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Renasant Announces Second Quarter 2019 Results; New Hiring Bolsters Growth Outlook

TUPELO, Miss., July 22, 2019 /PRNewswire/ -- Renasant Corporation (RNST) (the "Company") today announced earnings results for the second quarter of 2019. Net income for the second quarter of 2019 was $46.6 million, as compared to $36.7 million for the second quarter of 2018. Basic and diluted earnings per share ("EPS") were $0.80 for the second quarter of 2019, as compared to basic and diluted EPS of $0.74 for the second quarter of 2018.

Renasant Corporation logo. (PRNewsFoto/Renasant Corporation) (PRNewsFoto/) (PRNewsfoto/Renasant Corporation)

Net income for the six months ending June 30, 2019, was $91.7 million, as compared to $70.5 million for the same time period in 2018. Basic and diluted EPS were $1.57 and $1.56, respectively, for the first six months of 2019, as compared to basic and diluted EPS of $1.43 and $1.42, respectively, for the first six months of 2018.

As discussed in more detail below, the Company's net income for the second quarter and first half of 2019 includes approximately $1.1 million and $1.2 million, respectively, in after-tax expense related to production team members that have joined the Company in the first half of 2019.  The expense related to these strategic hires decreased diluted EPS by $0.02 for both the quarter and the six months ended June 30, 2019.

"We closed the quarter with solid results, while navigating through the uncertainty around the direction of interest rates and other macro-economic factors that have clouded much of 2019," said Renasant Chairman, E. Robinson McGraw.   "Our continued effort to effectively manage our core business in light of the economic pressures we face has consistently driven greater shareholder value. Our profitability metrics continue to remain strong, and we will continue to evaluate opportunities to return value to our shareholders."

New Hiring Bolsters Growth Outlook

The Company previously announced that Curtis Perry has joined Renasant Bank as its Chief Corporate Banking Officer.  Mr. Perry brings more than 34 years of experience in corporate banking, and we expect that his knowledge and connections will broaden our corporate banking operations as well as generate additional hiring opportunities for Renasant. Since joining Renasant and through the date of this release, Mr. Perry has successfully recruited 13 corporate bankers and other revenue producers throughout our footprint.

In addition to the corporate hires by Mr. Perry, the Company hired 18 revenue producers, including new market presidents, commercial relationship managers and retail bankers, across the footprint during the second quarter of 2019. Recruiting efforts remain ongoing to support the Company's long term growth strategy.

"In addition to the tremendous talent that already makes up our team, we made significant investments in production talent during the quarter which has amplified our long-term growth goals," commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. "Although this hiring had an immediate impact on our expenses, we expect our new teammates to generate loan portfolios over the next 9 to 12 months and provide additional loan growth into 2020 and beyond significantly enhancing our revenue growth and profitability."

While focusing on growth, the Company remains disciplined in its pricing decisions and prudent in in its underwriting standards.  The Company has added three senior credit officers and other credit support staff to complement its already strong credit team and to support the new production team members.

With the current disruption throughout its footprint caused by recent merger activity and other factors, the Company expects to continue to be successful in its recruiting efforts in future quarters.  Although the Company is capitalizing on this market disruption to accelerate the pace of building out its corporate and commercial banking teams, the Company believes that it is positioned for growth and expansion from all lines of businesses and markets.

Profitability Metrics

The following table presents the Company's profitability metrics, including and excluding the impact of after-tax merger and conversion expenses, for the dates presented:


As Reported

Excluding merger and conversion expenses

(Non-GAAP)


Three Months Ended

Three Months Ended


June 30, 2019

March 31, 2019

June 30, 2018

June 30, 2019

March 31, 2019

June 30, 2018

Return on average assets

1.47

%

1.44

%

1.42

%

1.47

%

1.44

%

1.44

%

Return on average tangible assets (Non-GAAP)

1.64

%

1.61

%

1.57

%

1.64

%

1.61

%

1.58

%

Return on average equity

8.90

%

8.86

%

9.55

%

8.92

%

8.86

%

9.65

%

Return on average tangible equity (Non-GAAP)

17.15

%

17.41

%

16.75

%

17.20

%

17.41

%

16.92

%

 


