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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
July 23, 2024
Date of report (Date of earliest event reported)
RENASANT CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Mississippi | 001-13253 | 64-0676974 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
209 Troy Street, Tupelo, Mississippi 38804-4827
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (662) 680-1001
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $5.00 par value per share | RNST | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On July 23, 2024, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the second quarter of 2024. The press release is furnished as Exhibit 99.1 to this Form 8-K.
Item 7.01. Regulation FD Disclosure
On July 23, 2024, the Company also made available presentation materials (the “Presentation”) prepared for use with its earnings conference call on July 24, 2024. The Presentation is attached hereto and incorporated herein as Exhibit 99.2.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.
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, 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 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 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.
Item 9.01. Financial Statements and Exhibits.
(d) The following exhibits are furnished herewith:
Exhibit No. Description
104 The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | |
| | RENASANT CORPORATION |
Date: July 23, 2024 | | By: | /s/ C. Mitchell Waycaster |
| | | C. Mitchell Waycaster |
| | | Chief Executive Officer |
| | | |
| | | | | | | | | | | |
| 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 |
| | | |
RENASANT CORPORATION ANNOUNCES
EARNINGS FOR THE SECOND QUARTER OF 2024
TUPELO, MISSISSIPPI (July 23, 2024) - Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the second quarter of 2024.
| | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands, except earnings per share) | Three Months Ended | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| Net income and earnings per share: | | | | | | |
| Net income | $38,846 | $39,409 | $28,643 | | $78,255 | $74,721 |
| After-tax loss on sale of securities | — | | — | | (18,085) | | | — | | (17,870) | |
| Basic EPS | 0.69 | 0.70 | 0.51 | | 1.39 | 1.33 |
| Diluted EPS | 0.69 | 0.70 | 0.51 | | 1.38 | 1.33 |
Adjusted diluted EPS (Non-GAAP)(1) | 0.69 | 0.65 | 0.83 | | 1.33 | 1.64 |
| Impact to diluted EPS from after-tax loss on sale of securities (including impairments) | — | | — | | 0.32 | | — | | 0.31 |
“The financial results for the quarter reflect good performance and improved balance sheet strength,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company. “As we build capital, it enhances our ability to grow the company and build upon these results.”
Quarterly Highlights
Earnings
•Net income for the second quarter of 2024 was $38.8 million; diluted EPS and adjusted diluted EPS (non-GAAP)(1) were each $0.69
•Net interest income (fully tax equivalent) for the second quarter of 2024 was $127.6 million, up $1.7 million on a linked quarter basis
•For the second quarter of 2024, net interest margin was 3.31%, up 1 basis point on a linked quarter basis
•Cost of total deposits was 2.47% for the second quarter of 2024, up 12 basis points on a linked quarter basis
•Noninterest income decreased $2.6 million on a linked quarter basis primarily due to a decrease in mortgage banking income. During the first quarter of 2024, the Company sold a portion of its mortgage servicing rights (“MSR”), recognizing a gain of $3.5 million with no such sale in the second quarter of 2024
•Mortgage banking income decreased $1.7 million on a linked quarter basis. Excluding the gain recognized in the first quarter on the sale of a portion of Renasant's MSR, mortgage banking income increased $1.8 million on a linked quarter basis. The mortgage division generated $0.6 billion in interest rate lock volume in the second quarter of 2024, an increase of $0.2 billion on a linked quarter basis. Gain on sale margin was 1.69% for the second quarter of 2024, down 9 basis points on a linked quarter basis.
•Noninterest expense decreased $0.9 million on a linked quarter basis. Excluding the effect of certain charitable contributions and FDIC special assessment expense incurred in the first quarter, noninterest expense increased approximately $0.8 million on a linked quarter basis. Seasonality in our mortgage division resulted in higher levels of expense driven from increased volumes. These expenses were slightly offset by savings in other areas
Balance Sheet
•Loans increased $104.2 million on a linked quarter basis, representing 3.4% annualized net loan growth
•Securities decreased $39.2 million on a linked quarter basis due to net cash outflows during the quarter of $43.1 million and a positive fair market value adjustment in our available-for-sale portfolio of $3.9 million
•Deposits at June 30, 2024 increased $18.1 million on a linked quarter basis. Brokered deposits decreased $183.7 million on a linked quarter basis to $158.6 million at June 30, 2024. Noninterest bearing deposits increased $23.3 million on a linked quarter basis and represented 24.8% of total deposits at June 30, 2024
Capital and Liquidity
•Book value per share and tangible book value per share (non-GAAP)(1) increased 1.3% and 2.4%, 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 second quarter of 2024
Credit Quality
•The Company recorded a provision for credit losses of $3.3 million for the second quarter of 2024, compared to $2.4 million for the first quarter of 2024
•The ratio of allowance for credit losses on loans to total loans was 1.59% at June 30, 2024 compared to 1.61% at March 31, 2024
•The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 203.88% at June 30, 2024, compared to 270.87% at March 31, 2024
•Net loan charge-offs for the second quarter of 2024 were $5.5 million, or 0.18% of average loans on an annualized basis
•Nonperforming loans to total loans increased to 0.78% at June 30, 2024 compared to 0.59% at March 31, 2024, and criticized loans (which include classified and special mention loans) to total loans decreased to 2.62% at June 30, 2024, compared to 2.76% at March 31, 2024
Sale of Renasant Insurance
•Effective July 1, 2024, Renasant sold the assets of its insurance agency for cash proceeds to Renasant Bank of $56.4 million, recognizing an estimated after-tax impact to earnings of $36.4 million, which is net of estimated merger-related expenses. The financial effects of the sale will be reflected in the third quarter of 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 | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| Interest income | | | | | | | | |
| Loans held for investment | $ | 198,397 | | $ | 192,390 | | $ | 188,535 | | $ | 181,129 | | $ | 173,198 | | | $ | 390,787 | | $ | 334,985 | |
| Loans held for sale | 3,530 | | 2,308 | | 3,329 | | 3,751 | | 2,990 | | | 5,838 | | 4,727 | |
| Securities | 10,410 | | 10,700 | | 10,728 | | 10,669 | | 14,000 | | | 21,110 | | 29,091 | |
| Other | 7,874 | | 7,781 | | 7,839 | | 10,128 | | 6,978 | | | 15,655 | | 12,408 | |
