Renasant (RNST) 8-K Results of Operations and Financial Condition

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 EARNINGS RESULTS

TUPELO, MISSISSIPPI (January 20, 2009) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced its earnings results for 2008. Net income for 2008 was $24,052,000 as compared to $31,101,000 for 2007. Basic and diluted earnings per share were $1.15 and $1.14, respectively, for 2008 compared to basic and diluted earnings per share of $1.66 and $1.64, respectively, for 2007.

For the fourth quarter of 2008, net income was $232,000 as compared to $8,755,000 for the fourth quarter of 2007. Basic and diluted earnings per share were $0.01 for the fourth quarter of 2008, compared to basic earnings per share of $0.42 and diluted earnings per share of $0.41 for the fourth quarter of 2007. As discussed below, the increase in the provision for loan losses for the fourth quarter of 2008 as compared to the same period in 2007 is the primary reason for the decline in net income from the fourth quarter of 2007 to the fourth quarter of 2008.

“This past year was very trying for the financial services industry and our earnings results reflect the effects of the ongoing economic environment we are all experiencing,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Our

management team is focused on preserving margin, minimizing credit losses, growing noninterest income, reducing noninterest expense and, as a result, continuing to enhance our already strong capital position. Focusing on these core areas will position the Company to achieve its long-term objectives.”

Total assets as of December 31, 2008 were approximately $3.72 billion as compared to approximately $3.61 billion for December 31, 2007. Total loans were $2.53 billion at the end of 2008 as compared to approximately $2.59 billion at December 31, 2007. Total deposits were $2.34 billion at December 31, 2008 as compared to approximately $2.55 billion at December 31, 2007.

Shareholders’ equity was $400,248,000 at December 31, 2008 as compared to $399,073,000 at December 31, 2007. The change in shareholders’ equity reflects earnings, dividends paid and changes in unrealized gains and losses on investment securities available for sale. As of December 31, 2008, the Company’s regulatory capital ratios were well in excess of regulatory minimums required to be classified as “well-capitalized.” At December 31, 2008, the Company’s Tier 1 leverage capital ratio was 8.34%, its Tier I risk-based capital ratio was 10.85%, and its total risk-based capital ratio was 12.10%, in each case well in excess of regulatory minimums.

“During the fourth quarter of 2008, we announced our decision not to participate in the Treasury Department’s Capital Purchase Program which is part of the federal government’s Troubled Assets Relief Program,” commented McGraw. “Our strong capital ratios, which continued to increase during the fourth quarter of 2008, along with future earnings should allow us to meet projected balance sheet growth, maintain our current dividend and deal with the effects of the downturn in the economy.”

Net interest income was $109,442,000 for 2008 as compared to $95,821,000 for 2007. Net interest income was relatively unchanged at $26,842,000 for the fourth quarter of 2008 as compared to $26,943,000 for the same period in 2007. Net interest margin was 3.44% for 2008 as compared to 3.57% for 2007; net interest margin was 3.36% for the fourth quarter of 2008 as compared to 3.48% for the fourth quarter of 2007.

Noninterest income was $54,042,000 for 2008 as compared to $52,187,000 for 2007. For the fourth quarter of 2008, noninterest income was $12,751,000 as compared to $13,197,000 for the fourth quarter of 2007. Noninterest income continues to provide a strong source of revenue in the currently volatile interest rate environment.

Noninterest expense was $107,968,000 for 2008 as compared to $98,000,000 for 2007. This increase was primarily due to the acquisition of Capital Bancorp, Inc. of Nashville, TN which occurred on July 1, 2007. Noninterest expense was $25,688,000 for the fourth quarter of 2008 compared to $25,443,000 for the fourth quarter of 2007. The Company’s noninterest expense decreased by approximately $2.1 million from the third quarter of 2008 to fourth quarter of 2008. A reduction in performance based incentive accruals and lower than anticipated health care costs were the primary reasons for the linked quarter decrease in noninterest expense.

The Company recorded a provision for loan losses of $14,979,000 and $22,804,000 for the fourth quarter of 2008 and the year ending December 31, 2008, respectively, as compared to $1,975,000 and $4,838,000, respectively, for the same periods in 2007. The Company increased the provision for loan losses during 2008 due to deterioration in certain markets resulting primarily from current and anticipated economic conditions and continued stress on real estate values. Net charge-offs as a percentage of average loans for the year ending December 31, 2008, were 0.55% compared to 0.14% for 2007.

