Renasant Corporation Announces Earnings For the Second Quarter of 2024

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].