Published: January 17, 2012
Renasant Corporation Announces 2011 Fourth Quarter and Year-End Results
TUPELO, Miss., Jan. 17, 2012 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its earnings results for the fourth quarter and year ended December 31, 2011. For the fourth quarter of 2011, net income was $5,790,000 as compared to $4,721,000 for the fourth quarter of 2010. Basic and diluted earnings per share (EPS) were $0.23 for the fourth quarter of 2011 as compared to basic and diluted EPS of $0.19 for the fourth quarter of 2010.
Net income for 2011 was $25,632,000 as compared to $31,675,000 for 2010. Net income for 2010 included a pre-tax acquisition gain of $42,211,000 from the Company's FDIC-assisted acquisition of Crescent Bank of Jasper, Georgia recognized during the third quarter of 2010. During 2011, the Company recorded a pre-tax acquisition gain of $8,774,000 in connection with its FDIC-assisted acquisition of American Bank and Trust of Roswell, Georgia, which was recognized during the first quarter of the year.
For 2011, both basic and diluted EPS were $1.02 as compared to basic and diluted EPS of $1.39 and $1.38, respectively, for 2010.
"We achieved much success during the fourth quarter of 2011 as we experienced net loan growth while continuing to expand our franchise by opening de novo locations in Starkville, Mississippi, and Tuscaloosa and Montgomery, Alabama," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "In addition to our market expansions, we continued to experience a decrease in our nonperforming loans and other real estate owned. Our nonperforming loans not subject to loss-share decreased 35% during the year and represented only 1.56% of total loans at the end of 2011."
Total deposits were $3.412 billion at December 31, 2011, as compared to $3.342 billion at September 30, 2011, and $3.468 billion at December 31, 2010. The Company continued to improve its deposit mix as noninterest-bearing deposits represented 15.59% of total deposits on December 31, 2011, up from 10.63% of total deposits at December 31, 2010. As a result of this improvement, the Company's cost of funds declined to 1.11% at December 31, 2011, from 1.16% at September 30, 2011, and 1.74% at December 31, 2010.
Total loans were $2.581 billion at the end of 2011 as compared to $2.565 billion at the end of the third quarter of 2011 and $2.525 billion at the end of 2010. Loans not covered under FDIC loss-share agreements were $2.242 billion at December 31, 2011, as compared to $2.205 billion at September 30, 2011, and $2.191 billion at December 31, 2010.
"We are pleased to have achieved net loan growth on both an annual and linked quarter basis," stated McGraw. "We believe that we are well-positioned to continue this trend of growing loans as we take advantage of our recent new hires, entrances into new markets and continued focus on loan opportunities in our existing markets."
Total assets at December 31, 2011, were approximately $4.201 billion as compared to approximately $4.136 billion at September 30, 2011, and $4.297 billion at December 31, 2010.
At December 31, 2011, the Company's capital ratios were in excess of regulatory minimums required to be classified as "well-capitalized." The Company's tangible common equity ratio was 7.38%, Tier I leverage capital ratio was 9.44%, Tier I risk-based capital ratio was 13.33%, and total risk-based capital ratio was 14.58%.
Net interest income was $32,495,000 for the fourth quarter of 2011 as compared to $29,855,000 for the fourth quarter of 2010 and $32,864,000 on a linked quarter basis. Net interest margin was 3.84% for the fourth quarter of 2011 as compared to 3.43% for the fourth quarter of 2010 and 3.92% on a linked quarter basis.
For 2011, net interest margin increased to 3.77% from 3.26% for 2010. Net interest income increased to $129,077,000 for 2011 from $105,062,000 for 2010.
"Although margin decreased on a linked quarter basis due primarily to higher than anticipated levels of cash from an increase in deposits and accelerated prepayments on mortgage backed securities, we grew margin by 51 basis points during 2011," said McGraw. "We expect to see improvement in net interest income with year over year net interest margin remaining stable as we continue to adjust our asset mix by growing loans and changing our funding mix."
For the fourth quarter of 2011, noninterest income was $13,912,000 as compared to $14,553,000 for the fourth quarter of 2010 and $19,613,000 for the third quarter of 2011. During the third quarter of 2011, noninterest income included a gain of $5,041,000 from the sale of securities. Noninterest income for 2011 was $68,624,000 as compared to $95,915,000 for 2010. Excluding the aforementioned gains from FDIC-assisted acquisitions, noninterest income was $59,850,000 for 2011 and $53,704,000 for 2010.