As Reported

Excluding merger and conversion expenses

(Non-GAAP)


Six Months Ended

Six Months Ended


June 30, 2019


June 30, 2018

June 30,
2019


June 30,
2018

Return on average assets

1.45

%


1.39

%

1.45

%


1.42

%

Return on average tangible assets (Non-GAAP)

1.63

%


1.54

%

1.63

%


1.56

%

Return on average equity

8.88

%


9.28

%

8.89

%


9.42

%

Return on average tangible equity (Non-GAAP)

17.28

%


16.39

%

17.30

%


16.63

%

A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading "Non-GAAP Financial Measures" explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Financial Condition

Total assets were $12.89 billion at June 30, 2019, as compared to $12.93 billion at December 31, 2018. The Company's financial condition as well as its results of operations as of and for the three and six months ended June 30, 2019, include the impact of the Company's acquisition of Brand Group Holdings, Inc., which was completed on September 1, 2018.

Total loans held for investment were $9.05 billion at June 30, 2019 as compared to $9.08 billion at December 31, 2018. Loans not purchased increased $314.6 million to $6.70 billion at June 30, 2019 as compared to $6.39 billion at December 31, 2018.

Total deposits increased to $10.2 billion at June 30, 2019, from $10.1 billion at December 31, 2018. Even as interest rates on deposits increased in the first half of 2019, the Company has experienced success in growing its non-interest bearing deposits. Non-interest bearing deposits averaged $2.4 billion, or 23.4% of average deposits, for the first six months of 2019, compared to $1.8 billion, or 22.3% of average deposits, for the same period in 2018.

At June 30, 2019, Tier 1 leverage capital ratio was 10.65%, Common Equity Tier 1 ratio was 11.64%, Tier 1 risk-based capital ratio was 12.69%, and total risk-based capital ratio was 14.62%. All regulatory ratios exceed the minimums required to be considered "well-capitalized."

Our ratio of shareholders' equity to assets was 16.44% at June 30, 2019, as compared to 15.80% at December 31, 2018. Our tangible capital ratio (non-GAAP) was 9.62% at June 30, 2019, as compared to 8.92% at December 31, 2018.

The Company announced a $50.0 million stock repurchase program in October 2018.  During the second quarter of 2019, the Company repurchased $12.9 million of common stock at a weighted average price of $35.57. Since the date the program was authorized, a total of $20.0 million of common stock has been repurchased. The plan will remain in effect until the earlier of October 2019 or the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.

Results of Operations

Net interest income was $112.8 million for the second quarter of 2019, as compared to $113.1 million for the first quarter of 2019 and $92.4 million for the second quarter of 2018. The following table presents reported taxable equivalent net interest margin and yield on loans, including loans held for sale, for the periods presented (in thousands).


Three Months Ended


June 30,

March 31,

June 30,


2019

2019

2018

Taxable equivalent net interest income

$

114,223


$

114,631


$

93,806






Average earning assets

$

10,942,492


$

10,895,205


$

9,067,016






Net interest margin

4.19

%

4.27

%

4.15

%





Taxable equivalent interest income on loans

$

127,896


$

127,206


$

99,426






Average loans, including loans held for sale

$

9,396,891


$

9,405,066


$

7,913,873






Loan yield

5.46

%

5.49

%

5.04

%

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans, including loans held for sale, loan yield and net interest margin is shown in the following table for the periods presented (in thousands).






Three Months Ended


June 30,

March 31,

June 30,


2019

2019

2018

Net interest income collected on problem loans

$

2,173


$

812


$

1,045


Accretable yield recognized on purchased loans(1)

7,513


7,542


5,719


Total impact to interest income

$

9,686


$

8,354


$

6,764






Impact to total loan yield

0.41

%

0.36

%

0.34

%





Impact to net interest margin

0.36

%

0.31

%

0.30

%








(1) Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $4,197, $3,833 and $3,316 for the three months ended June 30, 2019, December 31, 2018, and June 30, 2018, respectively. This additional interest income increased total loan yield by 18 basis points, 17 basis points and 17 basis points for the same periods, respectively, while increasing net interest margin by 15 basis points, 14 basis points and 15 basis points for the same periods, respectively.

