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 RECORD

$22.9 MILLION IN 2016 SECOND QUARTER EARNINGS

TUPELO, MISSISSIPPI (July 19, 2016) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced record financial results for the second quarter of 2016. Net income for the second quarter of 2016 was $22.9 million, or diluted earnings per share (“EPS”) of $0.54, an increase of 48.75% from $15.4 million, or diluted EPS of $0.48, for the second quarter of 2015. The Company incurred pre-tax merger and conversion expenses of $2.8 million, or $1.9 million on an after-tax basis, for the second quarter of 2016 which reduced diluted EPS by $0.05, as compared to pre-tax merger and conversion expenses incurred during the second quarter of 2015 of $1.5 million, or $904 thousand on an after-tax basis, which reduced diluted EPS by $0.03. Excluding the impact of after-tax merger and conversion expenses incurred during each quarter, diluted EPS was $0.59 for the second quarter of 2016, as compared to $0.51 for the second quarter of 2015.

The Company’s balance sheet and results of operations as of and for the three months ending June 30, 2016, include the impact of the Company’s acquisition of KeyWorth Bank (“KeyWorth”), a Georgia state bank headquartered in Atlanta, Georgia, which was completed on April 1, 2016. As of the acquisition date, KeyWorth operated six offices in the Atlanta metropolitan area and had approximately $399 million in assets, approximately $284 million in total loans, and approximately $347 million in total deposits. The assets acquired and liabilities assumed are recorded at estimated fair value and are subject to change pending finalization of all valuations.

For the second quarter of 2016, the Company’s return on average assets and return on average equity were 1.08% and 8.21%, respectively, as compared to 1.06% and 8.42%, respectively, for the second quarter of 2015. The Company’s 2016 second quarter return on average tangible assets and return on average tangible shareholders’ equity were 1.20% and 15.57%, respectively, as compared to 1.17% and 14.89%, respectively, for the second quarter of 2015.

The following table presents the Company’s profitability metrics for the second quarter of 2016, including and excluding the impact of after-tax merger and conversion expenses:



	As Reported	Excluding Merger and Conversion Expenses
Return on average assets	1.08%	1.17%
Return on average tangible assets	1.20%	1.30%
Return on average equity	8.21%	8.89%
Return on average tangible equity	15.57%	16.79%

“We are very pleased with our second quarter financial results. Annualized linked quarter non-acquired loan growth of 21.53% and strong revenue growth driven from our mortgage operations were large contributing factors to our record level quarterly net income of $22.9 million. These results also include our completion of the KeyWorth acquisition along with the successful conversion of its operations. Continued growth in our profitability metrics and the superior credit quality of

our non-acquired assets highlight the successful first half of 2016,” said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.

Total assets as of June 30, 2016, were approximately $8.53 billion, as compared to $7.93 billion as of December 31, 2015.

Total deposits were $6.70 billion at June 30, 2016, as compared to $6.22 billion at December 31, 2015. The Company’s cost of funds was 38 basis points for the second quarter of 2016, as compared to 41 basis points for the same quarter in 2015. The Company’s noninterest-bearing deposits averaged approximately $1.48 billion, or 21.98% of average deposits, for the second quarter of 2016, as compared to $970 million, or 19.97% of average deposits, for the second quarter of 2015, and $1.32 billion, or 21.36% of average deposits, for the quarter ended December 31, 2015.

Total loans, including loans acquired in the KeyWorth, Heritage Financial Group, Inc. (“Heritage”), and First M&F Corporation (“First M&F”) acquisitions or in FDIC-assisted transactions (collectively referred to as “acquired loans”), were approximately $5.97 billion at June 30, 2016, as compared to $5.41 billion at December 31, 2015. Excluding acquired loans, loans grew 25.96% to $4.29 billion at June 30, 2016, as compared to $3.41 billion at June 30, 2015. Non-acquired loans were $3.83 billion at December 31, 2015.

At June 30, 2016, the Company’s Tier 1 leverage capital ratio was 9.18%, its Tier 1 risk-based capital ratio was 11.55%, and its total risk-based capital ratio was 12.31%. The Company’s common equity Tier 1 capital ratio was 10.12% at June 30, 2016. In all capital ratio categories, the Company’s regulatory capital ratios continued to be in excess of the regulatory minimums required to be classified as “well-capitalized.” The Company’s tangible common equity ratio was 7.79% as of June 30, 2016.

