For the quarter ended June 2024, Renasant (RNST) reported revenue of $163.79 million, up 11.1% over the same period last year. EPS came in at $0.69, compared to $0.83 in the year-ago quarter. The reported revenue represents a surprise of +0.02% over the Zacks Consensus Estimate of $163.75 million. With the consensus EPS estimate being $0.67, the EPS surprise was +2.99%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street exp ...

Financial Performance - Renasant reported quarterly earnings of $0.69 per share, exceeding the Zacks Consensus Estimate of $0.67 per share, but down from $0.83 per share a year ago, representing an earnings surprise of 2.99% [1] - The company posted revenues of $163.79 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.02%, and up from $147.44 million year-over-year [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.70 on revenues of $166.95 million, and for the current fiscal year, it is $2.71 on revenues of $662.35 million [7] - The estimate revisions trend for Renasant is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Market Comparison - Renasant shares have increased approximately 7.7% since the beginning of the year, while the S&P 500 has gained 16.7% [3] - The Zacks Industry Rank for Banks - Southeast is currently in the bottom 38% of over 250 Zacks industries, suggesting that the industry outlook may impact stock performance [8]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-------|------------|-------|--------------------|-------|-----------------------|-------|------------------|-------|------------|-------|----------------------|--------|--------------------------| | (Dollars in thousands, except per share data) | Jun | 30, 2024 | Mar | Three \n31, 2024 | \nDec | Months \n31, 2023 | Ended | ...

Core Viewpoint - Renasant Corporation reported its earnings results for the second quarter of 2024, highlighting a solid performance with growth in loans and net interest income, despite a decrease in noninterest income and an increase in nonperforming loans [1][5]. Earnings Summary - Loans increased by $104.2 million on a linked quarter basis, reflecting a 3.4% annualized net loan growth [2]. - Securities decreased by $39.2 million due to net cash outflows of $43.1 million and a positive fair market value adjustment of $3.9 million [2]. - Deposits increased by $18.1 million, with noninterest-bearing deposits representing 24.8% of total deposits [2]. Credit Quality - The provision for credit losses was $3.3 million, up from $2.4 million in the previous quarter [3]. - The allowance for credit losses on loans to total loans ratio was 1.59%, slightly down from 1.61% [3]. - Nonperforming loans increased to 0.78% of total loans, compared to 0.59% in the previous quarter [4]. Income Statement Highlights - Net income for Q2 2024 was $38.8 million, with diluted EPS and adjusted diluted EPS both at $0.69 [7]. - Net interest income was $127.6 million, an increase of $1.7 million from the previous quarter, with a net interest margin of 3.31% [7]. - Noninterest income decreased by $2.6 million primarily due to a drop in mortgage banking income [7]. Capital and Liquidity - Book value per share increased by 1.3% and tangible book value per share by 2.4% on a linked quarter basis [8]. - The company has a $100 million stock repurchase program in effect through October 2024, with no buyback activity during Q2 2024 [8]. Balance Sheet Overview - Total assets as of June 30, 2024, were $17.51 billion, up from $17.35 billion at the end of the previous quarter [13][14]. - Total deposits were $14.26 billion, reflecting a slight increase from $14.24 billion [14]. - The company reported a total shareholders' equity of $2.35 billion, up from $2.32 billion [14].

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company's calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness ...

For Financials: James C. Mabry IV Executive Vice President Chief Financial Officer (662) 680-1281 jim.mabry@renasant.com TUPELO, Miss., July 08, 2024 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE:RNST) (the "Company") will announce 2024 second quarter results following the NYSE's closing on Tuesday, July 23, 2024. The Company will hold executive management's quarterly webcast and conference call with analysts on Wednesday, July 24, 2024, at 10:00 AM Eastern Time (9:00 AM Central Time). Contacts For Media: ...

TUPELO, Miss., July 08, 2024 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE: RNST) (the "Company") will announce 2024 second quarter results following the NYSE's closing on Tuesday, July 23, 2024. The Company will hold executive management's quarterly webcast and conference call with analysts on Wednesday, July 24, 2024, at 10:00 AM Eastern Time (9:00 AM Central Time). For Financials: James C. Mabry IV Executive Vice President Chief Financial Officer (662) 680-1281 jim.mabry@renasant.com The webcast will be ...

Core Insights - Renasant Insurance has been sold to Sunstar Insurance Group, rebranding as "Sunstar Insurance Services" while retaining all current leadership and employees [1][5][6] - The acquisition marks Sunstar's strategic entry into Mississippi, enhancing its regional presence as a leading insurance broker with over $1.2 billion in premiums placed [2][5] - Renasant will maintain a strategic relationship with Sunstar, allowing its banking customers access to Sunstar's insurance and employee benefits products [3] Company Overview - Sunstar is based in Memphis, Tennessee, and is recognized as the 33rd largest independent insurance agency in the U.S., operating over 50 offices across six states [2] - Renasant Corporation, the parent company of Renasant Bank, has approximately $17.3 billion in assets and operates 185 financial service offices throughout the Southeast [7] Leadership and Future Outlook - Sunstar's leadership team believes that the integration will allow for enhanced service offerings to both current and future customers [2][6] - Renasant's CEO emphasized the opportunity for customers and employees to benefit from Sunstar's specialized resources and expertise [6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: ...

Financial Data and Key Metrics Changes - The company reported earnings of $39.4 million or $0.70 per diluted share for the first quarter of 2024, with an adjusted EPS of $0.65 excluding a $3.5 million gain from the sale of mortgage servicing rights [52][28] - Loan growth for the quarter was $149 million, representing an annualized growth rate of 5%, while core deposit growth was $280 million on a linked quarter basis [54][7] - The adjusted net interest margin was 3.28%, down one basis point from the previous quarter, with adjusted loan yields increasing by 12 basis points [22][54] Business Line Data and Key Metrics Changes - Income from the mortgage division, excluding the MSR gain, increased by $1.3 million from the fourth quarter, with interest rate lock volume rising by $102 million quarter-over-quarter [20] - Non-interest income decreased by $688,000 quarter-over-quarter when excluding one-time items [28] - The company experienced a net downgrade of around $77 million in C&I credits, but all loans were current with no anticipated losses [34][60] Market Data and Key Metrics Changes - The company reported strong loan production across various markets, with 13% from Tennessee, 10% from Alabama, 15% from Georgia, and 26% from Mississippi [42] - The average deposit account size was $31,000, with no material concentrations in the deposit base [54] Company Strategy and Development Direction - The company is focused on improving operating leverage and managing expenses while maintaining a strong balance sheet [26][22] - The management succession plan was announced, with Kevin Chapman set to become CEO in May 2025, indicating a stable leadership transition [18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in southeastern markets, despite challenges in the mortgage sector [26][73] - The company anticipates stable margins in the near term, with loan yields improving but deposit pricing pressures remaining [36][49] Other Important Information - The company recorded a credit loss provision of $2.4 million, with net charge-offs at $164,000, reflecting stable asset quality [2] - The tangible common equity ratio improved to exceed 8%, indicating a strong capital position [54] Q&A Session Summary Question: What gives confidence regarding the increase in classified loans? - Management indicated that the classified loans added are current on payments and do not anticipate any losses [3][34] Question: What is the outlook for margins in the next couple of quarters? - Management expects margins to stabilize, with deposit costs increasing but at a slower pace [9][12] Question: What are the expectations for loan growth for the year? - The company has a pipeline of $142 million, indicating modest growth expectations [69] Question: How does the company view the profitability of the mortgage division? - Management remains optimistic about the mortgage division's profitability despite industry headwinds, citing improvements in structure and variable expenses [73][89] Question: How does the company approach managing problem assets? - The company proactively identifies weaknesses in loans to restructure or exit them before deterioration worsens [60]