8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

October 27, 2020

Date of report (Date of earliest event reported)

RENASANT CORPORATION

(Exact name of registrant as specified in its charter)

Mississippi	001-13253	64-0676974
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

209 Troy Street, Tupelo, Mississippi 38804-4827

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (662) 680-1001

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $5.00 par value per share	RNST	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 27, 2020, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the third quarter of 2020. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On October 27, 2020, Renasant also made available presentation materials (the “Presentation”) prepared for use with Renasant’s earnings conference call on October 28, 2020. The Presentation is attached hereto and incorporated herein as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The exhibits furnished herewith may contain, or incorporate by reference, statements about Renasant that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about Renasant’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. Renasant’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond Renasant’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. You are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties and, accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Currently, the most important factor that could cause Renasant’s actual results to differ materially from those in forward-looking statements is the continued impact of the COVID-19 pandemic and related governmental measures to respond to the pandemic on the United States economy and the economies of the markets in which Renasant operates. In the exhibits furnished herewith, Renasant has addressed the historical impact of the pandemic on the operations to Renasant and set forth certain expectations regarding the COVID-19 pandemic’s future impact on Renasant’s business, financial condition, results of operations, liquidity, capital, asset quality, cash flows and prospects. Renasant believes that its statements regarding future events and conditions in light of the COVID-19 pandemic are reasonable, but these statements are based on assumptions regarding, among other things, how long the pandemic will continue, the duration, extent and effectiveness of the governmental measures implemented to contain the pandemic and ameliorate its impact on businesses and individuals throughout the United States, and the impact of the pandemic and the government’s virus containment measures on national and local economies, all of which are out of Renasant’s control. If Renasant’s assumptions underlying its statements about future events prove to be incorrect, Renasant’s business, financial condition, results of operations, liquidity, asset quality, capital, cash flows and prospects may be materially different from what is presented in Renasant’s forward-looking statements.

Important factors other than the COVID-19 pandemic currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: (i) Renasant’s ability to

efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards, such as the adoption of the CECL model as of January 1, 2020; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) Renasant’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of Renasant’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for loan losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) natural disasters, epidemics and other catastrophic events in Renasant’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control. The COVID-19 pandemic has exacerbated, and is likely to continue to exacerbate, the impact of any of these factors on Renasant.

Management believes that the assumptions underlying Renasant’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in Renasant’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

Renasant undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

Item 9.01.    Financial Statements and Exhibits.

    (d)    The following exhibits are furnished herewith:

    Exhibit No.    Description

99.1    Press release dated October 27, 2020 issued by Renasant Corporation announcing earnings for the third quarter of 2020.

99.2    Presentation materials for Renasant Third Quarter 2020 Earnings Call.

104    The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RENASANT CORPORATION
Date: October 27, 2020	By:	/s/ C. Mitchell Waycaster
		C. Mitchell Waycaster
		President and Chief Executive Officer

EX-99.1

Contacts:	For Media:	For Financials:
	John Oxford	James C. Mabry IV
	Senior Vice President	Executive Vice President
	Director of Marketing	Chief Financial Officer
	(662) 680-1219	(662) 680-1281
	joxford@renasant.com	jim.mabry@renasant.com

RENASANT CORPORATION ANNOUNCES

EARNINGS FOR THE THIRD QUARTER OF 2020

TUPELO, MISSISSIPPI (October 27, 2020) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the third quarter of 2020. Net income for the third quarter of 2020 was $30.0 million, as compared to $37.4 million for the third quarter of 2019. Basic and diluted earnings per share (“EPS”) were $0.53 for the third quarter of 2020, as compared to basic and diluted EPS of $0.65 and $0.64, respectively, for the third quarter of 2019.

Net income for the nine months ending September 30, 2020, was $52.1 million, as compared to net income of $129.2 million for the same time period in 2019. Basic and diluted EPS were $0.93 and $0.92, respectively, for the first nine months of 2020, as compared to basic and diluted EPS of $2.21 for the first nine months of 2019.

“Our third quarter results continue to reflect the strong core earnings of our Company and highlight our team members’ commitment to the core operations of the bank,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “We are proud of the commitment of our team during these uncertain times and the dedication that they have shown to the communities we serve. Our team members have worked countless hours over the past seven months ensuring that our clients’ needs were met, whether by closing a PPP loan or working

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through our internal deferral process, and they have done this while maintaining the quality that is central to our core ideals. During the third quarter, we continued to build credit reserves and issued subordinated debt, which enhanced our already strong capital position. Looking ahead, we are excited about our Company’s position and our future prospects as we continue to prudently manage our balance sheet by focusing on profitable growth without sacrificing credit quality.”

Paycheck Protection Program and COVID-19 Response Update

Over the course of the Paycheck Protection Program (“PPP”) the Company closed over 11,000 PPP loans in the aggregate amount of $1.31 billion.

The Company reopened its branch lobbies to the public on October 19, 2020, subject to capacity limitations, mask-wearing and social distancing requirements designed to promote the safety of clients and employees. Also, the additional measures the Company implemented to minimize Company employees’ exposure to COVID-19, such as working remotely, reconfiguring work spaces to promote social distancing and adjusting staff levels, remain in place. As discussed in more detail below, in the third quarter of 2020, the Company continued to incur expenses, primarily related to employee overtime and other employee benefit costs, in its response to the COVID-19 pandemic and expects that these elevated expenses will continue in future periods even while conditions presenting significant challenges to growth persist.

Impact of Certain Expenses and Charges

From time to time, the Company incurs expenses and charges in connection with certain transactions with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following table presents the impact of these expenses and charges on reported EPS for the third quarter of 2020 and for the same period in 2019. The “COVID-19 related expenses” line item in the table below primarily consists of (a) employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) and more frequent and rigorous branch cleaning.

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(in thousands, except per share data)	Three Months Ended						Nine Months Ended
	September 30, 2020						September 30, 2020
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	37,604	$	29,992	$	0.53	$	65,152	$	52,130	$	0.92
Debt prepayment penalty	28		22		—		118		94		—
MSR valuation adjustment	(828)		(650)		(0.01)		13,694		10,916		0.19
COVID-19 related expenses	570		448		0.01		9,730		7,758		0.14
Earnings, with exclusions (Non-GAAP)	$	37,374	$	29,812	$	0.53	$	88,694	$	70,898	$	1.25
	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	48,578	$	37,446	$	0.64	$	167,848	$	129,181	$	2.21
Merger and conversion expenses	24		19		—		203		157		—
Debt prepayment penalty	54		41		—		54		41		—
MSR valuation adjustment	3,132		2,414		0.04		3,132		2,410		0.04
Earnings, with exclusions (Non-GAAP)	$	51,788	$	39,920	$	0.68	$	171,237	$	131,789	$	2.25

A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Profitability Metrics

The following tables present the Company’s profitability metrics, including and excluding the impact of the mortgage servicing rights (MSR) valuation adjustment, debt prepayment penalties, merger and conversion expenses and COVID-19 related expenses, as applicable, for the dates presented:

	As Reported						With Exclusions (Non-GAAP)
	Three Months Ended						Three Months Ended
	September 30, 2020		June 30, 2020		September 30, 2019		September 30, 2020		June 30, 2020		September 30, 2019
Return on average assets	0.80	%	0.55	%	1.16	%	0.79	%	0.80	%	1.23	%
Return on average tangible assets (Non-GAAP)	0.89	%	0.63	%	1.30	%	0.89	%	0.90	%	1.39	%
Return on average equity	5.63	%	3.85	%	6.97	%	5.60	%	5.62	%	7.43	%
Return on average tangible equity (Non-GAAP)	10.87	%	7.72	%	13.38	%	10.81	%	11.01	%	14.23	%

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	As Reported				With Exclusions (Non-GAAP)
	Nine Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Return on average assets	0.48	%	1.35	%	0.66	%	1.38	%
Return on average tangible assets (Non-GAAP)	0.56	%	1.52	%	0.75	%	1.55	%
Return on average equity	3.30	%	8.22	%	4.49	%	8.39	%
Return on average tangible equity (Non-GAAP)	6.65	%	15.93	%	8.86	%	16.24	%

Financial Condition

Total assets were $14.81 billion at September 30, 2020, as compared to $13.40 billion at December 31, 2019. Total loans held for investment were $11.08 billion at September 30, 2020, as compared to $9.69 billion at December 31, 2019. Loans held for investment at September 30, 2020 included $1.31 billion in PPP loans.

Total deposits increased to $11.93 billion at September 30, 2020, from $10.21 billion at December 31, 2019. Non-interest bearing deposits increased $1.21 billion to $3.76 billion, or 31.49% of total deposits, at September 30, 2020, as compared to $2.55 billion, or 24.99% of total deposits, at December 31, 2019. The growth in non-interest bearing deposits during the year was primarily driven by the Company’s PPP lending (as loan proceeds have been held as Company deposits until utilization), other government stimulus and client sentiment to maintain liquidity.

Continued Focus on Prudent Capital Management

The Company remains committed to maintaining a strong capital and liquidity position. On October 20, 2020, the Company’s Board of Directors approved a new stock repurchase program (the previous program having just expired), authorizing the Company to repurchase up to $50.0 million of its outstanding common stock, either in open market purchases or privately-negotiated transactions. The new repurchase program will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased. Notwithstanding the Board’s action, the Company currently has no plans to initiate stock repurchases.

On September 3, 2020, the Company completed the public offering and sale of $100 million of its 4.50% fixed-to-floating rate subordinated notes due September 1, 2035. The subordinated notes were sold at par, resulting in net proceeds, after deducting underwriting discounts and expenses, of approximately $98.3 million. The Company intends to use the net proceeds from

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this offering for general corporate purposes, which may include providing capital to support the Company’s organic growth or growth through strategic acquisitions, repaying indebtedness, financing investments, capital expenditures and for investments in Renasant Bank as regulatory capital.

At September 30, 2020, Tier 1 leverage capital was 9.17%, Common Equity Tier 1 ratio was 10.80%, Tier 1 risk-based capital ratio was 11.79%, and total risk-based capital ratio was 14.89%. All regulatory ratios exceed the minimums required to be “well-capitalized.”

The Company’s ratio of shareholders’ equity to assets was 14.21% at September 30, 2020, as compared to 15.86% at December 31, 2019. The Company’s tangible capital ratio (non-GAAP) was 8.19% at September 30, 2020, as compared to 9.25% at December 31, 2019.

The PPP loans originated and held on the Company’s balance sheet at September 30, 2020, negatively impacted the Company’s tangible capital ratio by 85 basis points and its leverage ratio by 94 basis points.

Results of Operations

Net interest income was $106.3 million for the third quarter of 2020, as compared to $105.8 million for the second quarter of 2020 and $108.8 million for the third quarter of 2019. Net interest income was $318.7 million for the first nine months of 2020, as compared to $334.8 million for the first nine months of 2019.

