Slide 1: First Quarter 2025 Investor Presentation
First Quarter 2025 Investor Presentation
Slide 2: 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.
Slide 3: Snapshot
Snapshot Assets: $18.3 billion Loans: 13.1 Deposits: 14.8 Equity: 2.7 Loans and Deposits by State MS 20% AL 28% FL 7% Other 1% GA 29% TN 15% Loans MS 42% AL 15% FL 3% GA 30% TN 10% Deposits Footprint *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texa
Slide 4: First Quarter Highlights
• Net income of $41.5 million with diluted EPS of $0.65 and adjusted diluted EPS (non-GAAP)(1) of $0.66 • Net interest margin increased 9 basis points linked quarter to 3.45% • Loans increased $170.6 million, or 5.4% annualized • Deposits increased $199.5 million, with noninterest bearing deposits i
Slide 5: Balance Sheet
Balance Sheet $14,237 $14,255 $14,510 $14,573 $14,772 $13 ,200 $13 ,400 $13 ,600 $13 ,800 $14 ,000 $14 ,200 $14 ,400 $14 ,600 $14 ,800 $15 ,000 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Deposits $12,501 $12,605 $12,628 $12,885 $13,056 $11 ,500 $11 ,700 $11 ,900 $12 ,100 $12 ,300 $12 ,500 $12 ,700 $12
Slide 6: Core Deposit Funding
6 Core Deposit Funding Composition Granularity • Average deposit account balance is $36 thousand; commercial and consumer deposit accounts, excluding time deposit accounts, averaged approximately $102 thousand and $14 thousand, respectively • Top 20 depositors, excluding public funds, comprise 4.5%
Slide 7: Liquidity Position
7 Liquidity Position Cash and Securities to Total Assets 16.2% 15.9% 17.8% 16.9% 17.5% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Loans to Deposits 88% 88% 87% 88% 88% $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Average Interest Earning Asset M
Slide 8: Capital
8 Capital 13.39% 13.45% 14.80% 14.85% 14.93% 8.04% 8.16% 9.76% 9.84% 9.99% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Equity to Assets / Tangible Common Equity Ratio (non-GAAP)* Shareholders' equity to assets Tangible common equity ratio (non-GAAP)* $41.25 $41.77 $41.82 $42.13 $42.79 $23.32 $23.89 $26.
Slide 9: Asset Quality
9 Asset Quality 2.76% 2.62% 3.02% 2.89% 2.45% 2.00% 2.50% 3.00% 3.50% 4.00% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Criticized Loans/Total Loans 0.48% 0.23% 0.14% 0.31% 0.31% 0.0% 0.5% 1.0% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Loans 30-89 Days Past Due/ Total Loans 0.01% 0.18% 0.02% 0.05% 0.00% 0
Slide 10: Profitability
10 Profitability Note: Dollars in millions except per share amounts. *Adjusted Diluted EPS, Adjusted Net Income, Adjusted Net Interest Income (FTE), PPNR and Adjusted PPNR are non-GAAP financial measures. See slides 24, 25, 26 and 28 in the appendix for a description of the exclusions and a reconcil
Slide 11: Profitability Ratios
11 Profitability Ratios *Adjusted ROAA, Adjusted ROTCE, PPNR/Average Assets, Adjusted PPNR/Average Assets and Adjusted Efficiency Ratio are non-GAAP financial measures. See slides 25, 27 and 30 in the appendix for a description of the exclusions and a reconciliation of these non-GAAP financial measu
Slide 12: Net Interest Margin (FTE), Loan Yield and Cost of Deposits
12 Net Interest Margin (FTE), Loan Yield and Cost of Deposits *Adjusted Net Interest Margin (FTE) and Adjusted Loan Yield are non-GAAP financial measures. See slides 28 and 29 in the appendix for a description of the exclusions and a reconciliation of these non-GAAP financial measures to GAAP. 3.30%
Slide 13: Noninterest Income / Total Revenue
Noninterest Income / Total Revenue $41.4 $38.8 $89.3 $34.2 $36.4 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Noninterest Income 89% 5%6% YTD Total Revenue(1) Community Banking Wealth Management Mortgage • Noninterest income increased $2.2 million on a linked quarter basis. An increase in mortgage bankin
Slide 14: Noninterest Expense
14 Noninterest Expense ($ in thousands) 4Q24 1Q25 Change Salaries and employee benefits 70,260$ 71,957$ 1,697$ Data processing 4,145 4,089 (56) Net occupancy and equipment 11,312 11,754 442 Advertising and public relations 3,840 4,297 457 Merger and conversion expenses 2,076 791 (1,285) Other 23,114
Slide 15: Appendix
Appendix
Slide 16: Available Liquidity and Uninsured Deposits
16 Available Liquidity and Uninsured Deposits $9.6 $4.6 Available sources Uninsured and uncollateralized deposits Uninsured Deposits Uncollateralized 4.6$ 31.1 % Collateralized public funds 2.0 13.5 Total 6.6$ 44.6 % % of Total Deposits Internal Sources Cash and cash equivalents 1.1$ Unencumbered se
Slide 17: Securities Composition (at amortized cost)
17 Securities Composition (at amortized cost) Highlights • Represents 11.5% of total assets • Duration of 4.6 years • 50% of portfolio HTM • 10.7% of HTM are CRA investments • 25.7% of HTM are Municipals • Unrealized losses in AOCI on securities totaled $173.9 million ($130.7 million, net of tax); t
