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Renasant Corporation Announces 2012 Fourth Quarter and Year-end Results

TUPELO, Miss., Jan. 15, 2013 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its earnings results for the fourth quarter and year ended December 31, 2012. Net income for the fourth quarter of 2012 was $7.3 million as compared to $5.8 million for the fourth quarter of 2011. Basic and diluted earnings per share (EPS) were $0.29 for the fourth quarter of 2012, as compared to basic and diluted EPS of $0.23 for the fourth quarter of 2011. For the fourth quarter of 2012, net income and earnings per share were both up 26% as compared to the same period in 2011. 

(Logo:  http://photos.prnewswire.com/prnh/20110629/CL28420LOGO )

Net income for 2012 was $26.6 million as compared to $25.6 million for 2011. Both basic and diluted EPS were $1.06 for 2012 as compared to basic and diluted EPS of $1.02 for 2011. Net income and EPS for 2011 included pre-tax acquisition gains of $8.8 million in connection with the Company's FDIC-assisted acquisition of American Bank and Trust of Roswell, Georgia, and $570,000 associated with the Company's acquisition of RBC's Birmingham Trust operations. The Company did not record any acquisition-related gains in 2012. 

"Our results for the fourth quarter of 2012 represent a strong finish to a successful year for Renasant as we experienced a 26% increase in EPS and net income as compared to the same period in 2011," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Contributing to this strong performance during the fourth quarter of 2012 as compared to the fourth quarter of 2011, we increased net interest margin by 13 basis points and grew both net interest income and noninterest income. Also, loans increased for the 6th consecutive quarter. In addition, we continued to experience significant improvement in all of our major credit metrics throughout 2012."

Total loans increased 9% to $2.810 billion at December 31, 2012, as compared to $2.581 billion at December 31, 2011. Loans not covered under FDIC loss-share agreements grew 15% to $2.573 billion at December 31, 2012, as compared to $2.242 billion at December 31, 2011.

Total deposits were $3.461 billion at December 31, 2012, as compared to $3.412 billion at December 31, 2011. The Company continued to improve its deposit mix as noninterest-bearing deposits grew 7% to approximately $568 million at December 31, 2012, as compared to the balance at December 31, 2011.  Noninterest-bearing deposits now represent 17% of total average deposits for the fourth quarter of 2012, up from 16% of total average deposits for the fourth quarter of 2011. As a result of this continued improvement in funding mix, the Company's cost of funds was 64 basis points for the fourth quarter of 2012 as compared to 92 basis points for the same quarter in 2011.

Total assets at December 31, 2012, were approximately $4.183 billion as compared to approximately $4.165 billion at September 30, 2012, and $4.202 billion at December 31, 2011.

At December 31, 2012, the Company's tangible common equity ratio was 7.60%, Tier 1 leverage capital ratio was 9.86%, Tier 1 risk-based capital ratio was 12.85%, and total risk-based capital ratio was 14.13%. The Company's capital ratios were all in excess of regulatory minimums required to be classified as "well-capitalized."  In addition, during 2012 and throughout the recent economic downturn, the Company maintained its annual dividend of $0.68, which equates to an approximate dividend yield of 3.50%.

Net interest income was $34.0 million for the fourth quarter of 2012 as compared to $32.6 million for the fourth quarter of 2011. Net interest margin was 3.97% for the fourth quarter of 2012, up 13 basis points, as compared to 3.84% for the fourth quarter of 2011.

Net interest income increased to $133.3 million for 2012 from $129.3 million for 2011. For 2012, net interest margin increased to 3.94% from 3.77% for 2011, or 17 basis points. 

"The current interest rate and competitive banking environment continues to put pressure on any banking and financial service institution's ability to grow net interest income and preserve net interest margin. Despite these pressures, we have grown net interest income and net interest margin on both a quarterly and year-over-year basis," said McGraw. "As we continue our efforts to grow loans and improve our funding mix, we believe we will be able to increase net interest income while minimizing net interest margin compression." 

The Company's noninterest income is derived from diverse lines of business which primarily consist of mortgage, wealth management and insurance revenue sources along with income from deposit and loan products. For the fourth quarter of 2012, noninterest income increased 40% to $18.0 million as compared to $12.9 million for the fourth quarter of 2011. Noninterest income for 2012 was $68.7 million as compared to $64.7 million for 2011. Excluding the aforementioned gain from the Company's acquisitions, noninterest income increased $13.4 million, or 24%, for 2012 as compared to 2011.

