Renasant Announces Second Quarter 2019 Results; New Hiring Bolsters Growth Outlook

TUPELO, Miss., July 22, 2019

Net income for the six months ending June 30, 2019, was $91.7 million, as compared to $70.5 million for the same time period in 2018. Basic and diluted EPS were $1.57 and $1.56, respectively, for the first six months of 2019, as compared to basic and diluted EPS of $1.43 and $1.42, respectively, for the first six months of 2018.

As discussed in more detail below, the Company's net income for the second quarter and first half of 2019 includes approximately $1.1 million and $1.2 million, respectively, in after-tax expense related to production team members that have joined the Company in the first half of 2019.  The expense related to these strategic hires decreased diluted EPS by $0.02 for both the quarter and the six months ended June 30, 2019.

"We closed the quarter with solid results, while navigating through the uncertainty around the direction of interest rates and other macro-economic factors that have clouded much of 2019," said Renasant Chairman, E. Robinson McGraw.   "Our continued effort to effectively manage our core business in light of the economic pressures we face has consistently driven greater shareholder value. Our profitability metrics continue to remain strong, and we will continue to evaluate opportunities to return value to our shareholders."

New Hiring Bolsters Growth Outlook

The Company previously announced that Curtis Perry has joined Renasant Bank as its Chief Corporate Banking Officer.  Mr. Perry brings more than 34 years of experience in corporate banking, and we expect that his knowledge and connections will broaden our corporate banking operations as well as generate additional hiring opportunities for Renasant. Since joining Renasant and through the date of this release, Mr. Perry has successfully recruited 13 corporate bankers and other revenue producers throughout our footprint.