TUPELO, Miss., Oct. 20, 2015 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) (the "Company") today announced its financial results for the third quarter of 2015. Net income for the third quarter of 2015 increased to $16.22 million, or basic and diluted earnings per share ("EPS") of $0.40, as compared to $15.54 million, or basic and diluted EPS of $0.49, for the third quarter of 2014.

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The Company's balance sheet and results of operations as of and for the three months ending September 30, 2015, include the impact of the Company's acquisition of Heritage Financial Group, Inc. ("Heritage"), a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, a Georgia savings bank, which was completed on July 1, 2015. At the acquisition date, Heritage had $2.02 billion in total assets, $1.11 billion in loans, and $1.37 billion in deposits. The assets acquired and liabilities assumed are recorded at estimated fair value and are subject to change pending finalization of all valuations.

During the third quarter of 2015, the Company incurred pre-tax merger expenses related to the Heritage merger of approximately $7.75 million, or $5.15 million on an after-tax basis, which equated to a reduction of $0.13 in basic and diluted EPS for the third quarter of 2015.

For the third quarter of 2015, the Company's return on average assets and return on average equity were 0.81% and 6.28%, respectively, as compared to 1.07% and 8.84%, respectively, for the third quarter of 2014. The Company's 2015 third quarter return on average tangible assets and return on average tangible equity were 0.93% and 12.20%, respectively, as compared to 1.20% and 16.50%, respectively, for the third quarter of 2014. Excluding merger expenses on an after-tax basis, return on average assets and return on average equity were 1.07% and 8.28%, respectively, and return on average tangible assets and return on average tangible equity were 1.14% and 14.95%, respectively, for the third quarter of 2015. The following table provides profitability metrics for the third quarter of 2015 including and excluding the impact of after-tax merger expenses from the Heritage acquisition:



                                      As Reported        Excluding
                                                          Merger
                                                         Expenses
                                                         --------

    Return on average assets                       0.81%            1.07%

    Return on average tangible assets              0.93%            1.14%

    Return on average equity                       6.28%            8.28%

    Return on average tangible equity             12.20%           14.95%

"We are pleased with our third quarter financial results highlighted by the completion of the Heritage acquisition and 23.18% annualized linked quarter legacy loan growth," commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "Excluding merger expenses on an after-tax basis, our diluted EPS of $0.53 per share represents some of the highest reported quarterly earnings for the Company and was driven by the strong performance of our legacy company coupled with the successful conversion of Heritage's operations. Furthermore, the continued sustainability of this profitability is reflected in our return on average assets, excluding merger expenses, of 1.07% for the quarter, marking the sixth consecutive quarter we've achieved greater than 1.00% return on average assets."

Total assets as of September 30, 2015, were approximately $7.92 billion, as compared to $5.81 billion from December 31, 2014, and $5.90 billion on a linked quarter basis.

Total loans, including loans acquired in either the Heritage merger, First M&F Corporation ("First M&F") merger or in FDIC-assisted transactions (collectively referred to as "acquired loans"), were approximately $5.28 billion at September 30, 2015, as compared to $3.99 billion at December 31, 2014, and $4.04 billion on a linked quarter basis. Excluding acquired loans, loans grew $339.52 million, or 13.89% annualized, to $3.61 billion at September 30, 2015, as compared to $3.27 billion at December 31, 2014, and increased $199.08 million, or 23.18% annualized, from $3.41 billion on a linked quarter basis.

Total deposits were $6.23 billion at September 30, 2015, as compared to $4.84 billion at December 31, 2014, and $4.89 billion on a linked quarter basis. The increase in deposits is primarily attributable to the acquisition of Heritage. Noninterest-bearing deposits averaged approximately $1.27 billion, which represents 20.38% of the Company's average deposits, for the third quarter of 2015, as compared to $896.86 million, or 18.74% of average deposits, for the third quarter of 2014. The Company's cost of funds was 33 basis points for the third quarter of 2015, as compared to 47 basis points for the same quarter in 2014.

As of September 30, 2015, the Company's Tier 1 leverage capital ratio was 8.94%, its Common Equity Tier 1 risk-based capital ratio was 9.82%, its Tier 1 risk-based capital ratio was 11.32%, and its total risk-based capital ratio was 12.09%. The Company's regulatory capital ratios continue to be in excess of the regulatory minimums required to be classified as "well-capitalized." At September 30, 2015 our tangible common equity ratio was 7.40%.

Net interest income was $68.68 million for the third quarter of 2015, as compared to $50.47 million for the third quarter of 2014, and $51.67 million on a linked quarter basis. Net interest margin was 4.09% for the third quarter of 2015, as compared to 4.12% for the third quarter of 2014, and 4.17% on a linked quarter basis. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased net interest margin 4 basis points in the third quarter of 2015, as compared to 28 basis points on a linked quarter basis and 11 basis points in the third quarter of 2014.

Noninterest income was $32.12 million for the third quarter of 2015, as compared to $22.56 million for the third quarter of 2014, and $22.92 million on a linked quarter basis. The increase in noninterest income is primarily attributable to the Heritage acquisition and its mortgage operations.

Noninterest expense was $76.09 million for the third quarter of 2015, as compared to $48.18 million for the third quarter of 2014 and $51.18 million on a linked quarter basis. The increase in noninterest expense, when compared to the same period in 2014 as well as on a linked quarter basis, was primarily due to the expenses of the acquired Heritage operations as well as merger expenses incurred during the quarter in connection with the Heritage acquisition of $7.75 million.

