Renasant Corporation Announces Earnings For The First Quarter Of 2023
Renasant Corporation (NASDAQ: RNST) reported first quarter 2023 earnings with net income of $46.1 million and diluted EPS of $0.82. This reflects a slight decrease from $46.3 million and $0.83 in the previous quarter. The net interest income was $138.5 million, down $2 million quarter-over-quarter, with a net interest margin of 3.66%. Noninterest income rose by $3.9 million, driven by growth in mortgage banking income. Total loans increased by $188.1 million, marking 6.6% annualized growth, while total deposits expanded by $425.1 million. The company recorded a provision for credit losses of $8 million and net loan charge-offs of $4.7 million. Renasant maintains a $100 million stock repurchase program, but no buybacks occurred in this quarter.
- Net income of $46.1 million, up from $33.5 million YoY.
- Total loans increased by $188.1 million, representing 6.6% annualized net loan growth.
- Noninterest income rose by $3.9 million on a linked quarter basis.
- Total deposits increased by $425.1 million, indicating growth in funding.
- Net interest income decreased by $2 million from the previous quarter.
- Net interest margin fell by 12 basis points to 3.66%.
- Nonperforming loans rose to 0.64% of total loans, up from 0.49%.
TUPELO, Miss., April 25, 2023 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the first quarter of 2023.
| (Dollars in thousands, except earnings per share) | Three Months Ended | |||||
| Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | ||||
| Net income and earnings per share: | ||||||
| Net income | ||||||
| Basic EPS | 0.82 | 0.83 | 0.60 | |||
| Diluted EPS | 0.82 | 0.82 | 0.60 | |||
| Adjusted diluted EPS (Non-GAAP)(1) | 0.82 | 0.89 | 0.60 | |||
“We continue to focus on safety and soundness in our decision making and believe we are well positioned to service our customers and produce attractive results for our shareholders,” remarked C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “The Company’s granular core funding and strong capital base remain foundations of our bank.”
Quarterly Highlights
Earnings
- Net income for the first quarter of 2023 was
$46.1 million with diluted EPS of$0.82 - Net interest income (fully tax equivalent) for the first quarter of 2023 was
$138.5 million , down$2.0 million on a linked quarter basis - For the first quarter of 2023, net interest margin was
3.66% , down 12 basis points on a linked quarter basis - Cost of total deposits was 99 basis points for the first quarter of 2023, up 47 basis points on a linked quarter basis
- Notwithstanding the elimination of certain deposit service charges, noninterest income increased
$3.9 million on a linked quarter basis primarily due to an increase in mortgage banking income. The Company’s wealth management and insurance lines of business produced steady results during the first quarter of 2023 - The mortgage division generated
$0.6 billion in interest rate lock volume during the first quarter of 2023, compared to$0.5 billion in the fourth quarter of 2022. Gain on sale margin was1.15% for the first quarter of 2023, down 49 basis points on a linked quarter basis - Noninterest expense increased
$6.1 million during the first quarter of 2023, primarily due to$2.7 million of expenses related to the operations of Republic Business Credit, acquired on December 30, 2022, lower deferred loan origination fees and a seasonal increase in both payroll taxes and the Company’s match of 401k contributions.
Balance Sheet
- Loans increased
$188.1 million on a linked quarter basis from December 31, 2022, which represents6.6% annualized net loan growth - The securities portfolio decreased
$49.8 million on a linked quarter basis, due to net cash outflows during the quarter of$70.5 million and a positive fair market value adjustment in our available-for-sale portfolio of$20.7 million - Deposits at March 31, 2023 increased
