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April 2024
April 2024
April 2024
February 2024
December 2023
November 2023
October 2023
October 2023
Contacts: | For Media: | For Financials: | |||||||||
John S. Oxford | James C. Mabry IV | ||||||||||
Senior Vice President | Executive Vice President | ||||||||||
Chief Marketing Officer | Chief Financial Officer | ||||||||||
(662) 680-1219 | (662) 680-1281 | ||||||||||
(Dollars in thousands, except earnings per share) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||
Net income and earnings per share: | ||||||||||||||||||||
Net income | $28,124 | $41,833 | $46,276 | $144,678 | $166,068 | |||||||||||||||
After-tax loss on sale of securities | (15,711) | — | — | (33,927) | — | |||||||||||||||
Basic EPS | 0.50 | 0.75 | 0.83 | 2.58 | 2.97 | |||||||||||||||
Diluted EPS | 0.50 | 0.74 | 0.82 | 2.56 | 2.95 | |||||||||||||||
Impact to diluted EPS from losses on the sale of securities (including impairments) | 0.28 | — | — | 0.60 | — | |||||||||||||||
Adjusted diluted EPS (Non-GAAP)(1) | 0.76 | 0.74 | 0.89 | 3.15 | 3.00 |
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Loans held for investment | $ | 188,535 | $ | 181,129 | $ | 173,198 | $ | 161,787 | $ | 145,360 | $ | 704,649 | $ | 470,698 | ||||||||||||
Loans held for sale | 3,329 | 3,751 | 2,990 | 1,737 | 1,688 | 11,807 | 9,212 | |||||||||||||||||||
Securities | 10,728 | 10,669 | 14,000 | 15,091 | 15,241 | 50,488 | 53,047 | |||||||||||||||||||
Other | 7,839 | 10,128 | 6,978 | 5,430 | 2,777 | 30,375 | 8,853 | |||||||||||||||||||
Total interest income | 210,431 | 205,677 | 197,166 | 184,045 | 165,066 | 797,319 | 541,810 | |||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||
Deposits | 77,168 | 70,906 | 51,391 | 32,866 | 17,312 | 232,331 | 35,208 | |||||||||||||||||||
Borrowings | 7,310 | 7,388 | 15,559 | 15,404 | 9,918 | 45,661 | 25,304 | |||||||||||||||||||
Total interest expense | 84,478 | 78,294 | 66,950 | 48,270 | 27,230 | 277,992 | 60,512 | |||||||||||||||||||
Net interest income | 125,953 | 127,383 | 130,216 | 135,775 | 137,836 | 519,327 | 481,298 | |||||||||||||||||||
Provision for credit losses | ||||||||||||||||||||||||||
Provision for loan losses | 2,518 | 5,315 | 3,000 | 7,960 | 10,488 | 18,793 | 23,788 | |||||||||||||||||||
Provision for (recovery of) unfunded commitments | — | (700) | (1,000) | (1,500) | 183 | (3,200) | 83 | |||||||||||||||||||
Total provision for credit losses | 2,518 | 4,615 | 2,000 | 6,460 | 10,671 | 15,593 | 23,871 | |||||||||||||||||||
Net interest income after provision for credit losses | 123,435 | 122,768 | 128,216 | 129,315 | 127,165 | 503,734 | 457,427 | |||||||||||||||||||
Noninterest income | 20,356 | 38,200 | 17,226 | 37,293 | 33,395 | 113,075 | 149,253 | |||||||||||||||||||
Noninterest expense | 111,880 | 108,369 | 110,165 | 109,208 | 101,399 | 439,622 | 395,372 | |||||||||||||||||||
Income before income taxes | 31,911 | 52,599 | 35,277 | 57,400 | 59,161 | 177,187 | 211,308 | |||||||||||||||||||
Income taxes | 3,787 | 10,766 | 6,634 | 11,322 | 12,885 | 32,509 | 45,240 | |||||||||||||||||||
Net income | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 46,078 | $ | 46,276 | $ | 144,678 | $ | 166,068 | ||||||||||||
Adjusted net income (non-GAAP)(1) | $ | 42,887 | $ | 41,833 | $ | 46,728 | $ | 46,078 | $ | 50,324 | $ | 177,657 | $ | 168,886 | ||||||||||||
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) | $ | 52,614 | $ | 57,214 | $ | 59,715 | $ | 63,860 | $ | 72,187 | $ | 233,403 | $ | 235,993 | ||||||||||||
Basic earnings per share | $ | 0.50 | $ | 0.75 | $ | 0.51 | $ | 0.82 | $ | 0.83 | $ | 2.58 | $ | 2.97 | ||||||||||||
Diluted earnings per share | 0.50 | 0.74 | 0.51 | 0.82 | 0.82 | 2.56 | 2.95 | |||||||||||||||||||
Adjusted diluted earnings per share (non-GAAP)(1) | 0.76 | 0.74 | 0.83 | 0.82 | 0.89 | 3.15 | 3.00 | |||||||||||||||||||
Average basic shares outstanding | 56,141,628 | 56,138,618 | 56,107,881 | 56,008,741 | 55,953,104 | 56,099,689 | 55,904,579 | |||||||||||||||||||
Average diluted shares outstanding | 56,611,217 | 56,523,887 | 56,395,653 | 56,270,219 | 56,335,446 | 56,448,163 | 56,214,230 | |||||||||||||||||||