Noninterest expense was $38.5 million for the fourth quarter of 2012 as compared to $32.4 million for the fourth quarter of 2011. Noninterest expense for 2012 was $150.5 million as compared to $137.0 million for 2011. The increase in noninterest expense during 2012 as compared to 2011, as well as on a quarter-over-quarter basis, was primarily due to costs associated with the Company's new market expansions, increased health care costs, and commissions paid on increased mortgage loan originations. 

At December 31, 2012, total nonperforming loans were $83.4 million and total other real estate owned (OREO) was $90.3 million. The Company's nonperforming loans and OREO under loss-share agreements with the FDIC at December 31, 2012, were $53.2 million and $45.5 million, respectively. The remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes the assets covered under loss-share agreements with the FDIC.

Nonperforming assets decreased 28.7% to $75.0 million at December 31, 2012, as compared to $105.0 million at December 31, 2011.

Nonperforming loans (loans 90 days or more past due and nonaccrual loans) decreased 13.5% to $30.2 million at December 31, 2012, as compared to $34.9 million at December 31, 2011. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.31% at December 31, 2012, as compared to 0.71% at December 31, 2011. 

The Company recorded a provision for loan losses of $4.0 million and $18.1 million for the quarter and year ending December 31, 2012, respectively, as compared to $6.0 million and $22.4 million for the quarter and year ending December 31, 2011, respectively. Annualized net charge-offs as a percentage of average loans were 0.52% for the fourth quarter of 2012 as compared to 1.56% for the same quarter in 2011. Net charge-offs as a percentage of average loans for the year ending December 31, 2012, were 0.67% as compared to 0.91% for 2011.  

The allowance for loan losses as a percentage of loans was 1.72% at December 31, 2012, as compared to 1.98% at December 31, 2011. The Company's coverage ratio, or the allowance for loan losses as a percentage of nonperforming loans, increased to 147% at December 31, 2012, as compared to 138% on a linked quarter basis and 127% at December 31, 2011. 

OREO was $44.7 million at December 31, 2012, as compared to $48.6 million at September 30, 2012, and $70.1 million at December 31, 2011. The Company continues to aggressively market the properties held in OREO as it sold approximately $30.4 million of OREO during 2012 and $4.7 million during the fourth quarter of 2012. The Company has an additional $4.9 million of OREO under contract which is expected to close during the first quarter of 2013. 

"As we move into 2013, we are excited about our many opportunities to build upon our success from 2012. We are well positioned to continue our positive trends which enhance our earnings potential through our strong team of community bankers and favorable banking markets.  Additionally, we will continue to take advantage of external opportunities to expand our market share and cultivate new relationships," commented McGraw. 

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, January 16, 2013, through the Company's website: www.renasant.com. The event will be archived on the Company's website for one year. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-877-317-6016 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-317-6016.

ABOUT RENASANT CORPORATION:
Renasant Corporation, a 108-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.2 billion and operates over 75 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.

Contact:

For Media:

For Financials:


John Oxford

Kevin Chapman


Vice President

Senior Executive Vice President 


Director of External Affairs

Chief Financial Officer


(662) 680-1219

(662) 680-1450


[email protected]

[email protected]

 

 

RENASANT CORPORATION






















(Unaudited)



























(Dollars in thousands, except per share data)











































Q4 2012 -


For the Year






2012


2011


Q4 2011


Ended December 31,






Fourth


Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Statement of earnings

Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2012


2011


Variance





























Interest income - taxable equivalent basis

$        41,135


$          40,613


$          41,487


$          42,001


$          42,430


$          43,432


$          45,291


$          45,371


(3.05)


$        165,236


$        176,524


(6.39)





























Interest income 



$        39,676


$          39,154


$          39,978


$          40,505


$          41,044


$          41,981


$          43,819


$          43,843


(3.33)


$        159,313


$        170,687


(6.66)

Interest expense



5,723


6,022


6,568


7,662


8,471


9,070


11,153


12,707


(32.44)


25,975


41,401


(37.26)


Net interest income


33,953


33,132


33,410


32,843


32,573


32,911


32,666


31,136


4.24


133,338


129,286


3.13





























Provision for loan losses


4,000


4,625


4,700


4,800


6,000


5,500


5,350


5,500


(33.33)


18,125


22,350


(18.90)


