Document

EX-99.1 2 exhibit991_rnstx3q2024earn.htm EX-99.1 Document


聯繫人：	媒體：	關於財務：
	約翰·S·牛津	詹姆斯·C·梅布里四世
	高級副總裁	執行副總裁
	首席營銷官	致富金融(臨時代碼)
	(662) 680-1219	(662) 680-1281

Renasant 公司宣佈

2024年第三季盈利，股東批准與第一BANCSHARES, INC.合併款項收據。

密西西比州TUPELO（2024年10月22日） - renasant（紐交所：RNST）公司宣布了2024年第三季度的盈利結果。


(除每股收益外，均以千美元為單位)	結束於三個月的期間			九個月結束了
	2024年9月30日	2024年6月30日	2023年9月30日	2024年9月30日	2023年9月30日
凈利潤和每股收益：
凈利潤	$72,455	$38,846	$41,833	$150,710	$116,554
保險代理銷售後稅後收益	38,951	—	—	38,951	—
證券（包括減值）銷售後稅後虧損	—	—	—	—	(17,859)
基本每股收益	1.18	0.69	0.75	2.60	2.08
攤薄後每股收益	1.18	0.69	0.74	2.59	2.07
調整後的攤薄後每股收益（非衡量性財務指標）(1)	0.70	0.69	0.74	2.03	2.38
來自保險代理銷售後稅後收益的對攤薄後每股收益的影響	0.63	—	—	0.67	—
來自出售證券後稅後損失對攤薄後每股收益的影響（包括損失）	—	—	—	—	(0.31)

該季度的財務結果反映出堅實的表現和資產負債表實力，公司首席執行官C. Mitchell Waycaster評論說。我們很高興今天獲得股東批准，並期待在2025年上半年完成收購The First的交易，前提是取得所有必要的監管批准和滿足所有其他條件。

季度重點

與The First Bancshares，Inc.的合併協議及其他交易

•2024年7月29日，公司宣布與The First Bancshares, Inc.（“The First”）合併。今天，Renasant和The First的股東們通過了合併以及將Renasant普通股發行給The First股東的相關事項。

•2024年7月31日，renasant完成了公開發行共計7187500股普通股，每股價格為32.00美元。扣除承銷折扣和其他發行費用後，發行所得淨額約為21700萬美元。

•自2024年7月1日起，renasant出售其保險代理公司的資產，以現金收益5640萬美元，承認對收入產生正面的稅後影響3410萬美元，扣除交易費用後。

收益報告

•2024年第三季度凈利潤為7250萬美元；攤薄後每股收益和調整後攤薄後每股收益（非依據通用會計準則）(1) 分別為1.18美元和0.70美元

•2024年第三季度的淨利息收入（完全稅後換算）為13360萬美元，在上一季度的基礎上增加了600萬美元

•2024年第三季，凈利息收益率為3.36%，按季連結基準提高5個基點

•2024年第三季度存款總成本為2.51%，按環比增加4個基點

•非利息收益在相鄰季度基礎上增加了5050萬美元，主要是由於保險代理銷售帶來的5330萬美元的稅前收益，部分抵消了因該銷售而失去的保險佣金

•按季連結基礎上，抵押貸款銀行收入減少130萬美元。2024年第三季度，抵押貸款部門產生了54360萬美元的利率鎖定成交量，按季連結基礎上減少了1670萬美元。2024年第三季度的售賣增益率為1.56％，按季連結基礎下降了13個基點。

•非利息開支比上一季增加了1000萬美元。2024年第三季度的併購和轉換費用為1130萬美元，與宣布的與第一銀行的合併以及保險代理的出售相關，導致了增加。

資產負債表

•按季鏈接基礎上，貸款增加了2290萬美元，代表著年化淨貸款增長率0.7%。

•證券按照季鏈減少了900萬美元。與本金支付相關的現金流減少了4340萬美元，這被可供出售投資組合的正面公允價值調整所抵消，為3440萬美元。

•2024年9月30日的存款按季度連結基礎增加了2億5450萬美元。經紀存款按季度連結基礎減少了3億180萬美元，至2024年9月30日為12680萬美元。非利息融資存款按季度連結基礎減少了970萬美元，在2024年9月30日占總存款的24.3%。

資本和股票回購計劃

•每股帳面價值和每股有形帳面價值（非GAAP）(1) 分別在連續季度基礎上增加了0.1%和8.9%。

•於2024年10月22日生效，公司董事會批准了一項1億美元的股票回購計劃，根據該計劃，公司有權通過公開市場購買或私下協商的交易回購其普通股的償還。此計劃取代了公司於2024年10月到期的1億美元的股票回購計劃。2024年第三季度無回購活動。’董事會批准了一項10000萬美元的股票回購計劃，根據該計劃，公司有權通過公開市場購買或私下協商的交易回購其普通股的償還。此計劃取代了公司在2024年到期的1億美元的股票回購計劃。’公司在2024年10月22日生效，公司董事會批准了一項10000萬美元的股票回購計劃，根據該計劃，公司有權通過公開市場購買或私下協商的交易回購其普通股的償還。此計劃取代了公司在2024年10月到期的1億美元的股票回購計劃。2024年第三季度無回購活動。

