948
|
|
|
|
(15.28)
|
|
|
$
|
2,281,966
|
|
|
$
|
2,912,669
|
|
|
(21.65)
|
|
Asset quality
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
15,733
|
|
|
$
|
14,268
|
|
|
$
|
12,507
|
|
$
|
10,218
|
|
|
$
|
9,696
|
|
|
$
|
8,921
|
|
|
$
|
9,403
|
|
|
|
53.97
|
|
|
$
|
15,733
|
|
|
$
|
9,696
|
|
|
62.26
|
|
Loans 90 past
due or more
|
|
7,325
|
|
|
4,175
|
|
|
1,192
|
|
2,685
|
|
|
3,806
|
|
|
2,190
|
|
|
3,605
|
|
|
|
172.81
|
|
|
7,325
|
|
|
3,806
|
|
|
92.46
|
|
Nonperforming
loans
|
|
23,058
|
|
|
18,443
|
|
|
13,699
|
|
12,903
|
|
|
13,502
|
|
|
11,111
|
|
|
13,008
|
|
|
|
78.70
|
|
|
23,058
|
|
|
13,502
|
|
|
70.77
|
|
Other real
estate owned
|
|
1,975
|
|
|
3,475
|
|
|
4,223
|
|
4,853
|
|
|
4,665
|
|
|
4,698
|
|
|
4,801
|
|
|
|
(59.30)
|
|
|
1,975
|
|
|
4,665
|
|
|
(57.66)
|
|
Nonperforming
assets
|
|
$
|
25,033
|
|
|
$
|
21,918
|
|
|
$
|
17,922
|
|
$
|
17,756
|
|
|
$
|
18,167
|
|
|
$
|
15,809
|
|
|
$
|
17,809
|
|
|
|
40.98
|
|
|
$
|
25,033
|
|
|
$
|
18,167
|
|
|
37.79
|
|
Purchased
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
|
$
|
6,123
|
|
|
$
|
7,250
|
|
|
$
|
7,828
|
|
$
|
5,836
|
|
|
$
|
4,809
|
|
|
$
|
4,561
|
|
|
$
|
5,340
|
|
|
|
4.92
|
|
|
$
|
6,123
|
|
|
$
|
4,809
|
|
|
27.32
|
|
Loans 90 past
due or more
|
|
7,034
|
|
|
7,687
|
|
|
5,436
|
|
7,232
|
|
|
7,960
|
|
|
5,491
|
|
|
4,564
|
|
|
|
(2.74)
|
|
|
7,034
|
|
|
7,960
|
|
|
(11.63)
|
|
Nonperforming
loans
|
|
13,157
|
|
|
14,937
|
|
|
13,264
|
|
13,068
|
|
|
12,769
|
|
|
10,052
|
|
|
9,904
|
|
|
|
0.68
|
|
|
13,157
|
|
|
12,769
|
|
|
3.04
|
|
Other real
estate owned
|
|
6,216
|
|
|
5,258
|
|
|
5,932
|
|
6,187
|
|
|
7,932
|
|
|
9,006
|
|
|
9,754
|
|
|
|
0.47
|
|
|
6,216
|
|
|
7,932
|
|
|
(21.63)
|
|
Nonperforming
assets
|
|
$
|
19,373
|
|
|
$
|
20,195
|
|
|
$
|
19,196
|
|
$
|
19,255
|
|
|
$
|
20,701
|
|
|
$
|
19,058
|
|
|
$
|
19,658
|
|
|
|
0.61
|
|
|
$
|
19,373
|
|
|
$
|
20,701
|
|
|
6.42
|
|
Net loan charge-offs
(recoveries)
|
|
$
|
945
|
|
|
$
|
676
|
|
|
$
|
691
|
|
$
|
584
|
|
|
$
|
995
|
|
|
$
|
856
|
|
|
$
|
1,560
|
|
|
|
61.82
|
|
|
$
|
2,312
|
|
|
$
|
3,411
|
|
|
(32.22)
|
|
Allowance for loan
losses
|
|
$
|
50,814
|
|
|
$
|
50,059
|
|
|
$
|
49,835
|
|
$
|
49,026
|
|
|
$
|
48,610
|
|
|
$
|
47,355
|
|
|
$
|
46,401
|
|
|
|
3.65
|
|
|
$
|
50,814
|
|
|
$
|
48,610
|
|
|
4.53
|
|
Annualized net loan
charge-offs / average loans
|
|
0.04
|
%
|
|
0.03
|
%
|
|
0.03
|
|
0.03
|
%
|
|
0.05
|
%
|
|
0.04
|
%
|
|
0.08
|
%
|
|
|
|
|
0.03
|
%
|
|
0.06
|
%