The Company continued to experience margin pressure during the third quarter of 2020 as a result of the Federal Reserve’s decision to cut interest rates as well as changes in the mix of earning assets during the quarter due to PPP loans and the excess liquidity on the balance sheet. The Company continued to focus on lowering the cost of funding by growing noninterest-bearing deposits and aggressively lowering interest rates on interest-bearing deposits. The following tables present the percentage of total average earning assets, by type and yield, for the periods presented:

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	Percentage of Total Average Earning Assets						Yield
	Three Months Ended						Three Months Ended
	September 30,		June 30,		September 30,		September 30,		June 30,		September 30,
	2020		2020		2019		2020		2020		2019
Loans held for investment excl. PPP loans	74.70	%	76.31	%	82.86	%	4.30	%	4.45	%	5.29	%
PPP loans	10.01		6.78		—		2.27		2.73		—
Loans held for sale	2.90		2.67		3.51		3.31		3.51		4.09
Securities	9.74		10.14		11.17		2.41		2.71		2.92
Other	2.65		4.10		2.46		0.10		0.15		2.18
Total earning assets	100.00	%	100.00	%	100.00	%	3.77	%	3.95	%	4.91	%

	Percentage of Total Average Earning Assets				Yield
	Nine Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2020		2019		2020		2019
Loans held for investment excl. PPP loans	77.95	%	82.89	%	4.56	%	5.39	%
PPP loans	5.82		—		2.45		—
Loans held for sale	2.82		3.30		3.46		5.55
Securities	10.31		11.40		2.68		3.06
Other	3.10		2.41		0.38		2.42
Total earning assets	100.00	%	100.00	%	4.08	%	5.06	%

The following tables present reported taxable equivalent net interest margin and yield on loans, including loans held for sale, for the periods presented (in thousands).

	Three Months Ended
	September 30,			June 30,			September 30,
	2020			2020			2019
Taxable equivalent net interest income	$	107,884		$	107,457		$	110,276
Average earning assets	$	13,034,422		$	12,776,644		$	10,993,645
Net interest margin	3.29		%	3.38		%	3.98		%
Taxable equivalent interest income on loans	$	115,908		$	116,703		$	125,391
Average loans, including loans held for sale	$	11,419,909		$	10,956,729		$	9,494,689
Loan yield	4.04		%	4.28		%	5.24		%

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	Nine Months Ended
	September 30,			September 30,
	2020			2019
Taxable equivalent net interest income	$	323,659		$	339,130
Average earning assets	$	12,475,561		$	10,944,142
Net interest margin	3.47		%	4.14		%
Taxable equivalent interest income on loans	$	354,340		$	380,492
Average loans, including loans held for sale	$	10,802,512		$	9,432,544
Loan yield	4.38		%	5.39		%

PPP loans reduced margin and loan yield by 12 basis points and 23 basis points, respectively, in the third quarter of 2020 and 6 basis points and 14 basis points, respectively, in the first nine months of 2020.

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans, including loans held for sale, loan yield and net interest margin is shown in the following tables for the periods presented (in thousands).

	Three Months Ended
	September 30,			June 30,			September 30,
	2020			2020			2019
Net interest income collected on problem loans	$	282		$	384		$	905
Accretable yield recognized on purchased loans(1)	4,949			4,700			5,510
Total impact to interest income	$	5,231		$	5,084		$	6,415
Impact to total loan yield	0.18		%	0.19		%	0.27		%
Impact to net interest margin	0.16		%	0.16		%	0.23		%

⁽¹⁾Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $2,286, $1,731 and $2,564 for the three months ended September 30, 2020, June 30, 2020, and September 30, 2019, respectively. This additional interest income increased total loan yield by 8 basis points, 6 basis points and 11 basis points for the same periods, respectively, while increasing net interest margin by 7 basis points, 5 basis points and 9 basis points for the same periods, respectively.

	Nine Months Ended
	September 30,			September 30,
	2020			2019
Net interest income collected on problem loans	$	884		$	3,890
Accretable yield recognized on purchased loans(1)	15,118			20,566
Total impact to interest income	$	16,002		$	24,456
Impact to total loan yield	0.20		%	0.35		%
Impact to net interest margin	0.17		%	0.30		%

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⁽¹⁾Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $6,205 and $10,594 for the nine months ended September 30, 2020 and 2019, respectively. This additional interest income increased total loan yield by 8 basis points and 15 basis points for the same periods, respectively, while increasing net interest margin by 7 basis points and 13 basis points for the same periods, respectively.

For the third quarter of 2020, the cost of total deposits was 40 basis points, as compared to 49 basis points for the second quarter of 2020 and 84 basis points for the third quarter of 2019. The cost of total deposits was 53 basis points for the first nine months of 2020, as compared to 82 basis points for the same period in 2019. The tables below present, by type, the Company’s funding sources and the total cost of each funding source for the periods presented:

	Percentage of Total Average Deposits and Borrowed Funds						Cost of Funds
	Three Months Ending						Three Months Ending
	September 30,		June 30,		September 30,		September 30,		June 30,		September 30,
	2020		2020		2019		2020		2020		2019
Noninterest-bearing demand	29.66	%	27.80	%	23.75	%	—	%	—	%	—	%
Interest-bearing demand	43.06		41.64		45.02		0.36		0.43		0.90
Savings	6.35		6.04		6.19		0.08		0.09		0.22
Time deposits	15.20		16.44		22.10		1.42		1.62		1.77
Borrowed funds	5.73		8.08		2.94		2.20		1.73		5.31
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.50	%	0.59	%	0.97	%

	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Nine Months Ending				Nine Months Ending
	September 30,		September 30,		September 30,		September 30,
	2020		2019		2020		2019
Noninterest-bearing demand	27.03	%	22.96	%	—	%	—	%
Interest-bearing demand	42.95		45.25		0.51		0.88
Savings	6.17		6.11		0.11		0.20
Time deposits	16.79		22.43		1.59		1.70
Borrowed funds	7.06		3.25		2.10		4.84
Total deposits and borrowed funds	100.00	%	100.00	%	0.64	%	0.95	%

Noninterest income for the third quarter of 2020 was $70.9 million, as compared to $64.2 million for the second quarter of 2020 and $38.0 million for the third quarter of 2019. Noninterest income for the first nine months of 2020 was $172.7 million, as compared to $115.8 million for the same period in 2019. Although service charges on deposit accounts increased slightly quarter over quarter, these remain lower year over year and have not yet returned to the pre-pandemic levels. Effective July 1, 2019, the Company became subject to the limitations on interchange fees imposed by the Durbin Amendment under the Dodd-Frank Act, which is reflected in the reduction in fees and commissions on loans and deposits in the first nine months of 2020 as

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compared to the first nine months of 2019. Mortgage banking income continued to be a strong source of noninterest income for the Company with mortgage production during the third quarter of 2020 of approximately $1.74 billion and year-to-date production of $5.32 billion. The following tables present the components of mortgage banking income for the periods presented (in thousands):

	Three Months Ended
	September 30, 2020		June 30, 2020		September 30, 2019
Gain on sales of loans, net	$	45,985	$	46,560	$	14,627
Fees, net	5,367		5,309		3,725
Mortgage servicing income, net	(2,466)		(1,428)		490
MSR valuation adjustment	828		(4,951)		(3,132)
Mortgage banking income, net	$	49,714	$	45,490	$	15,710

	Nine Months Ended
	September 30, 2020		September 30, 2019
Gain on sales of loans, net	$	114,327	$	35,416
Fees, net	13,595		8,363
Mortgage servicing income, net	(3,489)		2,084
MSR valuation adjustment	(13,694)		(3,132)
Mortgage banking income, net	$	110,739	$	42,731

Noninterest expense was $116.5 million for the third quarter of 2020, as compared to $118.3 million for the second quarter of 2020 and $96.5 million for the third quarter of 2019. Noninterest expense was $349.8 million for the first nine months of 2020, as compared to $278.6 million for the same period in 2019. Salaries and benefits expense was $75.4 million for the third quarter of 2020, which represents a decrease of $4.0 million from the previous quarter. Although compensation related to the continued strong mortgage production during the quarter remained elevated, expenses related to overtime and other accruals for employee benefits provided in response to the COVID-19 pandemic decreased. The Company recorded a $2.7 million provision for unfunded commitments in other noninterest expense in the third quarter of 2020, as compared to a $2.6 million provision for unfunded commitments in the second quarter of 2020 and $3.4 million in the first quarter of 2020.

Asset Quality Metrics

At September 30, 2020, the Company’s credit quality metrics remained strong. The Company has continued to monitor borrowers throughout the loan portfolio, with enhanced monitoring of loans remaining on deferral. The Company also continues to focus on those industries more

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highly impacted by the pandemic, primarily the hospitality and healthcare industries. To provide necessary relief to the Company’s borrowers – both consumer and commercial clients – the Company established loan deferral programs allowing qualified clients to defer principal and interest payments. As of June 30, 2020, approximately 21.5% of the Company’s loan portfolio (excluding PPP loans) was in deferral. The deferral percentage decreased to approximately 5.1% and 2.9%, respectively, as of September 30, 2020 and October 23, 2020.

The Company’s credit quality in future quarters may be impacted by both external and internal factors related to the pandemic in addition to those factors that traditionally affect credit quality. External factors outside the Company’s control could include items such as federal, state and local government measures, the re-imposition of “shelter-in-place” orders, the economic impact of government programs, including additional fiscal stimulus or the re-opening of the Paycheck Protection Program, and the future impact of COVID-19. Internal factors that will potentially impact credit quality include items such as the Company’s loan deferral programs, involvement in government offered programs and the related financial impact of these programs. The impact of each of these items are unknown at this time and could materially and adversely impact future credit quality.

The table below shows nonperforming assets, which includes nonperforming loans (loans 90 days or more past due and nonaccrual loans) and other real estate owned, as well as early stage delinquencies (loans 30-89 days past due) for the periods presented (in thousands).

	September 30, 2020							December 31, 2019
	Non Purchased		Purchased		Total			Non Purchased		Purchased		Total
Nonaccrual loans	$	18,831	$	24,821	$	43,652		$	21,509	$	7,038	$	28,547
Loans 90 days past due or more	1,826		318		2,144			3,458		4,317		7,775
Nonperforming loans	$	20,657	$	25,139	$	45,796		$	24,967	$	11,355	$	36,322
Other real estate owned	3,576		4,576		8,152			2,762		5,248		8,010
Nonperforming assets	$	24,233	$	29,715	$	53,948		$	27,729	$	16,603	$	44,332
Nonperforming loans/total loans					0.41		%					0.37		%
Nonperforming loans/total loans excluding PPP loans					0.47		%					—
Nonperforming assets/total assets					0.36		%					0.33		%
Nonperforming assets/total assets excluding PPP loans					0.40		%					—
Loans 30-89 days past due	$	10,254	$	6,390	$	16,644		$	22,781	$	14,887	$	37,668
Loans 30-89 days past due/total loans					0.15		%					0.39		%

10

The implementation of CECL on January 1, 2020, which required purchased credit deteriorated loans to be classified as nonaccrual based on performance, contributed approximately $4.7 million as of September 30, 2020 to the increase in purchased nonaccrual loans.

