EX-12 6 rnst12312017ex12ratiooffix.htm EXHIBIT 12 Exhibit


Exhibit 12
Renasant Corporation and Subsidiaries
Calculation of Ratio of Earnings to Fixed Charges
(In Thousands)

The following table sets forth the consolidated ratios of earnings to fixed charges of Renasant Corporation (the “Company”) for the periods shown below. No shares of the Company's preferred stock were outstanding, and the Company did not pay dividends on preferred stock, during these periods. No shares of the Company's preferred stock are currently outstanding. As a result, the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges for these periods.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Net income before income taxes
 
$
159,869

 
$
135,777

 
$
99,764

 
$
85,887

 
$
45,746

 
$
33,465

Fixed charges (see below)
 
42,009

 
31,522

 
24,944

 
25,901

 
24,947

 
26,975

  Total earnings
 
 
$
201,878

 
$
167,299

 
$
124,708

 
$
111,788

 
$
70,693

 
$
60,440

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized on deposits
 
$
24,620

 
$
17,856

 
$
13,715

 
$
16,216

 
$
17,118

 
$
19,030

Interest expensed and capitalized on other debt
 
13,233

 
10,291

 
7,950

 
7,711

 
6,353

 
6,945

Amortized premiums and discounts related to deposits
 
3,017

 
2,484

 
2,611

 
1,425

 
632

 
—

Amortized premiums and discounts related to other indebtedness
 
(435
)
 
(548
)
 
(521
)
 
(387
)
 
(21
)
 
161

Estimate of the interest expense within rental expense
 
1,574

 
1,439

 
1,189

 
936

 
865

 
839

  Total fixed charges
 
 
$
42,009

 
$
31,522

 
$
24,944

 
$
25,901

 
$
24,947

 
$
26,975

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Interest on Deposits
 
12.12

 
13.14

 
12.58

 
11.40

 
7.36

 
5.21

Including Interest on Deposits
 
4.81

 
5.31

 
5.00

 
4.32

 
2.83

 
2.24


The ratios of earnings to fixed charges are computed by dividing (1) income (loss) before income taxes and fixed charges by (2) total fixed charges. For purposes of computing these ratios:
•
fixed charges, including interest on deposits, includes all interest expense, amortized premiums and discounts related to deposits and other indebtedness, and the estimated portion of rental expense attributable to interest, net of income from subleases; and
•
fixed charges, excluding interest on deposits, includes interest expense (other than on deposits), amortized premiums and discounts related to indebtedness (but not deposits), and the estimated portion of rental expense attributable to interest, net of income from subleases.