RNST filing — read by section

Item 1. Financial Statements

Item 1. FINANCIAL STATEMENTS 
 
 
 Renasant Corporation and Subsidiaries 
 Consolidated Balance Sheets 
 
 
 (In Thousands, Except Share Data) 
 
 (Unaudited) 
 March 31,
2025 December 31, 2024 
 Assets 
 Cash and due from banks $ 202,923 $ 198,408 
 Interest-bearing balances with banks 888,416 893,624 
 Cash and cash equivalents 1,091,339 1,092,032 
 Securities held to maturity (fair value of $ 1,003,497 and $ 1,002,544 , respectively) 
 1,101,901 1,126,112 
 Securities available for sale, at fair value 1,002,056 831,013 
 Loans held for sale, at fair value 226,003 246,171 
 
 
 
 Loans held for investment, net of unearned income 13,055,593 12,885,020 
 Allowance for credit losses on loans ( 203,931 ) ( 201,756 ) 
 Loans, net 12,851,662 12,683,264 
 Premises and equipment, net 279,011 279,796 
 Other real estate owned, net 8,654 8,673 
 Goodwill 988,898 988,898 
 Other intangible assets, net 13,025 14,105 
 Bank-owned life insurance 337,502 391,810 
 Mortgage servicing rights 72,902 72,991 
 Other assets 298,428 300,003 
 Total assets $ 18,271,381 $ 18,034,868 
 Liabilities and shareholders’ equity 
 Liabilities 
 Deposits 
 Noninterest-bearing $ 3,541,375 $ 3,403,981 
 Interest-bearing 11,230,720 11,168,631 
 Total deposits 14,772,095 14,572,612 
 Short-term borrowings 108,015 108,018 
 Long-term debt 433,309 430,614 
 Other liabilities 230,857 245,306 
 Total liabilities 15,544,276 15,356,550 
 Shareholders’ equity 
 Preferred stock, $ 0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding 
 — — 
 Common stock, $ 5.00 par value – 150,000,000 shares authorized; 66,484,225 shares issued; 63,739,467 and 63,565,690 shares outstanding, respectively 
 332,421 332,421 
 Treasury stock, at cost – 2,744,758 and 2,918,535 shares, respectively 
 ( 91,646 ) ( 97,196 ) 
 Additional paid-in capital 1,486,849 1,491,847 
 Retained earnings 1,121,102 1,093,854 
 Accumulated other comprehensive loss, net of taxes ( 121,621 ) ( 142,608 ) 
 Total shareholders’ equity 2,727,105 2,678,318 
 Total liabilities and shareholders’ equity $ 18,271,381 $ 18,034,868 

 See Notes to Consolidated Financial Statements. 
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 Table of Contents 

 Renasant Corporation and Subsidiaries 
 Consolidated Statements of Income (Unaudited) 
 (In Thousands, Except Share Data) 
 
 Three Months Ended 
 March 31, 
 2025 2024 
 Interest income 
 Loans $ 199,574 $ 194,698 
 Securities 
 Taxable 10,971 9,505 
 Tax-exempt 1,146 1,195 
 Other 8,639 7,781 
 Total interest income 220,330 213,179 
 Interest expense 
 Deposits 79,386 82,613 
 Borrowings 6,747 7,276 
 Total interest expense 86,133 89,889 
 Net interest income 134,197 123,290 
 Provision for credit losses on loans 2,050 2,638 
 Provision for (recovery of) credit losses on unfunded commitments 2,700 ( 200 ) 
 Provision for credit losses 4,750 2,438 
 Net interest income after provision for credit losses 129,447 120,852 
 Noninterest income 
 Service charges on deposit accounts 10,364 10,506 
 Fees and commissions 3,860 3,949 
 Insurance commissions — 2,716 
 Wealth management revenue 7,067 5,669 
 Mortgage banking income 8,147 11,370 
 
 Gain on debt extinguishment — 56 
 
 BOLI income 2,929 2,691 
 
 Other 4,101 4,424 
 Total noninterest income 36,468 41,381 
 Noninterest expense 
 Salaries and employee benefits 71,957 71,470 
 Data processing 4,089 3,807 
 Net occupancy and equipment 11,754 11,389 
 Other real estate owned 685 107 
 Professional fees 2,884 3,348 
 Advertising and public relations 4,297 4,886 
 Intangible amortization 1,080 1,212 
 Communications 2,033 2,024 
 Merger and conversion related expenses 791 — 
 
 
 
 Other 14,379 14,669 
 Total noninterest expense 113,949 112,912 
 Income before income taxes 51,966 49,321 
 Income taxes 10,448 9,912 
 Net income $ 41,518 $ 39,409 
 
 
 Basic earnings per share $ 0.65 $ 0.70 
 Diluted earnings per share $ 0.65 $ 0.70 
 Cash dividends per common share $ 0.22 $ 0.22 

 See Notes to Consolidated Financial Statements. 
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 Table of Contents 

 Renasant Corporation and Subsidiaries 
 Consolidated Statements of Comprehensive Income (Unaudited) 
 (In Thousands) 
 
 
 Three Months Ended 
 March 31, 
 2025 2024 
 Net income $ 41,518 $ 39,409 
 Other comprehensive income, net of tax: 
 Securities available for sale: 
 Unrealized holding gains (losses) on securities 19,970 ( 4,634 ) 
 
 
 Amortization of unrealized holding losses on securities transferred to the held to maturity category 2,265 2,438 
 Total securities available for sale 22,235 ( 2,196 ) 
 Derivative instruments: 
 Unrealized holding losses on derivative instruments ( 1,322 ) ( 570 ) 
 
 Total derivative instruments ( 1,322 ) ( 570 ) 
 Defined benefit pension and post-retirement benefit plans: 
 
 
 Amortization of net actuarial loss recognized in net periodic pension cost 74 79 
 Total defined benefit pension and post-retirement benefit plans 74 79 
 Other comprehensive income (loss), net of tax 20,987 ( 2,687 ) 
 Comprehensive income $ 62,505 $ 36,722 

 
 
 See Notes to Consolidated Financial Statements. 
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 Table of Contents 

 
 
 Renasant Corporation and Subsidiaries 
 Consolidated Statements of Changes in Shareholders’ Equity 
 (Unaudited) 
 
 
 (In Thousands, Except Share Data) 
 
 
 
 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 
 
 Net income — — — — 41,518 — 41,518 
 Other comprehensive income — — — — — 20,987 20,987 
 Comprehensive income 62,505 
 Cash dividends ($ 0.22 per share) 
 — — — — ( 14,270 ) — ( 14,270 ) 
 
 
 Issuance of common stock for stock-based compensation awards 173,777 — 5,550 ( 8,778 ) — — ( 3,228 ) 
 Stock-based compensation expense — — — 3,780 — — 3,780 
 
 Balance at March 31, 2025 63,739,467 $ 332,421 $ ( 91,646 ) $ 1,486,849 $ 1,121,102 $ ( 121,621 ) $ 2,727,105 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 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 
 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 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 See Notes to Consolidated Financial Statements. 
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 Renasant Corporation and Subsidiaries 
 Consolidated Statements of Cash Flows (Unaudited) 
 (In Thousands) 
 
 Three Months Ended March 31, 
 2025 2024 
 Operating activities 
 Net income $ 41,518 $ 39,409 
 Adjustments to reconcile net income to net cash provided by operating activities: 
 Provision for credit losses 4,750 2,438 
 Depreciation, amortization and accretion 8,360 8,097 
 Deferred income tax expense 954 1,706 
 Proceeds from sale of MSR — 23,011 
 Gain on sale of MSR — ( 3,472 ) 
 
 Funding of mortgage loans held for sale ( 303,158 ) ( 260,424 ) 
 Proceeds from sales of mortgage loans held for sale 328,897 250,399 
 Gains on sales of mortgage loans held for sale ( 4,500 ) ( 4,535 ) 
 
 
 Debt prepayment benefit — ( 56 ) 
 (Gains) losses on sales of premises and equipment ( 271 ) 50 
 Stock-based compensation expense 3,780 3,992 
 
 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 
 Investing activities 
 Purchases of securities available for sale ( 175,815 ) ( 46,975 ) 
 Proceeds from sales of securities available for sale — 177,185 
 Proceeds from call/maturities of securities available for sale 30,958 22,148 
 
 
 Proceeds from call/maturities of securities held to maturity 25,831 24,159 
 Net increase in loans ( 171,186 ) ( 148,854 ) 
 Purchases of premises and equipment ( 4,817 ) ( 3,296 ) 
 Proceeds from sales of premises and equipment 1,267 256 
 
 
 Net change in FHLB stock ( 222 ) 5,120 
 Proceeds from sales of other assets 746 132 
 
 Other, net 1,183 93 
 Net cash (used in) provided by investing activities ( 292,055 ) 29,968 
 Financing activities 
 Net increase (decrease) in noninterest-bearing deposits 137,394 ( 67,511 ) 
 Net increase in interest-bearing deposits 62,089 227,889 
 Net decrease in short-term borrowings ( 3 ) ( 199,456 ) 
 
 Repayment of long-term debt — ( 245 ) 
 Cash paid for dividends ( 14,270 ) ( 12,653 ) 
 
 
 
 
 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 
 Cash and cash equivalents at end of period $ 1,091,339 $ 844,400 
 
 Supplemental disclosures 
 Cash paid for interest $ 85,839 $ 91,121 
 Cash paid for income taxes $ — $ — 
 Noncash transactions: 
 Transfers of loans to other real estate owned $ 1,296 $ 195 
 
 
 
 
 Recognition of operating right-of-use assets $ 565 $ 1,157 
 Recognition of operating lease liabilities $ 565 $ 1,157 

 
 
 See Notes to Consolidated Financial Statements. 
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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 
 
 
 
 Note 1 – Summary of Significant Accounting Policies 
 
 
 (In Thousands) 
 Nature of Operations : 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”). On July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc. Through its subsidiaries, the Company offers a diversified range of financial, wealth management and fiduciary services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis. 
 Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2025. 
 Use of Estimates : 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 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. 
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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 Note 2 – Securities 
 (In Thousands, Except Number of Securities) 
 
 
 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 March 31, 2025 or December 31, 2024. 
 