Noninterest expense was $33,269,000 for the fourth quarter of 2011 as compared to $32,226,000 for the fourth quarter of 2010 and $38,129,000 on a linked quarter basis. Noninterest expense for 2011 was $140,676,000 as compared to $123,619,000 for 2010. The increase in noninterest expense during 2011 was primarily due to costs related to the operations associated with acquisitions and new market expansions, and higher levels of expenses related to other real estate owned.
At December 31, 2011, total nonperforming loans were $124.1 million and total other real estate owned was $113.2 million. The loans and other real estate owned acquired in FDIC-assisted transactions are recorded at fair value which includes an estimated impairment. Furthermore, the loss-share agreements with the FDIC, as well as adjustments to the balances of these acquired assets to record them at fair value, mitigate the impact of further losses on these assets. The Company's nonperforming loans and other real estate owned covered under loss-share agreements with the FDIC at December 31, 2011, were $89.2 million and $43.1 million, respectively. The remaining information in this release on nonperforming loans, other real estate owned and the related asset quality ratios excludes the assets covered under loss-share agreements with the FDIC.
Nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $34.9 million at December 31, 2011, as compared to $49.0 million at September 30, 2011, and $53.9 million at December 31, 2010. Loans 30 to 89 days past due as a percentage of total loans were 0.71% at December 31, 2011, as compared to 0.75% at September 30, 2011, and 0.99% at December 31, 2010.
The Company recorded a provision for loan losses of $6,000,000 and $22,350,000 for the quarter and year ending December 31, 2011, respectively, as compared to $5,500,000 and $30,665,000 for the quarter and year ending December 31, 2010, respectively. The provision for loan losses for the third quarter of 2011 was $5,500,000. Annualized net charge-offs as a percentage of average loans were 1.56% for the fourth quarter of 2011 as compared to 0.80% for the same period in 2010 and 0.70% on a linked quarter basis. Net charge-offs as a percentage of average loans for the year ending December 31, 2011, were 0.91% as compared to 1.00% for 2010. The increase in net charge-offs, as compared to prior quarters, is due to the final resolution of several large credits during the fourth quarter of 2011.
The allowance for loan losses as a percentage of loans was 1.98% at December 31, 2011, as compared to 2.20% at September 30, 2011, and 2.07% at December 31, 2010. Although the Company's allowance for loan losses decreased for the quarter and year ending December 31, 2011, as compared to the quarter ending September 30, 2011, and the year ending December 31, 2010, the Company's coverage ratio, or the allowance for loan losses as a percentage of nonperforming loans, increased to 127% as compared to 99% on a linked quarter basis and 84% for 2010.
Other real estate owned was $70,079,000 at December 31, 2011, as compared to $72,765,000 at September 30, 2011, and $71,833,000 at December 31, 2010. The decrease in other real estate owned reflects the Company's efforts to dispose of the underlying properties. The Company continues to aggressively market the property held in other real estate owned as evidenced by the fact the Company sold approximately $29.1 million of other real estate owned during 2011 and $7.2 million during the fourth quarter of 2011.
"Moving forward, we believe positive trends such as our improved deposit mix, net loan growth, improving credit metrics and our strong capital position have us prepared for another successful year," commented McGraw. "In addition, our ability to participate in external opportunities, whether through de novo branches or acquisitions in new markets, has us positioned to expand our market share and cultivate new banking relationships in 2012."
