TUPELO – Renasant Corp. reported second-quarter net income of nearly $4.3 million, compared to nearly $8 million a year earlier.
The results represent earnings of 20 cents per share, versus 38 cents per share a year ago.
“Our second quarter 2009 results reflect our continued focus on controlling non-interest expenses and capitalizing on our diversified revenue sources to continue to grow non-interest income,” said. Renasant Chairman and CEO E. Robinson McGraw. “While the current economic environment continues to be a challenge, especially with respect to credit quality, we are encouraged that our non-performing loans and our total past due loans decreased on a linked-quarter basis.”
Non-interest expense was $27.1 million for the quarter, down more than $500,000 despite a $1.75 million special deposit insurance assessment levied by the FDIC on all insured institutions.
Non-interest income increased 11.9 percent to $15.4 million generated primarily through the company’s mortgage operations and gains from the sale of investment securities coupled with what the company said was “continued stability of other sources of non-interest income.”
Mortgage loan production increased $56.7 million to $260.6 million.
Net interest income was nearly $24.2 million, compared to $27.5 million a year ago.
Net interest margin was 3.04 percent, compared to 3.43 percent a year earlier 3.19 percent for the first quarter of this year.
Non-performing loans as a percentage of total loans were 2.65 percent, compared to 2.69 percent in the first quarter and 1.05 percent in the second quarter of last year.
Renasant’s provision for loan losses were $6.7 million for the second quarter, compared to $5 million for the first quarter and $2.2 million for the second quarter of 2008.
Total assets at the end of the second quarter were about $3.70 billion. Total loans were about $2.47 billion, while total deposits were $2.6 billion.
NEMS Daily Journal