GlobeNewswire Inc | Jan 25, 2022 04:30PM EST

January 25, 2022

TUPELO, Miss., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the Company) today announced earnings results for the fourth quarter of 2021. Net income for the fourth quarter of 2021 was $37.1 million, as compared to $31.5 million for the fourth quarter of 2020. Basic and diluted earnings per share (EPS) were $0.66 for the fourth quarter of 2021, as compared to basic and diluted EPS of $0.56 for the fourth quarter of 2020.

Net income for the year ended December31, 2021, was $175.9 million, as compared to net income of $83.7 million for the same period in 2020. Basic and diluted EPS were $3.13 and $3.12, respectively, for 2021, as compared to basic and diluted EPS of $1.49 and $1.48, respectively, for 2020.

I am proud of the Renasant team and the efforts they put forth in 2021. We generated strong loan production in the fourth quarter and throughout the year, had solid earnings, strengthened capital and have considerable balance sheet liquidity heading into 2022, commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. We believe that the economic strength of our markets is good and business activity is vibrant. Our focus remains on producing loan growth and on initiatives designed to improve profitability.

Quarterly Highlights

Earnings

-- Net income for the fourth quarter of 2021 was $37.1 million with diluted EPS of $0.66 and adjusted diluted EPS (non-GAAP)(1) of $0.68 -- Net interest income (fully tax equivalent) and core net interest income (fully tax equivalent) (non-GAAP)(1) for the fourth quarter of 2021 were $103.2 and $100.0 million, respectively. Core net interest income increased $1.7 million from the third quarter of 2021 -- For the fourth quarter of 2021, net interest margin was 2.81%, down 12 basis points on a linked quarter basis, and core net interest margin (non-GAAP)(1) was 2.73%, down 3 basis points on a linked quarter basis -- Cost of total deposits was 18 basis points for the fourth quarter of 2021, down 3 basis points on a linked quarter basis -- Noninterest income, excluding mortgage banking income and swap termination gains, for the fourth quarter of 2021 increased on a linked quarter basis, highlighting the Company's diverse revenue streams -- The Company recognized a $4.7 million gain on terminated swaps with a total notional amount of $100 million on future FHLB borrowings that are no longer expected to occur -- The mortgage division generated $1.17 billion in interest rate lock volume during the fourth quarter of 2021 and $5.88 billion for the year ended December 31, 2021 -- Fourth quarter noninterest expense decreased by $2.9 million on a linked quarter basis, primarily driven by a decrease in salaries and employee benefits expense resulting from ongoing efficiency initiatives -- The Company incurred a debt prepayment penalty of $6.1 million in connection with the prepayment of a $150 million long-term advance from the FHLB

Balance Sheet

-- Loans, excluding Paycheck Protection Program (PPP) loans (non-GAAP)(1), grew modestly as compared to the balance at September 30, 2021 and increased $157.6 million, or 1.61%, year over year -- The securities portfolio at the end of 2021 increased $258.0 million on a linked quarter basis -- The Company established a held-to-maturity securities portfolio during the fourth quarter, which had a balance of $416.0 million at December 31, 2021 -- Deposits at December 31, 2021 increased $651.0 million on a linked quarter basis, and noninterest bearing deposits represented 33.93% of total deposits as of the end of 2021

Capital

-- During November 2021, the Company completed the public offering and sale of $200 million of its 3.00% fixed-to-floating rate subordinated notes due 2031 -- The Company redeemed $15 million in subordinated notes in October 2021 and $30 million in December 2021, with an additional $30 million to be redeemed on March 1, 2022 -- The Company adopted a $50 million stock repurchase program that will remain in effect through October 2022; however, there was no buyback activity during the fourth quarter of 2021 and no current intent to repurchase stock

Credit Quality

-- The Company recorded a negative provision for credit losses on loans of $500 thousand and a negative provision for unfunded commitments (recorded in other noninterest expense) of $300 thousand for the fourth quarter of 2021 -- Allowance for credit losses on loans to total loans and the allowance to total loans (excluding PPP loans) (non-GAAP)(1) decreased on a linked quarter basis to 1.64% and 1.65%, respectively, at December 31, 2021 -- The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 323.14% at December 31, 2021 as compared to 299.68% at September 30, 2021 -- Net loan charge-offs for the fourth quarter of 2021 were $5.4 million, or 0.21% of average loans on an annualized basis, and net loan charge-offs for all of 2021 were $10.3 million, or 0.10% of average loans -- Credit metrics improved on a linked quarter basis with nonperforming loans to total loans decreasing six basis points to 0.51% and classified loans to total loans decreasing 27 basis points to 1.60% at year end -- Loan deferrals were approximately 0.01% of the Company's loan portfolio as of December 31, 2021, down from approximately 1.5% as of December 31, 2020

(1)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.

