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By The Associated Press

Renasant Corp.’s third-quarter net income rose 7.7 percent to $7 million, compared to the same period a year ago.

The parent company of Renasant Bank said its most recent third-quarter results represented earnings of 28 cents a share, compared to $6.5 million, or 26 cents a share, for the third quarter of 2011.

Renasant Chairman and CEO Robin McGraw said growth in loans, non-interest bearing demand deposits and non-interest income drove earnings.

Total loans, which include both loans covered and not covered under FDIC loss-share agreements, were about $2.8 billion, compared to nearly $2.6 billion in the year-ago quarter.

“Our increase in loans for the third quarter of 2012 represents our fifth consecutive quarter of loan growth,” McGraw said. “Furthermore, our annualized growth rate of 24 percent for the third quarter of 2012 represents our second consecutive quarter of double-digit annualized growth for loans not covered under FDIC loss-share agreements.”

Renasant’s new operations in Alabama, Mississippi and Tennessee contributed $64.4 million in net loan growth during the quarter.

Total deposits were $3.4 billion, versus $3.34 billion a year ago. Noninterest-bearing deposits were $554.58 million an increase of $61.45 million, or 12.5 percent from a year earlier.

Total assets at the end of the quarter were $4.17 billion. Renasant’s Tier 1 leverage capital ratio was 9.90 percent, its Tier 1 risk-based capital ratio was 12.73 percent and its total risk-based capital ratio was 14 percent.

Net interest income was $33.1 million, compared to $32.9 million a year ago. Net interest margin was 3.94 percent, up slightly from 3.92 percent in the third quarter of 2011.

Noninterest income was $18 million for the third quarter of 2012, as compared to $18.4 million for the third quarter of 2011.

During last year’s third quarter, Renasant had a $5 million gain on the sale of securities and a $570,000 gain from its RBC Birmingham-based trust unit acquisition.

For the quarter, non-performing loans were $32 million, down significantly from the $49 million million last year.

Renasant’s provision for loan losses was $4.6 million for the quarter, versus $5.5 million in 2011.

The allowance for loan losses as a percentage of loans was 1.74 percent. compared to 2.2 percent in last year’s quarter.

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