9 unchanged sentences
Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following:
−Removed: (i) the Company’s ability to efficiently integrate acquisitions (including its recently-completed merger with The First Bancshares, Inc.
+Added: (i) the Company’s ability to efficiently integrate acquisitions (including its merger with The First Bancshares, Inc.
(“The First”)) into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events);
24 unchanged sentences
Financial Condition
−Removed: The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2025 compared to December 31, 2024.
+Added: The following discussion provides details regarding the changes in significant balance sheet accounts at September 30, 2025 compared to December 31, 2024.
Mergers and Acquisitions
3 unchanged sentences
For more information, including the fair value of assets acquired and liabilities assumed, see Note 2, “Mergers and Acquisitions,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report.
−Removed: Total assets were $26,624,975 at June 30, 2025, compared to $18,034,868 at December 31, 2024.
+Added: Total assets were $26,726,165 at September 30, 2025, compared to $18,034,868 at December 31, 2024.
The acquisition of The First increased total assets $7,979,299 at April 1, 2025.
2 unchanged sentences
The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Balance Percentage of
6 unchanged sentences
Securities, net of allowance for credit losses $ 3,564,534 $ 1,957,125
+Added: The Company purchased $1,058,969 and $60,656 in investment securities during the nine months ended September 30, 2025 and 2024, respectively.
The merger with The First contributed approximately $1,457,377 to the securities portfolio at April 1, 2025.
−Removed: The Company purchased $946,095 and $52,679 in investment securities during the six months ended June 30, 2025 and 2024, respectively.
−Removed: Proceeds from maturities, calls and principal payments on securities during the first six months of 2025 totaled $165,377.
+Added: Proceeds from maturities, calls and principal payments on securities during the first nine months of 2025 totaled $282,347.
Shortly after the merger with The First, certain securities from the acquired portfolio were sold at carrying value, resulting in net proceeds of $686,485.
−Removed: No gain or loss on sales of securities was recorded in the first half of 2025.
−Removed: Proceeds from the maturities, calls and principal payments on securities during the first six months of 2024 totaled $93,085.
−Removed: During the first quarter of 2024, the Company sold from the available for sale portfolio municipal securities, residential mortgage backed securities and commercial mortgage backed securities for net proceeds of $177,185.
+Added: No gain or loss on sales of securities was recorded in the first nine months of 2025.
+Added: Proceeds from the maturities, calls and principal payments on securities during the first nine months of 2024 totaled $142,480.
+Added: During the first nine months of 2024, the Company sold from the available for sale portfolio municipal securities, residential mortgage backed securities and commercial mortgage backed securities for net proceeds of $177,185.
The Company intended to sell these securities as of December 31, 2023;
1 unchanged sentence
The carrying value of the securities immediately prior to the impairment was $196,537, and the impairment charge was $19,352.
−Removed: No loss on sales of securities was recorded in the first six months of 2024.
+Added: No gain or loss on sales of securities was recorded in the first nine months of 2024.
During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has the intent and ability to hold these securities until their maturity.
The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities.
−Removed: At June 30, 2025, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $44,668.
+Added: At September 30, 2025, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $42,430.
No gains or losses were recognized at the time of transfer.
1 unchanged sentence
Loans Held for Sale
−Removed: Loans held for sale, which consist of residential mortgage loans being held until they are sold in the secondary market, were $356,791 at June 30, 2025, as compared to $246,171 at December 31, 2024.
+Added: Loans held for sale, which consist of residential mortgage loans being held until they are sold in the secondary market, were $286,779 at September 30, 2025, as compared to $246,171 at December 31, 2024.
Mortgage loans to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement.
4 unchanged sentences
Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met.
−Removed: Our standard practice is to sell the loans within 30-40 days after the loan is funded.
+Added: Our standard practice is to sell the loans within approximately 45 days after the loan is funded.
Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market.
−Removed: Total loans, excluding loans held for sale, were $18,563,447 at June 30, 2025 and $12,885,020 at December 31, 2024.
−Removed: The acquisition of The First increased total loans $5,196,239 at April 1, 2025.
+Added: Total loans, excluding loans held for sale, were $19,025,521 at September 30, 2025 and $12,885,020 at December 31, 2024.
+Added: The acquisition of The First increased total loans $5,171,236, excluding loans held for sale, at April 1, 2025.
The table below sets forth the balance of loans outstanding, net of unearned income and excluding loans held for sale, by loan type and the percentage of each loan type to total loans as of the dates presented:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Loans Percentage of Total Loans Total
20 unchanged sentences
Loan concentrations are considered to exist when there are loans to a number of borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions.
−Removed: At June 30, 2025, there were no concentrations of loans exceeding 10% of total loans other than loans disclosed in the table above.
−Removed: Non-owner occupied commercial mortgage term loans was the largest concentration and comprised 32.07% of total loans at June 30, 2025.
−Removed: The following table presents the loan segments, determined by collateral type, within the non-owner occupied commercial mortgage loan category as of the date presented.
−Removed: June 30, 2025
+Added: At September 30, 2025, there were no concentrations of loans exceeding 10% of total loans other than loans disclosed in the table above.
+Added: Non-owner occupied commercial mortgage term loans was the largest concentration and comprised 32.17% of total loans at September 30, 2025.
+Added: The following table provides additional detail, broken down by collateral type, about loan segments within the non-owner occupied commercial mortgage loan category as of the date presented.
+Added: September 30, 2025
Balance Average Loan Size Percentage of Total Loans Weighted-Average Loan-to-Value Percentage 30-89 Days Past Due Percentage
10 unchanged sentences
Total non-owner occupied commercial mortgage term loans $ 6,120,677 $ 1,946 32.17 % 54 % 0.01 % 0.74 %
+Added: Weighted-average loan-to-value is calculated using the most recent appraisal available.
Bank-owned life insurance
The Company holds bank-owned life insurance policies (“BOLI”) on certain employees.
−Removed: The carrying value of these policies was $486,613 and $391,810 at June 30, 2025 and December 31, 2024, respectively.
+Added: The carrying value of these policies was $488,920 and $391,810 at September 30, 2025 and December 31, 2024, respectively.
The Company acquired $146,601 of BOLI as a result of its merger with The First.
2 unchanged sentences
The Company relies on deposits as its primary source of funds.
−Removed: Total deposits were $21,582,637 and $14,572,612 at June 30, 2025 and December 31, 2024, respectively.
−Removed: Noninterest-bearing deposits were $5,356,153 and $3,403,981 at June 30, 2025 and December 31, 2024, respectively, while interest-bearing deposits were $16,226,484 and $11,168,631 at June 30, 2025 and December 31, 2024, respectively.
+Added: Total deposits were $21,424,555 and $14,572,612 at September 30, 2025 and December 31, 2024, respectively.
+Added: Noninterest-bearing deposits were $5,238,431 and $3,403,981 at September 30, 2025 and December 31, 2024, respectively, while interest-bearing deposits were $16,186,124 and $11,168,631 at September 30, 2025 and December 31, 2024, respectively.
The merger with The First increased total deposits at April 1, 2025 by $6,449,394, which consisted of $1,787,866 and $4,661,527 of noninterest-bearing deposit and interest-bearing deposits, respectively.
−Removed: Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits (that is, deposits excluding brokered deposits and time deposits greater than $250,000).
−Removed: Noninterest-bearing deposits represented 24.82% of total deposits at June 30, 2025, as compared to 23.36% of total deposits at December 31, 2024.
−Removed: The slight increase in noninterest-bearing deposits as a percentage of total deposits was driven by the seasonal inflow of public fund deposits as well as the acquisition of The First as its noninterest-bearing deposits represented 27.72% of its total deposits on the date of acquisition.
+Added: Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits (that is, deposits excluding brokered deposits).
+Added: Noninterest-bearing deposits represented 24.45% of total deposits at September 30, 2025, as compared to 23.36% of total deposits at December 31, 2024.
+Added: The increase in noninterest-bearing deposits as a percentage of total deposits was primarily driven by the acquisition of The First during the second quarter, as its noninterest-bearing deposits represented 27.72% of its total deposits on the date of acquisition.
Under certain circumstances, management may elect to acquire non-core deposits (in the form of brokered deposits) or public fund deposits (which are deposits of counties, municipalities or other political subdivisions).
6 unchanged sentences
Our public fund transaction accounts are principally obtained from public universities and municipalities, including school boards and utilities.
