Renasant nets $6.6 million in third quarter
Renasant Corp. reported third-quarter net income of $6.6 million, or 24 cents a share.
That compares to earnings of $7 million, or 28 cents a share for the same period a year ago.
However, this year’s third-quarter results also included a month of results from the former First M&F Bank, which Renasant merged with earlier this year. The merger was completed on Sept. 1.
So, excluding expenses related to the merger, Renasant’s net income for the third quarter this year was $9.3 million, or 34 cents a share.
Said the company in a news release:
The Company’s results of operation do not reflect M&F’s results prior to the date of merger completion, but balances for the Company as of September 30, 2013 incorporate the impact of the M&F acquisition, including M&F’s $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. The Company issued approximately 6.2 million shares of stock in connection with the acquisition. The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.
“We are pleased with our third quarter performance which includes the completion of the M&F merger, our largest acquisition to date. In addition to the merger, we continued to experience strong loan growth and significant improvements to our credit risk profile,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.