Income Statement

(Dollars inthousands, Three Months Ended Twelve Months Endedexcept pershare data) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020Interest incomeLoans heldfor $ 98,478 $ 102,627 $ 109,721 $ 112,006 $ 112,157 $ 422,832 $ 454,241investmentLoans held 3,652 2,377 3,604 2,999 3,083 12,632 12,191for saleSecurities 9,221 8,416 7,321 6,574 6,594 31,532 30,511Other 568 593 345 183 92 1,689 1,189Totalinterest 111,919 114,013 120,991 121,762 121,926 468,685 498,132incomeInterest expenseDeposits 6,056 6,972 7,669 8,279 9,841 28,976 54,016Borrowings 4,381 3,749 3,743 3,835 3,958 15,708 17,319Totalinterest 10,437 10,721 11,412 12,114 13,799 44,684 71,335expense(Recovery)provision for credit losses(Recovery)provision for (500 ) (1,200 ) ? ? 9,000 (1,700 ) 85,350loan lossesProvision forcredit losses 32 ? ? ? ? 32 ?on HTMsecuritiesProvision forother credit ? ? ? ? 1,500 ? 1,500lossesTotal(recovery) (468 ) (1,200 ) ? ? 10,500 (1,668 ) 86,850provision forcredit lossesNet interestincome after(recovery) 101,950 104,492 109,579 109,648 97,627 425,669 339,947provision forcredit lossesNoninterest 47,582 50,755 47,610 81,037 62,864 226,984 235,532incomeNoninterest 101,115 103,999 108,777 115,935 122,152 429,826 471,988expenseIncome before 48,417 51,248 48,412 74,750 38,339 222,827 103,491income taxesIncome taxes 11,363 11,185 7,545 16,842 6,818 46,935 19,840Net income $ 37,054 $ 40,063 $ 40,867 $ 57,908 $ 31,521 $ 175,892 $ 83,651 Adjusted netincome $ 38,232 $ 40,315 $ 41,169 $ 48,244 $ 38,131 $ 167,951 $ 109,115(non-GAAP)^(1)Adjustedpre-provisionnet revenue $ 49,190 $ 50,171 $ 48,797 $ 62,266 $ 57,392 $ 210,424 $ 231,136(?PPNR?)(non-GAAP)^(1) Basicearnings per $ 0.66 $ 0.71 $ 0.73 $ 1.03 $ 0.56 $ 3.13 $ 1.49shareDilutedearnings per 0.66 0.71 0.72 1.02 0.56 3.12 1.48shareAdjusteddilutedearnings per 0.68 0.71 0.73 0.85 0.68 2.98 1.93share(non-GAAP)^(1)Average basicshares 55,751,487 56,146,285 56,325,717 56,240,201 56,197,847 56,114,666 56,270,566outstandingAveragediluted 56,105,050 56,447,184 56,635,898 56,519,199 56,489,809 56,424,484 56,468,165sharesoutstandingCashdividends per $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.88 $ 0.88common share

(1)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.

Performance Ratios

Three Months Ended Twelve Months Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31, 2021 2021 2021 2021 2020 2021 2020Return onaverage 0.89 % 0.99 % 1.04 % 1.54 % 0.84 % 1.11 % 0.58 %assetsAdjustedreturn onaverage 0.92 0.99 1.04 1.29 1.02 1.06 0.75 assets(non-GAAP)^(1)Return onaveragetangible 0.98 1.08 1.14 1.69 0.94 1.21 0.66 assets(non-GAAP)^(1)Adjustedreturn onaveragetangible 1.01 1.09 1.14 1.41 1.13 1.16 0.85 assets(non-GAAP)^(1)Return onaverage 6.59 7.16 7.40 10.81 5.88 7.96 3.96 equityAdjustedreturn onaverage 6.80 7.21 7.46 9.01 7.11 7.60 5.16 equity(non-GAAP)^(1)Return onaveragetangible 11.94 13.05 13.54 19.93 11.26 14.53 7.83 equity(non-GAAP)^(1)Adjustedreturn onaveragetangible 12.31 13.13 13.64 16.68 13.52 13.89 10.06 equity(non-GAAP)^(1)Efficiencyratio (fully 67.04 66.77 68.49 60.29 70.65 65.35 70.53 taxequivalent)Adjustedefficiencyratio 64.18 66.06 67.28 63.85 64.35 65.32 64.00 (non-GAAP)^(1)Dividend 33.33 30.99 30.14 21.36 39.29 28.12 59.06 payout ratioEffective Tax 23.53 21.83 21.62 22.59 17.91 22.41 19.40 Rate

Capital and Balance Sheet Ratios

As of Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020Shares 55,756,233 55,747,407 56,350,878 56,294,346 56,200,487 OutstandingMarket Value $ 37.95 $ 36.05 $ 40.00 $ 41.38 $ 33.68 Per ShareBook Value Per 39.63 39.53 39.11 38.61 37.95 ShareTangible BookValue Per Share 22.35 22.22 21.95 21.41 20.69 (non-GAAP)^(1)Shareholders'Equity to 13.15 % 13.64 % 13.75 % 13.91 % 14.29 %AssetsTangible CommonEquity Ratio 7.86 8.15 8.22 8.23 8.33 (non-GAAP)^(1)Leverage Ratio 9.15 9.18 9.30 9.49 9.37 Common equitytier 1 capital 11.18 11.02 11.14 11.05 10.93 ratioTier 1risk-based 12.10 11.94 12.07 12.00 11.91 capital ratioTotalrisk-based 16.14 14.66 15.11 15.09 15.07 capital ratio

(1)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.

Noninterest Income and Noninterest Expense

(Dollars in Three Months Ended Twelve Months Endedthousands) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31, 2021 2021 2021 2021 2020 2021 2020Noninterest incomeServicecharges on $ 9,751 $ 9,337 $ 9,458 $ 8,023 $ 7,938 $ 36,569 $ 31,326depositaccountsFees and 3,885 3,837 4,110 3,900 3,616 15,732 13,043commissionsInsurance 2,353 2,829 2,422 2,237 2,193 9,841 8,990commissionsWealthmanagement 5,273 5,371 5,019 4,792 4,314 20,455 16,504revenueMortgage 14,726 23,292 20,853 50,733 39,760 109,604 150,499banking incomeSwaptermination 4,676 ? ? ? ? 4,676 ?gainsNet gains onsales of 49 764 ? 1,357 15 2,170 46securitiesBOLI income 2,048 1,602 1,644 2,072 1,868 7,366 5,627Other 4,821 3,723 4,104 7,923 3,160 20,571 9,497Totalnoninterest $ 47,582 $ 50,755 $ 47,610 $ 81,037 $ 62,864 $ 226,984 $ 235,532incomeNoninterest expenseSalaries andemployee $ 62,523 $ 69,115 $ 70,293 $ 78,696 $ 74,432 $ 280,627 $ 302,388benefitsData 5,346 5,277 5,652 5,451 5,373 21,726 20,685processingNet occupancy 11,177 11,748 11,374 12,538 13,153 46,837 54,080and equipmentOther real (60 ) 168 104 41 683 253 2,754estate ownedProfessional 3,209 2,972 2,674 2,921 2,938 11,776 11,293feesAdvertisingand public 2,929 2,922 3,100 3,252 1,762 12,203 10,322relationsIntangible 1,424 1,481 1,539 1,598 1,659 6,042 7,121amortizationCommunications 2,088 2,198 2,291 2,292 2,168 8,869 8,866Restructuring 61 ? 15 292 7,365 368 7,365chargesSwaptermination ? ? ? ? 2,040 ? 2,040chargesDebtprepayment 6,123 ? ? ? 3 6,123 121penaltyOther 6,295 8,118 11,735 8,854 10,576 35,002 44,953Totalnoninterest $ 101,115 $ 103,999 $ 108,777 $ 115,935 $ 122,152 $ 429,826 $ 471,988expense