Cash dividends per common share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.88 | $ | 0.88 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Return on average assets | 0.65 | % | 0.96 | % | 0.66 | % | 1.09 | % | 1.11 | % | 0.84 | % | 1.00 | % | ||||||||||||
Adjusted return on average assets (non-GAAP)(1) | 0.99 | 0.96 | 1.08 | 1.09 | 1.20 | 1.03 | 1.02 | |||||||||||||||||||
Return on average tangible assets (non-GAAP)(1) | 0.71 | 1.05 | 0.73 | 1.19 | 1.20 | 0.92 | 1.09 | |||||||||||||||||||
Adjusted return on average tangible assets (non-GAAP)(1) | 1.08 | 1.05 | 1.18 | 1.19 | 1.30 | 1.12 | 1.10 | |||||||||||||||||||
Return on average equity | 4.93 | 7.44 | 5.18 | 8.55 | 8.58 | 6.50 | 7.60 | |||||||||||||||||||
Adjusted return on average equity (non-GAAP)(1) | 7.53 | 7.44 | 8.45 | 8.55 | 9.33 | 7.99 | 7.73 | |||||||||||||||||||
Return on average tangible equity (non-GAAP)(1) | 9.26 | 13.95 | 9.91 | 16.29 | 15.98 | 12.29 | 13.97 | |||||||||||||||||||
Adjusted return on average tangible equity (non-GAAP)(1) | 13.94 | 13.95 | 15.94 | 16.29 | 17.35 | 15.02 | 14.20 | |||||||||||||||||||
Efficiency ratio (fully taxable equivalent) | 75.11 | 64.38 | 73.29 | 62.11 | 58.29 | 68.33 | 61.88 | |||||||||||||||||||
Adjusted efficiency ratio (non-GAAP)(1) | 66.18 | 63.60 | 62.98 | 61.30 | 56.25 | 63.48 | 60.77 | |||||||||||||||||||
Dividend payout ratio | 44.00 | 29.33 | 43.14 | 26.83 | 26.51 | 34.11 | 29.63 |
As of | |||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Shares outstanding | 56,142,207 | 56,140,713 | 56,132,478 | 56,073,658 | 55,953,104 | ||||||||||||
Market value per share | $ | 33.68 | $ | 26.19 | $ | 26.13 | $ | 30.58 | $ | 37.59 | |||||||
Book value per share | 40.92 | 39.78 | 39.35 | 39.01 | 38.18 | ||||||||||||
Tangible book value per share (non-GAAP)(1) | 22.92 | 21.76 | 21.30 | 20.92 | 20.02 | ||||||||||||
Shareholders’ equity to assets | 13.23 | % | 13.00 | % | 12.82 | % | 12.52 | % | 12.57 | % | |||||||
Tangible common equity ratio (non-GAAP)(1) | 7.87 | 7.55 | 7.37 | 7.13 | 7.01 | ||||||||||||
Leverage ratio | 9.62 | 9.48 | 9.22 | 9.18 | 9.36 | ||||||||||||
Common equity tier 1 capital ratio | 10.52 | 10.46 | 10.30 | 10.19 | 10.21 | ||||||||||||
Tier 1 risk-based capital ratio | 11.30 | 11.25 | 11.09 | 10.98 | 11.01 | ||||||||||||
Total risk-based capital ratio | 14.93 | 14.91 | 14.76 | 14.68 | 14.63 |
(Dollars in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 10,603 | $ | 9,743 | $ | 9,733 | $ | 9,120 | $ | 10,445 | $ | 39,199 | $ | 39,957 | ||||||||||||
Fees and commissions | 4,130 | 4,108 | 4,987 | 4,676 | 4,470 | 17,901 | 17,268 | |||||||||||||||||||
Insurance commissions | 2,583 | 3,264 | 2,809 | 2,446 | 2,501 | 11,102 | 10,754 | |||||||||||||||||||
Wealth management revenue | 5,668 | 5,986 | 5,338 | 5,140 | 5,237 | 22,132 | 22,339 | |||||||||||||||||||
Mortgage banking income | 6,592 | 7,533 | 9,771 | 8,517 | 5,170 | 32,413 | 35,794 | |||||||||||||||||||
Net losses on sales of securities (including impairments) | (19,352) | — | (22,438) | — | — | (41,790) | — | |||||||||||||||||||
Gain on extinguishment of debt | 620 | — | — | — | — | 620 | — | |||||||||||||||||||
BOLI income | 2,589 | 2,469 | 2,402 | 3,003 | 2,487 | 10,463 | 9,267 | |||||||||||||||||||
Other | 6,923 | 5,097 | 4,624 | 4,391 | 3,085 | 21,035 | 13,874 | |||||||||||||||||||
Total noninterest income | $ | 20,356 | $ | 38,200 | $ | 17,226 | $ | 37,293 | $ | 33,395 | $ | 113,075 | $ | 149,253 | ||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Salaries and employee benefits | $ | 71,841 | $ | 69,458 | $ | 70,637 | $ | 69,832 | $ | 67,372 | $ | 281,768 | $ | 261,654 | ||||||||||||
Data processing | 3,971 | 3,907 | 3,684 | 3,633 | 3,521 | 15,195 | 14,900 | |||||||||||||||||||
Net occupancy and equipment | 11,653 | 11,548 | 11,865 | 11,405 | 11,122 | 46,471 | 44,819 | |||||||||||||||||||
Other real estate owned | 306 | (120) | 51 | 30 | (59) | 267 | (453) | |||||||||||||||||||
Professional fees | 2,854 | 3,338 | 4,012 | 3,467 | 2,856 | 13,671 | 11,872 | |||||||||||||||||||
Advertising and public relations | 3,084 | 3,474 | 3,482 | 4,686 | 3,631 | 14,726 | 14,325 | |||||||||||||||||||
Intangible amortization | 1,274 | 1,311 | 1,369 | 1,426 | 1,195 | 5,380 | 5,122 | |||||||||||||||||||