 
 Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value 
 March 31, 2025 
 
 
 Obligations of states and political subdivisions $ 20,221 $ 53 $ ( 2,024 ) $ 18,250 
 Residential mortgage backed securities: 
 Government agency mortgage backed securities 247,389 201 ( 21,007 ) 226,583 
 Government agency collateralized mortgage obligations 504,846 1,800 ( 69,091 ) 437,555 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities 11,372 42 ( 549 ) 10,865 
 Government agency collateralized mortgage obligations 167,336 374 ( 19,834 ) 147,876 
 
 Other debt securities 162,119 590 ( 1,782 ) 160,927 
 
 $ 1,113,283 $ 3,060 $ ( 114,287 ) $ 1,002,056 

 
 
 Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value 
 December 31, 2024 
 
 
 Obligations of states and political subdivisions $ 20,266 $ 57 $ ( 2,269 ) $ 18,054 
 Residential mortgage backed securities: 
 Government agency mortgage backed securities 185,292 81 ( 24,468 ) 160,905 
 Government agency collateralized mortgage obligations 475,311 75 ( 86,870 ) 388,516 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities 11,373 — ( 751 ) 10,622 
 Government agency collateralized mortgage obligations 146,510 41 ( 21,595 ) 124,956 
 
 Other debt securities 130,175 440 ( 2,655 ) 127,960 
 
 $ 968,927 $ 694 $ ( 138,608 ) $ 831,013 

 
 
 
 
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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: 
 
 Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value 
 March 31, 2025 
 Obligations of states and political subdivisions $ 283,632 $ — $ ( 41,658 ) $ 241,974 
 Residential mortgage backed securities 
 Government agency mortgage backed securities 360,229 — ( 17,581 ) 342,648 
 Government agency collateralized mortgage obligations 347,015 — ( 26,960 ) 320,055 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities 16,955 — ( 2,565 ) 14,390 
 Government agency collateralized mortgage obligations 43,298 — ( 6,606 ) 36,692 
 Other debt securities 50,804 — ( 3,066 ) 47,738 
 $ 1,101,933 $ — $ ( 98,436 ) $ 1,003,497 
 Allowance for credit losses - held to maturity securities ( 32 ) 
 Held to maturity securities, net of allowance for credit losses $ 1,101,901 

 
 Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value 
 December 31, 2024 
 Obligations of states and political subdivisions $ 284,542 $ 3 $ ( 42,491 ) $ 242,054 
 Residential mortgage backed securities 
 Government agency mortgage backed securities 372,414 — ( 25,251 ) 347,163 
 Government agency collateralized mortgage obligations 354,882 — ( 41,506 ) 313,376 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities 16,961 — ( 2,958 ) 14,003 
 Government agency collateralized mortgage obligations 43,662 — ( 7,317 ) 36,345 
 Other debt securities 53,683 — ( 4,080 ) 49,603 
 $ 1,126,144 $ 3 $ ( 123,603 ) $ 1,002,544 
 Allowance for credit losses - held to maturity securities ( 32 ) 
 Held to maturity securities, net of allowance for credit losses $ 1,126,112 

 
 
 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. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 
 Carrying Value Immediately Prior to Sale Net Proceeds Impairment (Recognized in December 2023) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Three months ended March 31, 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 ) 

 
 
 
 
 
 
 
 

 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. 
 
 
 Held to Maturity Available for Sale 
 Amortized
Cost Fair
Value Amortized
Cost Fair
Value 
 Due within one year $ 1,480 $ 1,479 $ 1,997 $ 2,038 
 Due after one year through five years 5,966 5,631 33,904 33,958 
 Due after five years through ten years 137,612 119,449 31,862 29,656 
 Due after ten years 138,574 115,414 4,062 3,421 
 Residential mortgage backed securities: 
 Government agency mortgage backed securities 360,229 342,648 247,389 226,583 
 Government agency collateralized mortgage obligations 347,015 320,055 504,846 437,555 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities 16,955 14,390 11,372 10,865 
 Government agency collateralized mortgage obligations 43,298 36,692 167,336 147,876 
 Other debt securities 50,804 47,739 110,515 110,104 
 
 $ 1,101,933 $ 1,003,497 $ 1,113,283 $ 1,002,056 

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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 
 
 
 
 The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented: 
 
 
 Less than 12 Months 12 Months or More Total 
 # Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses 
 Available for Sale: 
 March 31, 2025 
 
 Obligations of states and political subdivisions — $ — $ — 7 $ 13,040 $ ( 2,024 ) 7 $ 13,040 $ ( 2,024 ) 
 Residential mortgage backed securities: 
 Government agency mortgage backed securities 8 65,280 ( 669 ) 34 140,351 ( 20,338 ) 42 205,631 ( 21,007 ) 
 Government agency collateralized mortgage obligations — — — 37 319,460 ( 69,091 ) 37 319,460 ( 69,091 ) 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities 1 2,412 ( 35 ) 2 5,483 ( 514 ) 3 7,895 ( 549 ) 
 Government agency collateralized mortgage obligations 1 2,808 ( 3 ) 25 104,666 ( 19,831 ) 26 107,474 ( 19,834 ) 
 
 Other debt securities 3 43,019 ( 259 ) 13 22,867 ( 1,523 ) 16 65,886 ( 1,782 ) 
 Total 13 $ 113,519 $ ( 966 ) 118 $ 605,867 $ ( 113,321 ) 131 $ 719,386 $ ( 114,287 ) 
 December 31, 2024 
 
 Obligations of states and political subdivisions — $ — $ — 7 $ 12,841 $ ( 2,269 ) 7 $ 12,841 $ ( 2,269 ) 
 Residential mortgage backed securities: 
 Government agency mortgage backed securities 7 11,051 ( 259 ) 34 141,321 ( 24,208 ) 41 152,372 ( 24,467 ) 
 Government agency collateralized mortgage obligations 3 48,879 ( 482 ) 37 311,964 ( 86,389 ) 40 360,843 ( 86,871 ) 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities 2 5,248 ( 122 ) 2 5,375 ( 629 ) 4 10,623 ( 751 ) 
 Government agency collateralized mortgage obligations 2 7,681 ( 39 ) 25 104,326 ( 21,556 ) 27 112,007 ( 21,595 ) 
 
 Other debt securities 2 22,357 ( 218 ) 17 30,801 ( 2,437 ) 19 53,158 ( 2,655 ) 
 
 Total 16 $ 95,216 $ ( 1,120 ) 122 $ 606,628 $ ( 137,488 ) 138 $ 701,844 $ ( 138,608 ) 

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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 
 Less than 12 Months 12 Months or More Total 
 # Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses 
 Held to Maturity: 
 March 31, 2025 
 Obligations of states and political subdivisions 7 $ 16,412 $ ( 1,835 ) 121 $ 225,342 $ ( 39,823 ) 128 $ 241,754 $ ( 41,658 ) 
 Residential mortgage backed securities: 
 Government agency mortgage backed securities 1 16,189 ( 594 ) 67 326,460 ( 16,987 ) 68 342,649 ( 17,581 ) 
 Government agency collateralized mortgage obligations — — — 18 320,055 ( 26,960 ) 18 320,055 ( 26,960 ) 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities — — — 1 14,390 ( 2,565 ) 1 14,390 ( 2,565 ) 
 Government agency collateralized mortgage obligations — — — 9 36,692 ( 6,606 ) 9 36,692 ( 6,606 ) 
 Other debt securities — — — 10 47,739 ( 3,066 ) 10 47,739 ( 3,066 ) 
 Total 8 $ 32,601 $ ( 2,429 ) 226 $ 970,678 $ ( 96,007 ) 234 $ 1,003,279 $ ( 98,436 ) 
 December 31, 2024 
 Obligations of states and political subdivisions — $ — $ — 128 $ 240,394 $ ( 42,491 ) 128 $ 240,394 $ ( 42,491 ) 
 Residential mortgage backed securities: 
 Government agency mortgage backed securities — — — 69 347,154 ( 25,251 ) 69 347,154 ( 25,251 ) 
 Government agency collateralized mortgage obligations — — — 18 313,376 ( 41,506 ) 18 313,376 ( 41,506 ) 
 Commercial mortgage backed securities: 
 Government agency mortgage backed securities — — — 1 14,002 ( 2,958 ) 1 14,002 ( 2,958 ) 
 Government agency collateralized mortgage obligations — — — 9 36,345 ( 7,317 ) 9 36,345 ( 7,317 ) 
 Other debt securities — — — 10 49,603 ( 4,080 ) 10 49,603 ( 4,080 ) 
 Total — $ — $ — 235 $ 1,000,874 $ ( 123,603 ) 235 $ 1,000,874 $ ( 123,603 ) 

 
 The Company evaluates its available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entire unrealized loss is recorded as a loss within noninterest income in the Consolidated Statements of Income along with a corresponding adjustment to the amortized cost basis of the security. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company evaluates if any of the unrealized loss is related to a potential credit loss. The amount related to credit loss, if any, is recognized in earnings as a provision for credit loss and a corresponding allowance for credit losses is established; each is calculated as the difference between the estimate of the discounted future contractual cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors are considered by management in the estimate of the discounted future contractual cash flows, including the financial condition of the underlying issuer, current and projected deferrals or defaults and credit ratings by nationally recognized statistical rating agencies. 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 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. Performance of these securities has been in line with broader market price performance, indicating that increases in market-based, risk-free rates, and not credit-related factors, are driving losses. When determining the fair value of 
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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 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 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 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 March 31, 2025, all of the debt securities held to maturity were rated A or higher by the ratings agencies. 
 
