What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-08 compared with 2024-11-06 · 199 added, 424 removed, 1198 unchanged (34% of the section changed)

3 unchanged sentences

(In Thousands, Except Share Data)

September 30,

2025 December 31, 2024

2 unchanged sentences

Cash and cash equivalents 1,091,339 1,092,032

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

Securities held to maturity (fair value of $ 1,003,497 and $ 1,002,544 , respectively)

1,101,901 1,126,112

24 unchanged sentences

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

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

66,484,225 shares issued;

63,739,467 and 63,565,690 shares outstanding, respectively

11 unchanged sentences

(In Thousands, Except Share Data)

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended

Interest income

10 unchanged sentences

Provision for credit losses on loans 2,050 2,638

Recovery of credit losses on unfunded commitments ( 275 ) ( 700 ) ( 1,475 ) ( 3,200 )

Provision for (recovery of) credit losses on unfunded commitments 2,700 ( 200 )

Provision for credit losses 4,750 2,438

6 unchanged sentences

Mortgage banking income 8,147 11,370

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

Gain on debt extinguishment — 56

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

BOLI income 2,929 2,691

23 unchanged sentences

(In Thousands)

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended

Net income $ 41,518 $ 39,409

2 unchanged sentences

Unrealized holding gains (losses) on securities 19,970 ( 4,634 )

Reclassification adjustment for losses realized in net income — — — 16,816

Amortization of unrealized holding losses on securities transferred to the held to maturity category 2,265 2,438

1 unchanged sentence

Derivative instruments:

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

Unrealized holding losses on derivative instruments ( 1,322 ) ( 570 )

Total derivative instruments ( 1,322 ) ( 570 )

8 unchanged sentences

(In Thousands, Except Share Data)

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

Nine Months Ended September 30, 2024 Shares Amount

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

Net income — — — — 39,409 — 39,409

Other comprehensive loss — — — — — ( 2,687 ) ( 2,687 )

Comprehensive income 36,722

Cash dividends ($ 0.22 per share)

— — — — ( 12,653 ) — ( 12,653 )

Issuance of common stock for stock-based compensation awards 162,653 — 5,566 ( 8,660 ) — — ( 3,094 )

Stock-based compensation expense — — — 3,992 — — 3,992

Balance at March 31, 2024 56,304,860 $ 296,483 $ ( 99,683 ) $ 1,303,613 $ 978,880 $ ( 156,943 ) $ 2,322,350

Net income — $ — $ — $ — $ 38,846 $ — $ 38,846

Other comprehensive income — — — — — 2,827 2,827

Comprehensive income 41,673

Cash dividends ($ 0.22 per share)

— — — — ( 12,640 ) — ( 12,640 )

Issuance of common stock for stock-based compensation awards 63,064 — 2,149 ( 2,205 ) — — ( 56 )

Stock-based compensation expense — — — 3,374 — — 3,374

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

Net income — — — — $ 72,455 $ 72,455

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

Comprehensive income 97,477

Cash dividends ($ 0.22 per share)

— — — — ( 14,217 ) — ( 14,217 )

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

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

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

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

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

Nine Months Ended September 30, 2023 Shares Amount

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

Three Months Ended March 31, 2025 Shares Amount

Balance at January 1, 2025 63,565,690 $ 332,421 $ ( 97,196 ) $ 1,491,847 $ 1,093,854 $ ( 142,608 ) $ 2,678,318

7 unchanged sentences

Balance at March 31, 2025 63,739,467 $ 332,421 $ ( 91,646 ) $ 1,486,849 $ 1,121,102 $ ( 121,621 ) $ 2,727,105

Net income — $ — $ — $ — $ 28,643 $ — $ 28,643

Other comprehensive income — — — — — 863 863

Comprehensive income 29,506

Cash dividends ($ 0.22 per share)

— — — — ( 12,573 ) — ( 12,573 )

Issuance of common stock for stock-based compensation awards 58,820 — 1,970 ( 970 ) — — 1,000

Stock-based compensation expense — — — 3,395 — — 3,395

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

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

Three Months Ended March 31, 2024 Shares Amount

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

Net income — — — — 39,409 — 39,409

5 unchanged sentences

Stock-based compensation expense — — — 3,992 — — 3,992

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

Balance at March 31, 2024 56,304,860 $ 296,483 $ ( 99,683 ) $ 1,303,613 $ 978,880 $ ( 156,943 ) $ 2,322,350

See Notes to Consolidated Financial Statements.

