Renasant Corp. released financial results for the first quarter of 2011, and reported strong year over year growth in net income and other important financial metrics. The bank also updated investors on the progress of the integration of a recent acquisition.
Renasant reported net income of $7.5 million, or $0.30 per diluted share, in the quarter ending 3/31/2011. The company reported net income of $4.7 million, or $0.19 per diluted share, in the comparable quarter in 2010.
Renasant reported net interest income of $31.1 million in the most recent quarter, up from $24.4 million in the same quarter in 2010. This increase in net interest income was also reflected in a higher net interest margin of 3.55% in the first quarter of 2011, up from 3.27% in the first quarter of 2010.
Renasant said that better expense control was the primary driver of higher net interest income and margins relative to last year. The management of the bank expects this trend to continue for the balance of 2011.
The company reported that the bank successfully finished the conversion of the information technology infrastructure and systems of Crescent Bank & Trust, a bank in Georgia that was purchased by the company in late 2010.
For more information on the company, go to www.renasantbank.com