Net interest income was $77.16 million for the second quarter of 2016, as compared to approximately $51.61 million for the second quarter of 2015. Net interest margin was 4.29% for the second quarter of 2016, as compared to 4.17% for the second quarter of 2015. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans was $3.96 million in the second quarter of 2016 and increased net interest margin 25 basis points compared to $3.60 million and a 28 basis point increase in net interest margin in the same period in 2015.

The Company’s noninterest income is derived from diverse lines of business which primarily consist of originations and sales of mortgage loans, wealth management and insurance revenue sources along with income from deposit and loan products. Total noninterest income was $35.59 million for the second quarter of 2016, as compared to approximately $22.88 million for the second quarter of 2015. During the current quarter, the Company realized a gain of $1.26 million in connection with the sale of certain equity securities with a carrying value of $2.77 million at the time of sale compared to a gain of $96 thousand realized on the sale of securities during the second quarter of 2015. After considering this realized gain, the Company’s overall growth in noninterest income for the second quarter, as compared to the same period in the prior year, is primarily attributable to the Heritage and KeyWorth acquisitions and increases in the sales of mortgage loans that we originate.

Noninterest expense was $77.26 million for the second quarter of 2016, as compared to approximately $51.08 million for the second quarter of 2015. The Company recorded merger and conversion expenses of approximately $2.81 million and $1.47 million during the second quarter of 2016 and 2015, respectively. During the current quarter, the Company recognized a penalty charge of $329 thousand in connection with the prepayment of approximately $3.5 million in borrowings from the Federal Home Loan Bank. No such charge was incurred during the second quarter of 2015. In addition, during the current quarter, the Company recognized a $750 thousand

impairment charge related to a single property held in other real estate owned. This property is currently under contract to sell. After considering these expenses, which are typically nonrecurring, the Company’s overall growth in noninterest expense for the second quarter, as compared to the same period in the prior year, is primarily attributable to the addition of the Heritage and KeyWorth operations.

Annualized net charge-offs as a percentage of average loans, including acquired loans, declined to 1 basis point for the second quarter of 2016, as compared to 16 basis points for the second quarter of 2015. The Company recorded a provision for loan losses of $1.43 million for the second quarter of 2016, as compared to $1.18 million for the second quarter of 2015.

Nonperforming assets consists of loans 90 days or more past due, nonaccrual loans and other real estate owned (“OREO”). The following table provides details of the Company’s nonperforming assets as of the dates presented (in thousands):



	June 30, 2016	December 31, 2015	June 30, 2015
Not acquired	$ 21,594	$ 27,958	$ 36,128
Acquired and subject to loss-share agreements	6,754	9,746	23,340
Acquired and not subject to loss-share agreements	44,108	43,125	11,852
Total	$ 72,456	$ 80,829	$ 71,320

Since the nonperforming assets acquired in previous acquisitions or in connection with FDIC- assisted transactions (collectively referred to as “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 the Company’s actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets.

The Company’s nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $12.02 million as of June 30, 2016, as compared to $14.97 million as of December 31, 2015. Nonperforming loans as a percentage of total loans were 0.28% as of June 30, 2016, as compared to 0.39% as of December 31, 2015.

The allowance for loan losses totaled $44.10 million at June 30, 2016, as compared to $41.89 million as of June 30, 2015, and $42.44 million as of December 31, 2015. The allowance for loan losses as a percentage of loans was 1.03% as of June 30, 2016, as compared to 1.23% as of June 30, 2015, and 1.11% as of December 31, 2015.

The Company’s coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 366.90% as of June 30, 2016, as compared to 197.95% as of June 30, 2015, and 283.46% as of December 31, 2015. Loans 30 to 89 days past due as a percentage of total loans were 0.22% at June 30, 2016, as compared to 0.19% at June 30, 2015, and 0.19% at December 31, 2015.

