UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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
February 7, 2018
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 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)) |
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. ☐
Item 7.01. Regulation FD Disclosure.
Representatives of Renasant Corporation (“Renasant”) will be making presentations to investors during various conferences in the first quarter of 2018. A copy of the presentation materials is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein solely for purposes of this Item 7.01.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, 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.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Congress passed the Private Securities Litigation Reform Act of 1995 in an effort to encourage companies to provide information about their anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects a company from unwarranted litigation if actual results are different from management expectations. Such forward-looking statements usually include words such as “expects,” “projects,” “proposes,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible,” “approximately,” “should” and variations of such words and other similar expressions. The forward-looking statements in this communication reflect Renasant’s current assumptions and estimates of, among other things, future economic circumstances, industry conditions, business strategy and decisions, company performance and financial results. Renasant believes its assumptions and estimates are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many beyond Renasant’s control, that could cause the company’s actual results and experience to differ from the anticipated results and expectations indicated or implied in such forward-looking statements. Such differences may be material. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and, accordingly, they 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 Renasant’s management that could cause actual results to differ materially from those in forward-looking statements include the following risks: (1) 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; (2) the effect of economic conditions and interest rates on a national, regional or international basis; (3) the timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (4) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (5) the financial resources of, and products available to, competitors; (6) changes in laws and regulations (including H.R. 1, commonly known as the Tax Cuts and Jobs Act, enacted in December 2017) as well as changes in accounting standards; (7) changes in policy by regulatory agencies; (8) changes in the securities and foreign exchange markets; (9) Renasant’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (10) 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; (11) an insufficient allowance for loan losses as a result of inaccurate assumptions; (12) general economic, market or business conditions, including the impact of inflation; (13) changes in demand for loan products and financial services; (14) concentration of credit exposure; (15) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (16) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (17) natural disasters and other catastrophic events in the companies’ geographic area; (18) the impact, extent and timing of technological changes; and (19) other circumstances, many of which are beyond management’s control.
Renasant expressly disclaims any obligation to update or revise forward-looking statements to reflect changed assumptions or estimates, the occurrence of unanticipated events or changes to future operating results that occur after the date the forward-looking statements are made.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description of Exhibit | |
99.1 | ||
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: February 7, 2018 | By: | /s/ E. Robinson McGraw | |
E. Robinson McGraw | |||
Chairman and Chief Executive Officer | |||
EXHIBIT INDEX
Exhibit Number | Description of Exhibit | |
99.1 | ||
Q1 2018 Investor Presentation
This presentation contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995
about Renasant Corporation (“Renasant,” “we,” “our,” or “us”) that are subject to risks and uncertainties. Congress passed the Private
Securities Litigation Reform Act of 1995 in an effort to encourage companies to provide information about their anticipated future financial
performance. This act provides a safe harbor for such disclosure, which protects a company from unwarranted litigation if actual results are
different from management expectations. Forward-looking statements include information concerning our future financial performance,
business strategy, projected plans and objectives. These statements are based upon the current beliefs and expectations of our management and
are 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 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. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “estimates,”
“plans,” “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. Investors should understand that the following
important factors, in addition to those discussed elsewhere in this presentation as well as in reports we file with the Securities and Exchange
Commission, could cause actual results to differ materially from those expressed in such forward-looking statements: (i) our ability to efficiently
integrate acquisitions into our operations, retain the customers of these businesses and grow the acquired operations, including with respect to
our acquisition of Metropolitan BancGroup, Inc.; (ii) the timing of the implementation of changes in operations to achieve enhanced earnings or
effect cost savings; (iii) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management,
retail banking, mortgage lending and auto lending industries; (iv) the financial resources of, and products available to, competitors; (v) changes
in laws and regulations (including H.R.1, commonly know as the Tax Cuts and Jobs Act, enacted in December 2017) as well as changes in
accounting standards; (vi) changes in regulatory policy; (vii) changes in the securities and foreign exchange markets; (viii) our potential growth,
including our entrance or expansion into new markets, and the need for sufficient capital to support that growth; (ix) 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; (x) an insufficient allowance for loan losses as a result of inaccurate assumptions; (xi) general market or business
conditions; (xii) changes in demand for loan products and financial services; (xiii) concentration of credit exposure; (xiv) changes or the lack of
changes in interest rates, yield curves and interest rate spread relationships; and (xv) other circumstances, many of which are beyond
management‟s control.