信貸質素

•公司於2024年第三季度記錄了信用損失準備金90萬美元，較2024年第二季度的330萬美元少。

•2024年9月30日，貸款信用損失準備金與總貸款比率為1.59％，與上季持平。

•截至2024年9月30日，信貸虧損準備覆蓋比率為168.07％，低於2024年6月30日的203.88％。

•2024年第三季度網貸款核銷額為70萬美元，按年計算占平均貸款的0.02%。

•2024年9月30日，不良貸款占貸款總額比例上升至0.94%，而2024年6月30日為0.78%；批評貸款（包括分類和特別提及貸款）占貸款總額比例亦在2024年9月30日上升至3.02%，而2024年6月30日為2.62%。

(1) 這是一個非依照通用會計原則（GAAP）的財務衡量指標。本公告所披露的所有非依照GAAP的財務衡量指標與相對應的GAAP衡量指標之調解已包括在本公告結尾的表格中。在標題為“非GAAP財務措施”的下方提供的信息解釋了公司為何認為本公告中的非GAAP財務措施提供了有用信息，並描述了公司使用非GAAP財務措施的其他目的。

損益報表


（千美元，每股數據除外）	三個月結束										截止九個月
	二零二四年九月三十日		二零二四年六月三十日		二零二四年三月三十一日		二零三年十二月三十一日		二零二三年九月三十日		二零二四年九月三十日		二零二三年九月三十日
利息收入
為投資而持有的貸款	$	202,655	$	198,397	$	192,390	$	188,535	$	181,129	$	593,442	$	516,114
持有供出售貸款	4,212		3,530		2,308		3,329		3,751		10,050		8,478
證券	10,304		10,410		10,700		10,728		10,669		31,414		39,760
其他	11,872		7,874		7,781		7,839		10,128		27,527		22,536
總利息收入	229,043		220,211		213,179		210,431		205,677		662,433		586,888
利息支出
存款	90,787		87,621		82,613		77,168		70,906		261,021		155,163
借貸	7,258		7,564		7,276		7,310		7,388		22,098		38,351
總利息支出	98,045		95,185		89,889		84,478		78,294		283,119		193,514
淨利息收入	130,998		125,026		123,290		125,953		127,383		379,314		393,374
信貸損失的預備
貸款虧損預備	1,210		4,300		2,638		2,518		5,315		8,148		16,275

回收未資金承諾	(275)		(1,000)		(200)		—		(700)		(1,475)		(3,200)
信貸損失預備金總額	935		3,300		2,438		2,518		4,615		6,673		13,075
預備信貸虧損後的淨利息收入	130,063		121,726		120,852		123,435		122,768		372,641		380,299
非利息收入	89,299		38,762		41,381		20,356		38,200		169,442		92,719
非利息費用	121,983		111,976		112,912		111,880		108,369		346,871		327,742
所得稅前所得	97,379		48,512		49,321		31,911		52,599		195,212		145,276
所得稅	24,924		9,666		9,912		3,787		10,766		44,502		28,722
淨收入	$	72,455	$	38,846	$	39,409	$	28,124	$	41,833	$	150,710	$	116,554

經調整後的淨利潤（非 GAAP）(1)	$	42,960	$	38,846	$	36,572	$	42,887	$	41,833	$	118,588	$	134,413
經調整後的預訂前淨收入（「PPNR」）（非 GAAP）(1)	$	56,238	$	51,812	$	48,231	$	52,614	$	57,214	$	156,281	$	180,789

每股基本盈利	$	1.18	$	0.69	$	0.70	$	0.50	$	0.75	$	2.60	$	2.08
稀釋每股盈利	1.18		0.69		0.70		0.50		0.74		2.59		2.07
經調整後的稀釋每股盈利（非 GAAP）(1)	0.70		0.69		0.65		0.76		0.74		2.03		2.38
平均出售基本股	61,217,094		56,342,909		56,208,348		56,141,628		56,138,618		57,934,806		56,085,556
平均未償還稀釋股	61,632,448		56,684,626		56,531,078		56,611,217		56,523,887		58,297,554		56,393,957
每股現金股息	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	0.66	$	0.66