The table below shows the allowance transition from the former incurred loss allowance model at December 31, 2019 through the day one transition to CECL on January 1, 2020 and the subsequent reserve build-up through the first three quarters of 2020 and the ending allowance under the CECL model at September 30, 2020 (in thousands).

	December 31, 2019			January 1, 2020			March 31, 2020			June 30, 2020			September 30, 2020
	Incurred Loss Model			CECL Model
Allowance for credit losses	$	52,162		$	94,647		$	120,185		$	145,387		$	168,098
Reserve for unfunded commitments	946			11,336			14,735			17,335			20,035
Total reserves	$	53,108		$	105,983		$	134,920		$	162,722		$	188,133
Allowance for credit losses/total loans	0.54		%	0.98		%	1.23		%	1.32		%	1.52		%
Allowance for credit losses/total loans excluding PPP loans	—			—			—			1.50		%	1.72		%
Reserve for unfunded commitments/total unfunded commitments	0.04		%	0.47		%	0.60		%	0.66		%	0.73		%

The Company recorded a provision for credit losses of $23.1 million and a reserve for unfunded commitments, which is recorded in other noninterest expense (and discussed above), of $2.7 million for the third quarter of 2020. Net loan charge-offs were $389 thousand, or 0.01% of average loans held for investment on an annualized basis. The continued elevated provision and reserve are driven by qualitative factors related to the uncertainty concerning the COVID-19 pandemic, with limited GDP growth and elevated unemployment rates projected for the remainder of 2020 and into 2021 and 2022, and a potential prolonged economic recovery period.

The provision for credit losses recorded during the third quarter of 2019 was $1.7 million with net charge-offs of $945 thousand, or 0.04% of average loans held for sale on an annualized basis. The Company’s coverage ratio, or the allowance for credit losses to nonperforming loans, was 367.05% as of September 30, 2020, as compared to 329.65% as of June 30, 2020 and 143.61% as of December 31, 2019.

11

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, October 28, 2020.

The webcast can be accessed through Renasant’s investor relations website at www.renasant.com orhttps://services.choruscall.com/links/rnst201028.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2020 Third Quarter Earnings Conference Call and Webcast. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10149030 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until November 11, 2020.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 116-year-old financial services institution. Renasant has assets of approximately $14.8 billion and operates more than 200 banking, lending, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management.The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control.In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertaintiesand, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

12

Currently, the most important factor that could cause the Company’s actual results to differ materially from those in forward-looking statements is the continued impact of the COVID-19 pandemic and related governmental measures to respond to the pandemic on the United States economy and the economies of the markets in which the Company operates.In this press release, the Company has addressed the historical impact of the pandemic on the operations of the Company and set forth certain expectations regarding the COVID-19 pandemic’s future impact on the Company’s business, financial condition, results of operations, liquidity, asset quality, capital, cash flows and prospects.The Company believes that its statements regarding future events and conditions in light of the COVID-19 pandemic are reasonable, but these statements are based on assumptions regarding, among other things, how long the pandemic will continue, the duration, extent and effectiveness of the governmental measures implemented to contain the pandemic and ameliorate its impact on businesses and individuals throughout the United States, and the impact of the pandemic and the government’s virus containment measures on national and local economies, all of which are out of the Company’s control.If the Company’s assumptions underlying its statements about future events prove to be incorrect, the Company’s business, financial condition, results of operations, liquidity, asset quality, capital, cash flows and prospects may be materially different from what is presented in the Company’s forward-looking statements.

Important factors other than the COVID-19 pandemic currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards, such as the adoption of the CECL model as of January 1, 2020; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control.The COVID-19 pandemic has exacerbated, and is likely to continue to exacerbate, the impact of any of these factors on the Company.

Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

13

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

NON-GAAP FINANCIAL MEASURES:

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains non-GAAP financial measures, namely, earnings, with exclusions, return on average tangible shareholders’ equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”), tangible book value per share and the adjusted efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, when applicable, COVID-19 related expenses, merger and conversion expenses, debt prepayment penalties and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item (as discussed earlier in this release) were readily quantifiable and possess the same characteristics with respect to management’s inability to accurately predict the timing or amount thereof as the other charges excluded when calculating non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible and charges such as merger and conversion expenses and COVID-19 related expenses can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these other non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”

None of the non-GAAP financial information that the Company has included in this release is intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

###

14

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																								Q3 2020-		For The Nine Months Ending
		2020										2019												Q3 2019		September 30,
			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Statement of earnings
Interest income - taxable equivalent basis			$	123,677		$	125,630		$	131,887		$	135,119		$	135,927		$	139,285		$	138,578		(9.01)	%	$	381,194		$	413,790		(7.88)	%
Interest income			$	122,078		$	123,955		$	130,173		$	133,148		$	134,476		$	137,862		$	137,094		(9.22)		$	376,206		$	409,432		(8.12)
Interest expense			15,792			18,173			23,571			24,263			25,651			25,062			23,947			(38.44)		57,536			74,660			(22.94)
	Net interest income		106,286			105,782			106,602			108,885			108,825			112,800			113,147			(2.33)		318,670			334,772			(4.81)
Provision for loan losses			23,100			26,900			26,350			2,950			1,700			900			1,500			1,258.82		76,350			4,100			1,762.20
	Net interest income after provision		83,186			78,882			80,252			105,935			107,125			111,900			111,647			(22.35)		242,320			330,672			(26.72)
Service charges on deposit accounts			7,486			6,832			9,070			9,273			8,992			8,605			9,102			(16.75)		23,388			26,699			(12.40)
Fees and commissions on loans and deposits			3,402			2,971			3,054			2,822			3,090			7,047			6,471			10.10		9,427			16,608			(43.24)
Insurance commissions and fees			2,681			2,125			1,991			2,105			2,508			2,190			2,116			6.90		6,797			6,814			(0.25)
Wealth management revenue			4,364			3,824			4,002			3,920			3,588			3,601			3,324			21.63		12,190			10,513			15.95
Securities gains (losses)			—			31			—			—			343			(8)			13			(100.00)		31			348			(91.09)
Mortgage banking income			49,714			45,490			15,535			15,165			15,710			16,620			10,401			216.45		110,739			42,731			159.15
Other			3,281			2,897			3,918			4,171			3,722			3,905			4,458			(11.85)		10,096			12,085			(16.46)
	Total noninterest income		70,928			64,170			37,570			37,456			37,953			41,960			35,885			86.88		172,668			115,798			49.11
Salaries and employee benefits			75,406			79,361			73,189			67,684			65,425			60,325			57,350			15.26		227,956			183,100			24.50
Data processing			5,259			5,047			5,006			5,095			4,980			4,698			4,906			5.60		15,312			14,584			4.99
Occupancy and equipment			13,296			13,511			14,120			13,231			12,943			11,544			11,835			2.73		40,927			36,322			12.68
Other real estate			1,033			620			418			339			418			252			1,004			147.13		2,071			1,674			23.72
Amortization of intangibles			1,733			1,834			1,895			1,946			1,996			2,053			2,110			(13.18)		5,462			6,159			(11.32)
Merger and conversion related expenses			—			—			—			76			24			179			—			(100.00)		—			203			—
Debt extinguishment penalty			28			90			—			—			54			—			—			(48.15)		118			54			100.00
Other			19,755			17,822			20,413			7,181			10,660			14,239			11,627			85.32		57,990			36,526			58.76
	Total noninterest expense		116,510			118,285			115,041			95,552			96,500			93,290			88,832			20.74		349,836			278,622			25.56
Income before income taxes			37,604			24,767			2,781			47,839			48,578			60,570			58,700			(22.59)		65,152			167,848			(61.18)
Income taxes			7,612			4,637			773			9,424			11,132			13,945			13,590			(31.62)		13,022			38,667			(66.32)
	Net income		$	29,992		$	20,130		$	2,008		$	38,415		$	37,446		$	46,625		$	45,110		(19.91)		$	52,130		$	129,181		(59.65)
Basic earnings per share			$	0.53		$	0.36		$	0.04		$	0.67		$	0.65		$	0.80		$	0.77		(18.46)		$	0.93		$	2.21		(57.92)
Diluted earnings per share			0.53			0.36			0.04			0.67			0.64			0.80			0.77			(17.19)		0.92			2.21			(58.37)
Average basic shares outstanding			56,185,884			56,165,452			56,534,816			57,153,160			58,003,215			58,461,024			58,585,517			(3.13)		56,294,984			58,347,840			(3.52)
Average diluted shares outstanding			56,386,153			56,325,476			56,706,289			57,391,876			58,192,419			58,618,976			58,730,535			(3.10)		56,468,577			58,508,582			(3.49)
Common shares outstanding			56,193,705			56,181,962			56,141,018			56,855,002			57,455,306			58,297,670			58,633,630			(2.20)		56,193,705			57,455,306			(2.20)
Cash dividend per common share			$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21		—		$	0.66		$	0.65		1.54
Performance ratios
Return on avg shareholders’ equity			5.63		%	3.85		%	0.38		%	7.15		%	6.97		%	8.90		%	8.86		%			3.30		%	8.22		%
Return on avg tangible s/h’s equity (non-GAAP) (1)			10.87		%	7.72		%	1.20		%	13.75		%	13.38		%	17.15		%	17.41		%			6.65		%	15.93		%
Return on avg assets			0.80		%	0.55		%	0.06		%	1.16		%	1.16		%	1.47		%	1.44		%			0.48		%	1.35		%
Return on avg tangible assets (non-GAAP)(2)			0.89		%	0.63		%	0.11		%	1.30		%	1.30		%	1.64		%	1.61		%			0.56		%	1.52		%
Net interest margin (FTE)			3.29		%	3.38		%	3.75		%	3.90		%	3.98		%	4.19		%	4.27		%			3.47		%	4.14		%
Yield on earning assets (FTE)			3.77		%	3.95		%	4.57		%	4.75		%	4.91		%	5.11		%	5.16		%			4.08		%	5.06		%
Cost of funding			0.50		%	0.59		%	0.85		%	0.89		%	0.97		%	0.96		%	0.92		%			0.64		%	0.95		%
Average earning assets to average assets			87.31		%	86.88		%	86.17		%	85.71		%	85.58		%	85.72		%	85.58		%			86.81		%	85.63		%
Average loans to average deposits			93.31		%	93.35		%	93.83		%	92.43		%	89.13		%	89.13		%	89.33		%			93.48		%	89.19		%
Noninterest income (less securities gains/
	losses) to average assets		1.89		%	1.75		%	1.12		%	1.13		%	1.16		%	1.32		%	1.14		%			1.60		%	1.21		%
Noninterest expense (less debt prepayment penalties/
	penalties/merger-related expenses) to
	average assets		3.10		%	3.23		%	3.43		%	2.88		%	2.98		%	2.93		%	2.83		%			3.25		%	2.91		%
Net overhead ratio			1.21		%	1.48		%	2.31		%	1.75		%	1.82		%	1.61		%	1.69		%			1.65		%	1.70		%
Efficiency ratio (FTE)			65.16		%	68.92		%	78.86		%	64.43		%	65.10		%	59.73		%	59.02		%			70.49		%	61.25		%
Adjusted efficiency ratio (FTE) (non-GAAP) (4)			62.63		%	60.89		%	68.73		%	63.62		%	62.53		%	58.30		%	57.62		%			63.89		%	59.47		%