 
 
 Note 3 – Loans 
 (In Thousands, Except Number of Loans) 
 
 
 For purposes of this Note 3, all references to “loans” mean loans excluding loans held for sale. 
 
 
 The following is a summary of loans and leases as of the dates presented: 
 
 
 March 31,
2025 December 31, 2024 
 Commercial, financial, agricultural $ 1,888,580 $ 1,885,817 
 Lease financing 89,533 95,071 
 Real estate – construction: 
 Residential 273,583 256,655 
 Commercial 817,279 836,998 
 Total real estate – construction 1,090,862 1,093,653 
 Real estate – 1-4 family mortgage: 
 Primary 2,471,818 2,428,076 
 Home equity 551,305 544,158 
 Rental/investment 434,069 402,938 
 Land development 125,888 113,705 
 Total real estate – 1-4 family mortgage 3,583,080 3,488,877 
 Real estate – commercial mortgage: 
 Owner-occupied 1,949,177 1,894,679 
 Non-owner occupied 4,262,145 4,226,937 
 Land development 108,798 114,452 
 Total real estate – commercial mortgage 6,320,120 6,236,068 
 Installment loans to individuals 87,539 90,014 
 Gross loans 13,059,714 12,889,500 
 Unearned income ( 4,121 ) ( 4,480 ) 
 Loans, net of unearned income $ 13,055,593 $ 12,885,020 

 
 
 
 
 Past Due and Nonaccrual Loans 
 Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not 
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 Table of Contents 
 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 such loans are considered past due. For loans that are placed on nonaccrual status or charged-off, all interest accrued for the current year but not collected is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. 
 
 
 The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented: 
 
 Accruing Loans Nonaccruing Loans 
 30-89 Days
Past Due 90 Days
or More
Past Due Current
Loans Total
Loans 30-89 Days
Past Due 90 Days
or More
Past Due Current
Loans Total
Loans Total
Loans 
 March 31, 2025 
 
 Commercial, financial, agricultural $ 5,173 $ 4 $ 1,881,528 $ 1,886,705 $ 186 $ 712 $ 977 $ 1,875 $ 1,888,580 
 Lease financing — — 85,561 85,561 — 559 3,413 3,972 89,533 
 Real estate – construction: 
 Residential — — 270,367 270,367 — 3,216 — 3,216 273,583 
 Commercial — — 817,279 817,279 — — — — 817,279 
 Total real estate – construction — — 1,087,646 1,087,646 — 3,216 — 3,216 1,090,862 
 Real estate – 1-4 family mortgage: 
 Primary 26,631 58 2,404,818 2,431,507 19,338 15,438 5,535 40,311 2,471,818 
 Home equity 3,710 — 546,162 549,872 417 621 395 1,433 551,305 
 Rental/investment 313 2 433,279 433,594 — 355 120 475 434,069 
 Land development — — 125,844 125,844 27 — 17 44 125,888 
 Total real estate – 1-4 family mortgage 30,654 60 3,510,103 3,540,817 19,782 16,414 6,067 42,263 3,583,080 
 Real estate – commercial mortgage: 
 Owner-occupied 3,025 22 1,934,026 1,937,073 2,207 252 9,645 12,104 1,949,177 
 Non-owner occupied 213 — 4,229,906 4,230,119 — — 32,026 32,026 4,262,145 
 Land development 342 — 105,394 105,736 61 51 2,950 3,062 108,798 
 Total real estate – commercial mortgage 3,580 22 6,269,326 6,272,928 2,268 303 44,621 47,192 6,320,120 
 Installment loans to individuals 781 9 86,629 87,419 — 13 107 120 87,539 
 Unearned income — — ( 4,121 ) ( 4,121 ) — — — — ( 4,121 ) 
 Loans, net of unearned income $ 40,188 $ 95 $ 12,916,672 $ 12,956,955 $ 22,236 $ 21,217 $ 55,185 $ 98,638 $ 13,055,593 

 
 13 

 Table of Contents 
 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 
 Accruing Loans Nonaccruing Loans 
 30-89 Days
Past Due 90 Days
or More
Past Due Current
Loans Total
Loans 30-89 Days
Past Due 90 Days
or More
Past Due Current
Loans Total
Loans Total
Loans 
 December 31, 2024 
 Commercial, financial, agricultural $ 807 $ 125 $ 1,883,010 $ 1,883,942 $ 245 $ 734 $ 896 $ 1,875 $ 1,885,817 
 Lease financing 27 — 90,961 90,988 78 614 3,391 4,083 95,071 
 Real estate – construction: 
 Residential 2,194 — 253,238 255,432 — 1,023 200 1,223 256,655 
 Commercial — 16 836,982 836,998 — — — — 836,998 
 Total real estate – construction 2,194 16 1,090,220 1,092,430 — 1,023 200 1,223 1,093,653 
 Real estate – 1-4 family mortgage: 
 Primary 29,258 — 2,343,781 2,373,039 13,627 25,335 16,075 55,037 2,428,076 
 Home equity 3,186 35 537,568 540,789 941 1,094 1,334 3,369 544,158 
 Rental/investment 573 12 401,977 402,562 136 240 — 376 402,938 
 Land development 25 1,740 111,920 113,685 20 — — 20 113,705 
 Total real estate – 1-4 family mortgage 33,042 1,787 3,395,246 3,430,075 14,724 26,669 17,409 58,802 3,488,877 
 Real estate – commercial mortgage: 
 Owner-occupied 2,650 365 1,879,350 1,882,365 296 1,000 11,018 12,314 1,894,679 
 Non-owner occupied 326 — 4,197,331 4,197,657 — — 29,280 29,280 4,226,937 
 Land development 142 160 111,019 111,321 98 16 3,017 3,131 114,452 
 Total real estate – commercial mortgage 3,118 525 6,187,700 6,191,343 394 1,016 43,315 44,725 6,236,068 
 Installment loans to individuals 654 11 89,246 89,911 4 42 57 103 90,014 
 Unearned income — — ( 4,480 ) ( 4,480 ) — — — — ( 4,480 ) 
 Loans, net of unearned income $ 39,842 $ 2,464 $ 12,731,903 $ 12,774,209 $ 15,445 $ 30,098 $ 65,268 $ 110,811 $ 12,885,020 

 
 
 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, 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 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. 
 
 
 14 

 Table of Contents 
 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 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: 
 
 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 % 

 
 
 
 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 – 1-4 family mortgage: 
 Primary — 33 246 — — 279 0.01 
 
 
 
 
 Real estate – commercial mortgage: 
 Owner-occupied 7,431 187 — — 270 7,888 0.47 
 Non-owner occupied — — 89 — — 89 — 
 
 Total real estate – commercial mortgage 7,431 187 89 — 270 7,977 0.14 
 Installment loans to individuals — — 14 — — 14 0.01 
 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. 
 
