8-K - RNST - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

July 23, 2024

Date of report (Date of earliest event reported)

RENASANT CORPORATION

(Exact name of registrant as specified in its charter)

Mississippi	001-13253	64-0676974
(State or other jurisdiction<br><br>of incorporation)	(Commission<br><br>File Number)	(I.R.S. Employer<br><br>Identification No.)

209 Troy Street, Tupelo, Mississippi 38804-4827

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (662) 680-1001

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $5.00 par value per share	RNST	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 23, 2024, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the second quarter of 2024. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On July 23, 2024, the Company also made available presentation materials (the “Presentation”) prepared for use with its earnings conference call on July 24, 2024. The Presentation is attached hereto and incorporated herein as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

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 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; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or 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; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) 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; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of deposit and credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying 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.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibits are furnished herewith:

Exhibit No. Description

99.1 Press release issued by Renasant Corporation announcing earnings for the second quarter of 2024

99.2 Presentation materials for Renasant Corporation Second Quarter 2024 Earnings Call

104 The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	RENASANT CORPORATION
Date: July 23, 2024	By:	/s/ C. Mitchell Waycaster
		C. Mitchell Waycaster
		Chief Executive Officer

Document

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

RENASANT CORPORATION ANNOUNCES

EARNINGS FOR THE SECOND QUARTER OF 2024

TUPELO, MISSISSIPPI (July 23, 2024) - Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the second quarter of 2024.

(Dollars in thousands, except earnings per share)	Three Months Ended			Six Months Ended
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023	Jun 30, 2024	Jun 30, 2023
Net income and earnings per share:
Net income	$38,846	$39,409	$28,643	$78,255	$74,721
After-tax loss on sale of securities	—	—	(18,085)	—	(17,870)
Basic EPS	0.69	0.70	0.51	1.39	1.33
Diluted EPS	0.69	0.70	0.51	1.38	1.33
Adjusted diluted EPS (Non-GAAP)(1)	0.69	0.65	0.83	1.33	1.64
Impact to diluted EPS from after-tax loss on sale of securities (including impairments)	—	—	0.32	—	0.31

“The financial results for the quarter reflect good performance and improved balance sheet strength,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company. “As we build capital, it enhances our ability to grow the company and build upon these results.”

Quarterly Highlights

Earnings

•Net income for the second quarter of 2024 was $38.8 million; diluted EPS and adjusted diluted EPS (non-GAAP)(1) were each $0.69

•Net interest income (fully tax equivalent) for the second quarter of 2024 was $127.6 million, up $1.7 million on a linked quarter basis

•For the second quarter of 2024, net interest margin was 3.31%, up 1 basis point on a linked quarter basis

•Cost of total deposits was 2.47% for the second quarter of 2024, up 12 basis points on a linked quarter basis

•Noninterest income decreased $2.6 million on a linked quarter basis primarily due to a decrease in mortgage banking income. During the first quarter of 2024, the Company sold a portion of its mortgage servicing rights (“MSR”), recognizing a gain of $3.5 million with no such sale in the second quarter of 2024

•Mortgage banking income decreased $1.7 million on a linked quarter basis. Excluding the gain recognized in the first quarter on the sale of a portion of Renasant's MSR, mortgage banking income increased $1.8 million on a linked quarter basis. The mortgage division generated $0.6 billion in interest rate lock volume in the second quarter of 2024, an increase of $0.2 billion on a linked quarter basis. Gain on sale margin was 1.69% for the second quarter of 2024, down 9 basis points on a linked quarter basis.

•Noninterest expense decreased $0.9 million on a linked quarter basis. Excluding the effect of certain charitable contributions and FDIC special assessment expense incurred in the first quarter, noninterest expense increased approximately $0.8 million on a linked quarter basis. Seasonality in our mortgage division resulted in higher levels of expense driven from increased volumes. These expenses were slightly offset by savings in other areas

Balance Sheet

•Loans increased $104.2 million on a linked quarter basis, representing 3.4% annualized net loan growth

•Securities decreased $39.2 million on a linked quarter basis due to net cash outflows during the quarter of $43.1 million and a positive fair market value adjustment in our available-for-sale portfolio of $3.9 million

•Deposits at June 30, 2024 increased $18.1 million on a linked quarter basis. Brokered deposits decreased $183.7 million on a linked quarter basis to $158.6 million at June 30, 2024. Noninterest bearing deposits increased $23.3 million on a linked quarter basis and represented 24.8% of total deposits at June 30, 2024

Capital and Liquidity

•Book value per share and tangible book value per share (non-GAAP)(1) increased 1.3% and 2.4%, respectively, on a linked quarter basis

•The Company has a $100 million stock repurchase program that is in effect through October 2024; there was no buyback activity during the second quarter of 2024

Credit Quality

•The Company recorded a provision for credit losses of $3.3 million for the second quarter of 2024, compared to $2.4 million for the first quarter of 2024

•The ratio of allowance for credit losses on loans to total loans was 1.59% at June 30, 2024 compared to 1.61% at March 31, 2024

•The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 203.88% at June 30, 2024, compared to 270.87% at March 31, 2024

•Net loan charge-offs for the second quarter of 2024 were $5.5 million, or 0.18% of average loans on an annualized basis

•Nonperforming loans to total loans increased to 0.78% at June 30, 2024 compared to 0.59% at March 31, 2024, and criticized loans (which include classified and special mention loans) to total loans decreased to 2.62% at June 30, 2024, compared to 2.76% at March 31, 2024

Sale of Renasant Insurance

•Effective July 1, 2024, Renasant sold the assets of its insurance agency for cash proceeds to Renasant Bank of $56.4 million, recognizing an estimated after-tax impact to earnings of $36.4 million, which is net of estimated merger-related expenses. The financial effects of the sale will be reflected in the third quarter of 2024

(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.

