Renasant Corporation - RNST STOCK NEWS

Renasant (NYSE: RNST) has successfully completed its public offering of 7,187,500 shares of common stock at $32.00 per share, including 937,500 additional shares due to the underwriters exercising their full option. The offering generated gross proceeds of $230.0 million, with expected net proceeds of approximately $217.0 million after deducting expenses. Renasant plans to use the funds for general corporate purposes, supporting growth, investments in Renasant Bank, and potential strategic acquisitions.

Stephens Inc. led the offering as the book-running manager, with Raymond James & Associates as joint book-running manager. The offering was made through a prospectus supplement and base prospectus, available on the SEC's website.

Renasant (NYSE: RNST) has announced the pricing of a public offering of 6,250,000 shares of its common stock at $32.00 per share, raising an aggregate of $200.0 million. The company has also granted underwriters a 30-day option to purchase up to an additional 937,500 shares. Stephens Inc. is the lead book-running manager, with Raymond James & Associates, Inc. as joint book-running manager. The net proceeds, estimated at $190.0 million, will be used for general corporate purposes, including investments in Renasant Bank and potential strategic acquisitions. The offering is being made through a prospectus supplement and accompanying base prospectus, with details available on the SEC's website.

Renasant (NYSE: RNST) and The First Bancshares, Inc. (NYSE: FBMS) have announced a $1.2 billion all-stock merger, creating a six-state Southeastern banking franchise with approximately $25 billion in total assets. The merger, expected to close in the first half of 2025, will result in a combined entity with $18 billion in total loans and $21 billion in total deposits.

Key points:

• The First shareholders will receive 1.00 share of Renasant common stock for each share held
• The merger is expected to be immediately accretive to Renasant's earnings per share
• Renasant announced a $10.3 billion, five-year Community Benefit Plan
• The First's CEO, M. Ray 'Hoppy' Cole, will join Renasant's board of directors

Renasant (NYSE: RNST) announced its Q2 2024 earnings. Net income was $38.8 million with diluted EPS at $0.69, slightly down from Q1 2024 but up from Q2 2023. Net interest income rose to $127.6 million, and net interest margin improved to 3.31%. Noninterest income fell by $2.6 million due to a decline in mortgage banking income. Loans grew by $104.2 million, while deposits increased by $18.1 million. The company sold its insurance agency assets for $56.4 million, impacting Q3 earnings. Nonperforming loans increased to 0.78% of total loans. The allowance for credit losses was 1.59% of total loans.

Renasant (NYSE: RNST) will release its 2024 second quarter results after the NYSE closes on Tuesday, July 23, 2024. A webcast and conference call with executive management will follow on Wednesday, July 24, 2024, at 10:00 AM Eastern Time (9:00 AM Central Time). The event can be accessed via Renasant's investor relations website or the provided Chorus Call link. For telephone access within the U.S., dial 1-877-513-1143, and international participants can dial 1-412-902-4145. The webcast will be archived on the Renasant website for one year, and a replay will be available by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (internationally) with conference number 8556122 until August 7, 2024.

Renasant (NYSE: RNST) has sold its insurance arm, Renasant Insurance, to Sunstar Insurance Group, effective July 1, 2024.

Sunstar, a significant regional insurance broker and risk management consultant, will rebrand Renasant Insurance to 'Sunstar Insurance Services.' The acquisition marks Sunstar's entry into Mississippi and will retain all current Renasant Insurance staff and locations.

Customers will benefit from an expanded suite of products, and Renasant will keep a strategic relationship with Sunstar, offering banking clients access to Sunstar's insurance and employee benefits services.

Piper Sandler & Co. was the exclusive financial advisor, and Phelps Dunbar LLP served as legal counsel for Renasant.

Renasant (RNST) reported solid financial performance in the first quarter of 2024, with net income of $39.4 million and adjusted diluted EPS of $0.65. The company experienced good loan and deposit growth, with net interest income at $125.9 million. Noninterest income increased by $21.0 million, driven by higher mortgage banking income. Despite an increase in noninterest expenses, Renasant remains well-positioned for future growth.

Renasant announces the appointment of Kevin D. Chapman as the new Chief Executive Officer effective May 2025 as part of the Company's management succession plan. Chapman, currently serving as President and Chief Operating Officer, will succeed C. Mitchell Waycaster. Waycaster will transition to the role of Executive Vice Chairman. Chapman brings extensive experience in corporate banking and financial services, having served in various roles since joining the company in 2005.

Renasant (RNST) declares a quarterly cash dividend of $0.22 per share, payable on June 28, 2024, to shareholders of record on June 14, 2024.