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 CORPORATION ANNOUNCES

2016 FOURTH QUARTER AND YEAR-END RESULTS

TUPELO, MISSISSIPPI (January 17, 2017) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter and year ended December 31, 2016. Net income for the fourth quarter of 2016 was approximately $23.6 million, up 11.70%, as compared to $21.2 million for the fourth quarter of 2015. Basic and diluted earnings per share (“EPS”) were $0.56 and $0.55, respectively, for the fourth quarter of 2016, as compared to basic and diluted EPS of $0.53 and $0.52, respectively, for the fourth quarter of 2015.

Net income for 2016 was $90.9 million, an increase of 33.69%, as compared to $68.0 million for 2015. Basic and diluted EPS were $2.18 and $2.17, respectively, for 2016, as compared to basic and diluted EPS of $1.89 and $1.88, respectively, for 2015.

The Company incurred expenses and charges in connection with certain transactions that are considered to be infrequent or non-recurring in nature. The following table presents the impact of these charges on reported EPS for the dates presented:



	Three months ended December 31, 2016						Three months ended December 31, 2015
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Merger and conversion expenses	$	—	$	—	$	—	$	1,923	$	1,300	$	0.03
Loss share termination	2,053		1,495		0.04		—		—		—



	Three months ended December 31, 2016						Three months ended December 31, 2015
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Merger and conversion expenses	$	4,023	$	2,694	$	0.06	$	11,614	$	7,918	$	0.23
Debt prepayment penalty	2,539		1,700		0.04		—		—		—
Loss share termination	2,053		1,495		0.04		—		—		—

The Company’s balance sheet and results of operations as of and for the year ending December 31, 2016, include the impact of the Company’s acquisition of KeyWorth Bank (“KeyWorth”), a Georgia state bank headquartered in Atlanta, Georgia, which was completed on April 1, 2016. As of the acquisition date, KeyWorth operated six offices in the Atlanta metropolitan area and had approximately $399 million in assets, approximately $284 million in total loans, and approximately $347 million in total deposits. The assets acquired and liabilities assumed were recorded at estimated fair value as of the acquisition date and are subject to change pending finalization of all valuations.

On December 8, 2016, the Company’s wholly owned subsidiary, Renasant Bank (the “Bank”), entered into an agreement with the Federal Deposit Insurance Corporation (the “FDIC”) that terminated all of the Bank’s loss share agreements with the FDIC, which includes Single-Family Shared Loss and Commercial Shared Loss agreements. All rights and obligations of the Bank and the FDIC under the FDIC loss share agreements were eliminated under the termination agreement. The Company incurred a one-time pre-tax charge of $2.1 million, or $1.4 million on an after-tax basis, in connection with the termination agreement. At December 31, 2016, the Company had $28.1 million in loans, $2.6 million of which were nonperforming, and $487 thousand in other real estate owned (“OREO”) which had been previously covered under these loss share agreements.

“We made significant achievements in 2016, and the financial results for the year are a testament to a well executed plan. Our diluted EPS of $2.17 per share represents our highest reported yearly earnings which was driven by the strong performance of our overall company coupled with the

successful conversion and integration of KeyWorth’s operations,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “The results include our successful completion of the KeyWorth acquisition and a 22.97% annual growth in our legacy loan portfolio. As we look to 2017, we believe we are well positioned to continue to improve on profitability and earnings growth, which in turn will generate shareholder value.”

Highlights from the fourth quarter and annual results of 2016 include the following:

Enhanced Profitability


•	Total assets increased $773.4 million to $8.7 billion at December 31, 2016, as compared to $7.9 billion at December 31, 2015. Earning assets contributed $778.3 million of the increase year over year.

•

Loans not acquired increased $880.0 million, or 22.97%, to $4.7 billion from December 31, 2015. For the fourth quarter of 2016, the yield on loans was 5.02% compared to 5.03% for the same period in 2015. The yield on loans excluding the impact from purchase accounting adjustments during the fourth quarter of 2016 was 4.51% compared to 4.48% for the same period in 2015. The yield on loans was 4.95% for the full year of 2016 compared to 4.91% for 2015. The yield on loans excluding the impact from purchase accounting adjustments on loans was 4.47% and 4.50% for 2016 and 2015, respectively.



	Three Months Ended December 31,						Year Ended December 31,
	2016			2015			2016			2015
Taxable equivalent interest income on loans (as reported)	$	79,894		$	71,144		$	303,830		$	237,408
Accretable yield recognized on acquired loans	8,092			7,806			29,614			20,024
Interest income on loans (excluding accretable yield)	$	71,802		$	63,338		$	274,216		$	217,384

Average loans	$	6,331,660		$	5,610,039		$	6,133,171		$	4,836,002

Loan yield, as reported	5.02		%	5.03		%	4.95		%	4.91		%
Loan yield excluding accretable yield	4.51		%	4.48		%	4.47		%	4.50		%

•

Total deposits increased $840.5 million, or 13.52%, to $7.1 billion from December 31, 2015, with noninterest bearing deposits growing 22.14% during the same time. Noninterest-bearing deposits averaged $1.47 billion, or 22.00% of average deposits, for 2016, compared to $1.13 billion, or 20.29% of average deposits, for 2015. For the fourth quarter of 2016, the cost of total deposits was 28 basis points, as compared to 22 basis points for the same period in 2015. The cost of total deposits was 27 basis points for the full year of 2016, as compared to 25 basis points in 2015.


