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RENASANT BANK Renasant Corporation Announces Earnings for the Second Quarter of 2021 July 27 , 2021 TUPELO , Miss . , July 27 , 2021 ( GLOBE NEWSWIRE ) -- Renasant Corporation ( NASDAQ : RNST ) ( the " Company " ) today announced earnings results for the second quarter of 2021. Net income for the second quarter of 2021 was $ 40.9 million , as compared to $ 20.1 million for the second quarter of 2020. Basic and diluted earnings per share ( " EPS " ) were $ 0.73 and $ 0.72 , respectively , for the second quarter of 2021 , as compared to basic and diluted EPS of $ 0.36 for the second quarter of 2020 . Net income for the six months ending June 30 , 2021 , was $ 98.8 million , as compared to net income of $ 22.1 million for the same period in 2020. Basic and diluted EPS were $ 1.75 for the first six months of 2021 , as compared to basic and diluted EPS of $ 0.39 for the first six months of 2020 . " Our team performed well during the second quarter , as we continued to increase our core deposits and net loans ( excluding PPP ) and maintained stable credit metrics , " commented C. Mitchell Waycaster , Renasant President and Chief Executive Officer . " We are optimistic about future loan growth , despite the headwinds of elevated payoffs , because we believe we operate in a number of dynamic markets that provide a variety of opportunities for new business . As we move forward , we are focused on efficiency gains from both revenue and expense initiatives that have been implemented . " 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 periods listed . 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 ) Three Months Ended June 30 , 2021 Six Months Ended June 30 , 2021 Pre - tax After - tax Impact to Diluted EPS Pre - tax After - tax Impact to Diluted EPS Earnings , as reported MSR valuation adjustment Restructuring charges COVID - 19 related expenses 15 370 Earnings , with exclusions ( Non - GAAP ) $ 48,797 $ $ 48,412 $ 40,867 $ 0.72 $ 12 289 0.01 41,168 $ 0.73 123,162 ( 13,561 ) 307 1,154 111,062 $ 98,775 ( 10,549 ) $ 1.75 ( 0.19 ) 239 898 0.02 $ 89,363 $ 1.58 Three Months Ended June 30 , 2020 Six Months Ended June 30 , 2020 Impact to Diluted Impact to Diluted Pre - tax After - tax EPS Pre - tax After - tax EPS Earnings , as reported $ 24,767 $ 20,130 $ 0.36 $ 27,548 $ MSR valuation adjustment COVID - 19 related expenses 4,951 6,257 4,047 0.07 14,522 Earnings , with exclusions ( Non - GAAP ) $ 35,975 $ 5,113 29,290 0.09 9,160 22,138 11,835 7,465 $ 0.39 0.21 0.13 $ 0.52 $ 51,230 $ 41,438 $ 0.73 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 tables present 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 ) Return on average assets Return on average tangible assets ( Non - GAAP ) Return on average equity Return on average tangible equity ( Non - GAAP ) Financial Condition As Reported June 30 , 2021 Three Months Ended March 31 , 2021 June 30 , 2020 June 30 , 2021 With Exclusions ( Non - GAAP ) Three Months Ended March 31 , 2021 June 30 , 2020 1.04 % 1.54 % 0.55 % 1.04 % 1.29 % 0.80 % 1.14 % 1.69 % 0.63 % 1.14 % 1.41 % 0.90 % 7.40 % 10.81 % 3.85 % 7.46 % 9.01 % 5.62 % 13.54 % 19.93 % 7.72 % 13.64 % 16.68 % 11.01 % As Reported With Exclusions ( Non - GAAP ) Six Months Ended Six Months Ended June 30 , 2021 June 30 , 2020 June 30 , 2021 June 30 , 2020 1.28 % 0.32 % 1.16 % 0.59 % 1.40 % 0.39 % 1.27 % 0.68 % 9.08 % 2.12 % 8.22 % 3.97 % 16.66 % 4.49 % 15.11 % 7.94 % Total assets were $ 16.02 billion at June 30 , 2021 , as compared to $ 14.93 billion at December 31 , 2020. Total loans held for investment were $ 10.15 billion at June 30 , 2021 , as compared to $ 10.93 billion at December 31 , 2020. Loans held for investment at June 30 , 2021 included $ 246.9 million in Paycheck Protection Program ( " PPP " ) loans . Excluding PPP loans , the loan portfolio grew 3.05 % on an annualized basis in the second quarter of 2021 . The Company entered into a referral relationship with a third party to utilize its technology platform for PPP loans originated under the latest round of the program . The Company earned approximately $ 1.4 million in referral fees from this round of PPP during the second quarter of 2021 , which are recorded in noninterest income . Total referral fees earned during the first half of