Renasant Announces 2014 Second Quarter Earnings

               Renasant Announces 2014 Second Quarter Earnings

PR Newswire

TUPELO, Miss., July 15, 2014

TUPELO, Miss., July 15, 2014 /PRNewswire/ -- Renasant Corporation (NASDAQ:
RNST) (the "Company") today announced its financial results for the second
quarter of 2014. Net income increased 85% for the second quarter of 2014 to
$14,853,000, or basic and diluted earnings per share ("EPS") of $0.47, as
compared to $8,019,000, or basic and diluted EPS of $0.32, for the second
quarter of 2013. The Company's balance sheet and results of operations as of
and for the three months ending June 30, 2014, include the impact of the
Company's acquisition of First M&F Corporation ("First M&F"), which was
completed on September 1, 2013. Periods presented prior to September 1, 2013,
do not reflect any impact from the First M&F acquisition.

For the second quarter of 2014, the Company's return on assets and return on
equity were 1.02% and 8.67%, respectively, as compared to 0.76% and 6.35%,
respectively, for the second quarter of 2013. The Company's 2014 second
quarter return on tangible assets and return on tangible equity were 1.15% and
16.55%, respectively, as compared to 0.82% and 10.47%, respectively, for the
second quarter of 2013.

"Our second quarter financial results reflect the achievement of several key
short-term initiatives and continued progress on our long-term strategies,
specifically a return to higher levels of sustainable profitability and
replenishing capital deployed in the First M&F acquisition. Focusing first on
sustainable profitability, our earnings per share of 47 cents represents our
highest quarterly earnings in the 110-year history of our company excluding
quarters which recognized one-time gains associated with acquisitions. In
addition, our return on assets was 1.02% for the quarter, marking the first
time our return on assets exceeded 1% since the economic downturn," commented
Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "These
accomplishments were driven by annualized linked quarter non-acquired loan
growth of 20.1% and a continued focus on generating revenues from our
diversified lines of business while at the same time managing expenses to
ensure future revenue growth is maximized. In regards to capital levels, our
tangible common equity ratio stands at 7.00% at June 30, 2014, which, coupled
with our strong regulatory capital ratios, will continue to support future
balance sheet growth whether that growth is organic or the result of an
external opportunity."

Total assets as of June 30, 2014, were approximately $5.83 billion, as
compared to $5.74 billion from December 31, 2013, and $5.9 billion on a linked
quarter basis. The decrease in assets on a linked quarter basis is due to the
seasonal runoff of deposits, primarily in public fund deposits, and the
related divestiture of the liquid assets (low-yielding interest bearing cash
or short-term investments) in which these seasonal deposits were invested.

Total loans, including loans acquired in either the First M&F merger or in
FDIC-assisted transactions (collectively referred to as "acquired loans"),
were approximately $3.96 billion at June 30, 2014, as compared to $3.88
billion at December 31, 2013, and $3.87 billion on a linked quarter basis.
Excluding acquired loans, loans grew 7.3%, or 14.6% annualized, to $3.10
billion at June 30, 2014, as compared to $2.89 billion at December 31, 2013,
and increased 5.0%, or 20.1% annualized, from $2.95 billion on a linked
quarter basis.

Total deposits were $4.89 billion at June 30, 2014, as compared to $4.84
billion at December 31, 2013, and $5.00 billion on a linked quarter basis.
Noninterest-bearing deposits averaged approximately $905.2 million, which
represents 18.4% of the Company's average deposits, for the second quarter of
2014, as compared to $562.1 million, or 16% of average deposits, for the
second quarter of 2013. The Company's cost of funds was 48 basis points for
the second quarter of 2014, as compared to 60 basis points for the same
quarter in 2013.

As of June 30, 2014, the Company's Tier 1 leverage capital ratio was 8.91%,
its Tier 1 risk-based capital ratio was 11.82%, and its total risk-based
capital ratio was 12.96%. The Company's tangible common equity ratio was
7.00%. All of the Company's regulatory capital ratios increased on a linked
quarter basis and continue to be in excess of the regulatory minimums required
to be classified as "well-capitalized."

