RENASANT CORPORATION

(RNST)
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Renasant Corporation Announces Earnings for the Fourth Quarter of 2021

01/25/2022 | 04:31pm EDT

TUPELO, Miss., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2021. Net income for the fourth quarter of 2021 was $37.1 million, as compared to $31.5 million for the fourth quarter of 2020. Basic and diluted earnings per share (“EPS”) were $0.66 for the fourth quarter of 2021, as compared to basic and diluted EPS of $0.56 for the fourth quarter of 2020.

Net income for the year ended December 31, 2021, was $175.9 million, as compared to net income of $83.7 million for the same period in 2020. Basic and diluted EPS were $3.13 and $3.12, respectively, for 2021, as compared to basic and diluted EPS of $1.49 and $1.48, respectively, for 2020.

“I am proud of the Renasant team and the efforts they put forth in 2021. We generated strong loan production in the fourth quarter and throughout the year, had solid earnings, strengthened capital and have considerable balance sheet liquidity heading into 2022,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “We believe that the economic strength of our markets is good and business activity is vibrant. Our focus remains on producing loan growth and on initiatives designed to improve profitability.”

Quarterly Highlights

Earnings

  • Net income for the fourth quarter of 2021 was $37.1 million with diluted EPS of $0.66 and adjusted diluted EPS (non-GAAP)(1) of $0.68
  • Net interest income (fully tax equivalent) and core net interest income (fully tax equivalent) (non-GAAP)(1) for the fourth quarter of 2021 were $103.2 and $100.0 million, respectively. Core net interest income increased $1.7 million from the third quarter of 2021
  • For the fourth quarter of 2021, net interest margin was 2.81%, down 12 basis points on a linked quarter basis, and core net interest margin (non-GAAP)(1) was 2.73%, down 3 basis points on a linked quarter basis
  • Cost of total deposits was 18 basis points for the fourth quarter of 2021, down 3 basis points on a linked quarter basis
  • Noninterest income, excluding mortgage banking income and swap termination gains, for the fourth quarter of 2021 increased on a linked quarter basis, highlighting the Company's diverse revenue streams
  • The Company recognized a $4.7 million gain on terminated swaps with a total notional amount of $100 million on future FHLB borrowings that are no longer expected to occur
  • The mortgage division generated $1.17 billion in interest rate lock volume during the fourth quarter of 2021 and $5.88 billion for the year ended December 31, 2021
  • Fourth quarter noninterest expense decreased by $2.9 million on a linked quarter basis, primarily driven by a decrease in salaries and employee benefits expense resulting from ongoing efficiency initiatives
  • The Company incurred a debt prepayment penalty of $6.1 million in connection with the prepayment of a $150 million long-term advance from the FHLB

Balance Sheet

  • Loans, excluding Paycheck Protection Program (“PPP”) loans (non-GAAP)(1), grew modestly as compared to the balance at September 30, 2021 and increased $157.6 million, or 1.61%, year over year
  • The securities portfolio at the end of 2021 increased $258.0 million on a linked quarter basis
  • The Company established a held-to-maturity securities portfolio during the fourth quarter, which had a balance of $416.0 million at December 31, 2021
  • Deposits at December 31, 2021 increased $651.0 million on a linked quarter basis, and noninterest bearing deposits represented 33.93% of total deposits as of the end of 2021

Capital

  • During November 2021, the Company completed the public offering and sale of $200 million of its 3.00% fixed-to-floating rate subordinated notes due 2031
  • The Company redeemed $15 million in subordinated notes in October 2021 and $30 million in December 2021, with an additional $30 million to be redeemed on March 1, 2022
  • The Company adopted a $50 million stock repurchase program that will remain in effect through October 2022; however, there was no buyback activity during the fourth quarter of 2021 and no current intent to repurchase stock

Credit Quality

  • The Company recorded a negative provision for credit losses on loans of $500 thousand and a negative provision for unfunded commitments (recorded in other noninterest expense) of $300 thousand for the fourth quarter of 2021
  • Allowance for credit losses on loans to total loans and the allowance to total loans (excluding PPP loans) (non-GAAP)(1) decreased on a linked quarter basis to 1.64% and 1.65%, respectively, at December 31, 2021
  • The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 323.14% at December 31, 2021 as compared to 299.68% at September 30, 2021
  • Net loan charge-offs for the fourth quarter of 2021 were $5.4 million, or 0.21% of average loans on an annualized basis, and net loan charge-offs for all of 2021 were $10.3 million, or 0.10% of average loans
  • Credit metrics improved on a linked quarter basis with nonperforming loans to total loans decreasing six basis points to 0.51% and classified loans to total loans decreasing 27 basis points to 1.60% at year end
  • Loan deferrals were approximately 0.01% of the Company's loan portfolio as of December 31, 2021, down from approximately 1.5% as of December 31, 2020

