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

Attached files

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



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

RENASANT CORPORATION ANNOUNCES

RECORD EARNINGS FOR 2018

TUPELO, MISSISSIPPI (January 22, 2019) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2018. Net income for the fourth quarter of 2018 was $44.4 million, as compared to $16.5 million for the fourth quarter of 2017. Basic and diluted earnings per share (“EPS”) were $0.76 for the fourth quarter of 2018, as compared to basic and diluted EPS of $0.33 for the fourth quarter of 2017.

Net income for the year ending December 31, 2018, was $146.9 million, as compared to $92.2 million for 2017. Basic and diluted EPS were $2.80 and $2.79, respectively, for 2018, as compared to basic and diluted EPS of $1.97 and $1.96, respectively, for 2017.

“During a quarter highlighted by increased volatility in financial markets and uncertainty about the economic outlook, Renasant once again closed the year with record results. Our superior profitability metrics continue to increase and are a direct result of our continued efforts to maintain a stable core margin while focusing on cost containment,” commented Renasant Executive Chairman E. Robinson McGraw. “While we are not immune to the increased level of competition in our markets,

we remain disciplined in our pricing and prudent in our underwriting standards, and our credit quality metrics all remain at or near historic lows.”

“Although the economic uncertainty that arose at the close of 2018 has not resolved as we start the new year, we remain committed to delivering strong shareholder value through prudent capital management and a continued emphasis on profitability and growth of our core operations,” added C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “With the integration of Brand’s operations and team members now complete, coupled with strategic hires throughout our footprint, we begin 2019 with a renewed focus on understanding and meeting our customers’ needs and continuing to deliver a first class line up of products and services which earned us the designation of “Best Bank in the South” by Time Magazine’s Money.com.”

Brand Acquisition

The Company completed its acquisition by merger of Brand Group Holdings, Inc. (“Brand”) on September 1, 2018. As of the acquisition date, Brand operated 13 locations throughout the greater Atlanta market and, prior to purchase accounting adjustments, had approximately $2.0 billion in assets, which included approximately $1.6 billion in loans, and approximately $1.7 billion in deposits. The Company’s balance sheet and results of operations as of and for the year ended December 31, 2018, include the impact of the Company’s acquisition of Brand since the acquisition date. The assets acquired and liabilities assumed, as presented in the table below, have been recorded at estimated fair value and are subject to change pending finalization of all valuations.



(in thousands)	September 1, 2018
Cash and cash equivalents	$	193,436
Securities	71,246
Loans including loans held for sale	1,589,254
Premises and equipment	20,070
Intangible assets	349,416
Other assets	112,050
Total assets	$	2,335,472

Deposits	$	1,714,177
Borrowings	90,912
Other liabilities	55,930
	$	1,861,019

As part of the merger agreement, Brand agreed to divest the operations of its subsidiary Brand Mortgage Group, LLC (“BMG”), which transaction was completed as of November 1, 2018. As a

result, the results of operations of BMG, which are not significant to the Company’s operations, are included in the Company’s results for 2018 from the acquisition date through the completion date of the divestiture.

Impact of Certain Expenses and Charges

The Company incurred expenses and charges in connection with certain transactions with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following table presents the impact of these expenses and charges on reported earnings per share for the dates presented (in thousands, except per share data):



	Three months ended December 31, 2018						Three months ended December 31, 2017
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Merger and conversion expenses	$	1,625	$	1,255	$	0.02	$	723	$	479	$	0.01
Write-down of net deferred tax assets	—		—		—		—		14,486		0.30



	Year ended December 31, 2018						Year ended December 31, 2017
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Merger and conversion expenses	$	14,246	$	11,095	$	0.21	$	10,378	$	6,925	$	0.15
Write-down of net deferred tax assets	—		—		—		—		14,486		0.31
Debt prepayment penalty	—		—		—		205		137		—

The Company’s fourth quarter 2017 earnings include an after-tax charge of $14.5 million resulting from the revaluation of the Company’s deferred tax assets in response to the corporate tax rate reduction implemented by the Tax Cuts and Jobs Act, which was enacted in December 2017. The after-tax charge reduced diluted EPS by $0.30 and $0.31 for the quarter and year ended December 31, 2017, respectively. No such charge is included in the Company’s 2018 results.

The Company’s fourth quarter and 2018 earnings included pre-tax expenses of $1.6 million and $14.2 million, respectively, related to the merger and conversion of Brand. These expenses reduced diluted EPS by $0.02 and $0.21 for the fourth quarter and year, respectively. Similarly, the Company’s fourth quarter and 2017 earnings included pre-tax expenses of $723 thousand and $10.4 million related primarily to the acquisition of Metropolitan BancGroup, Inc., which was completed

in July 2017. These charges reduced diluted EPS by $0.01 and $0.15 for the fourth quarter and year, respectively.

Profitability Metrics

The following table presents the Company’s profitability metrics for the three and twelve months ending December 31, 2018, including and excluding the impact of after-tax merger and conversion expenses related to the Brand acquisition described above.



	Three Months Ended				Year Ended
	December 31, 2018				December 31, 2018
	As Reported		Excluding merger and conversion expenses (Non-GAAP)		As Reported		Excluding merger and conversion expenses (Non-GAAP)
Return on average assets	1.39	%	1.43	%	1.32	%	1.42	%
Return on average tangible assets (Non-GAAP)	1.56	%	1.60	%	1.47	%	1.58	%
Return on average equity	8.72	%	8.97	%	8.64	%	9.29	%
Return on average tangible equity (Non-GAAP)	17.44	%	17.92	%	15.98	%	17.14	%

A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release.

Financial Condition

Total assets were $12.9 billion at December 31, 2018, as compared to $9.8 billion at December 31, 2017.

Total loans increased to $9.1 billion at December 31, 2018, from $7.6 billion at December 31, 2017. Loans not purchased increased to $6.4 billion at December 31, 2018, from $5.6 billion at December 31, 2017. Loan production for the fourth quarter and for 2018 was $400.3 million and $1.7 billion, respectively, as compared to $448.5 million and $1.5 billion for the same periods, respectively, in 2017. As of the acquisition date, Brand added $1.3 billion in loans held for investment.

