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Item 2. Management’s Discussion and Analysis

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 
 (In Thousands, Except Share Data) 
 This Form 10-Q may contain or incorporate by reference statements regarding Renasant Corporation (referred to herein as the “Company”, “Renasant”, “we”, “our”, or “us”) that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects”, “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” or similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. 
 Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) our ability to efficiently integrate acquisitions into our operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities we have acquired or may acquire; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) our ability to remediate the material weakness in the Company’s internal control over financial reporting identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2026; (vi) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring, mortgage lending and auto lending industries; (vii) the financial resources of, and products available from, competitors; (viii) changes in laws and regulations as well as changes in accounting standards; (ix) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) changes in the sources and costs of the capital we use to make loans and otherwise fund our operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) losses resulting from fraudulent activity, including loan and deposit fraud and social engineering attacks targeting our customers, employees and third party vendors; (xx) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses, including as a result of sophisticated attacks using artificial intelligence (“AI”) and similar tools; (xxi) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxii) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxiii) the impact, extent and timing of technological changes, including the rapid development of AI technologies; and (xxiv) other circumstances, many of which are beyond management’s control. 
 The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws. 
 
 
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 Financial Condition 
 The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2026 compared to December 31, 2025. 
 Assets 
 
 Assets June 30, 2026 December 31, 2025 $ Change % Change 
 Cash and cash equivalents $ 881,203 $ 1,070,718 $ (189,515) (17.7) % 
 Securities held to maturity, at amortized cost 983,032 1,030,073 (47,041) (4.6) 
 Securities available for sale, at fair value 2,842,424 2,560,818 281,606 11.0 
 Loans held for sale, at fair value 241,588 265,959 (24,371) (9.2) 
 Loans held for investment 19,196,172 19,047,039 149,133 0.8 
 Allowance for credit losses (296,008) (293,955) (2,053) 0.7 
 Loans, net 18,900,164 18,753,084 147,080 0.8 
 Premises and equipment 464,020 465,141 (1,121) (0.2) 
 Other real estate owned, net 15,571 15,191 380 2.5 
 Goodwill 1,417,538 1,405,840 11,698 0.8 
 Other intangible assets, net 138,022 146,612 (8,590) (5.9) 
 Bank-owned life insurance 495,235 492,541 2,694 0.5 
 Mortgage servicing rights, net 65,816 65,271 545 0.8 
 Other assets 560,386 480,178 80,208 16.7 
 Total assets $ 27,004,999 $ 26,751,426 $ 253,573 0.9 % 

 Investments 
 The securities portfolio is used to meet liquidity needs and to supply securities to be used in collateralizing certain deposits and certain types of borrowings. The securities portfolio also serves as an outlet to deploy excess liquidity and generate interest income rather than hold excess funds as cash. The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented: 
 
 June 30, 2026 December 31, 2025 
 Balance Percentage of
Portfolio Balance Percentage of
Portfolio 
 
 
 Obligations of states and political subdivisions $ 555,445 14.52 % $ 552,209 15.38 % 
 Mortgage-backed securities 2,882,868 75.36 2,642,946 73.60 
 
 Other debt securities 387,175 10.12 395,768 11.02 
 
 $ 3,825,488 100.00 % $ 3,590,923 100.00 % 
 Allowance for credit losses - held to maturity securities (32) (32) 
 Securities, net of allowance for credit losses $ 3,825,456 $ 3,590,891 

 The Company purchased $541,398 and $946,095 in investment securities during the six months ended June 30, 2026 and 2025, respectively. 
 Proceeds from maturities, calls and principal payments on securities during the first six months of 2026 totaled $287,997. Proceeds from the maturities, calls and principal payments on securities during the first six months of 2025 totaled $165,377. No gain or loss on sales of securities was recorded in the first half of 2026 or 2025. 
 During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has the intent and ability to hold these securities until their maturity. The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. At June 30, 2026, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $36,544. No gains or losses were recognized at the time of transfer. 
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 For more information about the Company’s security portfolio, see Note 3, “Securities,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report. 
 Loans Held for Sale 
 Mortgage loans to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement. Under a “best efforts” sales agreement, residential real estate originations are locked in at a contractual rate with third party private investors or directly with government sponsored agencies, and the Company is obligated to sell the mortgages to such investors only if the mortgages are closed and funded. The risk we assume is conditioned upon loan underwriting and market conditions in the national mortgage market. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor if we fail to satisfy the contract. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. Our standard practice is to sell the loans within approximately 45 days after the loan is funded. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market. 
 Loans 
 The table below sets forth the balance of loans outstanding, net of unearned income and excluding loans held for sale, by loan type and the percentage of each loan type to total loans as of the dates presented: 
 
 June 30, 2026 December 31, 2025 
 Total
Loans Percentage of Total Loans Total
Loans Percentage of Total Loans 
 Commercial and industrial $ 3,063,069 15.96 % $ 2,818,326 14.79 % 
 Construction and land development 
 Residential 416,894 2.17 % 382,773 2.01 % 
 Other 1,592,770 8.30 % 1,522,863 8.00 % 
 Total construction and land development 2,009,664 10.47 1,905,636 10.01 % 
 Real estate – 1-4 family mortgage: 
 First lien 3,788,776 19.74 % 3,844,097 20.18 % 
 Junior lien 53,068 0.28 % 52,943 0.28 % 
 Home equity 726,195 3.78 % 737,993 3.87 % 
 Total real estate – 1-4 family mortgage 4,568,039 23.80 4,635,033 24.33 % 
 Commercial real estate - owner occupied 3,332,728 17.36 3,334,664 17.51 % 
 Commercial real estate - non-owner occupied 
 Multi family 1,161,071 6.05 % 1,392,779 7.31 % 
 Other 4,962,429 25.84 % 4,852,701 25.48 % 
 Total commercial real estate - non-owner occupied 6,123,500 31.89 % 6,245,480 32.79 
 Consumer 99,172 0.52 % 107,900 0.57 % 
 Total loans, net of unearned income $ 19,196,172 100.00 % $ 19,047,039 100.00 % 

 Loan concentrations are considered to exist when there are loans to a number of borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At June 30, 2026, there were no concentrations of loans exceeding 10% of total loans other than loans disclosed in the table above. As the above table demonstrates, non-owner occupied commercial mortgage term loans was our largest concentration of loans at June 30, 2026. The following table provides additional detail, broken down by collateral type, about the segments within this loan category as of such date. 
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 June 30, 2026 
 Balance Average Loan Size Percentage of Total Loans Weighted-Average Loan-to-Value Percentage 30-89 Days Past Due Percentage
Non-performing 
 Hotels $ 743,780 $ 4,925 3.87 % 56 % — % — % 
 Self Storage 588,784 3,129 3.07 55 — — 
 Multi Family 1,161,071 2,332 6.05 54 — 0.10 
 Office - Medical 426,106 2,189 2.22 56 0.04 — 
 Office - Non-Medical 412,846 867 2.15 55 0.06 3.10 
 Retail 1,370,762 1,516 7.14 54 — 0.09 
 Senior Housing 291,442 5,820 1.52 60 — 7.75 
 Warehouse/Industrial 952,528 2,456 4.96 52 0.03 0.79 
 Other 176,181 1,340 0.92 54 — 0.25 
 Total non-owner occupied commercial mortgage term loans $ 6,123,500 $ 2,038 31.90 % 55 % 0.01 % 0.75 % 

 Note: Weighted-average loan-to-value is calculated using the most recent appraisal available. 
 Deposits 
 
 Deposits June 30, 2026 December 31, 2025 $ Change % Change 
 Noninterest-bearing deposits $ 5,038,070 $ 5,043,960 $ (5,890) (0.1) % 
 Interest-bearing deposits 16,662,982 16,429,110 233,872 1.4 
 Total deposits $ 21,701,052 $ 21,473,070 $ 227,982 1.1 % 