(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Income Statement

(Dollars in thousands, except per share data)Three Months Ended Twelve Months Ended
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020 Dec 31, 2021Dec 31, 2020
Interest income        
Loans held for investment$98,478 $102,627 $109,721$112,006 $112,157 $422,832 $454,241
Loans held for sale 3,652  2,377  3,604 2,999  3,083  12,632  12,191
Securities 9,221  8,416  7,321 6,574  6,594  31,532  30,511
Other 568  593  345 183  92  1,689  1,189
Total interest income 111,919  114,013  120,991 121,762  121,926  468,685  498,132
Interest expense        
Deposits 6,056  6,972  7,669 8,279  9,841  28,976  54,016
Borrowings 4,381  3,749  3,743 3,835  3,958  15,708  17,319
Total interest expense 10,437  10,721  11,412 12,114  13,799  44,684  71,335
(Recovery) provision for credit losses        
(Recovery) provision for loan losses (500) (1,200)    9,000  (1,700) 85,350
Provision for credit losses on HTM securities 32         32  
Provision for other credit losses        1,500    1,500
Total (recovery) provision for credit losses (468) (1,200)    10,500  (1,668) 86,850
Net interest income after (recovery) provision for credit losses 101,950  104,492  109,579 109,648  97,627  425,669  339,947
Noninterest income 47,582  50,755  47,610 81,037  62,864  226,984  235,532
Noninterest expense 101,115  103,999  108,777 115,935  122,152  429,826  471,988
Income before income taxes 48,417  51,248  48,412 74,750  38,339  222,827  103,491
Income taxes 11,363  11,185  7,545 16,842  6,818  46,935  19,840
Net income$37,054 $40,063 $40,867$57,908 $31,521 $175,892 $83,651
         
Adjusted net income (non-GAAP)(1)$38,232 $40,315 $41,169$48,244 $38,131 $167,951 $109,115
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1)$49,190 $50,171 $48,797$62,266 $57,392 $210,424 $231,136
         
Basic earnings per share$0.66 $0.71 $0.73$1.03 $0.56 $3.13 $1.49
Diluted earnings per share 0.66  0.71  0.72 1.02  0.56  3.12  1.48
Adjusted diluted earnings per share (non-GAAP)(1) 0.68  0.71  0.73 0.85  0.68  2.98  1.93
Average basic shares outstanding 55,751,487  56,146,285  56,325,717 56,240,201  56,197,847  56,114,666  56,270,566
Average diluted shares outstanding 56,105,050  56,447,184  56,635,898 56,519,199  56,489,809  56,424,484  56,468,165
Cash dividends per common share$0.22 $0.22 $0.22$0.22 $0.22 $0.88 $0.88

(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Performance Ratios

 Three Months Ended Twelve Months Ended
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020 Dec 31, 2021Dec 31, 2020
Return on average assets0.89%0.99%1.04%1.54%0.84% 1.11%0.58%
Adjusted return on average assets (non-GAAP)(1)0.92 0.99 1.04 1.29 1.02  1.06 0.75 
Return on average tangible assets (non-GAAP)(1)0.98 1.08 1.14 1.69 0.94  1.21 0.66 
Adjusted return on average tangible assets (non-GAAP)(1)1.01 1.09 1.14 1.41 1.13  1.16 0.85 
Return on average equity6.59 7.16 7.40 10.81 5.88  7.96 3.96 
Adjusted return on average equity (non-GAAP)(1)6.80 7.21 7.46 9.01 7.11  7.60 5.16 
Return on average tangible equity (non-GAAP)(1)11.94 13.05 13.54 19.93 11.26  14.53 7.83 
Adjusted return on average tangible equity (non-GAAP)(1)12.31 13.13 13.64 16.68 13.52  13.89 10.06 
Efficiency ratio (fully tax equivalent)67.04 66.77 68.49 60.29 70.65  65.35 70.53 
Adjusted efficiency ratio (non-GAAP)(1)64.18 66.06 67.28 63.85 64.35  65.32 64.00 
Dividend payout ratio33.33 30.99 30.14 21.36 39.29  28.12 59.06 
Effective Tax Rate23.53 21.83 21.62 22.59 17.91  22.41 19.40 
                

Capital and Balance Sheet Ratios

 As of
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020
Shares Outstanding 55,756,233  55,747,407  56,350,878  56,294,346  56,200,487 
Market Value Per Share$37.95 $36.05 $40.00 $41.38 $33.68 
Book Value Per Share 39.63  39.53  39.11  38.61  37.95 
Tangible Book Value Per Share (non-GAAP)(1) 22.35  22.22  21.95  21.41  20.69 
Shareholders' Equity to Assets 13.15% 13.64% 13.75% 13.91% 14.29%
Tangible Common Equity Ratio (non-GAAP)(1) 7.86  8.15  8.22  8.23  8.33 
Leverage Ratio 9.15  9.18  9.30  9.49  9.37 
Common equity tier 1 capital ratio 11.18  11.02  11.14  11.05  10.93 
Tier 1 risk-based capital ratio 12.10  11.94  12.07  12.00  11.91 
Total risk-based capital ratio 16.14  14.66  15.11  15.09  15.07 

(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Noninterest Income and Noninterest Expense

