Renasant Corporation Announces Earnings for the Fourth Quarter of 2020
Renasant Corporation (NASDAQ: RNST) reported its fourth quarter 2020 earnings, revealing a net income of $31.5 million, down from $38.4 million in Q4 2019. The company's basic and diluted earnings per share (EPS) for the quarter were $0.56, compared to $0.67 in the same period last year. For the full year 2020, net income fell to $83.7 million from $167.6 million in 2019, with EPS decreasing to $1.49 versus $2.89. Despite these challenges, CEO C. Mitchell Waycaster emphasized the company’s commitment to core funding and asset quality.
- Continued emphasis on core funding and asset quality.
- Strong management strategy to enhance customer service.
- Q4 2020 net income decreased by 18.0% year-over-year.
- 2020 net income declined by 50.0% compared to 2019.
- EPS for 2020 dropped significantly from 2.89 to 1.49.
TUPELO, Miss., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2020. Net income for the fourth quarter of 2020 was
Net income for the year ended December 31, 2020, was
“Our fourth quarter results highlight a strong finish to a year that presented many challenges,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “Renasant’s strategy is to be ‘One Team going to market as One Bank,’ and our team, while facing trying circumstances, flawlessly executed on that strategy in 2020 by providing customers across our footprint with the excellent service to which they are accustomed. We believe that we are in a great position moving into 2021 with an excellent team and diverse product line. Looking forward, we intend to continue to emphasize the importance of core funding, asset quality and strong capital, while building core earnings.”
Impact of Certain Expenses and Charges
From time to time, the Company incurs expenses and charges with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following tables present the impact of these expenses and charges on reported EPS for the fourth quarter of 2020 and the same period in 2019 and for the year ended December 31, 2020 and the same period in 2019. The “COVID-19 related expenses” line item in the table below primarily consists of (a) employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) and more frequent and rigorous branch cleaning. The “restructuring charges” and “swap termination charges” line items in the table below are discussed in more detail later in this release.
| (in thousands, except per share data) | Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, 2020 | December 31, 2020 | ||||||||||||||||||
| Pre-tax | After-tax | Impact to Diluted EPS | Pre-tax | After-tax | Impact to Diluted EPS | ||||||||||||||
| Earnings, as reported | $ | 38,339 | $ | 31,521 | $ | 0.56 | $ | 103,491 | $ |
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FAQ
What were Renasant's earnings results for Q4 2020?
Renasant reported a net income of $31.5 million for Q4 2020, down from $38.4 million in Q4 2019.
How did Renasant's net income change in 2020?
Net income for 2020 was $83.7 million, a 50.0% decrease from $167.6 million in 2019.
What was Renasant's EPS for the fourth quarter of 2020?
The basic and diluted EPS for Q4 2020 was $0.56, compared to $0.67 in Q4 2019.
What is the outlook for Renasant in 2021?
Renasant aims to focus on core funding, asset quality, and strong capital to build core earnings moving forward.
Renasant Corporation
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Banks - Regional
State Commercial Banks
United States of America
TUPELO
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