Item 1. Financial Statements
Item 1. FINANCIAL STATEMENTS
Renasant Corporation and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share Data)
(Unaudited)
June 30,
2025 December 31, 2024
Assets
Cash and due from banks $ 351,941 $ 198,408
Interest-bearing balances with banks 1,026,671 893,624
Cash and cash equivalents 1,378,612 1,092,032
Securities held to maturity (fair value of $ 984,359 and $ 1,002,544 , respectively)
1,076,817 1,126,112
Securities available for sale, at fair value 2,471,487 831,013
Loans held for sale, at fair value 356,791 246,171
Loans held for investment, net of unearned income 18,563,447 12,885,020
Allowance for credit losses on loans ( 290,770 ) ( 201,756 )
Loans, net 18,272,677 12,683,264
Premises and equipment, net 465,100 279,796
Other real estate owned, net 11,750 8,673
Goodwill 1,419,782 988,898
Other intangible assets, net 163,751 14,105
Bank-owned life insurance 486,613 391,810
Mortgage servicing rights 64,539 72,991
Other assets 457,056 300,003
Total assets $ 26,624,975 $ 18,034,868
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing $ 5,356,153 $ 3,403,981
Interest-bearing 16,226,484 11,168,631
Total deposits 21,582,637 14,572,612
Short-term borrowings 405,349 108,018
Long-term debt 556,976 430,614
Other liabilities 301,159 245,306
Total liabilities 22,846,121 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 – 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
488,612 332,421
Treasury stock, at cost – 2,703,086 and 2,918,535 shares, respectively
( 90,248 ) ( 97,196 )
Additional paid-in capital 2,393,566 1,491,847
Retained earnings 1,100,965 1,093,854
Accumulated other comprehensive loss, net of taxes ( 114,041 ) ( 142,608 )
Total shareholders’ equity 3,778,854 2,678,318
Total liabilities and shareholders’ equity $ 26,624,975 $ 18,034,868
See Notes to Consolidated Financial Statements.
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Renasant Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In Thousands, Except Share Data)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Interest income
Loans $ 306,433 $ 201,927 $ 506,007 $ 396,625
Securities
Taxable 24,918 9,258 35,887 18,763
Tax-exempt 3,490 1,152 4,638 2,347
Other 9,057 7,874 17,696 15,655
Total interest income 343,898 220,211 564,228 433,390
Interest expense
Deposits 111,921 87,621 191,307 170,234
Borrowings 13,118 7,564 19,865 14,840
Total interest expense 125,039 95,185 211,172 185,074
Net interest income 218,859 125,026 353,056 248,316
Provision for credit losses on loans 75,400 4,300 77,450 6,938
Provision for (recovery of) credit losses on unfunded commitments 5,922 ( 1,000 ) 8,622 ( 1,200 )
Provision for credit losses 81,322 3,300 86,072 5,738
Net interest income after provision for credit losses 137,537 121,726 266,984 242,578
Noninterest income
Service charges on deposit accounts 13,618 10,286 23,982 20,792
Fees and commissions 6,650 3,944 10,437 7,893
Insurance commissions — 2,758 — 5,474
Wealth management revenue 7,345 5,684 14,412 11,353
Mortgage banking income 11,263 9,698 19,410 21,068
Gain on debt extinguishment — — — 56
BOLI income 3,383 2,701 6,312 5,392
Other 6,075 3,691 10,176 8,115
Total noninterest income 48,334 38,762 84,729 80,143
Noninterest expense
Salaries and employee benefits 99,542 70,731 171,499 142,201
Data processing 5,438 3,945 9,527 7,752
Net occupancy and equipment 17,359 11,844 29,113 23,233
Other real estate owned 157 105 842 212
Professional fees 4,223 3,195 7,107 6,543
Advertising and public relations 4,490 3,807 8,787 8,693
Intangible amortization 8,884 1,186 9,964 2,398
Communications 3,184 2,112 5,217 4,136
Merger and conversion related expenses 20,479 — 21,270 —
Other 19,448 15,051 33,754 29,720
Total noninterest expense 183,204 111,976 297,080 224,888
Income before income taxes 2,667 48,512 54,633 97,833
Income taxes 1,649 9,666 12,097 19,578
Net income $ 1,018 $ 38,846 $ 42,536 $ 78,255
Basic earnings per share $ 0.01 $ 0.69 $ 0.54 $ 1.39
Diluted earnings per share $ 0.01 $ 0.69 $ 0.53 $ 1.38
Cash dividends per common share $ 0.22 $ 0.22 $ 0.44 $ 0.44
See Notes to Consolidated Financial Statements.
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Renasant Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Net income $ 1,018 $ 38,846 $ 42,536 $ 78,255
Other comprehensive income, net of tax:
Securities available for sale:
Unrealized holding gains (losses) on securities 6,758 468 26,728 ( 4,166 )
Amortization of unrealized holding losses on securities transferred to the held to maturity category 2,113 2,421 4,378 4,859
Total securities available for sale 8,871 2,889 31,106 693
Derivative instruments:
Unrealized holding losses on derivative instruments ( 1,365 ) ( 141 ) ( 2,687 ) ( 711 )
Total derivative instruments ( 1,365 ) ( 141 ) ( 2,687 ) ( 711 )
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost 74 79 148 158
Total defined benefit pension and post-retirement benefit plans 74 79 148 158
Other comprehensive income, net of tax 7,580 2,827 28,567 140
Comprehensive income $ 8,598 $ 41,673 $ 71,103 $ 78,395
See Notes to Consolidated Financial Statements.
