Welcome to the Renaissance Corporation Annual Meeting of Shareholders. I would now like to introduce the first presenter, Robin McGraw, Executive Chairman for Renasant Corporation.
Thank you, Peter. Good afternoon and welcome to 2021 Annual Meeting of Shareholders of Reynolds Knott Corporation. I am Robin McGraw, Executive Chairman and Chairman of the Board of Directors and I will serve as Chair of this meeting. On behalf of the Board, it is my pleasure to welcome you to the Annual Meeting. We appreciate your attendance today and your support of Renaissance Corporation.
The health and well-being of our shareholders, employees, directors and the communities which we serve being a top priority, we have once again elected to host our annual meeting virtually rather than welcome you to our headquarters in Tupelo, Mississippi. All of our directors as well as the members of Renaissance Senior Management are in attendance at today's meeting. Validated shareholders have the opportunity to ask questions of our executive leadership team by submitting them through the designated field of the web portal. If there are any questions about the proposals to be voted on at this meeting, we will answer those before questions before the polls close for voting. There will be a Q and A session at the end of the meeting, during which we will respond to any other questions.
Before submitting any questions, please review the rules of conduct that are posted in the virtual meeting web portal. The rules address appropriate content and link to questions, the number of questions each shareholder can ask and other matters. With respect to voting, shareholders who have sent in proxies or voted via telephone or Internet and do not want to change their vote do not need to do any further action. However, if you haven't voted or if you wish to change your vote, you may do so by clicking on the voting button on the web portal and following the instructions there. Now, let's turn to the business of the Annual Meeting.
The Board of Directors fixed February 19, 2021 as the record date for determining shareholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that either the notice of the Internet availability of our proxy statement, proxy card and 2020 annual report to shareholders where the documents themselves were mailed on or about March 18, 2021 to all shareholders of record as of that date. These documents as well as the affidavit of mailing will be filed with the minutes of this meeting. Also, a list of all shareholders as of the record date is available for inspection during this meeting by any shareholder on the virtual meeting's web portal. Secretary will file a copy of the list of shareholders with the records of the company.
Director Richard Hyre has been elected as the Chairman of our proxy committee. Doctor. Hyer will now present the number of eligible shares that have been voted either in person or by proxy. Doctor. Hyer?
Thank you, Robin. I have received the report of the inspectors of election appointed to act as such for this meeting as well as each inspector's oath of office, which will be included in the minutes of the meeting. Based on this report, there are 57,199,954 shares eligible to vote and 48,620,401 shares or 85% of the shares outstanding voted either in person or by proxy to the commencement of this meeting. This represents more than a majority of the voting power of all issued and outstanding stock entitled to vote as of the record date. And accordingly, a quorum is present for conducting business.
Thank you, Doctor. Hyer.
Now our Corporate Secretary, Mark Jeanpro is prepared to read the minutes of the 2020 Annual Meeting of Shareholders unless the reading of the minutes is waived. Is there a motion to waive the reading of these minutes? So moved.
And I'll second.
Thank you. Now is there a motion to adopt the minutes of the 2020 Annual Meeting of Shareholders? So moved. And I second. Thank you.
At this time, I will present the matters submitted for shareholder vote. Please submit any questions or comments on the proposals through the designated question field in the web portal. We will respond after presenting all the proposals. Please also remember that you do not have to do anything if you have already devoted your shares, but if you have not yet voted shares or you wish to change your vote, you may do so now by clicking on the voting button of the web portal and following the instructions there. We will close the polls following the presentation of the proposals and addressing any questions submitted related to the proposals.
First proposal is the election of 4 Class 1 directors. The second proposal will be the election of 1 Class 3 director. The 3rd proposal will be an advisory vote on executive compensation. And the 4th will be a ratification of the appointment of Horn LLP as our independent registered public accountants for 2021. Now that everyone has had the opportunity to vote, I now declare the polls of the 2021 Rimmazon Corporation Annual Meeting of Shareholders close.
Doctor. Hyer, do we have a preliminary voting result?
Yes, Mr. Chairman. Based on preliminary voting totals that I have received from the inspectors of election, all directors nominated for election received the required plurality of votes cast, and each of the remaining proposals as described in the proxy statement received a majority of votes cast.
Thank you, Doctor. Hyer. We will report our final vote results in Form 8 ks filed with the SEC not more than 4 business days following this meeting. We would now like to take the opportunity to recognize our external audit firm, Warren LLP. Rusty Butcher, the lead partner on our audit is participating in the meeting today.
If you have any questions for him, please submit those questions now and he'll be available to answer those at the end of the meeting. Now, I'll turn the meeting over to our President and Chief Executive Officer, Mitch Waycaster, to present our annual report. Mitch?
Thank you, Robin. As Robin mentioned earlier, I thank each of you for joining us in this virtual environment. As we continue to navigate and hopefully continue to exit the pandemic. As we were entering this unprecedented time last year and throughout the year, our dedicated group of financial professionals, our employees, our greatest asset, have continued to serve well our clients, communities and you, our shareholders. I'll begin by calling your attention to our forward looking statements disclosure and remind you that forward looking statements in this presentation are not guarantees of future performance.
They involve risks, uncertainties and assumptions and actual results may differ. I'll begin with the 2020 year end review. I would mention that Kevin Chapman, our Chief Operating Officer, will be joining me later in the report to review the 2020 financial highlights. But beginning with some highlights just reflecting on 2020 year end review. And I'm going to begin with creating security and opportunity for our employees.
As I mentioned earlier, our greatest asset is our employees. During 2020, they served as financial services first responders, and they did that across our footprint. And as we continue to understand and meet needs, providing for a safe environment for our employees and our clients was priority 1. In doing so, over the last five quarters, we spent over $1,000,000 on personal protective equipment, whether that be masks, petitions at wellness stations, over $750,000 on enhanced branch cleanings. Equally important was covering testing costs and we provided for time off as was required for quarantines.
As well providing accommodative work schedules with many working remotely, which was possible due to the past investments in technology and business continuity plans. Next, understanding and meeting the needs of the client, which is our daily mission in every customer interaction, but this was never more evident than in 2020. As financial service first responders through the Paycheck Protection Program, we originated 11,433 loans to small businesses, totaling $1,300,000,000 a program that was required to be developed and stood up quickly. We made reference many times earlier in the year that we had begun to fly a plane while we were building it. Doing so, all while continuing with normal lending services.
And another way to say, our teams originated approximately the volume of loans that we would normally have originated in 3 quarters in just a few weeks. That work has continued with additional PPP loans this year and working through the forgiveness process. Equally important to clients was facilitating the processing of economic impact payments from the federal government. We processed approximately 400,000 payments totaling $677,000,000 while continuing normal processing and servicing of clients. In addition, for our small business commercial and consumer mortgage clients, we made approximately 6,000 loan deferral accommodations in 2020.
All of these accommodations were during a time that operating procedures, processes and facility hours were adjusted to accommodate client needs and to adhere to prudent safety measures. Again, prior investments in technology facilitated our ability to meet client needs and in many ways have changed how clients will choose to utilize services in the future. Reflecting on how we continued to serve our communities, Understanding and meeting the needs of our communities across our footprint in 2020 was extremely important. And our teams and our markets at the onset of the pandemic quickly identified needs and dedicated resources. We completed over 1600 community outreach activities totaling more than 4,000 hours.
To mention a few school fund, school food distribution programs, meals to first responders, grants to local agencies and nonprofits that were meeting needs in those communities. All work through as well our work through the Renasant Roots program continued in low to moderate communities with safety protocols in place and through virtual programs for financial education and small business technical assistance. Now just a few slides, photos of some program highlights of community programs and company investments. And I'll begin with investment at the top left. We became the naming rights sponsor and partner with the City of Memphis for the newly renovated downtown convention center that will serve our mid south region.
On middle left, Ali Ewing, Women's Professional Golf Association Tour Player and you see middle school children receiving a financial and budgeting skills class, where we're investing in our future. And then in the middle, our logo for our social responsibility, diversity and inclusion program. We are committed to fostering, cultivating and preserving a culture of diversity and inclusion. We have dedicated leadership, resources and initiatives across our company. In the top right, Lucky Lotus is a female owned food business in Atlanta featured in our marketing for Rise with Renasant.
And at the bottom right, within our mortgage company, we continue to develop and participate in homeownership programs that facilitate the American dream of homeownership in each community. These are only a few highlights of how your company served our employees, clients, communities and you, our shareholders in 2020. Now I'll turn the program over to Kevin Chapman, our Chief Operating Officer to cover financial highlights. Kevin? Thank you, Mitch.
And honestly, as you see, we've added 7 bullet points on the screen that highlight financially what happened during the year. Honestly, summarizing 2020 in 7 bullet points doesn't do justice the uncertainty and volatility that the management team had to manage through during 2020. As Mitch noted, the team reacted and responded quickly to effect change all throughout the year regardless of the circumstances that was put in front of them. For the year, our net income was just shy of $84,000,000 and we did earn $1.48 earnings per share. More as important maybe that each of the quarters of 2020, we maintain profitability throughout each of those quarters.
As we look at 2020, we not only maintained one of our strategic goals of being opportunistic, but we also took a position of being defensive and fortifying our balance sheet. During the year, the interest rate environment changed on us. We started the year with 1 interest rate environment and in March of 2020, the Fed cut rates to almost 0. That had a positive and a negative impact on the company's income statement. One of the more positive items was the level of mortgage production that lower interest rate environment created.
Our mortgage company produced almost $7,000,000,000 in locked volume for 2020 and had record mortgage banking income of almost $151,000,000 To put that into perspective, that $7,000,000,000 in locked volume, typically the mortgage company does about $2,000,000,000 per year. In some cases, on a quarterly basis, we were doing a year's worth of volume in a single quarter. Because of the lower rates on the short end of the curve, it did force us to look at our efficiency and look at our expenses. The company did announce a couple of plans that allowed us to align our workforce and our branch network, and we incurred about $7,300,000 in restructuring charges to affect that change. We expect savings from this initiatives to be realized in 2021 and recapturing any of those one time charges that we incurred in 2020.
As a result of the pandemic, and as Mitch mentioned, some of the accommodations that we've made, we believe that a credit event occurred in 2020, particularly in Q1. And so one of our fortifying actions was to ensure that our allowance for loan losses was at a sufficient level to incur any losses that may be inherent in our loan portfolio. We built our allowance to 176,100,000 or approximately 1.8 percent of our total loans if we exclude the PPP loans. We're excluding those because those are government guaranteed loans and we don't believe there'll be any losses on them. Underlying that allowance and what flow through the income statement is that we did book about $87,000,000 of provision expense that ran through the income statement.
While we aren't seeing credit quality trends deteriorate in our metrics, we still remain mindful that there was a credit event and continue to monitor all of our credit metrics closely. Another action that we took in looking at fortifying the balance sheet was ensuring that our capital levels were at a sufficient level given the uncertainty. We did take an action to increase our capital. We issued $100,000,000 of subordinated notes during 2020. While those don't qualify as Tier 1 capital, they did bolster our Tier 2 capital and our total risk based capital ratio.
And our total risk based capital ratio ended the year at over 15%. On the opportunity side, we did although it was a year of economic uncertainty, we did actually grow our loan portfolio almost 1%. The PPP loans that Mitch mentioned, we originated $1,300,000,000 in PPP loans, which was equivalent to approximately a year's worth of growth. And all of that growth occurred in the month of April May. Although it is the PPP loans and they won't Last of all, liquidity.
Our deposits grew almost $2,000,000,000 And that's a result of a variety of actions, most notably some of the economic stimulus that was issued by the government, the PPP program, but also not to underscore the hard work of all of our teammates and one of our primary corporate initiatives, which is core funding and deposit growth. So with that, that's a brief highlight of the financials for 2020. And now, Mitch, I'll turn it back over to you for any closing comments.
Thank you, Kevin. In the face of incredible challenges in 2020, the Renasant team performed at a very high level. Going to market as one team, our team members delivered on their commitment to providing high quality service, even while managing the pandemic's impact on them personally. Your company grew stronger in many ways as a result of the pandemic, and this added strength puts Renasant in a position to continue to grow and build shareholder value in the years to come. Mr.
Chairman, that concludes our report.
Thank you, Mitch and Kevin, for that report. Now do we have a motion to adopt the annual report?
So moved, Mr. Chairman.
Second. Thank you. Now I'd like to take a moment to recognize 2 of our corporate board members and one of our board directors, one of our bank directors who are retiring effective at the end of this meeting. Marshall Dickerson and Rick Hart are retiring from our holding company boards, while Fred Sharp is retiring from our bank board. Mr.
Dickerson, Mr. Hart and Mr. Sharp have been valuable contributors to Renasant's success over the years and we'll miss their input on our bank and holding company boards. On behalf of the Board of Directors as well as Renaissance shareholders and employees, I sincerely thank Marshall, Rick and Fred for their years of dedicated service to our company. And we do thank you for those years of service.
There is no further business discussed at the Annual Meeting. That being the case, we have a motion to adjourn.
There are no questions.
Oh, and there are the actual awards we will be presenting. And we have a question. But we do have a question.
Yes, sir. Mr. Chairman, I'll read the question. Has the recent pickup in M and A among both large community and regional banks altered management views on what the optimal size and revenue mix should be to sustain and improve our competitive position?
Thank you, Kelly, and thank you for that question. And one thing for certain, your management team continuously evaluates certainly what's going on in the industry. It's easy to look at our past to see that we have been opportunistic in the growth of the company. And I would say that in the recruitment of talent, I referred earlier, that's our greatest asset and your company has been very fortunate in recruiting talent that continues to drive our growth and also to seek new markets. We've been very opportunistic in that fashion in the past as well as through M and A.
And that's just seeking partners, if you will, that see the world the same, that's aligned with our business model. So we continually take those things into consideration as we build out scale and density across our footprint and that we when we evaluate the optimal size and revenue mix of the company. And I would say one, I think very important thing and I think very important for our company and in the industry is that we continue to listen to our client. As the business model is changing relative to size and where we see opportunities to drive revenue and how we're utilizing and leveraging technology. I think all of those things, we take into consideration on a daily basis and drives our decisioning relative to how to best meet those needs and drive really our view on size, our return mix, satisfying customer needs, which in the long term drives a strong banking franchise and ultimately drives shareholder value.
A good question.
Thank you, Mitch. Any further questions?
There are no further questions.
No further questions. There being no further business to discuss at the annual meeting, I will ask if there is a motion to adjourn. Mr. Chairman, I would so move.
Second.
Thank you, Mr. Cregor and Doctor. Hyre. We stand adjourned.
Thank you. The Renasant Corporation Annual Meeting of Shareholders has now come to an end. Thank you for attending. You may now disconnect.