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- **Efficiency and Growth**: 2025 merger drove 11% EPS growth, 94 bps ROA improvement, and 57.46% efficiency ratio. Q4 saw $0.91 adjusted EPS, 1.29% ROA, and $160M noninterest expense. 
- **Cost Control and Capital**: $6.2M in the first quarter of 2026, the first quarter of 2026, the first quarter of 2026,1, the first quarter of 2026,, the first quarter of 2026,, the first quarter of 2026, the first quarter of 2026,,. The first quarter of 2026, the first quarter of 2026,. The first quarter of 2026, the first quarter of 2026, the first quarter of 2026, the first quarter of 2026. The first quarter of 2026, the first quarter of 2026,.

**【CEO Summary Section】**
- **Merger Benefits and Efficiency**: CEO Kevin Chapman highlighted 2025 as a transformative year, with adjusted EPS growing 11% YoY to $3.06 and ROA improving 94 basis points to 110 basis points. The merger with The First drove efficiency ratio improvement to 57.46% and ROTCE to 13.79%. Systems conversion in Q3 enabled organic growth despite reduced resources, with FTEs decreasing by 400 (12% reduction). 
- **2026 Outlook**: Emphasized positioning for continued growth through disciplined expense management and strategic hiring, targeting mid-single-digit loan growth and maintaining CET1 capital levels.

**【CFO Financial Commentary】**
- **Q4 Financials**: Net income of $78.9M ($0.83 EPS), with adjusted EPS of $0.91. Pre-provision net revenue rose 20 bps to 1.29% ROA. Loans grew $21.5M (0.4% annualized), deposits $48.5M (0.9% annualized). Credit loss provision was $10.9M, with ACL at 1.54%. 
- **Cost Control**: Noninterest expense declined $6.2M QoQ to $160.2M, driven by salary reductions and branch consolidation gains. Adjusted cost of deposits fell 11 bps to 1.97%, offsetting loan yield decline of 12 bps.

**【Q&A Highlights】**
- **Expense Management**: CFO Jim Mabry expects $2-3M core expense reduction in Q1, targeting stable CET1 near 11.25%. CEO noted 2026 focus on high-performing talent and operational efficiency, despite M&A activity being secondary.
- **Loan Growth**: Guided to mid-single-digit annual growth, with Q4 production offsetting $117M loan sale. Pipeline remains strong across segments, though consumer lending is cautious.
- **Capital Deployment**: Buybacks expected to continue, with $1.3B in fixed-rate loans set to reprice in 2026. NIM outlook stable at 3.62%, with potential relief from deposit competition.
- **Market Dynamics**: Competitiveness in deposits remains intense, but management sees opportunities in disciplined growth and expense control.

Renasant Corporation (RNST) Q4 2025 Earnings Call Transcript

- **Record Q3 Performance**: $72.9M adjusted net income, 9.9% annualized loan growth, and 1.09% ROA. 
- **Cost Efficiency**: Core expenses to decline $2-3M/Q in next two quarters. 
- **Strategic Momentum**: 300+ FTE reduction post-merger, with focus on revenue per employee. 
- **Capital Deployment**: $100M buyback authorization signals confidence in capital generation. 
- **Risk Management**: Criticized loans up 1/4 due to multifamily, C&I, and self-storage migration, but no loss exposure identified. 
- **Rate Outlook**: 4 rate cuts assumed, with NIM modestly contracting in Q4 before '26 expansion.

**【CEO Opening Remarks】**
- Q3 net income: $59.8M ($0.63/diluted share), adjusted earnings (excluding merger charges): $72.9M ($0.77/diluted share). 
- Loan growth: $462M (9.9% annualized), driven by distributed growth across all credit channels and geographies. 
- Deposit decline: $158M (seasonal public funds decrease), with focus on core deposit growth in line with loans. 
- Integration progress: Systems conversion completed in August; 2025 Q3 results reflect successful merger with The First, positioning to meet pre-merger profitability goals. 

**【CFO Financial Commentary】**
- Adjusted ROA: 1.09% (12bp YoY improvement), adjusted ROTCE: 14.22% (296bp YoY improvement). 
- Credit metrics: ACL at 1.56% of loans, net charge-offs $4.3M. 
- Expense management: Core NIE up $3M QoQ, with $2-3M expected declines in Q4 and Q1 '26. 
- Capital position: All regulatory ratios exceed 'well-capitalized' thresholds. 

