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Renasant Corporation Announces 2017 First Quarter Earnings

TUPELO, Miss., April 25, 2017 /PRNewswire/ -- Renasant Corporation (RNST) (the "Company") today announced earnings results for the first quarter of 2017. Net income for the first quarter of 2017 was approximately $24.0 million, up 12.99%, as compared to $21.2 million for the first quarter of 2016. Basic and diluted earnings per share ("EPS") were $0.54 for the first quarter of 2017, as compared to basic and diluted EPS of $0.53 and $0.52, respectively, for the first quarter of 2016.

The Company incurred expenses and charges in connection with certain transactions that are considered to be infrequent or non-recurring in nature. The following table presents the impact of these charges on reported EPS for the dates presented (in thousands):

 


Three months ended
March 31, 2017


Three months ended 
March 31, 2016


Pre-tax

After-tax

Impact to
Diluted
EPS


Pre-tax

After-tax

Impact to
Diluted
EPS

Merger and conversion expenses

$

345


$

235


$

0.01



$

948


$

634


$

0.02


Debt prepayment penalty

205


140







 

On January 17, 2017, the Company and Metropolitan BancGroup, Inc. ("Metropolitan"), the parent company of Metropolitan Bank, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire Metropolitan in an all-stock merger transaction.  Metropolitan operates eight offices in Nashville and Memphis, Tennessee and the Jackson, Mississippi MSA. As of March 31, 2017, Metropolitan had approximately $1.2 billion in total assets, which included approximately $929.7 million in total loans and approximately $945.1 million in total deposits.

On February 22, 2017, the Company redeemed $10.3 million in subordinated debentures for an aggregate amount of $10.5 million, which included a prepayment penalty of $205 thousand.  Prior to the redemption, the Company obtained all required board and regulatory approval.

"The first quarter of 2017 was an active quarter for our Company, and we are very pleased to report excellent results. Our results for the first quarter of 2017 include a record quarterly net income and a continuation of increasing profitability metrics as our return on average tangible assets was 1.23%," said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "In January, we announced our proposed acquisition of Metropolitan, which will expand our presence in Mississippi and Tennessee. We have received all federal bank regulatory approvals necessary to complete the proposed merger and are now focusing on securing the required approval of Metropolitan shareholders. Both Metropolitan and we have experienced positive reaction from our clients and associates in response to our proposed acquisition."

First quarter of 2017 highlights include the following:

Profitability Metrics

  • Total assets were $8.8 billion at March 31, 2017, as compared to $8.7 billion at December 31, 2016, and $8.1 billion at March 31, 2016.
  • Total loans increased $36.3 million to $6.2 billion at March 31, 2017, from December 31, 2016; total loans were $5.6 billion at March 31, 2016. Loans not acquired increased $123.7 million to $4.8 billion at March 31, 2017 from December 31, 2016, which represents an annualized growth rate of 10.65%. For the first quarter of 2017, the yield on total loans was 4.82% compared to 5.07% for the fourth quarter of 2016 and 4.93% for the first quarter of 2016. The following table reconciles the reported loan yield to the adjusted loan yield excluding the impact from interest income collected on problem loans and purchase accounting adjustments on acquired loans for the periods presented (in thousands):

 


Three Months Ended


March 31,

December 31,

March 31,


2017

2016

2016

Taxable equivalent interest income on loans (as reported)

$

73,710


$

78,267


$

67,223

Net interest income collected on problem loans

567


1,971


622

Accretable yield recognized on purchased loans(1)

5,604


8,092


6,097

Interest income on loans (adjusted)

$

67,539


$

68,204


$

60,504





Average loans

$

6,198,705


$

6,147,077


$

5,482,167





Loan yield, as reported

4.82%


5.07%


4.93%

Loan yield, adjusted

4.42%


4.41%


4.44%





(1)      

Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $2,741, $4,728 and $1,871 for the three months ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively, which increased loan yield by 18 basis points, 30 basis points and 13 basis points for the same periods, respectively.

