EX-12 2 rnst12312016ex12ratiooffix.htm EXHIBIT 12 Exhibit


Exhibit 12
Renasant Corporation and Subsidiaries
Calculation of Ratio of Earnings to Fixed Charges
(In Thousands)

The following table sets forth the consolidated ratios of earnings to fixed charges of Renasant Corporation (the “Company”) for the periods shown below. No shares of the Company's preferred stock were outstanding, and the Company did not pay dividends on preferred stock, during these periods. No shares of the Company's preferred stock are currently outstanding. As a result, the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges for these periods.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Net income before income taxes
 
$
135,777

 
$
99,764

 
$
85,887

 
$
45,746

 
$
33,465

 
$
34,675

Fixed charges (see below)
 
26,554

 
19,722

 
23,051

 
23,683

 
26,975

 
42,388

  Total earnings
 
 
$
162,331

 
$
119,486

 
$
108,938

 
$
69,429

 
$
60,440

 
$
77,063

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized on deposits
 
$
17,856

 
$
13,715

 
$
16,216

 
$
17,118

 
$
19,030

 
$
31,729

Interest expensed and capitalized on other debt
 
10,291

 
7,950

 
7,711

 
6,353

 
6,945

 
9,672

Amortized premiums and discounts related to deposits
 
(2,484
)
 
(2,611
)
 
(1,425
)
 
(632
)
 
—

 
—

Amortized premiums and discounts related to other indebtedness
 
(548
)
 
(521
)
 
(387
)
 
(21
)
 
161

 
161

Estimate of the interest expense within rental expense
 
1,439

 
1,189

 
936

 
865

 
839

 
826

  Total fixed charges
 
 
$
26,554

 
$
19,722

 
$
23,051

 
$
23,683

 
$
26,975

 
$
42,388

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Interest on Deposits
 
13.14

 
12.58

 
11.40

 
7.36

 
5.21

 
4.25

Including Interest on Deposits
 
6.11

 
6.06

 
4.73

 
2.93

 
2.24

 
1.82


The ratios of earnings to fixed charges are computed by dividing (1) income (loss) before income taxes and fixed charges by (2) total fixed charges. For purposes of computing these ratios:
•
fixed charges, including interest on deposits, includes all interest expense, amortized premiums and discounts related to deposits and other indebtedness, and the estimated portion of rental expense attributable to interest, net of income from subleases; and
•
fixed charges, excluding interest on deposits, includes interest expense (other than on deposits), amortized premiums and discounts related to indebtedness (but not deposits), and the estimated portion of rental expense attributable to interest, net of income from subleases.