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Renasant beats 1Q profit forecasts

TUPELO, Miss. (AP) _ Renasant Corp. (RNST) on Tuesday reported first-quarter net income of $24 million.

The bank, based in Tupelo, Mississippi, said it had earnings of 54 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 55 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The holding company for Renasant Bank posted revenue of $113.9 million in the period. Its adjusted revenue was $106 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $109.9 million.

Renasant shares have climbed 2 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $43.10, an increase of 28 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RNST at https://www.zacks.com/ap/RNST

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Keywords: Renasant, Earnings Report