**【Q&A Highlights】**
1. **Loan Growth Pipeline**: CEO notes Q3 growth across all channels, with legacy SBMS markets and Gulf Coast showing strength. 2025 Q3 marks first quarter with systems fully integrated. 
2. **Expense Savings**: CFO expects $2-3M quarterly declines in core NIE through Q1 '26, with modeled synergies emerging. 
3. **Deposit Strategy**: Focus on core deposit growth matching loan growth, despite seasonal public funds volatility. 
4. **Credit Quality**: Criticized loans increased broadly but no loss exposure; proactive risk management identifies early warning signs. 
5. **Buyback Authorization**: $100M share repurchase program announced, reflecting confidence in capital generation post-merger integration. 
6. **Rate Environment**: CFO assumes 4 rate cuts between now and end of '26, with net interest margin expected to modestly contract in Q4 before modest expansion in '26.

Renasant Corporation (RNST) Q3 2025 Earnings Call Transcript

- **Merger Success**: Full quarter of combined operations shows 7% YoY loan/deposit growth, 3.58% core margin, and $66M adjusted net income.
- **Cost Control**: Efficiency ratio improved 7ppt to 56.5%, with $25M merger expenses expected in H2.
- **Margin Expansion**: Core margin to grow modestly in Q3-Q4, with purchase accounting accretion of ~$17M/Q to transition into core margin.
- **Strategic Focus**: Emphasizes organic growth, fee income expansion (mortgage, treasury management), and delayed buyback activity.
- **Risk Management**: Stable asset quality with ACL at 1.57%, and net charge-offs expected to remain low (~10-15bps annualized).

**【CEO Summary Section】**
- Reported earnings of $1 million ($0.01 per diluted share), with adjusted earnings of $66 million ($0.69 per diluted share). 
- Loans and deposits grew 7% YoY to $4.5 billion and $5.3 billion, respectively.
- Core net interest margin expanded to 3.58% (3.85% including purchase accounting adjustments).
- Mortgage division contributed $1.6 million in incremental income, and systems conversion is scheduled for early August.
- Guiding for mid-single-digit loan and deposit growth, with potential payoff activity impacting growth rates.

**【CFO Financial Commentary】**
- Fair value of acquired assets: $7.9 billion (loans $5.2 billion); liabilities assumed: $6.9 billion (deposits $6.4 billion).
- Core deposit intangibles: $159.6 million; preliminary goodwill: $428.7 million.
- Noninterest income increased 32% YoY to $48.3 million, driven by The First ($9.7 million) and mortgage ($1.6 million).
- Noninterest expense: $183.2 million (including $20.5 million merger/conversion costs).
- Adjusted efficiency ratio improved 7ppt to 56.5%.
- Credit loss provision: $14.7 million (excluding day-1 provisions); ACL at 1.57% of loans.

**【Q&A Key Highlights】**
- **Margin Outlook**: Core margin expected to expand modestly in Q3-Q4, with June spot margin at 3.60%. Purchase accounting accretion of ~$17 million per quarter to transition into core margin over time.
- **Expense Management**: $25 million in merger-related expenses expected in H2, with full cost synergies realized by Q1 2026.
- **Charge-offs**: $12.1 million in Q2 (2 one-off C&I credits), with annualized net charge-off rate expected to remain ~10-15bps.
- **Capital Allocation**: Prioritizes organic growth, bolt-on acquisitions (e.g., factoring, ABL), and talent acquisition over buybacks.
- **Interest Rate Sensitivity**: Reduced sensitivity post-merger; 25bp rate cuts expected to have minimal impact on margin guidance.
- **Fee Income Growth**: Treasury management solutions and mortgage rebound driving incremental noninterest income.


Renasant Corporation (RNST) Q2 2025 Earnings Conference Call Transcript

- **Merger Synergies Materializing**: Q1 2025 net income of $41.5M reflects seamless integration of First Bancshares, with 5.4% loan growth and 10% deposit expansion.
- **Profitability Drivers**: 13bp decline in cost of deposits to 2.22% and 8bp improvement in adjusted NIM to 3.42% fuel margin expansion.
- **Pipeline Strength**: $372M commercial pipeline (33% in C&I/CRE) supports low-single-digit net loan growth in Q2.
- **Cost Savings Roadmap**: $15M+ annual savings by Q4 2025; Q2 expenses to include $45-46M legacy First costs.
- **Capital Flexibility**: CET1 ratio of 11% enables buybacks and debt redemption; TBV per share +1.6% QoQ.

