Companies: 10,793     total market cap: $134.669 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Renasant Corp
RNST
#3702
Rank
$3.53 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$37.50
Share price
1.27%
Change (1 day)
31.63%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Renasant Corp
  2. Quarterly Reports (10-Q)
  3. Submitted on 2020-08-05

Renasant Corp - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________________________
FORM 10-Q
 ________________________________________________________
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
Or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
Commission file number: 001-13253
 ________________________________________________________
RENASANT CORPORATION
(Exact name of registrant as specified in its charter)
 ________________________________________________________
Mississippi 64-0676974
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
209 Troy Street,Tupelo,Mississippi 38804-4827
(Address of principal executive offices) (Zip Code)
(662) 680-1001
(Registrant’s telephone number, including area code)
 ________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $5.00 par value per shareRNSTThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of July 31, 2020, 56,182,549 shares of the registrant’s common stock, $5.00 par value per share, were outstanding.

Renasant Corporation and Subsidiaries
Form 10-Q
For the Quarterly Period Ended June 30, 2020
CONTENTS
 
  Page
PART I
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets
1
Consolidated Statements of Income
2
Consolidated Statements of Comprehensive Income
4
Consolidated Statements of Changes in Shareholders’ Equity
5
Consolidated Statements of Cash Flows
7
Notes to Consolidated Financial Statements
8
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
56
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
86
Item 4.
Controls and Procedures
86
PART II
Item 1A.
Risk Factors
88
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
89
Item 6.
Exhibits
90
91



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries
Consolidated Balance Sheets

(In Thousands, Except Share Data)
(Unaudited)
June 30,
2020		December 31, 2019
Assets
Cash and due from banks$215,601  $191,065  
Interest-bearing balances with banks401,302  223,865  
Cash and cash equivalents616,903  414,930  
Securities available for sale, at fair value1,303,494  1,290,613  
Loans held for sale, at fair value339,747  318,272  
Loans, net of unearned income:
Non purchased loans and leases9,206,101  7,587,974  
Purchased loans1,791,203  2,101,664  
Total loans, net of unearned income10,997,304  9,689,638  
Allowance for credit losses(145,387) (52,162) 
Loans, net10,851,917  9,637,476  
Premises and equipment, net302,380  309,697  
Other real estate owned:
Non purchased4,694  2,762  
Purchased4,431  5,248  
Total other real estate owned, net9,125  8,010  
Goodwill939,683  939,683  
Other intangible assets, net33,531  37,260  
Bank-owned life insurance228,729  225,942  
Mortgage servicing rights51,474  53,208  
Other assets220,224  165,527  
Total assets$14,897,207  $13,400,618  
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing$3,740,296  $2,551,770  
Interest-bearing8,106,062  7,661,398  
Total deposits11,846,358  10,213,168  
Short-term borrowings341,810  489,091  
Long-term debt376,680  376,507  
Other liabilities249,413  196,163  
Total liabilities12,814,261  11,274,929  
Shareholders’ equity
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
—  —  
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,181,962 and 56,855,002 shares outstanding, respectively
296,483  296,483  
Treasury stock, at cost – 3,114,763 and 2,441,723 shares, respectively
(102,223) (83,189) 
Additional paid-in capital1,293,033  1,294,276  
Retained earnings579,314  617,355  
Accumulated other comprehensive income, net of taxes16,339  764  
Total shareholders’ equity2,082,946  2,125,689  
Total liabilities and shareholders’ equity$14,897,207  $13,400,618  
See Notes to Consolidated Financial Statements. 
1
Renasant Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In Thousands, Except Share Data)
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Interest income
Loans$115,672  $127,011  $236,277  $253,312  
Securities
Taxable6,418  7,730  13,720  15,655  
Tax-exempt1,670  1,291  3,124  2,700  
Other195  1,830  1,007  3,289  
Total interest income123,955  137,862  254,128  274,956  
Interest expense
Deposits13,871  20,991  32,366  40,763  
Borrowings4,302  4,071  9,378  8,246  
Total interest expense18,173  25,062  41,744  49,009  
Net interest income105,782  112,800  212,384  225,947  
Provision for credit losses on loans26,900  900  53,250  2,400  
Net interest income after provision for credit losses on loans78,882  111,900  159,134  223,547  
Noninterest income
Service charges on deposit accounts6,832  8,605  15,902  17,707  
Fees and commissions2,971  7,047  6,025  13,518  
Insurance commissions2,125  2,190  4,116  4,306  
Wealth management revenue3,824  3,601  7,826  6,925  
Mortgage banking income45,490  16,620  61,025  27,021  
Net gain (loss) on sales of securities31  (8) 31  5  
BOLI income1,329  1,340  2,492  2,748  
Other1,568  2,565  4,323  5,615  
Total noninterest income64,170  41,960  101,740  77,845  
Noninterest expense
Salaries and employee benefits79,361  60,325  152,550  117,675  
Data processing5,047  4,698  10,053  9,604  
Net occupancy and equipment13,511  11,544  27,631  23,379  
Other real estate owned620  252  1,038  1,256  
Professional fees2,517  2,431  5,159  4,885  
Advertising and public relations2,920  2,648  6,320  5,515  
Intangible amortization1,834  2,053  3,729  4,163  
Communications2,181  2,348  4,379  4,243  
Extinguishment of debt90  —  90  —  
Merger and conversion related expenses—  179  —  179  
Other10,204  6,812  22,377  11,223  
Total noninterest expense118,285  93,290  233,326  182,122  
Income before income taxes24,767  60,570  27,548  119,270  
Income taxes4,637  13,945  5,410  27,535  
Net income$20,130  $46,625  $22,138  $91,735  
Basic earnings per share$0.36  $0.80  $0.39  $1.57  
Diluted earnings per share$0.36  $0.80  $0.39  $1.56  
Cash dividends per common share$0.22  $0.22  $0.44  $0.43  
2
See Notes to Consolidated Financial Statements.
3
Renasant Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Net income$20,130  $46,625  $22,138  $91,735  
Other comprehensive income (loss), net of tax:
Securities available for sale:
Unrealized holding gains on securities2,603  9,393  19,297  20,710  
Reclassification adjustment for (losses) gains realized in net income(23) 6  (23) (4) 
Total securities available for sale2,580  9,399  19,274  20,706  
Derivative instruments:
Unrealized holding losses on derivative instruments(793) (1,541) (3,796) (2,456) 
Total derivative instruments(793) (1,541) (3,796) (2,456) 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost51  102  97  156  
Total defined benefit pension and post-retirement benefit plans51  102  97  156  
Other comprehensive income, net of tax1,838  7,960  15,575  18,406  
Comprehensive income$21,968  $54,585  $37,713  $110,141  

