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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

October 22, 2024
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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $5.00 par value per shareRNSTThe New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.
 
On October 22, 2024, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the third quarter of 2024. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On October 22, 2024, the Company also made available presentation materials (the “Presentation”) prepared for use with its earnings conference call on October 23, 2024. 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, 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 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 deposit and 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 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.

Item 9.01.    Financial Statements and Exhibits.
    (d)    The following exhibits are furnished herewith:
    Exhibit No.    Description
104    The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RENASANT CORPORATION
Date: October 22, 2024
By:
/s/ C. Mitchell Waycaster
C. Mitchell Waycaster
Chief Executive Officer





renasantcorporationlogo-fu.jpg
Contacts:For Media:For Financials:
John S. OxfordJames C. Mabry IV
Senior Vice PresidentExecutive Vice President
Chief Marketing OfficerChief Financial Officer
(662) 680-1219(662) 680-1281

RENASANT CORPORATION ANNOUNCES
EARNINGS FOR THE THIRD QUARTER OF 2024, RECEIPT OF SHAREHOLDER APPROVAL OF THE MERGER WITH THE FIRST BANCSHARES, INC.

TUPELO, MISSISSIPPI (October 22, 2024) - Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the third quarter of 2024.

(Dollars in thousands, except earnings per share)Three Months EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Sep 30, 2023Sep 30, 2024Sep 30, 2023
Net income and earnings per share:
Net income$72,455$38,846$41,833$150,710$116,554
After-tax gain on sale of insurance agency38,951 — — 38,951 — 
After-tax loss on sale of securities (including impairments)— — — — (17,859)
Basic EPS1.180.690.752.602.08
Diluted EPS1.180.690.742.592.07
Adjusted diluted EPS (Non-GAAP)(1)
0.700.690.742.032.38
Impact to diluted EPS from after-tax gain on sale of insurance agency0.63 — — 0.67 — 
Impact to diluted EPS from after-tax loss on sale of securities (including impairments)— — — — (0.31)

“The financial results for the quarter reflect solid performance and balance sheet strength,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company. “We were pleased to receive shareholder approval today and look forward to completing our merger with The First in the first half of 2025, pending all required regulatory approvals and satisfaction of all other conditions.”

Quarterly Highlights

Merger Agreement with The First Bancshares, Inc. and Other Transactions
•On July 29, 2024, the Company announced its merger with The First Bancshares, Inc. (“The First”). Today, the shareholders of both Renasant and The First approved the merger and the related issuance of shares of Renasant common stock to the shareholders of The First
•On July 31, 2024, Renasant completed its public offering of an aggregate of 7,187,500 shares of its common stock at a price of $32.00 per share. The net proceeds of the offering after deducting underwriting discounts and other offering expenses were approximately $217.0 million
1


•Effective July 1, 2024, Renasant sold the assets of its insurance agency for cash proceeds of $56.4 million, recognizing a positive after-tax impact to earnings of $34.1 million, which is net of transaction expenses

Earnings
•Net income for the third quarter of 2024 was $72.5 million; diluted EPS and adjusted diluted EPS (non-GAAP)(1) were $1.18 and $0.70, respectively
•Net interest income (fully tax equivalent) for the third quarter of 2024 was $133.6 million, up $6.0 million on a linked quarter basis
•For the third quarter of 2024, net interest margin was 3.36%, up 5 basis points on a linked quarter basis
•Cost of total deposits was 2.51% for the third quarter of 2024, up 4 basis points on a linked quarter basis
•Noninterest income increased $50.5 million on a linked quarter basis primarily due to the $53.3 million pre-tax gain on the insurance agency sale, offset by the loss of insurance commissions as a result of the sale
•Mortgage banking income decreased $1.3 million on a linked quarter basis. The mortgage division generated $543.6 million in interest rate lock volume in the third quarter of 2024, a decrease of $16.7 million on a linked quarter basis. Gain on sale margin was 1.56% for the third quarter of 2024, down 13 basis points on a linked quarter basis
•Noninterest expense increased $10.0 million on a linked quarter basis. Merger and conversion expenses of $11.3 million for the third quarter of 2024 related to both the announced merger with The First and the insurance agency sale contributed to the increase

Balance Sheet
•Loans increased $22.9 million on a linked quarter basis, representing 0.7% annualized net loan growth
•Securities decreased $9.0 million on a linked quarter basis. Cash flows related to principal payments reduced securities by $43.4 million which was offset by a positive fair market value adjustment in our available-for-sale portfolio of $34.4 million
•Deposits at September 30, 2024 increased $254.5 million on a linked quarter basis. Brokered deposits decreased $31.8 million on a linked quarter basis to $126.8 million at September 30, 2024. Noninterest bearing deposits decreased $9.7 million on a linked quarter basis and represented 24.3% of total deposits at September 30, 2024

Capital and Stock Repurchase Program
•Book value per share and tangible book value per share (non-GAAP)(1) increased 0.1% and 8.9%, respectively, on a linked quarter basis
•Effective October 22, 2024, the Company’s Board of Directors approved a $100.0 million stock repurchase program under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. This plan replaces the Company’s $100.0 million stock repurchase program that expired in October 2024. There was no buyback activity during the third quarter of 2024

Credit Quality
•The Company recorded a provision for credit losses of $0.9 million for the third quarter of 2024, compared to $3.3 million for the second quarter of 2024
•The ratio of allowance for credit losses on loans to total loans was 1.59% at September 30, 2024, unchanged on a linked quarter basis
•The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 168.07% at September 30, 2024, compared to 203.88% at June 30, 2024
•Net loan charge-offs for the third quarter of 2024 were $0.7 million, or 0.02% of average loans on an annualized basis
•Nonperforming loans to total loans increased to 0.94% at September 30, 2024 compared to 0.78% at June 30, 2024, and criticized loans (which include classified and Special Mention loans) to total loans increased to 3.02% at September 30, 2024, compared to 2.62% at June 30, 2024