2 unchanged sentences

(In Thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Operating activities

3 unchanged sentences

Depreciation, amortization and accretion 8,360 8,097

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

Deferred income tax expense 954 1,706

Proceeds from sale of MSR — 23,011

Gain on sale of MSR — ( 3,472 )

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

Funding of mortgage loans held for sale ( 303,158 ) ( 260,424 )

1 unchanged sentence

Gains on sales of mortgage loans held for sale ( 4,500 ) ( 4,535 )

Losses on sales of securities — 22,438

Debt prepayment benefit — ( 56 )

Losses on sales of premises and equipment 11 8

(Gains) losses on sales of premises and equipment ( 271 ) 50

Stock-based compensation expense 3,780 3,992

Increase in other assets ( 8,108 ) ( 30,741 )

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

Decrease in other assets 45,847 9,904

Decrease in other liabilities ( 20,025 ) ( 5,462 )

Net cash provided by operating activities 106,152 65,057

7 unchanged sentences

Proceeds from sales of premises and equipment 1,267 256

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

Net change in FHLB stock ( 222 ) 5,120

1 unchanged sentence

Other, net 1,183 93

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

Net cash (used in) provided by investing activities ( 292,055 ) 29,968

Financing activities

Net decrease in noninterest-bearing deposits ( 53,874 ) ( 824,559 )

Net increase (decrease) in noninterest-bearing deposits 137,394 ( 67,511 )

Net increase in interest-bearing deposits 62,089 227,889

2 unchanged sentences

Cash paid for dividends ( 14,270 ) ( 12,653 )

Proceeds from equity offering 217,000 —

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

Net increase in cash and cash equivalents 474,269 165,164

Net cash provided by (used in) financing activities 185,210 ( 51,976 )

Net (decrease) increase in cash and cash equivalents ( 693 ) 43,049

Cash and cash equivalents at beginning of period 1,092,032 801,351

22 unchanged sentences

Use of Estimates :

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

Actual results could differ from those estimates, and such differences may be material.

Impact of Recently-Issued Accounting Standards and Pronouncements :

In March 2023, the Financial Accounting Standards Board (“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 did not have an 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 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 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 2023-06 is not expected to have 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 was effective January 1, 2024 and did not have a significant impact on our financial statements or segment disclosures.

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

Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures.

ASU 2023-09 will require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.

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

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which amends the disclosure requirements in the notes to financial statements of specified information about certain costs and expenses.

ASU 2024-03 will be effective January 1, 2027 and is not expected to have a significant impact on the Company’s financial statements.

Renasant Corporation and Subsidiaries

3 unchanged sentences

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

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

September 30, 2024

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of March 31, 2025 or December 31, 2024.

March 31, 2025

Obligations of states and political subdivisions $ 20,221 $ 53 $ ( 2,024 ) $ 18,250

20 unchanged sentences

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

September 30, 2024

March 31, 2025

Obligations of states and political subdivisions $ 283,632 $ — $ ( 41,658 ) $ 241,974

21 unchanged sentences

Held to maturity securities, net of allowance for credit losses $ 1,126,112

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

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

No securities were sold during the first quarter of 2025.

With respect to the securities sold during the first three months ended March 31, 2024, which are presented in the table below, the Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024.

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

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

Renasant Corporation and Subsidiaries

1 unchanged sentence

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

Nine months ended September 30, 2024

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

Residential mortgage backed securities:

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

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

Commercial mortgage backed securities:

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

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

Carrying Value Immediately Prior to Sale Net Proceeds Impairment

Nine months ended September 30, 2023

Obligations of other U.S.

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

Three months ended March 31, 2024

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

3 unchanged sentences

Commercial mortgage backed securities:

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

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

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

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

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

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

At March 31, 2025 and December 31, 2024, securities with a carrying value of $ 861,875 and $ 818,344 , respectively, were pledged to secure government, public and trust deposits.

Securities with a carrying value of $ 26,129 and $ 25,526 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2025 and December 31, 2024, respectively.

The amortized cost and fair value of securities at March 31, 2025 by contractual maturity are shown below.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Held to Maturity Available for Sale

22 unchanged sentences

Available for Sale:

September 30, 2024

March 31, 2025

Obligations of states and political subdivisions — $ — $ — 7 $ 13,040 $ ( 2,024 ) 7 $ 13,040 $ ( 2,024 )

26 unchanged sentences

Held to Maturity:

September 30, 2024

March 31, 2025

Obligations of states and political subdivisions 7 $ 16,412 $ ( 1,835 ) 121 $ 225,342 $ ( 39,823 ) 128 $ 241,754 $ ( 41,658 )

24 unchanged sentences

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

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

As of March 31, 2025, the Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity.

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

4 unchanged sentences

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

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

Based upon its review of these factors as of March 31, 2025, the Company determined that all such losses resulted from factors not deemed credit-related.

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

See Note 11, “Other Comprehensive Income” for more information on the Company’s unrealized losses on securities.

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

The allowance for credit losses on held to maturity securities was $ 32 at each of March 31, 2025 and December 31, 2024.

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

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

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

As of March 31, 2025, all of the debt securities held to maturity were rated A or higher by the ratings agencies.

Note 3 – Loans

2 unchanged sentences

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

September 30,

2025 December 31, 2024

39 unchanged sentences

Past Due Current

September 30, 2024

March 31, 2025

Commercial, financial, agricultural $ 5,173 $ 4 $ 1,881,528 $ 1,886,705 $ 186 $ 712 $ 977 $ 1,875 $ 1,888,580

48 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 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, but 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”).

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

Unused commitments totaled $ 464 at September 30, 2024.

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

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

All modifications for the three months ended March 31, 2025 and 2024 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at March 31, 2025 and 2024, respectively.

There were no unused commitments at March 31, 2025.

There were $ 85 in unused commitments at March 31, 2024.

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

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

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

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

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Three Months Ended September 30, 2024

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

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

Real estate – construction:

Residential — — — — — —

Real estate – 1-4 family mortgage:

Primary 23 1,620 206 — 1,849 0.08

Home equity 106 — — — 106 0.02

Rental/investment 36 548 — — 584 0.15

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

The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three months ended March 31, 2025 and 2024, respectively, 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.

Three Months Ended March 31, 2025

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

Real estate – commercial mortgage:

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

Non-owner occupied $ 2,161 $ — $ 2,161 0.05 %

Total real estate – commercial mortgage 2,161 — 2,161 0.03

Installment loans to individuals — 2 2 —

Loans, net of unearned income $ 2,161 $ 2 $ 2,163 0.02 %

Nine Months Ended September 30, 2024

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

Three Months Ended March 31, 2024

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

Commercial, financial, agricultural $ 1,741 $ 165 $ — $ 517 $ — $ 2,423 0.13 %

Real estate – construction:

Residential — — — — — — — — — %

Real estate – 1-4 family mortgage:

Primary — 33 246 — — 279 0.01

Home equity — 106 — — — — — 106 0.02

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

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

Real estate – commercial mortgage:

4 unchanged sentences

Loans, net of unearned income $ 9,172 $ 385 $ 349 $ 517 $ 270 $ 10,693 0.09 %

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.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Nine Months Ended September 30, 2023

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

Commercial, financial, agricultural $ — $ 1,209 $ — $ 1,209 0.07 %

Real estate – construction:

Residential — 3,751 — 3,751 1.25

Real estate – 1-4 family mortgage:

Home equity 7 — — 7 —

Real estate – commercial mortgage:

Owner-occupied 149 96 277 522 0.03

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

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

Loans, net of unearned income $ 1,164 $ 5,056 $ 277 $ 6,497 0.05 %

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

Three months ended September 30, 2024

Three months ended March 31, 2025

Loan Type Financial Effect

Term Extension

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

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

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

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

Payment Delay

Commercial, financial, agricultural Delayed the payment 8 months

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

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

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

Combination - Interest Rate Reduction and Payment Delay

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

Real Estate - Commercial Mortgage - Non-owner Occupied Extended the term 12 months

Combination - Interest Rate Reduction, Term Extension and Payment Delay

Installment loans to individuals Reduced the interest rate 425 basis points and extended the term and delayed the payment 49 months

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Nine months ended September 30, 2024

Three months ended March 31, 2024

Loan Type Financial Effect

5 unchanged sentences

Real estate – 1-4 family mortgage - Primary Extended the term 24 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 10 months

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

Payment Delay

Commercial, financial, agricultural Delayed the payment 8 months

Real estate – 1-4 family mortgage - Primary Delayed the payment 35.7 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

2 unchanged sentences

Commercial, financial, agricultural Extended the term and delayed the payment 42 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 - Commercial Mortgage - Owner Occupied Reduced the interest rate 25 basis points and delayed the payment 51 months

Combination - Interest Rate Reduction, Term Extension and Payment Delay

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

Nine months ended September 30, 2023

Loan Type Financial Effect

Interest Rate Reduction

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

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 68 basis points

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

Term Extension

Commercial, financial, agricultural Extended the term 2 months

Real estate – Construction - Residential Extended the term 5 months

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

Payment Delay

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Credit Quality

8 unchanged sentences

2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total

September 30, 2024

March 31, 2025

Commercial, Financial, Agricultural $ 126,558 $ 242,713 $ 170,453 $ 198,342 $ 107,379 $ 88,680 $ 944,959 $ 8,600 $ 1,887,684

