checkAd

     133  0 Kommentare Renasant Corporation Announces Earnings for the Fourth Quarter of 2023

    TUPELO, Miss., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2023.

    (Dollars in thousands, except earnings per share) Three Months Ended   Twelve Months Ended
      Dec 31, 2023 Sep 30, 2023 Dec 31, 2022   Dec 31, 2023 Dec 31, 2022
    Net income and earnings per share:            
    Net income $ 28,124   $ 41,833   $ 46,276     $ 144,678   $ 166,068  
    After-tax loss on sale of securities   (15,711 )   —     —       (33,927 )   —  
    Basic EPS   0.50     0.75     0.83       2.58     2.97  
    Diluted EPS   0.50     0.74     0.82       2.56     2.95  
    Impact to diluted EPS from losses on the sale of securities (including impairments)   0.28     —     —       0.60     —  
    Adjusted diluted EPS (Non-GAAP)(1)   0.76     0.74     0.89       3.15     3.00  
                                     

    “The quarter exhibited solid results across the company. We continue to strengthen the balance sheet and remain committed to improving operating leverage,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company. “Going into 2024, Renasant is well positioned to continue organic growth and pursue our strategic objectives.”

    Quarterly Highlights

    Earnings

    • Net income for the fourth quarter of 2023 was $28.1 million; diluted EPS was $0.50 and adjusted diluted EPS (Non-GAAP)(1) was $0.76
    • Net interest income (fully tax equivalent) for the fourth quarter of 2023 was $128.6 million, down $1.5 million on a linked quarter basis
    • For the fourth quarter of 2023, net interest margin was 3.33%, down 3 basis points on a linked quarter basis
    • Cost of total deposits was 2.17% for the fourth quarter of 2023, up 19 basis points on a linked quarter basis
    • Noninterest income decreased $17.8 million on a linked quarter basis. The Company determined to sell a portion of its available-for-sale securities portfolio in the fourth quarter of 2023, and as a result the Company recognized pre-tax non-credit related impairment charges of $19.4 million. The impaired securities were sold in the first quarter of 2024 and generated $177 million in proceeds. Noninterest income for the fourth quarter of 2023 also included a one-time payment of $2.3 million related to Renasant's participation in a recovery agreement, which it assumed as part of a previous acquisition
    • The Company extinguished $3.3 million of its subordinated debt, which produced a gain of $0.6 million in the fourth quarter of 2023
    • Mortgage banking income decreased $0.9 million on a linked quarter basis. The mortgage division generated $0.3 billion in interest rate lock volume in the fourth quarter of 2023, a decrease of $0.2 billion. Gain on sale margin was 1.14% for the fourth quarter of 2023, down 41 basis points on a linked quarter basis
    • The Company realized a gain of $0.5 million in the fourth quarter of 2023 related to a holdback on previously sold mortgage servicing rights (“MSR”) assets
    • Noninterest expense increased $3.5 million on a linked quarter basis. Higher salaries and benefits and an FDIC deposit insurance special assessment of $2.7 million contributed to the increase

    Balance Sheet

    • Loans increased $183.2 million on a linked quarter basis, representing 6.0% annualized net loan growth
    • Securities decreased $10.0 million on a linked quarter basis due to net cash outflows of $51.0 million for the quarter. As previously mentioned, the Company recorded an impairment charge of $19.4 million on a portion of its securities classified as available-for-sale. The remaining available-for-sale portfolio experienced a positive fair value adjustment of $42.3 million
    • Deposits at December 31, 2023 decreased $80.3 million on a linked quarter basis. Brokered deposits decreased $295.9 million on a linked quarter basis to $461.4 million at December 31, 2023. Noninterest bearing deposits decreased $150.5 million on a linked quarter basis and represented 25.5% of total deposits at December 31, 2023

    Capital and Liquidity

    • Book value per share and tangible book value per share (non-GAAP)(1) increased 2.9% and 5.3%, 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 fourth quarter of 2023

    Credit Quality

    • The Company recorded a provision for credit losses of $2.5 million for the fourth quarter of 2023
    • The ratio of allowance for credit losses on loans to total loans was 1.61% at December 31, 2023
    • The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 286.26% at December 31, 2023, compared to 282.24% at September 30, 2023
    • Net loan charge-offs for the fourth quarter of 2023 were $1.7 million, or 0.06% of average loans on an annualized basis
    • Nonperforming loans to total loans decreased to 0.56% at December 31, 2023 compared to 0.58% at September 30, 2023 and criticized loans (which include classified and special mention loans) to total loans decreased to 2.16% at December 31, 2023, compared to 2.27% at September 30, 2023

