Renasant (RNST) 23 Oct 242024 Q3 Earnings call transcript

Company Profile

Participants

Kelly Hutcheson	executive
Mitchell Waycaster	executive
Kevin Chapman	executive
James Mabry	executive
Catherine Mealor	analyst
Michael Rose	analyst
Matt Olney	analyst
David Meredith	executive
David Bishop	analyst
Stephen Scouten	analyst

Call transcript

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Operator

Good day, and welcome to the Renasant Corporation's Third Quarter Earnings Conference Call and Webcast. [Operator Instructions]. Please note, this event is being recorded. I would like now to turn the conference over to Kelly Hutcheson, Chief Accounting Officer for Renasant. Please go ahead.

Kelly Hutcheson

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

comments no results of are be Before this the or are risk many begin, please forward-looking rate other at could events that Exchange undertake materially posted update changes, There changed of statements. we link has we tab. We unanticipated factors of cause from the or include, cost that News been Data to over but forward-looking the actual mix note with time. disclaim and our to uncertainty. assumptions, statements the call interest under our our differ statements, forward-looking expectations our will revise the release, in Securities factors Market which filings obligation Such corporate to changes involve site, to reflect which in not funding many expressed Press future other during Commission, to, fluctuation, operating to anticipated portfolio or results limited discussed any Releases sources, performance www.renasant.com our and factors occurrence and regulatory recently and the obligation results in and and recent changes including the filed earnings specifically

Officer, comparable to measures. Executive and of And the call can financial measures release. financial the Vice will some our Mitch reconciliation turn A discuss our Waycaster. the GAAP Executive Chairman non-GAAP measures in the are of most addition, measures this I In that we over be Chief morning may now earnings non-GAAP found to

Mitchell Waycaster

Thank you, Kelly.

third number the successful common of to while acknowledge with for agency contributing the of the to our sale financial reflect our to of the on the the company. solid team They of core remain pleased want transactions quarter. achievement are issuance by our the I work hard a results focused operations in insurance and for earlier quarter. equity the significant We performance,

merger necessary the turn merger, conversion Renasant and The we Turning the progress approved and to filed half to the the with have of over both the we complete in solid with applications on merger combination. comments believe the followed the August. seeking a to quarter. for the tasks call closing other I shareholders First. few on expect the regulators We XXXX And now will of made yesterday, The still Kevin First trends by weeks announcement, merger. the in in we following A financial for approval first

Kevin Chapman

you, Thank Mitch.

would the work discussing for our Mitch's quarter. their quarter, results jobs their employees' results abilities of to outstanding for I of turn the plan team come First successfully as third efforts I underway the our quarter our interrupt Renasant. meaningfully we contributing necessary also while Before praise Renasant operational to plans. together successfully impressed tremendously would in by and day our been the like identified bring Renasant to both together. We're issues I've to financial to execute echo one third The to well in have that any will our and yet not attention now integration company, members

in on of $XX share. million earnings agency these or insurance diluted of diluted is $XX.X Our our $X.XX the of Included after-tax the per EPS. assets in were results reported the gain million or $X.XX sale

in expenses or well $X.X EPS. of and $X.XX diluted million conversion merger As after-tax as

EPS $X.XX in quarter Excluding EPS diluted compared earnings these for the in income items, million quarter. linked-quarter for our $XX Net $X.XX interest a second the million basis. to or on increased adjusted diluted $X were

deposit capital on increase the in the in costs. to raise, from outpacing loan proceeds from remainder driven was the increase the is yields this of but earned our increase Some interest attributable

pricing with evident loan of Our a note, in quarter-over-quarter. team the the balance on continues is quarter Equally X the of but liability yields to basis second the quarter. million flat Traditional deposits success team to points noninterest-bearing linked important sheet. truly were the on increasing increased $XXX our over from side basis, diligent be deposits

our pricing Although deposits the hard paid footprint, has deposit managing for our continued in dividends. remains competitive throughout base work