•	Net interest income was $78.0 million for the fourth quarter of 2016, as compared to $72.4 million for the fourth quarter of 2015. Net interest margin was 4.24% for the fourth quarter of 2016, as compared to 4.33% for the fourth quarter of 2015. The following table reconciles

reported net interest margin to net interest margin excluding the impact from purchase accounting adjustments on loans for the periods presented:



	Three Months Ended December 31,
	2016			2015
Taxable equivalent net interest income (as reported)	$	79,774		$	74,242
Accretable yield recognized on acquired loans ⁽¹⁾	8,092			7,806
Net interest income (excluding accretable yield)	$	71,682		$	66,436

Average earning assets	$	7,483,222		$	6,798,474

Net interest margin, as reported	4.24		%	4.33		%
Net interest margin, excluding accretable yield	3.81		%	3.88		%


(1)	Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $4,728 and $3,686 for the three months ended December 31, 2016 and 2015, respectively, which increased net interest margin by 25 basis points and 22 basis points for the same periods, respectively.

•

Net interest income was $301.0 million for the year ended December 31, 2016, as compared to $241.4 million for the year ended December 31, 2015. Net interest margin was 4.22% for 2016, as compared to 4.16% for the prior year. The following table reconciles reported net interest margin to net interest margin excluding the impact from purchase accounting adjustments on loans for the periods presented:



	Year Ended December 31,
	2016			2015
Taxable equivalent net interest income (as reported)	$	308,002		$	248,613
Accretable yield recognized on acquired loans ⁽¹⁾	29,614			20,024
Net interest income (excluding accretable yield)	$	278,388		$	228,589

Average earning assets	$	7,296,296		$	5,974,000

Net interest margin, as reported	4.22		%	4.16		%
Net interest margin, excluding accretable yield	3.82		%	3.83		%


(1)	Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from acquired loans of $14,733 and $9,130 for the year ended December 31, 2016 and 2015, respectively, which increased net interest margin by 20 basis points and 15 basis points for the same periods, respectively.

•

Noninterest income for the fourth quarter of 2016 was $30.1 million, as compared to $31.4 million in the same period of 2015. The decrease is driven by a decline in mortgage banking income resulting from rising interest rates during the fourth quarter of 2016. Noninterest income increased to $137.2 million for the full year of 2016, as compared to $108.3 million for 2015. The growth is primarily attributable to an increase in mortgage banking income, income from the Company’s wealth management division and the KeyWorth acquisition.

•

Noninterest expense was $71.4 million for the fourth quarter of 2016, as compared to $70.7 million for the fourth quarter of 2015 and $294.9 million for the full year of 2016, as compared to $245.1 million for 2015. Excluding nonrecurring charges for merger and conversion expenses, debt prepayment penalties and loss share termination, the increase from 2015 is primarily attributable to the addition of KeyWorth operations and strategic additions of personnel.

The following table presents the Company’s profitability metrics for the quarter and year ending December 31, 2016, including and excluding the impact of after-tax merger and conversion expenses, debt prepayment penalties and loss share termination:



	Three months ended December 31, 2016				Year Ended December 31, 2015
	As Reported		Excluding Merger and Conversion Expenses, Debt Prepayment Penalties and Loss Share Termination		As Reported		Excluding Merger and Conversion Expenses, Debt Prepayment Penalties and Loss Share Termination
Return on average assets	1.09	%	1.16	%	1.08	%	1.15	%
Return on average tangible assets	1.22	%	1.28	%	1.20	%	1.28	%
Return on average equity	8.14	%	8.61	%	8.15	%	8.66	%
Return on average tangible equity	14.90	%	15.73	%	15.28	%	16.21	%

Aggressively Managed Problem Credits

Total nonperforming assets were $58.8 million at December 31, 2016, a decrease of $22.0 million from December 31, 2015, and consisted of $35.5 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $23.3 million in OREO.

The Company’s nonperforming loans and OREO that were purchased in previous acquisitions (collectively referred to as “acquired nonperforming assets”) were $22.2 million and $17.4 million, respectively, at December 31, 2016, as compared to $30.5 million and $22.4 million, respectively, at December 31, 2015. The acquired nonperforming assets were recorded at fair value at the time of acquisition, which significantly mitigates the Company’s actual loss. As such, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios primarily focuses on non-acquired nonperforming assets.


•	Non-acquired nonperforming loans decreased to $13.4 million, or 0.28% of total non-acquired loans, at December 31, 2016, from $15.0 million, or 0.39% of total non-acquired

loans, at December 31, 2015. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.23% at December 31, 2016, as compared to 0.19% at December 31, 2015.


•	Non-acquired OREO decreased 54.35% to $5.9 million at December 31, 2016, from $13.0 million at December 31, 2015. Non-acquired OREO sales totaled $10.0 million in 2016 with $4.2 million occurring during the fourth quarter of 2016.


•	The allowance for loan losses represents 0.69% of total loans at December 31, 2016, as compared to 0.78% at December 31, 2015. The allowance for loan losses represents 0.91% of nonaquired loans at December 31, 2016, as compared to 1.11% at December 31, 2015.

◦

Net loan charge-offs were $4.8 million, or 0.31% of average total loans, for the fourth quarter of 2016, as compared to $1.4 million, or 0.10% of average total loans, for the same period in 2015. Net loan charge-offs were $7.2 million, or 0.12% of average total loans, for 2016, as compared to $4.6 million, or 0.10% of average total loans, for 2015. The increase year over year and quarter over quarter is attributable to bringing several problem credits to final resolution. The charges were fully reserved for in the Company’s allowance for loan losses and resulted in no additional provision for loan loss expense.


◦	Provision for loan losses was $1.7 million for the fourth quarter of 2016, as compared to $1.8 million for the fourth quarter of 2016 and $7.5 million for the full year 2016, as compared to $4.8 million for 2015. The increase in the Company’s provision year over year is primarily attributable to the aforementioned nonacquired loan growth.

