Renasant Corporation Announces 2012 Fourth Quarter and Year-end Results

15 Jan, 2013, 17:15 ET from Renasant Corporation

TUPELO, Miss., Jan. 15, 2013 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its earnings results for the fourth quarter and year ended December 31, 2012. Net income for the fourth quarter of 2012 was $7.3 million as compared to $5.8 million for the fourth quarter of 2011. Basic and diluted earnings per share (EPS) were $0.29 for the fourth quarter of 2012, as compared to basic and diluted EPS of $0.23 for the fourth quarter of 2011. For the fourth quarter of 2012, net income and earnings per share were both up 26% as compared to the same period in 2011. 

(Logo:  http://photos.prnewswire.com/prnh/20110629/CL28420LOGO )

Net income for 2012 was $26.6 million as compared to $25.6 million for 2011. Both basic and diluted EPS were $1.06 for 2012 as compared to basic and diluted EPS of $1.02 for 2011. Net income and EPS for 2011 included pre-tax acquisition gains of $8.8 million in connection with the Company's FDIC-assisted acquisition of American Bank and Trust of Roswell, Georgia, and $570,000 associated with the Company's acquisition of RBC's Birmingham Trust operations. The Company did not record any acquisition-related gains in 2012. 

"Our results for the fourth quarter of 2012 represent a strong finish to a successful year for Renasant as we experienced a 26% increase in EPS and net income as compared to the same period in 2011," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Contributing to this strong performance during the fourth quarter of 2012 as compared to the fourth quarter of 2011, we increased net interest margin by 13 basis points and grew both net interest income and noninterest income. Also, loans increased for the 6th consecutive quarter. In addition, we continued to experience significant improvement in all of our major credit metrics throughout 2012."

Total loans increased 9% to $2.810 billion at December 31, 2012, as compared to $2.581 billion at December 31, 2011. Loans not covered under FDIC loss-share agreements grew 15% to $2.573 billion at December 31, 2012, as compared to $2.242 billion at December 31, 2011.

Total deposits were $3.461 billion at December 31, 2012, as compared to $3.412 billion at December 31, 2011. The Company continued to improve its deposit mix as noninterest-bearing deposits grew 7% to approximately $568 million at December 31, 2012, as compared to the balance at December 31, 2011.  Noninterest-bearing deposits now represent 17% of total average deposits for the fourth quarter of 2012, up from 16% of total average deposits for the fourth quarter of 2011. As a result of this continued improvement in funding mix, the Company's cost of funds was 64 basis points for the fourth quarter of 2012 as compared to 92 basis points for the same quarter in 2011.

Total assets at December 31, 2012, were approximately $4.183 billion as compared to approximately $4.165 billion at September 30, 2012, and $4.202 billion at December 31, 2011.

At December 31, 2012, the Company's tangible common equity ratio was 7.60%, Tier 1 leverage capital ratio was 9.86%, Tier 1 risk-based capital ratio was 12.85%, and total risk-based capital ratio was 14.13%. The Company's capital ratios were all in excess of regulatory minimums required to be classified as "well-capitalized."  In addition, during 2012 and throughout the recent economic downturn, the Company maintained its annual dividend of $0.68, which equates to an approximate dividend yield of 3.50%.

Net interest income was $34.0 million for the fourth quarter of 2012 as compared to $32.6 million for the fourth quarter of 2011. Net interest margin was 3.97% for the fourth quarter of 2012, up 13 basis points, as compared to 3.84% for the fourth quarter of 2011.

Net interest income increased to $133.3 million for 2012 from $129.3 million for 2011. For 2012, net interest margin increased to 3.94% from 3.77% for 2011, or 17 basis points. 

"The current interest rate and competitive banking environment continues to put pressure on any banking and financial service institution's ability to grow net interest income and preserve net interest margin. Despite these pressures, we have grown net interest income and net interest margin on both a quarterly and year-over-year basis," said McGraw. "As we continue our efforts to grow loans and improve our funding mix, we believe we will be able to increase net interest income while minimizing net interest margin compression." 

