# EDGAR Filing Document

**Accession Number:** 0000715072
**File Stem:** 0000715072-23-000041
**Filing Date:** 2023-1
**Character Count:** 86070
**Document Hash:** 5ae4ea9fcff7ae7ec7c034cdbd6f51fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000715072-23-000041.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0000715072-23-000041

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20230124

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RENASANT CORP
- **CENTRAL INDEX KEY:** 0000715072
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 640676974
- **STATE OF INCORPORATION:** MS
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13253
- **FILM NUMBER:** 23548583

**BUSINESS ADDRESS:**
- **STREET 1:** 209 TROY STREET
- **CITY:** TUPELO
- **STATE:** MS
- **ZIP:** 38804-4827
- **BUSINESS PHONE:** (662) 680-1001

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 709
- **CITY:** TUPELO
- **STATE:** MS
- **ZIP:** 38802-0709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PEOPLES HOLDING CO
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? rnst-20230124

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K** 

**CURRENT REPORT**

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

January 24, 2023

Date of report (Date of earliest event reported)

**RENASANT CORPORATION**

(Exact name of registrant as specified in its charter)

Mississippi 001-13253 64-0676974 <br> (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

209 Troy Street, Tupelo, Mississippi 38804-4827

(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (662) 680-1001

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $5.00 par value per share | RNST | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.** 

On January 24, 2023, Renasant Corporation ("Renasant") issued a press release announcing earnings for the fourth quarter of 2022. The press release is furnished as Exhibit 99.1 to this Form 8-K.

**Item 7.01. Regulation FD Disclosure**

On January 24, 2023, Renasant also made available presentation materials (the "Presentation") prepared for use with Renasant's earnings conference call on January 25, 2023. The Presentation is attached hereto and incorporated herein as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:** 

The exhibits furnished herewith may contain, or incorporate by reference, statements about Renasant 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 our actual results to differ materially from those in forward-looking statements include the following: (i) Renasant's ability to efficiently integrate acquisitions 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; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) Renasant's potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of Renasant's loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19

------

pandemic) and other catastrophic events in Renasant's geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management's control.

Management believes that the assumptions underlying Renasant'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 Renasant'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.

Renasant 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.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are furnished herewith:

&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit No.</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release dated January 24, 2023 issued by Renasant Corporation announcing earnings for the fourth quarter of 2022](exhibit991_rnstx4q2022earn.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Presentation materials for Renasant Fourth Quarter 2022 Earnings Call.](rnstq42022earningsdeckfi.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **RENASANT CORPORATION** | **RENASANT CORPORATION** |
| Date: January 24, 2023 | By: | /s/ C. Mitchell Waycaster |
|  |  | C. Mitchell Waycaster |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

![renasantcorporationlogo-fu.jpg](renasantcorporationlogo-fu.jpg)

---

| | | |
|:---|:---|:---|
| 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 FOURTH QUARTER OF 2022**

**TUPELO, MISSISSIPPI (January 24, 2023)** - Renasant Corporation (NASDAQ: RNST) (the "Company") today announced earnings results for the fourth quarter of 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands, except earnings per share) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Net income and earnings per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $46276 | $46567 | $37054 | $166068 | $175892 |
| &nbsp;&nbsp;&nbsp;Basic EPS | 0.83 | 0.83 | 0.66 | 2.97 | 3.13 |
| &nbsp;&nbsp;&nbsp;Diluted EPS | 0.82 | 0.83 | 0.66 | 2.95 | 3.12 |
| &nbsp;&nbsp;Adjusted diluted EPS (Non-GAAP)<sup>(1)</sup> | 0.89 | 0.79 | 0.68 | 3.00 | 2.98 |

---

"We are pleased to report a solid fourth quarter with quarterly earnings growing over the prior year," remarked C. Mitchell Waycaster, Renasant President and Chief Executive Officer. "The company continues to emphasize the importance of core deposits, asset quality and capital strength in managing our balance sheet. We recently completed the acquisition of Republic Business Credit and are excited to welcome that team to Renasant."

***Quarterly Highlights***

*Acquisition*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** The Company completed the acquisition of Republic Business Credit, a factoring and asset-based lending company headquartered in New Orleans, Louisiana ("RBC"), on December 30, 2022. The RBC acquisition added $77.5 million in loans on the date of acquisition, and the Company recorded a provision for credit losses of $2.6 million, a provision for unfunded commitments of $0.2 million and merger expenses of $1.1 million

*Earnings* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income for the fourth quarter of 2022 was $46.3 million with diluted EPS of $0.82 and adjusted diluted EPS (non-GAAP)<sup>(1)</sup> of $0.89

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income (fully tax equivalent) for the fourth quarter of 2022 was $140.6 million, up $8.1 million on a linked quarter basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the fourth quarter of 2022, net interest margin was 3.78%, up 24 basis points on a linked quarter basis

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of total deposits was 52 basis points for the fourth quarter of 2022, up 31 basis points on a linked quarter basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's wealth management and insurance lines of business produced steady results during the fourth quarter of 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The mortgage division generated $0.5 billion in interest rate lock volume during the fourth quarter of 2022, compared to $0.6 billion in the third quarter of 2022. Gain on sale margin was 1.64% for the fourth quarter of 2022, up 61 basis points on a linked quarter basis. The Company recognized a gain on the sale of mortgage servicing rights of $3.0 million in the third quarter. No such sales occurred in the fourth quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth quarter noninterest expense remained relatively unchanged on a linked quarter basis. In addition to expenses incurred in connection with the RBC acquisition, the Company recorded $1.3 million in expense related to the voluntary reimbursement of certain re-presentment NSF fees previously charged to customers that the Company expects to make in 2023 in light of the FDIC's recent guidance to banks regarding such fees. The efficiency ratio and adjusted efficiency ratio (non-GAAP)<sup>(1)</sup> for the fourth quarter was 58.4% and 56.3%, respectively

*Balance Sheet*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans increased $473.3 million during the fourth quarter of 2022 from September 30, 2022; excluding RBC acquired loans, loans increased $395.8 million, which represents 14.14% annualized net loan growth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The securities portfolio decreased $64.8 million during the fourth quarter of 2022 from September 30, 2022, due to net cash outflows during the quarter of $75.4 million and a positive fair market value adjustment in our available-for-sale portfolio of $10.6 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deposits at December 31, 2022 increased $54.8 million from September 30, 2022, driven by an increase in interest bearing deposits. Noninterest bearing deposits decreased $268.5 million from September 30, 2022 to December 31, 2022 and represented 33.8% of total deposits at December 31, 2022. Brokered deposits were $233.1 million at December 31, 2022

*Capital*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per share and tangible book value per share (non-GAAP)<sup>(1)</sup> increased 2.1% and decreased 0.5%, respectively, on a linked quarter basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has a $100 million stock repurchase program that is in effect through October 2023; there was no buyback activity during the fourth quarter of 2022

*Credit Quality*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company recorded a provision for credit losses on loans of $10.5 million for the fourth quarter of 2022, primarily driven by loan growth and the aforementioned provision with respect to acquired RBC loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allowance for credit losses on loans to total loans increased nine basis points on a linked quarter basis to 1.66% at December 31, 2022; an allowance of $9.8 million was recorded for RBC loans that had experienced credit deterioration prior to acquisition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 337.73% at December 31, 2022, compared to 312.10% at September 30, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loan charge-offs for the fourth quarter of 2022 were $2.6 million, or 0.09% of average loans on an annualized basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit metrics remained stable. Nonperforming loans to total loans decreased to 0.49% at December 31, 2022 compared to 0.50% at September 30, 2022 and criticized loans (which include classified and special mention loans) to total loans increased to 2.47% at December 31, 2022, compared to 2.37% at September 30, 2022

<sup>(1)</sup> 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.