At September 30, 2015, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $47.20 million and total OREO was $36.33 million. The Company's nonperforming loans and OREO that were acquired either through the Heritage merger, First M&F merger or in connection with FDIC-assisted transactions (collectively referred to as "acquired nonperforming assets") were $32.03 million and $22.40 million, respectively, at September 30, 2015.

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 $15.17 million as of September 30, 2015, as compared to $20.19 million as of December 31, 2014. Nonperforming loans as a percentage of total loans were 0.42% as of September 30, 2015, as compared to 0.62% as of December 31, 2014.

Annualized net charge-offs as a percentage of average loans were 0.04% for the third quarter of 2015, as compared to 0.50% for the third quarter of 2014. The Company recorded a provision for loan losses of $750 thousand for the third quarter of 2015, as compared to $2.22 million for the third quarter of 2014.

The allowance for loan losses totaled $42.05 million at September 30, 2015, as compared to $42.29 million as of December 31, 2014. The allowance for loan losses as a percentage of loans was 1.17% as of September 30, 2015, as compared to 1.29% as of December 31, 2014.

The Company's coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 277.22% as of September 30, 2015, as compared to 209.49% as of December 31, 2014. Loans 30-to-89 days past due as a percentage of total loans declined to 0.23% at September 30, 2015, as compared to 0.32% at December 31, 2014. OREO was $13.94 million as of September 30, 2015, as compared to $17.09 million as of December 31, 2014.

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, October 21, 2015.

The webcast can be accessed through Renasant's investor relations website at www.renasant.com or http://services.choruscall.com/links/rnst151021. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation Third Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com 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 10074200 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until November 4, 2015.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 111-year-old financial services institution. Renasant has assets of approximately $7.9 billion and operates more than 170 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama, Florida 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)

                                                                                                                                                                                                                                                                                                                                                           Q3 2015 -                                         For the Nine Months Ending

                                                                                                                                            2015                                                    2014                       Q3 2014                                          September 30,
                                                                                                                                            ----                                                    ----                                                                      -------------

                                                                                                                  Third                     Second                       First                        Fourth                         Third                        Second                                      First                        Percent                                                                                                  Percent

    Statement of earnings                                                                    Quarter             Quarter                    Quarter                     Quarter                       Quarter                       Quarter                       Quarter                                   Variance                           2015                       2014                     Variance
    ---------------------                                                                                                                                                                                                                                                                                   --------


    Interest income - taxable equivalent basis                                                                                $76,242                     $58,516                      $55,910                        $57,335                        $58,098                                     $60,002                        $57,811                     31.23                       $190,668                                           $175,910                   8.39


    Interest income                                                                                                             $74,300                     $56,769                      $54,166                        $55,597                        $56,358                                     $58,277                        $56,177                     31.84                       $185,235                                           $170,812                   8.44

    Interest expense                                                                                                              5,620                       5,099                        5,324                          5,580                          5,886                                       6,108                          6,206                    (4.52)                        16,043                                             18,200                (11.85)

                                                         Net interest income                                       68,680                      51,670                       48,842                         50,017                         50,472                         52,169                                      49,971                         36.08                     169,192                       152,612                                         10.86


    Provision for loan losses                                                                                                      750                       1,175                        1,075                          1,050                          2,217                                       1,450                          1,450                   (66.17)                         3,000                                              5,117                (41.37)

                                                          Net interest income after
                                                          provision                                       67,930                     50,495                      47,767                       48,967                         48,255                         50,719                                      48,521                          40.77                   166,192                        147,495                                              12.68


    Service charges on deposit accounts                                                                                         8,151                       6,522                        6,335                          6,905                          7,107                                       6,533                          6,211                     14.69                         21,008                                             19,851                   5.83

    Fees and commissions on loans and deposits                                                                                  5,704                       4,954                        4,492                          4,772                          5,877                                       5,175                          4,677                    (2.94)                        15,150                                             15,729                 (3.68)

    Insurance commissions and fees                                                                                               2,381                       2,119                        1,967                          1,973                          2,270                                       2,088                          1,863                      4.89                          6,467                                              6,221                   3.95

    Wealth management revenue                                                                                                    2,871                       2,248                        2,190                          2,144                          2,197                                       2,170                          2,144                     30.68                          7,309                                              6,511                  12.26

    Securities gains (losses)                                                                                                        -                         96                            -                             -                           375                                           -                             -                 (100.00)                            96                                                375                (74.40)

    Gain on sale of mortgage loans                                                                                              10,578                       5,407                        4,633                          2,367                          2,635                                       2,006                          1,585                    301.44                         20,618                                              6,226                 231.16

    Gain on acquisition                                                                                        -                         -                          -                           -                             -                             -                                          -                             -                        -                             -                                                 -

    Other                                                                                                                         2,432                       1,571                        2,287                          1,809                          2,102                                       1,499                          2,136                     15.70                          6,290                                              5,737                   9.64

                                                         Total noninterest income                                  32,117                      22,917                       21,904                         19,970                         22,563                         19,471                                      18,616                         42.34                      76,938                        60,650                                         26.86


    Salaries and employee benefits                                                                                              43,048                      30,394                       28,260                         27,301                         29,569                                      29,810                         28,428                     45.58                        101,702                                             87,807                  15.82