Communications | 2,026 | 2,006 | 2,226 | 1,980 | 2,028 | 8,238 | 7,958 | |||||||||||||||||||
Merger and conversion related expenses | — | — | — | — | 1,100 | — | 1,787 | |||||||||||||||||||
Restructuring charges | — | — | — | — | — | — | 732 | |||||||||||||||||||
Other | 14,871 | 13,447 | 12,839 | 12,749 | 8,633 | 53,906 | 32,656 | |||||||||||||||||||
Total noninterest expense | $ | 111,880 | $ | 108,369 | $ | 110,165 | $ | 109,208 | $ | 101,399 | $ | 439,622 | $ | 395,372 |
(Dollars in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Gain on sales of loans, net | $ | 1,860 | $ | 3,297 | $ | 4,646 | $ | 4,770 | $ | 1,003 | $ | 14,573 | $ | 15,803 | ||||||||||||
Fees, net | 2,010 | 2,376 | 2,859 | 1,806 | 1,849 | 9,051 | 10,371 | |||||||||||||||||||
Mortgage servicing income, net | 2,722 | 1,860 | 2,266 | 1,941 | 2,318 | 8,789 | 9,620 | |||||||||||||||||||
Total mortgage banking income | $ | 6,592 | $ | 7,533 | $ | 9,771 | $ | 8,517 | $ | 5,170 | $ | 32,413 | $ | 35,794 |
(Dollars in thousands) | As of | ||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 801,351 | $ | 741,156 | $ | 946,899 | $ | 847,697 | $ | 575,992 | |||||||
Securities held to maturity, at amortized cost | 1,221,464 | 1,245,595 | 1,273,044 | 1,300,240 | 1,324,040 | ||||||||||||
Securities available for sale, at fair value | 923,279 | 909,108 | 950,930 | 1,507,907 | 1,533,942 | ||||||||||||
Loans held for sale, at fair value | 179,756 | 241,613 | 249,615 | 159,318 | 110,105 | ||||||||||||
Loans held for investment | 12,351,230 | 12,168,023 | 11,930,516 | 11,766,425 | 11,578,304 | ||||||||||||
Allowance for credit losses on loans | (198,578) | (197,773) | (194,391) | (195,292) | (192,090) | ||||||||||||
Loans, net | 12,152,652 | 11,970,250 | 11,736,125 | 11,571,133 | 11,386,214 | ||||||||||||
Premises and equipment, net | 283,195 | 284,368 | 285,952 | 287,006 | 283,595 | ||||||||||||
Other real estate owned | 9,622 | 9,258 | 5,120 | 4,818 | 1,763 | ||||||||||||
Goodwill and other intangibles | 1,010,460 | 1,011,735 | 1,013,046 | 1,014,415 | 1,015,884 | ||||||||||||
Bank-owned life insurance | 382,584 | 379,945 | 377,649 | 375,572 | 373,808 | ||||||||||||
Mortgage servicing rights | 91,688 | 90,241 | 87,432 | 85,039 | 84,448 | ||||||||||||
Other assets | 304,484 | 298,352 | 298,530 | 320,938 | 298,385 | ||||||||||||
Total assets | $ | 17,360,535 | $ | 17,181,621 | $ | 17,224,342 | $ | 17,474,083 | $ | 16,988,176 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 3,583,675 | $ | 3,734,197 | $ | 3,878,953 | $ | 4,244,877 | $ | 4,558,756 | |||||||
Interest-bearing | 10,493,110 | 10,422,913 | 10,216,408 | 9,667,142 | 8,928,210 | ||||||||||||
Total deposits | 14,076,785 | 14,157,110 | 14,095,361 | 13,912,019 | 13,486,966 | ||||||||||||
Short-term borrowings | 307,577 | 107,662 | 257,305 | 732,057 | 712,232 | ||||||||||||
Long-term debt | 429,400 | 427,399 | 429,630 | 431,111 | 428,133 | ||||||||||||
Other liabilities | 249,390 | 256,127 | 233,418 | 211,596 | 224,829 | ||||||||||||
Total liabilities | 15,063,152 | 14,948,298 | 15,015,714 | 15,286,783 | 14,852,160 | ||||||||||||
Shareholders’ equity: | |||||||||||||||||
Common stock | 296,483 | 296,483 | 296,483 | 296,483 | 296,483 | ||||||||||||
Treasury stock | (105,249) | (105,300) | (105,589) | (107,559) | (111,577) | ||||||||||||
Additional paid-in capital | 1,308,281 | 1,304,891 | 1,301,883 | 1,299,458 | 1,302,422 | ||||||||||||
Retained earnings | 952,124 | 936,573 | 907,312 | 891,242 | 857,725 | ||||||||||||
Accumulated other comprehensive loss | (154,256) | (199,324) | (191,461) | (192,324) | (209,037) | ||||||||||||
Total shareholders’ equity | 2,297,383 | 2,233,323 | 2,208,628 | 2,187,300 | 2,136,016 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 17,360,535 | $ | 17,181,621 | $ | 17,224,342 | $ | 17,474,083 | $ | 16,988,176 |
(Dollars in thousands) | Three Months Ended | ||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||
Loans held for investment | $ | 12,249,429 | $ | 190,857 | 6.18 | % | $ | 12,030,109 | $ | 183,521 | 6.06 | % | $ | 11,282,422 | $ | 147,519 | 5.19 | % | |||||||||||
Loans held for sale | 199,510 | 3,329 | 6.68 | % | 227,982 | 3,751 | 6.58 | % | 117,082 | 1,688 | 5.77 | % | |||||||||||||||||
