RENASANT CORP (Form: 8-K, Received: 07/27/2020 17:17:52)

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

July 27, 2020

Date of report (Date of earliest event reported)

RENASANT CORPORATION

(Exact name of registrant as specified in its charter)


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

209 Troy Street, Tupelo, Mississippi 38804-4827

(Address of principal executive offices)(Zip Code)

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

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


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

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


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

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

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

Item 2.02. Results of Operations and Financial Condition.

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

Item 7.01. Regulation FD Disclosure

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

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

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

efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards, such as the adoption of the CECL model as of January 1, 2020; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) Renasant’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of Renasant’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for loan losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) natural disasters, epidemics and other catastrophic events in Renasant’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control. The COVID-19 pandemic has exacerbated, and is likely to continue to exacerbate, the impact of any of these factors on Renasant. Management believes that the assumptions underlying Renasant’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. You 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 July 27, 2020 issued by Renasant Corporation announcing earnings for the second quarter of 2020.

99.2 Presentation materials for Renasant Second Quarter 2020 Earnings Call.

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

SIGNATURES

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

RENASANT CORPORATION

Date: July 27, 2020

By:

/s/ C. Mitchell Waycaster

C. Mitchell Waycaster

President and Chief Executive Officer


Contacts:	For Media:	For Financials:
	John Oxford	Kevin Chapman
	Senior Vice President	Executive Vice President
	Director of Marketing and Public Relations	Chief Operating and Financial Officer
	(662) 680-1219	(662) 680-1450
	joxford@renasant.com	kchapman@renasant.com

RENASANT CORPORATION ANNOUNCES

EARNINGS FOR THE SECOND QUARTER OF 2020

TUPELO, MISSISSIPPI (July 27, 2020) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the second quarter of 2020. Net income for the second quarter of 2020 was $20.1 million, as compared to $46.6 million for the second quarter of 2019. Basic and diluted earnings per share (“EPS”) were $0.36 for the second quarter of 2020, as compared to basic and diluted EPS of $0.80 for the second quarter of 2019.

Net income for the six months ending June 30, 2020, was $22.1 million, as compared to net income of $91.7 million for the same time period in 2019. Basic and diluted EPS were $0.39 for the first six months of 2020, as compared to basic and diluted EPS of $1.57 and $1.56, respectively, for the first six months of 2019.

“Our second quarter results reflect a rebound in core earnings when compared to the first quarter and truly highlight our team’s continued commitment to the core operations of the bank,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “Our team members are continuing to execute our long-term strategy throughout our footprint while providing extraordinary service to our customers. During the quarter, our team closed over

10,500 PPP loans and worked through our internal deferral programs with both commercial and consumer customers. While there are still many economic uncertainties, we remain committed to meeting the needs of our clients and prudently managing our balance sheet while focusing on profitable growth without sacrificing credit quality.”

“There are several bright spots in our results that highlight the strong underlying fundamentals of our core business,” commented Kevin D. Chapman, Renasant Chief Operating and Financial Officer. “Our mortgage division had another tremendous quarter, with over $1.67 billion of production, continuing to provide an excellent source of diversity in our revenue streams, and our core expenses are trending in the right direction. Our credit quality remains sound and is top-of-mind as we’ve continued the enhanced monitoring of our loan portfolio implemented in the first quarter of this year, especially the segments we believe are most likely to be adversely impacted by changes in economic activity as a result of the pandemic. Still, in response to the continued economic uncertainty stemming from the pandemic, during the second quarter, we prudently increased our reserves and recorded a $29.5 million provision for loan losses and unfunded commitments. We continue to monitor the impact the pandemic is having on every aspect of our operations, but even during these uncertain times, our commitment to serve the needs of each of our stakeholders remains unchanged.”

Paycheck Protection Program and COVID-19 Response Update

Through June 30, 2020, the Company has closed over 10,500 Paycheck Protection Program (“PPP”) loans in the aggregate amount of approximately $1.3 billion. The Company made PPP loans to both new and existing customers, and generated over $44.7 million in gross fees. Based on trends thus far, the Company does not anticipate the amount of these fees will be materially impacted by payments required to be made to agents of PPP borrowers.

The Company’s branch lobbies remain accessible by appointment only (and appointments are generally limited to services that require access inside a branch, such as access to a safe-deposit box to address a pressing need), while protocols designed to minimize Company employees’ exposure to COVID-19, such as working remotely, reconfiguring work spaces to promote social distancing and adjusting staff levels, remain in place. As discussed in more detail below, the Company continued to incur expenses, primarily related to employee overtime and other employee benefit accruals, in its response to the COVID-19 pandemic and expects that it will continue to incur elevated expenses even while conditions presenting significant challenges to

growth persist. At this time, it remains difficult to accurately predict the duration of this new operating reality. Management’s decision on when to return to pre-pandemic operating procedures will take into account the best interests of all of the Company’s stakeholders.

Impact of Certain Expenses and Charges

From time to time, the Company incurs expenses and charges in connection with certain transactions with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following table presents the impact of these expenses and charges on reported EPS for the second quarter of 2020. There were no such expenses and charges that had a material impact during the second quarter of 2019 or the first six months of 2019. The “COVID-19 related expenses” line item in the table below primarily consists of (a) employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.


(in thousands, except per share data)	Three Months Ended										Six Months Ended
	June 30, 2020										June 30, 2020
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	24,767	$	20,130	$	0.36	$	27,548	$	22,138	$	0.39


MSR valuation adjustment	4,951		4,045		0.07		14,522		11,835		0.21
COVID-19 related expenses	6,257		5,113		0.09		9,160		7,465		0.13
Earnings, with exclusions (Non-GAAP)	$	35,975	$	29,288	$	0.52	$	51,230	$	41,438	$	0.73

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

Profitability Metrics

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


	As Reported										With Exclusions (Non-GAAP)
	Three Months Ended										Three Months Ended
	June 30, 2020		March 31, 2020		June 30, 2019		June 30, 2020		March 31, 2020		June 30, 2019
Return on average assets	0.55	%	0.06	%	1.47	%	0.80	%	0.33	%	1.47	%
Return on average tangible assets (Non-GAAP)	0.63	%	0.11	%	1.64	%	0.90	%	0.40	%	1.64	%
Return on average equity	3.85	%	0.38	%	8.90	%	5.62	%	2.10	%	8.92	%
Return on average tangible equity (Non-GAAP)	7.72	%	1.20	%	17.15	%	11.01	%	4.41	%	17.20	%



	As Reported						With Exclusions (Non-GAAP)
	Six Months Ended						Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Return on average assets	0.32	%	1.45	%	0.59	%	1.45	%
Return on average tangible assets (Non-GAAP)	0.39	%	1.63	%	0.68	%	1.63	%
Return on average equity	2.12	%	8.88	%	3.97	%	8.89	%
Return on average tangible equity (Non-GAAP)	4.49	%	17.28	%	7.94	%	17.30	%

Financial Condition

Total assets were $14.90 billion at June 30, 2020, as compared to $13.40 billion at December 31, 2019. Total loans held for investment were $11.00 billion at June 30, 2020, as compared to $9.69 billion at December 31, 2019. Loans held for investment at June 30, 2020 included $1.28 billion in PPP loans.

Total deposits increased to $11.85 billion at June 30, 2020, from $10.21 billion at December 31, 2019. Non-interest bearing deposits increased $1.19 billion to $3.74 billion, or 31.57% of total deposits, at June 30, 2020, as compared to $2.55 billion, or 24.99% of total deposits, at December 31, 2019. The growth in non-interest bearing deposits during the quarter was primarily driven by the Company’s PPP lending (as loan proceeds are held as Company deposits until the borrower utilizes the funds), Economic Impact Payments provided for in the government stimulus package and core growth.