The Company's noninterest income is derived from diverse lines of business which primarily consist of mortgage, wealth management and insurance revenue sources along with income from deposit and loan products. For the fourth quarter of 2012, noninterest income increased 40% to $18.0 million as compared to $12.9 million for the fourth quarter of 2011. Noninterest income for 2012 was $68.7 million as compared to $64.7 million for 2011. Excluding the aforementioned gain from the Company's acquisitions, noninterest income increased $13.4 million, or 24%, for 2012 as compared to 2011.

Noninterest expense was $38.5 million for the fourth quarter of 2012 as compared to $32.4 million for the fourth quarter of 2011. Noninterest expense for 2012 was $150.5 million as compared to $137.0 million for 2011. The increase in noninterest expense during 2012 as compared to 2011, as well as on a quarter-over-quarter basis, was primarily due to costs associated with the Company's new market expansions, increased health care costs, and commissions paid on increased mortgage loan originations. 

At December 31, 2012, total nonperforming loans were $83.4 million and total other real estate owned (OREO) was $90.3 million. The Company's nonperforming loans and OREO under loss-share agreements with the FDIC at December 31, 2012, were $53.2 million and $45.5 million, respectively. The remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes the assets covered under loss-share agreements with the FDIC.

Nonperforming assets decreased 28.7% to $75.0 million at December 31, 2012, as compared to $105.0 million at December 31, 2011.

Nonperforming loans (loans 90 days or more past due and nonaccrual loans) decreased 13.5% to $30.2 million at December 31, 2012, as compared to $34.9 million at December 31, 2011. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.31% at December 31, 2012, as compared to 0.71% at December 31, 2011. 

The Company recorded a provision for loan losses of $4.0 million and $18.1 million for the quarter and year ending December 31, 2012, respectively, as compared to $6.0 million and $22.4 million for the quarter and year ending December 31, 2011, respectively. Annualized net charge-offs as a percentage of average loans were 0.52% for the fourth quarter of 2012 as compared to 1.56% for the same quarter in 2011. Net charge-offs as a percentage of average loans for the year ending December 31, 2012, were 0.67% as compared to 0.91% for 2011.  

The allowance for loan losses as a percentage of loans was 1.72% at December 31, 2012, as compared to 1.98% at December 31, 2011. The Company's coverage ratio, or the allowance for loan losses as a percentage of nonperforming loans, increased to 147% at December 31, 2012, as compared to 138% on a linked quarter basis and 127% at December 31, 2011. 

OREO was $44.7 million at December 31, 2012, as compared to $48.6 million at September 30, 2012, and $70.1 million at December 31, 2011. The Company continues to aggressively market the properties held in OREO as it sold approximately $30.4 million of OREO during 2012 and $4.7 million during the fourth quarter of 2012. The Company has an additional $4.9 million of OREO under contract which is expected to close during the first quarter of 2013. 

"As we move into 2013, we are excited about our many opportunities to build upon our success from 2012. We are well positioned to continue our positive trends which enhance our earnings potential through our strong team of community bankers and favorable banking markets.  Additionally, we will continue to take advantage of external opportunities to expand our market share and cultivate new relationships," commented McGraw. 

CONFERENCE CALL INFORMATION: A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern Time on Wednesday, January 16, 2013, through the Company's website: www.renasant.com. The event will be archived on the Company's website for one year. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 1-877-317-6016 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-317-6016.

ABOUT RENASANT CORPORATION: Renasant Corporation, a 108-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.2 billion and operates over 75 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama 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.

