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

EXHIBIT 99.1

Contacts	For Media:	For Financials:
	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

2009 FIRST QUARTER EARNINGS

TUPELO, MISSISSIPPI (April 21, 2009) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced results for the first quarter of 2009. Net income for the first quarter of 2009 was $6,006,000 compared to $8,277,000 for the first quarter of 2008. Basic earnings per share was $0.29 and diluted earnings per share was $0.28 during the first quarter of 2009 as compared to basic earnings per share of $0.40 and diluted earnings per share of $0.39 for the first quarter of 2008.

“We believe our first quarter earnings results were solid in light of the continuing economic challenges facing our country,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “Highlights of the first quarter of 2009 include record gains on mortgage sales and an increase in our non-interest income while holding total first quarter non-interest expenses relatively flat when compared to the first quarter of 2008.”

Total assets as of March 31, 2009 were approximately $3.8 billion, a 2.13% increase since December 31, 2008 and a 2.59% increase from March 31, 2008. Total loans were approximately

$2.51 billion at the end of the first quarter of 2009, a slight decrease from $2.53 billion at December 31, 2008 and $2.58 billion at March 31, 2008. Total deposits were $2.69 billion at March 31, 2009, representing a 14.7% increase from December 31, 2008 and a 2.39% increase since March 31, 2008.

“As interest rates in our markets returned to what we deem to be a more rational interest rate environment during the first quarter of 2009, we replaced the alternative funding sources we utilized in 2008 with deposits. As a result, we experienced a double digit increase in deposits,” stated McGraw.

As of March 31, 2009, the Company’s Tier 1 leverage capital ratio was 8.28%, its Tier 1 risk-based capital ratio was 10.99%, and its total risk-based capital ratio was 12.24%, in each case in excess of regulatory well capitalized thresholds.

“As previously announced, our board declined to accept TARP funding in November 2008. We continue to believe that this was the correct decision as our capital ratios have remained in excess of regulatory well capitalized thresholds,” said McGraw. “We will continue to be conservative in our management decisions, and we are committed to growing shareholders’ equity to support current and future dividend payments.”

Net interest income was $25,313,000 for the first quarter of 2009 compared to $27,157,000 for the same period in 2008. Net interest income for the first quarter of 2008 included approximately $531,000 in interest income from loans accounted for in accordance with AICPA SOP 03-3. Net interest margin was 3.19% for the first quarter of 2009 compared to 3.36% for the fourth quarter of 2008 and 3.52% for the first quarter of 2008. The linked quarter decrease in net interest margin was, in large part, due to the impact of the rate decreases by the Federal

Reserve during the fourth quarter of 2008 on our interest-earning assets, which were not completely offset by reductions in our cost of funds. Accelerated prepayments on mortgage-backed securities and calls of government agency securities also contributed to the linked-quarter decline in net interest margin.

“The current low interest rates present a challenging environment to maintain or expand net interest margin. In response to these conditions, we are taking steps to mitigate short-term margin compression and improve net interest margin in the long-term,” commented McGraw. “We are implementing interest rate floors on all variable rate loans, and we are continuing our efforts to diversify our funding mix by garnering stable core deposits and reducing our volatile external borrowings.”

Non-interest income increased 6.5% to $14,762,000 for the first quarter of 2009 from $13,857,000 for the first quarter of 2008. Growth in non-interest income occurred primarily in the Company’s mortgage lending division. The Company’s mortgage division achieved record income on mortgage production of approximately $262 million for the first quarter of 2009 as compared to approximately $191 million for the first quarter of 2008. In addition, the Company continued to have strong fee income from multiple sources. Included in other non-interest income for the first quarter of 2009 was a gain of $427,000 within the Company’s securities portfolio. During the first quarter of 2008, non-interest income included a $409,000 gain related to the redemption of shares as a result of the Visa initial public offering.

“Mortgage loan refinancing, driven by near record lows in mortgage rates, and increases in volume from our Tennessee markets helped to fuel a record quarter from our mortgage division,” stated McGraw.

Non-interest expense was $26,920,000 for the first quarter of 2009 as compared to $26,798,000 for the first quarter of 2008. The increase in noninterest expense is primarily attributable to a $400,000 increase in expenses associated with deposit insurance assessments as a result of the Company’s utilization of the assessment credit during 2008.

“During the first quarter of 2009, we had a 4% reduction in our workforce as employee service capacity was greater than projected growth in certain areas. In addition, we renegotiated various contracts with suppliers and vendors while at the same time reducing our non-essential expenses,” said McGraw. “These management actions allowed us to offset increases in expenses related to the current economic conditions, namely increases in expenses associated with FDIC assessments and related to other real estate owned.”