noninterest million the commissions foregone gain primarily excluding on due quarter-over-quarter insurance increased Our noninterest total to XX a deposit income income the the aforementioned quarter adjusted sale from as result the basis $XX.X compared the points $X.X costs quarter. increase only points quarter, the second X an of the increased sale. Reported during agency, basis million of during to insurance second decreased of

million Income decreased from Overall relatively flat. was division volume our basis. $X.X mortgage on linked-quarter a

million fall increase decline in decrease quarter. revenue for an from to in pipeline as sale of begin the a margin coupled XX quarter, were drivers during basis rates our with the points third was second the However, expense the $XXX fallout in of Reported gain the the primary noninterest of quarter. on percentage the

linked-quarter $XX.X expense representing expenses basis, and million $XXX.X Excluding quarter of decrease was the on on conversion $X.X for of a basis. million million pretax merger noninterest a a

leveraging existing priorities over with toward Jim. progress the continue first. expenses turn integration and base we around the to expense our will call I as Discipline top to now be

James Mabry

Thank you, Kevin.

will million. capital agency. of $XXX from I in As lower part sale we to grew our growth. the the resulted and insurance walk Loan growth Total due raise we slides through large but deck. quarter, production million quarter's from reference during which the in strong the pay assets earnings in proceeds second the higher experienced the the quarter of Loan results, was downs levels was $XX the

agency experienced a On The excess on core away in Slide capital of are from to the retained allowed these required shift minimums X, all regulatory quarter which increase on in earnings well to contributed sale ratios a gain ratios to linked-quarter capitalized. and considered be insurance capital meaningful continue of the another basis. raise, non-core funding us deposit growth, to side, Referencing sources. of strong we liability

Net the ACL of $X.X X.XX%. at and $XXX,XXX, flat percentage charge-offs a loans We provision credit remained as to asset a loss Turning quality. total loans were recorded on of million.

Asset quality metrics on Page are presented X.

downgrade to a loans. are nonperforming the loans believe increased criticized larger assets loans of Our reserved. these adequately and due few total We

proactively strategy quickly mitigate loans in to early underperforming towards Our resolution and to loss. order remains identify work

Our are profitability metrics XX. Slides and XX on presented

metrics exception items, around impact had all in negative growth on due of discipline equity raise profitability quarter to onetime with tangible income capital return the the and Excluding ROTCE. a from improved on largely second expenses. The net

earned margin, the to insurance net interest Slide our excludes XX. growth contributed points in interest the sale net increased and X.XX% capital interest purchase margin. raise to the proceeds agency income X of and to Turning Adjusted recoveries from quarter. interest the accretion accounting on and the for basis which

trend declining And our in increases team to rates. the grow deposits in of good work core diligent continued by a pricing remain and

to core funding focus growing commented continue income on base. on expense. Kevin within We the the highlights and noninterest

proposed balance year will First, to to expenses stand-alone additional over Renasant basis. on call with profitability the merger of the we We include but now to remain turn committed the I a related back to the expect The improving the of Mitch.

Mitchell Waycaster

Thank Jim. you,

heard, performance. have quarter activity of quarter had this you noise to we out do during want success drown not underlying improve the the but As active financial to the very had the we a

X on adjusted average increased ratio return points, Our linked-quarter efficiency a our XXX decreased basis. points adjusted on basis assets basis and

will we to to the of We operating turn I bank work create in Southeast a are some vibrant top-performing enthusiastic the operator. about Renasant for markets. call the most the as now opportunities ahead over

Operator

We and session. now Instructions]. Answer Question will the begin [Operator

from comes question first KBW. Our of Catherine Mealor

Catherine Mealor

rate next to about just about get could if Renasant -- then could your talking And then as with quarter. how as cuts us this as what margin margin on quarter think will outlook. as the even does about we have previously of but think I'm margin, more about? just to we a than just stand-alone coming curious, kind we help FBMS I well potentially start think nice with be helpful, maybe of, your that you expansion kind been and