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended										Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024		Jun 30, 2023
Interest income
Loans held for investment	$	198,397	$	192,390	$	188,535	$	181,129	$	173,198	$	390,787	$	334,985
Loans held for sale	3,530		2,308		3,329		3,751		2,990		5,838		4,727
Securities	10,410		10,700		10,728		10,669		14,000		21,110		29,091
Other	7,874		7,781		7,839		10,128		6,978		15,655		12,408
Total interest income	220,211		213,179		210,431		205,677		197,166		433,390		381,211
Interest expense
Deposits	87,621		82,613		77,168		70,906		51,391		170,234		84,257
Borrowings	7,564		7,276		7,310		7,388		15,559		14,840		30,963
Total interest expense	95,185		89,889		84,478		78,294		66,950		185,074		115,220
Net interest income	125,026		123,290		125,953		127,383		130,216		248,316		265,991
Provision for credit losses
Provision for loan losses	4,300		2,638		2,518		5,315		3,000		6,938		10,960
Recovery of unfunded commitments	(1,000)		(200)		—		(700)		(1,000)		(1,200)		(2,500)
Total provision for credit losses	3,300		2,438		2,518		4,615		2,000		5,738		8,460
Net interest income after provision for credit losses	121,726		120,852		123,435		122,768		128,216		242,578		257,531
Noninterest income	38,762		41,381		20,356		38,200		17,226		80,143		54,519
Noninterest expense	111,976		112,912		111,880		108,369		110,165		224,888		219,373
Income before income taxes	48,512		49,321		31,911		52,599		35,277		97,833		92,677
Income taxes	9,666		9,912		3,787		10,766		6,634		19,578		17,956
Net income	$	38,846	$	39,409	$	28,124	$	41,833	$	28,643	$	78,255	$	74,721
Adjusted net income (non-GAAP)(1)	$	38,846	$	36,572	$	42,887	$	41,833	$	46,728	$	75,421	$	92,591
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1)	$	51,812	$	48,231	$	52,614	$	57,214	$	59,715	$	100,043	$	123,575
Basic earnings per share	$	0.69	$	0.70	$	0.50	$	0.75	$	0.51	$	1.39	$	1.33
Diluted earnings per share	0.69		0.70		0.50		0.74		0.51		1.38		1.33
Adjusted diluted earnings per share (non-GAAP)(1)	0.69		0.65		0.76		0.74		0.83		1.33		1.64
Average basic shares outstanding	56,342,909		56,208,348		56,141,628		56,138,618		56,107,881		56,275,628		56,058,585
Average diluted shares outstanding	56,684,626		56,531,078		56,611,217		56,523,887		56,395,653		56,607,947		56,330,295
Cash dividends per common share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	0.44	$	0.44

Performance Ratios

	Three Months Ended										Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024		Jun 30, 2023
Return on average assets	0.90	%	0.92	%	0.65	%	0.96	%	0.66	%	0.91	%	0.87	%
Adjusted return on average assets (non-GAAP)(1)	0.90		0.86		0.99		0.96		1.08		0.88		1.08
Return on average tangible assets (non-GAAP)(1)	0.98		1.00		0.71		1.05		0.73		0.99		0.96
Adjusted return on average tangible assets (non-GAAP)(1)	0.98		0.93		1.08		1.05		1.18		0.96		1.18
Return on average equity	6.68		6.85		4.93		7.44		5.18		6.77		6.84
Adjusted return on average equity (non-GAAP)(1)	6.68		6.36		7.53		7.44		8.45		6.52		8.48
Return on average tangible equity (non-GAAP)(1)	12.04		12.45		9.26		13.95		9.91		12.25		13.04
Adjusted return on average tangible equity (non-GAAP)(1)	12.04		11.58		13.94		13.95		15.94		11.81		16.07
Efficiency ratio (fully taxable equivalent)	67.31		67.52		75.11		64.38		73.29		67.41		67.26
Adjusted efficiency ratio (non-GAAP)(1)	66.60		68.23		66.18		63.60		62.98		67.41		62.13
Dividend payout ratio	31.88		31.43		44.00		29.33		43.14		31.65		33.08

Capital and Balance Sheet Ratios

	As of
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
Shares outstanding	56,367,924			56,304,860			56,142,207			56,140,713			56,132,478
Market value per share	$	30.54		$	31.32		$	33.68		$	26.19		$	26.13
Book value per share	41.77			41.25			40.92			39.78			39.35
Tangible book value per share (non-GAAP)(1)	23.89			23.32			22.92			21.76			21.30
Shareholders’ equity to assets	13.45		%	13.39		%	13.23		%	13.00		%	12.82		%
Tangible common equity ratio (non-GAAP)(1)	8.16			8.04			7.87			7.55			7.37
Leverage ratio	9.81			9.75			9.62			9.48			9.22
Common equity tier 1 capital ratio	10.75			10.59			10.52			10.46			10.30
Tier 1 risk-based capital ratio	11.53			11.37			11.30			11.25			11.09
Total risk-based capital ratio	15.15			15.00			14.93			14.91			14.76

Noninterest Income and Noninterest Expense

(Dollars in thousands)	Three Months Ended										Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024		Jun 30, 2023
Noninterest income
Service charges on deposit accounts	$	10,286	$	10,506	$	10,603	$	9,743	$	9,733	$	20,792	$	18,853
Fees and commissions	3,944		3,949		4,130		4,108		4,987		7,893		9,663
Insurance commissions	2,758		2,716		2,583		3,264		2,809		5,474		5,255
Wealth management revenue	5,684		5,669		5,668		5,986		5,338		11,353		10,478
Mortgage banking income	9,698		11,370		6,592		7,533		9,771		21,068		18,288
Net losses on sales of securities (including impairments)	—		—		(19,352)		—		(22,438)		—		(22,438)
Gain on extinguishment of debt	—		56		620		—		—		56		—
BOLI income	2,701		2,691		2,589		2,469		2,402		5,392		5,405
Other	3,691		4,424		6,923		5,097		4,624		8,115		9,015
Total noninterest income	$	38,762	$	41,381	$	20,356	$	38,200	$	17,226	$	80,143	$	54,519
Noninterest expense
Salaries and employee benefits	$	70,731	$	71,470	$	71,841	$	69,458	$	70,637	$	142,201	$	140,469
Data processing	3,945		3,807		3,971		3,907		3,684		7,752		7,317
Net occupancy and equipment	11,844		11,389		11,653		11,548		11,865		23,233		23,270
Other real estate owned	105		107		306		(120)		51		212		81
Professional fees	3,195		3,348		2,854		3,338		4,012		6,543		7,479
Advertising and public relations	3,807		4,886		3,084		3,474		3,482		8,693		8,168
Intangible amortization	1,186		1,212		1,274		1,311		1,369		2,398		2,795
Communications	2,112		2,024		2,026		2,006		2,226		4,136		4,206
Other	15,051		14,669		14,871		13,447		12,839		29,720		25,588
Total noninterest expense	$	111,976	$	112,912	$	111,880	$	108,369	$	110,165	$	224,888	$	219,373

