Renasant Corporation Announces Earnings for the Third Quarter of 2024, Receipt of Shareholder Approval of the Merger With the First Bancshares, Inc.

Core Viewpoint - Renasant Corporation reported strong financial results for Q3 2024, with a net income of $72.5 million and a diluted EPS of $1.18, reflecting solid performance and balance sheet strength. The company is also moving forward with its merger with The First Bancshares, Inc., which has received shareholder approval and is expected to complete in the first half of 2025, pending regulatory approvals [1][3]. Financial Performance - Net income for Q3 2024 was $72.5 million, compared to $38.8 million in Q2 2024 and $41.8 million in Q3 2023 [2][6]. - Diluted EPS for Q3 2024 was $1.18, up from $0.69 in Q2 2024 and $0.75 in Q3 2023 [2][7]. - Adjusted diluted EPS (non-GAAP) was $0.70 for Q3 2024, compared to $0.69 in Q2 2024 [2][7]. Revenue and Expenses - Net interest income for Q3 2024 was $133.6 million, an increase of $6.0 million from Q2 2024 [3]. - Noninterest income increased by $50.5 million on a linked quarter basis, primarily due to a $53.3 million pre-tax gain from the sale of an insurance agency [3][10]. - Noninterest expense rose by $10.0 million, driven by merger and conversion expenses of $11.3 million related to the merger with The First and the insurance agency sale [3][10]. Balance Sheet Highlights - Total loans increased by $22.9 million, representing a 0.7% annualized net loan growth [4]. - Total deposits increased by $254.5 million, with noninterest-bearing deposits representing 24.3% of total deposits [4][12]. - Cash and cash equivalents stood at $1.28 billion as of September 30, 2024, up from $851.9 million in Q2 2024 [12][13]. Capital and Stock Repurchase - The company’s Board of Directors approved a $100.0 million stock repurchase program effective October 22, 2024, replacing the previous program that expired [5][9]. - Book value per share increased to $41.82, while tangible book value per share (non-GAAP) rose to $26.02 [9][12]. Credit Quality - The provision for credit losses was $0.9 million for Q3 2024, down from $3.3 million in Q2 2024 [5]. - The ratio of allowance for credit losses on loans to total loans remained stable at 1.59% [5]. - Nonperforming loans to total loans increased to 0.94% from 0.78% in Q2 2024 [5].