James Mabry

Good morning, is This Catherine. Jim.

as cuts, a or impact the modestly and have these cuts I think that quarters, least feel margin talked negative those are -- the going on of at last So we we've rate have in to way. we're term, near intermediate still couple

mean we've point XX So we a margin. in see that on having the two on cuts But if that generally impact QX, basis I we the negative impact see had, cut modest more it.

so think I but wrap our look -- Now to NIM to going would going term, our mean, 'XX. negative I sure size NIM will mix, there's behave mean a impact, that quite is out but and first First but less arms are, those at And certainly to the to be I sensitive near pace in you to not house, that the going they're would help speak I it cuts of over the is time, previously. further of to that's to lot when the to to rate can lot First asset we in the around The stand-alone, talked -- there's just smooths moderate cuts. top at the I'm there. add think is case. we how a than that response through. Generally, 'XX because there, say about you upon depend then some The

we'll the near your NIM. of see -- some we short see is going negative on question, impact term, to that term plays But out. in how part your 'XX modest first So do again,

Catherine Mealor

cut. deposit But what far cost what so kind too was far? third. of the got just On late the you the to It talk or spot of seeing basis you've on you've the rates with quarter about deposit really curious, XX you're the side, in point impact can see data kind so just your in seen

James Mabry

our pleased with behavior. We've really been deposit

runoff a the I went deposit the and and fifth I very this there. to envisioned the I it's close fact, through think what -- thought of for And think the year. we flat We year it's numbers sort they're quarter pretty happen. that we going tough growth And seen the deposits. see outpace started we've we would is And was to about, consecutive meaningful essentially thought environment 'XX -- growth. in and budgeting we beginning noninterest-bearing loan we for think of

more trends But deposit the really certainly would like June. And We been started cutting have in our we have to specials good. growth. back loan

think we're around I down -- our higher basis in I was June. points think XXX special is and X.XX%, X-month that

cut been see So think and there. into we're benefit to rates certainly going environment, we're to heading more able we've

and well than behaved much deposit has really we So thought. better base

deposit So I'm side. the on optimistic

Operator

next James. comes The Rose from question Raymond of Michael

Michael Rose

going question to before. Maybe just the loan back

aware citing lot see lot growth muted was that, I of but relatively kind pipelines good, and from a see pipeline election are to perspective kind of? would any a if like of still of this and are could if think expect at we've quarter, least give a your wondering be seen paydowns things debt kind we banks you there's usual breakdown us uncertainty economy around upcoming the of what that growth should Mitch, you and I the and

Mitchell Waycaster

So we we as we you comments production, at suggested, a and the where the earlier increase XQ saw good we'll from million, started his mentioned Actually, within that and in go start was into million. $XXX pipeline, also over at quarter million. $XXX It's $XXX we which production million the Jim good did. with is opening $XXX quarter up

quarter, the think pipeline pipeline and which the the saw and we throughout both growing production, I the grew quarter. throughout

I a the resilient testament in. is that think, operating again, just we're markets vibrant good to

Back what we prior were million. went quarter quarter They million. to in brings And this was point $XXX modest a to in $XXX see your increase The other to payoffs. payoffs. up question us did

the likely million. secondary that some It's equity quarters, saw of go into I of estate X we seasoned saw being move there, We previous environment average of private to would some saw could on to the in acted at believe business. some business. $XXX We the funds future sale that moving up sale rate be we projects change active real payoffs commercial market. quarters. able look that the out some be you rate as in If in

in market. think to to Renasant for the go each back through which ability of I it markets [indiscernible] our though, comes percentages produce