Mortgage Banking Income

(Dollars in thousands)	Three Months Ended										Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024		Jun 30, 2023
Gain on sales of loans, net	$	5,199	$	4,535	$	1,860	$	3,297	$	4,646	$	9,734	$	9,416
Fees, net	2,866		1,854		2,010		2,376		2,859		4,720		4,665
Mortgage servicing income, net	1,633		4,981		2,722		1,860		2,266		6,614		4,207
Total mortgage banking income	$	9,698	$	11,370	$	6,592	$	7,533	$	9,771	$	21,068	$	18,288

Balance Sheet

(Dollars in thousands)	As of
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Assets
Cash and cash equivalents	$	851,906	$	844,400	$	801,351	$	741,156	$	946,899
Securities held to maturity, at amortized cost	1,174,663		1,199,111		1,221,464		1,245,595		1,273,044
Securities available for sale, at fair value	749,685		764,486		923,279		909,108		950,930
Loans held for sale, at fair value	266,406		191,440		179,756		241,613		249,615
Loans held for investment	12,604,755		12,500,525		12,351,230		12,168,023		11,930,516
Allowance for credit losses on loans	(199,871)		(201,052)		(198,578)		(197,773)		(194,391)
Loans, net	12,404,884		12,299,473		12,152,652		11,970,250		11,736,125
Premises and equipment, net	280,966		282,193		283,195		284,368		285,952
Other real estate owned	7,366		9,142		9,622		9,258		5,120
Goodwill and other intangibles	1,008,062		1,009,248		1,010,460		1,011,735		1,013,046
Bank-owned life insurance	387,791		385,186		382,584		379,945		377,649
Mortgage servicing rights	72,092		71,596		91,688		90,241		87,432
Other assets	306,570		289,466		304,484		298,352		298,530
Total assets	$	17,510,391	$	17,345,741	$	17,360,535	$	17,181,621	$	17,224,342
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	3,539,453	$	3,516,164	$	3,583,675	$	3,734,197	$	3,878,953
Interest-bearing	10,715,760		10,720,999		10,493,110		10,422,913		10,216,408
Total deposits	14,255,213		14,237,163		14,076,785		14,157,110		14,095,361
Short-term borrowings	232,741		108,121		307,577		107,662		257,305
Long-term debt	428,677		428,047		429,400		427,399		429,630
Other liabilities	239,059		250,060		249,390		256,127		233,418
Total liabilities	15,155,690		15,023,391		15,063,152		14,948,298		15,015,714
Shareholders’ equity:
Common stock	296,483		296,483		296,483		296,483		296,483
Treasury stock	(97,534)		(99,683)		(105,249)		(105,300)		(105,589)
Additional paid-in capital	1,304,782		1,303,613		1,308,281		1,304,891		1,301,883
Retained earnings	1,005,086		978,880		952,124		936,573		907,312
Accumulated other comprehensive loss	(154,116)		(156,943)		(154,256)		(199,324)		(191,461)
Total shareholders’ equity	2,354,701		2,322,350		2,297,383		2,233,323		2,208,628
Total liabilities and shareholders’ equity	$	17,510,391	$	17,345,741	$	17,360,535	$	17,181,621	$	17,224,342

Net Interest Income and Net Interest Margin

(Dollars in thousands)	Three Months Ended
	June 30, 2024						March 31, 2024						June 30, 2023
	Average<br>Balance		Interest<br>Income/<br>Expense		Yield/ <br> Rate		Average<br>Balance		Interest<br>Income/<br>Expense		Yield/ <br> Rate		Average<br>Balance		Interest<br>Income/<br>Expense		Yield/ <br> Rate
Interest-earning assets:
Loans held for investment	$	12,575,651	$	200,670	6.41	%	$	12,407,976	$	194,640	6.30	%	$	11,877,592	$	175,549	5.93	%
Loans held for sale	219,826		3,530		6.42	%	155,382		2,308		5.94	%	192,539		2,990		6.21	%
Taxable securities	1,832,002		9,258		2.02	%	1,891,817		9,505		2.01	%	2,481,712		12,353		1.99	%
Tax-exempt securities(1)	263,937		1,451		2.20	%	270,279		1,505		2.23	%	367,410		2,165		2.36	%
Total securities	2,095,939		10,709		2.04	%	2,162,096		11,010		2.04	%	2,849,122		14,518		2.04	%
Interest-bearing balances with banks	595,030		7,874		5.32	%	570,336		7,781		5.49	%	524,307		6,978		5.34	%
Total interest-earning assets	15,486,446		222,783		5.77	%	15,295,790		215,739		5.66	%	15,443,560		200,035		5.19	%
Cash and due from banks	187,519						188,503						189,668
Intangible assets	1,008,638						1,009,825						1,013,811
Other assets	688,766						708,895						690,885
Total assets	$	17,371,369					$	17,203,013					$	17,337,924
Interest-bearing liabilities:
Interest-bearing demand(2)	$	7,094,411	$	56,132	3.17	%	$	6,955,989	$	52,500	3.03	%	$	6,114,067	$	29,185	1.91	%
Savings deposits	839,638		729		0.35	%	860,397		730		0.34	%	1,004,096		813		0.32	%
Brokered deposits	294,650		3,944		5.37	%	445,608		5,987		5.39	%	809,613		10,295		5.10	%
Time deposits	2,487,873		26,816		4.34	%	2,319,420		23,396		4.06	%	1,735,567		11,098		2.57	%
Total interest-bearing deposits	10,716,572		87,621		3.28	%	10,581,414		82,613		3.13	%	9,663,343		51,391		2.13	%
Borrowed funds	564,672		7,564		5.37	%	544,564		7,276		5.35	%	1,204,968		15,559		5.18	%
Total interest-bearing liabilities	11,281,244		95,185		3.39	%	11,125,978		89,889		3.24	%	10,868,311		66,950		2.47	%
Noninterest-bearing deposits	3,509,109						3,518,612						4,039,087
Other liabilities	243,285						244,142						212,818
Shareholders’ equity	2,337,731						2,314,281						2,217,708
Total liabilities and shareholders’ equity	$	17,371,369					$	17,203,013					$	17,337,924
Net interest income/ net interest margin			$	127,598	3.31	%			$	125,850	3.30	%			$	133,085	3.45	%
Cost of funding					2.58	%					2.46	%					1.80	%
Cost of total deposits					2.47	%					2.35	%					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.