(1) This is a non-GAAP financial measure. 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										Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Return on average assets	1.63	%	0.90	%	0.92	%	0.65	%	0.96	%	1.16	%	0.90	%
Adjusted return on average assets (non-GAAP)(1)	0.97		0.90		0.86		0.99		0.96		0.91		1.04
Return on average tangible assets (non-GAAP)(1)	1.75		0.98		1.00		0.71		1.05		1.25		0.99
Adjusted return on average tangible assets (non-GAAP)(1)	1.05		0.98		0.93		1.08		1.05		0.99		1.13
Return on average equity	11.29		6.68		6.85		4.93		7.44		8.38		7.04
Adjusted return on average equity (non-GAAP)(1)	6.69		6.68		6.36		7.53		7.44		6.59		8.12
Return on average tangible equity (non-GAAP)(1)	18.83		12.04		12.45		9.26		13.95		14.69		13.35
Adjusted return on average tangible equity (non-GAAP)(1)	11.26		12.04		11.58		13.94		13.95		11.61		15.35
Efficiency ratio (fully taxable equivalent)	54.73		67.31		67.52		75.11		64.38		62.33		66.28
Adjusted efficiency ratio (non-GAAP)(1)	64.62		66.60		68.23		66.18		63.60		66.46		62.61
Dividend payout ratio	18.64		31.88		31.43		44.00		29.33		25.38		31.73

Capital and Balance Sheet Ratios


	As of
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Shares outstanding	63,564,028			56,367,924			56,304,860			56,142,207			56,140,713
Market value per share	$	32.50		$	30.54		$	31.32		$	33.68		$	26.19
Book value per share	41.82			41.77			41.25			40.92			39.78
Tangible book value per share (non-GAAP)(1)	26.02			23.89			23.32			22.92			21.76
Shareholders’ equity to assets	14.80		%	13.45		%	13.39		%	13.23		%	13.00		%
Tangible common equity ratio (non-GAAP)(1)	9.76			8.16			8.04			7.87			7.55
Leverage ratio	11.32			9.81			9.75			9.62			9.48
Common equity tier 1 capital ratio	12.88			10.75			10.59			10.52			10.46
Tier 1 risk-based capital ratio	13.67			11.53			11.37			11.30			11.25
Total risk-based capital ratio	17.32			15.15			15.00			14.93			14.91

Noninterest Income and Noninterest Expense


(Dollars in thousands)	Three Months Ended										Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Noninterest income
Service charges on deposit accounts	$	10,438	$	10,286	$	10,506	$	10,603	$	9,743	$	31,230	$	28,596
Fees and commissions	4,116		3,944		3,949		4,130		4,108		12,009		13,771
Insurance commissions	—		2,758		2,716		2,583		3,264		5,474		8,519
Wealth management revenue	5,835		5,684		5,669		5,668		5,986		17,188		16,464
Mortgage banking income	8,447		9,698		11,370		6,592		7,533		29,515		25,821

Gain on sale of insurance agency	53,349		—		—		—		—		53,349		—
Net losses on sales of securities (including impairments)	—		—		—		(19,352)		—		—		(22,438)
Gain on extinguishment of debt	—		—		56		620		—		56		—
BOLI income	2,858		2,701		2,691		2,589		2,469		8,250		7,874
Other	4,256		3,691		4,424		6,923		5,097		12,371		14,112
Total noninterest income	$	89,299	$	38,762	$	41,381	$	20,356	$	38,200	$	169,442	$	92,719
Noninterest expense
Salaries and employee benefits	$	71,307	$	70,731	$	71,470	$	71,841	$	69,458	$	213,508	$	209,927
Data processing	4,133		3,945		3,807		3,971		3,907		11,885		11,224
Net occupancy and equipment	11,415		11,844		11,389		11,653		11,548		34,648		34,818
Other real estate owned	56		105		107		306		(120)		268		(39)
Professional fees	3,189		3,195		3,348		2,854		3,338		9,732		10,817
Advertising and public relations	3,677		3,807		4,886		3,084		3,474		12,370		11,642
Intangible amortization	1,160		1,186		1,212		1,274		1,311		3,558		4,106
Communications	2,176		2,112		2,024		2,026		2,006		6,312		6,212
Merger and conversion related expenses	11,273		—		—		—		—		11,273		—



Other	13,597		15,051		14,669		14,871		13,447		43,317		39,035
Total noninterest expense	$	121,983	$	111,976	$	112,912	$	111,880	$	108,369	$	346,871	$	327,742

Mortgage Banking Income


(Dollars in thousands)	Three Months Ended										Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Gain on sales of loans, net	$	4,499	$	5,199	$	4,535	$	1,860	$	3,297	$	14,233	$	12,713
Fees, net	2,646		2,866		1,854		2,010		2,376		7,366		7,041
Mortgage servicing income, net	1,302		1,633		4,981		2,722		1,860		7,916		6,067