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***Income Statement***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Interest income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans held for investment | $145360 | $123100 | $106409 | $95829 | $98478 | $470698 | $422832 |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 1688 | 2075 | 2586 | 2863 | 3652 | 9212 | 12632 |
| &nbsp;&nbsp;&nbsp;Securities | 15241 | 14500 | 12471 | 10835 | 9221 | 53047 | 31532 |
| &nbsp;&nbsp;&nbsp;Other | 2777 | 3458 | 1954 | 664 | 568 | 8853 | 1689 |
| **Total interest income** | 165066 | 143133 | 123420 | 110191 | 111919 | 541810 | 468685 |
| **Interest expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 17312 | 7241 | 5018 | 5637 | 6056 | 35208 | 28976 |
| &nbsp;&nbsp;&nbsp;Borrowings | 9918 | 5574 | 4887 | 4925 | 4381 | 25304 | 15708 |
| **Total interest expense** | 27230 | 12815 | 9905 | 10562 | 10437 | 60512 | 44684 |
| **Net interest income** | 137836 | 130318 | 113515 | 99629 | 101482 | 481298 | 424001 |
| **Provision for (recovery of) credit losses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for (recovery of) loan losses | 10488 | 9800 | 2000 | 1500 | (500) | 23788 | (1700) |
| &nbsp;&nbsp;&nbsp;Provision for credit losses on HTM securities |  |  |  |  | 32 |  | 32 |
| **Total provision for (recovery of) loan losses** | 10488 | 9800 | 2000 | 1500 | (468) | 23788 | (1668) |
| **Net interest income after provision for (recovery of) credit losses** | 127348 | 120518 | 111515 | 98129 | 101950 | 457510 | 425669 |
| **Noninterest income** | 33395 | 41186 | 37214 | 37458 | 47582 | 149253 | 226984 |
| **Noninterest expense** | 101582 | 101574 | 98194 | 94105 | 101115 | 395455 | 429826 |
| **Income before income taxes** | 59161 | 60130 | 50535 | 41482 | 48417 | 211308 | 222827 |
| **Income taxes** | 12885 | 13563 | 10857 | 7935 | 11363 | 45240 | 46935 |
| **Net income** | $46276 | $46567 | $39678 | $33547 | $37054 | $166068 | $175892 |
| Adjusted net income (non-GAAP)<sup>(1)</sup> | $50324 | $44233 | $40601 | $33728 | $38232 | $168886 | $167951 |
| Adjusted pre-provision net revenue ("PPNR") (non-GAAP)<sup>(1)</sup> | $72187 | $66970 | $54172 | $42664 | $49190 | $235993 | $210424 |
| Basic earnings per share | $0.83 | $0.83 | $0.71 | $0.60 | $0.66 | $2.97 | $3.13 |
| Diluted earnings per share | 0.82 | 0.83 | 0.71 | 0.60 | 0.66 | 2.95 | 3.12 |
| Adjusted diluted earnings per share (non-GAAP)<sup>(1)</sup> | 0.89 | 0.79 | 0.72 | 0.60 | 0.68 | 3.00 | 2.98 |
| Average basic shares outstanding | 55953104 | 55947214 | 55906755 | 55809192 | 55751487 | 55904579 | 56114666 |
| Average diluted shares outstanding | 56335446 | 56248720 | 56182845 | 56081863 | 56105050 | 56214230 | 56424484 |
| Cash dividends per common share | $0.22 | $0.22 | $0.22 | $0.22 | $0.22 | $0.88 | $0.88 |

---

<sup>(1)</sup> 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.

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***Performance Ratios***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| Return on average assets | 1.11% | 1.11% | 0.96% | 0.81% | 0.89% | 1.00% | 1.11% |
| Adjusted return on average assets (non-GAAP)<sup>(1)</sup> | 1.20 | 1.05 | 0.98 | 0.82 | 0.92 | 1.02 | 1.06 |
| Return on average tangible assets (non-GAAP)<sup>(1)</sup> | 1.20 | 1.20 | 1.04 | 0.89 | 0.98 | 1.09 | 1.21 |
| Adjusted return on average tangible assets (non-GAAP)<sup>(1)</sup> | 1.30 | 1.14 | 1.07 | 0.90 | 1.01 | 1.10 | 1.16 |
| Return on average equity | 8.58 | 8.50 | 7.31 | 6.05 | 6.59 | 7.60 | 7.96 |
| Adjusted return on average equity (non-GAAP)<sup>(1)</sup> | 9.33 | 8.07 | 7.48 | 6.08 | 6.80 | 7.73 | 7.60 |
| Return on average tangible equity (non-GAAP)<sup>(1)</sup> | 15.98 | 15.64 | 13.50 | 10.93 | 11.94 | 13.97 | 14.53 |
| Adjusted return on average tangible equity (non-GAAP)<sup>(1)</sup> | 17.35 | 14.87 | 13.81 | 10.99 | 12.31 | 14.20 | 13.89 |
| Efficiency ratio (fully taxable equivalent) | 58.39 | 58.50 | 64.37 | 67.78 | 67.04 | 61.89 | 65.35 |
| Adjusted efficiency ratio (non-GAAP)<sup>(1)</sup> | 56.25 | 58.78 | 62.44 | 67.02 | 64.18 | 60.77 | 65.32 |
| Dividend payout ratio | 26.51 | 26.51 | 30.99 | 36.67 | 33.33 | 29.63 | 28.12 |

---

***Capital and Balance Sheet Ratios***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** |
| &nbsp;&nbsp;&nbsp;Shares outstanding | 55953104 | 55953104 | 55932017 | 55880666 | 55756233 |
| &nbsp;&nbsp;&nbsp;Market value per share | $37.59 | $31.28 | $28.81 | $33.45 | $37.95 |
| &nbsp;&nbsp;&nbsp;Book value per share | 38.18 | 37.39 | 37.85 | 38.25 | 39.63 |
| &nbsp;&nbsp;Tangible book value per share (non-GAAP)<sup>(1)</sup> | 20.02 | 20.12 | 20.55 | 20.91 | 22.35 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity to assets | 12.57% | 12.70% | 12.74% | 12.68% | 13.15% |
| &nbsp;&nbsp;Tangible common equity ratio (non-GAAP)<sup>(1)</sup> | 7.01 | 7.26 | 7.34 | 7.35 | 7.86 |
| &nbsp;&nbsp;&nbsp;Leverage ratio | 9.36 | 9.39 | 9.16 | 9.00 | 9.15 |
| &nbsp;&nbsp;&nbsp;Common equity tier 1 capital ratio | 10.21 | 10.64 | 10.74 | 10.78 | 11.18 |
| &nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 11.01 | 11.47 | 11.60 | 11.67 | 12.10 |
| &nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 14.63 | 15.15 | 15.34 | 15.51 | 16.14 |

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<sup>(1)</sup> 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.