 

  • Total deposits increased to $7.2 billion at March 31, 2017, from $7.1 billion at December 31, 2016, and $6.4 billion at March 31, 2016. Noninterest-bearing deposits averaged $1.6 billion, or 21.83% of average deposits, for the first quarter of 2017, compared to $1.3 billion, or 20.99% of average deposits, for the same period in 2016. For the first quarter of 2017, the cost of total deposits was 29 basis points, as compared to 28 basis points for the fourth quarter of 2016 and 25 basis points for the first quarter of 2016.
  • Net interest income was $74.0 million for the first quarter of 2017, as compared to $78.0 million for the fourth quarter of 2016 and $70.1 million for the first quarter of 2016. Net interest margin was 4.01% for the first quarter of 2017, as compared to 4.24% for the fourth quarter of 2016 and 4.21% for the first quarter of 2016. The following table reconciles reported net interest margin to adjusted net interest margin excluding the impact from interest income collected on problem loans and purchase accounting adjustments on loans for the periods presented (in thousands):

 


Three Months Ended


March 31,

December 31,

March 31,


2017

2016

2016

Taxable equivalent net interest income (as reported)

$

75,907


$

79,774


$

71,804

Net interest income collected on problem loans

567


1,971


622

Accretable yield recognized on purchased loans (1)

5,604


8,092


6,097

Net interest income (adjusted)

$

69,736


$

69,711


$

65,085





Average earning assets

$

7,668,582


$

7,483,222


$

6,863,905





Net interest margin, as reported

4.01%


4.24%


4.21%

Net interest margin, adjusted

3.69%


3.71%


3.81%





(1)      

Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $2,741, $4,728 and $1,871 for the three months ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively, which increased net interest margin by 14 basis points, 25 basis points and 11 basis points for the same periods, respectively.

 

Included in net interest margin is the impact from excess cash generated from the increase in average deposits during the first quarter of 2017.  This excess cash was included in short-term investments and reduced our net interest margin by 10 basis points when compared to the fourth quarter of 2016.

  • Noninterest income for the first quarter of 2017 was $32.0 million, as compared to $30.3 million for the fourth quarter of 2016 and $33.3 million for the first quarter of 2016. Mortgage banking income was $10.5 million for the first quarter of 2017, as compared to $8.3 million for the fourth quarter of 2016 and $11.9 million for the first quarter of 2017.
  • Noninterest expense was $69.3 million for the first quarter of 2017, as compared to $71.6 million for the fourth quarter of 2016 and $69.8 million for the first quarter of 2016. Excluding nonrecurring charges for merger and conversion expenses and debt prepayment penalties, noninterest expense remained relatively flat when compared to the first quarter of 2016.

The following table presents the Company's profitability metrics for the quarter ending March 31, 2017, including and excluding the impact of after-tax merger and conversion expenses:

 


As Reported

Excluding Merger and
Conversion Expenses and Debt
Prepayment Penalties

Return on average assets

1.11%

1.13%

Return on average tangible assets

1.23%

1.25%

Return on average equity

7.80%

7.92%

Return on average tangible equity

13.48%

13.68%

 

Asset Quality Metrics
Total nonperforming assets were $56.5 million at March 31, 2017, a decrease of $2.3 million from December 31, 2016, and a decrease of $21.1 million from March 31, 2016, and consisted of $35.2 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $21.3 million in OREO.

The Company's nonperforming loans and OREO that were purchased in previous acquisitions (collectively referred to as "acquired nonperforming assets") were $20.4 million and $16.3 million, respectively, at March 31, 2017, as compared to $22.2 million and $17.4 million, respectively, at December 31, 2016, and $30.2 million and $20.4 million, respectively, at March 31, 2016.  The acquired 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 primarily focuses on non-acquired nonperforming assets.

