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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 10-Q
________________________________________________________
(Mark One)
| | | | | |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended June 30, 2023
Or
| | | | | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from to
Commission file number: 001-13253
________________________________________________________
RENASANT CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________________
| | | | | | | | |
Mississippi | | 64-0676974 |
(State or other jurisdiction of | | (I.R.S. Employer |
incorporation or organization) | | Identification No.) |
| | | | | | | | | | | | | | |
209 Troy Street, | Tupelo, | Mississippi | | 38804-4827 |
(Address of principal executive offices) | | (Zip Code) |
(662) 680-1001
(Registrant’s telephone number, including area code)
________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $5.00 par value per share | RNST | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ |
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Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2023, 56,136,863 shares of the registrant’s common stock, $5.00 par value per share, were outstanding.
Renasant Corporation and Subsidiaries
Form 10-Q
For the Quarterly Period Ended June 30, 2023
CONTENTS
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| | Page |
PART I | | |
Item 1. | | |
| Consolidated Balance Sheets | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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PART II | | |
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Item 1A. | | |
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Item 2. | | |
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Item 5. | | |
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Item 6. | | |
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
Renasant Corporation and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share Data)
| | | | | | | | | | | |
| (Unaudited) | | |
| June 30, 2023 | | December 31, 2022 |
Assets | | | |
Cash and due from banks | $ | 211,452 | | | $ | 193,513 | |
Interest-bearing balances with banks | 735,447 | | | 382,479 | |
Cash and cash equivalents | 946,899 | | | 575,992 | |
Securities held to maturity (net of allowance for credit losses of $32 at each of June 30, 2023 and December 31, 2022) (fair value of $1,153,541 and $1,206,540, respectively) | 1,273,044 | | | 1,324,040 | |
Securities available for sale, at fair value | 950,930 | | | 1,533,942 | |
Loans held for sale, at fair value | 249,615 | | | 110,105 | |
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| | | |
| | | |
Loans held for investment, net of unearned income | 11,930,516 | | | 11,578,304 | |
Allowance for credit losses on loans | (194,391) | | | (192,090) | |
Loans, net | 11,736,125 | | | 11,386,214 | |
Premises and equipment, net | 285,952 | | | 283,595 | |
Other real estate owned, net | 5,120 | | | 1,763 | |
Goodwill | 991,665 | | | 991,708 | |
Other intangible assets, net | 21,381 | | | 24,176 | |
Bank-owned life insurance | 377,649 | | | 373,808 | |
Mortgage servicing rights | 87,432 | | | 84,448 | |
Other assets | 298,530 | | | 298,385 | |
Total assets | $ | 17,224,342 | | | $ | 16,988,176 | |
Liabilities and shareholders’ equity | | | |
Liabilities | | | |
Deposits | | | |
Noninterest-bearing | $ | 3,878,953 | | | $ | 4,558,756 | |
Interest-bearing | 10,216,408 | | | 8,928,210 | |
Total deposits | 14,095,361 | | | 13,486,966 | |
Short-term borrowings | 257,305 | | | 712,232 | |
Long-term debt | 429,630 | | | 428,133 | |
Other liabilities | 233,418 | | | 224,829 | |
Total liabilities | 15,015,714 | | | 14,852,160 | |
Shareholders’ equity | | | |
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding | — | | | — | |
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,132,478 and 55,953,104 shares outstanding, respectively | 296,483 | | | 296,483 | |
Treasury stock, at cost – 3,164,247 and 3,343,621 shares, respectively | (105,589) | | | (111,577) | |
Additional paid-in capital | 1,301,883 | | | 1,302,422 | |
Retained earnings | 907,312 | | | 857,725 | |
Accumulated other comprehensive loss, net of taxes | (191,461) | | | (209,037) | |
Total shareholders’ equity | 2,208,628 | | | 2,136,016 | |
Total liabilities and shareholders’ equity | $ | 17,224,342 | | | $ | 16,988,176 | |
See Notes to Consolidated Financial Statements.
