Renasant earns nearly $6M in first quarter

By NEMS Daily Journal

TUPELO – Renasant Corp., the parent of Renasant Bank, posted first-quarter net income of $5.97 million, or 24 cents a share.
That compares to earnings of a year earlier of $7.55 million, or 30 cents a share.
Last year’s results were boosted by a one-time gain of nearly $8.7 million related to its acquisition of American Trust Bank of Georgia.
Renasant reported earnings after the financial markets closed Tuesday.
“Our first quarter 2012 financial results reflect our continued focus in several key areas, specifically, generating new business and aggressively working through the remainder of our nonperforming assets,” said Renasant Chairman and CEO Robin McGraw. “It is noteworthy that we have grown loans for three consecutive quarters and increased noninterest bearing core deposits over 10 percent while reducing our nonperforming loans 47 percent on an annual comparison.”
Total assets at the end of the first quarter were $4.18 billion. Total deposits were $3.47 billion.
Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were approximately $2.60 billion.
Net interest income grew 5.6 percent from a year ago to $32.8 million. Net interest margin rose 30 basis points to 3.85 percent from 3.55 percent.
Noninterest income was $16.39 million, versus $21.04 million from the year-ago quarter. The extraordinary gain for that period included the American Trust acquisition.
Renasant reduced its nonperforming assets from $145.8 million to $115.3 million.
Its nonperforming loans were $30.4 million, down from $34.9 million as of Dec. 31 and $57.2 million from a year ago. Nonperforming loans as a percentage of total loans were 1.33 percent for the first quarter, compared to 1.56 percent at the end of 2011 and 2.61 percent as of March 31, 2011.
Renasant’s provision for loan losses for the quarter was $4.8 million, down from $6 million for the fourth quarter of 2011 and $5.5 million from the first quarter of last year.
Annualized net charge-offs as a percentage of average loans were 0.76 percent for the quarter compared to 1.56 percent for the fourth quarter of 2011 and 0.54 percent a year earlier.
Renasant (NasdaqGS: RNST) shares closed at $15.49, up 42 cents.