$425.1 million on a linked quarter basis, driven by an increase in brokered deposits of$623.4 million . Brokered deposits were$856.5 million at March 31, 2023. Noninterest bearing deposits decreased$313.9 million on a linked quarter basis and represented30.5% of total deposits at March 31, 2023
Capital and Liquidity
- Book value per share and tangible book value per share (non-GAAP)(1) increased
2.2% and4.5% , respectively, on a linked quarter basis - The Company has a
$100 million stock repurchase program that is in effect through October 2023; there was no buyback activity during the first quarter of 2023
Credit Quality
- The Company recorded a provision for credit losses on loans of
$8.0 million and a recovery of credit losses on unfunded commitments (included in noninterest expense) of$1.5 million for the first quarter of 2023 - The allowance for credit losses on loans to total loans was unchanged on a linked quarter basis at
1.66% at March 31, 2023 and December 31, 2022 - The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was
259.39% at March 31, 2023, compared to337.73% at December 31, 2022 - Net loan charge-offs for the first quarter of 2023 were
$4.7 million , or0.16% of average loans on an annualized basis - Nonperforming loans to total loans increased to
0.64% at March 31, 2023 compared to0.49% at December 31, 2022 and criticized loans (which include classified and special mention loans) to total loans decreased to2.44% at March 31, 2023, compared to2.47% at December 31, 2022
(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 | |||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
| Interest income | ||||||||||
| Loans held for investment | $ | 161,787 | $ | 145,360 | $ | 123,100 | $ | 106,409 | $ | 95,829 |
| Loans held for sale | 1,737 | 1,688 | 2,075 | 2,586 | 2,863 | |||||
| Securities | 15,091 | 15,241 | 14,500 | 12,471 | 10,835 | |||||
| Other | 5,430 | 2,777 | 3,458 | 1,954 | 664 | |||||
| Total interest income | 184,045 | 165,066 | 143,133 | 123,420 | 110,191 | |||||
| Interest expense | ||||||||||
| Deposits | 32,866 | 17,312 | 7,241 | 5,018 | 5,637 | |||||
| Borrowings | 15,404 | 9,918 | 5,574 | 4,887 | 4,925 | |||||
| Total interest expense | 48,270 | 27,230 | 12,815 | 9,905 | 10,562 | |||||
| Net interest income | 135,775 | 137,836 | 130,318 | 113,515 | 99,629 | |||||
| Provision for loan losses | 7,960 | 10,488 | 9,800 | 2,000 | 1,500 | |||||
| Net interest income after provision for credit losses | 127,815 | 127,348 | 120,518 | 111,515 | 98,129 | |||||
| Noninterest income | 37,293 | 33,395 | 41,186 | 37,214 | 37,458 | |||||
| Noninterest expense | 107,708 | 101,582 | 101,574 | 98,194 | 94,105 | |||||
| Income before income taxes | 57,400 | 59,161 | 60,130 | 50,535 | 41,482 | |||||
| Income taxes | 11,322 | 12,885 | 13,563 | 10,857 | 7,935 | |||||
| Net income | $ | 46,078 | $ | 46,276 | $ | 46,567 | $ | 39,678 | $ | 33,547 |
| Adjusted net income (non-GAAP)(1) | $ | 46,078 | $ | 50,324 | $ | 44,233 | $ | 40,601 | $ | 33,728 |
| Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) | $ | 63,860 | $ | 72,187 | $ | 66,970 | $ | 54,172 | $ | 42,664 |
| Basic earnings per share | $ | 0.82 | $ | 0.83 | $ | 0.83 | $ | 0.71 | $ | 0.60 |
| Diluted earnings per share | 0.82 | 0.82 | 0.83 | 0.71 | 0.60 | |||||
| Adjusted diluted earnings per share (non-GAAP)(1) | 0.82 | 0.89 | 0.79 | 0.72 | 0.60 | |||||
| Average basic shares outstanding | 56,008,741 | 55,953,104 | 55,947,214 | 55,906,755 | 55,809,192 | |||||
| Average diluted shares outstanding | 56,270,219 | 56,335,446 | 56,248,720 | 56,182,845 | 56,081,863 | |||||
| Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 |
(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 | ||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
| Return on average assets | 1.09 | % | 1.11 | % | 1.11 | % | 0.96 | % | 0.81 | % |
| Adjusted return on average assets (non-GAAP)(1) | 1.09 | 1.20 | 1.05 | 0.98 | 0.82 | |||||
| Return on average tangible assets (non-GAAP)(1) | 1.19 | 1.20 | 1.20 | 1.04 | 0.89 | |||||