Net interest income was $225.9 million for the first half of 2019, as compared to $181.6 million for the first half of 2018. The following table presents reported taxable equivalent net interest margin and yield on loans, including loans held for sale, for the periods presented (in thousands).


Six Months Ended


June 30,

June 30,


2019

2018

Taxable equivalent net interest income

$

228,854


$

184,613





Average earning assets

$

10,918,979


$

8,914,694





Net interest margin

4.23

%

4.18

%




Taxable equivalent interest income on loans

$

255,102


$

194,470





Average loans, including loans held for sale

$

9,400,956


$

7,856,898





Loan yield

5.47

%

4.99

%

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans, including loans held for sale, loan yield and net interest margin is shown in the following table for the periods presented (in thousands).


Six Months Ended


June 30,

June 30,


2019

2018

Net interest income collected on problem loans

$

2,985


$

1,403


Accretable yield recognized on purchased loans(1)

15,056


11,837


Total impact to interest income

$

18,041


$

13,240





Impact to total loan yield

0.39

%

0.34

%




Impact to net interest margin

0.33

%

0.30

%






(1) Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $8,030 and $6,674 for the six months ended June 30, 2019 and 2018, respectively. This additional interest income increased total loan yield by 17 basis points in each period while increasing net interest margin by 15 basis points in each period.

For the second quarter of 2019, the cost of total deposits was 83 basis points, as compared to 79 basis points for the first quarter of 2019 and 52 basis points in the second quarter of 2018. The cost of total deposits was 81 basis points for the first six months of 2019, as compared to 46 basis points for the same period in 2018. The table below presents, by type, our funding sources and the total cost of each funding source for the periods presented:


Percentage of Total Average Deposits and Borrowed Funds


Cost of Funds


Three Months Ending


Three Months Ending


June 30,


March 31,


June 30,


June 30,


March 31,


June 30,


2019


2019


2018


2019


2019


2018

Noninterest-bearing demand

22.82

%


22.30

%


21.43

%


%


%


%

Interest-bearing demand

45.12



45.60



46.51



0.89



0.85



0.54


Savings

6.14



6.00



6.80



0.20



0.19



0.15


Time deposits

22.56



22.65



21.48



1.72



1.60



1.12


Borrowed funds

3.36



3.45



3.78



4.61



4.66



3.98


Total deposits and borrowed funds

100.00

%


100.00

%


100.00

%


0.96

%


0.92

%


0.65

%

 


Percentage of Total Average
Deposits and Borrowed Funds


Cost of Funds


Six Months Ending


Six Months Ending


June 30,


June 30,


June 30,


June 30,


2019


2018


2019


2018

Noninterest-bearing demand

22.56

%


21.47

%


%


%

Interest-bearing demand

45.36



46.43



0.87



0.45


Savings

6.07



6.84



0.20



0.13


Time deposits

22.60



21.52



1.66



1.06


Borrowed funds

3.41



3.74



4.64



3.98


Total deposits and borrowed funds

100.00

%


100.00

%


0.94

%


0.60

%

Noninterest income for the second quarter of 2019 was $42.0 million, as compared to $35.9 million for the first quarter of 2019 and $35.6 million for the second quarter of 2018. Mortgage banking income for the second quarter of 2019 was $16.6 million, compared to $10.4 million for the first quarter of 2019 and $12.8 million for the second quarter of 2018. The previously announced acquisition of FirstBank's wholesale mortgage operations was completed on June 7, 2019.  On account of the closing date of this transaction, the impact of the acquired operations was immaterial to the Company's mortgage banking income for the second quarter of 2019.

Noninterest expense was $93.3 million for the second quarter of 2019, as compared to $88.8 million for the first quarter of 2019 and $79.0 million for the second quarter of 2018. Excluding charges for merger and conversion expenses, amortization of intangible assets and gains and losses on the sale of securities, the Company's efficiency ratio (non-GAAP) was 58.30%  for the second quarter of 2019 and 57.97% for the first six months of 2019, representing the fifth consecutive quarter that the Company has maintained an efficiency ratio below 60%, a long-term goal of the Company.

Asset Quality Metrics

Total nonperforming assets were $42.1 million at June 30, 2019, an increase of $5.1 million from  December 31, 2018, and consisted of $33.4 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $8.7 million in other real estate owned ("OREO").

