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

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



Contacts:	For Media:	For Financials:
	John Oxford	Kevin Chapman
	Vice President	Executive Vice President
	Director of External Affairs	Chief Financial Officer
	(662) 680-1219	(662) 680-1450
	joxford@renasant.com	kchapman@renasant.com

Renasant Announces 2015 Third Quarter Earnings of $0.40 per share; $0.53 per share excluding merger expenses

TUPELO, MISSISSIPPI (October 20, 2015) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced its financial results for the third quarter of 2015. Net income for the third quarter of 2015 increased to $16.22 million, or basic and diluted earnings per share (“EPS”) of $0.40, as compared to $15.54 million, or basic and diluted EPS of $0.49, for the third quarter of 2014.

The Company’s balance sheet and results of operations as of and for the three months ending September 30, 2015, include the impact of the Company’s acquisition of Heritage Financial Group, Inc. (“Heritage”), a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, a Georgia savings bank, which was completed on July 1, 2015. At the acquisition date, Heritage had $2.02 billion in total assets, $1.11 billion in loans, and $1.37 billion in deposits. The assets acquired and liabilities assumed are recorded at estimated fair value and are subject to change pending finalization of all valuations.

During the third quarter of 2015, the Company incurred pre-tax merger expenses related to the Heritage merger of approximately $7.75 million, or $5.15 million on an after-tax basis, which equated to a reduction of $0.13 in basic and diluted EPS for the third quarter of 2015.

For the third quarter of 2015, the Company’s return on average assets and return on average equity were 0.81% and 6.28%, respectively, as compared to 1.07% and 8.84%, respectively, for the third quarter of 2014. The Company’s 2015 third quarter return on average tangible assets and return on average tangible equity were 0.93% and 12.20%, respectively, as compared to 1.20% and 16.50%, respectively, for the third quarter of 2014. Excluding merger expenses on an after-tax basis, return on average assets and return on average equity were 1.07% and 8.28%, respectively, and return on average tangible assets and return on average tangible equity were 1.14% and 14.95%, respectively, for the third quarter of 2015. The following table provides profitability metrics for the third quarter of 2015 including and excluding the impact of after-tax merger expenses from the Heritage acquisition:



	As Reported	Excluding Merger Expenses
Return on average assets	0.81%	1.07%
Return on average tangible assets	0.93%	1.14%
Return on average equity	6.28%	8.28%
Return on average tangible equity	12.20%	14.95%

“We are pleased with our third quarter financial results highlighted by the completion of the Heritage acquisition and 23.18% annualized linked quarter legacy loan growth,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Excluding merger expenses on an after-tax basis, our diluted EPS of $0.53 per share represents some of the highest reported quarterly earnings for the Company and was driven by the strong performance of our

legacy company coupled with the successful conversion of Heritage’s operations. Furthermore, the continued sustainability of this profitability is reflected in our return on average assets, excluding merger expenses, of 1.07% for the quarter, marking the sixth consecutive quarter we’ve achieved greater than 1.00% return on average assets.”

Total assets as of September 30, 2015, were approximately $7.92 billion, as compared to $5.81 billion from December 31, 2014, and $5.90 billion on a linked quarter basis.

Total loans, including loans acquired in either the Heritage merger, First M&F Corporation (“First M&F”) merger or in FDIC-assisted transactions (collectively referred to as “acquired loans”), were approximately $5.28 billion at September 30, 2015, as compared to $3.99 billion at December 31, 2014, and $4.04 billion on a linked quarter basis. Excluding acquired loans, loans grew $339.52 million, or 13.89% annualized, to $3.61 billion at September 30, 2015, as compared to $3.27 billion at December 31, 2014, and increased $199.08 million, or 23.18% annualized, from $3.41 billion on a linked quarter basis.

Total deposits were $6.23 billion at September 30, 2015, as compared to $4.84 billion at December 31, 2014, and $4.89 billion on a linked quarter basis. The increase in deposits is primarily attributable to the acquisition of Heritage. Noninterest-bearing deposits averaged approximately $1.27 billion, which represents 20.38% of the Company’s average deposits, for the third quarter of 2015, as compared to $896.86 million, or 18.74% of average deposits, for the third quarter of 2014. The Company’s cost of funds was 33 basis points for the third quarter of 2015, as compared to 47 basis points for the same quarter in 2014.