| Adjusted return on average tangible assets (non-GAAP)(1) | 1.19 | 1.30 | 1.14 | 1.07 | 0.90 | |||||
| Return on average equity | 8.55 | 8.58 | 8.50 | 7.31 | 6.05 | |||||
| Adjusted return on average equity (non-GAAP)(1) | 8.55 | 9.33 | 8.07 | 7.48 | 6.08 | |||||
| Return on average tangible equity (non-GAAP)(1) | 16.29 | 15.98 | 15.64 | 13.50 | 10.93 | |||||
| Adjusted return on average tangible equity (non-GAAP)(1) | 16.29 | 17.35 | 14.87 | 13.81 | 10.99 | |||||
| Efficiency ratio (fully taxable equivalent) | 61.26 | 58.39 | 58.50 | 64.37 | 67.78 | |||||
| Adjusted efficiency ratio (non-GAAP)(1) | 61.30 | 56.25 | 58.78 | 62.44 | 67.02 | |||||
| Dividend payout ratio | 26.83 | 26.51 | 26.51 | 30.99 | 36.67 | |||||
Capital and Balance Sheet Ratios
| As of | |||||||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||
| Shares outstanding | 56,073,658 | 55,953,104 | 55,953,104 | 55,932,017 | 55,880,666 | ||||||||||
| Market value per share | $ | 30.58 | $ | 37.59 | $ | 31.28 | $ | 28.81 | $ | 33.45 | |||||
| Book value per share | 39.01 | 38.18 | 37.39 | 37.85 | 38.25 | ||||||||||
| Tangible book value per share (non-GAAP)(1) | 20.92 | 20.02 | 20.12 | 20.55 | 20.91 | ||||||||||
| Shareholders’ equity to assets | 12.52 | % | 12.57 | % | 12.70 | % | 12.74 | % | 12.68 | % | |||||
| Tangible common equity ratio (non-GAAP)(1) | 7.13 | 7.01 | 7.26 | 7.34 | 7.35 | ||||||||||
| Leverage ratio | 9.18 | 9.36 | 9.39 | 9.16 | 9.00 | ||||||||||
| Common equity tier 1 capital ratio | 10.19 | 10.21 | 10.64 | 10.74 | 10.78 | ||||||||||
| Tier 1 risk-based capital ratio | 10.98 | 11.01 | 11.47 | 11.60 | 11.67 | ||||||||||
| Total risk-based capital ratio | 14.68 | 14.63 | 15.15 | 15.34 | 15.51 | ||||||||||
(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 | ||||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||
| Noninterest income | |||||||||||||
| Service charges on deposit accounts | $ | 9,120 | $ | 10,445 | $ | 10,216 | $ | 9,734 | $ | 9,562 | |||
| Fees and commissions | 4,676 | 4,470 | 4,148 | 4,668 | 3,982 | ||||||||
| Insurance commissions | 2,446 | 2,501 | 3,108 | 2,591 | 2,554 | ||||||||
| Wealth management revenue | 5,140 | 5,237 | 5,467 | 5,711 | 5,924 | ||||||||
| Mortgage banking income | 8,517 | 5,170 | 12,675 | 8,316 | 9,633 | ||||||||
| BOLI income | 3,003 | 2,487 | 2,296 | 2,331 | 2,153 | ||||||||
| Other | 4,391 | 3,085 | 3,276 | 3,863 | 3,650 | ||||||||
| Total noninterest income | $ | 37,293 | $ | 33,395 | $ | 41,186 | $ | 37,214 | $ | 37,458 | |||
| Noninterest expense | |||||||||||||
| Salaries and employee benefits | $ | 69,832 | $ | 67,372 | $ | 66,463 | $ | 65,580 | $ | 62,239 | |||
| Data processing | 3,633 | 3,521 | 3,526 | 3,590 | 4,263 | ||||||||
| Net occupancy and equipment | 11,405 | 11,122 | 11,266 | 11,155 | 11,276 | ||||||||
| Other real estate owned | 30 | (59 | ) | 34 | (187 | ) | (241 | ) | |||||
| Professional fees | 3,467 | 2,856 | 3,087 | 2,778 | 3,151 | ||||||||
| Advertising and public relations | 4,686 | 3,631 | 3,229 | 3,406 | 4,059 | ||||||||
| Intangible amortization | 1,426 | 1,195 | 1,251 | 1,310 | 1,366 | ||||||||
| Communications | 1,980 | 2,028 | 1,999 | 1,904 | 2,027 | ||||||||
| Merger and conversion related expenses | — | 1,100 | — | — | 687 | ||||||||
| Restructuring charges (benefit) | — | — | — | 1,187 | (455 | ) | |||||||
| Other | 11,249 | 8,816 | 10,719 | 7,471 | 5,733 | ||||||||
| Total noninterest expense | $ | 107,708 | $ | 101,582 | $ | 101,574 | $ | 98,194 | $ | 94,105 | |||
Mortgage Banking Income
| (Dollars in thousands) | Three Months Ended | ||||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||
| Gain on sales of loans, net | $ | 4,770 | $ | 1,003 | $ | 5,263 | $ | 3,490 | $ | 6,047 | |||
| Fees, net | 1,806 | 1,849 | 2,405 | 3,064 | 3,053 | ||||||||
| Mortgage servicing income (loss), net | 1,941 | 2,318 | 5,007 | 1,762 | 533 | ||||||||
| Total mortgage banking income | $ | 8,517 | $ | 5,170 | $ | 12,675 | $ | 8,316 | $ | 9,633 | |||
Balance Sheet
| (Dollars in thousands) | As of | ||||||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||
