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

April 25, 2023

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 April 25, 2023, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the first quarter of 2023. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On April 25, 2023, Renasant also made available presentation materials (the “Presentation”) prepared for use with Renasant’s earnings conference call on April 26, 2023. 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:

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,” “focus,” “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.

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 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, factoring and 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; (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 or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) changes in the sources and costs of the capital we use to make loans and otherwise fund our operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (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 (including the re-emergence of the COVID-19 pandemic) 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 Renasant’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in Renasant’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

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

Item 9.01.    Financial Statements and Exhibits.

    (d)    The following exhibits are furnished herewith:

    Exhibit No.    Description

99.1    Press release dated April 25, 2023 issued by Renasant Corporation announcing earnings for the first quarter of 2023

99.2    Presentation materials for Renasant First Quarter 2023 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: April 25, 2023	By:	/s/ C. Mitchell Waycaster
		C. Mitchell Waycaster
		President and Chief Executive Officer

EX-99.1

Contacts:	For Media:	For Financials:
	John S. Oxford	James C. Mabry IV
	Senior Vice President	Executive Vice President
	Chief Marketing Officer	Chief Financial Officer
	(662) 680-1219	(662) 680-1281

RENASANT CORPORATION ANNOUNCES

EARNINGS FOR THE FIRST QUARTER OF 2023

TUPELO, MISSISSIPPI (April 25, 2023) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the first quarter of 2023.

(Dollars in thousands, except earnings per share)	Three Months Ended
	Mar 31, 2023	Dec 31, 2022	Mar 31, 2022
Net income and earnings per share:
Net income	$46,078	$46,276	$33,547
Basic EPS	0.82	0.83	0.60
Diluted EPS	0.82	0.82	0.60
Adjusted diluted EPS (Non-GAAP)(1)	0.82	0.89	0.60

“We continue to focus on safety and soundness in our decision making and believe we are well positioned to service our customers and produce attractive results for our shareholders,” remarked C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “The Company’s granular core funding and strong capital base remain foundations of our bank.”

Quarterly Highlights

Earnings

•Net income for the first quarter of 2023 was $46.1 million with diluted EPS of $0.82

•Net interest income (fully tax equivalent) for the first quarter of 2023 was $138.5 million, down $2.0 million on a linked quarter basis

•For the first quarter of 2023, net interest margin was 3.66%, down 12 basis points on a linked quarter basis

•Cost of total deposits was 99 basis points for the first quarter of 2023, up 47 basis points on a linked quarter basis

•Notwithstanding the elimination of certain deposit service charges, noninterest income increased $3.9 million on a linked quarter basis primarily due to an increase in mortgage banking income. The Company’s wealth management and insurance lines of business produced steady results during the first quarter of 2023

•The mortgage division generated $0.6 billion in interest rate lock volume during the first quarter of 2023, compared to $0.5 billion in the fourth quarter of 2022. Gain on sale margin was 1.15% for the first quarter of 2023, down 49 basis points on a linked quarter basis

1

•Noninterest expense increased $6.1 million during the first quarter of 2023, primarily due to $2.7 million of expenses related to the operations of Republic Business Credit, acquired on December 30, 2022, lower deferred loan origination fees and a seasonal increase in both payroll taxes and the Company’s match of 401k contributions.

Balance Sheet

•Loans increased $188.1 million on a linked quarter basis from December 31, 2022, which represents 6.6% annualized net loan growth

•The securities portfolio decreased $49.8 million on a linked quarter basis, due to net cash outflows during the quarter of $70.5 million and a positive fair market value adjustment in our available-for-sale portfolio of $20.7 million

•Deposits at March 31, 2023 increased $425.1 million on a linked quarter basis, driven by an increase in brokered deposits of $623.4 million. Brokered deposits were $856.5 million at March 31, 2023. Noninterest bearing deposits decreased $313.9 million on a linked quarter basis and represented 30.5% of total deposits at March 31, 2023

Capital and Liquidity

•Book value per share and tangible book value per share (non-GAAP)(1) increased 2.2% and 4.5%, respectively, on a linked quarter basis

•The Company has a $100 million stock repurchase program that is in effect through October 2023; there was no buyback activity during the first quarter of 2023

Credit Quality

•The Company recorded a provision for credit losses on loans of $8.0 million and a recovery of credit losses on unfunded commitments (included in noninterest expense) of $1.5 million for the first quarter of 2023

•The allowance for credit losses on loans to total loans was unchanged on a linked quarter basis at 1.66% at March 31, 2023 and December 31, 2022

•The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 259.39% at March 31, 2023, compared to 337.73% at December 31, 2022

•Net loan charge-offs for the first quarter of 2023 were $4.7 million, or 0.16% of average loans on an annualized basis

•Nonperforming loans to total loans increased to 0.64% at March 31, 2023 compared to 0.49% at December 31, 2022 and criticized loans (which include classified and special mention loans) to total loans decreased to 2.44% at March 31, 2023, compared to 2.47% at December 31, 2022

(1) This is a non-GAAP financial measure. 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.

