What changed in this filing

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Item 1. Financial Statements

2025-08-06 compared with 2025-05-08 · 509 added, 187 removed, 1210 unchanged (37% of the section changed)

33 unchanged sentences

no shares issued and outstanding

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

66,484,225 shares issued;

Common stock, $ 5.00 par value – 250,000,000 and 150,000,000 shares authorized, respectively;

97,722,397 and 66,484,225 shares issued, respectively;

95,019,311 and 63,565,690 shares outstanding, respectively

11 unchanged sentences

(In Thousands, Except Share Data)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Interest income

45 unchanged sentences

(In Thousands)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Net income $ 1,018 $ 38,846 $ 42,536 $ 78,255

10 unchanged sentences

Total defined benefit pension and post-retirement benefit plans 74 79 148 158

Other comprehensive income (loss), net of tax 20,987 ( 2,687 )

Other comprehensive income, net of tax 7,580 2,827 28,567 140

Comprehensive income $ 8,598 $ 41,673 $ 71,103 $ 78,395

4 unchanged sentences

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

Three Months Ended March 31, 2025 Shares Amount

Six Months Ended June 30, 2025 Shares Amount

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

7 unchanged sentences

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

Net income — $ — $ — $ — $ 1,018 $ — $ 1,018

Other comprehensive income — — — — — 7,580 7,580

Comprehensive income 8,598

Cash dividends ($ 0.22 per share)

— — — — ( 21,155 ) — ( 21,155 )

Common stock issued in connection with an acquisition 31,238,172 156,191 — 903,720 — — 1,059,911

Issuance of common stock for stock-based compensation awards 41,672 — 1,398 ( 1,307 ) — — 91

Stock-based compensation expense — — — 4,304 — — 4,304

Balance at June 30, 2025 95,019,311 $ 488,612 $ ( 90,248 ) $ 2,393,566 $ 1,100,965 $ ( 114,041 ) $ 3,778,854

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

Three Months Ended March 31, 2024 Shares Amount

Six Months Ended June 30, 2024 Shares Amount

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

7 unchanged sentences

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

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

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

Comprehensive income 41,673

Cash dividends ($ 0.22 per share)

— — — — ( 12,640 ) — ( 12,640 )

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

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

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

See Notes to Consolidated Financial Statements.

2 unchanged sentences

(In Thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities

3 unchanged sentences

Depreciation, amortization and accretion 11,789 16,027

Deferred income tax expense 954 1,706

Deferred income tax (benefit) expense ( 608 ) 1,142

Proceeds from sale of MSR 9,353 23,011

6 unchanged sentences

Stock-based compensation expense 8,084 7,366

Decrease in other assets 45,847 9,904

Decrease (increase) in other assets 4,335 ( 6,802 )

Decrease in other liabilities ( 25,001 ) ( 15,891 )

8 unchanged sentences

Proceeds from sales of premises and equipment 1,346 289

Proceeds from surrender of bank-owned life insurance 56,255 —

Net change in FHLB stock ( 5,683 ) 2,665

Proceeds from sales of other assets 11,778 1,167

Net cash received in acquisition of businesses 261,483 —

Other, net 1,882 191

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

Net cash used in investing activities ( 262,173 ) ( 43,479 )

Financing activities

4 unchanged sentences

Cash paid for dividends ( 35,425 ) ( 25,293 )

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

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

Net cash provided by financing activities 519,892 78,054

Net increase in cash and cash equivalents 286,580 50,555

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

5 unchanged sentences

Transfers of loans to other real estate owned $ 4,281 $ 1,135

Common stock issued in acquisition of businesses $ 1,059,911 $ —

Recognition of operating right-of-use assets $ 12,251 $ 1,562

21 unchanged sentences

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

Note 2 – Mergers and Acquisitions

(Dollar Amounts In Thousands, Except Share Data)

Acquisition of The First Bancshares, Inc.

(“The First”)

Effective April 1, 2025, the Company completed its acquisition by merger of The First, the parent company of The First Bank, in a transaction valued at approximately $ 1,061,780 .

The Company issued 31,238,172 shares of common stock and paid approximately $ 1,869 , net of tax benefit, to The First stock option holders for 100 % of the voting equity interest in The First.

At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger;

immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger.

Before the merger, The First operated 116 banking locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida.

The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values on the acquisition date.

The Company recorded approximately $ 590,494 in intangible assets which consist of goodwill of $ 430,884 and a core deposit intangible of $ 159,610 .

Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies.

The fair value of the core deposit intangible is being amortized over its estimated useful life, currently expected to be approximately 10 years.

The goodwill is not deductible for income tax purposes.

The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s merger with The First based on their fair values on April 1, 2025.

Purchase Price:

Shares issued to common shareholders 31,238,172

Purchase price per share $ 33.93

Value of stock paid $ 1,059,911

Cash settlement for stock options, net of tax benefit 1,869

Total purchase price

Net Assets Acquired:

Stockholders’ equity at acquisition date $ 993,475

Increase (decrease) to net assets as a result of fair value adjustments

to assets acquired and liabilities assumed:

Securities ( 71,772 )

Loans, including loans held for sale ( 152,153 )

Premises and equipment ( 1,596 )

Intangible assets ( 169,809 )

Other real estate owned 2,696

Other assets ( 15,807 )

Deposits 7,391

Borrowings 2,902

Other liabilities 15,903

Deferred income taxes 19,666

Total net assets acquired

Goodwill resulting from merger (1)

(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.