 The Company relies on deposits as its primary source of funds. Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits (that is, deposits excluding brokered deposits). Noninterest-bearing deposits represented 23.22% of total deposits at June 30, 2026, as compared to 23.49% of total deposits at December 31, 2025. The slight decrease in noninterest-bearing deposits as a percentage of total deposits primarily reflects the growth in interest-bearing deposits. Under certain circumstances, management may elect to acquire non-core deposits (in the form of brokered deposits) or public fund deposits (which are deposits of counties, municipalities or other political subdivisions). The source of funds that we select depends on the terms of the deposits and how those terms assist us in mitigating interest rate risk, maintaining our liquidity position and managing our net interest margin; business factors, described in the following paragraph, may lead us to obtain public deposits. Accordingly, funds are acquired to meet anticipated funding needs at the rate and with other terms that, in management’s view, best address our interest rate risk, liquidity and net interest margin parameters. 
 Public fund deposits may be readily obtained based on the Company’s pricing bid in comparison with competitors’. Because public fund deposits are obtained through a bid process, these deposit balances may fluctuate as competitive and market forces change. Although the Company has focused on growing stable sources of deposits to reduce reliance on public fund deposits, it participates in the bidding process for public fund deposits when pricing and other terms make it reasonable given market conditions or when management perceives that other factors, such as the public entity’s use of our treasury management or other products and services, make such participation advisable. Our public fund transaction accounts are principally obtained from public universities and municipalities, including school boards and utilities. Public fund deposits were $3,797,144 and $3,784,489 at June 30, 2026 and December 31, 2025, respectively. 
 Borrowed Funds 
 
 Borrowed Funds June 30, 2026 December 31, 2025 $ Change % Change 
 Short-term borrowings $ 315,225 $ 555,774 $ (240,549) (43.3) % 
 Long-term debt 796,469 499,756 296,713 59.4 
 Total borrowings $ 1,111,694 $ 1,055,530 $ 56,164 5.3 % 

 Total borrowings may include federal funds purchased, securities sold under agreements to repurchase, advances from the Federal Home Loan Bank of Dallas (the “FHLB”), borrowings from the Federal Reserve Discount Window, subordinated notes 
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 and junior subordinated debentures and are classified on the Consolidated Balance Sheets as either short-term borrowings or long-term debt. Short-term borrowings have original maturities less than one year and typically consist of federal funds purchased, securities sold under agreements to repurchase, and short-term FHLB advances, while long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes. Due to deposit growth during the first half of 2026, the Company was able to pay down a portion of its FHLB advances. The following table presents our short-term borrowings by type as of the dates presented: 
 
 Short-Term Borrowings June 30, 2026 December 31, 2025 
 Security repurchase agreements $ 5,225 $ 5,774 
 
 Short-term borrowings from the FHLB 310,000 550,000 
 
 Total short-term borrowings $ 315,225 $ 555,774 

 The following table presents our long-term debt by type as of the dates presented: 
 
 Long-Term Debt June 30, 2026 December 31, 2025 
 
 Junior subordinated debentures $ 141,185 $ 140,632 
 Subordinated notes 655,284 359,124 
 Total long-term debt $ 796,469 $ 499,756 

 Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits (which has not been the case in recent periods). Advances from the FHLB are collateralized by a blanket lien on the Bank’s loans. The Company ha d $5,519,985 available on unused lines of credit with the FHLB at June 30, 2026, as compared to $5,574,759 at December 31, 2025. The Company also had credit available at the Federal Reserve Discount Window in the amount of $1,067,639. 
 The Company has issued subordinated notes, and the Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors, the proceeds of which were used to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). During the second quarter of 2026, the Company completed a subordinated debt offering, issuing $300,000,000 aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “2036 Notes”). The proceeds generated by the Company’s subordinated notes and trust preferred securities transactions, including the proceeds of the 2036 Notes, have been used for general corporate purposes, including providing capital to support the Company’s growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, and for investments in Renasant Bank (sometimes referred to herein as the “Bank”) as regulatory capital. The subordinated notes and trust preferred securities qualify as Tier 2 capital under current regulatory guidelines. 
 
 Results of Operations 
 Mergers and Acquisitions 
 On April 1, 2025 the Company completed its merger with The First Bancshares, Inc. (“The First”). At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. For more information, including the fair value of assets acquired and liabilities assumed, see Note 2, “Mergers and Acquisitions,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report. 
 The Company’s acquisition of The First on April 1, 2025 had a significant impact on our results of operations for the six months ended June 30, 2026 as compared to the same period in 2025, and is the primary driver of the six-month period-over-period change as indicated throughout this section. 
 Net Income 
 
 Three months ended June 30, 
 Net Income and Earnings per Share 2026 2025 $ Change % Change 
 Net income $ 87,091 $ 1,018 $ 86,073 8455.1 % 
 Basic earnings per share 0.95 0.01 0.94 9400.0 
 Diluted earnings per share 0.94 0.01 0.93 9300.0 
 

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 Six months ended June 30, 
 2026 2025 $ Change % Change 
 Net income $ 175,319 $ 42,536 $ 132,783 312.2 % 
 Basic earnings per share 1.89 0.54 1.35 250.0 
 Diluted earnings per share 1.88 0.53 1.35 254.7 

 From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. There were no such items incurred in the three and six months ended June 30, 2026. The following table presents the impact of these items on reported earnings per share (“EPS”) for the three and six months ended June 30, 2025. 
 
 Three Months Ended 
 June 30, 2025 
 Pre-tax After-tax Impact to Diluted EPS 
 Merger and conversion related expenses $ (20,479) $ (15,875) $ (0.17) 
 Day 1 acquisition provision (66,612) (50,026) (0.53) 
 
 
 Gain on sale of MSR 1,467 1,102 0.01 
 
 
 
 Six Months Ended 
 June 30, 2025 
 Pre-tax After-tax Impact to Diluted EPS 
 Merger and conversion related expenses $ (21,270) $ (16,470) $ (0.21) 
 Day 1 acquisition provision (66,612) (50,026) (0.63) 
 
 
 Gain on sale of MSR 1,467 1,102 0.01 
 
 

 Net Interest Income 
 Net interest income, the difference between interest earned on assets and the cost of interest-bearing liabilities, is the largest component of our net income, comprising 81.64% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second quarter of 2026 and 81.80% of total revenue for the first half of 2026. Changes in net interest income are driven by fluctuations in the volume, mix and repricing of assets and liabilities. 
 
 Three months ended June 30, 
 Net Interest Income (tax equivalent basis) 2026 2025 $ Change % Change 
 Loans $ 299,675 $ 306,433 $ (6,758) (2.2) % 
 Securities 35,660 28,408 7,252 25.5 
 Other 5,105 9,057 (3,952) (43.6) 
 Total interest income $ 340,440 $ 343,898 $ (3,458) (1.0) % 
 Deposits 106,398 111,921 (5,523) (4.9) 
 Borrowings 11,288 13,118 (1,830) (14.0) 
 Total interest expense $ 117,686 $ 125,039 $ (7,353) (5.9) % 
 Net interest income $ 222,754 $ 218,859 $ 3,895 1.8 % 
 
 Net interest income (tax equivalent basis) $ 227,657 $ 222,717 $ 4,940 2.2 % 
 

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 Six months ended June 30, 
 2026 2025 $ Change % Change 
 Loans $ 597,948 $ 506,007 $ 91,941 18.2 % 
 Securities 67,926 40,525 27,401 67.6 
 Other 12,686 17,696 (5,010) (28.3) 
 Total interest income $ 678,560 $ 564,228 $ 114,332 20.3 % 
 Deposits 210,258 191,307 18,951 9.9 
 Borrowings 21,989 19,865 2,124 10.7 
 Total interest expense $ 232,247 $ 211,172 $ 21,075 10.0 % 
 Net interest income $ 446,313 $ 353,056 $ 93,257 26.4 % 
 
 Net interest income (tax equivalent basis) 456,081 360,149 95,932 26.6 % 

 The following tables set forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or interest paid and the average yield or average rate paid on each such category on a tax-equivalent basis for the periods presented: 
 