Built Our Capital Ratios


•	At December 31, 2016, Tier 1 leverage capital ratio was 10.59%, Common Equity Tier 1 ratio was 11.48%, Tier 1 risk-based bapital ratio was 12.86%, and total risk-based capital ratio was 15.03%. All regulatory ratios exceed the minimums required to be considered “well-capitalized.”


•	Tangible common equity ratio was 9.00% at December 31, 2016, as compared to 7.54% at December 31, 2015.


•	In December 2016, the Company completed the underwritten public offering of 2,135,000 shares of the Company’s common stock at a public offering price of $41.50 per share resulting in net proceeds to the Company of $84.1 million.


•	In August 2016, the Company completed the public offering and sale of $60 million of the Company’s 5.00% fixed-to-floating rate subordinated notes due September 1, 2026, and $40 million of its 5.50% fixed-to-floating rate subordinated notes due September 1, 2031 (collectively, the “Notes”). The Notes resulted in net proceeds to the Company of $98.2 million and qualify as Tier 2 capital.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, January 18, 2017.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst170118.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Fourth Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10098912 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 2, 2017.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 113-year-old financial services institution. Renasant has assets of approximately $8.7 billion and operates more than 175 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 the Company’s portfolio of outstanding loans, and competition in the Company’s markets. Management undertakes 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 and certain charges that the Company considers to be non-recurring in nature. The Company’s management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indications of its operating performance particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets, such as goodwill and the core deposit intangible, and non-recurring charges can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies.

