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8-K - 8-K - RENASANT CORP | form8-k_q42017investorpres.htm |
Q4 2017 Investor Presentation
Financial Date: 9-30-2017
This presentation contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995
about Renasant Corporation (“Renasant,” “we,” “our,” or “us”) that are subject to risks and uncertainties. Congress passed the Private
Securities Litigation Reform Act of 1995 in an effort to encourage companies to provide information about their anticipated future financial
performance. This act provides a safe harbor for such disclosure, which protects a company from unwarranted litigation if actual results are
different from management expectations. Forward-looking statements include information concerning our future financial performance,
business strategy, projected plans and objectives. These statements are based upon the current beliefs and expectations of our management and
are 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 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. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “estimates,”
“plans,” “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. Investors should understand that the following
important factors, in addition to those discussed elsewhere in this presentation as well as in reports we file with the Securities and Exchange
Commission, could cause actual results to differ materially from those expressed in such forward-looking statements: (i) our ability to efficiently
integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations, including with respect to
our recently completed acquisition of Metropolitan BancGroup, Inc. discussed in more detail in this presentation; (ii) the timing of the
implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iii) competitive pressures in the consumer finance,
commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (iv) the
financial resources of, and products available to, competitors; (v) changes in laws and regulations, including changes in accounting standards;
(vi) changes in regulatory policy; (vii) changes in the securities and foreign exchange markets; (viii) our potential growth, including our entrance
or expansion into new markets, and the need for sufficient capital to support that growth; (ix) 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; (x) an
insufficient allowance for loan losses as a result of inaccurate assumptions; (xi) general market or business conditions; (xii) changes in demand
for loan products and financial services; (xiii) concentration of credit exposure; (xiv) changes or the lack of changes in interest rates, yield curves
and interest rate spread relationships; and (xv) other circumstances, many of which are beyond management‟s control.
Our management believes the forward-looking statements about us are reasonable. However, investors should not place undue reliance on
them. Any forward-looking statements in this presentation are not guarantees of future performance. They involve risks, uncertainties and
assumptions, and actual results, developments and business decisions may differ from those contemplated by those forward-looking
statements. Many of the factors that will determine these results are beyond our ability to control or predict. We disclaim any duty to update
any forward-looking statements, all of which are expressly qualified by the statements in this section.
More than 175 banking, lending, wealth management and insurance offices
3
Western
28%
Northern
29% Eastern
24%
Central
19%
Portfolio Loans*
[CATEG
ORY
NAME]
43%
Northern
19%
Eastern
22%
Central
16%
Total Deposits*
*As of September 30, 2017
4
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
Nashville
Memphis
TENNESSEE
Tupelo
Jackson
MISSISSIPPI
Birmingham
Huntsville
Montgomery
Atlanta
GEORGIA
ALABAMA
Source: SNL Financial
5
Financial Highlights
Assets $3.59 Billion
Gross Loans $2.28 Billion
Deposits $2.69 Billion
6
De novo expansion:
Columbus, MS
2010
De novo expansion:
Montgomery, AL
Starkville, MS
Tuscaloosa, AL
De novo expansion:
Maryville, TN
Jonesborough,
TN
FDIC-Assisted
Transaction:
Crescent Bank and
Trust
Jasper, GA
Assets: $1.0 billion
FDIC-Assisted
Transaction:
American Trust
Bank
Roswell, GA
Assets: $145 million
Trust Acquisition:
RBC (USA) Trust
Unit
Birmingham, AL
Assets: $680 million
Whole Bank
Transaction:
First M&F
Corporation
Kosciusko, MS
Assets: $1.5 billion
2011 2013
De novo expansion:
Bristol, TN
Johnson City, TN
2015
Whole Bank
Transaction:
Heritage Financial
Group, Inc.
Albany, GA
Assets: $1.9 billion
2012 2016
Whole Bank
Transaction:
KeyWorth Bank
Atlanta, GA
Assets: $399
million
2017
Whole Bank
Transaction:
Metropolitan
BancGroup
Ridgeland, MS
Assets: $1.2 billion
De novo expansion:
Mobile, AL
Over 175 banking, lending, wealth management and insurance offices
7
Assets $10.3 billion
Gross Loans $7.4 billion
Deposits $8.1 billion
Highlights*
*As of September 30, 2017
Merger of Renasant Corporation and
Metropolitan BancGroup, Inc.