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***Noninterest Income and Noninterest Expense***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Noninterest income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | $10445 | $10216 | $9734 | $9562 | $9751 | $39957 | $36569 |
| &nbsp;&nbsp;&nbsp;Fees and commissions | 4470 | 4148 | 4668 | 3982 | 3885 | 17268 | 15732 |
| &nbsp;&nbsp;&nbsp;Insurance commissions | 2501 | 3108 | 2591 | 2554 | 2353 | 10754 | 9841 |
| &nbsp;&nbsp;&nbsp;Wealth management revenue | 5237 | 5467 | 5711 | 5924 | 5273 | 22339 | 20455 |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 5170 | 12675 | 8316 | 9633 | 14726 | 35794 | 109604 |
| &nbsp;&nbsp;&nbsp;Swap termination gains |  |  |  |  | 4676 |  | 4676 |
| &nbsp;&nbsp;&nbsp;Net gains on sales of securities |  |  |  |  | 49 |  | 2170 |
| &nbsp;&nbsp;&nbsp;BOLI income | 2487 | 2296 | 2331 | 2153 | 2048 | 9267 | 7366 |
| &nbsp;&nbsp;&nbsp;Other | 3085 | 3276 | 3863 | 3650 | 4821 | 13874 | 20571 |
| **Total noninterest income** | $33395 | $41186 | $37214 | $37458 | $47582 | $149253 | $226984 |
| **Noninterest expense** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | $67372 | $66463 | $65580 | $62239 | $62523 | $261654 | $280627 |
| &nbsp;&nbsp;&nbsp;Data processing | 3521 | 3526 | 3590 | 4263 | 5346 | 14900 | 21726 |
| &nbsp;&nbsp;&nbsp;Net occupancy and equipment | 11122 | 11266 | 11155 | 11276 | 11177 | 44819 | 46837 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | (59) | 34 | (187) | (241) | (60) | (453) | 253 |
| &nbsp;&nbsp;&nbsp;Professional fees | 2856 | 3087 | 2778 | 3151 | 3209 | 11872 | 11776 |
| &nbsp;&nbsp;&nbsp;Advertising and public relations | 3631 | 3229 | 3406 | 4059 | 2929 | 14325 | 12203 |
| &nbsp;&nbsp;&nbsp;Intangible amortization | 1195 | 1251 | 1310 | 1366 | 1424 | 5122 | 6042 |
| &nbsp;&nbsp;&nbsp;Communications | 2028 | 1999 | 1904 | 2027 | 2088 | 7958 | 8869 |
| &nbsp;&nbsp;&nbsp;Merger and conversion related expenses | 1100 |  |  | 687 |  | 1787 |  |
| &nbsp;&nbsp;&nbsp;Restructuring charges (benefit) |  |  | 1187 | (455) | 61 | 732 | 368 |
| &nbsp;&nbsp;&nbsp;Debt prepayment penalty |  |  |  |  | 6123 |  | 6123 |
| &nbsp;&nbsp;&nbsp;Other | 8816 | 10719 | 7471 | 5733 | 6295 | 32739 | 35002 |
| **Total noninterest expense** | $101582 | $101574 | $98194 | $94105 | $101115 | $395455 | $429826 |

---

***Mortgage Banking Income***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| &nbsp;&nbsp;&nbsp;Gain on sales of loans, net | $1003 | $5263 | $3490 | $6047 | $10801 | $15803 | $82399 |
| &nbsp;&nbsp;&nbsp;Fees, net | 1849 | 2405 | 3064 | 3053 | 4320 | 10371 | 17161 |
| &nbsp;&nbsp;&nbsp;Mortgage servicing income (loss), net | 2318 | 5007 | 1762 | 533 | (395) | 9620 | (3517) |
| &nbsp;&nbsp;&nbsp;MSR valuation adjustment |  |  |  |  |  |  | 13561 |
| **Total mortgage banking income** | $5170 | $12675 | $8316 | $9633 | $14726 | $35794 | $109604 |

---

------

***Balance Sheet***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $575992 | $479500 | $1010468 | $1607493 | $1877965 |
| &nbsp;&nbsp;&nbsp;Securities held to maturity, at amortized cost | 1324040 | 1353502 | 488851 | 487194 | 416357 |
| &nbsp;&nbsp;&nbsp;Securities available for sale, at fair value | 1533942 | 1569242 | 2528253 | 2405316 | 2386052 |
| &nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 110105 | 144642 | 196598 | 280464 | 453533 |
| &nbsp;&nbsp;&nbsp;Loans held for investment | 11578304 | 11105004 | 10603744 | 10313459 | 10020914 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | (192090) | (174356) | (166131) | (166468) | (164171) |
| &nbsp;&nbsp;&nbsp;Loans, net | 11386214 | 10930648 | 10437613 | 10146991 | 9856743 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 283595 | 284062 | 284035 | 285344 | 293122 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 1763 | 2412 | 2807 | 2062 | 2540 |
| &nbsp;&nbsp;&nbsp;Goodwill and other intangibles | 1015884 | 966461 | 967713 | 969022 | 963781 |
| &nbsp;&nbsp;&nbsp;Bank-owned life insurance | 373808 | 371650 | 371298 | 369344 | 287359 |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights | 84448 | 81980 | 94743 | 91730 | 89018 |
| &nbsp;&nbsp;&nbsp;Other assets | 298385 | 287000 | 235722 | 218797 | 183841 |
| &nbsp;&nbsp;**Total assets** | $16988176 | $16471099 | $16618101 | $16863757 | $16810311 |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $4558756 | $4827220 | $4741397 | $4706256 | $4718124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | 8928210 | 8604904 | 9022532 | 9284641 | 9187600 |
| &nbsp;&nbsp;&nbsp;Total deposits | 13486966 | 13432124 | 13763929 | 13990897 | 13905724 |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | 712232 | 312818 | 112642 | 111279 | 13947 |
| &nbsp;&nbsp;&nbsp;Long-term debt | 428133 | 426821 | 431553 | 435416 | 471209 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 224829 | 207055 | 193100 | 188523 | 209578 |
| &nbsp;&nbsp;**Total liabilities** | 14852160 | 14378818 | 14501224 | 14726115 | 14600458 |
| **Shareholders' equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 296483 | 296483 | 296483 | 296483 | 296483 |
| &nbsp;&nbsp;&nbsp;Treasury stock | (111577) | (111577) | (112295) | (114050) | (118027) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1302422 | 1299476 | 1298207 | 1297088 | 1300192 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 857725 | 823951 | 789880 | 762690 | 741648 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (209037) | (216052) | (155398) | (104569) | (10443) |
| **Total shareholders' equity** | 2136016 | 2092281 | 2116877 | 2137642 | 2209853 |
| **Total liabilities and shareholders' equity** | $16988176 | $16471099 | $16618101 | $16863757 | $16810311 |

---

------

***Net Interest Income and Net Interest Margin***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **September 30, 2022** | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Yield/ <br> Rate** | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Yield/ <br> Rate** | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Yield/ <br> Rate** |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| Loans held for investment | $11282422 | $147519 | 5.19% | $10829137 | $124614 | 4.57% | $9948610 | $99670 | 3.98% |
| Loans held for sale | 117082 | 1688 | 5.77% | 143837 | 2075 | 5.77% | 498724 | 3652 | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities | 2657248 | 13174 | 1.98% | 2773924 | 12439 | 1.79% | 2245249 | 7293 | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities<sup>(1)</sup> | 447287 | 2637 | 2.36% | 449927 | 2664 | 2.37% | 392700 | 2503 | 2.55% |
| Total securities | 3104535 | 15811 | 2.04% | 3223851 | 15103 | 1.87% | 2637949 | 9796 | 1.49% |
| Interest-bearing balances with banks | 269975 | 2777 | 4.08% | 663218 | 3458 | 2.07% | 1522433 | 568 | 0.15% |
| Total interest-earning assets | 14774014 | 167795 | 4.51% | 14860043 | 145250 | 3.89% | 14607716 | 113686 | 3.09% |
| Cash and due from banks | 201369 |  |  | 191358 |  |  | 201941 |  |  |
| Intangible assets | 967005 |  |  | 967154 |  |  | 964575 |  |  |
| Other assets | 635452 |  |  | 626926 |  |  | 676408 |  |  |
| Total assets | $16577840 |  |  | $16645481 |  |  | $16450640 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest-bearing demand<sup>(2)</sup> | $6018679 | $12534 | 0.83% | $6462940 | $6061 | 0.37% | $6460178 | $3487 | 0.21% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 1093997 | 582 | 0.21% | 1134665 | 155 | 0.05% | 1045784 | 151 | 0.06% |
| &nbsp;&nbsp;&nbsp;Brokered deposits | 93764 | 1047 | 4.43% |  |  | —% |  |  | —% |
| &nbsp;&nbsp;&nbsp;Time deposits | 1324042 | 3149 | 0.94% | 1240439 | 1025 | 0.33% | 1434162 | 2418 | 0.67% |
| Total interest-bearing deposits | 8530482 | 17312 | 0.81% | 8838044 | 7241 | 0.33% | 8940124 | 6056 | 0.27% |
| Borrowed funds | 893705 | 9918 | 4.42% | 572376 | 5574 | 3.88% | 434546 | 4381 | 4.03% |
| Total interest-bearing liabilities | 9424187 | 27230 | 1.15% | 9410420 | 12815 | 0.54% | 9374670 | 10437 | 0.44% |
| Noninterest-bearing deposits | 4805014 |  |  | 4867314 |  |  | 4633885 |  |  |
| Other liabilities | 209544 |  |  | 194339 |  |  | 210404 |  |  |
| Shareholders' equity | 2139095 |  |  | 2173408 |  |  | 2231681 |  |  |
| Total liabilities and shareholders' equity | $16577840 |  |  | $16645481 |  |  | $16450640 |  |  |
| Net interest income/ net interest margin |  | $140565 | 3.78% |  | $132435 | 3.54% |  | $103249 | 2.81% |
| Cost of funding |  |  | 0.76% |  |  | 0.36% |  |  | 0.30% |
| Cost of total deposits |  |  | 0.52% |  |  | 0.21% |  |  | 0.18% |

