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]

This presentation may contain various statements about Renasant Corporation ("Renasant," "we," "our," or "us") that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "projects," "anticipates," "intends," "estimates," "plans," "potential," "focus," "possible," "may increase," "may f ...

[PART I Financial Information](index=5&type=section&id=PART%20I%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for the period ended September 30, 2022, detail the company's financial position and performance, reflecting asset shifts, mixed income trends, and impacts from rising interest rates [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Summary (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$16,471,099** | **$16,810,311** | **($339,212)** | | Cash and cash equivalents | $479,500 | $1,877,965 | ($1,398,465) | | Loans, net | $10,930,648 | $9,856,743 | $1,073,905 | | Total Securities (AFS & HTM) | $2,922,744 | $2,802,409 | $120,335 | | **Total Liabilities** | **$14,378,818** | **$14,600,458** | **($221,640)** | | Total Deposits | $13,432,124 | $13,905,724 | ($473,600) | | **Total Shareholders' Equity** | **$2,092,281** | **$2,209,853** | **($117,572)** | | Accumulated other comprehensive loss | ($216,052) | ($10,443) | ($205,609) | - Total assets decreased by **$339.2 million** from year-end 2021, primarily due to a significant reduction in cash and cash equivalents, which was partially offset by growth in net loans[9](index=9&type=chunk) - Shareholders' equity declined by **$117.6 million**, largely driven by a **$205.6 million** increase in accumulated other comprehensive loss, reflecting unrealized losses on securities in a rising interest rate environment[9](index=9&type=chunk) [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Income Statement Summary (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $130,318 | $103,292 | $343,462 | $322,519 | | Provision for Credit Losses | $9,800 | ($1,200) | $13,300 | ($1,200) | | Noninterest Income | $41,186 | $50,755 | $115,858 | $179,402 | | Noninterest Expense | $101,574 | $103,999 | $293,873 | $328,711 | | **Net Income** | **$46,567** | **$40,063** | **$119,792** | **$138,838** | | **Diluted EPS** | **$0.83** | **$0.71** | **$2.13** | **$2.46** | - Net income for Q3 2022 increased by **16.2%** YoY, driven by higher net interest income. However, for the nine months ended Sep 30, 2022, net income decreased by **13.7%** YoY, primarily due to a significant reduction in mortgage banking income from **$94.9 million** in 2021 to **$30.6 million** in 2022[11](index=11&type=chunk) - The company recorded a provision for credit losses of **$9.8 million** in Q3 2022, a reversal from the **$1.2 million** recovery of provision in Q3 2021, reflecting changes in economic outlook and loan growth[11](index=11&type=chunk) [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) - The company experienced a comprehensive loss of **$14.1 million** in Q3 2022, compared to a comprehensive income of **$31.5 million** in Q3 2021. For the nine-month period, the comprehensive loss was **$85.8 million** versus an income of **$124.5 million** in the prior year[13](index=13&type=chunk) - The significant driver of the comprehensive loss was a large other comprehensive loss of **$205.6 million** for the first nine months of 2022, primarily from unrealized holding losses on available-for-sale securities, which amounted to **$221.0 million** (pre-tax)[13](index=13&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) - Total shareholders' equity decreased from **$2.21 billion** at the start of 2022 to **$2.09 billion** at September 30, 2022[16](index=16&type=chunk) - Key drivers for the change in shareholders' equity during the first nine months of 2022 include net income of **$119.8 million**, offset by other comprehensive loss of **$205.6 million** and cash dividends of **$37.5 million**[16](index=16&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $463,107 | $90,171 | | Net Cash used in Investing Activities | ($1,587,457) | ($372,260) | | Net Cash (used in) from Financing Activities | ($274,115) | $1,125,027 | | **Net (Decrease) Increase in Cash** | **($1,398,465)** | **$842,938** | - There was a significant net decrease in cash and cash equivalents of nearly **$1.4 billion** in the first nine months of 2022, a sharp contrast to the **$842.9 million** increase in the same period of 2021. This was primarily driven by a net increase in loans of **$1.06 billion** and purchases of securities[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - On March 1, 2022, the Bank acquired Southeastern Commercial Finance, LLC ("SCF"), an asset-based lending company[25](index=25&type=chunk) - In September 2022, the Bank formed Renasant Capital Funding Corporation, a real estate investment trust (REIT), to purchase eligible real estate loans in Georgia and Florida for tax benefits and liquidity management[26](index=26&type=chunk) - During Q3 2022, the company transferred **$882.9 million** of securities from the available-for-sale portfolio to the held-to-maturity portfolio, as it has no intention to sell these securities. The related net unrealized loss of **$99.7 million** remained in accumulated other comprehensive income[35](index=35&type=chunk) - The company determined that all unrealized losses on its securities portfolio as of September 30, 2022, resulted from non-credit related factors, and therefore no impairment was recorded[48](index=48&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=60&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights Q3 2022 earnings growth from loan expansion and rising rates, offset by a nine-month decline due to normalized mortgage banking income, with stable credit quality and strong capital ratios [Financial Condition](index=60&type=section&id=Financial%20Condition) - Total assets decreased to **$16.47 billion** at September 30, 2022, from **$16.81 billion** at December 31, 2021. The