Continued Focus on Prudent Capital Management

The Company remains committed to maintaining a strong capital and liquidity position, while also serving the needs of its stakeholders during these uncertain times. As previously announced, the Company suspended its stock repurchase program during the first quarter of 2020 in response to the COVID-19 pandemic. There is $5.5 million of repurchase availability remaining under the $50.0 million stock repurchase program, which will remain in effect until the earlier of October 2020 or the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.

At June 30, 2020, Tier 1 leverage capital was 9.12%, Common Equity Tier 1 ratio was 10.69%, Tier 1 risk-based capital ratio was 11.69%, and total risk-based capital ratio was 13.72%. All regulatory ratios exceed the minimums required to be “well-capitalized.”

The Company’s ratio of shareholders’ equity to assets was 13.98% at June 30, 2020, as compared to 15.86% at December 31, 2019. Its tangible capital ratio (non-GAAP) was 7.97% at June 30, 2020, as compared to 9.25% at December 31, 2019.

The PPP loans originated during the quarter and held on the Company’s balance sheet at June 30, 2020, negatively impacted the Company’s tangible capital ratio by 81 basis points and its leverage ratio by 61 basis points.

Results of Operations

Net interest income was $105.8 million for the second quarter of 2020, as compared to $106.6 million for the first quarter of 2020 and $112.8 million for the second quarter of 2019. Net interest income was $212.4 million for the first half of 2020, as compared to $225.9 million for the first half of 2019.

The Company has continued to experience margin pressure during the second quarter of 2020 as a result of the Federal Reserve’s decision to cut interest rates as well as changes in the mix of earning assets during the quarter due to the excess liquidity on the balance sheet. The Company has continued to focus on lowering the cost of funding by growing noninterest-bearing deposits and aggressively lowering interest rates on interest-bearing deposits, while also continuing to be opportunistic when rates offered on wholesale borrowings are advantageous. The following

tables present the percentage of total average earning assets, by type and yield, for the periods presented:


	Percentage of Total Average Earning Assets										Yield
	Three Months Ended										Three Months Ended
	June 30,		March 31,		June 30,		June 30,		March 31,		June 30,
	2020		2020		2019		2020		2020		2019
Loans held for investment excl. PPP loans	76.31	%	83.44	%	82.65	%	4.45	%	4.93	%	5.44	%
PPP loans	6.78		—		—		2.73		—		—
Loans held for sale	2.67		2.90		3.23		3.51		3.57		5.90
Securities	10.14		11.14		11.54		2.71		2.91		3.04
Other	4.10		2.52		2.58		0.15		1.12		2.59
Total earning assets	100.00	%	100.00	%	100.00	%	3.95	%	4.57	%	5.11	%


	Percentage of Total Average Earning Assets						Yield
	Six Months Ended						Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Loans held for investment excl. PPP loans	79.71	%	82.90	%	4.69	%	5.44	%
PPP loans	3.55		—		2.73		—
Loans held for sale	2.78		3.20		3.54		6.37
Securities	10.61		11.52		2.81		3.12
Other	3.35		2.38		0.50		2.55
Total earning assets	100.00	%	100.00	%	4.25	%	5.13	%

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


	Three Months Ended
	June 30,			March 31,			June 30,
	2020			2020			2019
Taxable equivalent net interest income	$	107,457		$	108,316		$	114,223
Average earning assets	$	12,776,644		$	11,609,477		$	10,942,492
Net interest margin	3.38		%	3.75		%	4.19		%

Taxable equivalent interest income on loans	$	116,703		$	121,729		$	127,896
Average loans, including loans held for sale	$	10,956,729		$	10,024,114		$	9,396,891
Loan yield	4.28		%	4.88		%	5.46		%


	Six Months Ended
	June 30,			June 30,
	2020			2019
Taxable equivalent net interest income	$	215,773		$	228,854
Average earning assets	$	12,193,061		$	10,918,979
Net interest margin	3.56		%	4.23		%

Taxable equivalent interest income on loans	$	238,432		$	255,102
Average loans, including loans held for sale	$	10,490,422		$	9,400,956
Loan yield	4.57		%	5.47		%

PPP loans reduced margin and loan yield by 5 basis points and 14 basis points, respectively, in the second quarter of 2020 and 3 basis points and 8 basis points, respectively, in the first half of 2020. In addition to the impact of PPP loans on the margin as disclosed above, excess cash carried on the Company’s balance sheet reduced margin by 15 basis points and 9 basis points in the second quarter and first half of 2020, respectively.

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



	Three Months Ended
	June 30,			March 31,			June 30,
	2020			2020			2019
Net interest income collected on problem loans	$	384		$	218		$	2,173
Accretable yield recognized on purchased loans⁽¹⁾	4,700			5,469			7,513
Total impact to interest income	$	5,084		$	5,687		$	9,686

Impact to total loan yield	0.19		%	0.23		%	0.41		%

Impact to net interest margin	0.16		%	0.20		%	0.36		%

⁽¹⁾Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,731, $2,187 and $4,197 for the three months ended June 30, 2020, March 31, 2020, and June 30, 2019, respectively. This additional interest income increased total loan yield by 6 basis points, 9 basis points and 18 basis points for the same periods, respectively, while increasing net interest margin by 5 basis points, 8 basis points and 15 basis points for the same periods, respectively.



	Six Months Ended
	June 30,			June 30,
	2020			2019
Net interest income collected on problem loans	$	602		$	2,985
Accretable yield recognized on purchased loans⁽¹⁾	10,169			15,056
Total impact to interest income	$	10,771		$	18,041

Impact to total loan yield	0.21		%	0.39		%

Impact to net interest margin	0.18		%	0.33		%

⁽¹⁾Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $3,919 and $8,030 for the six months ended June 30, 2020 and 2019, respectively. This additional interest income increased total loan yield by 8 basis points and 17 basis points for the same periods, respectively, while increasing net interest margin by 6 basis points and 15 basis points for the same periods, respectively.

For the second quarter of 2020, the cost of total deposits was 49 basis points, as compared to 72 basis points for the first quarter of 2020 and 83 basis points for the second quarter of 2019. The cost of total deposits was 60 basis points for the first six months of 2020, as compared to 81 basis points for the same period in 2019. The tables below present, by type, our funding sources and the total cost of each funding source for the periods presented:


	Percentage of Total Average Deposits and Borrowed Funds										Cost of Funds
	Three Months Ending										Three Months Ending
	June 30,		March 31,		June 30,		June 30,		March 31,		June 30,
	2020		2020		2019		2020		2020		2019
Noninterest-bearing demand	27.80	%	23.19	%	22.82	%	—	%	—	%	—	%
Interest-bearing demand	41.64		44.29		45.12		0.43		0.75		0.89
Savings	6.04		6.11		6.14		0.09		0.15		0.20
Time deposits	16.44		18.98		22.56		1.62		1.71		1.72
Borrowed funds	8.08		7.43		3.36		1.73		2.46		4.61
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.59	%	0.85	%	0.96	%



	Percentage of Total Average Deposits and Borrowed Funds						Cost of Funds
	Six Months Ending						Six Months Ending
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Noninterest-bearing demand	25.62	%	22.56	%	—	%	—	%
Interest-bearing demand	42.89		45.36		0.59		0.87
Savings	6.07		6.07		0.12		0.20
Time deposits	17.64		22.60		1.66		1.66
Borrowed funds	7.78		3.41		2.06		4.64
Total deposits and borrowed funds	100.00	%	100.00	%	0.71	%	0.94	%