 Three Months Ended June 30, 
 2026 2025 
 Average
Balance Interest
Income/
Expense Yield/
Rate Average
Balance Interest
Income/
Expense Yield/
Rate 
 Assets 
 Loans held for investment $ 19,060,083 $ 300,112 6.31 % $ 18,448,000 $ 304,834 6.63 % 
 Loans held for sale 223,489 3,329 5.96 287,855 4,639 6.45 
 Securities: 
 Taxable 3,472,422 29,691 3.42 3,106,565 24,917 3.21 
 Tax-exempt (1) 
 445,249 7,106 6.38 462,732 4,309 3.72 
 Interest-bearing balances with banks 600,075 5,105 3.41 901,803 9,057 4.03 
 Total interest-earning assets 23,801,318 345,343 5.82 23,206,955 347,756 6.01 
 Cash and due from banks 264,246 357,338 
 Intangible assets 1,546,924 1,589,490 
 Other assets 1,187,805 1,029,082 
 Total assets $ 26,800,293 $ 26,182,865 
 Liabilities and shareholders’ equity 
 Interest-bearing liabilities: 
 Deposits: 
 Interest-bearing demand (2) 
 $ 11,647,640 $ 72,261 2.49 % $ 11,191,443 $ 76,542 2.74 % 
 Savings deposits 1,307,314 944 0.29 1,322,007 1,032 0.31 
 
 Time deposits 3,760,192 33,193 3.54 3,404,482 34,347 4.05 
 Total interest-bearing deposits 16,715,146 106,398 2.55 15,917,932 111,921 2.82 
 Borrowed funds 891,081 11,288 5.07 1,036,045 13,118 5.07 
 Total interest-bearing liabilities 17,606,227 117,686 2.68 16,953,977 125,039 2.96 
 Noninterest-bearing deposits 5,038,879 5,233,976 
 Other liabilities 303,586 249,861 
 Shareholders’ equity 3,851,601 3,745,051 
 Total liabilities and shareholders’ equity $ 26,800,293 $ 26,182,865 
 Net interest income/net interest margin $ 227,657 3.83 % $ 222,717 3.85 % 

 (1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates. 
 (2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. 
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 Six Months Ended June 30, 
 2026 2025 
 Average
Balance Interest
Income/
Expense Yield/
Rate Average
Balance Interest
Income/
Expense Yield/
Rate 
 Assets 
 Interest-earning assets: 
 Loans held for investment $ 19,047,668 $ 599,237 6.34 % $ 15,722,576 $ 504,338 6.47 % 
 Loans held for sale 217,531 6,205 5.71 244,626 7,647 6.25 
 Securities: 
 Taxable 3,426,904 58,552 3.42 2,498,428 35,888 2.87 
 Tax-exempt (1) 
 439,053 11,648 5.31 361,827 5,752 3.18 
 Interest-bearing balances with banks 711,273 12,686 3.60 863,486 17,696 4.13 
 Total interest-earning assets 23,842,429 688,328 5.81 19,690,943 571,321 5.84 
 Cash and due from banks 277,356 270,088 
 Intangible assets 1,547,581 1,297,622 
 Other assets 1,160,309 850,231 
 Total assets $ 26,827,675 $ 22,108,884 
 Liabilities and shareholders’ equity 
 Interest-bearing liabilities: 
 Deposits: 
 Interest-bearing demand (2) 
 $ 11,694,228 $ 144,286 2.49 % $ 9,522,800 $ 131,252 2.78 % 
 Savings deposits 1,298,370 1,820 0.28 1,069,134 1,743 0.33 
 
 Time deposits 3,672,555 64,152 3.52 2,941,920 58,312 3.99 
 Total interest-bearing deposits 16,665,153 210,258 2.54 13,533,854 191,307 2.85 
 Borrowed funds 931,871 21,989 4.74 797,714 19,865 5.00 
 Total interest-bearing liabilities 17,597,024 232,247 2.66 14,331,568 211,172 2.97 
 Noninterest-bearing deposits 5,063,710 4,326,445 
 Other liabilities 296,952 229,098 
 Shareholders’ equity 3,869,989 3,221,773 
 Total liabilities and shareholders’ equity $ 26,827,675 $ 22,108,884 
 Net interest income/net interest margin $ 456,081 3.85 % $ 360,149 3.68 % 

 (1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates. 
 (2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits. 
 The daily average balances of nonaccruing assets are included in the foregoing tables. Interest income and weighted average yields on tax-exempt loans and securities have been computed on a fully tax equivalent basis assuming a federal tax rate of 21%, and for loans, a state tax rate of 4.45%, which is net of federal tax benefit. 
 Net interest income and net interest margin are influenced by internal and external factors. Internal factors include balance sheet changes in volume and mix as well as loan and deposit pricing decisions. External factors include changes in market interest rates, competition and the shape of the interest rate yield curve. The addition of The First’s loan portfolio and strong organic loan growth in 2025 were the largest contributing factors to the increase in net interest income for the three and six months ended June 30, 2026, as compared to the same periods in 2025. Lower interest rates, driven by the Federal Reserve’s rate cuts in late 2025, and the addition of The First’s deposits generated a positive impact to both the cost and mix of our funding sources. The Company has continued its efforts to mitigate increases in the cost of funding, whether due to competition or otherwise, through maintaining noninterest-bearing deposits and staying disciplined yet competitive in pricing on interest-bearing deposits in the current rate environment. 
 
 
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 The following table sets forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the three and six months ended June 30, 2026, as compared to the same periods in 2025 (the changes attributable to the combined impact of yield/rate and volume have been allocated on a pro-rata basis using the absolute value of amounts calculated): 
 
 Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 
 Volume Rate Net 
 Interest income: 
 Loans held for investment $ 10,068 $ (14,790) $ (4,722) 
 Loans held for sale (978) (332) (1,310) 
 Securities: 
 Taxable 3,069 1,705 4,774 
 Tax-exempt (168) 2,965 2,797 
 Interest-bearing balances with banks (2,707) (1,245) (3,952) 
 Total interest-earning assets 9,284 (11,697) (2,413) 
 Interest expense: 
 Interest-bearing demand deposits 2,986 (7,267) (4,281) 
 Savings deposits (13) (75) (88) 
 
 Time deposits 3,403 (4,557) (1,154) 
 Borrowed funds (1,830) — (1,830) 
 Total interest-bearing liabilities 4,546 (11,899) (7,353) 
 Change in net interest income $ 4,738 $ 202 $ 4,940 
 
 Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 
 Volume Rate Net 
 Interest income: 
 Loans held for investment $ 105,178 $ (10,279) $ 94,899 
 Loans held for sale (810) (632) (1,442) 
 Securities: 
 Taxable 14,953 7,711 22,664 
 Tax-exempt 1,425 4,471 5,896 
 Interest-bearing balances with banks (2,899) (2,111) (5,010) 
 Total interest-earning assets 117,847 (840) 117,007 
 Interest expense: 
 Interest-bearing demand deposits 27,735 (14,701) 13,034 
 Savings deposits 356 (279) 77 
 Brokered deposits — — — 
 Time deposits 13,263 (7,423) 5,840 
 Borrowed funds 3,194 (1,070) 2,124 
 Total interest-bearing liabilities 44,548 (23,473) 21,075 
 Change in net interest income $ 73,299 $ 22,633 $ 95,932 

 The aforementioned rate cuts by the Federal Reserve in the second half of 2025 resulted in a decline in interest income on loans and interest-bearing balances with banks, which was the primary driver of the decrease in interest income, on a tax equivalent basis, for the three months ended June 30, 2026, as compared to the same time period in 2025. The addition of The First’s earning assets was the primary driver of the increase in interest income, on a tax equivalent basis, for the six months ended June 30, 2026, as compared to the same time period in 2025. 
 
