First M&F merger keeps boosting Renasant profit
TUPELO, Miss. (AP) – Regional bank Renasant Corp. says profit in 2013’s fourth quarter rose 80 percent in the second period following its takeover of First M&F Corp.
Renasant posted quarterly profit Tuesday of $13.6 million, or 43 cents per share. That’s up from $7.6 million, or 30 cents per share, in 2013’s first quarter. Because that earlier period was before the Sept. 1 merger, results aren’t strictly comparable.
Analysts polled by FactSet estimated 39 cents per share for the quarter, on average.
The bank reported merger expenses of $195,000 during 2014’s first three months, down from $1.9 million in 2013’s fourth quarter.
Total loans fell slightly, as a drop in loans acquired from First M&F outweighed growth elsewhere.
Based in Tupelo, the $5.9 billion bank has offices in Mississippi, Tennessee, Alabama and Georgia.
