TUPELO, Miss., Jan. 19 /PRNewswire-FirstCall/ -- Renasant
Corporation (NASDAQ:RNST) (the "Company") today announced its
earnings results for 2009. Net income for 2009 was $18,518,000 as
compared to $24,052,000 for 2008. Basic and diluted earnings per
share were $0.88 and $0.87, respectively, for 2009 compared to
basic and diluted earnings per share of $1.15 and $1.14,
respectively, for 2008. For the fourth quarter of 2009, net income
was $4,031,000 as compared to $232,000 for the fourth quarter of
2008. Basic and diluted earnings per share were $0.19 for the
fourth quarter of 2009, compared to basic and diluted earnings per
share of $0.01 for the fourth quarter of 2008. The increase in
fourth quarter 2009 net income and earnings per share as compared
to 2008 is primarily due to a lower provision for loan losses
during the fourth quarter of 2009. "At the beginning of last year
we stated that the Company's success would be determined by
management's ability to preserve margin, minimize credit losses,
grow noninterest income and reduce noninterest expense - all of
which would result in continued enhancement of our strong capital
position," commented Renasant Chairman and Chief Executive Officer,
E. Robinson McGraw. "Looking back, after experiencing margin
compression through the second quarter of 2009, we grew margin
during the second half of the year, continued to reduce our
construction and development loans, grew noninterest income and
reduced noninterest expense notwithstanding the special assessment
levied by the FDIC during the second quarter of 2009." Total
deposits grew to $2.58 billion at December 31, 2009 as compared to
approximately $2.34 billion at December 31, 2008. Included within
this growth is an increase in noninterest bearing deposits of $20.7
million and an increase in retail interest bearing deposits of
$288.2 million. This growth allowed the Company to reduce public
fund deposits by $80.6 million and borrowings by $315.9 million
during 2009. "The Company experienced strong deposit growth due to
management's strategic efforts to acquire lower costing and
noninterest bearing deposits while reducing reliance on higher
costing sources of funds. This growth in deposits will allow us to
continue to reduce higher cost borrowings," stated McGraw. Total
loans were approximately $2.35 billion at the end of 2009 as
compared to approximately $2.53 billion at December 31, 2008.
"During 2009, total loans declined year-over-year as new loan
production did not keep pace with our efforts to have our
construction and development loan portfolios, which have been more
negatively impacted by the economic downturn, pay off and pay down.
During 2009, our construction and development loan portfolio
decreased an additional $150 million," said McGraw. Total assets as
of December 31, 2009 were approximately $3.64 billion as compared
to approximately $3.72 billion for December 31, 2008. Shareholders'
equity was $410,122,000 at December 31, 2009 as compared to
$400,371,000 at December 31, 2008. The change in shareholders'
equity reflects earnings less dividends paid and changes in
unrealized gains and losses on available for sale investment
securities. As of December 31, 2009, the Company's regulatory
capital ratios were in excess of regulatory minimums required to be
classified as "well-capitalized". At December 31, 2009, the
Company's Tier I leverage capital ratio was 8.68%, its Tier I
risk-based capital ratio was 11.16%, and its total risk-based
capital ratio was 12.41%. The growth in the Company's capital
ratios reaffirms management's decision in the fourth quarter of
2008 not to participate in the federal government's Troubled Asset
Relief Program. Net interest income was $99,466,000 for 2009 as
compared to $109,442,000 for 2008. Net interest income was
$24,802,000 for the fourth quarter of 2009 as compared to
$26,842,000 for the same period in 2008. Net interest margin was
3.16% for 2009 as compared to 3.44% for 2008 and net interest
margin was 3.22% for the fourth quarter of 2009 as compared to
3.36% for the fourth quarter of 2008. Net interest margin was
unchanged on a linked quarter basis. Noninterest income was
$57,558,000 for 2009 as compared to $54,042,000 for 2008. For the
fourth quarter of 2009, noninterest income was $13,419,000 as
compared to $12,751,000 for the fourth quarter of 2008. The Company
experienced an increase in year-over-year and quarter-over-quarter
noninterest income primarily associated with our increase in
deposits and our record mortgage loan production during 2009.