Net interest income after provision

29,953


28,507


28,710


28,043


26,573


27,411


27,316


25,636


12.72


115,213


106,936


7.74





























Service charges on deposit accounts

4,774


4,818


4,495


4,525


4,483


4,751


5,036


4,841


6.49


18,612


19,111


(2.61)

Fees and commissions on loans and deposits

4,706


4,639


4,322


3,928


3,757


3,320


3,118


2,931


25.26


17,595


13,126


34.05

Insurance commissions and fees


1,042


848


842


898


820


849


792


837


27.07


3,630


3,298


10.07

Wealth management revenue


1,726


1,707


1,551


1,942


1,525


1,144


1,139


1,056


13.18


6,926


4,864


42.39

Securities gains (losses) 



121


-


869


904


-


5,041


(258)


12


-


1,894


4,795


(60.50)

Gain on sale of mortgage loans


4,431


4,397


2,390


1,281


662


1,371


949


1,151


569.34


12,499


4,133


202.42

Gain on acquisition




-


-


-


-


-


570


-


8,774


-


-


9,344


(100.00)

Other




1,272


1,605


1,769


2,909


1,682


1,349


1,604


1,393


(24.38)


7,555


6,028


25.33


Total noninterest income


18,072


18,014


16,238


16,387


12,929


18,395


12,380


20,995


39.78


68,711


64,699


6.20
























 . 





Salaries and employee benefits


21,261


21,221


19,871


18,649


16,232


17,493


16,173


16,237


30.98


81,002


66,135


22.48

Occupancy and equipment



3,518


3,882


3,582


3,615


3,533


3,434


3,367


3,218


(0.42)


14,597


13,552


7.71

Data processing




2,281


2,192


2,211


2,040


1,925


1,927


1,657


1,788


18.49


8,724


7,297


19.56

Debt extinguishment penalty



-


-


-


898


-


-


-


1,903


-


898


1,903


(52.81)

Merger-related expenses



-


-


-


-


-


326


-


1,325


-


-


1,651


(100.00)

Other real estate




3,787


2,440


3,370


3,999


3,357


6,336


2,122


3,511


12.81


13,596


15,326


(11.29)

Amortization of intangibles



333


341


349


358


366


351


510


515


(9.02)


1,381


1,742


(20.72)

Other




7,317


8,555


7,327


7,062


6,951


7,091


7,816


7,496


5.27


30,261


29,354


3.09


Total noninterest expense


38,497


38,631


36,710


36,621


32,364


36,958


31,645


35,993


18.95


150,459


136,960


9.86





























Income before income taxes



9,528


7,890


8,238


7,809


7,138


8,848


8,051


10,638


33.48


33,465


34,675


(3.49)

Income taxes




2,247


853


1,893


1,835


1,348


2,316


2,294


3,085


66.69


6,828


9,043


(24.49)


Net income 




$          7,281


$            7,037


$            6,345


$            5,974


$            5,790


$            6,532


$            5,757


$            7,553


25.75


$          26,637


$          25,632


3.92





























Basic earnings per share



$            0.29


$              0.28


$              0.25


$              0.24


$              0.23


$              0.26


$              0.23


$              0.30


26.09


$              1.06


$              1.02


3.92

Diluted earnings per share



0.29


0.28


0.25


0.24


0.23


0.26


0.23


0.30


26.09


1.06


1.02


3.92





























Average basic shares outstanding


25,129,932


25,114,672


25,110,709


25,078,996


25,061,122


25,061,068


25,059,081


25,052,126


0.27


25,108,652


25,058,381


0.20

Average diluted shares outstanding


25,259,048


25,220,887


25,149,360


25,138,213


25,183,114


25,180,923


25,182,503


25,172,410


0.30


25,174,992


25,186,131


(0.04)





























Common shares outstanding



25,157,637


25,120,412


25,113,894


25,105,732


25,066,068


25,061,068


25,061,068


25,056,431


0.37


25,157,637


25,066,068


0.37

Cash dividend per common share


$            0.17


$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


$              0.17


-


$              0.68


$              0.68


-





























Performance ratios


























Return on average shareholders' equity

5.80%


5.65%


5.19%


4.88%


4.71%


5.36%


4.84%


6.51%




5.38%


5.34%



Return on average shareholders' equity, excluding amortization expense

5.97%


5.82%


5.36%


5.06%


4.89%


5.54%


5.11%


6.78%




5.56%


5.57%



Return on average assets



0.70%


0.69%


0.62%


0.57%


0.55%


0.63%


0.54%


0.69%




0.64%


0.60%



Return on average assets, excluding amortization expense


0.72%


0.71%


0.64%


0.59%


0.57%


0.65%


0.57%


0.72%




0.66%


0.63%































Net interest margin (FTE)