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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
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
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
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
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
Net income — — — — 39,409 — 39,409
Other comprehensive loss — — — — — ( 2,687 ) ( 2,687 )
Comprehensive income 36,722
Cash dividends ($ 0.22 per share)
— — — — ( 12,653 ) — ( 12,653 )
Issuance of common stock for stock-based compensation awards 162,653 — 5,566 ( 8,660 ) — — ( 3,094 )
Stock-based compensation expense — — — 3,992 — — 3,992
Balance at March 31, 2024 56,304,860 $ 296,483 $ ( 99,683 ) $ 1,303,613 $ 978,880 $ ( 156,943 ) $ 2,322,350
Net income — $ — $ — $ — $ 38,846 $ — $ 38,846
Other comprehensive income — — — — — 2,827 2,827
Comprehensive income 41,673
Cash dividends ($ 0.22 per share)
— — — — ( 12,640 ) — ( 12,640 )
Issuance of common stock for stock-based compensation awards 63,064 — 2,149 ( 2,205 ) — — ( 56 )
Stock-based compensation expense — — — 3,374 — — 3,374
Balance at June 30, 2024 56,367,924 $ 296,483 $ ( 97,534 ) $ 1,304,782 $ 1,005,086 $ ( 154,116 ) $ 2,354,701
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See Notes to Consolidated Financial Statements.
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Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
Six Months Ended June 30,
2025 2024
Operating activities
Net income $ 42,536 $ 78,255
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 86,072 5,738
Depreciation, amortization and accretion 11,789 16,027
Deferred income tax (benefit) expense ( 608 ) 1,142
Proceeds from sale of MSR 9,353 23,011
Gain on sale of MSR ( 1,467 ) ( 3,472 )
Funding of mortgage loans held for sale ( 794,785 ) ( 641,131 )
Proceeds from sales of mortgage loans held for sale 698,716 561,475
Gains on sales of mortgage loans held for sale ( 9,816 ) ( 9,734 )
Debt prepayment benefit — ( 56 )
(Gains) losses on sales of premises and equipment ( 347 ) 52
Stock-based compensation expense 8,084 7,366
Decrease (increase) in other assets 4,335 ( 6,802 )
Decrease in other liabilities ( 25,001 ) ( 15,891 )
Net cash provided by operating activities 28,861 15,980
Investing activities
Purchases of securities available for sale ( 946,095 ) ( 52,679 )
Proceeds from sales of securities available for sale 686,485 177,185
Proceeds from call/maturities of securities available for sale 113,025 42,713
Proceeds from call/maturities of securities held to maturity 52,352 50,372
Net increase in loans ( 480,005 ) ( 258,608 )
Purchases of premises and equipment ( 14,996 ) ( 6,774 )
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 investing activities ( 262,173 ) ( 43,479 )
Financing activities
Net increase (decrease) in noninterest-bearing deposits 164,306 ( 44,222 )
Net increase in interest-bearing deposits 391,930 222,650
Net decrease in short-term borrowings ( 919 ) ( 74,836 )
Repayment of long-term debt — ( 245 )
Cash paid for dividends ( 35,425 ) ( 25,293 )
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
Cash and cash equivalents at end of period $ 1,378,612 $ 851,906
Supplemental disclosures
Cash paid for interest $ 199,936 $ 187,194
Cash paid for income taxes $ 21,088 $ 17,958
Noncash transactions:
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
Recognition of operating lease liabilities $ 12,251 $ 1,562
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.
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.
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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
$ 1,061,780
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
630,896
Goodwill resulting from merger (1)
$ 430,884
(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
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The following table presents additional information related to the acquired loan portfolio at the acquisition date:
April 1, 2025
PCD loans:
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.
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 3 – 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 June 30, 2025 or December 31, 2024.
Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value
June 30, 2025
Obligations of states and political subdivisions $ 268,798 $ 2,147 $ ( 4,357 ) $ 266,588
Residential mortgage backed securities:
Government agency mortgage backed securities 674,915 2,682 ( 19,516 ) 658,081
Government agency collateralized mortgage obligations 760,573 3,685 ( 66,528 ) 697,730
Commercial mortgage backed securities:
Government agency mortgage backed securities 88,320 83 ( 1,136 ) 87,267
Government agency collateralized mortgage obligations 406,971 1,700 ( 19,326 ) 389,345
Other debt securities 374,085 938 ( 2,547 ) 372,476
$ 2,573,662 $ 11,235 $ ( 113,410 ) $ 2,471,487
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
June 30, 2025
Obligations of states and political subdivisions $ 281,456 $ — $ ( 40,761 ) $ 240,695
Residential mortgage backed securities
Government agency mortgage backed securities 348,360 — ( 14,376 ) 333,984
Government agency collateralized mortgage obligations 337,493 — ( 25,999 ) 311,494
Commercial mortgage backed securities:
Government agency mortgage backed securities 16,949 — ( 2,379 ) 14,570
Government agency collateralized mortgage obligations 42,807 — ( 6,371 ) 36,436
Other debt securities 49,784 — ( 2,604 ) 47,180
$ 1,076,849 $ — $ ( 92,490 ) $ 984,359
Allowance for credit losses - held to maturity securities ( 32 )
Held to maturity securities, net of allowance for credit losses $ 1,076,817
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
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.