(Dollars in thousands)Three Months Ended Twelve Months Ended
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020 Dec 31, 2021Dec 31, 2020
Noninterest income        
Service charges on deposit accounts$9,751 $9,337$9,458$8,023$7,938 $36,569$31,326
Fees and commissions 3,885  3,837 4,110 3,900 3,616  15,732 13,043
Insurance commissions 2,353  2,829 2,422 2,237 2,193  9,841 8,990
Wealth management revenue 5,273  5,371 5,019 4,792 4,314  20,455 16,504
Mortgage banking income 14,726  23,292 20,853 50,733 39,760  109,604 150,499
Swap termination gains 4,676       4,676 
Net gains on sales of securities 49  764  1,357 15  2,170 46
BOLI income 2,048  1,602 1,644 2,072 1,868  7,366 5,627
Other 4,821  3,723 4,104 7,923 3,160  20,571 9,497
Total noninterest income$47,582 $50,755$47,610$81,037$62,864 $226,984$235,532
Noninterest expense        
Salaries and employee benefits$62,523 $69,115$70,293$78,696$74,432 $280,627$302,388
Data processing 5,346  5,277 5,652 5,451 5,373  21,726 20,685
Net occupancy and equipment 11,177  11,748 11,374 12,538 13,153  46,837 54,080
Other real estate owned (60) 168 104 41 683  253 2,754
Professional fees 3,209  2,972 2,674 2,921 2,938  11,776 11,293
Advertising and public relations 2,929  2,922 3,100 3,252 1,762  12,203 10,322
Intangible amortization 1,424  1,481 1,539 1,598 1,659  6,042 7,121
Communications 2,088  2,198 2,291 2,292 2,168  8,869 8,866
Restructuring charges 61   15 292 7,365  368 7,365
Swap termination charges      2,040   2,040
Debt prepayment penalty 6,123     3  6,123 121
Other 6,295  8,118 11,735 8,854 10,576  35,002 44,953
Total noninterest expense$101,115 $103,999$108,777$115,935$122,152 $429,826$471,988
                 

Mortgage Banking Income

(Dollars in thousands)Three Months Ended Twelve Months Ended
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020 Dec 31, 2021Dec 31, 2020
Gain on sales of loans, net$10,801 $20,116 $17,581 $33,901 $36,080  $82,399 $150,406 
Fees, net 4,320  3,420  4,519  4,902  5,318   17,161  18,914 
Mortgage servicing income, net (395) (244) (1,247) (1,631) (3,606)  (3,517) (7,095)
MSR valuation adjustment       13,561  1,968   13,561  (11,726)
Total mortgage banking income$14,726 $23,292 $20,853 $50,733 $39,760  $109,604 $150,499 
                       

Balance Sheet

(Dollars in thousands)As of
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020
Assets     
Cash and cash equivalents$1,877,965 $1,476,141 $1,605,488 $1,261,916 $633,203 
Securities held to maturity, at amortized cost 415,975         
Securities available for sale, at fair value 2,386,680  2,544,643  2,163,820  1,536,041  1,343,457 
Loans held for sale, at fair value 453,533  452,869  448,959  502,002  417,771 
Loans:     
Non purchased 9,011,012  8,875,880  8,892,544  9,292,502  9,419,540 
Purchased 1,009,902  1,140,944  1,256,698  1,395,906  1,514,107 
Total loans 10,020,914  10,016,824  10,149,242  10,688,408  10,933,647 
Allowance for credit losses on loans (164,171) (170,038) (172,354) (173,106) (176,144)
Loans, net 9,856,743  9,846,786  9,976,888  10,515,302  10,757,503 
Premises and equipment, net 293,122  294,499  293,203  300,917  300,496 
Other real estate owned 2,540  4,705  4,939  5,971  5,972 
Goodwill 939,683  939,683  939,683  939,683  939,683 
Other intangibles 24,098  25,522  27,003  28,542  30,139 
Bank-owned life insurance 287,359  286,088  279,444  233,508  230,609 
Mortgage servicing rights 89,018  86,387  84,912  80,263  62,994 
Other assets 183,595  198,227  198,047  218,426  207,785 
Total assets$16,810,311 $16,155,550 $16,022,386 $15,622,571 $14,929,612 
      
Liabilities and Shareholders’ Equity     
Liabilities     
Deposits:     
Noninterest-bearing$4,718,124 $4,492,650 $4,349,135 $4,135,360 $3,685,048 
Interest-bearing 9,187,600  8,762,179  8,766,216  8,601,548  8,374,033 
Total deposits 13,905,724  13,254,829  13,115,351  12,736,908  12,059,081 
Short-term borrowings 13,947  11,253  14,933  12,154  21,340 
Long-term debt 471,209  468,863  469,406  467,660  474,970 
Other liabilities 209,578  216,661  218,889  232,148  241,488 
Total liabilities 14,600,458  13,951,606  13,818,579  13,448,870  12,796,879 
      
Shareholders’ equity:     
Preferred stock          
Common stock$296,483 $296,483 $296,483 $296,483 $296,483 
Treasury stock (118,027) (118,288) (97,249) (98,949) (101,554)
Additional paid-in capital 1,300,192  1,298,022  1,295,879  1,294,911  1,296,963 
Retained earnings 741,648  717,033  689,444  661,117  615,773 
Accumulated other comprehensive income (10,443) 10,694  19,250  20,139  25,068 
Total shareholders’ equity 2,209,853  2,203,944  2,203,807  2,173,701  2,132,733 
Total liabilities and shareholders’ equity$16,810,311 $16,155,550 $16,022,386 $15,622,571 $14,929,612 
                

