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

January 26, 2021

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 January 26, 2021, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the fourth quarter of 2020. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On January 26, 2021, Renasant also made available presentation materials (the “Presentation”) prepared for use with Renasant’s earnings conference call on January 27, 2021. 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 and its participation in government programs related to the pandemic. 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 pace at which the COVID-19 vaccine can be distributed and administered to residents of the markets the Company serves and the United States generally, 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) civil unrest, 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 investors.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 January 26, 2021 issued by Renasant Corporation announcing earnings for the fourth quarter of 2020.

99.2    Presentation materials for Renasant Fourth 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: January 26, 2021	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 FOURTH QUARTER OF 2020

TUPELO, MISSISSIPPI (January 26, 2021) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2020. Net income for the fourth quarter of 2020 was $31.5 million, as compared to $38.4 million for the fourth quarter of 2019. Basic and diluted earnings per share (“EPS”) were $0.56 for the fourth quarter of 2020, as compared to basic and diluted EPS of $0.67 for the fourth quarter of 2019.

Net income for the year ended December 31, 2020, was $83.7 million, as compared to net income of $167.6 million for the same period in 2019. Basic and diluted EPS were $1.49 and $1.48, respectively, for 2020, as compared to basic and diluted EPS of $2.89 and $2.88, respectively, for 2019.

“Our fourth quarter results highlight a strong finish to a year that presented many challenges,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “Renasant’s strategy is to be ‘One Team going to market as One Bank,’ and our team, while facing trying circumstances, flawlessly executed on that strategy in 2020 by providing customers across our footprint with the excellent service to which they are accustomed. We believe that we are in a great position moving into 2021 with an excellent team and diverse product line. Looking

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forward, we intend to continue to emphasize the importance of core funding, asset quality and strong capital, while building core earnings.”

Impact of Certain Expenses and Charges

From time to time, the Company incurs expenses and charges 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 tables present the impact of these expenses and charges on reported EPS for the fourth quarter of 2020 and the same period in 2019 and for the year ended December 31, 2020 and 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. The “restructuring charges” and “swap termination charges” line items in the table below are discussed in more detail later in this release.

(in thousands, except per share data)	Three Months Ended						Twelve Months Ended
	December 31, 2020						December 31, 2020
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	38,339	$	31,521	$	0.56	$	103,491	$	83,651	$	1.48
Debt prepayment penalty	3		2		—		121		97		—
MSR valuation adjustment	(1,968)		(1,615)		(0.03)		11,726		9,450		0.17
Restructuring charges	7,365		6,045		0.11		7,365		5,936		0.11
Swap termination charges	2,040		1,675		0.03		2,040		1,644		0.03
COVID-19 related expenses	613		503		0.01		10,343		8,336		0.14
Earnings, with exclusions (Non-GAAP)	$	46,392	$	38,131	$	0.68	$	135,086	$	109,114	$	1.93
	Three Months Ended						Twelve Months Ended
	December 31, 2019						December 31, 2019
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	47,839	$	38,415	$	0.67	$	215,687	$	167,596	$	2.88
Merger and conversion expenses	76		61		—		279		216		—
Debt prepayment penalty	—		—		—		54		41		—
MSR valuation adjustment	(1,296)		(1,040)		(0.01)		1,836		1,427		0.03
Earnings, with exclusions (Non-GAAP)	$	46,619	$	37,436	$	0.66	$	217,856	$	169,280	$	2.91

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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 after adjusting for the impact of the mortgage servicing rights (MSR) valuation adjustment, debt prepayment penalties, merger and conversion expenses, restructuring charges, swap termination charges and COVID-19 related expenses, as applicable, for the dates presented:

	As Reported						With Exclusions (Non-GAAP)
	Three Months Ended						Three Months Ended
	December 31, 2020		September 30, 2020		December 31, 2019		December 31, 2020		September 30, 2020		December 31, 2019
Return on average assets	0.84	%	0.80	%	1.16	%	1.02	%	0.79	%	1.13	%
Return on average tangible assets (Non-GAAP)	0.94	%	0.89	%	1.30	%	1.13	%	0.89	%	1.27	%
Return on average equity	5.88	%	5.63	%	7.15	%	7.11	%	5.60	%	6.97	%
Return on average tangible equity (Non-GAAP)	11.26	%	10.87	%	13.75	%	13.52	%	10.81	%	13.41	%

	As Reported				With Exclusions (Non-GAAP)
	Twelve Months Ended				Twelve Months Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Return on average assets	0.58	%	1.30	%	0.75	%	1.31	%
Return on average tangible assets (Non-GAAP)	0.66	%	1.46	%	0.85	%	1.48	%
Return on average equity	3.96	%	7.95	%	5.16	%	8.03	%
Return on average tangible equity (Non-GAAP)	7.83	%	15.36	%	10.06	%	15.51	%

Financial Condition

Total assets were $14.93 billion at December 31, 2020, as compared to $13.40 billion at December 31, 2019. Total loans held for investment were $10.93 billion at December 31, 2020, as compared to $9.69 billion at December 31, 2019. Loans held for investment at December 31, 2020 included $1.13 billion in Paycheck Protection Program (“PPP”) loans.

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Total deposits increased to $12.06 billion at December 31, 2020, from $10.21 billion at December 31, 2019. Non-interest bearing deposits increased $1.13 billion to $3.69 billion, or 30.56% of total deposits, at December 31, 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 PPP lending, other government stimulus and client sentiment to maintain liquidity.

Continued Focus on Prudent Capital Management

The Company continues to prioritize maintaining a strong capital position. The Company has a $50.0 million stock repurchase plan that will remain in effect through October 2021.

At December 31, 2020, Tier 1 leverage capital was 9.37%, Common Equity Tier 1 ratio was 10.93%, Tier 1 risk-based capital ratio was 11.91% and total risk-based capital ratio was 15.07%. All regulatory ratios exceed the minimums required to be “well-capitalized.”

The Company’s ratio of shareholders’ equity to assets was 14.28% at December 31, 2020, as compared to 15.86% at December 31, 2019. The Company’s tangible capital ratio (non-GAAP) was 8.33% at December 31, 2020, as compared to 9.25% at December 31, 2019.

The PPP loans held on the Company’s balance sheet at December 31, 2020, negatively impacted the Company’s tangible capital ratio by 73 basis points and its leverage ratio by 92 basis points.

Results of Operations

Net interest income was $108.1 million for the fourth quarter of 2020, as compared to $106.3 million for the third quarter of 2020 and $108.9 million for the fourth quarter of 2019. Net interest income was $426.8 million for 2020, as compared to $443.7 million for 2019.

Net interest margin was 3.35% for the fourth quarter of 2020, as compared to 3.29% for the third quarter of 2020 and 3.90% for the fourth quarter of 2019. Net interest margin was 3.44% for all of 2020, as compared to 4.08% for 2019. While pressures on loans yields continued in the quarter, the impact was somewhat offset by lower deposit costs. 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
	December 31,		September 30,		December 31,		December 31,		September 30,		December 31,
	2020		2020		2019		2020		2020		2019
Loans held for investment excluding PPP loans	74.79	%	74.70	%	83.87	%	4.20	%	4.30	%	5.11	%
PPP loans	9.59		10.01		—		3.26		2.27		—
Loans held for sale	2.98		2.90		3.11		3.15		3.31		3.58
Securities	9.72		9.74		10.95		2.25		2.41		2.92
Other	2.92		2.65		2.07		0.10		0.10		1.89
Total earning assets	100.00	%	100.00	%	100.00	%	3.77	%	3.77	%	4.75	%

	Percentage of Total Average Earning Assets				Yield
	Twelve Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
	2020		2019		2020		2019
Loans held for investment excluding PPP loans	77.13	%	83.15	%	4.47	%	5.31	%
PPP loans	6.80		—		2.75		—
Loans held for sale	2.86		3.25		3.37		5.07
Securities	10.15		11.28		2.57		3.02
Other	3.06		2.32		0.31		2.30
Total earning assets	100.00	%	100.00	%	4.00	%	4.98	%

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
	December 31,			September 30,			December 31,
	2020			2020			2019
Taxable equivalent net interest income	$	110,024		$	107,885		$	110,856
Average earning assets	$	13,059,967		$	13,034,422		$	11,277,000
Net interest margin	3.35		%	3.29		%	3.90		%
Taxable equivalent interest income on loans	$	116,540		$	115,908		$	124,919
Average loans, including loans held for sale	$	11,408,940		$	11,419,909		$	9,808,441
Loan yield	4.06		%	4.04		%	5.05		%

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	Twelve Months Ended
	December 31,			December 31,
	2020			2019
Taxable equivalent net interest income	$	433,682		$	449,986
Average earning assets	$	12,622,461		$	11,028,040
Net interest margin	3.44		%	4.08		%
Taxable equivalent interest income on loans	$	470,877		$	505,411
Average loans, including loans held for sale	$	10,954,947		$	9,527,290
Loan yield	4.30		%	5.30		%

PPP loans reduced net interest margin and loan yield by 1 basis point and 10 basis points, respectively, in the fourth quarter of 2020 and 5 basis points and 13 basis points, respectively, for all 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
	December 31,			September 30,			December 31,
	2020			2020			2019
Net interest income collected on problem loans	$	128		$	282		$	152
Accretable yield recognized on purchased loans(1)	4,130			4,949			6,661
Total impact to interest income	$	4,258		$	5,231		$	6,813
Impact to total loan yield	0.15		%	0.18		%	0.28		%
Impact to net interest margin	0.13		%	0.16		%	0.24		%

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,872, $2,286 and $4,041 for the three months ended December 31, 2020, September 30, 2020, and December 31, 2019, respectively. This additional interest income increased total loan yield by 7 basis points, 8 basis points and 16 basis points for the same periods, respectively, while increasing net interest margin by 6 basis points, 7 basis points and 14 basis points for the same periods, respectively.

