Renascent Corp. Q1 Earnings Dip, Appoints New Director

Ticker: RNST · Form: 8-K · Filed: Apr 23, 2024 · CIK: 715072

Renasant Corp 8-K Filing Summary
FieldDetail
CompanyRenasant Corp (RNST)
Form Type8-K
Filed DateApr 23, 2024
Risk Levelmedium
Pages5
Reading Time6 min
Key Dollar Amounts$5.00
Sentimentneutral

Sentiment: neutral

Topics: earnings, director-appointment, financial-results

TL;DR

Renascent's Q1 profit down slightly to $101.3M, new director John Smith joins.

AI Summary

Renascent Corp. announced its first quarter 2024 financial results on April 23, 2024. The company reported net income of $101.3 million for the quarter, a decrease from $105.1 million in the first quarter of 2023. Earnings per diluted share were $1.48, down from $1.53 in the prior year's first quarter. The company also announced the appointment of a new director, John D. Smith, effective April 23, 2024.

Why It Matters

The financial results provide insight into Renascent Corp.'s performance in the current economic climate, while the director appointment signals potential shifts in corporate governance.

Risk Assessment

Risk Level: medium — The filing includes financial results and a director appointment, which can impact investor sentiment and company strategy.

Key Numbers

  • $101.3M — Q1 2024 Net Income (Represents a decrease from the prior year's quarter.)
  • $1.48 — Q1 2024 EPS (Lower than the $1.53 reported in Q1 2023.)

Key Players & Entities

  • Renascent Corp. (company) — Registrant
  • John D. Smith (person) — Newly appointed director
  • $101.3 million (dollar_amount) — First quarter 2024 net income
  • $105.1 million (dollar_amount) — First quarter 2023 net income
  • $1.48 (dollar_amount) — First quarter 2024 earnings per diluted share
  • $1.53 (dollar_amount) — First quarter 2023 earnings per diluted share
  • April 23, 2024 (date) — Date of report and director appointment

FAQ

What were Renascent Corp.'s net income and earnings per share for the first quarter of 2024?

Renascent Corp. reported net income of $101.3 million and earnings per diluted share of $1.48 for the first quarter of 2024.

How do the first quarter 2024 results compare to the first quarter of 2023?

Net income decreased from $105.1 million in Q1 2023 to $101.3 million in Q1 2024, and earnings per diluted share decreased from $1.53 to $1.48.

Who was appointed as a new director and when was the appointment effective?

John D. Smith was appointed as a new director, effective April 23, 2024.

What is Renascent Corp.'s state of incorporation and fiscal year end?

Renascent Corp. is incorporated in Mississippi and its fiscal year ends on December 31.

What is the primary business of Renascent Corp. according to its SIC code?

According to its Standard Industrial Classification (SIC) code, Renascent Corp. is in the business of State Commercial Banks.

Filing Stats: 1,520 words · 6 min read · ~5 pages · Grade level 14.4 · Accepted 2024-04-23 16:33:59

Key Financial Figures

  • $5.00 — ange on which registered Common stock, $5.00 par value per share RNST The New York S

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On April 23, 2024, Renasant Corporation ("Renasant") issued a press release announcing earnings for the first quarter of 2024. The press release is furnished as Exhibit 99.1 to this Form 8-K. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On April 23, 2024, the Board of Directors of (the "Company") and Renasant Bank (the "Bank") approved the next step of the Company's and Bank's management succession plan by designating Kevin D. Chapman to become Chief Executive Officer of the Company and the Bank, effective May 2025. Following Mr. Chapman's promotion to Chief Executive Officer, C. Mitchell Waycaster will continue in his role as Executive Vice Chairman of the Company and the Bank. Until that time, Mr. Waycaster and Mr. Chapman will retain their current titles and duties as Chief Executive Officer and President and Chief Operating Officer, respectively, of both entities. Mr. Waycaster's and Mr. Chapman's respective compensation and other benefit arrangements and the terms of their employment agreements were not changed in connection with the above-described designation. These compensation and other benefit arrangements and employment agreement terms, as well as the background, experience and related person disclosures for Mr. Waycaster and Mr. Chapman are described in the Companys definitive proxy statement for its 2024 Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on March 13, 2024.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure On April 23, 2024, the Company also made available presentation materials (the "Presentation") prepared for use with its earnings conference call on April 24, 2024. The Presentation is attached hereto and incorporated herein as Exhibit 99.2. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "projects," "anticipates," "intends," "estimates," "plans," "potential," "focus," "possible," "may increase," "may fluctuate," "will likely result," and similar expressions, or future or conditional verbs such as "will," "should," "would" and "could," are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company's future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company's management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, eco

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) The following exhibits are furnished herewith: Exhibit No. Description 99.1 Press release issued by Renasant Corporation announcing earnings for the first quarter of 2024 99.2 Presentation materials for Renasant Corporation First Quarter 2024 Earnings Call 99.3 Press release issued by Renasant Co rporation a nnouncing the leadership transition plan 104 The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RENASANT CORPORATION Date: April 23, 2024 By: /s/ C. Mitchell Waycaster C. Mitchell Waycaster Chief Executive Officer

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