Net Interest Income and Net Interest Margin, continued

(Dollars in thousands)	Six Months Ended
	June 30, 2024					June 30, 2023
	Average<br>Balance		Interest<br>Income/<br>Expense		Yield/ <br> Rate	Average<br>Balance		Interest<br>Income/<br>Expense		Yield/ <br> Rate
Interest-earning assets:
Loans held for investment	$	12,491,814	$	395,310	6.35%	$	11,783,585	$	339,519	5.81%
Loans held for sale	187,604		5,838		6.22%	148,221		4,727		6.38%
Taxable securities(1)	1,861,909		18,763		2.02%	2,557,997		25,670		2.01%
Tax-exempt securities	267,108		2,956		2.21%	382,130		4,510		2.36%
Total securities	2,129,017		21,719		2.04%	2,940,127		30,180		2.05%
Interest-bearing balances with banks	582,683		15,655		5.40%	494,434		12,408		5.06%
Total interest-earning assets	15,391,118		438,522		5.72%	15,366,367		386,834		5.07%
Cash and due from banks	188,011					193,703
Intangible assets	1,009,232					1,012,690
Other assets	701,770					675,648
Total assets	$	17,290,131				$	17,248,408
Interest-bearing liabilities:
Interest-bearing demand(2)	$	7,025,200	$	108,632	3.10%	$	6,090,549	$	49,483	1.64%
Savings deposits	850,018		1,459		0.34%	1,028,315		1,639		0.32%
Brokered deposits	370,129		9,931		5.38%	603,822		14,713		4.91%
Time deposits	2,403,646		50,212		4.20%	1,650,683		18,422		2.25%
Total interest-bearing deposits	10,648,993		170,234		3.21%	9,373,369		84,257		1.81%
Borrowed funds	554,618		14,840		5.36%	1,243,049		30,963		5.01%
Total interest-bearing liabilities	11,203,611		185,074		3.32%	10,616,418		115,220		2.19%
Noninterest-bearing deposits	3,513,860					4,212,081
Other liabilities	246,654					217,573
Shareholders’ equity	2,326,006					2,202,336
Total liabilities and shareholders’ equity	$	17,290,131				$	17,248,408
Net interest income/ net interest margin			$	253,448	3.30%			$	271,614	3.56%
Cost of funding					2.52%					1.57%
Cost of total deposits					2.41%					1.25%

(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									Six Months Ended
	Jun 30, 2024			Mar 31, 2024			Jun 30, 2023			Jun 30, 2024			Jun 30, 2023
Earning asset mix:
Loans held for investment	81.20		%	81.12		%	76.91		%	81.16		%	76.68		%
Loans held for sale	1.42			1.02			1.25			1.22			0.96
Securities	13.53			14.14			18.45			13.83			19.13
Interest-bearing balances with banks	3.85			3.72			3.39			3.79			3.23
Total	100.00		%	100.00		%	100.00		%	100.00		%	100.00		%
Funding sources mix:
Noninterest-bearing demand	23.73		%	24.03		%	27.09		%	23.88		%	28.41		%
Interest-bearing demand	47.97			47.50			41.01			47.73			41.07
Savings	5.68			5.88			6.74			5.78			6.93
Brokered deposits	1.99			3.04			5.43			2.51			4.07
Time deposits	16.82			15.84			11.64			16.33			11.13
Borrowed funds	3.81			3.71			8.09			3.77			8.39
Total	100.00		%	100.00		%	100.00		%	100.00		%	100.00		%
Net interest income collected on problem loans	$	(146)		$	123		$	364		$	(23)		$	756
Total accretion on purchased loans	897			800			874			1,697			1,759
Total impact on net interest income	$	751		$	923		$	1,238		$	1,674		$	2,515
Impact on net interest margin	0.02		%	0.02		%	0.03		%	0.02		%	0.03		%
Impact on loan yield	0.02			0.03			0.04			0.03		%	0.04		%

Loan Portfolio

(Dollars in thousands)	As of
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Loan Portfolio:
Commercial, financial, agricultural	$	1,847,762	$	1,869,408	$	1,871,821	$	1,819,891	$	1,729,070
Lease financing	102,996		107,474		116,020		120,724		122,370
Real estate - construction	1,355,425		1,243,535		1,333,397		1,407,364		1,369,019
Real estate - 1-4 family mortgages	3,435,818		3,429,286		3,439,919		3,398,876		3,348,654
Real estate - commercial mortgages	5,766,478		5,753,230		5,486,550		5,313,166		5,252,479
Installment loans to individuals	96,276		97,592		103,523		108,002		108,924
Total loans	$	12,604,755	$	12,500,525	$	12,351,230	$	12,168,023	$	11,930,516

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands)	As of
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
Nonperforming Assets:
Nonaccruing loans	$	97,795		$	73,774		$	68,816		$	69,541		$	55,439
Loans 90 days or more past due	240			451			554			532			36,321
Total nonperforming loans	98,035			74,225			69,370			70,073			91,760
Other real estate owned	7,366			9,142			9,622			9,258			5,120
Total nonperforming assets	$	105,401		$	83,367		$	78,992		$	79,331		$	96,880
Criticized Loans
Classified loans	$	191,595		$	206,502		$	166,893		$	186,052		$	219,674
Special Mention loans	138,343			138,366			99,699			89,858			56,616
Criticized loans(1)	$	329,938		$	344,868		$	266,592		$	275,910		$	276,290
Allowance for credit losses on loans	$	199,871		$	201,052		$	198,578		$	197,773		$	194,391
Net loan charge-offs	$	5,481		$	164		$	1,713		$	1,933		$	3,901
Annualized net loan charge-offs / average loans	0.18		%	0.01		%	0.06		%	0.06		%	0.13		%
Nonperforming loans / total loans	0.78			0.59			0.56			0.58			0.77
Nonperforming assets / total assets	0.60			0.48			0.46			0.46			0.56
Allowance for credit losses on loans / total loans	1.59			1.61			1.61			1.63			1.63
Allowance for credit losses on loans / nonperforming loans	203.88			270.87			286.26			282.24			211.85
Criticized loans / total loans	2.62			2.76			2.16			2.27			2.32

(1) Criticized loans include loans in risk rating classifications of classified and special mention.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, July 24, 2024.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=4YF7gjk4. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2024 Second 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 8556122 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 7, 2024.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $17.5 billion and operates 185 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:

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 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; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) 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; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) 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; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of deposit and credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the

Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) 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.

