• Renasant Corporation Announces Earnings For the Third Quarter of 2022

    Source: Nasdaq GlobeNewswire / 25 Oct 2022 16:30:01   America/New_York

    TUPELO, Miss., Oct. 25, 2022 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced earnings results for the third quarter of 2022.

    (Dollars in thousands, except earnings per share)Three Months Ended Nine Months Ended
     Sep 30, 2022Jun 30, 2022Sep 30, 2021 Sep 30, 2022Sep 30, 2021
    Net income and earnings per share:      
    Net income$46,567$39,678$40,063 $119,792$138,838
    Basic EPS 0.83 0.71 0.71  2.14 2.47
    Diluted EPS 0.83 0.71 0.71  2.13 2.46

    "Results for the third quarter reflect continued improvement in profitability. Earnings benefited from expansion in the net interest margin, effective expense management and solid organic loan growth," remarked C. Mitchell Waycaster, Renasant President and Chief Executive Officer. "The balance sheet remains sound, with a solid base of core deposits, continued good asset quality and strong capital levels."

    Quarterly Highlights

    Earnings

    • Net income for the third quarter of 2022 was $46.6 million with diluted EPS of $0.83
    • Net interest income (fully tax equivalent) for the third quarter of 2022 was $132.4 million, up $17.1 million on a linked quarter basis
    • For the third quarter of 2022, net interest margin was 3.54%, up 43 basis points on a linked quarter basis
    • Cost of total deposits was 21 basis points for the third quarter of 2022, up 6 basis points on a linked quarter basis
    • Wealth management and insurance lines of business continued to produce strong results during the third quarter of 2022
    • The mortgage division generated $0.6 billion in interest rate lock volume during the third quarter of 2022, compared to $0.9 billion on a linked quarter basis. Gain on sale margin was 1.03% for the third quarter of 2022, down 24 basis points on a linked quarter basis. Mortgage servicing rights with a book value of $15.4 million were sold for a gain of $3.0 million during the third quarter of 2022
    • Third quarter noninterest expense increased by $3.4 million on a linked quarter basis. The efficiency ratio and adjusted efficiency ratio (non-GAAP)(1) for the third quarter was 58.50% and 58.78%, respectively.

    Balance Sheet

    • Loans increased $501.3 million, or 18.8% annualized, during the third quarter of 2022 from the balance at June 30, 2022
    • The securities portfolio decreased $94.4 million during the third quarter of 2022 from the balance at June 30, 2022, due to net cash outflows during the quarter of $9.1 million and a negative fair market value adjustment in our available-for-sale portfolio of $85.3 million
    • Deposits at September 30, 2022 decreased $331.8 million from June 30, 2022, primarily driven by a decrease in interest bearing deposits. Noninterest bearing deposits increased $85.8 million from June 30, 2022 and represented 35.94% of total deposits at September 30, 2022

    Capital

    • Book value per share and tangible book value per share (non-GAAP)(1) decreased 1.2% and 2.1%, respectively, on a linked quarter basis. The decrease in accumulated other comprehensive income, driven primarily by unrealized losses in our securities portfolio, impacted tangible book value per share by $1.08 during the quarter
    • The Company has a $100 million stock repurchase program that is in effect through October 2023; there was no buyback activity during the third quarter of 2022

    Credit Quality

    • The Company recorded a provision for credit losses on loans of $9.8 million and no provision for unfunded commitments (recorded in other noninterest expense) for the third quarter of 2022
    • The allowance for credit losses on loans to total loans was unchanged on a linked quarter basis at 1.57% at September 30, 2022
    • The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 312.10% at September 30, 2022, compared to 373.21% at June 30, 2022
    • Net loan charge-offs for the third quarter of 2022 were $1.6 million, or 0.06% of average loans on an annualized basis
    • Credit metrics remained stable. Nonperforming loans to total loans increased to 0.50% at September 30, 2022 compared to 0.42% at June 30, 2022 and criticized loans (which include classified and special mention loans) to total loans decreased to 2.37% at September 30, 2022, compared to 2.57% at June 30, 2022

    (1)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.

    Income Statement

    (Dollars in thousands, except per share data)Three Months Ended Nine Months Ended
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021 Sep 30, 2022Sep 30, 2021
    Interest income        
    Loans held for investment$123,100$106,409$95,829$98,478 $102,627  $325,338$324,354 
    Loans held for sale 2,075 2,586 2,863 3,652  2,377   7,524 8,980 
    Securities 14,500 12,471 10,835 9,221  8,416   37,806 22,310 
    Other 3,458 1,954 664 568  593   6,076 1,122 
    Total interest income 143,133 123,420 110,191 111,919  114,013   376,744 356,766 
    Interest expense        
    Deposits 7,241 5,018 5,637 6,056  6,972   17,896 22,920 
    Borrowings 5,574 4,887 4,925 4,381  3,749   15,386 11,327 
    Total interest expense 12,815 9,905 10,562 10,437  10,721   33,282 34,247 
    Net interest income 130,318 113,515 99,629 101,482  103,292   343,462 322,519 
    Provision for (recovery of) credit losses        
    Provision for (recovery of) loan losses 9,800 2,000 1,500 (500) (1,200)  13,300 (1,200)
    Provision for credit losses on HTM securities — — — 32  —   — — 
    Total provision for (recovery of) loan losses 9,800 2,000 1,500 (468) (1,200)  13,300 (1,200)
    Net interest income after provision for (recovery of) credit losses 120,518 111,515 98,129 101,950  104,492   330,162 323,719 
    Noninterest income 41,186 37,214 37,458 47,582  50,755   115,858 179,402 
    Noninterest expense 101,574 98,194 94,105 101,115  103,999   293,873 328,711 
    Income before income taxes 60,130 50,535 41,482 48,417  51,248   152,147 174,410 
    Income taxes 13,563 10,857 7,935 11,363  11,185   32,355 35,572 
    Net income$46,567$39,678$33,547$37,054 $40,063  $119,792$138,838 
             
