RENASANT CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - RENASANT CORP	renasant8-kxearningsreleas.htm



Contacts:	For Media:	For Financials:
	John Oxford	Kevin Chapman
	Vice President	Executive Vice President
	Director of External Affairs	Chief Financial Officer
	(662) 680-1219	(662) 680-1450
	joxford@renasant.com	kchapman@renasant.com

RENASANT CORPORATION ANNOUNCES

2015 FOURTH QUARTER AND YEAR-END RESULTS

TUPELO, MISSISSIPPI (January 19, 2016) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter and year ended December 31, 2015. Net income for the fourth quarter of 2015 was approximately $21.2 million, up 35.67%, as compared to $15.6 million for the fourth quarter of 2014. Basic and diluted earnings per share (“EPS”) were $0.53 and $0.52, respectively, for the fourth quarter of 2015, as compared to basic and diluted EPS of $0.49 for the fourth quarter of 2014. Excluding the impact of after-tax merger expenses incurred during each quarter, basic and diluted EPS were $0.55 for the fourth quarter of 2015, as compared to basic and diluted EPS of $0.50 for the fourth quarter of 2014.

Net income for 2015 was $----68.0 million, as compared to $59.6 million for 2014. Basic and diluted EPS were $1.89 and $1.88, respectively, for both 2015 and 2014. Excluding the impact of after-tax merger expenses incurred during each year, basic and diluted EPS were $2.10 and $2.08,

respectively, for 2015, as compared to basic and diluted EPS of $1.90 and $1.89, respectively, for 2014.

On July 1, 2015, the Company completed the acquisition of Heritage Financial Group, Inc. (“Heritage”), a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, a Georgia savings bank. The Company’s balance sheet and results of operations as of and for the year ended December 31, 2015, include the impact of Heritage’s operations since the acquisition date. At the acquisition date, Heritage had $2.02 billion in total assets, $1.11 billion in loans, and $1.37 billion in deposits. The assets acquired and liabilities assumed are recorded at estimated fair value and are subject to change pending finalization of all valuations.

“Our financial results for the fourth quarter of 2015 represent a strong finish to a great year. The results include our successful completion of the Heritage acquisition and 24.58% annualized linked quarter legacy loan growth,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Excluding merger expenses on an after-tax basis, our diluted EPS of $0.55 per share represents some of the highest reported quarterly earnings for the Company and was driven by the strong performance of our legacy company coupled with the successful conversion of Heritage’s operations. Furthermore, the continued sustainability of this profitability is reflected in our return on average assets, excluding merger expenses on an after-tax basis, of 1.12% for the quarter, marking the seventh consecutive quarter we’ve achieved greater than 1.00% return on average assets. As we look to 2016, we believe we are well positioned to continue to improve on profitability and earnings growth, which in turn will generate shareholder value.”

The following table presents the Company’s profitability metrics for the fourth quarter of 2015 including and excluding the impact of after-tax merger expenses from the Heritage acquisition:



	As Reported	Excluding Merger Expenses
Return on average assets	1.06%	1.12%
Return on average tangible assets	1.19%	1.25%
Return on average equity	8.06%	8.48%
Return on average tangible equity	15.84%	16.61%

The following table presents the Company’s profitability metrics for the year ending December 31, 2015, including and excluding the impact of after-tax merger expenses from the Heritage acquisition:



	As Reported	Excluding Merger Expenses
Return on average assets	0.99%	1.10%
Return on average tangible assets	1.11%	1.23%
Return on average equity	7.72%	8.57%
Return on average tangible equity	14.50%	16.00%

Total assets at December 31, 2015, were approximately $7.94 billion, as compared to $5.81 billion at December 31, 2014.

Total loans, including loans acquired in the Heritage and First M&F Corporation (“First M&F”) acquisitions or in FDIC-assisted transactions (collectively referred to as “acquired loans”), increased 35.75% to approximately $5.41 billion at December 31, 2015, as compared to $3.99 billion at December 31, 2014. Excluding acquired loans, loans grew 17.23% to $3.83 billion at December 31, 2015, as compared to $3.27 billion at December 31, 2014.

Total deposits were $6.22 billion at December 31, 2015, as compared to $4.84 billion at December 31, 2014. The increase in deposits is primarily attributable to the acquisition of Heritage. The Company’s noninterest-bearing deposits averaged approximately $1.32 billion, or 21.36% of average deposits, for the fourth quarter of 2015, as compared to $937 million, or 19.58% of average

deposits, for the fourth quarter of 2014. The Company’s cost of funds was 31 basis points for the fourth quarter of 2015, as compared to 45 basis points for the same quarter in 2014.

