Renasant Corporation reports recurring developments around its community banking and wealth management businesses through Renasant Bank. The company operates banking, lending, mortgage and wealth management offices across the Southeast and offers factoring and asset-based lending nationwide.
RNST news commonly covers quarterly earnings, loan and deposit activity, securities portfolio movements, dividends, stock repurchase activity and subordinated debt or other capital actions. Updates also include earnings-call materials, community foundation grants and operational integration matters tied to completed acquisitions.
Renasant Corporation (Nasdaq: RNST) priced its public offering of $100 million in 4.50% Fixed-to-Floating Rate Subordinated Notes due 2035. These Notes offer a fixed interest rate until September 15, 2030, after which the rate will reset quarterly. The expected net proceeds from the offering are $98.75 million, which will be used for general corporate purposes, including capital growth and debt repayment. The offering is set to close on September 3, 2020, pending customary conditions.
Renasant Corporation (NASDAQ: RNST) announced a quarterly cash dividend of $0.22 per share, payable on September 30, 2020, to shareholders of record as of September 16, 2020. With total assets of approximately $14.9 billion, Renasant operates over 200 banking, mortgage, and wealth management offices across five states. This dividend reflects the company's ongoing commitment to returning value to its shareholders.
Renasant Corporation announces the appointment of James C. Mabry IV as Executive Vice President and Chief Financial Officer, effective August 1, 2020. Mabry, with over 35 years in financial services, previously held positions at South State Corporation and Keefe, Bruyette and Woods. He will oversee mergers and acquisitions while Kevin D. Chapman continues as Chief Operating Officer. Renasant, with approximately $15 billion in assets, operates over 200 offices across five states and is recognized as one of Forbes’ Best Banks in the World for 2020.
Renasant Corporation (RNST) reported a net income of $20.1 million for Q2 2020, significantly down from $46.6 million in Q2 2019. Basic EPS was $0.36, a decrease from $0.80 the previous year. For the first half of 2020, net income dropped to $22.1 million from $91.7 million in the same period of 2019. The bank closed over 10,500 PPP loans totaling approximately $1.3 billion, generating $44.7 million in fees. The company also increased its loan loss reserves to $29.5 million due to pandemic-related uncertainties, which has raised concerns over future credit quality.
Renasant Corporation (NASDAQ: RNST) will announce its second quarter 2020 results on July 27, 2020, after NASDAQ's closing. A conference call with executive management will follow on July 28, 2020, at 10:00 AM ET. Investors can access the call via Renasant's investor relations website or through a dedicated conference line. Renasant Corporation operates over 200 banking and wealth management locations across five states, managing approximately $13.9 billion in assets. The company cautions that forward-looking statements may differ materially from actual results due to various risks and uncertainties.