Completed July 1, 2017
8
(1) Based on RNST‟s closing price of $38.77 as of January 17, 2017
(2) Based on RNST‟s closing price of $43.74 as of June 30, 2017
(3) Aggregate value includes the value of options which were cashed out at closing
(4) Transaction multiples on per share basis using financial data as of and for the year ending December 31, 2016
Consideration
Implied Price per Share
Aggregate Transaction Value
Transaction Multiples (4)
Management and Board of Directors
Closing
100% stock
Fixed exchange ratio of 0.6066x shares of RNST common stock for each share of
Metropolitan common stock
$23.52 (1)
$26.89 (2)
$218 million (3)
Price / Tangible Book: 201.5%
Price / 2016 Earnings: 25.5x
Core Deposit Premium: 14.4%
Metropolitan’s CEO and other key executives maintained senior positions with RNST
One Metropolitan director was appointed to the Renasant board
Completed July 1, 2017
9
Metropolitan BancGroup, Inc. is co-headquartered
in Memphis, TN and Ridgeland, MS (Jackson, MS
MSA)
Approximately 70% of loans in Tennessee;
30% of loans in Mississippi
8 banking offices in key metropolitan markets:
• Memphis, TN (2)
• Nashville, TN (2)
• Jackson, MS (4)
Targeted focus on meeting the needs of small
commercial, middle market and private clients
Organic growth strategy – “talent centric, branch
lite”
As of December 31, 2016
Total assets: $1.2 billion Efficiency Ratio: 67.8%
Total deposits: $888 million ROAA: 0.69%
TCE/TA: 7.54% ROAE: 8.11%
$348
$411
$483
$564
$653
$743
$918
$200
$400
$600
$800
$1,000
$1.4
$3.2 $3.1
$3.9
$5.2
$6.3
$7.1
$0.0
$2.0
4.
$6.0
$8.0
Gross Loans ($mm)
Net Income ($mm)
10
Strategically Advantageous
• Further enhances Renasant’s Memphis and Nashville, TN and Jackson, MS market presence
• Complementary cultures and business model
• Ability to leverage Metropolitan’s management experience in market
• Ability to expand Metropolitan’s current relationships with more comprehensive services
Financially Attractive
• Accretive to first full year earnings per share (excluding transaction costs; including common stock offering completed in
December 2016)
• Approximately 2.9% dilutive to tangible book value at closing with an earnback of less than 3.0 years
• Estimated IRR exceeds internal rate of return guidelines
• Realistic cost saving assumption based on market overlap and past acquisition experience (approximately 37.5% of non-
interest expense)
• Pro forma regulatory ratios remain above “well capitalized” guidelines
• Transaction more than offsets the projected earnings impact of crossing the $10 billion threshold
Lower risk opportunity
• Key management of Metropolitan to remain with Renasant
• Extensive due diligence process completed
• Conservative credit culture with solid asset quality
• Manageable asset size and branch network
• Complementary business lines that are easily integrated
• Track record of 6 successfully integrated acquisitions over the last 9 years
11
GEORGIA
ALABAMA
TENNESSEE
FLORIDA
MISSISSIPPI
Atlanta
Montgomery
Auburn
Tupelo
Huntsville
Birmingham
Jackson
Albany
Gainesville
Ocala
Memphis
Nashville
Knoxville
Johnson City
Savannah
55
59
65
10
10
95
75
75
75
20
20
40
65
24
40
16
59
75
12
Pro Forma Franchise
RNST Branches
Metropolitan Branches
Olive Branch
Collierville
Horn Lake
Germantown
West
Memphis
Pleasant Hill
MISSISSIPPI
TENNESSEE
Memphis
Fisherville
Bartlett
Cayce
Victoria
240 55
240
40
40
385
64
64
61
385
55
Nashville
Gallatin
Pegram
Belle Meade
Ashland City
Rural Hill
Mount Juliet
Forest Hills
Lakewood
Goodlettsville
Millersville
Smyrna
Franklin
La Vergne
Nolensville
Brentwood
24
24
40
40
65
65
386
440
31E
Jackson
Clinton
Pearl
Ridgeland
Guide
Hazelhurst
Hoodtown
Crystal
Springs
Raymond
Florence
Utica