Net Interest Income and Net Interest Margin

(Dollars in thousands)Three Months Ended
 December 31, 2021September 30, 2021December 31, 2020
 Average
Balance
Interest
Income/
Expense
Yield/  
 Rate
Average
Balance
Interest
Income/
Expense
Yield/  
 Rate
Average
Balance
Interest
Income/
Expense
Yield/  
 Rate
Interest-earning assets:         
Non purchased loans$8,806,254 $85,362 3.85%$8,690,443 $84,427 3.86%$8,167,922 $81,626 3.98%
Purchased loans 1,079,630  13,823 5.09% 1,200,429  15,840 5.24% 1,598,593  21,560 5.37%
PPP loans 62,726  485 3.07% 126,870  3,503 10.95% 1,252,990  10,271 3.26%
Total loans 9,948,610  99,670 3.98% 10,017,742  103,770 4.11% 11,019,505  113,457 4.10%
Loans held for sale 498,724  3,652 2.93% 451,586  2,376 2.13% 389,435  3,083 3.15%
Taxable securities(1) 2,245,249  7,293 1.30% 1,942,647  6,688 1.38% 985,695  4,953 2.00%
Tax-exempt securities 392,700  2,503 2.55% 324,219  2,297 2.83% 283,413  2,238 3.14%
Total securities 2,637,949  9,796 1.49% 2,266,866  8,985 1.59% 1,269,108  7,191 2.25%
Interest-bearing balances with banks 1,522,433  568 0.15% 1,520,227  592 0.15% 381,919  92 0.10%
Total interest-earning assets 14,607,716  113,686 3.09% 14,256,421  115,723 3.23% 13,059,967  123,823 3.77%
Cash and due from banks 201,941    195,095    196,552   
Intangible assets 964,575    965,960    970,624   
Other assets 676,408    712,673    670,912   
Total assets$16,450,640   $16,130,149   $14,898,055   
Interest-bearing liabilities:         
Interest-bearing demand(2)$6,460,178 $3,487 0.21%$6,231,718 $3,821 0.24%$5,607,906 $4,380 0.31%
Savings deposits 1,045,784  151 0.06% 1,006,847  192 0.08% 830,304  165 0.08%
Time deposits 1,434,162  2,418 0.67% 1,506,192  2,959 0.78% 1,752,787  5,296 1.20%
Total interest-bearing deposits 8,940,124  6,056 0.27% 8,744,757  6,972 0.32% 8,190,997  9,841 0.48%
Borrowed funds 434,546  4,381 4.03% 482,709  3,749 3.08% 516,414  3,958 3.05%
Total interest-bearing liabilities 9,374,670  10,437 0.44% 9,227,466  10,721 0.46% 8,707,411  13,799 0.63%
Noninterest-bearing deposits 4,633,885    4,470,262    3,808,595   
Other liabilities 210,404    212,990    249,674   
Shareholders’ equity 2,231,681    2,219,431    2,132,375   
Total liabilities and shareholders’ equity$16,450,640   $16,130,149   $14,898,055   
Net interest income/ net interest margin $103,249 2.81% $105,002 2.93% $110,024 3.35%
Cost of funding  0.30%  0.31%  0.44%
Cost of total deposits  0.18%  0.21%  0.33%

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

Net Interest Income and Net Interest Margin, continued

(Dollars in thousands)Twelve Months Ended
 December 31, 2021December 31, 2020
 Average
Balance
Interest
Income/
Expense
Yield/  
 Rate
Average
Balance
Interest
Income/
Expense
Yield/  
 Rate
Interest-earning assets:      
Non purchased loans$8,595,967$334,4923.79%$7,927,817$333,2964.20%
Purchased loans 1,265,144 68,0105.38% 1,807,354 101,7855.63%
PPP loans 448,959 24,7947.38% 858,385 23,6052.75%
Total loans 10,310,070 427,2964.15% 10,593,556 458,6864.33%
Loans held for sale 454,727 12,6322.78% 361,391 12,1913.37%
Taxable securities(1) 1,691,531 24,3701.44% 1,021,999 24,1022.36%
Tax-exempt securities 335,399 9,4182.81% 259,705 8,8483.41%
Total securities 2,026,930 33,7881.67% 1,281,704 32,9502.57%
Interest-bearing balances with banks 1,263,364 1,6880.13% 385,810 1,1900.31%
Total interest-earning assets 14,055,091 475,4043.38% 12,622,461 505,0174.00%
Cash and due from banks 199,705   201,815  
Intangible assets 966,733   973,287  
Other assets 684,457   705,886  
Total assets$15,905,986  $14,503,449  
Interest-bearing liabilities:      
Interest-bearing demand(2)$6,177,944$15,3080.25%$5,277,374$23,9950.45%
Savings deposits 976,616 6980.07% 764,146 7580.10%
Time deposits 1,539,763 12,9700.84% 1,952,213 29,2631.50%
Total interest-bearing deposits 8,694,323 28,9760.33% 7,993,733 54,0160.68%
Borrowed funds 470,993 15,7083.34% 765,769 17,3192.26%
Total interest-bearing liabilities 9,165,316 44,6840.49% 8,759,502 71,3350.81%
Noninterest-bearing deposits 4,310,834   3,391,619  
Other liabilities 220,427   237,738  
Shareholders’ equity 2,209,409   2,114,590  
Total liabilities and shareholders’ equity$15,905,986  $14,503,449  
Net interest income/ net interest margin $430,7203.07% $433,6823.44%
Cost of funding  0.33%  0.59%
Cost of total deposits  0.22%  0.47%

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

Supplemental Margin Information

(Dollars in thousands)Three Months Ended Twelve Months Ended
 Dec 31, 2021Sep 30, 2021Dec 31, 2020 Dec 31, 2021Dec 31, 2020
Earning asset mix:      
Loans held for investment excluding PPP loans 67.68% 69.38% 74.79%  70.16% 77.13%
PPP loans 0.43  0.89  9.59   3.19  6.80 
Loans held for sale 3.41  3.17  2.98   3.24  2.86 
Securities 18.06  15.90  9.72   14.42  10.15 
Interest-bearing balances with banks 10.42  10.66  2.92   8.99  3.06 
Total 100.00% 100.00% 100.00%  100.00% 100.00%
       