OREO was $9.58 million as of June 30, 2016, as compared to $12.99 million at December 31, 2015. The Company continues to proactively market the properties held in OREO as it sold approximately $2.5 million of OREO during the second quarter of 2016 and had $628 thousand in sales during the first quarter of 2016.

CONFERENCE CALL INFORMATION:

The Company will hold executive management's quarterly webcast and conference call with analysts on Wednesday, July 20, 2016, at 10:00 AM Eastern Time (9:00 AM Central Time).

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst160720. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Second 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 10089373 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 4, 2016.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 112-year-old financial services institution. Renasant has assets of approximately $8.5 billion and operates more than 175 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)
																				Q2 2016 -	For The Six Months Ending
		2016						2015												Q2 2015	June 30,
		Second			First			Fourth			Third			Second			First			Percent							Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance	2016			2015			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	85,783		$	78,009		$	79,679		$	76,241		$	58,516		$	55,910		46.60	$	163,800		$	114,426		43.15
Interest income		$	84,008		$	76,259		$	77,788		$	74,300		$	56,769		$	54,166		47.98	$	160,267		$	110,935		44.47
Interest expense		6,851			6,205			5,437			5,688			5,155			5,385			32.90	13,056			10,540			23.87
	Net interest income	77,157			70,054			72,351			68,612			51,614			48,781			49.49	147,211			100,395			46.63
Provision for loan losses		1,430			1,800			1,750			750			1,175			1,075			21.70	3,230			2,250			43.56
	Net interest income after provision	75,727			68,254			70,601			67,862			50,439			47,706			50.14	143,981			98,145			46.70
Service charges on deposit accounts		7,521			7,991			8,261			8,151			6,522			6,335			15.32	15,512			12,857			20.65
Fees and commissions on loans and deposits		5,045			4,331			4,437			4,388			3,571			3,695			41.28	9,376			7,266			29.04
Insurance commissions and fees		2,175			1,962			1,956			2,381			2,119			1,967			2.64	4,137			4,086			1.25
Wealth management revenue		2,872			2,891			2,609			2,833			2,210			2,156			29.95	5,763			4,366			32.00
Securities gains (losses)		1,257			(71		)	—			—			96			—			1,209.38	1,186			96			1,135.42
Mortgage banking income		13,420			11,915			11,702			11,893			6,791			5,429			97.61	25,335			12,220			107.32
Gain on sale of SBA loans		1,035			996			509			376			90			293			1,050.00	2,031			383			430.29
Other		2,261			3,287			1,968			2,057			1,480			1,995			52.77	5,548			3,475			59.65
	Total noninterest income	35,586			33,302			31,442			32,079			22,879			21,870			55.54	68,888			44,749			53.94
Salaries and employee benefits		45,387			42,393			43,408			43,048			30,395			28,260			49.32	87,780			58,655			49.65
Data processing		4,502			4,158			4,003			3,819			3,199			3,230			40.73	8,660			6,429			34.70
Occupancy and equipment		8,531			8,224			8,171			7,733			5,524			5,559			54.44	16,755			11,083			51.18
Other real estate		1,614			957			698			861			954			532			69.18	2,571			1,486			73.01
Amortization of intangibles		1,742			1,697			1,753			1,803			1,238			1,275			40.71	3,439			2,513			36.85
Merger and conversion related expenses		2,807			948			1,922			7,746			1,468			478			91.21	3,755			1,946			92.96
Debt extinguishment penalty		329			—			—			—			—			—			100.00	329			—			1.00
Other		12,347			11,437			10,779			10,969			8,304			7,985			48.70	23,784			16,289			46.02
	Total noninterest expense	77,259			69,814			70,734			75,979			51,082			47,319			51.25	147,073			98,401			49.46
Income before income taxes		34,054			31,742			31,309			23,962			22,236			22,257			53.14	65,796			44,493			47.88
Income taxes		11,154			10,526			10,149			7,742			6,842			7,017			63.02	21,680			13,859			56.43
