Renasant Corporation (NYSE: RNST) (“Renasant” or “the company”) is a $18.0 billion-asset bank holding company headquartered in Tupelo, Mississippi. Through its subsidiary, Renasant Bank (“the bank”), it operates 185 locations across five states in the demographically attractive Southeast including key MSAs of Atlanta, Memphis, Nashville, and Birmingham. In addition, RNST maintains a top four deposit market share in MS.
The loan book is reasonably diversified by lending segments and geographically, though ICRE has represented >40% of loans in recent periods, including C&D representing 11% at 3Q24. Beyond investor CRE, RNST’s loan book is comprised principally of residential mortgage (28%), and C&I (26% including OOCRE).
RNST offers wealth management ($5.7 billion of AUM/AUA) and has a sizable mortgage banking operation ($1.5+ billion of volume in 9M24). In 2Q24, RNST sold its insurance agency, which accounted for 7% of fee income…
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