Funding sources mix:      
Noninterest-bearing demand 33.08% 32.64% 30.43%  32.00% 27.91%
Interest-bearing demand 46.11  45.49  44.81   45.84  43.43 
Savings 7.47  7.35  6.63   7.25  6.29 
Time deposits 10.24  11.00  14.00   11.42  16.07 
Borrowed funds 3.10  3.52  4.13   3.49  6.30 
Total 100.00% 100.00% 100.00%  100.00% 100.00%
       
Net interest income collected on problem loans$578 $316 $128  $4,412 $1,011 
Total accretion on purchased loans 2,187  2,871  4,130   10,783  19,248 
Total impact on net interest income$2,765 $3,187 $4,258  $15,195 $20,259 
Impact on net interest margin 0.08% 0.09% 0.13%  0.11% 0.16%
Impact on loan yield 0.11% 0.13% 0.15%  0.15% 0.18%
       
Interest income on PPP loans$485 $3,503 $10,271  $24,794 $23,605 
PPP impact on net interest margin % 0.07%(0.01)%  0.08%(0.05)%
PPP impact on loan yield % 0.09%(0.10)%  0.06%(0.13)%
             

Loan Portfolio

(Dollars in thousands)As of
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020
Loan Portfolio:     
Commercial, financial, agricultural$1,364,879$1,368,557$1,387,702$1,388,423$1,408,281
Lease financing 76,125 79,215 74,003 75,256 75,862
Real estate - construction 1,104,896 1,091,296 1,051,359 955,918 858,104
Real estate - 1-4 family mortgages 2,724,246 2,724,743 2,702,091 2,686,061 2,698,308
Real estate - commercial mortgages 4,549,037 4,535,730 4,530,169 4,549,027 4,554,852
Installment loans to individuals 143,340 149,821 156,987 172,859 209,537
Subtotal 9,962,523 9,949,362 9,902,311 9,827,544 9,804,944
PPP 58,391 67,462 246,931 860,864 1,128,703
Total loans$10,020,914$10,016,824$10,149,242$10,688,408$10,933,647
           

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands)As of
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020
Nonperforming Assets:     
Non purchased     
Non purchased nonaccruing loans$30,751 $29,266 $27,101 $24,794 $20,369 
Non purchased loans 90 days or more past due 1,074  908  800  2,235  3,783 
Total non purchased nonperforming loans 31,825  30,174  27,901  27,029  24,152 
Non purchased other real estate owned 951  2,252  1,675  2,292  2,045 
Total non purchased nonperforming assets 32,776  32,426  29,576  29,321  26,197 
Purchased     
Purchased nonaccruing loans$18,613 $26,492 $27,690 $28,947 $31,051 
Purchased loans 90 days or more past due 367  74  945  129  267 
Total purchased nonperforming loans 18,980  26,566  28,635  29,076  31,318 
Purchased other real estate owned 1,589  2,453  3,264  3,679  3,927 
Total purchased nonperforming assets$20,569 $29,019 $31,899 $32,755 $35,245 
Total nonperforming loans$50,805 $56,740 $56,536 $56,105 $55,470 
Total nonperforming assets$53,345 $61,445 $61,475 $62,076 $61,442 
Allowance for credit losses on loans$164,171 $170,038 $172,354 $173,106 $176,144 
Net loan charge-offs (recoveries)$5,367 $1,116 $752 $3,038 $954 
Annualized net loan charge-offs / average loans 0.21% 0.04% 0.03% 0.11% 0.03%
Nonperforming loans / total loans 0.51  0.57  0.56  0.52  0.51 
Nonperforming assets / total assets 0.32  0.38  0.38  0.40  0.41 
Allowance for credit losses on loans / total loans 1.64  1.70  1.70  1.62  1.61 
Allowance for credit losses on loans / nonperforming loans 323.14  299.68  304.86  308.54  317.55 
Nonperforming loans / total loans excluding PPP loans (non-GAAP)(1) 0.51  0.57  0.57  0.57  0.57 
Nonperforming assets / total assets excluding PPP loans (non-GAAP)(1) 0.32  0.38  0.39  0.42  0.45 
Allowance for credit losses on loans / total loans excluding PPP loans (non-GAAP)(1) 1.65  1.71  1.74  1.76  1.80 

(1)A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, January 26, 2022.

The webcast can be accessed through Renasant’s investor relations website at www.renasant.com or https://services.choruscall.com/mediaframe/webcast.html?webcastid=T0utveqz. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2021 Fourth Quarter Earnings Conference Call and Webcast. 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 1882552 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 9, 2022.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 117-year-old financial services institution. Renasant has assets of approximately $16.8 billion and operates 199 banking, lending, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina and South Carolina.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) the continued impact of the COVID-19 pandemic (and variants thereof) and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

NON-GAAP FINANCIAL MEASURES:

