What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-02-26 compared with 2024-02-23 · 379 added, 302 removed, 2147 unchanged (24% of the section changed)

58 unchanged sentences

The ACL is measured over the contractual life of loans held for investment and is estimated using relevant available information relating to past events, current conditions, and reasonable and supportable forecasts, as well as qualitative adjustments.

The ACL was $198,578,000 at December 31, 2023, which consisted of 1) $188,001,000 of loss allocations on pools of loans that share similar risk characteristics and 2) $10,577,000 of loss allocations on individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans.

The Company’s loans held for investment portfolio totaled $12,885,020,000 at December 31, 2024 with an ACL of $201,756,000 which consisted of 1) $186,704,000 of loss allocations on pools of loans that share similar risk characteristics and 2) $15,052,000 of loss allocations on individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans.

The Company’s measurement of expected credit losses of loans on a pool basis when the loans share similar risk characteristics is based off historical data that is adjusted, as necessary, for both internal and external qualitative factors where there are differences in the historical loss data of the Company and current or projected future conditions.

Consideration of the relevant qualitative factors are used to bring the ACL to the level management believes is appropriate based on factors that are otherwise unaccounted for in the quantitative process.

Consideration of the relevant

qualitative factors are used to bring the ACL to the level management believes is appropriate based on factors that are otherwise unaccounted for in the quantitative process.

The ACL also includes reserves for loans evaluated on an individual basis, such as certain loans graded substandard or on nonaccrual.

4 unchanged sentences

Obtained an understanding of the Company’s process for establishing the ACL, including determination of the qualitative factors and reserve assumptions for loans evaluated on an individual basis, and evaluated the process utilized by management to challenge the model results and determine the best estimate of the ACL as of the balance sheet date.

Evaluated the design and tested the operating effectiveness of the controls associated with the ACL process, including controls around the reliability and accuracy of data used in the model, management's review and approval of the selected qualitative factors, the reserve assumptions for loans evaluated on an individual basis, the governance of the credit loss methodology, and management's review and approval of the ACL.

Evaluated the design and tested the operating effectiveness of the controls associated with the ACL process, including controls around the reliability and accuracy of data used in the model, management’s oversight, review and approval of the selected qualitative factors, the reserve assumptions for loans evaluated on an individual basis, the governance of the credit loss methodology, and management’s review and approval of the overall ACL.

Assessed reasonableness of model methodology and key modeling assumptions, as well as the appropriateness of management’s qualitative framework, and reserve assumptions for loans evaluated on an individual basis.

93 unchanged sentences

Net interest income 512,196 519,327 481,298

Provision for (recovery of) credit losses on loans 18,793 23,788 ( 1,700 )

Provision for credit losses on loans 11,248 18,793 23,788

(Recovery of) provision for credit losses on unfunded commitments ( 1,975 ) ( 3,200 ) 83

Provision for credit losses on held to maturity securities — — 32

Provision for (recovery of) credit losses 15,593 23,871 ( 2,168 )

Net interest income after provision for (recovery of) credit losses 503,734 457,427 426,169

Provision for credit losses 9,273 15,593 23,871

Net interest income after provision for credit losses 502,923 503,734 457,427

Noninterest income

4 unchanged sentences

Mortgage banking income 36,376 32,413 35,794

Swap termination gains — — 4,676

Gain on sale of insurance agency 53,349 — —

Gain on debt extinguishment 56 620 —

Net (losses) gains on sales of securities ( 22,438 ) — 2,170

Net losses on sales of securities — ( 22,438 ) —

Impairment losses on securities — ( 19,352 ) —

13 unchanged sentences

Restructuring charges — — 732

Debt prepayment penalty — — 6,123

Other 59,955 53,906 32,656

16 unchanged sentences

Unrealized holding gains (losses) on securities 1,074 15,128 ( 214,351 )

Reclassification adjustment for losses (gains) realized in net income 31,063 — ( 1,618 )

Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category 10,091 3,701 ( 54 )

Reclassification adjustment for losses realized in net income — 31,063 —

Amortization of unrealized holding losses on securities transferred to the held to maturity category 9,476 10,091 3,701

Total securities available for sale 10,550 56,282 ( 210,650 )

Derivative instruments:

Unrealized holding (losses) gains on derivative instruments ( 1,905 ) 14,993 8,087

Reclassification adjustment for gains realized in net income related to swap termination — — ( 3,486 )

Unrealized holding gains (losses) on derivative instruments 378 ( 1,905 ) 14,993

Total derivative instruments 378 ( 1,905 ) 14,993

14 unchanged sentences

Other comprehensive loss — — — — — ( 198,594 ) ( 198,594 )

Comprehensive income 140,381

Repurchase of shares in connection with stock repurchase program ( 612,107 ) — ( 21,315 ) — — — ( 21,315 )

Comprehensive loss ( 32,526 )

Cash dividends ($ 0.88 per share)

4 unchanged sentences

Net income — — — — 144,678 — 144,678

Other comprehensive loss — — — — — ( 198,594 ) ( 198,594 )

Comprehensive loss ( 32,526 )

Other comprehensive income — — — — — 54,781 54,781

Comprehensive income 199,459

Cash dividends ($ 0.88 per share)

8 unchanged sentences

— — — — ( 53,727 ) — ( 53,727 )

Common stock issued in public offering

7,187,500 35,938 — 181,062 — — 217,000

Issuance of common stock for stock-based compensation awards 235,983 — 8,053 ( 11,379 ) — — ( 3,326 )

10 unchanged sentences

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

Provision for (recovery of) credit losses 15,593 23,871 ( 2,168 )

Provision for credit losses 9,273 15,593 23,871

Depreciation, amortization and accretion 32,284 35,231 42,744

Deferred income tax (benefit) expense ( 5,005 ) 2,280 11,411

Deferred income tax expense (benefit) 4,649 ( 5,005 ) 2,280

Impairment losses on securities — 19,352 —

1 unchanged sentence

Gain on sale of mortgage servicing rights ( 3,472 ) ( 547 ) ( 2,960 )

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

Funding of mortgage loans held for sale ( 1,400,467 ) ( 1,330,912 ) ( 1,679,356 )

1 unchanged sentence

Gains on sales of mortgage loans held for sale ( 16,611 ) ( 14,573 ) ( 15,803 )

Valuation adjustment to mortgage servicing rights — — ( 13,561 )

Losses (gains) on sales of securities 22,438 — ( 2,170 )

Debt prepayment penalty — — 6,123

Losses on sales of securities — 22,438 —

Gain on debt extinguishment ( 56 ) ( 620 ) —

Gains on sales of premises and equipment ( 173 ) ( 239 ) ( 840 )

Losses (gains) on sales of premises and equipment 33 ( 173 ) ( 239 )

Stock-based compensation 13,883 13,716 11,505

Increase in other assets ( 15,014 ) ( 51,986 ) ( 29,671 )

Increase (decrease) in other liabilities 23,998 ( 6,279 ) ( 42,420 )

(Decrease) increase in other liabilities ( 7,854 ) 23,998 ( 6,279 )

Net cash provided by operating activities 129,426 148,553 574,045

5 unchanged sentences

Proceeds from call/maturities of securities held to maturity 102,178 109,953 67,448

Net (increase) decrease in loans ( 791,803 ) ( 1,456,119 ) 910,063

Net increase in loans ( 543,495 ) ( 791,803 ) ( 1,456,119 )

Purchases of premises and equipment ( 13,645 ) ( 21,634 ) ( 14,838 )

Proceeds from sales of premises and equipment 344 943 1,234

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

Purchase of bank-owned life insurance — — ( 80,000 )

5 unchanged sentences

Financing activities

Net (decrease) increase in noninterest-bearing deposits ( 975,081 ) ( 159,368 ) 1,033,076

Net decrease in noninterest-bearing deposits ( 179,694 ) ( 975,081 ) ( 159,368 )

Net increase (decrease) in interest-bearing deposits 675,521 1,564,900 ( 259,390 )

Net (decrease) increase in short-term borrowings ( 199,559 ) ( 404,655 ) 668,805

Proceeds from long-term debt — — 197,061

Repayment of long-term debt ( 245 ) ( 2,680 ) ( 32,417 )

Cash paid for dividends ( 53,727 ) ( 50,279 ) ( 49,991 )

Repurchase of shares in connection with stock repurchase program — — ( 21,315 )

Proceeds from equity offering 217,000 — —

Net cash provided by financing activities 459,296 132,205 167,639

Net increase (decrease) in cash and cash equivalents 290,681 225,359 ( 1,301,973 )

Cash and cash equivalents at beginning of year 575,992 1,877,965 633,203

Cash and cash equivalents at end of year $ 801,351 $ 575,992 $ 1,877,965

See Notes to Consolidated Financial Statements.