Net interest income was $52.2 million for the second quarter of 2014, as
compared to $34.4 million for the second quarter of 2013 and $50.0 million for
the first quarter of 2014. Net interest margin was 4.24% for the second
quarter of 2014, as compared to 3.88% for the second quarter of 2013 and 4.04%
for the first quarter of 2014.

Noninterest income was $19.5 million for the second quarter of 2014, as
compared to $17.3 million for the second quarter of 2013 and $18.6 million on
a linked quarter basis. The Company's increase in noninterest income
year-over-year is primarily attributable to the First M&F merger, notably a
37% increase in service charges and a 120% increase in insurance commissions
and fees. On a linked quarter basis, the Company's growth in noninterest
income was driven by higher levels of deposit and loan fees, and increased
revenues generated from the Company's insurance, wealth management and
mortgage banking divisions. 

Noninterest expense was $49.4 million for the second quarter of 2014, as
compared to $37.7 million for the second quarter of 2013. The increase in
noninterest expense, as compared to the same period in 2013, was primarily due
to the expenses of the acquired First M&F operations. The increase in expense
was offset, however, by a significant reduction in costs associated with other
real estate owned ("OREO") as OREO expense decreased approximately 39.76% as
compared to the second quarter of 2013. On a linked quarter comparison,
noninterest expense increased primarily due to higher levels of salaries and
employee benefits as a result of higher commissions on mortgage and insurance
production and higher than anticipated health insurance claims.

At June 30, 2014, total nonperforming loans (loans 90 days or more past due
and nonaccrual loans) were $73.2 million and total OREO was $41.8 million.The
Company's nonperforming loans and OREO that were acquired either through the
First M&F merger or in connection with FDIC-assisted transactions
(collectively referred to as "acquired nonperforming assets") were $52.4
million and $17.9 million, respectively, at June 30, 2014.

Since the acquired nonperforming assets were recorded at fair value at the
time of acquisition or subject to loss-share agreements with the FDIC, which
significantly mitigates our actual loss, the remaining information in this
release on nonperforming loans, OREO and the related asset quality ratios
excludes these acquired nonperforming assets.

The Company's nonperforming loans were $20.8 million as of June 30, 2014, as
compared to $19.2 million as of December 31, 2013. Nonperforming loans as a
percentage of total loans were 0.67% as of June 30, 2014, as compared to 0.66%
as of December 31, 2013.

Annualized net charge-offs as a percentage of average loans were 0.23% for the
second quarter of 2014, as compared to 0.35% for the second quarter of 2013.
The Company recorded a provision for loan losses of $1.5 million for the
second quarter of 2014, as compared to $3.0 million for the second quarter of
2013.

The allowance for loan losses totaled $47.3 million at June 30, 2014, as
compared to $47.7 million as of December 31, 2013. The allowance for loan
losses as a percentage of loans was 1.53% as of June 30, 2014, as compared to
1.65% as of December 31, 2013.

The Company's coverage ratio, or its allowance for loan losses as a percentage
of nonperforming loans, was 227.53% as of June 30, 2014, as compared to
248.90% as of December 31, 2013. Loans 30-to-89 days past due as a percentage
of total loans declined to 0.25% at June 30, 2014, as compared to 0.31% at
December 31, 2013. OREO was $23.9 million as of June 30, 2014, as compared to
$27.5 million as of December 31, 2013.

"In closing, our quarterly results represent our efforts to increase
profitability in an economic period where competition results in thin margins.
Despite these headwinds, our strong commercial and mortgage loan pipelines and
our continued focus on improving our efficiency positions us to be
opportunistic and drive higher levels of future profitability," stated McGraw.

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, July 16, 2014.

The webcast and call can be accessed by pre-registering (preferred method) at
http://dpregister.com/10049152 or visiting
http://services.choruscall.com/links/rnst140716.html at the time of the call.
To access the conference via telephone, dial 1-877-513-1143 in the United
States and request the Renasant Corporation Second Quarter 2014 Earnings
Webcast and Conference Call. International participants should dial
1-412-902-4145 to access theconference 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 10049152 or by dialing 1-412-317-0088 internationally and
entering the conference number. Telephone replay access is available until
9:00 AM ET on July 31, 2014.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 110-year-old financial
services institution, and Renasant Insurance. Renasant has assets of
approximately $5.8 billion and operates more than 120banking, mortgage,
financial services and insurance offices in Mississippi, Tennessee, Alabama
and Georgia.

NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which
may 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" 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,
and that 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 our
portfolio of outstanding loans, and competition in our markets. We undertake
no 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 certain non-GAAP financial measures. These non-GAAP
financial measures adjust GAAP financial measures to exclude intangible
assets, which the Company's management uses 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 indications of its operating performance
particularly because these measures are widely used by industry analysts for
companies with merger and acquisition activities. Also, because intangible
assets such as goodwill and the core deposit intangible can vary extensively
from company to company and 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.

The specific non-GAAP financial measures used are return on average tangible
shareholders' equity, return on average tangible assets and the ratio of
tangible equity to tangible assets (commonly referred to as the "tangible
capital ratio"). The presentation of this non-GAAP financial information is
not 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 other 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.

Reconciliations of these 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."



Contacts:
For Media:                     For Financials:
John Oxford                    Kevin Chapman
First Vice President           Executive Vice President
Director of Corp Communication Chief Financial Officer
(662) 680-1219                 (662) 680-1450
joxford@renasant.com           kchapman@renasant.com



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                                                                           Q2 2014   For the Six Months Ending
                                                                                           -
                   2014                    2013                                            Q2 2013   June 30,
                   Second      First       Fourth      Third       Second      First       Percent                           Percent
Statement of       Quarter     Quarter     Quarter     Quarter     Quarter     Quarter     Variance  2014        2013        Variance
earnings
Interest income -  $       $       $       $       $       $                 $        $    
taxable equivalent 60,004     57,810     58,644     46,083     41,331     40,371     45.18     117,814    81,702     44.20
basis
Interest income   $       $       $       $       $       $       45.89     $        $       45.08
                   58,277     56,177     57,076     44,638     39,945     38,945               114,454    78,890
Interest expense   6,108       6,206       6,408       5,890       5,541       5,564       10.23     12,314      11,105      10.89
    Net interest   52,169      49,971      50,668      38,748      34,404      33,381      51.64     102,140     67,785      50.68
    income
Provision for loan 1,450       1,450       2,000       2,300       3,000       3,050       (51.67)   2,900       6,050       (52.07)
losses
    Net interest
    income after   50,719      48,521      48,668      36,448      31,404      30,331      61.50     99,240      61,735      60.75
    provision
Service charges on 6,194       5,915       6,165       5,361       4,509       4,500       37.37     12,109      9,009       34.41
deposit accounts
Fees and
commissions on     5,515       4,972       5,300       4,982       4,848       4,831       13.76     10,487      9,679       8.35
loans and deposits
Insurance
commissions and    2,088       1,863       1,869       1,295       951         861         119.56    3,951       1,812       118.05
fees
Wealth management  2,170       2,144       2,124       2,091       1,715       1,724       26.53     4,314       3,439       25.44
revenue
Securities gains   -           -           -           -           -           54          -         -           54          (100.00)
(losses)
Gain on sale of    2,005       1,586       1,350       2,788       3,870       3,565       (48.19)   3,591       7,435       (51.70)
mortgage loans
Gain on            -           -           -           -           -           -           -         -           -           -
acquisition
Other              1,499       2,136       1,533       2,418       1,424       1,843       5.27      3,635       3,267       11.26
    Total
    noninterest    19,471      18,616      18,341      18,935      17,317      17,378      12.44     38,087      34,695      9.78
    income