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) loans excluding Paycheck Protection Program (“PPP”) loans, (ii) core loan yield, (iii) core net interest income and margin, (iv) adjusted pre-provision net revenue, (v) adjusted net income, (vi) adjusted diluted earnings per share, (vii) tangible book value per share, (viii) tangible common equity ratio, (ix) certain asset quality ratios (namely, loans 30-89 past due to total loans, classified loans to total loans, nonperforming loans to total loans, nonperforming assets to total assets, net charge-offs to average loans and the allowance for credit losses to total loans) in each case excluding PPP loans, (x) certain performance ratios (namely, the ratio of adjusted pre-provision net revenue to average assets, the return on average assets and on average equity, and the return on average tangible assets and on average tangible common equity (including each on an as-adjusted basis)), and (xi) the adjusted efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, COVID-19 related expenses, debt prepayment penalties, restructuring charges and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof or, with respect to core loan yield and its asset quality measures, to exclude the Company’s PPP loans. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item are readily quantifiable and possess the same characteristics with respect to management’s inability to accurately predict the timing or amount thereof as the other charges excluded when calculating non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy; with respect to the core loan yield and certain asset quality measures, management excludes PPP loans, which bear an interest rate fixed by Small Business Administration (“SBA”) regulations and are both forgivable and guaranteed by the SBA, to more clearly measure loan yields affected by competitive factors and potential loss in the Company’s loan portfolio and the coverage therefor. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible, charges such as debt prepayment penalties, restructuring charges and COVID-19 related expenses, and the amount of PPP loans can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)Three Months Ended Twelve Months Ended
 Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021Dec 31, 2020 Dec 31, 2021Dec 31, 2020
Adjusted Pre-Provision Net Revenue (“PPNR”)      
Net Income (GAAP)$37,054 $40,063 $40,867 $57,908 $31,521  $175,892 $83,651 
Income taxes 11,363  11,185  7,545  16,842  6,818   46,935  19,840 
Provision for credit losses (including unfunded commitments) (768) (1,400)     11,000   (2,168) 96,050 
Pre-provision net revenue (non-GAAP)$47,649 $49,848 $48,412 $74,750 $49,339  $220,659 $199,541 
Debt prepayment penalties 6,123        3   6,123  121 
Swap termination gains (4,676)          (4,676)  
MSR valuation adjustment       (13,561) (1,968)  (13,561) 11,726 
Restructuring charges 61    15  292  7,365   368  7,365 
Swap termination charges         2,040     2,040 
COVID-19 related expenses(1) 33  323  370  785  613   1,511  10,343 
Adjusted pre-provision net revenue (non-GAAP)$49,190 $50,171 $48,797 $62,266 $57,392  $210,424 $231,136 
         
Adjusted Net Income and Adjusted Tangible Net Income      
Net Income (GAAP)$37,054 $40,063 $40,867 $57,908 $31,521  $175,892 $83,651 
Amortization of Intangibles 1,424  1,481  1,539  1,598  1,659   6,042  7,121 
Tax effect of adjustments noted above(2) (335) (323) (333) (361) (297)  (1,354) (1,382)
Tangible Net Income (non-GAAP)$38,143 $41,221 $42,073 $59,145 $32,883  $180,580 $89,390 
         
Net Income (GAAP)$37,054 $40,063 $40,867 $57,908 $31,521  $175,892 $83,651 
Debt prepayment penalties 6,123        3   6,123  121 
Swap termination gain (4,676)          (4,676)  
MSR valuation adjustment       (13,561) (1,968)  (13,561) 11,726 
Restructuring charges 61    15  292  7,365   368  7,365 
Swap termination charges         2,040     2,040 
COVID-19 related expenses(1) 33  323  370  785  613   1,511  10,343 
Tax effect of adjustments noted above(2) (363) (71) (83) 2,820  (1,443)  2,294  (6,131)
Adjusted Net Income (non-GAAP)$38,232 $40,315 $41,169 $48,244 $38,131  $167,951 $109,115 
Amortization of Intangibles 1,424  1,481  1,539  1,598  1,659   6,042  7,121 
Tax effect of adjustments noted above(2) (335) (323) (333) (361) (297)  (1,354) (1,382)
Adjusted Tangible Net Income (non-GAAP)$39,321 $41,473 $42,375 $49,481 $39,493  $172,639 $114,854 
         
Tangible Assets and Tangible Shareholders’ Equity      
Average shareholders equity (GAAP)$2,231,681 $2,219,431 $2,213,743 $2,172,425 $2,132,375  $2,209,409 $2,114,590 
Average intangible assets 964,575  965,960  967,430  969,001  970,624   966,733  973,287 
Average tangible shareholders equity (non-GAAP)$1,267,106 $1,253,471 $1,246,313 $1,203,424 $1,161,751  $1,242,676 $1,141,303 
         
Average assets (GAAP)$16,450,640 $16,130,149 $15,831,018 $15,203,691 $14,898,055  $15,905,986 $14,503,449 
Average intangible assets 964,575  965,960  967,430  969,001  970,624   966,733  973,287 
Average tangible assets (non-GAAP)$15,486,065 $15,164,189 $14,863,588 $14,234,690 $13,927,431  $14,939,253 $13,530,162 
         
Shareholders equity (GAAP)$2,209,853 $2,203,944 $2,203,807 $2,173,701 $2,132,733  $2,209,853 $2,132,733 
Intangible assets 963,781  965,205  966,686  968,225  969,823   963,781  969,823 
Tangible shareholders equity (non-GAAP)$1,246,072 $1,238,739 $1,237,121 $1,205,476 $1,162,910  $1,246,072 $1,162,910 
         
Total assets (GAAP)$16,810,311 $16,155,550 $16,022,386 $15,622,571 $14,929,612  $16,810,311 $14,929,612 
Intangible assets 963,781  965,205  966,686  968,225  969,823   963,781  969,823 
Total tangible assets (non-GAAP)$15,846,530 $15,190,345 $15,055,700 $14,654,346 $13,959,789  $15,846,530 $13,959,789 
         