Our management believes the forward-looking statements about us are reasonable. However, investors should not place undue reliance on
them. Any forward-looking statements in this presentation are not guarantees of future performance. They involve risks, uncertainties and
assumptions, and actual results, developments and business decisions may differ from those contemplated by those forward-looking
statements. Many of the factors that will determine these results are beyond our ability to control or predict. We expressly disclaim any duty to
update or revise any forward-looking statements, all of which are expressly qualified by the statements in this section.
More than 180 banking, lending, wealth management and insurance offices
3
Western
28%
Northern
28% Eastern
24%
Central
20%
Portfolio Loans*
[CATEG
ORY
NAME]
41%
Northern
19% [CATEG
ORY
NAME]
23%
Central
17%
Total Deposits*
*As of December 31, 2017
4
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
Nashville
Memphis
TENNESSEE
Tupelo
Jackson
MISSISSIPPI
Birmingham
Huntsville
Montgomery
Atlanta
GEORGIA
ALABAMA
Source: SNL Financial
5
Financial Highlights
Assets $3.59 Billion
Gross Loans $2.28 Billion
Deposits $2.69 Billion
6
De novo expansion:
Columbus, MS
2010
De novo expansion:
Montgomery, AL
Starkville, MS
Tuscaloosa, AL
De novo expansion:
Maryville, TN
Jonesborough,
TN
FDIC-Assisted
Transaction:
Crescent Bank and
Trust
Jasper, GA
Assets: $1.0 billion
FDIC-Assisted
Transaction:
American Trust
Bank
Roswell, GA
Assets: $145 million
Trust Acquisition:
RBC (USA) Trust
Unit
Birmingham, AL
Assets: $680 million
Whole Bank
Transaction:
First M&F
Corporation
Kosciusko, MS
Assets: $1.5 billion
2011 2013
De novo expansion:
Bristol, TN
Johnson City, TN
2015
Whole Bank
Transaction:
Heritage Financial
Group, Inc.
Albany, GA
Assets: $1.9 billion
2012 2016
Whole Bank
Transaction:
KeyWorth Bank
Atlanta, GA
Assets: $399
million
2017
Whole Bank
Transaction:
Metropolitan
BancGroup, Inc.
Ridgeland, MS
Assets: $1.2 billion
De novo expansion:
Mobile, AL
Over 180 banking, lending, wealth management and insurance offices
7
Assets $9.8 billion
Gross Loans $7.6 billion
Deposits $7.9 billion
Highlights*
*As of December 31, 2017
8
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
• Reduced balance sheet to
manage assets below $10
billion at December 31, 2017
• Deleverage strategy included:
• Reduction of $479 million
in investment securities
• Reduction of $99 million
in mortgage loans held
for sale
($ in millions)
9
$0
$2,000
$4,000
$6,000
$8,000
$10,000
Total Assets Deposits
($ in millions) 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Not
Purchased
$2,886 $3,268 $3,830 $4,075 $4,292 $4,526 $4,714 $4,834 $5,059 $5,294 $5,588
Purchased
Covered*
$182 $143 $93 $45 $42 $30 - - - - -
Purchased
Not Covered
$813 $577 $1,490 $1,453 $1,631 $1,549 $1,489 $1,402 $1,312 $2,155 $2,032
Total Loans $3,881 $3,988 $5,413 $5,573 $5,965 $6,105 $6,203 $6,236 $6,371 $7,449 $7,620
• Loans not purchased increased
$295 million, or 22% annualized,
during 4Q17
• Net loan growth totaled $171
million, or 9% annualized,
during 4Q17
• Company maintains strong
pipelines throughout all
markets which will continue to
drive further loan growth
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Not Purchased Purchased Covered Purchased
($ in thousands)
10
*Covered loans are subject to loss-share agreements with FDIC. Loss-share agreements with FDIC were terminated in 4Q16.