Non-performing loans as a percentage of total loans were 1.58% at December 31, 2008, compared to 0.63% as of December 31, 2007 and 1.17% at September 30, 2008. The allowance for loan losses as a percentage of loans was 1.38% at December 31, 2008, as compared to 1.02% for December 31, 2007 and 1.11% at September 30, 2008.

“Due to deterioration in our residential and construction and land development loan portfolio and the uncertainty of the current and ongoing economic environment, we believed it is prudent to substantially increase our provision for loan losses during the fourth quarter of 2008. We continue to take a proactive and aggressive analysis of our loan portfolio to identify problem loans as early as possible and make adjustments as needed to provide for inherent credit risks,” stated McGraw. “Furthermore, we have made a concerted effort to lessen our exposure to construction and development loans by reducing this category in our portfolio by approximately 37% from 2007. As we move into 2009, we believe this effort will help us mitigate future risks in this category of our loan portfolio.”

Other real estate owned was $25,111,000 at December 31, 2008 as compared to $21,901,000 at September 30, 2008 and $8,584,000 at December 31, 2007. The Company is aggressively managing the property held in other real estate owned. This is evident by the fact that year-to-date, the Company has sold $11.2 million of other real estate owned which has resulted in a net recovery in the process.

“During our 104-year history we have faced many challenges. While the current economic situation is definitely a major concern, we believe that our experienced banking team, strong capital position, resiliency of our markets and conservative business model should give confidence to both our shareholders and clients in the safety, security and stability of Renasant Corporation,” said McGraw.

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, January 21, 2009, 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 866-271-0675 in the United States and entering the participant passcode 38105700. International participants should dial 617-213-8892 and enter the participant passcode 38105700.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of December 31, 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)