The specific non-GAAP financial measures used are return on average tangible shareholders’ equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”) and the efficiency ratio. 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)
																										Q4 2016 -		Twelve Months Ended
		2016												2015												Q4 2015		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2016			2015			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	87,564		$	84,786		$	85,783		$	78,009		$	79,679		$	76,242		$	58,516		$	55,910		9.90		$	336,149		$	270,278		24.37
Interest income		$	85,839		$	83,032		$	84,008		$	76,259		$	77,788		$	74,300		$	56,769		$	54,166		10.35		$	329,138		$	263,023		25.14
Interest expense		7,790			7,301			6,851			6,205			5,437			5,688			5,155			5,385			43.28		28,147			21,665			29.92
	Net interest income	78,049			75,731			77,157			70,054			72,351			68,612			51,614			48,781			7.88		300,991			241,358			24.71
Provision for loan losses		1,650			2,650			1,430			1,800			1,750			750			1,175			1,075			(5.71	)	7,530			4,750			58.53
	Net interest income after provision	76,399			73,081			75,727			68,254			70,601			67,862			50,439			47,706			8.21		293,461			236,608			24.03
Service charges on deposit accounts		8,163			8,200			7,521			7,991			8,261			8,151			6,522			6,335			(1.19	)	31,875			29,269			8.90
Fees and commissions on loans and deposits		4,588			4,921			4,877			4,244			4,353			4,271			3,505			3,632			5.40		18,630			15,761			18.20
Insurance commissions and fees		1,951			2,420			2,175			1,962			1,956			2,381			2,119			1,967			(0.26	)	8,508			8,423			1.01
Wealth management revenue		2,849			3,040			2,872			2,891			2,609			2,833			2,210			2,156			9.20		11,652			9,808			18.80
Securities gains (losses)		—			—			1,257			(71		)	—			—			96			—			—		1,186			96			1,135.42
Mortgage banking income		8,262			15,846			13,420			11,915			11,702			11,893			6,791			5,429			(29.40	)	49,443			35,815			38.05
Other		4,258			3,845			3,464			4,370			2,561			2,550			1,637			2,350			66.26		15,937			9,098			75.17
	Total noninterest income	30,071			38,272			35,586			33,302			31,442			32,079			22,880			21,869			(4.36	)	137,231			108,270			26.75
Salaries and employee benefits		39,966			44,702			45,387			42,393			43,409			43,048			30,394			28,260			(7.93	)	172,448			145,111			18.84
Data processing		4,503			4,560			4,502			4,158			4,003			3,819			3,199			3,230			12.49		17,723			14,251			24.36
Occupancy and equipment		8,809			8,830			8,531			8,224			8,171			7,733			5,524			5,559			7.81		34,394			26,987			27.45
Other real estate		1,585			1,540			1,614			957			698			861			954			532			127.08		5,696			3,045			87.06
Amortization of intangibles		1,624			1,684			1,742			1,697			1,752			1,803			1,239			1,275			(7.31	)	6,747			6,069			11.17
Merger and conversion related expenses		—			268			2,807			948			1,923			7,746			1,467			478			(100.00	)	4,023			11,614			(65.36	)
Debt extinguishment penalty		—			2,210			329			—			—			—			—			—			—		2,539			—			1.00
Loss share termination		2,053			—			—			—			—			—			—			—			100.00		2,053			—			1.00
Other		12,834			12,674			12,347			11,437			10,778			10,969			8,306			7,984			19.08		49,292			38,037			29.59
	Total noninterest expense	71,374			76,468			77,259			69,814			70,734			75,979			51,083			47,318			0.90		294,915			245,114			20.32
Income before income taxes		35,096			34,885			34,054			31,742			31,309			23,962			22,236			22,257			12.10		135,777			99,764			36.10
Income taxes		11,461			11,706			11,154			10,526			10,149			7,742			6,842			7,017			12.93		44,847			31,750			41.25
	Net income	$	23,635		$	23,179		$	22,900		$	21,216		$	21,160		$	16,220		$	15,394		$	15,240		11.70		$	90,930		$	68,014		33.69
Basic earnings per share		$	0.56		$	0.55		$	0.54		$	0.53		$	0.53		$	0.40		$	0.49		$	0.48		5.66		$	2.18		$	1.89		15.34
Diluted earnings per share		0.55			0.55			0.54			0.52			0.52			0.40			0.48			0.48			5.77		2.17			1.88			15.43
Average basic shares outstanding		42,441,588			42,091,164			42,066,168			40,324,475			40,276,441			40,265,941			31,626,059			31,576,275			5.38		41,737,636			35,971,877			16.03
Average diluted shares outstanding		42,636,325			42,310,358			42,303,626			40,559,145			40,539,151			40,518,413			31,865,172			31,815,710			5.17		41,962,907			36,227,439			15.83
Common shares outstanding		44,332,273			42,102,224			42,085,690			40,373,753			40,293,291			40,268,455			31,644,706			31,604,937			10.02		44,332,273			40,293,291			10.02
Cash dividend per common share		$	0.18		$	0.18		$	0.18		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		5.88		$	0.71		$	0.68		4.41
Performance ratios
Return on avg shareholders' equity		8.14		%	8.12		%	8.21		%	8.12		%	8.12		%	6.33		%	8.42		%	8.59		%			8.15		%	7.76		%
Return on avg tangible s/h's equity (1)		14.90		%	15.15		%	15.57		%	15.58		%	15.84		%	12.20		%	14.89		%	15.45		%			15.28		%	14.50		%
Return on avg assets		1.09		%	1.08		%	1.08		%	1.07		%	1.06		%	0.81		%	1.06		%	1.06		%			1.08		%	0.99		%
Return on avg tangible assets (2)		1.22		%	1.20		%	1.20		%	1.20		%	1.19		%	0.93		%	1.17		%	1.18		%			1.20		%	1.11		%
Net interest margin (FTE)		4.24		%	4.15		%	4.29		%	4.21		%	4.33		%	4.09		%	4.17		%	4.02		%			4.22		%	4.16		%
Yield on earning assets (FTE)		4.66		%	4.54		%	4.66		%	4.57		%	4.65		%	4.42		%	4.57		%	4.45		%			4.61		%	4.53		%
Cost of funding		0.42		%	0.40		%	0.38		%	0.37		%	0.32		%	0.33		%	0.41		%	0.43		%			0.39		%	0.37		%
Average earning assets to average assets		87.10		%	86.82		%	86.59		%	86.21		%	86.07		%	86.64		%	87.79		%	87.49		%			86.69		%	86.89		%
Average loans to average deposits		88.89		%	89.40		%	87.73		%	87.39		%	86.22		%	83.63		%	81.93		%	81.44		%			88.38		%	83.51		%
Noninterest income (less securities gains/
	losses) to average assets	1.39		%	1.78		%	1.62		%	1.69		%	1.58		%	1.61		%	1.56		%	1.52		%			1.62		%	1.57		%
Noninterest expense (less debt prepayment penalties/
	merger-related expenses) to average assets	3.21		%	3.44		%	3.49		%	3.48		%	3.46		%	3.43		%	3.40		%	3.26		%			3.40		%	3.40		%
Net overhead ratio		1.82		%	1.66		%	1.87		%	1.79		%	1.88		%	1.82		%	1.84		%	1.74		%			1.78		%	1.83		%
Efficiency ratio (FTE) (4)		61.63		%	62.46		%	63.91		%	63.86		%	63.45		%	64.73		%	63.53		%	62.94		%			62.96		%	63.74		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2016		Twelve Months Ended
		2016												2015												Q4 2015		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2016			2015			Variance
Average Balances
Total assets		$	8,591,795		$	8,562,199		$	8,541,818		$	7,961,700		$	7,898,803		$	7,897,769		$	5,847,539		$	5,821,758		8.77		$	8,416,509		$	6,874,983		22.42
Earning assets		7,483,222			7,433,461			7,396,283			6,863,905			6,798,474			6,842,452			5,133,567			5,093,224			10.07		7,296,296			5,974,000			22.13
Securities		1,034,270			1,045,905			1,111,831			1,103,504			1,117,322			1,143,577			999,962			989,743			(7.43	)	1,073,611			1,063,222			0.98
Mortgage loans held for sale		184,653			241,314			306,011			217,200			268,096			398,480			87,435			50,918			(31.12	)	237,216			202,368			17.22
Loans, net of unearned		6,147,007			6,048,017			5,897,650			5,482,167			5,341,943			5,223,273			3,978,514			3,969,243			15.07		5,895,955			4,633,634			27.24
Intangibles		495,404			497,064			499,503			473,852			473,996			449,042			295,441			296,682			4.52		491,530			379,469			29.53
Noninterest-bearing deposits		$	1,564,150		$	1,510,309		$	1,477,380		$	1,316,495		$	1,323,467		$	1,272,714		$	969,770		$	932,011		18.19		$	1,467,881		$	1,125,969		30.37
Interest-bearing deposits		5,351,354			5,255,102			5,245,406			4,956,983			4,872,432			4,972,717			3,886,199			3,941,863			9.83		5,203,437			4,422,371			17.66
Total deposits		6,915,505			6,765,411			6,722,786			6,273,478			6,195,899			6,245,431			4,855,969			4,873,874			11.61		6,671,318			5,548,340			20.24
Borrowed funds		412,589			550,222			594,459			539,078			568,548			556,269			204,884			168,758			(27.43	)	523,812			376,208			39.23
Shareholders' equity		1,155,749			1,135,073			1,121,298			1,050,668			1,033,692			1,016,143			733,158			719,687			11.81		1,116,038			876,915			27.27