15

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																								Q3 2020 -		As of
		2020										2019												Q3 2019		September 30,
			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Average Balances
Total assets			$	14,928,159		$	14,706,027		$	13,472,550		$	13,157,843		$	12,846,131		$	12,764,669		$	12,730,939		16.21	%	$	14,370,953		$	12,781,001		12.44	%
Earning assets			13,034,422			12,776,643			11,609,477			11,277,000			10,993,645			10,942,492			10,895,205			18.56		12,475,561			10,944,142			13.99
Securities			1,269,565			1,295,539			1,292,875			1,234,718			1,227,678			1,262,271			1,253,224			3.41		1,285,933			1,247,631			3.07
Loans held for sale			378,225			340,582			336,829			350,783			385,437			353,103			345,264			(1.87)		351,975			361,415			(2.61)
Loans, net of unearned			11,041,684			10,616,147			9,687,285			9,457,658			9,109,252			9,043,788			9,059,802			21.21		10,450,537			9,071,129			15.21
Intangibles			972,394			974,237			975,933			977,506			975,306			974,628			976,820			(0.30)		974,182			975,579			(0.14)
Noninterest-bearing deposits			3,723,059			3,439,634			2,586,963			2,611,265			2,500,810			2,395,899			2,342,406			48.87		3,251,612			2,413,619			34.72
Interest-bearing deposits			8,109,844			7,933,035			7,737,615			7,620,602			7,719,510			7,750,986			7,799,892			5.06		7,927,499			7,756,502			2.20
Total deposits			11,832,903			11,372,669			10,324,578			10,231,867			10,220,320			10,146,885			10,142,298			15.78		11,179,111			10,170,120			9.92
Borrowed funds			719,800			1,000,789			829,320			596,101			308,931			354,234			363,140			133.00		849,494			341,903			148.46
Shareholders' equity			2,119,500			2,101,092			2,105,143			2,131,342			2,131,537			2,102,093			2,065,370			(0.56)		2,108,618			2,099,909			0.41
																								Q3 2020 -		As of
		2020										2019												Q4 2019		September 30,
			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Balances at period end
Total assets			$	14,808,933		$	14,897,207		$	13,890,550		$	13,400,618		$	13,039,674		$	12,892,653		$	12,862,395		10.51	%	$	14,808,933		$	13,039,674		13.57	%
Earning assets			12,984,651			13,041,846			11,980,482			11,522,388			11,145,052			11,064,957			11,015,535			12.69		12,984,651			11,145,052			16.51
Securities			1,293,388			1,303,494			1,359,129			1,290,613			1,238,577			1,268,280			1,255,353			0.22		1,293,388			1,238,577			4.43
Loans held for sale			399,773			339,747			448,797			318,272			392,448			461,681			318,563			25.61		399,773			392,448			1.87
Non purchased loans			9,424,224			9,206,101			7,802,404			7,587,974			7,031,818			6,704,288			6,565,599			24.20		9,424,224			7,031,818			34.02
Purchased loans			1,660,514			1,791,203			1,966,973			2,101,664			2,281,966			2,350,366			2,522,694			(20.99)		1,660,514			2,281,966			(27.23)
	Total loans		11,084,738			10,997,304			9,769,377			9,689,638			9,313,784			9,054,654			9,088,293			14.40		11,084,738			9,313,784			19.01
Intangibles			971,481			973,214			975,048			976,943			978,390			973,673			975,726			(0.56)		971,481			978,390			(0.71)
Noninterest-bearing deposits			3,758,242			3,740,296			2,642,059			2,551,770			2,607,056			2,408,984			2,366,223			47.28		3,758,242			2,607,056			44.16
Interest-bearing deposits			8,175,898			8,106,062			7,770,367			7,661,398			7,678,980			7,781,077			7,902,689			6.72		8,175,898			7,678,980			6.47
	Total deposits		11,934,140			11,846,358			10,412,426			10,213,168			10,286,036			10,190,061			10,268,912			16.85		11,934,140			10,286,036			16.02
Borrowed funds			517,706			718,490			1,179,631			865,598			433,705			401,934			350,859			(40.19)		517,706			433,705			19.37
Shareholders’ equity			2,104,300			2,082,946			2,070,512			2,125,689			2,119,659			2,119,696			2,088,877			(1.01)		2,104,300			2,119,659			(0.72)
Market value per common share			22.72			24.90			21.84			35.42			35.01			35.94			33.85			(35.86)		22.72			35.01			(35.10)
Book value per common share			37.45			37.07			36.88			37.39			36.89			36.36			35.63			0.16		37.45			36.89			1.52
Tangible book value per common share			20.16			19.75			19.51			20.20			19.86			19.66			18.98			(0.20)		20.16			19.86			1.51
Shareholders’ equity to assets (actual)			14.21		%	13.98		%	14.91		%	15.86		%	16.26		%	16.44		%	16.24		%			14.21		%	16.26		%
Tangible capital ratio (non-GAAP)(3)			8.19		%	7.97		%	8.48		%	9.25		%	9.46		%	9.62		%	9.36		%			8.19		%	9.46		%
Leverage ratio			9.17		%	9.12		%	9.90		%	10.37		%	10.56		%	10.65		%	10.44		%			9.17		%	10.56		%
Common equity tier 1 capital ratio			10.80		%	10.69		%	10.63		%	11.12		%	11.36		%	11.64		%	11.49		%			10.80		%	11.36		%
Tier 1 risk-based capital ratio			11.79		%	11.69		%	11.63		%	12.14		%	12.40		%	12.69		%	12.55		%			11.79		%	12.40		%
Total risk-based capital ratio			14.89		%	13.72		%	13.44		%	13.78		%	14.07		%	14.62		%	14.57		%			14.89		%	14.07		%

16

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																							Q3 2020 -		As of
	2020										2019												Q4 2019		September 30,
		Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Non purchased loans
Commercial, financial, agricultural		$	1,137,321		$	1,134,965		$	1,144,004		$	1,052,353		$	988,867		$	930,598		$	921,081		8.07	%	$	1,137,321		$	988,867		15.01	%
SBA Paycheck Protection Program		1,307,972			1,281,278			—			—			—			—			—			100.00		1,307,972			—			100.00
Lease financing		82,928			80,779			84,679			81,875			69,953			59,158			58,651			1.29		82,928			69,953			18.55
Real estate - construction		738,873			756,872			745,066			774,901			764,589			716,129			651,119			(4.65)		738,873			764,589			(3.36)
Real estate - 1-4 family mortgages		2,369,292			2,342,987			2,356,627			2,350,126			2,235,908			2,160,617			2,114,908			0.82		2,369,292			2,235,908			5.97
Real estate - commercial mortgages		3,610,642			3,400,718			3,242,172			3,128,876			2,809,470			2,741,402			2,726,186			15.40		3,610,642			2,809,470			28.52
Installment loans to individuals		177,195			208,502			229,856			199,843			163,031			96,384			93,654			(11.33)		177,195			163,031			8.69
Loans, net of unearned		$	9,424,223		$	9,206,101		$	7,802,404		$	7,587,974		$	7,031,818		$	6,704,288		$	6,565,599		24.20		$	9,424,223		$	7,031,818		34.02
Purchased loans
Commercial, financial, agricultural		$	202,768		$	225,355		$	280,572		$	315,619		$	339,693		$	374,478		$	387,376		(35.76)		$	202,768		$	339,693		(40.31)
Real estate - construction		34,246			34,236			42,829			51,582			52,106			65,402			89,954			(33.61)		34,246			52,106			(34.28)
Real estate - 1-4 family mortgages		391,102			445,526			489,674			516,487			561,725			604,855			654,265			(24.28)		391,102			561,725			(30.37)
Real estate - commercial mortgages		966,367			1,010,035			1,066,536			1,115,389			1,212,905			1,276,567			1,357,446			(13.36)		966,367			1,212,905			(20.33)
Installment loans to individuals		66,031			76,051			87,362			102,587			115,537			29,064			33,653			(35.63)		66,031			115,537			(42.85)
Loans, net of unearned		$	1,660,514		$	1,791,203		$	1,966,973		$	2,101,664		$	2,281,966		$	2,350,366		$	2,522,694		(20.99)		$	1,660,514		$	2,281,966		(27.23)
Asset quality data
Non purchased assets
Nonaccrual loans		$	18,831		$	16,591		$	21,384		$	21,509		$	15,733		$	14,268		$	12,507		(12.45)		$	18,831		$	15,733		19.69
Loans 90 past due or more		1,826			3,993			4,459			3,458			7,325			4,175			1,192			(47.19)		1,826			7,325			(75.07)
Nonperforming loans		20,657			20,584			25,843			24,967			23,058			18,443			13,699			(17.26)		20,657			23,058			(10.41)
Other real estate owned		3,576			4,694			3,241			2,762			1,975			3,475			4,223			29.47		3,576			1,975			81.06
Nonperforming assets		$	24,233		$	25,278		$	29,084		$	27,729		$	25,033		$	21,918		$	17,922		(12.61)		$	24,233		$	25,033		(3.20)
Purchased assets
Nonaccrual loans		$	24,821		$	21,361		$	19,090		$	7,038		$	6,123		$	7,250		$	7,828		252.67		$	24,821		$	6,123		305.37
Loans 90 past due or more		318			2,158			5,104			4,317			7,034			7,687			5,436			(92.63)		318			7,034			(95.48)
Nonperforming loans		25,139			23,519			24,194			11,355			13,157			14,937			13,264			121.39		25,139			13,157			91.07
Other real estate owned		4,576			4,431			5,430			5,248			6,216			5,258			5,932			(12.80)		4,576			6,216			(26.38)
Nonperforming assets		$	29,715		$	27,950		$	29,624		$	16,603		$	19,373		$	20,195		$	19,196		78.97		$	29,715		$	19,373		53.38
Net loan charge-offs (recoveries)		$	389		$	1,698		$	811		$	1,602		$	945		$	676		$	691		(75.72)		$	2,898		$	2,312		25.35
Allowance for loan losses		$	168,098		$	145,387		$	120,185		$	52,162		$	50,814		$	50,059		$	49,835		222.26		$	168,098		$	50,814		230.81
Annualized net loan charge-offs / average loans		0.01		%	0.06		%	0.03		%	0.07		%	0.04		%	0.03		%	0.03		%			0.04		%	0.03		%
Nonperforming loans / total loans*		0.41		%	0.40		%	0.51		%	0.37		%	0.39		%	0.37		%	0.30		%			0.41		%	0.39		%
Nonperforming assets / total assets*		0.36		%	0.36		%	0.42		%	0.33		%	0.34		%	0.33		%	0.29		%			0.36		%	0.34		%
Allowance for loan losses / total loans*		1.52		%	1.32		%	1.23		%	0.54		%	0.55		%	0.55		%	0.55		%			1.52		%	0.55		%
Allowance for loan losses / nonperforming loans*		367.05		%	329.65		%	240.19		%	143.61		%	140.31		%	149.97		%	184.83		%			367.05		%	140.31		%
Nonperforming loans / total loans**		0.22		%	0.22		%	0.33		%	0.33		%	0.33		%	0.28		%	0.21		%			0.22		%	0.33		%
Nonperforming assets / total assets**		0.16		%	0.17		%	0.21		%	0.21		%	0.19		%	0.17		%	0.14		%			0.16		%	0.19		%
*Based on all assets (includes purchased assets)
**Excludes all purchased assets