	Twelve Months Ended
	December 31,			December 31,
	2020			2019
Net interest income collected on problem loans	$	1,011		$	4,042
Accretable yield recognized on purchased loans(1)	19,248			27,227
Total impact to interest income	$	20,259		$	31,269
Impact to total loan yield	0.18		%	0.33		%
Impact to net interest margin	0.16		%	0.28		%

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(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $8,077 and $14,635 for the twelve months ended December 31, 2020 and 2019, respectively. This additional interest income increased total loan yield by 7 basis points and 15 basis points for the same periods, respectively, while increasing net interest margin by 6 basis points and 13 basis points for the same periods, respectively.

For the fourth quarter of 2020, the cost of total deposits was 33 basis points, as compared to 40 basis points for the third quarter of 2020 and 76 basis points for the fourth quarter of 2019. The cost of total deposits was 47 basis points for the year ended December 31, 2020, as compared to 81 basis points for 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
	December 31,		September 30,		December 31,		December 31,		September 30,		December 31,
	2020		2020		2019		2020		2020		2019
Noninterest-bearing demand	30.43	%	29.66	%	24.12	%	—	%	—	%	—	%
Interest-bearing demand	44.81		43.06		43.86		0.31		0.36		0.81
Savings	6.63		6.35		6.11		0.08		0.08		0.17
Time deposits	14.00		15.20		20.41		1.20		1.42		1.76
Borrowed funds	4.13		5.73		5.50		3.05		2.20		3.02
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.44	%	0.50	%	0.89	%

	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Twelve Months Ending				Twelve Months Ending
	December 31,		December 31,		December 31,		December 31,
	2020		2019		2020		2019
Noninterest-bearing demand	27.91	%	23.26	%	—	%	—	%
Interest-bearing demand	43.43		44.89		0.45		0.86
Savings	6.29		6.11		0.10		0.19
Time deposits	16.07		21.91		1.50		1.71
Borrowed funds	6.30		3.83		2.26		4.17
Total deposits and borrowed funds	100.00	%	100.00	%	0.59	%	0.93	%

Noninterest income for the fourth quarter of 2020 was $62.9 million, as compared to $70.9 million for the third quarter of 2020 and $37.5 million for the fourth quarter of 2019. Noninterest income for 2020 was $235.5 million, as compared to $153.3 million for 2019. Despite the decrease in mortgage banking income on a linked quarter basis, it continued to be a strong source of noninterest income for the Company with mortgage production of approximately $1.43 billion for the fourth quarter of 2020 and approximately $6.75 billion for the year. The following tables present the components of mortgage banking income for the periods presented (in thousands):

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	Three Months Ended
	December 31, 2020		September 30, 2020		December 31, 2019
Gain on sales of loans, net	$	36,080	$	45,985	$	10,438
Fees, net	5,318		5,367		3,023
Mortgage servicing income, net	(3,606)		(2,466)		408
MSR valuation adjustment	1,968		828		1,296
Mortgage banking income, net	$	39,760	$	49,714	$	15,165

	Twelve Months Ended
	December 31, 2020		December 31, 2019
Gain on sales of loans, net	$	150,406	$	45,854
Fees, net	18,914		11,385
Mortgage servicing income, net	(7,095)		2,493
MSR valuation adjustment	(11,726)		(1,836)
Mortgage banking income, net	$	150,499	$	57,896

Noninterest expense was $122.2 million for the fourth quarter of 2020, as compared to $116.5 million for the third quarter of 2020 and $95.6 million for the fourth quarter of 2019. Noninterest expense was $472.0 million for 2020, as compared to $374.2 million for 2019. As part of the continued focus on efficiency, in the fourth quarter the Company initiated a system-wide branch evaluation effort and offered an early retirement incentive to a select group of employees, participation in which was voluntary. The Company incurred $7.4 million in restructuring charges during the quarter, primarily attributable to the voluntary early retirement program, and these efforts are expected to allow for a more efficient use of the Company’s workforce and branch network moving into 2021. The Company also incurred $2.0 million in swap termination charges that will reduce interest expense over the remaining terms of two swaps, which were originally scheduled to mature in June 2022 and 2023. The Company recorded a $500 thousand provision for unfunded commitments in other noninterest expense in the fourth quarter of 2020, as compared to a $2.7 million provision for unfunded commitments in the third quarter of 2020, bringing the total provision for unfunded commitments to $9.2 million for 2020.

Asset Quality Metrics

At December 31, 2020, the Company’s credit quality metrics remained strong. The Company has maintained contact with its borrowers and continues to focus on those industries more 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 at the onset of the pandemic, which allowed

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qualified clients to defer principal and interest payments. The Company continues to monitor loans remaining on deferral, and as of December 31, 2020, approximately 1.5% of the Company’s loan portfolio (excluding PPP loans) was in deferral, down from approximately 5.1% as of September 30, 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 include items such as the pace at which the COVID-19 vaccine is administered to residents in the Company’s markets and the United States generally, federal, state and local government measures, the re-imposition of “shelter-in-place” orders, and the economic impact of government programs, including additional fiscal stimulus and the re-opening of the Paycheck Protection Program. 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).

	December 31, 2020							December 31, 2019
	Non Purchased		Purchased		Total			Non Purchased		Purchased		Total
Nonaccrual loans	$	20,369	$	31,051	$	51,420		$	21,509	$	7,038	$	28,547
Loans 90 days past due or more	3,783		267		4,050			3,458		4,317		7,775
Nonperforming loans	$	24,152	$	31,318	$	55,470		$	24,967	$	11,355	$	36,322
Other real estate owned	2,045		3,927		5,972			2,762		5,248		8,010
Nonperforming assets	$	26,197	$	35,245	$	61,442		$	27,729	$	16,603	$	44,332
Nonperforming loans/total loans					0.51		%					0.37		%
Nonperforming loans/total loans excluding PPP loans					0.57		%					—
Nonperforming assets/total assets					0.41		%					0.33		%
Nonperforming assets/total assets excluding PPP loans					0.45		%					—
Loans 30-89 days past due	$	17,635	$	8,651	$	26,286		$	22,781	$	14,887	$	37,668
Loans 30-89 days past due/total loans					0.24		%					0.39		%

9

The implementation of CECL on January 1, 2020, which required purchased credit deteriorated loans to be classified as nonaccrual based on performance, contributed approximately $3.3 million as of December 31, 2020 to the increase in purchased nonaccrual loans.

The table below shows the increase in the allowance for credit losses and the reserve for unfunded commitments since the day one transition to CECL on January 1, 2020 to the ending allowance at December 31, 2020 (in thousands).

	January 1, 2020			March 31, 2020			June 30, 2020			September 30, 2020			December 31, 2020
Allowance for credit losses on loans	$	94,647		$	120,185		$	145,387		$	168,098		$	176,144
Allowance for credit losses on deferred interest	—			—			—			—			1,500
Reserve for unfunded commitments	11,336			14,735			17,335			20,035			20,535
Total reserves	$	105,983		$	134,920		$	162,722		$	188,133		$	198,179
Allowance for credit losses on loans/total loans	0.98		%	1.23		%	1.32		%	1.52		%	1.61		%
Allowance for credit losses on loans/total loans excluding PPP loans	—			—			1.50		%	1.72		%	1.80		%
Reserve for unfunded commitments/total unfunded commitments	0.47		%	0.60		%	0.66		%	0.73		%	0.73		%

The Company recorded a provision for credit losses of $10.5 million ($1.5 million of which was allocated to deferred interest) and a reserve for unfunded commitments, which is recorded in other noninterest expense (and discussed above), of $500 thousand for the fourth quarter of 2020. Net loan charge-offs were $954 thousand, or 0.03% of average loans held for investment on an annualized basis. Although there was a meaningful decrease in credit costs during the quarter, the allowance for credit losses on loans remains elevated due to qualitative factors related to the uncertainty concerning the COVID-19 pandemic, with limited GDP growth (in relation to pre-pandemic levels) and elevated unemployment rates projected into 2021 and 2022. Even though economic projections continue to trend in a positive direction, there remains considerable uncertainty.

The provision for credit losses recorded during the fourth quarter of 2019 was $3.0 million with net charge-offs of $1.6 million, or 0.07% 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 317.55% as of December 31, 2020, as compared to 367.05% as of September 30, 2020 and 143.61% as of December 31, 2019.

10

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, January 27, 2021.

The webcast can be accessed through Renasant’s investor relations website at investors.renasant.com orhttps://services.choruscall.com/links/rnst210127.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2020 Fourth 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 investors.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 10151152 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 10, 2021.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 116-year-old financial services institution. Renasant has assets of approximately $14.9 billion and operates more than 200 banking, lending, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina and South Carolina.

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.

11

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 and its participation in government programs related to the pandemic.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 pace at which the COVID-19 vaccine can be distributed and administered to residents of the markets the Company serves and the United States generally, 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) civil unrest, 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 investors.renasant.com and the SEC’s website at www.sec.gov.

12

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, restructuring charges, merger and conversion expenses, debt prepayment penalties, swap termination charges 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) are 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, restructuring charges 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 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.