**【CEO Opening Remarks】**
- Announced successful completion of the merger with First Bancshares, with combined assets exceeding $26 billion.
- Highlighted strong Q1 performance: $41.5M net income, 5.4% annualized loan growth, and 10% deposit growth.
- Emphasized disciplined underwriting and cost management to navigate economic uncertainty.

**【CFO Financial Highlights】**
- **Net Interest Income**: $134.2M (+1.3% QoQ), driven by $170.6M loan growth and 13bp decline in cost of deposits to 2.22%.
- **Non-Interest Income**: $2.2M increase, primarily from seasonal mortgage banking revenue.
- **Expenses**: $113.9M (+0.4% QoQ), with $4.8M credit loss provision (stable vs. prior quarter).
- **Capital Ratios**: All regulatory metrics exceed 'well-capitalized' thresholds; TBV per share +1.6% QoQ.

**【Key Q&A Takeaways】**
1. **Loan Pipeline & Growth**: Q2 net loan growth expected in low single digits (5.5% annualized Q1). Commercial pipeline remains strong at $372M, with 33% in C&I/CRE.
2. **Cost Savings & Integration**: $45-46M legacy First Bancshares expenses to be layered into Q2; $15M+ annual run-rate savings expected by Q4 2025.
3. **Net Interest Margin**: Core NIM +10-15bp QoQ to 3.52-3.57%; all-in NIM +20-30bp due to bond portfolio remix.
4. **Capital Deployment**: Share buybacks and debt redemption on the table post-merger; Q1 CET1 ratio ~11% vs. prior guidance of 10.5%.
5. **Risk Management**: Proactive credit monitoring amid tariff/immigration volatility; 50% of First's bond portfolio sold/reinvested with minimal market disruption.

**【Strategic Priorities】**
- Accelerate organic loan growth in Southeast markets.
- Optimize deposit mix to reduce funding costs.
- Integrate First's operations with minimal disruption.
- Maintain capital flexibility for M&A and shareholder returns.

Renasant (RNST)-23 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: Q4 loan growth of $257M, deposit costs down 16bp, driving NIM expansion.
- **Merger Momentum**: The First merger on track for H1 2025, with 2025 NIM expected to grow modestly.
- **Cost Control**: Non-interest expense down $7M Q/Q, excluding merger costs.
- **Credit Strength**: ACL/loans at 1.57%, NPA/assets at 68bp, with 75% of variable loans <6.5%.
- **Deposit Strategy**: Core deposits up $189M, targeting 3.75-4.0% CD repricing in H1.

**【CEO Opening Remarks】**
- Q4 2024 revenue growth driven by $257M linked-quarter loan growth, supported by 16bp deposit cost decline.
- Merger with The First on track for H1 2025, with integration planning progressing smoothly.
- 2025 outlook: NIM expected to expand modestly due to improved deposit beta and loan yield stability.

**【COO Financial Highlights】**
- Q4 net income: $44.7M ($0.70 EPS), up 4% YoY.
- Non-interest income down $55.1M Q/Q due to one-time insurance agency sale gain ($53.3M) and seasonal mortgage decline.
- Non-interest expense: $114.7M (-$7M Q/Q), excluding $9.2M merger costs.

**【CFO Capital & Asset Quality】**
- Regulatory capital ratios remain well above thresholds (e.g., 12.3% Tier 1 leverage ratio).
- Credit metrics improve: ACL/loans down 2bp to 1.57%, NPA/assets down 3bp to 68bp.
- Adjusted NIM: 3.34% (+2bp Q/Q), driven by 14bp loan yield decline offset by 16bp deposit cost savings.

**【Q&A Key Takeaways】**
- **NIM Outlook**: 2025 expects modest expansion vs. prior guidance of compression, due to better deposit repricing.
- **Loan Pipeline**: $174M entering Q1, with 14% consumer, 23% SMB, 34% C&I, 32% corporate banking.
- **Merger Synergies**: Combined entity to enhance balance sheet strength and earnings scale.
- **Deposit Strategy**: Core deposits up $189M Q/Q, no brokered deposits post-Q4, targeting 3.75-4.0% CD repricing in H1.
- **Credit Risk**: 75% of $6B variable loan book <6.5%, $700M fixed loans repricing at ~5.5% over next 12 months.

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