RNST - Earnings call transcript Q3 2019

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Operator

Good day and welcome to the Renasant Corporation 2019 Third Quarter Earnings Conference Call and Webcast. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Kelly Hutcheson [ph] with Renasant Corporation. Please go ahead.

Unidentified Company Representative

Thanks, Ian. you Webcast us and thank XXXX Renasant and Quarter Third Conference morning for for joining Corporation's Good Call. Participating members in of are Renasant's executive this management team. call today

comments regulatory you expectations the Before to, anticipated which statements, from recent actual and of factors some we other results me or number fluctuation, risk portfolio include, interest call expressed limited remind A could are begin, of not be let involve filings our the Exchange factors forward-looking other Those during uncertainty. results and in forward-looking statements. to but our rate this may factors Securities materially that cause changes, performance in Commission. the discussed and with differ

reflect changes occurrence unanticipated We update obligation future undertake to no to time. assumptions, to events of changed or or results statements operating over forward-looking the revise

that of be site which measures discuss financial posted corporate A renasant.com reconciliation measures In the of be on Investor tab News section. has comparable under addition, measure in morning financial most non-GAAP Market non-GAAP we & earnings Relations some our release, may in the our Data GAAP measures. may the been the the this found to can

Executive I’ll call to now, Chairman, over And Robin Renasant the Corporation, McGraw? turn

Robin McGraw

and two morning, through you in rate third today. other We cuts, quarter Thank inversion everyone closed uncertainty and you, navigate the for quarter. continued Kelly. the the having macroeconomic despite with Good thank joining curve yield to us factors solid during of results,

quarter $X from card by Durbin Amendment million reducing us came quarter. our previous the effective debit this Additionally, for the income

year. imposed December impact collect allowed XXXX, below we consolidated that which delayed Amendment additional fees as to however of our recall, XX, assets may Durbin the us interchange an threshold $XX billion the managed for by uncapped the and You successfully

average equity on with XX.XX%. X.XX% return our exclusions quarter Our was with the exclusions tangible and for assets was on return

of was program early completed Our began XXXX of repurchase October part in October. previously announced $XX the which million stock

The the Board shares pleased over the October plan, $XX million of that company our Directors on purchased of authorized repurchase life also another We're effective announce XXXX. stock XX, plan. has approximately X.X to million

In notes of expense at we the of this as fixed Brand the assumed X.X% quarter notes the out preferential interest principal end of acquisition. phase the the redeemed we second The was capital amount July, and part million subordinated at $XX began to year. that the treatment of

steadfast will The We repurchase our our support shareholder debt the programs and growth deploying on our focus core of operations to a strategy and strategy redemption while believe of capital. value return. prudently our profitability this with returning coupled continued shareholders drive

call Now in and our CEO, I'll quarter's discuss greater turn to this Mitch financial the detail Waycaster President results. over to Mitch?

Mitch Waycaster

Robin. you, Thank

results $XX the for $XX.X quarter net XXXX. in the quarter income of third compared million our at was of Looking to million, XXXX, third

diluted EPS $X.XX both basic third the diluted and the and Our were $X.XX quarter EPS were respectively $X.XX XXXX. and for of Basic third quarter. for

Two items the XXXX. income third of net for impacted quarter particularly our

by our First, approximately on $X.XX. after-tax decreased servicing an which of recognized adjustment EPS million $X.X valuation basis, on diluted the we mortgage rights

for production net strategic the $X.X related that decreased approximately to related our joined EPS Second, hires have in income diluted company expense to XXXX. new team includes by expense The after-tax quarter. during million the $X.XX members the

XX, for billion to both held XXXX. quarter, to XXXX at sheet. $X.X approximately December were XXXX. Turning XX, loans Total investment approximately our were billion $X.X June compared the end assets September billion balance billion XX, as focus XXXX and at to December $XX.X our at of XX, compared $XX at Total the as

portfolio held consumer loans a the includes transferred from end balance for sale the at portfolio The of during non-mortgage our quarter quarter. the of

growth noting balance loan the XX. annualized Excluding that ending loans in occurred It loan as worth and was September average of basis quarter between the our our is for a loan difference linked-quarter net X.XX%. as by our September shown of on growth loans, the these majority

our footprint during call this first the During earnings our year the I on of half hiring significant production the noted and our expenses. conference across last just emphasized investments talent impact in quarter, of our we

for Our and have existing quarter. our together been new executing have of team with talent growth quickly been the teammates integrated tremendous our on in successful third strategy the

quarter. our production the million $XX production $XXX during from Total the was for members new million with second loan hired team quarter