Noninterest expense was $105,753,000 for 2009 as compared to
$107,968,000 for 2008. Noninterest expense was $25,583,000 for the
fourth quarter of 2009 compared to $25,688,000 for the fourth
quarter of 2008. Despite an industry wide special assessment levied
by the FDIC which resulted in a $1,750,000 expense to the Company,
noninterest expense decreased by approximately $2.2 million during
2009 as compared to 2008. This planned reduction in noninterest
expense was due to achieved efficiencies throughout the Company.
Net charge-offs as a percentage of average loans for the year
ending December 31, 2009, were 0.91% compared to 0.55% for 2008.
The Company recorded a provision for loan losses of $7,800,000 and
$26,890,000 for the fourth quarter of 2009 and the year ending
December 31, 2009, respectively, as compared to $14,979,000 and
$22,804,000, respectively, for the same periods in 2008. The
allowance for loan losses as a percentage of loans was 1.67% at
December 31, 2009, as compared to 1.51% at September 30, 2009 and
1.38% for December 31, 2008. "Our credit administration team has an
ongoing initiative of aggressively reviewing our credit portfolio
with the goal of establishing appropriate reserves against
potential future losses," stated McGraw. Non-performing loans
(loans 90 days or more past due and nonaccrual loans) were
$50,025,000 at December 31, 2009, as compared to $48,656,000 at
September 30, 2009 and $39,913,000 at December 31, 2008.
Non-performing loans as a percentage of total loans were 2.13% at
December 31, 2009, as compared to 2.03% at September 30, 2009 and
1.58% as of December 31, 2008. Loans 30-89 days past due as a
percentage of total loans decreased to 1.03% at December 31, 2009
down from 1.38% at September 30, 2009 and 1.92% at December 31,
2008. Other real estate owned was $58,568,000 at December 31, 2009
as compared to $47,457,000 at September 30, 2009 and $25,111,000 at
December 31, 2008. The increase in OREO reflects the Company's
efforts to resolve problem loans by taking possession and
controlling the liquidation of the underlying properties. The
Company continues to aggressively manage the property held in our
other real estate owned portfolio. This is evident as the Company
sold $16 million of other real estate owned during 2009. "Renasant
is looking forward to a successful 2010 as we build on our 105 year
history of success and capitalize on future opportunities to
enhance our long-term value," said 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 20, 2010, through the Company's website:
http://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 1-800-860-2442 in the United States and requesting the
Renasant Corporation 2009 earnings call. International participants
should dial 1-412-858-4600. ABOUT RENASANT CORPORATION: Renasant
Corporation is the parent of Renasant Bank and Renasant Insurance.
As of December 31, 2009, Renasant had assets of approximately $3.6
billion and operated 65 banking, mortgage, financial services and
insurance offices in Mississippi, Tennessee and Alabama. 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. RENASANT CORPORATION
-------------------- (Unaudited) (Dollars in thousands, except per
share data) 2009 ---- Fourth Third Second First Quarter Quarter
Quarter Quarter Average balances ---------------- ----------
---------- ---------- ---------- Total assets $3,640,514 $3,675,592
$3,738,852 $3,763,245 Earning assets 3,210,554 3,261,527 3,337,103
