Renasant Corporation (RNST) has reported 12.99 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $23.97 million, or $0.54 a share in the quarter, compared with $21.22 million, or $0.52 a share for the same period last year.
Revenue during the quarter went up marginally by 2.93 percent to $104.54 million from $101.56 million in the previous year period. Net interest income for the quarter rose 5.65 percent over the prior year period to $74.02 million. Non-interest income for the quarter fell 3.85 percent over the last year period to $32.02 million.
Renasant Corporation has made provision of $1.50 million for loan losses during the quarter, down 16.67 percent from $1.80 million in the same period last year.
Net interest margin contracted 20 basis points to 4.01 percent in the quarter from 4.21 percent in the last year period. Efficiency ratio for the quarter improved to 62.26 percent from 63.86 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"The first quarter of 2017 was an active quarter for our Company, and we are very pleased to report excellent results. Our results for the first quarter of 2017 include a record quarterly net income and a continuation of increasing profitability metrics as our return on average tangible assets was 1.23%," said Renasant chairman and chief executive officer, E. Robinson McGraw. "In January, we announced our proposed acquisition of Metropolitan, which will expand our presence in Mississippi and Tennessee."
Return on average assets moved up 4 basis points to 1.11 percent in the quarter from 1.07 percent in the last year period. At the same time, return on average equity decreased 32 basis points to 7.80 percent in the quarter from 8.12 percent in the last year period.
Nonperforming assets stood at $56.50 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.64 percent in the quarter, down from 0.95 percent in the last year period.
Equity to assets ratio was 14.27 percent for the quarter, up from 12.93 percent for the previous year quarter. Book value per share was $28.18 for the quarter, up 8.01 percent or $2.09 compared to $26.09 for the same period last year.
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