Renasant Corporation · NYSE:RNST
Renasant — Q4 2024 Earnings Presentation
32 slides from Renasant's earnings presentation, 2025
Slide 1: Fourth Quarter 2024 Investor Presentation
Fourth Quarter 2024 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain various statements about Renasant Corporation (“Renasant,” “we,” “our,” or “us”) 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 Exchan
Slide 3: Overview
Overview Snapshot Footprint Assets: $18.0 billion Loans: 12.9 Deposits: 14.6 Equity: 2.7 Loans and Deposits by State Loans Deposits TN MS TN 15% 20% 11% MS 40% GA GA AL 30% 29% 28% AL 16% Other FL FL *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texa
Slide 4: Fourth Quarter Highlights
Fourth Quarter Highlights • Net income of $44.7 million with diluted EPS of $0.70 and adjusted EPS (non-GAAP)(1) of $0.73 • Net interest margin remained unchanged from Q3 at 3.36% • Loans increased $257.4 million, or 8.1% annualized • Deposits increased $62.9 million, which includes a $126.8 million
Slide 5: Balance Sheet
Balance Sheet Assets Loans $13 ,000 $12,885 $17,960 $18,035 $12 ,900 $12,628 $12 ,800 $17,510 $12,605 $17,361 $17,346 $12 ,700 $12 ,600 $12,501 $12,351 $12 ,500 $12 ,400 $12 ,300 $12 ,200 $12 ,100 $12 ,000 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Deposits Equit
Slide 6: Core Deposit Funding
Core Deposit Funding Diversification Granularity • Average deposit account balance is $34 thousand; commercial and consumer deposit accounts, excluding 17% time deposit accounts, averaged approximately $99 23% thousand and $14 thousand, respectively • Top 20 depositors, excluding public funds, compr
Slide 7: Liquidity Position
Liquidity Position Cash and Securities to Total Assets Loans to Deposits $1 $0 $1 $0 $1 $0 17.8% $1 17.0% $0 16.9% $1 16.2% $0 15.9% 88% 88% 88% 88% $1 $0 $1 87% $0 $1 $0 $1 $0 $1 $0 $1 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Average Interest Earning Asset Mix
Slide 8: Capital
Capital Equity to Assets / Tangible Common Equity Ratio CET1 / TRBC (non-GAAP)* 14.80% 14.85% 17.32% 17.07% $0 13.23% 13.39% 13.45% 15.00% 15.15% $0 $0 14.93% 12.88% 12.72% 9.76% 9.84% $0 10.52% 10.59% 10.75% 7.87% 8.04% 8.16% $0 $0 $0 $0 $0 $0 $0 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 1Q 2
Slide 9: Asset Quality
Asset Quality Criticized Loans/Total Loans Loans 30-89 Days Past Due/ Allowance/Nonperforming Loans 4.00% 1.0% Total Loans 400% 286% 271% 3.50% 3.02% 0.44% 0.48% 204% 2.89% 168% 178% 3.00% 2.76% 0.5% 200% 2.62% 0.31% 0.23% 2.50% 0.14% 2.16% 2.00% 0.0% 0% 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 20
Slide 10: Profitability
Profitability Diluted EPS / Adjusted Diluted EPS (non-GAAP)* Net Income / Adjusted Net Income (non-GAAP)* $72.5 $1.18 $0.76 $44.7 $46.5 $0.70 $0.65 $0.69 $0.69 $0.70 $0.70 $0.73 $42.9 $39.4 $36.6 $38.8 $38.8 $43.0 $0.50 $28.1 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q
Slide 11: Profitability Ratios
Profitability Ratios ROAA / Adjusted ROAA (non-GAAP*) ROAE / Adjusted ROTCE (non-GAAP)* 1.63% 13.94% 11.58% 12.04% 11.26% 11.38% 0.65% 0.92% 0.90% 0.99% 11.29% 0.97% 1.03% 0.86% 0.90% 0.99% 6.85% 6.68% 6.70% 4.93% 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 ROAA (
Slide 12: Net Interest Margin (FTE), Loan Yield and Cost of Deposits
Net Interest Margin (FTE), Loan Yield and Cost of Deposits Net Interest Margin (FTE) / Adjusted Net Interest Loan Yield / Adjusted Loan Yield (non-GAAP)* Margin (FTE)(non-GAAP)* 6.30% 6.41% 6.47% 6.29% 6.18% 6.27% 6.38% 6.41% 6.27% 6.14% 3.33% 3.36% 3.36% 3.30% 3.31% 3.29% 3.32% 3.34% 3.28% 3.29% 4Q
Slide 13: Noninterest Income / Total Revenue
Noninterest Income / Total Revenue Noninterest Income Mix - 4Q 2024 $89.3 Other 18% Service $41.4 $38.8 $34.2 Charges 31% $20.4 Mortgage Banking 20% 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Fees and Commissions Wealth 12% Management YTD Total Revenue(1) 19% 8% Community Banking 7% 4% Wealth Managemen
Slide 14: Noninterest Expense
Noninterest Expense Mix - 4Q 2024 ($ in thousands) 3Q24 4Q24 Change Salaries and employee benefits $ 71,307 $ 70,260 $ (1,047) Data processing 4,133 4,145 12 Merger and Other conversion 20% Net occupancy and equipment 11,415 11,312 (103) expenses 2% Advertising and public relations 3,677 3,840 163 A
Slide 15: Appendix
Appendix
Slide 16: Available Liquidity and Uninsured Deposits
Available Liquidity and Uninsured Deposits Liquidity Sources $9.6 Internal Sources Cash and cash equivalents $ 1.1 Unencumbered securities (1) 0.7 External Sources FHLB borrowing capacity(2) 4.0 $4.7 Federal Reserve Discount Window 0.7 Other(3) 3.1 Total $ 9.6 Uninsured % of Total Deposits Deposits