Edwards
Fannin
20
20
55
55
220
49
Sloan
Memphis MSA
Nashville MSA
Jackson MSA Mobile
Assumptions
• Loan Mark
• Credit: Approximately 1.2% of gross loans
• Cost Savings
• Approximately 37.5% (75% realization
rate in 2017; 100% in 2018 and thereafter)
• Pre-Tax Merger Expenses
• Approximately $22.6 million (1)
• Core Deposit Intangible
• 1.5%, 10 year amortization
• Other purchase accounting marks are non-
material
• Revenue enhancements identified, none
assumed in projections
• Closed July 1, 2017
Attractive Returns
• Immediately accretive to EPS (excluding transaction
costs; including common stock offering completed in
December 2016 and the projected impact of crossing
$10 billion asset threshold)
• Transaction more than offsets the projected earnings
impact of crossing the $10 billion threshold
• Approximately 2.9% dilutive to tangible book value
per share at closing with an earnback period of less
than 3.0 years
• Estimated IRR in excess of our internal guidelines
Pro Forma Capital
• Pro forma capital ratios remain well in excess of “well
capitalized” minimums after closing
• Pro forma TCE ratio of approximately 8.5% at close
(1) Includes property lease and fixed asset costs of $9.7 million,
employment-related costs of $5.3 million, professional fees of $4.1 million
and IT and other costs of $3.5 million
13
14
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
• Managed deposit mix by
emphasizing core deposit growth
while allowing higher-priced,
non-core deposits to erode
• Significantly paid down high-
cost borrowings
• Restructured asset mix by
redeploying excess cash levels
into higher yielding investments
and loans
• Loan demand will drive
deposit/funding growth going
forward
($ in millions)
15
$0
$2,000
$4,000
$6,000
$8,000
$10,000
Total Assets Deposits
($ in millions) 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Not
Purchased
$2,573 $2,886 $3,268 $3,830 $4,075 $4,292 $4,526 $4,714 $4,834 $5,059 $5,294
Purchased
Covered*
$237 $182 $143 $93 $45 $42 $30 - - - -
Purchased
Not Covered
- $813 $577 $1,490 $1,453 $1,631 $1,549 $1,489 $1,402 $1,312 $2,155
Total Loans $2,810 $3,881 $3,988 $5,413 $5,573 $5,965 $6,105 $6,203 $6,236 $6,371 $7,449
• Loans not purchased increased
$235M, or 18% (annualized),
during 3Q17
• Company maintained strong
pipelines throughout all
markets which will continue to
drive further loan growth
Loss-share agreements with
FDIC were terminated in 4Q16
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Not Purchased Purchased Covered Purchased
($ in thousands)
16
*Covered loans are subject to loss-share agreements with FDIC
At September 30, 2017, loans totaled $7.4B
71% Not Purchased
29% Purchased
Const
8% Land Dev
4%
1-4 Family
29%
Non Owner
Occupied
25% Owner Occupied
18%
C&I
14%
Consumer
2%
17
18
Acquisition, Development & Construction (ADC) and Commercial Real Estate (CRE)
C&D and CRE Loan Concentration Levels
82% 83%
87%
91%
82% 81%
66%
69%
76%
0%
20%
40%
60%
80%
100%
3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17
265%
258%
267%
277%
251%
231% 227% 230%
242%
0%
50%
100%
150%
200%
250%
300%
3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17
ADC Loans as a Percentage of
Risk Based Capital
CRE Loans (Construction & Perm) as a
Percentage of Risk Based Capital
DDA
9%
Other Int
Bearing
Accts
26%
Time
Deposits
37% Borrowed
Funds
28%
4Q 2008
Cost of Funds
2.81%
$3.28B
Non
Interest
DDA
21%
Other Int
Bearing
Accts
51%
Time
Deposits
21%
Borrowed
Funds
7%
3Q 2017
$8.7B
Cost of Funds
.49%
-
500,000
1,000,000
1,500,000
2,000,000
2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Non Interest Bearing Demand Deposits
($ in thousands)
• Non-interest bearing deposits
represent 23% of deposits, up
