Renasant Corporation Announces Unaudited Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2014; Reports Impairment Changes for the Quarter Ended December 31, 2014
January 20, 2015 at 05:25 pm
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Renasant Corporation announced unaudited earnings results for the fourth quarter and twelve months ended December 31, 2014. For the quarter, net interest income was $50,016,000 against $50,668,000 a year ago. Income before income taxes was $22,958,000 against $15,880,000 a year ago. Diluted earnings per share was $0.49 against $0.36 a year ago. Return on average shareholders' equity was 8.72% against 6.71% a year ago. Return on average tangible shareholders' equity was 15.89% against 13.55% a year ago. Return on average assets was 1.08% against 0.78% a year ago. Return on average tangible assets was 1.20% against 0.90% a year ago. Net income was $15,597,000 against $11,260,000 a year ago. Tangible net income (non-gaap) was $16,499,000 against $12,329,000 a year ago. Book value per common share was $22.56 against $21.21 a year ago. Tangible Book value per common share was $13.13 against $11.51 a year ago.
For the twelve months, net interest income was $202,629,000 against $157,201,000 a year ago. Income before income taxes was $85,887,000 against $45,746,000 a year ago. Diluted earnings per share was $1.88 against $1.22 a year ago. Return on average shareholders' equity was 8.61% against 6.01% a year ago. Return on average tangible shareholders' equity was 16.25% against 10.83% a year ago. Return on average assets was 1.02% against 0.71% a year ago. Return on average tangible assets was 1.15% against 0.79% a year ago. Net income was $59,582,000 against $33,487,000 a year ago. Tangible net income (non-gaap) was $63,476,000 against $35,575,000 a year ago. Book value per common share was $22.56 against $21.21 a year ago. Tangible Book value per common share was $13.13 against $11.51 a year ago.
For the fourth quarter of 2014, net charge-offs were $3.3 million, as compared to $584,000 in net charge-offs for the same period in 2013.
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 Twelve Months Ended December 31, 2014; Reports Impairment Changes for the Quarter Ended December 31, 2014