Mortgage Banking Income

(Dollarsin Three Months Ended Twelve Months Endedthousands) Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31, 2021 2021 2021 2021 2020 2021 2020Gain onsales of $ 10,801 $ 20,116 $ 17,581 $ 33,901 $ 36,080 $ 82,399 $ 150,406 loans, netFees, net 4,320 3,420 4,519 4,902 5,318 17,161 18,914 Mortgageservicing (395 ) (244 ) (1,247 ) (1,631 ) (3,606 ) (3,517 ) (7,095 )income,netMSRvaluation ? ? ? 13,561 1,968 13,561 (11,726 )adjustmentTotalmortgage $ 14,726 $ 23,292 $ 20,853 $ 50,733 $ 39,760 $ 109,604 $ 150,499 bankingincome

Balance Sheet

(Dollars in As ofthousands) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020Assets Cash and cash $ 1,877,965 $ 1,476,141 $ 1,605,488 $ 1,261,916 $ 633,203 equivalentsSecurities held tomaturity, at 415,975 ? ? ? ? amortized costSecuritiesavailable for sale, 2,386,680 2,544,643 2,163,820 1,536,041 1,343,457 at fair valueLoans held for 453,533 452,869 448,959 502,002 417,771 sale, at fair valueLoans: Non purchased 9,011,012 8,875,880 8,892,544 9,292,502 9,419,540 Purchased 1,009,902 1,140,944 1,256,698 1,395,906 1,514,107 Total loans 10,020,914 10,016,824 10,149,242 10,688,408 10,933,647 Allowance forcredit losses on (164,171 ) (170,038 ) (172,354 ) (173,106 ) (176,144 )loansLoans, net 9,856,743 9,846,786 9,976,888 10,515,302 10,757,503 Premises and 293,122 294,499 293,203 300,917 300,496 equipment, netOther real estate 2,540 4,705 4,939 5,971 5,972 ownedGoodwill 939,683 939,683 939,683 939,683 939,683 Other intangibles 24,098 25,522 27,003 28,542 30,139 Bank-owned life 287,359 286,088 279,444 233,508 230,609 insuranceMortgage servicing 89,018 86,387 84,912 80,263 62,994 rightsOther assets 183,595 198,227 198,047 218,426 207,785 Total assets $ 16,810,311 $ 16,155,550 $ 16,022,386 $ 15,622,571 $ 14,929,612 Liabilities andShareholders? EquityLiabilities Deposits: Noninterest-bearing $ 4,718,124 $ 4,492,650 $ 4,349,135 $ 4,135,360 $ 3,685,048 Interest-bearing 9,187,600 8,762,179 8,766,216 8,601,548 8,374,033 Total deposits 13,905,724 13,254,829 13,115,351 12,736,908 12,059,081 Short-term 13,947 11,253 14,933 12,154 21,340 borrowingsLong-term debt 471,209 468,863 469,406 467,660 474,970 Other liabilities 209,578 216,661 218,889 232,148 241,488 Total liabilities 14,600,458 13,951,606 13,818,579 13,448,870 12,796,879 Shareholders? equity:Preferred stock ? ? ? ? ? Common stock $ 296,483 $ 296,483 $ 296,483 $ 296,483 $ 296,483 Treasury stock (118,027 ) (118,288 ) (97,249 ) (98,949 ) (101,554 )Additional paid-in 1,300,192 1,298,022 1,295,879 1,294,911 1,296,963 capitalRetained earnings 741,648 717,033 689,444 661,117 615,773 Accumulated othercomprehensive (10,443 ) 10,694 19,250 20,139 25,068 incomeTotal shareholders? 2,209,853 2,203,944 2,203,807 2,173,701 2,132,733 equityTotal liabilitiesand shareholders? $ 16,810,311 $ 16,155,550 $ 16,022,386 $ 15,622,571 $ 14,929,612 equity

