Renasant Corporation (NYSE: RNST) (the “Company”) today announced
earnings results for the first quarter of 2024.
|
|
(Dollars in thousands, except earnings per share) |
Three Months Ended |
|
Mar 31, 2024 |
Dec 31, 2023 |
Mar 31, 2023 |
Net income and earnings per share: |
|
|
|
Net income |
$39,409 |
|
$28,124 |
|
$46,078 |
|
After-tax loss on sale of securities |
|
— |
|
|
(15,711 |
) |
|
— |
|
Basic EPS |
|
0.70 |
|
|
0.50 |
|
|
0.82 |
|
Diluted EPS |
|
0.70 |
|
|
0.50 |
|
|
0.82 |
|
Adjusted diluted EPS (Non-GAAP)(1) |
|
0.65 |
|
|
0.76 |
|
|
0.82 |
|
Impact to diluted EPS from after-tax loss on sale of securities
(including impairments) |
|
— |
|
|
0.28 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
“The quarter's results reflect solid performance
across the company, including good loan and deposit growth,”
remarked C. Mitchell Waycaster, Chief Executive Officer of the
Company. “We continue to build balance sheet strength and believe
this will keep Renasant well positioned for additional growth.”
Quarterly Highlights
Earnings
- Net income for the first quarter of
2024 was $39.4 million; diluted EPS was $0.70 and adjusted
diluted EPS (non-GAAP)(1) was $0.65
- Net interest income (fully tax
equivalent) for the first quarter of 2024 was $125.9 million, down
$2.7 million on a linked quarter basis
- For the first quarter of 2024, net
interest margin was 3.30%, down 3 basis points on a linked quarter
basis
- Cost of total deposits was 2.35%
for the first quarter of 2024, up 18 basis points on a linked
quarter basis
- Noninterest income increased $21.0
million on a linked quarter basis. In the fourth quarter of 2023,
the Company recognized impairment charges of $19.4 million as a
result of its determination to sell a portion of its
available-for-sale securities; there was no such impairment in the
first quarter of 2024. Noninterest income for the fourth quarter of
2023 also included the receipt of $2.3 million related to
Renasant's participation in a recovery agreement, with minimal
recoveries in the first quarter of 2024
- Mortgage banking income increased
$4.8 million on a linked quarter basis. The mortgage division
generated $0.4 billion in interest rate lock volume in the first
quarter of 2024, an increase of $0.1 billion on a linked quarter
basis. Gain on sale margin was 1.78% for the first quarter of 2024,
up 64 basis points on a linked quarter basis. In addition, during
the first quarter of 2024, the Company sold a portion of its
mortgage servicing rights (“MSR”), recognizing a gain of $3.5
million
- Noninterest expense increased $1.0
million on a linked quarter basis. The Company contributed $1.1
million to certain charitable organizations which were recorded in
the line item "advertising and public relations" expense. These
contributions qualify as tax credits and will reduce income tax
expense dollar for dollar in 2024. In the first quarter of 2024,
the Company recorded expense of $0.7 million related to the FDIC
special assessment, as compared to the $2.7 million recorded in the
fourth quarter of 2023
Balance Sheet
- Loans increased $149.3 million on a
linked quarter basis, representing 4.9% annualized net loan
growth
- Securities decreased $181.1 million
on a linked quarter basis primarily driven by the sale of a portion
of the Company's available-for-sale securities for proceeds of
$177.2 million. A portion of the proceeds was used to purchase
higher yielding securities, while the remainder, along with other
cash flows from the securities portfolio, was used to fund loan
growth.
- Deposits at March 31, 2024
increased $160.4 million on a linked quarter basis. Brokered
deposits decreased $119.2 million on a linked quarter basis to
$342.3 million at March 31, 2024. Noninterest bearing deposits
decreased $67.5 million on a linked quarter basis and represented
24.7% of total deposits at March 31, 2024
Capital and Liquidity
- Book value per share and tangible
book value per share (non-GAAP)(1) increased 0.8% and 1.7%,
respectively, on a linked quarter basis
- The Company has a $100 million
stock repurchase program that is in effect through October 2024;
there was no buyback activity during the first quarter of 2024
Credit Quality
- The Company recorded a provision
for credit losses of $2.4 million for the first quarter of
2024
- The ratio of allowance for credit
losses on loans to total loans was constant at 1.61% at
March 31, 2024 compared to December 31, 2023
- The coverage ratio, or the
allowance for credit losses on loans to nonperforming loans, was
270.87% at March 31, 2024, compared to 286.26% at
December 31, 2023
- Net loan charge-offs for the first
quarter of 2024 were $0.2 million, or 0.01% of average loans on an
annualized basis
- Nonperforming loans to total loans
increased to 0.59% at March 31, 2024 compared to 0.56% at
December 31, 2023, and criticized loans (which include
classified and special mention loans) to total loans increased to
2.76% at March 31, 2024, compared to 2.16% at
December 31, 2023
(1) This is a non-GAAP financial measure. A
reconciliation of all non-GAAP financial measures disclosed in this
release from GAAP to non-GAAP is included in the tables at the end
of this release. The information below under the heading “Non-GAAP
Financial Measures” explains why the Company believes the non-GAAP
financial measures in this release provide useful information and
describes the other purposes for which the Company uses non-GAAP
financial measures.
