Renasant (US:RNST)2025-07-23 14:00Financial Performance - Net income was $1 million with diluted EPS of $001, impacted by merger expenses of $205 million and Day 1 acquisition provision for credit losses of $666 million; adjusted diluted EPS was $069[11] - Net interest margin was 385%, up 40 basis points linked quarter; adjusted net interest margin was 358%, up 16 basis points linked quarter[11] - The company generated net organic loan growth of $3116 million for the quarter, or 69% annualized, and net organic deposit growth of $3613 million, or 68% annualized[11] Balance Sheet - Assets reached $266 billion[6] - Loans totaled $186 billion[6] - Deposits amounted to $216 billion[6] - Equity stood at $38 billion[6] Capital and Liquidity - The company has a $100 million stock repurchase program, with no buyback activity in the second quarter of 2025[30] - Available liquidity sources totaled $136 billion, while uninsured and uncollateralized deposits were $63 billion[64] Asset Quality - The ratio of allowance for credit losses on loans to total loans increased 1 basis point to 157%[11] - Nonperforming loans to total loans held constant at 076%[11] Merger and Acquisition - On April 1, 2025, the company completed its merger with The First Bancshares, Inc, which had $79 billion in assets, $52 billion in loans, and $64 billion in deposits[11] - The company acquired $15 billion in securities from The First and sold $6865 million of The First securities and reinvested at higher rates[71] Noninterest Income and Expense - Noninterest income increased $119 million linked quarter, primarily due to the merger with The First and a gain on sale of MSRs of $15 million[57] - Noninterest expense increased $693 million linked quarter, primarily related to the merger with The First; merger and conversion expenses increased $197 million linked quarter[61]