 
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 The following tables present the percentage of total average earning assets, by type and yield, for the periods presented: 
 
 Percentage of Total Average Earning Assets Yield 
 Three Months Ended Three Months Ended 
 June 30, June 30, 
 2026 2025 2026 2025 
 Loans held for investment 80.08 % 79.49 % 6.31 % 6.63 % 
 Loans held for sale 0.94 1.24 5.96 6.45 
 Securities 16.46 15.38 3.76 3.28 
 Interest-bearing balances with banks 2.52 3.89 3.41 4.03 
 Total earning assets 100.00 % 100.00 % 5.82 % 6.01 % 

 
 
 
 Percentage of Total Average Earning Assets Yield 
 Six Months Ended Six Months Ended 
 June 30, June 30, 
 2026 2025 2026 2025 
 Loans held for investment 79.89 % 79.85 % 6.34 % 6.47 % 
 Loans held for sale 0.91 1.24 5.71 6.25 
 Securities 16.21 14.53 3.63 2.91 
 Interest-bearing balances with banks 2.99 4.38 3.60 4.13 
 Total earning assets 100.00 % 100.00 % 5.81 % 5.84 % 

 For the second quarter of 2026, interest income on loans held for investment, on a tax equivalent basis, decreased $4,722 to $300,112 from $304,834 for the same period in 2025. For the six months ended June 30, 2026, interest income on loans held for investment, on a tax equivalent basis, increased $94,899 to $599,237 from $504,338 for the same period in 2025. The decrease in interest income on loans held for investment for the second quarter of 2026 as compared to the same period in 2025 is due to the aforementioned rate cuts by the Federal Reserve. The increase in interest income on loans held for investment for the six months ended June 30, 2026, as compared to the same period in 2025, was driven largely by the addition of $5,173,334 in loans held for investment through our merger with The First on April l, 2025, resulting in an increase of $4,774,908 in the year-to-date average balance of loans held for investment from June 2025. 
 The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following table for the periods presented. 
 
 Three Months Ended Six Months Ended 
 June 30, June 30, 
 2026 2025 2026 2025 
 Net interest income collected on problem loans $ 1,166 $ 2,779 $ 1,376 $ 3,805 
 Accretable yield recognized on purchased loans 12,327 17,834 27,575 18,392 
 Total impact to interest income on loans $ 13,493 $ 20,613 $ 28,951 $ 22,197 
 Impact to loan yield 0.28 % 0.45 % 0.30 % 0.29 % 
 Impact to net interest margin 0.22 % 0.27 % 0.24 % 0.17 % 

 Investment income, on a tax equivalent basis, increased $7,571 to $36,797 for the second quarter of 2026 from $29,226 for the second quarter of 2025. Investment income, on a tax equivalent basis, increased $28,560 for the six months ended June 30, 2026 to $70,200 from $41,640 for the same period in 2025. The increase in investment income, on a tax equivalent basis, for the second quarter of 2026, as compared to the same period in 2025, was driven by a higher average balance of securities. Accelerated bond discount accretion also contributed $2,672 to net interest income in the second quarter of 2026. The increase in investment income, on a tax equivalent basis, for the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to the acquisition of The First’s investment portfolio. The tax equivalent yield on the investment portfolio for the second quarter of 2026 was 3.76%, up 48 basis points from 3.28% for the same period in 2025. The tax equivalent yield on the investment portfolio for the six months ended June 30, 2026 was 3.63%, up 72 basis points from 2.91% for the same period in 2025. 
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 Interest expense was $117,686 for the second quarter of 2026 as compared to $125,039 for the same period in 2025. Interest expense was $232,247 for the six months ended June 30, 2026 as compared to $211,172 for the same period in 2025. The decrease in interest expense for the second quarter of 2026 as compared to the same period in 2025 was driven largely by the aforementioned rate cuts during the second half of 2025. The increase in interest expense for the first half of 2026 as compared to the first half of 2025 was primarily due to the assumption of The First’s deposits and borrowed funds. 
 The following table presents, by type, the Company’s funding sources, which consist of total average deposits and borrowed funds, and the total cost of each funding source for the periods presented: 
 
 Percentage of Total Average Deposits and Borrowed Funds Cost of Funds 
 Three Months Ended Three Months Ended 
 June 30, June 30, 
 2026 2025 2026 2025 
 Noninterest-bearing demand 22.25 % 23.59 % — % — % 
 Interest-bearing demand 51.44 50.44 2.49 2.74 
 Savings 5.77 5.96 0.29 0.31 
 
 Time deposits 16.60 15.34 3.54 4.05 
 Borrowed funds 3.94 4.67 5.07 5.07 
 Total deposits and borrowed funds 100.00 % 100.00 % 2.08 % 2.26 % 

 
 Percentage of Total Average Deposits and Borrowed Funds Cost of Funds 
 Six Months Ended Six Months Ended 
 June 30, June 30, 
 2026 2025 2026 2025 
 Noninterest-bearing demand 22.35 % 23.19 % — % — % 
 Interest-bearing demand 51.61 51.04 2.49 2.78 
 Savings 5.73 5.73 0.28 0.33 
 
 Time deposits 16.21 15.77 3.52 3.99 
 Borrowed funds 4.10 % 4.27 4.74 5.00 
 Total deposits and borrowed funds 100.00 % 100.00 % 2.07 % 2.28 % 

 The cost of total deposits was 1.96% and 2.12% for the second quarter of 2026 and 2025, respectively, and 1.95% and 2.16% for the six months ended June 30, 2026 and 2025, respectively. The cost of total deposits for both the second quarter and the first half of 2026 was affected by the aforementioned rate cuts by the Federal Reserve. The increase in deposit expense and decrease in cost for the first half of 2026 as compared to the first half of 2025 is attributable to the acquisition of The First’s deposits. The Company has continued its efforts to maintain non-interest bearing deposits. Low cost deposits continue to be the preferred choice of funding; however, the Company may rely on brokered deposits or wholesale borrowings when advantageous, to address liquidity needs or as otherwise deemed advisable due to market conditions. 
 The increase in interest expense on borrowings for the six months ended June 30, 2026 is due to higher average short-term borrowings and the additional subordinated notes and other long-term borrowings added as a result of the merger with The First. 
 A more detailed discussion of the cost of our funding sources is set forth below under the heading “Liquidity and Capital Resources” in this Item. 
 
 
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 Noninterest Income 
 
 Three months ended June 30, 
 Noninterest Income 2026 2025 $ Change % Change 
 Service charges on deposit accounts $ 14,516 $ 13,618 $ 898 6.6 % 
 Fees and commissions 5,471 6,650 (1,179) (17.7) 
 Wealth management revenue 9,073 7,345 1,728 23.5 
 Mortgage banking income 9,178 11,263 (2,085) (18.5) 
 BOLI income 4,608 3,383 1,225 36.2 
 Other 8,344 6,075 2,269 37.3 
 Total noninterest income $ 51,190 $ 48,334 $ 2,856 5.9 % 
 
 Noninterest income to average assets 0.77% 0.74% 
 
 Six months ended June 30, 
 2026 2025 $ Change % Change 
 Service charges on deposit accounts $ 29,256 $ 23,982 $ 5,274 22.0 % 
 Fees and commissions 10,125 10,437 (312) (3.0) 
 Wealth management revenue 17,751 14,412 3,339 23.2 
 Mortgage banking income 18,613 19,410 (797) (4.1) 
 BOLI income 8,297 6,312 1,985 31.4 
 Other 17,420 10,176 7,244 71.2 
 Total noninterest income $ 101,462 $ 84,729 $ 16,733 19.7 % 
 
