What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-06 compared with 2024-08-07 · 217 added, 210 removed, 1405 unchanged (23% of the section changed)

3 unchanged sentences

(In Thousands, Except Share Data)

September 30,

2024 December 31, 2023

2 unchanged sentences

Cash and cash equivalents 1,275,620 801,351

Securities held to maturity (net of allowance for credit losses of $ 32 at each of June 30, 2024 and December 31, 2023) (fair value of $ 1,052,705 and $ 1,121,830 , respectively)

Securities held to maturity (net of allowance for credit losses of $ 32 at each of September 30, 2024 and December 31, 2023) (fair value of $ 1,068,968 and $ 1,121,830 , respectively)

1,150,531 1,221,464

24 unchanged sentences

Common stock, $ 5.00 par value – 150,000,000 shares authorized;

59,296,725 shares issued;

66,484,225 and 59,296,725 shares issued, respectively;

63,564,028 and 56,142,207 shares outstanding, respectively

11 unchanged sentences

(In Thousands, Except Share Data)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

20 unchanged sentences

Mortgage banking income 8,447 7,533 29,515 25,821

Gain on sale of insurance agency 53,349 — 53,349 —

Gain on debt extinguishment — — 56 —

12 unchanged sentences

Communications 2,176 2,006 6,312 6,212

Merger and conversion related expenses 11,273 — 11,273 —

Other 13,597 13,447 43,317 39,035

10 unchanged sentences

(In Thousands)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

7 unchanged sentences

Derivative instruments:

Unrealized holding losses on derivative instruments ( 141 ) ( 2,361 ) ( 711 ) ( 3,593 )

Unrealized holding (losses) gains on derivative instruments ( 828 ) 1,987 ( 1,539 ) ( 1,606 )

Total derivative instruments ( 828 ) 1,987 ( 1,539 ) ( 1,606 )

2 unchanged sentences

Total defined benefit pension and post-retirement benefit plans 78 86 236 258

Other comprehensive income, net of tax 2,827 863 140 17,576

Other comprehensive income (loss), net of tax 25,022 ( 7,863 ) 25,162 9,713

Comprehensive income $ 97,477 $ 33,970 $ 175,872 $ 126,267

4 unchanged sentences

Common Stock Treasury Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Total

Six Months Ended June 30, 2024 Shares Amount

Nine Months Ended September 30, 2024 Shares Amount

Balance at January 1, 2024 56,142,207 $ 296,483 $ ( 105,249 ) $ 1,308,281 $ 952,124 $ ( 154,256 ) $ 2,297,383

15 unchanged sentences

Balance at June 30, 2024 56,367,924 $ 296,483 $ ( 97,534 ) $ 1,304,782 $ 1,005,086 $ ( 154,116 ) $ 2,354,701

Net income — — — — $ 72,455 $ 72,455

Other comprehensive income — — — — — 25,022 25,022

Comprehensive income 97,477

Cash dividends ($ 0.22 per share)

— — — — ( 14,217 ) — ( 14,217 )

Common stock issued in public offering 7,187,500 35,938 — 181,062 — — 217,000

Issuance of common stock for stock-based compensation awards 8,604 — 283 ( 439 ) — — ( 156 )

Stock-based compensation expense — — — 3,273 — — 3,273

Balance at September 30, 2024 63,564,028 $ 332,421 $ ( 97,251 ) $ 1,488,678 $ 1,063,324 $ ( 129,094 ) $ 2,658,078

Common Stock Treasury Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Total

Six Months Ended June 30, 2023 Shares Amount

Nine Months Ended September 30, 2023 Shares Amount

Balance at January 1, 2023 55,953,104 $ 296,483 $ ( 111,577 ) $ 1,302,422 $ 857,725 $ ( 209,037 ) $ 2,136,016

15 unchanged sentences

Balance at June 30, 2023 56,132,478 $ 296,483 $ ( 105,589 ) $ 1,301,883 $ 907,312 $ ( 191,461 ) $ 2,208,628

Net income — — — — $ 41,833 — $ 41,833

Other comprehensive loss — — — — — ( 7,863 ) ( 7,863 )

Comprehensive income 33,970

Cash dividends ($ 0.22 per share)

— — — — ( 12,572 ) — ( 12,572 )

Issuance of common stock for stock-based compensation awards 8,235 — 289 ( 416 ) — — ( 127 )

Stock-based compensation expense — — — 3,424 — — 3,424

Balance at September 30, 2023 56,140,713 $ 296,483 $ ( 105,300 ) $ 1,304,891 $ 936,573 $ ( 199,324 ) $ 2,233,323

See Notes to Consolidated Financial Statements.

2 unchanged sentences

(In Thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities

Net income $ 150,710 $ 116,554

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses 6,673 13,075

Depreciation, amortization and accretion 23,780 26,723

Deferred income tax expense 1,142 302

Deferred income tax expense (benefit) 2,494 ( 1,231 )

Proceeds from sale of MSR 23,011 —

Gain on sale of MSR ( 3,472 ) —

Gain on sale of insurance agency ( 53,349 ) —

Funding of mortgage loans held for sale ( 1,053,190 ) ( 1,057,277 )

7 unchanged sentences

(Decrease) increase in other liabilities ( 1,712 ) 26,189

Net cash provided by (used in) operating activities 15,980 ( 31,540 )

Net cash provided by operating activities 37,331 48,124

Investing activities

6 unchanged sentences

Proceeds from sales of premises and equipment 339 —

Net cash received from sale of insurance agency 55,333 —

Net change in FHLB stock 2,443 20,794

1 unchanged sentence

Other, net 656 1,844

Net cash (used in) provided by investing activities ( 43,479 ) 274,113

Net cash provided by investing activities 25,572 89,172

Financing activities

4 unchanged sentences

Cash paid for dividends ( 39,510 ) ( 37,706 )

Proceeds from equity offering 217,000 —

Net cash provided by financing activities 411,366 27,868

16 unchanged sentences

Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc., Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as “Republic Business Credit”).

Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis.

See Note 15, “Subsequent Events” for a discussion of the Bank’s sale of substantially all of the assets of Renasant Insurance, Inc.

effective July 1, 2024.

On July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc.

Through its subsidiaries, the Company offers a diversified range of financial, wealth management and fiduciary services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis.

Basis of Presentation :

30 unchanged sentences

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of June 30, 2024 or December 31, 2023.

June 30, 2024

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of September 30, 2024 or December 31, 2023.

September 30, 2024

Obligations of states and political subdivisions $ 20,310 $ 130 $ ( 1,878 ) $ 18,562

20 unchanged sentences

The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:

June 30, 2024

September 30, 2024

Obligations of states and political subdivisions $ 285,450 $ 38 $ ( 34,861 ) $ 250,627

21 unchanged sentences

Held to maturity securities, net of allowance for credit losses $ 1,221,464

Securities sold during the six months ended June 30, 2024 and the three and six months ended June 30, 2023 are presented in the tables below.

With respect to the securities sold during the first six months ended June 30, 2024, the Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024.

Securities sold during the nine months ended September 30, 2024 and 2023 are presented in the tables below.

With respect to the securities sold during the first nine months ended September 30, 2024, the Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024.

Therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023.

There were no securities sold during the second quarter of 2024.

There were no securities sold during the third quarters of 2024 or 2023.

Renasant Corporation and Subsidiaries

1 unchanged sentence

Carrying Value Immediately Prior to Sale Net Proceeds Impairment (Recognized in December 2023)

Six months ended June 30, 2024

Obligations of states and political subdivisions $ 12,301 $ 11,360 $ ( 941 )

Residential mortgage backed securities:

Government agency mortgage backed securities 107,389 95,922 ( 11,467 )

Government agency collateralized mortgage obligations 48,300 43,990 ( 4,310 )

Commercial mortgage backed securities:

Government agency collateralized mortgage obligations 28,547 25,913 ( 2,634 )

$ 196,537 $ 177,185 $ ( 19,352 )

Carrying Value Net Proceeds Loss

Three months ended June 30, 2023

Obligations of other U.S.

Government agencies and corporations $ 170,000 $ 164,915 $ ( 5,085 )

Nine months ended September 30, 2024

Obligations of states and political subdivisions $ 12,301 $ 11,360 $ ( 941 )

3 unchanged sentences

Commercial mortgage backed securities:

Government agency mortgage backed securities 5,048 4,825 ( 223 )

Government agency collateralized mortgage obligations 28,547 25,913 ( 2,634 )

$ 196,537 $ 177,185 $ ( 19,352 )

Six months ended June 30, 2023

Carrying Value Immediately Prior to Sale Net Proceeds Impairment

Nine months ended September 30, 2023

Obligations of other U.S.

8 unchanged sentences

$ 511,419 $ 488,981 $ ( 22,438 )

At June 30, 2024 and December 31, 2023, securities with a carrying value of $ 834,625 and $ 880,715 , respectively, were pledged to secure government, public and trust deposits.

Securities with a carrying value of $ 13,835 and $ 14,329 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2024 and December 31, 2023, respectively.

The amortized cost and fair value of securities at June 30, 2024 by contractual maturity are shown below.

At September 30, 2024 and December 31, 2023, securities with a carrying value of $ 796,621 and $ 880,715 , respectively, were pledged to secure government, public and trust deposits.

Securities with a carrying value of $ 27,542 and $ 14,329 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2024 and December 31, 2023, respectively.

The amortized cost and fair value of securities at September 30, 2024 by contractual maturity are shown below.

Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

25 unchanged sentences

Available for Sale:

June 30, 2024

September 30, 2024

Obligations of states and political subdivisions — $ — $ — 7 $ 13,278 $ ( 1,878 ) 7 $ 13,278 $ ( 1,878 )

26 unchanged sentences

Held to Maturity:

June 30, 2024

September 30, 2024

Obligations of states and political subdivisions 1 $ 2,370 $ ( 10 ) 127 $ 246,559 $ ( 34,851 ) 128 $ 248,929 $ ( 34,861 )

24 unchanged sentences

The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of tax.

As of June 30, 2024, the Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity.

As of September 30, 2024, the Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity.

Furthermore, more than 90% of available for sale securities have the explicit or implicit backing of the federal government.

4 unchanged sentences

the contractual cash flows for municipal and corporate securities, the Company considers historical experience with credit sensitive securities, current market conditions, the financial condition of the underlying issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, or insurance programs.

Based upon its review of these factors as of June 30, 2024, the Company determined that all such losses resulted from factors not deemed credit-related.

Based upon its review of these factors as of September 30, 2024, the Company determined that all such losses resulted from factors not deemed credit-related.

As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in other comprehensive income (loss).

See Note 12, “Other Comprehensive Income” for more information on the Company’s unrealized losses on securities.