3 unchanged sentences

2024 2023 2022

Cash and cash equivalents at beginning of year 801,351 575,992 1,877,965

Cash and cash equivalents at end of year $ 1,092,032 $ 801,351 $ 575,992

Supplemental disclosures

3 unchanged sentences

Transfers of loans to other real estate $ 5,037 $ 10,738 $ 2,207

Financed sales of other real estate owned $ — $ — $ 577

Recognition of operating right-of-use assets $ 4,630 $ 3,126 $ 3,475

8 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 as well as offers factoring and asset-based lending on a nationwide basis.

On July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc., which thereafter discontinued its insurance agency operations.

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 as well as offers factoring and asset-based lending on a nationwide basis.

Use of Estimates :

15 unchanged sentences

Such amortization and accretion is included in interest income from securities, as is dividend income.

Realized gains and losses on sales of securities and impairments are reflected under the line items “Net (losses) gains on sales of securities” and “Impairment losses on securities” on the Consolidated Statements of Income.

Realized gains and losses on sales of securities and impairments are reflected under the line items “Net losses on sales of securities” and “Impairment losses on securities” on the Consolidated Statements of Income.

The cost of securities sold is based on the specific identification method.

5 unchanged sentences

All of the residential and commercial mortgage-backed securities recorded as held to maturity are issued by U.S.

Government agencies and GSEs.

Government agencies and government-sponsored entities..

These securities are either explicitly or implicitly guaranteed by the U.S.

131 unchanged sentences

The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets.

Changes in such allowance are recorded in the “Provision for credit losses on unfunded commitments” line item on the Consolidated Statements of Income.

Changes in such allowance are recorded in the “(Recovery of) provision for credit losses on unfunded commitments” line item on the Consolidated Statements of Income.

Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type.

22 unchanged sentences

Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter.

ASC 842, “ Leases ” (“ASC 842”) requires a lessee to recognize a right-of-use asset and a lease liability for all leases with a term greater than 12 months on its balance sheet regardless of whether the lease is classified as financing or operating.

ASC 842, “ Leases ” (“ASC 842”) requires a lessee to recognize a right-of-use asset and a lease liability for all leases with a term greater than 12 months on its balance sheet regardless whether the lease is classified as financing or operating.

All of the Company’s lessee arrangements are operating leases, being real estate leases for Company facilities.

24 unchanged sentences

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

The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses.

The fair value of servicing rights is subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses.

See Note 8, “Mortgage Servicing Rights,” for further details.

34 unchanged sentences

the agency bill method and the direct bill method.

Under the agency bill method, Renasant Insurance is responsible for billing the customers directly and then collecting and remitting the premiums to the insurance carriers.

Agency bill revenue is recognized at the later of the invoice date or effective date of the policy.

The Company has established a reserve for such policies which is derived from historical collection experience and updated annually.

The contract balances (i.e.

accounts receivable and accounts payable related to insurance commissions earned and premiums due) and the reserve established are considered immaterial to the overall financial results of the Company.

Under the direct bill method, premium billing and collections are handled by the insurance carriers, and a commission is then paid to Renasant Insurance.

Direct bill revenue is recognized when the commission payment is received from the insurance carriers.

While there is recourse on these commissions in the event of policy cancellations, based on the Company’s historical data, material reversals of revenue based on policy cancellations are not anticipated.

The Company monitors policy cancellations on a monthly basis and, if a material set of cancellations were to occur, the Company would adjust earnings accordingly.

The Company also earns contingency income that it recognizes on a cash basis.

Contingency income is a bonus received from the insurance underwriters and is based on commission income and claims experience on the Company’s clients’ policies during the previous year.

Prior to the sale of the Company’s insurance agency business in July 2024, under the agency bill method, Renasant Insurance was responsible for billing the customers directly and then collecting and remitting the premiums to the insurance carriers.

Agency bill revenue was recognized at the later of the invoice date or effective date of the policy.

Under the direct bill method, premium billing and collections were handled by the insurance carriers, and a commission was then paid to Renasant Insurance.

Direct bill revenue was recognized when the commission payment was received from the insurance carriers.

The Company also earned contingency income that it recognized on a cash basis.

Contingency income is a bonus received from the insurance underwriters based on commission income and claims experience on policies during the previous year.

Increases and decreases in contingency income are reflective of corresponding increases and decreases in the amount of claims paid by insurance carriers.

3 unchanged sentences

Fees for other wealth management services, such as investment guidance relating to fixed and variable annuities, mutual funds, stocks and other investments, are recognized based on either trade activity, where fees are recognized at the time of the trade, or assets under management, where fees are recognized monthly, and there is little to no risk of material reversal of revenue.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 1 – Significant Accounting Policies (continued)

Sales of OREO

3 unchanged sentences

This is accomplished through the Company’s loan underwriting process.

In this process the Company considers factors such as the buyer’s initial equity in the property, the credit quality of the buyer, the financing terms of the loan and the cash flow from the property, if applicable.

In this process the Company considers factors such as the buyer’s initial equity in the property, the credit quality of the

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 1 – Significant Accounting Policies (continued)

buyer, the financing terms of the loan and the cash flow from the property, if applicable.

If it is determined that the contract criteria in ASC 606 have been met, the revenue on the sale of OREO will be recognized on the closing date of the sale when the Company has transferred title to the buyer and obtained the right to receive payment for the property.

21 unchanged sentences

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

There were no ineffective portions for 2023.

There were no ineffective portions for 2024 and 2023.

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

4 unchanged sentences

The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts.

Because these derivative

Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings.

The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans.

Under such commitments, interest rates for a mortgage loan are typically locked in for up to 45 days with the customer.

These interest rate lock commitments are

Renasant Corporation and Subsidiaries

1 unchanged sentence

Note 1 – Significant Accounting Policies (continued)

instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings.

Under such commitments, interest rates for a mortgage loan are typically locked in for up to 45 days with the customer.

These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets.

recorded at fair value in the Company’s Consolidated Balance Sheets.

Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income.

24 unchanged sentences

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period.

Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding stock options were exercised into common shares and nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards’ respective grant dates, calculated in accordance with the treasury method.

Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards’ respective grant dates, calculated in accordance with the treasury method (the Company had no stock options outstanding in 2024, 2023 or 2022).

See Note 17, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.

Subsequent Events:

The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements.

In January 2024, the Company sold a portion of its available for sale securities portfolio, of which the securities sold were identified prior to December 31, 2023.

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

Other than the forementioned, the Company has determined that no significant events occurred after December 31, 2023 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements.

The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements and determined that no significant events occurred after December 31, 2024 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements.

Renasant Corporation and Subsidiaries

2 unchanged sentences

Impact of Recently-Issued Accounting Standards and Pronouncements :

In March 2022, FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326):

Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminates the accounting guidance for troubled debt restructurings in ASC Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors,” while enhancing disclosures requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty.

Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases.

In March 2023, FASB issued Accounting Standards Update (“ASU”) 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323):

Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) , which permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met.

ASU 2023-02 was effective on January 1, 2024.

The adoption of this accounting pronouncement had no impact on the Company’s financial statements aside from additional and revised disclosures.

See Note 3, “Loans” for the relevant disclosures.

The adoption of this accounting pronouncement did not have a significant impact on the Company’s historical financial statements but could influence the Company’s decisions with respect to investments in certain tax credits prospectively.

In October 2023, FASB issued ASU 2023-06, “Disclosure Improvements” (“ASU 2023-06”), which amends the disclosure requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”).

