rnst-20221025
0000715072false00007150722022-10-252022-10-25

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

October 25, 2022
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
of incorporation)
(Commission
File Number)
(I.R.S. Employer
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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $5.00 par value per shareRNSTThe NASDAQ Stock Market LLC
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 October 25, 2022, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the third quarter of 2022. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On October 25, 2022, Renasant also made available presentation materials (the “Presentation”) prepared for use with Renasant’s earnings conference call on October 26, 2022. 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:
The exhibits furnished herewith may contain, or incorporate by reference, statements about Renasant 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) 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, insurance, financial services, asset management, retail banking, 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 Renasant’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19


pandemic) and other catastrophic events in Renasant’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying Renasant’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 Renasant’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.

Renasant 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 dated October 25, 2022 issued by Renasant Corporation announcing earnings for the third quarter of 2022.
99.2    Presentation materials for Renasant Third Quarter 2022 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: October 25, 2022
By:
/s/ C. Mitchell Waycaster
C. Mitchell Waycaster
President and Chief Executive Officer






renasantcorporationlogo-fu.jpg

Contacts:For Media:For Financials:
John S. OxfordJames C. Mabry IV
Senior Vice PresidentExecutive Vice President
Director of MarketingChief Financial Officer
(662) 680-1219(662) 680-1281

RENASANT CORPORATION ANNOUNCES
EARNINGS FOR THE THIRD QUARTER OF 2022

TUPELO, MISSISSIPPI (October 25, 2022) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the third quarter of 2022.

(Dollars in thousands, except earnings per share)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Sep 30, 2021Sep 30, 2022Sep 30, 2021
Net income and earnings per share:
Net income$46,567$39,678$40,063$119,792$138,838
Basic EPS0.830.710.712.142.47
Diluted EPS0.830.710.712.132.46

"Results for the third quarter reflect continued improvement in profitability. Earnings benefited from expansion in the net interest margin, effective expense management and solid organic loan growth," remarked C. Mitchell Waycaster, Renasant President and Chief Executive Officer. "The balance sheet remains sound, with a solid base of core deposits, continued good asset quality and strong capital levels."

Quarterly Highlights

Earnings
•Net income for the third quarter of 2022 was $46.6 million with diluted EPS of $0.83
•Net interest income (fully tax equivalent) for the third quarter of 2022 was $132.4 million, up $17.1 million on a linked quarter basis
•For the third quarter of 2022, net interest margin was 3.54%, up 43 basis points on a linked quarter basis
•Cost of total deposits was 21 basis points for the third quarter of 2022, up 6 basis points on a linked quarter basis
•Wealth management and insurance lines of business continued to produce strong results during the third quarter of 2022
1


•The mortgage division generated $0.6 billion in interest rate lock volume during the third quarter of 2022, compared to $0.9 billion on a linked quarter basis. Gain on sale margin was 1.03% for the third quarter of 2022, down 24 basis points on a linked quarter basis. Mortgage servicing rights with a book value of $15.4 million were sold for a gain of $3.0 million during the third quarter of 2022
•Third quarter noninterest expense increased by $3.4 million on a linked quarter basis. The efficiency ratio and adjusted efficiency ratio (non-GAAP)(1) for the third quarter was 58.50% and 58.78%, respectively.

Balance Sheet
•Loans increased $501.3 million, or 18.8% annualized, during the third quarter of 2022 from the balance at June 30, 2022
•The securities portfolio decreased $94.4 million during the third quarter of 2022 from the balance at June 30, 2022, due to net cash outflows during the quarter of $9.1 million and a negative fair market value adjustment in our available-for-sale portfolio of $85.3 million
•Deposits at September 30, 2022 decreased $331.8 million from June 30, 2022, primarily driven by a decrease in interest bearing deposits. Noninterest bearing deposits increased $85.8 million from June 30, 2022 and represented 35.94% of total deposits at September 30, 2022

Capital
•Book value per share and tangible book value per share (non-GAAP)(1) decreased 1.2% and 2.1%, respectively, on a linked quarter basis. The decrease in accumulated other comprehensive income, driven primarily by unrealized losses in our securities portfolio, impacted tangible book value per share by $1.08 during the quarter
•The Company has a $100 million stock repurchase program that is in effect through October 2023; there was no buyback activity during the third quarter of 2022

Credit Quality
•The Company recorded a provision for credit losses on loans of $9.8 million and no provision for unfunded commitments (recorded in other noninterest expense) for the third quarter of 2022
•The allowance for credit losses on loans to total loans was unchanged on a linked quarter basis at 1.57% at September 30, 2022
•The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 312.10% at September 30, 2022, compared to 373.21% at June 30, 2022
•Net loan charge-offs for the third quarter of 2022 were $1.6 million, or 0.06% of average loans on an annualized basis
•Credit metrics remained stable. Nonperforming loans to total loans increased to 0.50% at September 30, 2022 compared to 0.42% at June 30, 2022 and criticized loans (which include classified and special mention loans) to total loans decreased to 2.37% at September 30, 2022, compared to 2.57% at June 30, 2022













