Exhibit



Contacts:	For Media:	For Financials:
	John Oxford	Kevin Chapman
	Senior Vice President	Executive Vice President
	Director of Marketing and Public Relations	Chief Operating and Financial Officer
	(662) 680-1219	(662) 680-1450
	joxford@renasant.com	kchapman@renasant.com

RENASANT CORPORATION ANNOUNCES

EARNINGS FOR THE FOURTH QUARTER OF 2019

TUPELO, MISSISSIPPI (January 21, 2020) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2019. Net income for the fourth quarter of 2019 was $38.7 million, as compared to $44.4 million for the fourth quarter of 2018. Basic and diluted earnings per share (“EPS”) were $0.68 and $0.67, respectively, for the fourth quarter of 2019, as compared to basic and diluted EPS of $0.76 for the fourth quarter of 2018.

Net income for the year ending December 31, 2019, was $167.9 million, as compared to $146.9 million for the same period in 2018. Basic and diluted EPS were $2.89 and $2.88, respectively, for 2019, as compared to basic and diluted EPS of $2.80 and $2.79, respectively, for the same period in 2018.

"We closed 2019 on a strong note and maintained solid performance ratios through the fourth quarter even while absorbing the full impact of two interest rate cuts on our margin during the quarter," said Renasant Chairman, E. Robinson McGraw. "Our management team did an excellent job of navigating through the headwinds we faced throughout 2019 and has us well positioned for continued success in 2020 and beyond. We also continued to prudently manage our capital structure and repurchased approximately $21.3 million of our common stock in the quarter."

As previously discussed, the Company targeted market disruption across its footprint by hiring new production team members throughout 2019. The Company's net income for the fourth quarter of 2019 includes approximately $3.5 million in after-tax expense related to team members that have joined the Company in 2019. The expense related to these strategic hires decreased diluted EPS by $0.06 for the fourth quarter of 2019.

"Our fourth quarter results were highlighted by continued strong loan growth," commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. "Throughout our footprint our team members are continuing to execute our growth strategy previously laid out. In addition to strong loan growth year over year, we continued to prioritize growing non-interest bearing deposits, which lowers the cost of funding needed to support our loan growth. As Robin previously mentioned, we believe that we have positioned ourselves well for success in the coming years."

Impact of Certain Expenses and Charges

From time to time, the Company incurs expenses and charges in connection with certain transactions with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following table presents the impact of these expenses and charges on reported earnings per share for the dates presented (in thousands, except per share data):



	Three months ended December 31, 2019									Three months ended December 31, 2018
	Pre-tax			After-tax			Impact to Diluted EPS			Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	48,266		$	38,733		$	0.67		$	57,518	$	44,420	$	0.76
Merger and conversion expenses	76			61			—			1,625		1,255		0.02
MSR valuation adjustment	(1,296		)	(1,040		)	(0.01		)	—		—		—
Earnings, with exclusions (Non-GAAP)	$	47,046		$	37,754		$	0.66		$	59,143	$	45,675	$	0.78



	Year ended December 31, 2019						Year ended December 31, 2018
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	216,114	$	167,914	$	2.88	$	188,647	$	146,920	$	2.79
Merger and conversion expenses	279		216		—		14,246		11,095		0.21
Debt prepayment penalty	54		41		—		—		—		—
MSR valuation adjustment	1,836		1,427		0.03		—		—		—
Earnings, with exclusions (Non-GAAP)	$	218,283	$	169,598	$	2.91	$	202,893	$	158,015	$	3.00

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.

Profitability Metrics

The following table presents the Company’s profitability metrics, including and excluding the impact of after-tax merger and conversion expenses, debt prepayment penalties and the mortgage servicing rights (MSR) valuation adjustment, as applicable, for the dates presented:



	As Reported						With Exclusions (Non-GAAP)
	Three Months Ended						Three Months Ended
	December 31, 2019		September 30, 2019		December 31, 2018		December 31, 2019		September 30, 2019		December 31, 2018
Return on average assets	1.17	%	1.16	%	1.39	%	1.14	%	1.23	%	1.43	%
Return on average tangible assets (Non-GAAP)	1.31	%	1.30	%	1.56	%	1.28	%	1.39	%	1.60	%
Return on average equity	7.21	%	6.97	%	8.72	%	7.03	%	7.43	%	8.97	%
Return on average tangible equity (Non-GAAP)	13.86	%	13.38	%	17.44	%	13.52	%	14.23	%	17.92	%



	As Reported				With Exclusions (Non-GAAP)
	Twelve Months Ended				Twelve Months Ended
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Return on average assets	1.30	%	1.32	%	1.32	%	1.42	%
Return on average tangible assets (Non-GAAP)	1.46	%	1.47	%	1.48	%	1.58	%
Return on average equity	7.97	%	8.64	%	8.05	%	9.29	%
Return on average tangible equity (Non-GAAP)	15.39	%	15.98	%	15.54	%	17.14	%

Financial Condition

Total assets were $13.40 billion at December 31, 2019, as compared to $12.93 billion at December 31, 2018. The Company’s acquisition of Brand Group Holdings, Inc. was completed on September 1, 2018; the Company’s results of operations for the year ended December 31, 2019 as compared to the year ended December 31, 2018 reflect the impact of this acquisition.

Total loans held for investment were $9.69 billion at December 31, 2019, as compared to $9.08 billion at December 31, 2018, representing annual net loan growth of 5.46% after excluding the

balance of a portfolio of non-mortgage consumer loans, which was transferred from our held for sale portfolio during the year. When compared to the balance at September 30, 2019 of $9.31 billion, the Company had linked-quarter annualized net loan growth of 16.01%.

Total deposits increased to $10.21 billion at December 31, 2019, from $10.13 billion at December 31, 2018. Non-interest bearing deposits increased $233.1 million to $2.55 billion, or 24.99% of total deposits, at December 31, 2019, as compared to $2.32 billion, or 22.89% of total deposits, at December 31, 2018.

Results of Operations

Net interest income was $109.3 million for the fourth quarter of 2019, as compared to $108.8 million for the third quarter of 2019 and $115.5 million for the fourth quarter of 2018. The following table presents reported taxable equivalent net interest margin and yield on loans, including loans held for sale, for the periods presented (in thousands).