Taxable securities | 2,050,175 | 9,490 | 1.85 | % | 2,097,285 | 9,459 | 1.80 | % | 2,657,248 | 13,174 | 1.98 | % | |||||||||||||||||
Tax-exempt securities(1) | 282,698 | 1,558 | 2.20 | % | 285,588 | 1,566 | 2.19 | % | 447,287 | 2,637 | 2.36 | % | |||||||||||||||||
Total securities | 2,332,873 | 11,048 | 1.89 | % | 2,382,873 | 11,025 | 1.85 | % | 3,104,535 | 15,811 | 2.04 | % | |||||||||||||||||
Interest-bearing balances with banks | 552,301 | 7,839 | 5.63 | % | 729,049 | 10,128 | 5.51 | % | 269,975 | 2,777 | 4.08 | % | |||||||||||||||||
Total interest-earning assets | 15,334,113 | 213,073 | 5.52 | % | 15,370,013 | 208,425 | 5.39 | % | 14,774,014 | 167,795 | 4.51 | % | |||||||||||||||||
Cash and due from banks | 180,609 | 180,708 | 201,369 | ||||||||||||||||||||||||||
Intangible assets | 1,011,130 | 1,012,460 | 967,005 | ||||||||||||||||||||||||||
Other assets | 669,988 | 672,232 | 635,452 | ||||||||||||||||||||||||||
Total assets | $ | 17,195,840 | $ | 17,235,413 | $ | 16,577,840 | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand(2) | $ | 6,721,053 | $ | 47,783 | 2.82 | % | $ | 6,520,145 | $ | 41,464 | 2.52 | % | $ | 6,018,679 | $ | 12,534 | 0.83 | % | |||||||||||
Savings deposits | 888,692 | 765 | 0.34 | % | 942,619 | 793 | 0.33 | % | 1,093,997 | 582 | 0.21 | % | |||||||||||||||||
Brokered deposits | 632,704 | 8,594 | 5.39 | % | 947,388 | 12,732 | 5.33 | % | 93,764 | 1,047 | 4.43 | % | |||||||||||||||||
Time deposits | 2,185,737 | 20,026 | 3.63 | % | 2,002,505 | 15,917 | 3.15 | % | 1,324,042 | 3,149 | 0.94 | % | |||||||||||||||||
Total interest-bearing deposits | 10,428,186 | 77,168 | 2.94 | % | 10,412,657 | 70,906 | 2.70 | % | 8,530,482 | 17,312 | 0.81 | % | |||||||||||||||||
Borrowed funds | 543,344 | 7,310 | 5.37 | % | 545,105 | 7,388 | 5.40 | % | 893,705 | 9,918 | 4.42 | % | |||||||||||||||||
Total interest-bearing liabilities | 10,971,530 | 84,478 | 3.06 | % | 10,957,762 | 78,294 | 2.84 | % | 9,424,187 | 27,230 | 1.15 | % | |||||||||||||||||
Noninterest-bearing deposits | 3,703,050 | 3,800,160 | 4,805,014 | ||||||||||||||||||||||||||
Other liabilities | 260,235 | 245,886 | 209,544 | ||||||||||||||||||||||||||
Shareholders’ equity | 2,261,025 | 2,231,605 | 2,139,095 | ||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,195,840 | $ | 17,235,413 | $ | 16,577,840 | |||||||||||||||||||||||
Net interest income/ net interest margin | $ | 128,595 | 3.33 | % | $ | 130,131 | 3.36 | % | $ | 140,565 | 3.78 | % | |||||||||||||||||
Cost of funding | 2.28 | % | 2.11 | % | 0.76 | % | |||||||||||||||||||||||
Cost of total deposits | 2.17 | % | 1.98 | % | 0.52 | % |
(Dollars in thousands) | Twelve Months Ended | |||||||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Rate | Average Balance | Interest Income/ Expense | Yield/ Rate | |||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans held for investment | $ | 11,963,141 | $ | 713,897 | 5.97% | $ | 10,677,995 | $ | 476,746 | 4.46% | ||||||||||
Loans held for sale | 181,253 | 11,807 | 6.51% | 203,981 | 9,212 | 4.52% | ||||||||||||||
Taxable securities(1) | 2,313,874 | 44,619 | 1.93% | 2,654,621 | 44,750 | 1.69% | ||||||||||||||
Tax-exempt securities | 332,749 | 7,634 | 2.29% | 446,895 | 10,655 | 2.38% | ||||||||||||||
Total securities | 2,646,623 | 52,253 | 1.97% | 3,101,516 | 55,405 | 1.79% | ||||||||||||||
Interest-bearing balances with banks | 568,155 | 30,375 | 5.35% | 846,768 | 8,853 | 1.05% | ||||||||||||||
Total interest-earning assets | 15,359,172 | 808,332 | 5.26% | 14,830,260 | 550,216 | 3.71% | ||||||||||||||
Cash and due from banks | 187,127 | 201,419 | ||||||||||||||||||
Intangible assets | 1,012,239 | 967,018 | ||||||||||||||||||
Other assets | 673,345 | 639,155 | ||||||||||||||||||
Total assets | $ | 17,231,883 | $ | 16,637,852 | ||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||
Interest-bearing demand(2) | $ | 6,357,753 | $ | 138,730 | 2.18% | $ | 6,420,905 | $ | 25,840 | 0.40% | ||||||||||
Savings deposits | 971,522 | 3,197 | 0.33% | 1,116,013 | 1,023 | 0.09% | ||||||||||||||
Brokered deposits | 697,699 | 36,039 | 5.17% | 23,634 | 1,047 | 4.43% | ||||||||||||||