(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
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Income Statement
(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Interest income
Loans held for investment$123,100 $106,409 $95,829 $98,478 $102,627 $325,338 $324,354 
Loans held for sale2,075 2,586 2,863 3,652 2,377 7,524 8,980 
Securities14,500 12,471 10,835 9,221 8,416 37,806 22,310 
Other3,458 1,954 664 568 593 6,076 1,122 
Total interest income143,133 123,420 110,191 111,919 114,013 376,744 356,766 
Interest expense
Deposits7,241 5,018 5,637 6,056 6,972 17,896 22,920 
Borrowings5,574 4,887 4,925 4,381 3,749 15,386 11,327 
Total interest expense12,815 9,905 10,562 10,437 10,721 33,282 34,247 
Net interest income130,318 113,515 99,629 101,482 103,292 343,462 322,519 
Provision for (recovery of) credit losses
Provision for (recovery of) loan losses9,800 2,000 1,500 (500)(1,200)13,300 (1,200)
Provision for credit losses on HTM securities— — — 32 — — — 
Total provision for (recovery of) loan losses9,800 2,000 1,500 (468)(1,200)13,300 (1,200)
Net interest income after provision for (recovery of) credit losses120,518 111,515 98,129 101,950 104,492 330,162 323,719 
Noninterest income41,186 37,214 37,458 47,582 50,755 115,858 179,402 
Noninterest expense101,574 98,194 94,105 101,115 103,999 293,873 328,711 
Income before income taxes60,130 50,535 41,482 48,417 51,248 152,147 174,410 
Income taxes13,563 10,857 7,935 11,363 11,185 32,355 35,572 
Net income$46,567 $39,678 $33,547 $37,054 $40,063 $119,792 $138,838 
Adjusted net income (non-GAAP)(1)
$44,233 $40,601 $33,728 $38,232 $40,315 $118,562 $129,664 
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1)
$66,970 $54,172 $42,664 $49,190 $50,171 $163,806 $161,234 
Basic earnings per share$0.83 $0.71 $0.60 $0.66 $0.71 $2.14 $2.47 
Diluted earnings per share0.83 0.71 0.60 0.66 0.71 2.13 2.46 
Adjusted diluted earnings per share (non-GAAP)(1)
0.79 0.72 0.60 0.68 0.71 2.11 2.29 
Average basic shares outstanding55,947,214 55,906,755 55,809,192 55,751,487 56,146,285 55,888,226 56,237,056 
Average diluted shares outstanding56,248,720 56,182,845 56,081,863 56,105,050 56,447,184 56,169,886 56,533,094 
Cash dividends per common share$0.22 $0.22 $0.22 $0.22 $0.22 $0.66 $0.66 
(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
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Performance Ratios
Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Return on average assets1.11 %0.96 %0.81 %0.89 %0.99 %0.96 %1.18 %
Adjusted return on average assets (non-GAAP)(1)
1.05 0.98 0.82 0.92 0.99 0.95 1.10 
Return on average tangible assets (non-GAAP)(1)
1.20 1.04 0.89 0.98 1.08 1.05 1.29 
Adjusted return on average tangible assets (non-GAAP)(1)
1.14 1.07 0.90 1.01 1.09 1.04 1.21 
Return on average equity8.50 7.31 6.05 6.59 7.16 7.28 8.43 
Adjusted return on average equity (non-GAAP)(1)
8.07 7.48 6.08 6.80 7.21 7.21 7.87 
Return on average tangible equity (non-GAAP)(1)
15.64 13.50 10.93 11.94 13.05 13.32 15.43 
Adjusted return on average tangible equity (non-GAAP)(1)
14.87 13.81 10.99 12.31 13.13 13.19 14.43 
Efficiency ratio (fully taxable equivalent)58.50 64.37 67.78 67.04 66.77 63.20 64.85 
Adjusted efficiency ratio (non-GAAP)(1)
58.78 62.44 67.02 64.18 66.06 62.47 65.66 
Dividend payout ratio26.51 30.99 36.67 33.33 30.99 30.84 26.72 

Capital and Balance Sheet Ratios
As of
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
Shares outstanding55,953,104 55,932,017 55,880,666 55,756,233 55,747,407 
Market value per share$31.28 $28.81 $33.45 $37.95 $36.05 
Book value per share37.39 37.85 38.25 39.63 39.53 
Tangible book value per share (non-GAAP)(1)
20.12 20.55 20.91 22.35 22.22 
Shareholders' equity to assets12.70 %12.74 %12.68 %13.15 %13.64 %
Tangible common equity ratio (non-GAAP)(1)
7.26 7.34 7.35 7.86 8.15 
Leverage ratio9.39 9.16 9.00 9.15 9.18 
Common equity tier 1 capital ratio10.64 10.74 10.78 11.18 11.02 
Tier 1 risk-based capital ratio11.47 11.60 11.67 12.10 11.94 
Total risk-based capital ratio15.15 15.34 15.51 16.14 14.66 

(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
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Noninterest Income and Noninterest Expense
(Dollars in thousands)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Noninterest income
Service charges on deposit accounts$10,216 $9,734 $9,562 $9,751 $9,337 $29,512 $26,818 
Fees and commissions4,148 4,668 3,982 3,885 3,837 12,798 11,847 
Insurance commissions3,108 2,591 2,554 2,353 2,829 8,253 7,488 
Wealth management revenue5,467 5,711 5,924 5,273 5,371 17,102 15,182 
Mortgage banking income12,675 8,316 9,633 14,726 23,292 30,624 94,878 
Swap termination gains— — — 4,676 — — — 
Net gains on sales of securities— — — 49 764 — 2,121 
BOLI income2,296 2,331 2,153 2,048 1,602 6,780 5,318 
Other3,276 3,863 3,650 4,821 3,723 10,789 15,750 
Total noninterest income$41,186 $37,214 $37,458 $47,582 $50,755 $115,858 $179,402 
Noninterest expense
Salaries and employee benefits$66,463 $65,580 $62,239 $62,523 $69,115 $194,282 $218,104 
Data processing3,526 3,590 4,263 5,346 5,277 11,379 16,380 
Net occupancy and equipment11,266 11,155 11,276 11,177 11,748 33,697 35,660 
Other real estate owned34 (187)(241)(60)168 (394)313 
Professional fees3,087 2,778 3,151 3,209 2,972 9,016 8,566 
Advertising and public relations3,229 3,406 4,059 2,929 2,922 10,694 9,274 
Intangible amortization1,251 1,310 1,366 1,424 1,481 3,927 4,618 
Communications1,999 1,904 2,027 2,088 2,198 5,930 6,781 
Merger and conversion related expenses— — 687 — — 687 — 
Restructuring charges (benefit)— 1,187 (455)61 — 732 307 
Debt prepayment penalty— — — 6,123 — — — 
Other10,719 7,471 5,733 6,295 8,118 23,923 28,708 
Total noninterest expense$101,574 $98,194 $94,105 $101,115 $103,999 $293,873 $328,711 

