TUPELO, Miss., July 22, 2025 (GLOBE NEWSWIRE) -- Renasant Corporation (NYSE:RNST) (the "Company") today announced earnings results for the second quarter of 2025.

(Dollars in thousands, except earnings per share)	Three Months Ended								Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Jun 30, 2024		Jun 30, 2025			Jun 30, 2024
Net income and earnings per share:
Net income	$	1,018		$	41,518		$	38,846	$	42,536		$	78,255
Merger and conversion related expenses (net of tax)		(15,935	)		(593	)		—		(16,527	)		—
Day 1 acquisition provision (net of tax)		(50,026	)		—			—		(50,026	)		—
Basic EPS		0.01			0.65			0.69		0.54			1.39
Diluted EPS		0.01			0.65			0.69		0.53			1.38
Adjusted diluted EPS (Non-GAAP)⁽¹⁾		0.69			0.66			0.69		1.36			1.33
Impact to diluted EPS from merger and conversion related expenses (net of tax)		(0.17	)		(0.01	)		—		(0.21	)		—
Impact to diluted EPS from Day 1 acquisition provision (net of tax)		(0.53	)		—			—		(0.63	)		—

"The results for the quarter reflect significant progress on the merger and integration of The First Bancshares, Inc.," remarked Kevin D. Chapman, Chief Executive Officer of the Company. "Our employees continue to work diligently on bringing two strong companies together to better serve our customers."

Quarterly Highlights

Merger with The First Bancshares, Inc.

On April 1, 2025, the Company completed its merger with The First Bancshares, Inc. ("The First"). As of the effective date of the merger, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida and, net of purchase accounting adjustments, had $7.9 billion in assets, $5.2 billion in loans, and $6.4 billion in deposits

Earnings

Net income for the second quarter of 2025 was $1.0 million, which includes merger and conversion expenses of $20.5 million and Day 1 acquisition provision for credit losses of $66.6 million; diluted EPS and adjusted diluted EPS (non-GAAP)⁽¹⁾were $0.01 and $0.69, respectively
Net interest income (fully tax equivalent) for the second quarter of 2025 was $222.7 million, up $85.3 million linked quarter, primarily due to the merger with The First
For the second quarter of 2025, net interest margin was 3.85%, up 40 basis points linked quarter. Adjusted net interest margin (non-GAAP)⁽¹⁾ was 3.58%, up 16 basis points linked quarter
Cost of total deposits was 2.12% for the second quarter of 2025, down 10 basis points linked quarter
Noninterest income increased $11.9 million linked quarter, primarily due to the merger with The First
Mortgage banking income increased $3.1 million linked quarter. Gain on sale of mortgage servicing rights ("MSRs") was $1.5 million. The mortgage division generated $679.6 million in interest rate lock volume in the second quarter of 2025, up $47.5 million linked quarter. Gain on sale margin was 1.87% for the second quarter of 2025, up 45 basis points linked quarter
Noninterest expense increased $69.3 million linked quarter, primarily due to the merger with The First. Merger and conversion expenses and core deposit intangible amortization increased $19.7 million and $7.8 million, respectively, linked quarter

Balance Sheet

The combined company generated net organic loan growth of $311.6 million for the quarter, or 6.9% annualized
Securities increased $1.4 billion linked quarter, which includes $1.5 billion of securities acquired from The First. In the second quarter of 2025, the Company sold a portion of the acquired securities for proceeds of $686.5 million, which were reinvested in higher yielding assets
The combined company generated net organic deposit growth of $361.3 million for the quarter, or 6.8% annualized. Noninterest bearing deposits increased $1.8 billion linked quarter, primarily due to the merger with The First, and represented 24.8% of total deposits at June 30, 2025

Capital and Stock Repurchase Program

Book value per share and tangible book value per share (non-GAAP)⁽¹⁾ decreased 7.1% and 14.7%, respectively, linked quarter, due to the merger with The First
The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the second quarter of 2025

Credit Quality

The Company recorded a provision for credit losses of $81.3 million for the second quarter of 2025, which includes a $66.6 million Day 1 acquisition provision for credit losses and unfunded commitments
The ratio of the allowance for credit losses on loans to total loans was 1.57% at June 30, 2025, up one basis point linked quarter; net loan charge-offs for the second quarter of 2025 were $12.1 million
The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 204.97% at June 30, 2025, compared to 206.55% at March 31, 2025
Nonperforming loans to total loans remained at 0.76% at June 30, 2025, and criticized loans (which include classified and Special Mention loans) to total loans increased to 2.66% at June 30, 2025, compared to 2.45% at March 31, 2025, primarily due to the merger with The First