The following table summarizes the fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First.

Cash and cash equivalents $ 261,484

Securities 1,457,203

Loans, including loans held for sale 5,174,903

Premises and equipment 173,174

Bank-owned life insurance 146,601

Other real estate owned 11,109

Intangible assets 590,494

Other assets 173,359

Total assets $ 7,988,327

Deposits $ 6,449,394

Borrowings 419,165

Other liabilities 59,857

Total liabilities $ 6,928,416

Net assets acquired over liabilities assumed $ 1,059,911

Cash settlement for stock options, net of tax benefit 1,869

Total purchase price $ 1,061,780

The following table presents additional information related to the acquired loan portfolio at the acquisition date:

April 1, 2025

Par value $ 168,511

Allowance for credit losses at acquisition ( 23,492 )

Non-credit discount ( 4,021 )

Purchase price $ 140,998

Non-PCD loans:

Fair value $ 5,032,996

Gross contractual amounts receivable 5,233,447

Estimate of contractual cash flows not expected to be collected 62,190

Supplemental Pro Forma Combined Condensed Consolidated Results of Operations

The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the three and six months ended June 30, 2025 and 2024 of the Company as though the merger with The First had been completed as of January 1, 2024.

The unaudited pro forma information combines the historical results of The First with the Company’s historical consolidated results and applies the impact of purchase accounting adjustments such as loan discount accretion, deposit amortization and intangible assets amortization as if the merger was completed as of January 1, 2024.

It excludes $ 20,479 of merger-related expenses and $ 66,612 of Day 1 acquisition provision expense from the second quarter of 2025 and instead includes such expenses in the first quarter of 2024.

The pro forma information is not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2024.

The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies.

Other than the aforementioned $ 20,479 in merger-related expenses, attributed to the first quarter of 2024, merger expenses are reflected in the period in which they were incurred.

(Unaudited) (Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Net interest income - pro forma $ 215,451 $ 201,496 $ 424,409 $ 403,269

Noninterest income - pro forma $ 48,334 $ 49,552 $ 93,263 $ 101,084

Noninterest expense - pro forma $ 161,735 $ 163,760 $ 364,703 $ 348,468

Net income - pro forma $ 85,691 $ 65,220 $ 121,325 $ 64,926

Earnings per share - pro forma:

Basic $ 0.91 $ 0.74 $ 1.28 $ 0.74

Diluted $ 0.90 $ 0.74 $ 1.28 $ 0.74

The Company has determined it is impracticable to disclose stand-alone revenues and earnings for legacy The First since April 1, 2025 due to the merging of certain processes during the second quarter of 2025.

Renasant Corporation and Subsidiaries

3 unchanged sentences

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

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

March 31, 2025

There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of June 30, 2025 or December 31, 2024.

June 30, 2025

Obligations of states and political subdivisions $ 268,798 $ 2,147 $ ( 4,357 ) $ 266,588

20 unchanged sentences

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

March 31, 2025

June 30, 2025

Obligations of states and political subdivisions $ 281,456 $ — $ ( 40,761 ) $ 240,695

21 unchanged sentences

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.

Securities sold are presented in the tables below for the periods presented.

On April 1, 2025, the Company acquired available for sale securities with a fair value of $ 1,457,203 as part of the merger with The First.

Shortly after merger, certain securities from this portfolio were sold at carrying value, resulting in no gain or loss on the sale;

no other securities were sold in the first six months of 2025.

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

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

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

Carrying Value Immediately Prior to Sale Net Proceeds Gain/(Loss)

Three months ended June 30, 2025

Obligations of other U.S.

Government agencies and corporations $ 34,394 $ 34,394 $ —

Obligations of states and political subdivisions 327,509 327,509 $ —

Residential mortgage backed securities:

Government agency mortgage backed securities 275,910 275,910 $ —

Government agency collateralized mortgage obligations 2,437 2,437 —

Commercial mortgage backed securities:

Government agency mortgage backed securities 6,541 6,541 —

Government agency collateralized mortgage obligations 6,480 6,480 —

Other debt securities 33,214 33,214 —

$ 686,485 $ 686,485 $ —

Six months ended June 30, 2025

Obligations of other U.S.

Government agencies and corporations $ 34,394 $ 34,394 $ —

Obligations of states and political subdivisions 327,509 327,509 $ —

Residential mortgage backed securities:

Government agency mortgage backed securities 275,910 275,910 —

Government agency collateralized mortgage obligations 2,437 2,437 —

Commercial mortgage backed securities:

Government agency mortgage backed securities 6,541 6,541 —

Government agency collateralized mortgage obligations 6,480 6,480 —

Other debt securities 33,214 33,214 —

$ 686,485 $ 686,485 $ —

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

Three months ended March 31, 2024

Six months ended June 30, 2024

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

5 unchanged sentences

$ 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.

At June 30, 2025 and December 31, 2024, securities with a carrying value of $ 1,191,329 and $ 818,344 , respectively, were pledged to secure government, public and trust deposits.

Securities with a carrying value of $ 24,947 and $ 25,526 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2025 and December 31, 2024, respectively.

