RENASANT CORP 10-Q

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (In Thousands, Except Share Data) This Form 10-Q may contain or incorporate by reference statements regarding Renasant Corporation (referred to herein as the “Company”, “Renasant”, “we”, “our”, or “us”) that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects”, “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” or similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities we have acquired or may acquire; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) our ability to remediate the material weakness in the Company’s internal control over financial reporting identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025; (vi) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring, mortgage lending and auto lending industries; (vii) the financial resources of, and products available from, competitors; (viii) changes in laws and regulations as well as changes in accounting standards; (ix) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) changes in the sources and costs of the capital we use to make loans and otherwise fund our operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of deposit or credit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) losses resulting from fraudulent activity, including loan and deposit fraud and social engineering attacks targeting our customers, employees and third party vendors; (xx) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses, including as a result of sophisticated attacks using artificial intelligence (“AI”) and similar tools; (xxi) civil unrest, natural disasters, epidemics and other catastrophic events in or near the Company’s geographic area; (xxii) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxiii) the impact, extent and timing of technological changes, including the rapid development of AI technologies; and (xxiv) other circumstances, many of which are beyond management’s control. The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws. 40 Table of Contents Financial Condition The following discussion provides details regarding the changes in significant balance sheet accounts at March 31, 2026 compared to December 31, 2025. Mergers and Acquisitions On April 1, 2025 the Company completed its merger with The First Bancshares, Inc. (“The First”). At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank (sometimes referred to as the “Bank”), with Renasant Bank the surviving banking corporation in the merger. For more information, including the fair value of assets acquired and liabilities assumed, see Note 2, “Mergers and Acquisitions,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report. Assets Assets March 31, 2026 December 31, 2025 $ Change % Change Cash and cash equivalents $ 1,216,980 $ 1,070,718 $ 146,262 13.7 % Securities held to maturity, at amortized cost 1,006,511 1,030,073 (23,562) (2.3) Securities available for sale, at fair value 2,809,647 2,560,818 248,829 9.7 Loans held for sale, at fair value 230,980 265,959 (34,979) (13.2) Loans held for investment 18,975,248 19,047,039 (71,791) (0.4) Allowance for credit losses (295,862) (293,955) (1,907) 0.6 Loans, net 18,679,386 18,753,084 (73,698) (0.4) Premises and equipment 463,723 465,141 (1,418) (0.3) Other real estate owned, net 12,954 15,191 (2,237) (14.7) Goodwill 1,406,667 1,405,840 827 0.1 Other intangible assets, net 138,392 146,612 (8,220) (5.6) Bank-owned life insurance 494,874 492,541 2,333 0.5 Mortgage servicing rights, net 64,850 65,271 (421) (0.6) Other assets 582,310 480,178 102,132 21.3 Total assets $ 27,107,274 $ 26,751,426 $ 355,848 1.3 % Investments The securities portfolio is used to provide a source for meeting liquidity needs and to supply securities to be used in collateralizing certain deposits and certain types of borrowings. The securities portfolio also serves as an outlet to deploy excess liquidity and generate interest income rather than hold excess funds as cash. The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented: March 31, 2026 December 31, 2025 Balance Percentage of Portfolio Balance Percentage of Portfolio Obligations of states and political subdivisions $ 553,152 14.49 % $ 552,209 15.38 % Mortgage-backed securities 2,884,524 75.59 2,642,946 73.60 Other debt securities 378,514 9.92 395,768 11.02 $ 3,816,190 100.00 % $ 3,590,923 100.00 % Allowance for credit losses - held to maturity securities (32) (32) Securities, net of allowance for credit losses $ 3,816,158 $ 3,590,891 The Company purchased $378,991 and $175,815 in investment securities during the three months ended March 31, 2026 and 2025, respectively. The merger with The First contributed approximately $1,457,377 to the securities portfolio at April 1, 2025. 41 Table of Contents Proceeds from maturities, calls and principal payments on securities during the first three months of 2026 totaled $141,463. Proceeds from the maturities, calls and principal payments on securities during the first three months of 2025 totaled $56,789. No gain or loss on sales of securities was recorded in the first quarter of 2026 or 2025. During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has the intent and ability to hold these securities until their maturity. The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. At March 31, 2026, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $38,482. No gains or losses were recognized at the time of transfer. For more information about the Company’s security portfolio, see Note 3, “Securities,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report. Loans Held for Sale Mortgage loans to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement. Under a “best efforts” sales agreement, residential real estate originations are locked in at a contractual rate with third party private investors or directly with government sponsored agencies, and the Company is obligated to sell the mortgages to such investors only if the mortgages are closed and funded. The risk we assume is conditioned upon loan underwriting and market conditions in the national mortgage market. 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 if we fail to satisfy the contract. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. Our standard practice is to sell the loans within approximately 45 days after the loan is funded. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market. Loans The table below sets forth the balance of loans outstanding, net of unearned income and excluding loans held for sale, by loan type and the percentage of each loan type to total loans as of the dates presented: March 31, 2026 December 31, 2025 Total Loans Percentage of Total Loans Total Loans Percentage of Total Loans Commercial and industrial $ 2,895,477 15.26 % $ 2,818,326 14.79 % Construction and land development Residential 425,543 2.24 % 382,773 2.01 % Other 1,473,086 7.76 % 1,522,863 8.00 % Total construction and land development 1,898,629 10.00 1,905,636 10.01 % Real estate – 1-4 family mortgage: First lien 3,792,685 19.99 % 3,844,097 20.18 % Junior lien 52,516 0.28 % 52,943 0.28 % Home equity 738,917 3.89 % 737,993 3.87 % Total real estate – 1-4 family mortgage 4,584,118 24.16 4,635,033 24.33 % Commercial real estate - owner occupied 3,357,965 17.70 3,334,664 17.51 % Commercial real estate - non-owner occupied Multi family 1,278,646 6.74 % 1,392,779 7.31 % Other 4,856,897 25.59 % 4,852,701 25.48 % Total commercial real estate - non-owner occupied 6,135,543 32.33 % 6,245,480 32.79 Consumer 103,516 0.55 % 107,900 0.57 % Total loans, net of unearned income 18,975,248 100.00 % $ 19,047,039 100.00 % Loan concentrations are considered to exist when there are loans to a number of borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At March 31, 2026, there were no concentrations of loans exceeding 10% of total loans other than loans disclosed in the table above. As the above table demonstrates, non-owner 42 Table of Contents occupied commercial mortgage term loans was our largest concentration of loans at March 31, 2026 and the following table provides additional detail, broken down by collateral type, about the segments within this loan category as of such date . March 31, 2026 Balance Average Loan Size Percentage of Total Loans Weighted-Average Loan-to-Value Percentage 30-89 Days Past Due Percentage Non-performing Hotels $ 747,367 $ 4,872 3.95 % 56 % — % — % Self Storage 600,374 3,163 3.16 55 — — Multi Family 1,278,647 2,456 6.74 53 0.11 0.10 Office - Medical 387,579 1,987 2.04 54 — — Office - Non-Medical 421,442 882 2.22 55 0.03 3.13 Retail 1,309,832 1,496 6.90 55 0.33 0.02 Senior Housing 288,095 5,455 1.52 65 — 9.41 Warehouse/Industrial 932,504 2,498 4.91 53 0.04 0.82 Other 169,703 1,237 0.89 54 0.02 0.26 Total non-owner occupied commercial mortgage term loans $ 6,135,543 $ 2,039 32.33 % 55 % 0.10 % 0.81 % Note: Weighted-average loan-to-value is calculated using the most recent appraisal available. Deposits Deposits March 31, 2026 December 31, 2025 $ Change % Change Noninterest-bearing deposits $ 5,183,426 $ 5,043,960 $ 139,466 2.8 % Interest-bearing deposits 16,916,058 16,429,110 486,948 3.0 Total deposits $ 22,099,484 $ 21,473,070 $ 626,414 2.9 % The Company relies on deposits as its primary source of funds. Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits (that is, deposits excluding brokered deposits). Noninterest-bearing deposits represented 23.45% of total deposits at March 31, 2026, as compared to 23.49% of total deposits at December 31, 2025. The slight decrease in noninterest-bearing deposits as a percentage of total deposits was primarily driven by the seasonal increase in interest-bearing public fund deposits, offset by growth in noninterest-bearing deposits. Under certain circumstances, management may elect to acquire non-core deposits (in the form of brokered deposits) or public fund deposits (which are deposits of counties, municipalities or other political subdivisions). The source of funds that we select depends on the terms of the deposits and how those terms assist us in mitigating interest rate risk, maintaining our liquidity position and managing our net interest margin; business factors, described in the following paragraph, may lead us to obtain public deposits. Accordingly, funds are acquired to meet anticipated funding needs at the rate and with other terms that, in management’s view, best address our interest rate risk, liquidity and net interest margin parameters. Public fund deposits may be readily obtained based on the Company’s pricing bid in comparison with competitors. Because public fund deposits are obtained through a bid process, these deposit balances may fluctuate as competitive and market forces change. Although the Company has focused on growing stable sources of deposits to reduce reliance on public fund deposits, it participates in the bidding process for public fund deposits when pricing and other terms make it reasonable given market conditions or when management perceives that other factors, such as the public entity’s use of our treasury management or other products and services, make such participation advisable. Our public fund transaction accounts are principally obtained from public universities and municipalities, including school boards and utilities. Public fund deposits were $4,160,265 and $3,779,910 at March 31, 2026 and December 31, 2025, respectively. Borrowed Funds Borrowed Funds March 31, 2026 December 31, 2025 $ Change % Change Short-term borrowings $ 305,863 $ 555,774 $ (249,911) (45.0) % Long-term debt 500,342 499,756 586 0.1 Total borrowings $ 806,205 $ 1,055,530 $ (249,325) (23.6) % 43 Table of Contents Total borrowings may include federal funds purchased, securities sold under agreements to repurchase, advances from the Federal Home Loan Bank of Dallas (the “FHLB”), borrowings from the Federal Reserve Discount Window, subordinated notes and junior subordinated debentures and are classified on the Consolidated Balance Sheets as either short-term borrowings or long-term debt. Short-term borrowings have original maturities less than one year and typically consist of federal funds purchased, securities sold under agreements to repurchase, and short-term FHLB advances. Due to strong deposit growth during the quarter, the Company was able to pay down a portion of the FHLB advances. The following table presents our short-term borrowings by type as of the dates presented: Short-Term Borrowings March 31, 2026 December 31, 2025 Security repurchase agreements $ 5,863 $ 5,774 Short-term borrowings from the FHLB 300,000 550,000 Total short-term borrowings $ 305,863 $ 555,774 Long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes. The following table presents our long-term debt by type as of the dates presented: Long-Term Debt March 31, 2026 December 31, 2025 Junior subordinated debentures $ 140,908 $ 140,632 Subordinated notes 359,434 359,124 Total long-term debt $ 500,342 $ 499,756 Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits (which has not been the case in recent periods). Advances from the FHLB are collateralized by a blanket lien on the Bank’s loans. The Company had $5,480,190 of availability on unused lines of credit with the FHLB at March 31, 2026, as compared to $5,574,759 at December 31, 2025. The Company also had credit available at the Federal Reserve Discount Window in the amount of $706,245. The Company has issued subordinated notes, and the Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors, the proceeds of which were used to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The proceeds generated by the Company’s subordinated notes and trust preferred securities transactions have been used for general corporate purposes, including providing capital to support the Company’s growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, and for investments in Renasant Bank as regulatory capital. The subordinated notes and trust preferred securities qualify as Tier 2 capital under current regulatory guidelines. On May 7, 2026, the Company completed an additional subordinated debt offering, issuing $300,000,000 aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036. Results of Operations The Company’s acquisition of The First on April 1, 2025, had a significant impact on our results of operations during the first quarter of 2026 as compared to the same period in 2025, and unless otherwise noted, is the primary driver of the period-over-period change indicated throughout this section. Net Income Three months ended March 31, Net Income and Earnings per Share 2026 2025 $ Change % Change Net income $ 88,228 $ 41,518 $ 46,710 112.5 % Basic earnings per share 0.94 0.65 0.29 44.6 Diluted earnings per share 0.94 0.65 0.29 44.6 From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented. 