Total mortgage banking income	$	8,447	$	9,698	$	11,370	$	6,592	$	7,533	$	29,515	$	25,821

Balance Sheet


(Dollars in thousands)	As of
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Assets
Cash and cash equivalents	$	1,275,620	$	851,906	$	844,400	$	801,351	$	741,156
Securities held to maturity, at amortized cost	1,150,531		1,174,663		1,199,111		1,221,464		1,245,595
Securities available for sale, at fair value	764,844		749,685		764,486		923,279		909,108
Loans held for sale, at fair value	291,735		266,406		191,440		179,756		241,613
Loans held for investment	12,627,648		12,604,755		12,500,525		12,351,230		12,168,023
Allowance for credit losses on loans	(200,378)		(199,871)		(201,052)		(198,578)		(197,773)
Loans, net	12,427,270		12,404,884		12,299,473		12,152,652		11,970,250
Premises and equipment, net	280,550		280,966		282,193		283,195		284,368
Other real estate owned	9,136		7,366		9,142		9,622		9,258
Goodwill and other intangibles	1,004,136		1,008,062		1,009,248		1,010,460		1,011,735


Bank-owned life insurance	389,138		387,791		385,186		382,584		379,945
Mortgage servicing rights	71,990		72,092		71,596		91,688		90,241
Other assets	293,890		306,570		289,466		304,484		298,352
Total assets	$	17,958,840	$	17,510,391	$	17,345,741	$	17,360,535	$	17,181,621

Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	3,529,801	$	3,539,453	$	3,516,164	$	3,583,675	$	3,734,197
Interest-bearing	10,979,950		10,715,760		10,720,999		10,493,110		10,422,913
Total deposits	14,509,751		14,255,213		14,237,163		14,076,785		14,157,110
Short-term borrowings	108,732		232,741		108,121		307,577		107,662
Long-term debt	433,177		428,677		428,047		429,400		427,399
Other liabilities	249,102		239,059		250,060		249,390		256,127
Total liabilities	15,300,762		15,155,690		15,023,391		15,063,152		14,948,298

Shareholders’ equity:

Common stock	332,421		296,483		296,483		296,483		296,483
Treasury stock	(97,251)		(97,534)		(99,683)		(105,249)		(105,300)
Additional paid-in capital	1,488,678		1,304,782		1,303,613		1,308,281		1,304,891
Retained earnings	1,063,324		1,005,086		978,880		952,124		936,573
Accumulated other comprehensive loss	(129,094)		(154,116)		(156,943)		(154,256)		(199,324)
Total shareholders’ equity	2,658,078		2,354,701		2,322,350		2,297,383		2,233,323
Total liabilities and shareholders’ equity	$	17,958,840	$	17,510,391	$	17,345,741	$	17,360,535	$	17,181,621

Net Interest Income and Net Interest Margin


(Dollars in thousands)	Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	12,584,104	$	204,935	6.47	%	$	12,575,651	$	200,670	6.41	%	$	12,030,109	$	183,521	6.06	%
Loans held for sale	272,110		4,212		6.19	%	219,826		3,530		6.42	%	227,982		3,751		6.58	%
Taxable securities	1,794,421		9,212		2.05	%	1,832,002		9,258		2.02	%	2,097,285		9,459		1.80	%
Tax-exempt securities(1)	262,621		1,390		2.12	%	263,937		1,451		2.20	%	285,588		1,566		2.19	%
Total securities	2,057,042		10,602		2.06	%	2,095,939		10,709		2.04	%	2,382,873		11,025		1.85	%
Interest-bearing balances with banks	894,313		11,872		5.28	%	595,030		7,874		5.32	%	729,049		10,128		5.51	%
Total interest-earning assets	15,807,569		231,621		5.82	%	15,486,446		222,783		5.77	%	15,370,013		208,425		5.39	%
Cash and due from banks	189,425						187,519						180,708
Intangible assets	1,004,701						1,008,638						1,012,460
Other assets	679,901						688,766						672,232
Total assets	$	17,681,596					$	17,371,369					$	17,235,413
Interest-bearing liabilities:
Interest-bearing demand(2)	$	7,333,508	$	60,326	3.26	%	$	7,094,411	$	56,132	3.17	%	$	6,520,145	$	41,464	2.52	%
Savings deposits	815,545		729		0.36	%	839,638		729		0.35	%	942,619		793		0.33	%
Brokered deposits	150,991		1,998		5.25	%	294,650		3,944		5.37	%	947,387		12,732		5.33	%
Time deposits	2,546,860		27,734		4.33	%	2,487,873		26,816		4.34	%	2,002,506		15,917		3.15	%
Total interest-bearing deposits	10,846,904		90,787		3.32	%	10,716,572		87,621		3.28	%	10,412,657		70,906		2.70	%
Borrowed funds	562,146		7,258		5.14	%	583,965		7,564		5.19	%	564,772		7,388		5.22	%
Total interest-bearing liabilities	11,409,050		98,045		3.41	%	11,300,537		95,185		3.38	%	10,977,429		78,294		2.84	%
Noninterest-bearing deposits	3,509,266						3,509,109						3,800,160
Other liabilities	209,763						223,992						226,219
Shareholders’ equity	2,553,517						2,337,731						2,231,605
Total liabilities and shareholders’ equity	$	17,681,596					$	17,371,369					$	17,235,413
Net interest income/ net interest margin			$	133,576	3.36	%			$	127,598	3.31	%			$	130,131	3.36	%
Cost of funding					2.61	%					2.58	%					2.11	%
Cost of total deposits					2.51	%					2.47	%					1.98	%