The allowance for credit losses on held to maturity securities was $ 32 at June 30, 2024 and December 31, 2023.

The allowance for credit losses on held to maturity securities was $ 32 at September 30, 2024 and December 31, 2023.

The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by nationally recognized statistical ratings agencies.

Updated investment grades are obtained as they become available from agencies.

As of June 30, 2024, all of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.

As of September 30, 2024, all of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.

Note 3 – Loans

2 unchanged sentences

The following is a summary of loans and leases as of the dates presented:

September 30,

2024 December 31, 2023

39 unchanged sentences

Past Due Current

June 30, 2024

September 30, 2024

Commercial, financial, agricultural $ 333 $ 309 $ 1,799,604 $ 1,800,246 $ 120 $ 720 $ 3,875 $ 4,715 $ 1,804,961

50 unchanged sentences

Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”).

All modifications for the six months ended June 30, 2024 and 2023 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at June 30, 2024 and 2023, respectively.

Unused commitments totaled $ 338 at June 30, 2024.

There were $ 1,600 in unused commitments at June 30, 2023.

All modifications for the three and nine months ended September 30, 2024 and 2023 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at September 30, 2024 and 2023, respectively.

Unused commitments totaled $ 464 at September 30, 2024.

There were $ 721 in unused commitments at September 30, 2023.

Upon the Company’s determination that a modification has been subsequently deemed uncollectible, the loan, or portion of the loan, is charged off, the amortized cost basis of the loan is reduced by the uncollectible amount, and the allowance for credit losses is adjusted accordingly.

See Note 4, “Allowance for Credit Losses,” for more information on the allowance for credit losses.

The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three and six months ended June 30, 2024 and 2023, respectively, and required to be disclosed under ASU 2022-02, by class of financing receivable and by type of modification.

The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three and nine months ended September 30, 2024 and the nine months ended September 30, 2023, and required to be disclosed under ASU 2022-02, by class of financing receivable and by type of modification.

There were no modifications for the three months ended September 30, 2023.

The percentage of the amortized cost basis for each class of disclosed modifications as compared to the amortized cost basis of each class of loans is also presented below.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

Three Months Ended June 30, 2024

Term Extension Term Extension and Payment Delay Interest Rate Reduction, Term Extension and Payment Delay Total % Total Loans by Class

Commercial, financial, agricultural $ — $ — $ 138 $ 138 0.01 %

Real estate – commercial mortgage:

Non-owner occupied 2,506 — — 2,506 0.06

Installment loans to individuals — 1 — 1 —

Loans, net of unearned income $ 2,506 $ 1 $ 138 $ 2,645 0.02 %

Six Months Ended June 30, 2024

Interest Rate Reduction Term Extension Payment Delay Term Extension and Payment Delay Interest Rate Reduction and Term Extension Interest Rate Reduction, Term Extension and Payment Delay Total % Total Loans by Class

Three Months Ended September 30, 2024

Term Extension Payment Delay Interest Rate Reduction and Payment Delay Interest Rate Reduction, Term Extension and Payment Delay Total % Total Loans by Class

Commercial, financial, agricultural $ — $ 53 $ — $ — $ 53 — %

Real estate – construction:

Residential — — — — — —

Real estate – 1-4 family mortgage:

Primary 23 1,620 206 — 1,849 0.08

Home equity 106 — — — 106 0.02

Rental/investment 36 548 — — 584 0.15

Total real estate – 1-4 family mortgage 165 2,168 206 — 2,539 0.07

Real estate – commercial mortgage:

Owner-occupied 1,086 206 — — 1,292 0.07

Non-owner occupied — 2,506 89 — — — 2,595 0.07

Total real estate – commercial mortgage 7,431 2,693 89 — 270 — 10,483 0.18

Installment loans to individuals — — — 3 3 —

Loans, net of unearned income $ 1,251 $ 2,427 $ 206 $ 3 $ 3,887 0.03 %

Three Months Ended June 30, 2023

Interest Rate Reduction Term Extension Payment Delay Total % Total Loans by Class

Nine Months Ended September 30, 2024

Commercial, financial, agricultural $ 1,097 $ 69 $ 53 $ — $ — $ 125 $ — $ 1,344 0.07 %

2 unchanged sentences

Real estate – 1-4 family mortgage:

Primary — 56 1,806 442 — — 206 2,510 0.10

Home equity — 106 — — — — — 106 0.02

Rental/investment — 36 548 — — — — 584 0.15

Total real estate – 1-4 family mortgage — 198 2,354 442 — — 206 3,200 0.09

Real estate – commercial mortgage:

Land development — 97 277 374 0.33

Owner-occupied 6,946 1,266 206 — 255 — — 8,673 0.47

Non-owner occupied — 2,431 83 — — — — 2,514 0.06

Total real estate – commercial mortgage 6,946 3,697 289 — 255 — — 11,187 0.19

Installment loans to individuals — — 13 — — 3 — 16 0.02

Loans, net of unearned income $ 8,043 $ 3,964 $ 2,709 $ 442 $ 255 $ 128 $ 206 $ 15,747 0.12 %

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

Interest Rate Reduction Term Extension Payment Delay Total % Total Loans by Class

7 unchanged sentences

Non-owner occupied 1,008 — — 1,008 0.03

Land development — 97 277 374 0.33

Total real estate – commercial mortgage 1,157 96 277 1,530 0.03 %

1 unchanged sentence

The following tables present the weighted average financial effect of loan modifications requiring disclosure under ASU 2022-02 by class of financing receivable for the periods presented.

