Renasant (RNST) 8-K 2008 Third 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 THIRD QUARTER EARNINGS RESULTS

TUPELO, MISSISSIPPI (October 21, 2008) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced its earnings results for the third quarter of 2008. Net income for the third quarter of 2008 was $7,558,000 as compared to $8,297,000 for the third quarter of 2007. Basic and diluted earnings per share were $0.36 for the third quarter of 2008 compared to basic and diluted earnings per share of $0.39 for the third quarter of 2007.

“Despite the current financial crisis’ impact on the banking industry, we were pleased to see past strategies resulting in growth in both our net interest income and noninterest income during the third quarter of 2008 as compared to the third quarter of 2007,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “We are also taking steps that we believe are prudent in today’s economic environment to enhance our earnings in the future. Specifically, we have continued to reduce our construction loan portfolio, provided nearly twice as much provision for loan losses over actual charge-offs and managed our funding sources to preserve margin.”

Total assets as of September 30, 2008 were approximately $3.7 billion as compared to approximately $3.6 billion at December 31, 2007. Total loans were approximately $2.5 billion at the end of the third quarter of 2008 as compared to approximately $2.6 billion at December 31, 2007. Total deposits were approximately $2.4 billion at September 30, 2008 as compared to approximately $2.5 billion at December 31, 2007.

“The obvious downturns in the credit market along with a difficult interest rate environment, narrowing spreads, and high competition for deposits have all produced a very tough banking climate for the second half of 2008,” commented McGraw. “We have intentionally replaced higher costing deposits with lower costing alternatives. As a result, our interest expense is down approximately $900,000 on a linked quarter basis and down approximately $7.9 million for the third quarter of 2008 as compared to the same period last year.”

Stockholders’ equity was $406,267,000 at September 30, 2008 as compared to $399,073,000 at December 31, 2007. The changes in stockholders’ equity reflect earnings, dividends paid and changes in unrealized gains and losses on investment securities available for sale. As of September 30, 2008, the Company’s regulatory capital ratios were in excess of “well-capitalized” regulatory requirements.

“We are committed to growing shareholders’ equity to support future dividend payments and balance sheet growth,” added McGraw. “This commitment has proven to be valuable in the current economic environment in protecting our shareholders’ value.”

Net interest income was $27,941,000 for the third quarter of 2008 compared to $26,698,000 for the same period in 2007 and $27,502,000 on a linked quarter basis for June 30, 2008. Net

interest margin was 3.45% for the third quarter of 2008 as compared to 3.52% for the third quarter of 2007 and 3.43% for the second quarter of 2008.

Noninterest income was $13,644,000 for the third quarter of 2008 as compared to $13,446,000 for the third quarter of 2007 and $13,790,000 on a linked quarter basis.

“Our noninterest income continues to be a stable source of revenue as our diversified range of products provides us ways to generate noninterest income through fees from loans, deposits, insurance, wealth management, treasury management and our mortgage lending division,” stated McGraw.

Noninterest expense was $27,784,000 for the third quarter of 2008 as compared to $26,689,000 for the third quarter of 2007 and $27,698,000 on a linked quarter basis.

Non-performing loans (loans 90 days or more past due and nonaccrual loans) totaled $29,655,000 at September 30, 2008 compared to $26,621,000 at June 30, 2008 and $16,277,000 at December 31, 2007. Non-performing loans as a percentage of total loans were 1.17% at September 30, 2008 compared to 1.05% at June 30, 2008 and 0.63% at December 31, 2007.

The Company’s loans 30 to 89 days past due, as a percentage of total loans, were 1.17% at the end of the third quarter of 2008 as compared to 1.23% at June 30, 2008 and 1.08% at December 31, 2007. The allowance for loan losses as a percentage of loans was 1.11% at September 30, 2008 as compared to 1.05% at June 30, 2008, and 1.02% at December 31, 2007.

Other real estate owned (OREO) was $21,901,000 at September 30, 2008 compared to $13,111,000 at June 30, 2008 and $8,584,000 at December 31, 2007. On a linked quarter basis,

the increase in OREO was primarily due to the Company taking possession of property totaling $7.8 million which secured a single relationship.

Annualized net charge-offs as a percentage of average loans were 0.25% for the third quarter of 2008 as compared to 0.43% on a linked quarter basis, 0.06% for the third quarter of 2007 and 0.36% for December 31, 2007.The provision for loan losses was $3,000,000 for the third quarter of 2008 as compared to $1,313,000 for the same period in 2007.

“Credit deterioration is a harsh reality of the current economic environment. Because of this, we believed it to be prudent to provide an amount to our allowance for loan losses this quarter that almost doubled the amount that was charged off during this period. Despite the continuous burden of the current global credit crisis and the yet to be known overall impact of the government’s financial relief program, we will continue to focus on sustaining long term growth and profitability,” stated McGraw. “ Further, we believe we have the right team in place with the proper tools and prudent lending polices to manage through this economic downturn.”