| Total interest income | 220,211 | | 213,179 | | 210,431 | | 205,677 | | 197,166 | | | 433,390 | | 381,211 | |
| Interest expense | | | | | | | | |
| Deposits | 87,621 | | 82,613 | | 77,168 | | 70,906 | | 51,391 | | | 170,234 | | 84,257 | |
| Borrowings | 7,564 | | 7,276 | | 7,310 | | 7,388 | | 15,559 | | | 14,840 | | 30,963 | |
| Total interest expense | 95,185 | | 89,889 | | 84,478 | | 78,294 | | 66,950 | | | 185,074 | | 115,220 | |
| Net interest income | 125,026 | | 123,290 | | 125,953 | | 127,383 | | 130,216 | | | 248,316 | | 265,991 | |
| Provision for credit losses | | | | | | | | |
| Provision for loan losses | 4,300 | | 2,638 | | 2,518 | | 5,315 | | 3,000 | | | 6,938 | | 10,960 | |
| | | | | | | | |
| Recovery of unfunded commitments | (1,000) | | (200) | | — | | (700) | | (1,000) | | | (1,200) | | (2,500) | |
| Total provision for credit losses | 3,300 | | 2,438 | | 2,518 | | 4,615 | | 2,000 | | | 5,738 | | 8,460 | |
| Net interest income after provision for credit losses | 121,726 | | 120,852 | | 123,435 | | 122,768 | | 128,216 | | | 242,578 | | 257,531 | |
| Noninterest income | 38,762 | | 41,381 | | 20,356 | | 38,200 | | 17,226 | | | 80,143 | | 54,519 | |
| Noninterest expense | 111,976 | | 112,912 | | 111,880 | | 108,369 | | 110,165 | | | 224,888 | | 219,373 | |
| Income before income taxes | 48,512 | | 49,321 | | 31,911 | | 52,599 | | 35,277 | | | 97,833 | | 92,677 | |
| Income taxes | 9,666 | | 9,912 | | 3,787 | | 10,766 | | 6,634 | | | 19,578 | | 17,956 | |
| Net income | $ | 38,846 | | $ | 39,409 | | $ | 28,124 | | $ | 41,833 | | $ | 28,643 | | | $ | 78,255 | | $ | 74,721 | |
| | | | | | | | |
Adjusted net income (non-GAAP)(1) | $ | 38,846 | | $ | 36,572 | | $ | 42,887 | | $ | 41,833 | | $ | 46,728 | | | $ | 75,421 | | $ | 92,591 | |
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) | $ | 51,812 | | $ | 48,231 | | $ | 52,614 | | $ | 57,214 | | $ | 59,715 | | | $ | 100,043 | | $ | 123,575 | |
| | | | | | | | |
| Basic earnings per share | $ | 0.69 | | $ | 0.70 | | $ | 0.50 | | $ | 0.75 | | $ | 0.51 | | | $ | 1.39 | | $ | 1.33 | |
| Diluted earnings per share | 0.69 | | 0.70 | | 0.50 | | 0.74 | | 0.51 | | | 1.38 | | 1.33 | |
Adjusted diluted earnings per share (non-GAAP)(1) | 0.69 | | 0.65 | | 0.76 | | 0.74 | | 0.83 | | | 1.33 | | 1.64 | |
| Average basic shares outstanding | 56,342,909 | | 56,208,348 | | 56,141,628 | | 56,138,618 | | 56,107,881 | | | 56,275,628 | | 56,058,585 | |
| Average diluted shares outstanding | 56,684,626 | | 56,531,078 | | 56,611,217 | | 56,523,887 | | 56,395,653 | | | 56,607,947 | | 56,330,295 | |
| Cash dividends per common share | $ | 0.22 | | $ | 0.22 | | $ | 0.22 | | $ | 0.22 | | $ | 0.22 | | | $ | 0.44 | | $ | 0.44 | |
(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 | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| Return on average assets | 0.90 | % | 0.92 | % | 0.65 | % | 0.96 | % | 0.66 | % | | 0.91 | % | 0.87 | % |
Adjusted return on average assets (non-GAAP)(1) | 0.90 | | 0.86 | | 0.99 | | 0.96 | | 1.08 | | | 0.88 | | 1.08 | |
Return on average tangible assets (non-GAAP)(1) | 0.98 | | 1.00 | | 0.71 | | 1.05 | | 0.73 | | | 0.99 | | 0.96 | |
Adjusted return on average tangible assets (non-GAAP)(1) | 0.98 | | 0.93 | | 1.08 | | 1.05 | | 1.18 | | | 0.96 | | 1.18 | |
| Return on average equity | 6.68 | | 6.85 | | 4.93 | | 7.44 | | 5.18 | | | 6.77 | | 6.84 | |
Adjusted return on average equity (non-GAAP)(1) | 6.68 | | 6.36 | | 7.53 | | 7.44 | | 8.45 | | | 6.52 | | 8.48 | |
Return on average tangible equity (non-GAAP)(1) | 12.04 | | 12.45 | | 9.26 | | 13.95 | | 9.91 | | | 12.25 | | 13.04 | |
Adjusted return on average tangible equity (non-GAAP)(1) | 12.04 | | 11.58 | | 13.94 | | 13.95 | | 15.94 | | | 11.81 | | 16.07 | |
| Efficiency ratio (fully taxable equivalent) | 67.31 | | 67.52 | | 75.11 | | 64.38 | | 73.29 | | | 67.41 | | 67.26 | |
Adjusted efficiency ratio (non-GAAP)(1) | 66.60 | | 68.23 | | 66.18 | | 63.60 | | 62.98 | | | 67.41 | | 62.13 | |
| Dividend payout ratio | 31.88 | | 31.43 | | 44.00 | | 29.33 | | 43.14 | | | 31.65 | | 33.08 | |
Capital and Balance Sheet Ratios
| | | | | | | | | | | | | | | | | |
| As of |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
| Shares outstanding | 56,367,924 | | 56,304,860 | | 56,142,207 | | 56,140,713 | | 56,132,478 | |
| Market value per share | $ | 30.54 | | $ | 31.32 | | $ | 33.68 | | $ | 26.19 | | $ | 26.13 | |
| Book value per share | 41.77 | | 41.25 | | 40.92 | | 39.78 | | 39.35 | |
Tangible book value per share (non-GAAP)(1) | 23.89 | | 23.32 | | 22.92 | | 21.76 | | 21.30 | |
| Shareholders’ equity to assets | 13.45 | % | 13.39 | % | 13.23 | % | 13.00 | % | 12.82 | % |
Tangible common equity ratio (non-GAAP)(1) | 8.16 | | 8.04 | | 7.87 | | 7.55 | | 7.37 | |
| Leverage ratio | 9.81 | | 9.75 | | 9.62 | | 9.48 | | 9.22 | |
| Common equity tier 1 capital ratio | 10.75 | | 10.59 | | 10.52 | | 10.46 | | 10.30 | |
| Tier 1 risk-based capital ratio | 11.53 | | 11.37 | | 11.30 | | 11.25 | | 11.09 | |
| Total risk-based capital ratio | 15.15 | | 15.00 | | 14.93 | | 14.91 | | 14.76 | |
(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 | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| Noninterest income | | | | | | | | |
| Service charges on deposit accounts | $ | 10,286 | | $ | 10,506 | | $ | 10,603 | | $ | 9,743 | | $ | 9,733 | | | $ | 20,792 | | $ | 18,853 | |
| Fees and commissions | 3,944 | | 3,949 | | 4,130 | | 4,108 | | 4,987 | | | 7,893 | | 9,663 | |
| Insurance commissions | 2,758 | | 2,716 | | 2,583 | | 3,264 | | 2,809 | | | 5,474 | | 5,255 | |
| Wealth management revenue | 5,684 | | 5,669 | | 5,668 | | 5,986 | | 5,338 | | | 11,353 | | 10,478 | |
| Mortgage banking income | 9,698 | | 11,370 | | 6,592 | | 7,533 | | 9,771 | | | 21,068 | | 18,288 | |
| | | | | | | | |
| Net losses on sales of securities (including impairments) | — | | — | | (19,352) | | — | | (22,438) | | | — | | (22,438) | |
| Gain on extinguishment of debt | — | | 56 | | 620 | | — | | — | | | 56 | | — | |
| BOLI income | 2,701 | | 2,691 | | 2,589 | | 2,469 | | 2,402 | | | 5,392 | | 5,405 | |
| Other | 3,691 | | 4,424 | | 6,923 | | 5,097 | | 4,624 | | | 8,115 | | 9,015 | |
| Total noninterest income | $ | 38,762 | | $ | 41,381 | | $ | 20,356 | | $ | 38,200 | | $ | 17,226 | | | $ | 80,143 | | $ | 54,519 | |
| Noninterest expense | | | | | | | | |
| Salaries and employee benefits | $ | 70,731 | | $ | 71,470 | | $ | 71,841 | | $ | 69,458 | | $ | 70,637 | | | $ | 142,201 | | $ | 140,469 | |
| Data processing | 3,945 | | 3,807 | | 3,971 | | 3,907 | | 3,684 | | | 7,752 | | 7,317 | |
| Net occupancy and equipment | 11,844 | | 11,389 | | 11,653 | | 11,548 | | 11,865 | | | 23,233 | | 23,270 | |
| Other real estate owned | 105 | | 107 | | 306 | | (120) | | 51 | | | 212 | | 81 | |
| Professional fees | 3,195 | | 3,348 | | 2,854 | | 3,338 | | 4,012 | | | 6,543 | | 7,479 | |
| Advertising and public relations | 3,807 | | 4,886 | | 3,084 | | 3,474 | | 3,482 | | | 8,693 | | 8,168 | |
| Intangible amortization | 1,186 | | 1,212 | | 1,274 | | 1,311 | | 1,369 | | | 2,398 | | 2,795 | |
| Communications | 2,112 | | 2,024 | | 2,026 | | 2,006 | | 2,226 | | | 4,136 | | 4,206 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Other | 15,051 | | 14,669 | | 14,871 | | 13,447 | | 12,839 | | | 29,720 | | 25,588 | |