Noninterest income for the second quarter of 2020 was $64.2 million, as compared to $37.6 million for the first quarter of 2020 and $42.0 million for the second quarter of 2019. Noninterest income for the first six months of 2020 was $101.7 million, as compared to $77.8 million for the same period in 2019. Service charges on deposit accounts decreased quarter over quarter due to a decrease in overdraft fees as a result of increased customer liquidity and a decrease in consumer spending due to shutdowns throughout the Company's footprint. Effective July 1, 2019, the Company became subject to the limitations on interchange fees imposed by the Durbin Amendment under the Dodd-Frank Act, which is reflected in the reduction in fees and commissions on loans and deposits in the first six months of 2020 as compared to the first six months of 2019. Mortgage banking income continued to be a strong source of noninterest income for the Company with mortgage production during the second quarter of 2020 of approximately $1.67 billion and year-to-date production of $3.57 billion. Mortgage banking income was offset by a negative MSR valuation adjustment in both the first and second quarter of 2020. The following tables present the components of mortgage banking income for the periods presented (in thousands):


	Three Months Ended
	June 30, 2020		March 31, 2020		June 30, 2019
Gain on sales of loans, net	$	46,560	$	21,782	$	12,901
Fees, net	5,309		2,919		2,945
Mortgage servicing income, net	(1,428)		405		774
MSR valuation adjustment	(4,951)		(9,571)		—
Mortgage banking income, net	$	45,490	$	15,535	$	16,620


	Six Months Ended
	June 30, 2020		June 30, 2019
Gain on sales of loans, net	$	68,342	$	20,789
Fees, net	8,228		4,638
Mortgage servicing income, net	(1,023)		1,594
MSR valuation adjustment	(14,522)		—
Mortgage banking income, net	$	61,025	$	27,021

Noninterest expense was $118.3 million for the second quarter of 2020, as compared to $115.0 million for the first quarter of 2020 and $93.3 million for the second quarter of 2019. Noninterest expense was $233.3 million for the first six months of 2020, as compared to $182.1 million for the same period in 2019. Salaries and benefits expense was $79.4 million for the second quarter of 2020, which represents an increase of $6.2 million from the previous quarter. Compensation related to the continued elevated mortgage production during the quarter increased $3.2 million

dollars on a linked quarter basis. In addition, during the quarter the Company recognized approximately $5.8 million in expense related to elevated overtime and other accruals for employee benefits provided in response to the COVID-19 pandemic. The Company recorded$2.6 million provision for unfunded commitments in other noninterest expense in the second quarter of 2020, as compared to a $3.4 million provision for unfunded commitments in the first quarter of 2020.

Asset Quality Metrics

At June 30, 2020, the Company’s credit quality metrics remained strong. During the first quarter of 2020, in response to the potential economic impact of COVID-19 the Company proactively identified customers in potentially high-risk industries. The Company placed heightened attention on borrowers in the hospitality (such as hotel/motel), restaurant, entertainment and retail trade (the Company does not have material exposure to the energy industry). The Company is continuing to monitor all asset categories given that any category or borrower could be negatively impacted by the pandemic. To provide necessary relief to the Company’s borrowers – both consumer and commercial clients – the Company established loan deferral programs allowing qualified clients to defer principal and interest payments for up to 90 days. As of June 30, 2020, approximately 21.5% of the Company’s loan portfolio excluding PPP loans was in deferral. The deferral percentage decreased to approximately 13.5% as of July 24, 2020.

The Company’s credit quality in future quarters will potentially be impacted by both external and internal factors. External factors outside the Company’s control could include items such as federal, state and local government measures, “shelter-in-place” orders, economic impact of government programs and future spread of COVID-19. Internal factors that will potentially impact credit quality include items such as the Company’s loan deferral programs, involvement in government offered programs and the related financial impact of these programs. The impact of each of these items are unknown at this time and could materially and adversely impact future credit quality.

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


	June 30, 2020											December 31, 2019
	Non Purchased		Purchased		Total			Non Purchased		Purchased		Total
Nonaccrual loans	$	16,591	$	21,361	$	37,952		$	21,509	$	7,038	$	28,547
Loans 90 days past due or more	3,993		2,158		6,151			3,458		4,317		7,775
Nonperforming loans	$	20,584	$	23,519	$	44,103		$	24,967	$	11,355	$	36,322
Other real estate owned	4,694		4,431		9,125			2,762		5,248		8,010
Nonperforming assets	$	25,278	$	27,950	$	53,228		$	27,729	$	16,603	$	44,332
Nonperforming loans/total loans					0.40		%					0.37		%
Nonperforming loans/total loans excluding PPP loans					0.45		%					—
Nonperforming assets/total assets					0.36		%					0.33		%
Nonperforming assets/total assets excluding PPP loans					0.39		%					—
Loans 30-89 days past due	$	6,586	$	3,089	$	9,675		$	22,781	$	14,887	$	37,668
Loans 30-89 days past due/total loans					0.09		%					0.39		%

The implementation of CECL on January 1, 2020, which required purchased credit deteriorated loans to be classified as nonaccrual based on performance, contributed approximately $5.3 million as of June 30, 2020 to the increase in purchased nonaccrual loans.

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


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

The Company recorded a provision for credit losses of $26.9 million and a reserve for unfunded commitments, which is recorded in other noninterest expense, of $2.6 million for the second quarter of 2020. Net loan charge-offs were $1.7 million, or 0.06% of average loans held for investment on an annualized basis. The continued elevated provision is driven by qualitative

factors related to the uncertainty concerning the COVID-19 pandemic, with forecasted negative GDP growth and high unemployment rates throughout 2020 and into 2021, and a potential prolonged economic recovery period.

The provision for credit losses recorded during the second quarter of 2019 was $900 thousand with net charge-offs of $676 thousand, or 0.03% of average loans held for sale on an annualized basis. The Company’s coverage ratio, or the allowance for credit losses to nonperforming loans, was 329.65% as of June 30, 2020, as compared to 240.19% as of March 31, 2020 and 143.61% as of December 31, 2019.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Tuesday, July 28, 2020.

The webcast can be accessed through Renasant’s investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst200722.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2020 Second Quarter and Year-end 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 beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10146378 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 5, 2020.