At December 31, 2017, loans totaled $7.6 billion
73% Not Purchased
27% Purchased
Const
8% Land Dev
2%
1-4 Family
31%
Non Owner
Occupied
25% Owner Occupied
18%
C&I
14%
Consumer
2%
11
12
Acquisition, Development & Construction (ADC) and Commercial Real Estate (CRE)
C&D and CRE Loan Concentration Levels
82% 83%
87%
91%
82% 81%
66%
69%
76%
80%
0%
20%
40%
60%
80%
100%
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
265%
258%
267%
277%
251%
231% 227% 230%
242% 244%
0%
50%
100%
150%
200%
250%
300%
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
ADC Loans as a Percentage of
Risk Based Capital
CRE Loans (Construction & Perm) as a
Percentage of Risk Based Capital
Non
Interest
DDA
22%
Other Int
Bearing
Accts
52%
Time
Deposits
22%
Borrowed
Funds 4%
4Q 2017
Cost of Funds
.52%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Non Interest Bearing Demand Deposits
($ in thousands)
13
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Total Deposits Cost of Deposits Fed Funds
($
i
n
t
h
ou
san
d
s)
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Marg
in
Y
ie
ld
/C
os
t
Yield on Earning Assets Cost of Funds Margin
($ in thousands) 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Net Interest
Income
$157,133 $202,482 $72,351 $70,054 $77,157 $75,731 $78,049 $74,015 $79,603 $90,017 $93,262
Net Interest
Margin
3.96% 4.12% 4.33% 4.21% 4.29% 4.15% 4.24% 4.01% 4.27% 4.08% 4.25%
Yield on Earning
Assets
4.53% 4.59% 4.65% 4.57% 4.66% 4.54% 4.66% 4.43% 4.68% 4.55% 4.75%
Cost of Funds 0.57% 0.47% 0.32% 0.37% 0.38% 0.40% 0.42% 0.43% 0.43% 0.49% 0.52%
14
27% 6%
31%
9%
17%
10%
4Q17
$32M*
Svc Chgs
Insurance
Mtg Inc
Wealth Mgmt
Fees & Comm
Other
• Diversified sources of noninterest income
• Opportunities for growing Non Interest Income
Expansion of Trust Division Wealth Management
services into larger, metropolitan markets
Expansions within our de novo operations
Expansion of the Mortgage Division within new
markets
Preserved debit card revenue in 2018 by
deleveraging the balance sheet below $10B in
assets in 4Q17
*Non interest income excludes gains from securities transactions. See slide 40 for reconciliation of Non-GAAP disclosure to GAAP
39%
6%
11%
5%
27%
12%
1Q08
$14M*
Svc Chgs
Insurance
Mtg Inc
Wealth Mgmt
Fees & Comm
Other
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q17
Non Interest Income*
($ in thousands)
15
• Continued focus on managing
noninterest expenses and
improving efficiency
• Provided resources for eight
de novo expansions since 2011
• Fluctuations in mortgage loan
expense driven by higher
mortgage production
• Sub-60% efficiency ratio since
3Q17
16
40.00%
45.00%
50.00%
55.00%
60.00%
65.00%
70.00%
75.00%
80.00%
85.00%
90.00%
2013 2014 2015 2016 1Q17 2Q17 3Q17 4Q17
Efficiency Ratio* Efficiency Ratio ex. Mortgage*
*Excludes debt extinguishment penalties, amortization of intangibles, loss share termination charges and merger-related expenses from noninterest
expense and profit (loss) on sales of securities and gains on acquisitions from noninterest income.
Note: See slides 38 and 39 for reconciliation of Non-GAAP disclosure to GAAP
17
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
Not purchased NPAs are now
below pre-credit cycle levels
Loss-share agreements with
FDIC were terminated in 4Q
2016
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Not Purchased Purchased Covered Purchased Not Covered
As a percentage of total assets
18
Not
Purchased
Purchased
Not Covered
NPL’s $13.3M $10.2M
ORE $4.4M $11.5M
Total
NPA’s $17.7M $21.7M
*Ratios excludes loans and assets purchased in connection with the recent acquisitions or loss share transactions.
0%
50%
100%
150%
200%
250%
300%
350%
400%
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
($)Provision for Loan Losses ($)Net Charge Offs Coverage Ratio*
• Net charge-offs:
• 2 bps in 4Q17
• 6 bps YTD 2017
• Provision for loan losses:
• $2.15 million in 4Q 2017
• $7.55 million YTD 2017
Allowance for Loan Losses as % of Non-Purchased Loans*
2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
1.65% 1.29% 1.11% 1.05% 1.03% 1.01% 0.91% 0.89% 0.87% 0.84% 0.83%
19
($
i
n
t
h
ou
san
d
s)
$0
$5,000
$10,000
$15,000
$20,000
$25,000
2013 2014 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
NPLs
30-89
Days
Strong Credit Quality Metrics
NPLs and Early Stage Delinquencies
(30-89 Days Past Due Loans)*
• NPL‟s to total loans were 0.24% as of December 31, 2017
20
*Amounts exclude loans and assets purchased in connection with recent acquisitions or loss-share transactions.
($
i
n
t
h
ou
san
d
s)
21
Enhance Profitability
Capitalize on
Opportunities
Focus on Risk
Management
Build Capital Ratios
• Focus on highly-accretive acquisition opportunities
• Leverage existing markets
• Seek new markets
• New lines of business
• Selective balance sheet growth
• Maintain dividend
• Prudently manage capital
• Enhance credit process, policies and personnel
• Aggressively identify and manage problem credits
• Board focus on Enterprise Risk Management
• Superior returns
• Revenue growth / Expense control
• Net interest margin expansion / mitigate interest rate risk
• Loan growth
• Core deposit growth
4.50%
5.50%
6.50%
7.50%
8.50%
9.50%
10.50%
2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Tangible Common Equity Ratio*
Renasant
Capital 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Tangible
Common
Equity*
6.64% 7.52% 7.54% 7.52% 7.80% 8.03% 9.00% 9.16% 9.31% 9.03% 9.56%
Leverage 8.68% 9.53% 9.16% 9.19% 9.18% 9.38% 10.59% 10.39% 10.68% 10.05% 10.18%
Tier 1 Risk
Based
11.41% 12.45% 11.51% 11.38% 11.56% 11.57% 12.86% 12.93% 12.86% 12.26% 12.39%
Total Risk
Based
12.58% 13.54% 12.32% 12.17% 12.31% 13.84% 15.03% 15.11% 15.00% 14.30% 14.46%
Tier 1
Common
Equity
N/A N/A 9.99% 9.88% 10.13% 10.16% 11.47% 11.69% 11.65% 11.21% 11.34%
• Maintained dividend throughout economic
downturn
• Increased quarterly dividend twice since 2Q16
• Regulatory capital ratios are well above the
minimum for well-capitalized classification
• Capital level positions the Company for future
growth and geographic expansion
• Proactive capital plan:
• Raised $98.2M of subordinated notes in 3Q 2016
• Raised $84.1M of common equity in 4Q 2016
22
* See slide 31 for reconciliation of Non-GAAP disclosure to GAAP
23
Dividends Per Share – Annual Payout
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
20
0
4
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
20
1
3
20
14
20
1
5
20
1
6
20
1
7
Consistent and Strong Dividend
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
$0.20
2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17
Dividends Per Share – Quarterly Payout
24
$9.8B franchise well positioned in attractive
markets in the Southeast
Merger with Metropolitan BancGroup, Inc.
added $1.4B in assets, $940M in deposits
and $970M in loans on the acquisition date
Strategic focus on expanding footprint
• Acquisition
• De Novo
• New lines of business
Opportunity for further profitability
improvement
Organic loan growth
Core deposit growth
Revenue growth
Declining credit costs
Strong capital position
Consistent dividend payment history
Appendix
25
Mazda and Toyota announced $1.6 billion investment creating up to 4,000 jobs by 2021
Ranked #6 on the Area Development Top States for Doing Business 2016
Honda, Hyundai, Mercedes-Benz and Toyota increasingly large presence
Merger with Heritage Financial Group, Inc. (Nasdaq: HBOS) in July 2015 added
approximately $90.0 million in loans, $141 million in deposits and 9 branches
Opened Commercial Loan Production Office and Mortgage Production Office in Mobile,
AL in Q1 2017
2nd largest research and technology park in the U.S
More than $1.4 billion in aerospace equipment exported in 2016
More than $8.4 billion in Department of Defense contracts
17.5%
6.2%
0.4%
1.6%
1.0%
6.8%
12.0%
1.1% 0.6% 0.0%
0.0%
5.0%
10.0%
15.0%
20.0%
M
or
ga
n
Sh
elb
y
Je
ffe
rs
on
M
ad
iso
n
M
on
tg
om
er
y
Ta
lla
de
ga
Ch
am
be
rs
Tu
sc
al
oo
sa Le
e
M
ob
ile
26
Deposit Market S re by County – Top 5 Presence in 4 of 10 counties
2 3 5
Deposit
Market
Share
Rank 16 5 12 13 16
Alabama Deposit Market Share
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
21 14
Deposits Market
Rank Institution ($mm) Share Branches
1 Regions Financial Corp. $22,678 22.6 % 221
2 Banco Bilbao Vizcaya Argentaria SA 13,843 13.8 89
3 Wells Fargo & Co. 8,824 8.8 128
4 ServisFirst Bancshares Inc. 4,390 4.4 11
5 Synovus Financial Corp. 4,230 4.2 37
6 BB&T Corp. 3,889 3.9 82
7 PNC Financial Services Group Inc. 3,215 3.2 67
8 Cadence Bancorp. 2,791 2.8 26
9 Trustmark Corp. 1,598 1.6 44
10 Bryant Bank 1,271 1.3 15
16 Renasant Corp. 993 1.0 19
Total Market 100,324 100.0 1,492
RNST Branches
Entered the Florida market through the acquisition of HBOS.