(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 EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Sep 30, 2024Sep 30, 2023
Interest income
Loans held for investment$202,655 $198,397 $192,390 $188,535 $181,129 $593,442 $516,114 
Loans held for sale4,212 3,530 2,308 3,329 3,751 10,050 8,478 
Securities10,304 10,410 10,700 10,728 10,669 31,414 39,760 
Other11,872 7,874 7,781 7,839 10,128 27,527 22,536 
Total interest income229,043 220,211 213,179 210,431 205,677 662,433 586,888 
Interest expense
Deposits90,787 87,621 82,613 77,168 70,906 261,021 155,163 
Borrowings7,258 7,564 7,276 7,310 7,388 22,098 38,351 
Total interest expense98,045 95,185 89,889 84,478 78,294 283,119 193,514 
Net interest income130,998 125,026 123,290 125,953 127,383 379,314 393,374 
Provision for credit losses
Provision for loan losses1,210 4,300 2,638 2,518 5,315 8,148 16,275 
Recovery of unfunded commitments(275)(1,000)(200)— (700)(1,475)(3,200)
Total provision for credit losses935 3,300 2,438 2,518 4,615 6,673 13,075 
Net interest income after provision for credit losses130,063 121,726 120,852 123,435 122,768 372,641 380,299 
Noninterest income89,299 38,762 41,381 20,356 38,200 169,442 92,719 
Noninterest expense121,983 111,976 112,912 111,880 108,369 346,871 327,742 
Income before income taxes97,379 48,512 49,321 31,911 52,599 195,212 145,276 
Income taxes24,924 9,666 9,912 3,787 10,766 44,502 28,722 
Net income$72,455 $38,846 $39,409 $28,124 $41,833 $150,710 $116,554 
Adjusted net income (non-GAAP)(1)
$42,960 $38,846 $36,572 $42,887 $41,833 $118,588 $134,413 
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1)
$56,238 $51,812 $48,231 $52,614 $57,214 $156,281 $180,789 
Basic earnings per share$1.18 $0.69 $0.70 $0.50 $0.75 $2.60 $2.08 
Diluted earnings per share1.18 0.69 0.70 0.50 0.74 2.59 2.07 
Adjusted diluted earnings per share (non-GAAP)(1)
0.70 0.69 0.65 0.76 0.74 2.03 2.38 
Average basic shares outstanding61,217,094 56,342,909 56,208,348 56,141,628 56,138,618 57,934,806 56,085,556 
Average diluted shares outstanding61,632,448 56,684,626 56,531,078 56,611,217 56,523,887 58,297,554 56,393,957 
Cash dividends per common share$0.22 $0.22 $0.22 $0.22 $0.22 $0.66 $0.66 
(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 EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Sep 30, 2024Sep 30, 2023
Return on average assets1.63 %0.90 %0.92 %0.65 %0.96 %1.16 %0.90 %
Adjusted return on average assets (non-GAAP)(1)
0.97 0.90 0.86 0.99 0.96 0.91 1.04 
Return on average tangible assets (non-GAAP)(1)
1.75 0.98 1.00 0.71 1.05 1.25 0.99 
Adjusted return on average tangible assets (non-GAAP)(1)
1.05 0.98 0.93 1.08 1.05 0.99 1.13 
Return on average equity11.29 6.68 6.85 4.93 7.44 8.38 7.04 
Adjusted return on average equity (non-GAAP)(1)
6.69 6.68 6.36 7.53 7.44 6.59 8.12 
Return on average tangible equity (non-GAAP)(1)
18.83 12.04 12.45 9.26 13.95 14.69 13.35 
Adjusted return on average tangible equity (non-GAAP)(1)
11.26 12.04 11.58 13.94 13.95 11.61 15.35 
Efficiency ratio (fully taxable equivalent)54.73 67.31 67.52 75.11 64.38 62.33 66.28 
Adjusted efficiency ratio (non-GAAP)(1)
64.62 66.60 68.23 66.18 63.60 66.46 62.61 
Dividend payout ratio18.64 31.88 31.43 44.00 29.33 25.38 31.73 

Capital and Balance Sheet Ratios
As of
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
Shares outstanding63,564,028 56,367,924 56,304,860 56,142,207 56,140,713 
Market value per share$32.50 $30.54 $31.32 $33.68 $26.19 
Book value per share41.82 41.77 41.25 40.92 39.78 
Tangible book value per share (non-GAAP)(1)
26.02 23.89 23.32 22.92 21.76 
Shareholders’ equity to assets14.80 %13.45 %13.39 %13.23 %13.00 %
Tangible common equity ratio (non-GAAP)(1)
9.76 8.16 8.04 7.87 7.55 
Leverage ratio11.32 9.81 9.75 9.62 9.48 
Common equity tier 1 capital ratio12.88 10.75 10.59 10.52 10.46 
Tier 1 risk-based capital ratio13.67 11.53 11.37 11.30 11.25 
Total risk-based capital ratio17.32 15.15 15.00 14.93 14.91 

(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 EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Sep 30, 2024Sep 30, 2023
Noninterest income
Service charges on deposit accounts$10,438 $10,286 $10,506 $10,603 $9,743 $31,230 $28,596 
Fees and commissions4,116 3,944 3,949 4,130 4,108 12,009 13,771 
Insurance commissions— 2,758 2,716 2,583 3,264 5,474 8,519 
Wealth management revenue5,835 5,684 5,669 5,668 5,986 17,188 16,464 
Mortgage banking income8,447 9,698 11,370 6,592 7,533 29,515 25,821 
Gain on sale of insurance agency53,349 — — — — 53,349 — 
Net losses on sales of securities (including impairments)— — — (19,352)— — (22,438)
Gain on extinguishment of debt— — 56 620 — 56 — 
BOLI income2,858 2,701 2,691 2,589 2,469 8,250 7,874 
Other4,256 3,691 4,424 6,923 5,097 12,371 14,112 
Total noninterest income$89,299 $38,762 $41,381 $20,356 $38,200 $169,442 $92,719 
Noninterest expense
Salaries and employee benefits$71,307 $70,731 $71,470 $71,841 $69,458 $213,508 $209,927 
Data processing4,133 3,945 3,807 3,971 3,907 11,885 11,224 
Net occupancy and equipment11,415 11,844 11,389 11,653 11,548 34,648 34,818 
Other real estate owned56 105 107 306 (120)268 (39)
Professional fees3,189 3,195 3,348 2,854 3,338 9,732 10,817 
Advertising and public relations3,677 3,807 4,886 3,084 3,474 12,370 11,642 
Intangible amortization1,160 1,186 1,212 1,274 1,311 3,558 4,106 
Communications2,176 2,112 2,024 2,026 2,006 6,312 6,212 
Merger and conversion related expenses11,273 — — — — 11,273 — 
Other13,597 15,051 14,669 14,871 13,447 43,317 39,035 
Total noninterest expense$121,983 $111,976 $112,912 $111,880 $108,369 $346,871 $327,742 

