Renasant Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015
January 19, 2016 at 10:21 pm
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Renasant Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net interest income of $72,424,000 compared to $50,017,000 a year ago. Income before income taxes was $31,309,000 compared to $22,958,000 a year ago. Net income was $21,160,000 or $0.52 per diluted share compared to $15,597,000 or $0.49 per diluted share a year ago. Return on average shareholders' equity was 8.06% compared to 8.72% a year ago. Return on average assets was 1.06% compared to 1.08% a year ago. Tangible net income (non-GAAP) was $22,343,000 compared to $16,499,000 a year ago. Return on average tangible shareholders' equity (non-GAAP) was 15.84% compared to 15.90% a year ago. Return on average tangible assets (non-GAAP) was 1.19% compared to 1.20% a year ago. Interest income was $77,788,000 compared to $55,597,000 a year ago.
For the year, the company reported net interest income of $241,616,000 compared to $202,629,000 a year ago. Income before income taxes was $99,764,000 compared to $85,887,000 a year ago. Net income was $68,014,000 or $1.88 per diluted share compared to $59,582,000 or $1.88 per diluted share a year ago. Return on average shareholders' equity was 7.72% compared to 8.61% a year ago. Return on average assets was 0.99% compared to 1.02% a year ago. Tangible net income (non-GAAP) was $72,151,000 compared to $63,471,000 a year ago. Return on average tangible shareholders' equity (non-GAAP) was 14.50% compared to 16.25% a year ago. Return on average tangible assets (non-GAAP) was 1.11% compared to 1.15% a year ago. Book value per common share as at December 31, 2015 was $25.92 compared to $22.56 a year ago. Interest income was $263,023,000 compared to $226,409,000 a year ago.
For the fourth quarter of 2015, net charge-offs were $1.4 million, as compared to $3.3 million in net charge-offs for the same period in 2014.
Renasant Corporation owns and operates Renasant Bank. The Company operates through three segments: Community Banks segment, Insurance segment and Wealth Management segment. Community Banks segment delivers a complete range of banking and financial services to individuals and to businesses of all sizes, including checking and savings accounts, business and personal loans, asset-based lending, factoring and equipment leasing, as well as safe deposit and night depository facilities. Insurance segment includes a full-service insurance agency offering all various commercial and personal insurance through various carriers. Wealth Management segment, through the Trust division, offers a range of fiduciary services, including the administration of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts and custodial accounts. Through its Financial Services division, provides fixed and variable annuities, mutual funds, and other investment services.
Renasant Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter of 2015