_{⁽¹⁾This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading "Non-GAAP Financial Measures" explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended													Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025		Jun 30, 2024
Interest income
Loans held for investment	$	301,794	$	196,566	$	199,240		$	202,655		$	198,397		$	498,360	$	390,787
Loans held for sale		4,639		3,008		3,564			4,212			3,530			7,647		5,838
Securities		28,408		12,117		10,510			10,304			10,410			40,525		21,110
Other		9,057		8,639		12,030			11,872			7,874			17,696		15,655
Total interest income		343,898		220,330		225,344			229,043			220,211			564,228		433,390
Interest expense
Deposits		111,921		79,386		85,571			90,787			87,621			191,307		170,234
Borrowings		13,118		6,747		6,891			7,258			7,564			19,865		14,840
Total interest expense		125,039		86,133		92,462			98,045			95,185			211,172		185,074
Net interest income		218,859		134,197		132,882			130,998			125,026			353,056		248,316
Provision for credit losses
Provision for loan losses		75,400		2,050		3,100			1,210			4,300			77,450		6,938
Provision for (Recovery of) unfunded commitments		5,922		2,700		(500	)		(275	)		(1,000	)		8,622		(1,200	)
Total provision for credit losses		81,322		4,750		2,600			935			3,300			86,072		5,738
Net interest income after provision for credit losses		137,537		129,447		130,282			130,063			121,726			266,984		242,578
Noninterest income		48,334		36,395		34,218			89,299			38,762			84,729		80,143
Noninterest expense		183,204		113,876		114,747			121,983			111,976			297,080		224,888
Income before income taxes		2,667		51,966		49,753			97,379			48,512			54,633		97,833
Income taxes		1,649		10,448		5,006			24,924			9,666			12,097		19,578
Net income	$	1,018	$	41,518	$	44,747		$	72,455		$	38,846		$	42,536	$	78,255

Adjusted net income (non-GAAP)⁽¹⁾	$	65,877	$	42,111	$	46,458		$	42,960		$	38,846		$	107,987	$	75,421
Adjusted pre-provision net revenue ("PPNR") (non-GAAP)⁽¹⁾	$	103,001	$	57,507	$	54,177		$	56,238		$	51,812		$	160,508	$	100,043

Basic earnings per share	$	0.01	$	0.65	$	0.70		$	1.18		$	0.69		$	0.54	$	1.39
Diluted earnings per share		0.01		0.65		0.70			1.18			0.69			0.53		1.38
Adjusted diluted earnings per share (non-GAAP)⁽¹⁾		0.69		0.66		0.73			0.70			0.69			1.36		1.33
Average basic shares outstanding		94,580,927		63,666,419		63,565,437			61,217,094			56,342,909			79,209,073		56,275,628
Average diluted shares outstanding		95,136,160		64,028,025		64,056,303			61,632,448			56,684,626			79,671,775		56,607,947
Cash dividends per common share	$	0.22	$	0.22	$	0.22		$	0.22		$	0.22		$	0.44	$	0.44

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading "Non-GAAP Financial Measures" explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Performance Ratios

	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Return on average assets	0.02	%	0.94	%	0.99	%	1.63	%	0.90	%	0.39	%	0.91	%
Adjusted return on average assets (non-GAAP)⁽¹⁾	1.01		0.95		1.03		0.97		0.90		0.98		0.88
Return on average tangible assets (non-GAAP)⁽¹⁾	0.13		1.01		1.07		1.75		0.98		0.48		0.99
Adjusted return on average tangible assets (non-GAAP)⁽¹⁾	1.18		1.02		1.11		1.05		0.98		1.12		0.96
Return on average equity	0.11		6.25		6.70		11.29		6.68		2.66		6.77
Adjusted return on average equity (non-GAAP)⁽¹⁾	7.06		6.34		6.96		6.69		6.68		6.76		6.52
Return on average tangible equity (non-GAAP)⁽¹⁾	1.43		10.16		10.97		18.83		12.04		5.24		12.25
Adjusted return on average tangible equity (non-GAAP)⁽¹⁾	13.50		10.30		11.38		11.26		12.04		12.10		11.81
Efficiency ratio (fully taxable equivalent)	67.59		65.51		67.61		54.73		67.31		66.78		67.41
Adjusted efficiency ratio (non-GAAP)⁽¹⁾	57.07		64.43		65.82		64.62		66.60		59.95		67.41
Dividend payout ratio	2200.00		33.85		31.43		18.64		31.88		81.48		31.65