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, October 22, 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 800-591-6942 in the United States and entering the participant passcode 18579515. International participants should dial 617-614-4909 and enter the participant passcode 18579515.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of September 30, 2008, Renasant had assets of approximately $3.7 billion and operated 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												Q3 2008- Q3 2007 Percent Variance		For the Nine Months Ended September 30,
Statement of earnings	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter					2008			2007			Percent Variance
Interest income - taxable equivalent basis	$	50,904		$	51,386		$	54,324		$	57,339		$	57,571		$	44,399		$	42,534		(11.58	)	$	156,614		$	144,504		8.38
Interest income	$	50,004		$	50,465		$	53,383		$	56,316		$	56,636		$	43,541		$	41,710		(11.71	)	$	153,852		$	141,887		8.43
Interest expense		22,063			22,963			26,226			29,373			29,938			22,022			21,049		(26.30	)		71,252			73,009		(2.41	)
Net interest income		27,941			27,502			27,157			26,943			26,698			21,519			20,661		4.66			82,600			68,878		19.92
Provision for loan losses		3,000			2,200			2,625			1,975			1,313			800			750		128.48			7,825			2,863		173.31
Net interest income after provision		24,941			25,302			24,532			24,968			25,385			20,719			19,911		(1.75	)		74,775			66,015		13.27
Service charges on deposit accounts		5,861			5,750			5,433			5,526			5,239			4,919			4,844		11.87			17,044			15,002		13.61
Fees and commissions on loans and deposits		4,198			4,481			3,765			3,834			4,104			4,060			3,728		2.29			12,444			11,892		4.64
Insurance commissions and fees		920			838			857			891			930			918			810		(1.08	)		2,615			2,658		(1.62	)
Trust revenue		597			670			626			806			806			680			567		(25.93	)		1,893			2,053		(7.79	)
Gain (loss) on sale of securities		—			—			—			—			—			(1	)		79		—			—			78		(100.00	)
Gain on sale of mortgage loans		1,352			1,311			1,521			1,291			1,201			1,225			1,146		12.57			4,184			3,572		17.13
Other		716			740			1,655			849			1,166			1,066			1,503		(38.59	)		3,111			3,735		(16.71	)
Total non-interest income		13,644			13,790			13,857			13,197			13,446			12,867			12,677		1.47			41,291			38,990		5.90
Salaries and employee benefits		15,250			14,849			14,718			13,970			15,010			13,083			12,927		1.60			44,817			41,020		9.26
Occupancy and equipment		3,399			3,413			3,373			3,371			3,269			2,836			2,731		3.98			10,185			8,836		15.27
Data processing		1,289			1,303			1,307			993			1,425			1,265			1,202		(9.54	)		3,899			3,892		0.18
Amortization of intangibles		610			578			584			596			610			391			394		—			1,772			1,395		27.03
Other		7,236			7,555			6,816			6,513			6,375			5,792			5,247		13.51			21,607			17,414		24.08
Total non-interest expense		27,784			27,698			26,798			25,443			26,689			23,367			22,501		4.10			82,280			72,557		13.40
Income before income taxes		10,801			11,394			11,591			12,722			12,142			10,219			10,087		(11.04	)		33,786			32,448		4.12
Income taxes		3,243			3,409			3,314			3,967			3,845			3,132			3,125		(15.66	)		9,966			10,102		(1.35	)
Net income	$	7,558		$	7,985		$	8,277		$	8,755		$	8,297		$	7,087		$	6,962		(8.91	)	$	23,820		$	22,346		6.60
Basic earnings per share	$	0.36		$	0.38		$	0.40		$	0.42		$	0.39		$	0.42		$	0.45		(7.69	)	$	1.14		$	1.25		(8.80	)
Diluted earnings per share		0.36			0.38			0.39			0.41			0.39			0.41			0.44		(7.69	)		1.13			1.23		(8.13	)
Average basic shares outstanding		20,980,557			20,946,287			20,878,478			20,953,099			21,096,156			17,029,781			15,554,515		(0.55	)		20,926,567			17,913,783		16.82
Average diluted shares outstanding		21,175,465			21,205,208			21,133,235			21,297,082			21,437,848			17,292,914			15,865,906		(1.22	)		21,146,878			18,212,909		16.11
Common shares outstanding		21,013,427			20,954,627			20,930,871			20,841,365			20,983,501			18,356,974			15,560,006		0.14			21,013,427			20,983,501		0.14
Cash dividend per common share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.16		$	0.16		—		$	0.51		$	0.49		4.08
Performance ratios
Return on average shareholders’ equity		7.40	%		7.82	%		8.21	%		8.74	%		8.45	%		9.74	%		11.05	%				7.84	%		9.54	%
Return on average shareholders’ equity, excluding amortization expense		7.76	%		8.17	%		8.57	%		9.10	%		8.83	%		10.07	%		11.44	%				8.19	%		9.90	%
Return on average assets		0.80	%		0.86	%		0.92	%		0.96	%		0.94	%		1.04	%		1.06	%				0.86	%		1.00	%
Return on average assets, excluding amortization expense		0.84	%		0.89	%		0.96	%		1.00	%		0.98	%		1.07	%		1.10	%				0.90	%		1.04	%
Net interest margin (FTE)		3.45	%		3.43	%		3.52	%		3.48	%		3.52	%		3.66	%		3.67	%				3.46	%		3.60	%
Yield on earning assets (FTE)		6.08	%		6.20	%		6.81	%		7.14	%		7.32	%		7.25	%		7.27	%				6.36	%		7.29	%
Average earning assets to average assets		88.93	%		88.83	%		88.44	%		88.41	%		88.71	%		89.74	%		89.13	%				88.74	%		89.18	%
Average loans to average deposits		104.03	%		101.20	%		99.90	%		99.91	%		94.02	%		87.00	%		86.12	%				101.67	%		89.42	%
Noninterest income (less securities gains/losses) to average assets		1.45	%		1.48	%		1.54	%		1.45	%		1.52	%		1.89	%		1.92	%				1.49	%		1.75	%
Noninterest expense to average assets		2.95	%		2.97	%		2.97	%		2.80	%		3.01	%		3.43	%		3.43	%				2.96	%		3.26	%
Net overhead ratio		1.50	%		1.49	%		1.43	%		1.35	%		1.49	%		1.54	%		1.51	%				1.48	%		1.51	%
Efficiency ratio (FTE)		65.40	%		65.61	%		63.87	%		61.81	%		64.97	%		66.30	%		65.87	%				64.96	%		65.67	%

