RENASANT CORPORATION 
By 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: 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
joxford@renasant.com stuartj@renasant.com
SOURCE Renasant Corporation