    Lesen Sie auch

    (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,
    2023         		Sep 30,
    2023         		Jun 30,
    2023         		Mar 31,
    2023         		Dec 31,
    2022         		  Dec 31,
    2023         		Dec 31,
    2022
    Interest income                
    Loans held for investment $ 188,535   $ 181,129   $ 173,198   $ 161,787   $ 145,360     $ 704,649   $ 470,698  
    Loans held for sale   3,329     3,751     2,990     1,737     1,688       11,807     9,212  
    Securities   10,728     10,669     14,000     15,091     15,241       50,488     53,047  
    Other   7,839     10,128     6,978     5,430     2,777       30,375     8,853  
    Total interest income   210,431     205,677     197,166     184,045     165,066       797,319     541,810  
    Interest expense                
    Deposits   77,168     70,906     51,391     32,866     17,312       232,331     35,208  
    Borrowings   7,310     7,388     15,559     15,404     9,918       45,661     25,304  
    Total interest expense   84,478     78,294     66,950     48,270     27,230       277,992     60,512  
    Net interest income   125,953     127,383     130,216     135,775     137,836       519,327     481,298  
    Provision for credit losses                
    Provision for loan losses   2,518     5,315     3,000     7,960     10,488       18,793     23,788  
    Provision for (recovery of) unfunded commitments   —     (700 )   (1,000 )   (1,500 )   183       (3,200 )   83  
    Total provision for credit losses   2,518     4,615     2,000     6,460     10,671       15,593     23,871  
    Net interest income after provision for credit losses   123,435     122,768     128,216     129,315     127,165       503,734     457,427  
    Noninterest income   20,356     38,200     17,226     37,293     33,395       113,075     149,253  
    Noninterest expense   111,880     108,369     110,165     109,208     101,399       439,622     395,372  
    Income before income taxes   31,911     52,599     35,277     57,400     59,161       177,187     211,308  
    Income taxes   3,787     10,766     6,634     11,322     12,885       32,509     45,240  
    Net income $ 28,124   $ 41,833   $ 28,643   $ 46,078   $ 46,276     $ 144,678   $ 166,068  
                     
    Adjusted net income (non-GAAP)(1) $ 42,887   $ 41,833   $ 46,728   $ 46,078   $ 50,324     $ 177,657   $ 168,886  
    Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) $ 52,614   $ 57,214   $ 59,715   $ 63,860   $ 72,187     $ 233,403   $ 235,993  
                     
    Basic earnings per share $ 0.50   $ 0.75   $ 0.51   $ 0.82   $ 0.83     $ 2.58   $ 2.97  
    Diluted earnings per share   0.50     0.74     0.51     0.82     0.82       2.56     2.95  
    Adjusted diluted earnings per share (non-GAAP)(1)   0.76     0.74     0.83     0.82     0.89       3.15     3.00  
    Average basic shares outstanding   56,141,628     56,138,618     56,107,881     56,008,741     55,953,104       56,099,689     55,904,579  
    Average diluted shares outstanding   56,611,217     56,523,887     56,395,653     56,270,219     56,335,446       56,448,163     56,214,230  
    Cash dividends per common share $ 0.22   $ 0.22   $ 0.22   $ 0.22   $ 0.22     $ 0.88   $ 0.88  
                                                 

    (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   Twelve Months Ended
      Dec 31,
    2023         		Sep 30,
    2023         		Jun 30,
    2023         		Mar 31,
    2023         		Dec 31,
    2022         		  Dec 31,
    2023         		Dec 31,
    2022
    Return on average assets 0.65 % 0.96 % 0.66 % 1.09 % 1.11 %   0.84 % 1.00 %
    Adjusted return on average assets (non-GAAP)(1) 0.99   0.96   1.08   1.09   1.20     1.03   1.02  
    Return on average tangible assets (non-GAAP)(1) 0.71   1.05   0.73   1.19   1.20     0.92   1.09  
    Adjusted return on average tangible assets (non-GAAP)(1) 1.08   1.05   1.18   1.19   1.30     1.12   1.10  
    Return on average equity 4.93   7.44   5.18   8.55   8.58     6.50   7.60  
    Adjusted return on average equity (non-GAAP)(1) 7.53   7.44   8.45   8.55   9.33     7.99   7.73  
    Return on average tangible equity (non-GAAP)(1) 9.26   13.95   9.91   16.29   15.98     12.29   13.97  
    Adjusted return on average tangible equity (non-GAAP)(1) 13.94   13.95   15.94   16.29   17.35     15.02   14.20  
    Efficiency ratio (fully taxable equivalent) 75.11   64.38   73.29   62.11   58.29     68.33   61.88  
    Adjusted efficiency ratio (non-GAAP)(1) 66.18   63.60   62.98   61.30   56.25     63.48   60.77  
    Dividend payout ratio 44.00   29.33   43.14   26.83   26.51     34.11   29.63  
                                   