|
|
|
Nonperforming loans /
total loans*
|
|
0.39
|
%
|
|
0.37
|
%
|
|
0.30
|
|
0.29
|
%
|
|
0.29
|
%
|
|
0.27
|
%
|
|
0.30
|
%
|
|
|
|
|
0.39
|
%
|
|
0.29
|
%
|
|
|
Nonperforming assets
/ total assets*
|
|
0.34
|
%
|
|
0.33
|
%
|
|
0.29
|
|
0.29
|
%
|
|
0.30
|
%
|
|
0.33
|
%
|
|
0.37
|
%
|
|
|
|
|
0.34
|
%
|
|
0.30
|
%
|
|
|
Allowance for loan
losses / total loans*
|
|
0.55
|
%
|
|
0.55
|
%
|
|
0.55
|
|
0.54
|
%
|
|
0.53
|
%
|
|
0.61
|
%
|
|
0.60
|
%
|
|
|
|
|
0.55
|
%
|
|
0.53
|
%
|
|
|
Allowance for loan
losses / nonperforming loans*
|
|
140.31
|
%
|
|
149.97
|
%
|
|
184.83
|
|
188.77
|
%
|
|
185.03
|
%
|
|
223.76
|
%
|
|
202.52
|
%
|
|
|
|
|
140.31
|
%
|
|
185.03
|
%
|
|
|
Nonperforming loans /
total loans**
|
|
0.33
|
%
|
|
0.28
|
%
|
|
0.21
|
|
0.20
|
%
|
|
0.22
|
%
|
|
0.18
|
%
|
|
0.22
|
%
|
|
|
|
|
0.33
|
%
|
|
0.22
|
%
|
|
|
Nonperforming assets
/ total assets**
|
|
0.19
|
%
|
|
0.17
|
%
|
|
0.14
|
|
0.14
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.17
|
%
|
|
|
|
|
0.19
|
%
|
|
0.14
|
%
|
|
|
Allowance for loan
losses / total loans**
|
|
0.72
|
%
|
|
0.75
|
%
|
|
0.76
|
|
0.77
|
%
|
|
0.78
|
%
|
|
0.78
|
%
|
|
0.8
|
%
|
|
|
|
|
0.72
|
%
|
|
0.78
|
%
|
|
|
Allowance for loan
losses / nonperforming loans**
|
|
220.37
|
%
|
|
271.43
|
%
|
|
363.79
|
|
379.96
|
%
|
|
360.02
|
%
|
|
426.2
|
%
|
|
356.71
|
%
|
|
|
|
|
220.37
|
%
|
|
360.02
|
%
|
|
|
*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 Nine
Months Ending
|
|
September 30,
2019
|
|
June 30,
2019
|
|
September 30,
2018
|
|
September 30,
2019
|
|
September 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
|
$
|
6,792,021
|
|
|
$
|
85,084
|
|
|
4.97
|
%
|
|
$
|
6,622,202
|
|
|
$
|
83,922
|
|
|
5.08
|
%
|
|
$
|
6,140,386
|
|
|
$
|
73,662
|
|
|
4.76
|
%
|
|
$
|
6,624,266
|
|
|
$
|
250,190
|
|
|
5.05
|
%
|
|
$
|
5,918,328
|
|
|
$
|
208,011
|
|
|
4.70
|
%
|
Purchased
|
2,317,231
|
|
|
36,330
|
|
|
6.22
|
%
|
|
2,421,586
|
|
|
38,783
|
|
|
6.42
|
%
|
|
2,087,667
|
|
|
32,060
|
|
|
6.09
|
%
|
|
2,446,863
|
|
|
115,298
|
|
|
6.30
|
%
|
|
1,943,555
|
|
|
88,129
|
|
|
6.06
|
%
|
Total
loans
|
9,109,252
|
|
|
121,414
|
|
|
5.29
|
%
|
|
9,043,788
|
|
|
122,705
|
|
|
5.44
|
%
|
|
8,228,053
|
|
|
105,722
|
|
|
5.10
|
%
|
|
9,071,129
|
|
|
365,488
|
|
|
5.39
|
%
|
|
7,861,883
|
|
|
296,140
|
|
|
5.04
|
%
|
Loans held for
sale
|
385,437
|
|
|
3,977
|
|
|
4.09
|
%
|
|
353,103
|
|
|
5,191
|
|
|
5.90
|
%
|
|
297,692
|
|
|
3,663
|
|
|
4.88
|
%
|
|
361,415
|
|
|
15,004
