The following is a summary of the Renasant Corporation (RNST) Q1 2024 Earnings Call Transcript:
Financial Performance:
Renasant Corporation reported Q1 earnings of $39.4 million or $0.70 per diluted share, with an adjusted EPS of $0.65 excluding certain gains.
The company saw a quarter-over-quarter increase in loan interest income by $3.9 million attributed to solid loan growth and an increase in loan yields.
Core deposit growth stood at $280 million leading to the maturity of $119 million of broker deposits.
Adjusted non-interest income experienced a decrease by $688,000 quarter-over-quarter excluding one time items.
The company recorded a credit loss provision of $2.4 million.
Renasant Corporation reported Q1 loan growth at $149 million, showing an annualized growth rate of 5%.
Business Progress:
Renasant Corporation announced a succession plan, with Kevin Chapman to take over as CEO in May 2025.
Growth was observed in both loan and deposit business, partly credited to the bank's presence in deposit-rich markets and higher growth areas.
Continually focused on growing the core funding base, the company was able to capture momentum during the quarter.
Despite challenging market conditions, the company made significant investments in the mortgage business expecting improvements.
The bank noted improvements in new and renewed yields, with anticipation of a stable margin in a no rate cut environment.
The company plans to meet investors at the Gulf South Conference in New Orleans, signaling strong investor relations.
More details: Renasant IR
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