All we legacy beginning of to committed themselves have our new to are our plan the and producers and see both results.

track into next a XXXX. of growth last in on revenue months, net to We and to our enhance healthy Consistent turn over meet and team in production pipeline in meaningfully continue single-digits XXXX quarter goals closed QX to in will members which keeping portfolios in we and the nine momentum or the of quarter, growth to growth our guidance loan the double-digits the and our low company with as beyond. with expect our us better or for remainder new the strong and mature XXXX from XX mid the XXXX, for be profitability single high

in to opportunities all market We additional will the out advantage talent or expansion add organizational exist business. of which disruptions, activity, still added teams support whether in XX and during across and of our our restructuring due third additional various footprint, we our merger all By build remaining in markets growth to marketplace. quarter. can believe we lines the across taking team to opportunistic producers Further,

the to equally the fund balance emphasized stable loan our growing strategy have members base deposit are focused production remain our low-cost the of team on new expected growth. our our We committed on to of sheet. we While side have growth to growth, liability impact is loan

at to December increased to billion compared $XX.X quarter, at as billion Total end of deposits the XX, XXXX. the $XX.X

the by of year. highlighted beginning million deposits a focused in increase has deposits strategy since interest non-interest-bearing deployed rate During resulted on a growing volatility, such we a which year the $XXX in

optimistic remaining have disciplined the strategy our growth value our into By beyond will sheet. our pricing to fourth momentum our expect. emphasizing sides come heading profitability, in into about are our of on and shareholders With continue deliver quarter, and balance to we both XXXX the growth

turn and I'll of Kevin Renasant, over discussion Kevin? financial our the Now Chief results. Financial Officer, Chapman for additional Operating call to

Kevin Chapman

Thank the everyone you and on to Mitch, call. good morning

release mentioned our provide these in In quarter. by during in will and on press moving the noted and Robin remarks, detail part had as I As items. we Mitch, parts several some additional my

of the $XXX.X income was collected interest basis quarter linked-quarter for $X.X on linked-quarter was interest decrease a on million of income was when up XXXX. down and Net most quarter. down as loans accounted to and the common million, compared $X problem million $X it Purchase accounting from which million third the for the

for interest the Net X.XX% accounting income on XX the points. net a margin as interest reduced for X.XX% quarter second was basis quarter quarter and the compared XXXX of basis of XXXX. in third to linked-quarter of X.XX% margin for XXXX, The purchase third decrease by

Our X second basis basis in XXXX. the quarter the core core of factors margin decreased to margins. points led decrease points base to Several X from

each. sale securities the rate loans On investment side approximately the yield points by asset basis end decrease for of curve weighed loans and impacted on sheet, X experienced on the we a both short X as of margin in on and mortgage on the held cuts X negatively basis the by point margins balance yield

X of negatively deposits the point. our increased impacted of sheet, by cost the Turning liability side basis margin to the balance

August cost from we slightly of to costs cost of moderated. that While by basis to beginning our This are in see in our increased deposit deposits interest-bearing evidenced deposits the decrease X have signs was quarter, point September.

and Also as we been mentioned, growing at are our the to current looking deposit Mitch environment. year costs rate in successful deposits previously ways we during have in manage this continually non-interest-bearing

that quarter was our rates third mortgage our valuation continued operations as and adjustment, production. we decline mortgage we earned strong production Although, recognize for to another had to margins a higher increased and the quarter interest on

great non-interest us, source income be a our total income continues for Overall XX% of of revenues. over representing to

items income. negatively Although on non-interest basis, decreased income linked-quarter on million $X particular weighed X non-interest by a

adjustment. million mentioned As we recognized million right $X.X I $X mortgage a servicing --

commissions to fee loans million the the described deposits interchange As Robin July consistent in cap we and quarter. the became by with previous $X X, Amendment Durbin during fees on mentioned effective which reduced our guidance and subject

This $X.X attributable and Non-interest associated hires in mortgage with higher the by is with increase the employee in expense production. salary quarter-over-quarter primarily salaries benefits new to increased -- an increase increase driven million. the previously expense by mentioned and

This the discussed increase ratio in impact earlier, Durbin expense Amendment negatively coupled efficiency the with quarter. our impacted during

