Home » NEWS » Banking & Finance » Renasant records highest quarterly earnings in 110-year history

Renasant records highest quarterly earnings in 110-year history

renasantTUPELO — Renasant Corporation saw net income for the third quarter of 2014 increase to $15,535,000, or basic and diluted earnings per share (EPS) of $0.49, as compared to $6,637,000, or basic and diluted EPS of $0.24, for the third quarter of 2013.

The company’s balance sheet and results of operations as of and for the three months ending Sept. 30 include the impact of the company’s acquisition of First M&F Corporation, which was completed on Sept. 1, 2013. Periods presented prior to Sept. 1, 2013, do not reflect any impact from the First M&F acquisition.

“Our earnings per share of 49 cents represent our highest quarterly earnings in the 110-year history of our company, excluding periods which included one-time gains associated with acquisitions. In addition, our return on average assets for the quarter was 1.07 percent, which marks the second consecutive quarter of exceeding the 1 percent threshold, while our year-to-date return on average assets was 1.01 percent,” said Renasant Chairman and Chief Executive Officer E. Robinson McGraw. “These accomplishments were driven by strong non-acquired loan growth and a continued focus on revenue growth while at the same time managing expenses.”

Total assets as of Sept. 30 were approximately $5.75 billion, as compared to $5.75 billion from Dec. 31, 2013, and $5.83 billion on a linked quarter basis. The decrease in assets on a linked quarter basis is due to the seasonal runoff of deposits, primarily in public fund deposits, and the related divestiture of the liquid assets (low-yielding interest bearing cash or short-term investments) in which these seasonal deposits were invested.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Staff

Leave a Reply

Your email address will not be published. Required fields are marked *

*