| Total noninterest expense | $ | 111,976 | | $ | 112,912 | | $ | 111,880 | | $ | 108,369 | | $ | 110,165 | | | $ | 224,888 | | $ | 219,373 | |
Mortgage Banking Income
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | Three Months Ended | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| Gain on sales of loans, net | $ | 5,199 | | $ | 4,535 | | $ | 1,860 | | $ | 3,297 | | $ | 4,646 | | | $ | 9,734 | | $ | 9,416 | |
| Fees, net | 2,866 | | 1,854 | | 2,010 | | 2,376 | | 2,859 | | | 4,720 | | 4,665 | |
| Mortgage servicing income, net | 1,633 | | 4,981 | | 2,722 | | 1,860 | | 2,266 | | | 6,614 | | 4,207 | |
| | | | | | | | |
| Total mortgage banking income | $ | 9,698 | | $ | 11,370 | | $ | 6,592 | | $ | 7,533 | | $ | 9,771 | | | $ | 21,068 | | $ | 18,288 | |
Balance Sheet
| | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | As of |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
| Assets | | | | | |
| Cash and cash equivalents | $ | 851,906 | | $ | 844,400 | | $ | 801,351 | | $ | 741,156 | | $ | 946,899 | |
| Securities held to maturity, at amortized cost | 1,174,663 | | 1,199,111 | | 1,221,464 | | 1,245,595 | | 1,273,044 | |
| Securities available for sale, at fair value | 749,685 | | 764,486 | | 923,279 | | 909,108 | | 950,930 | |
| Loans held for sale, at fair value | 266,406 | | 191,440 | | 179,756 | | 241,613 | | 249,615 | |
| Loans held for investment | 12,604,755 | | 12,500,525 | | 12,351,230 | | 12,168,023 | | 11,930,516 | |
| Allowance for credit losses on loans | (199,871) | | (201,052) | | (198,578) | | (197,773) | | (194,391) | |
| Loans, net | 12,404,884 | | 12,299,473 | | 12,152,652 | | 11,970,250 | | 11,736,125 | |
| Premises and equipment, net | 280,966 | | 282,193 | | 283,195 | | 284,368 | | 285,952 | |
| Other real estate owned | 7,366 | | 9,142 | | 9,622 | | 9,258 | | 5,120 | |
| Goodwill and other intangibles | 1,008,062 | | 1,009,248 | | 1,010,460 | | 1,011,735 | | 1,013,046 | |
| | | | | |
| | | | | |
| Bank-owned life insurance | 387,791 | | 385,186 | | 382,584 | | 379,945 | | 377,649 | |
| Mortgage servicing rights | 72,092 | | 71,596 | | 91,688 | | 90,241 | | 87,432 | |
| Other assets | 306,570 | | 289,466 | | 304,484 | | 298,352 | | 298,530 | |
| Total assets | $ | 17,510,391 | | $ | 17,345,741 | | $ | 17,360,535 | | $ | 17,181,621 | | $ | 17,224,342 | |
| | | | | |
Liabilities and Shareholders’ Equity | | | | | |
| Liabilities | | | | | |
| Deposits: | | | | | |
| Noninterest-bearing | $ | 3,539,453 | | $ | 3,516,164 | | $ | 3,583,675 | | $ | 3,734,197 | | $ | 3,878,953 | |
| Interest-bearing | 10,715,760 | | 10,720,999 | | 10,493,110 | | 10,422,913 | | 10,216,408 | |
| Total deposits | 14,255,213 | | 14,237,163 | | 14,076,785 | | 14,157,110 | | 14,095,361 | |
| Short-term borrowings | 232,741 | | 108,121 | | 307,577 | | 107,662 | | 257,305 | |
| Long-term debt | 428,677 | | 428,047 | | 429,400 | | 427,399 | | 429,630 | |
| Other liabilities | 239,059 | | 250,060 | | 249,390 | | 256,127 | | 233,418 | |
| Total liabilities | 15,155,690 | | 15,023,391 | | 15,063,152 | | 14,948,298 | | 15,015,714 | |
| | | | | |
Shareholders’ equity: | | | | | |
| | | | | |
| Common stock | 296,483 | | 296,483 | | 296,483 | | 296,483 | | 296,483 | |
| Treasury stock | (97,534) | | (99,683) | | (105,249) | | (105,300) | | (105,589) | |
| Additional paid-in capital | 1,304,782 | | 1,303,613 | | 1,308,281 | | 1,304,891 | | 1,301,883 | |
| Retained earnings | 1,005,086 | | 978,880 | | 952,124 | | 936,573 | | 907,312 | |
| Accumulated other comprehensive loss | (154,116) | | (156,943) | | (154,256) | | (199,324) | | (191,461) | |
Total shareholders’ equity | 2,354,701 | | 2,322,350 | | 2,297,383 | | 2,233,323 | | 2,208,628 | |
Total liabilities and shareholders’ equity | $ | 17,510,391 | | $ | 17,345,741 | | $ | 17,360,535 | | $ | 17,181,621 | | $ | 17,224,342 | |
Net Interest Income and Net Interest Margin
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | Three Months Ended |
| June 30, 2024 | March 31, 2024 | June 30, 2023 |
| Average
Balance | Interest
Income/
Expense | Yield/
Rate | Average
Balance | Interest
Income/
Expense | Yield/
Rate | Average
Balance | Interest
Income/
Expense | Yield/
Rate |
| Interest-earning assets: | | | | | | | | | |
| Loans held for investment | $ | 12,575,651 | | $ | 200,670 | | 6.41 | % | $ | 12,407,976 | | $ | 194,640 | | 6.30 | % | $ | 11,877,592 | | $ | 175,549 | | 5.93 | % |
| Loans held for sale | 219,826 | | 3,530 | | 6.42 | % | 155,382 | | 2,308 | | 5.94 | % | 192,539 | | 2,990 | | 6.21 | % |
| Taxable securities | 1,832,002 | | 9,258 | | 2.02 | % | 1,891,817 | | 9,505 | | 2.01 | % | 2,481,712 | | 12,353 | | 1.99 | % |
Tax-exempt securities(1) | 263,937 | | 1,451 | | 2.20 | % | 270,279 | | 1,505 | | 2.23 | % | 367,410 | | 2,165 | | 2.36 | % |
| Total securities | 2,095,939 | | 10,709 | | 2.04 | % | 2,162,096 | | 11,010 | | 2.04 | % | 2,849,122 | | 14,518 | | 2.04 | % |
| Interest-bearing balances with banks | 595,030 | | 7,874 | | 5.32 | % | 570,336 | | 7,781 | | 5.49 | % | 524,307 | | 6,978 | | 5.34 | % |
| Total interest-earning assets | 15,486,446 | | 222,783 | | 5.77 | % | 15,295,790 | | 215,739 | | 5.66 | % | 15,443,560 | | 200,035 | | 5.19 | % |
| Cash and due from banks | 187,519 | | | | 188,503 | | | | 189,668 | | | |
| Intangible assets | 1,008,638 | | | | 1,009,825 | | | | 1,013,811 | | | |
| Other assets | 688,766 | | | | 708,895 | | | | 690,885 | | | |
| Total assets | $ | 17,371,369 | | | | $ | 17,203,013 | | | | $ | 17,337,924 | | | |
| Interest-bearing liabilities: | | | | | | | | | |
Interest-bearing demand(2) | $ | 7,094,411 | | $ | 56,132 | | 3.17 | % | $ | 6,955,989 | | $ | 52,500 | | 3.03 | % | $ | 6,114,067 | | $ | 29,185 | | 1.91 | % |
| Savings deposits | 839,638 | | 729 | | 0.35 | % | 860,397 | | 730 | | 0.34 | % | 1,004,096 | | 813 | | 0.32 | % |
| Brokered deposits | 294,650 | | 3,944 | | 5.37 | % | 445,608 | | 5,987 | | 5.39 | % | 809,613 | | 10,295 | | 5.10 | % |
| Time deposits | 2,487,873 | | 26,816 | | 4.34 | % | 2,319,420 | | 23,396 | | 4.06 | % | 1,735,567 | | 11,098 | | 2.57 | % |
| Total interest-bearing deposits | 10,716,572 | | 87,621 | | 3.28 | % | 10,581,414 | | 82,613 | | 3.13 | % | 9,663,343 | | 51,391 | | 2.13 | % |
| Borrowed funds | 564,672 | | 7,564 | | 5.37 | % | 544,564 | | 7,276 | | 5.35 | % | 1,204,968 | | 15,559 | | 5.18 | % |
| Total interest-bearing liabilities | 11,281,244 | | 95,185 | | 3.39 | % | 11,125,978 | | 89,889 | | 3.24 | % | 10,868,311 | | 66,950 | | 2.47 | % |
| Noninterest-bearing deposits | 3,509,109 | | | | 3,518,612 | | | | 4,039,087 | | | |
| Other liabilities | 243,285 | | | | 244,142 | | | | 212,818 | | | |
| Shareholders’ equity | 2,337,731 | | | | 2,314,281 | | | | 2,217,708 | | | |
| Total liabilities and shareholders’ equity | $ | 17,371,369 | | | | $ | 17,203,013 | | | | $ | 17,337,924 | | | |
| Net interest income/ net interest margin | | $ | 127,598 | | 3.31 | % | | $ | 125,850 | | 3.30 | % | | $ | 133,085 | | 3.45 | % |
| Cost of funding | | | 2.58 | % | | | 2.46 | % | | | 1.80 | % |
| Cost of total deposits | | | 2.47 | % | | | 2.35 | % | | | 1.50 | % |
(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.