Renasant Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In Thousands, Except Share Data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Interest income | | | | | | | |
Loans | $ | 176,188 | | | $ | 108,995 | | | $ | 339,712 | | | $ | 207,687 | |
Securities | | | | | | | |
Taxable | 12,300 | | | 10,567 | | | 25,553 | | | 19,501 | |
Tax-exempt | 1,700 | | | 1,904 | | | 3,538 | | | 3,805 | |
Other | 6,978 | | | 1,954 | | | 12,408 | | | 2,618 | |
Total interest income | 197,166 | | | 123,420 | | | 381,211 | | | 233,611 | |
Interest expense | | | | | | | |
Deposits | 51,391 | | | 5,018 | | | 84,257 | | | 10,655 | |
Borrowings | 15,559 | | | 4,887 | | | 30,963 | | | 9,812 | |
Total interest expense | 66,950 | | | 9,905 | | | 115,220 | | | 20,467 | |
Net interest income | 130,216 | | | 113,515 | | | 265,991 | | | 213,144 | |
Provision for credit losses on loans | 3,000 | | | 2,000 | | | 10,960 | | | 3,500 | |
| | | | | | | |
| | | | | | | |
Net interest income after provision for credit losses | 127,216 | | | 111,515 | | | 255,031 | | | 209,644 | |
Noninterest income | | | | | | | |
Service charges on deposit accounts | 9,733 | | | 9,734 | | | 18,853 | | | 19,296 | |
Fees and commissions | 4,987 | | | 4,668 | | | 9,663 | | | 8,650 | |
Insurance commissions | 2,809 | | | 2,591 | | | 5,255 | | | 5,145 | |
Wealth management revenue | 5,338 | | | 5,711 | | | 10,478 | | | 11,635 | |
Mortgage banking income | 9,771 | | | 8,316 | | | 18,288 | | | 17,949 | |
Net loss on sales of securities | (22,438) | | | — | | | (22,438) | | | — | |
BOLI income | 2,402 | | | 2,331 | | | 5,405 | | | 4,484 | |
| | | | | | | |
Other | 4,624 | | | 3,863 | | | 9,015 | | | 7,513 | |
Total noninterest income | 17,226 | | | 37,214 | | | 54,519 | | | 74,672 | |
Noninterest expense | | | | | | | |
Salaries and employee benefits | 70,637 | | | 65,580 | | | 140,469 | | | 127,819 | |
Data processing | 3,684 | | | 3,590 | | | 7,317 | | | 7,853 | |
Net occupancy and equipment | 11,865 | | | 11,155 | | | 23,270 | | | 22,431 | |
Other real estate owned | 51 | | | (187) | | | 81 | | | (428) | |
Professional fees | 4,012 | | | 2,778 | | | 7,479 | | | 5,929 | |
Advertising and public relations | 3,482 | | | 3,406 | | | 8,168 | | | 7,465 | |
Intangible amortization | 1,369 | | | 1,310 | | | 2,795 | | | 2,676 | |
Communications | 2,226 | | | 1,904 | | | 4,206 | | | 3,931 | |
Merger and conversion related expenses | — | | | — | | | — | | | 687 | |
Restructuring charges | — | | | 1,187 | | | — | | | 732 | |
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| | | | | | | |
Other | 11,839 | | | 7,471 | | | 23,088 | | | 13,204 | |
Total noninterest expense | 109,165 | | | 98,194 | | | 216,873 | | | 192,299 | |
Income before income taxes | 35,277 | | | 50,535 | | | 92,677 | | | 92,017 | |
Income taxes | 6,634 | | | 10,857 | | | 17,956 | | | 18,792 | |
Net income | $ | 28,643 | | | $ | 39,678 | | | $ | 74,721 | | | $ | 73,225 | |
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| | | | | | | |
Basic earnings per share | $ | 0.51 | | | $ | 0.71 | | | $ | 1.33 | | | $ | 1.31 | |
Diluted earnings per share | $ | 0.51 | | | $ | 0.71 | | | $ | 1.33 | | | $ | 1.30 | |
Cash dividends per common share | $ | 0.22 | | | $ | 0.22 | | | $ | 0.44 | | | $ | 0.44 | |
See Notes to Consolidated Financial Statements.
Renasant Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 28,643 | | | $ | 39,678 | | | $ | 74,721 | | | $ | 73,225 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Securities available for sale: | | | | | | | |
Unrealized holding losses on securities | (15,930) | | | (56,958) | | | (399) | | | (157,420) | |
Reclassification adjustment for losses realized in net income | 16,816 | | | — | | | 16,816 | | | — | |
| | | | | | | |
Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category | 2,252 | | | (164) | | | 4,580 | | | (238) | |
Total securities available for sale | 3,138 | | | (57,122) | | | 20,997 | | | (157,658) | |
Derivative instruments: | | | | | | | |
Unrealized holding (losses) gains on derivative instruments | (2,361) | | | 6,262 | | | (3,593) | | | 12,641 | |
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Total derivative instruments | (2,361) | | | 6,262 | | | (3,593) | | | 12,641 | |
Defined benefit pension and post-retirement benefit plans: | | | | | | | |
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Amortization of net actuarial loss recognized in net periodic pension cost | 86 | | | 31 | | | 172 | | | 62 | |
Total defined benefit pension and post-retirement benefit plans | 86 | | | 31 | | | 172 | | | 62 | |
Other comprehensive income (loss), net of tax | 863 | | | (50,829) | | | 17,576 | | | (144,955) | |
Comprehensive income (loss) | $ | 29,506 | | | $ | (11,151) | | | $ | 92,297 | | | $ | (71,730) | |
See Notes to Consolidated Financial Statements.