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Renasant Corporation and Subsidiaries
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)
Six months ended June 30, 2024
Obligations of states and political subdivisions $ 12,301 $ 11,360 $ ( 941 )
Residential mortgage backed securities:
Government agency mortgage backed securities 107,389 95,922 ( 11,467 )
Government agency collateralized mortgage obligations 48,300 43,990 ( 4,310 )
Commercial mortgage backed securities:
Government agency collateralized mortgage obligations 28,547 25,913 ( 2,634 )
$ 196,537 $ 177,185 $ ( 19,352 )
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.
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Held to Maturity Available for Sale
Amortized
Cost Fair
Value Amortized
Cost Fair
Value
Due within one year $ 420 $ 419 $ 22,007 $ 22,033
Due after one year through five years 5,698 5,413 74,507 74,611
Due after five years through ten years 158,817 138,535 122,446 120,894
Due after ten years 116,521 96,328 103,075 101,420
Residential mortgage backed securities:
Government agency mortgage backed securities 348,360 333,984 674,915 658,081
Government agency collateralized mortgage obligations 337,493 311,494 760,573 697,730
Commercial mortgage backed securities:
Government agency mortgage backed securities 16,949 14,570 88,320 87,267
Government agency collateralized mortgage obligations 42,807 36,436 406,971 389,345
Other debt securities 49,784 47,180 320,848 320,106
$ 1,076,849 $ 984,359 $ 2,573,662 $ 2,471,487
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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:
June 30, 2025
Obligations of states and political subdivisions 107 $ 114,704 $ ( 2,434 ) 7 $ 13,096 $ ( 1,923 ) 114 $ 127,800 $ ( 4,357 )
Residential mortgage backed securities:
Government agency mortgage backed securities 12 153,789 ( 1,269 ) 34 137,165 ( 18,247 ) 46 290,954 ( 19,516 )
Government agency collateralized mortgage obligations 4 107,676 ( 552 ) 37 311,864 ( 65,976 ) 41 419,540 ( 66,528 )
Commercial mortgage backed securities:
Government agency mortgage backed securities 8 65,008 ( 687 ) 2 5,542 ( 449 ) 10 70,550 ( 1,136 )
Government agency collateralized mortgage obligations 6 13,658 ( 26 ) 25 103,541 ( 19,300 ) 31 117,199 ( 19,326 )
Other debt securities 11 104,255 ( 1,134 ) 10 18,967 ( 1,413 ) 21 123,222 ( 2,547 )
Total 148 $ 559,090 $ ( 6,102 ) 115 $ 590,175 $ ( 107,308 ) 263 $ 1,149,265 $ ( 113,410 )
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:
June 30, 2025
Obligations of states and political subdivisions 7 $ 16,490 $ ( 1,671 ) 119 $ 223,984 $ ( 39,090 ) 126 $ 240,474 $ ( 40,761 )
Residential mortgage backed securities:
Government agency mortgage backed securities 1 15,604 ( 637 ) 66 318,380 ( 13,739 ) 67 333,984 ( 14,376 )
Government agency collateralized mortgage obligations — — — 18 311,494 ( 25,999 ) 18 311,494 ( 25,999 )
Commercial mortgage backed securities:
Government agency mortgage backed securities — — — 1 14,570 ( 2,379 ) 1 14,570 ( 2,379 )
Government agency collateralized mortgage obligations — — — 9 36,436 ( 6,371 ) 9 36,436 ( 6,371 )
Other debt securities — — — 10 47,181 ( 2,604 ) 10 47,181 ( 2,604 )
Total 8 $ 32,094 $ ( 2,308 ) 223 $ 952,045 $ ( 90,182 ) 231 $ 984,139 $ ( 92,490 )
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 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. 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 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 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 June 30, 2025, all of the debt securities held to maturity were rated A or higher by the ratings agencies.
Note 4 – Loans
(In Thousands, Except Number of Loans)
For purposes of this Note 4, 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:
June 30,
2025 December 31, 2024
Commercial, financial, agricultural $ 2,666,923 $ 1,885,817
Lease financing 94,559 95,071
Real estate – construction:
Residential 380,040 256,655
Commercial 959,927 836,998
Total real estate – construction 1,339,967 1,093,653
Real estate – 1-4 family mortgage:
Primary 3,082,720 2,428,076
Home equity 722,389 544,158
Rental/investment 843,334 402,938
Land development 226,236 113,705
Total real estate – 1-4 family mortgage 4,874,679 3,488,877
Real estate – commercial mortgage:
Owner-occupied 3,288,006 1,894,679
Non-owner occupied 5,953,136 4,226,937
Land development 228,992 114,452
Total real estate – commercial mortgage 9,470,134 6,236,068
Installment loans to individuals 122,176 90,014
Gross loans 18,568,438 12,889,500
Unearned income ( 4,991 ) ( 4,480 )
Loans, net of unearned income $ 18,563,447 $ 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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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
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
Lease financing — — 92,884 92,884 1,102 492 81 1,675 94,559
Real estate – construction:
Residential 1,216 — 376,257 377,473 — 241 2,326 2,567 380,040
Commercial — — 957,759 957,759 — — 2,168 2,168 959,927
Total real estate – construction 1,216 — 1,334,016 1,335,232 — 241 4,494 4,735 1,339,967
Real estate – 1-4 family mortgage:
Primary 22,546 305 3,021,659 3,044,510 3,352 24,956 9,902 38,210 3,082,720
Home equity 4,031 203 714,747 718,981 473 2,281 654 3,408 722,389
Rental/investment 1,936 — 838,938 840,874 — 1,313 1,147 2,460 843,334
Land development — — 226,159 226,159 6 71 — 77 226,236
Total real estate – 1-4 family mortgage 28,513 508 4,801,503 4,830,524 3,831 28,621 11,703 44,155 4,874,679
Real estate – commercial mortgage:
Owner-occupied 6,414 1,477 3,251,898 3,259,789 2,208 3,556 22,453 28,217 3,288,006
Non-owner occupied 3,987 790 5,900,045 5,904,822 2,246 1,163 44,905 48,314 5,953,136
Land development 403 74 227,476 227,953 11 903 125 1,039 228,992
Total real estate – commercial mortgage 10,804 2,341 9,379,419 9,392,564 4,465 5,622 67,483 77,570 9,470,134
Installment loans to individuals 1,115 30 120,811 121,956 91 48 81 220 122,176
Unearned income — — ( 4,991 ) ( 4,991 ) — — — — ( 4,991 )
Loans, net of unearned income $ 46,560 $ 3,860 $ 18,375,028 $ 18,425,448 $ 13,771 $ 38,825 $ 85,403 $ 137,999 $ 18,563,447
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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 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.