As of September 30, 2015, the Company's Tier 1 leverage capital ratio was 8.94%, its Common Equity Tier 1 risk-based capital ratio was 9.82%, its Tier 1 risk-based capital ratio was 11.32%, and its total risk-based capital ratio was 12.09%. The Company’s regulatory capital ratios continue to be in excess of the regulatory minimums required to be classified as “well-capitalized.” At September 30, 2015 our tangible common equity ratio was 7.40%.

Net interest income was $68.68 million for the third quarter of 2015, as compared to $50.47 million for the third quarter of 2014, and $51.67 million on a linked quarter basis. Net interest margin was 4.09% for the third quarter of 2015, as compared to 4.12% for the third quarter of 2014, and 4.17% on a linked quarter basis. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased net interest margin 4 basis points in the third quarter of 2015, as compared to 28 basis points on a linked quarter basis and 11 basis points in the third quarter of 2014.

Noninterest income was $32.12 million for the third quarter of 2015, as compared to $22.56 million for the third quarter of 2014, and $22.92 million on a linked quarter basis. The increase in noninterest income is primarily attributable to the Heritage acquisition and its mortgage operations.

Noninterest expense was $76.09 million for the third quarter of 2015, as compared to $48.18 million for the third quarter of 2014 and $51.18 million on a linked quarter basis. The increase in noninterest expense, when compared to the same period in 2014 as well as on a linked quarter basis, was primarily due to the expenses of the acquired Heritage operations as well as merger expenses incurred during the quarter in connection with the Heritage acquisition of $7.75 million.

At September 30, 2015, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $47.20 million and total OREO was $36.33 million. The Company’s nonperforming loans and OREO that were acquired either through the Heritage merger, First M&F merger or in connection with FDIC-assisted transactions (collectively referred to as “acquired nonperforming assets”) were $32.03 million and $22.40 million, respectively, at September 30, 2015.

Since the acquired nonperforming assets were recorded at fair value at the time of acquisition or subject to loss-share agreements with the FDIC, which significantly mitigates our actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets.

The Company’s nonperforming loans were $15.17 million as of September 30, 2015, as compared to $20.19 million as of December 31, 2014. Nonperforming loans as a percentage of total loans were 0.42% as of September 30, 2015, as compared to 0.62% as of December 31, 2014.

Annualized net charge-offs as a percentage of average loans were 0.04% for the third quarter of 2015, as compared to 0.50% for the third quarter of 2014. The Company recorded a provision for loan losses of $750 thousand for the third quarter of 2015, as compared to $2.22 million for the third quarter of 2014.

The allowance for loan losses totaled $42.05 million at September 30, 2015, as compared to $42.29 million as of December 31, 2014. The allowance for loan losses as a percentage of loans was 1.17% as of September 30, 2015, as compared to 1.29% as of December 31, 2014.

The Company’s coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 277.22% as of September 30, 2015, as compared to 209.49% as of December 31, 2014. Loans 30-to-89 days past due as a percentage of total loans declined to 0.23% at September 30, 2015, as compared to 0.32% at December 31, 2014. OREO was $13.94 million as of September 30, 2015, as compared to $17.09 million as of December 31, 2014.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, October 21, 2015.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst151021. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Third Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10074200 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until November 4, 2015.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 111-year-old financial services institution. Renasant has assets of approximately $7.9 billion and operates more than 170 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

NOTE TO INVESTORS:

This news release may contain, or incorporate by reference, statements which may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions.

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

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 certain non-GAAP financial measures. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, which the Company’s management uses when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indications of its operating performance particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies.

The specific non-GAAP financial measures used are return on average tangible shareholders’ equity, return on average tangible assets and the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”). The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to other 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.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”

