Renasant (RNST) 8-K 2008 Second Quarter Earnings Results

Exhibit 99.1

Contact:	John Oxford	Stuart Johnson
	Vice President	Senior Executive Vice President
	Director of External Affairs	Chief Financial Officer
	(662) 680-1219	(662) 680-1472
	joxford@renasant.com	stuartj@renasant.com

RENASANT CORPORATION ANNOUNCES

2008 SECOND QUARTER EARNINGS RESULTS

TUPELO, MISSISSIPPI (July 15, 2008) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced its earnings results for the second quarter of 2008. Net income for the second quarter of 2008 was $7,985,000, up 12.67%, as compared to $7,087,000 for the second quarter of 2007. The increase in net income can be attributed to higher levels of net interest income and noninterest income offset partially by increases in noninterest expense and our provision for loan losses.

Basic and diluted earnings per share were $0.38 for the second quarter of 2008, compared to basic earnings per share of $0.42 and diluted earnings per share of $0.41 for the second quarter of 2007. The decrease in basic and diluted earnings per share can be partially attributed to the shares of our common stock issued in connection with the Capital Bancorp acquisition, which was completed on July 1, 2007, and the related equity offering of our common stock during the second quarter of 2007.

“Even as record high gas prices, slowing real estate markets and lingering effects from national credit issues continue to challenge the financial services and banking industry, we are pleased with our solid earnings results for the second quarter of 2008,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.

Total assets as of June 30, 2008 were $3.782 billion, representing a 4.70% increase from December 31, 2007 and a 35.50% increase since June 30, 2007. Total loans were approximately $2.541 billion at the end of the second quarter of 2008, a decrease of 1.78% from $2.587 billion at December 31, 2007 and an increase of 28.47% from $1.978 billion at June 30, 2007. Total deposits were $2.467 billion at June 30, 2008, representing a 3.17% decrease from December 31, 2007 and a 10.97% increase since June 30, 2007. The acquisition of Capital on July 1, 2007 increased total assets by $614,802,000, total loans by $515,982,000 and total deposits by $490,257,000; these amounts are not reflected in our financial statements as of June 30, 2007.

“While national and regional economies are experiencing a slow down, certain markets within the Renasant footprint have started to see a slight reduction in housing inventories,” commented McGraw. “This slight improvement emphasizes the quality of our geographic market diversity, however we continue to recognize the overall difficulties in the housing and real estate markets and will continue to apply strict underwriting standards on all new and renewing loans. These factors led to a $50.5 million reduction in our construction portfolio during the second quarter.”

“As we continue our prudent underwriting practices, we believe this will help alleviate further exposure to soft market conditions in the real estate sector during the second half of the year. Although loans have decreased during the first six months of 2008, we believe the markets within our footprint have viable economies necessary to support and sustain our long term growth,” added McGraw.

Stockholders’ equity was $403,795,000 at June 30, 2008, an increase of 1.18% from $399,073,000 at December 31, 2007 and an increase of 27.53% from $316,634,000 during the same period for 2007. Changes in stockholders’ equity reflects the acquisition of Capital, earnings, dividends paid and changes in unrealized gains and losses on investment securities available for sale. At June 30, 2008, the Company’s regulatory capital ratios remained above “well-capitalized” requirements.

Net interest income grew to $27,502,000 for the second quarter of 2008 compared to $21,519,000 for the same period in 2007. This increase is partly a result of a continued focus on managing our funding costs, as reflected by the fact that while the average balance of interest bearing liabilities increased 39.65% from the second quarter 2007 to the second quarter 2008, interest expense only increased 4.27% during the same period. Net income was also positively affected by an increase of $878,223,000 in average earning assets, primarily attributable to the Capital acquisition and the purchase of investment securities.

Net interest margin declined to 3.43% for the second quarter of 2008 as compared to 3.66% for the second quarter of 2007. On a linked quarter basis, net interest margin was 3.43% for the second quarter of 2008 as compared to 3.52% for the first quarter of 2008.

“Although recent reductions in interest rates have caused our yields on earning assets to decrease, we have somewhat mitigated this effect by managing the repricing of our deposits and utilizing cheaper sources of alternative borrowings,” commented McGraw.

Noninterest income increased 7.17% to $13,790,000 for the second quarter of 2008 from $12,867,000 for the second quarter of 2007. The operations acquired in the Capital merger

contributed $835,000 of noninterest income for the second quarter of 2008. The growth in noninterest income also was due to increases in fees from loans, deposits and our mortgage lending division. On a linked quarter basis, noninterest income decreased from $13,857,000 for the first quarter of 2008. The decrease in noninterest income during the second quarter of 2008 compared to the first quarter of 2008 includes our receipt of $409,000 from the Visa initial public offering and $271,000 in contingency income related to our insurance division during the first quarter of 2008. Excluding these two items for the first quarter of 2008, noninterest income for the second quarter 2008 grew at an annualized rate of 18.61%.

“Our fee income derived from such products as insurance, mortgage lending, trust, mutual funds, and annuities remains a stable source of income for the company,” stated McGraw.

Noninterest expense was $27,698,000 for the second quarter of 2008, up 18.53% compared to $23,367,000 for the second quarter of 2007. The operations acquired in the Capital merger increased noninterest expense $2,992,000 for the second quarter of 2008.

Non-performing loans (loans 90 days due or more and nonaccrual) totaled $26,621,000 at June 30, 2008 as compared to $16,277,000 at December 31, 2007 and $7,553,000 at June 30, 2007. Non-performing loans as a percentage of total loans were 1.05% at June 30, 2008, as compared to 0.63% at December 31, 2007 and 0.38% at June 30, 2007. On a linked quarter basis, non-performing loans as a percentage of total loans increased from 0.85% at March 31, 2008 to 1.05% at June 30, 2008.

Although non-performing loans increased, the Company’s total past due loans (loans 30 days or more overdue and nonaccrual) as a percentage of total loans decreased from 2.66% during the first quarter of 2008 to 2.28% for the second quarter of 2008. The allowance for loan losses as a

percentage of loans was 1.05% at June 30, 2008, as compared to 1.02% at December 31, 2007 and 1.04% at June 30, 2007. Annualized net charge-offs as a percentage of average loans were 0.43% for the second quarter of 2008, up from 0.26% for the first quarter of 2008 and 0.06% for the second quarter of 2007.The provision for loan losses was $2,200,000 for the second quarter of 2008 as compared to $800,000 for the same period in 2007.

“The increase in our loan loss provision is a reflection of construction and land development conditions in some of our markets,” said McGraw. “Although it appears no one is immune from 2008’s challenging economic environment, we believe we have the proper tools, conservative credit culture, underwriting processes and people in place to aggressively work through any credit issues while minimizing losses that may arise.”

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 a.m. Eastern time on Wednesday, July 16, 2008, through the Company’s website: www.renasant.com, and through Thompson/CCBN’s individual investor center at www.fulldisclosure.com, or any of Thompson/CCBN’s Investor Distribution Network websites. The event will be archived on the Company’s website for 90 days. If Internet access is unavailable, the conference may also be heard live (listen-only) via telephone by dialing 866-271-6130 in the United States and entering the participant passcode 64513717. International participants should dial 617-213-8894 and enter the participant passcode 64513717.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of June 30, 2008, Renasant has assets of approximately $3.8 billion and operates over 65 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee and Alabama.

NOTE TO INVESTORS:

This news release may contain, or incorporate by reference, statements which may 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. Such forward looking statements usually include words such as “expects,” “projects,” “anticipates,” “believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,” “possible” and other similar expressions.

Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

###

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

	2008						2007												Q2 2008- Q2 2007 Percent Variance		For the Six Months Ended June 30,
Statement of earnings	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter					2008			2007			Percent Variance
Interest income - taxable equivalent basis	$	51,386		$	54,324		$	57,339		$	57,571		$	44,399		$	42,534		15.74		$	105,710		$	86,933		21.60
Interest income	$	50,465		$	53,383		$	56,316		$	56,636		$	43,541		$	41,710		15.90		$	103,848		$	85,251		21.81
Interest expense		22,963			26,226			29,373			29,938			22,022			21,049		4.27			49,189			43,071		14.20
Net interest income		27,502			27,157			26,943			26,698			21,519			20,661		27.80			54,659			42,180		29.59
Provision for loan losses		2,200			2,625			1,975			1,313			800			750		175.00			4,825			1,550		211.29
Net interest income after provision		25,302			24,532			24,968			25,385			20,719			19,911		22.12			49,834			40,630		22.65
Service charges on deposit accounts		5,750			5,433			5,526			5,239			4,919			4,844		16.89			11,183			9,763		14.54
Fees and commissions on loans and deposits		4,481			3,765			3,834			4,104			4,060			3,728		10.37			8,246			7,788		5.88
Insurance commissions and fees		838			857			891			930			918			810		(8.71	)		1,695			1,728		(1.91	)
Trust revenue		670			626			806			806			680			567		(1.47	)		1,296			1,247		3.93
Gain (loss) on sale of securities		—			—			—			—			(1	)		79		(100.00	)		—			78		(100.00	)
Gain on sale of mortgage loans		1,311			1,521			1,291			1,201			1,225			1,146		7.02			2,832			2,371		19.44
Other		740			1,655			849			1,166			1,066			1,503		(30.58	)		2,395			2,569		(6.77	)
Total non-interest income		13,790			13,857			13,197			13,446			12,867			12,677		7.17			27,647			25,544		8.23
Salaries and employee benefits		14,849			14,718			13,970			15,010			13,083			12,927		13.50			29,567			26,010		13.68
Occupancy and equipment		3,413			3,373			3,371			3,269			2,836			2,731		20.35			6,786			5,567		21.90
Data processing		1,303			1,307			993			1,425			1,265			1,202		3.00			2,610			2,467		5.80
Amortization of intangibles		578			584			596			610			391			394		47.83			1,162			785		48.03
Other		7,555			6,816			6,513			6,375			5,792			5,247		30.44			14,371			11,039		30.18
Total non-interest expense		27,698			26,798			25,443			26,689			23,367			22,501		18.53			54,496			45,868		18.81
Income before income taxes		11,394			11,591			12,722			12,142			10,219			10,087		11.50			22,985			20,306		13.19
Income taxes		3,409			3,314			3,967			3,845			3,132			3,125		8.84			6,723			6,257		7.45
Net income	$	7,985		$	8,277		$	8,755		$	8,297		$	7,087		$	6,962		12.67		$	16,262		$	14,049		15.75
Basic earnings per share	$	0.38		$	0.40		$	0.42		$	0.39		$	0.42		$	0.45		(9.52	)	$	0.78		$	0.86		(9.30	)
Diluted earnings per share		0.38			0.39			0.41			0.39			0.41			0.44		(7.32	)		0.77			0.85		(9.41	)
Average basic shares outstanding		20,946,287			20,878,478			20,953,099			21,096,156			17,029,781			15,554,515		23.00			20,912,383			16,296,223		28.33
Average diluted shares outstanding		21,205,208			21,133,235			21,297,082			21,437,848			17,292,914			15,865,906		22.62			21,164,345			16,578,103		27.66
Common shares outstanding		20,954,627			20,930,871			20,841,365			20,983,501			18,356,974			15,560,006		14.15			20,954,627			18,356,974		14.15
Cash dividend per common share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.16		$	0.16		6.25		$	0.34		$	0.32		6.25
Performance ratios
Return on average shareholders’ equity		7.82	%		8.21	%		8.74	%		8.45	%		9.74	%		11.05	%				8.05	%		10.35	%
Return on average shareholders’ equity, excluding amortization expense		8.17	%		8.57	%		9.10	%		8.83	%		10.07	%		11.44	%				8.41	%		10.70	%
Return on average assets		0.86	%		0.92	%		0.96	%		0.94	%		1.04	%		1.06	%				0.89	%		1.05	%
Return on average assets, excluding amortization expense		0.89	%		0.96	%		1.00	%		0.98	%		1.07	%		1.10	%				0.92	%		1.09	%
Net interest margin (FTE)		3.43	%		3.52	%		3.48	%		3.52	%		3.66	%		3.67	%				3.47	%		3.66	%
Yield on earning assets (FTE)		6.20	%		6.81	%		7.14	%		7.32	%		7.25	%		7.27	%				6.50	%		7.26	%
Average earning assets to average assets		88.83	%		88.44	%		88.41	%		88.71	%		89.74	%		89.13	%				88.64	%		89.49	%
Average loans to average deposits		101.20	%		99.90	%		99.91	%		94.02	%		87.00	%		86.12	%				100.54	%		86.52	%
Noninterest income (less securities gains/ losses) to average assets		1.48	%		1.54	%		1.45	%		1.52	%		1.89	%		1.92	%				1.51	%		1.90	%
Noninterest expense to average assets		2.97	%		2.97	%		2.80	%		3.01	%		3.43	%		3.43	%				2.97	%		3.43	%
Net overhead ratio		1.49	%		1.43	%		1.35	%		1.49	%		1.54	%		1.51	%				1.46	%		1.52	%
Efficiency ratio (FTE)		65.61	%		63.87	%		61.81	%		64.97	%		66.30	%		65.87	%				64.75	%		66.09	%

*Percent variance not meaningful

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

	2008						2007												Q2 2008- Q2 2007 Percent Variance	For the Six Months Ended June 30,
Average balances	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter				2008			2007			Percent Variance
Total assets	$	3,752,401		$	3,629,623		$	3,605,684		$	3,515,669		$	2,735,556		$	2,663,515		37.17	$	3,691,018		$	2,698,373		36.79
Earning assets		3,333,176			3,210,112			3,187,663			3,118,727			2,454,953			2,373,908		35.77		3,271,644			2,414,653		35.49
Securities		704,694			555,174			542,235			548,612			476,742			444,420		47.81		629,934			460,669		36.74
Loans, net of unearned		2,611,843			2,631,101			2,630,255			2,557,185			1,954,517			1,885,122		33.63		2,621,472			1,920,011		36.53
Intangibles		195,949			197,036			196,718			194,743			97,697			98,094		100.57		196,493			97,894		100.72
Non-interest bearing deposits	$	298,692		$	293,528		$	300,782		$	298,278		$	257,273		$	258,071		16.10	$	296,075		$	258,845		14.38
Interest bearing deposits		2,233,380			2,301,291			2,302,862			2,389,220			1,951,730			1,899,474		14.43		2,267,309			1,925,746		17.74
Total deposits		2,532,072			2,594,819			2,603,644			2,687,498			2,209,003			2,157,545		14.63		2,563,384			2,184,591		17.34
Other borrowings		774,052			587,957			547,946			385,589			201,743			212,762		283.68		681,004			207,222		228.63
Shareholders’ equity		410,780			405,355			397,516			389,621			291,864			255,470		40.74		406,151			273,787		48.35
Asset quality data
Nonaccrual loans	$	17,659		$	16,090		$	14,231		$	12,657		$	5,905		$	6,368		199.05	$	17,659		$	5,905		199.05
Loans 90 past due or more		8,962			5,888			2,046			2,125			1,648			3,913		443.81		8,962			1,648		443.81
Non-performing loans		26,621			21,978			16,277			14,782			7,553			10,281		252.46		26,621			7,553		252.46
Other real estate owned and repossessions		13,111			12,802			8,584			3,168			2,309			2,897		467.82		13,111			2,309		467.82
Non-performing assets	$	39,732		$	34,780		$	24,861		$	17,950		$	9,862		$	13,178		302.88	$	39,732		$	9,862		302.88
Net loan charge-offs (recoveries)	$	2,823		$	1,726		$	2,397		$	377		$	277		$	202		919.13	$	4,549		$	479		849.69
Allowance for loan losses		26,647			27,271			26,372			26,926			20,605			20,082		29.32		26,647			20,605		29.32
Non-performing loans / total loans		1.05	%		0.85	%		0.63	%		0.57	%		0.38	%		0.54	%			1.05	%		0.38	%
Non-performing assets / total assets		1.05	%		0.94	%		0.69	%		0.50	%		0.35	%		0.48	%			1.05	%		0.35	%
Allowance for loan losses / total loans		1.05	%		1.06	%		1.02	%		1.04	%		1.04	%		1.06	%			1.05	%		1.04	%
Allowance for loan losses / non-performing loans		100.10	%		124.08	%		162.02	%		182.15	%		272.81	%		195.33	%			100.10	%		272.81	%
Annualized net loan charge-offs / average loans		0.43	%		0.26	%		0.36	%		0.06	%		0.06	%		0.04	%			0.35	%		0.05	%
Balances at period end
Total assets	$	3,782,196		$	3,699,276		$	3,612,287		$	3,584,519		$	2,791,295		$	2,754,930			$	3,782,196		$	2,791,295		35.50
Earning assets		3,339,511			3,267,329			3,179,153			3,168,182			2,494,569			2,460,185				3,339,511			2,494,569		33.87
Securities		741,154			636,338			539,590			543,017			460,606			462,588				741,154			460,606		60.91
Mortgage loans held for sale		43,487			33,062			37,468			25,911			38,048			29,098				43,487			38,048		14.30
Loans, net of unearned		2,541,012			2,580,911			2,586,693			2,588,563			1,977,941			1,889,799				2,541,012			1,977,941		28.47
Intangibles		194,688			196,264			197,314			196,643			97,286			97,902				194,688			97,286		100.12
Non-interest bearing deposits	$	305,877		$	304,171		$	299,394		$	315,813		$	274,336		$	273,726			$	305,877		$	274,336		11.50
Interest bearing deposits		2,161,301			2,322,471			2,248,427			2,348,064			1,949,018			1,991,620				2,161,301			1,949,018		10.89
Total deposits		2,467,178			2,626,642			2,547,821			2,663,877			2,223,354			2,265,346				2,467,178			2,223,354		10.97
Other borrowings		878,813			623,906			624,388			483,988			218,045			200,764				878,813			218,045		303.04
Shareholders’ equity		403,795			409,827			399,073			392,312			316,634			258,566				403,795			316,634		27.53
Market value per common share	$	14.73		$	22.50		$	21.57		$	21.63		$	22.74		$	24.68			$	14.73		$	22.74		(35.22	)
Book value per common share		19.27			19.58			19.15			18.70			17.25			16.62				19.27			17.25		11.72
Tangible book value per common share		9.98			10.20			9.68			9.32			11.95			10.33				9.98			11.95		(16.49	)
Shareholders’ equity to assets (actual)		10.68	%		11.08	%		11.05	%		10.94	%		11.34	%		9.39	%			10.68	%		11.34	%
Tangible capital ratio		5.83	%		6.10	%		5.91	%		5.78	%		8.14	%		6.05	%			5.83	%		8.14	%
Leverage ratio		8.12	%		8.23	%		8.09	%		8.26	%		11.02	%		8.85	%			8.12	%		11.02	%
Detail of Loans by Category
Commercial, financial, agricultural	$	303,385		$	310,497		$	317,866		$	336,157		$	265,062		$	243,274			$	303,385		$	265,062		14.46
Lease financing		2,130			2,304			2,557			2,906			3,409			3,833				2,130			3,409		(37.52	)
Real estate - construction		335,430			385,957			386,184			401,652			247,241			231,311				335,430			247,241		35.67
Real estate - 1-4 family mortgages		857,165			846,626			850,658			841,266			669,557			654,604				857,165			669,557		28.02
Real estate - commercial mortgages		972,111			954,131			948,322			925,001			715,408			676,015				972,111			715,408		35.88
Installment loans to individuals		70,791			81,396			81,006			81,581			77,264			80,762				70,791			77,264		(8.38	)
Loans, net of unearned	$	2,541,012		$	2,580,911		$	2,586,593		$	2,588,563		$	1,977,941		$	1,889,799			$	2,541,012		$	1,977,941		28.47

*Percent variance not meaningful