Renasant Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 16, 2018 at 09:49 pm
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Renasant Corporation announced unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income of $104,587,000 against $85,840,000 for the same period in the last year. Net interest income was $93,262,000 against $78,049,000 for the same period in the last year. Net interest income after provision was $91,112,000 against $76,399,000 for the same period in the last year. Income before income taxes was $46,745,000 against $35,096,000 for the same period in the last year. Net income was $16,511,000 or $0.33 per basic and diluted share against $23,635,000 or $0.55 per basic and diluted share for the same period in the last year. Return on average shareholders' equity was 4.31% against 8.14% for the same period in the last year. Return on average tangible shareholders' equity was 7.94% against 14.90% for the same period in the last year. Return on average assets was 0.64% against 1.09% for the same period in the last year. Return on average tangible assets was 0.73% against 1.22% for the same period in the last year. Tangible net income (non-GAAP) was $17,644,000 against $24,729,000 for the same period in the last year. Return on average tangible shareholders' equity (non-GAAP) 7.94% against 14.90% for the same period in the last year. Return on average tangible assets (non-GAAP) 0.73% against 1.22% for the same period in the last year.
For the full year, the company reported interest income of $374,750,000 against $329,138,000 for the same period in the last year. Net interest income was $336,897,000 against $300,991,000 for the same period in the last year. Net interest income after provision was $329,347,000 against $293,461,000 for the same period in the last year. Income before income taxes was $159,869,000 against $135,777,000 for the same period in the last year. Net income was $92,188,000 or $1.98 per diluted share against $90,930,000 or $2.17 per diluted share for the same period in the last year. Return on average shareholders' equity was 6.68% against 8.15% for the same period in the last year. Return on average tangible shareholders' equity was 11.84% against 15.28% for the same period in the last year. Return on average assets was 0.97% against 1.08% for the same period in the last year. Return on average tangible assets was 1.08% against 1.20% for the same period in the last year. Tangible net income (non-GAAP) was $96,546,000 against $95,448,000 for the same period in the last year. Return on average tangible shareholders' equity (non-GAAP) 11.84% against 15.28% for the same period in the last year. Return on average tangible assets (non-GAAP) 1.08% against 1.20% for the same period in the last year. Book value per common share was $30.72 compared to $27.81 a year ago. Tangible book value per common share was $17.83 compared to $16.65 a year ago.
Net loan charge-offs were $470,000, or 0.02% on an annualized basis of average total loans, for the fourth quarter of 2017, as compared to $4,837,000, or 0.31% on an annualized basis of average total loans, for the fourth quarter of 2016.
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 Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2017