Statement of earnings	2008												2007													Q4 2008 - Q4 2007 Percent Variance		For the Year Ended December 31,
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter				Second Quarter			First Quarter					2008			2007			Percent Variance
Interest income - taxable equivalent basis	$	47,999		$	50,904		$	51,386		$	54,324		$	57,339		$	57,571			$	44,399		$	42,534		(16.29	)	$	204,613		$	201,843		1.37
Interest income	$	47,120		$	50,004		$	50,465		$	53,383		$	56,316		$	56,636			$	43,541		$	41,710		(16.33	)	$	200,972		$	198,203		1.40
Interest expense		20,278			22,063			22,963			26,226			29,373			29,938				22,022			21,049		(30.96	)		91,530			102,382		(10.60	)
Net interest income		26,842			27,941			27,502			27,157			26,943			26,698				21,519			20,661		(0.37	)		109,442			95,821		14.22
Provision for loan losses		14,979			3,000			2,200			2,625			1,975			1,313				800			750		658.43			22,804			4,838		371.35
Net interest income after provision		11,863			24,941			25,302			24,532			24,968			25,385				20,719			19,911		(52.49	)		86,638			90,983		(4.78	)
Service charges on deposit accounts		5,601			5,861			5,750			5,433			5,526			5,239				4,919			4,844		1.36			22,645			20,528		10.31
Fees and commissions on loans and deposits		3,674			4,198			4,481			3,765			3,834			4,104				4,060			3,728		(4.17	)		16,118			15,726		2.49
Insurance commissions and fees		868			920			838			857			891			930				918			810		(2.58	)		3,483			3,549		(1.86	)
Trust revenue		551			597			670			626			806			806				680			567		(31.64	)		2,444			2,859		(14.52	)
Gain (loss) on sale of securities		—			—			—			—			—			—				(1	)		79		—			—			78		(100.00	)
Gain on sale of mortgage loans		1,263			1,352			1,311			1,521			1,291			1,201				1,225			1,146		(2.17	)		5,447			4,863		12.01
Other		794			716			740			1,655			849			1,166				1,066			1,503		(6.48	)		3,905			4,584		(14.81	)
Total non-interest income		12,751			13,644			13,790			13,857			13,197			13,446				12,867			12,677		(3.38	)		54,042			52,187		3.55
Salaries and employee benefits		12,583			15,250			14,849			14,718			13,970			15,010				13,083			12,927		(9.93	)		57,400			54,990		4.38
Occupancy and equipment		3,208			3,399			3,413			3,373			3,371			3,269				2,836			2,731		(4.84	)		13,393			12,207		9.72
Data processing		1,310			1,289			1,303			1,307			993			1,425				1,265			1,202		31.92			5,209			4,885		6.63
Amortization of intangibles		683			610			578			584			596			610				391			394		14.60			2,455			1,991		23.30
Other		7,904			7,236			7,555			6,816			6,513			6,375				5,792			5,247		21.36			29,511			23,927		23.34
Total non-interest expense		25,688			27,784			27,698			26,798			25,443			26,689				23,367			22,501		0.96			107,968			98,000		10.17
Income before income taxes		(1,074	)		10,801			11,394			11,591			12,722			12,142				10,219			10,087		(108.44	)		32,712			45,170		(27.58	)
Income taxes		(1,306	)		3,243			3,409			3,314			3,967			3,845				3,132			3,125		(132.92	)		8,660			14,069		(38.45	)
																			��
Net income	$	232		$	7,558		$	7,985		$	8,277		$	8,755		$	8,297			$	7,087		$	6,962		(97.35	)	$	24,052		$	31,101		(22.66	)
Basic earnings per share	$	0.01		$	0.36		$	0.38		$	0.40		$	0.42		$	0.39			$	0.42		$	0.45		(97.62	)	$	1.15		$	1.66		(30.72	)
Diluted earnings per share		0.01			0.36			0.38			0.39			0.41			0.39				0.41			0.44		(97.56	)		1.14			1.64		(30.49	)
Average basic shares outstanding		21,039,068			20,980,557			20,946,287			20,878,478			20,953,099			21,096,156				17,029,781			15,554,515		0.41			20,961,364			18,679,857		12.21
Average diluted shares outstanding		21,178,966			21,175,465			21,205,208			21,133,235			21,297,082			21,437,848				17,292,914			15,865,906		(0.55	)		21,118,214			18,989,279		11.21
Common shares outstanding		21,067,539			21,013,427			20,954,627			20,930,871			20,841,365			20,983,501				18,356,974			15,560,006		1.09			21,067,539			20,841,365		1.09
Cash dividend per common share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17			$	0.16		$	0.16		—		$	0.68		$	0.66		3.03
Performance ratios
Return on average shareholders’ equity		0.23	%		7.40	%		7.82	%		8.21	%		8.74	%		8.45	%			9.74	%		11.05	%				5.97	%		9.29	%
Return on average shareholders’ equity, excluding amortization expense		0.64	%		7.76	%		8.17	%		8.57	%		9.10	%		8.83	%			10.07	%		11.44	%				6.34	%		9.65	%
Return on average assets		0.02	%		0.80	%		0.86	%		0.92	%		0.96	%		0.94	%			1.04	%		1.06	%				0.65	%		0.99	%
Return on average assets, excluding amortization expense		0.07	%		0.84	%		0.89	%		0.96	%		1.00	%		0.98	%			1.07	%		1.10	%				0.69	%		1.03	%
Net interest margin (FTE)		3.36	%		3.45	%		3.43	%		3.52	%		3.48	%		3.52	%			3.66	%		3.67	%				3.44	%		3.57	%
Yield on earning assets (FTE)		5.81	%		6.08	%		6.20	%		6.81	%		7.14	%		7.32	%			7.25	%		7.27	%				6.22	%		7.24	%
Average earning assets to average assets		88.82	%		88.93	%		88.83	%		88.44	%		88.41	%		88.71	%			89.74	%		89.13	%				88.76	%		88.96	%
Average loans to average deposits		105.30	%		104.03	%		101.20	%		99.90	%		99.91	%		94.02	%			87.00	%		86.12	%				102.55	%		92.26	%
Noninterest income (less securities gains/losses) to average assets		1.37	%		1.45	%		1.48	%		1.54	%		1.45	%		1.52	%			1.89	%		1.92	%				1.46	%		1.66	%
Noninterest expense to average assets		2.76	%		2.95	%		2.97	%		2.97	%		2.80	%		3.01	%			3.43	%		3.43	%				2.91	%		3.13	%
Net overhead ratio		1.39	%		1.50	%		1.49	%		1.43	%		1.35	%		1.49	%			1.54	%		1.51	%				1.46	%		1.46	%
Efficiency ratio (FTE)		63.47	%		65.40	%		65.61	%		63.87	%		61.81	%		64.97	%			66.30	%		65.87	%				64.60	%		64.62	%