See Notes to Consolidated Financial Statements.
4

Renasant Corporation and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)

(In Thousands, Except Share Data)

Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive IncomeTotal
Six Months Ended June 30, 2020SharesAmount
Balance at January 1, 202056,855,002  $296,483  $(83,189) $1,294,276  $617,355  $764  $2,125,689  
Cumulative effect adjustment due to the adoption of ASU 2016-13
—  —  —  —  (35,099) —  (35,099) 
Net income—  —  —  —  2,008  —  2,008  
Other comprehensive income—  —  —  —  —  13,737  13,737  
Comprehensive income15,745  
Cash dividends ($0.22 per share)
—  —  —  —  (12,555) —  (12,555) 
Repurchase of shares in connection with stock repurchase program(818,886) —  (24,569) —  —  —  (24,569) 
Issuance of common stock for stock-based compensation awards104,902  —  4,138  (5,587) —  —  (1,449) 
Stock-based compensation expense—  —  —  2,750  —  —  2,750  
Balance at March 31, 202056,141,018  $296,483  $(103,620) $1,291,439  $571,709  $14,501  $2,070,512  
Net income—  —  —  —  20,130  —  20,130  
Other comprehensive income—  —  —  —  —  1,838  1,838  
Comprehensive income21,968  
Cash dividends ($0.22 per share)
—  —  —  —  (12,525) —  (12,525) 
Issuance of common stock for stock-based compensation awards40,944  —  1,397  (1,404) —  —  (7) 
Stock-based compensation expense—  —  —  2,998  —  —  2,998  
Balance at June 30, 202056,181,962  $296,483  $(102,223) $1,293,033  $579,314  $16,339  $2,082,946  
5
Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Six Months Ended June 30, 2019SharesAmount
Balance at January 1, 201958,546,480  $296,483  $(24,245) $1,288,911  $500,660  $(17,896) $2,043,913  
Net income—  —  —  —  45,110  —  45,110  
Other comprehensive income—  —  —  —  —  10,446  10,446  
Comprehensive income55,556  
Cash dividends ($0.21 per share)
—  —  —  —  (12,442) —  (12,442) 
Issuance of common stock for stock-based compensation awards87,150  —  2,655  (3,442) —  —  (787) 
Stock-based compensation expense—  —  —  2,637  —  —  2,637  
Balance at March 31, 201958,633,630  $296,483  $(21,590) $1,288,106  $533,328  $(7,450) $2,088,877  
Net income—  —  —  —  46,625  —  46,625  
Other comprehensive income—  —  —  —  —  7,960  7,960  
Comprehensive income54,585  
Cash dividends ($0.22 per share)
—  —  —  —  (12,971) —  (12,971) 
Repurchase of shares in connection with stock repurchase program(363,704) —  (12,938) —  —  —  (12,938) 
Issuance of common stock for stock-based compensation awards27,744  —  893  (832) —  —  61  
Stock-based compensation expense—  —  —  2,082  —  —  2,082  
Balance at June 30, 201958,297,670  $296,483  $(33,635) $1,289,356  $566,982  $510  $2,119,696  

See Notes to Consolidated Financial Statements.
6
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
 Six Months Ended June 30,
 20202019
Operating activities
Net income$22,138  $91,735  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses on loans53,250  2,400  
Depreciation, amortization and accretion13,247  1,607  
Deferred income tax (benefit) expense(9,812) 8,585  
Funding of mortgage loans held for sale(2,023,834) (938,825) 
Proceeds from sales of mortgage loans held for sale2,024,141  856,243  
Gains on sales of mortgage loans held for sale(21,782) (20,789) 
Valuation adjustment to mortgage servicing rights14,522  —  
Gains on sales of securities(31) (5) 
Penalty on prepayment of debt90  —  
Loss (gains) on sales of premises and equipment35  (1,073) 
Stock-based compensation expense5,748  4,719  
Net change in other loans held for sale—  55,792  
Increase in other assets(68,031) (4,815) 
Increase (decrease) in other liabilities45,232  (10,762) 
Net cash provided by operating activities54,913  44,812  
Investing activities
Purchases of securities available for sale(182,745) (125,503) 
Proceeds from sales of securities available for sale8,773  12,612  
Proceeds from call/maturities of securities available for sale183,807  120,738  
Net (increase) decrease in loans(1,296,880) 37,634  
Purchases of premises and equipment(3,856) (16,491) 
Proceeds from sales of premises and equipment—  2,240  
Net change in FHLB stock(496) 8,710  
Proceeds from sales of other assets2,228  15,295  
Other, net—  2  
Net cash (used in) provided by investing activities(1,289,169) 55,237  
Financing activities
Net increase in noninterest-bearing deposits1,188,526  90,278  
Net increase (decrease) in interest-bearing deposits444,810  (28,100) 
Net decrease in short-term borrowings(147,281) (248,695) 
Repayment of long-term debt(177) (430) 
Cash paid for dividends(25,080) (25,413) 
Repurchase of shares in connection with stock repurchase program(24,569) (12,938) 
Net cash provided by (used in) financing activities1,436,229  (225,298) 
Net increase (decrease) in cash and cash equivalents201,973  (125,249) 
Cash and cash equivalents at beginning of period414,930  569,111  
Cash and cash equivalents at end of period$616,903  $443,862  
Supplemental disclosures
Cash paid for interest$43,564  $47,599  
Cash paid for income taxes$16,163  $13,820  
Noncash transactions:
Transfers of loans to other real estate owned$4,259  $1,796  
Financed sales of other real estate owned$154  $254  
Transfers of other loans held for sale to loans held for investment$—  $189  
Recognition of operating right-of-use assets$4,235  $75,042  
Recognition of operating lease liabilities$2,766  $78,561  