ABOUT RENASANT CORPORATION:

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

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

Currently, the most important factor that could cause the Company’s actual results to differ materially from those in forward-looking statements is the continued impact of the COVID-19 pandemic and related

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

Important factors other than the COVID-19 pandemic currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards, such as the adoption of the CECL model as of January 1, 2020; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control. The COVID-19 pandemic has exacerbated, and is likely to continue to exacerbate, the impact of any of these factors on the Company. Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

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

NON-GAAP FINANCIAL MEASURES:

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

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

###


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																																		Q2 2020-						For The Six Months Ending
		2020																	2019																																					Q2 2019		June 30,
			Second	First						Fourth						Third						Second						First						Percent															Percent
							Quarter						Quarter						Quarter						Quarter						Quarter						Quarter				Variance					2020						2019				Variance
Statement of earnings
Interest income - taxable equivalent basis							$	125,630					$	131,887					$	135,119					$	135,927					$	139,285					$	138,578			(9.80)	%				$	257,517					$	277,863			(7.32)	%
Interest income							$	123,955					$	130,173					$	133,148					$	134,476					$	137,862					$	137,094			(10.09)					$	254,128					$	274,956			(7.58)
Interest expense							18,173						23,571						24,263						25,651						25,062						23,947				(27.49)					41,744						49,009				(14.82)
	Net interest income			105,782						106,602						108,885						108,825						112,800						113,147						(6.22)			212,384						225,947						(6.00)
Provision for loan losses							26,900						26,350						2,950						1,700						900						1,500				2,888.89					53,250						2,400				2,118.75
	Net interest income after provision			78,882						80,252						105,935						107,125						111,900						111,647						(29.51)			159,134						223,547						(28.81)
Service charges on deposit accounts							6,832						9,070						9,273						8,992						8,605						9,102				(20.60)					15,902						17,707				(10.19)
Fees and commissions on loans and deposits							2,971						3,054						2,822						3,090						7,047						6,471				(57.84)					6,025						13,518				(55.43)
Insurance commissions and fees							2,125						1,991						2,105						2,508						2,190						2,116				(2.97)					4,116						4,306				(4.41)
Wealth management revenue							3,824						4,002						3,920						3,588						3,601						3,324				6.19					7,826						6,925				13.01
Securities gains (losses)							31						—						—						343						(8)						13				(487.50)					31						5				520.00
Mortgage banking income							45,490						15,535						15,165						15,710						16,620						10,401				173.71					61,025						27,021				125.84
Other							2,897						3,918						4,171						3,722						3,905						4,458				(25.81)					6,815						8,363				(18.51)
	Total noninterest income			64,170						37,570						37,456						37,953						41,960						35,885						52.93			101,740						77,845						30.70
Salaries and employee benefits							79,361						73,189						67,684						65,425						60,325						57,350				31.56					152,550						117,675				29.64
Data processing							5,047						5,006						5,095						4,980						4,698						4,906				7.43					10,053						9,604				4.68
Occupancy and equipment							13,511						14,120						13,231						12,943						11,544						11,835				17.04					27,631						23,379				18.19
Other real estate							620						418						339						418						252						1,004				146.03					1,038						1,256				(17.36)
Amortization of intangibles							1,834						1,895						1,946						1,996						2,053						2,110				(10.67)					3,729						4,163				(10.43)
Merger and conversion related expenses							—						—						76						24						179						—				(100.00)					—						179				—
Debt extinguishment penalty							90						—						—						54						—						—				100.00					90						—				100.00

Other							17,822						20,413						7,181						10,660						14,239						11,627				25.16					38,235						25,866				47.82
	Total noninterest expense			118,285						115,041						95,552						96,500						93,290						88,832						26.79			233,326						182,122						28.12
Income before income taxes							24,767						2,781						47,839						48,578						60,570						58,700				(59.11)					27,548						119,270				(53.07)
Income taxes							4,637						773						9,424						11,132						13,945						13,590				(66.75)					5,410						27,535				(80.35)
	Net income			$	20,130					$	2,008					$	38,415					$	37,446					$	46,625					$	45,110					(56.83)			$	22,138					$	91,735					(28.97)
Basic earnings per share							$	0.36					$	0.04					$	0.67					$	0.65					$	0.80					$	0.77			(55.00)					$	0.39					$	1.57			(75.16)
Diluted earnings per share							0.36						0.04						0.67						0.64						0.80						0.77				(55.00)					0.39						1.56				(75.00)
Average basic shares outstanding							56,165,452						56,534,816						57,153,160						58,003,215						58,461,024						58,585,517				(3.93)					56,350,134						58,523,007				(3.71)
Average diluted shares outstanding							56,325,476						56,706,289						57,391,876						58,192,419						58,618,976						58,730,535				(3.91)					56,514,599						58,669,056				(3.67)
Common shares outstanding							56,181,962						56,141,018						56,855,002						57,455,306						58,297,670						58,633,630				(3.63)					56,181,962						58,297,670				(3.63)
Cash dividend per common share							$	0.22					$	0.22					$	0.22					$	0.22					$	0.22					$	0.21			—					$	0.44					$	0.43			2.33
Performance ratios
Return on avg shareholders’ equity							3.85		%				0.38		%				7.15		%				6.97		%				8.90		%				8.86		%							2.12		%				8.88		%
Return on avg tangible s/h’s equity (non-GAAP) (1)							7.72		%				1.20		%				13.75		%				13.38		%				17.15		%				17.41		%							4.49		%				17.28		%
Return on avg assets							0.55		%				0.06		%				1.16		%				1.16		%				1.47		%				1.44		%							0.32		%				1.45		%
Return on avg tangible assets (non-GAAP)(2)							0.63		%				0.11		%				1.30		%				1.30		%				1.64		%				1.61		%							0.39		%				1.63		%
Net interest margin (FTE)							3.38		%				3.75		%				3.90		%				3.98		%				4.19		%				4.27		%							3.56		%				4.23		%
Yield on earning assets (FTE)							3.95		%				4.57		%				4.75		%				4.91		%				5.11		%				5.16		%							4.25		%				5.13		%
Cost of funding							0.59		%				0.85		%				0.89		%				0.97		%				0.96		%				0.92		%							0.71		%				0.94		%
Average earning assets to average assets							86.88		%				86.17		%				85.71		%				85.58		%				85.72		%				85.58		%							86.54		%				85.65		%
Average loans to average deposits							93.35		%				93.83		%				92.43		%				89.13		%				89.13		%				89.33		%							93.58		%				89.23		%
Noninterest income (less securities gains/
	losses) to average assets			1.75		%				1.12		%				1.13		%				1.16		%				1.32		%				1.14		%							1.45		%				1.23		%
Noninterest expense (less debt prepayment penalties/
	penalties/merger-related expenses) to
	average assets			3.23		%				3.43		%				2.88		%				2.98		%				2.93		%				2.83		%							3.33		%				2.88		%
Net overhead ratio							1.48		%				2.31		%				1.75		%				1.82		%				1.61		%				1.69		%							1.88		%				1.65		%
Efficiency ratio (FTE)							68.92		%				78.86		%				64.43		%				65.10		%				59.73		%				59.02		%							73.49		%				59.38		%
Adjusted efficiency ratio (FTE) (non-GAAP) (4)							60.89		%				68.73		%				63.62		%				62.53		%				58.30		%				57.62		%							64.56		%				57.97		%


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																								Q2 2020 -				As of
		2020											2019																											Q2 2019		June 30,
			Second	First				Fourth				Third				Second				First				Percent											Percent
					Quarter				Quarter				Quarter				Quarter				Quarter				Quarter				Variance			2020				2019				Variance
Average Balances
Total assets					$	14,706,027			$	13,472,550			$	13,157,843			$	12,846,131			$	12,764,669			$	12,730,939			15.21	%		$	14,089,289			$	12,747,897			10.52	%
Earning assets					12,776,643				11,609,477				11,277,000				10,993,645				10,942,492				10,895,205				16.76			12,193,058				10,918,979				11.67
Securities					1,295,539				1,292,875				1,234,718				1,227,678				1,262,271				1,253,224				2.64			1,294,207				1,257,772				2.90
Loans held for sale					340,582				336,829				350,783				385,437				353,103				345,264				(3.55)			338,706				349,205				(3.01)
Loans, net of unearned					10,616,147				9,687,285				9,457,658				9,109,252				9,043,788				9,059,802				17.39			10,151,716				9,051,751				12.15
Intangibles					974,237				975,933				977,506				975,306				974,628				976,820				(0.04)			975,085				975,718				(0.06)
Noninterest-bearing deposits					3,439,634				2,586,963				2,611,265				2,500,810				2,395,899				2,342,406				43.56			3,013,298				2,369,300				27.18
Interest-bearing deposits					7,933,035				7,737,615				7,620,602				7,719,510				7,750,986				7,799,892				2.35			7,835,324				7,775,304				0.77
Total deposits					11,372,669				10,324,578				10,231,867				10,220,320				10,146,885				10,142,298				12.08			10,848,622				10,144,604				6.94
Borrowed funds					1,000,789				829,320				596,101				308,931				354,234				363,140				182.52			915,054				358,662				155.13
Shareholders' equity					2,101,092				2,105,143				2,131,342				2,131,537				2,102,093				2,065,370				(0.05)			2,103,118				2,083,833				0.93