Mortgage Banking Income
(Dollars in thousands)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Gain on sales of loans, net$5,263 $3,490 $6,047 $10,801 $20,116 $14,800 $71,598 
Fees, net2,405 3,064 3,053 4,320 3,420 8,522 12,841 
Mortgage servicing income (loss), net5,007 1,762 533 (395)(244)7,302 (3,122)
MSR valuation adjustment— — — — — — 13,561 
Total mortgage banking income$12,675 $8,316 $9,633 $14,726 $23,292 $30,624 $94,878 
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Balance Sheet
(Dollars in thousands)As of
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
Assets
Cash and cash equivalents$479,500 $1,010,468 $1,607,493 $1,877,965 $1,476,141 
Securities held to maturity, at amortized cost1,353,502 488,851 487,194 416,357 — 
Securities available for sale, at fair value1,569,242 2,528,253 2,405,316 2,386,052 2,544,643 
Loans held for sale, at fair value144,642 196,598 280,464 453,533 452,869 
Loans:
Non purchased10,259,840 9,692,116 9,338,890 9,011,011 8,875,880 
Purchased845,164 911,628 974,569 1,009,903 1,140,944 
Total loans11,105,004 10,603,744 10,313,459 10,020,914 10,016,824 
Allowance for credit losses on loans(174,356)(166,131)(166,468)(164,171)(170,038)
Loans, net10,930,648 10,437,613 10,146,991 9,856,743 9,846,786 
Premises and equipment, net284,062 284,035 285,344 293,122 294,499 
Other real estate owned2,412 2,807 2,062 2,540 4,705 
Goodwill946,291 946,291 946,291 939,683 939,683 
Other intangibles20,170 21,422 22,731 24,098 25,522 
Bank-owned life insurance371,650 371,298 369,344 287,359 286,088 
Mortgage servicing rights81,980 94,743 91,730 89,018 86,387 
Other assets287,000 235,722 218,797 183,841 198,227 
Total assets$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550 
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing$4,827,220 $4,741,397 $4,706,256 $4,718,124 $4,492,650 
Interest-bearing8,604,904 9,022,532 9,284,641 9,187,600 8,762,179 
Total deposits13,432,124 13,763,929 13,990,897 13,905,724 13,254,829 
Short-term borrowings312,818 112,642 111,279 13,947 11,253 
Long-term debt426,821 431,553 435,416 471,209 468,863 
Other liabilities207,055 193,100 188,523 209,578 216,661 
Total liabilities14,378,818 14,501,224 14,726,115 14,600,458 13,951,606 
Shareholders’ equity:
Preferred stock— — — — — 
Common stock$296,483 $296,483 $296,483 $296,483 $296,483 
Treasury stock(111,577)(112,295)(114,050)(118,027)(118,288)
Additional paid-in capital1,299,476 1,298,207 1,297,088 1,300,192 1,298,022 
Retained earnings823,951 789,880 762,690 741,648 717,033 
Accumulated other comprehensive (loss) income(216,052)(155,398)(104,569)(10,443)10,694 
Total shareholders’ equity
2,092,281 2,116,877 2,137,642 2,209,853 2,203,944 
Total liabilities and shareholders’ equity
$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550 


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Net Interest Income and Net Interest Margin
(Dollars in thousands)Three Months Ended
September 30, 2022June 30, 2022September 30, 2021
Average
Balance		Interest
Income/
Expense		Yield/  
 Rate		Average
Balance		Interest
Income/
Expense		Yield/  
 Rate		Average
Balance		Interest
Income/
Expense		Yield/  
 Rate
Interest-earning assets:
Total loans$10,829,137 $124,614 4.57 %$10,477,036 $107,612 4.12 %$10,017,742 $103,770 4.11 %
Loans held for sale143,837 2,075 5.77 %227,435 2,586 4.55 %451,586 2,376 2.13 %
Taxable securities2,773,924 12,439 1.79 %2,684,624 10,355 1.54 %1,942,647 6,688 1.38 %
Tax-exempt securities(1)
449,927 2,664 2.37 %451,878 2,719 2.41 %324,219 2,297 2.83 %
Total securities3,223,851 15,103 1.87 %3,136,502 13,074 1.67 %2,266,866 8,985 1.59 %
Interest-bearing balances with banks663,218 3,458 2.07 %1,004,226 1,954 0.78 %1,520,227 592 0.15 %
Total interest-earning assets14,860,043 145,250 3.89 %14,845,199 125,226 3.38 %14,256,421 115,723 3.23 %
Cash and due from banks191,358 206,882 195,095 
Intangible assets967,154 968,441 965,960 
Other assets626,926 610,768 712,673 
Total assets$16,645,481 $16,631,290 $16,130,149 
Interest-bearing liabilities:
Interest-bearing demand(2)
$6,462,940 $6,061 0.37 %$6,571,905 $3,598 0.22 %$6,231,718 $3,821 0.24 %
Savings deposits1,134,665 155 0.05 %1,137,607 147 0.05 %1,006,847 192 0.08 %
Time deposits1,240,439 1,025 0.33 %1,303,735 1,273 0.39 %1,506,192 2,959 0.78 %
Total interest-bearing deposits8,838,044 7,241 0.33 %9,013,247 5,018 0.22 %8,744,757 6,972 0.32 %
Borrowed funds572,376 5,574 3.88 %543,728 4,887 3.60 %482,709 3,749 3.08 %
Total interest-bearing liabilities9,410,420 12,815 0.54 %9,556,975 9,905 0.42 %9,227,466 10,721 0.46 %
Noninterest-bearing deposits4,867,314 4,714,161 4,470,262 
Other liabilities194,339 182,617 212,990 
Shareholders’ equity2,173,408 2,177,537 2,219,431 
Total liabilities and shareholders’ equity$16,645,481 $16,631,290 $16,130,149 
Net interest income/ net interest margin$132,435 3.54 %$115,321 3.11 %$105,002 2.93 %
Cost of funding0.36 %0.28 %0.31 %
Cost of total deposits0.21 %0.15 %0.21 %
(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.


7

Net Interest Income and Net Interest Margin, continued
(Dollars in thousands)Nine Months Ended
September 30, 2022September 30, 2021
Average
Balance		Interest
Income/
Expense		Yield/  
 Rate		Average
Balance		Interest
Income/
Expense		Yield/  
 Rate
Interest-earning assets:
Total loans$10,474,305 $329,227 4.20%$10,431,436 $327,625 4.20%
Loans held for sale233,266 7,524 4.30%439,954 8,980 2.73%
Taxable securities(1)
2,653,735 31,576 1.59%1,505,611 17,077 1.51%
Tax-exempt securities446,762 8,018 2.39%316,159 6,915 2.92%
Total securities3,100,497 39,594 1.70%1,821,770 23,992 1.76%
Interest-bearing balances with banks1,041,145 6,076 0.78%1,176,378 1,121 0.13%
Total interest-earning assets14,849,213 382,421 3.44%13,869,538 361,718 3.49%
Cash and due from banks201,436 198,955 
Intangible assets967,023 967,458 
Other assets640,403 687,159 
Total assets$16,658,075 $15,723,110 
Interest-bearing liabilities:
Interest-bearing demand(2)
$6,556,454 $13,306 0.27%$6,083,179 $11,821 0.26%
Savings deposits1,123,433 441 0.05%953,391 547 0.08%
Time deposits1,305,800 4,149 0.42%1,575,220 10,552 0.90%
Total interest-bearing deposits8,985,687 17,896 0.27%8,611,790 22,920 0.36%
Borrowed funds534,296 15,386 3.84%483,230 11,327 3.13%
Total interest-bearing liabilities9,519,983 33,282 0.47%9,095,020 34,247 0.50%
Noninterest-bearing deposits4,745,409 4,202,364 
Other liabilities192,744 223,796 
Shareholders’ equity2,199,939 2,201,930 
Total liabilities and shareholders’ equity$16,658,075 $15,723,110 
Net interest income/ net interest margin$349,139 3.14%$327,471 3.16%
Cost of funding0.31%0.34%
Cost of total deposits0.17%0.24%
(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.
8

