Regional banking company Renasant (NYSE: RNST) missed Wall Street’s revenue expectations in Q2 CY2026 as sales only rose 1.6% year on year to $273.9 million. Its non-GAAP profit of $0.94 per share was 3.1% above analysts’ consensus estimates.
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Renasant (RNST) Q2 CY2026 Highlights:
- Net Interest Income: $222.8 million vs analyst estimates of $229.4 million (1.8% year-on-year growth, 2.9% miss)
- Net Interest Margin: 3.8% vs analyst estimates of 3.8% (in line)
- Revenue: $273.9 million vs analyst estimates of $280.5 million (1.6% year-on-year growth, 2.3% miss)
- Efficiency Ratio: 57.9% vs analyst estimates of 56.3% (161.2 basis point miss)
- Adjusted EPS: $0.94 vs analyst estimates of $0.91 (3.1% beat)
- Tangible Book Value per Share: $25.34 vs analyst estimates of $25.56 (9.7% year-on-year growth, 0.9% miss)
- Market Capitalization: $4.00 billion
Company Overview
Founded in 1904 during a time when the South was rebuilding its economy, Renasant (NYSE: RNST) is a regional bank holding company that offers banking, wealth management, insurance, and specialized lending services throughout the Southeast.
Sales Growth
In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investment banking, and trading fees. Unfortunately, Renasant’s 10% annualized revenue growth over the last five years was mediocre. This fell short of our benchmark for the banking sector and is a rough starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Renasant’s annualized revenue growth of 29.2% over the last two years is above its five-year trend, suggesting its demand recently accelerated. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Renasant’s revenue grew by 1.6% year on year to $273.9 million, falling short of Wall Street’s estimates.
Net interest income made up 76.5% of the company’s total revenue during the last five years, meaning lending operations are Renasant’s largest source of revenue.
Markets consistently prioritize net interest income growth over fee-based revenue, recognizing its superior quality and recurring nature compared to the more unpredictable non-interest income streams.
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Tangible Book Value Per Share (TBVPS)
Banks profit by intermediating between depositors and borrowers, making them fundamentally balance sheet-driven enterprises. Market participants emphasize balance sheet quality and sustained book value growth when evaluating these institutions.
This explains why tangible book value per share (TBVPS) stands as the premier banking metric. TBVPS strips away questionable intangible assets, revealing concrete per-share net worth that investors can trust. EPS can become murky due to acquisition impacts or accounting flexibility around loan provisions, and TBVPS resists financial engineering manipulation.
Renasant’s TBVPS grew at a sluggish 2.9% annual clip over the last five years. The last two years show a similar trajectory as TBVPS grew by 3% annually from $23.89 to $25.34 per share.
Over the next 12 months, Consensus estimates call for Renasant’s TBVPS to grow by 11.9% to $28.35, mediocre growth rate.
Key Takeaways from Renasant’s Q2 Results
We struggled to find many positives in these results. Its net interest income missed and its revenue fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock remained flat at $43.92 immediately after reporting.
Is Renasant an attractive investment opportunity at the current price? What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here (it’s free).