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 18, 2012, through the Company's website: www.renasant.com. The event will be archived on the Company's website for one year. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-877-317-6789 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-317-6789.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 107-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.2 billion and operates over 75 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Contact: For Media: For Financials:
John Oxford 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
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
Q4 2011 - For the Year
2011 2010 Q4 2010 Ended December 31,
---- ---- ------------------
Fourth Third Second First Fourth Third Second First Percent Percent
Statement of earnings Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Variance 2011 2010 Variance
---------------------
Interest income - taxable equivalent basis $42,430 $43,432 $45,291 $45,371 $45,224 $44,770 $39,590 $40,900 (6.18) $176,524 $170,484 3.54
Interest income $40,970 $41,930 $43,775 $43,803 $43,817 $43,433 $38,381 $39,708 (6.50) $170,478 $165,339 3.11
Interest expense 8,475 9,066 11,153 12,707 13,962 16,316 14,701 15,298 (39.30) 41,401 60,277 (31.32)
Net interest income 32,495 32,864 32,622 31,096 29,855 27,117 23,680 24,410 8.84 129,077 105,062 22.86
Provision for loan losses 6,000 5,500 5,350 5,500 5,500 11,500 7,000 6,665 9.09 22,350 30,665 (27.12)
Net interest income after provision 26,495 27,364 27,272 25,596 24,355 15,617 16,680 17,745 8.79 106,727 74,397 43.46
Service charges on deposit accounts 4,527 4,797 5,082 4,880 5,482 5,771 5,361 5,090 (17.42) 19,286 21,704 (11.14)
Fees and commissions on loans and deposits 5,102 4,898 4,548 4,138 4,184 3,654 3,409 3,721 21.94 18,686 14,968 24.84
Insurance commissions and fees 812 847 783 832 916 828 830 834 (11.35) 3,274 3,408 (3.93)
Trust revenue 1,123 771 650 613 626 562 632 584 79.39 3,157 2,404 31.32
Securities gains (losses) - 5,041 (258) 12 - (1,009) 2,049 (160) - 4,795 880 444.89
Gain on sale of mortgage loans 662 1,371 949 1,151 2,127 1,774 994 1,329 (68.88) 4,133 6,224 (33.60)
Gain on acquisition - 570 - 8,774 - 42,211 - - - 9,344 42,211 (77.86)
Other 1,686 1,318 1,580 1,365 1,218 743 1,069 1,086 38.42 5,949 4,116 44.53
Total noninterest income 13,912 19,613 13,334 21,765 14,553 54,534 14,344 12,484 (4.40) 68,624 95,915 (28.45)
.
Salaries and employee benefits 16,232 17,493 16,173 16,237 15,957 16,694 13,052 13,197 1.72 66,135 58,900 12.28
Occupancy and equipment 3,522 3,434 3,357 3,239 2,716 3,271 2,926 2,931 29.68 13,552 11,844 14.42
Data processing 1,925 1,927 1,657 1,788 1,665 1,703 1,580 1,426 15.62 7,297 6,374 14.48
Debt extinguishment penalty - - - 1,903 - 2,785 - - - 1,903 2,785 (31.67)
Merger-related expenses - 326 - 1,325 - 1,955 - - - 1,651 1,955 (15.55)
Other real estate 3,357 6,336 2,122 3,511 3,288 4,635 959 736 2.10 15,326 9,618 59.35
Amortization of intangibles 366 351 510 515 523 505 470 476 (30.02) 1,742 1,974 (11.75)
Other 7,867 8,262 8,736 8,205 8,077 8,023 7,201 6,868 (2.60) 33,070 30,169 9.62
Total noninterest expense 33,269 38,129 32,555 36,723 32,226 39,571 26,188 25,634 3.24 140,676 123,619 13.80
Income before income taxes 7,138 8,848 8,051 10,638 6,682 30,580 4,836 4,595 6.82 34,675 46,693 (25.74)
Income taxes 1,348 2,316 2,294 3,085 1,961 11,029 1,040 988 (31.26) 9,043 15,018 (39.79)
Net income $5,790 $6,532 $5,757 $7,553 $4,721 $19,551 $3,796 $3,607 22.64 $25,632 $31,675 (19.08)
==========
