GlobeNewswire Inc | Jul 27, 2021 05:00PM EDT

July 27, 2021

TUPELO, Miss., July 27, 2021 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the Company) today announced earnings results for the second quarter of 2021. Net income for the second quarter of 2021 was $40.9 million, as compared to $20.1 million for the second quarter of 2020. Basic and diluted earnings per share (EPS) were $0.73 and $0.72, respectively, for the second quarter of 2021, as compared to basic and diluted EPS of $0.36 for the second quarter of 2020.

Net income for the six months ending June 30, 2021, was $98.8 million, as compared to net income of $22.1 million for the same period in 2020. Basic and diluted EPS were $1.75 for the first six months of 2021, as compared to basic and diluted EPS of $0.39 for the first six months of 2020.

Our team performed well during the second quarter, as we continued to increase our core deposits and net loans (excluding PPP) and maintained stable credit metrics, commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. We are optimistic about future loan growth, despite the headwinds of elevated payoffs, because we believe we operate in a number of dynamic markets that provide a variety of opportunities for new business. As we move forward, we are focused on efficiency gains from both revenue and expense initiatives that have been implemented.

Impact of Certain Expenses and Charges From time to time, the Company incurs expenses and charges 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 tables present the impact of these expenses and charges on reported EPS for the periods listed. The COVID-19 related expenses line item primarily consists of (a) employee overtime and employee benefit accruals directly related to the Companys response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) and more frequent and rigorous branch cleaning.

(inthousands, Three Months Ended Six Months Endedexcept pershare data) June 30, 2021 June 30, 2021 Impact Impact Pre-tax After-tax to Pre-tax After-tax to Diluted Diluted EPS EPSEarnings, as $ 48,412 $ 40,867 $ 0.72 $ 123,162 $ 98,775 $ 1.75 reportedMSR valuation ? ? ? (13,561 ) (10,549 ) (0.19 )adjustmentRestructuring 15 12 ? 307 239 ? chargesCOVID-19related 370 289 0.01 1,154 898 0.02 expensesEarnings,with $ 48,797 $ 41,168 $ 0.73 $ 111,062 $ 89,363 $ 1.58 exclusions(Non-GAAP) Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Impact Impact Pre-tax After-tax to Pre-tax After-tax to Diluted Diluted EPS EPSEarnings, as $ 24,767 $ 20,130 $ 0.36 $ 27,548 $ 22,138 $ 0.39 reportedMSR valuation 4,951 4,047 0.07 14,522 11,835 0.21 adjustmentCOVID-19related 6,257 5,113 0.09 9,160 7,465 0.13 expensesEarnings,with $ 35,975 $ 29,290 $ 0.52 $ 51,230 $ 41,438 $ 0.73 exclusions(Non-GAAP)



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. The information below under the heading Non-GAAP Financial Measures explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Profitability MetricsThe following tables present the Companys profitability metrics, including after adjusting for the impact of the mortgage servicing rights (MSR) valuation adjustment, debt prepayment penalties, restructuring charges, swap termination charges and COVID-19 related expenses, as applicable, for the dates presented:

As Reported With Exclusions (Non-GAAP) Three Months Ended Three Months Ended June 30, March June 30, June 30, March June 30, 2021 31, 2021 2020 2021 31, 2021 2020Return on average assets 1.04 % 1.54 % 0.55 % 1.04 % 1.29 % 0.80 %Return on averagetangible assets 1.14 % 1.69 % 0.63 % 1.14 % 1.41 % 0.90 %(Non-GAAP)Return on average equity 7.40 % 10.81 % 3.85 % 7.46 % 9.01 % 5.62 %Return on averagetangible equity 13.54 % 19.93 % 7.72 % 13.64 % 16.68 % 11.01 %(Non-GAAP)



As Reported With Exclusions (Non-GAAP) Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020Return on average assets 1.28 % 0.32 % 1.16 % 0.59 %Return on average tangible 1.40 % 0.39 % 1.27 % 0.68 %assets (Non-GAAP)Return on average equity 9.08 % 2.12 % 8.22 % 3.97 %Return on average tangible 16.66 % 4.49 % 15.11 % 7.94 %equity (Non-GAAP)

Financial ConditionTotal assets were $16.02 billion at June30, 2021, as compared to $14.93 billion at December 31, 2020. Total loans held for investment were $10.15 billion at June30, 2021, as compared to $10.93 billion at December 31, 2020. Loans held for investment at June 30, 2021 included $246.9 million in Paycheck Protection Program (PPP) loans. Excluding PPP loans, the loan portfolio grew 3.05% on an annualized basis in the second quarter of 2021.

The Company entered into a referral relationship with a third party to utilize its technology platform for PPP loans originated under the latest round of the program. The Company earned approximately $1.4 million in referral fees from this round of PPP during the second quarter of 2021, which are recorded in noninterest income. Total referral fees earned during the first half of 2021 were $3.7 million.

Total deposits increased to $13.12 billion at June30, 2021, from $12.06 billion at December 31, 2020. Non-interest bearing deposits increased $664.1 million to $4.35 billion, or 33.16% of total deposits, at June30, 2021, as compared to $3.69 billion, or 30.56% of total deposits, at December 31, 2020.

Capital ManagementThe Companys capital position, as measured by regulatory capital ratios, continues to improve. This capital strength gives the Company flexibility to accommodate future loan growth, M&A activity or share repurchases. The Company has a $50.0 million stock repurchase plan that will remain in effect through October 2021. The Company did not repurchase any shares under the plan in the first half of 2021.

At June30, 2021, Tier 1 leverage capital was 9.30%, Common Equity Tier 1 ratio was 11.14%, Tier 1 risk-based capital ratio was 12.07% and total risk-based capital ratio was 15.11%. All of the Companys regulatory ratios exceed the minimums required to be well-capitalized.

The Companys ratio of shareholders equity to assets was 13.75% at June30, 2021, as compared to 14.29% at December31, 2020. The Companys tangible capital ratio (non-GAAP) was 8.22% at June30, 2021, as compared to 8.33% at December31, 2020.

Results of OperationsNet interest income was $109.6 million for the second quarter of 2021, as compared to $109.6 million for the first quarter of 2021 and $105.8 million for the second quarter of 2020. Net interest income was $219.2 million for the first half of 2021, as compared to $212.4 million for the first half of 2020.

