Renasant Corporation Announces Earnings For The Fourth Quart...| MENAFN.COM

Monday, 06 February 2023 11:41 GMT

Renasant Corporation Announces Earnings For The Fourth Quarter Of 2022


(MENAFN- GlobeNewsWire - Nasdaq)

TUPELO, Miss., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Renasant Corporation (NASDAQ: RNST) (the“Company”) today announced earnings results for the fourth quarter of 2022.

(Dollars in thousands, except earnings per share) Three Months Ended Twelve Months Ended
Dec 31, 2022 Sep 30, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Net income and earnings per share:
Net income $46,276 $46,567 $37,054 $166,068 $175,892
Basic EPS 0.83 0.83 0.66 2.97 3.13
Diluted EPS 0.82 0.83 0.66 2.95 3.12
Adjusted diluted EPS (Non-GAAP)(1) 0.89 0.79 0.68 3.00 2.98

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

Quarterly Highlights

Acquisition

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

Earnings

  • Net income for the fourth quarter of 2022 was $46.3 million with diluted EPS of $0.82 and adjusted diluted EPS (non-GAAP)(1) of $0.89
  • Net interest income (fully tax equivalent) for the fourth quarter of 2022 was $140.6 million, up $8.1 million on a linked quarter basis
  • For the fourth quarter of 2022, net interest margin was 3.78%, up 24 basis points on a linked quarter basis
  • Cost of total deposits was 52 basis points for the fourth quarter of 2022, up 31 basis points on a linked quarter basis
  • The Company's wealth management and insurance lines of business produced steady results during the fourth quarter of 2022
  • The mortgage division generated $0.5 billion in interest rate lock volume during the fourth quarter of 2022, compared to $0.6 billion in the third quarter of 2022. Gain on sale margin was 1.64% for the fourth quarter of 2022, up 61 basis points on a linked quarter basis. The Company recognized a gain on the sale of mortgage servicing rights of $3.0 million in the third quarter. No such sales occurred in the fourth quarter
  • Fourth quarter noninterest expense remained relatively unchanged on a linked quarter basis. In addition to expenses incurred in connection with the RBC acquisition, the Company recorded $1.3 million in expense related to the voluntary reimbursement of certain re-presentment NSF fees previously charged to customers that the Company expects to make in 2023 in light of the FDIC's recent guidance to banks regarding such fees. The efficiency ratio and adjusted efficiency ratio (non-GAAP)(1) for the fourth quarter was 58.4% and 56.3%, respectively

Balance Sheet

  • Loans increased $473.3 million during the fourth quarter of 2022 from September 30, 2022; excluding RBC acquired loans, loans increased $395.8 million, which represents 14.14% annualized net loan growth
  • The securities portfolio decreased $64.8 million during the fourth quarter of 2022 from September 30, 2022, due to net cash outflows during the quarter of $75.4 million and a positive fair market value adjustment in our available-for-sale portfolio of $10.6 million
  • Deposits at December 31, 2022 increased $54.8 million from September 30, 2022, driven by an increase in interest bearing deposits. Noninterest bearing deposits decreased $268.5 million from September 30, 2022 to December 31, 2022 and represented 33.8% of total deposits at December 31, 2022. Brokered deposits were $233.1 million at December 31, 2022

Capital

  • Book value per share and tangible book value per share (non-GAAP)(1) increased 2.1% and decreased 0.5%, respectively, on a linked quarter basis
  • The Company has a $100 million stock repurchase program that is in effect through October 2023; there was no buyback activity during the fourth quarter of 2022

Credit Quality

  • The Company recorded a provision for credit losses on loans of $10.5 million for the fourth quarter of 2022, primarily driven by loan growth and the aforementioned provision with respect to acquired RBC loans
  • The allowance for credit losses on loans to total loans increased nine basis points on a linked quarter basis to 1.66% at December 31, 2022; an allowance of $9.8 million was recorded for RBC loans that had experienced credit deterioration prior to acquisition
  • The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 337.73% at December 31, 2022, compared to 312.10% at September 30, 2022
  • Net loan charge-offs for the fourth quarter of 2022 were $2.6 million, or 0.09% of average loans on an annualized basis
  • Credit metrics remained stable. Nonperforming loans to total loans decreased to 0.49% at December 31, 2022 compared to 0.50% at September 30, 2022 and criticized loans (which include classified and special mention loans) to total loans increased to 2.47% at December 31, 2022, compared to 2.37% at September 30, 2022

(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading“Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Income Statement

