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

Exhibit 99.1

RENASANT CORPORATION ANNOUNCES

2009 SECOND QUARTER EARNINGS

TUPELO, MISSISSIPPI (July 21, 2009) – Renasant Corporation (NASDAQ: RNST) (the “Company”) today announced results for the second quarter of 2009. Net income for the second quarter of 2009 was $4,256,000 compared to $7,985,000 for the second quarter of 2008. Basic and diluted earnings per share were $0.20 during the second quarter of 2009 as compared to basic and diluted earnings per share of $0.38 for the second quarter of 2008.

“Our second quarter 2009 results reflect our continued focus on controlling non-interest expenses and capitalizing on our diversified revenue sources to continue to grow non-interest income,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. “While the current economic environment continues to be a challenge, especially with respect to credit quality, we are encouraged that our non-performing loans and our total past due loans decreased on a linked quarter basis. Additionally, we continue to maintain strong levels of capital which we believe will support our current and anticipated capital needs.”

Non-interest expense was $27,132,000 for the second quarter of 2009 as compared to $27,698,000 for the second quarter of 2008. Non-interest expense for the second quarter of 2009 included approximately $1.75 million for the special deposit insurance assessment levied by the FDIC on all insured institutions.

“By controlling expenses, we were able to offset the costs of the special FDIC assessment and the increase in our base FDIC insurance rate, both of which applied to all insured institutions. Staff reductions resulted in lower expenses related to salaries and benefits, and our occupancy expense also declined during the second quarter of 2009,” said McGraw. “Expense control continues to be one of our top priorities.”

Non-interest income increased 11.85% to $15,424,000 for the second quarter of 2009 from $13,790,000 for the second quarter of 2008. The growth in non-interest income was generated primarily through the Company’s mortgage operations and gains from the sale of investment securities coupled with the continued stability of other sources of non-interest income. Gains from the sale of mortgage loans increased $982,000 to $2,293,000 for the second quarter of 2009 as compared to the same period in 2008. Mortgage loan production increased $56.74 million to $260.58 million for the second quarter of 2009 as compared to the second quarter of 2008. Net gains from the sale of investment securities were $1,123,000 for the second quarter of 2009. The Company did not record any gains from the sale of investment securities during 2008.

“The outstanding performance by our mortgage production department coupled with the current low interest rate environment has been the catalyst in our non-interest income growth.” stated McGraw. “In addition, we continue to experience a stable revenue stream from our various sources of non-interest income.”

Net interest income was $24,160,000 for the second quarter of 2009 compared to $27,502,000 for the same period in 2008. Net interest margin was 3.04% for the second quarter of 2009 compared 3.43% for the second quarter of 2008. Net interest margin was 3.19% for the first quarter of 2009. The linked quarter decrease in net interest margin was, in large part, due to accelerated prepayments on mortgage-backed securities and calls of government agency securities. These cash flows were used to make loans and purchase investment securities that, due to the current interest rate environment, carried a lower interest rate than the loans and investment securities being replaced. Further impacting the Company’s margin was an increase in nonaccrual loans in the second quarter of 2009 as compared to the corresponding period in 2008.

“Excluding the effect of nonaccrual loans on net interest income, we believe that our margin is positioned to improve during the second half of 2009 as we continue to improve the yields on new and renewed loans and replace higher-cost funding with lower-cost deposits,” commented McGraw.

Non-performing loans as a percentage of total loans were 2.65% at June 30, 2009, as compared to 2.69% at March 31, 2009 and 1.05% at June 30, 2008. In addition, we saw a linked quarter decrease in loans 30-89 days past due during the second quarter of 2009. Loans past due 30-89 days as a percentage of total loans decreased to 0.89% at June 30, 2009 as compared to 1.04% at March 31, 2009 and 1.23% at June 30, 2008. Non-performing assets as a percentage of total assets increased to 2.59% at June 30, 2009 compared to 2.44% at March 31, 2009 and 1.05% at June 30, 2008, due to increases in other real estate owned.