Net Interest Income and Net Interest Margin, continued
| | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | Six Months Ended |
| June 30, 2024 | June 30, 2023 |
| Average
Balance | Interest
Income/
Expense | Yield/
Rate | Average
Balance | Interest
Income/
Expense | Yield/
Rate |
| Interest-earning assets: | | | | | | |
| Loans held for investment | $ | 12,491,814 | | $ | 395,310 | | 6.35% | $ | 11,783,585 | | $ | 339,519 | | 5.81% |
| Loans held for sale | 187,604 | | 5,838 | | 6.22% | 148,221 | | 4,727 | | 6.38% |
Taxable securities(1) | 1,861,909 | | 18,763 | | 2.02% | 2,557,997 | | 25,670 | | 2.01% |
| Tax-exempt securities | 267,108 | | 2,956 | | 2.21% | 382,130 | | 4,510 | | 2.36% |
| Total securities | 2,129,017 | | 21,719 | | 2.04% | 2,940,127 | | 30,180 | | 2.05% |
| Interest-bearing balances with banks | 582,683 | | 15,655 | | 5.40% | 494,434 | | 12,408 | | 5.06% |
| Total interest-earning assets | 15,391,118 | | 438,522 | | 5.72% | 15,366,367 | | 386,834 | | 5.07% |
| Cash and due from banks | 188,011 | | | | 193,703 | | | |
| Intangible assets | 1,009,232 | | | | 1,012,690 | | | |
| Other assets | 701,770 | | | | 675,648 | | | |
| Total assets | $ | 17,290,131 | | | | $ | 17,248,408 | | | |
| Interest-bearing liabilities: | | | | | | |
Interest-bearing demand(2) | $ | 7,025,200 | | $ | 108,632 | | 3.10% | $ | 6,090,549 | | $ | 49,483 | | 1.64% |
| Savings deposits | 850,018 | | 1,459 | | 0.34% | 1,028,315 | | 1,639 | | 0.32% |
| Brokered deposits | 370,129 | | 9,931 | | 5.38% | 603,822 | | 14,713 | | 4.91% |
| Time deposits | 2,403,646 | | 50,212 | | 4.20% | 1,650,683 | | 18,422 | | 2.25% |
| Total interest-bearing deposits | 10,648,993 | | 170,234 | | 3.21% | 9,373,369 | | 84,257 | | 1.81% |
| Borrowed funds | 554,618 | | 14,840 | | 5.36% | 1,243,049 | | 30,963 | | 5.01% |
| Total interest-bearing liabilities | 11,203,611 | | 185,074 | | 3.32% | 10,616,418 | | 115,220 | | 2.19% |
| Noninterest-bearing deposits | 3,513,860 | | | | 4,212,081 | | | |
| Other liabilities | 246,654 | | | | 217,573 | | | |
| Shareholders’ equity | 2,326,006 | | | | 2,202,336 | | | |
| Total liabilities and shareholders’ equity | $ | 17,290,131 | | | | $ | 17,248,408 | | | |
| Net interest income/ net interest margin | | $ | 253,448 | | 3.30% | | $ | 271,614 | | 3.56% |
| Cost of funding | | | 2.52% | | | 1.57% |
| Cost of total deposits | | | 2.41% | | | 1.25% |
(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 | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| Earning asset mix: | | | | | | |
Loans held for investment | 81.20 | % | 81.12 | % | 76.91 | % | | 81.16 | % | 76.68 | % |
| Loans held for sale | 1.42 | | 1.02 | | 1.25 | | | 1.22 | | 0.96 | |
| Securities | 13.53 | | 14.14 | | 18.45 | | | 13.83 | | 19.13 | |
| Interest-bearing balances with banks | 3.85 | | 3.72 | | 3.39 | | | 3.79 | | 3.23 | |
| Total | 100.00 | % | 100.00 | % | 100.00 | % | | 100.00 | % | 100.00 | % |
| | | | | | |
| Funding sources mix: | | | | | | |
| Noninterest-bearing demand | 23.73 | % | 24.03 | % | 27.09 | % | | 23.88 | % | 28.41 | % |
| Interest-bearing demand | 47.97 | | 47.50 | | 41.01 | | | 47.73 | | 41.07 | |
| Savings | 5.68 | | 5.88 | | 6.74 | | | 5.78 | | 6.93 | |
| Brokered deposits | 1.99 | | 3.04 | | 5.43 | | | 2.51 | | 4.07 | |
| Time deposits | 16.82 | | 15.84 | | 11.64 | | | 16.33 | | 11.13 | |
| Borrowed funds | 3.81 | | 3.71 | | 8.09 | | | 3.77 | | 8.39 | |
| Total | 100.00 | % | 100.00 | % | 100.00 | % | | 100.00 | % | 100.00 | % |
| | | | | | |
| Net interest income collected on problem loans | $ | (146) | | $ | 123 | | $ | 364 | | | $ | (23) | | $ | 756 | |
| Total accretion on purchased loans | 897 | | 800 | | 874 | | | 1,697 | | 1,759 | |
| Total impact on net interest income | $ | 751 | | $ | 923 | | $ | 1,238 | | | $ | 1,674 | | $ | 2,515 | |
| Impact on net interest margin | 0.02 | % | 0.02 | % | 0.03 | % | | 0.02 | % | 0.03 | % |
| Impact on loan yield | 0.02 | | 0.03 | | 0.04 | | | 0.03 | % | 0.04 | % |
Loan Portfolio
| | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | As of |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
| Loan Portfolio: | | | | | |
| Commercial, financial, agricultural | $ | 1,847,762 | | $ | 1,869,408 | | $ | 1,871,821 | | $ | 1,819,891 | | $ | 1,729,070 | |
| Lease financing | 102,996 | | 107,474 | | 116,020 | | 120,724 | | 122,370 | |
| Real estate - construction | 1,355,425 | | 1,243,535 | | 1,333,397 | | 1,407,364 | | 1,369,019 | |
| Real estate - 1-4 family mortgages | 3,435,818 | | 3,429,286 | | 3,439,919 | | 3,398,876 | | 3,348,654 | |
| Real estate - commercial mortgages | 5,766,478 | | 5,753,230 | | 5,486,550 | | 5,313,166 | | 5,252,479 | |
| Installment loans to individuals | 96,276 | | 97,592 | | 103,523 | | 108,002 | | 108,924 | |
| Total loans | $ | 12,604,755 | | $ | 12,500,525 | | $ | 12,351,230 | | $ | 12,168,023 | | $ | 11,930,516 | |
Credit Quality and Allowance for Credit Losses on Loans
| | | | | | | | | | | | | | | | | |
| (Dollars in thousands) | As of |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 |
| Nonperforming Assets: | | | | | |
| Nonaccruing loans | $ | 97,795 | | $ | 73,774 | | $ | 68,816 | | $ | 69,541 | | $ | 55,439 | |
| Loans 90 days or more past due | 240 | | 451 | | 554 | | 532 | | 36,321 | |
| Total nonperforming loans | 98,035 | | 74,225 | | 69,370 | | 70,073 | | 91,760 | |
| Other real estate owned | 7,366 | | 9,142 | | 9,622 | | 9,258 | | 5,120 | |
| Total nonperforming assets | $ | 105,401 | | $ | 83,367 | | $ | 78,992 | | $ | 79,331 | | $ | 96,880 | |
| | | | | |
| Criticized Loans | | | | | |
| Classified loans | $ | 191,595 | | $ | 206,502 | | $ | 166,893 | | $ | 186,052 | | $ | 219,674 | |
| Special Mention loans | 138,343 | | 138,366 | | 99,699 | | 89,858 | | 56,616 | |
Criticized loans(1) | $ | 329,938 | | $ | 344,868 | | $ | 266,592 | | $ | 275,910 | | $ | 276,290 | |
| | | | | |
| Allowance for credit losses on loans | $ | 199,871 | | $ | 201,052 | | $ | 198,578 | | $ | 197,773 | | $ | 194,391 | |
| Net loan charge-offs | $ | 5,481 | | $ | 164 | | $ | 1,713 | | $ | 1,933 | | $ | 3,901 | |
| Annualized net loan charge-offs / average loans | 0.18 | % | 0.01 | % | 0.06 | % | 0.06 | % | 0.13 | % |
