Renasant earnings rose from a year earlier but declined from the previous quarter in the three months ended September 30, 2026. The Tupelo, Mississippi-based bank reported net income of $78.9 million, compared with $59.8 million a year earlier and $87.1 million in the second quarter.

Key Takeaways

  • Diluted earnings per share were $0.86, compared with $0.63 a year earlier.
  • Loans grew by $555.9 million from the previous quarter, while deposits fell by $73.2 million.
  • The board approved a new $175 million share repurchase program effective October 27.

Renasant earnings and credit costs

Third-quarter diluted earnings per share fell from $0.94 in the second quarter. Adjusted diluted earnings per share, a non-GAAP measure, were also $0.86, compared with $0.77 a year earlier. The 2025 quarter included merger and conversion expenses of $13.1 million after tax.

Net interest income on a fully tax-equivalent basis was $228.6 million, up $0.9 million from the second quarter. The net interest margin on the same basis fell six basis points to 3.77%.

The provision for credit losses on loans rose to $10.1 million, an increase of $8.9 million from the previous quarter. Renasant attributed the increase primarily to loan growth. Nonperforming loans declined to 0.89% of total loans at September 30, from 0.97% at June 30.

Loan growth and deposits

The increase in loans represented an 11.5% annualized net increase. Renasant attributed the growth to strong production and lower payoff activity compared with the second quarter.

Deposit outflows included $214.7 million in public funds, partly offset by growth in consumer and commercial deposits. Short-term borrowings increased by $491.3 million from the previous quarter.

Noninterest income fell by $1.9 million from the second quarter. The company attributed the decline primarily to rising mortgage rates, which reduced new loan production and led to market-value adjustments on pending loan sales.

New buyback authorization

Renasant repurchased $42.6 million of common stock during the third quarter at a weighted average price of $41.05 per share.

The new $175 million authorization replaces a program that expired in October 2026. It permits open-market or privately negotiated purchases until October 2027 or until the full authorized amount has been repurchased, whichever comes first.

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