---

<sup>(1)</sup> U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.

<sup>(2)</sup> Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

------

***Net Interest Income and Net Interest Margin, continued***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Yield/ <br> Rate** | **Average<br>Balance** | **Interest<br>Income/<br>Expense** | **Yield/ <br> Rate** |
| Interest-earning assets: |  |  |  |  |  |  |
| Loans held for investment | $10677995 | $476746 | 4.46% | $10310070 | $427296 | 4.15% |
| Loans held for sale | 203981 | 9212 | 4.52% | 454727 | 12632 | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable securities<sup>(1)</sup> | 2654621 | 44750 | 1.69% | 1691531 | 24370 | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt securities | 446895 | 10655 | 2.38% | 335399 | 9418 | 2.81% |
| Total securities | 3101516 | 55405 | 1.79% | 2026930 | 33788 | 1.67% |
| Interest-bearing balances with banks | 846768 | 8853 | 1.05% | 1263364 | 1688 | 0.13% |
| Total interest-earning assets | 14830260 | 550216 | 3.71% | 14055091 | 475404 | 3.38% |
| Cash and due from banks | 201419 |  |  | 199705 |  |  |
| Intangible assets | 967018 |  |  | 966733 |  |  |
| Other assets | 639155 |  |  | 684457 |  |  |
| Total assets | $16637852 |  |  | $15905986 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest-bearing demand<sup>(2)</sup> | $6420905 | $25840 | 0.40% | $6177944 | $15308 | 0.25% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 1116013 | 1023 | 0.09% | 976616 | 698 | 0.07% |
| &nbsp;&nbsp;&nbsp;Brokered deposits | 23634 | 1047 | 4.43% |  |  | —% |
| &nbsp;&nbsp;&nbsp;Time deposits | 1310398 | 7298 | 0.56% | 1539763 | 12970 | 0.84% |
| Total interest-bearing deposits | 8870950 | 35208 | 0.40% | 8694323 | 28976 | 0.33% |
| Borrowed funds | 624887 | 25304 | 4.05% | 470993 | 15708 | 3.34% |
| Total interest-bearing liabilities | 9495837 | 60512 | 0.64% | 9165316 | 44684 | 0.49% |
| Noninterest-bearing deposits | 4760432 |  |  | 4310834 |  |  |
| Other liabilities | 196980 |  |  | 220427 |  |  |
| Shareholders' equity | 2184603 |  |  | 2209409 |  |  |
| Total liabilities and shareholders' equity | $16637852 |  |  | $15905986 |  |  |
| Net interest income/ net interest margin |  | $489704 | 3.30% |  | $430720 | 3.07% |
| Cost of funding |  |  | 0.42% |  |  | 0.33% |
| Cost of total deposits |  |  | 0.26% |  |  | 0.22% |

---

<sup>(1)</sup> U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.

<sup>(2)</sup> Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

------

***Supplemental Margin Information***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Earning asset mix:** |  |  |  |  |  |
| &nbsp;&nbsp;Loans held for investment, excluding Paycheck Protection Program ("PPP") loans (non-GAAP)<sup>(1)</sup> | 76.33% | 72.83% | 67.68% | 71.90% | 70.16% |
| &nbsp;&nbsp;&nbsp;PPP loans | 0.03 | 0.04 | 0.43 | 0.10 | 3.19 |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 0.79 | 0.97 | 3.41 | 1.38 | 3.24 |
| &nbsp;&nbsp;&nbsp;Securities | 21.01 | 21.69 | 18.06 | 20.91 | 14.42 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances with banks | 1.84 | 4.47 | 10.42 | 5.71 | 8.99 |
| &nbsp;&nbsp;**Total** | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| **Funding sources mix:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing demand | 33.77% | 34.09% | 33.08% | 33.39% | 32.00% |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand | 42.30 | 45.27 | 46.11 | 45.04 | 45.84 |
| &nbsp;&nbsp;&nbsp;Savings | 7.69 | 7.95 | 7.47 | 7.83 | 7.25 |
| &nbsp;&nbsp;&nbsp;Brokered deposits | 0.66 |  |  | 0.17 |  |
| &nbsp;&nbsp;&nbsp;Time deposits | 9.31 | 8.69 | 10.24 | 9.19 | 11.42 |
| &nbsp;&nbsp;&nbsp;Borrowed funds | 6.27 | 4.00 | 3.10 | 4.38 | 3.49 |
| &nbsp;&nbsp;**Total** | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Net interest income collected on problem loans | $161 | $78 | $578 | $2949 | $4412 |
| Total accretion on purchased loans | 625 | 1317 | 2187 | 5198 | 10783 |
| Total impact on net interest income | $786 | $1395 | $2765 | $8147 | $15195 |
| Impact on net interest margin | 0.02% | 0.04% | 0.08% | 0.05% | 0.11% |
| Impact on loan yield | 0.03% | 0.05% | 0.11% | 0.08% | 0.15% |
| Interest income on PPP loans | $21 | $5 | $485 | $719 | $24794 |
| PPP impact on net interest margin | —% | —% | —% | —% | 0.08% |
| PPP impact on loan yield | —% | —% | —% | —% | 0.06% |

---

<sup>(1)</sup> 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.

------

***Loan Portfolio***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** |
| **Loan Portfolio:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial, financial, agricultural | $1669051 | $1507615 | $1489889 | $1437225 | $1364879 |
| &nbsp;&nbsp;&nbsp;Lease financing | 115013 | 103357 | 101350 | 89842 | 76125 |
| &nbsp;&nbsp;&nbsp;Real estate - construction | 1330337 | 1215056 | 1126363 | 1222052 | 1104896 |
| &nbsp;&nbsp;&nbsp;Real estate - 1-4 family mortgages | 3216263 | 3127889 | 3030083 | 2840979 | 2724246 |
| &nbsp;&nbsp;&nbsp;Real estate - commercial mortgages | 5118063 | 5016665 | 4717513 | 4577864 | 4549037 |
| &nbsp;&nbsp;&nbsp;Installment loans to individuals | 124745 | 128946 | 131163 | 137115 | 143340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 11573472 | 11099528 | 10596361 | 10305077 | 9962523 |
| &nbsp;&nbsp;&nbsp;PPP loans | 4832 | 5476 | 7383 | 8382 | 58391 |
| &nbsp;&nbsp;**Total loans** | $11578304 | $11105004 | $10603744 | $10313459 | $10020914 |

---

***Credit Quality and Allowance for Credit Losses on Loans***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands) | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** |
| **Nonperforming Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonaccruing loans | $56545 | $54278 | $43897 | $51995 | $49364 |
| &nbsp;&nbsp;&nbsp;Loans 90 days or more past due | 331 | 1587 | 617 | 247 | 1441 |
| &nbsp;&nbsp;&nbsp;Total nonperforming loans | 56876 | 55865 | 44514 | 52242 | 50805 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 1763 | 2412 | 2807 | 2062 | 2540 |
| &nbsp;&nbsp;&nbsp;Total nonperforming assets | 58639 | 58277 | 47321 | 54304 | 53345 |
| Allowance for credit losses on loans | $192090 | $174356 | $166131 | $166468 | $164171 |
| Net loan charge-offs | $2566 | $1575 | $2337 | $851 | $5367 |
| Annualized net loan charge-offs / average loans | 0.09% | 0.06% | 0.09% | 0.03% | 0.21% |
| Nonperforming loans / total loans | 0.49 | 0.50 | 0.42 | 0.51 | 0.51 |
| Nonperforming assets / total assets | 0.35 | 0.35 | 0.28 | 0.32 | 0.32 |
| Allowance for credit losses on loans / total loans | 1.66 | 1.57 | 1.57 | 1.61 | 1.64 |
| Allowance for credit losses on loans / nonperforming loans | 337.73 | 312.10 | 373.21 | 318.65 | 323.14 |

---

------

**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, January 25, 2023.

The webcast is accessible through Renasant's investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=4MTPtQZd. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2022 Fourth 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 is accessible via telephone by dialing 1-877-344-7529 in the United States and entering conference number 8052042 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 8, 2023.

**ABOUT RENASANT CORPORATION:** 

Renasant Corporation is the parent of Renasant Bank, a 119-year-old financial services institution. Renasant has assets of approximately $17.0 billion and operates 198 banking, lending, mortgage, wealth management and insurance offices throughout the Southeast as well as offering 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 our actual results to differ materially from those in forward-looking statements include the following: (i) the Company's ability to efficiently integrate acquisitions 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; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company's potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) 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; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in the Company's geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) 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, including, without limitation, (i) core loan yield, (ii) core net interest income and margin, (iii) adjusted pre-provision net revenue, (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) loans held for investment excluding PPP loans, (ix) certain performance ratios (namely, the ratio of adjusted pre-provision net revenue to average assets, the adjusted return on average assets and on average equity, and the return on average tangible assets and on average tangible common equity (including on an as-adjusted basis)), and (x) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, merger and conversion expenses, COVID-19 related expenses and expenses related to the voluntary reimbursement of certain re-presentment NSF fees) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof or, with respect to core loan yield, to exclude the Company's PPP loans. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item are readily quantifiable and possess the same characteristics with respect to management's inability to accurately predict the timing or amount thereof as the other charges excluded when calculating non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy; with respect to the core loan yield, management excludes PPP loans, which bear an interest rate fixed by Small Business Administration ("SBA") regulations and are both forgivable and guaranteed by the SBA, to more clearly measure loan yields affected by competitive factors and potential loss in the Company's loan portfolio and the coverage therefor. 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, charges such as debt prepayment penalties, restructuring charges and COVID-19 related expenses, and the amount of PPP loans 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.