Time deposits | 1,874,224 | 54,365 | 2.90% | 1,310,398 | 7,298 | 0.56% | ||||||||||||||
Total interest-bearing deposits | 9,901,198 | 232,331 | 2.35% | 8,870,950 | 35,208 | 0.40% | ||||||||||||||
Borrowed funds | 890,765 | 45,661 | 5.13% | 624,887 | 25,304 | 4.05% | ||||||||||||||
Total interest-bearing liabilities | 10,791,963 | 277,992 | 2.58% | 9,495,837 | 60,512 | 0.64% | ||||||||||||||
Noninterest-bearing deposits | 3,979,951 | 4,760,432 | ||||||||||||||||||
Other liabilities | 235,463 | 196,980 | ||||||||||||||||||
Shareholders’ equity | 2,224,506 | 2,184,603 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 17,231,883 | $ | 16,637,852 | ||||||||||||||||
Net interest income/ net interest margin | $ | 530,340 | 3.45% | $ | 489,704 | 3.30% | ||||||||||||||
Cost of funding | 1.88% | 0.42% | ||||||||||||||||||
Cost of total deposits | 1.67% | 0.26% |
(Dollars in thousands) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||
Earning asset mix: | ||||||||||||||||||||
Loans held for investment | 79.88 | % | 78.27 | % | 76.36 | % | 77.89 | % | 72.00 | % | ||||||||||
Loans held for sale | 1.30 | 1.48 | 0.79 | 1.18 | 1.38 | |||||||||||||||
Securities | 15.21 | 15.50 | 21.01 | 17.23 | 20.91 | |||||||||||||||
Interest-bearing balances with banks | 3.61 | 4.75 | 1.84 | 3.70 | 5.71 | |||||||||||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||
Funding sources mix: | ||||||||||||||||||||
Noninterest-bearing demand | 25.23 | % | 25.75 | % | 33.77 | % | 26.94 | % | 33.39 | % | ||||||||||
Interest-bearing demand | 45.80 | 44.18 | 42.30 | 43.04 | 45.04 | |||||||||||||||
Savings | 6.06 | 6.39 | 7.69 | 6.58 | 7.83 | |||||||||||||||
Brokered deposits | 4.31 | 6.42 | 0.66 | 4.72 | 0.17 | |||||||||||||||
Time deposits | 14.89 | 13.57 | 9.31 | 12.69 | 9.19 | |||||||||||||||
Borrowed funds | 3.71 | 3.69 | 6.27 | 6.03 | 4.38 | |||||||||||||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | ||||||||||
Net interest income collected on problem loans | $ | 283 | $ | (820) | $ | 161 | $ | 219 | $ | 2,949 | ||||||||||
Total accretion on purchased loans | 1,117 | 1,290 | 625 | 4,166 | 5,198 | |||||||||||||||
Total impact on net interest income | $ | 1,400 | $ | 470 | $ | 786 | $ | 4,385 | $ | 8,147 | ||||||||||
Impact on net interest margin | 0.04 | % | 0.01 | % | 0.02 | % | 0.03 | % | 0.05 | % | ||||||||||
Impact on loan yield | 0.05 | % | 0.02 | % | 0.03 | % | 0.04 | % | 0.08 | % |
(Dollars in thousands) | As of | ||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Loan Portfolio: | |||||||||||||||||
Commercial, financial, agricultural | $ | 1,871,821 | $ | 1,819,891 | $ | 1,729,070 | $ | 1,740,778 | $ | 1,673,883 | |||||||
Lease financing | 116,020 | 120,724 | 122,370 | 121,146 | 115,013 | ||||||||||||
Real estate - construction | 1,333,397 | 1,407,364 | 1,369,019 | 1,424,352 | 1,330,337 | ||||||||||||
Real estate - 1-4 family mortgages | 3,439,919 | 3,398,876 | 3,348,654 | 3,278,980 | 3,216,263 | ||||||||||||
Real estate - commercial mortgages | 5,486,550 | 5,313,166 | 5,252,479 | 5,085,813 | 5,118,063 | ||||||||||||
Installment loans to individuals | 103,523 | 108,002 | 108,924 | 115,356 | 124,745 | ||||||||||||
Total loans | $ | 12,351,230 | $ | 12,168,023 | $ | 11,930,516 | $ | 11,766,425 | $ | 11,578,304 |
(Dollars in thousands) | As of | ||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Nonperforming Assets: | |||||||||||||||||
Nonaccruing loans | $ | 68,816 | $ | 69,541 | $ | 55,439 | $ | 56,626 | $ | 56,545 | |||||||
Loans 90 days or more past due | 554 | 532 | 36,321 | 18,664 | 331 | ||||||||||||
Total nonperforming loans | 69,370 | 70,073 | 91,760 | 75,290 | 56,876 | ||||||||||||
Other real estate owned | 9,622 | 9,258 | 5,120 | 4,818 | 1,763 | ||||||||||||
Total nonperforming assets | $ | 78,992 | $ | 79,331 | $ | 96,880 | $ | 80,108 | $ | 58,639 | |||||||
Criticized Loans | |||||||||||||||||
Classified loans | $ | 166,893 | $ | 186,052 | $ | 219,674 | $ | 222,701 | $ | 200,249 | |||||||
Special Mention loans | 99,699 | 89,858 | 56,616 | 64,832 | 86,172 | ||||||||||||
Criticized loans(1) | $ | 266,592 | $ | 275,910 | $ | 276,290 | $ | 287,533 | $ | 286,421 | |||||||
