What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-05 compared with 2026-05-07 · 295 added, 150 removed, 536 unchanged (45% of the section changed)

13 unchanged sentences

(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;

4 unchanged sentences

(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;

2 unchanged sentences

(xvi) changes in demand for loan and deposit products and other financial services;

(xvii) concentrations of deposit or credit exposure;

(xvii) concentrations of credit or deposit exposure;

(xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships;

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(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;

(xxi) civil unrest, natural disasters, epidemics and other catastrophic events in 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;

3 unchanged sentences

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 March 31, 2026 December 31, 2025 $ Change % Change

The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2026 compared to December 31, 2025.

Assets June 30, 2026 December 31, 2025 $ Change % Change

Cash and cash equivalents $ 881,203 $ 1,070,718 $ (189,515) (17.7) %

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Total assets $ 27,004,999 $ 26,751,426 $ 253,573 0.9 %

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 is used to meet 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

June 30, 2026 December 31, 2025

Balance Percentage of

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Securities, net of allowance for credit losses $ 3,825,456 $ 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.

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.

The Company purchased $541,398 and $946,095 in investment securities during the six months ended June 30, 2026 and 2025, respectively.

Proceeds from maturities, calls and principal payments on securities during the first six months of 2026 totaled $287,997.

Proceeds from the maturities, calls and principal payments on securities during the first six months of 2025 totaled $165,377.

No gain or loss on sales of securities was recorded in the first half 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.

At June 30, 2026, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $36,544.

No gains or losses were recognized at the time of transfer.

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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

June 30, 2026 December 31, 2025

Loans Percentage of Total Loans Total

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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

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

At June 30, 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 occupied commercial mortgage term loans was our largest concentration of loans at June 30, 2026.

The following table provides additional detail, broken down by collateral type, about the segments within this loan category as of such date.

June 30, 2026

Balance Average Loan Size Percentage of Total Loans Weighted-Average Loan-to-Value Percentage 30-89 Days Past Due Percentage

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Weighted-average loan-to-value is calculated using the most recent appraisal available.

Deposits March 31, 2026 December 31, 2025 $ Change % Change

Deposits June 30, 2026 December 31, 2025 $ Change % Change

Noninterest-bearing deposits $ 5,038,070 $ 5,043,960 $ (5,890) (0.1) %

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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.

Noninterest-bearing deposits represented 23.22% of total deposits at June 30, 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 primarily reflects the growth in interest-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).

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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.

Public fund deposits were $3,797,144 and $3,784,489 at June 30, 2026 and December 31, 2025, respectively.

Borrowed Funds

Borrowed Funds March 31, 2026 December 31, 2025 $ Change % Change

Borrowed Funds June 30, 2026 December 31, 2025 $ Change % Change

Short-term borrowings $ 315,225 $ 555,774 $ (240,549) (43.3) %

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Total borrowings $ 1,111,694 $ 1,055,530 $ 56,164 5.3 %

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.

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, while long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes.

Due to deposit growth during the first half of 2026, the Company was able to pay down a portion of its 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

Short-Term Borrowings June 30, 2026 December 31, 2025

Security repurchase agreements $ 5,225 $ 5,774

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Total short-term borrowings $ 315,225 $ 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

Long-Term Debt June 30, 2026 December 31, 2025

Junior subordinated debentures $ 141,185 $ 140,632

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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 ha d $5,519,985 available on unused lines of credit with the FHLB at June 30, 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 $1,067,639.

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.

During the second quarter of 2026, the Company completed a subordinated debt offering, issuing $300,000,000 aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “2036 Notes”).

The proceeds generated by the Company’s subordinated notes and trust preferred securities transactions, including the proceeds of the 2036 Notes, 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 (sometimes referred to herein as the “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.

Three months ended March 31,

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, with Renasant Bank the surviving banking corporation in the merger.

The Company’s acquisition of The First on April 1, 2025 had a significant impact on our results of operations for the six months ended June 30, 2026 as compared to the same period in 2025, and is the primary driver of the six-month period-over-period change as indicated throughout this section.