    Capital and Balance Sheet Ratios

      As of
      Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022
    Shares outstanding   56,142,207     56,140,713     56,132,478     56,073,658     55,953,104  
    Market value per share $ 33.68   $ 26.19   $ 26.13   $ 30.58   $ 37.59  
    Book value per share   40.92     39.78     39.35     39.01     38.18  
    Tangible book value per share (non-GAAP)(1)   22.92     21.76     21.30     20.92     20.02  
    Shareholders’ equity to assets   13.23 %   13.00 %   12.82 %   12.52 %   12.57 %
    Tangible common equity ratio (non-GAAP)(1)   7.87     7.55     7.37     7.13     7.01  
    Leverage ratio   9.62     9.48     9.22     9.18     9.36  
    Common equity tier 1 capital ratio   10.52     10.46     10.30     10.19     10.21  
    Tier 1 risk-based capital ratio   11.30     11.25     11.09     10.98     11.01  
    Total risk-based capital ratio   14.93     14.91     14.76     14.68     14.63  
                                   

    (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   Twelve Months Ended
      Dec 31,
    2023         		Sep 30,
    2023         		Jun 30,
    2023         		Mar 31,
    2023         		Dec 31,
    2022         		  Dec 31,
    2023         		Dec 31,
    2022
    Noninterest income                
    Service charges on deposit accounts $ 10,603   $ 9,743   $ 9,733   $ 9,120   $ 10,445     $ 39,199   $ 39,957  
    Fees and commissions   4,130     4,108     4,987     4,676     4,470       17,901     17,268  
    Insurance commissions   2,583     3,264     2,809     2,446     2,501       11,102     10,754  
    Wealth management revenue   5,668     5,986     5,338     5,140     5,237       22,132     22,339  
    Mortgage banking income   6,592     7,533     9,771     8,517     5,170       32,413     35,794  
    Net losses on sales of securities (including impairments)   (19,352 )   —     (22,438 )   —     —       (41,790 )   —  
    Gain on extinguishment of debt   620     —     —     —     —       620     —  
    BOLI income   2,589     2,469     2,402     3,003     2,487       10,463     9,267  
    Other   6,923     5,097     4,624     4,391     3,085       21,035     13,874  
    Total noninterest income $ 20,356   $ 38,200   $ 17,226   $ 37,293   $ 33,395     $ 113,075   $ 149,253  
    Noninterest expense                
    Salaries and employee benefits $ 71,841   $ 69,458   $ 70,637   $ 69,832   $ 67,372     $ 281,768   $ 261,654  
    Data processing   3,971     3,907     3,684     3,633     3,521       15,195     14,900  
    Net occupancy and equipment   11,653     11,548     11,865     11,405     11,122       46,471     44,819  
    Other real estate owned   306     (120 )   51     30     (59 )     267     (453 )
    Professional fees   2,854     3,338     4,012     3,467     2,856       13,671     11,872  
    Advertising and public relations   3,084     3,474     3,482     4,686     3,631       14,726     14,325  
    Intangible amortization   1,274     1,311     1,369     1,426     1,195       5,380     5,122  
    Communications   2,026     2,006     2,226     1,980     2,028       8,238     7,958  
    Merger and conversion related expenses   —     —     —     —     1,100       —     1,787  
    Restructuring charges   —     —     —     —     —       —     732  
    Other   14,871     13,447     12,839     12,749     8,633       53,906     32,656  
    Total noninterest expense $ 111,880   $ 108,369   $ 110,165   $ 109,208   $ 101,399     $ 439,622   $ 395,372  
                                                 

    Mortgage Banking Income

    (Dollars in thousands) Three Months Ended   Twelve Months Ended
      Dec 31,
    2023         		Sep 30,
    2023         		Jun 30,
    2023         		Mar 31,
    2023         		Dec 31,
    2022         		  Dec 31,
    2023         		Dec 31,
    2022
    Gain on sales of loans, net $ 1,860   $ 3,297   $ 4,646   $ 4,770   $ 1,003     $ 14,573   $ 15,803  
    Fees, net   2,010     2,376     2,859     1,806     1,849       9,051     10,371  
    Mortgage servicing income, net   2,722     1,860     2,266     1,941     2,318       8,789     9,620  
    Total mortgage banking income $ 6,592   $ 7,533   $ 9,771   $ 8,517   $ 5,170     $ 32,413   $ 35,794  
                                                 

    Balance Sheet

    (Dollars in thousands) As of
      Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022
    Assets          
    Cash and cash equivalents $ 801,351   $ 741,156   $ 946,899   $ 847,697   $ 575,992  
    Securities held to maturity, at amortized cost   1,221,464     1,245,595     1,273,044     1,300,240     1,324,040  
    Securities available for sale, at fair value   923,279     909,108     950,930     1,507,907     1,533,942  
    Loans held for sale, at fair value   179,756     241,613     249,615     159,318     110,105  
    Loans held for investment   12,351,230     12,168,023     11,930,516     11,766,425     11,578,304  
    Allowance for credit losses on loans   (198,578 )   (197,773 )   (194,391 )   (195,292 )   (192,090 )
    Loans, net   12,152,652     11,970,250     11,736,125     11,571,133     11,386,214  
    Premises and equipment, net   283,195     284,368     285,952     287,006     283,595  
    Other real estate owned   9,622     9,258     5,120     4,818     1,763  
    Goodwill and other intangibles   1,010,460     1,011,735     1,013,046     1,014,415     1,015,884  
    Bank-owned life insurance   382,584     379,945     377,649     375,572     373,808  
    Mortgage servicing rights   91,688     90,241     87,432     85,039     84,448  
    Other assets   304,484     298,352     298,530     320,938     298,385  
    Total assets $ 17,360,535   $ 17,181,621   $ 17,224,342   $ 17,474,083   $ 16,988,176  
               