  • Non-acquired nonperforming loans increased to $14.8 million, or 0.31% of total non-acquired loans, at March 31, 2017, from $13.4 million, or 0.28% of total non-acquired loans, at December 31, 2016. These loans were $14.2 million, or 0.35% of total non-aquired loans, at March 31, 2016. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.16% at March 31, 2017, as compared to 0.23% at December 31, 2016, and at 0.17% March 31, 2016.
  • Non-acquired OREO was $5.1 million at March 31, 2017, as compared to $5.9 million at December 31, 2016, and $12.8 million at March 31, 2016. Non-acquired OREO sales totaled $1.2 million in the first quarter of 2017 and $5.8 million over the final three quarters of 2016.
  • The allowance for loan losses represents 0.69% of total loans at both March 31, 2017, and December 31, 2016, and 0.77% at March 31, 2016. The allowance for loan losses represents 0.89% of nonaquired loans at March 31, 2017, as compared to 0.91% at December 31, 2016, and 1.05% at March 31, 2016
  • Net loan charge-offs were $1.3 million, or 0.09% of average total loans, for the first quarter of 2017, as compared to $4.8 million, or 0.31% of average total loans, for the fourth quarter of 2016 and $1.4 million, or 0.10% of average total loans, for the first quarter of 2016. The decrease quarter over quarter is attributable to the final resolution of several problem credits in the fourth quarter of 2016.
  • Provision for loan losses was $1.5 million for the first quarter of 2017, as compared to $1.7 million for the fourth quarter of 2016 and $1.8 million for the first quarter of 2016.

Capital Metrics

  • At March 31, 2017, Tier 1 leverage capital ratio was 10.39%, Common Equity Tier 1 ratio was 11.69%, Tier 1 risk-based capital ratio was 12.93%, and total risk-based capital ratio was 15.11%. All regulatory ratios exceed the minimums required to be considered "well-capitalized."
  • Tangible common equity ratio was 9.16% at March 31, 2017, as compared to 9.00% at December 31, 2016.

CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, April 26, 2017.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst170426.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation First 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 10105028 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until May 10, 2017.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 113-year-old financial services institution. Renasant has assets of approximately $8.8 billion and operates more than 170 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama, Florida 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 the Company's portfolio of outstanding loans, and competition in the Company's markets. Management undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains certain non-GAAP financial measures.

The Company's management uses certain non-GAAP financial measures to adjust GAAP financial measures to exclude purchase accounting adjustments and interest income collected, net of interest foregone, on problem loans from loan interest income when calculating the Company's taxable equivalent loan yields and net interest margin, respectively. Management uses these non-GAAP financial measures to evaluate ongoing operating results and to assess ongoing profitability. The reconciliations from GAAP to non-GAAP for these financial measures are included with the presentation of the non-GAAP financial measure itself.

Certain other non-GAAP financial measures that adjust GAAP financial measures to exclude intangible assets as well as merger and conversion expenses, debt prepayment penalties and other charges that the Company considers to be non-recurring in nature.  These non-GAAP financial measures are 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") and the efficiency ratio.  The Company's management uses these non-GAAP financial measures to evaluate net income from our ongoing business and capital utilization.  Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption "Reconciliation of GAAP to Non-GAAP."

The Company also believes that all of the foregoing non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indications of its operating performance particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities.  Also, because intangible assets, such as goodwill and the core deposit intangible, and non-recurring charges 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.

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

 

RENASANT CORPORATION



















(Unaudited)



















(Dollars in thousands, except per share data)


































Q1 2017 -


For The Three Months Ending





2017


2016












Q4 2016


March 31,





First


Fourth


Third



Second


First


Percent






Percent


Quarter


Quarter


Quarter



Quarter


Quarter


Variance


2017


2016


Variance

Statement of earnings



















Interest income - taxable equivalent basis

$

83,781


$

87,564


$

84,786



$

85,783


$

78,009


(4.32)



$

83,781



$

78,009



7.40


Interest income

$

81,889


$

85,840


$

83,032



$

84,008


$

76,259


(4.60)



$

81,889



$

76,259



7.38


Interest expense

7,874


7,791


7,301



6,851


6,205


1.07



7,874



6,205



26.90



Net interest income

74,015


78,049


75,731



77,157


70,054


(5.17)



