Renasant: Acquisitions, new branches improving bottom line
by Associated Press
Published: April 26,2012
Tags: acquisitions, banking, Banks, earnings, expansion, finance, financial institutions, loan losses, loans, mergers, net income, profit, publicly traded company
TUPELO — Renasant Corp. says its acquisitions and new branches are succeeding as it cut bad loans in the first quarter of 2012.
The bank said it earned quarterly profit of nearly $6 million, or 24 cents per share. The company earned about $7.5 million, or 30 cents per share, in the same quarter of 2011, but that number was partially due to a one-time windfall due to the acquisition of a failing Georgia bank.
The bank, with $4.18 billion in assets, exceeded the 23 cents per share predicted on average by analysts polled by FactSet.
The company said it has made more loans for three consecutive quarters.
Besides acquiring the failed Georgia bank, Renasant has opened branches in new markets and bought a trust business from RBC Bank.
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