 Noninterest income to average assets 0.76 % 0.77 % 

 Total noninterest income includes fees generated from deposit services and other fees and commissions, income from our wealth management and mortgage banking operations and all other noninterest income. Other noninterest income includes income from our SBA banking division, our capital markets division, dividends earned on our stock in the Federal Home Loan Bank and the Federal Reserve Bank, and other miscellaneous income and can fluctuate based on production in our SBA banking and capital markets divisions and recognition of other seasonal income items. Our focus is to develop and enhance our products that generate noninterest income in order to diversify revenue sources. The acquisition of The First’s operations was the primary driver of the increase in noninterest income for the six months ended June 30, 2026 as compared to the same period in 2025. 
 Our Wealth Management segment consists of our trust division, retail financial services division and Park Place Capital Corporation (“Park Place Capital”), a wholly-owned subsidiary of Renasant. The trust division operates on a custodial basis, which includes the administration of benefit plans, as well as accounting for trust accounts. The division administers a number of trust accounts inclusive of personal and corporate benefit accounts, IRAs, and custodial accounts. Fees for these services are based on the market value of assets under management, and vary according to the services provided and the type of account. The retail financial services division is operated by registered representatives, who offer investment and insurance products to bank branch customers. These representatives are licensed and supervised by an unaffiliated third-party broker-dealer. Park Place Capital, a SEC-registered investment advisor, provides investment management, financial planning and institutional advisory services to retail and institutional clients and serves as advisor and sponsor to a mutual fund complex. Park Place Capital Securities Corporation, a FINRA member broker-dealer, is a wholly-owned subsidiary of Park Place Capital and conducts Park Place Capital’s brokerage-related services. The market value of assets under management or administration was $7,654,995 and $7,347,104 at June 30, 2026 and June 30, 2025, respectively. 
 Mortgage banking income is derived from the origination and sale of mortgage loans and the servicing of mortgage loans that the Company has sold but retained the right to service. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market. Originations of mortgage loans to be sold totaled $410,416 in the second quarter of 2026 compared to $491,627 for the same period in 2025. Originations of mortgage loans to be sold totaled $752,952 in the six months ended June 30, 2026 compared to $794,785 for the same period in 2025. The table below presents the components of mortgage banking income included in noninterest income for the periods presented. 
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 Three Months Ended June 30, Six Months Ended June 30, 
 Mortgage Banking Income 2026 2025 2026 2025 
 Gain on sales of loans, net (1) 
 $ 4,760 $ 5,316 $ 10,065 $ 9,816 
 Fees, net 3,470 3,740 6,312 6,057 
 Mortgage servicing income, net (2) 
 948 2,207 2,236 3,537 
 
 
 Mortgage banking income, net $ 9,178 $ 11,263 $ 18,613 $ 19,410 

 (1) Gain on sales of loans, net includes pipeline fair value adjustments 
 (2) Mortgage servicing income, net includes gain on sale of MSR 
 Noninterest Expense 
 Three months ended June 30, 
 Noninterest Expense 2026 2025 $ Change % Change 
 Salaries and employee benefits $ 96,228 $ 99,542 $ (3,314) (3.3) % 
 Data processing 5,037 5,438 (401) (7.4) 
 Net occupancy and equipment 18,018 17,359 659 3.8 
 Other real estate owned 453 157 296 188.5 
 Professional fees 4,518 4,223 295 7.0 
 Advertising and public relations 4,677 4,490 187 4.2 
 Intangible amortization 8,370 8,884 (514) (5.8) 
 Communications 3,566 3,184 382 12.0 
 Merger and conversion related expenses — 20,479 (20,479) (100.0) 
 Other 20,634 19,448 1,186 6.1 
 Total noninterest expense $ 161,501 $ 183,204 $ (21,703) (11.8) % 
 
 Noninterest expense to average assets 2.42 % 2.81 % 
 
 Six months ended June 30, 
 2026 2025 $ Change % Change 
 Salaries and employee benefits $ 187,977 $ 171,499 $ 16,478 9.6 % 
 Data processing 10,258 9,527 731 7.7 
 Net occupancy and equipment 36,049 29,113 6,936 23.8 
 Other real estate owned 1,852 842 1,010 120.0 
 Professional fees 8,920 7,107 1,813 25.5 
 Advertising and public relations 9,276 8,787 489 5.6 
 Intangible amortization 16,590 9,964 6,626 66.5 
 Communications 7,575 5,217 2,358 45.2 
 Merger and conversion related expenses — 21,270 (21,270) (100.0) 
 Other 38,332 33,754 4,578 13.6 
 Total noninterest expense $ 316,829 $ 297,080 $ 19,749 6.6 % 
 
 Noninterest expense to average assets 2.38 % 2.71 % 

 Other noninterest expense includes business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses. The decrease in noninterest expense for the second quarter of 2026 as compared to the same period in 2025 is due to the lack of merger and conversion related expenses in the second quarter of 2026 as well as the realization of cost savings in salaries and employee benefits and data processing driven primarily by synergies realized from the acquisition of The First. At the same time, the acquisition of The First’s operations was the primary driver of the increase in noninterest expense for the six months ended June 30, 2026 as compared to the same period in 2025. 
 
 
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 Efficiency Ratio 
 
 Efficiency Ratio 
 Three Months Ended June 30, Six Months Ended June 30, 
 2026 2025 2026 2025 
 Efficiency ratio 57.92 % 67.59 % 56.83 % 66.78 % 
 
 
 
 
 
 
 
 

 
 
 The efficiency ratio is a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. The improvement in our efficiency ratio for the three and six months ended June 30, 2026 as compared to the same periods in 2025 was driven by revenue growth while at the same time controlling noninterest expenses and eliminating duplicative expenses during the integration of The First. 
 Income Taxes 
 
 Three months ended June 30, 
 2026 2025 $ Change % Change 
 Income taxes $ 21,553 $ 1,649 $ 19,904 1,207.0 % 
 
 Six months ended June 30, 
 2026 2025 $ Change % Change 
 Income taxes $ 43,748 $ 12,097 $ 31,651 261.6 % 

 The increase in the Company’s income before income taxes for the three and six months ended June 30, 2026 as compared to the same periods in 2025 was the primary driver of the increase in income taxes. 
 
 Risk Management 
 
 Nonperforming Assets . Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are loans on which the accrual of interest has stopped and loans that are contractually 90 days past due on which interest continues to accrue. Generally, the accrual of interest is discontinued when the full collection of principal or interest is in doubt or when the payment of principal or interest has been contractually 90 days past due, unless the obligation is both well secured and in the process of collection. Management, the Company’s problem asset resolution committee and our loan review staff closely monitor loans that are considered to be nonperforming. 
 Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses and gains arising at the time of foreclosure of properties are charged against or credited to, as applicable, the allowance for credit losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included in “Other real estate owned” in the Consolidated Statements of Income. 
 The following table provides details of the Company’s nonperforming assets as of the dates presented. 
 
 June 30, 2026 December 31, 2025 
 Nonaccruing loans $ 186,432 $ 175,730 
 Accruing loans past due 90 days or more 51 288 
 Total nonperforming loans 186,483 176,018 
 Other real estate owned 15,571 15,191 
 Total nonperforming loans and OREO $ 202,054 $ 191,209 
 Nonperforming loans to total loans 0.97 % 0.92 % 
 Nonaccruing loans to total loans 0.97 % 0.92 % 
 Nonperforming assets to total assets 0.75 % 0.71 % 

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 The following table presents nonperforming loans by loan category as of the dates presented: 
 
 June 30,
2026 December 31, 2025 
 Commercial and industrial $ 46,225 $ 28,002 
 Construction and land development 
 Residential 1,940 2,033 
 Other 3,995 5,697 
 Total construction and land development 5,935 7,730 
 Real estate – 1-4 family mortgage: 
 First lien 61,520 60,874 
 Junior lien 1,833 1,483 
 Home equity 3,077 3,074 
 Total real estate – 1-4 family mortgage 66,430 65,431 
 Commercial real estate - owner occupied 21,962 31,303 
 Commercial real estate - non-owner occupied 
 Multi family 1,212 785 
 Other 44,535 42,610 
 Total commercial real estate - non-owner occupied 45,747 43,395 
 Consumer 184 157 
 Loans, net of unearned income $ 186,483 $ 176,018 

 
 
 Management has evaluated the aforementioned loans and other loans classified as nonperforming and believes that all nonperforming loans have been adequately reserved for in the allowance for credit losses on loans at June 30, 2026. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due on which interest was still accruing were $31,141 at June 30, 2026 as compared to $89,162 at December 31, 2025. 
 Allowance for Credit Losses on Loans; Provision for Credit Losses on Loans . The allowance for credit losses is available to absorb credit losses inherent in the loans held for investment portfolio. Loan losses are charged against the allowance for credit losses when management confirms the uncollectability of a loan balance. Subsequent recoveries, if any, are credited to the allowance. The provision for credit losses on loans charged to operating expense is an amount that, in the judgment of management, is necessary to maintain the allowance for credit losses on loans at a level adequate to meet the inherent risks of losses in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis. The following table presents the allocation of the allowance for credit losses on loans and the percentage of each loan category to the total allowance for each of the periods presented. 
 