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 3,583,675   $ 3,734,197   $ 3,878,953   $ 4,244,877   $ 4,558,756  
    Interest-bearing   10,493,110     10,422,913     10,216,408     9,667,142     8,928,210  
    Total deposits   14,076,785     14,157,110     14,095,361     13,912,019     13,486,966  
    Short-term borrowings   307,577     107,662     257,305     732,057     712,232  
    Long-term debt   429,400     427,399     429,630     431,111     428,133  
    Other liabilities   249,390     256,127     233,418     211,596     224,829  
    Total liabilities   15,063,152     14,948,298     15,015,714     15,286,783     14,852,160  
               
    Shareholders’ equity:          
    Common stock   296,483     296,483     296,483     296,483     296,483  
    Treasury stock   (105,249 )   (105,300 )   (105,589 )   (107,559 )   (111,577 )
    Additional paid-in capital   1,308,281     1,304,891     1,301,883     1,299,458     1,302,422  
    Retained earnings   952,124     936,573     907,312     891,242     857,725  
    Accumulated other comprehensive loss   (154,256 )   (199,324 )   (191,461 )   (192,324 )   (209,037 )
    Total shareholders’ equity   2,297,383     2,233,323     2,208,628     2,187,300     2,136,016  
    Total liabilities and shareholders’ equity $ 17,360,535   $ 17,181,621   $ 17,224,342   $ 17,474,083   $ 16,988,176  
                                   

    Net Interest Income and Net Interest Margin

    (Dollars in thousands) Three Months Ended
      December 31, 2023 September 30, 2023 December 31, 2022
      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 $ 12,249,429   $ 190,857   6.18 % $ 12,030,109   $ 183,521   6.06 % $ 11,282,422   $ 147,519   5.19 %
    Loans held for sale   199,510     3,329   6.68 %   227,982     3,751   6.58 %   117,082     1,688   5.77 %
    Taxable securities   2,050,175     9,490   1.85 %   2,097,285     9,459   1.80 %   2,657,248     13,174   1.98 %
    Tax-exempt securities(1)   282,698     1,558   2.20 %   285,588     1,566   2.19 %   447,287     2,637   2.36 %
    Total securities   2,332,873     11,048   1.89 %   2,382,873     11,025   1.85 %   3,104,535     15,811   2.04 %
    Interest-bearing balances with banks   552,301     7,839   5.63 %   729,049     10,128   5.51 %   269,975     2,777   4.08 %
    Total interest-earning assets   15,334,113     213,073   5.52 %   15,370,013     208,425   5.39 %   14,774,014     167,795   4.51 %
    Cash and due from banks   180,609         180,708         201,369      
    Intangible assets   1,011,130         1,012,460         967,005      
    Other assets   669,988         672,232         635,452      
    Total assets $ 17,195,840       $ 17,235,413       $ 16,577,840      
    Interest-bearing liabilities:                  
    Interest-bearing demand(2) $ 6,721,053   $ 47,783   2.82 % $ 6,520,145   $ 41,464   2.52 % $ 6,018,679   $ 12,534   0.83 %
    Savings deposits   888,692     765   0.34 %   942,619     793   0.33 %   1,093,997     582   0.21 %
    Brokered deposits   632,704     8,594   5.39 %   947,388     12,732   5.33 %   93,764     1,047   4.43 %
    Time deposits   2,185,737     20,026   3.63 %   2,002,505     15,917   3.15 %   1,324,042     3,149   0.94 %
    Total interest-bearing deposits   10,428,186     77,168   2.94 %   10,412,657     70,906   2.70 %   8,530,482     17,312   0.81 %
    Borrowed funds   543,344     7,310   5.37 %   545,105     7,388   5.40 %   893,705     9,918   4.42 %
    Total interest-bearing liabilities   10,971,530     84,478   3.06 %   10,957,762     78,294   2.84 %   9,424,187     27,230   1.15 %
    Noninterest-bearing deposits   3,703,050         3,800,160         4,805,014      
    Other liabilities   260,235         245,886         209,544      
    Shareholders’ equity   2,261,025         2,231,605         2,139,095      
    Total liabilities and shareholders’ equity $ 17,195,840       $ 17,235,413       $ 16,577,840      
    Net interest income/ net interest margin   $ 128,595   3.33 %   $ 130,131   3.36 %   $ 140,565   3.78 %
    Cost of funding     2.28 %     2.11 %     0.76 %
    Cost of total deposits     2.17 %     1.98 %     0.52 %
                             