Three months ended June 30, 2024

Three months ended September 30, 2024

Loan Type Financial Effect

Term Extension

Real Estate - Commercial Mortgage - Non-owner Occupied Extended the term 8 months

Combination - Term Extension and Payment Delay

Installment loans to individuals Extended the term and delayed the payment 61 months

Real estate – 1-4 family mortgage - Primary Extended the term 90 months

Real estate – 1-4 family mortgage - Home Equity Extended the term 16 months

Real estate – 1-4 family mortgage - Rental/investment Extended the term 6 months

Real Estate - Commercial Mortgage - Owner Occupied Extended the term 8 months

Payment Delay

Commercial, financial, agricultural Delayed the payment 8 months

Real estate – 1-4 family mortgage - Primary Delayed the payment 19 months

Real estate – 1-4 family mortgage - Rental/investment Delayed the payment 131 months

Real Estate - Commercial Mortgage - Owner Occupied Delayed the payment 40 months

Combination - Interest Rate Reduction and Payment Delay

Real estate – 1-4 family mortgage - Primary Reduced the interest rate 25 basis points and delayed the payment 51 months

Combination - Interest Rate Reduction, Term Extension and Payment Delay

Commercial, financial, agricultural Reduced the interest rate 181 basis points and extended the term and delayed the payment 59 months

Installment loans to individuals Reduced the interest rate 460 basis points and extended the term and delayed the payment 54 months

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

Six months ended June 30, 2024

Nine months ended September 30, 2024

Loan Type Financial Effect

5 unchanged sentences

Real estate – 1-4 family mortgage - Primary Extended the term 51 months

Real estate – 1-4 family mortgage - Home Equity Extended the term 16 months

Real estate – 1-4 family mortgage - Rental/investment Extended the term 6 months

Real Estate - Commercial Mortgage - Owner Occupied Extended the term 8 months

1 unchanged sentence

Payment Delay

Commercial, financial, agricultural Delayed the payment 8 months

Real estate – 1-4 family mortgage - Primary Delayed the payment 22 months

Real estate – 1-4 family mortgage - Rental/investment Delayed the payment 131 months

Real Estate - Commercial Mortgage - Owner Occupied Delayed the payment 40 months

Real Estate - Commercial Mortgage - Non-owner Occupied Delayed the payment 9 months

Installment loans to individuals Delayed the payment 17 months

Combination - Term Extension and Payment Delay

1 unchanged sentence

Installment loans to individuals Extended the term and delayed the payment 61 months

Interest Rate Reduction and Term Extension

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 275 basis points and extended the term and delayed the payment 21 months

Combination - Interest Rate Reduction and Term Extension

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 275 basis points and extended the term 21 months

Combination - Interest Rate Reduction and Payment Delay

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 25 basis points and delayed the payment 51 months

Combination - Interest Rate Reduction, Term Extension and Payment Delay

1 unchanged sentence

Installment loans to individuals Reduced the interest rate 460 basis points and extended the term and delayed the payment 54 months

Three months ended June 30, 2023

Loan Type Financial Effect

Interest Rate Reduction

Real estate – 1-4 family mortgage - Home Equity Reduced the interest rate 300 basis points

Term Extension

Commercial, financial, agricultural Extended the term 2 months

Real estate – Construction - Residential Extended the term 5 months

Real Estate - Commercial Mortgage - Land Development Extended the term 8 months

Payment Delay

Real Estate - Commercial Mortgage - Land Development Delayed the payment 3 months

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Six months ended June 30, 2023

Nine months ended September 30, 2023

Loan Type Financial Effect

6 unchanged sentences

Real estate – Construction - Residential Extended the term 5 months

Real Estate - Commercial Mortgage - Land Development Extended the term 8 months

Real Estate - Commercial Mortgage - Owner Occupied Extended the term 8 months

Payment Delay

Real Estate - Commercial Mortgage - Land Development Delayed the payment 3 months

Real Estate - Commercial Mortgage - Owner Occupied Delayed the payment 3 months

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Credit Quality

8 unchanged sentences

2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total

June 30, 2024

September 30, 2024

Commercial, Financial, Agricultural $ 169,011 $ 245,027 $ 242,343 $ 120,226 $ 81,822 $ 72,830 $ 861,207 $ 7,519 $ 1,799,985

16 unchanged sentences

Real Estate - 1-4 Family Mortgage $ 121,751 $ 118,893 $ 134,553 $ 72,236 $ 36,236 $ 32,963 $ 33,958 $ 1,625 $ 552,215

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Term Loans Amortized Cost Basis by Origination Year

2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total

Primary 6,563 5,954 7,817 4,397 2,754 6,883 1,133 826 36,327

12 unchanged sentences

Pass 50,366 25,835 10,935 2,381 338 2,571 1,676 — 94,102

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Term Loans Amortized Cost Basis by Origination Year

2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total

Special Mention 101 — 669 — — — — — 770

25 unchanged sentences

Commercial, Financial, Agricultural $ 312,902 $ 289,264 $ 162,535 $ 98,894 $ 51,162 $ 38,518 $ 883,302 $ 19,440 $ 1,856,017

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Term Loans Amortized Cost Basis by Origination Year