The following tables present the percentage of total average earning assets, by type and yield, for the periods presented:

Percentage of Total Average Yield Earning Assets Three Months Ended Three Months Ended June 30, March 31, June 30, June March June 30, 31, 30, 2021 2021 2020 2021 2021 2020Loans held for investment 70.41 % 73.49 % 76.31 % 4.10 % 4.22 % 4.45 %excluding PPP loansPPP loans 4.49 7.38 6.78 6.46 4.40 2.73 Loans held for sale 3.30 3.04 2.67 3.12 2.96 3.51 Securities 13.02 10.27 10.14 1.73 2.08 2.71 Other 8.78 5.82 4.10 0.11 0.10 0.15 Total earning assets 100.00 % 100.00 % 100.00 % 3.51 % 3.74 % 3.95 %

Percentage of Total Average Yield Earning Assets Six Months Ended Six Months Ended June 30, June 30, June June 30, 30, 2021 2020 2021 2020Loans held for investment 71.91 % 79.71 % 4.16 % 4.69 %excluding PPP loansPPP loans 5.90 3.55 5.20 2.73 Loans held for sale 3.17 2.78 3.05 3.54 Securities 11.68 10.61 1.88 2.81 Other 7.34 3.35 0.11 0.50 Total earning assets 100.00 % 100.00 % 3.62 % 4.25 %

The following tables present reported taxable equivalent net interest margin and yield on loans for the periods presented (in thousands):

Three Months Ended June 30, March 31, June 30, 2021 2021 2020Taxable equivalent net interest $ 111,205 $ 111,264 $ 107,457 incomeAverage earning assets $ 13,989,264 $ 13,358,677 $ 12,776,644 Net interest margin 3.19 % 3.37 % 3.38 % Taxable equivalent interestincome on loans held for $ 110,785 $ 113,072 $ 113,727 investmentAverage loans held for $ 10,478,121 $ 10,802,991 $ 10,616,147 investmentLoan yield 4.24 % 4.24 % 4.31 %

Six Months Ended June 30, June 30, 2021 2020Taxable equivalent net interest income $ 222,469 $ 215,773 Average earning assets $ 13,673,971 $ 12,193,061 Net interest margin 3.28 % 3.56 % Taxable equivalent interest income on loans $ 223,856 $ 232,468 Average loans held for investment $ 10,640,556 $ 10,151,716 Loan yield 4.24 % 4.61 %

PPP loans benefited net interest margin and loan yield by 15 basis points and 14 basis points, respectively, in the second quarter of 2021, and 12 basis points and 8 basis points, respectively, in the first half of 2021. Increased liquidity has continued to add pressure to net interest margin in recent quarters. The Company has aggressively lowered interest rates on interest bearing deposits, and it continues to evaluate options to mitigate the pressure on net interest margin.

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

Three Months Ended June 30, March 31, June 30, 2021 2021 2020Net interest income collected on problem loans $ 1,339 $ 2,180 $ 384 Accretable yield recognized on purchased loans^ 2,638 3,088 4,700 (1)Total impact to interest income $ 3,977 $ 5,268 $ 5,084 Impact to loan yield 0.15 % 0.20 % 0.19 % Impact to net interest margin 0.11 % 0.16 % 0.16 %

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,224, $1,272 and $1,731 for the three months ended June 30, 2021, March 31, 2021, and June 30, 2020, respectively. This additional interest income increased loan yield by 5 basis points for each of the three months ended June 30, 2021 and March 31, 2021 and 6 basis points for the three months ended June 30, 2020, while increasing net interest margin by 4 basis points for each of the three months ended June 30, 2021 and March 31, 2021 and 5 basis points for the three months ended June 30, 2020.

Six Months Ended June 30, June 30, 2021 2020Net interest income collected on problem loans $ 3,519 $ 602 Accretable yield recognized on purchased loans^(1) 5,726 10,169 Total impact to interest income $ 9,245 $ 10,771 Impact to total loan yield 0.18 % 0.21 % Impact to net interest margin 0.14 % 0.18 %

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $2,496 and $3,919 for the six months ended June 30, 2021 and June 30, 2020, respectively. This additional interest income increased loan yield by 5 basis points and 8 basis points for the same periods, respectively, while increasing net interest margin by 4 basis points and 6 basis points for the same periods, respectively.

For the second quarter of 2021, the cost of total deposits was 24 basis points, as compared to 27 basis points for the first quarter of 2021 and 49 basis points for the second quarter of 2020. The cost of total deposits was 26 basis points for the first six months of 2021, down from 60 basis points for the same period in 2020. The tables below present, by type, the Companys funding sources and the total cost of each funding source for the periods presented:

Percentage of Total Average Cost of Funds Deposits and Borrowed Funds Three Months Ending Three Months Ending June 30, March June 30, June March June 31, 30, 31, 30, 2021 2021 2020 2021 2021 2020Noninterest-bearing 31.88 % 30.20 % 27.80 % ? % ? % ? %demandInterest-bearing 45.59 46.18 41.64 0.27 0.27 0.43 demandSavings 7.24 6.90 6.04 0.08 0.08 0.09 Time deposits 11.68 12.94 16.44 0.88 1.02 1.62 Borrowed funds 3.61 3.78 8.08 3.11 3.21 1.73 Total deposits and 100.00 % 100.00 % 100.00 % 0.34 % 0.38 % 0.59 %borrowed funds

Percentage of Total Average Deposits Cost of Funds and Borrowed Funds Six Months Ending Six Months Ending June 30, June 30, June June 30, 30, 2021 2020 2021 2020Noninterest-bearing 31.06 % 25.62 % ? % ? %demandInterest-bearing 45.88 42.89 0.27 0.59 demandSavings 7.07 6.07 0.08 0.12 Time deposits 12.30 17.64 0.95 1.66 Borrowed funds 3.69 7.78 3.16 2.06 Total deposits and 100.00 % 100.00 % 0.36 % 0.71 %borrowed funds

Noninterest income for the second quarter of 2021 was $47.6 million, as compared to $81.0 million for the first quarter of 2021 and $64.2 million for the second quarter of 2020, driven largely by the decline in mortgage banking income discussed below. Noninterest income for the first six months of 2021 was $128.6 million, as compared to $101.7 million for the same period in 2020.

In mortgage banking, the Companys interest rate lock volume was $1.53 billion in the second quarter of 2021 and $3.26 billion for the first half of the year. Despite continued strong production, mortgage banking income decreased during the second quarter of 2021 as gain on sale margins compressed. The following tables present the components of mortgage banking income for the periods presented (in thousands):

Three Months Ended June 30, 2021 March 31, June 30, 2020 2021Gain on sales of loans, net $ 17,581 $ 33,901 $ 46,560 Fees, net 4,519 4,902 5,309 Mortgage servicing loss, net (1,247 ) (1,631 ) (1,428 ) MSR valuation adjustment ? 13,561 (4,951 ) Mortgage banking income, net $ 20,853 $ 50,733 $ 45,490

Six Months Ended June 30, 2021 June 30, 2020Gain on sales of loans, net $ 51,482 $ 68,342 Fees, net 9,421 8,228 Mortgage servicing loss, net (2,878 ) (1,023 ) MSR valuation adjustment 13,561 (14,522 ) Mortgage banking income, net $ 71,586 $ 61,025

The decline in mortgage banking income during the second quarter of 2021 was partially offset by increases in many of the Companys other fee income categories, including service charges on deposits, wealth management and insurance, as compared to the first quarter of 2021 and the second quarter of 2020.