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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
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 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 %
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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:
Primary — 33 246 — — — 279 0.01
Real estate – commercial mortgage:
Owner-occupied 7,431 187 — — 270 — 7,888 0.46
Non-owner occupied — 2,506 89 — — — 2,595 0.07
Total real estate – commercial mortgage 7,431 2,693 89 — 270 — 10,483 0.18
Installment loans to individuals — — 14 1 — — 15 0.02
Loans, net of unearned income $ 9,172 $ 2,891 $ 349 $ 518 $ 270 $ 138 $ 13,338 0.11 %
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
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three months ended June 30, 2024
Loan Type Financial Effect
Term Extension
Real Estate - Commercial Mortgage - Non-owner Occupied Extended the term 8 months
Combination - Term Extension and Payment Delay
Installment loans to individuals Extended the term and delayed the payment 61 months
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
Six months ended June 30, 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 months
Real estate – 1-4 family mortgage - Primary Extended the term 24 months
Real Estate - Commercial Mortgage - Owner Occupied Extended the term 10 months
Real Estate - Commercial Mortgage - Non-owner Occupied Extended the term 8 months
Payment Delay
Real estate – 1-4 family mortgage - Primary Delayed the payment 36 months
Real Estate - Commercial Mortgage - Non-owner Occupied Delayed the payment 17 months
Installment loans to individuals Delayed the payment 60 months
Combination - Term Extension and Payment Delay
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 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. 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:
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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
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
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
Pass 6,372 12,117 15,283 37,146 9,231 6,087 — — 86,236
Special Mention — — — 41 — — — — 41
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
Residential 148,212 126,531 13,185 1,160 — — 5,110 — 294,198
Pass 146,121 126,531 12,144 919 — — 5,110 — 290,825
Special Mention — — — — — — — — —
Classified 2,091 — 1,041 241 — — — — 3,373
Commercial 79,436 287,468 296,633 257,934 17,637 — 20,356 463 959,927
Pass 79,436 287,466 278,468 250,055 17,637 — 20,356 463 933,881
Special Mention — — — 5,714 — — — — 5,714
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
Primary 14,066 9,701 5,060 7,397 4,562 6,866 1,110 85 48,847
Pass 13,986 9,490 4,936 7,087 4,159 5,941 1,110 85 46,794
Special Mention — 211 — 141 — — — — 352
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
Pass 13,515 15,355 14,412 5,958 3,578 537 45,975 — 99,330
Special Mention — — — 500 — — — — 500
Classified — 134 196 297 — — — 51 678
Rental/Investment 143,337 155,250 134,213 203,488 115,484 89,189 2,065 — 843,026
Pass 142,398 154,545 132,831 202,063 114,186 86,697 2,065 — 834,785
Special Mention — 177 551 442 97 51 — — 1,318
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
Pass 51,603 91,874 34,257 22,404 8,668 4,681 578 — 214,065
Special Mention — 2,894 — — — — — — 2,894
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
Owner-Occupied 230,020 598,141 468,551 609,345 486,567 700,684 194,381 196 3,287,885
Pass 229,452 586,351 454,260 594,813 472,115 663,719 183,808 196 3,184,714
Special Mention 279 5,408 3,836 2,314 1,354 16,290 9,482 — 38,963
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
Pass 822,423 768,947 576,859 1,813,876 855,010 787,722 101,867 — 5,726,704
Special Mention — 5,887 17 56,601 1,879 8,316 — — 72,700
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
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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
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
Pass 2 2 — — — — — — 4
Special Mention — — — — — — — — —
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
Pass 1,922,051 2,473,096 1,783,343 3,238,195 1,681,300 1,742,428 1,360,524 752 14,201,689
Special Mention 571 19,319 25,281 65,799 3,864 27,304 17,791 — 159,929
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
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
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
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
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
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
Classified — 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
Classified — — — — — — — — —
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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
Classified — 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 — — — — — — — — —
Classified — — — — — 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
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
Pass 79,150 20,583 1,977 1,014 308 1,435 315 — 104,782
Special Mention 99 — 1,740 — — — — — 1,839
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
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
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
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
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
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
Classified — 19 3,347 173 191 36 — — 3,766
Installment loans to individuals $ 5 $ — $ — $ — $ — $ — $ — $ — $ 5
Pass 5 — — — — — — — 5
Special Mention — — — — — — — — —
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
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
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:
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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
June 30, 2025
Commercial, Financial, Agricultural $ 26,414 $ — $ — $ — $ — $ — $ 117 $ — $ 26,531
Performing Loans 26,414 — — — — — 117 — 26,531
Non-Performing Loans — — — — — — — — —
Lease Financing Receivables $ — $ — $ — $ — $ — $ — $ — $ — $ —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Real Estate - Construction $ 17,584 $ 46,026 $ 12,602 $ 7,136 $ 1,985 $ — $ — $ 509 $ 85,842
Residential 17,584 46,026 12,602 7,136 1,985 — — 509 85,842
Performing Loans 17,584 46,026 12,602 7,136 1,985 — — 509 85,842
Non-Performing Loans — — — — — — — — —
Commercial — — — — — — — — —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Real Estate - 1-4 Family Mortgage $ 228,799 $ 245,903 $ 409,349 $ 856,259 $ 591,851 $ 823,687 $ 495,972 $ 13,441 $ 3,665,261
Primary 217,095 223,196 384,399 833,049 577,852 798,282 — — 3,033,873
Performing Loans 216,920 221,556 381,120 823,579 574,223 778,996 — — 2,996,394
Non-Performing Loans 175 1,640 3,279 9,470 3,629 19,286 — — 37,479
Home Equity 7,811 21,905 23,261 22,131 12,704 24,656 495,972 13,441 621,881
Performing Loans 7,811 21,857 22,863 21,835 12,704 24,085 495,899 11,349 618,403
Non-Performing Loans — 48 398 296 — 571 73 2,092 3,478
Rental/Investment — — — — 253 55 — — 308
Performing Loans — — — — 253 55 — — 308
Non-Performing Loans — — — — — — — — —
Land Development 3,893 802 1,689 1,079 1,042 694 — — 9,199
Performing Loans 3,893 802 1,689 1,079 1,036 694 — — 9,193
Non-Performing Loans — — — — 6 — — — 6
Real Estate - Commercial Mortgage $ 1,479 $ 1,301 $ 2,136 $ 1,508 $ 2,460 $ 938 $ — $ — $ 9,822
Owner-Occupied — — — — — 121 — — 121
Performing Loans — — — — — 121 — — 121
Non-Performing Loans — — — — — — — — —
Non-Owner Occupied — — — — — — — — —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Land Development 1,479 1,301 2,136 1,508 2,460 817 — — 9,701
Performing Loans 1,479 1,301 2,051 1,389 2,460 806 — — 9,486
Non-Performing Loans — — 85 119 — 11 — — 215
Installment loans to individuals $ 29,574 $ 27,339 $ 16,533 $ 9,887 $ 4,975 $ 16,280 $ 17,335 $ 249 $ 122,172
Performing Loans 29,574 27,336 16,482 9,820 4,974 16,155 17,335 249 121,925
Non-Performing Loans — 3 51 67 1 125 — — 247
Total loans not subject to risk rating $ 303,850 $ 320,569 $ 440,620 $ 874,790 $ 601,271 $ 840,905 $ 513,424 $ 14,199 $ 3,909,628
Performing Loans 303,675 318,878 436,807 864,838 597,635 820,912 513,351 12,107 3,868,203
Non-Performing Loans 175 1,691 3,813 9,952 3,636 19,993 73 2,092 41,425
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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
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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:
Primary — — 18 190 64 154 — 426
Home equity — — — — 92 109 — 201
Rental/investment — — — — — 1 — 1
Total real estate – 1-4 family mortgage — — 18 190 156 264 — 628
Real estate – commercial mortgage:
Owner-occupied — — — — — 463 3,942 4,405
Installment loans to individuals — 95 53 3 15 490 3 659
Loans, net of unearned income $ — $ 196 $ 2,710 $ 303 $ 5,128 $ 1,616 $ 4,155 $ 14,108
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
Land development — — — — — 7 — 7
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 5 – 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 quantifiable. 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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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 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.
