Renasant Corporation (NASDAQ:RNST) Q1 2023 Earnings Call Transcript

Kevin Chapman: Yes. So Michael, on that, would first start off and just let you know that our mortgage group was profitable in Q1. Their pretax income pushed close to $1 million for the quarter. So they had a really strong quarter in what continues to be a very volatile time in mortgage. On the gain on sale, I think maybe we’re a little bit different in peers, I’m not sure exactly which peers or how they’re calculating it. Our gain on sale margin may be a little bit influenced this quarter by our mix of retail versus wholesale. But it was a little bit, our production was about 60:40, 60% retail, 40% wholesale, and that wholesale does come at a little bit thinner margin than maybe the retail production. And I think that’s what causes a little bit of weight or maybe some volatility in our margin compared to some of our peers.

Operator: It appears there are no further questions. This concludes our question-and-answer session. I’d like to turn the conference back over to Mitch Waycaster for any closing remarks.

Mitch Waycaster: Thank you, Anthony, and thank you to all of you who joined the call this morning, and we welcome your interest, and we plan to participate in the Gulf South Conference, May 8 and 9th.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.