Renasant Corp. reported financial results for the second quarter of 2010 that were slightly higher than the year earlier period thanks to an improving economy.
Renasant Corporation earned net income of $3.8 million and diluted earnings per share of $0.18 in the quarter ending 6/30/2010, compared to net income of $3.6 million and diluted earnings per share of $0.17 in the second quarter of 2009.
The management of Renasant Corporation noticed an uptrend in economic activity in the company’s footprint during the quarter, with several large manufacturers restarting or expanding operations.
“During the first half of 2010, the markets within our footprint have continued to show positive trends. Reflecting this, Toyota announced in May that it will resume completion of its manufacturing facility in North Mississippi, Huntsville saw an expansion within its aerospace and engineering industries,” said E. Robinson McGraw, the CEO of Renasant Corporation.
Renasant Corporation has seen a slight decline in assets since the beginning of the year and that trend continued in the quarter. The company reported total assets of $3.59 billion at the end of the quarter, a decline of approximately 1.3% from the end of 2009.
Renasant Corporation is a bank holding company that owns Renasant Bank and Renasant Insurance. The company has 65 banking locations in Mississippi, Alabama and Tennessee.
For more information on the company, go to www.renasant.com