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Renasant sees dip in net income following M&F acquisition

TUPELO — Renasant Corporation saw net income for the third quarter of 2013 of $6.6 million, or basic and diluted earnings per share of $0.24, as compared to $7.0 million, or basic and diluted earnings per share of $0.28, for the third quarter of 2012.

On Sept. 1, Renasant completed its merger with First M&F Corporation. Renasant’s 2013 third quarter results include $2.7 million, or $0.10 per share, in after-tax merger expenses associated with the M&F transaction. Excluding merger expenses, net income was $9.3 million, or basic and diluted earnings per share of $0.34, for the third quarter of 2013.

Renasant’s results of operation do not reflect M&F’s results prior to the date of merger completion, but balances for Renasant as of Sept. 30 incorporate the impact of the M&F acquisition, including M&F’s $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. Renasant issued approximately 6.2 million shares of stock in connection with the acquisition.  The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.

Total assets as of Sept. 30 were approximately $5.74 billion, as compared to $4.18 billion at Dec. 31, 2012.

 

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