TUPELO – Renasant Corp. saw its second-quarter earnings jump 26 percent, to $8.018 million, or 32 cents a share.
A year ago, the parent of Renasant Bank earned $6.345 million, or 25 cents a share.
Excluding merger-related expenses related to its pending aquisition of First M&F Corp., the Tupelo-based financial holding company would have earned 33 cents a share for the quarter ended June 30. That merger is expected to be completed in the third quarter.
Analysts estimated Renasant would earn 32 cents a share for this year’s quarter.
“Our second-quarter results reflect our continued efforts to grow net income, which increased for the sixth consecutive quarter,” said Robin McGraw, Renasant’s chairman and CEO. “Over the last year, we achieved double-digit loan growth while at the same time growing net interest and noninterest income. Additionally, we experienced a 37 percent decline in nonperforming assets resulting in improvements to our credit related costs.”
Renasant set aside $3 million for loan losses during the quarter, compared to $4.7 million the year-ago period.
Non-performing loans dropped to $22.5 million, versus $30 million last year.
As of the end of this year’s second quarter, Renasant had assets of $4.24 billion, up 3.2 percent. Total loans totaled $2.88 billion, up from $2.68 billion last year.
Renasant’s total deposits grew to $3.51 billion, from $3.41 billion.
For the period, Renasant saw its net interest income rise to $34.4 million, compared to $33.4 million.
Its net interest margin – the difference between what the interest income from loans and the amount of interest it pays – was 3.88 percent, versus 3.99 percent a year ago.
Mortgage income, fees and commissions with loans and deposits and wealth management revenue helped boost Renasant’s noninterest income to $17.3 million, up 6.4 percent.
Shares of Renasant rose 35 cents to close at $26.84 Tuesday. Renasant’s results were announced after the close of markets.