    (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) Twelve Months Ended
      December 31, 2023 December 31, 2022
      Average
    Balance     		Interest
    Income/
    Expense     		Yield/
    Rate     		Average
    Balance     		Interest
    Income/
    Expense     		Yield/
    Rate
    Interest-earning assets:            
    Loans held for investment $ 11,963,141   $ 713,897   5.97 % $ 10,677,995   $ 476,746   4.46 %
    Loans held for sale   181,253     11,807   6.51 %   203,981     9,212   4.52 %
    Taxable securities(1)   2,313,874     44,619   1.93 %   2,654,621     44,750   1.69 %
    Tax-exempt securities   332,749     7,634   2.29 %   446,895     10,655   2.38 %
    Total securities   2,646,623     52,253   1.97 %   3,101,516     55,405   1.79 %
    Interest-bearing balances with banks   568,155     30,375   5.35 %   846,768     8,853   1.05 %
    Total interest-earning assets   15,359,172     808,332   5.26 %   14,830,260     550,216   3.71 %
    Cash and due from banks   187,127         201,419      
    Intangible assets   1,012,239         967,018      
    Other assets   673,345         639,155      
    Total assets $ 17,231,883       $ 16,637,852      
    Interest-bearing liabilities:            
    Interest-bearing demand(2) $ 6,357,753   $ 138,730   2.18 % $ 6,420,905   $ 25,840   0.40 %
    Savings deposits   971,522     3,197   0.33 %   1,116,013     1,023   0.09 %
    Brokered deposits   697,699     36,039   5.17 %   23,634     1,047   4.43 %
    Time deposits   1,874,224     54,365   2.90 %   1,310,398     7,298   0.56 %
    Total interest-bearing deposits   9,901,198     232,331   2.35 %   8,870,950     35,208   0.40 %
    Borrowed funds   890,765     45,661   5.13 %   624,887     25,304   4.05 %
    Total interest-bearing liabilities   10,791,963     277,992   2.58 %   9,495,837     60,512   0.64 %
    Noninterest-bearing deposits   3,979,951         4,760,432      
    Other liabilities   235,463         196,980      
    Shareholders’ equity   2,224,506         2,184,603      
    Total liabilities and shareholders’ equity $ 17,231,883       $ 16,637,852      
    Net interest income/ net interest margin   $ 530,340   3.45 %   $ 489,704   3.30 %
    Cost of funding     1.88 %     0.42 %
    Cost of total deposits     1.67 %     0.26 %
                     

    (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   Twelve Months Ended
      Dec 31, 2023 Sep 30, 2023 Dec 31, 2022   Dec 31, 2023 Dec 31, 2022
    Earning asset mix:            
    Loans held for investment   79.88 %   78.27 %   76.36 %     77.89 %   72.00 %
    Loans held for sale   1.30     1.48     0.79       1.18     1.38  
    Securities   15.21     15.50     21.01       17.23     20.91  
    Interest-bearing balances with banks   3.61     4.75     1.84       3.70     5.71  
    Total   100.00 %   100.00 %   100.00 %     100.00 %   100.00 %
                 
    Funding sources mix:            
    Noninterest-bearing demand   25.23 %   25.75 %   33.77 %     26.94 %   33.39 %
    Interest-bearing demand   45.80     44.18     42.30       43.04     45.04  
    Savings   6.06     6.39     7.69       6.58     7.83  
    Brokered deposits   4.31     6.42     0.66       4.72     0.17  
    Time deposits   14.89     13.57     9.31       12.69     9.19  
    Borrowed funds   3.71     3.69     6.27       6.03     4.38  
    Total   100.00 %   100.00 %   100.00 %     100.00 %   100.00 %
                 
    Net interest income collected on problem loans $ 283   $ (820 ) $ 161     $ 219   $ 2,949  
    Total accretion on purchased loans   1,117     1,290     625       4,166     5,198  
    Total impact on net interest income $ 1,400   $ 470   $ 786     $ 4,385   $ 8,147  
    Impact on net interest margin   0.04 %   0.01 %   0.02 %     0.03 %   0.05 %
    Impact on loan yield   0.05 %   0.02 %   0.03 %     0.04 %   0.08 %
                                     

    Loan Portfolio

    (Dollars in thousands) As of
      Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022
    Loan Portfolio:          
    Commercial, financial, agricultural $ 1,871,821   $ 1,819,891   $ 1,729,070   $ 1,740,778   $ 1,673,883  
    Lease financing   116,020     120,724     122,370     121,146     115,013  
    Real estate - construction   1,333,397     1,407,364     1,369,019     1,424,352     1,330,337  
    Real estate - 1-4 family mortgages   3,439,919     3,398,876     3,348,654     3,278,980     3,216,263  
    Real estate - commercial mortgages   5,486,550     5,313,166     5,252,479     5,085,813     5,118,063  
    Installment loans to individuals   103,523     108,002     108,924     115,356     124,745  
    Total loans $ 12,351,230   $ 12,168,023   $ 11,930,516   $ 11,766,425   $ 11,578,304  
                                   