																										Q4 2016 -		As of
		2016												2015												Q4 2015		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2016			2015			Variance
Balances at period end
Total assets		$	8,699,851		$	8,542,471		$	8,529,566		$	8,146,229		$	7,926,496		$	7,910,963		$	5,899,190		$	5,881,849		9.76		$	8,699,851		$	7,926,496		9.76
Earning assets		7,556,760			7,409,068			7,396,888			7,045,179			6,778,485			6,810,285			5,186,419			5,168,498			11.48		7,556,760			6,778,485			11.48
Securities		1,030,530			1,039,957			1,063,592			1,101,820			1,105,205			1,139,553			965,290			1,016,394			(6.76	)	1,030,530			1,105,205			(6.76	)
Mortgage loans held for sale		181,053			189,965			276,782			298,365			225,254			317,681			108,023			102,780			(19.62	)	181,053			225,254			(19.62	)
Loans not acquired		4,710,385			4,526,026			4,292,549			4,074,413			3,830,434			3,607,005			3,407,925			3,274,314			22.97		4,710,385			3,830,434			22.97
Loans acquired and covered by FDIC loss-share agreements		—			30,533			42,171			44,989			93,142			100,839			121,626			125,773			(100.00	)	—			93,142			(100.00	)
Loans acquired and not covered by FDIC loss-share agreements		1,489,137			1,548,674			1,630,709			1,453,328			1,489,886			1,570,116			507,653			553,574			(0.05	)	1,489,137			1,489,886			(0.05	)
	Total loans	6,199,522			6,105,233			5,965,429			5,572,730			5,413,462			5,277,960			4,037,204			3,953,661			14.52		6,199,522			5,413,462			14.52
Intangibles		494,608			496,233			497,917			476,539			474,682			474,830			294,808			296,053			4.20		494,608			474,682			4.20
Noninterest-bearing deposits		$	1,561,357		$	1,514,820		$	1,459,383		$	1,384,503		$	1,278,337		$	1,303,884		$	972,672		$	959,351		22.14		$	1,561,357		$	1,278,337		22.14
Interest-bearing deposits		5,497,780			5,302,978			5,243,104			5,046,874			4,940,265			4,930,677			3,917,772			3,983,418			11.29		5,497,780			4,940,265			11.29
	Total deposits	7,059,137			6,817,798			6,702,487			6,431,377			6,218,602			6,234,561			4,890,444			4,942,769			13.52		7,059,137			6,218,602			13.52
Borrowed funds		312,135			469,580			588,650			561,671			570,496			551,740			219,089			162,313			(45.29	)	312,135			570,496			(45.29	)
Shareholders' equity		1,232,883			1,142,247			1,124,256			1,053,178			1,036,818			1,024,930			730,976			723,196			18.91		1,232,883			1,036,818			18.91
Market value per common share		$	42.22		$	33.63		$	32.33		$	32.91		$	34.41		$	32.85		$	32.60		$	30.05		22.70		$	42.22		$	34.41		22.70
Book value per common share		27.81			27.13			26.71			26.09			25.73			25.45			23.10			22.88			8.08		27.81			25.73			8.08
Tangible book value per common share		16.65			15.34			14.88			14.28			13.95			13.66			13.78			13.52			19.35		16.65			13.95			19.35
Shareholders' equity to assets (actual)		14.17		%	13.37		%	13.18		%	12.93		%	13.08		%	12.96		%	12.39		%	12.30		%			14.17		%	13.08		%
Tangible capital ratio (3)		9.00		%	8.03		%	7.80		%	7.52		%	7.54		%	7.40		%	7.78		%	7.65		%			9.00		%	7.54		%
Leverage ratio		10.59		%	9.38		%	9.18		%	9.19		%	9.16		%	8.95		%	9.89		%	9.74		%			10.59		%	9.16		%
Common equity tier 1 capital ratio		11.48		%	10.16		%	10.12		%	9.88		%	9.99		%	9.92		%	10.45		%	10.35		%			11.48		%	9.99		%
Tier 1 risk-based capital ratio		12.86		%	11.57		%	11.55		%	11.38		%	11.51		%	11.46		%	12.52		%	12.47		%			12.86		%	11.51		%
Total risk-based capital ratio		15.03		%	13.84		%	12.31		%	12.17		%	12.32		%	12.27		%	13.55		%	13.51		%			15.03		%	12.32		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																									Q4 2016 -		As of
	2016												2015												Q4 2015		December 31,
	Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2016			2015			Variance
Loans not acquired
Commercial, financial, agricultural	$	589,290		$	554,151		$	530,258		$	520,463		$	485,407		$	450,688		$	437,181		$	418,752		21.40		$	589,290		$	485,407		21.40
Lease Financing	46,841			45,510			43,116			41,937			34,815			24,698			17,633			11,560			34.54		46,841			34,815			34.54
Real estate- construction	483,926			415,934			381,690			325,188			291,701			268,805			212,071			200,966			65.90		483,926			291,701			65.90
Real estate - 1-4 family mortgages	1,422,543			1,388,066			1,328,948			1,263,879			1,204,228			1,128,556			1,073,816			1,025,264			18.13		1,422,543			1,204,228			18.13
Real estate - commercial mortgages	2,075,137			2,030,626			1,918,778			1,836,053			1,729,049			1,653,534			1,589,969			1,542,706			20.02		2,075,137			1,729,049			20.02
Installment loans to individuals	92,648			91,739			89,759			86,893			85,234			80,724			77,255			75,066			8.70		92,648			85,234			8.70
Loans, net of unearned	$	4,710,385		$	4,526,026		$	4,292,549		$	4,074,413		$	3,830,434		$	3,607,005		$	3,407,925		$	3,274,314		22.97		$	4,710,385		$	3,830,434		22.97
Loans acquired and covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	—		$	14		$	607		$	624		$	2,406		$	2,467		$	3,726		$	3,917		(100.00	)	$	—		$	2,406		(100.00	)
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	—			—			83			86			130			137			—			—			(100.00	)	—			130			(100.00	)