    Adjusted net income (non-GAAP)(1)$44,233$40,601$33,728$38,232 $40,315  $118,562$129,664 
    Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1)$66,970$54,172$42,664$49,190 $50,171  $163,806$161,234 
             
    Basic earnings per share$0.83$0.71$0.60$0.66 $0.71  $2.14$2.47 
    Diluted earnings per share 0.83 0.71 0.60 0.66  0.71   2.13 2.46 
    Adjusted diluted earnings per share (non-GAAP)(1) 0.79 0.72 0.60 0.68  0.71   2.11 2.29 
    Average basic shares outstanding 55,947,214 55,906,755 55,809,192 55,751,487  56,146,285   55,888,226 56,237,056 
    Average diluted shares outstanding 56,248,720 56,182,845 56,081,863 56,105,050  56,447,184   56,169,886 56,533,094 
    Cash dividends per common share$0.22$0.22$0.22$0.22 $0.22  $0.66$0.66 

    (1) 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.

    Performance Ratios

     Three Months Ended Nine Months Ended
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021 Sep 30, 2022Sep 30, 2021
    Return on average assets1.11%0.96%0.81%0.89%0.99% 0.96%1.18%
    Adjusted return on average assets (non-GAAP)(1)1.05 0.98 0.82 0.92 0.99  0.95 1.10 
    Return on average tangible assets (non-GAAP)(1)1.20 1.04 0.89 0.98 1.08  1.05 1.29 
    Adjusted return on average tangible assets (non-GAAP)(1)1.14 1.07 0.90 1.01 1.09  1.04 1.21 
    Return on average equity8.50 7.31 6.05 6.59 7.16  7.28 8.43 
    Adjusted return on average equity (non-GAAP)(1)8.07 7.48 6.08 6.80 7.21  7.21 7.87 
    Return on average tangible equity (non-GAAP)(1)15.64 13.50 10.93 11.94 13.05  13.32 15.43 
    Adjusted return on average tangible equity (non-GAAP)(1)14.87 13.81 10.99 12.31 13.13  13.19 14.43 
    Efficiency ratio (fully taxable equivalent)58.50 64.37 67.78 67.04 66.77  63.20 64.85 
    Adjusted efficiency ratio (non-GAAP)(1)58.78 62.44 67.02 64.18 66.06  62.47 65.66 
    Dividend payout ratio26.51 30.99 36.67 33.33 30.99  30.84 26.72 

    Capital and Balance Sheet Ratios

     As of
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
    Shares outstanding 55,953,104  55,932,017  55,880,666  55,756,233  55,747,407 
    Market value per share$31.28 $28.81 $33.45 $37.95 $36.05 
    Book value per share 37.39  37.85  38.25  39.63  39.53 
    Tangible book value per share (non-GAAP)(1) 20.12  20.55  20.91  22.35  22.22 
    Shareholders' equity to assets 12.70% 12.74% 12.68% 13.15% 13.64%
    Tangible common equity ratio (non-GAAP)(1) 7.26  7.34  7.35  7.86  8.15 
    Leverage ratio 9.39  9.16  9.00  9.15  9.18 
    Common equity tier 1 capital ratio 10.64  10.74  10.78  11.18  11.02 
    Tier 1 risk-based capital ratio 11.47  11.60  11.67  12.10  11.94 
    Total risk-based capital ratio 15.15  15.34  15.51  16.14  14.66 

    (1)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.

    Noninterest Income and Noninterest Expense

    (Dollars in thousands)Three Months Ended Nine Months Ended
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021 Sep 30, 2022Sep 30, 2021
    Noninterest income        
    Service charges on deposit accounts$10,216$9,734 $9,562 $9,751 $9,337 $29,512 $26,818
    Fees and commissions 4,148 4,668  3,982  3,885  3,837  12,798  11,847
    Insurance commissions 3,108 2,591  2,554  2,353  2,829  8,253  7,488
    Wealth management revenue 5,467 5,711  5,924  5,273  5,371  17,102  15,182
    Mortgage banking income 12,675 8,316  9,633  14,726  23,292  30,624  94,878
    Swap termination gains — —  —  4,676  —  —  —
    Net gains on sales of securities — —  —  49  764  —  2,121
    BOLI income 2,296 2,331  2,153  2,048  1,602  6,780  5,318
    Other 3,276 3,863  3,650  4,821  3,723  10,789  15,750
    Total noninterest income$41,186$37,214 $37,458 $47,582 $50,755 $115,858 $179,402
    Noninterest expense        
    Salaries and employee benefits$66,463$65,580 $62,239 $62,523 $69,115 $194,282 $218,104
    Data processing 3,526 3,590  4,263  5,346  5,277  11,379  16,380
    Net occupancy and equipment 11,266 11,155  11,276  11,177  11,748  33,697  35,660
    Other real estate owned 34 (187) (241) (60) 168  (394) 313
    Professional fees 3,087 2,778  3,151  3,209  2,972  9,016  8,566
    Advertising and public relations 3,229 3,406  4,059  2,929  2,922  10,694  9,274
    Intangible amortization 1,251 1,310  1,366  1,424  1,481  3,927  4,618
    Communications 1,999 1,904  2,027  2,088  2,198  5,930  6,781
    Merger and conversion related expenses — —  687  —  —  687  —
    Restructuring charges (benefit) — 1,187  (455) 61  —  732  307
    Debt prepayment penalty — —  —  6,123  —  —  —
    Other 10,719 7,471  5,733  6,295  8,118  23,923  28,708
    Total noninterest expense$101,574$98,194 $94,105 $101,115 $103,999 $293,873 $328,711