Supplemental Margin Information
(Dollars in thousands)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Sep 30, 2021Sep 30, 2022Sep 30, 2021
Earning asset mix:
Loans held for investment, excluding PPP loans72.83 %70.52 %69.38 %70.42 %71.04 %
PPP loans0.04 0.05 0.89 0.12 4.17 
Loans held for sale0.97 1.53 3.17 1.57 3.17 
Securities21.69 21.13 15.90 20.88 13.14 
Interest-bearing balances with banks4.47 6.77 10.66 7.01 8.48 
Total100.00 %100.00 %100.00 %100.00 %100.00 %
Funding sources mix:
Noninterest-bearing demand34.09 %33.03 %32.64 %33.27 %31.60 %
Interest-bearing demand45.27 46.05 45.49 45.96 45.75 
Savings 7.95 7.97 7.35 7.88 7.17 
Time deposits8.69 9.14 11.00 9.15 11.85 
Borrowed funds4.00 3.81 3.52 3.74 3.63 
Total100.00 %100.00 %100.00 %100.00 %100.00 %
Net interest income collected on problem loans$78 $2,276 $316 $2,788 $3,835 
Total accretion on purchased loans1,317 2,021 2,871 4,573 8,597 
Total impact on net interest income$1,395 $4,297 $3,187 $7,361 $12,432 
Impact on net interest margin0.04 %0.11 %0.09 %0.07 %0.12 %
Impact on loan yield0.05 %0.16 %0.13 %0.09 %0.16 %
Interest income on PPP loans$5 $74 $3,503 $698 $24,310 
PPP impact on net interest margin0.01 %— %0.07 %— %0.11 %
PPP impact on loan yield— %— %0.09 %— %0.08 %
9

Loan Portfolio
(Dollars in thousands)As of
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
Loan Portfolio:
Commercial, financial, agricultural$1,507,615 $1,489,889 $1,437,225 $1,364,879 $1,368,557 
Lease financing103,357 101,350 89,842 76,125 79,215 
Real estate - construction1,215,056 1,126,363 1,222,052 1,104,896 1,091,296 
Real estate - 1-4 family mortgages3,127,889 3,030,083 2,840,979 2,724,246 2,724,743 
Real estate - commercial mortgages5,016,665 4,717,513 4,577,864 4,549,037 4,535,730 
Installment loans to individuals128,946 131,163 137,115 143,340 149,821 
Subtotal11,099,528 10,596,361 10,305,077 9,962,523 9,949,362 
PPP5,476 7,383 8,382 58,391 67,462 
Total loans$11,105,004 $10,603,744 $10,313,459 $10,020,914 $10,016,824 


Credit Quality and Allowance for Credit Losses on Loans
(Dollars in thousands)As of
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
Nonperforming Assets:
Non purchased
Non purchased nonaccruing loans$42,332 $32,284 $32,573 $30,751 $29,266 
Non purchased loans 90 days or more past due137 479 209 1,074 908 
Total non purchased nonperforming loans42,469 32,763 32,782 31,825 30,174 
Non purchased other real estate owned867 1,332 531 951 2,252 
Total non purchased nonperforming assets43,336 34,095 33,313 32,776 32,426 
Purchased
Purchased nonaccruing loans$11,946 $11,613 $19,422 $18,613 $26,492 
Purchased loans 90 days or more past due1,450 138 38 367 74 
Total purchased nonperforming loans13,396 11,751 19,460 18,980 26,566 
Purchased other real estate owned1,545 1,475 1,531 1,589 2,453 
Total purchased nonperforming assets$14,941 $13,226 $20,991 $20,569 $29,019 
Total nonperforming loans$55,865 $44,514 $52,242 $50,805 $56,740 
Total nonperforming assets$58,277 $47,321 $54,304 $53,345 $61,445 
Allowance for credit losses on loans$174,356 $166,131 $166,468 $164,171 $170,038 
Net loan charge-offs$1,575 $2,337 $851 $5,367 $1,116 
Annualized net loan charge-offs / average loans0.06 %0.09 %0.03 %0.21 %0.04 %
Nonperforming loans / total loans0.50 0.42 0.51 0.51 0.57 
Nonperforming assets / total assets0.35 0.28 0.32 0.32 0.38 
Allowance for credit losses on loans / total loans1.57 1.57 1.61 1.64 1.70 
Allowance for credit losses on loans / nonperforming loans312.10 373.21 318.65 323.14 299.68 
Nonperforming loans / total loans excluding PPP loans (non-GAAP)(1)
0.50 0.42 0.51 0.51 0.57 
Nonperforming assets / total assets excluding PPP loans (non-GAAP)(1)
0.35 0.28 0.32 0.32 0.38 
Allowance for credit losses on loans / total loans excluding PPP loans (non-GAAP)(1)
1.57 1.57 1.62 1.65 1.71 
(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.
10

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 26, 2022.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=REdHmUjC. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2022 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 is accessible via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6769509 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until November 9, 2022.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 118-year-old financial services institution. Renasant has assets of approximately $16.5 billion and operates 195 banking, lending, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina and South Carolina.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the 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, insurance, financial services, asset management, retail banking, 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; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in the Company’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control.

11

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, including, without limitation, (i) core loan yield, (ii) core net interest income and margin, (iii) adjusted pre-provision net revenue, (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) certain asset quality ratios (namely, loans 30-89 past due to total loans, criticized loans to total loans, nonperforming loans to total loans, nonperforming assets to total assets, net charge-offs to average loans and the allowance for credit losses to total loans) in each case excluding PPP loans, (ix) certain performance ratios (namely, the ratio of adjusted pre-provision net revenue to average assets, the adjusted return on average assets and on average equity, and the return on average tangible assets and on average tangible common equity (including on an as-adjusted basis)), and (x) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, merger and conversion expenses, COVID-19 related expenses, debt prepayment penalties, swap termination gains, gains on sale of MSR, restructuring charges or benefits and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof or, with respect to core loan yield and its asset quality measures, to exclude the Company’s PPP loans. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item are readily quantifiable and possess the same characteristics with respect to management’s inability to accurately predict the timing or amount thereof as the other charges excluded when calculating non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy; with respect to the core loan yield and certain asset quality measures, management excludes PPP loans, which bear an interest rate fixed by Small Business Administration (“SBA”) regulations and are both forgivable and guaranteed by the SBA, to more clearly measure loan yields affected by competitive factors and potential loss in the Company’s loan portfolio and the coverage therefor. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible, charges such as debt prepayment penalties, restructuring charges and COVID-19 related expenses, and the amount of PPP loans can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial 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.