44 Table of Contents Three Months Ended March 31, 2026 March 31, 2025 Pre-tax After-tax Impact to Diluted EPS Pre-tax After-tax Impact to Diluted EPS Merger and conversion related expenses $ — $ — $ — $ (791) $ (593) $ (0.01) Net Interest Income Net interest income, the difference between interest earned on assets and the cost of interest-bearing liabilities, is the largest component of our net income, comprising 81.96% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the first quarter of 2026. Changes in net interest income are driven by fluctuations in the volume, mix and repricing of assets and liabilities. Three months ended March 31, Net Interest Income (tax equivalent basis) 2026 2025 $ Change % Change Loans $ 298,273 $ 199,574 $ 98,699 49.5 % Securities 32,266 12,117 20,149 166.3 Other 7,581 8,639 (1,058) (12.2) Total interest income $ 338,120 $ 220,330 $ 117,790 53.5 % Deposits 103,860 79,386 24,474 30.8 Borrowings 10,701 6,747 3,954 58.6 Total interest expense $ 114,561 $ 86,133 $ 28,428 33.0 % Net interest income $ 223,559 $ 134,197 $ 89,362 66.6 % Net interest income (tax equivalent basis) $ 228,424 $ 137,432 $ 90,992 66.2 % The following tables set forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or interest paid and the average yield or average rate paid on each such category on a tax-equivalent basis for the periods presented: 45 Table of Contents Three Months Ended March 31, 2026 2025 Average Balance Interest Income/ Expense Yield/ Rate Average Balance Interest Income/ Expense Yield/ Rate Assets Loans held for investment $ 19,035,115 $ 299,125 6.37 % $ 12,966,869 $ 199,504 6.24 % Loans held for sale 211,507 2,876 5.44 200,917 3,008 5.99 Securities: Taxable 3,380,880 28,861 3.41 1,883,535 10,971 2.33 Tax-exempt (1) 432,789 4,542 4.20 259,800 1,443 2.22 Interest-bearing balances with banks 823,706 7,581 3.73 824,743 8,639 4.25 Total interest-earning assets 23,883,997 342,985 5.81 16,135,864 223,565 5.61 Cash and due from banks 290,611 181,869 Intangible assets 1,548,244 1,002,511 Other assets 1,132,508 669,392 Total assets $ 26,855,360 $ 17,989,636 Liabilities and shareholders’ equity Interest-bearing liabilities: Deposits: Interest-bearing demand (2) $ 11,741,333 $ 72,025 2.49 % $ 7,835,617 $ 54,710 2.83 % Savings deposits 1,289,327 876 0.28 813,451 711 0.35 Time deposits 3,583,946 30,959 3.50 2,474,218 23,965 3.93 Total interest-bearing deposits 16,614,606 103,860 2.54 11,123,286 79,386 2.89 Borrowed funds 973,114 10,701 4.44 556,734 6,747 4.88 Total interest-bearing liabilities 17,587,720 114,561 2.64 11,680,020 86,133 2.99 Noninterest-bearing deposits 5,088,817 3,408,830 Other liabilities 290,242 208,105 Shareholders’ equity 3,888,581 2,692,681 Total liabilities and shareholders’ equity $ 26,855,360 $ 17,989,636 Net interest income/net interest margin $ 228,424 3.87 % $ 137,432 3.45 % (1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates. (2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. The daily average balances of nonaccruing assets are included in the foregoing table. Interest income and weighted average yields on tax-exempt loans and securities have been computed on a fully tax equivalent basis assuming a federal tax rate of 21%, and for loans, a state tax rate of 4.45%, which is net of federal tax benefit. Net interest income and net interest margin are influenced by internal and external factors. Internal factors include balance sheet changes in volume and mix as well as loan and deposit pricing decisions. External factors include changes in market interest rates, competition and the shape of the interest rate yield curve. The addition of The First’s loan portfolio and strong organic loan growth in 2025 were the largest contributing factors to the increase in net interest income for the three months ended March 31, 2026, as compared to the same period in 2025. Lower interest rates and the addition of The First’s deposits generated a positive impact to both the cost and mix of our funding sources. The Company has continued its efforts to mitigate increases in the cost of funding due to competition or otherwise through maintaining noninterest-bearing deposits and staying disciplined yet competitive in pricing on interest-bearing deposits in the current rate environment. The following table sets forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the three months ended March 31, 2026, as compared to the same period in 2025 (the changes attributable to the combined impact of yield/rate and volume have been allocated on a pro-rata basis using the absolute value of amounts calculated): 46 Table of Contents Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025 Volume Rate Net Interest income: Loans held for investment $ 95,375 $ 4,246 $ 99,621 Loans held for sale 151 (283) (132) Securities: Taxable 11,301 6,589 17,890 Tax-exempt 1,325 1,774 3,099 Interest-bearing balances with banks (11) (1,047) (1,058) Total interest-earning assets 108,141 11,279 119,420 Interest expense: Interest-bearing demand deposits 24,539 (7,224) 17,315 Savings deposits 332 (167) 165 Time deposits 9,840 (2,846) 6,994 Borrowed funds 4,607 (653) 3,954 Total interest-bearing liabilities 39,318 (10,890) 28,428 Change in net interest income $ 68,823 $ 22,169 $ 90,992 The increase in interest income, on a tax equivalent basis, for the three months ended March 31, 2026, as compared to the same time period in 2025 is due primarily to the addition of The First’s earning assets. The following table presents the percentage of total average earning assets, by type and yield, for the periods presented: Percentage of Total Average Earning Assets Yield Three Months Ended Three Months Ended March 31, March 31, 2026 2025 2026 2025 Loans held for investment 79.70 % 80.36 % 6.37 % 6.24 % Loans held for sale 0.89 1.25 5.44 5.99 Securities 15.97 13.28 3.50 2.32 Interest-bearing balances with banks 3.44 5.11 3.73 4.25 Total earning assets 100.00 % 100.00 % 5.81 % 5.61 % For the first quarter of 2026, interest income on loans held for investment, on a tax equivalent basis, increased $99,621 to $299,125 from $199,504 for the same period in 2025. Driven largely by the addition of $5,173,334 in loans held for investment through our merger with The First on April l, 2025, the year-to-date average balance of loans held for investment increased $6,068,246 from March 2025, thereby resulting in the increase in interest income on loans held for investment for the three months ended March 31, 2026, as compared to the same period in 2025. The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following table for the periods presented. 