3,343,699 Securities 719,298 703,976 701,894 696,068 Loans, net of
unearned 2,397,195 2,465,298 2,542,021 2,587,436 Intangibles
191,591 192,078 192,568 193,067 Non-interest bearing deposits
$307,753 $297,390 $293,546 $299,265 Interest bearing deposits
2,247,854 2,286,184 2,342,788 2,250,324 Total deposits 2,555,607
2,583,574 2,636,334 2,549,589 Borrowed funds 632,689 647,919
662,387 815,548 Shareholders' equity 413,773 406,779 404,456
403,229 Asset quality data ------------------ Nonaccrual loans
$39,454 $37,995 $55,217 $47,591 Loans 90 past due or more 10,571
10,661 10,284 19,789 ------ ------ ------ ------ Non-performing
loans 50,025 48,656 65,501 67,380 Other real estate owned and
repossessions 58,568 47,457 30,546 25,318 ------ ------ ------
------ Non-performing assets $108,593 $96,113 $96,047 $92,698
======== ======= ======= ======= Net loan charge-offs (recoveries)
$5,007 $6,962 $5,917 $4,764 Allowance for loan losses 39,145 36,352
35,964 35,181 Non-performing loans / total loans 2.13% 2.03% 2.65%
2.69% Non-performing assets / total assets 2.98% 2.64% 2.59% 2.44%
Allowance for loan losses / total loans 1.67% 1.51% 1.46% 1.40%
Allowance for loan losses / non-performing loans 78.25% 74.71%
54.91% 52.21% Annualized net loan charge-offs / average loans 0.83%
1.12% 0.93% 0.75% Balances at period end ----------------------
Total assets $3,641,081 $3,642,657 $3,701,957 $3,795,217 Earning
assets 3,173,039 3,188,554 3,236,615 3,368,962 Securities 714,164
738,204 684,723 709,950 Mortgage loans held for sale 25,749 24,091
49,565 55,194 Loans, net of unearned 2,347,615 2,402,423 2,468,844
2,506,780 Intangibles 191,357 191,839 192,328 192,822 Non-interest
bearing deposits $304,962 $297,858 $292,129 $303,536 Interest
bearing deposits 2,271,138 2,263,126 2,308,081 2,385,769 Total
deposits 2,576,100 2,560,984 2,600,210 2,689,305 Borrowed funds
618,024 635,076 665,755 672,130 Shareholders' equity 410,122
410,473 400,680 400,095 Market value per common share $13.60 $14.85
$15.02 $12.56 Book value per common share 19.45 19.47 19.01 18.99
Tangible book value per common share 10.38 10.37 9.89 9.84
Shareholders' equity to assets (actual) 11.26% 11.27% 10.82% 10.54%
Tangible capital ratio 6.34% 6.34% 5.94% 5.75% Leverage ratio 8.68%
8.56% 8.37% 8.28% Tier 1 risk-based capital ratio 11.16% 11.04%
10.92% 11.00% Total risk-based capital ratio 12.41% 12.29% 12.17%
12.25% Detail of Loans by Category ---------------------------
Commercial, financial, agricultural $281,329 $280,930 $292,177
$301,899 Lease financing 778 936 1,283 1,434 Real estate -
construction 133,299 153,367 180,202 210,747 Real estate - 1-4
family mortgages 820,917 848,267 878,263 872,796 Real estate -
commercial mortgages 1,040,589 1,048,135 1,054,169 1,055,537
Installment loans to individuals 70,703 70,788 62,750 64,367 ------
------ ------ ------ Loans, net of unearned $2,347,615 $2,402,423
$2,468,844 $2,506,780 ========== ========== ========== ==========
2008 ---- Fourth Third Second First Quarter Quarter Quarter Quarter
Average balances ---------------- ---------- ---------- ----------
---------- Total assets $3,697,726 $3,744,069 $3,752,401 $3,629,623
Earning assets 3,284,282 3,329,651 3,333,176 3,210,112 Securities
713,108 735,977 704,694 555,174 Loans, net of unearned 2,551,660
2,571,069 2,611,843 2,631,101 Intangibles 193,671 194,382 195,949
197,036 Non-interest bearing deposits $289,079 $287,197 $298,692
$293,528 Interest bearing deposits 2,106,341 2,143,680 2,233,380