Total deposits increased to $10.1 billion at December 31, 2018, from $7.9 billion at December 31, 2017. Non-interest bearing deposits averaged $2.0 billion, or 22.83% of average deposits, for 2018, compared to $1.7 billion, or 22.64% of average deposits, for the same period in 2017. As of the acquisition date, Brand added $1.7 billion in deposits, which included $429.2 million in non-interest bearing deposits.

At December 31, 2018, Tier 1 leverage capital ratio was 10.11%, Common Equity Tier 1 ratio was 11.05%, Tier 1 risk-based capital ratio was 12.10%, and total risk-based capital ratio was 14.12%. All regulatory ratios exceed the minimums required to be considered “well-capitalized.”

Our ratio of shareholders’ equity to assets was 15.80% at December 31, 2018, as compared to 15.41% at December 31, 2017. Our tangible capital ratio (non-GAAP) was 8.92% at December 31, 2018, as compared to 9.56% at December 31, 2017.

The Company announced a $50.0 million stock repurchase program in October 2018. During the fourth quarter of 2018, the Company repurchased $7.1 million of common stock at a weighted average price of $35.48. The plan will remain in effect until the earlier of October 2019 or the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.

Results of Operations

Net interest income was $115.5 million for the fourth quarter of 2018, as compared to $99.4 million for the third quarter of 2018 and $93.3 million for the fourth quarter of 2017. The following table presents reported taxable equivalent net interest margin and yield on loans held for investment for the periods presented (in thousands).



	Three Months Ended
	December 31,			September 30,			December 31,
	2018			2018			2017
Taxable equivalent net interest income	$	116,933		$	100,880		$	96,448

Average earning assets	$	10,952,024		$	9,843,870		$	8,913,675

Net interest margin	4.24		%	4.07		%	4.25		%

Taxable equivalent interest income on loans	$	122,703		$	105,722		$	97,307

Average loans held for investment	$	9,130,273		$	8,228,053		$	7,535,199

Loan yield	5.33		%	5.10		%	5.07		%

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



	Three Months Ended
	December 31,			September 30,			December 31,
	2018			2018			2017
Net interest income collected on problem loans	$	744		$	714		$	4,543
Accretable yield recognized on purchased loans⁽¹⁾	7,236			5,261			5,878
Total impact to interest income	$	7,980		$	5,975		$	10,421

Impact to loan yield	0.35		%	0.29		%	0.55		%

Impact to net interest margin	0.29		%	0.24		%	0.46		%

⁽¹⁾

Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $3,095, $2,570 and $2,747 for the three months ended December 31, 2018, September 30, 2018, and December 31, 2017, respectively. This additional interest income increased loan yield by 13 basis points, 12 basis points and 14 basis points for the same periods, respectively, while increasing net interest margin by 11 basis points, 10 basis points and 12 basis points for the same periods, respectively.

Net interest income was $396.5 million for 2018, as compared to $336.9 million for the same period in 2017. The following table presents reported taxable equivalent net interest margin and loan yield for the periods presented (in thousands).



	Year Ended
	December 31,			December 31,
	2018			2017
Taxable equivalent net interest income	$	402,426		$	345,743

Average earning assets	$	9,662,416		$	8,301,230

Net interest margin	4.16		%	4.16		%

Taxable equivalent interest income on loans	$	418,842		$	340,567

Average loans held for investment	$	8,181,587		$	6,855,802

Loan yield	5.12		%	4.97		%



	Year Ended
	December 31,			December 31,
	2018			2017
Net interest income collected on problem loans	$	2,861		$	8,807
Accretable yield recognized on purchased loans⁽¹⁾	24,333			23,151
Total impact to interest income	$	27,194		$	31,958

Impact to loan yield	0.33		%	0.47		%

Impact to net interest margin	0.28		%	0.38		%


⁽¹⁾	Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $12,339 and $10,932 for the year ended December 31, 2018 and 2017, respectively, which increased loan yield by 15 basis points and 16 basis points for the same periods, respectively, while increasing net interest margin by 13 basis points for each period.

For the fourth quarter of 2018, the cost of total deposits was 67 basis points, as compared to 60 basis points for the third quarter of 2018 and 36 basis points in the fourth quarter of 2017. The cost of total deposits was 56 basis points for the year ending December 31, 2018, as compared to 32 basis points for 2017.



	Percentage of Total Average Deposits and Borrowed Funds						Cost of Funds
	Three Months Ending						Three Months Ending
	December 31,		September 30,		December 31,		December 31,		September 30,		December 31,
	2018		2018		2017		2018		2018		2017
Noninterest-bearing demand	22.71	%	21.68	%	21.74	%	—	%	—	%	—	%
Interest-bearing demand	44.89		45.01		43.80		0.69		0.62		0.32
Savings	5.82		6.31		6.63		0.16		0.15		0.07
Time deposits	22.73		21.73		21.12		1.45		1.29		0.90
Borrowed funds	3.85		5.27		6.71		4.31		3.82		2.74
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.81	%	0.77	%	0.52	%



	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Year Ended December 31,				Year Ended December 31,

	2018		2017		2018		2017
Noninterest-bearing demand	21.88	%	21.46	%	—	%	—	%
Interest-bearing demand	45.62		44.91		0.56		0.26
Savings	6.41		7.06		0.15		0.07
Time deposits	21.92		21.35		1.24		0.85
Borrowed funds	4.17		5.22		4.01		3.16
Total deposits and borrowed funds	100.00	%	100.00	%	0.70	%	0.47	%

Noninterest income for the fourth quarter of 2018 was $36.4 million, as compared to $38.1 million for the third quarter of 2018 and $32.4 million for the fourth quarter of 2017. Noninterest income for the year ended December 31, 2018 was $144.0 million, as compared to $132.1 million for the

same period in 2017. Mortgage banking income for the fourth quarter of 2018 was $12.0 million, compared to $14.4 million for the third quarter of 2018 and $9.9 million for the fourth quarter of 2017. Mortgage banking income for the year ended December 31, 2018 was $50.1 million, as compared to $43.4 million for the same period in 2017. BMG contributed $2.0 million and $3.7 million to mortgage banking income during the three and twelve months ended December 31, 2018, respectively.