−Removed: Public fund deposits were $3,916,060 and $2,256,461 at June 30, 2025 and December 31, 2024, respectively, and represented 18.14% and 15.48% of total deposits as of June 30, 2025 and December 31, 2024, respectively.
+Added: Public fund deposits were $3,742,390 and $2,256,461 at September 30, 2025 and December 31, 2024, respectively, and represented 17.47% and 15.48% of total deposits as of September 30, 2025 and December 31, 2024, respectively.
Borrowed Funds
1 unchanged sentence
Short-term borrowings have original maturities less than one year and typically consist of federal funds purchased, securities sold under agreements to repurchase, and short-term FHLB advances.
−Removed: As a result of the acquisition of The First, short-term borrowings from the FHLB increased $298,250.
+Added: The Company assumed $298,250 of FHLB advances as a result of its merger with The First.
+Added: We also increased short-term FHLB borrowings in the first nine months of 2025 primarily to fund loan growth, particularly in the second and third quarters of 2025.
The following table presents our short-term borrowings by type as of the dates presented:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Security repurchase agreements $ 6,063 $ 8,018
2 unchanged sentences
Long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes.
−Removed: The Company acquired through its merger with The First subordinated notes and junior subordinated notes in the amounts of $95,262 and $25,653, respectively.
+Added: The Company assumed $95,262 of subordinated notes and $25,653 of junior subordinated debentures as a result of its merger with The First.
The following table presents our long-term debt by type as of the dates presented:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Junior subordinated debentures $ 140,355 $ 113,916
3 unchanged sentences
Advances from the FHLB are collateralized by a blanket lien on the Bank’s loans.
−Removed: The Company had $5,067,251 of availability on unused lines of credit with the FHLB at June 30, 2025, as compared to $4,004,630 at December 31, 2024.
+Added: The Company had $5,011,339 of availability on unused lines of credit with the FHLB at September 30, 2025, as compared to $4,004,630 at December 31, 2024.
The Company also had credit available at the Federal Reserve Discount Window in the amount of $657,277.
−Removed: The Company has issued subordinated notes, and the Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors, the proceeds of which were used to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired).
+Added: The Company has issued subordinated notes (and assumed subordinated notes in connection with its merger with The First), and the Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors, the proceeds of which were used to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired).
The proceeds generated by the Company’s subordinated notes and trust preferred securities transactions have been used for general corporate purposes, including providing capital to support the Company’s growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, and for investments in Renasant Bank as regulatory capital.
+Added: On October 1, 2025, the Company redeemed $60,000 in subordinated notes assumed in connection with its merger with The First.
The subordinated notes and trust preferred securities qualify as Tier 2 capital under current regulatory guidelines.
Results of Operations
−Removed: Net income for the second quarter of 2025 was $1,018 compared to net income of $38,846 for the second quarter of 2024.
−Removed: Basic and diluted earnings per share (“EPS”) for the second quarter of 2025 were $0.01, as compared to basic and diluted EPS of $0.69 for the second quarter of 2024.
−Removed: Net income for the six months ended June 30, 2025, was $42,536 compared to net income of $78,255 for the same period in 2024.
−Removed: Basic and diluted EPS were $0.54 and $0.53, respectively for the first six months of 2025 as compared to $1.39 and $1.38 for the first six months of 2024.
+Added: Net income for the third quarter of 2025 was $59,788 compared to net income of $72,455 for the third quarter of 2024.
+Added: Basic and diluted earnings per share (“EPS”) for the third quarter of 2025 were $0.63, as compared to basic and diluted EPS of $1.18 for the third quarter of 2024.
+Added: Net income for the nine months ended September 30, 2025, was $102,324 compared to net income of $150,710 for the same period in 2024.
+Added: Basic and diluted EPS were $1.21 and $1.20, respectively, for the first nine months of 2025 as compared to $2.60 and $2.59, respectively, for the first nine months of 2024.
From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items.
1 unchanged sentence
Three Months Ended
−Removed: June 30, 2025 June 30, 2024
+Added: September 30, 2025 September 30, 2024
Pre-tax After-tax Impact to Diluted EPS Pre-tax After-tax Impact to Diluted EPS
−Removed: Merger and conversion expenses $ (20,479) $ (15,875) $ (0.17) $ — $ — $ —
−Removed: Day 1 acquisition provision (66,612) (50,026) (0.53) $ — $ — $ —
−Removed: Gain on sale of MSR 1,467 1,102 0.01 $ — $ — $ —
−Removed: Six Months Ended
−Removed: June 30, 2025 June 30, 2024
+Added: Merger and conversion related expenses $ (17,494) $ (13,129) $ (0.14) $ (11,273) $ (9,456) $ (0.15)
+Added: Gain on sale of insurance agency — — — 53,349 38,951 0.63
+Added: Nine Months Ended
+Added: September 30, 2025 September 30, 2024
Pre-tax After-tax Impact to Diluted EPS Pre-tax After-tax Impact to Diluted EPS
−Removed: Merger and conversion expenses $ (21,270) $ (16,470) $ (0.21) $ — $ — $ —
+Added: Merger and conversion related expenses $ (38,764) $ (29,561) $ (0.35) $ (11,273) $ (9,456) $ (0.16)
Day 1 acquisition provision (66,612) (50,026) (0.59) — — —
Gain on sale of MSR 1,467 1,102 0.01 — — —
+Added: Gain on sale of insurance agency — — — 53,349 38,951 0.67
Net Interest Income
−Removed: Net interest income, the difference between interest earned on assets and the cost of interest-bearing liabilities, is the largest component of our net income, comprising 82.17% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second quarter of 2025.
−Removed: The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.
−Removed: Net interest income was $218,859 and $353,056 for the three and six months ended June 30, 2025, as compared to $125,026 and $248,316 for the same period in 2024.
−Removed: On a tax equivalent basis, net interest income was $222,717 and $360,149 for the three and six months ended June 30, 2025, as compared to $127,598 and $253,448 for the same period in 2024.
+Added: Net interest income, the difference between interest earned on assets and the cost of interest-bearing liabilities, is the largest component of our net income, comprising 83.21% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the third quarter of 2025.
+Added: Changes in net interest income are driven by fluctuations in the volume, mix and repricing of assets and liabilities.
+Added: Net interest income was $223,520 and $576,576 for the three and nine months ended September 30, 2025, as compared to $130,998 and $379,314 for the same periods in 2024.
+Added: On a tax equivalent basis, net interest income was $228,131 and $588,280 for the three and nine months ended September 30, 2025, as compared to $133,576 and $387,024 for the same periods in 2024.
The following tables set forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or interest paid and the average yield or average rate paid on each such category on a tax-equivalent basis for the periods presented:
−Removed: Three Months Ended June 30,
+Added: Three Months Ended September 30,
Balance Interest
32 unchanged sentences
(2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
−Removed: Six Months Ended June 30,
+Added: Nine Months Ended September 30,
Balance Interest
37 unchanged sentences
External factors include changes in market interest rates, competition and other factors affecting the banking industry in general, and the shape of the interest rate yield curve.
−Removed: The addition of The First’s loan portfolio, strong organic loan growth and the Federal Reserve lowering the federal funds rate by 100 basis points in the second half of 2024 were the largest contributing factors to the increase in net interest income for the three and six months ended June 30, 2025, as compared to the same periods in 2024.
−Removed: The lower interest rates, and the addition of The First’s deposits generated a positive impact to both the cost and mix of our funding sources.
+Added: The addition of The First’s loan portfolio, strong organic loan growth in 2025 and the Federal Reserve lowering the federal funds rate by 100 basis points in the second half of 2024 were the largest contributing factors to the increase in net interest income for the three and nine months ended September 30, 2025, as compared to the same periods in 2024.
+Added: (The Federal Reserve lowered the federal funds rate by 25 basis points in September 2025, but it did not have a significant impact on the Company’s results because it occurred late in the quarter.) Lower interest rates and the addition of The First’s deposits generated a positive impact to both the cost and mix of our funding sources.
The Company has continued its efforts to mitigate increases in the cost of funding due to competition or otherwise through maintaining noninterest-bearing deposits and staying disciplined yet competitive in pricing on interest-bearing deposits in the current rate environment.