74,015



70,054



5.65


Provision for loan losses

1,500


1,650


2,650



1,430


1,800


(9.09)



1,500



1,800



(16.67)



Net interest income after provision

72,515


76,399


73,081



75,727


68,254


(5.08)



72,515



68,254



6.24


Service charges on deposit accounts

7,931


8,163


8,200



7,521


7,991


(2.84)



7,931



7,991



(0.75)


Fees and commissions on loans and deposits

5,199


4,772


4,921



4,877


4,244


8.95



5,199



4,244



22.50


Insurance commissions and fees

1,860


1,951


2,420



2,175


1,962


(4.66)



1,860



1,962



(5.20)


Wealth management revenue

2,884


2,849


3,040



2,872


2,891


1.23



2,884



2,891



(0.24)


Securities gains (losses)





1,257


(71)






(71)



(100.00)


Mortgage banking income

10,504


8,262


15,846



13,420


11,915


27.14



10,504



11,915



(11.84)


Other

3,643


4,258


3,845



3,464


4,370


(14.44)



3,643



4,370



(16.64)



Total noninterest income

32,021


30,255


38,272



35,586


33,302


5.84



32,021



33,302



(3.85)


Salaries and employee benefits

42,209


39,966


44,702



45,387


42,393


5.61



42,209



42,393



(0.43)


Data processing

4,234


4,503


4,560



4,502


4,158


(5.97)



4,234



4,158



1.83


Occupancy and equipment

9,319


8,809


8,830



8,531


8,224


5.79



9,319



8,224



13.31


Other real estate

533


1,585


1,540



1,614


957


(66.37)



533



957



(44.31)


Amortization of intangibles

1,563


1,624


1,684



1,742


1,697


(3.76)



1,563



1,697



(7.90)


Merger and conversion related expenses

345



268



2,807


948


100.00



345



948



(63.61)


Debt extinguishment penalty

205



2,210



329



100.00



205





100.00


Loss share termination


2,053






(100.00)








Other

10,901


13,018


12,674



12,347


11,437


(16.26)



10,901



11,437



(4.69)



Total noninterest expense

69,309


71,558


76,468



77,259


69,814


(3.14)



69,309



69,814



(0.72)


Income before income taxes

35,227


35,096


34,885



34,054


31,742


0.37



35,227



31,742



10.98


Income taxes

11,255


11,461


11,706



11,154


10,526


(1.80)



11,255



10,526



6.93



Net income

$

23,972


$

23,635


$

23,179



$

22,900


$

21,216


1.43



$

23,972



$

21,216



12.99


Basic earnings per share

$

0.54


$

0.56


$

0.55



$

0.54


$

0.53


(3.57)



$

0.54



$

0.53



1.89


Diluted earnings per share

0.54


0.55


0.55



0.54


0.52


(1.82)



0.54



0.52



3.85


Average basic shares outstanding

44,364,337


42,441,588


42,091,164



42,066,168


40,324,475


4.53



44,364,337



40,324,475



10.02


Average diluted shares outstanding

44,480,499


42,636,325


42,310,358



42,303,626


40,559,145


4.33



44,480,499



40,559,145



9.67


Common shares outstanding

44,394,707


44,332,273


42,102,224



42,085,690


40,373,753


0.14



44,394,707



40,373,753



9.96


Cash dividend per common share

$

0.18


$

0.18


$

0.18



$

0.18


$

0.17




$

0.18



$

0.17



5.88


Performance ratios



















Return on avg shareholders' equity

7.8%


8.14%


8.12%



8.21%


8.12%




7.8

%


8.12

%



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

13.48%


14.9%


15.15%



15.57%


15.58%




13.48

%


15.58

%



Return on avg assets

1.11%


1.09%


1.08%



1.08%


1.07%




1.11

%


1.07

%



Return on avg tangible assets (2)

1.23%


1.22%


1.2%



1.2%


1.2%




1.23

%


1.2

%



Net interest margin (FTE)

4.01%


4.24%


4.15%



4.29%


4.21%




4.01

%


4.21

%



Yield on earning assets (FTE)