 
 15 

 Table of Contents 
 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 
 Three months ended March 31, 2025 
 Loan Type Financial Effect 
 
 Term Extension 
 
 
 
 
 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 
 

 
 
 
 Three months ended March 31, 2024 
 Loan Type Financial Effect 
 Interest Rate Reduction 
 Commercial, financial, agricultural Reduced the interest rate 39 basis points 
 
 Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 47 basis points 
 
 Term Extension 
 Commercial, financial, agricultural Extended the term 7.5 months 
 
 Real estate – 1-4 family mortgage - Primary Extended the term 24 months 
 
 Real Estate - Commercial Mortgage - Owner Occupied Extended the term 10 months 
 
 Payment Delay 
 Real estate – 1-4 family mortgage - Primary Delayed the payment 35.7 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 
 
 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 
 

 Credit Quality 
 For loans with a commercial purpose, internal risk-rating grades are assigned by lending, credit administration and loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. 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. Loan grades range between 10 and 95 , with 10 being loans with the least credit risk. Loans within the “Pass” grade (those with a risk rating between 10 and 60 ) 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 that, if 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. 
 The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented: 
 
 Term Loans Amortized Cost Basis by Origination Year 
 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans 
 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 

 16 

 Table of Contents 
 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
Loans 
 Special Mention 57 814 1,191 56 49 220 6,988 — 9,375 
 Substandard 65 2,291 1,019 1,613 444 1,419 7,601 8,072 22,524 
 
 Lease Financing Receivables $ 3,031 $ 11,050 $ 20,235 $ 36,304 $ 8,401 $ 6,391 $ — $ — $ 85,412 
 Pass 2,966 11,050 16,440 34,545 8,260 6,365 — — 79,626 
 Special Mention 65 — — 56 — — — — 121 
 Substandard — — 3,795 1,703 141 26 — — 5,665 
 
 Real Estate - Construction $ 72,710 $ 365,237 $ 268,117 $ 290,649 $ — $ — $ 20,537 $ 452 $ 1,017,702 
 Residential 56,299 130,338 10,468 1,990 — — 1,328 — 200,423 
 Pass 56,299 128,144 9,686 1,749 — — 1,328 — 197,206 
 Special Mention — — — — — — — — — 
 Substandard — 2,194 782 241 — — — — 3,217 
 
 Commercial 16,411 234,899 257,649 288,659 — — 19,209 452 817,279 
 Pass 16,411 234,826 245,322 288,659 — — 19,209 452 804,879 
 Special Mention — — 12,327 — — — — — 12,327 
 Substandard — 73 — — — — — — 73 
 
 Real Estate - 1-4 Family Mortgage $ 87,420 $ 177,584 $ 103,163 $ 113,563 $ 65,398 $ 47,487 $ 42,521 $ 136 $ 637,272 
 Primary 5,944 10,065 5,289 7,737 4,932 7,183 1,114 85 42,349 
 Pass 5,944 10,065 5,046 7,423 4,666 6,525 1,114 85 40,868 
 Special Mention — — — 142 — — — — 142 
 Substandard — — 243 172 266 658 — — 1,339 
 
 Home Equity 611 998 898 7 922 29 38,963 51 42,479 
 Pass 611 998 898 7 922 — 38,963 — 42,399 
 Special Mention — — — — — — — — — 
 Substandard — — — — — 29 — 51 80 
 
 Rental/Investment 58,157 93,231 77,613 104,225 58,557 40,045 1,930 — 433,758 
 Pass 58,157 92,727 76,847 104,128 58,318 39,294 1,930 — 431,401 
 Special Mention — 178 560 11 78 21 — — 848 
 Substandard — 326 206 86 161 730 — — 1,509 
 
 Land Development 22,708 73,290 19,363 1,594 987 230 514 — 118,686 
 Pass 22,708 73,290 19,363 1,594 987 230 514 — 118,686 
 Special Mention — — — — — — — — — 
 Substandard — — — — — — — — — 
 
 Real Estate - Commercial Mortgage $ 388,995 $ 981,860 $ 734,434 $ 1,849,690 $ 1,041,612 $ 1,015,908 $ 288,141 $ 9,806 $ 6,310,446 
 Owner-Occupied 95,887 368,008 290,183 340,432 292,772 373,954 180,173 7,645 1,949,054 
 Pass 95,753 363,221 279,677 328,471 287,349 366,902 164,802 7,393 1,893,568 
 Special Mention 29 4,497 2,353 1,302 926 2,146 9,742 — 20,995 
 Substandard 105 290 8,153 10,659 4,497 4,906 5,629 252 34,491 
 
 Non-Owner Occupied 282,771 570,998 435,870 1,492,023 739,394 638,449 100,459 2,161 4,262,125 
 Pass 282,563 548,110 435,450 1,413,224 734,084 586,648 100,459 — 4,100,538 
 Special Mention — 5,747 19 39,925 — 5,292 — — 50,983 
 Substandard 208 17,141 401 38,874 5,310 46,509 — 2,161 110,604 
 
 Land Development 10,337 42,854 8,381 17,235 9,446 3,505 7,509 — 99,267 
 Pass 10,267 42,484 7,568 14,106 9,279 3,240 7,509 — 94,453 
 Special Mention 70 65 795 — — 58 — — 988 
 Substandard — 305 18 3,129 167 207 — — 3,826 
 

 17 

 Table of Contents 
 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
Loans 
 Installment loans to individuals $ — $ — $ — $ — $ — $ — $ — $ — $ — 
 Pass — — — — — — — — — 
 Special Mention — — — — — — — — — 
 Substandard — — — — — — — — — 
 
 Total loans subject to risk rating $ 678,714 $ 1,778,444 $ 1,296,402 $ 2,488,548 $ 1,222,790 $ 1,158,466 $ 1,296,158 $ 18,994 $ 9,938,516 
 Pass 678,115 1,744,523 1,264,540 2,390,579 1,210,751 1,096,245 1,266,198 8,458 9,659,409 
 Special Mention 221 11,301 17,245 41,492 1,053 7,737 16,730 — 95,779 
 Substandard 378 22,620 14,617 56,477 10,986 54,484 13,230 10,536 183,328 

 
 
 
 
 
 Term Loans Amortized Cost Basis by Origination Year 
 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans 
 December 31, 2024 
 Commercial, Financial, Agricultural $ 292,917 $ 208,900 $ 228,690 $ 113,192 $ 66,121 $ 54,163 $ 898,772 $ 2,889 $ 1,865,644 
 Pass 287,632 206,087 213,209 112,527 64,780 52,756 874,104 2,767 1,813,862 
 Special Mention 591 1,613 185 242 107 378 7,006 — 10,122 
 Substandard 4,694 1,200 15,296 423 1,234 1,029 17,662 122 41,660 
 
 Lease Financing Receivables $ 12,239 $ 22,339 $ 39,738 $ 9,125 $ 3,724 $ 3,426 $ — $ — $ 90,591 
 Pass 12,239 17,225 34,637 8,778 2,587 3,246 — — 78,712 
 Watch — 1,261 3,254 173 1,137 180 — — 6,005 
 Substandard — 3,853 1,847 174 — — — — 5,874 
 
 Real Estate - Construction $ 353,568 $ 243,827 $ 382,439 $ 18,443 $ — $ 625 $ 20,096 $ — $ 1,018,998 
 Residential 162,966 15,455 1,708 — — 625 1,246 — 182,000 
 Pass 160,772 14,673 1,467 — — 625 1,246 — 178,783 
 Special Mention 2,194 — — — — — — — 2,194 
 Substandard — 782 241 — — — — — 1,023 
 
 Commercial 190,602 228,372 380,731 18,443 — — 18,850 — 836,998 
 Pass 190,602 216,051 380,731 18,443 — — 18,850 — 824,677 
 Special Mention — 12,321 — — — — — — 12,321 
 Substandard — — — — — — — — — 
 

 18 

 Table of Contents 
 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
Loans 
 Real Estate - 1-4 Family Mortgage $ 187,587 $ 110,606 $ 120,025 $ 66,034 $ 33,800 $ 26,150 $ 35,740 $ 1,150 $ 581,092 
 Primary 10,925 5,336 7,865 4,247 2,463 6,534 1,704 796 39,870 
 Pass 10,925 5,126 7,558 3,979 2,463 5,776 1,704 796 38,327 
 Special Mention — — 143 — — — — — 143 
 Substandard — 210 164 268 — 758 — — 1,400 
 
 Home Equity 966 1,005 7 937 — 35 28,976 51 31,977 
 Pass 966 1,005 7 937 — — 28,976 — 31,891 
 Special Mention — — — — — — — — — 
 Substandard — — — — — 35 — 51 86 
 
 Rental/Investment 96,447 83,682 108,436 59,836 31,029 18,146 4,745 303 402,624 
 Pass 95,903 82,878 108,296 59,553 30,936 17,487 4,745 213 400,011 
 Special Mention 180 564 44 52 24 — — — 864 
 Substandard 364 240 96 231 69 659 — 90 1,749 
 
 Land Development 79,249 20,583 3,717 1,014 308 1,435 315 — 106,621 
 Pass 79,150 20,583 1,977 1,014 308 1,435 315 — 104,782 
 Special Mention 99 — 1,740 — — — — — 1,839 
 Substandard — — — — — — — — — 
 
 Real Estate - Commercial Mortgage $ 996,574 $ 708,788 $ 1,807,169 $ 1,009,177 $ 622,818 $ 792,959 $ 251,819 $ 35,475 $ 6,224,779 
 Owner-Occupied 373,353 271,445 339,116 275,077 190,911 304,663 137,023 2,969 1,894,557 
 Pass 372,183 261,624 330,018 271,228 188,860 299,578 130,847 2,717 1,857,055 
 Special Mention 948 348 388 850 131 1,538 — — 4,203 
 Substandard 222 9,473 8,710 2,999 1,920 3,547 6,176 252 33,299 
 
 Non-Owner Occupied 576,021 427,715 1,447,377 724,161 428,874 484,792 105,645 32,331 4,226,916 
 Pass 554,095 427,339 1,354,418 718,043 425,291 430,220 105,645 24,360 4,039,411 
 Special Mention 4,900 21 77,741 814 1,138 8,254 — — 92,868 
 Substandard 17,026 355 15,218 5,304 2,445 46,318 — 7,971 94,637 
 