| Assets | |||||||||||||||
| Cash and cash equivalents | $ | 847,697 | $ | 575,992 | $ | 479,500 | $ | 1,010,468 | $ | 1,607,493 | |||||
| Securities held to maturity, at amortized cost | 1,300,240 | 1,324,040 | 1,353,502 | 488,851 | 487,194 | ||||||||||
| Securities available for sale, at fair value | 1,507,907 | 1,533,942 | 1,569,242 | 2,528,253 | 2,405,316 | ||||||||||
| Loans held for sale, at fair value | 159,318 | 110,105 | 144,642 | 196,598 | 280,464 | ||||||||||
| Loans held for investment | 11,766,425 | 11,578,304 | 11,105,004 | 10,603,744 | 10,313,459 | ||||||||||
| Allowance for credit losses on loans | (195,292 | ) | (192,090 | ) | (174,356 | ) | (166,131 | ) | (166,468 | ) | |||||
| Loans, net | 11,571,133 | 11,386,214 | 10,930,648 | 10,437,613 | 10,146,991 | ||||||||||
| Premises and equipment, net | 287,006 | 283,595 | 284,062 | 284,035 | 285,344 | ||||||||||
| Other real estate owned | 4,818 | 1,763 | 2,412 | 2,807 | 2,062 | ||||||||||
| Goodwill and other intangibles | 1,014,415 | 1,015,884 | 966,461 | 967,713 | 969,022 | ||||||||||
| Bank-owned life insurance | 375,572 | 373,808 | 371,650 | 371,298 | 369,344 | ||||||||||
| Mortgage servicing rights | 85,039 | 84,448 | 81,980 | 94,743 | 91,730 | ||||||||||
| Other assets | 320,938 | 298,385 | 287,000 | 235,722 | 218,797 | ||||||||||
| Total assets | $ | 17,474,083 | $ | 16,988,176 | $ | 16,471,099 | $ | 16,618,101 | $ | 16,863,757 | |||||
| Liabilities and Shareholders’ Equity | |||||||||||||||
| Liabilities | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing | $ | 4,244,877 | $ | 4,558,756 | $ | 4,827,220 | $ | 4,741,397 | $ | 4,706,256 | |||||
| Interest-bearing | 9,667,142 | 8,928,210 | 8,604,904 | 9,022,532 | 9,284,641 | ||||||||||
| Total deposits | 13,912,019 | 13,486,966 | 13,432,124 | 13,763,929 | 13,990,897 | ||||||||||
| Short-term borrowings | 732,057 | 712,232 | 312,818 | 112,642 | 111,279 | ||||||||||
| Long-term debt | 431,111 | 428,133 | 426,821 | 431,553 | 435,416 | ||||||||||
| Other liabilities | 211,596 | 224,829 | 207,055 | 193,100 | 188,523 | ||||||||||
| Total liabilities | 15,286,783 | 14,852,160 | 14,378,818 | 14,501,224 | 14,726,115 | ||||||||||
| Shareholders’ equity: | |||||||||||||||
| Preferred stock | — | — | — | — | — | ||||||||||
| Common stock | 296,483 | 296,483 | 296,483 | 296,483 | 296,483 | ||||||||||
| Treasury stock | (107,559 | ) | (111,577 | ) | (111,577 | ) | (112,295 | ) | (114,050 | ) | |||||
| Additional paid-in capital | 1,299,458 | 1,302,422 | 1,299,476 | 1,298,207 | 1,297,088 | ||||||||||
| Retained earnings | 891,242 | 857,725 | 823,951 | 789,880 | 762,690 | ||||||||||
| Accumulated other comprehensive loss | (192,324 | ) | (209,037 | ) | (216,052 | ) | (155,398 | ) | (104,569 | ) | |||||
| Total shareholders’ equity | 2,187,300 | 2,136,016 | 2,092,281 | 2,116,877 | 2,137,642 | ||||||||||
| Total liabilities and shareholders’ equity | $ | 17,474,083 | $ | 16,988,176 | $ | 16,471,099 | $ | 16,618,101 | $ | 16,863,757 | |||||
Net Interest Income and Net Interest Margin
| (Dollars in thousands) | Three Months Ended | |||||||||||||||||
| March 31, 2023 | December 31, 2022 | March 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 | $ | 11,688,534 | $ | 163,970 | 5.68 | % | $ | 11,282,422 | $ | 147,519 | 5.19 | % | $ | 10,108,511 | $ | 97,001 | 3.88 | % |
| Loans held for sale | 103,410 | 1,737 | 6.72 | % | 117,082 | 1,688 | 5.77 | % | 330,442 | 2,863 | 3.48 | % | ||||||
| Taxable securities | 2,588,148 | 13,054 | 2.02 | % | 2,657,248 | 13,174 | 1.98 | % | 2,499,822 | 8,782 | 1.41 | % | ||||||
| Tax-exempt securities(1) | 443,996 | 2,608 | 2.35 | % | 447,287 | 2,637 | 2.36 | % | 438,380 | 2,635 | 2.40 | % | ||||||
| Total securities | 3,032,144 | 15,662 | 2.07 | % | 3,104,535 | 15,811 | 2.04 | % | 2,938,202 | 11,417 | 1.55 | % | ||||||
| Interest-bearing balances with banks | 464,229 | 5,430 | 4.74 | % | 269,975 | 2,777 | 4.08 | % | 1,463,991 | 664 | 0.18 | % | ||||||