(Dollars in thousands, except per share data) Three Months Ended Twelve Months Ended
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Interest income
Loans held for investment $ 145,360 $ 123,100 $ 106,409 $ 95,829 $ 98,478 $ 470,698 $ 422,832
Loans held for sale 1,688 2,075 2,586 2,863 3,652 9,212 12,632
Securities 15,241 14,500 12,471 10,835 9,221 53,047 31,532
Other 2,777 3,458 1,954 664 568 8,853 1,689
Total interest income 165,066 143,133 123,420 110,191 111,919 541,810 468,685
Interest expense
Deposits 17,312 7,241 5,018 5,637 6,056 35,208 28,976
Borrowings 9,918 5,574 4,887 4,925 4,381 25,304 15,708
Total interest expense 27,230 12,815 9,905 10,562 10,437 60,512 44,684
Net interest income 137,836 130,318 113,515 99,629 101,482 481,298 424,001
Provision for (recovery of) credit losses
Provision for (recovery of) loan losses 10,488 9,800 2,000 1,500 (500 ) 23,788 (1,700 )
Provision for credit losses on HTM securities - - - - 32 - 32
Total provision for (recovery of) loan losses 10,488 9,800 2,000 1,500 (468 ) 23,788 (1,668 )
Net interest income after provision for (recovery of) credit losses 127,348 120,518 111,515 98,129 101,950 457,510 425,669
Noninterest income 33,395 41,186 37,214 37,458 47,582 149,253 226,984
Noninterest expense 101,582 101,574 98,194 94,105 101,115 395,455 429,826
Income before income taxes 59,161 60,130 50,535 41,482 48,417 211,308 222,827
Income taxes 12,885 13,563 10,857 7,935 11,363 45,240 46,935
Net income $ 46,276 $ 46,567 $ 39,678 $ 33,547 $ 37,054 $ 166,068 $ 175,892
Adjusted net income (non-GAAP)(1) $ 50,324 $ 44,233 $ 40,601 $ 33,728 $ 38,232 $ 168,886 $ 167,951
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) $ 72,187 $ 66,970 $ 54,172 $ 42,664 $ 49,190 $ 235,993 $ 210,424
Basic earnings per share $ 0.83 $ 0.83 $ 0.71 $ 0.60 $ 0.66 $ 2.97 $ 3.13
Diluted earnings per share 0.82 0.83 0.71 0.60 0.66 2.95 3.12
Adjusted diluted earnings per share (non-GAAP)(1) 0.89 0.79 0.72 0.60 0.68 3.00 2.98
Average basic shares outstanding 55,953,104 55,947,214 55,906,755 55,809,192 55,751,487 55,904,579 56,114,666
Average diluted shares outstanding 56,335,446 56,248,720 56,182,845 56,081,863 56,105,050 56,214,230 56,424,484
Cash dividends per common share $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.88 $ 0.88

(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading“Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Performance Ratios

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

Capital and Balance Sheet Ratios

As of
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021
Shares outstanding 55,953,104 55,953,104 55,932,017 55,880,666 55,756,233
Market value per share $ 37.59 $ 31.28 $ 28.81 $ 33.45 $ 37.95
Book value per share 38.18 37.39 37.85 38.25 39.63
Tangible book value per share (non-GAAP)(1) 20.02 20.12 20.55 20.91 22.35
Shareholders' equity to assets 12.57 % 12.70 % 12.74 % 12.68 % 13.15 %
Tangible common equity ratio (non-GAAP)(1) 7.01 7.26 7.34 7.35 7.86
Leverage ratio 9.36 9.39 9.16 9.00 9.15
Common equity tier 1 capital ratio 10.21 10.64 10.74 10.78 11.18
Tier 1 risk-based capital ratio 11.01 11.47 11.60 11.67 12.10
Total risk-based capital ratio 14.63 15.15 15.34 15.51 16.14

(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading“Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Noninterest Income and Noninterest Expense