																															Q2 2020 -				As of
				2020																2019																							Q4 2019	June 30,
					Second				First				Fourth				Third				Second				First				Percent											Percent
					Quarter				Quarter				Quarter				Quarter				Quarter				Quarter				Variance			2020				2019				Variance
Balances at period end
Total assets					$	14,897,207			$	13,890,550			$	13,400,618			$	13,039,674			$	12,892,653			$	12,862,395			11.17	%		$	14,897,207			$	12,892,653			15.55	%
Earning assets					13,041,846				11,970,492				11,522,388				11,145,052				11,064,957				11,015,535				13.19			13,041,846				11,064,957				17.87
Securities					1,303,494				1,359,129				1,290,613				1,238,577				1,268,280				1,255,353				1.00			1,303,494				1,268,280				2.78
Loans held for sale					339,747				448,797				318,272				392,448				461,681				318,563				6.75			339,747				461,681				(26.41)
Non purchased loans					9,206,101				7,802,404				7,587,974				7,031,818				6,704,288				6,565,599				21.32			9,206,101				6,704,288				37.32

Purchased loans					1,791,203				1,966,973				2,101,664				2,281,966				2,350,366				2,522,694				(14.77)			1,791,203				2,350,366				(23.79)
	Total loans			10,997,304				9,769,377				9,689,638				9,313,784				9,054,654				9,088,293				13.50			10,997,304				9,054,654				21.45
Intangibles					973,214				975,048				976,943				978,390				973,673				975,726				(0.38)			973,214				973,673				(0.05)
Noninterest-bearing deposits					3,740,296				2,642,059				2,551,770				2,607,056				2,408,984				2,366,223				46.58			3,740,296				2,408,984				55.26
Interest-bearing deposits					8,106,062				7,770,367				7,661,398				7,678,980				7,781,077				7,902,689				5.80			8,106,062				7,781,077				4.18
	Total deposits			11,846,358				10,412,426				10,213,168				10,286,036				10,190,061				10,268,912				15.99			11,846,358				10,190,061				16.25
Borrowed funds					718,490				1,169,631				865,598				433,705				401,934				350,859				(16.99)			718,490				401,934				78.76
Shareholders’ equity					2,082,946				2,070,512				2,125,689				2,119,659				2,119,696				2,088,877				(2.01)			2,082,946				2,119,696				(1.73)
Market value per common share					24.90				21.84				35.42				35.01				35.94				33.85				(29.70)			24.90				35.94				(30.72)
Book value per common share					37.07				36.88				37.39				36.89				36.36				35.63				(0.85)			37.07				36.36				1.95
Tangible book value per common share					19.75				19.51				20.20				19.86				19.66				18.98				(2.25)			19.75				19.66				0.46
Shareholders’ equity to assets (actual)					13.98		%		14.91		%		15.86		%		16.26		%		16.44		%		16.24		%					13.98		%		16.44		%
Tangible capital ratio (non-GAAP)(3)					7.97		%		8.48		%		9.25		%		9.46		%		9.62		%		9.36		%					7.97		%		9.62		%
Leverage ratio					9.12		%		9.90		%		10.37		%		10.56		%		10.65		%		10.44		%					9.12		%		10.65		%
Common equity tier 1 capital ratio					10.69		%		10.63		%		11.12		%		11.36		%		11.64		%		11.49		%					10.69		%		11.64		%
Tier 1 risk-based capital ratio					11.69		%		11.63		%		12.14		%		12.40		%		12.69		%		12.55		%					11.69		%		12.69		%
Total risk-based capital ratio					13.72		%		13.44		%		13.78		%		14.07		%		14.62		%		14.57		%					13.72		%		14.62		%


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																					Q2 2020 -				As of
	2020											2019																											Q4 2019			June 30,
		Second	First				Fourth			Third			Second				First				Percent											Percent
				Quarter				Quarter				Quarter				Quarter				Quarter				Quarter				Variance			2020				2019				Variance
Non purchased loans
Commercial, financial, agricultural				$	1,134,965			$	1,144,004				$	1,052,353			$	988,867			$	930,598			$	921,081			7.85	%		$	1,134,965			$	930,598			21.96	%
SBA Paycheck Protection Program				1,281,278				—				—				—				—				—				100.00			1,281,278				—				100.00
Lease financing				80,779				84,679					81,875				69,953				59,158				58,651				(1.34)			80,779				59,158				36.55
Real estate- construction				756,872				745,066					774,901				764,589				716,129				651,119				(2.33)			756,872				716,129				5.69
Real estate - 1-4 family mortgages				2,342,987				2,356,627					2,350,126				2,235,908				2,160,617				2,114,908				(0.30)			2,342,987				2,160,617				8.44
Real estate - commercial mortgages				3,400,718				3,242,172					3,128,876				2,809,470				2,741,402				2,726,186				8.69			3,400,718				2,741,402				24.05
Installment loans to individuals				208,502				229,856					199,843				163,031				96,384				93,654				4.33			208,502				96,384				116.32
Loans, net of unearned				$	9,206,101			$	7,802,404				$	7,587,974			$	7,031,818			$	6,704,288			$	6,565,599			21.32			$	9,206,101			$	6,704,288			37.32








Purchased loans
Commercial, financial, agricultural				$	225,355			$	280,572				$	315,619			$	339,693			$	374,478			$	387,376			(28.60)			$	225,355			$	374,478			(39.82)

Real estate- construction				34,236				42,829					51,582				52,106				65,402				89,954				(33.63)			34,236				65,402				(47.65)
Real estate - 1-4 family mortgages				445,526				489,674					516,487				561,725				604,855				654,265				(13.74)			445,526				604,855				(26.34)
Real estate - commercial mortgages				1,010,035				1,066,536					1,115,389				1,212,905				1,276,567				1,357,446				(9.45)			1,010,035				1,276,567				(20.88)
Installment loans to individuals				76,051				87,362					102,587				115,537				29,064				33,653				(25.87)			76,051				29,064				161.67
Loans, net of unearned				$	1,791,203			$	1,966,973				$	2,101,664			$	2,281,966			$	2,350,366			$	2,522,694			(14.77)			$	1,791,203			$	2,350,366			(23.79)
Asset quality data
Non purchased assets
Nonaccrual loans				$	16,591			$	21,384				$	21,509			$	15,733			$	14,268			$	12,507			(22.86)			$	16,591			$	14,268			16.28
Loans 90 past due or more				3,993				4,459					3,458				7,325				4,175				1,192				15.47			3,993				4,175				(4.36)
Nonperforming loans				20,584				25,843					24,967				23,058				18,443				13,699				(17.56)			20,584				18,443				11.61
Other real estate owned				4,694				3,241					2,762				1,975				3,475				4,223				69.95			4,694				3,475				35.08
Nonperforming assets				$	25,278			$	29,084				$	27,729			$	25,033			$	21,918			$	17,922			(8.84)			$	25,278			$	21,918			15.33