Net Interest Income and Net Interest Margin

(Dollars in thousands) Three Months Ended December 31, 2021 September 30, 2021 December 31, 2020 Average Interest Yield/ Average Interest Yield/ Average Interest Yield/ Balance Income/ Balance Income/ Balance Income/ Expense Rate Expense Rate Expense RateInterest-earning assets: Non purchased loans $ 8,806,254 $ 85,362 3.85 % $ 8,690,443 $ 84,427 3.86 % $ 8,167,922 $ 81,626 3.98 %Purchased loans 1,079,630 13,823 5.09 % 1,200,429 15,840 5.24 % 1,598,593 21,560 5.37 %PPP loans 62,726 485 3.07 % 126,870 3,503 10.95 % 1,252,990 10,271 3.26 %Total loans 9,948,610 99,670 3.98 % 10,017,742 103,770 4.11 % 11,019,505 113,457 4.10 %Loans held for sale 498,724 3,652 2.93 % 451,586 2,376 2.13 % 389,435 3,083 3.15 %Taxable securities^(1) 2,245,249 7,293 1.30 % 1,942,647 6,688 1.38 % 985,695 4,953 2.00 %Tax-exempt securities 392,700 2,503 2.55 % 324,219 2,297 2.83 % 283,413 2,238 3.14 %Total securities 2,637,949 9,796 1.49 % 2,266,866 8,985 1.59 % 1,269,108 7,191 2.25 %Interest-bearing 1,522,433 568 0.15 % 1,520,227 592 0.15 % 381,919 92 0.10 %balances with banksTotal interest-earning 14,607,716 113,686 3.09 % 14,256,421 115,723 3.23 % 13,059,967 123,823 3.77 %assetsCash and due from banks 201,941 195,095 196,552 Intangible assets 964,575 965,960 970,624 Other assets 676,408 712,673 670,912 Total assets $ 16,450,640 $ 16,130,149 $ 14,898,055 Interest-bearing liabilities:Interest-bearing demand^ $ 6,460,178 $ 3,487 0.21 % $ 6,231,718 $ 3,821 0.24 % $ 5,607,906 $ 4,380 0.31 %(2)Savings deposits 1,045,784 151 0.06 % 1,006,847 192 0.08 % 830,304 165 0.08 %Time deposits 1,434,162 2,418 0.67 % 1,506,192 2,959 0.78 % 1,752,787 5,296 1.20 %Total interest-bearing 8,940,124 6,056 0.27 % 8,744,757 6,972 0.32 % 8,190,997 9,841 0.48 %depositsBorrowed funds 434,546 4,381 4.03 % 482,709 3,749 3.08 % 516,414 3,958 3.05 %Total interest-bearing 9,374,670 10,437 0.44 % 9,227,466 10,721 0.46 % 8,707,411 13,799 0.63 %liabilitiesNoninterest-bearing 4,633,885 4,470,262 3,808,595 depositsOther liabilities 210,404 212,990 249,674 Shareholders? equity 2,231,681 2,219,431 2,132,375 Total liabilities and $ 16,450,640 $ 16,130,149 $ 14,898,055 shareholders? equityNet interest income/ net $ 103,249 2.81 % $ 105,002 2.93 % $ 110,024 3.35 %interest marginCost of funding 0.30 % 0.31 % 0.44 %Cost of total deposits 0.18 % 0.21 % 0.33 %

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

Net Interest Income and Net Interest Margin, continued

(Dollars in Twelve Months Endedthousands) December 31, 2021 December 31, 2020 Average Interest Yield/ Average Interest Yield/ Balance Income/ Balance Income/ Expense Rate Expense RateInterest-earning assets:Non purchased loans $ 8,595,967 $ 334,492 3.79 % $ 7,927,817 $ 333,296 4.20 %Purchased loans 1,265,144 68,010 5.38 % 1,807,354 101,785 5.63 %PPP loans 448,959 24,794 7.38 % 858,385 23,605 2.75 %Total loans 10,310,070 427,296 4.15 % 10,593,556 458,686 4.33 %Loans held for sale 454,727 12,632 2.78 % 361,391 12,191 3.37 %Taxable securities^ 1,691,531 24,370 1.44 % 1,021,999 24,102 2.36 %(1)Tax-exempt 335,399 9,418 2.81 % 259,705 8,848 3.41 %securitiesTotal securities 2,026,930 33,788 1.67 % 1,281,704 32,950 2.57 %Interest-bearing 1,263,364 1,688 0.13 % 385,810 1,190 0.31 %balances with banksTotalinterest-earning 14,055,091 475,404 3.38 % 12,622,461 505,017 4.00 %assetsCash and due from 199,705 201,815 banksIntangible assets 966,733 973,287 Other assets 684,457 705,886 Total assets $ 15,905,986 $ 14,503,449 Interest-bearing liabilities:Interest-bearing $ 6,177,944 $ 15,308 0.25 % $ 5,277,374 $ 23,995 0.45 %demand^(2)Savings deposits 976,616 698 0.07 % 764,146 758 0.10 %Time deposits 1,539,763 12,970 0.84 % 1,952,213 29,263 1.50 %Totalinterest-bearing 8,694,323 28,976 0.33 % 7,993,733 54,016 0.68 %depositsBorrowed funds 470,993 15,708 3.34 % 765,769 17,319 2.26 %Totalinterest-bearing 9,165,316 44,684 0.49 % 8,759,502 71,335 0.81 %liabilitiesNoninterest-bearing 4,310,834 3,391,619 depositsOther liabilities 220,427 237,738 Shareholders? 2,209,409 2,114,590 equityTotal liabilitiesand shareholders? $ 15,905,986 $ 14,503,449 equityNet interest income/ net interest $ 430,720 3.07 % $ 433,682 3.44 %marginCost of funding 0.33 % 0.59 %Cost of total 0.22 % 0.47 %deposits

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

Supplemental Margin Information

(Dollars in thousands) Three Months Ended Twelve Months Ended Dec 31, Sep 30, Dec 31, Dec 31, Dec 31, 2021 2021 2020 2021 2020Earning asset mix: Loans held forinvestment excluding 67.68 % 69.38 % 74.79 % 70.16 % 77.13 %PPP loansPPP loans 0.43 0.89 9.59 3.19 6.80 Loans held for sale 3.41 3.17 2.98 3.24 2.86 Securities 18.06 15.90 9.72 14.42 10.15 Interest-bearing 10.42 10.66 2.92 8.99 3.06 balances with banksTotal 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Funding sources mix: Noninterest-bearing 33.08 % 32.64 % 30.43 % 32.00 % 27.91 %demandInterest-bearing 46.11 45.49 44.81 45.84 43.43 demandSavings 7.47 7.35 6.63 7.25 6.29 Time deposits 10.24 11.00 14.00 11.42 16.07 Borrowed funds 3.10 3.52 4.13 3.49 6.30 Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % Net interest incomecollected on problem $ 578 $ 316 $ 128 $ 4,412 $ 1,011 loansTotal accretion on 2,187 2,871 4,130 10,783 19,248 purchased loansTotal impact on net $ 2,765 $ 3,187 $ 4,258 $ 15,195 $ 20,259 interest incomeImpact on net interest 0.08 % 0.09 % 0.13 % 0.11 % 0.16 %marginImpact on loan yield 0.11 % 0.13 % 0.15 % 0.15 % 0.18 % Interest income on PPP $ 485 $ 3,503 $ 10,271 $ 24,794 $ 23,605 loansPPP impact on net ? % 0.07 % (0.01)% 0.08 % (0.05)%interest marginPPP impact on loan ? % 0.09 % (0.10)% 0.06 % (0.13)%yield