(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 thousands)	Nine Months Ended
	September 30, 2024					September 30, 2023
	Average Balance		Interest Income/ Expense		Yield/ Rate	Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	12,522,802	$	600,245	6.39%	$	11,866,662	$	523,040	5.89%
Loans held for sale	215,978		10,050		6.20%	175,100		8,478		6.46%
Taxable securities(1)	1,839,249		27,975		2.03%	2,402,739		35,129		1.95%
Tax-exempt securities	265,601		4,346		2.18%	349,617		6,076		2.32%
Total securities	2,104,850		32,321		2.05%	2,752,356		41,205		2.00%
Interest-bearing balances with banks	687,318		27,527		5.35%	573,498		22,536		5.25%
Total interest-earning assets	15,530,948		670,143		5.75%	15,367,616		595,259		5.18%
Cash and due from banks	188,485					189,324
Intangible assets	1,007,710					1,012,613
Other assets	694,427					674,476
Total assets	$	17,421,570				$	17,244,029
Interest-bearing liabilities:
Interest-bearing demand(2)	$	7,128,721	$	168,958	3.16%	$	6,235,322	$	90,947	1.95%
Savings deposits	838,443		2,188		0.35%	999,436		2,432		0.33%
Brokered deposits	296,550		11,929		5.36%	719,603		27,445		5.10%
Time deposits	2,451,733		77,946		4.25%	1,769,246		34,339		2.59%
Total interest-bearing deposits	10,715,447		261,021		3.25%	9,723,607		155,163		2.13%
Borrowed funds	569,476		22,098		5.17%	1,026,467		38,351		4.99%
Total interest-bearing liabilities	11,284,923		283,119		3.35%	10,750,074		193,514		2.41%
Noninterest-bearing deposits	3,512,318					4,073,265
Other liabilities	221,932					208,491
Shareholders’ equity	2,402,397					2,212,199
Total liabilities and shareholders’ equity	$	17,421,570				$	17,244,029
Net interest income/ net interest margin			$	387,024	3.32%			$	401,745	3.49%
Cost of funding					2.55%					1.75%
Cost of total deposits					2.45%					1.50%

(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									Nine Months Ended
	Sep 30, 2024			Jun 30, 2024			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
Earning asset mix:
Loans held for investment	79.61		%	81.20		%	78.27		%	80.63		%	77.22		%
Loans held for sale	1.72			1.42			1.48			1.39			1.14
Securities	13.01			13.53			15.50			13.55			17.91
Interest-bearing balances with banks	5.66			3.85			4.75			4.43			3.73
Total	100.00		%	100.00		%	100.00		%	100.00		%	100.00		%

Funding sources mix:
Noninterest-bearing demand	23.52		%	23.69		%	25.72		%	23.74		%	27.48		%
Interest-bearing demand(1)	49.16			47.90			44.12			48.18			42.06
Savings	5.47			5.67			6.38			5.67			6.74
Brokered deposits	1.01			1.99			6.41			2.00			4.85
Time deposits	17.07			16.80			13.55			16.57			11.94
Borrowed funds	3.77			3.95			3.82			3.84			6.93
Total	100.00		%	100.00		%	100.00		%	100.00		%	100.00		%

Net interest income collected on problem loans	$	642		$	(146)		$	(820)		$	619		$	(64)
Total accretion on purchased loans	1,089			897			1,290			2,786			3,049
Total impact on net interest income	$	1,731		$	751		$	470		$	3,405		$	2,985
Impact on net interest margin	0.04		%	0.02		%	0.01		%	0.03		%	0.03		%
Impact on loan yield	0.05			0.02			0.02			0.04		%	0.03		%