47 Table of Contents Three Months Ended March 31, 2026 2025 Net interest income collected on problem loans $ 210 $ 1,026 Accretable yield recognized on purchased loans 15,248 558 Total impact to interest income on loans $ 15,458 $ 1,584 Impact to loan yield 0.33 % 0.05 % Impact to net interest margin 0.26 % 0.03 % Investment income, on a tax equivalent basis, increased $20,989 to $33,403 for the first quarter of 2026 from $12,414 for the first quarter of 2025. The increase in investment income, on a tax equivalent basis, was primarily due to the acquisition of The First’s investment portfolio. The tax equivalent yield on the investment portfolio for the first quarter of 2026 was 3.50%, up 118 basis points from 2.32% for the same period in 2025. Interest expense was $114,561 for the first quarter of 2026 as compared to $86,133 for the same period in 2025. The increase in interest expense was primarily due to the assumption of The First’s deposits and borrowed funds. The following table presents, by type, the Company’s funding sources, which consist of total average deposits and borrowed funds, and the total cost of each funding source for the periods presented: Percentage of Total Average Deposits and Borrowed Funds Cost of Funds Three Months Ended Three Months Ended March 31, March 31, 2026 2025 2026 2025 Noninterest-bearing demand 22.44 % 22.59 % — % — % Interest-bearing demand 51.78 51.93 2.49 2.83 Savings 5.69 5.39 0.28 0.35 Time deposits 15.80 16.40 3.50 3.93 Borrowed funds 4.29 3.69 4.44 4.88 Total deposits and borrowed funds 100.00 % 100.00 % 2.05 % 2.31 % The cost of total deposits was 1.94% and 2.22% for the first quarter of 2026 and 2025, respectively. The increase in deposit expense and decrease in cost is attributable to the acquisition of The First’s deposits. The cost of total deposits was also affected by the Federal Reserve’s rate cuts in the third and fourth quarters of 2025. The Company has continued its efforts to maintain non-interest bearing deposits. Low cost deposits continue to be the preferred choice of funding; however, the Company may rely on brokered deposits or wholesale borrowings when advantageous, to address liquidity needs or as otherwise deemed advisable due to market conditions. The increase in interest expense on borrowings is due to higher average short-term borrowings and the additional subordinated notes and other long-term borrowings added as a result of the merger with The First. A more detailed discussion of the cost of our funding sources is set forth below under the heading “Liquidity and Capital Resources” in this Item. Noninterest Income 48 Table of Contents Three months ended March 31, Noninterest Income 2026 2025 $ Change % Change Service charges on deposit accounts $ 14,740 $ 10,364 $ 4,376 42.2 % Fees and commissions 4,654 3,787 867 22.9 Wealth management revenue 8,678 7,067 1,611 22.8 Mortgage banking income 9,435 8,147 1,288 15.8 BOLI income 3,689 2,929 760 25.9 Other 9,076 4,101 4,975 121.3 Total noninterest income $ 50,272 $ 36,395 $ 13,877 38.1 % Noninterest income to average assets 0.76 % 0.82 % Total noninterest income includes fees generated from deposit services and other fees and commissions, income from our wealth management and mortgage banking operations, realized gains and losses on the sale of securities and all other noninterest income. Other noninterest income includes income from our SBA banking division, our capital markets division and other miscellaneous income and can fluctuate based on production in our SBA banking and capital markets divisions and recognition of other seasonal income items. Our focus is to develop and enhance our products that generate noninterest income in order to diversify revenue sources. The acquisition of The First’s operations was the primary driver of the increase in noninterest income for the three months ended March 31, 2026 as compared to the same period in 2025. Our Wealth Management segment has two divisions: Trust and Financial Services. The Trust division operates on a custodial basis, which includes administration of benefit plans, as well as accounting and money management for trust accounts. The division manages a number of trust accounts inclusive of personal and corporate benefit accounts, IRAs, and custodial accounts. Fees for managing these accounts are based on changes in market values of the assets under management in the account, with the amount of the fee depending on the type of account. The Financial Services division provides specialized products and services to our customers, which include fixed and variable annuities, mutual funds, and stocks offered through a third party provider. The market value of assets under management or administration was $7,220,486 and $6,469,093 at March 31, 2026 and March 31, 2025, respectively. The Company acquired approximately $471,000 of assets under management through its merger with The First. Mortgage banking income is derived from the origination and sale of mortgage loans and the servicing of mortgage loans that the Company has sold but retained the right to service. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market. Originations of mortgage loans to be sold totaled $342,536 in the first quarter of 2026 compared to $303,158 for the same period in 2025. The table below presents the components of mortgage banking income included in noninterest income for the periods presented. Three Months Ended March 31, Mortgage Banking Income 2026 2025 Gain on sales of loans, net (1) $ 5,305 $ 4,500 Fees, net 2,842 2,317 Mortgage servicing income, net (2) 1,288 1,330 Mortgage banking income, net $ 9,435 $ 8,147 (1) Gain on sales of loans, net includes pipeline fair value adjustments (2) Mortgage servicing income, net includes gain on sale of MSR 49 Table of Contents Noninterest Expense Three months ended March 31, Noninterest Expense 2026 2025 $ Change % Change Salaries and employee benefits $ 91,749 $ 71,957 $ 19,792 27.5 % Data processing 5,221 4,089 1,132 27.7 Net occupancy and equipment 18,031 11,754 6,277 53.4 Other real estate owned 1,399 685 714 104.2 Professional fees 4,402 2,884 1,518 52.6 Advertising and public relations 4,599 4,297 302 7.0 Intangible amortization 8,220 1,080 7,140 661.1 Communications 4,009 2,033 1,976 97.2 Merger and conversion related expenses — 791 (791) (100.0) Other 17,698 14,306 3,392 23.7 Total noninterest expense $ 155,328 $ 113,876 $ 41,452 36.4 % Noninterest expense to average assets 2.35 % 2.57 % Other noninterest expense includes business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses. The acquisition of The First’s operations was the primary driver of the increase in noninterest expense for the three months ended March 31, 2026 as compared to the same period in 2025. Annual merit increases implemented in April 2025 and elevated incentive accruals driven by first quarter performance also contributed to the increase in salaries and employee benefits. Efficiency Ratio Efficiency Ratio Three Months Ended March 31, 2026 2025 Efficiency ratio 55.73 % 65.51 % The efficiency ratio is a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. The improvement in our efficiency ratio for the three months ended March 31, 2026 as compared to the same period in 2025 was driven by revenue growth while at the same time controlling noninterest expenses and eliminating duplicative expenses during the integration of The First into our business model. Income Taxes Three months ended March 31, 2026 2025 $ Change % Change Income taxes $ 22,195 $ 10,448 $ 11,747 112.4 % The increase in the Company’s income before income taxes for the three months ended March 31, 2026 as compared to the same period in 2025 was the primary driver of the increase in income taxes. Risk Management 50 Table of Contents Nonperforming Assets . Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are loans on which the accrual of interest has stopped and loans that are contractually 90 days past due on which interest continues to accrue. Generally, the accrual of interest is discontinued when the full collection of principal or interest is in doubt or when the payment of principal or interest has been contractually 90 days past due, unless the obligation is both well secured and in the process of collection. Management, the Company’s problem asset resolution committee and our loan review staff closely monitor loans that are considered to be nonperforming. Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value 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 in “Other real estate owned” in the Consolidated Statements of Income. The following table provides details of the Company’s nonperforming assets as of the dates presented. March 31, 2026 December 31, 2025 Nonaccruing loans $ 197,515 $ 175,730 Accruing loans past due 90 days or more 2,779 288 Total nonperforming loans 200,294 176,018 Other real estate owned 12,954 15,191 Total nonperforming loans and OREO $ 213,248 $ 191,209 Nonperforming loans to total loans 1.06 % 0.92 % Nonaccruing loans to total loans 1.04 % 0.92 % Nonperforming assets to total assets 0.79 % 0.71 % The following table presents nonperforming loans by loan category as of the dates presented: March 31, 2026 December 31, 2025 Commercial and industrial $ 47,093 $ 28,002 Construction and land development Residential 1,991 2,033 Other 10,333 5,697 Total construction and land development 12,324 7,730 Real estate – 1-4 family mortgage: First lien 56,257 60,874 Junior lien 1,131 1,483 Home equity 3,924 3,074 Total real estate – 1-4 family mortgage 61,312 65,431 Commercial real estate - owner occupied 29,433 31,303 Commercial real estate - non-owner occupied Multi family 1,258 785 Other 48,671 42,610 Total commercial real estate - non-owner occupied 49,929 43,395 Consumer 203 157 Loans, net of unearned income $ 200,294 $ 176,018 Management has evaluated the aforementioned loans and other loans classified as nonperforming and believes that all nonperforming loans have been adequately reserved for in the allowance for credit losses on loans at March 31, 2026. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due on which interest was still accruing were $68,597 at March 31, 2026 as compared to $89,162 at December 31, 2025. 51 Table of Contents Allowance for Credit Losses on Loans; Provision for Credit Losses on Loans . The allowance for credit losses is available to absorb credit losses inherent in the loans held for investment portfolio. 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. Management evaluates the adequacy of the allowance on a quarterly basis.The following table presents the allocation of the allowance for credit losses on loans and the percentage of each loan category to total loans for each of period presented. March 31, 2026 December 31, 2025 March 31, 2025 Balance % of Total Balance % of Total Balance % of Total Commercial and industrial $ 65,814 22.24 % $ 57,831 19.67 % $ 41,884 20.54 % Construction and land development 36,969 12.50 31,359 10.67 20,845 10.22 Real estate - 1-4 family mortgage 66,653 22.53 61,249 20.84 48,101 23.59 Commercial real estate - owner occupied 37,441 12.65 38,961 13.25 17,826 8.74 Commercial real estate - non owner occupied 84,380 28.52 99,605 33.88 68,781 33.73 Consumer 4,605 1.56 4,950 1.69 6,494 3.18 Total $ 295,862 100.00 % $ 293,955 100.00 % $ 203,931 100.00 % The increase in the allowance for credit losses in the first quarter of 2026 as compared to December 31, 2025 was primarily driven by an increase in non-performing loans, changes in the macroeconomic environment and qualitative factors partially moderated by reduction in the loan portfolio. The provision increased in select residential related pools due to the risk of potential stagflation and value declines. 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. For more information about the allowance for credit losses, see the “Critical Accounting Estimates” section in this Item below. The provision for credit losses on loans charged to operating expense is an amount that, in the judgment of management, is necessary to maintain the allowance for credit losses on loans at a level adequate to meet the inherent risks of losses in our loan portfolio. The Company recorded a provision for credit losses on loans of $4,224 or 0.09% of average loans (annualized), for the three months ended March 31, 2026, as compared to $2,050, or 0.06% of average loans (annualized), during the three months ended March 31, 2025. The table below reflects the activity in the allowance for credit losses on loans for the periods presented: 52 Table of Contents Three Months Ended March 31, 2026 2025 Balance at beginning of period $ 293,955 $ 201,756 Charge-offs Commercial and industrial (1,070) (94) Construction and land development (1) — Real estate – 1-4 family mortgage (525) (309) Commercial real estate - owner occupied (1,136) (461) Commercial real estate - non-owner occupied (198) — Consumer (330) (265) Total charge-offs (3,260) (1,129) Recoveries Commercial and industrial 150 967 Construction and land development — — Real estate – 1-4 family mortgage 26 33 Commercial real estate - owner occupied 676 4 Commercial real estate - non-owner occupied 63 2 Consumer 28 248 Total recoveries 943 1,254 Net (charge-offs) recoveries (2,317) 125 Provision for credit losses on loans 4,224 2,050 Balance at end of period $ 295,862 $ 203,931 Provision for credit losses on loans (annualized) to average loans 0.09 % 0.06 % Net charge-offs (annualized) to average loans 0.05 % — % Net charge-offs (recoveries) (annualized) to allowance for credit losses on loans 3.18 % (0.25) % Allowance for credit losses on loans to: Total loans 1.56 % 1.56 % Nonperforming loans 147.71 % 206.55 % Nonaccrual loans 149.79 % 206.75 % Nonaccrual loans to total loans: 1.04 % 0.76 % The table below reflects annualized net charge-offs (recoveries) to daily average loans outstanding, by loan category, for the periods presented: Three Months Ended March 31, 2026 March 31, 2025 Net Charge-offs Average Loans Annualized Net Charge-offs to Average Loans Net Recoveries (Charge-offs) Average Loans Annualized Net Recoveries (Charge-offs) to Average Loans Commercial and industrial $ (920) $ 2,895,420 (0.13)% $ 873 $ 1,977,985 0.18% Construction and land development (1) 1,896,471 —% — 1,337,477 —% Real estate – 1-4 family mortgage (499) 4,603,732 (0.04)% (276) 3,413,575 (0.03)% Commercial real estate - owner occupied (460) 3,338,519 (0.06)% (457) 1,905,950 (0.10)% Commercial real estate - non-owner occupied (135) 6,196,305 (0.01)% 2 4,244,100 —% Consumer (302) 104,668 (1.17)% (17) 87,782 (0.08)% Total $ (2,317) $ 19,035,115 (0.05)% $ 125 $ 12,966,869 —% 53 Table of Contents Allowance for Credit Losses on Unfunded Commitments; Provision for Credit Losses on Unfunded Commitments . The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. 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. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the table below. Three Months Ended March 31, 2026 2025 Allowance for credit losses on unfunded loan commitments: Beginning balance $ 29,827 $ 14,943 Provision for credit losses on unfunded loan commitments 3,856 2,700 Ending balance $ 33,683 $ 17,643 The provision for credit losses on unfunded commitments in the first quarter of 2026 was primarily driven by growth in the balance of unfunded loan commitments in the commercial and residential construction related pools. Interest Rate Risk Market risk is the risk of loss from adverse changes in market prices and rates. The majority of assets and liabilities of a financial institution are monetary in nature and therefore differ greatly from most commercial and industrial companies that have significant investments in fixed assets and inventories. Our market risk arises primarily from interest rate risk inherent in lending, investing and deposit-taking activities. Management believes a significant impact on the Company’s financial results stems from our ability to react to changes in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis. Changes in rates may also limit our liquidity, making it more costly for the Company to generate funds to make loans and to satisfy customers wishing to withdraw deposits. Because of the impact of interest rate fluctuations on our profitability and liquidity, we actively monitor and manage our interest rate risk exposure. We have an Asset/Liability Committee (“ALCO”), which is comprised of various members of senior management and is authorized by the Board of Directors to monitor interest rate sensitivity and liquidity risk, over the short-, medium-, and long-term, and to make decisions relating to these processes. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk and preserving adequate liquidity so as to minimize the adverse impact of changes in interest rates on net interest income, liquidity and capital. We regularly monitor liquidity and stress our liquidity position in various simulated scenarios, which are incorporated in our contingency funding plan outlining different potential liquidity environments. The ALCO uses an asset/liability model as the primary quantitative tool in measuring the amount of interest rate risk associated with changing market rates. The model is used to perform both net interest income forecast simulations for multiple year horizons and economic value of equity (“EVE”) analyses, each under various interest rate scenarios. Net interest income forecast simulations measure the short- and medium-term earnings exposure from changes in market interest rates in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate future net interest income under various hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time for a given set of market rate assumptions. An increase in EVE due to a specified rate change indicates an improvement in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet. The following table presents the projected impact of a change in interest rates on (1) static EVE and (2) earnings at risk (that is, net interest income) for the 1-12 and 13-24 month periods commencing April 1, 2026, in each case as compared to the result under rates present in the market on March 31, 2026. The changes in interest rates assume an instantaneous and parallel shift in the yield curve and do not account for changes in the slope of the yield curve. 54 Table of Contents Percentage Change In: Immediate Change in Rates of (in basis points): Economic Value Equity (EVE) Earning at Risk (Net Interest Income) Static 1-12 Months 13-24 Months +100 2.73% 2.79% 4.64% -100 (3.27)% (3.06)% (5.31)% -200 (7.53)% (5.44)% (10.60)% The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at March 31, 2026. The preceding measures assume no change in the size or asset/liability compositions of the balance sheet, and they do not reflect future actions the ALCO may undertake in response to such changes in interest rates. The scenarios assume instantaneous movements in interest rates in increments described in the table above. As interest rates are adjusted over time, it is our strategy to proactively change the volume and mix of our balance sheet in order to mitigate our interest rate risk. The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions, including asset prepayment speeds, the impact of competitive factors on our pricing of loans and deposits, the impact of market conditions on the securities yields and interest rates of our borrowings, how responsive our deposit repricing is to the change in market rates and the expected life of non-maturity deposits. These business assumptions are based upon our experience, business plans and published industry experience; however, such assumptions may not necessarily reflect the manner or timing in which cash flows, asset yields and liability costs respond to changes in market rates. Because these assumptions are inherently uncertain, actual results will differ from simulated results. The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, caps and/or floors, risk participations, forward commitments, and interest rate lock commitments, as part of its ongoing efforts to mitigate its interest rate risk exposure. For more information about the Company’s derivatives, see the information under the heading “Loan Commitments and Other Off-Balance Sheet Arrangements” in the Liquidity and Capital Resources section below and Note 9, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements. The next section also details our available sources of liquidity, both on and off-balance sheet. Liquidity and Capital Resources Liquidity management is the ability to meet the cash flow requirements of customers who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs. Core deposits, which are deposits excluding brokered deposits, are the major source of funds used by the Bank to meet cash flow needs. Maintaining the ability to acquire these funds as needed in a variety of markets is the key to assuring the Bank’s liquidity. We may also access the brokered deposit market where rates are favorable to other sources of liquidity (especially in light of collateral requirements for certain borrowings) and core deposits are not sufficient for meeting our current and anticipated short- or long-term liquidity needs. We did not hold any brokered deposits at March 31, 2026 or December 31, 2025. Management continually monitors the Bank’s liquidity and non-core dependency ratios to ensure compliance with targets established by the ALCO. Our investment portfolio is another alternative for meeting liquidity needs. These assets generally have readily available markets that offer conversions to cash as needed. Within the next twelve months the securities portfolio is forecasted to generate cash flow through principal payments and maturities equal to approximately 14.09% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types, short-term borrowings and derivative instruments. At March 31, 2026, securities with a carrying value of $1,746,741 were pledged to secure government, public fund and trust deposits and as collateral for short-term borrowings and derivative instruments as compared to securities with a carrying value of $1,760,542 similarly pledged at December 31, 2025. Other sources available for meeting liquidity needs include federal funds purchased, short and long-term advances from the FHLB and borrowings from the Federal Reserve Discount Window. Interest is charged at the prevailing market rate on federal funds purchased, FHLB advances and borrowings from the Federal Reserve Discount Window. There were $300,000 and $550,000 in short-term borrowings from the FHLB at March 31, 2026 and December 31, 2025, respectively. Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no outstanding long-term advances with the FHLB at March 31, 2026 or December 31, 2025. The total amount of the remaining credit available to us from the FHLB at March 31, 2026 was $5,480,190. The credit available at the Federal Reserve Discount Window at March 31, 2026 was $706,245 with no borrowings 55 Table of Contents outstanding as of such date. We also maintain lines of credit with other commercial banks totaling $140,000. These are unsecured lines of credit with the majority maturing at various times within the next twelve months. There were no amounts outstanding under these lines of credit at March 31, 2026 or December 31, 2025. Finally, we can access the capital markets to meet liquidity needs. The Company maintains a shelf registration statement with the SEC. The shelf registration statement, which was effective upon filing, allows the Company to raise capital from time to time through the sale of common stock, preferred stock, depositary shares, debt securities, rights, warrants and units, or a combination thereof, subject to market conditions. Specific terms and prices will be determined at the time of any offering under a separate prospectus supplement that the Company will file with the SEC at the time of the specific offering. The proceeds of the sale of securities, if and when offered, will be used for general corporate purposes or as otherwise described in the prospectus supplement applicable to the offering and could include the expansion of the Company’s banking and wealth management operations as well as other business opportunities. Our recently-completed $300,000 subordinated notes offering described above in Note 15, “Subsequent Events” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, and our common stock offering completed in July 2024 reflect our access of the capital markets as described in this paragraph. We have accessed the capital markets to generate liquidity in the form of subordinated notes in previous years, and we have also assumed subordinated notes as part of acquisitions. The carrying value of subordinated notes, net of unamortized debt issuance costs, was $359,434 at March 31, 2026. For further details on the Company’s funding sources, including total average deposits and borrowed funds by type, and the total cost of each funding source, see the “Results of Operations” section in this Item above. Our strategy in choosing funds is focused on minimizing cost in the context of our balance sheet composition, interest rate risk position and liquidity forecast. Accordingly, management targets growth of core deposits, focusing on noninterest-bearing deposits. While we do not control the types of deposit instruments our clients choose, we do influence those choices with the rates and the deposit specials we offer. We constantly monitor our funds position and evaluate the effect that various funding sources have on our financial position. Cash and cash equivalents were $1,216,980 at March 31, 2026, as compared to $1,091,339 at March 31, 2025. The increase is largely driven by the acquisition of $263,352 in cash and cash equivalents in connection with the merger with The First. Cash provided by operating activities for the three months ended March 31, 2026 was $100,055, as compared to $50,098 for the three months ended March 31, 2025. Cash used in investing activities for the three months ended March 31, 2026 was $232,856, as compared to $236,001 for the three months ended March 31, 2025. Proceeds from the sale, maturity or call of securities within our investment portfolio were $141,463 for the three months ended March 31, 2026, as compared to $56,789 for the same period in 2025. Purchases of investment securities were $378,991 during the first three months of 2026 and $175,815 for the same period in 2025. Cash provided by financing activities for the three months ended March 31, 2026 was $279,063, as compared to $185,210 for the same period in 2025. Deposits increased $626,414 and $199,483 for the three months ended March 31, 2026 and 2025, respectively. Restrictions on Bank Dividends, Loans and Advances The Company’s liquidity and capital resources, as well as its ability to pay dividends to its shareholders, are substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. 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 Mississippi Department of Banking and Consumer Finance (the “DBCF”), provided that, effective July 1, 2026, DBCF approval will not be required except under certain circumstances such as, for example, when the Bank is subject to a regulatory enforcement or corrective action or would be undercapitalized after giving effect to the proposed dividend. 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 (until July 1, 2026 and thereafter may be) required prior to the Bank paying dividends to the Company, and under certain circumstances Federal Reserve approval may also be required. 56 Table of Contents Federal Reserve regulations also limit the amount the Bank may loan to the Company unless such loans are collateralized by specific obligations. At March 31, 2026, the maximum amount available for transfer from the Bank to the Company in the form of loans was $292,638. The Company maintains a $3,000 line of credit collateralized by cash with the Bank. There were no amounts outstanding under this line of credit at March 31, 2026. These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the three months ended March 31, 2026, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations. Loan Commitments and Other Off-Balance Sheet Arrangements The Company enters into loan commitments and standby letters of credit in the normal course of its business. 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, including establishing a provision for credit losses on unfunded commitments. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. Loan commitments and standby letters of credit do not necessarily represent future cash requirements of the Company in that while the borrower has the ability to draw upon these commitments at any time, these commitments often expire without being drawn upon. The Company’s unfunded loan commitments and standby letters of credit outstanding were as follows as of the dates presented: March 31, 2026 December 31, 2025 Loan commitments $ 3,747,127 $ 3,662,810 Standby letters of credit 123,210 122,367 The Company closely monitors the amount of remaining future commitments to borrowers in light of prevailing economic conditions and adjusts these commitments and the provision related thereto as necessary; the Company also reviews these commitments as part of its analysis of loan concentrations within the loan portfolio. The Company will continue this process as new commitments are entered into or existing commitments are renewed. For additional information related to the allowance and provision for credit losses on unfunded loan commitments, refer to the “Risk Management” section above. The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, risk participations, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. 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 with other financial institutions. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At March 31, 2026, the Company had notional amounts of $1,858,019 on interest rate contracts with corporate customers and $1,858,019 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed rate loans. Additionally, the Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate and adjustable rate residential mortgage loans and also enters into forward commitments to sell residential mortgage loans to secondary market investors. To mitigate future interest rate exposure on its FHLB borrowings and its junior subordinated debentures the Company enters into interest rate swap contracts that are accounted for as cash flow hedges. Under each of these contracts, the Company pays a fixed rate of interest and receives a variable rate of interest. The Company entered into an interest rate swap contract on its subordinated notes that is accounted for as a fair value hedge. Under this contract, the Company pays a variable rate of interest and receives a fixed rate of interest. The Company utilizes interest rate collars to protect against interest rate fluctuations on certain variable-rate loans. Under these contracts, interest income is limited to the interest rate cap; however, interest income is protected when market rates fall below the floor strike rate. For more information about the Company’s derivatives, see Note 9, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements. 57 Table of Contents Shareholders’ Equity and Regulatory Matters Shareholders’ Equity March 31, 2026 December 31, 2025 $ Change % Change Common stock $ 488,612 $ 488,612 $ — — % Treasury stock (173,835) (103,494) (70,341) 68.0 Additional paid-in capital 2,388,649 2,392,997 (4,348) (0.2) Retained earnings 1,263,116 1,196,522 66,594 5.6 Accumulated other comprehensive income (loss) (99,624) (89,732) (9,892) 11.0 Total shareholders’ equity $ 3,866,918 $ 3,884,905 $ (17,987) (0.5) % Book value per share $ 41.63 $ 41.05 $ 0.58 1.4 % The decline in shareholders’ equity is attributable to share repurchases under the Company’s stock repurchase program, increases in accumulated other comprehensive loss and dividends declared, offset by current period earnings. Effective October 28, 2025, the Company’s Board of Directors approved a $150.0 million stock repurchase program under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately negotiated transactions. During the first quarter of 2026, the Company repurchased 1,917,611 shares under the program at an average price of $39.53 per share. Effective April 28, 2026, the Company’s Board of Directors increased the amount authorized for repurchase under the Company’s stock repurchase program by $100.0 million (for a new aggregate authorization of $250.0 million). This plan will remain in effect until the earlier of October 2026 or the repurchase of the entire amount authorized under the plan. With this increase, as of April 28, 2026, approximately $136.8 million in repurchase authorization remains available under the program. The Company has junior subordinated debentures with a carrying value of $140,908 at March 31, 2026, of which $136,512 was included in the Company’s Tier 2 capital. The Company has subordinated notes with a par value of $373,400 at March 31, 2026, of which $359,434 is included in the Company’s Tier 2 capital. The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications: Capital Tiers Tier 1 Capital to Average Assets (Leverage) Common Equity Tier 1 to Risk - Weighted Assets Tier 1 Capital to Risk - Weighted Assets Total Capital to Risk - Weighted Assets Well capitalized 5% or above 6.5% or above 8% or above 10% or above Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% Critically undercapitalized Tangible Equity / Total Assets less than 2% 58 Table of Contents The following table provides the capital, risk-based capital and leverage ratios for the Company and for Renasant Bank as of the dates presented: Actual Minimum Capital Requirement to be Well Capitalized Minimum Capital Requirement to be Adequately Capitalized (including the Capital Conservation Buffer) Amount Ratio Amount Ratio Amount Ratio March 31, 2026 Renasant Corporation: Risk-based capital ratios: Common equity tier 1 capital ratio $ 2,420,147 11.22 % $ 1,402,304 6.50 % $ 1,510,174 7.00 % Tier 1 risk-based capital ratio 2,420,147 11.22 1,725,913 8.00 1,833,783 8.50 Total risk-based capital ratio 3,186,315 14.77 2,157,391 10.00 2,265,261 10.50 Leverage capital ratios: Tier 1 leverage ratio 2,420,147 9.54 1,268,987 5.00 1,015,189 4.00 Renasant Bank: Risk-based capital ratios: Common equity tier 1 capital ratio $ 2,656,243 12.32 % $ 1,401,875 6.50 % $ 1,509,711 7.00 % Tier 1 risk-based capital ratio 2,656,243 12.32 1,725,384 8.00 1,833,221 8.50 Total risk-based capital ratio 2,926,384 13.57 2,156,730 10.00 2,264,567 10.50 Leverage capital ratios: Tier 1 leverage ratio 2,656,243 10.47 1,268,031 5.00 1,014,425 4.00 December 31, 2025 Renasant Corporation: Risk-based capital ratios: Common equity tier 1 capital ratio $ 2,424,528 11.24 % $ 1,402,647 6.50 % $ 1,510,543 7.00 % Tier 1 risk-based capital ratio 2,424,528 11.24 1,726,335 8.00 1,834,231 8.50 Total risk-based capital ratio 3,190,074 14.78 1,261,164 10.00 2,265,815 10.50 Leverage capital ratios: Tier 1 leverage ratio 2,424,528 9.61 1,261,164 5.00 1,008,931 4.00 Renasant Bank: Risk-based capital ratios: Common equity tier 1 capital ratio $ 2,590,284 12.00 % $ 1,403,433 6.50 % $ 1,511,389 7.00 % Tier 1 risk-based capital ratio 2,590,284 12.00 1,727,302 8.00 1,835,258 8.50 Total risk-based capital ratio 2,860,621 13.25 2,159,127 10.00 2,267,083 10.50 Leverage capital ratios: Tier 1 leverage ratio 2,590,284 10.28 1,260,407 5.00 1,008,325 4.00 The Company elected to take advantage of transitional relief offered by the Federal Reserve and 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. The three-year transitional period began on January 1, 2022; the full impact of CECL is reflected in our capital ratios as of March 31, 2026. 59 Table of Contents Critical Accounting Estimates We have identified certain accounting estimates that involve significant judgment and estimates which can have a material impact on our financial condition or results of operations. Our accounting policies are more fully described in Note 1, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for the year ended December 31, 2025. Actual amounts and values as of the balance sheet dates may be materially different from the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. The accounting estimates that we believe to be the most critical in preparing our consolidated financial statements relate to the allowance for credit losses and acquisition accounting, which are described under “Critical Accounting Policies and Estimates” in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2025. Since December 31, 2025, there have been no material changes in these critical accounting estimates.