Item 1. Financial Statements
Item 1. FINANCIAL STATEMENTS
Renasant Corporation
Consolidated Balance Sheets
(In Thousands, Except Share Data)
(Unaudited)
June 30,
2026 December 31, 2025
Assets
Cash and due from banks $ 264,102 $ 299,592
Interest-bearing balances with banks 617,101 771,126
Cash and cash equivalents 881,203 1,070,718
Securities held to maturity (fair value of $ 902,853 and $ 961,870 , respectively)
983,032 1,030,073
Securities available for sale, at fair value (amortized cost of $ 2,942,166 and $ 2,635,495 , respectively)
2,842,424 2,560,818
Loans held for sale, at fair value 241,588 265,959
Loans held for investment, net of unearned income 19,196,172 19,047,039
Allowance for credit losses on loans ( 296,008 ) ( 293,955 )
Loans, net 18,900,164 18,753,084
Premises and equipment, net 464,020 465,141
Other real estate owned, net 15,571 15,191
Goodwill 1,417,538 1,405,840
Other intangible assets, net 138,022 146,612
Bank-owned life insurance 495,235 492,541
Mortgage servicing rights, net 65,816 65,271
Other assets 560,386 480,178
Total assets $ 27,004,999 $ 26,751,426
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing $ 5,038,070 $ 5,043,960
Interest-bearing 16,662,982 16,429,110
Total deposits 21,701,052 21,473,070
Short-term borrowings 315,225 555,774
Long-term debt 796,469 499,756
Other liabilities 320,875 337,921
Total liabilities 23,133,621 22,866,521
Shareholders’ equity
Preferred stock, $ 0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
— —
Common stock, $ 5.00 par value – 250,000,000 shares authorized; 97,722,397 shares issued; 91,403,230 and 94,636,207 shares outstanding, respectively
488,612 488,612
Treasury stock, at cost – 6,319,167 and 3,086,190 shares, respectively
( 232,402 ) ( 103,494 )
Additional paid-in capital 2,390,839 2,392,997
Retained earnings 1,327,997 1,196,522
Accumulated other comprehensive loss, net of taxes ( 103,668 ) ( 89,732 )
Total shareholders’ equity 3,871,378 3,884,905
Total liabilities and shareholders’ equity $ 27,004,999 $ 26,751,426
See Notes to Consolidated Financial Statements.
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Renasant Corporation
Consolidated Statements of Income (Unaudited)
(In Thousands, Except Per Share Data)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Interest income
Loans $ 299,675 $ 306,433 $ 597,948 $ 506,007
Securities
Taxable 29,505 24,918 58,181 35,887
Tax-exempt 6,155 3,490 9,745 4,638
Other 5,105 9,057 12,686 17,696
Total interest income 340,440 343,898 678,560 564,228
Interest expense
Deposits 106,398 111,921 210,258 191,307
Borrowings 11,288 13,118 21,989 19,865
Total interest expense 117,686 125,039 232,247 211,172
Net interest income 222,754 218,859 446,313 353,056
Provision for credit losses on loans 1,166 75,400 5,390 77,450
Provision for credit losses on unfunded commitments 2,633 5,922 6,489 8,622
Provision for credit losses 3,799 81,322 11,879 86,072
Net interest income after provision for credit losses 218,955 137,537 434,434 266,984
Noninterest income
Service charges on deposit accounts 14,516 13,618 29,256 23,982
Fees and commissions 5,471 6,650 10,125 10,437
Wealth management revenue 9,073 7,345 17,751 14,412
Mortgage banking income 9,178 11,263 18,613 19,410
BOLI income 4,608 3,383 8,297 6,312
Other 8,344 6,075 17,420 10,176
Total noninterest income 51,190 48,334 101,462 84,729
Noninterest expense
Salaries and employee benefits 96,228 99,542 187,977 171,499
Data processing 5,037 5,438 10,258 9,527
Net occupancy and equipment 18,018 17,359 36,049 29,113
Other real estate owned 453 157 1,852 842
Professional fees 4,518 4,223 8,920 7,107
Advertising and public relations 4,677 4,490 9,276 8,787
Intangible amortization 8,370 8,884 16,590 9,964
Communications 3,566 3,184 7,575 5,217
Merger and conversion related expenses — 20,479 — 21,270
Other 20,634 19,448 38,332 33,754
Total noninterest expense 161,501 183,204 316,829 297,080
Income before income taxes 108,644 2,667 219,067 54,633
Income taxes 21,553 1,649 43,748 12,097
Net income $ 87,091 $ 1,018 $ 175,319 $ 42,536
Basic earnings per share $ 0.95 $ 0.01 $ 1.89 $ 0.54
Diluted earnings per share $ 0.94 $ 0.01 $ 1.88 $ 0.53
See Notes to Consolidated Financial Statements.
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Renasant Corporation
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Net income $ 87,091 $ 1,018 $ 175,319 $ 42,536
Other comprehensive income, net of tax:
Securities available for sale:
Unrealized holding (losses) gains on securities ( 6,812 ) 6,758 ( 18,679 ) 26,728
Amortization of unrealized holding losses on securities transferred to the held to maturity category 1,938 2,113 3,891 4,378
Total securities available for sale ( 4,874 ) 8,871 ( 14,788 ) 31,106
Derivative instruments:
Unrealized holding gains (losses) on derivative instruments 148 ( 2,065 ) ( 511 ) ( 4,079 )
Amounts reclassified into earnings 627 700 1,253 1,392
Total derivative instruments 775 ( 1,365 ) 742 ( 2,687 )
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost 55 74 110 148
Total defined benefit pension and post-retirement benefit plans 55 74 110 148
Other comprehensive (loss) income, net of tax ( 4,044 ) 7,580 ( 13,936 ) 28,567
Comprehensive income $ 83,047 $ 8,598 $ 161,383 $ 71,103
See Notes to Consolidated Financial Statements.
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Renasant Corporation
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
(In Thousands, Except Share Data)
Common Stock Treasury Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Total
Six Months Ended June 30, 2026 Shares Amount
Balance at January 1, 2026 94,636,207 $ 488,612 $ ( 103,494 ) $ 2,392,997 $ 1,196,522 $ ( 89,732 ) $ 3,884,905
Net income — — — — 88,228 — 88,228
Other comprehensive loss — — — — — ( 9,892 ) ( 9,892 )
Comprehensive income 78,336
Cash dividends ($ 0.23 per share)
— — — — ( 21,634 ) — ( 21,634 )
Repurchase of shares in connection with stock repurchase program ( 1,917,611 ) — ( 75,806 ) — — — ( 75,806 )
Issuance of common stock for stock-based compensation awards 162,733 — 5,465 ( 9,822 ) — — ( 4,357 )
Stock-based compensation expense — — — 5,474 — — 5,474
Balance at March 31, 2026 92,881,329 $ 488,612 $ ( 173,835 ) $ 2,388,649 $ 1,263,116 $ ( 99,624 ) $ 3,866,918
Net income — $ — $ — $ — $ 87,091 $ — $ 87,091
Other comprehensive loss — — — — — ( 4,044 ) ( 4,044 )
Comprehensive income 83,047
Cash dividends ($ 0.24 per share)
— — — — ( 22,210 ) — ( 22,210 )
Repurchase of shares in connection with stock repurchase program ( 1,533,708 ) — ( 60,532 ) — — — ( 60,532 )
Issuance of common stock for stock-based compensation awards, net of forfeitures 55,609 — 1,965 ( 2,194 ) — — ( 229 )
Stock-based compensation expense — — — 4,384 — — 4,384
Balance at June 30, 2026 91,403,230 $ 488,612 $ ( 232,402 ) $ 2,390,839 $ 1,327,997 $ ( 103,668 ) $ 3,871,378
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Common Stock Treasury Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total
Six Months Ended June 30, 2025 Shares Amount
Balance at January 1, 2025 63,565,690 $ 332,421 $ ( 97,196 ) $ 1,491,847 $ 1,093,854 $ ( 142,608 ) $ 2,678,318
Net income — — — — 41,518 — 41,518
Other comprehensive income — — — — — 20,987 20,987
Comprehensive income 62,505
Cash dividends ($ 0.22 per share)
— — — — ( 14,270 ) — ( 14,270 )
Issuance of common stock for stock-based compensation awards 173,777 — 5,550 ( 8,778 ) — — ( 3,228 )
Stock-based compensation expense — — — 3,780 — — 3,780
Balance at March 31, 2025 63,739,467 $ 332,421 $ ( 91,646 ) $ 1,486,849 $ 1,121,102 $ ( 121,621 ) $ 2,727,105
Net income — $ — $ — $ — $ 1,018 $ — $ 1,018
Other comprehensive income — — — — — 7,580 7,580
Comprehensive income 8,598
Cash dividends ($ 0.22 per share)
— — — — ( 21,155 ) — ( 21,155 )
Common stock issued in connection with an acquisition 31,238,172 156,191 — 903,720 — — 1,059,911
Issuance of common stock for stock-based compensation awards 41,672 — 1,398 ( 1,307 ) — — 91
Stock-based compensation expense — — — 4,304 — — 4,304
Balance at June 30, 2025 95,019,311 $ 488,612 $ ( 90,248 ) $ 2,393,566 $ 1,100,965 $ ( 114,041 ) $ 3,778,854
See Notes to Consolidated Financial Statements.
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Renasant Corporation
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
Six Months Ended June 30,
2026 2025
Operating activities
Net income $ 175,319 $ 42,536
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 11,879 86,072
Depreciation, amortization and accretion 4,695 11,789
Deferred income tax expense (benefit) 5,866 ( 608 )
Gain on sale of mortgage servicing rights — ( 1,467 )
Funding of mortgage loans held for sale ( 752,952 ) ( 794,785 )
Proceeds from sales of mortgage loans held for sale 786,226 698,716
Gains on sales of mortgage loans held for sale ( 10,065 ) ( 9,816 )
Losses (gains) on sales of premises and equipment 44 ( 347 )
Stock-based compensation 9,858 8,084
Income from bank-owned life insurance ( 8,297 ) ( 6,312 )
Net change in operating leases 2,953 3,141
(Increase) decrease in other assets ( 1,370 ) 7,533
Decrease in other liabilities ( 41,670 ) ( 25,001 )
Net cash provided by operating activities 182,486 19,535
Investing activities
Purchases of securities available for sale ( 541,398 ) ( 946,095 )
Proceeds from sales of securities available for sale — 686,485
Proceeds from call/maturities of securities available for sale 238,435 113,025
Proceeds from call/maturities of securities held to maturity 49,562 52,352
Proceeds from sale of mortgage servicing rights — 9,353
Net increase in loans ( 81,252 ) ( 480,005 )
Purchases of premises and equipment ( 12,350 ) ( 14,996 )
Proceeds from sales of premises and equipment 718 1,346
Proceeds from surrender of bank-owned life insurance — 56,255
Purchases of FHLB stock ( 3,049 ) ( 17,758 )
Proceeds from redemption of FHLB stock 16,015 12,075
Purchases of FRB stock ( 91,303 ) —
Proceeds from redemption of FRB stock 233 —
Proceeds from sales of other assets 11,292 11,778
Net cash (paid) received in acquisition of businesses ( 67,612 ) 261,483
Other, net 5,603 1,855
Net cash used in investing activities ( 475,106 ) ( 252,847 )
Financing activities
Net increase in deposits 227,982 556,236
Net decrease in short-term borrowings ( 240,549 ) ( 919 )
Proceeds from the issuance of long-term debt, net of issuance costs 295,854 —
Cash paid for dividends ( 43,844 ) ( 35,425 )
Repurchase of shares in connection with stock repurchase program ( 136,338 ) —
Net cash provided by financing activities 103,105 519,892
Net (decrease) increase in cash and cash equivalents ( 189,515 ) 286,580
Cash and cash equivalents at beginning of period 1,070,718 1,092,032
Cash and cash equivalents at end of period $ 881,203 $ 1,378,612
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Six Months Ended June 30,
2026 2025
Supplemental disclosures
Cash paid for interest $ 226,319 $ 199,936
Cash paid for income taxes $ 33,920 $ 21,088
Noncash transactions:
Transfers of loans to other real estate owned $ 12,935 $ 4,281
Common stock issued in acquisition of businesses $ — $ 1,059,911
Recognition of operating right-of-use assets and liabilities $ 4,702 $ 12,251
Contingent consideration and holdbacks recognized in acquisition of business $ 8,741 $ —
See Notes to Consolidated Financial Statements.
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Renasant Corporation
Notes to the Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
(In Thousands)
Nature of Operations : Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as “Republic Business Credit”). Through its subsidiaries, the Company offers a diversified range of financial, wealth management and fiduciary services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis.
Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods presented have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2026.
Use of Estimates : The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. Material estimates that are particularly susceptible to change include the allowance for credit losses and the fair value of assets acquired and liabilities assumed as part of a business acquisition.