	Three Months Ended
	December 31,			September 30,			December 31,
	2019			2019			2018
Taxable equivalent net interest income	$	111,283		$	110,276		$	116,933

Average earning assets	$	11,277,000		$	10,993,645		$	10,952,024

Net interest margin	3.90		%	3.98		%	4.24		%

Taxable equivalent interest income on loans	$	124,919		$	125,391		$	127,880

Average loans, including loans held for sale	$	9,808,441		$	9,494,689		$	9,548,486

Loan yield	5.04		%	5.24		%	5.31		%

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans, including loans held for sale, loan yield and net interest margin is shown in the following table for the periods presented (in thousands).




	Three Months Ended
	December 31,			September 30,			December 31,
	2019			2019			2018
Net interest income collected on problem loans	$	152		$	905		$	744
Accretable yield recognized on purchased loans⁽¹⁾	6,661			5,510			7,236
Total impact to interest income	$	6,813		$	6,415		$	7,980

Impact to total loan yield	0.28		%	0.27		%	0.33		%

Impact to net interest margin	0.24		%	0.23		%	0.29		%

⁽¹⁾

Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $4,041, $2,564 and $3,095 for the three months ended December 31, 2019, September 30, 2019, and December 31, 2018, respectively. This additional interest income increased total loan yield by 16 basis points, 11 basis points and 13 basis points for the same periods, respectively, while increasing net interest margin by 14 basis points, 9 basis points and 11 basis points for the same periods, respectively.

Net interest income was $444.1 million for the twelve months ended December 31, 2019, as compared to $396.5 million for the same period in 2018. The following table presents reported taxable equivalent net interest margin and yield on loans, including loans held for sale, for the periods presented (in thousands).



	Twelve Months Ended
	December 31,			December 31,
	2019			2018
Taxable equivalent net interest income	$	450,413		$	402,426

Average earning assets	$	11,028,040		$	9,662,416

Net interest margin	4.08		%	4.16		%

Taxable equivalent interest income on loans	$	505,411		$	431,734

Average loans, including loans held for sale	$	9,527,290		$	8,451,857

Loan yield	5.30		%	5.11		%



	Twelve Months Ended
	December 31,			December 31,
	2019			2018
Net interest income collected on problem loans	$	4,042		$	2,861
Accretable yield recognized on purchased loans⁽¹⁾	27,227			24,454
Total impact to interest income	$	31,269		$	27,315

Impact to total loan yield	0.33		%	0.32		%

Impact to net interest margin	0.28		%	0.28		%


⁽¹⁾	Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $14,635 and $12,460 for the twelve months ended December 31, 2019 and 2018, respectively. This additional interest income increased total loan yield by 15 basis points for the same periods, while increasing net interest margin by 13 basis points for the same periods.

For the fourth quarter of 2019, the cost of total deposits was 75 basis points, as compared to 84 basis points for the third quarter of 2019 and 67 basis points in the fourth quarter of 2018. The cost of total deposits was 80 basis points for the year ending December 31, 2019, as compared to 56 basis points for the same period in 2018. The table below presents, by type, our funding sources and the total cost of each funding source for the periods presented:



	Percentage of Total Average Deposits and Borrowed Funds						Cost of Funds
	Three Months Ending						Three Months Ending
	December 31,		September 30,		December 31,		December 31,		September 30,		December 31,
	2019		2019		2018		2019		2019		2018
Noninterest-bearing demand	24.12	%	23.75	%	22.71	%	—	%	—	%	—	%
Interest-bearing demand	43.86		45.02		44.89		0.77		0.90		0.69
Savings	6.11		6.19		5.82		0.17		0.22		0.16
Time deposits	20.41		22.10		22.73		1.76		1.77		1.45
Borrowed funds	5.50		2.94		3.85		3.02		5.31		4.31
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.87	%	0.97	%	0.81	%



	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Twelve Months Ending				Twelve Months Ending
	December 31,		December 31,		December 31,		December 31,
	2019		2018		2019		2018
Noninterest-bearing demand	23.26	%	21.88	%	—	%	—	%
Interest-bearing demand	44.89		45.62		0.85		0.56
Savings	6.11		6.41		0.19		0.15
Time deposits	21.91		21.92		1.71		1.24
Borrowed funds	3.83		4.17		4.17		4.01
Total deposits and borrowed funds	100.00	%	100.00	%	0.93	%	0.70	%

Noninterest income for the fourth quarter of 2019 was $37.5 million, as compared to $38.0 million for the third quarter of 2019 and $36.4 million for the fourth quarter of 2018. Noninterest income for 2019 was $153.3 million, as compared to $144.0 million for 2018. Effective July 1, 2019, the Company became subject to the limitations on interchange fees imposed by the Durbin Amendment under the Dodd-Frank Act, which resulted in an approximate $3.0 million reduction in fees and commissions on loans and deposits in each of the the third and fourth quarters of 2019. Mortgage banking income for the fourth quarter of 2019 was $15.2 million, compared to $15.7 million for the third quarter of 2019 and $12.0 million for the fourth quarter of 2018. Mortgage banking income during the third quarter of 2019 was negatively impacted by a MSR valuation adjustment of $3.1 million, of which $1.3 million was recovered during the fourth quarter of 2019. Mortgage banking income for 2019 was $57.9 million, as compared to $50.1 million for 2018.

Noninterest expense was $95.6 million for the fourth quarter of 2019, as compared to $96.5 million for the third quarter of 2019 and $93.3 million for the fourth quarter of 2018. The Company experienced an increase in salaries and employee benefits during the quarter. This was primarily driven by the impact from new hires made throughout the footprint and the impact from the wholesale mortgage acquisition in the second quarter of 2019. The Company’s efficiency ratio (GAAP) was 64.24% for the fourth quarter of 2019 and 61.98% for the year 2019, while its adjusted efficiency ratio (non-GAAP) was 63.43% and 60.44% for the same respective periods. The adjusted efficiency ratio excludes charges for merger and conversion expenses, debt extinguishment penalties, amortization of intangible assets, gains and losses on the sale of securities and the MSR valuation adjustment.

Continued Focus on Prudent Capital Management

In the fourth quarter of 2019, the Company completed the remaining repurchases authorized under its previous $50.0 million stock repurchase program and initiated repurchases under its new $50.0 million stock repurchase program authorized by the Company’s Board of Directors in October 2019. During the fourth quarter of 2019, the Company repurchased $21.3 million of common stock under both programs at a weighted average price of $35.20. There is $30.0 million of repurchase availability remaining under the new stock repurchase program, which will remain in effect until the earlier of October 2020 or the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.