    Credit Quality and Allowance for Credit Losses on Loans

    (Dollars in thousands) As of
      Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022
    Nonperforming Assets:          
    Nonaccruing loans $ 68,816   $ 69,541   $ 55,439   $ 56,626   $ 56,545  
    Loans 90 days or more past due   554     532     36,321     18,664     331  
    Total nonperforming loans   69,370     70,073     91,760     75,290     56,876  
    Other real estate owned   9,622     9,258     5,120     4,818     1,763  
    Total nonperforming assets $ 78,992   $ 79,331   $ 96,880   $ 80,108   $ 58,639  
               
    Criticized Loans          
    Classified loans $ 166,893   $ 186,052   $ 219,674   $ 222,701   $ 200,249  
    Special Mention loans   99,699     89,858     56,616     64,832     86,172  
    Criticized loans(1) $ 266,592   $ 275,910   $ 276,290   $ 287,533   $ 286,421  
               
    Allowance for credit losses on loans $ 198,578   $ 197,773   $ 194,391   $ 195,292   $ 192,090  
    Net loan charge-offs $ 1,713   $ 1,933   $ 3,901   $ 4,732   $ 2,566  
    Annualized net loan charge-offs / average loans   0.06 %   0.06 %   0.13 %   0.16 %   0.09 %
    Nonperforming loans / total loans   0.56     0.58     0.77     0.64     0.49  
    Nonperforming assets / total assets   0.46     0.46     0.56     0.46     0.35  
    Allowance for credit losses on loans / total loans   1.61     1.63     1.63     1.66     1.66  
    Allowance for credit losses on loans / nonperforming loans   286.26     282.24     211.85     259.39     337.73  
    Criticized loans / total loans   2.16     2.27     2.32     2.44     2.47  
                                   

    (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, January 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=1DnpBQmV. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2023 Fourth 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 1831497 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 7, 2024.

    ABOUT RENASANT CORPORATION:

    Renasant Corporation is the parent of Renasant Bank, a 119-year-old financial services institution. Renasant has assets of approximately $17.4 billion and operates 195 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 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, including, without limitation, (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 fourth quarter of 2023, 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   Twelve Months Ended
      Dec 31,
    2023         		Sep 30,
    2023         		Jun 30,
    2023         		Mar 31,
    2023         		Dec 31,
    2022         		  Dec 31,
    2023         		Dec 31,
    2022
    Adjusted Pre-Provision Net Revenue (“PPNR”)            
    Net income (GAAP) $ 28,124   $ 41,833   $ 28,643   $ 46,078   $ 46,276     $ 144,678   $ 166,068  
    Income taxes   3,787     10,766     6,634     11,322     12,885       32,509     45,240  
    Provision for credit losses (including unfunded commitments)   2,518     4,615     2,000     6,460     10,671       15,593     23,871  
    Pre-provision net revenue (non-GAAP) $ 34,429   $ 57,214   $ 37,277   $ 63,860   $ 69,832     $ 192,780   $ 235,179  
    Merger and conversion expense   —     —     —     —     1,100       —     1,787  
    Gain on extinguishment of debt   (620 )   —     —     —     —       (620 )   —  
    Gain on sale of MSR   (547 )   —     —     —     —       (547 )   (2,960 )
    Restructuring charges   —     —     —     —     —       —     732  
    Voluntary reimbursement of certain re-presentment NSF fees   —     —     —     —     1,255       —     1,255  
    Losses on security sales (including impairments)   19,352     —     22,438     —     —       41,790     —  
    Adjusted pre-provision net revenue (non-GAAP) $ 52,614   $ 57,214   $ 59,715   $ 63,860   $ 72,187     $ 233,403   $ 235,993  
                     
    Adjusted Net Income and Adjusted Tangible Net Income            
    Net income (GAAP) $ 28,124   $ 41,833   $ 28,643   $ 46,078   $ 46,276     $ 144,678   $ 166,068  
    Amortization of intangibles   1,274     1,311     1,369     1,426     1,195       5,380     5,122  
    Tax effect of adjustments noted above(1)   (240 )   (269 )   (266 )   (299 )   (260 )     (1,012 )   (1,119 )
    Tangible net income (non-GAAP) $ 29,158   $ 42,875   $ 29,746   $ 47,205   $ 47,211     $ 149,046   $ 170,071  
                     