Allowance for credit losses on loans | $ | 198,578 | $ | 197,773 | $ | 194,391 | $ | 195,292 | $ | 192,090 | |||||||
Net loan charge-offs | $ | 1,713 | $ | 1,933 | $ | 3,901 | $ | 4,732 | $ | 2,566 | |||||||
Annualized net loan charge-offs / average loans | 0.06 | % | 0.06 | % | 0.13 | % | 0.16 | % | 0.09 | % | |||||||
Nonperforming loans / total loans | 0.56 | 0.58 | 0.77 | 0.64 | 0.49 | ||||||||||||
Nonperforming assets / total assets | 0.46 | 0.46 | 0.56 | 0.46 | 0.35 | ||||||||||||
Allowance for credit losses on loans / total loans | 1.61 | 1.63 | 1.63 | 1.66 | 1.66 | ||||||||||||
Allowance for credit losses on loans / nonperforming loans | 286.26 | 282.24 | 211.85 | 259.39 | 337.73 | ||||||||||||
Criticized loans / total loans | 2.16 | 2.27 | 2.32 | 2.44 | 2.47 |
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Adjusted Pre-Provision Net Revenue (“PPNR”) | ||||||||||||||||||||||||||
Net income (GAAP) | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 46,078 | $ | 46,276 | $ | 144,678 | $ | 166,068 | ||||||||||||
Income taxes | 3,787 | 10,766 | 6,634 | 11,322 | 12,885 | 32,509 | 45,240 | |||||||||||||||||||
Provision for credit losses (including unfunded commitments) | 2,518 | 4,615 | 2,000 | 6,460 | 10,671 | 15,593 | 23,871 | |||||||||||||||||||
Pre-provision net revenue (non-GAAP) | $ | 34,429 | $ | 57,214 | $ | 37,277 | $ | 63,860 | $ | 69,832 | $ | 192,780 | $ | 235,179 | ||||||||||||
Merger and conversion expense | — | — | — | — | 1,100 | — | 1,787 | |||||||||||||||||||
Gain on extinguishment of debt | (620) | — | — | — | — | (620) | — | |||||||||||||||||||
Gain on sale of MSR | (547) | — | — | — | — | (547) | (2,960) | |||||||||||||||||||
Restructuring charges | — | — | — | — | — | — | 732 | |||||||||||||||||||
Voluntary reimbursement of certain re-presentment NSF fees | — | — | — | — | 1,255 | — | 1,255 | |||||||||||||||||||
Losses on security sales (including impairments) | 19,352 | — | 22,438 | — | — | 41,790 | — | |||||||||||||||||||
Adjusted pre-provision net revenue (non-GAAP) | $ | 52,614 | $ | 57,214 | $ | 59,715 | $ | 63,860 | $ | 72,187 | $ | 233,403 | $ | 235,993 | ||||||||||||
Adjusted Net Income and Adjusted Tangible Net Income | ||||||||||||||||||||||||||
Net income (GAAP) | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 46,078 | $ | 46,276 | $ | 144,678 | $ | 166,068 | ||||||||||||
Amortization of intangibles | 1,274 | 1,311 | 1,369 | 1,426 | 1,195 | 5,380 | 5,122 | |||||||||||||||||||
Tax effect of adjustments noted above(1) | (240) | (269) | (266) | (299) | (260) | (1,012) | (1,119) | |||||||||||||||||||
Tangible net income (non-GAAP) | $ | 29,158 | $ | 42,875 | $ | 29,746 | $ | 47,205 | $ | 47,211 | $ | 149,046 | $ | 170,071 | ||||||||||||
Net income (GAAP) | $ | 28,124 | $ | 41,833 | $ | 28,643 | $ | 46,078 | $ | 46,276 | $ | 144,678 | $ | 166,068 | ||||||||||||
Merger and conversion expense | — | — | — | — | 1,100 | — | 1,787 | |||||||||||||||||||
Gain on extinguishment of debt | (620) | — | — | — | — | (620) | — | |||||||||||||||||||
Gain on sale of MSR | (547) | — | — | — | — | (547) | (2,960) | |||||||||||||||||||
Restructuring charges | — | — | — | — | — | — | 732 | |||||||||||||||||||
Initial provision for acquisitions | — | — | — | — | 2,820 | — | 2,820 | |||||||||||||||||||
Voluntary reimbursement of certain re-presentment NSF fees | — | — | — | — | 1,255 | — | 1,255 | |||||||||||||||||||
Losses on security sales (including impairments) | 19,352 | — | 22,438 | — | — | 41,790 | — | |||||||||||||||||||
Tax effect of adjustments noted above(1) | (3,422) | — | (4,353) | — | (1,127) | (7,644) | (816) | |||||||||||||||||||
Adjusted net income (non-GAAP) | $ | 42,887 | $ | 41,833 | $ | 46,728 | $ | 46,078 | $ | 50,324 | $ | 177,657 | $ | 168,886 | ||||||||||||
Amortization of intangibles | 1,274 | 1,311 | 1,369 | 1,426 | 1,195 | 5,380 | 5,122 | |||||||||||||||||||
Tax effect of adjustments noted above(1) | (240) | (269) | (266) | (299) | (260) | (1,012) | (1,119) | |||||||||||||||||||
Adjusted tangible net income (non-GAAP) | $ | 43,921 | $ | 42,875 | $ | 47,831 | $ | 47,205 | $ | 51,259 | $ | 182,025 | $ | 172,889 | ||||||||||||
Tangible Assets and Tangible Shareholders’ Equity | ||||||||||||||||||||||||||