Salaries and       29,810      28,428      29,911      25,689      21,906      21,274      36.08     58,238      43,180      34.87
employee benefits
Data processing    2,850       2,695       2,546       2,236       2,045       2,043       39.36     5,545       4,088       35.64
Occupancy and      4,906       4,847       5,105       4,576       3,668       3,608       33.75     9,753       7,276       34.04
equipment
Other real estate  1,068       1,701       1,607       1,537       1,773       2,049       (39.76)   2,769       3,822       (27.55)
Amortization of    1,427       1,471       1,508       724         314         323         354.46    2,898       637         354.95
intangibles
Merger-related     -           195         1,879       3,763       385         -           (100.00)  195         385         (49.35)
expenses
Debt
extinguishment     -           -           -           -           -           -           -         -           -           -
penalty
Other              9,335       8,308       8,573       8,088       7,643       8,303       22.14     17,643      15,946      10.64
    Total
    noninterest    49,396      47,645      51,129      46,613      37,734      37,600      30.91     97,041      75,334      28.81
    expense
Income before      20,794      19,492      15,880      8,770       10,987      10,109      89.26     40,286      21,096      90.97
income taxes
Income taxes       5,941       5,895       4,620       2,133       2,968       2,538       100.17    11,836      5,506       114.97
    Net income    $       $       $       $       $       $       85.22     $       $       82.49
                   14,853     13,597     11,260      6,637     8,019     7,571              28,450     15,590
Basic earnings per $       $       $       $       $       $       46.88     $       $       45.16
share                0.47     0.43     0.36     0.24     0.32     0.30               0.90     0.62
Diluted earnings   0.47        0.43        0.36        0.24        0.32        0.30        46.88     0.90        0.62        45.16
per share
Average basic      31,496,737  31,436,148  31,366,019  27,234,927  25,223,749  25,186,229  24.87     31,466,610  25,205,092  24.84
shares outstanding
Average diluted    31,698,198  31,724,474  31,617,681  27,447,382  25,373,868  25,288,785  24.92     31,682,496  25,334,898  25.05
shares outstanding
Common shares      31,519,641  31,480,395  31,387,668  31,358,583  25,231,074  25,208,733  24.92     31,519,641  25,231,074  24.92
outstanding
Cash dividend per  $       $       $       $       $       $       -         $       $       -
common share         0.17     0.17     0.17     0.17     0.17     0.17               0.34     0.34
Performance
ratios
Return on average
shareholders'      8.67%       8.19%       6.71%       4.75%       6.35%       6.12%                 8.44%       6.24%
equity
Return on average
tangible           16.55%      16.05%      13.55%      8.74%       10.47%      10.19%                16.31%      10.34%
shareholders'
equity (1)
Return on average  1.02%       0.93%       0.78%       0.56%       0.76%       0.73%                 0.98%       0.75%
assets
Return on average
tangible assets    1.15%       1.05%       0.90%       0.63%       0.82%       0.79%                 1.10%       0.80%
(2)
Net interest       4.24%       4.04%       4.16%       3.86%       3.88%       3.89%                 4.14%       3.89%
margin (FTE)
Yield on earning   4.72%       4.53%       4.67%       4.42%       4.49%       4.51%                 4.62%       4.50%
assets (FTE)
Cost of funding    0.48%       0.48%       0.51%       0.57%       0.60%       0.62%                 0.48%       0.61%
Average earning
assets to average  87.39%      87.35%      86.78%      87.43%      87.32%      86.31%                87.37%      86.82%
assets
Average loans to   79.11%      77.00%      79.89%      81.69%      80.93%      80.30%                78.05%      80.62%
average deposits
Noninterest income
(less securities
gains/
    losses) to     1.34%       1.27%       1.27%       1.59%       1.64%       1.67%                 1.31%       1.66%
    average assets
Noninterest
expense (less debt
prepayment
penalties/
    merger-related
    expenses) to   3.39%       3.25%       3.40%       3.59%       3.54%       3.63%                 3.32%       3.58%
    average assets
Net overhead ratio 2.06%       1.97%       2.14%       2.01%       1.90%       1.95%                 2.01%       1.93%
Efficiency ratio   65.38%      65.48%      67.65%      71.25%      69.74%      71.51%                65.43%      70.61%
(FTE)**
**Excludes debt extinguishment penalties, amortization of intangibles and merger-related expenses from noninterest expense and profit
(loss) on sales of securities and gains on acquisitions from noninterest income