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 (although, for the second quarter of 2024, there were no excluded gains or charges), 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										Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024		Jun 30, 2023
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)	$	38,846	$	39,409	$	28,124	$	41,833	$	28,643	$	78,255	$	74,721
Income taxes	9,666		9,912		3,787		10,766		6,634		19,578		17,956
Provision for credit losses (including unfunded commitments)	3,300		2,438		2,518		4,615		2,000		5,738		8,460
Pre-provision net revenue (non-GAAP)	$	51,812	$	51,759	$	34,429	$	57,214	$	37,277	$	103,571	$	101,137
Gain on extinguishment of debt	—		(56)		(620)		—		—		(56)		—
Gain on sales of MSR	—		(3,472)		(547)		—		—		(3,472)		—
Losses on sales of securities (including impairments)	—		—		19,352		—		22,438		—		22,438
Adjusted pre-provision net revenue (non-GAAP)	$	51,812	$	48,231	$	52,614	$	57,214	$	59,715	$	100,043	$	123,575
Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	38,846	$	39,409	$	28,124	$	41,833	$	28,643	$	78,255	$	74,721
Amortization of intangibles	1,186		1,212		1,274		1,311		1,369		2,398		2,795
Tax effect of adjustments noted above(1)	(233)		(237)		(240)		(269)		(266)		(472)		(569)
Tangible net income (non-GAAP)	$	39,799	$	40,384	$	29,158	$	42,875	$	29,746	$	80,181	$	76,947
Net income (GAAP)	$	38,846	$	39,409	$	28,124	$	41,833	$	28,643	$	78,255	$	74,721
Gain on extinguishment of debt	—		(56)		(620)		—		—		(56)		—
Gain on sales of MSR	—		(3,472)		(547)		—		—		(3,472)		—
Losses on sales of securities (including impairments)	—		—		19,352		—		22,438		—		22,438
Tax effect of adjustments noted above(1)	—		691		(3,422)		—		(4,353)		694		(4,568)
Adjusted net income (non-GAAP)	$	38,846	$	36,572	$	42,887	$	41,833	$	46,728	$	75,421	$	92,591
Amortization of intangibles	1,186		1,212		1,274		1,311		1,369		2,398		2,795
Tax effect of adjustments noted above(1)	(233)		(237)		(240)		(269)		(266)		(472)		(569)
Adjusted tangible net income (non-GAAP)	$	39,799	$	37,547	$	43,921	$	42,875	$	47,831	$	77,347	$	94,817
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)	$	2,337,731	$	2,314,281	$	2,261,025	$	2,231,605	$	2,217,708	$	2,326,006	$	2,202,336
Average intangible assets	1,008,638		1,009,825		1,011,130		1,012,460		1,013,811		1,009,232		1,012,690
Average tangible shareholders’ equity (non-GAAP)	$	1,329,093	$	1,304,456	$	1,249,895	$	1,219,145	$	1,203,897	$	1,316,774	$	1,189,646
Average assets (GAAP)	$	17,371,369	$	17,203,013	$	17,195,840	$	17,235,413	$	17,337,924	$	17,290,131	$	17,248,408
Average intangible assets	1,008,638		1,009,825		1,011,130		1,012,460		1,013,811		1,009,232		1,012,690
Average tangible assets (non-GAAP)	$	16,362,731	$	16,193,188	$	16,184,710	$	16,222,953	$	16,324,113	$	16,280,899	$	16,235,718
Shareholders’ equity (GAAP)	$	2,354,701	$	2,322,350	$	2,297,383	$	2,233,323	$	2,208,628	$	2,354,701	$	2,208,628
Intangible assets	1,008,062		1,009,248		1,010,460		1,011,735		1,013,046		1,008,062		1,013,046
Tangible shareholders’ equity (non-GAAP)	$	1,346,639	$	1,313,102	$	1,286,923	$	1,221,588	$	1,195,582	$	1,346,639	$	1,195,582
(Dollars in thousands, except per share data)	Three Months Ended															Six Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Jun 30, 2024			Jun 30, 2023
Total assets (GAAP)	$	17,510,391		$	17,345,741		$	17,360,535		$	17,181,621		$	17,224,342		$	17,510,391		$	17,224,342
Intangible assets	1,008,062			1,009,248			1,010,460			1,011,735			1,013,046			1,008,062			1,013,046
Total tangible assets (non-GAAP)	$	16,502,329		$	16,336,493		$	16,350,075		$	16,169,886		$	16,211,296		$	16,502,329		$	16,211,296
Adjusted Performance Ratios
Return on average assets (GAAP)	0.90		%	0.92		%	0.65		%	0.96		%	0.66		%	0.91		%	0.87		%
Adjusted return on average assets (non-GAAP)	0.90			0.86			0.99			0.96			1.08			0.88			1.08
Return on average tangible assets (non-GAAP)	0.98			1.00			0.71			1.05			0.73			0.99			0.96
Pre-provision net revenue to average assets (non-GAAP)	1.20			1.21			0.79			1.32			0.86			1.20			1.18
Adjusted pre-provision net revenue to average assets (non-GAAP)	1.20			1.13			1.21			1.32			1.38			1.16			1.44
Adjusted return on average tangible assets (non-GAAP)	0.98			0.93			1.08			1.05			1.18			0.96			1.18
Return on average equity (GAAP)	6.68			6.85			4.93			7.44			5.18			6.77			6.84
Adjusted return on average equity (non-GAAP)	6.68			6.36			7.53			7.44			8.45			6.52			8.48
Return on average tangible equity (non-GAAP)	12.04			12.45			9.26			13.95			9.91			12.25			13.04
Adjusted return on average tangible equity (non-GAAP)	12.04			11.58			13.94			13.95			15.94			11.81			16.07
Adjusted Diluted Earnings Per Share
Average diluted shares outstanding	56,684,626			56,531,078			56,611,217			56,523,887			56,395,653			56,607,947			56,330,295
Diluted earnings per share (GAAP)	$	0.69		$	0.70		$	0.50		$	0.74		$	0.51		$	1.38		$	1.33
Adjusted diluted earnings per share (non-GAAP)	$	0.69		$	0.65		$	0.76		$	0.74		$	0.83		$	1.33		$	1.64
Tangible Book Value Per Share
Shares outstanding	56,367,924			56,304,860			56,142,207			56,140,713			56,132,478			56,367,924			56,132,478
Book value per share (GAAP)	$	41.77		$	41.25		$	40.92		$	39.78		$	39.35		$	41.77		$	39.35
Tangible book value per share (non-GAAP)	$	23.89		$	23.32		$	22.92		$	21.76		$	21.30		$	23.89		$	21.30
Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)	13.45		%	13.39		%	13.23		%	13.00		%	12.82		%	13.45		%	12.82		%
Tangible common equity ratio (non-GAAP)	8.16		%	8.04		%	7.87		%	7.55		%	7.37		%	8.16		%	7.37		%
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	127,598		$	125,850		$	128,595		$	130,131		$	133,085		$	253,448		$	271,614
Total noninterest income (GAAP)	$	38,762		$	41,381		$	20,356		$	38,200		$	17,226		$	80,143		$	54,519
Gain on sales of MSR	—			3,472			547			—			—			3,472			—
Gain on extinguishment of debt	—			56			620			—			—			56			—
Losses on sales of securities (including impairments)	—			—			(19,352)			—			(22,438)			—			(22,438)
Total adjusted noninterest income (non-GAAP)	$	38,762		$	37,853		$	38,541		$	38,200		$	39,664		$	76,615		$	76,957
(Dollars in thousands, except per share data)	Three Months Ended															Six Months Ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Jun 30, 2024			Jun 30, 2023
Noninterest expense (GAAP)	$	111,976		$	112,912		$	111,880		$	108,369		$	110,165		$	224,888		$	219,373
Amortization of intangibles	1,186			1,212			1,274			1,311			1,369			2,398			2,795
Total adjusted noninterest expense (non-GAAP)	$	110,790		$	111,700		$	110,606		$	107,058		$	108,796		$	222,490		$	216,578
Efficiency ratio (GAAP)	67.31		%	67.52		%	75.11		%	64.38		%	73.29		%	67.41		%	67.26		%
Adjusted efficiency ratio (non-GAAP)	66.60		%	68.23		%	66.18		%	63.60		%	62.98		%	67.41		%	62.13		%
Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)	$	127,598		$	125,850		$	128,595		$	130,131		$	133,085		$	253,448		$	271,614
Net interest income collected on problem loans	(146)			123			283			(820)			364			(23)			756
Accretion recognized on purchased loans	897			800			1,117			1,290			874			1,697			1,759
Adjustments to net interest income	$	751		$	923		$	1,400		$	470		$	1,238		$	1,674		$	2,515
Adjusted net interest income (FTE) (non-GAAP)	$	126,847		$	124,927		$	127,195		$	129,661		$	131,847		$	251,774		$	269,099
Net interest margin (GAAP)	3.31		%	3.30		%	3.33		%	3.36		%	3.45		%	3.30		%	3.56		%
Adjusted net interest margin (non-GAAP)	3.29		%	3.28		%	3.29		%	3.35		%	3.43		%	3.28		%	3.52		%
Adjusted Loan Yield
Loan interest income (FTE) (GAAP)	$	200,670		$	194,640		$	190,857		$	183,521		$	175,549		$	395,310		$	339,519
Net interest income collected on problem loans	(146)			123			283			(820)			364			(23)			756
Accretion recognized on purchased loans	897			800			1,117			1,290			874			1,697			1,759
Adjusted loan interest income (FTE) (non-GAAP)	$	199,919		$	193,717		$	189,457		$	183,051		$	174,311		$	393,636		$	337,004
Loan yield (GAAP)	6.41		%	6.30		%	6.18		%	6.06		%	5.93		%	6.35		%	5.81		%
Adjusted loan yield (non-GAAP)	6.38		%	6.27		%	6.14		%	6.04		%	5.89		%	6.32		%	5.76		%

