What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-06 · 454 added, 312 removed, 1407 unchanged (35% of the section changed)

3 unchanged sentences

(In Thousands, Except Share Data)

September 30,

2025 December 31, 2024

4 unchanged sentences

1,051,884 1,126,112

Securities available for sale, at fair value 2,471,487 831,013

Securities available for sale, at fair value (amortized cost of $ 2,599,397 and $ 968,927 , respectively)

2,512,650 831,013

Loans held for sale, at fair value 286,779 246,171

7 unchanged sentences

Bank-owned life insurance 488,920 391,810

Mortgage servicing rights 64,539 72,991

Mortgage servicing rights, net 65,466 72,991

Other assets 460,172 300,003

26 unchanged sentences

(In Thousands, Except Share Data)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

20 unchanged sentences

Mortgage banking income 9,017 8,447 28,427 29,515

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

Gain on debt extinguishment — — — 56

19 unchanged sentences

Diluted earnings per share $ 0.63 $ 1.18 $ 1.20 $ 2.59

Cash dividends per common share $ 0.22 $ 0.22 $ 0.44 $ 0.44

See Notes to Consolidated Financial Statements.

2 unchanged sentences

(In Thousands)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

2 unchanged sentences

Securities available for sale:

Unrealized holding gains (losses) on securities 6,758 468 26,728 ( 4,166 )

Unrealized holding gains on securities 11,585 23,441 38,313 19,275

Amortization of unrealized holding losses on securities transferred to the held to maturity category 2,237 2,331 6,615 7,190

13 unchanged sentences

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

Six Months Ended June 30, 2025 Shares Amount

Nine Months Ended September 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

16 unchanged sentences

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

Net income — — — — $ 59,788 — $ 59,788

Other comprehensive income — — — — — 12,871 12,871

Comprehensive income 72,659

Cash dividends ($ 0.22 per share)

— — — — ( 21,153 ) — ( 21,153 )

Measurement period adjustment related to common stock issued in connection with an acquisition — — — ( 9,090 ) — — ( 9,090 )

Issuance of common stock for stock-based compensation awards 1,570 — ( 49 ) ( 886 ) — — ( 935 )

Stock-based compensation expense — — — 5,443 — — 5,443

Balance at September 30, 2025 95,020,881 $ 488,612 $ ( 90,297 ) $ 2,389,033 $ 1,139,600 $ ( 101,170 ) $ 3,825,778

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

Six Months Ended June 30, 2024 Shares Amount

Nine Months Ended September 30, 2024 Shares Amount

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

15 unchanged sentences

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

Net income — — — — $ 72,455 — $ 72,455

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

Comprehensive income 97,477

Cash dividends ($ 0.22 per share)

— — — — ( 14,217 ) — ( 14,217 )

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

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

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

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

See Notes to Consolidated Financial Statements.

2 unchanged sentences

(In Thousands)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating activities

4 unchanged sentences

Deferred income tax (benefit) expense ( 4,103 ) 2,494

Proceeds from sale of MSR 9,353 23,011

Gain on sale of MSR ( 1,467 ) ( 3,472 )

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

Funding of mortgage loans held for sale ( 1,220,267 ) ( 1,053,190 )

4 unchanged sentences

Stock-based compensation expense 13,527 10,639

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

Increase (decrease) in other assets 251 ( 8,108 )

Decrease in other liabilities ( 18,278 ) ( 1,712 )

5 unchanged sentences

Proceeds from call/maturities of securities held to maturity 78,918 76,170

Proceeds from sale of MSR 9,353 23,011

Net increase in loans ( 929,248 ) ( 283,266 )

1 unchanged sentence

Proceeds from sales of premises and equipment 1,366 339

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

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

3 unchanged sentences

Other, net 3,836 656

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

Net cash (used in) provided by investing activities ( 710,954 ) 48,583

Financing activities

1 unchanged sentence

Net increase in interest-bearing deposits 348,575 486,840

Net decrease in short-term borrowings ( 919 ) ( 74,836 )

Net increase (decrease) in short-term borrowings 199,795 ( 198,845 )

Repayment of long-term debt — ( 245 )

Cash paid for dividends ( 56,578 ) ( 39,510 )

Proceeds from equity offering — 217,000

Net cash provided by financing activities 538,376 411,366

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

Net (decrease) increase in cash and cash equivalents ( 8,247 ) 474,269

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

6 unchanged sentences

Common stock issued in acquisition of businesses $ 1,050,821 $ —

Nine Months Ended September 30,

Recognition of operating right-of-use assets $ 13,282 $ 2,503

6 unchanged sentences

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.

Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), 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 its subsidiary, 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.

2 unchanged sentences

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.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods presented have been included.

Use of Estimates :

1 unchanged sentence

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

Material estimates that are particularly susceptible to change include the allowance for credit losses and the fair value of assets acquired and liabilities assumed as part of a business acquisition.