 June 30, 2026 December 31, 2025 June 30, 2025 
 Balance % of Total Balance % of Total Balance % of Total 
 Commercial and industrial $ 67,357 22.76 % $ 57,831 19.67 % $ 61,410 21.12 % 
 Construction and land development 39,885 13.47 31,359 10.67 30,294 10.42 
 Real estate - 1-4 family mortgage 66,837 22.58 61,249 20.84 61,172 21.04 
 Commercial real estate - owner occupied 35,947 12.14 38,961 13.25 31,127 10.71 
 Commercial real estate - non owner occupied 81,759 27.62 99,605 33.88 100,667 34.61 
 Consumer 4,223 1.43 4,950 1.69 6,100 2.10 
 Total $ 296,008 100.00 % $ 293,955 100.00 % $ 290,770 100.00 % 

 The increase in the allowance for credit losses as of June 30, 2026 as compared to December 31, 2025 was primarily driven by loan growth, including both acquisition-related and organic growth, coupled with changes in the macroeconomic environment and qualitative factors partially moderated by improvements in the asset credit quality. Provisioning for select residential-related pools increased due to the risk of a potential period of economic stagnation accompanied by persistent inflationary pressures as well as declines in collateral value. The Company’s allowance for credit loss considers current conditions, economic projections, primarily the national unemployment rate and GDP over a reasonable and supportable period of two years, historical loss data, and environmental factors. For more information about the allowance for credit losses, see the “Critical Accounting Estimates” section in this Item below. The Company recorded a provision for credit losses on loans of $1,166 or 0.02% of average loans (annualized), for the three months ended June 30, 2026, as compared to $75,400, or 1.64% of 
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 average loans (annualized), during the three months ended June 30, 2025. The provision for credit losses on loans in the second quarter of 2025 was primarily driven by the Day 1 acquisition provision related to the merger with The First. The table below reflects the activity in the allowance for credit losses on loans for the periods presented: 
 
 Three Months Ended Six Months Ended 
 June 30, June 30, 
 2026 2025 2026 2025 
 Balance at beginning of period $ 295,862 $ 203,931 $ 293,955 $ 201,756 
 Initial allowance for purchased loans with more than insignificant credit deterioration existing at the date of acquisition 1,750 23,493 1,750 23,493 
 Charge-offs 
 Commercial and industrial (2,223) (8,217) (3,293) (8,310) 
 Construction and land development — (105) (1) (106) 
 Real estate – 1-4 family mortgage (402) (319) (927) (628) 
 Commercial real estate - owner occupied (227) — (1,363) — 
 Commercial real estate - non-owner occupied (176) (3,944) (374) (4,405) 
 Consumer (319) (394) (649) (659) 
 Total charge-offs (3,347) (12,979) (6,607) (14,108) 
 Recoveries 
 Commercial and industrial 382 631 532 1,597 
 Construction and land development 2 — 2 1 
 Real estate – 1-4 family mortgage 133 37 159 70 
 Commercial real estate - owner occupied 7 56 683 58 
 Commercial real estate - non-owner occupied 18 60 81 64 
 Consumer 35 141 63 389 
 Total recoveries 577 925 1,520 2,179 
 Net charge-offs (2,770) (12,054) (5,087) (11,929) 
 Provision for credit losses on loans 1,166 75,400 5,390 77,450 
 Balance at end of period $ 296,008 $ 290,770 $ 296,008 $ 290,770 
 
 Provision for credit losses on loans (annualized) to average loans 0.02 % 1.64 % 0.06 % 0.99 % 
 Net charge-offs (annualized) to average loans 0.06 % 0.26 % 0.05 % 0.15 % 
 Net charge-offs (annualized) to allowance for credit losses on loans 3.75 % 16.63 % 3.47 % 8.27 % 
 Allowance for credit losses on loans to: 
 Total loans 1.54 % 1.57 % 1.54 % 1.57 % 
 Nonperforming loans 158.73 % 204.97 % 158.73 % 204.97 % 
 Nonaccrual loans 158.78 % 210.70 % 158.78 % 210.70 % 
 Nonaccrual loans to total loans: 0.97 % 0.74 % 0.97 % 0.74 % 

 
 
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 The table below reflects annualized net (charge-offs) recoveries to daily average loans outstanding, by loan category, for the periods presented: 
 
 Six Months Ended 
 June 30, 2026 June 30, 2025 
 Net (Charge-offs) Recoveries Average Loans Annualized Net Charge-offs to Average Loans Net (Charge-offs) Recoveries Average Loans Annualized Net Charge-offs to Average Loans 
 Commercial and industrial $ (2,761) $ 2,948,716 (0.19)% $ (6,713) $ 2,354,967 (0.57)% 
 Construction and land development 1 1,928,485 —% (105) 1,590,102 (0.01)% 
 Real estate – 1-4 family mortgage (768) 4,575,425 (0.03)% (558) 4,017,048 (0.03)% 
 Commercial real estate - owner occupied (680) 3,331,488 (0.04)% 58 2,590,085 —% 
 Commercial real estate - non-owner occupied (293) 6,160,974 (0.01)% (4,341) 5,064,458 (0.17)% 
 Consumer (586) 102,580 (1.15)% (270) 105,916 (0.51)% 
 Total $ (5,087) $ 19,047,668 (0.05)% $ (11,929) $ 15,722,576 (0.15)% 

 
 
 Allowance for Credit Losses on Unfunded Commitments; Provision for Credit Losses on Unfunded Commitments . The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the tables below. 
 
 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 decrease in provision for credit losses on unfunded commitments in the three and six months ended June 30, 2026 as compared to the same periods in 2025 was primarily driven by the absence of the Day 1 acquisition provision associated with our merger with The First recorded in 2025. 
 
 Interest Rate Risk 
 Market risk is the risk of loss from adverse changes in market prices and rates. The majority of assets and liabilities of a financial institution are monetary in nature and therefore differ greatly from most commercial and industrial companies that have significant investments in fixed assets and inventories. Our market risk arises primarily from interest rate risk inherent in lending, investing and deposit-taking activities. Management believes a significant impact on the Company’s financial results stems from our ability to react to changes in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis. Changes in rates may also limit our liquidity, making it more costly for the Company to generate funds to make loans and to satisfy customers wishing to withdraw deposits. 
 Because of the impact of interest rate fluctuations on our profitability and liquidity, we actively monitor and manage our interest rate risk exposure. We have an Asset/Liability Committee (“ALCO”), which is comprised of various members of senior 
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 management and is authorized by the Board of Directors to monitor interest rate sensitivity and liquidity risk, over the short-, medium-, and long-term, and to make decisions relating to these processes. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk and preserving adequate liquidity so as to minimize the adverse impact of changes in interest rates on net interest income, liquidity and capital. We regularly monitor liquidity and stress our liquidity position in various simulated scenarios, which are incorporated in our contingency funding plan outlining different potential liquidity environments. The ALCO uses an asset/liability model as the primary quantitative tool in measuring the amount of interest rate risk associated with changing market rates. The model is used to perform both net interest income forecast simulations for multiple year horizons and economic value of equity (“EVE”) analyses, each under various interest rate scenarios. 
 Net interest income forecast simulations measure the short- and medium-term earnings exposure from changes in market interest rates in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate future net interest income under various hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time for a given set of market rate assumptions. An increase in EVE due to a specified rate change indicates an improvement in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet. 
 The following table presents the projected impact of a change in interest rates on (1) static EVE and (2) earnings at risk (that is, net interest income) for the 1-12 and 13-24 month periods commencing July 1, 2026, in each case as compared to the result under rates present in the market on June 30, 2026. The changes in interest rates assume an instantaneous and parallel shift in the yield curve and do not account for changes in the slope of the yield curve. 
 
