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Community bank earnings: Renasant's Q3 EPS hit by merger, conversion expenses

In this feature, S&P Global Market Intelligence takes a look at earnings releases from a handful of community banks from around the country.

Midwest

Grand Rapids, Mich.-based Mercantile Bank Corp. on Oct. 17 reported net income of $8.3 million for the third quarter, or 51 cents per share, compared to the year-ago period's $7.8 million, or 48 cents per share.

* * *

Pikeville, Ky.-based Community Trust Bancorp Inc. on Oct. 18 saw its third-quarter net income go up year over year to $13.8 million, or 78 cents per share, from $12.3 million, or 70 cents per share.

Northeast

Glastonbury, Conn.-based United Financial Bancorp Inc. on Oct. 17 posted third-quarter net income of $15.2 million, or 30 cents per share, up from $14.2 million, or 28 cents per share, the previous year.

* * *

Southeast

Tupelo, Miss.-based Renasant Corp. on Oct. 17 reported net income of $26.4 million for the third quarter, or 53 cents per share, compared to the year-ago period's $23.2 million, or 55 cents per share. The S&P Capital IQ consensus mean estimate for third-quarter normalized EPS was 61 cents.

Post-tax merger and conversion expenses of $4.1 million impacted the quarter's earnings by 9 cents per share. Renasant closed its acquisition of Ridgeland, Miss.-based Metropolitan BancGroup Inc. in July.

* * *

Birmingham, Ala.-based ServisFirst Bancshares Inc. on Oct. 16 posted third-quarter net income available to common stockholders of $25.3 million, or 47 cents per share, up from $20.9 million, or 39 cents per share, the previous year.

* * *

Richmond, Va.-based Union Bankshares Corp. on Oct. 18 reported net income of $20.7 million for the third quarter, compared to the $20.4 million recorded the previous year. Earnings per share was unchanged year over year at 47 cents.

The S&P Capital IQ consensus mean estimate for third-quarter normalized EPS was 49 cents.

* * *

Cross Lanes, W.Va.-based City Holding Co. on Oct. 18 reported third-quarter net income available to common shareholders of $13.9 million, or 89 cents per share, compared to the previous year's $13.2 million, or 88 cents per share.

The company recorded a provision for loan losses of $1.1 million for a shared national credit, comprising 77.1% of the total provision for loan losses of $1.4 million.

West

Los Angeles-based Hanmi Financial Corp. on Oct. 17 posted net income of $14.9 million, or 46 cents per share, higher than the $13.1 million, or 41 cents per share, recorded a year ago.

The S&P Capital IQ consensus mean estimate for third-quarter normalized EPS was 46 cents.