At December 31, 2019, Tier 1 leverage capital ratio was 10.37%, Common Equity Tier 1 ratio was 11.12%, Tier 1 risk-based capital ratio was 12.14%, and total risk-based capital ratio was 13.78%. All regulatory ratios exceed the minimums required to be considered “well-capitalized.”

Our ratio of shareholders’ equity to assets was 15.87% at December 31, 2019, as compared to 15.80% at December 31, 2018. Our tangible capital ratio (non-GAAP) was 9.25% at December 31, 2019, as compared to 8.92% at December 31, 2018.

Asset Quality Metrics

Total nonperforming assets were $44.3 million at December 31, 2019, an increase of $7.3 million from December 31, 2018, and consisted of $36.3 million in nonperforming loans (loans 90 days or more past due and nonaccrual loans) and $8.0 million in other real estate owned (“OREO”).

The Company’s nonperforming loans and OREO that were purchased in previous acquisitions (collectively referred to as “purchased nonperforming assets”) were $11.4 million and $5.2 million, respectively, at December 31, 2019, as compared to $13.1 million and $6.2 million, respectively, at December 31, 2018. The purchased nonperforming assets were recorded at fair value at the time of acquisition, which significantly mitigates the Company’s actual loss. As such, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios focuses on non-purchased nonperforming assets.


•	Non-purchased nonperforming loans were $25.0 million, or 0.33% of total non-purchased loans, at December 31, 2019, as compared to $12.9 million, or 0.20% of total non-purchased loans, at December 31, 2018. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total non-purchased loans were 0.30% at December 31, 2019, as compared to 0.27% at December 31, 2018.


•	Non-purchased OREO was $2.8 million at December 31, 2019, as compared to $4.9 million at December 31, 2018. Non-purchased OREO sales totaled $4.2 million during 2019.


•	The allowance for loan losses was 0.54% of total loans held for investment at each of December 31, 2019 and 2018. The allowance for loan losses was 0.69% of total non-purchased loans at December 31, 2019, as compared to 0.77% at December 31, 2018.

•

Net loan charge-offs were $1.6 million, or 0.07% of average loans held for investment on an annualized basis, for the fourth quarter of 2019, as compared to $584 thousand, or 0.03% of average loans on an annualized basis, for the fourth quarter of 2018. Net loan charge-offs were $3.9 million, or 0.04% of average loans for the year 2019, as compared to $4.0 million, or 0.05% of average loans for the year 2018.


•	The provision for loan losses was $3.0 million for the fourth quarter of 2019, as compared to $1.0 million for the fourth quarter of 2018. The provision was $7.1 million for the year 2019, as compared to $6.8 million for the year 2018.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time on Wednesday, January 22, 2020.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or https://services.choruscall.com/links/rnst200122.html. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2019 Fourth Quarter and Year-end Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10138528 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 5, 2020.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 115-year-old financial services institution. Renasant has assets of approximately $13.4 billion and operates more than 190 banking, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

NOTE TO INVESTORS:

This press release may contain, or incorporate by reference, statements which constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible,” “approximately,” “should” and variations of such words and other similar expressions.

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in the Company’s portfolio of outstanding loans, and competition in the Company’s markets. Management 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 expressly disclaims any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

NON-GAAP FINANCIAL MEASURES:

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP), this press release contains non-GAAP financial measures, namely, return on average tangible shareholders’ equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”), tangible book value per share and the adjusted efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, when applicable, merger and conversion expenses, debt prepayment penalties 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. 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 and charges such as merger and conversion expenses 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 other non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”

None of the non-GAAP financial information that the Company has included in this release is 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.