(1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

Loan Portfolio


(Dollars in thousands)	As of
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Loan Portfolio:
Commercial, financial, agricultural	$	1,804,961	$	1,847,762	$	1,869,408	$	1,871,821	$	1,819,891
Lease financing	98,159		102,996		107,474		116,020		120,724
Real estate - construction	1,198,838		1,355,425		1,243,535		1,333,397		1,407,364
Real estate - 1-4 family mortgages	3,440,038		3,435,818		3,429,286		3,439,919		3,398,876
Real estate - commercial mortgages	5,995,152		5,766,478		5,753,230		5,486,550		5,313,166
Installment loans to individuals	90,500		96,276		97,592		103,523		108,002
Total loans	$	12,627,648	$	12,604,755	$	12,500,525	$	12,351,230	$	12,168,023

Credit Quality and Allowance for Credit Losses on Loans


(Dollars in thousands)	As of
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
Nonperforming Assets:
Nonaccruing loans	$	113,872		$	97,795		$	73,774		$	68,816		$	69,541
Loans 90 days or more past due	5,351			240			451			554			532
Total nonperforming loans	119,223			98,035			74,225			69,370			70,073
Other real estate owned	9,136			7,366			9,142			9,622			9,258
Total nonperforming assets	$	128,359		$	105,401		$	83,367		$	78,992		$	79,331

Criticized Loans
Classified loans	$	218,135		$	191,595		$	206,502		$	166,893		$	186,052
Special Mention loans	163,804			138,343			138,366			99,699			89,858
Criticized loans(1)	$	381,939		$	329,938		$	344,868		$	266,592		$	275,910

Allowance for credit losses on loans	$	200,378		$	199,871		$	201,052		$	198,578		$	197,773
Net loan charge-offs	$	703		$	5,481		$	164		$	1,713		$	1,933
Annualized net loan charge-offs / average loans	0.02		%	0.18		%	0.01		%	0.06		%	0.06		%
Nonperforming loans / total loans	0.94			0.78			0.59			0.56			0.58
Nonperforming assets / total assets	0.71			0.60			0.48			0.46			0.46
Allowance for credit losses on loans / total loans	1.59			1.59			1.61			1.61			1.63
Allowance for credit losses on loans / nonperforming loans	168.07			203.88			270.87			286.26			282.24
Criticized loans / total loans	3.02			2.62			2.76			2.16			2.27

(1) Criticized loans include classified and Special Mention loans.

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, October 23, 2024.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=YvWBKrUB. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2024 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 after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 8626805 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until November 6, 2024.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $18.0 billion and operates 186 banking, lending, mortgage and wealth management offices throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis.

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 Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s 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 Company’s 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 Company’s ability to efficiently integrate acquisitions (including its recently-announced acquisition of The First Bancshares, Inc. described under the “Quarterly Highlights” heading above) 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 (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities we have acquired, or may acquire, or target for acquisition, including in connection with the proposed merger with The First Bancshares, Inc.; (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, financial services, asset management, retail banking, factoring and 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 or increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of our proposed merger with The First Bancshares, Inc.; (ix) changes in the securities and foreign exchange markets; (x) the Company’s 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 Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xii) an insufficient allowance for credit losses as a result of

inaccurate assumptions; (xiii) changes in the sources and costs of the capital we use to make loans and otherwise fund our operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xiv) general economic, market or business conditions, including the impact of inflation; (xv) changes in demand for loan and deposit products and other financial services; (xvi) concentrations of credit or deposit exposure; (xvii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xviii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xix) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xx) geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxi) the impact, extent and timing of technological changes; and (xxii) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying the Company’s 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 Company’s 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 SEC’s 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) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) certain performance ratios (namely, the ratio of 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 of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the third quarter of 2024, merger and conversion expenses and the gain on the sale of the assets of the Company’s insurance agency), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible 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. 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 Company’s 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 in thousands, except per share data)	Three Months Ended										Nine Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)	$	72,455	$	38,846	$	39,409	$	28,124	$	41,833	$	150,710	$	116,554
Income taxes	24,924		9,666		9,912		3,787		10,766		44,502		28,722
Provision for credit losses (including unfunded commitments)	935		3,300		2,438		2,518		4,615		6,673		13,075
Pre-provision net revenue (non-GAAP)	$	98,314	$	51,812	$	51,759	$	34,429	$	57,214	$	201,885	$	158,351
Merger and conversion expense	11,273		—		—		—		—		11,273		—

Gain on extinguishment of debt	—		—		(56)		(620)		—		(56)		—

Gain on sales of MSR	—		—		(3,472)		(547)		—		(3,472)		—



Gain on sale of insurance agency	(53,349)		—		—		—		—		(53,349)		—
Losses on sales of securities (including impairments)	—		—		—		19,352		—		—		22,438

Adjusted pre-provision net revenue (non-GAAP)	$	56,238	$	51,812	$	48,231	$	52,614	$	57,214	$	156,281	$	180,789

Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	72,455	$	38,846	$	39,409	$	28,124	$	41,833	$	150,710	$	116,554
Amortization of intangibles	1,160		1,186		1,212		1,274		1,311		3,558		4,106
Tax effect of adjustments noted above(1)	(296)		(233)		(237)		(240)		(269)		(909)		(838)
Tangible net income (non-GAAP)	$	73,319	$	39,799	$	40,384	$	29,158	$	42,875	$	153,359	$	119,822

Net income (GAAP)	$	72,455	$	38,846	$	39,409	$	28,124	$	41,833	$	150,710	$	116,554
Merger and conversion expense	11,273		—		—		—		—		11,273		—

Gain on extinguishment of debt	—		—		(56)		(620)		—		(56)		—

Gain on sales of MSR	—		—		(3,472)		(547)		—		(3,472)		—




Gain on sale of insurance agency	(53,349)		—		—		—		—		(53,349)		—
Losses on sales of securities (including impairments)	—		—		—		19,352		—		—		22,438

Tax effect of adjustments noted above(1)	12,581		—		691		(3,422)		—		13,482		(4,579)
Adjusted net income (non-GAAP)	$	42,960	$	38,846	$	36,572	$	42,887	$	41,833	$	118,588	$	134,413
Amortization of intangibles	1,160		1,186		1,212		1,274		1,311		3,558		4,106
Tax effect of adjustments noted above(1)	(296)		(233)		(237)		(240)		(269)		(909)		(838)
Adjusted tangible net income (non-GAAP)	$	43,824	$	39,799	$	37,547	$	43,921	$	42,875	$	121,237	$	137,681
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)	$	2,553,517	$	2,337,731	$	2,314,281	$	2,261,025	$	2,231,605	$	2,402,397	$	2,212,199
Average intangible assets	1,004,701		1,008,638		1,009,825		1,011,130		1,012,460		1,007,710		1,012,613
Average tangible shareholders’ equity (non-GAAP)	$	1,548,816	$	1,329,093	$	1,304,456	$	1,249,895	$	1,219,145	$	1,394,687	$	1,199,586

Average assets (GAAP)	$	17,681,596	$	17,371,369	$	17,203,013	$	17,195,840	$	17,235,413	$	17,421,570	$	17,244,029
Average intangible assets	1,004,701		1,008,638		1,009,825		1,011,130		1,012,460		1,007,710		1,012,613
Average tangible assets (non-GAAP)	$	16,676,895	$	16,362,731	$	16,193,188	$	16,184,710	$	16,222,953	$	16,413,860	$	16,231,416

Shareholders’ equity (GAAP)	$	2,658,078	$	2,354,701	$	2,322,350	$	2,297,383	$	2,233,323	$	2,658,078	$	2,233,323


(Dollars in thousands, except per share data)	Three Months Ended															Nine Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
Intangible assets	1,004,136			1,008,062			1,009,248			1,010,460			1,011,735			1,004,136			1,011,735
Tangible shareholders’ equity (non-GAAP)	$	1,653,942		$	1,346,639		$	1,313,102		$	1,286,923		$	1,221,588		$	1,653,942		$	1,221,588

Total assets (GAAP)	$	17,958,840		$	17,510,391		$	17,345,741		$	17,360,535		$	17,181,621		$	17,958,840		$	17,181,621
Intangible assets	1,004,136			1,008,062			1,009,248			1,010,460			1,011,735			1,004,136			1,011,735
Total tangible assets (non-GAAP)	$	16,954,704		$	16,502,329		$	16,336,493		$	16,350,075		$	16,169,886		$	16,954,704		$	16,169,886

Adjusted Performance Ratios
Return on average assets (GAAP)	1.63		%	0.90		%	0.92		%	0.65		%	0.96		%	1.16		%	0.90		%
Adjusted return on average assets (non-GAAP)	0.97			0.90			0.86			0.99			0.96			0.91			1.04
Return on average tangible assets (non-GAAP)	1.75			0.98			1.00			0.71			1.05			1.25			0.99
Pre-provision net revenue to average assets (non-GAAP)	2.21			1.20			1.21			0.79			1.32			1.55			1.23
Adjusted pre-provision net revenue to average assets (non-GAAP)	1.27			1.20			1.13			1.21			1.32			1.20			1.40
Adjusted return on average tangible assets (non-GAAP)	1.05			0.98			0.93			1.08			1.05			0.99			1.13
Return on average equity (GAAP)	11.29			6.68			6.85			4.93			7.44			8.38			7.04
Adjusted return on average equity (non-GAAP)	6.69			6.68			6.36			7.53			7.44			6.59			8.12
Return on average tangible equity (non-GAAP)	18.83			12.04			12.45			9.26			13.95			14.69			13.35
Adjusted return on average tangible equity (non-GAAP)	11.26			12.04			11.58			13.94			13.95			11.61			15.35