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                                                                      Q2 2014   For the Six Months Ending
                                                                                      -
                    2014                  2013                                        Q2 2013   June 30,
                    Second     First      Fourth     Third      Second     First      Percent                         Percent
Average balances    Quarter    Quarter    Quarter    Quarter    Quarter    Quarter    Variance  2014       2013       Variance
Total assets        $        $        $        $        $        $        37.92     $        $        39.41
                    5,836,607  5,927,884  5,741,794  4,729,079  4,231,947  4,206,411            5,881,993  4,219,250
Earning assets      5,100,834  5,178,069  4,982,614  4,134,730  3,695,409  3,630,759  38.03     5,139,238  3,663,263  40.29
Securities          1,026,948  1,002,519  924,179    819,351    754,515    698,863    36.11     1,014,801  726,843    39.62
Mortgage loans held 26,004     19,925     25,248     37,056     32,318     22,347     (19.54)   22,981     27,360     (16.01)
for sale
Loans, net of       3,897,028  3,868,747  3,865,615  3,213,853  2,845,260  2,804,618  36.97     3,882,966  2,825,051  37.45
unearned
Intangibles         302,181    303,599    304,388    227,606    190,362    190,787    58.74     302,886    190,573    58.93
                                                                                                                      -
Noninterest-bearing $       $       $       $       $       $       61.03     $       $       66.80
deposits            905,180   949,317   888,888   660,415   562,104   549,514             927,126   555,844
Interest-bearing    4,020,754  4,074,746  3,949,909  3,273,658  2,953,435  2,943,247  36.14     4,047,601  2,948,369  37.28
deposits
       Total        4,925,934  5,024,063  4,838,797  3,934,073  3,515,539  3,492,761  40.12     4,974,727  3,504,213  41.96
       deposits
Borrowed funds      169,373    170,091    173,583    189,909    164,894    163,981    2.72      169,730    164,440    3.22
Shareholders'       686,794    673,047    665,513    553,772    506,225    501,634    35.67     679,959    503,942    34.93
equity
                                                                                      Q2 2014   As of
                                                                                      -
                    2014                  2013                                        Q4 2013   June 30,
                    Second     First      Fourth     Third      Second     First      Percent                         Percent
Balances at period  Quarter    Quarter    Quarter    Quarter    Quarter    Quarter    Variance  2014       2013       Variance
end
Total assets        $        $        $        $        $        $        1.39      $        $        37.33
                    5,826,020  5,902,831  5,746,270  5,735,865  4,242,401  4,267,658            5,826,020  4,242,401
Earning assets      5,069,743  5,168,996  4,999,434  4,972,051  3,715,321  3,706,707  1.41      5,069,743  3,715,321  36.46
Securities          1,013,200  1,054,511  925,670    915,869    746,530    740,613    9.46      1,013,200  746,530    35.72
Mortgage loans held 28,116     28,433     33,440     28,466     50,268     26,286     (15.92)   28,116     50,268     (44.07)
for sale
Loans acquired from 694,115    746,047    813,451    891,420    -          -          (14.67)   694,115    -          -
M&F
Loans not acquired  3,096,286  2,947,836  2,885,802  2,794,116  2,683,017  2,594,438  7.29      3,096,286  2,683,017  15.40
Loans acquired and
subject to loss     167,129    173,545    181,765    195,996    201,494    213,872    (8.05)    167,129    201,494    (17.06)
share
       Total loans  3,957,530  3,867,428  3,881,018  3,881,532  2,884,511  2,808,310  1.97      3,957,530  2,884,511  37.20
Intangibles         301,478    302,903    304,330    305,065    190,208    190,522    (0.94)    301,478    190,208    58.50
Noninterest-bearing $       $       $       $       $       $       5.46      $       $       60.93
deposits            902,766   914,964   856,020   876,138   560,965   567,065             902,766   560,965
Interest-bearing    3,983,965  4,089,820  3,985,892  3,958,618  2,944,193  2,988,110  (0.05)    3,983,965  2,944,193  35.32
deposits
       Total        4,886,731  5,004,784  4,841,912  4,834,756  3,505,158  3,555,175  0.93      4,886,731  3,505,158  39.42
       deposits
Borrowed funds      189,831    168,700    171,875    177,168    195,789    164,063    10.45     189,831    195,789    (3.04)
Shareholders'       688,215    676,715    665,652    657,256    500,678    502,375    3.39      688,215    500,678    37.46
equity
Market value per    $      $      $      $      $      $      (7.60)    $      $      19.43
common share         29.07    29.05    31.46    27.17    24.34    22.38              29.07    24.34
Book value per      21.83      21.50      21.21      20.96      19.84      19.93      2.92      21.83      19.84      10.03
common share
Tangible book value 12.27      11.87      11.51      11.23      12.31      12.37      6.60      12.27      12.31      (0.32)
per common share
Shareholders'
equity to assets    11.81%     11.46%     11.58%     11.46%     11.80%     11.77%     1.97      11.81%     11.80%     0.11
(actual)
Tangible capital    7.00%      6.68%      6.64%      6.49%      7.66%      7.65%      5.43      7.00%      7.66%      (8.61)
ratio (3)
Leverage ratio      8.91%      8.56%      8.68%      8.61%      9.83%      9.79%      2.65      8.91%      9.83%      (9.36)
Tier 1 risk-based   11.82%     11.55%     11.41%     11.34%     12.87%     12.86%     3.59      11.82%     12.87%     (8.16)
capital ratio
Total risk-based    12.96%     12.72%     12.58%     12.47%     14.14%     14.13%     3.02      12.96%     14.14%     (8.35)
capital ratio



