There were 1,696 press releases posted in the last 24 hours and 413,967 in the last 365 days.

Renasant Corporation Announces Earnings For the Third Quarter of 2022

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, 2022 Jun 30, 2022 Sep 30, 2021   Sep 30, 2022 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021   Sep 30, 2022 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021   Sep 30, 2022 Sep 30, 2021
Return on average assets 1.11 % 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 equity 8.50   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 ratio 26.51   30.99   36.67   33.33   30.99     30.84   26.72  

Capital and Balance Sheet Ratios

  As of
  Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021   Sep 30, 2022 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021   Sep 30, 2022 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 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, 2022 June 30, 2022 September 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 $ 124,614 4.57 % $ 10,477,036 $ 107,612 4.12 % $ 10,017,742 $ 103,770 4.11 %
Loans held for sale   143,837   2,075 5.77 %   227,435   2,586 4.55 %   451,586   2,376 2.13 %
Taxable securities   2,773,924   12,439 1.79 %   2,684,624   10,355 1.54 %   1,942,647   6,688 1.38 %
Tax-exempt securities(1)   449,927   2,664 2.37 %   451,878   2,719 2.41 %   324,219   2,297 2.83 %
Total securities   3,223,851   15,103 1.87 %   3,136,502   13,074 1.67 %   2,266,866   8,985 1.59 %
Interest-bearing balances with banks   663,218   3,458 2.07 %   1,004,226   1,954 0.78 %   1,520,227   592 0.15 %
Total interest-earning assets   14,860,043   145,250 3.89 %   14,845,199   125,226 3.38 %   14,256,421   115,723 3.23 %
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 $ 6,061 0.37 % $ 6,571,905 $ 3,598 0.22 % $ 6,231,718 $ 3,821 0.24 %
Savings deposits   1,134,665   155 0.05 %   1,137,607   147 0.05 %   1,006,847   192 0.08 %
Time deposits   1,240,439   1,025 0.33 %   1,303,735   1,273 0.39 %   1,506,192   2,959 0.78 %
Total interest-bearing deposits   8,838,044   7,241 0.33 %   9,013,247   5,018 0.22 %   8,744,757   6,972 0.32 %
Borrowed funds   572,376   5,574 3.88 %   543,728   4,887 3.60 %   482,709   3,749 3.08 %
Total interest-bearing liabilities   9,410,420   12,815 0.54 %   9,556,975   9,905 0.42 %   9,227,466   10,721 0.46 %
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   $ 132,435 3.54 %   $ 115,321 3.11 %   $ 105,002 2.93 %
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, 2022 September 30, 2021
  Average
Balance
Interest
Income/
Expense
Yield/  
 Rate
Average
Balance
Interest
Income/
Expense
Yield/  
 Rate
Interest-earning assets:            
Total loans $ 10,474,305 $ 329,227 4.20 % $ 10,431,436 $ 327,625 4.20 %
Loans held for sale   233,266   7,524 4.30 %   439,954   8,980 2.73 %
Taxable securities(1)   2,653,735   31,576 1.59 %   1,505,611   17,077 1.51 %
Tax-exempt securities   446,762   8,018 2.39 %   316,159   6,915 2.92 %
Total securities   3,100,497   39,594 1.70 %   1,821,770   23,992 1.76 %
Interest-bearing balances with banks   1,041,145   6,076 0.78 %   1,176,378   1,121 0.13 %
Total interest-earning assets   14,849,213   382,421 3.44 %   13,869,538   361,718 3.49 %
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 $ 13,306 0.27 % $ 6,083,179 $ 11,821 0.26 %
Savings deposits   1,123,433   441 0.05 %   953,391   547 0.08 %
Time deposits   1,305,800   4,149 0.42 %   1,575,220   10,552 0.90 %
Total interest-bearing deposits   8,985,687   17,896 0.27 %   8,611,790   22,920 0.36 %
Borrowed funds   534,296   15,386 3.84 %   483,230   11,327 3.13 %
Total interest-bearing liabilities   9,519,983   33,282 0.47 %   9,095,020   34,247 0.50 %
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   $ 349,139 3.14 %   $ 327,471 3.16 %
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, 2022 Jun 30, 2022 Sep 30, 2021   Sep 30, 2022 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 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, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021   Sep 30, 2022 Sep 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

 


Primary Logo