Three months ended June 30,

Net Income and Earnings per Share 2026 2025 $ Change % Change

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Diluted earnings per share 0.94 0.01 0.93 9300.0

Six months ended June 30,

2026 2025 $ Change % Change

Net income $ 175,319 $ 42,536 $ 132,783 312.2 %

Basic earnings per share 1.89 0.54 1.35 250.0

Diluted earnings per share 1.88 0.53 1.35 254.7

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.

There were no such items incurred in the three and six months ended June 30, 2026.

The following table presents the impact of these items on reported earnings per share (“EPS”) for the three and six months ended June 30, 2025.

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

June 30, 2025

Pre-tax After-tax Impact to Diluted EPS

Merger and conversion related expenses $ (20,479) $ (15,875) $ (0.17)

Day 1 acquisition provision (66,612) (50,026) (0.53)

Gain on sale of MSR 1,467 1,102 0.01

Six Months Ended

June 30, 2025

Pre-tax After-tax Impact to Diluted EPS

Merger and conversion related expenses $ (21,270) $ (16,470) $ (0.21)

Day 1 acquisition provision (66,612) (50,026) (0.63)

Gain on sale of MSR 1,467 1,102 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.

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 81.64% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second quarter of 2026 and 81.80% of total revenue for the first half 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,

Three months ended June 30,

Net Interest Income (tax equivalent basis) 2026 2025 $ Change % Change

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Net interest income (tax equivalent basis) $ 227,657 $ 222,717 $ 4,940 2.2 %

Six months ended June 30,

2026 2025 $ Change % Change

Loans $ 597,948 $ 506,007 $ 91,941 18.2 %

Securities 67,926 40,525 27,401 67.6

Other 12,686 17,696 (5,010) (28.3)

Total interest income $ 678,560 $ 564,228 $ 114,332 20.3 %

Deposits 210,258 191,307 18,951 9.9

Borrowings 21,989 19,865 2,124 10.7

Total interest expense $ 232,247 $ 211,172 $ 21,075 10.0 %

Net interest income $ 446,313 $ 353,056 $ 93,257 26.4 %

Net interest income (tax equivalent basis) 456,081 360,149 95,932 26.6 %

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:

Three Months Ended March 31,

Three Months Ended June 30,

Balance Interest

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(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.

Six Months Ended June 30,

Balance Interest

Expense Yield/

Balance Interest

Expense Yield/

Interest-earning assets:

Loans held for investment $ 19,047,668 $ 599,237 6.34 % $ 15,722,576 $ 504,338 6.47 %

Loans held for sale 217,531 6,205 5.71 244,626 7,647 6.25

Taxable 3,426,904 58,552 3.42 2,498,428 35,888 2.87

Tax-exempt (1)

439,053 11,648 5.31 361,827 5,752 3.18

Interest-bearing balances with banks 711,273 12,686 3.60 863,486 17,696 4.13

Total interest-earning assets 23,842,429 688,328 5.81 19,690,943 571,321 5.84

Cash and due from banks 277,356 270,088

Intangible assets 1,547,581 1,297,622

Other assets 1,160,309 850,231

Total assets $ 26,827,675 $ 22,108,884

Liabilities and shareholders’ equity

Interest-bearing liabilities:

Interest-bearing demand (2)

$ 11,694,228 $ 144,286 2.49 % $ 9,522,800 $ 131,252 2.78 %

Savings deposits 1,298,370 1,820 0.28 1,069,134 1,743 0.33

Time deposits 3,672,555 64,152 3.52 2,941,920 58,312 3.99

Total interest-bearing deposits 16,665,153 210,258 2.54 13,533,854 191,307 2.85

Borrowed funds 931,871 21,989 4.74 797,714 19,865 5.00

Total interest-bearing liabilities 17,597,024 232,247 2.66 14,331,568 211,172 2.97

Noninterest-bearing deposits 5,063,710 4,326,445

Other liabilities 296,952 229,098

Shareholders’ equity 3,869,989 3,221,773

Total liabilities and shareholders’ equity $ 26,827,675 $ 22,108,884

Net interest income/net interest margin $ 456,081 3.85 % $ 360,149 3.68 %

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 tables.