from 12% at year end 2008
• Less reliance on borrowed
funds
Borrowed funds as a percentage
of funding sources declined
from 28% at year end 2008 to
7% at the end of 3Q17
19
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Marg
in
Y
ie
ld
/C
os
t
Yield on Earning Assets Cost of Funds Margin
($ in thousands) 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Net Interest
Income
$133,338 $157,133 $202,482 $72,351 $70,054 $77,157 $75,731 $78,049 $74,015 $79,603 $90,017
Net Interest
Margin
3.94% 3.96% 4.12% 4.33% 4.21% 4.29% 4.15% 4.24% 4.01% 4.27% 4.08%
Yield on Earning
Assets
4.67% 4.53% 4.59% 4.65% 4.57% 4.66% 4.54% 4.66% 4.43% 4.68% 4.55%
Cost of Funds 0.72% 0.57% 0.47% 0.32% 0.37% 0.38% 0.40% 0.42% 0.43% 0.43% 0.49%
20
26% 7%
32%
9%
17%
9%
3Q17
$33M*
Svc Chgs
Insurance
Mtg Inc
Wealth Mgmt
Fees & Comm
Other
• Diversified sources of noninterest income
Less reliant on NSF
• Opportunities for growing Non Interest Income
Expansion of Trust Division Wealth Management
Services into larger, metropolitan markets
Expansions within our de novo operations
Expansion of the Mortgage Division within new
markets
Fees derived from higher penetration and usage of
debit cards and deposit charges
*Non interest income excludes gains from securities transactions. See slide 40 for reconciliation of Non-GAAP disclosure to GAAP
39%
6%
11%
5%
27%
12%
1Q08
$14M*
Svc Chgs
Insurance
Mtg Inc
Wealth Mgmt
Fees & Comm
Other
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Non Interest Income*
($ in thousands)
21
• Continued focus on managing
noninterest expenses and
improving efficiency
• Provided resources for eight
de novo expansions since 2011
• Fluctuations in mortgage loan
expense driven by higher
mortgage production
• Incurred merger-related
expenses during 2011, 2013,
2014, 2015, 2016 and 2017
22
40.00%
45.00%
50.00%
55.00%
60.00%
65.00%
70.00%
75.00%
80.00%
85.00%
90.00%
2011 2012 2013 2014 2015 2016 1Q17 2Q17 3Q17
Efficiency Ratio* Efficiency Ratio ex. Mortgage*
*Excludes debt extinguishment penalties, amortization of intangibles, loss share termination charges and merger-related expenses from noninterest
expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income
Note: See slides 38 and 39 for reconciliation of Non-GAAP disclosure to GAAP
23
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
Not purchased NPAs
approaching pre-credit cycle
levels.
Loss-share agreements with
FDIC were terminated in 4Q
2016
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Not Purchased Purchased Covered Purchased Not Covered
As a percentage of total assets
24
Not
Purchased
Purchased
Not Covered
NPL’s $13.3M $12.2M
ORE $4.5M $13.3M
Total
NPA’s $17.8M $25.5M
*Ratios excludes loans and assets acquired in connection with the recent acquisitions or loss share transactions
0.00%
50.00%
100.00%
150.00%
200.00%
250.00%
300.00%
350.00%
400.00%
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2012 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
($)Provision for Loan Losses ($)Net Charge Offs Coverage Ratio*
• Net charge-offs totaled .10% in
3Q 2017
• Provision for loan losses totaled
$2.15 million in 3Q 2017
Allowance for Loan Losses as % of Non-Purchased Loans*
2010 2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
2.07% 1.98% 1.72% 1.65% 1.29% 1.29% 1.23% 1.17% 1.11% 1.05% 1.03% 1.01% 0.91% 0.89% 0.87% 0.84%
25
($
i
n
t
h
ou
san
d
s)
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
NPLs
30-89
Days
Strong Credit Quality Metrics
NPLs and Early Stage Delinquencies
(30-89 Days Past Due Loans)*
• NPL‟s to total loans were 0.25% as of September 30, 2017
26
*Amounts exclude loans and assets acquired in connection with recent acquisitions or loss-share transactions.