| Total interest-earning assets | 15,288,317 | 186,799 | 4.94 | % | 14,774,014 | 167,795 | 4.51 | % | 14,841,146 | 111,945 | 3.05 | % | ||||||
| Cash and due from banks | 197,782 | 201,369 | 206,224 | |||||||||||||||
| Intangible assets | 1,011,557 | 967,005 | 965,430 | |||||||||||||||
| Other assets | 660,242 | 635,452 | 684,464 | |||||||||||||||
| Total assets | $ | 17,157,898 | $ | 16,577,840 | $ | 16,697,264 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing demand(2) | $ | 6,066,770 | $ | 20,298 | 1.36 | % | $ | 6,018,679 | $ | 12,534 | 0.83 | % | $ | 6,636,392 | $ | 3,647 | 0.22 | % |
| Savings deposits | 1,052,802 | 826 | 0.32 | % | 1,093,997 | 582 | 0.21 | % | 1,097,560 | 139 | 0.05 | % | ||||||
| Brokered deposits | 395,942 | 4,318 | 4.42 | % | 93,764 | 1,047 | 4.43 | % | — | — | — | % | ||||||
| Time deposits | 1,564,658 | 7,424 | 1.92 | % | 1,324,042 | 3,149 | 0.94 | % | 1,374,722 | 1,851 | 0.55 | % | ||||||
| Total interest-bearing deposits | 9,080,172 | 32,866 | 1.47 | % | 8,530,482 | 17,312 | 0.81 | % | 9,108,674 | 5,637 | 0.25 | % | ||||||
| Borrowed funds | 1,281,552 | 15,404 | 4.86 | % | 893,705 | 9,918 | 4.42 | % | 485,777 | 4,925 | 4.08 | % | ||||||
| Total interest-bearing liabilities | 10,361,724 | 48,270 | 1.89 | % | 9,424,187 | 27,230 | 1.15 | % | 9,594,451 | 10,562 | 0.44 | % | ||||||
| Noninterest-bearing deposits | 4,386,998 | 4,805,014 | 4,651,793 | |||||||||||||||
| Other liabilities | 222,382 | 209,544 | 201,353 | |||||||||||||||
| Shareholders’ equity | 2,186,794 | 2,139,095 | 2,249,667 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 17,157,898 | $ | 16,577,840 | $ | 16,697,264 | ||||||||||||
| Net interest income/ net interest margin | $ | 138,529 | 3.66 | % | $ | 140,565 | 3.78 | % | $ | 101,383 | 2.76 | % | ||||||
| Cost of funding | 1.33 | % | 0.76 | % | 0.30 | % | ||||||||||||
| Cost of total deposits | 0.99 | % | 0.52 | % | 0.17 | % | ||||||||||||
(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 | ||||||||
| Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | |||||||
| Earning asset mix: | |||||||||
| Loans held for investment | 76.45 | % | 76.36 | % | 68.11 | % | |||
| Loans held for sale | 0.68 | 0.79 | 2.23 | ||||||
| Securities | 19.83 | 21.01 | 19.80 | ||||||
| Interest-bearing balances with banks | 3.04 | 1.84 | 9.86 | ||||||
| Total | 100.00 | % | 100.00 | % | 100.00 | % | |||
| Funding sources mix: | |||||||||
| Noninterest-bearing demand | 29.74 | % | 33.77 | % | 32.65 | % | |||
| Interest-bearing demand | 41.13 | 42.30 | 46.59 | ||||||
| Savings | 7.14 | 7.69 | 7.70 | ||||||
| Brokered deposits | 2.68 | 0.66 | — | ||||||
| Time deposits | 10.61 | 9.31 | 9.65 | ||||||
| Borrowed funds | 8.70 | 6.27 | 3.41 | ||||||
| Total | 100.00 | % | 100.00 | % | 100.00 | % | |||
| Net interest income collected on problem loans | $ | 392 | $ | 161 | $ | 434 | |||
| Total accretion on purchased loans | 670 | 625 | 1,235 | ||||||
| Total impact on net interest income | $ | 1,062 | $ | 786 | $ | 1,669 | |||
| Impact on net interest margin | 0.03 | % | 0.02 | % | 0.04 | % | |||
| Impact on loan yield | 0.04 | % | 0.03 | % | 0.06 | % | |||
Loan Portfolio
| (Dollars in thousands) | As of | ||||||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||
| Loan Portfolio: | |||||||||||||||
| Commercial, financial, agricultural | $ | 1,740,778 | $ | 1,673,883 | $ | 1,513,091 | $ | 1,497,272 | $ | 1,445,607 | |||||
| Lease financing | 121,146 | 115,013 | 103,357 | 101,350 | 89,842 | ||||||||||
| Real estate - construction | 1,424,352 | 1,330,337 | 1,215,056 | 1,126,363 | 1,222,052 | ||||||||||
| Real estate - 1-4 family mortgages | 3,278,980 | 3,216,263 | 3,127,889 | 3,030,083 | 2,840,979 | ||||||||||
| Real estate - commercial mortgages | 5,085,813 | 5,118,063 | 5,016,665 | 4,717,513 | 4,577,864 | ||||||||||
| Installment loans to individuals | 115,356 | 124,745 | 128,946 | 131,163 | 137,115 | ||||||||||
| Total loans | $ | 11,766,425 | $ | 11,578,304 | $ | 11,105,004 | $ | 10,603,744 | $ | 10,313,459 | |||||