    Net income (GAAP) $ 28,124   $ 41,833   $ 28,643   $ 46,078   $ 46,276     $ 144,678   $ 166,068  
    Merger and conversion expense   —     —     —     —     1,100       —     1,787  
    Gain on extinguishment of debt   (620 )   —     —     —     —       (620 )   —  
    Gain on sale of MSR   (547 )   —     —     —     —       (547 )   (2,960 )
    Restructuring charges   —     —     —     —     —       —     732  
    Initial provision for acquisitions   —     —     —     —     2,820       —     2,820  
    Voluntary reimbursement of certain re-presentment NSF fees   —     —     —     —     1,255       —     1,255  
    Losses on security sales (including impairments)   19,352     —     22,438     —     —       41,790     —  
    Tax effect of adjustments noted above(1)   (3,422 )   —     (4,353 )   —     (1,127 )     (7,644 )   (816 )
    Adjusted net income (non-GAAP) $ 42,887   $ 41,833   $ 46,728   $ 46,078   $ 50,324     $ 177,657   $ 168,886  
    Amortization of intangibles   1,274     1,311     1,369     1,426     1,195       5,380     5,122  
    Tax effect of adjustments noted above(1)   (240 )   (269 )   (266 )   (299 )   (260 )     (1,012 )   (1,119 )
    Adjusted tangible net income (non-GAAP) $ 43,921   $ 42,875   $ 47,831   $ 47,205   $ 51,259     $ 182,025   $ 172,889  
    Tangible Assets and Tangible Shareholders’ Equity            
    Average shareholders’ equity (GAAP) $ 2,261,025   $ 2,231,605   $ 2,217,708   $ 2,186,794   $ 2,139,095     $ 2,224,506   $ 2,184,603  
    Average intangible assets   1,011,130     1,012,460     1,013,811     1,011,557     967,005       1,012,239     967,018  
    Average tangible shareholders’ equity (non-GAAP) $ 1,249,895   $ 1,219,145   $ 1,203,897   $ 1,175,237   $ 1,172,090     $ 1,212,267   $ 1,217,585  
                     
    Average assets (GAAP) $ 17,195,840   $ 17,235,413   $ 17,337,924   $ 17,157,898   $ 16,577,840     $ 17,231,883   $ 16,637,852  
    Average intangible assets   1,011,130     1,012,460     1,013,811     1,011,557     967,005       1,012,239     967,018  
    Average tangible assets (non-GAAP) $ 16,184,710   $ 16,222,953   $ 16,324,113   $ 16,146,341   $ 15,610,835     $ 16,219,644   $ 15,670,834  
                     
    Shareholders’ equity (GAAP) $ 2,297,383   $ 2,233,323   $ 2,208,628   $ 2,187,300   $ 2,136,016     $ 2,297,383   $ 2,136,016  
    Intangible assets   1,010,460     1,011,735     1,013,046     1,014,415     1,015,884       1,010,460     1,015,884  
    Tangible shareholders’ equity (non-GAAP) $ 1,286,923   $ 1,221,588   $ 1,195,582   $ 1,172,885   $ 1,120,132     $ 1,286,923   $ 1,120,132  
                     
    Total assets (GAAP) $ 17,360,535   $ 17,181,621   $ 17,224,342   $ 17,474,083   $ 16,988,176     $ 17,360,535   $ 16,988,176  
    Intangible assets   1,010,460     1,011,735     1,013,046     1,014,415     1,015,884       1,010,460     1,015,884  
    Total tangible assets (non-GAAP) $ 16,350,075   $ 16,169,886   $ 16,211,296   $ 16,459,668   $ 15,972,292     $ 16,350,075   $ 15,972,292  
                     
    Adjusted Performance Ratios                
    Return on average assets (GAAP)   0.65 %   0.96 %   0.66 %   1.09 %   1.11 %     0.84 %   1.00 %
    Adjusted return on average assets (non-GAAP)   0.99     0.96     1.08     1.09     1.20       1.03     1.02  
    Return on average tangible assets (non-GAAP)   0.71     1.05     0.73     1.19     1.20       0.92     1.09  
    Pre-provision net revenue to average assets (non-GAAP)   0.79     1.32     0.86     1.51     1.67       1.12     1.41  
    Adjusted pre-provision net revenue to average assets (non-GAAP)   1.21     1.32     1.38     1.51     1.73       1.35     1.42  
    Adjusted return on average tangible assets (non-GAAP)   1.08     1.05     1.18     1.19     1.30       1.12     1.10  
    Return on average equity (GAAP)   4.93     7.44     5.18     8.55     8.58       6.50     7.60  
    Adjusted return on average equity (non-GAAP)   7.53     7.44     8.45     8.55     9.33       7.99     7.73  
    Return on average tangible equity (non-GAAP)   9.26     13.95     9.91     16.29     15.98       12.29     13.97  
    Adjusted return on average tangible equity (non-GAAP)   13.94     13.95     15.94     16.29     17.35       15.02     14.20  
                     
    Adjusted Diluted Earnings Per Share            
    Average diluted shares outstanding   56,611,217     56,523,887     56,395,653     56,270,219     56,335,446       56,448,163     56,214,230  
                     
    Diluted earnings per share (GAAP) $ 0.50   $ 0.74   $ 0.51   $ 0.82   $ 0.82     $ 2.56   $ 2.95  
    Adjusted diluted earnings per share (non-GAAP) $ 0.76   $ 0.74   $ 0.83   $ 0.82   $ 0.89     $ 3.15   $ 3.00  
                     
    Tangible Book Value Per Share                
    Shares outstanding   56,142,207     56,140,713     56,132,478     56,073,658     55,953,104       56,142,207     55,953,104  
                     