* Percent variance not meaningful

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

Average balances	2008												2007												Q4 2008 - Q4 2007 Percent Variance		For the Year Ended December 31,
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter					2008			2007			Percent Variance
Total assets	$	3,697,726		$	3,744,069		$	3,752,401		$	3,629,623		$	3,605,684		$	3,515,669		$	2,735,556		$	2,663,515		2.55		$	3,706,025		$	3,132,791		18.30
Earning assets		3,284,282			3,329,651			3,333,176			3,210,112			3,187,663			3,118,727			2,454,953			2,373,908		3.03			3,289,402			2,787,009		18.03
Securities		713,108			735,977			704,694			555,174			542,235			548,612			476,742			444,420		31.51			677,497			503,444		34.57
Loans, net of unearned		2,551,660			2,571,069			2,611,843			2,631,101			2,630,255			2,557,185			1,954,517			1,885,122		(2.99	)		2,591,254			2,259,634		14.68
Intangibles		193,671			194,382			195,949			197,036			196,718			194,743			97,697			98,094		(1.55	)		195,252			146,175		33.57
Non-interest bearing deposits	$	289,079		$	287,197		$	298,692		$	293,528		$	300,782		$	298,278		$	257,273		$	258,071		(3.89	)	$	292,145		$	279,271		4.61
Interest bearing deposits		2,106,341			2,143,680			2,233,380			2,301,291			2,302,862			2,389,220			1,951,730			1,899,474		(8.53	)		2,195,771			2,137,606		2.72
Total deposits		2,395,420			2,430,877			2,532,072			2,594,819			2,603,644			2,687,498			2,209,003			2,157,545		(8.00	)		2,487,916			2,416,877		2.94
Other borrowings		856,057			871,744			774,052			587,957			547,946			385,589			201,743			212,762		56.23			772,952			340,084		127.28
Shareholders’ equity		407,286			406,571			410,780			405,355			397,516			389,621			291,864			255,470		2.46			403,025			334,915		20.34
Asset quality data
Nonaccrual loans	$	35,661		$	20,578		$	17,659		$	16,090		$	14,231		$	12,657		$	5,905		$	6,368		150.59		$	35,661		$	14,231		150.59
Loans 90 past due or more		4,252			9,077			8,962			5,888			2,046			2,125			1,648			3,913		107.82			4,252			2,046		107.82
Non-performing loans		39,913			29,655			26,621			21,978			16,277			14,782			7,553			10,281		145.21			39,913			16,277		145.21
Other real estate owned and repossessions		25,111			21,901			13,111			12,802			8,584		��	3,168			2,309			2,897		192.53			25,111			8,584		192.53
Non-performing assets	$	65,024		$	51,556		$	39,732		$	34,780		$	24,861		$	17,950		$	9,862		$	13,178		161.55		$	65,024		$	24,861		161.55
Net loan charge-offs (recoveries)	$	8,098		$	1,624		$	2,823		$	1,726		$	2,397		$	377		$	277		$	202		237.84		$	14,271		$	3,253		338.70
Allowance for loan losses		34,905			28,024			26,647			27,271			26,372			26,926			20,605			20,082		32.36			34,905			26,372		32.36
Non-performing loans / total loans		1.58	%		1.17	%		1.05	%		0.85	%		0.63	%		0.57	%		0.38	%		0.54	%				1.58	%		0.63	%
Non-performing assets / total assets		1.75	%		1.38	%		1.05	%		0.94	%		0.69	%		0.50	%		0.35	%		0.48	%				1.75	%		0.69	%
Allowance for loan losses / total loans		1.38	%		1.11	%		1.05	%		1.06	%		1.02	%		1.04	%		1.04	%		1.06	%				1.38	%		1.02	%
Allowance for loan losses / non-performing loans		87.45	%		94.50	%		100.10	%		124.08	%		162.02	%		182.15	%		272.81	%		195.33	%				87.45	%		162.02	%
Annualized net loan charge-offs / average loans		1.26	%		0.25	%		0.43	%		0.26	%		0.36	%		0.06	%		0.06	%		0.04	%				0.55	%		0.14	%
Balances at period end
Total assets	$	3,716,057		$	3,725,209		$	3,782,196		$	3,699,276		$	3,612,287		$	3,584,519		$	2,791,295		$	2,754,930				$	3,716,057		$	3,612,287		2.87