17

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ending																		For The Nine Months Ending
	September 30, 2020						June 30 2020						September 30, 2019						September 30, 2020						September 30, 2019
	Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate
Assets
Interest-earning assets:
Loans
Non purchased	$	8,012,741	$	81,281	4.04	%	$	7,872,371	$	81,836	4.18	%	$	6,792,021	$	85,084	4.97	%	$	7,847,197	$	251,671	4.28	%	$	6,624,266	$	250,190	5.05	%
Purchased	1,723,714		24,034		5.55	%	1,877,698		26,005		5.57	%	2,317,231		36,330		6.22	%	1,877,449		80,226		5.71	%	2,446,863		115,298		6.30	%
SBA Paycheck Protection Program	1,305,229		7,449		2.27	%	866,078		5,886		2.73	%	—		—		—	%	725,891		13,335		2.45	%	—		—		—	%
Total loans	11,041,684		112,764		4.06	%	10,616,147		113,727		4.31	%	9,109,252		121,414		5.29	%	10,450,537		345,232		4.41	%	9,071,129		365,488		5.39	%
Loans held for sale	378,225		3,144		3.31	%	340,582		2,976		3.51	%	385,437		3,977		4.09	%	351,975		9,108		3.46	%	361,415		15,004		5.55	%
Securities:
Taxable(1)	1,003,886		5,473		2.17	%	1,031,740		6,386		2.49	%	1,040,302		7,200		2.75	%	1,034,189		19,148		2.47	%	1,062,261		22,792		2.87	%
Tax-exempt	265,679		2,205		3.30	%	263,799		2,346		3.58	%	187,376		1,846		3.91	%	251,744		6,609		3.51	%	185,370		5,728		4.13	%
Total securities	1,269,565		7,678		2.41	%	1,295,539		8,732		2.71	%	1,227,678		9,046		2.92	%	1,285,933		25,757		2.68	%	1,247,631		28,520		3.06	%
Interest-bearing balances with banks	344,948		91		0.10	%	524,376		195		0.15	%	271,278		1,490		2.18	%	387,116		1,098		0.38	%	263,967		4,778		2.42	%
Total interest-earning assets	13,034,422		123,677		3.77	%	12,776,644		125,630		3.95	%	10,993,645		135,927		4.91	%	12,475,561		381,195		4.08	%	10,944,142		413,790		5.06	%
Cash and due from banks	210,278						214,079						173,156						203,582						181,140
Intangible assets	972,394						974,237						975,306						974,182						975,579
Other assets	711,065						741,067						704,024						717,628						680,140
Total assets	$	14,928,159					$	14,706,027					$	12,846,131					$	14,370,953					$	12,781,001
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)	$	5,405,085	$	4,839	0.36	%	$	5,151,713	$	5,524	0.43	%	$	4,740,426	$	10,769	0.90	%	$	5,166,393	$	19,616	0.51	%	$	4,755,948	$	31,338	0.88	%
Savings deposits	796,841		167		0.08	%	747,173		173		0.09	%	652,121		355		0.22	%	741,933		593		0.11	%	642,523		976		0.20	%
Time deposits	1,907,918		6,804		1.42	%	2,034,149		8,174		1.62	%	2,326,963		10,390		1.77	%	2,019,173		23,967		1.59	%	2,358,031		29,963		1.70	%
Total interest-bearing deposits	8,109,844		11,810		0.58	%	7,933,035		13,871		0.70	%	7,719,510		21,514		1.11	%	7,927,499		44,176		0.74	%	7,756,502		62,277		1.07	%
Borrowed funds	719,800		3,983		2.20	%	1,000,789		4,302		1.73	%	308,931		4,137		5.31	%	849,494		13,360		2.10	%	341,903		12,383		4.84	%
Total interest-bearing liabilities	8,829,644		15,793		0.71	%	8,933,824		18,173		0.82	%	8,028,441		25,651		1.27	%	8,776,993		57,536		0.88	%	8,098,405		74,660		1.23	%
Noninterest-bearing deposits	3,723,059						3,439,634						2,500,810						3,251,612						2,413,619
Other liabilities	255,956						231,477						185,343						233,730						169,068
Shareholders’ equity	2,119,500						2,101,092						2,131,537						2,108,618						2,099,909
Total liabilities and shareholders’ equity	$	14,928,159					$	14,706,027					$	12,846,131					$	14,370,953					$	12,781,001
Net interest income/ net interest margin			$	107,884	3.29	%			$	107,457	3.38	%			$	110,276	3.98	%			$	323,659	3.47	%			$	339,130	4.14	%
Cost of funding					0.50	%					0.59	%					0.97	%					0.64	%					0.95	%
Cost of total deposits					0.40	%					0.49	%					0.84	%					0.53	%					0.82	%
(1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.
(2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

18

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
		RECONCILIATION OF GAAP TO NON-GAAP
																Nine Months Ended
		2020						2019								September 30,
		Third		Second		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		2020		2019
Net income (GAAP)		$	29,992	$	20,130	$	2,008	$	38,415	$	37,446	$	46,625	$	45,110	$	52,130	$	129,181
	Amortization of intangibles	1,733		1,834		1,895		1,946		1,996		2,053		2,110		5,462		6,159
	Tax effect of adjustment noted above (A)	(374)		(335)		(527)		(383)		(457)		(473)		(488)		(1,108)		(1,418)
Tangible net income (non-GAAP)		$	31,351	$	21,629	$	3,376	$	39,978	$	38,985	$	48,205	$	46,732	$	56,484	$	133,922
Net income (GAAP)		$	29,992	$	20,130	$	2,008	$	38,415	$	37,446	$	46,625	$	45,110	$	52,130	$	129,181
	Merger & conversion expenses	—		—		—		76		24		179		—		—		203
	Debt prepayment penalties	28		90		—		—		54		—		—		118		54
	MSR valuation adjustment	(828)		4,951		9,571		(1,296)		3,132		—		—		13,694		3,132
	COVID-19 related expenses	570		6,257		2,903		—		—		—		—		9,730		—
	Tax effect of adjustment noted above (A)	50		(2,065)		(3,467)		241		(736)		(41)		—		(4,774)		(781)
Net income with exclusions (non-GAAP)		$	29,812	$	29,363	$	11,015	$	37,436	$	39,920	$	46,763	$	45,110	$	70,898	$	131,789
Average shareholders’ equity (GAAP)		$	2,119,500	$	2,101,092	$	2,105,143	$	2,131,342	$	2,131,537	$	2,102,093	$	2,065,370	$	2,108,618	$	2,099,909
	Intangibles	972,394		974,237		975,933		977,506		975,306		974,628		976,820		974,182		975,579
Average tangible s/h’s equity (non-GAAP)		$	1,147,106	$	1,126,855	$	1,129,210	$	1,153,836	$	1,156,231	$	1,127,465	$	1,088,550	$	1,134,436	$	1,124,330
Average total assets (GAAP)		$	14,928,159	$	14,706,027	$	13,472,550	$	13,157,843	$	12,846,131	$	12,764,669	$	12,730,939	$	14,370,953	$	12,781,001
	Intangibles	972,394		974,237		975,933		977,506		975,306		974,628		976,820		974,182		975,579
Average tangible assets (non-GAAP)		$	13,955,765	$	13,731,790	$	12,496,617	$	12,180,337	$	11,870,825	$	11,790,041	$	11,754,119	$	13,396,771	$	11,805,422
Actual shareholders’ equity (GAAP)		$	2,104,300	$	2,082,946	$	2,070,512	$	2,125,689	$	2,119,659	$	2,119,696	$	2,088,877	$	2,104,300	$	2,119,659
	Intangibles	971,481		973,214		975,048		976,943		978,390		973,673		975,726		971,481		978,390
Actual tangible s/h’s equity (non-GAAP)		$	1,132,819	$	1,109,732	$	1,095,464	$	1,148,746	$	1,141,269	$	1,146,023	$	1,113,151	$	1,132,819	$	1,141,269
Actual total assets (GAAP)		$	14,808,933	$	14,897,207	$	13,890,550	$	13,400,618	$	13,039,674	$	12,892,653	$	12,862,395	$	14,808,933	$	13,039,674
	Intangibles	971,481		973,214		975,048		976,943		978,390		973,673		975,726		971,481		978,390
Actual tangible assets (non-GAAP)		$	13,837,452	$	13,923,993	$	12,915,502	$	12,423,675	$	12,061,284	$	11,918,980	$	11,886,669	$	13,837,452	$	12,061,284
	(A) Tax effect is calculated based on respective periods effective tax rate.

19

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
		RECONCILIATION OF GAAP TO NON-GAAP
																Nine Months Ended
		2020						2019								September 30,
		Third		Second		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		2020		2019
(1) Return on Average Equity
Return on avg s/h’s equity (GAAP)		5.63	%	3.85	%	0.38	%	7.15	%	6.97	%	8.90	%	8.86	%	3.30	%	8.22	%
	Effect of adjustment for intangible assets	5.24	%	3.87	%	0.82	%	6.60	%	6.41	%	8.25	%	8.55	%	3.35	%	7.71	%
Return on avg tangible s/h’s equity (non-GAAP)		10.87	%	7.72	%	1.20	%	13.75	%	13.38	%	17.15	%	17.41	%	6.65	%	15.93	%
Return on avg s/h’s equity (GAAP)		5.63	%	3.85	%	0.38	%	7.15	%	6.97	%	8.90	%	8.86	%	3.30	%	8.22	%
	Effect of exclusions from net income	(0.03)	%	1.77	%	1.72	%	(0.18)	%	0.46	%	0.02	%	—	%	1.19	%	0.17	%
Return on avg s/h’s equity with excl. (non-GAAP)		5.60	%	5.62	%	2.10	%	6.97	%	7.43	%	8.92	%	8.86	%	4.49	%	8.39	%
	Effect of adjustment for intangible assets	5.21	%	5.39	%	2.31	%	6.44	%	6.80	%	8.28	%	8.55	%	4.37	%	7.85	%
Return on avg tangible s/h’s equity with exclusions (non-GAAP)		10.81	%	11.01	%	4.41	%	13.41	%	14.23	%	17.20	%	17.41	%	8.86	%	16.24	%
(2) Return on Average Assets
Return on avg assets (GAAP)		0.80	%	0.55	%	0.06	%	1.16	%	1.16	%	1.47	%	1.44	%	0.48	%	1.35	%
	Effect of adjustment for intangible assets	0.09	%	0.08	%	0.05	%	0.14	%	0.14	%	0.17	%	0.17	%	0.08	%	0.17	%
Return on avg tangible assets (non-GAAP)		0.89	%	0.63	%	0.11	%	1.30	%	1.30	%	1.64	%	1.61	%	0.56	%	1.52	%
Return on avg assets (GAAP)		0.80	%	0.55	%	0.06	%	1.16	%	1.16	%	1.47	%	1.44	%	0.48	%	1.35	%
	Effect of exclusions from net income	(0.01)	%	0.25	%	0.27	%	(0.03)	%	0.07	%	—	%	—	%	0.18	%	0.03	%
Return on avg assets with exclusions (non-GAAP)		0.79	%	0.80	%	0.33	%	1.13	%	1.23	%	1.47	%	1.44	%	0.66	%	1.38	%
	Effect of adjustment for intangible assets	0.10	%	0.10	%	0.07	%	0.14	%	0.16	%	0.17	%	0.17	%	0.09	%	0.17	%
Return on avg tangible assets with exclusions (non-GAAP)		0.89	%	0.90	%	0.40	%	1.27	%	1.39	%	1.64	%	1.61	%	0.75	%	1.55	%
(3) Shareholder Equity Ratio
Shareholders’ equity to actual assets (GAAP)		14.21	%	13.98	%	14.91	%	15.86	%	16.26	%	16.44	%	16.24	%	14.21	%	16.26	%
	Effect of adjustment for intangible assets	6.02	%	6.01	%	6.43	%	6.61	%	6.80	%	6.82	%	6.88	%	6.02	%	6.80	%
Tangible capital ratio (non-GAAP)		8.19	%	7.97	%	8.48	%	9.25	%	9.46	%	9.62	%	9.36	%	8.19	%	9.46	%

20

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																							Nine Months Ended
		2020									2019												September 30,
		Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2020			2019
Interest income (FTE)		$	123,677		$	125,630		$	131,887		$	135,119		$	135,927		$	139,285		$	138,578		$	381,194		$	413,790
	Interest expense	15,792			18,173			23,571			24,263			25,651			25,062			23,947			57,536			74,660
Net Interest income (FTE)		$	107,885		$	107,457		$	108,316		$	110,856		$	110,276		$	114,223		$	114,631		$	323,658		$	339,130
Total noninterest income		$	70,928		$	64,170		$	37,570		$	37,456		$	37,953		$	41,960		$	35,885		$	172,668		$	115,798
	Securities gains (losses)	—			31			—			—			343			(8)			13			31			348
	MSR valuation adjustment	828			(4,951)			(9,571)			1,296			(3,132)			—			—			(13,694)			(3,132)
Total adjusted noninterest income		$	70,100		$	69,090		$	47,141		$	36,160		$	40,742		$	41,968		$	35,872		$	186,331		$	118,582
Total noninterest expense		$	116,510		$	118,285		$	115,041		$	95,552		$	96,500		$	93,290		$	88,832		$	349,836		$	278,622
	Amortization of intangibles	1,733			1,834			1,895			1,946			1,996			2,053			2,110			5,462			6,159
	Merger-related expenses	—			—			—			76			24			179			—			—			203
	Debt extinguishment penalty	28			90			—			—			54			—			—			118			54
	COVID-19 related expenses	570			6,257			2,903			—			—			—			—			9,730			—
	Provision for unfunded commitments	2,700			2,600			3,400			—			—			—			—			8,700			—
Total adjusted noninterest expense		$	111,479		$	107,504		$	106,843		$	93,530		$	94,426		$	91,058		$	86,722		$	325,826		$	272,206
Efficiency Ratio (GAAP)		65.16		%	68.92		%	78.86		%	64.43		%	65.10		%	59.73		%	59.02		%	70.49		%	61.25		%
(4) Adjusted Efficiency Ratio (non-GAAP)		62.63		%	60.89		%	68.73		%	63.62		%	62.53		%	58.30		%	57.62		%	63.89		%	59.47		%

21

EX-99.2

Third Quarter 2020 Earnings Call

Forward-Looking Statements This presentation may contain various statements about Renasant Corporation (“Renasant,” “we,” “our,” or “us”) that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about our future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. We believe these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions about future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements; such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Currently, the most important factor that could cause Renasant’s actual results to differ materially from those in forward-looking statements is the continued impact of the COVID-19 pandemic and related governmental measures to respond to the pandemic on the U.S. economy and the economies of the markets in which we operate. In this presentation, we have addressed the historical impact of the pandemic on our operations and set forth certain expectations regarding the COVID-19 pandemic’s future impact on our business, financial condition, results of operations, liquidity, asset quality, capital, cash flows and prospects. We believe these statements about future events and conditions in light of the COVID-19 pandemic are reasonable, but these statements are based on assumptions regarding, among other things, how long the pandemic will continue, the duration, extent and effectiveness of the governmental measures implemented to contain the pandemic and ameliorate its impact on businesses and individuals throughout the United States, and the impact of the pandemic and the government’s virus containment measures on national and local economies, all of which are out of our control. If the assumptions underlying these statements about future events prove to be incorrect, Renasant’s business, financial condition, results of operations, liquidity, asset quality, capital, cash flows and prospects may be materially different from what is presented in our forward-looking statements. Important factors other than the COVID-19 pandemic currently known to us that could cause actual results to differ materially from those in forward-looking statements include the following: (i) our ability to efficiently integrate acquisitions into operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe management anticipated; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards, such as the adoption of the CECL model on January 1, 2020; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) our potential growth, including our entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) natural disasters, epidemics and other catastrophic events in our geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond our control. The COVID-19 pandemic has exacerbated, and is likely to continue to exacerbate, the impact of any of these factors on us. Management believes that the assumptions underlying our forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in Renasant’s filings with the Securities and Exchange Commission (“SEC”) from time to time, which are available at www.renasant.com and the SEC’s website at www.sec.gov. We undertake no obligation, and specifically disclaim any obligation, to update or revise our forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws. 2

Overview Company Snapshot Loans and Deposits by State Assets: $14.8 billion Loans Loans: 11.1 Deposits: 11.9 Equity: 2.1 TN MS 20% 25% (1) YTD Total Revenue AL GA 18% 2% 32% FL 5% 24% Deposits 3% 71% TN 14% MS 38% GA Community Bank Wealth Management 34% Mortgage Insurance AL 11% FL 3 Note: Financial data as of September 30, 2020, dollars presented in billions 3% (1) Total revenue is calculated as net interest income plus noninterest income.

Renasant Footprint Over 200 banking, lending, wealth management and insurance offices Winston-Salem Nashville 81 Knoxville Greensboro 95 40 TENNESSEE Raleigh 77 ARKANSAS 24 75 Charlotte NORTH CAROLINA Memphis Chattanooga Greenville 40 Huntsville 85 Tupelo 65 Columbia Wilmington Birmingham Atlanta 95 20 SOUTH CAROLINA GEORGIA MISSISSIPPI ALABAMA Charleston 20 Columbus Jackson Montgomery 75 Savannah 59 65 Branch (168) Loan Production Office (7) Mobile Mortgage (21) 55 10 Tallahassee Insurance (8) Jacksonville LOUISIANA Financial Services (2) 95 FLORIDA Orlando 4

Third Quarter Highlights • Adjusted Pre-Provision Net Revenue (1) of $63.17 million, with net income of $29.99 million • Mortgage banking income was $49.71 million • Issued in September $100 million 4.50% fixed-to-floating rate subordinated debt due 2035 • Allowance for credit losses on loans to total loans, excluding Paycheck Protection Program (“PPP”) loans, increasing to 1.72% • Net charge-offs of $389 thousand and nonperforming loans to total loans excluding PPP loans of 0.47% • Loans on deferral decreased from 21.5% as of June 30, 2020 to 5.1% as of September 30, 2020 and 2.9% as of October 23, 2020 (1) Adjusted Pre-Provision Net Revenue is a non-GAAP financial measure. See slide 29 in the appendix for a description of the exclusions and a reconciliation of this 5 non-GAAP financial measure to GAAP.

Financial Condition

Consistent Balance Sheet Growth Total Assets $15,000 $14,897 $14,809 $14,000 $13,891 $13,401 $13,040 $13,000 $12,000 $11,000 $10,000 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 7 Note: Dollars in millions

Total Loans Held for Investment 5.29% 5.11% 4.93% 5.01% 4.82% 4.31% 4.69% 4.09% 4.24% 4.06% $10,997 $11,084 $9,769 $9,314 $9,690 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 1-4 Family Mortgage Commercial Mortgage Construction Other** C&I PPP Loan Yield Core Loan Yield Note: Dollars in millions 8 Core Loan Yield is a non-GAAP financial measure. See slide 32 in the appendix for a description of the exclusions and a reconciliation of this non-GAAP financial measure to GAAP. ** Other loans are comprised of installment loans to individuals and lease financing, which both have historically constituted less than 5% of the total loan portfolio.

Deposits 0.84% 0.76% $11,846 $11,934 0.72% $10,286 $10,213 $10,412 0.49% 0.40% 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Noninterest-bearing Interest-bearing Savings Time Cost of deposits 9 Note: Dollars in millions

Capital Position Regulatory Capital as of September 30, 2020 Capital Highlights • The Board approved a new $50 million stock repurchase program on October 20, 2020 (the previous program having just expired); however, no current intent to repurchase stock. • Consistent dividend payment history including through the 2008 financial crisis. • In September 2020, the Company issued $100 million 4.50% fixed-to-floating rate subordinated Common notes due 2035 that qualify as tier 2 capital. Equity Tier 1 $1,174 Tier 1 $1,281 Trust Preferred $107 ACL $125 Subordinat Tier 2 ed Notes $338 $212 1 10 Note: Dollars in millions

Capital Ratios Minimum to be Well RatioStrong 3Q Capital 2019 4Q Position 2019 1Q 2020 2Q 2020 3Q 2020 Capitalized Tangible Common 9.46% 9.25% 8.48% 7.97% 8.19% N/A Equity* Leverage 10.56 10.37 9.90 9.12 9.17 5.00% Tier 1 Risk Based 12.40 12.14 11.63 11.69 11.79 8.00 Total Risk Based 14.07 13.78 13.44 13.72 14.89 10.00 Tier 1 Common 11.36 11.12 10.63 10.69 10.80 6.50 Equity Holding Ratios as of September 30, 2020 Bank Company Leverage ratio 9.64% 9.17% Common equity tier 1 ratio 12.38 10.80 Tier 1 capital ratio 12.38 11.79 Total capital ratio 13.53 14.89 PPP impact as of September 30, 2020: Tangible common equity* N/A -0.85% Leverage ratio -0.99% -0.94% * Tangible Common Equity is a non-GAAP financial measure. See slide 34 in the appendix for a description of the exclusions and a reconciliation of this non-GAAP financial measure to GAAP. 11

Asset Quality

Asset Quality Loans 30-89 Days Past Due/ Classified Loans/Total Loans(1) (1) Total Loans $300,000 4.00% $100,000 2.00% $250,000 2.25% 3.00% $75,000 1.50% $200,000 $150,000 2.00% $50,000 1.00% $100,000 $25,000 0.50% 1.00% 0.17% $50,000 $- 0.00% $- 0.00% ($ in thousands) 3Q 4Q 1Q 2Q 3Q ($ in thousands) 3Q 4Q 1Q 2Q 3Q 2019 2019 2020 2020 2020 2019 2019 2020 2020 2020 30-89 DPD % of Total Loans, excl. PPP Classified Loans % of Total Loans, excl. PPP 13 (1) PPP loans excluded from the balance of “Total Loans”.