    Mortgage Banking Income

    (Dollars in thousands)Three Months Ended Nine Months Ended
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021 Sep 30, 2022Sep 30, 2021
    Gain on sales of loans, net$5,263$3,490$6,047$10,801 $20,116  $14,800$71,598 
    Fees, net 2,405 3,064 3,053 4,320  3,420   8,522 12,841 
    Mortgage servicing income (loss), net 5,007 1,762 533 (395) (244)  7,302 (3,122)
    MSR valuation adjustment — — — —  —   — 13,561 
    Total mortgage banking income$12,675$8,316$9,633$14,726 $23,292  $30,624$94,878 

    Balance Sheet

    (Dollars in thousands)As of
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
    Assets     
    Cash and cash equivalents$479,500 $1,010,468 $1,607,493 $1,877,965 $1,476,141 
    Securities held to maturity, at amortized cost 1,353,502  488,851  487,194  416,357  — 
    Securities available for sale, at fair value 1,569,242  2,528,253  2,405,316  2,386,052  2,544,643 
    Loans held for sale, at fair value 144,642  196,598  280,464  453,533  452,869 
    Loans:     
    Non purchased 10,259,840  9,692,116  9,338,890  9,011,011  8,875,880 
    Purchased 845,164  911,628  974,569  1,009,903  1,140,944 
    Total loans 11,105,004  10,603,744  10,313,459  10,020,914  10,016,824 
    Allowance for credit losses on loans (174,356) (166,131) (166,468) (164,171) (170,038)
    Loans, net 10,930,648  10,437,613  10,146,991  9,856,743  9,846,786 
    Premises and equipment, net 284,062  284,035  285,344  293,122  294,499 
    Other real estate owned 2,412  2,807  2,062  2,540  4,705 
    Goodwill 946,291  946,291  946,291  939,683  939,683 
    Other intangibles 20,170  21,422  22,731  24,098  25,522 
    Bank-owned life insurance 371,650  371,298  369,344  287,359  286,088 
    Mortgage servicing rights 81,980  94,743  91,730  89,018  86,387 
    Other assets 287,000  235,722  218,797  183,841  198,227 
    Total assets$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550 
          
    Liabilities and Shareholders’ Equity     
    Liabilities     
    Deposits:     
    Noninterest-bearing$4,827,220 $4,741,397 $4,706,256 $4,718,124 $4,492,650 
    Interest-bearing 8,604,904  9,022,532  9,284,641  9,187,600  8,762,179 
    Total deposits 13,432,124  13,763,929  13,990,897  13,905,724  13,254,829 
    Short-term borrowings 312,818  112,642  111,279  13,947  11,253 
    Long-term debt 426,821  431,553  435,416  471,209  468,863 
    Other liabilities 207,055  193,100  188,523  209,578  216,661 
    Total liabilities 14,378,818  14,501,224  14,726,115  14,600,458  13,951,606 
          
    Shareholders’ equity:     
    Preferred stock —  —  —  —  — 
    Common stock$296,483 $296,483 $296,483 $296,483 $296,483 
    Treasury stock (111,577) (112,295) (114,050) (118,027) (118,288)
    Additional paid-in capital 1,299,476  1,298,207  1,297,088  1,300,192  1,298,022 
    Retained earnings 823,951  789,880  762,690  741,648  717,033 
    Accumulated other comprehensive (loss) income (216,052) (155,398) (104,569) (10,443) 10,694 
    Total shareholders’ equity 2,092,281  2,116,877  2,137,642  2,209,853  2,203,944 
    Total liabilities and shareholders’ equity$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550 