Capital and Balance Sheet Ratios

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Shares outstanding		95,019,311			63,739,467			63,565,690			63,564,028			56,367,924
Market value per share	$	35.93		$	33.93		$	35.75		$	32.50		$	30.54
Book value per share		39.77			42.79			42.13			41.82			41.77
Tangible book value per share (non-GAAP)⁽¹⁾		23.10			27.07			26.36			26.02			23.89
Shareholders' equity to assets		14.19	%		14.93	%		14.85	%		14.80	%		13.45	%
Tangible common equity ratio (non-GAAP)⁽¹⁾		8.77			9.99			9.84			9.76			8.16
Leverage ratio⁽²⁾		9.36			11.39			11.34			11.32			9.81
Common equity tier 1 capital ratio⁽²⁾		11.09			12.59			12.73			12.88			10.75
Tier 1 risk-based capital ratio⁽²⁾		11.09			13.35			13.50			13.67			11.53
Total risk-based capital ratio⁽²⁾		14.99			16.89			17.08			17.32			15.15

_{⁽²⁾ Preliminary}

Noninterest Income and Noninterest Expense

(Dollars in thousands)	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Noninterest income
Service charges on deposit accounts	$	13,618	$	10,364	$	10,549	$	10,438	$	10,286	$	23,982	$	20,792
Fees and commissions		6,650		3,787		4,181		4,116		3,944		10,437		7,893
Insurance commissions		—		—		—		—		2,758		—		5,474
Wealth management revenue		7,345		7,067		6,371		5,835		5,684		14,412		11,353
Mortgage banking income		11,263		8,147		6,861		8,447		9,698		19,410		21,068
Gain on sale of insurance agency		—		—		—		53,349		—		—		—
Gain on extinguishment of debt		—		—		—		—		—		—		56
BOLI income		3,383		2,929		3,317		2,858		2,701		6,312		5,392
Other		6,075		4,101		2,939		4,256		3,691		10,176		8,115
Total noninterest income	$	48,334	$	36,395	$	34,218	$	89,299	$	38,762	$	84,729	$	80,143
Noninterest expense
Salaries and employee benefits	$	99,542	$	71,957	$	70,260	$	71,307	$	70,731	$	171,499	$	142,201
Data processing		5,438		4,089		4,145		4,133		3,945		9,527		7,752
Net occupancy and equipment		17,359		11,754		11,312		11,415		11,844		29,113		23,233
Other real estate owned		157		685		590		56		105		842		212
Professional fees		4,223		2,884		2,686		3,189		3,195		7,107		6,543
Advertising and public relations		4,490		4,297		3,840		3,677		3,807		8,787		8,693
Intangible amortization		8,884		1,080		1,133		1,160		1,186		9,964		2,398
Communications		3,184		2,033		2,067		2,176		2,112		5,217		4,136
Merger and conversion related expenses		20,479		791		2,076		11,273		—		21,270		—
Other		19,448		14,306		16,638		13,597		15,051		33,754		29,720
Total noninterest expense	$	183,204	$	113,876	$	114,747	$	121,983	$	111,976	$	297,080	$	224,888

Mortgage Banking Income

(Dollars in thousands)	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Gain on sales of loans, net	$	5,316	$	4,500	$	2,379	$	4,499	$	5,199	$	9,816	$	9,734
Fees, net		3,740		2,317		2,850		2,646		2,866		6,057		4,720
Mortgage servicing income, net		2,207		1,330		1,632		1,302		1,633		3,537		6,614
Total mortgage banking income	$	11,263	$	8,147	$	6,861	$	8,447	$	9,698	$	19,410	$	21,068

