Slide 1: Fourth Quarter 2021 Earnings Call
Fourth Quarter 2021 Earnings Call
Slide 2: Forward-Looking Statements
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 Exchan
Slide 3: Overview
Overview Company Snapshot Loans and Deposits by State Assets: $16.8 billion Loans Loans: 10.0 Deposits: 13.9 Equity: 2.2 TN MS 17% 23% YTD Total Revenue(1) GA AL 2% 31% 23% FL 19% 6% 3% Deposits 76% TN 13% MS 36% GA Community Banking Wealth Management 34% AL Mortgage Insurance FL 14% 3% 3 Note: Fina
Slide 4: Renasant Footprint
Renasant Footprint Winston-Salem Nashville Knoxville 81 95 Greensboro 40 TENNESSEE Raleigh 77 ARKANSAS 24 75 Memphis Charlotte NORTH CAROLINA Chattanooga Greenville 40 Huntsville 85 Tupelo 65 Columbia Wilmington Birmingham 95 Atlanta 20 SOUTH CAROLINA GEORGIA MISSISSIPPI ALABAMA 20 Columbus Charlest
Slide 5: Fourth Quarter Highlights
Fourth Quarter Highlights • Net income of $37.1 million with diluted EPS of $0.66 and adjusted diluted EPS (non-GAAP)(1) of $0.68 • Completed the public offering and sale of $200 million of 3.00% fixed-to- floating rate subordinated notes due 2031 • Allowance for credit losses on loans to total loan
Slide 6: Financial Condition
RENASAN CORPORATION Financial Condition
Slide 7: Total Assets
Total Assets $17 ,000 $16,810 $16 ,500 $16,156 $16,022 $16 ,000 $15,623 $15 ,500 $15 ,000 $14,930 $14 ,500 $14 ,000 $13 ,500 $13 ,000 $12 ,500 $12 ,000 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 7 Note: Dollars in millions
Slide 8: Loans and Yields
Loans and Yields 4.24% 4.24% 4.10% 4.11% 3.98% 4.03% 4.01% 3.94% 3.89% 3.87% $10,934 $10,688 $10,149 $10,017 $10,021 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1-4 Family Mortgage Commercial Mortgage Construction Other* C&I PPP Loan Yield Core Loan Yield** Note: Dollars in millions * Other loans are co
Slide 9: Deposit Mix and Pricing
Deposit Mix and Pricing $13,906 $13,115 $13,255 $12,737 $12,059 0.33% 0.27% 0.24% 0.21% 0.18% 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Noninterest-bearing Interest-bearing Savings Time Cost of deposits 9 Note: Dollars in millions
Slide 10: Liquidity
Liquidity Cash and Cash Equivalents Average Loans to Average Deposits $1 $2,0 00 $1,8 00 $1 $1,6 00 $1,4 00 $1 $1,2 00 92% $1,878 88% $1 $1,0 00 $80 0 $1,605 $1,476 81% $1,262 $1 76% $60 0 73% $633 $40 0 $1 $20 0 $0 $1 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 S
Slide 11: Capital Position
Capital Position Regulatory Capital as of December 31, 2021 Capital Highlights • Sold in a public offering $200 million of 3.00% fixed- to-floating rate subordinated notes due 2031 • $50 million stock repurchase program will remain in effect through October 2022; however, no buyback activity in the
Slide 12: Capital Ratios
Capital Ratios Strong Capital Position Minimum to be Well Ratio 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Capitalized (1) Tangible Common 8.33% 8.23% 8.22% 8.15% 7.86% N/A Equity* Leverage 9.37 9.49 9.30 9.18 9.15 5.00% Tier 1 Risk Based 11.91 12.00 12.07 11.94 12.10 8.50 Total Risk Based 15.07 15.09
Slide 13: Asset Quality
RENASAN CORPORATION Asset Quality
Slide 14: Asset Quality
Asset Quality Loans 30-89 Days Past Due/ Classified Loans/Total Loans* Total Loans* $300,000 4.00% $100,000 2.00% $250,000 3.00% $75,000 1.50% $200,000 1.61% $150,000 2.00% $50,000 1.00% 0.28% $100,000 $25,000 0.50% 1.00% $50,000 $- 0.00% $- 0.00% ($ in thousands) 4Q 1Q 2Q 3Q 4Q ($ in thousands) 4Q
Slide 15: Asset Quality
Asset Quality NPAs/Total Assets* Net Charge-offs/Average Loans* $150,000 3.00% $20,000 0.80% $125,000 2.50% $15,000 0.60% $100,000 2.00% $75,000 1.50% $10,000 0.40% 0.32% $50,000 1.00% 0.22% $5,000 0.20% $25,000 0.50% $- 0.00% $- 0.00% ($ in thousands) ($ in thousands) 4Q 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q