Mortgage Banking Income
(Dollars in thousands)Three Months EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Sep 30, 2024Sep 30, 2023
Gain on sales of loans, net$4,499 $5,199 $4,535 $1,860 $3,297 $14,233 $12,713 
Fees, net2,646 2,866 1,854 2,010 2,376 7,366 7,041 
Mortgage servicing income, net1,302 1,633 4,981 2,722 1,860 7,916 6,067 
Total mortgage banking income$8,447 $9,698 $11,370 $6,592 $7,533 $29,515 $25,821 
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Balance Sheet
(Dollars in thousands)As of
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
Assets
Cash and cash equivalents$1,275,620 $851,906 $844,400 $801,351 $741,156 
Securities held to maturity, at amortized cost1,150,531 1,174,663 1,199,111 1,221,464 1,245,595 
Securities available for sale, at fair value764,844 749,685 764,486 923,279 909,108 
Loans held for sale, at fair value291,735 266,406 191,440 179,756 241,613 
Loans held for investment12,627,648 12,604,755 12,500,525 12,351,230 12,168,023 
Allowance for credit losses on loans(200,378)(199,871)(201,052)(198,578)(197,773)
Loans, net12,427,270 12,404,884 12,299,473 12,152,652 11,970,250 
Premises and equipment, net280,550 280,966 282,193 283,195 284,368 
Other real estate owned9,136 7,366 9,142 9,622 9,258 
Goodwill and other intangibles1,004,136 1,008,062 1,009,248 1,010,460 1,011,735 
Bank-owned life insurance389,138 387,791 385,186 382,584 379,945 
Mortgage servicing rights71,990 72,092 71,596 91,688 90,241 
Other assets293,890 306,570 289,466 304,484 298,352 
Total assets$17,958,840 $17,510,391 $17,345,741 $17,360,535 $17,181,621 
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing$3,529,801 $3,539,453 $3,516,164 $3,583,675 $3,734,197 
Interest-bearing10,979,950 10,715,760 10,720,999 10,493,110 10,422,913 
Total deposits14,509,751 14,255,213 14,237,163 14,076,785 14,157,110 
Short-term borrowings108,732 232,741 108,121 307,577 107,662 
Long-term debt433,177 428,677 428,047 429,400 427,399 
Other liabilities249,102 239,059 250,060 249,390 256,127 
Total liabilities15,300,762 15,155,690 15,023,391 15,063,152 14,948,298 
Shareholders’ equity:
Common stock332,421 296,483 296,483 296,483 296,483 
Treasury stock(97,251)(97,534)(99,683)(105,249)(105,300)
Additional paid-in capital1,488,678 1,304,782 1,303,613 1,308,281 1,304,891 
Retained earnings1,063,324 1,005,086 978,880 952,124 936,573 
Accumulated other comprehensive loss(129,094)(154,116)(156,943)(154,256)(199,324)
Total shareholders’ equity
2,658,078 2,354,701 2,322,350 2,297,383 2,233,323 
Total liabilities and shareholders’ equity
$17,958,840 $17,510,391 $17,345,741 $17,360,535 $17,181,621 


6

Net Interest Income and Net Interest Margin

(Dollars in thousands)Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
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$12,584,104 $204,935 6.47 %$12,575,651 $200,670 6.41 %$12,030,109 $183,521 6.06 %
Loans held for sale272,110 4,212 6.19 %219,826 3,530 6.42 %227,982 3,751 6.58 %
Taxable securities1,794,421 9,212 2.05 %1,832,002 9,258 2.02 %2,097,285 9,459 1.80 %
Tax-exempt securities(1)
262,621 1,390 2.12 %263,937 1,451 2.20 %285,588 1,566 2.19 %
Total securities2,057,042 10,602 2.06 %2,095,939 10,709 2.04 %2,382,873 11,025 1.85 %
Interest-bearing balances with banks894,313 11,872 5.28 %595,030 7,874 5.32 %729,049 10,128 5.51 %
Total interest-earning assets15,807,569 231,621 5.82 %15,486,446 222,783 5.77 %15,370,013 208,425 5.39 %
Cash and due from banks189,425 187,519 180,708 
Intangible assets1,004,701 1,008,638 1,012,460 
Other assets679,901 688,766 672,232 
Total assets$17,681,596 $17,371,369 $17,235,413 
Interest-bearing liabilities:
Interest-bearing demand(2)
$7,333,508 $60,326 3.26 %$7,094,411 $56,132 3.17 %$6,520,145 $41,464 2.52 %
Savings deposits815,545 729 0.36 %839,638 729 0.35 %942,619 793 0.33 %
Brokered deposits150,991 1,998 5.25 %294,650 3,944 5.37 %947,387 12,732 5.33 %
Time deposits2,546,860 27,734 4.33 %2,487,873 26,816 4.34 %2,002,506 15,917 3.15 %
Total interest-bearing deposits10,846,904 90,787 3.32 %10,716,572 87,621 3.28 %10,412,657 70,906 2.70 %
Borrowed funds562,146 7,258 5.14 %583,965 7,564 5.19 %564,772 7,388 5.22 %
Total interest-bearing liabilities11,409,050 98,045 3.41 %11,300,537 95,185 3.38 %10,977,429 78,294 2.84 %
Noninterest-bearing deposits3,509,266 3,509,109 3,800,160 
Other liabilities209,763 223,992 226,219 
Shareholders’ equity2,553,517 2,337,731 2,231,605 
Total liabilities and shareholders’ equity$17,681,596 $17,371,369 $17,235,413 
Net interest income/ net interest margin$133,576 3.36 %$127,598 3.31 %$130,131 3.36 %
Cost of funding2.61 %2.58 %2.11 %
Cost of total deposits2.51 %2.47 %1.98 %
(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