	Net income	$	22,900		$	21,216		$	21,160		$	16,220		$	15,394		$	15,240		48.75	$	44,116		$	30,634		44.01
Basic earnings per share		$	0.54		$	0.53		$	0.53		$	0.40		$	0.49		$	0.48		10.20	$	1.07		$	0.97		10.31
Diluted earnings per share		0.54			0.52			0.52			0.40			0.48			0.48			12.50	1.06			0.96			10.42
Average basic shares outstanding		42,066,168			40,324,475			40,276,441			40,265,941			31,626,059			31,576,275			33.01	41,200,133			31,601,304			30.37
Average diluted shares outstanding		42,303,626			40,559,145			40,539,151			40,518,413			31,865,172			31,815,710			32.76	41,435,962			31,834,257			30.16
Common shares outstanding		42,085,690			40,373,753			40,293,291			40,268,455			31,644,706			31,604,937			32.99	42,085,690			31,644,706			32.99
Cash dividend per common share		$	0.18		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		5.88	$	0.35		$	0.34		2.94
Performance ratios
Return on average shareholders' equity		8.21		%	8.12		%	8.12		%	6.33		%	8.42		%	8.59		%		8.17		%	8.50		%
Return on average tangible shareholders' equity (1)		15.57		%	15.58		%	15.84		%	12.20		%	14.89		%	15.45		%		15.57		%	15.16		%
Return on average assets		1.08		%	1.07		%	1.06		%	0.81		%	1.06		%	1.06		%		1.07		%	1.06		%
Return on average tangible assets (2)		1.20		%	1.20		%	1.19		%	0.93		%	1.17		%	1.18		%		1.20		%	1.18		%
Net interest margin (FTE)		4.29		%	4.21		%	4.33		%	4.09		%	4.17		%	4.02		%		4.25		%	4.10		%
Yield on earning assets (FTE)		4.66		%	4.57		%	4.65		%	4.42		%	4.57		%	4.45		%		4.62		%	4.51		%
Cost of funding		0.38		%	0.37		%	0.32		%	0.33		%	0.41		%	0.43		%		0.37		%	0.42		%
Average earning assets to average assets		86.59		%	86.21		%	86.07		%	86.64		%	87.79		%	87.49		%		86.41		%	87.64		%
Average loans to average deposits		87.73		%	87.39		%	86.22		%	83.63		%	81.93		%	81.44		%		87.56		%	81.69		%
Noninterest income (less securities gains/
	losses) to average assets	1.62		%	1.69		%	1.58		%	1.61		%	1.56		%	1.52		%		1.65		%	1.54		%
Noninterest expense (less debt prepayment penalties/
	merger-related expenses) to average assets	3.49		%	3.48		%	3.46		%	3.43		%	3.40		%	3.26		%		3.48		%	3.33		%
Net overhead ratio		1.87		%	1.79		%	1.88		%	1.82		%	1.84		%	1.74		%		1.83		%	1.79		%
Efficiency ratio (FTE) (4)		63.91		%	63.86		%	63.45		%	64.73		%	63.53		%	62.94		%		63.88		%	63.24		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																				Q2 2016		For The Six Months Ending
		2016						2015												Q2 2015		June 30,
		Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2016			2015			Variance
Average Balances
Total assets		$	8,541,818		$	7,961,700		$	7,898,803		$	7,897,769		$	5,847,539		$	5,821,758		46.08		$	8,253,361		$	5,834,719		41.45
Earning assets		7,396,282			6,863,905			6,798,474			6,842,452			5,133,567			5,093,223			44.08		7,131,564			5,113,508			39.47
Securities		1,111,830			1,103,504			1,117,322			1,143,577			999,962			989,743			11.19		1,107,690			994,881			11.34
Mortgage loans held for sale		306,011			217,200			268,096			398,480			87,435			50,918			249.99		261,851			69,277			277.98
Loans, net of unearned		5,897,650			5,482,167			5,341,943			5,223,273			3,978,514			3,969,243			48.24		5,691,056			3,973,905			43.21
Intangibles		499,509			473,852			473,996			449,042			295,441			296,682			69.07		486,752			296,058			64.41
Noninterest-bearing deposits		$	1,477,380		$	1,316,495		$	1,323,467		$	1,272,714		$	969,770		$	932,011		52.34		$	1,397,382		$	950,995		46.94
Interest-bearing deposits		5,245,406			4,956,983			4,872,432			4,972,717			3,886,199			3,941,863			34.98		5,101,991			3,913,877			30.36
Total deposits		6,722,786			6,273,478			6,195,899			6,245,431			4,855,969			4,873,874			38.44		6,499,373			4,864,872			33.60
Borrowed funds		594,459			539,078			568,548			556,269			204,884			168,758			190.14		566,921			186,921			203.29
Shareholders' equity		1,121,297			1,050,668			1,033,692			1,016,143			733,158			719,687			52.94		1,086,178			726,460			49.52