Credit Quality and Allowance for Credit Losses on Loans
| (Dollars in thousands) | As of | ||||||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||
| Nonperforming Assets: | |||||||||||||||
| Nonaccruing loans | $ | 56,626 | $ | 56,545 | $ | 54,278 | $ | 43,897 | $ | 51,995 | |||||
| Loans 90 days or more past due | 18,664 | 331 | 1,587 | 617 | 247 | ||||||||||
| Total nonperforming loans | 75,290 | 56,876 | 55,865 | 44,514 | 52,242 | ||||||||||
| Other real estate owned | 4,818 | 1,763 | 2,412 | 2,807 | 2,062 | ||||||||||
| Total nonperforming assets | $ | 80,108 | $ | 58,639 | $ | 58,277 | $ | 47,321 | $ | 54,304 | |||||
| Criticized Loans | |||||||||||||||
| Classified loans | $ | 222,701 | $ | 200,249 | $ | 193,844 | $ | 185,267 | $ | 178,015 | |||||
| Special Mention loans | 64,832 | 86,172 | 69,883 | 87,476 | 76,949 | ||||||||||
| Criticized loans(1) | $ | 287,533 | $ | 286,421 | $ | 263,727 | $ | 272,743 | $ | 254,964 | |||||
| Allowance for credit losses on loans | $ | 195,292 | $ | 192,090 | $ | 174,356 | $ | 166,131 | $ | 166,468 | |||||
| Net loan charge-offs | $ | 4,732 | $ | 2,566 | $ | 1,575 | $ | 2,337 | $ | 851 | |||||
| Annualized net loan charge-offs / average loans | 0.16 | % | 0.09 | % | 0.06 | % | 0.09 | % | 0.03 | % | |||||
| Nonperforming loans / total loans | 0.64 | 0.49 | 0.50 | 0.42 | 0.51 | ||||||||||
| Nonperforming assets / total assets | 0.46 | 0.35 | 0.35 | 0.28 | 0.32 | ||||||||||
| Allowance for credit losses on loans / total loans | 1.66 | 1.66 | 1.57 | 1.57 | 1.61 | ||||||||||
| Allowance for credit losses on loans / nonperforming loans | 259.39 | 337.73 | 312.10 | 373.21 | 318.65 | ||||||||||
| Criticized loans / total loans | 2.44 | 2.47 | 2.37 | 2.57 | 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, April 26, 2023.
The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=lXO7IuJ3. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2023 First 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 6764445 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until May 10, 2023.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 119-year-old financial services institution. Renasant has assets of approximately
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 the 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 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 (including the re-emergence of the COVID-19 pandemic) 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) core loan yield, (ii) core net interest income and margin, (iii) adjusted pre-provision net revenue, (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 adjusted 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 on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.
These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, merger and conversion expenses, gain on sale of MSR and restructuring charges 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 and charges such as restructuring charges 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 | ||||||||||||||
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||||||
| Adjusted Pre-Provision Net Revenue (“PPNR”) | |||||||||||||||
| Net income (GAAP) | $ | 46,078 | $ | 46,276 | $ | 46,567 | $ | 39,678 | $ | 33,547 | |||||
| Income taxes | 11,322 | 12,885 | 13,563 | 10,857 | 7,935 | ||||||||||
| Provision for credit losses (including unfunded commitments) | 6,460 | 10,671 | 9,800 | 2,450 | 950 | ||||||||||
| Pre-provision net revenue (non-GAAP) | $ | 63,860 | $ | 69,832 | $ | 69,930 | $ | 52,985 | $ | 42,432 | |||||
| Merger and conversion expense | — | 1,100 | — | — | 687 | ||||||||||
| Gain on sale of MSR | — | — | (2,960 | ) | — | — | |||||||||
| Restructuring charges (benefit) | — | — | — | 1,187 | (455 | ) | |||||||||
| Voluntary reimbursement of certain re-presentment NSF fees | — | 1,255 | — | — | — | ||||||||||
| Adjusted pre-provision net revenue (non-GAAP) | $ | 63,860 | $ | 72,187 | $ | 66,970 | $ | 54,172 | $ | 42,664 | |||||
| Adjusted Net Income and Adjusted Tangible Net Income | |||||||||||||||