    Data processing                                                                                                               3,773                       3,152                        3,181                          2,949                          2,906                                       2,850                          2,695                     29.83                         10,106                                              8,451                  19.58

    Occupancy and equipment                                                                                                      7,733                       5,524                        5,559                          5,146                          5,353                                       4,906                          4,847                     44.46                         18,816                                             15,106                  24.56

    Other real estate                                                                                                               861                         954                          532                            723                          1,101                                       1,068                          1,701                   (21.80)                         2,347                                              3,870                (39.35)

    Amortization of intangibles                                                                                                  1,803                       1,239                        1,275                          1,327                          1,381                                       1,427                          1,471                     30.56                          4,317                                              4,279                   0.89

    Merger-related expenses                                                                                                      7,746                       1,467                          478                            499                              -                                          -                           195                      1.00                          9,691                                                195               4,869.74

    Debt extinguishment penalty                                                                         -               -                          -                           -                             -                             -                             -                                          -                             -                         -                            -

    Other                                                                                                                        11,121                       8,446                        8,129                          8,034                          7,865                                       9,335                          8,308                     41.40                         27,696                                             25,508                   8.58

                                                         Total noninterest expense                                 76,085                      51,176                       47,414                         45,979                         48,175                         49,396                                      47,645                         57.93                     174,675                       145,216                                         20.29


    Income before income taxes                                                                                                  23,962                      22,236                       22,257                         22,958                         22,643                                      20,794                         19,492                      5.83                         68,455                                             62,929                   8.78

    Income taxes                                                                                                                  7,742                       6,842                        7,017                          7,361                          7,108                                       5,941                          5,895                      8.92                         21,601                                             18,944                  14.03

                                                         Net income                                                                $16,220                     $15,394                      $15,240                        $15,597                        $15,535                                     $14,853                        $13,597                      4.41                        $46,854                                            $43,985                   6.52



    Basic earnings per share                                                                                                     $0.40                       $0.49                        $0.48                          $0.49                          $0.49                                       $0.47                          $0.43                   (18.37)                         $1.36                                              $1.40                 (2.86)

    Diluted earnings per share                                                                                                    0.40                        0.48                         0.48                           0.49                           0.49                                        0.47                           0.43                   (18.37)                          1.35                                               1.39                 (2.88)


    Average basic shares outstanding                                                                                        40,265,941                  31,626,059                   31,576,275                     31,537,278                     31,526,423                                  31,496,737                     31,436,148                     27.72                     34,521,255                                         31,486,767                   9.64

    Average diluted shares outstanding                                                                                     40,518,413                  31,865,172                   31,815,710                     31,781,734                     31,718,529                                  31,698,198                     31,668,362                     27.74                     34,799,118                                         31,694,601                   9.80


    Common shares outstanding                                                                                               40,268,455                  31,644,706                   31,604,937                     31,545,145                     31,533,703                                  31,519,641                     31,480,395                     27.70                     40,268,455                                         31,533,703                  27.70

    Cash dividend per common share                                                                  $0.17            $0.17                       $0.17                        $0.17                          $0.17                          $0.17                          $0.17                                           -                        $0.51                       $0.51                             -


    Performance ratios
    ------------------

    Return on average shareholders' equity                                             6.28%               8.42%                     8.59%                      8.72%                       8.84%                         8.67%                         8.19%                                                                    7.58%                    8.58%

    Return on average tangible shareholders' equity (1)                               12.20%              14.89%                    15.45%                     15.90%                      16.50%                        16.55%                        16.05%                                                                   13.98%                   16.37%

    Return on average assets                                                                        0.81%           1.06%                      1.06%                       1.08%                         1.07%                         1.02%                         0.93%                                                                    0.96%                     1.01%

    Return on average tangible assets (2)                                              0.93%               1.17%                     1.18%                      1.20%                       1.20%                         1.15%                         1.05%                                                                    1.08%                    1.13%


    Net interest margin (FTE)                                                                       4.09%           4.17%                      4.03%                       4.09%                         4.12%                         4.24%                         4.04%                                                                    4.10%                     4.13%

    Yield on earning assets (FTE)                                                                   4.42%           4.57%                      4.45%                       4.53%                         4.58%                         4.72%                         4.53%                                                                    4.47%                     4.61%

    Cost of funding                                                                                        0.33%                     0.40%                      0.43%                       0.45%                         0.47%                         0.48%                                      0.48%                                                  0.38%                         0.48%

    Average earning assets to average assets                                          86.57%              87.79%                    87.49%                     87.41%                      87.32%                        87.39%                        87.35%                                                                   87.22%                   87.35%

    Average loans to average deposits                                                 83.63%              81.93%                    81.44%                     82.67%                      82.26%                        79.11%                        77.00%                                                                   82.45%                   79.44%


    Noninterest income (less securities gains/

                                                         losses) to average assets                                  1.61%                      1.57%                       1.53%                         1.38%                         1.53%                         1.34%                                      1.27%                                                                 1.57%                                             1.38%

    Noninterest expense (less debt prepayment penalties/

                                                          merger-related expenses) to
                                                          average assets                                   3.43%                     3.41%                      3.27%                       3.14%                         3.32%                         3.39%                                      3.25%                                                  3.38%                         3.32%

