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Renasant reports record quarterly income

Renasant Corp. has reported record quarterly net income $25.3 million, up 10.4 percent from $22.9 million a year earlier. Earnings per share were 57 cents, compared with 54 cents for the second quarter of 2016.

Renasant announced in January that it was buying Metropolitan BancGroup for $190 million in stock.

The Tupelo-based bank said that acquiring Metropolitan’s $1.2 billion in assets would boost its market share, making it the fifth-largest bank in the metro areas of Memphis, Tenn., and Jackson, Miss.

The acquisition was completed on July 1 and is not reflected in the second-quarter report.

“Our earnings were driven by expanding net interest margin, strong fee income, improving credit quality metrics and continued focus on overall expenses. As our earnings grew, our profitability metrics continued to improve as our returns on average tangible assets and average tangible equity, excluding nonrecurring items, were 1.38% and 14.84%, respectively,” said Renasant Chairman and Chief Executive Officer E. Robinson McGraw.

Net interest income for the quarter was $79.6 million, compared with $77.2 million, the bank reported.

Noninterest income for the quarter was $34.3 million, compared with $35.6 million a year earlier.

Assets stood at $8.8 billion, contrasted with $8.5 billion at the end of second quarter 2016.

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