Asset Quality NPAs/Total Assets(1) Net Charge-offs/Average Loans(1) $150,000 3.00% $20,000 0.40% $125,000 2.50% $15,000 0.30% $100,000 2.00% $75,000 1.50% $10,000 0.20% 0.40% $50,000 1.00% $5,000 0.10% $25,000 0.50% 0.01% $- 0.00% $- 0.00% ($ in thousands) 3Q 4Q 1Q 2Q 3Q ($ in thousands) 3Q 4Q 1Q 2Q 3Q 2019 2019 2020 2020 2020 2019 2019 2020 2020 2020 Nonperforming loans OREO % of Assets Net charge-offs % of Avg Loans 14 (1) PPP loans excluded from the balance of “Total Assets” and “Average Loans”.

Asset Quality Allowance/Total Loans Allowance/Nonperforming Loans $175,000 1.72% 2.00% $175,000 500% $150,000 $150,000 400% $125,000 1.50% $125,000 300% $100,000 $100,000 1.00% $75,000 $75,000 200% $50,000 $50,000 100% 0.50% $25,000 $25,000 $- 0% $- 0.00% ($ in thousands) 3Q 4Q 1Q 2Q 3Q ($ in thousands) 2019 2019 2020 2020 2020 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Allowance % of Total Loans, excl. PPP Allowance % of Total NPLs • Adopted CECL effective January 1, 2020. • Loan purchase discount of $30.1 million (31 bps of total loans excl. PPP) remaining as of September 30, 2020. • 2.03% total loss absorption capacity (total allowance plus loan purchase discount remaining) as of September 30, 2020 excluding PPP loans. 15

CECL 2020 Reserve Build 1/1/2020 3/31/20206/30/2020 9/30/2020 ACL as a % ACL as a % ACL as a % ACL as a % ($ in thousands) ACL of Loans ACL of Loans ACL of Loans ACL of Loans SBA Paycheck Protection Program - - - - - - - - Commercial, Financial, Agricultural $ 22,009 1.61 $ 25,937 1.82 $ 30,685 2.26 $ 38,195 2.85 Lease Financing Receivables 1,431 1.75 1,588 1.88 1,812 2.24 1,832 2.21 Real Estate - 1-4 Family Mortgage 24,128 0.84 27,320 0.96 29,401 1.05 32,705 1.18 Real Estate - Commercial Mortgage 29,283 0.69 44,237 1.03 60,061 1.36 70,582 1.54 Real Estate - Construction 8,534 1.03 10,924 1.39 12,538 1.58 13,819 1.79 Installment loans to individuals 9,261 3.06 10,179 3.21 10,890 3.83 10,965 4.51 Allowance for Credit Losses on Loans 94,646 0.98 120,185 1.23 145,387 1.32 168,098 1.52 Reserve for Unfunded Commitments 11,335 14,735 17,335 20,035 Total Allowance for Credit Losses $ 105,981 $ 134,920 $ 162,722 $ 188,133 ACL on Total Loans excluding PPP loans 0.98 1.23 1.50 1.72 (in thousands) 2020 Highlights: Credit Costs • Increased provision and reserve during the year are Provision for Credit Losses Reserve for Unfunded Cmmt qualitatively driven by the uncertainty around the COVID- 19 pandemic with forecasted limited GDP growth and $26,350 $26,900 elevated unemployment rates projected for the remainder of $23,100 2020 and into 2021 and 2022 and a potential prolonged economic recovery. • The potential benefits of the CARES Act stimulus package $3,400 $2,600 $2,700 (i.e., PPP loan program, stimulus checks to individual householdsandenhancedunemployment benefits) as well 1Q 2020 2Q 2020 3Q 2020 as internal programs implemented to assist customers were also considered when developing the estimate. 16

Profitability

Net Income & Adjusted Pre-Provision Net Revenue* 1.79% 1.65% 1.68% 1.49% 1.34% $65.6 $63.2 $53.5 $49.6 $45.0 $37.4 $38.4 $30.0 $20.1 $2.0 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Net Income Adj. PPNR (non-GAAP) Adj. PPNR Avg. Assets (non-GAAP) Note: Dollars in millions *Adjusted Pre-Provision Net Revenue and Adjusted PPNR/Average Assets are non GAAP financial measures. See slides 28 and 29 in the appendix for a description of the exclusions and a reconciliation of these non-GAAP financial measures to GAAP. 18

Return on Tangible Equity 16.00% 14.23% 14.00% 13.41% 12.00% 11.01% 10.81% 10.00% 8.00% 6.97% 7.15% 6.00% 5.63% 4.41% 3.85% 4.00% 2.00% 0.38% 0.00% 3Q19 4Q19 1Q20 2Q20 3Q20 ROE (GAAP) ROTCE (Adjusted)* * ROTCE (adjusted) is a non-GAAP financial measure. See slide 30 for in the appendix for a description of the exclusions and a reconciliation of this non-GAAP financial measure to GAAP. 19

Net Interest Income (TE) & Core Net Interest Margin 3.98% 3.90% 3.75% 3.75% 3.38% 3.29% 3.66% 3.56% 3.26% 3.23% $110.9 $110.3 $108.3 $107.5 $107.9 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Core NII* Non-Core NII NIM Core NIM (Non-GAAP)* Note: Dollars in millions *Core Net Interest Income and Core Net Interest Margin are non-GAAP financial measures. See slide 31 in the appendix for a description of exclusions anda reconciliation of these non-GAAP financial measures to GAAP. 20

Noninterest Income $70,928 $64,170 MORTGAGE HIGHLIGHTS 3Q19 2Q20 3Q20 Locked Volume $1.1 bill $1.7 bill $1.7 bill Wholesale % 38 41 41 Retail % 62 59 59 $37,953 $37,456 $37,570 Purchase % 60 50 55 Refinance % 40 50 45 ($ in thousands) 3Q19 2Q20 3Q20 Gain on sales of loans, net$ 14,627 $ 46,560 $ 45,985 Fees, net 3,725 5,309 5,367 Mortgage servicing income, net 490 (1,428) (2,466) 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 MSR valuation adjustment (3,132) (4,951) 828 Mortgage banking income, net$ 15,710 $ 45,490 $ 49,714 Service Charges Fees and Commissions Insurance Wealth Management Mortgage Banking Securities Gains Other 21 Note: Dollars in thousands

Efficiency Ratio 79% 69% 69% 65% 64% 65% 63% 64% 61% 63% Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Efficiency Ratio Adjusted Efficiency Ratio* Note: Dollars in millions *Adjusted Efficiency Ratio is a non-GAAP financial measure. See slide 33 in the appendix for a description of exclusions and a reconciliation of this non- GAAP financial measure to GAAP. 22

Appendix

Loan Deferral Program • As of September 30, 2020, approximately 5.1% of total loan portfolio, excluding PPP loans, under the deferral program • As of October 23, 2020, approximately 2.9% of total loan portfolio, excluding PPP loans, under the deferral program • Requires relationship manager to perform enhanced due diligence of borrower’s operations, financial condition, liquidity and/or cash flow during deferral period Deferrals by Category as of September 30, 2020 Average Balance Deferral Amount Deferred Category ($ in millions) ($ in thousands) Commercial, Financial, Agricultural $ 24.2 $ 465 Real Estate - 1-4 Family Mortgage 150.4 230 Installment loans to individuals 4.8 11 Real Estate - Commercial Mortgage 316.9 2,829 Real Estate - Construction 0.3 127 Lease Financing Receivables -- Total $496.6 $ 391 24

COVID-19 Impacted Portfolios • Early identification of portfolios that may be more sensitive to COVID-19 related impact • Proactively reached out to clients to understand the potential impact on their business activities • Identified Hospitality and Healthcare as more sensitive to the negative impacts of COVID-19 as of September 30, 2020 Impacted Portfolios Portfolio Amount Percentage of Percentage of Percentage of Loan Portfolio Total Loan Portfolio Portfolio Deferred at Portfolio Deferred at (By NAICS Code) at Sept. 30, 2020 ($ in millions) at Sept. 30, 2020 (1) Sept. 30, 2020 (1) October 23, 2020 (1) Hospitality $347.8 3.6 56.2 29.6 Healthcare 697.5 7.1 8.1 5.8 25 (1) Excludes PPP loans.

Impacted Industries Hospitality Portfolio by Flag(1) Healthcare by Type(1) Independent Other 9% Assisted National Living Flags 27% 8% Marriott Offices of 32% Wyndham Physicians 3% 24% Holiday Inn (IHG) 14% Skilled Nursing Other Facilities Healthcare 6% 27% Offices of Kidney Dialysis Dentists Specialty Daycare Centers 8% Hilton Hospitals 2% 3% 34% 3% • Healthcare represents 7.1% of total loans • Hospitality represents 3.6% of total loans • Average loan size approximates $673,000 • Average loan size approximates $2.6 million • Approximately 89% of the healthcare portfolio is • Weighted average LTV approximates 58% secured by real estate 26 (1) As of September 30, 2020, excludes PPP loans.