See Notes to Consolidated Financial Statements.
7
Renasant Corporation and Subsidiaries
Notes to 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”), Renasant Insurance, Inc. (“Renasant Insurance”) and Park Place Capital Corporation. The Company offers a diversified range of financial, wealth management and insurance services to its retail and commercial customers through its subsidiaries and full-service offices located throughout north and central Mississippi, Tennessee, Georgia, Alabama and north Florida.
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 presentation have been included. Certain prior year amounts have been reclassified to conform to the current year presentation. 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, 2019 filed with the Securities and Exchange Commission on February 27, 2020.
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material.

Impact of Recently-Issued Accounting Standards and Pronouncements:
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which updated Accounting Standards Codification Topic (“ASC”) 326, Financial Instruments - Credit Losses (“ASC 326”). ASU 2016-13 significantly changed the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset’s remaining life. FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model includes loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. Additionally, ASU 2016-13 amended the accounting for credit losses on available for sale securities and purchased financial assets with credit deterioration (“PCD”). In the remainder of these Notes to Consolidated Financial Statements, unless the context clearly provides otherwise, references to “CECL” or to “ASC 326” shall mean the accounting standards and principles set forth in ASC 326 after giving effect to ASU 2016-13 and the clarifications thereto discussed in the next paragraph.
Over the course of 2019, FASB issued a number of updates clarifying various matters arising under ASU 2016-13, including the following: (1) ASU 2018-19 was issued to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20; instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842, Leases (“ASC 842”); (2) ASU 2019-04 provides entities alternatives for measurement of accrued interest receivable, clarifies the steps entities should take when recording the transfer of loans or debt securities between measurement classifications or categories and clarifies that entities should include expected recoveries on financial assets; (3) ASU 2019-05 was issued to provide entities that have certain instruments within the scope of Subtopic 320-20 with an option to irrevocably elect the fair value option in Subtopic 825-10; and (4) ASU 2019-11 was issued to address stakeholders’ specific issues relating to expected recoveries on PCD assets and transition and disclosure relief related to troubled debt restructured loans and accrued interest, respectively. Early adoption is permitted.

ASU 2016-13 became effective on January 1, 2020 for publicly-traded companies like the Company, and the Company elected not to take advantage of federal legislation enacted in March 2020 allowing it to postpone the adoption of CECL. To implement CECL, entities are required to apply a one-time cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, as disclosed in the table below.
8
December 31, 2019
(as reported)		Impact of ASU 2016-13 AdoptionJanuary 1, 2020
(adjusted)
Assets:
Allowance for credit losses$(52,162) $(42,484) $(94,646) 
Deferred tax assets, net$27,282  $12,305  $39,587  
Remaining purchase discount on loans$(50,958) $5,469  $(45,489) 
Liabilities:
Reserve for unfunded commitments$946  $10,389  $11,335  
Shareholders’ equity:
Retained earnings$617,355  $(35,099) $582,256  
The Company used the prospective transition approach for PCD loans that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). As permitted under ASC 326, the Company did not reassess whether PCI assets meet the criteria of PCD assets as of the date of adoption. As shown in the table above, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $5,469 to the allowance for credit losses. The remaining noncredit discount will be accreted into interest income.
The prospective transition approach was also used for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remained the same before and after the effective date of the adoption of CECL.
Additionally, the Company has elected to exclude accrued interest receivable from the amortized cost of loans. As of June 30, 2020, the Company has accrued interest receivable for loans of $50,983, which is recorded in other assets on the Consolidated Balance Sheets.
In January 2017, FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350)” (“ASU 2017-04”), which amends and simplifies current goodwill impairment testing by eliminating certain testing under the earlier provisions. Under the new guidance, an entity performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements.
In August 2018, FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which is intended to improve the disclosures on fair value measurements by eliminating, amending and adding certain disclosure requirements. These changes are intended to reduce costs for preparers while providing more useful information for financial statement users.   ASU 2018-13 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements.
In March 2019, FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”),which is intended to clarify potential implementation questions related to ASC 842. This includes clarification on the determination of fair value of underlying assets by lessors that are not manufacturers or dealers, cash flow presentation of sales-type and direct financing leases and transition disclosures related to accounting changes and error corrections. ASU 2019-01 was adopted on January 1, 2020 and did not have a material impact on the Company’s financial statements.
In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 842): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met that reference LIBOR or another reference rate expected to be discontinued. As the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect only from March 12, 2020 through December 31, 2022. The Company has established a LIBOR Transition Committee and is currently evaluating the impact of adopting ASU 2020-04 on the Company's financial statements.
9
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 2 – Securities
(In Thousands, Except Number of Securities)

The amortized cost, fair value and allowance for credit losses of securities available for sale were as follows as of the dates presented:
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
June 30, 2020
U.S. Treasury securities$7,586  $53  $—  $—  $7,639  
Obligations of other U.S. Government agencies and corporations2,509  21  —  —  2,530  
Obligations of states and political subdivisions263,618  10,170  (817) —  272,971  
Residential mortgage backed securities:
Government agency mortgage backed securities659,279  24,887  (1) —  684,165  
Government agency collateralized mortgage obligations137,181  2,366  (27) —  139,520  
Commercial mortgage backed securities:
Government agency mortgage backed securities32,706  1,712  (1) —  34,417  
Government agency collateralized mortgage obligations90,309  3,434  (40) —  93,703  
Trust preferred securities12,068  —  (4,389) —  7,679  
Other debt securities58,642  2,440  (212) —  60,870  
$1,263,898  $45,083  $(5,487) $—  $1,303,494  
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2019
U.S. Treasury securities$498  $1  $—  $499  
Obligations of other U.S. Government agencies and corporations2,518  16  (3) 2,531  
Obligations of states and political subdivisions218,362  5,134  (365) 223,131  
Residential mortgage backed securities:
Government agency mortgage backed securities708,970  8,951  (1,816) 716,105  
Government agency collateralized mortgage obligations172,178  1,322  (262) 173,238  
Commercial mortgage backed securities:
Government agency mortgage backed securities30,372  659  (24) 31,007  
Government agency collateralized mortgage obligations76,456  1,404  (109) 77,751  
Trust preferred securities12,153  —  (2,167) 9,986  
Other debt securities55,364  1,133  (132) 56,365  
$1,276,871  $18,620  $(4,878) $1,290,613  






10
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Securities sold were as follows for the periods presented:
Carrying ValueNet ProceedsGain/(Loss)
Three months ended June 30, 2020
Obligations of states and political subdivisions$2,696  $2,561  $(135) 
Residential mortgage backed securities:
Government agency mortgage backed securities6,046  6,212  166  
$8,742  $8,773  $31  
Six months ended June 30, 2020
Obligations of states and political subdivisions$2,696  $2,561  $(135) 
Residential mortgage backed securities:
Government agency mortgage backed securities6,046  6,212  166  
$8,742  $8,773  $31  
Carrying ValueNet ProceedsGain/(Loss)
Three months ended June 30, 2019
Obligations of states and political subdivisions$320  $319  $(1) 
Residential mortgage backed securities:
Government agency mortgage backed securities1,400  1,396  (4) 
Government agency collateralized mortgage obligations289  286  (3) 
$2,009  $2,001  $(8) 
Six months ended June 30, 2019
Obligations of states and political subdivisions$10,688  $10,703  $15  
Residential mortgage backed securities:
Government agency mortgage backed securities1,630  1,623  (7) 
Government agency collateralized mortgage obligations289  286  (3) 
$12,607  $12,612  $5  

Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2020 and 2019 were as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Gross gains on sales of securities available for sale$166  $1  $166  $46  
Gross losses on sales of securities available for sale(135) (9) (135) (41) 
Gains (losses) on sales of securities available for sale, net$31  $(8) $31  $5  

At June 30, 2020 and December 31, 2019, securities with a carrying value of $485,221 and $416,849, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $37,551 and $27,754 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2020 and December 31, 2019, respectively.
The amortized cost and fair value of securities at June 30, 2020 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.
 
11
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Available for Sale
 Amortized
Cost		Fair
Value
Due within one year$14,851  $14,938  
Due after one year through five years38,030  39,616  
Due after five years through ten years78,289  81,913  
Due after ten years175,427  175,207  
Residential mortgage backed securities:
Government agency mortgage backed securities659,279  684,165  
Government agency collateralized mortgage obligations137,181  139,520  
Commercial mortgage backed securities:
Government agency mortgage backed securities32,706  34,417  
Government agency collateralized mortgage obligations90,309  93,703  
Other debt securities37,826  40,015  
$1,263,898  $1,303,494  
12
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)


The following table presents the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded as of the dates presented:
 
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Available for Sale:
June 30, 2020
Obligations of states and political subdivisions24$40,387  $(817) 0$—  $—  24$40,387  $(817) 
Residential mortgage backed securities:
Government agency mortgage backed securities2828  (1) 0—  —  2828  (1) 
Government agency collateralized mortgage obligations413,916  (27) 0—  —  413,916  (27) 
Commercial mortgage backed securities:
Government agency mortgage backed securities0—  —  21,162  (1) 21,162  (1) 
Government agency collateralized mortgage obligations14,708  (40) 0—  —  14,708  (40) 
Trust preferred securities0—  —  27,679  (4,389) 27,679  (4,389) 
Other debt securities129,899  (212) 0—  —  129,899  (212) 
Total43$69,738  $(1,097) 4$8,841  $(4,390) 47$78,579  $(5,487) 
December 31, 2019
Obligations of other U.S. Government agencies and corporations0$—  $—  1$1,008  $(3) 1$1,008  $(3) 
Obligations of states and political subdivisions2633,902  (365) 0—  —  2633,902  (365) 
Residential mortgage backed securities:
Government agency mortgage backed securities37233,179  (1,504) 1620,775  (312) 53253,954  (1,816) 
Government agency collateralized mortgage obligations1145,319  (262) 0—  —  1145,319  (262) 
Commercial mortgage backed securities:
Government agency mortgage backed securities14,976  (23) 21,190  (1) 36,166  (24) 
Government agency collateralized mortgage obligations14,910  (109) 0—  —  14,910  (109) 
Trust preferred securities0—  —  29,986  (2,167) 29,986  (2,167) 
Other debt securities38,737  (131) 1741  (1) 49,478  (132) 
Total79$331,023  $(2,394) 22$33,700  $(2,484) 101$364,723  $(4,878) 
 
The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. If the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or before the security’s maturity the security is impaired and it is written down to fair value with all losses recognized in earnings.

The Company does not intend to sell any securities in an unrealized loss position that it holds, 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 at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period
13
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As a result, no allowance for credit losses for securities was needed at June 30, 2020. There was no other-than-temporary impairment recorded during the six months ended June 30, 2019 (determined in accordance with the accounting standards in effect prior to the Company's adoption of CECL).

Note 3 – Non Purchased Loans
(In Thousands, Except Number of Loans)

For purposes of this Note 3, all references to “loans” mean non purchased loans excluding loans held for sale.

The following is a summary of non purchased loans and leases as of the dates presented:
 
June 30,
2020		December 31, 2019
Commercial, financial, agricultural$2,416,243  $1,052,353  
Lease financing84,271  85,700  
Real estate – construction:
Residential291,983  272,643  
Commercial464,889  502,258  
Total real estate – construction756,872  774,901  
Real estate – 1-4 family mortgage:
Primary1,476,196  1,449,219  
Home equity440,774  456,265  
Rental/investment277,647  291,931  
Land development148,370  152,711  
Total real estate – 1-4 family mortgage2,342,987  2,350,126  
Real estate – commercial mortgage:
Owner-occupied1,270,197  1,209,204  
Non-owner occupied2,011,744  1,803,587  
Land development118,777  116,085  
Total real estate – commercial mortgage3,400,718  3,128,876  
Installment loans to individuals208,502  199,843  
Gross loans9,209,593  7,591,799  
Unearned income(3,492) (3,825) 
Loans, net of unearned income$9,206,101  $7,587,974  

Past Due and Nonaccrual Loans
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual status or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company recognized $37 in interest income on nonaccrual loans during the first six months of 2020.
14
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table provides an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
 Accruing LoansNonaccruing Loans 
 30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		Total
Loans
June 30, 2020
Commercial, financial, agricultural$576  $776  $2,411,443  $2,412,795  $—  $1,990  $1,458  $3,448  $2,416,243  
Lease financing—  —  84,120  84,120  —  —  151  151  84,271  
Real estate – construction:
Residential150  —  291,833  291,983  —  —  —  —  291,983  
Commercial—  —  464,889  464,889  —  —  —  —  464,889  
Total real estate – construction150  —  756,722  756,872  —  —  —  —  756,872  
Real estate – 1-4 family mortgage:
Primary3,464  2,453  1,463,010  1,468,927  206  2,907  4,156  7,269  1,476,196  
Home equity502  178  439,608  440,288  —  67  419  486  440,774  
Rental/investment304  248  276,631  277,183  —  457  7  464  277,647  
Land development32  —  148,286  148,318  —  18  34  52  148,370  
Total real estate – 1-4 family mortgage4,302  2,879  2,327,535  2,334,716  206  3,449  4,616  8,271  2,342,987  
Real estate – commercial mortgage:
Owner-occupied419  106  1,265,911  1,266,436  99  3,103  559  3,761  1,270,197  
Non-owner occupied450  61  2,010,539  2,011,050  —  374  320  694  2,011,744  
Land development107  39  118,543  118,689  —  88  —  88  118,777  
Total real estate – commercial mortgage976  206  3,394,993  3,396,175  99  3,565  879  4,543  3,400,718  
Installment loans to individuals582  132  207,610  208,324  —  140  38  178  208,502  
Unearned income—  —  (3,492) (3,492) —  —  —  —  (3,492) 
Loans, net of unearned income$6,586  $3,993  $9,178,931  $9,189,510  $305  $9,144  $7,142  $16,591  $9,206,101  
 
 Accruing LoansNonaccruing Loans 
 30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		Total
Loans
December 31, 2019
Commercial, financial, agricultural$605  $476  $1,045,802  $1,046,883  $387  $5,023  $60  $5,470  $1,052,353  
Lease financing—  —  85,474  85,474  —  226  —  226  85,700  
Real estate – construction794  —  774,107  774,901  —  —  —  —  774,901  
Real estate – 1-4 family mortgage18,020  2,502  2,320,328  2,340,850  623  6,571  2,082  9,276  2,350,126  
Real estate – commercial mortgage2,362  276  3,119,785  3,122,423  372  4,655  1,426  6,453  3,128,876  
Installment loans to individuals1,000  204  198,555  199,759  —  17  67  84  199,843  
Unearned income—  —  (3,825) (3,825) —  —  —  —  (3,825) 
Total loans, net$22,781  $3,458  $7,540,226  $7,566,465  $1,382  $16,492  $3,635  $21,509  $7,587,974  
15
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Restructured Loans
Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and which are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest.
The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
Number of
Loans		Pre-
Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment
Three months ended June 30, 2020
Commercial, financial, agricultural4  $933  $930  
Real estate – 1-4 family mortgage:
Primary12  1,709  1,714  
Rental/investment1  109  110  
Total real estate – 1-4 family mortgage13  1,818  1,824  
Real estate – commercial mortgage:
Owner-occupied1  2,663  2,613  
Land development1  189  189  
Total real estate – commercial mortgage2  2,852  2,802  
Installment loans to individuals2  24  21  
Total21  $5,627  $5,577  
Three months ended June 30, 2019
Commercial, financial, agricultural2  $187  $185  
Real estate – 1-4 family mortgage3  305  304  
Total5  $492  $489  
16
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Number of
Loans		Pre-
Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment
Six months ended June 30, 2020
Commercial, financial, agricultural6  $1,831  $1,828  
Real estate – 1-4 family mortgage:
Primary15  2,155  2,163  
Rental/investment1  109  110  
Total real estate – 1-4 family mortgage16  2,264  2,273  
Real estate – commercial mortgage:
Owner-occupied1  2,663  2,613  
Land development1  189  189  
Total real estate – commercial mortgage2  2,852  2,802  
Installment loans to individuals2  24  21  
Total26  $6,971  $6,924  
Six months ended June 30, 2019
Commercial, financial, agricultural2  $187  $185  
Real estate – 1-4 family mortgage3  305  304  
Total5  $492  $489  

With respect to loans that were restructured during the six months ended June 30, 2020 and June 30, 2019, none have subsequently defaulted, and remain outstanding, as of the date of this report.

Restructured loans not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were three restructured loans in the amount of $352 contractually 90 days past due or more and still accruing at June 30, 2020 and one restructured loan in the amount of $37 contractually 90 days past due or more and still accruing at June 30, 2019. The outstanding balance of restructured loans on nonaccrual status was $2,306 and $3,288 at June 30, 2020 and June 30, 2019, respectively.

Changes in the Company’s restructured loans are set forth in the table below:
 
Number of
Loans		Recorded
Investment
Totals at January 1, 202046  $4,679  
Additional advances or loans with concessions26  6,951  
Reclassified as performing restructured loan2  188  
Reductions due to:
Reclassified as nonperforming(1) (90) 
Principal paydowns—  (104) 
Totals at June 30, 202073  $11,624  

The allocated allowance for credit losses on loans attributable to restructured loans was $299 and $30 at June 30, 2020 and June 30, 2019, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2020 and $1 at June 30, 2019.