−Removed: The following tables set forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the three and six months ended June 30, 2025, as compared to the same periods in 2024 (the changes attributable to the combined impact of yield/rate and volume have been allocated on a pro-rata basis using the absolute value of amounts calculated):
−Removed: Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024
+Added: The following tables set forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the three and nine months ended September 30, 2025, as compared to the same periods in 2024 (the changes attributable to the combined impact of yield/rate and volume have been allocated on a pro-rata basis using the absolute value of amounts calculated):
+Added: Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024
Volume Rate Net
14 unchanged sentences
Change in net interest income $ 70,824 $ 23,731 $ 94,555
−Removed: Six months ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
+Added: Nine months ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Volume Rate Net
14 unchanged sentences
Change in net interest income $ 135,234 $ 66,022 $ 201,256
−Removed: Interest income, on a tax equivalent basis, was $347,756 and $571,321 for the three and six months ended June 30, 2025, as compared to $222,783 and $438,522 for the same period in 2024.
−Removed: The increase in interest income, on a tax equivalent basis, for the three and six months ended June 30, 2025, as compared to the same time periods in 2024 is due primarily to the addition of The First’s loan portfolio.
+Added: Interest income, on a tax equivalent basis, was $355,709 and $927,030 for the three and nine months ended September 30, 2025, as compared to $231,621 and $670,143 for the same period in 2024.
+Added: The increase in interest income, on a tax equivalent basis, for the three and nine months ended September 30, 2025, as compared to the same time periods in 2024 is due primarily to the addition of The First’s earning assets.
The following tables present the percentage of total average earning assets, by type and yield, for the periods presented:
1 unchanged sentence
Three Months Ended Three Months Ended
−Removed: June 30, June 30,
+Added: September 30, September 30,
2025 2024 2025 2024
2 unchanged sentences
Securities 15.61 13.01 3.38 2.06
−Removed: Other 3.89 3.85 4.03 5.32
+Added: Interest-bearing balances with banks 3.45 5.66 3.95 5.28
Total earning assets 100.00 % 100.00 % 6.01 % 5.82 %
Percentage of Total Average Earning Assets Yield
−Removed: Six Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Nine Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
4 unchanged sentences
Total earning assets 100.00 % 100.00 % 5.90 % 5.75 %
−Removed: For the second quarter of 2025, interest income on loans held for investment, on a tax equivalent basis, increased $104,164 to $304,834 from $200,670 for the same period in 2024.
−Removed: For the six months ended June 30, 2025, interest income on loans held for investment, on a tax equivalent basis, increased $109,028 to $504,338 from $395,310 in the same period of 2024.
−Removed: Driven largely by the addition of $5,196,239 in loans held for investment through our merger with The First on April l, 2025, the year-to-date average balance of loans held for investment increased $3,230,762 from June 2024, thereby resulting in the increase in interest income on loans held for investment for the three and six months ended June 30, 2025, as compared to the same periods in 2024.
+Added: For the third quarter of 2025, interest income on loans held for investment, on a tax equivalent basis, increased $106,968 to $311,903 from $204,935 for the same period in 2024.
+Added: For the nine months ended September 30, 2025, interest income on loans held for investment, on a tax equivalent basis, increased $215,996 to $816,241 from $600,245 in the same period of 2024.
+Added: Driven largely by the addition of $5,171,236 in loans held for investment through our merger with The First on April l, 2025, the year-to-date average balance of loans held for investment increased $4,220,246 from September 2024, thereby resulting in the increase in interest income on loans held for investment for the three and nine months ended September 30, 2025, as compared to the same periods in 2024.
The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following table for the periods presented.
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
4 unchanged sentences
Impact to net interest margin 0.23 % 0.04 % 0.20 % 0.03 %
−Removed: Interest income on loans held for sale (consisting of mortgage loans held for sale) increased $1,109 to $4,639 for the second quarter of 2025 from $3,530 for the same period in 2024.
−Removed: Interest income on loans held for sale (consisting of mortgage loans held for sale) for the six months ended June 30, 2025 was $7,647 as compared to $5,838 for the same period in 2024.
−Removed: Investment income, on a tax equivalent basis, increased $18,517 to $29,226 for the second quarter of 2025 from $10,709 for the second quarter of 2024, primarily due to the acquisition of The First’s investment portfolio.
−Removed: Investment income, on a tax equivalent basis, increased $19,921 to $41,640 for the six months ended June 30, 2025 from $21,719 for the same period in 2024.
−Removed: The tax equivalent yield on the investment portfolio for the second quarter of 2025 was 3.28%, up 124 basis points from
−Removed: 2.04% for the same period in 2024.
−Removed: The tax equivalent yield on the investment portfolio for the six months ended June 30, 2025 was 2.94%, up 90 basis points from 2.04% for the same period in 2024.
−Removed: Interest expense was $125,039 for the second quarter of 2025 as compared to $95,185 for the same period in 2024.
−Removed: Interest expense for the six months ended June 30, 2025 was $211,172 as compared to $185,074 for the same period in 2024.
+Added: Interest income on loans held for sale (consisting of mortgage loans held for sale) increased $463 to $4,675 for the third quarter of 2025 from $4,212 for the same period in 2024.
+Added: Interest income on loans held for sale (consisting of mortgage loans held for sale) for the nine months ended September 30, 2025 was $12,322 as compared to $10,050 for the same period in 2024.
+Added: Investment income, on a tax equivalent basis, increased $20,433 to $31,035 for the third quarter of 2025 from $10,602 for the third quarter of 2024.
+Added: Investment income, on a tax equivalent basis, increased $40,354 to $72,675 for the nine months ended September 30, 2025 from $32,321 for the same period in 2024.
+Added: The increase in investment income, on a tax equivalent basis, was primarily due to the acquisition of The First’s investment portfolio.
+Added: The tax equivalent yield on the investment portfolio for the third quarter of 2025 was 3.38%, up 132 basis points from 2.06% for the same period in 2024.
+Added: The tax equivalent yield on
+Added: the investment portfolio for the nine months ended September 30, 2025 was 3.09%, up 104 basis points from 2.05% for the same period in 2024.
+Added: Interest expense was $127,578 for the third quarter of 2025 as compared to $98,045 for the same period in 2024.
+Added: Interest expense for the nine months ended September 30, 2025 was $338,750 as compared to $283,119 for the same period in 2024.
The increase in interest expense was primarily due to the assumption of The First’s deposits and borrowed funds.
2 unchanged sentences
Three Months Ended Three Months Ended
−Removed: June 30, June 30,
+Added: September 30, September 30,
2025 2024 2025 2024
9 unchanged sentences
Percentage of Total Average Deposits and Borrowed Funds Cost of Funds
−Removed: Six Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Nine Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
8 unchanged sentences
Total deposits and borrowed funds 100.00 % 100.00 % 2.27 % 2.55 %
−Removed: Interest expense on deposits was $111,921 and $87,621 for the three months ended June 30, 2025 and 2024, respectively, and the cost of total deposits was 2.12% and 2.47% for the same respective periods.
+Added: Interest expense on deposits was $115,573 and $90,787 for the three months ended September 30, 2025 and 2024, respectively, and the cost of total deposits was 2.14% and 2.51% for the same respective periods.
+Added: Interest expense on deposits was $306,880 and $261,021 for the nine months ended September 30, 2025 and 2024, respectively, and the cost of total deposits was 2.15% and 2.45% for the same respective periods.
The increase in deposit expense and decrease in cost is attributable to the acquisition of The First’s deposits.
−Removed: The cost of total deposits was also affected by the Federal Reserve’s rate cuts during the second half of 2024.
−Removed: As liquidity risks abated, the Company also repaid advances and allowed brokered deposits to mature, which lowered our deposit costs.
+Added: The cost of total deposits was also affected by the Federal Reserve’s rate cuts during the second half of 2024, with minor impact from the rate cut in September 2025.
+Added: The payoff of higher costing brokered deposits has also helped lower our total deposit cost.
The Company has continued its efforts to maintain non-interest bearing deposits.
Low cost deposits continue to be the preferred choice of funding;
−Removed: however, the Company may rely on brokered deposits or wholesale borrowings when advantageous or otherwise deemed advisable due to market conditions.
−Removed: Interest expense on total borrowings was $13,118 and $7,564 for the three months ended June 30, 2025 and 2024, respectively.
−Removed: Interest expense on total borrowings was $19,865 and $14,840 for the six months ended June 30, 2025 and 2024, respectively.
−Removed: The increase in interest expense on borrowings is a result of the merger with The First.
+Added: however, the Company may rely on brokered deposits or wholesale borrowings when advantageous, to address liquidity needs or as otherwise deemed advisable due to market conditions.
