EX-99.1 2 exhibit991_rnstx3q2021earn.htm EX-99.1 Document



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Contacts:For Media:For Financials:
John S. OxfordJames C. Mabry IV
Senior Vice PresidentExecutive Vice President
Director of MarketingChief Financial Officer
(662) 680-1219(662) 680-1281

RENASANT CORPORATION ANNOUNCES
EARNINGS FOR THE THIRD QUARTER OF 2021

TUPELO, MISSISSIPPI (October 28, 2021) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the third quarter of 2021. Net income for the third quarter of 2021 was $40.1 million, as compared to $30.0 million for the third quarter of 2020. Basic and diluted earnings per share (“EPS”) were $0.71 for the third quarter of 2021, as compared to basic and diluted EPS of $0.53 for the third quarter of 2020.

Net income for the nine months ending September 30, 2021, was $138.8 million, as compared to net income of $52.1 million for the same period in 2020. Basic and diluted EPS were $2.47 and $2.46, respectively, for the first nine months of 2021, as compared to basic and diluted EPS of $0.93 and $0.92, respectively, for the first nine months of 2020.

“Our team produced solid results during the third quarter, and we continue to see all areas of the Bank perform at a high level. Our financial condition remains strong and is highlighted by our core funding, robust capital structure and stable credit metrics,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “We believe the markets in which we operate provide significant opportunities, and we remain optimistic about future loan growth, despite the headwinds of elevated payoffs. Our team remains committed to improving profitability through our ongoing revenue and expense initiatives.”
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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 periods listed. The “COVID-19 related expenses” line item 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.
(in thousands, except per share data)Three Months EndedNine Months Ended
September 30, 2021September 30, 2021
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Earnings, as reported$51,248 $40,063 $0.71 $174,410 $138,838 $2.46 
MSR valuation adjustment— — — (13,561)(10,564)(0.19)
Restructuring charges— — — 307 239 — 
COVID-19 related expenses323 253 — 1,478 1,151 0.02 
Earnings, with exclusions (Non-GAAP)$51,571 $40,316 $0.71 $162,634 $129,664 $2.29 
Three Months EndedNine Months Ended
September 30, 2020September 30, 2020
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Earnings, as reported$37,604 $29,992 $0.53 $65,152 $52,130 $0.92 
Debt prepayment penalty28 22 — 118 94 — 
MSR valuation adjustment(828)(650)(0.01)13,694 10,916 0.19 
COVID-19 related expenses570 448 0.01 9,730 7,758 0.14 
Earnings, with exclusions (Non-GAAP)$37,374 $29,812 $0.53 $88,694 $70,898 $1.25 
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, except that reconciliations for asset quality measures that exclude Paycheck Protection Program loans from the relevant measure are included in the Company’s presentation materials filed with the Securities and Exchange Commission together with this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in
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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, restructuring charges, swap termination charges and COVID-19 related expenses, as applicable, for the dates presented:
As ReportedWith Exclusions
(Non-GAAP)
Three Months EndedThree Months Ended
September 30, 2021June 30, 2021September 30, 2020September 30, 2021June 30, 2021September 30, 2020
Return on average assets0.99 %1.04 %0.80 %0.99 %1.04 %0.79 %
Return on average tangible assets (Non-GAAP)1.08 %1.14 %0.89 %1.09 %1.14 %0.89 %
Return on average equity7.16 %7.40 %5.63 %7.21 %7.46 %5.60 %
Return on average tangible equity (Non-GAAP)13.05 %13.54 %10.87 %13.13 %13.64 %10.81 %
    
As ReportedWith Exclusions
(Non-GAAP)
Nine Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Return on average assets1.18 %0.48 %1.10 %0.66 %
Return on average tangible assets (Non-GAAP)1.29 %0.56 %1.21 %0.75 %
Return on average equity8.43 %3.30 %7.87 %4.49 %
Return on average tangible equity (Non-GAAP)15.43 %6.65 %14.43 %8.86 %
Financial Condition
Total assets were $16.16 billion at September 30, 2021, as compared to $14.93 billion at December 31, 2020. Total loans held for investment were $10.02 billion at September 30, 2021, as compared to $10.93 billion at December 31, 2020. Loans held for investment at September 30, 2021 and December 31, 2020 included $67.5 million and $1.13 billion, respectively, in Paycheck Protection Program (“PPP”) loans. Excluding PPP loans, the loan portfolio grew 1.87% on an annualized basis in the third quarter of 2021.

Total deposits increased to $13.25 billion at September 30, 2021, from $12.06 billion at December 31, 2020. Non-interest bearing deposits increased $807.6 million to $4.49 billion, or 33.89% of total deposits, at September 30, 2021, as compared to $3.69 billion, or 30.56% of total deposits, at December 31, 2020.
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Capital Management; Adoption of New Stock Repurchase Program
The Company’s capital position, as measured by regulatory capital ratios, remains strong. This capital strength gives the Company flexibility to accommodate future loan growth, M&A activity or share repurchases. In the third quarter of 2021, the Company repurchased $21.3 million of its common stock at a weighted average price of $34.82.

On October 26, 2021, the Company’s Board of Directors approved a new stock repurchase program (the previous program having just expired), authorizing the Company to repurchase up to $50.0 million of its outstanding common stock, either in open market purchases or privately-negotiated transactions. The new repurchase program will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased. Notwithstanding the Board’s action, the Company currently has no plans to resume stock repurchases.

At September 30, 2021, Tier 1 leverage capital was 9.18%, Common Equity Tier 1 ratio was 11.02%, Tier 1 risk-based capital ratio was 11.94% and total risk-based capital ratio was 14.66%. All of the Company’s regulatory ratios exceed the minimums required to be “well-capitalized.”

The Company’s ratio of shareholders’ equity to assets was 13.64% at September 30, 2021, as compared to 14.29% at December 31, 2020. The Company’s tangible capital ratio (non-GAAP) was 8.15% at September 30, 2021, as compared to 8.33% at December 31, 2020.


Results of Operations
Net interest income was $103.3 million for the third quarter of 2021, as compared to $109.6 million for the second quarter of 2021 and $106.3 million for the third quarter of 2020. The decrease quarter over quarter was primarily driven by the decrease in PPP income as the PPP portfolio continued to decline during the quarter due to loan forgiveness. Net interest income was $322.5 million for the first nine months of 2021, as compared to $318.7 million for the first nine months of 2020.