XX.XX% servicing Our adjusted for the for the for efficiency XX.XX% was and quarter the valuation right year. ratio mortgage

underlying associated to like return we an in that yield and to margin mature consider the with that loan as income interest our producers reiterate, We'd continue the future. its will be the however in portfolios to investment costs new

metrics quality credit overall our strong. X/XX/XXXX, at to quality asset our to Shifting continued remain

at NPAs, XX of and internal credit near As quality past days all list a metrics to percentage total including are historic XX or due, lows. assets our loans watch

quarter, the provided loan For losses four in the during quarter. of as and basis $X.X or points were for net we $XXX,XXX a approximately provision percentage loan loans average annualized million charge-offs

will business focused to terms. And in remain margin our get remain structure. to model loan not quality Although, disciplined there. we and and faithful we on credit including are structure respect will we growth, to with We our sacrifice standards underwriting

of credit across build the teams to we team our talent we identifying strong add our are to already As remains to ensure out in committed portfolio production footprint, quality check. also our our to

to you release refer our I ratios. financials, and our on for press information more numbers For specific

pass I'll now for back closing Robin comments. the And call to

Robin McGraw

and In Thank balance growth with on about the the of we both momentum closing, we quarter sides finished tremendous our potential optimistic sheet. you, Kevin. are

the We our have are environment macroeconomic and factors results. current the other may mindful impact of of rate which on

same our by we and through provide profitability, quality, to this But operate on value at all and cycle the growth of emphasizing while can focusing stakeholders. time

I'll questions the and Ian, answers. you to turn Now back for over call

Operator

from Our KBW. Catherine of first Instructions] proceed. question [Operator Catherine, comes Mealor please

Catherine Mealor

Thanks. Good morning.

Robin McGraw

Catherine. morning, Good

Catherine Mealor

what with thoughts cut? core I your Kevin and thought wanted the give the for accounting both with your perhaps just rate purchase outlook from see, further to we can Thanks. us and margin updated you the you're start expecting margin also margin on could if

Kevin Chapman

Yeah. Sure.

to purchase I'll start probably, bit predict. a little So, with accounting. It's harder

where And as that's recapture we the going yield As the recapturing – be be you that's can the piece volatile. and you fairly difference the benefit that we've is the have Accretable difference. seen to in of purchase volatility. but non-accretable saw be to be quarter going know, stable, it is non-accretable accounting and volatile

a interest those we little So be volatile. two predict they as Those loans. to because income can bit just it's charged-off as on well previously – isolate hard

that points quarterly to basis those be continue XX expect XX basis. We'll to could on a

This little But than bit that of that's I X. just adjustment. piece quarter, accounting think purchase less would volatile were emphasize I the they a

address still as cuts side. it on core do more I margin. into at the on that that our As to we rate the look gives think us margin have pressure funding future, the the opportunity there's we

With core just occur the to bit. goes our nature lag a rate to not of costs and deposit deposits, re-price really of little as to that They're the as are quickly going cuts our deposits. the going the

We longer to broker bit funded. to have and we virtually deposits. have very no little wholesale take It's It's going core little all a funding re-price.

that saw we think intra-month. I on an

If funding. beginning the of the you the we deposit look that time a just second more just it from move saw making the bit to efforts with quarter, quarter throughout breakdown little that at monthly of the the we start end started quarter. at And takes costs at

would the end try look cut cut. then out – including sheet the impact. possibly still but but is in immediate another have that balance any cut on basis able of just mitigate the to five taking margin rate range, rate and September eight an to are will – the mitigate anticipating to the to to impact occurred a to But quarter the we just rate are deposits, compression little point full more that with and QX, in to towards continue compress As we expect into margin lagging continue we'll positions expect being of how bit positioned the to re-price that next

Catherine Mealor

Okay. helpful. That's

get be we get we to then of then costs eight we way of a margin that maybe in it? a start the cuts the amount next expect fair year creep about relatively lower – five see to kind see that then so to compression think bps mid and continue October to assuming further So to and Would further same cut that but back as deposit flex maybe up. if about

Kevin Chapman

fair way as we now. it that's think a think about right I know to

sale QX. XX I or margin. Now, to XX impact year. in I'll the throw for for the held wildcard the going QX the fall XX-year it to at sale see that's look points from think XX as on Mortgage loans there to two another there mortgage fell put we basis basis the If in held loans to continue point yield

So that's variable shape the the end by of more to of if a calculation is eight there. short curve provide right end The that points. factor, there's long couple curve throw in the five I the The margin just a the of into just could basis in movement. of