    Book value per share (GAAP) $ 40.92   $ 39.78   $ 39.35   $ 39.01   $ 38.18     $ 40.92   $ 38.18  
    Tangible book value per share (non-GAAP) $ 22.92   $ 21.76   $ 21.30   $ 20.92   $ 20.02     $ 22.92   $ 20.02  
                     
    Tangible Common Equity Ratio                
    Shareholders’ equity to assets (GAAP)   13.23 %   13.00 %   12.82 %   12.52 %   12.57 %     13.23 %   12.57 %
    Tangible common equity ratio (non-GAAP)   7.87 %   7.55 %   7.37 %   7.13 %   7.01 %     7.87 %   7.01 %
    Adjusted Efficiency Ratio                
    Net interest income (FTE) (GAAP) $ 128,595   $ 130,131   $ 133,085   $ 138,529   $ 140,565     $ 530,340   $ 489,704  
                     
    Total noninterest income (GAAP) $ 20,356   $ 38,200   $ 17,226   $ 37,293   $ 33,395     $ 113,075   $ 149,253  
    Gain on sale of MSR   547     —     —     —     —       547     2,960  
    Gain on extinguishment of debt   620     —     —     —     —       620     —  
    Losses on security sales (including impairments)   (19,352 )   —     (22,438 )   —     —       (41,790 )   —  
    Total adjusted noninterest income (non-GAAP) $ 38,541   $ 38,200   $ 39,664   $ 37,293   $ 33,395     $ 153,698   $ 146,293  
                     
    Noninterest expense (GAAP) $ 111,880   $ 108,369   $ 110,165   $ 109,208   $ 101,399     $ 439,622   $ 395,372  
    Amortization of intangibles   1,274     1,311     1,369     1,426     1,195       5,380     5,122  
    Merger and conversion expense   —     —     —     —     1,100       —     1,787  
    Restructuring charges   —     —     —     —     —       —     732  
    Voluntary reimbursement of certain re-presentment NSF fees   —     —     —     —     1,255       —     1,255  
    Total adjusted noninterest expense (non-GAAP) $ 110,606   $ 107,058   $ 108,796   $ 107,782   $ 97,849     $ 434,242   $ 386,476  
                     
    Efficiency ratio (GAAP)   75.11 %   64.38 %   73.29 %   62.11 %   58.29 %     68.33 %   61.88 %
    Adjusted efficiency ratio (non-GAAP)   66.18 %   63.60 %   62.98 %   61.30 %   56.25 %     63.48 %   60.77 %
                     
    Adjusted Net Interest Income and Adjusted Net Interest Margin            
    Net interest income (FTE) (GAAP) $ 128,595   $ 130,131   $ 133,085   $ 138,529   $ 140,565     $ 530,340   $ 489,704  
    Net interest income collected on problem loans   283     (820 )   364     392     161       219     2,949  
    Accretion recognized on purchased loans   1,117     1,290     874     885     625       4,166     5,198  
    Adjustments to net interest income $ 1,400   $ 470   $ 1,238   $ 1,277   $ 786     $ 4,385   $ 8,147  
    Adjusted net interest income (FTE) (non-GAAP) $ 127,195   $ 129,661   $ 131,847   $ 137,252   $ 139,779     $ 525,955   $ 481,557  
                     
    Net interest margin (GAAP)   3.33 %   3.36 %   3.45 %   3.66 %   3.78 %     3.45 %   3.30 %
    Adjusted net interest margin (non-GAAP)   3.29 %   3.35 %   3.43 %   3.63 %   3.76 %     3.42 %   3.25 %
                     
    Adjusted Loan Yield                
    Loan interest income (FTE) (GAAP) $ 190,857   $ 183,521   $ 175,549   $ 163,970   $ 147,519     $ 713,897   $ 476,746  
    Net interest income collected on problem loans   283     (820 )   364     392     161       219     2,949  
    Accretion recognized on purchased loans   1,117     1,290     874     885     625       4,166     5,198  
    Adjusted loan interest income (FTE) (non-GAAP) $ 189,457   $ 183,051   $ 174,311   $ 162,693   $ 146,733     $ 709,512   $ 468,599  
                     
    Loan yield (GAAP)   6.18 %   6.06 %   5.93 %   5.68 %   5.19 %     5.97 %   4.46 %
    Adjusted loan yield (non-GAAP)   6.14 %   6.04 %   5.89 %   5.64 %   5.16 %     5.93 %   4.39 %
                                                 

    (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
         




    globenewswire
    0 Follower
    Autor folgen
    RSS-Feed abonnieren

    Weitere Artikel des Autors


    Verfasst von globenewswire
    1 im Artikel enthaltener WertIm Artikel enthaltene Werte
    Renasant Corporation Announces Earnings for the Fourth Quarter of 2023 TUPELO, Miss., Jan. 23, 2024 (GLOBE NEWSWIRE) - Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2023. (Dollars in thousands, except earnings per share)Three Months Ended Twelve Months …