Tupelo, Miss.-based Renasant Corp. reported third-quarter net income of $37.4 million, or 64 cents per share, compared to $32.0 million, or 61 cents per share, in the year-ago quarter.
The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 74 cents.
The company's net interest margin was 3.98% in the third quarter, compared to 4.19% in the previous quarter and 4.07% in the third quarter of 2018.
Net income for the most recent quarter includes approximately $2.6 million in after-tax expense related to personnel that joined the company in the first nine months of 2019. The expense related to these hires decreased EPS by 5 cents for the quarter.
Total deposits were $10.29 billion at the end of the third quarter, compared to $10.19 billion at the end of the second quarter and $10.17 billion at Sept. 30, 2018.
Total loans were $9.31 billion at Sept. 30, compared to $9.05 billion at the end of the linked quarter and $9.12 billion at the end of the third quarter of 2018.
Net loan charge-offs for the third quarter were $945,000, compared to $676,000 in the second quarter and $995,000 in the third quarter of 2018.
Renasant completed its previously announced $50.0 million stock repurchase program during the first week of October. The company's board approved a new $50 million stock repurchase program, authorizing repurchases either in open market purchases or privately-negotiated transactions.
Additionally, Renasant redeemed its $30.0 million principal amount 8.50% subordinated notes during the third quarter. These subordinated notes were assumed as part of the Brand Group Holdings Inc. acquisition, which closed in September 2018.