($
i
n
t
h
ou
san
d
s)
27
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
4.50%
5.50%
6.50%
7.50%
8.50%
9.50%
10.50%
2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Tangible Common Equity Ratio*
Renasant
Capital 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
Tangible
Common
Equity*
7.35% 7.71% 6.64% 7.52% 7.54% 7.52% 7.80% 8.03% 9.00% 9.16% 9.31% 9.03%
Leverage 9.44% 9.86% 8.68% 9.53% 9.16% 9.19% 9.18% 9.38% 10.59% 10.39% 10.68% 10.05%
Tier 1 Risk
Based
13.32% 12.74% 11.41% 12.45% 11.51% 11.38% 11.56% 11.57% 12.86% 12.93% 12.86% 12.26%
Total Risk
Based
14.58% 14.00% 12.58% 13.54% 12.32% 12.17% 12.31% 13.84% 15.03% 15.11% 15.00% 14.30%
Tier 1
Common
Equity
N/A N/A N/A N/A 9.99% 9.88% 10.13% 10.16% 11.47% 11.69% 11.65% 11.21%
• Maintained dividend throughout economic
downturn
• Regulatory capital ratios are well above the
minimum for well-capitalized classification
• Capital level positions the Company for future
growth and geographic expansion
• Did not participate in the TARP program
• Raised $98.2M of subordinated notes in 3Q 2016
• Raised $84.1M of common equity in 4Q 2016
28
* See slide 37 for reconciliation of Non-GAAP disclosure to GAAP
29
Dividends Per Share – Annual Payout
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
20
0
4
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
20
1
3
20
1
4
20
1
5
20
1
6
Consistent and Strong Dividend
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
$0.20
1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17
Dividends Per Share – Quarterly Payout
30
$10.3B franchise well positioned in
attractive markets in the Southeast
Merger with Metropolitan BancGroup, Inc.
added $1.4B in assets, $940M in deposits
and $970M in loans on the acquisition date
Strategic focus on expanding footprint
• Acquisition
• De Novo
• New lines of business
Opportunity for further profitability
improvement
Organic loan growth
Core deposit growth
Revenue growth
Declining credit costs
Strong capital position
Consistent dividend payment history
Appendix
31
Ranked #6 on the Area Development Top States for Doing Business 2016
Honda, Hyundai, Mercedes-Benz and Toyota increasingly large presence
Merger with Heritage Financial Group, Inc. (Nasdaq: HBOS) added approximately $90.0
million in loans, $141 million in deposits and 9 branches
Opened Commercial Loan Production Office and Mortgage Production Office in Mobile,
AL in Q1 2017
2nd largest research and technology park in the U.S
More than $1.4 billion in aerospace equipment exported in 2016
More than $8.4 billion in Department of Defense contracts
17.5%
6.2%
0.4%
1.6%
1.0%
6.8%
12.0%
1.1% 0.6% 0.0%
0.0%
5.0%
10.0%
15.0%
20.0%
M
or
ga
n
Sh
elb
y
Je
ffe
rs
on
M
ad
iso
n
M
on
tg
om
er
y
Ta
lla
de
ga
Ch
am
be
rs
Tu
sc
al
oo
sa Le
e
M
ob
ile
32
Deposit Market Share by County – Top 5 Presence in 4 of 10 counties
2 3 5
Deposit
Market
Share
Rank 16 5 12 13 16
Alabama Deposit Market Share
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
21 14
Deposits Market
Rank Institution ($mm) Share Branches
1 Regions Financial Corp. $22,678 22.6 % 221
2 Banco Bilbao Vizcaya Argentaria SA 13,843 13.8 89
3 Wells Fargo & Co. 8,824 8.8 128
4 ServisFirst Bancshares Inc. 4,390 4.4 11
5 Synovus Financial Corp. 4,230 4.2 37
6 BB&T Corp. 3,889 3.9 82
7 PNC Financial Services Group Inc. 3,215 3.2 67
8 Cadence Bancorp. 2,791 2.8 26
9 Trustmark Corp. 1,598 1.6 44
10 Bryant Bank 1,271 1.3 15
16 Renasant Corp. 993 1.0 19
Total Market 100,324 100.0 1,492
RNST Branches
