Slide 1: First Quarter 2025 Investor Presentation
First Quarter 2025 Investor Presentation
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 Snapshot Footprint Assets: $18.3 billion Loans: 13.1 Deposits: 14.8 Equity: 2.7 Loans and Deposits by State Loans Deposits TN MS TN 15% 20% 10% MS GA 42% GA 30% 29% AL 28% AL 15% Other FL FL *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texa
Slide 4: First Quarter Highlights
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 nonin
Slide 5: Balance Sheet
Balance Sheet Assets Loans $18,271 $13,056 $17,959 $18,035 $13 ,100 $12,885 $12,605 $12,628 $12 ,900 $17,510 $12,501 $17,346 $12 ,700 $12 ,500 $12 ,300 $12 ,100 $11 ,900 $11 ,700 $11 ,500 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Deposits Equity $15 ,000 $14,772
Slide 6: Core Deposit Funding
Core Deposit Funding Composition Granularity • Average deposit account balance is $36 thousand; commercial and consumer deposit accounts, excluding 17% time deposit accounts, averaged approximately $102 24% thousand and $14 thousand, respectively • Top 20 depositors, excluding public funds, comprise
Slide 7: Liquidity Position
Liquidity Position Cash and Securities to Total Assets Loans to Deposits $1 $0 $1 $0 $1 $0 17.8% $1 $0 17.5% 16.9% $1 16.2% $0 15.9% 88% 88% 88% 88% $1 $0 $1 87% $0 $1 $0 $1 $0 $1 $0 $1 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Average Interest Earning Asset Mix
Slide 8: Capital
Capital Equity to Assets / Tangible Common Equity Ratio CET1 / TRBC (non-GAAP)* 14.85% 14.93% 17.32% 17.08% $0 13.39% 13.45% 14.80% 16.89% 15.00% 15.15% $0 $0 9.99% 12.88% 12.73% 12.59% 9.76% 9.84% $0 10.59% 10.75% 8.04% 8.16% $0 $0 $0 $0 $0 $0 $0 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 2024 2Q 2
Slide 9: Asset Quality
Asset Quality Criticized Loans/Total Loans Loans 30-89 Days Past Due/ Allowance/Nonperforming Loans 4.00% 1.0% Total Loans 400% 271% 3.50% 3.02% 0.48% 204% 207% 2.89% 168% 178% 3.00% 2.76% 0.5% 200% 2.62% 0.31% 0.31% 2.45% 0.23% 2.50% 0.14% 2.00% 0.0% 0% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 20
Slide 10: Profitability
Profitability Diluted EPS / Adjusted Diluted EPS (non-GAAP)* Net Income / Adjusted Net Income (non-GAAP)* $72.5 $1.18 $44.7 $46.5 $0.70 $0.65 $0.69 $0.69 $0.70 $0.70 $0.73 $0.65 $0.66 $39.4 $36.6 $38.8 $38.8 $43.0 $41.5 $42.1 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q
Slide 11: Profitability Ratios
Profitability Ratios ROAA / Adjusted ROAA (non-GAAP*) ROAE / Adjusted ROTCE (non-GAAP)* 1.63% 11.58% 12.04% 11.26% 11.38% 10.30% 0.92% 0.90% 0.99% 0.94% 11.29% 0.97% 1.03% 0.95% 0.86% 0.90% 6.85% 6.68% 6.70% 6.25% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 ROAA (
Slide 12: Net Interest Margin (FTE), Loan Yield and Cost of Deposits
Net Interest Margin (FTE), Loan Yield and Cost of Deposits Net Interest Margin (FTE) / Adjusted Net Interest Loan Yield / Adjusted Loan Yield (non-GAAP)* Margin (FTE)(non-GAAP)* 6.30% 6.41% 6.47% 6.29% 6.24% 6.27% 6.38% 6.41% 6.27% 3.45% 6.19% 3.36% 3.36% 3.30% 3.31% 3.42% 3.32% 3.34% 3.28% 3.29% 1Q
Slide 13: Noninterest Income / Total Revenue
Noninterest Income / Total Revenue Noninterest Income Mix - 1Q 2025 $89.3 Other Service 19% Charges $41.4 $38.8 $36.4 $34.2 29% Mortgage Banking 22% 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Fees and Commissions Wealth 10% Management 20% YTD Total Revenue(1) 6% 5% Community Banking • Noninterest incom
Slide 14: Noninterest Expense