| Nonperforming loans / total loans | 0.78 | | 0.59 | | 0.56 | | 0.58 | | 0.77 | |
| Nonperforming assets / total assets | 0.60 | | 0.48 | | 0.46 | | 0.46 | | 0.56 | |
| Allowance for credit losses on loans / total loans | 1.59 | | 1.61 | | 1.61 | | 1.63 | | 1.63 | |
| Allowance for credit losses on loans / nonperforming loans | 203.88 | | 270.87 | | 286.26 | | 282.24 | | 211.85 | |
| Criticized loans / total loans | 2.62 | | 2.76 | | 2.16 | | 2.27 | | 2.32 | |
(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, July 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=4YF7gjk4. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2024 Second 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 8556122 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 7, 2024.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $17.5 billion and operates 185 banking, lending, mortgage and wealth management 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, 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 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 (although, for the second quarter of 2024, there were no excluded gains or charges), 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 | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
Adjusted Pre-Provision Net Revenue (“PPNR”) | | | | | | |
| Net income (GAAP) | $ | 38,846 | | $ | 39,409 | | $ | 28,124 | | $ | 41,833 | | $ | 28,643 | | | $ | 78,255 | | $ | 74,721 | |
| Income taxes | 9,666 | | 9,912 | | 3,787 | | 10,766 | | 6,634 | | | 19,578 | | 17,956 | |
| Provision for credit losses (including unfunded commitments) | 3,300 | | 2,438 | | 2,518 | | 4,615 | | 2,000 | | | 5,738 | | 8,460 | |
| Pre-provision net revenue (non-GAAP) | $ | 51,812 | | $ | 51,759 | | $ | 34,429 | | $ | 57,214 | | $ | 37,277 | | | $ | 103,571 | | $ | 101,137 | |
| | | | | | | | |
| | | | | | | | |
| Gain on extinguishment of debt | — | | (56) | | (620) | | — | | — | | | (56) | | — | |
| | | | | | | | |
| Gain on sales of MSR | — | | (3,472) | | (547) | | — | | — | | | (3,472) | | — | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Losses on sales of securities (including impairments) | — | | — | | 19,352 | | — | | 22,438 | | | — | | 22,438 | |
| | | | | | | | |
| Adjusted pre-provision net revenue (non-GAAP) | $ | 51,812 | | $ | 48,231 | | $ | 52,614 | | $ | 57,214 | | $ | 59,715 | | | $ | 100,043 | | $ | 123,575 | |
| | | | | | | | |
| Adjusted Net Income and Adjusted Tangible Net Income | | | | | | |
| Net income (GAAP) | $ | 38,846 | | $ | 39,409 | | $ | 28,124 | | $ | 41,833 | | $ | 28,643 | | | $ | 78,255 | | $ | 74,721 | |
| Amortization of intangibles | 1,186 | | 1,212 | | 1,274 | | 1,311 | | 1,369 | | | 2,398 | | 2,795 | |
Tax effect of adjustments noted above(1) | (233) | | (237) | | (240) | | (269) | | (266) | | | (472) | | (569) | |
| Tangible net income (non-GAAP) | $ | 39,799 | | $ | 40,384 | | $ | 29,158 | | $ | 42,875 | | $ | 29,746 | | | $ | 80,181 | | $ | 76,947 | |
| | | | | | | | |
| Net income (GAAP) | $ | 38,846 | | $ | 39,409 | | $ | 28,124 | | $ | 41,833 | | $ | 28,643 | | | $ | 78,255 | | $ | 74,721 | |
| | | | | | | | |
| | | | | | | | |
| Gain on extinguishment of debt | — | | (56) | | (620) | | — | | — | | | (56) | | — | |
| | | | | | | | |
| Gain on sales of MSR | — | | (3,472) | | (547) | | — | | — | | | (3,472) | | — | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Losses on sales of securities (including impairments) | — | | — | | 19,352 | | — | | 22,438 | | | — | | 22,438 | |
| | | | | | | | |
Tax effect of adjustments noted above(1) | — | | 691 | | (3,422) | | — | | (4,353) | | | 694 | | (4,568) | |
| Adjusted net income (non-GAAP) | $ | 38,846 | | $ | 36,572 | | $ | 42,887 | | $ | 41,833 | | $ | 46,728 | | | $ | 75,421 | | $ | 92,591 | |
| Amortization of intangibles | 1,186 | | 1,212 | | 1,274 | | 1,311 | | 1,369 | | | 2,398 | | 2,795 | |
Tax effect of adjustments noted above(1) | (233) | | (237) | | (240) | | (269) | | (266) | | | (472) | | (569) | |
| Adjusted tangible net income (non-GAAP) | $ | 39,799 | | $ | 37,547 | | $ | 43,921 | | $ | 42,875 | | $ | 47,831 | | | $ | 77,347 | | $ | 94,817 | |
Tangible Assets and Tangible Shareholders’ Equity | | | | | | |
Average shareholders’ equity (GAAP) | $ | 2,337,731 | | $ | 2,314,281 | | $ | 2,261,025 | | $ | 2,231,605 | | $ | 2,217,708 | | | $ | 2,326,006 | | $ | 2,202,336 | |
| Average intangible assets | 1,008,638 | 1,009,825 | 1,011,130 | 1,012,460 | 1,013,811 | | 1,009,232 | 1,012,690 |
Average tangible shareholders’ equity (non-GAAP) | $ | 1,329,093 | | $ | 1,304,456 | | $ | 1,249,895 | | $ | 1,219,145 | | $ | 1,203,897 | | | $ | 1,316,774 | | $ | 1,189,646 | |
| | | | | | | | |
| Average assets (GAAP) | $ | 17,371,369 | | $ | 17,203,013 | | $ | 17,195,840 | | $ | 17,235,413 | | $ | 17,337,924 | | | $ | 17,290,131 | | $ | 17,248,408 | |
| Average intangible assets | 1,008,638 | 1,009,825 | 1,011,130 | 1,012,460 | 1,013,811 | | 1,009,232 | 1,012,690 |
| Average tangible assets (non-GAAP) | $ | 16,362,731 | | $ | 16,193,188 | | $ | 16,184,710 | | $ | 16,222,953 | | $ | 16,324,113 | | | $ | 16,280,899 | | $ | 16,235,718 | |
| | | | | | | | |
Shareholders’ equity (GAAP) | $ | 2,354,701 | | $ | 2,322,350 | | $ | 2,297,383 | | $ | 2,233,323 | | $ | 2,208,628 | | | $ | 2,354,701 | | $ | 2,208,628 | |
| Intangible assets | 1,008,062 | 1,009,248 | 1,010,460 | 1,011,735 | 1,013,046 | | 1,008,062 | 1,013,046 |
Tangible shareholders’ equity (non-GAAP) | $ | 1,346,639 | | $ | 1,313,102 | | $ | 1,286,923 | | $ | 1,221,588 | | $ | 1,195,582 | | | $ | 1,346,639 | | $ | 1,195,582 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands, except per share data) | Three Months Ended | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| | | | | | | | |
| Total assets (GAAP) | $ | 17,510,391 | | $ | 17,345,741 | | $ | 17,360,535 | | $ | 17,181,621 | | $ | 17,224,342 | | | $ | 17,510,391 | | $ | 17,224,342 | |
| Intangible assets | 1,008,062 | 1,009,248 | 1,010,460 | 1,011,735 | 1,013,046 | | 1,008,062 | 1,013,046 |
| Total tangible assets (non-GAAP) | $ | 16,502,329 | | $ | 16,336,493 | | $ | 16,350,075 | | $ | 16,169,886 | | $ | 16,211,296 | | | $ | 16,502,329 | | $ | 16,211,296 | |