At December 31, 2015, the Company's Tier 1 leverage capital ratio was 9.18%, its Common Equity Tier 1 risk-based capital ratio was 9.98%, its Tier 1 risk-based capital ratio was 11.50%, and its total risk-based capital ratio was 12.30%. The Company’s regulatory capital ratios continue to be in excess of the regulatory minimums required to be classified as “well-capitalized.” At December 31, 2015, our tangible common equity ratio was 7.56%.

Net interest income was $72.4 million for the fourth quarter of 2015, as compared to $50.0 million for the fourth quarter of 2014. Net interest margin was 4.33% for the fourth quarter of 2015, as compared to 4.09% for the fourth quarter of 2014. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased net interest margin 21 basis points in the fourth quarter of 2015, as compared to 11 basis points in the same period in 2014.

Net interest income was $241.6 million for the year ended December 31, 2015, as compared to $202.6 million for the year ended December 31, 2014. Net interest margin was 4.17% for 2015, as compared to 4.12% for the prior year. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased net interest margin 14 basis points for all of 2015, as compared to 17 basis points for the prior year.

The Company’s noninterest income is derived from diverse lines of business which primarily consist of mortgage, wealth management and insurance revenue sources along with income from deposit and loan products. For the fourth quarter of 2015, noninterest income increased to $31.5 million, as compared to $20.0 million for the fourth quarter of 2014. Noninterest income increased to $108.4

million during 2015, as compared to $80.6 million during 2014. The Company’s growth in noninterest income for both the fourth quarter and full year of 2015, as compared to the comparable periods in the prior year, is primarily attributable to the Heritage acquisition and growth in our mortgage lending.

Noninterest expense was $70.9 million for the fourth quarter of 2015, and $245.5 for the year 2015, as compared to $46.0 million for the fourth quarter of 2014, and $191.2 million for the year 2014. The increase in noninterest expense, when compared to the comparable periods in 2014, was primarily due to the operating expenses of the acquired Heritage operations as well as merger expenses incurred in connection with the Heritage acquisition. The Company recorded merger expenses of approximately $1.92 million and $499 thousand during the fourth quarter of 2015 and 2014, respectively. The Company recorded merger expenses of approximately $11.6 million and $694 thousand during 2015 and 2014, respectively.

The Company recorded a provision for loan losses of $1.8 million for the fourth quarter of 2015, as compared to $1.1 million for the fourth quarter of 2014. For the fourth quarter of 2015, net charge-offs were $1.4 million, as compared to $3.3 million in net charge-offs for the same period in 2014. Annualized net charge-offs as a percentage of average loans were 0.10% for the fourth quarter of 2015, as compared to 0.33% for the same quarter in 2014.

The allowance for loan losses as a percentage of total loans was 0.78% at December 31, 2015, as compared to 1.06% at December 31, 2014. The allowance for loan losses as a percentage of non-acquired loans was 1.11% at December 31, 2015, as compared to 1.29% at December 31, 2014.

At December 31, 2015, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $45.4 million, or 0.84% of total loans, and total other real estate owned (“OREO”) w

as $35.4 million, as compared to total nonperforming loans of $55.1 million, or 1.38% of total loans, and total OREO of $34.5 million at December 31, 2014. The Company’s nonperforming loans and OREO that were acquired through the Heritage and First M&F acquisitions or in connection with FDIC-assisted transactions (collectively referred to as “acquired nonperforming assets”) were $30.0 million and $22.4 million, respectively, at December 31, 2015, as compared to $34.9 million and $17.4 million, respectively at December 31, 2014.

Since the acquired nonperforming assets were recorded at fair value at the time of acquisition or are subject to loss-share agreements with the FDIC, which significantly mitigates our actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets.

Nonperforming assets decreased 23.85% to $28.4 million at December 31, 2015, as compared to $37.3 million at December 31, 2014.

Nonperforming loans were $15.4 million, or 0.40% of total non-acquired loans, at December 31, 2015, as compared to $20.2 million, or 0.62% of total non-acquired loans, at December 31, 2014, representing a 23.73% decrease. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.20% at December 31, 2015, as compared to 0.32% at December 31, 2014.

OREO was $13.0 million at December 31, 2015, as compared to $17.1 million at December 31, 2014, a 23.99% decrease. The Company continues to proactively market the properties held in OREO as it sold approximately $5.87 million of OREO during 2015, with $1.10 million in sales occurring during the fourth quarter of 2015.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, January 20, 2015.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst160120. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Fourth 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 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 10079062 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 3, 2016.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 111-year-old financial services institution. Renasant has assets of approximately $7.9 billion and operates more than 170 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

NOTE TO INVESTORS:

This news release may contain, or incorporate by reference, statements which may 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. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions.

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal

and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

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 certain non-GAAP financial measures. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, which the Company’s management uses 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 indications 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 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.

