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Renasant profits rise 26 percent in 2nd quarter

By news admin

TUPELO, Miss. (AP) - Regional bank Renasant Corp. says profit in 2013's second quarter rose 26 percent from the same three months of 2012, as it set aside less for bad loans and increased interest earnings.

Renasant said Tuesday it posted quarterly profit of $8.02 million, or 32 cents per share, up from $6.35 million or 25 cents per share in 2012's second quarter. It's the sixth straight quarter of rising profit.

Analysts polled by FactSet had estimated 32 cents per share, on average.

The bank says loans increased. Renasant set aside $3 million for future bad loans, $1.7 million less than in the year-ago period.

Based in Tupelo, the $4.2 billion bank has offices in Mississippi, Tennessee, Alabama and Georgia. It awaits regulatory approval to merge with First M&F Corp. of Kosciusko, Miss.