Annualized net charge-offs as a percentage of average loans were 0.75% for the first quarter of 2009, down from 1.26% for the fourth quarter of 2008 and up from 0.26% for the first quarter of 2008. Non-performing loans as a percentage of total loans were 2.69% at March 31, 2009, as compared to 1.58 % at December 31, 2008 and 0.85% at March 31, 2008. The allowance for loan losses as a percentage of loans was 1.40% at March 31, 2009, as compared to 1.38% at December 31, 2008 and 1.06% at March 31, 2008. The Company recorded a provision for loan losses of $5,040,000 for the first quarter of 2009 as compared to $14,979,000 for the fourth quarter of 2008 and $2,625,000 for the first quarter of 2008.

“We have concluded that we are adequately reserved for potential loan losses, absent any unforeseen or extraordinary events,” stated McGraw. “As we continue to adjust our loan portfolio concentrations in response to the current economic environment, increase non-interest income, keep non-interest expense growth to a minimum and maintain capital ratios in excess of

regulatory well capitalized thresholds; we believe that with these efforts Renasant Corporation will be well positioned for long-term growth and viability.”

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, April 22, 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 800-599-9816 in the United States and entering the participant passcode 83146297. International participants should dial 617-847-8705 and enter the participant passcode 83146297.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $3.8 billion and operates 66 banking, mortgage 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)

	2009			2008												Q1 2009 - Q1 2008 Percent		For the Three Months Ended March 31,
	First			Fourth			Third			Second			First											Percent
Statement of earnings	Quarter			Quarter			Quarter			Quarter			Quarter			Variance		2009			2008			Variance
Interest income—taxable equivalent basis	$	44,988		$	47,989		$	50,904		$	51,386		$	54,324		(17.19	)	$	44,988		$	54,324		(17.19	)
Interest income	$	43,910		$	47,110		$	50,004		$	50,465		$	53,383		(17.75	)	$	43,910		$	53,383		(17.75	)
Interest expense		18,597			20,268			22,063			22,963			26,226		(29.09	)		18,597			26,226		(29.09	)
Net interest income		25,313			26,842			27,941			27,502			27,157		(6.79	)		25,313			27,157		(6.79	)
Provision for loan losses		5,040			14,979			3,000			2,200			2,625		92.00			5,040			2,625		92.00
Net interest income after provision		20,273			11,863			24,941			25,302			24,532		(17.36	)		20,273			24,532		(17.36	)
Service charges on deposit accounts		5,425			5,601			5,861			5,750			5,433		(0.15	)		5,425			5,433		(0.15	)
Fees and commissions on loans and deposits		4,682			3,674			4,198			4,481			3,765		24.36			4,682			3,765		24.36
Insurance commissions and fees		828			868			920			838			857		(3.38	)		828			857		(3.38	)
Trust revenue		491			551			597			670			626		(21.57	)		491			626		(21.57	)
Gain (loss) on sale of securities		427			—			—			—			—		100.00			427			—		100.00