2

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Interest income
Loans held for investment	$	161,787	$	145,360	$	123,100	$	106,409	$	95,829
Loans held for sale	1,737		1,688		2,075		2,586		2,863
Securities	15,091		15,241		14,500		12,471		10,835
Other	5,430		2,777		3,458		1,954		664
Total interest income	184,045		165,066		143,133		123,420		110,191
Interest expense
Deposits	32,866		17,312		7,241		5,018		5,637
Borrowings	15,404		9,918		5,574		4,887		4,925
Total interest expense	48,270		27,230		12,815		9,905		10,562
Net interest income	135,775		137,836		130,318		113,515		99,629
Provision for loan losses	7,960		10,488		9,800		2,000		1,500
Net interest income after provision for credit losses	127,815		127,348		120,518		111,515		98,129
Noninterest income	37,293		33,395		41,186		37,214		37,458
Noninterest expense	107,708		101,582		101,574		98,194		94,105
Income before income taxes	57,400		59,161		60,130		50,535		41,482
Income taxes	11,322		12,885		13,563		10,857		7,935
Net income	$	46,078	$	46,276	$	46,567	$	39,678	$	33,547
Adjusted net income (non-GAAP)(1)	$	46,078	$	50,324	$	44,233	$	40,601	$	33,728
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1)	$	63,860	$	72,187	$	66,970	$	54,172	$	42,664
Basic earnings per share	$	0.82	$	0.83	$	0.83	$	0.71	$	0.60
Diluted earnings per share	0.82		0.82		0.83		0.71		0.60
Adjusted diluted earnings per share (non-GAAP)(1)	0.82		0.89		0.79		0.72		0.60
Average basic shares outstanding	56,008,741		55,953,104		55,947,214		55,906,755		55,809,192
Average diluted shares outstanding	56,270,219		56,335,446		56,248,720		56,182,845		56,081,863
Cash dividends per common share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22

(1) This is a non-GAAP financial measure. 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.

3

Performance Ratios

	Three Months Ended
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Return on average assets	1.09	%	1.11	%	1.11	%	0.96	%	0.81	%
Adjusted return on average assets (non-GAAP)(1)	1.09		1.20		1.05		0.98		0.82
Return on average tangible assets (non-GAAP)(1)	1.19		1.20		1.20		1.04		0.89
Adjusted return on average tangible assets (non-GAAP)(1)	1.19		1.30		1.14		1.07		0.90
Return on average equity	8.55		8.58		8.50		7.31		6.05
Adjusted return on average equity (non-GAAP)(1)	8.55		9.33		8.07		7.48		6.08
Return on average tangible equity (non-GAAP)(1)	16.29		15.98		15.64		13.50		10.93
Adjusted return on average tangible equity (non-GAAP)(1)	16.29		17.35		14.87		13.81		10.99
Efficiency ratio (fully taxable equivalent)	61.26		58.39		58.50		64.37		67.78
Adjusted efficiency ratio (non-GAAP)(1)	61.30		56.25		58.78		62.44		67.02
Dividend payout ratio	26.83		26.51		26.51		30.99		36.67

Capital and Balance Sheet Ratios

	As of
	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Shares outstanding	56,073,658			55,953,104			55,953,104			55,932,017			55,880,666
Market value per share	$	30.58		$	37.59		$	31.28		$	28.81		$	33.45
Book value per share	39.01			38.18			37.39			37.85			38.25
Tangible book value per share (non-GAAP)(1)	20.92			20.02			20.12			20.55			20.91
Shareholders’ equity to assets	12.52		%	12.57		%	12.70		%	12.74		%	12.68		%
Tangible common equity ratio (non-GAAP)(1)	7.13			7.01			7.26			7.34			7.35
Leverage ratio	9.18			9.36			9.39			9.16			9.00
Common equity tier 1 capital ratio	10.19			10.21			10.64			10.74			10.78
Tier 1 risk-based capital ratio	10.98			11.01			11.47			11.60			11.67
Total risk-based capital ratio	14.68			14.63			15.15			15.34			15.51

(1) This is a non-GAAP financial measure. 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.

4

Noninterest Income and Noninterest Expense

(Dollars in thousands)	Three Months Ended
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Noninterest income
Service charges on deposit accounts	$	9,120	$	10,445	$	10,216	$	9,734	$	9,562
Fees and commissions	4,676		4,470		4,148		4,668		3,982
Insurance commissions	2,446		2,501		3,108		2,591		2,554
Wealth management revenue	5,140		5,237		5,467		5,711		5,924
Mortgage banking income	8,517		5,170		12,675		8,316		9,633
BOLI income	3,003		2,487		2,296		2,331		2,153
Other	4,391		3,085		3,276		3,863		3,650
Total noninterest income	$	37,293	$	33,395	$	41,186	$	37,214	$	37,458
Noninterest expense
Salaries and employee benefits	$	69,832	$	67,372	$	66,463	$	65,580	$	62,239
Data processing	3,633		3,521		3,526		3,590		4,263
Net occupancy and equipment	11,405		11,122		11,266		11,155		11,276
Other real estate owned	30		(59)		34		(187)		(241)
Professional fees	3,467		2,856		3,087		2,778		3,151
Advertising and public relations	4,686		3,631		3,229		3,406		4,059
Intangible amortization	1,426		1,195		1,251		1,310		1,366
Communications	1,980		2,028		1,999		1,904		2,027
Merger and conversion related expenses	—		1,100		—		—		687
Restructuring charges (benefit)	—		—		—		1,187		(455)
Other	11,249		8,816		10,719		7,471		5,733
Total noninterest expense	$	107,708	$	101,582	$	101,574	$	98,194	$	94,105

Mortgage Banking Income

(Dollars in thousands)	Three Months Ended
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Gain on sales of loans, net	$	4,770	$	1,003	$	5,263	$	3,490	$	6,047
Fees, net	1,806		1,849		2,405		3,064		3,053
Mortgage servicing income (loss), net	1,941		2,318		5,007		1,762		533
Total mortgage banking income	$	8,517	$	5,170	$	12,675	$	8,316	$	9,633