Noninterest expense was $108.8 million for the second quarter of 2021, as compared to $115.9 million for the first quarter of 2021 and $118.3 million for the second quarter of 2020. Noninterest expense for the first six months of 2021 was $224.7 million, as compared to $233.3 million for the same period in 2020. The decrease quarter over quarter in 2021 is primarily related to a decrease in salaries and employee benefits, which was driven by a lower incentive compensation expense recognized during the quarter and cost savings realized from the voluntary early retirement program offered during the fourth quarter of 2020. In the second quarter of 2021, the Company received benefit from a one-time state tax credit investment. The $3.1 million investment was fully amortized in other noninterest expense, and the credit of $3.4 million reduced income taxes for the quarter.

Asset Quality MetricsAt June30, 2021, the Companys credit quality metrics remained strong. Loans on deferred payment, as offered through the Companys loan deferral program, established in response to the COVID-19 pandemic, continue to decline and as of June 30, 2021, approximately 0.2% of the Companys loan portfolio (excluding PPP loans) was on deferral, down from approximately 1.5% as of December 31, 2020.

The table below shows nonperforming assets, which include nonperforming loans (loans 90 days or more past due and nonaccrual loans) and other real estate owned, as well as early stage delinquencies (loans 30-89 days past due), and related financial ratios, for the periods presented (in thousands):

June 30, 2021 December 31, 2020 Non Purchased Total Non Purchased Total Purchased PurchasedNonaccrual $ 27,101 $ 27,690 $ 54,791 $ 20,369 $ 31,051 $ 51,420 loansLoans 90 dayspast due or 800 945 1,745 3,783 267 4,050 moreNonperforming $ 27,901 $ 28,635 $ 56,536 $ 24,152 $ 31,318 $ 55,470 loansOther real 1,676 3,263 4,939 2,045 3,927 5,972 estate ownedNonperforming $ 29,577 $ 31,898 $ 61,475 $ 26,197 $ 35,245 $ 61,442 assetsNonperformingloans/total 0.56 % 0.51 %loansNonperformingloans/totalloans 0.57 % 0.57 %excluding PPPloansNonperformingassets/total 0.38 % 0.41 %assetsNonperformingassets/totalassets 0.39 % 0.45 %excluding PPPloansLoans 30-89 $ 11,295 $ 3,782 $ 15,077 $ 17,635 $ 8,651 $ 26,286 days past dueLoans 30-89days past due 0.15 % 0.24 %/total loansLoans 30-89days past due/total loans 0.15 % 0.27 %excluding PPPloans

The table below shows the total allowance for credit losses and related ratios at June30, 2021 as compared to December 31, 2020 (in thousands):

June 30, December 31, 2021 2020Allowance for credit losses on loans $ 172,354 $ 176,144 Allowance for credit losses on deferred interest 1,367 1,500 Reserve for unfunded commitments 20,535 20,535 Total allowance for credit losses $ 194,256 $ 198,179 Allowance for credit losses on loans/total loans 1.70 % 1.61 %Allowance for credit losses on loans/total loans 1.74 % 1.80 %excluding PPP loans

The Company did not record any provision for credit losses during the second quarter or first half of 2021, as compared to a $26.9 million provision for credit losses in the second quarter of 2020 and a $53.3 million provision in the first half of 2020. Net loan charge-offs for the second quarter of 2021 were $752 thousand, or 0.03% of average loans held for investment on an annualized basis. The Companys coverage ratio, or the allowance for credit losses to nonperforming loans, was 304.85% as of June30, 2021, as compared to 317.55% as of December 31, 2020.

CONFERENCE CALL INFORMATION:A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, July 28, 2021.

The webcast can be accessed through Renasants investor relations website at www.renasant.com or https://services.choruscall.com/mediaframe/webcast.html?webcastid=mSQQ3hVk. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2021 Second Quarter Earnings Conference Call and Webcast. 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 10158796 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 11, 2021.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 117-year-old financial services institution. Renasant has assets of approximately $16.0 billion and operates 199 banking, lending, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina and South Carolina.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain, or incorporate by reference, statements about Renasant Corporation that 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. Statements preceded by, followed by or that otherwise include the words believes, expects, projects, anticipates, intends, estimates, plans, potential, possible, 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. Forward-looking statements include information about the Companys future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Companys management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Companys 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. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) the continued impact of the COVID-19 pandemic (and variants thereof) and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) the Companys ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Companys potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) changes in the quality or composition of the Companys loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Companys geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond managements control.

Management believes that the assumptions underlying the Companys 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 Companys 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 SECs website at www.sec.gov.

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

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, earnings, with exclusions, 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), tangible book value per share and the adjusted efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, when applicable, COVID-19 related expenses, restructuring charges, debt prepayment penalties, swap termination charges and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item (as discussed earlier in this release) are readily quantifiable and possess the same characteristics with respect to managements inability to accurately predict the timing or amount thereof as the other charges excluded when calculating non-GAAP financial measures. 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 indicators 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 restructuring charges and COVID-19 related expenses can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institutions regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Companys results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables 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 Companys 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.

Contacts: For Media: For Financials: John Oxford James C. Mabry IV Senior Vice President Executive Vice President Director of Marketing Chief Financial Officer (662) 680-1219 (662) 680-1281



RENASANT CORPORATION(Unaudited)(Dollars in thousands, except per share data) Q2 2021- For The Six Months Ending 2021 2020 Q2 2020 June 30, Second First Fourth Third Second First Percent Percent Quarter Quarter Quarter Quarter Quarter Quarter Variance 2021 2020 VarianceStatement of earnings Interest income - taxable $ 122,617 $ 123,378 $ 123,823 $ 123,677 $ 125,630 $ 131,887 (2.40 ) % $ 245,995 $ 257,517 (4.47 ) %equivalent basisInterest income $ 120,991 $ 121,762 $ 121,926 $ 122,078 $ 123,955 $ 130,173 (2.39 ) $ 242,753 $ 254,128 (4.48 ) Interest expense 11,412 12,114 13,799 15,792 18,173 23,571 (37.20 ) 23,526 41,744 (43.64 ) Net interest income 109,579 109,648 108,127 106,286 105,782 106,602 3.59 219,227 212,384 3.22 Provision for credit losses ? ? 10,500 23,100 26,900 26,350 (100.00 ) ? 53,250 (100.00 ) Net interest income 109,579 109,648 97,627 83,186 78,882 80,252 38.92 219,227 159,134 37.76 after provisionService charges on deposit 9,458 8,023 7,938 7,486 6,832 9,070 38.44 17,481 15,902 9.93 accountsFees and commissions on loans 4,110 3,900 3,616 3,402 2,971 3,054 38.34 8,010 6,025 32.95 and depositsInsurance commissions and 2,422 2,237 2,193 2,681 2,125 1,991 13.98 4,659 4,116 13.19 feesWealth management revenue 5,019 4,792 4,314 4,364 3,824 4,002 31.25 9,811 7,826 25.36 Securities gains (losses) ? 1,357 15 ? 31 ? (100.00 ) 1,357 31 4,277.42 Mortgage banking income 20,853 50,733 39,760 49,714 45,490 15,535 (54.16 ) 71,586 61,025 17.31 Other 5,748 9,995 5,028 3,281 2,897 3,918 98.41 15,743 6,815 131.01 Total noninterest 47,610 81,037 62,864 70,928 64,170 37,570 (25.81 ) 128,647 101,740 26.45 incomeSalaries and employee 70,293 78,696 74,432 75,406 79,361 73,189 (11.43 ) 148,989 152,550 (2.33 ) benefitsData processing 5,652 5,451 5,373 5,259 5,047 5,006 11.99 11,103 10,053 10.44 Occupancy and equipment 11,374 12,538 13,153 13,296 13,511 14,120 (15.82 ) 23,912 27,631 (13.46 ) Other real estate 104 41 683 1,033 620 418 (83.23 ) 145 1,038 (86.03 ) Amortization of intangibles 1,539 1,598 1,659 1,733 1,834 1,895 (16.09 ) 3,137 3,729 (15.88 ) Restructuring charges 15 292 7,365 ? ? ? ? 307 ? ? Swap termination charges ? ? 2,040 ? ? ? ? ? ? ? Debt prepayment penalty ? ? 3 28 90 ? (100.00 ) ? 90 (100.00 ) Other 19,800 17,319 17,444 19,755 17,822 20,413 11.10 37,119 38,235 (2.92 ) Total noninterest 108,777 115,935 122,152 116,510 118,285 115,041 (8.04 ) 224,712 233,326 (3.69 ) expenseIncome before income taxes 48,412 74,750 38,339 37,604 24,767 2,781 95.47 123,162 27,548 347.08 Income taxes 7,545 16,842 6,818 7,612 4,637 773 62.71 24,387 5,410 350.78 Net income $ 40,867 $ 57,908 $ 31,521 $ 29,992 $ 20,130 $ 2,008 103.02 $ 98,775 $ 22,138 346.18 Basic earnings per share $ 0.73 $ 1.03 $ 0.56 $ 0.53 $ 0.36 $ 0.04 102.78 $ 1.75 $ 0.39 348.72 Diluted earnings per share 0.72 1.02 0.56 0.53 0.36 0.04 100.00 1.75 0.39 348.72 Average basic shares 56,325,717 56,240,201 56,197,847 56,185,884 56,165,452 56,534,816 0.29 56,240,201 56,350,134 (0.20 ) outstandingAverage diluted shares 56,635,898 56,519,199 56,489,809 56,386,153 56,325,476 56,706,289 0.55 56,519,199 56,514,599 0.01 outstandingCommon shares outstanding 56,350,878 56,294,346 56,200,487 56,193,705 56,181,962 56,141,018 0.30 56,350,878 56,181,962 0.30 Cash dividend per common $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 ? $ 0.44 $ 0.44 ? sharePerformance ratios Return on avg shareholders? 7.40 % 10.81 % 5.88 % 5.63 % 3.85 % 0.38 % 9.08 % 2.12 % equityReturn on avg tangible s/h?s 13.54 % 19.93 % 11.26 % 10.87 % 7.72 % 1.20 % 16.66 % 4.49 % equity (non-GAAP) (1)Return on avg assets 1.04 % 1.54 % 0.84 % 0.80 % 0.55 % 0.06 % 1.28 % 0.32 % Return on avg tangible assets 1.14 % 1.69 % 0.94 % 0.89 % 0.63 % 0.11 % 1.40 % 0.39 % (non-GAAP)(2)Net interest margin (FTE) 3.19 % 3.37 % 3.35 % 3.29 % 3.38 % 3.75 % 3.28 % 3.56 % Yield on earning assets (FTE) 3.51 % 3.74 % 3.77 % 3.77 % 3.95 % 4.57 % 3.62 % 4.25 % Cost of funding 0.34 % 0.38 % 0.44 % 0.50 % 0.59 % 0.85 % 0.36 % 0.71 % Average earning assets to 88.37 % 87.86 % 87.66 % 87.31 % 86.88 % 86.17 % 88.12 % 86.54 % average assetsAverage loans to average 81.13 % 87.78 % 91.83 % 93.31 % 93.35 % 93.83 % 84.37 % 93.58 % depositsNoninterest income (less securities gains/losses) to average assets 1.21 % 2.13 % 1.68 % 1.89 % 1.75 % 1.12 % 1.65 % 1.45 % Noninterest expense (less debt prepayment penalties)to average assets 2.76 % 3.09 % 3.26 % 3.10 % 3.23 % 3.43 % 2.92 % 3.33 % Net overhead ratio 1.55 % 0.96 % 1.58 % 1.21 % 1.48 % 2.31 % 1.27 % 1.88 % Efficiency ratio (FTE) 68.49 % 60.29 % 70.65 % 65.16 % 68.92 % 78.86 % 64.00 % 73.49 % Adjusted efficiency ratio 67.28 % 63.85 % 64.35 % 62.63 % 60.89 % 68.73 % 65.47 % 64.56 % (FTE) (non-GAAP) (4)

RENASANT CORPORATION(Unaudited)(Dollars in thousands, except per share data) Q2 2021 - As of 2021 2020 Q2 2020 June 30, Second First Fourth Third Second First Percent Percent Quarter Quarter Quarter Quarter Quarter Quarter Variance 2021 2020 VarianceAverage Balances Total assets $ 15,831,018 $ 15,203,691 $ 14,898,055 $ 14,928,159 $ 14,706,027 $ 13,472,550 7.65 % $ 15,517,354 $ 14,089,289 10.14 %Earning assets 13,989,264 13,358,677 13,059,967 13,034,422 12,776,643 11,609,477 9.49 13,673,971 12,193,061 12.15 Securities 1,821,429 1,372,123 1,269,108 1,269,565 1,295,539 1,292,875 40.59 1,596,776 1,294,207 23.38 Loans held for sale 461,752 406,397 389,435 378,225 340,582 336,829 35.58 434,075 338,706 28.16 Loans, net of unearned income 10,478,121 10,802,991 11,019,505 11,041,684 10,616,147 9,687,285 (1.30 ) 10,640,556 10,151,716 4.82 Intangibles 967,430 969,001 970,624 972,394 974,237 975,933 (0.70 ) 968,215 975,085 (0.70 ) Noninterest-bearing deposits 4,271,464 3,862,422 3,808,595 3,723,059 3,439,634 2,586,963 24.18 4,066,943 3,013,298 34.97 Interest-bearing deposits 8,644,386 8,444,766 8,190,997 8,109,844 7,933,035 7,737,615 8.97 8,544,576 7,835,324 9.05 Total deposits 12,915,850 12,307,188 11,999,592 11,832,903 11,372,669 10,324,578 13.57 12,611,519 10,848,622 16.25 Borrowed funds 483,081 483,907 516,414 719,800 1,000,789 829,320 (51.73 ) 483,494 915,054 (47.16 ) Shareholders' equity 2,213,743 2,172,425 2,132,375 2,119,500 2,101,092 2,105,143 5.36 2,193,084 2,103,118 4.28 Q2 2021 - As of 2021 2020 Q4 2020 June 30, Second First Fourth Third Second First Percent Percent Quarter Quarter Quarter Quarter Quarter Quarter Variance 2021 2020 VarianceBalances at period end Total assets $ 16,022,386 $ 15,622,571 $ 14,929,612 $ 14,808,933 $ 14,897,207 $ 13,900,550 7.32 % $ 16,022,386 $ 14,897,207 7.55 %Earning assets 14,146,304 13,781,374 13,151,707 12,984,651 13,041,846 11,980,482 7.56 14,146,304 13,041,846 8.47 Securities 2,163,820 1,536,041 1,343,457 1,293,388 1,303,494 1,359,129 61.06 2,163,820 1,303,494 66.00 Loans held for sale 448,959 502,002 417,771 399,773 339,747 448,797 7.47 448,959 339,747 32.15 Non purchased loans 8,892,544 9,292,502 9,419,540 9,424,224 9,206,101 7,802,404 (5.59 ) 8,892,544 9,206,101 (3.41 ) Purchased loans 1,256,698 1,395,906 1,514,107 1,660,514 1,791,203 1,966,973 (17.00 ) 1,256,698 1,791,203 (29.84 ) Total loans 10,149,242 10,688,408 10,933,647 11,084,738 10,997,304 9,769,377 (7.17 ) 10,149,242 10,997,304 (7.71 ) Intangibles 966,686 968,225 969,823 971,481 973,214 975,048 (0.32 ) 966,686 973,214 (0.67 ) Noninterest-bearing deposits 4,349,135 4,135,360 3,685,048 3,758,242 3,740,296 2,642,059 18.02 4,349,135 3,740,296 16.28 Interest-bearing deposits 8,766,216 8,601,548 8,374,033 8,175,898 8,106,062 7,770,367 4.68 8,766,216 8,106,062 8.14 Total deposits 13,115,351 12,736,908 12,059,081 11,934,140 11,846,358 10,412,426 8.76 13,115,351 11,846,358 10.71 Borrowed funds 484,340 479,814 496,310 517,706 718,490 1,179,631 (2.41 ) 484,340 718,490 (32.59 ) Shareholders? equity 2,203,807 2,173,701 2,132,733 2,104,300 2,082,946 2,070,512 3.33 2,203,807 2,082,946 5.80 Market value per common share 40.00 41.38 33.68 22.72 24.90 21.84 18.76 40.00 24.90 60.64 Book value per common share 39.11 38.61 37.95 37.45 37.07 36.88 3.06 39.11 37.07 5.50 Tangible book value per 21.95 21.41 20.69 20.16 19.75 19.51 6.09 21.95 19.75 11.14 common share (non-GAAP)Shareholders? equity to 13.75 % 13.91 % 14.29 % 14.21 % 13.98 % 14.91 % 13.75 % 13.98 % assets (actual)Tangible capital ratio 8.22 % 8.23 % 8.33 % 8.19 % 7.97 % 8.48 % 8.22 % 7.97 % (non-GAAP)(3)Leverage ratio 9.30 % 9.49 % 9.37 % 9.17 % 9.12 % 9.90 % 9.30 % 9.12 % Common equity tier 1 capital 11.14 % 11.05 % 10.93 % 10.80 % 10.69 % 10.63 % 11.14 % 10.69 % ratioTier 1 risk-based capital 12.07 % 12.00 % 11.91 % 11.79 % 11.69 % 11.63 % 12.07 % 11.69 % ratioTotal risk-based capital 15.11 % 15.09 % 15.07 % 14.89 % 13.72 % 13.44 % 15.11 % 13.72 % ratio

RENASANT CORPORATION(Unaudited)(Dollars in thousands, except per share data) Q2 2021 - As of 2021 2020 Q4 2020 June 30, Second First Fourth Third Second First Percent Percent Quarter Quarter Quarter Quarter Quarter Quarter Variance 2021 2020 VarianceNon purchased loans Commercial, financial, $ 1,262,977 $ 1,244,580 $ 1,231,768 $ 1,137,322 $ 1,134,965 $ 1,144,004 2.53 % $ 1,262,977 $ 1,134,965 11.28 %agriculturalSBA Paycheck Protection 246,931 860,864 1,128,703 1,307,972 1,281,278 ? (78.12 ) 246,931 1,281,278 (80.73 ) ProgramLease financing 74,003 75,256 75,862 82,928 80,779 84,679 (2.45 ) 74,003 80,779 (8.39 ) Real estate - construction 1,038,613 933,586 827,152 738,873 756,872 745,066 25.56 1,038,613 756,872 37.22 Real estate - 1-4 family 2,435,574 2,380,920 2,356,564 2,369,292 2,342,987 2,356,627 3.35 2,435,574 2,342,987 3.95 mortgagesReal estate - commercial 3,723,309 3,676,160 3,649,629 3,610,642 3,400,718 3,242,172 2.02 3,723,309 3,400,718 9.49 mortgagesInstallment loans to 111,137 121,136 149,862 177,195 208,502 229,856 (25.84 ) 111,137 208,502 (46.70 ) individualsLoans, net of unearned income $ 8,892,544 $ 9,292,502 $ 9,419,540 $ 9,424,224 $ 9,206,101 $ 7,802,404 (5.59 ) $ 8,892,544 $ 9,206,101 (3.41 ) Purchased loans Commercial, financial, $ 124,725 $ 143,843 $ 176,513 $ 202,768 $ 225,355 $ 280,572 (29.34 ) $ 124,725 $ 225,355 (44.65 ) agriculturalReal estate - construction 12,746 22,332 30,952 34,246 34,236 42,829 (58.82 ) 12,746 34,236 (62.77 ) Real estate - 1-4 family 266,517 305,141 341,744 391,102 445,526 489,674 (22.01 ) 266,517 445,526 (40.18 ) mortgagesReal estate - commercial 806,860 872,867 905,223 966,367 1,010,035 1,066,536 (10.87 ) 806,860 1,010,035 (20.12 ) mortgagesInstallment loans to 45,850 51,723 59,675 66,031 76,051 87,362 (23.17 ) 45,850 76,051 (39.71 ) individualsLoans, net of unearned income $ 1,256,698 $ 1,395,906 $ 1,514,107 $ 1,660,514 $ 1,791,203 $ 1,966,973 (17.00 ) $ 1,256,698 $ 1,791,203 (29.84 ) Asset quality data Non purchased assets Nonaccrual loans $ 27,101 $ 24,794 $ 20,369 $ 18,831 $ 16,591 $ 21,384 33.05 $ 27,101 $ 16,591 63.35 Loans 90 past due or more 800 2,235 3,783 1,826 3,993 4,459 (78.85 ) 800 3,993 (79.96 ) Nonperforming loans 27,901 27,029 24,152 20,657 20,584 25,843 15.52 27,901 20,584 35.55 Other real estate owned 1,676 2,292 2,045 3,576 4,694 3,241 (18.04 ) 1,676 4,694 (64.29 ) Nonperforming assets $ 29,577 $ 29,321 $ 26,197 $ 24,233 $ 25,278 $ 29,084 12.90 $ 29,577 $ 25,278 17.01 Purchased assets Nonaccrual loans $ 27,690 $ 28,947 $ 31,051 $ 24,821 $ 21,361 $ 19,090 (10.82 ) $ 27,690 $ 21,361 29.63 Loans 90 past due or more 945 129 267 318 2,158 5,104 253.93 945 2,158 (56.21 ) Nonperforming loans 28,635 29,076 31,318 25,139 23,519 24,194 (8.57 ) 28,635 23,519 21.75 Other real estate owned 3,263 3,679 3,927 4,576 4,431 5,430 (16.91 ) 3,263 4,431 (26.36 ) Nonperforming assets $ 31,898 $ 32,755 $ 35,245 $ 29,715 $ 27,950 $ 29,624 (9.50 ) $ 31,898 $ 27,950 14.13 Net loan charge-offs $ 752 $ 3,038 $ 954 $ 389 $ 1,698 $ 811 (21.17 ) $ 3,790 $ 2,509 51.06 (recoveries)Allowance for credit losses $ 172,354 $ 173,106 $ 176,144 $ 168,098 $ 145,387 $ 120,185 (2.15 ) $ 172,354 $ 145,387 18.55 on loansAnnualized net loan 0.03 % 0.11 0.03 % 0.01 % 0.06 % 0.03 % 0.07 % 0.05 % charge-offs / average loansNonperforming loans / total 0.56 % 0.52 0.51 % 0.41 % 0.40 % 0.51 % 0.56 % 0.40 % loans*Nonperforming assets / total 0.38 % 0.40 0.41 % 0.36 % 0.36 % 0.42 % 0.38 % 0.36 % assets*Allowance for credit losses 1.70 % 1.62 1.61 % 1.52 % 1.32 % 1.23 % 1.70 % 1.32 % on loans / total loans*Allowance for credit losseson loans / nonperforming 304.85 % 308.54 317.55 % 367.05 % 329.65 % 240.19 % 304.85 % 329.65 % loans*Nonperforming loans / total 0.31 % 0.29 0.26 % 0.22 % 0.22 % 0.33 % 0.31 % 0.22 % loans**Nonperforming assets / total 0.18 % 0.19 0.18 % 0.16 % 0.17 % 0.21 % 0.18 % 0.17 % assets**Nonperforming loans / total 0.57 % 0.57 0.57 % 0.47 % 0.45 % 0.51 % 0.57 % 0.45 % loans***Nonperforming assets / total 0.39 % 0.42 0.45 % 0.40 % 0.39 % 0.42 % 0.39 % 0.39 % assets***Allowance for credit losses 1.74 % 1.76 1.80 % 1.72 % 1.50 % 1.23 % 1.74 % 1.50 % on loans / total loans****Based on all assets (includes purchased assets)**Excludes all purchased assets***Excludes Paycheck Protection Program loans