 Percentage Change In: 
 Immediate Change in Rates of (in basis points): Economic Value Equity (EVE) Earning at Risk 
(Net Interest Income) 
 Static 1-12 Months 13-24 Months 
 
 +100 (0.46)% 3.88% 4.90% 
 -100 (1.60)% (4.06)% (5.40)% 
 -200 (6.94)% (7.57)% (11.26)% 

 
 
 The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at June 30, 2026. The preceding measures assume no change in the size or asset/liability compositions of the balance sheet, and they do not reflect future actions the ALCO may undertake in response to such changes in interest rates. 
 The scenarios assume instantaneous movements in interest rates in increments described in the table above. As interest rates are adjusted over time, it is our strategy to proactively change the volume and mix of our balance sheet in order to mitigate our interest rate risk. The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions, including asset prepayment speeds, the impact of competitive factors on our pricing of loans and deposits, the impact of market conditions on the securities yields and interest rates of our borrowings, how responsive our deposit repricing is to the change in market rates and the expected life of non-maturity deposits. These business assumptions are based upon our experience, business plans and published industry experience; however, such assumptions may not necessarily reflect the manner or timing in which cash flows, asset yields and liability costs respond to changes in market rates. Because these assumptions are inherently uncertain, actual results will differ from simulated results. 
 The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, caps and/or floors, risk participations, forward commitments, and interest rate lock commitments, as part of its ongoing efforts to mitigate its interest rate risk exposure. For more information about the Company’s derivatives, see the information under the heading “Loan Commitments and Other Off-Balance Sheet Arrangements” in the Liquidity and Capital Resources section below and Note 9, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements. The next section also details our available sources of liquidity, both on and off-balance sheet. 
 
 
 
 Liquidity and Capital Resources 
 Liquidity management is the ability to meet the cash flow requirements of customers who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs. 
 Core deposits, which are deposits excluding brokered deposits, are the major source of funds used by the Bank to meet cash flow needs. Maintaining the ability to acquire these funds as needed in a variety of markets is the key to assuring the Bank’s 
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 liquidity. We may also access the brokered deposit market where rates are favorable to other sources of liquidity (especially in light of collateral requirements for certain borrowings) and core deposits are not sufficient for meeting our current and anticipated short- or long-term liquidity needs. We did not hold any brokered deposits at June 30, 2026 or December 31, 2025. Management continually monitors the Bank’s liquidity and non-core dependency ratios to ensure compliance with targets established by the ALCO. 
 Our investment portfolio is another alternative for meeting liquidity needs. These assets generally have readily available markets that offer conversions to cash as needed. Within the next twelve months the securities portfolio is forecasted to generate cash flow through principal payments and maturities equal to approximately 13.32% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types, short-term borrowings and derivative instruments. At June 30, 2026, securities with a carrying value of $1,638,865 were pledged to secure government, public fund and trust deposits and as collateral for short-term borrowings and derivative instruments as compared to securities with a carrying value of $1,760,542 similarly pledged at December 31, 2025. 
 Other sources available for meeting liquidity needs include federal funds purchased, short and long-term advances from the FHLB and borrowings from the Federal Reserve Discount Window. Interest is charged at the prevailing market rate on federal funds purchased, FHLB advances and borrowings from the Federal Reserve Discount Window. There were $310,000 and $550,000 in short-term borrowings from the FHLB at June 30, 2026 and December 31, 2025, respectively. Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no outstanding long-term advances with the FHLB at June 30, 2026 or December 31, 2025. The total amount of the remaining credit available to us from the FHLB at June 30, 2026 was $5,519,985. The credit available at the Federal Reserve Discount Window at June 30, 2026 was $1,067,639 with no borrowings outstanding as of such date. We also maintain lines of credit with other commercial banks totaling $140,000. These are unsecured lines of credit with the majority maturing at various times within the next twelve months. There were no amounts outstanding under these lines of credit at June 30, 2026 or December 31, 2025. 
 Finally, we can access the capital markets to meet liquidity needs. The Company maintains a shelf registration statement with the SEC. The shelf registration statement, which was effective upon filing, allows the Company to raise capital from time to time through the sale of common stock, preferred stock, depositary shares, debt securities, rights, warrants and units, or a combination thereof, subject to market conditions. Specific terms and prices will be determined at the time of any offering under a separate prospectus supplement that the Company will file with the SEC at the time of the specific offering. The proceeds of the sale of securities, if and when offered, will be used for general corporate purposes or as otherwise described in the prospectus supplement applicable to the offering and could include the expansion of the Company’s banking and wealth management operations as well as other business opportunities. Our $300,000 subordinated notes offering completed in May 2026 and our common stock offering completed in July 2024 reflect our access of the capital markets as described in this paragraph. The carrying value of subordinated notes, net of unamortized debt issuance costs, was $655,284 at June 30, 2026. 
 For further details on the Company’s funding sources, including total average deposits and borrowed funds by type, and the total cost of each funding source, see the “Results of Operations” section in this Item above. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 Our strategy in choosing funds is focused on minimizing cost in the context of our balance sheet composition, interest rate risk position and liquidity forecast. Accordingly, management targets growth of core deposits, focusing on noninterest-bearing deposits. While we do not control the types of deposit instruments our clients choose, we do influence those choices with the rates and the deposit specials we offer. We constantly monitor our funds position and evaluate the effect that various funding sources have on our financial position. 
 Cash and cash equivalents were $881,203 at June 30, 2026, as compared to $1,378,612 at June 30, 2025. The decrease was largely driven by the repurchase of shares through the Company’s stock repurchase program and the payoff of certain short-term borrowings. 
 Cash provided by operating activities for the six months ended June 30, 2026 was $182,486, as compared to $19,535 for the six months ended June 30, 2025. 
 Cash used in investing activities for the six months ended June 30, 2026 was $475,106, as compared to $252,847 for the six months ended June 30, 2025. Proceeds from the sale, maturity or call of securities within our investment portfolio were $287,997 for the six months ended June 30, 2026, as compared to $851,862 for the same period in 2025. Purchases of investment securities were $541,398 during the first six months of 2026 and $946,095 for the same period in 2025. 
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 Cash provided by financing activities for the six months ended June 30, 2026 was $103,105, as compared to $519,892 for the same period in 2025. Deposits increased $227,982 and $556,236 for the six months ended June 30, 2026 and 2025, respectively. 
 Restrictions on Bank Dividends, Loans and Advances 
 The Company’s liquidity and capital resources, as well as its ability to pay dividends to its shareholders, are substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. Approval of the Mississippi Department of Banking and Consumer Finance (the “DBCF”) is also required under certain circumstances such as, for example, when a bank is subject to a regulatory enforcement or corrective action or would be undercapitalized after giving effect to the proposed dividend. In addition, Federal Reserve regulations prohibit a member bank from paying a dividend without prior approval from the Federal Reserve if either (1) the total of all dividends declared during the calendar year, including the proposed dividend, exceeds the sum of the bank’s net income for the current year plus its retained net income of the prior two calendar years or (2) the dividend would exceed the bank’s undivided profits as reportable on its Reports of Condition and Income. In this latter scenario, Federal Reserve regulations also require that at least two-thirds of the bank’s shareholders approve the proposed dividend. Accordingly, under certain circumstances, the approval of the DBCF and the Federal Reserve may be required prior to the Bank paying dividends to the Company. 
 Federal Reserve regulations also limit the amount the Bank may loan to the Company unless such loans are collateralized by specific obligations. At June 30, 2026, the maximum amount available for transfer from the Bank to the Company in the form of loans was $298,800. The Company maintains a $3,000 line of credit collateralized by cash with the Bank. There were no amounts outstanding under this line of credit at June 30, 2026. 
 These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 2026, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations. 
 Loan Commitments and Other Off-Balance Sheet Arrangements 
 The Company enters into loan commitments and standby letters of credit in the normal course of its business. Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies, including establishing a provision for credit losses on unfunded commitments. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. 
 Loan commitments and standby letters of credit do not necessarily represent future cash requirements of the Company in that while the borrower has the ability to draw upon these commitments at any time, these commitments often expire without being drawn upon. The Company’s unfunded loan commitments and standby letters of credit outstanding were as follows as of the dates presented: 
 
