Current Report Filing (8-k)

Share Name	Share Symbol	Market	Type
Renasant Corporation	NASDAQ:RNST	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	26.06	25.51	26.63				0	01:00:00

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 20, 2015

Date of Report (Date of Earliest Event Reported)

RENASANT CORPORATION

(Exact Name of Registrant as Specified in its Charter)



Mississippi	001-13253	64-0676974
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

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))

Item 2.02. Results of Operations and Financial Condition.

On January 20, 2015, Renasant Corporation issued a press release announcing earnings for the fourth quarter of 2014. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibit is furnished herewith:

Exhibit No. Description


99.1	Press release dated January 20, 2015 issued by Renasant Corporation announcing earnings for the fourth quarter of 2014.

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

Date: January 20, 2015	By:	/s/ E. Robinson McGraw
		E. Robinson McGraw
		Chairman, President and Chief
		Executive Officer



Contacts:	For Media:	For Financials:
	John Oxford	Kevin Chapman
	Vice President	Executive Vice President
	Director of External Affairs	Chief Financial Officer
	(662) 680-1219	(662) 680-1450
	joxford@renasant.com	kchapman@renasant.com

RENASANT CORPORATION ANNOUNCES

2014 FOURTH QUARTER AND YEAR-END RESULTS

TUPELO, MISSISSIPPI (January 20, 2015) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the fourth quarter and year ended December 31, 2014. Net income for the fourth quarter of 2014 was approximately $15.6 million, up 39%, as compared to $11.3 million for the fourth quarter of 2013. Basic and diluted earnings per share (“EPS”) were $0.49 for the fourth quarter of 2014, as compared to basic and diluted EPS of $0.36 for the fourth quarter of 2013.

Net income for 2014 was $59.6 million, as compared to $33.5 million for 2013. Basic and diluted EPS were $1.89 and $1.88, respectively, for 2014, as compared to basic and diluted EPS of $1.23 and $1.22, respectively, for 2013.

In December of 2014, the Company announced a definitive merger agreement to acquire Heritage Financial Group, Inc. ("Heritage"), a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, in an all-stock merger. During the fourth quarter of 2014, the Company incurred merger expenses of approximately $500 thousand, or $0.01 in EPS, related to the Heritage merger.

For the fourth quarter of 2014, the Company’s return on average assets and return on average equity were 1.08% and 8.72%, respectively, as compared to 0.78% and 6.71%, respectively, for the fourth quarter of 2013. The Company’s 2014 fourth quarter return on average tangible assets and return on average tangible equity were 1.20% and 15.89%, respectively, as compared to 0.90% and 13.55%, respectively, for the fourth quarter of 2013.

For 2014, the Company’s return on average assets and return on average equity were 1.02% and 8.61%, respectively, as compared to 0.71% and 6.01%, respectively, for 2013. The Company’s 2014 return on average tangible assets and return on average tangible equity were 1.15% and 16.25%, respectively, as compared to 0.79% and 10.83%, respectively, for 2013.

“Our financial results for the fourth quarter of 2014 represent a strong finish to a great year. During 2014, we grew non-acquired loans over 13%, increased net interest margin, enhanced efficiency and improved our credit risk portfolio. All of these accomplishments resulted in record earnings and superior returns on profitability metrics,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “As we look to 2015, we believe we are well positioned to continue to improve on profitability and earnings growth, which in turn will generate shareholder value.”

Total assets at December 31, 2014, were approximately $5.80 billion, as compared to $5.75 billion at December 31, 2013.

Total loans, including loans acquired in either the Company’s acquisition of First M&F Corporation (“First M&F”) in the third quarter of 2013 or in FDIC-assisted transactions (collectively referred to as “acquired loans”), increased 2.75% to approximately $3.99 billion at December 31, 2014, as compared to $3.88 billion at December 31, 2013. Excluding acquired loans, loans grew 13.23% to $3.27 billion at December 31, 2014, as compared to $2.89 billion at December 31, 2013.

Total period end deposits remained flat at $4.84 billion at December 31, 2014, as compared to December 31, 2013. The Company’s noninterest-bearing deposits averaged approximately $937 million, or 19.6% of average deposits, for the fourth quarter of 2014, as compared to $889 million, or 18.4% of average deposits, for the fourth quarter of 2013. The Company’s cost of funds was 45 basis points for the fourth quarter of 2014, as compared to 51 basis points for the same quarter in 2013.

At December 31, 2014, the Company’s tangible common equity ratio was 7.52%, Tier 1 leverage capital ratio was 9.53%, Tier 1 risk-based capital ratio was 12.45%, and total risk-based capital ratio was 13.54%. The Company’s capital ratios were all in excess of regulatory minimums required to be classified as “well-capitalized.”