																				Q2 2016 -		As of
		2016						2015												Q4 2015		June 30,
		Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2016			2015			Variance
Balances at period end
Total assets		$	8,529,566		$	8,146,229		$	7,926,496		$	7,910,963		$	5,899,190		$	5,881,849		7.61		$	8,529,566		$	5,899,190		44.59
Earning assets		7,396,888			7,045,180			6,778,485			6,810,285			5,186,419			5,168,497			9.12		7,396,888			5,186,419			42.62
Securities		1,063,592			1,101,820			1,105,205			1,139,553			965,290			1,016,394			(3.77	)	1,063,592			965,290			10.18
Mortgage loans held for sale		276,782			298,365			225,254			317,681			108,023			102,780			22.88		276,782			108,023			156.23
Loans not acquired		4,292,549			4,074,413			3,830,434			3,607,005			3,407,925			3,274,314			12.06		4,292,549			3,407,925			25.96
Loans acquired and covered by FDIC loss-share agreements		42,171			44,989			93,142			100,839			121,626			125,773			(54.72	)	42,171			121,626			(65.33	)
Loans acquired and not covered by FDIC loss-share agreements		1,630,709			1,453,328			1,489,886			1,570,116			507,653			553,574			9.45		1,630,709			507,653			221.23
	Total loans	5,965,429			5,572,730			5,413,462			5,277,960			4,037,204			3,953,661			10.20		5,965,429			4,037,204			47.76
Intangibles		498,438			476,539			474,682			474,830			294,808			296,053			5.00		498,438			294,808			69.07
Noninterest-bearing deposits		$	1,459,383		$	1,384,503		$	1,278,337		$	1,303,884		$	972,672		$	959,351		14.16		$	1,459,383		$	972,672		50.04
Interest-bearing deposits		5,243,104			5,046,874			4,940,265			4,930,677			3,917,772			3,983,418			6.13		5,243,104			3,917,772			33.83
	Total deposits	6,702,487			6,431,377			6,218,602			6,234,561			4,890,444			4,942,769			7.78		6,702,487			4,890,444			37.05
Borrowed funds		588,650			561,671			570,496			551,740			219,089			162,313			3.18		588,650			219,089			168.68
Shareholders' equity		1,124,256			1,053,178			1,036,818			1,024,930			730,976			723,196			8.43		1,124,256			730,976			53.80
Market value per common share		$	32.33		$	32.91		$	34.41		$	32.85		$	32.60		$	30.05		(6.04	)	$	32.33		$	32.60		(0.83	)
Book value per common share		26.71			26.09			25.73			25.45			23.10			22.88			3.82		26.71			23.10			15.65
Tangible book value per common share		14.87			14.28			13.95			13.66			13.78			13.52			6.59		14.87			13.78			7.88
Shareholders' equity to assets (actual)		13.18		%	12.93		%	13.08		%	12.96		%	12.39		%	12.30		%			13.18		%	12.39		%
Tangible capital ratio (3)		7.79		%	7.52		%	7.54		%	7.40		%	7.78		%	7.65		%			7.79		%	7.78		%
Leverage ratio		9.18		%	9.19		%	9.16		%	8.95		%	9.89		%	9.74		%			9.18		%	9.89		%
Common equity tier 1 capital ratio		10.12		%	9.88		%	9.99		%	9.92		%	10.45		%	10.35		%			10.12		%	10.45		%
Tier 1 risk-based capital ratio		11.55		%	11.38		%	11.51		%	11.46		%	12.52		%	12.47		%			11.55		%	12.52		%
Total risk-based capital ratio		12.31		%	12.17		%	12.32		%	12.27		%	13.55		%	13.51		%			12.31		%	13.55		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																			Q2 2016 -		As of
	2016						2015												Q4 2015		June 30,
	Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2016			2015			Variance
Loans not acquired
Commercial, financial, agricultural	$	530,258		$	520,463		$	485,407		$	450,688		$	437,181		$	418,752		9.24		$	530,258		$	437,181		21.29
Lease Financing	43,116			41,937			34,815			24,698			17,633			11,560			23.84		43,116			17,633			144.52
Real estate- construction	381,690			325,188			291,701			268,805			212,071			200,966			30.85		381,690			212,071			79.98
Real estate - 1-4 family mortgages	1,328,948			1,263,879			1,204,228			1,128,556			1,073,816			1,025,264			10.36		1,328,948			1,073,816			23.76
Real estate - commercial mortgages	1,918,778			1,836,053			1,729,049			1,653,534			1,589,969			1,542,706			10.97		1,918,778			1,589,969			20.68
Installment loans to individuals	89,759			86,893			85,234			80,724			77,255			75,066			5.31		89,759			77,255			16.19
Loans, net of unearned	$	4,292,549		$	4,074,413		$	3,830,434		$	3,607,005		$	3,407,925		$	3,274,314		12.06		$	4,292,549		$	3,407,925		25.96
Loans acquired and covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	607		$	624		$	2,406		$	2,467		$	3,726		$	3,917		(74.77	)	$	607		$	3,726		(83.71	)
Lease Financing	—			—			—			—			—			—			—		—			—			—
Real estate- construction	83			86			130			137			—			—			(36.15	)	83			—			100.00
Real estate - 1-4 family mortgages	34,640			36,350			45,988			48,779			40,333			42,758			(24.68	)	34,640			40,333			(14.11	)
Real estate - commercial mortgages	6,790			7,870			44,550			49,382			77,536			79,064			(84.76	)	6,790			77,536			(91.24	)
Installment loans to individuals	51			59			68			74			31			34			(25.00	)	51			31			64.52
Loans, net of unearned	$	42,171		$	44,989		$	93,142		$	100,839		$	121,626		$	125,773		(54.72	)	$	42,171		$	121,626		(65.33	)
Loans acquired and not covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	152,071		$	133,847		$	149,024		$	167,966		$	39,652		$	52,119		2.04		$	152,071		$	39,652		283.51
Lease Financing	—			—			—			—			—			—			—		—			—			—
Real estate- construction	70,958			52,300			65,834			70,428			505			483			7.78		70,958			505			13,951.09
Real estate - 1-4 family mortgages	485,458			477,266			485,107			485,170			161,765			171,433			0.07		485,458			161,765			200.10
Real estate - commercial mortgages	898,108			763,587			760,130			813,973			295,484			317,224			18.15		898,108			295,484			203.94
Installment loans to individuals	24,114			26,328			29,791			32,579			10,247			12,315			(19.06	)	24,114			10,247			135.33
Loans, net of unearned	$	1,630,709		$	1,453,328		$	1,489,886		$	1,570,116		$	507,653		$	553,574		9.45		$	1,630,709		$	507,653		221.23
Asset quality data
Assets not acquired:
Nonaccrual loans	$	10,591		$	11,690		$	13,645		$	14,522		$	15,514		$	17,719		(22.38	)	$	10,591		$	15,514		(31.73	)
Loans 90 past due or more	1,428			2,495			1,326			647			5,647			1,193			7.69		1,428			5,647			(74.71	)
Nonperforming loans	12,019			14,185			14,971			15,169			21,161			18,912			(19.72	)	12,019			21,161			(43.20	)
Other real estate owned	9,575			12,810			12,987			13,936			14,967			16,735			(26.27	)	9,575			14,967			(36.03	)