 Land Development 47,200 9,628 20,676 9,939 3,033 3,504 9,151 175 103,306 
 Pass 47,134 9,585 17,187 9,735 2,783 3,468 9,151 175 99,218 
 Special Mention 66 24 142 31 59 — — — 322 
 Substandard — 19 3,347 173 191 36 — — 3,766 
 
 Installment loans to individuals $ 5 $ — $ — $ — $ — $ — $ — $ — $ 5 
 Pass 5 — — — — — — — 5 
 Special Mention — — — — — — — — — 
 Substandard — — — — — — — — — 
 
 Total loans subject to risk rating $ 1,842,890 $ 1,294,460 $ 2,578,061 $ 1,215,971 $ 726,463 $ 877,323 $ 1,206,427 $ 39,514 $ 9,781,109 
 Pass 1,811,606 1,262,176 2,449,505 1,204,237 718,008 814,591 1,175,583 31,028 9,466,734 
 Special Mention 8,978 16,152 83,637 2,162 2,596 10,350 7,006 — 130,881 
 Substandard 22,306 16,132 44,919 9,572 5,859 52,382 23,838 8,486 183,494 

 
 
 The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: 
 19 

 Table of Contents 
 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
Loans 
 March 31, 2025 
 Commercial, Financial, Agricultural $ 896 $ — $ — $ — $ — $ — $ — $ — $ 896 
 Performing Loans 896 — — — — — — — 896 
 Non-Performing Loans — — — — — — — — — 
 
 Lease Financing Receivables $ — $ — $ — $ — $ — $ — $ — $ — $ — 
 Performing Loans — — — — — — — — — 
 Non-Performing Loans — — — — — — — — — 
 
 Real Estate - Construction $ 3,019 $ 41,972 $ 18,355 $ 7,049 $ 2,020 $ — $ 296 $ 449 $ 73,160 
 Residential 3,019 41,972 18,355 7,049 2,020 — 296 449 73,160 
 Performing Loans 3,019 41,972 18,355 7,049 2,020 — 296 449 73,160 
 Non-Performing Loans — — — — — — — — — 
 
 Commercial — — — — — — — — — 
 Performing Loans — — — — — — — — — 
 Non-Performing Loans — — — — — — — — — 
 
 Real Estate - 1-4 Family Mortgage $ 93,774 $ 174,780 $ 339,394 $ 698,997 $ 483,286 $ 647,510 $ 494,200 $ 13,867 $ 2,945,808 
 Primary 92,616 173,694 337,658 697,710 481,831 645,960 — — 2,429,469 
 Performing Loans 92,616 173,392 333,563 688,588 478,002 623,639 — — 2,389,800 
 Non-Performing Loans — 302 4,095 9,122 3,829 22,321 — — 39,669 
 
 Home Equity — — — — — 759 494,200 13,867 508,826 
 Performing Loans — — — — — 690 494,126 12,576 507,392 
 Non-Performing Loans — — — — — 69 74 1,291 1,434 
 
 Rental/Investment — — — — 255 56 — — 311 
 Performing Loans — — — — 255 56 — — 311 
 Non-Performing Loans — — — — — — — — — 
 
 Land Development 1,158 1,086 1,736 1,287 1,200 735 — — 7,202 
 Performing Loans 1,158 1,059 1,726 1,287 1,193 735 — — 7,158 
 Non-Performing Loans — 27 10 — 7 — — — 44 
 
 Real Estate - Commercial Mortgage $ 307 $ 1,469 $ 2,219 $ 1,782 $ 2,556 $ 1,341 $ — $ — $ 9,674 
 Owner-Occupied — — — — — 123 — — 123 
 Performing Loans — — — — — 123 — — 123 
 Non-Performing Loans — — — — — — — — — 
 
 Non-Owner Occupied — — — — — 20 — — 20 
 Performing Loans — — — — — 20 — — 20 
 Non-Performing Loans — — — — — — — — — 
 
 Land Development 307 1,469 2,219 1,782 2,556 1,198 — — 9,531 
 Performing Loans 307 1,469 2,184 1,767 2,556 1,198 — — 9,481 
 Non-Performing Loans — — 35 15 — — — — 50 
 
 Installment loans to individuals $ 12,156 $ 23,348 $ 8,999 $ 6,564 $ 3,289 $ 15,744 $ 17,147 $ 292 $ 87,539 
 Performing Loans 12,156 23,341 8,994 6,564 3,283 15,633 17,147 292 87,410 
 Non-Performing Loans — 7 5 — 6 111 — — 129 
 
 Total loans not subject to risk rating $ 110,152 $ 241,569 $ 368,967 $ 714,392 $ 491,151 $ 664,595 $ 511,643 $ 14,608 $ 3,117,077 
 Performing Loans 110,152 241,233 364,822 705,255 487,309 642,094 511,569 13,317 3,075,751 
 Non-Performing Loans — 336 4,145 9,137 3,842 22,501 74 1,291 41,326 

 20 

 Table of Contents 
 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
Loans 
 December 31, 2024 
 Commercial, Financial, Agricultural $ — $ — $ — $ — $ — $ 20,173 $ — $ — $ 20,173 
 Performing Loans — — — — — 20,173 — — 20,173 
 Non-Performing Loans — — — — — — — — — 
 
 Lease Financing Receivables $ — $ — $ — $ — $ — $ — $ — $ — $ — 
 Performing Loans — — — — — — — — — 
 Non-Performing Loans — — — — — — — — — 
 
 Real Estate - Construction $ 37,714 $ 23,301 $ 11,210 $ 2,056 $ — $ — $ 108 $ 266 $ 74,655 
 Residential 37,714 23,301 11,210 2,056 — — 108 266 74,655 
 Performing Loans 37,514 23,301 11,210 2,056 — — 108 266 74,455 
 Non-Performing Loans 200 — — — — — — — 200 
 
 Commercial — — — — — — — — — 
 Performing Loans — — — — — — — — — 
 Non-Performing Loans — — — — — — — — — 
 
 Real Estate - 1-4 Family Mortgage $ 154,305 $ 341,962 $ 708,223 $ 492,408 $ 280,382 $ 417,656 $ 499,157 $ 13,692 $ 2,907,785 
 Primary 152,511 340,032 706,868 490,903 279,683 417,316 — 893 2,388,206 
 Performing Loans 152,207 336,019 692,470 485,325 269,503 397,394 — 893 2,333,811 
 Non-Performing Loans 304 4,013 14,398 5,578 10,180 19,922 — — 54,395 
 
 Home Equity 30 — — — — 195 499,157 12,799 512,181 
 Performing Loans 30 — — — — 177 499,052 9,553 508,812 
 Non-Performing Loans — — — — — 18 105 3,246 3,369 
 
 Rental/Investment — — — 256 — 58 — — 314 
 Performing Loans — — — 256 — 58 — — 314 
 Non-Performing Loans — — — — — — — — — 
 
 Land Development 1,764 1,930 1,355 1,249 699 87 — — 7,084 
 Performing Loans 1,764 1,919 1,355 1,240 699 87 — — 7,064 
 Non-Performing Loans — 11 — 9 — — — — 20 
 
 Real Estate - Commercial Mortgage $ 2,614 $ 2,350 $ 1,902 $ 2,567 $ 1,460 $ 396 $ — $ — $ 11,289 
 Owner-Occupied — — — — 121 1 — — 122 
 Performing Loans — — — — 121 1 — — 122 
 Non-Performing Loans — — — — — — — — — 
 
 Non-Owner Occupied — — — — 21 — — — 21 
 Performing Loans — — — — 21 — — — 21 
 Non-Performing Loans — — — — — — — — — 
 
 Land Development 2,614 2,350 1,902 2,567 1,318 395 — — 11,146 
 Performing Loans 2,614 2,350 1,789 2,567 1,317 395 — — 11,032 
 Non-Performing Loans — — 113 — 1 — — — 114 
 
 Installment loans to individuals $ 32,598 $ 11,488 $ 7,971 $ 3,815 $ 1,317 $ 17,261 $ 15,530 $ 29 $ 90,009 
 Performing Loans 32,561 11,472 7,971 3,802 1,317 17,212 15,529 29 89,893 
 Non-Performing Loans 37 16 — 13 — 49 1 — 116 
 
 Total loans not subject to risk rating $ 227,231 $ 379,101 $ 729,306 $ 500,846 $ 283,159 $ 455,486 $ 514,795 $ 13,987 $ 3,103,911 
 Performing Loans 226,690 375,061 714,795 495,246 272,978 435,497 514,689 10,741 3,045,697 
 Non-Performing Loans 541 4,040 14,511 5,600 10,181 19,989 106 3,246 58,214 

 21 

 Table of Contents 
 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 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 
 Lease financing — — — — — — — — 
 
 
 
 
 Real estate – 1-4 family mortgage: 
 Primary — — 153 43 — 49 — 245 
 Home equity — — — — — 64 — 64 
 Rental/investment — — — — — — — — 
 
 Total real estate – 1-4 family mortgage — — 153 43 — 113 — 309 
 Real estate – commercial mortgage: 
 Owner-occupied — — — — — 461 — 461 
 Non-owner occupied — — — — — — — — 
 Land development — — — — — — — — 
 Total real estate – commercial mortgage — — — — — 461 — 461 
 Installment loans to individuals 7 29 — 9 — 217 3 265 
 Loans, net of unearned income $ 7 $ 93 $ 153 $ 53 $ — $ 820 $ 3 $ 1,129 