RENASANT CORPORATION(Unaudited)(Dollars in thousands, except per share data) Three Months Ending For The Six Months Ending June 30, 2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Average Interest Yield/ Average Interest Yield/ Average Interest Yield/ Average Interest Yield Average Interest Yield / / Balance Income/ Rate Balance Income/ Rate Balance Income/ Rate Balance Income/ Rate Balance Income/ Rate Expense Expense Expense Expense Expense Assets Interest-earning assets: Loans Non purchased $ 8,521,028 $ 82,774 3.90 % $ 8,362,793 $ 81,928 3.97 % $ 7,872,371 $ 81,836 4.18 % $ 8,441,910 $ 164,702 3.93 % $ 7,763,516 $ 170,390 4.41 %Purchased 1,328,631 17,891 5.40 % 1,454,637 20,457 5.69 % 1,877,698 26,005 5.57 % 1,391,634 38,347 5.55 % 1,955,161 56,192 5.78 %SBA Paycheck Protection Program 628,462 10,120 6.46 % 985,561 10,687 4.40 % 866,078 5,886 2.73 % 807,012 20,807 5.20 % 433,039 5,886 2.73 %Total loans 10,478,121 110,785 4.24 % 10,802,991 113,072 4.24 % 10,616,147 113,727 4.31 % 10,640,556 223,856 4.24 % 10,151,716 232,468 4.61 %Loans held for sale 461,752 3,604 3.12 % 406,397 2,999 2.96 % 340,582 2,976 3.51 % 434,075 6,604 3.05 % 338,706 5,964 3.54 %Securities: Taxable^(1) 1,503,605 5,549 1.48 % 1,065,779 4,840 1.82 % 1,031,740 6,386 2.49 % 1,284,692 10,389 1.62 % 1,049,507 13,675 2.62 %Tax-exempt 317,824 2,333 2.94 % 306,344 2,284 2.98 % 263,799 2,346 3.58 % 312,084 4,617 2.96 % 244,700 4,404 3.62 %Total securities 1,821,429 7,882 1.73 % 1,372,123 7,124 2.08 % 1,295,539 8,732 2.71 % 1,596,776 15,006 1.88 % 1,294,207 18,079 2.81 %Interest-bearing balances with 1,227,962 346 0.11 % 777,166 183 0.10 % 524,376 195 0.15 % 1,002,564 529 0.11 % 408,432 1,006 0.50 %banksTotal interest-earning assets 13,989,264 122,617 3.51 % 13,358,677 123,378 3.74 % 12,776,644 125,630 3.95 % 13,673,971 245,995 3.62 % 12,193,061 257,517 4.25 %Cash and due from banks 195,982 205,830 214,079 200,906 200,198 Intangible assets 967,430 969,001 974,237 968,215 975,085 Other assets 678,342 670,183 741,067 674,262 720,945 Total assets $ 15,831,018 $ 15,203,691 $ 14,706,027 $ 15,517,354 $ 14,089,289 Liabilities and shareholders? equityInterest-bearing liabilities: Deposits: Interest-bearing demand^(2) $ 6,109,956 $ 4,069 0.27 % $ 5,906,230 $ 3,932 0.27 % $ 5,151,713 $ 5,524 0.43 % $ 6,008,093 $ 8,002 0.27 % $ 5,045,735 $ 14,777 0.59 %Savings deposits 969,982 185 0.08 % 882,758 169 0.08 % 747,173 173 0.09 % 926,370 354 0.08 % 714,177 426 0.12 %Time deposits 1,564,448 3,415 0.88 % 1,655,778 4,178 1.02 % 2,034,149 8,174 1.62 % 1,610,113 7,593 0.95 % 2,075,412 17,163 1.66 %Total interest-bearing deposits 8,644,386 7,669 0.36 % 8,444,766 8,279 0.40 % 7,933,035 13,871 0.70 % 8,544,576 15,949 0.38 % 7,835,324 32,366 0.83 %Borrowed funds 483,081 3,743 3.11 % 483,907 3,835 3.21 % 1,000,789 4,302 1.73 % 483,494 7,577 3.16 % 915,054 9,378 2.06 %Total interest-bearing 9,127,467 11,412 0.50 % 8,928,673 12,114 0.55 % 8,933,824 18,173 0.82 % 9,028,070 23,526 0.53 % 8,750,378 41,744 0.96 %liabilitiesNoninterest-bearing deposits 4,271,464 3,862,422 3,439,634 4,066,943 3,013,298 Other liabilities 218,344 240,171 231,477 229,257 222,495 Shareholders? equity 2,213,743 2,172,425 2,101,092 2,193,084 2,103,118 Total liabilities and $ 15,831,018 $ 15,203,691 $ 14,706,027 $ 15,517,354 $ 14,089,289 shareholders? equityNet interest income/ net interest $ 111,205 3.19 % $ 111,264 3.37 % $ 107,457 3.38 % $ 222,469 3.28 % $ 215,773 3.56 %marginCost of funding 0.34 % 0.38 % 0.59 % 0.36 % 0.71 %Cost of total deposits 0.24 % 0.27 % 0.49 % 0.26 % 0.60 % ^(1) U.S. Government and some U.S. Government Agency securities are tax-exemptin the states in which the Company operates.^(2) Interest-bearing demand deposits include interest-bearing transactionalaccounts and money market deposits.

RENASANT CORPORATION(Unaudited)(Dollars in thousands, except per share data) RECONCILIATION OF GAAP TO NON-GAAP Six Months Ended 2021 2020 June 30, Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter 2021 2020Net income (GAAP) $ 40,867 $ 57,908 $ 31,521 $ 29,992 $ 20,130 $ 2,008 $ 98,775 $ 22,138 Amortization of 1,539 1,598 1,659 1,733 1,834 1,895 3,137 3,729 intangibles Tax effect of adjustment noted (333 ) (361 ) (297 ) (374 ) (335 ) (527 ) (697 ) (690 ) above ^(A)Tangible net income $ 42,073 $ 59,145 $ 32,883 $ 31,351 $ 21,629 $ 3,376 $ 101,215 $ 25,177 (non-GAAP) Net income (GAAP) $ 40,867 $ 57,908 $ 31,521 $ 29,992 $ 20,130 $ 2,008 $ 98,775 $ 22,138 Debt prepayment ? ? 3 28 90 ? ? 90 penalties MSR valuation ? (13,561 ) (1,968 ) (828 ) 4,951 9,571 (13,561 ) 14,522 adjustment Restructuring 15 292 7,365 ? ? ? 307 ? charges Swap termination ? ? 2,040 ? ? ? ? ? charges COVID-19 related 370 785 613 570 6,257 2,903 1,155 9,160 expenses Tax effect of adjustment noted (83 ) 2,820 (1,443 ) 50 (2,065 ) (3,467 ) 2,687 (4,398 ) above ^(A)Net income withexclusions $ 41,169 $ 48,244 $ 38,131 $ 29,812 $ 29,363 $ 11,015 $ 89,363 $ 41,512 (non-GAAP) Averageshareholders? $ 2,213,743 $ 2,172,425 $ 2,132,375 $ 2,119,500 $ 2,101,092 $ 2,105,143 $ 2,193,084 $ 2,103,118 equity (GAAP) Intangibles 967,430 969,001 970,624 972,394 974,237 975,933 968,215 975,085 Average tangible s/h?s equity $ 1,246,313 $ 1,203,424 $ 1,161,751 $ 1,147,106 $ 1,126,855 $ 1,129,210 $ 1,224,869 $ 1,128,033 (non-GAAP) Average total $ 15,831,018 $ 15,203,691 $ 14,898,055 $ 14,928,159 $ 14,706,027 $ 13,472,550 $ 15,517,354 $ 14,089,289 assets (GAAP) Intangibles 967,430 969,001 970,624 972,394 974,237 975,933 968,215 975,085 Average tangible $ 14,863,588 $ 14,234,690 $ 13,927,431 $ 13,955,765 $ 13,731,790 $ 12,496,617 $ 14,549,139 $ 13,114,204 assets (non-GAAP) Actualshareholders? $ 2,203,807 $ 2,173,701 $ 2,132,733 $ 2,104,300 $ 2,082,946 $ 2,070,512 $ 2,203,807 $ 2,082,946 equity (GAAP) Intangibles 966,686 968,225 969,823 971,481 973,214 975,048 966,686 973,214 Actual tangible s/h?s equity $ 1,237,121 $ 1,205,476 $ 1,162,910 $ 1,132,819 $ 1,109,732 $ 1,095,464 $ 1,237,121 $ 1,109,732 (non-GAAP) Actual total assets $ 16,022,386 $ 15,622,571 $ 14,929,612 $ 14,808,933 $ 14,897,207 $ 13,900,550 $ 16,022,386 $ 14,897,207 (GAAP) Intangibles 966,686 968,225 969,823 971,481 973,214 975,048 966,686 973,214 Actual tangible $ 15,055,700 $ 14,654,346 $ 13,959,789 $ 13,837,452 $ 13,923,993 $ 12,925,502 $ 15,055,700 $ 13,923,993 assets (non-GAAP) (A) Tax effect is calculated based on respective periods effective tax rate.

RENASANT CORPORATION(Unaudited)(Dollars in thousands, except per share data) RECONCILIATION OF GAAP TO NON-GAAP Six Months Ended 2021 2020 June 30, Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter 2021 2020(1) Return onAverage EquityReturn on avgs/h?s equity 7.40 % 10.81 % 5.88 % 5.63 % 3.85 % 0.38 % 9.08 % 2.12 %(GAAP) Effect of adjustment for 6.14 % 9.12 % 5.38 % 5.24 % 3.87 % 0.82 % 7.58 % 2.37 % intangible assetsReturn on avgtangible s/ 13.54 % 19.93 % 11.26 % 10.87 % 7.72 % 1.20 % 16.66 % 4.49 %h?s equity(non-GAAP) Return on avgs/h?s equity 7.40 % 10.81 % 5.88 % 5.63 % 3.85 % 0.38 % 9.08 % 2.12 %(GAAP) Effect of exclusions 0.06 % (1.80 ) % 1.23 % (0.03 ) % 1.77 % 1.72 % (0.86 ) % 1.85 % from net incomeReturn on avgs/h?s equity 7.46 % 9.01 % 7.11 % 5.60 % 5.62 % 2.10 % 8.22 % 3.97 %with excl.(non-GAAP) Effect of adjustment for 6.18 % 7.67 % 6.41 % 5.21 % 5.39 % 2.31 % 6.89 % 3.97 % intangible assetsReturn on avgtangible s/h?s equity 13.64 % 16.68 % 13.52 % 10.81 % 11.01 % 4.41 % 15.11 % 7.94 %withexclusions(non-GAAP) (2) Return onAverage AssetsReturn on avg 1.04 % 1.54 % 0.84 % 0.80 % 0.55 % 0.06 % 1.28 % 0.32 %assets (GAAP) Effect of adjustment for 0.10 % 0.15 % 0.10 % 0.09 % 0.08 % 0.05 % 0.12 % 0.07 % intangible assetsReturn on avgtangible 1.14 % 1.69 % 0.94 % 0.89 % 0.63 % 0.11 % 1.40 % 0.39 %assets(non-GAAP) Return on avg 1.04 % 1.54 % 0.84 % 0.80 % 0.55 % 0.06 % 1.28 % 0.32 %assets (GAAP) Effect of exclusions ? % (0.25 ) % 0.18 % (0.01 ) % 0.25 % 0.27 % (0.12 ) % 0.27 % from net incomeReturn on avgassets with 1.04 % 1.29 % 1.02 % 0.79 % 0.80 % 0.33 % 1.16 % 0.59 %exclusions(non-GAAP) Effect of adjustment for 0.10 % 0.12 % 0.11 % 0.10 % 0.10 % 0.07 % 0.11 % 0.09 % intangible assetsReturn on avgtangibleassets with 1.14 % 1.41 % 1.13 % 0.89 % 0.90 % 0.40 % 1.27 % 0.68 %exclusions(non-GAAP) (3)Shareholder Equity RatioShareholders?equity to 13.75 % 13.91 % 14.29 % 14.21 % 13.98 % 14.91 % 13.75 % 13.98 %actual assets(GAAP) Effect of adjustment for 5.53 % 5.68 % 5.96 % 6.02 % 6.01 % 6.43 % 5.53 % 6.01 % intangible assetsTangiblecapital ratio 8.22 % 8.23 % 8.33 % 8.19 % 7.97 % 8.48 % 8.22 % 7.97 %(non-GAAP)

RENASANT CORPORATION(Unaudited)(Dollars in thousands, except per share data) Six Months Ended 2021 2020 June 30, Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter 2021 2020Interest income (FTE) $ 122,617 $ 123,378 $ 123,823 $ 123,677 $ 125,630 $ 131,887 $ 245,995 $ 257,517 Interest expense 11,412 12,114 13,799 15,792 18,173 23,571 23,526 41,744 Net Interest income (FTE) $ 111,205 $ 111,264 $ 110,024 $ 107,885 $ 107,457 $ 108,316 $ 222,469 $ 215,773 Total noninterest income $ 47,610 $ 81,037 $ 62,864 $ 70,928 $ 64,170 $ 37,570 $ 128,647 $ 101,740 Securities gains (losses) ? 1,357 15 ? 31 ? 1,357 31 MSR valuation adjustment ? 13,561 1,968 828 (4,951 ) (9,571 ) 13,561 (14,522 ) Total adjusted noninterest $ 47,610 $ 66,119 $ 60,881 $ 70,100 $ 69,090 $ 47,141 $ 113,729 $ 116,231 income Total noninterest expense $ 108,777 $ 115,935 $ 122,152 $ 116,510 $ 118,285 $ 115,041 $ 224,712 $ 233,326 Amortization of 1,539 1,598 1,659 1,733 1,834 1,895 3,137 3,729 intangibles Debt prepayment penalty ? ? 3 28 90 ? ? 90 Restructuring charges 15 292 7,365 ? ? ? 307 ? Swap termination charges ? ? 2,040 ? ? ? ? ? COVID-19 related expenses 370 785 613 570 6,257 2,903 1,155 9,160 Provision for unfunded ? ? 500 2,700 2,600 3,400 ? 6,000 commitmentsTotal adjusted noninterest $ 106,853 $ 113,260 $ 109,972 $ 111,479 $ 107,504 $ 106,843 $ 220,113 $ 214,347 expense Efficiency Ratio (GAAP) 68.49 % 60.29 % 70.65 % 65.16 % 68.92 % 78.86 % 64.00 % 73.49 %(4) Adjusted Efficiency 67.28 % 63.85 % 64.35 % 62.63 % 60.89 % 68.73 % 65.47 % 64.56 %Ratio (non-GAAP)