###



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																							Q3 2015 -		For The Nine Months Ending
		2015									2014												Q3 2014		September 30,
		Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	76,242		$	58,516		$	55,910		$	57,335		$	58,098		$	60,002		$	57,811		31.23		$	190,668		$	175,911		8.39
Interest income		$	74,300		$	56,769		$	54,166		$	55,597		$	56,358		$	58,277		$	56,177		31.84		$	185,235		$	170,812		8.44
Interest expense		5,620			5,099			5,324			5,580			5,886			6,108			6,206			(4.52	)	$	16,043		$	18,200		(11.85	)
	Net interest income	68,680			51,670			48,842			50,017			50,472			52,169			49,971			36.08		169,192			152,612			10.86
Provision for loan losses		750			1,175			1,075			1,050			2,217			1,450			1,450			(66.17	)	3,000			5,117			(41.37	)
	Net interest income after provision	67,930			50,495			47,767			48,967			48,255			50,719			48,521			40.77		166,192			147,495			12.68
Service charges on deposit accounts		8,151			6,522			6,335			6,905			7,107			6,533			6,211			14.69		21,008			19,851			5.83
Fees and commissions on loans and deposits		5,704			4,954			4,492			4,772			5,877			5,175			4,677			(2.94	)	15,150			15,729			(3.68	)
Insurance commissions and fees		2,381			2,119			1,967			1,973			2,270			2,088			1,863			4.89		6,467			6,221			3.95
Wealth management revenue		2,871			2,248			2,190			2,144			2,197			2,170			2,144			30.68		7,309			6,511			12.26
Securities gains (losses)		—			96			—			—			375			—			—			(100.00	)	96			375			(74.40	)
Gain on sale of mortgage loans		10,578			5,407			4,633			2,367			2,635			2,006			1,585			301.44		20,618			6,226			231.16
Gain on acquisition		—			—			—			—			—			—			—			—		—			—			—
Other		2,432			1,571			2,287			1,809			2,102			1,499			2,136			15.70		6,290			5,737			9.64
	Total noninterest income	32,117			22,917			21,904			19,970			22,563			19,471			18,616			42.34		76,938			60,650			26.86
Salaries and employee benefits		43,048			30,394			28,260			27,301			29,569			29,810			28,428			45.58		101,702			87,807			15.82
Data processing		3,773			3,152			3,181			2,949			2,906			2,850			2,695			29.83		10,106			8,451			19.58
Occupancy and equipment		7,733			5,524			5,559			5,146			5,353			4,906			4,847			44.46		18,816			15,106			24.56
Other real estate		861			954			532			723			1,101			1,068			1,701			(21.80	)	2,347			3,870			(39.35	)
Amortization of intangibles		1,803			1,239			1,275			1,327			1,381			1,427			1,471			30.56		4,317			4,279			0.89
Merger-related expenses		7,746			1,467			478			499			—			—			195			1.00		9,691			195			4,869.74
Debt extinguishment penalty		—			—			—			—			—			—			—			—		—			—			—
Other		11,121			8,446			8,129			8,034			7,865			9,335			8,308			41.40		27,696			25,508			8.58
	Total noninterest expense	76,085			51,176			47,414			45,979			48,175			49,396			47,645			57.93		174,675			145,216			20.29
Income before income taxes		23,962			22,236			22,257			22,958			22,643			20,794			19,492			5.83		68,455			62,929			8.78
Income taxes		7,742			6,842			7,017			7,361			7,108			5,941			5,895			8.92		21,601			18,944			14.03
	Net income	$	16,220		$	15,394		$	15,240		$	15,597		$	15,535		$	14,853		$	13,597		4.41		$	46,854		$	43,985		6.52
Basic earnings per share		$	0.40		$	0.49		$	0.48		$	0.49		$	0.49		$	0.47		$	0.43		(18.37	)	$	1.36		$	1.40		(2.86	)
Diluted earnings per share		0.40			0.48			0.48			0.49			0.49			0.47			0.43			(18.37	)	1.35			1.39			(2.88	)
Average basic shares outstanding		40,265,941			31,626,059			31,576,275			31,537,278			31,526,423			31,496,737			31,436,148			27.72		34,521,255			31,486,767			9.64
Average diluted shares outstanding		40,518,413			31,865,172			31,815,710			31,781,734			31,718,529			31,698,198			31,668,362			27.74		34,799,118			31,694,601			9.80
Common shares outstanding		40,268,455			31,644,706			31,604,937			31,545,145			31,533,703			31,519,641			31,480,395			27.70		40,268,455			31,533,703,000			27.70
Cash dividend per common share		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		—		$	0.51		$	0.51		—
Performance ratios
Return on average shareholders' equity		6.28		%	8.42		%	8.59		%	8.72		%	8.84		%	8.67		%	8.19		%			7.58		%	8.58		%
Return on average tangible shareholders' equity (1)		12.20		%	14.89		%	15.45		%	15.90		%	16.50		%	16.55		%	16.05		%			13.98		%	16.37		%
Return on average assets		0.81		%	1.06		%	1.06		%	1.08		%	1.07		%	1.02		%	0.93		%			0.96		%	1.01		%
Return on average tangible assets (2)		0.93		%	1.17		%	1.18		%	1.20		%	1.20		%	1.15		%	1.05		%			1.08		%	1.13		%
Net interest margin (FTE)		4.09		%	4.17		%	4.03		%	4.09		%	4.12		%	4.24		%	4.04		%			4.10		%	4.13		%
Yield on earning assets (FTE)		4.42		%	4.57		%	4.45		%	4.53		%	4.58		%	4.72		%	4.53		%			4.47		%	4.61		%
Cost of funding		0.33		%	0.40		%	0.43		%	0.45		%	0.47		%	0.48		%	0.48		%			0.38		%	0.48		%
Average earning assets to average assets		86.57		%	87.79		%	87.49		%	87.41		%	87.32		%	87.39		%	87.35		%			87.22		%	87.35		%
Average loans to average deposits		83.63		%	81.93		%	81.44		%	82.67		%	82.26		%	79.11		%	77.00		%			82.45		%	79.44		%
Noninterest income (less securities gains/
	losses) to average assets	1.61		%	1.57		%	1.53		%	1.38		%	1.53		%	1.34		%	1.27		%			1.57		%	1.38		%
Noninterest expense (less debt prepayment penalties/
	merger-related expenses) to average assets	3.43		%	3.41		%	3.27		%	3.14		%	3.32		%	3.39		%	3.25		%			3.38		%	3.32		%
Net overhead ratio		1.82		%	1.84		%	1.74		%	1.76		%	1.79		%	2.06		%	1.97		%			1.80		%	1.94		%
Efficiency ratio (FTE) (4)		64.76		%	63.58		%	62.99		%	61.56		%	62.90		%	65.38		%	65.48		%			63.89		%	64.56		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																							Q3 2015		For The Nine Months Ending
		2015									2014												Q3 2014		September 30,
		Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Average Balances
Total assets		$	7,905,538		$	5,847,539		$	5,821,758		$	5,746,146		$	5,758,083		$	5,836,607		$	5,927,884		37.29		$	6,532,577		$	5,840,233		11.85
Earning assets		6,843,888			5,133,567			5,093,224			5,022,647			5,027,805			5,100,833			5,178,069			36.12		5,697,976			5,101,686			11.69
Securities		1,145,013			999,962			989,743			979,052			1,001,548			1,026,948			1,002,519			14.32		1,046,812			1,010,335			3.61
Mortgage loans held for sale		398,480			87,435			50,918			27,443			31,832			26,004			19,925			1,151.82		180,217			25,964			594.10
Loans, net of unearned		5,223,273			3,978,514			3,969,244			3,954,606			3,937,142			3,897,027			3,868,747			32.67		4,394,937			3,901,223			12.66
Intangibles		456,811			295,441			296,682			297,978			300,725			302,181			303,599			51.90		350,231			302,158			15.91
Noninterest-bearing deposits		1,272,714			969,770			932,011			936,672			896,856			905,180			949,317			41.91		1,059,413			916,925			15.54
Interest-bearing deposits		4,972,717			3,886,199			3,941,863			3,846,891			3,889,133			4,020,754			4,074,745			27.86		4,270,702			3,994,198			6.92
Total deposits		6,245,431			4,855,969			4,873,874			4,783,563			4,785,988			4,925,934			5,024,063			30.49		5,330,115			4,911,123			8.53
Borrowed funds		556,269			204,884			168,758			190,928			214,017			169,373			170,091			159.92		311,390			184,655			68.63
Shareholders' equity		1,023,912			733,158			719,687			709,780			697,103			686,794			673,046			46.88		826,700			685,733			20.56