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.

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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):

Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

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 and six months ended June 30, 2026, as compared to the same periods in 2025.

Lower interest rates, driven by the Federal Reserve’s rate cuts in late 2025, 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, whether 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 and six months ended June 30, 2026, as compared to the same periods 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):

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Volume Rate Net

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Change in net interest income $ 4,738 $ 202 $ 4,940

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:

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

Volume Rate Net

Interest income:

Loans held for investment $ 105,178 $ (10,279) $ 94,899

Loans held for sale (810) (632) (1,442)

Taxable 14,953 7,711 22,664

Tax-exempt 1,425 4,471 5,896

Interest-bearing balances with banks (2,899) (2,111) (5,010)

Total interest-earning assets 117,847 (840) 117,007

Interest expense:

Interest-bearing demand deposits 27,735 (14,701) 13,034

Savings deposits 356 (279) 77

Brokered deposits — — —

Time deposits 13,263 (7,423) 5,840

Borrowed funds 3,194 (1,070) 2,124

Total interest-bearing liabilities 44,548 (23,473) 21,075

Change in net interest income $ 73,299 $ 22,633 $ 95,932

The aforementioned rate cuts by the Federal Reserve in the second half of 2025 resulted in a decline in interest income on loans and interest-bearing balances with banks, which was the primary driver of the decrease in interest income, on a tax equivalent basis, for the three months ended June 30, 2026, as compared to the same time period in 2025.

The addition of The First’s earning assets was the primary driver of the increase in interest income, on a tax equivalent basis, for the six months ended June 30, 2026, as compared to the same time period in 2025.

The following tables present 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,

June 30, June 30,

2026 2025 2026 2025

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Total earning assets 100.00 % 100.00 % 5.82 % 6.01 %

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.

Percentage of Total Average Earning Assets Yield

Six Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Loans held for investment 79.89 % 79.85 % 6.34 % 6.47 %

Loans held for sale 0.91 1.24 5.71 6.25

Securities 16.21 14.53 3.63 2.91

Interest-bearing balances with banks 2.99 4.38 3.60 4.13

Total earning assets 100.00 % 100.00 % 5.81 % 5.84 %

For the second quarter of 2026, interest income on loans held for investment, on a tax equivalent basis, decreased $4,722 to $300,112 from $304,834 for the same period in 2025.

For the six months ended June 30, 2026, interest income on loans held for investment, on a tax equivalent basis, increased $94,899 to $599,237 from $504,338 for the same period in 2025.

The decrease in interest income on loans held for investment for the second quarter of 2026 as compared to the same period in 2025 is due to the aforementioned rate cuts by the Federal Reserve.

The increase in interest income on loans held for investment for the six months ended June 30, 2026, as compared to the same period in 2025, was driven largely by the addition of $5,173,334 in loans held for investment through our merger with The First on April l, 2025, resulting in an increase of $4,774,908 in the year-to-date average balance of loans held for investment from June 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.

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net interest income collected on problem loans $ 1,166 $ 2,779 $ 1,376 $ 3,805

3 unchanged sentences

Impact to net interest margin 0.22 % 0.27 % 0.24 % 0.17 %

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.

Investment income, on a tax equivalent basis, increased $7,571 to $36,797 for the second quarter of 2026 from $29,226 for the second quarter of 2025.

Investment income, on a tax equivalent basis, increased $28,560 for the six months ended June 30, 2026 to $70,200 from $41,640 for the same period in 2025.

The increase in investment income, on a tax equivalent basis, for the second quarter of 2026, as compared to the same period in 2025, was driven by a higher average balance of securities.

Accelerated bond discount accretion also contributed $2,672 to net interest income in the second quarter of 2026.