Entered the Florida market through the acquisition of HBOS, which closed
on 7/1/15
Moved into FL with 6 full-services branches along I-75
Opened Mortgage Production Offices in Destin and Jacksonville in Q1
2017
Florida would have the 19th largest economy in the world, if it were a
country
Publix Super Markets, Southern Wine & Spirits, Royal Caribbean Cruise,
Darden Restaurants, CSX, and JM Family Enterprises are all
headquartered in Florida
Florida projected population growth is approximately 6.7% compared to
the national average of 3.8%
2.0%
2.2% 2.2%
0.0%
1.0%
2.0%
3.0%
4.0%
M
ar
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n
Al
ac
hu
a
Co
lu
m
bi
a
33
Deposit Market Share by County – Top 5 Presence in 0 of 3 counties
Deposit
Market
Share
Rank 11
Florida Deposit Market Share
9 6
Source: SNL Financial
Deposit data as of 6/30/17
Florida Deposit Market Share
Deposits Market
Rank Institution ($mm) Share Branches
1 Bank of America Corp. $108,279 19.8 % 563
2 Wells Fargo & Co. 79,721 14.6 621
3 SunTrust Banks Inc. 49,105 9.0 441
4 JPMorgan Chase & Co. 32,882 6.0 399
5 Citigroup Inc. 19,525 3.6 55
6 TIAA Board of Overseers 19,290 3.5 12
7 Regions Financial Corp. 18,994 3.5 323
8 BB&T Corp. 18,041 3.3 311
9 BankUnited Inc. 14,697 2.7 89
10 Toronto-Dominion Bank 12,714 2.3 152
113 Renasant Corp. 238 0.0 6
Total Market 545,627 100.0 5,099
RNST Branches
34
Deposit Market Share by County – Top 5 Presence in 10 of 22 counties
1 7
Deposit
Market
Share
Rank
4 21 8 2 5 4
Georgia Deposit Market Share
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
4 11 2 3 9 12 12 3 17 24 20 4
0.3%
19.8%
4.7%
11.8%
26.9%
0.7%
2.5%
13.6%
7.2%
2.0%
27.8%
2.5%
11.2%
0.4%
16.8%
0.5%
11.5%
8.9%
14.8%
1.1%
0.0% 0.1%
0.0%
8.0%
16.0%
24.0%
32.0%
Ful
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14 13
Entered the North GA market through two FDIC loss share transactions
12 full-service locations
Expanded services include mortgage and wealth management personnel
Grew GA presence by completing acquisition of HBOS
Added 20 full-service branches and 4 mortgage offices
Significantly ramps up our mortgage division
Enhanced GA presence by acquisition of KeyWorth Bank ($399 million in assets)
Approximately $284 million in loans, $347 million in deposits, and 4 full-service
branches
Recently established an asset based lending division headquartered in Atlanta
Deposits Market
Rank Institution ($mm) Share Branches
1 SunTrust Banks Inc. $54,262 22.9 % 230
2 Wells Fargo & Co. 36,811 15.5 265
3 Bank of America Corp. 35,762 15.1 170
4 Synovus Financial Corp. 14,687 6.2 115
5 BB&T Corp. 11,995 5.1 147
6 Regions Financial Corp. 6,425 2.7 121
7 United Community Banks Inc. 5,773 2.4 65
8 JPMorgan Chase & Co. 4,390 1.9 82
9 Bank of the Ozarks 3,995 1.7 67
10 State Bank Financial Corp. 3,514 1.5 32
16 Renasant Corp. 1,780 0.8 37
Total Market 236,981 100.0 2,323
RNST Branches
Entered the Columbus, MS market in November 2010 and opened an office in Starkville, home of
Mississippi State University, during late Q3 „11
Columbus Air Force Base trains 1/3 of the nation‟s pilots, with an economic impact of $250 million
Yokohama Tire Corporation announces plans to locate new commercial tire plant in West Point with an initial
investment of $300 million and potentially more than $1 billion.
Increased presence in Mississippi with the recent acquisition of Metropolitan BancGroup, Inc., which
closed 1/17/17
Added 8-full service branches
City of Tupelo/Lee County
Hosts one of the largest furniture markets in the U.S.