Loan Portfolio

(Dollars in As ofthousands) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020Loan Portfolio:Commercial,financial, $ 1,364,879 $ 1,368,557 $ 1,387,702 $ 1,388,423 $ 1,408,281agriculturalLease 76,125 79,215 74,003 75,256 75,862financingReal estate- 1,104,896 1,091,296 1,051,359 955,918 858,104constructionReal estate- 1-4 family 2,724,246 2,724,743 2,702,091 2,686,061 2,698,308mortgagesReal estate- commercial 4,549,037 4,535,730 4,530,169 4,549,027 4,554,852mortgagesInstallmentloans to 143,340 149,821 156,987 172,859 209,537individualsSubtotal 9,962,523 9,949,362 9,902,311 9,827,544 9,804,944PPP 58,391 67,462 246,931 860,864 1,128,703Total loans $ 10,020,914 $ 10,016,824 $ 10,149,242 $ 10,688,408 $ 10,933,647

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in As ofthousands) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020Nonperforming Assets:Non purchased Non purchasednonaccruing $ 30,751 $ 29,266 $ 27,101 $ 24,794 $ 20,369 loansNon purchasedloans 90 days 1,074 908 800 2,235 3,783 or more pastdueTotal nonpurchased 31,825 30,174 27,901 27,029 24,152 nonperformingloansNon purchasedother real 951 2,252 1,675 2,292 2,045 estate ownedTotal nonpurchased 32,776 32,426 29,576 29,321 26,197 nonperformingassetsPurchased Purchasednonaccruing $ 18,613 $ 26,492 $ 27,690 $ 28,947 $ 31,051 loansPurchasedloans 90 days 367 74 945 129 267 or more pastdueTotalpurchased 18,980 26,566 28,635 29,076 31,318 nonperformingloansPurchasedother real 1,589 2,453 3,264 3,679 3,927 estate ownedTotalpurchased $ 20,569 $ 29,019 $ 31,899 $ 32,755 $ 35,245 nonperformingassetsTotalnonperforming $ 50,805 $ 56,740 $ 56,536 $ 56,105 $ 55,470 loansTotalnonperforming $ 53,345 $ 61,445 $ 61,475 $ 62,076 $ 61,442 assetsAllowance forcredit losses $ 164,171 $ 170,038 $ 172,354 $ 173,106 $ 176,144 on loansNet loancharge-offs $ 5,367 $ 1,116 $ 752 $ 3,038 $ 954 (recoveries)Annualizednet loan 0.21 % 0.04 % 0.03 % 0.11 % 0.03 %charge-offs /average loansNonperformingloans / total 0.51 0.57 0.56 0.52 0.51 loansNonperformingassets / 0.32 0.38 0.38 0.40 0.41 total assetsAllowance forcredit losses 1.64 1.70 1.70 1.62 1.61 on loans /total loansAllowance forcredit losseson loans / 323.14 299.68 304.86 308.54 317.55 nonperformingloansNonperformingloans / totalloansexcluding PPP 0.51 0.57 0.57 0.57 0.57 loans(non-GAAP)^(1)Nonperformingassets /total assetsexcluding PPP 0.32 0.38 0.39 0.42 0.45 loans(non-GAAP)^(1)Allowance forcredit losseson loans /total loans 1.65 1.71 1.74 1.76 1.80 excluding PPPloans(non-GAAP)^(1)

(1)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.

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, January 26, 2022.

The webcast can be accessed through Renasants investor relations website at www.renasant.com or https://services.choruscall.com/mediaframe/webcast.html?webcastid=T0utveqz. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2021 Fourth 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.combeginning 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 1882552 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 9, 2022.

ABOUT RENASANT CORPORATION:Renasant Corporation is the parent of Renasant Bank, a 117-year-old financial services institution. Renasant has assets of approximately $16.8 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, focus, 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 and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) loans excluding Paycheck Protection Program (PPP) loans, (ii) core loan yield, (iii) core net interest income and margin, (iv) adjusted pre-provision net revenue, (v) adjusted net income, (vi) adjusted diluted earnings per share, (vii) tangible book value per share, (viii) tangible common equity ratio, (ix) certain asset quality ratios (namely, loans 30-89 past due to total loans, classified loans to total loans, nonperforming loans to total loans, nonperforming assets to total assets, net charge-offs to average loans and the allowance for credit losses to total loans) in each case excluding PPP loans, (x) certain performance ratios (namely, the ratio of adjusted pre-provision net revenue to average assets, the return on average assets and on average equity, and the return on average tangible assets and on average tangible common equity (including each on an as-adjusted basis)), and (xi) the adjusted efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, COVID-19 related expenses, debt prepayment penalties, restructuring 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 or, with respect to core loan yield and its asset quality measures, to exclude the Companys PPP loans. 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 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; with respect to the core loan yield and certain asset quality measures, management excludes PPP loans, which bear an interest rate fixed by Small Business Administration (SBA) regulations and are both forgivable and guaranteed by the SBA, to more clearly measure loan yields affected by competitive factors and potential loss in the Companys loan portfolio and the coverage therefor. 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, charges such as debt prepayment penalties, restructuring charges and COVID-19 related expenses, and the amount of PPP loans 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 below under the caption Non-GAAP Reconciliations.