Balance Sheet

(Dollars in thousands)	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Assets
Cash and cash equivalents	$	1,378,612		$	1,091,339		$	1,092,032		$	1,275,620		$	851,906
Securities held to maturity, at amortized cost		1,076,817			1,101,901			1,126,112			1,150,531			1,174,663
Securities available for sale, at fair value		2,471,487			1,002,056			831,013			764,844			749,685
Loans held for sale, at fair value		356,791			226,003			246,171			291,735			266,406
Loans held for investment		18,563,447			13,055,593			12,885,020			12,627,648			12,604,755
Allowance for credit losses on loans		(290,770	)		(203,931	)		(201,756	)		(200,378	)		(199,871	)
Loans, net		18,272,677			12,851,662			12,683,264			12,427,270			12,404,884
Premises and equipment, net		465,100			279,011			279,796			280,550			280,966
Other real estate owned		11,750			8,654			8,673			9,136			7,366
Goodwill		1,419,782			988,898			988,898			988,898			991,665
Other intangibles		163,751			13,025			14,105			15,238			16,397
Bank-owned life insurance		486,613			337,502			391,810			389,138			387,791
Mortgage servicing rights		64,539			72,902			72,991			71,990			72,092
Other assets		457,056			298,428			300,003			293,890			306,570
Total assets	$	26,624,975		$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391

Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing	$	5,356,153		$	3,541,375		$	3,403,981		$	3,529,801		$	3,539,453
Interest-bearing		16,226,484			11,230,720			11,168,631			10,979,950			10,715,760
Total deposits		21,582,637			14,772,095			14,572,612			14,509,751			14,255,213
Short-term borrowings		405,349			108,015			108,018			108,732			232,741
Long-term debt		556,976			433,309			430,614			433,177			428,677
Other liabilities		301,159			230,857			245,306			249,102			239,059
Total liabilities		22,846,121			15,544,276			15,356,550			15,300,762			15,155,690

Shareholders' equity:
Common stock		488,612			332,421			332,421			332,421			296,483
Treasury stock		(90,248	)		(91,646	)		(97,196	)		(97,251	)		(97,534	)
Additional paid-in capital		2,393,566			1,486,849			1,491,847			1,488,678			1,304,782
Retained earnings		1,100,965			1,121,102			1,093,854			1,063,324			1,005,086
Accumulated other comprehensive loss		(114,041	)		(121,621	)		(142,608	)		(129,094	)		(154,116	)
Total shareholders' equity		3,778,854			2,727,105			2,678,318			2,658,078			2,354,701
Total liabilities and shareholders' equity	$	26,624,975		$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391

Net Interest Income and Net Interest Margin

(Dollars in thousands)	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	18,448,000	$	304,834	6.63	%	$	12,966,869	$	199,504	6.24	%	$	12,575,651	$	200,670	6.41	%
Loans held for sale		287,855		4,639	6.45	%		200,917		3,008	5.99	%		219,826		3,530	6.42	%
Taxable securities		3,106,565		24,917	3.21	%		1,883,535		10,971	2.33	%		1,832,002		9,258	2.02	%
Tax-exempt securities		462,732		4,309	3.72	%		259,800		1,443	2.22	%		263,937		1,451	2.20	%
Total securities		3,569,297		29,226	3.28	%		2,143,335		12,414	2.32	%		2,095,939		10,709	2.04	%
Interest-bearing balances with banks		901,803		9,057	4.03	%		824,743		8,639	4.25	%		595,030		7,874	5.32	%
Total interest-earning assets		23,206,955		347,756	6.01	%		16,135,864		223,565	5.61	%		15,486,446		222,783	5.77	%
Cash and due from banks		357,338						181,869						187,519
Intangible assets		1,589,490						1,002,511						1,008,638
Other assets		1,029,082						669,392						688,766
Total assets	$	26,182,865					$	17,989,636					$	17,371,369
Interest-bearing liabilities:
Interest-bearing demand⁽¹⁾	$	11,191,443	$	76,542	2.74	%	$	7,835,617	$	54,710	2.83	%	$	7,094,411	$	56,132	3.17	%
Savings deposits		1,322,007		1,032	0.31	%		813,451		711	0.35	%		839,638		729	0.35	%
Brokered deposits		—		—	—	%		—		—	—	%		294,650		3,944	5.37	%
Time deposits		3,404,482		34,347	4.05	%		2,474,218		23,965	3.93	%		2,487,873		26,816	4.34	%
Total interest-bearing deposits		15,917,932		111,921	2.82	%		11,123,286		79,386	2.89	%		10,716,572		87,621	3.28	%
Borrowed funds		1,036,045		13,118	5.07	%		556,734		6,747	4.88	%		583,965		7,564	5.19	%
Total interest-bearing liabilities		16,953,977		125,039	2.96	%		11,680,020		86,133	2.99	%		11,300,537		95,185	3.38	%
Noninterest-bearing deposits		5,233,976						3,408,830						3,509,109
Other liabilities		249,861						208,105						223,992
Shareholders' equity		3,745,051						2,692,681						2,337,731
Total liabilities and shareholders' equity	$	26,182,865					$	17,989,636					$	17,371,369
Net interest income/ net interest margin			$	222,717	3.85	%			$	137,432	3.45	%			$	127,598	3.31	%
Cost of funding					2.26	%					2.31	%					2.58	%
Cost of total deposits					2.12	%					2.22	%					2.47	%