In response to the current economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the first quarter of 2020 that provides temporary payment relief to both consumer and commercial customers. Any customer that is current on loan payments, taxes and insurance can qualify for an initial 90-day deferral of principal and interest payments. A second 90-day deferral has been made available to borrowers that remain current on taxes
17
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
and insurance and also satisfy underwriting standards established by the Company that analyze the ability of the borrower to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the borrower, its industry and the markets in which it operates. The Company’s loan deferral program complies with the guidance set forth in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and related guidance from the FDIC and other banking regulators. As of June 30, 2020, the Company had approximately 3,500 loans with total balances of approximately $1,579,000 on deferral. In accordance with the applicable guidance, none of these loans were considered “restructured loans.”
Credit Quality
For commercial and commercial real estate loans, internal risk-rating grades are assigned by lending, credit administration and loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of these loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Pass” grade is reserved for loans with a risk rating between 1 and 4A, and the “Pass-Watch” grade (those with a risk rating of 4B and 4E) is utilized on a temporary basis for “Pass” grade loans where a significant adverse risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to the related loan balances. During the first quarter of 2020, the Company proactively downgraded to “Pass-Watch” certain “Pass” rated loans greater than $1,000 in industries the Company believes pose a greater risk in the current pandemic environment (i.e. hotel/motel, restaurant and entertainment industries). Note 5, "Allowance for Credit Losses," provides additional information about the Company's heightened monitoring efforts.
The following table presents the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2020
Commercial, Financial, Agricultural$1,392,740  $257,515  $94,037  $62,413  $25,655  $27,363  $254,558  $13,464  $2,127,745  
Pass1,392,738  247,077  92,791  59,493  23,664  25,372  245,913  12,073  2,099,121  
Pass-Watch2  9,739  332  912  1,088  94  8,399  841  21,407  
Substandard—  699  914  2,008  903  1,897  246  550  7,217  
Real Estate - Construction$195,286  $338,611  $72,159  $60,550  $—  $—  $16,990  $44  $683,640  
Residential$118,833  $80,459  $8,227  $—  $—  $—  $16,839  $44  $224,402  
Pass118,833  80,395  8,227  —  —  —  16,839  44  224,338  
Pass-Watch—  —  —  —  —  —  —  —  —  
Substandard—  64  —  —  —  —  —  —  64  
Commercial$76,453  $258,152  $63,932  $60,550  $—  $—  $151  $—  $459,238  
Pass76,397  258,152  63,932  47,103  —  —  151  —  445,735  
Pass-Watch56  —  —  13,447  —  —  —  —  13,503  
Substandard—  —  —  —  —  —  —  —  —  
Real Estate - 1-4 Family Mortgage$57,467  $114,124  $65,789  $38,814  $18,428  $18,300  $18,558  $382  $331,862  
Primary$4,833  $7,400  $7,845  $6,160  $881  $2,504  $362  $—  $29,985  
Pass4,833  7,400  7,820  6,160  818  2,486  362  —  29,879  
Pass-Watch—  —  —  —  —  1  —  —  1  
Substandard—  —  25  —  63  17  —  —  105  
Home Equity$149  $546  $—  $—  $—  $—  $11,524  $—  $12,219  
Pass149  546  —  —  —  —  11,399  —  12,094  
Pass-Watch—  —  —  —  —  —  125  —  125  
Substandard—  —  —  —  —  —  —  —  —  
Rental/Investment$20,737  $42,266  $34,586  $32,019  $17,032  $15,380  $1,271  $382  $163,673  
18
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Pass20,737  40,933  34,081  30,537  16,771  14,552  1,171  382  159,164  
Pass-Watch—  386  228  1,411  154  619  100  —  2,898  
Substandard—  947  277  71  107  209  —  —  1,611  
Land Development$31,748  $63,912  $23,358  $635  $515  $416  $5,401  $—  $125,985  
Pass31,748  63,040  22,414  635  508  377  5,401  —  124,123  
Pass-Watch—  243  944  —  —  39  —  —  1,226  
Substandard—  629  —  —  7  —  —  —  636  
Real Estate - Commercial Mortgage$419,358  $856,931  $504,478  $450,579  $407,992  $365,134  $52,257  $19,010  $3,075,739  
Owner-Occupied$107,866  $254,313  $220,155  $196,621  $142,016  $115,127  $22,217  $6,506  $1,064,821  
Pass102,967  249,778  208,899  189,281  134,801  108,918  17,887  6,506  1,019,037  
Pass-Watch4,225  4,116  7,731  2,796  3,222  4,614  3,457  —  30,161  
Substandard674  419  3,525  4,544  3,993  1,595  873  —  15,623  
Non-Owner Occupied$293,527  $573,368  $269,220  $248,014  $260,506  $243,925  $26,759  $12,504  $1,927,823  
Pass271,244  569,207  259,989  236,138  259,636  232,876  26,075  12,381  1,867,546  
Pass-Watch22,283  3,927  9,231  10,280  870  10,122  684  123  57,520  
Substandard—  234  —  1,596  —  927  —  —  2,757  
Land Development$17,965  $29,250  $15,103  $5,944  $5,470  $6,082  $3,281  $—  $83,095  
Pass16,095  29,250  13,451  5,944  3,703  6,082  3,281  —  77,806  
Pass-Watch1,870  —  1,652  —  —  —  —  —  3,522  
Substandard—  —  —  —  1,767  —  —  —  1,767  
Installment loans to individuals$78  $6  $—  $—  $—  $—  $—  $20  $104  
Pass78  6  —  —  —  —  —  20  104  
Pass-Watch—  —  —  —  —  —  —  —  —  
Substandard—  —  —  —  —  —  —  —  —  
Total loans subject to risk rating$2,064,929  $1,567,187  $736,463  $612,356  $452,075  $410,797  $342,363  $32,920  $6,219,090  
Pass2,035,819  1,545,784  711,604  575,291  439,901  390,663  328,479  31,406  6,058,947  
Pass-Watch28,436  18,411  20,118  28,846  5,334  15,489  12,765  964  130,363  
Substandard674  2,992  4,741  8,219  6,840  4,645  1,119  550  29,780  

