TUPELO — Renasant Corporation saw net income for 2009 of $18.518 million, compared to $24.052 million for 2008. Basic and diluted earnings per share were $0.88 and $0.87, respectively, for 2009, compared to basic and diluted earnings per share of $1.15 and $1.14, respectively, for 2008.
For the fourth quarter of 2009, net income was $4.031 million, compared to $232,000 for the fourth quarter of 2008. Basic and diluted earnings per share were $0.19 for the fourth quarter of 2009, compared to basic and diluted earnings per share of $0.01 for the fourth quarter of 2008. The increase in fourth quarter 2009 net income and earnings per share as compared to 2008 is primarily due to a lower provision for loan losses during the fourth quarter of 2009.
“At the beginning of last year, we stated that the company’s success would be determined by management’s ability to preserve margin, minimize credit losses, grow noninterest income and reduce noninterest expense — all of which would result in continued enhancement of our strong capital position,” said Renasant chairman and CEO E. Robinson McGraw. “Looking back, after experiencing margin compression through the second quarter of 2009, we grew margin during the second half of the year, continued to reduce our construction and development loans, grew noninterest income and reduced noninterest expense notwithstanding the special assessment levied by the FDIC during the second quarter of 2009.”
Total assets as of Dec. 31, 2009, were approximately $3.64 billion, compared to approximately $3.72 billion for Dec. 31, 2008.
Net charge-offs as a percentage of average loans for the year ending Dec. 31, 2009, were 0.91 percent compared to 0.55 percent for 2008. The company recorded a provision for loan losses of $7.8 million and $26.89 million for the fourth quarter of 2009 and the year, respectively, compared to $14.979 million and $22,804 million, respectively, for the same periods in 2008. The allowance for loan losses as a percentage of loans was 1.67 percent at Dec. 31, 2009, compared to 1.51 percent at Sept. 30, 2009 and 1.38 percent for Dec. 31, 2008.