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are 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.

Non-GAAP Reconciliations

(Dollars inthousands, Three Months Ended Twelve Months Endedexcept pershare data) Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Dec 31, 2021 Dec 31, 2020Adjusted Pre-Provision Net Revenue (?PPNR?) Net Income $ 37,054 $ 40,063 $ 40,867 $ 57,908 $ 31,521 $ 175,892 $ 83,651 (GAAP)Income taxes 11,363 11,185 7,545 16,842 6,818 46,935 19,840 Provision forcredit losses(including (768 ) (1,400 ) ? ? 11,000 (2,168 ) 96,050 unfundedcommitments)Pre-provisionnet revenue $ 47,649 $ 49,848 $ 48,412 $ 74,750 $ 49,339 $ 220,659 $ 199,541 (non-GAAP)Debtprepayment 6,123 ? ? ? 3 6,123 121 penaltiesSwaptermination (4,676 ) ? ? ? ? (4,676 ) ? gainsMSR valuation ? ? ? (13,561 ) (1,968 ) (13,561 ) 11,726 adjustmentRestructuring 61 ? 15 292 7,365 368 7,365 chargesSwaptermination ? ? ? ? 2,040 ? 2,040 chargesCOVID-19related 33 323 370 785 613 1,511 10,343 expenses^(1)Adjustedpre-provision $ 49,190 $ 50,171 $ 48,797 $ 62,266 $ 57,392 $ 210,424 $ 231,136 net revenue(non-GAAP) Adjusted Net Income and Adjusted Tangible Net IncomeNet Income $ 37,054 $ 40,063 $ 40,867 $ 57,908 $ 31,521 $ 175,892 $ 83,651 (GAAP)Amortizationof 1,424 1,481 1,539 1,598 1,659 6,042 7,121 IntangiblesTax effect ofadjustments (335 ) (323 ) (333 ) (361 ) (297 ) (1,354 ) (1,382 )noted above^(2)Tangible NetIncome $ 38,143 $ 41,221 $ 42,073 $ 59,145 $ 32,883 $ 180,580 $ 89,390 (non-GAAP) Net Income $ 37,054 $ 40,063 $ 40,867 $ 57,908 $ 31,521 $ 175,892 $ 83,651 (GAAP)Debtprepayment 6,123 ? ? ? 3 6,123 121 penaltiesSwaptermination (4,676 ) ? ? ? ? (4,676 ) ? gainMSR valuation ? ? ? (13,561 ) (1,968 ) (13,561 ) 11,726 adjustmentRestructuring 61 ? 15 292 7,365 368 7,365 chargesSwaptermination ? ? ? ? 2,040 ? 2,040 chargesCOVID-19related 33 323 370 785 613 1,511 10,343 expenses^(1)Tax effect ofadjustments (363 ) (71 ) (83 ) 2,820 (1,443 ) 2,294 (6,131 )noted above^(2)Adjusted NetIncome $ 38,232 $ 40,315 $ 41,169 $ 48,244 $ 38,131 $ 167,951 $ 109,115 (non-GAAP)Amortizationof 1,424 1,481 1,539 1,598 1,659 6,042 7,121 IntangiblesTax effect ofadjustments (335 ) (323 ) (333 ) (361 ) (297 ) (1,354 ) (1,382 )noted above^(2)AdjustedTangible Net $ 39,321 $ 41,473 $ 42,375 $ 49,481 $ 39,493 $ 172,639 $ 114,854 Income(non-GAAP) Tangible Assets and Tangible Shareholders? EquityAverageshareholders? $ 2,231,681 $ 2,219,431 $ 2,213,743 $ 2,172,425 $ 2,132,375 $ 2,209,409 $ 2,114,590 equity (GAAP)Averageintangible 964,575 965,960 967,430 969,001 970,624 966,733 973,287 assetsAveragetangibleshareholders? $ 1,267,106 $ 1,253,471 $ 1,246,313 $ 1,203,424 $ 1,161,751 $ 1,242,676 $ 1,141,303 equity(non-GAAP) Average $ 16,450,640 $ 16,130,149 $ 15,831,018 $ 15,203,691 $ 14,898,055 $ 15,905,986 $ 14,503,449 assets (GAAP)Averageintangible 964,575 965,960 967,430 969,001 970,624 966,733 973,287 assetsAveragetangible $ 15,486,065 $ 15,164,189 $ 14,863,588 $ 14,234,690 $ 13,927,431 $ 14,939,253 $ 13,530,162 assets(non-GAAP) Shareholders? $ 2,209,853 $ 2,203,944 $ 2,203,807 $ 2,173,701 $ 2,132,733 $ 2,209,853 $ 2,132,733 equity (GAAP)Intangible 963,781 965,205 966,686 968,225 969,823 963,781 969,823 assetsTangibleshareholders? $ 1,246,072 $ 1,238,739 $ 1,237,121 $ 1,205,476 $ 1,162,910 $ 1,246,072 $ 1,162,910 equity(non-GAAP) Total assets $ 16,810,311 $ 16,155,550 $ 16,022,386 $ 15,622,571 $ 14,929,612 $ 16,810,311 $ 14,929,612 (GAAP)Intangible 963,781 965,205 966,686 968,225 969,823 963,781 969,823 assetsTotaltangible $ 15,846,530 $ 15,190,345 $ 15,055,700 $ 14,654,346 $ 13,959,789 $ 15,846,530 $ 13,959,789 assets(non-GAAP) AdjustedPerformance RatiosReturn onaverage 0.89 % 0.99 % 1.04 % 1.54 % 0.84 % 1.11 % 0.58 %assets (GAAP)Adjustedreturn onaverage 0.92 % 0.99 % 1.04 % 1.29 % 