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
19
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2020
Commercial, Financial, Agricultural$21,544  $22,735  $14,112  $8,760  $4,142  $16,276  $200,554  $375  $288,498  
Performing Loans21,544  22,662  14,064  8,258  3,989  16,226  200,062  373  287,178  
Non-Performing Loans—  73  48  502  153  50  492  2  1,320  
Lease Financing Receivables$11,141  $36,646  $20,145  $5,661  $2,941  $4,245  $—  $—  $80,779  
Performing Loans11,141  36,646  20,145  5,661  2,790  4,245  —  —  80,628  
Non-Performing Loans—  —  —  —  151  —  —  —  151  
Real Estate - Construction$16,681  $48,457  $6,884  $657  $208  $—  $345  $—  $73,232  
Residential$14,549  $45,678  $6,524  $430  $55  $—  $345  $—  $67,581  
Performing Loans14,549  45,678  6,524  430  55  —  345  —  67,581  
Non-Performing Loans—  —  —  —  —  —  —  —  —  
Commercial$2,132  $2,779  $360  $227  $153  $—  $—  $—  $5,651  
Performing Loans2,132  2,779  360  227  153  —  —  —  5,651  
Non-Performing Loans—  —  —  —  —  —  —  —  —  
Real Estate - 1-4 Family Mortgage$209,952  $407,569  $330,969  $244,056  $132,063  $256,708  $426,732  $3,076  $2,011,125  
Primary$188,179  $373,145  $303,324  $218,610  $116,618  $245,144  $1,120  $71  $1,446,211  
Performing Loans188,179  372,404  299,190  216,851  115,908  242,802  1,109  71  1,436,514  
Non-Performing Loans—  741  4,134  1,759  710  2,342  11  —  9,697  
Home Equity$—  $305  $381  $180  $45  $1,016  $423,956  $2,672  $428,555  
Performing Loans—  305  381  180  45  897  423,796  2,287  427,891  
Non-Performing Loans—  —  —  —  —  119  160  385  664  
Rental/Investment$17,167  $26,557  $22,721  $22,654  $14,081  $9,399  $1,062  $333  $113,974  
Performing Loans17,167  26,451  22,721  22,528  14,034  9,244  1,062  333  113,540  
Non-Performing Loans—  106  —  126  47  155  —  —  434  
Land Development$4,606  $7,562  $4,543  $2,612  $1,319  $1,149  $594  $—  $22,385  
Performing Loans4,606  7,555  4,531  2,578  1,319  1,149  594  —  22,332  
Non-Performing Loans—  7  12  34  —  —  —  —  53  
Real Estate - Commercial Mortgage$39,693  $80,462  $65,961  $54,418  $42,739  $28,503  $12,589  $614  $324,979  
Owner-Occupied$23,493  $48,772  $41,657  $35,457  $29,113  $19,714  $6,761  $409  $205,376  
Performing Loans23,493  48,720  41,443  35,271  28,987  19,078  6,761  409  204,162  
Non-Performing Loans—  52  214  186  126  636  —  —  1,214  
Non-Owner Occupied$11,398  $21,426  $17,775  $15,171  $9,281  $5,919  $2,801  $150  $83,921  
Performing Loans11,398  21,426  17,714  15,171  9,281  5,535  2,801  150  83,476  
Non-Performing Loans—  —  61  —  —  384  —  —  445  
Land Development$4,802  $10,264  $6,529  $3,790  $4,345  $2,870  $3,027  $55  $35,682  
Performing Loans4,802  10,245  6,529  3,780  4,345  2,849  3,027  55  35,632  
Non-Performing Loans—  19  —  10  —  21  —  —  50  
Installment loans to individuals$55,095  $111,575  $19,074  $5,886  $3,453  $2,291  $10,919  $105  $208,398  
Performing Loans55,095  111,486  18,931  5,872  3,401  2,290  10,919  94  208,088  
Non-Performing Loans—  89  143  14  52  1  —  11  310  
Total loans not subject to risk rating$354,106  $707,444  $457,145  $319,438  $185,546  $308,023  $651,139  $4,170  $2,987,011  
Performing Loans354,106  706,357  452,533  316,807  184,307  304,315  650,476  3,772  2,972,673  
Non-Performing Loans—  1,087  4,612  2,631  1,239  3,708  663  398  14,338  
20
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period.

A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above and is applicable to these tables. The following tables present the Company’s loan portfolio by internal risk-rating grades as of the date presented:

PassWatchSubstandardTotal
December 31, 2019
Commercial, financial, agricultural$779,798  $11,949  $11,715  $803,462  
Real estate – construction698,950  501  9,209  708,660  
Real estate – 1-4 family mortgage339,079  3,856  3,572  346,507  
Real estate – commercial mortgage2,737,629  31,867  26,711  2,796,207  
Installment loans to individuals6  —  —  6  
Total$4,555,462  $48,173  $51,207  $4,654,842  
 
PerformingNon-
Performing		Total
December 31, 2019
Commercial, financial, agricultural$247,575  $1,316  $248,891  
Lease financing81,649  226  81,875  
Real estate – construction66,241  —  66,241  
Real estate – 1-4 family mortgage1,992,331  11,288  2,003,619  
Real estate – commercial mortgage330,714  1,955  332,669  
Installment loans to individuals199,549  288  199,837  
Total$2,918,059  $15,073  $2,933,132  