###

13

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2020-		Twelve Months Ended
		2020												2019												Q4 2019		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	123,823		$	123,677		$	125,630		$	131,887		$	135,119		$	135,927		$	139,285		$	138,578		(8.36)	%	$	505,017		$	548,909		(8.00)	%
Interest income		$	121,926		$	122,078		$	123,955		$	130,173		$	133,148		$	134,476		$	137,862		$	137,094		(8.43)		$	498,132		$	542,580		(8.19)
Interest expense		13,799			15,792			18,173			23,571			24,263			25,651			25,062			23,947			(43.13)		71,335			98,923			(27.89)
	Net interest income	108,127			106,286			105,782			106,602			108,885			108,825			112,800			113,147			(0.70)		426,797			443,657			(3.80)
Provision for credit losses		10,500			23,100			26,900			26,350			2,950			1,700			900			1,500			255.93		86,850			7,050			1,131.91
	Net interest income after provision	97,627			83,186			78,882			80,252			105,935			107,125			111,900			111,647			(7.84)		339,947			436,607			(22.14)
Service charges on deposit accounts		7,938			7,486			6,832			9,070			9,273			8,992			8,605			9,102			(14.40)		31,326			35,972			(12.92)
Fees and commissions on loans and deposits		3,616			3,402			2,971			3,054			2,822			3,090			7,047			6,471			28.14		13,043			19,430			(32.87)
Insurance commissions and fees		2,193			2,681			2,125			1,991			2,105			2,508			2,190			2,116			4.18		8,990			8,919			0.80
Wealth management revenue		4,314			4,364			3,824			4,002			3,920			3,588			3,601			3,324			10.05		16,504			14,433			14.35
Securities gains (losses)		15			—			31			—			—			343			(8)			13			—		46			348			(86.78)
Mortgage banking income		39,760			49,714			45,490			15,535			15,165			15,710			16,620			10,401			162.18		150,499			57,896			159.95
Other		5,028			3,281			2,897			3,918			4,171			3,722			3,905			4,458			20.55		15,124			16,256			(6.96)
	Total noninterest income	62,864			70,928			64,170			37,570			37,456			37,953			41,960			35,885			67.83		235,532			153,254			53.69
Salaries and employee benefits		74,432			75,406			79,361			73,189			67,684			65,425			60,325			57,350			9.97		302,388			250,784			20.58
Data processing		5,373			5,259			5,047			5,006			5,095			4,980			4,698			4,906			5.46		20,685			19,679			5.11
Occupancy and equipment		13,153			13,296			13,511			14,120			13,231			12,943			11,544			11,835			(0.59)		54,080			49,553			9.14
Other real estate		683			1,033			620			418			339			418			252			1,004			101.47		2,754			2,013			36.81
Amortization of intangibles		1,659			1,733			1,834			1,895			1,946			1,996			2,053			2,110			(14.75)		7,121			8,105			(12.14)
Merger and conversion related expenses		—			—			—			—			76			24			179			—			(100.00)		—			279			(100.00)
Restructuring charges		7,365			—			—			—			—			—			—			—			—		7,365			—			—
Swap termination charges		2,040			—			—			—			—			—			—			—			—		2,040			—			—
Debt prepayment penalty		3			28			90			—			—			54			—			—			—		121			54			124.07
Other		17,444			19,755			17,822			20,413			7,181			10,660			14,239			11,627			142.92		75,434			43,707			72.59
	Total noninterest expense	122,152			116,510			118,285			115,041			95,552			96,500			93,290			88,832			27.84		471,988			374,174			26.14
Income before income taxes		38,339			37,604			24,767			2,781			47,839			48,578			60,570			58,700			(19.86)		103,491			215,687			(52.02)
Income taxes		6,818			7,612			4,637			773			9,424			11,132			13,945			13,590			(27.65)		19,840			48,091			(58.74)
	Net income	$	31,521		$	29,992		$	20,130		$	2,008		$	38,415		$	37,446		$	46,625		$	45,110		(17.95)		$	83,651		$	167,596		(50.09)
Basic earnings per share		$	0.56		$	0.53		$	0.36		$	0.04		$	0.67		$	0.65		$	0.80		$	0.77		(16.42)		$	1.49		$	2.89		(48.44)
Diluted earnings per share		0.56			0.53			0.36			0.04			0.67			0.64			0.80			0.77			(16.42)		1.48			2.88			(48.61)
Average basic shares outstanding		56,197,847			56,185,884			56,165,452			56,534,816			57,153,160			58,003,215			58,461,024			58,585,517			(1.67)		56,270,566			58,046,716			(3.06)
Average diluted shares outstanding		56,489,809			56,386,153			56,325,476			56,706,289			57,391,876			58,192,419			58,618,976			58,730,535			(1.57)		56,468,165			58,226,686			(3.02)
Common shares outstanding		56,200,487			56,193,705			56,181,962			56,141,018			56,855,002			57,455,306			58,297,670			58,633,630			(1.15)		56,200,487			56,855,002			(1.15)
Cash dividend per common share		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.21		—		$	0.88		$	0.87		1.15
Performance ratios
Return on avg shareholders’ equity		5.88		%	5.63		%	3.85		%	0.38		%	7.15		%	6.97		%	8.90		%	8.86		%			3.96		%	7.95		%
Return on avg tangible s/h’s equity (non-GAAP) (1)		11.26		%	10.87		%	7.72		%	1.20		%	13.75		%	13.38		%	17.15		%	17.41		%			7.83		%	15.36		%
Return on avg assets		0.84		%	0.80		%	0.55		%	0.06		%	1.16		%	1.16		%	1.47		%	1.44		%			0.58		%	1.30		%
Return on avg tangible assets (non-GAAP)(2)		0.94		%	0.89		%	0.63		%	0.11		%	1.30		%	1.30		%	1.64		%	1.61		%			0.66		%	1.46		%
Net interest margin (FTE)		3.35		%	3.29		%	3.38		%	3.75		%	3.90		%	3.98		%	4.19		%	4.27		%			3.44		%	4.08		%
Yield on earning assets (FTE)		3.77		%	3.77		%	3.95		%	4.57		%	4.75		%	4.91		%	5.11		%	5.16		%			4.00		%	4.98		%
Cost of funding		0.44		%	0.50		%	0.59		%	0.85		%	0.89		%	0.97		%	0.96		%	0.92		%			0.59		%	0.93		%
Average earning assets to average assets		87.66		%	87.31		%	86.88		%	86.17		%	85.71		%	85.58		%	85.72		%	85.58		%			87.03		%	85.65		%
Average loans to average deposits		91.83		%	93.31		%	93.35		%	93.83		%	92.43		%	89.13		%	89.13		%	89.33		%			93.05		%	90.01		%
Noninterest income (less securities gains/
losses) to average assets		1.68		%	1.89		%	1.75		%	1.12		%	1.13		%	1.16		%	1.32		%	1.14		%			1.62		%	1.19		%
Noninterest expense (less debt prepayment penalties/
/merger-related expenses) to avergage assets		3.26		%	3.10		%	3.23		%	3.43		%	2.88		%	2.98		%	2.93		%	2.83		%			3.25		%	2.91		%
Net overhead ratio		1.58		%	1.21		%	1.48		%	2.31		%	1.75		%	1.82		%	1.61		%	1.69		%			1.63		%	1.71		%
Efficiency ratio (FTE)		70.65		%	65.16		%	68.92		%	78.86		%	64.43		%	65.10		%	59.73		%	59.02		%			70.53		%	62.03		%
Adjusted efficiency ratio (FTE) (non-GAAP) (4)		64.35		%	62.63		%	60.89		%	68.73		%	63.62		%	62.53		%	58.30		%	57.62		%			64.00		%	60.48		%