Noninterest expense was $93.3 million for the fourth quarter of 2018, as compared to $94.7 million for the third quarter of 2018 and $76.8 million for the fourth quarter of 2017. Noninterest expense for the year ended December 31, 2018 was $345.0 million, as compared to $301.6 million for the same period in 2017. Noninterest expense for the three and twelve months ended December 31, 2018 includes $2.4 million and $4.4 million, respectively, attributable to BMG.

Excluding charges for merger and conversion expenses, amortization of intangible assets and losses on the sale of securities, the Company’s efficiency ratio (non-GAAP) was 58.39% and 59.22% for the fourth quarter and full year of 2018, respectively, which exceeded the Company’s goal of maintaining an efficiency ratio below 60%.

Asset Quality Metrics

Total nonperforming assets were $37.0 million at December 31, 2018, as compared to $39.4 million at December 31, 2017, and consisted of $26.0 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $11.0 million in other real estate owned (“OREO”).

The Company’s nonperforming loans and OREO that were purchased in previous acquisitions (collectively referred to as “purchased nonperforming assets”) were $13.1 million and $6.2 million, respectively, at December 31, 2018, as compared to $10.2 million and $11.5 million, respectively, at December 31, 2017. The purchased nonperforming assets were recorded at fair value at the time of acquisition, which significantly mitigates the Company’s actual loss. As such, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios focuses on non-purchased nonperforming assets.


•	Non-purchased nonperforming loans were $12.9 million, or 0.20% of total non-purchased loans, at December 31, 2018, as compared to $13.3 million, or 0.24% of total non-purchased loans, at December 31, 2017. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total non-purchased loans were 0.27% at December 31, 2018, as compared to 0.30% at December 31, 2017.


•	Non-purchased OREO was $4.9 million at December 31, 2018, as compared to $4.4 million at December 31, 2017. Sales of non-purchased OREO totaled $1.9 million for 2018 and $3.0 million for 2017.


•	The allowance for loan losses was 0.54% of total loans at December 31, 2018 and 0.61% of total loans at December 31, 2017. The allowance for loan losses was 0.77% of non-purchased loans at December 31, 2018, as compared to 0.83% at December 31, 2017.


•	Net loan charge-offs were $584 thousand, or 0.03% of average total loans on an annualized basis, for the fourth quarter of 2018, as compared to $470 thousand, or 0.02% of average total loans on an annualized basis, for the fourth quarter of 2017. Net loan charge-offs were $4.0 million, or 0.05% of average total loans, for 2018, as compared to $4.1 million or 0.06% of average total loans for 2017.


•	The provision for loan losses was $1.0 million for the fourth quarter of 2018 and $2.2 million for the fourth quarter of 2017. The provision was $6.8 million for the full year of 2018, as compared to $7.6 million for the same time period in 2017.

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 23, 2019.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst190123.html. 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 10127759 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 6, 2019.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 114-year-old financial services institution. Renasant has assets of approximately $12.9 billion and operates more than 190 banking, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

NOTE TO INVESTORS:

This press release may contain, or incorporate by reference, statements which 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,” “approximately,” “should” and variations of such words 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. 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 the Company’s portfolio of outstanding loans, and competition in the Company’s markets. Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov. The Company expressly disclaims any 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 non-GAAP financial measures, namely, return on average tangible shareholders’ equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”) and the efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and certain charges (such as merger and conversion expenses and debt prepayment penalties) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful 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, and charges such as merger and conversion expenses can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these other non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”