 
 
 
 December 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Total Charge-offs 
 Commercial, financial, agricultural $ — $ 46 $ 152 $ 879 $ 4 $ 2,975 $ 407 $ 4,463 
 Lease financing — 336 306 — — — — 642 
 Real estate – construction: 
 Residential — — 145 — — — — 145 
 
 
 Real estate – 1-4 family mortgage: 
 Primary — 29 195 35 110 102 — 471 
 Home equity — — 329 — — 121 — 450 
 Rental/investment — — — — — 45 — 45 
 
 Total real estate – 1-4 family mortgage — 29 524 35 110 268 — 966 
 Real estate – commercial mortgage: 
 Owner-occupied — — 37 — — — — 37 
 Non-owner occupied — — — — — 5,693 — 5,693 
 
 Total real estate – commercial mortgage — — 37 — — 5,700 — 5,737 
 Installment loans to individuals 36 110 69 15 3 1,623 — 1,856 
 Loans, net of unearned income $ 36 $ 521 $ 1,233 $ 929 $ 117 $ 10,566 $ 407 $ 13,809 

 
 Note 4 – Allowance for Credit Losses 
 (In Thousands) 
 
 
 Allowance for Credit Losses on Loans 
 
 
 The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment and is maintained at a level believed adequate by management to absorb credit losses inherent in the entire loan portfolio. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis. Expected credit loss inherent in non-cancellable off-balance-sheet credit exposures is accounted for as a separate liability in the Consolidated Balance Sheets. The allowance for credit losses on loans held for investment, as reported in the Company’s Consolidated Balance Sheets, is adjusted by a provision for credit losses, which is reported in earnings, and reduced by net charge-offs. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed and such losses are reasonably quantified. 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 
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 Table of Contents 
 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: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 Commercial Real Estate -
Construction Real Estate -
1-4 Family
Mortgage Real Estate -
Commercial
Mortgage Lease Financing Installment
Loans to Individuals Total 
 Three Months Ended March 31, 2025 
 Allowance for credit losses: 
 Beginning balance $ 38,527 $ 15,126 $ 47,761 $ 90,204 $ 3,368 $ 6,770 $ 201,756 
 
 Charge-offs ( 94 ) — ( 309 ) ( 461 ) — ( 265 ) ( 1,129 ) 
 Recoveries 958 — 33 6 9 248 1,254 
 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 
 
 
 
 
 
 
 
 
 
 Period-End Amount Allocated to: 
 Individually evaluated $ 4,522 $ — $ — $ 8,922 $ 2,053 $ 270 $ 15,767 
 Collectively evaluated 33,919 16,561 50,711 79,158 1,591 6,224 188,164 
 Ending balance $ 38,441 $ 16,561 $ 50,711 $ 88,080 $ 3,644 $ 6,494 $ 203,931 
 Loans: 
 Individually evaluated $ 11,132 $ 2,434 $ 8,750 $ 46,593 $ 3,946 $ 270 $ 73,125 
 Collectively evaluated 1,877,448 1,088,428 3,574,330 6,273,527 81,466 87,269 12,982,468 
 Ending balance $ 1,888,580 $ 1,090,862 $ 3,583,080 $ 6,320,120 $ 85,412 $ 87,539 $ 13,055,593 
 
 Nonaccruing loans with no allowance for credit losses $ 122 $ 2,434 $ 6,418 $ 11,998 $ 589 $ — $ 21,561 
 

 
 
 
 
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 Notes to Consolidated Financial Statements (Unaudited) 

 
 Commercial Real Estate -
Construction Real Estate -
1-4 Family
Mortgage Real Estate -
Commercial
Mortgage Lease Financing Installment Loans to Individuals Total 
 
 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 
 
 Charge-offs ( 349 ) — ( 82 ) — — ( 479 ) ( 910 ) 
 Recoveries 346 — 48 6 8 338 746 
 Net (charge-offs) recoveries ( 3 ) — ( 34 ) 6 8 ( 141 ) ( 164 ) 
 Provision for (recovery of) credit losses on loans 1,944 ( 1,295 ) 317 1,699 31 ( 58 ) 2,638 
 Ending balance $ 45,921 $ 17,317 $ 47,566 $ 78,725 $ 2,554 $ 8,969 $ 201,052 
 
 
 
 
 
 
 
 
 
 Period-End Amount Allocated to: 
 Individually evaluated $ 9,104 $ — $ — $ 573 $ — $ 270 $ 9,947 
 Collectively evaluated 36,817 17,317 47,566 78,152 2,554 8,699 191,105 
 Ending balance $ 45,921 $ 17,317 $ 47,566 $ 78,725 $ 2,554 $ 8,969 $ 201,052 
 Loans: 
 Individually evaluated $ 15,861 $ — $ 7,327 $ 13,033 $ — $ 270 $ 36,491 
 Collectively evaluated 1,853,547 1,243,535 3,421,959 5,740,197 107,474 97,322 12,464,034 
 Ending balance $ 1,869,408 $ 1,243,535 $ 3,429,286 $ 5,753,230 $ 107,474 $ 97,592 $ 12,500,525 
 
 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 $ 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 $ 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 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 
 Provision for (recovery of) credit losses on unfunded loan commitments 2,700 ( 200 ) 
 Ending balance $ 17,643 $ 16,718 
 
 
 
 
 
 

 
 
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 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 
 (In Thousands) 
 
 
 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: 
 
 
 March 31, 2025 December 31, 2024 
 Residential real estate $ 3,160 $ 2,966 
 Commercial real estate 5,468 5,681 
 Residential land development 19 19 
 Commercial land development 7 7 
 
 Total $ 8,654 $ 8,673 

 
 
 Changes in the Company’s OREO were as follows: 
 
 
 Total
OREO 
 Balance at January 1, 2025 $ 8,673 
 
 
 Transfers of loans 1,296 
 
 Impairments ( 564 ) 
 Dispositions ( 744 ) 
 Other ( 7 ) 
 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: 
 
 
 Three Months Ended 
 March 31, 
 2025 2024 
 Repairs and maintenance $ 74 $ 64 
 Property taxes and insurance 49 29 
 Impairments 564 28 
 Net gains on OREO sales ( 2 ) ( 13 ) 
 Rental income — ( 1 ) 
 Total $ 685 $ 107 

 
 
 
 
 
 Note 6 – Goodwill and Other Intangible Assets 
 (In Thousands) 
 The carrying amounts of goodwill by operating segments for the three months ended March 31, 2025 are set forth in the table below. 
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 Notes to Consolidated Financial Statements (Unaudited) 

 
 Community Banks Total 
 Balance at January 1, 2025 $ 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: 
 
 
 Gross Carrying
Amount Accumulated
Amortization Net Carrying
Amount 
 March 31, 2025 
 Core deposit intangibles $ 82,492 $ ( 72,699 ) $ 9,793 
 Customer relationship intangible 7,670 ( 4,438 ) 3,232 
 Total finite-lived intangible assets $ 90,162 $ ( 77,137 ) $ 13,025 
 December 31, 2024 
 Core deposit intangibles $ 82,492 $ ( 71,881 ) $ 10,611 
 Customer relationship intangible 7,670 ( 4,176 ) 3,494 
 Total finite-lived intangible assets $ 90,162 $ ( 76,057 ) $ 14,105 

 
 
 Amortization expense for finite-lived intangible assets is presented in the table below. 
 
 Three Months Ended 
 March 31, 
 2025 2024 
 Amortization expense for: 
 Core deposit intangibles $ 818 $ 914 
 Customer relationship intangible 262 298 
 Total intangible amortization $ 1,080 $ 1,212 

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 Note 7 – Mortgage Servicing Rights 
 (In Thousands) 
 The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions, including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors, and is subject to significant fluctuation as a result of actual prepayment speeds, default rates and losses differing from estimates thereof. For example, an increase in mortgage interest rates or a decrease in actual prepayment speeds may cause positive adjustments to the valuation of the Company’s MSRs. 
 MSRs are evaluated for impairment (or reversals of prior impairments) quarterly based upon the fair value of the rights as compared to the carrying amount. Impairment is recognized through a valuation allowance in the amount that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the valuation allowance may be recorded as an increase to income. 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 three months ended March 31, 2025 or 2024. 
 Changes in the Company’s MSRs were as follows: 
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 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 
 Balance at January 1, 2025 $ 72,991 
 
 Capitalization 2,236 
 Amortization ( 2,325 ) 
 
 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: 
 
 
 March 31, 2025 December 31, 2024 
 Unpaid principal balance $ 6,044,719 $ 6,008,937 
 
 Weighted-average prepayment speed (CPR) 10.11 % 9.48 % 
 Estimated impact of a 10% increase $ ( 3,184 ) $ ( 3,134 ) 
 Estimated impact of a 20% increase ( 6,149 ) ( 6,062 ) 
 
 Discount rate 11.06 % 11.05 % 
 Estimated impact of a 10% increase $ ( 3,643 ) $ ( 3,809 ) 
 Estimated impact of a 20% increase ( 7,020 ) ( 7,336 ) 
 
 Weighted-average coupon interest rate 4.36 % 4.29 % 
 Weighted-average servicing fee (basis points) 35.80 35.91 
 Weighted-average remaining maturity (in years) 7.1 7.3 

 
 
 
 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 
 (In Thousands, Except Share Data) 
 
 
 Pension and Post-retirement Medical Plans 
 The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996, and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan. 
 
 
 Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows: 
 
 
 Pension Benefits Other Benefits 
 Three Months Ended Three Months Ended 
 March 31, March 31, 
 2025 2024 2025 2024 
 
 Interest cost $ 237 $ 227 $ 5 $ 5 
 Expected return on plan assets ( 267 ) ( 248 ) — — 
 
 Recognized actuarial loss (gain) 121 129 ( 22 ) ( 23 ) 
 
 Net periodic benefit cost (return) $ 91 $ 108 $ ( 17 ) $ ( 18 ) 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 Incentive Compensation Plans 
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 Table of Contents 
 Renasant Corporation and Subsidiaries 
 Notes to Consolidated Financial Statements (Unaudited) 

 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 
 Nonvested at beginning of period 203,115 $ 34.32 801,181 $ 35.08 
 Awarded 75,644 36.17 268,758 36.84 
 Vested — — ( 210,121 ) 38.28 
 Cancelled — — ( 1,580 ) 36.22 
 Nonvested at end of period 278,759 $ 34.82 858,238 $ 34.85 

 
 
 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 
 (In Thousands) 
 The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions. 
 Non-hedge derivatives 
 The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. 
 The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate and adjustable-rate residential mortgage loans. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. 
 The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented: 
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 Notes to Consolidated Financial Statements (Unaudited) 

 
 Balance Sheet March 31, 2025 December 31, 2024 
 Location Notional Amount Fair Value Notional Amount Fair Value 
 Derivative assets: 
 Interest rate contracts Other Assets $ 910,697 $ 14,887 $ 877,051 $ 14,071 
 Interest rate lock commitments Other Assets 158,289 2,244 64,365 861 
 Forward commitments Other Assets 45,000 26 174,000 1,242 
 Totals $ 1,113,986 $ 17,157 $ 1,115,416 $ 16,174 
 Derivative liabilities: 
 Interest rate contracts Other Liabilities $ 911,021 $ 14,899 $ 880,371 $ 14,094 
 Interest rate lock commitments Other Liabilities 13,067 57 1,829 122 
 Forward commitments Other Liabilities 215,000 1,390 52,000 86 
 Totals $ 1,139,088 $ 16,346 $ 934,200 $ 14,302 

 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 March 31, 
 2025 2024 
 Interest rate contracts: 
 Included in interest income on loans $ 2,889 $ 3,191 
 
 Interest rate lock commitments: 
 Included in mortgage banking income 1,448 808 
 Forward commitments 
 Included in mortgage banking income ( 2,519 ) 2,067 
 Total $ 1,818 $ 6,066 

 Derivatives designated as cash flow hedges 
 Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings and loans, respectively. The swap hedging strategy converts the variable interest rate on the forecasted borrowings to a fixed interest rate. The collar hedging strategy limits the benefit to interest income when rates exceed the cap but protects interest income from interest rate fluctuations below the floor strike rate. 
 The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented: 
 
 Balance Sheet March 31, 2025 December 31, 2024 
 Location Notional Amount Fair Value Notional Amount Fair Value 
 Derivative assets: 
 Interest rate swaps Other Assets $ 130,000 $ 19,971 $ 130,000 $ 22,780 
 Interest rate collars Other Assets 450,000 434 — — 
 Total $ 580,000 $ 20,405 $ 130,000 $ 22,780 
 Derivative liabilities: 
 
 Interest rate collars Other Liabilities $ — $ — $ 450,000 $ 598 
 Totals $ — $ — $ 450,000 $ 598 

 Changes in fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. 
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 Notes to Consolidated Financial Statements (Unaudited) 

 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 
 Fair value hedges protect against changes in the fair value of an asset, liability, or firm commitment. The Company enters into interest rate swap agreements to manage interest rate exposure on certain of the Company’s fixed-rate subordinated notes. The agreements convert the fixed interest rates to variable interest rates. 
 The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented: 
 
 Balance Sheet March 31, 2025 December 31, 2024 
 Location Notional Amount Fair Value Notional Amount Fair Value 
 
 
 
 Derivative liabilities: 
 Interest rate swaps Other Liabilities $ 100,000 $ 15,131 $ 100,000 $ 17,369 
 

 The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented: 
 
 Amount of Gain (Loss) Recognized in Income 
 Income Statement Three Months Ended March 31, 
 Location 2025 2024 
 Derivative liabilities: 
 Interest rate swaps - subordinated notes Interest Expense $ 2,238 $ ( 1,511 ) 
 
 Derivative liabilities - hedged items: 
 Interest rate swaps - subordinated notes Interest Expense $ ( 2,238 ) $ 1,511 
 

 The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented: 
 
 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 March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024 
 Long-term debt $ 83,929 $ 81,648 $ 15,131 $ 17,369 
 

 Offsetting 
 Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; 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 as of the dates presented: 
 
 
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 Notes to Consolidated Financial Statements (Unaudited) 

 
 Offsetting Derivative Assets Offsetting Derivative Liabilities 
 March 31,
2025 December 31, 2024 March 31,
2025 December 31, 2024 
 Gross amounts recognized $ 26,825 $ 34,505 $ 22,917 $ 28,550 
 Gross amounts offset in the Consolidated Balance Sheets — — — — 
 Net amounts presented in the Consolidated Balance Sheets 26,825 34,505 22,917 28,550 
 Gross amounts not offset in the Consolidated Balance Sheets 
 Financial instruments 21,553 27,939 21,553 27,939 
 Financial collateral pledged — — 553 611 
 Net amounts $ 5,272 $ 6,566 $ 811 $ — 

 
 
 
 
 Note 10 – Fair Value Measurements 
 (In Thousands) 
 Fair Value Measurements and the Fair Level Hierarchy 
 Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). 
 Recurring Fair Value Measurements 
 The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets at fair value. Assets and liabilities that are required to be carried at fair value on a recurring basis include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). 
 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: 
 Securities available for sale : Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, obligations of states and political subdivisions and mortgage-backed securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. 
 Derivative instruments : Most of the Company’s derivative contracts are extensively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps, interest rate collars and other interest rate contracts such as interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. 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. 
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 Notes to Consolidated Financial Statements (Unaudited) 

 Mortgage loans held for sale in loans held for sale : Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. 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. 
 The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: 
 
 
 Level 1 Level 2 Level 3 Totals 
 March 31, 2025 
 Financial assets: 
 
 Securities available for sale $ — $ 1,002,056 $ — $ 1,002,056 
 Derivative instruments — 37,562 — 37,562 
 Mortgage loans held for sale in loans held for sale — 226,003 — 226,003 
 Total financial assets $ — $ 1,265,621 $ — $ 1,265,621 
 Financial liabilities: 
 Derivative instruments: $ — $ 31,477 $ — $ 31,477 

 
 
 
 Level 1 Level 2 Level 3 Totals 
 December 31, 2024 
 Financial assets: 
 
 Securities available for sale $ — $ 831,013 $ — $ 831,013 
 
 Derivative instruments — 38,954 — 38,954 
 Mortgage loans held for sale in loans held for sale — 246,171 — 246,171 
 Total financial assets $ — $ 1,116,138 $ — $ 1,116,138 
 Financial liabilities: 
 Derivative instruments $ — $ 32,268 $ — $ 32,268 

 
 
 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. 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 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 
 Certain assets and liabilities may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. 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: 
 
 
 March 31, 2025 Level 1 Level 2 Level 3 Totals 
 Individually evaluated loans, net of allowance for credit losses $ — $ — $ 17,036 $ 17,036 
 OREO — — 3,102 3,102 
 
 Total $ — $ — $ 20,138 $ 20,138 

 
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 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 

 
 
 The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets measured on a nonrecurring basis: 
 
 
 Individually evaluated loans : Individually evaluated loans are reviewed and evaluated for credit losses on at least a quarterly basis for additional impairment and adjusted accordingly, taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. 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 $ 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 : OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. 
 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: 
 
 
 March 31,
2025 December 31, 2024 
 
 
 
 
 
 
 
 Carrying amount prior to remeasurement $ 3,666 $ 4,038 
 Impairment recognized in results of operations ( 564 ) ( 372 ) 
 Fair value $ 3,102 $ 3,666 

 
 
 Mortgage servicing rights : Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. 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 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
Value Valuation Technique Significant
Unobservable Inputs Range of Inputs 
 Individually evaluated loans, net of allowance for credit losses $ 17,036 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4 - 10 % 
 
 OREO $ 3,102 Appraised value of property less estimated costs to sell Estimated costs to sell 4 - 10 % 
 

 
 
 
 
 
 
 
 
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 Notes to Consolidated Financial Statements (Unaudited) 

 Fair Value Option 
 The Company has elected to measure all mortgage loans held for sale at fair value under the fair value option as permitted under ASC 825. 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 $ 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. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income. 
 The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. 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 March 31, 2025 and December 31, 2024: 
 
