Renasant net income up 52 percent

By NEMS Daily Journal

TUPELO – Renasant Corp. saw its second-quarter income rise 52 percent to $5.76 million, or 23 cents a share.
The parent company of Renasant Bank posted $3.79 million, or 18 cents a share, for the second quarter of 2010.
For the most recent quarter, Renasant recorded net interest income of $32.6 million, a 37.7 percent increase from the year-ago period. The acquisitions of Crescent Bank & Trust Co. and American Trust Bank, which were completed after 2010’s second quarter, helped boost this year’s comparative gain.
Net interest margin was 3.76 percent for the second quarter of 2011, compared to 3.55 percent for the first quarter and 3.15 percent for the second quarter of 2010.
Other highlights of the second quarter:
• Noninterest income was $13.35 million, compared to $14.34 million for the same period a year earlier.
• Total assets as of June 30 were about $4.26 billion.
• Total deposits were $3.48 billion.
• Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were about $2.56 billion.
Renasant’s loan-loss provision dipped to $5.35 million in the second quarter, compared to $5.5 million in the first quarter and $7 million for last year’s second quarter.
Annualized net charge-offs as a percentage of average loans rose slightly to 0.82 percent for the second quarter of 2011, compared to 0.54 percent in the first quarter. The allowance for loan losses as a percentage of loans was 2.18 percent.
Nonperforming loans for the quarter were nearly $52 million.
“We expect a strong second half of 2011 as we build on the momentum of our increase in net interest margin, capital ratios and net interest income during the second quarter,” said Renasant Chairman and CEO Robin McGraw. “Over the past 12 months, we have taken advantage of many opportunities to improve our profitability and expand our footprint throughout the Southeast, and we look to capitalize on future growth opportunities as they become available.”