ASU 2023-06 adds a number of disclosure requirements to the Codification in response to the Securities and Exchange Commission (“SEC”) initiative to update and simplify disclosure requirements.

ASU 2023-06 adds a number of disclosure requirements to the Codification in response to the SEC initiative to update and simplify disclosure requirements.

ASU 2023-06 is to be applied prospectively, and early adoption is prohibited.

For SEC reporting entities, the effective dates will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective.

For SEC reporting entities, the effective dates will be the respective effective dates of the SEC’s removal of the related disclosure requirements from Regulation S-X or Regulation S-K.

If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entities.

ASU 202-06 is not expected to have significant impact on our financial statements.

ASU 2023-06 is not expected to have a significant impact on the Company’s financial statements.

In November 2023, FASB issued ASU 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which amends the disclosure requirements related to segment reporting primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis.

ASU 2023-07 is effective January 1, 2024 and is not expected to have a significant impact on our financial statements.

ASU 2023-07 was effective January 1, 2024 and did not have a significant impact on the Company’s financial statements or segment disclosures.

In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740):

2 unchanged sentences

Entities will also be required to disclose income/(loss) from continuing operations before income tax expense/(benefit) disaggregated between domestic and foreign, as well as income tax expense/(benefit) from continuing operations disaggregated by federal, state and foreign.

ASU 202-09 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements.

ASU 2023-09 was effective January 1, 2025 and is not expected to have a significant impact on our financial statements.

Renasant Corporation and Subsidiaries

14 unchanged sentences

December 31, 2023

Obligations of other U.S.

Government agencies and corporations $ 170,000 $ — $ ( 5,340 ) $ 164,660

Obligations of states and political subdivisions $ 36,374 $ 119 $ ( 1,883 ) $ 34,610

40 unchanged sentences

There were no available for sale securities sold during the year ended December 31, 2022.

Carrying Value Net Proceeds Gain/(Loss)

For the securities sold for the year ended December 31, 2024, the Company intended to sell these as of December 31, 2023, and thereafter completed the sale in January 2024.

Therefore, the Company impaired the securities identified to be sold as of December 31, 2023 and did not recognize a gain or loss during 2024.

Carrying Value Prior to Impairment Net Proceeds Impairment Recognized in December 2023

Twelve months ended December 31, 2024

Obligations of other U.S.

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

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 )

2 unchanged sentences

Twelve months ended December 31, 2023

Obligations of other U.S.

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

Obligations of states and political subdivisions 104,950 99,439 ( 5,511 )

2 unchanged sentences

Government agency collateralized mortgage obligations 54,028 51,101 ( 2,927 )

Trust preferred securities 12,021 9,961 ( 2,060 )

Other debt securities 4,283 4,410 127

Commercial mortgage backed securities:

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

Government agency collateralized mortgage obligations 40,197 38,099 ( 2,098 )

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

1 unchanged sentence

Year Ended December 31,

2023 2022 2021

Gross gains on sales of securities available for sale $ 5 $ 126 $ —

Gross losses on sales of securities available for sale ( 19,357 ) ( 22,564 ) —

(Losses) gains on sales of securities available for sale, net $ ( 22,438 ) $ — $ 2,170

The Company intended to sell a portion of its available for sale securities as of December 31, 2023, and thereafter completed the sale in January 2024.

Therefore, the Company impaired the securities identified to be sold by reducing the amortized cost of each respective security by the amount of impairment and recognized the loss in net income as of December 31, 2023.

The impairment recognized by security type is listed in the table below.

Carrying Value Impairment

Twelve months ended December 31, 2023

Obligations of states and political subdivisions $ 11,227 $ 941

Residential mortgage-backed securities:

Government agency mortgage-backed securities 97,526 11,467

Government agency collateralized mortgage obligations 44,708 4,310

Commercial mortgage-backed securities:

Government agency collateralized mortgage obligations 25,916 2,634

$ 179,377 $ 19,352

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 2 – Securities (continued)

Losses on sales of securities available for sale, net $ ( 19,352 ) $ ( 22,438 ) $ —

(1) Impairment recognized in December 2023.

At December 31, 2024 and 2023, securities with a carrying value of approximately $ 818,344 and $ 880,715 , respectively, were pledged to secure government, public, trust, and other deposits.

2 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 2 – Securities (continued)

Held to Maturity Available for Sale

34 unchanged sentences

December 31, 2023

Obligations of other U.S.

Government agencies and corporations 5 $ 164,660 $ ( 5,340 ) — $ — $ — 5 $ 164,660 $ ( 5,340 )

Obligations of states and political subdivisions 3 $ 2,914 $ ( 2 ) 9 $ 15,198 $ ( 1,881 ) 12 $ 18,112 $ ( 1,883 )

33 unchanged sentences

Total 2 $ 2,807 $ ( 25 ) 234 $ 1,117,285 $ ( 99,715 ) 236 $ 1,120,092 $ ( 99,740 )

Other than the previously disclosed sale, 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.

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 United States government.

2 unchanged sentences

Based on its review of these factors as of December 31, 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.

As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in Accumulated other Comprehensive Income.

At each of December 31, 2024 and 2023, the allowance for credit losses on held to maturity securities was $ 32 .

1 unchanged sentence

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

On December 31, 2023, 100 % of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.

On December 31, 2024, all debt securities held to maturity were rated A or higher by the ratings agencies.

As such, no additional credit loss was recorded for held to maturity securities.

29 unchanged sentences

Past Due and Nonaccrual Loans

The following tables provide an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

Accruing Loans Nonaccruing Loans

56 unchanged sentences

Certain Modifications to Borrowers Experiencing Financial Difficulty

Certain modifications of loans made to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (including an extension of the amortization period), or a term extension, excluding covenant waivers and modification of contingent acceleration clauses, are required to be disclosed in accordance with ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326):

Certain modifications of loans made to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (including extension of the amortization period), or a term extension, excluding covenant waivers and modification of contingent acceleration clauses, are required to be disclosed in accordance with ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326):

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

At December 31, 2023, modifications meeting the disclosure criteria in ASU 2022-02 that were performing in accordance with their modified terms, including unused commitments, totaled $ 3,115 .

Unused commitments relating to such modified loans totaled $ 1,135 and $ 3,115 at December 31, 2024 and 2023, respectively.

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 years ended December 31, 2024 and 2023, and required to be disclosed under ASU 2022-02, by class of financing receivable and by type of modification.

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.

Renasant Corporation and Subsidiaries

1 unchanged sentence

Note 3 – Loans (continued)

The following table presents the amortized cost basis of loans that were experiencing financial difficulty, modified during the year ended December 31, 2023 and required to be disclosed under ASU 2022-02, by class and by type of modification.

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.

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

Year Ended December 31, 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 Interest Rate Reduction and Payment Delay Total % Total Loans by Class

Commercial, financial, agricultural $ 3,215 $ 67 $ 47 $ — $ — $ 113 $ — $ 3,442 0.18 %

Lease financing — — — — — — — —

Real estate – construction:

Residential — 3,018 — — — — 3,018 1.12

Commercial — — — — — — — —

Total real estate – construction — 3,018 — — — — 3,018 0.23

Real estate – 1-4 family mortgage:

2 unchanged sentences

Rental/investment — 36 — — — — — 36 0.01

Land development — — — — — — — —

Total real estate – 1-4 family mortgage — 194 2,046 405 — — 204 2,849 0.08

5 unchanged sentences

Loans, net of unearned income $ 10,163 $ 20,798 $ 2,389 $ 637 $ 252 $ 116 $ 204 $ 34,559 0.27 %

The following table presents the weighted average financial effect of loan modifications requiring disclosure under ASU 2022-02 by class of financing receivable for which there was one type of modifications for the year ended December 31, 2023.

