Renasant Corporation reported fourth-quarter 2024 earnings with net income of $44.7 million, down from $72.5 million in the previous quarter but higher than the $28.1 million recorded in Q4 2023. Diluted earnings per share were $0.70, with an adjusted diluted EPS of $0.73. The company’s net interest income grew to $135.5 million, an increase of $1.9 million from Q3, while the net interest margin remained steady at 3.36%. Deposit costs declined to 2.35%, a 16-basis-point drop from the prior quarter, reflecting improved funding efficiency. Noninterest income fell by $55.1 million, mainly due to a one-time $53.3 million pre-tax gain from the sale of an insurance agency in Q3. Mortgage banking income declined by $1.6 million, while noninterest expenses decreased by $7.2 million, with merger and conversion expenses dropping to $2.1 million from $11.3 million in Q3.

On the balance sheet, loans grew by $257.4 million, representing an annualized net loan growth of 8.1%. Deposits increased by $62.9 million, while brokered deposits declined as outstanding amounts matured or were called during the quarter. The company’s credit quality remained strong, with nonperforming loans decreasing to 0.88% of total loans, down from 0.94% in Q3, and net loan charge-offs of $1.7 million, or 0.05% of average loans. Book value per share rose to $42.13, and tangible book value per share increased to $26.36. Renasant continues to maintain a $100 million stock repurchase program through October 2025, though no shares were repurchased in Q4. The company remains focused on organic growth, disciplined pricing, and credit performance as it integrates its merger with The First Bancshares, Inc., announced in July 2024.