The amortized cost and fair value of securities at June 30, 2025 by contractual maturity are shown below.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Held to Maturity Available for Sale

22 unchanged sentences

Available for Sale:

March 31, 2025

June 30, 2025

Obligations of states and political subdivisions 107 $ 114,704 $ ( 2,434 ) 7 $ 13,096 $ ( 1,923 ) 114 $ 127,800 $ ( 4,357 )

26 unchanged sentences

Held to Maturity:

March 31, 2025

June 30, 2025

Obligations of states and political subdivisions 7 $ 16,490 $ ( 1,671 ) 119 $ 223,984 $ ( 39,090 ) 126 $ 240,474 $ ( 40,761 )

24 unchanged sentences

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

As of 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.

As of June 30, 2025, the Company did not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity.

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

4 unchanged sentences

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

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

Based upon its review of these factors as of June 30, 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 13, “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 allowance for credit losses on held to maturity securities was $ 32 at each of June 30, 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.

As of June 30, 2025, all of the debt securities held to maturity were rated A or higher by the ratings agencies.

Note 4 – Loans

43 unchanged sentences

Past Due Current

March 31, 2025

June 30, 2025

Commercial, financial, agricultural $ 4,912 $ 981 $ 2,651,386 $ 2,657,279 $ 4,282 $ 3,801 $ 1,561 $ 9,644 $ 2,666,923

50 unchanged sentences

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.

All modifications for the three and six months ended June 30, 2025 and 2024 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at June 30, 2025 and 2024, respectively.

There were no unused commitments at June 30, 2025.

There were $ 338 in unused commitments at June 30, 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 5, “Allowance for Credit Losses,” for more information on the allowance for credit losses.

The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three and six months ended June 30, 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.

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

Three Months Ended June 30, 2025

Term Extension Payment Delay Term Extension and Payment Delay Total % Total Loans by Class

Commercial, financial, agricultural $ — $ 3 $ — $ 3 — %

Real estate – construction:

Residential — — 235 235 0.06

Real estate – 1-4 family mortgage:

Home equity — 3 — 3 —

Installment loans to individuals 81 6 1 88 0.07

Loans, net of unearned income $ 81 $ 12 $ 236 $ 329 — %

Six Months Ended June 30, 2025

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

Commercial, financial, agricultural $ — $ 3 $ — $ — $ 3 — %

Real estate – construction:

Residential — — 235 — 235 0.06 %

Real estate – 1-4 family mortgage:

Home equity — 3 — — 3 —

Real estate – commercial mortgage:

Non-owner occupied 2,119 — — — 2,119 0.04

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

Installment loans to individuals 81 6 1 2 90 0.07

Loans, net of unearned income $ 2,200 $ 12 $ 236 $ 2 $ 2,450 0.01 %

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

Three Months Ended June 30, 2024

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

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

Real estate – commercial mortgage:

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

Installment loans to individuals — 1 — 1 —

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Six Months Ended June 30, 2024

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

Commercial, financial, agricultural $ 1,741 $ 165 $ — $ 517 $ — $ 138 $ 2,561 0.14 %

Real estate – 1-4 family mortgage:

7 unchanged sentences

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

Three months ended June 30, 2025

Loan Type Financial Effect

Term Extension

Installment loans to individuals Extended the term 124 months

Payment Delay

Commercial, financial, agricultural Delayed the payment 7 months

Real estate – 1-4 family mortgage - Home Equity Delayed the payment 39 months

Installment loans to individuals Delayed the payment 23 months

Combination - Term Extension and Payment Delay

Real estate – Construction - Residential Extended the term and delayed the payment 35 months

Installment loans to individuals Extended the term and delayed the payment 60 months

Six months ended June 30, 2025

Loan Type Financial Effect

Term Extension

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

Installment loans to individuals Extended the term 124 months

Payment Delay

Commercial, financial, agricultural Delayed the payment 7 months

Real estate – 1-4 family mortgage - Home Equity Delayed the payment 39 months

Installment loans to individuals Delayed the payment 23 months

Combination - Term Extension and Payment Delay

Real estate – Construction - Residential Extended the term and delayed the payment 35 months

Installment loans to individuals Extended the term and delayed the payment 60 months

Combination - Interest Rate Reduction, Term Extension and Payment Delay

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Three months ended March 31, 2025

Three months ended June 30, 2024

Loan Type Financial Effect

1 unchanged sentence

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

Combination - Term Extension and Payment Delay

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

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

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

Six months ended June 30, 2024

Loan Type Financial Effect

6 unchanged sentences

Real Estate - Commercial Mortgage - Owner Occupied Extended the term 10 months

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

Payment Delay

4 unchanged sentences

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

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

Combination - Interest Rate Reduction and Term Extension

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

Combination - Interest Rate Reduction, Term Extension and Payment Delay

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

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.

For commercial and commercial real estate loans, 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.

4 unchanged sentences

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

March 31, 2025

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

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

Renasant Corporation and Subsidiaries

2 unchanged sentences

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

June 30, 2025

Commercial, Financial, Agricultural $ 363,452 $ 368,496 $ 261,941 $ 280,698 $ 175,840 $ 178,431 $ 1,007,753 $ 3,781 $ 2,640,392

Pass 362,626 356,330 238,997 274,078 174,343 173,593 989,924 8 2,569,899

Special Mention 152 3,574 20,104 46 534 2,532 8,309 — 35,251

Substandard 65 2,291 1,019 1,613 444 1,419 7,601 8,072 22,524

Classified 674 8,592 2,840 6,574 963 2,306 9,520 3,773 35,242

Lease Financing Receivables $ 6,396 $ 12,117 $ 16,805 $ 38,917 $ 9,246 $ 6,087 $ — $ — $ 89,568

