TUPELO — 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.