Real estate - 1-4 family mortgages	—			30,304			34,640			36,350			45,988			48,779			40,333			42,758			(100.00	)	—			45,988			(100.00	)
Real estate - commercial mortgages	—			180			6,790			7,870			44,550			49,382			77,536			79,064			(100.00	)	—			44,550			(100.00	)
Installment loans to individuals	—			35			51			59			68			74			31			34			(100.00	)	—			68			(100.00	)
Loans, net of unearned	$	—		$	30,533		$	42,171		$	44,989		$	93,142		$	100,839		$	121,626		$	125,773		(100.00	)	$	—		$	93,142		(100.00	)
Loans acquired and not covered by FDIC loss-share agreements
Commercial, financial, agricultural	$	128,200		$	139,961		$	152,071		$	133,847		$	149,024		$	167,966		$	39,652		$	52,119		(13.97	)	$	128,200		$	149,024		(13.97	)
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	68,753			71,704			70,958			52,300			65,834			70,428			505			483			4.43		68,753			65,834			4.43
Real estate - 1-4 family mortgages	452,447			452,274			485,458			477,266			485,107			485,170			161,765			171,433			(6.73	)	452,447			485,107			(6.73	)
Real estate - commercial mortgages	823,758			864,825			898,108			763,587			760,130			813,973			295,484			317,224			8.37		823,758			760,130			8.37
Installment loans to individuals	15,979			19,910			24,114			26,328			29,791			32,579			10,247			12,315			(46.36	)	15,979			29,791			(46.36	)
Loans, net of unearned	$	1,489,137		$	1,548,674		$	1,630,709		$	1,453,328		$	1,489,886		$	1,570,116		$	507,653		$	553,574		(0.05	)	$	1,489,137		$	1,489,886		(0.05	)
Asset quality data
Assets not acquired:
Nonaccrual loans	$	11,273		$	12,454		$	10,591		$	11,690		$	13,645		$	14,522		$	15,514		$	17,719		(17.38	)	$	11,273		$	13,645		(17.38	)
Loans 90 past due or more	2,079			2,315			1,428			2,495			1,326			647			5,647			1,193			56.79		2,079			1,326			56.79
Nonperforming loans	13,352			14,769			12,019			14,185			14,971			15,169			21,161			18,912			(10.81	)	13,352			14,971			(10.81	)
Other real estate owned	5,929			8,429			9,575			12,810			12,987			13,936			14,967			16,735			(54.35	)	5,929			12,987			(54.35	)
Nonperforming assets not acquired	$	19,281		$	23,198		$	21,594		$	26,995		$	27,958		$	29,105		$	36,128		$	35,647		(31.04	)	$	19,281		$	27,958		(31.04	)
Assets acquired and subject to loss share:
Nonaccrual loans	$	—		$	1,628		$	2,060		$	2,708		$	3,319		$	3,270		$	19,487		$	18,040		(100.00	)	$	—		$	3,319		(100.00	)
Loans 90 past due or more	—			786			2,076			4,343			3,609			4,143			—			—			(100.00	)	—			3,609			(100.00	)
Nonperforming loans	—			2,414			4,136			7,051			6,928			7,413			19,487			18,040			(100.00	)	—			6,928			(100.00	)
Other real estate owned	—			926			2,618			1,373			2,818			3,183			3,853			4,325			(100.00	)	—			2,818			(100.00	)
Nonperforming assets acquired and subject to loss share	$	—		$	3,340		$	6,754		$	8,424		$	9,746		$	10,596		$	23,340		$	22,365		(100.00	)	$	—		$	9,746		(100.00	)
Assets acquired and not subject to loss share:
Nonaccrual loans	$	11,347		$	12,105		$	13,312		$	12,368		$	12,070		$	15,796		$	1,085		$	1,627		(5.99	)	$	11,347		$	12,070		(5.99	)
Loans 90 past due or more	10,815			12,619			13,650			10,805			11,458			8,824			2,523			9,636			(5.61	)	10,815			11,458			(5.61	)
Nonperforming loans	22,162			24,724			26,962			23,173			23,528			24,620			3,608			11,263			(5.81	)	22,162			23,528			(5.81	)
Other real estate owned	17,370			16,973			17,146			19,051			19,597			19,215			8,244			10,626			(11.36	)	17,370			19,597			(11.36	)
Nonperforming assets acquired	$	39,532		$	41,697		$	44,108		$	42,224		$	43,125		$	43,835		$	11,852		$	21,889		(8.33	)	$	39,532		$	43,125		(8.33	)
Net loan charge-offs (recoveries)	$	4,837		$	824		$	191		$	1,378		$	1,364		$	588		$	1,588		$	1,062		254.62		$	7,230		$	4,602		57.11
Allowance for loan losses	$	42,737		$	45,924		$	44,098		$	42,859		$	42,437		$	42,051		$	41,888		$	42,302		0.71		$	42,737		$	42,437		0.71
Annualized net loan charge-offs / average loans	0.31		%	0.05		%	0.01		%	0.10		%	0.10		%	0.04		%	0.16		%	0.11		%			0.12		%	0.10		%
Nonperforming loans / total loans*	0.57		%	0.69		%	0.72		%	0.80		%	0.84		%	0.89		%	1.10		%	1.22		%			0.57		%	0.84		%
Nonperforming assets / total assets*	0.68		%	0.80		%	0.85		%	0.95		%	1.02		%	1.06		%	1.21		%	1.36		%			0.68		%	1.02		%
Allowance for loan losses / total loans*	0.69		%	0.75		%	0.74		%	0.77		%	0.78		%	0.80		%	1.04		%	1.07		%			0.69		%	0.78		%
Allowance for loan losses / nonperforming loans*	120.34		%	109.59		%	102.28		%	96.51		%	93.42		%	89.09		%	94.65		%	87.74		%			120.34		%	93.42		%
Nonperforming loans / total loans**	0.28		%	0.33		%	0.28		%	0.35		%	0.39		%	0.42		%	0.62		%	0.58		%			0.28		%	0.39		%
Nonperforming assets / total assets**	0.22		%	0.27		%	0.25		%	0.33		%	0.35		%	0.37		%	0.61		%	0.61		%			0.22		%	0.35		%
Allowance for loan losses / total loans**	0.91		%	1.01		%	1.03		%	1.05		%	1.11		%	1.17		%	1.23		%	1.29		%			0.91		%	1.11		%
Allowance for loan losses / nonperforming loans**	320.08		%	310.95		%	366.90		%	302.14		%	283.46		%	277.22		%	197.95		%	223.68		%			320.08		%	283.46		%
*Based on all assets (includes acquired assets)
**Excludes all assets acquired



