Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file num ...

Renasant Corporation (NYSE:RNST) Q3 2023 Earnings Conference Call October 25, 2023 10:00 AM ET Company Participants Kelly Hutcheson - Chief Accounting Officer Mitchell Waycaster - Executive Vice Chairman and Chief Executive Officer Kevin Chapman - President and Chief Operating Officer James Mabry - Chief Financial Officer David Meredith - Senior Executive Vice President and Chief Credit Officer Conference Call Participants Michael Rose - Raymond James Catherine Mealor - KBW Dave Bishop - Hovde Group Jordan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 RENASANT CORPORATION (Exact name of registrant as specified in its charter) ________________________________________________________ Mississippi 64-0676974 (State or other jurisdiction of (I.R.S. E ...

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

Financial Data and Key Metrics Changes - The second quarter earnings were $28.6 million or $0.51 per diluted share, with a core EPS of $0.83, reflecting a $0.01 increase from the first quarter [10] - Net interest income increased due to a rise in loan interest income of over $11 million, while deposit interest expense rose by $18.5 million [7][10] - The balance sheet contracted by $250 million from March 31, with solid loan growth of $165 million, representing an annualized growth rate of 5.6% [30] Business Line Data and Key Metrics Changes - Non-interest income increased modestly quarter-over-quarter, with strong results from capital markets, treasury solutions, wealth management, and insurance lines [11] - The mortgage division saw an increase in income of $1.3 million on a linked-quarter basis, with a gain on sale margin increasing by 51 basis points [11] Market Data and Key Metrics Changes - Total deposits increased slightly during the quarter, with a loan-to-deposit ratio holding constant at 85% [28] - Non-interest-bearing deposits decreased to 27% of total deposits from 31% at March 31, while the cost of deposits increased to 1.5% [31] Company Strategy and Development Direction - The company is focused on core deposit growth and managing funding costs, aiming to reduce reliance on brokered deposits [59] - The management emphasized maintaining a strong balance sheet and enhancing optionality for future growth opportunities [24][80] Management's Comments on Operating Environment and Future Outlook - The current operating environment remains volatile, but the company is optimistic about economic growth in its markets [9] - Management expects some relief in funding costs from recent balance sheet repositioning, although competitive pressures are likely to persist [33][66] Other Important Information - The company recorded a credit loss provision of $3 million, with net charge-offs at $3.9 million, representing an annualized rate of 13 basis points [32] - The efficiency ratio, excluding the loss on the sale of securities, was 63% for the quarter, with ongoing efforts to improve operating leverage [29] Q&A Session Summary Question: Impact of the security sale on future quarters - The security sale had a minimal impact on Q2, but it is expected to benefit future earnings by improving balance sheet flexibility [38] Question: Outlook on deposit beta expectations - The company anticipates deposit betas to be around 50%, with a focus on reducing brokered deposits over the next few quarters [46][59] Question: Loan production outlook and competitive dynamics - Loan production was solid, with $413 million this past quarter, and management remains optimistic about future production despite some moderation in pipelines [50][73] Question: Efficiency ratio and mortgage profitability - The efficiency ratio for the mortgage division is in the mid-90s, with expectations for elevated expenses in the coming quarters due to mortgage-related costs [76]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________ FORM 10-Q ________________________________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number: ...

$1.2 $0.9 $0.6 $0.5 $0.6 $- $0 $0 $1 $1 $1 $1 $1 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 *Gain on sale margin excludes pipeline fair value adjustments and buyback reserve activity included in "Gain on sales of loans, net" in the table above Salaries and employee benefits 65% Data processing 3% Net occupancy and equipment 11% Intangible amortization 1% Other 20% 29 23% 8% 1% 30% 2% 5% 5% 9% 10% 3%4% Composition Highlights • 0.04% past due or nonaccrual 32 | --- | --- | --- | --- | |-------|------------------ ...

Renasant Corporation (NYSE:RNST) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET Corporate Participants Kelly Hutcheson - Chief Accounting Officer, Executive Vice President Mitch Waycaster - President and Chief Executive Officer Kevin Chapman - Chief Operating Officer, Senior Executive Vice President Jim Mabry - Chief Financial Officer, Senior Executive Vice President David Meredith - Chief Credit Officer, Senior Executive Vice President Conference Call Participants Brad Milsaps - Piper Sandler ...