think million, in usually it's types. I a pretty was the geography, small than million under consumer less credits past Again, business in broad-based in the and did, is, quarter across XX% see production represented important I pipeline if estate hold would representation portfolio, X-X, say, the $XXX that as another, would another $X.X as and that and market. would just I that always in And But do size owner-occupied commercial this then the of XX%. million here, on credits, comment about but that I as XX% those well was $X.X both you we business, commercial of above banking, we real C&I-type

commercial C&I, additional number with larger in an lines XX%. estate, SBA corporate our business then And a finance, real factoring asset-based banking lending, contributing equipment of

the range. our say, that size loan All of to $XXX,XXX remains average in

continue to just many we cylinders. different -- on So we hit

remaining underwriting, So both granularity our by on in our and that's doing disciplined product of Jim pricing type, we're geographically the base commented of deposit our asset loan that while true and of base, and our our base.

as forward, with And your we diversified go portfolio. a And ability to with it grow optimistic we to do to remain our a fund coming last loan and deposit continue question, diversified forward just be would much seen in which payoffs, see quarters. I in the year will looking to to the we mid-single-digit like what this continue low coming say we've variable net, there

Michael Rose

the the business broader mortgage kind if have over that just headline trends kind couple get as cuts, but assuming additional home an you're in very, from Kevin, and great a very get of would sales can pickup Maybe color wanted you'd that give just color past level I XXXX rates of some just lowest there. -- the you. seeing I and helpful. always just that's hopefully, as you the moved And mortgage weeks. activity, follow-up, actually got on that Mitch, a see some to higher hit a of update rate because then since future we that expect, us

Kevin Chapman

you thank question. Michael, No, for Yes. the

of as end curve, or it as a much the not I little isn't curve summed think continues as or bit. midrange the curve we've up the remain well is of much received to talked about the short flat, up attention end the come you what if longer down. how of tick seen the maybe

So that curve. in steepness it's the have good we

I absolutely think standpoint, that but banking mortgage. puts helps us from a it pressure on

we tough activity. a where seeing gone pipeline. rates as question, towards bit a your X activity, a as isn't -- quarter. So got of mortgage Fed that We little of a -- momentum the building we to down, rates. on that are some that rates It if isn't pipeline on in longer-term of expect anticipation QX. But It rates pullback just be in saw we the an we mortgage expected we're come hasn't to the have maybe and -- environment as -- the continues we as continues should It uptick the still end abated We early still flow. do build of cutting much in to

been our done we've rebuild production. mortgage as talking team, think, do we've we our And about, what to

be to throughout hiring continue talent we to successful cooperate. be We rates markets, our in that production expect immediately realized as

Michael Rose

the quarter maybe refinement Any Or Okay. see deal, see first could to still potentially the close Great. just to first sort year. expected in the to things, votes. of And half one. understand? one but hard shareholder first soon to close, second know point? these it's just or acquisition when is of either predict quick the acquisition glad this I too it at really next final The of we

Mitchell Waycaster

the expect -- of the received We closing we're regulatory some approvals and half just commented made we which vote, about merger. past course, we're commented We both both followed you approval, necessary in on progress earlier, first conversion shareholder this mentioned as past shareholder But August. of well. in which course, are days days received the still the more think we've of XX-plus XXXX Things solid going in the point but application. of I by to at announcement process. the early tasks yesterday, it's pending in the complete And Michael, the and, yesterday. the I latter, some beginning XX So actually And the

Operator

Stephens. Matt The Olney question from next of comes

Matt Olney

of also on kind asset rate Jim, loans. be new dollar back to just the more of or dig can discussion. higher kind been provide And then repricing hoping looking few using the quarters? Any have amount these next yields you the color the dynamic. know, what schedule, dollar will into on don't fixed and fixed color that? the side, of that for the I'm of X-month I was you the just that on going I amount loans XX-month they've yield more if variable for looking margin Yes. to and over specifically, recently on a a that repricing

James Mabry

Matt.