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 AssetsYield
Three Months EndedThree Months Ended
September 30,June 30,September 30,September 30,June 30,September 30,
202120212020202120212020
Loans held for investment excluding PPP loans69.38 %70.41 %74.70 %4.02 %4.10 %4.30 %
PPP loans0.89 4.49 10.01 10.95 6.46 2.27 
Loans held for sale 3.17 3.30 2.90 2.13 3.12 3.31 
Securities15.90 13.02 9.74 1.59 1.73 2.41 
Other10.66 8.78 2.65 0.15 0.11 0.10 
Total earning assets100.00 %100.00 %100.00 %3.23 %3.51 %3.77 %
Percentage of Total Average Earning AssetsYield
Nine Months EndedNine Months Ended
September 30,September 30,September 30,September 30,
2021202020212020
Loans held for investment excluding PPP loans71.04 %77.95 %4.12 %4.56 %
PPP loans4.17 5.82 5.62 2.45 
Loans held for sale 3.17 2.82 2.73 3.46 
Securities13.14 10.31 1.76 2.68 
Other8.48 3.10 0.13 0.38 
Total earning assets100.00 %100.00 %3.49 %4.08 %

The following tables present reported taxable equivalent net interest margin and yield on loans for the periods presented (in thousands):
Three Months Ended
September 30,June 30,September 30,
202120212020
Taxable equivalent net interest income$105,002 $111,205 $107,885 
Average earning assets$14,256,421 $13,989,264 $13,034,422 
Net interest margin2.93 %3.19 %3.29 %
Taxable equivalent interest income on loans held for investment$103,770 $110,785 $112,764 
Average loans held for investment$10,017,742 $10,478,121 $11,041,684 
Loan yield4.11 %4.24 %4.06 %

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Nine Months Ended
September 30,September 30,
20212020
Taxable equivalent net interest income$327,471 $323,659 
Average earning assets$13,869,538 $12,475,561 
Net interest margin3.16 %3.47 %
Taxable equivalent interest income on loans$327,625 $345,232 
Average loans held for investment$10,431,436 $10,450,537 
Loan yield4.20 %4.41 %

PPP loans benefited net interest margin and loan yield by 7 basis points and 9 basis points, respectively, in the third quarter of 2021, and 11 basis points and 8 basis points, respectively, in the first nine months of 2021. Increased liquidity has continued to add pressure to net interest margin in recent quarters. The Company has aggressively lowered interest rates on interest bearing deposits and increased its purchases of investment securities, and it continues to evaluate options to mitigate the pressure on net interest margin.

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following tables for the periods presented (in thousands):
Three Months Ended
September 30,June 30,September 30,
202120212020
Net interest income collected on problem loans$316 $1,339 $282 
Accretable yield recognized on purchased loans(1)
2,871 2,638 4,949 
Total impact to interest income$3,187 $3,977 $5,231 
Impact to loan yield0.13 %0.15 %0.18 %
Impact to net interest margin0.09 %0.11 %0.16 %

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,649, $1,224 and $2,286 for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively. This additional interest income increased loan yield by 7 basis points, 5 basis points, and 8 basis points for each of the three months ended September 30, 2021, June 30, 2021 and September 30, 2020, respectively, while increasing net interest margin by 5 basis points, 4 basis points, and 7 basis points for the same periods, respectively.
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Nine Months Ended
September 30,September 30,
20212020
Net interest income collected on problem loans$3,835 $884 
Accretable yield recognized on purchased loans(1)
8,597 15,118 
Total impact to interest income$12,432 $16,002 
Impact to total loan yield0.16 %0.20 %
Impact to net interest margin0.12 %0.17 %

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $4,145 and $6,205 for the nine months ended September 30, 2021 and September 30, 2020, respectively. This additional interest income increased loan yield by 5 basis points and 8 basis points for the same periods, respectively, while increasing net interest margin by 4 basis points and 7 basis points for the same periods, respectively.

For the third quarter of 2021, the cost of total deposits was 21 basis points, as compared to 24 basis points for the second quarter of 2021 and 40 basis points for the third quarter of 2020. The cost of total deposits was 24 basis points for the first nine months of 2021, down from 53 basis points for the same period in 2020. 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 FundsCost of Funds
Three Months EndingThree Months Ending
 September 30,June 30,September 30,September 30,June 30,September 30,
 202120212020202120212020
Noninterest-bearing demand32.64 %31.88 %29.66 %— %— %— %
Interest-bearing demand45.49 45.59 43.06 0.24 0.27 0.36 
Savings7.35 7.24 6.35 0.08 0.08 0.08 
Time deposits11.00 11.68 15.20 0.78 0.88 1.42 
Borrowed funds3.52 3.61 5.73 3.08 3.11 2.20 
Total deposits and borrowed funds100.00 %100.00 %100.00 %0.31 %0.34 %0.50 %
 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Nine Months EndingNine Months Ending
 September 30,September 30,September 30,September 30,
 2021202020212020
Noninterest-bearing demand31.60 %27.03 %— %— %
Interest-bearing demand45.75 42.95 0.26 0.51 
Savings7.17 6.17 0.08 0.11 
Time deposits11.85 16.79 0.90 1.59 
Borrowed funds3.63 7.06 3.13 2.10 
Total deposits and borrowed funds100.00 %100.00 %0.34 %0.64 %

Noninterest income for the third quarter of 2021 was $50.8 million, as compared to $47.6 million for the second quarter of 2021 and $70.9 million for the third quarter of 2020. The quarter-over-
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quarter decline is due to changes in mortgage banking income, as detailed below. Noninterest income for the first nine months of 2021 was $179.4 million, as compared to $172.7 million for the same period in 2020.