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                                                                 Q2 2014   As of
                                                                                 -
               2014                  2013                                        Q4 2013   June 30,
               Second     First      Fourth     Third      Second     First      Percent                         Percent
Loans not      Quarter    Quarter    Quarter    Quarter    Quarter    Quarter    Variance  2014       2013       Variance
acquired
Commercial,    $       $       $       $       $       $                 $       $   
financial,     365,262   347,828   341,600   331,142   307,718   298,013   6.93      365,262   307,718   18.70
agricultural
Lease          1,767      612        52         75         103        162        3,298.08  1,767      103        1,615.53
financing
Real estate -  172,319    149,450    147,075    127,013    117,339    109,484    17.16     172,319    117,339    46.86
construction
Real estate -
1-4 family     966,546    941,260    928,803    891,422    859,884    834,204    4.06      966,546    859,884    12.40
mortgages
Real estate -
commercial     1,516,372  1,441,403  1,404,617  1,383,680  1,335,402  1,295,213  7.96      1,516,372  1,335,402  13.55
mortgages
Installment
loans to       74,020     67,283     63,655     60,784     62,571     57,362     16.28     74,020     62,571     18.30
individuals
      Loans,   $        $        $        $        $        $                  $        $  
      net of   3,096,286  2,947,836  2,885,802  2,794,116  2,683,017  2,594,438  7.29      3,096,286  2,683,017  15.40
      unearned
Loans acquired
and subject to
loss share by
category
Commercial,    $      $      $      $      $      $                $      $    
financial,      7,677    8,283    9,546   10,280    10,283    10,157    (19.58)    7,677   10,283    (25.34)
agricultural
Lease          -          -          -          -          -          -          -         -          -          -
financing
Real estate -  1,648      1,648      1,648      1,648      1,648      1,648      -         1,648      1,648      -
construction
Real estate -
1-4 family     49,616     52,252     54,466     56,722     60,409     65,489     (8.90)    49,616     60,409     (17.87)
mortgages
Real estate -
commercial     108,166    111,337    116,077    127,315    129,120    136,541    (6.82)    108,166    129,120    (16.23)
mortgages
Installment
loans to       22         25         28         31         34         37         (21.43)   22         34         (35.29)
individuals
      Loans,   $       $       $       $       $       $                 $       $   
      net of   167,129   173,545   181,765   195,996   201,494   213,872   (8.05)    167,129   201,494   (17.06)
      unearned
Loans Acquired
from M&F
Commercial,    $      $      $       $       $      $                $      $    
financial,     74,887    84,004    117,817   139,821       -      -  (36.44)   74,887          -
agricultural                                                                                          -
Lease          -          -          -          -          -          -          -         -          -          -
financing
Real estate -  2,610      4,803      12,713     23,556     -          -          (79.47)   2,610      -          -
construction
Real estate -
1-4 family     205,126    217,748    224,965    244,079    -          -          (8.82)    205,126    -          -
mortgages
Real estate -
commercial     390,781    415,418    429,878    449,589    -          -          (9.09)    390,781    -          -
mortgages
Installment
loans to       20,711     24,074     28,078     34,375     -          -          (26.24)   20,711     -          -
individuals
      Loans,   $       $       $       $       $      $                $       $    
      net of   694,115   746,047   813,451   891,420               (14.67)   694,115         -
      unearned                                             -          -                               -
Asset quality
data
Assets not
acquired:
Nonaccrual     $      $      $      $      $      $      1.85      $      $      (16.44)