(Dollars in thousands) Three Months Ended Twelve Months Ended
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Noninterest income
Service charges on deposit accounts $ 10,445 $ 10,216 $ 9,734 $ 9,562 $ 9,751 $ 39,957 $ 36,569
Fees and commissions 4,470 4,148 4,668 3,982 3,885 17,268 15,732
Insurance commissions 2,501 3,108 2,591 2,554 2,353 10,754 9,841
Wealth management revenue 5,237 5,467 5,711 5,924 5,273 22,339 20,455
Mortgage banking income 5,170 12,675 8,316 9,633 14,726 35,794 109,604
Swap termination gains - - - - 4,676 - 4,676
Net gains on sales of securities - - - - 49 - 2,170
BOLI income 2,487 2,296 2,331 2,153 2,048 9,267 7,366
Other 3,085 3,276 3,863 3,650 4,821 13,874 20,571
Total noninterest income $ 33,395 $ 41,186 $ 37,214 $ 37,458 $ 47,582 $ 149,253 $ 226,984
Noninterest expense
Salaries and employee benefits $ 67,372 $ 66,463 $ 65,580 $ 62,239 $ 62,523 $ 261,654 $ 280,627
Data processing 3,521 3,526 3,590 4,263 5,346 14,900 21,726
Net occupancy and equipment 11,122 11,266 11,155 11,276 11,177 44,819 46,837
Other real estate owned (59 ) 34 (187 ) (241 ) (60 ) (453 ) 253
Professional fees 2,856 3,087 2,778 3,151 3,209 11,872 11,776
Advertising and public relations 3,631 3,229 3,406 4,059 2,929 14,325 12,203
Intangible amortization 1,195 1,251 1,310 1,366 1,424 5,122 6,042
Communications 2,028 1,999 1,904 2,027 2,088 7,958 8,869
Merger and conversion related expenses 1,100 - - 687 - 1,787 -
Restructuring charges (benefit) - - 1,187 (455 ) 61 732 368
Debt prepayment penalty - - - - 6,123 - 6,123
Other 8,816 10,719 7,471 5,733 6,295 32,739 35,002
Total noninterest expense $ 101,582 $ 101,574 $ 98,194 $ 94,105 $ 101,115 $ 395,455 $ 429,826

Mortgage Banking Income

(Dollars in thousands) Three Months Ended Twelve Months Ended
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Gain on sales of loans, net $ 1,003 $ 5,263 $ 3,490 $ 6,047 $ 10,801 $ 15,803 $ 82,399
Fees, net 1,849 2,405 3,064 3,053 4,320 10,371 17,161
Mortgage servicing income (loss), net 2,318 5,007 1,762 533 (395 ) 9,620 (3,517 )
MSR valuation adjustment - - - - - - 13,561
Total mortgage banking income $ 5,170 $ 12,675 $ 8,316 $ 9,633 $ 14,726 $ 35,794 $ 109,604

Balance Sheet

(Dollars in thousands) As of
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021
Assets
Cash and cash equivalents $ 575,992 $ 479,500 $ 1,010,468 $ 1,607,493 $ 1,877,965
Securities held to maturity, at amortized cost 1,324,040 1,353,502 488,851 487,194 416,357
Securities available for sale, at fair value 1,533,942 1,569,242 2,528,253 2,405,316 2,386,052
Loans held for sale, at fair value 110,105 144,642 196,598 280,464 453,533
Loans held for investment 11,578,304 11,105,004 10,603,744 10,313,459 10,020,914
Allowance for credit losses on loans (192,090 ) (174,356 ) (166,131 ) (166,468 ) (164,171 )
Loans, net 11,386,214 10,930,648 10,437,613 10,146,991 9,856,743
Premises and equipment, net 283,595 284,062 284,035 285,344 293,122
Other real estate owned 1,763 2,412 2,807 2,062 2,540
Goodwill and other intangibles 1,015,884 966,461 967,713 969,022 963,781
Bank-owned life insurance 373,808 371,650 371,298 369,344 287,359
Mortgage servicing rights 84,448 81,980 94,743 91,730 89,018
Other assets 298,385 287,000 235,722 218,797 183,841
Total assets $ 16,988,176 $ 16,471,099 $ 16,618,101 $ 16,863,757 $ 16,810,311
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Noninterest-bearing $ 4,558,756 $ 4,827,220 $ 4,741,397 $ 4,706,256 $ 4,718,124
Interest-bearing 8,928,210 8,604,904 9,022,532 9,284,641 9,187,600
Total deposits 13,486,966 13,432,124 13,763,929 13,990,897 13,905,724
Short-term borrowings 712,232 312,818 112,642 111,279 13,947
Long-term debt 428,133 426,821 431,553 435,416 471,209
Other liabilities 224,829 207,055 193,100 188,523 209,578
Total liabilities 14,852,160 14,378,818 14,501,224 14,726,115 14,600,458
Shareholders' equity:
Preferred stock - - - - -
Common stock 296,483 296,483 296,483 296,483 296,483
Treasury stock (111,577 ) (111,577 ) (112,295 ) (114,050 ) (118,027 )
Additional paid-in capital 1,302,422 1,299,476 1,298,207 1,297,088 1,300,192
Retained earnings 857,725 823,951 789,880 762,690 741,648
Accumulated other comprehensive loss (209,037 ) (216,052 ) (155,398 ) (104,569 ) (10,443 )
Total shareholders' equity 2,136,016 2,092,281 2,116,877 2,137,642 2,209,853
Total liabilities and shareholders' equity $ 16,988,176 $ 16,471,099 $ 16,618,101 $ 16,863,757 $ 16,810,311