In mortgage banking, the Company’s interest rate lock volume was $1.44 billion in the third quarter of 2021 and $4.71 billion for the first nine months of 2021. Although gain on sale margins continued to compress during the third quarter, mortgage banking income increased on a linked quarter basis. This increase was primarily driven by an improvement in the fair value adjustment to the loan pipeline from the second quarter to the third quarter. The following tables present the components of mortgage banking income for the periods presented (in thousands):
Three Months Ended
September 30, 2021June 30, 2021September 30, 2020
Gain on sales of loans, net$20,116 $17,581 $45,985 
Fees, net3,420 4,519 5,367 
Mortgage servicing loss, net(244)(1,247)(2,466)
MSR valuation adjustment— — 828 
Mortgage banking income, net$23,292 $20,853 $49,714 
Nine Months Ended
September 30, 2021September 30, 2020
Gain on sales of loans, net$71,598 $114,327 
Fees, net12,841 13,597 
Mortgage servicing loss, net(3,122)(3,491)
MSR valuation adjustment13,561 (13,694)
Mortgage banking income, net$94,878 $110,739 

In the third quarter of 2021, the Company experienced increases in other fee income categories, including wealth management and insurance, as compared to the second quarter of 2021 and the third quarter of 2020. The Company also recognized in the third quarter of 2021 $764 thousand in gains on securities sold.

The Company entered into a referral relationship with a third party to utilize its technology platform for PPP loans originated under the latest round of the program. The Company earned approximately $2.3 million and $1.4 million, respectively, in referral fees from this round of PPP during the first and second quarter of 2021, which are recorded in other noninterest income. No such fees were earned during the third quarter of 2021.

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Noninterest expense was $104.0 million for the third quarter of 2021, as compared to $108.8 million for the second quarter of 2021 and $116.5 million for the third quarter of 2020. Noninterest expense for the first nine months of 2021 was $328.7 million, as compared to $349.8 million for the same period in 2020. The decrease on both a linked quarter and quarter-over-quarter basis in 2021 is partially related to a decrease in salaries and employee benefits, which was driven by lower mortgage incentive compensation expense recognized during the third quarter of 2021 and cost savings realized from the voluntary early retirement program offered during the fourth quarter of 2020. Other noninterest expense in the third quarter of 2021 was down from the second quarter of 2021 primarily due to the full amortization of a $3.1 million tax credit investment recognized during the second quarter of 2021. A corresponding credit of $3.4 million reduced income taxes for the second quarter. Additionally, the Company released a portion of the reserve for unfunded commitments and recorded a negative $200 thousand provision for unfunded commitments in other noninterest expense during the third quarter of 2021.

Asset Quality Metrics
At September 30, 2021, the Company’s credit quality metrics remained strong. Loans on deferred payment, as offered through the Company’s loan deferral program, established in response to the COVID-19 pandemic, continue to decline, and as of September 30, 2021, approximately 0.04% of the Company’s loan portfolio (excluding PPP loans) was on deferral, down from approximately 1.5% as of December 31, 2020.

The table below shows nonperforming assets, which include 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), and related financial ratios, as of the dates presented (in thousands):
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September 30, 2021December 31, 2020
Non PurchasedPurchasedTotalNon PurchasedPurchasedTotal
Nonaccrual loans$29,266 $26,492 $55,758 $20,369 $31,051 $51,420 
Loans 90 days past due or more90874982 3,7832674,050 
Nonperforming loans$30,174 $26,566 $56,740 $24,152 $31,318 $55,470 
Other real estate owned2,2532,4524,705 2,0453,9275,972 
Nonperforming assets$32,427 $29,018 $61,445 $26,197 $35,245 $61,442 
Nonperforming loans/total loans0.57 %0.51 %
Nonperforming loans/total loans excluding PPP loans (non-GAAP)0.57 %0.57 %
Nonperforming assets/total assets0.38 %0.41 %
Nonperforming assets/total assets excluding PPP loans (non-GAAP)0.38 %0.45 %
Loans 30-89 days past due$11,609 $3,197 $14,806$17,635 $8,651 $26,286
Loans 30-89 days past due/total loans0.15 %0.24 %
Loans 30-89 days past due/total loans excluding PPP loans (non-GAAP)0.15 %0.27 %

The table below shows the total allowance for credit losses and related ratios at September 30, 2021, as compared to December 31, 2020 (in thousands):
September 30, 2021December 31, 2020
Allowance for credit losses on loans$170,038 $176,144 
Allowance for credit losses on deferred interest1,356 1,500 
Reserve for unfunded commitments20,335 20,535 
Total allowance for credit losses$191,729 $198,179 
Allowance for credit losses on loans/total loans1.70 %1.61 %
Allowance for credit losses on loans/total loans excluding PPP loans (non-GAAP)1.71 %1.80 %

The Company recorded a negative provision for credit losses of $1.2 million during the third quarter and first nine months of 2021, as compared to a $23.1 million provision for credit losses in the third quarter of 2020 and a $76.4 million provision in the first nine months of 2020. Net loan charge-offs for the third quarter of 2021 were $1.1 million, or 0.04% of average loans held for investment on an annualized basis. The Company’s coverage ratio, or the allowance for credit losses to nonperforming loans, was 299.68% as of September 30, 2021, as compared to 317.55% as of December 31, 2020.


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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 Friday, October 29, 2021.

The webcast can be accessed through Renasant’s investor relations website at www.renasant.com or https://services.choruscall.com/mediaframe/webcast.html?webcastid=feyQW5Vg. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2021 Third Quarter Earnings Conference Call and Webcast. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10161149 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until November 12, 2021.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 117-year-old financial services institution. Renasant has assets of approximately $16.2 billion and operates 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 uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

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Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) the continued impact of the COVID-19 pandemic (and variants thereof) and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) 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; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) 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; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond management’s control.

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

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, the adjusted efficiency ratio and certain asset quality ratios (nonperforming loans to total loans, nonperforming assets to total assets, loans 30-89 past due to total loans, and the allowance for credit losses to total loans) in each case excluding PPP loans. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, COVID-19 related expenses, restructuring 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 or, with respect to asset quality measures, to exclude the Company’s PPP loans. 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
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excluded when calculating non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy; with respect to its asset quality measures, management excludes PPP loans, which are both forgivable and guaranteed by the Small Business Administration, to more clearly measure potential loss, and the coverage therefor, in the Company’s loan portfolio. 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, charges such as restructuring charges and COVID-19 related expenses, and the amount of PPP loans 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 tables at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP,” except that reconciliations of the non-GAAP asset quality measures to GAAP are included in the presentation materials that the Company filed with the SEC together with this earnings release.

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.