Contact:

For Media:

For Financials:

John Oxford

Kevin Chapman

Vice President

Senior Executive Vice President 

Director of External Affairs

Chief Financial Officer

(662) 680-1219

(662) 680-1450

joxford@renasant.com

kchapman@renasant.com

 

 

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q4 2012 -

For the Year

2012

2011

Q4 2011

Ended December 31,

Fourth

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Statement of earnings

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2012

2011

Variance

Interest income - taxable equivalent basis

$        41,135

$          40,613

$          41,487

$          42,001

$          42,430

$          43,432

$          45,291

$          45,371

(3.05)

$        165,236

$        176,524

(6.39)

Interest income 

$        39,676

$          39,154

$          39,978

$          40,505

$          41,044

$          41,981

$          43,819

$          43,843

(3.33)

$        159,313

$        170,687

(6.66)

Interest expense

5,723

6,022

6,568

7,662

8,471

9,070

11,153

12,707

(32.44)

25,975

41,401

(37.26)

Net interest income

33,953

33,132

33,410

32,843

32,573

32,911

32,666

31,136

4.24

133,338

129,286

3.13

Provision for loan losses

4,000

4,625

4,700

4,800

6,000

5,500

5,350

5,500

(33.33)

18,125

22,350

(18.90)

Net interest income after provision

29,953

28,507

28,710

28,043

26,573

27,411

27,316

25,636

12.72

115,213

106,936

7.74

Service charges on deposit accounts

4,774

4,818

4,495

4,525

4,483

4,751

5,036

4,841

6.49

18,612

19,111

(2.61)

Fees and commissions on loans and deposits

4,706

4,639

4,322

3,928

3,757

3,320

3,118

2,931

25.26

17,595

13,126

34.05

Insurance commissions and fees

1,042

848

842

898

820

849

792

837

27.07

3,630

3,298

10.07

Wealth management revenue

1,726

1,707

1,551

1,942

1,525

1,144

1,139

1,056

13.18

6,926

4,864

42.39

Securities gains (losses) 

121

-

869

904

-

5,041

(258)

12

-

1,894

4,795

(60.50)

Gain on sale of mortgage loans

4,431

4,397

2,390

1,281

662

1,371

949

1,151

569.34

12,499

4,133

202.42

Gain on acquisition

-

-

-

-

-

570

-

8,774

-

-

9,344

(100.00)

Other

1,272

1,605

1,769

2,909

1,682

1,349

1,604

1,393

(24.38)

7,555

6,028

25.33

Total noninterest income

18,072

18,014

16,238

16,387

12,929

18,395

12,380

20,995

39.78

68,711

64,699

6.20

 . 

Salaries and employee benefits

21,261

21,221

19,871

18,649

16,232

17,493

16,173

16,237

30.98

81,002

66,135

22.48

Occupancy and equipment

3,518

3,882

3,582

3,615

3,533

3,434

3,367

3,218

(0.42)

14,597

13,552

7.71

Data processing

2,281

2,192

2,211

2,040

1,925

1,927

1,657

1,788

18.49

8,724

7,297

19.56

Debt extinguishment penalty

-

-

-

898

-

-

-

1,903

-

898

1,903

(52.81)

Merger-related expenses

-

-

-

-

-

326

-

1,325

-

-

1,651

(100.00)

Other real estate

3,787

2,440

3,370

3,999

3,357

6,336

2,122

3,511

12.81

13,596

15,326

(11.29)

Amortization of intangibles

333

341

349

358

366

351

510

515

(9.02)

1,381

1,742

(20.72)

Other

7,317

8,555

7,327

7,062

6,951

7,091

7,816

7,496

5.27

30,261

29,354

3.09

Total noninterest expense

38,497

38,631

36,710

36,621

32,364

36,958

31,645

35,993

18.95

150,459

136,960

9.86

Income before income taxes

9,528

7,890

8,238

7,809

7,138

8,848

8,051

10,638

33.48

33,465

34,675

(3.49)

Income taxes

2,247

853

1,893

1,835

1,348

2,316

2,294

3,085

66.69

6,828

9,043

(24.49)