Renasant Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
(In Thousands, Except Share Data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total |
Six Months Ended June 30, 2023 | Shares | | Amount | | | | | |
Balance at January 1, 2023 | 55,953,104 | | | $ | 296,483 | | | $ | (111,577) | | | $ | 1,302,422 | | | $ | 857,725 | | | $ | (209,037) | | | $ | 2,136,016 | |
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Net income | — | | | — | | | — | | | — | | | 46,078 | | | — | | | 46,078 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 16,713 | | | 16,713 | |
Comprehensive income | | | | | | | | | | | | | 62,791 | |
Cash dividends ($0.22 per share) | — | | | — | | | — | | | — | | | (12,561) | | | — | | | (12,561) | |
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Issuance of common stock for stock-based compensation awards | 120,554 | | | — | | | 4,018 | | | (6,409) | | | — | | | — | | | (2,391) | |
Stock-based compensation expense | — | | | — | | | — | | | 3,445 | | | — | | | — | | | 3,445 | |
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Balance at March 31, 2023 | 56,073,658 | | | $ | 296,483 | | | $ | (107,559) | | | $ | 1,299,458 | | | $ | 891,242 | | | $ | (192,324) | | | $ | 2,187,300 | |
Net income | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 28,643 | | | $ | — | | | $ | 28,643 | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | 863 | | | 863 | |
Comprehensive income | | | | | | | | | | | | | 29,506 | |
Cash dividends ($0.22 per share) | — | | | — | | | — | | | — | | | (12,573) | | | — | | | (12,573) | |
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Issuance of common stock for stock-based compensation awards | 58,820 | | | — | | | 1,970 | | | (970) | | | — | | | — | | | 1,000 | |
Stock-based compensation expense | — | | | — | | | — | | | 3,395 | | | — | | | — | | | 3,395 | |
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Balance at June 30, 2023 | 56,132,478 | | | $ | 296,483 | | | $ | (105,589) | | | $ | 1,301,883 | | | $ | 907,312 | | | $ | (191,461) | | | $ | 2,208,628 | |
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| Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total |
Six Months Ended June 30, 2022 | Shares | | Amount | | | | | |
Balance at January 1, 2022 | 55,756,233 | | | $ | 296,483 | | | $ | (118,027) | | | $ | 1,300,192 | | | $ | 741,648 | | | $ | (10,443) | | | $ | 2,209,853 | |
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Net income | — | | | — | | | — | | | — | | | 33,547 | | | — | | | 33,547 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (94,126) | | | (94,126) | |
Comprehensive loss | | | | | | | | | | | | | (60,579) | |
Cash dividends ($0.22 per share) | — | | | — | | | — | | | — | | | (12,505) | | | — | | | (12,505) | |
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Issuance of common stock for stock-based compensation awards | 124,433 | | | — | | | 3,977 | | | (6,442) | | | — | | | — | | | (2,465) | |
Stock-based compensation expense | — | | | — | | | — | | | 3,338 | | | — | | | — | | | 3,338 | |
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Balance at March 31, 2022 | 55,880,666 | | | $ | 296,483 | | | $ | (114,050) | | | $ | 1,297,088 | | | $ | 762,690 | | | $ | (104,569) | | | $ | 2,137,642 | |
Net income | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 39,678 | | | $ | — | | | $ | 39,678 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | (50,829) | | | (50,829) | |
Comprehensive loss | | | | | | | | | | | | | (11,151) | |
Cash dividends ($0.22 per share) | — | | | — | | | — | | | — | | | (12,488) | | | — | | | (12,488) | |
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Issuance of common stock for stock-based compensation awards | 51,351 | | | — | | | 1,755 | | | (1,833) | | | — | | | — | | | (78) | |
Stock-based compensation expense | — | | | — | | | — | | | 2,952 | | | — | | | — | | | 2,952 | |
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Balance at June 30, 2022 | 55,932,017 | | | $ | 296,483 | | | $ | (112,295) | | | $ | 1,298,207 | | | $ | 789,880 | | | $ | (155,398) | | | $ | 2,116,877 | |
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See Notes to Consolidated Financial Statements.