Net Interest Income and Net Interest Margin

(Dollars in thousands) Three Months Ended
December 31, 2022 September 30, 2022 December 31, 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:
Loans held for investment $ 11,282,422 $ 147,519 5.19 % $ 10,829,137 $ 124,614 4.57 % $ 9,948,610 $ 99,670 3.98 %
Loans held for sale 117,082 1,688 5.77 % 143,837 2,075 5.77 % 498,724 3,652 2.93 %
Taxable securities 2,657,248 13,174 1.98 % 2,773,924 12,439 1.79 % 2,245,249 7,293 1.30 %
Tax-exempt securities(1) 447,287 2,637 2.36 % 449,927 2,664 2.37 % 392,700 2,503 2.55 %
Total securities 3,104,535 15,811 2.04 % 3,223,851 15,103 1.87 % 2,637,949 9,796 1.49 %
Interest-bearing balances with banks 269,975 2,777 4.08 % 663,218 3,458 2.07 % 1,522,433 568 0.15 %
Total interest-earning assets 14,774,014 167,795 4.51 % 14,860,043 145,250 3.89 % 14,607,716 113,686 3.09 %
Cash and due from banks 201,369 191,358 201,941
Intangible assets 967,005 967,154 964,575
Other assets 635,452 626,926 676,408
Total assets $ 16,577,840 $ 16,645,481 $ 16,450,640
Interest-bearing liabilities:
Interest-bearing demand(2) $ 6,018,679 $ 12,534 0.83 % $ 6,462,940 $ 6,061 0.37 % $ 6,460,178 $ 3,487 0.21 %
Savings deposits 1,093,997 582 0.21 % 1,134,665 155 0.05 % 1,045,784 151 0.06 %
Brokered deposits 93,764 1,047 4.43 % - - - % - - - %
Time deposits 1,324,042 3,149 0.94 % 1,240,439 1,025 0.33 % 1,434,162 2,418 0.67 %
Total interest-bearing deposits 8,530,482 17,312 0.81 % 8,838,044 7,241 0.33 % 8,940,124 6,056 0.27 %
Borrowed funds 893,705 9,918 4.42 % 572,376 5,574 3.88 % 434,546 4,381 4.03 %
Total interest-bearing liabilities 9,424,187 27,230 1.15 % 9,410,420 12,815 0.54 % 9,374,670 10,437 0.44 %
Noninterest-bearing deposits 4,805,014 4,867,314 4,633,885
Other liabilities 209,544 194,339 210,404
Shareholders' equity 2,139,095 2,173,408 2,231,681
Total liabilities and shareholders' equity $ 16,577,840 $ 16,645,481 $ 16,450,640
Net interest income/ net interest margin $ 140,565 3.78 % $ 132,435 3.54 % $ 103,249 2.81 %
Cost of funding 0.76 % 0.36 % 0.30 %
Cost of total deposits 0.52 % 0.21 % 0.18 %

(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) Twelve Months Ended
December 31, 2022 December 31, 2021
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Yield/
Rate
Interest-earning assets:
Loans held for investment $ 10,677,995 $ 476,746 4.46 % $ 10,310,070 $ 427,296 4.15 %
Loans held for sale 203,981 9,212 4.52 % 454,727 12,632 2.78 %
Taxable securities(1) 2,654,621 44,750 1.69 % 1,691,531 24,370 1.44 %
Tax-exempt securities 446,895 10,655 2.38 % 335,399 9,418 2.81 %
Total securities 3,101,516 55,405 1.79 % 2,026,930 33,788 1.67 %
Interest-bearing balances with banks 846,768 8,853 1.05 % 1,263,364 1,688 0.13 %
Total interest-earning assets 14,830,260 550,216 3.71 % 14,055,091 475,404 3.38 %
Cash and due from banks 201,419 199,705
Intangible assets 967,018 966,733
Other assets 639,155 684,457
Total assets $ 16,637,852 $ 15,905,986
Interest-bearing liabilities:
Interest-bearing demand(2) $ 6,420,905 $ 25,840 0.40 % $ 6,177,944 $ 15,308 0.25 %
Savings deposits 1,116,013 1,023 0.09 % 976,616 698 0.07 %
Brokered deposits 23,634 1,047 4.43 % - - - %
Time deposits 1,310,398 7,298 0.56 % 1,539,763 12,970 0.84 %
Total interest-bearing deposits 8,870,950 35,208 0.40 % 8,694,323 28,976 0.33 %
Borrowed funds 624,887 25,304 4.05 % 470,993 15,708 3.34 %
Total interest-bearing liabilities 9,495,837 60,512 0.64 % 9,165,316 44,684 0.49 %
Noninterest-bearing deposits 4,760,432 4,310,834
Other liabilities 196,980 220,427
Shareholders' equity 2,184,603 2,209,409
Total liabilities and shareholders' equity $ 16,637,852 $ 15,905,986
Net interest income/ net interest margin $ 489,704 3.30 % $ 430,720 3.07 %
Cost of funding 0.42 % 0.33 %
Cost of total deposits 0.26 % 0.22 %