5

Balance Sheet

(Dollars in thousands)	As of
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Assets
Cash and cash equivalents	$	847,697	$	575,992	$	479,500	$	1,010,468	$	1,607,493
Securities held to maturity, at amortized cost	1,300,240		1,324,040		1,353,502		488,851		487,194
Securities available for sale, at fair value	1,507,907		1,533,942		1,569,242		2,528,253		2,405,316
Loans held for sale, at fair value	159,318		110,105		144,642		196,598		280,464
Loans held for investment	11,766,425		11,578,304		11,105,004		10,603,744		10,313,459
Allowance for credit losses on loans	(195,292)		(192,090)		(174,356)		(166,131)		(166,468)
Loans, net	11,571,133		11,386,214		10,930,648		10,437,613		10,146,991
Premises and equipment, net	287,006		283,595		284,062		284,035		285,344
Other real estate owned	4,818		1,763		2,412		2,807		2,062
Goodwill and other intangibles	1,014,415		1,015,884		966,461		967,713		969,022
Bank-owned life insurance	375,572		373,808		371,650		371,298		369,344
Mortgage servicing rights	85,039		84,448		81,980		94,743		91,730
Other assets	320,938		298,385		287,000		235,722		218,797
Total assets	$	17,474,083	$	16,988,176	$	16,471,099	$	16,618,101	$	16,863,757
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	4,244,877	$	4,558,756	$	4,827,220	$	4,741,397	$	4,706,256
Interest-bearing	9,667,142		8,928,210		8,604,904		9,022,532		9,284,641
Total deposits	13,912,019		13,486,966		13,432,124		13,763,929		13,990,897
Short-term borrowings	732,057		712,232		312,818		112,642		111,279
Long-term debt	431,111		428,133		426,821		431,553		435,416
Other liabilities	211,596		224,829		207,055		193,100		188,523
Total liabilities	15,286,783		14,852,160		14,378,818		14,501,224		14,726,115
Shareholders’ equity:
Preferred stock	—		—		—		—		—
Common stock	296,483		296,483		296,483		296,483		296,483
Treasury stock	(107,559)		(111,577)		(111,577)		(112,295)		(114,050)
Additional paid-in capital	1,299,458		1,302,422		1,299,476		1,298,207		1,297,088
Retained earnings	891,242		857,725		823,951		789,880		762,690
Accumulated other comprehensive loss	(192,324)		(209,037)		(216,052)		(155,398)		(104,569)
Total shareholders’ equity	2,187,300		2,136,016		2,092,281		2,116,877		2,137,642
Total liabilities and shareholders’ equity	$	17,474,083	$	16,988,176	$	16,471,099	$	16,618,101	$	16,863,757

6

Net Interest Income and Net Interest Margin

(Dollars in thousands)	Three Months Ended
	March 31, 2023						December 31, 2022						March 31, 2022
	Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate
Interest-earning assets:
Loans held for investment	$	11,688,534	$	163,970	5.68	%	$	11,282,422	$	147,519	5.19	%	$	10,108,511	$	97,001	3.88	%
Loans held for sale	103,410		1,737		6.72	%	117,082		1,688		5.77	%	330,442		2,863		3.48	%
Taxable securities	2,588,148		13,054		2.02	%	2,657,248		13,174		1.98	%	2,499,822		8,782		1.41	%
Tax-exempt securities(1)	443,996		2,608		2.35	%	447,287		2,637		2.36	%	438,380		2,635		2.40	%
Total securities	3,032,144		15,662		2.07	%	3,104,535		15,811		2.04	%	2,938,202		11,417		1.55	%
Interest-bearing balances with banks	464,229		5,430		4.74	%	269,975		2,777		4.08	%	1,463,991		664		0.18	%
Total interest-earning assets	15,288,317		186,799		4.94	%	14,774,014		167,795		4.51	%	14,841,146		111,945		3.05	%
Cash and due from banks	197,782						201,369						206,224
Intangible assets	1,011,557						967,005						965,430
Other assets	660,242						635,452						684,464
Total assets	$	17,157,898					$	16,577,840					$	16,697,264
Interest-bearing liabilities:
Interest-bearing demand(2)	$	6,066,770	$	20,298	1.36	%	$	6,018,679	$	12,534	0.83	%	$	6,636,392	$	3,647	0.22	%
Savings deposits	1,052,802		826		0.32	%	1,093,997		582		0.21	%	1,097,560		139		0.05	%
Brokered deposits	395,942		4,318		4.42	%	93,764		1,047		4.43	%	—		—		—	%
Time deposits	1,564,658		7,424		1.92	%	1,324,042		3,149		0.94	%	1,374,722		1,851		0.55	%
Total interest-bearing deposits	9,080,172		32,866		1.47	%	8,530,482		17,312		0.81	%	9,108,674		5,637		0.25	%
Borrowed funds	1,281,552		15,404		4.86	%	893,705		9,918		4.42	%	485,777		4,925		4.08	%
Total interest-bearing liabilities	10,361,724		48,270		1.89	%	9,424,187		27,230		1.15	%	9,594,451		10,562		0.44	%
Noninterest-bearing deposits	4,386,998						4,805,014						4,651,793
Other liabilities	222,382						209,544						201,353
Shareholders’ equity	2,186,794						2,139,095						2,249,667
Total liabilities and shareholders’ equity	$	17,157,898					$	16,577,840					$	16,697,264
Net interest income/ net interest margin			$	138,529	3.66	%			$	140,565	3.78	%			$	101,383	2.76	%
Cost of funding					1.33	%					0.76	%					0.30	%
Cost of total deposits					0.99	%					0.52	%					0.17	%

(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.