12

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)$46,567 $39,678 $33,547 $37,054 $40,063 $119,792 $138,838 
Income taxes13,563 10,857 7,935 11,363 11,185 32,355 35,572 
Provision for (recovery of) credit losses (including unfunded commitments)9,800 2,450 950 (768)(1,400)13,200 (1,400)
Pre-provision net revenue (non-GAAP)$69,930 $52,985 $42,432 $47,649 $49,848 $165,347 $173,010 
Merger and conversion expense— — 687 — — 687 — 
Debt prepayment penalties— — — 6,123 — — — 
Swap termination gains— — — (4,676)— — — 
Gain on sale of MSR(2,960)— — — — (2,960)— 
MSR valuation adjustment— — — — — — (13,561)
Restructuring charges (benefit) — 1,187 (455)61 — 732 307 
COVID-19 related expenses(1)
— — — 33 323 — 1,478 
Adjusted pre-provision net revenue (non-GAAP)$66,970 $54,172 $42,664 $49,190 $50,171 $163,806 $161,234 
Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)$46,567 $39,678 $33,547 $37,054 $40,063 $119,792 $138,838 
Amortization of intangibles1,251 1,310 1,366 1,424 1,481 3,927 4,618 
Tax effect of adjustments noted above(2)
(265)(291)(303)(335)(323)(859)(1,021)
Tangible net income (non-GAAP)$47,553 $40,697 $34,610 $38,143 $41,221 $122,860 $142,435 
Net income (GAAP)$46,567 $39,678 $33,547 $37,054 $40,063 $119,792 $138,838 
Merger and conversion expense— — 687 — — 687 — 
Debt prepayment penalties— — — 6,123 — — — 
Swap termination gain— — — (4,676)— — — 
Gain on sale of MSR(2,960)— — — — (2,960)— 
MSR valuation adjustment— — — — — — (13,561)
Restructuring charges (benefit)— 1,187 (455)61 — 732 307 
COVID-19 related expenses(1)
— — — 33 323 — 1,478 
Tax effect of adjustments noted above(2)
626 (264)(51)(363)(71)311 2,602 
Adjusted net income (non-GAAP)$44,233 $40,601 $33,728 $38,232 $40,315 $118,562 $129,664 
Amortization of intangibles1,251 1,310 1,366 1,424 1,481 3,927 4,618 
Tax effect of adjustments noted above(2)
(265)(291)(303)(335)(323)(859)(1,021)
Adjusted tangible net income (non-GAAP)$45,219 $41,620 $34,791 $39,321 $41,473 $121,630 $133,261 
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)
$2,173,408 $2,177,537 $2,249,667 $2,231,681 $2,219,431 $2,199,939 $2,201,930 
Average intangible assets967,154 968,441965,430964,575965,960967,023967,458
Average tangible shareholders’ equity (non-GAAP)
$1,206,254 $1,209,096 $1,284,237 $1,267,106 $1,253,471 $1,232,916 $1,234,472 
Average assets (GAAP)$16,645,481 $16,631,290 $16,697,264 $16,450,640 $16,130,149 $16,658,075 $15,723,110 
Average intangible assets967,154 968,441965,430964,575965,960967,023967,458
Average tangible assets (non-GAAP)$15,678,327 $15,662,849 $15,731,834 $15,486,065 $15,164,189 $15,691,052 $14,755,652 
Shareholders’ equity (GAAP)
$2,092,281 $2,116,877 $2,137,642 $2,209,853 $2,203,944 $2,092,281 $2,203,944 
Intangible assets966,461 967,713 969,022 963,781 965,205 966,461 965,205 
Tangible shareholders’ equity (non-GAAP)
$1,125,820 $1,149,164 $1,168,620 $1,246,072 $1,238,739 $1,125,820 $1,238,739 
Total assets (GAAP)$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550 $16,471,099 $16,155,550 
Intangible assets966,461 967,713 969,022 963,781 965,205 966,461 965,205 
Total tangible assets (non-GAAP)$15,504,638 $15,650,388 $15,894,735 $15,846,530 $15,190,345 $15,504,638 $15,190,345 
13

(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Adjusted Performance Ratios
Return on average assets (GAAP)1.11 %0.96 %0.81 %0.89 %0.99 %0.96 %1.18 %
Adjusted return on average assets (non-GAAP)1.05 %0.98 %0.82 %0.92 %0.99 %0.95 %1.10 %
Return on average tangible assets (non-GAAP)1.20 %1.04 %0.89 %0.98 %1.08 %1.05 %1.29 %
Adjusted pre-provision net revenue to average assets (non-GAAP)1.60 %1.31 %1.04 %1.19 %1.23 %1.31 %1.37 %
Adjusted return on average tangible assets (non-GAAP)1.14 %1.07 %0.90 %1.01 %1.09 %1.04 %1.21 %
Return on average equity (GAAP)8.50 %7.31 %6.05 %6.59 %7.16 %7.28 %8.43 %
Adjusted return on average equity (non-GAAP)8.07 %7.48 %6.08 %6.80 %7.21 %7.21 %7.87 %
Return on average tangible equity (non-GAAP)15.64 %13.50 %10.93 %11.94 %13.05 %13.32 %15.43 %
Adjusted return on average tangible equity (non-GAAP)14.87 %13.81 %10.99 %12.31 %13.13 %13.19 %14.43 %
Adjusted Diluted Earnings Per Share
Average diluted shares outstanding56,248,72056,182,84556,081,86356,105,05056,447,18456,169,88656,533,094
Diluted earnings per share (GAAP)$0.83 $0.71 $0.60 $0.66 $0.71 $2.13 $2.46 
Adjusted diluted earnings per share (non-GAAP)$0.79 $0.72 $0.60 $0.68 $0.71 $2.11 $2.29 
Tangible Book Value Per Share
Shares outstanding55,953,10455,932,01755,880,66655,756,23355,747,40755,953,10455,747,407
Book value per share (GAAP)$37.39 $37.85 $38.25 $39.63 $39.53 $37.39 $39.53 
Tangible book value per share (non-GAAP)$20.12 $20.55 $20.91 $22.35 $22.22 $20.12 $22.22 
Tangible Common Equity Ratio
Shareholders' equity to assets (GAAP)12.70 %12.74 %12.68 %13.15 %13.64 %12.70 %13.64 %
Tangible common equity ratio (non-GAAP)7.26 %7.34 %7.35 %7.86 %8.15 %7.26 %8.15 %
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)132,435 115,321 101,383 103,249 105,002 349,139 327,471 
Total noninterest income (GAAP)41,186 37,214 37,458 47,582 50,755 115,858 179,402 
MSR valuation adjustment— — — — — — 13,561 
Gain on sale of MSR2,960 — — — — 2,960 — 
Swap termination gains— — — 4,676 — — — 
Securities gains — — — 49 764 — 2,121 
Total adjusted noninterest income (non-GAAP)38,226 37,214 37,458 42,857 49,991 112,898 163,720 
Noninterest expense (GAAP)101,574 98,194 94,105 101,115 103,999 293,873 328,711 
Amortization of intangibles1,251 1,310 1,366 1,424 1,481 3,927 4,618 
Merger and conversion expense— — 687 — — 687 — 
Debt prepayment penalty— — — 6,123 — — — 
Restructuring charges (benefit)— 1,187 (455)61 — 732 307 
Provision (recovery) of unfunded commitments— 450 (550)(300)(200)(100)(200)
COVID-19 related expenses(1)
— — — 33 323 — 1,478 
Total adjusted noninterest expense (non-GAAP)100,323 95,247 93,057 93,774 102,395 288,627 322,508 
Efficiency ratio (GAAP)58.50 %64.37 %67.78 %67.04 %66.77 %63.20 %64.85 %
Adjusted efficiency ratio (non-GAAP)58.78 %62.44 %67.02 %64.18 %66.06 %62.47 %65.66 %
14

(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Core Net Interest Income and Core Net Interest Margin
Net interest income (FTE) (GAAP)$132,435 $115,321 $101,383 $103,249 $105,002 $349,139 $327,471 
Net interest income collected on problem loans78 2,276 434 577 316 2,788 3,835 
Accretion recognized on purchased loans1,317 2,021 1,235 2,187 2,871 4,573 8,597 
Interest income recognized on PPP loans5 74 619 485 3,503 698 24,310 
Non-core net interest income$1,400 $4,371 $2,288 $3,249 $6,690 $8,059 $36,742 
Core net interest income (FTE) (non-GAAP)$131,035 $110,950 $99,095 $99,999 $98,312 $341,080 $290,730 
Average earning assets (GAAP)$14,860,043 $14,845,199 $14,841,146 $14,607,716 $14,256,421 $14,849,213 $13,869,538 
Average PPP loans6,647 7,863 39,506 62,726 126,870 17,881 578,643 
Average earning assets excluding PPP loans (non-GAAP)$14,853,396 $14,837,336 $14,801,640 $14,544,990 $14,129,551 $14,831,332 $13,290,895 
Net interest margin (GAAP)3.54 %3.11 %2.76 %2.81 %2.93 %3.14 %3.16 %
Core net interest margin (non-GAAP)3.50 %3.00 %2.71 %2.73 %2.76 %3.07 %2.92 %
Core Loan Yield
Loan interest income (FTE) (GAAP)$124,614 $107,612 $97,001 $99,670 $103,769 $329,227 $327,625 
Net interest income collected on problem loans78 2,276 434 578 316 2,788 3,835 
Accretion recognized on purchased loans1,317 2,021 1,235 2,187 2,871 4,573 8,597 
Interest income recognized on PPP loans5 74 619 485 3,503 698 24,310 
Core loan interest income (FTE) (non-GAAP)$123,214 $103,241 $94,713 $96,420 $97,079 $321,168 $290,884 
Average loans (GAAP)$10,829,137 $10,477,036 $10,108,511 $9,948,610 $10,017,742 $10,474,305 $10,431,436 
Average PPP loans6,647 7,863 39,506 62,726 126,870 17,881 578,643 
Average loans excluding PPP loans (non-GAAP)$10,822,490 $10,469,173 $10,069,005 $9,885,884 $9,890,872 $10,456,424 $9,852,793 
Loan yield (GAAP)4.57 %4.12 %3.88 %3.98 %4.11 %4.20 %4.20 %
Core loan yield (non-GAAP)4.52 %3.96 %3.82 %3.87 %3.89 %4.11 %3.95 %
Adjusted Asset Quality Ratios
Total loans (GAAP)$11,105,004 $10,603,744 $10,313,459 $10,020,914 $10,016,824 $11,105,004 $10,016,824 
PPP loans5,476 7,383 8,382 58,391 67,462 5,476 67,462 
Total loans excluding PPP loans (non-GAAP)$11,099,528 $10,596,361 $10,305,077 $9,962,523 $9,949,362 $11,099,528 $9,949,362 
Loans 30-89 days past due$26,103 $16,910 $30,617 $27,604 $14,806 $26,103 $14,806 
Loans 30-89 days past due / total loans (GAAP)0.24 %0.16 %0.30 %0.28 %0.15 %0.24 %0.15 %
Loans 30-89 days past due / total loans excluding PPP loans (non-GAAP)0.24 %0.16 %0.30 %0.28 %0.15 %0.24 %0.15 %
Classified loans$193,844 $185,267 $178,015 $160,790 $187,223 $193,844 $187,223 
Special Mention loans69,883 87,476 76,949 115,496 138,497 69,883 138,497 
Criticized loans(3)
$263,727 $272,743 $254,964 $276,286 $325,720 $263,727 $325,720 
Criticized loans / total loans (GAAP)2.37 %2.57 %2.47 %2.76 %3.25 %2.37 %3.25 %
Criticized loans / total loans excluding PPP loans (non-GAAP)2.38 %2.57 %2.47 %2.77 %3.27 %2.38 %3.27 %
Nonperforming loans$55,865 $44,514 $52,242 $50,805 $56,740 $55,865 $56,740 
Nonperforming loans / total loans (GAAP)0.50 %0.42 %0.51 %0.51 %0.57 %0.50 %0.57 %
Nonperforming loans / total loans excluding PPP loans (non-GAAP)0.50 %0.42 %0.51 %0.51 %0.57 %0.50 %0.57 %
15

(Dollars in thousands, except per share data)Three Months EndedNine Months Ended
Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Sep 30, 2022Sep 30, 2021
Allowance for credit losses on loans$174,356 $166,131 $166,468 $164,171 $170,038 $174,356 $170,038 
ACL / total loans (GAAP)1.57 %1.57 %1.61 %1.64 %1.70 %1.57 %1.70 %
ACL / total loans excluding PPP loans (non-GAAP)1.57 %1.57 %1.62 %1.65 %1.71 %1.57 %1.71 %
Average loans (GAAP)$10,829,137 $10,477,036 $10,108,511 $9,948,610 $10,017,742 $10,474,305 $10,431,436 
Average PPP loans6,647 7,863 39,506 62,726 126,870 17,881 578,643 
Average loans excluding PPP loans (non-GAAP)$10,822,490 $10,469,173 $10,069,005 $9,885,884 $9,890,872 $10,456,424 $9,852,793 
Net charge-offs$1,575 $2,337 $851 $5,367 $1,116 $4,763 $4,906 
Annualized net charge-offs / average loans (GAAP)0.06 %0.09 %0.03 %0.21 %0.04 %0.06 %0.06 %
Annualized net charge-offs / average loans excluding PPP loans (non-GAAP)0.06 %0.09 %0.03 %0.22 %0.04 %0.06 %0.07 %
Total assets (GAAP)$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550 $16,471,099 $16,155,550 
PPP loans5,476 7,383 8,382 58,391 67,462 5,476 67,462 
Total assets excluding PPP loans (non-GAAP)$16,465,623 $16,610,718 $16,855,375 $16,751,920 $16,088,088 $16,465,623 $16,088,088 
Nonperforming assets$58,277 $47,321 $54,304 $53,345 $61,445 $58,277 $61,445 
Nonperforming assets / total assets (GAAP)0.35 %0.28 %0.32 %0.32 %0.38 %0.35 %0.38 %
Nonperforming assets / total assets excluding PPP loans (non-GAAP)0.35 %0.28 %0.32 %0.32 %0.38 %0.35 %0.38 %
(1)Primarily consists of employee overtime and employee benefit accruals directly related to the response to the COVID-19 pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.
(2)Tax effect is calculated based on the respective periods’ effective tax rate excluding the impact of discrete items.
(3)Criticized loans include loans in risk rating classifications of classified and special mention.