###



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2019 -		Twelve Months Ended
		2019												2018												Q4 2018		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2019			2018			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	135,119		$	135,927		$	139,285		$	138,578		$	138,581		$	119,236		$	107,991		$	101,947		(2.50	)%	$	548,909		$	467,755		17.35	%
Interest income		$	133,148		$	134,476		$	137,862		$	137,094		$	137,105		$	117,795		$	106,574		$	100,380		(2.89	)	$	542,580		$	461,854		17.48
Interest expense		23,836			25,651			25,062			23,947			21,648			18,356			14,185			11,140			10.11		98,496			65,329			50.77
	Net interest income	109,312			108,825			112,800			113,147			115,457			99,439			92,389			89,240			(5.32	)	444,084			396,525			11.99
Provision for loan losses		2,950			1,700			900			1,500			1,000			2,250			1,810			1,750			195.00		7,050			6,810			3.52
	Net interest income after provision	106,362			107,125			111,900			111,647			114,457			97,189			90,579			87,490			(7.07	)	437,034			389,715			12.14
Service charges on deposit accounts		9,273			8,992			8,605			9,102			9,069			8,847			8,271			8,473			2.25		35,972			34,660			3.79
Fees and commissions on loans and deposits		2,822			3,090			7,047			6,471			6,322			5,944			5,917			5,685			(55.36	)	19,430			23,868			(18.59	)
Insurance commissions and fees		2,105			2,508			2,190			2,116			2,014			2,461			2,110			2,005			4.52		8,919			8,590			3.83
Wealth management revenue		3,920			3,588			3,601			3,324			3,446			3,386			3,446			3,262			13.76		14,433			13,540			6.60
Securities gains (losses)		—			343			(8		)	13			—			(16		)	—			—			100.00		348			(16		)	100.00
Mortgage banking income		15,165			15,710			16,620			10,401			11,993			14,350			12,839			10,960			26.45		57,896			50,142			15.46
Other		4,171			3,722			3,905			4,458			3,530			3,081			2,998			3,568			18.16		16,256			13,177			23.37
	Total noninterest income	37,456			37,953			41,960			35,885			36,374			38,053			35,581			33,953			2.97		153,254			143,961			6.46
Salaries and employee benefits		67,684			65,425			60,325			57,350			58,313			55,187			52,010			48,784			16.07		250,784			214,294			17.03
Data processing		5,095			4,980			4,698			4,906			5,169			4,614			4,600			4,244			(1.43	)	19,679			18,627			5.65
Occupancy and equipment		13,231			12,943			11,544			11,835			11,816			10,668			9,805			9,822			11.98		49,553			42,111			17.67
Other real estate		339			418			252			1,004			725			278			232			657			(53.24	)	2,013			1,892			6.40
Amortization of intangibles		1,946			1,996			2,053			2,110			2,169			1,765			1,594			1,651			(10.28	)	8,105			7,179			12.90
Merger and conversion related expenses		76			24			179			—			1,625			11,221			500			900			(95.32	)	279			14,246			(98.04	)
Debt extinguishment penalty		—			54			—			—			—			—			—			—			100.00		54			—			100.00
Other		7,181			10,660			14,239			11,627			13,496			11,013			10,285			11,886			(46.79	)	43,707			46,680			(6.37	)
	Total noninterest expense	95,552			96,500			93,290			88,832			93,313			94,746			79,026			77,944			2.40		374,174			345,029			8.45
Income before income taxes		48,266			48,578			60,570			58,700			57,518			40,496			47,134			43,499			(16.09	)	216,114			188,647			14.56
Income taxes		9,533			11,132			13,945			13,590			13,098			8,532			10,424			9,673			(27.22	)	48,200			41,727			15.51
	Net income	$	38,733		$	37,446		$	46,625		$	45,110		$	44,420		$	31,964		$	36,710		$	33,826		(12.80	)	$	167,914		$	146,920		14.29
Basic earnings per share		$	0.68		$	0.65		$	0.80		$	0.77		$	0.76		$	0.61		$	0.74		$	0.69		(10.53	)	$	2.89		$	2.80		3.21
Diluted earnings per share		0.67			0.64			0.80			0.77			0.76			0.61			0.74			0.68			(11.84	)	2.88			2.79			3.23
Average basic shares outstanding		57,153,160			58,003,215			58,461,024			58,585,517			58,623,646			52,472,971			49,413,754			49,356,417			(2.51	)	58,046,716			52,492,104			10.58
Average diluted shares outstanding		57,391,876			58,192,419			58,618,976			58,730,535			58,767,519			52,609,902			49,549,761			49,502,950			(2.34	)	58,226,686			52,626,850			10.64
Common shares outstanding		56,855,002			57,455,306			58,297,670			58,633,630			58,546,480			58,743,814			49,424,339			49,392,978			(2.89	)	56,855,002			58,546,480			(2.89	)
Cash dividend per common share		$	0.22		$	0.22		$	0.22		$	0.21		$	0.21		$	0.20		$	0.20		$	0.19		4.76		$	0.87		$	0.80		8.75
Performance ratios
Return on avg shareholders' equity		7.21		%	6.97		%	8.90		%	8.86		%	8.72		%	7.40		%	9.55		%	9.00		%			7.97		%	8.64		%
Return on avg tangible s/h's equity (non-GAAP) (1)		13.86		%	13.38		%	17.15		%	17.41		%	17.44		%	13.65		%	16.75		%	16.02		%			15.39		%	15.98		%
Return on avg assets		1.17		%	1.16		%	1.47		%	1.44		%	1.39		%	1.12		%	1.42		%	1.36		%			1.30		%	1.32		%
Return on avg tangible assets (non-GAAP)(2)		1.31		%	1.30		%	1.64		%	1.61		%	1.56		%	1.26		%	1.57		%	1.51		%			1.46		%	1.47		%
Net interest margin (FTE)		3.90		%	3.98		%	4.19		%	4.27		%	4.24		%	4.07		%	4.15		%	4.20		%			4.08		%	4.16		%
Yield on earning assets (FTE)		4.74		%	4.91		%	5.11		%	5.16		%	5.02		%	4.81		%	4.78		%	4.72		%			4.98		%	4.84		%
Cost of funding		0.87		%	0.97		%	0.96		%	0.92		%	0.81		%	0.77		%	0.65		%	0.53		%			0.93		%	0.70		%
Average earning assets to average assets		85.71		%	85.58		%	85.72		%	85.58		%	86.15		%	87.29		%	87.67		%	87.12		%			85.65		%	87.01		%
Average loans to average deposits		92.43		%	89.13		%	89.13		%	89.33		%	89.77		%	91.74		%	91.84		%	94.04		%			90.01		%	91.71		%
Noninterest income (less securities gains/
	losses) to average assets	1.13		%	1.16		%	1.32		%	1.14		%	1.14		%	1.34		%	1.38		%	1.37		%			1.19		%	1.30		%
Noninterest expense (less debt prepayment penalties/
	penalties/merger-related expenses) to
	average assets	2.88		%	2.98		%	2.93		%	2.83		%	2.86		%	2.94		%	3.05		%	3.11		%			2.90		%	2.98		%
Net overhead ratio		1.75		%	1.82		%	1.61		%	1.69		%	1.72		%	1.60		%	1.67		%	1.74		%			1.71		%	1.68		%
Efficiency ratio (FTE)		64.24		%	65.10		%	59.73		%	59.02		%	60.87		%	68.20		%	61.08		%	62.48		%			61.98		%	63.15		%
Adjusted efficiency ratio (FTE) (non-GAAP) (4)		63.43		%	62.53		%	58.30		%	57.62		%	58.39		%	58.84		%	59.46		%	60.43		%			60.44		%	59.22		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2019 -		As of
		2019												2018												Q4 2018		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2019			2018			Variance
Average Balances
Total assets		$	13,157,843		$	12,846,131		$	12,764,669		$	12,730,939		$	12,713,000		$	11,276,587		$	10,341,863		$	10,055,755		3.50	%	$	12,875,986		$	11,104,567		15.95	%
Earning assets		11,277,000			10,993,645			10,942,492			10,895,205			10,952,023			9,843,870			9,067,016			8,760,679			2.97		11,028,040			9,662,416			14.13
Securities		1,234,718			1,227,678			1,262,271			1,253,224			1,240,283			1,129,010			1,039,947			833,076			(0.45	)	1,244,376			1,061,882			17.19
Loans held for sale		350,783			385,437			353,103			345,264			418,213			297,692			209,652			152,299			(16.12	)	358,735			270,270			32.73
Loans, net of unearned		9,457,658			9,109,252			9,043,788			9,059,802			9,130,273			8,228,053			7,704,221			7,646,991			3.59		9,168,555			8,181,587			12.06
Intangibles		977,506			975,306			974,628			976,820			972,736			743,567			633,155			634,898			0.49		976,065			747,008			30.66
Noninterest-bearing deposits		2,611,265			2,500,810			2,395,899			2,342,406			2,402,422			2,052,226			1,867,925			1,817,848			8.69		2,463,436			2,036,754			20.95
Interest-bearing deposits		7,620,602			7,719,510			7,750,986			7,799,892			7,768,724			6,916,699			6,521,123			6,314,114			(1.91	)	7,722,247			6,884,250			12.17
Total deposits		10,231,867			10,220,320			10,146,885			10,142,298			10,171,146			8,968,925			8,389,048			8,131,962			0.60		10,185,683			8,921,004			14.18
Borrowed funds		596,101			308,931			354,234			363,140			407,496			499,054			329,287			314,228			46.28		405,975			388,077			4.61
Shareholders' equity		2,131,345			2,131,537			2,102,093			2,065,370			2,021,075			1,712,757			1,542,071			1,523,873			5.46		2,107,832			1,701,334			23.89