    Net Interest Income and Net Interest Margin

    (Dollars in thousands)Three Months Ended
     September 30, 2022June 30, 2022September 30, 2021
     Average
    Balance    		Interest
    Income/
    Expense    		Yield/  
     Rate    		Average
    Balance    		Interest
    Income/
    Expense    		Yield/  
     Rate    		Average
    Balance    		Interest
    Income/
    Expense    		Yield/  
     Rate
    Interest-earning assets:         
    Total loans$10,829,137$124,6144.57%$10,477,036$107,6124.12%$10,017,742$103,7704.11%
    Loans held for sale 143,837 2,0755.77% 227,435 2,5864.55% 451,586 2,3762.13%
    Taxable securities 2,773,924 12,4391.79% 2,684,624 10,3551.54% 1,942,647 6,6881.38%
    Tax-exempt securities(1) 449,927 2,6642.37% 451,878 2,7192.41% 324,219 2,2972.83%
    Total securities 3,223,851 15,1031.87% 3,136,502 13,0741.67% 2,266,866 8,9851.59%
    Interest-bearing balances with banks 663,218 3,4582.07% 1,004,226 1,9540.78% 1,520,227 5920.15%
    Total interest-earning assets 14,860,043 145,2503.89% 14,845,199 125,2263.38% 14,256,421 115,7233.23%
    Cash and due from banks 191,358   206,882   195,095  
    Intangible assets 967,154   968,441   965,960  
    Other assets 626,926   610,768   712,673  
    Total assets$16,645,481  $16,631,290  $16,130,149  
    Interest-bearing liabilities:         
    Interest-bearing demand(2)$6,462,940$6,0610.37%$6,571,905$3,5980.22%$6,231,718$3,8210.24%
    Savings deposits 1,134,665 1550.05% 1,137,607 1470.05% 1,006,847 1920.08%
    Time deposits 1,240,439 1,0250.33% 1,303,735 1,2730.39% 1,506,192 2,9590.78%
    Total interest-bearing deposits 8,838,044 7,2410.33% 9,013,247 5,0180.22% 8,744,757 6,9720.32%
    Borrowed funds 572,376 5,5743.88% 543,728 4,8873.60% 482,709 3,7493.08%
    Total interest-bearing liabilities 9,410,420 12,8150.54% 9,556,975 9,9050.42% 9,227,466 10,7210.46%
    Noninterest-bearing deposits 4,867,314   4,714,161   4,470,262  
    Other liabilities 194,339   182,617   212,990  
    Shareholders’ equity 2,173,408   2,177,537   2,219,431  
    Total liabilities and shareholders’ equity$16,645,481  $16,631,290  $16,130,149  
    Net interest income/ net interest margin $132,4353.54% $115,3213.11% $105,0022.93%
    Cost of funding  0.36%  0.28%  0.31%
    Cost of total deposits  0.21%  0.15%  0.21%

    (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.

    Net Interest Income and Net Interest Margin, continued

    (Dollars in thousands)Nine Months Ended
     September 30, 2022September 30, 2021
     Average
    Balance    		Interest
    Income/
    Expense    		Yield/  
     Rate    		Average
    Balance    		Interest
    Income/
    Expense    		Yield/  
     Rate
    Interest-earning assets:      
    Total loans$10,474,305$329,2274.20%$10,431,436$327,6254.20%
    Loans held for sale 233,266 7,5244.30% 439,954 8,9802.73%
    Taxable securities(1) 2,653,735 31,5761.59% 1,505,611 17,0771.51%
    Tax-exempt securities 446,762 8,0182.39% 316,159 6,9152.92%
    Total securities 3,100,497 39,5941.70% 1,821,770 23,9921.76%
    Interest-bearing balances with banks 1,041,145 6,0760.78% 1,176,378 1,1210.13%
    Total interest-earning assets 14,849,213 382,4213.44% 13,869,538 361,7183.49%
    Cash and due from banks 201,436   198,955  
    Intangible assets 967,023   967,458  
    Other assets 640,403   687,159  
    Total assets$16,658,075  $15,723,110  
    Interest-bearing liabilities:      
    Interest-bearing demand(2)$6,556,454$13,3060.27%$6,083,179$11,8210.26%
    Savings deposits 1,123,433 4410.05% 953,391 5470.08%
    Time deposits 1,305,800 4,1490.42% 1,575,220 10,5520.90%
    Total interest-bearing deposits 8,985,687 17,8960.27% 8,611,790 22,9200.36%
    Borrowed funds 534,296 15,3863.84% 483,230 11,3273.13%
    Total interest-bearing liabilities 9,519,983 33,2820.47% 9,095,020 34,2470.50%
    Noninterest-bearing deposits 4,745,409   4,202,364  
    Other liabilities 192,744   223,796  
    Shareholders’ equity 2,199,939   2,201,930  
    Total liabilities and shareholders’ equity$16,658,075  $15,723,110  
    Net interest income/ net interest margin $349,1393.14% $327,4713.16%
    Cost of funding  0.31%  0.34%
    Cost of total deposits  0.17%  0.24%

    (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.

    Supplemental Margin Information

    (Dollars in thousands)Three Months Ended Nine Months Ended
     Sep 30, 2022Jun 30, 2022Sep 30, 2021 Sep 30, 2022Sep 30, 2021
    Earning asset mix:      
    Loans held for investment, excluding PPP loans 72.83% 70.52% 69.38%  70.42% 71.04%
    PPP loans 0.04  0.05  0.89   0.12  4.17 
    Loans held for sale 0.97  1.53  3.17   1.57  3.17 
    Securities 21.69  21.13  15.90   20.88  13.14 
    Interest-bearing balances with banks 4.47  6.77  10.66   7.01  8.48 
    Total 100.00% 100.00% 100.00%  100.00% 100.00%
           
    Funding sources mix:      
    Noninterest-bearing demand 34.09% 33.03% 32.64%  33.27% 31.60%
    Interest-bearing demand 45.27  46.05  45.49   45.96  45.75 
    Savings 7.95  7.97  7.35   7.88  7.17 
    Time deposits 8.69  9.14  11.00   9.15  11.85 
    Borrowed funds 4.00  3.81  3.52   3.74  3.63 
    Total 100.00% 100.00% 100.00%  100.00% 100.00%
           
    Net interest income collected on problem loans$78 $2,276 $316  $2,788 $3,835 
    Total accretion on purchased loans 1,317  2,021  2,871   4,573  8,597 
    Total impact on net interest income$1,395 $4,297 $3,187  $7,361 $12,432 
    Impact on net interest margin 0.04% 0.11% 0.09%  0.07% 0.12%
    Impact on loan yield 0.05% 0.16% 0.13%  0.09% 0.16%
           
