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Renasant Corporation Announces 2014 First Quarter Earnings

TUPELO, Miss., April 22, 2014 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the first quarter of 2014. Net income for the first quarter of 2014 was $13,597,000, or basic and diluted earnings per share ("EPS") of $0.43, as compared to $7,571,000, or basic and diluted EPS of $0.30, for the first quarter of 2013.  The Company's balance sheet and results of operations as of and for the three months ending March 31, 2014, include the impact of the Company's acquisition of First M&F Corporation ("First M&F"), which was completed on September 1, 2013.  Periods presented prior to September 1, 2013, do not reflect any impact from the First M&F acquisition.

Renasant Corporation logo

For the first quarter of 2014, the Company's return on average assets and return on average equity were 0.93% and 8.19%, respectively, as compared to 0.73% and 6.12%, respectively, for the first quarter of 2013.  The Company's 2014 first quarter return on average tangible assets and return on average tangible equity were 1.05% and 16.05%, respectively, as compared to 0.79% and 10.19%, respectively, for the first quarter of 2013.

"Our first quarter results represent a strong beginning to 2014 as net income and EPS increased 80% and 43%, respectively, as compared to the same quarter last year," said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "With the operations of First M&F fully integrated, we believe we have made a strong start toward achieving our key performance goals and increasing profitability throughout 2014."

Total assets as of March 31, 2014, were approximately $5.90 billion, as compared to $4.27 billion as of March 31, 2013, and $5.7 billion on a linked quarter basis. The increase in assets at March 31, 2014, as compared to the same period in 2013 is due primarily to the First M&F acquisition. The increase in assets on a linked quarter basis is due to a seasonal influx of deposits, primarily in public fund deposits. Due to the short-term nature of these deposit influxes, the funds from these deposits remained in liquid assets (low-yielding interest bearing cash or short-term investments). The excess cash and short-term investments negatively impacted net interest margin by 15 basis points, leverage ratio by 16 basis points, tangible capital ratio by 12 basis points and return on average assets by 3 basis points.

Total deposits, including deposits acquired in the First M&F acquisition, were $5.0 billion at March 31, 2014, as compared to $3.56 billion at March 31, 2013, and $4.84 billion at December 31, 2013. The Company's noninterest-bearing deposits averaged approximately $949 million, or 18.9% of average deposits, for the first quarter of 2014, as compared to $550 million, or 15.7% of average deposits, for the first quarter of 2013. The Company's cost of funds was 48 basis points for the first quarter of 2014, as compared to 62 basis points for the same quarter in 2013. 

Total loans, including loans acquired in either the First M&F merger or in FDIC-assisted transactions (collectively referred to as "acquired loans"), were approximately $3.87 billion at March 31, 2014, as compared to $2.81 billion at March 31, 2013. Excluding acquired loans, loans grew 13.6% to $2.95 billion at March 31, 2014, as compared to $2.59 billion at March 31, 2013. 

At March 31, 2014, the Company's Tier 1 leverage capital ratio was 8.56%, its Tier 1 risk-based capital ratio was 11.55% and its total risk-based capital ratio was 12.72%. In all capital ratio categories, the Company's regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as "well-capitalized." The Company's tangible common equity ratio was 6.68% as of March 31, 2014.

Net interest income was $50.0 million for the first quarter of 2014, as compared to $33.4 million for the first quarter of 2013, and $50.7 million for the fourth quarter of 2013. Net interest margin was 4.04% for the first quarter of 2014, as compared to 3.89% for the first quarter of 2013, and 4.16% for the fourth quarter of 2013. The primary factor causing the Company's linked quarter decline in net interest margin was the negative impact of the seasonal influx of public fund deposits and the resulting short-term liquidity described above.

Noninterest income was $18.6 million for the first quarter of 2014, as compared to $17.4 million for the first quarter of 2013, and $18.3 million for the fourth quarter of 2013. The Company's increase in noninterest income year-over-year is primarily attributable to the First M&F merger, notably a 31.44% increase in service charges and a 116.38% increase in insurance commissions and fees.

