Renasant, a bank holding company, reported late Tuesday Q4 net income of $0.55 per share, up from $0.52 per share in the prior year period. Capital IQ provided a Street consensus of $0.55 per share.
Revenues were $108.1 million, up from $103.8 million reported for the same period last year but came in lower than the $114 million Street estimate.
Separately, the bank also said that it has entered into an agreement to acquire Metropolitan BancGroup, the parent company of Metropolitan Bank, in an all-stock transaction valued at $190.2 million. The transaction is expected to close in Q3, subject to customary closing conditions.
Metropolitan is a privately held bank with eight offices in Tennessee and Mississippi. As of Dec. 31, the bank had approximately $1.2 billion in total assets, approximately $918 million in loans and approximately $888 million in total deposits.