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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:
Commercial Real Estate -
Construction Real Estate -
1-4 Family
Mortgage Real Estate -
Commercial
Mortgage Lease Financing Installment
Loans to Individuals Total
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 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:
Individually evaluated $ 9,604 $ 1,993 $ — $ 16,068 $ — $ 270 $ 27,935
Collectively evaluated 50,072 19,791 65,703 119,504 1,935 5,830 262,835
Ending balance $ 59,676 $ 21,784 $ 65,703 $ 135,572 $ 1,935 $ 6,100 $ 290,770
Loans:
Individually evaluated $ 20,316 $ 16,045 $ 4,776 $ 65,012 $ 899 $ 270 $ 107,318
Collectively evaluated 2,646,607 1,323,922 4,869,903 9,405,122 88,669 121,906 18,456,129
Ending balance $ 2,666,923 $ 1,339,967 $ 4,874,679 $ 9,470,134 $ 89,568 $ 122,176 $ 18,563,447
Nonaccruing loans with no allowance for credit losses $ — $ 2,332 $ 4,275 $ 14,362 $ 899 $ — $ 21,868
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Renasant Corporation and Subsidiaries
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 June 30, 2024
Allowance for credit losses:
Beginning balance $ 45,921 $ 17,317 $ 47,566 $ 78,725 $ 2,554 $ 8,969 $ 201,052
Charge-offs ( 186 ) — ( 208 ) ( 5,727 ) — ( 251 ) ( 6,372 )
Recoveries 525 — 25 99 10 232 891
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
Ending balance $ 44,951 $ 18,896 $ 47,421 $ 77,125 $ 2,515 $ 8,963 $ 199,871
Period-End Amount Allocated to:
Individually evaluated $ 8,514 $ — $ — $ 1,220 $ — $ 270 $ 10,004
Collectively evaluated 36,437 18,896 47,421 75,905 2,515 8,693 189,867
Ending balance $ 44,951 $ 18,896 $ 47,421 $ 77,125 $ 2,515 $ 8,963 $ 199,871
Loans:
Individually evaluated $ 14,211 $ — $ 6,942 $ 32,579 $ — $ 270 $ 54,002
Collectively evaluated 1,833,551 1,355,425 3,428,876 5,733,899 102,996 96,006 12,550,753
Ending balance $ 1,847,762 $ 1,355,425 $ 3,435,818 $ 5,766,478 $ 102,996 $ 96,276 $ 12,604,755
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 $ 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 $ 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
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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 June 30, 2025 2024
Allowance for credit losses on unfunded loan commitments:
Beginning balance $ 17,643 $ 16,718
Provision for (recovery of) credit losses on unfunded loan commitments 5,922 ( 1,000 )
Ending balance $ 23,565 $ 15,718
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
(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:
June 30, 2025 December 31, 2024
Residential real estate $ 5,701 $ 2,966
Commercial real estate 4,426 5,681
Residential land development 24 19
Commercial land development 1,599 7
Total $ 11,750 $ 8,673
Changes in the Company’s OREO were as follows:
Total
OREO
Balance at January 1, 2025 $ 8,673
Acquired OREO 11,109
Transfers of loans 4,281
Impairments ( 585 )
Dispositions ( 11,713 )
Other ( 15 )
Balance at June 30, 2025 $ 11,750
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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 Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Repairs and maintenance $ 155 $ 147 $ 229 $ 211
Property taxes and insurance 48 23 97 52
Impairments 21 39 585 67
Net gains on OREO sales ( 63 ) ( 102 ) ( 65 ) ( 115 )
Rental income ( 4 ) ( 2 ) ( 4 ) ( 3 )
Total $ 157 $ 105 $ 842 $ 212
Note 7 – Goodwill and Other Intangible Assets
(In Thousands)
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 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:
Gross Carrying
Amount Accumulated
Amortization Net Carrying
Amount
June 30, 2025
Core deposit intangibles $ 242,102 $ ( 81,321 ) $ 160,781
Customer relationship intangible 7,670 ( 4,700 ) 2,970
Total finite-lived intangible assets $ 249,772 $ ( 86,021 ) $ 163,751
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 Six Months Ended
June 30, June 30,
2025 2024 2025 2024
Amortization expense for:
Core deposit intangibles $ 8,622 $ 888 $ 9,440 $ 1,802
Customer relationship intangible 262 298 524 596
Total intangible amortization $ 8,884 $ 1,186 $ 9,964 $ 2,398
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 8 – 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 six months ended June 30, 2025 or 2024.
Changes in the Company’s MSRs were as follows:
Balance at January 1, 2025 $ 72,991
Sale of MSRs ( 7,886 )
Capitalization 4,021
Amortization ( 4,587 )
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:
June 30, 2025 December 31, 2024
Unpaid principal balance $ 5,529,115 $ 5,874,481
Weighted-average prepayment speed (CPR) 9.84 % 8.87 %
Estimated impact of a 10% increase $ ( 2,816 ) $ ( 3,066 )
Estimated impact of a 20% increase ( 5,437 ) ( 5,941 )
Discount rate 10.49 % 11.09 %
Estimated impact of a 10% increase $ ( 3,193 ) $ ( 3,924 )
Estimated impact of a 20% increase ( 6,151 ) ( 7,557 )
Weighted-average coupon interest rate 4.45 % 4.13 %
Weighted-average servicing fee (basis points) 34.11 36.06
Weighted-average remaining maturity (in years) 7.1 7.5
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)
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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
June 30, June 30,
2025 2024 2025 2024
Interest cost $ 237 $ 227 $ 5 $ 6
Expected return on plan assets ( 267 ) ( 248 ) — —
Recognized actuarial loss (gain) 122 129 ( 22 ) ( 24 )
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
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 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
Nonvested at beginning of period 203,115 $ 34.32 801,181 $ 35.08
Awarded 75,644 36.17 342,020 35.24
Vested — — ( 247,442 ) 37.03
Cancelled — — ( 9,140 ) 35.17
Nonvested at end of period 278,759 $ 34.82 886,619 $ 34.60
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:
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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
(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 (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. 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.