																							Q3 2015 -		As of
		2015									2014												Q4 2014		September 30,
		Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Balances at period end
Total assets		$	7,918,732		$	5,899,190		$	5,881,849		$	5,805,129		$	5,751,711		$	5,826,020		$	5,902,831		36.41		$	7,918,732		$	5,751,711		37.68
Earning assets		6,810,285			5,186,419			5,168,497			5,063,039			5,053,252			5,063,873			5,161,173			34.51		$	6,810,285		$	5,053,252		34.77
Securities		1,139,553			965,290			1,016,394			983,747			980,328			1,007,331			1,046,688			15.84		$	1,139,553		$	980,328		16.24
Mortgage loans held for sale		317,681			108,023			102,780			25,628			30,451			28,116			28,433			1,139.59		$	317,681		$	30,451		943.25
Loans not acquired		3,607,005			3,407,925			3,274,314			3,267,486			3,165,492			3,096,286			2,947,836			10.39		$	3,607,005		$	3,165,492		13.95
Loans acquired and covered by FDIC loss-share agreements		100,839			121,626			125,773			143,041			155,319			167,129			173,545			(29.50	)	$	100,839		$	155,319		(35.08	)
Loans acquired and not covered by FDIC loss-share agreements		1,570,116			507,653			553,574			577,347			636,628			694,115			746,047			171.95		$	1,570,116		$	636,628		146.63
	Total loans	5,277,960			4,037,204			3,953,661			3,987,874			3,957,439			3,957,530			3,867,428			32.35		$	5,277,960		$	3,957,439		33.37
Intangibles		482,599			294,808			296,053			297,330			298,609			301,478			302,903			62.31		$	482,599		$	298,609		61.62
Noninterest-bearing deposits		1,303,884			972,672			959,351			919,872			935,544			902,766			914,964			41.75		$	1,303,884		$	935,544		39.37
Interest-bearing deposits		4,930,677			3,917,772			3,983,418			3,918,546			3,828,126			3,983,965			4,089,820			25.83		$	4,930,677		$	3,828,126		28.80
	Total deposits	6,234,561			4,890,444			4,942,769			4,838,418			4,763,670			4,886,731			5,004,784			28.86		$	6,234,561		$	4,763,670		30.88
Borrowed funds		551,740			219,089			162,313			188,825			227,664			189,830			168,700			192.20		$	551,740		$	227,664		142.35
Shareholders' equity		1,032,699			730,976			723,196			711,651			700,475			688,215			676,715			45.11		$	1,032,699		$	700,475		47.43
Market value per common share		$	32.85		$	32.60		$	30.05		$	28.93		$	27.05		$	29.07		$	29.05		13.55		$	32.85		$	27.05		21.44
Book value per common share		25.65			23.10			22.88			22.56			22.21			21.83			21.50			13.70		25.65			$	22.21		15.45
Tangible book value per common share		13.66			13.78			13.52			13.13			12.74			12.27			11.87			4.04		13.66			$	12.74		7.19
Shareholders' equity to assets (actual)		13.04		%	12.39		%	12.30		%	12.26		%	12.18		%	11.81		%	11.46		%			13.04		%	12.18		%
Tangible capital ratio (3)		7.40		%	7.78		%	7.65		%	7.52		%	7.37		%	7.00		%	6.68		%			7.40		%	7.37		%
Leverage ratio		8.94		%	9.90		%	9.74		%	9.53		%	9.31		%	8.91		%	8.56		%			8.94		%	9.31		%
Common equity tier 1 capital ratio		9.82		%	10.44		%	10.35		%	—		%	—		%	—		%	—		%			9.82		%	—		%
Tier 1 risk-based capital ratio		11.32		%	12.52		%	12.47		%	12.45		%	12.28		%	11.82		%	11.54		%			11.32		%	12.28		%
Total risk-based capital ratio		12.09		%	13.54		%	13.51		%	13.54		%	13.43		%	12.96		%	12.70		%			12.09		%	13.43		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																						Q3 2015 -		As of
	2015									2014												Q4 2014		September 30,
	Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2015			2014			Variance
Loans not acquired
Commercial, financial, agricultural	$	450,688		$	437,181		$	418,752		$	418,501		$	378,802		$	365,262		$	347,828		7.69		$	450,688		$	378,802		18.98
Lease Financing	24,698			17,633			11,560			10,114			5,377			1,767			612			144.20		$	24,698		$	5,377		359.33
Real estate- construction	268,805			212,071			200,966			210,837			193,787			172,319			149,449			27.49		$	268,805		$	193,787		38.71
Real estate - 1-4 family mortgages	1,128,556			1,073,816			1,025,264			1,014,412			984,778			966,546			941,260			11.25		$	1,128,556		$	984,778		14.60
Real estate - commercial mortgages	1,653,534			1,589,969			1,542,706			1,538,950			1,527,680			1,516,372			1,441,404			7.45		$	1,653,534		$	1,527,680		8.24
Installment loans to individuals	80,724			77,255			75,066			74,672			75,068			74,020			67,283			8.10		$	80,724		$	75,068		7.53
Loans, net of unearned	$	3,607,005		$	3,407,925		$	3,274,314		$	3,267,486		$	3,165,492		$	3,096,286		$	2,947,836		10.39		$	3,607,005		$	3,165,492		13.95
Loans acquired and and covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	2,467		$	3,726		$	3,917		$	6,684		$	7,699		$	7,677		$	8,283		(63.09	)	$	2,467		$	7,699		(67.96	)
Lease Financing	—			—			—			—			—			—			—			—		$	—		$	—		—
Real estate- construction	137			—			—			—			1,648			1,648			1,648			—		$	137		$	1,648		(91.69	)