The increase in investment income, on a tax equivalent basis, for the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to the acquisition of The First’s investment portfolio.

The tax equivalent yield on the investment portfolio for the second quarter of 2026 was 3.76%, up 48 basis points from 3.28% for the same period in 2025.

The tax equivalent yield on the investment portfolio for the six months ended June 30, 2026 was 3.63%, up 72 basis points from 2.91% for the same period in 2025.

Interest expense was $117,686 for the second quarter of 2026 as compared to $125,039 for the same period in 2025.

Interest expense was $232,247 for the six months ended June 30, 2026 as compared to $211,172 for the same period in 2025.

The decrease in interest expense for the second quarter of 2026 as compared to the same period in 2025 was driven largely by the aforementioned rate cuts during the second half of 2025.

The increase in interest expense for the first half of 2026 as compared to the first half of 2025 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:

1 unchanged sentence

Three Months Ended Three Months Ended

March 31, March 31,

June 30, June 30,

2026 2025 2026 2025

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Total deposits and borrowed funds 100.00 % 100.00 % 2.08 % 2.26 %

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.

Percentage of Total Average Deposits and Borrowed Funds Cost of Funds

Six Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Noninterest-bearing demand 22.35 % 23.19 % — % — %

Interest-bearing demand 51.61 51.04 2.49 2.78

Savings 5.73 5.73 0.28 0.33

Time deposits 16.21 15.77 3.52 3.99

Borrowed funds 4.10 % 4.27 4.74 5.00

Total deposits and borrowed funds 100.00 % 100.00 % 2.07 % 2.28 %

The cost of total deposits was 1.96% and 2.12% for the second quarter of 2026 and 2025, respectively, and 1.95% and 2.16% for the six months ended June 30, 2026 and 2025, respectively.

The cost of total deposits for both the second quarter and the first half of 2026 was affected by the aforementioned rate cuts by the Federal Reserve.

The increase in deposit expense and decrease in cost for the first half of 2026 as compared to the first half of 2025 is attributable to the acquisition of The First’s deposits.

The Company has continued its efforts to maintain non-interest bearing deposits.

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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.

The increase in interest expense on borrowings for the six months ended June 30, 2026 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

Three months ended March 31,

Three months ended June 30,

Noninterest Income 2026 2025 $ Change % Change

7 unchanged sentences

Noninterest income to average assets 0.77% 0.74%

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.

Six months ended June 30,

2026 2025 $ Change % Change

Service charges on deposit accounts $ 29,256 $ 23,982 $ 5,274 22.0 %

Fees and commissions 10,125 10,437 (312) (3.0)

Wealth management revenue 17,751 14,412 3,339 23.2

Mortgage banking income 18,613 19,410 (797) (4.1)

BOLI income 8,297 6,312 1,985 31.4

Other 17,420 10,176 7,244 71.2

Total noninterest income $ 101,462 $ 84,729 $ 16,733 19.7 %

Noninterest income to average assets 0.76 % 0.77 %

Total noninterest income includes fees generated from deposit services and other fees and commissions, income from our wealth management and mortgage banking operations and all other noninterest income.

Other noninterest income includes income from our SBA banking division, our capital markets division, dividends earned on our stock in the Federal Home Loan Bank and the Federal Reserve Bank, 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.

The acquisition of The First’s operations was the primary driver of the increase in noninterest income for the six months ended June 30, 2026 as compared to the same period in 2025.

Our Wealth Management segment consists of our trust division, retail financial services division and Park Place Capital Corporation (“Park Place Capital”), a wholly-owned subsidiary of Renasant.

The trust division operates on a custodial basis, which includes the administration of benefit plans, as well as accounting for trust accounts.

The division administers a number of trust accounts inclusive of personal and corporate benefit accounts, IRAs, and custodial accounts.

Fees for these services are based on the market value of assets under management, and vary according to the services provided and the type of account.

The retail financial services division is operated by registered representatives, who offer investment and insurance products to bank branch customers.

These representatives are licensed and supervised by an unaffiliated third-party broker-dealer.

Park Place Capital, a SEC-registered investment advisor, provides investment management, financial planning and institutional advisory services to retail and institutional clients and serves as advisor and sponsor to a mutual fund complex.

Park Place Capital Securities Corporation, a FINRA member broker-dealer, is a wholly-owned subsidiary of Park Place Capital and conducts Park Place Capital’s brokerage-related services.

The market value of assets under management or administration was $7,654,995 and $7,347,104 at June 30, 2026 and June 30, 2025, respectively.

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.

Originations of mortgage loans to be sold totaled $410,416 in the second quarter of 2026 compared to $491,627 for the same period in 2025.

Originations of mortgage loans to be sold totaled $752,952 in the six months ended June 30, 2026 compared to $794,785 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,

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

Mortgage Banking Income 2026 2025 2026 2025

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Mortgage servicing income, net (2)

948 2,207 2,236 3,537

Mortgage banking income, net $ 9,178 $ 11,263 $ 18,613 $ 19,410

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Noninterest Expense

Three months ended March 31,

Three months ended June 30,

Noninterest Expense 2026 2025 $ Change % Change

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Noninterest expense to average assets 2.42 % 2.81 %

Six months ended June 30,

2026 2025 $ Change % Change

Salaries and employee benefits $ 187,977 $ 171,499 $ 16,478 9.6 %

Data processing 10,258 9,527 731 7.7

Net occupancy and equipment 36,049 29,113 6,936 23.8

Other real estate owned 1,852 842 1,010 120.0

Professional fees 8,920 7,107 1,813 25.5

Advertising and public relations 9,276 8,787 489 5.6

Intangible amortization 16,590 9,964 6,626 66.5

Communications 7,575 5,217 2,358 45.2

Merger and conversion related expenses — 21,270 (21,270) (100.0)

Other 38,332 33,754 4,578 13.6

Total noninterest expense $ 316,829 $ 297,080 $ 19,749 6.6 %

Noninterest expense to average assets 2.38 % 2.71 %

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.

The decrease in noninterest expense for the second quarter of 2026 as compared to the same period in 2025 is due to the lack of merger and conversion related expenses in the second quarter of 2026 as well as the realization of cost savings in salaries and employee benefits and data processing driven primarily by synergies realized from the acquisition of The First.

At the same time, the acquisition of The First’s operations was the primary driver of the increase in noninterest expense for the six months ended June 30, 2026 as compared to the same period in 2025.

Efficiency Ratio

Three Months Ended March 31,

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

2026 2025 2026 2025

Efficiency ratio 57.92 % 67.59 % 56.83 % 66.78 %

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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.

Three months ended March 31,

The improvement in our efficiency ratio for the three and six months ended June 30, 2026 as compared to the same periods 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.

Three months ended June 30,

2026 2025 $ Change % Change

Income taxes $ 21,553 $ 1,649 $ 19,904 1,207.0 %

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.

Six months ended June 30,

2026 2025 $ Change % Change

Income taxes $ 43,748 $ 12,097 $ 31,651 261.6 %

The increase in the Company’s income before income taxes for the three and six months ended June 30, 2026 as compared to the same periods in 2025 was the primary driver of the increase in income taxes.

Risk Management

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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.

Losses and gains arising at the time of foreclosure of properties are charged against or credited to, as applicable, 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

June 30, 2026 December 31, 2025

Nonaccruing loans $ 186,432 $ 175,730

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Loans, net of unearned income $ 186,483 $ 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.

Total loans 30-89 days past due on which interest was still accruing were $31,141 at June 30, 2026 as compared to $89,162 at December 31, 2025.

Allowance for Credit Losses on Loans;

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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

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.

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 the total allowance for each of the periods presented.