2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total

Pass 311,312 288,249 161,902 97,771 50,936 32,169 870,792 19,338 1,832,469

12 unchanged sentences

Pass 142,917 568,318 306,453 16,066 — 1,454 — — 1,035,208

Special Mention 28,573 — — — — — — — 28,573

Substandard — — — — — — — — —

Renasant Corporation and Subsidiaries

2 unchanged sentences

2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Total

Special Mention 28,573 — — — — — — — 28,573

Substandard — — — — — — — — —

Real Estate - 1-4 Family Mortgage $ 145,568 $ 176,724 $ 100,757 $ 41,542 $ 19,753 $ 30,783 $ 30,889 $ 1,834 $ 547,850

41 unchanged sentences

2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total

June 30, 2024

September 30, 2024

Commercial, Financial, Agricultural $ — $ — $ — $ — $ — $ 4,976 $ — $ — $ 4,976

89 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

The following tables disclose gross charge-offs by year of origination for the six months ended June 30, 2024 and year ended December 31, 2023, respectively:

June 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Charge-offs

The following tables disclose gross charge-offs by year of origination for the nine months ended September 30, 2024 and year ended December 31, 2023, respectively:

September 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Charge-offs

Commercial, financial, agricultural $ — $ 33 $ 152 $ 34 $ 4 $ 251 $ 408 $ 882

Lease financing — 336 306 — — — — 642

Real estate – 1-4 family mortgage:

6 unchanged sentences

Non-owner occupied — — — — — 5,693 — 5,693

Land development — — — — — 7 — 7

Total real estate – commercial mortgage — — 37 — — 5,700 — 5,737

30 unchanged sentences

The Company has made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses in the Company’s loan portfolio.

As of June 30, 2024 and December 31, 2023, the Company had accrued interest receivable for loans of $ 56,403 and $ 54,804 , respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets.

Although the Company made the election to exclude accrued interest from the measurement of the allowance for credit losses, the Company did have an allowance for credit losses on interest deferred as part of the loan deferral program established in 2020 in response to the COVID-19 pandemic of $ 1,245 as of June 30, 2024 and December 31, 2023.

As of September 30, 2024 and December 31, 2023, the Company had accrued interest receivable for loans of $ 55,542 and $ 54,804 , respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets.

Renasant Corporation and Subsidiaries

6 unchanged sentences

Loans to Individuals Total

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Allowance for credit losses:

5 unchanged sentences

Ending balance $ 43,053 $ 16,656 $ 47,219 $ 82,087 $ 2,384 $ 8,979 $ 200,378

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Allowance for credit losses:

19 unchanged sentences

Mortgage Lease Financing Installment Loans to Individuals Total

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

Allowance for credit losses:

5 unchanged sentences

Ending balance $ 44,444 $ 19,656 $ 45,799 $ 75,233 $ 3,355 $ 9,286 $ 197,773

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

Allowance for credit losses:

14 unchanged sentences

Nonaccruing loans with no allowance for credit losses $ 1,987 $ — $ 11,441 $ 11,226 $ 191 $ — $ 24,845

The Company recorded a provision for credit losses on loans of $ 4,300 during the second quarter of 2024, as compared to a provision for credit losses on loans of $ 3,000 recorded in the second quarter of 2023.

The Company recorded a provision for credit losses on loans of $ 1,210 during the third quarter of 2024, as compared to a provision for credit losses on loans of $ 5,315 recorded in the third quarter of 2023.

The Company’s allowance for credit losses model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years .

The provision for credit losses on loans of $ 4,300 in the second quarter of 2024 was primarily driven by loan growth and changes in credit metrics that influence the Company’s expectations of future losses, including but not limited to the balance of nonperforming loans, underlying collateral values, and historical levels of charge-offs.

The provision for credit losses on loans of $ 1,210 in the third quarter of 2024 was primarily driven by loan growth and changes in credit metrics that influence the Company’s expectations of future losses, including but not limited to the balance of nonperforming loans, underlying collateral values, and historical levels of charge-offs, all considered in the context of the existing balance of the allowance for credit losses.

Allowance for Credit Losses on Unfunded Loan Commitments

5 unchanged sentences

The following tables provide a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.

Three Months Ended June 30, 2024 2023

Three Months Ended September 30, 2024 2023

Allowance for credit losses on unfunded loan commitments:

2 unchanged sentences

Ending balance $ 15,443 $ 16,918

Six Months Ended June 30, 2024 2023

Nine Months Ended September 30, 2024 2023

Allowance for credit losses on unfunded loan commitments:

5 unchanged sentences

The following table provides details of the Company’s other real estate owned (“OREO”), net of valuation allowances and direct write-downs, as of the dates presented:

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Residential real estate $ 2,774 $ 1,211

9 unchanged sentences

Other ( 2,382 )

Balance at June 30, 2024 $ 7,366

At June 30, 2024 and December 31, 2023, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $ 2,182 and $ 395 , respectively.

Balance at September 30, 2024 $ 9,136

At September 30, 2024 and December 31, 2023, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $ 1,324 and $ 395 , respectively.

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

2 unchanged sentences

Impairments — 10 67 18

Net (gains) losses on OREO sales ( 102 ) 6 ( 115 ) ( 89 )

Net gains on OREO sales ( 28 ) ( 200 ) ( 143 ) ( 289 )

Rental income ( 2 ) ( 1 ) ( 5 ) ( 5 )

2 unchanged sentences

(In Thousands)

The carrying amounts of goodwill by operating segments for the six months ended June 30, 2024 are set forth in the table below.