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RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
Q3 2021- For The Nine Months Ending
20212020Q3 2020September 30,
ThirdSecondFirstFourthThirdSecondFirstPercentPercent
QuarterQuarterQuarterQuarterQuarterQuarterQuarterVariance20212020Variance
Statement of earnings
Interest income - taxable equivalent basis$115,723 $122,617 $123,378 $123,823 $123,677 $125,630 $131,887 (6.43)%$361,718 $381,194 (5.11)%
Interest income$114,013 $120,991 $121,762 $121,926 $122,078 $123,955 $130,173 (6.61)$356,766 $376,206 (5.17)
Interest expense10,721 11,412 12,114 13,799 15,792 18,173 23,571 (32.11)34,247 57,536 (40.48)
Net interest income103,292 109,579 109,648 108,127 106,286 105,782 106,602 (2.82)322,519 318,670 1.21 
(Recovery of) provision for credit losses(1,200)— — 10,500 23,100 26,900 26,350 (105.19)(1,200)76,350 (101.57)
Net interest income after provision104,492 109,579 109,648 97,627 83,186 78,882 80,252 25.61 323,719 242,320 33.59 
Service charges on deposit accounts9,337 9,458 8,023 7,938 7,486 6,832 9,070 24.73 26,818 23,388 14.67 
Fees and commissions on loans and deposits3,837 4,110 3,900 3,616 3,402 2,971 3,054 12.79 11,847 9,427 25.67 
Insurance commissions and fees2,829 2,422 2,237 2,193 2,681 2,125 1,991 5.52 7,488 6,797  10.17 
Wealth management revenue5,371 5,019 4,792 4,314 4,364 3,824 4,002 23.08 15,182 12,190  24.54 
Securities gains (losses)764 — 1,357 15 — 31 — — 2,121 31 6,741.94 
Mortgage banking income23,292 20,853 50,733 39,760 49,714 45,490 15,535 (53.15)94,878 110,739 (14.32)
Other5,325 5,748 9,995 5,028 3,281 2,897 3,918 62.30 21,068 10,096 108.68 
Total noninterest income50,755 47,610 81,037 62,864 70,928 64,170 37,570 (28.44)179,402 172,668 3.90 
Salaries and employee benefits69,115 70,293 78,696 74,432 75,406 79,361 73,189 (8.34)218,104 227,956 (4.32)
Data processing5,277 5,652 5,451 5,373 5,259 5,047 5,006 0.34 16,380 15,312 6.97 
Occupancy and equipment11,748 11,374 12,538 13,153 13,296 13,511 14,120 (11.64)35,660 40,927 (12.87)
Other real estate168 104 41 683 1,033 620 418 (83.74)313 2,071 (84.89)
Amortization of intangibles1,481 1,539 1,598 1,659 1,733 1,834 1,895 (14.54)4,618 5,462 (15.45)
Restructuring charges— 15 292 7,365 — — — — 307 — — 
Swap termination charges— — — 2,040 — — — — — — — 
Debt prepayment penalty— — — 3 28 90 — (100.00)— 118 (100.00)
Other16,210 19,800 17,319 17,444 19,755 17,822 20,413 (17.94) 53,329 57,990 (8.04)
Total noninterest expense103,999 108,777 115,935 122,152 116,510 118,285 115,041 (10.74) 328,711 349,836 (6.04)
Income before income taxes51,248 48,412 74,750 38,339 37,604 24,767 2,781 36.28 174,410 65,152 167.70 
Income taxes11,185 7,545 16,842 6,818 7,612 4,637 773 46.94 35,572 13,022 173.17 
Net income$40,063 $40,867 $57,908 $31,521 $29,992 $20,130 $2,008 33.58 $138,838 $52,130 166.33 
Basic earnings per share$0.71 $0.73 $1.03 $0.56 $0.53 $0.36 $0.04 33.96 $2.47 $0.93 165.59 
Diluted earnings per share0.71 0.72 1.02 0.56 0.53 0.36 0.04 33.96 2.46 0.92 167.39 
Average basic shares outstanding56,146,285 56,325,717 56,240,201 56,197,847 56,185,884 56,165,452 56,534,816 (0.07)56,237,056 56,294,984 (0.10)
Average diluted shares outstanding56,447,184 56,635,898 56,519,199 56,489,809 56,386,153 56,325,476 56,706,289 0.11 56,533,094 56,468,577 0.11 
Common shares outstanding55,747,407 56,350,878 56,294,346 56,200,487 56,193,705 56,181,962 56,141,018 (0.79)55,747,407 56,193,705 (0.79)
Cash dividend per common share$0.22 $0.22 $0.22 $0.22 $0.22 $0.22 $0.22 — $0.66 $0.66 — 
Performance ratios
Return on avg shareholders’ equity
7.16 %7.40 %10.81 %5.88 %5.63 %3.85 %0.38 %8.43 %3.30 %
Return on avg tangible s/h’s equity (non-GAAP) (1)
13.05 %13.54 %19.93 %11.26 %10.87 %7.72 %1.20 %15.43 %6.65 %
Return on avg assets0.99 %1.04 %1.54 %0.84 %0.80 %0.55 %0.06 %1.18 %0.48 %
Return on avg tangible assets (non-GAAP)(2)1.08 %1.14 %1.69 %0.94 %0.89 %0.63 %0.11 %1.29 %0.56 %
Net interest margin (FTE)2.93 %3.19 %3.37 %3.35 %3.29 %3.38 %3.75 %3.16 %3.47 %
Yield on earning assets (FTE)3.23 %3.51 %3.74 %3.77 %3.77 %3.95 %4.57 %3.49 %4.08 %
Cost of funding0.31 %0.34 %0.38 %0.44 %0.50 %0.59 %0.85 %0.34 %0.64 %
Average earning assets to average assets88.38 %88.37 %87.86 %87.66 %87.31 %86.88 %86.17 %88.21 %86.81 %
Average loans to average deposits75.81 %81.13 %87.78 %91.83 %93.31 %93.35 %93.83 %81.41 %93.48 %
Noninterest income (less securities gains/
losses) to average assets1.23 %1.21 %2.13 %1.68 %1.89 %1.75 %1.12 %1.51 %1.60 %
Noninterest expense (less debt prepayment penalties)
to average assets2.56 %2.76 %3.09 %3.26 %3.10 %3.23 %3.43 %2.80 %3.25 %
Net overhead ratio1.33 %1.55 %0.96 %1.58 %1.21 %1.48 %2.31 %1.29 %1.65 %
Efficiency ratio (FTE)66.77 %68.49 %60.29 %70.65 %65.16 %68.92 %78.86 %64.85 %70.49 %
Adjusted efficiency ratio (FTE) (non-GAAP) (4)66.06 %67.28 %63.85 %64.35 %62.63 %60.89 %68.73 %65.66 %63.89 %
14