    Net overhead ratio                                                                                     1.82%                     1.84%                      1.74%                       1.76%                         1.79%                         2.06%                                      1.97%                                                  1.80%                         1.94%

    Efficiency ratio (FTE) (4)                                                                     64.76%          63.58%                     62.99%                      61.56%                        62.90%                        65.38%                        65.48%                                                                   63.89%                    64.56%




    RENASANT CORPORATION
    --------------------

    (Unaudited)

    (Dollars in thousands, except per share data)

                                                                                                                                                                                                                                                                                                          Q3 2015 -                  For the Nine Months Ending

                                                                                                                                                            2015                                                                              2014                             Q3 2014                                                 September 30,
                                                                                                                                                            ----                                                                              ----                                                                                     -------------

                                                                                                       Third                      Second                      First                       Fourth                       Third                        Second                       First                     Percent                                                                                            Percent

    Average balances                                                       Quarter                    Quarter                    Quarter                     Quarter                     Quarter                      Quarter                      Quarter                      Variance                        2015                                        2014                      Variance
    ----------------                                                                                                                                                                                                                                                            --------                                                                   ----

    Total assets                                                                           $7,905,538                 $5,847,539                 $5,821,758                   $5,746,146                   $5,758,083                    $5,836,607                    $5,927,884                       37.29                   $6,532,577                                    $5,840,233                      11.85

    Earning assets                                                                                                 6,843,888                  5,133,567                    5,093,224                    5,022,647                     5,027,805                     5,100,833                   5,178,069                        36.12                                     5,697,976                  5,101,686            11.69

    Securities                                                                                                     1,145,013                    999,962                      989,743                      979,052                     1,001,548                     1,026,948                   1,002,519                        14.32                                     1,046,812                  1,010,335             3.61

    Mortgage loans held for sale                                                                                    398,480                     87,435                       50,918                       27,443                        31,832                        26,004                      19,925                     1,151.82                                       180,217                     25,964           594.10

    Loans, net of unearned                                                                                        5,223,273                  3,978,514                    3,969,244                    3,954,606                     3,937,142                     3,897,027                   3,868,747                        32.67                                     4,394,937                  3,901,223            12.66

    Intangibles                                                                                                      456,811                    295,441                      296,682                      297,978                       300,725                       302,181                     303,599                        51.90                                       350,231                    302,158            15.91


    Noninterest-bearing deposits                                                $1,272,714              $969,770                    $932,011                     $936,672                     $896,856                      $905,180                      $949,317                       41.91                    $1,059,413                                    $916,925                       15.54

    Interest-bearing deposits                                                                                     4,972,717                  3,886,199                    3,941,863                    3,846,891                     3,889,133                     4,020,754                   4,074,745                        27.86                                     4,270,702                  3,994,198             6.92

                                                     Total deposits                                                   6,245,431                  4,855,969                    4,873,874                    4,783,563                     4,785,989                     4,925,934                   5,024,063                        30.49                                     5,330,115                  4,911,123             8.53

    Borrowed funds                                                                                                   556,269                    204,884                      168,758                      190,928                       214,017                       169,373                     170,091                       159.92                                       311,390                    184,655            68.63

    Shareholders' equity                                                                                          1,023,912                    733,158                      719,687                      709,780                       697,103                       686,794                     673,046                        46.88                                       826,700                    685,733            20.56


                                                                                                                                                                                                                                                                                                          Q3 2015 -                             As of

                                                                                                                                                            2015                                                                              2014                             Q4 2014                                                 September 30,
                                                                                                                                                            ----                                                                              ----                                                                                     -------------

                                                                                                       Third                      Second                      First                       Fourth                       Third                        Second                       First                     Percent                                                                                            Percent

    Balances at period end                                                 Quarter                    Quarter                    Quarter                     Quarter                     Quarter                      Quarter                      Quarter                      Variance                        2015                                        2014                      Variance
    ----------------------                                                 -------                    -------                    -------                     -------                     -------                      -------                      -------                      --------                        ----                                        ----                      --------

    Total assets                                                                           $7,918,732                 $5,899,190                 $5,881,849                   $5,805,129                   $5,751,711                    $5,826,020                    $5,902,831                       36.41                   $7,918,732                                    $5,751,711                      37.68

    Earning assets                                                                                                 6,810,285                  5,186,419                    5,168,497                    5,063,039                     5,053,252                     5,063,873                   5,161,173                        34.51                                     6,810,285                  5,053,252            34.77

    Securities                                                                                                     1,139,553                    965,290                    1,016,394                      983,747                       980,328                     1,007,331                   1,046,688                        15.84                                     1,139,553                    980,328            16.24

    Mortgage loans held for sale                                                                                    317,681                    108,023                      102,780                       25,628                        30,451                        28,116                      28,433                     1,139.59                                       317,681                     30,451           943.25

    Loans not acquired                                                                                             3,607,005                  3,407,925                    3,274,314                    3,267,486                     3,165,492                     3,096,286                   2,947,836                        10.39                                     3,607,005                  3,165,492            13.95

    Loans acquired and covered by FDIC loss-share agreements                                                       100,839                    121,626                      125,773                      143,041                       155,319                       167,129                     173,545                      (29.50)                                      100,839                    155,319          (35.08)

    Loans acquired and not covered by FDIC loss-share agreements                                                 1,570,116                    507,653                      553,574                      577,347                       636,628                       694,115                     746,047                       171.95                                     1,570,116                    636,628           146.63