Gain on sale of mortgage loans		1,776			1,263			1,352			1,311			1,521		16.77			1,776			1,521		16.77
Other		1,133			794			716			740			1,655		(31.54	)		1,133			1,655		(31.54	)
Total non-interest income		14,762			12,751			13,644			13,790			13,857		6.53			14,762			13,857		6.53
Salaries and employee benefits		14,744			12,583			15,250			14,849			14,718		0.18			14,744			14,718		0.18
Occupancy and equipment		3,249			3,208			3,399			3,413			3,373		(3.68	)		3,249			3,373		(3.68	)
Data processing		1,329			1,310			1,289			1,303			1,307		1.68			1,329			1,307		1.68
Amortization of intangibles		501			683			610			578			584		(14.21	)		501			584		(14.21	)
Other		7,097			7,904			7,236			7,555			6,816		4.12			7,097			6,816		4.12
Total non-interest expense		26,920			25,688			27,784			27,698			26,798		0.46			26,920			26,798		0.46
Income before income taxes		8,115			(1,074	)		10,801			11,394			11,591		(29.99	)		8,115			11,591		(29.99	)
Income taxes		2,109			(1,306	)		3,243			3,409			3,314		(36.36	)		2,109			3,314		(36.36	)
Net income	$	6,006		$	232		$	7,558		$	7,985		$	8,277		(27.44	)	$	6,006		$	8,277		(27.44	)
Basic earnings per share	$	0.29		$	0.01		$	0.36		$	0.38		$	0.40		(27.50	)	$	0.29		$	0.40		(27.50	)
Diluted earnings per share		0.28			0.01			0.36			0.38			0.39		(28.21	)		0.28			0.39		(28.21	)
Average basic shares outstanding		21,067,539			21,039,068			20,980,557			20,946,287			20,878,478		0.91			21,067,539			20,878,478		0.91
Average diluted shares outstanding		21,188,397			21,178,966			21,175,465			21,205,208			21,133,235		0.26			21,188,397			21,133,235		0.26
Common shares outstanding		21,067,539			21,067,539			21,013,427			20,954,627			20,930,871		0.65			21,067,539			20,930,871		0.65
Cash dividend per common share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		—		$	0.17		$	0.17		—
Performance ratios
Return on average shareholders’ equity		6.04	%		0.23	%		7.40	%		7.82	%		8.21	%				6.04	%		8.21	%
Return on average shareholders’ equity, excluding amortization expense		6.35	%		0.64	%		7.76	%		8.17	%		8.57	%				6.35	%		8.57	%
Return on average assets		0.65	%		0.02	%		0.80	%		0.86	%		0.92	%				0.65	%		0.92	%
Return on average assets, excluding amortization expense		0.68	%		0.07	%		0.84	%		0.89	%		0.96	%				0.68	%		0.96	%
Net interest margin (FTE)		3.19	%		3.36	%		3.45	%		3.43	%		3.52	%				3.19	%		3.52	%
Yield on earning assets (FTE)		5.46	%		5.81	%		6.08	%		6.20	%		6.81	%				5.46	%		6.81	%
Average earning assets to average assets		88.85	%		88.82	%		88.93	%		88.83	%		88.44	%				88.85	%		88.44	%
Average loans to average deposits		99.13	%		105.30	%		104.03	%		101.20	%		99.90	%				99.13	%		99.90	%
Noninterest income (less securities gains/ losses) to average assets		1.54	%		1.37	%		1.45	%		1.48	%		1.54	%				1.54	%		1.54	%
Noninterest expense to average assets		2.90	%		2.76	%		2.95	%		2.97	%		2.97	%				2.90	%		2.97	%
Net overhead ratio		1.36	%		1.39	%		1.50	%		1.49	%		1.43	%				1.36	%		1.43	%
Efficiency ratio (FTE)		65.41	%		63.47	%		65.40	%		65.61	%		63.87	%				65.41	%		63.87	%