The Company's nonperforming loans and OREO that were purchased in previous acquisitions (collectively referred to as "purchased nonperforming assets") were $14.9 million and $5.3 million, respectively, at June 30, 2019, as compared to $13.1 million and $6.2 million, respectively, at December 31, 2018. The purchased nonperforming assets were recorded at fair value at the time of acquisition, which significantly mitigates the Company's actual loss. As such, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios focuses on non-purchased nonperforming assets.

  • Non-purchased nonperforming loans were $18.4 million, or 0.28% of total non-purchased loans, at June 30, 2019, as compared to $12.9 million, or 0.20% of total non-purchased loans, at December 31, 2018. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total non-purchased loans were 0.22% at June 30, 2019, as compared to 0.27% at December 31, 2018.
  • Non-purchased OREO was $3.5 million at June 30, 2019, as compared to $4.9 million at December 31, 2018. Non-purchased OREO sales totaled $1.9 million in the first half of 2019.
  • The allowance for loan losses was 0.55% of total loans held for investment at June 30, 2019 , as compared to 0.54% at December 31, 2018. The allowance for loan losses was 0.75% of total non-purchased loans at June 30, 2019, as compared to 0.77% at December 31, 2018.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Tuesday, July 23, 2019.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst190723.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Second Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10133435 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 6, 2019.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 115-year-old financial services institution. Renasant has assets of approximately $12.9 billion and operates more than 190 banking, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

NOTE TO INVESTORS:

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

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in the Company's portfolio of outstanding loans, and competition in the Company's markets. Management believes that the assumptions underlying the Company's forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company's filings with the Securities and Exchange Commission (the "SEC") from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC's website at www.sec.gov.  The Company expressly disclaims any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

NON-GAAP FINANCIAL MEASURES:

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains non-GAAP financial measures, namely, return on average tangible shareholders' equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the "tangible capital ratio"), tangible book value per share and the efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, when applicable, merger and conversion expenses and debt prepayment penalties) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible and charges such as merger and conversion expenses can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution's regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company's results to information provided in other regulatory reports and the results of other companies. Reconciliations of these other non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption "Reconciliation of GAAP to Non-GAAP."

None of the non-GAAP financial information that the Company has included in this release is intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company's calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

 

RENASANT CORPORATION




















(Unaudited)




















(Dollars in thousands, except per share data)




























Q2 2019 -


For The Six Months Ending




2019


2018


Q2 2018


June 30,




Second


First


Fourth


Third


Second


First


Percent






Percent



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2019


2018


Variance

Statement of earnings





















Interest income - taxable equivalent basis


$

139,285



$

138,578



$

138,581



$

119,236



$

107,991



$

101,947



28.98

%


$

277,863



$

209,938



32.35

%

Interest income


137,862



137,094



137,105



117,795



106,574



100,380



29.36



274,956



206,954



32.86


Interest expense


25,062



23,947



21,648



18,356



14,185



11,140



76.68



49,009



25,325



93.52



Net interest income


112,800



113,147



115,457



99,439



92,389



89,240



22.09



225,947



181,629



24.40


Provision for loan losses


900



1,500



1,000



2,250



1,810



1,750



(50.28)



2,400



3,560



(32.58)



Net interest income after provision


111,900



111,647



114,457



97,189



90,579



87,490



23.54



223,547



178,069



25.54


Service charges on deposit accounts


8,605



9,102



9,069



8,847



8,271



8,473



4.04



17,707



16,744



5.75


Fees and commissions on loans and deposits


7,047



6,471



6,322



5,944



5,917



5,685



19.10



13,518



11,602



16.51


Insurance commissions and fees


2,190



2,116



2,014



2,461



2,110



2,005



3.79



4,306



4,115



4.64


Wealth management revenue


3,601



3,324



3,446



3,386



3,446



3,262



4.50



6,925



6,708



3.23


Securities gains (losses)


(8)



13





(16)