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

###



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2018 -		Twelve Months Ended
		2018												2017												Q4 2017		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2018			2017			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	138,581		$	119,236		$	107,991		$	101,947		$	107,773		$	102,613		$	89,429		$	83,781		28.59	%	$	467,755		$	383,596		21.94	%
Interest income		$	137,105		$	117,795		$	106,574		$	100,380		$	104,587		$	100,695		$	87,579		$	81,889		31.09		$	461,854		$	374,750		23.24
Interest expense		21,648			18,356			14,185			11,140			11,325			10,678			7,976			7,874			91.15		65,329			37,853			72.59
	Net interest income	115,457			99,439			92,389			89,240			93,262			90,017			79,603			74,015			23.80		396,525			336,897			17.70
Provision for loan losses		1,000			2,250			1,810			1,750			2,150			2,150			1,750			1,500			(53.49	)	6,810			7,550			(9.80	)
	Net interest income after provision	114,457			97,189			90,579			87,490			91,112			87,867			77,853			72,515			25.62		389,715			329,347			18.33
Service charges on deposit accounts		9,069			8,847			8,271			8,473			8,659			8,676			7,958			7,931			4.73		34,660			33,224			4.32
Fees and commissions on loans and deposits		6,322			5,944			5,917			5,685			5,647			5,618			5,470			5,199			11.95		23,868			21,934			8.82
Insurance commissions and fees		2,014			2,461			2,110			2,005			1,955			2,365			2,181			1,860			3.02		8,590			8,361			2.74
Wealth management revenue		3,446			3,386			3,446			3,262			3,000			2,963			3,037			2,884			14.87		13,540			11,884			13.93
Securities gains (losses)		—			(16		)	—			—			91			57			—			—			(100.00	)	(16		)	148			(110.81	)
Mortgage banking income		11,993			14,350			12,839			10,960			9,871			10,616			12,424			10,504			21.50		50,142			43,415			15.49
Other		3,530			3,081			2,998			3,568			3,218			3,118			3,195			3,643			9.70		13,177			13,174			0.02
	Total noninterest income	36,374			38,053			35,581			33,953			32,441			33,413			34,265			32,021			12.12		143,961			132,140			8.95
Salaries and employee benefits		58,313			55,187			52,010			48,784			48,787			48,530			45,014			42,209			19.53		214,294			184,540			16.12
Data processing		5,169			4,614			4,600			4,244			4,226			4,179			3,835			4,234			22.31		18,627			16,474			13.07
Occupancy and equipment		11,816			10,668			9,805			9,822			10,153			9,470			8,814			9,319			16.38		42,111			37,756			11.53
Other real estate		725			278			232			657			554			603			781			532			30.87		1,892			2,470			(23.40	)
Amortization of intangibles		2,169			1,765			1,594			1,651			1,708			1,766			1,493			1,563			26.99		7,179			6,530			9.94
Merger and conversion related expenses		1,625			11,221			500			900			723			6,266			3,044			345			124.76		14,246			10,378			37.27
Debt extinguishment penalty		—			—			—			—			—			—			—			205			—		—			205			(100.00	)
Other		13,496			11,013			10,285			11,886			10,657			9,846			11,860			10,902			26.64		46,680			43,265			7.89
	Total noninterest expense	93,313			94,746			79,026			77,944			76,808			80,660			74,841			69,309			21.49		345,029			301,618			14.39
Income before income taxes		57,518			40,496			47,134			43,499			46,745			40,620			37,277			35,227			23.05		188,647			159,869			18.00
Income taxes		13,098			8,532			10,424			9,673			30,234			14,199			11,993			11,255			(56.68	)	41,727			67,681			(38.35	)
	Net income	$	44,420		$	31,964		$	36,710		$	33,826		$	16,511		$	26,421		$	25,284		$	23,972		169.03		$	146,920		$	92,188		59.37
Basic earnings per share		$	0.76		$	0.61		$	0.74		$	0.69		$	0.33		$	0.54		$	0.57		$	0.54		130.30		$	2.80		$	1.97		42.13
Diluted earnings per share		0.76			0.61			0.74			0.68			0.33			0.53			0.57			0.54			130.30		2.79			1.96			42.35
Average basic shares outstanding		58,623,646			52,472,971			49,413,754			49,356,417			49,320,377			49,316,572			44,415,423			44,364,337			18.86		52,492,104			46,874,502			11.98
Average diluted shares outstanding		58,767,519			52,609,902			49,549,761			49,502,950			49,456,289			49,435,225			44,523,541			44,480,499			18.83		52,626,850			47,001,516			11.97
Common shares outstanding		58,546,480			58,743,814			49,424,339			49,392,978			49,321,231			49,320,225			44,430,335			44,394,707			18.70		58,546,480			49,321,231			18.70
Cash dividend per common share		$	0.21		$	0.20		$	0.20		$	0.19		$	0.19		$	0.18		$	0.18		$	0.18		10.53		$	0.80		$	0.73		9.59
Performance ratios
Return on avg shareholders' equity		8.72		%	7.40		%	9.55		%	9.00		%	4.31		%	7.01		%	8.06		%	7.80		%			8.64		%	6.68		%
Return on avg tangible s/h's equity (1)		17.44		%	13.65		%	16.75		%	16.02		%	7.94		%	12.74		%	13.76		%	13.48		%			15.98		%	11.84		%
Return on avg assets		1.39		%	1.12		%	1.42		%	1.36		%	0.64		%	1.02		%	1.16		%	1.11		%			1.32		%	0.97		%
Return on avg tangible assets (2)		1.56		%	1.26		%	1.57		%	1.51		%	0.73		%	1.13		%	1.28		%	1.23		%			1.47		%	1.08		%
Net interest margin (FTE)		4.24		%	4.07		%	4.15		%	4.20		%	4.25		%	4.08		%	4.27		%	4.01		%			4.16		%	4.16		%
Yield on earning assets (FTE)		5.02		%	4.81		%	4.78		%	4.72		%	4.75		%	4.55		%	4.68		%	4.43		%			4.84		%	4.62		%
Cost of funding		0.81		%	0.77		%	0.65		%	0.53		%	0.52		%	0.49		%	0.43		%	0.43		%			0.70		%	0.47		%
Average earning assets to average assets		86.15		%	87.29		%	87.67		%	87.12		%	86.92		%	87.03		%	87.81		%	87.55		%			87.01		%	87.30		%
Average loans to average deposits		89.77		%	91.74		%	91.84		%	94.04		%	93.51		%	90.96		%	88.03		%	86.81		%			91.71		%	90.00		%
Noninterest income (less securities gains/
	losses) to average assets	1.14		%	1.34		%	1.38		%	1.37		%	1.25		%	1.29		%	1.58		%	1.48		%			1.30		%	1.39		%
Noninterest expense (less debt prepayment penalties/
	penalties/merger-related expenses) to
	average assets	2.86		%	2.94		%	3.05		%	3.11		%	2.94		%	2.87		%	3.30		%	3.18		%			2.98		%	3.06		%
Net overhead ratio		1.72		%	1.60		%	1.67		%	1.74		%	1.69		%	1.58		%	1.72		%	1.70		%			1.68		%	1.67		%
Efficiency ratio (FTE) (4)		58.39		%	58.84		%	59.46		%	60.43		%	57.75		%	57.97		%	60.75		%	62.26		%			59.22		%	59.55		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2018 -		Twelve Months Ended
		2018												2017												Q4 2017		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2018			2017			Variance
Average Balances
Total assets		$	12,713,000		$	11,276,587		$	10,341,863		$	10,055,755		$	10,254,774		$	10,277,476		$	8,720,660		$	8,759,448		23.97	%	$	11,104,567		$	9,509,308		16.78	%
Earning assets		10,952,023			9,843,870			9,067,016			8,760,679			8,913,675			8,944,067			7,657,849			7,668,582			22.87		9,662,416			8,301,230			16.40
Securities		1,240,283			1,129,010			1,039,947			833,076			1,043,075			1,147,157			1,069,244			1,043,697			18.91		1,061,882			1,075,987			(1.31	)
Loans held for sale		418,213			297,692			209,652			152,299			188,795			226,512			168,650			112,105			121.52		270,270			174,369			55.00
Loans, net of unearned		9,130,273			8,228,053			7,704,221			7,646,991			7,535,199			7,375,410			6,293,497			6,198,705			21.17		8,181,587			6,855,802			19.34
Intangibles		972,736			743,567			633,155			634,898			636,533			636,977			492,349			493,816			52.82		747,008			565,507			32.10
Noninterest-bearing deposits		$	2,402,422		$	2,052,226		$	1,867,925		$	1,817,848		$	1,877,789		$	1,849,396		$	1,608,467		$	1,558,809		27.94		$	2,036,754		$	1,724,834		18.08
Interest-bearing deposits		7,768,724			6,916,699			6,521,123			6,314,114			6,180,075			6,259,249			5,540,698			5,581,853			25.71		6,884,250			5,893,118			16.82
Total deposits		10,171,146			8,968,925			8,389,048			8,131,962			8,057,864			8,108,645			7,149,165			7,140,662			26.23		8,921,004			7,617,952			17.11
Borrowed funds		407,496			499,054			329,287			314,228			579,920			575,816			233,542			282,008			(29.73	)	388,077			419,070			(7.40	)
Shareholders' equity		2,021,075			1,712,757			1,542,071			1,523,873			1,518,131			1,495,591			1,258,935			1,246,903			33.13		1,701,334			1,380,950			23.20