3.97%


3.94%


3.98%


3.85%


3.84%


3.92%


3.76%


3.55%




3.94%


3.77%



Yield on earning assets (FTE)



4.61%


4.63%


4.73%


4.71%


4.80%


4.96%


4.99%


4.93%




4.67%


4.92%



Cost of funding




0.64%


0.68%


0.74%


0.84%


0.92%


0.99%


1.17%


1.31%




0.72%


1.11%



Average earning assets to average assets


86.01%


85.62%


85.39%


84.88%


84.22%


83.95%


84.75%


84.16%




85.48%


84.28%



Average loans to average deposits


82.21%


81.34%


76.89%


75.45%


75.83%


76.23%


72.47%


70.20%




78.97%


73.64%































Noninterest income (less securities gains/


























losses) to average assets



1.73%


1.76%


1.50%


1.47%


1.23%


1.28%


1.18%


1.92%




1.60%


1.41%



Noninterest expense to average assets


3.71%


3.77%


3.58%


3.49%


3.08%


3.54%


2.96%


3.30%




3.64%


3.22%



Net overhead ratio




1.98%


2.01%


2.08%


2.01%


1.85%


2.26%


1.78%


1.38%




2.04%


1.81%



Efficiency ratio (FTE)



71.98%


73.44%


71.76%


72.19%


69.02%


70.05%


68.03%


67.08%




72.58%


68.54%














































































RENASANT CORPORATION

























(Unaudited)



























(Dollars in thousands, except per share data)










































Q4 2012 -


For the Year






2012


2011


Q4 2011


Ended December 31,






Fourth


Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Average balances


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2012


2011


Variance

Total assets




$   4,128,508


$     4,078,333


$     4,123,373


$     4,222,376


$     4,172,518


$     4,142,851


$     4,294,530


$     4,423,088


(1.05)


$     4,137,931


$     4,257,244


(2.80)

Earning assets



3,551,026


3,491,941


3,521,099


3,583,957


3,514,110


3,478,054


3,639,696


3,722,419


1.05


3,536,921


3,588,195


(1.43)

Securities




665,578


682,123


793,353


813,826


745,398


796,957


863,735


881,808


(10.71)


738,365


821,532


(10.12)

Loans, net of unearned


2,827,922


2,754,017


2,647,321


2,614,000


2,594,820


2,577,539


2,575,890


2,556,572


8.98


2,711,253


2,577,185


5.20

Intangibles




191,086


191,442


191,788


192,429


192,611


191,574


191,320


191,740


(0.79)


191,612


191,776


(0.09)





























Noninterest-bearing deposits

$      564,440


$        543,767


$        531,209


$        534,867


$        523,807


$        480,699


$        468,170


$        476,115


7.76


$        543,628


$        487,310


11.56

Interest-bearing deposits

2,839,709


2,812,140


2,886,878


2,897,750


2,854,146


2,880,248


3,072,809


3,148,481


(0.51)


2,858,938


2,988,208


(4.33)


Total deposits



3,404,149


3,355,907


3,418,087


3,432,617


3,377,953


3,360,947


3,540,979


3,624,596


0.78


3,402,566


3,475,518


(2.10)

Borrowed funds



175,876


177,016


168,856


238,937


260,672


259,387


261,060


290,201


(32.53)


190,096


267,726


(29.00)

Shareholders' equity


499,088


495,220


492,164


492,092


487,752


483,121


476,896


470,875


2.32


494,739


479,717


3.13





























Asset quality data

























Assets not subject to loss share:
























Nonaccrual loans



$        26,881


$          29,677


$          26,099


$          26,999


$          31,154


$          40,363


$          42,331


$          46,406


(13.72)


$          26,881


$          31,154


(13.72)

Loans 90 past due or more


3,307


2,358


3,864


3,435


3,760


8,674


9,646


10,839


(12.05)


3,307


3,760


(12.05)

Nonperforming loans



30,188


32,035


29,963


30,434


34,914


49,037


51,977


57,245


(13.54)


30,188


34,914


(13.54)