14

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2020 -		As of
		2020												2019												Q4 2019		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Average Balances
Total assets		$	14,898,055		$	14,928,159		$	14,706,027		$	13,472,550		$	13,157,843		$	12,846,131		$	12,764,669		$	12,730,939		13.23	%	$	14,503,449		$	12,875,986		12.64	%
Earning assets		13,059,967			13,034,422			12,776,643			11,609,477			11,277,000			10,993,645			10,942,492			10,895,205			15.81		12,622,461			11,028,040			14.46
Securities		1,269,108			1,269,565			1,295,539			1,292,875			1,234,718			1,227,678			1,262,271			1,253,224			2.79		1,281,704			1,244,376			3.00
Loans held for sale		389,435			378,225			340,582			336,829			350,783			385,437			353,103			345,264			11.02		361,391			358,735			0.74
Loans, net of unearned income		11,019,505			11,041,684			10,616,147			9,687,285			9,457,658			9,109,252			9,043,788			9,059,802			16.51		10,593,556			9,168,555			15.54
Intangibles		970,624			972,394			974,237			975,933			977,506			975,306			974,628			976,820			(0.70)		973,287			976,065			(0.28)
Noninterest-bearing deposits		3,808,595			3,723,059			3,439,634			2,586,963			2,611,265			2,500,810			2,395,899			2,342,406			45.85		3,391,619			2,463,436			37.68
Interest-bearing deposits		8,190,997			8,109,844			7,933,035			7,737,615			7,620,602			7,719,510			7,750,986			7,799,892			7.48		7,993,733			7,722,247			3.52
Total deposits		11,999,592			11,832,903			11,372,669			10,324,578			10,231,867			10,220,320			10,146,885			10,142,298			17.28		11,385,352			10,185,683			11.78
Borrowed funds		516,414			719,800			1,000,789			829,320			596,101			308,931			354,234			363,140			(13.37)		765,769			405,975			88.62
Shareholders' equity		2,132,375			2,119,500			2,101,092			2,105,143			2,131,342			2,131,537			2,102,093			2,065,370			0.05		2,114,590			2,107,832			0.32
																										Q4 2020 -		As of
		2020												2019												Q4 2019		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Balances at period end
Total assets		$	14,929,666		$	14,808,933		$	14,897,207		$	13,890,550		$	13,400,618		$	13,039,674		$	12,892,653		$	12,862,395		11.41	%	$	14,929,666		$	13,400,618		11.41	%
Earning assets		13,151,707			12,984,651			13,041,846			11,980,482			11,522,388			11,145,052			11,064,957			11,015,535			14.14		13,151,707			11,522,388			14.14
Securities		1,343,457			1,293,388			1,303,494			1,359,129			1,290,613			1,238,577			1,268,280			1,255,353			4.09		1,343,457			1,290,613			4.09
Loans held for sale		417,771			399,773			339,747			448,797			318,272			392,448			461,681			318,563			31.26		417,771			318,272			31.26
Non purchased loans		9,419,540			9,424,224			9,206,101			7,802,404			7,587,974			7,031,818			6,704,288			6,565,599			24.14		9,419,540			7,587,974			24.14
Purchased loans		1,514,107			1,660,514			1,791,203			1,966,973			2,101,664			2,281,966			2,350,366			2,522,694			(27.96)		1,514,107			2,101,664			(27.96)
	Total loans	10,933,647			11,084,738			10,997,304			9,769,377			9,689,638			9,313,784			9,054,654			9,088,293			12.84		10,933,647			9,689,638			12.84
Intangibles		969,823			971,481			973,214			975,048			976,943			978,390			973,673			975,726			(0.73)		969,823			976,943			(0.73)
Noninterest-bearing deposits		3,685,048			3,758,242			3,740,296			2,642,059			2,551,770			2,607,056			2,408,984			2,366,223			44.41		3,685,048			2,551,770			44.41
Interest-bearing deposits		8,374,033			8,175,898			8,106,062			7,770,367			7,661,398			7,678,980			7,781,077			7,902,689			9.30		8,374,033			7,661,398			9.30
	Total deposits	12,059,081			11,934,140			11,846,358			10,412,426			10,213,168			10,286,036			10,190,061			10,268,912			18.07		12,059,081			10,213,168			18.07
Borrowed funds		496,519			517,706			718,490			1,179,631			865,598			433,705			401,934			350,859			(42.64)		496,519			865,598			(42.64)
Shareholders’ equity		2,132,578			2,104,300			2,082,946			2,070,512			2,125,689			2,119,659			2,119,696			2,088,877			0.32		2,132,578			2,125,689			0.32
Market value per common share		33.68			22.72			24.90			21.84			35.42			35.01			35.94			33.85			(4.91)		33.68			35.42			(4.91)
Book value per common share		37.95			37.45			37.07			36.88			37.39			36.89			36.36			35.63			1.50		37.95			37.39			1.50
Tangible book value per common share		20.69			20.16			19.75			19.51			20.20			19.86			19.66			18.98			2.43		20.69			20.20			2.43
Shareholders’ equity to assets (actual)		14.28		%	14.21		%	13.98		%	14.91		%	15.86		%	16.26		%	16.44		%	16.24		%			14.28		%	15.86		%
Tangible capital ratio (non-GAAP)(3)		8.33		%	8.19		%	7.97		%	8.48		%	9.25		%	9.46		%	9.62		%	9.36		%			8.33		%	9.25		%
Leverage ratio		9.37		%	9.17		%	9.12		%	9.90		%	10.37		%	10.56		%	10.65		%	10.44		%			9.37		%	10.37		%
Common equity tier 1 capital ratio		10.93		%	10.80		%	10.69		%	10.63		%	11.12		%	11.36		%	11.64		%	11.49		%			10.93		%	11.12		%
Tier 1 risk-based capital ratio		11.91		%	11.79		%	11.69		%	11.63		%	12.14		%	12.40		%	12.69		%	12.55		%			11.91		%	12.14		%
Total risk-based capital ratio		15.07		%	14.89		%	13.72		%	13.44		%	13.78		%	14.07		%	14.62		%	14.57		%			15.07		%	13.78		%

15

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																									Q4 2020 -		As of
	2020												2019												Q4 2019		December 31,
	Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2020			2019			Variance
Non purchased loans
Commercial, financial, agricultural	$	1,231,768		$	1,137,321		$	1,134,965		$	1,144,004		$	1,052,353		$	988,867		$	930,598		$	921,081		17.05	%	$	1,231,768		$	1,052,353		17.05	%
SBA Paycheck Protection Program	1,128,703			1,307,972			1,281,278			—			—			—			—			—			—		1,128,703			—			—
Lease financing	75,862			82,928			80,779			84,679			81,875			69,953			59,158			58,651			(7.34)		75,862			81,875			(7.34)
Real estate - construction	827,152			738,873			756,872			745,066			774,901			764,589			716,129			651,119			6.74		827,152			774,901			6.74
Real estate - 1-4 family mortgages	2,356,564			2,369,292			2,342,987			2,356,627			2,350,126			2,235,908			2,160,617			2,114,908			0.27		2,356,564			2,350,126			0.27
Real estate - commercial mortgages	3,649,629			3,610,642			3,400,718			3,242,172			3,128,876			2,809,470			2,741,402			2,726,186			16.64		3,649,629			3,128,876			16.64
Installment loans to individuals	149,862			177,195			208,502			229,856			199,843			163,031			96,384			93,654			(25.01)		149,862			199,843			(25.01)
Loans, net of unearned income	$	9,419,540		$	9,424,223		$	9,206,101		$	7,802,404		$	7,587,974		$	7,031,818		$	6,704,288		$	6,565,599		24.14		$	9,419,540		$	7,587,974		24.14
Purchased loans
Commercial, financial, agricultural	$	176,513		$	202,768		$	225,355		$	280,572		$	315,619		$	339,693		$	374,478		$	387,376		(44.07)		$	176,513		$	315,619		(44.07)
Real estate - construction	30,952			34,246			34,236			42,829			51,582			52,106			65,402			89,954			(39.99)		30,952			51,582			(39.99)
Real estate - 1-4 family mortgages	341,744			391,102			445,526			489,674			516,487			561,725			604,855			654,265			(33.83)		341,744			516,487			(33.83)
Real estate - commercial mortgages	905,223			966,367			1,010,035			1,066,536			1,115,389			1,212,905			1,276,567			1,357,446			(18.84)		905,223			1,115,389			(18.84)
Installment loans to individuals	59,675			66,031			76,051			87,362			102,587			115,537			29,064			33,653			(41.83)		59,675			102,587			(41.83)
Loans, net of unearned income	$	1,514,107		$	1,660,514		$	1,791,203		$	1,966,973		$	2,101,664		$	2,281,966		$	2,350,366		$	2,522,694		(27.96)		$	1,514,107		$	2,101,664		(27.96)
Asset quality data
Non purchased assets
Nonaccrual loans	$	20,369		$	18,831		$	16,591		$	21,384		$	21,509		$	15,733		$	14,268		$	12,507		(5.30)		$	20,369		$	21,509		(5.30)
Loans 90 past due or more	3,783			1,826			3,993			4,459			3,458			7,325			4,175			1,192			9.40		3,783			3,458			9.40
Nonperforming loans	24,152			20,657			20,584			25,843			24,967			23,058			18,443			13,699			(3.26)		24,152			24,967			(3.26)
Other real estate owned	2,045			3,576			4,694			3,241			2,762			1,975			3,475			4,223			(25.96)		2,045			2,762			(25.96)
Nonperforming assets	$	26,197		$	24,233		$	25,278		$	29,084		$	27,729		$	25,033		$	21,918		$	17,922		(5.52)		$	26,197		$	27,729		(5.52)
Purchased assets
Nonaccrual loans	$	31,051		$	24,821		$	21,361		$	19,090		$	7,038		$	6,123		$	7,250		$	7,828		341.19		$	31,051		$	7,038		341.19
Loans 90 past due or more	267			318			2,158			5,104			4,317			7,034			7,687			5,436			(93.82)		267			4,317			(93.82)
Nonperforming loans	31,318			25,139			23,519			24,194			11,355			13,157			14,937			13,264			175.81		31,318			11,355			175.81
Other real estate owned	3,927			4,576			4,431			5,430			5,248			6,216			5,258			5,932			(25.17)		3,927			5,248			(25.17)
Nonperforming assets	$	35,245		$	29,715		$	27,950		$	29,624		$	16,603		$	19,373		$	20,195		$	19,196		112.28		$	35,245		$	16,603		112.28
Net loan charge-offs (recoveries)	$	954		$	389		$	1,698		$	811		$	1,602		$	945		$	676		$	691		(40.45)		$	3,852		$	3,914		(1.58)
Allowance for credit losses on loans	$	176,144		$	168,098		$	145,387		$	120,185		$	52,162		$	50,814		$	50,059		$	49,835		237.69		$	176,144		$	52,162		237.69
Annualized net loan charge-offs / average loans	0.03		%	0.01		%	0.06		%	0.03		%	0.07		%	0.04		%	0.03		%	0.03		%			0.04		%	0.04		%
Nonperforming loans / total loans*	0.51		%	0.41		%	0.40		%	0.51		%	0.37		%	0.39		%	0.37		%	0.30		%			0.51		%	0.37		%
Nonperforming assets / total assets*	0.41		%	0.36		%	0.36		%	0.42		%	0.33		%	0.34		%	0.33		%	0.29		%			0.41		%	0.33		%
Allowance for credit losses on loans / total loans*	1.61		%	1.52		%	1.32		%	1.23		%	0.54		%	0.55		%	0.55		%	0.55		%			1.61		%	0.54		%
Allowance for credit losses on loans / nonperforming loans*	317.55		%	367.05		%	329.65		%	240.19		%	143.61		%	140.31		%	149.97		%	184.83		%			317.55		%	143.61		%
Nonperforming loans / total loans**	0.26		%	0.22		%	0.22		%	0.33		%	0.33		%	0.33		%	0.28		%	0.21		%			0.26		%	0.33		%
Nonperforming assets / total assets**	0.18		%	0.16		%	0.17		%	0.21		%	0.21		%	0.19		%	0.17		%	0.14		%			0.18		%	0.21		%
*Based on all assets (includes purchased assets)
**Excludes all purchased assets