+Added: Interest expense on total borrowings was $12,005 and $7,258 for the three months ended September 30, 2025 and 2024, respectively.
+Added: Interest expense on total borrowings was $31,870 and $22,098 for the nine months ended September 30, 2025 and 2024, respectively.
+Added: The increase in interest expense on borrowings is due to higher average short-term borrowings and the additional subordinated notes and other long-term borrowings added as a result of the merger with The First.
A more detailed discussion of the cost of our funding sources is set forth below under the heading “Liquidity and Capital Resources” in this Item.
1 unchanged sentence
Noninterest Income to Average Assets
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
2 unchanged sentences
Our focus is to develop and enhance our products that generate noninterest income in order to diversify revenue sources.
−Removed: Noninterest income was $48,334 for the second quarter of 2025 as compared to $38,762 for the same period in 2024.
−Removed: Noninterest income was $84,729 for the six months ended June 30, 2025 as compared to $80,143 for the same period in 2024.
−Removed: The increase in noninterest income for both the three and six months ended June 30, 2025 was primarily driven by the additional income associated with the acquisition of The First’s operations.
+Added: Noninterest income was $46,026 for the third quarter of 2025 as compared to $89,299 for the same period in 2024.
+Added: Noninterest income was $130,755 for the nine months ended September 30, 2025 as compared to $169,442 for the same period in 2024.
+Added: The decrease in noninterest income for both the three and nine months ended September 30, 2025 was primarily driven by the elevated level of noninterest income in the third quarter of 2024 resulting from the gain on sale of the Company’s insurance agency that occurred in such period, somewhat offset by additional income associated with the acquisition of The First’s operations.
Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees (which encompasses traditional overdraft fees as well as non-sufficient funds fees).
−Removed: Service charges on deposit accounts were $13,618 and $10,286 for the second quarter of 2025 and 2024, respectively, and $23,982 and $20,792 for the six months ended June 30, 2025 and 2024, respectively.
−Removed: Overdraft fees, the largest component of service charges on deposits, were $6,759 for the three months ended June 30, 2025, as compared to $5,003 for the same period in 2024.
−Removed: These fees were $11,900 for the six months ended June 30, 2025 compared to $10,259 for the same period in 2024.
−Removed: Fees and commissions were $6,650 during the second quarter of 2025 as compared to $3,944 for the same period in 2024, and were $10,437 for the first six months of 2025 as compared to $7,893 for the same period in 2024.
+Added: Service charges on deposit accounts were $13,416 and $10,438 for the third quarter of 2025 and 2024, respectively, and $37,398 and $31,230 for the nine months ended September 30, 2025 and 2024, respectively.
+Added: Overdraft fees, the largest component of service charges on deposits, were $6,772 for the three months ended September 30, 2025, as compared to $5,122 for the same period in 2024.
+Added: These fees were $18,672 for the nine months ended September 30, 2025 compared to $15,380 for the same period in 2024.
+Added: Fees and commissions were $4,167 during the third quarter of 2025 as compared to $4,116 for the same period in 2024, and were $14,604 for the first nine months of 2025 as compared to $12,009 for the same period in 2024.
Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions, and lending services, such as collateral management fees and unused commitment fees.
−Removed: For the second quarter of 2025, interchange fees were $4,194 as compared to $2,321 for the same period in 2024.
−Removed: Interchange fees were $6,207 for the six months ended June 30, 2025 as compared to $4,451 for the same period in 2024.
+Added: For the third quarter of 2025, interchange fees were $1,841 as compared to $2,246 for the same period in 2024.
+Added: Interchange fees were $8,048 for the nine months ended September 30, 2025 as compared to $6,697 for the same period in 2024.
+Added: The decrease in interchange fees for the third quarter of 2025 as compared to the same period in 2024 is due to higher debit card expenses that offset the increase of debit card income associated with the acquisition of The First.
Our Wealth Management segment has two divisions:
4 unchanged sentences
The Financial Services division provides specialized products and services to our customers, which include fixed and variable annuities, mutual funds, and stocks offered through a third party provider.
−Removed: Wealth Management revenue was $7,345 for the second quarter of 2025 compared to $5,684 for the same period in 2024, and was $14,412 for the six months ended June 30, 2025 compared to $11,353 for the same period in 2024.
−Removed: The market value of assets under management or administration was $7,347,104 and $5,502,476 at June 30, 2025 and June 30, 2024, respectively.
+Added: Wealth Management revenue was $8,217 for the third quarter of 2025 compared to $5,835 for the same period in 2024, and was $22,629 for the nine months ended September 30, 2025 compared to $17,188 for the same period in 2024.
+Added: The market value of assets under management or administration was $6,847,724 and $5,694,433 at September 30, 2025 and September 30, 2024, respectively.
The Company acquired approximately $471,000 of assets under management through its merger with The First.
1 unchanged sentence
Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market.
−Removed: Interest rate lock commitments and originations of mortgage loans to be sold totaled $679,633 and $491,627, respectively, in the second quarter of 2025 compared to $560,303 and $380,707, respectively, for the same period in 2024.
−Removed: The increase in interest rate lock commitments for the three months ended June 30, 2025 as compared to the same period in 2024 was due to the slight decrease in mortgage interest rates during the first quarter of 2025 as compared to the same period in 2024.
−Removed: Interest rate lock commitments and originations of mortgage loans to be sold totaled $1,311,758 and $794,785 in the six months ended June 30, 2025 compared to $1,004,601 and $643,131 for the same period in 2024.
+Added: Interest rate lock commitments and originations of mortgage loans to be sold totaled $590,160 and $425,482, respectively, in the third quarter of 2025 compared to $543,597 and $412,059, respectively, for the same period in 2024.
+Added: The increase in interest rate lock commitments for the three months ended September 30, 2025 as compared to the same period in 2024 was due to the slight decrease in mortgage interest rates during the third quarter of 2025 as compared to the same period in 2024.
+Added: Interest rate lock commitments and originations of mortgage loans to be sold totaled $1,901,918 and $1,220,267 in the nine months ended September 30, 2025 compared to $1,548,198 and $1,053,190 for the same period in 2024.
The high rates in 2024 significantly dampened demand for mortgages nationwide.
−Removed: In the second quarter of 2025 and the first quarter of 2024, the Company sold a portion of its mortgage servicing rights portfolio with a carrying value of $7,886 and $19,539, respectively, for a pre-tax gain of $1,467 and $3,472, respectively.
+Added: In the second quarter of 2025 and the first quarter of 2024, the Company sold a portion of its mortgage servicing rights portfolio with a carrying value of $7,886 and $19,539, respectively, for a pre-tax gain of
+Added: $1,467 and $3,472, respectively.
The table below presents the components of mortgage banking income included in noninterest income for the periods presented.
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
8 unchanged sentences
BOLI income is derived from changes in the cash surrender value of the bank-owned life insurance policies and proceeds received upon the death of covered individuals.
−Removed: BOLI income was $3,383 for the three months ended June 30, 2025 as compared to $2,701 for the same period in 2024, and $6,312 for the six months ended June 30, 2025 as compared to $5,392 for the same period in 2024.
+Added: BOLI income was $4,235 for the three months ended September 30, 2025 as compared to $2,858 for the same period in 2024, and $10,547 for the nine months ended September 30, 2025 as compared to $8,250 for the same period in 2024.
The increase in BOLI income is primarily due to the acquisition of BOLI from The First with a cash surrender value of $146,601.
−Removed: Other noninterest income was $6,075 and $3,691 for the three months ended June 30, 2025 and 2024, respectively, and was $10,176 and $8,115 for the six months ended June 30, 2025 and 2024, respectively.
+Added: Other noninterest income was $6,974 and $4,256 for the three months ended September 30, 2025 and 2024, respectively, and was $17,150 and $12,371 for the nine months ended September 30, 2025 and 2024, respectively.
Other noninterest income includes income from our SBA banking division, our capital markets division and other miscellaneous income and can fluctuate based on production in our SBA banking and capital markets divisions and recognition of other seasonal income items.
1 unchanged sentence
Noninterest Expense to Average Assets
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
2.76% 2.74% 2.73% 2.66%
−Removed: Noninterest expense was $183,204 and $111,976 for the second quarter of 2025 and 2024, respectively, and was $297,080 and $224,888 for the six months ended June 30, 2025 and 2024, respectively.
+Added: Noninterest expense was $183,830 and $121,983 for the third quarter of 2025 and 2024, respectively, and was $480,910 and $346,871 for the nine months ended September 30, 2025 and 2024, respectively.
The increase is primarily due to $38,764 in expenses relating to the merger with The First and additional expenses associated with the operations of The First.
−Removed: Salaries and employee benefits increased $28,811 to $99,542 for the second quarter of 2025 as compared to $70,731 for the same period in 2024.
−Removed: Salaries and employee benefits increased $29,298 to $171,499 for the six months ended June 30, 2025 as compared to $142,201 for the same period in 2024.
+Added: Salaries and employee benefits increased $27,675 to $98,982 for the third quarter of 2025 as compared to $71,307 for the same period in 2024.
+Added: Salaries and employee benefits increased $56,973 to $270,481 for the nine months ended September 30, 2025 as compared to $213,508 for the same period in 2024.
The increase in salaries and employee benefits is primarily attributable to the addition of The First employees, and to a lesser extent to annual merit increases implemented in April 2025.
−Removed: Data processing costs were $5,438 in the second quarter of 2025 as compared to $3,945 for the same period in 2024 and were $9,527 for the six months ended June 30, 2025 as compared to $7,752 for the same period in 2024.
+Added: Data processing costs were $5,541 in the third quarter of 2025 as compared to $4,133 for the same period in 2024 and were $15,068 for the nine months ended September 30, 2025 as compared to $11,885 for the same period in 2024.
The increase in data processing costs is attributable to the acquisition of The First and the cost associated with operating two core systems.
1 unchanged sentence
The Company continues to examine new and existing contracts to negotiate favorable terms to offset the increased variable cost components of our data processing costs, such as new accounts and increased transaction volume.
−Removed: Net occupancy and equipment expense for the second quarter of 2025 was $17,359, as compared to $11,844 for the same period in 2024.
−Removed: These expenses for the first six months of 2025 were $29,113, as compared to $23,233 for the same period in 2024.
+Added: Net occupancy and equipment expense for the third quarter of 2025 was $18,415, as compared to $11,415 for the same period in 2024.
+Added: These expenses for the first nine months of 2025 were $47,528, as compared to $34,648 for the same period in 2024.
The increase in net occupancy and equipment expense is primarily due to the additional locations and assets attributable to the merger with The First.
−Removed: Professional fees include fees for legal and accounting services, such as routine litigation matters, external audit services as well as assistance in complying with newly-enacted and existing banking and other governmental regulations.
−Removed: Professional fees were $4,223 for the second quarter of 2025 as compared to $3,195 for the same period in 2024 and were $7,107 for the six months ended June 30, 2025 as compared to $6,543 for the same period in 2024.
−Removed: Advertising and public relations expense was $4,490 for the second quarter of 2025 as compared to $3,807 for the same period in 2024 and was $8,787 for the six months ended June 30, 2025 as compared to $8,693 for the same period in 2024.
−Removed: During the six months ended June 30, 2025 and 2024, the Company contributed approximately $925 and $1,305, respectively, to charitable organizations throughout Mississippi and Georgia, which contributions are included in our advertising and public relations expense, for which it received a dollar-for-dollar tax credit.
−Removed: Amortization of intangible assets totaled $8,884 and $1,186 for the second quarter of 2025 and 2024, respectively, and $9,964 and $2,398 for the six months ended June 30, 2025 and 2024, respectively.
+Added: Professional fees include fees for legal and accounting services, such as routine litigation matters, external audit services as well as assistance in complying with banking and other governmental regulations.
+Added: Professional fees were $3,435 for the third quarter of 2025 as compared to $3,189 for the same period in 2024 and were $10,542 for the nine months ended September 30, 2025 as compared to $9,732 for the same period in 2024.
+Added: Advertising and public relations expense was $5,254 for the third quarter of 2025 as compared to $3,677 for the same period in 2024 and was $14,041 for the nine months ended September 30, 2025 as compared to $12,370 for the same period in 2024.
+Added: During the nine months ended September 30, 2025 and 2024, the Company contributed approximately $1,125 and $1,305,
+Added: respectively, to charitable organizations and government economic development programs, which contributions are included in our advertising and public relations expense, and for which the Company received a dollar-for-dollar tax credit.
+Added: Amortization of intangible assets totaled $8,674 and $1,160 for the third quarter of 2025 and 2024, respectively, and $18,638 and $3,558 for the nine months ended September 30, 2025 and 2024, respectively.
This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at acquisition.
−Removed: The increase for the three and six months ended June 30, 2025 is primarily due to the addition of the core deposit intangible associated with our merger with The First.
+Added: The increase for the three and nine months ended September 30, 2025 is primarily due to the addition of the core deposit intangible associated with our merger with The First.
These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 year to 10 years.
−Removed: Communication expenses, those expenses incurred for communication to clients and between employees, were $3,184 for the second quarter of 2025 as compared to $2,112 for the same period in 2024.
−Removed: Communication expenses were $5,217 for the six months ended June 30, 2025 as compared to $4,136 for the same period in 2024.
+Added: Communication expenses, those expenses incurred for communication to clients and between employees, were $3,955 for the third quarter of 2025 as compared to $2,176 for the same period in 2024.
+Added: Communication expenses were $9,172 for the nine months ended September 30, 2025 as compared to $6,312 for the same period in 2024.
Other noninterest expense includes business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses.
−Removed: Other noninterest expense was $19,448 for the second quarter of 2025 as compared to $15,051 for the same period in 2024 and was $33,754 for the six months ended June 30, 2025 as compared to $29,720 for the same period in 2024.
+Added: Other noninterest expense was $21,752 for the third quarter of 2025 as compared to $13,597 for the same period in 2024 and was $55,506 for the nine months ended September 30, 2025 as compared to $43,317 for the same period in 2024.
Efficiency Ratio
Efficiency Ratio
−Removed: Three Months Ended June 30, Six Months Ended June 30,
+Added: Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
3 unchanged sentences
That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income.
−Removed: The improvement in our efficiency ratio for the six months ended June 30, 2025 as compared to the same period in 2024 was driven by the increase in our net interest income and is a reflection of our commitment to aggressively manage our costs within the framework of our business model.
+Added: The gain on sale of the insurance agency that occurred in the third quarter of 2024 resulted in a significant enhancement to our efficiency ratio for the three and nine months ended September 30, 2024, which contributed to the change in our efficiency ratio for the three and nine months ended September 30, 2025 as compared to the same periods in 2024.
Our goal is to improve the efficiency ratio over time from currently reported levels as a result of revenue growth while at the same time controlling noninterest expenses and eliminating duplicative expenses as we continue to integrate The First into our business model throughout the remainder of 2025.
−Removed: Income tax expense for the second quarter of 2025 and 2024 was $1,649 and $9,666, respectively, and $12,097 and $19,578 for the six months ended June 30, 2025 and 2024, respectively.
−Removed: The decrease in income tax expense is primarily due to the decrease in pre-tax income caused by expenses associated with our merger with The First.
+Added: Income tax expense for the third quarter of 2025 and 2024 was $15,478 and $24,924, respectively, and $27,575 and $44,502 for the nine months ended September 30, 2025 and 2024, respectively.
+Added: 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.
Risk Management
9 unchanged sentences
An integral part of a lending officer’s responsibilities is to assess credit risk at the inception of the lending relationship, monitor ongoing risk over the life of the loan, and report any changes in asset quality or other components of credit risk to the appropriate parties within the Company.
−Removed: The Company’s policies and procedures governing our lending function provide guidelines for assigning lending limits based on a lending officer’s knowledge and experience.
+Added: Company’s policies and procedures governing our lending function provide guidelines for assigning lending limits based on a lending officer’s knowledge and experience.
These lending limits are monitored on an ongoing basis for appropriateness based on evaluations of the credit quality and compliance with the approved terms of the loan agreements within such lending officer’s loan portfolio.
−Removed: Based on the Company’s risk appetite and procedures for the management of loan concentrations (by
−Removed: geography, collateral type and other criteria), a lending officer may be subject to additional levels of approval for new loan originations, so that more technical expertise and greater oversight are allocated to such portfolio.
+Added: Based on the Company’s risk appetite and procedures for the management of loan concentrations (by geography, collateral type and other criteria), a lending officer may be subject to additional levels of approval for new loan originations, so that more technical expertise and greater oversight are allocated to such portfolio.
The Company’s credit administration function is considered the second line of defense against credit risk.
1 unchanged sentence
This includes monitoring the loan portfolio to ensure it is properly underwritten, evaluating credit quality metrics to identify indicators of potential loss and assigning risk rating grades which appropriately reflect the potential risk of loss.
−Removed: The Company’s central appraisal review department, which operates within credit administration, engages, reviews and approves third-party appraisals obtained by the Company on real estate collateral in accordance with banking regulations.
+Added: To verify the value of real estate collateral, the Company maintains a central appraisal review department, within credit administration.
+Added: This department engages, reviews and approves third-party appraisals obtained by the Company on real estate collateral in accordance with banking regulations.
This department is managed by a State Certified General Real Estate Appraiser and employs other trained appraisers and evaluators.
22 unchanged sentences
Charge-offs reflect the realization of losses in the portfolio that were recognized previously through the provision for credit losses on loans.
−Removed: Net charge-offs for the three and six months ended June 30, 2025 were $12,054, or 0.26% of average loans (annualized), and $11,929, or 0.15% of average loans (annualized), respectively, compared to net charge-offs of $5,481, or 0.18% of average loans (annualized) and $5,645, or 0.09% of average loans (annualized), for the same periods in 2024.
After collection efforts have been exhausted or a settlement agreement is reached with the borrower, underlying collateral is liquidated.
3 unchanged sentences
Management evaluates the adequacy of the allowance on a quarterly basis.
−Removed: The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including loans evaluated on a collective (pooled) basis and those evaluated on an individual basis as set forth in ASC 326.
+Added: The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including loans evaluated on a collective (pooled) basis and those evaluated on an individual basis as set forth in Accounting Standards Codification Topic 326, “Financial Instruments - Credit Losses,” often referred to as CECL.
The credit loss estimation process involves procedures to appropriately consider the unique characteristics of the Company’s loan portfolio segments.
21 unchanged sentences
The fair value of the collateral derived from the external appraisal is then adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral.
−Removed: Other acceptable methods for determining the expected credit losses for individually evaluated loans (typically used for loans that are not collateral dependent) is a discounted cash flow approach or, if applicable, an observable market price.
+Added: Other acceptable methods for determining the expected credit losses for collateral dependent loans is a discounted cash flow approach or, if applicable, an observable market price.
Once the expected credit loss amount is determined, an allowance equal to such expected credit loss is included in the allowance for credit losses.
3 unchanged sentences
The following table presents the allocation of the allowance for credit losses on loans by loan category and the percentage of loans in each category to total loans as of the dates presented:
−Removed: June 30, 2025 December 31, 2024 June 30, 2024
+Added: September 30, 2025 December 31, 2024 September 30, 2024
Balance % of Total Balance % of Total Balance % of Total
7 unchanged sentences
The provision for credit losses on loans charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for credit losses on loans at a level that is believed to be adequate to meet the inherent risks of losses in our loan portfolio.
−Removed: The Company recorded a provision for credit losses on loans of $75,400 in the second quarter of 2025 and $77,450 in the first half of 2025, as compared to $4,300 in the second quarter of 2024 and $6,938 in the first half of 2024.
−Removed: Included in the 2025 recorded provision for credit losses on loans is $62,190 of Day 1 acquisition provision associated with the merger with The First.
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 .
−Removed: Loan growth, including the addition of loans acquired from The First, as well as changes in credit metrics that influenced our expectations of future credit losses, considered in the context of the existing balance of the allowance for credit losses, resulted in the Company’s model indicating that the aforementioned provision for credit losses on loans was appropriate during the first half of 2025.
−Removed: The table below reflects the activity in the allowance for credit losses on loans for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: The table below reflects the activity in the allowance for credit losses on loans, including the provision for credit losses, for the periods presented:
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
10 unchanged sentences
Lease financing 90 8 103 26
+Added: Real estate – construction 6 — 6 —
Real estate – 1-4 family mortgage 84 57 154 130
11 unchanged sentences
Nonaccrual loans 174.28 % 175.97 %
+Added: Loan growth, including the addition of loans acquired in the merger with The First, as well as changes in credit metrics that influenced our expectations of future credit losses, considered in the context of the existing balance of the allowance for credit losses, resulted in the Company’s model indicating that the provision for credit losses on loans during the first nine months of 2025 in the table above was appropriate.
+Added: Included in the first nine months of 2025 provision for credit losses on loans is a Day 1 acquisition provision of $62,190 associated with the merger with The First.
The table below reflects annualized net charge-offs (recoveries) to daily average loans outstanding, by loan category, for the periods presented:
−Removed: Six Months Ended
−Removed: June 30, 2025 June 30, 2024
−Removed: Net Charge-offs (Recoveries) Average Loans Annualized Net Charge-offs (Recoveries) to Average Loans Net Charge-offs (Recoveries) Average Loans Annualized Net Charge-offs (Recoveries) to Average Loans
+Added: Nine Months Ended
+Added: September 30, 2025 September 30, 2024
+Added: Net Charge-offs Average Loans Annualized Net Charge-offs to Average Loans Net Charge-offs (Recoveries) Average Loans Annualized Net Charge-offs (Recoveries) to Average Loans
Commercial, financial, agricultural $ 6,838 $ 2,313,531 0.40% $ (503) $ 1,850,707 (0.04)%
5 unchanged sentences
Total $ 16,268 $ 16,743,047 0.13% $ 6,348 $ 12,522,802 0.07%
−Removed: The following table provides further details of the Company’s net charge-offs of loans secured by real estate for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: The following table provides further details of the Company’s net charge-offs (recoveries) of loans secured by real estate for the periods presented:
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
20 unchanged sentences
A roll-forward of the allowance for credit losses on unfunded commitments is shown in the tables below.
−Removed: Three Months Ended June 30, 2025 2024
+Added: Three Months Ended September 30, 2025 2024
Allowance for credit losses on unfunded loan commitments:
2 unchanged sentences
Ending balance $ 24,365 $ 16,918
−Removed: Six Months Ended June 30, 2025 2024
+Added: Nine Months Ended September 30, 2025 2024
Allowance for credit losses on unfunded loan commitments:
2 unchanged sentences
Ending balance $ 24,365 $ 16,918
−Removed: The increase in the provision for credit losses on unfunded commitments during the three and six months ended June 30, 2025, as compared to the same periods in 2024 was largely driven by the Day 1 acquisition provision of $4,422 associated with our merger with The First.
+Added: The increase in the provision for credit losses on unfunded commitments during the three and nine months ended September 30, 2025, as compared to the same periods in 2024 was largely driven by the Day 1 acquisition provision of $4,422 associated with our merger with The First as well as growth in the balance of unfunded loan commitments.
Nonperforming Assets .
8 unchanged sentences
The following table provides details of the Company’s nonperforming assets as of the dates presented.
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Nonaccruing loans $ 170,756 $ 110,811
7 unchanged sentences
The following table presents nonperforming loans by loan category as of the dates presented:
−Removed: 2025 December 31, 2024 June 30,
+Added: September 30,
+Added: 2025 December 31, 2024 September 30,
Commercial, financial, agricultural $ 32,829 $ 2,000 $ 5,024
17 unchanged sentences
Total nonperforming loans $ 171,548 $ 113,275 $ 119,223
−Removed: Total nonperforming loans as a percentage of total loans were 0.76% as of June 30, 2025 as compared to 0.88% and 0.78% as of December 31, 2024 and June 30, 2024, respectively.
−Removed: The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 204.97% as of June 30, 2025 as compared to 178.11% as of December 31, 2024 and 203.88% as of June 30, 2024.
−Removed: Management has evaluated loans classified as nonperforming and believes that all nonperforming loans have been adequately reserved for in the allowance for credit losses at June 30, 2025.
+Added: Total nonperforming loans as a percentage of total loans were 0.90% as of September 30, 2025 as compared to 0.88% and 0.94% as of December 31, 2024 and September 30, 2024, respectively.
+Added: The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 173.47% as of September 30, 2025 as compared to 178.11% as of December 31, 2024 and 168.07% as of September 30, 2024.
+Added: Management has evaluated loans classified as nonperforming and believes that all nonperforming loans have been adequately reserved for in the allowance for credit losses at September 30, 2025.
Management also continually monitors past due loans for potential credit quality deterioration.
−Removed: Total loans 30-89 days past due but still accruing interest were $46,560, or 0.25% of total loans, at June 30, 2025 as compared to $39,842, or 0.31% of total loans, at December 31, 2024 and $28,507, or 0.23% of total loans, at June 30, 2024.
+Added: Total loans 30-89 days past due but still accruing interest were $ 48,654 , or 0.26% of total loans, at September 30, 2025 as compared to $39,842, or 0.31% of total loans, at December 31, 2024 and $17,523, or 0.14% of total loans, at September 30, 2024.
Certain modifications of loans made to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (including an extension of the amortization period), or a term extension, but excluding covenant waivers and modification of contingent acceleration clauses, are required to be disclosed in accordance with ASU 2022-02, “ Financial Instruments - Credit Losses (Topic326):
Troubled Debt Restructurings and Vintage Disclosures ” (“ASU 2022-02”).
−Removed: 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.
−Removed: The total amortized cost basis of loans that were experiencing financial difficulty, modified during the three and six months ended June 30, 2025 were $329 and $2,450, respectively, as compared to $2,645, and $13,338, respectively, for the same periods in 2024.
−Removed: There were no unused commitments at June 30, 2025, and unused commitments were $338 at June 30, 2024.
+Added: 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.
+Added: The total amortized cost basis of loans that were modified during the three and nine months ended September 30, 2025 due to borrowers experiencing financial difficulty was $ 29,148 and $ 31,551 , respectively, as compared to $ 3,887 , and $ 15,747 , respectively, for the same periods in 2024.
+Added: Unused commitments with respect to these loans were $647 and $ 464 at September 30, 2025 and September 30, 2024, respectively.
Upon the Company’s determination that a modified loan 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.
1 unchanged sentence
The following table provides details of the Company’s other real estate owned, net of valuation allowance and direct write-downs, as of the dates presented:
−Removed: 2025 December 31, 2024 June 30,
+Added: September 30,
+Added: 2025 December 31, 2024 September 30,
Residential real estate $ 5,179 $ 2,966 $ 1,004
11 unchanged sentences
Balance at June 30 $ 10,578 $ 9,136
−Removed: Other real estate owned with a cost basis of $11,713 was sold during the six months ended June 30, 2025, resulting in a net gain of $65, while other real estate owned with a cost basis of $1,052 was sold during the six months ended June 30, 2024, resulting in a net gain of $115.
+Added: Other real estate owned with a cost basis of $12,552 was sold during the nine months ended September 30, 2025, resulting in a net gain of $53, while other real estate owned with a cost basis of $1,323 was sold during the nine months ended September 30, 2024, resulting in a net gain of $ 143 .
Interest Rate Risk
16 unchanged sentences
An increase in EVE due to a specified rate change indicates an improvement in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet.
−Removed: The following table presents the projected impact of a change in interest rates on (1) static EVE and (2) earnings at risk (that is, net interest income) for the 1-12 and 13-24 month periods commencing July 1, 2025, in each case as compared to the result
−Removed: under rates present in the market on June 30, 2025.
+Added: The following table presents the projected impact of a change in interest rates on (1) static EVE and (2) earnings at risk (that is, net interest income) for the 1-12 and 13-24 month periods commencing October 1, 2025, in each case as compared to the result
+Added: under rates present in the market on September 30, 2025.
The changes in interest rates assume an instantaneous and parallel shift in the yield curve and do not account for changes in the slope of the yield curve.
6 unchanged sentences
-200 (8.33)% (4.68)% (9.83)%
−Removed: The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at June 30, 2025.
+Added: The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at September 30, 2025.
The preceding measures assume no change in the size or asset/liability compositions of the balance sheet, and they do not reflect future actions the ALCO may undertake in response to such changes in interest rates.
5 unchanged sentences
Because these assumptions are inherently uncertain, actual results will differ from simulated results.
−Removed: The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, caps and/or floors, forward commitments, and interest rate lock commitments, as part of its ongoing efforts to mitigate its interest rate risk exposure.
+Added: The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, caps and/or floors, risk participations, forward commitments, and interest rate lock commitments, as part of its ongoing efforts to mitigate its interest rate risk exposure.
For more information about the Company’s derivatives, see the information under the heading “Loan Commitments and Other Off-Balance Sheet Arrangements” in the Liquidity and Capital Resources section below and Note 10, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.
2 unchanged sentences
Liquidity management is the ability to meet the cash flow requirements of customers who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs.
−Removed: Core deposits, which are deposits excluding brokered deposits and time deposits greater than $250,000, are the major source of funds used by the Bank to meet cash flow needs.
+Added: Core deposits, which are deposits excluding brokered deposits, are the major source of funds used by the Bank to meet cash flow needs.
Maintaining the ability to acquire these funds as needed in a variety of markets is the key to assuring the Bank’s liquidity.
We may also access the brokered deposit market where rates are favorable to other sources of liquidity (especially in light of collateral requirements for certain borrowings) and core deposits are not sufficient for meeting our current and anticipated short- or long-term liquidity needs.
−Removed: We did not hold any brokered deposits at June 30, 2025 or December 31, 2024.
+Added: We did not hold any brokered deposits at September 30, 2025 or December 31, 2024.
Management continually monitors the Bank’s liquidity and non-core dependency ratios to ensure compliance with targets established by the ALCO.
3 unchanged sentences
Securities within our investment portfolio are also used to secure certain deposit types, short-term borrowings and derivative instruments.
−Removed: At June 30, 2025, securities with a carrying value of $1,216,276 were pledged to secure government, public fund and trust deposits and as collateral for short-term borrowings and derivative instruments as compared to securities with a carrying value of $843,870 similarly pledged at December 31, 2024.
+Added: At September 30, 2025, securities with a carrying value of $1,241,138 were pledged to secure government, public fund and trust deposits and as collateral for short-term borrowings and derivative instruments as compared to securities with a carrying value of $843,870 similarly pledged at December 31, 2024.
Other sources available for meeting liquidity needs include federal funds purchased, short-term and long-term advances from the FHLB and borrowings from the Federal Reserve Discount Window.
Interest is charged at the prevailing market rate on federal funds purchased, FHLB advances and borrowings from the Federal Reserve Discount Window.
−Removed: There were $400,000 in short-term borrowings from the FHLB at June 30, 2025 and December 31, 2024.
−Removed: Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs,
−Removed: particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits.
−Removed: There were no outstanding long-term advances with the FHLB at June 30, 2025 or December 31, 2024.
−Removed: The total amount of the remaining credit available to us from the FHLB at June 30, 2025 was $5,067,251.
−Removed: The credit available at the Federal Reserve Discount Window at June 30, 2025 was $636,245 with no borrowings outstanding as of such date.
+Added: There were $600,000 and $400,000 in short-term borrowings from the FHLB at September 30, 2025 and December 31, 2024, respectively.
+Added: Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would
+Added: be required to pay to attract deposits.
+Added: There were no outstanding long-term advances with the FHLB at September 30, 2025 or December 31, 2024.
+Added: The total amount of the remaining credit available to us from the FHLB at September 30, 2025 was $5,011,339.
+Added: The credit available at the Federal Reserve Discount Window at September 30, 2025 was $657,277 with no borrowings outstanding as of such date.
We also maintain lines of credit with other commercial banks totaling $140,000.
These are unsecured lines of credit with the majority maturing at various times within the next twelve months.
−Removed: There were no amounts outstanding under these lines of credit at June 30, 2025 or December 31, 2024.
+Added: There were no amounts outstanding under these lines of credit at September 30, 2025 or December 31, 2024.
Finally, we can access the capital markets to meet liquidity needs.
6 unchanged sentences
We have also assumed subordinated notes as part of acquisitions.
−Removed: The carrying value of subordinated notes, net of unamortized debt issuance costs, was $416,896 at June 30, 2025.
+Added: The carrying value of subordinated notes, net of unamortized debt issuance costs, was $418,523 at September 30, 2025.
+Added: On October 1, 2025, the Company redeemed $60,000 in subordinated notes assumed as part of its merger with The First.
The following table presents, by type, the Company’s funding sources, which consist of total average deposits and borrowed funds, and the total cost of each funding source for the periods presented:
Percentage of Total Average Deposits and Borrowed Funds Cost of Funds
−Removed: Six Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Nine Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
8 unchanged sentences
Total deposits and borrowed funds 100.00 % 100.00 % 2.27 % 2.55 %
−Removed: The estimated amount of uninsured and uncollateralized deposits at June 30, 2025 was $6,259,510.
−Removed: Collateralized public funds over FDIC insurance limits were $3,039,016 at June 30, 2025.
+Added: The estimated amount of uninsured and uncollateralized deposits at September 30, 2025 was $6,878,118.
+Added: Collateralized public funds over FDIC insurance limits were $3,146,202 at September 30, 2025.
