TUPELO ⢠Renasant Corp. on Tuesday reported first-quarter net income of $57.9 million, or $1.02 per share. Earnings, adjusted for non-recurring gains, came to 85 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.
Last year, Renasantâs first quarter brought in net income of $2 million, or 4 cents per share.
Revenue for the first quarter of this year was $202.8 million. Its revenue net of interest expense was $190.7 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $160.3 million.
Renasant shares have increased 26% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $42.54, a climb of 68% in the last 12 months.