The Company recorded a provision for loan losses of $6,700,000 for the second quarter of 2009 as compared to $5,040,000 for the first quarter of 2009 and $2,200,000 for the second quarter of 2008. The provision for loan losses was increased during the second quarter of 2009, which is reflective of the higher amount of net charge-offs during the quarter and consistent with our practice of providing for losses within our loan portfolio as we identify potential weaknesses. Annualized net charge-offs as a percentage of average loans were 0.93% for the second quarter of 2009, up from 0.75% for the first quarter of 2009 and 0.43% for the second quarter of 2008. The allowance for loan losses as a percentage of loans was 1.46% at June 30, 2009, as compared to 1.40% at March 31, 2009 and 1.05% at June 30, 2008.

“We continue to evaluate the risk within our loan portfolio and in this effort, we have continued to reduce our exposure to construction and development loans as witnessed by the $33.4 million decline on a linked quarter basis,” stated McGraw.“We believe that we are adequately reserved for inherent loan losses absent any unprecedented or extraordinary events.”

Total assets as of June 30, 2009 were approximately $3.70 billion, a 0.38% decrease since December 31, 2008. Total loans were approximately $2.47 billion at the end of the second quarter of 2009, a decrease from $2.53 billion at December 31, 2008. Total deposits were $2.60 billion at June 30, 2009, representing a 10.91% increase from December 31, 2008.

At June 30, 2009, each of the Company’s regulatory capital ratios were in excess of regulatory well capitalized thresholds. The Company’s Tier 1 leverage capital ratio was 8.37%, its Tier 1 risk-based capital ratio was 10.95%, and its total risk-based capital ratio was 12.20%. The Company’s shareholders’ equity to total assets increased to 10.82% at June 30, 2009 as compared to 10.54% at March 31, 2009 and 10.68% at June 30, 2008. The Company’s tangible shareholders’ equity to total tangible assets (tangible capital ratio) increased to 5.94% at June 30, 2009 as compared to 5.75% at March 31, 2009 and 5.83% at June 30, 2008.