Income Statement
(Dollars in thousands, except per share data) |
Three Months Ended |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Interest income |
|
|
|
|
|
Loans held for investment |
$ |
192,390 |
|
$ |
188,535 |
|
$ |
181,129 |
|
$ |
173,198 |
|
$ |
161,787 |
|
Loans held for sale |
|
2,308 |
|
|
3,329 |
|
|
3,751 |
|
|
2,990 |
|
|
1,737 |
|
Securities |
|
10,700 |
|
|
10,728 |
|
|
10,669 |
|
|
14,000 |
|
|
15,091 |
|
Other |
|
7,781 |
|
|
7,839 |
|
|
10,128 |
|
|
6,978 |
|
|
5,430 |
|
Total interest income |
|
213,179 |
|
|
210,431 |
|
|
205,677 |
|
|
197,166 |
|
|
184,045 |
|
Interest expense |
|
|
|
|
|
Deposits |
|
82,613 |
|
|
77,168 |
|
|
70,906 |
|
|
51,391 |
|
|
32,866 |
|
Borrowings |
|
7,276 |
|
|
7,310 |
|
|
7,388 |
|
|
15,559 |
|
|
15,404 |
|
Total interest expense |
|
89,889 |
|
|
84,478 |
|
|
78,294 |
|
|
66,950 |
|
|
48,270 |
|
Net interest income |
|
123,290 |
|
|
125,953 |
|
|
127,383 |
|
|
130,216 |
|
|
135,775 |
|
Provision for credit losses |
|
|
|
|
|
Provision for loan losses |
|
2,638 |
|
|
2,518 |
|
|
5,315 |
|
|
3,000 |
|
|
7,960 |
|
Recovery of unfunded commitments |
|
(200 |
) |
|
— |
|
|
(700 |
) |
|
(1,000 |
) |
|
(1,500 |
) |
Total provision for credit losses |
|
2,438 |
|
|
2,518 |
|
|
4,615 |
|
|
2,000 |
|
|
6,460 |
|
Net interest income after provision for credit
losses |
|
120,852 |
|
|
123,435 |
|
|
122,768 |
|
|
128,216 |
|
|
129,315 |
|
Noninterest income |
|
41,381 |
|
|
20,356 |
|
|
38,200 |
|
|
17,226 |
|
|
37,293 |
|
Noninterest expense |
|
112,912 |
|
|
111,880 |
|
|
108,369 |
|
|
110,165 |
|
|
109,208 |
|
Income before income taxes |
|
49,321 |
|
|
31,911 |
|
|
52,599 |
|
|
35,277 |
|
|
57,400 |
|
Income taxes |
|
9,912 |
|
|
3,787 |
|
|
10,766 |
|
|
6,634 |
|
|
11,322 |
|
Net income |
$ |
39,409 |
|
$ |
28,124 |
|
$ |
41,833 |
|
$ |
28,643 |
|
$ |
46,078 |
|
|
|
|
|
|
|
Adjusted net income (non-GAAP)(1) |
$ |
36,572 |
|
$ |
42,887 |
|
$ |
41,833 |
|
$ |
46,728 |
|
$ |
46,078 |
|
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) |
$ |
48,231 |
|
$ |
52,614 |
|
$ |
57,214 |
|
$ |
59,715 |
|
$ |
63,860 |
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.70 |
|
$ |
0.50 |
|
$ |
0.75 |
|
$ |
0.51 |
|
$ |
0.82 |
|
Diluted earnings per share |
|
0.70 |
|
|
0.50 |
|
|
0.74 |
|
|
0.51 |
|
|
0.82 |
|
Adjusted diluted earnings per share (non-GAAP)(1) |
|
0.65 |
|
|
0.76 |
|
|
0.74 |
|
|
0.83 |
|
|
0.82 |
|
Average basic shares outstanding |
|
56,208,348 |
|
|
56,141,628 |
|
|
56,138,618 |
|
|
56,107,881 |
|
|
56,008,741 |
|
Average diluted shares outstanding |
|
56,531,078 |
|
|
56,611,217 |
|
|
56,523,887 |
|
|
56,395,653 |
|
|
56,270,219 |
|
Cash dividends per common share |
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.22 |
|
$ |
0.22 |
|
(1) This is a non-GAAP financial measure. A
reconciliation of all non-GAAP financial measures disclosed in this
release from GAAP to non-GAAP is included in the tables at the end
of this release. The information below under the heading “Non-GAAP
Financial Measures” explains why the Company believes the non-GAAP
financial measures in this release provide useful information and
describes the other purposes for which the Company uses non-GAAP
financial measures.
Performance Ratios
|
Three Months Ended |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Return on average assets |
0.92 |
% |
0.65 |
% |
0.96 |
% |
0.66 |
% |
1.09 |
% |
Adjusted return on average assets (non-GAAP)(1) |
0.86 |
|
0.99 |
|
0.96 |
|
1.08 |
|
1.09 |
|
Return on average tangible assets (non-GAAP)(1) |
1.00 |
|
0.71 |
|
1.05 |
|
0.73 |
|
1.19 |
|
Adjusted return on average tangible assets (non-GAAP)(1) |
0.93 |
|
1.08 |
|
1.05 |
|
1.18 |
|
1.19 |
|
Return on average equity |
6.85 |
|
4.93 |
|
7.44 |
|
5.18 |
|
8.55 |
|
Adjusted return on average equity (non-GAAP)(1) |
6.36 |
|
7.53 |
|
7.44 |
|
8.45 |
|
8.55 |
|
Return on average tangible equity (non-GAAP)(1) |
12.45 |
|
9.26 |
|
13.95 |
|
9.91 |
|
16.29 |
|
Adjusted return on average tangible equity (non-GAAP)(1) |
11.58 |
|
13.94 |
|
13.95 |
|
15.94 |
|
16.29 |
|
Efficiency ratio (fully taxable equivalent) |
67.52 |
|
75.11 |
|
64.38 |
|
73.29 |
|
62.11 |
|
Adjusted efficiency ratio (non-GAAP)(1) |
68.23 |
|
66.18 |
|
63.60 |
|
62.98 |
|
61.30 |
|
Dividend payout ratio |
31.43 |
|
44.00 |
|
29.33 |
|
43.14 |
|
26.83 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital and Balance Sheet
Ratios
|
As of |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Shares outstanding |
|
56,304,860 |
|
|
56,142,207 |
|
|
56,140,713 |
|
|
56,132,478 |
|
|
56,073,658 |
|
Market value per share |
$ |
31.32 |
|
$ |
33.68 |
|
$ |
26.19 |
|
$ |
26.13 |
|
$ |
30.58 |
|
Book value per share |
|
41.25 |
|
|
40.92 |
|
|
39.78 |
|
|
39.35 |
|
|
39.01 |
|
Tangible book value per share
(non-GAAP)(1) |
|
23.32 |
|
|
22.92 |
|
|
21.76 |
|
|
21.30 |
|
|
20.92 |
|
Shareholders’ equity to
assets |
|
13.39 |
% |
|
13.23 |
% |
|
13.00 |
% |
|
12.82 |
% |
|
12.52 |
% |
Tangible common equity ratio
(non-GAAP)(1) |
|
8.04 |
|
|
7.87 |
|
|
7.55 |
|
|
7.37 |
|
|
7.13 |
|
Leverage ratio |
|
9.75 |
|
|
9.62 |
|
|
9.48 |
|
|
9.22 |
|
|
9.18 |
|
Common equity tier 1 capital
ratio |
|
10.59 |
|
|
10.52 |
|
|
10.46 |
|
|
10.30 |
|
|
10.19 |
|
Tier 1 risk-based capital
ratio |
|
11.37 |
|
|
11.30 |
|
|
11.25 |
|
|
11.09 |
|
|
10.98 |
|
Total risk-based capital
ratio |
|
15.00 |
|
|
14.93 |
|
|
14.91 |
|
|
14.76 |
|
|
14.68 |
|
(1) This is a non-GAAP financial measure. A
reconciliation of all non-GAAP financial measures disclosed in this
release from GAAP to non-GAAP is included in the tables at the end
of this release. The information below under the heading “Non-GAAP
Financial Measures” explains why the Company believes the non-GAAP
financial measures in this release provide useful information and
describes the other purposes for which the Company uses non-GAAP
financial measures.
