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Renasant Corporation (RNST) Q2 2021 Earnings Call Transcript
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Operator
Good morning, and welcome to Renasant Corp. First Quarter 2021 Earnings Call and Webcast. [Operator Instructions] Please note that this event is being recorded. Now I d like to turn the call over to Kelly Hutcheson, Renasant Corp. Please go ahead.
Kelly W. Hutcheson
Executive Chief Acounting Officer
Good morning, and thank you for joining us for Renasant Corporation s 2021 First Quarter Webcast and Conference Call. Participating in this call today are members of Renasant s executive management team. Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risks and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Even while conditions in our footprint and across the country appear to be improving as COVID-19 vaccines are administered to more people, the impact of the pan
TUPELO ⢠Renasant Corp. on Tuesday reported first-quarter net income of $57.9 million, or $1.02 per share. Earnings, adjusted for non-recurring gains, came to 85 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
Last year, Renasantâs first quarter brought in net income of $2 million, or 4 cents per share.
Revenue for the first quarter of this year was $202.8 million. Its revenue net of interest expense was $190.7 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $160.3 million.
Renasant shares have increased 26% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $42.54, a climb of 68% in the last 12 months.
Renasant Corp. reported Wednesday that its net income for the first quarter of 2021 was $57.9 million, compared to $2 million for the first quarter of 2020, which ended with the first month of the coronavirus outbreak and government-ordered lockdowns and other restrictions.
Earnings per share were $1.02 for the quarter just ended, compared with 4 cents a year earlier.
Shares were selling at $41.86 on the NasdaqGS stock market at 2:30 p.m. on Wednesday, down 68 cents. The 52-week range is $19.38 to $46.97.
Tupelo-based Renasant is the parent of Renasant Bank, which has deposits of $15.6 billion and operates 200 offices in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina and South Carolina.
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