 June 30, 2026 December 31, 2025 
 Loan commitments $ 3,928,429 $ 3,662,810 
 Standby letters of credit 123,214 122,367 

 The Company closely monitors the amount of remaining future commitments to borrowers in light of prevailing economic conditions and adjusts these commitments and the provision related thereto as necessary; the Company also reviews these commitments as part of its analysis of loan concentrations within the loan portfolio. For additional information related to the allowance and provision for credit losses on unfunded loan commitments, refer to the “Risk Management” section above. 
 The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, risk participations, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position with other financial institutions. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At June 30, 2026, the Company had notional amounts of $1,804,473 on interest rate contracts with 
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 corporate customers and $1,804,473 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed rate loans. 
 Additionally, the Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate and adjustable rate residential mortgage loans and also enters into forward commitments to sell residential mortgage loans to secondary market investors. 
 To mitigate future interest rate exposure on its FHLB borrowings and its junior subordinated debentures the Company enters into interest rate swap contracts that are accounted for as cash flow hedges. Under each of these contracts, the Company pays a fixed rate of interest and receives a variable rate of interest. The Company entered into an interest rate swap contract on a tranche of its subordinated notes that is accounted for as a fair value hedge. Under this contract, the Company pays a variable rate of interest and receives a fixed rate of interest. The Company utilizes interest rate collars to protect against interest rate fluctuations on certain variable-rate loans. Under these contracts, interest income is limited to the interest rate cap; however, interest income is protected when market rates fall below the floor strike rate. 
 For more information about the Company’s derivatives, see Note 9, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements. 
 
 Shareholders’ Equity and Regulatory Matters 
 
 Shareholders’ Equity June 30, 2026 December 31, 2025 $ Change % Change 
 Common stock $ 488,612 $ 488,612 $ — — % 
 Treasury stock (232,402) (103,494) (128,908) 124.6 
 Additional paid-in capital 2,390,839 2,392,997 (2,158) (0.1) 
 Retained earnings 1,327,997 1,196,522 131,475 11.0 
 Accumulated other comprehensive income (loss) (103,668) (89,732) (13,936) 15.5 
 Total shareholders’ equity $ 3,871,378 $ 3,884,905 $ (13,527) (0.3) % 
 
 Book value per share $ 42.35 $ 41.63 $ 0.72 1.7 % 

 The decline in shareholders’ equity is attributable to share repurchases under the Company’s stock repurchase program, increases in accumulated other comprehensive loss and dividends declared, offset by current period earnings. 
 Effective October 28, 2025, the Company’s Board of Directors approved a $150,000 stock repurchase program under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately negotiated transactions. Effective April 28, 2026, the Company’s Board of Directors increased the amount authorized for repurchase under the Company’s stock repurchase program by $100,000 (for a new aggregate authorization of $250,000). During the first half of 2026, the Company repurchased 3,451,319 shares under the program at an average price of $39.54 per share. This plan will remain in effect until the earlier of October 2026 or the repurchase of the entire amount authorized under the plan. 
 The Company has junior subordinated debentures with a carrying value of $141,184 at June 30, 2026, of which $136,789 was included in the Company’s Tier 2 capital. 
 The Company has subordinated notes with a par value of $673,400 at June 30, 2026, of which $654,952 is included in the Company’s Tier 2 capital. 
 The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications: 
 
 Capital Tiers Tier 1 Capital to
Average Assets
(Leverage) Common Equity Tier 1 to
Risk - Weighted Assets Tier 1 Capital to
Risk - Weighted
Assets Total Capital to
Risk - Weighted
Assets 
 Well capitalized 5% or above 6.5% or above 8% or above 10% or above 
 Adequately capitalized 4% or above 4.5% or above 6% or above 8% or above 
 Undercapitalized Less than 4% Less than 4.5% Less than 6% Less than 8% 
 Significantly undercapitalized Less than 3% Less than 3% Less than 4% Less than 6% 
 Critically undercapitalized Tangible Equity / Total Assets less than 2% 

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 The following table provides the capital, risk-based capital and leverage ratios for the Company and for Renasant Bank as of the dates presented: 
 
 Actual Minimum Capital
Requirement to be
Well Capitalized Minimum Capital
Requirement to be
Adequately
Capitalized (including the Capital Conservation Buffer) 
 Amount Ratio Amount Ratio Amount Ratio 
 June 30, 2026 
 Renasant Corporation: 
 Risk-based capital ratios: 
 Common equity tier 1 capital ratio $ 2,420,144 11.06 % $ 1,421,827 6.50 % $ 1,531,199 7.00 % 
 Tier 1 risk-based capital ratio 2,420,144 11.06 1,749,941 8.00 1,859,313 8.50 
 Total risk-based capital ratio 3,486,230 15.94 2,187,427 10.00 2,296,798 10.50 
 Leverage capital ratios: 
 Tier 1 leverage ratio 2,420,144 9.55 1,266,939 5.00 1,013,551 4.00 
 
 Renasant Bank: 
 Risk-based capital ratios: 
 Common equity tier 1 capital ratio $ 2,714,095 12.41 % $ 1,421,284 6.50 % $ 1,530,574 7.00 % 
 Tier 1 risk-based capital ratio 2,714,095 12.41 1,749,228 8.00 1,858,554 8.50 
 Total risk-based capital ratio 2,988,000 13.67 2,186,535 10.00 2,295,861 10.50 
 Leverage capital ratios: 
 Tier 1 leverage ratio 2,714,095 10.72 1,265,582 5.00 1,012,466 4.00 
 
 December 31, 2025 
 Renasant Corporation: 
 Risk-based capital ratios: 
 Common equity tier 1 capital ratio $ 2,424,528 11.24 % $ 1,402,647 6.50 % $ 1,510,543 7.00 % 
 Tier 1 risk-based capital ratio 2,424,528 11.24 1,726,335 8.00 1,834,231 8.50 
 Total risk-based capital ratio 3,190,074 14.78 1,261,164 10.00 2,265,815 10.50 
 Leverage capital ratios: 
 Tier 1 leverage ratio 2,424,528 9.61 1,261,164 5.00 1,008,931 4.00 
 
 Renasant Bank: 
 Risk-based capital ratios: 
 Common equity tier 1 capital ratio $ 2,590,284 12.00 % $ 1,403,433 6.50 % $ 1,511,389 7.00 % 
 Tier 1 risk-based capital ratio 2,590,284 12.00 1,727,302 8.00 1,835,258 8.50 
 Total risk-based capital ratio 2,860,621 13.25 2,159,127 10.00 2,267,083 10.50 
 Leverage capital ratios: 
 Tier 1 leverage ratio 2,590,284 10.28 1,260,407 5.00 1,008,325 4.00 

 
 
 The Company elected to take advantage of transitional relief offered by the Federal Reserve and FDIC to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay. The three-year transitional period began on January 1, 2022; the full impact of CECL is reflected in our capital ratios as of June 30, 2026. 
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 Critical Accounting Estimates 
 We have identified certain accounting estimates that involve significant judgment and estimates which can have a material impact on our financial condition or results of operations. Our accounting policies are more fully described in Note 1, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for the year ended December 31, 2025. Actual amounts and values as of the balance sheet dates may be materially different from the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. 
 The accounting estimates that we believe to be the most critical in preparing our consolidated financial statements relate to the allowance for credit losses and acquisition accounting, which are described under “Critical Accounting Policies and Estimates” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2025. Since December 31, 2025, there have been no material changes in these critical accounting estimates.
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.
RENASANT CORP 10-Q

Item 2. Management’s Discussion and Analysis