																										Q4 2019 -		As of
		2019												2018												Q4 2018		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2019			2018			Variance
Balances at period end
Total assets		$	13,400,510		$	13,039,674		$	12,892,653		$	12,862,395		$	12,934,878		$	12,746,939		$	10,544,475		$	10,238,313		3.60	%	$	13,400,510		$	12,934,878		3.60	%
Earning assets		11,522,388			11,145,052			11,064,957			11,015,535			11,115,929			10,962,958			9,239,200			8,938,117			3.66		11,522,388			11,115,929			3.66
Securities		1,290,613			1,238,577			1,268,280			1,255,353			1,250,777			1,177,606			1,088,779			948,365			3.18		1,290,613			1,250,777			3.18
Loans held for sale		318,272			392,448			461,681			318,563			411,427			463,287			245,046			204,472			(22.64	)	318,272			411,427			(22.64	)
Non purchased loans		7,587,974			7,031,818			6,704,288			6,565,599			6,389,712			6,210,238			6,057,766			5,830,122			18.75		7,587,974			6,389,712			18.75
Purchased loans		2,101,664			2,281,966			2,350,366			2,522,694			2,693,417			2,912,669			1,709,891			1,867,948			(21.97	)	2,101,664			2,693,417			(21.97	)
	Total loans	9,689,638			9,313,784			9,054,654			9,088,293			9,083,129			9,122,907			7,767,657			7,698,070			6.68		9,689,638			9,083,129			6.68
Intangibles		976,943			978,390			973,673			975,726			977,793			974,115			632,311			633,905			(0.09	)	976,943			977,793			(0.09	)
Noninterest-bearing deposits		2,551,771			2,607,056			2,408,984			2,366,223			2,318,706			2,359,859			1,888,561			1,861,136			10.05		2,551,771			2,318,706			10.05
Interest-bearing deposits		7,661,398			7,678,980			7,781,077			7,902,689			7,809,851			7,812,089			6,492,159			6,496,633			(1.90	)	7,661,398			7,809,851			(1.90	)
	Total deposits	10,213,169			10,286,036			10,190,061			10,268,912			10,128,557			10,171,948			8,380,720			8,357,769			0.84		10,213,169			10,128,557			0.84
Borrowed funds		865,598			433,705			401,934			350,859			651,324			439,516			520,747			265,191			32.90		865,598			651,324			32.90
Shareholders' equity		2,126,008			2,119,659			2,119,696			2,088,877			2,043,913			2,010,711			1,558,668			1,532,765			4.02		2,126,008			2,043,913			4.02
Market value per common share		35.42			35.01			35.94			33.85			30.18			41.21			45.52			42.56			17.36		35.42			30.18			17.36
Book value per common share		37.39			36.89			36.36			35.63			34.91			34.23			31.54			31.03			7.10		37.39			34.91			7.10
Tangible book value per common share		20.21			19.86			19.66			18.98			18.21			17.65			18.74			18.20			10.98		20.21			18.21			10.98
Shareholders' equity to assets (actual)		15.87		%	16.26		%	16.44		%	16.24		%	15.80		%	15.77		%	14.78		%	14.97		%			15.87		%	15.80		%
Tangible capital ratio (non-GAAP)(3)		9.25		%	9.46		%	9.62		%	9.36		%	8.92		%	8.80		%	9.35		%	9.36		%			9.25		%	8.92		%
Leverage ratio		10.37		%	10.56		%	10.65		%	10.44		%	10.11		%	9.85		%	10.63		%	10.61		%			10.37		%	10.11		%
Common equity tier 1 capital ratio		11.12		%	11.36		%	11.64		%	11.49		%	11.05		%	10.80		%	11.71		%	11.38		%			11.12		%	11.05		%
Tier 1 risk-based capital ratio		12.14		%	12.40		%	12.69		%	12.55		%	12.10		%	11.84		%	12.73		%	12.41		%			12.14		%	12.10		%
Total risk-based capital ratio		13.78		%	14.07		%	14.62		%	14.57		%	14.12		%	13.85		%	14.75		%	14.44		%			13.78		%	14.12		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																									Q4 2019 -		As of
	2019												2018												Q4 2018		December 31,
	Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2019			2018			Variance
Non purchased loans
Commercial, financial, agricultural	$	1,052,353		$	988,867		$	930,598		$	921,081		$	875,649		$	817,799		$	790,363		$	803,146		20.18	%	$	1,052,353		$	875,649		20.18	%
Lease financing	81,875			69,953			59,158			58,651			61,865			54,272			52,423			52,536			32.34		81,875			61,865			32.34
Real estate- construction	774,901			764,589			716,129			651,119			635,519			624,892			642,380			582,430			21.93		774,901			635,519			21.93
Real estate - 1-4 family mortgages	2,350,126			2,235,908			2,160,617			2,114,908			2,087,890			2,000,770			1,912,450			1,785,271			12.56		2,350,126			2,087,890			12.56
Real estate - commercial mortgages	3,128,876			2,809,470			2,741,402			2,726,186			2,628,365			2,609,510			2,554,955			2,503,680			19.04		3,128,876			2,628,365			19.04