The specific non-GAAP financial measures used are return on average tangible shareholders’ equity, return on average tangible assets and the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”). The presentation of this non-GAAP financial information is not 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 other 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.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2015 -		Twelve Months Ended
		2015												2014												Q4 2014		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	79,679		$	76,242		$	58,516		$	55,910		$	57,335		$	58,098		$	60,002		$	57,811		38.97		$	270,347		$	233,246		15.91
Interest income		$	77,788		$	74,300		$	56,769		$	54,166		$	55,597		$	56,358		$	58,277		$	56,177		39.91		$	263,023		$	226,409		16.17
Interest expense		5,364			5,620			5,099			5,324			5,580			5,886			6,108			6,206			(3.87	)	21,407			23,780			(9.98	)
	Net interest income	72,424			68,680			51,670			48,842			50,017			50,472			52,169			49,971			44.80		241,616			202,629			19.24
Provision for loan losses		1,750			750			1,175			1,075			1,050			2,217			1,450			1,450			66.67		4,750			6,167			(22.98	)
	Net interest income after provision	70,674			67,930			50,495			47,767			48,967			48,255			50,719			48,521			44.33		236,866			196,462			20.57
Service charges on deposit accounts		8,261			8,151			6,522			6,335			6,905			7,107			6,533			6,211			19.64		29,269			26,756			9.39
Fees and commissions on loans and deposits		6,118			5,704			4,954			4,492			4,771			5,877			5,175			4,677			28.23		21,268			20,500			3.75
Insurance commissions and fees		1,956			2,381			2,119			1,967			1,973			2,270			2,088			1,863			(0.86	)	8,423			8,194			2.79
Wealth management revenue		2,658			2,871			2,248			2,190			2,144			2,197			2,170			2,144			23.97		9,967			8,655			15.16
Securities gains (losses)		—			—			96			—			—			375			—			—			—		96			375			(74.40	)
Gain on sale of mortgage loans		10,020			10,578			5,407			4,633			2,368			2,635			2,006			1,585			323.14		30,638			8,594			256.50
Gain on acquisition		—			—			—			—			—			—			—			—			—		—			—			—
Other		2,478			2,432			1,571			2,287			1,809			2,102			1,499			2,136			36.98		8,768			7,546			16.19
	Total noninterest income	31,491			32,117			22,917			21,904			19,970			22,563			19,471			18,616			57.69		108,429			80,620			34.49
Salaries and employee benefits		43,409			43,048			30,394			28,260			27,301			29,569			29,810			28,428			59.00		145,111			115,108			26.07
Data processing		3,940			3,773			3,152			3,181			2,949			2,906			2,850			2,695			33.60		14,046			11,400			23.21
Occupancy and equipment		8,171			7,733			5,524			5,559			5,146			5,353			4,906			4,847			58.78		26,987			20,252			33.26
Other real estate		698			861			954			532			723			1,101			1,068			1,701			(3.46	)	3,045			4,593			(33.70	)
Amortization of intangibles		1,751			1,803			1,239			1,275			1,327			1,381			1,427			1,471			31.95		6,068			5,606			8.24
Merger-related expenses		1,923			7,746			1,467			478			499			—			—			195			285.37		11,614			694			1,573.49
Debt extinguishment penalty		—			—			—			—			—			—			—			—			—		—			—			—
Other		10,964			11,121			8,446			8,129			8,034			7,865			9,335			8,308			36.47		38,660			33,542			15.26
	Total noninterest expense	70,856			76,085			51,176			47,414			45,979			48,175			49,396			47,645			54.11		245,531			191,195			28.42
Income before income taxes		31,309			23,962			22,236			22,257			22,958			22,643			20,794			19,492			36.38		99,764			85,887			16.16
Income taxes		10,149			7,742			6,842			7,017			7,361			7,108			5,941			5,895			37.88		31,750			26,305			20.70
	Net income	$	21,160		$	16,220		$	15,394		$	15,240		$	15,597		$	15,535		$	14,853		$	13,597		35.67		$	68,014		$	59,582		14.15
Basic earnings per share		$	0.53		$	0.40		$	0.49		$	0.48		$	0.49		$	0.49		$	0.47		$	0.43		8.16		$	1.89		$	1.89		—
Diluted earnings per share		0.52			0.40			0.48			0.48			0.49			0.49			0.47			0.43			6.12		1.88			1.88			—