_{⁽¹⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.}

Net Interest Income and Net Interest Margin, continued

(Dollars in thousands)	Six Months Ended
	June 30, 2025						June 30, 2024
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	15,722,576	$	504,338	6.47	%	$	12,491,814	$	395,310	6.35	%
Loans held for sale		244,626		7,647	6.25	%		187,604		5,838	6.22	%
Taxable securities		2,498,428		35,888	2.87	%		1,861,909		18,763	2.02	%
Tax-exempt securities		361,827		5,752	3.18	%		267,108		2,956	2.21	%
Total securities		2,860,255		41,640	2.91	%		2,129,017		21,719	2.04	%
Interest-bearing balances with banks		863,486		17,696	4.13	%		582,683		15,655	5.40	%
Total interest-earning assets		19,690,943		571,321	5.84	%		15,391,118		438,522	5.72	%
Cash and due from banks		270,088						188,011
Intangible assets		1,297,622						1,009,232
Other assets		850,231						701,770
Total assets	$	22,108,884					$	17,290,131
Interest-bearing liabilities:
Interest-bearing demand⁽¹⁾	$	9,522,800	$	131,252	2.78	%	$	7,025,200	$	108,632	3.10	%
Savings deposits		1,069,134		1,743	0.33	%		850,018		1,459	0.34	%
Brokered deposits		—		—	—	%		370,129		9,931	5.38	%
Time deposits		2,941,920		58,312	3.99	%		2,403,646		50,212	4.20	%
Total interest-bearing deposits		13,533,854		191,307	2.85	%		10,648,993		170,234	3.21	%
Borrowed funds		797,714		19,865	5.00	%		573,182		14,840	5.19	%
Total interest-bearing liabilities		14,331,568		211,172	2.97	%		11,222,175		185,074	3.31	%
Noninterest-bearing deposits		4,326,445						3,513,860
Other liabilities		229,098						228,090
Shareholders' equity		3,221,773						2,326,006
Total liabilities and shareholders' equity	$	22,108,884					$	17,290,131
Net interest income/ net interest margin			$	360,149	3.68	%			$	253,448	3.30	%
Cost of funding					2.28	%					2.52	%
Cost of total deposits					2.16	%					2.41	%

_{⁽¹⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.}

Loan Portfolio

(Dollars in thousands)	As of
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
Loan Portfolio:
Commercial, financial, agricultural	$	2,666,923	$	1,888,580	$	1,885,817	$	1,804,961	$	1,847,762
Lease financing		89,568		85,412		90,591		98,159		102,996
Real estate - construction		1,339,967		1,090,862		1,093,653		1,198,838		1,355,425
Real estate - 1-4 family mortgages		4,874,679		3,583,080		3,488,877		3,440,038		3,435,818
Real estate - commercial mortgages		9,470,134		6,320,120		6,236,068		5,995,152		5,766,478
Installment loans to individuals		122,176		87,539		90,014		90,500		96,276
Total loans	$	18,563,447	$	13,055,593	$	12,885,020	$	12,627,648	$	12,604,755

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands)	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Nonperforming Assets:
Nonaccruing loans	$	137,999		$	98,638		$	110,811		$	113,872		$	97,795
Loans 90 days or more past due		3,860			95			2,464			5,351			240
Total nonperforming loans		141,859			98,733			113,275			119,223			98,035
Other real estate owned		11,750			8,654			8,673			9,136			7,366
Total nonperforming assets	$	153,609		$	107,387		$	121,948		$	128,359		$	105,401

Criticized Loans
Classified loans	$	333,626		$	224,654		$	241,708		$	218,135		$	191,595
Special Mention loans		159,931			95,778			130,882			163,804			138,343
Criticized loans⁽¹⁾	$	493,557		$	320,432		$	372,590		$	381,939		$	329,938

Allowance for credit losses on loans	$	290,770		$	203,931		$	201,756		$	200,378		$	199,871
Net loan charge-offs (recoveries)	$	12,054		$	(125	)	$	1,722		$	703		$	5,481
Annualized net loan charge-offs / average loans		0.26	%		—	%		0.05	%		0.02	%		0.18	%
Nonperforming loans / total loans		0.76			0.76			0.88			0.94			0.78
Nonperforming assets / total assets		0.58			0.59			0.68			0.71			0.60
Allowance for credit losses on loans / total loans		1.57			1.56			1.57			1.59			1.59
Allowance for credit losses on loans / nonperforming loans		204.97			206.55			178.11			168.07			203.88
Criticized loans / total loans		2.66			2.45			2.89			3.02			2.62

_{⁽¹⁾ Criticized loans include classified and Special Mention loans.}

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, July 23, 2025.