2,301,291 Total deposits 2,395,420 2,430,877 2,532,072 2,594,819
Borrowed funds 856,057 871,744 774,052 587,957 Shareholders' equity
407,286 406,571 410,780 405,355 Asset quality data
------------------ Nonaccrual loans $35,661 $20,578 $17,659 $16,090
Loans 90 past due or more 4,252 9,077 8,962 5,888 ----- ----- -----
----- Non-performing loans 39,913 29,655 26,621 21,978 Other real
estate owned and repossessions 25,111 21,901 13,111 12,802 ------
------ ------ ------ Non-performing assets $65,024 $51,556 $39,732
$34,780 ======= ======= ======= ======= Net loan charge-offs
(recoveries) $8,098 $1,623 $2,824 $1,726 Allowance for loan losses
34,905 28,024 26,647 27,271 Non-performing loans / total loans
1.58% 1.17% 1.05% 0.85% Non-performing assets / total assets 1.75%
1.38% 1.05% 0.94% Allowance for loan losses / total loans 1.38%
1.11% 1.05% 1.06% Allowance for loan losses / non-performing loans
87.45% 94.50% 100.10% 124.08% Annualized net loan charge-offs /
average loans 1.26% 0.25% 0.43% 0.26% Balances at period end
---------------------- Total assets $3,715,980 $3,725,209
$3,782,196 $3,699,276 Earning assets 3,286,764 3,284,813 3,339,511
3,267,329 Securities 695,106 708,406 741,154 636,338 Mortgage loans
held for sale 41,805 35,976 43,487 33,062 Loans, net of unearned
2,530,886 2,525,424 2,541,012 2,580,911 Intangibles 193,323 194,022
194,688 196,264 Non-interest bearing deposits $284,227 $287,850
$305,877 $304,171 Interest bearing deposits 2,060,104 2,124,318
2,161,301 2,322,471 Total deposits 2,344,331 2,412,168 2,467,178
2,626,642 Borrowed funds 933,976 870,326 878,813 623,906
Shareholders' equity 400,371 406,267 403,795 409,827 Market value
per common share $17.03 $21.71 $14.73 $22.50 Book value per common
share 19.00 19.33 19.27 19.58 Tangible book value per common share
9.83 10.10 9.98 10.20 Shareholders' equity to assets (actual)
10.77% 10.91% 10.68% 11.08% Tangible capital ratio 5.88% 6.01%
5.83% 6.10% Leverage ratio 8.34% 8.30% 8.12% 8.23% Tier 1
risk-based capital ratio 10.85% 10.81% 10.49% 10.03% Total
risk-based capital ratio 12.10% 11.84% 11.45% 11.00% Detail of
Loans by Category --------------------------- Commercial,
financial, agricultural $312,648 $299,233 $303,385 $310,497 Lease
financing 1,746 1,943 2,130 2,304 Real estate - construction
241,818 241,661 335,430 385,957 Real estate - 1-4 family mortgages
886,380 877,045 857,165 846,626 Real estate - commercial mortgages
1,015,894 1,032,797 972,111 954,131 Installment loans to
individuals 72,400 72,745 70,791 81,396 ------ ------ ------ ------
Loans, net of unearned $2,530,886 $2,525,424 $2,541,012 $2,580,911
========== ========== ========== ========== Q4 2009 - For the Year
Q4 2008 Ended December 31, ------------------- Percent Percent
Variance 2009 2008 Variance -------- ---- Average balances
---------------- ---------- ---------- ----- Total assets (1.55)
$3,704,350 $3,706,025 (0.05) Earning assets (2.24) 3,290,356
3,289,402 0.03 Securities 0.87 702,690 677,497 3.72 Loans, net of
unearned (6.05) 2,497,377 2,591,254 (3.62) Intangibles (1.07)
192,404 195,252 (1.46) Non-interest bearing deposits 6.46 $299,465
$292,145 2.51 Interest bearing deposits 6.72 2,281,793 2,195,771
3.92 Total deposits 6.69 2,581,258 2,487,916 3.75 Borrowed funds
(26.09) 689,020 772,952 (10.86) Shareholders' equity 1.59 406,178
403,025 0.78 Asset quality data ------------------ Nonaccrual loans
10.64 $39,454 $35,661 10.64 Loans 90 past due or more 148.61 10,571