Average basic shares outstanding		40,276,441			40,265,941			31,626,059			31,576,275			31,537,278			31,526,423			31,496,737			31,436,148			27.71		35,971,877			31,499,498			14.20
Average diluted shares outstanding		40,539,151			40,518,413			31,865,172			31,815,710			31,781,734			31,718,529			31,698,198			31,668,362			27.55		36,227,439			31,759,647			14.07
Common shares outstanding		40,293,291			40,268,455			31,644,706			31,604,937			31,545,145			31,533,703			31,519,641			31,480,395			27.73		40,293,291			31,545,145			27.73
Cash dividend per common share		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		—		$	0.68		$	0.68		—
Performance ratios
Return on average shareholders' equity		8.06		%	6.28		%	8.42		%	8.59		%	8.72		%	8.84		%	8.67		%	8.19		%			7.72		%	8.61		%
Return on average tangible shareholders' equity (1)		15.84		%	12.20		%	14.89		%	15.45		%	15.90		%	16.50		%	16.55		%	16.05		%			14.50		%	16.25		%
Return on average assets		1.06		%	0.81		%	1.06		%	1.06		%	1.08		%	1.07		%	1.02		%	0.93		%			0.99		%	1.02		%
Return on average tangible assets (2)		1.19		%	0.93		%	1.17		%	1.18		%	1.20		%	1.20		%	1.15		%	1.05		%			1.11		%	1.15		%
Net interest margin (FTE)		4.33		%	4.09		%	4.17		%	4.03		%	4.09		%	4.12		%	4.24		%	4.04		%			4.17		%	4.12		%
Yield on earning assets (FTE)		4.65		%	4.42		%	4.57		%	4.45		%	4.53		%	4.58		%	4.72		%	4.53		%			4.52		%	4.59		%
Cost of funding		0.31		%	0.33		%	0.40		%	0.43		%	0.45		%	0.47		%	0.48		%	0.48		%			0.36		%	0.47		%
Average earning assets to average assets		86.02		%	86.57		%	87.79		%	87.49		%	87.41		%	87.32		%	87.39		%	87.35		%			86.88		%	87.37		%
Average loans to average deposits		86.22		%	83.63		%	81.93		%	81.44		%	82.67		%	82.26		%	79.11		%	77.00		%			83.51		%	80.24		%
Noninterest income (less securities gains/
	losses) to average assets	1.58		%	1.61		%	1.57		%	1.53		%	1.38		%	1.53		%	1.34		%	1.27		%			1.57		%	1.38		%
Noninterest expense (less debt prepayment penalties/
	merger-related expenses) to average assets	3.46		%	3.43		%	3.41		%	3.27		%	3.14		%	3.32		%	3.39		%	3.25		%			3.40		%	3.28		%
Net overhead ratio		1.88		%	1.82		%	1.84		%	1.74		%	1.76		%	1.79		%	2.06		%	1.97		%			1.83		%	1.90		%
Efficiency ratio (FTE) (4)		63.50		%	64.76		%	63.58		%	62.99		%	61.56		%	62.90		%	65.38		%	65.48		%			63.77		%	63.82		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2015		Twelve Months Ended
		2015												2014												Q4 2014		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Average Balances
Total assets		$	7,906,661		$	7,905,538		$	5,847,539		$	5,821,758		$	5,746,146		$	5,758,083		$	5,836,607		$	5,927,884		37.60		$	6,878,921		$	5,816,517		18.27
Earning assets		6,801,388			6,842,452			5,133,567			5,093,224			5,022,647			5,027,805			5,100,833			5,178,069			35.41		5,976,098			5,081,764			17.60
Securities		1,120,236			1,143,577			999,962			989,743			979,052			1,001,548			1,026,948			1,002,519			14.42		1,065,319			1,002,450			6.27
Mortgage loans held for sale		268,096			398,480			87,435			50,918			27,443			31,832			26,004			19,925			876.92		202,368			26,337			668.38
Loans, net of unearned		5,341,943			5,223,273			3,978,514			3,969,244			3,954,606			3,937,142			3,897,027			3,868,747			35.08		4,633,635			3,914,679			18.37
Intangibles		481,747			456,811			295,441			296,682			297,978			300,725			302,181			303,599			61.67		383,380			301,104			27.32
Noninterest-bearing deposits		$	1,323,468		$	1,272,714		$	969,770		$	932,011		$	936,672		$	896,856		$	905,180		$	949,317		41.29		$	1,125,970		$	921,903		22.14
Interest-bearing deposits		4,872,432			4,972,717			3,886,199			3,941,863			3,846,891			3,889,133			4,020,754			4,074,745			26.66		4,422,371			3,957,068			11.76
Total deposits		6,195,900			6,245,431			4,855,969			4,873,874			4,783,563			4,785,989			4,925,934			5,024,062			29.52		5,548,341			4,878,971			13.72
Borrowed funds		568,548			556,269			204,884			168,758			190,928			214,017			169,373			170,091			197.78		376,208			186,236			102.01
Shareholders' equity		1,041,460			1,023,912			733,158			719,687			709,780			697,103			686,794			673,046			46.73		880,831			691,802			27.32