																										Q4 2018 -		As of
		2018												2017												Q4 2017		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2018			2017			Variance
Balances at period end
Total assets		$	12,934,878		$	12,746,939		$	10,544,475		$	10,238,313		$	9,829,981		$	10,323,687		$	8,872,272		$	8,764,711		31.59	%	$	12,934,878		$	9,829,981		31.59	%
Earning assets		11,115,929			10,962,958			9,239,200			8,938,117			8,493,741			8,943,570			7,763,775			7,690,045			30.87		11,115,929			8,493,741			30.87
Securities		1,250,777			1,177,606			1,088,779			948,365			671,488			1,150,459			1,076,625			1,044,862			86.27		1,250,777			671,488			86.27
Loans held for sale		411,427			463,287			245,046			204,472			108,316			207,288			232,398			158,619			279.84		411,427			108,316			279.84
Non purchased loans		6,389,712			6,210,238			6,057,766			5,830,122			5,588,556			5,293,467			5,058,898			4,834,085			14.34		6,389,712			5,588,556			14.34
Purchased loans		2,693,417			2,912,669			1,709,891			1,867,948			2,031,766			2,155,141			1,312,109			1,401,720			32.57		2,693,417			2,031,766			32.57
	Total loans	9,083,129			9,122,907			7,767,657			7,698,070			7,620,322			7,448,608			6,371,007			6,235,805			19.20		9,083,129			7,620,322			19.20
Intangibles		977,793			974,115			632,311			633,905			635,556			637,264			491,552			493,045			53.85		977,793			635,556			53.85
Noninterest-bearing deposits		$	2,318,706		$	2,359,859		$	1,888,561		$	1,861,136		$	1,840,424		$	1,835,300		$	1,642,863		$	1,579,581		25.99		$	2,318,706		$	1,840,424		25.99
Interest-bearing deposits		7,809,851			7,812,089			6,492,159			6,496,633			6,080,651			6,283,218			5,559,162			5,651,269			28.44		7,809,851			6,080,651			28.44
	Total deposits	10,128,557			10,171,948			8,380,720			8,357,769			7,921,075			8,118,518			7,202,025			7,230,850			27.87		10,128,557			7,921,075			27.87
Borrowed funds		651,324			439,516			520,747			265,191			297,360			591,933			312,077			202,006			119.04		651,324			297,360			119.04
Shareholders' equity		2,043,913			2,010,711			1,558,668			1,532,765			1,514,983			1,511,826			1,271,786			1,251,065			34.91		2,043,913			1,514,983			34.91
Market value per common share		$	30.18		$	41.21		$	45.52		$	42.56		$	40.89		$	42.90		$	43.74		$	39.69		(26.19	)	$	30.18		$	40.89		(26.19	)
Book value per common share		34.91			34.23			31.54			31.03			30.72			30.65			28.62			28.18			13.64		34.91			30.72			13.64
Tangible book value per common share		18.21			17.65			18.74			18.20			17.83			17.73			17.56			17.07			2.13		18.21			17.83			2.13
Shareholders' equity to assets (actual)		15.80		%	15.77		%	14.78		%	14.97		%	15.41		%	14.64		%	14.33		%	14.27		%			15.80		%	15.41		%
Tangible capital ratio (3)		8.92		%	8.80		%	9.35		%	9.36		%	9.56		%	9.03		%	9.31		%	9.16		%			8.92		%	9.56		%
Leverage ratio		10.11		%	9.85		%	10.63		%	10.61		%	10.18		%	10.05		%	10.68		%	10.39		%			10.11		%	10.16		%
Common equity tier 1 capital ratio		11.05		%	10.80		%	11.71		%	11.38		%	11.34		%	11.21		%	11.65		%	11.69		%			11.05		%	11.32		%
Tier 1 risk-based capital ratio		12.10		%	11.84		%	12.73		%	12.41		%	12.39		%	12.26		%	12.86		%	12.93		%			12.10		%	12.37		%
Total risk-based capital ratio		14.12		%	13.85		%	14.75		%	14.44		%	14.46		%	14.30		%	15.00		%	15.11		%			14.12		%	14.43		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																									Q4 2018 -		As of
	2018												2017												Q4 2017		December 31,
	Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2018			2017			Variance
Non purchased loans
Commercial, financial, agricultural	$	875,649		$	817,799		$	790,363		$	803,146		$	763,823		$	707,835		$	657,713		$	626,237		14.64	%	$	875,649		$	763,823		14.64	%
Lease Financing	61,865			54,272			52,423			52,536			54,013			51,902			49,066			47,816			14.54		61,865			54,013			14.54
Real estate- construction	635,519			624,892			642,380			582,430			547,658			477,638			424,861			378,061			16.04		635,519			547,658			16.04
Real estate - 1-4 family mortgages	2,087,890			2,000,770			1,912,450			1,785,271			1,729,534			1,644,060			1,551,934			1,485,663			20.72		2,087,890			1,729,534			20.72
Real estate - commercial mortgages	2,628,365			2,609,510			2,554,955			2,503,680			2,390,076			2,311,340			2,281,220			2,203,639			9.97		2,628,365			2,390,076			9.97