Average shareholders’ equity (GAAP) | $ | 2,261,025 | $ | 2,231,605 | $ | 2,217,708 | $ | 2,186,794 | $ | 2,139,095 | $ | 2,224,506 | $ | 2,184,603 | ||||||||||||
Average intangible assets | 1,011,130 | 1,012,460 | 1,013,811 | 1,011,557 | 967,005 | 1,012,239 | 967,018 | |||||||||||||||||||
Average tangible shareholders’ equity (non-GAAP) | $ | 1,249,895 | $ | 1,219,145 | $ | 1,203,897 | $ | 1,175,237 | $ | 1,172,090 | $ | 1,212,267 | $ | 1,217,585 | ||||||||||||
Average assets (GAAP) | $ | 17,195,840 | $ | 17,235,413 | $ | 17,337,924 | $ | 17,157,898 | $ | 16,577,840 | $ | 17,231,883 | $ | 16,637,852 | ||||||||||||
Average intangible assets | 1,011,130 | 1,012,460 | 1,013,811 | 1,011,557 | 967,005 | 1,012,239 | 967,018 | |||||||||||||||||||
Average tangible assets (non-GAAP) | $ | 16,184,710 | $ | 16,222,953 | $ | 16,324,113 | $ | 16,146,341 | $ | 15,610,835 | $ | 16,219,644 | $ | 15,670,834 | ||||||||||||
Shareholders’ equity (GAAP) | $ | 2,297,383 | $ | 2,233,323 | $ | 2,208,628 | $ | 2,187,300 | $ | 2,136,016 | $ | 2,297,383 | $ | 2,136,016 | ||||||||||||
Intangible assets | 1,010,460 | 1,011,735 | 1,013,046 | 1,014,415 | 1,015,884 | 1,010,460 | 1,015,884 | |||||||||||||||||||
Tangible shareholders’ equity (non-GAAP) | $ | 1,286,923 | $ | 1,221,588 | $ | 1,195,582 | $ | 1,172,885 | $ | 1,120,132 | $ | 1,286,923 | $ | 1,120,132 |
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Total assets (GAAP) | $ | 17,360,535 | $ | 17,181,621 | $ | 17,224,342 | $ | 17,474,083 | $ | 16,988,176 | $ | 17,360,535 | $ | 16,988,176 | ||||||||||||
Intangible assets | 1,010,460 | 1,011,735 | 1,013,046 | 1,014,415 | 1,015,884 | 1,010,460 | 1,015,884 | |||||||||||||||||||
Total tangible assets (non-GAAP) | $ | 16,350,075 | $ | 16,169,886 | $ | 16,211,296 | $ | 16,459,668 | $ | 15,972,292 | $ | 16,350,075 | $ | 15,972,292 | ||||||||||||
Adjusted Performance Ratios | ||||||||||||||||||||||||||
Return on average assets (GAAP) | 0.65 | % | 0.96 | % | 0.66 | % | 1.09 | % | 1.11 | % | 0.84 | % | 1.00 | % | ||||||||||||
Adjusted return on average assets (non-GAAP) | 0.99 | 0.96 | 1.08 | 1.09 | 1.20 | 1.03 | 1.02 | |||||||||||||||||||
Return on average tangible assets (non-GAAP) | 0.71 | 1.05 | 0.73 | 1.19 | 1.20 | 0.92 | 1.09 | |||||||||||||||||||
Pre-provision net revenue to average assets (non-GAAP) | 0.79 | 1.32 | 0.86 | 1.51 | 1.67 | 1.12 | 1.41 | |||||||||||||||||||
Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.21 | 1.32 | 1.38 | 1.51 | 1.73 | 1.35 | 1.42 | |||||||||||||||||||
Adjusted return on average tangible assets (non-GAAP) | 1.08 | 1.05 | 1.18 | 1.19 | 1.30 | 1.12 | 1.10 | |||||||||||||||||||
Return on average equity (GAAP) | 4.93 | 7.44 | 5.18 | 8.55 | 8.58 | 6.50 | 7.60 | |||||||||||||||||||
Adjusted return on average equity (non-GAAP) | 7.53 | 7.44 | 8.45 | 8.55 | 9.33 | 7.99 | 7.73 | |||||||||||||||||||
Return on average tangible equity (non-GAAP) | 9.26 | 13.95 | 9.91 | 16.29 | 15.98 | 12.29 | 13.97 | |||||||||||||||||||
Adjusted return on average tangible equity (non-GAAP) | 13.94 | 13.95 | 15.94 | 16.29 | 17.35 | 15.02 | 14.20 | |||||||||||||||||||
Adjusted Diluted Earnings Per Share | ||||||||||||||||||||||||||
Average diluted shares outstanding | 56,611,217 | 56,523,887 | 56,395,653 | 56,270,219 | 56,335,446 | 56,448,163 | 56,214,230 | |||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 0.50 | $ | 0.74 | $ | 0.51 | $ | 0.82 | $ | 0.82 | $ | 2.56 | $ | 2.95 | ||||||||||||
Adjusted diluted earnings per share (non-GAAP) | $ | 0.76 | $ | 0.74 | $ | 0.83 | $ | 0.82 | $ | 0.89 | $ | 3.15 | $ | 3.00 | ||||||||||||
Tangible Book Value Per Share | ||||||||||||||||||||||||||
Shares outstanding | 56,142,207 | 56,140,713 | 56,132,478 | 56,073,658 | 55,953,104 | 56,142,207 | 55,953,104 | |||||||||||||||||||
Book value per share (GAAP) | $ | 40.92 | $ | 39.78 | $ | 39.35 | $ | 39.01 | $ | 38.18 | $ | 40.92 | $ | 38.18 | ||||||||||||
Tangible book value per share (non-GAAP) | $ | 22.92 | $ | 21.76 | $ | 21.30 | $ | 20.92 | $ | 20.02 | $ | 22.92 | $ | 20.02 | ||||||||||||
Tangible Common Equity Ratio | ||||||||||||||||||||||||||
Shareholders’ equity to assets (GAAP) | 13.23 | % | 13.00 | % | 12.82 | % | 12.52 | % | 12.57 | % | 13.23 | % | 12.57 | % | ||||||||||||
