Renasant Corporation - RNST STOCK NEWS

Renasant has donated $20,000 to support veteran organizations across the Southeast, distributing funds among 15 nonprofit veterans' groups. The donation, announced on Veterans Day, supports organizations providing important services including counseling, job placement, housing assistance, and social support to veterans and their families.

The company also maintains the Renasant Veterans Honors Program, offering quarterly webinars to help veterans transition into civilian life, covering topics from mental health to financial literacy. According to President and COO Kevin Chapman, employees and customers, many of whom are veterans or have military family members, play a important role in driving these initiatives.

Renasant (NYSE: RNST) announced its third quarter 2024 earnings. Net income rose to $72.5 million, with diluted EPS at $1.18. Adjusted diluted EPS was $0.70. The company completed a public offering of 7,187,500 shares at $32.00 per share, raising approximately $217 million. Additionally, Renasant sold its insurance agency for $56.4 million, resulting in a $34.1 million after-tax gain. Shareholders approved the merger with The First Bancshares, Inc., expected to complete in the first half of 2025. Net interest income increased to $133.6 million, while noninterest income surged by $50.5 million due to the insurance agency sale. Noninterest expense rose by $10 million, influenced by $11.3 million in merger-related costs. Loans grew by $22.9 million, and deposits increased by $254.5 million. The company also announced a $100 million stock repurchase program. Provision for credit losses decreased to $0.9 million, though nonperforming loans rose to 0.94% of total loans.

Renasant (NYSE: RNST) has announced its plans for the 2024 third quarter earnings release and conference call. The company will disclose its Q3 2024 results after the NYSE closes on Tuesday, October 22, 2024. Following this, Renasant will host a webcast and conference call for analysts and investors on Wednesday, October 23, 2024, at 10:00 AM Eastern Time (9:00 AM Central Time).

Interested parties can access the webcast through Renasant's investor relations website or via a direct link. For those preferring to join by phone, U.S. participants can dial 1-877-513-1143, while international callers should use 1-412-902-4145. The webcast will be archived on Renasant's website for one year, and a replay will be available by phone until November 6, 2024, using the conference number 8626805.

Renasant (NYSE: RNST) has announced a quarterly cash dividend of $0.22 per share. The dividend was approved by the company's board of directors and is set to be paid on September 30, 2024. Shareholders who are on record as of September 16, 2024, will be eligible to receive this dividend. This announcement demonstrates Renasant's commitment to providing regular returns to its shareholders, which can be seen as a positive sign of the company's financial health and confidence in its future performance.

Renasant (NYSE: RNST) has successfully completed its public offering of 7,187,500 shares of common stock at $32.00 per share, including 937,500 additional shares due to the underwriters exercising their full option. The offering generated gross proceeds of $230.0 million, with expected net proceeds of approximately $217.0 million after deducting expenses. Renasant plans to use the funds for general corporate purposes, supporting growth, investments in Renasant Bank, and potential strategic acquisitions.

Stephens Inc. led the offering as the book-running manager, with Raymond James & Associates as joint book-running manager. The offering was made through a prospectus supplement and base prospectus, available on the SEC's website.

Renasant (NYSE: RNST) has announced the pricing of a public offering of 6,250,000 shares of its common stock at $32.00 per share, raising an aggregate of $200.0 million. The company has also granted underwriters a 30-day option to purchase up to an additional 937,500 shares. Stephens Inc. is the lead book-running manager, with Raymond James & Associates, Inc. as joint book-running manager. The net proceeds, estimated at $190.0 million, will be used for general corporate purposes, including investments in Renasant Bank and potential strategic acquisitions. The offering is being made through a prospectus supplement and accompanying base prospectus, with details available on the SEC's website.

Renasant (NYSE: RNST) and The First Bancshares, Inc. (NYSE: FBMS) have announced a $1.2 billion all-stock merger, creating a six-state Southeastern banking franchise with approximately $25 billion in total assets. The merger, expected to close in the first half of 2025, will result in a combined entity with $18 billion in total loans and $21 billion in total deposits.

Key points:

• The First shareholders will receive 1.00 share of Renasant common stock for each share held
• The merger is expected to be immediately accretive to Renasant's earnings per share
• Renasant announced a $10.3 billion, five-year Community Benefit Plan
• The First's CEO, M. Ray 'Hoppy' Cole, will join Renasant's board of directors

Renasant (NYSE: RNST) announced its Q2 2024 earnings. Net income was $38.8 million with diluted EPS at $0.69, slightly down from Q1 2024 but up from Q2 2023. Net interest income rose to $127.6 million, and net interest margin improved to 3.31%. Noninterest income fell by $2.6 million due to a decline in mortgage banking income. Loans grew by $104.2 million, while deposits increased by $18.1 million. The company sold its insurance agency assets for $56.4 million, impacting Q3 earnings. Nonperforming loans increased to 0.78% of total loans. The allowance for credit losses was 1.59% of total loans.

Renasant (NYSE: RNST) will release its 2024 second quarter results after the NYSE closes on Tuesday, July 23, 2024. A webcast and conference call with executive management will follow on Wednesday, July 24, 2024, at 10:00 AM Eastern Time (9:00 AM Central Time). The event can be accessed via Renasant's investor relations website or the provided Chorus Call link. For telephone access within the U.S., dial 1-877-513-1143, and international participants can dial 1-412-902-4145. The webcast will be archived on the Renasant website for one year, and a replay will be available by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (internationally) with conference number 8556122 until August 7, 2024.