Catherine Mealor

that CECL that just Okay. is then model but to about the XX purchase true That think makes the volatile to year that still it And to does we've the that provision? bounces goes still that as post to seen XX into of zero up that we on piece CECL that ended next go accretion way post accounting be effectively sense. clear that? next bps accelerated accretion around year Is the this

Kevin Chapman

the that and all nuances impacts XXX-XX loans and those and But way I allowance about the from that. I loans We're the think purchase finalizing it we how how goes intricacies from how think think accounting yeah much still credit in you're margin goes CECL provision. impaired much correct the and into it. of conceptually, that's conceptually,

Catherine Mealor

Okay.

sit good. I’ll out. Thank Sounds you.

Operator

question proceed. please Jennifer, next comes of Jennifer SunTrust. Our Demba from

Jennifer Demba

morning. good Hi,

of on and Mitch your hires terms new you're what thinking fourth capacity in the curious just Just XXXX, in more. about quarter to for hire pipeline in

Mitch Waycaster

Sure Jennifer.

stated today XX. we XQ, mentioned the we just at in as looking had I As past

be continue as commercial before will that in to lines in the in opportunistic disruption marketplace. We more QX are company. discussed into whether business be that to as six the would typical rate XX seeing that other also there's have And run across corporate the forward be we of looking to XXXX

As recall, in five you XQ. enjoyed will we

of and then in But opportunity those see back we course Of had continuing. opportunities the unusually an which the second advantage quarter was but with quarter came XX, there took this we high XX.

like and an to have We continue believe those I opportunities strong to continue have talent conversations. add And those team. we'll say, we to already to

Jennifer Demba

Thank you.

Mitch Waycaster

Thank you.

Operator

Rose Our next James. Michael, Raymond question proceed. of please Michael comes from

Michael Rose

How guys. morning Good are you?

Mitch Waycaster

Morning Michael.

Michael Rose

the the So some are et some year. What cetera? loan are pieces comprises what which that reiterated guys understand. of assumptions What acquired you for the and some next Just of outlook up fairly that range, a of wide growth of then outlook? paydowns production? initial Thanks. It's around kind run-off I make

Mitch Waycaster

projecting with I'll start Michael end talk payoffs expect. net that with or a and we Sure. production we'll the we'll up little and we're then

thought million, as million. as which quarter So very strong production, would QX, as we this far we exceed in saw approach $XXX was a I fours, mentioned again We quarter. that $XXX high $XXX We actually million.

be as again five We grow XXXX to midyear. would that $XXX QX to range mid-fives to continue get that to into as in million-plus we expect go in we to for in and maybe XXXX

high as as upper We believe growth result the would to quarter more that mid it non-acquired drive again did will in this XXXX and which teens, then go into QX low in single double. mid-single mid-teens possibly we

year. had the $XX quarter. seen payoffs That in around $XXX QX in an throughout payoffs. in quarter them actually XXXX. million We been elevation in payoffs $XXX the per remain an the for that million average in up generally is Actually That $XXX in from we was we've we've saw seeing range million assuming million of on QX,

those was in high that we go July. and reasons permanent in July We the We July was look $X an at to payoffs in exceeded payoffs seven back over had moving unusually $XXX had loans If million. month. market. million particularly

where the quarter simply payoffs about and Again we to about underlying then the were those selling the XX% XX% just about asset unwilling terms. going permanent to this match was the borrowers of market XX%

mid-single we range that's just and that of as Giving that be part year $XXX projections. quarterly to million, I expect current probably payoffs looking then our net million payoffs and this back a low production about high into next go expect say question we $XXX we in But where those forward, your like to double. single, and quarter

Michael Rose

now coming those -- about move core How growth expenses to can follow-up you support future think as I much that great of here year is obviously And you maybe have you're some from move guys the That's of front-loaded split a staff? their seeing new of you is roughly from color. that talk some next -- as I expect growth. into some over we but kind versus would they expect books as that lending greater of the of new some lagging, obviously a hires hires? the and

Mitch Waycaster

Yes. No, good question.