Tangible common equity ratio (non-GAAP) | 7.87 | % | 7.55 | % | 7.37 | % | 7.13 | % | 7.01 | % | 7.87 | % | 7.01 | % | ||||||||||||
Adjusted Efficiency Ratio | ||||||||||||||||||||||||||
Net interest income (FTE) (GAAP) | $ | 128,595 | $ | 130,131 | $ | 133,085 | $ | 138,529 | $ | 140,565 | $ | 530,340 | $ | 489,704 | ||||||||||||
Total noninterest income (GAAP) | $ | 20,356 | $ | 38,200 | $ | 17,226 | $ | 37,293 | $ | 33,395 | $ | 113,075 | $ | 149,253 | ||||||||||||
Gain on sale of MSR | 547 | — | — | — | — | 547 | 2,960 | |||||||||||||||||||
Gain on extinguishment of debt | 620 | — | — | — | — | 620 | — | |||||||||||||||||||
Losses on security sales (including impairments) | (19,352) | — | (22,438) | — | — | (41,790) | — | |||||||||||||||||||
Total adjusted noninterest income (non-GAAP) | $ | 38,541 | $ | 38,200 | $ | 39,664 | $ | 37,293 | $ | 33,395 | $ | 153,698 | $ | 146,293 | ||||||||||||
(Dollars in thousands, except per share data) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Noninterest expense (GAAP) | $ | 111,880 | $ | 108,369 | $ | 110,165 | $ | 109,208 | $ | 101,399 | $ | 439,622 | $ | 395,372 | ||||||||||||
Amortization of intangibles | 1,274 | 1,311 | 1,369 | 1,426 | 1,195 | 5,380 | 5,122 | |||||||||||||||||||
Merger and conversion expense | — | — | — | — | 1,100 | — | 1,787 | |||||||||||||||||||
Restructuring charges | — | — | — | — | — | — | 732 | |||||||||||||||||||
Voluntary reimbursement of certain re-presentment NSF fees | — | — | — | — | 1,255 | — | 1,255 | |||||||||||||||||||
Total adjusted noninterest expense (non-GAAP) | $ | 110,606 | $ | 107,058 | $ | 108,796 | $ | 107,782 | $ | 97,849 | $ | 434,242 | $ | 386,476 | ||||||||||||
Efficiency ratio (GAAP) | 75.11 | % | 64.38 | % | 73.29 | % | 62.11 | % | 58.29 | % | 68.33 | % | 61.88 | % | ||||||||||||
Adjusted efficiency ratio (non-GAAP) | 66.18 | % | 63.60 | % | 62.98 | % | 61.30 | % | 56.25 | % | 63.48 | % | 60.77 | % | ||||||||||||
Adjusted Net Interest Income and Adjusted Net Interest Margin | ||||||||||||||||||||||||||
Net interest income (FTE) (GAAP) | $ | 128,595 | $ | 130,131 | $ | 133,085 | $ | 138,529 | $ | 140,565 | $ | 530,340 | $ | 489,704 | ||||||||||||
Net interest income collected on problem loans | 283 | (820) | 364 | 392 | 161 | 219 | 2,949 | |||||||||||||||||||
Accretion recognized on purchased loans | 1,117 | 1,290 | 874 | 885 | 625 | 4,166 | 5,198 | |||||||||||||||||||
Adjustments to net interest income | $ | 1,400 | $ | 470 | $ | 1,238 | $ | 1,277 | $ | 786 | $ | 4,385 | $ | 8,147 | ||||||||||||
Adjusted net interest income (FTE) (non-GAAP) | $ | 127,195 | $ | 129,661 | $ | 131,847 | $ | 137,252 | $ | 139,779 | $ | 525,955 | $ | 481,557 | ||||||||||||
Net interest margin (GAAP) | 3.33 | % | 3.36 | % | 3.45 | % | 3.66 | % | 3.78 | % | 3.45 | % | 3.30 | % | ||||||||||||
Adjusted net interest margin (non-GAAP) | 3.29 | % | 3.35 | % | 3.43 | % | 3.63 | % | 3.76 | % | 3.42 | % | 3.25 | % | ||||||||||||
Adjusted Loan Yield | ||||||||||||||||||||||||||
Loan interest income (FTE) (GAAP) | $ | 190,857 | $ | 183,521 | $ | 175,549 | $ | 163,970 | $ | 147,519 | $ | 713,897 | $ | 476,746 | ||||||||||||
Net interest income collected on problem loans | 283 | (820) | 364 | 392 | 161 | 219 | 2,949 | |||||||||||||||||||
Accretion recognized on purchased loans | 1,117 | 1,290 | 874 | 885 | 625 | 4,166 | 5,198 | |||||||||||||||||||
Adjusted loan interest income (FTE) (non-GAAP) | $ | 189,457 | $ | 183,051 | $ | 174,311 | $ | 162,693 | $ | 146,733 | $ | 709,512 | $ | 468,599 | ||||||||||||
Loan yield (GAAP) | 6.18 | % | 6.06 | % | 5.93 | % | 5.68 | % | 5.19 | % | 5.97 | % | 4.46 | % | ||||||||||||
Adjusted loan yield (non-GAAP) | 6.14 | % | 6.04 | % | 5.89 | % | 5.64 | % | 5.16 | % | 5.93 | % | 4.39 | % |
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Renasant Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:
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Ticker: RNSTEvents:
CIK: 715072
Form Type: 8-K Corporate News
Accession Number: 0000715072-24-000027
Submitted to the SEC: Tue Jan 23 2024 4:34:56 PM EST
Accepted by the SEC: Tue Jan 23 2024
Period: Tuesday, January 23, 2024
Industry: State Commercial Banks