Net interest income was $50.0 million for the fourth quarter of 2014, as compared to $50.7 million for the fourth quarter of 2013. Net interest margin was 4.09% for the fourth quarter of 2014, as compared to 4.16% for the fourth quarter of 2013. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased net interest margin 11 basis points in the fourth quarter of 2014, as compared to 16 basis points in the same period in 2013.

The Company’s noninterest income is derived from diverse lines of business which primarily consist of mortgage, wealth management and insurance revenue sources along with income from deposit and loan products. For the fourth quarter of 2014, noninterest income increased to $20.0 million, as compared to $18.3 million for the fourth quarter of 2013. The Company’s growth in noninterest income for the fourth quarter of 2014, as compared to the fourth quarter of 2013, was driven primarily by higher levels of service charges on deposits and mortgage banking income.

Noninterest expense was $46.0 million for the fourth quarter of 2014, as compared to $51.1 million for the fourth quarter of 2013. The reduction in noninterest expenses for the fourth quarter of 2014, as compared to the same period in 2013, is primarily due to reductions in salary and employee benefits, other real estate expense and merger related expenses. The Company recorded merger expenses during the fourth quarter of 2014 of approximately $500 thousand related to the pending Heritage merger and $1.9 million during the fourth quarter of 2013 related to the First M&F acquisition.

At December 31, 2014, total nonperforming loans (loans 90 days or more past due and nonaccrual loans) were $55.1 million and total other real estate owned (“OREO”) was $34.5 million. The Company’s nonperforming loans and OREO that were acquired either through the First M&F merger or in connection with FDIC-assisted transactions (collectively referred to as “acquired nonperforming assets”) were $34.9 million and $17.4 million, respectively at December 31, 2014.

Since the acquired nonperforming assets were recorded at fair value at the time of acquisition or are subject to loss-share agreements with the FDIC, which significantly mitigates our actual loss, the remaining information in this release on nonperforming loans, OREO and the related asset quality ratios excludes these acquired nonperforming assets.

Nonperforming assets decreased 20.17% to $37.3 million at December 31, 2014, as compared to $46.7 million at December 31, 2013.

Nonperforming loans were $20.2 million at December 31, 2014, as compared to $19.2 million at December 31, 2013. Early stage delinquencies, or loans 30-to-89 days past due, as a percentage of total loans were 0.32% at December 31, 2014, as compared to 0.31% at December 31, 2013.

OREO was $17.1 million at December 31, 2014, as compared to $27.5 million at December 31, 2013, a 38.0% decrease. The Company continues to proactively market the properties held in OREO as it sold approximately $28.8 million of OREO during 2014 and $6.1 million during the fourth quarter of 2014.

The Company recorded a provision for loan losses of $1.1 million for the fourth quarter of 2014, as compared to $2.0 million for the fourth quarter of 2013. For the fourth quarter of 2014, net charge-offs were $3.3 million, as compared to $584 thousand in net charge-offs for the same period in 2013. Annualized net charge-offs as a percentage of average loans were 0.33% for the fourth quarter of 2014, as compared to 0.06% for the same quarter in 2013.

The allowance for loan losses as a percentage of loans was 1.29% at December 31, 2014, as compared to 1.65% at December 31, 2013. The Company’s coverage ratio, or the allowance for loan losses as a percentage of nonperforming loans, decreased to 209.49% at December 31, 2014, as compared to 248.90% at December 31, 2013.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Wednesday, January 21, 2015, through the Company's website: www.renasant.com

or http://services.choruscall.com/links/rnst150121.html. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing

1-877-513-1143 in the United States and requesting the Renasant Corporation earnings call. International participants should dial 1-412-902-4145.

The webcast will be archived on www.renasant.com beginning one hour after the call and will remain accessible for one year. Replays can also be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 10058507 or by dialing 1-412-317-0088 internationally and entering the conference number. Telephone replay access is available until 9:00 a.m. ET on February 5, 2015.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 111-year-old financial services institution, and Renasant Insurance. Renasant has assets of approximately $5.80 billion and operates more than 120 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.

NOTE TO INVESTORS:

This news release may contain, or incorporate by reference, statements which may 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. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions.

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

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 contains certain non-GAAP financial measures. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, which the Company’s management uses 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 indications 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 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.

The specific non-GAAP financial measures used are return on average tangible shareholders’ equity, return on average tangible assets and the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”). The presentation of this non-GAAP financial information is not 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 other 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.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the table at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”

###



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2014 -		Twelve Months Ended
		2014												2013												Q4 2013		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2014			2013			Variance
Statement of earnings
Interest income - taxable equivalent basis		$	57,335		$	58,098		$	60,002		$	57,811		$	58,644		$	46,083		$	41,331		$	40,371		(2.23	)	$	233,246		$	186,429		25.11
Interest income		$	55,596		$	56,359		$	58,277		$	56,177		$	57,076		$	44,638		$	39,945		$	38,945		(2.59	)	$	226,409		$	180,604		25.36
Interest expense		5,580			5,886			6,108			6,206			6,408			5,890			5,541			5,564			(12.92	)	23,780			23,403			1.61
	Net interest income	50,016			50,473			52,169			49,971			50,668			38,748			34,404			33,381			(1.29	)	202,629			157,201			28.90
Provision for loan losses		1,050			2,217			1,450			1,450			2,000			2,300			3,000			3,050			(47.50	)	6,167			10,350			(40.42	)
	Net interest income after provision	48,966			48,256			50,719			48,521			48,668			36,448			31,404			30,331			0.61		196,462			146,851			33.78
Service charges on deposit accounts		6,527			6,747			6,194			5,915			6,165			5,361			4,509			4,500			5.87		25,383			20,535			23.61
Fees and commissions on loans and deposits		5,150			6,236			5,515			4,972			5,300			4,982			4,848			4,831			(2.83	)	21,873			19,961			9.58
Insurance commissions and fees		1,973			2,270			2,088			1,863			1,869			1,295			951			861			5.56		8,194			4,976			64.67
Wealth management revenue		2,144			2,197			2,170			2,144			2,124			2,091			1,715			1,724			0.94		8,655			7,654			13.08
Securities gains (losses)		—			375			—			—			—			—			—			54			—		375			54			594.44
Gain on sale of mortgage loans		2,368			2,635			2,005			1,586			1,350			2,788			3,870			3,565			75.41		8,594			11,573			(25.74	)
Gain on acquisition		—			—			—			—			—			—			—			—			—		—			—			—
Other		1,809			2,102			1,499			2,136			1,533			2,418			1,424			1,843			18.00		7,546			7,218			4.54
	Total noninterest income	19,971			22,562			19,471			18,616			18,341			18,935			17,317			17,378			8.89		80,620			71,971			12.02
Salaries and employee benefits		27,301			29,569			29,810			28,428			29,911			25,689			21,906			21,274			(8.73	)	115,108			98,780			16.53
Data processing		2,949			2,906			2,850			2,695			2,546			2,236			2,045			2,043			15.83		11,400			8,870			28.52
Occupancy and equipment		5,146			5,353			4,906			4,847			5,105			4,576			3,668			3,608			0.80		20,252			16,957			19.43
Other real estate		723			1,101			1,068			1,701			1,607			1,537			1,773			2,049			(55.01	)	4,593			6,966			(34.07	)
Amortization of intangibles		1,327			1,381			1,427			1,471			1,508			724			314			323			(12.00	)	5,606			2,869			95.40
Merger-related expenses		499			—			—			195			1,879			3,763			385			—			(73.44	)	694			6,027			(88.49	)
Debt extinguishment penalty		—			—			—			—			—			—			—			—			—		—			—			—
Other		8,034			7,865			9,335			8,308			8,573			8,088			7,643			8,303			(6.29	)	33,542			32,607			2.87
	Total noninterest expense	45,979			48,175			49,396			47,645			51,129			46,613			37,734			37,600			(10.07	)	191,195			173,076			10.47
Income before income taxes		22,958			22,643			20,794			19,492			15,880			8,770			10,987			10,109			44.57		85,887			45,746			87.75
Income taxes		7,361			7,108			5,941			5,895			4,620			2,133			2,968			2,538			59.33		26,305			12,259			114.58
	Net income	$	15,597		$	15,535		$	14,853		$	13,597		$	11,260		$	6,637		$	8,019		$	7,571		38.52		$	59,582		$	33,487		77.93
Basic earnings per share		$	0.49		$	0.49		$	0.47		$	0.43		$	0.36		$	0.24		$	0.32		$	0.30		36.11		$	1.89		$	1.23		53.66
Diluted earnings per share		0.49			0.49			0.47			0.43			0.36			0.24			0.32			0.30			36.11		1.88			1.22			54.10
Average basic shares outstanding		31,537,278			31,526,423			31,496,737			31,436,148			31,366,019			27,234,927			25,223,749			25,186,229			0.55		31,499,498			27,269,613			15.51
Average diluted shares outstanding		31,781,734			31,718,529			31,698,198			31,724,474			31,617,681			27,447,382			25,373,868			25,288,785			0.52		31,759,647			27,460,757			15.65
Common shares outstanding		31,545,145			31,533,703			31,519,541			31,480,395			31,387,668			31,358,583			25,231,074			25,208,733			0.50		31,545,145			31,387,668			0.50
Cash dividend per common share		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		—		$	0.68		$	0.68		—
Performance ratios
Return on average shareholders' equity		8.72		%	8.84		%	8.67		%	8.19		%	6.71		%	4.75		%	6.35		%	6.12		%			8.61		%	6.01		%
Return on average tangible shareholders' equity (1)		15.89		%	16.50		%	16.55		%	16.05		%	13.55		%	8.74		%	10.47		%	10.19		%			16.25		%	10.83		%
Return on average assets		1.08		%	1.07		%	1.02		%	0.93		%	0.78		%	0.56		%	0.76		%	0.73		%			1.02		%	0.71		%
Return on average tangible assets (2)		1.20		%	1.20		%	1.15		%	1.05		%	0.90		%	0.63		%	0.82		%	0.79		%			1.15		%	0.79		%
Net interest margin (FTE)		4.09		%	4.12		%	4.24		%	4.04		%	4.16		%	3.86		%	3.88		%	3.89		%			4.12		%	3.96		%
Yield on earning assets (FTE)		4.53		%	4.58		%	4.72		%	4.53		%	4.67		%	4.42		%	4.49		%	4.51		%			4.59		%	4.53		%
Cost of funding		0.45		%	0.47		%	0.48		%	0.48		%	0.51		%	0.57		%	0.60		%	0.62		%			0.47		%	0.57		%
Average earning assets to average assets		87.41		%	87.32		%	87.39		%	87.35		%	86.78		%	87.43		%	87.32		%	86.31		%			87.37		%	86.96		%
Average loans to average deposits		82.67		%	82.26		%	79.11		%	77.00		%	79.89		%	81.69		%	80.93		%	80.30		%			80.24		%	80.66		%
Noninterest income (less securities gains/
	losses) to average assets	1.38		%	1.53		%	1.34		%	1.27		%	1.27		%	1.59		%	1.64		%	1.67		%			1.38		%	1.52		%
Noninterest expense (less debt prepayment penalties/
	merger-related expenses) to average assets	3.14		%	3.32		%	3.39		%	3.25		%	3.40		%	3.59		%	3.54		%	3.63		%			3.28		%	3.53		%
Net overhead ratio		1.76		%	1.79		%	2.06		%	1.97		%	2.14		%	2.01		%	1.90		%	1.95		%			1.90		%	2.01		%
Efficiency ratio (FTE) (4)		61.56		%	62.90		%	65.38		%	65.48		%	67.65		%	71.25		%	69.74		%	71.51		%			63.82		%	69.88		%



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																										Q4 2014 -		Twelve Months Ended
		2014												2013												Q4 2013		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2014			2013			Variance
Average Balances
Total assets		$	5,746,146		$	5,758,081		$	5,836,607		$	5,927,884		$	5,741,794		$	4,729,079		$	4,231,947		$	4,206,411		0.08		$	5,816,517		$	4,731,512		22.93
Earning assets		5,022,647			5,027,805			5,100,834			5,178,069			4,982,614			4,134,730			3,695,409			3,630,759			0.80		5,081,764			4,114,606			23.51
Securities		979,052			1,001,547			1,026,948			1,002,519			924,179			819,351			754,515			698,863			5.94		1,002,450			799,899			25.32
Mortgage loans held for sale		27,443			31,832			26,004			19,925			25,248			37,056			32,318			22,347			8.69		26,337			29,271			(10.02	)
Loans, net of unearned		3,954,606			3,937,142			3,897,028			3,868,747			3,865,615			3,213,853			2,845,260			2,804,618			2.30		3,914,679			3,185,288			22.90
Intangibles		297,978			300,725			302,181			303,599			304,388			227,606			190,362			190,787			(2.11	)	301,104			228,629			31.70
Noninterest-bearing deposits		$	936,672		896,856			905,180			949,317			888,888			660,415			562,104			549,514			5.38		921,903			666,147			38.39
Interest-bearing deposits		3,846,891			3,889,132			4,020,754			4,074,746			3,949,909			3,273,658			2,953,435			2,943,247			(2.61	)	3,957,068			3,282,816			20.54
Total deposits		4,783,563			4,785,988			4,925,934			5,024,063			4,838,797			3,934,073			3,515,539			3,492,761			(1.14	)	4,878,971			3,948,963			23.55
Borrowed funds		190,928			214,017			169,373			170,091			173,583			189,909			164,894			163,981			9.99		186,236			173,161			7.55
Shareholders' equity		709,811			697,103			686,794			673,047			665,513			553,772			506,225			501,634			6.66		691,802			557,209			24.15


																										Q4 2014 -		As of
		2014												2013												Q4 2013		December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2014			2013			Variance
Balances at period end
Total assets		$	5,804,526		$	5,751,711		$	5,826,020		$	5,902,831		$	5,746,270		$	5,735,865		$	4,242,401		$	4,267,658		1.01		$	5,804,526		$	5,746,270		1.01
Earning assets		5,063,040			5,053,251			5,063,873			5,161,173			4,999,434			4,972,051			3,715,321			3,706,707			1.27		5,063,040			4,999,434			1.27
Securities		983,747			980,328			1,007,331			1,046,688			925,670			915,869			746,530			740,613			6.27		983,747			925,670			6.27
Mortgage loans held for sale		25,628			30,451			28,116			28,433			33,440			28,466			50,268			26,286			(23.36	)	25,628			33,440			(23.36	)
Loans acquired from M&F		577,347			636,628			694,115			746,047			813,451			891,420			—			—			(29.02	)	577,347			813,451			(29.02	)
Loans not acquired		3,267,486			3,165,492			3,096,286			2,947,836			2,885,802			2,794,116			2,683,017			2,594,438			13.23		3,267,486			2,885,802			13.23
Loans acquired and subject to loss share		143,041			155,319			167,129			173,545			181,765			195,996			201,494			213,872			(21.30	)	143,041			181,765			(21.30	)
	Total loans	3,987,874			3,957,439			3,957,530			3,867,428			3,881,018			3,881,532			2,884,511			2,808,310			2.75		3,987,874			3,881,018			2.75
Intangibles		297,329			298,609			301,478			302,903			304,330			305,065			190,208			190,522			(2.30	)	297,329			304,330			(2.30	)
Noninterest-bearing deposits		$	919,872		935,544			902,766			914,964			856,020			876,138			560,965			567,065			7.46		919,872			856,020			7.46
Interest-bearing deposits		3,918,546			3,828,126			3,983,965			4,089,820			3,985,892			3,958,618			2,944,193			2,988,110			(1.69	)	3,918,546			3,985,892			(1.69	)
	Total deposits	4,838,418			4,763,670			4,886,731			5,004,784			4,841,912			4,834,756			3,505,158			3,555,175			(0.07	)	4,838,418			4,841,912			(0.07	)
Borrowed funds		188,825			227,664			189,831			168,700			171,875			177,168			195,789			164,063			9.86		188,825			171,875			9.86
Shareholders' equity		711,651			700,475			688,215			676,715			665,652			657,256			500,678			502,375			6.91		711,651			665,652			6.91
Market value per common share		$	28.93		$	27.05		$	29.07		$	29.05		$	31.46		$	27.17		$	24.34		$	22.38		(8.04	)	$	28.93		$	31.46		(8.04	)
Book value per common share		22.56			22.21			21.83			21.50			21.21			20.96			19.84			19.93			6.36		22.56			21.21			6.36
Tangible book value per common share		13.13			12.74			12.27			11.87			11.51			11.23			12.31			12.37			14.07		13.13			11.51			14.07
Shareholders' equity to assets (actual)		12.26		%	12.18		%	11.81		%	11.46		%	11.58		%	11.46		%	11.80		%	11.77		%	5.87		12.26		%	11.58		%	5.84
Tangible capital ratio (3)		7.52		%	7.37		%	7.00		%	6.68		%	6.64		%	6.49		%	7.66		%	7.65		%	13.25		7.52		%	6.64		%	13.31
Leverage ratio		9.53		%	9.31		%	8.91		%	8.56		%	8.68		%	8.66		%	9.83		%	9.79		%	9.79		9.53		%	8.68		%	9.79
Tier 1 risk-based capital ratio		12.45		%	12.28		%	11.82		%	11.55		%	11.41		%	11.40		%	12.87		%	12.86		%	9.11		12.45		%	11.41		%	9.11
Total risk-based capital ratio		13.54		%	13.43		%	12.96		%	12.72		%	12.58		%	12.53		%	14.14		%	14.13		%	7.63		13.54		%	12.58		%	7.63



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																									Q4 2014 -		As of
	2014												2013												Q4 2013		December 31,
	Fourth			Third			Second			First			Fourth			Third			Second			First			Percent								Percent
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2014			2013			Variance
Loans not acquired
Commercial, financial, agricultural	$	418,501		$	378,802		$	365,262		$	347,828		$	341,600		$	331,142		$	307,718		$	298,013		22.51		$	418,501		$	341,600		22.51
Lease Financing	10,114			5,377			1,767			612			52			75			103			162			19,350.00		10,114			52			19,350.00
Real estate- construction	210,837			193,787			172,319			149,450			147,075			127,013			117,339			109,484			43.35		210,837			147,075			43.35
Real estate - 1-4 family mortgages	1,014,412			984,778			966,546			941,260			928,803			891,422			859,884			834,204			9.22		1,014,412			928,803			9.22
Real estate - commercial mortgages	1,538,950			1,527,680			1,516,372			1,441,403			1,404,617			1,383,680			1,335,402			1,295,213			9.56		1,538,950			1,404,617			9.56
Installment loans to individuals	74,672			75,068			74,020			67,283			63,655			60,784			62,571			57,362			17.31		74,672			63,655			17.31
Loans, net of unearned	$	3,267,486		$	3,165,492		$	3,096,286		$	2,947,836		$	2,885,802		$	2,794,116		$	2,683,017		$	2,594,438		13.23		$	3,267,486		$	2,885,802		13.23
Loans acquired and subject to loss share
Commercial, financial, agricultural	$	6,684		$	7,698		$	7,677		$	8,283		$	9,546		$	10,280		$	10,283		$	10,157		(29.98	)	$	6,684		$	9,546		(29.98	)
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	—			1,648			1,648			1,648			1,648			1,648			1,648			1,648			(100.00	)	—			1,648			(100.00	)
Real estate - 1-4 family mortgages	44,017			46,354			49,616			52,252			54,466			56,722			60,409			65,489			(19.18	)	44,017			54,466			(19.18	)
Real estate - commercial mortgages	92,304			99,580			108,166			111,337			116,077			127,315			129,120			136,541			(20.48	)	92,304			116,077			(20.48	)
Installment loans to individuals	36			39			22			25			28			31			34			37			28.57		36			28			28.57
Loans, net of unearned	$	143,041		$	155,319		$	167,129		$	173,545		$	181,765		$	195,996		$	201,494		$	213,872		(21.30	)	$	143,041		$	181,765		(21.30	)
Loans acquired from M&F
Commercial, financial, agricultural	$	58,098		$	64,058		$	74,887		$	84,004		$	117,817		$	139,821		$	—		$	—		(50.69	)	$	58,098		$	117,817		(50.69	)
Lease Financing	—			—			—			—			—			—			—			—			—		—			—			—
Real estate- construction	1,224			1,631			2,610			4,803			12,713			23,556			—			—			(90.37	)	1,224			12,713			(90.37	)
Real estate - 1-4 family mortgages	177,931			190,447			205,126			217,748			224,965			244,079			—			—			(20.91	)	177,931			224,965			(20.91	)
Real estate - commercial mortgages	325,660			363,793			390,781			415,418			429,878			449,589			—			—			(24.24	)	325,660			429,878			(24.24	)
Installment loans to individuals	14,434			16,699			20,711			24,074			28,078			34,375			—			—			(48.59	)	14,434			28,078			(48.59	)
Loans, net of unearned	$	577,347		$	636,628		$	694,115		$	746,047		$	813,451		$	891,420		$	—		$	—		(29.02	)	$	577,347		$	813,451		(29.02	)
Asset quality data
Assets not acquired:
Nonaccrual loans	$	18,781		$	19,070		$	17,175		$	18,365		$	16,863		$	19,995		$	20,554		$	25,382		11.37		$	18,781		$	16,863		11.37
Loans 90 past due or more	1,406			7,177			3,615			1,322			2,287			2,078			1,983			2,601			(38.52	)	1,406			2,287			(38.52	)
Nonperforming loans	20,187			26,247			20,790			19,687			19,150			22,073			22,537			27,983			5.42		20,187			19,150			5.42
Other real estate owned	17,087			20,461			23,950			25,117			27,543			27,357			33,247			39,786			(37.96	)	17,087			27,543			(37.96	)
Nonperforming assets not acquired	$	37,274		$	46,708		$	44,740		$	44,804		$	46,693		$	49,430		$	55,784		$	67,769		(20.17	)	$	37,274		$	46,693		(20.17	)
Assets acquired and subject to loss share:																														—
Nonaccrual loans	$	24,172		$	33,216		$	41,425		$	46,078		$	49,194		$	49,585		$	47,281		$	47,972		(50.86	)	$	24,172		$	49,194		(50.86	)
Loans 90 past due or more	48			1,979			—			32			—			505			126			—			—		48			—			—
Nonperforming loans	24,220			35,195			41,425			46,110			49,194			50,090			47,407			47,972			(50.77	)	24,220			49,194			(50.77	)
Other real estate owned	6,368			4,033			7,472			10,218			12,942			16,580			27,835			35,095			(50.80	)	6,368			12,942			(50.80	)
Nonperforming assets acquired and subject to loss share	$	30,588		$	39,228		$	48,897		$	56,328		$	62,136		$	66,670		$	75,242		$	83,067		(50.77	)	$	30,588		$	62,136		(50.77	)
Assets acquired from M&F:																														—
Nonaccrual loans	$	1,443		$	1,991		$	5,966		$	6,393		$	6,275		$	224		$	—		$	—		(77.00	)	$	1,443		$	6,275		(77.00	)
Loans 90 past due or more	9,259			8,375			5,057			1,922			1,899			8,568			—			—			387.57		9,259			1,899			387.57
Nonperforming loans	10,702			10,366			11,023			8,315			8,174			8,792			—			—			30.93		10,702			8,174			30.93
Other real estate owned	11,017			9,565			10,381			12,406			12,402			13,223			—			—			(11.17	)	11,017			12,402			(11.17	)
Nonperforming assets acquired from M&F	$	21,719		$	19,931		$	21,404		$	20,721		$	20,576		$	22,015		$	—		$	—		5.56		$	21,719		$	20,576		5.56
Net loan charge-offs (recoveries)	$	3,330		$	4,952		$	2,195		$	1,067		$	584		$	3,084		$	2,471		$	893		470.21		$	11,544		$	7,032		64.16
Allowance for loan losses	42,289			44,569			47,304			48,048			47,665			46,250			47,034			46,505			(11.28	)	42,289			47,665			(11.28	)
Annualized net loan charge-offs / average loans	0.33		%	0.50		%	0.23		%	0.11		%	0.06		%	0.38		%	0.35		%	0.13		%			0.29		%	0.22		%
Nonperforming loans / total loans*	1.38		%	1.81		%	1.85		%	1.92		%	1.97		%	2.09		%	2.42		%	2.70		%			1.38		%	1.97		%
Nonperforming assets / total assets*	1.54		%	1.84		%	1.97		%	2.06		%	2.25		%	2.41		%	3.09		%	3.53		%			1.54		%	2.25		%
Allowance for loan losses / total loans*	1.06		%	1.13		%	1.20		%	1.24		%	1.23		%	1.19		%	1.63		%	1.66		%			1.06		%	1.23		%
Allowance for loan losses / nonperforming loans*	76.74		%	62.07		%	64.59		%	64.83		%	62.29		%	57.13		%	67.25		%	61.23		%			76.74		%	62.29		%
Nonperforming loans / total loans**	0.62		%	0.83		%	0.67		%	0.67		%	0.66		%	0.79		%	0.84		%	1.08		%			0.62		%	0.66		%
Nonperforming assets / total assets**	0.64		%	0.81		%	0.77		%	0.76		%	0.81		%	0.86		%	1.31		%	1.59		%			0.64		%	0.81		%
Allowance for loan losses / total loans**	1.29		%	1.41		%	1.53		%	1.63		%	1.65		%	1.66		%	1.75		%	1.79		%			1.29		%	1.65		%
Allowance for loan losses / nonperforming loans**	209.49		%	169.81		%	227.53		%	244.06		%	248.90		%	209.53		%	208.70		%	166.19		%			209.49		%	248.90		%
*Based on all assets (includes acquired assets)
**Excludes assets acquired from M&F and assets covered under loss share



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)

														RECONCILIATION OF GAAP TO NON-GAAP

																										Twelve Months Ended
		2014												2013												December 31,
		Fourth			Third			Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2014			2013
Net income (GAAP)		$	15,597		$	15,535		$	14,853		$	13,597		$	11,260		$	6,637		$	8,019		$	7,571		$	59,582		$	33,487
	Amortization of intangibles, net of tax	902			947			1,019			1,026			1,069			548			229			242			3,894			2,088
Tangible net income (non-GAAP)		$	16,499		$	16,482		$	15,872		$	14,623		$	12,329		$	7,185		$	8,248		$	7,813		$	63,476		$	35,575

Average shareholders' equity (GAAP)		$	709,811		$	697,103		$	686,794		$	673,047		$	665,513		$	553,772		$	506,225		$	501,634		$	691,802		$	557,209
	Intangibles	297,978			300,725			302,181			303,599			304,388			227,606			190,362			190,787			301,104			228,629
Average tangible s/h's equity (non-GAAP)		$	411,833		$	396,378		$	384,613		$	369,448		$	361,125		$	326,166		$	315,863		$	310,847		$	390,698		$	328,580

Average total assets (GAAP)		$	5,746,146		$	5,758,081		$	5,836,607		$	5,927,884		$	5,741,794		$	4,729,079		$	4,231,947		$	4,206,411		$	5,816,517		$	4,731,512
	Intangibles	297,978			300,725			302,181			303,599			304,388			227,606			190,362			190,787			301,104			228,629
Average tangible assets (non-GAAP)		$	5,448,168		$	5,457,356		$	5,534,426		$	5,624,321		$	5,437,406		$	4,501,473		$	4,041,585		$	4,015,624		$	5,515,413		$	4,502,883

Actual total assets (GAAP)		$	5,804,526		$	5,751,711		$	5,826,020		$	5,902,831		$	5,746,270		$	5,735,865		$	4,242,401		$	4,267,658		$	5,804,526		$	5,746,270
	Intangibles	297,329			298,609			301,478			302,903			304,330			305,065			190,208			190,522			297,329			304,330
Actual tangible assets (non-GAAP)		$	5,507,197		$	5,453,102		$	5,524,542		$	5,603,168		$	5,441,940		$	5,430,800		$	4,052,193		$	4,077,136		$	5,507,197		$	5,441,940

(1) Return on Average Equity
Return on avg s/h's equity (GAAP)		8.72		%	8.84		%	8.67		%	8.19		%	6.71		%	4.75		%	6.35		%	6.12		%	8.61		%	6.01		%
	Effect of adjustment for intangible assets	7.18		%	7.66		%	7.88		%	7.86		%	6.83		%	3.98		%	4.12		%	4.07		%	7.63		%	4.82		%
Return on avg tangible s/h's equity (non-GAAP)		15.89		%	16.50		%	16.55		%	16.05		%	13.55		%	8.74		%	10.47		%	10.19		%	16.25		%	10.83		%

(2) Return on Average Assets
Return on (average) assets (GAAP)		1.08		%	1.07		%	1.02		%	0.93		%	0.78		%	0.56		%	0.76		%	0.73		%	1.02		%	0.71		%
	Effect of adjustment for intangible assets	0.12		%	0.13		%	0.13		%	0.12		%	0.12		%	0.08		%	0.06		%	0.06		%	0.13		%	0.08		%
Return on average tangible assets (non-GAAP)		1.20		%	1.20		%	1.15		%	1.05		%	0.90		%	0.63		%	0.82		%	0.79		%	1.15		%	0.79		%

(3) Shareholder Equity Ratio
Shareholders' equity to (actual) assets (GAAP)		12.26		%	12.18		%	11.81		%	11.46		%	11.58		%	11.46		%	11.80		%	11.77		%	12.26		%	11.58		%
	Effect of adjustment for intangible assets	4.74		%	4.81		%	4.81		%	4.79		%	4.94		%	4.97		%	4.14		%	4.12		%	4.74		%	4.94		%
Tangible capital ratio (non-GAAP)		7.52		%	7.37		%	7.00		%	6.68		%	6.64		%	6.49		%	7.66		%	7.65		%	7.52		%	6.64		%


														CALCULATION OF EFFICIENCY RATIO

Interest income (FTE)		$	57,335		$	58,098		$	60,002		$	57,811		$	58,644		$	46,083		$	41,331		$	40,371		$	233,246		$	186,429
	Interest expense	5,580			5,886			6,108			6,206			6,408			5,890			5,541			5,564			23,780			23,403
Net Interest income (FTE)		$	51,755		$	52,212		$	53,894		$	51,605		$	52,236		$	40,193		$	35,790		$	34,807		$	209,466		$	163,026

Total noninterest income		$	19,971		$	22,562		$	19,471		$	18,616		$	18,341		$	18,935		$	17,317		$	17,378		$	80,620		$	71,971
	Securities gains (losses)	—			375			—			—			—			—			—			54			375			54
	Gain on acquisition	—			—			—			—			—			—			—			—			—			—
Total noninterest income		$	19,971		$	22,187		$	19,471		$	18,616		$	18,341		$	18,935		$	17,317		$	17,324		$	80,245		$	71,917
Total Income (FTE)		$	71,726		$	74,399		$	73,365		$	70,221		$	70,577		$	59,128		$	53,107		$	52,131		$	289,711		$	234,943

Total noninterest expense		$	45,979		$	48,175		$	49,396		$	47,645		$	51,129		$	46,613		$	37,734		$	37,600		$	191,195		$	173,076
	Amortization of intangibles	1,327			1,381			1,427			1,471			1,508			724			314			323			5,606			2,869
	Merger-related expenses	499			—			—			195			1,879			3,763			385			—			694			6,027
	Debt extinguishment penalty	—			—			—			—			—			—			—			—			—			—
Total noninterest expense		$	44,153		$	46,794		$	47,969		$	45,979		$	47,742		$	42,126		$	37,035		$	37,277		$	184,895		$	164,180

(4) Efficiency Ratio		61.56		%	62.90		%	65.38		%	65.48		%	67.65		%	71.25		%	69.74		%	71.51		%	63.82		%	69.88		%

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RNST Renasant Corporation