Slide 17: Securities
Securities Composition (at Amortized Cost) Highlights SBA 6% Other 3% • Represents 10.9% of total assets • Duration of 4.7 years Agency • 54% of portfolio HTM CMBS • 10.6% of HTM are CRA investments 10% • 25.3% of HTM are Municipals Municipal $2.1 Agency CMO 40% • Unrealized losses in AOCI on securi
Slide 18: Non-Owner Occupied CRE – Term
Non-Owner Occupied CRE – Term* Non-Owner Occupied CRE – Term* Highlights 2% Office Warehouse/Industrial Multi-Family (Non-Medical) 6% Hotels 18% Fair Value $325.5-- $985.0-- Self Storage 16% Multi-family Avg Loan Size1 1.0-- 3.7-- 10% Medical Office % of Loans 2.5% 7.6% 8% Office (non-medical) Past
Slide 19: Construction
Construction Composition Highlights 1-4 Family 3% Commercial Average Loan Size $1.80 million Owner-Occupied 2% Multi-family % of Total Loans 8.5% 11% 24% Office Past Due or Nonaccrual 0.3-- 11% Retail Weighted Average LTV 60.3-- 4% 9% Self Storage 7% Warehouse / Industrial 29% Hotels Senior Housing
Slide 20: ACL / Loss Absorption
ACL / Loss Absorption Forward-Looking Statements 9/30/2024 12/31/2024 ACL as a % ACL as a % ($ in thousands) ACL of Loans ACL of Loans Commercial, Financial, Agricultural $ 43,033 2.38 $ 38,527 2.04 Lease Financing Receivables 2,384 2.43 3,368 3.72 Real Estate - 1-4 Family Mortgage 47,274 1.37 47,83
Slide 21: Mortgage Banking
Mortgage Banking Mortgage Banking Income Mix ($ in thousands) 4Q23 3Q24 4Q24 (in %) 4Q23 3Q24 4Q24 Gain on sales of loans, net $ 1,860 $ 4,499 $ 2,379 Wholesale 52 47 39 Fees, net 2,010 2,646 2,850 Retail 48 53 61 Mortgage servicing income, net 2,722 1,302 1,632 Purchase 87 87 89 Mortgage banking in
Slide 22: Renasant Acquisition of The First
Renasant Acquisition of The First • Creates a leading Southeast bank with ~$25 billion in combined assets Strong Strategic Partner • Familiarity and culture mitigate risk • Strengthens demographic profile and adds density (1) • Granular and diverse core deposit base Sound FBMS • Strong credit metric
Slide 23: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non- GAAP Disclosures
Slide 24: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements Pre-Provision Net Revenue and Adjusted Pre-Provision Net Revenue $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net income (GAAP) $ 28,124 $ 39,409 $ 38,846 $ 72,455 $ 44,747 Income taxes 3,787 9,912 9,666 24,924 5,006 Provisi
Slide 25: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Pre-Provision Net Revenue/Average Assets and Adjusted Pre-Provision Net Revenue/Average Assets $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net income (GAAP) $ 28,124 $ 39,409 $ 38,846 $ 72,455 $ 44,747 Merger and conversion expense - - - 11,273 2,076
Slide 26: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements Adjusted Diluted Earnings Per Share $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net income (GAAP) $ 28,124 $ 39,409 $ 38,846 $ 72,455 $ 44,747 Merger and conversion expense - - - 11,273 2,076 Gain on extinguishment of debt
Slide 27: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Return on Average Tangible Common Equity (Adjusted) $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net income (GAAP) $ 28,124 $ 39,409 $ 38,846 $ 72,455 $ 44,747 Merger and conversion expense - - - 11,273 2,076 Gain on extinguishment of debt (620) (56)
Slide 28: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements Adjusted Net Interest Income (FTE) and Adjusted Net Interest Margin $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net interest income (FTE) (GAAP) $ 128,595 $ 125,850 $ 127,598 $ 133,576 $ 135,502 Less: Net interest income co
Slide 29: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Adjusted Loan Yield $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Loan interest income (FTE) (GAAP) $ 190,857 $ 194,640 $ 200,670 $ 204,935 $ 201,562 Less: Net interest income collected on problem loans 283 123 (146) 642 151 Accretable yield recognized
Slide 30: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements Adjusted Efficiency Ratio $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net interest income (FTE) (GAAP) $ 128,595 $ 125,850 $ 127,598 $ 133,576 $ 135,502 Total noninterest income (GAAP) 20,356 41,381 38,762 89,299 34,218 Gai
Slide 31: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Tangible Common Equity and Tangible Book Value $ in thousands 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Shareholders' equity (GAAP) $ 2,297,383 $ 2,322,350 $ 2,354,701 $ 2,658,078 $ 2,678,318 Intangibles 1,010,460 1,009,248 1,008,062 1,004,136 1,003,003 Tangible
Slide 32: Slide 32