Noninterest expense was $47.6 million for the first quarter of 2014, as compared to $37.6 million for the first quarter of 2013, and $51.1 million for the fourth quarter of 2013. The Company recorded merger expenses associated with the First M&F acquisition of $195,000 and $1.9 million during the first quarter of 2014 and fourth quarter of 2013, respectively.  The Company did not record any merger expenses during the first quarter of 2013.  The Company's increase in noninterest expense as compared to the same period in 2013 was primarily due to the expenses of the acquired First M&F operations.

At March 31, 2014, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $74.1 million and total other real estate owned ("OREO") was $47.7 million. The Company's nonperforming loans and OREO that were acquired either through the First M&F merger or in connection with FDIC-assisted transactions (collectively referred to as "acquired nonperforming assets") were $54.4 million and $22.6 million, respectively at March 31, 2014.

Since the acquired nonperforming assets were recorded at fair value at the time of acquisition or subject to loss-share agreements with the FDIC, which significantly mitigates our actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets. 

The Company's nonperforming loans were $19.7 million as of March 31, 2014, as compared to $28.0 million as of March 31, 2013. Nonperforming loans as a percentage of total loans were 0.67% as of March 31, 2014, as compared to 1.08% as of March 31, 2013.

Annualized net charge-offs as a percentage of average loans were 0.11% for the first quarter of 2014, as compared to 0.13% for the first quarter of 2013. The Company recorded a provision for loan losses of $1.5 million for the first quarter of 2014, as compared to $3.1 million for the first quarter of 2013.

The allowance for loan losses totaled $48.0 million at March 31, 2014, as compared to $46.5 million as of March 31, 2013, and $47.7 million as of December 31, 2013. The allowance for loan losses as a percentage of loans was 1.63% as of March 31, 2014, as compared to 1.79% as of March 31, 2013.

The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 244.06% as of March 31, 2014, as compared to 166.19% as of March 31, 2013. Loans 30 to 89 days past due as a percentage of total loans declined to 0.25% at March 31, 2014, as compared to 0.32% at March 31, 2013.  

OREO was $25.1 million as of March 31, 2014, as compared to $39.8 million as of March 31, 2013. In addition, during the first quarter of 2014, the Company experienced a significant reduction in costs associated with OREO as OREO expense decreased approximately 16.98% as compared to the first quarter of 2013.

"Our key performance drivers, specifically loan pipelines, low-costing deposits, credit metrics and operational efficiencies, continue to show positive trends and healthy outlooks," stated McGraw.  "In addition, now that the acquired First M&F operations are fully integrated, we believe we are beginning to experience the full synergies of our combined companies, and we remain well positioned to take advantage of strategic growth opportunities when available."

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern Time on Wednesday, April 23, 2014.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst140423.html. To access the conference via telephone, dial 1-888-317-6016 in the United States and request the Renasant Corporation First Quarter 2014 Earnings Webcast and Conference Call. International participants should dial 1-412-317-6016 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 10044091 or by dialing 1-412-317-0088 internationally and entering the conference number.  Telephone replay access is available until 9:00 a.m. Eastern Time on May 8, 2014.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 110-year-old financial services institution, and Renasant Insurance. Renasant has assets of approximately $5.9 billion and operates more than 120 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.

NOTE TO INVESTORS:

This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions. 

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.  Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

NON-GAAP FINANCIAL MEASURES:

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures.  These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, which the Company's management uses when evaluating capital utilization and adequacy.  In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indications of its operating performance particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities.  Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and are excluded from the calculation of a financial institution's regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company's results to information provided in other regulatory reports and the results of other companies.

The specific non-GAAP financial measures used are return on average tangible shareholders' equity, return on average tangible assets and the ratio of tangible equity to tangible assets (commonly referred to as the "tangible capital ratio").  The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP.  Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company's calculations may not be comparable to other similarly titled measures presented by other companies. Also there may be limits in the usefulness of these measures to investors.  As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption "Reconciliation of GAAP to Non-GAAP."

