Renasant’s revenue for the third quarter was $146.78 million, an increase of 6.7 percent.
Net income for the first nine months of the year was $129.2 million, compared to $102.5 million a year ago. Earnings per share were $2.21 for the period, up from $2.03 for the same period in 2018.
The company said it “continues to capitalize on market disruption across its footprint by hiring new production team members,” and said its net income for the third quarter and first nine months of 2019 includes approximately $2.6 million and $3.7 million, respectively, in after-tax expense related to team members that have joined the company in the first nine months of the year. The expense related to these strategic hires decreased earnings per share by 5 cents and 7 cents respectively, for the quarter and the nine months ended Sept. 30.
“The third quarter results were highlighted by strong loan growth and a continued focus on growing non-interest bearing deposits,” said C. Mitchell Waycaster, Renasant President and Chief Executive Officer.
Highlights of the quarter, as well as its results of operations as of and for the three and nine months ended Sept. 30, include the impact of the company’s acquisition of Brand Group Holdings Inc., which was completed on Sept. 1, 2018:
• Total assets were $13.04 billion at Sept. 30, compared to $12.93 billion at Dec. 31.
• Total deposits increased to $10.29 billion in the quarter. Non-interest bearing deposits increased $198.1 million on a linked quarter basis. Since the beginning since 2019, the company’s non-interest baring deposits have grown $288.4 million.
• Net interest income was $108.8 million, compared to $112.8 million for the second quarter of 2019 and $99.4 million for the third quarter of 2018. Net interest margin for the quarter was 3.98 percent, compared to 4.07 percent a year ago and 4.19 percent in the second quarter.
• Net interest income was $334.8 million for the first nine months of 2019, as compared to $281.1 million for the same period in 2018.
• Non-interest income was $38.0 million, as compared to $42 million for the second quarter of 2019 and $38.1 million for the third quarter of 2018. Mortgage banking income for the quarter was $15.7 million, compared to $16.6 million for the second quarter of 2019 and $14.4 million for the third quarter of 2018. Mortgage banking income during the third quarter of 2019 was negatively impacted by a MSR valuation adjustment of $3.1 million.
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