                                                     Total loans                                                      5,277,960                  4,037,204                    3,953,661                    3,987,874                     3,957,439                     3,957,530                   3,867,428                        32.35                                     5,277,960                  3,957,439            33.37

    Intangibles                                                                                                      482,599                    294,808                      296,053                      297,330                       298,609                       301,478                     302,903                        62.31                                       482,599                    298,609            61.62


    Noninterest-bearing deposits                                                $1,303,884              $972,672                    $959,351                     $919,872                     $935,544                      $902,766                      $914,964                       41.75                    $1,303,884                                    $935,544                       39.37

    Interest-bearing deposits                                                                                     4,930,677                  3,917,772                    3,983,418                    3,918,546                     3,828,126                     3,983,965                   4,089,820                        25.83                                     4,930,677                  3,828,126            28.80

                                                     Total deposits                                                   6,234,561                  4,890,444                    4,942,769                    4,838,418                     4,763,670                     4,886,731                   5,004,784                        28.86                                     6,234,561                  4,763,670            30.88

    Borrowed funds                                                                                                   551,740                    219,089                      162,313                      188,825                       227,664                       189,830                     168,700                       192.20                                       551,740                    227,664           142.35

    Shareholders' equity                                                                                          1,032,699                    730,976                      723,196                      711,651                       700,475                       688,215                     676,715                        45.11                                     1,032,699                    700,475            47.43


    Market value per common share                                                   $32.85                $32.60                      $30.05                       $28.93                       $27.05                        $29.07                        $29.05                       13.55                        $32.85                                      $27.05                       21.44

    Book value per common share                                                                                       25.65                      23.10                        22.88                        22.56                         22.21                         21.83                       21.50                        13.70                                         25.65                      22.21            15.45

    Tangible book value per common share                                                                             13.66                      13.78                        13.52                        13.13                         12.74                         12.27                       11.87                         4.04                                         13.66                      12.74             7.19

    Shareholders' equity to assets (actual)                         13.04%                     12.39%                    12.30%                    12.26%                      12.18%                      11.81%                       11.46%                                                  13.04%                      12.18%

    Tangible capital ratio (3)                                                       7.40%                7.78%                      7.65%                       7.52%                       7.37%                        7.00%                        6.68%                                                   7.40%                                      7.37%



    Leverage ratio                                                                              8.94%                     9.90%                     9.74%                       9.53%                       9.31%                        8.91%                        8.56%                                                  8.94%                                        9.31%

    Common equity tier 1 capital ratio                               9.82%                     10.44%                    10.35%                       N/A                         N/A                         N/A                          N/A                                                   9.82%                         N/A

    Tier 1 risk-based capital ratio                                                 11.32%               12.52%                     12.47%                      12.45%                      12.28%                       11.82%                       11.54%                                                  11.32%                                     12.28%

    Total risk-based capital ratio                                                  12.09%               13.54%                     13.51%                      13.54%                      13.43%                       12.96%                       12.70%                                                  12.09%                                     13.43%




    RENASANT CORPORATION
    --------------------

    (Unaudited)

    (Dollars in thousands, except per share data)

                                                                                                                                                                                                                                                                                                                   Q3 2015                As of

                                                                                                                 2015                                                    2014                         - Q4 2014                       September 30,
                                                                                                                 ----                                                    ----                                                         -------------

                                                                                             Third                         Second                    First                         Fourth                            Third                               Second                       First                        Percent                                                               Percent

    Loans not acquired by category                                                      Quarter                       Quarter                   Quarter                       Quarter                           Quarter                             Quarter                      Quarter                      Variance                          2015                 2014             Variance
    ------------------------------                                                      -------                       -------                   -------                       -------                           -------                             -------                      -------                      --------                          ----                 ----             --------

    Commercial, financial, agricultural                                                              $450,688                       $437,181                 $418,752                        $418,501                          $378,802                              $365,262                     $347,828                        7.69               $450,688             $378,802                     18.98

    Lease financing                                                                                     24,698                         17,633                   11,560                          10,114                             5,377                                 1,767                          612                      144.20                 24,698                5,377                    359.33

    Real estate - construction                                                                        268,805                        212,071                  200,966                         210,837                           193,787                               172,319                      149,449                       27.49                268,805              193,787                     38.71

    Real estate - 1-4 family mortgages                                                             1,128,556                      1,073,816                1,025,264                       1,014,412                           984,778                               966,546                      941,260                       11.25              1,128,556              984,778                     14.60

    Real estate - commercial mortgages                                                             1,653,534                      1,589,969                1,542,706                       1,538,950                         1,527,680                             1,516,372                    1,441,404                        7.45              1,653,534            1,527,680                      8.24

    Installment loans to individuals                                                                   80,724                         77,255                   75,066                          74,672                            75,068                                74,020                       67,283                        8.10                 80,724               75,068                      7.53
                                                                                                                                                                                            ------

                                                                 Loans, net of unearned               $3,607,005                     $3,407,925               $3,274,314                      $3,267,486                        $3,165,492                            $3,096,286                   $2,947,836                       10.39             $3,607,005           $3,165,492                     13.95



    Loans acquired and covered by FDIC loss-share agreements
    --------------------------------------------------------

    Commercial, financial, agricultural                                                                $2,467                         $3,726                   $3,917                          $6,684                            $7,699                                $7,677                       $8,283                     (63.09)                $2,467               $7,699                   (67.96)

