TUPELO, Miss. (AP) _ Renasant Corp. (RNST) on Tuesday reported first-quarter net income of $2 million.
The bank, based in Tupelo, Mississippi, said it had earnings of 4 cents per share. Earnings, adjusted for non-recurring costs, were 20 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The holding company for Renasant Bank posted revenue of $167.7 million in the period. Its revenue net of interest expense was $144.2 million, surpassing Street forecasts. Five analysts surveyed by Zacks expected $143.7 million.
Renasant shares have dropped 26% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.20, a drop of 25% in the last 12 months.