###
16
Third Quarter 2022 Earnings Call

 
2 Forward-Looking Statements 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, insurance, financial services, asset management, retail banking, 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 in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in our geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) 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.

 
Overview Note: Financial data as of September 30, 2022 (1) Total revenue is calculated as net interest income plus noninterest income. Company Snapshot Loans and Deposits by State Assets: $16.5 billion Loans: 11.1 Deposits: 13.4 Equity: 2.1 3 MS 20% AL 27% FL 7% GA 30% TN 16% Loans MS 38% AL 15% FL 3% GA 32% TN 12% Deposits 90% 5% 3% 2% YTD Total Revenue(1) Community Banking Wealth Management Mortgage Insurance

 
55 20 65 10 65 75 20 95 95 85 77 95 81 7524 40 59 40 FLORIDA Jackson Mobile Knoxville Chattanooga Greensboro Raleigh Columbia Nashville Winston-Salem Montgomery Birmingham Columbus Charlotte Jacksonville Memphis Orlando Huntsville Tallahassee Atlanta Wilmington Charleston Savannah Tupelo Greenville MISSISSIPPI ALABAMA TENNESSEE GEORGIA SOUTH CAROLINA NORTH CAROLINA ARKANSAS LOUISIANA Branch (157) Loan Production Office (7) Mortgage (21) Insurance (8) Financial Services (2) 4 Renasant Footprint

 
Third Quarter Highlights 5 • Net income of $46.6 million with diluted EPS of $0.83 • Net interest margin increased 43 basis points to 3.54% • Loans increased $501.3 million, which represents 18.8% annualized net loan growth • Cost of deposits increased 6 basis points on a linked quarter basis to 0.21%, and noninterest-bearing deposits now represent 35.94% of total deposits • The ratio of allowance for credit losses on loans to total loans was unchanged at 1.57% • Credit metrics remained stable with the ratio of nonperforming loans to total loans at 0.50%

 
Financial Condition

 
Total Assets 7 Note: Dollars in millions $16,156 $16,810 $16,864 $16,618 $16,471 $12 ,000 $12 ,500 $13 ,000 $13 ,500 $14 ,000 $14 ,500 $15 ,000 $15 ,500 $16 ,000 $16 ,500 $17 ,000 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022

 
Loans and Yields 8 Note: Dollars in millions * Other loans are comprised of installment loans to individuals and lease financing, which both have historically constituted less than 5% of the total loan portfolio. ** Core Loan Yield is a non-GAAP financial measure. 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 section “Non-GAAP Reconciliations”. $9,949 $9,963 $10,305 $10,597 $11,100 4.11% 3.98% 3.88% 4.12% 4.57% 3.89% 3.87% 3.82% 3.96% 4.52% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 1-4 Family Mortgage Commercial Mortgage Construction Other* C&I Loan Yield Core Loan Yield**

 
Deposit Mix and Pricing 9 Note: Dollars in millions $13,255 $13,906 $13,991 $13,764 $13,432 0.21% 0.18% 0.17% 0.15% 0.21% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Noninterest-bearing Interest-bearing Savings Time Cost of deposits

 
Core Deposit Funding 36% 47% 8% 7% 2% Noninterest-bearing Interest-bearing** Savings Time < $250,000 Time > $250,000 • 98% of total deposits are considered core deposits* • Commercial and consumer deposit accounts, excluding time deposit accounts, average approximately $95 thousand and $15 thousand, respectively • Commercial and consumer deposit accounts represent 41% and 46%, respectively, of total deposits 10 Deposits as of September 30, 2022 ($13.4 Billion) Mix of Average Deposits Noninterest-bearing demand 21.36 % 25.52 % 35.51 % Interest-bearing demand** 46.16 46.42 47.16 Savings 8.03 6.46 8.28 Time deposits 24.45 21.60 9.05 Total 100.00 % 100.00 % 100.00 % 4Q19 3Q224Q15 *Core deposits include all deposits other than time deposits > $250,000. **Includes money market 1.06% 0.68% 0.33% 0.37% 0.81% 0.47% 0.22% 0.21% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 2019 2020 2021 Q3 2022 Cost of Interest-bearing Deposits Cost of Total Deposits

 
Liquidity 11 Note: Dollars in millions 76% 73% 74% 76% 79% 91% $1 $1 $1 $1 $1 $1 $1 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 2018 -2019 Average Loans to Average Deposits Average Loans to Average Deposits 24.89% 27.84% 26.68% 24.24% 20.66% $0 $0 $0 $0 $0 $0 $0 $0 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Cash and Securities to Total Assets 84% 3% 11% 2% 2019 73% 1% 22% 4% Q3 2022 Loans Held for Investment Loans Held for Sale Securities Interest Bearing Balances with Banks Shift in Earning Asset Mix

 
Subordinated Notes $335,657 ACL $143,562 Trust Preferred $108,216 Common Equity Tier 1 $1,385,770 1 Capital Position 12 Tier 1 $1,494 Tier 2 $479 Regulatory Capital as of September 30, 2022 • $100 million stock repurchase program is in effect through October 2023; there was no buyback activity in the third quarter of 2022 • Consistent dividend payment history, including through the 2008 financial crisis Capital Highlights Note: Dollars in millions * Tangible Common Equity is a non-GAAP financial measure. 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 section “Non-GAAP Reconciliations”. Ratio Tangible Common Equity* 7.34 % 7.26 % Leverage 9.16 9.39 Tier 1 Risk Based 11.60 11.47 Total Risk Based 15.34 15.15 Tier 1 Common Equity 10.74 10.64 2Q 2022 3Q 2022

 
Asset Quality

 
2.38% 2.00% 2.50% 3.00% 3.50% 4.00% $200,000 $250,000 $300,000 $350,000 $400,000 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Criticized Loans/Total Loans* Criticized Loans % of Total Loans, excl. PPP ($ in thousands) 0.24% 0.00% 0.50% 1.00% 1.50% 2.00% $- $25,000 $50,000 $75,000 $100,000 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Loans 30-89 Days Past Due/ Total Loans 30-89 DPD % of Total Loans ($ in thousands) Asset Quality 14* The ratio of criticized loans to total loans (excluding PPP loans) is a 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 section “Non-GAAP Reconciliations”.