Adjusted Diluted Earnings Per Share
Average diluted shares outstanding	61,632,448			56,684,626			56,531,078			56,611,217			56,523,887			58,297,554			56,393,957

Diluted earnings per share (GAAP)	$	1.18		$	0.69		$	0.70		$	0.50		$	0.74		$	2.59		$	2.07
Adjusted diluted earnings per share (non-GAAP)	$	0.70		$	0.69		$	0.65		$	0.76		$	0.74		$	2.03		$	2.38

Tangible Book Value Per Share
Shares outstanding	63,564,028			56,367,924			56,304,860			56,142,207			56,140,713			63,564,028			56,140,713

Book value per share (GAAP)	$	41.82		$	41.77		$	41.25		$	40.92		$	39.78		$	41.82		$	39.78
Tangible book value per share (non-GAAP)	$	26.02		$	23.89		$	23.32		$	22.92		$	21.76		$	26.02		$	21.76

Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)	14.80		%	13.45		%	13.39		%	13.23		%	13.00		%	14.80		%	13.00		%
Tangible common equity ratio (non-GAAP)	9.76		%	8.16		%	8.04		%	7.87		%	7.55		%	9.76		%	7.55		%
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	133,576		$	127,598		$	125,850		$	128,595		$	130,131		$	387,024		$	401,745

Total noninterest income (GAAP)	$	89,299		$	38,762		$	41,381		$	20,356		$	38,200		$	169,442		$	92,719

Gain on sales of MSR	—			—			3,472			547			—			3,472			—

Gain on extinguishment of debt	—			—			56			620			—			56			—
Gain on sale of insurance agency	53,349			—			—			—			—			53,349			—


(Dollars in thousands, except per share data)	Three Months Ended															Nine Months Ended
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
Losses on sales of securities (including impairments)	—			—			—			(19,352)			—			—			(22,438)
Total adjusted noninterest income (non-GAAP)	$	35,950		$	38,762		$	37,853		$	38,541		$	38,200		$	112,565		$	115,157

Noninterest expense (GAAP)	$	121,983		$	111,976		$	112,912		$	111,880		$	108,369		$	346,871		$	327,742
Amortization of intangibles	1,160			1,186			1,212			1,274			1,311			3,558			4,106
Merger and conversion expense	11,273			—			—			—			—			11,273			—




Total adjusted noninterest expense (non-GAAP)	$	109,550		$	110,790		$	111,700		$	110,606		$	107,058		$	332,040		$	323,636

Efficiency ratio (GAAP)	54.73		%	67.31		%	67.52		%	75.11		%	64.38		%	62.33		%	66.28		%
Adjusted efficiency ratio (non-GAAP)	64.62		%	66.60		%	68.23		%	66.18		%	63.60		%	66.46		%	62.61		%

Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)	$	133,576		$	127,598		$	125,850		$	128,595		$	130,131		$	387,024		$	401,745
Net interest income collected on problem loans	642			(146)			123			283			(820)			619			(64)
Accretion recognized on purchased loans	1,089			897			800			1,117			1,290			2,786			3,049
Adjustments to net interest income	$	1,731		$	751		$	923		$	1,400		$	470		$	3,405		$	2,985
Adjusted net interest income (FTE) (non-GAAP)	$	131,845		$	126,847		$	124,927		$	127,195		$	129,661		$	383,619		$	398,760

Net interest margin (GAAP)	3.36		%	3.31		%	3.30		%	3.33		%	3.36		%	3.32		%	3.49		%
Adjusted net interest margin (non-GAAP)	3.32		%	3.29		%	3.28		%	3.29		%	3.35		%	3.30		%	3.47		%

Adjusted Loan Yield
Loan interest income (FTE) (GAAP)	$	204,935		$	200,670		$	194,640		$	190,857		$	183,521		$	600,245		$	523,040
Net interest income collected on problem loans	642			(146)			123			283			(820)			619			(64)
Accretion recognized on purchased loans	1,089			897			800			1,117			1,290			2,786			3,049
Adjusted loan interest income (FTE) (non-GAAP)	$	203,204		$	199,919		$	193,717		$	189,457		$	183,051		$	596,840		$	520,055

Loan yield (GAAP)	6.47		%	6.41		%	6.30		%	6.18		%	6.06		%	6.39		%	5.89		%
Adjusted loan yield (non-GAAP)	6.41		%	6.38		%	6.27		%	6.14		%	6.04		%	6.35		%	5.86		%

(1) Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense. The tax effect of the discrete gain on sale of insurance agency was calculated based on an estimated tax rate of 25.8%.

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