Highlights

  • Third quarter 2026 net income was $78.9 million, and both diluted EPS and adjusted diluted EPS (non-GAAP) were $0.86.
  • Loans increased $555.9 million linked quarter, while deposits at September 30, 2026 decreased $73.2 million linked quarter.
  • The Board approved a $175.0 million stock repurchase program effective October 27, 2026; $42.6 million was repurchased in the quarter.
  • The provision for credit losses on loans was $10.1 million, and net loan charge-offs were $10.0 million, or 0.20% annualized.

Renasant Corporation (NYSE:RNST) shares were trading at USD 39.51 on October 28, 2026, down 4.98%, with a relative volume at time of 3.71. The financial services company redeemed $40.0 million of subordinated notes on September 1, then reported third quarter 2026 results and a new $175.0 million repurchase program on October 27.

Renasant Corporation is incorporated in Mississippi and has its headquarters at 209 Troy Street in Tupelo, Mississippi. It is the parent of Renasant Bank, which the company describes as a 122-year-old financial services institution. Renasant has assets of approximately $27.5 billion and operates 278 banking, lending, mortgage and wealth management offices throughout the Southeast. It also offers factoring and asset-based lending on a nationwide basis.

Third Quarter Results

Net income for the third quarter of 2026 was $78,949 thousand, compared with $87,091 thousand for the second quarter of 2026 and $59,788 thousand for the third quarter of 2025. Diluted EPS was $0.86, compared with $0.94 and $0.63. For the nine months, net income was $254,268 thousand and diluted EPS was $2.74.

Net interest income on a fully tax equivalent basis was $228.6 million, up $0.9 million linked quarter. The net interest margin on that basis was 3.77%, down 6 basis points linked quarter. Adjusted net interest margin (non-GAAP) was 3.58%. The cost of total deposits was 1.97%.

Noninterest income decreased $1.9 million linked quarter, and mortgage banking income decreased $1.9 million. The company attributed this to rising mortgage interest rates. Noninterest expense decreased $1.2 million linked quarter to $160,334 thousand.

Balance Sheet, Credit and Capital

Total assets were $27,518,181 thousand at September 30, 2026. Loans increased $555.9 million linked quarter, an 11.5% annualized net loan increase. Deposits decreased $73.2 million, with public fund deposit outflows of $214.7 million partially offset by growth in consumer and commercial deposits. Short-term borrowings increased $491.3 million.

The company recorded a provision for credit losses on loans of $10.1 million and on unfunded commitments of $3.2 million, increases of $8.9 million and $0.6 million linked quarter. The allowance for credit losses on loans to total loans was 1.50%, down 4 basis points. Nonperforming loans to total loans were 0.89%, compared with 0.97% at June 30, 2026. Criticized loans to total loans were 2.50%, compared with 2.66%.

Net loan charge-offs were $10.0 million, of which 16 bps were attributable to a single credit. The common equity tier 1 capital ratio was 10.92%, compared with 11.06% at June 30, 2026.

During the quarter the company repurchased $42.6 million of common stock at a weighted average price of $41.05 per share. Effective October 27, 2026, the Board approved a $175.0 million stock repurchase program that remains in effect until the earlier of October 2027 or repurchase of the full amount. It replaces the program that expired in October 2026.

Merger and Management Commentary

On the call, management announced a merger with Commercial Bank and Trust, the subsidiary of Commercial Holding Company. Chief Financial Officer James Mabry said the deal value is approximately $140 million, roughly 75% stock and 25% cash. He said the company anticipates the deal to be approximately 4% accretive to EPS and 1.5% dilutive to tangible book value per share, with CET1 approximately 11% at close, and expects it to close sometime in the first quarter of 2027.

Management said it expects mortgage banking to be soft in the fourth quarter and expects a slight increase in fourth quarter expenses tied to hires. Chief Executive Officer Kevin Chapman said mid single digit balance sheet growth remains the appropriate level.

The release's forward-looking statement factors include the company's ability to remediate a material weakness in internal control over financial reporting identified in its Annual Report on Form 10-K for 2025.