Net income 

$          7,281

$            7,037

$            6,345

$            5,974

$            5,790

$            6,532

$            5,757

$            7,553

25.75

$          26,637

$          25,632

3.92

Basic earnings per share

$            0.29

$              0.28

$              0.25

$              0.24

$              0.23

$              0.26

$              0.23

$              0.30

26.09

$              1.06

$              1.02

3.92

Diluted earnings per share

0.29

0.28

0.25

0.24

0.23

0.26

0.23

0.30

26.09

1.06

1.02

3.92

Average basic shares outstanding

25,129,932

25,114,672

25,110,709

25,078,996

25,061,122

25,061,068

25,059,081

25,052,126

0.27

25,108,652

25,058,381

0.20

Average diluted shares outstanding

25,259,048

25,220,887

25,149,360

25,138,213

25,183,114

25,180,923

25,182,503

25,172,410

0.30

25,174,992

25,186,131

(0.04)

Common shares outstanding

25,157,637

25,120,412

25,113,894

25,105,732

25,066,068

25,061,068

25,061,068

25,056,431

0.37

25,157,637

25,066,068

0.37

Cash dividend per common share

$            0.17

$              0.17

$              0.17

$              0.17

$              0.17

$              0.17

$              0.17

$              0.17

-

$              0.68

$              0.68

-

Performance ratios

Return on average shareholders' equity

5.80%

5.65%

5.19%

4.88%

4.71%

5.36%

4.84%

6.51%

5.38%

5.34%

Return on average shareholders' equity, excluding amortization expense

5.97%

5.82%

5.36%

5.06%

4.89%

5.54%

5.11%

6.78%

5.56%

5.57%

Return on average assets

0.70%

0.69%

0.62%

0.57%

0.55%

0.63%

0.54%

0.69%

0.64%

0.60%

Return on average assets, excluding amortization expense

0.72%

0.71%

0.64%

0.59%

0.57%

0.65%

0.57%

0.72%

0.66%

0.63%

Net interest margin (FTE)

3.97%

3.94%

3.98%

3.85%

3.84%

3.92%

3.76%

3.55%

3.94%

3.77%

Yield on earning assets (FTE)

4.61%

4.63%

4.73%

4.71%

4.80%

4.96%

4.99%

4.93%

4.67%

4.92%

Cost of funding

0.64%

0.68%

0.74%

0.84%

0.92%

0.99%

1.17%

1.31%

0.72%

1.11%

Average earning assets to average assets

86.01%

85.62%

85.39%

84.88%

84.22%

83.95%

84.75%

84.16%

85.48%

84.28%

Average loans to average deposits

82.21%

81.34%

76.89%

75.45%

75.83%

76.23%

72.47%

70.20%

78.97%

73.64%

Noninterest income (less securities gains/

losses) to average assets

1.73%

1.76%

1.50%

1.47%

1.23%

1.28%

1.18%

1.92%

1.60%

1.41%

Noninterest expense to average assets

3.71%

3.77%

3.58%

3.49%

3.08%

3.54%

2.96%

3.30%

3.64%

3.22%

Net overhead ratio

1.98%

2.01%

2.08%

2.01%

1.85%

2.26%

1.78%

1.38%

2.04%

1.81%

Efficiency ratio (FTE)

71.98%

73.44%

71.76%

72.19%

69.02%

70.05%

68.03%

67.08%

72.58%

68.54%

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Q4 2012 -

For the Year

2012

2011

Q4 2011

Ended December 31,

Fourth

Third

Second

First

Fourth

Third

Second

First

Percent

Percent

Average balances

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Quarter

Variance

2012

2011

Variance

Total assets

$   4,128,508

$     4,078,333

$     4,123,373

$     4,222,376

$     4,172,518

$     4,142,851

$     4,294,530

$     4,423,088

(1.05)

$     4,137,931

$     4,257,244

(2.80)

Earning assets

3,551,026

3,491,941

3,521,099

3,583,957

3,514,110

3,478,054

3,639,696

3,722,419

1.05

3,536,921

3,588,195

(1.43)

Securities

665,578

682,123

793,353

813,826

745,398

796,957

863,735

881,808

(10.71)

738,365

821,532

(10.12)

Loans, net of unearned

2,827,922

2,754,017

2,647,321

2,614,000

2,594,820

2,577,539

2,575,890

2,556,572

8.98

2,711,253

2,577,185

5.20

Intangibles

191,086

191,442

191,788

192,429

192,611

191,574

191,320

191,740

(0.79)

191,612

191,776

(0.09)

Noninterest-bearing deposits

$      564,440

$        543,767

$        531,209

$        534,867

$        523,807

$        480,699

$        468,170

$        476,115

7.76

$        543,628

$        487,310

11.56

Interest-bearing deposits

2,839,709

2,812,140

2,886,878

2,897,750

2,854,146

2,880,248

3,072,809

3,148,481

(0.51)

2,858,938

2,988,208

(4.33)

Total deposits

3,404,149

3,355,907

3,418,087

3,432,617

3,377,953

3,360,947

3,540,979

3,624,596

0.78

3,402,566

3,475,518

(2.10)

Borrowed funds

175,876

177,016

168,856

238,937

260,672

259,387

261,060

290,201

(32.53)

190,096

267,726

(29.00)

Shareholders' equity

499,088

495,220

492,164

492,092

487,752

483,121

476,896

470,875

2.32

494,739

479,717

3.13

Asset quality data

Assets not subject to loss share:

Nonaccrual loans

$        26,881

$          29,677

$          26,099

$          26,999

$          31,154

$          40,363

$          42,331

$          46,406

(13.72)

$          26,881

$          31,154

(13.72)

Loans 90 past due or more

3,307

2,358

3,864

3,435

3,760

8,674

9,646

10,839

(12.05)

3,307

3,760

(12.05)

Nonperforming loans

30,188

32,035

29,963

30,434

34,914

49,037

51,977

57,245

(13.54)

30,188

34,914

(13.54)

Other real estate owned

44,717

48,568

58,384

64,931

70,079

72,765

68,384

71,415

(36.19)

44,717

70,079

(36.19)

Nonperforming assets not subject to loss share

$        74,905

$          80,603

$          88,347

$          95,365

$        104,993

$        121,802

$        120,361

$        128,660

(28.66)

$          74,905

$        104,993

(28.66)

Assets subject to loss share:

Nonaccrual loans

$        53,186

$          64,080

$          65,386

$          78,418

$          88,034

$          84,426

$          78,780

$          78,909

(39.58)

$          53,186

$          88,034

(39.58)

Loans 90 past due or more

-

-

199

1,397

1,134

12,222

10,619

7,817

(100.00)

-

1,134

(100.00)

Non-performing loans subject to loss share

53,186

64,080

65,585

79,815

89,168

96,648

89,399

86,726

(40.35)

53,186

89,168

(40.35)

Other real estate owned

45,534

41,615

37,951

35,461

43,156

44,021

59,802

59,036

5.51

45,534

43,156

5.51

Nonperforming assets subject to loss share

$        98,720

$        105,695

$        103,536

$        115,276

$        132,324

$        140,669

$        149,201

$        145,762

(25.40)

$          98,720

$        132,324

(25.40)

Net loan charge-offs (recoveries)

$          3,722

$            5,335

$            4,097

$            4,964

$          10,192

$            4,539

$            5,284

$            3,410

(63.48)

$          18,118

$          23,425

(22.66)

Allowance for loan losses

44,347

44,069

44,779

44,176

44,340

48,532

47,571

47,505

0.02

44,347

44,340

0.02

Nonperforming loans / total loans* 

1.17%

1.26%

1.25%

1.33%

1.56%

2.22%

2.38%

2.61%

1.17%

1.56%

Nonperforming assets / total assets*

1.79%

1.94%

2.15%

2.28%

2.50%

2.94%

2.83%

2.91%

1.79%

2.50%

Allowance for loan losses / total loans*

1.72%

1.74%

1.87%

1.94%

1.98%

2.20%

2.18%

2.17%

1.72%

1.98%

Allowance for loan losses / nonperforming loans*

146.90%

137.57%

149.45%

145.15%

127.00%

98.97%

91.52%

82.99%

146.90%

127.00%

Annualized net loan charge-offs / average loans*

0.52%

0.77%

0.62%

0.76%

1.56%

0.70%

0.82%

0.54%

0.67%

0.91%

Balances at period end

Total assets

$   4,182,781

$     4,164,606

$     4,112,377

$     4,176,490

$     4,202,008

$     4,136,474

$     4,259,200

$     4,422,164

(0.46)

$     4,182,781

$     4,202,008

(0.46)

Earning assets

3,588,371

3,595,576

3,510,654

3,551,252

3,528,980

3,480,982

3,585,441

3,724,108

1.68

3,588,371

3,528,980

1.68

Securities

674,078

680,679

676,721

834,419

796,341

718,881

833,710

880,382

(15.35)

674,078

796,341

(15.35)

Mortgage loans held for sale

34,845

39,131

25,386

25,216

28,222

24,739

11,511

9,399

23.47

34,845

28,222

23.47

Loans not subject to loss share

2,573,165

2,539,618

2,392,349

2,281,957

2,241,622

2,204,955

2,185,490

2,190,376

14.79

2,573,165

2,241,622

14.79

Loans subject to loss share

237,088

260,545

289,685

318,089

339,462

359,813

377,149

386,811

(30.16)

237,088

339,462

(30.16)

Total loans

2,810,253

2,800,163

2,682,034

2,600,046

2,581,084

2,564,768

2,562,639

2,577,187

8.88

2,810,253

2,581,084

8.88

Intangibles

190,925

191,258

191,618

191,968

192,326

192,755

191,086

191,581

(0.73)

190,925

192,326

(0.73)

Noninterest-bearing deposits

$      568,214

$        554,581

$        539,237

$        535,955

$        531,910

$        493,130

$        458,686

$        486,676

6.83

$        568,214

$        531,910

6.83

Interest-bearing deposits

2,893,007

2,841,447

2,866,959

2,937,211

2,880,327

2,849,225

3,018,733

3,158,198

0.44

2,893,007

2,880,327

0.44

Total deposits

3,461,221

3,396,028

3,406,196

3,473,166

3,412,237

3,342,355

3,477,419

3,644,874

1.44

3,461,221

3,412,237

1.44

Borrowed funds

164,705

222,907

169,979

171,753

254,709

262,569

263,067

260,149

(35.34)

164,705

254,709

(35.34)

Shareholders' equity

498,208

496,824

491,534

489,611

487,202

487,401

480,135

473,354

2.26

498,208

487,202

2.26

Market value per common share

$          19.14

$            19.61

$            15.71

$            16.28

$            15.00

$            12.73

$            14.49

$            16.98

27.60

$            19.14

$            15.00

27.60

Book value per common share

19.80

19.78

19.57

19.50

19.44

19.45

19.16

18.89

1.89

19.80

19.44

1.89

Tangible book value per common share

12.21

12.16

11.94

11.86

11.76

11.76

11.53

11.25

3.83

12.21

11.76

3.83

Shareholders' equity to assets (actual)

11.91%

11.93%

11.95%

11.72%

11.59%

11.78%

11.27%

10.70%

11.91%

11.59%

Tangible capital ratio

7.60%

7.69%

7.65%

7.47%

7.35%

7.47%

7.11%

6.66%

7.60%

7.35%

Leverage ratio

9.86%

9.90%

9.68%

9.38%

9.44%

9.48%

9.10%

8.77%

9.86%

9.44%

Tier 1 risk-based capital ratio

12.85%

12.73%

13.14%

13.32%

13.32%

13.63%

13.58%

13.59%

12.85%

13.32%

Total risk-based capital ratio

14.13%

14.00%

14.39%

14.58%

14.58%

14.89%

14.83%

14.84%

14.13%

14.58%

*Based on assets not subject to loss share

RENASANT CORPORATION

(Unaudited)