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2023 | | 2022 |
Operating activities | | | |
Net income | $ | 74,721 | | | $ | 73,225 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | |
Provision for credit losses | 10,960 | | | 3,500 | |
Depreciation, amortization and accretion | 18,365 | | | 23,947 | |
Deferred income tax expense | 302 | | | 5,150 | |
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Funding of mortgage loans held for sale | (659,921) | | | (1,076,613) | |
Proceeds from sales of mortgage loans held for sale | 526,853 | | | 1,345,924 | |
Gains on sales of mortgage loans held for sale | (9,417) | | | (9,537) | |
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Losses on sales of securities | 22,438 | | | — | |
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Losses (gains) on sales of premises and equipment | 7 | | | (236) | |
Stock-based compensation expense | 6,840 | | | 6,290 | |
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Increase in other assets | (26,264) | | | (2,867) | |
Increase (decrease) in other liabilities | 3,576 | | | (19,077) | |
Net cash (used in) provided by operating activities | (31,540) | | | 349,706 | |
Investing activities | | | |
Purchases of securities available for sale | — | | | (609,752) | |
Proceeds from sales of securities available for sale | 488,981 | | | — | |
Proceeds from call/maturities of securities available for sale | 90,830 | | | 249,394 | |
Purchases of securities held to maturity | — | | | (91,803) | |
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Proceeds from call/maturities of securities held to maturity | 54,123 | | | 17,262 | |
Net increase in loans | (363,231) | | | (555,936) | |
Purchases of premises and equipment | (12,353) | | | (5,865) | |
Proceeds from sales of premises and equipment | — | | | 933 | |
Purchase of bank-owned life insurance | — | | | (80,000) | |
Net change in FHLB stock | 13,268 | | | (3,526) | |
Proceeds from sales of other assets | 827 | | | 1,524 | |
Net cash paid in acquisition of businesses | — | | | (10,066) | |
Other, net | 1,668 | | | 622 | |
Net cash provided by (used in) investing activities | 274,113 | | | (1,087,213) | |
Financing activities | | | |
Net (decrease) increase in noninterest-bearing deposits | (679,803) | | | 23,273 | |
Net increase (decrease) in interest-bearing deposits | 1,288,198 | | | (165,068) | |
Net (decrease) increase in short-term borrowings | (454,927) | | | 69,215 | |
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Repayment of long-term debt | — | | | (32,417) | |
Cash paid for dividends | (25,134) | | | (24,993) | |
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Net cash provided by (used in) financing activities | 128,334 | | | (129,990) | |
Net increase (decrease) in cash and cash equivalents | 370,907 | | | (867,497) | |
Cash and cash equivalents at beginning of period | 575,992 | | | 1,877,965 | |
Cash and cash equivalents at end of period | $ | 946,899 | | | $ | 1,010,468 | |
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Supplemental disclosures | | | |
Cash paid for interest | $ | 91,861 | | | $ | 19,959 | |
Cash paid for income taxes | $ | 23,071 | | | $ | 6,367 | |
Noncash transactions: | | | |
Transfers of loans to other real estate owned | $ | 4,119 | | | $ | 1,284 | |
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Recognition of operating right-of-use assets | $ | 611 | | | $ | 1,595 | |
Recognition of operating lease liabilities | $ | 611 | | | $ | 1,595 | |
See Notes to Consolidated Financial Statements.
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
(In Thousands)
Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc., Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as “Republic Business Credit”). Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis.
The Bank acquired Southeastern Commercial Finance, LLC (“SCF”), an asset-based lending company headquartered in Birmingham, Alabama, effective March 1, 2022. Prior to the end of the third quarter of 2022, all of SCF's assets were distributed to the Bank in connection with the conversion and integration of SCF into the Bank.
In September 2022, the Bank formed Renasant Capital Funding Corporation (the “REIT”), which is intended to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended. The REIT purchases from the Bank, either by assignment or participation, eligible loans collateralized by real estate located in Georgia and Florida, which allows for more effective monitoring of the loans and better managing liquidity related to such real estate assets. The arrangement provides tax benefits in certain states in which the Company operates.
The Bank acquired Republic Business Credit, a factoring and asset-based lending company headquartered in New Orleans, Louisiana (“RBC”), effective December 30, 2022.
Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 24, 2023.
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material.
Impact of Recently-Issued Accounting Standards and Pronouncements:
In March 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”), which permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 will be effective on January 1, 2024. Early adoption is permitted, including in an interim period. The adoption of this accounting pronouncement will have no impact on the Company’s historical financial statements but could influence the Company’s decisions with respect to investments in certain tax credits prospectively.
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 2 – Securities
(In Thousands, Except Number of Securities)
The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.
There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of June 30, 2023 or December 31, 2022.
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| Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | | | Fair Value |
June 30, 2023 | | | | | | | | | |
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