| Net income (GAAP) | $ | 46,078 | $ | 46,276 | $ | 46,567 | $ | 39,678 | $ | 33,547 | |||||
| Amortization of intangibles | 1,426 | 1,195 | 1,251 | 1,310 | 1,366 | ||||||||||
| Tax effect of adjustments noted above(2) | (299 | ) | (260 | ) | (265 | ) | (291 | ) | (303 | ) | |||||
| Tangible net income (non-GAAP) | $ | 47,205 | $ | 47,211 | $ | 47,553 | $ | 40,697 | $ | 34,610 | |||||
| Net income (GAAP) | $ | 46,078 | $ | 46,276 | $ | 46,567 | $ | 39,678 | $ | 33,547 | |||||
| Merger and conversion expense | — | 1,100 | — | — | 687 | ||||||||||
| Gain on sale of MSR | — | — | (2,960 | ) | — | — | |||||||||
| Restructuring charges (benefit) | — | — | — | 1,187 | (455 | ) | |||||||||
| Initial provision for acquisitions | — | 2,820 | — | — | — | ||||||||||
| Voluntary reimbursement of certain re-presentment NSF fees | — | 1,255 | — | — | — | ||||||||||
| Tax effect of adjustments noted above(2) | — | (1,127 | ) | 626 | (264 | ) | (51 | ) | |||||||
| Adjusted net income (non-GAAP) | $ | 46,078 | $ | 50,324 | $ | 44,233 | $ | 40,601 | $ | 33,728 | |||||
| Amortization of intangibles | 1,426 | 1,195 | 1,251 | 1,310 | 1,366 | ||||||||||
| Tax effect of adjustments noted above(2) | (299 | ) | (260 | ) | (265 | ) | (291 | ) | (303 | ) | |||||
| Adjusted tangible net income (non-GAAP) | $ | 47,205 | $ | 51,259 | $ | 45,219 | $ | 41,620 | $ | 34,791 | |||||
| Tangible Assets and Tangible Shareholders’ Equity | |||||||||||||||
| Average shareholders’ equity (GAAP) | $ | 2,186,794 | $ | 2,139,095 | $ | 2,173,408 | $ | 2,177,537 | $ | 2,249,667 | |||||
| Average intangible assets | 1,011,557 | 967,005 | 967,154 | 968,441 | 965,430 | ||||||||||
| Average tangible shareholders’ equity (non-GAAP) | $ | 1,175,237 | $ | 1,172,090 | $ | 1,206,254 | $ | 1,209,096 | $ | 1,284,237 | |||||
| Average assets (GAAP) | $ | 17,157,898 | $ | 16,577,840 | $ | 16,645,481 | $ | 16,631,290 | $ | 16,697,264 | |||||
| Average intangible assets | 1,011,557 | 967,005 | 967,154 | 968,441 | 965,430 | ||||||||||
| Average tangible assets (non-GAAP) | $ | 16,146,341 | $ | 15,610,835 | $ | 15,678,327 | $ | 15,662,849 | $ | 15,731,834 | |||||
| Shareholders’ equity (GAAP) | $ | 2,187,300 | $ | 2,136,016 | $ | 2,092,281 | $ | 2,116,877 | $ | 2,137,642 | |||||
| Intangible assets | 1,014,415 | 1,015,884 | 966,461 | 967,713 | 969,022 | ||||||||||
| Tangible shareholders’ equity (non-GAAP) | $ | 1,172,885 | $ | 1,120,132 | $ | 1,125,820 | $ | 1,149,164 | $ | 1,168,620 | |||||
| Total assets (GAAP) | $ | 17,474,083 | $ | 16,988,176 | $ | 16,471,099 | $ | 16,618,101 | $ | 16,863,757 | |||||
| Intangible assets | 1,014,415 | 1,015,884 | 966,461 | 967,713 | 969,022 | ||||||||||
| Total tangible assets (non-GAAP) | $ | 16,459,668 | $ | 15,972,292 | $ | 15,504,638 | $ | 15,650,388 | $ | 15,894,735 | |||||
| Adjusted Performance Ratios | |||||||||||||||
| Return on average assets (GAAP) | 1.09 | % | 1.11 | % | 1.11 | % | 0.96 | % | 0.81 | % | |||||
| Adjusted return on average assets (non-GAAP) | 1.09 | 1.20 | 1.05 | 0.98 | 0.82 | ||||||||||
| Return on average tangible assets (non-GAAP) | 1.19 | 1.20 | 1.20 | 1.04 | 0.89 | ||||||||||
| Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.51 | 1.73 | 1.60 | 1.31 | 1.04 | ||||||||||
| Adjusted return on average tangible assets (non-GAAP) | 1.19 | 1.30 | 1.14 | 1.07 | 0.90 | ||||||||||
| Return on average equity (GAAP) | 8.55 | 8.58 | 8.50 | 7.31 | 6.05 | ||||||||||
| Adjusted return on average equity (non-GAAP) | 8.55 | 9.33 | 8.07 | 7.48 | 6.08 | ||||||||||
| Return on average tangible equity (non-GAAP) | 16.29 | 15.98 | 15.64 | 13.50 | 10.93 | ||||||||||
| Adjusted return on average tangible equity (non-GAAP) | 16.29 | 17.35 | 14.87 | 13.81 | 10.99 | ||||||||||
| Adjusted Diluted Earnings Per Share | |||||||||||||||
| Average diluted shares outstanding | 56,270,219 | 56,335,446 | 56,248,720 | 56,182,845 | 56,081,863 | ||||||||||
| Diluted earnings per share (GAAP) | $ | 0.82 | $ | 0.82 | $ | 0.83 | $ | 0.71 | $ | 0.60 | |||||