100.00



5





100.00


Mortgage banking income


16,620



10,401



11,993



14,350



12,839



10,960



29.45



27,021



23,799



13.54


Other


3,905



4,458



3,530



3,081



2,998



3,568



30.25



8,363



6,566



27.37



Total noninterest income


41,960



35,885



36,374



38,053



35,581



33,953



17.93



77,845



69,534



11.95


Salaries and employee benefits


60,325



57,350



58,313



55,187



52,010



48,784



15.99



117,675



100,794



16.75


Data processing


4,698



4,906



5,169



4,614



4,600



4,244



2.13



9,604



8,844



8.59


Occupancy and equipment


11,544



11,835



11,816



10,668



9,805



9,822



17.74



23,379



19,627



19.12


Other real estate


252



1,004



725



278



232



657



8.62



1,256



889



41.28


Amortization of intangibles


2,053



2,110



2,169



1,765



1,594



1,651



28.80



4,163



3,245



28.29


Merger and conversion related expenses


179





1,625



11,221



500



900



(64.20)



179



1,400



(87.21)


Other


14,239



11,627



13,496



11,013



10,285



11,886



38.44



25,866



22,171



16.67



Total noninterest expense


93,290



88,832



93,313



94,746



79,026



77,944



18.05



182,122



156,970



16.02


Income before income taxes


60,570



58,700



57,518



40,496



47,134



43,499



28.51



119,270



90,633



31.60


Income taxes


13,945



13,590



13,098



8,532



10,424



9,673



33.78



27,535



20,097



37.01



Net income


$

46,625



$

45,110



$

44,420



$

31,964



$

36,710



$

33,826



27.01



$

91,735



$

70,536



30.05


Basic earnings per share


$

0.80



$

0.77



$

0.76



$

0.61



$

0.74



$

0.69



8.11



$

1.57



$

1.43



9.79


Diluted earnings per share


0.80



0.77



0.76



0.61



0.74



0.68



8.11



1.56



1.42



9.86


Average basic shares outstanding


58,461,024



58,585,517



58,623,646



52,472,971



49,413,754



49,356,417



18.31



58,523,007



49,385,244



18.50


Average diluted shares outstanding


58,618,976



58,730,535



58,767,519



52,609,902



49,549,761



49,502,950



18.30



58,669,056



49,522,045



18.47


Common shares outstanding


58,297,670



58,633,630



58,546,480



58,743,814



49,424,339



49,392,978



17.95



58,297,670



49,424,339



17.95


Cash dividend per common share


$

0.22



$

0.21



$

0.21



$

0.20



$

0.20



$

0.19



10.00



$

0.43



$

0.39



10.26


Performance ratios





















Return on avg shareholders' equity


8.90

%


8.86

%


8.72

%


7.40

%


9.55

%


9.00

%




8.88

%


9.28

%



Return on avg tangible s/h's equity (1)


17.15

%


17.41

%


17.44

%


13.65

%


16.75

%


16.02

%




17.28

%


16.39

%



Return on avg assets


1.47

%


1.44

%


1.39

%


1.12

%


1.42

%


1.36

%




1.45

%


1.40

%



Return on avg tangible assets (2)


1.64

%


1.61

%


1.56

%


1.26

%


1.57

%


1.51

%




1.63

%


1.54

%



Net interest margin (FTE)


4.19

%


4.27

%


4.24

%


4.07

%


4.15

%


4.20

%




4.23

%


4.18

%



Yield on earning assets (FTE)


5.11

%


5.16

%


5.02

%


4.81

%


4.78

%


4.72

%




5.13

%


4.75

%



Cost of funding


0.96

%


0.92

%


0.81

%


0.77

%


0.65

%


0.53

%




0.94

%


0.60

%



Average earning assets to average assets


85.72

%


85.58

%


86.15

%


87.29

%


87.67

%


87.12

%




85.65

%


87.39

%



Average loans to average deposits


89.13

%


89.33

%


89.77

%


91.74

%


91.84

%


94.04

%




89.23

%


92.91

%



Noninterest income (less securities gains/






















losses) to average assets


1.32

%


1.14

%


1.14

%


1.34

%


1.38

%


1.37

%




1.23

%


1.38

%



Noninterest expense (less debt prepayment penalties/






















penalties/merger-related expenses) to






















average assets


2.93

%


2.83

%


2.86

%


2.94

%


3.05

%


3.11

%




2.88

%


3.08

%



Net overhead ratio


1.61

%


1.69

%


1.72

%


1.60

%


1.67

%


1.74

%




1.65

%


1.70

%



Efficiency ratio (FTE) (4)