Other real estate owned


44,717


48,568


58,384


64,931


70,079


72,765


68,384


71,415


(36.19)


44,717


70,079


(36.19)

Nonperforming assets not subject to loss share

$        74,905


$          80,603


$          88,347


$          95,365


$        104,993


$        121,802


$        120,361


$        128,660


(28.66)


$          74,905


$        104,993


(28.66)





























Assets subject to loss share:


























Nonaccrual loans




$        53,186


$          64,080


$          65,386


$          78,418


$          88,034


$          84,426


$          78,780


$          78,909


(39.58)


$          53,186


$          88,034


(39.58)

Loans 90 past due or more



-


-


199


1,397


1,134


12,222


10,619


7,817


(100.00)


-


1,134


(100.00)

Non-performing loans subject to loss share

53,186


64,080


65,585


79,815


89,168


96,648


89,399


86,726


(40.35)


53,186


89,168


(40.35)

Other real estate owned



45,534


41,615


37,951


35,461


43,156


44,021


59,802


59,036


5.51


45,534


43,156


5.51

Nonperforming assets subject to loss share

$        98,720


$        105,695


$        103,536


$        115,276


$        132,324


$        140,669


$        149,201


$        145,762


(25.40)


$          98,720


$        132,324


(25.40)





























Net loan charge-offs (recoveries)


$          3,722


$            5,335


$            4,097


$            4,964


$          10,192


$            4,539


$            5,284


$            3,410


(63.48)


$          18,118


$          23,425


(22.66)

Allowance for loan losses



44,347


44,069


44,779


44,176


44,340


48,532


47,571


47,505


0.02


44,347


44,340


0.02





























Nonperforming loans / total loans* 


1.17%


1.26%


1.25%


1.33%


1.56%


2.22%


2.38%


2.61%




1.17%


1.56%



Nonperforming assets / total assets*


1.79%


1.94%


2.15%


2.28%


2.50%


2.94%


2.83%


2.91%




1.79%


2.50%



Allowance for loan losses / total loans*


1.72%


1.74%


1.87%


1.94%


1.98%


2.20%


2.18%


2.17%




1.72%


1.98%



Allowance for loan losses / nonperforming loans*


146.90%


137.57%


149.45%


145.15%


127.00%


98.97%


91.52%


82.99%




146.90%


127.00%



Annualized net loan charge-offs / average loans*

0.52%


0.77%


0.62%


0.76%


1.56%


0.70%


0.82%


0.54%




0.67%


0.91%































Balances at period end


























Total assets




$   4,182,781


$     4,164,606


$     4,112,377


$     4,176,490


$     4,202,008


$     4,136,474


$     4,259,200


$     4,422,164


(0.46)


$     4,182,781


$     4,202,008


(0.46)

Earning assets




3,588,371


3,595,576


3,510,654


3,551,252


3,528,980


3,480,982


3,585,441


3,724,108


1.68


3,588,371


3,528,980


1.68

Securities




674,078


680,679


676,721


834,419


796,341


718,881


833,710


880,382


(15.35)


674,078


796,341


(15.35)

Mortgage loans held for sale



34,845


39,131


25,386


25,216


28,222


24,739


11,511


9,399


23.47


34,845


28,222


23.47

Loans not subject to loss share



2,573,165


2,539,618


2,392,349


2,281,957


2,241,622


2,204,955


2,185,490


2,190,376


14.79


2,573,165


2,241,622


14.79

Loans subject to loss share



237,088


260,545


289,685


318,089


339,462


359,813


377,149


386,811


(30.16)


237,088


339,462


(30.16)


Total loans




2,810,253


2,800,163


2,682,034


2,600,046


2,581,084


2,564,768


2,562,639


2,577,187


8.88


2,810,253


2,581,084


8.88

Intangibles




190,925


191,258


191,618


191,968


192,326


192,755


191,086


191,581


(0.73)


190,925


192,326


(0.73)





























Noninterest-bearing deposits



$      568,214


$        554,581


$        539,237


$        535,955


$        531,910


$        493,130


$        458,686


$        486,676


6.83


$        568,214


$        531,910


6.83

Interest-bearing deposits



2,893,007


2,841,447


2,866,959


2,937,211


2,880,327


2,849,225


3,018,733


3,158,198


0.44


2,893,007


2,880,327


0.44


Total deposits




3,461,221


3,396,028


3,406,196


3,473,166


3,412,237


3,342,355


3,477,419


3,644,874


1.44


3,461,221


3,412,237


1.44

Borrowed funds




164,705


222,907


169,979


171,753


254,709


262,569


263,067


260,149


(35.34)