4.43%


4.66%


4.54%



4.66%


4.57%




4.43

%


4.57

%



Cost of funding

0.43%


0.42%


0.4%



0.38%


0.37%




0.43

%


0.37

%



Average earning assets to average assets

87.55%


87.1%


86.82%



86.59%


86.21%




87.55

%


86.21

%



Average loans to average deposits

86.81%


88.89%


89.4%



87.73%


87.39%




86.81

%


87.39

%



Noninterest income (less securities gains/
























losses) to average assets

1.48%


1.4%


1.78%



1.62%


1.69%




1.48

%


1.69

%



Noninterest expense (less debt prepayment penalties/
























merger-related expenses) to average assets

3.18%


3.22%


3.44%



3.49%


3.48%




3.18

%


3.48

%



Net overhead ratio

1.7%


1.82%


1.66%



1.87%


1.79%




1.7

%


1.79

%



Efficiency ratio (FTE) (4)

62.26%


61.69%


62.46%



63.91%


63.86%




62.26

%


63.86

%



 

 

RENASANT CORPORATION


















(Unaudited)


















(Dollars in thousands, except per share data)
































Q1 2017


For The Three Months Ending





2017


2016


Q4 2016


March 31,





First


Fourth


Third


Second


First


Percent






Percent


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2017


2016


Variance

Average Balances


















Total assets

$

8,759,448



$

8,591,795



$

8,562,199



$

8,541,818



$

7,961,700



1.95



$

8,759,448



$

7,961,700



10.02


Earning assets

7,668,582



7,483,222



7,433,461



7,396,283



6,863,905



2.48



7,668,582



6,863,905



11.72


Securities

1,043,697



1,034,270



1,045,905



1,111,831



1,103,504



0.91



1,043,697



1,103,504



(5.42)


Mortgage loans held for sale

112,105



184,583



241,314



306,011



217,200



(39.27)



112,105



217,200



(48.39)


Loans, net of unearned

6,198,705



6,147,077



6,048,017



5,897,650



5,482,167



0.84



6,198,705



5,482,167



13.07


Intangibles

493,816



495,404



497,064



499,503



473,852



(0.32)



493,816



473,852



4.21


Noninterest-bearing deposits

$

1,558,809



$

1,564,150



$

1,510,309



$

1,477,380



$

1,316,495



(0.34)



$

1,558,809



$

1,316,495



18.41


Interest-bearing deposits

5,581,853



5,351,354



5,255,102



5,245,406



4,956,983



4.31



5,581,853



4,956,983



12.61


Total deposits

7,140,662



6,915,505



6,765,411



6,722,786



6,273,478



3.26



7,140,662



6,273,478



13.82


Borrowed funds

282,008



412,589



550,222



594,459



539,078



(31.65)



282,008



539,078



(47.69)


Shareholders' equity

1,246,903



1,155,749



1,135,073



1,121,298



1,050,668



7.89



1,246,903



1,050,668



18.68

















































Q1 2017 -


As of


2017


2016


Q4 2016


March 31,


First


Fourth


Third


Second


First


Percent






Percent


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2017


2016


Variance

Balances at period end


















Total assets

$

8,764,711



$

8,699,851



$

8,542,471



$

8,529,566



$

8,146,229



0.75



$

8,764,711



$

8,146,229



7.59


Earning assets

7,690,045



7,556,760



7,409,068



7,396,888



7,045,179



1.76



7,690,045



7,045,179



9.15


Securities

1,044,862



1,030,530



1,039,957



1,063,592



1,101,820



1.39



1,044,862



1,101,820



(5.17)


Mortgage loans held for sale

158,619



177,866



189,965



276,782



298,365



(10.82)



158,619



298,365



(46.84)


Loans not acquired

4,834,085



4,710,385



4,526,026



4,292,549



4,074,413



2.63



4,834,085



4,074,413



18.64


Loans acquired and covered by FDIC loss-share
agreements





30,533



42,171



44,989







44,989



(100.00)