4,252 148.61 ------ ----- Non-performing loans 25.34 50,025 39,913
25.34 Other real estate owned and repossessions 133.24 58,568
25,111 133.24 ------ ------ Non-performing assets 67.00 $108,593
$65,024 67.00 ======== ======= Net loan charge-offs (recoveries)
(38.17) $22,650 $14,271 58.71 Allowance for loan losses 12.15
39,145 34,905 12.15 Non-performing loans / total loans 2.13% 1.58%
Non-performing assets / total assets 2.98% 1.75% Allowance for loan
losses / total loans 1.67% 1.38% Allowance for loan losses /
non-performing loans 78.25% 87.45% Annualized net loan charge-offs
/ average loans 0.91% 0.55% Balances at period end
---------------------- Total assets $3,641,081 $3,715,980 (2.02)
Earning assets 3,173,039 3,286,764 (3.46) Securities 714,164
695,106 2.74 Mortgage loans held for sale 25,749 41,805 (38.41)
Loans, net of unearned 2,347,615 2,530,886 (7.24) Intangibles
191,357 193,323 (1.02) Non-interest bearing deposits $304,962
$284,227 7.30 Interest bearing deposits 2,271,138 2,060,104 10.24
Total deposits 2,576,100 2,344,331 9.89 Borrowed funds 618,024
933,976 (33.83) Shareholders' equity 410,122 400,371 2.44 Market
value per common share $13.60 $17.03 (20.14) Book value per common
share 19.45 19.00 2.36 Tangible book value per common share 10.38
9.83 5.58 Shareholders' equity to assets (actual) 11.26% 10.77%
Tangible capital ratio 6.34% 5.88% Leverage ratio 8.68% 8.34% Tier
1 risk-based capital ratio 11.16% 10.85% Total risk-based capital
ratio 12.41% 12.10% Detail of Loans by Category
--------------------------- Commercial, financial, agricultural
$281,329 $312,648 (10.02) Lease financing 778 1,746 (55.44) Real
estate - construction 133,299 241,818 (44.88) Real estate - 1-4
family mortgages 820,917 886,380 (7.39) Real estate - commercial
mortgages 1,040,589 1,015,894 2.43 Installment loans to individuals
70,703 72,400 (2.34) ------ ------ Loans, net of unearned
$2,347,615 $2,530,886 (7.24) ========== ========== *Percent
variance not meaningful RENASANT CORPORATION --------------------
(Unaudited) (Dollars in thousands, except per share data) 2009 ----
Fourth Third Second First Quarter Quarter Quarter Quarter -------
------- ------- ------- Statement of earnings ---------------------
Interest income - taxable equivalent basis 42,526 $43,820 $43,836
$44,988 Interest income $41,331 $42,614 $42,709 $43,910 Interest
expense 16,529 17,423 18,549 18,597 ------ ------ ------ ------ Net
interest income 24,802 25,191 24,160 25,313 Provision for loan
losses 7,800 7,350 6,700 5,040 ----- ----- ----- ----- Net interest
income after provision 17,002 17,841 17,460 20,273 Service charges
on deposit accounts 5,801 5,379 5,395 5,425 Fees and commissions on
loans and deposits 3,554 3,961 4,424 4,682 Insurance commissions
and fees 705 949 837 828 Trust revenue 559 501 488 491 Net gain on
sale of securities 123 - 1,123 427 Gain on sale of mortgage loans
1,665 1,832 2,293 1,776 Other 1,012 1,331 864 1,133 ----- ----- ---
----- Total non-interest income 13,419 13,953 15,424 14,762
Salaries and employee benefits 13,572 13,363 13,736 14,744
Occupancy and equipment 2,981 3,045 3,063 3,249 Data processing
1,407 1,439 1,430 1,329 Amortization of intangibles 482 489 494 501
Other 7,141 7,782 8,409 7,097 ----- ----- ----- ----- Total
non-interest expense 25,583 26,118 27,132 26,920 Income before
income taxes 4,838 5,676 5,752 8,115 Income taxes 807 1,451 1,496
2,109 --- ----- ----- ----- Net income $4,031 $4,225 $4,256 $6,006