Noninterest Income and Noninterest
Expense
(Dollars in thousands) |
Three Months Ended |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Noninterest income |
|
|
|
|
|
Service charges on deposit accounts |
$ |
10,506 |
|
$ |
10,603 |
|
$ |
9,743 |
|
$ |
9,733 |
|
$ |
9,120 |
|
Fees and commissions |
|
3,949 |
|
|
4,130 |
|
|
4,108 |
|
|
4,987 |
|
|
4,676 |
|
Insurance commissions |
|
2,716 |
|
|
2,583 |
|
|
3,264 |
|
|
2,809 |
|
|
2,446 |
|
Wealth management revenue |
|
5,669 |
|
|
5,668 |
|
|
5,986 |
|
|
5,338 |
|
|
5,140 |
|
Mortgage banking income |
|
11,370 |
|
|
6,592 |
|
|
7,533 |
|
|
9,771 |
|
|
8,517 |
|
Net losses on sales of securities (including impairments) |
|
— |
|
|
(19,352 |
) |
|
— |
|
|
(22,438 |
) |
|
— |
|
Gain on extinguishment of debt |
|
56 |
|
|
620 |
|
|
— |
|
|
— |
|
|
— |
|
BOLI income |
|
2,691 |
|
|
2,589 |
|
|
2,469 |
|
|
2,402 |
|
|
3,003 |
|
Other |
|
4,424 |
|
|
6,923 |
|
|
5,097 |
|
|
4,624 |
|
|
4,391 |
|
Total noninterest income |
$ |
41,381 |
|
$ |
20,356 |
|
$ |
38,200 |
|
$ |
17,226 |
|
$ |
37,293 |
|
Noninterest expense |
|
|
|
|
|
Salaries and employee benefits |
$ |
71,470 |
|
$ |
71,841 |
|
$ |
69,458 |
|
$ |
70,637 |
|
$ |
69,832 |
|
Data processing |
|
3,807 |
|
|
3,971 |
|
|
3,907 |
|
|
3,684 |
|
|
3,633 |
|
Net occupancy and equipment |
|
11,389 |
|
|
11,653 |
|
|
11,548 |
|
|
11,865 |
|
|
11,405 |
|
Other real estate owned |
|
107 |
|
|
306 |
|
|
(120 |
) |
|
51 |
|
|
30 |
|
Professional fees |
|
3,348 |
|
|
2,854 |
|
|
3,338 |
|
|
4,012 |
|
|
3,467 |
|
Advertising and public relations |
|
4,886 |
|
|
3,084 |
|
|
3,474 |
|
|
3,482 |
|
|
4,686 |
|
Intangible amortization |
|
1,212 |
|
|
1,274 |
|
|
1,311 |
|
|
1,369 |
|
|
1,426 |
|
Communications |
|
2,024 |
|
|
2,026 |
|
|
2,006 |
|
|
2,226 |
|
|
1,980 |
|
Other |
|
14,669 |
|
|
14,871 |
|
|
13,447 |
|
|
12,839 |
|
|
12,749 |
|
Total noninterest expense |
$ |
112,912 |
|
$ |
111,880 |
|
$ |
108,369 |
|
$ |
110,165 |
|
$ |
109,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Banking Income
(Dollars in thousands) |
Three Months Ended |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Gain on sales of loans, net |
$ |
4,535 |
|
$ |
1,860 |
|
$ |
3,297 |
|
$ |
4,646 |
|
$ |
4,770 |
|
Fees, net |
|
1,854 |
|
|
2,010 |
|
|
2,376 |
|
|
2,859 |
|
|
1,806 |
|
Mortgage servicing income, net |
|
4,981 |
|
|
2,722 |
|
|
1,860 |
|
|
2,266 |
|
|
1,941 |
|
Total mortgage banking income |
$ |
11,370 |
|
$ |
6,592 |
|
$ |
7,533 |
|
$ |
9,771 |
|
$ |
8,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
(Dollars in thousands) |
As of |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
844,400 |
|
$ |
801,351 |
|
$ |
741,156 |
|
$ |
946,899 |
|
$ |
847,697 |
|
Securities held to maturity, at amortized cost |
|
1,199,111 |
|
|
1,221,464 |
|
|
1,245,595 |
|
|
1,273,044 |
|
|
1,300,240 |
|
Securities available for sale, at fair value |
|
764,486 |
|
|
923,279 |
|
|
909,108 |
|
|
950,930 |
|
|
1,507,907 |
|
Loans held for sale, at fair value |
|
191,440 |
|
|
179,756 |
|
|
241,613 |
|
|
249,615 |
|
|
159,318 |
|
Loans held for investment |
|
12,500,525 |
|
|
12,351,230 |
|
|
12,168,023 |
|
|
11,930,516 |
|
|
11,766,425 |
|
Allowance for credit losses on loans |
|
(201,052 |
) |
|
(198,578 |
) |
|
(197,773 |
) |
|
(194,391 |
) |
|
(195,292 |
) |
Loans, net |
|
12,299,473 |
|
|
12,152,652 |
|
|
11,970,250 |
|
|
11,736,125 |
|
|
11,571,133 |
|
Premises and equipment, net |
|
282,193 |
|
|
283,195 |
|
|
284,368 |
|
|
285,952 |
|
|
287,006 |
|
Other real estate owned |
|
9,142 |
|
|
9,622 |
|
|
9,258 |
|
|
5,120 |
|
|
4,818 |
|
Goodwill and other intangibles |
|
1,009,248 |
|
|
1,010,460 |
|
|
1,011,735 |
|
|
1,013,046 |
|
|
1,014,415 |
|
Bank-owned life insurance |
|
385,186 |
|
|
382,584 |
|
|
379,945 |
|
|
377,649 |
|
|
375,572 |
|
Mortgage servicing rights |
|
71,596 |
|
|
91,688 |
|
|
90,241 |
|
|
87,432 |
|
|
85,039 |
|
Other assets |
|
289,466 |
|
|
304,484 |
|
|
298,352 |
|
|
298,530 |
|
|
320,938 |
|
Total assets |
$ |
17,345,741 |
|
$ |
17,360,535 |
|
$ |
17,181,621 |
|
$ |
17,224,342 |
|
$ |
17,474,083 |
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing |
$ |
3,516,164 |
|
$ |
3,583,675 |
|
$ |
3,734,197 |
|
$ |
3,878,953 |
|
$ |
4,244,877 |
|
Interest-bearing |
|
10,720,999 |
|
|
10,493,110 |
|
|
10,422,913 |
|
|
10,216,408 |
|
|
9,667,142 |
|
Total deposits |
|
14,237,163 |
|
|
14,076,785 |
|
|
14,157,110 |
|
|
14,095,361 |
|
|
13,912,019 |
|
Short-term borrowings |
|
108,121 |
|
|
307,577 |
|
|
107,662 |
|
|
257,305 |
|
|
732,057 |
|
Long-term debt |
|
428,047 |
|
|
429,400 |
|
|
427,399 |
|
|
429,630 |
|
|
431,111 |
|
Other liabilities |