The webcast is accessible through Renasant's investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=gtM01rRI. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2025 Second Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6698526 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 6, 2025.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 121-year-old financial services institution. Renasant has assets of approximately $26.6 billion and operates 300 banking, lending, mortgage and wealth management offices throughout the Southeast and also offers factoring and asset-based lending on a nationwide basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain, or incorporate by reference, statements about Renasant Corporation 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 fluctuate," "will likely result," and similar expressions, or future or conditional verbs such as "will," "should," "would" and "could," are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company's future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company's management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Important factors currently known to management that could cause the Company's actual results to differ materially from those in forward-looking statements include the following: (i) the Company's ability to efficiently integrate acquisitions (including its recently-completed merger with The First into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with its merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company's merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company's potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company's loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of the Company's investment securities portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) changes in the sources and costs of the capital the Company uses to make loans and otherwise fund the Company's operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company's geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management's control.

Management believes that the assumptions underlying the Company's 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 the Company's filings with the Securities and Exchange Commission (the "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.gov.

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

NON-GAAP FINANCIAL MEASURES:

In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) the adjusted return on average assets and on average equity and certain other performance ratios (namely, the ratio of pre-provision net revenue to average assets and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the second quarter of 2025, merger and conversion expenses, the Day 1 acquisition provision for credit losses and unfunded commitments, and gain on sales of MSRs), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution's regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company's results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption "Non-GAAP Reconciliations".

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company's calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)	Three Months Ended															Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Adjusted Pre-Provision Net Revenue ("PPNR")
Net income (GAAP)	$	1,018		$	41,518		$	44,747		$	72,455		$	38,846		$	42,536		$	78,255
Income taxes		1,649			10,448			5,006			24,924			9,666			12,097			19,578
Provision for credit losses (including unfunded commitments)		81,322			4,750			2,600			935			3,300			86,072			5,738
Pre-provision net revenue (non-GAAP)	$	83,989		$	56,716		$	52,353		$	98,314		$	51,812		$	140,705		$	103,571
Merger and conversion expense		20,479			791			2,076			11,273			—			21,270			—
Gain on extinguishment of debt		—			—			—			—			—			—			(56	)
Gain on sales of MSR		(1,467	)		—			(252	)		—			—			(1,467	)		(3,472	)
Gain on sale of insurance agency		—			—			—			(53,349	)		—			—			—
Adjusted pre-provision net revenue (non-GAAP)	$	103,001		$	57,507		$	54,177		$	56,238		$	51,812		$	160,508		$	100,043

Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	1,018		$	41,518		$	44,747		$	72,455		$	38,846		$	42,536		$	78,255
Amortization of intangibles		8,884			1,080			1,133			1,160			1,186			9,964			2,398
Tax effect of adjustments noted above⁽¹⁾		(2,212	)		(270	)		(283	)		(296	)		(233	)		(2,481	)		(470	)
Tangible net income (non-GAAP)	$	7,690		$	42,328		$	45,597		$	73,319		$	39,799		$	50,019		$	80,183