Slide 18: Non-Owner Occupied CRE – Term
18 Non-Owner Occupied CRE – Term* Non-Owner Occupied CRE – Term* Note: As of March 31, 2025. LTV is calculated using the most recent appraisal available. *Excludes construction 17% 10% 11% 25% 7% 7% 16% 5% 2% Warehouse/Industrial Hotels Self Storage Multi-family Medical Office Office (non-medical) R
Slide 19: Construction Composition
19 Construction Composition Note: As of March 31, 2025; LTV is calculated using the most recent appraisal available. Highlights 25% 10% 23% 7% 4% 13% 13% 2% 3% 1-4 Family Commercial Owner-Occupied Multi-family Office Retail Self Storage Warehouse / Industrial Hotels Senior Housing Average Loan Size1
Slide 20: ACL / Loss Absorption
Forward-Looking Statements 20 ACL / Loss Absorption ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans Commercial, Financial, Agricultural 38,527$ 2.04 38,240$ 2.02 Lease Financing Receivables 3,368 3.72 3,644 4.27 Real Estate - 1-4 Family Mortgage 47,832 1.37 50,913 1.42 Real Estate -
Slide 21: Mortgage Banking
21 Mortgage Banking Mortgage Banking Income ($ in thousands) 1Q24 4Q24 1Q25 Gain on sales of loans, net 4,535$ 2,379$ 4,500$ Fees, net 1,854 2,850 2,317 Mortgage servicing income, net 4,981 1,632 1,330 Mortgage banking income, net 11,370$ 6,861$ 8,147$ $444.3 $560.3 $543.6 $482.3 $632.1 $- $100 $200
Slide 22: Acquisition of The First
• Creates a leading Southeast bank with ~$25 billion in combined assets • Familiarity and culture mitigate risk • Strengthens demographic profile and adds density Acquisition of The First Note: Data as of June 30, 2024. (1) Inclusive of assumptions detailed on slide 13 of the Merger Investor Present
Slide 23: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non- GAAP Disclosures
Slide 24: Pre-Provision Net Revenue and Adjusted PPNR
Forward-Looking Statements 24 Reconciliation of Non-GAAP Disclosures Pre-Provision Net Revenue and Adjusted Pre-Provision Net Revenue $ in thousands 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net income (GAAP) 39,409$ 38,846$ 72,455$ 44,747$ 41,518$ Income taxes 9,912 9,666 24,924 5,006 10,448 Provisio
Slide 25: PPNR/Average Assets and Adjusted PPNR/Average Assets
25 Reconciliation of Non-GAAP Disclosures Pre-Provision Net Revenue/Average Assets and Adjusted Pre-Provision Net Revenue/Average Assets $ in thousands 1Q 2024 2Q 2024 3Q 2024 Net income (GAAP) 39,409$ 38,846$ 72,455$ 44,747$ 41,518$ Merger and conversion expense - - 11,273 2,076 791 Gain on extingu
Slide 26: Adjusted Diluted Earnings Per Share
Forward-Looking Statements 26 Reconciliation of Non-GAAP Disclosures Adjusted Diluted Earnings Per Share $ in thousands 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net income (GAAP) 39,409$ 38,846$ 72,455$ 44,747$ 41,518$ Merger and conversion expense - - 11,273 2,076 791 Gain on extinguishment of debt
Slide 27: Return on Average Tangible Common Equity (Adjusted)
27 Reconciliation of Non-GAAP Disclosures Return on Average Tangible Common Equity (Adjusted) $ in thousands 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net income (GAAP) 39,409$ 38,846$ 72,455$ 44,747$ 41,518$ Merger and conversion expense - - 11,273 2,076 791 Gain on extinguishment of debt (56) - - -
Slide 28: Adjusted Net Interest Income (FTE) and Adjusted Net Interest Margin
Forward-Looking Statements 28 Reconciliation of Non-GAAP Disclosures Adjusted Net Interest Income (FTE) and Adjusted Net Interest Margin $ in thousands 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net interest income (FTE) (GAAP) 125,850$ 127,598$ 133,576$ 135,502$ 137,432$ Less: Net interest income coll
Slide 29: Adjusted Loan Yield
29 Reconciliation of Non-GAAP Disclosures Adjusted Loan Yield $ in thousands 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Loan interest income (FTE) (GAAP) 194,640$ 200,670$ 204,935$ 201,562$ 199,504$ Less: Net interest income collected on problem loans 123 (146) 642 151 1,026 Accretable yield recognized
Slide 30: Adjusted Efficiency Ratio
Forward-Looking Statements 30 Reconciliation of Non-GAAP Disclosures Adjusted Efficiency Ratio $ in thousands 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Net interest income (FTE) (GAAP) 125,850$ 127,598$ 133,576$ 135,502$ 137,432$ Total noninterest income (GAAP) 41,381 38,762 89,299 34,218 36,395 Gain
Slide 31: Tangible Common Equity and Tangible Book Value
31 Reconciliation of Non-GAAP Disclosures Tangible Common Equity and Tangible Book Value $ in thousands 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Shareholders' equity (GAAP) 2,322,350$ 2,354,701$ 2,658,078$ 2,678,318$ 2,727,105$ Intangibles 1,009,248 1,008,062 1,004,136 1,003,003 1,001,923 Tangible sh
Slide 32: Slide 32