																										Q4 2015 -		As of
		2015												2014												Q4 2014		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Balances at period end
Total assets		$	7,935,702		$	7,918,732		$	5,899,190		$	5,881,849		$	5,805,129		$	5,751,711		$	5,826,020		$	5,902,831		36.70		$	7,935,702		$	5,805,129		36.70
Earning assets		6,778,485			6,810,285			5,186,419			5,168,497			5,063,039			5,053,252			5,063,873			5,161,173			33.88		6,778,485			5,063,039			33.88
Securities		1,105,205			1,139,553			965,290			1,016,394			983,747			980,328			1,007,331			1,046,688			12.35		1,105,205			983,747			12.35
Mortgage loans held for sale		225,254			317,681			108,023			102,780			25,628			30,451			28,116			28,433			778.94		225,254			25,628			778.94
Loans not acquired		3,830,434			3,607,005			3,407,925			3,274,314			3,267,486			3,165,492			3,096,286			2,947,836			17.23		3,830,434			3,267,486			17.23
Loans acquired and covered by FDIC loss-share agreements		93,142			100,839			121,626			125,773			143,041			155,319			167,129			173,545			(34.88	)	93,142			143,041			(34.88	)
Loans acquired and not covered by FDIC loss-share agreements		1,489,886			1,570,116			507,653			553,574			577,347			636,628			694,115			746,047			158.06		1,489,886			577,347			158.06
	Total loans	5,413,462			5,277,960			4,037,204			3,953,661			3,987,874			3,957,439			3,957,530			3,867,428			35.75		5,413,462			3,987,874			35.75
Intangibles		480,813			482,599			294,808			296,053			297,330			298,609			301,478			302,903			61.71		480,813			297,330			61.71
Noninterest-bearing deposits		$	1,278,337		$	1,303,884		$	972,672		$	959,351		$	919,872		$	935,544		$	902,766		$	914,964		38.97		$	1,278,337		$	919,872		38.97
Interest-bearing deposits		4,940,265			4,930,677			3,917,772			3,983,418			3,918,546			3,828,126			3,983,965			4,089,820			26.07		4,940,265			3,918,546			26.07
	Total deposits	6,218,602			6,234,561			4,890,444			4,942,769			4,838,418			4,763,670			4,886,731			5,004,784			28.53		6,218,602			4,838,418			28.53
Borrowed funds		570,496			551,740			219,089			162,313			188,825			227,664			189,830			168,700			202.13		570,496			188,825			202.13
Shareholders' equity		1,044,587			1,032,699			730,976			723,196			711,651			700,475			688,215			676,715			46.78		1,044,587			711,651			46.78
Market value per common share		$	34.41		$	32.85		$	32.60		$	30.05		$	28.93		$	27.05		$	29.07		$	29.05		18.94		$	34.41		$	28.93		18.94
Book value per common share		25.92			25.65			23.10			22.88			22.56			22.21			21.83			21.50			14.89		25.92			22.56			14.89
Tangible book value per common share		13.99			13.66			13.78			13.52			13.13			12.74			12.27			11.87			6.55		13.99			13.13			6.55
Shareholders' equity to assets (actual)		13.16		%	13.04		%	12.39		%	12.30		%	12.26		%	12.18		%	11.81		%	11.46		%			13.16		%	12.26		%
Tangible capital ratio (3)		7.56		%	7.40		%	7.78		%	7.65		%	7.52		%	7.37		%	7.00		%	6.68		%			7.56		%	7.52		%
Leverage ratio		9.18		%	8.95		%	9.89		%	9.74		%	9.53		%	9.31		%	8.91		%	8.56		%			9.18		%	9.53		%
Common equity tier 1 capital ratio		9.98		%	9.92		%	10.45		%	10.35		%	—		%	—		%	—		%	—		%			9.98		%	—		%
Tier 1 risk-based capital ratio		11.50		%	11.46		%	12.52		%	12.47		%	12.45		%	12.28		%	11.82		%	11.54		%			11.50		%	12.45		%
Total risk-based capital ratio		12.30		%	12.27		%	13.55		%	13.51		%	13.54		%	13.43		%	12.96		%	12.70		%			12.30		%	13.54		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																									Q4 2015 -		As of
	2015												2014												Q4 2014		December 31,
	Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Loans not acquired
Commercial, financial, agricultural	$	485,407		$	450,688		$	437,181		$	418,752		$	418,501		$	378,802		$	365,262		$	347,828		15.99		$	485,407		$	418,501		15.99
Lease Financing	34,815			24,698			17,633			11,560			10,114			5,377			1,767			612			244.23		34,815			10,114			244.23
Real estate- construction	291,701			268,805			212,071			200,966			210,837			193,787			172,319			149,449			38.35		291,701			210,837			38.35
Real estate - 1-4 family mortgages	1,204,228			1,128,556			1,073,816			1,025,264			1,014,412			984,778			966,546			941,260			18.71		1,204,228			1,014,412			18.71
Real estate - commercial mortgages	1,729,049			1,653,534			1,589,969			1,542,706			1,538,950			1,527,680			1,516,372			1,441,404			12.35		1,729,049			1,538,950			12.35
Installment loans to individuals	85,234			80,724			77,255			75,066			74,672			75,068			74,020			67,283			14.14		85,234			74,672			14.14
Loans, net of unearned	$	3,830,434		$	3,607,005		$	3,407,925		$	3,274,314		$	3,267,486		$	3,165,492		$	3,096,286		$	2,947,836		17.23		$	3,830,434		$	3,267,486		17.23
Loans acquired and covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	2,406		$	2,467		$	3,726		$	3,917		$	6,684		$	7,699		$	7,677		$	8,283		(64.00	)	$	2,406		$	6,684		(64.00	)
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	130			137			—			—			—			1,648			1,648			1,648			100.00		130			—			100.00