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Notes to Consolidated Financial Statements (Unaudited)
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
Derivative assets:
Interest rate contracts Other Assets $ 1,429,422 $ 29,332 $ 877,051 $ 14,071
Interest rate lock commitments Other Assets 165,367 2,727 64,365 861
Forward commitments Other Assets — — 174,000 1,242
Totals $ 1,594,789 $ 32,059 $ 1,115,416 $ 16,174
Derivative liabilities:
Interest rate contracts Other Liabilities $ 1,429,734 $ 29,353 $ 880,371 $ 14,094
Interest rate lock commitments Other Liabilities 1,642 14 1,829 122
Forward commitments Other Liabilities 354,000 3,397 52,000 86
Totals $ 1,785,376 $ 32,764 $ 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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
Interest rate contracts:
Included in interest income on loans $ 6,092 $ 3,239 $ 8,981 $ 6,430
Interest rate lock commitments:
Included in mortgage banking income 525 ( 420 ) 1,973 388
Forward commitments
Included in mortgage banking income ( 2,033 ) 284 ( 4,552 ) 2,351
Total $ 4,584 $ 3,103 $ 6,402 $ 9,169
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 June 30, 2025 December 31, 2024
Location Notional Amount Fair Value Notional Amount Fair Value
Derivative assets:
Interest rate swaps Other Assets $ 130,000 $ 18,022 $ 130,000 $ 22,780
Interest rate collars Other Assets 450,000 548 — —
Total $ 580,000 $ 18,570 $ 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
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Notes to Consolidated Financial Statements (Unaudited)
earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the six months ended June 30, 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
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 June 30, 2025 December 31, 2024
Location Notional Amount Fair Value Notional Amount Fair Value
Derivative liabilities:
Interest rate swaps Other Liabilities $ 100,000 $ 13,440 $ 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 June 30, Six Months Ended June 30,
Location 2025 2024 2025 2024
Derivative liabilities:
Interest rate swaps - subordinated notes Interest Expense $ 1,691 $ 173 $ 3,929 $ ( 1,338 )
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes Interest Expense $ ( 1,691 ) $ ( 173 ) $ ( 3,928 ) $ 1,338
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 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.
Offsetting
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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. 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:
Offsetting Derivative Assets Offsetting Derivative Liabilities
June 30,
2025 December 31, 2024 June 30,
2025 December 31, 2024
Gross amounts recognized $ 23,925 $ 34,505 $ 22,191 $ 28,550
Gross amounts offset in the Consolidated Balance Sheets — — — —
Net amounts presented in the Consolidated Balance Sheets 23,925 34,505 22,191 28,550
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments 18,794 27,939 18,794 27,939
Financial collateral pledged — — 1,321 611
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
(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
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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. 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 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. 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.
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
June 30, 2025
Financial assets:
Securities available for sale $ — $ 2,471,487 $ — $ 2,471,487
Derivative instruments — 50,629 — 50,629
Mortgage loans held for sale in loans held for sale — 356,791 — 356,791
Total financial assets $ — $ 2,878,907 $ — $ 2,878,907
Financial liabilities:
Derivative instruments: $ — $ 46,204 $ — $ 46,204
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 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.
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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:
June 30, 2025 Level 1 Level 2 Level 3 Totals
Individually evaluated loans, net of allowance for credit losses $ — $ — $ 42,838 $ 42,838
OREO — — 3,151 3,151
Total $ — $ — $ 45,989 $ 45,989
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 $ 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 : 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:
June 30,
2025 December 31, 2024
Carrying amount prior to remeasurement $ 3,736 $ 4,038
Impairment recognized in results of operations ( 585 ) ( 372 )
Fair value $ 3,151 $ 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 June 30, 2025 and December 31, 2024. There were no valuation adjustments on MSRs during the six months ended June 30, 2025 or 2024.
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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
Value Valuation Technique Significant
Unobservable Inputs Range of Inputs
Individually evaluated loans, net of allowance for credit losses $ 42,838 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4 - 10 %
OREO $ 3,151 Appraised value of property less estimated costs to sell Estimated costs to sell 4 - 10 %
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 $ 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. 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 June 30, 2025 and December 31, 2024:
Aggregate
Fair Value Aggregate
Unpaid
Principal
Balance Difference
June 30, 2025
Mortgage loans held for sale measured at fair value $ 356,791 $ 349,629 $ 7,162
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:
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Notes to Consolidated Financial Statements (Unaudited)
Fair Value
As of June 30, 2025 Carrying
Value Level 1 Level 2 Level 3 Total
Financial assets
Cash and cash equivalents $ 1,378,612 $ 1,378,612 $ — $ — $ 1,378,612
Securities held to maturity 1,076,817 — 984,359 — 984,359
Securities available for sale 2,471,487 — 2,471,487 — 2,471,487
Loans held for sale 356,791 — 356,791 — 356,791
Loans, net 18,272,677 — — 18,123,260 18,123,260
Mortgage servicing rights 64,539 — — 80,772 80,772
Derivative instruments 50,629 — 50,629 — 50,629
Financial liabilities
Deposits $ 21,582,637 $ 21,567,625 $ — $ 21,567,625
Short-term borrowings 405,349 405,349 — — 405,349
Junior subordinated debentures 140,079 — 125,033 — 125,033
Subordinated notes 416,896 — 405,750 — 405,750