* Percent variance not meaningful

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

	2008									2007												Q3 2008- Q3 2007 Percent Variance		For the Nine Months Ended September 30,
Average balances	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter					2008			2007			Percent Variance
Total assets	$	3,744,069		$	3,752,401		$	3,629,623		$	3,605,684		$	3,515,669		$	2,735,556		$	2,663,515		6.50		$	3,708,888		$	2,973,780		24.72
Earning assets		3,329,651			3,333,176			3,210,112			3,187,663			3,118,727			2,454,953			2,373,908		6.76			3,291,122			2,651,989		24.10
Securities		735,977			704,694			555,174			542,235			548,612			476,742			444,420		34.15			665,540			490,371		35.72
Loans, net of unearned		2,571,069			2,611,843			2,631,101			2,630,255			2,557,185			1,954,517			1,885,122		0.54			2,604,548			2,134,737		22.01
Intangibles		194,382			195,949			197,036			196,718			194,743			97,697			98,094		(0.19	)		195,783			129,142		51.60
Non-interest bearing deposits	$	287,197		$	298,692		$	293,528		$	300,782		$	298,278		$	257,273		$	258,071		(3.71	)	$	293,081		$	272,065		7.72
Interest bearing deposits		2,143,680			2,233,380			2,301,291			2,302,862			2,389,220			1,951,730			1,899,474		(10.28	)		2,225,799			2,081,915		6.91
Total deposits		2,430,877			2,532,072			2,594,819			2,603,644			2,687,498			2,209,003			2,157,545		(9.55	)		2,518,880			2,353,980		7.01
Other borrowings		871,744			774,052			587,957			547,946			385,589			201,743			212,762		126.08			745,048			270,035		175.91
Shareholders’ equity		406,571			410,780			405,355			397,516			389,621			291,864			255,470		4.35			406,072			313,199		29.65
Asset quality data
Nonaccrual loans	$	20,578		$	17,659		$	16,090		$	14,231		$	12,657		$	5,905		$	6,368		62.58		$	20,578		$	12,657		62.58
Loans 90 past due or more		9,077			8,962			5,888			2,046			2,125			1,648			3,913		327.15			9,077			2,125		327.15
Non-performing loans		29,655			26,621			21,978			16,277			14,782			7,553			10,281		100.62			29,655			14,782		100.62
Other real estate owned and repossessions		21,901			13,111			12,802			8,584			3,168			2,309			2,897		591.32			21,901			3,168		591.32
Non-performing assets	$	51,556		$	39,732		$	34,780		$	24,861		$	17,950		$	9,862		$	13,178		187.22		$	51,556		$	17,950		187.22
Net loan charge-offs (recoveries)	$	1,624		$	2,823		$	1,726		$	2,397		$	377		$	277		$	202		330.77		$	6,173		$	856		621.14
Allowance for loan losses		28,024			26,647			27,271			26,372			26,926			20,605			20,082		4.08			28,024			26,926		4.08
Non-performing loans / total loans		1.17	%		1.05	%		0.85	%		0.63	%		0.57	%		0.38	%		0.54	%				1.17	%		0.57	%
Non-performing assets / total assets		1.38	%		1.05	%		0.94	%		0.69	%		0.50	%		0.35	%		0.48	%				1.38	%		0.50	%
Allowance for loan losses / total loans		1.11	%		1.05	%		1.06	%		1.02	%		1.04	%		1.04	%		1.06	%				1.11	%		1.04	%
Allowance for loan losses / non-performing loans		94.50	%		100.10	%		124.08	%		162.02	%		182.15	%		272.81	%		195.33	%				94.50	%		182.15	%
Annualized net loan charge-offs / average loans		0.25	%		0.43	%		0.26	%		0.36	%		0.06	%		0.06	%		0.04	%				0.32	%		0.05	%