Adjusted Performance Ratios        
Return on average assets (GAAP) 0.89% 0.99% 1.04% 1.54% 0.84%  1.11% 0.58%
Adjusted return on average assets (non-GAAP) 0.92% 0.99% 1.04% 1.29% 1.02%  1.06% 0.75%
Return on average tangible assets (non-GAAP) 0.98% 1.08% 1.14% 1.69% 0.94%  1.21% 0.66%
Adjusted pre-provision net revenue to average assets (non-GAAP) 1.19% 1.23% 1.24% 1.66% 1.53%  1.32% 1.59%
Adjusted return on average tangible assets (non-GAAP) 1.01% 1.09% 1.14% 1.41% 1.13%  1.16% 0.85%
Return on average equity (GAAP) 6.59% 7.16% 7.40% 10.81% 5.88%  7.96% 3.96%
Adjusted return on average equity (non-GAAP) 6.80% 7.21% 7.46% 9.01% 7.11%  7.60% 5.16%
Return on average tangible equity (non-GAAP) 11.94% 13.05% 13.54% 19.93% 11.26%  14.53% 7.83%
Adjusted return on average tangible equity (non-GAAP) 12.31% 13.13% 13.64% 16.68% 13.52%  13.89% 10.06%
         
Adjusted Diluted Earnings Per Share      
Average Diluted Shares Outstanding 56,105,050  56,447,184  56,635,898  56,519,199  56,489,809   56,424,484  56,468,165 
         
Diluted earnings per share (GAAP)$0.66 $0.71 $0.72 $1.02 $0.56  $3.12 $1.48 
Adjusted diluted earnings per share (non-GAAP)$0.68 $0.71 $0.73 $0.85 $0.68  $2.98 $1.93 
         
Tangible Book Value Per Share        
Shares Outstanding 55,756,233  55,747,407  56,350,878  56,294,346  56,200,487   55,756,233  56,200,487 
         
Book Value Per Share (GAAP)$39.63 $39.53 $39.11 $38.61 $37.95  $39.63 $37.95 
Tangible Book Value Per Share (non-GAAP)$22.35 $22.22 $21.95 $21.41 $20.69  $22.35 $20.69 
         
Tangible Common Equity Ratio        
Shareholders' Equity to Assets (GAAP) 13.15% 13.64% 13.75% 13.91% 14.29%  13.15% 14.29%
Tangible Common Equity Ratio (non-GAAP) 7.86% 8.15% 8.22% 8.23% 8.33%  7.86% 8.33%
         
Adjusted Efficiency Ratio        
Net interest income (FTE) (GAAP) 103,249  105,002  111,205  111,264  110,024   430,720  433,682 
         
Total Noninterest income (GAAP) 47,582  50,755  47,610  81,037  62,864   226,984  235,532 
MSR Valuation Adjustment       13,561  1,968   13,561  (11,726)
Swap termination gains 4,676           4,676   
Securities gains (losses) 49  764    1,357  15   2,170  46 
Total adjusted noninterest income (non-GAAP) 42,857  49,991  47,610  66,119  60,881   206,577  247,212 
         
Noninterest expense (GAAP) 101,115  103,999  108,777  115,935  122,152   429,826  471,988 
Amortization of intangibles 1,424  1,481  1,539  1,598  1,659   6,042  7,121 
Debt prepayment penalty 6,123        3   6,123  121 
Swap termination charges         2,040     2,040 
Restructuring charges 61    15  292  7,365   368  7,365 
Provision for unfunded commitments (300) (200)     500   (500) 9,200 
COVID-19 related expenses(1) 33  323  370  785  613   1,511  10,343 
Total adjusted noninterest expense (non-GAAP) 93,774  102,395  106,853  113,260  109,972   416,282  435,798 
         
Efficiency Ratio (GAAP) 67.04% 66.77% 68.49% 60.29% 70.65%  65.35% 70.53%
Adjusted Efficiency Ratio (non-GAAP) 64.18% 66.06% 67.28% 63.85% 64.35%  65.32% 64.00%
         
Core Net Interest Income and Core Net Interest Margin      
Net interest income (FTE) (GAAP)$103,249 $105,002 $111,205 $111,264 $110,024  $430,720 $433,682 
Net interest income collected on problem loans 578  316  1,339  2,180  128   4,412  1,011 
Accretion recognized on purchased loans 2,187  2,871  2,638  3,088  4,130   10,783  19,248 
Interest income recognized on PPP loans 485  3,503  10,120  10,687  10,271   24,794  23,605 
Core net interest income (FTE) (non-GAAP)$99,999 $98,312 $97,108 $95,309 $95,495  $390,731 $389,818 
         
Average earning assets (GAAP)$14,607,716 $14,256,421 $13,989,264 $13,358,677 $13,059,967  $14,055,091 $12,622,461 
Average PPP loans 62,726  126,870  628,462  985,561  1,252,990   448,959  858,385 
Average earning assets excluding PPP loans (non-GAAP)$14,544,990 $14,129,551 $13,360,802 $12,373,116 $11,806,977  $13,606,132 $11,764,076 
         
Net interest margin (GAAP) 2.81% 2.93% 3.19% 3.37% 3.35%  3.07% 3.44%
Core net interest margin (non-GAAP) 2.73% 2.76% 2.92% 3.12% 3.22%  2.87% 3.31%
         
Core Loan Yield        
Loan interest income (FTE) (GAAP)$99,670 $103,769 $110,785 $113,072 $113,457  $427,296 $458,686 
Net interest income collected on problem loans 578  316  1,339  2,180  128   4,412  1,011 
Accretion recognized on purchased loans 2,187  2,871  2,638  3,088  4,130   10,783  19,248 
Interest income recognized on PPP loans 485  3,503  10,120  10,687  10,271   24,794  23,605 
Core loan interest income (FTE) (non-GAAP)$96,420 $97,079 $96,688 $97,117 $98,928  $387,307 $414,822 
         