    Interest income on PPP loans$5 $74 $3,503  $698 $24,310 
    PPP impact on net interest margin 0.01% —% 0.07%  —% 0.11%
    PPP impact on loan yield —% —% 0.09%  —% 0.08%

    Loan Portfolio

    (Dollars in thousands)As of
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
    Loan Portfolio:     
    Commercial, financial, agricultural$1,507,615$1,489,889$1,437,225$1,364,879$1,368,557
    Lease financing 103,357 101,350 89,842 76,125 79,215
    Real estate - construction 1,215,056 1,126,363 1,222,052 1,104,896 1,091,296
    Real estate - 1-4 family mortgages 3,127,889 3,030,083 2,840,979 2,724,246 2,724,743
    Real estate - commercial mortgages 5,016,665 4,717,513 4,577,864 4,549,037 4,535,730
    Installment loans to individuals 128,946 131,163 137,115 143,340 149,821
    Subtotal 11,099,528 10,596,361 10,305,077 9,962,523 9,949,362
    PPP 5,476 7,383 8,382 58,391 67,462
    Total loans$11,105,004$10,603,744$10,313,459$10,020,914$10,016,824

    Credit Quality and Allowance for Credit Losses on Loans

    (Dollars in thousands)As of
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021
    Nonperforming Assets:     
    Non purchased     
    Non purchased nonaccruing loans$42,332 $32,284 $32,573 $30,751 $29,266 
    Non purchased loans 90 days or more past due 137  479  209  1,074  908 
    Total non purchased nonperforming loans 42,469  32,763  32,782  31,825  30,174 
    Non purchased other real estate owned 867  1,332  531  951  2,252 
    Total non purchased nonperforming assets 43,336  34,095  33,313  32,776  32,426 
    Purchased     
    Purchased nonaccruing loans$11,946 $11,613 $19,422 $18,613 $26,492 
    Purchased loans 90 days or more past due 1,450  138  38  367  74 
    Total purchased nonperforming loans 13,396  11,751  19,460  18,980  26,566 
    Purchased other real estate owned 1,545  1,475  1,531  1,589  2,453 
    Total purchased nonperforming assets$14,941 $13,226 $20,991 $20,569 $29,019 
    Total nonperforming loans$55,865 $44,514 $52,242 $50,805 $56,740 
    Total nonperforming assets$58,277 $47,321 $54,304 $53,345 $61,445 
    Allowance for credit losses on loans$174,356 $166,131 $166,468 $164,171 $170,038 
    Net loan charge-offs$1,575 $2,337 $851 $5,367 $1,116 
    Annualized net loan charge-offs / average loans 0.06% 0.09% 0.03% 0.21% 0.04%
    Nonperforming loans / total loans 0.50  0.42  0.51  0.51  0.57 
    Nonperforming assets / total assets 0.35  0.28  0.32  0.32  0.38 
    Allowance for credit losses on loans / total loans 1.57  1.57  1.61  1.64  1.70 
    Allowance for credit losses on loans / nonperforming loans 312.10  373.21  318.65  323.14  299.68 
    Nonperforming loans / total loans excluding PPP loans (non-GAAP)(1) 0.50  0.42  0.51  0.51  0.57 
    Nonperforming assets / total assets excluding PPP loans (non-GAAP)(1) 0.35  0.28  0.32  0.32  0.38 
    Allowance for credit losses on loans / total loans excluding PPP loans (non-GAAP)(1) 1.57  1.57  1.62  1.65  1.71 

    (1)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.

    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, October 26, 2022.

    The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=REdHmUjC. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2022 Third Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

    The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay is accessible via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6769509 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until November 9, 2022.

    ABOUT RENASANT CORPORATION:
    Renasant Corporation is the parent of Renasant Bank, a 118-year-old financial services institution. Renasant has assets of approximately $16.5 billion and operates 195 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,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

    Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in the Company’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) other circumstances, many of which are beyond management’s control.

    Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov. 

    The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

    NON-GAAP FINANCIAL MEASURES:
    In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, including, without limitation, (i) core loan yield, (ii) core net interest income and margin, (iii) adjusted pre-provision net revenue, (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) certain asset quality ratios (namely, loans 30-89 past due to total loans, criticized loans to total loans, nonperforming loans to total loans, nonperforming assets to total assets, net charge-offs to average loans and the allowance for credit losses to total loans) in each case excluding PPP loans, (ix) certain performance ratios (namely, the ratio of adjusted pre-provision net revenue to average assets, the adjusted return on average assets and on average equity, and the return on average tangible assets and on average tangible common equity (including on an as-adjusted basis)), and (x) the adjusted efficiency ratio.

