Renasant Corporation reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved a net income of $72.5 million for Q3 2024, up from $41.8 million in Q3 2023, and a net income of $150.7 million for the nine months, compared to $116.6 million in the prior year. Basic earnings per share rose to $1.18 for Q3 2024 from $0.75 in Q3 2023, and for the nine months, it increased to $2.60 from $2.08.
Total interest income for the three months ended September 30, 2024, was $229.0 million, an increase from $205.7 million in the same quarter of 2023. However, total interest expense also rose significantly to $98.0 million from $78.3 million, leading to a net interest income of $131.0 million, slightly up from $127.4 million year-over-year. For the nine months, net interest income decreased to $379.3 million from $393.4 million, reflecting a challenging interest rate environment.
Renasant's noninterest income surged to $89.3 million in Q3 2024, compared to $38.2 million in Q3 2023, driven by a gain of $53.3 million from the sale of Renasant Insurance, Inc. The company also reported a comprehensive income of $97.5 million for Q3 2024, significantly higher than $34.0 million in Q3 2023.
Total assets increased to $17.96 billion as of September 30, 2024, from $17.36 billion at the end of 2023. Total deposits rose to $14.51 billion, up from $14.08 billion, while total loans held for investment increased to $12.63 billion from $12.35 billion. The company’s cash and cash equivalents also saw a substantial rise, reaching $1.28 billion compared to $801.4 million at the end of 2023.
Strategically, Renasant completed a public offering of 7.19 million shares, raising approximately $217 million for general corporate purposes. The company announced a merger agreement to acquire The First Bancshares, Inc., expected to close in the first half of 2025, pending regulatory approvals. Additionally, Renasant's Board approved a new stock repurchase program of up to $100 million, effective through October 2025.
The company’s capital ratios improved, with the Common Equity Tier 1 Capital Ratio rising to 12.88% from 10.52% at the end of 2023, reflecting a strong capital position. The allowance for credit losses on loans was $200.4 million, representing 1.59% of total loans, with net charge-offs decreasing to $6.35 million for the nine months ended September 30, 2024, compared to $10.57 million in the same period in 2023.
About RENASANT CORP
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