Home to one of the largest rubber / tire producers in the country
46.9%
12.0%
29.1%
8.3%
26.6%
5.8%
47.9%
11.1%
29.6%
26.8%
10.3%
26.5%
21.3%
30.4%
16.5%
23.1%
8.7%
46.5%
9.1% 8.8%
21.6%
7.4%
0.6%
10.8%
8.6%
4.2%
11.3%
4.9%
0.0%
15.0%
30.0%
45. %
60.0%
Lee
Mad
ison
Okt
ibbe
ha
Des
oto
Mo
nro
e
Ran
kin Atta
la
Lafa
yett
e
Pre
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Win
ston Cop
iah
Cal
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Gre
nad
a
Cla
y
Alc
orn
Cho
ctaw Uni
on
Pan
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Boli
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Mo
ntg
ome
ry
Tish
om
ingo
Nes
hob
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Hol
mes
Chi
cka
saw
35
Deposit Market Share by County – Top 5 Presence in 24 of 28 counties
1 5 1 4 1 7 1 4 2
Deposit
Market
Share
Rank
2 2 5 3 3 2 2 3 5 2 3 4 6 4 3 3 6 10
Mississippi Deposit Market Share
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
4
Deposits Market
Rank Institution ($mm) Share Branches
1 Trustmark Corp. $7,127 13.4 % 122
2 Regions Financial Corp. 7,085 13.4 127
3 BancorpSouth Inc. 5,746 10.8 97
4 Renasant Corp. 3,692 7.0 75
5 Hancock Holding Co. 3,126 5.9 39
6 Community Bancshares of Mississippi Inc. 2,278 4.3 35
7 BancPlus Corp. 2,155 4.1 56
8 Citizens National Banc Corp. 1,157 2.2 26
9 Planters Holding Co. 909 1.7 19
10 First Bancshares Inc. 885 1.7 17
Total Market 53,035 100.0 1,140
RNST Branches
36
Deposit Market Share by County – Top 5 Presence in 2 of 8 counties
Deposit
Market
Share
Rank
12 17 8 11 5
Tennessee Deposit Market Share
16 12
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
3.7%
1.1% 0.8%
2.7%
2.2%
1.2%
11.1%
0.5%
0.0%
3.0%
6.0%
9.0%
12.0%
Sh
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Da
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on
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ill
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r
Cr
oc
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Su
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3
Our Tennessee Operations
The Knoxville/Maryville MSA location opened in late Q2 „12
East Tennessee operations currently have 4 full-service branches, $263 million in
loans and $117 million in deposits
New lending teams added in both Memphis and Nashville during 2013
New Healthcare Lending Group added in Nashville during 2015
Tennessee ranked 4th best state to do business, per Area Development magazine
Driven by VW, Nissan and GM, Tennessee named the #1 state in the nation for
automotive manufacturing strength
Unemployment rate continues to improve declining to 3.4% from 10.4% in
January 2010, down 1.6% since last November
In the Nashville market, Hospital Corporation of American announced an
expansion that will create 2,000 jobs
#1 single-family housing market in the country
Housing prices appreciated 8% in the last year, and 23.3% in the last 3 years
The Memphis MSA market ranked #1 for Logistics Leaders both nationally and
globally
Bass Pro Shops, $70 million hotel in conjunction with their Pyramid flagship store
Fortune 500 company, Royal Phillips to expand in Tennessee, creating nearly 1,000
jobs in Nashville and Franklin
Deposits Market
Rank Institution ($mm) Share Branches
1 First Horizon National Corp. $22,935 15.5 % 202
2 Regions Financial Corp. 18,659 12.6 223
3 SunTrust Banks Inc. 13,651 9.3 127
4 Bank of America Corp. 11,459 7.8 58
5 Pinnacle Financial Partners Inc. 9,659 6.6 46
6 FB Financial Corp. 3,567 2.4 69
7 U.S. Bancorp 3,221 2.2 103
8 Franklin Financial Network Inc. 2,878 2.0 14
9 BB&T Corp. 2,713 1.8 47
10 Wilson Bank Holding Co. 2,022 1.4 27
15 Renasant Corp. 1,522 1.0 22
Total Market 147,560 100.0 2,116
RNST Branches
37
Tangible Common Equity
Reconciliation of Non-GAAP Disclosures
38
Reconciliation of Non-GAAP Disclosures
Efficiency Ratio
39
Efficiency Ratio (Excluding Mortgage)
Reconciliation of Non-GAAP Disclosures
40
Non Interest Income
Reconciliation of Non-GAAP Disclosures
E. Robinson McGraw
Chairman and
Chief Executive Officer
Kevin D. Chapman
Senior Executive Vice President and
Chief Financial Officer
209 TROY STREET
TUPELO, MS 38804-4827
PHONE: 1-800-680-1601
FACSIMILE: 1-662-680-1234
WWW.RENASANT.COM
WWW.RENASANTBANK.COM
41