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):

In November 2024, the Financial Accounting Standards Board (“FASB”) 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.

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

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

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

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

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

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

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

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

Note 2 – Mergers and Acquisitions

5 unchanged sentences

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.

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

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 incurred transaction costs of $ 17,494 and $ 38,764 during the three and nine months ended September 30, 2025.

The Company incurred transaction costs of $ 4,746 during the three and nine months ended September 30, 2024.

These transaction costs are reported in the line item “Merger and conversion related expenses” in the Consolidated Statements of Income.

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

The Company recorded approximately $ 582,423 in intangible assets which consist of goodwill of $ 422,813 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 calculation of goodwill is subject to change as additional information becomes available during the measurement period.

As a result of the various measurement period adjustments identified during the third quarter of 2025, the estimated fair value of goodwill as of the acquisition date decreased by $ 8,071 , from $ 430,884 to $ 422,813 .

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.

The Company assumed the outstanding short-term borrowings and long-term debt of The First.

Short-term borrowings consisted of $ 298,250 in short-term advances from the Federal Home Loan Bank.

Long-term debt consisted of $ 95,262 and $ 25,653 in subordinated notes and junior subordinated debentures, respectively.

The following table summarizes the calculation of the purchase price in connection with the Company’s merger with The First.

Purchase Price:

Shares issued to common shareholders 31,238,172

Shares issued to common shareholders, excluding unvested restricted stock awards 30,811,851

Purchase price per share $ 33.93

Value of stock paid $ 1,045,446

Fair value of converted unvested restricted stock awards for pre-combination service 5,375

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

Total purchase price

Net Assets Acquired:

Stockholders’ equity at acquisition date $ 993,475

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

to assets acquired and liabilities assumed:

Securities ( 71,772 )

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

Premises and equipment ( 1,596 )

Intangible assets ( 169,809 )

Other real estate owned 2,696

Other assets ( 15,807 )

Deposits 7,391

Borrowings 2,902

Other liabilities 15,903

Deferred income taxes 19,666

Total net assets acquired

Goodwill resulting from merger (1)

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

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

As Reported by The First Preliminary Adjustments Measurement Period Adjustments Fair Value of Net Assets Acquired at Date of Acquisition

Cash and cash equivalents $ 263,352 $ — $ — $ 263,352

4 unchanged sentences

Other real estate owned 8,413 2,696 — 11,109

Intangible assets 590,494

Core deposit intangible 56,899 102,711 — 159,610

Other assets 169,500 3,859 379 173,738

4 unchanged sentences

Total liabilities $ 6,954,611 $ ( 26,196 ) $ 61 $ 6,928,476

Net identifiable assets acquired over liabilities assumed $ 720,955 $ ( 90,059 ) $ ( 1,019 ) $ 629,877

272,520 158,364 ( 8,071 ) 422,813

Net assets acquired over liabilities assumed $ 993,475 $ 68,305 $ ( 9,090 ) $ 1,052,690

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

Total purchase price $ 1,061,780

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

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

April 1, 2025

Purchased Credit-Deteriorated (“PCD”) loans:

Par value $ 168,511

7 unchanged sentences

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 following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the three and nine months ended September 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.

2 unchanged sentences

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.

Other than the aforementioned $ 20,479 in merger-related expenses, which were 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,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

12 unchanged sentences

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

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

June 30, 2025

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

September 30, 2025

Obligations of states and political subdivisions $ 270,696 $ 5,318 $ ( 2,365 ) $ 273,649

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 710,105 3,709 ( 17,508 ) 696,306

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 739,005 2,978 ( 59,903 ) 682,080

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 100,337 221 ( 799 ) 99,759

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 414,781 2,639 ( 18,669 ) 398,751

Other debt securities 364,473 871 ( 3,239 ) 362,105

3 unchanged sentences

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 185,292 81 ( 24,468 ) 160,905

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 11,373 — ( 751 ) 10,622

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 146,510 41 ( 21,595 ) 124,956

Other debt securities 130,175 440 ( 2,655 ) 127,960

3 unchanged sentences

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

June 30, 2025

September 30, 2025

Obligations of states and political subdivisions $ 280,536 $ 26 $ ( 33,585 ) $ 246,977

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 336,382 — ( 11,384 ) 324,998

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 327,592 — ( 19,529 ) 308,063

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 16,944 — ( 2,185 ) 14,759

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 42,372 — ( 6,129 ) 36,243

Other debt securities 48,090 — ( 2,440 ) 45,650

5 unchanged sentences

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 372,414 — ( 25,251 ) 347,163

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 16,961 — ( 2,958 ) 14,003

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 43,662 — ( 7,317 ) 36,345

Other debt securities 53,683 — ( 4,080 ) 49,603

5 unchanged sentences

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.

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

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

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

2 unchanged sentences

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

Nine months ended September 30, 2025

Obligations of other U.S.