|
|
|
5.55
|
%
|
|
220,413
|
|
|
7,714
|
|
|
4.68
|
%
|
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable(1)
|
1,040,302
|
|
|
7,200
|
|
|
2.75
|
%
|
|
1,084,736
|
|
|
7,699
|
|
|
2.85
|
%
|
|
914,380
|
|
|
6,574
|
|
|
2.85
|
%
|
|
1,062,261
|
|
|
22,792
|
|
|
2.87
|
%
|
|
781,136
|
|
|
16,127
|
|
|
2.76
|
%
|
Tax-exempt
|
187,376
|
|
|
1,846
|
|
|
3.91
|
%
|
|
177,535
|
|
|
1,860
|
|
|
4.20
|
%
|
|
214,630
|
|
|
2,283
|
|
|
4.22
|
%
|
|
185,370
|
|
|
5,728
|
|
|
4.13
|
%
|
|
220,626
|
|
|
7,047
|
|
|
4.27
|
%
|
Total
securities
|
1,227,678
|
|
|
9,046
|
|
|
2.92
|
%
|
|
1,262,271
|
|
|
9,559
|
|
|
3.04
|
%
|
|
1,129,010
|
|
|
8,857
|
|
|
3.11
|
%
|
|
1,247,631
|
|
|
28,520
|
|
|
3.06
|
%
|
|
1,001,762
|
|
|
23,174
|
|
|
3.09
|
%
|
Interest-bearing
balances with banks
|
271,278
|
|
|
1,490
|
|
|
2.18
|
%
|
|
283,330
|
|
|
1,830
|
|
|
2.59
|
%
|
|
189,115
|
|
|
994
|
|
|
2.09
|
%
|
|
263,967
|
|
|
4,778
|
|
|
2.42
|
%
|
|
143,764
|
|
|
2,146
|
|
|
2.00
|
%
|
Total
interest-earning assets
|
10,993,645
|
|
|
135,927
|
|
|
4.91
|
%
|
|
10,942,492
|
|
|
139,285
|
|
|
5.11
|
%
|
|
9,843,870
|
|
|
119,236
|
|
|
4.81
|
%
|
|
10,944,142
|
|
|
413,790
|
|
|
5.06
|
%
|
|
9,227,822
|
|
|
329,174
|
|
|
4.77
|
%
|
Cash and due from
banks
|
173,156
|
|
|
|
|
|
|
178,606
|
|
|
|
|
|
|
154,171
|
|
|
|
|
|
|
181,140
|
|
|
|
|
|
|
158,462
|
|
|
|
|
|
Intangible
assets
|
975,306
|
|
|
|
|
|
|
974,628
|
|
|
|
|
|
|
743,567
|
|
|
|
|
|
|
975,579
|
|
|
|
|
|
|
670,938
|
|
|
|
|
|
Other
assets
|
704,024
|
|
|
|
|
|
|
668,943
|
|
|
|
|
|
|
534,979
|
|
|
|
|
|
|
680,140
|
|
|
|
|
|
|
505,318
|
|
|
|
|
|
Total
assets
|
$
|
12,846,131
|
|
|
|
|
|
|
$
|
12,764,669
|
|
|
|
|
|
|
$
|
11,276,587
|
|
|
|
|
|
|
$
|
12,781,001
|
|
|
|
|
|
|
$
|
10,562,540
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand(2)
|
$
|
4,740,426
|
|
|
$
|
10,769
|
|
|
0.90
|
%
|
|
$
|
4,737,780
|
|
|
$
|
10,495
|
|
|
0.89
|
%
|
|
$
|
4,261,946
|
|
|
$
|
6,629
|
|
|
0.62
|
%
|
|
$
|
4,755,948
|
|
|
$
|
31,338
|
|
|
0.88
|
%
|
|
$
|
4,077,502
|
|
|
$
|
15,477
|
|
|
0.51
|
%
|
Savings
deposits
|
652,121
|
|
|
355
|
|
|
0.22
|
%
|
|
644,540
|
|
|
329
|
|
|
0.20
|
%
|
|
597,343
|
|
|
233
|
|
|
0.15
|
%
|
|
642,523
|
|
|
976
|
|
|
0.20
|
%
|
|
590,647
|
|
|
612
|
|
|
0.14
|
%
|
Time
deposits
|
2,326,963
|
|
|
10,390
|
|
|
1.77
|
%
|
|
2,368,666
|
|
|
10,167
|
|
|
1.72
|
%
|
|
2,057,410
|
|
|
6,694
|
|
|
1.29
|
%
|
|
2,358,031
|
|
|
29,963
|
|
|
1.70
|
%
|
|
1,918,037
|
|
|
16,445
|
|
|
1.15
|
%
|
Total
interest-bearing deposits
|
7,719,510
|
|
|
21,514
|
|
|
1.11
|
%
|
|
7,750,986
|
|
|
20,991
|
|
|
1.09
|
%
|
|
6,916,699
|
|
|
13,556
|
|
|
0.78
|
%
|
|
7,756,502
|
|
|
62,277
|
|
|
1.07
|
%
|
|
6,586,186
|
|
|
32,534
|
|
|
0.66
|
%
|
Borrowed
funds
|
308,931
|
|
|
4,137
|
|
|
5.31
|
%
|
|
354,234
|
|
|
4,071
|
|
|
4.61
|
%
|
|
499,054
|
|
|
4,800
|
|
|
3.82
|
%
|
|
341,903
|
|
|
12,383
|
|
|
4.84
|
%
|
|
381,533
|
|
|
11,147
|
|
|
3.91
|
%
|
Total
interest-bearing liabilities
|
8,028,441
|
|
|
25,651
|
|
|
1.27
|
%
|
|
8,105,220
|
|
|
25,062
|
|
|
1.24
|
%
|
|
7,415,753
|
|
|
18,356
|
|
|
0.98
|
%
|
|
8,098,405
|
|
|
74,660
|
|
|
1.23
|
%
|
|
6,967,719
|
|
|
43,681
|
|
|
0.84
|
%
|
Noninterest-bearing
deposits
|
2,500,810
|
|
|
|
|
|
|
2,395,899
|
|
|
|
|
|
|
2,052,226
|
|
|
|
|
|
|
2,413,619
|
|
|
|
|
|
|
1,913,525
|
|
|
|
|
|
Other
liabilities
|
185,343
|
|
|
|
|
|
|
161,457
|
|
|
|
|
|
|
95,851
|
|
|
|
|
|
|
169,068
|
|
|
|
|
|
|
87,704
|
|
|
|
|
|
Shareholders'
equity
|
2,131,537
|
|
|
|
|
|
|
2,102,093
|
|
|
|
|
|
|
1,712,757
|
|
|
|
|
|
|
2,099,909
|
|
|
|
|
|
|
1,593,592
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,846,131
|
|
|
|
|
|
|
$
|
12,764,669
|
|
|
|
|
|
|
$
|
11,276,587
|
|
|
|
|
|
|
$
|
12,781,001
|
|
|
|
|
|
|
$
|
10,562,540
|
|
|
|
|
|
Net interest income/
net interest margin
|
|
|
$
|
110,276
|
|
|
3.98
|
%
|
|
|
|
$
|
114,223
|
|
|
4.19
|
%
|
|
|
|
$
|
100,880
|
|
|
4.07
|
%
|
|
|
|
$
|
339,130
|
|
|
4.14
|
%
|
|
|
|
$
|
285,493
|
|
|
4.14
|
%
|
Cost of
funding
|
|
|
|
|
0.97
|
%
|
|
|
|
|
|
0.96
|
%
|
|
|
|
|
|
0.77
|
%
|
|
|
|
|
|
0.95
|
%
|
|
|
|
|
|
0.66
|
%
|
Cost of total
deposits
|
|
|
|
|
0.84
|
%
|
|
|
|
|
|
0.83
|
%
|
|
|
|
|
|
0.60
|
%
|
|
|
|
|
|
0.82
|
%
|
|
|
|
|
|
0.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
2019
|
|
2018
|
|
|
|
September 30,
2019
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2019
|
|
2018
|
Net income
(GAAP)
|
|
$
|
37,446
|
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
|
$
|
129,181
|
|
|
$
|
102,500
|
|
|
Amortization of
intangibles
|
|
1,996
|
|
|
2,053
|
|
|
2,110
|
|
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
|
|
6,159
|
|
|
5,010
|
|
|
Tax effect of
adjustment noted above (A)
|
|
(457)
|
|
|
(473))
|
|
|
(488)
|
|
|
(494)
|
|
|
(372)
|
|
|
(353)
|
|
|
(367)
|
|
|
|
|
(1,418)
|
|
|
(1,094)
|
|
Tangible net income
(non-GAAP)
|
|
$
|
38,985
|
|
|
$
|
48,205
|
|
|
$
|
46,732
|
|
|
$
|
46,095
|
|
|
$
|
33,357
|
|
|
$
|
37,951
|
|
|
$
|
35,110
|
|
|
|
|
$
|
133,922
|
|
|
$
|
106,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
|
$
|
37,446
|
|
|
$
|
46,625
|
|
|
$
|
45,110
|
|
|
$
|
44,420
|
|
|
$
|
31,964
|
|
|
$
|
36,710
|
|
|
$
|
33,826
|
|
|
|
|
$
|
129,181
|
|
|
$
|
102,500
|
|
|
Merger &
conversion expenses
|
|
24
|
|
|
179
|
|
|
—
|
|
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
|
|
203
|
|
|
12,621
|
|
|
Debt prepayment
penalties
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
54
|
|
|
—
|
|
|
MSR valuation
adjustment
|
|
3,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
3,132
|
|
|
—
|
|
|
Tax effect of
adjustment noted above (A)
|
|
(736)
|
|
|
(41)
|
|
|
—
|
|
|
(370)
|
|
|
(2,364)
|
|
|
(111)
|
|
|
(200)
|
|
|
|
|
(781)
|
|
|
(2,755)
|
|
Net income with
exclusions (non-GAAP)
|
|
$
|
39,920
|
|
|
$
|
46,763
|
|
|
$
|
45,110
|
|
|
$
|
45,675
|
|
|
$
|
40,821
|
|
|
$
|
37,099
|
|
|
$
|
34,526
|
|
|
|
|
$
|
131,789
|
|
|
$
|
112,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity (GAAP)
|
|
$
|
2,131,537
|
|
|
$
|
2,102,093
|
|
|
$
|
2,065,370
|
|
|
$
|
2,021,075
|
|
|
$
|
1,712,757
|
|
|
$
|
1,542,071
|
|
|
$
|
1,523,873
|
|
|
|
|
$
|
2,099,909
|
|
|
$
|
1,593,592
|
|
|
Intangibles
|
|
975,306
|
|
|
974,628
|
|
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
|
975,579
|
|
|
670,938
|
|
Average tangible
s/h's equity (non-GAAP)
|
|
$
|
1,156,231
|
|
|
$
|
1,127,465
|
|
|
$
|
1,088,550
|
|
|
$
|
1,048,339
|
|
|
$
|
969,190
|
|
|
$
|
908,916
|
|
|
$
|
888,975
|
|
|
|
|
$
|
1,124,330
|
|
|
$
|
922,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
(GAAP)
|
|
$
|
12,846,131
|
|
|
$
|
12,764,669
|
|
|
$
|
12,730,939
|
|
|
$
|
12,713,000
|
|
|
$
|
11,276,587
|
|
|
$
|
10,341,863
|
|
|
$
|
10,055,755
|
|
|
|
|
$
|
12,781,001
|
|
|
$
|
10,562,540
|
|
|
Intangibles
|
|
975,306
|
|
|
974,628
|
|
|
976,820
|
|
|
972,736
|
|
|
743,567
|
|
|
633,155
|
|
|
634,898
|
|
|
|
|
975,579
|
|
|
670,938
|
|
Average tangible
assets (non-GAAP)
|
|
$
|
11,870,825
|
|
|
$
|
11,790,041
|
|
|
$
|
11,754,119
|
|
|
$
|
11,740,264
|
|
|
$
|
10,533,020
|
|
|
$
|
9,708,708
|
|
|
$
|
9,420,857
|
|
|
|
|
$
|
11,805,422
|
|
|
$
|
9,891,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shareholders'
equity (GAAP)
|
|
$
|
2,119,659
|
|
|
$
|
2,119,696
|
|
|
$
|
2,088,877
|
|
|
$
|
2,043,913
|
|
|
$
|
2,010,711
|
|
|
$
|
1,558,668
|
|
|
$
|
1,532,765
|
|
|
|
|
$
|
2,119,659
|
|
|
$
|
2,010,711
|
|
|
Intangibles
|
|
978,390
|
|
|
973,673
|
|
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
|
978,390
|
|
|
974,115
|
|
Actual tangible s/h's
equity (non-GAAP)
|
|
$
|
1,141,269
|
|
|
$
|
1,146,023
|
|
|
$
|
1,113,151
|
|
|
$
|
1,066,120
|
|
|
$
|
1,036,596
|
|
|
$
|
926,357
|
|
|
$
|
898,860
|
|
|
|
|
$
|
1,141,269
|
|
|
$
|
1,036,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual total assets
(GAAP)
|
|
$
|
13,039,674
|
|
|
$
|
12,892,653
|
|
|
$
|
12,862,395
|
|
|
$
|
12,934,878
|
|
|
$
|
12,746,939
|
|
|
$
|
10,544,475
|
|
|
$
|
10,238,313
|
|
|
|
|
$
|
13,039,674
|
|
|
$
|
12,746,939
|
|
|
Intangibles
|
|
978,390
|
|
|
973,673
|
|
|
975,726
|
|
|
977,793
|
|
|
974,115
|
|
|
632,311
|
|
|
633,905
|
|
|
|
|
978,390
|
|
|
974,115
|
|
Actual tangible
assets (non-GAAP)
|
|
$
|
12,061,284
|
|
|
$
|
11,918,980
|
|
|
$
|
11,886,669
|
|
|
$
|
11,957,085
|
|
|
$
|
11,772,824
|
|
|
$
|
9,912,164
|
|
|
$
|
9,604,408
|
|
|
|
|
$
|
12,061,284
|
|
|
$
|
11,772,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Tax effect is
calculated based on respective periods effective tax
rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
2019
|
|
2018
|
|
|
|
September 30,
2019
|
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
2019
|
|
2018
|
(1) Return on
Average Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
|
6.97
|
%
|
|
8.90
|
%
|
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
8.22
|
%
|
|
8.60
|
%
|
|
Effect of adjustment
for intangible assets
|
|
6.41
|
%
|
|
8.25
|
%
|
|
8.55
|
%
|
|
8.72
|
%
|
|
6.25
|
%
|
|
7.20
|
%
|
|
7.02
|
%
|
|
|
|
7.71
|
%
|
|
6.82
|
%
|
Return on avg
tangible s/h's equity (non-GAAP)
|
|
13.38
|
%
|
|
17.15
|
%
|
|
17.41
|
%
|
|
17.44
|
%
|
|
13.65
|
%
|
|
16.75
|
%
|
|
16.02
|
%
|
|
|
|
15.93
|
%
|
|
15.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg s/h's
equity (GAAP)
|
|
6.97
|
%
|
|
8.90
|
%
|
|
8.86
|
%
|
|
8.72
|
%
|
|
7.40
|
%
|
|
9.55
|
%
|
|
9.00
|
%
|
|
|
|
8.22
|
%
|
|
8.60
|
%
|
|
Effect of exclusions
from net income
|
|
0.46
|
%
|
|
0.02
|
%
|
|
—
|
%
|
|
0.25
|
%
|
|
2.06
|
%
|
|
0.10
|
%
|
|
0.19
|
%
|
|
|
|
0.17
|
%
|
|
0.83
|
%
|
Return on avg s/h's
equity with excl. (non-GAAP)
|
|
7.43
|
%
|
|
8.92
|
%
|
|
8.86
|
%
|
|
8.97
|
%
|
|
9.46
|
%
|
|
9.65
|
%
|
|
9.19
|
%
|
|
|
|
8.39
|
%
|
|
9.43
|
%
|
|
Effect of adjustment
for intangible assets
|
|
6.80
|
%
|
|
8.28
|
%
|
|
8.55
|
%
|
|
8.95
|
%
|
|
7.82
|
%
|
|
7.27
|
%
|
|
7.15
|
%
|
|
|
|
7.85
|
%
|
|
7.42
|
%
|
Return on avg
tangible s/h's equity with exclusions (non-GAAP)
|
|
14.23
|
%
|
|
17.20
|
%
|
|
17.41
|
%
|
|
17.92
|
%
|
|
17.28
|
%
|
|
16.92
|
%
|
|
16.34
|
%
|
|
|
|
16.24
|
%
|
|
16.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Return on
Average Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
|
1.16
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
1.35
|
%
|
|
1.30
|
%
|
|
Effect of adjustment
for intangible assets
|
|
0.14
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
0.15
|
%
|
|
|
|
0.17
|
%
|
|
0.14
|
%
|
Return on avg
tangible assets (non-GAAP)
|
|
1.30
|
%
|
|
1.64
|
%
|
|
1.61
|
%
|
|
1.56
|
%
|
|
1.26
|
%
|
|
1.57
|
%
|
|
1.51
|
%
|
|
|
|
1.52
|
%
|
|
1.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on avg assets
(GAAP)
|
|
1.16
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
1.12
|
%
|
|
1.42
|
%
|
|
1.36
|
%
|
|
|
|
1.35
|
%
|
|
1.30
|
%
|
|
Effect of exclusions
from net income
|
|
0.07
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.04
|
%
|
|
0.32
|
%
|
|
0.02
|
%
|
|
0.03
|
%
|
|
|
|
0.03
|
%
|
|
0.12
|
%
|
Return on avg assets
with exclusions (non-GAAP)
|
|
1.23
|
%
|
|
1.47
|
%
|
|
1.44
|
%
|
|
1.43
|
%
|
|
1.44
|
%
|
|
1.44
|
%
|
|
1.39
|
%
|
|
|
|
1.38
|
%
|
|
1.42
|
%
|
|
Effect of adjustment
for intangible assets
|
|
0.16
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.17
|
%
|
|
0.15
|
%
|
|
0.14
|
%
|
|
0.15
|
%
|
|
|
|
0.17
|
%
|
|
0.15
|
%
|
Return on avg
tangible assets with exclusions (non-GAAP)
|
|
1.39
|
%
|
|
1.64
|
%
|
|
1.61
|
%
|
|
1.60
|
%
|
|
1.59
|
%
|
|
1.58
|
%
|
|
1.54
|
%
|
|
|
|
1.55
|
%
|
|
1.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Shareholder
Equity Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
to actual assets (GAAP)
|
|
16.26
|
%
|
|
16.44
|
%
|
|
16.24
|
%
|
|
15.80
|
%
|
|
15.77
|
%
|
|
14.78
|
%
|
|
14.97
|
%
|
|
|
|
16.26
|
%
|
|
15.77
|
%
|
|
Effect of adjustment
for intangible assets
|
|
6.80
|
%
|
|
6.82
|
%
|
|
6.88
|
%
|
|
6.88
|
%
|
|
6.97
|
%
|
|
5.43
|
%
|
|
5.61
|
%
|
|
|
|
6.80
|
%
|
|
6.97
|
%
|
Tangible capital
ratio (non-GAAP)
|
|
9.46
|
%
|
|
9.62
|
%
|
|
9.36
|
%
|
|
8.92
|
%
|
|
8.80
|
%
|
|
9.35
|
%
|
|
9.36
|
%
|
|
|
|
9.46
|
%
|
|
8.80
|
%
|
RENASANT
CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
2019
|
|
2018
|
|
September
30,
|
|
|
|
|
Third
|
|
Second
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
|
|
|
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
2019
|
|
2018
|
Interest income
(FTE)
|
|
$
|
135,927
|
|
|
$
|
139,285
|
|
|
$
|
138,578
|
|
|
$
|
138,581
|
|
|
$
|
119,236
|
|
|
$
|
107,991
|
|
|
$
|
101,947
|
|
|
$
|
413,790
|
|
|
$
|
329,174
|
|
|
Interest
expense
|
|
25,651
|
|
|
25,062
|
|
|
23,947
|
|
|
21,648
|
|
|
18,356
|
|
|
14,185
|
|
|
11,140
|
|
|
74,660
|
|
|
43,681
|
|
Net Interest income
(FTE)
|
|
$
|
110,276
|
|
|
$
|
114,223
|
|
|
$
|
114,631
|
|
|
$
|
116,933
|
|
|
$
|
100,880
|
|
|
$
|
93,806
|
|
|
$
|
90,807
|
|
|
$
|
339,130
|
|
|
$
|
285,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
income
|
|
$
|
37,953
|
|
|
$
|
41,960
|
|
|
$
|
35,885
|
|
|
$
|
36,374
|
|
|
$
|
38,053
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
$
|
115,798
|
|
|
$
|
107,587
|
|
|
Securities gains
(losses)
|
|
|
343
|
|
|
(8)
|
|
|
13
|
|
|
—
|
|
|
(16)
|
|
|
—
|
|
|
—
|
|
|
348
|
|
|
(16)
|
|
|
MSR valuation
adjustment
|
|
(3,132)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,132)
|
|
|
—
|
|
Total adjusted
noninterest income
|
|
$
|
40,742
|
|
|
$
|
41,968
|
|
|
$
|
35,872
|
|
|
$
|
36,374
|
|
|
$
|
38,069
|
|
|
$
|
35,581
|
|
|
$
|
33,953
|
|
|
$
|
118,582
|
|
|
$
|
107,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
|
96,500
|
|
|
$
|
93,290
|
|
|
$
|
88,832
|
|
|
$
|
93,313
|
|
|
$
|
94,746
|
|
|
$
|
79,026
|
|
|
$
|
77,944
|
|
|
$
|
278,622
|
|
|
$
|
251,716
|
|
|
Amortization of
intangibles
|
|
1,995
|
|
|
2,053
|
|
|
2,110
|
|
|
2,169
|
|
|
1,765
|
|
|
1,594
|
|
|
1,651
|
|
|
6,159
|
|
|
5,010
|
|
|
Merger-related
expenses
|
|
24
|
|
|
179
|
|
|
—
|
|
|
1,625
|
|
|
11,221
|
|
|
500
|
|
|
900
|
|
|
203
|
|
|
12,621
|
|
|
Debt extinguishment
penalty
|
|
54
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
Total adjusted
noninterest expense
|
|
$
|
94,427
|
|
|
$
|
91,058
|
|
|
$
|
86,722
|
|
|
$
|
89,519
|
|
|
$
|
81,760
|
|
|
$
|
76,932
|
|
|
$
|
75,393
|
|
|
$
|
272,206
|
|
|
$
|
234,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
(GAAP)
|
|
65.10
|
%
|
|
59.73
|
%
|
|
59.02
|
%
|
|
60.87
|
%
|
|
68.20
|
%
|
|
61.08
|
%
|
|
62.48
|
%
|
|
61.25
|
%
|
|
64.04
|
%
|
(4) Adjusted
Efficiency Ratio (non-GAAP)
|
|
62.53
|
%
|
|
58.30
|
%
|
|
57.62
|
%
|
|
58.39
|
%
|
|
58.84
|
%
|
|
59.46
|
%
|
|
60.43
|
%
|
|
59.47
|
%
|
|
59.55
|
%
|
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:http://www.prnewswire.com/news-releases/renasant-corporation-announces-earnings-for-the-third-quarter-of-2019-and-new-50-million-stock-repurchase-program-300942395.html
SOURCE Renasant Corporation