Renasant Bank reduced the headcount of its mortgage division by 30% since December 2021, said Mitchell Waycaster, CEO of the Tupelo, Mississippi-based bank, during the company's fourth quarter earnings call Wednesday.
Renasant Bank joins a
It is unclear what positions were impacted or the exact number of employees let go. Renasant did not immediately respond to a request for comment.
However, Waycaster pointed out that he sees positive signs emerging in the mortgage market. Origination volume also seems to be rebounding. Since the beginning of the year, the depository's pipeline grew by 30%, increasing from $100 million to $130 million.
"There are some signs that that production is coming back, but it's variable on rate, and it's variable on product and inventory," said Waycaster. "All of those just feel a little bit volatile right now, but we feel good with where we're positioned."
Overall, Renasant Corporation, parent company of the bank, reported a "solid" net income of $46.3 million for the
The bank's mortgage division generated $500 million in interest rate lock volume, a decline from $600 million in the third quarter of 2022. Renasant's gain on sale margin came in at 1.64%, up 61 basis points on a linked quarter basis.
Noninterest income for service charges on deposit accounts was $10.45 million during the fourth quarter, slightly higher than $10.22 million in the third quarter. The company's wealth management and insurance lines of business "produced steady results" of a combined $7.7 million.
The company also completed its acquisition of Republic Business Credit in New Orleans.
The deal, which closed Dec. 30, marked the