 
 Aggregate
Fair Value Aggregate
Unpaid
Principal
Balance Difference 
 March 31, 2025 
 Mortgage loans held for sale measured at fair value $ 226,003 $ 221,197 $ 4,806 
 
 
 
 December 31, 2024 
 Mortgage loans held for sale measured at fair value $ 246,171 $ 244,218 $ 1,953 
 
 

 
 
 Fair Value of Financial Instruments 
 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: 
 
 
 Fair Value 
 As of March 31, 2025 Carrying
Value Level 1 Level 2 Level 3 Total 
 Financial assets 
 Cash and cash equivalents $ 1,091,339 $ 1,091,339 $ — $ — $ 1,091,339 
 Securities held to maturity 1,101,901 — 1,003,497 — 1,003,497 
 Securities available for sale 1,002,056 — 1,002,056 — 1,002,056 
 Loans held for sale 226,003 — 226,003 — 226,003 
 Loans, net 12,851,662 — — 12,595,656 12,595,656 
 Mortgage servicing rights 72,902 — — 93,372 93,372 
 Derivative instruments 37,562 — 37,562 — 37,562 
 Financial liabilities 
 Deposits $ 14,772,095 $ 12,308,196 $ 2,456,050 $ — $ 14,764,246 
 Short-term borrowings 108,015 108,015 — — 108,015 
 
 
 Junior subordinated debentures 114,150 — 101,251 — 101,251 
 Subordinated notes 319,159 — 306,888 — 306,888 
 Derivative instruments 31,477 — 31,477 — 31,477 

 
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 Fair Value 
 As of December 31, 2024 Carrying
Value Level 1 Level 2 Level 3 Total 
 Financial assets 
 Cash and cash equivalents $ 1,092,032 $ 1,092,032 $ — $ — $ 1,092,032 
 Securities held to maturity 1,126,112 — 1,002,544 — 1,002,544 
 Securities available for sale 831,013 — 831,013 — 831,013 
 Loans held for sale 246,171 — 246,171 — 246,171 
 Loans, net 12,683,264 — — 12,340,638 12,340,638 
 Mortgage servicing rights 72,991 — — 96,290 96,290 
 Derivative instruments 38,954 — 38,954 — 38,954 
 Financial liabilities 
 Deposits $ 14,572,612 $ 12,093,327 $ 2,476,977 $ — $ 14,570,304 
 Short-term borrowings 108,018 108,018 — — 108,018 
 
 
 Junior subordinated debentures 113,916 — 100,668 — 100,668 
 Subordinated notes 316,698 — 295,868 — 295,868 
 Derivative instruments 32,268 — 32,268 — 32,268 

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 Note 11 – Other Comprehensive Income 
 (In Thousands) 
 Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented: 
 
 
 Pre-Tax Tax Expense
(Benefit) Net of Tax 
 Three months ended March 31, 2025 
 Securities available for sale: 
 Unrealized holding gains on securities $ 26,687 $ 6,717 $ 19,970 
 
 
 
 Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,044 779 2,265 
 Total securities available for sale 29,731 7,496 22,235 
 Derivative instruments: 
 Unrealized holding losses on derivative instruments ( 1,777 ) ( 455 ) ( 1,322 ) 
 
 Total derivative instruments ( 1,777 ) ( 455 ) ( 1,322 ) 
 Defined benefit pension and post-retirement benefit plans: 
 
 
 Amortization of net actuarial loss recognized in net periodic pension cost 99 25 74 
 Total defined benefit pension and post-retirement benefit plans 99 25 74 
 Total other comprehensive income $ 28,053 $ 7,066 $ 20,987 
 Three months ended March 31, 2024 
 Securities available for sale: 
 
 Unrealized holding losses on securities $ ( 6,192 ) $ ( 1,558 ) $ ( 4,634 ) 
 
 
 Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,275 837 2,438 
 Total securities available for sale ( 2,917 ) ( 721 ) ( 2,196 ) 
 Derivative instruments: 
 Unrealized holding losses on derivative instruments ( 765 ) ( 195 ) ( 570 ) 
 
 Total derivative instruments ( 765 ) ( 195 ) ( 570 ) 
 Defined benefit pension and post-retirement benefit plans: 
 
 Amortization of net actuarial loss recognized in net periodic pension cost 106 27 79 
 Total defined benefit pension and post-retirement benefit plans 106 27 79 
 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: 
 
 
 March 31,
2025 December 31, 2024 
 Unrealized losses on securities $ ( 130,699 ) $ ( 152,934 ) 
 
 Unrealized gains on derivative instruments 16,107 17,429 
 Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations ( 7,029 ) ( 7,103 ) 
 Total accumulated other comprehensive loss $ ( 121,621 ) $ ( 142,608 ) 

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 Notes to Consolidated Financial Statements (Unaudited) 

 
 
 Note 12 – Net Income Per Common Share 
 (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. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented: 
 
 
 Three Months Ended 
 March 31, 
 2025 2024 
 Basic 
 Net income applicable to common stock $ 41,518 $ 39,409 
 Average common shares outstanding 63,666,419 56,208,348 
 Net income per common share - basic $ 0.65 $ 0.70 
 Diluted 
 Net income applicable to common stock $ 41,518 $ 39,409 
 Average common shares outstanding 63,666,419 56,208,348 
 Effect of dilutive stock-based compensation 361,606 322,730 
 Average common shares outstanding - diluted 64,028,025 56,531,078 
 Net income per common share - diluted $ 0.65 $ 0.70 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 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 
 March 31, 
 2025 2024 
 Number of shares 500 78,296 
 

 
 
 
 
 
 
 
 
 

 
 
 
 
 
 Note 13 – Regulatory Matters 
 (In Thousands) 
 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 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. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. 
 
 
 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. Those guidelines specify capital tiers, which include the following classifications: 
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 Capital Tiers Tier 1 Capital to
Average Assets
(Leverage) Common Equity Tier 1 to
Risk - Weighted Assets Tier 1 Capital to
Risk - Weighted
Assets Total Capital to
Risk - Weighted
Assets 
 Well capitalized 5 % or above 
 6.5 % or above 
 8 % or above 
 10 % or above 
 
 Adequately capitalized 4 % or above 
 4.5 % or above 
 6 % or above 
 8 % or above 
 
 Undercapitalized Less than 4 % 
 Less than 4.5 % 
 Less than 6 % 
 Less than 8 % 
 
 Significantly undercapitalized Less than 3 % 
 Less than 3 % 
 Less than 4 % 
 Less than 6 % 
 
 Critically undercapitalized Tangible Equity / Total Assets less than 2 % 
 

 
 
 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 
 Renasant Corporation 
 Tier 1 Capital to Average Assets (Leverage) $ 1,948,348 11.39 % $ 1,935,522 11.34 % 
 Common Equity Tier 1 Capital to Risk-Weighted Assets 1,837,789 12.59 % 1,825,197 12.73 % 
 Tier 1 Capital to Risk-Weighted Assets 1,948,348 13.35 % 1,935,522 13.50 % 
 Total Capital to Risk-Weighted Assets 2,465,568 16.89 % 2,449,129 17.08 % 
 Renasant Bank 
 Tier 1 Capital to Average Assets (Leverage) $ 1,855,377 10.85 % $ 1,843,123 10.80 % 
 Common Equity Tier 1 Capital to Risk-Weighted Assets 1,855,377 12.71 % 1,843,123 12.85 % 
 Tier 1 Capital to Risk-Weighted Assets 1,855,377 12.71 % 1,843,123 12.85 % 
 Total Capital to Risk-Weighted Assets 2,038,363 13.96 % 2,022,737 14.10 % 

 
 
 The Company elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of ASC Topic 326, “Financial Instruments - Credit Losses” (“ASC 326”), often referred to as CECL, on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay. 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 
 (In Thousands) 
 The operations of the Company’s reportable segments are described as follows: 
 • 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. 
 • 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. 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. The CODM 
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 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 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: 
 
 Community
Banks Wealth
Management Other Consolidated 
 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 
 Provision for credit losses 4,750 — — 4,750 
 Noninterest income (loss) 28,845 8,064 ( 441 ) 36,468 
 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 
 Income tax expense (benefit) 12,203 103 ( 1,858 ) 10,448 
 Net income (loss) $ 44,691 $ 2,384 $ ( 5,557 ) $ 41,518 
 Total assets $ 18,266,553 $ 5,495 $ ( 667 ) $ 18,271,381 
 Goodwill $ 988,898 — — $ 988,898 

 
 Community
Banks Insurance Wealth
Management Other Consolidated 
 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 
 Provision for credit losses 2,438 — — — 2,438 
 Noninterest income (loss) 31,491 3,596 6,633 ( 339 ) 41,381 
 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 
 Income tax expense (benefit) 11,364 501 20 ( 1,973 ) 9,912 
 Net income (loss) $ 42,208 $ 1,429 $ 1,444 $ ( 5,672 ) $ 39,409 
 Total assets $ 17,303,709 $ 41,905 $ 5,409 $ ( 5,282 ) $ 17,345,741 
 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 
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 Notes to Consolidated Financial Statements (Unaudited) 

 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. 
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 Table of Contents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.
RENASANT CORP 10-Q

Item 1. Financial Statements