Installment loans to individuals	199,843			163,031			96,384			93,654			100,424			102,995			105,195			103,059			99.00		199,843			100,424			99.00
Loans, net of unearned	$	7,587,974		$	7,031,818		$	6,704,288		$	6,565,599		$	6,389,712		$	6,210,238		$	6,057,766		$	5,830,122		18.75		$	7,587,974		$	6,389,712		18.75
Purchased loans
Commercial, financial, agricultural	$	315,619		$	339,693		$	374,478		$	387,376		$	420,263		$	495,545		$	197,455		$	243,672		(24.90	)	$	315,619		$	420,263		(24.90	)
Lease financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	51,582			52,106			65,402			89,954			105,149			112,093			70,438			75,061			(50.94	)	51,582			105,149			(50.94	)
Real estate - 1-4 family mortgages	516,487			561,725			604,855			654,265			707,453			761,913			520,649			572,830			(26.99	)	516,487			707,453			(26.99	)
Real estate - commercial mortgages	1,115,389			1,212,905			1,276,567			1,357,446			1,423,144			1,503,075			906,219			960,273			(21.63	)	1,115,389			1,423,144			(21.63	)
Installment loans to individuals	102,587			115,537			29,064			33,653			37,408			40,043			15,130			16,112			174.24		102,587			37,408			174.24
Loans, net of unearned	$	2,101,664		$	2,281,966		$	2,350,366		$	2,522,694		$	2,693,417		$	2,912,669		$	1,709,891		$	1,867,948		(21.97	)	$	2,101,664		$	2,693,417		(21.97	)
Asset quality data
Non purchased assets
Nonaccrual loans	$	21,509		$	15,733		$	14,268		$	12,507		$	10,218		$	9,696		$	8,921		$	9,403		110.50		$	21,509		$	10,218		110.50
Loans 90 past due or more	3,458			7,325			4,175			1,192			2,685			3,806			2,190			3,605			28.79		3,458			2,685			28.79
Nonperforming loans	24,967			23,058			18,443			13,699			12,903			13,502			11,111			13,008			93.50		24,967			12,903			93.50
Other real estate owned	2,762			1,975			3,475			4,223			4,853			4,665			4,698			4,801			(43.09	)	2,762			4,853			(43.09	)
Nonperforming assets	$	27,729		$	25,033		$	21,918		$	17,922		$	17,756		$	18,167		$	15,809		$	17,809		56.17		$	27,729		$	17,756		56.17
Purchased assets
Nonaccrual loans	$	7,038		$	6,123		$	7,250		$	7,828		$	5,836		$	4,809		$	4,561		$	5,340		20.60		$	7,038		$	5,836		20.60
Loans 90 past due or more	4,317			7,034			7,687			5,436			7,232			7,960			5,491			4,564			(40.31	)	4,317			7,232			(40.31	)
Nonperforming loans	11,355			13,157			14,937			13,264			13,068			12,769			10,052			9,904			(13.11	)	11,355			13,068			(13.11	)
Other real estate owned	5,248			6,216			5,258			5,932			6,187			7,932			9,006			9,754			(15.18	)	5,248			6,187			(15.18	)
Nonperforming assets	$	16,603		$	19,373		$	20,195		$	19,196		$	19,255		$	20,701		$	19,058		$	19,658		(13.77	)	$	16,603		$	19,255		(13.77	)
Net loan charge-offs (recoveries)	$	1,602		$	945		$	676		$	691		$	584		$	995		$	856		$	1,560		174.32		$	3,914		$	3,995		(2.03	)
Allowance for loan losses	$	52,162		$	50,814		$	50,059		$	49,835		$	49,026		$	48,610		$	47,355		$	46,401		6.40		$	52,162		$	49,026		6.40
Annualized net loan charge-offs / average loans	0.07		%	0.04		%	0.03		%	0.03		%	0.03		%	0.05		%	0.04		%	0.08		%			0.04		%	0.05		%
Nonperforming loans / total loans*	0.37		%	0.39		%	0.37		%	0.30		%	0.29		%	0.29		%	0.27		%	0.30		%			0.37		%	0.29		%
Nonperforming assets / total assets*	0.33		%	0.34		%	0.33		%	0.29		%	0.29		%	0.30		%	0.33		%	0.37		%			0.33		%	0.29		%
Allowance for loan losses / total loans*	0.54		%	0.55		%	0.55		%	0.55		%	0.54		%	0.53		%	0.61		%	0.60		%			0.54		%	0.54		%
Allowance for loan losses / nonperforming loans*	143.61		%	140.31		%	149.97		%	184.83		%	188.77		%	185.03		%	223.76		%	202.52		%			143.61		%	188.77		%
Nonperforming loans / total loans**	0.33		%	0.33		%	0.28		%	0.21		%	0.20		%	0.22		%	0.18		%	0.22		%			0.33		%	0.20		%
Nonperforming assets / total assets**	0.21		%	0.19		%	0.17		%	0.14		%	0.14		%	0.14		%	0.15		%	0.17		%			0.21		%	0.14		%
Allowance for loan losses / total loans**	0.69		%	0.72		%	0.75		%	0.76		%	0.77		%	0.78		%	0.78		%	0.80		%			0.69		%	0.77		%
Allowance for loan losses / nonperforming loans**	208.92		%	220.37		%	271.43		%	363.79		%	379.96		%	360.02		%	426.20		%	356.71		%			208.92		%	379.96		%
*Based on all assets (includes purchased assets)
**Excludes all purchased assets



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

	Three Months Ending																		Twelve Months Ended
	December 31, 2019						September 30, 2019						December 31, 2018						December 31, 2019						December 31, 2018
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Loans
Non purchased	$	7,258,517	$	87,482	4.76	%	$	6,792,021	$	85,084	4.97	%	$	6,318,434	$	78,633	4.94	%	$	6,784,132	$	337,672	4.98	%	$	6,019,177	$	286,643	4.76	%
Purchased	2,199,141		34,270		6.18	%	2,317,231		36,330		6.22	%	2,811,839		44,070		6.22	%	2,384,423		149,568		6.27	%	2,162,410		132,199		6.11	%
Total loans	9,457,658		121,752		5.09	%	9,109,252		121,414		5.29	%	9,130,273		122,703		5.33	%	9,168,555		487,240		5.31	%	8,181,587		418,842		5.12	%
Loans held for sale	350,783		3,167		3.58	%	385,437		3,977		4.09	%	418,213		5,177		4.91	%	358,735		18,171		5.07	%	270,270		12,892		4.77	%
Securities:
Taxable⁽¹⁾	1,018,076		6,994		2.73	%	1,040,302		7,200		2.75	%	1,033,288		7,587		2.91	%	1,051,124		29,786		2.83	%	844,692		23,713		2.81	%
Tax-exempt	216,642		2,093		3.83	%	187,376		1,846		3.91	%	206,996		2,184		4.19	%	193,252		7,821		4.05	%	217,190		9,232		4.25	%
Total securities	1,234,718		9,087		2.92	%	1,227,678		9,046		2.92	%	1,240,284		9,771		3.13	%	1,244,376		37,607		3.02	%	1,061,882		32,945		3.10	%
Interest-bearing balances with banks	233,841		1,113		1.89	%	271,278		1,490		2.18	%	163,254		930		2.26	%	256,374		5,891		2.30	%	148,677		3,076		2.07	%
Total interest-earning assets	11,277,000		135,119		4.74	%	10,993,645		135,927		4.91	%	10,952,024		138,581		5.02	%	11,028,040		548,909		4.98	%	9,662,416		467,755		4.84	%
Cash and due from banks	176,582						173,156						177,601						179,991						163,286
Intangible assets	977,506						975,306						972,736						976,065						747,008
Other assets	726,755						704,024						610,639						691,890						531,857
Total assets	$	13,157,843					$	12,846,131					$	12,713,000					$	12,875,986					$	11,104,567
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand⁽²⁾	$	4,749,018	$	9,226	0.77	%	$	4,740,426	$	10,769	0.90	%	$	4,748,320	$	8,201	0.69	%	$	4,754,201	$	40,564	0.85	%	$	4,246,585	$	23,678	0.56	%
Savings deposits	661,362		282		0.17	%	652,121		355		0.22	%	615,812		256		0.16	%	647,271		1,258		0.19	%	596,990		868		0.15	%
Time deposits	2,210,222		9,783		1.76	%	2,326,963		10,390		1.77	%	2,404,592		8,769		1.45	%	2,320,775		39,746		1.71	%	2,040,675		25,214		1.24	%
Total interest-bearing deposits	7,620,602		19,291		1.00	%	7,719,510		21,514		1.11	%	7,768,724		17,226		0.88	%	7,722,247		81,568		1.06	%	6,884,250		49,760		0.72	%
Borrowed funds	596,101		4,545		3.02	%	308,931		4,137		5.31	%	407,496		4,422		4.31	%	405,975		16,928		4.17	%	388,077		15,569		4.01	%
Total interest-bearing liabilities	8,216,703		23,836		1.15	%	8,028,441		25,651		1.27	%	8,176,220		21,648		1.05	%	8,128,222		98,496		1.21	%	7,272,327		65,329		0.90	%
Noninterest-bearing deposits	2,611,265						2,500,810						2,402,422						2,463,436						2,036,754
Other liabilities	198,530						185,343						113,283						176,496						94,152
Shareholders’ equity	2,131,345						2,131,537						2,021,075						2,107,832						1,701,334
Total liabilities and shareholders’ equity	$	13,157,843					$	12,846,131					$	12,713,000					$	12,875,986					$	11,104,567
Net interest income/ net interest margin			$	111,283	3.90	%			$	110,276	3.98	%			$	116,933	4.24	%			$	450,413	4.08	%			$	402,426	4.16	%
Cost of funding					0.87	%					0.97	%					0.81	%					0.93	%					0.70	%
Cost of total deposits					0.75	%					0.84	%					0.67	%					0.80	%					0.56	%

⁽¹⁾ U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.
⁽²⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
					RECONCILIATION OF GAAP TO NON-GAAP
																										Twelve Months Ended
		2019												2018												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2019			2018
Net income (GAAP)		$	38,733		$	37,446		$	46,625		$	45,110		$	44,420		$	31,964		$	36,710		$	33,826		$	167,914		$	146,920
	Amortization of intangibles	1,946			1,996			2,053			2,110			2,169			1,765			1,594			1,651			8,105			7,179
	Tax effect of adjustment noted above ^(A)	(384		)	(457		)	(473		)	(488		)	(494		)	(372		)	(353		)	(367		)	(1,808		)	(1,588		)
Tangible net income (non-GAAP)		$	40,295		$	38,985		$	48,205		$	46,732		$	46,095		$	33,357		$	37,951		$	35,110		$	174,211		$	152,511

Net income (GAAP)		$	38,733		$	37,446		$	46,625		$	45,110		$	44,420		$	31,964		$	36,710		$	33,826		$	167,914		$	146,920
	Merger & conversion expenses	76			24			179			—			1,625			11,221			500			900			279			14,246
	Debt prepayment penalties	—			54			—			—			—			—			—			—			54			—
	MSR valuation adjustment	(1,296		)	3,132			—			—			—			—			—			—			1,836			—
	Tax effect of adjustment noted above ^(A)	241			(736		)	(41		)	—			(370		)	(2,364		)	(111		)	(200		)	(484		)	(3,151		)
Net income with exclusions (non-GAAP)		$	37,754		$	39,920		$	46,763		$	45,110		$	45,675		$	40,821		$	37,099		$	34,526		$	169,599		$	158,015

Average shareholders' equity (GAAP)		$	2,131,345		$	2,131,537		$	2,102,093		$	2,065,370		$	2,021,075		$	1,712,757		$	1,542,071		$	1,523,873		$	2,107,832		$	1,701,334
	Intangibles	977,506			975,306			974,628			976,820			972,736			743,567			633,155			634,898			976,065			747,008
Average tangible s/h's equity (non-GAAP)		$	1,153,839		$	1,156,231		$	1,127,465		$	1,088,550		$	1,048,339		$	969,190		$	908,916		$	888,975		$	1,131,767		$	954,326

Average total assets (GAAP)		$	13,157,843		$	12,846,131		$	12,764,669		$	12,730,939		$	12,713,000		$	11,276,587		$	10,341,863		$	10,055,755		$	12,875,986		$	11,104,567
	Intangibles	977,506			975,306			974,628			976,820			972,736			743,567			633,155			634,898			976,065			747,008
Average tangible assets (non-GAAP)		$	12,180,337		$	11,870,825		$	11,790,041		$	11,754,119		$	11,740,264		$	10,533,020		$	9,708,708		$	9,420,857		$	11,899,921		$	10,357,559

Actual shareholders' equity (GAAP)		$	2,126,008		$	2,119,659		$	2,119,696		$	2,088,877		$	2,043,913		$	2,010,711		$	1,558,668		$	1,532,765		$	2,126,008		$	2,043,913
	Intangibles	976,943			978,390			973,673			975,726			977,793			974,115			632,311			633,905			976,943			977,793
Actual tangible s/h's equity (non-GAAP)		$	1,149,065		$	1,141,269		$	1,146,023		$	1,113,151		$	1,066,120		$	1,036,596		$	926,357		$	898,860		$	1,149,065		$	1,066,120

Actual total assets (GAAP)		$	13,400,510		$	13,039,674		$	12,892,653		$	12,862,395		$	12,934,878		$	12,746,939		$	10,544,475		$	10,238,313		$	13,400,510		$	12,934,878
	Intangibles	976,943			978,390			973,673			975,726			977,793			974,115			632,311			633,905			976,943			977,793
Actual tangible assets (non-GAAP)		$	12,423,567		$	12,061,284		$	11,918,980		$	11,886,669		$	11,957,085		$	11,772,824		$	9,912,164		$	9,604,408		$	12,423,567		$	11,957,085

	(A) Tax effect is calculated based on respective periods effective tax rate.



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
				RECONCILIATION OF GAAP TO NON-GAAP
																		Twelve Months Ended
		2019								2018								December 31,
		Fourth		Third		Second		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		2019		2018
(1) Return on Average Equity
Return on avg s/h's equity (GAAP)		7.21	%	6.97	%	8.90	%	8.86	%	8.72	%	7.40	%	9.55	%	9.00	%	7.97	%	8.64	%
	Effect of adjustment for intangible assets	6.65	%	6.41	%	8.25	%	8.55	%	8.72	%	6.25	%	7.20	%	7.02	%	7.42	%	7.34	%
Return on avg tangible s/h's equity (non-GAAP)		13.86	%	13.38	%	17.15	%	17.41	%	17.44	%	13.65	%	16.75	%	16.02	%	15.39	%	15.98	%

Return on avg s/h's equity (GAAP)		7.21	%	6.97	%	8.90	%	8.86	%	8.72	%	7.40	%	9.55	%	9.00	%	7.97	%	8.64	%
	Effect of exclusions from net income	(0.18	)%	0.46	%	0.02	%	—	%	0.25	%	2.06	%	0.10	%	0.19	%	0.08	%	0.65	%
Return on avg s/h's equity with excl. (non-GAAP)		7.03	%	7.43	%	8.92	%	8.86	%	8.97	%	9.46	%	9.65	%	9.19	%	8.05	%	9.29	%
	Effect of adjustment for intangible assets	6.49	%	6.80	%	8.28	%	8.55	%	8.95	%	7.82	%	7.27	%	7.15	%	7.49	%	7.85	%
Return on avg tangible s/h's equity with exclusions (non-GAAP)		13.52	%	14.23	%	17.20	%	17.41	%	17.92	%	17.28	%	16.92	%	16.34	%	15.54	%	17.14	%

(2) Return on Average Assets
Return on avg assets (GAAP)		1.17	%	1.16	%	1.47	%	1.44	%	1.39	%	1.12	%	1.42	%	1.36	%	1.30	%	1.32	%
	Effect of adjustment for intangible assets	0.14	%	0.14	%	0.17	%	0.17	%	0.17	%	0.14	%	0.15	%	0.15	%	0.16	%	0.15	%
Return on avg tangible assets (non-GAAP)		1.31	%	1.30	%	1.64	%	1.61	%	1.56	%	1.26	%	1.57	%	1.51	%	1.46	%	1.47	%

Return on avg assets (GAAP)		1.17	%	1.16	%	1.47	%	1.44	%	1.39	%	1.12	%	1.42	%	1.36	%	1.30	%	1.32	%
	Effect of exclusions from net income	(0.03	)%	0.07	%	—	%	—	%	0.04	%	0.32	%	0.02	%	0.03	%	0.02	%	0.10	%
Return on avg assets with exclusions (non-GAAP)		1.14	%	1.23	%	1.47	%	1.44	%	1.43	%	1.44	%	1.44	%	1.39	%	1.32	%	1.42	%
	Effect of adjustment for intangible assets	0.14	%	0.16	%	0.17	%	0.17	%	0.17	%	0.15	%	0.14	%	0.15	%	0.16	%	0.16	%
Return on avg tangible assets with exclusions (non-GAAP)		1.28	%	1.39	%	1.64	%	1.61	%	1.60	%	1.59	%	1.58	%	1.54	%	1.48	%	1.58	%

(3) Shareholder Equity Ratio
Shareholders' equity to actual assets (GAAP)		15.87	%	16.26	%	16.44	%	16.24	%	15.80	%	15.77	%	14.78	%	14.97	%	15.87	%	15.80	%
	Effect of adjustment for intangible assets	6.62	%	6.80	%	6.82	%	6.88	%	6.88	%	6.97	%	5.43	%	5.61	%	6.62	%	6.88	%
Tangible capital ratio (non-GAAP)		9.25	%	9.46	%	9.62	%	9.36	%	8.92	%	8.80	%	9.35	%	9.36	%	9.25	%	8.92	%



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


																										Twelve Months Ended
		2019												2018												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2019			2018
Interest income (FTE)		$	135,119		$	135,927		$	139,285		$	138,578		$	138,581		$	119,236		$	107,991		$	101,947		$	548,909		$	467,755
	Interest expense	23,836			25,651			25,062			23,947			21,648			18,356			14,185			11,140			98,496			65,329
Net Interest income (FTE)		$	111,283		$	110,276		$	114,223		$	114,631		$	116,933		$	100,880		$	93,806		$	90,807		$	450,413		$	402,426

Total noninterest income		$	37,456		$	37,953		$	41,960		$	35,885		$	36,374		$	38,053		$	35,581		$	33,953		$	153,254		$	143,961
	Securities gains (losses)	—			343			(8		)	13			—			(16		)	—			—			348			(16		)
	MSR valuation adjustment	1,296			(3,132		)	—			—			—			—			—			—			(1,836		)	—
Total adjusted noninterest income		$	36,160		$	40,742		$	41,968		$	35,872		$	36,374		$	38,069		$	35,581		$	33,953		$	154,742		$	143,977

Total noninterest expense		$	95,552		$	96,500		$	93,290		$	88,832		$	93,313		$	94,746		$	79,026		$	77,944		$	374,174		$	345,029
	Amortization of intangibles	1,946			1,995			2,053			2,110			2,169			1,765			1,594			1,651			8,105			7,179
	Merger-related expenses	76			24			179			—			1,625			11,221			500			900			279			14,246
	Debt extinguishment penalty	—			54			—			—			—			—			—			—			54			—
Total adjusted noninterest expense		$	93,530		$	94,427		$	91,058		$	86,722		$	89,519		$	81,760		$	76,932		$	75,393		$	365,736		$	323,604

Efficiency Ratio (GAAP)		64.24		%	65.10		%	59.73		%	59.02		%	60.87		%	68.20		%	61.08		%	62.48		%	61.98		%	63.15		%
(4) Adjusted Efficiency Ratio (non-GAAP)		63.43		%	62.53		%	58.30		%	57.62		%	58.39		%	58.84		%	59.46		%	60.43		%	60.44		%	59.22		%