| | | | | | | | |
| Adjusted Performance Ratios | | | | | | | | |
| Return on average assets (GAAP) | 0.90 | % | 0.92 | % | 0.65 | % | 0.96 | % | 0.66 | % | | 0.91 | % | 0.87 | % |
| Adjusted return on average assets (non-GAAP) | 0.90 | | 0.86 | | 0.99 | | 0.96 | | 1.08 | | | 0.88 | | 1.08 | |
| Return on average tangible assets (non-GAAP) | 0.98 | | 1.00 | | 0.71 | | 1.05 | | 0.73 | | | 0.99 | | 0.96 | |
| Pre-provision net revenue to average assets (non-GAAP) | 1.20 | | 1.21 | | 0.79 | | 1.32 | | 0.86 | | | 1.20 | | 1.18 | |
| Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.20 | | 1.13 | | 1.21 | | 1.32 | | 1.38 | | | 1.16 | | 1.44 | |
| Adjusted return on average tangible assets (non-GAAP) | 0.98 | | 0.93 | | 1.08 | | 1.05 | | 1.18 | | | 0.96 | | 1.18 | |
| Return on average equity (GAAP) | 6.68 | | 6.85 | | 4.93 | | 7.44 | | 5.18 | | | 6.77 | | 6.84 | |
| Adjusted return on average equity (non-GAAP) | 6.68 | | 6.36 | | 7.53 | | 7.44 | | 8.45 | | | 6.52 | | 8.48 | |
| Return on average tangible equity (non-GAAP) | 12.04 | | 12.45 | | 9.26 | | 13.95 | | 9.91 | | | 12.25 | | 13.04 | |
| Adjusted return on average tangible equity (non-GAAP) | 12.04 | | 11.58 | | 13.94 | | 13.95 | | 15.94 | | | 11.81 | | 16.07 | |
| | | | | | | | |
| Adjusted Diluted Earnings Per Share | | | | | | |
| Average diluted shares outstanding | 56,684,626 | 56,531,078 | 56,611,217 | 56,523,887 | 56,395,653 | | 56,607,947 | 56,330,295 |
| | | | | | | | |
| Diluted earnings per share (GAAP) | $ | 0.69 | | $ | 0.70 | | $ | 0.50 | | $ | 0.74 | | $ | 0.51 | | | $ | 1.38 | | $ | 1.33 | |
| Adjusted diluted earnings per share (non-GAAP) | $ | 0.69 | | $ | 0.65 | | $ | 0.76 | | $ | 0.74 | | $ | 0.83 | | | $ | 1.33 | | $ | 1.64 | |
| | | | | | | | |
| Tangible Book Value Per Share | | | | | | | | |
| Shares outstanding | 56,367,924 | 56,304,860 | 56,142,207 | 56,140,713 | 56,132,478 | | 56,367,924 | 56,132,478 |
| | | | | | | | |
| Book value per share (GAAP) | $ | 41.77 | | $ | 41.25 | | $ | 40.92 | | $ | 39.78 | | $ | 39.35 | | | $ | 41.77 | | $ | 39.35 | |
| Tangible book value per share (non-GAAP) | $ | 23.89 | | $ | 23.32 | | $ | 22.92 | | $ | 21.76 | | $ | 21.30 | | | $ | 23.89 | | $ | 21.30 | |
| | | | | | | | |
| Tangible Common Equity Ratio | | | | | | | | |
| Shareholders’ equity to assets (GAAP) | 13.45 | % | 13.39 | % | 13.23 | % | 13.00 | % | 12.82 | % | | 13.45 | % | 12.82 | % |
| Tangible common equity ratio (non-GAAP) | 8.16 | % | 8.04 | % | 7.87 | % | 7.55 | % | 7.37 | % | | 8.16 | % | 7.37 | % |
| Adjusted Efficiency Ratio | | | | | | | | |
| Net interest income (FTE) (GAAP) | $ | 127,598 | | $ | 125,850 | | $ | 128,595 | | $ | 130,131 | | $ | 133,085 | | | $ | 253,448 | | $ | 271,614 | |
| | | | | | | | |
| Total noninterest income (GAAP) | $ | 38,762 | | $ | 41,381 | | $ | 20,356 | | $ | 38,200 | | $ | 17,226 | | | $ | 80,143 | | $ | 54,519 | |
| | | | | | | | |
| Gain on sales of MSR | — | | 3,472 | | 547 | | — | | — | | | 3,472 | | — | |
| | | | | | | | |
| Gain on extinguishment of debt | — | | 56 | | 620 | | — | | — | | | 56 | | — | |
| Losses on sales of securities (including impairments) | — | | — | | (19,352) | | — | | (22,438) | | | — | | (22,438) | |
| Total adjusted noninterest income (non-GAAP) | $ | 38,762 | | $ | 37,853 | | $ | 38,541 | | $ | 38,200 | | $ | 39,664 | | | $ | 76,615 | | $ | 76,957 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Dollars in thousands, except per share data) | Three Months Ended | | Six Months Ended |
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | | Jun 30, 2024 | Jun 30, 2023 |
| Noninterest expense (GAAP) | $ | 111,976 | | $ | 112,912 | | $ | 111,880 | | $ | 108,369 | | $ | 110,165 | | | $ | 224,888 | | $ | 219,373 | |
| Amortization of intangibles | 1,186 | | 1,212 | | 1,274 | | 1,311 | | 1,369 | | | 2,398 | | 2,795 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Total adjusted noninterest expense (non-GAAP) | $ | 110,790 | | $ | 111,700 | | $ | 110,606 | | $ | 107,058 | | $ | 108,796 | | | $ | 222,490 | | $ | 216,578 | |
| | | | | | | | |
| Efficiency ratio (GAAP) | 67.31 | % | 67.52 | % | 75.11 | % | 64.38 | % | 73.29 | % | | 67.41 | % | 67.26 | % |
| Adjusted efficiency ratio (non-GAAP) | 66.60 | % | 68.23 | % | 66.18 | % | 63.60 | % | 62.98 | % | | 67.41 | % | 62.13 | % |
| | | | | | | | |
| Adjusted Net Interest Income and Adjusted Net Interest Margin | | | | | | |
| Net interest income (FTE) (GAAP) | $ | 127,598 | | $ | 125,850 | | $ | 128,595 | | $ | 130,131 | | $ | 133,085 | | | $ | 253,448 | | $ | 271,614 | |
| Net interest income collected on problem loans | (146) | | 123 | | 283 | | (820) | | 364 | | | (23) | | 756 | |
| Accretion recognized on purchased loans | 897 | | 800 | | 1,117 | | 1,290 | | 874 | | | 1,697 | | 1,759 | |
| Adjustments to net interest income | $ | 751 | | $ | 923 | | $ | 1,400 | | $ | 470 | | $ | 1,238 | | | $ | 1,674 | | $ | 2,515 | |
| Adjusted net interest income (FTE) (non-GAAP) | $ | 126,847 | | $ | 124,927 | | $ | 127,195 | | $ | 129,661 | | $ | 131,847 | | | $ | 251,774 | | $ | 269,099 | |
| | | | | | | | |
| Net interest margin (GAAP) | 3.31 | % | 3.30 | % | 3.33 | % | 3.36 | % | 3.45 | % | | 3.30 | % | 3.56 | % |
| Adjusted net interest margin (non-GAAP) | 3.29 | % | 3.28 | % | 3.29 | % | 3.35 | % | 3.43 | % | | 3.28 | % | 3.52 | % |
| | | | | | | | |
| Adjusted Loan Yield | | | | | | | | |
| Loan interest income (FTE) (GAAP) | $ | 200,670 | | $ | 194,640 | | $ | 190,857 | | $ | 183,521 | | $ | 175,549 | | | $ | 395,310 | | $ | 339,519 | |
| Net interest income collected on problem loans | (146) | | 123 | | 283 | | (820) | | 364 | | | (23) | | 756 | |
| Accretion recognized on purchased loans | 897 | | 800 | | 1,117 | | 1,290 | | 874 | | | 1,697 | | 1,759 | |
| Adjusted loan interest income (FTE) (non-GAAP) | $ | 199,919 | | $ | 193,717 | | $ | 189,457 | | $ | 183,051 | | $ | 174,311 | | | $ | 393,636 | | $ | 337,004 | |
| | | | | | | | |
| Loan yield (GAAP) | 6.41 | % | 6.30 | % | 6.18 | % | 6.06 | % | 5.93 | % | | 6.35 | % | 5.81 | % |
| Adjusted loan yield (non-GAAP) | 6.38 | % | 6.27 | % | 6.14 | % | 6.04 | % | 5.89 | % | | 6.32 | % | 5.76 | % |
(1) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.