Real estate - 1-4 family mortgages	45,988			48,779			40,333			42,758			44,017			46,354			49,616			52,252			4.48		45,988			44,017			4.48
Real estate - commercial mortgages	44,550			49,382			77,536			79,064			92,304			99,579			108,166			111,337			(51.74	)	44,550			92,304			(51.74	)
Installment loans to individuals	68			74			31			34			36			39			22			25			88.89		68			36			88.89
Loans, net of unearned	$	93,142		$	100,839		$	121,626		$	125,773		$	143,041		$	155,319		$	167,129		$	173,545		(34.88	)	$	93,142		$	143,041		(34.88	)
Loans acquired and not covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	149,024		$	167,966		$	39,652		$	52,119		$	58,098		$	64,058		$	74,887		$	84,005		156.50		$	149,024		$	58,098		156.50
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	65,833			70,428			505			483			1,224			1,631			2,610			4,803			5,278.51		65,833			1,224			5,278.51
Real estate - 1-4 family mortgages	485,107			485,170			161,765			171,433			177,931			190,447			205,126			217,748			172.64		485,107			177,931			172.64
Real estate - commercial mortgages	760,131			813,973			295,484			317,224			325,660			363,793			390,781			415,417			133.41		760,131			325,660			133.41
Installment loans to individuals	29,791			32,579			10,247			12,315			14,434			16,699			20,711			24,074			106.39		29,791			14,434			106.39
Loans, net of unearned	$	1,489,886		$	1,570,116		$	507,653		$	553,574		$	577,347		$	636,628		$	694,115		$	746,047		158.06		$	1,489,886		$	577,347		158.06
Asset quality data
Assets not acquired:
Nonaccrual loans	$	13,645		$	14,522		$	15,514		$	17,719		$	18,781		$	19,070		$	17,175		$	18,365		(27.35	)	$	13,645		$	18,781		(27.35	)
Loans 90 past due or more	1,751			647			5,647			1,193			1,406			7,177			3,615			1,322			24.54		1,751			1,406			24.54
Nonperforming loans	15,396			15,169			21,161			18,912			20,187			26,247			20,790			19,687			(23.73	)	15,396			20,187			(23.73	)
Other real estate owned	12,987			13,936			14,967			16,735			17,087			20,461			23,950			25,117			(23.99	)	12,987			17,087			(23.99	)
Nonperforming assets not acquired	$	28,383		$	29,105		$	36,128		$	35,647		$	37,274		$	46,708		$	44,740		$	44,804		(23.85	)	$	28,383		$	37,274		(23.85	)
Assets acquired and subject to loss share:
Nonaccrual loans	$	3,319		$	3,270		$	19,487		$	18,040		$	24,172		$	33,216		$	41,425		$	46,078		(86.27	)	$	3,319		$	24,172		(86.27	)
Loans 90 past due or more	3,609			4,143			—			—			48			1,979			—			32			7,418.75		3,609			48			7,418.75
Nonperforming loans	6,928			7,413			19,487			18,040			24,220			35,195			41,425			46,110			(71.40	)	6,928			24,220			(71.40	)
Other real estate owned	2,818			3,183			3,853			4,325			6,368			4,033			7,472			10,218			(55.75	)	2,818			6,368			(55.75	)
Nonperforming assets acquired and subject to loss share	$	9,746		$	10,596		$	23,340		$	22,365		$	30,588		$	39,228		$	48,897		$	56,328		(68.14	)	$	9,746		$	30,588		(68.14	)
Assets acquired and not subject to loss share:
Nonaccrual loans	$	12,070		$	15,796		$	1,085		$	1,627		$	1,443		$	1,991		$	5,966		$	6,393		736.45		$	12,070		$	1,443		736.45
Loans 90 past due or more	11,033			8,824			2,523			9,636			9,259			8,375			5,057			1,922			19.16		11,033			9,259			19.16
Nonperforming loans	23,103			24,620			3,608			11,263			10,702			10,366			11,023			8,315			115.88		23,103			10,702			115.88
Other real estate owned	19,597			19,215			8,244			10,626			11,017			9,565			10,381			12,406			77.88		19,597			11,017			77.88
Nonperforming assets acquired	$	42,700		$	43,835		$	11,852		$	21,889		$	21,719		$	19,931		$	21,404		$	20,721		96.60		$	42,700		$	21,719		96.60
Net loan charge-offs (recoveries)	$	1,364		$	588		$	1,588		$	1,062		$	3,330		$	4,952		$	2,194		$	1,067		(59.04	)	$	4,602		$	11,543		(60.13	)
Allowance for loan losses	$	42,437		$	42,051		$	41,888		$	42,302		$	42,289		$	44,569		$	47,304		$	48,048		0.35		$	42,437		$	42,289		0.35
Annualized net loan charge-offs / average loans	0.10		%	0.04		%	0.16		%	0.11		%	0.33		%	0.50		%	0.23		%	0.11		%			0.10		%	0.29		%
Nonperforming loans / total loans*	0.84		%	0.89		%	1.10		%	1.22		%	1.38		%	1.81		%	1.85		%	1.92		%			0.84		%	1.38		%
Nonperforming assets / total assets*	1.02		%	1.05		%	1.21		%	1.36		%	1.54		%	1.84		%	1.97		%	2.06		%			1.02		%	1.54		%
Allowance for loan losses / total loans*	0.78		%	0.80		%	1.04		%	1.07		%	1.06		%	1.13		%	1.20		%	1.24		%			0.78		%	1.06		%
Allowance for loan losses / nonperforming loans*	93.42		%	89.09		%	94.65		%	87.74		%	76.74		%	62.07		%	64.59		%	64.83		%			93.42		%	76.74		%
Nonperforming loans / total loans**	0.40		%	0.42		%	0.62		%	0.58		%	0.62		%	0.83		%	0.67		%	0.67		%			0.40		%	0.62		%
Nonperforming assets / total assets**	0.36		%	0.37		%	0.61		%	0.61		%	0.64		%	0.81		%	0.77		%	0.76		%			0.36		%	0.64		%
Allowance for loan losses / total loans**	1.11		%	1.17		%	1.23		%	1.29		%	1.29		%	1.41		%	1.53		%	1.63		%			1.11		%	1.29		%
Allowance for loan losses / nonperforming loans**	275.64		%	277.22		%	197.95		%	223.68		%	209.49		%	169.81		%	227.53		%	244.06		%			275.64		%	209.49		%
*Based on all assets (includes acquired assets)
**Excludes all assets acquired