| Adjusted diluted earnings per share (non-GAAP) | $ | 0.82 | $ | 0.89 | $ | 0.79 | $ | 0.72 | $ | 0.60 | |||||
| Tangible Book Value Per Share | |||||||||||||||
| Shares outstanding | 56,073,658 | 55,953,104 | 55,953,104 | 55,932,017 | 55,880,666 | ||||||||||
| Book value per share (GAAP) | $ | 39.01 | $ | 38.18 | $ | 37.39 | $ | 37.85 | $ | 38.25 | |||||
| Tangible book value per share (non-GAAP) | $ | 20.92 | $ | 20.02 | $ | 20.12 | $ | 20.55 | $ | 20.91 | |||||
| Tangible Common Equity Ratio | |||||||||||||||
| Shareholders’ equity to assets (GAAP) | 12.52 | % | 12.57 | % | 12.70 | % | 12.74 | % | 12.68 | % | |||||
| Tangible common equity ratio (non-GAAP) | 7.13 | % | 7.01 | % | 7.26 | % | 7.34 | % | 7.35 | % | |||||
| Adjusted Efficiency Ratio | |||||||||||||||
| Net interest income (FTE) (GAAP) | $ | 138,529 | $ | 140,565 | $ | 132,435 | $ | 115,321 | $ | 101,383 | |||||
| Total noninterest income (GAAP) | $ | 37,293 | $ | 33,395 | $ | 41,186 | $ | 37,214 | $ | 37,458 | |||||
| Gain on sale of MSR | — | — | 2,960 | — | — | ||||||||||
| Total adjusted noninterest income (non-GAAP) | $ | 37,293 | $ | 33,395 | $ | 38,226 | $ | 37,214 | $ | 37,458 | |||||
| Noninterest expense (GAAP) | $ | 107,708 | $ | 101,582 | $ | 101,574 | $ | 98,194 | $ | 94,105 | |||||
| Amortization of intangibles | 1,426 | 1,195 | 1,251 | 1,310 | 1,366 | ||||||||||
| Merger and conversion expense | — | 1,100 | — | — | 687 | ||||||||||
| Restructuring charges (benefit) | — | — | — | 1,187 | (455 | ) | |||||||||
| Voluntary reimbursement of certain re-presentment NSF fees | — | 1,255 | — | — | — | ||||||||||
| (Recovery of) provision for unfunded commitments | (1,500 | ) | 183 | — | 450 | (550 | ) | ||||||||
| Total adjusted noninterest expense (non-GAAP) | $ | 107,782 | $ | 97,849 | $ | 100,323 | $ | 95,247 | $ | 93,057 | |||||
| Efficiency ratio (GAAP) | 61.26 | % | 58.39 | % | 58.50 | % | 64.37 | % | 67.78 | % | |||||
| Adjusted efficiency ratio (non-GAAP) | 61.30 | % | 56.25 | % | 58.78 | % | 62.44 | % | 67.02 | % | |||||
| Core Net Interest Income and Core Net Interest Margin | |||||||||||||||
| Net interest income (FTE) (GAAP) | $ | 138,529 | $ | 140,565 | $ | 132,435 | $ | 115,321 | $ | 101,383 | |||||
| Net interest income collected on problem loans | 392 | 161 | 78 | 2,276 | 434 | ||||||||||
| Accretion recognized on purchased loans | 670 | 625 | 1,317 | 2,021 | 1,235 | ||||||||||
| Non-core net interest income | $ | 1,062 | $ | 786 | $ | 1,395 | $ | 4,297 | $ | 1,669 | |||||
| Core net interest income (FTE) (non-GAAP)(1) | $ | 137,467 | $ | 139,779 | $ | 131,040 | $ | 111,024 | $ | 99,714 | |||||
| Net interest margin (GAAP) | 3.66 | % | 3.78 | % | 3.54 | % | 3.11 | % | 2.76 | % | |||||
| Core net interest margin (non-GAAP) | 3.63 | % | 3.76 | % | 3.50 | % | 3.00 | % | 2.71 | % | |||||
| Core Loan Yield | |||||||||||||||
| Loan interest income (FTE) (GAAP) | $ | 163,970 | $ | 147,519 | $ | 124,614 | $ | 107,612 | $ | 97,001 | |||||
| Net interest income collected on problem loans | 392 | 161 | 78 | 2,276 | 434 | ||||||||||
| Accretion recognized on purchased loans | 670 | 625 | 1,317 | 2,021 | 1,235 | ||||||||||
| Core loan interest income (FTE) (non-GAAP)(1) | $ | 162,908 | $ | 146,733 | $ | 123,219 | $ | 103,315 | $ | 95,332 | |||||
| Loan yield (GAAP) | 5.68 | % | 5.19 | % | 4.57 | % | 4.12 | % | 3.88 | % | |||||
| Core loan yield (non-GAAP) | 5.64 | % | 5.16 | % | 4.52 | % | 3.96 | % | 3.82 | % | |||||
(1) Core net interest income (FTE) and Core loan interest income (FTE) include Interest income on PPP loans.
(2) Tax effect is calculated based on the respective periods’ 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 |
FAQ
What were Renasant's earnings results for the first quarter of 2023?
How did Renasant's net interest income perform in Q1 2023?
What is the loan growth percentage for Renasant in Q1 2023?
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What was the nonperforming loans ratio for Renasant at the end of Q1 2023?