* Percent variance not meaningful

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

	2009			2008												Q1 2009 - Q1 2008 Percent Variance		For the Three Months Ended March 31,
Average balances	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter					2009			2008			Percent Variance
Total assets	$	3,763,245		$	3,697,726		$	3,744,069		$	3,752,401		$	3,629,623		3.68		$	3,763,245		$	3,629,623		3.68
Earning assets		3,343,699			3,284,282			3,329,651			3,333,176			3,210,112		4.16			3,343,699			3,210,112		4.16
Securities		696,068			713,108			735,977			704,694			555,174		25.38			696,068			555,174		25.38
Loans, net of unearned		2,587,436			2,551,660			2,571,069			2,611,843			2,631,101		(1.66	)		2,587,436			2,631,101		(1.66	)
Intangibles		193,067			193,671			194,382			195,949			197,036		(2.01	)		193,067			197,036		(2.01	)
Non-interest bearing deposits	$	299,265		$	289,079		$	287,197		$	298,692		$	293,528		1.95		$	299,265		$	293,528		1.95
Interest bearing deposits		2,250,324			2,106,341			2,143,680			2,233,380			2,301,291		(2.21	)		2,250,324			2,301,291		(2.21	)
Total deposits		2,549,589			2,395,420			2,430,877			2,532,072			2,594,819		(1.74	)		2,549,589			2,594,819		(1.74	)
Other borrowings		815,548			856,057			871,744			774,052			587,957		38.71			815,548			587,957		38.71
Shareholders’ equity		403,229			407,286			406,571			410,780			405,355		(0.52	)		403,229			405,355		(0.52	)
Asset quality data
Nonaccrual loans	$	47,591		$	35,661		$	20,578		$	17,659		$	16,090		195.78		$	47,591		$	16,090		195.78
Loans 90 past due or more		19,789			4,252			9,077			8,962			5,888		236.09			19,789			5,888		236.09
Non-performing loans		67,380			39,913			29,655			26,621			21,978		206.58			67,380			21,978		206.58
Other real estate owned and repossessions		25,318			25,111			21,901			13,111			12,802		97.77			25,318			12,802		97.77
Non-performing assets	$	92,698		$	65,024		$	51,556		$	39,732		$	34,780		166.53		$	92,698		$	34,780		166.53
Net loan charge-offs (recoveries)	$	4,764		$	8,098		$	1,624		$	2,823		$	1,726		176.01		$	4,764		$	1,726		176.01
Allowance for loan losses		35,181			34,905			28,024			26,647			27,271		29.01			35,181			27,271		29.01
Non-performing loans / total loans		2.69	%		1.58	%		1.17	%		1.05	%		0.85	%				2.69	%		0.85	%
Non-performing assets / total assets		2.44	%		1.75	%		1.38	%		1.05	%		0.94	%				2.44	%		0.94	%
Allowance for loan losses / total loans		1.40	%		1.38	%		1.11	%		1.05	%		1.06	%				1.40	%		1.06	%
Allowance for loan losses / non-performing loans		52.21	%		87.45	%		94.50	%		100.10	%		124.08	%				52.21	%		124.08	%
Annualized net loan charge-offs / average loans		0.75	%		1.26	%		0.25	%		0.43	%		0.26	%				0.75	%		0.26	%
Balances at period end
Total assets	$	3,795,217		$	3,715,980		$	3,725,209		$	3,782,196		$	3,699,276				$	3,795,217		$	3,699,276		2.59
Earning assets		3,368,962			3,286,764			3,284,813			3,339,511			3,267,329					3,368,962			3,267,329		3.11
Securities		709,950			695,106			708,406			741,154			636,338					709,950			636,338		11.57
Mortgage loans held for sale		55,194			41,805			35,976			43,487			33,062					55,194			33,062		66.94
Loans, net of unearned		2,506,780			2,530,886			2,525,424			2,541,012			2,580,911					2,506,780			2,580,911		(2.87	)
Intangibles		192,822			193,323			194,022			194,688			196,264					192,822			196,264		(1.75	)
Non-interest bearing deposits	$	303,536		$	284,227		$	287,850		$	305,877		$	304,171				$	303,536		$	304,171		(0.21	)
Interest bearing deposits		2,385,769			2,060,104			2,124,318			2,161,301			2,322,471					2,385,769			2,322,471		2.73
Total deposits		2,689,305			2,344,331			2,412,168			2,467,178			2,626,642					2,689,305			2,626,642		2.39
Other borrowings		672,130			933,976			870,326			878,813			623,906					672,130			623,906		7.73
Shareholders’ equity		400,095			400,371			406,267			403,795			409,827					400,095			409,827		(2.37	)
Market value per common share	$	12.56		$	17.03		$	21.71		$	14.73		$	22.50				$	12.56		$	22.50		(44.18	)
Book value per common share		18.99			19.00			19.33			19.27			19.58					18.99			19.58		(3.01	)
Tangible book value per common share		9.84			9.83			10.10			9.98			10.20					9.84			10.20		(3.57	)
Shareholders’ equity to assets (actual)		10.54	%		10.77	%		10.91	%		10.68	%		11.08	%				10.54	%		11.08	%
Tangible capital ratio		5.75	%		5.88	%		6.01	%		5.83	%		6.10	%				5.75	%		6.10	%
Leverage ratio		8.28	%		8.34	%		8.30	%		8.12	%		8.23	%				8.28	%		8.23	%
Tier 1 risk-based capital ratio		10.99	%		10.85	%		10.81	%		10.49	%		10.03	%				10.99	%		10.03	%
Total risk-based capital ratio		12.24	%		12.10	%		11.84	%		11.45	%		11.00	%				12.24	%		11.00	%
Detail of Loans by Category
Commercial, financial, agricultural	$	301,899		$	312,648		$	299,233		$	303,385		$	310,497				$	301,899		$	310,497		(2.77	)
Lease financing		1,434			1,746			1,943			2,130			2,304					1,434			2,304		(37.76	)
Real estate - construction		210,747			241,818			241,661			335,430			385,957					210,747			385,957		(45.40	)
Real estate - 1-4 family mortgages		872,796			886,380			877,045			857,165			846,626					872,796			846,626		3.09
Real estate - commercial mortgages		1,055,537			1,015,894			1,032,797			972,111			954,131					1,055,537			954,131		10.63
Installment loans to individuals		64,367			72,400			72,745			70,791			81,396					64,367			81,396		(20.92	)
Loans, net of unearned	$	2,506,780		$	2,530,886		$	2,525,424		$	2,541,012		$	2,580,911				$	2,506,780		$	2,580,911		(2.87	)

* Percent variance not meaningful