Nonperforming assets not acquired	$	21,594		$	26,995		$	27,958		$	29,105		$	36,128		$	35,647		(22.76	)	$	21,594		$	36,128		(40.23	)
Assets acquired and subject to loss share:
Nonaccrual loans	$	2,060		$	2,708		$	3,319		$	3,270		$	19,487		$	18,040		(37.93	)	$	2,060		$	19,487		(89.43	)
Loans 90 past due or more	2,076			4,343			3,609			4,143			—			—			(42.48	)	2,076			—			100.00
Nonperforming loans	4,136			7,051			6,928			7,413			19,487			18,040			(40.30	)	4,136			19,487			(78.78	)
Other real estate owned	2,618			1,373			2,818			3,183			3,853			4,325			(7.10	)	2,618			3,853			(32.05	)
Nonperforming assets acquired and subject to loss share	$	6,754		$	8,424		$	9,746		$	10,596		$	23,340		$	22,365		(30.70	)	$	6,754		$	23,340		(71.06	)
Assets acquired and not subject to loss share:
Nonaccrual loans	$	13,312		$	12,368		$	12,070		$	15,796		$	1,085		$	1,627		10.29		$	13,312		$	1,085		1,126.91
Loans 90 past due or more	13,650			10,805			11,458			8,824			2,523			9,636			19.13		13,650			2,523			441.02
Nonperforming loans	26,962			23,173			23,528			24,620			3,608			11,263			14.60		26,962			3,608			647.28
Other real estate owned	17,146			19,051			19,597			19,215			8,244			10,626			(12.51	)	17,146			8,244			107.98
Nonperforming assets acquired	$	44,108		$	42,224		$	43,125		$	43,835		$	11,852		$	21,889		2.28		$	44,108		$	11,852		272.16
Net loan charge-offs (recoveries)	$	191		$	1,378		$	1,364		$	588		$	1,588		$	1,062		(86.00	)	$	1,569		$	1,588		(1.20	)
Allowance for loan losses	$	44,098		$	42,859		$	42,437		$	42,051		$	41,888		$	42,302		3.91		$	44,098		$	41,888		5.28
Annualized net loan charge-offs / average loans	0.01		%	0.10		%	0.10		%	0.04		%	0.16		%	0.11		%			0.06		%	0.08		%
Nonperforming loans / total loans*	0.72		%	0.80		%	0.84		%	0.89		%	1.10		%	1.22		%			0.72		%	1.10		%
Nonperforming assets / total assets*	0.85		%	0.95		%	1.02		%	1.06		%	1.21		%	1.36		%			0.85		%	1.21		%
Allowance for loan losses / total loans*	0.74		%	0.77		%	0.78		%	0.80		%	1.04		%	1.07		%			0.74		%	1.04		%
Allowance for loan losses / nonperforming loans*	102.28		%	96.51		%	93.42		%	89.09		%	94.65		%	87.74		%			102.28		%	94.65		%
Nonperforming loans / total loans**	0.28		%	0.35		%	0.39		%	0.42		%	0.62		%	0.58		%			0.28		%	0.62		%
Nonperforming assets / total assets**	0.25		%	0.33		%	0.35		%	0.37		%	0.61		%	0.61		%			0.25		%	0.61		%
Allowance for loan losses / total loans**	1.03		%	1.05		%	1.11		%	1.17		%	1.23		%	1.29		%			1.03		%	1.23		%
Allowance for loan losses / nonperforming loans**	366.90		%	302.14		%	283.46		%	277.22		%	197.95		%	223.68		%			366.90		%	197.95		%
*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
																				For The Six Months Ending
		2016						2015												June 30,
		Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2016			2015
Net income (GAAP)		$	22,899		$	21,216		$	21,160		$	16,220		$	15,394		$	15,240		$	44,115		$	30,634
	Amortization of intangibles, net of tax	1,171			1,134			1,185			1,220			857			873			2,306			1,730
Tangible net income (non-GAAP)		$	24,070		$	22,350		$	22,345		$	17,440		$	16,251		$	16,113		$	46,421		$	32,364