Pass 126,436 239,608 168,243 196,673 106,886 87,041 930,370 528 1,855,785

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Term Loans Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total

Special Mention 57 814 1,191 56 49 220 6,988 — 9,375

28 unchanged sentences

Pass 22,708 73,290 19,363 1,594 987 230 514 — 118,686

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Term Loans Amortized Cost Basis by Origination Year

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

Special Mention — — — — — — — — —

13 unchanged sentences

Substandard — 305 18 3,129 167 207 — — 3,826

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Term Loans Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total

Installment loans to individuals $ — $ — $ — $ — $ — $ — $ — $ — $ —

24 unchanged sentences

Pass 190,602 216,051 380,731 18,443 — — 18,850 — 824,677

Special Mention — 12,321 — — — — — — 12,321

Substandard — — — — — — — — —

Renasant Corporation and Subsidiaries

2 unchanged sentences

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

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

Substandard — — — — — — — — —

Real Estate - 1-4 Family Mortgage $ 187,587 $ 110,606 $ 120,025 $ 66,034 $ 33,800 $ 26,150 $ 35,740 $ 1,150 $ 581,092

41 unchanged sentences

2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total

September 30, 2024

March 31, 2025

Commercial, Financial, Agricultural $ 896 $ — $ — $ — $ — $ — $ — $ — $ 896

89 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

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

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

The following tables disclose gross charge-offs by year of origination for the three months ended March 31, 2025 and year ended December 31, 2024, respectively:

March 31, 2025 2025 2024 2023 2022 2021 Prior Revolving Loans Total Charge-offs

Commercial, financial, agricultural $ — $ 64 $ — $ 1 $ — $ 29 $ — $ 94

28 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 4 – Allowance for Credit Losses

7 unchanged sentences

Subsequent recoveries, if any, are credited to the allowance.

For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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

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

Although the Company made the election to exclude accrued interest from the measurement of the allowance for credit losses, the Company did have an allowance for credit losses on interest deferred as part of the loan deferral program established in 2020 in response to the COVID-19 pandemic of $ 758 and $ 1,245 as of September 30, 2024 and December 31, 2023, respectively.

For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses, please refer to the discussion

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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

As of March 31, 2025 and December 31, 2024, the Company had accrued interest receivable for loans of $ 53,317 and $ 54,395 , respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets.

The following tables provide a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented:

4 unchanged sentences

Loans to Individuals Total

Three Months Ended September 30, 2024

Allowance for credit losses:

Beginning balance $ 44,951 $ 18,896 $ 47,421 $ 77,125 $ 2,515 $ 8,963 $ 199,871

Charge-offs ( 347 ) — ( 256 ) ( 10 ) ( 642 ) ( 649 ) ( 1,904 )

Recoveries 514 — 57 11 8 611 1,201

Net (charge-offs) recoveries 167 — ( 199 ) 1 ( 634 ) ( 38 ) ( 703 )

Provision for (recovery of) credit losses on loans ( 2,065 ) ( 2,240 ) ( 3 ) 4,961 503 54 1,210

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

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Allowance for credit losses:

2 unchanged sentences

Recoveries 958 — 33 6 9 248 1,254

Net (charge-offs) recoveries 503 — ( 416 ) ( 5,621 ) ( 616 ) ( 198 ) ( 6,348 )

Provision for (recovery of) credit losses on loans ( 1,430 ) ( 1,956 ) 352 10,688 485 9 8,148

Net recoveries (charge-offs) 864 — ( 276 ) ( 455 ) 9 ( 17 ) 125

(Recovery of) provision for credit losses on loans ( 950 ) 1,435 3,226 ( 1,669 ) 267 ( 259 ) 2,050

Ending balance $ 38,441 $ 16,561 $ 50,711 $ 88,080 $ 3,644 $ 6,494 $ 203,931

13 unchanged sentences

Mortgage Lease Financing Installment Loans to Individuals Total

Three Months Ended September 30, 2023

Allowance for credit losses:

Beginning balance $ 41,310 $ 19,125 $ 46,434 $ 75,667 $ 2,480 $ 9,375 $ 194,391

Charge-offs ( 2,252 ) — ( 130 ) — ( 641 ) ( 607 ) ( 3,630 )

Recoveries 690 48 181 208 2 568 1,697

Net (charge-offs) recoveries ( 1,562 ) 48 51 208 ( 639 ) ( 39 ) ( 1,933 )

Provision for (recovery of) credit losses on loans 4,696 483 ( 686 ) ( 642 ) 1,514 ( 50 ) 5,315

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

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

Allowance for credit losses:

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

Initial impact of purchased credit deteriorated loans acquired during the period ( 26 ) — — — — — ( 26 )

Charge-offs ( 349 ) — ( 82 ) — — ( 479 ) ( 910 )

11 unchanged sentences

Nonaccruing loans with no allowance for credit losses $ 157 $ — $ 7,328 $ 10,130 $ — $ — $ 17,615

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

The Company recorded a provision for credit losses on loans of $ 2,050 during the first quarter of 2025, as compared to a provision for credit losses on loans of $ 2,638 recorded in the first quarter of 2024.

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

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

The provision for credit losses on loans of $ 2,050 in the first quarter of 2025 was primarily driven by loan growth and changes in credit metrics that influence the Company’s expectations of future losses, including but not limited to the balance of nonperforming loans, underlying collateral values, and historical levels of charge-offs, all considered in the context of the existing balance of the allowance for credit losses.

Allowance for Credit Losses on Unfunded Loan Commitments

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.

For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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

Three Months Ended September 30, 2024 2023

Allowance for credit losses on unfunded loan commitments:

Beginning balance $ 15,718 $ 17,618

Recovery of credit losses on unfunded loan commitments ( 275 ) ( 700 )

Ending balance $ 15,443 $ 16,918

Nine Months Ended September 30, 2024 2023

For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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

Three Months Ended March 31, 2025 2024

Allowance for credit losses on unfunded loan commitments:

Beginning balance $ 14,943 $ 16,918

Recovery of credit losses on unfunded loan commitments ( 1,475 ) ( 3,200 )

Provision for (recovery of) credit losses on unfunded loan commitments 2,700 ( 200 )

Ending balance $ 17,643 $ 16,718

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The Company recorded a provision for credit losses on unfunded loan commitments of $ 2,700 during the first quarter of 2025, as compared to a recovery of credit losses on unfunded loan commitments of $ 200 recorded in the first quarter of 2024.

The $ 2,700 provision for credit losses on unfunded commitments in the first quarter of 2025 was primarily driven by an increase in real estate construction commitments.

Note 5 – Other Real Estate Owned

1 unchanged sentence

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

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Residential real estate $ 3,160 $ 2,966

8 unchanged sentences

Dispositions ( 744 )

Other ( 2,382 )

Balance at September 30, 2024 $ 9,136

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

Balance at March 31, 2025 $ 8,654

At March 31, 2025 and December 31, 2024, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $ 2,380 and $ 505 , respectively.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended

Repairs and maintenance $ 74 $ 64

6 unchanged sentences

(In Thousands)

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

Community Banks Insurance Total

The carrying amounts of goodwill by operating segments for the three months ended March 31, 2025 are set forth in the table below.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Community Banks Total

Balance at January 1, 2025 $ 988,898 $ 988,898

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

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

Additions to goodwill and other adjustments — —

Balance at March 31, 2025 $ 988,898 $ 988,898

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

2 unchanged sentences

Amortization Net Carrying

September 30, 2024

March 31, 2025

Core deposit intangibles $ 82,492 $ ( 72,699 ) $ 9,793

5 unchanged sentences

Total finite-lived intangible assets $ 90,162 $ ( 76,057 ) $ 14,105

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

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Amortization expense for finite-lived intangible assets is presented in the table below.

Three Months Ended

Amortization expense for:

2 unchanged sentences

Total intangible amortization $ 1,080 $ 1,212

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2024 and the succeeding four years is summarized as follows:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Core Deposit Intangibles Customer Relationship Intangible Total

2024 $ 3,498 $ 1,192 $ 4,690

2025 3,102 1,048 4,150

2026 2,899 860 3,759

2027 2,774 628 3,402

2028 1,836 483 2,319

Note 7 – Mortgage Servicing Rights

10 unchanged sentences

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

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

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

There was no valuation adjustment on MSRs during the three months ended March 31, 2025 or 2024.

Changes in the Company’s MSRs were as follows:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Balance at January 1, 2025 $ 72,991

Sale of MSRs ( 19,539 )

Capitalization 2,236

Amortization ( 2,325 )

Balance at September 30, 2024 $ 71,990

Balance at March 31, 2025 $ 72,902

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Unpaid principal balance $ 6,044,719 $ 6,008,937

8 unchanged sentences

Weighted-average remaining maturity (in years) 7.1 7.3

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

The Company recorded servicing fees of $ 3,656 and $ 4,088 for the three months ended March 31, 2025 and 2024, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

Note 8 - Employee Benefit and Deferred Compensation Plans

5 unchanged sentences

Three Months Ended Three Months Ended

September 30, September 30,

2024 2023 2024 2023

Interest cost $ 227 $ 249 $ 5 $ 6

Expected return on plan assets ( 249 ) ( 309 ) — —

Recognized actuarial loss (gain) 129 131 ( 23 ) ( 15 )

Net periodic benefit cost (return) $ 107 $ 71 $ ( 18 ) $ ( 9 )

Pension Benefits Other Benefits

Nine Months Ended Nine Months Ended

September 30, September 30,

March 31, March 31,

2025 2024 2025 2024

3 unchanged sentences

Net periodic benefit cost (return) $ 91 $ 108 $ ( 17 ) $ ( 18 )

Incentive Compensation Plans

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Incentive Compensation Plans

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

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

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

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

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

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

The following table summarizes the changes in restricted stock as of and for the three months ended March 31, 2025:

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

4 unchanged sentences

Nonvested at end of period 278,759 $ 34.82 858,238 $ 34.85

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

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

During the three months ended March 31, 2025, the Company reissued 173,777 shares from treasury in connection with awards of restricted stock.

The Company recorded total stock-based compensation expense of $ 3,780 and $ 3,992 for the three months ended March 31, 2025 and 2024, respectively.

There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the three months ended March 31, 2025 or 2024.

Note 9 – Derivative Instruments

10 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

Balance Sheet September 30, 2024 December 31, 2023

Balance Sheet March 31, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

10 unchanged sentences

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

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

2024 2023 2024 2023

Three Months Ended March 31,

Interest rate contracts:

11 unchanged sentences

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

Balance Sheet September 30, 2024 December 31, 2023

Balance Sheet March 31, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

11 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

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

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

There were no ineffective portions for the three months ended March 31, 2025 or 2024.

The impact on other comprehensive income for the three months ended March 31, 2025 and 2024 is discussed in Note 11, “Other Comprehensive Income.”

Derivatives designated as fair value hedges

3 unchanged sentences

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

Balance Sheet September 30, 2024 December 31, 2023

Balance Sheet March 31, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

3 unchanged sentences

Amount of Gain (Loss) Recognized in Income

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

Income Statement Three Months Ended March 31,

Location 2025 2024

5 unchanged sentences

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

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

Balance Sheet Location March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024

Long-term debt $ 83,929 $ 81,648 $ 15,131 $ 17,369

2 unchanged sentences

however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets.

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:

Renasant Corporation and Subsidiaries

1 unchanged sentence

Offsetting Derivative Assets Offsetting Derivative Liabilities

September 30,

2024 December 31, 2023 September 30,

2025 December 31, 2024 March 31,

2025 December 31, 2024

6 unchanged sentences

Net amounts $ 5,272 $ 6,566 $ 811 $ —

Note 10 – Income Taxes

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

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

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

Note 10 – Fair Value Measurements

17 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Derivative instruments :

4 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Mortgage loans held for sale in loans held for sale :

4 unchanged sentences

Level 1 Level 2 Level 3 Totals

September 30, 2024

March 31, 2025

Financial assets:

18 unchanged sentences

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

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

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

There were no such transfers between levels of the fair value hierarchy during the three months ended March 31, 2025.

For the three months ended March 31, 2025 and 2024, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs.

Nonrecurring Fair Value Measurements

2 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2024 Level 1 Level 2 Level 3 Totals

March 31, 2025 Level 1 Level 2 Level 3 Totals

Individually evaluated loans, net of allowance for credit losses $ — $ — $ 17,036 $ 17,036

1 unchanged sentence

Total $ — $ — $ 20,138 $ 20,138

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

December 31, 2024 Level 1 Level 2 Level 3 Totals

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

OREO — — $ 3,666 3,666

Total $ — $ — $ 42,040 $ 42,040

7 unchanged sentences

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

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

Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $ 27,083 and $ 53,157 at March 31, 2025 and December 31, 2024, respectively, and a specific reserve for these loans of $ 10,047 and $ 14,782 was included in the allowance for credit losses as of such dates.

Other real estate owned :

4 unchanged sentences

Accordingly, values for OREO are classified as Level 3.

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

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

September 30,

The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets at period-end:

2025 December 31, 2024

Carrying amount prior to remeasurement $ 3,666 $ 4,038

5 unchanged sentences

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

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

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

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Mortgage servicing rights were carried at amortized cost at March 31, 2025 and December 31, 2024.

There were no valuation adjustments on MSRs during the three months ended March 31, 2025 or 2024.

The following table presents information as of March 31, 2025 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument Fair

3 unchanged sentences

OREO $ 3,102 Appraised value of property less estimated costs to sell Estimated costs to sell 4 - 10 %

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Fair Value Option

1 unchanged sentence

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

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

A net gain of $ 2,853 and net loss of $ 1,703 resulting from fair value changes of these mortgage loans were recorded in income during the three months ended March 31, 2025 and 2024, respectively.

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

3 unchanged sentences

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

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

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of March 31, 2025 and December 31, 2024:

Fair Value Aggregate

Balance Difference

September 30, 2024

March 31, 2025

Mortgage loans held for sale measured at fair value $ 226,003 $ 221,197 $ 4,806

3 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of September 30, 2024 Carrying

As of March 31, 2025 Carrying

Value Level 1 Level 2 Level 3 Total

13 unchanged sentences

Derivative instruments 31,477 — 31,477 — 31,477

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of December 31, 2024 Carrying

21 unchanged sentences

(Benefit) Net of Tax

Three months ended September 30, 2024

Securities available for sale:

Unrealized holding gains on securities $ 31,313 $ 7,872 $ 23,441

Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,131 800 2,331

Total securities available for sale 34,444 8,672 25,772

Derivative instruments:

Unrealized holding losses on derivative instruments ( 1,116 ) ( 288 ) ( 828 )

Total derivative instruments ( 1,116 ) ( 288 ) ( 828 )

Defined benefit pension and post-retirement benefit plans:

Amortization of net actuarial loss recognized in net periodic pension cost 106 28 78

Total defined benefit pension and post-retirement benefit plans 106 28 78

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

Three months ended September 30, 2023

Securities available for sale:

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

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

Total securities available for sale ( 13,216 ) ( 3,280 ) ( 9,936 )

Derivative instruments:

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

Total derivative instruments 2,670 683 1,987

Defined benefit pension and post-retirement benefit plans:

Amortization of net actuarial loss recognized in net periodic pension cost 116 30 86

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

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Pre-Tax Tax Expense

(Benefit) Net of Tax

Nine months ended September 30, 2024

Three months ended March 31, 2025

Securities available for sale:

9 unchanged sentences

Total other comprehensive income $ 28,053 $ 7,066 $ 20,987

Nine months ended September 30, 2023

Three months ended March 31, 2024

Securities available for sale:

Unrealized holding losses on securities $ ( 6,192 ) $ ( 1,558 ) $ ( 4,634 )

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

Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,275 837 2,438

6 unchanged sentences

Total defined benefit pension and post-retirement benefit plans 106 27 79

Total other comprehensive income $ 13,001 $ 3,288 $ 9,713

Total other comprehensive loss $ ( 3,576 ) $ ( 889 ) $ ( 2,687 )

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

September 30,

2025 December 31, 2024

6 unchanged sentences

Note 12 – Net Income Per Common Share

(In Thousands, Except Share Data)

(In Thousands, Except Share and Per Share Data)

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

2 unchanged sentences

Three Months Ended

September 30,

Net income applicable to common stock $ 41,518 $ 39,409

6 unchanged sentences

Net income per common share - diluted $ 0.65 $ 0.70

Nine Months Ended

September 30,

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

Average common shares outstanding 57,934,806 56,085,556

Net income per common share - basic $ 2.60 $ 2.08

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

Average common shares outstanding 57,934,806 56,085,556

Effect of dilutive stock-based compensation 362,748 308,401

Average common shares outstanding - diluted 58,297,554 56,393,957

Net income per common share - diluted $ 2.59 $ 2.07

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:

Three Months Ended

September 30,

Number of shares 500 78,296

Nine Months Ended

September 30,

Number of shares 1,000 24,146

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 13 – Regulatory Matters

1 unchanged sentence

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies.

Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements.

Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material effect on the Company’s financial statements.

Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices.

2 unchanged sentences

Those guidelines specify capital tiers, which include the following classifications:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Capital Tiers Tier 1 Capital to

19 unchanged sentences

Critically undercapitalized Tangible Equity / Total Assets less than 2 %

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

September 30, 2024 December 31, 2023

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

March 31, 2025 December 31, 2024

Amount Ratio Amount Ratio

11 unchanged sentences

The three-year transitional period began on January 1, 2022;

the Company’s and the Bank’s capital ratios at March 31, 2025 now fully reflect the impact of ASC 326.

Note 14 – Segment Reporting

2 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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

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

• 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.

In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable annuities, mutual funds and other investment services through a third party broker-dealer.

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

For periods prior to the third quarter of 2024, the Company maintained an Insurance segment that included a full service insurance agency.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

evaluates the financial performance of the segments by evaluating revenue streams, significant expenses and budget to actual results, and 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 each segment reflect its 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.

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

Accounting policies for each segment are the same as those described in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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

Management Other Consolidated

Three months ended September 30, 2024

Three months ended March 31, 2025

Total interest income $ 220,291 $ 16 $ 23 $ 220,330

Total interest expense 79,634 — 6,499 86,133

Net interest income (loss) $ 140,657 $ 16 $ ( 6,476 ) $ 134,197

1 unchanged sentence

Noninterest income (loss) 28,845 8,064 ( 441 ) 36,468

Noninterest expense 117,035 4,511 437 121,983

Salaries and employee benefits 68,139 3,818 — 71,957

Net occupancy and equipment 11,547 207 — 11,754

Other segment expenses (1)

28,172 1,568 498 30,238

Income (loss) before income taxes $ 56,894 $ 2,487 $ ( 7,415 ) $ 51,966

5 unchanged sentences

Management Other Consolidated

Three months ended September 30, 2023

Three months ended March 31, 2024

Total interest income $ 212,655 $ 481 $ 16 $ 27 $ 213,179

Total interest expense 82,969 — — 6,920 89,889

Net interest income (loss) $ 129,686 $ 481 $ 16 $ ( 6,893 ) $ 123,290

1 unchanged sentence

Noninterest income (loss) 31,491 3,596 6,633 ( 339 ) 41,381

Noninterest expense 100,902 2,237 4,739 491 108,369

Salaries and employee benefits 66,401 1,780 3,289 — 71,470

Net occupancy and equipment 11,103 90 196 — 11,389

Other segment expenses (2)

27,663 277 1,700 413 30,053

Income (loss) before income taxes $ 53,572 $ 1,930 $ 1,464 $ ( 7,645 ) $ 49,321

3 unchanged sentences

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

(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 Wealth Management include data processing, legal and

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Banks Insurance Wealth

Management Other Consolidated

Nine months ended September 30, 2024

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

Provision for credit losses 6,673 — — — 6,673

Noninterest income (loss) 145,179 6,473 18,933 ( 1,143 ) 169,442

Noninterest expense 327,541 4,392 13,725 1,213 346,871

Income (loss) before income taxes 209,935 3,023 5,255 ( 23,001 ) 195,212

Income tax expense (benefit) 49,507 785 147 ( 5,937 ) 44,502

Net income (loss) $ 160,428 $ 2,238 $ 5,108 $ ( 17,064 ) $ 150,710

Total assets $ 17,959,839 $ — $ 1,163 $ ( 2,162 ) $ 17,958,840

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

Nine months ended September 30, 2023

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

Provision for credit losses 13,075 — — — 13,075

Noninterest income (loss) 66,895 9,497 17,524 ( 1,197 ) 92,719

Noninterest expense 306,666 6,346 13,473 1,257 327,742

Income (loss) before income taxes 159,224 4,321 4,103 ( 22,372 ) 145,276

Income tax expense (benefit) 33,305 1,119 72 ( 5,774 ) 28,722

Net income (loss) $ 125,919 $ 3,202 $ 4,031 $ ( 16,598 ) $ 116,554

Total assets $ 17,143,564 $ 39,434 $ 5,077 $ ( 6,454 ) $ 17,181,621

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

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.

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

Note 15 – Subsequent Events

(In Thousands, Except Share Amounts)

Merger with The First Bancshares, Inc.

On April 1, 2025, the Company completed its merger with The First Bancshares, Inc., a Mississippi corporation (“The First”), pursuant to the agreement and plan of merger between the Company and The First dated July 29, 2024 (the “Merger Agreement”).

As provided in the Merger Agreement, subject to the terms and conditions set forth therein, on April 1, 2025, among other things, The First merged with and into the Company, with the Company as the surviving entity (the “Merger”).

The First’s subsidiary bank and Renasant Bank entered into a subsidiary plan of merger, pursuant to which The First’s subsidiary bank merged with and into Renasant Bank immediately after the Merger, with Renasant Bank as the surviving entity.

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

The merger with The First will be accounted for as a business combination.

The Company is currently in the process of completing the purchase accounting and has not made all of the remaining required disclosures, such as the fair value of assets acquired and supplemental pro forma information, which will be disclosed in subsequent filings.

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

What changed 10-Q

Item 1. Financial Statements