Average loans (GAAP)$9,948,610 $10,017,742 $10,478,121 $10,802,991 $11,019,505  $10,310,070 $10,593,556 
Average PPP loans 62,726  126,870  628,462  985,561  1,252,990   448,959  858,385 
Average loans excluding PPP loans (non-GAAP)$9,885,884 $9,890,872 $9,849,659 $9,817,430 $9,766,515  $9,861,111 $9,735,171 
         
Loan yield (GAAP) 3.98% 4.11% 4.24% 4.24% 4.10%  4.15% 4.33%
Core loan yield (non-GAAP) 3.87% 3.89% 3.94% 4.01% 4.03%  3.93% 4.26%
         
Adjusted Asset Quality Ratios        
Total loans (GAAP)$10,020,914 $10,016,824 $10,149,242 $10,688,408 $10,933,647  $10,020,914 $10,933,647 
PPP loans 58,391  67,462  246,931  860,864  1,128,703   58,391  1,128,703 
Total loans excluding PPP loans (non-GAAP)$9,962,523 $9,949,362 $9,902,311 $9,827,544 $9,804,944  $9,962,523 $9,804,944 
         
Loans 30-89 days past due$27,604 $14,806 $15,077 $21,801 $26,286  $27,604 $26,286 
Loans 30-89 days past due / total loans (GAAP) 0.28% 0.15% 0.15% 0.20% 0.24%  0.28% 0.24%
Loans 30-89 days past due / total loans excluding PPP loans (non-GAAP) 0.28% 0.15% 0.15% 0.22% 0.27%  0.28% 0.27%
         
Classified loans$160,790 $187,223 $206,724 $229,243 $236,063  $160,790 $236,063 
Classified loans / total loans (GAAP) 1.60% 1.87% 2.04% 2.14% 2.16%  1.60% 2.16%
Classified loans / total loans excluding PPP loans (non-GAAP) 1.61% 1.88% 2.09% 2.33% 2.41%  1.61% 2.41%
         
Nonperforming loans$50,805 $56,740 $56,536 $56,105 $55,470  $50,805 $55,470 
Nonperforming loans / total loans (GAAP) 0.51% 0.57% 0.56% 0.52% 0.51%  0.51% 0.51%
Nonperforming loans / total loans excluding PPP loans (non-GAAP) 0.51% 0.57% 0.57% 0.57% 0.57%  0.51% 0.57%
         
Allowance for credit losses on loans$164,171 $170,038 $172,354 $173,106 $176,144  $164,171 $176,144 
ACL / total loans (GAAP) 1.64% 1.70% 1.70% 1.62% 1.61%  1.64% 1.61%
ACL / total loans excluding PPP loans (non-GAAP) 1.65% 1.71% 1.74% 1.76% 1.80%  1.65% 1.80%
         
Average loans (GAAP)$9,948,610 $10,017,742 $10,478,121 $10,802,991 $11,019,505  $10,310,070 $10,593,556 
Average PPP loans 62,726  126,870  628,462  985,561  1,252,990   448,959  858,385 
Average loans excluding PPP loans (non-GAAP)$9,885,884 $9,890,872 $9,849,659 $9,817,430 $9,766,515  $9,861,111 $9,735,171 
         
Net charge-offs$5,367 $1,116 $752 $3,038 $954  $10,273 $3,852 
Annualized net charge-offs / average loans (GAAP) 0.21% 0.04% 0.03% 0.11% 0.03%  0.10% 0.04%
Annualized net charge-offs / average loans excluding PPP loans (non-GAAP) 0.22% 0.04% 0.03% 0.13% 0.04%  0.10% 0.04%
         
Total assets (GAAP)$16,810,311 $16,155,550 $16,022,386 $15,622,571 $14,929,612  $16,810,311 $14,929,612 
PPP loans 58,391  67,462  246,931  860,864  1,128,703   58,391  1,128,703 
Total assets excluding PPP loans (non-GAAP)$16,751,920 $16,088,088 $15,775,455 $14,761,707 $13,800,909  $16,751,920 $13,800,909 
         
Nonperforming assets$53,345 $61,445 $61,475 $62,076 $61,442  $53,345 $61,442 
Nonperforming assets / total assets (GAAP) 0.32% 0.38% 0.38% 0.40% 0.41%  0.32% 0.41%
Nonperforming assets / total assets excluding PPP loans (non-GAAP) 0.32% 0.38% 0.39% 0.42% 0.45%  0.32% 0.45%

(1)Primarily consists of employee overtime and employee benefit accruals directly related to the response to the COVID-19 pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.
(2)Tax effect is calculated based on the respective periods’ effective tax rate.

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

All news about RENASANT CORPORATION
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Financials (USD)
Sales 2022 590 M - -
Net income 2022 150 M - -
Net Debt 2022 - - -
P/E ratio 2022 11,7x
Yield 2022 2,85%
Capitalization 1 750 M 1 750 M -
Capi. / Sales 2022 2,97x
Capi. / Sales 2023 2,75x
Nbr of Employees 2 409
Free-Float 91,6%
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 31,31 $
Average target price 35,00 $
Spread / Average Target 11,8%
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Managers and Directors
C. Mitchell Waycaster President, Chief Executive Officer & Director
James C. Mabry Chief Financial Officer & Executive Vice President
Edward Robinson McGraw President, Chief Executive Officer & Director
Kevin Dobson Chapman Chief Operating Officer & Executive Vice President
John Thomas Foy Independent Director
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