Net Interest Income and Net Interest Margin, continued
(Dollars in thousands)Nine Months Ended
September 30, 2024September 30, 2023
Average
Balance		Interest
Income/
Expense		Yield/  
 Rate		Average
Balance		Interest
Income/
Expense		Yield/  
 Rate
Interest-earning assets:
Loans held for investment$12,522,802 $600,245 6.39%$11,866,662 $523,040 5.89%
Loans held for sale215,978 10,050 6.20%175,100 8,478 6.46%
Taxable securities(1)
1,839,249 27,975 2.03%2,402,739 35,129 1.95%
Tax-exempt securities265,601 4,346 2.18%349,617 6,076 2.32%
Total securities2,104,850 32,321 2.05%2,752,356 41,205 2.00%
Interest-bearing balances with banks687,318 27,527 5.35%573,498 22,536 5.25%
Total interest-earning assets15,530,948 670,143 5.75%15,367,616 595,259 5.18%
Cash and due from banks188,485 189,324 
Intangible assets1,007,710 1,012,613 
Other assets694,427 674,476 
Total assets$17,421,570 $17,244,029 
Interest-bearing liabilities:
Interest-bearing demand(2)
$7,128,721 $168,958 3.16%$6,235,322 $90,947 1.95%
Savings deposits838,443 2,188 0.35%999,436 2,432 0.33%
Brokered deposits296,550 11,929 5.36%719,603 27,445 5.10%
Time deposits2,451,733 77,946 4.25%1,769,246 34,339 2.59%
Total interest-bearing deposits10,715,447 261,021 3.25%9,723,607 155,163 2.13%
Borrowed funds569,476 22,098 5.17%1,026,467 38,351 4.99%
Total interest-bearing liabilities11,284,923 283,119 3.35%10,750,074 193,514 2.41%
Noninterest-bearing deposits3,512,318 4,073,265 
Other liabilities221,932 208,491 
Shareholders’ equity2,402,397 2,212,199 
Total liabilities and shareholders’ equity$17,421,570 $17,244,029 
Net interest income/ net interest margin$387,024 3.32%$401,745 3.49%
Cost of funding2.55%1.75%
Cost of total deposits2.45%1.50%
(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.

8


Supplemental Margin Information
(Dollars in thousands)Three Months EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Sep 30, 2023Sep 30, 2024Sep 30, 2023
Earning asset mix:
Loans held for investment
79.61 %81.20 %78.27 %80.63 %77.22 %
Loans held for sale1.72 1.42 1.48 1.39 1.14 
Securities13.01 13.53 15.50 13.55 17.91 
Interest-bearing balances with banks5.66 3.85 4.75 4.43 3.73 
Total100.00 %100.00 %100.00 %100.00 %100.00 %
Funding sources mix:
Noninterest-bearing demand23.52 %23.69 %25.72 %23.74 %27.48 %
Interest-bearing demand(1)
49.16 47.90 44.12 48.18 42.06 
Savings 5.47 5.67 6.38 5.67 6.74 
Brokered deposits1.01 1.99 6.41 2.00 4.85 
Time deposits17.07 16.80 13.55 16.57 11.94 
Borrowed funds3.77 3.95 3.82 3.84 6.93 
Total100.00 %100.00 %100.00 %100.00 %100.00 %
Net interest income collected on problem loans$642 $(146)$(820)$619 $(64)
Total accretion on purchased loans1,089 897 1,290 2,786 3,049 
Total impact on net interest income$1,731 $751 $470 $3,405 $2,985 
Impact on net interest margin0.04 %0.02 %0.01 %0.03 %0.03 %
Impact on loan yield0.05 0.02 0.02 0.04 %0.03 %
(1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
9

Loan Portfolio
(Dollars in thousands)As of
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
Loan Portfolio:
Commercial, financial, agricultural$1,804,961 $1,847,762 $1,869,408 $1,871,821 $1,819,891 
Lease financing98,159 102,996 107,474 116,020 120,724 
Real estate - construction1,198,838 1,355,425 1,243,535 1,333,397 1,407,364 
Real estate - 1-4 family mortgages3,440,038 3,435,818 3,429,286 3,439,919 3,398,876 
Real estate - commercial mortgages5,995,152 5,766,478 5,753,230 5,486,550 5,313,166 
Installment loans to individuals90,500 96,276 97,592 103,523 108,002 
Total loans$12,627,648 $12,604,755 $12,500,525 $12,351,230 $12,168,023 


Credit Quality and Allowance for Credit Losses on Loans
(Dollars in thousands)As of
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
Nonperforming Assets:
Nonaccruing loans$113,872 $97,795 $73,774 $68,816 $69,541 
Loans 90 days or more past due5,351 240 451 554 532 
Total nonperforming loans119,223 98,035 74,225 69,370 70,073 
Other real estate owned9,136 7,366 9,142 9,622 9,258 
Total nonperforming assets$128,359 $105,401 $83,367 $78,992 $79,331 
Criticized Loans
Classified loans$218,135 $191,595 $206,502 $166,893 $186,052 
Special Mention loans163,804 138,343 138,366 99,699 89,858 
Criticized loans(1)
$381,939 $329,938 $344,868 $266,592 $275,910 
Allowance for credit losses on loans$200,378 $199,871 $201,052 $198,578 $197,773 
Net loan charge-offs$703 $5,481 $164 $1,713 $1,933 
Annualized net loan charge-offs / average loans0.02 %0.18 %0.01 %0.06 %0.06 %
Nonperforming loans / total loans0.94 0.78 0.59 0.56 0.58 
Nonperforming assets / total assets0.71 0.60 0.48 0.46 0.46 
Allowance for credit losses on loans / total loans1.59 1.59 1.61 1.61 1.63 
Allowance for credit losses on loans / nonperforming loans168.07 203.88 270.87 286.26 282.24 
Criticized loans / total loans3.02 2.62 2.76 2.16 2.27 
(1) Criticized loans include classified and Special Mention loans.
10

CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, October 23, 2024.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=YvWBKrUB. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2024 Third 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 8626805 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until November 6, 2024.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $18.0 billion and operates 186 banking, lending, mortgage and wealth management 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 (including its recently-announced acquisition of The First Bancshares, Inc. described under the “Quarterly Highlights” heading above) 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 (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities we have acquired, or may acquire, or target for acquisition, including in connection with the proposed merger with The First Bancshares, Inc.; (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, financial services, asset management, retail banking, factoring and 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 or increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of our proposed merger with The First Bancshares, Inc.; (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 or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xii) an insufficient allowance for credit losses as a result of
11

inaccurate assumptions; (xiii) 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; (xiv) general economic, market or business conditions, including the impact of inflation; (xv) changes in demand for loan and deposit products and other financial services; (xvi) concentrations of credit or deposit exposure; (xvii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xviii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xix) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xx) geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxi) the impact, extent and timing of technological changes; and (xxii) 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, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (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 pre-provision net revenue to average assets, the return on average assets and on average equity, and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the third quarter of 2024, merger and conversion expenses and the gain on the sale of the assets of the Company’s insurance agency), 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 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.


12

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Sep 30, 2024Sep 30, 2023
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)$72,455 $38,846 $39,409 $28,124 $41,833 $150,710 $116,554 
Income taxes24,924 9,666 9,912 3,787 10,766 44,502 28,722 
Provision for credit losses (including unfunded commitments)935 3,300 2,438 2,518 4,615 6,673 13,075 
Pre-provision net revenue (non-GAAP)$98,314 $51,812 $51,759 $34,429 $57,214 $201,885 $158,351 
Merger and conversion expense11,273 — — — — 11,273 — 
Gain on extinguishment of debt— — (56)(620)— (56)— 
Gain on sales of MSR— — (3,472)(547)— (3,472)— 
Gain on sale of insurance agency(53,349)— — — — (53,349)— 
Losses on sales of securities (including impairments)— — — 19,352 — — 22,438 
Adjusted pre-provision net revenue (non-GAAP)$56,238 $51,812 $48,231 $52,614 $57,214 $156,281 $180,789 
Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)$72,455 $38,846 $39,409 $28,124 $41,833 $150,710 $116,554 
Amortization of intangibles1,160 1,186 1,212 1,274 1,311 3,558 4,106 
Tax effect of adjustments noted above(1)
(296)(233)(237)(240)(269)(909)(838)
Tangible net income (non-GAAP)$73,319 $39,799 $40,384 $29,158 $42,875 $153,359 $119,822 
Net income (GAAP)$72,455 $38,846 $39,409 $28,124 $41,833 $150,710 $116,554 
Merger and conversion expense11,273 — — — — 11,273 — 
Gain on extinguishment of debt— — (56)(620)— (56)— 
Gain on sales of MSR— — (3,472)(547)— (3,472)— 
Gain on sale of insurance agency(53,349)— — — — (53,349)— 
Losses on sales of securities (including impairments)— — — 19,352 — — 22,438 
Tax effect of adjustments noted above(1)
12,581 — 691 (3,422)— 13,482 (4,579)
Adjusted net income (non-GAAP)$42,960 $38,846 $36,572 $42,887 $41,833 $118,588 $134,413 
Amortization of intangibles1,160 1,186 1,212 1,274 1,311 3,558 4,106 
Tax effect of adjustments noted above(1)
(296)(233)(237)(240)(269)(909)(838)
Adjusted tangible net income (non-GAAP)$43,824 $39,799 $37,547 $43,921 $42,875 $121,237 $137,681 
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)
$2,553,517 $2,337,731 $2,314,281 $2,261,025 $2,231,605 $2,402,397 $2,212,199 
Average intangible assets1,004,7011,008,6381,009,8251,011,1301,012,4601,007,7101,012,613
Average tangible shareholders’ equity (non-GAAP)
$1,548,816 $1,329,093 $1,304,456 $1,249,895 $1,219,145 $1,394,687 $1,199,586 
Average assets (GAAP)$17,681,596 $17,371,369 $17,203,013 $17,195,840 $17,235,413 $17,421,570 $17,244,029 
Average intangible assets1,004,7011,008,6381,009,8251,011,1301,012,4601,007,7101,012,613
Average tangible assets (non-GAAP)$16,676,895 $16,362,731 $16,193,188 $16,184,710 $16,222,953 $16,413,860 $16,231,416 
Shareholders’ equity (GAAP)
$2,658,078 $2,354,701 $2,322,350 $2,297,383 $2,233,323 $2,658,078 $2,233,323 
13

(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Sep 30, 2024Sep 30, 2023
Intangible assets1,004,1361,008,0621,009,2481,010,4601,011,7351,004,1361,011,735
Tangible shareholders’ equity (non-GAAP)
$1,653,942 $1,346,639 $1,313,102 $1,286,923 $1,221,588 $1,653,942 $1,221,588 
Total assets (GAAP)$17,958,840 $17,510,391 $17,345,741 $17,360,535 $17,181,621 $17,958,840 $17,181,621 
Intangible assets1,004,1361,008,0621,009,2481,010,4601,011,7351,004,1361,011,735
Total tangible assets (non-GAAP)$16,954,704 $16,502,329 $16,336,493 $16,350,075 $16,169,886 $16,954,704 $16,169,886 
Adjusted Performance Ratios
Return on average assets (GAAP)1.63 %0.90 %0.92 %0.65 %0.96 %1.16 %0.90 %
Adjusted return on average assets (non-GAAP)0.97 0.90 0.86 0.99 0.96 0.91 1.04 
Return on average tangible assets (non-GAAP)1.75 0.98 1.00 0.71 1.05 1.25 0.99 
Pre-provision net revenue to average assets (non-GAAP)2.21 1.20 1.21 0.79 1.32 1.55 1.23 
Adjusted pre-provision net revenue to average assets (non-GAAP)1.27 1.20 1.13 1.21 1.32 1.20 1.40 
Adjusted return on average tangible assets (non-GAAP)1.05 0.98 0.93 1.08 1.05 0.99 1.13 
Return on average equity (GAAP)11.29 6.68 6.85 4.93 7.44 8.38 7.04 
Adjusted return on average equity (non-GAAP)6.69 6.68 6.36 7.53 7.44 6.59 8.12 
Return on average tangible equity (non-GAAP)18.83 12.04 12.45 9.26 13.95 14.69 13.35 
Adjusted return on average tangible equity (non-GAAP)11.26 12.04 11.58 13.94 13.95 11.61 15.35 
Adjusted Diluted Earnings Per Share
Average diluted shares outstanding61,632,44856,684,62656,531,07856,611,21756,523,88758,297,55456,393,957
Diluted earnings per share (GAAP)$1.18 $0.69 $0.70 $0.50 $0.74 $2.59 $2.07 
Adjusted diluted earnings per share (non-GAAP)$0.70 $0.69 $0.65 $0.76 $0.74 $2.03 $2.38 
Tangible Book Value Per Share
Shares outstanding63,564,02856,367,92456,304,86056,142,20756,140,71363,564,02856,140,713
Book value per share (GAAP)$41.82 $41.77 $41.25 $40.92 $39.78 $41.82 $39.78 
Tangible book value per share (non-GAAP)$26.02 $23.89 $23.32 $22.92 $21.76 $26.02 $21.76 
Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)14.80 %13.45 %13.39 %13.23 %13.00 %14.80 %13.00 %
Tangible common equity ratio (non-GAAP)9.76 %8.16 %8.04 %7.87 %7.55 %9.76 %7.55 %
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)$133,576 $127,598 $125,850 $128,595 $130,131 $387,024 $401,745 
Total noninterest income (GAAP)$89,299 $38,762 $41,381 $20,356 $38,200 $169,442 $92,719 
Gain on sales of MSR— — 3,472 547 — 3,472 — 
Gain on extinguishment of debt— — 56 620 — 56 — 
Gain on sale of insurance agency53,349 — — — — 53,349 — 
14

(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Sep 30, 2024Sep 30, 2023
Losses on sales of securities (including impairments)— — — (19,352)— — (22,438)
Total adjusted noninterest income (non-GAAP)$35,950 $38,762 $37,853 $38,541 $38,200 $112,565 $115,157 
Noninterest expense (GAAP)$121,983 $111,976 $112,912 $111,880 $108,369 $346,871 $327,742 
Amortization of intangibles1,160 1,186 1,212 1,274 1,311 3,558 4,106 
Merger and conversion expense11,273 — — — — 11,273 — 
Total adjusted noninterest expense (non-GAAP)$109,550 $110,790 $111,700 $110,606 $107,058 $332,040 $323,636 
Efficiency ratio (GAAP)54.73 %67.31 %67.52 %75.11 %64.38 %62.33 %66.28 %
Adjusted efficiency ratio (non-GAAP)64.62 %66.60 %68.23 %66.18 %63.60 %66.46 %62.61 %
Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)$133,576 $127,598 $125,850 $128,595 $130,131 $387,024 $401,745 
Net interest income collected on problem loans642 (146)123 283 (820)619 (64)
Accretion recognized on purchased loans1,089 897 800 1,117 1,290 2,786 3,049 
Adjustments to net interest income$1,731 $751 $923 $1,400 $470 $3,405 $2,985 
Adjusted net interest income (FTE) (non-GAAP)$131,845 $126,847 $124,927 $127,195 $129,661 $383,619 $398,760 
Net interest margin (GAAP)3.36 %3.31 %3.30 %3.33 %3.36 %3.32 %3.49 %
Adjusted net interest margin (non-GAAP)3.32 %3.29 %3.28 %3.29 %3.35 %3.30 %3.47 %
Adjusted Loan Yield
Loan interest income (FTE) (GAAP)$204,935 $200,670 $194,640 $190,857 $183,521 $600,245 $523,040 
Net interest income collected on problem loans642 (146)123 283 (820)619 (64)
Accretion recognized on purchased loans1,089 897 800 1,117 1,290 2,786 3,049 
Adjusted loan interest income (FTE) (non-GAAP) $203,204 $199,919 $193,717 $189,457 $183,051 $596,840 $520,055 
Loan yield (GAAP)6.47 %6.41 %6.30 %6.18 %6.06 %6.39 %5.89 %
Adjusted loan yield (non-GAAP)6.41 %6.38 %6.27 %6.14 %6.04 %6.35 %5.86 %
(1) Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense. The tax effect of the discrete gain on sale of insurance agency was calculated based on an estimated tax rate of 25.8%.


###
15
Third Quarter 2024 Earnings Call

 
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 (including its recently-announced acquisition of The First Bancshares, Inc.) 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 (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into Renasant, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities we have acquired, or may acquire, or target for acquisition, including in connection with the proposed merger with The First Bancshares, Inc.; (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, financial services, asset management, retail banking, factoring and 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 or increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of our proposed merger with The First Bancshares, Inc.; (ix) changes in the securities and foreign exchange markets; (x) Renasant’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 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; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) 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; (xiv) general economic, market or business conditions, including the impact of inflation; (xv) changes in demand for loan and deposit products and other financial services; (xvi) concentrations of credit or deposit exposure; (xvii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xviii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xix) civil unrest, natural disasters, epidemics and other catastrophic events in our geographic area; (xx) geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxi) the impact, extent and timing of technological changes; and (xxii) 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. Forward-Looking Statements 2

 
Snapshot Assets: $18.0 billion Loans: 12.6 Deposits: 14.5 Equity: 2.7 Loans and Deposits by State MS 19% AL 28% FL 8% Other 1% GA 29% TN 15% Loans MS 41% AL 15% FL 3% GA 30% TN 11% Deposits Footprint *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texas are not shown. Overview 3 Note: As of September 30, 2024

 
• Net income of $72.5 million with diluted EPS of $1.18 and adjusted EPS (non-GAAP)(1) of $0.70 • Net interest margin increased 5 basis points to 3.36% on a linked quarter basis • Loans increased $22.9 million, or 0.7% annualized • Deposits increased $254.5 million, which includes a $31.8 million reduction of brokered deposits • Cost of total deposits increased 4 basis points to 2.51%; noninterest-bearing deposits represented 24.3% of total deposits • The ratio of allowance for credit losses on loans to total loans was unchanged on a linked quarter basis at 1.59% • Nonperforming loans represented 0.94% of total loans, an increase of 16 basis points on a linked quarter basis; annualized net loan charge-offs were 0.02% of average loans • Effective July 1, 2024, Renasant sold the assets of its insurance agency for cash proceeds of $56.4 million, recognizing a positive after-tax impact to earnings of $34.1 million, which is net of transaction-related expenses • On July 29, 2024, the Company announced its merger with The First Bancshares, Inc. (“The First”) (NYSE:FBMS) • On July 31, 2024, Renasant announced that it has completed its public offering of an aggregate of 7,187,500 shares of its common stock at a price of $32.00 per share. The net proceeds of the offering after deducting underwriting discounts and other offering expenses were $217.0 million Third Quarter Highlights 4(1) Adjusted diluted EPS 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”.

 
Balance Sheet $14,157 $14,077 $14,237 $14,255 $14,510 $13,200 $13,400 $13,600 $13,800 $14,000 $14,200 $14,400 $14,600 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Deposits $12,168 $12,351 $12,501 $12,605 $12,628 $11,900 $12,000 $12,100 $12,200 $12,300 $12,400 $12,500 $12,600 $12,700 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Loans $2,233 $2,297 $2,322 $2,355 $2,658 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Equity 5Note: Dollars in millions Note: In millions $17,182 $17,361 $17,346 $17,510 $17,960 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Assets

 
6 Core Deposit Funding Diversification Granularity • Average deposit account balance is $31 thousand; commercial and consumer deposit accounts, excluding time deposit accounts, averaged approximately $80 thousand and $13 thousand, respectively • Top 20 depositors, excluding public funds, comprise 4.4% of total deposits Customer Consumer 48% Commercial 35% Brokered 1% Public Funds 16% Commercial Construction 17% Professional Services 10% Real Estate 13% Financial 14% Manufacturing 7% Trade 10% Health Care 5% Other Services 17% Other 7% Note: As of September 30, 2024 and for the three months then-ended *Includes money market 24% 51% 6% 18% 1% Noninterest-bearing Interest-bearing* Savings Time Brokered

