Renasant Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income for the third quarter of 2026 was $78.9 million, compared to $59.8 million in the same period in 2025.
• Diluted earnings per share (EPS) were $0.86 for the quarter, up from $0.63 in the prior year period; adjusted diluted EPS (non-GAAP) was also $0.86, compared to $0.77 in the prior year.
• Net interest income on a fully tax-equivalent basis was $228.6 million, an increase of $0.9 million from the linked quarter.
• Net interest margin (FTE) was 3.77% for the quarter, down 6 basis points from the previous quarter; adjusted net interest margin (non-GAAP) was 3.58%, down 3 basis points.
• Noninterest income decreased $1.9 million linked quarter to $49.3 million, primarily due to lower mortgage banking income.
• Noninterest expense decreased $1.2 million linked quarter to $160.3 million, driven by lower deferred compensation expense and higher deferred loan costs, partially offset by higher health insurance claims.
• Return on average assets (ROAA) was 1.16% for the quarter, compared to 0.90% in the prior year period.
• Return on average equity (ROAE) was 8.07% for the quarter, compared to 6.25% in the prior year period.
• Total assets were $27.5 billion as of September 30, 2026.
• Total deposits were $21.6 billion, down $73.2 million linked quarter.
• Short-term borrowings increased $491.3 million linked quarter to $806.5 million.

Guidance and Future Outlook:

• Management stated the company is well-positioned to build upon year-to-date success by growing customer relationships and hiring talent throughout its footprint.
• No specific forward-looking numerical guidance for future quarters was provided in the release.

Business Segments and Product Lines:

• Loan production reached a record level in the third quarter of 2026.
• Loans increased $555.9 million linked quarter, representing an 11.5% annualized net loan increase.
• Mortgage banking income decreased $1.9 million linked quarter; the division generated $520.6 million in interest rate lock volume, down $91.0 million linked quarter.
• Gain on sale margin for mortgage banking was 1.75%, up 18 basis points linked quarter.
• Wealth management revenue was $9.2 million for the quarter.
• Service charges on deposit accounts were $15.3 million for the quarter.

Market and Competitive Landscape:

• Rising mortgage interest rates resulted in decreased production of new loans and market value adjustments on pending loan sales.
• Outflows in public fund deposits of $214.7 million were partially offset by growth in consumer and commercial deposits.
• Noninterest-bearing deposits represented 23.1% of total deposits at September 30, 2026.

Risks and Challenges:

• The company recorded a provision for credit losses on loans of $10.1 million and on unfunded commitments of $3.2 million for the quarter, increases driven by loan growth.
• Net loan charge-offs were $10.0 million (0.20% annualized), with 16 basis points attributable to a single credit.
• Nonperforming loans to total loans decreased to 0.89% at September 30, 2026.
• Criticized loans to total loans decreased to 2.50% at September 30, 2026.
• The allowance for credit losses on loans to total loans was 1.50% at September 30, 2026.
• The company noted a material weakness in internal control over financial reporting identified in its 2025 Annual Report on Form 10-K, which remains a risk factor.

Management Commentary and Tone:

• Kevin D. Chapman, President and Chief Executive Officer, remarked that third-quarter results reflect strong loan growth, continued momentum in core deposit growth, and a stable core net interest margin.
• Management noted they maintained expense discipline alongside increased hiring efforts and were active in buybacks.
• Management expressed confidence that the team is well-positioned to grow customer relationships and hire talent.

Other Key Points:

• The company repurchased $42.6 million of common stock in the third quarter at a weighted average price of $41.05 per share.
• Effective October 27, 2026, the Board of Directors approved a new $175.0 million stock repurchase program, replacing the program that expired in October 2026.
• The company redeemed $40.0 million in subordinated notes on September 1, 2026.
• Cash dividends per common share were $0.24 for the quarter.
• Book value per share increased 0.1% linked quarter to $42.41; tangible book value per share decreased 0.2% linked quarter to $25.29.
• The company operates 278 banking, lending, mortgage, and wealth management offices throughout the Southeast and offers factoring and asset-based lending nationwide.