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

	Three Months Ended																		Twelve Months Ended
	December 31, 2016						September 30, 2016						December 31, 2015						December 31, 2016						December 31, 2015
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Loans⁽¹⁾	$	6,331,660	$	79,894	5.02	%	$	6,289,331	$	77,154	4.88	%	$	5,610,039	$	71,144	5.03	%	$	6,133,171	$	303,830	4.95	%	$	4,836,002	$	237,408	4.91	%
Securities:
Taxable⁽²⁾	688,268		3,430		1.98		695,589		3,418		1.95		761,145		4,110		2.14		721,661		15,305		2.12		732,016		15,946		2.18
Tax-exempt	346,002		4,089		4.70		350,316		4,082		4.64		356,177		4,364		4.86		351,950		16,555		4.70		331,206		16,709		5.04
Total securities	1,034,270		7,519		2.89		1,045,905		7,500		2.85		1,117,322		8,474		3.01		1,073,611		31,860		2.97		1,063,222		32,655		3.07
Interest-bearing balances with banks	117,292		151		0.51		98,225		132		0.53		71,113		61		0.34		89,514		459		0.51		74,776		215		0.29
Total interest-earning assets	7,483,222		87,564		4.66		7,433,461		84,786		4.54		6,798,474		79,679		4.65		7,296,296		336,149		4.61		5,974,000		270,278		4.52
Cash and due from banks	118,851						124,794						133,526						130,360						102,417
Intangible assets	495,404						497,064						473,996						491,530						379,469
FDIC loss-share indemnification asset	2,693						4,816						7,691						4,961						8,928
Other assets	491,625						502,064						485,116						493,362						410,169
Total assets	$	8,591,795					$	8,562,199					$	7,898,803					$	8,416,509					$	6,874,983
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand⁽³⁾	3,184,949		1,597		0.20		3,106,568		1,515		0.19		2,860,182		1,256		0.17		3,090,495		5,874		0.19		2,596,362		4,721		0.18
Savings deposits	538,323		96		0.07		528,794		94		0.07		497,648		89		0.07		525,498		372		0.07		433,838		320		0.07
Time deposits	1,628,082		3,145		0.77		1,619,740		3,029		0.74		1,514,602		2,030		0.53		1,587,444		11,610		0.73		1,392,171		8,673		0.62
Total interest-bearing deposits	5,351,354		4,838		0.36		5,255,102		4,638		0.35		4,872,432		3,375		0.27		5,203,437		17,856		0.34		4,422,371		13,714		0.31
Borrowed funds	412,589		2,952		2.85		550,222		2,663		1.93		568,548		2,062		1.44		523,812		10,291		1.96		376,208		7,950		2.11
Total interest-bearing liabilities	5,763,943		7,790		0.54		5,805,324		7,301		0.50		5,440,980		5,437		0.40		5,727,249		28,147		0.49		4,798,579		21,664		0.45
Noninterest-bearing deposits	1,564,150						1,510,309						1,323,467						1,467,881						1,125,969
Other liabilities	107,953						111,493						100,664						105,341						73,520
Shareholders’ equity	1,155,749						1,135,073						1,033,692						1,116,038						876,915
Total liabilities and shareholders’ equity	$	8,591,795					$	8,562,199					$	7,898,803					$	8,416,509					$	6,874,983
Net interest income/ net interest margin			$	79,774	4.24	%			$	77,485	4.15	%			$	74,242	4.33	%			$	308,002	4.22	%			$	248,614	4.16	%


⁽¹⁾ Includes mortgage loans held for sale and shown net of unearned income.
⁽²⁾ U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.
⁽³⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
														RECONCILIATION OF GAAP TO NON-GAAP
																										Twelve Months Ended
		2016												2015												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2016			2015
Net income (GAAP)		$	23,635		$	23,179		$	22,900		$	21,216		$	21,160		$	16,220		$	15,394		$	15,240		$	90,930		$	68,014
	Amortization of intangibles, net of tax	1,094			1,119			1,171			1,134			1,185			1,220			858			873			4,518			4,137
Tangible net income (non-GAAP)		$	24,729		$	24,298		$	24,071		$	22,350		$	22,345		$	17,440		$	16,252		$	16,113		$	95,448		$	72,151

Average shareholders' equity (GAAP)		$	1,155,749		$	1,135,073		$	1,121,298		$	1,050,668		$	1,033,692		$	1,016,143		$	733,158		$	719,687		$	1,116,038		$	876,915
	Intangibles	495,404			497,064			499,503			473,852			473,996			449,042			295,441			296,682			491,530			379,469
Average tangible s/h's equity (non-GAAP)		$	660,345		$	638,009		$	621,795		$	576,816		$	559,696		$	567,101		$	437,717		$	423,005		$	624,508		$	497,446