7

Supplemental Margin Information

(Dollars in thousands)	Three Months Ended
	Mar 31, 2023			Dec 31, 2022			Mar 31, 2022
Earning asset mix:
Loans held for investment	76.45		%	76.36		%	68.11		%
Loans held for sale	0.68			0.79			2.23
Securities	19.83			21.01			19.80
Interest-bearing balances with banks	3.04			1.84			9.86
Total	100.00		%	100.00		%	100.00		%
Funding sources mix:
Noninterest-bearing demand	29.74		%	33.77		%	32.65		%
Interest-bearing demand	41.13			42.30			46.59
Savings	7.14			7.69			7.70
Brokered deposits	2.68			0.66			—
Time deposits	10.61			9.31			9.65
Borrowed funds	8.70			6.27			3.41
Total	100.00		%	100.00		%	100.00		%
Net interest income collected on problem loans	$	392		$	161		$	434
Total accretion on purchased loans	670			625			1,235
Total impact on net interest income	$	1,062		$	786		$	1,669
Impact on net interest margin	0.03		%	0.02		%	0.04		%
Impact on loan yield	0.04		%	0.03		%	0.06		%

8

Loan Portfolio

(Dollars in thousands)	As of
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Loan Portfolio:
Commercial, financial, agricultural	$	1,740,778	$	1,673,883	$	1,513,091	$	1,497,272	$	1,445,607
Lease financing	121,146		115,013		103,357		101,350		89,842
Real estate - construction	1,424,352		1,330,337		1,215,056		1,126,363		1,222,052
Real estate - 1-4 family mortgages	3,278,980		3,216,263		3,127,889		3,030,083		2,840,979
Real estate - commercial mortgages	5,085,813		5,118,063		5,016,665		4,717,513		4,577,864
Installment loans to individuals	115,356		124,745		128,946		131,163		137,115
Total loans	$	11,766,425	$	11,578,304	$	11,105,004	$	10,603,744	$	10,313,459

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands)	As of
	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Nonperforming Assets:
Nonaccruing loans	$	56,626		$	56,545		$	54,278		$	43,897		$	51,995
Loans 90 days or more past due	18,664			331			1,587			617			247
Total nonperforming loans	75,290			56,876			55,865			44,514			52,242
Other real estate owned	4,818			1,763			2,412			2,807			2,062
Total nonperforming assets	$	80,108		$	58,639		$	58,277		$	47,321		$	54,304
Criticized Loans
Classified loans	$	222,701		$	200,249		$	193,844		$	185,267		$	178,015
Special Mention loans	64,832			86,172			69,883			87,476			76,949
Criticized loans(1)	$	287,533		$	286,421		$	263,727		$	272,743		$	254,964
Allowance for credit losses on loans	$	195,292		$	192,090		$	174,356		$	166,131		$	166,468
Net loan charge-offs	$	4,732		$	2,566		$	1,575		$	2,337		$	851
Annualized net loan charge-offs / average loans	0.16		%	0.09		%	0.06		%	0.09		%	0.03		%
Nonperforming loans / total loans	0.64			0.49			0.50			0.42			0.51
Nonperforming assets / total assets	0.46			0.35			0.35			0.28			0.32
Allowance for credit losses on loans / total loans	1.66			1.66			1.57			1.57			1.61
Allowance for credit losses on loans / nonperforming loans	259.39			337.73			312.10			373.21			318.65
Criticized loans / total loans	2.44			2.47			2.37			2.57			2.47

(1) Criticized loans include loans in risk rating classifications of classified and special mention.

9

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, April 26, 2023.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=lXO7IuJ3. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2023 First Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6764445 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until May 10, 2023.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 119-year-old financial services institution. Renasant has assets of approximately $17.5 billion and operates 196 banking, lending, mortgage, wealth management and insurance offices throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis.

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,” “focus,” “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.

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 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, factoring and 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; (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 or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) changes in the sources and costs of the capital we use to make loans and otherwise fund our operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (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 (including the re-emergence

10

of the COVID-19 pandemic) 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 and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, including, without limitation, (i) core loan yield, (ii) core net interest income and margin, (iii) adjusted pre-provision net revenue, (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) certain performance ratios (namely, the ratio of adjusted pre-provision net revenue to average assets, the adjusted return on average assets and on average equity, and the return on average tangible assets and on average tangible common equity (including on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, merger and conversion expenses, gain on sale of MSR and restructuring charges with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof). 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 restructuring charges 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 below under the caption “Non-GAAP Reconciliations”.

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are 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.

