SEC Filing | Renasant Corporation

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rnst-20210727

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

July 27, 2021

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))

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


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. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 27, 2021, Renasant Corporation (“Renasant”) issued a press release announcing earnings for the second quarter of 2021. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On July 27, 2021, Renasant also made available presentation materials (the “Presentation”) prepared for use with Renasant’s earnings conference call on July 28, 2021. 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,” “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 Renasant’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. Renasant’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 Renasant’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. You are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties and, accordingly, you 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 continued impact of the COVID-19 pandemic (and variants thereof) and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) the 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; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Renasant’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) changes in the quality or composition of the Renasant’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii)

increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Renasant’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) 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. Financial Statements and Exhibits.

(d) The following exhibits are furnished herewith:

Exhibit No. Description

99.1 Press release dated July 27, 2021 issued by Renasant Corporation announcing earnings for the second quarter of 2021.

99.2 Presentation materials for Renasant Second Quarter 2021 Earnings Call.

104 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
Date: July 27, 2021	By:	/s/ C. Mitchell Waycaster
		C. Mitchell Waycaster
		President and Chief Executive Officer

Document

https://cdn.kscope.io/7890b557f0ee0af32c1c4a38c251b01a-ex991rnstcorpimagea19a.jpg


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

RENASANT CORPORATION ANNOUNCES

EARNINGS FOR THE SECOND QUARTER OF 2021

TUPELO, MISSISSIPPI (July 27, 2021) - Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the second quarter of 2021. Net income for the second quarter of 2021 was $40.9 million, as compared to $20.1 million for the second quarter of 2020. Basic and diluted earnings per share (“EPS”) were $0.73 and $0.72, respectively, for the second quarter of 2021, as compared to basic and diluted EPS of $0.36 for the second quarter of 2020.

Net income for the six months ending June 30, 2021, was $98.8 million, as compared to net income of $22.1 million for the same period in 2020. Basic and diluted EPS were $1.75 for the first six months of 2021, as compared to basic and diluted EPS of $0.39 for the first six months of 2020.

“Our team performed well during the second quarter, as we continued to increase our core deposits and net loans (excluding PPP) and maintained stable credit metrics,” commented C. Mitchell Waycaster, Renasant President and Chief Executive Officer. “We are optimistic about future loan growth, despite the headwinds of elevated payoffs, because we believe we operate in a number of dynamic markets that provide a variety of opportunities for new business. As we

move forward, we are focused on efficiency gains from both revenue and expense initiatives that have been implemented.”

Impact of Certain Expenses and Charges

From time to time, the Company incurs expenses and charges with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following tables present the impact of these expenses and charges on reported EPS for the periods listed. The “COVID-19 related expenses” line item primarily consists of (a) employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) 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) and more frequent and rigorous branch cleaning.


(in thousands, except per share data)	Three Months Ended						Six Months Ended
	June 30, 2021						June 30, 2021
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	48,412	$	40,867	$	0.72	$	123,162	$	98,775	$	1.75


MSR valuation adjustment	—		—		—		(13,561)		(10,549)		(0.19)
Restructuring charges	15		12		—		307		239		—

COVID-19 related expenses	370		289		0.01		1,154		898		0.02
Earnings, with exclusions (Non-GAAP)	$	48,797	$	41,168	$	0.73	$	111,062	$	89,363	$	1.58

	Three Months Ended						Six Months Ended
	June 30, 2020						June 30, 2020
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Earnings, as reported	$	24,767	$	20,130	$	0.36	$	27,548	$	22,138	$	0.39


MSR valuation adjustment	4,951		4,047		0.07		14,522		11,835		0.21
COVID-19 related expenses	6,257		5,113		0.09		9,160		7,465		0.13
Earnings, with exclusions (Non-GAAP)	$	35,975	$	29,290	$	0.52	$	51,230	$	41,438	$	0.73

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.

Profitability Metrics

The following tables present the Company’s profitability metrics, including after adjusting for the impact of the mortgage servicing rights (MSR) valuation adjustment, debt prepayment penalties, restructuring charges, swap termination charges and COVID-19 related expenses, as applicable, for the dates presented:


	As Reported						With Exclusions (Non-GAAP)
	Three Months Ended						Three Months Ended
	June 30, 2021		March 31, 2021		June 30, 2020		June 30, 2021		March 31, 2021		June 30, 2020
Return on average assets	1.04	%	1.54	%	0.55	%	1.04	%	1.29	%	0.80	%
Return on average tangible assets (Non-GAAP)	1.14	%	1.69	%	0.63	%	1.14	%	1.41	%	0.90	%
Return on average equity	7.40	%	10.81	%	3.85	%	7.46	%	9.01	%	5.62	%
Return on average tangible equity (Non-GAAP)	13.54	%	19.93	%	7.72	%	13.64	%	16.68	%	11.01	%



	As Reported				With Exclusions (Non-GAAP)
	Six Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Return on average assets	1.28	%	0.32	%	1.16	%	0.59	%
Return on average tangible assets (Non-GAAP)	1.40	%	0.39	%	1.27	%	0.68	%
Return on average equity	9.08	%	2.12	%	8.22	%	3.97	%
Return on average tangible equity (Non-GAAP)	16.66	%	4.49	%	15.11	%	7.94	%

Financial Condition

Total assets were $16.02 billion at June 30, 2021, as compared to $14.93 billion at December 31, 2020. Total loans held for investment were $10.15 billion at June 30, 2021, as compared to $10.93 billion at December 31, 2020. Loans held for investment at June 30, 2021 included $246.9 million in Paycheck Protection Program (“PPP”) loans. Excluding PPP loans, the loan portfolio grew 3.05% on an annualized basis in the second quarter of 2021.

The Company entered into a referral relationship with a third party to utilize its technology platform for PPP loans originated under the latest round of the program. The Company earned approximately $1.4 million in referral fees from this round of PPP during the second quarter of 2021, which are recorded in noninterest income. Total referral fees earned during the first half of 2021 were $3.7 million.

Total deposits increased to $13.12 billion at June 30, 2021, from $12.06 billion at December 31, 2020. Non-interest bearing deposits increased $664.1 million to $4.35 billion, or 33.16% of total

deposits, at June 30, 2021, as compared to $3.69 billion, or 30.56% of total deposits, at December 31, 2020.

Capital Management

The Company’s capital position, as measured by regulatory capital ratios, continues to improve. This capital strength gives the Company flexibility to accommodate future loan growth, M&A activity or share repurchases. The Company has a $50.0 million stock repurchase plan that will remain in effect through October 2021. The Company did not repurchase any shares under the plan in the first half of 2021.

At June 30, 2021, Tier 1 leverage capital was 9.30%, Common Equity Tier 1 ratio was 11.14%, Tier 1 risk-based capital ratio was 12.07% and total risk-based capital ratio was 15.11%. All of the Company’s regulatory ratios exceed the minimums required to be “well-capitalized.”

The Company’s ratio of shareholders’ equity to assets was 13.75% at June 30, 2021, as compared to 14.29% at December 31, 2020. The Company’s tangible capital ratio (non-GAAP) was 8.22% at June 30, 2021, as compared to 8.33% at December 31, 2020.

Results of Operations

Net interest income was $109.6 million for the second quarter of 2021, as compared to $109.6 million for the first quarter of 2021 and $105.8 million for the second quarter of 2020. Net interest income was $219.2 million for the first half of 2021, as compared to $212.4 million for the first half of 2020.

The following tables present the percentage of total average earning assets, by type and yield, for the periods presented:


	Percentage of Total Average Earning Assets						Yield
	Three Months Ended						Three Months Ended
	June 30,		March 31,		June 30,		June 30,		March 31,		June 30,
	2021		2021		2020		2021		2021		2020
Loans held for investment excluding PPP loans	70.41	%	73.49	%	76.31	%	4.10	%	4.22	%	4.45	%
PPP loans	4.49		7.38		6.78		6.46		4.40		2.73
Loans held for sale	3.30		3.04		2.67		3.12		2.96		3.51
Securities	13.02		10.27		10.14		1.73		2.08		2.71
Other	8.78		5.82		4.10		0.11		0.10		0.15
Total earning assets	100.00	%	100.00	%	100.00	%	3.51	%	3.74	%	3.95	%



	Percentage of Total Average Earning Assets				Yield
	Six Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Loans held for investment excluding PPP loans	71.91	%	79.71	%	4.16	%	4.69	%
PPP loans	5.90		3.55		5.20		2.73
Loans held for sale	3.17		2.78		3.05		3.54
Securities	11.68		10.61		1.88		2.81
Other	7.34		3.35		0.11		0.50
Total earning assets	100.00	%	100.00	%	3.62	%	4.25	%

The following tables present reported taxable equivalent net interest margin and yield on loans for the periods presented (in thousands):


	Three Months Ended
	June 30,			March 31,			June 30,
	2021			2021			2020
Taxable equivalent net interest income	$	111,205		$	111,264		$	107,457
Average earning assets	$	13,989,264		$	13,358,677		$	12,776,644
Net interest margin	3.19		%	3.37		%	3.38		%

Taxable equivalent interest income on loans held for investment	$	110,785		$	113,072		$	113,727
Average loans held for investment	$	10,478,121		$	10,802,991		$	10,616,147
Loan yield	4.24		%	4.24		%	4.31		%



	Six Months Ended
	June 30,			June 30,
	2021			2020
Taxable equivalent net interest income	$	222,469		$	215,773
Average earning assets	$	13,673,971		$	12,193,061
Net interest margin	3.28		%	3.56		%

Taxable equivalent interest income on loans	$	223,856		$	232,468
Average loans held for investment	$	10,640,556		$	10,151,716
Loan yield	4.24		%	4.61		%

PPP loans benefited net interest margin and loan yield by 15 basis points and 14 basis points, respectively, in the second quarter of 2021, and 12 basis points and 8 basis points, respectively, in the first half of 2021. Increased liquidity has continued to add pressure to net interest margin in recent quarters. The Company has aggressively lowered interest rates on interest bearing deposits, and it continues to evaluate options to mitigate the pressure on net interest margin.

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following tables for the periods presented (in thousands):



	Three Months Ended
	June 30,			March 31,			June 30,
	2021			2021			2020
Net interest income collected on problem loans	$	1,339		$	2,180		$	384
Accretable yield recognized on purchased loans(1)	2,638			3,088			4,700
Total impact to interest income	$	3,977		$	5,268		$	5,084

Impact to loan yield	0.15		%	0.20		%	0.19		%

Impact to net interest margin	0.11		%	0.16		%	0.16		%

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,224, $1,272 and $1,731 for the three months ended June 30, 2021, March 31, 2021, and June 30, 2020, respectively. This additional interest income increased loan yield by 5 basis points for each of the three months ended June 30, 2021 and March 31, 2021 and 6 basis points for the three months ended June 30, 2020, while increasing net interest margin by 4 basis points for each of the three months ended June 30, 2021 and March 31, 2021 and 5 basis points for the three months ended June 30, 2020.



	Six Months Ended
	June 30,			June 30,
	2021			2020
Net interest income collected on problem loans	$	3,519		$	602
Accretable yield recognized on purchased loans(1)	5,726			10,169
Total impact to interest income	$	9,245		$	10,771

Impact to total loan yield	0.18		%	0.21		%

Impact to net interest margin	0.14		%	0.18		%

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $2,496 and $3,919 for the six months ended June 30, 2021 and June 30, 2020, respectively. This additional interest income increased loan yield by 5 basis points and 8 basis points for the same periods, respectively, while increasing net interest margin by 4 basis points and 6 basis points for the same periods, respectively.

For the second quarter of 2021, the cost of total deposits was 24 basis points, as compared to 27 basis points for the first quarter of 2021 and 49 basis points for the second quarter of 2020. The cost of total deposits was 26 basis points for the first six months of 2021, down from 60 basis points for the same period in 2020. The tables below present, by type, the Company’s funding sources and the total cost of each funding source for the periods presented:


	Percentage of Total Average Deposits and Borrowed Funds						Cost of Funds
	Three Months Ending						Three Months Ending
	June 30,		March 31,		June 30,		June 30,		March 31,		June 30,
	2021		2021		2020		2021		2021		2020
Noninterest-bearing demand	31.88	%	30.20	%	27.80	%	—	%	—	%	—	%
Interest-bearing demand	45.59		46.18		41.64		0.27		0.27		0.43
Savings	7.24		6.90		6.04		0.08		0.08		0.09
Time deposits	11.68		12.94		16.44		0.88		1.02		1.62
Borrowed funds	3.61		3.78		8.08		3.11		3.21		1.73
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.34	%	0.38	%	0.59	%



	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Six Months Ending				Six Months Ending
	June 30,		June 30,		June 30,		June 30,
	2021		2020		2021		2020
Noninterest-bearing demand	31.06	%	25.62	%	—	%	—	%
Interest-bearing demand	45.88		42.89		0.27		0.59
Savings	7.07		6.07		0.08		0.12
Time deposits	12.30		17.64		0.95		1.66
Borrowed funds	3.69		7.78		3.16		2.06
Total deposits and borrowed funds	100.00	%	100.00	%	0.36	%	0.71	%

Noninterest income for the second quarter of 2021 was $47.6 million, as compared to $81.0 million for the first quarter of 2021 and $64.2 million for the second quarter of 2020, driven

largely by the decline in mortgage banking income discussed below. Noninterest income for the first six months of 2021 was $128.6 million, as compared to $101.7 million for the same period in 2020.

In mortgage banking, the Company’s interest rate lock volume was $1.53 billion in the second quarter of 2021 and $3.26 billion for the first half of the year. Despite continued strong production, mortgage banking income decreased during the second quarter of 2021 as gain on sale margins compressed. The following tables present the components of mortgage banking income for the periods presented (in thousands):


	Three Months Ended
	June 30, 2021		March 31, 2021		June 30, 2020
Gain on sales of loans, net	$	17,581	$	33,901	$	46,560
Fees, net	4,519		4,902		5,309
Mortgage servicing loss, net	(1,247)		(1,631)		(1,428)
MSR valuation adjustment	—		13,561		(4,951)
Mortgage banking income, net	$	20,853	$	50,733	$	45,490



	Six Months Ended
	June 30, 2021		June 30, 2020
Gain on sales of loans, net	$	51,482	$	68,342
Fees, net	9,421		8,228
Mortgage servicing loss, net	(2,878)		(1,023)
MSR valuation adjustment	13,561		(14,522)
Mortgage banking income, net	$	71,586	$	61,025

The decline in mortgage banking income during the second quarter of 2021 was partially offset by increases in many of the Company’s other fee income categories, including service charges on deposits, wealth management and insurance, as compared to the first quarter of 2021 and the second quarter of 2020.

Noninterest expense was $108.8 million for the second quarter of 2021, as compared to $115.9 million for the first quarter of 2021 and $118.3 million for the second quarter of 2020. Noninterest expense for the first six months of 2021 was $224.7 million, as compared to $233.3 million for the same period in 2020. The decrease quarter over quarter in 2021 is primarily related to a decrease in salaries and employee benefits, which was driven by a lower incentive compensation expense recognized during the quarter and cost savings realized from the voluntary early retirement program offered during the fourth quarter of 2020. In the second

quarter of 2021, the Company received benefit from a one-time state tax credit investment. The $3.1 million investment was fully amortized in other noninterest expense, and the credit of $3.4 million reduced income taxes for the quarter.

Asset Quality Metrics

At June 30, 2021, the Company’s credit quality metrics remained strong. Loans on deferred payment, as offered through the Company’s loan deferral program, established in response to the COVID-19 pandemic, continue to decline and as of June 30, 2021, approximately 0.2% of the Company’s loan portfolio (excluding PPP loans) was on deferral, down from approximately 1.5% as of December 31, 2020.

The table below shows nonperforming assets, which include nonperforming loans (loans 90 days or more past due and nonaccrual loans) and other real estate owned, as well as early stage delinquencies (loans 30-89 days past due), and related financial ratios, for the periods presented (in thousands):


	June 30, 2021							December 31, 2020
	Non Purchased		Purchased		Total			Non Purchased		Purchased		Total
Nonaccrual loans	$	27,101	$	27,690	$	54,791		$	20,369	$	31,051	$	51,420
Loans 90 days past due or more	800		945		1,745			3,783		267		4,050
Nonperforming loans	$	27,901	$	28,635	$	56,536		$	24,152	$	31,318	$	55,470
Other real estate owned	1,676		3,263		4,939			2,045		3,927		5,972
Nonperforming assets	$	29,577	$	31,898	$	61,475		$	26,197	$	35,245	$	61,442
Nonperforming loans/total loans					0.56		%					0.51		%
Nonperforming loans/total loans excluding PPP loans					0.57		%					0.57		%
Nonperforming assets/total assets					0.38		%					0.41		%
Nonperforming assets/total assets excluding PPP loans					0.39		%					0.45		%
Loans 30-89 days past due	$	11,295	$	3,782	$	15,077		$	17,635	$	8,651	$	26,286
Loans 30-89 days past due/total loans					0.15		%					0.24		%
Loans 30-89 days past due/total loans excluding PPP loans					0.15		%					0.27		%

The table below shows the total allowance for credit losses and related ratios at June 30, 2021 as compared to December 31, 2020 (in thousands):


	June 30, 2021			December 31, 2020

Allowance for credit losses on loans	$	172,354		$	176,144
Allowance for credit losses on deferred interest	1,367			1,500
Reserve for unfunded commitments	20,535			20,535
Total allowance for credit losses	$	194,256		$	198,179
Allowance for credit losses on loans/total loans	1.70		%	1.61		%
Allowance for credit losses on loans/total loans excluding PPP loans	1.74		%	1.80		%

The Company did not record any provision for credit losses during the second quarter or first half of 2021, as compared to a $26.9 million provision for credit losses in the second quarter of 2020 and a $53.3 million provision in the first half of 2020. Net loan charge-offs for the second quarter of 2021 were $752 thousand, or 0.03% of average loans held for investment on an annualized basis. The Company’s coverage ratio, or the allowance for credit losses to nonperforming loans, was 304.85% as of June 30, 2021, as compared to 317.55% as of December 31, 2020.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, July 28, 2021.

The webcast can be accessed through Renasant’s investor relations website at www.renasant.com or https://services.choruscall.com/mediaframe/webcast.html?webcastid=mSQQ3hVk. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2021 Second Quarter Earnings Conference Call and Webcast. International participants should dial 1-412-902-4145 to access the conference call.

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 10158796 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 11, 2021.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 117-year-old financial services institution. Renasant has assets of approximately $16.0 billion and operates 199 banking, lending, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina and South Carolina.

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,” “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 continued impact of the COVID-19 pandemic (and variants thereof) and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) 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; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) 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; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) 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 contains non-GAAP financial measures, namely, earnings, with exclusions, return on average tangible shareholders’ equity, return on average tangible assets, the ratio of tangible equity to tangible assets (commonly referred to as the “tangible capital ratio”), tangible book value per share and the adjusted efficiency ratio. These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, when applicable, COVID-19 related expenses, restructuring charges, debt prepayment penalties, swap termination charges and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. 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 (as discussed earlier in this release) 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. 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 and charges such as restructuring charges and COVID-19 related expenses 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 at the end of this release under the caption “Reconciliation of GAAP to Non-GAAP.”

None of the non-GAAP financial information that the Company has included in this release is 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.

###


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																					Q2 2021-		For The Six Months Ending
		2021							2020												Q2 2020		June 30,
			Second			First			Fourth			Third			Second			First			Percent								Percent
			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2021			2020			Variance
Statement of earnings
Interest income - taxable equivalent basis			$	122,617		$	123,378		$	123,823		$	123,677		$	125,630		$	131,887		(2.40)	%	$	245,995		$	257,517		(4.47)	%
Interest income			$	120,991		$	121,762		$	121,926		$	122,078		$	123,955		$	130,173		(2.39)		$	242,753		$	254,128		(4.48)
Interest expense			11,412			12,114			13,799			15,792			18,173			23,571			(37.20)		23,526			41,744			(43.64)
	Net interest income		109,579			109,648			108,127			106,286			105,782			106,602			3.59		219,227			212,384			3.22
Provision for credit losses			—			—			10,500			23,100			26,900			26,350			(100.00)		—			53,250			(100.00)
	Net interest income after provision		109,579			109,648			97,627			83,186			78,882			80,252			38.92		219,227			159,134			37.76
Service charges on deposit accounts			9,458			8,023			7,938			7,486			6,832			9,070			38.44		17,481			15,902			9.93
Fees and commissions on loans and deposits			4,110			3,900			3,616			3,402			2,971			3,054			38.34		8,010			6,025			32.95
Insurance commissions and fees			2,422			2,237			2,193			2,681			2,125			1,991			13.98		4,659			4,116			13.19
Wealth management revenue			5,019			4,792			4,314			4,364			3,824			4,002			31.25		9,811			7,826			25.36
Securities gains (losses)			—			1,357			15			—			31			—			(100.00)		1,357			31			4,277.42
Mortgage banking income			20,853			50,733			39,760			49,714			45,490			15,535			(54.16)		71,586			61,025			17.31
Other			5,748			9,995			5,028			3,281			2,897			3,918			98.41		15,743			6,815			131.01
	Total noninterest income		47,610			81,037			62,864			70,928			64,170			37,570			(25.81)		128,647			101,740			26.45
Salaries and employee benefits			70,293			78,696			74,432			75,406			79,361			73,189			(11.43)		148,989			152,550			(2.33)
Data processing			5,652			5,451			5,373			5,259			5,047			5,006			11.99		11,103			10,053			10.44
Occupancy and equipment			11,374			12,538			13,153			13,296			13,511			14,120			(15.82)		23,912			27,631			(13.46)
Other real estate			104			41			683			1,033			620			418			(83.23)		145			1,038			(86.03)
Amortization of intangibles			1,539			1,598			1,659			1,733			1,834			1,895			(16.09)		3,137			3,729			(15.88)

Restructuring charges			15			292			7,365			—			—			—			—		307			—			—
Swap termination charges			—			—			2,040			—			—			—			—		—			—			—
Debt prepayment penalty			—			—			3			28			90			—			(100.00)		—			90			(100.00)

Other			19,800			17,319			17,444			19,755			17,822			20,413			11.10		37,119			38,235			(2.92)
	Total noninterest expense		108,777			115,935			122,152			116,510			118,285			115,041			(8.04)		224,712			233,326			(3.69)
Income before income taxes			48,412			74,750			38,339			37,604			24,767			2,781			95.47		123,162			27,548			347.08
Income taxes			7,545			16,842			6,818			7,612			4,637			773			62.71		24,387			5,410			350.78
	Net income		$	40,867		$	57,908		$	31,521		$	29,992		$	20,130		$	2,008		103.02		$	98,775		$	22,138		346.18
Basic earnings per share			$	0.73		$	1.03		$	0.56		$	0.53		$	0.36		$	0.04		102.78		$	1.75		$	0.39		348.72
Diluted earnings per share			0.72			1.02			0.56			0.53			0.36			0.04			100.00		1.75			0.39			348.72
Average basic shares outstanding			56,325,717			56,240,201			56,197,847			56,185,884			56,165,452			56,534,816			0.29		56,240,201			56,350,134			(0.20)
Average diluted shares outstanding			56,635,898			56,519,199			56,489,809			56,386,153			56,325,476			56,706,289			0.55		56,519,199			56,514,599			0.01
Common shares outstanding			56,350,878			56,294,346			56,200,487			56,193,705			56,181,962			56,141,018			0.30		56,350,878			56,181,962			0.30
Cash dividend per common share			$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		$	0.22		—		$	0.44		$	0.44		—
Performance ratios
Return on avg shareholders’ equity			7.40		%	10.81		%	5.88		%	5.63		%	3.85		%	0.38		%			9.08		%	2.12		%
Return on avg tangible s/h’s equity (non-GAAP) (1)			13.54		%	19.93		%	11.26		%	10.87		%	7.72		%	1.20		%			16.66		%	4.49		%
Return on avg assets			1.04		%	1.54		%	0.84		%	0.80		%	0.55		%	0.06		%			1.28		%	0.32		%
Return on avg tangible assets (non-GAAP)(2)			1.14		%	1.69		%	0.94		%	0.89		%	0.63		%	0.11		%			1.40		%	0.39		%
Net interest margin (FTE)			3.19		%	3.37		%	3.35		%	3.29		%	3.38		%	3.75		%			3.28		%	3.56		%
Yield on earning assets (FTE)			3.51		%	3.74		%	3.77		%	3.77		%	3.95		%	4.57		%			3.62		%	4.25		%
Cost of funding			0.34		%	0.38		%	0.44		%	0.50		%	0.59		%	0.85		%			0.36		%	0.71		%
Average earning assets to average assets			88.37		%	87.86		%	87.66		%	87.31		%	86.88		%	86.17		%			88.12		%	86.54		%
Average loans to average deposits			81.13		%	87.78		%	91.83		%	93.31		%	93.35		%	93.83		%			84.37		%	93.58		%
Noninterest income (less securities gains/
losses) to average assets			1.21		%	2.13		%	1.68		%	1.89		%	1.75		%	1.12		%			1.65		%	1.45		%
Noninterest expense (less debt prepayment penalties)
to average assets			2.76		%	3.09		%	3.26		%	3.10		%	3.23		%	3.43		%			2.92		%	3.33		%
Net overhead ratio			1.55		%	0.96		%	1.58		%	1.21		%	1.48		%	2.31		%			1.27		%	1.88		%
Efficiency ratio (FTE)			68.49		%	60.29		%	70.65		%	65.16		%	68.92		%	78.86		%			64.00		%	73.49		%
Adjusted efficiency ratio (FTE) (non-GAAP) (4)			67.28		%	63.85		%	64.35		%	62.63		%	60.89		%	68.73		%			65.47		%	64.56		%


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																					Q2 2021 -		As of
		2021							2020												Q2 2020		June 30,
			Second			First			Fourth			Third			Second			First			Percent								Percent
			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2021			2020			Variance
Average Balances
Total assets			$	15,831,018		$	15,203,691		$	14,898,055		$	14,928,159		$	14,706,027		$	13,472,550		7.65	%	$	15,517,354		$	14,089,289		10.14	%
Earning assets			13,989,264			13,358,677			13,059,967			13,034,422			12,776,643			11,609,477			9.49		13,673,971			12,193,061			12.15
Securities			1,821,429			1,372,123			1,269,108			1,269,565			1,295,539			1,292,875			40.59		1,596,776			1,294,207			23.38
Loans held for sale			461,752			406,397			389,435			378,225			340,582			336,829			35.58		434,075			338,706			28.16
Loans, net of unearned income			10,478,121			10,802,991			11,019,505			11,041,684			10,616,147			9,687,285			(1.30)		10,640,556			10,151,716			4.82
Intangibles			967,430			969,001			970,624			972,394			974,237			975,933			(0.70)		968,215			975,085			(0.70)
Noninterest-bearing deposits			4,271,464			3,862,422			3,808,595			3,723,059			3,439,634			2,586,963			24.18		4,066,943			3,013,298			34.97
Interest-bearing deposits			8,644,386			8,444,766			8,190,997			8,109,844			7,933,035			7,737,615			8.97		8,544,576			7,835,324			9.05
Total deposits			12,915,850			12,307,188			11,999,592			11,832,903			11,372,669			10,324,578			13.57		12,611,519			10,848,622			16.25
Borrowed funds			483,081			483,907			516,414			719,800			1,000,789			829,320			(51.73)		483,494			915,054			(47.16)
Shareholders' equity			2,213,743			2,172,425			2,132,375			2,119,500			2,101,092			2,105,143			5.36		2,193,084			2,103,118			4.28

																					Q2 2021 -		As of
		2021							2020												Q4 2020		June 30,
			Second			First			Fourth			Third			Second			First			Percent								Percent
			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2021			2020			Variance
Balances at period end
Total assets			$	16,022,386		$	15,622,571		$	14,929,612		$	14,808,933		$	14,897,207		$	13,900,550		7.32	%	$	16,022,386		$	14,897,207		7.55	%
Earning assets			14,146,304			13,781,374			13,151,707			12,984,651			13,041,846			11,980,482			7.56		14,146,304			13,041,846			8.47
Securities			2,163,820			1,536,041			1,343,457			1,293,388			1,303,494			1,359,129			61.06		2,163,820			1,303,494			66.00
Loans held for sale			448,959			502,002			417,771			399,773			339,747			448,797			7.47		448,959			339,747			32.15
Non purchased loans			8,892,544			9,292,502			9,419,540			9,424,224			9,206,101			7,802,404			(5.59)		8,892,544			9,206,101			(3.41)

Purchased loans			1,256,698			1,395,906			1,514,107			1,660,514			1,791,203			1,966,973			(17.00)		1,256,698			1,791,203			(29.84)
	Total loans		10,149,242			10,688,408			10,933,647			11,084,738			10,997,304			9,769,377			(7.17)		10,149,242			10,997,304			(7.71)
Intangibles			966,686			968,225			969,823			971,481			973,214			975,048			(0.32)		966,686			973,214			(0.67)
Noninterest-bearing deposits			4,349,135			4,135,360			3,685,048			3,758,242			3,740,296			2,642,059			18.02		4,349,135			3,740,296			16.28
Interest-bearing deposits			8,766,216			8,601,548			8,374,033			8,175,898			8,106,062			7,770,367			4.68		8,766,216			8,106,062			8.14
	Total deposits		13,115,351			12,736,908			12,059,081			11,934,140			11,846,358			10,412,426			8.76		13,115,351			11,846,358			10.71
Borrowed funds			484,340			479,814			496,310			517,706			718,490			1,179,631			(2.41)		484,340			718,490			(32.59)
Shareholders’ equity			2,203,807			2,173,701			2,132,733			2,104,300			2,082,946			2,070,512			3.33		2,203,807			2,082,946			5.80
Market value per common share			40.00			41.38			33.68			22.72			24.90			21.84			18.76		40.00			24.90			60.64
Book value per common share			39.11			38.61			37.95			37.45			37.07			36.88			3.06		39.11			37.07			5.50
Tangible book value per common share (non-GAAP)			21.95			21.41			20.69			20.16			19.75			19.51			6.09		21.95			19.75			11.14
Shareholders’ equity to assets (actual)			13.75		%	13.91		%	14.29		%	14.21		%	13.98		%	14.91		%			13.75		%	13.98		%
Tangible capital ratio (non-GAAP)(3)			8.22		%	8.23		%	8.33		%	8.19		%	7.97		%	8.48		%			8.22		%	7.97		%
Leverage ratio			9.30		%	9.49		%	9.37		%	9.17		%	9.12		%	9.90		%			9.30		%	9.12		%
Common equity tier 1 capital ratio			11.14		%	11.05		%	10.93		%	10.80		%	10.69		%	10.63		%			11.14		%	10.69		%
Tier 1 risk-based capital ratio			12.07		%	12.00		%	11.91		%	11.79		%	11.69		%	11.63		%			12.07		%	11.69		%
Total risk-based capital ratio			15.11		%	15.09		%	15.07		%	14.89		%	13.72		%	13.44		%			15.11		%	13.72		%


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
																				Q2 2021 -		As of
	2021							2020												Q4 2020		June 30,
		Second			First			Fourth			Third			Second			First			Percent								Percent
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2021			2020			Variance
Non purchased loans
Commercial, financial, agricultural		$	1,262,977		$	1,244,580		$	1,231,768		$	1,137,322		$	1,134,965		$	1,144,004		2.53	%	$	1,262,977		$	1,134,965		11.28	%
SBA Paycheck Protection Program		246,931			860,864			1,128,703			1,307,972			1,281,278			—			(78.12)		246,931			1,281,278			(80.73)
Lease financing		74,003			75,256			75,862			82,928			80,779			84,679			(2.45)		74,003			80,779			(8.39)
Real estate - construction		1,038,613			933,586			827,152			738,873			756,872			745,066			25.56		1,038,613			756,872			37.22
Real estate - 1-4 family mortgages		2,435,574			2,380,920			2,356,564			2,369,292			2,342,987			2,356,627			3.35		2,435,574			2,342,987			3.95
Real estate - commercial mortgages		3,723,309			3,676,160			3,649,629			3,610,642			3,400,718			3,242,172			2.02		3,723,309			3,400,718			9.49
Installment loans to individuals		111,137			121,136			149,862			177,195			208,502			229,856			(25.84)		111,137			208,502			(46.70)
Loans, net of unearned income		$	8,892,544		$	9,292,502		$	9,419,540		$	9,424,224		$	9,206,101		$	7,802,404		(5.59)		$	8,892,544		$	9,206,101		(3.41)








Purchased loans
Commercial, financial, agricultural		$	124,725		$	143,843		$	176,513		$	202,768		$	225,355		$	280,572		(29.34)		$	124,725		$	225,355		(44.65)

Real estate - construction		12,746			22,332			30,952			34,246			34,236			42,829			(58.82)		12,746			34,236			(62.77)
Real estate - 1-4 family mortgages		266,517			305,141			341,744			391,102			445,526			489,674			(22.01)		266,517			445,526			(40.18)
Real estate - commercial mortgages		806,860			872,867			905,223			966,367			1,010,035			1,066,536			(10.87)		806,860			1,010,035			(20.12)
Installment loans to individuals		45,850			51,723			59,675			66,031			76,051			87,362			(23.17)		45,850			76,051			(39.71)
Loans, net of unearned income		$	1,256,698		$	1,395,906		$	1,514,107		$	1,660,514		$	1,791,203		$	1,966,973		(17.00)		$	1,256,698		$	1,791,203		(29.84)
Asset quality data
Non purchased assets
Nonaccrual loans		$	27,101		$	24,794		$	20,369		$	18,831		$	16,591		$	21,384		33.05		$	27,101		$	16,591		63.35
Loans 90 past due or more		800			2,235			3,783			1,826			3,993			4,459			(78.85)		800			3,993			(79.96)
Nonperforming loans		27,901			27,029			24,152			20,657			20,584			25,843			15.52		27,901			20,584			35.55
Other real estate owned		1,676			2,292			2,045			3,576			4,694			3,241			(18.04)		1,676			4,694			(64.29)
Nonperforming assets		$	29,577		$	29,321		$	26,197		$	24,233		$	25,278		$	29,084		12.90		$	29,577		$	25,278		17.01






Purchased assets
Nonaccrual loans		$	27,690		$	28,947		$	31,051		$	24,821		$	21,361		$	19,090		(10.82)		$	27,690		$	21,361		29.63
Loans 90 past due or more		945			129			267			318			2,158			5,104			253.93		945			2,158			(56.21)
Nonperforming loans		28,635			29,076			31,318			25,139			23,519			24,194			(8.57)		28,635			23,519			21.75
Other real estate owned		3,263			3,679			3,927			4,576			4,431			5,430			(16.91)		3,263			4,431			(26.36)
Nonperforming assets		$	31,898		$	32,755		$	35,245		$	29,715		$	27,950		$	29,624		(9.50)		$	31,898		$	27,950		14.13
Net loan charge-offs (recoveries)		$	752		$	3,038		$	954		$	389		$	1,698		$	811		(21.17)		$	3,790		$	2,509		51.06
Allowance for credit losses on loans		$	172,354		$	173,106		$	176,144		$	168,098		$	145,387		$	120,185		(2.15)		$	172,354		$	145,387		18.55
Annualized net loan charge-offs / average loans		0.03		%	0.11		%	0.03		%	0.01		%	0.06		%	0.03		%			0.07		%	0.05		%
Nonperforming loans / total loans*		0.56		%	0.52		%	0.51		%	0.41		%	0.40		%	0.51		%			0.56		%	0.40		%
Nonperforming assets / total assets*		0.38		%	0.40		%	0.41		%	0.36		%	0.36		%	0.42		%			0.38		%	0.36		%
Allowance for credit losses on loans / total loans*		1.70		%	1.62		%	1.61		%	1.52		%	1.32		%	1.23		%			1.70		%	1.32		%
Allowance for credit losses on loans / nonperforming loans*		304.85		%	308.54		%	317.55		%	367.05		%	329.65		%	240.19		%			304.85		%	329.65		%
Nonperforming loans / total loans**		0.31		%	0.29		%	0.26		%	0.22		%	0.22		%	0.33		%			0.31		%	0.22		%
Nonperforming assets / total assets**		0.18		%	0.19		%	0.18		%	0.16		%	0.17		%	0.21		%			0.18		%	0.17		%


Nonperforming loans / total loans***		0.57		%	0.57		%	0.57		%	0.47		%	0.45		%	0.51		%			0.57		%	0.45		%
Nonperforming assets / total assets***		0.39		%	0.42		%	0.45		%	0.40		%	0.39		%	0.42		%			0.39		%	0.39		%
Allowance for credit losses on loans / total loans***		1.74		%	1.76		%	1.80		%	1.72		%	1.50		%	1.23		%			1.74		%	1.50		%
*Based on all assets (includes purchased assets)
**Excludes all purchased assets
***Excludes Paycheck Protection Program loans


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

	Three Months Ending																		For The Six Months Ending
	June 30, 2021						March 31, 2021						June 30, 2020						June 30, 2021						June 30, 2020
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Loans
Non purchased	$	8,521,028	$	82,774	3.90	%	$	8,362,793	$	81,928	3.97	%	$	7,872,371	$	81,836	4.18	%	$	8,441,910	$	164,702	3.93	%	$	7,763,516	$	170,390	4.41	%
Purchased	1,328,631		17,891		5.40	%	1,454,637		20,457		5.69	%	1,877,698		26,005		5.57	%	1,391,634		38,347		5.55	%	1,955,161		56,192		5.78	%
SBA Paycheck Protection Program	628,462		10,120		6.46	%	985,561		10,687		4.40	%	866,078		5,886		2.73	%	807,012		20,807		5.20	%	433,039		5,886		2.73	%
Total loans	10,478,121		110,785		4.24	%	10,802,991		113,072		4.24	%	10,616,147		113,727		4.31	%	10,640,556		223,856		4.24	%	10,151,716		232,468		4.61	%
Loans held for sale	461,752		3,604		3.12	%	406,397		2,999		2.96	%	340,582		2,976		3.51	%	434,075		6,604		3.05	%	338,706		5,964		3.54	%
Securities:
Taxable(1)	1,503,605		5,549		1.48	%	1,065,779		4,840		1.82	%	1,031,740		6,386		2.49	%	1,284,692		10,389		1.62	%	1,049,507		13,675		2.62	%
Tax-exempt	317,824		2,333		2.94	%	306,344		2,284		2.98	%	263,799		2,346		3.58	%	312,084		4,617		2.96	%	244,700		4,404		3.62	%
Total securities	1,821,429		7,882		1.73	%	1,372,123		7,124		2.08	%	1,295,539		8,732		2.71	%	1,596,776		15,006		1.88	%	1,294,207		18,079		2.81	%
Interest-bearing balances with banks	1,227,962		346		0.11	%	777,166		183		0.10	%	524,376		195		0.15	%	1,002,564		529		0.11	%	408,432		1,006		0.50	%
Total interest-earning assets	13,989,264		122,617		3.51	%	13,358,677		123,378		3.74	%	12,776,644		125,630		3.95	%	13,673,971		245,995		3.62	%	12,193,061		257,517		4.25	%
Cash and due from banks	195,982						205,830						214,079						200,906						200,198
Intangible assets	967,430						969,001						974,237						968,215						975,085
Other assets	678,342						670,183						741,067						674,262						720,945
Total assets	$	15,831,018					$	15,203,691					$	14,706,027					$	15,517,354					$	14,089,289
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)	$	6,109,956	$	4,069	0.27	%	$	5,906,230	$	3,932	0.27	%	$	5,151,713	$	5,524	0.43	%	$	6,008,093	$	8,002	0.27	%	$	5,045,735	$	14,777	0.59	%
Savings deposits	969,982		185		0.08	%	882,758		169		0.08	%	747,173		173		0.09	%	926,370		354		0.08	%	714,177		426		0.12	%
Time deposits	1,564,448		3,415		0.88	%	1,655,778		4,178		1.02	%	2,034,149		8,174		1.62	%	1,610,113		7,593		0.95	%	2,075,412		17,163		1.66	%
Total interest-bearing deposits	8,644,386		7,669		0.36	%	8,444,766		8,279		0.40	%	7,933,035		13,871		0.70	%	8,544,576		15,949		0.38	%	7,835,324		32,366		0.83	%
Borrowed funds	483,081		3,743		3.11	%	483,907		3,835		3.21	%	1,000,789		4,302		1.73	%	483,494		7,577		3.16	%	915,054		9,378		2.06	%
Total interest-bearing liabilities	9,127,467		11,412		0.50	%	8,928,673		12,114		0.55	%	8,933,824		18,173		0.82	%	9,028,070		23,526		0.53	%	8,750,378		41,744		0.96	%
Noninterest-bearing deposits	4,271,464						3,862,422						3,439,634						4,066,943						3,013,298
Other liabilities	218,344						240,171						231,477						229,257						222,495
Shareholders’ equity	2,213,743						2,172,425						2,101,092						2,193,084						2,103,118
Total liabilities and shareholders’ equity	$	15,831,018					$	15,203,691					$	14,706,027					$	15,517,354					$	14,089,289
Net interest income/ net interest margin			$	111,205	3.19	%			$	111,264	3.37	%			$	107,457	3.38	%			$	222,469	3.28	%			$	215,773	3.56	%
Cost of funding					0.34	%					0.38	%					0.59	%					0.36	%					0.71	%
Cost of total deposits					0.24	%					0.27	%					0.49	%					0.26	%					0.60	%

(1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
(2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.


RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
		RECONCILIATION OF GAAP TO NON-GAAP
														Six Months Ended
		2021				2020								June 30,
		Second		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		2021		2020
Net income (GAAP)		$	40,867	$	57,908	$	31,521	$	29,992	$	20,130	$	2,008	$	98,775	$	22,138
	Amortization of intangibles	1,539		1,598		1,659		1,733		1,834		1,895		3,137		3,729
	Tax effect of adjustment noted above (A)	(333)		(361)		(297)		(374)		(335)		(527)		(697)		(690)
Tangible net income (non-GAAP)		$	42,073	$	59,145	$	32,883	$	31,351	$	21,629	$	3,376	$	101,215	$	25,177

Net income (GAAP)		$	40,867	$	57,908	$	31,521	$	29,992	$	20,130	$	2,008	$	98,775	$	22,138

	Debt prepayment penalties	—		—		3		28		90		—		—		90
	MSR valuation adjustment	—		(13,561)		(1,968)		(828)		4,951		9,571		(13,561)		14,522
	Restructuring charges	15		292		7,365		—		—		—		307		—
	Swap termination charges	—		—		2,040		—		—		—		—		—
	COVID-19 related expenses	370		785		613		570		6,257		2,903		1,155		9,160
	Tax effect of adjustment noted above (A)	(83)		2,820		(1,443)		50		(2,065)		(3,467)		2,687		(4,398)
Net income with exclusions (non-GAAP)		$	41,169	$	48,244	$	38,131	$	29,812	$	29,363	$	11,015	$	89,363	$	41,512

Average shareholders’ equity (GAAP)		$	2,213,743	$	2,172,425	$	2,132,375	$	2,119,500	$	2,101,092	$	2,105,143	$	2,193,084	$	2,103,118
	Intangibles	967,430		969,001		970,624		972,394		974,237		975,933		968,215		975,085
Average tangible s/h’s equity (non-GAAP)		$	1,246,313	$	1,203,424	$	1,161,751	$	1,147,106	$	1,126,855	$	1,129,210	$	1,224,869	$	1,128,033

Average total assets (GAAP)		$	15,831,018	$	15,203,691	$	14,898,055	$	14,928,159	$	14,706,027	$	13,472,550	$	15,517,354	$	14,089,289
	Intangibles	967,430		969,001		970,624		972,394		974,237		975,933		968,215		975,085
Average tangible assets (non-GAAP)		$	14,863,588	$	14,234,690	$	13,927,431	$	13,955,765	$	13,731,790	$	12,496,617	$	14,549,139	$	13,114,204

Actual shareholders’ equity (GAAP)		$	2,203,807	$	2,173,701	$	2,132,733	$	2,104,300	$	2,082,946	$	2,070,512	$	2,203,807	$	2,082,946
	Intangibles	966,686		968,225		969,823		971,481		973,214		975,048		966,686		973,214
Actual tangible s/h’s equity (non-GAAP)		$	1,237,121	$	1,205,476	$	1,162,910	$	1,132,819	$	1,109,732	$	1,095,464	$	1,237,121	$	1,109,732

Actual total assets (GAAP)		$	16,022,386	$	15,622,571	$	14,929,612	$	14,808,933	$	14,897,207	$	13,900,550	$	16,022,386	$	14,897,207
	Intangibles	966,686		968,225		969,823		971,481		973,214		975,048		966,686		973,214
Actual tangible assets (non-GAAP)		$	15,055,700	$	14,654,346	$	13,959,789	$	13,837,452	$	13,923,993	$	12,925,502	$	15,055,700	$	13,923,993

	(A) Tax effect is calculated based on respective periods effective tax rate.



RENASANT CORPORATION
(Unaudited)
(Dollars in thousands, except per share data)
		RECONCILIATION OF GAAP TO NON-GAAP
														Six Months Ended
		2021				2020								June 30,
		Second		First		Fourth		Third		Second		First
		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		2021		2020
(1) Return on Average Equity
Return on avg s/h’s equity (GAAP)		7.40	%	10.81	%	5.88	%	5.63	%	3.85	%	0.38	%	9.08	%	2.12	%
	Effect of adjustment for intangible assets	6.14	%	9.12	%	5.38	%	5.24	%	3.87	%	0.82	%	7.58	%	2.37	%
Return on avg tangible s/h’s equity (non-GAAP)		13.54	%	19.93	%	11.26	%	10.87	%	7.72	%	1.20	%	16.66	%	4.49	%

Return on avg s/h’s equity (GAAP)		7.40	%	10.81	%	5.88	%	5.63	%	3.85	%	0.38	%	9.08	%	2.12	%
	Effect of exclusions from net income	0.06	%	(1.80)	%	1.23	%	(0.03)	%	1.77	%	1.72	%	(0.86)	%	1.85	%
Return on avg s/h’s equity with excl. (non-GAAP)		7.46	%	9.01	%	7.11	%	5.60	%	5.62	%	2.10	%	8.22	%	3.97	%
	Effect of adjustment for intangible assets	6.18	%	7.67	%	6.41	%	5.21	%	5.39	%	2.31	%	6.89	%	3.97	%
Return on avg tangible s/h’s equity with exclusions (non-GAAP)		13.64	%	16.68	%	13.52	%	10.81	%	11.01	%	4.41	%	15.11	%	7.94	%

(2) Return on Average Assets
Return on avg assets (GAAP)		1.04	%	1.54	%	0.84	%	0.80	%	0.55	%	0.06	%	1.28	%	0.32	%
	Effect of adjustment for intangible assets	0.10	%	0.15	%	0.10	%	0.09	%	0.08	%	0.05	%	0.12	%	0.07	%
Return on avg tangible assets (non-GAAP)		1.14	%	1.69	%	0.94	%	0.89	%	0.63	%	0.11	%	1.40	%	0.39	%

Return on avg assets (GAAP)		1.04	%	1.54	%	0.84	%	0.80	%	0.55	%	0.06	%	1.28	%	0.32	%
	Effect of exclusions from net income	—	%	(0.25)	%	0.18	%	(0.01)	%	0.25	%	0.27	%	(0.12)	%	0.27	%
Return on avg assets with exclusions (non-GAAP)		1.04	%	1.29	%	1.02	%	0.79	%	0.80	%	0.33	%	1.16	%	0.59	%
	Effect of adjustment for intangible assets	0.10	%	0.12	%	0.11	%	0.10	%	0.10	%	0.07	%	0.11	%	0.09	%
Return on avg tangible assets with exclusions (non-GAAP)		1.14	%	1.41	%	1.13	%	0.89	%	0.90	%	0.40	%	1.27	%	0.68	%

(3) Shareholder Equity Ratio
Shareholders’ equity to actual assets (GAAP)		13.75	%	13.91	%	14.29	%	14.21	%	13.98	%	14.91	%	13.75	%	13.98	%
	Effect of adjustment for intangible assets	5.53	%	5.68	%	5.96	%	6.02	%	6.01	%	6.43	%	5.53	%	6.01	%
Tangible capital ratio (non-GAAP)		8.22	%	8.23	%	8.33	%	8.19	%	7.97	%	8.48	%	8.22	%	7.97	%


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


																				Six Months Ended
		2021						2020												June 30,
		Second			First			Fourth			Third			Second			First
		Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			2021			2020
Interest income (FTE)		$	122,617		$	123,378		$	123,823		$	123,677		$	125,630		$	131,887		$	245,995		$	257,517
	Interest expense	11,412			12,114			13,799			15,792			18,173			23,571			23,526			41,744
Net Interest income (FTE)		$	111,205		$	111,264		$	110,024		$	107,885		$	107,457		$	108,316		$	222,469		$	215,773

Total noninterest income		$	47,610		$	81,037		$	62,864		$	70,928		$	64,170		$	37,570		$	128,647		$	101,740
	Securities gains (losses)	—			1,357			15			—			31			—			1,357			31
	MSR valuation adjustment	—			13,561			1,968			828			(4,951)			(9,571)			13,561			(14,522)
Total adjusted noninterest income		$	47,610		$	66,119		$	60,881		$	70,100		$	69,090		$	47,141		$	113,729		$	116,231

Total noninterest expense		$	108,777		$	115,935		$	122,152		$	116,510		$	118,285		$	115,041		$	224,712		$	233,326
	Amortization of intangibles	1,539			1,598			1,659			1,733			1,834			1,895			3,137			3,729

	Debt prepayment penalty	—			—			3			28			90			—			—			90
	Restructuring charges	15			292			7,365			—			—			—			307			—
	Swap termination charges	—			—			2,040			—			—			—			—			—
	COVID-19 related expenses	370			785			613			570			6,257			2,903			1,155			9,160
	Provision for unfunded commitments	—			—			500			2,700			2,600			3,400			—			6,000
Total adjusted noninterest expense		$	106,853		$	113,260		$	109,972		$	111,479		$	107,504		$	106,843		$	220,113		$	214,347

Efficiency Ratio (GAAP)		68.49		%	60.29		%	70.65		%	65.16		%	68.92		%	78.86		%	64.00		%	73.49		%
(4) Adjusted Efficiency Ratio (non-GAAP)		67.28		%	63.85		%	64.35		%	62.63		%	60.89		%	68.73		%	65.47		%	64.56		%

rnstq22021earningsdeckfi

Second Quarter 2021 Earnings Call

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,” “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) the continued impact of the COVID-19 pandemic (and variants thereof) and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) 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; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) 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; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) 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, 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.

Overview Note: Financial data as of June 30, 2021 (1) Total revenue is calculated as net interest income plus noninterest income. Company Snapshot Loans and Deposits by State Assets: $16.0 billion Loans: 10.1 Deposits: 13.1 Equity: 2.2 3 MS 24% AL 21% FL 5% GA 32% TN 18% Loans MS 37% AL 12%FL 3% GA 35% TN 13% Deposits 73% 3% 22% 2% YTD Total Revenue(1) Community Bank Wealth Management Mortgage Insurance

55 20 65 10 65 75 20 95 95 85 77 95 81 7524 40 59 40 FLORIDA Jackson Mobile Knoxville Chattanooga Greensboro Raleigh Columbia Nashville Winston-Salem Montgomery Birmingham Columbus Charlotte Jacksonville Memphis Orlando Huntsville Tallahassee Atlanta Wilmington Charleston Savannah Tupelo Greenville MISSISSIPPI ALABAMA TENNESSEE GEORGIA SOUTH CAROLINA NORTH CAROLINA ARKANSAS LOUISIANA Branch (161) Loan Production Office (7) Mortgage (21) Insurance (8) Financial Services (2) 4 Renasant Footprint

Second Quarter Highlights 5 • Net income of $40.9 million and diluted EPS of $0.72 • Although mortgage production remained strong during the quarter, mortgage banking income began to normalize as gain on sale margins compressed • As part of the Company’s efficiency initiatives, 7 locations were closed in the second quarter of 2021 • Allowance for credit losses to total loans, excluding Paycheck Protection Program (“PPP”) loans, decreased to 1.74%(1) • Net charge-offs were $752 thousand, and the ratio of nonperforming loans to total loans (excluding PPP loans) was 0.57%(1) • Loans, excluding PPP loans, grew quarter over quarter at an annualized growth rate of 3.1% • Deposits increased $378 million quarter over quarter, and noninterest-bearing deposits now represent 33.16% of total deposits (1) Allowance to total loans (excluding PPP loans) and nonperforming loans to total loans (excluding PPP loans) are non-GAAP financial measures. See slide 35 in the appendix for a reconciliation of these non-GAAP financial measures to GAAP.

Financial Condition

Total Assets 7 Note: Dollars in millions $14,897 $14,809 $14,930 $15,623 $16,022 $10 ,000 $11 ,000 $12 ,000 $13 ,000 $14 ,000 $15 ,000 $16 ,000 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

Loans and Yields 8Note: 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. See slide 32 in the appendix for a description of the exclusions and a reconciliation of this non-GAAP financial measure to GAAP. $10,997 $11,085 $10,933 $10,688 $10,149 4.31% 4.06% 4.10% 4.24% 4.24% 4.24% 4.09% 4.03% 4.01% 3.94% 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 1-4 Family Mortgage Commercial Mortgage Construction Other* C&I PPP Loan Yield Core Loan Yield**

Deposit Mix and Pricing 9 Note: Dollars in millions $11,846 $11,934 $12,059 $12,737 $13,115 0.49% 0.40% 0.33% 0.27% 0.24% 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Noninterest-bearing Interest-bearing Savings Time Cost of deposits

Liquidity 10 Note: Dollars in millions $617 $414 $633 $1,262 $1,606 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Cash and Cash Equivalents $1,303 $1,293 $1,343 $1,536 $2,164 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $1,900 $2,100 $2,300 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Securities 93% 93% 92% 88% 81% $1 $1 $1 $1 $1 $1 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Average Loans to Average Deposits

Capital Position 11 Tier 1 $1,385 Tier 2 $348 Regulatory Capital as of June 30, 2021 • $50 million stock repurchase program in effect until October 2021 • Consistent dividend payment history, including through the 2008 financial crisis • Callable subordinated debt in 2021: • July 2021 - $15 million 6.50% fixed-to-floating rate subordinated notes • September 2021 - $60 million 5.00% fixed-to- floating rate subordinated notes Capital Highlights Subordinated Notes $212 ACL $136 Trust Preferred $107 Common Equity Tier 1 $1,278 1 Note: Dollars in millions

Strong Capital Position 12 * Tangible Common Equity is a non-GAAP financial measure. See slide 34 in the appendix for a description of the exclusions and a reconciliation of this non- GAAP financial measure to GAAP. Ratio 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Minimum to be Well Capitalized Tangible Common Equity* 7.97% 8.19% 8.33% 8.23% 8.22% N/A Leverage 9.12 9.17 9.37 9.49 9.30 5.00% Tier 1 Risk Based 11.69 11.79 11.91 12.00 12.07 8.00 Total Risk Based 13.72 14.89 15.07 15.09 15.11 10.00 Tier 1 Common Equity 10.69 10.80 10.93 11.05 11.14 6.50 Capital Ratios

Asset Quality

2.09% 0.00% 1.00% 2.00% 3.00% 4.00% $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Classified Loans/Total Loans* Classified Loans % of Total Loans, excl. PPP ($ in thousands) 0.15% 0.00% 0.50% 1.00% 1.50% 2.00% $- $25,000 $50,000 $75,000 $100,000 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Loans 30-89 Days Past Due/ Total Loans* 30-89 DPD % of Total Loans, excl. PPP ($ in thousands) Asset Quality 14* The ratio of loans 30-89 days past due to total loans (excluding PPP loans) and the ratio of classified loans to total loans (excluding PPP loans) are non-GAAP financial measures. See slide 35 in the appendix for a reconciliation of these non-GAAP financial measures to GAAP.

0.39% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% $- $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 NPAs/Total Assets* Nonperforming loans OREO % of Assets ($ in thousands) 0.03% 0.00% 0.20% 0.40% 0.60% 0.80% $- $5,000 $10,000 $15,000 $20,000 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Net Charge-offs/Average Loans* Net charge-offs % of Avg Loans ($ in thousands) Asset Quality 15* Nonperforming assets to total assets (excluding PPP loans) and net charge-offs to average loans (excluding PPP loans) are non-GAAP financial measures. See slide 36 in the appendix for a reconciliation of these non-GAAP financial measures to GAAP.

1.74% 0.00% 0.50% 1.00% 1.50% 2.00% $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Allowance/Total Loans* Allowance % of Total Loans, excl. PPP ($ in thousands) 305% 0% 100% 200% 300% 400% 500% $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Allowance/Nonperforming Loans Allowance % of Total NPLs ($ in thousands) ACL Metrics 16* Allowance for credit losses to total loans (excluding PPP) is a non-GAAP financial measure. See slide 35 in the appendix for a reconciliation of this non-GAAP financial measure to GAAP.

ACL Summary ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans SBA Paycheck Protection Program - - - - Commercial, Financial, Agricultural 39,031$ 2.77 36,994$ 2.67 Lease Financing Receivables 1,624 2.14 1,511 2.04 Real Estate - 1-4 Family Mortgage 32,165 1.19 31,303 1.16 Real Estate - Commercial Mortgage 76,127 1.67 74,893 1.65 Real Estate - Construction 16,047 1.87 15,729 1.50 Installment loans to individuals 11,150 5.32 11,924 7.60 Allowance for Credit Losses on Loans 176,144 1.61 172,354 1.70 Allowance for Credit Losses on Deferred Interest 1,500 1,367 Reserve for Unfunded Commitments 20,535 20,535 Total Reserves 198,179$ 194,256$ 6/30/202112/31/2020 17* Allowance for credit losses to total loans (excluding PPP loans) is a non-GAAP financial measure. See slide 35 in the appendix for a reconciliation of this non-GAAP financial measure to GAAP. • Allowance for credit losses on loans to total loans (excluding PPP loans)* was 1.74% and 1.80% as of June 30, 2021 and December 31, 2020, respectively

Loss Absorption Capacity 18 * Allowance to total loans (excluding PPP) is a non-GAAP financial measure. See slide 35 in the appendix for a reconciliation of this non-GAAP financial measure to GAAP. ($ in thousands) $ Amount Allowance for Credit Losses on Loans 172,354$ Reserve for Unfunded Commitments 20,535 Purchase Accounting Discounts 19,990 Total Loss Absorption Capacity 212,879$ 6/30/2021

Profitability

Net Income & Adjusted Pre-Provision Net Revenue* 20 $20.1 $30.0 $31.5 $57.9 $40.9 $65.6 $63.2 $57.4 $62.3 $48.8 1.79% 1.68% 1.53% 1.66% 1.24% 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 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. See slides 27 and 28 in the appendix for a description of the exclusions and a reconciliation of these non-GAAP financial measures to GAAP.

Diluted Earnings per Share Reported and Adjusted* 21 $.36 $.53 $.56 $1.02 $.72 $.52 $.53 $.68 $.85 $.73 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 EPS (GAAP) EPS Adjusted (non-GAAP)* * Diluted earnings per share (adjusted) is a non-GAAP financial measure. See slide 29 in the appendix for a description of exclusions and a reconciliation of this non-GAAP financial measure to GAAP.

Profitability Ratios 22 3.85% 5.63% 5.88% 10.81% 7.40% 11.01% 10.81% 13.52% 16.68% 13.64% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 ROE (GAAP) ROTCE (Adjusted) (non-GAAP)* * ROAA (Adjusted) and ROTCE (Adjusted) are non-GAAP financial measures. See slides 28 and 30 in the appendix for a description of the exclusions and a reconciliation of these non-GAAP financial measures to GAAP. 0.55% 0.80% 0.84% 1.54% 1.04% 0.80% 0.79% 1.02% 1.29% 1.04% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 ROAA (GAAP) ROAA (Adjusted) (non-GAAP)* Return on Average Equity (ROE)Return on Average Assets (ROAA)

Core Net Interest Income (FTE) & Core Net Interest Margin* 23 $107.5 $107.9 $110.0 $111.3 $111.2 3.38% 3.29% 3.35% 3.37% 3.19% 3.26% 3.23% 3.22% 3.12% 2.92% 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 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. See slide 31 in the appendix for a description of exclusions and a reconciliation of these non-GAAP financial measures to GAAP.

Note: Dollars in thousands $64,170 $70,928 $62,864 $81,037 $47,610 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Service Charges Fees and Commissions Insurance Wealth Management Mortgage Banking Securities Gains Other Noninterest Income 24 ($ in thousands) 2Q20 1Q21 2Q21 Gain on sales of loans, net 46,560$ 33,901$ 17,581$ Fees, net 5,309 4,902 4,519 Mortgage servicing loss, net (1,428) (1,631) (1,247) MSR valuation adjustment (4,951) 13,561 - Mortgage banking income, net 45,490$ 50,733$ 20,853$ Mortgage banking income 2Q20 1Q21 2Q21 Locked Volume $1.7 bill $1.7 bill $1.5 bill Wholesale % 41 43 40 Retail % 59 57 60 Purchase % 51 53 67 Refinance % 49 47 33 Mortgage production

69% 65% 71% 60% 68% 61% 63% 64% 64% 67% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* Efficiency Ratio 25 *Adjusted Efficiency Ratio is a non-GAAP financial measure. See slide 33 in the appendix for a description of exclusions and a reconciliation of this non- GAAP financial measure to GAAP.

Appendix

Reconciliation of Non-GAAP Disclosures Adjusted Pre-Provision Net Revenue 27 $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Net income (GAAP) 20,130$ 29,992$ 31,521$ 57,908$ 40,867$ Income taxes 4,637 7,612 6,818 16,842 7,545 Provision for credit losses (including unfunded commitments) 29,500 25,800 11,000 - - Pre-provision net revenue (non-GAAP) 54,267$ 63,404$ 49,339$ 74,750$ 48,412$ Debt prepayment penalties 90 28 3 - - MSR valuation adjustment 4,951 (828) (1,968) (13,561) - Restructuring charges - - 7,365 292 15 Swap termination charges - - 2,040 - - COVID-19 related expenses(1) 6,257 570 613 785 370 Adjusted pre-provision net revenue (non-GAAP) 65,565$ 63,174$ 57,392$ 62,266$ 48,797$ (1) 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.

Reconciliation of Non-GAAP Disclosures Adjusted Pre-Provision Net Revenue/Average Assets 28 $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Net income (GAAP) 20,130$ 29,992$ 31,521$ 57,908$ 40,867$ Debt prepayment penalties 90 28 3 - - MSR valuation adjustment 4,951 (828) (1,968) (13,561) - Restructuring charges - - 7,365 292 15 Swap termination charges - - 2,040 - - COVID-19 related expenses(1) 6,257 570 613 785 370 Tax effect of adjustments noted above(2) (2,065) 50 (1,443) 2,820 (83) Net income with exclusions (non-GAAP) 29,363$ 29,812$ 38,131$ 48,244$ 41,169$ Adjusted pre-provision net revenue (non-GAAP)(3) 65,565$ 63,174$ 57,392$ 62,266$ 48,796$ Total average assets 14,706,027$ 14,928,159$ 14,898,055$ 15,203,691$ 15,831,018$ Return on Average Assets (GAAP) 0.55% 0.80% 0.84% 1.54% 1.04% Return on Average Assets (Adjusted) (non-GAAP) 0.80% 0.79% 1.02% 1.29% 1.04% Adjusted pre-provision net revenue/Average assets (non-GAAP) 1.79% 1.68% 1.53% 1.66% 1.24% (1) See footnote 1 on slide 27 for an explanation of the types of expenses included in the COVID-19 related expenses line item. (2) Tax effect is calculated based on the respective periods’ effective tax rate. (3) See slide 27 for a reconciliation of Adjusted pre-provision net revenue.

Reconciliation of Non-GAAP Disclosures 29 Diluted Earnings Per Share $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Net income (GAAP) 20,130$ 29,992$ 31,521$ 57,908$ 40,867$ Debt prepayment penalties 90 28 3 - - MSR valuation adjustment 4,951 (828) (1,968) (13,561) - Restructuring charges - - 7,365 292 15 Swap termination charges - - 2,040 - - COVID-19 related expenses(1) 6,257 570 613 785 370 Tax effect of adjustments noted above(2) (2,065) 50 (1,443) 2,820 (83) Net income with exclusions (non-GAAP) 29,363$ 29,812$ 38,131$ 48,244$ 41,169$ Diluted shares outstanding (average) 56,325,476 56,386,153 56,489,809 56,519,199 56,635,898 Diluted EPS (GAAP) 0.36$ 0.53$ 0.56$ 1.02$ 0.72$ Diluted EPS (adjusted) (non-GAAP) 0.52$ 0.53$ 0.68$ 0.85$ 0.73$ (1) See footnote 1 on slide 27 for an explanation of the types of expenses included in the COVID-19 related expenses line item. (2) Tax effect is calculated based on the respective periods’ effective tax rate.

Reconciliation of Non-GAAP Disclosures 30 Return on Average Tangible Common Equity (Adjusted) $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Net income (GAAP) 20,130$ 29,992$ 31,521$ 57,908$ 40,867$ Debt prepayment penalties 90 28 3 - - MSR valuation adjustment 4,951 (828) (1,968) (13,561) - Restructuring charges - - 7,365 292 15 Swap termination charges - - 2,040 - - COVID-19 related expenses(1) 6,257 570 613 785 370 Tax effect of adjustments noted above(2) (2,065) 50 (1,443) 2,820 (83) Net income with exclusions (non-GAAP) 29,363$ 29,812$ 38,131$ 48,244$ 41,169$ Amortization of intangibles 1,834 1,733 1,659 1,598 1,539 Tax effect of adjustment noted above(2) (335) (374) (297) (361) (333) Tangible net income with exclusion (non-GAAP) 30,862$ 31,171$ 39,493$ 49,481$ 42,375$ Average shareholders' equity (GAAP) 2,101,092$ 2,119,500$ 2,132,375$ 2,172,425$ 2,213,743$ Intangibles 974,237 972,394 970,624 969,001 967,430 Average tangible shareholders' equity (non-GAAP) 1,126,855$ 1,147,106$ 1,161,751$ 1,203,424$ 1,246,313$ Return on Average Equity (GAAP) 3.85% 5.63% 5.88% 10.81% 7.40% Return on Average Tangible Common Equity (Adjusted) (non-GAAP) 11.01% 10.81% 13.52% 16.68% 13.64% (1) See footnote 1 on slide 27 for an explanation of the types of expenses included in the COVID-19 related expenses line item. (2) Tax effect is calculated based on the respective periods’ effective tax rate.

