Renasant Corp. (RNST, Financial) filed Quarterly Report for the period ended 2009-03-31.
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance Inc. Renasant Corp. has a market cap of $317.3 million; its shares were traded at around $15.06 with a P/E ratio of 14.6 and P/S ratio of 1.2. The dividend yield of Renasant Corp. stocks is 4.5%. Renasant Corp. had an annual average earning growth of 11.3% over the past 10 years. GuruFocus rated Renasant Corp. the business predictability rank of 4.5-star.
The loan balance, net of unearned income, at March 31, 2009 was $2,506,780, representing a decrease of $24,106 from $2,530,886 at December 31, 2008. Loans in our Tennessee region grew $16,413 while loans in our Mississippi and Alabama regions decreased $34,968 and $5,551, respectively, during the first three months of 2009 compared to the respective balances at December 31, 2008. The table below sets forth loans outstanding, according to loan type, net of unearned income.
Total deposits increased $344,974 to $2,689,305 at March 31, 2009 from $2,344,331 on December 31, 2008. Noninterest-bearing deposits increased $19,309 to $303,536 at March 31, 2009 compared to $284,227 at December 31, 2008. Interest-bearing deposits increased $325,665 to $2,385,769 at March 31, 2009 from $2,060,104 at December 31, 2008. During the first quarter of 2009, the Company grew deposits as competition for deposits eased in our markets, causing deposit pricing to return to more normal levels. As a result, the Company replaced alternative sources of funding, primarily borrowings from the Federal Home Loan Bank (FHLB), with deposits. The cost of the Companys interest-bearing deposits decreased 127 basis points to 2.20% for the three months ended March 31, 2009 as compared to the three months ended March 31, 2008.
Total borrowings were $672,130 at March 31, 2009 compared to $933,976 at December 31, 2008. Short-term borrowings, consisting of federal funds purchased, short-term FHLB advances and other short-term borrowings, were $29,705 at March 31, 2009 compared to $314,541 at December 31, 2008. Long-term debt, consisting of long-term FHLB advances and junior subordinated debentures, was $642,425 at March 31, 2009 compared to $619,435 at December 31, 2008. The aforementioned growth in deposits allowed the Company to reduce its utilitization of FHLB borrowings. Long-term debt also includes the proceeds of the offering by Renasant Bank of a $50,000 aggregate principal amount 2.625% senior note due March 30, 2012
Net income for the three month period ended March 31, 2009 was $6,006, a decrease of $2,271, or 27.44%, from net income of $8,277 for the same period in 2008. Basic earnings per share were $0.29 and diluted earnings per share were $0.28 for the three month period ended March 31, 2009, as compared to basic earnings per share of $0.40 and diluted earnings per share of $0.39 for the comparable period a year ago.
Data processing costs for the three month period ended March 31, 2009 were $1,329, an increase of $22 compared to $1,307 for the same period last year. Net occupancy expense and equipment expense for the three month period ended March 31, 2009 decreased $124 to $3,249 over the comparable period for the prior year.
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Renasant Corporation is the parent of Renasant Bank and Renasant Insurance Inc. Renasant Corp. has a market cap of $317.3 million; its shares were traded at around $15.06 with a P/E ratio of 14.6 and P/S ratio of 1.2. The dividend yield of Renasant Corp. stocks is 4.5%. Renasant Corp. had an annual average earning growth of 11.3% over the past 10 years. GuruFocus rated Renasant Corp. the business predictability rank of 4.5-star.
Highlight of Business Operations:
Cash and cash equivalents increased $75,844 from $100,394 at December 31, 2008 to $176,238 at March 31, 2009. Cash and cash equivalents represented 4.64% of total assets at March 31, 2009 compared to 2.70% of total assets at December 31, 2008. Our investment portfolio increased to $709,950 at March 31, 2009 from $695,106 at December 31, 2008. During the first three months of 2009, the Company purchased $111,087 of investments securities. Maturities and calls of securities during the first three months of 2009 totaled $65,042. Sales of securities during the first three months of 2009 totaled $26,404.The loan balance, net of unearned income, at March 31, 2009 was $2,506,780, representing a decrease of $24,106 from $2,530,886 at December 31, 2008. Loans in our Tennessee region grew $16,413 while loans in our Mississippi and Alabama regions decreased $34,968 and $5,551, respectively, during the first three months of 2009 compared to the respective balances at December 31, 2008. The table below sets forth loans outstanding, according to loan type, net of unearned income.
Total deposits increased $344,974 to $2,689,305 at March 31, 2009 from $2,344,331 on December 31, 2008. Noninterest-bearing deposits increased $19,309 to $303,536 at March 31, 2009 compared to $284,227 at December 31, 2008. Interest-bearing deposits increased $325,665 to $2,385,769 at March 31, 2009 from $2,060,104 at December 31, 2008. During the first quarter of 2009, the Company grew deposits as competition for deposits eased in our markets, causing deposit pricing to return to more normal levels. As a result, the Company replaced alternative sources of funding, primarily borrowings from the Federal Home Loan Bank (FHLB), with deposits. The cost of the Companys interest-bearing deposits decreased 127 basis points to 2.20% for the three months ended March 31, 2009 as compared to the three months ended March 31, 2008.
Total borrowings were $672,130 at March 31, 2009 compared to $933,976 at December 31, 2008. Short-term borrowings, consisting of federal funds purchased, short-term FHLB advances and other short-term borrowings, were $29,705 at March 31, 2009 compared to $314,541 at December 31, 2008. Long-term debt, consisting of long-term FHLB advances and junior subordinated debentures, was $642,425 at March 31, 2009 compared to $619,435 at December 31, 2008. The aforementioned growth in deposits allowed the Company to reduce its utilitization of FHLB borrowings. Long-term debt also includes the proceeds of the offering by Renasant Bank of a $50,000 aggregate principal amount 2.625% senior note due March 30, 2012
Net income for the three month period ended March 31, 2009 was $6,006, a decrease of $2,271, or 27.44%, from net income of $8,277 for the same period in 2008. Basic earnings per share were $0.29 and diluted earnings per share were $0.28 for the three month period ended March 31, 2009, as compared to basic earnings per share of $0.40 and diluted earnings per share of $0.39 for the comparable period a year ago.
Data processing costs for the three month period ended March 31, 2009 were $1,329, an increase of $22 compared to $1,307 for the same period last year. Net occupancy expense and equipment expense for the three month period ended March 31, 2009 decreased $124 to $3,249 over the comparable period for the prior year.
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