11

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022		Mar 31, 2022
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)	$	46,078	$	46,276	$	46,567	$	39,678	$	33,547
Income taxes	11,322		12,885		13,563		10,857		7,935
Provision for credit losses (including unfunded commitments)	6,460		10,671		9,800		2,450		950
Pre-provision net revenue (non-GAAP)	$	63,860	$	69,832	$	69,930	$	52,985	$	42,432
Merger and conversion expense	—		1,100		—		—		687
Gain on sale of MSR	—		—		(2,960)		—		—
Restructuring charges (benefit)	—		—		—		1,187		(455)
Voluntary reimbursement of certain re-presentment NSF fees	—		1,255		—		—		—
Adjusted pre-provision net revenue (non-GAAP)	$	63,860	$	72,187	$	66,970	$	54,172	$	42,664
Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	46,078	$	46,276	$	46,567	$	39,678	$	33,547
Amortization of intangibles	1,426		1,195		1,251		1,310		1,366
Tax effect of adjustments noted above(2)	(299)		(260)		(265)		(291)		(303)
Tangible net income (non-GAAP)	$	47,205	$	47,211	$	47,553	$	40,697	$	34,610
Net income (GAAP)	$	46,078	$	46,276	$	46,567	$	39,678	$	33,547
Merger and conversion expense	—		1,100		—		—		687
Gain on sale of MSR	—		—		(2,960)		—		—
Restructuring charges (benefit)	—		—		—		1,187		(455)
Initial provision for acquisitions	—		2,820		—		—		—
Voluntary reimbursement of certain re-presentment NSF fees	—		1,255		—		—		—
Tax effect of adjustments noted above(2)	—		(1,127)		626		(264)		(51)
Adjusted net income (non-GAAP)	$	46,078	$	50,324	$	44,233	$	40,601	$	33,728
Amortization of intangibles	1,426		1,195		1,251		1,310		1,366
Tax effect of adjustments noted above(2)	(299)		(260)		(265)		(291)		(303)
Adjusted tangible net income (non-GAAP)	$	47,205	$	51,259	$	45,219	$	41,620	$	34,791

12

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)	$	2,186,794		$	2,139,095		$	2,173,408		$	2,177,537		$	2,249,667
Average intangible assets	1,011,557			967,005			967,154			968,441			965,430
Average tangible shareholders’ equity (non-GAAP)	$	1,175,237		$	1,172,090		$	1,206,254		$	1,209,096		$	1,284,237
Average assets (GAAP)	$	17,157,898		$	16,577,840		$	16,645,481		$	16,631,290		$	16,697,264
Average intangible assets	1,011,557			967,005			967,154			968,441			965,430
Average tangible assets (non-GAAP)	$	16,146,341		$	15,610,835		$	15,678,327		$	15,662,849		$	15,731,834
Shareholders’ equity (GAAP)	$	2,187,300		$	2,136,016		$	2,092,281		$	2,116,877		$	2,137,642
Intangible assets	1,014,415			1,015,884			966,461			967,713			969,022
Tangible shareholders’ equity (non-GAAP)	$	1,172,885		$	1,120,132		$	1,125,820		$	1,149,164		$	1,168,620
Total assets (GAAP)	$	17,474,083		$	16,988,176		$	16,471,099		$	16,618,101		$	16,863,757
Intangible assets	1,014,415			1,015,884			966,461			967,713			969,022
Total tangible assets (non-GAAP)	$	16,459,668		$	15,972,292		$	15,504,638		$	15,650,388		$	15,894,735
Adjusted Performance Ratios
Return on average assets (GAAP)	1.09		%	1.11		%	1.11		%	0.96		%	0.81		%
Adjusted return on average assets (non-GAAP)	1.09			1.20			1.05			0.98			0.82
Return on average tangible assets (non-GAAP)	1.19			1.20			1.20			1.04			0.89
Adjusted pre-provision net revenue to average assets (non-GAAP)	1.51			1.73			1.60			1.31			1.04
Adjusted return on average tangible assets (non-GAAP)	1.19			1.30			1.14			1.07			0.90
Return on average equity (GAAP)	8.55			8.58			8.50			7.31			6.05
Adjusted return on average equity (non-GAAP)	8.55			9.33			8.07			7.48			6.08
Return on average tangible equity (non-GAAP)	16.29			15.98			15.64			13.50			10.93
Adjusted return on average tangible equity (non-GAAP)	16.29			17.35			14.87			13.81			10.99
Adjusted Diluted Earnings Per Share
Average diluted shares outstanding	56,270,219			56,335,446			56,248,720			56,182,845			56,081,863
Diluted earnings per share (GAAP)	$	0.82		$	0.82		$	0.83		$	0.71		$	0.60
Adjusted diluted earnings per share (non-GAAP)	$	0.82		$	0.89		$	0.79		$	0.72		$	0.60
Tangible Book Value Per Share
Shares outstanding	56,073,658			55,953,104			55,953,104			55,932,017			55,880,666
Book value per share (GAAP)	$	39.01		$	38.18		$	37.39		$	37.85		$	38.25
Tangible book value per share (non-GAAP)	$	20.92		$	20.02		$	20.12		$	20.55		$	20.91
Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)	12.52		%	12.57		%	12.70		%	12.74		%	12.68		%
Tangible common equity ratio (non-GAAP)	7.13		%	7.01		%	7.26		%	7.34		%	7.35		%

