Q4 2024 Renasant Corp Earnings Call Transcript
Key Points
- Renasant Corp (RNST) reported strong loan growth of $257 million in the fourth quarter, contributing to an increase in net interest income.
- The company achieved significant deposit growth, particularly in interest-bearing deposits, which increased by $189 million.
- Renasant Corp (RNST) successfully reduced its cost of deposits by 16 basis points during the fourth quarter.
- The company completed the sale of its insurance agency, resulting in a one-time pretax gain of $53.3 million.
- Renasant Corp (RNST) maintained strong asset quality metrics, with a decrease in criticized loans and non-performing assets as a percentage of total assets.
- Noninterest income decreased by $55.1 million in the fourth quarter, primarily due to seasonal declines in mortgage volume and revenue.
- Noninterest expense was $114.7 million for the fourth quarter, with a $1.9 million increase on a linked quarter basis when excluding merger and conversion expenses.
- The company anticipates considerable merger and conversion expenses in 2025 related to the combination with The First.
- Renasant Corp (RNST) experienced an uptick in classified loans, indicating some incremental stress on borrowers.
- Operational losses, including fraud and regulatory disputes, were abnormally high in the fourth quarter, impacting expenses.
Good morning and welcome to the Renasant Corporation 2024 fourth-quarter and year-end earnings conference call and webcast. (Operator Instructions) Please note that this event is being recorded.
I would now like to turn the conference over to Kelly Hutcheson, Chief Accounting Officer for Renasant. Please go ahead.
Good morning and thank you for joining us for Renasant Corporation's quarterly webcast and conference call. Participating in the call today are members of Renasant's Executive Management team.
Before we begin, please note that many of our comments during this call will be forward-looking statements which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Such factors include but are not limited to changes in the mix and cost of our funding sources, interest rate, fluctuation, regulatory changes, portfolio performance and other
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