58.30

%


57.62

%


58.39

%


58.84

%


59.46

%


60.43

%




57.97

%


59.94

%



 

 

RENASANT CORPORATION




















(Unaudited)




















(Dollars in thousands, except per share data)




























Q2 2019 -


For The Six Months Ending




2019


2018


Q2 2018


June 30,




Second


First


Fourth


Third


Second


First


Percent






Percent



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2019


2018


Variance

Average Balances





















Total assets


$

12,764,669



$

12,730,939



$

12,713,000



$

11,276,587



$

10,341,863



$

10,055,755



23.43

%


$

12,747,897



$

10,199,599



24.98

%

Earning assets


10,942,492



10,895,205



10,952,023



9,843,870



9,067,016



8,760,679



20.68



10,918,979



8,914,694



22.48


Securities


1,262,271



1,253,224



1,240,283



1,129,010



1,039,947



833,076



21.38



1,257,772



937,083



34.22


Loans held for sale


353,103



345,264



418,213



297,692



209,652



152,299



68.42



349,205



181,134



92.79


Loans, net of unearned


9,043,788



9,059,802



9,130,273



8,228,053



7,704,221



7,646,991



17.39



9,051,751



7,675,764



17.93


Intangibles


974,628



976,820



972,736



743,567



633,155



634,898



53.93



975,718



634,022



53.89


Noninterest-bearing deposits


2,395,899



2,342,406



2,402,422



2,052,226



1,867,925



1,817,848



28.27



2,369,300



1,843,025



28.55


Interest-bearing deposits


7,750,986



7,799,892



7,768,724



6,916,699



6,521,123



6,314,114



18.86



7,775,304



6,418,190



21.14


Total deposits


10,146,885



10,142,298



10,171,146



8,968,925



8,389,048



8,131,962



20.95



10,144,604



8,261,215



22.8


Borrowed funds


354,234



363,140



407,496



499,054



329,287



314,228



7.58



358,662



321,799



11.46


Shareholders' equity


2,102,093



2,065,370



2,021,075



1,712,757



1,542,071



1,523,873



36.32



2,083,833



1,533,022



35.93























































Q2 2019 -


As of



2019


2018


Q4 2018


June 30,



Second


First


Fourth


Third


Second


First


Percent






Percent



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2019


2018


Variance

Balances at period end





















Total assets


$

12,892,653



$

12,862,395



$

12,934,878



$

12,746,939



$

10,544,475



$

10,238,313



(0.33)

%


$

12,892,653



$

10,544,475



22.27

%

Earning assets


11,064,957



11,015,535



11,115,929



10,962,958



9,239,200



8,938,117



(0.46)



11,064,957



9,239,200



19.76


Securities


1,268,280



1,255,353



1,250,777



1,177,606



1,088,779



948,365



1.40



1,268,280



1,088,779



16.49


Loans held for sale


461,681



318,563



411,427



463,287



245,046



204,472



12.21



461,681



245,046



88.41


Non purchased loans


6,704,288



6,565,599



6,389,712



6,210,238



6,057,766



5,830,122



4.92



6,704,288



6,057,766



10.67


Purchased loans


2,350,366



2,522,694



2,693,417



2,912,669



1,709,891



1,867,948



(12.74)



2,350,366



1,709,891



37.46



Total loans


9,054,654



9,088,293



9,083,129



9,122,907



7,767,657



7,698,070



(0.31)



9,054,654



7,767,657



16.57


Intangibles


973,673



975,726



977,793



974,115



632,311



633,905



(0.42)



973,673



632,311



53.99


Noninterest-bearing deposits


2,408,984



2,366,223



2,318,706



2,359,859



1,888,561



1,861,136



3.89



2,408,984



1,888,561



27.56


Interest-bearing deposits


7,781,077



7,902,689



7,809,851



7,812,089



6,492,159



6,496,633



(0.37)