acquisition of Southeastern Commercial Finance, LLC on March 1, 2022, added **$43.9 million** in total assets[201](index=201&type=chunk) - Total loans grew by **$1.08 billion** to **$11.11 billion** at September 30, 2022, from **$10.02 billion** at year-end 2021, reflecting strong organic growth[210](index=210&type=chunk) - Total deposits decreased by **$473.6 million** to **$13.43 billion**. However, noninterest-bearing deposits grew by **$109.1 million** and represented **35.94%** of total deposits, up from **33.93%** at year-end 2021[214](index=214&type=chunk)[215](index=215&type=chunk) - On March 1, 2022, the company redeemed the remaining **$30.0 million** of its **5.00%** fixed-to-floating rate subordinated notes[220](index=220&type=chunk) [Results of Operations](index=64&type=section&id=Results%20of%20Operations) Quarterly and YTD Performance Summary | Metric | Q3 2022 | Q3 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $46.6M | $40.1M | $119.8M | $138.8M | | Diluted EPS | $0.83 | $0.71 | $2.13 | $2.46 | | Net Interest Income | $130.3M | $103.3M | $343.5M | $322.5M | | Net Interest Margin (Tax-equivalent) | 3.54% | 2.93% | 3.14% | 3.16% | - The increase in net interest income was driven by loan growth and the rising interest rate environment. The net interest margin expanded to **3.54%** in Q3 2022 from **2.93%** in Q3 2021[229](index=229&type=chunk)[233](index=233&type=chunk) - Mortgage banking income decreased significantly to **$12.7 million** in Q3 2022 from **$23.3 million** in Q3 2021. For the nine-month period, it fell to **$30.6 million** from **$94.9 million**, as originations normalized toward pre-pandemic levels and margins compressed[253](index=253&type=chunk) - Salaries and employee benefits decreased for both the three and nine-month periods, primarily due to lower mortgage commissions and incentives, which offset increases in the company's minimum wage[259](index=259&type=chunk) - The GAAP efficiency ratio improved to **58.50%** in Q3 2022 from **66.77%** in Q3 2021[268](index=268&type=chunk) [Risk Management](index=74&type=section&id=Risk%20Management) Credit Quality Metrics | Metric | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Nonperforming Loans (NPLs) | $55,865 | $50,805 | | NPLs to Total Loans | 0.50% | 0.51% | | Allowance for Credit Losses (ACL) | $174,356 | $164,171 | | ACL to NPLs | 312.10% | 323.14% | | Net Charge-offs (YTD Annualized) | 0.06% | N/A | - Net charge-offs for the first nine months of 2022 were **$4.8 million**, or **0.06%** of average loans (annualized), consistent with the same period in 2021[275](index=275&type=chunk) - The company's interest rate risk profile is asset sensitive, with a projected **4.72%** increase in net interest income over 12 months given an instantaneous **+100 basis point** rate shock[301](index=301&type=chunk) [Liquidity and Capital Resources](index=83&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's primary source of funds is core deposits. At September 30, 2022, the company had **$3.82 billion** of available credit with the FHLB and **$180 million** in unsecured lines of credit with other banks[305](index=305&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk) Regulatory Capital Ratios (Renasant Corporation) | Ratio | Sep 30, 2022 | Minimum to be Well Capitalized | | :--- | :--- | :--- | | Common Equity Tier 1 | 10.64% | 6.50% | | Tier 1 Capital | 11.47% | 8.00% | | Total Capital | 15.15% | 10.00% | | Tier 1 Leverage | 9.39% | 5.00% | - The company did not repurchase any common stock under its repurchase plan in the first nine months of 2022. A new **$100 million** stock repurchase program was approved in October 2022[324](index=324&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=89&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes in its market risk since December 31, 2021, referring to its 2021 Annual Report on Form 10-K for detailed information - There have been no material changes in the company's market risk since December 31, 2021[335](index=335&type=chunk) [Controls and Procedures](index=89&type=section&id=Item%204.%20Controls%20and%20Procedures) The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures are effective[337](index=337&type=chunk) - No changes in internal control over financial reporting occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[337](index=337&type=chunk) [PART II Other Information](index=91&type=section&id=PART%20II%20Other%20Information) [Risk Factors](index=91&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes from the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 - There have been no material changes from the risk factors set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2021[339](index=339&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=91&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period, with share repurchases limited to tax-related withholdings for vested restricted stock awards, separate from its public repurchase plan - No unregistered sales of equity securities occurred during the period[340](index=340&type=chunk) - During Q3 2022, **8,897 shares** were repurchased at an average price of **$31.69** per share. These were shares withheld to satisfy tax liabilities on vested restricted stock awards, not open market repurchases under the public plan[341](index=341&type=chunk) - The **$50.0 million** stock repurchase program from October 2021 expired in October 2022 and was replaced with a new **$100.0 million** program[341](index=341&type=chunk) [Exhibits](index=92&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required certifications from the Principal Executive Officer and Principal Financial Officer, and financial data formatted in Inline XBRL - The report includes required certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[342](index=342&type=chunk) - Financial statements and notes were formatted in Inline XBRL as part of the filing[342](index=342&type=chunk) [Signatures](index=93&type=section&id=SIGNATURES)