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***Non-GAAP Reconciliations***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Adjusted Pre-Provision Net Revenue ("PPNR")** | **Adjusted Pre-Provision Net Revenue ("PPNR")** | **Adjusted Pre-Provision Net Revenue ("PPNR")** |  |  |  |  |  |
| Net income (GAAP) | $46276 | $46567 | $39678 | $33547 | $37054 | $166068 | $175892 |
| Income taxes | 12885 | 13563 | 10857 | 7935 | 11363 | 45240 | 46935 |
| Provision for (recovery of) credit losses (including unfunded commitments) | 10671 | 9800 | 2450 | 950 | (768) | 23871 | (2168) |
| Pre-provision net revenue (non-GAAP) | $69832 | $69930 | $52985 | $42432 | $47649 | $235179 | $220659 |
| Merger and conversion expense | 1100 |  |  | 687 |  | 1787 |  |
| Debt prepayment penalties |  |  |  |  | 6123 |  | 6123 |
| Swap termination gains |  |  |  |  | (4676) |  | (4676) |
| Gain on sale of MSR |  | (2960) |  |  |  | (2960) |  |
| MSR valuation adjustment |  |  |  |  |  |  | (13561) |
| Restructuring charges (benefit) |  |  | 1187 | (455) | 61 | 732 | 368 |
| Voluntary reimbursement of certain re-presentment NSF fees | 1255 |  |  |  |  | 1255 |  |
| COVID-19 related expenses<sup>(1)</sup> |  |  |  |  | 33 |  | 1511 |
| Adjusted pre-provision net revenue (non-GAAP) | $72187 | $66970 | $54172 | $42664 | $49190 | $235993 | $210424 |
| **Adjusted Net Income and Adjusted Tangible Net Income** | **Adjusted Net Income and Adjusted Tangible Net Income** | **Adjusted Net Income and Adjusted Tangible Net Income** |  |  |  |  |  |
| Net income (GAAP) | $46276 | $46567 | $39678 | $33547 | $37054 | $166068 | $175892 |
| Amortization of intangibles | 1195 | 1251 | 1310 | 1366 | 1424 | 5122 | 6042 |
| Tax effect of adjustments noted above<sup>(2)</sup> | (260) | (265) | (291) | (303) | (335) | (1119) | (1354) |
| Tangible net income (non-GAAP) | $47211 | $47553 | $40697 | $34610 | $38143 | $170071 | $180580 |
| Net income (GAAP) | $46276 | $46567 | $39678 | $33547 | $37054 | $166068 | $175892 |
| Merger and conversion expense | 1100 |  |  | 687 |  | 1787 |  |
| Debt prepayment penalties |  |  |  |  | 6123 |  | 6123 |
| Swap termination gain |  |  |  |  | (4676) |  | (4676) |
| Gain on sale of MSR |  | (2960) |  |  |  | (2960) |  |
| MSR valuation adjustment |  |  |  |  |  |  | (13561) |
| Restructuring charges (benefit) |  |  | 1187 | (455) | 61 | 732 | 368 |
| Initial provision for acquisitions | 2820 |  |  |  |  | 2820 |  |
| Voluntary reimbursement of certain re-presentment NSF fees | 1255 |  |  |  |  | 1255 |  |
| COVID-19 related expenses<sup>(1)</sup> |  |  |  |  | 33 |  | 1511 |
| Tax effect of adjustments noted above<sup>(2)</sup> | (1127) | 626 | (264) | (51) | (363) | (816) | 2294 |
| Adjusted net income (non-GAAP) | $50324 | $44233 | $40601 | $33728 | $38232 | $168886 | $167951 |
| Amortization of intangibles | 1195 | 1251 | 1310 | 1366 | 1424 | 5122 | 6042 |
| Tax effect of adjustments noted above<sup>(2)</sup> | (260) | (265) | (291) | (303) | (335) | (1119) | (1354) |
| Adjusted tangible net income (non-GAAP) | $51259 | $45219 | $41620 | $34791 | $39321 | $172889 | $172639 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Tangible Assets and Tangible Shareholders' Equity** | **Tangible Assets and Tangible Shareholders' Equity** | **Tangible Assets and Tangible Shareholders' Equity** |  |  |  |  |  |
| Average shareholders' equity (GAAP) | $2139095 | $2173408 | $2177537 | $2249667 | $2231681 | $2184603 | $2209409 |
| Average intangible assets | 967005 | 967154 | 968441 | 965430 | 964575 | 967018 | 966733 |
| Average tangible shareholders' equity (non-GAAP) | $1172090 | $1206254 | $1209096 | $1284237 | $1267106 | $1217585 | $1242676 |
| Average assets (GAAP) | $16577840 | $16645481 | $16631290 | $16697264 | $16450640 | $16637852 | $15905986 |
| Average intangible assets | 967005 | 967154 | 968441 | 965430 | 964575 | 967018 | 966733 |
| Average tangible assets (non-GAAP) | $15610835 | $15678327 | $15662849 | $15731834 | $15486065 | $15670834 | $14939253 |
| Shareholders' equity (GAAP) | $2136016 | $2092281 | $2116877 | $2137642 | $2209853 | $2136016 | $2209853 |
| Intangible assets | 1015884 | 966461 | 967713 | 969022 | 963781 | 1015884 | 963781 |
| Tangible shareholders' equity (non-GAAP) | $1120132 | $1125820 | $1149164 | $1168620 | $1246072 | $1120132 | $1246072 |
| Total assets (GAAP) | $16988176 | $16471099 | $16618101 | $16863757 | $16810311 | $16988176 | $16810311 |
| Intangible assets | 1015884 | 966461 | 967713 | 969022 | 963781 | 1015884 | 963781 |
| Total tangible assets (non-GAAP) | $15972292 | $15504638 | $15650388 | $15894735 | $15846530 | $15972292 | $15846530 |
| **Adjusted Performance Ratios** |  |  |  |  |  |  |  |
| Return on average assets (GAAP) | 1.11% | 1.11% | 0.96% | 0.81% | 0.89% | 1.00% | 1.11% |
| Adjusted return on average assets (non-GAAP) | 1.20% | 1.05% | 0.98% | 0.82% | 0.92% | 1.02% | 1.06% |
| Return on average tangible assets (non-GAAP) | 1.20% | 1.20% | 1.04% | 0.89% | 0.98% | 1.09% | 1.21% |
| Adjusted pre-provision net revenue to average assets (non-GAAP) | 1.73% | 1.60% | 1.31% | 1.04% | 1.19% | 1.42% | 1.32% |
| Adjusted return on average tangible assets (non-GAAP) | 1.30% | 1.14% | 1.07% | 0.90% | 1.01% | 1.10% | 1.16% |
| Return on average equity (GAAP) | 8.58% | 8.50% | 7.31% | 6.05% | 6.59% | 7.60% | 7.96% |
| Adjusted return on average equity (non-GAAP) | 9.33% | 8.07% | 7.48% | 6.08% | 6.80% | 7.73% | 7.60% |
| Return on average tangible equity (non-GAAP) | 15.98% | 15.64% | 13.50% | 10.93% | 11.94% | 13.97% | 14.53% |
| Adjusted return on average tangible equity (non-GAAP) | 17.35% | 14.87% | 13.81% | 10.99% | 12.31% | 14.20% | 13.89% |
| **Adjusted Diluted Earnings Per Share** | **Adjusted Diluted Earnings Per Share** | **Adjusted Diluted Earnings Per Share** |  |  |  |  |  |
| Average diluted shares outstanding | 56335446 | 56248720 | 56182845 | 56081863 | 56105050 | 56214230 | 56424484 |
| Diluted earnings per share (GAAP) | $0.82 | $0.83 | $0.71 | $0.60 | $0.66 | $2.95 | $3.12 |
| Adjusted diluted earnings per share (non-GAAP) | $0.89 | $0.79 | $0.72 | $0.60 | $0.68 | $3.00 | $2.98 |
| **Tangible Book Value Per Share** |  |  |  |  |  |  |  |
| Shares outstanding | 55953104 | 55953104 | 55932017 | 55880666 | 55756233 | 55953104 | 55756233 |
| Book value per share (GAAP) | $38.18 | $37.39 | $37.85 | $38.25 | $39.63 | $38.18 | $39.63 |
| Tangible book value per share (non-GAAP) | $20.02 | $20.12 | $20.55 | $20.91 | $22.35 | $20.02 | $22.35 |
| **Tangible Common Equity Ratio** |  |  |  |  |  |  |  |
| Shareholders' equity to assets (GAAP) | 12.57% | 12.70% | 12.74% | 12.68% | 13.15% | 12.57% | 13.15% |
| Tangible common equity ratio (non-GAAP) | 7.01% | 7.26% | 7.34% | 7.35% | 7.86% | 7.01% | 7.86% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Adjusted Efficiency Ratio** |  |  |  |  |  |  |  |
| Net interest income (FTE) (GAAP) | $140565 | $132435 | $115321 | $101383 | $103249 | $489704 | $430720 |
| Total noninterest income (GAAP) | $33395 | $41186 | $37214 | $37458 | $47582 | $149253 | $226984 |
| MSR valuation adjustment |  |  |  |  |  |  | 13561 |
| Gain on sale of MSR |  | 2960 |  |  |  | 2960 |  |
| Swap termination gains |  |  |  |  | 4676 |  | 4676 |
| Securities gains |  |  |  |  | 49 |  | 2170 |
| Total adjusted noninterest income (non-GAAP) | $33395 | $38226 | $37214 | $37458 | $42857 | $146293 | $206577 |
| Noninterest expense (GAAP) | $101582 | $101574 | $98194 | $94105 | $101115 | $395455 | $429826 |
| Amortization of intangibles | 1195 | 1251 | 1310 | 1366 | 1424 | 5122 | 6042 |
| Merger and conversion expense | 1100 |  |  | 687 |  | 1787 |  |
| Debt prepayment penalty |  |  |  |  | 6123 |  | 6123 |
| Restructuring charges (benefit) |  |  | 1187 | (455) | 61 | 732 | 368 |
| Voluntary reimbursement of certain re-presentment NSF fees | 1255 |  |  |  |  | 1255 |  |
| Provision (recovery) of unfunded commitments | 183 |  | 450 | (550) | (300) | 83 | (500) |
| COVID-19 related expenses<sup>(1)</sup> |  |  |  |  | 33 |  | 1511 |
| Total adjusted noninterest expense (non-GAAP) | $97849 | $100323 | $95247 | $93057 | $93774 | $386476 | $416282 |
| Efficiency ratio (GAAP) | 58.39% | 58.50% | 64.37% | 67.78% | 67.04% | 61.89% | 65.35% |
| Adjusted efficiency ratio (non-GAAP) | 56.25% | 58.78% | 62.44% | 67.02% | 64.18% | 60.77% | 65.32% |
| **Core Net Interest Income and Core Net Interest Margin** | **Core Net Interest Income and Core Net Interest Margin** | **Core Net Interest Income and Core Net Interest Margin** |  |  |  |  |  |
| Net interest income (FTE) (GAAP) | $140565 | $132435 | $115321 | $101383 | $103249 | $489704 | $430720 |
| Net interest income collected on problem loans | 161 | 78 | 2276 | 434 | 577 | 2949 | 4412 |
| Accretion recognized on purchased loans | 625 | 1317 | 2021 | 1235 | 2187 | 5198 | 10783 |
| Interest income recognized on PPP loans | 21 | 5 | 74 | 619 | 485 | 719 | 24794 |
| Non-core net interest income | $807 | $1400 | $4371 | $2288 | $3249 | $8866 | $39989 |
| Core net interest income (FTE) (non-GAAP) | $139758 | $131035 | $110950 | $99095 | $99999 | $480838 | $390731 |
| Average earning assets (GAAP) | $14774014 | $14860043 | $14845199 | $14841146 | $14607716 | $14830260 | $14055091 |
| Average PPP loans | 4940 | 6647 | 7863 | 39506 | 62726 | 14619 | 448959 |
| Average earning assets excluding PPP loans (non-GAAP) | $14769074 | $14853396 | $14837336 | $14801640 | $14544990 | $14815641 | $13606132 |
| Net interest margin (GAAP) | 3.78% | 3.54% | 3.11% | 2.76% | 2.81% | 3.30% | 3.07% |
| Core net interest margin (non-GAAP) | 3.76% | 3.50% | 3.00% | 2.71% | 2.73% | 3.25% | 2.87% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Dollars in thousands, except per share data) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **Dec 31, 2022** | **Sep 30, 2022** | **Jun 30, 2022** | **Mar 31, 2022** | **Dec 31, 2021** | **Dec 31, 2022** | **Dec 31, 2021** |
| **Core Loan Yield** |  |  |  |  |  |  |  |
| Loan interest income (FTE) (GAAP) | $147519 | $124614 | $107612 | $97001 | $99670 | $476746 | $427296 |
| Net interest income collected on problem loans | 161 | 78 | 2276 | 434 | 578 | 2949 | 4412 |
| Accretion recognized on purchased loans | 625 | 1317 | 2021 | 1235 | 2187 | 5198 | 10783 |
| Interest income recognized on PPP loans | 21 | 5 | 74 | 619 | 485 | 719 | 24794 |
| Core loan interest income (FTE) (non-GAAP) | $146712 | $123214 | $103241 | $94713 | $96420 | $467880 | $387307 |
| Average loans (GAAP) | $11282422 | $10829137 | $10477036 | $10108511 | $9948610 | $10677995 | $10310070 |
| Average PPP loans | 4940 | 6647 | 7863 | 39506 | 62726 | 14619 | 448959 |
| Average loans excluding PPP loans (non-GAAP) | $11277482 | $10822490 | $10469173 | $10069005 | $9885884 | $10663376 | $9861111 |
| Loan yield (GAAP) | 5.19% | 4.57% | 4.12% | 3.88% | 3.98% | 4.46% | 4.15% |
| Core loan yield (non-GAAP) | 5.16% | 4.52% | 3.96% | 3.82% | 3.87% | 4.39% | 3.93% |
| **Adjusted Asset Quality Ratios** |  |  |  |  |  |  |  |
| Classified loans | $200249 | $193844 | $185267 | $178015 | $160790 | $200249 | $160790 |
| Special Mention loans | 86172 | 69883 | 87476 | 76949 | 115496 | 86172 | 115496 |
| Criticized loans<sup>(3)</sup> | $286421 | $263727 | $272743 | $254964 | $276286 | $286421 | $276286 |
| Criticized loans / total loans (GAAP) | 2.47% | 2.37% | 2.57% | 2.47% | 2.76% | 2.47% | 2.76% |

