TUPELO, Miss., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE: RNST) (the "Company”) today announced earnings results for the fourth quarter of 2024.

(Dollars in thousands, except earnings per share)Three Months Ended Twelve Months Ended
 Dec 31, 2024Sep 30, 2024Dec 31, 2023 Dec 31, 2024Dec 31, 2023
Net income and earnings per share:      
Net income$44,747$72,455$28,124  $195,457$144,678 
After-tax gain on sale of insurance agency - 38,951 -   38,951 - 
After-tax loss on sale of securities (including impairments) - - (17,859)  - (17,859)
Basic EPS 0.70 1.18 0.50   3.29 2.58 
Diluted EPS 0.70 1.18 0.50   3.27 2.56 
Adjusted diluted EPS (Non-GAAP)(1) 0.73 0.70 0.76   2.76 3.15 
Impact to diluted EPS from after-tax gain on sale of insurance agency - 0.63 -   0.65 - 
Impact to diluted EPS from after-tax loss on sale of securities (including impairments) - - -   - (0.31)
              
"The fourth quarter results marked the end to a successful year for Renasant. We announced a transformative merger with The First in July and, in the midst of diligently planning for a successful combination, our team maintained its focus on generating organic growth, disciplined pricing on both sides of the balance sheet and steady credit performance,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company.

Quarterly Highlights

Earnings

  • Net income for the fourth quarter of 2024 was $44.7 million; diluted EPS and adjusted diluted EPS (non-GAAP)(1) were $0.70 and $0.73, respectively
  • Net interest income (fully tax equivalent) for the fourth quarter of 2024 was $135.5 million, up $1.9 million on a linked quarter basis
  • For the fourth quarter of 2024, net interest margin was 3.36%, which was unchanged on a linked quarter basis
  • Cost of total deposits was 2.35% for the fourth quarter of 2024, down 16 basis points on a linked quarter basis
  • Noninterest income decreased $55.1 million on a linked quarter basis. The Company recognized a $53.3 million pre-tax gain on the insurance agency sale during the third quarter. Excluding the impact of this gain, noninterest income decreased $1.7 million from the third quarter
  • Mortgage banking income decreased $1.6 million on a linked quarter basis. The mortgage division generated $482.3 million in interest rate lock volume in the fourth quarter of 2024, down $61.3 million on a linked quarter basis. Gain on sale margin was 2.01% for the fourth quarter of 2024, up 45 basis points on a linked quarter basis
  • Noninterest expense decreased $7.2 million on a linked quarter basis. Merger and conversion expenses were $2.1 million for the fourth quarter of 2024, down from $11.3 million for the prior quarter

    Get the latest news
    delivered to your inbox
    Sign up for The Manila Times newsletters
    By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.

Balance Sheet

  • Loans increased $257.4 million on a linked quarter basis, representing 8.1% annualized net loan growth
  • Securities increased $41.8 million on a linked quarter basis. The Company purchased $113.6 million in securities during the fourth quarter, which was offset by cash flows related to principal payments, calls and maturities of $48.5 million and a negative fair market value adjustment in the Company's available-for-sale portfolio of $24.3 million
  • Deposits at December 31, 2024 increased $62.9 million on a linked quarter basis. Brokered deposits outstanding at September 30, 2024 of $126.8 million matured or were called during the quarter. There were no outstanding brokered deposits at December 31, 2024. Noninterest bearing deposits decreased $125.8 million on a linked quarter basis and represented 23.4% of total deposits at December 31, 2024

Capital and Stock Repurchase Program

  • Book value per share and tangible book value per share (non-GAAP)(1) increased 0.7% and 1.3%, respectively, on a linked quarter basis
  • The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the fourth quarter of 2024
Credit Quality

  • The Company recorded a provision for credit losses of $2.6 million for the fourth quarter of 2024, compared to $0.9 million for the third quarter of 2024
  • The ratio of the allowance for credit losses on loans to total loans was 1.57% at December 31, 2024, down two basis points on a linked quarter basis
  • The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 178.11% at December 31, 2024, compared to 168.07% at September 30, 2024
  • Net loan charge-offs for the fourth quarter of 2024 were $1.7 million, or 0.05% of average loans on an annualized basis
  • Nonperforming loans to total loans decreased to 0.88% at December 31, 2024 compared to 0.94% at September 30, 2024, and criticized loans (which include classified and Special Mention loans) to total loans decreased to 2.89% at December 31, 2024, compared to 3.02% at September 30, 2024

(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 Twelve Months Ended
 Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023 Dec 31, 2024Dec 31, 2023
Interest income        
Loans held for investment$199,240 $202,655 $198,397 $192,390 $188,535 $792,682 $704,649 
Loans held for sale 3,564  4,212  3,530  2,308  3,329  13,614  11,807 
Securities 10,510  10,304  10,410  10,700  10,728  41,924  50,488 
Other 12,030  11,872  7,874  7,781  7,839  39,557  30,375 
Total interest income 225,344  229,043  220,211  213,179  210,431  887,777  797,319 
Interest expense        
Deposits 85,571  90,787  87,621  82,613  77,168  346,592  232,331 
Borrowings 6,891  7,258  7,564  7,276  7,310  28,989  45,661 
Total interest expense 92,462  98,045  95,185  89,889  84,478  375,581  277,992 
Net interest income 132,882  130,998  125,026  123,290  125,953  512,196  519,327 
Provision for credit losses        
Provision for loan losses 3,100  1,210  4,300  2,638  2,518  11,248  18,793 
Recovery of unfunded commitments (500) (275) (1,000) (200) -  (1,975) (3,200)
Total provision for credit losses 2,600  935  3,300  2,438  2,518  9,273  15,593 
Net interest income after provision for credit losses 130,282  130,063  121,726  120,852   Advertisement

Home My Library Podcasts Videos Games
This website uses cookies. By continuing to browse the website, you are agreeing to our use of cookies. Read More.