Installment loans to individuals	100,424			102,995			105,195			103,059			103,452			100,692			94,104			92,669			(2.93	)	100,424			103,452			(2.93	)
Loans, net of unearned	$	6,389,712		$	6,210,238		$	6,057,766		$	5,830,122		$	5,588,556		$	5,293,467		$	5,058,898		$	4,834,085		14.34		$	6,389,712		$	5,588,556		14.34
Purchased loans
Commercial, financial, agricultural	$	420,263		$	495,545		$	197,455		$	243,672		$	275,570		$	301,100		$	102,869		$	115,229		52.51		$	420,263		$	275,570		52.51
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	105,149			112,093			70,438			75,061			85,731			100,082			35,946			35,673			22.65		105,149			85,731			22.65
Real estate - 1-4 family mortgages	707,453			761,913			520,649			572,830			614,187			651,792			400,460			431,904			15.19		707,453			614,187			15.19
Real estate - commercial mortgages	1,423,144			1,503,075			906,219			960,273			1,037,454			1,079,049			759,743			804,790			37.18		1,423,144			1,037,454			37.18
Installment loans to individuals	37,408			40,043			15,130			16,112			18,824			23,118			13,091			14,124			98.73		37,408			18,824			98.73
Loans, net of unearned	$	2,693,417		$	2,912,669		$	1,709,891		$	1,867,948		$	2,031,766		$	2,155,141		$	1,312,109		$	1,401,720		32.57		$	2,693,417		$	2,031,766		32.57
Asset quality data
Non purchased assets
Nonaccrual loans	$	10,218		$	9,696		$	8,921		$	9,403		$	10,250		$	9,970		$	11,413		$	12,629		(0.31	)	$	10,218		$	10,250		(0.31	)
Loans 90 past due or more	2,685			3,806			2,190			3,605			3,015			3,295			1,283			2,175			(10.95	)	2,685			3,015			(10.95	)
Nonperforming loans	12,903			13,502			11,111			13,008			13,265			13,265			12,696			14,804			(2.73	)	12,903			13,265			(2.73	)
Other real estate owned	4,853			4,665			4,698			4,801			4,410			4,524			4,305			5,056			10.05		4,853			4,410			10.05
Nonperforming assets not purchased	$	17,756		$	18,167		$	15,809		$	17,809		$	17,675		$	17,789		$	17,001		$	19,860		0.46		$	17,756		$	17,675		0.46
Purchased assets
Nonaccrual loans	$	5,836		$	4,809		$	4,561		$	5,340		$	4,424		$	4,868		$	5,927		$	8,495		31.92		$	5,836		$	4,424		31.92
Loans 90 past due or more	7,232			7,960			5,491			4,564			5,731			7,349			8,128			11,897			26.19		7,232			5,731			26.19
Nonperforming loans	13,068			12,769			10,052			9,904			10,155			12,217			14,055			20,392			28.69		13,068			10,155			28.69
Other real estate owned	6,187			7,932			9,006			9,754			11,524			13,296			15,409			16,266			(46.31	)	6,187			11,524			(46.31	)
Nonperforming assets purchased	$	19,255		$	20,701		$	19,058		$	19,658		$	21,679		$	25,513		$	29,464		$	36,658		(11.18	)	$	19,255		$	21,679		(11.18	)
Net loan charge-offs (recoveries)	$	584		$	995		$	856		$	1,560		$	470		$	1,768		$	524		$	1,314		24.26		$	3,995		$	4,076		(1.99	)
Allowance for loan losses	$	49,026		$	48,610		$	47,355		$	46,401		$	46,211		$	44,531		$	44,149		$	42,923		6.09		$	49,026		$	46,211		6.09
Annualized net loan charge-offs / average loans	0.03		%	0.05		%	0.04		%	0.08		%	0.02		%	0.10		%	0.03		%	0.09		%			0.05		%	0.06		%
Nonperforming loans / total loans*	0.29		%	0.29		%	0.27		%	0.30		%	0.31		%	0.34		%	0.42		%	0.56		%			0.29		%	0.31		%
Nonperforming assets / total assets*	0.29		%	0.30		%	0.33		%	0.37		%	0.40		%	0.42		%	0.52		%	0.64		%			0.29		%	0.40		%
Allowance for loan losses / total loans*	0.54		%	0.53		%	0.61		%	0.60		%	0.61		%	0.60		%	0.69		%	0.69		%			0.54		%	0.61		%
Allowance for loan losses / nonperforming loans*	188.77		%	185.03		%	223.76		%	202.52		%	197.31		%	174.75		%	165.04		%	121.95		%			188.77		%	197.31		%
Nonperforming loans / total loans**	0.20		%	0.22		%	0.18		%	0.22		%	0.24		%	0.25		%	0.25		%	0.31		%			0.20		%	0.24		%
Nonperforming assets / total assets**	0.14		%	0.14		%	0.15		%	0.17		%	0.18		%	0.17		%	0.19		%	0.23		%			0.14		%	0.18		%
Allowance for loan losses / total loans**	0.77		%	0.78		%	0.78		%	0.80		%	0.83		%	0.84		%	0.87		%	0.89		%			0.77		%	0.83		%
Allowance for loan losses / nonperforming loans**	379.96		%	360.02		%	426.20		%	356.71		%	348.37		%	335.70		%	347.74		%	289.94		%			379.96		%	348.37		%
*Based on all assets (includes purchased assets)
**Excludes all purchased assets