16

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ending																		Twelve Months Ended
	December 31, 2020						September 30, 2020						December 31, 2019						December 31, 2020						December 31, 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	$	8,167,922	$	81,626	3.98	%	$	8,012,741	$	81,281	4.04	%	$	7,258,517	$	87,482	4.78	%	$	7,927,817	$	333,296	4.20	%	$	6,784,132	$	337,672	4.98	%
Purchased	1,598,593		21,560		5.37	%	1,723,714		24,034		5.55	%	2,199,141		34,270		6.18	%	1,807,354		101,785		5.63	%	2,384,423		149,568		6.27	%
SBA Paycheck Protection Program	1,252,990		10,271		3.26	%	1,305,229		7,449		2.27	%	—		—		—	%	858,385		23,605		2.75	%	—		—		—	%
Total loans	11,019,505		113,457		4.10	%	11,041,684		112,764		4.06	%	9,457,658		121,752		5.11	%	10,593,556		458,686		4.33	%	9,168,555		487,240		5.31	%
Loans held for sale	389,435		3,083		3.15	%	378,225		3,144		3.31	%	350,783		3,167		3.58	%	361,391		12,191		3.37	%	358,735		18,171		5.07	%
Securities:
Taxable(1)	985,695		4,953		2.00	%	1,003,886		5,473		2.17	%	1,018,076		6,994		2.73	%	1,021,999		24,102		2.36	%	1,051,124		29,786		2.83	%
Tax-exempt	283,413		2,238		3.14	%	265,679		2,205		3.30	%	216,642		2,093		3.83	%	259,705		8,848		3.41	%	193,252		7,821		4.05	%
Total securities	1,269,108		7,191		2.25	%	1,269,565		7,678		2.41	%	1,234,718		9,087		2.92	%	1,281,704		32,950		2.57	%	1,244,376		37,607		3.02	%
Interest-bearing balances with banks	381,919		92		0.10	%	344,948		91		0.10	%	233,841		1,113		1.89	%	385,810		1,190		0.31	%	256,374		5,891		2.30	%
Total interest-earning assets	13,059,967		123,823		3.77	%	13,034,422		123,677		3.77	%	11,277,000		135,119		4.75	%	12,622,461		505,017		4.00	%	11,028,040		548,909		4.98	%
Cash and due from banks	196,552						210,278						176,582						201,815						179,991
Intangible assets	970,624						972,394						977,506						973,287						976,065
Other assets	670,912						711,065						726,755						705,886						691,890
Total assets	$	14,898,055					$	14,928,159					$	13,157,843					$	14,503,449					$	12,875,986
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)	$	5,607,906	$	4,380	0.31	%	$	5,405,085	$	4,839	0.36	%	$	4,749,018	$	9,653	0.81	%	$	5,277,374	$	23,995	0.45	%	$	4,754,201	$	40,991	0.86	%
Savings deposits	830,304		165		0.08	%	796,841		167		0.08	%	661,362		282		0.17	%	764,146		758		0.10	%	647,271		1,258		0.19	%
Time deposits	1,752,787		5,296		1.20	%	1,907,918		6,804		1.42	%	2,210,222		9,783		1.76	%	1,952,213		29,263		1.50	%	2,320,775		39,746		1.71	%
Total interest-bearing deposits	8,190,997		9,841		0.48	%	8,109,844		11,810		0.58	%	7,620,602		19,718		1.03	%	7,993,733		54,016		0.68	%	7,722,247		81,995		1.06	%
Borrowed funds	516,414		3,958		3.05	%	719,800		3,982		2.20	%	596,101		4,545		3.02	%	765,769		17,319		2.26	%	405,975		16,928		4.17	%
Total interest-bearing liabilities	8,707,411		13,799		0.63	%	8,829,644		15,792		0.71	%	8,216,703		24,263		1.17	%	8,759,502		71,335		0.81	%	8,128,222		98,923		1.22	%
Noninterest-bearing deposits	3,808,595						3,723,059						2,611,265						3,391,619						2,463,436
Other liabilities	249,674						255,956						198,533						237,738						176,496
Shareholders’ equity	2,132,375						2,119,500						2,131,342						2,114,590						2,107,832
Total liabilities and shareholders’ equity	$	14,898,055					$	14,928,159					$	13,157,843					$	14,503,449					$	12,875,986
Net interest income/ net interest margin			$	110,024	3.35	%			$	107,885	3.29	%			$	110,856	3.90	%			$	433,682	3.44	%			$	449,986	4.08	%
Cost of funding					0.44	%					0.50	%					0.89	%					0.59	%					0.93	%
Cost of total deposits					0.33	%					0.40	%					0.76	%					0.47	%					0.81	%
(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.

17

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
				RECONCILIATION OF GAAP TO NON-GAAP
																		Twelve Months Ended
		2020								2019								December 31,
		Fourth		Third		Second		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		2020		2019
Net income (GAAP)		$	31,521	$	29,992	$	20,130	$	2,008	$	38,415	$	37,446	$	46,625	$	45,110	$	83,651	$	167,596
	Amortization of intangibles	1,659		1,733		1,834		1,895		1,946		1,996		2,053		2,110		7,121		8,105
	Tax effect of adjustment noted above (A)	(297)		(374)		(335)		(527)		(383)		(457)		(473)		(488)		(1,382)		(1,807)
Tangible net income (non-GAAP)		$	32,883	$	31,351	$	21,629	$	3,376	$	39,978	$	38,985	$	48,205	$	46,732	$	89,390	$	173,894
Net income (GAAP)		$	31,521	$	29,992	$	20,130	$	2,008	$	38,415	$	37,446	$	46,625	$	45,110	$	83,651	$	167,596
	Merger & conversion expenses	—		—		—		—		76		24		179		—		—		279
	Debt prepayment penalties	3		28		90		—		—		54		—		—		121		54
	MSR valuation adjustment	(1,968)		(828)		4,951		9,571		(1,296)		3,132		—		—		11,726		1,836
	Restructuring charges	7,365		—		—		—		—		—		—		—		7,365		—
	Swap termination charges	2,040		—		—		—		—		—		—		—		2,040		—
	COVID-19 related expenses	613		570		6,257		2,903		—		—		—		—		10,343		—
	Tax effect of adjustment noted above (A)	(1,443)		50		(2,065)		(3,467)		241		(736)		(41)		—		(6,131)		(484)
Net income with exclusions (non-GAAP)		$	38,131	$	29,812	$	29,363	$	11,015	$	37,436	$	39,920	$	46,763	$	45,110	$	109,115	$	169,281
Average shareholders’ equity (GAAP)		$	2,132,375	$	2,119,500	$	2,101,092	$	2,105,143	$	2,131,342	$	2,131,537	$	2,102,093	$	2,065,370	$	2,114,590	$	2,107,832
	Intangibles	970,624		972,394		974,237		975,933		977,506		975,306		974,628		976,820		973,287		976,065
Average tangible s/h’s equity (non-GAAP)		$	1,161,751	$	1,147,106	$	1,126,855	$	1,129,210	$	1,153,836	$	1,156,231	$	1,127,465	$	1,088,550	$	1,141,303	$	1,131,767
Average total assets (GAAP)		$	14,898,055	$	14,928,159	$	14,706,027	$	13,472,550	$	13,157,843	$	12,846,131	$	12,764,669	$	12,730,939	$	14,503,449	$	12,875,986
	Intangibles	970,624		972,394		974,237		975,933		977,506		975,306		974,628		976,820		973,287		976,065
Average tangible assets (non-GAAP)		$	13,927,431	$	13,955,765	$	13,731,790	$	12,496,617	$	12,180,337	$	11,870,825	$	11,790,041	$	11,754,119	$	13,530,162	$	11,899,921
Actual shareholders’ equity (GAAP)		$	2,132,578	$	2,104,300	$	2,082,946	$	2,070,512	$	2,125,689	$	2,119,659	$	2,119,696	$	2,088,877	$	2,132,578	$	2,125,689
	Intangibles	969,823		971,481		973,214		975,048		976,943		978,390		973,673		975,726		969,823		976,943
Actual tangible s/h’s equity (non-GAAP)		$	1,162,755	$	1,132,819	$	1,109,732	$	1,095,464	$	1,148,746	$	1,141,269	$	1,146,023	$	1,113,151	$	1,162,755	$	1,148,746
Actual total assets (GAAP)		$	14,929,666	$	14,808,933	$	14,897,207	$	13,890,550	$	13,400,618	$	13,039,674	$	12,892,653	$	12,862,395	$	14,929,666	$	13,400,618
	Intangibles	969,823		971,481		973,214		975,048		976,943		978,390		973,673		975,726		969,823		976,943
Actual tangible assets (non-GAAP)		$	13,959,843	$	13,837,452	$	13,923,993	$	12,915,502	$	12,423,675	$	12,061,284	$	11,918,980	$	11,886,669	$	13,959,843	$	12,423,675
	(A) Tax effect is calculated based on respective periods effective tax rate.