Purchased assets
Nonaccrual loans				$	21,361			$	19,090				$	7,038			$	6,123			$	7,250			$	7,828			203.51			$	21,361			$	7,250			194.63
Loans 90 past due or more				2,158				5,104					4,317				7,034				7,687				5,436				(50.01)			2,158				7,687				(71.93)
Nonperforming loans				23,519				24,194					11,355				13,157				14,937				13,264				107.12			23,519				14,937				57.45
Other real estate owned				4,431				5,430					5,248				6,216				5,258				5,932				(15.57)			4,431				5,258				(15.73)
Nonperforming assets				$	27,950			$	29,624				$	16,603			$	19,373			$	20,195			$	19,196			68.34			$	27,950			$	20,195			38.40
Net loan charge-offs (recoveries)				$	1,698			$	811				$	1,602			$	945			$	676			$	691			5.99			$	2,509			$	1,367			83.54
Allowance for loan losses				$	145,387			$	120,185				$	52,162			$	50,814			$	50,059			$	49,835			178.72			$	145,387			$	50,059			190.43
Annualized net loan charge-offs / average loans				0.06		%		0.03			%		0.07		%		0.04		%		0.03		%		0.03		%					0.05		%		0.03		%
Nonperforming loans / total loans*				0.40		%		0.51			%		0.37		%		0.39		%		0.37		%		0.30		%					0.40		%		0.37		%
Nonperforming assets / total assets*				0.36		%		0.42			%		0.33		%		0.34		%		0.33		%		0.29		%					0.36		%		0.33		%
Allowance for loan losses / total loans*				1.32		%		1.23			%		0.54		%		0.55		%		0.55		%		0.55		%					1.32		%		0.55		%
Allowance for loan losses / nonperforming loans*				329.65		%		240.19			%		143.61		%		140.31		%		149.97		%		184.83		%					329.65		%		149.97		%
Nonperforming loans / total loans**				0.22		%		0.33			%		0.33		%		0.33		%		0.28		%		0.21		%					0.22		%		0.28		%
Nonperforming assets / total assets**				0.17		%		0.21			%		0.21		%		0.19		%		0.17		%		0.14		%					0.17		%		0.17		%


*Based on all assets (includes purchased assets)
**Excludes all purchased assets


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ending																															For The Six Months Ending
	June 30, 2020										March 31, 2020										June 30, 2019										June 30, 2020		June 30, 2019
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Loans
Non purchased	$	7,872,371	$	81,836	4.18	%	$	7,654,662	$	88,554	4.65	%	$	6,622,202	$	83,922	5.08	%	$	7,763,516	$	170,390	4.41	%	$	6,538,998	$	165,106	5.09	%
Purchased	1,877,698		26,005		5.57	%	2,032,623		30,187		5.97	%	2,421,586		38,783		6.42	%	1,955,161		56,192		5.78	%	2,512,753		78,968		6.34	%
SBA Paycheck Protection Program	866,078		5,886		2.73	%	—		—		—	%	—		—		—	%	433,039		5,886		2.73	%	—		—		—	%
Total loans	10,616,147		113,727		4.31	%	9,687,285		118,741		4.93	%	9,043,788		122,705		5.44	%	10,151,716		232,468		4.61	%	9,051,751		244,074		5.44	%
Loans held for sale	340,582		2,976		3.51	%	336,829		2,988		3.57	%	353,103		5,191		5.90	%	338,706		5,964		3.54	%	349,205		11,028		6.37	%
Securities:
Taxable⁽¹⁾	1,031,740		6,386		2.49	%	1,067,274		7,289		2.75	%	1,084,736		7,699		2.85	%	1,049,507		13,675		2.62	%	1,073,422		15,591		2.93	%
Tax-exempt	263,799		2,346		3.58	%	225,601		2,058		3.67	%	177,535		1,860		4.20	%	244,700		4,404		3.62	%	184,350		3,882		4.25	%
Total securities	1,295,539		8,732		2.71	%	1,292,875		9,347		2.91	%	1,262,271		9,559		3.04	%	1,294,207		18,079		2.81	%	1,257,772		19,473		3.12	%
Interest-bearing balances with banks	524,376		195		0.15	%	292,488		811		1.12	%	283,330		1,830		2.59	%	408,432		1,006		0.50	%	260,251		3,288		2.55	%
Total interest-earning assets	12,776,644		125,630		3.95	%	11,609,477		131,887		4.57	%	10,942,492		139,285		5.11	%	12,193,061		257,517		4.25	%	10,918,979		277,863		5.13	%
Cash and due from banks	214,079						186,317						178,606						200,198						185,198
Intangible assets	974,237						975,933						974,628						975,085						975,718
Other assets	741,067						700,823						668,943						720,945						668,002
Total assets	$	14,706,027					$	13,472,550					$	12,764,669					$	14,089,289					$	12,747,897
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand⁽²⁾	$	5,151,713	$	5,524	0.43	%	$	4,939,757	$	9,253	0.75	%	$	4,737,780	$	10,495	0.89	%	$	5,045,735	$	14,777	0.59	%	$	4,763,837	$	20,569	0.87	%
Savings deposits	747,173		173		0.09	%	681,182		252		0.15	%	644,540		329		0.20	%	714,177		426		0.12	%	637,644		621		0.20	%
Time deposits	2,034,149		8,174		1.62	%	2,116,676		8,989		1.71	%	2,368,666		10,167		1.72	%	2,075,412		17,163		1.66	%	2,373,823		19,573		1.66	%
Total interest-bearing deposits	7,933,035		13,871		0.70	%	7,737,615		18,494		0.96	%	7,750,986		20,991		1.09	%	7,835,324		32,366		0.83	%	7,775,304		40,763		1.06	%
Borrowed funds	1,000,789		4,302		1.73	%	829,320		5,077		2.46	%	354,234		4,071		4.61	%	915,054		9,378		2.06	%	358,662		8,246		4.64	%
Total interest-bearing liabilities	8,933,824		18,173		0.82	%	8,566,935		23,571		1.11	%	8,105,220		25,062		1.24	%	8,750,378		41,744		0.96	%	8,133,966		49,009		1.22	%
Noninterest-bearing deposits	3,439,634						2,586,963						2,395,899						3,013,298						2,369,300
Other liabilities	231,477						213,509						161,457						222,495						160,798
Shareholders’ equity	2,101,092						2,105,143						2,102,093						2,103,118						2,083,833
Total liabilities and shareholders’ equity	$	14,706,027					$	13,472,550					$	12,764,669					$	14,089,289					$	12,747,897
Net interest income/ net interest margin			$	107,457	3.38	%			$	108,316	3.75	%			$	114,223	4.19	%			$	215,773	3.56	%			$	228,854	4.23	%
Cost of funding					0.59	%					0.85	%					0.96	%					0.71	%					0.94	%
Cost of total deposits					0.49	%					0.72	%					0.83	%					0.60	%					0.81	%

⁽¹⁾ U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.
⁽²⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
		RECONCILIATION OF GAAP TO NON-GAAP
																						Six Months Ended
		2020									2019																		June 30,
			Second	First			Fourth			Third			Second			First
					Quarter			Quarter			Quarter			Quarter			Quarter			Quarter				2020			2019
Net income (GAAP)					$	20,130		$	2,008		$	38,415		$	37,446		$	46,625		$	45,110			$	22,138		$	91,735
	Amortization of intangibles			1,834			1,895			1,946			1,996			2,053			2,110				3,729			4,163
	Tax effect of adjustment noted above ^(A)			(335)			(527)			(383)			(457)			(473)			(488)				(690)			(961)
Tangible net income (non-GAAP)					$	21,629		$	3,376		$	39,978		$	38,985		$	48,205		$	46,732			$	25,177		$	94,937