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

	Three Months Ending																		Twelve Months Ended
	December 31, 2018						September 30, 2018						December 31, 2017						December 31, 2018						December 31, 2017
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Loans
Non purchased	$	6,318,434	$	78,633	4.94	%	$	6,140,386	$	73,662	4.76	%	$	5,446,973	$	62,994	4.51	%	$	6,019,177	$	286,643	4.76	%	$	5,060,496	$	226,524	4.48	%
Purchased	2,811,839		44,070		6.22	%	2,087,667		32,060		6.09	%	2,088,226		34,313		6.52	%	2,162,410		132,199		6.11	%	1,795,306		114,043		6.35	%
Total loans	9,130,273		122,703		5.33	%	8,228,053		105,722		5.10	%	7,535,199		97,307		5.07	%	8,181,587		418,842		5.12	%	6,855,802		340,567		4.97	%
Loans held for sale	418,213		5,177		4.91	%	297,692		3,663		4.88	%	188,795		2,071		4.35	%	270,270		12,892		4.77	%	174,369		7,469		4.28	%
Securities:
Taxable⁽¹⁾	1,033,288		7,587		2.91	%	914,380		6,574		2.85	%	735,923		4,240		2.29	%	844,692		23,713		2.81	%	746,557		17,408		2.33	%
Tax-exempt	206,996		2,184		4.19	%	214,630		2,283		4.22	%	307,152		3,604		4.66	%	217,190		9,232		4.25	%	329,430		15,838		4.81	%
Total securities	1,240,284		9,771		3.13	%	1,129,010		8,857		3.11	%	1,043,075		7,844		2.98	%	1,061,882		32,945		3.10	%	1,075,987		33,246		3.09	%
Interest-bearing balances with banks	163,254		930		2.26	%	189,115		994		2.09	%	146,606		551		1.49	%	148,677		3,076		2.07	%	195,072		2,314		1.19	%
Total interest-earning assets	10,952,024		138,581		5.02	%	9,843,870		119,236		4.81	%	8,913,675		107,773		4.75	%	9,662,416		467,755		4.84	%	8,301,230		383,596		4.62	%
Cash and due from banks	177,601						154,171						161,202						163,286						140,742
Intangible assets	972,736						743,567						636,533						747,008						565,507
Other assets	610,639						534,979						543,364						531,857						501,829
Total assets	$	12,713,000					$	11,276,587					$	10,254,774					$	11,104,567					$	9,509,308
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand⁽²⁾	$	4,748,320	$	8,201	0.69	%	$	4,261,946	$	6,629	0.62	%	$	3,783,056	$	3,072	0.32	%	$	4,246,585	$	23,678	0.56	%	$	3,609,567	$	9,559	0.26	%
Savings deposits	615,812		256		0.16	%	597,343		233		0.15	%	572,397		99		0.07	%	596,990		868		0.15	%	567,723		394		0.07	%
Time deposits	2,404,592		8,769		1.45	%	2,057,410		6,694		1.29	%	1,824,622		4,152		0.90	%	2,040,675		25,214		1.24	%	1,715,828		14,667		0.85	%
Total interest-bearing deposits	7,768,724		17,226		0.88	%	6,916,699		13,556		0.78	%	6,180,075		7,323		0.47	%	6,884,250		49,760		0.72	%	5,893,118		24,620		0.42	%
Borrowed funds	407,496		4,422		4.31	%	499,054		4,800		3.82	%	579,920		4,002		2.74	%	388,077		15,569		4.01	%	419,070		13,233		3.16	%
Total interest-bearing liabilities	8,176,220		21,648		1.05	%	7,415,753		18,356		0.98	%	6,759,995		11,325		0.66	%	7,272,327		65,329		0.90	%	6,312,188		37,853		0.60	%
Noninterest-bearing deposits	2,402,422						2,052,226						1,877,789						2,036,754						1,724,834
Other liabilities	113,283						95,851						98,859						94,152						91,336
Shareholders’ equity	2,021,075						1,712,757						1,518,131						1,701,334						1,380,950
Total liabilities and shareholders’ equity	$	12,713,000					$	11,276,587					$	10,254,774					$	11,104,567					$	9,509,308
Net interest income/ net interest margin			$	116,933	4.24	%			$	100,880	4.07	%			$	96,448	4.25	%			$	402,426	4.16	%			$	345,743	4.16	%
Cost of funding					0.81	%					0.77	%					0.52	%					0.70	%					0.47	%
Cost of total deposits					0.67	%					0.60	%					0.36	%					0.56	%					0.32	%

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



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
														RECONCILIATION OF GAAP TO NON-GAAP
																										Twelve Months Ended
		2018												2017												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2018			2017
Net income (GAAP)		$	44,420		$	31,964		$	36,710		$	33,826		$	16,511		$	26,421		$	25,284		$	23,972		$	146,920		$	92,188
	Amortization of intangibles, net of tax	1,675			1,393			1,241			1,284			1,133			1,149			1,013			1,064			5,591			4,358
Tangible net income (non-GAAP)		$	46,095		$	33,357		$	37,951		$	35,110		$	17,644		$	27,570		$	26,297		$	25,036		$	152,511		$	96,546

Net income (GAAP)		44,420			$	31,964		$	36,710		$	33,826		16,511			$	26,421		$	25,284		$	23,972		$	146,920		$	92,188
	Merger & conversion expenses, net of tax	1,255			8,857			389			700			479			4,075			2,065			235			11,095			6,925
	Debt prepayment penalties, net of tax	—			—			—			—			—			—			—			140			—			137
	Write-down of net deferred tax assets	—			—			—			—			14,486			—			—			—			—			14,486
Net income with exclusions (non-GAAP)		$	45,675		$	40,821		$	37,099		$	34,526		$	31,476		$	30,496		$	27,349		$	24,347		$	158,015		$	113,736

Average shareholders' equity (GAAP)		$	2,021,075		$	1,712,757		$	1,542,071		$	1,523,873		$	1,518,131		$	1,495,591		$	1,258,935		$	1,246,903		$	1,701,334		$	1,380,950
	Intangibles	972,736			743,567			633,155			634,898			636,533			636,977			492,349			493,816			747,008			565,507
Average tangible s/h's equity (non-GAAP)		$	1,048,339		$	969,190		$	908,916		$	888,975		$	881,598		$	858,614		$	766,586		$	753,087		$	954,326		$	815,443

Average total assets (GAAP)		$	12,713,000		$	11,276,587		$	10,341,863		$	10,055,755		$	10,254,774		$	10,277,476		$	8,720,660		$	8,759,448		$	11,104,567		$	9,509,308
	Intangibles	972,736			743,567			633,155			634,898			636,533			636,977			492,349			493,816			747,008			565,507
Average tangible assets (non-GAAP)		$	11,740,264		$	10,533,020		$	9,708,708		$	9,420,857		$	9,618,241		$	9,640,499		$	8,228,311		$	8,265,632		$	10,357,559		$	8,943,801

Actual shareholders' equity (GAAP)		$	2,043,913		$	2,010,711		$	1,558,668		$	1,532,765		$	1,514,983		$	1,511,826		$	1,271,786		$	1,251,065		$	2,043,913		$	1,514,983
	Intangibles	977,793			974,115			632,311			633,905			635,556			637,264			491,552			493,045			977,793			635,556
Actual tangible s/h's equity (non-GAAP)		$	1,066,120		$	1,036,596		$	926,357		$	898,860		$	879,427		$	874,562		$	780,234		$	758,020		$	1,066,120		$	879,427