Interest Rate Reduction (in basis points) Term Extension (in months) Payment Delay (in months)

Year Ended December 31, 2023

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

Commercial, financial, agricultural $ — $ 1,339 $ 220 $ — $ — $ — $ 1,559 0.08 %

Lease financing — — — — — — — —

Real estate – construction:

Residential — 3,018 — — — — 3,018 1.02

Total real estate – construction — 3,018 — — — — 3,018 0.23

Real estate – 1-4 family mortgage:

2 unchanged sentences

Rental/investment — 235 16 — — — 251 0.07

Total real estate – 1-4 family mortgage 236 280 802 85 153 — 1,556 0.05

Real estate – commercial mortgage:

1 unchanged sentence

Non-owner occupied 999 14,003 — — 15,323 — 30,325 0.81

Total real estate – commercial mortgage 12,539 14,730 — — 15,323 — 42,592 0.78

Installment loans to individuals — — 22 — 6 20 48 0.05

In addition to the financial effect of loan modifications shown above, several loans experienced more than one type of modification for the year ended December 31, 2023.

For loans experiencing an interest rate reduction and a payment delay, the weighted average payment was delayed 43.0 months and the weighted average interest rate was reduced by 25 basis points.

For loans experiencing an interest rate reduction and a term extension, the weighted average term extension was 12.0 months and the weighted average interest rate reduction was 115 basis points.

For real estate - commercial mortgage loans which experienced both a term extension and a payment delay, the weighted average payment delay was 8.0 months and the term

Loans, net of unearned income $ 12,775 $ 19,367 $ 1,044 $ 85 $ 15,482 $ 20 $ 48,773 0.39 %

Renasant Corporation and Subsidiaries

1 unchanged sentence

Note 3 – Loans (continued)

extension was 10.0 months.

The weighted average payment delay and term extension for real estate - 1-4 family mortgage:

primary was 117.0 months.

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.

Year ended December 31, 2024

Loan Type Financial Effect

Interest Rate Reduction

Commercial, financial, agricultural Reduced the interest rate 46 basis points

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 47 basis points

Term Extension

Commercial, financial, agricultural Extended the term 8 months

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

Real Estate - Commercial Mortgage - Non-owner Occupied Extended the term 17 months

Payment Delay

Commercial, financial, agricultural Delayed the payment 8 months

Real estate – 1-4 family mortgage - Primary Delayed the payment 20 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

Commercial, financial, agricultural Extended the term and delayed the payment 42 months

Real Estate - Commercial Mortgage - Owner Occupied Extended the term and delayed the payment 9 months

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Year ended December 31, 2023

Loan Type Financial Effect

Interest Rate Reduction

Real estate – 1-4 family mortgage - Primary Reduced the interest rate 25 basis points

Real estate – 1-4 family mortgage - Home Equity Reduced the interest rate 345 basis points

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 41 basis points

Real Estate - Commercial Mortgage - Non-owner Occupied Reduced the interest rate 12 basis points

Term Extension

Commercial, financial, agricultural Extended the term 5 months

Real estate – Construction - Residential Extended the term 5 months

Real estate – 1-4 family mortgage - Primary Extended the term 7 months

Real estate – 1-4 family mortgage - Home Equity Extended the term 49 months

Real estate – 1-4 family mortgage - Rental/investment Extended the term 7 months

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

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

Payment Delay

Commercial, financial, agricultural Delayed the payment 31 months

Real estate – 1-4 family mortgage - Primary Delayed the payment 45 months

Real estate – 1-4 family mortgage - Rental/investment Delayed the payment 17 months

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

Installment loans to individuals Delayed the payment 12 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 43 months

Combination - Interest Rate Reduction and Term Extension

Installment loans to individuals Reduced the interest rate 115 basis points and extended the term 12 months

Combination - Term Extension and Payment Delay

Real Estate - Commercial Mortgage - Non-owner Occupied Extended the term 10 months and delayed the payment 8 months

Real estate – 1-4 family mortgage - Primary Extended the term and delayed the payment 117 months

Installment loans to individuals Extended the term and delayed the payment 15 months

Loan modifications requiring disclosure under ASU 2022-02, that were modified in 2024 and for which the accrual or past due status had deteriorated since the modification totaled $ 34 at December 31, 2024.

The past due status of these loans moved from current to 30 - 89 days past due.

At December 31, 2023, there were no modifications with accrual or past due status deterioration during 2023.

Credit Quality

For commercial and commercial real estate-secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan.

For commercial and commercial real estate-secured loans, internal risk-rating grades are assigned jointly by lending and credit administration, with validation by loan review personnel.

The risk rating is based on an analysis of the financial and collateral strength of the borrower, guarantor strength, as well as other credit attributes underlying each loan based on asset type and industry.

Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans.

1 unchanged sentence

Loans within the “Pass” grade (those with a risk rating between 10 and 69 ) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances.

The “Special Mention” grade (those with a risk rating of 70 ) represents a loan where a significant adverse risk-modifying action is anticipated in the near term and, left uncorrected, could result in deterioration of the credit quality of the loan.

The “Special Mention” grade (those with a risk rating between 70 and 79 ) represents a loan where a significant adverse risk-modifying action is anticipated in the near term and, left uncorrected, could result in deterioration of the credit quality of the loan.

Loans that migrate toward the “Substandard” grade (those with a risk rating between 80 and 95 ) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

30 unchanged sentences

Pass 95,903 82,878 108,296 59,553 30,936 17,487 4,745 213 400,011

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Term Loans Amortized Cost Basis by Origination Year

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

Special Mention 180 564 44 52 24 — — — 864

11 unchanged sentences

Pass 554,095 427,339 1,354,418 718,043 425,291 430,220 105,645 24,360 4,039,411

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Term Loans Amortized Cost Basis by Origination Year

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

Special Mention 4,900 21 77,741 814 1,138 8,254 — — 92,868

25 unchanged sentences

Residential $ 149,399 $ 12,883 $ 1,989 $ — $ — $ 369 $ 1,225 $ — $ 165,865

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Term Loans Amortized Cost Basis by Origination Year

2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total

Pass 146,535 10,147 1,989 — — 369 1,225 — 160,265

11 unchanged sentences

Home Equity $ 1,107 $ 10 $ 996 $ — $ — $ 16 $ 20,628 $ 74 $ 22,831

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Term Loans Amortized Cost Basis by Origination Year

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

Pass 1,107 10 996 — — 1 20,628 — 22,742

28 unchanged sentences

Pass 1,486,700 2,646,886 1,675,390 876,426 462,272 743,331 1,075,744 37,771 9,004,520

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Term Loans Amortized Cost Basis by Origination Year

2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Total

Special Mention 34,460 7,924 15,614 6,334 17,962 16,403 939 63 99,699

8 unchanged sentences

Lease Financing Receivables $ — $ — $ — $ — $ — $ — $ — $ — $ —

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Term Loans Amortized Cost Basis by Origination Year

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

Performing Loans — — — — — — — — —

27 unchanged sentences

Non-Performing Loans — — — — — — — — —

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Term Loans Amortized Cost Basis by Origination Year

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

Land Development $ 2,614 $ 2,350 $ 1,902 $ 2,567 $ 1,318 $ 395 $ — $ — $ 11,146

77 unchanged sentences

Loans, net of unearned income $ 36 $ 521 $ 1,233 $ 929 $ 117 $ 10,566 $ 407 $ — $ 13,809

The following table discloses gross charge-offs by year of origination for the year ended December 31, 2023:

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

Commercial, financial, agricultural $ 898 $ 1,909 $ 235 $ 131 $ 635 $ 4,165 $ 865 $ — $ 8,838

Lease financing 883 273 248 72 48 — — — 1,524

Real estate – construction:

Residential — 57 — — — — — — 57

Commercial — — — — — — — — —

Total real estate – construction $ — $ 57 $ — $ — $ — $ — $ — $ — $ 57

Real estate – 1-4 family mortgage:

Primary — 17 — — — 92 — — 109

Home equity — — — — 25 90 — — 115

Rental/investment — — 91 72 10 20 — — 193

Total real estate – 1-4 family mortgage $ — $ 17 $ 91 $ 72 $ 35 $ 202 $ — $ — $ 417

Real estate – commercial mortgage:

Owner-occupied — — — — — 582 — — 582

Non-owner occupied — — — — — 4,986 — — 4,986

Total real estate – commercial mortgage $ — $ — $ — $ — $ — $ 5,568 $ — $ — $ 5,568

Installment loans to individuals $ 29 $ 45 $ 43 $ 35 $ 7 $ 2,477 $ — $ — $ 2,636

Loans, net of unearned income $ 1,810 $ 2,301 $ 617 $ 310 $ 725 $ 12,412 $ 865 $ — $ 19,040

Related Party Loans

Certain executive officers and directors of the Bank and their associates are customers of and have other transactions with Renasant Bank.