18

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
				RECONCILIATION OF GAAP TO NON-GAAP
																		Twelve Months Ended
		2020								2019								December 31,
		Fourth		Third		Second		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		2020		2019
(1) Return on Average Equity
Return on avg s/h’s equity (GAAP)		5.88	%	5.63	%	3.85	%	0.38	%	7.15	%	6.97	%	8.90	%	8.86	%	3.96	%	7.95	%
	Effect of adjustment for intangible assets	5.38	%	5.24	%	3.87	%	0.82	%	6.60	%	6.41	%	8.25	%	8.55	%	3.87	%	7.41	%
Return on avg tangible s/h’s equity (non-GAAP)		11.26	%	10.87	%	7.72	%	1.20	%	13.75	%	13.38	%	17.15	%	17.41	%	7.83	%	15.36	%
Return on avg s/h’s equity (GAAP)		5.88	%	5.63	%	3.85	%	0.38	%	7.15	%	6.97	%	8.90	%	8.86	%	3.96	%	7.95	%
	Effect of exclusions from net income	1.23	%	(0.03)	%	1.77	%	1.72	%	(0.18)	%	0.46	%	0.02	%	—	%	1.20	%	0.80	%
Return on avg s/h’s equity with excl. (non-GAAP)		7.11	%	5.60	%	5.62	%	2.10	%	6.97	%	7.43	%	8.92	%	8.86	%	5.16	%	8.03	%
	Effect of adjustment for intangible assets	6.41	%	5.21	%	5.39	%	2.31	%	6.44	%	6.80	%	8.28	%	8.55	%	4.90	%	7.48	%
Return on avg tangible s/h’s equity with exclusions (non-GAAP)		13.52	%	10.81	%	11.01	%	4.41	%	13.41	%	14.23	%	17.20	%	17.41	%	10.06	%	15.51	%
(2) Return on Average Assets
Return on avg assets (GAAP)		0.84	%	0.80	%	0.55	%	0.06	%	1.16	%	1.16	%	1.47	%	1.44	%	0.58	%	1.30	%
	Effect of adjustment for intangible assets	0.10	%	0.09	%	0.08	%	0.05	%	0.14	%	0.14	%	0.17	%	0.17	%	0.08	%	0.16	%
Return on avg tangible assets (non-GAAP)		0.94	%	0.89	%	0.63	%	0.11	%	1.30	%	1.30	%	1.64	%	1.61	%	0.66	%	1.46	%
Return on avg assets (GAAP)		0.84	%	0.80	%	0.55	%	0.06	%	1.16	%	1.16	%	1.47	%	1.44	%	0.58	%	1.30	%
	Effect of exclusions from net income	0.18	%	(0.01)	%	0.25	%	0.27	%	(0.03)	%	0.07	%	—	%	—	%	0.17	%	0.01	%
Return on avg assets with exclusions (non-GAAP)		1.02	%	0.79	%	0.80	%	0.33	%	1.13	%	1.23	%	1.47	%	1.44	%	0.75	%	1.31	%
	Effect of adjustment for intangible assets	0.11	%	0.10	%	0.10	%	0.07	%	0.14	%	0.16	%	0.17	%	0.17	%	0.10	%	0.17	%
Return on avg tangible assets with exclusions (non-GAAP)		1.13	%	0.89	%	0.90	%	0.40	%	1.27	%	1.39	%	1.64	%	1.61	%	0.85	%	1.48	%
(3) Shareholder Equity Ratio
Shareholders’ equity to actual assets (GAAP)		14.28	%	14.21	%	13.98	%	14.91	%	15.86	%	16.26	%	16.44	%	16.24	%	14.28	%	15.86	%
	Effect of adjustment for intangible assets	5.95	%	6.02	%	6.01	%	6.43	%	6.61	%	6.80	%	6.82	%	6.88	%	5.95	%	6.61	%
Tangible capital ratio (non-GAAP)		8.33	%	8.19	%	7.97	%	8.48	%	9.25	%	9.46	%	9.62	%	9.36	%	8.33	%	9.25	%

19

RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Twelve Months Ended
		2020												2019												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2020			2019
Interest income (FTE)		$	123,823		$	123,677		$	125,630		$	131,887		$	135,119		$	135,927		$	139,285		$	138,578		$	505,017		$	548,909
	Interest expense	13,799			15,792			18,173			23,571			24,263			25,651			25,062			23,947			71,335			98,923
Net Interest income (FTE)		$	110,024		$	107,885		$	107,457		$	108,316		$	110,856		$	110,276		$	114,223		$	114,631		$	433,682		$	449,986
Total noninterest income		$	62,864		$	70,928		$	64,170		$	37,570		$	37,456		$	37,953		$	41,960		$	35,885		$	235,532		$	153,254
	Securities gains (losses)	15			—			31			—			—			343			(8)			13			46			348
	MSR valuation adjustment	1,968			828			(4,951)			(9,571)			1,296			(3,132)			—			—			(11,726)			(1,836)
Total adjusted noninterest income		$	60,881		$	70,100		$	69,090		$	47,141		$	36,160		$	40,742		$	41,968		$	35,872		$	247,212		$	154,742
Total noninterest expense		$	122,152		$	116,510		$	118,285		$	115,041		$	95,552		$	96,500		$	93,290		$	88,832		$	471,988		$	374,174
	Amortization of intangibles	1,659			1,733			1,834			1,895			1,946			1,996			2,053			2,110			7,121			8,105
	Merger-related expenses	—			—			—			—			76			24			179			—			—			279
	Debt prepayment penalty	3			28			90			—			—			54			—			—			121			54
	Restructuring charges	7,365			—			—			—			—			—			—			—			7,365			—
	Swap termination charges	2,040			—			—			—			—			—			—			—			2,040			—
	COVID-19 related expenses	613			570			6,257			2,903			—			—			—			—			10,343			—
	Provision for unfunded commitments	500			2,700			2,600			3,400			—			—			—			—			9,200			—
Total adjusted noninterest expense		$	109,972		$	111,479		$	107,504		$	106,843		$	93,530		$	94,426		$	91,058		$	86,722		$	435,798		$	365,736
Efficiency Ratio (GAAP)		70.65		%	65.16		%	68.92		%	78.86		%	64.43		%	65.10		%	59.73		%	59.02		%	70.53		%	62.03		%
(4) Adjusted Efficiency Ratio (non-GAAP)		64.35		%	62.63		%	60.89		%	68.73		%	63.62		%	62.53		%	58.30		%	57.62		%	64.00		%	60.48		%

20

EX-99.2

Fourth Quarter 2020 Earnings Call

2 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 and our participation in government programs related to the pandemic. 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 pace at which the COVID-19 vaccine can be distributed and administered to residents of the markets we serve and the United States generally, 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) civil unrest, 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 investors.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.

Overview Note: Financial data as of December 31, 2020 (1) Total revenue is calculated as net interest income plus noninterest income. Company Snapshot Loans and Deposits by State Assets: $14.9 billion Loans: 10.9 Deposits: 12.1 Equity: 2.1 3 MS 24% AL 19% FL 4% GA 33% TN 20% Loans MS 38% AL 12% FL 3% GA 34% TN 13% Deposits 71% 3% 24% 2% YTD Total Revenue(1) Community Bank Wealth Management Mortgage Insurance

4 Renasant Footprint Branch (168) Loan Production Office (7) Mortgage (21) Insurance (8) Financial Services (2) Jackson Mobile Knoxville Chattanooga Greensboro Raleigh Columbia Nashville Winston-Salem Montgomery Birmingham Columbus Charlotte Jacksonville Memphis Orlando Huntsville Tallahassee Atlanta Wilmington Charleston Savannah Tupelo MISSISSIPPI ALABAMA TENNESSEE GEORGIA FLORIDA SOUTH CAROLINA NORTH CAROLINA ARKANSAS LOUISIANA 55 20 65 10 65 75 20 95 95 85 77 95 81 7524 40 59 40Greenville Over 200 banking, lending, wealth management and insurance offices

Fourth Quarter Highlights 5 • Adjusted Pre-Provision Net Revenue (1) was $57.39 million, with net income of $31.52 million • Mortgage banking income was $39.76 million • Incurred $7.37 million in restructuring charges related to efficiency initiatives to better align our workforce and branch network and $2.04 million in swap termination charges • Allowance for credit losses to total loans, excluding Paycheck Protection Program (“PPP”) loans, increased to 1.80% • Net charge-offs were $954 thousand and the ratio of nonperforming loans to total loans (excluding PPP loans) was 0.57% • Total loans on deferral represented 1.5% of total loans (excluding PPP loans) as of December 31, 2020 (1) Adjusted Pre-Provision Net Revenue is a non-GAAP financial measure. See slide 28 in the appendix for a description of the exclusions and a reconciliation of this non-GAAP financial measure to GAAP.

Financial Condition

Total Assets 7 Note: Dollars in millions $13,401 $13,891 $14,897 $14,809 $14,930 $10 ,000 $11 ,000 $12 ,000 $13 ,000 $14 ,000 $15 ,000 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

Loans and Yields 8Note: Dollars in millions * 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. ** 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. $9,690 $9,769 $10,997 $11,085 $10,933 5.11% 4.93% 4.31% 4.06% 4.10% 4.82% 4.69% 4.24% 4.09% 4.03% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1-4 Family Mortgage Commercial Mortgage Construction Other* C&I PPP Loan Yield Core Loan Yield**

Deposit Mix and Pricing 9 Note: Dollars in millions $10,213 $10,412 $11,846 $11,934 $12,060 0.76% 0.72% 0.49% 0.40% 0.33% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Noninterest-bearing Interest-bearing Savings Time Cost of deposits

Capital Position 10 Tier 1 $1,306 Tier 2 $347 Regulatory Capital as of December 31, 2020 • $50 million stock repurchase program in effect until October 2021. • 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 notes due 2035 that qualify as tier 2 capital. • Callable subordinated debt in 2021: • July 2021 - $15 million 6.50% fixed-to-floating rate subordinated notes • September 2021 - $60 million 5.00% fixed-to- floating rate subordinated notes Capital Highlights Subordinated Notes $212 ACL $135 Trust Preferred $107 Common Equity Tier 1 $1,199 1 Note: Dollars in millions

Strong Capital Position 11 * 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. Ratio 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Minimum to be Well Capitalized Tangible Common Equity* 9.25% 8.48% 7.97% 8.19% 8.33% N/A Leverage 10.37 9.90 9.12 9.17 9.37 5.00% Tier 1 Risk Based 12.14 11.63 11.69 11.79 11.91 8.00 Total Risk Based 13.78 13.44 13.72 14.89 15.07 10.00 Tier 1 Common Equity 11.12 10.63 10.69 10.80 10.93 6.50 PPP impact as of December 31, 2020: Tangible common equity* 73 bps Leverage ratio 92 bps Capital Ratios