Net income (GAAP)	$	1,018		$	41,518		$	44,747		$	72,455		$	38,846		$	42,536		$	78,255
Merger and conversion expense		20,479			791			2,076			11,273			—			21,270			—
Day 1 acquisition provision for loan losses		62,190			—			—			—			—			62,190			—
Day 1 acquisition provision for unfunded commitments		4,422			—			—			—			—			4,422			—
Gain on extinguishment of debt		—			—			—			—			—			—			(56	)
Gain on sales of MSR		(1,467	)		—			(252	)		—			—			(1,467	)		(3,472	)
Gain on sale of insurance agency		—			—			—			(53,349	)		—			—			—
Tax effect of adjustments noted above⁽¹⁾		(20,765	)		(198	)		(113	)		12,581			—			(20,964	)		694
Adjusted net income (non-GAAP)	$	65,877		$	42,111		$	46,458		$	42,960		$	38,846		$	107,987		$	75,421
Amortization of intangibles		8,884			1,080			1,133			1,160			1,186			9,964			2,398
Tax effect of adjustments noted above⁽¹⁾		(2,212	)		(270	)		(283	)		(296	)		(233	)		(2,481	)		(470	)
Adjusted tangible net income (non-GAAP)	$	72,549		$	42,921		$	47,308		$	43,824		$	39,799		$	115,470		$	77,349
Tangible Assets and Tangible Shareholders' Equity
Average shareholders' equity (GAAP)	$	3,745,051		$	2,692,681		$	2,656,885		$	2,553,586		$	2,337,731		$	3,221,773		$	2,326,006
Average intangible assets		(1,589,490	)		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,297,622	)		(1,009,232	)
Average tangible shareholders' equity (non-GAAP)	$	2,155,561		$	1,690,170		$	1,653,334		$	1,548,885		$	1,329,093		$	1,924,151		$	1,316,774

Average assets (GAAP)	$	26,182,865		$	17,989,636		$	17,943,148		$	17,681,664		$	17,371,369		$	22,108,884		$	17,290,131
Average intangible assets		(1,589,490	)		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,297,622	)		(1,009,232	)
Average tangible assets (non-GAAP)	$	24,593,375		$	16,987,125		$	16,939,597		$	16,676,963		$	16,362,731		$	20,811,262		$	16,280,899

Shareholders' equity (GAAP)	$	3,778,854		$	2,727,105		$	2,678,318		$	2,658,078		$	2,354,701		$	3,778,854		$	2,354,701
Intangible assets		(1,583,533	)		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,583,533	)		(1,008,062	)
Tangible shareholders' equity (non-GAAP)	$	2,195,321		$	1,725,182		$	1,675,315		$	1,653,942		$	1,346,639		$	2,195,321		$	1,346,639

Total assets (GAAP)	$	26,624,975		$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	26,624,975		$	17,510,391
Intangible assets		(1,583,533	)		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,583,533	)		(1,008,062	)
Total tangible assets (non-GAAP)	$	25,041,442		$	17,269,458		$	17,031,865		$	16,954,704		$	16,502,329		$	25,041,442		$	16,502,329

Adjusted Performance Ratios
Return on average assets (GAAP)		0.02	%		0.94	%		0.99	%		1.63	%		0.90	%		0.39	%		0.91	%
Adjusted return on average assets (non-GAAP)		1.01			0.95			1.03			0.97			0.90			0.98			0.88
Return on average tangible assets (non-GAAP)		0.13			1.01			1.07			1.75			0.98			0.48			0.99
Pre-provision net revenue to average assets (non-GAAP)		1.29			1.28			1.16			2.21			1.20			1.28			1.20
Adjusted pre-provision net revenue to average assets (non-GAAP)		1.58			1.30			1.20			1.27			1.20			1.46			1.16
Adjusted return on average tangible assets (non-GAAP)		1.18			1.02			1.11			1.05			0.98			1.12			0.96
Return on average equity (GAAP)		0.11			6.25			6.70			11.29			6.68			2.66			6.77
Adjusted return on average equity (non-GAAP)		7.06			6.34			6.96			6.69			6.68			6.76			6.52
Return on average tangible equity (non-GAAP)		1.43			10.16			10.97			18.83			12.04			5.24			12.25
Adjusted return on average tangible equity (non-GAAP)		13.50			10.30			11.38			11.26			12.04			12.10			11.81

Adjusted Diluted Earnings Per Share
Average diluted shares outstanding		95,136,160			64,028,025			64,056,303			61,632,448			56,684,626			79,671,775			56,607,947

Diluted earnings per share (GAAP)	$	0.01		$	0.65		$	0.70		$	1.18		$	0.69		$	0.53		$	1.38
Adjusted diluted earnings per share (non-GAAP)	$	0.69		$	0.66		$	0.73		$	0.70		$	0.69		$	1.36		$	1.33

Tangible Book Value Per Share
Shares outstanding		95,019,311			63,739,467			63,565,690			63,564,028			56,367,924			95,019,311			56,367,924

Book value per share (GAAP)	$	39.77		$	42.79		$	42.13		$	41.82		$	41.77		$	39.77		$	41.77
Tangible book value per share (non-GAAP)	$	23.10		$	27.07		$	26.36		$	26.02		$	23.89		$	23.10		$	23.89