====== ====== ====== ====== Basic earnings per share $0.19 $0.20
$0.20 $0.29 Diluted earnings per share 0.19 0.20 0.20 0.28 Average
basic shares outstanding 21,078,873 21,075,879 21,073,228
21,067,539 Average diluted shares outstanding 21,217,841 21,213,839
21,193,560 21,188,397 Common shares outstanding 21,082,991
21,078,828 21,074,568 21,067,539 Cash dividend per common share
$0.17 $0.17 $0.17 $0.17 Performance ratios ------------------
Return on average shareholders' equity 3.87% 4.12% 4.22% 6.04%
Return on average shareholders' equity, excluding amortization
expense 4.15% 4.41% 4.52% 6.35% Return on average assets 0.44%
0.46% 0.46% 0.65% Return on average assets, excluding amortization
expense 0.47% 0.49% 0.49% 0.68% Net interest margin (FTE) 3.22%
3.22% 3.04% 3.19% Yield on earning assets (FTE) 5.26% 5.33% 5.27%
5.46% Average earning assets to average assets 88.19% 88.73% 89.25%
88.85% Average loans to average deposits 92.96% 94.22% 94.40%
99.13% Noninterest income (less securities gains/ losses) to
average assets 1.45% 1.51% 1.53% 1.54% Noninterest expense to
average assets 2.79% 2.82% 2.91% 2.90% Net overhead ratio 1.34%
1.31% 1.38% 1.36% Efficiency ratio (FTE) 64.91% 64.73% 66.65%
65.41% 2008 ---- Fourth Third Second First Quarter Quarter Quarter
Quarter ------- ------- ------- ------- Statement of earnings
--------------------- Interest income - taxable equivalent basis
$47,989 $50,904 $51,386 $54,324 Interest income $47,110 $50,004
$50,465 $53,383 Interest expense 20,268 22,063 22,963 26,226 ------
------ ------ ------ Net interest income 26,842 27,941 27,502
27,157 Provision for loan losses 14,979 3,000 2,200 2,625 ------
----- ----- ----- Net interest income after provision 11,863 24,941
25,302 24,532 Service charges on deposit accounts 5,601 5,861 5,750
5,433 Fees and commissions on loans and deposits 3,674 4,198 4,481
3,765 Insurance commissions and fees 868 920 838 857 Trust revenue
551 597 670 626 Net gain on sale of securities - - - - Gain on sale
of mortgage loans 1,263 1,352 1,311 1,521 Other 794 716 740 1,655
--- --- --- ----- Total non-interest income 12,751 13,644 13,790
13,857 Salaries and employee benefits 12,583 15,250 14,849 14,718
Occupancy and equipment 3,208 3,399 3,413 3,373 Data processing
1,310 1,289 1,303 1,307 Amortization of intangibles 683 610 578 584
Other 7,904 7,236 7,555 6,816 ----- ----- ----- ----- Total
non-interest expense 25,688 27,784 27,698 26,798 Income before
income taxes (1,074) 10,801 11,394 11,591 Income taxes (1,306)
3,243 3,409 3,314 ------ ----- ----- ----- Net income $232 $7,558
$7,985 $8,277 ==== ====== ====== ====== Basic earnings per share
$0.01 $0.36 $0.38 $0.40 Diluted earnings per share 0.01 0.36 0.38
0.39 Average basic shares outstanding 21,039,068 20,980,557
20,946,287 20,878,478 Average diluted shares outstanding 21,178,966
21,175,465 21,205,208 21,133,235 Common shares outstanding
21,067,539 21,013,427 20,954,627 20,930,871 Cash dividend per
common share $0.17 $0.17 $0.17 $0.17 Performance ratios
------------------ Return on average shareholders' equity 0.23%
7.40% 7.82% 8.21% Return on average shareholders' equity, excluding
amortization expense 0.64% 7.76% 8.17% 8.57% Return on average
assets 0.02% 0.80% 0.86% 0.92% Return on average assets, excluding
amortization expense 0.07% 0.84% 0.89% 0.96% Net interest margin
(FTE) 3.36% 3.45% 3.43% 3.52% Yield on earning assets (FTE) 5.81%