Basic earnings per share $0.23 $0.26 $0.23 $0.30 $0.19 $0.81 $0.18 $0.17 21.05 $1.02 $1.39 (26.62)
Diluted earnings per share 0.23 0.26 0.23 0.30 0.19 0.81 0.18 0.17 21.05 1.02 1.38 (26.09)
Average basic shares outstanding 25,061,122 25,061,068 25,059,081 25,052,126 25,042,137 24,098,629 21,088,942 21,082,991 0.08 25,058,381 22,842,502 9.70
Average diluted shares outstanding 25,183,114 25,180,923 25,182,503 25,172,410 25,177,394 24,208,642 21,224,836 21,208,934 0.02 25,186,131 22,976,088 9.62
Common shares outstanding 25,066,068 25,061,068 25,061,068 25,056,431 25,043,112 25,041,540 21,100,130 21,082,991 0.09 25,066,068 25,043,112 0.09
Cash dividend per common share $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 - $0.68 $0.68 -
Performance ratios
------------------
Return on average shareholders' equity 4.71% 5.36% 4.84% 6.51% 3.93% 16.64% 3.69% 3.55% 5.34% 7.16%
Return on average shareholders' equity, excluding amortization expense 4.89% 5.54% 5.11% 6.78% 4.20% 16.91% 3.97% 3.84% 5.57% 7.44%
Return on average assets 0.55% 0.63% 0.54% 0.69% 0.44% 1.83% 0.42% 0.40% 0.60% 0.80%
Return on average assets, excluding amortization expense 0.57% 0.65% 0.57% 0.72% 0.47% 1.86% 0.45% 0.44% 0.63% 0.83%
Net interest margin (FTE) 3.84% 3.92% 3.76% 3.55% 3.43% 3.12% 3.15% 3.27% 3.77% 3.26%
Yield on earning assets (FTE) 4.80% 4.96% 4.99% 4.93% 4.97% 4.92% 5.02% 5.23% 4.92% 5.04%
Cost of funding 0.92% 0.99% 1.17% 1.31% 1.49% 1.75% 1.86% 1.95% 1.11% 1.74%
Average earning assets to average assets 84.22% 83.95% 84.75% 84.16% 84.24% 84.78% 87.42% 87.28% 84.28% 85.82%
Average loans to average deposits 75.83% 76.23% 72.47% 70.20% 74.41% 76.41% 84.53% 88.47% 73.64% 80.20%
Noninterest income (less securities gains/
losses) to average assets 1.32% 1.40% 1.27% 1.99% 1.35% 5.19% 1.36% 1.42% 1.50% 2.41%
Noninterest expense to average assets 3.16% 3.65% 3.04% 3.37% 2.98% 3.70% 2.90% 2.87% 3.30% 3.13%
Net overhead ratio 1.84% 2.26% 1.77% 1.37% 1.64% -1.49% 1.54% 1.45% 1.81% 0.72%
Efficiency ratio (FTE) 69.50% 70.64% 68.58% 67.47% 70.34% 47.68% 66.75% 67.31% 69.04% 59.97%
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
Q4 2011 - For the Year
2011 2010 Q4 2010 Ended December 31,
---- ---- ------------------
Fourth Third Second First Fourth Third Second First Percent Percent
Average balances Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Variance 2011 2010 Variance
---------------- -------- ----
Total assets $4,172,518 $4,142,851 $4,294,530 $4,423,088 $4,285,887 $4,246,566 $3,616,125 $3,621,361 (2.65) $4,257,244 $3,944,009 7.94
Earning assets 3,514,110 3,478,054 3,639,696 3,722,419 3,610,526 3,600,033 3,161,214 3,160,620 (2.67) 3,588,195 3,384,856 6.01
Securities 745,398 796,957 863,735 881,808 785,613 729,789 734,690 697,913 (5.12) 821,532 737,256 11.43
Loans, net of unearned 2,594,820 2,577,539 2,575,890 2,556,572 2,576,721 2,533,567 2,304,663 2,354,443 0.70 2,577,185 2,442,761 5.50
Intangibles 192,611 191,574 191,320 191,740 192,123 192,447 190,639 190,881 0.25 191,809 191,867 (0.03)
Noninterest-bearing deposits $523,807 $480,699 $468,170 $476,115 $371,908 $351,449 $315,242 $310,726 40.84 $487,310 $334,849 45.53
Interest-bearing deposits 2,854,146 2,880,248 3,072,809 3,148,481 3,053,382 2,929,739 2,387,175 2,332,741 (6.53) 2,988,208 2,683,017 11.37
Total deposits 3,377,953 3,360,947 3,540,979 3,624,596 3,425,290 3,281,188 2,702,417 2,643,467 (1.38) 3,475,518 3,017,866 15.16
Borrowed funds 260,672 259,387 261,060 290,201 318,873 438,047 468,196 530,654 (18.25) 267,726 438,140 (38.89)