 
7 Strong Liquidity Position Cash and Securities to Total Assets 16.9% 17.0% 16.2% 15.9% 17.8% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Loans to Deposits 86% 88% 88% 88% 87% $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Average Interest Earning Asset Mix (3Q 2024) 79% 2% 13% 6% Loans Held for Investment Loans Held for Sale Securities Interest Bearing Balances with Banks

 
8 Capital 13.00% 13.23% 13.39% 13.45% 14.80% 7.55% 7.87% 8.04% 8.16% 9.76% $0 $0 $0 $0 $0 $0 $0 $0 $0 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Equity to Assets / Tangible Common Equity Ratio Shareholders' equity to assets Tangible common equity ratio (non-GAAP)* $39.78 $40.92 $41.25 $41.77 $41.82 $21.76 $22.92 $23.32 $23.89 $26.02 $5 $10 $15 $20 $25 $30 $35 $40 $45 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Book Value / TBV Book Value Tangible Book Value (non-GAAP)* * Tangible Common Equity Ratio and Tangible Book Value 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”. 10.46% 10.52% 10.59% 10.75% 12.88% 14.91% 14.93% 15.00% 15.15% 17.32% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 CET1 / TRBC Common equity tier 1 capital ratio Total risk-based capital ratio Highlights • Effective October 22, 2024, the Company’s Board of Directors approved a $100.0 million stock repurchase program under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. This plan replaces the Company’s $100.0 million stock repurchase program that expired in October 2024. There was no buyback activity during the third quarter of 2024 • Unrealized losses on the HTM portfolio would have a negative impact of 32 basis points on the TCE ratio at September 30, 2024; unrealized losses on both HTM and AFS would have a negative impact of 103 basis points on CET1 and the Company would remain above well-capitalized thresholds at September 30, 2024

 
9 Asset Quality 2.27% 2.16% 2.76% 2.62% 3.02% 2.00% 2.50% 3.00% 3.50% 4.00% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Criticized Loans/Total Loans 0.11% 0.44% 0.48% 0.23% 0.14% 0.0% 0.5% 1.0% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Loans 30-89 Days Past Due/ Total Loans 0.06% 0.06% 0.01% 0.18% 0.02% 0.0% 0.5% 1.0% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Net Charge-offs / Average Loans 1.63% 1.61% 1.61% 1.59% 1.59% 0.0% 1.0% 2.0% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Allowance/Total Loans 282% 286% 271% 204% 168% 0% 200% 400% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Allowance/Nonperforming Loans 0.46% 0.46% 0.48% 0.60% 0.71% 0.0% 0.5% 1.0% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 NPAs/Total Assets

 
10 Profitability Note: Dollars in millions except per share amounts. *Adjusted Diluted EPS, Adjusted Net Income, Adjusted Net Interest Income (FTE), PPNR and Adjusted PPNR 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”. $0.74 $0.50 $0.70 $0.69 $1.18 $0.74 $0.76 $0.65 $0.69 $0.70 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Diluted EPS / Adjusted Diluted EPS (non-GAAP)* Diluted EPS (GAAP) Adjusted Diluted EPS (non-GAAP)* $130.1 $128.6 $125.9 $127.6 $133.6$129.7 $127.2 $124.9 $126.8 $131.8 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Net Interest Income (FTE) / Adjusted Net Interest Income (FTE) (non-GAAP)* Net interest income (FTE) Adjusted net interest income (FTE) (non-GAAP)* $57.2 $34.4 $51.8 $51.8 $98.3 $57.2 $52.6 $48.2 $51.8 $56.2 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 PPNR (non-GAAP)* / Adjusted PPNR (non-GAAP)* PPNR (non-GAAP)* Adjusted PPNR (non-GAAP)* $41.8 $28.1 $39.4 $38.8 $72.5 $41.8 $42.9 $36.6 $38.8 $43.0 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Net Income / Adjusted Net Income (non-GAAP)* Net Income Adjusted Net Income (non-GAAP)*

 
11 Profitability Ratios *Adjusted ROAA, Adjusted ROTCE, PPNR/Average Assets, Adjusted PPNR/Average Assets and Adjusted Efficiency Ratio 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”. 7.44% 4.93% 6.85% 6.68% 11.29% 13.95% 13.94% 11.58% 12.04% 11.26% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 ROAE / Adjusted ROTCE ROAE (GAAP) ROTCE (Adjusted) (non-GAAP)* 0.96% 0.65% 0.92% 0.90% 1.63% 0.96% 0.99% 0.86% 0.90% 0.97% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 ROAA / Adjusted ROAA ROAA (GAAP) ROAA (Adjusted) (non-GAAP)* 64% 75% 68% 67% 55% 64% 66% 68% 67% 65% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Efficiency Ratio / Adjusted Efficiency Ratio Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* 1.32% 0.79% 1.21% 1.20% 2.21% 1.32% 1.21% 1.13% 1.20% 1.27% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 PPNR / Adjusted PPNR Ratios PPNR/Average Assets (non-GAAP)* Adjusted PPNR/Average Assets (non-GAAP)*

 
12 Net Interest Margin (FTE), Loan Yield and Cost of Deposits *Adjusted Net Interest Margin (FTE) and Adjusted Loan Yield 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”. 3.36% 3.33% 3.30% 3.31% 3.36% 3.35% 3.29% 3.28% 3.29% 3.32% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Net Interest Margin (FTE) / Adjusted Net Interest Margin (FTE)(non-GAAP)* Net Interest Margin Adjusted Net Interest Margin (FTE)(non-GAAP)* 6.06% 6.18% 6.30% 6.41% 6.47% 6.04% 6.14% 6.27% 6.38% 6.41% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Loan Yield / Adjusted Loan Yield (non-GAAP)* Loan yield Adjusted Loan Yield (non-GAAP)* 1.98% 2.17% 2.35% 2.47% 2.51% 2.70% 2.94% 3.13% 3.28% 3.32% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Cost of Deposits Total cost of deposits Cost of total interest-bearing deposits

 
Noninterest Income / Total Revenue $38.2 $20.4 $41.4 $38.8 $89.3 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Noninterest Income 79% 3% 7% 11% YTD Total Revenue(1) Community Banking Wealth Management Mortgage Insurance • Noninterest income increased $50.5 million on a linked quarter basis primarily due to a gain on the sale of the Company's insurance agency of $53.3 million, offset by the loss of insurance commissions as a result of the sale Note: Dollars in millions (1) Total revenue is calculated as net interest income plus noninterest income. (2) Effective July 1, 2024, Renasant sold the assets of its insurance agency (3) Excludes gain on sale of insurance agency 13 (2) Service Charges 29% Fees and Commissions 11% Wealth Management 16% Mortgage Banking 24% Other 20% Mix - 3Q 2024(3)

