TUPELO • Renasant Corp. on Monday reported second-quarter net income of $20.1 million, or 36 cents per share. Earnings, adjusted for non-recurring costs, were 52 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

Second-quarter revenue was $188.1 million, and its revenue net of interest expense was $170 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $147.7 million.

Net income for the first six months of the year ending June 30, 2020, was $22.1 million, compared to net income of $91.7 million for the same time period in 2019. Earnings per share were 39 cents for the first six months of 2020, compared to EPS of $1.56 for the first six months of 2019.

“Our second quarter results reflect a rebound in core earnings when compared to the first quarter and truly highlight our team’s continued commitment to the core operations of the bank,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “Our team members are continuing to execute our long-term strategy throughout our footprint while providing extraordinary service to our customers. During the quarter, our team closed over 10,500 PPP loans and worked through our internal deferral programs with both commercial and consumer customers. While there are still many economic uncertainties, we remain committed to meeting the needs of our clients and prudently managing our balance sheet while focusing on profitable growth without sacrificing credit quality.”

Total assets were $14.90 billion at June 30, 2020, as compared to $13.40 billion at December 31, 2019. Total loans held for investment were $11 billion compared to $9.69 billion at December 31, 2019. Loans held for investment included $1.28 billion in PPP loans.

Total deposits increased to $11.85 billion for the quarter, upfrom $10.21 billion at Dec. 31, 2019. Non-interest bearing deposits increased $1.19 billion to $3.74 billion, or 31.57% of total deposits, compared to $2.55 billion, or 24.99% of total deposits, at Dec.31, 2019. The growth in non-interest bearing deposits during the quarter was primarily driven by the Company’s PPP lending (as loan proceeds are held as company deposits until the borrower utilizes the funds), Economic Impact Payments provided for in the government stimulus package and core growth.

Net interest income was $105.8 million for the second quarter of 2020, as compared to $106.6 million for the first quarter of 2020 and $112.8 million for the second quarter of 2019. Net interest income was $212.4 million for the first half of 2020, versus $225.9 million for the first half of 2019.

Noninterest income for the second quarter of 2020 was $64.2 million, compared to $37.6 million for the first quarter of 2020 and $4 million for the second quarter of 2019. Noninterest income for the first six months of 2020 was $101.7 million, compared to $77.8 million for the same period in 2019.

Recommended for you

Load comments