    These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets and/or certain charges (such as, among others, merger and conversion expenses, COVID-19 related expenses, debt prepayment penalties, swap termination gains, gains on sale of MSR, restructuring charges or benefits 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 or, with respect to core loan yield and its asset quality measures, to exclude the Company’s PPP loans. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item are readily quantifiable and possess the same characteristics with respect to management’s inability to accurately predict the timing or amount thereof as the other charges excluded when calculating non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy; with respect to the core loan yield and certain asset quality measures, management excludes PPP loans, which bear an interest rate fixed by Small Business Administration (“SBA”) regulations and are both forgivable and guaranteed by the SBA, to more clearly measure loan yields affected by competitive factors and potential loss in the Company’s loan portfolio and the coverage therefor. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible, charges such as debt prepayment penalties, restructuring charges and COVID-19 related expenses, and the amount of PPP loans can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

    None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

    Non-GAAP Reconciliations

    (Dollars in thousands, except per share data)Three Months Ended Nine Months Ended
     Sep 30, 2022Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021 Sep 30, 2022Sep 30, 2021
    Adjusted Pre-Provision Net Revenue (“PPNR”)      
    Net income (GAAP)$46,567 $39,678 $33,547 $37,054 $40,063  $119,792 $138,838 
    Income taxes 13,563  10,857  7,935  11,363  11,185   32,355  35,572 
    Provision for (recovery of) credit losses (including unfunded commitments) 9,800  2,450  950  (768) (1,400)  13,200  (1,400)
    Pre-provision net revenue (non-GAAP)$69,930 $52,985 $42,432 $47,649 $49,848  $165,347 $173,010 
    Merger and conversion expense —  —  687  —  —   687  — 
    Debt prepayment penalties —  —  —  6,123  —   —  — 
    Swap termination gains —  —  —  (4,676) —   —  — 
    Gain on sale of MSR (2,960) —  —  —  —   (2,960) — 
    MSR valuation adjustment —  —  —  —  —   —  (13,561)
    Restructuring charges (benefit) —  1,187  (455) 61  —   732  307 
    COVID-19 related expenses(1) —  —  —  33  323   —  1,478 
    Adjusted pre-provision net revenue (non-GAAP)$66,970 $54,172 $42,664 $49,190 $50,171  $163,806 $161,234 
             
    Adjusted Net Income and Adjusted Tangible Net Income      
    Net income (GAAP)$46,567 $39,678 $33,547 $37,054 $40,063  $119,792 $138,838 
    Amortization of intangibles 1,251  1,310  1,366  1,424  1,481   3,927  4,618 
    Tax effect of adjustments noted above(2) (265) (291) (303) (335) (323)  (859) (1,021)
    Tangible net income (non-GAAP)$47,553 $40,697 $34,610 $38,143 $41,221  $122,860 $142,435 
             
    Net income (GAAP)$46,567 $39,678 $33,547 $37,054 $40,063  $119,792 $138,838 
    Merger and conversion expense —  —  687  —  —   687  — 
    Debt prepayment penalties —  —  —  6,123  —   —  — 
    Swap termination gain —  —  —  (4,676) —   —  — 
    Gain on sale of MSR (2,960) —  —  —  —   (2,960) — 
    MSR valuation adjustment —  —  —  —  —   —  (13,561)
    Restructuring charges (benefit) —  1,187  (455) 61  —   732  307 
    COVID-19 related expenses(1) —  —  —  33  323   —  1,478 
    Tax effect of adjustments noted above(2) 626  (264) (51) (363) (71)  311  2,602 
    Adjusted net income (non-GAAP)$44,233 $40,601 $33,728 $38,232 $40,315  $118,562 $129,664 
    Amortization of intangibles 1,251  1,310  1,366  1,424  1,481   3,927  4,618 
    Tax effect of adjustments noted above(2) (265) (291) (303) (335) (323)  (859) (1,021)
    Adjusted tangible net income (non-GAAP)$45,219 $41,620 $34,791 $39,321 $41,473  $121,630 $133,261 
             
    Tangible Assets and Tangible Shareholders’ Equity      
    Average shareholders’ equity (GAAP)$2,173,408 $2,177,537 $2,249,667 $2,231,681 $2,219,431  $2,199,939 $2,201,930 
    Average intangible assets 967,154  968,441  965,430  964,575  965,960   967,023  967,458 
    Average tangible shareholders’ equity (non-GAAP)$1,206,254 $1,209,096 $1,284,237 $1,267,106 $1,253,471  $1,232,916 $1,234,472 
             
    Average assets (GAAP)$16,645,481 $16,631,290 $16,697,264 $16,450,640 $16,130,149  $16,658,075 $15,723,110 
    Average intangible assets 967,154  968,441  965,430  964,575  965,960   967,023  967,458 
    Average tangible assets (non-GAAP)$15,678,327 $15,662,849 $15,731,834 $15,486,065 $15,164,189  $15,691,052 $14,755,652 
             
    Shareholders’ equity (GAAP)$2,092,281 $2,116,877 $2,137,642 $2,209,853 $2,203,944  $2,092,281 $2,203,944 
    Intangible assets 966,461  967,713  969,022  963,781  965,205   966,461  965,205 
    Tangible shareholders’ equity (non-GAAP)$1,125,820 $1,149,164 $1,168,620 $1,246,072 $1,238,739  $1,125,820 $1,238,739 
             
    Total assets (GAAP)$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550  $16,471,099 $16,155,550 
    Intangible assets 966,461  967,713  969,022  963,781  965,205   966,461  965,205 
    Total tangible assets (non-GAAP)$15,504,638 $15,650,388 $15,894,735 $15,846,530 $15,190,345  $15,504,638 $15,190,345 
             