Tangible Common Equity Ratio
Shareholders' equity to assets (GAAP)		14.19	%		14.93	%		14.85	%		14.80	%		13.45	%		14.19	%		13.45	%
Tangible common equity ratio (non-GAAP)		8.77	%		9.99	%		9.84	%		9.76	%		8.16	%		8.77	%		8.16	%
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	222,717		$	137,432		$	135,502		$	133,576		$	127,598		$	360,149		$	253,448

Total noninterest income (GAAP)	$	48,334		$	36,395		$	34,218		$	89,299		$	38,762		$	84,729		$	80,143
Gain on sales of MSR		(1,467	)		—			(252	)		—			—			(1,467	)		(3,472	)
Gain on extinguishment of debt		—			—			—			—			—			—			(56	)
Gain on sale of insurance agency		—			—			—			(53,349	)		—			—			—
Total adjusted noninterest income (non-GAAP)	$	46,867		$	36,395		$	33,966		$	35,950		$	38,762		$	83,262		$	76,615

Noninterest expense (GAAP)	$	183,204		$	113,876		$	114,747		$	121,983		$	111,976		$	297,080		$	224,888
Amortization of intangibles		(8,884	)		(1,080	)		(1,133	)		(1,160	)		(1,186	)		(9,964	)		(2,398	)
Merger and conversion expense		(20,479	)		(791	)		(2,076	)		(11,273	)		—			(21,270	)		—
Total adjusted noninterest expense (non-GAAP)	$	153,841		$	112,005		$	111,538		$	109,550		$	110,790		$	265,846		$	222,490

Efficiency ratio (GAAP)		67.59	%		65.51	%		67.61	%		54.73	%		67.31	%		66.78	%		67.41	%
Adjusted efficiency ratio (non-GAAP)		57.07	%		64.43	%		65.82	%		64.62	%		66.60	%		59.95	%		67.41	%

Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)	$	222,717		$	137,432		$	135,502		$	133,576		$	127,598		$	360,149		$	253,448
Net interest income collected on problem loans		(2,779	)		(1,026	)		(151	)		(642	)		146			(3,805	)		23
Accretion recognized on purchased loans		(17,834	)		(558	)		(616	)		(1,089	)		(897	)		(18,392	)		(1,697	)
Amortization recognized on purchased time deposits		4,396			—			—			—			—			4,396			—
Amortization recognized on purchased long term borrowings		1,072			—			—			—			—			1,072			—
Adjustments to net interest income	$	(15,145	)	$	(1,584	)	$	(767	)	$	(1,731	)	$	(751	)	$	(16,729	)	$	(1,674	)
Adjusted net interest income (FTE) (non-GAAP)	$	207,572		$	135,848		$	134,735		$	131,845		$	126,847		$	343,420		$	251,774

Net interest margin (GAAP)		3.85	%		3.45	%		3.36	%		3.36	%		3.31	%		3.68	%		3.30	%
Adjusted net interest margin (non-GAAP)		3.58	%		3.42	%		3.34	%		3.32	%		3.29	%		3.51	%		3.28	%

Adjusted Loan Yield
Loan interest income (FTE) (GAAP)	$	304,834		$	199,504		$	201,562		$	204,935		$	200,670		$	504,338		$	395,310
Net interest income collected on problem loans		(2,779	)		(1,026	)		(151	)		(642	)		146			(3,805	)		23
Accretion recognized on purchased loans		(17,834	)		(558	)		(616	)		(1,089	)		(897	)		(18,392	)		(1,697	)
Adjusted loan interest income (FTE) (non-GAAP)	$	284,221		$	197,920		$	200,795		$	203,204		$	199,919		$	482,141		$	393,636

Loan yield (GAAP)		6.63	%		6.24	%		6.29	%		6.47	%		6.41	%		6.47	%		6.35	%
Adjusted loan yield (non-GAAP)		6.18	%		6.19	%		6.27	%		6.41	%		6.38	%		6.18	%		6.32	%

_{⁽¹⁾ Tax effect is calculated based on the respective legal entity's appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense.}


Contacts:	For Media:	For Financials:
	John S. Oxford	James C. Mabry IV
	Senior Vice President	Executive Vice President
	Chief Marketing Officer	Chief Financial Officer
	(662) 680-1219	(662) 680-1281

Renasant Corporation Announces Earnings for the Second Quarter of 2025