###
Second Quarter 2024 Earnings Call
This presentation may contain various statements about Renasant Corporation (“Renasant,” “we,” “our,” or “us”) 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 our future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. We believe 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 our control. In addition, these forward-looking statements are subject to assumptions about future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements; 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. 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) Renasant’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, 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) Renasant’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 our loan or investment portfolios, including adverse developments in borrower industries or 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 our 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 our 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 Renasant’s filings with the Securities and Exchange Commission (“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. We undertake no obligation, and specifically disclaim any obligation, to update or revise our 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. Forward-Looking Statements 2
Snapshot Assets: $17.5 billion Loans: 12.6 Deposits: 14.3 Equity: 2.4 Loans and Deposits by State MS 18% AL 30% FL 8% Other 1% GA 29% TN 14% Loans MS 39% AL 14% FL 3% GA 32% TN 12% Deposits Footprint *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texas are not shown. Note: Effective as of July 1, 2024, Renasant sold the assets of Renasant Insurance, Inc. As a result, insurance agency locations are not included in the map. Overview 3 Note: As of June 30, 2024
• Net income of $38.8 million with diluted EPS of $0.69 • Net interest margin increased 1 basis point to 3.31% on a linked quarter basis • Loans increased $104.2 million, or 3.4% annualized • Deposits increased $18.1 million; excluding brokered deposits, core deposits increased $201.8 million. Noninterest-bearing deposits represented $23.3 million of this increase • Cost of total deposits increased 12 basis points to 2.47%; noninterest-bearing deposits represented 24.8% of total deposits • The ratio of allowance for credit losses on loans to total loans was 1.59% • Nonperforming loans represented 0.78% of total loans, an increase of 19 basis points on a linked quarter basis; annualized net loan charge-offs were 0.18% of average loans. Criticized loans (which include classified and special mention loans) to total loans decreased to 2.62% • Effective July 1, 2024, Renasant sold the assets of its insurance agency for cash proceeds to Renasant Bank of $56.4 million, recognizing an estimated after-tax impact to earnings of $36.4 million, which is net of estimated merger-related expenses Second Quarter Highlights 4
Balance Sheet $14,095 $14,157 $14,077 $14,237 $14,255 $13,950 $14,000 $14,050 $14,100 $14,150 $14,200 $14,250 $14,300 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Deposits $11,931 $12,168 $12,351 $12,501 $12,605 $11,400 $11,600 $11,800 $12,000 $12,200 $12,400 $12,600 $12,800 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loans $2,209 $2,233 $2,297 $2,322 $2,355 $2,100 $2,150 $2,200 $2,250 $2,300 $2,350 $2,400 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Equity 5Note: Dollars in millions Note: In millions $17,224 $17,182 $17,361 $17,346 $17,510 $17,000 $17,100 $17,200 $17,300 $17,400 $17,500 $17,600 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Assets
6 Core Deposit Funding Diversification 25% 50% 6% 17% 2% Noninterest-bearing Interest-bearing* Savings Time Brokered Granularity • Average deposit account balance is $32 thousand; commercial and consumer deposit accounts, excluding time deposit accounts, averaged approximately $82 thousand and $13 thousand, respectively • Top 20 depositors, excluding public funds, comprise 4.3% of total deposits Customer Consumer 47% Commercial 35% Brokered 2% Public Funds 16% Commercial Construction 16% Professional Services 10% Real Estate 14% Financial 14% Manufacturing 7% Trade 11% Health Care 5% Other Services 17% Other 6% Note: As of June 30, 2024 and for the three months then-ended *Includes money market
7 Strong Liquidity Position Cash and Securities to Total Assets 18.4% 16.9% 17.0% 16.2% 15.9% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loans to Deposits 85% 86% 88% 88% 88% $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Average Interest Earning Asset Mix (2Q 2024) 81% 1% 14% 4% Loans Held for Investment Loans Held for Sale Securities Interest Bearing Balances with Banks
8 Capital 12.82% 13.00% 13.23% 13.39% 13.45% 7.37% 7.55% 7.87% 8.04% 8.16% $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Equity to Assets / Tangible Common Equity Ratio Shareholders' equity to assets Tangible common equity ratio (non-GAAP)* $39.35 $39.78 $40.92 $41.25 $41.77 $21.30 $21.76 $22.92 $23.32 $23.89 $5 $10 $15 $20 $25 $30 $35 $40 $45 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Book Value / TBV Book Value Tangible Book Value (non-GAAP)* * Tangible Common Equity Ratio and Tangible Book Value are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 10.30% 10.46% 10.52% 10.59% 10.75% 14.76% 14.91% 14.93% 15.00% 15.15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 CET1 / TRBC Common equity tier 1 capital ratio Total risk-based capital ratio Highlights • $100 million stock repurchase program is in effect through October 2024; there was no buyback activity in the second quarter of 2024 • Consistent dividend payment history, including through the 2008 financial crisis • Unrealized losses on the HTM portfolio would have a negative impact of 50 basis points on the TCE ratio at June 30, 2024; unrealized losses on both HTM and AFS would have a negative impact of 150 basis points on CET1 and the Company would remain above well-capitalized thresholds at June 30, 2024
9 Asset Quality 2.32% 2.27% 2.16% 2.76% 2.62% 2.00% 2.50% 3.00% 3.50% 4.00% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Criticized Loans/Total Loans 0.10% 0.11% 0.44% 0.48% 0.23% 0.0% 0.5% 1.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loans 30-89 Days Past Due/ Total Loans 0.13% 0.06% 0.06% 0.01% 0.18% 0.0% 0.5% 1.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Charge-offs / Average Loans 1.63% 1.63% 1.61% 1.61% 1.59% 0.0% 1.0% 2.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Allowance/Total Loans 212% 282% 286% 271% 204% 0% 200% 400% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Allowance/Nonperforming Loans 0.56% 0.46% 0.46% 0.48% 0.60% 0.0% 0.5% 1.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 NPAs/Total Assets
10 Profitability Note: Dollars in millions except per share amounts. *Adjusted Diluted EPS, Adjusted Net Income, Adjusted Net Interest Income (FTE), PPNR and Adjusted PPNR are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. $0.51 $0.74 $0.50 $0.70 $0.69 $0.83 $0.74 $0.76 $0.65 $0.69 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Diluted EPS / Adjusted Diluted EPS (non-GAAP)* Diluted EPS (GAAP) Adjusted Diluted EPS (non-GAAP)* $28.6 $41.8 $28.1 $39.4 $38.8 $46.7 $41.8 $42.9 $36.6 $38.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Income / Adjusted Net Income (non-GAAP)* Net Income Adjusted Net Income (non-GAAP)* $133.1 $130.1 $128.6 $125.9 $127.6$131.8 $129.7 $127.2 $124.9 $126.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Interest Income (FTE) / Adjusted Net Interest Income (FTE) (non-GAAP)* Net interest income (FTE) Adjusted net interest income (FTE) (non-GAAP)* $37.3 $57.2 $34.4 $51.8 $51.8 $59.7 $57.2 $52.6 $48.2 $51.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 PPNR (non-GAAP)* / Adjusted PPNR (non-GAAP)* PPNR (non-GAAP)* Adjusted PPNR (non-GAAP)*