The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2024 are set forth in the table below.

Community Banks Insurance Total

Balance at January 1, 2024 $ 988,898 $ 2,767 $ 991,665

Additions to goodwill and other adjustments — — —

Balance at June 30, 2024 $ 988,898 $ 2,767 $ 991,665

Sale of the insurance agency — ( 2,767 ) ( 2,767 )

Balance at September 30, 2024 $ 988,898 $ — $ 988,898

The following table provides a summary of finite-lived intangible assets as of the dates presented:

2 unchanged sentences

Amortization Net Carrying

June 30, 2024

September 30, 2024

Core deposit intangibles $ 82,492 $ ( 71,046 ) $ 11,446

6 unchanged sentences

Current year amortization expense for finite-lived intangible assets is presented in the table below.

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

24 unchanged sentences

Changes in valuation allowances related to servicing rights are reported in “Mortgage banking income” on the Consolidated Statements of Income.

There was no valuation adjustment on MSRs during the six months ended June 30, 2024 or 2023.

There was no valuation adjustment on MSRs during the nine months ended September 30, 2024 or 2023.

During the first quarter of 2024, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance of $ 2,013,235 to a third party for net proceeds of $ 23,011 , resulting in a gain of $ 3,472 .

4 unchanged sentences

Amortization ( 7,019 )

Balance at June 30, 2024 $ 72,092

Balance at September 30, 2024 $ 71,990

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Unpaid principal balance $ 5,938,135 $ 7,826,182

8 unchanged sentences

Weighted-average remaining maturity (in years) 6.90 7.50

The Company recorded servicing fees of $ 3,780 and $ 4,674 for the three months ended June 30, 2024 and 2023, respectively, and servicing fees of $ 7,869 and $ 8,939 for the six months ended June 30, 2024 and 2023, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

The Company recorded servicing fees of $ 3,594 and $ 4,335 for the three months ended September 30, 2024 and 2023, respectively, and servicing fees of $ 11,463 and $ 13,275 for the nine months ended September 30, 2024 and 2023, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

Note 8 - Employee Benefit and Deferred Compensation Plans

5 unchanged sentences

Three Months Ended Three Months Ended

June 30, June 30,

September 30, September 30,

2024 2023 2024 2023

4 unchanged sentences

Pension Benefits Other Benefits

Six Months Ended Six Months Ended

June 30, June 30,

Nine Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

7 unchanged sentences

The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock.

There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the six months ended June 30, 2024 or 2023.

There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the nine months ended September 30, 2024 or 2023.

The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees.

The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2024:

The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 2024:

Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time-Based Restricted Stock Weighted Average Grant-Date Fair Value

4 unchanged sentences

Nonvested at end of period 264,623 $ 35.32 803,381 $ 35.08

During the six months ended June 30, 2024, the Company reissued 203,248 shares from treasury in connection with awards of restricted stock.

The Company recorded total stock-based compensation expense of $ 3,374 and $ 3,395 for the three months ended June 30, 2024 and 2023, respectively, and $ 7,366 and $ 6,840 for the six months ended June 30, 2024 and 2023, respectively.

During the nine months ended September 30, 2024, the Company reissued 224,629 shares from treasury in connection with awards of restricted stock.

The Company recorded total stock-based compensation expense of $ 3,273 and $ 3,424 for the three months ended September 30, 2024 and 2023, respectively, and $ 10,639 and $ 10,264 for the nine months ended September 30, 2024 and 2023, respectively.

Note 9 – Derivative Instruments

10 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

Balance Sheet June 30, 2024 December 31, 2023

Balance Sheet September 30, 2024 December 31, 2023

Location Notional Amount Fair Value Notional Amount Fair Value

10 unchanged sentences

Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2024 2023 2024 2023

7 unchanged sentences

Derivatives designated as cash flow hedges

Cash flow hedge relationships mitigate exposure to the variability of future cash flow or other forecasted transactions.

The Company uses both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings.

Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions.

The Company uses both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings and loans, respectively.

The swap hedging strategy converts the variable interest rate on the forecasted borrowings to a fixed interest rate.

The collar hedging strategy stabilizes interest rate fluctuation by setting both a floor and a cap.

The collar hedging strategy limits the benefit to interest income when rates exceed the cap but protects interest income from interest rate fluctuations below the floor strike rate.

The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:

Balance Sheet June 30, 2024 December 31, 2023

Balance Sheet September 30, 2024 December 31, 2023

Location Notional Amount Fair Value Notional Amount Fair Value

6 unchanged sentences

Totals $ — $ — $ 250,000 $ 384

Changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings.

Changes in fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings.

The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings.

The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method.

There were no ineffective portions for the six months ended June 30, 2024 or 2023.

The impact on other comprehensive income for the six months ended June 30, 2024 and 2023 is discussed in Note 11, “Other Comprehensive Income.”

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

There were no ineffective portions for the nine months ended September 30, 2024 or 2023.

The impact on other comprehensive income for the nine months ended September 30, 2024 and 2023 is discussed in Note 12, “Other Comprehensive Income.”