2 unchanged sentences

Residential mortgage backed securities:

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

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 275,910 275,910 —

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 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 —

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 6,541 6,541 —

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 6,480 6,480 —

Other debt securities 33,214 33,214 —

1 unchanged sentence

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

Six months ended June 30, 2024

Nine months ended September 30, 2024

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

Residential mortgage backed securities:

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

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 107,389 95,922 ( 11,467 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 48,300 43,990 ( 4,310 )

Commercial mortgage backed securities:

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

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 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.

At September 30, 2025 and December 31, 2024, securities with a carrying value of $ 1,210,564 and $ 818,344 , respectively, were pledged to secure government, public and trust deposits.

Securities with a carrying value of $ 13,639 and $ 16,935 were pledged as collateral for short-term borrowings and derivative instruments, respectively, at September 30, 2025.

Securities with a carrying value of $ 13,083 and $ 12,443 were pledged as collateral for short-term borrowings and derivative instruments, respectively, at December 31, 2024.

The amortized cost and fair value of securities at September 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.

8 unchanged sentences

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 336,382 324,998 710,105 696,306

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 327,592 308,063 739,005 682,080

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

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 16,944 14,759 100,337 99,759

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 42,372 36,243 414,781 398,751

Other debt securities 48,090 45,650 308,184 306,510

10 unchanged sentences

Available for Sale:

June 30, 2025

September 30, 2025

Obligations of states and political subdivisions 19 $ 33,281 $ ( 702 ) 7 $ 13,309 $ ( 1,663 ) 26 $ 46,590 $ ( 2,365 )

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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 5 122,812 ( 1,316 ) 36 137,171 ( 16,192 ) 41 259,983 ( 17,508 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 3 27,820 ( 155 ) 37 306,995 ( 59,748 ) 40 334,815 ( 59,903 )

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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 9 71,211 ( 396 ) 2 5,581 ( 403 ) 11 76,792 ( 799 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 9 28,319 ( 40 ) 25 102,483 ( 18,629 ) 34 130,802 ( 18,669 )

Other debt securities 16 269,566 ( 1,983 ) 10 18,286 ( 1,256 ) 26 287,852 ( 3,239 )

3 unchanged sentences

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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 7 11,051 ( 259 ) 34 141,321 ( 24,208 ) 41 152,372 ( 24,467 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises 2 5,248 ( 122 ) 2 5,375 ( 629 ) 4 10,623 ( 751 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises 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 )

9 unchanged sentences

Held to Maturity:

June 30, 2025

September 30, 2025

Obligations of states and political subdivisions 6 $ 15,151 $ ( 1,272 ) 119 $ 229,928 $ ( 32,313 ) 125 $ 245,079 $ ( 33,585 )

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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises — — — 66 324,998 ( 11,384 ) 66 324,998 ( 11,384 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises — — — 18 308,063 ( 19,529 ) 18 308,063 ( 19,529 )

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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises — — — 1 14,758 ( 2,185 ) 1 14,758 ( 2,185 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises — — — 9 36,285 ( 6,129 ) 9 36,285 ( 6,129 )

Other debt securities — — — 10 45,854 ( 2,440 ) 10 45,854 ( 2,440 )

3 unchanged sentences

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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises — — — 69 347,154 ( 25,251 ) 69 347,154 ( 25,251 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises — — — 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 )

Mortgage backed securities issued by U.S.

Government agencies or sponsored enterprises — — — 1 14,002 ( 2,958 ) 1 14,002 ( 2,958 )

Collateralized mortgage obligations issued by U.S.

Government agencies or sponsored enterprises — — — 9 36,345 ( 7,317 ) 9 36,345 ( 7,317 )

Other debt securities — — — 10 49,603 ( 4,080 ) 10 49,603 ( 4,080 )

6 unchanged sentences

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

The remaining difference between the fair value and the

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.

amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of tax.

As of September 30, 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 backing of the U.S.

government or a guarantee from a U.S.

government sponsored enterprise that has perceived credit risk the same as the U.S.

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

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

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

Note 4 – Loans

2 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30,

2025 December 31, 2024

25 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

such loans are considered past due.

Loans may be placed on nonaccrual status regardless of whether or not 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.

1 unchanged sentence

Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

No interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2025 and 2024.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Accruing Loans Nonaccruing Loans

4 unchanged sentences

Past Due Current

June 30, 2025

September 30, 2025

Commercial, financial, agricultural $ 4,430 $ 138 $ 2,723,231 $ 2,727,799 $ ( 260 ) $ 6,946 $ 26,005 $ 32,691 $ 2,760,490

47 unchanged sentences

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

Collateral Dependent Loans

Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty.

These loans do not share common risk characteristics with other loans within the Company’s portfolio, and the allowance for credit losses on such loans is evaluated on an individual basis rather than on a collective basis with other pooled loans.