will be this helpful. hopefully, yes, So

in and of we variable been, about think, we're we're roughly side I And of $X.X our talking in I think terms billion loan near and Xs. at QX, upper in term, today in price. renewed. on the So you And adjustable least book sort variable somewhere the that yielding that at new the mid-Xs. is look We've if

exactly, you for So give repricing. will I will that sense that how don't a out play the know but

it, rate fixed months. reprice have, that XX we side, next call the million the so do $XXX over On or

That that think of million plus all I about about and what's And rate of the and $X.X in the X%. fixed got this, part of quite funding our securities we've yield. our not carrying the got that, that a side we've small of flip about a know funding think a book about hundred the -- And that of X% of debt couple dollars I hundred piece that's generate you is will of sort repriced but about, piece pricing. sort flows that And billion didn't ask and immediately. including is dollars book of of couple right, I floating million yielding that? of a deposit cash

think those that's margin. So hope helpful of about some and as are the you offsets

Matt Olney

what up for balance can the move Fed the us fourth in way digest helpful. expecting first are as your you as like several appreciate sounds margin you of expect in appreciate bit details parts it quarter September. from off sheet as that's far based are a the the to little quarter? there. it there compression Jim, but size I moving Yes, the And there, I commentary, previous Any

James Mabry

science. of still, the because though well into we're go I us an that's Matt, quarter, but don't play think, I do to think to the it's will a though it's it makes modest think be -- description of modest, there about than But how art going contraction. think to for more sense is or even material, going back I'm even significant I to some out predicting

sort at better no First have in and start we'll would those a rate cuts, we The and the of have the of course, of that in further then mix, had of out we'll magnitude if 'XX, and the to even cuts timing. plateau, QX some in sense point, but And also further cuts

-- -- is to piece but that's outlook that is margin. how want I 'XX But terms about it's precise there So near some in all modest contraction in the there's do I to going term, cloudy again, of don't together. think be it,

Matt Olney

Okay. appreciate parts. No, Jim. that, I moving Definitely several

general appreciate So commentary. I to -- just want about ask credit. I the the also

there prepared remarks a think the of downgrade larger in few mention loans. the I about was a

as Just or provide industry those any can more downgrades themes? you color far any as on

David Meredith

housing Matt, over the dominated housing And loan asset and I seeing, this the space in class they the really is they've and non-medical been we're David. senior by three guess, the stress. or we've asset senior quarter. loans classes, in -- in we comprise seen to that for one Those were loans the space space office continue see downgrade the in stress that

loans stress. in a level of mentioned the in -- So asset opening classes to be few that Jim seen that comments, some we've continues it's as it's the

and them to work we're monitor make of loans sure and recognize those aggressively out problems to bank. performance looking the to continue we so We forward can those

Yes.

loans, class our number little So materially say that to that I senior a asset if it you dropped of over from X.X%. took the found and just about those would criticized housing, X% of I -- out not

stress a there's class. see level one can in asset You

other isolated. this And It point. at so we pretty think gone to classes across hasn't asset it's

Operator

next Hovde of Our from comes Bishop David Group. the question

David Bishop

on the sale. Yes, insurance credit some good good topic, Curious staying morning, inflows obviously, gentlemen. that, capital quality the from

thoughts and provided but back or curious, the given and simple answer, criticized maybe accounting of into little commentary there reserves loss on plow CECL already accounting the reserve the the maybe just provision reserve. Just bit classified? it's or provision a not potential, that the prevents that this, why or trends Or the a more recent in is maybe on

David Meredith

David. inputs When on loss that we our we the what rates model of for model let based on -- the CECL and quarter, factors. based play ran and kind qualitative out

asset quarter-over-quarter, it's the of so -- pretty healthy X.XX%. that X.XX% repositioning it we to let of the let be classes. kind play flat assets quarter-over-quarter within and had to And Q spite drive continue loss some output the that increase we at within a really, And as stayed on factors in based that in rates, model reserve Yes. There's the we criticized, you led some it's model out. know, But reposition at and

we'll where be and just -- based on today number very a again to healthy at believe stands it So X.XX%. it