So, new $XX coming the about in of year this the million this or XX% we from saw just quarter, $XXX that from group. million production hires

force We expect as into that XXXX. to XQ continue then go and we into

to we several that growth. actually last say ahead for that this $XX we going this continue quarter to $XXX portfolios million begin very point of discussed production And months actually little in but pleased been and that past Like a to take to expectations. it's million those to I the quarter mature, seeing have as of we see

think of can quarter. I million of of talent. that those it that other up from the new coming the that at $XXX only important in million that's you with in look $XX $XXX that way from this -- And story prior million production part

So, across on cylinders strategy mentioned within we're of seeing and business the commercial, the the number corporate, the we production the is bank. business units past increasing our the company get as which the of be to lines, that whether and in a footprint the small

Michael Rose

really Maybe helpful. just more That's one for me.

because difficult rate backdrop. at of when of leverage for the of begin come made because of I begin perspective. but year some efficiency about investments to the it's begin in that the interest staff -- thinking too see operating When it's see hiring the hard to a the from And next should been broadly ratio some should environment least because maybe interest of to we you've it's obviously rate through? the we Just detractor know --

the done obviously, understanding company the equation down mortgage of volumes but efficiency probably and lending should will just we of kind next that some Thanks. given equation? which hires, with reconcile But year, be leverage you've the how operating

Kevin Chapman

Sure.

So, is get not leverage That we will. in into We'll seeing there's Michael, the as going the this from Kevin. ratio to a on QX. start new doesn't mean they efficiency some hires, benefit QX be

experience mentioned to QX. won't from the still to we've the the As But point on But that set. coming weigh ratio. We efficiency mark growth probably more is variables, We'll over get new until all inflection the goal Mitch down that going QX of mentioned it's hires. experiencing we're always the you but back efficiency that XX% below our year. next aside, ratio in work

And Amendment I'd next also just say revenue that to on fill QX But going in investing efficient that that a anticipate weighs to that of hires been the was Durbin gap. That very it's have that and just was at to-date. now growth taken that require that being stream year, we we in the we've out. least

Mitch Waycaster

to failed the market. I things felt thing unusual at were mention other in permanent how earlier particularly quite mentioned current to to in quarter, moving I they relative heavy question just July one Michael and with the looking had just payoffs your that

million we in loans. flat. July to began basically in probably down back brought ended We So, August $XX-plus us that which to see growth

toward actually really end in the -- come in really until the later quarter, So, came It net that growth our benefit this didn't the from see quarter. September. in the of later growth -- we

of at question the end didn't and that the we the as It QX. actually when into we'll quarter enjoy this mostly to impact about the benefit occurred see go current think I just quarter see So, will we the back your we of impact.

Michael Rose

the for color Thanks all Great. guys.

Operator

Sandler O'Neill. Brad question next of Brad, comes from Our proceed. please Milsaps

Brad Milsaps

Hey, good guys. morning

Mitch Waycaster

Brad. morning, Good

Brad Milsaps

almost You everything. addressed guys have

maybe million the was detail Just in it so. looks expenses down $X expense more the quarter. a Other or maybe was curious little on like

the would've there. been brought additional there. any color maybe have know but would more there you curious of kind little a I Just thought FBK guys, over lift

the have particularly curious in now you mostly of line how that all all expenses as kind the of hires sort thinking new about Just run you're rate. the move that rate run of forward you other

Kevin Chapman

Sure.

is Kevin. good So, morning. This Brad,

increase it a related assessment. have bit think I being over that our offset other from where did to of we the and So the expense in had we for we because an discussed had billion increase in premiums little $XX item a to an QX, large of insurance FDIC line We

-- we the We finally that that with finally just at us right didn't have up level. accrued and caught

So when got rebate it's expense a as in We were catch-up qualified that from bank. of a QX. a a came an we community community a little in bit adjustment we Well, bank. QX,

will So, were $XXX,XXX probably a assessment adjustment from mentioned Brad, QX when $XXX,XXX that got other expense bank." that just that classified rebate -- in just as I insurance that non-interest that that about up FDIC in was "community QX we normalizes as go made normalize to that we when to

Brad Milsaps

decent that of the kind probably run the commission. that's a With of notwithstanding rate mortgage variability

Kevin Chapman

That's right.

Brad Milsaps

Okay.