Reconciliation of Non-GAAP Disclosures Core Net Interest Income (FTE) and Core Net Interest Margin 31 $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Net interest income (FTE) (GAAP) 107,457$ 107,885$ 110,024$ 111,264$ 111,205$ Less: Net interest income collected on problem loans 384 282 128 2,180 1,339 Accretable yield recognized on purchased loans 4,700 4,949 4,130 3,088 2,638 Interest income on PPP loans 5,886 7,449 10,271 10,687 10,120 Core net interest income (FTE) (non-GAAP) 96,487$ 95,205$ 95,495$ 95,309$ 97,108$ Total average earning assets 12,776,643$ 13,034,422$ 13,059,967$ 13,358,677$ 13,989,264$ Less: Average PPP loans 866,078 1,305,229 1,252,990 985,561 628,462 Adjusted total average earning assets (non-GAAP) 11,910,565$ 11,729,193$ 11,806,977$ 12,373,116$ 13,360,802$ Net interest margin (GAAP) 3.38% 3.29% 3.35% 3.37% 3.19% Core net interest margin (non-GAAP) 3.26% 3.23% 3.22% 3.12% 2.92%

Reconciliation of Non-GAAP Disclosures Core Loan Yield 32 $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Loan interest income (FTE) (GAAP) 113,727$ 112,764$ 113,457$ 113,072$ 110,785$ Less: Net interest income collected on problem loans 384 282 128 2,180 1,339 Accretable yield recognized on purchased loans 4,700 4,949 4,130 3,088 2,638 Interest income on PPP loans 5,886 7,449 10,271 10,687 10,120 Adjusted loan interest income (FTE) (non-GAAP) 102,757$ 100,084$ 98,928$ 97,117$ 96,688$ Total average loans 10,616,147$ 11,041,684$ 11,019,505$ 10,802,991$ 10,478,121$ Less: Average PPP loans 866,078 1,305,229 1,252,990 985,561 628,462 Adjusted total average loans (non-GAAP) 9,750,069$ 9,736,455$ 9,766,515$ 9,817,430$ 9,849,659$ Loan yield (GAAP) 4.31% 4.06% 4.10% 4.24% 4.24% Core loan yield (non-GAAP) 4.24% 4.09% 4.03% 4.01% 3.94%

Reconciliation of Non-GAAP Disclosures Adjusted Efficiency Ratio 33 $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Net interest income (FTE) (GAAP) 107,457$ 107,885$ 110,024$ 111,264$ 111,205$ Total noninterest income (GAAP) 64,170 70,928 62,864 81,037 47,610 Securities gains (losses) 31 - 15 1,357 - MSR valuation adjustment (4,951) 828 1,968 13,561 - Adjusted total noninterest income (non-GAAP) 69,090$ 70,100$ 60,881$ 66,119$ 47,610$ Total income (FTE) (non-GAAP) 176,547$ 177,985$ 170,905$ 177,383$ 158,815$ Total noninterest expense (GAAP) 118,285$ 116,510$ 122,152$ 115,935$ 108,777$ Amortization of intangibles 1,834 1,733 1,659 1,598 1,539 Debt prepayment penalty 90 28 3 - - Restructuring charges - - 7,365 292 15 Swap termination charges - - 2,040 - - Provision for unfunded commitments 2,600 2,700 500 - - COVID-19 related expenses (1) 6,257 570 613 785 370 Adjusted total noninterest expense (non-GAAP) 107,504$ 111,479$ 109,972$ 113,260$ 106,853$ Efficiency Ratio (GAAP) 68.92% 65.16% 70.65% 60.29% 68.49% Adjusted Efficiency Ratio (non-GAAP) 60.89% 62.63% 64.35% 63.85% 67.28% (1) See footnote 1 on slide 27 for an explanation of the types of expenses included in the COVID-19 related expenses line item.

Reconciliation of Non-GAAP Disclosures Tangible Common Equity and Tangible Book Value 34 $ in thousands 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Actual shareholders' equity (GAAP) 2,082,946$ 2,104,300$ 2,132,578$ 2,173,701$ 2,203,807$ Intangibles 973,214 971,481 969,823 968,225 966,686 Actual tangible shareholders' equity (non-GAAP) 1,109,732$ 1,132,819$ 1,162,755$ 1,205,476$ 1,237,121$ Actual total assets (GAAP) 14,897,207$ 14,808,933$ 14,929,666$ 15,622,571$ 16,022,386$ Intangibles 973,214 971,481 969,823 968,225 966,686 Actual tangible assets (non-GAAP) 13,923,993$ 13,837,452$ 13,959,843$ 14,654,346$ 15,055,700$ PPP Loans 1,281,278 1,307,972 1,128,703 860,864 246,931 Actual tangible assets exc. PPP loans (non-GAAP) 12,642,715$ 12,529,480$ 12,831,140$ 13,793,482$ 14,808,769$ Tangible Common Equity Ratio Shareholders' equity to (actual) assets (GAAP) 13.98% 14.21% 14.28% 13.91% 13.75% Effect of adjustment for intangible assets 6.01% 6.02% 5.95% 5.68% 5.53% Tangible common equity ratio (non-GAAP) 7.97% 8.19% 8.33% 8.23% 8.22% Effect of adjustment for PPP loans -0.81% -0.85% -0.73% -0.51% -0.13% Tangible common equity ratio exc. PPP loans (non-GAAP) 8.78% 9.04% 9.06% 8.74% 8.35% Tangible Book Value Shares Outstanding 56,181,962 56,193,705 56,200,487 56,294,346 56,350,878 Book Value (GAAP) 37.07$ 37.45$ 37.95$ 38.61$ 39.11$ Tangible Book Value (non-GAAP) 19.75$ 20.16$ 20.69$ 21.41$ 21.95$

Reconciliation of Non-GAAP Disclosures Asset Quality Ratios excluding PPP loans 35 $ in thousands Q2 2020 Q3 2020 Q4 2020 1Q 2021 2Q 2021 Total loans (GAAP) 10,997,304$ 11,084,738$ 10,933,647$ 10,688,408$ 10,149,242$ Less: PPP loans 1,281,278 1,307,972 1,128,703 860,864 246,931 Adjusted total loans (non-GAAP) 9,716,026$ 9,776,766$ 9,804,944$ 9,827,544$ 9,902,311$ Loans 30-89 Days Past Due 9,675 16,644 26,286 21,801 15,077 Loans 30-89 Days Past Due / Total Loans 0.09% 0.15% 0.24% 0.20% 0.15% Loans 30-89 Days Past Due / Total Loans excluding PPP loans (non-GAAP) 0.10% 0.17% 0.27% 0.22% 0.15% Classified Loans 163,364 219,583 236,062 229,244 206,724 Classified Loans / Total Loans 1.49% 1.98% 2.16% 2.14% 2.04% Classified Loans / Total Loans excluding PPP loans (non-GAAP) 1.68% 2.25% 2.41% 2.33% 2.09% Nonperforming Loans 44,103 45,796 55,470 56,105 56,536 Nonperforming Loans / Total Loans 0.40% 0.41% 0.51% 0.52% 0.56% Nonperforming Loans / Total Loans excluding PPP loans (non-GAAP) 0.45% 0.47% 0.57% 0.57% 0.57% Allowance for Credit Losses on Loans 145,387 168,098 176,144 173,106 172,354 ACL / Total Loans 1.32% 1.52% 1.61% 1.62% 1.70% ACL / Total Loans excluding PPP loans (non-GAAP) 1.50% 1.72% 1.80% 1.76% 1.74%

Reconciliation of Non-GAAP Disclosures Asset Quality Ratios excluding PPP loans, continued 36 $ in thousands Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Total average loans (GAAP) 10,616,147$ 11,041,684$ 11,019,505$ 10,802,991$ 10,478,121$ Less: Average PPP loans 866,078 1,305,229 1,252,990 985,561 628,462 Adjusted total average loans (non-GAAP) 9,750,069$ 9,736,455$ 9,766,515$ 9,817,430$ 9,849,659$ Total assets (GAAP) 14,897,207$ 14,808,933$ 14,929,612$ 15,622,571$ 16,022,386$ Less: PPP loans 1,281,278 1,307,972 1,128,703 860,864 246,931 Adjusted total assets (non-GAAP) 13,615,929$ 13,500,961$ 13,800,909$ 14,761,707$ 15,775,455$ Nonperforming Assets 53,228 53,948 61,442 62,076 61,475 Nonperforming Assets / Total Assets 0.36% 0.36% 0.41% 0.40% 0.38% Nonperforming Assets / Total Assets excluding PPP loans (non-GAAP) 0.39% 0.40% 0.45% 0.42% 0.39% Net charge-offs 1,698 389 954 3,038 752 Annualized Net charge-offs / Average Loans 0.06% 0.01% 0.03% 0.11% 0.03% Annualized Net charge-offs / Average Loans excluding PPP loans (non-GAAP) 0.07% 0.02% 0.04% 0.13% 0.03%