    Lease financing                                                                                          -                             -                       -                              -                                -                                    -                           -                          -                     -                   -                        -

    Real estate - construction                                                                            137                              -                       -                              -                            1,648                                 1,648                        1,648                           -                   137                1,648                   (91.69)

    Real estate - 1-4 family mortgages                                                                48,779                         40,333                   42,758                          44,017                            46,354                                49,616                       52,252                       10.82                 48,779               46,354                      5.23

    Real estate - commercial mortgages                                                                49,382                         77,536                   79,064                          92,304                            99,579                               108,166                      111,337                     (46.50)                49,382               99,579                   (50.41)

    Installment loans to individuals                                                                       74                             31                       34                              36                                39                                    22                           25                      105.56                     74                   39                     89.74
                                                                                                                                                                                               ---                               ---                                   ---

                                                                 Loans, net of unearned                 $100,839                       $121,626                 $125,773                        $143,041                          $155,319                              $167,129                     $173,545                     (29.50)              $100,839             $155,319                   (35.08)



    Loans acquired and not covered by FDIC loss-share agreements
    ------------------------------------------------------------

    Commercial, financial, agricultural                                                              $167,966                        $39,652                  $52,119                         $58,098                           $64,058                               $74,887                      $84,005                      189.11               $167,966              $64,058                    162.21

    Lease financing                                                                                          -                             -                       -                              -                                -                                    -                           -                          -                     -                   -                        -

    Real estate - construction                                                                         70,428                            505                      483                           1,224                             1,631                                 2,610                        4,803                    5,653.92                 70,428                1,631                  4,218.09

    Real estate - 1-4 family mortgages                                                               485,170                        161,765                  171,433                         177,931                           190,447                               205,126                      217,748                      172.67                485,170              190,447                    154.75

    Real estate - commercial mortgages                                                               813,973                        295,484                  317,224                         325,660                           363,793                               390,781                      415,417                      149.95                813,973              363,793                    123.75

    Installment loans to individuals                                                                   32,579                         10,247                   12,315                          14,434                            16,699                                20,711                       24,074                      125.71                 32,579               16,699                     95.10

                                                                 Loans, net of unearned               $1,570,116                       $507,653                 $553,574                        $577,347                          $636,628                              $694,115                     $746,047                      171.95             $1,570,116             $636,628                    146.63



    Asset quality data
    ------------------

    Assets not acquired:

    Nonaccrual loans                                                                                   $14,522                        $15,514                  $17,719                         $18,781                           $19,070                               $17,175                      $18,365                     (22.68)               $14,522              $19,070                   (23.85)

    Loans 90 past due or more                                                                             647                          5,647                    1,193                           1,406                             7,177                                 3,615                        1,322                     (53.98)                   647                7,177                   (90.99)
                                                                                                          ---                          -----                    -----                           -----                             -----                                 -----                        -----                                               ---                -----

    Nonperforming loans                                                                                15,169                         21,161                   18,912                          20,187                            26,247                                20,790                       19,687                     (24.86)                15,169               26,247                   (42.21)

    Other real estate owned                                                                            13,936                         14,967                   16,735                          17,087                            20,461                                23,950                       25,117                     (18.44)                13,936               20,461                   (31.89)

    Nonperforming assets not acquired                                                                $29,105                        $36,128                  $35,647                         $37,274                           $46,708                               $44,740                      $44,804                     (21.92)               $29,105              $46,708                   (37.69)
                                                                                                     =======                        =======                  =======


    Assets acquired and subject to loss share:

    Nonaccrual loans                                                                                    $3,270                        $19,487                  $18,040                         $24,172                           $33,216                               $41,425                      $46,078                     (86.47)                $3,270              $33,216                   (90.16)

    Loans 90 past due or more                                                                           4,143                              -                       -                             48                             1,979                                     -                          32                    8,531.25                  4,143                1,979                    109.35
                                                                                                        -----                            ---                     ---                            ---                             -----                                   ---                         ---                                             -----                -----

    Non-performing loans subject to loss share                                                         7,413                         19,487                   18,040                          24,220                            35,195                                41,425                       46,110                     (69.39)                 7,413               35,195                   (78.94)

    Other real estate owned                                                                             3,183                          3,853                    4,325                           6,368                             4,033                                 7,472                       10,218                     (50.02)                 3,183                4,033                   (21.08)

    Nonperforming assets acquired and subject to loss share                                          $10,596                        $23,340                  $22,365                         $30,588                           $39,228                               $48,897                      $56,328                     (65.36)               $10,596              $39,228                   (72.99)
                                                                                                     =======                        =======                  =======                         =======                           =======                               =======                      =======                                           =======              =======


    Assets acquired and not subject to loss share:

    Nonaccrual loans                                                                                   $15,796                         $1,085                   $1,627                          $1,443                            $1,991                                $5,966                       $6,393                      994.66                $15,796               $1,991                    693.37

    Loans 90 past due or more                                                                           8,824                          2,523                    9,636                           9,259                             8,375                                 5,057                        1,922                      (4.70)                 8,824                8,375                      5.36
                                                                                                        -----                          -----                    -----                           -----                             -----                                 -----                        -----                                             -----                -----

    Nonperforming loans                                                                                24,620                          3,608                   11,263                          10,702                            10,366                                11,023                        8,315                      130.05                 24,620               10,366                    137.51