1.02 % 1.06 % 0.75 %assets(non-GAAP)Return onaveragetangible 0.98 % 1.08 % 1.14 % 1.69 % 0.94 % 1.21 % 0.66 %assets(non-GAAP)Adjustedpre-provisionnet revenue 1.19 % 1.23 % 1.24 % 1.66 % 1.53 % 1.32 % 1.59 %to averageassets(non-GAAP)Adjustedreturn onaverage 1.01 % 1.09 % 1.14 % 1.41 % 1.13 % 1.16 % 0.85 %tangibleassets(non-GAAP)Return onaverage 6.59 % 7.16 % 7.40 % 10.81 % 5.88 % 7.96 % 3.96 %equity (GAAP)Adjustedreturn onaverage 6.80 % 7.21 % 7.46 % 9.01 % 7.11 % 7.60 % 5.16 %equity(non-GAAP)Return onaveragetangible 11.94 % 13.05 % 13.54 % 19.93 % 11.26 % 14.53 % 7.83 %equity(non-GAAP)Adjustedreturn onaverage 12.31 % 13.13 % 13.64 % 16.68 % 13.52 % 13.89 % 10.06 %tangibleequity(non-GAAP) Adjusted Diluted Earnings Per Share AverageDiluted 56,105,050 56,447,184 56,635,898 56,519,199 56,489,809 56,424,484 56,468,165 SharesOutstanding Dilutedearnings per $ 0.66 $ 0.71 $ 0.72 $ 1.02 $ 0.56 $ 3.12 $ 1.48 share (GAAP)Adjusteddilutedearnings per $ 0.68 $ 0.71 $ 0.73 $ 0.85 $ 0.68 $ 2.98 $ 1.93 share(non-GAAP) Tangible BookValue Per ShareShares 55,756,233 55,747,407 56,350,878 56,294,346 56,200,487 55,756,233 56,200,487 Outstanding Book ValuePer Share $ 39.63 $ 39.53 $ 39.11 $ 38.61 $ 37.95 $ 39.63 $ 37.95 (GAAP)Tangible BookValue Per $ 22.35 $ 22.22 $ 21.95 $ 21.41 $ 20.69 $ 22.35 $ 20.69 Share(non-GAAP) TangibleCommon Equity RatioShareholders'Equity to 13.15 % 13.64 % 13.75 % 13.91 % 14.29 % 13.15 % 14.29 %Assets (GAAP)TangibleCommon Equity 7.86 % 8.15 % 8.22 % 8.23 % 8.33 % 7.86 % 8.33 %Ratio(non-GAAP) AdjustedEfficiency RatioNet interestincome (FTE) 103,249 105,002 111,205 111,264 110,024 430,720 433,682 (GAAP) TotalNoninterest 47,582 50,755 47,610 81,037 62,864 226,984 235,532 income (GAAP)MSR Valuation ? ? ? 13,561 1,968 13,561 (11,726 )AdjustmentSwaptermination 4,676 ? ? ? ? 4,676 ? gainsSecuritiesgains 49 764 ? 1,357 15 2,170 46 (losses)Totaladjustednoninterest 42,857 49,991 47,610 66,119 60,881 206,577 247,212 income(non-GAAP) Noninterestexpense 101,115 103,999 108,777 115,935 122,152 429,826 471,988 (GAAP)Amortizationof 1,424 1,481 1,539 1,598 1,659 6,042 7,121 intangiblesDebtprepayment 6,123 ? ? ? 3 6,123 121 penaltySwaptermination ? ? ? ? 2,040 ? 2,040 chargesRestructuring 61 ? 15 292 7,365 368 7,365 chargesProvision forunfunded (300 ) (200 ) ? ? 500 (500 ) 9,200 commitmentsCOVID-19related 33 323 370 785 613 1,511 10,343 expenses^(1)Totaladjustednoninterest 93,774 102,395 106,853 113,260 109,972 416,282 435,798 expense(non-GAAP) Efficiency 67.04 % 66.77 % 68.49 % 60.29 % 70.65 % 65.35 % 70.53 %Ratio (GAAP)AdjustedEfficiency 64.18 % 66.06 % 67.28 % 63.85 % 64.35 % 65.32 % 64.00 %Ratio(non-GAAP) Core Net Interest Income and Core Net Interest MarginNet interestincome (FTE) $ 103,249 $ 105,002 $ 111,205 $ 111,264 $ 110,024 $ 430,720 $ 433,682 (GAAP)Net interestincome 578 316 1,339 2,180 128 4,412 1,011 collected onproblem loansAccretionrecognized on 2,187 2,871 2,638 3,088 4,130 10,783 19,248 purchasedloansInterestincome 485 3,503 10,120 10,687 10,271 24,794 23,605 recognized onPPP loansCore netinterest $ 99,999 $ 98,312 $ 97,108 $ 95,309 $ 95,495 $ 390,731 $ 389,818 income (FTE)(non-GAAP) Averageearning $ 14,607,716 $ 14,256,421 $ 13,989,264 $ 13,358,677 $ 13,059,967 $ 14,055,091 $ 12,622,461 assets (GAAP)Average PPP 62,726 126,870 628,462 985,561 1,252,990 448,959 858,385 loansAverageearningassets $ 14,544,990 $ 14,129,551 $ 13,360,802 $ 12,373,116 $ 11,806,977 $ 13,606,132 $ 11,764,076 excluding PPPloans(non-GAAP) Net interest 2.81 % 2.93 % 3.19 % 3.37 % 3.35 % 3.07 % 3.44 %margin (GAAP)Core netinterest 2.73 % 2.76 % 2.92 % 3.12 % 3.22 % 2.87 % 3.31 %margin(non-GAAP) Core Loan YieldLoan interestincome (FTE) $ 99,670 $ 103,769 $ 110,785 $ 113,072 $ 113,457 $ 427,296 $ 458,686 (GAAP)Net interestincome 578 316 1,339 2,180 128 4,412 