Average shareholders' equity (GAAP)		$	1,121,297		$	1,050,668		$	1,033,692		$	1,016,143		$	733,158		$	719,687		$	1,086,178		$	726,460
	Intangibles	499,509			473,852			473,996			449,042			295,441			296,682			486,752			296,058
Average tangible s/h's equity (non-GAAP)		$	621,788		$	576,816		$	559,696		$	567,101		$	437,717		$	423,005		$	599,426		$	430,402

Average total assets (GAAP)		$	8,541,818		$	7,961,700		$	7,898,803		$	7,897,769		$	5,847,539		$	5,821,758		$	8,253,361		$	5,834,719
	Intangibles	499,509			473,852			473,996			449,042			295,441			296,682			486,752			296,058
Average tangible assets (non-GAAP)		$	8,042,309		$	7,487,848		$	7,424,807		$	7,448,727		$	5,552,098		$	5,525,076		$	7,766,609		$	5,538,661

Actual shareholders' equity (GAAP)		$	1,124,256		$	1,053,178		$	1,036,818		$	1,024,930		$	730,976		$	723,196		$	1,124,256		$	730,976
	Intangibles	498,438			476,539			474,682			474,830			294,808			296,053			498,438			294,808
Actual tangible s/h's equity (non-GAAP)		$	625,818		$	576,639		$	562,136		$	550,100		$	436,168		$	427,143		$	625,818		$	436,168

Actual total assets (GAAP)		$	8,529,566		$	8,146,229		$	7,926,496		$	7,910,963		$	5,899,190		$	5,881,849		$	8,529,566		$	5,899,190
	Intangibles	498,438			476,539			474,682			474,830			294,808			296,053			498,438			294,808
Actual tangible assets (non-GAAP)		$	8,031,128		$	7,669,690		$	7,451,814		$	7,436,133		$	5,604,382		$	5,585,796		$	8,031,128		$	5,604,382

(1) Return on Average Equity
Return on avg s/h's equity (GAAP)		8.21		%	8.12		%	8.12		%	6.33		%	8.42		%	8.59		%	8.17		%	8.50		%
	Effect of adjustment for intangible assets	7.36		%	7.46		%	7.72		%	5.87		%	6.47		%	6.86		%	7.41		%	6.66		%
Return on avg tangible s/h's equity (non-GAAP)		15.57		%	15.58		%	15.84		%	12.20		%	14.89		%	15.45		%	15.57		%	15.16		%

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

(3) Shareholder Equity Ratio
Shareholders' equity to (actual) assets (GAAP)		13.18		%	12.93		%	13.08		%	12.96		%	12.39		%	12.30		%	13.18		%	12.39		%
	Effect of adjustment for intangible assets	5.39		%	5.41		%	5.54		%	5.56		%	4.61		%	4.65		%	5.39		%	4.61		%
Tangible capital ratio (non-GAAP)		7.79		%	7.52		%	7.54		%	7.40		%	7.78		%	7.65		%	7.79		%	7.78		%

								CALCULATION OF EFFICIENCY RATIO

Interest income (FTE)		$	85,783		$	78,009		$	79,679		$	76,241		$	58,516		$	55,910		$	163,800		$	114,426
	Interest expense	6,851			6,205			5,437			5,688			5,155			5,385			13,056			10,540
Net Interest income (FTE)		$	78,932		$	71,804		$	74,242		$	70,553		$	53,361		$	50,525		$	150,744		$	103,886

Total noninterest income		$	35,586		$	33,302		$	31,442		$	32,079		$	22,879		$	21,870		$	68,888		$	44,749
	Securities gains (losses)	1,257			(71		)	—			—			96			—			1,186			96
Total noninterest income		$	34,329		$	33,373		$	31,442		$	32,079		$	22,783		$	21,870		$	67,702		$	44,653
Total Income (FTE)		$	113,261		$	105,177		$	105,684		$	102,632		$	76,144		$	72,395		$	218,446		$	148,539

Total noninterest expense		$	77,260		$	69,814		$	70,734		$	75,979		$	51,082		$	47,319		$	147,074		$	98,401
	Amortization of intangibles	1,742			1,697			1,753			1,803			1,238			1,275			3,439			2,513
	Merger-related expenses	2,807			948			1,922			7,746			1,468			478			3,755			1,946
	Debt extinguishment penalty	329			—			—			—			—			—			329			—
Total noninterest expense		$	72,382		$	67,169		$	67,059		$	66,430		$	48,376		$	45,566		$	139,551		$	93,942

(4) Efficiency Ratio		63.91		%	63.86		%	63.45		%	64.73		%	63.53		%	62.94		%	63.88		%	63.24		%

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