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
														RECONCILIATION OF GAAP TO NON-GAAP
																										Twelve Months Ended
		2015												2014												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2015			2014
Net income (GAAP)		$	21,160		$	16,220		$	15,394		$	15,240		$	15,597		$	15,535		$	14,853		$	13,597		$	68,014		$	59,582
	Amortization of intangibles, net of tax	1,183			1,220			858			873			902			947			1,019			1,026			4,137			3,889
Tangible net income (non-GAAP)		$	22,343		$	17,440		$	16,252		$	16,113		$	16,499		$	16,482		$	15,872		$	14,623		$	72,151		$	63,471

Average shareholders' equity (GAAP)		$	1,041,460		$	1,023,912		$	733,158		$	719,687		$	709,780		$	697,103		$	686,794		$	673,046		$	880,831		$	691,802
	Intangibles	481,747			456,811			295,441			296,682			297,978			300,725			302,181			303,599			383,380			301,104
Average tangible s/h's equity (non-GAAP)		$	559,713		$	567,101		$	437,717		$	423,005		$	411,802		$	396,378		$	384,613		$	369,447		$	497,451		$	390,698

Average total assets (GAAP)		$	7,906,661		$	7,905,538		$	5,847,539		$	5,821,758		$	5,746,146		$	5,758,083		$	5,836,607		$	5,927,884		$	6,878,921		$	5,816,517
	Intangibles	481,747			456,811			295,441			296,682			297,978			300,725			302,181			303,599			383,380			301,104
Average tangible assets (non-GAAP)		$	7,424,914		$	7,448,727		$	5,552,098		$	5,525,076		$	5,448,168		$	5,457,358		$	5,534,426		$	5,624,285		$	6,495,541		$	5,515,413

