Renasant Corp. (NASDAQ:RNST) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 10:00 am ET


Renasant Corp. (NASDAQ:RNST) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to the Renasant Corporation 2020 Second Quarter Earnings Conference Call and Webcast. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to turn the conference over to Kelly Hutcheson of Renasant Corporation. Please go ahead.

Kelly Hutcheson

Thanks, Allison. Good morning and thank you for joining us for Renasant Corporation's 2020 second quarter webcast and conference call. Participating in this call today are members of Renasant Executive Management team.

Before we begin, please note that many of our comments during this call will be forward-looking statements, which involve risk and uncertainty. There are many factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Obviously, the continuing impact of the COVID-19 pandemic, the federal, state and local measures taken to arrest the virus, as well as all of the follow-on effects from this pandemic situation are the most significant factors that will impact our future financial condition and operating results.

Other factors include, but are not limited to interest rate fluctuation, regulatory changes, portfolio performance and other factors discussed in our recent filings with the Securities and Exchange Commission, including our recently filed earnings release, which has been posted to our corporate site under the Investor Relations tab in the News & Market Data section. Furthermore, the COVID-19 pandemic has magnified and likely will continue to magnify the impact of these factors on us. We undertake no obligation and we specifically disclaim any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

In addition, some of the financial measures that we may discuss this morning may be non-GAAP financial measures, a reconciliation of the non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.And now I'll turn the call over to Renasant Corporation, Executive Chairman, Robin McGraw.

Edward Robinson McGraw

Thank you, Kelly, and good morning everyone and thank you for joining us today. The second quarter marked our first full quarter operating during the pandemic. Later in our prepared remarks, we'll discuss in greater detail how the pandemic is affected our operations, but it's important to first highlight the unity of our team and our response to meet the needs of our clients and our communities. Selfless efforts by our entire team at every level and across our footprint to support not only our clients, but also one another is the virus spread throughout our communities has been truly remarkable.

Our success this quarter is directly attributable to the countless hours of hard work, dedication of our team, and we commend their service and their loyalty to the company and our communities. There is no doubt the COVID-19 outbreak had a material impact on our second quarter results.

Our net income for the quarter was $20.1 million, which represents basic and diluted earnings per share of $0.36. Our net