Renasant reports earnings of $5.8M for fourth quarter

By NEMS Daily Journal

TUPELO – Renasant Corp., the parent of Renasant Bank, posted higher fourth-quarter profit to end what Chairman and CEO Robin McGraw deemed a “successful year.”
Renasant’s fourth-quarter net income was $5.79 million, or 23 cents a share. That compares to net income $4.72 million, or 19 cents a share, for the fourth quarter of 2010.
For 2011, Renasant recorded net income of $25.63 million, or $1.01 per share, versus $31.68 million, or $1.39 per share, a year earlier.
The 2010 results included a pretax gain of $42.2 million from its acquisition of Crescent Bank of Georgia. Renasant’s 2011 results included an $8.77 million pretax gain from its acquistion of American Bank and Trust of Roswell, Ga.
Total deposits were $3.41 billion at the end of 2011, compared $3.47 billion at the end of 2010. Total loans were $2.58 billion, compared to $2.53 billion at the end of 2010. Total assets at the end of 2011, were $4.2 billion, versus $4.3 billion a year earlier.
Net interest income was $32.5 million for the fourth quarter, compared to $29.9 million for the year-ago period. Net interest margin was 3.84 percent for the fourth quarter of 2011 as compared to 3.43 percent for the fourth quarter of 2010.
For 2011, net interest margin increased to 3.77 percent from 3.26 percent for 2010. Net interest income increased to $129.1 million for 2011 from $105 million for 2010.
Noninterest income in the fourth quarter was $13.9 million, versus $14.5 million in 2010.
As of Dec. 31, total nonperforming loans were $124.1 million, while total other real estate owned was $113.2 million. Non-performing loans and other real estate owned covered under loss-share agreements with the FDIC were $89.2 million and $43.1 million, respectively.
Nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $34.9 million at the end of the year, compared $53.9 million at the end of 2010.
Renasant’s provision for loan losses were $6 million for the fourth quarter and $22.35 million for all of 2011. In 2010, Renasant’s fourth-quarter loan loss provision while for the year it was $30.67 million.
The allowance for loan losses as a percentage of loans was 1.98 percent for the year, versus to 2.07 percent in 2010.
“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,” McGraw said.