Average total assets (GAAP)		$	8,591,795		$	8,562,199		$	8,541,818		$	7,961,700		$	7,898,803		$	7,897,769		$	5,847,539		$	5,821,758		$	8,416,509		$	6,874,983
	Intangibles	495,404			497,064			499,503			473,852			473,996			449,042			295,441			296,682			491,530			379,469
Average tangible assets (non-GAAP)		$	8,096,392		$	8,065,135		$	8,042,315		$	7,487,848		$	7,424,807		$	7,448,727		$	5,552,098		$	5,525,076		$	7,924,979		$	6,495,514

Actual shareholders' equity (GAAP)		$	1,232,883		$	1,142,247		$	1,124,256		$	1,053,178		$	1,036,818		$	1,024,930		$	730,976		$	723,196		$	1,232,883		$	1,036,818
	Intangibles	494,608			496,233			497,917			476,539			474,682			474,830			294,808			296,053			494,608			474,682
Actual tangible s/h's equity (non-GAAP)		$	738,275		$	646,014		$	626,339		$	576,639		$	562,136		$	550,100		$	436,168		$	427,143		$	738,275		$	562,136

Actual total assets (GAAP)		$	8,699,851		$	8,542,471		$	8,529,566		$	8,146,229		$	7,926,496		$	7,910,963		$	5,899,190		$	5,881,849		$	8,699,851		$	7,926,496
	Intangibles	494,608			496,233			497,917			476,539			474,682			474,830			294,808			296,053			494,608			474,682
Actual tangible assets (non-GAAP)		$	8,205,243		$	8,046,238		$	8,031,649		$	7,669,690		$	7,451,814		$	7,436,133		$	5,604,382		$	5,585,796		$	8,205,243		$	7,451,814

(1) Return on Average Equity
Return on avg s/h's equity (GAAP)		8.14		%	8.12		%	8.21		%	8.12		%	8.12		%	6.33		%	8.42		%	8.59		%	8.15		%	7.76		%
	Effect of adjustment for intangible assets	6.76		%	7.03		%	7.36		%	7.46		%	7.72		%	5.87		%	6.47		%	6.86		%	7.14		%	6.75		%
Return on avg tangible s/h's equity (non-GAAP)		14.90		%	15.15		%	15.57		%	15.58		%	15.84		%	12.20		%	14.89		%	15.45		%	15.28		%	14.50		%

(2) Return on Average Assets
Return on (average) assets (GAAP)		1.09		%	1.08		%	1.08		%	1.07		%	1.06		%	0.81		%	1.06		%	1.06		%	1.08		%	0.99		%
	Effect of adjustment for intangible assets	0.12		%	0.12		%	0.13		%	0.13		%	0.13		%	0.11		%	0.12		%	0.12		%	0.12		%	0.12		%
Return on average tangible assets (non-GAAP)		1.22		%	1.20		%	1.20		%	1.20		%	1.19		%	0.93		%	1.17		%	1.18		%	1.20		%	1.11		%

(3) Shareholder Equity Ratio
Shareholders' equity to (actual) assets (GAAP)		14.17		%	13.37		%	13.18		%	12.93		%	13.08		%	12.96		%	12.39		%	12.30		%	14.17		%	13.08		%
	Effect of adjustment for intangible assets	5.17		%	5.34		%	5.38		%	5.41		%	5.54		%	5.56		%	4.61		%	4.65		%	5.17		%	5.54		%
Tangible capital ratio (non-GAAP)		9.00		%	8.03		%	7.80		%	7.52		%	7.54		%	7.40		%	7.78		%	7.65		%	9.00		%	7.54		%

														CALCULATION OF EFFICIENCY RATIO

Interest income (FTE)		$	87,565		$	84,794		$	85,783		$	78,009		$	79,679		$	76,242		$	58,516		$	55,910		$	336,149		$	270,278
	Interest expense	7,790			7,301			6,851			6,205			5,437			5,688			5,155			5,385			28,147			21,665
Net Interest income (FTE)		$	79,775		$	77,493		$	78,932		$	71,804		$	74,242		$	70,554		$	53,361		$	50,525		$	308,002		$	248,613

Total noninterest income		$	30,071		$	38,272		$	35,586		$	33,302		$	31,442		$	32,079		$	22,880		$	21,869		$	137,231		$	108,270
	Securities gains (losses)	—			—			1,257			(71		)	—			—			96			—			1,186			96
Total noninterest income		$	30,071		$	38,272		$	34,329		$	33,373		$	31,442		$	32,079		$	22,784		$	21,869		$	136,045		$	108,174
Total Income (FTE)		$	109,846		$	115,765		$	113,261		$	105,177		$	105,684		$	102,633		$	76,145		$	72,394		$	444,049		$	356,856

Total noninterest expense		$	71,374		$	76,468		$	77,259		$	69,814		$	70,734		$	75,979		$	51,083		$	47,318		$	294,915		$	245,114
	Amortization of intangibles	1,624			1,684			1,742			1,697			1,752			1,803			1,239			1,275			6,747			6,068
	Merger-related expenses	—			268			2,807			948			1,923			7,746			1,467			478			4,023			11,614
	Debt extinguishment penalty	—			2,210			329			—			—			—			—			—			2,539			—
	Loss share termination	$	2,053		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	2,053		$	—
Total noninterest expense		$	67,697		$	72,306		$	72,381		$	67,169		$	67,059		$	66,430		$	48,377		$	45,565		$	279,553		$	227,432

(4) Efficiency Ratio		61.63		%	62.46		%	63.91		%	63.86		%	63.45		%	64.73		%	63.53		%	62.94		%	62.96		%	63.73		%

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