Financial Data and Key Metrics Changes - Third-quarter earnings were $46.6 million or $0.83 per diluted share, compared to $39.7 million or $0.71 per diluted share for the second quarter of 2022 [12] - Year-to-date diluted earnings per share were $2.13 compared to $2.47 in 2021 [12] - Net interest income increased by $12.8 million quarter-over-quarter, with a core margin of 3.5%, up 50 basis points from Q2 [22] Business Line Data and Key Metrics Changes - Strong loan growth continued with total loans increasing over $500 million from the second quarter [17] - The mortgage division experienced volatility, but the company is investing in strong production talent [14] - Non-interest income increased due to positive results in capital markets, treasury solutions, and insurance lines of business [24] Market Data and Key Metrics Changes - Non-interest-bearing deposits grew by $86 million, now representing 36% of total deposits [19] - The loan-to-deposit ratio stands at 79%, providing flexibility [19] - The company transferred $883 million in securities to the held-to-maturity category to preserve book value [20] Company Strategy and Development Direction - The company remains focused on providing exceptional customer service and growing relationships as one bank [27] - There is an emphasis on maintaining a strong capital position and managing deposit costs amid competitive pressures [13] - The company aims to achieve an efficiency ratio below 60%, with a current adjusted efficiency ratio of 58.8% [15][75] Management's Comments on Operating Environment and Future Outlook - Management noted that while loan production activity has slowed, solid loan growth continues due to reduced payoffs [9] - The company anticipates funding pressures to escalate in future quarters but remains optimistic about loan growth driven by strong markets and business lines [62] - Management expressed a commitment to maintaining stable credit quality metrics despite economic uncertainties [21] Other Important Information - The company recorded a credit provision of $9.8 million and net charge-offs of $1.6 million, with the allowance for credit losses (ACL) ratio stable at 1.57% [21] - The company is open to alternative funding sources, including the Federal Home Loan Bank, to support loan growth [62] Q&A Session Summary Question: Margin trajectory and funding costs - Management expects margin expansion in Q4 but not to the same extent as Q3, with a deposit beta around 7% [36][38] Question: Future loan growth expectations - Loan production was $753 million, down from $877 million, but still strong historically, with a current pipeline of $270 million [52][54] Question: Fee income guidance - Non-interest income outlook is mixed, with headwinds in mortgage and consumer fees but stability in wealth management and insurance [85] Question: Share repurchase activity - No repurchase activity occurred in Q3, but the buyback program was renewed and increased from $50 million to $100 million [87]

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 June 30, 2022 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: ...

Second Quarter 2022 Earnings Call Forward-Looking Statements This presentation may contain various statements about Renasant Corporation ("Renasant," "we," "our," or "us") that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "projects," "anticipates," "intends," "estimates," "pla ...