    Adjusted Performance Ratios        
    Return on average assets (GAAP) 1.11% 0.96% 0.81% 0.89% 0.99%  0.96% 1.18%
    Adjusted return on average assets (non-GAAP) 1.05% 0.98% 0.82% 0.92% 0.99%  0.95% 1.10%
    Return on average tangible assets (non-GAAP) 1.20% 1.04% 0.89% 0.98% 1.08%  1.05% 1.29%
    Adjusted pre-provision net revenue to average assets (non-GAAP) 1.60% 1.31% 1.04% 1.19% 1.23%  1.31% 1.37%
    Adjusted return on average tangible assets (non-GAAP) 1.14% 1.07% 0.90% 1.01% 1.09%  1.04% 1.21%
    Return on average equity (GAAP) 8.50% 7.31% 6.05% 6.59% 7.16%  7.28% 8.43%
    Adjusted return on average equity (non-GAAP) 8.07% 7.48% 6.08% 6.80% 7.21%  7.21% 7.87%
    Return on average tangible equity (non-GAAP) 15.64% 13.50% 10.93% 11.94% 13.05%  13.32% 15.43%
    Adjusted return on average tangible equity (non-GAAP) 14.87% 13.81% 10.99% 12.31% 13.13%  13.19% 14.43%
             
    Adjusted Diluted Earnings Per Share      
    Average diluted shares outstanding 56,248,720  56,182,845  56,081,863  56,105,050  56,447,184   56,169,886  56,533,094 
             
    Diluted earnings per share (GAAP)$0.83 $0.71 $0.60 $0.66 $0.71  $2.13 $2.46 
    Adjusted diluted earnings per share (non-GAAP)$0.79 $0.72 $0.60 $0.68 $0.71  $2.11 $2.29 
             
    Tangible Book Value Per Share        
    Shares outstanding 55,953,104  55,932,017  55,880,666  55,756,233  55,747,407   55,953,104  55,747,407 
             
    Book value per share (GAAP)$37.39 $37.85 $38.25 $39.63 $39.53  $37.39 $39.53 
    Tangible book value per share (non-GAAP)$20.12 $20.55 $20.91 $22.35 $22.22  $20.12 $22.22 
             
    Tangible Common Equity Ratio        
    Shareholders' equity to assets (GAAP) 12.70% 12.74% 12.68% 13.15% 13.64%  12.70% 13.64%
    Tangible common equity ratio (non-GAAP) 7.26% 7.34% 7.35% 7.86% 8.15%  7.26% 8.15%
             
    Adjusted Efficiency Ratio        
    Net interest income (FTE) (GAAP) 132,435  115,321  101,383  103,249  105,002   349,139  327,471 
             
    Total noninterest income (GAAP) 41,186  37,214  37,458  47,582  50,755   115,858  179,402 
    MSR valuation adjustment —  —  —  —  —   —  13,561 
    Gain on sale of MSR 2,960  —  —  —  —   2,960  — 
    Swap termination gains —  —  —  4,676  —   —  — 
    Securities gains —  —  —  49  764   —  2,121 
    Total adjusted noninterest income (non-GAAP) 38,226  37,214  37,458  42,857  49,991   112,898  163,720 
             
    Noninterest expense (GAAP) 101,574  98,194  94,105  101,115  103,999   293,873  328,711 
    Amortization of intangibles 1,251  1,310  1,366  1,424  1,481   3,927  4,618 
    Merger and conversion expense —  —  687  —  —   687  — 
    Debt prepayment penalty —  —  —  6,123  —   —  — 
    Restructuring charges (benefit) —  1,187  (455) 61  —   732  307 
    Provision (recovery) of unfunded commitments —  450  (550) (300) (200)  (100) (200)
    COVID-19 related expenses(1) —  —  —  33  323   —  1,478 
    Total adjusted noninterest expense (non-GAAP) 100,323  95,247  93,057  93,774  102,395   288,627  322,508 
             
    Efficiency ratio (GAAP) 58.50% 64.37% 67.78% 67.04% 66.77%  63.20% 64.85%
    Adjusted efficiency ratio (non-GAAP) 58.78% 62.44% 67.02% 64.18% 66.06%  62.47% 65.66%
             
    Core Net Interest Income and Core Net Interest Margin      
    Net interest income (FTE) (GAAP)$132,435 $115,321 $101,383 $103,249 $105,002  $349,139 $327,471 
    Net interest income collected on problem loans 78  2,276  434  577  316   2,788  3,835 
    Accretion recognized on purchased loans 1,317  2,021  1,235  2,187  2,871   4,573  8,597 
    Interest income recognized on PPP loans 5  74  619  485  3,503   698  24,310 
    Non-core net interest income$1,400 $4,371 $2,288 $3,249 $6,690  $8,059 $36,742 
    Core net interest income (FTE) (non-GAAP)$131,035 $110,950 $99,095 $99,999 $98,312  $341,080 $290,730 
             
    Average earning assets (GAAP)$14,860,043 $14,845,199 $14,841,146 $14,607,716 $14,256,421  $14,849,213 $13,869,538 
    Average PPP loans 6,647  7,863  39,506  62,726  126,870   17,881  578,643 
    Average earning assets excluding PPP loans (non-GAAP)$14,853,396 $14,837,336 $14,801,640 $14,544,990 $14,129,551  $14,831,332 $13,290,895 
             
    Net interest margin (GAAP) 3.54% 3.11% 2.76% 2.81% 2.93%  3.14% 3.16%
    Core net interest margin (non-GAAP) 3.50% 3.00% 2.71% 2.73% 2.76%  3.07% 2.92%
             