June 30, 2026 December 31, 2025 June 30, 2025

Balance % of Total Balance % of Total Balance % of Total

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Total $ 296,008 100.00 % $ 293,955 100.00 % $ 290,770 100.00 %

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 increase in the allowance for credit losses as of June 30, 2026 as compared to December 31, 2025 was primarily driven by loan growth, including both acquisition-related and organic growth, coupled with changes in the macroeconomic environment and qualitative factors partially moderated by improvements in the asset credit quality.

Provisioning for select residential-related pools increased due to the risk of a potential period of economic stagnation accompanied by persistent inflationary pressures as well as declines in collateral value.

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 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 Company recorded a provision for credit losses on loans of $1,166 or 0.02% of average loans (annualized), for the three months ended June 30, 2026, as compared to $75,400, or 1.64% of

average loans (annualized), during the three months ended June 30, 2025.

The provision for credit losses on loans in the second quarter of 2025 was primarily driven by the Day 1 acquisition provision related to the merger with The First.

The table below reflects the activity in the allowance for credit losses on loans for the periods presented:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Balance at beginning of period $ 295,862 $ 203,931 $ 293,955 $ 201,756

Initial allowance for purchased loans with more than insignificant credit deterioration existing at the date of acquisition 1,750 23,493 1,750 23,493

Commercial and industrial (2,223) (8,217) (3,293) (8,310)

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Total recoveries 577 925 1,520 2,179

Net (charge-offs) recoveries (2,317) 125

Net charge-offs (2,770) (12,054) (5,087) (11,929)

Provision for credit losses on loans 1,166 75,400 5,390 77,450

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Net charge-offs (annualized) to average loans 0.06 % 0.26 % 0.05 % 0.15 %

Net charge-offs (recoveries) (annualized) to allowance for credit losses on loans 3.18 % (0.25) %

Net charge-offs (annualized) to allowance for credit losses on loans 3.75 % 16.63 % 3.47 % 8.27 %

Allowance for credit losses on loans to:

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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

Six Months Ended

June 30, 2026 June 30, 2025

Net (Charge-offs) Recoveries Average Loans Annualized Net Charge-offs to Average Loans Net (Charge-offs) Recoveries Average Loans Annualized Net Charge-offs to Average Loans

Commercial and industrial $ (2,761) $ 2,948,716 (0.19)% $ (6,713) $ 2,354,967 (0.57)%

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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

A roll-forward of the allowance for credit losses on unfunded commitments is shown in the tables below.

Three Months Ended June 30, 2026 2025

Allowance for credit losses on unfunded loan commitments:

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Ending balance $ 36,316 $ 23,565

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.

Six Months Ended June 30, 2026 2025

Allowance for credit losses on unfunded loan commitments:

Beginning balance $ 29,827 $ 14,943

Provision for credit losses on unfunded loan commitments 6,489 8,622

Ending balance $ 36,316 $ 23,565

The decrease in provision for credit losses on unfunded commitments in the three and six months ended June 30, 2026 as compared to the same periods in 2025 was primarily driven by the absence of the Day 1 acquisition provision associated with our merger with The First recorded in 2025.

Interest Rate Risk

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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.

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.

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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 following table presents the projected impact of a change in interest rates on (1) static EVE and (2) earnings at risk (that is, net interest income) for the 1-12 and 13-24 month periods commencing July 1, 2026, in each case as compared to the result under rates present in the market on June 30, 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.

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-200 (6.94)% (7.57)% (11.26)%

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 rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at June 30, 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.

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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.

Maintaining the ability to acquire these funds as needed in a variety of markets is the key to assuring the Bank’s

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.

We did not hold any brokered deposits at June 30, 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.

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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.

At June 30, 2026, securities with a carrying value of $1,638,865 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.

There were $310,000 and $550,000 in short-term borrowings from the FHLB at June 30, 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

outstanding as of such date.

There were no outstanding long-term advances with the FHLB at June 30, 2026 or December 31, 2025.

The total amount of the remaining credit available to us from the FHLB at June 30, 2026 was $5,519,985.

The credit available at the Federal Reserve Discount Window at June 30, 2026 was $1,067,639 with no borrowings outstanding as of such date.

We also maintain lines of credit with other commercial banks totaling $140,000.

These are unsecured lines of credit with the majority maturing at various times within the next twelve months.

There were no amounts outstanding under these lines of credit at March 31, 2026 or December 31, 2025.

There were no amounts outstanding under these lines of credit at June 30, 2026 or December 31, 2025.

Finally, we can access the capital markets to meet liquidity needs.

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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.

Our $300,000 subordinated notes offering completed in May 2026 and our common stock offering completed in July 2024 reflect our access of the capital markets as described in this paragraph.

The carrying value of subordinated notes, net of unamortized debt issuance costs, was $655,284 at June 30, 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.

3 unchanged sentences

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.

Cash and cash equivalents were $881,203 at June 30, 2026, as compared to $1,378,612 at June 30, 2025.

The decrease was largely driven by the repurchase of shares through the Company’s stock repurchase program and the payoff of certain short-term borrowings.

Cash provided by operating activities for the six months ended June 30, 2026 was $182,486, as compared to $19,535 for the six months ended June 30, 2025.

Cash used in investing activities for the six months ended June 30, 2026 was $475,106, as compared to $252,847 for the six months ended June 30, 2025.

Proceeds from the sale, maturity or call of securities within our investment portfolio were $287,997 for the six months ended June 30, 2026, as compared to $851,862 for the same period in 2025.

Purchases of investment securities were $541,398 during the first six months of 2026 and $946,095 for the same period in 2025.

Cash provided by financing activities for the six months ended June 30, 2026 was $103,105, as compared to $519,892 for the same period in 2025.

Deposits increased $227,982 and $556,236 for the six months ended June 30, 2026 and 2025, respectively.

Restrictions on Bank Dividends, Loans and Advances

1 unchanged sentence

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.

Approval of the Mississippi Department of Banking and Consumer Finance (the “DBCF”) is also required under certain circumstances such as, for example, when a 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.

Accordingly, under certain circumstances, the approval of the DBCF and the Federal Reserve may be required prior to the Bank paying dividends to the Company.

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.

At June 30, 2026, the maximum amount available for transfer from the Bank to the Company in the form of loans was $298,800.

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.

There were no amounts outstanding under this line of credit at June 30, 2026.

These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 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

6 unchanged sentences

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

June 30, 2026 December 31, 2025

Loan commitments $ 3,928,429 $ 3,662,810

2 unchanged sentences

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.

3 unchanged sentences

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.

At June 30, 2026, the Company had notional amounts of $1,804,473 on interest rate contracts with

corporate customers and $1,804,473 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.

1 unchanged sentence

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.

The Company entered into an interest rate swap contract on a tranche of 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.

4 unchanged sentences

Shareholders’ Equity and Regulatory Matters

Shareholders’ Equity March 31, 2026 December 31, 2025 $ Change % Change

Shareholders’ Equity June 30, 2026 December 31, 2025 $ Change % Change

Common stock $ 488,612 $ 488,612 $ — — %

6 unchanged sentences

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).

Effective October 28, 2025, the Company’s Board of Directors approved a $150,000 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.

Effective April 28, 2026, the Company’s Board of Directors increased the amount authorized for repurchase under the Company’s stock repurchase program by $100,000 (for a new aggregate authorization of $250,000).

During the first half of 2026, the Company repurchased 3,451,319 shares under the program at an average price of $39.54 per share.

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 Company has junior subordinated debentures with a carrying value of $141,184 at June 30, 2026, of which $136,789 was included in the Company’s Tier 2 capital.

The Company has subordinated notes with a par value of $673,400 at June 30, 2026, of which $654,952 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.

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Amount Ratio Amount Ratio Amount Ratio

March 31, 2026

June 30, 2026

Renasant Corporation:

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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.

the full impact of CECL is reflected in our capital ratios as of June 30, 2026.

Critical Accounting Estimates

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis