RENASANT CORP 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA RENASANT CORPORATION AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONTENTS Page Reports of Independent Registered Public Accounting Firm ( BDO USA, P.C (formerly Horne LLP) , Memphis, TN PCAOB ID #: 243 ) 65 Consolidated Balance Sheet s a t December 31, 2025 and 202 4 69 Consolidated Statements of Incom e for the Years Ended December 31, 2025, 2024 and 2023 70 Consolidated Statements of Comprehensive Incom e for the Years Ended Dec e m ber 31, 2025, 2024 an d 2023 71 Consolidated Statements of Changes in Shareholders’ Equit y for the Years En ded December 31, 2025, 2024 and 2023 72 Consolidated Statements of Cash Flow s for the Years Ended Dec ember 31, 2025, 2024 and 2023 73 Notes to Consolidated Financial Statements 75 64 Report of Independent Registered Public Accounting Firm Shareholders and Board of Directors Renasant Corporation Tupelo, Mississippi Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Renasant Corporation (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 , in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and our report dated March 2, 2026, expressed an adverse opinion thereon. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Allowance for Credit Losses - Loans As described in Notes 4 and 5 to the Company's consolidated financial statements, as of December 31, 2025, the Company had a net loan portfolio of approximately $19.0 billion and related allowance for credit losses (“ACL”) of $294.0 million. As described in Note 1 to the Company’s consolidated financial statements, the ACL represents management’s estimate of credit losses for the remaining estimated life of the loan portfolio, and uses loss experience, current and projected economic conditions, asset quality trends, and known and inherent risks in the portfolio to develop the quantitative component. This quantitative component is then adjusted for qualitative risk factors that involve management estimates and subjective assumptions that require a high degree of management’s judgment. 65 We identified (i) certain assumptions in the determination of the qualitative factors and (ii) the selection of macroeconomic forecasts used for the ACL in the evaluation of loans evaluated on a collective basis as a critical audit matter. Auditing these complex judgments and assumptions involved especially challenging auditor judgment due to the subjective nature of management’s qualitative assessment, inherent uncertainty involved in forecasting, and the nature and extent of audit effort required to address these matters, including the extent of specialized skills and knowledge needed. The primary procedures we performed to address this critical audit matter included: • Testing the design and operating effectiveness of controls associated with loans evaluated on a collective basis, including controls around the reliability and accuracy of relevant data used in the ACL model, and review and approval of selected qualitative factors. • Assessing the reasonableness of management’s assumptions in the determination of the qualitative factors for loans evaluated on a collective basis by assessing consistent application, evaluation and conclusions reached, including consideration of contradictory evidence. • Evaluating the relevance and reliability of data used in determining the qualitative factors by comparing the data to i) internally developed and third-party sources, and ii) other audit evidence gathered. • Utilizing personnel with specialized skill and knowledge in evaluating the reasonableness of the macroeconomic forecasts used in the qualitative component of the ACL. Fair Value of Acquired Loans As described in Note 2 to the Company’s consolidated financial statements, the Company completed its acquisition of The First Bancshares, Inc. on April 1, 2025, for a total purchase consideration of $1.1 billion, with total assets acquired of $7.6 billion, liabilities assumed of $6.9 billion and resulting goodwill of $418.2 million. Determination of the acquisition date fair values of the assets acquired and liabilities assumed require the Company to make significant estimates and assumptions. We identified certain assumptions in the purchase accounting adjustment for acquired loans used in the determination of the credit component of the adjustment for non-purchased credit deteriorated (“Non-PCD”) loans as a critical audit matter. Auditing these significant assumptions involved especially challenging and subjective auditor judgment due to the nature and extent of audit effort required to address these matters, including evaluating the appropriateness of the market data selected. The primary procedures we performed to address this critical audit matter included: • Testing the design and operating effectiveness of the controls associated with evaluating the credit component of the adjustment to Non-PCD loans. • Testing the completeness and accuracy of the loan level data utilized in the valuation of the acquisition date fair value of acquired Non-PCD loans by confirming on a sample basis, loan level data with borrowers and agreeing loan level data to management’s documentation. • Evaluating the appropriateness of the valuation model used to develop the credit component of the adjustment to Non-PCD loans, by comparing the credit characteristics of the acquired loan portfolio to the Company’s legacy loans evaluated on a collective basis and identifying potential sources of disconfirming information. /s/ BDO USA, P.C. (formerly HORNE LLP) We have served as the Company’s auditor since 2005. Memphis, Tennessee March 2, 2026 66 Report of Independent Registered Public Accounting Firm Shareholders and Board of Directors Renasant Corporation Tupelo, Mississippi Opinion on Internal Control Over Financial Reporting We have audited Renasant Corporation’s (the “Company”) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). In our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria. We do not express an opinion or any other form of assurance on management’s statements referring to any corrective actions taken by the Company after the date of management’s assessment. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the accompanying consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and our report dated March 2, 2026 expressed an unqualified opinion. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report on Management's Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. A material weakness regarding management’s failure to implement appropriate segregation of duties over a certain subset of manual journal entries has been identified and described in management’s assessment. This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report dated March 2, 2026, on those consolidated financial statements. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the 67 company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ BDO USA, P.C. Memphis, Tennessee March 2, 2026 68 Renasant Corporation and Subsidiaries Consolidated Balance Sheets (In Thousands, Except Share Data) December 31, 2025 2024 Assets Cash and due from banks $ 299,592 $ 198,408 Interest-bearing balances with banks 771,126 893,624 Cash and cash equivalents 1,070,718 1,092,032 Securities held to maturity (net of allowance for credit losses of $ 32 at both December 31, 2025 and 2024) (fair value of $ 961,870 and $ 1,002,544 , respectively) 1,030,073 1,126,112 Securities available for sale, at fair value (amortized cost of $ 2,635,495 and $ 968,927 , respectively) 2,560,818 831,013 Loans held for sale, at fair value 265,959 246,171 Loans held for investment, net of unearned income 19,047,039 12,885,020 Allowance for credit losses ( 293,955 ) ( 201,756 ) Loans, net 18,753,084 12,683,264 Premises and equipment, net 465,141 279,796 Other real estate owned, net 15,191 8,673 Goodwill 1,405,840 988,898 Other intangible assets, net 146,612 14,105 Bank-owned life insurance 492,541 391,810 Mortgage servicing rights, net 65,271 72,991 Other assets 480,178 300,003 Total assets $ 26,751,426 $ 18,034,868 Liabilities and shareholders’ equity Liabilities Deposits Noninterest-bearing $ 5,043,960 $ 3,403,981 Interest-bearing 16,429,110 11,168,631 Total deposits 21,473,070 14,572,612 Short-term borrowings 555,774 108,018 Long-term debt 499,756 430,614 Other liabilities 337,921 245,306 Total liabilities 22,866,521 15,356,550 Shareholders’ equity Preferred stock, $ 0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding — — Common stock, $ 5.00 par value – 250,000,000 and 150,000,000 shares authorized, respectively; 97,722,397 and 66,484,225.00 shares issued, respectively; 94,636,207 and 63,565,690 shares outstanding, respectively 488,612 332,421 Treasury stock, at cost, 3,086,190 and 2,918,535 shares, respectively ( 103,494 ) ( 97,196 ) Additional paid-in capital 2,392,997 1,491,847 Retained earnings 1,196,522 1,093,854 Accumulated other comprehensive loss, net of taxes ( 89,732 ) ( 142,608 ) Total shareholders’ equity 3,884,905 2,678,318 Total liabilities and shareholders’ equity $ 26,751,426 $ 18,034,868 See Notes to Consolidated Financial Statements. 69 Renasant Corporation and Subsidiaries Consolidated Statements of Income (In Thousands, Except Share Data) Year Ended December 31, 2025 2024 2023 Interest income Loans $ 1,128,013 $ 806,296 $ 716,456 Securities Taxable 90,054 37,383 44,482 Tax-exempt 10,920 4,541 6,006 Other 33,272 39,557 30,375 Total interest income 1,262,259 887,777 797,319 Interest expense Deposits 412,553 346,592 232,331 Borrowings 45,737 28,989 45,661 Total interest expense 458,290 375,581 277,992 Net interest income 803,969 512,196 519,327 Provision for credit losses on loans 92,573 11,248 18,793 Provision for (reversal of) credit losses on unfunded commitments 14,884 ( 1,975 ) ( 3,200 ) Provision for credit losses 107,457 9,273 15,593 Net interest income after provision for credit losses 696,512 502,923 503,734 Noninterest income Service charges on deposit accounts 51,933 41,779 39,199 Fees and commissions 19,796 16,190 17,901 Insurance commissions — 5,473 11,102 Wealth management revenue 31,201 23,559 22,132 Mortgage banking income 37,351 36,376 32,413 Gain on sale of insurance agency — 53,349 — Gain on debt extinguishment — 56 620 Net losses on sales of securities — — ( 22,438 ) Impairment losses on securities — — ( 19,352 ) BOLI income 14,244 11,567 10,463 Other 27,355 15,311 21,035 Total noninterest income 181,880 203,660 113,075 Noninterest expense Salaries and employee benefits 368,563 283,768 281,768 Data processing 20,704 16,030 15,195 Net occupancy and equipment 63,651 45,960 46,471 Other real estate owned 1,651 858 267 Professional fees 14,869 12,418 13,671 Advertising and public relations 18,355 16,210 14,726 Intangible amortization 27,103 4,691 5,380 Communications 13,665 8,379 8,238 Merger and conversion related expenses 49,331 13,349 — Other 73,768 59,955 53,906 Total noninterest expense 651,660 461,618 439,622 Income before income taxes 226,732 244,965 177,187 Income taxes 45,460 49,508 32,509 Net income $ 181,272 $ 195,457 $ 144,678 Basic earnings per share $ 2.09 $ 3.29 $ 2.58 Diluted earnings per share $ 2.07 $ 3.27 $ 2.56 See Notes to Consolidated Financial Statements. 70 Renasant Corporation and Subsidiaries Consolidated Statements of Comprehensive Income (In Thousands) Year Ended December 31, 2025 2024 2023 Net income $ 181,272 $ 195,457 $ 144,678 Other comprehensive income, net of tax: Securities available for sale: Unrealized holding gains on securities 47,347 1,074 15,128 Reclassification adjustment for losses realized in net income — — 31,063 Amortization of unrealized holding losses on securities transferred to the held to maturity category 8,610 9,476 10,091 Total securities available for sale 55,957 10,550 56,282 Derivative instruments: Unrealized holding losses on derivative instruments ( 6,960 ) ( 1,961 ) ( 4,524 ) Amounts reclassified into earnings 3,129 2,339 2,619 Total derivative instruments ( 3,831 ) 378 ( 1,905 ) Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 454 405 60 Amortization of net actuarial loss recognized in net periodic pension cost 296 315 344 Total defined benefit pension and post-retirement benefit plans 750 720 404 Other comprehensive income, net of tax 52,876 11,648 54,781 Comprehensive income $ 234,148 $ 207,105 $ 199,459 See Notes to Consolidated Financial Statements. 71 Renasant Corporation and Subsidiaries Consolidated Statements of Changes in Shareholders’ Equity (In Thousands, Except Share Data) Common Stock Treasury Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Shares Amount Total Balance at January 1, 2023 55,953,104 $ 296,483 $ ( 111,577 ) $ 1,302,422 $ 857,725 $ ( 209,037 ) $ 2,136,016 Net income — — — — 144,678 — 144,678 Other comprehensive income — — — — — 54,781 54,781 Comprehensive income 199,459 Cash dividends ($ 0.88 per share) — — — — ( 50,279 ) — ( 50,279 ) Issuance of common stock for stock-based compensation awards 189,103 — 6,328 ( 7,857 ) — — ( 1,529 ) Stock-based compensation expense — — — 13,716 — — 13,716 Balance at December 31, 2023 56,142,207 $ 296,483 $ ( 105,249 ) $ 1,308,281 $ 952,124 $ ( 154,256 ) $ 2,297,383 Net income — — — — 195,457 — 195,457 Other comprehensive income — — — — — 11,648 11,648 Comprehensive income 207,105 Cash dividends ($ 0.88 per share) — — — — ( 53,727 ) — ( 53,727 ) Common stock issued in public offering 7,187,500 35,938 — 181,062 — — 217,000 Issuance of common stock for stock-based compensation awards 235,983 — 8,053 ( 11,379 ) — — ( 3,326 ) Stock-based compensation expense — — — 13,883 — — 13,883 Balance at December 31, 2024 63,565,690 $ 332,421 $ ( 97,196 ) $ 1,491,847 $ 1,093,854 $ ( 142,608 ) $ 2,678,318 Net income — — — — 181,272 — 181,272 Other comprehensive income — — — — — 52,876 52,876 Comprehensive income 234,148 Repurchase of shares in connection with stock repurchase program ( 388,940 ) — ( 13,336 ) — — — ( 13,336 ) Cash dividends ($ 0.89 per share) — — — — ( 78,604 ) — ( 78,604 ) Common stock issued in connection with an acquisition 31,238,172 156,191 — 894,630 — — 1,050,821 Issuance of common stock for stock-based compensation awards 221,285 — 7,038 ( 11,203 ) — — ( 4,165 ) Stock-based compensation expense — — — 17,723 — — 17,723 Balance at December 31, 2025 94,636,207 $ 488,612 $ ( 103,494 ) $ 2,392,997 $ 1,196,522 $ ( 89,732 ) $ 3,884,905 See Notes to Consolidated Financial Statements. 72 Renasant Corporation and Subsidiaries Consolidated Statements of Cash Flows (In Thousands) Year Ended December 31, 2025 2024 2023 Operating activities Net income $ 181,272 $ 195,457 $ 144,678 Adjustments to reconcile net income to net cash provided by operating activities: Provision for credit losses 107,457 9,273 15,593 Depreciation, amortization and accretion 16,212 32,284 35,231 Deferred income tax (benefit) 1,687 4,649 ( 5,005 ) Impairment losses on securities — — 19,352 Gain on sale of mortgage servicing rights ( 1,467 ) ( 3,472 ) ( 547 ) Gain on sale of insurance agency — ( 53,349 ) — Funding of mortgage loans held for sale ( 1,612,645 ) ( 1,400,467 ) ( 1,330,912 ) Proceeds from sales of mortgage loans held for sale 1,616,372 1,347,659 1,277,363 Gains on sales of mortgage loans held for sale ( 20,329 ) ( 16,611 ) ( 14,573 ) Losses on sales of securities — — 22,438 Gain on debt extinguishment — ( 56 ) ( 620 ) (Gains) losses on sales of premises and equipment ( 2,498 ) 33 ( 173 ) Stock-based compensation 17,723 13,883 13,716 Income from bank-owned life insurance ( 14,244 ) ( 11,567 ) ( 10,463 ) Net change in operating leases 9,816 6,337 9,554 Net increase in other assets ( 27,061 ) ( 9,784 ) ( 51,077 ) Net (decrease) increase in other liabilities ( 824 ) ( 7,854 ) 23,998 Net cash provided by operating activities 271,471 106,415 148,553 Investing activities Purchases of securities available for sale ( 1,201,061 ) ( 174,229 ) ( 11,899 ) Proceeds from sales of securities available for sale 686,485 177,185 488,981 Proceeds from call/maturities of securities available for sale 311,310 88,830 149,025 Proceeds from call/maturities of securities held to maturity 102,009 102,178 109,953 Proceeds from sale of mortgage servicing rights 9,353 23,011 — Net increase in loans ( 957,067 ) ( 543,495 ) ( 791,803 ) Purchases of premises and equipment ( 33,720 ) ( 13,645 ) ( 21,634 ) Proceeds from sales of premises and equipment 8,642 344 943 Net cash received from sale of insurance agency 6,412 55,333 — Purchases of FHLB stock ( 26,426 ) ( 3,149 ) ( 28,236 ) Proceeds from redemption of FHLB stock 19,781 7,944 44,312 Proceeds from sales of other assets 18,660 3,350 3,115 Proceeds from surrender of bank-owned life insurance 56,255 — — Net cash received in acquisition of businesses 261,483 — — Other, net 3,859 1,313 1,844 Net cash used in investing activities ( 734,025 ) ( 275,030 ) ( 55,399 ) Financing activities Net increase in deposits 443,674 495,827 589,819 Net increase (decrease) in short-term borrowings 149,506 ( 199,559 ) ( 404,655 ) Repayment of long-term debt ( 60,000 ) ( 245 ) ( 2,680 ) Cash paid for dividends ( 78,604 ) ( 53,727 ) ( 50,279 ) Repurchase of shares in connection with stock repurchase program ( 13,336 ) — — Proceeds from equity offering — 217,000 — Net cash provided by financing activities 441,240 459,296 132,205 Net (decrease) increase in cash and cash equivalents ( 21,314 ) 290,681 225,359 Cash and cash equivalents at beginning of year 1,092,032 801,351 575,992 Cash and cash equivalents at end of year $ 1,070,718 $ 1,092,032 $ 801,351 See Notes to Consolidated Financial Statements. 73 Renasant Corporation and Subsidiaries Consolidated Statements of Cash Flows (continued) Year Ended December 31, 2025 2024 2023 Supplemental disclosures Cash paid for interest $ 443,282 $ 381,004 $ 239,611 Cash paid for income taxes $ 18,363 $ 29,065 $ 42,047 Noncash transactions: Transfers of loans to other real estate $ 14,737 $ 5,037 $ 10,738 Common stock issued in acquisition of businesses $ 1,050,821 $ — $ — Recognition of operating right-of-use assets and liabilities $ 7,312 $ 4,630 $ 3,126 See Notes to Consolidated Financial Statements. 74 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (Dollar amounts in thousands) Nature of Operations : Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc., Park Place Capital Corporation, Continental Republic Capital, LLC (doing business as “Republic Business Credit”) and Southwest Georgia Insurance Services, Inc. On July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc., and on December 31, 2025, the Bank sold substantially all of the assets of Southwest Georgia Insurance Services, Inc. Following theses sales, the relevant entity discontinued its insurance agency operations. 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 the Company offers factoring and asset-based lending on a nationwide basis. Use of Estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 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. Consolidation : The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned, except for certain non-voting preferred equity issued by the Company’s real estate investment trust subsidiaries. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. Reclassifications had no effect on prior years’ net income or shareholders’ equity. Cash and Cash Equivalents : The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Securities : Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Presently, the Company has no intention of establishing a trading classification. Securities not classified as held to maturity or trading are classified as available for sale. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity. The amortized cost of securities, regardless of classification, is adjusted for amortization of premiums and accretion of discounts using the effective interest method. Such amortization and accretion is included in interest income from securities, as is dividend income. Realized gains and losses on sales of securities and impairments are recorded in the line items “Net losses on sales of securities” and “Impairment losses on securities”, respectively, on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. The Company evaluates its allowance for credit losses on the held to maturity investment portfolio on a quarterly basis. Expected credit losses on debt securities classified as held to maturity are measured on a collective basis by major security type. The estimates of expected credit losses are based on historical default rates, investment grades, current conditions, and reasonable and supportable forecasts about the future. The allowance is increased through provision for credit losses and decreased by charge-offs, net of recoveries of amounts previously charged-off. All of the residential and commercial mortgage-backed securities recorded as held to maturity are guaranteed by U.S. Government agencies and government-sponsored entities. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are highly rated by major rating agencies. The Company also evaluates available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entire unrealized loss is recorded as a loss within noninterest income in the Consolidated Statements of Income with a corresponding adjustment to the amortized cost basis of the security. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company evaluates if any of the unrealized loss is related to a potential credit loss. The amount, if any, related to credit loss is recognized in earnings 75 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) as a provision for credit loss and a corresponding allowance for credit losses is established; each is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including the financial condition of the underlying issuer, current and projected deferrals or defaults and credit ratings by nationally recognized statistical rating agencies are considered by management in the estimate of the discounted future cash flows. 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 applicable taxes. Recognition of interest is discontinued on debt securities that are transferred to nonaccrual status. A number of qualitative factors, including the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note 3, “Securities,” for further details regarding the Company’s securities portfolio. Securities Sold Under Agreements to Repurchase : Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold plus accrued interest. Securities, generally U.S. government and agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party. Loans Held for Sale : The “Loans held for sale” line item on the Company’s Consolidated Balance Sheets consists of residential mortgage loans held for sale. The Company has elected to carry these loans at fair value. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income. Factoring : The Company provides short-term financing to certain clients by operating as a factor. The Company purchases accounts receivable from its client and then generally collects the receivables directly from the client’s account customers. Cash is advanced to the Company’s client to the extent of the advance rate, less any applicable fees, set forth in the individual factoring agreement. The unadvanced portion of the purchased receivables are considered client reserves and may be used to settle payment disputes or collection shortfalls. Upon collection of the receivable and settlement of any client obligation, the client reserves are returned to the client. Factoring receivables, net of client reserves, are reported as “Loans” on the Consolidated Balance Sheets (this includes arrangements where the Company does not directly collect the receivables of the client’s account customers). Factoring fees are reported as interest income on loans while other fees generated from factoring relationships are reported as noninterest income on the Consolidated Statements of Income. Loans and the Allowance for Credit Losses : Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their amortized cost or outstanding unpaid principal balances, in either case adjusted for charge-offs, the allowance for credit losses, any deferred fees or costs on originated loans and any purchase discounts or premiums on purchased loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Loans with no payment schedule are amortized using the straight-line method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance. Certain modifications of loans made to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay (including extension of the amortization period), or a term extension, excluding covenant waivers and modification of contingent acceleration clauses, are required to be disclosed in accordance with ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). Upon the Company’s determination that a modification has been subsequently deemed 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. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial and industrial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on 76 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) nonaccrual regardless of whether or not such loans are considered past due. All interest accrued, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Because accrued interest receivable not expected to be collected is written off in a timely manner, the Company has made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses. The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio and is maintained at a level believed adequate by management to absorb credit losses inherent in such loan portfolio. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis. Loan losses are charged against the allowance for credit losses when management confirms the uncollectability of a loan balance. Subsequent recoveries, if any, are credited to the allowance. The allowance for credit losses on loans held for investment, as reported in the Company’s Consolidated Balance Sheets, is then adjusted by a provision for credit losses, which is recorded in earnings. Expected credit loss inherent in non-cancellable off-balance-sheet credit exposures is accounted for as a separate liability in the Consolidated Balance Sheets. The credit loss estimation process involves procedures to appropriately consider the unique characteristics of the Company’s loan portfolio segments. Credit quality is assessed and monitored by evaluating various attributes, and the results of those evaluations are utilized in underwriting new loans and in the Company’s process for the estimation of expected credit losses. Credit quality monitoring procedures and indicators can include an assessment of critizied loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including the Company’s risk rating system, regulatory guidance and economic conditions, such as the unemployment rate and GDP growth in the markets in which the Company operates, as well as trends in the market values of underlying collateral securing loans, all as determined based on input from management, loan review staff and other sources. This evaluation is complex and inherently subjective, as it requires estimates by management that are inherently uncertain and therefore susceptible to significant revision as more information becomes available. Similarly, there may be significant changes in the allowance and provision for credit losses in future periods as the estimates and assumptions underlying such estimates are adjusted in light of then-prevailing factors and forecasts. Changes in any of the assumptions involved in the estimation process may result in significant changes in the allowance and provision for credit losses in those future periods. The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, a collective (or pool) component for estimating expected credit losses for pools of loans that share similar risk characteristics; and second, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. The Company’s loans are segregated into loan portfolio segments based upon similarity of credit risk. The Company’s loan portfolio segments are as follows: Commercial and Industrial (“Commercial”) - Commercial loans are customarily granted to established local business customers in the Company’s market area on a collateralized basis to meet their credit needs. Maturities are typically short term in nature and are commensurate with the secondary source of repayment that serves as the Company’s collateral. Although commercial loans may be collateralized by equipment or other business assets, the repayment of this type of loan depends primarily on the creditworthiness and projected cash flow of the borrower (and any guarantors). Thus, the chief considerations when assessing the risk of a commercial loan are the local business borrower’s ability to sell its products/services, thereby generating sufficient operating revenue to repay the Company under the agreed upon terms and conditions, and the general business conditions of the local economy or other markets that the business serves. The Company’s factoring receivables are categorized as commercial loans; for these, the risk assessment considers the ability of the client’s account customer, rather than the client itself, to repay the Company. The Company’s lease financing receivables, which are granted to provide capital to businesses for commercial equipment needs, are also categorized as commercial loans; such loans are generally granted for periods ranging between two and five years at fixed rates of interest. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to the Company from lease financing. In the event of default, a shortfall in the value of the collateral may pose a loss in this loan category. The Company obtains a lien against the collateral securing the loan and holds title (if applicable) until the loan is repaid in full. Transportation, manufacturing, healthcare, material handling, printing and construction are the industries that typically obtain lease financing. 77 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) Construction and Land Development (“Construction”) - The Company’s construction loan portfolio consists of loans for the construction of single-family residential properties, multi-family properties and commercial projects. The Company also offers commercial real estate loans to developers of commercial properties for purposes of site acquisition and preparation and other development prior to actual construction (referred to as “commercial land development loans”); loans for the preparation of residential real property prior to construction are also included in this segment (referred to as “residential land development loans”). Maturities for construction loans generally range from six to 12 months for residential properties and from 24 to 36 months for non-residential and multi-family properties. The source of repayment of a construction loan comes from the sale or lease of newly-constructed property, although often construction loans are repaid with the proceeds of a commercial real estate loan that the Company makes to the owner or lessor of the newly-constructed property. Land development loans are dependent on the successful completion of the project and may be affected by adverse conditions in the real estate market or the economy as a whole. Real Estate - 1-4 Family Mortgage (“1-4 Family Mortgage”) - This segment of the Company’s loan portfolio includes loans secured by first or second liens on residential real estate in which the property is the principal residence of the borrower, as well as loans secured by residential real estate in which the property is rented to tenants or is otherwise not the principal residence of the borrower. In addition, this segment includes home equity loans or lines of credit and term loans secured by first and second mortgages on the residences of borrowers who elect to use the accumulated equity in their homes for purchases, refinances, home improvements, education and other personal expenditures. The Company attempts to minimize the risk associated with residential real estate loans by scrutinizing the financial condition of the borrower; typically, the maximum loan-to-value ratio is also limited. Commercial Real Estate - Owner Occupied (“Owner Occupied CRE”) - Included in this portfolio segment are loans in which the owner develops a property with the intention of locating its business there. Payments on these loans are dependent on the successful development and management of the business as well as the borrower’s ability to generate sufficient operating revenue to repay the loan. In some instances, in addition to the mortgage on the underlying real estate of the business, owner-occupied commercial real estate loans are secured by other non-real estate collateral, such as equipment or other assets used in the business. Commercial Real Estate - Non-Owner Occupied (“Non-Owner Occupied CRE”) - Included in this portfolio segment are loans in which the owner develops a property where the source of repayment of the loan will come from the sale or lease of the developed property, for example, retail shopping centers, hotels and storage facilities. Non-owner occupied commercial real estate loans are dependent on the successful completion of the project and may be affected by adverse conditions in the real estate market or the economy as a whole. Consumer - Consumer loans are granted to individuals for the purchase of personal goods. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to the Company. In the event of default, a shortfall in the value of the collateral may pose a loss in this loan category. Before granting a consumer loan, the Company assesses the applicant’s credit history and ability to meet existing and proposed debt obligations. Although the applicant’s creditworthiness is the primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. The Company obtains a lien against the collateral securing the loan and holds title (if applicable) until the loan is repaid in full. Loans Evaluated on a Collective (Pool) Basis The allowance for credit losses for loans that share similar risk characteristics with other loans is calculated on a collective or pool basis. In determining the allowance for credit losses on loans evaluated on a collective basis, the Company categorizes loan pools based on loan type and/or risk rating. The Company uses two CECL models: (1) a loss rate model, based on average historical life-of-loan loss rates, which is used for the Construction, 1-4 Family Mortgage and Consumer loans portfolio segments, and (2) a probability of default/loss given default model, which calculates an expected loss percentage for each loan pool by considering (a) the probability of default, based on the migration of loans from performing (using risk ratings) to default using life-of-loan analysis periods, and (b) the historical severity of loss, based on the aggregate net lifetime losses incurred per loan pool, which is used for Commercial, Non-Owner Occupied CRE and Owner Occupied CRE portfolio segments. The historical loss rates calculated as described above are adjusted, as necessary, for both internal and external qualitative factors where there are differences in the historical loss data of the Company and current or projected future conditions. Internal 78 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) factors include loss history, changes in credit quality (including movement between risk ratings) and/or credit concentration and changes in the nature and volume of the respective loan portfolio segments. External factors include current and reasonable and supportable forecasted economic conditions and changes in collateral values. These factors are used to adjust the historical loss rates (as described above) to ensure that they reflect management’s expectation of future conditions based on a reasonable and supportable forecast period of two years. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, when necessary, the models immediately revert to the historical loss rates adjusted for qualitative factors related to current conditions. Loans Evaluated on an Individual Basis For loans that do not share similar risk characteristics with other loans, an analysis of the loan is performed to determine the expected credit loss. If a respective loan is collateral dependent (that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral), the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of collateral is initially based on external appraisals. Such values are updated every twelve months, either from external third parties or in-house certified appraisers. Third-party appraisals, when utilized, are obtained from a pre-approved list of independent, local appraisal firms. 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. Other acceptable methods for determining the expected credit losses for individually evaluated loans (typically used when the loan is not collateral dependent) 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. 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. Changes in such allowance are recorded in the “Provision for (reversal of) credit losses on unfunded commitments” line item on the Consolidated Statements of Income. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. See Note 4, “Loans,” and Note 5, “Allowance for Credit Losses” for disclosures regarding the Company’s held for investment loan portfolio and the related allowance for credit losses. Business Combinations, Accounting for Purchased Credit Deteriorated Loans and Related Assets : Business combinations are accounted for by applying the acquisition method, where identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquired company at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred. For a purchased asset that the Company has the intent of holding for investment, the Company determines whether the asset has experienced more-than-insignificant deterioration in credit quality since origination. Factors used in the determination will vary but may include delinquency history, historical accrual status, and downgrades in the risk rating by the seller, among others. The Company’s review of an asset during its due diligence evaluation of the purchase may identify other unique attributes that would indicate that more-than-insignificant deterioration has occurred such as the borrower’s financial condition, credit rating or credit score as well as the value of underlying collateral. The Company analyzes these factors collectively and may also consider market conditions or economic factors that would indicate a purchased asset has experienced more-than-insignificant deterioration in credit quality since origination. Such assets that have experienced more-than-insignificant deterioration are referred to as purchased credit deteriorated (“PCD”) assets. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition. The initial amortized cost of PCD loans is determined by reducing the loans’ par value by the acquisition date estimate of expected credit losses with any difference between the resulting amount and the loans’ purchase price recorded as a non-credit-related discount. After initial recognition, the accounting for PCD assets will generally follow the credit loss model that applies to that type of asset. Non-PCD assets record the Day 1 allowance for credit losses through earnings on the date of purchase. The Company accretes or amortizes as interest income the fair value discounts on both PCD and non-PCD assets over the life of the asset. 79 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) Premises and Equipment : Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method, with annual provisions for depreciation computed primarily using estimated lives of 40 years for premises, three to seven years for furniture and equipment and three to five years for computer equipment and transportation equipment. Leasehold improvements are depreciated over the period of the leases or the estimated useful life of the improvements, whichever is shorter. Leases: The Company enters into both lessor and lessee arrangements and determines if an arrangement is a lease at inception. The Company elected the practical expedient to account for lease and non-lease components as a single lease component for all asset classes. All of the Company’s lessee arrangements are operating leases, being real estate leases for Company facilities. Under these arrangements, the Company records a lease liability for the present value of the future lease payments under the lease terms and a right-of-use asset equal to the lease liability adjusted for items such as deferred or prepaid rent, lease incentives and any impairment of the right-of-use asset. The discount rate used in determining the lease liability is based upon the Company’s incremental borrowing rate, which is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term in a similar environment. The Company recognizes a right-of-use asset and a lease liability for all leases with a term greater than 12 months on its balance sheet regardless of whether the lease is classified as financing or operating. The Company recognizes lease expense as incurred for leases with an initial term of less than 12 months. Right-of-use assets are reported in premises and equipment on the Consolidated Balance Sheets and the related lease liabilities are reported in other liabilities . Lease terms may contain renewal and extension options and early termination features. Many leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at the Company’s sole discretion. Renewal options which are reasonably certain to be exercised in the future were included in the measurement of right-of-use assets and lease liabilities. Lease expense is recognized on a straight-line basis over the lease term and is recorded in the “Net occupancy and equipment expense” line item in the Consolidated Statements of Income. Variable lease payments consist primarily of common area maintenance, insurance and taxes. The Company does not have any material sublease agreements currently in place. The Company finances various types of equipment arrangements for customers through operating, direct financing and sales-type leases. Lease payment terms are fixed and are typically payable in monthly installments. The lease arrangements may contain renewal options and purchase options that allow the lessee to purchase the leased equipment at the end of the lease term. The leases generally do not contain non-lease components. Prior to lease inception, the Company estimates the expected residual value of the leased property at the end of the lease term by considering both internal and third-party appraisals. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. The net investment in these leases consists of the carrying amount of the lease receivables plus residual balances and deferred income. The Company’s net investment is included in “Loans held for investment, net of unearned income” on the Consolidated Balance Sheets. Lease income is included in interest income on loans on the Consolidated Statements of Income. Other Real Estate Owned : Other real estate owned (“OREO”) consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate owned at fair value less cost to sell and are subsequently carried at the lower of cost or fair value based on updated appraised values less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for credit losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” on the Consolidated Statements of Income. Mortgage Servicing Rights : The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, mortgage interest rates and other factors. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is recognized through a valuation allowance, to the extent that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in the line item “Mortgage banking income” on the Consolidated Statements of Income. The fair value of servicing rights is subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates 80 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) and losses. See Note 9, “Mortgage Servicing Rights,” for further details. From time to time, the Company may sell a portion or all of its mortgage servicing rights. Any gains or losses on such sales are reported in the line item “Mortgage banking income” on the Consolidated Statements of Income. Goodwill and Other Intangible Assets : Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets, consisting of core deposit intangibles and customer relationship intangibles, represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment; if impaired, such assets are recorded at fair value. Goodwill is assigned to the Company’s reporting segments. In determining the fair value of the Company’s reporting units, management uses the market approach. Other intangible assets are reviewed for events or circumstances that could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. Bank-Owned Life Insurance : Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income. Revenue from Contracts with Customers : For revenue streams with customers recorded in non-interest income, costs that are incremental to obtaining a contract are capitalized. In the case of the Company, these costs include sales commissions for insurance, wealth management fees, and revenue from certain sales of OREO. Costs with an amortization period of one year or less are expensed as incurred. Service Charges on Deposit Accounts - Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees. The contracts with deposit account customers are day-to-day contracts and are considered to be terminable at will by either party. Therefore, the fees are all considered to be earned when charged and simultaneously collected. Fees and Commissions - Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions. These fees are earned at the point in time when the services are rendered, and therefore the related revenue is recognized as the Company’s performance obligation is satisfied. Insurance Commissions - Insurance commissions are earned when policies are placed by customers with the insurance carriers and are collected and recognized using two different methods: the agency bill method and the direct bill method. Prior to the sale of the Company’s insurance agency businesses in July 2024 (as to Renasant Insurance, Inc.) and December 2025 (as to Southwest Georgia Insurance Services, Inc.) each insurance agency, under the agency bill method, was responsible for billing the customers directly and then collecting and remitting the premiums to the insurance carriers. Agency bill revenue was recognized at the later of the invoice date or effective date of the policy. Under the direct bill method, premium billing and collections were handled by the insurance carriers, and a commission was then paid to the insurance agency. Direct bill revenue was recognized when the commission payment was received from the insurance carriers. The Company also earned contingency income that it recognized on a cash basis. Contingency income is a bonus received from the insurance underwriters based on commission income and claims experience on policies during the previous year. Increases and decreases in contingency income are reflective of corresponding increases and decreases in the amount of claims paid by insurance carriers. 81 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) Wealth Management Revenue - Fees for managing trust accounts (inclusive of personal and corporate benefit accounts, IRAs, and custodial accounts) are based on the value of assets under management in the account, with the amount of the fee depending on the type of account. Revenue is recognized on a monthly basis, and there is little to no risk of a material reversal of revenue. Fees for other wealth management services, such as investment guidance relating to fixed and variable annuities, mutual funds, stocks and other investments, are recognized based on either trade activity, where fees are recognized at the time of the trade, or assets under management, where fees are recognized monthly, and there is little to no risk of material reversal of revenue. Sales of OREO - The Company continually markets the properties included in the OREO portfolio. The Company will at times, in the ordinary course of business, provide seller-financing on sales of OREO. In cases where a sale is seller-financed, the Company must ensure the commitment of both parties to perform their respective obligations and the collectability of the transaction price in order to properly recognize the revenue on the sale of OREO. This is accomplished through the Company’s loan underwriting process. In this process the Company considers factors such as the buyer’s initial equity in the property, the credit quality of the buyer, the financing terms of the loan and the cash flow from the property, if applicable. The revenue on the sale of OREO will be recognized on the closing date of the sale when the Company has transferred title to the buyer and obtained the right to receive payment for the property. In instances where sales are not seller-financed, the Company recognizes revenue on the closing date of the sale when the Company has obtained payment for the property and transferred title to the buyer. For additional information on OREO, please see Note 7, “Other Real Estate Owned.” Income Taxes : Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable. Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. When it is more likely than not that deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The Company releases income tax effects from accumulated other comprehensive income when the related pre-tax amounts are reclassified to earnings. Fair Value Measurements : Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, including: - Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. - Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. - Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models such as discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. 82 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) Classification in the hierarchy is based upon the lowest level of input that is significant to the fair value measurement of the asset or liability. See Note 16, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities. Derivative Instruments and Hedging Activities : The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure as well as to meet the needs of its customers. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value. Cash flows related to derivative assets and liabilities are reported in the net change in other assets or liabilities as operating activities in the Consolidated Statements of Cash Flows. Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. Fair value hedges are utilized to mitigate the exposure to future interest rate risk. For the Company’s derivatives designated as fair value hedges, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same line item as the earnings effect of the hedged item. The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings and are reflected under the line item “Interest income on loans” on the Consolidated Statements of Income. The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to 45 days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a “mandatory delivery” sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. These types of mortgage loan commitments are recorded at fair value on the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income. Treasury Stock : Treasury stock is recorded at cost. Shares held in treasury are authorized but unissued shares. Retirement Plans : The Company sponsors a noncontributory pension plan and provides retiree medical benefits for certain employees. The Company’s independent actuary firm prepares actuarial valuations of pension cost and obligation, using assumptions and estimates. Expense related to the plans is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense. See Note 13, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s retirement plans. Stock-Based Compensation : Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date and is recognized over the respective awards’ vesting period. The Company has elected to account for forfeitures in compensation cost when they occur. 83 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) The Company utilizes the Black-Scholes model for determining fair value of stock options granted. Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. See Note 13, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation. Earnings Per Common Share : Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming nonvested restricted stock awards, whose vesting is subject to future service requirements, were outstanding common shares as of the awards’ respective grant dates, calculated in accordance with the treasury method (the Company had no stock options outstanding in 2025, 2024 or 2023). See Note 18, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations. Impact of Recently-Issued Accounting Standards and Pronouncements : In December 2023, FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. Entities are also 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 adopted on January 1, 2025 and such required disclosures have been incorporated herein on a prospective basis. The adoption of this ASU did not have a material impact on the Company’s financial statements beyond the additional required disclosures. In November 2024, FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires public business entities to provide additional disaggregated information about certain income statement expense captions in the notes to the financial statements. The standard requires disclosure of specified natural expense categories, such as employee compensation, depreciation, and intangible asset amortization, within relevant expense captions, as well as qualitative descriptions of other amounts not separately disaggregated. The guidance is intended to provide investors with more detailed information about the components of an entity’s expenses. ASU 2024-03 will be effective January 1, 2027, and is not expected to have an impact on the Company’s consolidated financial position or results of operations but will result in expanded disclosures. In November 2025, FASB issued ASU 2025-08, “Financial Instruments - Credit Losses (Topic 326): Purchased Loans” (“ASU 2025-08”), which amends the guidance on accounting for purchased loans under the current expected credit losses model. The amendments clarify and refine the measurement and recognition requirements for purchased financial assets with credit deterioration and other purchased loans, including guidance on determining the initial allowance for credit losses, the treatment of noncredit discounts and premiums, and subsequent measurement considerations. The standard is intended to improve consistency in practice and reduce complexity in applying the CECL model to purchased loan portfolios. ASU 2025-08 will be effective January 1, 2027, and shall be applied prospectively. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures, including the potential effects on the allowance for credit losses and net interest income. The actual impact will depend on the volume and characteristics of loan portfolios purchased after the effective date. In November 2025, FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” (“ASU 2025-09”), which enables entities to apply hedge accounting to a greater number of highly effective economic hedges in the following areas: (1) similar risk assessment for cash flow hedges, (2) hedging forecasted interest payments on choose-your-rate debt instruments, (3) cash flow hedges of nonfinancial forecasted transactions, (4) net written options as hedging instruments, and (5) foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). ASU 2025-09 will be effective January 1, 2028, and is not expected to have a material impact on the Company's consolidated financial position or results of operations, but it may affect the timing and presentation of gains and losses related to hedging activities and result in expanded disclosures. In December 2025, FASB issued ASU 2025-10, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-10”), which clarifies current interim reporting requirements and the applicability of Topic 270 by providing a comprehensive list of interim disclosures required by GAAP. ASU 2025-10 will be effective January 1, 2028 and is not 84 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 1 – Significant Accounting Policies (continued) expected to have a significant impact on the Company’s consolidated financial position or results of operations, but it may result in expanded or condensed interim disclosures. 85 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 2 – Mergers and Acquisitions (Dollar amounts in thousands, except per share data) Acquisition of The First Bancshares, Inc. (“The First”) Effective April 1, 2025, the Company completed its acquisition by merger of The First, the parent company of The First Bank, in a transaction valued at approximately $ 1,052,690 . The Company issued 30,811,851 shares of common stock and paid approximately $ 1,869 , net of tax benefit, to The First stock option holders for 100 % of the voting equity interest in The First. 426,321 shares of unvested restricted stock awards of The First were assumed and converted into restricted stock awards of Renasant, subject to the same terms and conditions. At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. Before the merger, The First operated 116 banking locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida. The Company incurred transaction costs of $ 49,331 during the year ended December 31, 2025. 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 $ 583,672 in intangible assets, which consist of goodwill of $ 418,196 , a core deposit intangible of $ 165,476 and a customer relationship intangible of $ 5,866 associated with Southwest Georgia Insurance Services, Inc. (“SGIS”), The First’s wholly-owned insurance subsidiary. Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies. As a result of various measurement period adjustments identified during the third and fourth quarters of 2025, the estimated fair value of goodwill as of the acquisition date decreased $ 12,688 from $ 430,884 to $ 418,196 . The goodwill is not deductible for income tax purposes. The fair value of the core deposit intangible is being amortized over the estimated useful life, currently expected to be approximately 10 years. On December 31, 2025, substantially all of the assets and liabilities of SGIS, including the customer relationship intangible, were sold, with no gain or loss recognized on the sale. The calculation of goodwill is subject to change as additional information, specifically regarding final valuations of a few properties included in premises and equipment, becomes available during the one-year measurement period. 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, 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 $ 1,052,690 86 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 2 - Mergers and Acquisitions (continued) The following table summarizes the preliminary fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First: Preliminary Fair Value of Net Assets Acquired at Date of Acquisition Measurement Period Adjustments Fair Value of Net Assets Acquired at Date of Acquisition Cash and cash equivalents $ 263,352 $ — $ 263,352 Securities 1,457,203 174 1,457,377 Loans, including loans held for sale 5,174,903 ( 1,569 ) 5,173,334 Premises and equipment 173,174 8,580 181,754 Bank-owned life insurance 146,601 — 146,601 Other real estate owned 11,109 ( 77 ) 11,032 Other intangible assets 159,610 5,866 165,476 Other assets 173,359 526 173,885 Total identifiable assets $ 7,559,311 $ 13,500 $ 7,572,811 Deposits $ 6,449,393 $ — $ 6,449,393 Borrowings 419,165 — 419,165 Other liabilities 59,857 9,902 69,759 Total liabilities $ 6,928,415 $ 9,902 $ 6,938,317 Net identifiable assets acquired over liabilities assumed $ 630,896 $ 3,598 $ 634,494 Goodwill (1) 430,884 ( 12,688 ) 418,196 Net assets acquired over liabilities assumed $ 1,061,780 $ ( 9,090 ) $ 1,052,690 (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 Allowance for credit losses at acquisition ( 25,003 ) Non-credit discount ( 4,021 ) Fair value on the date of acquisition $ 139,487 Non-PCD loans: Fair value $ 5,032,996 Gross contractual amounts receivable 5,233,447 Estimate of contractual cash flows not expected to be collected 62,190 Supplemental Pro Forma Combined Condensed Consolidated Results of Operations (unaudited) The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2025 and 2024 of the Company as though the merger with The First had been completed as of January 1, 2024. The unaudited estimated pro forma information combines the historical results of The First with the Company’s historical consolidated results and applies the impact of purchase accounting adjustments such as loan discount accretion, deposit amortization and intangible assets amortization as if the merger was completed as of January 1, 2024. It excludes $ 20,479 of merger-related expenses and $ 66,612 of Day 1 acquisition provision expense from the second 87 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 2 - Mergers and Acquisitions (continued) quarter of 2025 and instead includes such expenses in the first quarter of 2024. The pro forma information is not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2024. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Other than the aforementioned $ 20,479 in merger-related expenses, which were attributed to the first quarter of 2024, merger expenses are reflected in the period in which they were incurred. Year Ended December 31, 2025 2024 Net interest income - pro forma $ 853,353 $ 835,583 Noninterest income - pro forma $ 190,414 $ 245,836 Net income - pro forma $ 240,043 $ 249,555 Earnings per share - pro forma: Basic $ 2.76 $ 2.75 Diluted $ 2.74 $ 2.73 Due to the timing of system conversion and the integration of operations into the Company’s existing operations, historical reporting for acquired operations is impracticable, and, therefore, disclosure of the amounts of revenue and expenses of the acquired institution since the acquisition date is impracticable. 88 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 3 – Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities available for sale were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2025 Obligations of states and political subdivisions $ 266,553 $ 8,012 $ ( 1,780 ) $ 272,785 Residential mortgage-backed securities: Agency mortgage backed securities 793,154 5,670 ( 15,675 ) 783,149 Collateralized mortgage obligations 706,986 2,826 ( 57,908 ) 651,904 Commercial mortgage-backed securities: Agency mortgage backed securities 100,314 285 ( 762 ) 99,837 Collateralized mortgage obligations 419,356 3,552 ( 18,120 ) 404,788 Other debt securities 349,132 1,537 ( 2,314 ) 348,355 $ 2,635,495 $ 21,882 $ ( 96,559 ) $ 2,560,818 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2024 Obligations of states and political subdivisions $ 20,266 $ 57 $ ( 2,269 ) $ 18,054 Residential mortgage-backed securities: Agency mortgage backed securities 185,292 81 ( 24,468 ) 160,905 Collateralized mortgage obligations 475,311 75 ( 86,870 ) 388,516 Commercial mortgage-backed securities: Agency mortgage backed securities 11,373 — ( 751 ) 10,622 Collateralized mortgage obligations 146,510 41 ( 21,595 ) 124,956 Other debt securities 130,175 440 ( 2,655 ) 127,960 $ 968,927 $ 694 $ ( 138,608 ) $ 831,013 89 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 3 – Securities (continued) The amortized cost and fair value of securities held to maturity were as follows as of the dates presented: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2025 Obligations of states and political subdivisions $ 279,424 $ 29 $ ( 29,516 ) $ 249,937 Residential mortgage-backed securities: Agency mortgage backed securities 323,993 — ( 10,030 ) 313,963 Collateralized mortgage obligations 320,258 — ( 18,600 ) 301,658 Commercial mortgage-backed securities: Agency mortgage backed securities 16,938 — ( 2,059 ) 14,879 Collateralized mortgage obligations 42,079 — ( 5,997 ) 36,082 Other debt securities 47,413 — ( 2,062 ) 45,351 $ 1,030,105 $ 29 $ ( 68,264 ) $ 961,870 Allowance for credit losses - held to maturity securities ( 32 ) Held-to-maturity securities, net of allowance for credit losses $ 1,030,073 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2024 Obligations of states and political subdivisions $ 284,542 $ 3 $ ( 42,491 ) $ 242,054 Residential mortgage-backed securities: Agency mortgage backed securities 372,414 — ( 25,251 ) 347,163 Collateralized mortgage obligations 354,882 — ( 41,506 ) 313,376 Commercial mortgage-backed securities: Agency mortgage backed securities 16,961 — ( 2,958 ) 14,003 Collateralized mortgage obligations 43,662 — ( 7,317 ) 36,345 Other debt securities 53,683 — ( 4,080 ) 49,603 $ 1,126,144 $ 3 $ ( 123,603 ) $ 1,002,544 Allowance for credit losses - held to maturity securities ( 32 ) Held-to-maturity securities, net of allowance for credit losses $ 1,126,112 90 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 3 – Securities (continued) Available for sale securities sold were as follows for the years ended December 31, 2025, 2024 and 2023. On April 1, 2025, the Company acquired available for sale securities with a fair value of $ 1,457,377 as part of the merger with The First. Shortly after the 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 during 2025. Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 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: Agency mortgage backed securities 275,910 275,910 — Collateralized mortgage obligations 2,437 2,437 — Commercial mortgage-backed securities: Agency mortgage backed securities 6,541 6,541 — Collateralized mortgage obligations 6,480 6,480 — Other debt securities 33,214 33,214 — $ 686,485 $ 686,485 $ — For the securities sold for the year ended December 31, 2024, the Company intended to sell these as of December 31, 2023, and thereafter completed the sale in January 2024. Therefore, the Company recorded impairment of $ 19,352 on the securities identified to be sold as of December 31, 2023 and did not recognize a gain or loss during 2024. Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2024 Obligations of states and political subdivisions $ 11,360 $ 11,360 $ — Residential mortgage-backed securities: Agency mortgage backed securities 95,922 95,922 — Collateralized mortgage obligations 43,990 43,990 — Commercial mortgage-backed securities: Collateralized mortgage obligations 25,913 25,913 — $ 177,185 $ 177,185 $ — Carrying Value Net Proceeds Gain/(Loss) Twelve months ended December 31, 2023 Obligations of other U.S. Government agencies and corporations $ 170,000 $ 164,915 $ ( 5,085 ) Obligations of states and political subdivisions 104,950 99,439 ( 5,511 ) Residential mortgage-backed securities: Agency mortgage backed securities 137,196 130,602 ( 6,594 ) Collateralized mortgage obligations 54,028 51,101 ( 2,927 ) Commercial mortgage-backed securities: Agency mortgage backed securities 5,048 4,825 ( 223 ) Collateralized mortgage obligations 40,197 38,099 ( 2,098 ) $ 511,419 $ 488,981 $ ( 22,438 ) 91 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 3 – Securities (continued) Gross realized gains and gross realized losses on sales of securities available for sale were as follows for the periods presented: Year Ended December 31, 2025 2024 ( 1) 2023 Gross gains on sales of securities available for sale $ — $ — $ 126 Gross losses on sales of securities available for sale — — ( 22,564 ) Losses on sales of securities available for sale, net $ — $ — $ ( 22,438 ) (1) Impairment of available for sale securities sold in January 2024 and recognized in December 2023 consisted of $ 5 of gross gains and $ 19,357 of gross losses. At December 31, 2025 and 2024, securities with a carrying value of approximately $ 1,732,787 and $ 818,344 , respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $ 9,023 and $ 18,732 were pledged as collateral for short-term borrowings and derivative instruments, respectively, at December 31, 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 December 31, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 215 $ 214 $ 10,323 $ 10,351 Due after one year through five years 9,734 9,272 72,225 72,645 Due after five years through ten years 179,864 162,361 128,007 129,427 Due after ten years 89,611 78,090 105,792 110,173 Residential mortgage-backed securities: Agency mortgage backed securities 323,993 313,963 793,154 783,149 Collateralized mortgage obligations 320,258 301,658 706,986 651,904 Commercial mortgage-backed securities: Agency mortgage backed securities 16,938 14,879 100,314 99,837 Collateralized mortgage obligations 42,079 36,082 419,356 404,788 Other debt securities 47,413 45,351 299,338 298,544 $ 1,030,105 $ 961,870 $ 2,635,495 $ 2,560,818 92 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 3 – Securities (continued) The following tables present the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position, as of the dates presented: Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: December 31, 2025 Obligations of states and political subdivisions 13 $ 19,454 $ ( 445 ) 7 $ 13,591 $ ( 1,335 ) 20 $ 33,045 $ ( 1,780 ) Residential mortgage-backed securities: Agency mortgage backed securities 8 135,320 ( 903 ) 36 132,975 ( 14,772 ) 44 268,295 ( 15,675 ) Collateralized mortgage obligations 2 24,816 ( 58 ) 37 299,606 ( 57,850 ) 39 324,422 ( 57,908 ) Commercial mortgage-backed securities: Agency mortgage backed securities 9 71,188 ( 395 ) 2 5,595 ( 367 ) 11 76,783 ( 762 ) Collateralized mortgage obligations 12 40,387 ( 56 ) 25 102,206 ( 18,064 ) 37 142,593 ( 18,120 ) Other debt securities 10 191,504 ( 1,347 ) 8 14,571 ( 967 ) 18 206,075 ( 2,314 ) Total 54 $ 482,669 $ ( 3,204 ) 115 $ 568,544 $ ( 93,355 ) 169 $ 1,051,213 $ ( 96,559 ) December 31, 2024 Obligations of states and political subdivisions — $ — $ — 7 $ 12,841 $ ( 2,269 ) 7 $ 12,841 $ ( 2,269 ) Residential mortgage-backed securities: Agency mortgage backed securities 7 11,051 ( 259 ) 34 141,321 ( 24,209 ) 41 152,372 ( 24,468 ) Collateralized mortgage obligations 3 48,879 ( 482 ) 37 311,964 ( 86,388 ) 40 360,843 ( 86,870 ) Commercial mortgage-backed securities: Agency mortgage backed securities 2 5,248 ( 122 ) 2 5,375 ( 629 ) 4 10,623 ( 751 ) Collateralized mortgage obligations 2 7,681 ( 39 ) 25 104,326 ( 21,556 ) 27 112,007 ( 21,595 ) Other debt securities 2 22,357 ( 218 ) 17 30,801 ( 2,437 ) 19 53,158 ( 2,655 ) Total 16 $ 95,216 $ ( 1,120 ) 122 $ 606,628 $ ( 137,488 ) 138 $ 701,844 $ ( 138,608 ) 93 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 3 – Securities (continued) Less than 12 months 12 months or more Total Held to Maturity: # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses December 31, 2025 Obligations of states and political subdivisions — $ — $ — 124 $ 248,044 $ ( 29,516 ) 124 $ 248,044 $ ( 29,516 ) Residential mortgage-backed securities: Agency mortgage backed securities — — — 66 313,963 ( 10,030 ) 66 313,963 ( 10,030 ) Collateralized mortgage obligations — — — 18 301,657 ( 18,600 ) 18 301,657 ( 18,600 ) Commercial mortgage-backed securities: Agency mortgage backed securities — — — 1 14,879 ( 2,059 ) 1 14,879 ( 2,059 ) Collateralized mortgage obligations — — — 9 36,083 ( 5,997 ) 9 36,083 ( 5,997 ) Other debt securities — — — 10 45,351 ( 2,062 ) 10 45,351 ( 2,062 ) Total — $ — $ — 228 $ 959,977 $ ( 68,264 ) 228 $ 959,977 $ ( 68,264 ) December 31, 2024 Obligations of states and political subdivisions — $ — $ — 128 $ 240,394 $ ( 42,491 ) 128 $ 240,394 $ ( 42,491 ) Residential mortgage-backed securities: Agency mortgage backed securities — — — 69 347,154 ( 25,251 ) 69 347,154 ( 25,251 ) Collateralized mortgage obligations — — — 18 313,376 ( 41,506 ) 18 313,376 ( 41,506 ) Commercial mortgage-backed securities: Agency mortgage backed securities — — — 1 14,002 ( 2,958 ) 1 14,002 ( 2,958 ) Collateralized mortgage obligations — — — 9 36,345 ( 7,317 ) 9 36,345 ( 7,317 ) Other debt securities — — — 10 49,603 ( 4,080 ) 10 49,603 ( 4,080 ) Total — $ — $ — 235 $ 1,000,874 $ ( 123,603 ) 235 $ 1,000,874 $ ( 123,603 ) The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, more than 90 % of available for sale securities have the explicit backing of the United States government or a guarantee from a government sponsored enterprise that has perceived credit risk the same as the U.S. 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. For municipal and corporate securities, the Company considers historical experience with credit sensitive securities, current market conditions, the financial health of the issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, or insurance programs when determining the fair value of the contractual cash flows. Based on its review of these factors as of December 31, 2025 and 2024, 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 Accumulated Other Comprehensive Income. At each of December 31, 2025 and 2024, the allowance for credit losses on held to maturity securities was $ 32 . The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by third party ratings agencies. Updated investment grades are obtained as they become available from the agencies. On December 31, 2025, all debt securities held to maturity were rated A or higher by the ratings agencies. Accordingly, no additional credit loss was recorded for held to maturity securities. 94 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (In Thousands, Except Number of Loans) The following is a summary of loans and leases, excluding loans held for sale, at December 31: 2025 2024 Commercial and industrial $ 2,818,326 $ 1,976,286 Construction and land development Residential 382,773 256,661 Other 1,522,863 1,065,148 Total construction and land development 1,905,636 1,321,809 Real estate - 1-4 family mortgage First lien 3,844,097 2,805,693 Junior lien 52,943 25,441 Home equity 737,993 544,160 Total real estate – 1-4 family mortgage 4,635,033 3,375,294 Commercial real estate - owner occupied 3,334,664 1,894,679 Commercial real estate - non-owner occupied Multi family 1,392,779 985,037 Other 4,852,701 3,241,901 Total commercial real estate - non-owner occupied 6,245,480 4,226,938 Consumer 107,900 90,014 Loans, net of unearned income 19,047,039 12,885,020 The Company had unearned income of $ 5,152 and $ 4,480 , unamortized net deferred (fees) costs of $( 1,900 ) and $ 8,484 , and unamortized purchase accounting discounts, net of premiums, of $ 161,591 and $ 4,804 , at December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company has accrued interest receivable for loans of $ 54,395 and $ 54,804 , respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets. Interest on nonaccrual loans for the years ended December 31, 2025 and 2024 was immaterial. 95 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Past Due and Nonaccrual Loans The following table provides nonaccrual loans and an aging of accruing past due loans, segregated by class, as of the dates presented: Accruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Accruing Loans Nonaccruing Loans Total Loans December 31, 2025 Commercial and industrial $ 6,580 $ 109 $ 2,783,744 $ 2,790,433 $ 27,893 $ 2,818,326 Construction and land development Residential 59 — 380,681 380,740 2,033 382,773 Other 676 158 1,516,490 1,517,324 5,539 1,522,863 Total construction and land development 735 158 1,897,171 1,898,064 7,572 1,905,636 Real estate - 1-4 family mortgage First lien 55,636 — 3,727,587 3,783,223 60,874 3,844,097 Junior lien 743 7 50,717 51,467 1,476 52,943 Home equity 3,885 — 731,034 734,919 3,074 737,993 Total real estate – 1-4 family mortgage 60,264 7 4,509,338 4,569,609 65,424 4,635,033 Commercial real estate - owner occupied 9,109 — 3,294,252 3,303,361 31,303 3,334,664 Commercial real estate - non-owner occupied Multi family — — 1,391,994 1,391,994 785 1,392,779 Other 11,595 — 4,798,496 4,810,091 42,610 4,852,701 Total commercial real estate - non-owner occupied 11,595 — 6,190,490 6,202,085 43,395 6,245,480 Consumer 879 14 106,864 107,757 143 107,900 Loans, net of unearned income $ 89,162 $ 288 $ 18,781,859 $ 18,871,309 $ 175,730 $ 19,047,039 Accruing Loans 30-89 Days Past Due 90 Days or More Past Due Current Loans Total Accruing Loans Nonaccruing Loans Total Loans December 31, 2024 Commercial and industrial $ 836 $ 125 $ 1,969,367 $ 1,970,328 $ 5,958 $ 1,976,286 Construction and land development Residential 2,194 — 253,244 255,438 1,223 256,661 Other 167 1,913 1,059,917 1,061,997 3,151 1,065,148 Total construction and land development 2,361 1,913 1,313,161 1,317,435 4,374 1,321,809 Real estate - 1-4 family mortgage First lien 29,755 12 2,721,625 2,751,392 54,301 2,805,693 Junior lien 46 — 24,283 24,329 1,112 25,441 Home equity 3,186 35 537,570 540,791 3,369 544,160 Total real estate – 1-4 family mortgage 32,987 47 3,283,478 3,316,512 58,782 3,375,294 Commercial real estate - owner occupied 2,650 365 1,879,350 1,882,365 12,314 1,894,679 Commercial real estate - non-owner occupied Multi family — — 985,037 985,037 — 985,037 Other 326 — 3,212,295 3,212,621 29,280 3,241,901 Total commercial real estate - non-owner occupied 326 — 4,197,332 4,197,658 29,280 4,226,938 Consumer 682 14 89,215 89,911 103 90,014 Loans, net of unearned income $ 39,842 $ 2,464 $ 12,731,903 $ 12,774,209 $ 110,811 $ 12,885,020 96 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Certain Modifications to Borrowers Experiencing Financial Difficulty The following tables present the amortized cost basis of loans that were experiencing financial difficulty and modified during the years ended December 31, 2025 and 2024, respectively, by class of financing receivable and by type of modification. Twelve months ended December 31, 2025 Interest Rate Reduction Term Extension Payment Delay Term Extension and Payment Delay Interest Rate Reduction and Term Extension Interest Rate Reduction and Payment Delay Total % of Loans Commercial and industrial $ — $ 27,470 $ 364 $ 165 $ — $ 457 $ 28,456 1.01 % Construction and land development Residential — — — — — — — — Other — 31 — — — — 31 — Total construction and land development — 31 — — — — 31 — Real estate - 1-4 family mortgage First lien — 45 161 161 — — 367 0.01 % Junior lien — — — — — — — — Home equity — 39 152 148 — — 339 0.05 Total real estate – 1-4 family mortgage — 84 313 309 — — 706 0.02 Commercial real estate - owner occupied 997 1,665 — — 139 — 2,801 0.08 Commercial real estate - non-owner occupied Multi family — — — — — — — — Other — 2,037 294 481 351 — 3,163 0.07 Total commercial real estate - non-owner occupied — 2,037 294 481 351 — 3,163 0.05 Consumer — 81 7 12 — — 100 0.09 Loans, net of unearned income $ 997 $ 31,368 $ 978 $ 967 $ 490 $ 457 $ 35,257 0.19 % 97 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Twelve months ended December 31, 2024 Interest Rate Reduction Term Extension Payment Delay Term Extension and Payment Delay Interest Rate Reduction and Term Extension Interest Rate Reduction, Term Extension and Payment Delay Interest Rate Reduction and Payment Delay Total % Total Loans Commercial and industrial $ 3,215 $ 67 $ 47 $ 405 $ — $ 113 $ — $ 3,847 0.19 % Construction and land development Residential — — — — — — — — — Other — — — — — — — — — Total construction and land development — — — — — — — — — Real estate - 1-4 family mortgage First lien — 58 2,046 — — — 204 2,308 0.08 Junior lien — 33 — — — — — 33 0.13 Home equity — 103 — — — — — 103 0.02 Total real estate – 1-4 family mortgage — 194 2,046 — — — 204 2,444 0.07 Commercial real estate - owner occupied 6,948 1,249 204 232 252 — — 8,885 0.47 Commercial real estate - non-owner occupied Multi family — — — — — — — — — Other — 19,288 79 — — — — 19,367 0.60 Total commercial real estate - non-owner occupied — 19,288 79 — — — — 19,367 0.46 Consumer — — 13 — — 3 — 16 0.02 Loans, net of unearned income $ 10,163 $ 20,798 $ 2,389 $ 637 $ 252 $ 116 $ 204 $ 34,559 0.27 % 98 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) The following tables present the weighted average financial effect of loan modifications by class of financing receivable for the periods presented. Twelve months ended December 31, 2025 Loan Type Financial Effect Interest Rate Reduction Commercial real estate - owner occupied Reduced the interest rate 485 basis points Term Extension Commercial and industrial Extended the term 12 months Construction and land development - Other Extended the term 60 months Real estate - 1-4 family mortgage - First lien Extended the term 12 months Real estate - 1-4 family mortgage - Home equity Extended the term 56 months Commercial real estate - owner occupied Extended the term 7 months Commercial real estate - non-owner occupied - Other Extended the term 12 months Consumer Extended the term 124 months Payment Delay Commercial and industrial Delayed the payment 14 months Real estate - 1-4 family mortgage - First lien Delayed the payment 16 months Real estate - 1-4 family mortgage - Home equity Delayed the payment 52 months Commercial real estate - non-owner occupied - Other Delayed the payment 6 months Consumer Delayed the payment 23 months Combination - Term Extension and Payment Delay Commercial and industrial Extended the term and delayed the payment 29 months Real estate - 1-4 family mortgage - First lien Extended the term and delayed the payment 11 months Real estate - 1-4 family mortgage - Home equity Extended the term and delayed the payment 69 months Commercial real estate - non-owner occupied - Other Extended the term and delayed the payment 15 months Consumer Extended the term and delayed the payment 45 months Combination - Interest Rate Reduction and Term Extension Commercial real estate - owner occupied Reduced the interest rate 45 basis points and extended the term 80 months Commercial real estate - non-owner occupied - Other Reduced the interest rate 45 basis points and extended the term 81 months Combination - Interest Rate Reduction and Payment Delay Commercial and industrial Reduced the interest rate 150 basis points and delayed the payment 60 months 99 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Twelve months ended December 31, 2024 Loan Type Financial Effect Interest Rate Reduction Commercial and industrial Reduced the interest rate 46 basis points Commercial real estate - owner occupied Reduced the interest rate 47 basis points Term Extension Commercial and industrial Extended the term 8 months Real estate - 1-4 family mortgage - First lien Extended the term 39 months Real estate - 1-4 family mortgage - Junior lien Extended the term 24 months Real estate - 1-4 family mortgage - Home equity Extended the term 16 months Commercial real estate - owner occupied Extended the term 8 months Commercial real estate - non-owner occupied - Other Extended the term 18 months Payment Delay Commercial and industrial Delayed the payment 8 months Real estate - 1-4 family mortgage - First lien Delayed the payment 42 months Commercial real estate - owner occupied Delayed the payment 40 months Commercial real estate - non-owner occupied - Other Delayed the payment 9 months Consumer Delayed the payment 17 months Combination - Term Extension and Payment Delay Commercial and industrial Extended the term and delayed the payment 42 months Commercial real estate - owner occupied Extended the term and delayed the payment 9 months Combination - Interest Rate Reduction and Term Extension Commercial real estate - 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 - First lien Reduced the interest rate 25 basis points and delayed the payment 51 months Combination - Interest Rate Reduction, Term Extension and Payment Delay Commercial and industrial Reduced the interest rate 181 basis points and extended the term and delayed the payment 59 months Consumer Reduced the interest rate 460 basis points and extended the term and delayed the payment 54 months Unused commitments relating to modified loans totaled $ 578 and $ 1,135 at December 31, 2025 and 2024, respectively. There were no loan modifications in 2025 for which the accrual or past due status deteriorated since the quarter of modification. Loan modifications that were modified in 2024 and for which the accrual or past due status had deteriorated since the quarter of modification totaled $ 34 at December 31, 2024. The past due status of these loans moved from current to 30 - 89 days past due. Credit Quality For commercial and commercial real estate-secured loans, internal risk-rating grades are assigned jointly by lending and credit administration, with validation by loan review personnel. The risk rating is based on an analysis of the financial and collateral strength of the borrower, guarantor strength, as well as other credit attributes underlying each loan based on asset type and industry. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 10 and 95 , with 10 being loans with the least credit risk. Loans within the “Pass” grade (those with a risk rating between 10 and 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 between 70 and 79 ) represents a loan where a significant adverse risk-modifying action is anticipated in the near term that, left uncorrected, could result in deterioration of the credit quality of the 100 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) loan. Loans that migrate into 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 or renewal and internal risk-rating grades as of the dates presented: Term Loans Amortized Cost Basis by Origination Year 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total Loans December 31, 2025 Commercial and industrial $ 664,836 $ 267,767 $ 189,777 $ 250,976 $ 129,199 $ 102,743 $ 1,188,474 $ 24,554 $ 2,818,326 Pass 648,151 262,528 185,033 244,440 127,075 99,108 1,122,605 21,189 2,710,129 Special mention 15,095 2,348 802 608 424 1,869 28,499 — 49,645 Classified 1,590 2,891 3,942 5,928 1,700 1,766 37,370 3,365 58,552 Current period gross charge-offs 5 1,519 3,681 4,268 5,223 3,676 1,155 — 19,527 Construction and land development $ 891,047 $ 450,335 $ 235,317 $ 92,070 $ 22,381 $ 9,220 $ 61,638 $ 1,505 $ 1,763,513 Residential 235,859 34,917 — — — — 8,288 — 279,064 Pass 233,826 34,917 — — — — 8,288 — 277,031 Special mention — — — — — — — — — Classified 2,033 — — — — — — — 2,033 Current period gross charge-offs — — 106 242 — — — — 348 Other $ 655,188 $ 415,418 $ 235,317 $ 92,070 $ 22,381 $ 9,220 $ 53,350 $ 1,505 $ 1,484,449 Pass 644,909 410,878 226,065 88,922 22,381 9,094 53,106 1,505 1,456,860 Special mention 457 3,948 727 — — 107 244 — 5,483 Classified 9,822 592 8,525 3,148 — 19 — — 22,106 Current period gross charge-offs — — — — — 26 — — 26 Real Estate - 1-4 Family Mortgage $ 269,213 $ 150,538 $ 137,194 $ 191,230 $ 116,779 $ 71,816 $ 107,516 $ 462 $ 1,044,748 First lien 251,292 142,403 129,819 186,606 114,068 69,209 3,230 — 896,627 Pass 249,929 139,985 128,534 183,517 112,078 66,988 3,230 — 884,261 Special mention 263 226 525 216 530 76 — — 1,836 Classified 1,100 2,192 760 2,873 1,460 2,145 — — 10,530 Current period gross charge-offs — — 34 149 64 78 — — 325 Junior lien $ 15,567 $ 7,330 $ 6,502 $ 3,854 $ 1,966 $ 2,348 $ 405 $ — $ 37,972 Pass 14,819 6,978 5,915 3,734 1,909 1,740 405 — 35,500 Special mention 514 132 — — — — — — 646 Classified 234 220 587 120 57 608 — — 1,826 Current period gross charge-offs — — 11 142 — 278 — — 431 Home equity $ 2,354 $ 805 $ 873 $ 770 $ 745 $ 259 $ 103,881 $ 462 $ 110,149 Pass 2,354 805 873 267 745 259 103,497 411 109,211 Special mention — — — — — — — — — Classified — — — 503 — — 384 51 938 Current period gross charge-offs — — — — 92 93 — — 185 101 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Term Loans Amortized Cost Basis by Origination Year 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Commercial real estate - owner occupied $ 501,919 $ 602,513 $ 453,290 $ 541,607 $ 465,069 $ 558,280 $ 211,986 $ — $ 3,334,664 Pass 497,708 586,917 438,247 520,128 447,885 527,129 210,685 — 3,228,699 Special mention 3,807 6,263 3,993 15,360 2,971 13,295 — — 45,689 Classified 404 9,333 11,050 6,119 14,213 17,856 1,301 — 60,276 Current period gross charge-offs — — 177 — — 1,339 4,201 — 5,717 Commercial real estate - non owner occupied $ 1,696,446 $ 753,232 $ 597,999 $ 1,748,638 $ 676,417 $ 657,353 $ 113,358 $ 2,037 $ 6,245,480 Multi family 394,699 71,999 123,963 548,165 135,587 115,521 2,845 — 1,392,779 Pass 360,750 69,068 123,477 548,165 135,587 114,726 2,845 — 1,354,618 Special mention 33,062 2,918 — — — — — — 35,980 Classified 887 13 486 — — 795 — — 2,181 Current period gross charge-offs — — — — — — — — — Other $ 1,301,747 $ 681,233 $ 474,036 $ 1,200,473 $ 540,830 $ 541,832 $ 110,513 $ 2,037 $ 4,852,701 Pass 1,286,217 657,184 470,862 1,118,903 525,177 482,460 108,900 — 4,649,703 Special mention — 4,741 2,249 37,841 9,328 7,852 138 — 62,149 Classified 15,530 19,308 925 43,729 6,325 51,520 1,475 2,037 140,849 Current period gross charge-offs — — — — — 160 — — 160 Consumer $ — $ — $ 2 $ — $ — $ — $ — $ — $ 2 Pass — — 2 — — — — — 2 Special mention — — — — — — — — — Classified — — — — — — — — — Current period gross charge-offs — — — — — — — — — Total loans subject to risk rating $ 4,023,461 $ 2,224,385 $ 1,613,579 $ 2,824,521 $ 1,409,845 $ 1,399,412 $ 1,682,972 $ 28,558 $ 15,206,733 Pass 3,938,663 2,169,260 1,579,008 2,708,076 1,372,837 1,301,504 1,613,561 23,105 14,706,014 Special mention 53,198 20,576 8,296 54,025 13,253 23,199 28,881 — 201,428 Classified 31,600 34,549 26,275 62,420 23,755 74,709 40,530 5,453 299,291 Current period gross charge-offs 5 1,519 4,009 4,801 5,379 5,650 5,356 — 26,719 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total Loans December 31, 2024 Commercial and industrial $ 305,032 $ 231,239 $ 268,425 $ 122,318 $ 69,846 $ 57,591 $ 898,773 $ 2,889 $ 1,956,113 Pass 299,747 223,312 247,845 121,305 67,368 56,003 874,105 2,767 1,892,452 Special mention 591 2,874 3,438 415 1,244 558 7,006 — 16,126 Classified 4,694 5,053 17,142 598 1,234 1,030 17,662 122 47,535 Current period gross charge-offs — 382 459 879 4 2,974 407 — 5,105 102 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Construction and land development $ 480,017 $ 274,038 $ 406,832 $ 29,396 $ 3,341 $ 5,563 $ 29,561 $ 175 $ 1,228,923 Residential 162,972 15,455 1,708 — — 625 1,246 — 182,006 Pass 160,778 14,673 1,467 — — 625 1,246 — 178,789 Special mention 2,194 — — — — — — — 2,194 Classified — 782 241 — — — — — 1,023 Current period gross charge-offs — — 145 — — — — — 145 Other $ 317,045 $ 258,583 $ 405,124 $ 29,396 $ 3,341 $ 4,938 $ 28,315 $ 175 $ 1,046,917 Pass 316,880 246,219 399,895 29,192 3,091 4,902 28,315 175 1,028,669 Special mention 165 12,345 1,882 31 59 — — — 14,482 Classified — 19 3,347 173 191 36 — — 3,766 Current period gross charge-offs — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 108,462 $ 90,023 $ 116,310 $ 65,019 $ 33,491 $ 24,714 $ 35,425 $ 1,150 $ 474,594 First lien 103,597 83,005 113,132 63,150 32,059 23,574 4,873 984 424,374 Pass 103,192 82,201 112,684 62,703 31,966 22,794 4,873 913 421,326 Special mention 41 564 187 52 24 — — — 868 Classified 364 240 261 395 69 780 — 71 2,180 Current period gross charge-offs — — — — — 66 — — 66 Junior lien $ 3,897 $ 6,013 $ 3,171 $ 932 $ 1,432 $ 1,105 $ 1,576 $ 115 $ 18,241 Pass 3,758 5,803 3,171 829 1,432 469 1,576 96 17,134 Special mention 139 — — — — — — — 139 Classified — 210 — 103 — 636 — 19 968 Current period gross charge-offs — 12 — — — — — — 12 Home equity $ 968 $ 1,005 $ 7 $ 937 $ — $ 35 $ 28,976 $ 51 $ 31,979 Pass 968 1,005 7 937 — — 28,976 — 31,893 Special mention — — — — — — — — — Classified — — — — — 35 — 51 86 Current period gross charge-offs — — — — — 33 — — 33 Commercial real estate - owner occupied $ 373,353 $ 271,445 $ 339,116 $ 275,077 $ 190,911 $ 304,663 $ 137,023 $ 2,969 $ 1,894,557 Pass 372,183 261,624 330,018 271,228 188,860 299,578 130,847 2,717 1,857,055 Special mention 948 348 388 850 131 1,538 — — 4,203 Classified 222 9,473 8,710 2,999 1,920 3,547 6,176 252 33,299 Current period gross charge-offs — — 37 — — — — — 37 Commercial real estate - non owner occupied $ 576,021 $ 427,715 $ 1,447,378 $ 724,161 $ 428,874 $ 484,792 $ 105,645 $ 32,331 $ 4,226,917 Multi family 66,026 37,149 413,008 316,773 118,185 28,105 4,164 1,627 985,037 Pass 65,912 37,149 387,936 316,773 118,185 28,056 4,164 1,627 959,802 Special mention — — 25,072 — — — — — 25,072 Classified 114 — — — — 49 — — 163 103 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total Loans Current period gross charge-offs — — — — — — — — — Other $ 509,995 $ 390,566 $ 1,034,370 $ 407,388 $ 310,689 $ 456,687 $ 101,481 $ 30,704 $ 3,241,880 Pass 488,183 390,190 966,482 401,270 307,106 402,164 101,481 22,733 3,079,609 Special mention 4,900 21 52,670 814 1,138 8,254 — — 67,797 Classified 16,912 355 15,218 5,304 2,445 46,269 — 7,971 94,474 Current period gross charge-offs — — — — — 5,693 — — 5,693 Consumer $ 5 $ — $ — $ — $ — $ — $ — $ — $ 5 Pass 5 — — — — — — — 5 Special mention — — — — — — — — — Classified — — — — — — — — — Current period gross charge-offs — — — — — — — — — Total loans subject to risk rating $ 1,842,890 $ 1,294,460 $ 2,578,061 $ 1,215,971 $ 726,463 $ 877,323 $ 1,206,427 $ 39,514 $ 9,781,109 Pass 1,811,606 1,262,176 2,449,505 1,204,237 718,008 814,591 1,175,583 31,028 9,466,734 Special mention 8,978 16,152 83,637 2,162 2,596 10,350 7,006 — 130,881 Classified 22,306 16,132 44,919 9,572 5,859 52,382 23,838 8,486 183,494 Current period gross charge-offs — 394 641 879 4 8,766 407 — 11,091 The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented: Term Loans Amortized Cost Basis by Origination Year 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total Loans December 31, 2025 Commercial and industrial $ — $ — $ — $ — $ — $ — $ — $ — $ — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Construction and land development $ 66,151 $ 33,823 $ 20,283 $ 6,156 $ 10,321 $ 3,943 $ 507 $ 939 $ 142,123 Residential 54,380 30,881 13,955 1,265 1,914 — 375 939 103,709 Performing Loans 54,380 30,881 13,955 1,265 1,914 — 375 939 103,709 Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Other $ 11,771 $ 2,942 $ 6,328 $ 4,891 $ 8,407 $ 3,943 $ 132 $ — $ 38,414 Performing Loans 11,771 2,921 6,247 4,744 8,403 3,932 132 — 38,150 Non-Performing Loans — 21 81 147 4 11 — — 264 Current period gross charge-offs — — — — — — — — — Real Estate - 1-4 Family Mortgage $ 333,353 $ 213,474 $ 345,975 $ 805,063 $ 534,744 $ 733,503 $ 609,124 $ 15,049 $ 3,590,285 104 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Term Loans Amortized Cost Basis by Origination Year 2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total Loans First lien 331,496 209,270 343,867 801,481 533,558 727,798 — — 2,947,470 Performing Loans 329,942 207,890 335,040 783,952 528,690 705,399 — — 2,890,913 Non-Performing Loans 1,554 1,380 8,827 17,529 4,868 22,399 — — 56,557 Current period gross charge-offs — 74 28 58 — 69 — — 229 Junior lien $ 1,857 $ 4,088 $ 1,745 $ 2,868 $ 968 $ 3,445 $ — $ — $ 14,971 Performing Loans 1,857 4,081 1,689 2,868 968 3,050 — — 14,513 Non-Performing Loans — 7 56 — — 395 — — 458 Current period gross charge-offs — 53 — — — 7 — — 60 Home equity $ — $ 116 $ 363 $ 714 $ 218 $ 2,260 $ 609,124 $ 15,049 $ 627,844 Performing Loans — 116 184 714 218 1,960 608,808 13,334 625,334 Non-Performing Loans — — 179 — — 300 316 1,715 2,510 Current period gross charge-offs — — — — 148 79 — — 227 Commercial real estate - owner occupied $ — $ — $ — $ — $ — $ — $ — $ — $ — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Commercial real estate - non owner occupied $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi family — — — — — — — — — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Other $ — $ — $ — $ — $ — $ — $ — $ — $ — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Consumer $ 40,081 $ 15,374 $ 9,009 $ 6,276 $ 3,636 $ 11,482 $ 21,877 $ 163 $ 107,898 Performing Loans 40,079 15,371 9,006 6,238 3,636 11,376 21,874 163 107,743 Non-Performing Loans 2 3 3 38 — 106 3 — 155 Current period gross charge-offs 53 214 159 74 50 955 19 — 1,524 Total loans not subject to risk rating 439,585 262,671 375,267 817,495 548,701 748,928 631,508 16,151 3,840,306 Performing Loans 438,029 261,260 366,121 799,781 543,829 725,717 631,189 14,436 3,780,362 Non-Performing Loans 1,556 1,411 9,146 17,714 4,872 23,211 319 1,715 59,944 Current period gross charge-offs 53 341 187 132 198 1,110 19 — 2,040 Term Loans Amortized Cost Basis by Origination Year 105 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Total Loans December 31, 2024 Commercial and industrial $ — $ — $ — $ — $ — $ 20,173 $ — $ — $ 20,173 Performing Loans — — — — — 20,173 — — 20,173 Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Construction and land development $ 42,092 $ 27,581 $ 14,467 $ 5,872 $ 2,018 $ 482 $ 108 $ 266 $ 92,886 Residential 37,714 23,301 11,210 2,056 — — 108 266 74,655 Performing Loans 37,514 23,301 11,210 2,056 — — 108 266 74,455 Non-Performing Loans 200 — — — — — — — 200 Current period gross charge-offs — — — — — — — — — Other $ 4,378 $ 4,280 $ 3,257 $ 3,816 $ 2,018 $ 482 $ — $ — $ 18,231 Performing Loans 4,378 4,269 3,144 3,807 2,017 482 — — 18,097 Non-Performing Loans — 11 113 9 1 — — — 134 Current period gross charge-offs — — — — — 7 — — 7 Real Estate - 1-4 Family Mortgage $ 152,541 $ 340,032 $ 706,868 $ 491,159 $ 279,682 $ 417,569 $ 499,157 $ 13,692 $ 2,900,700 First lien 151,968 339,214 705,064 490,266 278,986 414,928 — 893 2,381,319 Performing Loans 151,675 335,268 690,666 484,688 268,806 395,387 — 893 2,327,383 Non-Performing Loans 293 3,946 14,398 5,578 10,180 19,541 — — 53,936 Current period gross charge-offs — 17 195 35 110 81 — — 438 Junior lien $ 543 $ 818 $ 1,804 $ 893 $ 696 $ 2,446 $ — $ — $ 7,200 Performing Loans 532 751 1,804 893 696 2,065 — — 6,741 Non-Performing Loans 11 67 — — — 381 — — 459 Current period gross charge-offs — — — — — — — — — Home equity $ 30 $ — $ — $ — $ — $ 195 $ 499,157 $ 12,799 $ 512,181 Performing Loans 30 — — — — 177 499,052 9,553 508,812 106 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) Non-Performing Loans — — — — — 18 105 3,246 3,369 Current period gross charge-offs — — 330 — — 87 — — 417 Commercial real estate - owner occupied $ — $ — $ — $ — $ 121 $ 1 $ — $ — $ 122 Performing Loans — — — — 121 1 — — 122 Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Commercial real estate - non owner occupied $ — $ — $ — $ — $ 21 $ — $ — $ — $ 21 Multi family — — — — — — — — — Performing Loans — — — — — — — — — Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Other $ — $ — $ — $ — $ 21 $ — $ — $ — $ 21 Performing Loans — — — — 21 — — — 21 Non-Performing Loans — — — — — — — — — Current period gross charge-offs — — — — — — — — — Consumer $ 32,598 $ 11,488 $ 7,971 $ 3,815 $ 1,317 $ 17,261 $ 15,530 $ 29 $ 90,009 Performing Loans 32,561 11,472 7,971 3,802 1,317 17,212 15,529 29 89,893 Non-Performing Loans 37 16 — 13 — 49 1 — 116 Current period gross charge-offs 36 110 69 15 3 1,623 — — 1,856 Total loans not subject to risk rating $ 227,231 $ 379,101 $ 729,306 $ 500,846 $ 283,159 $ 455,486 $ 514,795 $ 13,987 $ 3,103,911 Performing Loans 226,690 375,061 714,795 495,246 272,978 435,497 514,689 10,741 3,045,697 Non-Performing Loans 541 4,040 14,511 5,600 10,181 19,989 106 3,246 58,214 Current period gross charge-offs 36 127 594 50 113 1,798 — — 2,718 Loans Pledged The Federal Home Loan Bank (“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 pledged $ 681,719 and $ 656,683 of its non-real estate loan portfolio to the Federal Reserve as collateral at the Discount Window at December 31, 2025 and 2024, respectively. Related Party Loans Certain executive officers and directors of the Bank and their associates are customers of and have other transactions with the Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows: Loans at December 31, 2024 $ 4,250 New loans and advances 5,262 Loans to directors assumed in acquisition 8,362 Payments received ( 278 ) Loans at December 31, 2025 $ 17,596 107 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 4 – Loans (continued) No related party loans were classified as past due or nonaccrual at December 31, 2025 or 2024. Unfunded commitments to certain executive officers and directors and their associates totaled $ 17,178 and $ 1,168 at December 31, 2025 and 2024, respectively. Note 5 – Allowance for Credit Losses (In Thousands) Allowance for Credit Losses on Loans The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented: Commercial and industrial Construction and land development Real Estate - 1-4 Family Mortgage Commercial real estate - owner occupied Commercial real estate - non-owner occupied Consumer Total Year Ended December 31, 2025 Allowance for credit losses on loans: Beginning balance $ 41,864 $ 19,200 $ 45,498 $ 16,993 $ 71,664 $ 6,537 $ 201,756 Impact of PCD loans acquired during the period 8,997 2,185 708 4,290 8,823 — 25,003 Charge-offs ( 19,527 ) ( 374 ) ( 1,457 ) ( 5,717 ) ( 160 ) ( 1,524 ) ( 28,759 ) Recoveries 2,047 10 221 448 204 452 3,382 Net charge-offs ( 17,480 ) ( 364 ) ( 1,236 ) ( 5,269 ) 44 ( 1,072 ) ( 25,377 ) Provision for (reversal of) credit losses on loans 24,450 10,338 16,279 22,947 19,074 ( 515 ) 92,573 Ending balance $ 57,831 $ 31,359 $ 61,249 $ 38,961 $ 99,605 $ 4,950 $ 293,955 Nonaccruing loans with no allowance for credit losses $ 22,985 $ 6,718 $ 2,386 $ 8,097 $ 10,646 $ — $ 50,832 Commercial and industrial Construction and land development Real Estate - 1-4 Family Mortgage Commercial real estate - owner occupied Commercial real estate - non-owner occupied Consumer Total Year Ended December 31, 2024 Allowance for credit losses on loans: Beginning balance $ 46,418 $ 23,328 $ 45,046 $ 15,192 $ 59,474 $ 9,120 $ 198,578 Impact of PCD loans acquired during the period — — — — — — — Charge-offs ( 5,105 ) ( 152 ) ( 966 ) ( 37 ) ( 5,693 ) ( 1,856 ) ( 13,809 ) Recoveries 1,745 — 165 112 2,166 1,551 5,739 Net charge-offs ( 3,360 ) ( 152 ) ( 801 ) 75 ( 3,527 ) ( 305 ) ( 8,070 ) (Reversal of) provision for credit losses on loans ( 1,194 ) ( 3,976 ) 1,253 1,726 15,717 ( 2,278 ) 11,248 Ending balance $ 41,864 $ 19,200 $ 45,498 $ 16,993 $ 71,664 $ 6,537 $ 201,756 Nonaccruing loans with no allowance for credit losses $ 735 $ 3,257 $ 6,298 $ 3,194 $ 8,555 $ — $ 22,039 The increase in the allowance for credit losses was primarily driven by loan balance increase from a combination of organic loan growth and from the acquisition of The First, and changes in the macroeconomic environment and qualitative factors. The 108 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 5 – Allowance for Credit Losses (continued) Company’s allowance for credit loss considers current conditions, economic projections, primarily the national unemployment rate and GDP over a reasonable and supportable period of two years , historical loss data, and environmental factors. The Company’s allowance for credit loss considers current conditions, economic projections, primarily the national unemployment rate and GDP over a reasonable and supportable period of two years , historical loss data, and environmental factors. The allowance for credit losses under CECL is calculated utilizing the probability of default ( “ PD ” )/ loss given default ( “ LGD ” ) approach for most commercial mortgage related pools, while the average historical life-of-loan loss rate cohort approach is used for the remaining pools. Collateral Dependent Loans The following tables present collateral dependent loans by loan portfolio segment and by type of collateral along with the related allowance for credit losses: Collateral Type Real Estate Other Total Allowance December 31, 2025 Commercial and industrial $ — $ 46,860 $ 46,860 $ 4,502 Construction and land development Residential 2,033 — 2,033 — Other 10,575 — 10,575 1,887 Total construction and land development 12,608 — 12,608 1,887 Real estate - 1-4 family mortgage First lien 3,263 — 3,263 116 Junior lien — — — — Home equity 500 — 500 — Total real estate – 1-4 family mortgage 3,763 — 3,763 116 Commercial real estate - owner occupied 21,165 — 21,165 3,661 Commercial real estate - non-owner occupied Multi family — — — — Other 48,049 — 48,049 10,999 Total commercial real estate - non-owner occupied 48,049 — 48,049 10,999 Consumer — 270 270 270 Loans, net of unearned income $ 85,585 $ 47,130 $ 132,715 $ 21,435 109 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 5 – Allowance for Credit Losses (continued) Collateral Type Real Estate Other Total Allowance December 31, 2024 Commercial and industrial $ — $ 13,794 $ 13,794 $ 5,160 Construction and land development Residential 241 — 241 — Other 3,016 — 3,016 — Total construction and land development 3,257 — 3,257 — Real estate - 1-4 family mortgage First lien 6,298 — 6,298 — Junior lien — — — — Home equity 278 — 278 — Total real estate – 1-4 family mortgage 6,576 — 6,576 — Commercial real estate - owner occupied 13,891 — 13,891 4,063 Commercial real estate - non-owner occupied Multi family — — — — Other 28,275 — 28,275 5,559 Total commercial real estate - non-owner occupied 28,275 — 28,275 5,559 Consumer — 270 270 270 Loans, net of unearned income $ 51,999 $ 14,064 $ 66,063 $ 15,052 The increase in collateral dependent loans from December 31, 2024 is primarily due to acquired collateral dependent loans from The First and the migration of a large relationship resulting from a bankruptcy. Allowance for Credit Losses on Unfunded Loan Commitments The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments included in “Other liabilities” in the Consolidated Balance Sheets for the periods presented. Year Ended 2025 2024 Allowance for credit losses on unfunded loan commitments: Beginning balance $ 14,943 $ 16,918 Provision for (reversal of) credit losses on unfunded loan commitments 14,884 ( 1,975 ) Ending balance $ 29,827 $ 14,943 Note 6 – Premises and Equipment (In Thousands) Bank premises and equipment at December 31 are summarized as follows: 2025 2024 Premises $ 426,121 $ 262,536 Leasehold improvements 43,950 37,155 Furniture and equipment 84,941 70,197 Computer equipment 37,465 28,577 Transportation equipment 1,491 180 Lease right-of-use assets 55,920 46,811 Total 649,888 445,456 Accumulated depreciation ( 184,747 ) ( 165,660 ) Net $ 465,141 $ 279,796 110 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 5 - Premises and Equipment (continued) Depreciation expense was $ 21,087 , $ 14,911 and $ 14,881 for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 24, “Leases,” for further details regarding the Company’s right-of-use assets. Note 7 – Other Real Estate Owned (In Thousands) The following table provides details of the Company’s other real estate owned (“OREO”), net of valuation allowances and direct write-downs, as of the dates presented: December 31, 2025 December 31, 2024 Residential real estate $ 5,001 $ 2,966 Commercial real estate 8,502 5,681 Residential land development 15 19 Commercial land development 1,673 7 Total $ 15,191 $ 8,673 Changes in the Company’s OREO were as follows for the periods presented: Total OREO Balance at December 31, 2023 $ 9,622 Transfers of loans 2,612 Impairments ( 438 ) Dispositions ( 3,123 ) Balance at December 31, 2024 $ 8,673 Acquired OREO 11,032 Transfers of loans 12,341 Impairments ( 665 ) Dispositions ( 16,190 ) Balance at December 31, 2025 $ 15,191 At December 31, 2025 and 2024, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $ 10,552 and $ 505 , respectively. Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows, as of the dates presented: Year Ended December 31, 2025 2024 2023 Repairs and maintenance $ 635 $ 372 $ 103 Property taxes and insurance 433 280 427 Impairments 665 438 18 Net gains on OREO sales ( 74 ) ( 227 ) ( 275 ) Rental income ( 8 ) ( 5 ) ( 6 ) Total $ 1,651 $ 858 $ 267 111 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 8 – Goodwill and Other Intangible Assets (In Thousands) Changes in the carrying amount of goodwill during the years ended December 31, 2025 were as follows: Community Banks Insurance Total Balance at December 31, 2023 $ 988,898 $ 2,767 $ 991,665 Sale of the insurance agency — ( 2,767 ) ( 2,767 ) Balance at December 31, 2024 988,898 — 988,898 Additions to goodwill from The First merger 418,196 — 418,196 Divestiture of SGIS ( 1,254 ) — ( 1,254 ) Balance at December 31, 2025 $ 1,405,840 $ — $ 1,405,840 The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2025 Core deposit intangible $ 242,102 $ ( 97,936 ) $ 144,166 Customer relationship intangible 7,670 ( 5,224 ) 2,446 Total finite-lived intangible assets $ 249,772 $ ( 103,160 ) $ 146,612 December 31, 2024 Core deposit intangible $ 82,492 $ ( 71,881 ) $ 10,611 Customer relationship intangible 7,670 ( 4,176 ) 3,494 Total finite-lived intangible assets $ 90,162 $ ( 76,057 ) $ 14,105 Total intangible amortization expense, which includes amortization expense for both core deposit intangibles and customer relationship intangibles, for the years ended December 31, 2025, 2024 and 2023 was $ 27,103 , $ 4,691 and $ 5,380 , respectively. The remaining weighted average life of finite-lived intangible assets is 8.84 years at December 31, 2025. The remaining weighted average life of finite-lived intangible assets acquired during 2025 is 9.25 years at December 31, 2025. The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows: Core Deposit Intangible Customer Relationship Intangible Total 2026 $ 30,732 $ 860 $ 31,592 2027 27,441 628 28,069 2028 23,337 483 23,820 2029 18,335 331 18,666 2030 15,169 144 15,313 Thereafter 29,152 — 29,152 Total $ 144,166 $ 2,446 $ 146,612 No impairment was identified for the Company’s goodwill or its other intangible assets as a result of the testing performed during 2025, 2024 or 2023. 112 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 9 – Mortgage Servicing Rights (In Thousands) Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows, for the periods presented: Carrying value at January 1, 2024 $ 91,688 Sale of MSRs ( 19,539 ) Additions 10,195 Amortization ( 9,353 ) Carrying value at December 31, 2024 72,991 Sale of MSRs ( 7,886 ) Additions 9,144 Amortization ( 8,978 ) Carrying value at December 31, 2025 $ 65,271 The gains recognized on the sale of MSRs are included in “Mortgage banking income” in the Consolidated Statements of Income. During 2025, the Company sold a portion of its MSR portfolio for net proceeds of $ 9,353 , resulting in a gain of $ 1,467 . During 2024, the Company sold a portion of its MSR portfolio for net proceeds of $ 23,011 , resulting in a gain of $ 3,472 . Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows: 2025 2024 2023 Unpaid principal balance $ 5,648,033 $ 6,008,937 $ 7,826,182 Weighted-average prepayment speed (CPR) 10.90 % 9.48 % 8.77 % Estimated impact of a 10% increase $ ( 2,953 ) $ ( 3,134 ) $ ( 2,653 ) Estimated impact of a 20% increase ( 5,719 ) ( 6,062 ) ( 5,457 ) Discount rate 9.85 % 11.05 % 10.85 % Estimated impact of a 100bp increase $ ( 3,199 ) $ ( 3,809 ) $ ( 4,753 ) Estimated impact of a 200bp increase ( 6,195 ) ( 7,336 ) ( 9,149 ) Weighted-average coupon interest rate 4.59 % 4.29 % 3.88 % Weighted-average servicing fee (basis points) 33.86 35.91 33.24 Weighted-average remaining maturity (in years) 6.80 7.30 7.50 The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates. The Company recorded servicing fees of $ 12,456 , $ 15,177 and $ 18,081 , for the twelve months ended December 31, 2025, 2024 and 2023, respectively. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income. 113 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 10 – Deposits (In Thousands) The following is a summary of deposits as of December 31: 2025 2024 Noninterest-bearing deposits $ 5,043,960 $ 3,403,981 Interest-bearing demand deposits (1) 11,665,185 7,879,917 Savings deposits 1,280,031 809,430 Time deposits 3,483,894 2,479,284 Total deposits $ 21,473,070 $ 14,572,612 (1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. The approximate scheduled maturities of time deposits at December 31, 2025 are as follows: 2026 $ 3,317,995 2027 94,851 2028 34,418 2029 12,433 2030 10,983 Thereafter 13,214 Total $ 3,483,894 The aggregate amount of time deposits in denominations of $250 or more at December 31, 2025 and 2024 was $ 1,195,120 and $ 827,329 , respectively. Certain executive officers and directors and their respective affiliates had amounts on deposit with Renasant Bank of approximately $ 29,987 and $ 21,883 at December 31, 2025 and 2024, respectively. 114 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 11 – Short-Term Borrowings (In Thousands) Short-term borrowings as of December 31 are summarized as follows: 2025 2024 Securities sold under agreements to repurchase $ 5,774 $ 8,018 Federal Home Loan Bank short-term advances 550,000 100,000 Total short-term borrowings $ 555,774 $ 108,018 Repurchase Agreements Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. The securities used as collateral consist primarily of U.S. Government agency mortgage backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be canceled at any time by the Company or the customer. Federal Funds Purchased Federal funds purchased, of which there were none outstanding at December 31, 2025 and 2024, are short term borrowings, generally overnight borrowings, between financial institutions that are generally used to maintain reserve requirements at the Federal Reserve Bank or elsewhere. FHLB and Federal Reserve Discount Window Short-term borrowings from the FHLB (i.e., advances with original maturities of less than one year) are used to meet anticipated short-term liquidity needs. The Company had availability on unused lines of credit with the FHLB of $ 5,574,759 at December 31, 2025. The Company also had credit available at the Federal Reserve Discount Window in the amount of $ 681,719 . The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows: Average Balances Cost of Funds 2025 2024 2023 2025 2024 2023 Federal Home Loan Bank short-term advances $ 415,860 $ 110,601 $ 453,630 3.51 % 1.34 % 4.11 % Federal funds purchased 5 5 25 4.63 2.05 6.34 Securities sold under agreements to repurchase 7,138 8,658 8,037 1.00 0.96 0.98 Total short-term borrowings $ 423,003 $ 119,264 $ 461,692 3.46 % 1.32 % 4.05 % The Company maintains lines of credit with correspondent banks totaling $ 140,000 at December 31, 2025. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2025 or 2024. 115 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 12 – Long-Term Debt (In Thousands) Long-term debt as of December 31, 2025 and 2024 is summarized as follows: 2025 2024 Federal Home Loan Bank advances $ — $ — Junior subordinated debentures 140,632 113,916 Subordinated notes 359,124 316,698 Total long-term debt $ 499,756 $ 430,614 Federal Home Loan Bank Advances Long-term FHLB borrowings 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 borrowings compares favorably to the rates required to attract deposits. The Company did not have any outstanding long-term advances from the FHLB during 2025 and 2024. The total amount of the credit available to the Company from the FHLB at December 31, 2025 was $ 5,574,759 . Junior Subordinated Debentures The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities. Distributions on the capital securities are payable quarterly at a rate per annum equal to the interest rate being earned by the trusts on the debentures held by the trusts. The capital securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into an agreement which fully and unconditionally guarantees the capital securities of each trust subject to the terms of the guarantee. The interest rate on the debentures reprices quarterly equal to the three-month CME Term SOFR at the determination date plus the applicable spread. The debentures owned by the respective trusts are currently redeemable at par. The Company assumed junior subordinated debentures from The First with a carrying value of $ 25,653 . The following table provides the details of the debentures as of December 31, 2025: Principal Amount Carrying Value Spread (in bps) Year of Maturity Amount Included in Tier 2 Capital PHC Statutory Trust I $ 20,619 $ 20,619 311 2033 $ 20,000 PHC Statutory Trust II 31,959 31,959 213 2035 31,000 Capital Bancorp Capital Trust I 12,372 12,372 176 2035 12,000 First M&F Statutory Trust I 30,928 26,360 159 2036 25,433 Brand Trust I 10,310 9,878 231 2035 9,568 Brand Trust II 5,155 5,190 326 2037 5,035 Brand Trust III 5,155 5,191 326 2038 5,036 Brand Trust IV 3,093 3,284 401 2038 3,191 FMB Trust I 6,186 6,228 311 2033 6,041 Liberty Trust II 10,310 9,818 174 2036 9,508 The First Trust II 4,124 3,925 191 2037 3,801 The First Trust III 6,186 5,808 166 2037 5,622 Total $ 140,632 $ 136,235 Federal Reserve guidelines limit the amount of securities that, similar to the Company’s junior subordinated debentures, are includable in Tier 1 capital, but until the Company’s merger with The First on April 1, 2025, these guidelines did not impact the 116 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 12 – Long-Term Debt (continued) amount of debentures the Company includes in Tier 1 capital. Following the merger with The First, all of the Company's junior subordinated debentures are now included in Tier 2 capital. Subordinated Notes The Company has issued and sold fixed-to-floating rate subordinated notes in underwritten public offerings at a price equal to 100 % of the aggregate principal amounts of the notes. Interest on the these notes is payable semi-annually in arrears at the applicable fixed rate until but excluding the fixed to floating transition date and payable quarterly in arrears thereafter at the applicable benchmark rate plus spread until but excluding the maturity date or earlier redemption date. The Company assumed $ 37,000 fixed-to-floating rate subordinated notes due May 1, 2033 (the “2033 Notes”) and $ 60,000 fixed-to-floating rate subordinated notes due October 1, 2030 (the “2030 Notes”) in connection with the merger with The First. Interest on the 2033 Notes is payable quarterly in arrears at the applicable interest rate, and interest on the 2030 Notes is payable semi-annually in arrears at 4.25 % until but excluding the fixed to floating transition date and payable quarterly in arrears thereafter at the applicable benchmark rate plus spread until but excluding the maturity date or earlier redemption date. The subordinated notes issued by the Company and assumed from The First are referred to collectively as the “Notes”. A summary of the Notes is as follows: Issue Date Initial principal Fixed rate Fixed to floating transition date Benchmark rate Spread (in bps) Debt outstanding Maturity August 22, 2016 $ 40,000 5.50 % September 1, 2026 3-month CME Term SOFR 407.1 $ 40,000 September 1, 2031 September 3, 2020 $ 100,000 4.50 % September 15, 2030 3-month CME Term SOFR 402.5 $ 100,000 September 15, 2035 November 23, 2021 $ 200,000 3.00 % December 1, 2026 3-month CME Term SOFR 191 $ 196,400 December 1, 2031 April 30, 2018 $ 37,000 6.40 % May 1 ,2028 3-month CME Term SOFR 339 $ 37,000 May 1, 2033 Debt issuance costs ( 12,280 ) Fair value adjustment ( 1,996 ) Total subordinated debt $ 359,124 Beginning with the fixed to floating transition date and on any interest payment date thereafter, the Company may redeem the applicable Notes in whole or in part at a redemption price equal to 100 % of the principal amount of the respective Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem any series of the Notes at any time, at the Company’s option, in whole or in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption price is 100 % of the principal amount of the Notes being redeemed plus any accrued and unpaid interest to but excluding the redemption date. There is no sinking fund for the benefit of the Notes, and none of the Notes are convertible or exchangeable. On October 1, 2025, the Company redeemed $ 60,000 of the fixed-to floating subordinated notes it assumed in connection with its acquisition of The First. During 2023, the Company purchased and subsequently extinguished $ 3,300 of its aggregate $ 200,000 fixed-to-floating subordinated notes and realized a gain of $ 620 . 117 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 12 – Long-Term Debt (continued) The aggregate stated maturities of long-term debt outstanding at December 31, 2025, are summarized as follows: Federal Home Loan Bank advances Junior subordinated debentures Subordinated notes Total 2026 $ — $ — $ — $ — 2027 — — — — 2028 — — — — 2029 — — — — 2030 — — — — Thereafter — 140,632 359,124 499,756 Total $ — $ 140,632 $ 359,124 $ 499,756 Note 13 – Employee Benefit and Deferred Compensation Plans (Dollar in Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996. The Company’s funding policy is to contribute annually to the plan an amount not less than the minimum required contribution, as determined annually by consulting actuaries in accordance with funding standards imposed under the Internal Revenue Code of 1986, as amended (“the Code”). No contributions were made or required in 2025 or 2024. The Company does not anticipate that a contribution will be required in 2026. The plan’s accumulated benefit obligation and projected benefit obligation are substantially the same since benefit accruals have ceased. The accumulated benefit obligation was $ 18,590 and $ 18,685 at December 31, 2025 and 2024, respectively. There is no additional minimum pension liability required to be recognized. The Company provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan. Employees eligible to participate must (i) have been employed by the Company and enrolled in the Company’s group medical plan as of December 31, 2004 and (ii) retire from the Company between ages 55 and 65 with at least 15 years of service or 70 points (points determined as the sum of the employee’s age and years of service). The Company periodically determines the portion of the premiums to be paid by each retiree and the portion to be paid by the Company. Coverage ceases when a retiree attains age 65 and is eligible for Medicare. The Company did not contribute to the plan in 2025 or 2024; the Company expects to contribute approximately $ 50 in 2026. The assumed rate of increase in the per capita cost of covered benefits (i.e., the health care cost trend rate) for 2025 is 8.55 %. Increasing or decreasing the assumed health care cost trend rates by one percentage point in each year would not materially increase or decrease the accumulated post-retirement benefit obligation or the service and interest cost components of net periodic post-retirement benefit costs as of December 31, 2025 and for the year ended. 118 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 13 – Employee Benefit and Deferred Compensation Plans (continued) The following table presents information relating to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits - Renasant”) and the post-retirement health plan (“Other Benefits”) as of December 31, 2025 and 2024: Pension Benefits Renasant Other Benefits 2025 2024 2025 2024 Change in benefit obligation Benefit obligation at beginning of year $ 18,685 $ 20,195 $ 448 $ 512 Service cost — — — — Interest cost 948 908 20 21 Plan participants’ contributions — — 17 21 Actuarial loss (gain) 701 ( 620 ) ( 190 ) ( 89 ) Benefits paid ( 1,744 ) ( 1,798 ) ( 16 ) ( 17 ) Benefit obligation at end of year $ 18,590 $ 18,685 $ 279 $ 448 Change in fair value of plan assets Fair value of plan assets at beginning of year $ 19,148 $ 20,119 Actual return on plan assets 2,189 827 Contribution by employer — — Benefits paid ( 1,744 ) ( 1,798 ) Fair value of plan assets at end of year $ 19,593 $ 19,148 Funded status at end of year $ 1,003 $ 463 $ ( 279 ) $ ( 448 ) Weighted-average assumptions as of December 31 Discount rate used to determine the benefit obligation 4.99 % 5.37 % 4.26 % 4.99 % The funded status at end of the year for Pension Benefits - Renasant and Other Benefits are included in “Other assets” and “Other liabilities,” respectively, on the Consolidated Balance Sheets. The discount rate assumptions at December 31, 2025 were determined using a yield curve approach. A yield curve was developed from a selection of high quality fixed-income investments whose cash flows approximate the timing and amount of expected cash flows from the plans. The selected discount rate is the rate that produces the same present value of the plans’ projected benefit payments. 119 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 13 – Employee Benefit and Deferred Compensation Plans (continued) The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health plans for the years ended December 31, 2025, 2024 and 2023 are as follows: Pension Benefits Renasant Other Benefits 2025 2024 2023 2025 2024 2023 Service cost $ — $ — $ — $ — $ — $ 1 Interest cost 948 908 995 20 21 22 Expected return on plan assets ( 1,068 ) ( 993 ) ( 1,236 ) — — — Recognized actuarial loss (gain) 485 517 523 ( 88 ) ( 93 ) ( 61 ) Net periodic benefit cost 365 432 282 ( 68 ) ( 72 ) ( 38 ) Net actuarial gain arising during the period ( 419 ) ( 455 ) ( 60 ) ( 190 ) ( 89 ) ( 20 ) Amortization of net actuarial (loss) gain recognized in net periodic pension cost ( 485 ) ( 516 ) ( 523 ) 88 94 61 Total recognized in other comprehensive income ( 904 ) ( 971 ) ( 583 ) ( 102 ) 5 41 Total recognized in net periodic benefit cost and other comprehensive income $ ( 539 ) $ ( 539 ) $ ( 301 ) $ ( 170 ) $ ( 67 ) $ 3 Weighted-average assumptions as of December 31 Discount rate used to determine net periodic pension cost 5.37 % 4.74 % 4.94 % 4.99 % 4.53 % 4.74 % Expected return on plan assets 5.90 % 5.20 % 6.25 % N/A N/A N/A Future estimated benefit payments under the Renasant defined benefit pension plan and other benefits are as follows: Pension Benefits Renasant Other Benefits 2026 $ 2,118 $ 50 2027 1,957 52 2028 1,926 38 2029 1,857 50 2030 1,801 42 2031 - 2035 7,300 82 Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2025 are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss (gain) 8,847 ( 327 ) Total $ 8,847 $ ( 327 ) The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2026 are as follows: Pension Benefits Renasant Other Benefits Prior service cost $ — $ — Actuarial loss (gain) 436 ( 140 ) Total $ 436 $ ( 140 ) 120 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 13 – Employee Benefit and Deferred Compensation Plans (continued) Approximately 85 % of the pension plan’s assets are invested in a collective trust, which in turn invests in other collective or pooled trusts with individual investment mandates. The collective trust’s asset allocation is approximately 70 % in growth assets, consisting of interests in trusts invested in equity securities, high yield fixed income securities, and direct real estate investments (approximately 9 % of assets), and approximately 30 % in assets intended to hedge against the volatility arising from interest rate risk, consisting of interests in trusts invested in long duration fixed income securities. The collective trust is actively managed, allowing changes in the asset allocation to enhance returns and mitigate risk, with the mandate to preserve the funded status of the plan through portfolio growth and interest rate hedging. Management’s investment committee periodically reviews the collective trust’s performance and asset allocation to ensure that the plan’s investment objectives are satisfied and that the investment strategy of the trust has not materially changed. The remaining 15 % of the pension plan’s assets are managed by Park Place Capital Corporation, a wholly owned subsidiary of the Company. These assets are invested in large cap securities on which covered call options are written to generate income. The expected long-term rate of return was estimated using market benchmarks for investment classes applied to the plan’s target asset allocation and was computed using a valuation methodology which projects future returns based on current valuations rather than historical returns. The fair values of the Company’s defined benefit pension plan assets by category at December 31, 2025 and 2024 are below. Level 1 includes cash and cash equivalents and corporate stocks, in which the fair value is determined by quoted market prices. Level 2 includes U.S. government securities in which the value is determined by market prices of similar securities. Investments in collective trusts consist of trusts that invest primarily in liquid equity and fixed income securities and have a small direct investment in real estate. There is generally no restriction on redemptions or withdrawals for benefit payments or in the event of plan termination; 60 days notice is required to redeem or withdraw assets for any other purpose. Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at net asset value per share (“NAV”) Totals December 31, 2025 Cash and cash equivalents $ 406 $ — $ — $ — $ 406 Investments in collective trusts — — — 16,656 16,656 U.S. government securities — 50 — — 50 Corporate stocks 2,481 — — — 2,481 $ 2,887 $ 50 $ — $ 16,656 $ 19,593 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured at NAV Totals December 31, 2024 Cash and cash equivalents $ 281 $ — $ — $ — $ 281 Investments in collective trusts — — — 16,590 16,590 U.S. government securities — 156 — — 156 Corporate stocks 2,121 — — — 2,121 $ 2,402 $ 156 $ — $ 16,590 $ 19,148 121 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 13 – Employee Benefit and Deferred Compensation Plans (continued) Other Retirement Plans The Company maintains a 401(k) plan, which is a contributory plan maintained in the form of a “safe harbor” arrangement. Employees are immediately enrolled in the plan and eligible to make pre-tax deferrals, subject to limits imposed under the plan and the deferral limit established annually by the IRS, and receive Company matching contributions not in excess of 4 % of compensation. The Company may make a discretionary profit-sharing contribution for each eligible participant as an equal percentage of each participant’s compensation. To be eligible to receive this profit-sharing contribution, an employee must: (i) be employed on the last day of the year and be credited with 1000 hours of service during the year; (ii) die or become disabled during the year; or (iii) have attained the early or normal retirement age (as defined in the plan). Senior executive officers of the Bank are not eligible to receive these discretionary contributions. No profit-sharing contribution was made for the year 2025. The Company’s costs related to the 401(k) plan, excluding employee deferrals, in 2025, 2024 and 2023 were $ 9,491 , $ 7,290 and $ 6,757 , respectively. Deferred Compensation Plans and Arrangements The Company maintains two deferred compensation plans: a Deferred Stock Unit Plan and a Deferred Income Plan. Nonemployee directors may defer all or a portion of their retainer; eligible officers may defer base salary and bonus subject to limits determined annually by the Company. Amounts deferred to the Deferred Stock Unit Plan are invested in units representing shares of the Company’s common stock; benefits are paid in the form of common stock, with cash distributed in lieu of fractional shares. Amounts deferred to the Deferred Income Plan are notionally invested in the discretion of each participant from among investment alternatives substantially similar to those available under the Company’s 401(k) plan. Directors and officers who participated in the predecessor to the Deferred Income Plan as of December 31, 2006, may also invest in a preferential interest rate alternative that is derived from the Moody’s Average Corporate Bond Rate. Benefits payable from the Deferred Income Plan equal the account balance of each participant. A director or officer’s beneficiaries may receive an additional preretirement death benefit from the Deferred Income Plan when the officer or director has continuously deferred at rates prescribed by the Company since January 1, 2005, and when such officer or director dies while employed by the Company or serving as a director. The Company’s Deferred Stock Unit and Deferred Income Plan are unfunded. It is anticipated that such plans will result in no additional cost to the Company because life insurance policies on the lives of participants have been purchased in amounts estimated to be sufficient to pay plan benefits. The Company is both the owner and beneficiary of the policies. The expense recorded in 2025, 2024 and 2023 for the Company’s Deferred Stock Unit and Deferred Income Plan was $ 2,189 , $ 2,270 and $ 2,210 , respectively. In connection with the Company’s acquisition of Brand Group Holdings, Inc. in 2018, the Company assumed the Brand Group Holdings, Inc. Deferred Compensation Plan. Deferral elections in effect as of the time of acquisition were given effect for compensation earned during 2018; no further deferrals have been or will be made to the plan. Account balances maintained under the plan will be distributed as provided under the terms of the plan and individual participant elections. Pending distribution, balances will be notionally invested by each participant in designated investment alternatives. In 2007, the Company assumed supplemental executive retirement plans (SERPs) in connection with the acquisition of Capital Bancorp, Inc. and its affiliates. The plans are designed to provide four officers specified annual benefits for a 15 -year period upon the attainment of a designated retirement age. In 2025, the Company assumed SERPs, supplemental director retirement plans and other deferred compensation agreements in connection with its acquisition of The First. These SERPs, supplemental director retirement plans and other deferred compensation agreements were designed to provide officers of the The First (or former directors and officers of entities that The First had acquired prior to its acquisition by the Company) specified annual benefits, in an amount and on such schedule as specified in the particular plan. Liabilities associated with these plans totaled $ 13,518 and $ 3,143 at December 31, 2025 and 2024, respectively. The plans are not qualified under Code Section 401. Incentive Compensation Plans Under the Company’s Performance Based Rewards Plan, annual cash bonuses are paid to eligible officers and employees, subject to the attainment of designated performance criteria that may relate to the Company’s performance, the performance of an affiliate, region, division or profit center, and/or to individual or team performance. The Company annually sets minimum, target, and superior levels of performance. Minimum performance must be attained for the payment of any bonus; superior performance must be attained for maximum payouts. The expense associated with the plan for 2025, 2024 and 2023 was $ 11,655 , $ 8,659 and $ 10,303 , respectively. 122 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 13 – Employee Benefit and Deferred Compensation Plans (continued) In 2020, the Company implemented the 2020 Long-Term Incentive Compensation Plan that provides for the grant of stock options and stock appreciation rights and the award of restricted stock and restricted stock units. Options granted under the plan permit the acquisition of shares of the Company’s common stock at an exercise price equal to the fair market value of the shares on the date of grant. Options may be subject to time-based vesting or the attainment of performance criteria; all options expire ten years after the date of grant. Options that do not vest or expire unexercised are forfeited and canceled. Stock appreciation rights may be granted under the plan on terms similar to options. There were no stock options or stock appreciation rights granted, or associated compensation expense (recognized or unrecognized), during the years ended December 31, 2025, 2024 or 2023. No options have been outstanding since December 31, 2021. The plan permits the award of performance-based restricted stock to officers and employees and time-based restricted stock to non-employee directors, officers and employees. The plan also permits the award of restricted stock units to officers and employees on terms similar to restricted stock awards. Performance-based awards are subject to the attainment of designated performance criteria during a fixed performance cycle. Performance criteria may relate to the Company’s performance measured on an absolute basis or relative to a defined peer group. Performance criteria may also relate to the performance of an affiliate, region, division or profit center of the Company or to individual performance. The Company annually sets minimum, target, and superior levels; minimum performance must be attained for the vesting of any shares; superior performance must be attained for maximum payouts. Time-based restricted stock awards relate to a fixed number of shares that vest at the end of a designated service period. In 2025, the Company made performance-based and time-based restricted stock awards; restricted stock units were not awarded, and none were outstanding from previous years. The fair value of each restricted stock award is the closing price of the Company’s common stock on the business day immediately preceding the date of the award. In addition, The First maintained a long-term equity compensation plan, and the restricted stock awarded as of the date of the Company’s acquisition of The First was converted into adjusted restricted stock of the Company, subject to the same terms and conditions as prior to the merger. For restricted stock awarded under the plan and The First restricted stock awards converted into Renasant restricted stock awards, the Company recorded compensation expense of $ 17,723 , $ 13,562 and $ 13,458 for the years ended December 31, 2025, 2024 and 2023, respectively. The total income tax benefit was $ 4,375 , $ 3,138 and $ 3,292 , respectively. The total fair value of shares vested was $ 15,454 , $ 11,715 and $ 9,716 for the years ended December 31, 2025, 2024 and 2023, respectively. The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2025: Performance- Based Restricted Stock Weighted Average Grant-Date Fair Value Time- Based Restricted Stock Weighted Average Grant-Date Fair Value Nonvested at beginning of year 203,115 $ 34.32 801,181 $ 35.08 Awarded 75,644 36.17 344,521 35.26 Converted — — 426,321 33.93 Vested ( 83,412 ) 35.49 ( 351,913 ) 35.94 Forfeited and cancelled — — ( 11,917 ) 35.23 Nonvested at end of year 195,347 $ 34.54 1,208,193 $ 34.48 Unrecognized stock-based compensation expense related to restricted stock totaled $ 19,345 at December 31, 2025. As of such date, the weighted average period over which the unrecognized expense is expected to be recognized was approximately 2.06 years. At December 31, 2025, an aggregate of 5,382,500 and 2,132,070 shares of Company common stock were authorized and available for issuance, respectively, under the Company’s employee benefit plans of which 2,200,000 and 977,133 shares were authorized and available for issuance, respectively, under the Company’s 401(k) plan, 467,500 and 114,755 shares were authorized and available, respectively, under the Company’s Deferred Stock Unit Plan, and 2,715,000 and 1,040,182 shares were authorized and available, respectively, under the Company’s 2020 Long-Term Incentive Compensation Plan. 123 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 14 – Derivative Instruments (In Thousands) The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions. Non-hedge derivatives The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented: Balance Sheet December 31, 2025 December 31, 2024 Location Notional Amount Fair Value Notional Amount Fair Value Derivative assets: Interest rate contracts Other Assets $ 1,784,028 $ 28,590 $ 877,051 $ 14,071 Interest rate lock commitments Other Assets 92,881 1,419 64,365 861 Forward commitments Other Assets 33,000 53 174,000 1,242 Totals $ 1,909,909 $ 30,062 $ 1,115,416 $ 16,174 Derivative liabilities: Interest rate contracts Other Liabilities $ 1,784,028 $ 28,595 $ 880,371 $ 14,094 Interest rate lock commitments Other Liabilities 5,904 14 1,829 122 Forward commitments Other Liabilities 196,000 593 52,000 86 Totals $ 1,985,932 $ 29,202 $ 934,200 $ 14,302 Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments that are not designated as hedging instruments were as follows, as of the dates presented: Year Ended December 31, 2025 2024 2023 Interest rate contracts: Included in interest income on loans $ 28,328 $ 14,128 $ 8,156 Interest rate lock commitments: Included in mortgage banking income 667 ( 713 ) 319 Forward commitments Included in mortgage banking income ( 1,695 ) 3,718 ( 1,848 ) Total $ 27,300 $ 17,133 $ 6,627 Derivatives designated as cash flow hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings and loans, respectively. The swap hedging strategy manages the variable interest rate on the forecasted borrowings by using pay-fixed, receive-variable interest rate swaps. The collar hedging strategy limits the benefit to interest income when 124 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 14 – Derivative Instruments (continued) rates exceed the cap but protects interest income from interest rate fluctuations below the floor strike rate. The Company expects the hedges to remain effective during the remaining terms of the swaps and collars, which run through March 2032. The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented: Balance Sheet December 31, 2025 December 31, 2024 Location Notional Amount Fair Value Notional Amount Fair Value Derivative assets: Interest rate swaps Other Assets $ 130,000 $ 16,907 $ 130,000 $ 22,780 Interest rate collars Other Assets 450,000 129 — — Totals $ 580,000 $ 17,036 $ 130,000 $ 22,780 Derivative liabilities: Interest rate swaps Other Liabilities $ — $ — $ — $ — Interest rate collars Other Liabilities — — 450,000 598 Totals $ — $ — $ 450,000 $ 598 The impact on other comprehensive income for the years ended December 31, 2025, 2024, and 2023, is described in Note 17, “Other Comprehensive Income (Loss).” The impact on earnings is reflected in interest income on loans and interest expense on borrowings in the Consolidated Statements of Income Derivatives designated as fair value hedges The Company enters into interest rate swap agreements to manage the fair value exposure on certain of the Company’s fixed-rate subordinated and fixed-rate available-for-sale securities. The agreements convert a fixed rate of interest to a variable rate of interest based on SOFR by using pay-variable, receive-fixed rate interest rate swaps. The Company expects the hedges to remain effective during the remaining terms of the swaps which run through September 2031. The following table provides a summary of the Company’s derivatives designated as fair value hedges as of the dates presented: Balance Sheet December 31, 2025 December 31, 2024 Location Notional Amount Fair Value Notional Amount Fair Value Derivative liabilities: Interest rate swaps - subordinated notes Other Liabilities $ 100,000 $ 12,280 $ 100,000 $ 17,368 Interest rate swaps - securities Other Liabilities 3,430 2 — — Totals $ 103,430 $ 12,282 $ 100,000 $ 17,368 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 Year ended December 31, Location 2025 2024 2023 Derivative liabilities: Interest rate swaps - subordinated notes Interest Expense $ 5,089 $ ( 317 ) $ 2,737 Interest rate swaps - securities Interest Income 6 — — Derivative liabilities - hedged items: Interest rate swaps - subordinated notes Interest Expense $ ( 5,089 ) $ 317 $ ( 2,737 ) Interest rate swaps - securities Interest Income ( 6 ) — — 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: 125 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 14 – Derivative Instruments (continued) 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 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Long-term debt $ 86,911 $ 81,648 $ 12,280 $ 17,369 Securities available for sale 17,780 — ( 6 ) — 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 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 a notional amount of $ 259,029 and 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 a notional amount of $ 60,384 and have maturities between 2026 and 2032. The maximum potential amount of future payments under these risk participation agreements as of December 31, 2025 was approximately $ 2,601 . 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 December 31, 2025 and 2024 was immaterial. Offsetting Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. Initial margin and variation margin is accounted for as collateral. When the Company posts cash for margin, it is recognized as a receivable. When margin is posted or received in the form of securities, there is no accounting recognition for the pledge of securities, unless there is an event of default by one of the parties to the agreement. For centrally cleared derivatives, variation margin is accounted for as settlement of the derivative fair value. The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented: Offsetting Derivative Assets Offsetting Derivative Liabilities December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Gross amounts recognized $ 21,867 $ 34,505 $ 17,650 $ 28,550 Gross amounts offset in the consolidated balance sheets — — — — Net amounts presented in the consolidated balance sheets 21,867 34,505 17,650 28,550 Gross amounts not offset in the consolidated balance sheets Financial instruments - derivative assets available for offset 17,110 27,939 17,110 27,939 Financial collateral (cash) pledged — — 20 611 Net amounts $ 4,757 $ 6,566 $ 520 $ — 126 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 15 – Income Taxes (In Thousands) Significant components of the provision for income taxes from continuing operations are as follows for the periods presented: Year Ended December 31, 2025 2024 2023 Current Federal $ 42,732 $ 42,179 $ 36,138 State 1,041 2,680 1,376 43,773 44,859 37,514 Deferred Federal 2,448 7,028 ( 1,187 ) State ( 761 ) ( 2,379 ) ( 3,818 ) 1,687 4,649 ( 5,005 ) $ 45,460 $ 49,508 $ 32,509 Total income tax expense does not reflect the tax effects of items that are included in other comprehensive income each period. The tax effects included each period resulted in net expense in other comprehensive income of $ 17,634 , $ 4,012 and $ 19,716 in 2025, 2024 and 2023, respectively. We do not have any foreign operations, and accordingly all net income before income tax relates exclusively to operations within the United States. The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows for the period presented in accordance with ASU 2023-09: Year Ended December 31, 2025 Amount Rate US federal statutory income tax rate $ 47,614 21.00 % State and local income taxes, net of federal income tax effects (1) 236 0.10 % Tax credits and related income tax effects Low income housing tax credits and other tax benefits, net of proportional amortization (2) ( 1,026 ) ( 0.45 ) % Transferrable energy tax credits, net of cost (3) ( 529 ) ( 0.23 ) % Nontaxable or nondeductible items Tax-exempt interest income ( 3,226 ) ( 1.42 ) % Bank-owned life insurance ( 2,991 ) ( 1.32 ) % Other 4,619 2.04 % Changes in unrecognized tax benefits ( 54 ) ( 0.02 ) % Other adjustments 817 0.35 % Effective income tax rate $ 45,460 20.05 % (1) State taxes in Alabama and Tennessee make up the majority of this category (2) Includes tax credits and related benefits of $ 5,371 and proportional amortization of $ 4,345 (3) Includes transferrable tax credits of $ 5,315 and related cost of $ 4,786 127 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 15 – Income Taxes (continued) The table below reconciles the Company’s tax expense at the U.S. federal statutory income tax rate to tax expense at the effective tax rate, as previously disclosed prior to the adoption of ASU 2023-09, for the years ended December 31, 2024 and 2023. Year Ended December 31, 2024 2023 Tax at U.S. statutory rate $ 51,443 $ 37,209 Increase (decrease) in taxes resulting from: Tax-exempt interest income ( 1,750 ) ( 1,505 ) BOLI income ( 1,178 ) ( 2,197 ) Investment tax credits ( 3,950 ) ( 1,901 ) Amortization of investment in low-income housing tax credits 2,851 1,741 State income tax expense, net of federal benefit ( 262 ) ( 1,929 ) Nondeductible transaction costs 1,060 — Other items, net 1,294 1,091 $ 49,508 $ 32,509 The effective tax rate was 20.21 % and 18.35 % for the years ended December 31, 2024 and 2023, respectively. Income Tax Payments 2025 U.S. Federal $ 16,407 U.S. State Mississippi 1,000 Other states 956 Total income taxes paid $ 18,363 Income taxes paid were $ 29,065 and $ 42,047 for the years ended December 31, 2024 and 2023, respectively. 128 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 15 – Income Taxes (continued) Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: December 31, 2025 2024 Deferred tax assets Allowance for credit losses $ 78,819 $ 53,349 Loans 36,497 — Deferred compensation 22,792 15,695 Net unrealized losses on securities 47,059 47,199 Impairment of assets 1,466 874 Tax credits 12,304 8,781 Net operating loss carryforwards 21,725 2 Investments in partnerships — 77 Lease liabilities under operating leases 14,228 12,423 Other 3,870 3,073 Total deferred tax assets 238,760 141,473 Deferred tax liabilities Fixed assets 23,516 9,927 Mortgage servicing rights 13,447 15,841 Junior subordinated debt 1,607 1,452 Intangibles 37,159 3,652 Lease right-of-use asset 13,903 11,775 Loans — 7,638 Other 3,580 4,153 Total deferred tax liabilities 93,212 54,438 Net deferred tax assets $ 145,548 $ 87,035 The Company and its corporate, non-real estate investment trust subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2022 through 2024. The Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2021 through 2024. The Company had unused Federal net operating losses of $ 80,173 at December 31, 2025; there were no unused Federal net operating losses at December 31, 2024. The Company had unused State net operating losses of $ 114,780 and $ 140 at December 31, 2025 and December 31, 2024, respectively. No allowance existed against these net operating losses, as the Company determined it was more likely than not they would be fully realized. Substantially all of the net operating losses were acquired as part of the acquisition of The First in April 2025. Due to pre-existing ownership changes, the ability to utilize these net operating losses is limited under Code Section 382. The amount of net operating losses disclosed above reflects the maximum amount that can be utilized pursuant to Code Section 382. The Company has unused state tax credits in various jurisdictions for the year ended December 31, 2025 and 2024 of $ 15,575 and $ 11,115 , respectively, which can be carried forward for periods ranging from five to 25 years. The Company determined, based on all available evidence, that it is more likely than not that the Company will realize the full amount of these credits, and no valuation allowance has been recorded. 129 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 15 – Income Taxes (continued) A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below: 2025 2024 2023 Balance at January 1 $ 501 $ 399 $ 407 Additions based on positions related to current period 170 190 78 Reductions due to lapse of statute of limitations ( 296 ) ( 88 ) ( 86 ) Balance at December 31 $ 375 $ 501 $ 399 If ultimately recognized, the Company does not anticipate any material increase in the effective tax rate for 2025 relative to any tax positions taken prior to January 1, 2025. The Company has accrued $ 56 , $ 41 and $ 26 for interest and penalties related to unrecognized tax benefits as of December 31, 2025, 2024 and 2023, respectively. The Company recognized accrued interest and penalties on unrecognized tax benefits as a component of income tax expense. The Company holds investments in limited partnerships and similar entities (“LPs”) that are not consolidated in the financial statements. These LPs construct, own, and operate affordable housing, solar energy farms, and similar projects. Typically, an unrelated third party is the general partner or managing member and is primarily responsible for overseeing and controlling these projects. As an investor in these LPs, certain tax credits (“ITC”), primarily Low-Income Housing Tax Credits under Code Section 42 (“LIHTC”) and Energy Credits under Code Section 48, are allocated to the Company. These ITC are recognized as income tax benefits in the Company’s Consolidated Statements of Income over the period in which they are earned, which is typically ten years and one year for LIHTC and Energy Credits, respectively, beginning when the related projects are placed in service, as determined under the Code and related regulations. These investments are recorded to “Other assets” in the Consolidated Balance Sheets, and are amortized ratably based on the realization of ITC using the practical expedient method described in ASU 2014-01. The balance of these investments recorded to Other assets was $ 44,157 and $ 13,366 at December 31, 2025 and 2024, respectively. For the year ended December 31, 2025 and 2024, the Company recognized $ 4,599 and $ 2,977 , respectively, of benefits from ITC and recorded $ 4,371 and $ 2,851 , respectively, of amortization on the LP investments, all of which were recorded to the “Income taxes” line item in the Consolidated Statements of Income. The non-income-tax-related income or expenses related to the Company’s LP investments were not significant in 2025 and 2024. The Company is continuing to pursue opportunities to invest in similar LPs and as of December 31, 2025, had unfunded commitments related to similar ITC investments of $ 96,833 . The Company’s risk of loss on these projects is generally mitigated by policies requiring that the project qualify for the expected ITC prior to making its investment. Note 16 – Fair Value Measurements (In Thousands) Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value 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. The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Securities available for sale : Securities available for sale consist of debt securities, such as obligations of U.S. Government agencies and corporations and mortgage-backed securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. All Level 2 securities, including state and political subdivisions, mortgage-backed securities and other debt securities are valued using model-based valuation techniques where all significant assumptions are observable. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by 130 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 16 – Fair Value Measurements (continued) other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy. Derivative instruments : Most of the Company’s derivative contracts are actively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts including interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy. Mortgage loans held for sale in loans held for sale : 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 primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy. The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented: Level 1 Level 2 Level 3 Totals December 31, 2025 Financial assets: Securities available for sale $ — $ 2,560,818 $ — $ 2,560,818 Derivative instruments — 47,098 — 47,098 Mortgage loans held for sale in loans held for sale — 265,959 — 265,959 Total financial assets $ — $ 2,873,875 $ — $ 2,873,875 Financial liabilities: Derivative instruments $ — $ 41,484 $ — $ 41,484 Level 1 Level 2 Level 3 Totals December 31, 2024 Financial assets: Securities available for sale $ — $ 831,013 $ — $ 831,013 Derivative instruments — 38,954 — 38,954 Mortgage loans held for sale in loans held for sale — 246,171 — 246,171 Total financial assets $ — $ 1,116,138 $ — $ 1,116,138 Financial liabilities: Derivative instruments $ — $ 32,268 $ — $ 32,268 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. There were no such transfers between levels of the fair value hierarchy during the year ended December 31, 2025. For 2025 and 2024, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. Nonrecurring Fair Value Measurements Certain assets may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following tables provide as of the dates presented the fair value measurement for assets measured at fair value on a nonrecurring basis that 131 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 16 – Fair Value Measurements (continued) were still held on the Consolidated Balance Sheets at period end and the level within the fair value hierarchy each is classified: Level 1 Level 2 Level 3 Totals December 31, 2025 Collateral dependent loans $ — $ — $ 87,680 $ 87,680 OREO — — 3,538 3,538 Total $ — $ — $ 91,218 $ 91,218 Level 1 Level 2 Level 3 Totals December 31, 2024 Collateral dependent loans $ — $ — $ 38,374 $ 38,374 OREO — — 3,666 3,666 Total $ — $ — $ 42,040 $ 42,040 The following methods and assumptions are used by the Company to estimate the fair values of the Company’s assets measured on a nonrecurring basis: Collateral dependent loans : Loans that do not share similar risk characteristics such that they can be evaluated on a collective (pool) basis are individually evaluated for credit losses each quarter taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets such as equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Other real estate owned : OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3. The following table presents, as of December 31, 2025, OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets at period-end. There was no impairment recognized during 2024 of OREO assets still held in the Consolidated Balance Sheets at period end. December 31, 2025 Carrying amount prior to remeasurement $ 4,182 Impairment recognized in results of operations ( 644 ) Fair value $ 3,538 Mortgage servicing rights : The fair value of mortgage servicing rights is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds and servicing costs. 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 December 31, 2025 and December 31, 2024. See Note 8, “Mortgage Servicing Rights,” for information about the valuation adjustments to the Company’s mortgage servicing rights. 132 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 16 – Fair Value Measurements (continued) The following table presents information as of December 31, 2025 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis: Financial instrument Fair Value Valuation Technique Significant Unobservable Inputs Inputs Collateral dependent loans, net of allowance for credit losses $ 87,680 Appraised value of collateral less estimated costs to sell Estimated costs to sell 10 % OREO $ 3,538 Appraised value of property less estimated costs to sell Estimated costs to sell 10 % The input of 10% on impairments and OREO is based primarily on historical experience with respect to carrying and marketing costs. Fair Value Option The Company elected to measure all mortgage loans originated for sale at fair value under the fair value option. 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. Net gains of $ 3,166 resulting from fair value changes of these mortgage loans were recorded in income during 2025, as compared to net losses of $ 3,309 in 2024 and net gains of $ 3,300 in 2023. The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income. The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2025 and December 31, 2024: Aggregate Fair Value Aggregate Unpaid Principal Balance Difference December 31, 2025 Mortgage loans held for sale measured at fair value $ 265,959 $ 260,841 $ 5,118 December 31, 2024 Mortgage loans held for sale measured at fair value $ 246,171 $ 244,218 $ 1,953 133 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 16 – Fair Value Measurements (continued) Fair Value of Financial Instruments The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented: Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2025 Financial assets Cash and cash equivalents $ 1,070,718 $ 1,070,718 $ — $ — $ 1,070,718 Securities held to maturity 1,030,073 — 961,870 — 961,870 Securities available for sale 2,560,818 — 2,560,818 — 2,560,818 Loans held for sale 265,959 — 265,959 — 265,959 Loans, net 18,753,084 — — 18,689,957 18,689,957 Mortgage servicing rights 65,271 — — 80,537 80,537 Derivative instruments 47,098 — 47,098 — 47,098 Financial liabilities Deposits $ 21,473,070 $ — $ 21,465,168 $ — $ 21,465,168 Short-term borrowings 555,774 555,774 — 555,774 Junior subordinated debentures 140,632 — 126,976 — 126,976 Subordinated notes 359,124 — 352,616 — 352,616 Derivative instruments 41,484 — 41,484 — 41,484 Fair Value Carrying Value Level 1 Level 2 Level 3 Total December 31, 2024 Financial assets Cash and cash equivalents $ 1,092,032 $ 1,092,032 $ — $ — $ 1,092,032 Securities held to maturity 1,126,112 — 1,002,544 — 1,002,544 Securities available for sale 831,013 — 831,013 — 831,013 Loans held for sale 246,171 — 246,171 — 246,171 Loans, net 12,683,264 — — 12,340,638 12,340,638 Mortgage servicing rights 72,991 — — 96,290 96,290 Derivative instruments 38,954 — 38,954 — 38,954 Financial liabilities Deposits $ 14,572,612 $ 14,570,304 $ — $ 14,570,304 Short-term borrowings 108,018 108,018 — 108,018 Junior subordinated debentures 113,916 — 100,668 — 100,668 Subordinated notes 316,698 — 295,868 — 295,868 Derivative instruments 32,268 — 32,268 — 32,268 134 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 17 – Other Comprehensive Income (Loss) (In Thousands) Changes in the components of other comprehensive income (loss), net of tax, were as follows: Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2025 Securities available for sale: Unrealized holding gains on securities $ 63,237 $ 15,890 $ 47,347 Amortization of unrealized holding losses on securities transferred to the held to maturity category 11,571 2,961 8,610 Total securities available for sale 74,808 18,851 55,957 Derivative instruments: Unrealized holding losses on derivative instruments ( 9,349 ) ( 2,389 ) ( 6,960 ) Amounts reclassified into earnings 4,203 1,074 3,129 Total derivative instruments ( 5,146 ) ( 1,315 ) ( 3,831 ) Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 610 156 454 Amortization of net actuarial loss recognized in net periodic pension cost (1) 397 101 296 Total defined benefit pension and post-retirement benefit plans 1,007 257 750 Total other comprehensive income $ 70,669 $ 17,793 $ 52,876 Year Ended December 31, 2024 Securities available for sale: Unrealized holding gains on securities $ 1,455 $ 381 $ 1,074 Amortization of unrealized holding losses on securities transferred to the held to maturity category 12,731 3,255 9,476 Total securities available for sale 14,186 3,636 10,550 Derivative instruments: Unrealized holding losses on derivative instruments ( 2,636 ) ( 675 ) ( 1,961 ) Amounts reclassified into earnings 3,144 805 2,339 Total derivative instruments 508 130 378 Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 543 138 405 Amortization of net actuarial loss recognized in net periodic pension cost (1) 423 108 315 Total defined benefit pension and post-retirement benefit plans 966 246 720 Total other comprehensive income $ 15,660 $ 4,012 $ 11,648 135 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 17 – Other Comprehensive Income (Loss) (continued) Pre-Tax Tax Expense (Benefit) Net of Tax Year Ended December 31, 2023 Securities available for sale: Unrealized holding gains on securities $ 20,194 $ 5,066 $ 15,128 Reclassification adjustment for gains realized in net income (2) 41,494 10,431 31,063 Amortization of unrealized holding losses on securities transferred to the held to maturity category 13,557 3,466 10,091 Total securities available for sale 75,245 18,963 56,282 Derivative instruments: Unrealized holding losses on derivative instruments ( 6,077 ) ( 1,553 ) ( 4,524 ) Amounts reclassified into earnings 3,519 900 2,619 Total derivative instruments ( 2,558 ) ( 653 ) ( 1,905 ) Defined benefit pension and post-retirement benefit plans: Net gain arising during the period 80 20 60 Amortization of net actuarial loss recognized in net periodic pension cost (1) 462 118 344 Total defined benefit pension and post-retirement benefit plans 542 138 404 Total other comprehensive income $ 73,229 $ 18,448 $ 54,781 (1) Included in Salaries and employee benefits in the Consolidated Statements of Income (2) Included in Net losses on sales of securities and Impairment losses on securities in the Consolidated Statements of Income The accumulated balances for each component of other comprehensive loss, net of tax, at December 31 were as follows: 2025 2024 2023 Unrealized losses on securities $ ( 96,977 ) $ ( 152,934 ) $ ( 163,484 ) Unrealized gains on derivative instruments 13,598 17,429 17,051 Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations ( 6,353 ) ( 7,103 ) ( 7,823 ) Total accumulated other comprehensive loss $ ( 89,732 ) $ ( 142,608 ) $ ( 154,256 ) 136 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 18 – Net Income Per Common Share (In Thousands, Except Share and Per Share Data) Basic and diluted net income per common share calculations are as follows for the periods presented: Year Ended December 31, 2025 2024 2023 Basic Net income applicable to common stock $ 181,272 $ 195,457 $ 144,678 Average common shares outstanding 86,940,841 59,350,157 56,099,689 Net income per common share—basic $ 2.09 $ 3.29 $ 2.58 Diluted Net income applicable to common stock $ 181,272 $ 195,457 $ 144,678 Average common shares outstanding 86,940,841 59,350,157 56,099,689 Effect of dilutive stock-based compensation 573,942 398,633 348,474 Average common shares outstanding—diluted 87,514,783 59,748,790 56,448,163 Net income per common share—diluted $ 2.07 $ 3.27 $ 2.56 Outstanding stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented: Year Ended December 31, 2025 2024 2023 Number of shares 1,000 — 6,600 Note 19 – Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (In Thousands) Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. The Company’s unfunded loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding at December 31, 2025 were $ 3,662,810 and $ 122,367 , respectively, compared to $ 2,856,308 and $ 90,267 , respectively, at December 31, 2024. For information on the allowance for credit losses on unfunded loan commitments, see Note 5, “Allowance for Credit Losses”. Various claims and lawsuits are pending against the Company and Renasant Bank. In the opinion of management, after consultation with legal counsel, resolution of these matters is not expected to have a material effect on the consolidated financial statements. Market risk resulting from interest rate changes on particular off-balance sheet financial instruments may be offset by other on - or off-balance sheet transactions. Interest rate sensitivity is monitored by the Company for determining the net effect of potential changes in interest rates on the market value of both on- and off-balance sheet financial instruments. 137 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 20 – Restrictions on Cash, Securities, Bank Dividends, Loans or Advances (In Thousands) In March 2020, the Federal Reserve announced that effective March 26, 2020 the reserve requirement would be reduced to zero to support the flow of credit to households and businesses in response to the economic environment caused by the COVID-19 pandemic. The reserve requirement has remained at zero since that time. The Company’s balance of FHLB stock, which is carried at amortized cost, at December 31, 2025 and 2024, was $ 38,297 and $ 15,209 , respectively. The required investment for the same time period was $ 29,550 and $ 11,044 , respectively. The Company’s ability to pay dividends to its shareholders is substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. The approval of the Mississippi Department of Banking and Consumer Finance (the “DBCF”) is required prior to the Bank paying dividends to the Company, and under certain circumstances the Federal Reserve approval may also be required. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the DBCF. In addition, Federal Reserve regulations prohibit a member bank from paying a dividend without prior approval from the Federal Reserve if either (1) the total of all dividends declared during the calendar year, including the proposed dividend, exceeds the sum of the bank’s net income for the current year plus its retained net income of the prior two calendar years or (2) the dividend would exceed the bank’s undivided profits as reportable on its Reports of Condition and Income. In this latter scenario, Federal Reserve regulations also require that at least two-thirds of the bank’s shareholders approve the proposed dividend. Accordingly, the approval of the DBCF is required prior to the Bank paying dividends to the Company, and under certain circumstances Federal Reserve approval may also be required. At December 31, 2025, the Bank’s earned surplus exceeded the Bank’s capital stock by more than ten times. In addition to the Federal Reserve and DBCF restrictions on dividends payable by the Bank to the Company, the Federal Reserve has provided guidance on the criteria that it will use to evaluate the request by a bank holding company to pay dividends in an aggregate amount that will exceed the company’s earnings for the period in which the dividends will be paid. For purposes of this analysis, “dividend” includes not only dividends on preferred and common equity but also dividends on debt underlying trust preferred securities and Tier 1 capital instruments. The Federal Reserve’s criteria evaluates whether the holding company (1) has net income over the past four quarters sufficient to fully fund the proposed dividend (taking into account prior dividends paid during this period), (2) is considering stock repurchases or redemptions in the quarter, (3) does not have a concentration in commercial real estate and (4) is in good supervisory condition, based on its overall condition and its asset quality risk. A holding company not meeting these criteria will require more in-depth consultations with the Federal Reserve. With respect to the second quarter of 2025, due to the impact of the Day 1 acquisition provision and the merger and conversion related expenses we incurred in such quarter, the Company's net income for the immediately-preceding four quarters was not sufficient to cover the second quarter dividend, and accordingly Federal Reserve consultation was necessary prior to the payment of our June 30, 2025 dividend. The Company did not otherwise require regulatory approval for dividends paid in 2024 or 2025. Federal Reserve regulations also limit the amount Renasant Bank may loan to the Company unless such loans are collateralized by specific obligations. At December 31, 2025, the maximum amount available for transfer from Renasant Bank to the Company in the form of loans was $ 286,062 . The Company also maintains a $ 3,000 line of credit collateralized by cash with the Bank. As of December 31, 2025, no loans from the Bank to the Company were outstanding. Note 21 – Regulatory Matters (In Thousands) The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. 138 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 21 – Regulatory Matters (continued) The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications (which include the “capital conservation buffer” discussed below): Capital Tiers Tier 1 Capital to Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk – Weighted Assets Total Capital to Risk – Weighted Assets Well capitalized 5 % or above 6.5 % or above 8 % or above 10 % or above Adequately capitalized 4 % or above 4.5 % or above 6 % or above 8 % or above Undercapitalized Less than 4 % Less than 4.5 % Less than 6 % Less than 8 % Significantly undercapitalized Less than 3 % Less than 3 % Less than 4 % Less than 6 % Critically undercapitalized Tangible Equity / Total Assets less than 2 % The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31: 2025 2024 Amount Ratio Amount Ratio Renasant Corporation Tier 1 Capital to Average Assets (Leverage) $ 2,424,528 9.61 % $ 1,935,522 11.34 % Common Equity Tier 1 Capital to Risk-Weighted Assets 2,424,528 11.24 % 1,825,197 12.73 % Tier 1 Capital to Risk-Weighted Assets 2,424,528 11.24 % 1,935,522 13.50 % Total Capital to Risk-Weighted Assets 3,190,074 14.78 % 2,449,129 17.08 % Renasant Bank Tier 1 Capital to Average Assets (Leverage) $ 2,590,284 10.28 % $ 1,843,123 10.80 % Common Equity Tier 1 Capital to Risk-Weighted Assets 2,590,284 12.00 % 1,843,123 12.85 % Tier 1 Capital to Risk-Weighted Assets 2,590,284 12.00 % 1,843,123 12.85 % Total Capital to Risk-Weighted Assets 2,860,621 13.25 % 2,022,737 14.10 % Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company and the Bank must maintain a “capital conservation buffer,” which is a 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. If the Bank’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Bank will face limitations on capital distributions, including the payment of dividends to the Company. As previously disclosed, the Company adopted CECL as of January 1, 2020. The Company has elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay. Note 22 – Segment Reporting (In Thousands) The operations of the Company’s reportable segments are described as follows: • The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-size 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 139 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 22 – Segment Reporting (continued) for trust accounts. In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable annuities, mutual funds and other investment services through a third party broker-dealer. The Financial Services division also provides administrative and compliance services for certain mutual funds. • The Company maintained an insurance segment through Renasant Insurance, Inc., which offered all lines of commercial and personal insurance through major carriers. Effective July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc. The Company’s reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services. The CODM evaluates the financial performance of the segments by evaluating net income as the primary measure of segment performance, as well as revenue streams, significant expenses and budget to actual results, and the CODM provides guidance in strategy and the allocation of resources. In order to give the CODM a more precise indication of the income and expenses controlled by each segment, the results of operations for each segment reflect its own direct revenues and expenses. Indirect revenues and expenses, including income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations that are necessary for purposes of reconciling to the consolidated amounts. Accounting policies for each segment are the same as those described in Note 1, “Significant Accounting Policies.” The following table provides financial information for the Company’s reportable operating segments as of and for the years ended December 31, 2025, 2024 and 2023. All capital expenditures for assets are attributed to the Community Banks segment. Community Banks Insurance Wealth Management Total Segments Other Consolidated 2025 Total interest income $ 1,262,107 $ — $ 62 $ 1,262,169 $ 90 $ 1,262,259 Total interest expense 427,215 — — 427,215 31,075 458,290 Net interest income 834,892 — 62 834,954 ( 30,985 ) 803,969 Provision for credit losses 107,457 — — 107,457 — 107,457 Noninterest income 148,434 — 35,388 183,822 ( 1,942 ) 181,880 Salaries and employee benefits 351,922 — 16,641 368,563 — 368,563 Net occupancy and equipment 62,641 — 910 63,551 100 63,651 Other segment expenses (1) 210,967 — 7,162 218,129 1,317 219,446 Income before income taxes 250,339 — 10,737 261,076 ( 34,344 ) 226,732 Income taxes 53,578 — 618 54,196 ( 8,736 ) 45,460 Net income (loss) $ 196,761 $ — $ 10,119 $ 206,880 $ ( 25,608 ) $ 181,272 Total assets $ 26,739,293 $ — $ 8,344 $ 26,747,637 $ 3,789 $ 26,751,426 Goodwill 1,405,840 — — 1,405,840 — 1,405,840 140 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 22 – Segment Reporting (continued) Community Banks Insurance Wealth Management Total Segments Other Consolidated 2024 Total interest income $ 886,666 $ 942 $ 64 $ 887,672 $ 105 $ 887,777 Total interest expense 348,199 — — 348,199 27,382 375,581 Net interest income 538,467 942 64 539,473 ( 27,277 ) 512,196 Provision for credit losses 9,273 — — 9,273 — 9,273 Noninterest income 172,877 6,473 25,873 205,223 ( 1,563 ) 203,660 Salaries and employee benefits 266,639 3,645 13,484 283,768 — 283,768 Net occupancy and equipment 44,989 163 808 45,960 — 45,960 Other segment expenses (2) 125,678 584 4,362 130,624 1,266 131,890 Income before income taxes 264,765 3,023 7,283 275,071 ( 30,106 ) 244,965 Income taxes 56,369 785 196 57,350 ( 7,842 ) 49,508 Net income (loss) $ 208,396 $ 2,238 $ 7,087 $ 217,721 $ ( 22,264 ) $ 195,457 Total assets $ 18,033,458 $ — $ 3,392 $ 18,036,850 $ ( 1,982 ) $ 18,034,868 Goodwill 988,898 — — 988,898 — 988,898 2023 Total interest income $ 795,500 $ 1,653 $ 68 $ 797,221 $ 98 $ 797,319 Total interest expense 251,026 — — 251,026 26,966 277,992 Net interest income 544,474 1,653 68 546,195 ( 26,868 ) 519,327 Provision for credit losses 15,593 — — 15,593 — 15,593 Noninterest income 76,130 12,578 25,311 114,019 ( 944 ) 113,075 Salaries and employee benefits 262,325 7,038 12,405 281,768 — 281,768 Net occupancy and equipment 45,303 438 730 46,471 — 46,471 Other segment expenses (3) 102,221 1,176 6,461 109,858 1,525 111,383 Income before income taxes 195,162 5,579 5,783 206,524 ( 29,337 ) 177,187 Income taxes 38,597 1,452 37 40,086 ( 7,577 ) 32,509 Net income (loss) $ 156,565 $ 4,127 $ 5,746 $ 166,438 $ ( 21,760 ) $ 144,678 Total assets $ 17,313,704 $ 40,405 $ 6,590 $ 17,360,699 $ ( 164 ) $ 17,360,535 Goodwill 988,898 2,767 — 991,665 — 991,665 (1) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, merger and conversion-related expenses and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and 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, merger and conversion-related expenses and other miscellaneous expenses. Other segment expenses for Insurance include data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. (3) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. Other segment expenses for Insurance include data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. 141 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 23 – Renasant Corporation (Parent Company Only) Condensed Financial Information (In Thousands) Balance Sheets December 31, 2025 2024 Assets Cash and cash equivalents $ 303,387 $ 405,782 Investment in subsidiaries 4,050,288 2,694,503 Accrued interest receivable on bank balances 2 27 Other assets 49,344 30,726 Total assets $ 4,403,021 $ 3,131,038 Liabilities and shareholders’ equity Junior subordinated debentures $ 140,632 $ 113,916 Subordinated notes 359,123 316,698 Other liabilities 18,361 22,106 Shareholders’ equity 3,884,905 2,678,318 Total liabilities and shareholders’ equity $ 4,403,021 $ 3,131,038 Statements of Income Year Ended December 31, 2025 2024 2023 Income Dividends from subsidiaries $ 101,764 $ 75,907 $ 72,042 Interest income from subsidiaries 14 39 28 Other dividends 278 270 260 Other income 236 354 919 Total income 102,292 76,570 73,249 Expenses 34,729 30,768 30,544 Income before income tax benefit and equity in undistributed net income of bank subsidiary 67,563 45,802 42,705 Income tax benefit ( 8,701 ) ( 7,842 ) ( 7,577 ) Equity in undistributed net income of subsidiaries 105,008 141,813 94,396 Net income $ 181,272 $ 195,457 $ 144,678 142 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 23 – Renasant Corporation (Parent Company Only) Condensed Financial Information (continued) Statements of Cash Flows Year Ended December 31, 2025 2024 2023 Operating activities Net income $ 181,272 $ 195,457 $ 144,678 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries ( 105,008 ) ( 141,813 ) ( 94,396 ) Amortization/depreciation 1,693 1,425 1,770 (Decrease) increase in other assets ( 17,786 ) 6,540 ( 8,824 ) (Decrease) increase in other liabilities ( 46,511 ) 11,303 8,921 Net cash provided by operating activities 13,660 72,912 52,149 Investing activities Net cash paid in acquisition ( 24,115 ) — — Net cash provided by investing activities ( 24,115 ) — — Financing activities Cash paid for dividends ( 78,604 ) ( 53,727 ) ( 50,279 ) Repurchase of shares in connection with stock repurchase program ( 13,336 ) — — Proceeds from equity offering — 217,000 — Net cash (used in) provided by financing activities ( 91,940 ) 163,273 ( 50,279 ) (Decrease) increase in cash and cash equivalents ( 102,395 ) 236,185 1,870 Cash and cash equivalents at beginning of year 405,782 169,597 167,727 Cash and cash equivalents at end of year $ 303,387 $ 405,782 $ 169,597 143 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 24 – Leases (In Thousands) The Company enters into leases in both lessor and lessee capacities. Lessor Arrangements The Company finances various types of equipment arrangements for customers through operating, direct financing and sales-type leases. As of December 31, 2025 and 2024, the net investment in these leases was $ 29,531 and $ 30,846 , comprised of $ 25,124 and $ 26,655 in lease receivables, $ 8,035 and $ 7,961 in residual balances and $ 3,628 and $ 3,770 in deferred income, respectively. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the years ended December 31, 2025 and 2024, the Company generated $ 960 and $ 1,080 in income from these leases, respectively, which is included in interest income on loans on the Consolidated Statements of Income. The maturities of the lessor arrangements outstanding at December 31, 2025 is presented in the table below. 2026 $ 409 2027 123 2028 380 2029 6,983 2030 2,640 Thereafter 18,996 Total lease receivables $ 29,531 Lessee Arrangements As of December 31, 2025 and 2024, right-of-use assets totaled $ 55,920 and $ 46,811 and lease liabilities totaled $ 57,227 and $ 49,385 , respectively. These amounts are included in “Premises and equipment, net” and “Other liabilities” on the Consolidated Balance Sheets. The table below provides the components of lease cost and supplemental information for the periods presented. Year ended December 31, 2025 2024 Operating lease cost (cost resulting from lease payments) $ 8,003 $ 6,705 Short-term lease cost 102 51 Variable lease cost (cost excluded from lease payments) 919 960 Sublease income ( 1,652 ) ( 639 ) Net lease cost $ 7,372 $ 7,077 Operating lease - operating cash flows (fixed payments) 7,643 6,714 Operating lease - operating cash flows (liability reduction) 5,587 4,943 Weighted average lease term - operating leases (in years) (at period end) 16.31 18.11 Weighted average discount rate - operating leases (at period end) 3.86 % 3.55 % Right-of-use assets obtained in exchange for new lease liabilities - operating leases $ 18,925 $ 4,630 144 Renasant Corporation and Subsidiaries Notes to Consolidated Financial Statements Note 24 – Leases (continued) The maturities of the lessee arrangements outstanding at December 31, 2025 are presented in the table below. 2026 $ 6,939 2027 6,531 2028 6,296 2029 6,117 2030 5,844 Thereafter 45,424 Total undiscounted cash flows 77,151 Discount on cash flows ( 19,924 ) Total operating lease liabilities $ 57,227 Rental expense was $ 7,545 , $ 6,136 , and $ 6,859 for 2025, 2024, and 2023, respectively. For more information on lease accounting, see Note 1, “Significant Accounting Policies” and on lease financing receivables, see Note 4, “Loans.” 145 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.