The majority of collateral dependent loans consist of commercial purpose loans with collateral comprised of real estate and business assets.

Collateral dependent loans were $ 131,265 and $ 66,063 at September 30, 2025 and December 31, 2024, respectively.

The Company recorded a specific allowance for credit losses on such loans of $ 27,010 and $ 15,052 at September 30, 2025 and December 31, 2024, respectively, which reflected the difference between the net realizable value of the collateral and the amortized cost of the loans.

The increase in collateral dependent loans from December 31, 2024 is primarily due to acquired collateral dependent loans from The First.

Certain Modifications to Borrowers Experiencing Financial Difficulty

1 unchanged sentence

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.

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

There were unused commitments of $ 647 and $ 464 with respect to these loans at September 30, 2025 and September 30, 2024, respectively.

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

See Note 5, “Allowance for Credit Losses,” for more information on the allowance for credit losses.

The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three and six months ended June 30, 2025 and 2024, respectively, and required to be disclosed under ASU 2022-02, by class of financing receivable and by type of modification.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Three Months Ended June 30, 2025

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

The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three and nine months ended September 30, 2025 and 2024, respectively, by class of financing receivable and by type of modification.

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

Three Months Ended September 30, 2025

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

Commercial, financial, agricultural $ — $ 27,025 $ — $ 101 $ — $ 27,126 0.98 %

Real estate – construction:

Residential — — 235 235 0.06

Lease financing — — — — — — —

Real estate – 1-4 family mortgage:

Primary — — 157 17 — 174 0.01

Home equity — 39 124 — — 163 0.02

Total real estate – 1-4 family mortgage — 39 281 17 — 337 0.01

Real estate – commercial mortgage:

Owner-occupied 1,142 $ — $ — $ — $ 142 $ 1,284 0.04

Non-owner occupied — — — — 357 357 0.01

Land development — 33 — — — 33 0.01

Total real estate – commercial mortgage 1,142 33 — — 499 1,674 0.02

Installment loans to individuals — — — 11 — 11 0.01

Loans, net of unearned income $ 1,142 $ 27,097 $ 281 $ 129 $ 499 $ 29,148 0.15 %

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

Nine Months Ended September 30, 2025

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 $ — $ 27,025 $ — $ 101 $ — $ — $ 27,126 0.98 %

2 unchanged sentences

Real estate – 1-4 family mortgage:

Primary — — 157 17 — — 174 0.01

Home equity — 39 124 — — — 163 0.02

Total real estate – 1-4 family mortgage — 39 281 17 — — 337 0.01

Real estate – commercial mortgage:

Owner-occupied 1,142 — — — 142 — 1,284 0.04

Non-owner occupied — 2,077 — — 357 — 2,434 0.04

Land development — 33 — — — — 33 0.01

Total real estate – commercial mortgage 1,142 2,110 — — 499 — 3,751 0.04

Installment loans to individuals — 81 6 13 — 2 102 0.09

Loans, net of unearned income $ 1,142 $ 29,255 $ 287 $ 366 $ 499 $ 2 $ 31,551 0.17 %

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Three Months Ended September 30, 2024

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

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

Real estate – 1-4 family mortgage:

Primary 23 1,620 — 206 1,849 0.08

Home equity 106 — — — 106 0.02

Rental/investment 36 548 — — 584 0.15

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

Real estate – commercial mortgage:

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

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

Installment loans to individuals — — 3 — 3 —

Loans, net of unearned income $ 1,251 $ 2,427 $ 3 $ 206 $ 3,887 0.03 %

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Commercial, financial, agricultural $ 1,097 $ 69 $ 53 $ — $ — $ 125 — $ 1,344 0.07 %

1 unchanged sentence

Primary — 56 1,806 442 — — 206 2,510 0.10

Home equity — 106 — — — — — 106 0.02

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

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

Real estate – commercial mortgage:

4 unchanged sentences

Loans, net of unearned income $ 8,043 $ 3,964 $ 2,709 $ 442 $ 255 $ 128 206 $ 15,747 0.12 %

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

The following tables present the weighted average financial effect of loan modifications by class of financing receivable for the periods presented.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Three months ended September 30, 2025

Loan Type Financial Effect

Interest Rate Reduction

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 485 basis points

Term Extension

Installment loans to individuals Extended the term 124 months

Commercial, financial, agricultural Extended the term 12 months

Real estate – 1-4 family mortgage - Home Equity Extended the term 56 months

Real Estate - Commercial Mortgage - Land Development Extended the term 60 months

Payment Delay

Commercial, financial, agricultural Delayed the payment 7 months

Real estate – 1-4 family mortgage - Primary Delayed the payment 16 months

Real estate – 1-4 family mortgage - Home Equity Delayed the payment 51 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

Commercial, financial, agricultural Extended the term and delayed the payment 22 months

Real estate – 1-4 family mortgage - Primary Extended the term and delayed the payment 19 months

Installment loans to individuals Extended the term and delayed the payment 43 months

Six months ended June 30, 2025

Combination - Interest Rate Reduction and Term Extension

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 45 basis points and extended the term 80 months

Real Estate - Commercial Mortgage - Non-owner Occupied Reduced the interest rate 45 basis points and extended the term 81 months

Nine months ended September 30, 2025

Loan Type Financial Effect

Interest Rate Reduction

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 485 basis points

Term Extension

Commercial, financial, agricultural Extended the term 12 months

Real estate – 1-4 family mortgage - Home Equity Extended the term 56 months

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

Real Estate - Commercial Mortgage - Land Development Extended the term 60 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 - Primary Delayed the payment 16 months

Real estate – 1-4 family mortgage - Home Equity Delayed the payment 50 months

1 unchanged sentence

Combination - Term Extension and Payment Delay

Commercial, financial, agricultural Extended the term and delayed the payment 22 months

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

Real estate – 1-4 family mortgage - Primary Extended the term and delayed the payment 19 months

Installment loans to individuals Extended the term and delayed the payment 45 months

Combination - Interest Rate Reduction and Term Extension

Real Estate - Commercial Mortgage - Owner Occupied Reduced the interest rate 45 basis points and extended the term 80 months

Real Estate - Commercial Mortgage - Non-owner Occupied Reduced the interest rate 45 basis points and extended the term 81 months

Combination - Interest Rate Reduction, Term Extension and Payment Delay

2 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

Three months ended June 30, 2024

Three months ended September 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

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

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

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

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

Payment Delay

Commercial, financial, agricultural Delayed the payment 8 months

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

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

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

Combination - Interest Rate Reduction and Payment Delay

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

Combination - Interest Rate Reduction, Term Extension and Payment Delay

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

Six months ended June 30, 2024

Installment loans to individuals Reduced the interest rate 460 basis points and extended the term and delayed the payment 54 months

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Nine months ended September 30, 2024

Loan Type Financial Effect

5 unchanged sentences

Real estate – 1-4 family mortgage - Primary Extended the term 51 months

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

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

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

1 unchanged sentence

Payment Delay

Commercial, financial, agricultural Delayed the payment 8 months

Real estate – 1-4 family mortgage - Primary Delayed the payment 22 months

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

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

Real Estate - Commercial Mortgage - Non-owner Occupied Delayed the payment 9 months

1 unchanged sentence

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

Real estate – 1-4 family mortgage - Primary Extended the term and delayed the payment 42 months

Combination - Interest Rate Reduction and Term Extension

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

Combination - Interest Rate Reduction and Payment Delay

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

Combination - Interest Rate Reduction, Term Extension and Payment Delay

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

Installment loans to individuals Reduced the interest rate 460 basis points and extended the term and delayed the payment 54 months

Credit Quality

3 unchanged sentences

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

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

Loans that migrate toward the “Classified” grade 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:

3 unchanged sentences

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

June 30, 2025

September 30, 2025

Commercial, Financial, Agricultural $ 453,028 $ 292,323 $ 213,414 $ 242,191 $ 141,528 $ 121,173 $ 1,263,029 $ 3,592 $ 2,730,278

124 unchanged sentences

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

June 30, 2025

September 30, 2025

Commercial, Financial, Agricultural $ 30,179 $ — $ 33 $ — $ — $ — $ — $ — $ 30,212

89 unchanged sentences

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

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

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

Commercial, financial, agricultural $ 5 $ 642 $ 869 $ 538 $ 4,972 $ 978 $ 470 $ 8,474

6 unchanged sentences

Rental/investment — — — — — 1 — 1

Land development — — — — — 26 — 26

Total real estate – 1-4 family mortgage — 106 64 188 305 577 — 1,240

1 unchanged sentence

Owner-occupied — — — — — 1,600 3,941 5,541

Non-owner occupied — — — — — 160 — 160

Total real estate – commercial mortgage — — — — — 1,760 3,941 5,701

Installment loans to individuals — 182 92 34 44 843 3 1,198

17 unchanged sentences

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

Loans Pledged

The FHLB of Dallas maintains a blanket lien on the Company’s loan portfolio to be pledged as collateral for various FHLB products.

In addition, the Company also pledges a portion of its non-real estate loan portfolio to the Federal Reserve as collateral at the Discount Window.

Note 5 – Allowance for Credit Losses

1 unchanged sentence

Allowance for Credit Losses on Loans

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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.

4 unchanged sentences

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

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

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.

For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses, please refer to the discussion in Note 1, “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.

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.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of September 30, 2025 and December 31, 2024, the Company had accrued interest receivable for loans of $ 72,216 and $ 54,395 , respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets.

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

4 unchanged sentences

Loans to Individuals Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Allowance for credit losses:

7 unchanged sentences

Ending balance $ 60,526 $ 23,953 $ 66,826 $ 139,342 $ 1,480 $ 5,464 $ 297,591

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Allowance for credit losses:

6 unchanged sentences

Ending balance $ 60,526 $ 23,953 $ 66,826 $ 139,342 $ 1,480 $ 5,464 $ 297,591

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

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 $ 25,041 $ 4,412 $ 4,275 $ 17,480 $ — $ — $ 51,208

5 unchanged sentences

Mortgage Lease Financing Installment Loans to Individuals Total

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Allowance for credit losses:

5 unchanged sentences

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

Six Months Ended June 30, 2024

Nine Months Ended September 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 ( 882 ) — ( 546 ) ( 5,737 ) ( 642 ) ( 1,379 ) ( 9,186 )

3 unchanged sentences

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

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

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 $ 122 $ — $ 6,898 $ 25,016 $ 614 $ — $ 32,650

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 recorded a provision for credit losses on loans of $ 9,650 during the third quarter of 2025, as compared to a provision for credit losses on loans of $ 1,210 recorded in the third 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.

The provision for credit losses on loans of $ 9,650 in the third quarter of 2025 was primarily driven by loan growth and changes in credit metrics that influenced the Company’s expectations of future losses, including but not limited to the balance of nonperforming loans, underlying collateral values, and historical levels of charge-offs, all considered in the context of the existing balance of the allowance for credit losses.

Allowance for Credit Losses on Unfunded Loan Commitments

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

For more information about the Company’s policies and procedures

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

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

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

Three Months Ended September 30, 2025 2024

Allowance for credit losses on unfunded loan commitments:

2 unchanged sentences

Ending balance $ 24,365 $ 15,443

Six Months Ended June 30, 2025 2024

Nine Months Ended September 30, 2025 2024

Allowance for credit losses on unfunded loan commitments:

2 unchanged sentences

Ending balance $ 24,365 $ 15,443

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.

The Company recorded a provision for credit losses on unfunded loan commitments of $ 800 during the third quarter of 2025, as compared to a recovery of credit losses on unfunded loan commitments of $ 275 recorded in the third quarter of 2024.

The $ 800 provision for credit losses on unfunded commitments in the third quarter of 2025 was primarily driven by growth in the balance of unfunded loan commitments.

Note 6 – Other Real Estate Owned

1 unchanged sentence

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Residential real estate $ 5,179 $ 2,966

9 unchanged sentences

Dispositions ( 12,552 )

Balance at June 30, 2025 $ 11,750

Balance at September 30, 2025 $ 10,578

At September 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 $ 9,112 and $ 505 , respectively.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

2 unchanged sentences

Impairments 38 — 623 67

Net gains on OREO sales ( 63 ) ( 102 ) ( 65 ) ( 115 )

Net losses (gains) on OREO sales 12 ( 28 ) ( 53 ) ( 143 )

Rental income ( 3 ) ( 2 ) ( 7 ) ( 5 )

2 unchanged sentences

(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

The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2025 and 2024 are set forth in the table below.

Community Banks Total Community Banks Insurance Total

Balance at January 1 $ 988,898 $ 988,898 $ 988,898 $ 2,767 $ 991,665

Additions to goodwill from The First merger 422,813 422,813 — — —

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

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

Balance at September 30 $ 1,411,711 $ 1,411,711 $ 988,898 $ — $ 988,898

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

2 unchanged sentences

Amortization Net Carrying

June 30, 2025

September 30, 2025

Core deposit intangibles $ 242,102 $ ( 89,733 ) $ 152,369

6 unchanged sentences

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

5 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

The remaining weighted average life of finite-lived intangible assets is 9.00 years at September 30, 2025.

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2025 and the succeeding four years is summarized as follows:

Core Deposit Intangibles Customer Relationship Intangible Total

2025 $ 26,055 $ 1,048 $ 27,103

2026 30,732 860 31,592

2027 27,440 628 28,068

2028 23,337 483 23,820

2029 18,335 331 18,666

Thereafter 44,322 144 $ 44,466

Note 8 – Mortgage Servicing Rights

10 unchanged sentences

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

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

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

Changes in the Company’s MSRs were as follows:

3 unchanged sentences

Amortization ( 6,731 ) (7,019)

Balance at June 30, 2025 $ 64,539

Balance at September 30 $ 65,466 $ 71,990

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025 December 31, 2024

Unpaid principal balance $ 5,632,116 $ 5,874,481

8 unchanged sentences

Weighted-average remaining maturity (in years) 7.0 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.

The Company recorded servicing fees of $ 2,841 and $ 3,594 for the three months ended September 30, 2025 and 2024, respectively, and $ 9,498 and $ 11,463 for the nine months ended September 30, 2025 and 2024, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

Note 9 - Employee Benefit and Deferred Compensation Plans

(In Thousands, Except Share Data)

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Pension and Post-retirement Medical Plans

3 unchanged sentences

Three Months Ended Three Months Ended

June 30, June 30,

September 30, September 30,

2025 2024 2025 2024

4 unchanged sentences

Pension Benefits Other Benefits

Six Months Ended Six Months Ended

June 30, June 30,

Nine Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

4 unchanged sentences

Incentive Compensation Plans

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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:

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

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

4 unchanged sentences

Nonvested at end of period 278,759 $ 34.82 859,601 $ 34.71

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

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

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

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The First maintained a long-term equity compensation plan, and 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 converted restricted stock as of September 30, 2025:

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

4 unchanged sentences

Nonvested at end of period 357,888 $ 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.

During the nine months ended September 30, 2025, the Company reissued 209,869 shares from treasury in connection with awards of restricted stock.

The Company recorded total stock-based compensation expense of $ 5,443 and $ 3,273 for the three months ended September 30, 2025 and 2024, respectively, and $ 13,527 and $ 10,639 for the nine months ended September 30, 2025 and 2024, respectively.

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

Note 10 – Derivative Instruments

5 unchanged sentences

The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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.

3 unchanged sentences

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

Balance Sheet September 30, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

10 unchanged sentences

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

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

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

2025 2024 2025 2024

12 unchanged sentences

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

Balance Sheet June 30, 2025 December 31, 2024

Balance Sheet September 30, 2025 December 31, 2024

Location Notional Amount Fair Value Notional Amount Fair Value

9 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

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.”

The impact on other comprehensive income for the nine months ended September 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.

Gains and losses on the derivative instrument and the offsetting gains and losses on the hedged item are recognized in current earnings.

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 agreements convert a fixed rate of interest to a variable rate of interest based on SOFR.

The Company also utilizes fair value hedges to manage interest rate exposure on certain fixed rate available-for-sale securities.

The agreements convert the fixed interest rates to variable interest rates based on SOFR.

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

Balance Sheet September 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

Interest rate swaps - subordinated notes Other Liabilities $ 100,000 $ 12,597 $ 100,000 $ 17,369

Interest rate swaps - securities Other Liabilities $ 22,410 $ 56 $ — $ —

Totals $ 122,410 $ 12,653 $ 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,

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

Location 2025 2024 2025 2024

1 unchanged sentence

Interest rate swaps - subordinated notes Interest Expense $ 842 $ 4,042 $ 4,771 $ 2,705

Interest rate swaps - securities Interest Income ( 56 ) — ( 56 ) —

Derivative liabilities - hedged items:

Interest rate swaps - subordinated notes Interest Expense $ ( 842 ) $ ( 4,042 ) $ ( 4,771 ) $ ( 2,705 )

Interest rate swaps - securities Interest Income 56 — 56 —

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

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

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

Long-term debt $ 86,549 $ 81,648 $ 12,597 $ 17,369

Securities available for sale 17,081 — 56 —

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.

These risk participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business to help the Company’s 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 2032.

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.

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

upon early termination of the swap transaction.

The Company’s sold risk participation agreements have maturities between 2025 and 2032.

The maximum potential amount of future payments under these risk participation agreements as of September 30, 2025 was approximately $ 2,306 .

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 September 30, 2025 and 2024 was immaterial.

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.

3 unchanged sentences

Offsetting Derivative Assets Offsetting Derivative Liabilities

2025 December 31, 2024 June 30,

September 30,

2025 December 31, 2024 September 30,

2025 December 31, 2024

3 unchanged sentences

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

Financial instruments - derivative assets available for offset 17,530 27,939 17,530 27,939

Financial collateral (cash) pledged — — 520 611

Net amounts $ 4,598 $ 6,566 $ 453 $ —

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.

For the nine months ended September 30, 2025 and 2024, the effective tax rate was 21.23 % and 22.80 %, respectively.

The Company’s sale of its insurance business in the third quarter of 2024 resulted in a significant discrete tax expense during such period, which contributed to the year-over-year decrease in the Company’s effective tax rate.

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.

3 unchanged sentences

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).

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), next 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

2 unchanged sentences

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 Company has elected to carry

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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:

3 unchanged sentences

Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy.

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.

If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market.

Such instruments are classified within Level 2 of the fair value hierarchy.

8 unchanged sentences

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 Company has elected to carry mortgage loans held for sale at fair value on a recurring basis under the fair value option.

Mortgage loans held for sale are loans intended to be sold on the secondary market to investors or other financial institutions.

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.

2 unchanged sentences

Level 1 Level 2 Level 3 Totals

June 30, 2025

September 30, 2025

Financial assets:

6 unchanged sentences

$ — $ 44,174 $ — $ 44,174

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Level 1 Level 2 Level 3 Totals

10 unchanged sentences

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

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

For the six months ended June 30, 2025 and 2024, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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

For the nine months ended September 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.