(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 Twelve Months Ended
Dec 31, 2022 Sep 30, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021
Earning asset mix:
Loans held for investment, excluding Paycheck Protection Program (“PPP”) loans (non-GAAP)(1) 76.33 % 72.83 % 67.68 % 71.90 % 70.16 %
PPP loans 0.03 0.04 0.43 0.10 3.19
Loans held for sale 0.79 0.97 3.41 1.38 3.24
Securities 21.01 21.69 18.06 20.91 14.42
Interest-bearing balances with banks 1.84 4.47 10.42 5.71 8.99
Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %
Funding sources mix:
Noninterest-bearing demand 33.77 % 34.09 % 33.08 % 33.39 % 32.00 %
Interest-bearing demand 42.30 45.27 46.11 45.04 45.84
Savings 7.69 7.95 7.47 7.83 7.25
Brokered deposits 0.66 - - 0.17 -
Time deposits 9.31 8.69 10.24 9.19 11.42
Borrowed funds 6.27 4.00 3.10 4.38 3.49
Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %
Net interest income collected on problem loans $ 161 $ 78 $ 578 $ 2,949 $ 4,412
Total accretion on purchased loans 625 1,317 2,187 5,198 10,783
Total impact on net interest income $ 786 $ 1,395 $ 2,765 $ 8,147 $ 15,195
Impact on net interest margin 0.02 % 0.04 % 0.08 % 0.05 % 0.11 %
Impact on loan yield 0.03 % 0.05 % 0.11 % 0.08 % 0.15 %
Interest income on PPP loans $ 21 $ 5 $ 485 $ 719 $ 24,794
PPP impact on net interest margin - % - % - % - % 0.08 %
PPP impact on loan yield - % - % - % - % 0.06 %

(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading“Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Loan Portfolio

(Dollars in thousands) As of
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021
Loan Portfolio:
Commercial, financial, agricultural $ 1,669,051 $ 1,507,615 $ 1,489,889 $ 1,437,225 $ 1,364,879
Lease financing 115,013 103,357 101,350 89,842 76,125
Real estate - construction 1,330,337 1,215,056 1,126,363 1,222,052 1,104,896
Real estate - 1-4 family mortgages 3,216,263 3,127,889 3,030,083 2,840,979 2,724,246
Real estate - commercial mortgages 5,118,063 5,016,665 4,717,513 4,577,864 4,549,037
Installment loans to individuals 124,745 128,946 131,163 137,115 143,340
Subtotal 11,573,472 11,099,528 10,596,361 10,305,077 9,962,523
PPP loans 4,832 5,476 7,383 8,382 58,391
Total loans $ 11,578,304 $ 11,105,004 $ 10,603,744 $ 10,313,459 $ 10,020,914

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands) As of
Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021
Nonperforming Assets:
Nonaccruing loans $ 56,545 $ 54,278 $ 43,897 $ 51,995 $ 49,364
Loans 90 days or more past due 331 1,587 617 247 1,441
Total nonperforming loans 56,876 55,865 44,514 52,242 50,805
Other real estate owned 1,763 2,412 2,807 2,062 2,540
Total nonperforming assets 58,639 58,277 47,321 54,304 53,345
Allowance for credit losses on loans $ 192,090 $ 174,356 $ 166,131 $ 166,468 $ 164,171
Net loan charge-offs $ 2,566 $ 1,575 $ 2,337 $ 851 $ 5,367
Annualized net loan charge-offs / average loans 0.09 % 0.06 % 0.09 % 0.03 % 0.21 %
Nonperforming loans / total loans 0.49 0.50 0.42 0.51 0.51
Nonperforming assets / total assets 0.35 0.35 0.28 0.32 0.32
Allowance for credit losses on loans / total loans 1.66 1.57 1.57 1.61 1.64
Allowance for credit losses on loans / nonperforming loans 337.73 312.10 373.21 318.65 323.14

CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, January 25, 2023.

The webcast is accessible through Renasant's investor relations website at or To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2022 Fourth Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on after the call and will remain accessible for one year. A replay is accessible via telephone by dialing 1-877-344-7529 in the United States and entering conference number 8052042 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 8, 2023.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 119-year-old financial services institution. Renasant has assets of approximately $17.0 billion and operates 198 banking, lending, mortgage, wealth management and insurance offices throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words“believes,”“expects,”“projects,”“anticipates,”“intends,”“estimates,”“plans,”“potential,”“focus,”“possible,”“may increase,”“may fluctuate,”“will likely result,” and similar expressions, or future or conditional verbs such as“will,”“should,”“would” and“could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company's future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company's management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

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

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

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

NON-GAAP FINANCIAL MEASURES:

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

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

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

Non-GAAP Reconciliations

(Dollars in thousands, except per share data) Three Months Ended Twelve Months Ended
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Dec 31,
2022
Dec 31,
2021
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP) $ 46,276 $ 46,567 $ 39,678 $ 33,547 $ 37,054 $ 166,068 $ 175,892
Income taxes 12,885 13,563 10,857 7,935 11,363 45,240 46,935
Provision for (recovery of) credit losses (including unfunded commitments) 10,671 9,800 2,450 950 (768 ) 23,871 (2,168 )
Pre-provision net revenue (non-GAAP) $ 69,832 $ 69,930 $ 52,985 $ 42,432 $ 47,649 $ 235,179 $ 220,659
Merger and conversion expense 1,100 - - 687 - 1,787 -
Debt prepayment penalties - - - - 6,123 - 6,123
Swap termination gains - - - - (4,676 ) - (4,676 )
Gain on sale of MSR - (2,960 ) - - - (2,960 ) -
MSR valuation adjustment - - - - - - (13,561 )
Restructuring charges (benefit) - - 1,187 (455 ) 61 732 368
Voluntary reimbursement of certain re-presentment NSF fees 1,255 - - - - 1,255 -
COVID-19 related expenses(1) - - - - 33 - 1,511
Adjusted pre-provision net revenue (non-GAAP) $ 72,187 $ 66,970 $ 54,172 $ 42,664 $ 49,190 $ 235,993 $ 210,424
Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP) $ 46,276 $ 46,567 $ 39,678 $ 33,547 $ 37,054 $ 166,068 $ 175,892
Amortization of intangibles 1,195 1,251 1,310 1,366 1,424 5,122 6,042
Tax effect of adjustments noted above(2) (260 ) (265 ) (291 ) (303 ) (335 ) (1,119 ) (1,354 )
Tangible net income (non-GAAP) $ 47,211 $ 47,553 $ 40,697 $ 34,610 $ 38,143 $ 170,071 $ 180,580
Net income (GAAP) $ 46,276 $ 46,567 $ 39,678 $ 33,547 $ 37,054 $ 166,068 $ 175,892
Merger and conversion expense 1,100 - - 687 - 1,787 -
Debt prepayment penalties - - - - 6,123 - 6,123
Swap termination gain - - - - (4,676 ) - (4,676 )
Gain on sale of MSR - (2,960 ) - - - (2,960 ) -
MSR valuation adjustment - - - - - - (13,561 )
Restructuring charges (benefit) - - 1,187 (455 ) 61 732 368
Initial provision for acquisitions 2,820 - - - - 2,820 -
Voluntary reimbursement of certain re-presentment NSF fees 1,255 - - - - 1,255 -
COVID-19 related expenses(1) - - - - 33 - 1,511