Loans acquired in a business combination : Loans acquired in a business combination are recognized on the acquisition date at their purchase price plus an allowance for expected credit losses (“ACL”) established at acquisition. The ACL recognized at acquisition is recorded through a gross-up that increases the amortized cost basis of the asset with no effect on net income at acquisition. The sum of the loan’s purchase price and the ACL gross-up becomes the loan’s initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium. Any noncredit discount is accreted into interest income using the effective interest method over the remaining contractual life of the loan, adjusted for estimated prepayments.
Impact of Recently-Issued Accounting Standards and Pronouncements :
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which amends the disclosure requirements in the notes to financial statements of specified information about certain costs and expenses. ASU 2024-03 will be effective January 1, 2027 and is not expected to have a significant impact on the Company’s financial statements.
On April 1, 2026, the Company adopted ASU 2025-08, “Financial Instruments - Credit Losses (Topic 326): Purchased Loans” (“ASU 2025-08”), which amends the guidance on accounting for purchased loans under the current expected credit losses model (“CECL”). The amendments clarify and refine the measurement and recognition requirements for purchased financial assets with credit deterioration and other purchased loans, including guidance on determining the initial allowance for credit losses, the treatment of noncredit discounts and premiums, and subsequent measurement considerations. ASU 2025-08 was applied to the business combination that occurred this quarter, which is discussed in Note 2, “Mergers and Acquisitions,” below.
In November 2025, FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” (“ASU 2025-09”), which enables entities to apply hedge accounting to a greater number of highly effective economic hedges in the following areas: (1) similar risk assessment for cash flow hedges, (2) hedging forecasted interest payments on choose-your-rate debt instruments, (3) cash flow hedges of nonfinancial forecasted transactions, (4) net written options as hedging instruments, and (5) foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). ASU 2025-09 will be effective January 1, 2028, and is not expected to have a material impact on the Company’s consolidated financial position or results of operations, but it may affect the timing and presentation of gains and losses related to hedging activities and result in expanded disclosures.
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Note 2 – Mergers and Acquisitions
(Dollar Amounts In Thousands, Except Share Data)
Acquisition of The First Bancshares, Inc. (“The First”)
Effective April 1, 2025, the Company completed its acquisition by merger of The First, the parent company of The First Bank, in a transaction valued at approximately $ 1,052,690 . The Company issued 30,811,851 shares of common stock and paid approximately $ 1,869 , net of tax benefit, to The First stock option holders for 100 % of the voting equity interest in The First. At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. Before the merger, The First operated 116 banking locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida. No transaction costs were incurred during the three or six months ended June 30, 2026. The Company incurred transaction costs of $ 20,479 and $ 21,270 during the three and six months ended June 30, 2025, respectively. These transaction costs are reported in the line item “Merger and conversion related expenses” in the Consolidated Statements of Income.
The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values as of the acquisition date. The Company recorded approximately $ 584,499 in intangible assets, which consisted of goodwill of $ 419,023 , a core deposit intangible of $ 159,610 and a customer relationship intangible of $ 5,866 associated with Southwest Georgia Insurance Services, Inc. (“SGIS”), The First’s wholly-owned insurance agency subsidiary. Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized over its estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. On December 31, 2025, substantially all of the assets and certain liabilities of SGIS, including the customer relationship intangible, were sold, with no gain or loss recognized on the sale.
The Company assumed the outstanding short-term borrowings and long-term debt of The First. Short-term borrowings consisted of $ 298,250 in short-term advances from the Federal Home Loan Bank. Long-term debt consisted of $ 95,262 and $ 25,653 in subordinated notes and junior subordinated debentures, respectively.
The following table summarizes the calculation of the purchase price in connection with the Company’s merger with The First.
Purchase Price:
Shares issued to common shareholders, excluding unvested restricted stock awards 30,811,851
Purchase price per share $ 33.93
Value of stock paid $ 1,045,446
Fair value of converted unvested restricted stock awards for pre-combination service 5,375
Cash settlement for stock options, net of tax benefit 1,869
Total purchase price
$ 1,052,690
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The following table summarizes the fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First.
Fair Value of Net Assets Acquired
Cash and cash equivalents $ 263,352
Securities 1,457,377
Loans, including loans held for sale 5,173,334
Premises and equipment 179,629
Bank-owned life insurance 146,601
Other real estate owned 11,032
Other intangible assets 165,476
Other assets 175,627
Total assets $ 7,572,428
Deposits 6,449,393
Borrowings 419,165
Other liabilities 70,203
Total liabilities $ 6,938,761
Net identifiable assets acquired over liabilities assumed $ 633,667
Goodwill (1)
419,023
Net assets acquired over liabilities assumed $ 1,052,690
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.
The following table presents additional information related to the acquired loan portfolio at the acquisition date on April 1, 2025:
April 1, 2025
Purchased Credit-Deteriorated (“PCD”) loans:
Par value $ 168,511
Allowance for credit losses at acquisition ( 25,003 )
Non-credit discount ( 4,021 )
Purchase price $ 139,487
Non-PCD loans:
Fair value $ 5,032,996
Gross contractual amounts receivable 5,233,447
Estimate of contractual cash flows not expected to be collected 62,190
The Company has determined it is impracticable to disclose stand-alone revenues and earnings for legacy The First since April 1, 2025 due to the merging of certain processes during the second quarter of 2025.
Acquisition of Factoring Business
Effective April 30, 2026, the Company, through Republic Business Credit, acquired a 100 % ownership interest in certain factoring assets and business processes from REV Capital. The acquisition provided the Company with factoring receivables, customer relationships and a contractual workforce. This business combination allows the Company to expand into the temporary staffing factoring industry.
The transaction was accounted for under the acquisition method, in which the assets acquired were recorded at fair value as of the acquisition date. The fair value measurements are best estimates made by management, are dependent on certain
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assumptions, including initial estimates of the fair value of the intangible assets, and are subject to adjustment for up to one year as additional information becomes available. The purchase consideration allocation below is considered preliminary and is subject to revision.
The following tables provide a preliminary allocation of the purchase consideration to the identified assets and goodwill acquired at the acquisition date:
Purchase Consideration:
Cash consideration (1)
$ 70,026
Contingent consideration 6,327
Total purchase consideration
$ 76,353
Assets Acquired:
Factoring receivables (Net Funds Employed) $ 58,326
Allowance for credit losses ( 1,749 )
Accrued fees 905
Customer relationship intangible 6,200
Contract-based intangible 1,800
Total assets $ 65,482
Total identifiable assets acquired 65,482
Goodwill (2)
10,871
Total assets acquired
$ 76,353
(1) Includes holdback of $ 2,414 .
(2) The goodwill resulting from the acquisition has been assigned to the Community Banks operating segment.
The Company paid cash in the amount of $ 70,026 less certain holdbacks. In addition, the Company is obligated to pay additional amounts over a two-year period to REV Capital based on the level of growth of the factoring receivables generated from the existing customer relationships and new customer generation from the contractual workforce (the “Contingent Consideration”). The total undiscounted amount that the Company could pay under the Contingent Consideration arrangement is between $ 0 and $ 6,983 , plus an additional 5 % of the average factoring receivables if certain milestones are met. The fair value of the Contingent Consideration, estimated using a scenario-based probability approach and discounted, was $ 6,327 as of April 30, 2026. Accordingly, the total fair value of consideration paid, including Contingent Consideration, is $ 76,353 .
The factoring receivables are financial assets that have not experienced more-than-insignificant credit deterioration since origination. Pursuant to ASU 2025-08, since the factoring receivables are purchased seasoned loans, the allowance for credit losses is being recorded using the gross-up method. The factoring receivables, which have short maturities and floating interest rates indexed to benchmark market rates, are being recorded at their net funds employed, which is equal to the receivables acquired, less customer holdbacks.
The Company did not incur significant acquisition-related costs as part of this business combination.
The customer relationship intangible asset represents the value from future factored receivables expected to be generated from the acquired customer base. The contract-based intangible asset represents the additional costs that the Company would incur if it were to acquire an at-market contract similar to a sales channel agreement acquired as part of this acquisition. The customer relationship intangible is being amortized over its expected useful life of six years . The contract-based intangible is being amortized over three years . Fair value for the customer relationship was calculated using an income approach based on the multi-period excess earnings method. Fair value for the contract-based intangible was calculated using an income approach based on the with-and-without method.
The goodwill is expected to be fully tax deductible and represents the expected synergies, benefits to our brand, and acquired know-how from the acquisition.
Given the nature of the assets acquired, lack of historical financial data for the acquired assets, and systems conversion, the Company has determined that it is impracticable to disclose pro forma financials or revenue and earnings since the date of acquisition.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Note 3 – Securities
(In Thousands, Except Number of Securities)
The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below.
There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of June 30, 2026 or December 31, 2025.
Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value
June 30, 2026
Obligations of states and political subdivisions $ 274,280 $ 7,684 $ ( 3,740 ) $ 278,224
Residential mortgage-backed securities:
Agency mortgage-backed securities 1,051,549 758 ( 22,092 ) 1,030,215
Collateralized mortgage obligations 762,249 1,427 ( 64,315 ) 699,361
Commercial mortgage-backed securities:
Agency mortgage-backed securities 99,275 112 ( 818 ) 98,569
Collateralized mortgage obligations 408,355 2,730 ( 20,321 ) 390,764
Other debt securities 346,458 845 ( 2,012 ) 345,291
$ 2,942,166 $ 13,556 $ ( 113,298 ) $ 2,842,424
Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value
December 31, 2025
Obligations of states and political subdivisions $ 266,553 $ 8,012 $ ( 1,780 ) $ 272,785
Residential mortgage-backed securities:
Agency mortgage-backed securities 793,154 5,670 ( 15,675 ) 783,149
Collateralized mortgage obligations 706,986 2,826 ( 57,908 ) 651,904
Commercial mortgage-backed securities:
Agency mortgage-backed securities 100,314 285 ( 762 ) 99,837
Collateralized mortgage obligations 419,356 3,552 ( 18,120 ) 404,788
Other debt securities 349,132 1,537 ( 2,314 ) 348,355
$ 2,635,495 $ 21,882 $ ( 96,559 ) $ 2,560,818
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value
June 30, 2026
Obligations of states and political subdivisions $ 277,221 $ 17 $ ( 29,086 ) $ 248,152
Residential mortgage-backed securities:
Agency mortgage-backed securities 300,547 — ( 15,072 ) 285,475
Collateralized mortgage obligations 305,069 — ( 25,284 ) 279,785
Commercial mortgage-backed securities:
Agency mortgage-backed securities 16,813 — ( 2,113 ) 14,700
Collateralized mortgage obligations 41,530 — ( 6,150 ) 35,380
Other debt securities 41,884 — ( 2,523 ) 39,361
$ 983,064 $ 17 $ ( 80,228 ) $ 902,853
Allowance for credit losses - held to maturity securities ( 32 )
Held-to-maturity securities, net of allowance for credit losses $ 983,032
Amortized
Cost Gross
Unrealized
Gains Gross
Unrealized
Losses Fair
Value
December 31, 2025
Obligations of states and political subdivisions $ 279,424 $ 29 $ ( 29,516 ) $ 249,937
Residential mortgage-backed securities:
Agency mortgage-backed securities 323,993 — ( 10,030 ) 313,963
Collateralized mortgage obligations 320,258 — ( 18,600 ) 301,658
Commercial mortgage-backed securities:
Agency mortgage-backed securities 16,938 — ( 2,059 ) 14,879
Collateralized mortgage obligations 42,079 — ( 5,997 ) 36,082
Other debt securities 47,413 — ( 2,062 ) 45,351
$ 1,030,105 $ 29 $ ( 68,264 ) $ 961,870
Allowance for credit losses - held to maturity securities ( 32 )
Held-to-maturity securities, net of allowance for credit losses $ 1,030,073
No securities were sold during the three or six months ended June 30, 2026. Securities sold during the three and six months ended June 30, 2025 are presented in the tables below. On April 1, 2025, the Company acquired available for sale securities with a fair value of $ 1,457,377 as part of the merger with The First. Shortly after the merger, certain securities from this portfolio were sold at carrying value, resulting in no gain or loss on the sale; no other securities were sold during the first six months of 2025.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Carrying Value Net Proceeds Gain/(Loss)
Three months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations $ 34,394 $ 34,394 $ —
Obligations of states and political subdivisions 327,509 327,509 —
Residential mortgage backed securities:
Agency mortgage-backed securities 275,910 275,910 —
Collateralized mortgage obligations 2,437 2,437 —
Commercial mortgage-backed securities:
Agency mortgage-backed securities 6,541 6,541 —
Collateralized mortgage obligations 6,480 6,480 —
Other debt securities 33,214 33,214 —
$ 686,485 $ 686,485 $ —
Six months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations $ 34,394 $ 34,394 $ —
Obligations of states and political subdivisions 327,509 327,509 —
Residential mortgage-backed securities:
Agency mortgage-backed securities 275,910 275,910 —
Collateralized mortgage obligations 2,437 2,437 —
Commercial mortgage-backed securities:
Agency mortgage-backed securities 6,541 6,541 —
Collateralized mortgage obligations 6,480 6,480 —
Other debt securities 33,214 33,214 —
$ 686,485 $ 686,485 $ —
At June 30, 2026 and December 31, 2025, securities with a carrying value of $ 1,612,249 and $ 1,732,787 , respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $ 8,762 and $ 17,854 were pledged as collateral for short-term borrowings and derivative instruments, respectively, at June 30, 2026. Securities with a carrying value of $ 9,023 and $ 18,732 were pledged as collateral for short-term borrowings and derivative instruments, respectively, at December 31, 2025.