Nonrecurring Fair Value Measurements

2 unchanged sentences

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

June 30, 2025 Level 1 Level 2 Level 3 Totals

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

September 30, 2025 Level 1 Level 2 Level 3 Totals

Collateral dependent loans $ — $ — $ 82,144 $ 82,144

OREO — — 3,307 3,307

1 unchanged sentence

December 31, 2024 Level 1 Level 2 Level 3 Totals

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

Collateral dependent loans $ — $ — $ 38,374 $ 38,374

OREO — — $ 3,666 3,666

1 unchanged sentence

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 dependent loans :

Collateral dependent 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.

3 unchanged sentences

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

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

Collateral dependent loans that were measured or re-measured at fair value had a carrying value of $ 104,716 and $ 53,157 at September 30, 2025 and December 31, 2024, respectively, and a specific reserve for these loans of $ 22,572 and $ 14,782 was included in the allowance for credit losses as of such dates.

Other real estate owned :

2 unchanged sentences

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.

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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:

September 30,

2025 December 31, 2024

6 unchanged sentences

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

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

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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

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

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

The following table presents information as of September 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

1 unchanged sentence

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 %

Collateral dependent loans, net of allowance for credit losses $ 82,144 Appraised value of collateral less estimated costs to sell Estimated costs to sell 4 - 10 %

OREO $ 3,307 Appraised value of property less estimated costs to sell Estimated costs to sell 4 - 10 %

2 unchanged sentences

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.

A net gain of $ 4,503 and $ 1,826 resulting from fair value changes of these mortgage loans were recorded in income during the nine months ended September 30, 2025 and 2024, respectively.

These amounts do not reflect changes in fair values of related derivative instruments used to economically 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.

2 unchanged sentences

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

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

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Fair Value Aggregate

Balance Difference

June 30, 2025

September 30, 2025

Mortgage loans held for sale measured at fair value $ 286,779 $ 280,323 $ 6,456

3 unchanged sentences

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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of June 30, 2025 Carrying

As of September 30, 2025 Carrying

Value Level 1 Level 2 Level 3 Total

13 unchanged sentences

Derivative instruments 44,174 — 44,174 — 44,174

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

As of December 31, 2024 Carrying

21 unchanged sentences

(Benefit) Net of Tax

Three months ended June 30, 2025

Three months ended September 30, 2025

Securities available for sale:

9 unchanged sentences

Total other comprehensive income $ 17,168 $ 4,297 $ 12,871

Three months ended June 30, 2024

Three months ended September 30, 2024

Securities available for sale:

13 unchanged sentences

(Benefit) Net of Tax

Six months ended June 30, 2025

Nine months ended September 30, 2025

Securities available for sale:

9 unchanged sentences

Total other comprehensive income $ 55,366 $ 13,928 $ 41,438

Six months ended June 30, 2024

Nine months ended September 30, 2024

Securities available for sale:

10 unchanged sentences

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

September 30,

2025 December 31, 2024

11 unchanged sentences

Three Months Ended

September 30,

Net income applicable to common stock $ 59,788 $ 72,455

6 unchanged sentences

Net income per common share - diluted $ 0.63 $ 1.18

Six Months Ended

Nine Months Ended

September 30,

Net income applicable to common stock $ 102,324 $ 150,711

8 unchanged sentences

Three Months Ended

September 30,

Number of shares 1,000 1,000

Six Months Ended

Nine Months Ended

September 30,

Number of shares 1,794 1,000

31 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Amount Ratio Amount Ratio

9 unchanged sentences

Total Capital to Risk-Weighted Assets 2,794,398 13.05 % 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

2 unchanged sentences

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

• 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

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

investment services through a third party broker-dealer.

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

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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:

Management Other Consolidated

Three months ended June 30, 2025

Three months ended September 30, 2025

Total interest income $ 351,075 $ — $ 23 $ 351,098

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Notes to Consolidated Financial Statements (Unaudited)

Banks Insurance Wealth

Management Other Consolidated

Three months ended June 30, 2024

Three months ended September 30, 2024

Total interest income $ 229,028 $ 15 $ — $ 229,043

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Net income (loss) $ 76,267 $ 1,904 $ ( 5,716 ) $ 72,455

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

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

Goodwill 988,898 — — 988,898

Management Other Consolidated

Six months ended June 30, 2025

Nine months ended September 30, 2025

Total interest income $ 915,257 $ — $ 69 $ 915,326

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Management Other Consolidated

Six months ended June 30, 2024

Nine months ended September 30, 2024

Total interest income $ 661,444 $ 942 $ 47 — $ 662,433

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

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

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

Goodwill 988,898 — — — 988,898

3 unchanged sentences

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.

Note 17 – Subsequent Events

(In Thousands, Except Share Amounts)

Subordinated Debt Redemption

On October 1, 2025, the Company redeemed $ 60,000 in subordinated notes assumed in connection with its merger with The First.

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

What changed 10-Q

Item 1. Financial Statements