Earning assets		3,286,764			3,284,813			3,339,511			3,267,329			3,179,153			3,168,182			2,494,569			2,460,185					3,286,764			3,179,153		3.38
Securities		695,106			708,406			741,154			636,338			539,590			543,017			460,606			462,588					695,106			539,590		28.82
Mortgage loans held for sale		41,805			35,976			43,487			33,062			37,468			25,911			38,048			29,098					41,805			37,468		11.58
Loans, net of unearned		2,530,886			2,525,424			2,541,012			2,580,911			2,586,693			2,588,563			1,977,941			1,889,799					2,530,886			2,586,693		(2.16	)
Intangibles		193,324			194,022			194,688			196,264			197,314			196,643			97,286			97,902					193,324			197,314		(2.02	)
Non-interest bearing deposits	$	284,227		$	287,850		$	305,877		$	304,171		$	299,394		$	315,813		$	274,336		$	273,726				$	284,227		$	299,394		(5.07	)
Interest bearing deposits		2,060,104			2,124,318			2,161,301			2,322,471			2,248,427			2,348,064			1,949,018			1,991,620					2,060,104			2,248,427		(8.38	)
Total deposits		2,344,331			2,412,168			2,467,178			2,626,642			2,547,821			2,663,877			2,223,354			2,265,346					2,344,331			2,547,821		(7.99	)
Other borrowings		933,976			870,326			878,813			623,906			624,388			483,988			218,045			200,764					933,976			624,388		49.58
Shareholders’ equity		400,248			406,267			403,795			409,827			399,073			392,312			316,634			258,566					400,248			399,073		0.29
Market value per common share	$	17.03		$	21.71		$	14.73		$	22.50		$	21.57		$	21.63		$	22.74		$	24.68				$	17.03		$	21.57		(21.05	)
Book value per common share		19.00			19.33			19.27			19.58			19.15			18.70			17.25			16.62					19.00			19.15		(0.78	)
Tangible book value per common share		9.82			10.10			9.98			10.20			9.68			9.32			11.95			10.33					9.82			9.68		1.46
Shareholders’ equity to assets (actual)		10.77	%		10.91	%		10.68	%		11.08	%		11.05	%		10.94	%		11.34	%		9.39	%				10.77	%		11.05	%
Tangible capital ratio		5.87	%		6.01	%		5.83	%		6.10	%		5.91	%		5.78	%		8.14	%		6.05	%				5.87	%		5.91	%
Leverage ratio		8.34	%		8.30	%		8.12	%		8.23	%		8.09	%		8.26	%		11.02	%		8.85	%				8.34	%		8.09	%
Tier 1 Risk-based Capital Ratio		10.85	%		10.81	%		10.49	%		10.03	%		9.91	%		9.99	%		13.81	%		11.25	%				10.85	%		9.91	%
Total Risk-based Capital Ratio		12.10	%		11.84	%		11.45	%		11.00	%		10.86	%		10.97	%		14.79	%		12.24	%				12.10	%		10.86	%
Detail of Loans by Category
Commercial, financial, agricultural	$	312,648		$	299,233		$	303,385		$	310,497		$	317,866		$	336,157		$	265,062		$	243,274				$	312,648		$	317,866		(1.64	)
Lease financing		1,746			1,943			2,130			2,304			2,557			2,906			3,409			3,833					1,746			2,557		(31.72	)
Real estate - construction		241,818			241,661			335,430			385,957			386,184			401,652			247,241			231,311					241,818			386,184		(37.38	)
Real estate - 1-4 family mortgages		886,380			877,045			857,165			846,626			850,658			841,266			669,557			654,604					886,380			850,658		4.20
Real estate - commercial mortgages		1,015,894			1,032,797			972,111			954,131			948,322			925,001			715,408			676,015					1,015,894			948,322		7.13
Installment loans to individuals		72,400			72,745			70,791			81,396			81,006			81,581			77,264			80,762					72,400			81,006		(10.62	)
Loans, net of unearned	$	2,530,886		$	2,525,424		$	2,541,012		$	2,580,911		$	2,586,593		$	2,588,563		$	1,977,941		$	1,889,799				$	2,530,886		$	2,586,593		(2.15	)

* Percent variance not meaningful