Revenue Sources - Investment income from investment activities accounted for approximately 7.92%, 5.13%, and 4.46% of total gross revenues in 2022, 2021, and 2020, respectively[39]. - Fees generated through deposit services accounted for approximately 7.64%, 7.15%, and 5.88% of total gross revenues in 2022, 2021, and 2020, respectively[42]. - The Wealth Management segment generated total revenue of $27.6 million, representing 3.95% of the Company's total gross revenues in 2022[45]. - Renasant Insurance generated total revenue of $12.4 million, or 1.78% of the Company's total gross revenues in 2022[46]. Risk Management and Compliance - The Company actively manages its loan portfolio to avoid excessive concentrations, balancing among various loan categories[38]. - The Company monitors construction and land development loans to assess risk based on regulatory guidelines[38]. - The Company has established numerous controls and procedures to ensure compliance with the TRID rules and other consumer protection laws[95]. - The company has implemented policies to ensure compliance with federal anti-money laundering laws and regulations[100]. - The company is subject to various federal and state laws designed to protect consumers in its lending activities[93]. Capital Requirements - The Company is subject to risk-based capital guidelines, requiring a minimum Tier 1 capital ratio of at least 4%[59]. - Renasant Corporation is required to maintain a common equity Tier 1 capital (CET1) ratio of not less than 4.5% and a minimum total risk-based capital ratio of 8%[77]. - The capital conservation buffer required is 2.5% of CET1 to risk-weighted assets, which restricts the ability to pay dividends if the ratio falls below this buffer[77]. - Under current regulations, a bank is classified as "well capitalized" if it has total risk-based capital of 10% or more and a Tier 1 risk-based capital ratio of 8% or more[81]. Regulatory Environment - The Company has not elected to become a financial holding company, which would allow for broader financial activities without prior Federal Reserve approval[57]. - The Bank's ability to pay dividends is restricted by federal and state laws, requiring earned surplus to exceed three times capital stock for dividend payments[74]. - The FDIC may terminate the deposit insurance of any institution if it is determined to be engaging in unsafe practices or is in an unsafe condition[71]. - Renasant Bank must comply with federal consumer protection laws, subject to examination by the CFPB due to having more than $10 billion in assets[68]. - The FDIC's risk classification affects the assessment rate for deposit insurance, with higher risk classifications leading to higher rates[70]. - The Bank is subject to ongoing regulatory requirements for any investor seeking to acquire control of it, defined as owning 25% or more of voting securities[65]. Human Capital and Workforce - The company employed 2,334 people as of December 31, 2022, with 2,269 employees in the Bank and 65 in Renasant Insurance[106]. - The company has a strategic approach to human capital that includes attracting and retaining a diverse workforce and providing opportunities for development[106]. - The company has continued remote work arrangements for employees where feasible, reflecting updated guidance from health authorities[107]. Privacy and Consumer Protection - The company has adopted a privacy policy to govern the use and disclosure of personal financial information, ensuring compliance with applicable laws[99]. - The company received a "satisfactory" rating from the FDIC regarding its compliance with the Community Reinvestment Act in its most recent assessment[96]. Future Activities and Limitations - The Volcker Rule does not impact the company's current activities but limits future permissible activities[101].

Financial Data and Key Metrics Changes - The company's fourth quarter earnings were $46.3 million, or $0.82 per diluted share, compared to $46.6 million, or $0.83 per diluted share in the third quarter [18] - Adjusted diluted EPS for the fourth quarter was $0.89 [18] - Non-interest income decreased by $7.8 million quarter-over-quarter, largely due to the mortgage division [26] Business Line Data and Key Metrics Changes - The acquisition of Republic Business Credit (RBC) added $77.5 million in loans, while legacy Renasant contributed $396 million in organic loan growth [14][18] - The mortgage division continues to experience volatility, with origination volumes beginning to normalize but margins remaining unpredictable [19] - Capital Markets, Treasury Solutions, Wealth Management, and Insurance lines were solid contributors to earnings this quarter [19] Market Data and Key Metrics Changes - The company experienced a decline in non-interest bearing deposits of $268 million from the third quarter and borrowed $233 million in brokered time deposits in November [14] - The cost of deposits increased by 31 basis points from Q3 to 52 basis points this quarter, with expectations for continued competitive pressures in 2023 [25] Company Strategy and Development Direction - The company aims to build more scale and reach in specialty lines of business through acquisitions like RBC [18] - Focus remains on sound banking principles, retaining attractive core funding, and maintaining a diverse loan portfolio [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023 despite economic uncertainties, citing attractive markets with growth and net in-migration [9] - The outlook for net interest margin (NIM) is characterized as flat to slightly down for 2023, with expectations of better performance in the first half [37] Other Important Information - The adjusted efficiency ratio improved to 56.3% for the fourth quarter, reflecting revenue lift from margin expansion and expense discipline [12] - The company expects non-interest expenses to increase modestly in 2023 due to inflationary pressures [27] Q&A Session Summary Question: Outlook on margin and NII growth - Management characterized the margin outlook for 2023 as flat to slightly down, with core NIM for November at 3.78% and December at 3.76% [36][37] Question: Changes in deposit beta - The company is using a deposit beta of about low 40s for the cycle, which is an increase from six months ago [38] Question: Expectations for mortgage business - The mortgage division is still volatile, but there are positive trends with a 30% increase in the mortgage pipeline since the beginning of the year [47] Question: Reserve build and credit metrics - The reserve build was primarily in the commercial space due to the acquisition of RBC, with legacy Renasant's provision remaining flat quarter-over-quarter [49] Question: Loan growth expectations - The company expects moderate loan growth, with production for Q4 at $700 million, down from $753 million in the previous quarter [51]