1 unchanged sentence

Special Mention — — — 41 — — — — 41

Substandard — — 3,795 1,703 141 26 — — 5,665

Classified 24 — 1,522 1,730 15 — — — 3,291

Real Estate - Construction $ 227,648 $ 413,999 $ 309,818 $ 259,094 $ 17,637 $ — $ 25,466 $ 463 $ 1,254,125

2 unchanged sentences

Special Mention — — — — — — — — —

Substandard — 2,194 782 241 — — — — 3,217

Classified 2,091 — 1,041 241 — — — — 3,373

Commercial 79,436 287,468 296,633 257,934 17,637 — 20,356 463 959,927

1 unchanged sentence

Special Mention — — — 5,714 — — — — 5,714

Substandard — 73 — — — — — — 73

Classified — 2 18,165 2,165 — — — — 20,332

Real Estate - 1-4 Family Mortgage $ 222,521 $ 275,236 $ 188,138 $ 240,088 $ 132,292 $ 101,279 $ 49,728 $ 136 $ 1,209,418

2 unchanged sentences

Special Mention — 211 — 141 — — — — 352

Substandard — — 243 172 266 658 — — 1,339

Classified 80 — 124 169 403 925 — — 1,701

Home Equity 13,515 15,489 14,608 6,755 3,578 537 45,975 51 100,508

1 unchanged sentence

Special Mention — — — 500 — — — — 500

Substandard — — — — — 29 — 51 80

Classified — 134 196 297 — — — 51 678

Rental/Investment 143,337 155,250 134,213 203,488 115,484 89,189 2,065 — 843,026

1 unchanged sentence

Special Mention — 177 551 442 97 51 — — 1,318

Substandard — 326 206 86 161 730 — — 1,509

Classified 939 528 831 983 1,201 2,441 — — 6,923

Land Development 51,603 94,796 34,257 22,448 8,668 4,687 578 — 217,037

1 unchanged sentence

Special Mention — 2,894 — — — — — — 2,894

Substandard — — — — — — — — —

Classified — 28 — 44 — 6 — — 78

Real Estate - Commercial Mortgage $ 1,122,213 $ 1,461,267 $ 1,070,715 $ 2,556,743 $ 1,373,714 $ 1,567,366 $ 305,979 $ 2,315 $ 9,460,312

2 unchanged sentences

Special Mention 279 5,408 3,836 2,314 1,354 16,290 9,482 — 38,963

Substandard 105 290 8,153 10,659 4,497 4,906 5,629 252 34,491

Classified 289 6,382 10,455 12,218 13,098 20,675 1,091 — 64,208

Non-Owner Occupied 837,936 797,019 580,260 1,916,477 864,610 852,848 101,867 2,119 5,953,136

1 unchanged sentence

Special Mention — 5,887 17 56,601 1,879 8,316 — — 72,700

Substandard 208 17,141 401 38,874 5,310 46,509 — 2,161 110,604

Classified 15,513 22,185 3,384 46,000 7,721 56,810 — 2,119 153,732

Land Development 54,257 66,107 21,904 30,921 22,537 13,834 9,731 — 219,291

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

Renasant Corporation and Subsidiaries

2 unchanged sentences

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

Pass 54,117 64,088 20,896 29,796 22,373 13,451 9,731 — 214,452

Special Mention 140 1,168 773 — — 115 — — 2,196

Classified — 851 235 1,125 164 268 — — 2,643

Installment loans to individuals $ 2 $ 2 $ — $ — $ — $ — $ — $ — $ 4

1 unchanged sentence

Special Mention — — — — — — — — —

Substandard — — — — — — — — —

Classified — — — — — — — — —

Total loans subject to risk rating $ 1,942,232 $ 2,531,117 $ 1,847,417 $ 3,375,540 $ 1,708,729 $ 1,853,163 $ 1,388,926 $ 6,695 $ 14,653,819

1 unchanged sentence

Special Mention 571 19,319 25,281 65,799 3,864 27,304 17,791 — 159,929

Substandard 378 22,620 14,617 56,477 10,986 54,484 13,230 10,536 183,328

Classified 19,610 38,702 38,793 71,546 23,565 83,431 10,611 5,943 292,201

Term Loans Amortized Cost Basis by Origination Year

4 unchanged sentences

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

Classified 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

1 unchanged sentence

Watch — 1,261 3,254 173 1,137 180 — — 6,005

Substandard — 3,853 1,847 174 — — — — 5,874

Classified — 3,853 1,847 174 — — — — 5,874

Real Estate - Construction $ 353,568 $ 243,827 $ 382,439 $ 18,443 $ — $ 625 $ 20,096 $ — $ 1,018,998