Moved into FL with 6 full-services branches along I-75
Opened Mortgage Production Offices in Destin and Jacksonville in Q1
2017
Florida would have the 19th largest economy in the world, if it were a
country
Publix Super Markets, Southern Wine & Spirits, Royal Caribbean Cruise,
Darden Restaurants, CSX, and JM Family Enterprises are all
headquartered in Florida
Florida projected population growth is approximately 6.7% compared to
the national average of 3.8%
2.0%
2.2% 2.2%
0.0%
1.0%
2.0%
3.0%
4.0%
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27
Deposit Market Share by County
Deposit
Market
Share
Rank 11
Florida Deposit Market Share
9 6
Source: SNL Financial
Deposit data as of 6/30/17
Florida Deposit Market Share
Deposits Market
Rank Institution ($mm) Share Branches
1 Bank of America Corp. $108,279 19.8 % 563
2 Wells Fargo & Co. 79,721 14.6 621
3 SunTrust Banks Inc. 49,105 9.0 441
4 JPMorgan Chase & Co. 32,882 6.0 399
5 Citigroup Inc. 19,525 3.6 55
6 TIAA Board of Overseers 19,290 3.5 12
7 Regions Financial Corp. 18,994 3.5 323
8 BB&T Corp. 18,041 3.3 311
9 BankUnited Inc. 14,697 2.7 89
10 Toronto-Dominion Bank 12,714 2.3 152
113 Renasant Corp. 238 0.0 6
Total Market 545,627 100.0 5,099
RNST Branches
28
Deposit Market Share by County – Top 5 Presence in 10 of 22 counties
1 7
Deposit
Market
Share
Rank
4 21 8 2 5 4
Georgia Deposit Market Share
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
4 11 2 3 9 12 12 3 17 24 20 4
0.3%
19.8%
4.7%
11.8%
26.9%
0.7%
2.5%
13.6%
7.2%
2.0%
27.8%
2.5%
11.2%
0.4%
16.8%
0.5%
11.5%
8.9%
14.8%
1.1%
0.0% 0.1%
0.0%
8.0%
16.0%
24.0%
32.0%
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14 13
Entered the North GA market through two FDIC loss share transactions
12 full-service locations
Expanded services include mortgage and wealth management personnel
Grew GA presence by completing acquisition of HBOS
Added 20 full-service branches and 4 mortgage offices
Significantly ramps up our mortgage division
Enhanced GA presence by acquisition of KeyWorth Bank ($399 million in assets) in
April 2016
Approximately $284 million in loans, $347 million in deposits, and 4 full-service
branches
Asset based lending division headquartered in Atlanta
Deposits Market
Rank Institution ($mm) Share Branches
1 SunTrust Banks Inc. $54,262 22.9 % 230
2 Wells Fargo & Co. 36,811 15.5 265
3 Bank of America Corp. 35,762 15.1 170
4 Synovus Financial Corp. 14,687 6.2 115
5 BB&T Corp. 11,995 5.1 147
6 Regions Financial Corp. 6,425 2.7 121
7 United Community Banks Inc. 5,773 2.4 65
8 JPMorgan Chase & Co. 4,390 1.9 82
9 Bank of the Ozarks 3,995 1.7 67
10 State Bank Financial Corp. 3,514 1.5 32
16 Renasant Corp. 1,780 0.8 37
Total Market 236,981 100.0 2,323
RNST Branches
Increased presence in Mississippi with the recent acquisition of Metropolitan BancGroup, Inc., which
closed 1/17/17
Added 4-full service branches
Columbus Air Force Base trains 1/3 of the nation‟s pilots, with an economic impact of $250 million
Yokohama Tire Corporation announces plans to locate new commercial tire plant in West Point with
an initial investment of $300 million and potentially more than $1 billion.
City of Tupelo/Lee County
Hosts one of the largest furniture markets in the U.S.
Home to one of the largest rubber / tire producers in the country
46.9%
12.0%
29.1%
8.3%
26.6%
5.8%
47.9%
11.1%
29.6%
26.8%
10.3%
26.5%
21.3%
30.4%
16.5%
23.1%
8.7%
46.5%
9.1% 8.8%
21.6%
7.4%
0.6%
10.8%
8.6%
4.2%
11.3%
4.9%
0.0%
15.0%
30.0%
45.0%
60.0%
Lee
Mad
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29
Deposit Market Share by County – Top 5 Presence in 24 of 28 counties
1 5 1 4 1 7 1 4 2
Deposit
Market
Share
Rank
2 2 5 3 3 2 2 3 5 2 3 4 6 4 3 3 6 10
Mississippi Deposit Market Share
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
4
Deposits Market
Rank Institution ($mm) Share Branches
1 Trustmark Corp. $7,127 13.4 % 122
2 Regions Financial Corp. 7,085 13.4 127
3 BancorpSouth Inc. 5,746 10.8 97
4 Renasant Corp. 3,692 7.0 75
5 Hancock Holding Co. 3,126 5.9 39
6 Community Bancshares of Mississippi Inc. 2,278 4.3 35
7 BancPlus Corp. 2,155 4.1 56
8 Citizens National Banc Corp. 1,157 2.2 26
9 Planters Holding Co. 909 1.7 19
10 First Bancshares Inc. 885 1.7 17
Total Market 53,035 100.0 1,140
RNST Branches
30
Deposit Market Share by County – Top 5 Presence in 2 of 8 counties
Deposit
Market
Share
Rank
12 17 8 11 5
Tennessee Deposit Market Share
16 12
Source: SNL Financial
Green highlighting denotes top 5 deposit market share in respective county
Deposit data as of 6/30/17
3.7%
1.1% 0.8%
2.7%
2.2%
1.2%
11.1%
0.5%
0.0%
3.0%
6.0%
9.0%
12.0%
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3
Our Tennessee Operations
The Knoxville/Maryville MSA location opened in late Q2 „12
East Tennessee operations currently have 4 full-service branches, $274 million in
loans and $132 million in deposits
Metropolitan acquisition added two branches in each of Memphis and Nashville
New Healthcare Lending Group added in Nashville during 2015
Tennessee ranked 4th best state to do business, per Area Development magazine
Driven by VW, Nissan and GM, Tennessee named the #1 state in the nation for
automotive manufacturing strength
Unemployment rate continues to improve declining to 3.4% from 10.4% in
January 2010, down 1.6% since last November
In the Nashville market, Hospital Corporation of American announced an
expansion that will create 2,000 jobs
#1 single-family housing market in the country
Housing prices appreciated 8% in the last year, and 23.3% in the last 3 years
The Memphis MSA market ranked #1 for Logistics Leaders both nationally and
globally
Bass Pro Shops, $70 million hotel in conjunction with their Pyramid flagship store
Fortune 500 company, Royal Phillips to expand in Tennessee, creating nearly 1,000
jobs in Nashville and Franklin
Deposits Market
Rank Institution ($mm) Share Branches
1 First Horizon National Corp. $22,935 15.5 % 202
2 Regions Financial Corp. 18,659 12.6 223
3 SunTrust Banks Inc. 13,651 9.3 127
4 Bank of America Corp. 11,459 7.8 58
5 Pinnacle Financial Partners Inc. 9,659 6.6 46
6 FB Financial Corp. 3,567 2.4 69
7 U.S. Bancorp 3,221 2.2 103
8 Franklin Financial Network Inc. 2,878 2.0 14
9 BB&T Corp. 2,713 1.8 47
10 Wilson Bank Holding Co. 2,022 1.4 27
15 Renasant Corp. 1,522 1.0 22
Total Market 147,560 100.0 2,116
RNST Branches
31
Tangible Common Equity
Reconciliation of Non-GAAP Disclosures
32
Reconciliation of Non-GAAP Disclosures
Efficiency Ratio
33
Efficiency Ratio (Excluding Mortgage)
Reconciliation of Non-GAAP Disclosures
34
Non Interest Income
Reconciliation of Non-GAAP Disclosures
E. Robinson McGraw
Chairman and
Chief Executive Officer
Kevin D. Chapman
Senior Executive Vice President and
Chief Financial Officer
209 TROY STREET
TUPELO, MS 38804-4827
PHONE: 1-800-680-1601
FACSIMILE: 1-662-680-1234
WWW.RENASANT.COM
WWW.RENASANTBANK.COM
35