 
0.35% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $- $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 NPAs/Total Assets* Nonperforming loans OREO % of Assets, excl. PPP ($ in thousands) 0.06% 0.00% 0.20% 0.40% 0.60% 0.80% $- $5,000 $10,000 $15,000 $20,000 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Net Charge-offs/Average Loans* Net charge-offs % of Avg Loans, excl. PPP ($ in thousands) Asset Quality 15* Nonperforming assets to total assets (excluding PPP loans) and net charge-offs to average loans (excluding PPP loans) 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 section “Non-GAAP Reconciliations”.

 
1.57% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $140,000 $150,000 $160,000 $170,000 $180,000 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Allowance/Total Loans* Allowance % of Total Loans, excl. PPP ($ in thousands) 312% 200% 250% 300% 350% 400% $140,000 $150,000 $160,000 $170,000 $180,000 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Allowance/Nonperforming Loans Allowance % of Total NPLs ($ in thousands) ACL Metrics 16* Allowance for credit losses to total loans (excluding PPP) is a non-GAAP financial measure. 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 section “Non-GAAP Reconciliations”.

 
ACL Summary ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans SBA Paycheck Protection Program - - - - Commercial, Financial, Agricultural 30,192$ 2.02 30,594$ 2.02 Lease Financing Receivables 1,802 1.78 2,314 2.24 Real Estate - 1-4 Family Mortgage 41,910 1.38 43,414 1.39 Real Estate - Commercial Mortgage 64,373 1.36 69,400 1.38 Real Estate - Construction 17,290 1.54 18,745 1.54 Installment loans to individuals 10,564 8.05 9,889 7.67 Allowance for Credit Losses on Loans 166,131 1.57 174,356 1.57 Allowance for Credit Losses on Deferred Interest 1,263 1,260 Reserve for Unfunded Commitments 19,935 19,935 Total Reserves 187,329$ 195,551$ 9/30/20226/30/2022 17

 
Loss Absorption Capacity 18 ($ in thousands) 9/30/2022 Allowance for Credit Losses on Loans 174,356$ Reserve for Unfunded Commitments 19,935 Purchase Accounting Discounts 10,735 Total Loss Absorption Capacity 205,026$

 
Profitability

 
Net Income & Adjusted Pre-Provision Net Revenue* 20 $40.1 $37.1 $33.5 $39.7 $46.6 $50.2 $49.2 $42.7 $54.2 $67.0 1.23% 1.19% 1.04% 1.31% 1.60% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Net Income P Adj. PPNR (non-GAAP)* Adj. PPNR /Avg. Assets (non-GAAP)* Note: Dollars in millions *Adjusted Pre-Provision Net Revenue and Adjusted Pre-Provision Net Revenue/Average Assets 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 section “Non-GAAP Reconciliations”.

 
Diluted Earnings per Share Reported and Adjusted* 21 $.71 $.66 $.60 $.71 $.83 $.71 $.68 $.60 $.72 $.79 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Diluted EPS (GAAP) Diluted EPS Adjusted (non-GAAP)* * Diluted earnings per share (adjusted) is a non-GAAP financial measure. 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 section “Non-GAAP Reconciliations”.

 
Profitability Ratios 22 7.16% 6.59% 6.05% 7.31% 8.50% 13.13% 12.31% 10.99% 13.81% 14.87% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 ROE (GAAP) ROTCE (Adjusted) (non-GAAP)* *ROAA (Adjusted) and ROTCE (Adjusted) 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 section “Non-GAAP Reconciliations”. 0.99% 0.89% 0.81% 0.96% 1.11% 0.99% 0.92% 0.82% 0.98% 1.05% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 ROAA (GAAP) ROAA (Adjusted) (non-GAAP)* Return on Average Equity (ROE)Return on Average Assets (ROAA)

 
Net Interest Income (FTE) & Net Interest Margin 23 $105.0 $103.3 $101.4 $115.3 $132.4 2.93% 2.81% 2.76% 3.11% 3.54% 2.76% 2.73% 2.71% 3.00% 3.50% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Core NII (FTE)(Non-GAAP)* Non-Core NII NIM Core NIM (Non-GAAP)* Note: Dollars in millions *Core Net Interest Income (FTE) and Core Net Interest Margin 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 section “Non-GAAP Reconciliations”.

 
Note: Dollars in thousands $50,755 $47,582 $37,458 $37,214 $41,186 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Service Charges Fees and Commissions Insurance Wealth Management Mortgage Banking Securities Gains Other Noninterest Income 24 Service Charges 25% Fees and Commissions 10% Insurance 8%Wealth Management 13% Mortgage Banking 31% Other 13% Q3 2022 - Noninterest Income Contribution • The increase in noninterest income on a linked quarter basis was primarily due to the sale of a portion of the MSR portfolio which produced a gain of $3.0 million

 
Mortgage Banking 25 Mortgage MixMortgage banking income Gain on sale margin* *Gain on sale margin excludes pipeline fair value adjustments included in “Gain on sales of loans, net” in the table above. ($ in thousands) 3Q21 2Q22 3Q22 Gain on sales of loans, net 20,116$ 3,490$ 5,263$ Fees, net 3,420 3,064 2,405 Mortgage servicing (loss) income, net (244) 1,762 5,007 MSR valuation adjustment - - - Mortgage banking income, net 23,292$ 8,316$ 12,675$ 2.23% 2.01% 1.81% 1.27% 1.03% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 $1.4 $1.2 $1.2 $0.9 $0.6 $- $0 $0 $1 $1 $1 $1 $1 $2 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Locked Volume (in billions) (in %) 3Q21 2Q22 3Q22 Wholesale 42 39 34 Retail 58 61 66 Purchase 59 80 81 Refinance 41 20 19

 
Noninterest Expense and Efficiency Ratio 26 Salaries and employee benefits 65% Data processing 4% Net occupancy and equipment 11% Intangible amortization 1% Other 19% Q3 2022 – Noninterest Expense Mix ($ in thousands) 2Q22 3Q22 Change Salaries and employee benefits 65,580$ 66,463$ 883$ Data processing 3,590 3,526 (64) Net occupancy and equipment 11,155 11,266 111 Intangible amortization 1,310 1,251 (59) Restructuring (benefit) charges 1,187 - (1,187) Other 15,372 19,068 3,696 Total 98,194$ 101,574$ 3,380$ 67% 67% 68% 64% 59% 66% 64% 67% 62% 59% 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Efficiency Ratio Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* *Adjusted Efficiency Ratio is a non-GAAP financial measure. 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 section “Non-GAAP Reconciliations”.

 
27