2 unchanged sentences

Special Mention 2,194 — — — — — — — 2,194

Substandard — 782 241 — — — — — 1,023

Classified — 782 241 — — — — — 1,023

Commercial 190,602 228,372 380,731 18,443 — — 18,850 — 836,998

1 unchanged sentence

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

Substandard — — — — — — — — —

Classified — — — — — — — — —

Renasant Corporation and Subsidiaries

6 unchanged sentences

Special Mention — — 143 — — — — — 143

Substandard — 210 164 268 — 758 — — 1,400

Classified — 210 164 268 — 758 — — 1,400

Home Equity 966 1,005 7 937 — 35 28,976 51 31,977

1 unchanged sentence

Special Mention — — — — — — — — —

Substandard — — — — — 35 — 51 86

Classified — — — — — 35 — 51 86

Rental/Investment 96,447 83,682 108,436 59,836 31,029 18,146 4,745 303 402,624

1 unchanged sentence

Special Mention 180 564 44 52 24 — — — 864

Substandard 364 240 96 231 69 659 — 90 1,749

Classified 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

1 unchanged sentence

Special Mention 99 — 1,740 — — — — — 1,839

Substandard — — — — — — — — —

Classified — — — — — — — — —

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

2 unchanged sentences

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

Classified 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

1 unchanged sentence

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

Classified 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

1 unchanged sentence

Special Mention 66 24 142 31 59 — — — 322

Substandard — 19 3,347 173 191 36 — — 3,766

Classified — 19 3,347 173 191 36 — — 3,766

Installment loans to individuals $ 5 $ — $ — $ — $ — $ — $ — $ — $ 5

1 unchanged sentence

Special Mention — — — — — — — — —

Substandard — — — — — — — — —

Classified — — — — — — — — —

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

1 unchanged sentence

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

Classified 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:

3 unchanged sentences

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

March 31, 2025

June 30, 2025

Commercial, Financial, Agricultural $ 26,414 $ — $ — $ — $ — $ — $ 117 $ — $ 26,531

89 unchanged sentences

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

The following tables disclose gross charge-offs by year of origination for the six months ended June 30, 2025 and year ended December 31, 2024, respectively:

June 30, 2025 2025 2024 2023 2022 2021 Prior Revolving Loans Total Charge-offs

Commercial, financial, agricultural $ — $ 101 $ 194 $ 90 $ 4,923 $ 399 $ 210 $ 5,917

Lease financing — — 2,340 20 34 — — 2,394

Real estate – construction:

Residential — — 105 — — — — 105

Real estate – 1-4 family mortgage:

5 unchanged sentences

Owner-occupied — — — — — 463 3,942 4,405

Non-owner occupied — — — — — — — —

Land development — — — — — — — —

Total real estate – commercial mortgage — — — — — 461 — 461

Installment loans to individuals — 95 53 3 15 490 3 659

13 unchanged sentences

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

Land development — — — — — 7 — 7

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

8 unchanged sentences

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.

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 quantifiable.

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

2 unchanged sentences

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.

in Note 1, “Summary of 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, filed with the SEC on February 26, 2025.

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.

As of June 30, 2025 and December 31, 2024, the Company had accrued interest receivable for loans of $ 72,205 and $ 54,395 , respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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

4 unchanged sentences

Loans to Individuals Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Allowance for credit losses:

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

Initial impact of purchased credit deteriorated (“PCD”) loans acquired

7,140 1,997 264 14,090 — 2 23,493

Charge-offs ( 5,823 ) ( 105 ) ( 319 ) ( 3,944 ) ( 2,394 ) ( 394 ) ( 12,979 )

Recoveries 627 — 37 116 4 141 925

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

Net charge-offs ( 5,196 ) ( 105 ) ( 282 ) ( 3,828 ) ( 2,390 ) ( 253 ) ( 12,054 )

Provision for (recovery of) credit losses on loans 19,291 3,331 15,010 37,230 681 ( 143 ) 75,400

Ending balance $ 59,676 $ 21,784 $ 65,703 $ 135,572 $ 1,935 $ 6,100 $ 290,770

Six Months Ended June 30, 2025

Allowance for credit losses:

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

Initial impact of PCD loans acquired during the period 7,140 1,997 264 14,090 — 2 23,493

Charge-offs ( 5,917 ) ( 105 ) ( 628 ) ( 4,405 ) ( 2,394 ) ( 659 ) ( 14,108 )

Recoveries 1,585 — 70 122 13 389 2,179

Net charge-offs ( 4,332 ) ( 105 ) ( 558 ) ( 4,283 ) ( 2,381 ) ( 270 ) ( 11,929 )

Provision for (recovery of) credit losses on loans 18,341 4,766 18,236 35,561 948 ( 402 ) 77,450

Ending balance $ 59,676 $ 21,784 $ 65,703 $ 135,572 $ 1,935 $ 6,100 $ 290,770

Period-End Amount Allocated to:

12 unchanged sentences

Mortgage Lease Financing Installment Loans to Individuals Total

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Allowance for credit losses:

2 unchanged sentences

Recoveries 525 — 25 99 10 232 891

Net (charge-offs) recoveries ( 3 ) — ( 34 ) 6 8 ( 141 ) ( 164 )

Net recoveries (charge-offs) 339 — ( 183 ) ( 5,628 ) 10 ( 19 ) ( 5,481 )

(Recovery of) provision for credit losses on loans ( 1,309 ) 1,579 38 4,028 ( 49 ) 13 4,300

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

Six Months Ended June 30, 2024

Allowance for credit losses:

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

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

Charge-offs ( 535 ) — ( 290 ) ( 5,727 ) — ( 730 ) ( 7,282 )

Recoveries 871 — 73 105 18 570 1,637

Net recoveries (charge-offs) 336 — ( 217 ) ( 5,622 ) 18 ( 160 ) ( 5,645 )

Provision for (recovery of) credit losses on loans 635 284 355 5,727 ( 18 ) ( 45 ) 6,938

8 unchanged sentences

Nonaccruing loans with no allowance for credit losses $ 230 $ — $ 6,318 $ 20,640 $ — $ — $ 27,188

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 recorded a provision for credit losses on loans of $ 75,400 during the second quarter of 2025, as compared to a provision for credit losses on loans of $ 4,300 recorded in the second 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.

