Renasant Corporation announced its financial results for the third quarter of 2026 on October 27, 2026. The company reported net income of $78.949 million for the quarter, representing earnings per share of $0.86 on a diluted basis. This figure compares to net income of $87.091 million in the prior quarter.
Net interest income, calculated on a fully tax equivalent basis, was $228.6 million for the third quarter, an increase of $0.9 million from the previous quarter. The net interest margin stood at 3.77%, down 6 basis points from the second quarter. Noninterest income decreased by $1.9 million linked quarter, primarily due to a decline in mortgage banking income caused by rising interest rates, which reduced loan production and resulted in market value adjustments on pending loan sales. Mortgage banking income fell to $7.323 million, with the division generating $520.6 million in interest rate lock volume.
The company’s balance sheet showed significant growth in loans, which increased by $555.9 million linked quarter, representing an 11.5% annualized net increase. This growth was driven by strong loan production and lower payoff activity. However, total deposits decreased by $73.2 million linked quarter, with outflows in public fund deposits of $214.7 million partially offset by growth in consumer and commercial deposits. Short-term borrowings increased by $491.3 million linked quarter.
Regarding capital, Renasant repurchased $42.6 million of common stock during the third quarter at a weighted average price of $41.05 per share. On October 27, 2026, the Board of Directors approved a new $175.0 million stock repurchase program. This program replaces the previous program that expired in October 2026 and will remain in effect until the earlier of October 2027 or the repurchase of the entire authorized amount.
In terms of credit quality, the provision for credit losses on loans and unfunded commitments was $10.1 million and $3.2 million, respectively, for the quarter. The allowance for credit losses on loans to total loans was 1.50% at September 30, 2026. The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 168.75%. Net loan charge-offs were $10.0 million, or 0.20% annualized. Nonperforming loans to total loans decreased to 0.89% at September 30, 2026, down from 0.97% in the prior quarter.