Certain executive officers and directors of the Bank and their associates are customers of and have other transactions with the Bank.

Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features.

A summary of the changes in related party loans follows:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 – Loans (continued)

Loans at December 31, 2023

1 unchanged sentence

Payments received ( 907 )

Changes in related parties ( 28,012 )

Loans at December 31, 2024

The change in related parties in the table above relates to the retirement of a director in April 2023, after which he was no longer considered a related party.

No related party loans were classified as past due or nonaccrual at December 31, 2024 or 2023.

Unfunded commitments to certain executive officers and directors and their associates totaled $ 1,168 and $ 5,461 at December 31, 2024 and 2023, respectively.

During 2022, the Company acquired Southeastern Commercial Finance, LLC and Republic Business Credit.

The acquired loans were added to the commercial, financial, and agricultural loan category at their fair value of $ 105,610 at the date of acquisition.

The carrying amount of purchased credit deteriorated (“PCD”) loans at the acquisition date is detailed below.

Carrying Amount

Purchase price of loans at acquisition $ 13,654

Allowance for credit losses at acquisition 11,460

Par value of acquired loans at acquisition $ 25,114

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 4 – Allowance for Credit Losses

13 unchanged sentences

Net charge-offs ( 2,753 ) ( 145 ) ( 800 ) ( 3,459 ) ( 608 ) ( 305 ) ( 8,070 )

Provision (recoveries) of credit losses on loans 5,448 ( 493 ) 2,584 10,078 1,558 ( 382 ) 18,793

(Recoveries of) provision for credit losses on loans ( 2,700 ) ( 3,341 ) 1,278 16,643 1,461 ( 2,093 ) 11,248

Ending balance $ 38,527 $ 15,126 $ 47,761 $ 90,204 $ 3,368 $ 6,770 $ 201,756

21 unchanged sentences

Net charge-offs ( 5,748 ) ( 9 ) ( 28 ) ( 4,856 ) ( 1,506 ) ( 183 ) ( 12,330 )

Provision for credit losses on loans 1,522 2,695 12,307 7,574 838 ( 1,148 ) 23,788

Provision for (recoveries of) credit losses on loans 5,448 ( 493 ) 2,584 10,078 1,558 ( 382 ) 18,793

Ending balance $ 43,980 $ 18,612 $ 47,283 $ 77,020 $ 2,515 $ 9,168 $ 198,578

8 unchanged sentences

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

While credit metrics remained relatively stable, loan growth caused the Company’s allowance model to indicate that an increase to the allowance for credit losses was appropriate during 2023.

While credit metrics remained relatively stable, loan growth caused the Company’s allowance model to indicate that the size of the allowance for credit losses was appropriate during 2024.

Allowance for Credit Losses on Unfunded Loan Commitments

2 unchanged sentences

Beginning balance $ 16,918 $ 20,118

(Recovery of) provision for credit losses on unfunded loan commitments ( 3,200 ) 83

Recovery of credit losses on unfunded loan commitments ( 1,975 ) ( 3,200 )

Ending balance $ 14,943 $ 16,918

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 5 – Premises and Equipment

30 unchanged sentences

Dispositions ( 3,123 )

Other ( 2,425 )

Balance at December 31, 2024 $ 8,673

17 unchanged sentences

Balance at December 31, 2022 $ 988,941 $ 2,767 $ 991,708

Additions to goodwill from the Southeastern Commercial Finance, LLC acquisition 6,608 — 6,608

Additions to goodwill from the Continental Republic Capital, LLC acquisition 45,417 — 45,417

Balance at December 31, 2022 $ 988,941 $ 2,767 $ 991,708

Measurement period adjustments to goodwill from the Continental Republic Capital, LLC acquisition ( 43 ) — ( 43 )

Balance at December 31, 2023 $ 988,898 $ 2,767 $ 991,665

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 7 – Goodwill and Other Intangible Assets (continued)

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

Balance at December 31, 2024 $ 988,898 $ — $ 988,898

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

12 unchanged sentences

Customer relationship intangible amortization expense for the year ended December 31, 2024, 2023 and 2022 was $ 1,192 , $ 1,337 and $ 181 , respectively.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 7 – Goodwill and Other Intangible Assets (continued)

The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows:

5 unchanged sentences

2029 — 330 330

Thereafter — 144 144

Note 8 – Mortgage Servicing Rights

2 unchanged sentences

Carrying value at January 1, 2023 $ 84,448

Sale of MSRs ( 15,565 )

Capitalization 17,079

1 unchanged sentence

Carrying value at December 31, 2023 $ 91,688

Sale of MSRs ( 19,539 )

Capitalization 10,195

2 unchanged sentences

The gains recognized on the sale of MSRs are included in “Mortgage banking income” in the Consolidated Statements of Income.

During 2022, the Company sold a portion of its MSR portfolio with a carrying value of $ 15,565 for a pretax gain of $ 2,960 .

The Company recognized a gain of $ 547 in 2023 related to a holdback of those previously sold MSR assets.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 8 – Mortgage Servicing Rights (continued)

During 2024, the Company sold a portion of its MSR portfolio for net proceeds of $ 23,011 , resulting in a gain of $ 3,472 .

The Company recognized a gain of $ 547 in 2023 related to a holdback of previously sold MSR assets.

Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows:

13 unchanged sentences

These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 9 – Deposits

7 unchanged sentences

Total deposits $ 14,572,612 $ 14,076,785

(1) Includes brokered deposits in the amount of $ 461,441 and $ 233,133 for 2023 and 2022, respectively.

(1) Includes brokered deposits in the amount of $ 0 and $ 461,441 as of December 31, 2024 and 2023, respectively.

The approximate scheduled maturities of time deposits, including brokered deposits, at December 31, 2024 are as follows:

20 unchanged sentences

Short-term borrowings from the FHLB (i.e.

advances with original maturities of less than one year) are used to meet day to day liquidity needs.

advances with original maturities of less than one year) are used to meet anticipated short-term liquidity needs.

The Company had availability on unused lines of credit with the FHLB of $ 4,004,630 at December 31, 2024.

The Company also had credit available at the Federal Reserve Discount Window in the amount of $ 656,683 .

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 10 – Short-Term Borrowings (continued)

The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:

16 unchanged sentences

Federal Home Loan Bank Advances

Long-term FHLB borrowings, of which none were outstanding at December 31, 2023 and 2022, are used to match fund fixed rate loans in order to minimize interest rate risk and also are used to meet day to day liquidity needs, particularly when the cost

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 11 – Long-Term Debt (continued)

of such borrowings compares favorably to the rates required to attract deposits.

Long-term FHLB borrowings are used to match fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowings compares favorably to the rates required to attract deposits.

The Company did not prepay any outstanding long-term advances from the FHLB during 2023 and 2022.

In connection with the prepayment of $ 150,000 in long-term advances from the FHLB during 2021, the Company incurred penalty charges of $ 6,123 which is included in the line item “Debt prepayment penalty” in the Consolidated Statements of Income.

Junior Subordinated Debentures

5 unchanged sentences

The Company has entered into an agreement which fully and unconditionally guarantees the capital securities of each trust subject to the terms of the guarantee.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 11 – Long-Term Debt (continued)

The interest rate on the debentures reprices quarterly equal to the three-month CME Term SOFR at the determination date plus the applicable spread.

21 unchanged sentences

A summary of the Notes is as follows:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 11 – Long-Term Debt (continued)

Issue Date Initial principal Fixed rate Fixed to floating transition date Benchmark rate Spread (in bps) Debt outstanding Maturity

5 unchanged sentences

Beginning with the fixed to floating transition date and on any interest payment date thereafter, the Company may redeem the applicable Notes in whole or in part at a redemption price equal to 100 % of the principal amount of the respective Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 11 – Long-Term Debt (continued)

The Company may also redeem any series of the Notes at any time, at the Company’s option, in whole or in part, if:

22 unchanged sentences

There is no additional minimum pension liability required to be recognized.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

The Company provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan.

