Renasant profit rises after M&F acquisition
TUPELO, Miss. (AP) – Regional bank Renasant Corp. says profit in 2013’s fourth quarter rose 55 percent in the first reporting period following its takeover of First M&F Corp.
Tuesday, Renasant posted quarterly profit of $11.3 million, or 36 cents per share. That’s up from $7.3 million, or 29 cents per share, in 2012’s fourth quarter. Because the period is the first full quarter after the Sept. 1 merger, results aren’t strictly comparable.
For the year, profit rose 26 percent to $33.5 million, or $1.22 per share.
Analysts polled by FactSet estimated 36 cents per share for the quarter, on average, after $1.9 million in merger expenses were factored out. Renasant reported 40 cents per share on that basis.
Based in Tupelo, the $5.75 billion bank has offices in Mississippi, Tennessee, Alabama and Georgia.