Current Expected Credit Losses CECL Day 1 Transition 12/31/2019 Incurred Loss 1/1/2020 CECL Adoption ALLL as a % of ACL as a % of ($ in thousands) ALLL Loans ACL Loans Commercial, Financial, Agricultural $ 10,658 0.78 $ 22,009 1.61 Lease Financing Receivables 910 1.11 1,431 1.75 Real Estate - 1-4 Family Mortgage 9,814 0.34 24,128 0.84 Real Estate - Commercial Mortgage 24,990 0.59 29,283 0.69 Real Estate - Construction 5,029 0.61 8,534 1.03 Installment loans to individuals 761 0.25 9,261 3.06 Allowance for Credit Losses on Loans 52,162 0.54 94,646 0.98 Reserve for Unfunded Commitments 946 11,335 Total Allowance for Credit Losses $ 53,108 $ 105,981 Dec 31, 2019 Day 1 CECL Jan 1, 2020 ($ in thousands) (as reported) Impact (adjusted) The Company’s regulatory capital ratios were Assets: not impacted by the day 1 adoption of CECL, Allowance for credit losses $ (52,162) $ (42,484) $ (94,646) as the Company elected to take advantage of Deferred tax assets, net 27,282 12,305 39,587 the transitional relief offered by the Federal Remaining purchase discount on loans (50,958) 5,469 (45,489) Reserve and FDIC to delay for two years the Liabilities: estimated impact of CECL on regulatory capital, followed by a three-year transitional Reserve for unfunded commitments $ 946 $ 10,389 $ 11,335 period to phase out the capital benefit Shareholders' equity: provided by the two year delay Retained earnings $ 617,355 $ (35,099) $ 582,256 Shareholders' equity to assets 15.86% -0.23% 15.63% Tangible capital ratio 9.25% -0.26% 8.99% 27

Reconciliation of Non-GAAP Disclosures Adjusted Pre-Provision Net Revenue $ in thousands 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Net income (GAAP)$ 37,446 $ 38,415 $ 2,008 $ 20,130 $ 29,992 Income taxes 11,132 9,424 773 4,637 7,612 Provision for credit losses (including unfunded commitments) 1,700 2,950 29,750 29,500 25,800 Pre-provision net revenue (non-GAAP)$ 50,278 $ 50,789 $ 32,531 $ 54,267 $ 63,404 Merger and conversion expense 24 76 - - - Debt prepayment penalties 54 - - 90 28 MSR valuation adjustment 3,132 (1,296) 9,571 4,951 (828) COVID-19 related expenses(1) - - 2,903 6,257 570 Adjusted pre-provision net revenue (non-GAAP)$ 53,488 $ 49,569 $ 45,005 $ 65,565 $ 63,174 (1) Primarily consists of employee overtime and employee benefit accruals directly related to the response to the pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and 28 cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.

Reconciliation of Non-GAAP Disclosures Adjusted Pre-Provision Net Revenue/Average Assets $ in thousands 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Net income (GAAP)$ 37,446 $ 38,415 $ 2,008 $ 20,130 $ 29,992 Merger and conversion expense 24 76 - - - Debt prepayment penalties 54 - - 90 28 MSR valuation adjustment 3,132 (1,296) 9,571 4,951 (828) COVID-19 related expenses(1) - - 2,903 6,257 570 Tax effect of adjustments noted above(2) (736) 241 (3,467) (2,065) 50 Net income with exclusions (non-GAAP)$ 39,920 $ 37,436 $ 11,015 $ 29,363 $ 29,812 Adjusted pre-provision net revenue (non-GAAP)(3) $ 53,488 $ 49,569 $ 45,005 $ 65,565 $ 63,174 Total average assets$ 12,846,131 $ 13,157,843 $ 13,472,550 $ 14,706,027 $ 14,928,159 Return on Assets (GAAP) 1.16% 1.16% 0.06% 0.55% 0.80% Return on Assets with Exclusions (non-GAAP) 1.23% 1.13% 0.33% 0.80% 0.79% Adjusted pre-provision net revenue/Average assets (non-GAAP) 1.65% 1.49% 1.34% 1.79% 1.68% (1) Primarily consists of employee overtime and employee benefit accruals directly related to the response to the pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning. 29 (2) Tax effect is calculated based on the respective periods effective tax rate. (3) See slide 28 for reconciliation of Adjusted pre-provision net revenue.

Reconciliation of Non-GAAP Disclosures Return on Average Tangible Common Equity (Adjusted) $ in thousands 3Q194Q191Q202Q203Q20 Net income (GAAP)$ 37,446 $ 38,414 $ 2,008 $ 20,130 $ 29,992 Merger and conversion expense 24 76 - - - Debt prepayment penalties 54 - - 90 28 MSR valuation adjustment 3,132 (1,296) 9,571 4,951 (828) COVID-19 related expenses(1) - - 2,903 6,257 570 Tax effect of adjustments noted above(2) (736) 241 (3,467) (2,065) 50 Net income with exclusions (non-GAAP)$ 39,920 $ 37,435 $ 11,015 $ 29,363 $ 29,812 Amortization of intangibles 1,996 1,946 1,895 1,834 1,733 Tax effect of adjustment noted above(2) (457) (383) (527) (335) (374) Tangible net income with exclusion (non-GAAP)$ 41,459 $ 38,998 $ 12,383 $ 30,862 $ 31,171 Average shareholders' equity (GAAP)$ 2,131,537 $ 2,131,342 $ 2,105,143 $ 2,101,092 $ 2,119,500 Intangibles 975,306 977,506 975,933 974,237 972,394 Average tangible shareholders' equity (non-GAAP)$ 1,156,231 $ 1,153,836 $ 1,129,210 $ 1,126,855 $ 1,147,106 Return on Average Equity (GAAP) 6.97% 7.15% 0.38% 3.85% 5.63% Return on Average Tangible Common Equity (Adjusted) (non-GAAP) 14.23% 13.41% 4.41% 11.01% 10.81% (1) Primarily consists of employee overtime and employee benefit accruals directly related to the response to the pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning. (2) Tax effect is calculated based on the respective periods effective tax rate. 30

Reconciliation of Non-GAAP Disclosures Core Net Interest Income and Core Net Interest Margin $ in thousands 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Net interest income (FTE) (GAAP)$ 110,276 $ 110,856 $ 108,316 $ 107,457 $ 107,884 Less: Net interest income collected on problem loans 905 152 218 384 282 Accretable yield recognized on purchased loans 5,510 6,661 5,469 4,700 4,949 Interest income on PPP loans - - - 5,886 7,449 Core net interest income (FTE) (non-GAAP)$ 103,861 $ 104,043 $ 102,629 $ 96,487 $ 95,204 Total average earning assets$ 10,993,645 $ 11,277,000 $ 11,609,477 $ 12,776,644 $ 13,034,422 Less: Average PPP loans - - - 866,078 1,305,229 Adjusted total average earning assets (non-GAAP)$ 10,993,645 $ 11,277,000 $ 11,609,477 $ 11,910,566 $ 11,729,193 Net interest margin (GAAP) 3.98% 3.90% 3.75% 3.38% 3.29% Core net interest margin (non-GAAP) 3.75% 3.66% 3.56% 3.26% 3.23% 31

Reconciliation of Non-GAAP Disclosures Core Loan Yield $ in thousands 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Loan interest income (FTE) (GAAP)$ 121,414 $ 121,752 $ 118,741 $ 113,727 $ 112,764 Less: Net interest income collected on problem loans 905 152 218 384 282 Accretable yield recognized on purchased loans 5,510 6,661 5,469 4,700 4,949 Interest income on PPP loans - - - 5,886 7,449 Adjusted loan interest income (FTE) (non-GAAP)$ 114,999 $ 114,939 $ 113,054 $ 102,757 $ 100,084 Total average loans$ 9,109,252 $ 9,457,658 $ 9,687,285 $ 10,616,147 $ 11,041,684 Less: Average PPP loans - - - 866,078 1,305,229 Adjusted total average loans (non-GAAP)$ 9,109,252 $ 9,457,658 $ 9,687,285 $ 9,750,069 $ 9,736,455 Loan yield (GAAP) 5.29% 5.11% 4.93% 4.31% 4.06% Core loan yield (non-GAAP) 5.01% 4.82% 4.69% 4.24% 4.09% 32

Reconciliation of Non-GAAP Disclosures Adjusted Efficiency Ratio $ in thousands Q3 2019 Q4 2019 1Q20 2Q20 3Q20 Net interest income (FTE) (GAAP)$ 110,276 $ 110,856 $ 108,316 $ 107,457 $ 107,885 Total noninterest income (GAAP) 37,953 37,456 37,570 64,170 70,928 Securities gains (losses) 343 - - 31 - MSR valuation adjustment (3,132) 1,296 (9,571) (4,951) 828 Adjusted total noninterest income (non-GAAP)$ 40,742 $ 36,160 $ 47,141 $ 69,090 $ 70,100 Total income (FTE) (non-GAAP)$ 151,018 $ 147,016 $ 155,457 $ 176,547 $ 177,985 Total noninterest expense (GAAP)$ 96,500 $ 95,552 $ 115,041 $ 118,285 $ 116,510 Amortization of intangibles 1,996 1,946 1,895 1,834 1,733 Merger-related expenses 24 76 - - - Debt prepayment penalty 54 - - 90 28 Provision for unfunded commitments - - 3,400 2,600 2,700 COVID-19 Related Expenses - - 2,903 6,257 570 Adjusted total noninterest expense (non-GAAP)$ 94,426 $ 93,530 $ 106,843 $ 107,504 $ 111,479 Efficiency Ratio (GAAP) 65.10% 64.43% 78.86% 68.92% 65.16% Adjusted Efficiency Ratio (non-GAAP) 62.53% 63.62% 68.73% 60.89% 62.63% 33

Reconciliation of Non-GAAP Disclosures Tangible Common Equity and Tangible Book Value $ in thousands 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Actual shareholder's equity (GAAP)$ 2,119,659 $ 2,125,689 $ 2,070,512 $ 2,082,946 $ 2,104,300 Intangibles 978,390 976,943 975,048 973,214 971,482 Actual tangible shareholders' equity (non-GAAP)$ 1,141,269 $ 1,148,746 $ 1,095,464 $ 1,109,732 $ 1,132,818 Actual total assets (GAAP)$ 13,039,674 $ 13,400,618 $ 13,890,550 $ 14,897,207 $ 14,808,933 Intangibles 978,390 976,943 975,048 973,214 971,482 Actual tangible assets (non-GAAP)$ 12,061,284 $ 12,423,675 $ 12,915,502 $ 13,923,993 $ 13,837,451 PPP Loans - - - 1,281,278 1,307,972 Actual tangible assets exc. PPP loans (non-GAAP)$ 12,061,284 $ 12,423,675 $ 12,915,502 $ 12,642,715 $ 12,529,479 Tangible Common Equity Ratio Shareholders' equity to (actual) assets (GAAP) 16.26% 15.86% 14.91% 13.98% 14.21% Effect of adjustment for intangible assets 6.80% 6.61% 6.43% 6.01% 6.02% Tangible common equity ratio (non-GAAP) 9.46% 9.25% 8.48% 7.97% 8.19% Effect of adjustment for PPP - - - - -0.85% Tangible common equity ratio exc. PPP loans (non-GAAP) 9.46% 9.25% 8.48% 8.78% 9.04% Tangible Book Value Shares Outstanding 57,455,306 56,855,002 56,141,018 56,181,962 56,193,705 Book Value (GAAP)$ 36.89 $ 37.39 $ 36.88 $ 37.07 $ 37.45 Tangible Book Value (non-GAAP)$ 19.86 $ 20.20 $ 19.51 $ 19.75 $ 20.16 34

XML

Cover	Oct. 27, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 27, 2020
Entity Registrant Name	RENASANT CORP
Entity Incorporation, State or Country Code	MS
Entity File Number	001-13253
Entity Tax Identification Number	64-0676974
Entity Address, Address Line One	209 Troy Street
Entity Address, City or Town	Tupelo
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	38804-4827
City Area Code	662
Local Phone Number	680-1001
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $5.00 par value per share
Trading Symbol	RNST
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000715072
Amendment Flag	false