Derivative instruments 46,204 — 46,204 — 46,204
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 $ 14,570,304 $ — $ 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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Notes to Consolidated Financial Statements (Unaudited)
Note 13 – 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 June 30, 2025
Securities available for sale:
Unrealized holding gains on securities $ 9,040 $ 2,282 $ 6,758
Amortization of unrealized holding losses on securities transferred to the held to maturity category 2,840 727 2,113
Total securities available for sale 11,880 3,009 8,871
Derivative instruments:
Unrealized holding losses on derivative instruments ( 1,835 ) ( 470 ) ( 1,365 )
Total derivative instruments ( 1,835 ) ( 470 ) ( 1,365 )
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost 100 26 74
Total defined benefit pension and post-retirement benefit plans 100 26 74
Total other comprehensive income $ 10,145 $ 2,565 $ 7,580
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
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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 )
Amortization of unrealized holding losses on securities transferred to the held to maturity category 6,527 1,668 4,859
Total securities available for sale 983 290 693
Derivative instruments:
Unrealized holding losses on derivative instruments ( 953 ) ( 242 ) ( 711 )
Total derivative instruments ( 953 ) ( 242 ) ( 711 )
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost 211 53 158
Total defined benefit pension and post-retirement benefit plans 211 53 158
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:
June 30,
2025 December 31, 2024
Unrealized losses on securities $ ( 121,828 ) $ ( 152,934 )
Unrealized gains on derivative instruments 14,742 17,429
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations ( 6,955 ) ( 7,103 )
Total accumulated other comprehensive loss $ ( 114,041 ) $ ( 142,608 )
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Notes to Consolidated Financial Statements (Unaudited)
Note 14 – 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
June 30,
2025 2024
Basic
Net income applicable to common stock $ 1,018 $ 38,846
Average common shares outstanding 94,580,927 56,342,909
Net income per common share - basic $ 0.01 $ 0.69
Diluted
Net income applicable to common stock $ 1,018 $ 38,846
Average common shares outstanding 94,580,927 56,342,909
Effect of dilutive stock-based compensation 555,233 341,717
Average common shares outstanding - diluted 95,136,160 56,684,626
Net income per common share - diluted $ 0.01 $ 0.69
Six Months Ended
June 30,
2025 2024
Basic
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
Diluted
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:
Three Months Ended
June 30,
2025 2024
Number of shares 500 1,000
Six Months Ended
June 30,
2025 2024
Number of shares 1,400 5,449
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 15 – 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:
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:
June 30, 2025 December 31, 2024
Amount Ratio Amount Ratio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage) $ 2,314,564 9.36 % $ 1,935,522 11.34 %
Common Equity Tier 1 Capital to Risk-Weighted Assets 2,314,564 11.08 % 1,825,197 12.73 %
Tier 1 Capital to Risk-Weighted Assets 2,314,564 11.08 % 1,935,522 13.50 %
Total Capital to Risk-Weighted Assets 3,128,661 14.97 % 2,449,129 17.08 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage) $ 2,480,714 10.05 % $ 1,843,123 10.80 %
Common Equity Tier 1 Capital to Risk-Weighted Assets 2,480,714 11.88 % 1,843,123 12.85 %
Tier 1 Capital to Risk-Weighted Assets 2,480,714 11.88 % 1,843,123 12.85 %
Total Capital to Risk-Weighted Assets 2,742,024 13.13 % 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 June 30, 2025 now fully reflect the impact of ASC 326.
Note 16 – 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.
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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. 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 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, filed with the SEC on February 26, 2025.
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 June 30, 2025
Total interest income $ 343,875 $ — $ 23 $ 343,898
Total interest expense 116,242 — 8,797 125,039
Net interest income (loss) $ 227,633 $ — $ ( 8,774 ) $ 218,859
Provision for credit losses 81,322 — — 81,322
Noninterest income (loss) 41,424 7,406 ( 496 ) 48,334
Salaries and employee benefits 95,985 3,557 — 99,542
Net occupancy and equipment 17,112 214 33 17,359
Other segment expenses (1)
65,276 1,123 ( 96 ) 66,303
Income (loss) before income taxes $ 9,362 $ 2,512 $ ( 9,207 ) $ 2,667
Income tax expense (benefit) 3,917 134 ( 2,402 ) 1,649
Net income (loss) $ 5,445 $ 2,378 $ ( 6,805 ) $ 1,018
Total assets $ 26,598,942 $ 6,110 $ 19,923 $ 26,624,975
Goodwill 1,419,782 — — 1,419,782
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks Insurance Wealth
Management Other Consolidated
Three months ended June 30, 2024
Total interest income $ 219,708 $ 461 $ 16 $ 26 $ 220,211
Total interest expense 88,284 — — 6,901 95,185
Net interest income (loss) $ 131,424 $ 461 $ 16 $ ( 6,875 ) $ 125,026
Provision for credit losses 3,300 — — — 3,300
Noninterest income (loss) 29,729 2,877 6,568 ( 412 ) 38,762
Salaries and employee benefits 65,723 1,839 3,169 — 70,731
Net occupancy and equipment 11,513 131 200 — 11,844
Other segment expenses (2)
27,381 275 1,382 363 29,401
Income (loss) before income taxes $ 53,236 $ 1,093 $ 1,833 $ ( 7,650 ) $ 48,512
Income tax expense (benefit) 11,276 284 80 ( 1,974 ) 9,666
Net income (loss) $ 41,960 $ 809 $ 1,753 $ ( 5,676 ) $ 38,846
Total assets $ 17,462,835 $ 41,988 $ 5,043 $ 525 $ 17,510,391
Goodwill 988,898 2,767 — — 991,665
Community
Banks Wealth
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
Community
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
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Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
(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 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 included 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.
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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.