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
Q3 2021 -As of
20212020Q3 2020September 30,
ThirdSecondFirstFourthThirdSecondFirstPercentPercent
QuarterQuarterQuarterQuarterQuarterQuarterQuarterVariance20212020Variance
Average Balances
Total assets$16,130,149 $15,831,018 $15,203,691 $14,898,055 $14,928,159 $14,706,027 $13,472,550 8.05 %$15,723,110 $14,370,953 9.41 %
Earning assets14,256,421 13,989,264 13,358,677 13,059,967 13,034,422 12,776,643 11,609,477 9.38 13,869,538 12,475,561 11.17 
Securities2,266,866 1,821,429 1,372,123 1,269,108 1,269,565 1,295,539 1,292,875 78.55 1,821,770 1,285,933 41.67 
Loans held for sale451,586 461,752 406,397 389,435 378,225 340,582 336,829 19.40 439,954 351,975 25.00 
Loans, net of unearned income10,017,742 10,478,121 10,802,991 11,019,505 11,041,684 10,616,147 9,687,285 (9.27)10,431,436 10,450,537 (0.18)
Intangibles965,960 967,430 969,001 970,624 972,394 974,237 975,933 (0.66)967,458 974,182 (0.69)
Noninterest-bearing deposits4,470,262 4,271,464 3,862,422 3,808,595 3,723,059 3,439,634 2,586,963 20.07 4,202,364 3,251,612 29.24 
Interest-bearing deposits8,744,757 8,644,386 8,444,766 8,190,997 8,109,844 7,933,035 7,737,615 7.83 8,611,790 7,927,499 8.63 
Total deposits13,215,019 12,915,850 12,307,188 11,999,592 11,832,903 11,372,669 10,324,578 11.68 12,814,154 11,179,111 14.63 
Borrowed funds482,709 483,081 483,907 516,414 719,800 1,000,789 829,320 (32.94)483,230 849,494 (43.12)
Shareholders' equity2,219,431 2,213,743 2,172,425 2,132,375 2,119,500 2,101,092 2,105,143 4.71 2,201,930 2,108,618 4.43 
Q3 2021 -As of
20212020Q4 2020September 30,
ThirdSecondFirstFourthThirdSecondFirstPercentPercent
QuarterQuarterQuarterQuarterQuarterQuarterQuarterVariance20212020Variance
Balances at period end
Total assets$16,155,550 $16,022,386 $15,622,571 $14,929,612 $14,808,933 $14,897,207 $13,900,550 8.21 %$16,155,550 $14,808,933 9.09 %
Earning assets14,321,001 14,146,304 13,781,374 13,151,707 12,984,651 13,041,846 11,980,482 8.89 14,321,001 12,984,651 10.29 
Securities2,544,643 2,163,820 1,536,041 1,343,457 1,293,388 1,303,494 1,359,129 89.41 2,544,643 1,293,388 96.74 
Loans held for sale452,869 448,959 502,002 417,771 399,773 339,747 448,797 8.40 452,869 399,773 13.28 
Non purchased loans8,875,880 8,892,544 9,292,502 9,419,540 9,424,224 9,206,101 7,802,404 (5.77)8,875,880 9,424,224 (5.82)
Purchased loans1,140,944 1,256,698 1,395,906 1,514,107 1,660,514 1,791,203 1,966,973 (24.65)1,140,944 1,660,514 (31.29)
Total loans10,016,824 10,149,242 10,688,408 10,933,647 11,084,738 10,997,304 9,769,377 (8.39)10,016,824 11,084,738 (9.63)
Intangibles965,205 966,686 968,225 969,823 971,481 973,214 975,048 (0.48)965,205 971,481 (0.65)
Noninterest-bearing deposits4,492,650 4,349,135 4,135,360 3,685,048 3,758,242 3,740,296 2,642,059 21.92 4,492,650 3,758,242 19.54 
Interest-bearing deposits8,762,179 8,766,216 8,601,548 8,374,033 8,175,898 8,106,062 7,770,367 4.64 8,762,179 8,175,898 7.17 
Total deposits13,254,829 13,115,351 12,736,908 12,059,081 11,934,140 11,846,358 10,412,426 9.92 13,254,829 11,934,140 11.07 
Borrowed funds480,116 484,340 479,814 496,310 517,706 718,490 1,179,631 (3.26)480,116 517,706 (7.26)
Shareholders’ equity
2,203,944 2,203,807 2,173,701 2,132,733 2,104,300 2,082,946 2,070,512 3.34 2,203,944 2,104,300 4.74 
Market value per common share36.05 40.00 41.38 33.68 22.72 24.90 21.84 7.04 36.05 22.72 58.67 
Book value per common share39.53 39.11 38.61 37.95 37.45 37.07 36.88 4.16 39.53 37.45 5.55 
Tangible book value per common share (non-GAAP)22.22 21.95 21.41 20.69 20.16 19.75 19.51 7.39 22.22 20.16 10.22 
Shareholders’ equity to assets (actual)
13.64 %13.75 %13.91 %14.29 %14.21 %13.98 %14.91 %13.64 %14.21 %
Tangible capital ratio (non-GAAP)(3)8.15 %8.22 %8.23 %8.33 %8.19 %7.97 %8.48 %8.15 %8.19 %
Leverage ratio9.18 %9.30 %9.49 %9.37 %9.17 %9.12 %9.90 %9.18 %9.17 %
Common equity tier 1 capital ratio11.02 %11.14 %11.05 %10.93 %10.80 %10.69 %10.63 %11.02 %10.80 %
Tier 1 risk-based capital ratio11.94 %12.07 %12.00 %11.91 %11.79 %11.69 %11.63 %11.94 %11.79 %
Total risk-based capital ratio14.66 %15.11 %15.09 %15.07 %14.89 %13.72 %13.44 %14.66 %14.89 %
15


