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RENASANT BANK Renasant Corporation Announces Earnings for the First Quarter of 2021 April 27 , 2021 TUPELO , Miss . , April 27 , 2021 ( GLOBE NEWSWIRE ) -- Renasant Corporation ( NASDAQ : RNST ) ( the " Company " ) today announced earnings results for the first quarter of 2021. Net income for the first quarter of 2021 was $ 57.9 million , as compared to $ 2.0 million for the first quarter of 2020. Basic and diluted earnings per share ( " EPS " ) were $ 1.03 and $ 1.02 , respectively , for the first quarter of 2021 , as compared to basic and diluted EPS of $ 0.04 for the first quarter of 2020 . " Our first quarter results are a good start to the year and speak to the talent of the Renasant team , " commented C. Mitchell Waycaster , Renasant President and Chief Executive Officer . " We saw a significant increase in our deposits , particularly noninterest - bearing deposits , and achieved net loan growth when excluding PPP loans , while our asset quality metrics remained stable . As pandemic - related restrictions continue to be relaxed and business activity appears to be accelerating throughout our region , we believe we are well positioned to capitalize on opportunities . As we move forward , we will continue to emphasize improving operating efficiency as we build core earnings . " Impact of Certain Expenses and Charges From time to time , the Company incurs expenses and charges with respect to which management is unable to accurately predict when these expenses or charges will be incurred or , when incurred , the amount of such expenses or charges . The following tables present the impact of these expenses and charges on reported EPS for the first quarter of 2021 and the same period in 2020. The " COVID - 19 related expenses " line item primarily consists of ( a ) employee overtime and employee benefit accruals directly related to the Company's response to both the COVID - 19 pandemic itself and federal legislation enacted to address the pandemic , such as the CARES Act , and ( b ) expenses associated with supplying branches with protective equipment and sanitation supplies ( such as floor markings and cautionary signage for branches , face coverings and hand sanitizer ) and more frequent and rigorous branch cleaning . ( in thousands , except per share data ) Earnings , as reported MSR valuation adjustment Restructuring charges COVID - 19 related expenses Earnings , with exclusions ( Non - GAAP ) Earnings , as reported MSR valuation adjustment COVID - 19 related expenses Earnings , with exclusions ( Non - GAAP ) Three Months Ended March 31 , 2021 Pre - tax After - tax Impact to Diluted EPS $ 74,750 ( 13,561 ) $ 57,908 ( 10,497 ) $ 1.02 ( 0.19 ) 292 226 0.01 785 608 0.01 $ 62,266 $ 48,245 $ 0.85 Three Months Ended March 31 , 2020 Pre - tax After - tax Impact to Diluted EPS $ 2,781 $ 2,008 $ 0.04 9,571 2,903 6,911 2,096 0.12 0.04 $ 15,255 $ 11,015 $ 0.20 A reconciliation of all non - GAAP financial measures disclosed in this release from GAAP to non - GAAP is included in the tables at the end of this release . The information below under the heading " Non - GAAP Financial Measures " explains why the Company believes the non - GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non - GAAP financial measures . Profitability Metrics The following table presents the Company's profitability metrics , including after adjusting for the impact of the mortgage servicing rights ( MSR ) valuation adjustment , debt prepayment penalties , restructuring charges , swap termination charges and COVID - 19 related expenses , as applicable , for the dates presented : Return on average assets Return on average tangible assets ( Non - GAAP ) Return on average equity Return on average tangible equity ( Non - GAAP ) As Reported With Exclusions ( Non - GAAP ) Three Months Ended December 31 , March 31 , 2020 March 31 , 2021 Three Months Ended December 31 , 2020 March 31 , 2020 March 31 , 2021 2020 1.54 % 1.69 % 0.84 % 0.94 % 0.06 % 1.29 % 1.02 % 0.33 % 0.11 % 1.41 % 1.13 % 10.81 % 19.93 % 5.88 % 0.38 % 9.01 % 7.11 % 0.40 % 2.10 % 11.26 % 1.20 % 16.68 % 13.52 % 4.41 % Financial Condition Total assets were $ 15.62 billion at March 31 , 2021 , as compared to $ 14.93 billion at December 31 , 2020. Total loans held for investment were $ 10.69 billion at March 31 , 2021 , as compared to $ 10.93 billion at December 31 , 2020. Loans held for investment at March 31 , 2021 included $ 860.9 million in Paycheck Protection Program ( " PPP " ) loans . Excluding PPP loans , the loan portfolio in the first quarter of 2021 grew 0.93 % on an annualized basis . The Company entered into a referral relationship with another firm in order to utilize its technology platform to originate PPP loans under the latest round of program funding . The Company earned approximately $ 2.3 million in referral fees from this relationship , which are recorded in noninterest income .