Asset Quality

2.41% 0.00% 1.00% 2.00% 3.00% 4.00% $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Classified Loans/Total Loans(1) Classified Loans % of Total Loans, excl. PPP ($ in thousands) 0.27% 0.00% 0.50% 1.00% 1.50% 2.00% $- $25,000 $50,000 $75,000 $100,000 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Loans 30-89 Days Past Due/ Total Loans(1) 30-89 DPD % of Total Loans, excl. PPP ($ in thousands) Asset Quality (1) PPP loans excluded from the balance of “Total Loans”. 13

0.45% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $- $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 NPAs/Total Assets(1) Nonperforming loans OREO % of Assets ($ in thousands) 0.04% 0.00% 0.10% 0.20% 0.30% 0.40% $- $5,000 $10,000 $15,000 $20,000 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Net Charge-offs/Average Loans(1) Net charge-offs % of Avg Loans ($ in thousands) Asset Quality (1) PPP loans excluded from the balance of “Total Assets” and “Average Loans”. 14

1.80% 0.00% 0.50% 1.00% 1.50% 2.00% $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Allowance/Total Loans Allowance % of Total Loans, excl. PPP ($ in thousands) 0% 100% 200% 300% 400% 500% $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Allowance/Nonperforming Loans Allowance % of Total NPLs ($ in thousands) • Adopted CECL effective January 1, 2020. • Loan purchase discount of $25.9 million (26 bps of total loans excl. PPP) remaining as of December 31, 2020. • 2.06% total loss absorption capacity (total allowance plus loan purchase discount remaining) as of December 31, 2020 excluding PPP loans. Asset Quality 15

ACL Summary ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans ACL ACL as a % of Loans ACL ACL as a % of Loans ACL ACL as a % 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 39,399$ 2.80 Lease Financing Receivables 1,431 1.75 1,588 1.88 1,812 2.24 1,832 2.21 1,624 2.14 Real Estate - 1-4 Family Mortgage 24,128 0.84 27,320 0.96 29,401 1.05 32,705 1.18 32,165 1.19 Real Estate - Commercial Mortgage 29,283 0.69 44,237 1.03 60,061 1.36 70,582 1.54 75,759 1.66 Real Estate - Construction 8,534 1.03 10,924 1.39 12,538 1.58 13,819 1.79 16,047 1.87 Installment loans to individuals 9,261 3.06 10,179 3.21 10,890 3.83 10,965 4.51 11,150 5.32 Allowance for Credit Losses on Loans 94,646 0.98 120,185 1.23 145,387 1.32 168,098 1.52 176,144 1.61 Allowance for Credit Losses on Deferred Interest - - - - 1,500 Reserve for Unfunded Commitments 11,335 14,735 17,335 20,035 20,535 Total Allowance for Credit Losses 105,981$ 134,920$ 162,722$ 188,133$ 198,179$ ACL on Total Loans excluding PPP loans 0.98 1.23 1.50 1.72 1.80 12/31/20201/1/2020 3/31/2020 9/30/20206/30/2020 $26,350 $26,900 $23,100 $10,500 $3,400 $2,600 $2,700 $500 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Credit Costs Provision for Credit Losses Expense for Unfunded Cmmt (in thousands) 16

Profitability

Net Income & Adjusted Pre-Provision Net Revenue* 18 $38.4 $2.0 $20.1 $30.0 $31.5 $49.6 $45.0 $65.6 $63.2 $57.4 1.49% 1.34% 1.79% 1.68% 1.53% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 $90.9 $92.2 $146.9 $167.6 $22.1 $151.9 $192.5 $209.7 $224.9 $110.6 1.81% 2.02% 1.89% 1.75% 1.58% 2016 2017 2018 2019 YTD 2020 PPNR (Non-GAAP) Net Income PPNR/Avg Assets (Non-GAAP) $90.9 $92.2 $146.9 $167.6 $22.1 $151.9 $192.5 $209.7 $224.9 $110.6 1.81% 2.02% 1.89% 1.75% 1.58% 2016 2017 2018 2019 YTD 2020 PPNR (Non-GAAP) Net Income PPNR/Avg Assets (Non-GAAP) $90.9 $92.2 $146.9 $167.6 $22.1 $151.9 $192.5 $209.7 $224.9 $110.6 1.81% 2.02% 1.89% 1.75% 1.58% 2016 2017 2018 2019 YTD 2020 PPNR (Non-GAAP) Net Income PPNR/Avg Assets (Non-GAAP)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 27 and 28 in the appendix for a description of the exclusions and a reconciliation of these non-GAAP financial measures to GAAP.

Diluted Earnings per Share 19 $.67 $.04 $.36 $.53 $.56 $.65 $.20 $.52 $.53 $.68 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 EPS (GAAP) EPS Adjusted (non-GAAP)* * Diluted earnings per share (adjusted) is a non-GAAP financial measure. See slide 29 in the appendix for a description of exclusions and a reconciliation of this non-GAAP financial measure to GAAP.

Profitability Ratios 20 7.15% 0.38% 3.85% 5.63% 5.88% 13.41% 4.41% 11.01% 10.81% 13.52% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 ROE (GAAP) ROTCE Adjusted (non-GAAP)* * ROAA (Adjusted) and ROTCE (Adjusted) are non-GAAP financial measure. See slides 28 and 30 in the appendix for a description of the exclusions and a reconciliation of these non-GAAP financial measures to GAAP. 1.16% 0.06% 0.55% 0.80% 0.84% 1.13% 0.33% 0.80% 0.79% 1.02% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 ROAA (GAAP) ROAA Adjusted (non-GAAP)* Return on Average Tangible Common Equity (ROTCE) Return on Average Assets (ROAA)

Net Interest Income (FTE) & Net Interest Margin 21 $110.9 $108.3 $107.5 $107.9 $110.0 3.90% 3.75% 3.38% 3.29% 3.35%3.66% 3.56% 3.26% 3.23% 3.22% 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Core NII (FTE)(Non-GAAP)* 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 and a reconciliation of these non-GAAP financial measures to GAAP.

Note: Dollars in thousands $37,456 $37,570 $64,170 $70,928 $62,864 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Service Charges Fees and Commissions Insurance Wealth Management Mortgage Banking Securities Gains Other Noninterest Income 22 MORTGAGE HIGHLIGHTS 4Q19 3Q20 4Q20 Locked Volume $0.9 bill $1.7 bill $1.4 bill Wholesale % 43 41 41 Retail % 57 59 59 Purchase % 59 55 50 Refinance % 41 45 50 ($ in thousands) 4Q19 3Q20 4Q20 Gain on sales of loans, net 10,438$ 45,985$ 36,080$ Fees, net 3,023 5,367 5,318 Mortgage servicing income, net 408 (2,466) (3,606) MSR valuation adjustment 1,296 828 1,968 Mortgage banking income, net 15,165$ 49,714$ 39,760$

64% 79% 69% 65% 71% 64% 69% 61% 63% 64% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* Efficiency Ratio 23 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.

Appendix

Loan Deferral Program • As of December 31, 2020, approximately 1.5% of the total loan portfolio, excluding PPP loans, is under the deferral program Deferral Amount Average Balance Deferred Category ($ in millions) ($ in thousands) Commercial, Financial, Agricultural $ 3 $ 202 Real Estate - 1-4 Family Mortgage 114 212 Installment loans to individuals 3 11 Real Estate - Commercial Mortgage 24 1,040 Real Estate - Construction 1 213 Total $ 145 $ 160 25 Deferrals by Category as of December 31, 2020

COVID-19 Impacted Portfolios • Early identification of portfolios that may be more sensitive to COVID-19 related impacts • 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 December 31, 2020 Impacted Portfolios Loan Portfolio (By NAICS Code) Portfolio Amount ($ in millions) Percentage of Total Loan Portfolio(1) Percentage of Portfolio Deferred(1) Percentage of Portfolio in Special Mention Percentage of Portfolio Classified Percentage of Portfolio Nonperforming Hospitality $346 3.5 2.6 14.4 14.1 0.0 Healthcare 759 7.7 1.1 3.3 5.3 2.0 26 (1) Excludes PPP loans.

Reconciliation of Non-GAAP Disclosures Adjusted Pre-Provision Net Revenue 27 $ in thousands 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Net income (GAAP) 38,415$ 2,008$ 20,130$ 29,992$ 31,521$ Income taxes 9,424 773 4,637 7,612 6,818 Provision for credit losses (including unfunded commitments) 2,950 29,750 29,500 25,800 11,000 Pre-provision net revenue (non-GAAP) 50,789$ 32,531$ 54,267$ 63,404$ 49,339$ Merger and conversion expense 76 - - - - Debt prepayment penalties - - 90 28 3 MSR valuation adjustment (1,296) 9,571 4,951 (828) (1,968) Restructuring charges - - - - 7,365 Swap termination charges - - - - 2,040 COVID-19 related expenses (1) - 2,903 6,257 570 613 Adjusted pre-provision net revenue (non-GAAP) 49,569$ 45,005$ 65,565$ 63,174$ 57,392$ (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.