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 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 800-291-5365 in the United States and entering the participant passcode 94451563. International participants should dial 617-614-3922 and enter the participant passcode 94451563.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $3.70 billion and operates over 60 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												Q2 2009 - Q2 2008 Percent Variance		For the Six Months Ended June 30,
Statement of earnings	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter					2009			2008			Percent Variance
Interest income - taxable equivalent basis	$	43,836		$	44,988		$	47,989		$	50,904		$	51,386		$	54,324		(14.69	)	$	88,824		$	105,710		(15.97	)
Interest income	$	42,709		$	43,910		$	47,110		$	50,004		$	50,465		$	53,383		(15.37	)	$	86,619		$	103,848		(16.59	)
Interest expense		18,549			18,597			20,268			22,063			22,963			26,226		(19.22	)		37,146			49,189		(24.48	)
Net interest income		24,160			25,313			26,842			27,941			27,502			27,157		(12.15	)		49,473			54,659		(9.49	)
Provision for loan losses		6,700			5,040			14,979			3,000			2,200			2,625		204.55			11,740			4,825		143.32
Net interest income after provision		17,460			20,273			11,863			24,941			25,302			24,532		(30.99	)		37,733			49,834		(24.28	)
Service charges on deposit accounts		5,395			5,425			5,601			5,861			5,750			5,433		(6.17	)		10,820			11,183		(3.25	)
Fees and commissions on loans and deposits		4,424			4,682			3,674			4,198			4,481			3,765		(1.27	)		9,106			8,246		10.43
Insurance commissions and fees		837			828			868			920			838			857		(0.12	)		1,665			1,695		(1.77	)
Trust revenue		488			491			551			597			670			626		(27.16	)		979			1,296		(24.46	)
Net gain on sale of securities		1,123			427			—			—			—			—		N/M			1,550			—		N/M
Gain on sale of mortgage loans		2,293			1,776			1,263			1,352			1,311			1,521		74.90			4,069			2,832		43.68
Other		864			1,133			794			716			740			1,655		16.76			1,997			2,395		(16.62	)
Total non-interest income		15,424			14,762			12,751			13,644			13,790			13,857		11.85			30,186			27,647		9.18
Salaries and employee benefits		13,736			14,744			12,583			15,250			14,849			14,718		(7.50	)		28,480			29,567		(3.68	)
Occupancy and equipment		3,063			3,249			3,208			3,399			3,413			3,373		(10.25	)		6,312			6,786		(6.98	)
Data processing		1,430			1,329			1,310			1,289			1,303			1,307		9.75			2,759			2,610		5.71
Amortization of intangibles		494			501			683			610			578			584		(14.53	)		995			1,162		(14.37	)
Other		8,409			7,097			7,904			7,236			7,555			6,816		11.30			15,506			14,371		7.90
Total non-interest expense		27,132			26,920			25,688			27,784			27,698			26,798		(2.04	)		54,052			54,496		(0.81	)
Income before income taxes		5,752			8,115			(1,074	)		10,801			11,394			11,591		(49.52	)		13,867			22,985		(39.67	)
Income taxes		1,496			2,109			(1,306	)		3,243			3,409			3,314		(56.12	)		3,605			6,723		(46.38	)
Net income	$	4,256		$	6,006		$	232		$	7,558		$	7,985		$	8,277		(46.70	)	$	10,262		$	16,262		(36.90	)
Basic earnings per share	$	0.20		$	0.29		$	0.01		$	0.36		$	0.38		$	0.40		(47.37	)	$	0.49		$	0.78		(37.18	)
Diluted earnings per share		0.20			0.28			0.01			0.36			0.38			0.39		(47.37	)		0.48			0.77		(37.66	)
Average basic shares outstanding		21,073,228			21,067,539			21,039,068			20,980,557			20,946,287			20,878,478		0.61			21,067,539			20,912,383		0.74
Average diluted shares outstanding		21,194,055			21,188,397			21,178,966			21,175,465			21,205,208			21,133,235		(0.05	)		21,188,397			21,164,345		0.11
Common shares outstanding		21,074,568			21,067,539			21,067,539			21,013,427			20,954,627			20,930,871		0.57			21,074,568			20,954,627		0.57
Cash dividend per common share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		$	0.17		—		$	0.34		$	0.34		—
Performance ratios
Return on average shareholders’ equity		4.22	%		6.04	%		0.23	%		7.40	%		7.82	%		8.21	%				5.13	%		8.05	%
Return on average shareholders’ equity, excluding amortization expense		4.52	%		6.35	%		0.64	%		7.76	%		8.17	%		8.57	%				5.44	%		8.41	%
Return on average assets		0.46	%		0.65	%		0.02	%		0.80	%		0.86	%		0.92	%				0.55	%		0.89	%
Return on average assets, excluding amortization expense		0.49	%		0.68	%		0.07	%		0.84	%		0.89	%		0.96	%				0.58	%		0.92	%
Net interest margin (FTE)		3.04	%		3.19	%		3.36	%		3.45	%		3.43	%		3.52	%				3.12	%		3.47	%
Yield on earning assets (FTE)		5.27	%		5.46	%		5.81	%		6.08	%		6.20	%		6.81	%				5.37	%		6.50	%
Average earning assets to average assets		89.25	%		88.85	%		88.82	%		88.93	%		88.83	%		88.44	%				88.91	%		88.64	%
Average loans to average deposits		94.40	%		99.13	%		105.30	%		104.03	%		101.20	%		99.90	%				96.72	%		100.54	%
Noninterest income (less securities gains/ losses) to average assets		1.53	%		1.54	%		1.37	%		1.45	%		1.48	%		1.54	%				1.54	%		1.51	%
Noninterest expense to average assets		2.91	%		2.90	%		2.76	%		2.95	%		2.97	%		2.97	%				2.91	%		2.97	%
Net overhead ratio		1.38	%		1.36	%		1.39	%		1.50	%		1.49	%		1.43	%				1.37	%		1.46	%
Efficiency ratio (FTE)		66.65	%		65.41	%		63.47	%		65.40	%		65.61	%		63.87	%				66.03	%		64.75	%

