Company: RNST
Filing Date: 2025-02-26
Form Type: PRE 14A
Source: 0000715072-25-000057
Chunk: 5

Company: RENASANT CORP
Filing Date: 2025-02-26
Form: PRE 14A
Chunk 5
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     |     |  0.85 |     % |
| Efficiency Ratio (GAAP)                                                |     |                         | 63.57 |     % |     |     | 68.33 |     % |     |     | 61.88 |     % |     |     | 65.35 |     % |     |     | 70.53 |     % |
| Adjusted Efficiency Ratio (non-GAAP)(1)                                |     |                         | 66.30 |     % |     |     | 63.48 |     % |     |     | 60.77 |     % |     |     | 65.32 |     % |     |     | 64.00 |     % |

(1) Adjusted diluted EPS, adjusted return on average tangible shareholders’ equity, adjusted return on average tangible assets and the adjusted efficiency ratio are non-GAAP financial measures. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, for 2024, the gain on the sale of our insurance agency business and merger and conversion expenses among others) with respect to which Renasant is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. For a reconciliation of these measures to their most comparable measures under generally accepted accounting principles in the United States of America (“GAAP”), please see Appendix A, Non-GAAP Financial Measures .

On July 29, 2024 we announced our merger with The First Bancshares, Inc. (“FBMS”) and its subsidiary The First Bank, the largest merger in our history. Pursuant to the agreement governing the merger, FBMS will merge with and into Renasant, with Renasant the surviving corporation in the merger, and immediately thereafter The First Bank, FBMS’s wholly-owned subsidiary, will merge with and into the Bank, with the Bank the surviving bank in the merger. The FBMS merger will create a six-state Southeastern banking franchise with approximately $26.0 billion in total assets, $18.0 billion in total loans and $21.2 billion in total deposits, based on financial data as of December 31, 2024. As of the date of this proxy statement, both companies have received shareholder approval of the merger. Subject to the receipt of all regulatory approvals necessary to complete the merger and satisfaction of the remaining, customary closing conditions, we expect the FBMS merger to be completed in the first half of