The following is a summary of the Renasant Corporation (RNST) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Renasant reported earnings of $72.5 million or $1.18 per diluted share, with an adjusted earnings of $43 million or $0.70 per diluted share.

• Net interest income increased by $6 million on a linked-quarter basis, driven by interest earned on capital raise proceeds and increased loan yields.

• Adjusted efficiency ratio improved by 198 basis points and adjusted return on average assets increased by seven basis points in a linked quarter.

• Non-interest income increased by $50.5 million, with a notable after-tax gain of $39 million from the sale of the insurance agency.

Business Progress:

• Renasant has merged with The First, expecting closure in the first half of 2025 followed by a conversion in August.

• Solid loan and deposit growth noted, with specific strategies implemented to manage deposit costs effectively.

• Strong focus on managing non-interest expenses, which decreased by $2.2 million on a linked-quarter basis excluding merger costs.

• Implementation of a disciplined approach to loan pricing and underwriting, maintaining strong asset quality.

Opportunities:

• The merger with The First presents significant growth opportunities, particularly in the Southeast, enhancing market presence and operational efficiencies.

• Increased deposit growth and effective management provided financial flexibility and resilience, key in navigating current and future economic conditions.

Risks:

• Potential impact of economic conditions on loan paydown rates and overall loan growth.

• Elevated paydowns observed in commercial real estate suggesting possible shifts in market dynamics that could affect loan growth stability.

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