(1) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

rnstq22024earningsdeckfi

Second Quarter 2024 Earnings Call

This presentation may contain various statements about Renasant Corporation (“Renasant,” “we,” “our,” or “us”) 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 our future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. We believe 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 our control. In addition, these forward-looking statements are subject to assumptions about future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements; 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. 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) Renasant’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) Renasant’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or 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; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) 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; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of deposit and credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in our geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond management’s control. Management believes that the assumptions underlying our 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 Renasant’s filings with the Securities and Exchange Commission (“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. We undertake no obligation, and specifically disclaim any obligation, to update or revise our 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. Forward-Looking Statements 2

Snapshot Assets: $17.5 billion Loans: 12.6 Deposits: 14.3 Equity: 2.4 Loans and Deposits by State MS 18% AL 30% FL 8% Other 1% GA 29% TN 14% Loans MS 39% AL 14% FL 3% GA 32% TN 12% Deposits Footprint *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texas are not shown. Note: Effective as of July 1, 2024, Renasant sold the assets of Renasant Insurance, Inc. As a result, insurance agency locations are not included in the map. Overview 3 Note: As of June 30, 2024

• Net income of $38.8 million with diluted EPS of $0.69 • Net interest margin increased 1 basis point to 3.31% on a linked quarter basis • Loans increased $104.2 million, or 3.4% annualized • Deposits increased $18.1 million; excluding brokered deposits, core deposits increased $201.8 million. Noninterest-bearing deposits represented $23.3 million of this increase • Cost of total deposits increased 12 basis points to 2.47%; noninterest-bearing deposits represented 24.8% of total deposits • The ratio of allowance for credit losses on loans to total loans was 1.59% • Nonperforming loans represented 0.78% of total loans, an increase of 19 basis points on a linked quarter basis; annualized net loan charge-offs were 0.18% of average loans. Criticized loans (which include classified and special mention loans) to total loans decreased to 2.62% • Effective July 1, 2024, Renasant sold the assets of its insurance agency for cash proceeds to Renasant Bank of $56.4 million, recognizing an estimated after-tax impact to earnings of $36.4 million, which is net of estimated merger-related expenses Second Quarter Highlights 4

Balance Sheet $14,095 $14,157 $14,077 $14,237 $14,255 $13,950 $14,000 $14,050 $14,100 $14,150 $14,200 $14,250 $14,300 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Deposits $11,931 $12,168 $12,351 $12,501 $12,605 $11,400 $11,600 $11,800 $12,000 $12,200 $12,400 $12,600 $12,800 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loans $2,209 $2,233 $2,297 $2,322 $2,355 $2,100 $2,150 $2,200 $2,250 $2,300 $2,350 $2,400 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Equity 5Note: Dollars in millions Note: In millions $17,224 $17,182 $17,361 $17,346 $17,510 $17,000 $17,100 $17,200 $17,300 $17,400 $17,500 $17,600 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Assets