Loans acquired and not covered by FDIC loss-share
agreements

1,401,720



1,489,137



1,548,674



1,630,709



1,453,328



(5.87)



1,401,720



1,453,328



(3.55)



Total loans

6,235,805



6,199,522



6,105,233



5,965,429



5,572,730



0.59



6,235,805



5,572,730



11.90


Intangibles

493,045



494,608



496,233



497,917



476,539



(0.32)



493,045



476,539



3.46


Noninterest-bearing deposits

$

1,579,581



$

1,561,357



$

1,514,820



$

1,459,383



$

1,384,503



1.17



$

1,579,581



$

1,384,503



14.09


Interest-bearing deposits

5,651,269



5,497,780



5,302,978



5,243,104



5,046,874



2.79



5,651,269



5,046,874



11.98



Total deposits

7,230,850



7,059,137



6,817,798



6,702,487



6,431,377



2.43



7,230,850



6,431,377



12.43


Borrowed funds

202,006



312,135



469,580



588,650



561,671



(35.28)



202,006



561,671



(64.03)


Shareholders' equity

1,251,065



1,232,883



1,142,247



1,124,256



1,053,178



1.47



1,251,065



1,053,178



18.79


Market value per common share

$

39.69



$

42.22



$

33.63



$

32.33



$

32.91



(5.99)



$

39.69



$

32.91



20.60


Book value per common share

28.18



27.81



27.13



26.71



26.09



1.33



28.18



26.09



8.03


Tangible book value per common share

17.07



16.65



15.34



14.88



14.28



2.53



17.07



14.28



19.55


Shareholders' equity to assets (actual)

14.27

%


14.17

%


13.37

%


13.18

%


12.93

%




14.27

%


12.93

%



Tangible capital ratio (3)

9.16

%


9

%


8.03

%


7.8

%


7.52

%




9.16

%


7.52

%



Leverage ratio

10.39

%


10.59

%


9.38

%


9.18

%


9.19

%




10.39

%


9.19

%



Common equity tier 1 capital ratio

11.69

%


11.48

%


10.16

%


10.12

%


9.88

%




11.69

%


9.88

%



Tier 1 risk-based capital ratio

12.93

%


12.86

%


11.57

%


11.55

%


11.38

%




12.93

%


11.38

%



Total risk-based capital ratio

15.11

%


15.03

%


13.84

%


12.31

%


12.17

%




15.11

%


12.17

%



 

 

RENASANT CORPORATION


















(Unaudited)


















(Dollars in thousands, except per share data)
































Q1 2017 -


As of





2017


2016


Q4 2016


March 31,





First


Fourth


Third


Second


First


Percent






Percent


Quarter


Quarter


Quarter


Quarter


Quarter


Variance


2017


2016


Variance

Loans not acquired


















Commercial, financial, agricultural

$

626,237



$

589,290



$

554,151



$

530,258



$

520,463



6.27



$

626,237



$

520,463



20.32


Lease Financing

47,816



46,841



45,510



43,116



41,937



2.08



47,816



41,937



14.02


Real estate- construction

378,061



483,926



415,934



381,690



325,188



(21.88)



378,061



325,188



16.26


Real estate - 1-4 family mortgages

1,485,663



1,422,543



1,388,066



1,328,948



1,263,879



4.44



1,485,663



1,263,879



17.55


Real estate - commercial mortgages

2,203,639



2,075,137



2,030,626



1,918,778



1,836,053



6.19



2,203,639



1,836,053



20.02


Installment loans to individuals

92,669



92,648



91,739



89,759



86,893



0.02



92,669



86,893



6.65


Loans, net of unearned

$

4,834,085



$

4,710,385



$

4,526,026



$

4,292,549



$

4,074,413



2.63



$

4,834,085



$

4,074,413



18.64


Loans acquired and covered by FDIC loss-share
agreements


















Commercial, financial, agricultural

$



$



$

14



$

607



$

624





$



$

624




Lease Financing


















Real estate- construction







83



86







86




Real estate - 1-4 family mortgages





30,304



34,640



36,350







36...