The provision for credit losses on loans of $ 75,400 in the second quarter of 2025 was primarily driven by the Day 1 acquisition provision related to the merger with The First, as well as loan growth and changes in credit metrics that influenced 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.

For more information about the Company’s policies and procedures

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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, filed with the SEC on February 26, 2025.

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

Three Months Ended June 30, 2025 2024

Allowance for credit losses on unfunded loan commitments:

2 unchanged sentences

Ending balance $ 23,565 $ 15,718

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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

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

Six Months Ended June 30, 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 8,622 ( 1,200 )

Ending balance $ 23,565 $ 15,718

The Company recorded a provision for credit losses on unfunded loan commitments of $ 5,922 during the second quarter of 2025, as compared to a recovery of credit losses on unfunded loan commitments of $ 1,000 recorded in the second quarter of 2024.

The $ 5,922 provision for credit losses on unfunded commitments in the second quarter of 2025 was primarily driven by the $ 4,422 of Day 1 acquisition provision related to the merger with The First.

Note 6 – Other Real Estate Owned

1 unchanged sentence

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

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Residential real estate $ 5,701 $ 2,966

5 unchanged sentences

Balance at January 1, 2025 $ 8,673

Acquired OREO 11,109

Transfers of loans 4,281

1 unchanged sentence

Dispositions ( 11,713 )

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.

Balance at June 30, 2025 $ 11,750

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

At June 30, 2025 and December 31, 2024, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $ 390 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

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Repairs and maintenance $ 155 $ 147 $ 229 $ 211

6 unchanged sentences

(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.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The carrying amounts of goodwill by operating segments for the six months ended June 30, 2025 are set forth in the table below.

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

Additions to goodwill from The First merger 430,884 430,884

Balance at June 30, 2025 $ 1,419,782 $ 1,419,782

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

2 unchanged sentences

Amortization Net Carrying

March 31, 2025

June 30, 2025

Core deposit intangibles $ 242,102 $ ( 81,321 ) $ 160,781

6 unchanged sentences

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

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Amortization expense for:

2 unchanged sentences

Total intangible amortization $ 8,884 $ 1,186 $ 9,964 $ 2,398

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 8 – Mortgage Servicing Rights

10 unchanged sentences

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

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

There was no valuation adjustment on MSRs during the six months ended June 30, 2025 or 2024.

Changes in the Company’s MSRs were as follows:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Balance at January 1, 2025 $ 72,991

Sale of MSRs ( 7,886 )

Capitalization 4,021

Amortization ( 4,587 )

Balance at March 31, 2025 $ 72,902

Balance at June 30, 2025 $ 64,539

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

June 30, 2025 December 31, 2024

Unpaid principal balance $ 5,529,115 $ 5,874,481

8 unchanged sentences

Weighted-average remaining maturity (in years) 7.1 7.5

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.

The Company recorded servicing fees of $ 3,001 and $ 3,780 for the three months ended June 30, 2025 and 2024, respectively, and $ 6,656 and $ 7,869 for the six months ended June 30, 2025 and 2024, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

Note 9 - Employee Benefit and Deferred Compensation Plans

(In Thousands, Except Share Data)

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Pension and Post-retirement Medical Plans

3 unchanged sentences

Three Months Ended Three Months Ended

March 31, March 31,

June 30, June 30,

2025 2024 2025 2024

3 unchanged sentences

Net periodic benefit cost (return) $ 92 $ 108 $ ( 17 ) $ ( 18 )

Pension Benefits Other Benefits

Six Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Interest cost $ 474 $ 454 $ 10 $ 11

Expected return on plan assets ( 534 ) ( 496 ) — —

Recognized actuarial loss (gain) 243 258 ( 44 ) ( 47 )

Net periodic benefit cost (return) $ 183 $ 216 $ ( 34 ) $ ( 36 )

Incentive Compensation Plans

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 maintains the 2020 Long-Term Incentive Compensation Plan, 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:

The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2025:

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

4 unchanged sentences

Nonvested at end of period 278,759 $ 34.82 886,619 $ 34.60

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.

The Company inherited a separate long-term equity compensation plan, The First Bancshares, Inc.

2007 Stock Incentive Plan (as amended, the “2007 Stock Incentive Plan”) through its merger with The First.

Awards outstanding as of the date of the merger were converted into adjusted restricted stock awards in respect to Renasant common stock, subject to the same terms and conditions.

The following table summarizes the changes in restricted stock since the merger date for the three months ended June 30, 2025:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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

Nonvested at beginning of period — $ —

Awarded (converted) 426,321 33.93

Vested ( 1,000 ) 33.93

Cancelled — —

Nonvested at end of period 425,321 $ 33.93

During the six months ended June 30, 2025, the Company reissued 208,299 shares from treasury in connection with awards of restricted stock.

The Company recorded total stock-based compensation expense of $ 4,304 and $ 3,374 for the three months ended June 30, 2025 and 2024, respectively, and $ 8,084 and $ 7,366 for the six months ended June 30, 2025 and 2024, respectively.

There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the six months ended June 30, 2025 or 2024.

Note 10 – Derivative Instruments

2 unchanged sentences

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.

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 (which are included within the “interest rate contracts” line items in the tables below).

