Renasant (US:RNST) Newsfilterยท2025-01-28 21:30Core Viewpoint - Renasant Corporation reported its fourth quarter earnings for 2024, highlighting a successful year marked by a transformative merger and a focus on organic growth despite fluctuations in net income and noninterest income [1][2]. Financial Performance - Net income for Q4 2024 was $44.7 million, compared to $72.5 million in Q3 2024 and $28.1 million in Q4 2023 [2][6]. - Basic and diluted earnings per share (EPS) were both $0.70 for Q4 2024, up from $0.50 in Q4 2023 [2][6]. - Adjusted diluted EPS (non-GAAP) was $0.73 for Q4 2024, slightly down from $0.76 in Q4 2023 [2][6]. Income Statement Highlights - Total interest income for Q4 2024 was $225.3 million, a decrease from $229.0 million in Q3 2024 [8]. - Net interest income (fully tax equivalent) was $135.5 million, an increase of $1.9 million from the previous quarter [6][18]. - Noninterest income decreased by $55.1 million on a linked quarter basis, primarily due to the absence of a significant pre-tax gain from the insurance agency sale recognized in Q3 2024 [6][14]. Balance Sheet and Capital Management - Total assets as of December 31, 2024, were $18.03 billion, up from $17.96 billion at the end of Q3 2024 [17]. - Loans held for investment increased by $257.4 million, representing an annualized net loan growth of 8.1% [6][16]. - The company has a $100 million stock repurchase program in effect through October 2025, with no buyback activity during Q4 2024 [6][12]. Credit Quality - The provision for credit losses was $2.6 million for Q4 2024, compared to $0.9 million in Q3 2024 [5][9]. - The ratio of the allowance for credit losses on loans to total loans was 1.57% as of December 31, 2024, down two basis points from the previous quarter [9]. - Nonperforming loans to total loans decreased to 0.88% at December 31, 2024, compared to 0.94% at September 30, 2024 [9]. Performance Ratios - Return on average assets was 0.99% for Q4 2024, down from 1.63% in Q3 2024 [11]. - Return on average equity was 6.70% for Q4 2024, compared to 11.29% in Q3 2024 [11]. - The efficiency ratio (fully taxable equivalent) was 67.61% for Q4 2024, up from 54.73% in Q3 2024 [11].