13

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	138,529		$	140,565		$	132,435		$	115,321		$	101,383
Total noninterest income (GAAP)	$	37,293		$	33,395		$	41,186		$	37,214		$	37,458
Gain on sale of MSR	—			—			2,960			—			—
Total adjusted noninterest income (non-GAAP)	$	37,293		$	33,395		$	38,226		$	37,214		$	37,458
Noninterest expense (GAAP)	$	107,708		$	101,582		$	101,574		$	98,194		$	94,105
Amortization of intangibles	1,426			1,195			1,251			1,310			1,366
Merger and conversion expense	—			1,100			—			—			687
Restructuring charges (benefit)	—			—			—			1,187			(455)
Voluntary reimbursement of certain re-presentment NSF fees	—			1,255			—			—			—
(Recovery of) provision for unfunded commitments	(1,500)			183			—			450			(550)
Total adjusted noninterest expense (non-GAAP)	$	107,782		$	97,849		$	100,323		$	95,247		$	93,057
Efficiency ratio (GAAP)	61.26		%	58.39		%	58.50		%	64.37		%	67.78		%
Adjusted efficiency ratio (non-GAAP)	61.30		%	56.25		%	58.78		%	62.44		%	67.02		%
Core Net Interest Income and Core Net Interest Margin
Net interest income (FTE) (GAAP)	$	138,529		$	140,565		$	132,435		$	115,321		$	101,383
Net interest income collected on problem loans	392			161			78			2,276			434
Accretion recognized on purchased loans	670			625			1,317			2,021			1,235
Non-core net interest income	$	1,062		$	786		$	1,395		$	4,297		$	1,669
Core net interest income (FTE) (non-GAAP)(1)	$	137,467		$	139,779		$	131,040		$	111,024		$	99,714
Net interest margin (GAAP)	3.66		%	3.78		%	3.54		%	3.11		%	2.76		%
Core net interest margin (non-GAAP)	3.63		%	3.76		%	3.50		%	3.00		%	2.71		%
Core Loan Yield
Loan interest income (FTE) (GAAP)	$	163,970		$	147,519		$	124,614		$	107,612		$	97,001
Net interest income collected on problem loans	392			161			78			2,276			434
Accretion recognized on purchased loans	670			625			1,317			2,021			1,235
Core loan interest income (FTE) (non-GAAP)(1)	$	162,908		$	146,733		$	123,219		$	103,315		$	95,332
Loan yield (GAAP)	5.68		%	5.19		%	4.57		%	4.12		%	3.88		%
Core loan yield (non-GAAP)	5.64		%	5.16		%	4.52		%	3.96		%	3.82		%

(1) Core net interest income (FTE) and Core loan interest income (FTE) include Interest income on PPP loans.

(2) Tax effect is calculated based on the respective periods’ effective tax rate excluding the impact of discrete items.

###

14

EX-99.2

First Quarter 2023 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,” “focus,” “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. 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) 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, factoring and mortgage 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; (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 our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) changes in the sources and costs of the capital we use to make loans and otherwise fund our operations, due to deposit outflows, changes in the mix of deposits and the cost of and availability of borrowings; (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 (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in our 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 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, 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. 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 March 31, 2023 (1) Total revenue is calculated as net interest income plus noninterest income. Company Snapshot Loans and Deposits by State Assets: $17.5 billion Loans: 11.8 Deposits: 13.9 Equity: 2.2 3 MS 19% AL 28% FL 7% Other 1% GA 29% TN 16% Loans MS 40% AL 14% FL 3% GA 32% TN 11% Deposits 88% 4% 6% 2% YTD Total Revenue(1) Community Banking Wealth Management Mortgage Insurance

4 Renasant Footprint *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texas are not shown.

First Quarter Highlights 5 • Net income of $46.1 million with diluted EPS of $0.82 • Net interest margin decreased 12 basis points to 3.66%; excess liquidity carried on balance sheet in March negatively impacted net interest margin by 2 basis points • Loans increased $188.1 million, or 6.6% annualized • Deposits increased $425.1 million, driven by an increase in brokered deposits of $623.4 million • Cost of deposits increased 47 basis points on a linked quarter basis to 0.99%, and noninterest-bearing deposits now represent 30.5% of total deposits • The ratio of allowance for credit losses on loans to total loans remained at 1.66% • Credit metrics remained generally stable with the ratio of nonperforming loans to total loans at 0.64%

Financial Condition

Total Assets 7 Note: Dollars in millions $16,864 $16,618 $16,471 $16,988 $17,474 $13 ,500 $14 ,000 $14 ,500 $15 ,000 $15 ,500 $16 ,000 $16 ,500 $17 ,000 $17 ,500 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023

Loans and Yields 8 Note: 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. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. $10,313 $10,604 $11,105 $11,578 $11,766 3.88% 4.12% 4.57% 5.19% 5.68% 3.82% 3.96% 4.52% 5.16% 5.64% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 1-4 Family Mortgage Commercial Mortgage Construction Other* C&I Loan Yield Core Loan Yield**

Deposit Mix and Pricing 9 Note: Dollars in millions *Includes money market $13,991 $13,764 $13,432 $13,487 $13,912 0.17% 0.15% 0.21% 0.52% 0.99% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Noninterest-bearing Interest-bearing* Savings Brokered Time Cost of deposits

Core Deposit Funding 31% 44% 7% 12% 6% Noninterest-bearing Interest-bearing* Savings Time Brokered • Average deposit account is $29 thousand; commercial and consumer deposit accounts, excluding time deposit accounts, average approximately $77 thousand and $14 thousand, respectively • Top 20 depositors, excluding public funds, comprise less than 3% of total deposits 10 Deposits as of March 31, 2023 ($13.9 Billion) Mix of Average Deposits Noninterest-bearing demand 21.36 % 25.52 % 32.58 % Interest-bearing demand* 46.16 46.42 45.04 Savings 8.03 6.46 7.82 Brokered deposits 0.00 0.00 2.94 Time deposits 24.45 21.60 11.62 Total 100.00 % 100.00 % 100.00 % 4Q19 1Q234Q15 *Includes money market $13,254 $13,009 $13,023 $13,055 $233 $233 $416 $857 $13,487 $13,242 $13,439 $13,912 12/31/2022 1/31/2023 2/28/2023 3/31/2023 Other Deposits Brokered Deposits 2023 Deposit Trends

Diversified Deposits 11 Note: As of March 31, 2023 Consumer 45% Commercial 35% Brokered 6% Public Funds 14% CommercialCustomer Construction 17% Professional Services 12% Real Estate 12% Financial 11% Manufacturing 7% Trade 11% Health Care 5% Other Services 17% Other 8%

Strong Liquidity Position 12 Note: Dollars in millions 74% 77% 83% 86% 85% $1 $1 $1 $1 $1 $1 $1 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Loans to Deposits 26.68% 24.24% 20.66% 20.21% 20.92% $0 $0 $0 $0 $0 $0 $0 $0 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Cash and Securities to Total Assets Average Interest Earning Asset Mix 76% 1% 21% 2% 1Q 2023 Loans Held for Investment Loans Held for Sale Securities Interest Bearing Balances with Banks • Proactively added on balance sheet liquidity mid-March by borrowing from the FHLB and acquiring additional brokered deposits

Available Liquidity and Uninsured Deposits 13Note: As of March 31, 2023; dollars in billions (1) Approximately $500 million of the unencumbered securities are placed at the Fed (2) Includes untapped brokered CDs (per internal policy guidelines) and unsecured lines of credit $7.4 $4.1 Available sources Uninsured and uncollateralized deposits Uninsured Deposits Uninsured to Total Deposits Uncollateralized 4.1$ 29.8% Collateralized public funds 1.5 10.7% Total 5.6$ 40.5% Internal Sources Cash and cash equivalents 0.8$ Unencumbered securities(1) 1.6 External Sources FHLB borrowing capacity 2.9 Other(2) 2.1 Total 7.4$ Liquidity Sources

Securities Portfolio 14 Composition 33% 35% 9% 13% 2% 8% Agency MBS Agency CMO Agency CMBS Municipal SBA Other • Book value of $2.8 billion or 16.1% of total assets • Taxable equivalent yield of 2.07% • Duration of 4.4 years • 46% of portfolio HTM o 10% of HTM are CRA investments o 22% of HTM are Municipals • Unrealized losses in AOCI on securities totaled $269.3 million ($201.9 million, net of tax); unrealized losses not in AOCI on HTM securities totaled $88.9 million (66.8 million, net of tax) • Securities runoff of approximately $60 to $75 million per quarter expected in the next 12 months Highlights $2.8 Billion Note: As of March 31, 2023

Subordinated Notes $336,104 ACL $170,362 Trust Preferred $108,685 Common Equity Tier 1 $1,394,401 1 Capital Position 15 Tier 1 $1,503 Tier 2 $506 Regulatory Capital as of March 31, 2023 • $100 million stock repurchase program is in effect through October 2023; there was no buyback activity in the first quarter of 2023 • Consistent dividend payment history, including through the 2008 financial crisis Capital Highlights Note: Dollars in millions * Tangible Common Equity is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. Ratio Tangible Common Equity* 7.01 % 7.13 % Leverage 9.36 9.18 Tier 1 Risk Based 11.01 10.98 Total Risk Based 14.63 14.68 Common Tier 1 Equity 10.21 10.19 1Q 20234Q 2022 • Unrealized losses on the HTM portfolio would have a negative impact of 44 basis points on the TCE ratio • Unrealized losses on both HTM and AFS would have a negative impact of 161 basis points on CET1 and the Company would still remain above well-capitalized thresholds

Asset Quality

2.44% 2.00% 2.50% 3.00% 3.50% 4.00% $200,000 $250,000 $300,000 $350,000 $400,000 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Criticized Loans/Total Loans Criticized Loans % of Total Loans ($ in thousands) 0.43% 0.00% 0.50% 1.00% 1.50% 2.00% $- $25,000 $50,000 $75,000 $100,000 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Loans 30-89 Days Past Due/ Total Loans 30-89 DPD % of Total Loans ($ in thousands) Asset Quality 17

0.46% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $- $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 NPAs/Total Assets Nonperforming loans OREO % of Assets ($ in thousands) 0.16% 0.00% 0.20% 0.40% 0.60% 0.80% $- $5,000 $10,000 $15,000 $20,000 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Net Charge-offs/Average Loans Net charge-offs % of Avg Loans ($ in thousands) Asset Quality 18

1.66% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Allowance/Total Loans Allowance % of Total Loans ($ in thousands) 259% 100% 150% 200% 250% 300% 350% 400% $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Allowance/Nonperforming Loans Allowance % of Total NPLs ($ in thousands) ACL Metrics 19

ACL Summary ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans Commercial, Financial, Agricultural 44,451$ 2.65 44,680$ 2.56 Lease Financing Receivables 2,463 2.15 2,437 2.02 Real Estate - 1-4 Family Mortgage 44,520 1.39 45,964 1.41 Real Estate - Commercial Mortgage 71,925 1.40 72,793 1.42 Real Estate - Construction 19,114 1.43 19,959 1.40 Installment loans to individuals 9,617 7.71 9,459 8.21 Allowance for Credit Losses on Loans 192,090 1.66 195,292 1.66 Allowance for Credit Losses on Deferred Interest 1,248 1,248 Reserve for Unfunded Commitments 20,118 18,618 Total Reserves 213,456$ 215,158$ 3/31/202312/31/2022 20

Loss Absorption Capacity 21 ($ in thousands) 3/31/2023 Allowance for Credit Losses on Loans 195,292$ Reserve for Unfunded Commitments 18,618 Purchase Accounting Discounts 11,881 Total Loss Absorption Capacity 225,791$

Profitability

Net Income & Adjusted Pre-Provision Net Revenue* 23 $33.5 $39.7 $46.6 $46.3 $46.1 $42.7 $54.2 $67.0 $72.2 $63.9 1.04% 1.31% 1.60% 1.73% 1.51% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Net Income P Adj. PPNR (non-GAAP)* Adj. PPNR /Avg. Assets (non-GAAP)* Note: Dollars in millions *Adjusted Pre-Provision Net Revenue and Adjusted Pre-Provision Net Revenue/Average Assets are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”.

Diluted Earnings per Share Reported and Adjusted* 24 $.60 $.71 $.83 $.82 $.82 $.60 $.72 $.79 $.89 $.82 $- $0.20 $0.40 $0.60 $0.80 $1.00 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Diluted EPS (GAAP) Diluted EPS Adjusted (non-GAAP)* * Diluted earnings per share (adjusted) is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”.

Profitability Ratios 25 6.05% 7.31% 8.50% 8.58% 8.55% 10.99% 13.81% 14.87% 17.35% 16.29% 0.00% 4.00% 8.00% 12.00% 16.00% 20.00% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 ROE (GAAP) ROTCE (Adjusted) (non-GAAP)* *ROAA (Adjusted) and ROTCE (Adjusted) are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 0.81% 0.96% 1.11% 1.11% 1.09% 0.82% 0.98% 1.05% 1.20% 1.09% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 ROAA (GAAP) ROAA (Adjusted) (non-GAAP)* Return on Average Equity (ROE)Return on Average Assets (ROAA)

Net Interest Income (FTE) & Net Interest Margin 26 $101.4 $115.3 $132.4 $140.6 $138.5 2.76% 3.11% 3.54% 3.78% 3.66% 2.71% 3.00% 3.50% 3.76% 3.63% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Core NII (FTE)(Non-GAAP)* Non-Core NII NIM Core NIM (Non-GAAP)* Note: Dollars in millions *Core Net Interest Income (FTE) and Core Net Interest Margin are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”.

Note: Dollars in thousands $37,458 $37,214 $41,186 $33,395 $37,293 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Service Charges Fees and Commissions Insurance Wealth Management Mortgage Banking Securities Gains Other Noninterest Income 27 Service Charges 24% Fees and Commissions 12% Insurance 7% Wealth Management 14% Mortgage Banking 23% Other 20% 1Q 2023 - Noninterest Income Contribution • Notwithstanding the elimination of certain deposit service charges, noninterest income increased $3.9 million in the first quarter primarily due to an increase in mortgage banking income.

Mortgage Banking 28 Mortgage MixMortgage banking income Gain on sale margin* *Gain on sale margin excludes pipeline fair value adjustments and buyback reserve activity included in “Gain on sales of loans, net” in the table above ($ in thousands) 1Q22 4Q22 1Q23 Gain on sales of loans, net 6,047$ 1,103$ 4,770$ Fees, net 3,053 1,849 1,806 Mortgage servicing (loss) income, net 533 2,318 1,941 Mortgage banking income, net 9,633$ 5,270$ 8,517$ 1.81% 1.27% 1.03% 1.64% 1.15% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 $1.2 $0.9 $0.6 $0.5 $0.6 $- $0 $0 $1 $1 $1 $1 $1 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Locked Volume (in billions) (in %) 1Q22 4Q22 1Q23 Wholesale 38 35 36 Retail 62 65 64 Purchase 73 82 86 Refinance 27 18 14

Noninterest Expense and Efficiency Ratio 29 Salaries and employee benefits 65% Data processing 3% Net occupancy and equipment 11% Intangible amortization 1% Other 20% 1Q 2023 – Noninterest Expense Mix($ in thousands) 4Q22 1Q23 Change Salaries and employee benefits 67,372$ 69,832$ 2,460$ Data processing 3,521 3,633 112 Net occupancy and equipment 11,122 11,405 283 Intangible amortization 1,195 1,426 231 Merger and conversion 1,100 - (1,100) Other 17,272 21,412 4,140 Total 101,582$ 107,708$ 6,126$ 68% 64% 59% 58% 61% 67% 62% 59% 56% 61% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Efficiency Ratio Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* *Adjusted Efficiency Ratio is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. • Noninterest expense increased $6.1 million during the first quarter of 2023, primarily due to $2.7 million of expenses related to the operations of RBC, acquired on December 30, 2022, lower deferred loan origination fees and a seasonal increase in both payroll taxes and the company’s match of 401k contributions.

Appendix

Non-Owner Occupied CRE - Term 31 Composition Highlights 15% 10% 9% 17%9% 11% 20% 9% Warehouse/Industrial Hotels Self Storage Multi-family Office (medical) Office (non-medical) Retail Senior Housing • 29.3% of total loans • Non-performing loans of 0.09% • 30-89 days past due of 0.46% • Average loan size of $1.7 thousand • Weighted average LTV of 55.6% Note: As of March 31, 2023.

Construction 32 23% 8% 1% 30% 2% 5% 5% 9% 10% 3%4% 1-4 Family Commercial Owner-Occupied Condominium Multi-family Other Office Retail Self Storage Warehouse / Industrial Hotels Senior Housing • 12.1% of total loans • 0.04% past due or nonaccrual • Average loan size of $2 million • Weighted average LTV of 57.6% Composition Highlights Note: As of March 31, 2023.

Office and Retail 33 Retail • $389 million portfolio • 0.03% past due or nonaccrual • Average loan size of $1.0 million • Weighted average LTV of 58.2% Office • $663 million portfolio • 0.49% past due or nonaccrual • Average loan size of $1.1 million • Weighted average LTV of 57.3% Note: As of March 31, 2023; includes term, non-owner occupied credits. Office portfolio excludes medical.

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XML

Cover	Jan. 24, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 25, 2023
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