2 unchanged sentences

Coverage ceases when a retiree attains age 65 and is eligible for Medicare.

The Company contributed $ 41 and $ 3 to the plan in 2023 and 2022, respectively;

The Company did not contribute to the plan in 2024 and contributed $ 41 to the plan in 2023;

the Company expects to contribute approximately $ 86 in 2025.

1 unchanged sentence

Increasing or decreasing the assumed health care cost trend rates by one percentage point in each year would not materially increase or decrease the accumulated post-retirement benefit obligation or the service and interest cost components of net periodic post-retirement benefit costs as of December 31, 2024 and for the year then ended.

The following table presents information relating to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits - Renasant”) and the post-retirement health and life plan (“Other Benefits”) as of December 31, 2023 and 2022:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

The following table presents information relating to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits - Renasant”) and the post-retirement health plan (“Other Benefits”) as of December 31, 2024 and 2023:

Pension Benefits Renasant Other Benefits

5 unchanged sentences

Plan participants’ contributions — — 21 49

Actuarial loss (gain) 74 ( 5,256 ) ( 21 ) ( 48 )

Actuarial (gain) loss ( 620 ) 74 ( 89 ) ( 21 )

Benefits paid ( 1,798 ) ( 2,104 ) ( 17 ) ( 90 )

12 unchanged sentences

The selected discount rate is the rate that produces the same present value of the plans’ projected benefit payments.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the years ended December 31, 2023, 2022 and 2021 are as follows:

The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health plans for the years ended December 31, 2024, 2023 and 2022 are as follows:

Pension Benefits Renasant Other Benefits

12 unchanged sentences

Expected return on plan assets 5.20 % 6.25 % 5.75 % N/A N/A N/A

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

Future estimated benefit payments under the Renasant defined benefit pension plan and other benefits are as follows:

6 unchanged sentences

2030 - 2034 7,763 149

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2024 are as follows:

15 unchanged sentences

The expected long-term rate of return was estimated using market benchmarks for investment classes applied to the plan’s target asset allocation and was computed using a valuation methodology which projects future returns based on current valuations rather than historical returns.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

The fair values of the Company’s defined benefit pension plan assets by category at December 31, 2024 and 2023 are below.

14 unchanged sentences

$ 2,402 $ 156 $ — $ 16,590 $ 19,148

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

Quoted Prices In

7 unchanged sentences

Investments in collective trusts — — — 17,830 17,830

government securities — 47 — — 47

Corporate stocks 1,200 — — — 1,200

$ 2,242 $ 47 $ — $ 17,830 $ 20,119

2 unchanged sentences

Employees are immediately enrolled in the plan and eligible to make pre-tax deferrals, subject to limits imposed under the plan and the deferral limit established annually by the IRS, and receive Company matching contributions not in excess of 4 % of compensation.

The Company may make a discretionary profit-sharing contribution for each eligible participant in an amount up to 5 % of plan compensation and 5 % of plan compensation in excess of the Social Security wage base.

The Company may make a discretionary profit-sharing contribution for each eligible participant as an equal percentage of each participant’s compensation.

To be eligible to receive this profit-sharing contribution, an employee must:

16 unchanged sentences

A director or officer’s beneficiaries may receive an additional preretirement death benefit from the Deferred Income Plan when the officer or director has continuously deferred at rates prescribed by the Company since January 1, 2005, and when such officer or director dies while employed by the Company or serving as a director.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

The Company’s Deferred Stock Unit and Deferred Income Plan are unfunded.

It is anticipated that such plans will result in no additional cost to the Company because life insurance policies on the lives of participants have been purchased in amounts estimated to be sufficient to pay plan benefits.

The Company is both the owner and beneficiary of the policies.

The expense recorded in 2024, 2023 and 2022 for the Company’s Deferred Stock Unit and Deferred Income Plan, including deferrals, was $ 3,269 , $ 3,265 and $ 1,486 , respectively.

In connection with the Company’s acquisition of Brand Group Holdings, Inc., the Company assumed the Brand Group Holdings, Inc.

4 unchanged sentences

Pending distribution, balances will be notionally invested by each participant in designated investment alternatives.

The Company’s Deferred Stock Unit and Deferred Income Plan are unfunded.

The Company is both the owner and beneficiary of the policies.

The expense recorded in 2023, 2022 and 2021 for the Company’s Deferred Stock Unit and Deferred Income Plan, including deferrals, was $ 3,265 , $ 1,486 and $ 3,274 , respectively.

In 2007, the Company assumed supplemental executive retirement plans (SERPs) in connection with the acquisition of Capital Bancorp, Inc.

3 unchanged sentences

The plans are not qualified under Section 401 of the Internal Revenue Code of 1986, as amended.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

Incentive Compensation Plans

10 unchanged sentences

Stock appreciation rights may be granted under the plan on terms similar to options.

There were no stock options or stock appreciation rights granted during the years ended December 31, 2023, 2022 or 2021.

There was no compensation expense (recognized or unrecognized) associated with options for the years ended December 31, 2023, 2022 or 2021.

No options remained outstanding as of December 31, 2021.

The following table summarizes information about options outstanding, exercised and forfeited as of and for the year ended December 31, 2021:

Shares Weighted

Price Weighted

Life Aggregate

Outstanding at January 1, 2021 10,500 $ 14.96

Exercised ( 10,500 ) 14.96

Forfeited — —

Outstanding at December 31, 2021 — $ — 0.00 $ —

Exercisable at December 31, 2021 — $ — 0.00 $ —

The total intrinsic value of options exercised during the year ended December 31, 2021 was $ 262 .

All options that were fully vested and exercisable as of December 31, 2018 have been exercised.

There were no stock options or stock appreciation rights granted, or associated compensation expense (recognized or unrecognized), during the years ended December 31, 2024, 2023 or 2022.

No options have been outstanding since December 31, 2021.

The plan permits the award of performance-based restricted stock to officers and employees and time-based restricted stock to non-employee directors, officers and employees.

7 unchanged sentences

Time-based restricted stock awards relate to a fixed number of shares that vest at the end of a designated service period.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

In 2024, the Company made performance-based and time-based restricted stock awards;

3 unchanged sentences

The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2024:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 12 – Employee Benefit and Deferred Compensation Plans (continued)

Stock Weighted

18 unchanged sentences

The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 13 – Derivative Instruments (continued)

The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:

12 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 13 – Derivative Instruments (continued)

Year Ended December 31,

23 unchanged sentences

Totals $ 450,000 $ 598 $ 250,000 $ 384

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 13 – Derivative Instruments (continued)

The impact on other comprehensive income for the years ended December 31, 2024, 2023, and 2022, is described in Note 16, “Other Comprehensive Income (Loss).”

2 unchanged sentences

As a result of the termination the Company recognized a gain of $ 4,676 for the year ended December 31, 2022.

There were no such terminations in 2022 or 2023.

There have been no such terminations since October 2021.

Derivatives designated as fair value hedges

7 unchanged sentences

Interest rate swaps Other Liabilities $ 100,000 $ 17,368 $ 100,000 $ 17,052

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 13 – Derivative Instruments (continued)

The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:

14 unchanged sentences

The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 13 – Derivative Instruments (continued)

Offsetting Derivative Assets Offsetting Derivative Liabilities

9 unchanged sentences

Net amounts $ 6,566 $ 5,421 $ — $ 1,488

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 14 – Income Taxes

10 unchanged sentences

$ 49,508 $ 32,509 $ 45,240

Total income tax expense does not reflect the tax effects of items that are included in other comprehensive income each period.

The tax effects included each period resulted in net expense in other comprehensive income of $ 4,012 and $ 19,716 in 2024 and 2023, respectively, and a net benefit in other comprehensive income of $ 67,453 in 2022.

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented:

8 unchanged sentences

State income tax expense, net of federal benefit ( 262 ) ( 1,929 ) 3,241

Nondeductible transaction costs 1,060 — —

Other items, net 1,294 1,091 1,647

23 unchanged sentences

Lease right-of-use asset 11,775 12,399

Loans 7,638 —

Other 4,153 3,344

6 unchanged sentences

The Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2020 through 2023.

The Company acquired federal and state net operating losses as part of its previous acquisitions, with varying expiration periods.

While the Company has no remaining state net operating losses as of December 31, 2023, the remaining federal net operating losses have an indefinite carryforward period.

Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the year ended December 31, 2023.

The table below presents the breakout of net operating losses as of the dates presented.

Net Operating Losses

Federal $ 138 $ 1,101

State — 5,666

The Company previously had Federal net operating losses which were fully utilized in the year ending December 31, 2024.

No valuation allowance existed against these net operating losses, as we determined it was more likely than not they would be fully utilized.

The Company has unused state tax credits in various jurisdictions for the year ended December 31, 2024 and 2023 of $ 11,115 and $ 5,107 , respectively, which can be carried forward for periods ranging from five to 25 years.

The Company determined, based on all available evidence, that it is more likely than not that the Company will realize the full amount of these credits, and no valuation allowance has been recorded.

Renasant Corporation and Subsidiaries

1 unchanged sentence

Note 14 – Income Taxes (continued)

The table below presents the breakout of net operating losses as of December 31, 2023.

There were no net operating losses as of December 31, 2024.

Net Operating Losses

Federal $ 138

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below:

2 unchanged sentences

Additions based on positions related to current period 190 78 65

Reductions based on positions related to prior period — — —

Reductions due to lapse of statute of limitations ( 88 ) ( 86 ) ( 66 )

1 unchanged sentence

If ultimately recognized, the Company does not anticipate any material increase in the effective tax rate for 2024 relative to any tax positions taken prior to January 1, 2024.

The Company had accrued $ 26 , $ 17 and $ 15 for interest and penalties related to unrecognized tax benefits as of December 31, 2023, 2022 and 2021, respectively.

The Company has accrued $ 41 , $ 26 and $ 17 for interest and penalties related to unrecognized tax benefits as of December 31, 2024, 2023 and 2022, respectively.

The Company recognized accrued interest and penalties on unrecognized tax benefits as a component of income tax expense.

The Company holds investments in limited partnerships and similar entities (“LP”) that are not consolidated in the financial statements.

These LP construct, own, and operate affordable housing and similar projects.

Typically, an unrelated third party is the general partner or managing member and is primarily responsible for overseeing and controlling these projects.

As an investor in these LP, certain tax credits (“ITC”), primarily Low-Income Housing Tax Credits under Section 42 of the Internal Revenue Code, are allocated to the Company.

These ITC are recognized as income tax benefits in the Company’s Consolidated Statements of Income over the period in which they are earned, which is typically ten years beginning when the related projects are placed in service as determined by the Internal Revenue Code and related regulations.

These investments are recorded to Other assets on the Consolidated Balance Sheets, and are amortized ratably based on the realization of ITC using the practical expedient method described in ASU 2014-01.

The balance of these investments recorded to Other assets was $ 13,366 and $ 11,951 at December 31 2024 and December 31 2023, respectively.

In the years ended December 31, 2024 and December 31, 2023, the Company recognized $ 2,977 and $ 1,844 of benefits from ITC, and recorded $ 2,851 and $ 1,741 of amortization on the LP investments, all of which were recorded to the Income taxes line of the Consolidated Statements of Income.

The non-income-tax-related income or expenses related to our LP entities were not significant in 2024 and 2023.

The Company is continuing to pursue opportunities to invest in similar LP entities, and as of December 31, 2024, had unfunded commitments related to similar ITC investments of $ 16,711 .

The Company’s risk of loss on these projects is generally mitigated by policies requiring that the project qualify for the expected ITC prior to making its investment.

Note 15 – Fair Value Measurements

6 unchanged sentences

The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

Securities available for sale :

16 unchanged sentences

Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

23 unchanged sentences

There were no such transfers between levels of the fair value hierarchy during the year ended December 31, 2024.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

For 2024 and 2023, 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.

6 unchanged sentences

Individually evaluated loans, net of allowance for credit losses $ — $ — $ 38,374 $ 38,374

OREO — — 3,666 3,666

Total $ — $ — $ 42,040 $ 42,040

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Totals

1 unchanged sentence

Individually evaluated loans, net of allowance for credit losses $ — $ — $ 21,303 $ 21,303

OREO — — 1,763 1,763

Total $ — $ — $ 21,303 $ 21,303

15 unchanged sentences

Accordingly, values for OREO are classified as Level 3.

There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets at period end.

The following table presents, as of December 31, 2024, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end.

There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets at period end.

December 31, 2024

2 unchanged sentences

Fair value $ 3,666

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

Mortgage servicing rights :

9 unchanged sentences

OREO $ 3,666 Appraised value of property less estimated costs to sell Estimated costs to sell 4 - 10 %

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

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.

Net gains of $ 3,300 resulting from fair value changes of these mortgage loans were recorded in income during 2023, as compared to net losses of $ 9,854 in 2022 and net gains of $ 10,354 in 2021.

Net losses of $ 3,309 resulting from fair value changes of these mortgage loans were recorded in income during 2024, as compared to net gains of $ 3,300 in 2023 and net losses of $ 9,854 in 2022.

The 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.

10 unchanged sentences

Mortgage loans held for sale measured at fair value $ 179,756 $ 174,471 $ 5,285

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

Fair Value of Financial Instruments

16 unchanged sentences

Derivative instruments 32,268 — 32,268 — 32,268

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 15 – Fair Value Measurements (continued)

Value Level 1 Level 2 Level 3 Total

24 unchanged sentences

Unrealized holding gains on securities $ 1,455 $ 381 $ 1,074

Reclassification adjustment for losses realized in net income (1)

41,494 10,431 31,063

Amortization of unrealized holding losses on securities transferred to the held to maturity category 12,731 3,255 9,476

1 unchanged sentence

Derivative instruments:

Unrealized holding losses on derivative instruments ( 2,558 ) ( 653 ) ( 1,905 )

Unrealized holding gains on derivative instruments 508 130 378

Total derivative instruments 508 130 378

6 unchanged sentences

Securities available for sale:

Unrealized holding losses on securities $ ( 285,829 ) $ ( 71,478 ) $ ( 214,351 )

Unrealized holding gains on securities $ 20,194 $ 5,066 $ 15,128

Reclassification adjustment for gains realized in net income (2)

41,494 10,431 31,063

Amortization of unrealized holding losses on securities transferred to the held to maturity category 13,557 3,466 10,091

1 unchanged sentence

Derivative instruments:

Unrealized holding gains on derivative instruments 20,118 5,125 14,993

Unrealized holding losses on derivative instruments ( 2,558 ) ( 653 ) ( 1,905 )

Total derivative instruments ( 2,558 ) ( 653 ) ( 1,905 )

Defined benefit pension and post-retirement benefit plans:

Net loss arising during the period ( 4,107 ) ( 1,045 ) ( 3,062 )

Net gain arising during the period 80 20 60

Amortization of net actuarial loss recognized in net periodic pension cost (1)

Total defined benefit pension and post-retirement benefit plans 542 138 404

Total other comprehensive loss $ ( 264,687 ) $ ( 66,093 ) $ ( 198,594 )

Total other comprehensive income $ 73,229 $ 18,448 $ 54,781

Renasant Corporation and Subsidiaries

6 unchanged sentences

Unrealized holding losses on securities $ ( 285,829 ) $ ( 71,478 ) $ ( 214,351 )

Reclassification adjustment for gains realized in net income (1)

( 2,170 ) ( 552 ) ( 1,618 )

Amortization of unrealized holding gains on securities transferred to the held to maturity category ( 73 ) ( 19 ) ( 54 )

Amortization of unrealized holding losses on securities transferred to the held to maturity category 4,964 1,263 3,701

Total securities available for sale ( 280,865 ) ( 70,215 ) ( 210,650 )

1 unchanged sentence

Unrealized holding gains on derivative instruments 20,118 5,125 14,993

Reclassification adjustment for gains realized in net income related to swap termination ( 4,676 ) ( 1,190 ) ( 3,486 )

Total derivative instruments 20,118 5,125 14,993

4 unchanged sentences

Total other comprehensive loss $ ( 264,687 ) $ ( 66,093 ) $ ( 198,594 )

(1) Included in Net (losses) gains on sales of securities and Impairment losses on securities in the Consolidated Statements of Income

(1) Included in Salaries and employee benefits in the Consolidated Statements of Income

The accumulated balances for each component of other comprehensive income (loss), net of tax, at December 31 were as follows:

(2) Included in Net (losses) gains on sales of securities and Impairment losses on securities in the Consolidated Statements of Income

The accumulated balances for each component of other comprehensive loss, net of tax, at December 31 were as follows:

2024 2023 2022

3 unchanged sentences

Total accumulated other comprehensive loss $ ( 142,608 ) $ ( 154,256 ) $ ( 209,037 )

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 17 – Net Income Per Common Share

11 unchanged sentences

Net income per common share—diluted $ 3.27 $ 2.56 $ 2.95

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Outstanding stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:

12 unchanged sentences

Interest rate sensitivity is monitored by the Company for determining the net effect of potential changes in interest rates on the market value of both on- and off-balance sheet financial instruments.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 19 – Restrictions on Cash, Securities, Bank Dividends, Loans or Advances

9 unchanged sentences

At December 31, 2024, the Bank’s earned surplus exceeded the Bank’s capital stock by more than ten times.

In addition to the FDIC and DBCF restrictions on dividends payable by the Bank to the Company, the Federal Reserve provided guidance on the criteria that it will use to evaluate the request by a bank holding company to pay dividends in an aggregate amount that will exceed the company’s earnings for the period in which the dividends will be paid, which did not apply to the Company in 2023 or 2022.

In addition to the FDIC and DBCF restrictions on dividends payable by the Bank to the Company, the Federal Reserve has provided guidance on the criteria that it will use to evaluate the request by a bank holding company to pay dividends in an aggregate amount that will exceed the company’s earnings for the period in which the dividends will be paid, which did not apply to the Company in 2024 or 2023.

For purposes of this analysis, “dividend” includes not only dividends on preferred and common equity but also dividends on debt underlying trust preferred securities and other Tier 1 capital instruments.

The Federal Reserve’s criteria evaluates whether the holding company (1) has net income over the past four quarters sufficient to fully fund the proposed dividend (taking into account prior dividends paid during this period), (2) is considering stock repurchases or redemptions in the quarter, (3) does not have a concentration in commercial real estate and (4) is in good supervisory condition, based on its overall condition and its asset quality risk.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 19 – Restrictions on Cash, Securities, Bank Dividends, Loans or Advances (continued)

supervisory condition, based on its overall condition and its asset quality risk.

A holding company not meeting these criteria will require more in-depth consultations with the Federal Reserve.

9 unchanged sentences

Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 20 – Regulatory Matters (continued)

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain.

34 unchanged sentences

Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions.

In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 in addition to the amount necessary to meet minimum risk-based capital requirements.

In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 in addition to the amount necessary to meet

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 20 – Regulatory Matters (continued)

minimum risk-based capital requirements.

The capital conservation buffer is designed to absorb losses during periods of economic stress.

3 unchanged sentences

The Company has elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 21 – Segment Reporting

2 unchanged sentences

• The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-size businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring and equipment leasing, as well as safe deposit and night depository facilities.

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

• 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.

• 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.

1 unchanged sentence

The Financial Services division also provides administrative and compliance services for certain mutual funds.

In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment.

The Company’s reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services.

The CODM evaluates the financial performance of the segments by evaluating revenue streams, significant expenses and budget to actual results, and the CODM provides guidance in strategy and the allocation of resources.

In order to give the CODM a more precise indication of the income and expenses controlled by each segment, the results of operations for the Community Banks, Insurance and the Wealth Management segments reflect their own direct revenues and expenses.

Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment.

Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 21 – Segment Reporting (continued)

Accounting policies for each segment are the same as those described in Note, “Significant Accounting Policies.”

The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2024, 2023 and 2022:

1 unchanged sentence

Management Other Consolidated

Total interest income $ 886,666 $ 942 $ 64 $ 105 $ 887,777

Total interest expense 348,199 — — 27,382 375,581

Net interest income 538,467 942 64 ( 27,277 ) 512,196

1 unchanged sentence

Noninterest income 172,877 6,473 25,873 ( 1,563 ) 203,660

Noninterest expense 409,849 8,652 19,596 1,525 439,622

Salaries and employee benefits 266,639 3,645 13,484 — 283,768

Net occupancy and equipment 44,989 163 808 — 45,960

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 21 – Segment Reporting (continued)

Banks Insurance Wealth

Management Other Consolidated

Other segment expenses (1)

125,678 584 4,362 1,266 131,890

Income before income taxes 264,765 3,023 7,283 ( 30,106 ) 244,965

3 unchanged sentences

Goodwill 988,898 — — — 988,898

Total interest income $ 795,500 $ 1,653 $ 68 $ 98 $ 797,319

Total interest expense 251,026 — — 26,966 277,992

Net interest income 544,474 1,653 68 ( 26,868 ) 519,327

1 unchanged sentence

Noninterest income 76,130 12,578 25,311 ( 944 ) 113,075

Noninterest expense 366,684 8,442 18,664 1,582 395,372

Salaries and employee benefits 262,325 7,038 12,405 — 281,768

Net occupancy and equipment 45,303 438 730 — 46,471

Other segment expenses (2)

102,221 1,176 6,461 1,525 111,383

Income before income taxes 195,162 5,579 5,783 ( 29,337 ) 177,187

3 unchanged sentences

Goodwill 988,898 2,767 — — 991,665

Total interest income $ 538,596 $ 619 $ 2,560 $ 35 $ 541,810

Total interest expense 39,562 — 128 20,822 60,512

Net interest income 499,034 619 2,432 ( 20,787 ) 481,298

Recovery for credit losses ( 2,168 ) — — — ( 2,168 )

Provision for credit losses 23,871 — — — 23,871

Noninterest income 114,263 11,821 24,839 ( 1,670 ) 149,253

Noninterest expense 404,566 8,060 16,475 1,225 430,326

Salaries and employee benefits 242,360 7,107 12,187 — 261,654

Net occupancy and equipment 43,814 420 585 — 44,819

Other segment expenses (3)

80,510 915 5,892 1,582 88,899

Income before income taxes 222,742 3,998 8,607 ( 24,039 ) 211,308

3 unchanged sentences

Goodwill 988,941 2,767 — — 991,708

(1) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, merger and conversion related expenses and other miscellaneous expenses.

Other segment expenses for Insurance include data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses.

Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.

(2) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.

Other segment expenses for Insurance include data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note 21 – Segment Reporting (continued)

(3) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, restructuring charges, merger and conversion related expenses and other miscellaneous expenses.

Other segment expenses for Insurance include data processing, advertising and public relations, communications and other miscellaneous expenses.

Note 22 – Renasant Corporation (Parent Company Only) Condensed Financial Information

3 unchanged sentences

$ 405,782 $ 169,597

Investments — —

Investment in bank subsidiary (2)

38 unchanged sentences

Amortization/depreciation 1,425 1,770 1,478

(Decrease) increase in other assets ( 8,824 ) 284 ( 5,628 )

Increase (decrease) in other assets 6,540 ( 8,824 ) 284

Increase in other liabilities 11,303 8,921 9,225

2 unchanged sentences

Sales and maturities of securities and available for sale — — 2,000

Other investing activities — — ( 100,000 )

Net cash provided by (used in) investing activities — 2,000 ( 94,900 )

Net cash provided by investing activities — — 2,000

Financing activities

Cash paid for dividends ( 53,727 ) ( 50,279 ) ( 49,991 )

Repurchase of shares in connection with stock repurchase program — — ( 21,315 )

Repayment of long-term debt — — ( 30,000 )

Proceeds from issuance of long-term debt — — 197,061

Net cash (used in) provided by financing activities ( 50,279 ) ( 79,991 ) 80,729

Proceeds from equity offering 217,000 — —

Net cash provided by (used in) financing activities 163,273 ( 50,279 ) ( 79,991 )

Increase (decrease) in cash and cash equivalents 236,185 1,870 ( 16,699 )

37 unchanged sentences

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-K

Item 8. Financial Statements and Supplementary Data