|
250,060 |
|
|
249,390 |
|
|
256,127 |
|
|
233,418 |
|
|
211,596 |
|
Total liabilities |
|
15,023,391 |
|
|
15,063,152 |
|
|
14,948,298 |
|
|
15,015,714 |
|
|
15,286,783 |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Common stock |
|
296,483 |
|
|
296,483 |
|
|
296,483 |
|
|
296,483 |
|
|
296,483 |
|
Treasury stock |
|
(99,683 |
) |
|
(105,249 |
) |
|
(105,300 |
) |
|
(105,589 |
) |
|
(107,559 |
) |
Additional paid-in capital |
|
1,303,613 |
|
|
1,308,281 |
|
|
1,304,891 |
|
|
1,301,883 |
|
|
1,299,458 |
|
Retained earnings |
|
978,880 |
|
|
952,124 |
|
|
936,573 |
|
|
907,312 |
|
|
891,242 |
|
Accumulated other comprehensive loss |
|
(156,943 |
) |
|
(154,256 |
) |
|
(199,324 |
) |
|
(191,461 |
) |
|
(192,324 |
) |
Total shareholders’ equity |
|
2,322,350 |
|
|
2,297,383 |
|
|
2,233,323 |
|
|
2,208,628 |
|
|
2,187,300 |
|
Total liabilities and shareholders’ equity |
$ |
17,345,741 |
|
$ |
17,360,535 |
|
$ |
17,181,621 |
|
$ |
17,224,342 |
|
$ |
17,474,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Net Interest
Margin
(Dollars in thousands) |
Three Months Ended |
|
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|
AverageBalance |
InterestIncome/Expense |
Yield/Rate |
AverageBalance |
InterestIncome/Expense |
Yield/Rate |
AverageBalance |
InterestIncome/Expense |
Yield/Rate |
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
Loans held for investment |
$ |
12,407,976 |
|
$ |
194,640 |
|
6.30 |
% |
$ |
12,249,429 |
|
$ |
190,857 |
|
6.18 |
% |
$ |
11,688,534 |
|
$ |
163,970 |
|
5.68 |
% |
Loans held for sale |
|
155,382 |
|
|
2,308 |
|
5.94 |
% |
|
199,510 |
|
|
3,329 |
|
6.68 |
% |
|
103,410 |
|
|
1,737 |
|
6.72 |
% |
Taxable securities |
|
1,891,817 |
|
|
9,505 |
|
2.01 |
% |
|
2,050,175 |
|
|
9,490 |
|
1.85 |
% |
|
2,635,130 |
|
|
13,317 |
|
2.02 |
% |
Tax-exempt securities(1) |
|
270,279 |
|
|
1,505 |
|
2.23 |
% |
|
282,698 |
|
|
1,558 |
|
2.20 |
% |
|
397,014 |
|
|
2,345 |
|
2.36 |
% |
Total securities |
|
2,162,096 |
|
|
11,010 |
|
2.04 |
% |
|
2,332,873 |
|
|
11,048 |
|
1.89 |
% |
|
3,032,144 |
|
|
15,662 |
|
2.07 |
% |
Interest-bearing balances with banks |
|
570,336 |
|
|
7,781 |
|
5.49 |
% |
|
552,301 |
|
|
7,839 |
|
5.63 |
% |
|
464,229 |
|
|
5,430 |
|
4.74 |
% |
Total interest-earning assets |
|
15,295,790 |
|
|
215,739 |
|
5.66 |
% |
|
15,334,113 |
|
|
213,073 |
|
5.52 |
% |
|
15,288,317 |
|
|
186,799 |
|
4.94 |
% |
Cash and due from banks |
|
188,503 |
|
|
|
|
180,609 |
|
|
|
|
197,782 |
|
|
|
Intangible assets |
|
1,009,825 |
|
|
|
|
1,011,130 |
|
|
|
|
1,011,557 |
|
|
|
Other assets |
|
708,895 |
|
|
|
|
669,988 |
|
|
|
|
660,242 |
|
|
|
Total assets |
$ |
17,203,013 |
|
|
|
$ |
17,195,840 |
|
|
|
$ |
17,157,898 |
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
Interest-bearing demand(2) |
$ |
6,955,989 |
|
$ |
52,500 |
|
3.03 |
% |
$ |
6,721,053 |
|
$ |
47,783 |
|
2.82 |
% |
$ |
6,066,770 |
|
$ |
20,298 |
|
1.36 |
% |
Savings deposits |
|
860,397 |
|
|
730 |
|
0.34 |
% |
|
888,692 |
|
|
765 |
|
0.34 |
% |
|
1,052,802 |
|
|
826 |
|
0.32 |
% |
Brokered deposits |
|
445,608 |
|
|
5,987 |
|
5.39 |
% |
|
632,704 |
|
|
8,594 |
|
5.39 |
% |
|
395,745 |
|
|
4,418 |
|
4.53 |
% |
Time deposits |
|
2,319,420 |
|
|
23,396 |
|
4.06 |
% |
|
2,185,737 |
|
|
20,026 |
|
3.63 |
% |
|
1,564,855 |
|
|
7,324 |
|
1.90 |
% |
Total interest-bearing deposits |
|
10,581,414 |
|
|
82,613 |
|
3.13 |
% |
|
10,428,186 |
|
|
77,168 |
|
2.94 |
% |
|
9,080,172 |
|
|
32,866 |
|
1.47 |
% |
Borrowed funds |
|
544,564 |
|
|
7,276 |
|
5.35 |
% |
|
543,344 |
|
|
7,310 |
|
5.37 |
% |
|
1,281,552 |
|
|
15,404 |
|
4.86 |
% |
Total interest-bearing liabilities |
|
11,125,978 |
|
|
89,889 |
|
3.24 |
% |
|
10,971,530 |
|
|
84,478 |
|
3.06 |
% |
|
10,361,724 |
|
|
48,270 |
|
1.89 |
% |
Noninterest-bearing deposits |
|
3,518,612 |
|
|
|
|
3,703,050 |
|
|
|
|
4,386,998 |
|
|
|
Other liabilities |
|
244,142 |
|
|
|
|
260,235 |
|
|
|
|
222,382 |
|
|
|
Shareholders’ equity |
|
2,314,281 |
|
|
|
|
2,261,025 |
|
|
|
|
2,186,794 |
|
|
|
Total liabilities and shareholders’ equity |
$ |
17,203,013 |
|
|
|
$ |
17,195,840 |
|
|
|
$ |
17,157,898 |
|
|
|
Net interest income/ net interest margin |
|
$ |
125,850 |
|
3.30 |
% |
|
$ |
128,595 |
|
3.33 |
% |
|
$ |
138,529 |
|
3.66 |
% |
Cost of funding |
|
|
2.46 |
% |
|
|
2.28 |
% |
|
|
1.33 |
% |
Cost of total deposits |
|
|
2.35 |
% |
|
|
2.17 |
% |
|
|
0.99 |
% |
(1) U.S. Government and some U.S. Government Agency
securities are tax-exempt in the states in which the Company
operates.(2) Interest-bearing demand deposits include
interest-bearing transactional accounts and money market
deposits.
Supplemental Margin
Information
(Dollars in thousands) |
Three Months Ended |
|
Mar 31,2024 |
Dec 31,2023 |
Mar 31,2023 |
Earning asset mix: |
|
|
|
Loans held for investment |
|
81.12 |
% |
|
79.88 |
% |
|
76.45 |
% |
Loans held for sale |
|
1.02 |
|
|
1.30 |
|
|
0.68 |
|
Securities |
|
14.14 |
|
|
15.21 |
|
|
19.83 |
|
Interest-bearing balances with banks |
|
3.72 |
|
|
3.61 |
|
|
3.04 |
|
Total |
|
100.00 |
% |
|
100.00 |
% |
|
100.00 |
% |
|
|
|
|
Funding sources mix: |
|
|
|
Noninterest-bearing demand |
|
24.03 |
% |
|
25.23 |
% |
|
29.74 |
% |
Interest-bearing demand |
|
47.50 |
|
|
45.80 |
|
|
41.13 |
|
Savings |
|
5.88 |
|
|
6.06 |
|
|
7.14 |
|
Brokered deposits |
|
3.04 |
|
|
4.31 |
|
|
2.68 |
|
Time deposits |
|
15.84 |
|
|
14.89 |
|
|
10.61 |
|
Borrowed funds |
|
3.71 |
|
|
3.71 |
|
|
8.70 |
|
Total |
|
100.00 |
% |
|
100.00 |
% |
|
100.00 |
% |
|
|
|
|
Net interest income collected on problem loans |
$ |
123 |
|
$ |
283 |
|
$ |
392 |
|
Total accretion on purchased loans |
|
800 |
|
|
1,117 |
|
|
885 |
|
Total impact on net interest income |
$ |
923 |
|
$ |
1,400 |
|
$ |
1,277 |
|
Impact on net interest margin |
|
0.02 |
% |
|
0.04 |
% |
|
0.03 |
% |
Impact on loan yield |
|
0.03 |
|
|
0.05 |
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio
(Dollars in thousands) |
As of |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Loan Portfolio: |
|
|
|
|
|
Commercial, financial, agricultural |
$ |
1,869,408 |
|
$ |
1,871,821 |
|
$ |
1,819,891 |
|
$ |
1,729,070 |
|
$ |
1,740,778 |
|
Lease financing |
|
107,474 |
|
|
116,020 |
|
|
120,724 |
|
|
122,370 |
|
|
121,146 |
|
Real estate - construction |
|
1,243,535 |
|
|
1,333,397 |
|
|
1,407,364 |
|
|
1,369,019 |
|
|
1,424,352 |
|
Real estate - 1-4 family mortgages |
|
3,429,286 |
|
|
3,439,919 |
|
|
3,398,876 |
|
|
3,348,654 |
|
|
3,278,980 |
|
Real estate - commercial mortgages |
|
5,753,230 |
|
|
5,486,550 |
|
|
5,313,166 |
|
|
5,252,479 |
|
|
5,085,813 |
|
Installment loans to individuals |
|
97,592 |
|
|
103,523 |
|
|
108,002 |
|
|
108,924 |
|
|
115,356 |
|
Total loans |
$ |
12,500,525 |
|
$ |
12,351,230 |
|
$ |
12,168,023 |
|
$ |
11,930,516 |
|
$ |
11,766,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality and Allowance for Credit
Losses on Loans
(Dollars in thousands) |
As of |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Nonperforming Assets: |
|
|
|
|
|
Nonaccruing loans |
$ |
73,774 |
|
$ |
68,816 |
|
$ |
69,541 |
|
$ |
55,439 |
|
$ |
56,626 |
|
Loans 90 days or more past due |
|
451 |
|
|
554 |
|
|
532 |
|
|
36,321 |
|
|
18,664 |
|
Total nonperforming loans |
|
74,225 |
|
|
69,370 |
|
|
70,073 |
|
|
91,760 |
|
|
75,290 |
|
Other real estate owned |
|
9,142 |
|
|
9,622 |
|
|
9,258 |
|
|
5,120 |
|
|
4,818 |
|
Total nonperforming assets |
$ |
83,367 |
|
$ |
78,992 |
|
$ |
79,331 |
|
$ |
96,880 |
|
$ |
80,108 |
|
|
|
|
|
|
|
Criticized Loans |
|
|
|
|
|
Classified loans |
$ |
206,502 |
|
$ |
166,893 |
|
$ |
186,052 |
|
$ |
219,674 |
|
$ |
222,701 |
|
Special Mention loans |
|
138,366 |
|
|
99,699 |
|
|
89,858 |
|
|
56,616 |
|
|
64,832 |
|
Criticized loans(1) |
$ |
344,868 |
|
$ |
266,592 |
|
$ |
275,910 |
|
$ |
276,290 |
|
$ |
287,533 |
|
|
|
|
|
|
|
Allowance for credit losses on loans |
$ |
201,052 |
|
$ |
198,578 |
|
$ |
197,773 |
|
$ |
194,391 |
|
$ |
195,292 |
|
Net loan charge-offs |
$ |
164 |
|
$ |
1,713 |
|
$ |
1,933 |
|
$ |
3,901 |
|
$ |
4,732 |
|
Annualized net loan charge-offs / average loans |
|
0.01 |
% |
|
0.06 |
% |
|
0.06 |
% |
|
0.13 |
% |
|
0.16 |
% |
Nonperforming loans / total loans |
|
0.59 |
|
|
0.56 |
|
|
0.58 |
|
|
0.77 |
|
|
0.64 |
|
Nonperforming assets / total assets |
|
0.48 |
|
|
0.46 |
|
|
0.46 |
|
|
0.56 |
|
|
0.46 |
|
Allowance for credit losses on loans / total loans |
|
1.61 |
|
|
1.61 |
|
|
1.63 |
|
|
1.63 |
|
|
1.66 |
|
Allowance for credit losses on loans / nonperforming loans |
|
270.87 |
|
|
286.26 |
|
|
282.24 |
|
|
211.85 |
|
|
259.39 |
|
Criticized loans / total loans |
|
2.76 |
|
|
2.16 |
|
|
2.27 |
|
|
2.32 |
|
|
2.44 |
|
(1) Criticized loans include loans in risk
rating classifications of classified and special mention.
CONFERENCE CALL INFORMATION:A
live audio webcast of a conference call with analysts will be
available beginning at 10:00 AM Eastern Time (9:00 AM Central Time)
on Wednesday, April 24, 2024.
The webcast is accessible through Renasant’s
investor relations website at www.renasant.com or
https://event.choruscall.com/mediaframe/webcast.html?webcastid=YbP0Ll7b.
To access the conference via telephone, dial 1-877-513-1143 in the
United States and request the Renasant Corporation 2024 First
Quarter Earnings Webcast and Conference Call. International
participants should dial 1-412-902-4145 to access the conference
call.
The webcast will be archived on www.renasant.com
after the call and will remain accessible for one year. A replay
can be accessed via telephone by dialing 1-877-344-7529 in the
United States and entering conference number 6704083 or by dialing
1-412-317-0088 internationally and entering the same conference
number. Telephone replay access is available until May 8,
2024.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 120-year-old
financial services institution. Renasant has assets of
approximately $17.3 billion and operates 193 banking, lending,
mortgage, wealth management and insurance offices throughout the
Southeast as well as offering factoring and asset-based lending on
a nationwide basis.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS: This press release may
contain, or incorporate by reference, statements about Renasant
Corporation that constitute “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements preceded by, followed by or that otherwise include the
words “believes,” “expects,” “projects,” “anticipates,” “intends,”
“estimates,” “plans,” “potential,” “focus,” “possible,” “may
increase,” “may fluctuate,” “will likely result,” and similar
expressions, or future or conditional verbs such as “will,”
“should,” “would” and “could,” are generally forward-looking in
nature and not historical facts. Forward-looking statements include
information about the Company’s future financial performance,
business strategy, projected plans and objectives and are based on
the current beliefs and expectations of management. The Company’s
management believes these forward-looking statements are
reasonable, but they are all inherently subject to significant
business, economic and competitive risks and uncertainties, many of
which are beyond the Company’s control. In addition, these
forward-looking statements are subject to assumptions with respect
to future business strategies and decisions that are subject to
change. Actual results may differ from those indicated or implied
in the forward-looking statements, and such differences may be
material. Prospective investors are cautioned that any
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties and, accordingly, investors
should not place undue reliance on these forward-looking
statements, which speak only as of the date they are made.
Important factors currently known to management
that could cause our actual results to differ materially from those
in forward-looking statements include the following: (i) the
Company’s ability to efficiently integrate acquisitions into its
operations, retain the customers of these businesses, grow the
acquired operations and realize the cost savings expected from an
acquisition to the extent and in the timeframe anticipated by
management; (ii) the effect of economic conditions and interest
rates on a national, regional or international basis; (iii) timing
and success of the implementation of changes in operations to
achieve enhanced earnings or effect cost savings; (iv) competitive
pressures in the consumer finance, commercial finance, insurance,
financial services, asset management, retail banking, factoring and
mortgage lending and auto lending industries; (v) the financial
resources of, and products available from, competitors; (vi)
changes in laws and regulations as well as changes in accounting
standards; (vii) changes in policy by regulatory agencies; (viii)
changes in the securities and foreign exchange markets; (ix) the
Company’s potential growth, including its entrance or expansion
into new markets, and the need for sufficient capital to support
that growth; (x) changes in the quality or composition of the
Company’s loan or investment portfolios, including adverse
developments in borrower industries or in the repayment ability of
individual borrowers or issuers of investment securities, or the
impact of interest rates on the value of our investment securities
portfolio; (xi) an insufficient allowance for credit losses as a
result of inaccurate assumptions; (xii) changes in the sources and
costs of the capital we use to make loans and otherwise fund our
operations, due to deposit outflows, changes in the mix of deposits
and the cost and availability of borrowings; (xiii) general
economic, market or business conditions, including the impact of
inflation; (xiv) changes in demand for loan products and financial
services; (xv) concentration of deposit and credit exposure; (xvi)
changes or the lack of changes in interest rates, yield curves and
interest rate spread relationships; (xvii) increased cybersecurity
risk, including potential network breaches, business disruptions or
financial losses; (xviii) civil unrest, natural disasters,
epidemics and other catastrophic events in the Company’s geographic
area; (xix) the impact, extent and timing of technological changes;
and (xx) other circumstances, many of which are beyond management’s
control.
Management believes that the assumptions
underlying the Company’s forward-looking statements are reasonable,
but any of the assumptions could prove to be inaccurate. Investors
are urged to carefully consider the risks described in the
Company’s filings with the Securities and Exchange Commission (the
“SEC”) from time to time, including its most recent Annual Report
on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which
are available at www.renasant.com and the SEC’s website at
www.sec.gov.
The Company undertakes no obligation, and
specifically disclaims any obligation, to update or revise
forward-looking statements, whether as a result of new information
or to reflect changed assumptions, the occurrence of unanticipated
events or changes to future operating results over time, except as
required by federal securities laws.
NON-GAAP FINANCIAL MEASURES: In
addition to results presented in accordance with generally accepted
accounting principles in the United States of America (“GAAP”),
this press release and the presentation slides furnished to the SEC
on the same Form 8-K as this release contain non-GAAP financial
measures, namely, (i) adjusted loan yield, (ii) adjusted net
interest income and margin, (iii) pre-provision net revenue
(including on an as-adjusted basis), (iv) adjusted net income, (v)
adjusted diluted earnings per share, (vi) tangible book value per
share, (vii) the tangible common equity ratio, (viii) certain
performance ratios (namely, the ratio of pre-provision net revenue
to average assets, the adjusted return on average assets and on
average equity, and the return on average tangible assets and on
average tangible common equity (including each of the foregoing on
an as-adjusted basis)), and (ix) the adjusted efficiency ratio.
These non-GAAP financial measures adjust GAAP
financial measures to exclude intangible assets, including related
amortization, and/or certain gains or charges (such as, for the
first quarter of 2024, the gain on extinguishment of debt and the
gain on the sale of mortgage servicing rights), with respect to
which the Company is unable to accurately predict when these
charges will be incurred or, when incurred, the amount thereof.
Management uses these non-GAAP financial measures when evaluating
capital utilization and adequacy. In addition, the Company believes
that these non-GAAP financial measures facilitate the making of
period-to-period comparisons and are meaningful indicators of its
operating performance, particularly because these measures are
widely used by industry analysts for companies with merger and
acquisition activities. Also, because intangible assets such as
goodwill and the core deposit intangible can vary extensively from
company to company and, as to intangible assets, are excluded from
the calculation of a financial institution’s regulatory capital,
the Company believes that the presentation of this non-GAAP
financial information allows readers to more easily compare the
Company’s results to information provided in other regulatory
reports and the results of other companies. Reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP financial measures are included in the tables below under the
caption “Non-GAAP Reconciliations”.
None of the non-GAAP financial information that
the Company has included in this release or the accompanying
presentation slides are intended to be considered in isolation or
as a substitute for any measure prepared in accordance with GAAP.
Investors should note that, because there are no standardized
definitions for the calculations as well as the results, the
Company’s calculations may not be comparable to similarly titled
measures presented by other companies. Also, there may be limits in
the usefulness of these measures to investors. As a result, the
Company encourages readers to consider its consolidated financial
statements in their entirety and not to rely on any single
financial measure.
Non-GAAP Reconciliations
(Dollars in thousands, except per share data) |
Three Months Ended |
|
Mar 31,2024 |
Dec 31,2023 |
Sep 30,2023 |
Jun 30,2023 |
Mar 31,2023 |
Adjusted Pre-Provision Net Revenue (“PPNR”) |
|
|
|
Net income (GAAP) |
$ |
39,409 |
|
$ |
28,124 |
|
$ |
41,833 |
|
$ |
28,643 |
|
$ |
46,078 |
|
Income taxes |
|
9,912 |
|
|
3,787 |
|
|
10,766 |
|
|
6,634 |
|
|
11,322 |
|
Provision for credit losses (including unfunded commitments) |
|
2,438 |
|
|
2,518 |
|
|
4,615 |
|
|
2,000 |
|
|
6,460 |
|
Pre-provision net revenue (non-GAAP) |
$ |
51,759 |
|
$ |
34,429 |
|
$ |
57,214 |
|
$ |
37,277 |
|
$ |
63,860 |
|
Gain on extinguishment of debt |
|
(56 |
) |
|
(620 |
) |
|
— |
|
|
— |
|
|
— |
|
Gain on sales of MSR |
|
(3,472 |
) |
|
(547 |
) |
|
— |
|
|
— |
|
|
— |
|
Losses on sales of securities (including impairments) |
|
— |
|
|
19,352 |
|
|
— |
|
|
22,438 |
|
|
— |
|
Adjusted pre-provision net revenue (non-GAAP) |
$ |
48,231 |
|
$ |
52,614 |
|
$ |
57,214 |
|
$ |
59,715 |
|
$ |
63,860 |
|
|
|
|
|
|
|
Adjusted Net Income and Adjusted Tangible Net
Income |
|
|
|
Net income (GAAP) |
$ |
39,409 |
|
$ |
28,124 |
|
$ |
41,833 |
|
$ |
28,643 |
|
$ |
46,078 |
|
Amortization of intangibles |
|
1,212 |
|
|
1,274 |
|
|
1,311 |
|
|
1,369 |
|
|
1,426 |
|
Tax effect of adjustments noted above(1) |
|
(237 |
) |
|
(240 |
) |
|
(269 |
) |
|
(266 |
) |
|
(299 |
) |
Tangible net income (non-GAAP) |
$ |
40,384 |
|
$ |
29,158 |
|
$ |
42,875 |
|
$ |
29,746 |
|
$ |
47,205 |
|
|
|
|
|
|
|
Net income (GAAP) |
$ |
39,409 |
|
$ |
28,124 |
|
$ |
41,833 |
|
$ |
28,643 |
|
$ |
46,078 |
|
Gain on extinguishment of debt |
|
(56 |
) |
|
(620 |
) |
|
— |
|
|
— |
|
|
— |
|
Gain on sales of MSR |
|
(3,472 |
) |
|
(547 |
) |
|
— |
|
|
— |
|
|
— |
|
Losses on sales of securities (including impairments) |
|
— |
|
|
19,352 |
|
|
— |
|
|
22,438 |
|
|
— |
|
Tax effect of adjustments noted above(1) |
|
691 |
|
|
(3,422 |
) |
|
— |
|
|
(4,353 |
) |
|
— |
|
Adjusted net income (non-GAAP) |
$ |
36,572 |
|
$ |
42,887 |
|
$ |
41,833 |
|
$ |
46,728 |
|
$ |
46,078 |
|
Amortization of intangibles |
|
1,212 |
|
|
1,274 |
|
|
1,311 |
|
|
1,369 |
|
|
1,426 |
|
Tax effect of adjustments noted above(1) |
|
(237 |
) |
|
(240 |
) |
|
(269 |
) |
|
(266 |
) |
|
(299 |
) |
Adjusted tangible net income (non-GAAP) |
$ |
37,547 |
|
$ |
43,921 |
|
$ |
42,875 |
|
$ |
47,831 |
|
$ |
47,205 |
|
Tangible Assets and Tangible Shareholders’
Equity |
|
|
|
Average shareholders’ equity (GAAP) |
$ |
2,314,281 |
|
$ |
2,261,025 |
|
$ |
2,231,605 |
|
$ |
2,217,708 |
|
$ |
2,186,794 |
|
Average intangible assets |
|
1,009,825 |
|
|
1,011,130 |
|
|
1,012,460 |
|
|
1,013,811 |
|
|
1,011,557 |
|
Average tangible shareholders’ equity (non-GAAP) |
$ |
1,304,456 |
|
$ |
1,249,895 |
|
$ |
1,219,145 |
|
$ |
1,203,897 |
|
$ |
1,175,237 |
|
|
|
|
|
|
|
Average assets (GAAP) |
$ |
17,203,013 |
|
$ |
17,195,840 |
|
$ |
17,235,413 |
|
$ |
17,337,924 |
|
$ |
17,157,898 |
|
Average intangible assets |
|
1,009,825 |
|
|
1,011,130 |
|
|
1,012,460 |
|
|
1,013,811 |
|
|
1,011,557 |
|
Average tangible assets (non-GAAP) |
$ |
16,193,188 |
|
$ |
16,184,710 |
|
$ |
16,222,953 |
|
$ |
16,324,113 |
|
$ |
16,146,341 |
|
|
|
|
|
|
|
Shareholders’ equity (GAAP) |
$ |
2,322,350 |
|
$ |
2,297,383 |
|
$ |
2,233,323 |
|
$ |
2,208,628 |
|
$ |
2,187,300 |
|
Intangible assets |
|
1,009,248 |
|
|
1,010,460 |
|
|
1,011,735 |
|
|
1,013,046 |
|
|
1,014,415 |
|
Tangible shareholders’ equity (non-GAAP) |
$ |
1,313,102 |
|
$ |
1,286,923 |
|
$ |
1,221,588 |
|
$ |
1,195,582 |
|
$ |
1,172,885 |
|
|
|
|
|
|
|
Total assets (GAAP) |
$ |
17,345,741 |
|
$ |
17,360,535 |
|
$ |
17,181,621 |
|
$ |
17,224,342 |
|
$ |
17,474,083 |
|
Intangible assets |
|
1,009,248 |
|
|
1,010,460 |
|
|
1,011,735 |
|
|
1,013,046 |
|
|
1,014,415 |
|
Total tangible assets (non-GAAP) |
$ |
16,336,493 |
|
$ |
16,350,075 |
|
$ |
16,169,886 |
|
$ |
16,211,296 |
|
$ |
16,459,668 |
|
|
|
|
|
|
|
Adjusted Performance Ratios |
|
|
|
|
|
Return on average assets (GAAP) |
|
0.92 |
% |
|
0.65 |
% |
|
0.96 |
% |
|
0.66 |
% |
|
1.09 |
% |
Adjusted return on average assets (non-GAAP) |
|
0.86 |
|
|
0.99 |
|
|
0.96 |
|
|
1.08 |
|
|
1.09 |
|
Return on average tangible assets (non-GAAP) |
|
1.00 |
|
|
0.71 |
|
|
1.05 |
|
|
0.73 |
|
|
1.19 |
|
Pre-provision net revenue to average assets (non-GAAP) |
|
1.21 |
|
|
0.79 |
|
|
1.32 |
|
|
0.86 |
|
|
1.51 |
|
Adjusted pre-provision net revenue to average assets
(non-GAAP) |
|
1.13 |
|
|
1.21 |
|
|
1.32 |
|
|
1.38 |
|
|
1.51 |
|
Adjusted return on average tangible assets (non-GAAP) |
|
0.93 |
|
|
1.08 |
|
|
1.05 |
|
|
1.18 |
|
|
1.19 |
|
Return on average equity (GAAP) |
|
6.85 |
|
|
4.93 |
|
|
7.44 |
|
|
5.18 |
|
|
8.55 |
|
Adjusted return on average equity (non-GAAP) |
|
6.36 |
|
|
7.53 |
|
|
7.44 |
|
|
8.45 |
|
|
8.55 |
|
Return on average tangible equity (non-GAAP) |
|
12.45 |
|
|
9.26 |
|
|
13.95 |
|
|
9.91 |
|
|
16.29 |
|
Adjusted return on average tangible equity (non-GAAP) |
|
11.58 |
|
|
13.94 |
|
|
13.95 |
|
|
15.94 |
|
|
16.29 |
|
|
|
|
|
|
|
Adjusted Diluted Earnings Per Share |
|
|
|
Average diluted shares outstanding |
|
56,531,078 |
|
|
56,611,217 |
|
|
56,523,887 |
|
|
56,395,653 |
|
|
56,270,219 |
|
|
|
|
|
|
|
Diluted earnings per share (GAAP) |
$ |
0.70 |
|
$ |
0.50 |
|
$ |
0.74 |
|
$ |
0.51 |
|
$ |
0.82 |
|
Adjusted diluted earnings per share (non-GAAP) |
$ |
0.65 |
|
$ |
0.76 |
|
$ |
0.74 |
|
$ |
0.83 |
|
$ |
0.82 |
|
|
|
|
|
|
|
Tangible Book Value Per Share |
|
|
|
|
|
Shares outstanding |
|
56,304,860 |
|
|
56,142,207 |
|
|
56,140,713 |
|
|
56,132,478 |
|
|
56,073,658 |
|
|
|
|
|
|
|
Book value per share (GAAP) |
$ |
41.25 |
|
$ |
40.92 |
|
$ |
39.78 |
|
$ |
39.35 |
|
$ |
39.01 |
|
Tangible book value per share (non-GAAP) |
$ |
23.32 |
|
$ |
22.92 |
|
$ |
21.76 |
|
$ |
21.30 |
|
$ |
20.92 |
|
|
|
|
|
|
|
Tangible Common Equity Ratio |
|
|
|
|
|
Shareholders’ equity to assets (GAAP) |
|
13.39 |
% |
|
13.23 |
% |
|
13.00 |
% |
|
12.82 |
% |
|
12.52 |
% |
Tangible common equity ratio (non-GAAP) |
|
8.04 |
% |
|
7.87 |
% |
|
7.55 |
% |
|
7.37 |
% |
|
7.13 |
% |
Adjusted Efficiency Ratio |
|
|
|
|
|
Net interest income (FTE) (GAAP) |
$ |
125,850 |
|
$ |
128,595 |
|
$ |
130,131 |
|
$ |
133,085 |
|
$ |
138,529 |
|
|
|
|
|
|
|
Total noninterest income (GAAP) |
$ |
41,381 |
|
$ |
20,356 |
|
$ |
38,200 |
|
$ |
17,226 |
|
$ |
37,293 |
|
Gain on sales of MSR |
|
3,472 |
|
|
547 |
|
|
— |
|
|
— |
|
|
— |
|
Gain on extinguishment of debt |
|
56 |
|
|
620 |
|
|
— |
|
|
— |
|
|
— |
|
Losses on sales of securities (including impairments) |
|
— |
|
|
(19,352 |
) |
|
— |
|
|
(22,438 |
) |
|
— |
|
Total adjusted noninterest income (non-GAAP) |
$ |
37,853 |
|
$ |
38,541 |
|
$ |
38,200 |
|
$ |
39,664 |
|
$ |
37,293 |
|
|
|
|
|
|
|
Noninterest expense (GAAP) |
$ |
112,912 |
|
$ |
111,880 |
|
$ |
108,369 |
|
$ |
110,165 |
|
$ |
109,208 |
|
Amortization of intangibles |
|
1,212 |
|
|
1,274 |
|
|
1,311 |
|
|
1,369 |
|
|
1,426 |
|
Total adjusted noninterest expense (non-GAAP) |
$ |
111,700 |
|
$ |
110,606 |
|
$ |
107,058 |
|
$ |
108,796 |
|
$ |
107,782 |
|
|
|
|
|
|
|
Efficiency ratio (GAAP) |
|
67.52 |
% |
|
75.11 |
% |
|
64.38 |
% |
|
73.29 |
% |
|
62.11 |
% |
Adjusted efficiency ratio (non-GAAP) |
|
68.23 |
% |
|
66.18 |
% |
|
63.60 |
% |
|
62.98 |
% |
|
61.30 |
% |
|
|
|
|
|
|
Adjusted Net Interest Income and Adjusted Net Interest
Margin |
|
|
|
Net interest income (FTE) (GAAP) |
$ |
125,850 |
|
$ |
128,595 |
|
$ |
130,131 |
|
$ |
133,085 |
|
$ |
138,529 |
|
Net interest income collected on problem loans |
|
123 |
|
|
283 |
|
|
(820 |
) |
|
364 |
|
|
392 |
|
Accretion recognized on purchased loans |
|
800 |
|
|
1,117 |
|
|
1,290 |
|
|
874 |
|
|
885 |
|
Adjustments to net interest income |
$ |
923 |
|
$ |
1,400 |
|
$ |
470 |
|
$ |
1,238 |
|
$ |
1,277 |
|
Adjusted net interest income (FTE) (non-GAAP) |
$ |
124,927 |
|
$ |
127,195 |
|
$ |
129,661 |
|
$ |
131,847 |
|
$ |
137,252 |
|
|
|
|
|
|
|
Net interest margin (GAAP) |
|
3.30 |
% |
|
3.33 |
% |
|
3.36 |
% |
|
3.45 |
% |
|
3.66 |
% |
Adjusted net interest margin (non-GAAP) |
|
3.28 |
% |
|
3.29 |
% |
|
3.35 |
% |
|
3.43 |
% |
|
3.63 |
% |
|
|
|
|
|
|
Adjusted Loan Yield |
|
|
|
|
|
Loan interest income (FTE) (GAAP) |
$ |
194,640 |
|
$ |
190,857 |
|
$ |
183,521 |
|
$ |
175,549 |
|
$ |
163,970 |
|
Net interest income collected on problem loans |
|
123 |
|
|
283 |
|
|
(820 |
) |
|
364 |
|
|
392 |
|
Accretion recognized on purchased loans |
|
800 |
|
|
1,117 |
|
|
1,290 |
|
|
874 |
|
|
885 |
|
Adjusted loan interest income (FTE) (non-GAAP) |
$ |
193,717 |
|
$ |
189,457 |
|
$ |
183,051 |
|
$ |
174,311 |
|
$ |
162,693 |
|
|
|
|
|
|
|
Loan yield (GAAP) |
|
6.30 |
% |
|
6.18 |
% |
|
6.06 |
% |
|
5.93 |
% |
|
5.68 |
% |
Adjusted loan yield (non-GAAP) |
|
6.27 |
% |
|
6.14 |
% |
|
6.04 |
% |
|
5.89 |
% |
|
5.64 |
% |
(1) Tax effect is calculated based on the
respective periods’ year-to-date effective tax rate excluding the
impact of discrete items.
|
|
|
Contacts: |
For Media: |
For Financials: |
|
John S. Oxford |
James C. Mabry IV |
|
Senior Vice President |
Executive Vice President |
|
Chief Marketing Officer |
Chief Financial Officer |
|
(662) 680-1219 |
(662) 680-1281 |
|
|
|
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