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
Q3 2021 -As of
20212020Q4 2020September 30,
ThirdSecondFirstFourthThirdSecondFirstPercentPercent
QuarterQuarterQuarterQuarterQuarterQuarterQuarterVariance20212020Variance
Non purchased loans
Commercial, financial, agricultural$1,254,107 $1,262,977 $1,244,580 $1,231,768 $1,137,322 $1,134,965 $1,144,004 1.81 %$1,254,107 $1,137,322 10.27 %
SBA Paycheck Protection Program67,462 246,931 860,864 1,128,703 1,307,972 1,281,278 — (94.02)67,462 1,307,972 (94.84)
Lease financing79,215 74,003 75,256 75,862 82,928 80,779 84,679 4.42 79,215 82,928 (4.48)
Real estate - construction1,086,303 1,038,613 933,586 827,152 738,873 756,872 745,066 31.33 1,086,303 738,873 47.02 
Real estate - 1-4 family mortgages2,484,396 2,435,574 2,380,920 2,356,564 2,369,292 2,342,987 2,356,627 5.42 2,484,396 2,369,292 4.86 
Real estate - commercial mortgages3,794,898 3,723,309 3,676,160 3,649,629 3,610,642 3,400,718 3,242,172 3.98 3,794,898 3,610,642 5.10 
Installment loans to individuals109,499 111,137 121,136 149,862 177,195 208,502 229,856 (26.93)109,499 177,195 (38.20)
Loans, net of unearned income$8,875,880 $8,892,544 $9,292,502 $9,419,540 $9,424,224 $9,206,101 $7,802,404 (5.77)$8,875,880 $9,424,224 (5.82)
Purchased loans
Commercial, financial, agricultural$114,450 $124,725 $143,843 $176,513 $202,768 $225,355 $280,572 (35.16)$114,450 $202,768 (43.56)
Real estate - construction4,993 12,746 22,332 30,952 34,246 34,236 42,829 (83.87)4,993 34,246 (85.42)
Real estate - 1-4 family mortgages240,347 266,517 305,141 341,744 391,102 445,526 489,674 (29.67)240,347 391,102 (38.55)
Real estate - commercial mortgages740,832 806,860 872,867 905,223 966,367 1,010,035 1,066,536 (18.16)740,832 966,367 (23.34)
Installment loans to individuals40,322 45,850 51,723 59,675 66,031 76,051 87,362 (32.43)40,322 66,031 (38.93)
Loans, net of unearned income $1,140,944 $1,256,698 $1,395,906 $1,514,107 $1,660,514 $1,791,203 $1,966,973 (24.65)$1,140,944 $1,660,514 (31.29)
Asset quality data
Non purchased assets
Nonaccrual loans$29,266 $27,101 $24,794 $20,369 $18,831 $16,591 $21,384 43.68 $29,266 $18,831 55.41 
Loans 90 past due or more908 800 2,235 3,783 1,826 3,993 4,459 (76.00)908 1,826 (50.27)
Nonperforming loans30,174 27,901 27,029 24,152 20,657 20,584 25,843 24.93 30,174 20,657 46.07 
Other real estate owned2,253 1,676 2,292 2,045 3,576 4,694 3,241 10.17 2,253 3,576 (37.00)
Nonperforming assets$32,427 $29,577 $29,321 $26,197 $24,233 $25,278 $29,084 23.78 $32,427 $24,233 33.81 
Purchased assets
Nonaccrual loans$26,492 $27,690 $28,947 $31,051 $24,821 $21,361 $19,090 (14.68)$26,492 $24,821 6.73 
Loans 90 past due or more74 945 129 267 318 2,158 5,104 (72.28)74 318 (76.73)
Nonperforming loans26,566 28,635 29,076 31,318 25,139 23,519 24,194 (15.17)26,566 25,139 5.68 
Other real estate owned2,452 3,263 3,679 3,927 4,576 4,431 5,430 (37.56)2,452 4,576 (46.42)
Nonperforming assets$29,018 $31,898 $32,755 $35,245 $29,715 $27,950 $29,624 (17.67)$29,018 $29,715 (2.35)
Net loan charge-offs (recoveries)$1,116 $752 $3,038 $954 $389 $1,698 $811 16.98 $4,906 $2,898 69.29 
Allowance for credit losses on loans$170,038 $172,354 $173,106 $176,144 $168,098 $145,387 $120,185 (3.47)$170,038 $168,098 1.15 
Annualized net loan charge-offs / average loans0.04 %0.03 %0.11 %0.03 %0.01 %0.06 %0.03 %0.06 %0.04 %
Nonperforming loans / total loans*0.57 %0.56 %0.52 %0.51 %0.41 %0.40 %0.51 %0.57 %0.41 %
Nonperforming assets / total assets*0.38 %0.38 %0.40 %0.41 %0.36 %0.36 %0.42 %0.38 %0.36 %
Allowance for credit losses on loans / total loans*1.70 %1.70 %1.62 %1.61 %1.52 %1.32 %1.23 %1.70 %1.52 %
Allowance for credit losses on loans / nonperforming loans*299.68 %304.85 %308.54 %317.55 %367.05 %329.65 %240.19 %299.68 %367.05 %
Nonperforming loans / total loans**0.34 %0.31 %0.29 %0.26 %0.22 %0.22 %0.33 %0.34 %0.22 %
Nonperforming assets / total assets**0.20 %0.18 %0.19 %0.18 %0.16 %0.17 %0.21 %0.20 %0.16 %
Nonperforming loans / total loans*** (non-GAAP)0.57 %0.57 %0.57 %0.57 %0.47 %0.45 %0.51 %0.57 %0.47 %
Nonperforming assets / total assets*** (non-GAAP)0.38 %0.39 %0.42 %0.45 %0.40 %0.39 %0.42 %0.38 %0.40 %
Allowance for credit losses on loans / total loans*** (non-GAAP)1.71 %1.74 %1.76 %1.80 %1.72 %1.50 %1.23 %1.71 %1.72 %
*Based on all assets (includes purchased assets)
**Excludes all purchased assets
***Excludes Paycheck Protection Program loans