Shareholders' equity 487,752 483,121 476,896 470,875 476,449 466,109 412,959 412,132 2.37 479,717 442,311 8.46
Asset quality data
------------------
Assets not subject to loss share:
Nonaccrual loans $31,154 $40,363 $42,331 $46,406 $46,662 $56,674 $53,868 $44,688 (33.23) $31,154 $46,662 (33.23)
Loans 90 past due or more 3,760 8,674 9,646 10,839 7,196 8,923 10,794 9,916 (47.75) 3,760 7,196 (47.75)
----- ----- ----- ------ ----- ----- ------ ----- ----- -----
Nonperforming loans 34,914 49,037 51,977 57,245 53,858 65,597 64,662 54,604 (35.17) 34,914 53,858 (35.17)
Other real estate owned 70,079 72,765 68,384 71,415 71,833 62,936 66,797 62,508 (2.44) 70,079 71,833 (2.44)
Nonperforming assets not subject to loss share $104,993 $121,802 $120,361 $128,660 $125,691 $128,533 $131,459 $117,112 (16.47) $104,993 $125,691 (16.47)
======== ======== ======== ========
Assets subject to loss share:
Nonaccrual loans $88,034 $84,426 $78,780 $78,909 $82,393 $67,135 $ - $ - 6.85 $88,034 $82,393 6.85
Loans 90 past due or more 1,134 12,222 10,619 7,817 - - - - - 1,134 - -
----- ------ ------ ----- --- --- --- --- ----- ---
Non-performing loans subject to loss share 89,168 96,648 89,399 86,726 82,393 67,135 - - 8.22 89,168 82,393 8.22
Other real estate owned and repossessions 43,156 44,021 59,802 59,036 54,715 49,286 - - (21.13) 43,156 54,715 (21.13)
Non-performing assets subject to loss share $132,324 $140,669 $149,201 $145,762 $137,108 $116,421 $ - $ - (3.49) $132,324 $137,108 (3.49)
======== ======== ======== ======== ======== ======== ===================== ===================== ======== ========
Net loan charge-offs (recoveries) $10,192 $4,539 $5,284 $3,410 $5,217 $7,514 $6,948 $4,716 95.36 $23,425 $24,395 (3.98)
Allowance for loan losses 44,340 48,532 47,571 47,505 45,415 45,132 41,146 41,094 (2.37) 44,340 45,415 (2.37)
Nonperforming loans / total loans* 1.56% 2.22% 2.38% 2.61% 2.46% 2.94% 2.86% 2.37% 1.56% 2.46%
Nonperforming assets / total assets* 2.50% 2.94% 2.83% 2.91% 2.92% 3.02% 3.66% 3.22% 2.50% 2.92%
Allowance for loan losses / total loans* 1.98% 2.20% 2.18% 2.17% 2.07% 2.02% 1.82% 1.78% 1.98% 2.07%
Allowance for loan losses / nonperforming loans* 127.00% 98.97% 91.52% 82.99% 84.32% 68.80% 63.63% 75.26% 127.00% 84.32%
Annualized net loan charge-offs / average loans* 1.56% 0.70% 0.82% 0.54% 0.80% 1.18% 1.21% 0.81% 0.91% 1.00%
Balances at period end
----------------------
Total assets $4,201,332 $4,136,474 $4,259,200 $4,422,164 $4,297,327 $4,256,253 $3,593,872 $3,641,709 (2.23) $4,201,332 $4,297,327 (2.23)
Earning assets 3,528,980 3,480,982 3,585,441 3,724,108 3,631,730 3,600,972 3,156,451 3,200,159 (2.83) 3,528,980 3,631,730 (2.83)
Securities 796,341 718,881 833,710 880,382 834,472 745,486 721,640 741,207 (4.57) 796,341 834,472 (4.57)
Mortgage loans held for sale 28,222 24,739 11,511 9,399 27,704 25,639 21,261 16,597 1.87 28,222 27,704 1.87
Loans not subject to loss share 2,241,622 2,204,955 2,185,490 2,190,376 2,190,909 2,231,075 2,263,263 2,308,335 2.31 2,241,622 2,190,909 2.31
Loans subject to loss share 339,462 359,813 377,149 386,811 333,681 352,535 - - 1.73 339,462 333,681 1.73
Total loans 2,581,084 2,564,768 2,562,639 2,577,187 2,524,590 2,583,610 2,263,263 2,308,335 2.24 2,581,084 2,524,590 2.24
Intangibles 192,520 192,755 191,086 191,581 191,867 192,391 190,411 190,881 0.34 192,520 191,867 0.34
Noninterest-bearing deposits $531,910 $493,130 $458,686 $486,676 $368,798 $361,504 $313,309 $315,064 44.23 $531,910 $368,798 44.23
Interest-bearing deposits 2,880,327 2,849,225 3,018,733 3,158,198 3,099,353 3,054,424 2,374,903 2,398,784 (7.07) 2,880,327 3,099,353 (7.07)