6 Core Deposit Funding Diversification 25% 50% 6% 17% 2% Noninterest-bearing Interest-bearing* Savings Time Brokered Granularity • Average deposit account balance is $32 thousand; commercial and consumer deposit accounts, excluding time deposit accounts, averaged approximately $82 thousand and $13 thousand, respectively • Top 20 depositors, excluding public funds, comprise 4.3% of total deposits Customer Consumer 47% Commercial 35% Brokered 2% Public Funds 16% Commercial Construction 16% Professional Services 10% Real Estate 14% Financial 14% Manufacturing 7% Trade 11% Health Care 5% Other Services 17% Other 6% Note: As of June 30, 2024 and for the three months then-ended *Includes money market

7 Strong Liquidity Position Cash and Securities to Total Assets 18.4% 16.9% 17.0% 16.2% 15.9% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loans to Deposits 85% 86% 88% 88% 88% $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Average Interest Earning Asset Mix (2Q 2024) 81% 1% 14% 4% Loans Held for Investment Loans Held for Sale Securities Interest Bearing Balances with Banks

8 Capital 12.82% 13.00% 13.23% 13.39% 13.45% 7.37% 7.55% 7.87% 8.04% 8.16% $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Equity to Assets / Tangible Common Equity Ratio Shareholders' equity to assets Tangible common equity ratio (non-GAAP)* $39.35 $39.78 $40.92 $41.25 $41.77 $21.30 $21.76 $22.92 $23.32 $23.89 $5 $10 $15 $20 $25 $30 $35 $40 $45 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Book Value / TBV Book Value Tangible Book Value (non-GAAP)* * Tangible Common Equity Ratio and Tangible Book Value are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 10.30% 10.46% 10.52% 10.59% 10.75% 14.76% 14.91% 14.93% 15.00% 15.15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 CET1 / TRBC Common equity tier 1 capital ratio Total risk-based capital ratio Highlights • $100 million stock repurchase program is in effect through October 2024; there was no buyback activity in the second quarter of 2024 • Consistent dividend payment history, including through the 2008 financial crisis • Unrealized losses on the HTM portfolio would have a negative impact of 50 basis points on the TCE ratio at June 30, 2024; unrealized losses on both HTM and AFS would have a negative impact of 150 basis points on CET1 and the Company would remain above well-capitalized thresholds at June 30, 2024

9 Asset Quality 2.32% 2.27% 2.16% 2.76% 2.62% 2.00% 2.50% 3.00% 3.50% 4.00% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Criticized Loans/Total Loans 0.10% 0.11% 0.44% 0.48% 0.23% 0.0% 0.5% 1.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loans 30-89 Days Past Due/ Total Loans 0.13% 0.06% 0.06% 0.01% 0.18% 0.0% 0.5% 1.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Charge-offs / Average Loans 1.63% 1.63% 1.61% 1.61% 1.59% 0.0% 1.0% 2.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Allowance/Total Loans 212% 282% 286% 271% 204% 0% 200% 400% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Allowance/Nonperforming Loans 0.56% 0.46% 0.46% 0.48% 0.60% 0.0% 0.5% 1.0% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 NPAs/Total Assets

10 Profitability Note: Dollars in millions except per share amounts. *Adjusted Diluted EPS, Adjusted Net Income, Adjusted Net Interest Income (FTE), PPNR and Adjusted PPNR are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. $0.51 $0.74 $0.50 $0.70 $0.69 $0.83 $0.74 $0.76 $0.65 $0.69 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Diluted EPS / Adjusted Diluted EPS (non-GAAP)* Diluted EPS (GAAP) Adjusted Diluted EPS (non-GAAP)* $28.6 $41.8 $28.1 $39.4 $38.8 $46.7 $41.8 $42.9 $36.6 $38.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Income / Adjusted Net Income (non-GAAP)* Net Income Adjusted Net Income (non-GAAP)* $133.1 $130.1 $128.6 $125.9 $127.6$131.8 $129.7 $127.2 $124.9 $126.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Interest Income (FTE) / Adjusted Net Interest Income (FTE) (non-GAAP)* Net interest income (FTE) Adjusted net interest income (FTE) (non-GAAP)* $37.3 $57.2 $34.4 $51.8 $51.8 $59.7 $57.2 $52.6 $48.2 $51.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 PPNR (non-GAAP)* / Adjusted PPNR (non-GAAP)* PPNR (non-GAAP)* Adjusted PPNR (non-GAAP)*

11 Profitability Ratios *Adjusted ROAA, Adjusted ROTCE, PPNR/Average Assets, Adjusted PPNR/Average Assets and Adjusted Efficiency Ratio are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 5.18% 7.44% 4.93% 6.85% 6.68% 15.94% 13.95% 13.94% 11.58% 12.04% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ROAE / Adjusted ROTCE ROAE (GAAP) ROTCE (Adjusted) (non-GAAP)* 0.66% 0.96% 0.65% 0.92% 0.90% 1.08% 0.96% 0.99% 0.86% 0.90% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 ROAA / Adjusted ROAA ROAA (GAAP) ROAA (Adjusted) (non-GAAP)* 73% 64% 75% 68% 67% 63% 64% 66% 68% 67% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Efficiency Ratio / Adjusted Efficiency Ratio Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* 0.86% 1.32% 0.79% 1.21% 1.20% 1.38% 1.32% 1.21% 1.13% 1.20% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 PPNR / Adjusted PPNR Ratios PPNR/Average Assets (non-GAAP)* Adjusted PPNR/Average Assets (non-GAAP)*

12 Net Interest Margin (FTE), Loan Yield and Cost of Deposits *Adjusted Net Interest Margin (FTE) and Adjusted Loan Yield are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 3.45% 3.36% 3.33% 3.30% 3.31% 3.43% 3.35% 3.29% 3.28% 3.29% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Net Interest Margin (FTE) / Adjusted Net Interest Margin (FTE)(non-GAAP)* Net Interest Margin Adjusted Net Interest Margin (FTE)(non-GAAP)* 5.93% 6.06% 6.18% 6.30% 6.41% 5.89% 6.04% 6.14% 6.27% 6.38% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Loan Yield / Adjusted Loan Yield (non-GAAP)* Loan yield Adjusted Loan Yield (non-GAAP)* 1.50% 1.98% 2.17% 2.35% 2.47% 2.13% 2.70% 2.94% 3.13% 3.28% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Cost of Deposits Total cost of deposits Cost of total interest-bearing deposits