Noninterest Expense Mix - 1Q 2025 ($ in thousands) 4Q24 1Q25 Change Salaries and employee benefits $ 70,260 $ 71,957 $ 1,697 Merger and conversion Data processing 4,145 4,089 (56) expenses Other 18% Net occupancy and equipment 11,312 11,754 442 1% Advertising Advertising and public relations 3,840 4
Slide 15: Appendix
Appendix
Slide 16: Available Liquidity and Uninsured Deposits
Available Liquidity and Uninsured Deposits Liquidity Sources $9.6 Internal Sources Cash and cash equivalents $ 1.1 Unencumbered securities (1) 0.9 External Sources FHLB borrowing capacity(2) 3.8 $4.6 Federal Reserve Discount Window 0.7 Other(3) 3.1 Total $ 9.6 Uninsured % of Total Deposits Deposits
Slide 17: Securities
Securities Composition (at amortized cost) Highlights SBA 7% Other 2% • Represents 11.5% of total assets • Duration of 4.6 years • 50% of portfolio HTM Agency CMBS • 10.7% of HTM are CRA investments 11% • 25.7% of HTM are Municipals $2.2 Agency CMO 39% • Unrealized losses in AOCI on securities total
Slide 18: Non-Owner Occupied CRE – Term
Non-Owner Occupied CRE – Term* Non-Owner Occupied CRE – Term* Highlights 2% Office Warehouse/Industrial Multi-Family (Non-Medical) 5% 17% Hotels Fair Value $312.3-- $1,051.0- Self Storage 16% Multi-family Avg Loan Size1 1.0-- 3.8-- 10% Medical Office % of Loans 2.4% 8.1% 7% Office (non-medical) 11%
Slide 19: Construction
Construction Composition Highlights 1-4 Family 3% Commercial Average Loan Size1 $1.89 million Owner-Occupied 2% Multi-family Total Loans 8.4% 13% 25% Office Past Due or Nonaccrual 0.3% Retail Weighted Average LTV 60.2% 13% (1) Based on commitment amount Self Storage 10% 4% Warehouse / 7% Industrial
Slide 20: ACL / Loss Absorption
ACL / Loss Absorption Forward-Looking Statements 12/31/2024 3/31/2025 ACL as a % ACL as a % ($ in thousands) ACL of Loans ACL 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 50,91
Slide 21: Mortgage Banking
Mortgage Banking Mortgage Banking Income Mix ($ in thousands) 1Q24 4Q24 1Q25 (in %) 1Q24 4Q24 1Q25 Gain on sales of loans, net $ 4,535 $ 2,379 $ 4,500 Wholesale 51 39 39 Fees, net 1,854 2,850 2,317 Retail 49 61 61 Mortgage servicing income, net 4,981 1,632 1,330 Purchase 88 89 80 Mortgage banking in
Slide 22: Acquisition of The First
Acquisition of The First • Creates a leading Southeast bank with ~$25 billion in combined assets Strong Strategic Partner • Familiarity and culture mitigate risk • Strengthens demographic profile and adds density (1) • Granular and diverse core deposit base Sound FBMS • Strong credit metrics Fundame
Slide 23: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non- GAAP Disclosures
Slide 24: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements 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 Provis
Slide 25: Reconciliation of Non-GAAP Disclosures
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 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 7
Slide 26: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements 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 deb
Slide 27: Reconciliation of Non-GAAP Disclosures
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: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements 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 co
Slide 29: Reconciliation of Non-GAAP Disclosures
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 recogniz
Slide 30: Reconciliation of Non-GAAP Disclosures
Reconciliation of Non-GAAP Disclosures Forward-Looking Statements 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 Gai
Slide 31: Reconciliation of Non-GAAP Disclosures
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
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