Renasant sees better quarter, but yearly earnings down

TUPELO — Renasant Corporation, for the fourth quarter of 2011, saw net income of $5.79 million, compared to $4.721 million for the fourth quarter of 2010.

Basic and diluted earnings per share (EPS) were $0.23 for the fourth quarter of 2011 as compared to basic and diluted EPS of $0.19 for the fourth quarter of 2010.

Net income for 2011 was $25.632 million, compared to $31.675 million for 2010. Net income for 2010 included a pre-tax acquisition gain of $42.211 million from the company’s FDIC-assisted acquisition of Crescent Bank of Jasper, Ga., recognized during the third quarter of 2010. During 2011, the Company recorded a pre-tax acquisition gain of $8.774 million in connection with its FDIC-assisted acquisition of American Bank and Trust of Roswell, Georgia, which was recognized during the first quarter of the year.

For 2011, both basic and diluted EPS were $1.02 as compared to basic and diluted EPS of $1.39 and $1.38, respectively, for 2010.

“We achieved much success during the fourth quarter of 2011 as we experienced net loan growth while continuing to expand our franchise by opening de novo locations in Starkville, Miss., and Tuscaloosa and Montgomery, Ala.,” said Renasant chairman and CEO E. Robinson McGraw. “In addition to our market expansions, we continued to experience a decrease in our nonperforming loans and other real estate owned. Our nonperforming loans not subject to loss-share decreased 35 percent during the year and represented only 1.56 percent of total loans at the end of 2011.”

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