Real estate - 1-4 family mortgages	48,779			40,333			42,758			44,017			46,354			49,616			52,252			10.82		$	48,779		$	46,354		5.23
Real estate - commercial mortgages	49,382			77,536			79,064			92,304			99,579			108,166			111,337			(46.50	)	$	49,382		$	99,579		(50.41	)
Installment loans to individuals	74			31			34			36			39			22			25			105.56		$	74		$	39		89.74
Loans, net of unearned	$	100,839		$	121,626		$	125,773		$	143,041		$	155,319		$	167,129		$	173,545		(29.50	)	$	100,839		$	155,319		(35.08	)
Loans acquired and not covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	167,966		$	39,652		$	52,119		$	58,098		$	64,058		$	74,887		$	84,005		189.11		$	167,966		$	64,058		162.21
Lease Financing	—			—			—			—			—			—			—			—		$	—		$	—		—
Real estate- construction	70,428			505			483			1,224			1,631			2,610			4,803			5,653.92		$	70,428		$	1,631		4,218.09
Real estate - 1-4 family mortgages	485,170			161,765			171,433			177,931			190,447			205,126			217,748			172.67		$	485,170		$	190,447		154.75
Real estate - commercial mortgages	813,973			295,484			317,224			325,660			363,793			390,781			415,417			149.95		$	813,973		$	363,793		123.75
Installment loans to individuals	32,579			10,247			12,315			14,434			16,699			20,711			24,074			125.71		$	32,579		$	16,699		95.10
Loans, net of unearned	$	1,570,116		$	507,653		$	553,574		$	577,347		$	636,628		$	694,115		$	746,047		171.95		$	1,570,116		$	636,628		146.63
Asset quality data
Assets not acquired:
Nonaccrual loans	$	14,522		$	15,514		$	17,719		$	18,781		$	19,070		$	17,175		$	18,365		(22.68	)	$	14,522		$	19,070		(23.85	)
Loans 90 past due or more	647			5,647			1,193			1,406			7,177			3,615			1,322			(53.98	)	647			7,177			(90.99	)
Nonperforming loans	15,169			21,161			18,912			20,187			26,247			20,790			19,687			(24.86	)	15,169			26,247			(42.21	)
Other real estate owned	13,936			14,967			16,735			17,087			20,461			23,950			25,117			(18.44	)	13,936			20,461			(31.89	)
Nonperforming assets not acquired	$	29,105		$	36,128		$	35,647		$	37,274		$	46,708		$	44,740		$	44,804		(21.92	)	$	29,105		$	46,708		(37.69	)
Assets acquired and subject to loss share:
Nonaccrual loans	$	3,270		$	19,487		$	18,040		$	24,172		$	33,216		$	41,425		$	46,078		(86.47	)	$	3,270		$	33,216		(90.16	)
Loans 90 past due or more	4,143			—			—			48			1,979			—			32			8,531.25		4,143			1,979			109.35
Nonperforming loans	7,413			19,487			18,040			24,220			35,195			41,425			46,110			(69.39	)	7,413			35,195			(78.94	)
Other real estate owned	3,183			3,853			4,325			6,368			4,033			7,472			10,218			(50.02	)	3,183			4,033			(21.08	)
Nonperforming assets acquired and subject to loss share	$	10,596		$	23,340		$	22,365		$	30,588		$	39,228		$	48,897		$	56,328		(65.36	)	$	10,596		$	39,228		(72.99	)
Assets acquired and not subject to loss share:
Nonaccrual loans	$	15,796		$	1,085		$	1,627		$	1,443		$	1,991		$	5,966		$	6,393		994.66		$	15,796		$	1,991		693.37
Loans 90 past due or more	8,824			2,523			9,636			9,259			8,375			5,057			1,922			(4.70	)	8,824			8,375			5.36
Nonperforming loans	24,620			3,608			11,263			10,702			10,366			11,023			8,315			130.05		24,620			10,366			137.51
Other real estate owned	19,215			8,244			10,626			11,017			9,565			10,381			12,406			74.41		19,215			9,565			100.89
Nonperforming assets acquired	$	43,835		$	11,852		$	21,889		$	21,719		$	19,931		$	21,404		$	20,721		101.83		$	43,835		$	19,931		119.93
Net loan charge-offs (recoveries)	$	588		$	1,588		$	1,062		$	3,330		$	4,952		$	2,194		$	1,067		(82.34	)	$	3,238		$	8,213		(60.57	)
Allowance for loan losses	42,051			41,888			42,302			42,289			44,569			47,304			48,048			(0.56	)	42,051			44,569			(5.65	)
Annualized net loan charge-offs / average loans	0.04		%	0.16		%	0.11		%	0.33		%	0.50		%	0.23		%	0.11		%			0.10		%	0.28		%
Nonperforming loans / total loans*	0.89		%	1.10		%	1.22		%	1.38		%	1.81		%	1.85		%	1.92		%			0.89		%	1.81		%
Nonperforming assets / total assets*	1.05		%	1.21		%	1.36		%	1.54		%	1.84		%	1.97		%	2.06		%			1.05		%	1.84		%
Allowance for loan losses / total loans*	0.80		%	1.04		%	1.07		%	1.06		%	1.13		%	1.20		%	1.24		%			0.80		%	1.13		%
Allowance for loan losses / nonperforming loans*	89.09		%	94.65		%	87.74		%	76.74		%	62.07		%	64.59		%	64.83		%			89.09		%	62.07		%
Nonperforming loans / total loans**	0.42		%	0.62		%	0.58		%	0.62		%	0.83		%	0.67		%	0.67		%			0.42		%	0.83		%
Nonperforming assets / total assets**	0.37		%	0.61		%	0.61		%	0.64		%	0.81		%	0.77		%	0.76		%			0.37		%	0.81		%
Allowance for loan losses / total loans**	1.17		%	1.23		%	1.29		%	1.29		%	1.41		%	1.53		%	1.63		%			1.17		%	1.41		%
Allowance for loan losses / nonperforming loans**	277.22		%	197.95		%	223.68		%	209.49		%	169.81		%	227.53		%	244.06		%			277.22		%	169.81		%
*Based on all assets (includes acquired assets)
**Excludes all assets acquired