Actual total assets (GAAP)		$	12,934,878		$	12,746,939		$	10,544,475		$	10,238,313		$	9,829,981		$	10,323,687		$	8,872,272		$	8,764,711		$	12,934,878		$	9,829,981
	Intangibles	977,793			974,115			632,311			633,905			635,556			637,264			491,552			493,045			977,793			635,556
Actual tangible assets (non-GAAP)		$	11,957,085		$	11,772,824		$	9,912,164		$	9,604,408		$	9,194,425		$	9,686,423		$	8,380,720		$	8,271,666		$	11,957,085		$	9,194,425

(1) Return on Average Equity
Return on avg s/h's equity (GAAP)		8.72		%	7.40		%	9.55		%	9.00		%	4.31		%	7.01		%	8.06		%	7.80		%	8.64		%	6.68		%
	Effect of adjustment for intangible assets	8.72		%	6.25		%	7.20		%	7.02		%	3.63		%	5.73		%	5.70		%	5.68		%	7.34		%	5.16		%
Return on avg tangible s/h's equity (non-GAAP)		17.44		%	13.65		%	16.75		%	16.02		%	7.94		%	12.74		%	13.76		%	13.48		%	15.98		%	11.84		%

Return on avg s/h's equity (GAAP)		8.72		%	7.40		%	9.55		%	9.00		%	4.31		%	7.01		%	8.06		%	7.80		%	8.64		%	6.68		%
	Effect of exclusions from net income	0.25		%	2.06		%	0.10		%	0.19		%	3.92		%	1.08		%	0.65		%	0.12		%	0.65		%	1.56		%
Return on avg s/h's equity with excl. (non-GAAP)		8.97		%	9.46		%	9.65		%	9.19		%	8.23		%	8.09		%	8.71		%	7.92		%	9.29		%	8.24		%
	Effect of adjustment for intangible assets	8.95		%	7.82		%	7.27		%	7.15		%	6.44		%	6.53		%	6.13		%	5.76		%	7.85		%	6.24		%
Return on avg tangible s/h's equity with exclusions (non-GAAP)		17.92		%	17.28		%	16.92		%	16.34		%	14.67		%	14.62		%	14.84		%	13.68		%	17.14		%	14.48		%

(2) Return on Average Assets
Return on avg assets (GAAP)		1.39		%	1.12		%	1.42		%	1.36		%	0.64		%	1.02		%	1.16		%	1.11		%	1.32		%	0.97		%
	Effect of adjustment for intangible assets	0.17		%	0.14		%	0.15		%	0.15		%	0.09		%	0.11		%	0.12		%	0.12		%	0.15		%	0.11		%
Return on avg tangible assets (non-GAAP)		1.56		%	1.26		%	1.57		%	1.51		%	0.73		%	1.13		%	1.28		%	1.23		%	1.47		%	1.08		%

Return on avg assets (GAAP)		1.39		%	1.12		%	1.42		%	1.36		%	0.64		%	1.02		%	1.16		%	1.11		%	1.32		%	0.97		%
	Effect of exclusions from net income	0.04		%	0.32		%	0.02		%	0.03		%	0.58		%	0.16		%	0.10		%	0.02		%	0.10		%	0.23		%
Return on avg assets with exclusions (non-GAAP)		1.43		%	1.44		%	1.44		%	1.39		%	1.22		%	1.18		%	1.26		%	1.13		%	1.42		%	1.20		%
	Effect of adjustment for intangible assets	0.17		%	0.15		%	0.14		%	0.15		%	0.13		%	0.12		%	0.12		%	0.12		%	0.16		%	0.12		%
Return on avg tangible assets with exclusions (non-GAAP)		1.60		%	1.59		%	1.58		%	1.54		%	1.35		%	1.30		%	1.38		%	1.25		%	1.58		%	1.32		%

(3) Shareholder Equity Ratio
Shareholders' equity to actual assets (GAAP)		15.80		%	15.77		%	14.78		%	14.97		%	15.41		%	14.64		%	14.33		%	14.27		%	15.80		%	15.41		%
	Effect of adjustment for intangible assets	6.88		%	6.97		%	5.43		%	5.61		%	5.85		%	5.61		%	5.02		%	5.11		%	6.88		%	5.85		%
Tangible capital ratio (non-GAAP)		8.92		%	8.80		%	9.35		%	9.36		%	9.56		%	9.03		%	9.31		%	9.16		%	8.92		%	9.56		%










RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
														CALCULATION OF EFFICIENCY RATIO

																										Twelve Months Ended
		2018												2017												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2018			2017
Interest income (FTE)		$	138,581		$	119,236		$	107,991		$	101,947		$	107,773		$	102,613		$	89,429		$	83,781		$	467,755		$	383,596
	Interest expense	21,648			18,356			14,185			11,140			11,325			10,678			7,976			7,874			65,329			37,853
Net Interest income (FTE)		$	116,933		$	100,880		$	93,806		$	90,807		$	96,448		$	91,935		$	81,453		$	75,907		$	402,426		$	345,743

Total noninterest income		$	36,374		$	38,053		$	35,581		$	33,953		$	32,441		$	33,413		$	34,265		$	32,021		$	143,961		$	132,140
	Securities gains (losses)	—			(16		)	—			—			91			57			—			—			(16		)	148
Total noninterest income		$	36,374		$	38,069		$	35,581		$	33,953		$	32,350		$	33,356		$	34,265		$	32,021		$	143,977		$	131,992
Total Income (FTE)		$	153,307		$	138,949		$	129,387		$	124,760		$	128,798		$	125,291		$	115,718		$	107,928		$	546,403		$	477,735

Total noninterest expense		$	93,313		$	94,746		$	79,026		$	77,944		$	76,808		$	80,660		$	74,841		$	69,309		$	345,029		$	301,618
	Amortization of intangibles	2,169			1,765			1,594			1,651			1,708			1,766			1,493			1,563			7,179			6,530
	Merger-related expenses	1,625			11,221			500			900			723			6,266			3,044			345			14,246			10,378
	Debt extinguishment penalty	—			—			—			—			—			—			—			205			—			205
Total noninterest expense		$	89,519		$	81,760		$	76,932		$	75,393		$	74,377		$	72,628		$	70,304		$	67,196		$	323,604		$	284,505

(4) Efficiency Ratio		58.39		%	58.84		%	59.46		%	60.43		%	57.75		%	57.97		%	60.75		%	62.26		%	59.22		%	59.55		%

Attached files

Stock widget

Investing forum

RENASANT CORP Reports