    Other real estate owned                                                                            19,215                          8,244                   10,626                          11,017                             9,565                                10,381                       12,406                       74.41                 19,215                9,565                    100.89

    Nonperforming assets acquired                                                                     $43,835                        $11,852                  $21,889                         $21,719                           $19,931                               $21,404                      $20,721                      101.83                $43,835              $19,931                    119.93
                                                                                                      =======                        =======                  =======                         =======                           =======                               =======                      =======                                           =======              =======


    Net loan charge-offs (recoveries)                                                                    $588                         $1,588                   $1,062                          $3,330                            $4,952                                $2,194                       $1,067                     (82.34)                $3,238               $8,213                   (60.57)

    Allowance for loan losses                                                                          42,051                         41,888                   42,302                          42,289                            44,569                                47,304                       48,048                      (0.56)                42,051              $44,569                    (5.65)

    Annualized net loan charge-offs / average loans                                                    0.04%                         0.16%                   0.11%                          0.33%                            0.50%                                0.23%                       0.11%                                            0.10%               0.28%


    Nonperforming loans / total loans*                                                                 0.89%                         1.10%                   1.22%                          1.38%                            1.81%                                1.85%                       1.92%                                            0.89%               1.81%

    Nonperforming assets / total assets*                                                               1.05%                         1.21%                   1.36%                          1.54%                            1.84%                                1.97%                       2.06%                                            1.05%               1.84%

    Allowance for loan losses / total loans*                                                           0.80%                         1.04%                   1.07%                          1.06%                            1.13%                                1.20%                       1.24%                                            0.80%               1.13%

    Allowance for loan losses / nonperforming loans*                                                  89.09%                        94.65%                  87.74%                         76.74%                           62.07%                               64.59%                      64.83%                                           89.09%              62.07%


    Nonperforming loans / total loans**                                                                0.42%                         0.62%                   0.58%                          0.62%                            0.83%                                0.67%                       0.67%                                            0.42%               0.83%

    Nonperforming assets / total assets**                                                              0.37%                         0.61%                   0.61%                          0.64%                            0.81%                                0.77%                       0.76%                                            0.37%               0.81%

    Allowance for loan losses / total loans**                                                          1.17%                         1.23%                   1.29%                          1.29%                            1.41%                                1.53%                       1.63%                                            1.17%               1.41%

    Allowance for loan losses / nonperforming loans**                                                277.22%                       197.95%                 223.68%                        209.49%                          169.81%                              227.53%                     244.06%                                          277.22%             169.81%


    *Based on all assets (including acquired assets)

    **Excludes all assets acquired




    RENASANT CORPORATION
    --------------------

    (Unaudited)

    (Dollars in thousands, except per share data)


                                                                                                                                              RECONCILIATION OF GAAP TO NON-GAAP
                                                                                                                                              ----------------------------------


                                                                                                                                                                                                                                                                   For the Nine Months Ending

                                                                                    2015                                           2014                                                                 September 30,
                                                                                    ----                                           ----                                                                 -------------

                                                                Third                     Second               First                                        Fourth                     Third                          Second                 First

                                                               Quarter                   Quarter              Quarter                                       Quarter                   Quarter                         Quarter               Quarter                                            2015             2014
                                                               -------                   -------              -------                                       -------                   -------                         -------               -------                                            ----             ----

    Net income (GAAP)                                                      $16,220                   $15,394              $15,240                                            $15,597              $15,535                          $14,853                $13,597                               $46,854          $43,985

              Amortization of intangibles, net of tax                       1,220                       858                  873                                                902                  947                            1,019                  1,026                                 2,955            2,991
                                                                            -----                       ---                  ---                                                ---                  ---                            -----                  -----                                 -----            -----

    Tangible net income (non-GAAP)                                          $17,440                   $16,252              $16,113                                            $16,499              $16,482                          $15,872                $14,623                               $49,809          $46,976


    Average shareholders' equity (GAAP)                                $1,023,912                  $733,158             $719,687                                           $709,780             $697,103                         $686,794               $673,046                              $826,700         $685,733

              Intangibles                                                   456,811                   295,441              296,682                                            297,978              300,725                          302,181                303,599                               350,231          302,158
                                                                            -------                   -------              -------                                            -------              -------                          -------                -------                               -------          -------

    Average tangible shareholders' equity (non-GAAP)                     $567,101                  $437,717             $423,005                                           $411,802             $396,378                         $384,613               $369,447                              $476,469         $383,575


    Average total assets (GAAP)                                         $7,905,538                $5,847,539           $5,821,758                                         $5,746,146           $5,758,083                       $5,836,607             $5,927,884                            $6,532,577       $5,840,233

              Intangibles                                                   456,811                   295,441              296,682                                            297,978              300,725                          302,181                303,599                               350,231          302,158
                                                                            -------                   -------              -------                                            -------              -------                          -------                -------                               -------          -------

    Average tangible assets (non-GAAP)                                 $7,448,727                $5,552,098           $5,525,076                                         $5,448,168           $5,457,358                       $5,534,426             $5,624,285                            $6,182,346       $5,538,075


    Actual shareholders's equity (GAAP)                                $1,032,699                  $730,976             $723,196                                           $711,651             $700,475                         $688,215               $676,715                            $1,032,699         $700,475