Net income (GAAP)					$	20,130		$	2,008		$	38,415		$	37,446		$	46,625		$	45,110			$	22,138		$	91,735
	Merger & conversion expenses			—			—			76			24			179			—				—			179
	Debt prepayment penalties			90			—			—			54			—			—				90			—
	MSR valuation adjustment			4,951			9,571			(1,296)			3,132			—			—				14,522			—
	COVID-19 related expenses			6,257			2,903			—			—			—			—				9,160			—
	Tax effect of adjustment noted above ^(A)			(2,065)			(3,467)			241			(736)			(41)			—				(4,398)			(41)
Net income with exclusions (non-GAAP)					$	29,363		$	11,015		$	37,436		$	39,920		$	46,763		$	45,110			$	41,512		$	91,873

Average shareholders’ equity (GAAP)					$	2,101,092		$	2,105,143		$	2,131,342		$	2,131,537		$	2,102,093		$	2,065,370			$	2,103,118		$	2,083,833
	Intangibles			974,237			975,933			977,506			975,306			974,628			976,820				975,085			975,718
Average tangible s/h’s equity (non-GAAP)					$	1,126,855		$	1,129,210		$	1,153,836		$	1,156,231		$	1,127,465		$	1,088,550			$	1,128,033		$	1,108,115

Average total assets (GAAP)					$	14,706,027		$	13,472,550		$	13,157,843		$	12,846,131		$	12,764,669		$	12,730,939			$	14,089,289		$	12,747,897
	Intangibles			974,237			975,933			977,506			975,306			974,628			976,820				975,085			975,718
Average tangible assets (non-GAAP)					$	13,731,790		$	12,496,617		$	12,180,337		$	11,870,825		$	11,790,041		$	11,754,119			$	13,114,204		$	11,772,179

Actual shareholders’ equity (GAAP)					$	2,082,946		$	2,070,512		$	2,125,689		$	2,119,659		$	2,119,696		$	2,088,877			$	2,082,946		$	2,119,696
	Intangibles			973,214			975,048			976,943			978,390			973,673			975,726				973,214			973,673
Actual tangible s/h’s equity (non-GAAP)					$	1,109,732		$	1,095,464		$	1,148,746		$	1,141,269		$	1,146,023		$	1,113,151			$	1,109,732		$	1,146,023

Actual total assets (GAAP)					$	14,897,207		$	13,890,550		$	13,400,618		$	13,039,674		$	12,892,653		$	12,862,395			$	14,897,207		$	12,892,653
	Intangibles			973,214			975,048			976,943			978,390			973,673			975,726				973,214			973,673
Actual tangible assets (non-GAAP)					$	13,923,993		$	12,915,502		$	12,423,675		$	12,061,284		$	11,918,980		$	11,886,669			$	13,923,993		$	11,918,980

	(A) Tax effect is calculated based on respective periods effective tax rate.


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
		RECONCILIATION OF GAAP TO NON-GAAP
																												Six Months Ended
		2020												2019																							June 30,
			Second	First				Fourth				Third				Second				First
						Quarter				Quarter				Quarter				Quarter				Quarter				Quarter					2020				2019
(1) Return on Average Equity
Return on avg s/h’s equity (GAAP)						3.85	%			0.38	%			7.15	%			6.97	%			8.90	%			8.86	%				2.12	%			8.88	%
	Effect of adjustment for intangible assets			3.87	%			0.82	%			6.60	%			6.41	%			8.25	%			8.55	%				2.37	%			8.40	%
Return on avg tangible s/h’s equity (non-GAAP)						7.72	%			1.20	%			13.75	%			13.38	%			17.15	%			17.41	%				4.49	%			17.28	%

Return on avg s/h’s equity (GAAP)						3.85	%			0.38	%			7.15	%			6.97	%			8.90	%			8.86	%				2.12	%			8.88	%
	Effect of exclusions from net income			1.77	%			1.72	%			(0.18)	%			0.46	%			0.02	%			—	%				1.85	%			0.01	%
Return on avg s/h’s equity with excl. (non-GAAP)						5.62	%			2.10	%			6.97	%			7.43	%			8.92	%			8.86	%				3.97	%			8.89	%
	Effect of adjustment for intangible assets			5.40	%			2.31	%			6.44	%			6.80	%			8.28	%			8.55	%				3.97	%			8.41	%
Return on avg tangible s/h’s equity with exclusions (non-GAAP)						11.02	%			4.41	%			13.41	%			14.23	%			17.20	%			17.41	%				7.94	%			17.30	%

(2) Return on Average Assets
Return on avg assets (GAAP)						0.55	%			0.06	%			1.16	%			1.16	%			1.47	%			1.44	%				0.32	%			1.45	%
	Effect of adjustment for intangible assets			0.08	%			0.05	%			0.14	%			0.14	%			0.17	%			0.17	%				0.07	%			0.18	%
Return on avg tangible assets (non-GAAP)						0.63	%			0.11	%			1.30	%			1.30	%			1.64	%			1.61	%				0.39	%			1.63	%

Return on avg assets (GAAP)						0.55	%			0.06	%			1.16	%			1.16	%			1.47	%			1.44	%				0.32	%			1.45	%
	Effect of exclusions from net income			0.25	%			0.27	%			(0.03)	%			0.07	%			—	%			—	%				0.27	%			—	%
Return on avg assets with exclusions (non-GAAP)						0.80	%			0.33	%			1.13	%			1.23	%			1.47	%			1.44	%				0.59	%			1.45	%
	Effect of adjustment for intangible assets			0.10	%			0.07	%			0.14	%			0.16	%			0.17	%			0.17	%				0.09	%			0.18	%
Return on avg tangible assets with exclusions (non-GAAP)						0.90	%			0.40	%			1.27	%			1.39	%			1.64	%			1.61	%				0.68	%			1.63	%

(3) Shareholder Equity Ratio
Shareholders’ equity to actual assets (GAAP)						13.98	%			14.91	%			15.86	%			16.26	%			16.44	%			16.24	%				13.98	%			16.44	%
	Effect of adjustment for intangible assets			6.01	%			6.43	%			6.61	%			6.80	%			6.82	%			6.88	%				6.01	%			6.82	%
Tangible capital ratio (non-GAAP)						7.97	%			8.48	%			9.25	%			9.46	%			9.62	%			9.36	%				7.97	%			9.62	%


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)


																												Six Months Ended
		2020														2019																					June 30,
			Second		First				Fourth				Third				Second				First
			Quarter		Quarter				Quarter				Quarter				Quarter				Quarter							2020		2019
Interest income (FTE)					$	125,630			$	131,887			$	135,119			$	135,927			$	139,285			$	138,578				$	257,517			$	277,863
	Interest expense			18,173				23,571				24,263				25,651				25,062				23,947					41,744				49,009
Net Interest income (FTE)					$	107,457			$	108,316			$	110,856			$	110,276			$	114,223			$	114,631				$	215,773			$	228,854