16


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
Three Months EndingFor The Nine Months Ending
September 30, 2021June 30, 2021September 30, 2020September 30, 2021September 30, 2020
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$8,690,443 $84,427 3.86 %$8,521,028 $82,774 3.90 %$8,012,741 $81,281 4.04 %$8,525,359 $249,128 3.91 %$7,847,197 $251,671 4.28 %
Purchased1,200,429 15,840 5.24 %1,328,631 17,891 5.40 %1,723,714 24,034 5.55 %1,327,434 54,187 5.46 %1,877,449 80,226 5.71 %
SBA Paycheck Protection Program126,870 3,503 10.95 %628,462 10,120 6.46 %1,305,229 7,449 2.27 %578,643 24,310 5.62 %725,891 13,335 2.45 %
Total loans10,017,742 103,770 4.11 %10,478,121 110,785 4.24 %11,041,684 112,764 4.06 %10,431,436 327,625 4.20 %10,450,537 345,232 4.41 %
Loans held for sale451,586 2,376 2.13 %461,752 3,604 3.12 %378,225 3,144 3.31 %439,954 8,980 2.73 %351,975 9,108 3.46 %
Securities:
Taxable(1)
1,942,647 6,688 1.38 %1,503,605 5,549 1.48 %1,003,886 5,473 2.17 %1,505,611 17,077 1.51 %1,034,189 19,148 2.47 %
Tax-exempt
324,219 2,297 2.83 %317,824 2,333 2.94 %265,679 2,205 3.30 %316,159 6,915 2.92 %251,744 6,609 3.51 %
Total securities2,266,866 8,985 1.59 %1,821,429 7,882 1.73 %1,269,565 7,678 2.41 %1,821,770 23,992 1.76 %1,285,933 25,757 2.68 %
Interest-bearing balances with banks1,520,227 592 0.15 %1,227,962 346 0.11 %344,948 91 0.10 %1,176,378 1,121 0.13 %387,116 1,098 0.38 %
Total interest-earning assets14,256,421 115,723 3.23 %13,989,264 122,617 3.51 %13,034,422 123,677 3.77 %13,869,538 361,718 3.49 %12,475,561 381,195 4.08 %
Cash and due from banks195,095 195,982 210,278 198,955 203,582 
Intangible assets965,960 967,430 972,394 967,458 974,182 
Other assets712,673 678,342 711,065 687,159 717,628 
Total assets$16,130,149 $15,831,018 $14,928,159 $15,723,110 $14,370,953 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$6,231,718 $3,821 0.24 %$6,109,956 $4,069 0.27 %$5,405,085 $4,839 0.36 %$6,083,179 $11,821 0.26 %$5,166,393 $19,616 0.51 %
Savings deposits1,006,847 192 0.08 %969,982 185 0.08 %796,841 167 0.08 %953,391 547 0.08 %741,933 592 0.11 %
Time deposits1,506,192 2,959 0.78 %1,564,448 3,415 0.88 %1,907,918 6,804 1.42 %1,575,220 10,552 0.90 %2,019,173 23,967 1.59 %
Total interest-bearing deposits8,744,757 6,972 0.32 %8,644,386 7,669 0.36 %8,109,844 11,810 0.58 %8,611,790 22,920 0.36 %7,927,499 44,175 0.74 %
Borrowed funds482,709 3,749 3.08 %483,081 3,743 3.11 %719,800 3,982 2.20 %483,230 11,327 3.13 %849,494 13,361 2.10 %
Total interest-bearing liabilities9,227,466 10,721 0.46 %9,127,467 11,412 0.50 %8,829,644 15,792 0.71 %9,095,020 34,247 0.50 %8,776,993 57,536 0.88 %
Noninterest-bearing deposits4,470,262 4,271,464 3,723,059 4,202,364 3,251,612 
Other liabilities212,990 218,344 255,956 223,796 233,730 
Shareholders’ equity2,219,431 2,213,743 2,119,500 2,201,930 2,108,618 
Total liabilities and shareholders’ equity$16,130,149 $15,831,018 $14,928,159 $15,723,110 $14,370,953 
Net interest income/ net interest margin$105,002 2.93 %$111,205 3.19 %$107,885 3.29 %$327,471 3.16 %$323,659 3.47 %
Cost of funding0.31 %0.34 %0.50 %0.34 %0.64 %
Cost of total deposits0.21 %0.24 %0.40 %0.24 %0.53 %
(1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
(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
Nine Months Ended
20212020September 30,
ThirdSecondFirstFourthThirdSecondFirst
QuarterQuarterQuarterQuarterQuarterQuarterQuarter20212020
Net income (GAAP)$40,063 $40,867 $57,908 $31,521 $29,992 $20,130 $2,008 $138,838 $52,130 
Amortization of intangibles1,481 1,539 1,598 1,659 1,733 1,834 1,895 4,618 5,462 
Tax effect of adjustment noted above (A)
(323)(333)(361)(297)(374)(335)(527)(1,021)(1,108)
Tangible net income (non-GAAP)$41,221 $42,073 $59,145 $32,883 $31,351 $21,629 $3,376 $142,435 $56,484 
Net income (GAAP)$40,063 $40,867 $57,908 $31,521 $29,992 $20,130 $2,008 $138,838 $52,130 
Debt prepayment penalties— — — 3 28 90 — — 118 
MSR valuation adjustment— — (13,561)(1,968)(828)4,951 9,571 (13,561)13,694 
Restructuring charges— 15 292 7,365 — — — 307 — 
Swap termination charges— — — 2,040 — — — — — 
COVID-19 related expenses323 370 785 613 570 6,257 2,903 1,478 9,730 
Tax effect of adjustment noted above (A)
(71)(83)2,820 (1,443)50 (2,065)(3,467)2,603 (4,774)
Net income with exclusions (non-GAAP)$40,315 $41,169 $48,244 $38,131 $29,812 $29,363 $11,015 $129,665 $70,898 
Average shareholders’ equity (GAAP)
$2,219,431 $2,213,743 $2,172,425 $2,132,375 $2,119,500 $2,101,092 $2,105,143 $2,201,930 $2,108,618 
Intangibles965,960 967,430 969,001 970,624 972,394 974,237 975,933 967,458 974,182 
Average tangible s/h’s equity (non-GAAP)
$1,253,471 $1,246,313 $1,203,424 $1,161,751 $1,147,106 $1,126,855 $1,129,210 $1,234,472 $1,134,436 
Average total assets (GAAP)$16,130,149 $15,831,018 $15,203,691 $14,898,055 $14,928,159 $14,706,027 $13,472,550 $15,723,110 $14,370,953 
Intangibles965,960 967,430 969,001 970,624 972,394 974,237 975,933 967,458 974,182 
Average tangible assets (non-GAAP)$15,164,189 $14,863,588 $14,234,690 $13,927,431 $13,955,765 $13,731,790 $12,496,617 $14,755,652 $13,396,771 
Actual shareholders’ equity (GAAP)
$2,203,944 $2,203,807 $2,173,701 $2,132,733 $2,104,300 $2,082,946 $2,070,512 $2,203,944 $2,104,300 
Intangibles965,205 966,686 968,225 969,823 971,481 973,214 975,048 965,205 971,481 
Actual tangible s/h’s equity (non-GAAP)
$1,238,739 $1,237,121 $1,205,476 $1,162,910 $1,132,819 $1,109,732 $1,095,464 $1,238,739 $1,132,819 
Actual total assets (GAAP)$16,155,550 $16,022,386 $15,622,571 $14,929,612 $14,808,933 $14,897,207 $13,900,550 $16,155,550 $14,808,933 
Intangibles965,205 966,686 968,225 969,823 971,481 973,214 975,048 965,205 971,481 
Actual tangible assets (non-GAAP)$15,190,345 $15,055,700 $14,654,346 $13,959,789 $13,837,452 $13,923,993 $12,925,502 $15,190,345 $13,837,452 
(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
Nine Months Ended
20212020September 30,
ThirdSecondFirstFourthThirdSecondFirst
QuarterQuarterQuarterQuarterQuarterQuarterQuarter20212020
(1) Return on Average Equity
Return on avg s/h’s equity (GAAP)
7.16 %7.40 %10.81 %5.88 %5.63 %3.85 %0.38 %8.43 %3.30 %
Effect of adjustment for intangible assets5.89 %6.14 %9.12 %5.38 %5.24 %3.87 %0.82 %7.00 %3.35 %
Return on avg tangible s/h’s equity (non-GAAP)
13.05 %13.54 %19.93 %11.26 %10.87 %7.72 %1.20 %15.43 %6.65 %
Return on avg s/h’s equity (GAAP)
7.16 %7.40 %10.81 %5.88 %5.63 %3.85 %0.38 %8.43 %3.30 %
Effect of exclusions from net income0.05 %0.06 %(1.80)%1.23 %(0.03)%1.77 %1.72 %(0.56)%1.19 %
Return on avg s/h’s equity with excl. (non-GAAP)
7.21 %7.46 %9.01 %7.11 %5.60 %5.62 %2.10 %7.87 %4.49 %
Effect of adjustment for intangible assets5.92 %6.18 %7.67 %6.41 %5.21 %5.39 %2.31 %6.56 %4.37 %
Return on avg tangible s/h’s equity with exclusions (non-GAAP)
13.13 %13.64 %16.68 %13.52 %10.81 %11.01 %4.41 %14.43 %8.86 %
(2) Return on Average Assets
Return on avg assets (GAAP)0.99 %1.04 %1.54 %0.84 %0.80 %0.55 %0.06 %1.18 %0.48 %
Effect of adjustment for intangible assets0.09 %0.10 %0.15 %0.10 %0.09 %0.08 %0.05 %0.11 %0.08 %
Return on avg tangible assets (non-GAAP)1.08 %1.14 %1.69 %0.94 %0.89 %0.63 %0.11 %1.29 %0.56 %
Return on avg assets (GAAP)0.99 %1.04 %1.54 %0.84 %0.80 %0.55 %0.06 %1.18 %0.48 %
Effect of exclusions from net income— %— %(0.25)%0.18 %(0.01)%0.25 %0.27 %(0.08)%0.18 %
Return on avg assets with exclusions (non-GAAP)0.99 %1.04 %1.29 %1.02 %0.79 %0.80 %0.33 %1.10 %0.66 %
Effect of adjustment for intangible assets0.10 %0.10 %0.12 %0.11 %0.10 %0.10 %0.07 %0.11 %0.09 %
Return on avg tangible assets with exclusions (non-GAAP)1.09 %1.14 %1.41 %1.13 %0.89 %0.90 %0.40 %1.21 %0.75 %
(3) Shareholder Equity Ratio
Shareholders’ equity to actual assets (GAAP)
13.64 %13.75 %13.91 %14.29 %14.21 %13.98 %14.91 %13.64 %14.21 %
Effect of adjustment for intangible assets5.49 %5.53 %5.68 %5.96 %6.02 %6.01 %6.43 %5.49 %6.02 %
Tangible capital ratio (non-GAAP)8.15 %8.22 %8.23 %8.33 %8.19 %7.97 %8.48 %8.15 %8.19 %
19