              Intangibles                                                   482,599                   294,808              296,053                                            297,330              298,609                          301,478                302,903                               482,599          298,609
                                                                            -------                   -------              -------                                            -------              -------                          -------                -------                               -------          -------

    Actual tangible shareholders' (non-GAAP)                             $550,100                  $436,168             $427,143                                           $414,321             $401,866                         $386,737               $373,812                              $550,100         $401,866


    Actual total assets (GAAP)                                          $7,918,732                $5,899,190           $5,881,849                                         $5,805,129           $5,751,711                       $5,826,020             $5,902,831                            $7,918,732       $5,751,711

              Intangibles                                                   482,599                   294,808              296,053                                            297,330              298,609                          301,478                302,903                               482,599          298,609
                                                                            -------                   -------              -------                                            -------              -------                          -------                -------                               -------          -------

    Actual tangible assets (non-GAAP)                                  $7,436,133                $5,604,382           $5,585,796                                         $5,507,799           $5,453,102                       $5,524,542             $5,599,928                            $7,436,133       $5,453,102


    (1) Return on Average Equity

    Return on (average) shareholders' equity (GAAP)                         6.28%                    8.42%               8.59%                                             8.72%               8.84%                           8.67%                 8.19%                                7.58%           8.58%

              Effect of adjustment for intangible assets                    5.92%                    6.47%               6.86%                                             7.18%               7.66%                           7.88%                 7.86%                                6.40%           7.80%

    Return on average tangible shareholders' equity (non-GAAP)             12.20%                   14.89%              15.45%                                            15.90%              16.50%                          16.55%                16.05%                               13.98%          16.37%


    (2) Return on Average Assets

    Return on (average) assets (GAAP)                                       0.81%                    1.06%               1.06%                                             1.08%               1.07%                           1.02%                 0.93%                                0.96%           1.01%

              Effect of adjustment for intangible assets                    0.11%                    0.12%               0.12%                                             0.12%               0.13%                           0.13%                 0.12%                                0.12%           0.13%

    Return on average tangible assets (non-GAAP)                            0.93%                    1.17%               1.18%                                             1.20%               1.20%                           1.15%                 1.05%                                1.08%           1.13%


    (3) Shareholder Equity Ratio

    Shareholders' equity to (actual) assets (GAAP)                         13.04%                   12.39%              12.30%                                            12.26%              12.18%                          11.81%                11.46%                               13.04%          12.18%

              Effect of adjustment for intangible assets                    5.64%                    4.61%               4.65%                                             4.74%               4.81%                           4.81%                 4.79%                                5.64%           4.81%

    Tangible capital ratio (non-GAAP)                                       7.40%                    7.78%               7.65%                                             7.52%               7.37%                           7.00%                 6.68%                                7.40%           7.37%



                                                                                                                                        CALCULATION OF EFFICIENCY RATIO
                                                                                                                                        -------------------------------


    Interest income (FTE)                                                  $76,242                   $58,516              $55,910                                            $57,335              $58,098                          $60,002                $57,811                              $190,668         $175,910

              Interest expense                                               5,620                     5,099                5,324                                              5,580                5,886                            6,108                  6,206                                16,043           18,200
                                                                             -----                     -----                -----                                              -----                -----                            -----                  -----                                ------           ------

    Net Interest income (FTE)                                              $70,622                   $53,417              $50,586                                            $51,755              $52,212                          $53,894                $51,605                              $174,625         $157,710
                                                                           -------                   -------              -------                                            -------              -------                          -------                -------                              --------         --------


    Total noninterest income                                               $32,117                   $22,917              $21,904                                            $19,970              $22,563                          $19,471                $18,616                               $76,938          $60,650

              Securities gains (losses)                                          -                       96                    -                                                 -                 375                                -                     -                                   96              375

              Gain on acquisition                                                -                        -                   -                                                 -                   -                               -                     -                                    -               -
                                                                               ---                      ---                 ---                                               ---                 ---                             ---                   ---                                  ---             ---

    Total noninterest income                                                $32,117                   $22,821              $21,904                                            $19,970              $22,188                          $19,471                $18,616                               $76,842          $60,275

    Total Income (FTE)                                                     $102,739                   $76,238              $72,490                                            $71,725              $74,400                          $73,365                $70,221                              $251,467         $217,985
                                                                           ========                   =======              =======                                            =======              =======                          =======                =======                              ========         ========


    Total noninterest expense                                              $76,085                   $51,176              $47,414                                            $45,979              $48,175                          $49,396                $47,645                              $174,675         $145,216

              Amortization of intangibles                                    1,803                     1,239                1,275                                              1,327                1,381                            1,427                  1,471                                 4,317            4,279

              Merger-related expenses                                        7,746                     1,467                  478                                                499                    -                               -                   195                                 9,691              195

              Debt extinguishment penalty                                        -                        -                   -                                                 -                   -                               -                     -                                    -               -
                                                                               ---                      ---                 ---                                               ---                 ---                             ---                   ---                                  ---             ---

    Total noninterest expense                                              $66,536                   $48,470              $45,661                                            $44,153              $46,794                          $47,969                $45,979                              $160,667         $140,742
                                                                           =======                   =======              =======                                            =======              =======                          =======                =======                              ========         ========


    (4) Efficiency Ratio                                                     64.76%                   63.58%              62.99%                                            61.56%              62.90%                          65.38%                65.48%                               63.89%          64.56%

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SOURCE Renasant Corporation