Slide 16: ACL Metrics
ACL Metrics Allowance/Total Loans* Allowance/Nonperforming Loans $180,000 1.90% $180,000 400% 1.85% $170,000 1.65% $170,000 323% 350% 1.80% $160,000 1.75% $160,000 300% 1.70% $150,000 $150,000 250% 1.65% $140,000 1.60% $140,000 200% ($ in thousands) ($ in thousands) 4Q 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q 202
Slide 17: ACL Summary
ACL Summary 12/31/2020 12/31/2021 ACL as a % ACL as a % ($ in thousands) ACL of Loans ACL of Loans SBA Paycheck Protection Program - - - - Commercial, Financial, Agricultural $ 39,031 2.77 $ 33,922 2.49 Lease Financing Receivables 1,624 2.14 1,486 1.95 Real Estate - 1-4 Family Mortgage 32,165 1.19 3
Slide 18: Loss Absorption Capacity
Loss Absorption Capacity ($ in thousands) 12/31/2021 Allowance for Credit Losses on Loans $ 164,171 Reserve for Unfunded Commitments 20,035 Purchase Accounting Discounts 14,794 Total Loss Absorption Capacity $ 199,000 * Allowance for credit losses to total loans (excluding PPP) is a non-GAAP financi
Slide 19: Profitability
RENASAN CORPORATION Profitability
Slide 20: Net Income & Adjusted Pre-Provision Net Revenue
Net Income & Adjusted Pre-Provision Net Revenue* 1.66% 1.53% $62.3 1.24% 1.23% 1.19% $57.4 $48.8 $50.2 $49.2 $57.9 $40.9 $40.1 $37.1 $31.5 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Net Income Adj. PPNR (non-GAAP)* PAdj. PPNR /Avg. Assets (non-GAAP)* Note: Dollars in millions *Adjusted Pre-Provision Ne
Slide 21: Diluted Earnings per Share Reported and Adjusted
Diluted Earnings per Share Reported and Adjusted* $1.20 $1.02 $1.00 $.85 $0.80 $.72 $.73 $.71 $.71 $.68 $.68 $.66 $0.60 $.56 $0.40 $0.20 $- 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Diluted EPS (GAAP) Diluted EPS Adjusted (non-GAAP)* * Diluted earnings per share (adjusted) is a non-GAAP financial meas
Slide 22: Profitability Ratios
Profitability Ratios Return on Average Assets (ROAA) Return on Average Equity (ROE) 1.80% 18.00% 16.68% 1.60% 1.54% 16.00% 1.40% 13.52% 13.64% 14.00% 13.13% 1.29% 12.31% 1.20% 12.00% 1.04% 1.04% 10.81% 1.02% 0.99% 0.99% 1.00% 10.00% 0.89% 0.92% 0.84% 0.80% 8.00% 7.40% 7.16% 6.59% 5.88% 0.60% 6.00% 0
Slide 23: Core Net Interest Income (FTE) & Core Net Interest Margin
Core Net Interest Income (FTE) & Core Net Interest Margin* 3.35% 3.37% 3.19% 3.22% 2.93% 3.12% 2.81% 2.92% 2.76% 2.73% $110.0 $111.3 $111.2 $105.0 $103.3 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Core NII (FTE)(Non-GAAP)* Non-Core NII NIM Core NIM (Non-GAAP)* Note: Dollars in millions *Core Net Intere
Slide 24: Noninterest Income
Noninterest Income Q4 2021 – Noninterest Income $81,037 Contribution Other Service $62,864 Charges 24% 21% $50,755 $47,610 $47,582 Fees and Commissions 8% Mortgage Insurance Banking 5% Wealth 31% Management 11% Securities Gains 0% 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Service Charges Fees and Comm
Slide 25: Mortgage Banking
Mortgage Banking Mortgage banking income Mortgage Mix ($ in thousands) 4Q20 3Q21 4Q21 4Q20 3Q21 4Q21 Gain on sales of loans, net $ 36,080 $ 20,116 $ 10,801 Wholesale 41 42 38 Fees, net 5,318 3,420 4,320 Retail 59 58 62 Mortgage servicing income, net (3,606) (244) (395) Purchase 50 59 65 MSR valuatio
Slide 26: Noninterest Expense and Efficiency Ratio
Noninterest Expense and Efficiency Ratio ($ in thousands) 3Q21 4Q21 Change Q4 2021 – Noninterest Expense Mix Salaries and employee benefits $ 69,115 $ 62,523 $ (6,592) Other Debt 14% Data processing 5,277 5,346 69 prepayment penalties Net occupancy and equipment 11,748 11,177 (571) 6% Intangible amo
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