Balances at period end
Total assets	$	3,725,209		$	3,782,196		$	3,699,276		$	3,612,287		$	3,584,519		$	2,791,295		$	2,754,930				$	3,725,209		$	3,584,519		3.92
Earning assets		3,284,813			3,339,511			3,267,329			3,179,153			3,168,182			2,494,569			2,460,185					3,284,813			3,168,182		3.68
Securities		708,406			741,154			636,338			539,590			543,017			460,606			462,588					708,406			543,017		30.46
Mortgage loans held for sale		35,976			43,487			33,062			37,468			25,911			38,048			29,098					35,976			25,911		38.84
Loans, net of unearned		2,525,424			2,541,012			2,580,911			2,586,693			2,588,563			1,977,941			1,889,799					2,525,424			2,588,563		(2.44	)
Intangibles		194,022			194,688			196,264			197,314			196,643			97,286			97,902					194,022			196,643		(1.33	)
Non-interest bearing deposits	$	287,850		$	305,877		$	304,171		$	299,394		$	315,813		$	274,336		$	273,726				$	287,850		$	315,813		(8.85	)
Interest bearing deposits		2,124,318			2,161,301			2,322,471			2,248,427			2,348,064			1,949,018			1,991,620					2,124,318			2,348,064		(9.53	)
Total deposits		2,412,168			2,467,178			2,626,642			2,547,821			2,663,877			2,223,354			2,265,346					2,412,168			2,663,877		(9.45	)
Other borrowings		870,326			878,813			623,906			624,388			483,988			218,045			200,764					870,326			483,988		79.82
Shareholders’ equity		406,267			403,795			409,827			399,073			392,312			316,634			258,566					406,267			392,312		3.56
Market value per common share	$	21.71		$	14.73		$	22.50		$	21.57		$	21.63		$	22.74		$	24.68				$	21.71		$	21.63		0.37
Book value per common share		19.33			19.27			19.58			19.15			18.70			17.25			16.62					19.33			18.70		3.41
Tangible book value per common share		10.10			9.98			10.20			9.68			9.32			11.95			10.33					10.10			9.32		8.32
Shareholders’ equity to assets (actual)		10.91	%		10.68	%		11.08	%		11.05	%		10.94	%		11.34	%		9.39	%				10.91	%		10.94	%
Tangible capital ratio		6.01	%		5.83	%		6.10	%		5.91	%		5.78	%		8.14	%		6.05	%				6.01	%		5.78	%
Leverage ratio		8.30	%		8.12	%		8.23	%		8.09	%		8.26	%		11.02	%		8.85	%				8.30	%		8.26	%
Detail of Loans by Category
Commercial, financial, agricultural	$	299,233		$	303,385		$	310,497		$	317,866		$	336,157		$	265,062		$	243,274				$	299,233		$	336,157		(10.98	)
Lease financing		1,943			2,130			2,304			2,557			2,906			3,409			3,833					1,943			2,906		(33.14	)
Real estate - construction		241,661			335,430			385,957			386,184			401,652			247,241			231,311					241,661			401,652		(39.83	)
Real estate - 1-4 family mortgages		877,045			857,165			846,626			850,658			841,266			669,557			654,604					877,045			841,266		4.25
Real estate - commercial mortgages		1,032,797			972,111			954,131			948,322			925,001			715,408			676,015					1,032,797			925,001		11.65
Installment loans to individuals		72,745			70,791			81,396			81,006			81,581			77,264			80,762					72,745			81,581		(10.83	)
Loans, net of unearned	$	2,525,424		$	2,541,012		$	2,580,911		$	2,586,593		$	2,588,563		$	1,977,941		$	1,889,799				$	2,525,424		$	2,588,563		(2.44	)

* Percent variance not meaningful