To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position.

2 unchanged sentences

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:

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Balance Sheet March 31, 2025 December 31, 2024

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

Balance Sheet June 30, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

10 unchanged sentences

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

Three Months Ended March 31,

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

2025 2024 2025 2024

Interest rate contracts:

11 unchanged sentences

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

Balance Sheet March 31, 2025 December 31, 2024

Balance Sheet June 30, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

6 unchanged sentences

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.

Renasant Corporation and Subsidiaries

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.”

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

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

There were no ineffective portions for the six months ended June 30, 2025 or 2024.

The impact on other comprehensive income for the six months ended June 30, 2025 and 2024 is discussed in Note 13, “Other Comprehensive Income.”

Derivatives designated as fair value hedges

3 unchanged sentences

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

Balance Sheet March 31, 2025 December 31, 2024

Balance Sheet June 30, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

3 unchanged sentences

Amount of Gain (Loss) Recognized in Income

Income Statement Three Months Ended March 31,

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

Location 2025 2024 2025 2024

5 unchanged sentences

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

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

Balance Sheet Location June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

Long-term debt $ 85,663 $ 81,648 $ 13,440 $ 17,369

Credit Derivatives

The Company has both bought and sold credit protection in the form of risk participation agreements.

These risk participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business to help its commercial customers manage their exposure to interest rate fluctuations.

Risk participations in which credit protection has been purchased entitle the Company to receive a payment from the counterparty if the customer fails to make payment on any amounts due to the Company upon early termination of the swap transaction.

The Company’s bought risk participation agreements have maturities between 2028 and 2030.

For contracts where the Company sold credit protection, it would be required to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction.

The Company’s sold risk participation agreements have maturities between 2025 and 2030.

The maximum potential amount of future payments under these contracts as of June 30, 2025 was approximately $ 1,252 .

This scenario occurs if variable interest rates were at zero percent and all counterparties defaulted with zero recovery.

The fair value of risk participation agreements at June 30, 2025 and 2024 was immaterial.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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.

2 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Offsetting Derivative Assets Offsetting Derivative Liabilities

2025 December 31, 2024 March 31,

2025 December 31, 2024 June 30,

2025 December 31, 2024

6 unchanged sentences

Net amounts $ 5,131 $ 6,566 $ 2,076 $ —

Note 11 – Income Taxes

For the six months ended June 30, 2025 and 2024, the effective tax rate was 22.14 % and 20.01 %, respectively.

The year-over-year increase in the Company’s effective tax rate was driven primarily by increases in nondeductible expenses, primarily related to the Company’s merger with The First, and increases in state taxes.

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

Note 12 – Fair Value Measurements

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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.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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.

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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.

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 risk participations, 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.

1 unchanged sentence

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Mortgage loans held for sale in loans held for sale :

4 unchanged sentences

Level 1 Level 2 Level 3 Totals

March 31, 2025

June 30, 2025

Financial assets:

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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.

There were no such transfers between levels of the fair value hierarchy during the six months ended June 30, 2025.

For the six months ended June 30, 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.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Nonrecurring Fair Value Measurements

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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

June 30, 2025 Level 1 Level 2 Level 3 Totals

Individually evaluated loans, net of allowance for credit losses $ — $ — $ 42,838 $ 42,838

1 unchanged sentence

Total $ — $ — $ 45,989 $ 45,989

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

December 31, 2024 Level 1 Level 2 Level 3 Totals

10 unchanged sentences

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

Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $ 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.

Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $ 65,862 and $ 53,157 at June 30, 2025 and December 31, 2024, respectively, and a specific reserve for these loans of $ 23,024 and $ 14,782 was included in the allowance for credit losses as of such dates.

Other real estate owned :

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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:

Mortgage servicing rights were carried at amortized cost at June 30, 2025 and December 31, 2024.

There were no valuation adjustments on MSRs during the six months ended June 30, 2025 or 2024.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The following table presents information as of June 30, 2025 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument Fair

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OREO $ 3,151 Appraised value of property less estimated costs to sell Estimated costs to sell 4 - 10 %

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Fair Value Option

1 unchanged sentence

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

A net gain of $ 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.

A net gain of $ 5,209 and net loss of $ 251 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 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.

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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:

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2025 and December 31, 2024:

Fair Value Aggregate

Balance Difference

March 31, 2025

June 30, 2025

Mortgage loans held for sale measured at fair value $ 356,791 $ 349,629 $ 7,162

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

As of March 31, 2025 Carrying

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of June 30, 2025 Carrying

Value Level 1 Level 2 Level 3 Total

13 unchanged sentences

Derivative instruments 46,204 — 46,204 — 46,204

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of December 31, 2024 Carrying

21 unchanged sentences

(Benefit) Net of Tax

Three months ended March 31, 2025

Three months ended June 30, 2025

Securities available for sale:

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Total other comprehensive income $ 10,145 $ 2,565 $ 7,580

Three months ended March 31, 2024

Three months ended June 30, 2024

Securities available for sale:

Unrealized holding gains on securities $ 648 $ 180 $ 468

Amortization of unrealized holding losses on securities transferred to the held to maturity category 3,252 831 2,421

Total securities available for sale 3,900 1,011 2,889

Derivative instruments:

Unrealized holding losses on derivative instruments ( 188 ) ( 47 ) ( 141 )

Total derivative instruments ( 188 ) ( 47 ) ( 141 )