1,011 collected onproblem loansAccretionrecognized on 2,187 2,871 2,638 3,088 4,130 10,783 19,248 purchasedloansInterestincome 485 3,503 10,120 10,687 10,271 24,794 23,605 recognized onPPP loansCore loaninterest $ 96,420 $ 97,079 $ 96,688 $ 97,117 $ 98,928 $ 387,307 $ 414,822 income (FTE)(non-GAAP) Average loans $ 9,948,610 $ 10,017,742 $ 10,478,121 $ 10,802,991 $ 11,019,505 $ 10,310,070 $ 10,593,556 (GAAP)Average PPP 62,726 126,870 628,462 985,561 1,252,990 448,959 858,385 loansAverage loansexcluding PPP $ 9,885,884 $ 9,890,872 $ 9,849,659 $ 9,817,430 $ 9,766,515 $ 9,861,111 $ 9,735,171 loans(non-GAAP) Loan yield 3.98 % 4.11 % 4.24 % 4.24 % 4.10 % 4.15 % 4.33 %(GAAP)Core loanyield 3.87 % 3.89 % 3.94 % 4.01 % 4.03 % 3.93 % 4.26 %(non-GAAP) AdjustedAsset Quality RatiosTotal loans $ 10,020,914 $ 10,016,824 $ 10,149,242 $ 10,688,408 $ 10,933,647 $ 10,020,914 $ 10,933,647 (GAAP)PPP loans 58,391 67,462 246,931 860,864 1,128,703 58,391 1,128,703 Total loansexcluding PPP $ 9,962,523 $ 9,949,362 $ 9,902,311 $ 9,827,544 $ 9,804,944 $ 9,962,523 $ 9,804,944 loans(non-GAAP) Loans 30-89 $ 27,604 $ 14,806 $ 15,077 $ 21,801 $ 26,286 $ 27,604 $ 26,286 days past dueLoans 30-89days past due 0.28 % 0.15 % 0.15 % 0.20 % 0.24 % 0.28 % 0.24 %/ total loans(GAAP)Loans 30-89days past due/ total loans 0.28 % 0.15 % 0.15 % 0.22 % 0.27 % 0.28 % 0.27 %excluding PPPloans(non-GAAP) Classified $ 160,790 $ 187,223 $ 206,724 $ 229,243 $ 236,063 $ 160,790 $ 236,063 loansClassifiedloans / total 1.60 % 1.87 % 2.04 % 2.14 % 2.16 % 1.60 % 2.16 %loans (GAAP)Classifiedloans / totalloans 1.61 % 1.88 % 2.09 % 2.33 % 2.41 % 1.61 % 2.41 %excluding PPPloans(non-GAAP) Nonperforming $ 50,805 $ 56,740 $ 56,536 $ 56,105 $ 55,470 $ 50,805 $ 55,470 loansNonperformingloans / total 0.51 % 0.57 % 0.56 % 0.52 % 0.51 % 0.51 % 0.51 %loans (GAAP)Nonperformingloans / totalloans 0.51 % 0.57 % 0.57 % 0.57 % 0.57 % 0.51 % 0.57 %excluding PPPloans(non-GAAP) Allowance forcredit losses $ 164,171 $ 170,038 $ 172,354 $ 173,106 $ 176,144 $ 164,171 $ 176,144 on loansACL / total 1.64 % 1.70 % 1.70 % 1.62 % 1.61 % 1.64 % 1.61 %loans (GAAP)ACL / totalloansexcluding PPP 1.65 % 1.71 % 1.74 % 1.76 % 1.80 % 1.65 % 1.80 %loans(non-GAAP) Average loans $ 9,948,610 $ 10,017,742 $ 10,478,121 $ 10,802,991 $ 11,019,505 $ 10,310,070 $ 10,593,556 (GAAP)Average PPP 62,726 126,870 628,462 985,561 1,252,990 448,959 858,385 loansAverage loansexcluding PPP $ 9,885,884 $ 9,890,872 $ 9,849,659 $ 9,817,430 $ 9,766,515 $ 9,861,111 $ 9,735,171 loans(non-GAAP) Net $ 5,367 $ 1,116 $ 752 $ 3,038 $ 954 $ 10,273 $ 3,852 charge-offsAnnualizednetcharge-offs / 0.21 % 0.04 % 0.03 % 0.11 % 0.03 % 0.10 % 0.04 %average loans(GAAP)Annualizednetcharge-offs /average loans 0.22 % 0.04 % 0.03 % 0.13 % 0.04 % 0.10 % 0.04 %excluding PPPloans(non-GAAP) Total assets $ 16,810,311 $ 16,155,550 $ 16,022,386 $ 15,622,571 $ 14,929,612 $ 16,810,311 $ 14,929,612 (GAAP)PPP loans 58,391 67,462 246,931 860,864 1,128,703 58,391 1,128,703 Total assetsexcluding PPP $ 16,751,920 $ 16,088,088 $ 15,775,455 $ 14,761,707 $ 13,800,909 $ 16,751,920 $ 13,800,909 loans(non-GAAP) Nonperforming $ 53,345 $ 61,445 $ 61,475 $ 62,076 $ 61,442 $ 53,345 $ 61,442 assetsNonperformingassets / 0.32 % 0.38 % 0.38 % 0.40 % 0.41 % 0.32 % 0.41 %total assets(GAAP)Nonperformingassets /total assets 0.32 % 0.38 % 0.39 % 0.42 % 0.45 % 0.32 % 0.45 %excluding PPPloans(non-GAAP)

(1)Primarily consists of employee overtime and employee benefit accruals directly related to the response to the COVID-19 pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and 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) as well as more frequent and rigorous branch cleaning.(2)Tax effect is calculated based on the respective periods effective tax rate.

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