    Core Loan Yield        
    Loan interest income (FTE) (GAAP)$124,614 $107,612 $97,001 $99,670 $103,769  $329,227 $327,625 
    Net interest income collected on problem loans 78  2,276  434  578  316   2,788  3,835 
    Accretion recognized on purchased loans 1,317  2,021  1,235  2,187  2,871   4,573  8,597 
    Interest income recognized on PPP loans 5  74  619  485  3,503   698  24,310 
    Core loan interest income (FTE) (non-GAAP)$123,214 $103,241 $94,713 $96,420 $97,079  $321,168 $290,884 
             
    Average loans (GAAP)$10,829,137 $10,477,036 $10,108,511 $9,948,610 $10,017,742  $10,474,305 $10,431,436 
    Average PPP loans 6,647  7,863  39,506  62,726  126,870   17,881  578,643 
    Average loans excluding PPP loans (non-GAAP)$10,822,490 $10,469,173 $10,069,005 $9,885,884 $9,890,872  $10,456,424 $9,852,793 
             
    Loan yield (GAAP) 4.57% 4.12% 3.88% 3.98% 4.11%  4.20% 4.20%
    Core loan yield (non-GAAP) 4.52% 3.96% 3.82% 3.87% 3.89%  4.11% 3.95%
             
    Adjusted Asset Quality Ratios        
    Total loans (GAAP)$11,105,004 $10,603,744 $10,313,459 $10,020,914 $10,016,824  $11,105,004 $10,016,824 
    PPP loans 5,476  7,383  8,382  58,391  67,462   5,476  67,462 
    Total loans excluding PPP loans (non-GAAP)$11,099,528 $10,596,361 $10,305,077 $9,962,523 $9,949,362  $11,099,528 $9,949,362 
             
    Loans 30-89 days past due$26,103 $16,910 $30,617 $27,604 $14,806  $26,103 $14,806 
    Loans 30-89 days past due / total loans (GAAP) 0.24% 0.16% 0.30% 0.28% 0.15%  0.24% 0.15%
    Loans 30-89 days past due / total loans excluding PPP loans (non-GAAP) 0.24% 0.16% 0.30% 0.28% 0.15%  0.24% 0.15%
             
    Classified loans$193,844 $185,267 $178,015 $160,790 $187,223  $193,844 $187,223 
    Special Mention loans 69,883  87,476  76,949  115,496  138,497   69,883  138,497 
    Criticized loans(3)$263,727 $272,743 $254,964 $276,286 $325,720  $263,727 $325,720 
    Criticized loans / total loans (GAAP) 2.37% 2.57% 2.47% 2.76% 3.25%  2.37% 3.25%
    Criticized loans / total loans excluding PPP loans (non-GAAP) 2.38% 2.57% 2.47% 2.77% 3.27%  2.38% 3.27%
             
    Nonperforming loans$55,865 $44,514 $52,242 $50,805 $56,740  $55,865 $56,740 
    Nonperforming loans / total loans (GAAP) 0.50% 0.42% 0.51% 0.51% 0.57%  0.50% 0.57%
    Nonperforming loans / total loans excluding PPP loans (non-GAAP) 0.50% 0.42% 0.51% 0.51% 0.57%  0.50% 0.57%
             
    Allowance for credit losses on loans$174,356 $166,131 $166,468 $164,171 $170,038  $174,356 $170,038 
    ACL / total loans (GAAP) 1.57% 1.57% 1.61% 1.64% 1.70%  1.57% 1.70%
    ACL / total loans excluding PPP loans (non-GAAP) 1.57% 1.57% 1.62% 1.65% 1.71%  1.57% 1.71%
             
             
    Average loans (GAAP)$10,829,137 $10,477,036 $10,108,511 $9,948,610 $10,017,742  $10,474,305 $10,431,436 
    Average PPP loans 6,647  7,863  39,506  62,726  126,870   17,881  578,643 
    Average loans excluding PPP loans (non-GAAP)$10,822,490 $10,469,173 $10,069,005 $9,885,884 $9,890,872  $10,456,424 $9,852,793 
             
    Net charge-offs$1,575 $2,337 $851 $5,367 $1,116  $4,763 $4,906 
    Annualized net charge-offs / average loans (GAAP) 0.06% 0.09% 0.03% 0.21% 0.04%  0.06% 0.06%
    Annualized net charge-offs / average loans excluding PPP loans (non-GAAP) 0.06% 0.09% 0.03% 0.22% 0.04%  0.06% 0.07%
             
    Total assets (GAAP)$16,471,099 $16,618,101 $16,863,757 $16,810,311 $16,155,550  $16,471,099 $16,155,550 
    PPP loans 5,476  7,383  8,382  58,391  67,462   5,476  67,462 
    Total assets excluding PPP loans (non-GAAP)$16,465,623 $16,610,718 $16,855,375 $16,751,920 $16,088,088  $16,465,623 $16,088,088 
             
    Nonperforming assets$58,277 $47,321 $54,304 $53,345 $61,445  $58,277 $61,445 
    Nonperforming assets / total assets (GAAP) 0.35% 0.28% 0.32% 0.32% 0.38%  0.35% 0.38%
    Nonperforming assets / total assets excluding PPP loans (non-GAAP) 0.35% 0.28% 0.32% 0.32% 0.38%  0.35% 0.38%

    (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.
    (2) Tax effect is calculated based on the respective periods’ effective tax rate excluding the impact of discrete items.
    (3) Criticized loans include loans in risk rating classifications of classified and special mention.

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

     


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