Actual shareholders' equity (GAAP)		$	1,044,587		$	1,032,699		$	730,976		$	723,196		$	711,651		$	700,475		$	688,215		$	676,715		$	1,044,587		$	711,651
	Intangibles	480,813			482,599			294,808			296,053			297,330			298,609			301,478			302,903			480,813			297,329
Actual tangible s/h's equity (non-GAAP)		$	563,774		$	550,100		$	436,168		$	427,143		$	414,321		$	401,866		$	386,737		$	373,812		$	563,774		$	414,322

Actual total assets (GAAP)		$	7,935,702		$	7,918,732		$	5,899,190		$	5,881,849		$	5,805,129		$	5,751,711		$	5,826,020		$	5,902,831		$	7,935,702		$	5,805,129
	Intangibles	480,813			482,599			294,808			296,053			297,330			298,609			301,478			302,903			480,813			297,329
Actual tangible assets (non-GAAP)		$	7,454,889		$	7,436,133		$	5,604,382		$	5,585,796		$	5,507,799		$	5,453,102		$	5,524,542		$	5,599,928		$	7,454,889		$	5,507,799

(1) Return on Average Equity
Return on avg s/h's equity (GAAP)		8.06		%	6.28		%	8.42		%	8.59		%	8.72		%	8.84		%	8.67		%	8.19		%	7.72		%	8.61		%
	Effect of adjustment for intangible assets	7.78		%	5.92		%	6.47		%	6.86		%	7.18		%	7.66		%	7.88		%	7.86		%	6.78		%	7.63		%
Return on avg tangible s/h's equity (non-GAAP)		15.84		%	12.20		%	14.89		%	15.45		%	15.90		%	16.50		%	16.55		%	16.05		%	14.50		%	16.25		%

(2) Return on Average Assets
Return on (average) assets (GAAP)		1.06		%	0.81		%	1.06		%	1.06		%	1.08		%	1.07		%	1.02		%	0.93		%	0.99		%	1.02		%
	Effect of adjustment for intangible assets	0.13		%	0.11		%	0.12		%	0.12		%	0.12		%	0.13		%	0.13		%	0.12		%	0.12		%	0.13		%
Return on average tangible assets (non-GAAP)		1.19		%	0.93		%	1.17		%	1.18		%	1.20		%	1.20		%	1.15		%	1.05		%	1.11		%	1.15		%

(3) Shareholder Equity Ratio
Shareholders' equity to (actual) assets (GAAP)		13.16		%	13.04		%	12.39		%	12.30		%	12.26		%	12.18		%	11.81		%	11.46		%	13.16		%	12.26		%
	Effect of adjustment for intangible assets	5.60		%	5.64		%	4.61		%	4.65		%	4.74		%	4.81		%	4.81		%	4.79		%	5.60		%	4.74		%
Tangible capital ratio (non-GAAP)		7.56		%	7.40		%	7.78		%	7.65		%	7.52		%	7.37		%	7.00		%	6.68		%	7.56		%	7.52		%

														CALCULATION OF EFFICIENCY RATIO

Interest income (FTE)		$	79,679		$	76,242		$	58,516		$	55,910		$	57,335		$	58,098		$	60,002		$	57,811		$	270,347		$	233,246
	Interest expense	5,364			5,620			5,099			5,324			5,580			5,886			6,108			6,206			21,407			23,780
Net Interest income (FTE)		$	74,315		$	70,622		$	53,417		$	50,586		$	51,755		$	52,212		$	53,894		$	51,605		$	248,940		$	209,466

Total noninterest income		$	31,491		$	32,117		$	22,917		$	21,904		$	19,970		$	22,563		$	19,471		$	18,616		$	108,429		$	80,620
	Securities gains (losses)	—			—			96			—			—			375			—			—			96			375
	Gain on acquisition	—			—			—			—			—			—			—			—			—			—
Total noninterest income		$	31,491		$	32,117		$	22,821		$	21,904		$	19,970		$	22,188		$	19,471		$	18,616		$	108,333		$	80,245
Total Income (FTE)		$	105,806		$	102,739		$	76,238		$	72,490		$	71,725		$	74,400		$	73,365		$	70,221		$	357,273		$	289,711

Total noninterest expense		$	70,856		$	76,085		$	51,176		$	47,414		$	45,979		$	48,175		$	49,396		$	47,645		$	245,531		$	191,195
	Amortization of intangibles	1,751			1,803			1,239			1,275			1,327			1,381			1,427			1,471			6,068			5,606
	Merger-related expenses	1,923			7,746			1,467			478			499			—			—			195			11,614			694
	Debt extinguishment penalty	—			—			—			—			—			—			—			—			—			—
Total noninterest expense		$	67,182		$	66,536		$	48,470		$	45,661		$	44,153		$	46,794		$	47,969		$	45,979		$	227,849		$	184,895

(4) Efficiency Ratio		63.50		%	64.76		%	63.58		%	62.99		%	61.56		%	62.90		%	65.38		%	65.48		%	63.77		%	63.82		%

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