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
											RECONCILIATION OF GAAP TO NON-GAAP
																							For The Nine Months Ending
		2015									2014												September 30,
		Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2015			2014
Net income (GAAP)		$	16,220		$	15,394		$	15,240		$	15,597		$	15,535		$	14,853		$	13,597		$	46,854		$	43,985
	Amortization of intangibles, net of tax	1,220			858			873			902			947			1,019			1,026			2,955			2,991
Tangible net income (non-GAAP)		$	17,440		$	16,252		$	16,113		$	16,499		$	16,482		$	15,872		$	14,623		$	49,809		$	46,976

Average shareholders' equity (GAAP)		$	1,023,912		$	733,158		$	719,687		$	709,780		$	697,103		$	686,794		$	673,046		$	826,700		$	685,733
	Intangibles	456,811			295,441			296,682			297,978			300,725			302,181			303,599			350,231			302,158
Average tangible s/h's equity (non-GAAP)		$	567,101		$	437,717		$	423,005		$	411,802		$	396,378		$	384,613		$	369,447		$	476,469		$	383,575

Average total assets (GAAP)		$	7,905,538		$	5,847,539		$	5,821,758		$	5,746,146		$	5,758,083		$	5,836,607		$	5,927,884		$	6,532,577		$	5,840,233
	Intangibles	456,811			295,441			296,682			297,978			300,725			302,181			303,599			350,231			302,158
Average tangible assets (non-GAAP)		$	7,448,727		$	5,552,098		$	5,525,076		$	5,448,168		$	5,457,358		$	5,534,426		$	5,624,285		$	6,182,346		$	5,538,075

Actual shareholders' equity (GAAP)		$	1,032,699		$	730,976		$	723,196		$	711,651		$	700,475		$	688,215		$	676,715		$	1,032,699		$	700,475
	Intangibles	482,599			294,808			296,053			297,330			298,609			301,478			302,903			482,599			298,609
Actual tangible s/h's equity (non-GAAP)		$	550,100		$	436,168		$	427,143		$	414,321		$	401,866		$	386,737		$	373,812		$	550,100		$	401,866