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
Nine Months Ended
20212020September 30,
ThirdSecondFirstFourthThirdSecondFirst
QuarterQuarterQuarterQuarterQuarterQuarterQuarter20212020
Interest income (FTE)$115,723 $122,617 $123,378 $123,823 $123,677 $125,630 $131,887 $361,718 $381,194 
Interest expense10,721 11,412 12,114 13,799 15,792 18,173 23,571 34,247 57,536 
Net Interest income (FTE)$105,002 $111,205 $111,264 $110,024 $107,885 $107,457 $108,316 $327,471 $323,658 
Total noninterest income $50,755 $47,610 $81,037 $62,864 $70,928 $64,170 $37,570 $179,402 $172,668 
Securities gains (losses) 764 — 1,357 15 — 31 — 2,121 31 
MSR valuation adjustment— — 13,561 1,968 828 (4,951)(9,571)13,561 (13,694)
Total adjusted noninterest income $49,991 $47,610 $66,119 $60,881 $70,100 $69,090 $47,141 $163,720 $186,331 
Total noninterest expense$103,999 $108,777 $115,935 $122,152 $116,510 $118,285 $115,041 $328,711 $349,836 
Amortization of intangibles1,481 1,539 1,598 1,659 1,733 1,834 1,895 4,618 5,462 
Debt prepayment penalty— — — 3 28 90 — — 118 
Restructuring charges— 15 292 7,365 — — — 307 — 
Swap termination charges— — — 2,040 — — — — — 
COVID-19 related expenses323 370 785 613 570 6,257 2,903 1,478 9,730 
(Recovery of) provision for unfunded commitments(200)— — 500 2,700 2,600 3,400 (200)8,700 
Total adjusted noninterest expense $102,395 $106,853 $113,260 $109,972 $111,479 $107,504 $106,843 $322,508 $325,826 
Efficiency Ratio (GAAP)66.77 %68.49 %60.29 %70.65 %65.16 %68.92 %78.86 %64.85 %70.49 %
(4) Adjusted Efficiency Ratio (non-GAAP)66.06 %67.28 %63.85 %64.35 %62.63 %60.89 %68.73 %65.66 %63.89 %

20