Tupelo, MS-based, $3.64 billion-asset Renasant Corporation reported insurance commissions and fees in the third quarter rose 3.2% to $949,000, up from $920,000 in third quarter 2008, while trust revenue fell 16.1% to $501,000, down from $597,000. Insurance earnings and trust revenue comprised, respectively, 6.8% and 3.6% of noninterest income, which rose 2.3% to $13.95 million, up from $13.64 million. Net interest income on a 3.22% net interest margin dropped 28.5% to $17.84 million, down from $24.94 million, as provisions for loan losses more than doubled, jumping by $4.35 million to $7.35 million, impacting net income, which dropped 44.0% to $4.23 million, down from $7.56 million a year ago. Renasant Chairman and CEO E. Robinson McGraw said, “Based on our concerns with the economy and our volume of past due loans, we continued to increase our allowance for loan losses. This is consistent with our historical practice of providing for losses in our loan portfolio as we identify potential weaknesses.” In 2008, Renasant Corporation reported $3.9 million in insurance brokerage income, which comprised 7.4% of its noninterest income. The company ranked 43rd in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Tuesday, December 15, 2009
RENASANT CORP. REPORTS RISING INSURANCE SALES
Tupelo, MS-based, $3.64 billion-asset Renasant Corporation reported insurance commissions and fees in the third quarter rose 3.2% to $949,000, up from $920,000 in third quarter 2008, while trust revenue fell 16.1% to $501,000, down from $597,000. Insurance earnings and trust revenue comprised, respectively, 6.8% and 3.6% of noninterest income, which rose 2.3% to $13.95 million, up from $13.64 million. Net interest income on a 3.22% net interest margin dropped 28.5% to $17.84 million, down from $24.94 million, as provisions for loan losses more than doubled, jumping by $4.35 million to $7.35 million, impacting net income, which dropped 44.0% to $4.23 million, down from $7.56 million a year ago. Renasant Chairman and CEO E. Robinson McGraw said, “Based on our concerns with the economy and our volume of past due loans, we continued to increase our allowance for loan losses. This is consistent with our historical practice of providing for losses in our loan portfolio as we identify potential weaknesses.” In 2008, Renasant Corporation reported $3.9 million in insurance brokerage income, which comprised 7.4% of its noninterest income. The company ranked 43rd in insurance brokerage earnings among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
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