Derivatives designated as fair value hedges

3 unchanged sentences

The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:

Balance Sheet June 30, 2024 December 31, 2023

Balance Sheet September 30, 2024 December 31, 2023

Location Notional Amount Fair Value Notional Amount Fair Value

3 unchanged sentences

Amount of Gain (Loss) Recognized in Income

Income Statement Three Months Ended June 30, Six Months Ended June 30,

Income Statement Three Months Ended September 30, Nine Months Ended September 30,

Location 2024 2023 2024 2023

5 unchanged sentences

Carrying Amount of the Hedged Liability Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability

Balance Sheet Location June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023

Balance Sheet Location September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023

Long-term debt $ 84,626 $ 81,791 $ 14,348 $ 17,052

6 unchanged sentences

Offsetting Derivative Assets Offsetting Derivative Liabilities

2024 December 31, 2023 June 30,

September 30,

2024 December 31, 2023 September 30,

2024 December 31, 2023

6 unchanged sentences

Net amounts $ 5,229 $ 5,421 $ 566 $ 1,488

Note 10 – Income Taxes

For the nine months ended September 30, 2024 and 2023, the effective tax rate was 22.80 % and 19.77 %, respectively.

The year-over-year increase in the Company’s effective tax rate was driven primarily by taxable gains from the sale of its insurance business, taxable effects from certain restructurings of the investment portfolio, and nondeductible expense related to the Company’s potential acquisition of The First Bancshares, Inc.

The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income, and adjusting for discrete items that occurred during the period.

Note 11 – Fair Value Measurements

5 unchanged sentences

The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards.

The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value.

Assets and liabilities that are required to be carried at fair value on a recurring basis include securities available for sale and derivative instruments.

9 unchanged sentences

When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Derivative instruments :

4 unchanged sentences

Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Mortgage loans held for sale in loans held for sale :

4 unchanged sentences

Level 1 Level 2 Level 3 Totals

June 30, 2024

September 30, 2024

Financial assets:

18 unchanged sentences

Transfers between levels of the hierarchy are deemed to have occurred at the end of period.

There were no such transfers between levels of the fair value hierarchy during the six months ended June 30, 2024.

For the six months ended June 30, 2024 and 2023, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs.

There were no such transfers between levels of the fair value hierarchy during the nine months ended September 30, 2024.

For the nine months ended September 30, 2024 and 2023, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs.

Nonrecurring Fair Value Measurements

2 unchanged sentences

The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:

June 30, 2024 Level 1 Level 2 Level 3 Totals

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2024 Level 1 Level 2 Level 3 Totals

Individually evaluated loans, net of allowance for credit losses $ — $ — $ 42,248 $ 42,248

1 unchanged sentence

Total $ — $ — $ 42,277 $ 42,277

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

December 31, 2023 Level 1 Level 2 Level 3 Totals

9 unchanged sentences

Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3.

Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $ 23,203 and $ 22,328 at June 30, 2024 and December 31, 2023, respectively, and a specific reserve for these loans of $ 2,377 and $ 1,025 was included in the allowance for credit losses as of such dates.

Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $ 50,898 and $ 22,328 at September 30, 2024 and December 31, 2023, respectively, and a specific reserve for these loans of $ 8,650 and $ 1,025 was included in the allowance for credit losses as of such dates.

Other real estate owned :

4 unchanged sentences

Accordingly, values for OREO are classified as Level 3.

The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of June 30, 2024.

The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of September 30, 2024.

There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets as of December 31, 2023.

September 30,

Carrying amount prior to remeasurement $ 62

5 unchanged sentences

Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy.

Mortgage servicing rights were carried at amortized cost at June 30, 2024 and December 31, 2023.

There were no valuation adjustments on MSRs during the six months ended June 30, 2024 or 2023.

The following table presents information as of June 30, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Mortgage servicing rights were carried at amortized cost at September 30, 2024 and December 31, 2023.

There were no valuation adjustments on MSRs during the nine months ended September 30, 2024 or 2023.

The following table presents information as of September 30, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Financial instrument Fair

3 unchanged sentences

OREO $ 29 Appraised value of property less estimated costs to sell Estimated costs to sell 4 - 10 %

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Fair Value Option

1 unchanged sentence

Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them.

A net loss of $ 251 and net gain of $ 1,133 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2024 and 2023, respectively.

A net gain of $ 1,826 and net loss of $ 256 resulting from fair value changes of these mortgage loans were recorded in income during the nine months ended September 30, 2024 and 2023, respectively.

These amounts do not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans.

3 unchanged sentences

Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income.

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2024 and December 31, 2023:

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of September 30, 2024 and December 31, 2023:

Fair Value Aggregate

Balance Difference

June 30, 2024

September 30, 2024

Mortgage loans held for sale measured at fair value $ 291,735 $ 284,647 $ 7,088

3 unchanged sentences

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:

As of June 30, 2024 Carrying

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of September 30, 2024 Carrying

Value Level 1 Level 2 Level 3 Total

13 unchanged sentences

Derivative instruments 34,555 — 34,555 — 34,555

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of December 31, 2023 Carrying

21 unchanged sentences

(Benefit) Net of Tax

Three months ended June 30, 2024

Three months ended September 30, 2024

Securities available for sale:

9 unchanged sentences

Total other comprehensive income $ 33,434 $ 8,412 $ 25,022

Three months ended June 30, 2023

Three months ended September 30, 2023

Securities available for sale:

Unrealized holding losses on securities $ ( 17,175 ) $ ( 4,292 ) $ ( 12,883 )

Reclassification adjustment for losses realized in net income 22,438 5,622 16,816

Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,959 1,012 2,947

1 unchanged sentence

Derivative instruments:

Unrealized holding losses on derivative instruments ( 3,167 ) ( 806 ) ( 2,361 )