Defined benefit pension and post-retirement benefit plans:

Amortization of net actuarial loss recognized in net periodic pension cost 105 26 79

Total defined benefit pension and post-retirement benefit plans 105 26 79

Total other comprehensive income $ 3,817 $ 990 $ 2,827

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Pre-Tax Tax Expense

(Benefit) Net of Tax

Six months ended June 30, 2025

Securities available for sale:

Unrealized holding gains on securities $ 35,727 $ 8,999 $ 26,728

Amortization of unrealized holding losses on securities transferred to the held to maturity category 5,884 1,506 4,378

Total securities available for sale 41,611 10,505 31,106

Derivative instruments:

Unrealized holding losses on derivative instruments ( 3,612 ) ( 925 ) ( 2,687 )

Total derivative instruments ( 3,612 ) ( 925 ) ( 2,687 )

Defined benefit pension and post-retirement benefit plans:

Amortization of net actuarial loss recognized in net periodic pension cost 199 51 148

Total defined benefit pension and post-retirement benefit plans 199 51 148

Total other comprehensive income $ 38,198 $ 9,631 $ 28,567

Six months ended June 30, 2024

Securities available for sale:

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

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Total defined benefit pension and post-retirement benefit plans 211 53 158

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

Total other comprehensive income $ 241 $ 101 $ 140

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

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Net income per common share - diluted $ 0.01 $ 0.69

Six Months Ended

Net income applicable to common stock $ 42,536 $ 78,255

Average common shares outstanding 79,209,073 56,275,628

Net income per common share - basic $ 0.54 $ 1.39

Net income applicable to common stock $ 42,536 $ 78,255

Average common shares outstanding 79,209,073 56,275,628

Effect of dilutive stock-based compensation 462,702 332,319

Average common shares outstanding - diluted 79,671,775 56,607,947

Net income per common share - diluted $ 0.53 $ 1.38

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:

1 unchanged sentence

Number of shares 500 1,000

Six Months Ended

Number of shares 1,400 5,449

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 15 – Regulatory Matters

6 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Capital Tiers Tier 1 Capital to

20 unchanged sentences

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

June 30, 2025 December 31, 2024

Amount Ratio Amount Ratio

11 unchanged sentences

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

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

the Company’s and the Bank’s capital ratios at June 30, 2025 now fully reflect the impact of ASC 326.

Note 16 – Segment Reporting

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

• 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.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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

The CODM 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.

1 unchanged sentence

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

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

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

Management Other Consolidated

Three months ended March 31, 2025

Three months ended June 30, 2025

Total interest income $ 343,875 $ — $ 23 $ 343,898

12 unchanged sentences

Goodwill 1,419,782 — — 1,419,782

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Banks Insurance Wealth

Management Other Consolidated

Three months ended March 31, 2024

Three months ended June 30, 2024

Total interest income $ 219,708 $ 461 $ 16 $ 26 $ 220,211

12 unchanged sentences

Goodwill 988,898 2,767 — — 991,665

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

Other segment expenses for Wealth Management include data processing, legal and

Management Other Consolidated

Six months ended June 30, 2025

Total interest income $ 564,182 $ — $ 46 $ 564,228

Total interest expense 195,876 — 15,296 211,172

Net interest income (loss) $ 368,306 $ — $ ( 15,250 ) $ 353,056

Provision for credit losses 86,072 — — 86,072

Noninterest income (loss) 70,785 14,881 ( 937 ) 84,729

Salaries and employee benefits 164,139 7,360 — 171,499

Net occupancy and equipment 28,662 418 33 29,113

Other segment expenses (1)

93,962 2,104 402 96,468

Income (loss) before income taxes $ 66,256 $ 4,999 $ ( 16,622 ) $ 54,633

Income tax expense (benefit) 16,120 237 ( 4,260 ) 12,097

Net income (loss) $ 50,136 $ 4,762 $ ( 12,362 ) $ 42,536

Total assets $ 26,598,942 $ 6,110 $ 19,923 $ 26,624,975

Goodwill 1,419,782 — — 1,419,782

Banks Insurance Wealth

Management Other Consolidated

Six months ended June 30, 2024

Total interest income $ 432,363 $ 942 $ 32 53 $ 433,390

Total interest expense 171,253 — — 13,821 185,074

Net interest income (loss) $ 261,110 $ 942 $ 32 $ ( 13,768 ) $ 248,316

Provision for credit losses 5,738 — — — 5,738

Noninterest income (loss) 61,220 6,473 13,201 ( 751 ) 80,143

Salaries and employee benefits 132,124 3,619 6,458 — 142,201

Net occupancy and equipment 22,617 220 396 — 23,233

Other segment expenses (2)

55,043 553 3,082 776 59,454

Income (loss) before income taxes $ 106,808 $ 3,023 $ 3,297 $ ( 15,295 ) $ 97,833

Income tax expense (benefit) 22,640 785 100 ( 3,947 ) 19,578

Net income (loss) $ 84,168 $ 2,238 $ 3,197 $ ( 11,348 ) $ 78,255

Total assets $ 17,462,835 $ 41,988 $ 5,043 $ 525 $ 17,510,391

Goodwill 988,898 2,767 — — 991,665

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.

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

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

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

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

Note 15 – Subsequent Events

(In Thousands, Except Share Amounts)

Merger with The First Bancshares, Inc.

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

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

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

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

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

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

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

What changed 10-Q

Item 1. Financial Statements