Tax effect of adjustments noted above(2) (1,127 ) 626 (264 ) (51 ) (363 ) (816 ) 2,294
Adjusted net income (non-GAAP) $ 50,324 $ 44,233 $ 40,601 $ 33,728 $ 38,232 $ 168,886 $ 167,951
Amortization of intangibles 1,195 1,251 1,310 1,366 1,424 5,122 6,042
Tax effect of adjustments noted above(2) (260 ) (265 ) (291 ) (303 ) (335 ) (1,119 ) (1,354 )
Adjusted tangible net income (non-GAAP) $ 51,259 $ 45,219 $ 41,620 $ 34,791 $ 39,321 $ 172,889 $ 172,639
Tangible Assets and Tangible Shareholders' Equity
Average shareholders' equity (GAAP) $ 2,139,095 $ 2,173,408 $ 2,177,537 $ 2,249,667 $ 2,231,681 $ 2,184,603 $ 2,209,409
Average intangible assets 967,005 967,154 968,441 965,430 964,575 967,018 966,733
Average tangible shareholders' equity (non-GAAP) $ 1,172,090 $ 1,206,254 $ 1,209,096 $ 1,284,237 $ 1,267,106 $ 1,217,585 $ 1,242,676
Average assets (GAAP) $ 16,577,840 $ 16,645,481 $ 16,631,290 $ 16,697,264 $ 16,450,640 $ 16,637,852 $ 15,905,986
Average intangible assets 967,005 967,154 968,441 965,430 964,575 967,018 966,733
Average tangible assets (non-GAAP) $ 15,610,835 $ 15,678,327 $ 15,662,849 $ 15,731,834 $ 15,486,065 $ 15,670,834 $ 14,939,253
Shareholders' equity (GAAP) $ 2,136,016 $ 2,092,281 $ 2,116,877 $ 2,137,642 $ 2,209,853 $ 2,136,016 $ 2,209,853
Intangible assets 1,015,884 966,461 967,713 969,022 963,781 1,015,884 963,781
Tangible shareholders' equity (non-GAAP) $ 1,120,132 $ 1,125,820 $ 1,149,164 $ 1,168,620 $ 1,246,072 $ 1,120,132 $ 1,246,072
Total assets (GAAP) $ 16,988,176 $ 16,471,099 $ 16,618,101 $ 16,863,757 $ 16,810,311 $ 16,988,176 $ 16,810,311
Intangible assets 1,015,884 966,461 967,713 969,022 963,781 1,015,884 963,781
Total tangible assets (non-GAAP) $ 15,972,292 $ 15,504,638 $ 15,650,388 $ 15,894,735 $ 15,846,530 $ 15,972,292 $ 15,846,530
Adjusted Performance Ratios
Return on average assets (GAAP) 1.11 % 1.11 % 0.96 % 0.81 % 0.89 % 1.00 % 1.11 %
Adjusted return on average assets (non-GAAP) 1.20 % 1.05 % 0.98 % 0.82 % 0.92 % 1.02 % 1.06 %
Return on average tangible assets (non-GAAP) 1.20 % 1.20 % 1.04 % 0.89 % 0.98 % 1.09 % 1.21 %
Adjusted pre-provision net revenue to average assets (non-GAAP) 1.73 % 1.60 % 1.31 % 1.04 % 1.19 % 1.42 % 1.32 %
Adjusted return on average tangible assets (non-GAAP) 1.30 % 1.14 % 1.07 % 0.90 % 1.01 % 1.10 % 1.16 %
Return on average equity (GAAP) 8.58 % 8.50 % 7.31 % 6.05 % 6.59 % 7.60 % 7.96 %
Adjusted return on average equity (non-GAAP) 9.33 % 8.07 % 7.48 % 6.08 % 6.80 % 7.73 % 7.60 %
Return on average tangible equity (non-GAAP) 15.98 % 15.64 % 13.50 % 10.93 % 11.94 % 13.97 % 14.53 %
Adjusted return on average tangible equity (non-GAAP) 17.35 % 14.87 % 13.81 % 10.99 % 12.31 % 14.20 % 13.89 %
Adjusted Diluted Earnings Per Share
Average diluted shares outstanding 56,335,446 56,248,720 56,182,845 56,081,863 56,105,050 56,214,230 56,424,484
Diluted earnings per share (GAAP) $ 0.82 $ 0.83 $ 0.71 $ 0.60 $ 0.66 $ 2.95 $ 3.12
Adjusted diluted earnings per share (non-GAAP) $ 0.89 $ 0.79 $ 0.72 $ 0.60 $ 0.68 $ 3.00 $ 2.98
Tangible Book Value Per Share
Shares outstanding 55,953,104 55,953,104 55,932,017 55,880,666 55,756,233 55,953,104 55,756,233
Book value per share (GAAP) $ 38.18 $ 37.39 $ 37.85 $ 38.25 $ 39.63 $ 38.18 $ 39.63
Tangible book value per share (non-GAAP) $ 20.02 $ 20.12 $ 20.55 $ 20.91 $ 22.35 $ 20.02 $ 22.35
Tangible Common Equity Ratio
Shareholders' equity to assets (GAAP) 12.57 % 12.70 % 12.74 % 12.68 % 13.15 % 12.57 % 13.15 %
Tangible common equity ratio (non-GAAP) 7.01 % 7.26 % 7.34 % 7.35 % 7.86 % 7.01 % 7.86 %
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP) $ 140,565 $ 132,435 $ 115,321 $ 101,383 $ 103,249 $ 489,704 $ 430,720
Total noninterest income (GAAP) $ 33,395 $ 41,186 $ 37,214 $ 37,458 $ 47,582 $ 149,253 $ 226,984