Unrealized holding gains on derivative instruments 2,670 683 1,987

Total derivative instruments 2,670 683 1,987

2 unchanged sentences

Total defined benefit pension and post-retirement benefit plans 116 30 86

Total other comprehensive income $ 1,129 $ 266 $ 863

Total other comprehensive loss $ ( 10,430 ) $ ( 2,567 ) $ ( 7,863 )

Renasant Corporation and Subsidiaries

2 unchanged sentences

(Benefit) Net of Tax

Six months ended June 30, 2024

Nine months ended September 30, 2024

Securities available for sale:

Unrealized holding losses on securities $ ( 5,544 ) $ ( 1,378 ) $ ( 4,166 )

Unrealized holding gains on securities $ 25,769 $ 6,494 $ 19,275

Amortization of unrealized holding losses on securities transferred to the held to maturity category 9,658 2,468 7,190

7 unchanged sentences

Total other comprehensive income $ 33,675 $ 8,513 $ 25,162

Six months ended June 30, 2023

Nine months ended September 30, 2023

Securities available for sale:

11 unchanged sentences

The accumulated balances for each component of other comprehensive loss, net of tax, were as follows as of the dates presented:

September 30,

2024 December 31, 2023

11 unchanged sentences

Three Months Ended

September 30,

Net income applicable to common stock $ 72,455 $ 41,833

6 unchanged sentences

Net income per common share - diluted $ 1.18 $ 0.74

Six Months Ended

Nine Months Ended

September 30,

Net income applicable to common stock $ 150,711 $ 116,554

8 unchanged sentences

Three Months Ended

September 30,

Number of shares 1,000 1,000

Six Months Ended

Nine Months Ended

September 30,

Number of shares 1,000 24,146

31 unchanged sentences

The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented:

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Amount Ratio Amount Ratio

17 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

• The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.

• For periods prior to the third quarter of 2024, the Insurance segment included a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.

Effective July 1, 2024, the Bank sold substantially all of the assets of its Insurance segment.

See Note 15, “Subsequent Events” for more discussion.

• The Wealth Management segment, through the Trust division, offers a broad range of fiduciary services including the administration (as trustee or in other fiduciary or representative capacities) of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts, and custodial accounts, as well as accounting and money management for trust accounts.

4 unchanged sentences

The following tables provide financial information for the Company’s operating segments as of and for the periods presented:

Banks Insurance Wealth

Management Other Consolidated

Three months ended June 30, 2024

Three months ended September 30, 2024

Net interest income (loss) $ 137,860 $ 15 $ ( 6,877 ) $ 130,998

7 unchanged sentences

Goodwill $ 988,898 — — $ 988,898

Three months ended June 30, 2023

Banks Insurance Wealth

Management Other Consolidated

Three months ended September 30, 2023

Net interest income (loss) $ 133,901 $ 456 $ 16 $ ( 6,990 ) $ 127,383

11 unchanged sentences

Management Other Consolidated

Six months ended June 30, 2024

Nine months ended September 30, 2024

Net interest income (loss) $ 398,970 $ 942 $ 47 $ ( 20,645 ) $ 379,314

7 unchanged sentences

Goodwill $ 988,898 $ — $ — $ — $ 988,898

Six months ended June 30, 2023

Nine months ended September 30, 2023

Net interest income (loss) $ 412,070 $ 1,170 $ 52 $ ( 19,918 ) $ 393,374

7 unchanged sentences

Goodwill $ 988,898 $ 2,767 $ — $ — $ 991,665

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 15 – Subsequent Events

(In Thousands, Except Share Amounts)

Sale of Renasant Insurance, Inc.

Effective July 1, 2024, Renasant Bank sold substantially all of the assets of Renasant Insurance, Inc.

for cash proceeds to Renasant Bank of $ 56,390 .

The sale resulted in an estimated after-tax impact to earnings of $ 36,400 , which is net of estimated transaction-related expenses.

The financial effects of the sale will be reflected in the third quarter of 2024.

Proposed Merger with The First Bancshares, Inc.

On July 29, 2024, the Company and The First Bancshares, Inc., a Mississippi corporation (“The First”), entered into an agreement and plan of merger, dated as of July 29, 2024 (the “Merger Agreement”), pursuant to which, subject to the terms and conditions set forth therein, among other things, The First will merge with and into the Company, with the Company as the surviving entity in such merger (the “Merger”).

Immediately following the Merger, The First’s subsidiary bank and Renasant Bank will enter into a subsidiary plan of merger, pursuant to which The First’s subsidiary bank will merge with and into Renasant Bank immediately after the Merger, with Renasant Bank as the surviving entity in such merger.

Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of common stock of The First will be converted into the right to receive one share of common stock of the Company.

The Merger is expected to close in the first half of 2025 and is subject to certain closing conditions, including the receipt of required regulatory approvals and requisite approval by the stockholders of each company.

Offering of Common Stock

On July 31, 2024, the Company completed its public offering of an aggregate of 7,187,500 shares of its common stock at a price of $ 32.00 per share, including 937,500 shares of common stock upon the exercise in full by the underwriters of their option to purchase additional shares.

The aggregate gross proceeds were $ 230,000 .

The net proceeds of the offering after deducting underwriting discounts and other estimated offering expenses are expected to be approximately $ 217,000 .

The Company intends to use the net proceeds of the offering for general corporate purposes to support its continued growth, including investments in Renasant Bank and future strategic acquisitions.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements