TUPELO, Miss., Nov. 11, 2024 (GLOBE NEWSWIRE) -- In recognition of Veterans Day, Renasant proudly donated $20,000 to multiple veteran support organizations across the Southeast, continuing its commitment to honoring and supporting military service members. The donation is part of the company’s ongoing efforts to give back to those who have served in the United States Armed Forces and to enhance their lives through community outreach and partnerships. This donation was evenly divided among 15 nonprofit veter ...

Financial Position - Total assets increased to $17,958,840 as of September 30, 2024, from $17,360,535 at December 31, 2023[169]. - Total liabilities and shareholders' equity reached $17,421,593, reflecting a stable financial position compared to $17,244,029 in 2023[197]. - Total shareholders' equity increased to $2,658,078 at September 30, 2024, compared to $2,297,383 at December 31, 2023, with a book value per share of $41.82[292]. Loans and Deposits - Total loans, excluding loans held for sale, rose to $12,627,648 at September 30, 2024, compared to $12,351,230 at December 31, 2023[177]. - Total loans as of September 30, 2024, were $12,627,648, an increase from $12,351,230 as of December 31, 2023, representing a growth of 2.24%[178]. - Total deposits increased to $14,509,751 as of September 30, 2024, compared to $14,076,785 at December 31, 2023, reflecting a growth of 3.07%[179]. - Public fund deposits increased to $2,185,034 as of September 30, 2024, from $1,866,495 at December 31, 2023, representing an increase of 17.05%[182]. Income and Earnings - Net income for Q3 2024 was $72,455, compared to $41,833 for Q3 2023, marking a year-over-year increase of 73.06%[188]. - Basic and diluted EPS for Q3 2024 were $1.18, up from $0.75 and $0.74 for Q3 2023, indicating a significant increase in earnings per share[188]. - Net interest income for the three months ended September 30, 2024, was $130,998, compared to $127,383 for the same period in 2023, showing a growth of 2.54%[192]. Expenses and Costs - The company incurred merger and conversion expenses of $11,273 pre-tax in Q3 2024, impacting EPS by $0.15[189]. - Noninterest expense increased to $121,983 million in Q3 2024 from $108,369 million in Q3 2023, primarily due to expenses related to the proposed merger with The First and the sale of Renasant Insurance assets[219]. - The cost of total deposits increased to 2.51% for the three months ended September 30, 2024, compared to 1.98% for the same period in 2023, reflecting competitive deposit rates in a high interest rate environment[208]. Interest Income and Expense - Interest income on a tax equivalent basis increased to $231,621 for the three months ended September 30, 2024, compared to $208,425 for the same period in 2023, driven by Federal Reserve interest rate increases[200]. - Total interest expense increased to $98,045 for the third quarter of 2024, up from $78,294 in the same period in 2023, and to $283,119 for the nine months ended September 30, 2024, compared to $193,514 in 2023[206]. - Total interest-earning assets for the three months ended September 30, 2024, were $15,807,569, generating interest income of $231,621, with a yield of 5.82%[194]. Credit Quality - Net charge-offs for the first nine months of 2024 were $6,348, or 0.07% of average loans, compared to $10,566, or 0.12% for the same period in 2023[236]. - The Company recorded a provision for credit losses on loans of $1,210 in Q3 2024 and $8,148 in the first nine months of 2024, compared to $5,315 and $16,275 in the same periods of 2023[247]. - Nonperforming loans as a percentage of total loans was 168.07% in the first nine months of 2024, down from 282.24% in the same period of 2023[247]. Mergers and Acquisitions - The company announced a proposed merger with The First Bancshares, Inc., expected to close in the first half of 2025, pending regulatory approvals[167]. - The company sold Renasant Insurance, Inc. for gross cash proceeds of $56,390, resulting in a positive after-tax impact of $34,092[165]. Capital and Liquidity - The Company’s Tier 1 capital to average assets ratio was 11.32% as of September 30, 2024, exceeding the well-capitalized minimum requirement of 5%[296]. - The Company’s total risk-based capital ratio was 17.32% as of September 30, 2024, well above the well-capitalized minimum requirement of 10%[296]. - Cash and cash equivalents rose to $1,275,620 million at September 30, 2024, compared to $741,156 million in 2023, driven by deposit growth and common stock offering proceeds[277]. Investment and Securities - The securities portfolio included $1,915,407 in total carrying value as of September 30, 2024, down from $2,144,775 at December 31, 2023[172]. - The company purchased $60,656 in investment securities during the nine months ended September 30, 2024, compared to $9,646 in the same period of 2023[172]. - The investment portfolio is expected to generate cash flow equal to approximately 11.64% of its carrying value within the next twelve months[271].

For the quarter ended September 2024, Renasant (RNST) reported revenue of $220.3 million, up 32.5% over the same period last year. EPS came in at $0.70, compared to $0.75 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $184.73 million, representing a surprise of +19.26%. The company delivered an EPS surprise of +11.11%, with the consensus EPS estimate being $0.63.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

Renasant (RNST) came out with quarterly earnings of $0.70 per share, beating the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.11%. A quarter ago, it was expected that this holding company for Renasant Bank would post earnings of $0.67 per share when it actually produced earnings of $0.69, delivering a surprise of 2.99%.Over the last four quar ...