MSR valuation adjustment - - - - - - 13,561
Gain on sale of MSR - 2,960 - - - 2,960 -
Swap termination gains - - - - 4,676 - 4,676
Securities gains - - - - 49 - 2,170
Total adjusted noninterest income (non-GAAP) $ 33,395 $ 38,226 $ 37,214 $ 37,458 $ 42,857 $ 146,293 $ 206,577
Noninterest expense (GAAP) $ 101,582 $ 101,574 $ 98,194 $ 94,105 $ 101,115 $ 395,455 $ 429,826
Amortization of intangibles 1,195 1,251 1,310 1,366 1,424 5,122 6,042
Merger and conversion expense 1,100 - - 687 - 1,787 -
Debt prepayment penalty - - - - 6,123 - 6,123
Restructuring charges (benefit) - - 1,187 (455 ) 61 732 368
Voluntary reimbursement of certain re-presentment NSF fees 1,255 - - - - 1,255 -
Provision (recovery) of unfunded commitments 183 - 450 (550 ) (300 ) 83 (500 )
COVID-19 related expenses(1) - - - - 33 - 1,511
Total adjusted noninterest expense (non-GAAP) $ 97,849 $ 100,323 $ 95,247 $ 93,057 $ 93,774 $ 386,476 $ 416,282
Efficiency ratio (GAAP) 58.39 % 58.50 % 64.37 % 67.78 % 67.04 % 61.89 % 65.35 %
Adjusted efficiency ratio (non-GAAP) 56.25 % 58.78 % 62.44 % 67.02 % 64.18 % 60.77 % 65.32 %
Core Net Interest Income and Core Net Interest Margin
Net interest income (FTE) (GAAP) $ 140,565 $ 132,435 $ 115,321 $ 101,383 $ 103,249 $ 489,704 $ 430,720
Net interest income collected on problem loans 161 78 2,276 434 577 2,949 4,412
Accretion recognized on purchased loans 625 1,317 2,021 1,235 2,187 5,198 10,783
Interest income recognized on PPP loans 21 5 74 619 485 719 24,794
Non-core net interest income $ 807 $ 1,400 $ 4,371 $ 2,288 $ 3,249 $ 8,866 $ 39,989
Core net interest income (FTE) (non-GAAP) $ 139,758 $ 131,035 $ 110,950 $ 99,095 $ 99,999 $ 480,838 $ 390,731
Average earning assets (GAAP) $ 14,774,014 $ 14,860,043 $ 14,845,199 $ 14,841,146 $ 14,607,716 $ 14,830,260 $ 14,055,091
Average PPP loans 4,940 6,647 7,863 39,506 62,726 14,619 448,959
Average earning assets excluding PPP loans (non-GAAP) $ 14,769,074 $ 14,853,396 $ 14,837,336 $ 14,801,640 $ 14,544,990 $ 14,815,641 $ 13,606,132
Net interest margin (GAAP) 3.78 % 3.54 % 3.11 % 2.76 % 2.81 % 3.30 % 3.07 %
Core net interest margin (non-GAAP) 3.76 % 3.50 % 3.00 % 2.71 % 2.73 % 3.25 % 2.87 %
Core Loan Yield
Loan interest income (FTE) (GAAP) $ 147,519 $ 124,614 $ 107,612 $ 97,001 $ 99,670 $ 476,746 $ 427,296
Net interest income collected on problem loans 161 78 2,276 434 578 2,949 4,412
Accretion recognized on purchased loans 625 1,317 2,021 1,235 2,187 5,198 10,783
Interest income recognized on PPP loans 21 5 74 619 485 719 24,794
Core loan interest income (FTE) (non-GAAP) $ 146,712 $ 123,214 $ 103,241 $ 94,713 $ 96,420 $ 467,880 $ 387,307
Average loans (GAAP) $ 11,282,422 $ 10,829,137 $ 10,477,036 $ 10,108,511 $ 9,948,610 $ 10,677,995 $ 10,310,070
Average PPP loans 4,940 6,647 7,863 39,506 62,726 14,619 448,959
Average loans excluding PPP loans (non-GAAP) $ 11,277,482 $ 10,822,490 $ 10,469,173 $ 10,069,005 $ 9,885,884 $ 10,663,376 $ 9,861,111
Loan yield (GAAP) 5.19 % 4.57 % 4.12 % 3.88 % 3.98 % 4.46 % 4.15 %
Core loan yield (non-GAAP) 5.16 % 4.52 % 3.96 % 3.82 % 3.87 % 4.39 % 3.93 %
Adjusted Asset Quality Ratios
Classified loans $ 200,249 $ 193,844 $ 185,267 $ 178,015 $ 160,790 $ 200,249 $ 160,790
Special Mention loans 86,172 69,883 87,476 76,949 115,496 86,172 115,496
Criticized loans(3) $ 286,421 $ 263,727 $ 272,743 $ 254,964 $ 276,286 $ 286,421 $ 276,286
Criticized loans / total loans (GAAP) 2.47 % 2.37 % 2.57 % 2.47 % 2.76 % 2.47 % 2.76 %

(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
Chief Marketing Officer Chief Financial Officer
(662) 680-1219 (662) 680-1281



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