Renasant announces year-end results
Published 6:00 am Sunday, January 24, 2016
Renasant Corporation announced earnings results for the fourth quarter and year ended Dec. 31.
Net income for the fourth quarter of 2015 was approximately $21.2 million, up 35.67 percent, as compared to $15.6 million for the fourth quarter of 2014. Basic and diluted earnings per share were 53 cents and 52 cents, respectively, for the fourth quarter of 2015, as compared to basic and diluted earnings of 49 cents for the fourth quarter of 2014.
Excluding the impact of after-tax merger expenses incurred during each quarter, basic and diluted EPS were 55 cents for the fourth quarter of 2015, as compared to basic and diluted EPS of 50 cents for the fourth quarter of 2014.
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Net income for 2015 was $68 million, as compared to $59.6 million for 2014. Basic and diluted EPS were $1.89 and $1.88, respectively, for both 2015 and 2014.
On July 1, 2015, the company completed the acquisition of Heritage Financial Group Inc., a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, a Georgia savings bank. The company’s balance sheet and results of operations as of and for the year ended Dec. 31, include the impact of Heritage’s operations since the acquisition date. At the acquisition date, Heritage had $2.02 billion in total assets, $1.11 billion in loans, and $1.37 billion in deposits.
“Our financial results for the fourth quarter of 2015 represent a strong finish to a great year. The results include our successful completion of the Heritage acquisition and 24.58 percent annualized linked quarter legacy loan growth,” said Renasant Chairman and Chief Executive Officer E. Robinson McGraw. “Excluding merger expenses on an after-tax basis, our diluted EPS of 55 cents per share represents some of the highest reported quarterly earnings for the Company and was driven by the strong performance of our legacy company coupled with the successful conversion of Heritage’s operations.”
Renasant will continue in 2016 with longtime leadership. Last week its board of directors unanimously elected C. Mitchell Waycaster as president and chief operating officer of both the Company and RenasantBank. McGraw will remain in his capacity as chairman and chief executive officer for both Renasant Corporation and Renasant Bank.
Waycaster has served as senior executive vice president and chief administrative officer of the company since 2007.