Noninterest Income / Total Revenue $17.2 $38.2 $20.4 $41.4 $38.8 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Noninterest Income 86% 4% 8% 2% YTD Total Revenue(1) Community Banking Wealth Management Mortgage Insurance Service Charges 27% Fees and Commissions 10% Insurance 7% Wealth Management 15% Mortgage Banking 25% Other 16% Noninterest Income Mix - 2Q 2024 • Noninterest income decreased $2.6 million on a linked quarter basis. Excluding the gain on sale of a portion of the Company’s mortgage servicing rights (“MSR”), noninterest income increased $0.9 million on a linked quarter basis. Higher volumes driven by seasonality in our mortgage division resulted in an increase in revenue, what was offset to some degree by a decline in contingency income recognized by our insurance agency. Note: Dollars in millions (1) Total revenue is calculated as net interest income plus noninterest income. (2) Effective July 1, 2024, Renasant sold the assets of its insurance agency 13 (2)

14 Noninterest Expense ($ in thousands) 1Q24 2Q24 Change Salaries and employee benefits 71,470$ 70,731$ (739)$ Data processing 3,807 3,945 138 Net occupancy and equipment 11,389 11,844 455 Advertising and public relations 4,886 3,807 (1,079) Other 21,360 21,649 289 Total 112,912$ 111,976$ (936)$ $110.2 $108.4 $111.9 $112.9 $112.0 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Salaries and employee benefits 63% Data processing 4% Net occupancy and equipment 11% Advertising and public relations 3% Other 19% Mix - 2Q 2024 • Excluding the effect of certain charitable contributions and FDIC special assessment expense incurred in the first quarter, noninterest expense increased approximately $814 thousand on a linked quarter basis. Seasonality in our mortgage division resulted in higher levels of expense driven from increased volumes. These expenses were slightly offset by savings in other areas. ($ in millions)

Appendix

16 Available Liquidity and Uninsured Deposits $7.8 $4.5 Available sources Uninsured and uncollateralized deposits Uninsured Deposits % of Total Deposits Uncollateralized 4.5$ 31.5% Collateralized public funds 1.7 11.9% Total 6.2$ 43.4% Internal Sources Cash and cash equivalents 0.9$ Unencumbered securities(1) 0.7 External Sources FHLB borrowing capacity(2) 2.7 Federal Reserve Discount Window 0.6 Other(3) 2.9 Total 7.8$ Liquidity Sources Note: As of June 30, 2024; dollars in billions (1) Approximately $153 million of the unencumbered securities are placed at the Fed (2) Does not include loans participated to REITs that could be moved to Renasant Bank and pledged for additional capacity (3) Includes untapped brokered CDs (per internal policy limits) and unsecured lines of credit

17 Securities Composition (at Amortized Cost) Highlights • Represents 11.0% of total assets • Duration of 4.8 years • 61% of portfolio HTM o 10.5% of HTM are CRA investments o 25.9% of HTM are Municipals • Unrealized losses in AOCI on securities totaled $216.9 million ($162.8 million, net of tax); unrealized losses in AOCI on HTM securities totaled $72.0 million ($53.7 million, net of tax) Note: As of June 30, 2024 Agency CMO 38% Agency MBS 29% Municipal 15% Agency CMBS 10% SBA 5% Other 3% $1.9 Billion

18 Non-Owner Occupied CRE – Term* with Office and Multi-Family Non-Owner Occupied CRE – Term* Note: As of June 30, 2024. LTV is calculated using the most recent appraisal available. *Excludes construction Office (non-medical) 17% 10% 10% 22% 8% 8% 16% 8% 1% Warehouse/Industrial Hotels Self Storage Multi-family Medical Office Office (non-medical) Retail Senior Housing Other • 31.2% of total loans • Non-performing loans of 0.62% • 30-89 days past due of 0.02% • Average loan size of $2.0 million • Weighted average LTV of 55.4% • $320 million portfolio, 2.5% of total loans • 1.07% past due or nonaccrual • Average loan size of $1.0 million • Weighted average LTV of 56.4% • 86% of portfolio < 75% LTV Multi-Family • $822 million portfolio, 6.5% of total loans • No past due or nonaccrual • Average loan size of $3.2 million • Weighted average LTV of 56.8% • 90% of portfolio < 75% LTV

19 Construction Composition Note: As of June 30, 2024; LTV is calculated using the most recent appraisal available. Highlights 20% 6% 38% 6% 5% 10% 10% 3% 2% 1-4 Family Commercial Owner-Occupied Multi-family Office Retail Self Storage Warehouse / Industrial Hotels Senior Housing • 10.8% of total loans • 0.64% past due or nonaccrual • Average loan size of $1.9 million • Weighted average LTV of 60.3%

Forward-Looking Statements 20 ACL / Loss Absorption ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans Commercial, Financial, Agricultural 45,922$ 2.46 44,952$ 2.43 Lease Financing Receivables 2,554 2.38 2,515 2.45 Real Estate - 1-4 Family Mortgage 47,532 1.39 47,344 1.38 Real Estate - Commercial Mortgage 78,783 1.37 77,245 1.34 Real Estate - Construction 17,317 1.39 18,896 1.39 Installment loans to individuals 8,944 9.16 8,919 9.30 Allowance for Credit Losses on Loans 201,052 1.61 199,871 1.59 Allowance for Credit Losses on Deferred Interest 1,245 1,245 Reserve for Unfunded Commitments 16,718 15,718 Total Reserves 219,015 216,834 Purchase Accounting Discounts 7,635 6,738 Total Loss Absorption Capacity 226,650$ 223,572$ 6/30/20243/31/2024

21 Mortgage Banking Mortgage Banking Income ($ in thousands) 2Q23 1Q24 2Q24 Gain on sales of loans, net 4,646$ 4,535$ 5,199$ Fees, net 2,859 1,854 2,866 Mortgage servicing income, net 2,266 4,981 1,633 Mortgage banking income, net 9,771$ 11,370$ 9,698$ $0.6 $0.5 $0.3 $0.4 $0.6 $- $0 $0 $0 $0 $1 $1 $1 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 Locked Volume (in billions) Mix (in %) 2Q23 1Q24 2Q24 Wholesale 42 51 43 Retail 58 49 57 Purchase 91 88 91 Refinance 9 12 9 Gain on sale margin* 1.66% 1.55% 1.14% 1.78% 1.69% 2Q 2023 3Q 2023 4Q 2023 1Q 2024 2Q 2024 *Gain on sale margin excludes pipeline fair value adjustments and buyback reserve activity included in “Gain on sales of loans, net” in the table above