Kevin Chapman

have also hires. new And that

Brad Milsaps

it's kind then you about down of to in And was of follow-up the Does of that there? on I Sure. is come that of borrowings that timing had notice Can the to the what kind level? payout I did quarter. was that of mix you Or going category Sure. fourth kind during component the the quarter? run around some curious of X.X%. at is the up of debt. rate the on from to the X.X% small talk Yeah. kind just NIM. know a I

Kevin Chapman

saw paid run that the a with down to come in August will it off late mix. think just in We the frame, the it's you there. little rate do so increase sub-debt bit. time July, really a early The Yeah. had full We almost

on remaining the the -- may the be there the -- down what's rate, way off come so most benefit a little volatility there'll that the paying in debt borrowed part that just a in just the that bit. think causing slight QX. is funds sub-debt is yield that it for that debt But I rate but

Brad Milsaps

combined brought up quarter? was rate still an X.X% though by points the that Even in basis XX at it the that total

Kevin Chapman

X% we the in to range. X.X%. purchase accounting marked X.X% Well, was Yeah. The rate it the was to stated It market.

Brad Milsaps

Got that now. it. recall I

Okay. Thank you. Great.

Operator

proceed. John, from comes John Our next of please Rodis Janney. question

John Rodis

guys. morning Good

Mitch Waycaster

John. morning, Good

John Rodis

Brad's on -- to expenses. Kevin, question back to back just

put rebate variability saves around you said Or you obviously $XXX,XXX mortgage. sort with to for you about cost then other for there? the add quarter So of $XXX,XXX should some any think million XXXX? there back in how that we and $XX should the if expenses Are

Kevin Chapman

XXXX and been next -- to production. that incurred quarters at Expenses to we've invest four incremental as dollar is that the not next we've looking three as expense a into of where trying revenue going expense we compliance expenses dollar the in incremental our production, get or debt over just expense into a to last

gone the reflects of were over we've community As our $XX examiner for the a in something relationship than that. we billion, that conversations, we that. exam feel rigor other bank, from our the feel being with prepared of from expectations we our And

invest So we to do something drive that into dollar next top is line what try will that incremental revenue.

expenses that initiatives on producing at expenses. to non-revenue that ratio the and it more of expense growth if will be we going look of guide There are going so that we cognizant making. spending that are we're revenue drive that dollar And help I expense But what some contain our is would really efficiency the to the -- than increase. that's currently call

that something $X.XX into the invest it's line. to So expense drive than more bottom trickling dollar

that cases, that production. the and line drives revenue. more producers. increase, revenue some that to in incremental top minimize So compliance revenue dollar churn may that's lift some non-revenue-producing In expenses we're looking category be But off where in invest that expenses but or to there next may get

John Rodis

Okay.

sense. makes That Okay.

Just the one buyback. on other question

you buyback. have you to current over as the -- would at announced been new prices, quarters? expect Would be guys as few you last So you a aggressive

Kevin Chapman

I to option table. buyback have. think company And all something on that's view the it's -- We we've leave the that the position again, we fair options It's how a on an tried assessment. table. the

buying. we would providing renewed weighted that appropriate -- as in average price this the that range in the you in Board And is the not the periods fair where we to QX, intent only of it's the but look we prior as buyback I at with be So repurchased renewed optionality. management think

John Rodis

you. Okay, cool. Thank

Kevin Chapman

John. you, Thank

Operator

comes next proceed. Our question please KBW. of Catherine Mealor from Catherine,

Catherine Mealor

of expense driven follow-up mortgage I to thanks. was had can Hey, back how on any by expense quick on. questions. I there much want to jump the last just out you way salary compared quarter's Is quarter? break as maybe a this

Kevin Chapman

up just be $X It's would million the wholesale. total That about to of $X.X commissions, mortgage. million their the Yes. additions

$X.X of about to is mortgage All up million. $X million

Catherine Mealor

And what that number? is

Kevin Chapman

third compensation The quarter Total $XX.X total number? Yeah. was million. mortgage for employee

Catherine Mealor

XX.X.

helpful. That's Thank you. Okay.

Kevin Chapman

point of And just $X.X a item. ran gross adjustment through banking income the the income banking valuation mortgage on Catherine that million mortgage line gross

mortgage mortgage excluding had a valuation the is revenue -- gross and million. quarter the So $XX almost adjustment, great

Catherine Mealor

of be Great. right. up. All course. we'll that sure to back Yes, Yes, you. Thank

Operator

session. like question-and-answer over our concludes now McGraw remarks. This the I'd turn for to conference back closing any Robin to

Robin McGraw

Ian. with interest everybody's you, time forward appreciate We Renasant again Thank and look Corporation and your speaking soon. we you today in

Operator

The conference has now concluded. Thank you for attending today's presentation.

disconnect. now may You

Renasant (RNST) 22 Oct 192019 Q3 Earnings call transcript