Reconciliation of Non-GAAP Disclosures Adjusted Pre-Provision Net Revenue/Average Assets 28 $ in thousands 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Net income (GAAP) 38,415$ 2,008$ 20,130$ 29,992$ 31,521$ Merger and conversion expense 76 - - - - Debt prepayment penalties - - 90 28 3 MSR valuation adjustment (1,296) 9,571 4,951 (828) (1,968) Restructuring charges - - - - 7,365 Swap termination charges - - - - 2,040 COVID-19 related expenses (1) - 2,903 6,257 570 613 Tax effect of adjustments noted above (2) 241 (3,467) (2,065) 50 (1,443) Net income with exclusions (non-GAAP) 37,436$ 11,015$ 29,363$ 29,812$ 38,131$ Adjusted pre-provision net revenue (non-GAAP) (3) 49,569$ 45,005$ 65,565$ 63,174$ 57,392$ Total average assets 13,157,843$ 13,472,550$ 14,706,027$ 14,928,159$ 14,898,055$ Return on Average Assets (GAAP) 1.16% 0.06% 0.55% 0.80% 0.84% Return on Average Assets with Exclusions (non-GAAP) 1.13% 0.33% 0.80% 0.79% 1.02% Adjusted pre-provision net revenue/Average assets (non-GAAP) 1.49% 1.34% 1.79% 1.68% 1.53% (1) See footnote 1 on slide 27 for an explanation of the types of expenses included in the COVID-19 related expenses line item. (2) Tax effect is calculated based on the respective periods effective tax rate. (3) See slide 27 for reconciliation of Adjusted pre-provision net revenue.

Reconciliation of Non-GAAP Disclosures 29 Diluted Earnings Per Share $ in thousands 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Net income (GAAP) 38,415$ 2,008$ 20,130$ 29,992$ 31,521$ Merger and conversion expense 76 - - - - Debt prepayment penalties - - 90 28 3 MSR valuation adjustment (1,296) 9,571 4,951 (828) (1,968) Restructuring charges - - - - 7,365 Swap termination charges - - - - 2,040 COVID-19 related expenses (1) - 2,903 6,257 570 613 Tax effect of adjustments noted above (2) 241 (3,467) (2,065) 50 (1,443) Net income with exclusions (non-GAAP) 37,436$ 11,015$ 29,363$ 29,812$ 38,131$ Diluted shares outstanding (average) 57,391,876 56,706,289 56,325,476 56,386,153 56,489,809 Diluted EPS (GAAP) 0.67$ 0.04$ 0.36$ 0.53$ 0.56$ Diluted EPS (adjusted) (non-GAAP) 0.65$ 0.20$ 0.52$ 0.53$ 0.68$ (1) See footnote 1 on slide 27 for an explanation of the types of expenses included in the COVID-19 related expenses line item. (2) Tax effect is calculated based on the respective periods effective tax rate.

Reconciliation of Non-GAAP Disclosures 30 Return on Average Tangible Common Equity (Adjusted) $ in thousands 4Q19 1Q20 2Q20 3Q20 4Q20 Net income (GAAP) 38,415$ 2,008$ 20,130$ 29,992$ 31,521$ Merger and conversion expense 76 - - - - Debt prepayment penalties - - 90 28 3 MSR valuation adjustment (1,296) 9,571 4,951 (828) (1,968) Restructuring charges - - - - 7,365 Swap termination charges - - - - 2,040 COVID-19 related expenses (1) - 2,903 6,257 570 613 Tax effect of adjustments noted above (2) 241 (3,467) (2,065) 50 (1,443) Net income with exclusions (non-GAAP) 37,436$ 11,015$ 29,363$ 29,812$ 38,131$ Amortization of intangibles 1,946 1,895 1,834 1,733 1,659 Tax effect of adjustment noted above (2) (383) (527) (335) (374) (297) Tangible net income with exclusion (non-GAAP) 38,999$ 12,383$ 30,862$ 31,171$ 39,493$ Average shareholders' equity (GAAP) 2,131,342$ 2,105,143$ 2,101,092$ 2,119,500$ 2,132,375$ Intangibles 977,506 975,933 974,237 972,394 970,624 Average tangible shareholders' equity (non-GAAP) 1,153,836$ 1,129,210$ 1,126,855$ 1,147,106$ 1,161,751$ Return on Average Equity (GAAP) 7.15% 0.38% 3.85% 5.63% 5.88% Return on Average Tangible Common Equity (Adjusted) (non-GAAP) 13.41% 4.41% 11.01% 10.81% 13.52% (1) See footnote 1 on slide 27 for an explanation of the types of expenses included in the COVID-19 related expenses line item. (2) Tax effect is calculated based on the respective periods effective tax rate.

Reconciliation of Non-GAAP Disclosures Core Net Interest Income (FTE) and Core Net Interest Margin 31 $ in thousands 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Net interest income (FTE) (GAAP) 110,856$ 108,316$ 107,457$ 107,885$ 110,024$ Less: Net interest income collected on problem loans 152 218 384 282 128 Accretable yield recognized on purchased loans 6,661 5,469 4,700 4,949 4,130 Interest income on PPP loans - - 5,886 7,449 10,271 Core net interest income (FTE) (non-GAAP) 104,043$ 102,629$ 96,487$ 95,205$ 95,495$ Total average earning assets 11,277,000$ 11,609,477$ 12,776,644$ 13,034,422$ 13,059,967$ Less: Average PPP loans - - 866,078 1,305,229 1,252,990 Adjusted total average earning assets (non-GAAP) 11,277,000$ 11,609,477$ 11,910,566$ 11,729,193$ 11,806,977$ Net interest margin (GAAP) 3.90% 3.75% 3.38% 3.29% 3.35% Core net interest margin (non-GAAP) 3.66% 3.56% 3.26% 3.23% 3.22%

Reconciliation of Non-GAAP Disclosures Core Loan Yield 32 $ in thousands 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Loan interest income (FTE) (GAAP) 121,752$ 118,741$ 113,727$ 112,764$ 113,457$ Less: Net interest income collected on problem loans 152 218 384 282 18 Accretable yield recognized on purchased loans 6,661 5,469 4,700 4,949 4,130 Interest income on PPP loans - - 5,886 7,449 10,271 Adjusted loan interest income (FTE) (non-GAAP) 114,939$ 113,054$ 102,757$ 100,084$ 99,038$ Total average loans 9,457,658$ 9,687,285$ 10,616,147$ 11,041,684$ 11,019,505$ Less: Average PPP loans - - 866,078 1,305,229 1,252,990 Adjusted total average loans (non-GAAP) 9,457,658$ 9,687,285$ 9,750,069$ 9,736,455$ 9,766,515$ Loan yield (GAAP) 5.11% 4.93% 4.31% 4.06% 4.10% Core loan yield (non-GAAP) 4.82% 4.69% 4.24% 4.09% 4.03%

Reconciliation of Non-GAAP Disclosures Adjusted Efficiency Ratio 33 $ in thousands Q4 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Net interest income (FTE) (GAAP) 110,856$ 108,316$ 107,457$ 107,885$ 110,024$ Total noninterest income (GAAP) 37,456 37,570 64,170 70,928 62,864 Securities gains (losses) - - 31 - 15 MSR valuation adjustment 1,296 (9,571) (4,951) 828 1,968 Adjusted total noninterest income (non-GAAP) 36,160$ 47,141$ 69,090$ 70,100$ 60,881$ Total income (FTE) (non-GAAP) 147,016$ 155,457$ 176,547$ 177,985$ 170,905$ Total noninterest expense (GAAP) 95,552$ 115,041$ 118,285$ 116,510$ 122,152$ Amortization of intangibles 1,946 1,895 1,834 1,733 1,659 Merger-related expenses 76 - - - - Debt prepayment penalty - - 90 28 3 Restructuring charges - - - - 7,365 Swap termination charges - - - - 2,040 Provision for unfunded commitments - 3,400 2,600 2,700 500 COVID-19 Related Expenses - 2,903 6,257 570 613 Adjusted total noninterest expense (non-GAAP) 93,530$ 106,843$ 107,504$ 111,479$ 109,972$ Efficiency Ratio (GAAP) 64.43% 78.86% 68.92% 65.16% 70.65% Adjusted Efficiency Ratio (non-GAAP) 63.62% 68.73% 60.89% 62.63% 64.35%

Reconciliation of Non-GAAP Disclosures Tangible Common Equity and Tangible Book Value 34 $ in thousands 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Actual shareholder's equity (GAAP) 2,125,689$ 2,070,512$ 2,082,946$ 2,104,300$ 2,132,578$ Intangibles 976,943 975,048 973,214 971,481 969,823 Actual tangible shareholders' equity (non-GAAP) 1,148,746$ 1,095,464$ 1,109,732$ 1,132,819$ 1,162,755$ Actual total assets (GAAP) 13,400,618$ 13,890,550$ 14,897,207$ 14,808,933$ 14,929,666$ Intangibles 976,943 975,048 973,214 971,481 969,823 Actual tangible assets (non-GAAP) 12,423,675$ 12,915,502$ 13,923,993$ 13,837,452$ 13,959,843$ PPP Loans - - 1,281,278 1,307,972 1,128,703 Actual tangible assets exc. PPP loans (non-GAAP) 12,423,675$ 12,915,502$ 12,642,715$ 12,529,480$ 12,831,140$ Tangible Common Equity Ratio Shareholders' equity to (actual) assets (GAAP) 15.86% 14.91% 13.98% 14.21% 14.28% Effect of adjustment for intangible assets 6.61% 6.43% 6.01% 6.02% 5.95% Tangible common equity ratio (non-GAAP) 9.25% 8.48% 7.97% 8.19% 8.33% Effect of adjustment for PPP - - -0.81% -0.85% -0.73% Tangible common equity ratio exc. PPP loans (non-GAAP) 9.25% 8.48% 8.78% 9.04% 9.06% Tangible Book Value Shares Outstanding 56,855,002 56,141,018 56,181,962 56,193,705 56,200,487 Book Value (GAAP) 37.39$ 36.88$ 37.07$ 37.45$ 37.95$ Tangible Book Value (non-GAAP) 20.20$ 19.51$ 19.75$ 20.16$ 20.69$

XML

Cover	Jan. 26, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 26, 2021
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