Renasant Corp. profits rise as loans increase
TUPELO, Miss. (AP) — Regional bank Renasant Corp. said profit in 2012's third quarter rose 8 percent from the same three months of 2011, as the bank set aside less to cover bad loans and made lower interest payments to savers.
Renasant said Tuesday it posted quarterly profit of $7.04 million, or 28 cents per share, up from $6.53 million or 26 cents per share in 2011's third quarter. It was the fourth straight quarter of rising profit.
Analysts polled by FactSet had estimated 25 cents per share, on average.
The bank said loans increased, as did deposits that don't earn interest. Renasant set aside $4.63 million to cover future bad loans, $900,000 less than in the year-ago period.
Based in Tupelo, the $4.1 billion bank has offices in Mississippi, Tennessee, Alabama and Georgia.