January 19, 2012 12:27:00 PM
TUPELO -- Renasant Corp. says fourth-quarter profit rose on the strength of its expansion.
The regional bank said Tuesday that it earned $5.8 million, or 23 cents per share, in 2011's final quarter. That's up 23 percent from the $4.72 million, or 19 cents per share, that the Tupelo, Miss.-based firm earned in 2010's last three months.
Earnings fell short of the 21 cents per share predicted by analysts surveyed by FactSet.
Renasant's total loans expanded in the fourth quarter, particularly when loans from failed banks are excluded. Renasant acquired two failed banks in Georgia from the Federal Deposit Insurance Corp., one each in 2010 and 2011. It has also opened new branches in Mississippi and Alabama.
Bank Chairman and CEO E. Robinson McGraw said loan growth shows expansion plans are succeeding.
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