Total noninterest income					$	64,170			$	37,570			$	37,456			$	37,953			$	41,960			$	35,885				$	101,740			$	77,845
	Securities gains (losses)			31				—				—				343				(8)				13					31				5
	MSR valuation adjustment			(4,951)				(9,571)				1,296				(3,132)				—				—					(14,522)				—
Total adjusted noninterest income					$	69,090			$	47,141			$	36,160			$	40,742			$	41,968			$	35,872				$	116,231			$	77,840

Total noninterest expense					$	118,285			$	115,041			$	95,552			$	96,500			$	93,290			$	88,832				$	233,326			$	182,122
	Amortization of intangibles			1,834				1,895				1,946				1,996				2,053				2,110					3,729				4,163
	Merger-related expenses			—				—				76				24				179				—					—				179
	Debt extinguishment penalty			90				—				—				54				—				—					90				—
	COVID-19 related expenses			6,257				2,903				—				—				—				—					9,160				—
	Provision for unfunded commitments			2,600				3,400				—				—				—				—					6,000				—
Total adjusted noninterest expense					$	107,504			$	106,843			$	93,530			$	94,426			$	91,058			$	86,722				$	214,347			$	177,780

Efficiency Ratio (GAAP)					68.92		%		78.86		%		64.43		%		65.10		%		59.73		%		59.02		%			73.49		%		59.38		%
(4) Adjusted Efficiency Ratio (non-GAAP)					60.89		%		68.73		%		63.62		%		62.53		%		58.30		%		57.62		%			64.56		%		57.97		%

COVID-19 Credit Update Q2 2020

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

Loan Portfolio* As of June 30, 2020 • Legacy of proactive portfolio management and Consumer Const 4% 8% Land Dev prudent credit underwriting C&I 2% 14% • Granular loan portfolio: 1-4 Family o Average loan size is approximately 29% $110,000 o No single commercial collateral type exceeds 7% of total portfolio Owner Remain below 100/300 CRE Occupied o 17% concentration limitations Multi-Family • Line utilization percentage remained flat at 4% Non Owner 6/30/20 as compared to 3/31/20 Occupied 22% • Minimal exposure to Energy sector Total Loan Portfolio1 • Approximately 94% of loans are in footprint * All references to loans in pages in the reminder of this section exclude loans held for sale and Paycheck Protection Program loans 3

C&D and CRE Loan Concentration Levels Acquisition, Development & Construction (ADC) and Commercial Real Estate (CRE) ADC Loans as a Percentage of CRE Loans (Construction & Perm) as a Risk Based Capital* Percentage of Risk Based Capital* 100% 300% 91% 89% 89% 89% 88% 86% 85% 87% 85% 84% 84% 82% 250% 80% 77% 73% 200% 60% 150% 40% 100% 20% 50% 0% 0% * Risk Based Capital represents Holding Company level Tier 1 capital plus allowable portion of ACL included in Tier 2 capital 4

Credit Quality Overview • Early identification of portfolios that may be more sensitive to COVID-19 related impact • Proactively reached out to clients to understand the potential impact on their businesses activities • Identified Hospitality, Restaurant, Entertainment and Retail Trade to be more sensitive to the negative impacts of COVID -19 High Concern Portfolios Portfolio Percentage of Percentage of Percentage of Loan Portfolio 1 Total Loan Portfolio Portfolio Deferred (By NAICS Code) Amount ($ in millions) Portfolio1 Deferred1 at July 24, 2020 Hospitality $347.2 3.6% 86.8% 75.2% Entertainment $116.6 1.2% 59.7% 38.8% Restaurant $264.7 2.7% 56.2% 26.2% Retail Trade $803.3 8.3% 45.7% 22.4% • C-Stores and Transportation have been removed from our high concern portfolio listing due to improved portfolio performance based on significant decreases in deferral percentages and improved economic outlook in these asset classes • Continue to monitor all asset categories given the concern that any loan category or borrower could be negatively impacted 5 1 As of June 30, 2020, percentages excluded the impact of PPP loans

Loan Deferral Program • As of June 30, 2020, approximately 21% of total loan portfolio, excluding PPP loans, under the deferral program • As of July 24, 2020, approximately 13.5% of total loan portfolio, excluding PPP loans, under the deferral program • In mid-March, Company offered a 90-day deferral of principal and interest to consumers and commercial customers who met the following criteria at the time of deferral: o Current on taxes and insurance o Current on loan payments • Requires relationship manager to perform enhanced due diligence of borrower’s operations, financial condition, liquidity and/or cash flow during deferral period • The following table presents the balance of loans as of June 30, 2020 that have been deferred: Deferral Average Balance # of Amount Deferred SEC Category Loans ($ in millions) Commercial, Financial, Agricultural 984 $229.6 $233,299 Real Estate - 1-4 Family Mortgage 1,401 $296.9 $211,961 Installment loans to individuals 1,356 $14.3 $10,545 Real Estate - Commercial Mortgage 1,387 $1,515.7 $1,092,783 Real Estate - Construction 36 $31.9 $885,964 Lease Financing Receivables - $0.0 $0 Total 5,164 $2,088.4 $404,417 6

Continuing Credit Enhancement • Rolled out a phase 2 commercial loan deferral program with requirement to underwrite the customer’s deferral needs and creditworthiness • Instituted a monthly loan risk rating upgrade/downgrade committee to manage consistency of risk rating migration and portfolio stress • Added a monthly market based problem loan committee to early identify and manage problem assets • Establishing a problem loan workout team • Increased expectations for credit quality, yield and returns on new production • Updated CRE and C&I lending guidance • Implemented new C&I underwriting stress scenarios • Added COVID-19 questionnaire for all new and renewed customers to gauge its impact on their business model • Staying disciplined on past dues and staying connected with customers 7

Higher Risk Industries Hospitality Portfolio by Flag1 Entertainment Portfolio by Type1 Independent Other 9% Golf National Other Flags Courses Marriott 23% 8% 24% Wyndham 32% 3% Holiday Inn (IHG) 14% Fitness Theaters Centers 12% 17% Sports Facilities/Instruction Marinas 5% Hilton 19% 34% • Entertainment represents 1.2% of total loans • Hospitality represents 3.6% of total loans • Average loans size approximates $574,000 • Average loans size approximates $2.5 million • Approximately 88% of the entertainment • Weighted average LTV approximates 59% portfolio is secured by real estate 1 As of June 30, 2020 8

Higher Risk Industries, cont. Restaurant Portfolio by Type1 Retail Trade Portfolio by Type1 Other Other Auto Dealers 4% 15% 13% Full-Service 45% Single Tenant 19% Grocery Limited- Anchored Service Unanchored 4% 51% Multi- Tenant Other 34% Anchored 15% • Restaurant represents 2.7% of total loans • Retail Trade represents 8.3% of total loans • Average loans size approximates $394,000 • Average loans size approximates $612,000 • Approximately 80% of the restaurant portfolio is • Weighted average LTV of approximately 57% secured by real estate • Approximately 93% of the retail trade portfolio is secured by real estate 1 As of June 30, 2020 9

CARES Act and Paycheck Protection Program (PPP) • Our approach • Lenders were hands on with the customers – not an online application portal • Credit was included in approval process • Utilized technology to improve efficiency • Offered to clients and non-clients, gained media recognition and loyal new clients • 30% of PPP loans were to new customers • 70% of PPP loans were to existing customers • Closed over 10,500 loans, funded $1.3 billion through June 30, 2020 and generated over $44.7 million in gross fees • Utilizing on-balance sheet liquidity for current funding needs. • Prepared to participate in the Paycheck Protection Program Liquidity Facility (PPPLF) but currently using excess balance sheet liquidity to fund PPP loans 10