Our strategy in choosing funds is focused on minimizing cost in the context of our balance sheet composition, interest rate risk position and liquidity forecast.
2 unchanged sentences
We constantly monitor our funds position and evaluate the effect that various funding sources have on our financial position.
−Removed: Cash and cash equivalents were $1,378,612 at June 30, 2025, as compared to $851,906 at June 30, 2024.
−Removed: The increase is largely driven by growth in deposits and our acquisition of The First.
−Removed: Cash used in investing activities for the six months ended June 30, 2025 was $262,173, as compared to cash used in investing activities of $43,479 for the six months ended June 30, 2024.
−Removed: Proceeds from the sale, maturity or call of securities within our investment portfolio were $851,862 for the six months ended June 30, 2025, as compared to $270,270 for the same period in 2024.
+Added: Cash and cash equivalents were $1,083,785 at September 30, 2025, as compared to $1,275,620 at September 30, 2024.
+Added: The decrease is largely driven by the funding of loan growth and investing capital into the securities portfolio.
+Added: We acquired $261,484 in cash and cash equivalents in connection with the merger with The First.
+Added: Cash used in investing activities for the nine months ended September 30, 2025 was $710,954, as compared to cash provided by investing activities of $48,583 for the nine months ended September 30, 2024.
+Added: Proceeds from the sale, maturity or call of securities within our investment portfolio were $968,832 for the nine months ended September 30, 2025, as compared to $319,665 for the same period in 2024.
Shortly after merger with The First, certain securities from the acquired portfolio were sold at carrying value, resulting in proceeds of $686,485.
−Removed: A portion of the securities portfolio was also sold during the first quarter of 2024, resulting in proceeds of $177,185 of which a portion were used to purchase higher yielding securities, while the remainder was used to fund loan
−Removed: Purchases of investment securities were $946,095 during the first six months of 2025 and $52,679 for the same period in 2024.
+Added: A portion of the securities portfolio was also sold during the first quarter of 2024, resulting in proceeds of $177,185 of which a portion were used to purchase higher yielding securities, while
+Added: the remainder was used to fund loan growth.
+Added: Purchases of investment securities were $1,058,969 during the first nine months of 2025 and $60,656 for the same period in 2024.
The Company received $261,483 in net cash from its acquisition of The First.
−Removed: Cash provided by financing activities for the six months ended June 30, 2025 was $519,892, as compared to cash provided by financing activities of $78,054 for the same period in 2024.
−Removed: Deposits increased $556,236 and $178,428 for the six months ended June 30, 2025 and 2024, respectively.
+Added: Cash provided by financing activities for the nine months ended September 30, 2025 was $538,376, as compared to $411,366 for the same period in 2024.
+Added: Deposits increased $395,159 and $432,966 for the nine months ended September 30, 2025 and 2024, respectively.
Restrictions on Bank Dividends, Loans and Advances
5 unchanged sentences
Federal Reserve regulations also limit the amount the Bank may loan to the Company unless such loans are collateralized by specific obligations.
−Removed: At June 30, 2025, the maximum amount available for transfer from the Bank to the Company in the form of loans was $274,176.
+Added: At September 30, 2025, the maximum amount available for transfer from the Bank to the Company in the form of loans was $279,440.
The Company maintains a $3,000 line of credit collateralized by cash with the Bank.
−Removed: There were no amounts outstanding under this line of credit at June 30, 2025.
−Removed: These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 2025, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations.
+Added: There were no amounts outstanding under this line of credit at September 30, 2025.
+Added: These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the nine months ended September 30, 2025, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations.
Loan Commitments and Other Off-Balance Sheet Arrangements
6 unchanged sentences
The Company’s unfunded loan commitments and standby letters of credit outstanding were as follows as of the dates presented:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Loan commitments $ 4,425,675 $ 2,856,308
8 unchanged sentences
The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures.
−Removed: At June 30, 2025, the Company had notional amounts of $1,429,422 on interest rate contracts with
−Removed: corporate customers and $1,429,734 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed rate loans.
+Added: At September 30, 2025, the Company had notional amounts of $1,602,805 on interest rate contracts
+Added: with corporate customers and $1,603,104 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed rate loans.
Additionally, 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 and also enters into forward commitments to sell residential mortgage loans to secondary market investors.
−Removed: The Company also enters into interest rate swap contracts on its FHLB borrowings and its junior subordinated debentures that are accounted for as cash flow hedges.
+Added: To mitigate future interest rate exposure on its FHLB borrowings and its junior subordinated debentures the Company enters into interest rate swap contracts that are accounted for as cash flow hedges.
Under each of these contracts, the Company pays a fixed rate of interest and receives a variable rate of interest.
6 unchanged sentences
Shareholders’ Equity and Regulatory Matters
−Removed: Total shareholders’ equity of the Company was $3,778,854 at June 30, 2025 compared to $2,678,318 at December 31, 2024.
−Removed: Book value per share was $39.77 and $42.13 at June 30, 2025 and December 31, 2024, respectively.
+Added: Total shareholders’ equity of the Company was $3,825,778 at September 30, 2025 compared to $2,678,318 at December 31, 2024.
+Added: Book value per share was $40.26 and $42.13 at September 30, 2025 and December 31, 2024, respectively.
The growth in shareholders’ equity is attributable to the merger with The First, current period earnings and declines in accumulated other comprehensive loss, offset by dividends declared.
−Removed: In October 2024, the Company’s Board of Directors approved a stock repurchase program, authorizing the Company to repurchase up to $100,000 of its outstanding common stock, either in open market purchases or privately-negotiated transactions.
−Removed: The program will remain in effect through October 2025 or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased.
−Removed: The Company did not repurchase any of its common stock in the first half of 2025.
−Removed: The Company has junior subordinated debentures with a carrying value of $140,079 at June 30, 2025, of which $135,682 was included in the Company’s Tier 2 capital.
−Removed: The Company has subordinated notes with a par value of $433,400 at June 30, 2025, of which $416,879 is included in the Company’s Tier 2 capital.
+Added: Effective October 28, 2025, the Company’s Board of Directors approved a $150.0 million stock repurchase program under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately negotiated transactions.
+Added: This plan, which will remain in effect until the earlier of October 2026 or the repurchase of the entire amount authorized under the plan, replaces the Company’s $100.0 million stock repurchase program that expired October 2025.
+Added: The Company has junior subordinated debentures with a carrying value of $140,355 at September 30, 2025, of which $135,959 was included in the Company’s Tier 2 capital.
+Added: The Company has subordinated notes with a par value of $433,400 at September 30, 2025, of which $418,523 is included in the Company’s Tier 2 capital.
+Added: On October 1, 2025, the Company redeemed $60,000 in subordinated notes assumed as part of its merger with The First.
The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain.
19 unchanged sentences
Amount Ratio Amount Ratio Amount Ratio
−Removed: June 30, 2025
+Added: September 30, 2025
Renasant Corporation:
29 unchanged sentences
The three-year transitional period began on January 1, 2022;
−Removed: the full impact of CECL is reflected in our capital ratios as of June 30, 2025.
+Added: the full impact of CECL is reflected in our capital ratios as of September 30, 2025.
For more information regarding the capital adequacy guidelines applicable to the Company and Renasant Bank, please refer to Note 15, “Regulatory Matters,” in the Notes to the Consolidated Financial Statements of the Company in Item 1, Financial Statements.
1 unchanged sentence
We have identified certain accounting estimates that involve significant judgment and estimates which can have a material impact on our financial condition or results of operations.
−Removed: Our accounting policies are more fully described in Note 1, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 26, 2025.
+Added: Our accounting policies are more fully described in Note 1, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for the year ended December 31, 2024.
Actual amounts and values as of the balance sheet dates may be materially different from the amounts and values reported due to the inherent uncertainty in the estimation process.
Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date.
−Removed: The critical accounting estimates that we believe to be the most critical in preparing our consolidated financial statements relate to the allowance for credit losses and acquisition accounting, which are described under “Critical Accounting Policies and Estimates” in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2024.
+Added: The accounting estimates that we believe to be the most critical in preparing our consolidated financial statements relate to the allowance for credit losses and acquisition accounting, which are described under “Critical Accounting Policies and Estimates” in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2024.
Since December 31, 2024, there have been no material changes in these critical accounting estimates.
−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: There have been no material changes in our market risk since December 31, 2024.
−Removed: For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 26, 2025.
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.