RENASANT CORPORATION















(Unaudited)














(Dollars in thousands, except per share data)

























Q1 2014 -


For the Three Months Ending





2014


2013


Q1 2013


March 31,





First


Fourth


Third


Second


First


Percent






Percent

Statement of earnings


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2014


2013


Variance






















Interest income - taxable equivalent basis

$          57,810


$          58,644


$          46,083


$          41,331


$          40,371


43.20


$              57,810


$          40,371


43.20






















Interest income



$          56,177


$          57,076


$          44,638


$          39,945


$          38,945


44.25


$              56,177


$          38,945


44.25

Interest expense



6,206


6,408


5,890


5,541


5,564


11.54


6,206


5,564


11.54


Net interest income


49,971


50,668


38,748


34,404


33,381


49.70


49,971


33,381


49.70






















Provision for loan losses


1,450


2,000


2,300


3,000


3,050


(52.46)


1,450


3,050


(52.46)


Net interest income after provision

48,521


48,668


36,448


31,404


30,331


59.97


48,521


30,331


59.97






















Service charges on deposit accounts

5,915


6,165


5,361


4,509


4,500


31.44


5,915


4,500


31.44

Fees and commissions on loans and deposits

4,972


5,300


4,982


4,848


4,831


2.92


4,972


4,831


2.92

Insurance commissions and fees


1,863


1,869


1,295


951


861


116.38


1,863


861


116.38

Wealth management revenue


2,144


2,124


2,091


1,715


1,724


24.36


2,144


1,724


24.36

Securities gains (losses)


-


-


-


-


54


(100.00)


-


54


(100.00)

Gain on sale of mortgage loans


1,586


1,350


2,788


3,870


3,565


(55.51)


1,586


3,565


(55.51)

Gain on acquisition



-


-


-


-


-


-


-


-


-

Other



2,136


1,533


2,418


1,424


1,843


15.90


2,136


1,843


15.90


Total noninterest income


18,616


18,341


18,935


17,317


17,378


7.12


18,616


17,378


7.12






















Salaries and employee benefits


28,428


29,911


25,689


21,906


21,274


33.63


28,428


21,274


33.63

Data processing



2,695


2,546


2,236


2,045


2,043


31.91


2,695


2,043


31.91

Occupancy and equipment


4,847


5,105


4,576


3,668


3,608


34.34


4,847


3,608


34.34

Other real estate



1,701


1,607


1,537


1,773


2,049


(16.98)


1,701


2,049


(16.98)

Amortization of intangibles


1,471


1,508


724


314


323


355.42


1,471


323


355.42

Merger-related expenses


195


1,879


3,763


385


-


-


195


-


-

Debt extinguishment penalty


-


-


-


-


-


-


-


-


-

Other



8,308


8,573


8,088


7,643


8,303


0.06


8,308


8,303


0.06


Total noninterest expense


47,645


51,129


46,613


37,734


37,600


26.72


47,645


37,600


26.72






















Income before income taxes


19,492


15,880


8,770


10,987


10,109


92.82


19,492


10,109


92.82

Income taxes



5,895


4,620


2,133


2,968


2,538


132.27


5,895


2,538


132.27


Net income



$          13,597


$          11,260


$            6,637


$            8,019


$            7,571


79.59


$              13,597


$            7,571


79.59






















Basic earnings per share


$              0.43


$              0.36


$              0.24


$              0.32


$              0.30


43.33


$                  0.43


$              0.30


43.33

Diluted earnings per share


0.43


0.36


0.24


0.32


0.30


43.33


0.43


0.30


43.33






















Average basic shares outstanding


31,436,148


31,366,019


27,234,927


25,223,749


25,186,229


24.81


31,436,148


25,186,229


24.81

Average diluted shares outstanding

31,724,474


31,617,681


27,447,382


25,373,868


25,288,785


25.45


31,724,474


25,288,785


25.45






















Common shares outstanding


31,480,395


31,387,668


31,358,583


25,231,074


25,208,733


24.88


31,480,395


25,208,733


24.88

Cash dividend per common share


$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


-


$                  0.17


$              0.17


-






















Performance ratios



















Return on average shareholders' equity

8.19%


6.71%


4.75%


6.35%


6.12%




8.19%


6.12%



Return on average tangible shareholders' equity (1)

