Home » NEWS » Banking & Finance » Renasant reports improved quarter, year

Renasant reports improved quarter, year

TUPELO — Renasant Corp., parent of Renasant Bank, showed a substantial income gain in 2010 over the previous year, generating net income of $31,675,000 compared to $18,518,000 for 2009.

In its fourth quarter and year-end earning report, the Tupelo-based regional bank reported 4Q net income of $4.72 million, compared to slightly more than $4 million for the previous quarter.

Basic and diluted earnings per share totaled 19 cents a share for the fourth quarter of 2010 and for the fourth quarter of 2009.

The $4.3-billion Renasant said other highlights for the fourth quarter included:

• Increasing net interest margin to 3.43 percent from 3.22 percent as compared to same period in 2009

• Decreasing non-performing loans, past due loans, charge-offs and non-performing assets on a linked quarter basis markets other than its North Georgia market, where it recently acquired Crescent Bank & Trust of Blairsville. Renasant acquired Cresent with the assistance of the Federal Deposit Insurance Corp., which helps the bank avoid taking on the full brunt of Cresent’s liabilities.

• Increasing core deposits (non-time deposits) on a year over year and a linked quarter basis.

Renasant said it continued to decrease its exposure to residential construction and land development loans during the fourth quarter, a move chairman and CEO E. Robinson McGraw said helped Renasant “to realize improving trends in our credit quality metrics.”

Total deposits grew to $3.47 billion by Dec. 31, up from $3.42 billion on Sept. 30, the bank said.

Total loans declined to $2.52 billion at the end of 2010 from $2.58 billion at the end of the third quarter. Loans totaled $2.35 billion at the end of 2009.


… 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 Ted Carter

Leave a Reply