6.08% 6.20% 6.81% Average earning assets to average assets 88.82%
88.93% 88.83% 88.44% Average loans to average deposits 105.30%
104.03% 101.20% 99.90% Noninterest income (less securities gains/
losses) to average assets 1.37% 1.45% 1.48% 1.54% Noninterest
expense to average assets 2.76% 2.95% 2.97% 2.97% Net overhead
ratio 1.39% 1.50% 1.49% 1.43% Efficiency ratio (FTE) 63.47% 65.40%
65.61% 63.87% Q4 2009 - For the Year Q4 2008 Ended December 31,
------------------- Percent Percent Variance 2009 2008 Variance
-------- ---- ---- -------- Statement of earnings
--------------------- Interest income - taxable equivalent basis
(11.38) $175,170 $204,603 (14.39) Interest income (12.27) $170,564
$200,962 (15.13) Interest expense (18.45) 71,098 91,520 (22.31)
------ ------ ------ ------ Net interest income (7.60) 99,466
109,442 (9.12) Provision for loan losses (47.93) 26,890 22,804
17.92 ------ ------ ------ ----- Net interest income after
provision 43.32 72,576 86,638 (16.23) Service charges on deposit
accounts 3.57 22,000 22,645 (2.85) Fees and commissions on loans
and deposits (3.27) 16,621 16,118 3.12 Insurance commissions and
fees (18.78) 3,319 3,483 (4.71) Trust revenue 1.45 2,039 2,444
(16.57) Net gain on sale of securities N/M 1,673 - N/M Gain on sale
of mortgage loans 31.83 7,566 5,447 38.90 Other 27.46 4,340 3,905
11.14 ----- ----- ----- ----- Total non-interest income 5.24 57,558
54,042 6.51 Salaries and employee benefits 7.86 55,415 57,400
(3.46) Occupancy and equipment (7.08) 12,338 13,393 (7.88) Data
processing 7.40 5,605 5,209 7.60 Amortization of intangibles
(29.43) 1,966 2,455 (19.92) Other (9.65) 30,429 29,511 3.11 -----
------ ------ ---- Total non-interest expense (0.41) 105,753
107,968 (2.05) Income before income taxes (550.47) 24,381 32,712
(25.47) Income taxes (161.79) 5,863 8,660 (32.30) ------- -----
----- ------ Net income 1,637.50 $18,518 $24,052 (23.01) ========
======= ======= ====== Basic earnings per share 1,800.00 $0.88
$1.15 (23.48) Diluted earnings per share 1,800.00 0.87 1.14 (23.68)
Average basic shares outstanding 0.19 21,073,916 20,961,364 0.54
Average diluted shares outstanding 0.18 21,211,672 21,118,214 0.44
Common shares outstanding 0.07 21,082,991 21,067,539 0.07 Cash
dividend per common share - $0.68 $0.68 - Performance ratios
------------------ Return on average shareholders' equity 4.56%
5.97% Return on average shareholders' equity, excluding
amortization expense 4.86% 6.34% Return on average assets 0.50%
0.65% Return on average assets, excluding amortization expense
0.53% 0.69% Net interest margin (FTE) 3.16% 3.44% Yield on earning
assets (FTE) 5.32% 6.22% Average earning assets to average assets
88.82% 88.76% Average loans to average deposits 95.15% 102.55%
Noninterest income (less securities gains/ losses) to average
assets 1.51% 1.46% Noninterest expense to average assets 2.85%
2.91% Net overhead ratio 1.35% 1.46% Efficiency ratio (FTE) 65.43%
64.60% *Percent variance not meaningful Contact: For Media: For
Financials: John Oxford Stuart Johnson Vice President Senior
Executive Vice President Director of External Affairs Chief
Financial Officer (662) 680-1219 (662) 680-1472 DATASOURCE:
Renasant Corporation CONTACT: For Media: John Oxford, Vice
President, Director of External Affairs, +1-662-680-1219, ; or For
Financials: Stuart Johnson, Senior Executive Vice President, Chief
Financial Officer, +1-662-680-1472, Web Site:
http://www.renasant.com/
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