164,705


254,709


(35.34)

Shareholders' equity



498,208


496,824


491,534


489,611


487,202


487,401


480,135


473,354


2.26


498,208


487,202


2.26





























Market value per common share



$          19.14


$            19.61


$            15.71


$            16.28


$            15.00


$            12.73


$            14.49


$            16.98


27.60


$            19.14


$            15.00


27.60

Book value per common share



19.80


19.78


19.57


19.50


19.44


19.45


19.16


18.89


1.89


19.80


19.44


1.89

Tangible book value per common share


12.21


12.16


11.94


11.86


11.76


11.76


11.53


11.25


3.83


12.21


11.76


3.83

Shareholders' equity to assets (actual)


11.91%


11.93%


11.95%


11.72%


11.59%


11.78%


11.27%


10.70%




11.91%


11.59%



Tangible capital ratio



7.60%


7.69%


7.65%


7.47%


7.35%


7.47%


7.11%


6.66%




7.60%


7.35%































Leverage ratio




9.86%


9.90%


9.68%


9.38%


9.44%


9.48%


9.10%


8.77%




9.86%


9.44%



Tier 1 risk-based capital ratio



12.85%


12.73%


13.14%


13.32%


13.32%


13.63%


13.58%


13.59%




12.85%


13.32%



Total risk-based capital ratio



14.13%


14.00%


14.39%


14.58%


14.58%


14.89%


14.83%


14.84%




14.13%


14.58%































*Based on assets not subject to loss share

































































































RENASANT CORPORATION























(Unaudited)



























(Dollars in thousands, except per share data)










































Q4 2012 -


For the Year






2012


2011


Q4 2011


Ended December 31,






Fourth


Third


Second


First


Fourth


Third


Second


First


Percent






Percent

Loans not subject to loss share by category

Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2012


2011


Variance

Commercial, financial, agricultural



$      306,250


$        299,774


$        280,515


$        263,720


$        260,288


$        247,950


$        243,343


$        250,889


17.66


$        306,250


$        260,288


17.66

Lease financing




190


217


245


302


328


350


393


458


(42.07)


190


328


(42.07)

Real estate - construction



104,058


103,522


73,109


67,223


74,159


75,690


77,224


71,559


40.32


104,058


74,159


40.32

Real estate - 1-4 family mortgages


829,975


801,612


771,161


738,765


716,704


712,871


720,451


730,860


15.80


829,975


716,704


15.80

Real estate - commercial mortgages


1,275,482


1,275,386


1,208,057


1,153,423


1,130,143


1,106,037


1,081,801


1,073,561


12.86


1,275,482


1,130,143


12.86

Installment loans to individuals



57,210


59,107


59,262


58,524


60,000


62,057


62,278


63,049


(4.65)


57,210


60,000


(4.65)


Loans, net of unearned


$   2,573,165


$     2,539,618


$     2,392,349


$     2,281,957


$     2,241,622


$     2,204,955


$     2,185,490


$     2,190,376


14.79


$     2,573,165


$     2,241,622


14.79





























Loans subject to loss share by category
























Commercial, financial, agricultural



$        10,800


$          11,282


$          12,758


$          15,206


$          17,803


$          19,196


$          24,233


$          22,964


(39.34)


$          10,800


$          17,803


(39.34)

Lease financing




-


-


-


-


-


-


-


-


-


-


-


-

Real estate - construction



1,648


1,932


6,093


6,202


7,076


10,811


10,318


13,847


(76.71)


1,648


7,076


(76.71)

Real estate - 1-4 family mortgages


73,448


81,784


91,605


99,769


107,923


114,228


119,508


123,770


(31.94)


73,448


107,923


(31.94)

Real estate - commercial mortgages


151,161


165,494


179,160


196,754


206,492


215,370


222,876


226,038


(26.80)


151,161


206,492


(26.80)

Installment loans to individuals



31


53


69


158


168


208


214


192


(81.55)


31


168


(81.55)


Loans, net of unearned


$      237,088


$        260,545


$        289,685


$        318,089


$        339,462


$        359,813


$        377,149


$        386,811


(30.16)


$        237,088


$        339,462


(30.16)

 

SOURCE Renasant Corporation

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