Volatile stock to watch: Renasant Corp. (NASDAQ: RNST)

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Renasant Corp. (NASDAQ: RNST) stock fell over 0.2% on January 22nd, 2020 (As of  9:59 am GMT-5; Source: Google finance). RNST in the fourth quarter of FY 19 has reported the adjusted earnings per share of 66 cents, while reported the adjusted revenue of $146.8 million in the fourth quarter of FY 19, missing the analysts’ estimates for revenue of $147.1 million.

Image result for Renasant CorpThe company has reported the Net interest income of $109.3 million for the fourth quarter of 2019, as compared to $108.8 million for the third quarter of 2019 and $115.5 million for the fourth quarter of 2018. Total assets have increased to $13.40 billion at December 31, 2019, as compared to $12.93 billion at December 31, 2018. The Company’s acquisition of Brand Group Holdings, Inc. was completed on September 1, 2018 which has resulted to the increase. Total loans held for investment were $9.69 billion at December 31, 2019, as compared to $9.08 billion at December 31, 2018, which reflects an annual net loan growth of 5.46% after excluding the balance of a portfolio of non-mortgage consumer loans, which was transferred from the company’s held for sale portfolio during the year. When compared to the balance at September 30, 2019 of $9.31 billion, the Company had posted linked-quarter annualized net loan growth of 16.01%.

Total deposits have risen to $10.21 billion at December 31, 2019, from $10.13 billion at December 31, 2018. Non-interest bearing deposits have risen $233.1 million to $2.55 billion, or 24.99% of total deposits, at December 31, 2019, as compared to $2.32 billion, or 22.89% of total deposits, at December 31, 2018. Total nonperforming assets were $44.3 million at December 31, 2019, which is an increase of $7.3 million from December 31, 2018, and comprised of $36.3 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $8.0 million in other real estate owned (“OREO”).

Additionally, in the fourth quarter of 2019, the Company had completed the remaining repurchases authorized under its previous $50 million stock repurchase program and had initiated repurchases under its new $50 million stock repurchase program authorized by the Company in October 2019. During the fourth quarter of 2019, the Company had repurchased $21.3 million of common stock under both programs at a weighted average price of $35.20.

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