16.05%


13.55%


8.74%


10.47%


10.19%




16.05%


10.19%



Return on average assets


0.93%


0.78%


0.56%


0.76%


0.73%




0.93%


0.73%



Return on average tangible assets (2)

1.05%


0.90%


0.63%


0.82%


0.79%




1.05%


0.79%
























Net interest margin (FTE)


4.04%


4.16%


3.86%


3.88%


3.89%




4.04%


3.89%



Yield on earning assets (FTE)


4.53%


4.67%


4.42%


4.49%


4.51%




4.53%


4.51%



Cost of funding



0.48%


0.51%


0.57%


0.60%


0.62%




0.48%


0.62%



Average earning assets to average assets

87.35%


86.78%


87.43%


87.32%


86.31%




87.35%


86.31%



Average loans to average deposits

77.00%


79.89%


81.69%


80.93%


80.30%




77.00%


80.30%
























Noninterest income (less securities gains/



















losses) to average assets


1.27%


1.27%


1.59%


1.64%


1.67%




1.27%


1.67%



Noninterest expense (less debt prepayment penalties/



















merger-related expenses) to average assets

3.25%


3.40%


3.59%


3.54%


3.63%




3.25%


3.63%



Net overhead ratio



1.97%


2.14%


2.01%


1.90%


1.95%




1.97%


1.95%



Efficiency ratio (FTE)**


65.48%


67.65%


71.25%


69.74%


71.51%




65.48%


71.51%
























**Excludes debt extinguishment penalties, amortization of intangibles and merger-related expenses from noninterest expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income
































































RENASANT CORPORATION














(Unaudited)
















(Dollars in thousands, except per share data)





























Q1 2014 -


For the Three Months Ending





2014


2013


Q1 2013


March 31,





First


Fourth


Third


Second


First


Percent






Percent

Average balances


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2014


2013


Variance

Total assets



$     5,927,884


$     5,741,794


$     4,729,079


$     4,231,947


$     4,206,411


40.92


$         5,927,884


$     4,206,411


40.92

Earning assets



5,178,069


4,982,614


4,134,730


3,695,409


3,630,759


42.62


5,178,069


3,630,759


42.62

Securities



1,002,519


924,179


819,351


754,515


698,863


43.45


1,002,519


698,863


43.45

Mortgage loans held for sale


19,925


25,248


37,056


32,318


22,347


(10.84)


19,925


22,347


(10.84)

Loans, net of unearned


3,868,747


3,865,615


3,213,853


2,845,260


2,804,618


37.94


3,868,747


2,804,618


37.94

Intangibles



303,599


304,388


227,606


190,362


190,787


59.13


303,599


190,787


59.13





















-

Noninterest-bearing deposits


$        949,317


$        888,888


$        660,415


$        562,104


$        549,514


72.76


$            949,317


$        549,514


72.76

Interest-bearing deposits


4,074,746


3,949,909


3,273,658


2,953,435


2,943,247


38.44


4,074,746


2,943,247


38.44


Total deposits



5,024,063


4,838,797


3,934,073


3,515,539


3,492,761


43.84


5,024,063


3,492,761


43.84

Borrowed funds



170,091


173,583


189,909


164,894


163,981


3.73


170,091


163,981


3.73

Shareholders' equity


673,047


665,513


553,772


506,225


501,634


34.17


673,047


501,634


34.17











































Balances at period end



















Total assets



$     5,902,831


$     5,746,270


$     5,735,865


$     4,242,401


$     4,267,658


38.32


$         5,902,831


$     4,267,658


38.32

Earning assets



5,168,996


4,999,434


4,972,051


3,715,321


3,706,707


39.45


5,168,996


3,706,707


39.45

Securities



1,054,511


925,670


915,869


746,530


740,613


42.38


1,054,511


740,613


42.38

Mortgage loans held for sale


28,433


33,440


28,466


50,268


26,286


8.17


28,433


26,286


8.17

Loans acquired from M&F


746,047


813,451


891,420


-


-


-


746,047


-


-

Loans not acquired



2,947,836


2,885,802


2,794,116


2,683,017


2,594,438


13.62


2,947,836


2,594,438


13.62

Loans acquired and subject to loss share

173,545


181,765


195,996


201,494


213,872


(18.86)