Kevin Chapman

that. is just Kevin. this David, to I may add

to the what and to you that shifts as our time -- look There in and the environments out allowance that's those built it and year portfolio. pandemic time on I But as year. built paradigm housing about asset worthwhile think go really take impacted to did when talking classes. stresses and certain a think because work we're lasting senior our pandemic maybe play effects relates it it's I for and or it those would we to classes allowance, that how I last XXXX if the we result were at this of the took back felt know it we of asset it

concerns the of lot out, of We in our some of I some methodology right? portfolio. It losses charge-offs weren't trying provision XXXX XXXX provided it's those pandemic. is real-time asset I to lot stresses confirmed. abated and allowance, the a and going concern may had to we -- with those for to And say allowance the have in concerns show with And build of been recognize with -- we we're in different have classes think to the took we up these not in playing a what identified time , in

'XX. but senior be we housing a 'XX stress, for and housing, in provided senior think what we're in seeing lot I continues there to But is

-- not need of that As evolved, not and if just to and persistent concern and have minimize I loss. loans, to continued quick maybe we're a work will. we resolve a but or concern. the has be of problem But we use think monitoring problem, we office identification a And a it problem reserves history to reserves, it's maintaining

is of process underlines loss kind just recognition, that but only behind and is whole that loss basis think the CECL, recognition not identification the And also and CECL. our I loss which the -- theory

David Bishop

Got then to an it. final for funding question level into me, given in loan that merger? that uptick And the saw Appreciate for around the color. sales going slide, excess think a and of little growth? Or liquidity that bit operate cash the liquidity, is you're

James Mabry

Dave, hope latter. this the Jim. is I it's

loan first in our see about into but comments could Mitch's could that But some we'd like some purchasing book. anyway -- our not, plays a we'll the will loan bucket? happen then see and probably you liquidity time to heard behavior, that deposit I -- see in If given just that potentially for of think is put will to preference out. certainly that, us quite the us think and transfer work loan to maybe how the securities this but will You growth, you while,

Operator

Our Scouten next Stephen of Sandler. from question comes Piper

Stephen Scouten

a of to Maybe question. that follow-up kind of line

like maybe FBMS. pro they could moving cash put with percentage the to loans similar I Just the kind as thinking assume balances balance ideology preference forma balances, a But if elevate about a the security looks sheet them of possible. to forward. of into

balance thinking and how wondering a kind pro securities of of on So the as close about you're into basis sheet? of forma kind percentage a just the

James Mabry

as it of would unchanged. it's I you're forma a we June pretty We're I with position First. Steve, to haven't going out relatively correct. the for we but The mean, liquidity run September, that numbers, sit as certainly as today, come think of here and pro healthy

I we'll liquidity. see. liquidity we'll work, so how be to sitting don't exactly like do to it we on considerable put where going I we're And and the fact But that put know that

that's closing, -- with sheet, at and first. And will theme will the the your lot sheet the be about is get the would up the that's the book. the of to of that I as think accreting the a mean by into of considerably be we I capital, quite we've strong loan least the then we do completed. of But got hope -- liquidity capital is balance capital certainly think I think prospect again, And that balance that strengthened forma. sort we Renasant know. When that sort go first considerably we to just raise sheet, as pro balance point, considerable by the liquidity you the

dollars table mean I historically, in whether like 'XX to of be the -- that on for a uses to latter other feel we're -- I 'XX it's they've the been get we the 'XX 'XX. of as to as capital, or we which are to different liquidity part we'll going doors than be me place and of but actionable really capital, opens latter more meaningful for in we've those of So going get we liquidity the just last potentially in been and bit and little and excess a half couple years that meaningful