7,781,077



6,492,159



19.85



Total deposits


10,190,061



10,268,912



10,128,557



10,171,948



8,380,720



8,357,769



0.61



10,190,061



8,380,720



21.59


Borrowed funds


401,934



350,859



651,324



439,516



520,747



265,191



(38.29)



401,934



520,747



(22.82)


Shareholders' equity


2,119,696



2,088,877



2,043,913



2,010,711



1,558,668



1,532,765



3.71



2,119,696



1,558,668



35.99


Market value per common share


35.94



33.85



30.18



41.21



45.52



42.56



19.09



35.94



45.52



(21.05)


Book value per common share


36.36



35.63



34.91



34.23



31.54



31.03



4.15



36.36



31.54



15.28


Tangible book value per common share


19.66



18.98



18.21



17.65



18.74



18.20



7.96



19.66



18.74



4.91


Shareholders' equity to assets (actual)


16.44

%


16.24

%


15.80

%


15.77

%


14.78

%


14.97

%




16.44

%


14.78

%



Tangible capital ratio (3)


9.62

%


9.36

%


8.92

%


8.80

%


9.35

%


9.36

%




9.62

%


9.35

%



Leverage ratio


10.65

%


10.44

%


10.11

%


9.85

%


10.63

%


10.61

%




10.65

%


10.63

%



Common equity tier 1 capital ratio


11.64

%


11.49

%


11.05

%


10.80

%


11.71

%


11.38

%




11.64

%


11.71

%



Tier 1 risk-based capital ratio


12.69

%


12.55

%


12.10

%


11.84

%


12.73

%


12.41

%




12.69

%


12.73

%



Total risk-based capital ratio


14.62

%


14.57

%


14.12

%


13.85

%


14.75

%


14.44

%




14.62

%


14.75

%



 

 

RENASANT CORPORATION




















(Unaudited)




















(Dollars in thousands, except per share data)





























Q2 2019 -


As of




2019


2018


Q4 2018


June 30,




Second


First


Fourth


Third


Second


First


Percent






Percent



Quarter


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2019


2018


Variance

Non purchased loans





















Commercial, financial, agricultural


$

930,598



$

921,081



$

875,649



$

817,799



$

790,363



$

803,146



6.28

%


$

930,598



$

790,363



17.74

%

Lease Financing


59,158



58,651



61,865



54,272



52,423



52,536



(4.38)



59,158



52,423



12.85


Real estate- construction


716,129



651,119



635,519



624,892



642,380



582,430



12.68



716,129



642,380



11.48


Real estate - 1-4 family mortgages


2,160,617



2,114,908



2,087,890



2,000,770



1,912,450



1,785,271



3.48



2,160,617



1,912,450



12.98


Real estate - commercial mortgages


2,741,402



2,726,186



2,628,365



2,609,510



2,554,955



2,503,680



4.30



2,741,402



2,554,955



7.30


Installment loans to individuals


96,384



93,654



100,424



102,995



105,195



103,059



(4.02)



96,384



105,195



(8.38)


Loans, net of unearned


$

6,704,288



$

6,565,599



$

6,389,712



$

6,210,238



$

6,057,766



$

5,830,122



4.92



$

6,704,288



$

6,057,766



10.67


Purchased loans





















Commercial, financial, agricultural


$

374,478



$

387,376



$

420,263



$

495,545



$

197,455



$

243,672



(10.89)



$

374,478



$

197,455



89.65


Lease Financing





















Real estate- construction


65,402



89,954



105,149



112,093



70,438



75,061



(37.80)



65,402



70,438



(7.15)


Real estate - 1-4 family mortgages


604,855



654,265



707,453



761,913



520,649



572,830



(14.50)



604,855



520,649



16.17


Real estate - commercial mortgages


1,276,567



1,357,446



1,423,144



1,503,075



906,219



960,273



(10.30)



1,276,567



906,219



40.87


Installment loans to individuals


29,064



33,653



37,408



40,043



15,130



16,112



(22.31)



29,064



15,130



92.10


Loans, net of unearned


$

2,350,366



$

2,522,694



$

2,693,417



$

2,912,669



$

1,709,891



$

1,867,948



(12.74)



$

2,350,366



$

1,709,891



37.46


Asset quality data





















Non purchased assets



...