Q2 2024 Renasant Corp Earnings Call Transcript
Key Points
- Renasant Corp (RNST) reported solid progress with a strong balance sheet, driven by growth in traditional deposits and an increase in loans.
- Loan yields increased by 11 basis points quarter-over-quarter, contributing to a $6 million rise in loan interest income.
- Core deposit growth remained robust, allowing the company to shift away from non-core funding sources.
- Non-interest income increased on a linked-quarter basis for the first time since Q1 2023, driven by higher mortgage division income.
- All regulatory capital ratios are in excess of required minimums, indicating a strong capital position.
- The sale of Renasant Insurance will have a slightly negative impact on EPS for the second half of the year.
- Deposit interest expense continues to rise, although the pace of increase has slowed.
- Net charge-offs were $5.5 million, primarily due to a single credit, and non-performing assets ticked up.
- The allowance for credit losses as a percentage of total loans declined by 2 basis points to 1.59%.
- Competitive pressures in deposit pricing and loan growth remain high, potentially impacting future margins and yields.
Good morning and welcome to the Renasant Corporation 2024 second-quarter earnings conference call and webcast. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Kelly Hutcheson, Chief Accounting Officer with Renasant Corporation. Please go ahead.
Good morning and thank you for joining us for Renasant Corporation's 2024 quarterly webcast and conference call. Participating in this call today are members of Renasant's executive management team.
Before we begin, please note that many of our comments during this call will be forward-looking statements which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Such factors include, but are not limited to, changes in the mix and cost of our funding sources, interest rate fluctuation, regulatory changes, portfolio performance, and
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