Home » NEWS » Banking & Finance » Renasant reports record quarterly income

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.


… 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 MBJ Staff

Leave a Reply