Stephen Scouten

you Very have work paydowns just that growth CRE kind 'XX? a in that. and we what actually I saw of before think just, around you're quarter Appreciate potentially there's and there, do the can a see could you ahead, at trends how backlog as in in maybe Mitch, that better down? point more to loan persistent your appreciate think And mean, paydowns, quarters relative Jim. helpful loan then rates some through we Do such. with continue of be earlier come I elevated you pipeline to that to -- thinking problem in this comments about paydowns

Mitchell Waycaster

them been on additional seasoned think, the CRE, which and the itself project, other you more I as and a to those could go for sideline create banks, us loan projects logical I that into that Stephen, have referred will be likely move it to for that would production. exit waiting industry, and So have in new -- projects put capital

treadmill, it speeds up. a like So it's somewhat

So well pay both production off. will elevate as as some

in So that's I logical quarters. think future

think point. that good you make I a

know others over think my would to say that's really was and don't to space, to would point, well. product make likely be that, maybe our But another good probably in and in geographically types our was be think just that I I reflecting bank CRE at there, I our broadly ability I and pronounced a on to play produce. comments way in out that it. you both I in as

Stephen Scouten

Yes. Yes.

-- bank issue, your industry I for avenues deploying for thinking point? if maybe coupling or think we and verticals to do be know, impediment happen, deployment theoretically, kind put liquidity but that larger guess that could liquidity the at team I what term? of what do any that I other paydowns just fuel increased if derivative have new mean think about near that to lift about liquidity? loan of out you just be growth of if it there purchases together, to conversations be an kind Or for some don't next could to two would for potential sure. specific the were work, But to capital anything, curious, more of any to I these sure, I'm not

James Mabry

But in been we've lift-outs remixing and than of start really I'll you Again, I I just on balance bring I -- a some And here And team chime so very stronger. that about sheet. a a is that's but obviously, really the we different that one it's it's The to sheet we Jim. we've the to balance mean, certainly so and in. goal great think said. those -- it strong execute or of to Mitch over and integration. first our much how position enjoyed eyes is think in. And to things this earnings it's whether keep gets First welcome successfully. Steven, job balance balance sort think or sheet, that a Kevin successful sheet,

well, us. and I know, on We've RBC. of happened that, small sort But or whether couple at pleased of what's nonbank. gone That's with you away there, a been nonbank the think as that's story particularly it's deals, really done a from good extremely top for just really that certainly, of

have all act out, things think along. I you or lift smaller So we're we're that's it, the And point have as us, -- capacity open deals those to going whether and going to if on it's come outs. to to

Kevin Chapman

Stephen, Kevin. chime in. I'll just it's

a and with you brings, cash really The First. is liquidity, I cash laid to and table we have that right? on out is of answer. that, think the Everything optionality question, to good Kind because you liquidity enhanced that be mentioned your only going it's and

And sums kind growth. an such put so deposit why we've -- on emphasis but up that of

banking. And for an is lending, is industry, cash maybe took but of that Yes king, XX off fundamental not necessarily a king, years. it's liquidity eye deposit as of banking, fundamental ball our we generation a is

it If XX, you think our on seen I And look over focused numbers. growth. you've deposit the last in months, are keenly XX year, we

it And growth execute to what's evaluate that us is generation in. we're okay table But for want our But creeps on us I liquidity think and the bring then keep because optionality best to optionality all options outpacing the if because with and that that's everything deposit starts loan mentioned. loan-to-deposit that it let's we the cash that position ratio on be that you just gives down the equation. of at And to -- time. let's

Stephen Scouten

The there. exciting. the Yes. appreciate But color definitely is optionality

Operator

like session. I Waycaster any would over to concludes back closing turn remarks. question-and-answer to This the Mitch Mr. for conference our

Mitchell Waycaster

Well, thank you, Alan.

Conference in on for each to you with for meet the November thank the Florida Renasant. your joining at XX next and will in We today of and investors call Piper you Sandler interest

Operator

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

disconnect. now may You

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