* Percent variance not meaningful

RENASANT CORPORATION

(Unaudited)

(Dollars in thousands, except per share data)

	2009						2008												Q2 2009 - Q2 2008 Percent Variance		For the Six Months Ended June 30,
Average Balances	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter					2009			2008			Percent Variance
Total assets	$	3,738,852		$	3,763,245		$	3,697,726		$	3,744,069		$	3,752,401		$	3,629,623		(0.36	)	$	3,750,916		$	3,691,018		1.62
Earning assets		3,337,103			3,343,699			3,284,282			3,329,651			3,333,176			3,210,112		0.12			3,334,954			3,271,644		1.94
Securities		701,894			696,068			713,108			735,977			704,694			555,174		(0.40	)		693,569			629,934		10.10
Loans, net of unearned		2,542,021			2,587,436			2,551,660			2,571,069			2,611,843			2,631,101		(2.67	)		2,564,603			2,621,472		(2.17	)
Intangibles		192,568			193,067			193,671			194,382			195,949			197,036		(1.73	)		192,816			196,493		(1.87	)
Non-interest bearing deposits	$	293,546		$	299,265		$	289,079		$	287,197		$	298,692		$	293,528		(1.72	)	$	296,373		$	296,075		0.10
Interest bearing deposits		2,342,788			2,250,324			2,106,341			2,143,680			2,233,380			2,301,291		4.90			2,296,812			2,267,309		1.30
Total deposits		2,636,334			2,549,589			2,395,420			2,430,877			2,532,072			2,594,819		4.12			2,593,185			2,563,384		1.16
Other borrowings		662,387			815,548			856,057			871,744			774,052			587,957		(14.43	)		738,544			681,004		8.45
Shareholders’ equity		404,456			403,229			407,286			406,571			410,780			405,355		(1.54	)		403,141			406,151		(0.74	)
Asset quality data
Nonaccrual loans	$	55,217		$	47,591		$	35,661		$	20,578		$	17,659		$	16,090		212.68		$	55,217		$	17,659		212.68
Loans 90 past due or more		10,284			19,789			4,252			9,077			8,962			5,888		14.75			10,284			8,962		14.75
Non-performing loans		65,501			67,380			39,913			29,655			26,621			21,978		146.05			65,501			26,621		146.05
Other real estate owned and repossessions		30,546			25,318			25,111			21,901			13,111			12,802		132.98			30,546			13,111		132.98
Non-performing assets	$	96,047		$	92,698		$	65,024		$	51,556		$	39,732		$	34,780		141.74		$	96,047		$	39,732		141.74
Net loan charge-offs (recoveries)	$	5,917		$	4,764		$	8,098		$	1,624		$	2,823		$	1,726		109.60		$	10,681		$	4,549		134.80
Allowance for loan losses		35,964			35,181			34,905			28,024			26,647			27,271		34.96			35,964			26,647		34.96
Non-performing loans / total loans		2.65	%		2.69	%		1.58	%		1.17	%		1.05	%		0.85	%				2.65	%		1.05	%
Non-performing assets / total assets		2.59	%		2.44	%		1.75	%		1.38	%		1.05	%		0.94	%				2.59	%		1.05	%
Allowance for loan losses / total loans		1.46	%		1.40	%		1.38	%		1.11	%		1.05	%		1.06	%				1.46	%		1.05	%
Allowance for loan losses / non-performing loans		54.91	%		52.21	%		87.45	%		94.50	%		100.10	%		124.08	%				54.91	%		100.10	%
Annualized net loan charge-offs / average loans		0.93	%		0.75	%		1.26	%		0.25	%		0.43	%		0.26	%				0.84	%		0.35	%
Balances at period end
Total assets	$	3,701,957		$	3,795,217		$	3,715,980		$	3,725,209		$	3,782,196		$	3,699,276				$	3,701,957		$	3,782,196		(2.12	)
Earning assets		3,236,615			3,368,962			3,286,764			3,284,813			3,339,511			3,267,329					3,236,615			3,339,511		(3.08	)
Securities		684,723			709,950			695,106			708,406			741,154			636,338					684,723			741,154		(7.61	)
Mortgage loans held for sale		49,565			55,194			41,805			35,976			43,487			33,062					49,565			43,487		13.98
Loans, net of unearned		2,468,844			2,506,780			2,530,886			2,525,424			2,541,012			2,580,911					2,468,844			2,541,012		(2.84	)
Intangibles		192,328			192,822			193,323			194,022			194,688			196,264					192,328			194,688		(1.21	)
Non-interest bearing deposits	$	292,129		$	303,536		$	284,227		$	287,850		$	305,877		$	304,171				$	292,129		$	305,877		(4.49	)
Interest bearing deposits		2,308,081			2,385,769			2,060,104			2,124,318			2,161,301			2,322,471					2,308,081			2,161,301		6.79
Total deposits		2,600,210			2,689,305			2,344,331			2,412,168			2,467,178			2,626,642					2,600,210			2,467,178		5.39
Other borrowings		665,755			672,130			933,976			870,326			878,813			623,906					665,755			878,813		(24.24	)
Shareholders’ equity		400,680			400,095			400,371			406,267			403,795			409,827					400,680			403,795		(0.77	)
Market value per common share	$	15.02		$	12.56		$	17.03		$	21.71		$	14.73		$	22.50				$	15.02		$	14.73		1.97
Book value per common share		19.01			18.99			19.00			19.33			19.27			19.58					19.01			19.27		(1.34	)
Tangible book value per common share		9.89			9.84			9.83			10.10			9.98			10.20					9.89			9.98		(0.93	)
Shareholders’ equity to assets (actual)		10.82	%		10.54	%		10.77	%		10.91	%		10.68	%		11.08	%				10.82	%		10.68	%
Tangible capital ratio		5.94	%		5.75	%		5.88	%		6.01	%		5.83	%		6.10	%				5.94	%		5.83	%
Leverage ratio		8.37	%		8.28	%		8.34	%		8.30	%		8.12	%		8.23	%				8.37	%		8.12	%
Tier 1 risk-based capital ratio		10.95	%		10.99	%		10.85	%		10.81	%		10.49	%		10.03	%				10.95	%		10.49	%
Total risk-based capital ratio		12.20	%		12.24	%		12.10	%		11.84	%		11.45	%		11.00	%				12.20	%		11.45	%
Detail of Loans by Category
Commercial, financial, agricultural	$	292,177		$	301,899		$	312,648		$	299,233		$	303,385		$	310,497				$	292,177		$	303,385		(3.69	)
Lease financing		1,283			1,434			1,746			1,943			2,130			2,304					1,283			2,130		(39.77	)
Real estate - construction		180,202			210,747			241,818			241,661			335,430			385,957					180,202			335,430		(46.28	)
Real estate - 1-4 family mortgages		878,263			872,796			886,380			877,045			857,165			846,626					878,263			857,165		2.46
Real estate - commercial mortgages		1,054,169			1,055,537			1,015,894			1,032,797			972,111			954,131					1,054,169			972,111		8.44
Installment loans to individuals		62,750			64,367			72,400			72,745			70,791			81,396					62,750			70,791		(11.36	)
Loans, net of unearned	$	2,468,844		$	2,506,780		$	2,530,886		$	2,525,424		$	2,541,012		$	2,580,911				$	2,468,844		$	2,541,012		(2.84	)

* Percent variance not meaningful