Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 169

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 169
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 notes and trust preferred securities transactions have been used for general corporate purposes, including providing capital to support the Company’s growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, and for investments in Renasant Bank as regulatory capital. The subordinated notes and trust preferred securities qualify as Tier 2 capital and Tier 1 capital, respectively, under current regulatory guidelines. On account of the completion of the merger with The First on April 1, 2025, the trust preferred securities now qualify as Tier 2 capital.

Results of Operations

Net Income

Net income for the first quarter of 2025 was $41,518 compared to net income of $39,409 for the first quarter of 2024. Basic and diluted earnings per share (“EPS”) for the first quarter of 2025 were $0.65, as compared to basic and diluted EPS of $0.70 for the first quarter of 2024.

From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented.

45

Three Months Ended March 31, 2025March 31, 2024Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPSMerger and conversion expenses$791 $593 $0.01 $— $— $— Gain on sale of MSR$— $— $— $3,472 $2,774 $0.05 

Net Interest Income

Net interest income, the difference between interest earned on assets and the cost of interest-bearing liabilities, is the largest component of our net income, comprising 79.03% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the first quarter of 2025. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.

Net interest income was $134,197 for the three months ended March 31, 2025, as compared to $123,290 for the same period in 2024. On a tax equivalent basis, net interest income was $137,432 for the three months ended March 31, 2025, as compared to $125