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<sup>(1)</sup> Primarily consists of employee overtime and employee benefit accruals directly related to the response to the COVID-19 pandemic and federal legislation enacted to address the pandemic, such as the CARES Act, and expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.

<sup>(2)</sup> Tax effect is calculated based on the respective periods' effective tax rate excluding the impact of discrete items.

<sup>(3)</sup> Criticized loans include loans in risk rating classifications of classified and special mention.

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## Exhibit 99.2

![](rnstq42022earningsdeckfi001.jpg)

Fourth Quarter 2022 Earnings Call

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![](rnstq42022earningsdeckfi002.jpg)

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. 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 our future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. We believe 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 our control. In addition, these forward-looking statements are subject to assumptions about future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements; 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. 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 our actual results to differ materially from those in forward-looking statements include the following: (i) Renasant's ability to efficiently integrate acquisitions 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; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) Renasant's potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in our geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management's control. Management believes that the assumptions underlying our 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 Renasant's filings with the Securities and Exchange Commission ("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. We undertake no obligation, and specifically disclaim any obligation, to update or revise our 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.

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![](rnstq42022earningsdeckfi003.jpg)

Overview Note: Financial data as of December 31, 2022 (1) Total revenue is calculated as net interest income plus noninterest income. Company Snapshot Loans and Deposits by State Assets: $17.0 billion Loans: 11.6 Deposits: 13.5 Equity: 2.1 3 MS 19% AL 28% FL 7% Other 1% GA 29% TN 16% Loans MS 39% AL 14% FL 3% GA 32% TN 12% Deposits 93% 4% 1%2% YTD Total Revenue(1) Community Banking Wealth Management Mortgage Insurance

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![](rnstq42022earningsdeckfi004.jpg)

4 Renasant Footprint

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![](rnstq42022earningsdeckfi005.jpg)

Fourth Quarter Highlights 5 • Net income of $46.3 million with diluted EPS of $0.82 and adjusted diluted EPS\* of $0.89 • Net interest margin increased 24 basis points to 3.78% • Completed the acquisition of Republic Business Credit ("RBC"), a factoring and asset- based lending company headquartered in New Orleans, Louisiana, on December 30, 2022, which added $77.5 million in loans • Loans increased $473.3 million; excluding the acquired RBC loans, loans increased $395.8 million, or 14.4% annualized • Cost of deposits increased 31 basis points on a linked quarter basis to 0.52%, and noninterest-bearing deposits now represent 33.8% of total deposits • The ratio of allowance for credit losses on loans to total loans increased to 1.66%, reflecting the addition of RBC • Credit metrics generally remained stable with the ratio of nonperforming loans to total loans at 0.49% \*Adjusted diluted EPS is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations".

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![](rnstq42022earningsdeckfi006.jpg)

Financial Condition

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![](rnstq42022earningsdeckfi007.jpg)

Total Assets 7 Note: Dollars in millions $16,810 $16,864 $16,618 $16,471 $16,988 $15 ,000 $15 ,200 $15 ,400 $15 ,600 $15 ,800 $16 ,000 $16 ,200 $16 ,400 $16 ,600 $16 ,800 $17 ,000 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022

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![](rnstq42022earningsdeckfi008.jpg)

Loans and Yields 8 Note: Dollars in millions \* Other loans are comprised of installment loans to individuals and lease financing, which both have historically constituted less than 5% of the total loan portfolio. \*\* Core Loan Yield is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations". $9,963 $10,305 $10,597 $11,100 $11,578 3.98% 3.88% 4.12% 4.57% 5.19% 3.87% 3.82% 3.96% 4.52% 5.16% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1-4 Family Mortgage Commercial Mortgage Construction Other\* C&I Loan Yield Core Loan Yield\*\*

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![](rnstq42022earningsdeckfi009.jpg)

Deposit Mix and Pricing 9 Note: Dollars in millions $13,906 $13,991 $13,764 $13,432 $13,487 0.18% 0.17% 0.15% 0.21% 0.52% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Noninterest-bearing Interest-bearing Savings Time Cost of deposits

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Core Deposit Funding 34% 45% 8% 11% 2% Noninterest-bearing Interest-bearing\* Savings Time Brokered • Commercial and consumer deposit accounts, excluding time deposit accounts, average approximately $84 thousand and $14 thousand, respectively • Commercial and consumer deposit accounts represent 39% and 48%, respectively, of total deposits 10 Deposits as of December 31, 2022 ($13.5 Billion) Mix of Average Deposits Noninterest-bearing demand 21.36 % 25.52 % 36.03 % Interest-bearing demand\* 46.16 46.42 45.13 Savings 8.03 6.46 8.21 Brokered deposits 0.00 0.00 0.70 Time deposits 24.45 21.60 9.93 Total 100.00 % 100.00 % 100.00 % 4Q19 4Q224Q15 \*Includes money market 1.06% 0.68% 0.33% 0.81% 0.81% 0.47% 0.22% 0.52% 0.00% 0.30% 0.60% 0.90% 1.20% 1.50% 2019 2020 2021 Q4 2022 Cost of Interest-bearing Deposits Cost of Total Deposits

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Liquidity 11 Note: Dollars in millions 73% 74% 76% 79% 85% 91% $1 $1 $1 $1 $1 $1 $1 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2018 -2019 Average Loans to Average Deposits Average Loans to Average Deposits 27.84% 26.68% 24.24% 20.66% 20.21% $0 $0 $0 $0 $0 $0 $0 $0 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Cash and Securities to Total Assets 84% 3% 11% 2% 2019 76% 1% 21% 2% Q4 2022 Loans Held for Investment Loans Held for Sale Securities Interest Bearing Balances with Banks Shift in Earning Asset Mix

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Subordinated Notes $335,881 ACL $150,923 Trust Preferred $108,450 Common Equity Tier 1 $1,372,747 1 Capital Position 12 Tier 1 $1,481 Tier 2 $487 Regulatory Capital as of December 31, 2022 • $100 million stock repurchase program is in effect through October 2023; there was no buyback activity in the fourth quarter of 2022 • Consistent dividend payment history, including through the 2008 financial crisis Capital Highlights Note: Dollars in millions \* Tangible Common Equity is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations". Ratio Tangible Common Equity\* 7.26 % 7.01 % Leverage 9.39 9.36 Tier 1 Risk Based 11.47 11.01 Total Risk Based 15.15 14.63 Common Tier 1 Equity 10.64 10.21 4Q 20223Q 2022

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Asset Quality

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2.47% 2.00% 2.50% 3.00% 3.50% 4.00% $200,000 $250,000 $300,000 $350,000 $400,000 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Criticized Loans/Total Loans Criticized Loans % of Total Loans ($ in thousands) 0.51% 0.00% 0.50% 1.00% 1.50% 2.00% $- $25,000 $50,000 $75,000 $100,000 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Loans 30-89 Days Past Due/ Total Loans 30-89 DPD % of Total Loans ($ in thousands) Asset Quality 14

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0.35% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $- $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 NPAs/Total Assets Nonperforming loans OREO % of Assets ($ in thousands) 0.09% 0.00% 0.20% 0.40% 0.60% 0.80% $- $5,000 $10,000 $15,000 $20,000 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Net Charge-offs/Average Loans Net charge-offs % of Avg Loans ($ in thousands) Asset Quality 15

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1.66% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Allowance/Total Loans Allowance % of Total Loans ($ in thousands) 338% 200% 250% 300% 350% 400% $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Allowance/Nonperforming Loans Allowance % of Total NPLs ($ in thousands) ACL Metrics 16

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ACL Summary ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans Commercial, Financial, Agricultural 30,594$2.02 44,451$2.65 Lease Financing Receivables 2,314 2.24 2,463 2.15 Real Estate - 1-4 Family Mortgage 43,414 1.39 44,520 1.39 Real Estate - Commercial Mortgage 69,400 1.38 71,925 1.40 Real Estate - Construction 18,745 1.54 19,114 1.43 Installment loans to individuals 9,889 7.67 9,617 7.71 Allowance for Credit Losses on Loans 174,356 1.57 192,090 1.66 Allowance for Credit Losses on Deferred Interest 1,260 1,248 Reserve for Unfunded Commitments 19,935 20,118 Total Reserves 195,551$213,456$12/31/20229/30/2022 17

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Loss Absorption Capacity 18 ($ in thousands) 12/31/2022 Allowance for Credit Losses on Loans 192,090$ Reserve for Unfunded Commitments 20,118 Purchase Accounting Discounts 12,770 Total Loss Absorption Capacity 224,978$

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ACL Activity 19\*PCD Loans represent loans acquired from RBC with more than insignificant credit deterioration at the date of acquisition.

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Profitability

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Net Income & Adjusted Pre-Provision Net Revenue\* 21 $37.1 $33.5 $39.7 $46.6 $46.3 $49.2 $42.7 $54.2 $67.0 $72.2 1.19% 1.04% 1.31% 1.60% 1.73% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Net Income P Adj. PPNR (non-GAAP)\* Adj. PPNR /Avg. Assets (non-GAAP)\* Note: Dollars in millions \*Adjusted Pre-Provision Net Revenue and Adjusted Pre-Provision Net Revenue/Average Assets are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations".

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Diluted Earnings per Share Reported and Adjusted\* 22 $.66 $.60 $.71 $.83 $.82 $.68 $.60 $.72 $.79 $.89 $- $0.20 $0.40 $0.60 $0.80 $1.00 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Diluted EPS (GAAP) Diluted EPS Adjusted (non-GAAP)\* \* Diluted earnings per share (adjusted) is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations".

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Profitability Ratios 23 6.59% 6.05% 7.31% 8.50% 8.58% 12.31% 10.99% 13.81% 14.87% 17.35% 0.00% 4.00% 8.00% 12.00% 16.00% 20.00% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 ROE (GAAP) ROTCE (Adjusted) (non-GAAP)\* \*ROAA (Adjusted) and ROTCE (Adjusted) are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations". 0.89% 0.81% 0.96% 1.11% 1.11% 0.92% 0.82% 0.98% 1.05% 1.20% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 ROAA (GAAP) ROAA (Adjusted) (non-GAAP)\* Return on Average Equity (ROE)Return on Average Assets (ROAA)

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Net Interest Income (FTE) & Net Interest Margin 24 $103.3 $101.4 $115.3 $132.4 $140.6 2.81% 2.76% 3.11% 3.54% 3.78% 2.73% 2.71% 3.00% 3.50% 3.76% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Core NII (FTE)(Non-GAAP)\* Non-Core NII NIM Core NIM (Non-GAAP)\* Note: Dollars in millions \*Core Net Interest Income (FTE) and Core Net Interest Margin are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations".

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Note: Dollars in thousands $47,582 $37,458 $37,214 $41,186 $33,395 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Service Charges Fees and Commissions Insurance Wealth Management Mortgage Banking Securities Gains Other Noninterest Income 25 Service Charges 31% Fees and Commissions 13% Insurance 8% Wealth Management 16% Mortgage Banking 15% Other 17% Q4 2022 - Noninterest Income Contribution • Noninterest income decreased $7.8 million on a linked quarter basis. A portion of the MSR portfolio was sold in the third quarter for a gain of $3.0 million, while no such sale occurred in the fourth quarter.

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Mortgage Banking 26 Mortgage MixMortgage banking income Gain on sale margin\* \*Gain on sale margin excludes pipeline fair value adjustments and buyback reserve activity included in "Gain on sales of loans, net" in the table above ($ in thousands) 4Q21 3Q22 4Q22 Gain on sales of loans, net 10,801$5,263$1,003$ Fees, net 4,320 2,405 1,849 Mortgage servicing (loss) income, net (395) 5,007 2,318 Mortgage banking income, net 14,726$12,675$5,170$2.01% 1.81% 1.27% 1.03% 1.64% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 $1.2 $1.2 $0.9 $0.6 $0.5 $- $0 $0 $1 $1 $1 $1 $1 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Locked Volume (in billions) (in %) 4Q21 3Q22 4Q22 Wholesale 38 34 35 Retail 62 66 65 Purchase 65 81 82 Refinance 35 19 18

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Noninterest Expense and Efficiency Ratio 27 Salaries and employee benefits 65% Data processing 4% Net occupancy and equipment 11% Intangible amortization 1% Other 19% Q4 2022 – Noninterest Expense Mix($ in thousands) 3Q22 4Q22 Change Salaries and employee benefits 66,463$67,372$909$ Data processing 3,526 3,521 (5) Net occupancy and equipment 11,266 11,122 (144) Intangible amortization 1,251 1,195 (56) Merger and conversion - 1,100 1,100 Other 19,068 17,272 (1,796) Total 101,574$101,582$8$67% 68% 64% 59% 58% 64% 67% 62% 59% 56% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Efficiency Ratio Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)\* \*Adjusted Efficiency Ratio is a non-GAAP financial measure. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the section "Non-GAAP Reconciliations". • Noninterest expense was flat on a linked quarter basis. In addition to expenses incurred in connection with the RBC acquisition, the Company recorded $1.3 million in expense related to the voluntary reimbursement of certain re-presentment NSF fees previously charged to customers that the company expects to make in 2023 in light of the FDIC's recent guidance to banks regarding such fees.

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