Total deposits 3,412,237 3,342,355 3,477,419 3,644,874 3,468,151 3,415,928 2,688,212 2,713,848 (1.61) 3,412,237 3,468,151 (1.61)
Borrowed funds 254,709 262,569 263,067 260,149 316,436 322,245 459,762 483,183 (19.51) 254,709 316,436 (19.51)
Shareholders' equity 488,294 487,401 480,135 473,354 469,509 477,034 412,235 410,557 4.00 488,294 469,509 4.00
Market value per common share $15.00 $12.73 $14.49 $16.98 $16.91 $15.21 $14.35 $16.18 (11.30) $15.00 $16.91 (11.30)
Book value per common share 19.48 19.45 19.16 18.89 18.75 19.05 19.54 19.47 3.91 19.48 18.75 3.91
Tangible book value per common share 11.80 11.76 11.53 11.25 11.09 11.37 10.51 10.42 6.43 11.80 11.09 6.43
Shareholders' equity to assets (actual) 11.62% 11.78% 11.27% 10.70% 10.93% 11.21% 11.47% 11.27% 11.62% 10.93%
Tangible capital ratio 7.38% 7.47% 7.11% 6.66% 6.76% 7.00% 6.52% 6.37% 7.38% 6.76%
Leverage ratio 9.44% 9.48% 9.10% 8.77% 8.97% 9.03% 8.78% 8.74% 9.44% 8.97%
Tier 1 risk-based capital ratio 13.33% 13.63% 13.58% 13.59% 13.58% 13.55% 11.42% 11.20% 13.33% 13.58%
Total risk-based capital ratio 14.58% 14.89% 14.83% 14.84% 14.83% 14.80% 12.67% 12.45% 14.58% 14.83%
*Based on assets not subject to loss share
RENASANT CORPORATION
--------------------
(Unaudited)
(Dollars in thousands, except per share data)
Q4 2011 - For the Year
2011 2010 Q4 2010 Ended December 31,
---- ---- ------------------
Fourth Third Second First Fourth Third Second First Percent Percent
Loans not subject to loss share by category Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Variance 2011 2010 Variance
------------------------------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------- ---- ---- --------
Commercial, financial, agricultural $260,288 $247,950 $243,343 $250,889 $244,355 $259,710 $273,356 $276,749 6.52 $260,288 $244,355 6.52
Lease financing 328 350 393 458 503 547 601 677 (34.79) 328 503 (34.79)
Real estate - construction 74,159 75,690 77,224 71,559 66,798 62,593 62,469 110,121 11.02 74,159 66,798 11.02
Real estate - 1-4 family mortgages 716,704 712,871 720,451 730,860 749,863 770,773 798,185 809,271 (4.42) 716,704 749,863 (4.42)
Real estate - commercial mortgages 1,130,143 1,106,037 1,081,801 1,073,561 1,065,271 1,072,484 1,071,876 1,055,102 6.09 1,130,143 1,065,271 6.09
Installment loans to individuals 60,000 62,057 62,278 63,049 64,119 64,968 56,776 56,415 (6.42) 60,000 64,119 (6.42)
------ ------ ------ ------ ------ ------
Loans, net of unearned $2,241,622 $2,204,955 $2,185,490 $2,190,376 $2,190,909 $2,231,075 $2,263,263 $2,308,335 2.31 $2,241,622 $2,190,909 2.31
======================
Loans subject to loss share by category
---------------------------------------
Commercial, financial, agricultural $17,803 $19,196 $24,233 $22,964 $20,921 $22,543 $ - $ - (14.90) $17,803 $20,921 (14.90)
Lease financing - - - - - - - - - - - -
Real estate - construction 7,076 10,811 10,318 13,847 15,563 17,385 - - (54.53) 7,076 15,563 (54.53)
Real estate - 1-4 family mortgages 107,923 114,228 119,508 123,770 122,519 138,863 - - (11.91) 107,923 122,519 (11.91)
Real estate - commercial mortgages 206,492 215,370 222,876 226,038 174,572 172,145 - - 18.28 206,492 174,572 18.28
Installment loans to individuals 168 208 214 192 106 1,599 - - 58.49 168 106 58.49
--- --- --- --- --- ----- --- --- ---
Loans, net of unearned $339,462 $359,813 $377,149 $386,811 $333,681 $352,535 $ - $ - 1.73 $339,462 $333,681 1.73
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SOURCE Renasant Corporation
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