Actual total assets (GAAP)		$	7,918,732		$	5,899,190		$	5,881,849		$	5,805,129		$	5,751,711		$	5,826,020		$	5,902,831		$	7,918,732		$	5,751,711
	Intangibles	482,599			294,808			296,053			297,330			298,609			301,478			302,903			482,599			298,609
Actual tangible assets (non-GAAP)		$	7,436,133		$	5,604,382		$	5,585,796		$	5,507,799		$	5,453,102		$	5,524,542		$	5,599,928		$	7,436,133		$	5,453,102

(1) Return on Average Equity
Return on avg s/h's equity (GAAP)		6.28		%	8.42		%	8.59		%	8.72		%	8.84		%	8.67		%	8.19		%	7.58		%	8.58		%
	Effect of adjustment for intangible assets	5.92		%	6.47		%	6.86		%	7.18		%	7.66		%	7.88		%	7.86		%	6.40		%	7.80		%
Return on avg tangible s/h's equity (non-GAAP)		12.20		%	14.89		%	15.45		%	15.90		%	16.50		%	16.55		%	16.05		%	13.98		%	16.37		%

(2) Return on Average Assets
Return on (average) assets (GAAP)		0.81		%	1.06		%	1.06		%	1.08		%	1.07		%	1.02		%	0.93		%	0.96		%	1.01		%
	Effect of adjustment for intangible assets	0.11		%	0.12		%	0.12		%	0.12		%	0.13		%	0.13		%	0.12		%	0.12		%	0.13		%
Return on average tangible assets (non-GAAP)		0.93		%	1.17		%	1.18		%	1.20		%	1.20		%	1.15		%	1.05		%	1.08		%	1.13		%

(3) Shareholder Equity Ratio
Shareholders' equity to (actual) assets (GAAP)		13.04		%	12.39		%	12.30		%	12.26		%	12.18		%	11.81		%	11.46		%	13.04		%	12.18		%
	Effect of adjustment for intangible assets	5.64		%	4.61		%	4.65		%	4.74		%	4.81		%	4.81		%	4.79		%	5.64		%	4.81		%
Tangible capital ratio (non-GAAP)		7.40		%	7.78		%	7.65		%	7.52		%	7.37		%	7.00		%	6.68		%	7.40		%	7.37		%

											CALCULATION OF EFFICIENCY RATIO

Interest income (FTE)		$	76,242		$	58,516		$	55,910		$	57,335		$	58,098		$	60,002		$	57,811		$	190,668		$	175,910
	Interest expense	5,620			5,099			5,324			5,580			5,886			6,108			6,206			16,043			18,200
Net Interest income (FTE)		$	70,622		$	53,417		$	50,586		$	51,755		$	52,212		$	53,894		$	51,605		$	174,625		$	157,710

Total noninterest income		$	32,117		$	22,917		$	21,904		$	19,970		$	22,563		$	19,471		$	18,616		$	76,938		$	60,650
	Securities gains (losses)	—			96			—			—			375			—			—			96			375
	Gain on acquisition	—			—			—			—			—			—			—			—			—
Total noninterest income		$	32,117		$	22,821		$	21,904		$	19,970		$	22,188		$	19,471		$	18,616		$	76,842		$	60,275
Total Income (FTE)		$	102,739		$	76,238		$	72,490		$	71,725		$	74,400		$	73,365		$	70,221		$	251,467		$	217,985

Total noninterest expense		$	76,085		$	51,176		$	47,414		$	45,979		$	48,175		$	49,396		$	47,645		$	174,675		$	145,216
	Amortization of intangibles	1,803			1,239			1,275			1,327			1,381			1,427			1,471			4,317			4,279
	Merger-related expenses	7,746			1,467			478			499			—			—			195			9,691			195
	Debt extinguishment penalty	—			—			—			—			—			—			—			—			—
Total noninterest expense		$	66,536		$	48,470		$	45,661		$	44,153		$	46,794		$	47,969		$	45,979		$	160,667		$	140,742

(4) Efficiency Ratio		64.76		%	63.58		%	62.99		%	61.56		%	62.90		%	65.38		%	65.48		%	63.89		%	64.56		%

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