11 Profitability Ratios *Adjusted ROAA, Adjusted ROTCE, PPNR/Average Assets, Adjusted PPNR/Average Assets and Adjusted Efficiency Ratio are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 5.18% 7.44% 4.93% 6.85% 6.68% 15.94% 13.95% 13.94% 11.58% 12.04% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ROAE / Adjusted ROTCE ROAE (GAAP) ROTCE (Adjusted) (non-GAAP)* 0.66% 0.96% 0.65% 0.92% 0.90% 1.08% 0.96% 0.99% 0.86% 0.90% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ROAA / Adjusted ROAA ROAA (GAAP) ROAA (Adjusted) (non-GAAP)* 73% 64% 75% 68% 67% 63% 64% 66% 68% 67% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Efficiency Ratio / Adjusted Efficiency Ratio Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* 0.86% 1.32% 0.79% 1.21% 1.20% 1.38% 1.32% 1.21% 1.13% 1.20% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 PPNR / Adjusted PPNR Ratios PPNR/Average Assets (non-GAAP)* Adjusted PPNR/Average Assets (non-GAAP)*
12 Net Interest Margin (FTE), Loan Yield and Cost of Deposits *Adjusted Net Interest Margin (FTE) and Adjusted Loan Yield are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 3.45% 3.36% 3.33% 3.30% 3.31% 3.43% 3.35% 3.29% 3.28% 3.29% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Interest Margin (FTE) / Adjusted Net Interest Margin (FTE)(non-GAAP)* Net Interest Margin Adjusted Net Interest Margin (FTE)(non-GAAP)* 5.93% 6.06% 6.18% 6.30% 6.41% 5.89% 6.04% 6.14% 6.27% 6.38% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loan Yield / Adjusted Loan Yield (non-GAAP)* Loan yield Adjusted Loan Yield (non-GAAP)* 1.50% 1.98% 2.17% 2.35% 2.47% 2.13% 2.70% 2.94% 3.13% 3.28% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Cost of Deposits Total cost of deposits Cost of total interest-bearing deposits
Noninterest Income / Total Revenue $17.2 $38.2 $20.4 $41.4 $38.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Noninterest Income 86% 4% 8% 2% YTD Total Revenue(1) Community Banking Wealth Management Mortgage Insurance Service Charges 27% Fees and Commissions 10% Insurance 7% Wealth Management 15% Mortgage Banking 25% Other 16% Noninterest Income Mix - 2Q 2024 • Noninterest income decreased $2.6 million on a linked quarter basis. Excluding the gain on sale of a portion of the Company’s mortgage servicing rights (“MSR”), noninterest income increased $0.9 million on a linked quarter basis. Higher volumes driven by seasonality in our mortgage division resulted in an increase in revenue, what was offset to some degree by a decline in contingency income recognized by our insurance agency. Note: Dollars in millions (1) Total revenue is calculated as net interest income plus noninterest income. (2) Effective July 1, 2024, Renasant sold the assets of its insurance agency 13 (2)
14 Noninterest Expense ($ in thousands) 1Q24 2Q24 Change Salaries and employee benefits 71,470$ 70,731$ (739)$ Data processing 3,807 3,945 138 Net occupancy and equipment 11,389 11,844 455 Advertising and public relations 4,886 3,807 (1,079) Other 21,360 21,649 289 Total 112,912$ 111,976$ (936)$ $110.2 $108.4 $111.9 $112.9 $112.0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Salaries and employee benefits 63% Data processing 4% Net occupancy and equipment 11% Advertising and public relations 3% Other 19% Mix - 2Q 2024 • Excluding the effect of certain charitable contributions and FDIC special assessment expense incurred in the first quarter, noninterest expense increased approximately $814 thousand on a linked quarter basis. Seasonality in our mortgage division resulted in higher levels of expense driven from increased volumes. These expenses were slightly offset by savings in other areas. ($ in millions)
Appendix
16 Available Liquidity and Uninsured Deposits $7.8 $4.5 Available sources Uninsured and uncollateralized deposits Uninsured Deposits % of Total Deposits Uncollateralized 4.5$ 31.5% Collateralized public funds 1.7 11.9% Total 6.2$ 43.4% Internal Sources Cash and cash equivalents 0.9$ Unencumbered securities(1) 0.7 External Sources FHLB borrowing capacity(2) 2.7 Federal Reserve Discount Window 0.6 Other(3) 2.9 Total 7.8$ Liquidity Sources Note: As of June 30, 2024; dollars in billions (1) Approximately $153 million of the unencumbered securities are placed at the Fed (2) Does not include loans participated to REITs that could be moved to Renasant Bank and pledged for additional capacity (3) Includes untapped brokered CDs (per internal policy limits) and unsecured lines of credit
17 Securities Composition (at Amortized Cost) Highlights • Represents 11.0% of total assets • Duration of 4.8 years • 61% of portfolio HTM o 10.5% of HTM are CRA investments o 25.9% of HTM are Municipals • Unrealized losses in AOCI on securities totaled $216.9 million ($162.8 million, net of tax); unrealized losses in AOCI on HTM securities totaled $72.0 million ($53.7 million, net of tax) Note: As of June 30, 2024 Agency CMO 38% Agency MBS 29% Municipal 15% Agency CMBS 10% SBA 5% Other 3% $1.9 Billion
18 Non-Owner Occupied CRE – Term* with Office and Multi-Family Non-Owner Occupied CRE – Term* Note: As of June 30, 2024. LTV is calculated using the most recent appraisal available. *Excludes construction Office (non-medical) 17% 10% 10% 22% 8% 8% 16% 8% 1% Warehouse/Industrial Hotels Self Storage Multi-family Medical Office Office (non-medical) Retail Senior Housing Other • 31.2% of total loans • Non-performing loans of 0.62% • 30-89 days past due of 0.02% • Average loan size of $2.0 million • Weighted average LTV of 55.4% • $320 million portfolio, 2.5% of total loans • 1.07% past due or nonaccrual • Average loan size of $1.0 million • Weighted average LTV of 56.4% • 86% of portfolio < 75% LTV Multi-Family • $822 million portfolio, 6.5% of total loans • No past due or nonaccrual • Average loan size of $3.2 million • Weighted average LTV of 56.8% • 90% of portfolio < 75% LTV
19 Construction Composition Note: As of June 30, 2024; LTV is calculated using the most recent appraisal available. Highlights 20% 6% 38% 6% 5% 10% 10% 3% 2% 1-4 Family Commercial Owner-Occupied Multi-family Office Retail Self Storage Warehouse / Industrial Hotels Senior Housing • 10.8% of total loans • 0.64% past due or nonaccrual • Average loan size of $1.9 million • Weighted average LTV of 60.3%
Forward-Looking Statements 20 ACL / Loss Absorption ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans Commercial, Financial, Agricultural 45,922$ 2.46 44,952$ 2.43 Lease Financing Receivables 2,554 2.38 2,515 2.45 Real Estate - 1-4 Family Mortgage 47,532 1.39 47,344 1.38 Real Estate - Commercial Mortgage 78,783 1.37 77,245 1.34 Real Estate - Construction 17,317 1.39 18,896 1.39 Installment loans to individuals 8,944 9.16 8,919 9.30 Allowance for Credit Losses on Loans 201,052 1.61 199,871 1.59 Allowance for Credit Losses on Deferred Interest 1,245 1,245 Reserve for Unfunded Commitments 16,718 15,718 Total Reserves 219,015 216,834 Purchase Accounting Discounts 7,635 6,738 Total Loss Absorption Capacity 226,650$ 223,572$ 6/30/20243/31/2024
21 Mortgage Banking Mortgage Banking Income ($ in thousands) 2Q23 1Q24 2Q24 Gain on sales of loans, net 4,646$ 4,535$ 5,199$ Fees, net 2,859 1,854 2,866 Mortgage servicing income, net 2,266 4,981 1,633 Mortgage banking income, net 9,771$ 11,370$ 9,698$ $0.6 $0.5 $0.3 $0.4 $0.6 $- $0 $0 $0 $0 $1 $1 $1 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Locked Volume (in billions) Mix (in %) 2Q23 1Q24 2Q24 Wholesale 42 51 43 Retail 58 49 57 Purchase 91 88 91 Refinance 9 12 9 Gain on sale margin* 1.66% 1.55% 1.14% 1.78% 1.69% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 *Gain on sale margin excludes pipeline fair value adjustments and buyback reserve activity included in “Gain on sales of loans, net” in the table above
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Renasant (NYSE:RNST)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Renasant (NYSE:RNST)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