 
14 Noninterest Expense ($ in thousands) 2Q24 3Q24 Change Salaries and employee benefits 70,731$ 71,307$ 576$ Data processing 3,945 4,133 188 Net occupancy and equipment 11,844 11,415 (429) Advertising and public relations 3,807 3,677 (130) Merger and conversion expenses - 11,273 11,273 Other 21,649 20,178 (1,471) Total 111,976$ 121,983$ 10,007$ $108.4 $111.9 $112.9 $112.0 $122.0 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2023 Salaries and employee benefits 59% Data processing 3% Net occupancy and equipment 9% Advertising and public relations 3% Merger and conversion expenses 9% Other 17% Mix - 3Q 2024 • Noninterest expense increased $10.0 million on a linked quarter basis. Merger and conversion expenses of $11.3 million related to both the announced merger with The First and the insurance agency sale contributed to the increase in noninterest expense in the third quarter ($ in millions)

 
Appendix

 
16 Available Liquidity and Uninsured Deposits $8.9 $4.3 Available sources Uninsured and uncollateralized deposits Uninsured Deposits Uncollateralized 4.3$ 29.7 % Collateralized public funds 2.1 14.5 Total 6.4$ 44.2 % % of Total Deposits Internal Sources Cash and cash equivalents 1.3$ Unencumbered securities(1) 0.7 External Sources FHLB borrowing capacity(2) 3.4 Federal Reserve Discount Window 0.6 Other(3) 2.9 Total 8.9$ Liquidity Sources Note: As of September 30, 2024; dollars in billions (1) Approximately $156 million of the unencumbered securities are placed at the Fed (2) Does not include loans participated to REITs that could be moved to Renasant Bank and pledged for additional capacity (3) Includes untapped brokered CDs (per internal policy limits) and unsecured lines of credit

 
17 Securities Composition (at Amortized Cost) Highlights • Represents 10.7% of total assets • Duration of 4.7 years • 57% of portfolio HTM • 10.6% of HTM are CRA investments • 24.8% of HTM are Municipals • Unrealized losses in AOCI on securities totaled $182.4 million ($137.0 million, net of tax); unrealized losses in AOCI on HTM securities totaled $68.8 million ($51.3 million, net of tax) Note: As of September 30, 2024 Agency CMO 38% Agency MBS 29% Municipal 15% Agency CMBS 10% SBA 5% Other 3% $2.0 Billion

 
18 Non-Owner Occupied CRE – Term* Non-Owner Occupied CRE – Term* Note: As of September 30, 2024. LTV is calculated using the most recent appraisal available. *Excludes construction 18% 9% 10% 21% 8% 8% 16% 8% 2% Warehouse/Industrial Hotels Self Storage Multi-family Medical Office Office (non-medical) Retail Senior Housing Other % of Loans 32.0% Avg Loan Size1 $2.1 million WA LTV 0.01% 0.99% 54.9% 30-89 Days NPLs2 Highlights Office (Non-Medical) Multi-Family Fair Value $315.4-- $860.1-- Avg Loan Size1 0.9-- 3.2-- % of Loans 2.5% 6.8% Past Due2 6.8 0.0 ACL Reserve3 2.9 1.1 WA LTV 57.7 54.0 Loans <75% LTV 85.0 97.0 In Footprint 98.9 99.7 QTD Loan Growth (1.5) 4.7 (1) Based on commitment amount (2) Includes non accrual loans; Ninety-five percent of Office past dues are represented by two loans (3) Includes reserves for both loans accounted for in pools and those individually evaluated Note: Dollars in millions

 
19 Construction Composition Note: As of September 30, 2024; LTV is calculated using the most recent appraisal available. Highlights 22% 8% 37% 6% 3% 9% 9% 4% 2% 1-4 Family Commercial Owner-Occupied Multi-family Office Retail Self Storage Warehouse / Industrial Hotels Senior Housing Average Loan Size $1.98 million % of Total Loans 9.5% Past Due or Nonaccrual 0.2-- Weighted Average LTV 59.8--

 
Forward-Looking Statements 20 ACL / Loss Absorption ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans Commercial, Financial, Agricultural 44,952$ 2.43 43,033$ 2.38 Lease Financing Receivables 2,515 2.45 2,384 2.43 Real Estate - 1-4 Family Mortgage 47,344 1.38 47,274 1.37 Real Estate - Commercial Mortgage 77,245 1.34 82,179 1.37 Real Estate - Construction 18,896 1.39 16,656 1.38 Installment loans to individuals 8,919 9.30 8,852 9.83 Allowance for Credit Losses on Loans 199,871 1.59 200,378 1.59 Allowance for Credit Losses on Deferred Interest 1,245 758 Reserve for Unfunded Commitments 15,718 15,443 Total Reserves 216,834 216,579 Purchase Accounting Discounts 6,738 5,637 Total Loss Absorption Capacity 223,572$ 222,216$ 9/30/20246/30/2024

 
21 Mortgage Banking Mortgage Banking Income ($ in thousands) 3Q23 2Q24 3Q24 Gain on sales of loans, net 3,297$ 5,199$ 4,499$ Fees, net 2,376 2,866 2,646 Mortgage servicing income, net 1,860 1,633 1,302 Mortgage banking income, net 7,533$ 9,698$ 8,447$ $494.4 $342.5 $444.3 $560.3 $543.6 $- $100 $200 $300 $400 $500 $600 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 Locked Volume (in millions) Mix (in %) 3Q23 2Q24 3Q24 Wholesale 46 43 47 Retail 54 57 53 Purchase 90 91 87 Refinance 10 9 13 Gain on sale margin* 1.55% 1.14% 1.78% 1.69% 1.56% 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 *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

 
• Creates a leading Southeast bank with ~$25 billion in combined assets • Familiarity and culture mitigate risk • Strengthens demographic profile and adds density Renasant Acquisition of The First Note: Data as of June 30, 2024. Strong Strategic Partner • Granular and diverse core deposit base • Strong credit metrics • Excess liquidity Sound FBMS Fundamentals • Accelerates profitability improvement • Meaningful EPS accretion • Capital ratios well-positioned Financially Compelling Loans Deposits Combined Highlights ~$18B ~$21B Assets ~$25B (1) 22

 

 
v3.24.3
Cover
Oct. 24, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 22, 2024
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 NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000715072
Amendment Flag false
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