Financial Performance - Net income for Q3 2024 was $72.5 million, with diluted EPS at $1.18, up from $0.69 in Q2 2024[2] - Net income for the quarter was $72,455,000, up from $41,833,000 in the same quarter last year, indicating a growth of 73.2%[6] - Net income for the third quarter of 2024 was $72,455,000, compared to $38,846,000 in the previous quarter, representing an increase of 86.4%[28] - Basic earnings per share rose to $1.18 for the quarter, compared to $0.75 in the same quarter last year, reflecting a growth of 57.3%[6] - Diluted earnings per share (GAAP) rose to $1.18 for the quarter ended September 30, 2024, up from $0.69 in the previous quarter, representing a significant increase of 71%[31] Income and Revenue - Net interest income for Q3 2024 was $133.6 million, an increase of $6.0 million from the previous quarter[3] - Total interest income for the quarter ended September 30, 2024, was $229,043,000, an increase from $205,677,000 in the same quarter last year, representing a growth of 11.3%[6] - Net interest income after provision for credit losses was $130,063,000 for the quarter, compared to $122,768,000 in the same quarter last year, reflecting a year-over-year increase of 5.3%[6] - Noninterest income rose by $50.5 million quarter-over-quarter, primarily due to a $53.3 million pre-tax gain from the sale of the insurance agency[3] - Noninterest income surged to $89,299,000 for the quarter, significantly higher than $38,200,000 in the same quarter last year, marking an increase of 134%[6] - Total noninterest income for the quarter ended September 30, 2024, was $89,299,000, a significant increase from $38,200,000 in the same quarter last year, representing a growth of 133.4%[9] Expenses and Efficiency - Total noninterest expense for the quarter was $121,983,000, up from $108,369,000 in the same quarter last year, indicating an increase of 12.6%[9] - The efficiency ratio decreased to 54.73% for the quarter, down from 64.38% in the same quarter last year, indicating improved operational efficiency[7] - The efficiency ratio (GAAP) improved to 54.73% in Q3 2024 compared to 67.31% in Q2 2024[33] - The company incurred merger and conversion-related expenses of $11,273,000 during the quarter, reflecting ongoing strategic initiatives[9] Assets and Deposits - Total assets reached $17,958,840,000 as of September 30, 2024, up from $17,181,621,000 a year ago, marking an increase of 4.5%[12] - Cash and cash equivalents increased to $1,275,620,000 as of September 30, 2024, compared to $741,156,000 a year earlier, showing a growth of 72%[11] - Total deposits increased by $254.5 million on a linked quarter basis, with noninterest bearing deposits representing 24.3% of total deposits[4] - Total deposits rose to $14,509,751,000, compared to $14,157,110,000 in the same quarter last year, reflecting a growth of 2.5%[12] Loans and Credit Quality - Loans increased by $22.9 million, reflecting a 0.7% annualized net loan growth[4] - Nonperforming loans to total loans increased to 0.94% as of September 30, 2024, compared to 0.78% at June 30, 2024[5] - The allowance for credit losses on loans was $200,378,000, slightly up from $197,773,000 a year ago, indicating a 0.8% increase[11] - The company reported a net loan charge-off of $703 thousand, a decrease from $5,481 thousand in the previous quarter, reflecting improved loan performance[17] - Nonperforming loans rose to $119,223 thousand, up from $98,035 thousand in the prior quarter, indicating a deterioration in credit quality[17] Capital and Ratios - The common equity tier 1 capital ratio improved to 12.88% as of September 30, 2024, compared to 10.46% a year ago, indicating stronger capital position[8] - The total risk-based capital ratio increased to 17.32% as of September 30, 2024, up from 14.91% in the same quarter last year, reflecting enhanced financial stability[8] - Shareholders' equity increased to $2,658,078,000 as of September 30, 2024, compared to $2,233,323,000 a year earlier, representing a growth of 19%[12] Strategic Initiatives - The merger with The First Bancshares, Inc. was approved by shareholders, with completion expected in the first half of 2025[3] - The company plans to expand its operations through the acquisition of The First Bancshares, Inc., aiming to enhance its market presence[22] - The company highlighted the impact of technological changes and cybersecurity risks as significant factors affecting future operations[24]

TUPELO, Miss., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the third quarter of 2024. (Dollars in thousands, except earnings per share)Three Months Ended Nine Months Ended Sep 30, 2024Jun 30, 2024Sep 30, 2023 Sep 30, 2024Sep 30, 2023Net income and earnings per share:      Net income$72,455$38,846$41,833 $150,710$116,554 After-tax gain on sale of insurance agency 38,951 — —  38,951 — After-tax loss on sale of securities (including i ...

Renasant (RNST) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 22 ...

Company Overview - Renasant Corporation is the parent company of Renasant Bank, which has been in operation for 120 years and currently holds approximately $17.5 billion in assets [4]. Upcoming Events - Renasant Corporation will announce its 2024 third quarter results after the NYSE closes on October 22, 2024 [1]. - A quarterly webcast and conference call with analysts is scheduled for October 23, 2024, at 10:00 AM Eastern Time [1]. Access Information - The webcast can be accessed through Renasant's investor relations website or via a specific link provided [2]. - For telephone access, U.S. participants can dial 1-877-513-1143, while international participants should call 1-412-902-4145 [2]. Replay Information - The webcast will be archived on Renasant's website for one year, and telephone replay access will be available until November 6, 2024 [3].

The merger and acquisitions (M&A) activity among the U.S. regional banks is showing signs of a rebound this year following subdued 2023. More regional banks are resorting to M&As to strengthen their balance sheets amid enhanced competitiveness for low-cost deposits. Per Dealogic data, regional banks with assets between $10 billion and $100 billion have completed 38 deals year to date. This exceeds the 29 deals recorded during the same period last year. Since last year, the regional banking sector has been u ...

TUPELO, Miss., Aug. 14, 2024 (GLOBE NEWSWIRE) -- The board of directors of Renasant Corporation (NYSE: RNST) approved the payment of a quarterly cash dividend of twenty-two cents ($0.22) per share to be paid September 30, 2024, to shareholders of record as of September 16, 2024. ABOUT RENASANT CORPORATION: Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $17.5 billion and operates 185 banking, lending, mortgage and wealt ...