173,545


213,872


(18.86)


Total loans



3,867,428


3,881,018


3,881,532


2,884,511


2,808,310


37.71


3,867,428


2,808,310


37.71

Intangibles



302,903


304,330


305,065


190,208


190,522


58.99


302,903


190,522


58.99






















Noninterest-bearing deposits


$        914,964


$        856,020


$        876,138


$        560,965


$        567,065


61.35


$            914,964


$        567,065


61.35

Interest-bearing deposits


4,089,820


3,985,892


3,958,618


2,944,193


2,988,110


36.87


4,089,820


2,988,110


36.87


Total deposits



5,004,784


4,841,912


4,834,756


3,505,158


3,555,175


40.77


5,004,784


3,555,175


40.77

Borrowed funds



168,700


171,875


177,168


195,789


164,063


2.83


168,700


164,063


2.83

Shareholders' equity


676,715


665,652


657,256


500,678


502,375


34.70


676,715


502,375


34.70






















Market value per common share


$            29.05


$            31.46


$            27.17


$            24.34


$            22.38


29.80


$                29.05


$            22.38


29.80

Book value per common share


21.50


21.21


20.96


19.84


19.93


7.88


21.50


$            19.93


7.88

Tangible book value per common share

11.87


11.51


11.23


12.31


12.37


(4.04)


11.87


$            12.37


(4.04)

Shareholders' equity to assets (actual)

11.46%


11.58%


11.46%


11.80%


11.77%


(2.63)


11.46%


11.77%


(2.63)

Tangible capital ratio (3)


6.68%


6.64%


6.49%


7.66%


7.65%


(12.68)


6.68%


7.65%


(12.68)











































Leverage ratio



8.56%


8.68%


8.61%


9.83%


9.79%


(12.56)


8.56%


9.79%


(12.56)

Tier 1 risk-based capital ratio


11.55%


11.41%


11.34%


12.87%


12.86%


(10.19)


11.55%


12.86%


(10.19)

Total risk-based capital ratio


12.72%


12.58%


12.47%


14.14%


14.13%


(9.98)


12.72%


14.13%


(9.98)













































































RENASANT CORPORATION













(Unaudited)













(Dollars in thousands, except per share data)





























Q1 2014 -


For the Three Months Ending





2014


2013


Q1 2013


March 31,





First


Fourth


Third


Second


First


Percent






Percent

Loans not acquired


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2014


2013


Variance

Commercial, financial, agricultural


$        347,828


$        341,600


$        331,142


$        307,718


$        298,013


16.72


$            347,828


$        298,013


16.72

Lease financing



612


52


75


103


162


277.78


612


162


277.78

Real estate - construction


149,450


147,075


127,013


117,339


109,484


36.50


149,450


109,484


36.50

Real estate - 1-4 family mortgages

941,260


928,803


891,422


859,884


834,204


12.83


941,260


834,204


12.83

Real estate - commercial mortgages

1,441,403


1,404,617


1,383,680


1,335,402


1,295,213


11.29


1,441,403


1,295,213


11.29

Installment loans to individuals


67,283


63,655


60,784


62,571


57,362


17.30


67,283


57,362


17.30


Loans, net of unearned


$     2,947,836


$     2,885,802


$     2,794,116


$     2,683,017


$     2,594,438


13.62


$         2,947,836


$     2,594,438


13.62






















Loans acquired and subject to loss share by category


















Commercial, financial, agricultural


$            8,283


$            9,546


$          10,280


$          10,283


$          10,157


(18.45)


$                8,283


$          10,157


(18.45)

Lease financing



-


-


-


-


-


-


-


-


-

Real estate - construction


1,648


1,648


1,648


1,648


1,648


-


1,648


1,648


-

Real estate - 1-4 family mortgages

52,252


54,466


56,722


60,409


65,489


(20.21)


52,252


65,489


(20.21)

Real estate - commercial mortgages

111,337


116,077


127,315


129,120


136,541


(18.46)


111,337


136,541


(18.46)

Installment loans to individuals


25


28


31


34


37


(32.43)


25


37


(32.43)


Loans, net of unearned


$        173,545


$        181,765


$        195,996


$        201,494


$        213,872


(18.86)


$            173,545


$        213,872


(18.86)






















Loans Acquired from M&F



















Commercial, financial, agricultural


$          84,004


$        117,817


$        139,821


$                 -


$                 -


-


$              84,004


$                   -


-

Lease financing



-


-


-


-


-


-


-


-


-

Real estate - construction


4,803


12,713


23,556


-


-


-


4,803


-


-

Real estate - 1-4 family mortgages

217,748


224,965


244,079


-


-


-


217,748


-


-

Real estate - commercial mortgages

415,418


429,878


449,589


-


-


-


415,418


-


-

Installment loans to individuals


24,074


28,078


34,375


-


-


-


24,074


-


-


Loans, net of unearned


$        746,047


$        813,451


$        891,420


$                   -


$                   -


-


$            746,047


$                   -


-











































Asset quality data



















Assets not acquired:



















Nonaccrual loans



$          18,365


$          16,863


$          19,995


$          20,554


$          25,382


(27.65)


$              18,365


$          25,382


(27.65)

Loans 90 past due or more


1,322


2,287


2,078


1,983


2,601


(49.17)


1,322


2,601


(49.17)

Nonperforming loans


19,687


19,150


22,073


22,537


27,983


(29.65)


19,687


27,983


(29.65)

Other real estate owned


25,117


27,543


27,357


33,247


39,786


(36.87)


25,117


39,786


(36.87)

Nonperforming assets not acquired

$          44,804


$          46,693


$          49,430


$          55,784


$          67,769


(33.89)


$              44,804


$          67,769


(33.89)






















Assets acquired and subject to loss share:


















Nonaccrual loans



$          46,078


$          49,194


$          49,585


$          47,281


$          47,972


(3.95)


$              46,078


$          47,972


(3.95)

Loans 90 past due or more


32


-


505


126


-


-


32


-


-

Non-performing loans subject to loss share

46,110


49,194


50,090


47,407


47,972


(3.88)


46,110


47,972


(3.88)

Other real estate owned


10,218


12,942


16,580


27,835


35,095


(70.88)


10,218


35,095


(70.88)

Nonperforming assets acquired and subject to loss share

$          56,328


$          62,136


$          66,670


$          75,242


$          83,067


(32.19)


$              56,328


$          83,067


(32.19)






















Assets acquired from M&F:



















Nonaccrual loans



$            6,393


$            6,275


$               224


$                   -


$                   -


-


$                6,393


$                   -


-

Loans 90 past due or more


1,922


1,899


8,568


-


-


-


1,922


-


-

Nonperforming loans


8,315


8,174


8,792


-


-


-


8,315


-


-

Other real estate owned


12,406


12,402


13,223


-


-


-


12,406


-


-

Nonperforming assets acquired from M&F

$          20,721


$          20,576


$          22,015


$                   -


$                   -


-


$              20,721


$                   -


-






















Net loan charge-offs (recoveries)


$            1,067


$               584


$            3,084


$            2,471


$               893


19.48


$                1,067


$               893


19.48

Allowance for loan losses


48,048


47,665


46,250


47,034


46,505


3.32


48,048


$          46,505


3.32

Annualized net loan charge-offs / average loans

0.11%


0.06%


0.38%


0.35%


0.13%




0.11%


0.13%
























Nonperforming loans / total loans*

0.76%


0.74%


0.84%


0.84%


1.08%




0.76%


1.08%



Nonperforming assets / total assets*

1.11%


1.17%


1.25%


1.31%


1.59%




1.11%


1.59%



Allowance for loan losses / total loans*

1.30%


1.29%


1.25%


1.75%


1.79%




1.30%


1.79%



Allowance for loan losses / nonperforming loans*

171.59%


174.44%


149.85%


208.70%


166.19%




171.59%


166.19%
























Nonperforming loans / total loans**

0.67%


0.66%


0.79%


0.84%


1.08%




0.67%


1.08%



Nonperforming assets / total assets**

0.76%


0.81%


0.86%


1.31%


1.59%




0.76%


1.59%



Allowance for loan losses / total loans**

1.63%


1.65%


1.66%


1.75%


1.79%




1.63%


1.79%



Allowance for loan losses / nonperforming loans**

244.06%


248.90%


209.53%


208.70%


166.19%




244.06%


166.19%
























*Based on assets not subject to loss share (includes assets acquired from M&F)

**Excludes assets acquired from M&F and assets covered under loss share






















 

 

RENASANT CORPORATION












(Unaudited)














(Dollars in thousands, except per share data)





































RECONCILIATION OF GAAP TO NON-GAAP














































For the Three Months Ending





2014


2013




March 31,





First


Fourth


Third


Second


First











Quarter


Quarter


Quarter


Quarter


Quarter




2014


2013

Net income (GAAP)


$          13,597


$          11,260


$            6,637


$            8,019


$            7,571




$              13,597


$            7,571


Amortization of intangibles, net of tax

1,026


1,069


548


229


242




1,026


242

Tangible net income (non-GAAP)

$          14,623


$          12,329


$            7,185


$            8,248


$            7,813




$              14,623


$            7,813




















Average shareholders' equity (GAAP)

$        673,047


$        665,513


$        553,772


$        506,225


$        501,634




$            673,047


$        501,634


Intangibles



303,599


304,388


227,606


190,362


190,787




303,599


190,787

Average tangible shareholders' equity (non-GAAP)

$        369,448


$        361,125


$        326,166


$        315,863


$        310,847




$            369,448


$        310,847




















Average total assets (GAAP)


$     5,927,884


$     5,741,794


$     4,729,079


$     4,231,947


$     4,206,411




$         5,927,884


$     4,206,411


Intangibles



303,599


304,388


227,606


190,362


190,787




303,599


190,787

Average tangible assets (non-GAAP)

$     5,624,285


$     5,437,406


$     4,501,473


$     4,041,585


$     4,015,624




$         5,624,285


$     4,015,624




















Actual total assets (GAAP)


$     5,902,831


$     5,746,270


$     5,735,865


$     4,242,401


$     4,267,658




$         5,902,831


$     4,267,658


Intangibles



302,903


304,330


305,065


190,208


190,522




302,903


190,522

Actual tangible assets (non-GAAP)

$     5,599,928


$     5,441,940


$     5,430,800


$     4,052,193


$     4,077,136




$         5,599,928


$     4,077,136




















(1) Return on Average Equity















Return on (average) shareholders' equity (GAAP)

8.19%


6.71%


4.75%


6.35%


6.12%




8.19%


6.12%


Effect of adjustment for intangible assets

7.86%


6.83%


3.98%


4.12%


4.07%




7.86%


4.07%

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

16.05%


13.55%


8.74%


10.47%


10.19%




16.05%


10.19%




















(2) Return on Average Assets
















Return on (average) assets (GAAP)

0.93%


0.78%


0.56%


0.76%


0.73%




0.93%


0.73%


Effect of adjustment for intangible assets

0.12%


0.12%


0.08%


0.06%


0.06%




0.12%


0.06%

Return on average tangible assets (non-GAAP)

1.05%


0.90%


0.63%


0.82%


0.79%




1.05%


0.79%




















(3) Shareholder Equity Ratio
















Shareholders' equity to (actual) assets (GAAP)

11.46%


11.58%


11.46%


11.80%


11.77%




11.46%


11.77%


Effect of adjustment for intangible assets

4.79%


4.94%


4.97%


4.14%


4.12%




4.79%


4.12%

Tangible capital ratio (non-GAAP)

6.68%


6.64%


6.49%


7.66%


7.65%




6.68%


7.65%

 

 

Contacts:

Media

Financials


John Oxford

Kevin Chapman


Vice President

Executive Vice President


Director of External Affairs

Chief Financial Officer


(662) 680-1219

(662) 680-1450


[email protected]

[email protected]

 

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