The amortized cost and fair value of securities at June 30, 2026 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Held to Maturity Available for Sale
Amortized
Cost Fair
Value Amortized
Cost Fair
Value
Due within one year $ — $ — $ 7,060 $ 7,069
Due after one year through five years 18,009 17,219 68,746 69,252
Due after five years through ten years 186,556 167,503 121,866 121,531
Due after ten years 72,656 63,430 123,770 127,484
Residential mortgage-backed securities:
Agency mortgage-backed securities 300,547 285,475 1,051,549 1,030,215
Collateralized mortgage obligations 305,069 279,785 762,249 699,361
Commercial mortgage-backed securities:
Agency mortgage-backed securities 16,813 14,700 99,275 98,569
Collateralized mortgage obligations 41,530 35,380 408,355 390,764
Other debt securities 41,884 39,361 299,296 298,179
$ 983,064 $ 902,853 $ 2,942,166 $ 2,842,424
The following tables present by age the fair value and gross unrealized losses for each investment category for which an allowance for credit losses has not been recorded as of the dates presented:
Less than 12 Months 12 Months or More Total
# Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses
Available for Sale:
June 30, 2026
Obligations of states and political subdivisions 46 $ 57,548 $ ( 1,893 ) 11 $ 15,919 $ ( 1,847 ) 57 $ 73,467 $ ( 3,740 )
Residential mortgage-backed securities:
Agency mortgage-backed securities 39 698,540 ( 5,333 ) 38 179,487 ( 16,759 ) 77 878,027 ( 22,092 )
Collateralized mortgage obligations 10 236,409 ( 1,553 ) 38 277,694 ( 62,762 ) 48 514,103 ( 64,315 )
Commercial mortgage-backed securities:
Agency mortgage-backed securities 15 71,420 ( 516 ) 1 4,636 ( 302 ) 16 76,056 ( 818 )
Collateralized mortgage obligations 35 169,181 ( 1,943 ) 28 101,267 ( 18,378 ) 63 270,448 ( 20,321 )
Other debt securities 15 103,960 ( 426 ) 11 183,380 ( 1,586 ) 26 287,340 ( 2,012 )
Total 160 $ 1,337,058 $ ( 11,664 ) 127 $ 762,383 $ ( 101,634 ) 287 $ 2,099,441 $ ( 113,298 )
December 31, 2025
Obligations of states and political subdivisions 13 $ 19,454 $ ( 445 ) 7 $ 13,591 $ ( 1,335 ) 20 $ 33,045 $ ( 1,780 )
Residential mortgage-backed securities:
Agency mortgage-backed securities 8 135,320 ( 903 ) 36 132,975 ( 14,772 ) 44 268,295 ( 15,675 )
Collateralized mortgage obligations 2 24,816 ( 58 ) 37 299,606 ( 57,850 ) 39 324,422 ( 57,908 )
Commercial mortgage-backed securities:
Agency mortgage-backed securities 9 71,188 ( 395 ) 2 5,595 ( 367 ) 11 76,783 ( 762 )
Collateralized mortgage obligations 12 40,387 ( 56 ) 25 102,206 ( 18,064 ) 37 142,593 ( 18,120 )
Other debt securities 10 191,504 ( 1,347 ) 8 14,571 ( 967 ) 18 206,075 ( 2,314 )
Total 54 $ 482,669 $ ( 3,204 ) 115 $ 568,544 $ ( 93,355 ) 169 $ 1,051,213 $ ( 96,559 )
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Less than 12 Months 12 Months or More Total
# Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses # Fair
Value Unrealized
Losses
Held to Maturity:
June 30, 2026
Obligations of states and political subdivisions 5 $ 6,301 $ ( 400 ) 118 $ 237,908 $ ( 28,686 ) 123 $ 244,209 $ ( 29,086 )
Residential mortgage-backed securities:
Agency mortgage-backed securities 4 41,439 ( 1,102 ) 62 244,036 ( 13,970 ) 66 285,475 ( 15,072 )
Collateralized mortgage obligations — — — 18 279,785 ( 25,284 ) 18 279,785 ( 25,284 )
Commercial mortgage-backed securities:
Agency mortgage-backed securities — — — 1 14,700 ( 2,113 ) 1 14,700 ( 2,113 )
Collateralized mortgage obligations — — — 9 35,381 ( 6,150 ) 9 35,381 ( 6,150 )
Other debt securities — — — 10 39,353 ( 2,523 ) 10 39,353 ( 2,523 )
Total 9 $ 47,740 $ ( 1,502 ) 218 $ 851,163 $ ( 78,726 ) 227 $ 898,903 $ ( 80,228 )
December 31, 2025
Obligations of states and political subdivisions — $ — $ — 124 $ 248,044 $ ( 29,516 ) 124 $ 248,044 $ ( 29,516 )
Residential mortgage-backed securities:
Agency mortgage-backed securities — — — 66 313,963 ( 10,030 ) 66 313,963 ( 10,030 )
Collateralized mortgage obligations — — — 18 301,657 ( 18,600 ) 18 301,657 ( 18,600 )
Commercial mortgage-backed securities:
Agency mortgage-backed securities — — — 1 14,879 ( 2,059 ) 1 14,879 ( 2,059 )
Collateralized mortgage obligations — — — 9 36,083 ( 5,997 ) 9 36,083 ( 5,997 )
Other debt securities — — — 10 45,351 ( 2,062 ) 10 45,351 ( 2,062 )
Total — $ — $ — 228 $ 959,977 $ ( 68,264 ) 228 $ 959,977 $ ( 68,264 )
The Company evaluates its available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entire unrealized loss is recorded as a loss within noninterest income in the Consolidated Statements of Income along with a corresponding adjustment to the amortized cost basis of the security. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company evaluates whether any of the unrealized loss is related to a potential credit loss. The amount related to credit loss, if any, is recognized in earnings as a provision for credit loss and a corresponding allowance for credit losses is established; each is calculated as the difference between the estimate of the discounted future contractual cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors are considered by management in the estimate of the discounted future contractual cash flows, including the financial condition of the underlying issuer, current and projected deferrals or defaults and credit ratings by nationally recognized statistical rating agencies. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of tax.
As of June 30, 2026, the Company did not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, approximately 88 % of available for sale securities have the explicit backing of the U.S. government or a guarantee from a U.S. government-sponsored enterprise that has the same perceived credit risk as the U.S. government. Performance of these securities has been in line with broader market price performance, indicating that increases in market-based, risk-free rates, and not credit-related factors, are driving losses. When determining the fair value of the contractual cash flows for municipal and corporate securities, the Company considers historical experience with credit sensitive
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
securities, current market conditions, the financial condition of the underlying issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, and insurance programs. Based upon its review of these factors as of June 30, 2026, the Company determined that all such losses resulted from factors not deemed credit-related. As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in other comprehensive income (loss). See Note 12, “Other Comprehensive Income (Loss)” for more information on the Company’s unrealized losses on securities.
The allowance for credit losses on held to maturity securities was $ 32 at each of June 30, 2026 and December 31, 2025. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by nationally recognized statistical ratings agencies. Updated investment grades are obtained as they become available from agencies. As of June 30, 2026, all of the debt securities held to maturity were rated A or higher by the ratings agencies.
Note 4 – Loans
(In Thousands, Except Number of Loans)
For purposes of this Note 4, all references to “loans” mean loans excluding loans held for sale.
The following is a summary of loans and leases as of the dates presented:
June 30,
2026 December 31, 2025
Commercial and industrial $ 3,063,069 $ 2,818,326
Construction and land development
Residential 416,894 382,773
Other 1,592,770 1,522,863
Total construction and land development 2,009,664 1,905,636
Real estate – 1-4 family mortgage:
First lien 3,788,776 3,844,097
Junior lien 53,068 52,943
Home equity 726,195 737,993
Total real estate – 1-4 family mortgage 4,568,039 4,635,033
Commercial real estate - owner occupied 3,332,728 3,334,664
Commercial real estate - non-owner occupied
Multi family 1,161,071 1,392,779
Other 4,962,429 4,852,701
Total commercial real estate - non-owner occupied 6,123,500 6,245,480
Consumer 99,172 107,900
Loans, net of unearned income $ 19,196,172 $ 19,047,039
The Company had unearned income of $ 5,491 and $ 5,152 , unamortized net deferred fees of $ 4,062 and $ 1,900 and unamortized purchase accounting discounts, net of premiums, of $ 133,760 and $ 161,591 at June 30, 2026 and December 31, 2025, respectively.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
The following tables provide an aging of past due accruing loans and the total of nonaccruing loans, segregated by class, as of the dates presented:
Accruing Loans
30-89 Days
Past Due 90 Days
or More
Past Due Current
Loans Total
Loans Nonaccruing Loans Total
Loans
June 30, 2026
Commercial and industrial $ 2,995 $ 4 $ 3,013,849 $ 3,016,848 $ 46,221 $ 3,063,069
Construction and land development
Residential 44 — 414,910 414,954 1,940 416,894
Other 2,343 — 1,586,432 1,588,775 3,995 1,592,770
Total construction and land development 2,387 — 2,001,342 2,003,729 5,935 2,009,664
Real estate – 1-4 family mortgage:
First lien 20,205 22 3,707,051 3,727,278 61,498 3,788,776
Junior lien 75 — 51,160 51,235 1,833 53,068
Home equity 2,938 — 720,180 723,118 3,077 726,195
Total real estate – 1-4 family mortgage 23,218 22 4,478,391 4,501,631 66,408 4,568,039
Commercial real estate - owner occupied 1,310 — 3,309,456 3,310,766 21,962 3,332,728
Commercial real estate - non-owner occupied
Multi family — — 1,159,859 1,159,859 1,212 1,161,071
Other 661 — 4,917,233 4,917,894 44,535 4,962,429
Total commercial real estate - non-owner occupied 661 — 6,077,092 6,077,753 45,747 6,123,500
Consumer 570 25 98,418 99,013 159 99,172
Loans, net of unearned income $ 31,141 $ 51 $ 18,978,548 $ 19,009,740 $ 186,432 $ 19,196,172
Accruing Loans
30-89 Days
Past Due 90 Days
or More
Past Due Current
Loans Total
Loans Nonaccruing Loans Total
Loans
December 31, 2025
Commercial and industrial $ 6,580 $ 109 $ 2,783,744 $ 2,790,433 $ 27,893 $ 2,818,326
Construction and land development
Residential 59 — 380,681 380,740 2,033 382,773
Other 676 158 1,516,490 1,517,324 5,539 1,522,863
Total construction and land development 735 158 1,897,171 1,898,064 7,572 1,905,636
Real estate – 1-4 family mortgage:
First lien 55,636 — 3,727,587 3,783,223 60,874 3,844,097
Junior lien 743 7 50,717 51,467 1,476 52,943
Home equity 3,885 — 731,034 734,919 3,074 737,993
Total real estate – 1-4 family mortgage 60,264 7 4,509,338 4,569,609 65,424 4,635,033
Commercial real estate - owner occupied 9,109 — 3,294,252 3,303,361 31,303 3,334,664
Commercial real estate - non-owner occupied
Multi family — — 1,391,994 1,391,994 785 1,392,779
Other 11,595 — 4,798,496 4,810,091 42,610 4,852,701
Total commercial real estate - non-owner occupied 11,595 — 6,190,490 6,202,085 43,395 6,245,480
Consumer 879 14 106,864 107,757 143 107,900
Loans, net of unearned income $ 89,162 $ 288 $ 18,781,859 $ 18,871,309 $ 175,730 $ 19,047,039
Interest income recognized on nonaccrual loans for the six months ended June 30, 2026 and 2025 was immaterial.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Certain Modifications to Borrowers Experiencing Financial Difficulty
The following tables present the amortized cost basis of loans that were experiencing financial difficulty and modified during the six months ended June 30, 2026 and 2025, respectively, by class of financing receivable and by type of modification.
Three Months Ended June 30, 2026
Interest Rate Reduction Term Extension Payment Delay Term Extension and Payment Delay Total % Total Loans by Class
Commercial and industrial $ — $ — $ 1,546 $ — $ 1,546 0.05 %
Construction and land development
Residential — — — — — — %
Other — — — — — — %
Total construction and land development — — — — — — %
Real estate – 1-4 family mortgage:
First lien — — — 1,321 1,321 0.03 %
Junior lien — — — — — — %
Home equity — — — — — — %
Total real estate – 1-4 family mortgage — — — 1,321 1,321 0.03 %
Commercial real estate - owner occupied — 968 — 968 0.03 %
Commercial real estate - non-owner occupied
Multi family — — 748 748 0.06 %
Other — — — — — %
Total commercial real estate - non-owner occupied — — — 748 748 0.01 %
Consumer — — — — — — %
Loans, net of unearned income $ — $ — $ 2,514 $ 2,069 $ 4,583 0.02 %
Six Months Ended June 30, 2026
Interest Rate Reduction Term Extension Payment Delay Term Extension and Payment Delay Total % Total Loans by Class
Commercial and industrial $ — $ 50 $ 1,578 $ 850 $ 2,478 0.08 %
Construction and land development
Residential — — — — — — %
Other — — — — — — %
Total construction and land development — — — — — — %
Real estate – 1-4 family mortgage:
First lien — 154 26 1,339 1,519 0.04 %
Junior lien — — — — — — %
Home equity — — 20 — 20 — %
Total real estate – 1-4 family mortgage — 154 46 1,339 1,539 0.03 %
Commercial real estate - owner occupied 63 1,054 — 1,117 0.03 %
Commercial real estate - non-owner occupied
Multi family — — — 748 748 0.06 %
Other 77 — 12,045 116 12,238 0.25 %
Total commercial real estate - non-owner occupied 77 — 12,045 864 12,986 0.21 %
Consumer — — — 26 26 0.03 %
Loans, net of unearned income $ 140 $ 204 $ 14,723 $ 3,079 $ 18,146 0.09 %
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Three Months Ended June 30, 2025
Term Extension Payment Delay Term Extension and Payment Delay Total % Total Loans by Class
Commercial and industrial $ — $ 3 $ — $ 3 — %
Construction and land development
Residential — — 235 235 0.01 %
Other — — — — — %
Total construction and land development — — 235 235 0.01 %
Real estate – 1-4 family mortgage:
First lien — — — — — %
Junior lien — — — — — %
Home equity — 3 — 3 — %
Total real estate – 1-4 family mortgage — 3 — 3 — %
Commercial real estate - owner occupied — — — — %
Commercial real estate - non-owner occupied
Multi family — — — — — %
Other — — — — — %
Total commercial real estate - non-owner occupied — — — — — %
Consumer 81 6 1 88 — %
Loans, net of unearned income $ 81 $ 12 $ 236 $ 329 — %
Six Months Ended June 30, 2025
Term Extension Payment Delay Term Extension and Payment Delay Interest Rate Reduction, Term Extension and Payment Delay Total % Total Loans by Class
Commercial and industrial $ — $ 3 $ — $ — $ 3 — %
Construction and land development
Residential — — 235 — 235 0.01 %
Other — — — — — — %
Total construction and land development — — 235 — 235 0.01 %
Real estate – 1-4 family mortgage:
First lien — — — — — — %
Junior lien — — — — — — %
Home equity — 3 — — 3 — %
Total real estate – 1-4 family mortgage — 3 — — 3 — %
Commercial real estate - owner occupied — — — — — — %
Commercial real estate - non-owner occupied
Multi family — — — — — — %
Other 2,119 — — — 2,119 0.07 %
Total commercial real estate - non-owner occupied 2,119 — — — 2,119 0.07 %
Consumer 81 6 1 2 90 — %
Loans, net of unearned income $ 2,200 $ 12 $ 236 $ 2 $ 2,450 0.01 %
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
The following tables present the weighted average financial effect of loan modifications by class of financing receivable for the periods presented.
Three Months Ended June 30, 2026
Loan Type Financial Effect
Payment Delay
Commercial and industrial Delayed the payment 10 months
Commercial real estate - owner occupied Delayed the payment 6 months
Combination - Term Extension and Payment Delay
Real estate – 1-4 family mortgage - First lien Extended the term and delayed the payment 12 months
Commercial real estate - non-owner occupied - Multi-Family Extended the term and delayed the payment 7 months
Six Months Ended June 30, 2026
Loan Type Financial Effect
Interest Rate Reduction
Commercial real estate - owner occupied Reduced the interest rate 105 basis points
Commercial real estate - non-owner occupied - Other Reduced the interest rate 125 basis points
Term Extension
Commercial and industrial Extended the term 7 months
Real estate – 1-4 family mortgage - First lien Extended the term 34 months
Payment Delay
Commercial and industrial Delayed the payment 10 months
Real estate – 1-4 family mortgage - First lien Delayed the payment 15 months
Real estate – 1-4 family mortgage - Home equity Delayed the payment 121 months
Commercial real estate - owner occupied Delayed the payment 6 months
Commercial real estate - non-owner occupied - Other Delayed the payment 10 months
Combination - Term Extension and Payment Delay
Commercial and industrial Extended the term and delayed the payment 12 months
Real estate – 1-4 family mortgage - First lien Extended the term and delayed the payment 12 months
Commercial real estate - non-owner occupied -Multi-Family Extended the term and delayed the payment 7 months
Commercial real estate - non-owner occupied - Other Extended the term and delayed the payment 8 months
Consumer Extended the term and delayed the payment 39 months
Three Months Ended June 30, 2025
Loan Type Financial Effect
Term Extension
Consumer Extended the term 124 months
Payment Delay
Commercial and industrial Delayed the payment 7 months
Real estate – 1-4 family mortgage - Home equity Delayed the payment 39 months
Consumer Delayed the payment 23 months
Combination - Term Extension and Payment Delay
Construction and land development - Residential Extended the term and delayed the payment 35 months
Consumer Extended the term and delayed the payment 60 months
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Six Months Ended June 30, 2025
Loan Type Financial Effect
Term Extension
Commercial real estate - non-owner occupied - Other Extended the term 12 months
Consumer Extended the term 124 months
Payment Delay
Commercial and industrial Delayed the payment 7 months
Real estate – 1-4 family mortgage - Home equity Delayed the payment 39 months
Consumer Delayed the payment 23 months
Combination - Term Extension and Payment Delay
Construction and land development - Residential Extended the term and delayed the payment 35 months
Consumer Extended the term and delayed the payment 60 months
Combination - Interest Rate Reduction, Term Extension and Payment Delay
Consumer Reduced the interest rate 425 basis points and extended the term and delayed the payment 49 months
Unused commitments relating to modified loans totaled $ 490 at June 30, 2026. There were no unused commitments relating to modified loans at June 30, 2025. Consumer loans totaling $ 16 for which the term was extended and payment delayed during the six months ended June 30, 2026 experienced a deterioration in past due or accrual status. There were no loan modifications in the six months ended June 30, 2025 for which the accrual or past due status deteriorated since the quarter of modification.
Loans Pledged
The Federal Home Loan Bank of Dallas (“FHLB”) maintains a blanket lien on the Company’s loan portfolio to be pledged as collateral for various FHLB products. In addition, the Company pledged $ 1,067,639 and $ 681,719 of its non-real estate loan portfolio to the Federal Reserve as collateral at the Discount Window at June 30, 2026 and December 31, 2025, respectively.
Credit Quality
The following tables present the internal risk-rating grades of the Company’s loan portfolio by year of origination or renewal as of the dates presented:
Term Loans Amortized Cost Basis by Origination Year
2026 2025 2024 2023 2022 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
June 30, 2026
Commercial and industrial $ 304,499 $ 595,986 $ 233,644 $ 157,671 $ 223,561 $ 192,992 $ 1,315,153 $ 23,852 $ 3,047,358
Pass 302,328 564,012 229,615 153,356 217,331 188,653 1,263,142 20,438 2,938,875
Special mention 1,049 15,090 2,195 689 140 1,777 28,834 — 49,774
Classified 1,122 16,884 1,834 3,626 6,090 2,562 23,177 3,414 58,709
Current period gross charge-offs 252 259 170 342 257 351 343 1,319 3,293
Construction and land development $ 496,092 $ 896,121 $ 253,845 $ 104,717 $ 52,531 $ 23,895 $ 62,710 $ 1,644 $ 1,891,555
Residential 169,946 121,803 10,926 25,446 — — 2,276 68 330,465
Pass 169,946 119,866 10,926 25,446 — — 2,276 68 328,528
Special mention — — — — — — — — —
Classified — 1,937 — — — — — — 1,937
Current period gross charge-offs — — — — — — — — —
Other $ 326,146 $ 774,318 $ 242,919 $ 79,271 $ 52,531 $ 23,895 $ 60,434 $ 1,576 $ 1,561,090
Pass 325,590 767,956 239,585 65,546 50,310 23,743 60,434 1,576 1,534,740
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Special mention 360 6,360 2,894 12,550 34 — — — 22,198
Classified 196 2 440 1,175 2,187 152 — — 4,152
Current period gross charge-offs — — — — — — — — —
Real Estate - 1-4 Family Mortgage $ 130,108 $ 249,406 $ 131,203 $ 113,559 $ 172,708 $ 142,099 $ 106,634 $ 1,115 $ 1,046,832
First lien 124,303 233,533 123,697 106,755 169,015 138,635 3,661 — 899,599
Pass 124,073 231,787 121,025 103,526 166,429 136,043 3,661 — 886,544
Special mention 92 29 593 48 552 570 — — 1,884
Classified 138 1,717 2,079 3,181 2,034 2,022 — — 11,171
Current period gross charge-offs — — — 44 24 — — — 68
Junior lien $ 5,318 $ 14,489 $ 6,719 $ 5,946 $ 3,429 $ 2,722 $ 151 $ — $ 38,774
Pass 5,308 12,759 6,298 5,360 3,404 2,091 151 — 35,371
Special mention 10 74 205 — — — — — 289
Classified — 1,656 216 586 25 631 — — 3,114
Current period gross charge-offs — 19 — — 93 — — — 112
Home equity $ 487 $ 1,384 $ 787 $ 858 $ 264 $ 742 $ 102,822 $ 1,115 $ 108,459
Pass 360 1,384 787 858 264 742 102,632 270 107,297
Special mention — — — — — — — — —
Classified 127 — — — — — 190 845 1,162
Current period gross charge-offs — — — — 73 — — 80 153
Commercial real estate - owner occupied $ 287,260 $ 550,564 $ 563,762 $ 396,367 $ 474,184 $ 850,681 $ 209,376 $ 534 $ 3,332,728
Pass 281,093 544,286 545,268 386,085 456,927 812,333 207,632 — 3,233,624
Special mention 6,066 5,550 7,752 3,417 12,409 16,469 901 — 52,564
Classified 101 728 10,742 6,865 4,848 21,879 843 534 46,540
Current period gross charge-offs 300 — 175 303 392 193 — — 1,363
Commercial real estate - non owner occupied $ 635,248 $ 1,514,937 $ 766,183 $ 649,194 $ 1,422,895 $ 1,039,726 $ 93,293 $ 2,024 $ 6,123,500
Multi family 145,379 296,549 76,381 157,223 357,973 123,793 3,773 — 1,161,071
Pass 144,523 295,167 73,519 157,223 357,623 123,197 3,773 — 1,155,025
Special mention — — 2,858 — — — — — 2,858
Classified 856 1,382 4 — 350 596 — — 3,188
Current period gross charge-offs — — — — — 177 — — 177
Other $ 489,869 $ 1,218,388 $ 689,802 $ 491,971 $ 1,064,922 $ 915,933 $ 89,520 $ 2,024 $ 4,962,429
Pass 478,344 1,200,969 682,344 477,175 998,651 846,420 88,025 — 4,771,928
Special mention — 785 5,313 2,366 25,916 9,434 20 — 43,834
Classified 11,525 16,634 2,145 12,430 40,355 60,079 1,475 2,024 146,667
Current period gross charge-offs — — 197 — — — — — 197
Consumer $ — $ — $ — $ — $ — $ — $ — $ — $ —
Pass — — — — — — — — —
Special mention — — — — — — — — —
Classified — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Total loans subject to risk rating $ 1,853,207 $ 3,807,014 $ 1,948,637 $ 1,421,508 $ 2,345,879 $ 2,249,393 $ 1,787,166 $ 29,169 $ 15,441,973
Pass 1,831,565 3,738,186 1,909,367 1,374,575 2,250,939 2,133,222 1,731,726 22,352 14,991,932
Special mention 7,577 27,888 21,810 19,070 39,051 28,250 29,755 — 173,401
Classified 14,065 40,940 17,460 27,863 55,889 87,921 25,685 6,817 276,640
Current period gross charge-offs 552 278 542 689 839 721 343 1,399 5,363
Term Loans Amortized Cost Basis by Origination Year
2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
December 31, 2025
Commercial and industrial $ 664,836 $ 267,767 $ 189,777 $ 250,976 $ 129,199 $ 102,743 $ 1,188,474 $ 24,554 $ 2,818,326
Pass 648,151 262,528 185,033 244,440 127,075 99,108 1,122,605 21,189 2,710,129
Special mention 15,095 2,348 802 608 424 1,869 28,499 — 49,645
Classified 1,590 2,891 3,942 5,928 1,700 1,766 37,370 3,365 58,552
Current period gross charge-offs 5 1,519 3,681 4,268 5,223 3,676 1,155 — 19,527
Construction and land development $ 891,047 $ 450,335 $ 235,317 $ 92,070 $ 22,381 $ 9,220 $ 61,638 $ 1,505 $ 1,763,513
Residential 235,859 34,917 — — — — 8,288 — 279,064
Pass 233,826 34,917 — — — — 8,288 — 277,031
Special mention — — — — — — — — —
Classified 2,033 — — — — — — — 2,033
Current period gross charge-offs — — 106 242 — — — — 348
Other $ 655,188 $ 415,418 $ 235,317 $ 92,070 $ 22,381 $ 9,220 $ 53,350 $ 1,505 $ 1,484,449
Pass 644,909 410,878 226,065 88,922 22,381 9,094 53,106 1,505 1,456,860
Special mention 457 3,948 727 — — 107 244 — 5,483
Classified 9,822 592 8,525 3,148 — 19 — — 22,106
Current period gross charge-offs — — — — — 26 — — 26
Real Estate - 1-4 Family Mortgage $ 269,213 $ 150,538 $ 137,194 $ 191,230 $ 116,779 $ 71,816 $ 107,516 $ 462 $ 1,044,748
First lien 251,292 142,403 129,819 186,606 114,068 69,209 3,230 — 896,627
Pass 249,929 139,985 128,534 183,517 112,078 66,988 3,230 — 884,261
Special mention 263 226 525 216 530 76 — — 1,836
Classified 1,100 2,192 760 2,873 1,460 2,145 — — 10,530
Current period gross charge-offs — — 34 149 64 78 — — 325
Junior lien $ 15,567 $ 7,330 $ 6,502 $ 3,854 $ 1,966 $ 2,348 $ 405 $ — $ 37,972
Pass 14,819 6,978 5,915 3,734 1,909 1,740 405 — 35,500
Special mention 514 132 — — — — — — 646
Classified 234 220 587 120 57 608 — — 1,826
Current period gross charge-offs — — 11 142 — 278 — — 431
Home equity $ 2,354 $ 805 $ 873 $ 770 $ 745 $ 259 $ 103,881 $ 462 $ 110,149
Pass 2,354 805 873 267 745 259 103,497 411 109,211
Special mention — — — — — — — — —
Classified — — — 503 — — 384 51 938
Current period gross charge-offs — — — — 92 93 — — 185
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Commercial real estate - owner occupied $ 501,919 $ 602,513 $ 453,290 $ 541,607 $ 465,069 $ 558,280 $ 211,986 $ — $ 3,334,664
Pass 497,708 586,917 438,247 520,128 447,885 527,129 210,685 — 3,228,699
Special mention 3,807 6,263 3,993 15,360 2,971 13,295 — — 45,689
Classified 404 9,333 11,050 6,119 14,213 17,856 1,301 — 60,276
Current period gross charge-offs — — 177 — — 1,339 4,201 — 5,717
Commercial real estate - non owner occupied $ 1,696,446 $ 753,232 $ 597,999 $ 1,748,638 $ 676,417 $ 657,353 $ 113,358 $ 2,037 $ 6,245,480
Multi family 394,699 71,999 123,963 548,165 135,587 115,521 2,845 — 1,392,779
Pass 360,750 69,068 123,477 548,165 135,587 114,726 2,845 — 1,354,618
Special mention 33,062 2,918 — — — — — — 35,980
Classified 887 13 486 — — 795 — — 2,181
Current period gross charge-offs — — — — — — — — —
Other $ 1,301,747 $ 681,233 $ 474,036 $ 1,200,473 $ 540,830 $ 541,832 $ 110,513 $ 2,037 $ 4,852,701
Pass 1,286,217 657,184 470,862 1,118,903 525,177 482,460 108,900 — 4,649,703
Special mention — 4,741 2,249 37,841 9,328 7,852 138 — 62,149
Classified 15,530 19,308 925 43,729 6,325 51,520 1,475 2,037 140,849
Current period gross charge-offs — — — — — 160 — — 160
Consumer $ — $ — $ 2 $ — $ — $ — $ — $ — $ 2
Pass — — 2 — — — — — 2
Special mention — — — — — — — — —
Classified — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Total loans subject to risk rating $ 4,023,461 $ 2,224,385 $ 1,613,579 $ 2,824,521 $ 1,409,845 $ 1,399,412 $ 1,682,972 $ 28,558 $ 15,206,733
Pass 3,938,663 2,169,260 1,579,008 2,708,076 1,372,837 1,301,504 1,613,561 23,105 14,706,014
Special mention 53,198 20,576 8,296 54,025 13,253 23,199 28,881 — 201,428
Classified 31,600 34,549 26,275 62,420 23,755 74,709 40,530 5,453 299,291
Current period gross charge-offs 5 1,519 4,009 4,801 5,379 5,650 5,356 — 26,719
The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
Term Loans Amortized Cost Basis by Origination Year
2026 2025 2024 2023 2022 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
June 30, 2026
Commercial and industrial $ 15,711 $ — $ — $ — $ — $ — $ — $ — $ 15,711
Performing Loans 15,711 — — — — — — — 15,711
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Construction and land development $ 23,006 $ 57,584 $ 14,925 $ 5,129 $ 4,475 $ 11,241 $ 516 $ 1,233 $ 118,109
Residential 20,435 49,628 12,586 — 330 1,842 375 1,233 86,429
Performing Loans 20,435 49,625 12,586 — 330 1,842 375 1,233 86,426
Non-Performing Loans — 3 — — — — — — 3
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Current period gross charge-offs — — — — — — — — —
Other $ 2,571 $ 7,956 $ 2,339 $ 5,129 $ 4,145 $ 9,399 $ 141 $ — $ 31,680
Performing Loans 2,571 7,910 2,339 5,100 3,845 9,399 141 — 31,305
Non-Performing Loans — 46 — 29 300 — — — 375
Current period gross charge-offs — — — — — 1 — — 1
Real Estate - 1-4 Family Mortgage $ 121,697 $ 320,029 $ 208,793 $ 332,131 $ 758,080 $ 1,165,804 $ 598,004 $ 16,669 $ 3,521,207
First lien 120,744 318,570 204,843 330,139 754,953 1,159,900 28 — 2,889,177
Performing Loans 120,744 317,368 203,550 323,720 734,111 1,132,525 28 — 2,832,046
Non-Performing Loans — 1,202 1,293 6,419 20,842 27,375 — — 57,131
Current period gross charge-offs — — 47 164 117 56 — — 384
Junior lien $ 953 $ 1,459 $ 3,835 $ 1,631 $ 2,422 $ 3,945 $ 49 $ — $ 14,294
Performing Loans 953 1,459 3,825 1,631 2,422 3,628 49 — 13,967
Non-Performing Loans — — 10 — — 317 — — 327
Current period gross charge-offs — — — — — 11 — — 11
Home equity $ — $ — $ 115 $ 361 $ 705 $ 1,959 $ 597,927 $ 16,669 $ 617,736
Performing Loans — — 115 182 705 1,821 597,690 15,067 615,580
Non-Performing Loans — — — 179 — 138 237 1,602 2,156
Current period gross charge-offs — — — — — 21 — 178 199
Commercial real estate - owner occupied $ — $ — $ — $ — $ — $ — $ — $ — $ —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Commercial real estate - non owner occupied $ — $ — $ — $ — $ — $ — $ — $ — $ —
Multi family — — — — — — — — —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Other $ — $ — $ — $ — $ — $ — $ — $ — $ —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Consumer $ 24,976 $ 21,428 $ 9,228 $ 5,948 $ 4,337 $ 11,751 $ 21,405 $ 99 $ 99,172
Performing Loans 24,976 21,398 9,228 5,932 4,315 11,635 21,405 99 98,988
Non-Performing Loans — 30 — 16 22 116 — — 184
Current period gross charge-offs — 194 21 44 7 175 37 171 649
Total loans not subject to risk rating $ 185,390 $ 399,041 $ 232,946 $ 343,208 $ 766,892 $ 1,188,796 $ 619,925 $ 18,001 $ 3,754,199
Performing Loans 185,390 397,760 231,643 336,565 745,728 1,160,850 619,688 16,399 3,694,023
Non-Performing Loans — 1,281 1,303 6,643 21,164 27,946 237 1,602 60,176
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Current period gross charge-offs — 194 68 208 124 264 37 349 1,244
Term Loans Amortized Cost Basis by Origination Year
2025 2024 2023 2022 2021 Prior Revolving Loans Revolving Loans Converted to Term Total
Loans
December 31, 2025
Commercial and industrial $ — $ — $ — $ — $ — $ — $ — $ — $ —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Construction and land development $ 66,151 $ 33,823 $ 20,283 $ 6,156 $ 10,321 $ 3,943 $ 507 $ 939 $ 142,123
Residential 54,380 30,881 13,955 1,265 1,914 — 375 939 103,709
Performing Loans 54,380 30,881 13,955 1,265 1,914 — 375 939 103,709
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Other $ 11,771 $ 2,942 $ 6,328 $ 4,891 $ 8,407 $ 3,943 $ 132 $ — $ 38,414
Performing Loans 11,771 2,921 6,247 4,744 8,403 3,932 132 — 38,150
Non-Performing Loans — 21 81 147 4 11 — — 264
Current period gross charge-offs — — — — — — — — —
Real Estate - 1-4 Family Mortgage $ 333,353 $ 213,474 $ 345,975 $ 805,063 $ 534,744 $ 733,503 $ 609,124 $ 15,049 $ 3,590,285
First lien 331,496 209,270 343,867 801,481 533,558 727,798 — — 2,947,470
Performing Loans 329,942 207,890 335,040 783,952 528,690 705,399 — — 2,890,913
Non-Performing Loans 1,554 1,380 8,827 17,529 4,868 22,399 — — 56,557
Current period gross charge-offs — 74 28 58 — 69 — — 229
Junior lien $ 1,857 $ 4,088 $ 1,745 $ 2,868 $ 968 $ 3,445 $ — $ — $ 14,971
Performing Loans 1,857 4,081 1,689 2,868 968 3,050 — — 14,513
Non-Performing Loans — 7 56 — — 395 — — 458
Current period gross charge-offs — 53 — — — 7 — — 60
Home equity $ — $ 116 $ 363 $ 714 $ 218 $ 2,260 $ 609,124 $ 15,049 $ 627,844
Performing Loans — 116 184 714 218 1,960 608,808 13,334 625,334
Non-Performing Loans — — 179 — — 300 316 1,715 2,510
Current period gross charge-offs — — — — 148 79 — — 227
Commercial real estate - owner occupied $ — $ — $ — $ — $ — $ — $ — $ — $ —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Commercial real estate - non owner occupied $ — $ — $ — $ — $ — $ — $ — $ — $ —
Multi family — — — — — — — — —
Performing Loans — — — — — — — — —
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Other $ — $ — $ — $ — $ — $ — $ — $ — $ —
Performing Loans — — — — — — — — —
Non-Performing Loans — — — — — — — — —
Current period gross charge-offs — — — — — — — — —
Consumer $ 40,081 $ 15,374 $ 9,009 $ 6,276 $ 3,636 $ 11,482 $ 21,877 $ 163 $ 107,898
Performing Loans 40,079 15,371 9,006 6,238 3,636 11,376 21,874 163 107,743
Non-Performing Loans 2 3 3 38 — 106 3 — 155
Current period gross charge-offs 53 214 159 74 50 955 19 — 1,524
Total loans not subject to risk rating $ 439,585 $ 262,671 $ 375,267 $ 817,495 $ 548,701 $ 748,928 $ 631,508 $ 16,151 $ 3,840,306
Performing Loans 438,029 261,260 366,121 799,781 543,829 725,717 631,189 14,436 3,780,362
Non-Performing Loans 1,556 1,411 9,146 17,714 4,872 23,211 319 1,715 59,944
Current period gross charge-offs 53 341 187 132 198 1,110 19 — 2,040
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Note 5 – Allowance for Credit Losses
(In Thousands)
Allowance for Credit Losses on Loans
As of June 30, 2026 and December 31, 2025, the Company had accrued interest receivable for loans of $ 67,986 and $ 54,395 , respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets.
The following tables provide a roll-forward of the allowance for credit losses by loan category and nonaccrual loans with no allowance for credit losses for the periods presented:
Commercial and industrial Construction and land development Real Estate -
1-4 Family
Mortgage Commercial real estate - owner occupied Commercial real estate - non owner occupied Consumer
Total
Three Months Ended June 30, 2026
Allowance for credit losses:
Beginning balance $ 65,814 $ 36,969 $ 66,653 $ 37,441 $ 84,380 $ 4,605 $ 295,862
Initial allowance for credit losses on loans acquired during the period
1,750 — — — — — 1,750
Charge-offs ( 2,223 ) — ( 402 ) ( 227 ) ( 176 ) ( 319 ) ( 3,347 )
Recoveries 382 2 133 7 18 35 577
Net (charge-offs) recoveries ( 1,841 ) 2 ( 269 ) ( 220 ) ( 158 ) ( 284 ) ( 2,770 )
Provision for (recovery of) credit losses on loans 1,634 2,914 453 ( 1,274 ) ( 2,463 ) ( 98 ) 1,166
Ending balance $ 67,357 $ 39,885 $ 66,837 $ 35,947 $ 81,759 $ 4,223 $ 296,008
Six Months Ended June 30, 2026
Allowance for credit losses:
Beginning balance $ 57,831 $ 31,359 $ 61,249 $ 38,961 $ 99,605 $ 4,950 $ 293,955
Initial allowance for credit losses on loans acquired during the period
1,750 — — — — — 1,750
Charge-offs ( 3,293 ) ( 1 ) ( 927 ) ( 1,363 ) ( 374 ) ( 649 ) ( 6,607 )
Recoveries 532 2 159 683 81 63 1,520
Net (charge-offs) recoveries ( 2,761 ) 1 ( 768 ) ( 680 ) ( 293 ) ( 586 ) ( 5,087 )
Provision for (recovery of) credit losses on loans 10,537 8,525 6,356 ( 2,334 ) ( 17,553 ) ( 141 ) 5,390
Ending balance $ 67,357 $ 39,885 $ 66,837 $ 35,947 $ 81,759 $ 4,223 $ 296,008
Nonaccruing loans with no allowance for credit losses $ 22,859 $ 4,032 $ 2,312 $ 4,446 $ 28,062 $ — $ 61,711
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Commercial and industrial Construction and land development Real Estate -
1-4 Family
Mortgage Commercial real estate - owner occupied Commercial real estate - non owner occupied Consumer
Total
Three Months Ended June 30, 2025
Allowance for credit losses:
Beginning balance $ 41,884 $ 20,845 $ 48,101 $ 17,826 $ 68,781 $ 6,494 $ 203,931
Initial impact of purchased credit deteriorated loans acquired during the period 7,140 2,185 203 4,059 9,904 2 23,493
Charge-offs ( 8,217 ) ( 105 ) ( 319 ) — ( 3,944 ) ( 394 ) ( 12,979 )
Recoveries 631 — 37 56 60 141 925
Net (charge-offs) recoveries ( 7,586 ) ( 105 ) ( 282 ) 56 ( 3,884 ) ( 253 ) ( 12,054 )
Provision for (recovery of) credit losses on loans 19,972 7,369 13,150 9,186 25,866 ( 143 ) 75,400
Ending balance $ 61,410 $ 30,294 $ 61,172 $ 31,127 $ 100,667 $ 6,100 $ 290,770
Six Months Ended June 30, 2025
Allowance for credit losses:
Beginning balance $ 41,864 $ 19,200 $ 45,498 $ 16,993 $ 71,664 $ 6,537 $ 201,756
Initial impact of purchased credit deteriorated loans acquired during the period 7,140 2,185 203 4,059 9,904 2 23,493
Charge-offs ( 8,310 ) ( 106 ) ( 628 ) — ( 4,405 ) ( 659 ) ( 14,108 )
Recoveries 1,597 1 70 58 64 389 2,179
Net (charge-offs) recoveries ( 6,713 ) ( 105 ) ( 558 ) 58 ( 4,341 ) ( 270 ) ( 11,929 )
Provision for (recovery of) credit losses on loans 19,119 9,014 16,029 10,017 23,440 ( 169 ) 77,450
Ending balance $ 61,410 $ 30,294 $ 61,172 $ 31,127 $ 100,667 $ 6,100 $ 290,770
Nonaccruing loans with no allowance for credit losses $ 899 $ 2,331 $ 4,275 $ 4,700 $ 9,663 $ — $ 21,868
The Company recorded a provision for credit losses on loans of $ 1,166 and an initial provision of $ 1,750 for credit losses on loans associated with the portfolio acquisition during the second quarter of 2026, as compared to a provision for credit losses on loans of $ 75,400 recorded in the second quarter of 2025, which included the Day 1 provision associated with the merger with The First. The allowance for credit losses in the second quarter of 2026 remained adequate and relatively stable as compared to the prior quarter’s ACL balance. The increase attributable to loan growth, including both acquisition-related and organic growth, as well as changes in qualitative factors, was moderated by improvements in asset credit quality and the resolution of non-performing loans (individually reviewed loans). The Company’s allowance for credit losses model considers current economic conditions, economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years, historical loss data, and environmental factors. The allowance for credit losses under CECL is calculated utilizing the probability of default/loss given default approach for most commercial mortgage related pools, while the average historical life-of-loan loss rate cohort approach is used for the remaining pools.
Collateral Dependent Loans
The following tables present collateral dependent loans by loan portfolio segment and by type of collateral along with the
related allowance for credit losses:
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Collateral Type
June 30, 2026 Real Estate Other Total Allowance for Credit Losses
Commercial and industrial $ — $ 46,939 $ 46,939 $ 9,302
Construction and land development
Residential 1,937 — 1,937 —
Other 2,095 — 2,095 —
Total construction and land development 4,032 — 4,032 —
Real estate - 1-4 family mortgage
First lien 2,312 — 2,312 —
Junior lien — — — —
Home equity 500 — 500 —
Total real estate – 1-4 family mortgage 2,812 — 2,812 —
Commercial real estate - owner occupied 12,665 — 12,665 3,116
Commercial real estate - non-owner occupied
Multi family — — — —
Other 42,411 — 42,411 5,745
Total commercial real estate - non-owner occupied 42,411 — 42,411 5,745
Consumer — — — —
Loans, net of unearned income $ 61,920 $ 46,939 $ 108,859 $ 18,163
Collateral Type
December 31, 2025 Real Estate Other Total Allowance for Credit Losses
Commercial and industrial $ — $ 46,860 $ 46,860 $ 4,502
Construction and land development
Residential 2,033 — 2,033 —
Other 10,575 — 10,575 1,887
Total construction and land development 12,608 — 12,608 1,887
Real estate - 1-4 family mortgage
First lien 3,263 — 3,263 116
Junior lien — — — —
Home equity 500 — 500 —
Total real estate – 1-4 family mortgage 3,763 — 3,763 116
Commercial real estate - owner occupied 21,165 — 21,165 3,661
Commercial real estate - non-owner occupied
Multi family — — — —
Other 48,049 — 48,049 10,999
Total commercial real estate - non-owner occupied 48,049 — 48,049 10,999
Consumer — 270 270 270
Loans, net of unearned income $ 85,585 $ 47,130 $ 132,715 $ 21,435
The decrease in collateral dependent loans and the allowance with respect thereto since December 31, 2025 is primarily due to a decrease in the number of loans requiring individual evaluation in the Construction and Land Development and Commercial Real Estate - Owner Occupied segments.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Allowance for Credit Losses on Unfunded Loan Commitments
The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.
Three months ended June 30, 2026 2025
Allowance for credit losses on unfunded loan commitments:
Beginning balance $ 33,683 $ 17,643
Provision for credit losses on unfunded loan commitments 2,633 5,922
Ending balance $ 36,316 $ 23,565
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 provision for credit losses on unfunded commitments in the second quarter of 2026 was primarily driven by growth in the balance of unfunded loan commitments in the commercial and industrial pool and the construction and land development pool.
Note 6 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the six months ended June 30, 2026 are set forth in the table below.
Community Banks Total
Balance at January 1, 2026 $ 1,405,840 $ 1,405,840
Acquisition of factoring business 10,871 $ 10,871
Other 827 827
Balance at June 30, 2026 $ 1,417,538 $ 1,417,538
The following table provides a summary of finite-lived intangible assets as of the dates presented:
Gross Carrying
Amount Accumulated
Amortization Net Carrying
Amount
June 30, 2026
Core deposit intangible $ 242,102 $ ( 113,716 ) $ 128,386
Customer relationship intangible 13,870 ( 5,934 ) 7,936
Contract-based intangible 1,800 ( 100 ) 1,700
Total finite-lived intangible assets $ 257,772 $ ( 119,750 ) $ 138,022
December 31, 2025
Core deposit intangible $ 242,102 $ ( 97,936 ) $ 144,166
Customer relationship intangible 7,670 ( 5,224 ) 2,446
Total finite-lived intangible assets $ 249,772 $ ( 103,160 ) $ 146,612
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Amortization expense for finite-lived intangible assets is presented in the table below.
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Amortization expense for:
Core deposit intangible $ 7,786 $ 8,622 $ 15,780 $ 9,440
Customer relationship intangible 484 262 710 524
Contract-based intangible 100 — 100 —
Total intangible amortization $ 8,370 $ 8,884 $ 16,590 $ 9,964
The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows:
Core Deposit Intangible Customer Relationship Intangible Contract-Based Intangible Total
2026 (July-December) $ 14,952 $ 1,183 $ 300 $ 16,435
2027 27,441 2,030 600 30,071
2028 23,337 1,664 600 25,601
2029 18,335 1,290 200 19,825
2030 15,169 883 — 16,052
Thereafter 29,152 886 — 30,038
Total $ 128,386 $ 7,936 $ 1,700 $ 138,022
Note 7 – Mortgage Servicing Rights
(In Thousands)
There was no valuation adjustment on mortgage servicing rights (“MSRs”) during the three or six months ended June 30, 2026 or 2025.
Changes in the Company’s MSRs were as follows:
2026 2025
Balance at January 1 $ 65,271 $ 72,991
Sale of MSRs — ( 7,886 )
Additions 4,878 4,021
Amortization ( 4,333 ) ( 4,587 )
Balance at June 30
$ 65,816 $ 64,539
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
June 30, 2026 December 31, 2025
Unpaid principal balance $ 5,659,879 $ 5,648,033
Weighted-average prepayment speed (CPR) 9.43 % 10.90 %
Estimated impact of a 10% increase $ ( 2,954 ) $ ( 2,953 )
Estimated impact of a 20% increase ( 5,715 ) ( 5,719 )
Discount rate 9.87 % 9.85 %
Estimated impact of a 10% increase $ ( 3,675 ) $ ( 3,199 )
Estimated impact of a 20% increase ( 7,067 ) ( 6,195 )
Weighted-average coupon interest rate 4.66 % 4.59 %
Weighted-average servicing fee (basis points) 33.74 33.86
Weighted-average remaining maturity (in years) 7.4 6.8
The movement of mortgage interest rates has an inverse relationship with prepayment speeds and discount rates.
The Company recorded servicing fees of $ 3,071 and $ 3,001 for the three months ended June 30, 2026 and 2025, respectively, and $ 6,360 and $ 6,656 for the six months ended June 30, 2026 and 2025, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.
Note 8 - Employee Benefit and Deferred Compensation Plans
(In Thousands, Except Share Data)
Incentive Compensation Plans
The Company maintains the 2020 Long-Term Incentive Compensation Plan, a long-term equity compensation plan that provides for the award of restricted stock and the grant of stock options. The Company awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees. In addition, The First maintained a long-term equity compensation plan, and the restricted stock awarded as of the date of the Company’s acquisition of The First was converted into restricted stock of the Company, subject to the same terms and conditions as prior to the merger.
The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2026:
Performance-Based Restricted Stock Weighted Average Grant-Date Fair Value Time-Based Restricted Stock Weighted Average Grant-Date Fair Value
Nonvested at beginning of period 195,347 $ 34.54 1,208,193 $ 34.48
Awarded 75,773 35.75 340,523 37.12
Vested — — ( 413,394 ) 34.57
Cancelled — — ( 27,410 ) 35.97
Nonvested at end of period 271,120 $ 34.88 1,107,912 $ 35.22
Unrecognized stock-based compensation expense related to restricted stock totaled $ 24,035 at June 30, 2026. As of such date, the weighted average period over which the unrecognized expense is expected to be recognized was approximately two years .
During the six months ended June 30, 2026, the Company reissued 216,712 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $ 4,384 and $ 4,304 for the three months ended June 30, 2026 and 2025, respectively, and $ 9,858 and $ 8,084 for the six months ended June 30, 2026 and 2025, respectively.
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Notes to Consolidated Financial Statements (Unaudited)
There were no stock options granted or outstanding, and no compensation expense associated with options recorded, during the six months ended June 30, 2026 or 2025.
Note 9 – Derivative Instruments
(In Thousands)
The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions.
Non-hedge derivatives
The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations (which are included within the “interest rate contracts” line items in the tables below). To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures.
The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate and adjustable-rate residential mortgage loans. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors.
The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:
Balance Sheet June 30, 2026 December 31, 2025
Location Notional Amount Fair Value Notional Amount Fair Value
Derivative assets:
Interest rate contracts Other Assets $ 1,804,473 $ 20,504 $ 1,784,028 $ 28,590
Interest rate lock commitments Other Assets 119,473 1,941 92,881 1,419
Forward commitments Other Assets 124,000 405 33,000 53
Totals $ 2,047,946 $ 22,850 $ 1,909,909 $ 30,062
Derivative liabilities:
Interest rate contracts Other Liabilities $ 1,804,473 $ 20,504 $ 1,784,028 $ 28,595
Interest rate lock commitments Other Liabilities 3,772 6 5,904 14
Forward commitments Other Liabilities 100,000 312 196,000 593
Totals $ 1,908,245 $ 20,822 $ 1,985,932 $ 29,202
Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Interest rate lock commitments:
Included in mortgage banking income 453 525 530 1,973
Forward commitments:
Included in mortgage banking income ( 1,716 ) ( 2,033 ) 633 ( 4,552 )
Total $ ( 1,263 ) $ ( 1,508 ) $ 1,163 $ ( 2,579 )
Derivatives designated as cash flow hedges
Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings and loans. The swap hedging strategy converts the variable interest rate on the forecasted borrowings to a fixed
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Notes to Consolidated Financial Statements (Unaudited)
interest rate. The collar hedging strategy limits the benefit to interest income when rates exceed the cap but protects interest income from interest rate fluctuations below the floor strike rate.
The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:
Balance Sheet June 30, 2026 December 31, 2025
Location Notional Amount Fair Value Notional Amount Fair Value
Derivative assets:
Interest rate swaps Other Assets $ 30,000 $ 768 $ 130,000 $ 16,907
Interest rate collars Other Assets — — 450,000 129
Total $ 30,000 $ 768 $ 580,000 $ 17,036
Derivative liabilities:
Interest rate swaps Other Liabilities $ 100,000 $ 53 $ — $ —
Interest rate collars Other Liabilities 450,000 10 — —
Totals $ 550,000 $ 63 $ — $ —
The impact on other comprehensive income for the three months ended June 30, 2026 and 2025, is described in Note 12, “Other Comprehensive Income (Loss).” The impact on earnings is reflected in interest income on loans and interest expense on borrowings in the Consolidated Statements of Income.
Changes in fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The impact on other comprehensive income for the six months ended June 30, 2026 and 2025 is set forth in Note 12, “Other Comprehensive Income (Loss).”
Derivatives designated as fair value hedges
The Company enters into interest rate swap agreements to manage the fair value exposure on certain of the Company’s fixed-rate subordinated notes and fixed-rate available-for-sale securities. The agreements convert a fixed rate of interest to a variable rate of interest based on SOFR by using “pay-variable, receive-fixed” or “pay-fixed, receive-variable” interest rate swaps for the subordinated notes and available-for-sale securities hedges, respectively. The Company expects the hedges to remain effective during the remaining terms of the swaps which run through September 2031.
The following table provides a summary of the Company’s derivatives designated as fair value hedges as of the dates presented:
Balance Sheet June 30, 2026 December 31, 2025
Location Notional Amount Fair Value Notional Amount Fair Value
Derivative assets:
Interest rate swaps - subordinated notes Other Assets $ 100,000 $ 899 $ — $ —
Interest rate swaps - securities Other Assets 10,635 104 — —
Totals $ 110,635 $ 1,003 $ — $ —
Derivative liabilities:
Interest rate swaps - subordinated notes Other Liabilities $ — $ — $ 100,000 $ 12,280
Interest rate swaps - securities Other Liabilities 36,495 132 3,430 2
Totals $ 36,495 $ 132 $ 103,430 $ 12,282
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:
Amount of Gain (Loss) Recognized in Income
Income Statement Three Months Ended June 30, Six Months Ended June 30,
Location 2026 2025 2026 2025
Derivative liabilities:
Interest rate swaps - subordinated notes Interest Expense $ 431 $ 1,691 $ 404 $ 3,929
Interest rate swaps - securities Interest Income 467 — 510 —
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes Interest Expense $ ( 431 ) $ ( 1,691 ) $ ( 404 ) $ ( 3,928 )
Interest rate swaps - securities Interest Income ( 467 ) — ( 510 ) —
The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:
Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Item
Balance Sheet Location June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025
Long-term debt $ 86,594 $ 86,911 $ 12,684 $ 12,280
Securities available for sale 41,280 17,780 516 6
Credit Derivatives
The Company has both bought and sold credit protection in the form of risk participation agreements. These risk participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business to help the Company’s commercial customers manage their exposure to interest rate fluctuations. Risk participations for which credit protection has been purchased entitle the Company to receive a payment from the counterparty if the customer fails to make payment on any amounts due to the Company upon early termination of the swap transaction. The risk participation agreements bought by the Company have a notional amount of $ 68,368 and maturities between 2028 and 2032. For contracts where the Company sold credit protection, it would be required to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction. The Company’s sold risk participation agreements have a notional amount of $ 251,499 and maturities between 2026 and 2032.
The maximum potential amount of future payments under these risk participation agreements as of June 30, 2026 was approximately $ 1,118 . This scenario would occur if variable interest rates were at zero percent and all counterparties defaulted with zero recovery. The fair value of risk participation agreements at June 30, 2026 and 2025 was immaterial.
Offsetting
Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when a “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the Consolidated Balance Sheets. Initial margin and variation margin for derivatives transacted over the counter is accounted for as collateral. When the Company posts cash for margin, it is recognized as a receivable. When margin is posted or received in the form of securities, there is no accounting recognition for the pledge of securities, unless there is an event of default by one of the parties to the agreement. For centrally cleared derivatives, variation margin is accounted for as settlement of the derivative’s fair value. The following table presents the Company’s gross derivative positions as recognized in the Consolidated Balance Sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement as of the dates presented:
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Notes to Consolidated Financial Statements (Unaudited)
Offsetting Derivative Assets Offsetting Derivative Liabilities
June 30,
2026 December 31, 2025 June 30,
2026 December 31, 2025
Gross amounts recognized $ 12,865 $ 21,867 $ 11,193 $ 17,650
Gross amounts offset in the Consolidated Balance Sheets — — — —
Net amounts presented in the Consolidated Balance Sheets 12,865 21,867 11,193 17,650
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments - derivative assets available for offset 11,165 17,110 11,165 17,110
Financial collateral (cash) pledged — — — 20
Net amounts $ 1,700 $ 4,757 $ 28 $ 520
Note 10 – Income Taxes
The effective tax rate was 20.0 % and 22.1 % for the six months ended June 30, 2026 and 2025, respectively. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income, and adjusting for discrete items that occurred during the period. The decrease in the effective tax rate was caused primarily by the Company’s continued investments in tax credits.
Note 11 – Fair Value Measurements
(In Thousands)
Fair Value Measurements and the Fair Value Hierarchy
Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), next priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3).
Recurring Fair Value Measurements
The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets at fair value. Assets and liabilities that are required to be carried at fair value on a recurring basis include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”).
The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis:
Securities available for sale : Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, obligations of states and political subdivisions and mortgage-backed securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. All Level 2 securities, including obligations of state and political subdivisions, mortgage-backed securities and other debt securities are valued using model-based valuation techniques where all significant assumptions are observable. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy.
Derivative instruments : Most of the Company’s derivative contracts are extensively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market-based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include
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Notes to Consolidated Financial Statements (Unaudited)
interest rate swaps, interest rate collars and other interest rate contracts such as risk participations, interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy.
Mortgage loans held for sale in loans held for sale : The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis under the fair value option. Mortgage loans held for sale are loans intended to be sold on the secondary market to investors or other financial institutions. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy.
Contingent consideration : The Company, from time to time, may acquire a business with a portion of the consideration to be paid to the seller contingent on a future event occurring (for example, based on a certain level of profitability or a certain level of loan growth being achieved by the acquired business). Generally, this type of contingent consideration is classified as a liability. The Company values liability-classified contingent consideration using a discounted scenario-based methodology. Since this methodology is based on unobservable inputs, it is categorized within Level 3 of the fair value hierarchy.
The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
Level 1 Level 2 Level 3 Totals
June 30, 2026
Financial assets:
Securities available for sale $ — $ 2,842,424 $ — $ 2,842,424
Derivative instruments — 24,621 — 24,621
Mortgage loans held for sale in loans held for sale — 241,588 — 241,588
Total financial assets $ — $ 3,108,633 $ — $ 3,108,633
Financial liabilities:
Contingent consideration — — 6,327 6,327
Derivative instruments: — 21,017 — 21,017
Total financial liabilities $ — $ 21,017 $ 6,327 $ 27,344
Level 1 Level 2 Level 3 Totals
December 31, 2025
Financial assets:
Securities available for sale $ — $ 2,560,818 $ — $ 2,560,818
Derivative instruments — 47,098 — 47,098
Mortgage loans held for sale in loans held for sale — 265,959 — 265,959
Total financial assets $ — $ 2,873,875 $ — $ 2,873,875
Financial liabilities:
Derivative instruments $ — $ 41,484 $ — $ 41,484
The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the six months ended June 30, 2026.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
The following table presents information as of June 30, 2026 about significant unobservable inputs (Level 3) used in the valuation of liabilities measured at fair value on a recurring basis:
Financial liability Fair
Value Valuation Technique Significant
Unobservable Inputs Inputs
Contingent consideration $ 6,327 Discounted scenario-based probability-weighted cash flow
Probability of growth scenarios in factoring business
2 % - 51 % (range)
43 % (weighted average)
For the six months ended June 30, 2026 and 2025, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. The weighted average for the contingent consideration was calculated using a weighting based on relative fair value.
Uncertainty of Fair Value Measurements from Unobservable Inputs
A significant contraction of factoring relationships resulting from the factoring business acquired from REV Capital may cause a significant decrease in contingent consideration. A significant increase in the factoring relationships would not have a meaningful impact to the contingent consideration payable to REV Capital.
Nonrecurring Fair Value Measurements
Certain assets and liabilities may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
June 30, 2026 Level 1 Level 2 Level 3 Totals
Collateral dependent loans $ — $ — $ 26,712 $ 26,712
OREO — — 702 702
Total $ — $ — $ 27,414 $ 27,414
December 31, 2025 Level 1 Level 2 Level 3 Totals
Collateral dependent loans $ — $ — $ 87,680 $ 87,680
OREO — — $ 3,538 3,538
Total $ — $ — $ 91,218 $ 91,218
The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets measured on a nonrecurring basis:
Collateral dependent loans : Loans that do not share similar risk characteristics such that they can be evaluated on a collective (pool) basis are individually evaluated for credit losses each quarter taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets such as equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on qualified independent valuations. For smaller business assets, they are typically valued based on internal valuations or based on valuations in the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3.
Other real estate owned : OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3.
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
The following table presents, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets at period-end:
June 30,
2026 December 31, 2025
Carrying amount prior to remeasurement $ 921 $ 4,182
Impairment recognized in results of operations ( 219 ) ( 644 )
Fair value $ 702 $ 3,538
Mortgage servicing rights : Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at June 30, 2026 and December 31, 2025. There were no valuation adjustments on MSRs during the six months ended June 30, 2026 or 2025.
The following table presents information as of June 30, 2026 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
Financial instrument Fair
Value Valuation Technique Significant
Unobservable Inputs Inputs
Collateral dependent loans, net of allowance for credit losses $ 26,712 Appraised value of collateral less estimated costs to sell Estimated costs to sell 10 %
OREO $ 702 Appraised value of property less estimated costs to sell Estimated costs to sell 10 %
Fair Value Option
The Company has elected to measure all mortgage loans held for sale at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them.
A net loss of $ 1,170 and net gain of $ 5,209 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2026 and 2025, respectively. These amounts do not reflect changes in fair values of related derivative instruments used to economically hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income.
The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income.
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2026 and December 31, 2025:
Aggregate
Fair Value Aggregate
Unpaid
Principal
Balance Difference
June 30, 2026
Mortgage loans held for sale measured at fair value $ 241,588 $ 237,639 $ 3,949
December 31, 2025
Mortgage loans held for sale measured at fair value $ 265,959 $ 260,841 $ 5,118
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Fair Value of Financial Instruments
The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
Fair Value
As of June 30, 2026 Carrying
Value Level 1 Level 2 Level 3 Total
Financial assets
Cash and cash equivalents $ 881,203 $ 881,203 $ — $ — $ 881,203
Securities held to maturity 983,032 — 902,853 — 902,853
Securities available for sale 2,842,424 — 2,842,424 — 2,842,424
Loans held for sale 241,588 — 241,588 — 241,588
Loans, net 18,900,164 — — 18,776,911 18,776,911
Mortgage servicing rights 65,816 — — 87,479 87,479
Derivative instruments 24,621 — 24,621 — 24,621
Financial liabilities
Deposits $ 21,701,052 $ 21,690,697 $ — $ 21,690,697
Short-term borrowings 315,225 — 315,225 — 315,225
Junior subordinated debentures 141,185 — 127,686 — 127,686
Subordinated notes 655,284 — 657,165 — 657,165
Derivative instruments 21,017 — 21,017 — 21,017
Contingent consideration 6,327 — — 6,327 6,327
Fair Value
As of December 31, 2025 Carrying
Value Level 1 Level 2 Level 3 Total
Financial assets
Cash and cash equivalents $ 1,070,718 $ 1,070,718 $ — $ — $ 1,070,718
Securities held to maturity 1,030,073 — 961,870 — 961,870
Securities available for sale 2,560,818 — 2,560,818 — 2,560,818
Loans held for sale 265,959 — 265,959 — 265,959
Loans, net 18,753,084 — — 18,689,957 18,689,957
Mortgage servicing rights 65,271 — — 80,537 80,537
Derivative instruments 47,098 — 47,098 — 47,098
Financial liabilities
Deposits $ 21,473,070 $ — $ 21,465,168 $ — $ 21,465,168
Short-term borrowings 555,774 — 555,774 — 555,774
Junior subordinated debentures 140,632 — 126,976 — 126,976
Subordinated notes 359,124 — 352,616 — 352,616
Derivative instruments 41,484 — 41,484 — 41,484
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Notes to Consolidated Financial Statements (Unaudited)
Note 12 – Other Comprehensive Income (Loss)
(In Thousands)
Changes in the components of other comprehensive (loss) income were as follows for the periods presented:
Unrealized Holding Gains (Losses) on Available-for-Sale Securities Amortization of unrealized holding losses on securities transferred to held to maturity Unrealized Gains (Losses) on Derivative Instruments Defined Benefit Pension and
Post-retirement Benefit Plans Total
Three months ended June 30, 2026
Beginning balance $ ( 68,409 ) $ ( 38,482 ) $ 13,565 $ ( 6,298 ) $ ( 99,624 )
Other comprehensive (loss) income before reclassification ( 9,195 ) 2,605 199 74 ( 6,317 )
Amounts reclassified from accumulated other comprehensive income — — 842 — 842
Tax expense (benefit) 2,383 ( 667 ) ( 266 ) ( 19 ) 1,431
Net other comprehensive (loss) income ( 6,812 ) 1,938 775 55 ( 4,044 )
Ending balance $ ( 75,221 ) $ ( 36,544 ) $ 14,340 $ ( 6,243 ) $ ( 103,668 )
Three months ended June 30, 2025
Beginning balance $ ( 83,919 ) $ ( 46,780 ) $ 16,107 $ ( 7,029 ) $ ( 121,621 )
Other comprehensive income (loss) before reclassification 9,040 2,840 ( 2,775 ) 100 9,205
Amounts reclassified from accumulated other comprehensive income — — 940 — 940
Tax (benefit) expense ( 2,282 ) ( 727 ) 470 ( 26 ) ( 2,565 )
Net other comprehensive income (loss) 6,758 2,113 ( 1,365 ) 74 7,580
Ending balance $ ( 77,161 ) $ ( 44,667 ) $ 14,742 $ ( 6,955 ) $ ( 114,041 )
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Notes to Consolidated Financial Statements (Unaudited)
Unrealized Gains (Losses) on Available-for-Sale Securities Amortization of unrealized holding losses on securities transferred to held to maturity Unrealized Gains (Losses) on Derivative Instruments Defined Benefit Pension and
Post-retirement Benefit Plans Total
Six months ended June 30, 2026
Beginning balance $ ( 56,542 ) $ ( 40,435 ) $ 13,598 $ ( 6,353 ) $ ( 89,732 )
Other comprehensive (loss) income before reclassification ( 25,086 ) 5,230 ( 686 ) 148 ( 20,394 )
Amounts reclassified from accumulated other comprehensive income — — 1,683 — 1,683
Tax expense (benefit) 6,407 ( 1,339 ) ( 255 ) ( 38 ) 4,775
Net other comprehensive (loss) income ( 18,679 ) 3,891 742 110 ( 13,936 )
Ending balance $ ( 75,221 ) $ ( 36,544 ) $ 14,340 $ ( 6,243 ) $ ( 103,668 )
Six months ended June 30, 2025
Beginning balance $ ( 103,889 ) $ ( 49,045 ) $ 17,429 $ ( 7,103 ) $ ( 142,608 )
Other comprehensive income (loss) before reclassification 35,727 5,884 ( 5,481 ) 199 36,329
Amounts reclassified from accumulated other comprehensive income — — 1,869 — 1,869
Tax (benefit) expense ( 8,999 ) ( 1,506 ) 925 ( 51 ) ( 9,631 )
Net other comprehensive income (loss) 26,728 4,378 ( 2,687 ) 148 28,567
Ending balance $ ( 77,161 ) $ ( 44,667 ) $ 14,742 $ ( 6,955 ) $ ( 114,041 )
The table below presents the reclassifications from accumulated other comprehensive income, net of tax, for the periods presented:
Amount Reclassified from Other Comprehensive Income
Three Months Ended June 30, Six Months Ended June 30,
Accumulated Other Comprehensive Income Component 2026 2025 2026 2025 Income Statement Line Item Affected
Gains on derivative instruments $ 842 $ 940 $ 1,683 $ 1,870 Interest income
Tax benefit ( 215 ) ( 240 ) ( 430 ) ( 477 ) Income taxes
Net of tax 627 700 1,253 1,393
Total reclassifications for the period, net of tax $ 627 $ 700 $ 1,253 $ 1,393
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Notes to Consolidated Financial Statements (Unaudited)
Note 13 – Net Income Per Common Share
(In Thousands, Except Share and Per Share Data)
Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:
Three Months Ended
June 30,
2026 2025
Basic
Net income applicable to common stock $ 87,091 $ 1,018
Average common shares outstanding 91,650,415 94,580,927
Net income per common share - basic $ 0.95 $ 0.01
Diluted
Net income applicable to common stock $ 87,091 $ 1,018
Average common shares outstanding 91,650,415 94,580,927
Effect of dilutive stock-based compensation 569,867 555,233
Average common shares outstanding - diluted 92,220,282 95,136,160
Net income per common share - diluted $ 0.94 $ 0.01
Six Months Ended
June 30,
2026 2025
Basic
Net income applicable to common stock $ 175,319 $ 42,536
Average common shares outstanding 92,666,370 79,209,073
Net income per common share - basic $ 1.89 $ 0.54
Diluted
Net income applicable to common stock $ 175,319 $ 42,536
Average common shares outstanding 92,666,370 79,209,073
Effect of dilutive stock-based compensation 552,980 462,702
Average common shares outstanding - diluted 93,219,350 79,671,775
Net income per common share - diluted $ 1.88 $ 0.53
Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:
Three Months Ended
June 30,
2026 2025
Number of shares 1,000 500
Six Months Ended
June 30,
2026 2025
Number of shares 1,000 1,400
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Note 14 – Segment Reporting
(In Thousands)
The Company has two reportable segments: Community Banks and Wealth Management. The Company’s reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services. The CODM evaluates the financial performance of the segments by evaluating net income as the primary measure of segment performance, as well as revenue streams, significant expenses and budget to actual results, and the CODM provides guidance in strategy and the allocation of resources.
In order to give the CODM a more precise indication of the income and expenses controlled by each segment, the results of operations for each segment reflect its own direct revenues and expenses. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations that are necessary for purposes of reconciling to the consolidated amounts. Accounting policies for each segment are the same as those described in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The following tables provide financial information for the Company’s operating segments as of and for the periods presented:
Community
Banks Wealth
Management Total Segments Other Consolidated
Three months ended June 30, 2026
Total interest income $ 340,407 $ 13 $ 340,420 $ 20 $ 340,440
Total interest expense 107,550 — 107,550 10,136 117,686
Net interest income (loss) $ 232,857 $ 13 $ 232,870 $ ( 10,116 ) $ 222,754
Provision for credit losses 3,799 — 3,799 — 3,799
Noninterest income 38,543 10,321 48,864 2,326 51,190
Salaries and employee benefits 89,824 4,990 94,814 1,414 96,228
Net occupancy and equipment 17,684 247 17,931 87 18,018
Other segment expenses (1)
45,150 1,670 46,820 435 47,255
Income (loss) before income taxes $ 114,943 $ 3,427 $ 118,370 $ ( 9,726 ) $ 108,644
Income tax expense (benefit) 23,705 356 24,061 ( 2,508 ) 21,553
Net income (loss) $ 91,238 $ 3,071 $ 94,309 $ ( 7,218 ) $ 87,091
Total assets $ 26,977,257 $ 9,467 $ 26,986,724 $ 18,275 $ 27,004,999
Goodwill 1,417,538 — 1,417,538 — 1,417,538
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks Wealth
Management Total Segments Other Consolidated
Three months ended June 30, 2025
Total interest income $ 343,875 $ — $ 343,875 $ 23 $ 343,898
Total interest expense 116,242 — 116,242 8,797 125,039
Net interest income (loss) $ 227,633 $ — $ 227,633 $ ( 8,774 ) $ 218,859
Provision for credit losses 81,322 — 81,322 — 81,322
Noninterest income (loss) 41,424 7,406 48,830 ( 496 ) 48,334
Salaries and employee benefits 95,985 3,557 99,542 — 99,542
Net occupancy and equipment 17,112 214 17,326 33 17,359
Other segment expenses (2)
65,276 1,123 66,399 ( 96 ) 66,303
Income (loss) before income taxes $ 9,362 $ 2,512 $ 11,874 $ ( 9,207 ) $ 2,667
Income tax expense (benefit) 3,917 134 4,051 ( 2,402 ) 1,649
Net income (loss) $ 5,445 $ 2,378 $ 7,823 $ ( 6,805 ) $ 1,018
Total assets $ 26,598,942 $ 6,110 $ 26,605,052 $ 19,923 $ 26,624,975
Goodwill 1,419,782 — 1,419,782 — 1,419,782
Community
Banks Wealth
Management Total Segments Other Consolidated
Six months ended June 30, 2026
Total interest income $ 678,494 $ 27 $ 678,521 $ 39 $ 678,560
Total interest expense 214,985 — 214,985 17,262 232,247
Net interest income (loss) $ 463,509 $ 27 $ 463,536 $ ( 17,223 ) $ 446,313
Provision for credit losses 11,879 — 11,879 — 11,879
Noninterest income (loss) 77,646 20,054 97,700 3,762 101,462
Salaries and employee benefits 175,495 9,890 185,385 2,592 187,977
Net occupancy and equipment 35,378 497 35,875 174 36,049
Other segment expenses (1)
87,898 3,779 91,677 1,126 92,803
Income (loss) before income taxes $ 230,505 $ 5,915 $ 236,420 $ ( 17,353 ) $ 219,067
Income tax expense (benefit) 47,734 470 48,204 ( 4,456 ) 43,748
Net income (loss) $ 182,771 $ 5,445 $ 188,216 $ ( 12,897 ) $ 175,319
Total assets $ 26,977,257 $ 9,467 $ 26,986,724 $ 18,275 $ 27,004,999
Goodwill 1,417,538 — 1,417,538 — 1,417,538
Community
Banks Wealth
Management Total Segments Other Consolidated
Six months ended June 30, 2025
Total interest income $ 564,182 $ — $ 564,182 46 $ 564,228
Total interest expense 195,876 — 195,876 15,296 211,172
Net interest income (loss) $ 368,306 $ — $ 368,306 $ ( 15,250 ) $ 353,056
Provision for credit losses 86,072 — 86,072 — 86,072
Noninterest income (loss) 70,785 14,881 85,666 ( 937 ) 84,729
Salaries and employee benefits 164,139 7,360 171,499 — 171,499
Net occupancy and equipment 28,662 418 29,080 33 29,113
Other segment expenses (2)
93,962 2,104 96,066 402 96,468
Income (loss) before income taxes $ 66,256 $ 4,999 $ 71,255 $ ( 16,622 ) $ 54,633
Income tax expense (benefit) 16,120 237 16,357 ( 4,260 ) 12,097
Net income (loss) $ 50,136 $ 4,762 $ 54,898 $ ( 12,362 ) $ 42,536
Total assets $ 26,598,942 $ 6,110 $ 26,605,052 $ 19,923 $ 26,624,975
Goodwill 1,419,782 — 1,419,782 — 1,419,782
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Renasant Corporation
Notes to Consolidated Financial Statements (Unaudited)
(1) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.
(2) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, merger and conversion related expenses and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.