loans          17,175    18,365    16,863    19,995    20,554    25,382              17,175    20,554
Loans 90 past  3,615      1,322      2,287      2,078      1,983      2,601      58.07     3,615      1,983      82.30
due or more
Nonperforming  20,790     19,687     19,150     22,073     22,537     27,983     8.56      20,790     22,537     (7.75)
loans
Other real     23,950     25,117     27,543     27,357     33,247     39,786     (13.05)   23,950     33,247     (27.96)
estate owned
Nonperforming  $      $      $      $      $      $                $      $    
assets not     44,740    44,804    46,693    49,430    55,784    67,769    (4.18)    44,740    55,784    (19.80)
acquired
Assets
acquired and
subject to
loss share:
Nonaccrual     $      $      $      $      $      $      (15.79)   $      $      (12.39)
loans          41,425    46,078    49,194    49,585    47,281    47,972              41,425    47,281
Loans 90 past  -          32         -          505        126        -          -         -          126        (100.00)
due or more
Non-performing
loans subject  41,425     46,110     49,194     50,090     47,407     47,972     (15.79)   41,425     47,407     (12.62)
to loss share
Other real     7,472      10,218     12,942     16,580     27,835     35,095     (42.27)   7,472      27,835     (73.16)
estate owned
Nonperforming
assets         $      $      $      $      $      $                $      $    
acquired and   48,897    56,328    62,136    66,670    75,242    83,067    (21.31)   48,897    75,242    (35.01)
subject to
loss share
Assets
acquired from
M&F:
Nonaccrual     $      $      $      $      $      $                $      $    
loans           5,966    6,393    6,275      224              (4.92)     5,966         -
                                                           -          -                               -
Loans 90 past  5,057      1,922      1,899      8,568      -          -          166.30    5,057      -          -
due or more
Nonperforming  11,023     8,315      8,174      8,792      -          -          34.85     11,023     -          -
loans
Other real     10,381     12,406     12,402     13,223     -          -          (16.30)   10,381     -          -
estate owned
Nonperforming                                              $      $                           $    
assets         $      $      $      $                  4.02      $            -
acquired from  21,404    20,721    20,576    22,015    -          -                    21,404    -
M&F
Net loan       $      $      $      $      $      $                $      $    
charge-offs     2,195    1,067      584   3,084    2,471      893  275.86     3,262    3,364   (3.03)
(recoveries)
Allowance for  47,304     48,048     47,665     46,250     47,034     46,505     (0.76)    47,304     $      0.57
loan losses                                                                                           47,034
Annualized net
loan           0.23%      0.11%      0.06%      0.38%      0.35%      0.13%                0.17%      0.24%
charge-offs /
average loans
Nonperforming
loans / total  1.85%      1.92%      1.97%      2.09%      2.42%      2.70%                1.85%      2.42%
loans*
Nonperforming
assets / total 1.97%      2.06%      2.25%      2.41%      3.09%      3.53%                1.97%      3.09%
assets*
Allowance for
loan losses /  1.20%      1.24%      1.23%      1.19%      1.63%      1.66%                1.20%      1.63%
total loans*
Allowance for
loan losses /  64.59%     64.83%     62.29%     57.13%     67.25%     61.23%               64.59%     67.25%
nonperforming
loans*
Nonperforming
loans / total  0.67%      0.67%      0.66%      0.79%      0.84%      1.08%                0.67%      0.84%
loans**
Nonperforming
assets / total 0.77%      0.76%      0.81%      0.86%      1.31%      1.59%                0.77%      1.31%
assets**
Allowance for
loan losses /  1.53%      1.63%      1.65%      1.66%      1.75%      1.79%                1.53%      1.75%
total loans**
Allowance for
loan losses /  227.53%    244.06%    248.90%    209.53%    208.70%    166.19%              227.53%    208.70%
nonperforming
loans**
*Based on all assets (including
acquired assets)
**Excludes assets acquired from M&F
and assets covered under loss share



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
                                     RECONCILIATION OF GAAP TO
                                     NON-GAAP
                                                                                   For the Six Months
                                                                                   Ending
               2014                  2013                                          June 30,
               Second     First      Fourth     Third      Second     First
               Quarter    Quarter    Quarter    Quarter    Quarter    Quarter      2014       2013
Net income     $      $      $      $      $      $        $      $    
(GAAP)         14,853    13,597    11,260     6,637    8,019    7,571     28,450    15,590
 Amortization
 of            1,019      1,026      1,069      548        229        242          2,047      471
 intangibles,
 net of tax
Tangible net   $      $      $      $      $      $        $      $    
income         15,872    14,623    12,329     7,185    8,248    7,813     30,497    16,061
(non-GAAP)
Average        $       $       $       $       $       $         $       $   
shareholders'  686,794   673,047   665,513   553,772   506,225   501,634     679,959   503,942
equity (GAAP)
 Intangibles   302,181    303,599    304,388    227,606    190,362    190,787      302,886    190,573
Average
tangible       $       $       $       $       $       $         $       $   
shareholders'  384,613   369,448   361,125   326,166   315,863   310,847     377,073   313,369
equity
(non-GAAP)
Average total  $        $        $        $        $        $          $        $  
assets (GAAP)  5,836,607  5,927,884  5,741,794  4,729,079  4,231,947  4,206,411    5,881,993  4,219,250
 Intangibles   302,181    303,599    304,388    227,606    190,362    190,787      302,886    190,573
Average
tangible       $        $        $        $        $        $          $        $  
assets         5,534,426  5,624,285  5,437,406  4,501,473  4,041,585  4,015,624    5,579,107  4,028,677
(non-GAAP)
Actual total   $        $        $        $        $        $          $        $  
assets (GAAP)  5,826,020  5,902,831  5,746,270  5,735,865  4,242,401  4,267,658    5,826,020  4,242,401
 Intangibles   301,478    302,903    304,330    305,065    190,208    190,522      301,478    190,208
Actual
tangible       $        $        $        $        $        $          $        $  
assets         5,524,542  5,599,928  5,441,940  5,430,800  4,052,193  4,077,136    5,524,542  4,052,193
(non-GAAP)
(1) Return on
Average Equity
Return on
(average)      8.67%      8.19%      6.71%      4.75%      6.35%      6.12%        8.44%      6.24%
shareholders'
equity (GAAP)
 Effect of
 adjustment
 for           7.88%      7.86%      6.83%      3.98%      4.12%      4.07%        7.87%      4.10%
 intangible
 assets
Return on
average
tangible       16.55%     16.05%     13.55%     8.74%      10.47%     10.19%       16.31%     10.34%
shareholders'
equity
(non-GAAP)
(2) Return on
Average Assets
Return on
(average)      1.02%      0.93%      0.78%      0.56%      0.76%      0.73%        0.98%      0.75%
assets (GAAP)
 Effect of
 adjustment
 for           0.13%      0.12%      0.12%      0.08%      0.06%      0.06%        0.13%      0.06%
 intangible
 assets
Return on
average
tangible       1.15%      1.05%      0.90%      0.63%      0.82%      0.79%        1.10%      0.80%
assets
(non-GAAP)
(3)
Shareholder
Equity Ratio
Shareholders'
equity to      11.81%     11.46%     11.58%     11.46%     11.80%     11.77%       11.81%     11.80%
(actual)
assets (GAAP)
 Effect of
 adjustment
 for           4.81%      4.79%      4.94%      4.97%      4.14%      4.12%        4.81%      4.14%
 intangible
 assets
Tangible
capital ratio  7.00%      6.68%      6.64%      6.49%      7.66%      7.65%        7.00%      7.66%
(non-GAAP)



SOURCE Renasant Corporation

Website: http://www.renasant.com
 
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