The following disclosures are presented under GAAP in effect prior to the adoption of CECL that are no longer applicable or required. The Company has included these disclosures to address the applicable prior periods.
Impaired Loans
Loans formerly accounted for under FASB ASC 310-20, “Nonrefundable Fees and Other Cost” (“ASC 310-20”), and which are impaired loans recognized in conformity with ASC 310, “Receivables” (“ASC 310”), segregated by class, were as follows as of the date presented:

Unpaid
Contractual
Principal
Balance		Recorded
Investment
With
Allowance		Recorded
Investment
With No
Allowance		Total
Recorded
Investment		Related
Allowance
December 31, 2019
Commercial, financial, agricultural$6,623  $5,722  $—  $5,722  $1,222  
Lease financing226  226  —  226  3  
Real estate – construction9,145  —  9,145  9,145  —  
Real estate – 1-4 family mortgage14,018  13,689  —  13,689  143  
Real estate – commercial mortgage11,067  7,361  1,080  8,441  390  
Installment loans to individuals91  84  —  84  1  
Totals$41,170  $27,082  $10,225  $37,307  $1,759  

The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
21
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months EndedSix Months Ended
 June 30, 2019June 30, 2019
 Average
Recorded
Investment		Interest
Income
Recognized		Average
Recorded
Investment		Interest
Income
Recognized
Commercial, financial, agricultural$5,746  $9  $5,773  $18  
Lease financing88  —  87  —  
Real estate – construction9,015  105  8,986  210  
Real estate – 1-4 family mortgage10,584  51  10,640  103  
Real estate – commercial mortgage5,812  38  5,851  81  
Installment loans to individuals90  1  90  2  
Total$31,335  $204  $31,427  $414  

22
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 4 – Purchased Loans
(In Thousands, Except Number of Loans)

For purposes of this Note 4, all references to “loans” mean purchased loans excluding loans held for sale.

The following is a summary of purchased loans as of the dates presented:
 
June 30,
2020		December 31, 2019
Commercial, financial, agricultural$225,355  $315,619  
Real estate – construction:
Residential3,948  16,407  
Commercial30,288  35,175  
Total real estate – construction34,236  51,582  
Real estate – 1-4 family mortgage:
Primary280,057  332,729  
Home equity102,694  117,275  
Rental/investment41,156  43,169  
Land development21,619  23,314  
Total real estate – 1-4 family mortgage445,526  516,487  
Real estate – commercial mortgage:
Owner-occupied390,477  428,077  
Non-owner occupied582,569  647,308  
Land development36,989  40,004  
Total real estate – commercial mortgage1,010,035  1,115,389  
Installment loans to individuals76,051  102,587  
Loans, net of unearned income$1,791,203  $2,101,664  
23
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Past Due and Nonaccrual Loans
The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 3, “Non Purchased Loans.” The Company recognized $283 in interest income on nonaccrual loans during the first six months of 2020.
The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
 Accruing LoansNonaccruing Loans 
 30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		Total
Loans
June 30, 2020
Commercial, financial, agricultural$161  $188  $218,892  $219,241  $—  $1,444  $4,670  $6,114  $225,355  
Real estate – construction:
Residential—  —  3,948  3,948  —  —  —  —  3,948  
Commercial—  —  30,288  30,288  —  —  —  —  30,288  
Total real estate – construction—  —  34,236  34,236  —  —  —  —  34,236  
Real estate – 1-4 family mortgage:
Primary654  812  272,048  273,514  1,575  3,748  1,220  6,543  280,057  
Home equity224  154  100,915  101,293  137  476  788  1,401  102,694  
Rental/investment23  32  40,249  40,304  —  724  128  852  41,156  
Land development—  —  21,245  21,245  —  130  244  374  21,619  
Total real estate – 1-4 family mortgage901  998  434,457  436,356  1,712  5,078  2,380  9,170  445,526  
Real estate – commercial mortgage:
Owner-occupied427  386  385,222  386,035  70  1,880  2,492  4,442  390,477  
Non-owner occupied55  518  581,143  581,716  10  697  146  853  582,569  
Land development50  —  36,457  36,507  —  235  247  482  36,989  
Total real estate – commercial mortgage532  904  1,002,822  1,004,258  80  2,812  2,885  5,777  1,010,035  
Installment loans to individuals1,495  68  74,188  75,751  34  117  149  300  76,051  
Loans, net of unearned income$3,089  $2,158  $1,764,595  $1,769,842  $1,826  $9,451  $10,084  $21,361  $1,791,203  

 Accruing LoansNonaccruing Loans 
 30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		Total
Loans
December 31, 2019
Commercial, financial, agricultural$1,889  $998  $311,218  $314,105  $—  $1,246  $268  $1,514  $315,619  
Real estate – construction319  —  51,263  51,582  —  —  —  —  51,582  
Real estate – 1-4 family mortgage5,516  2,244  503,826  511,586  605  2,762  1,534  4,901  516,487  
Real estate – commercial mortgage3,454  922  1,110,570  1,114,946  —  123  320  443  1,115,389  
Installment loans to individuals3,709  153  98,545  102,407  1  51  128  180  102,587  
Total Loans, net$14,887  $4,317  $2,075,422  $2,094,626  $606  $4,182  $2,250  $7,038  $2,101,664  

24
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Restructured Loans
An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 3, “Non Purchased Loans.”
The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.
Number of
Loans		Pre-
Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment
Three months ended June 30, 2020
Commercial, financial, agricultural1  $1,029  $1,031  
Real estate – 1-4 family mortgage:
Primary1  $66  $68  
Home equity1  159  162  
Total real estate – 1-4 family mortgage2  225  230  
Real estate – commercial mortgage:
Owner-occupied1  69  69  
Non-owner occupied1  542  544  
Total real estate – commercial mortgage2  611  613  
Installment loans to individuals1  25  19  
Total6  1,890  1,893  
Three months ended June 30, 2019
Commercial, financial, agricultural1  $2,520  $2,520  
Real estate – commercial mortgage1  80  76  
Total2  $2,600  $2,596  
Number of
Loans		Pre-
Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment
Six months ended June 30, 2020
Commercial, financial, agricultural1  $1,029  $1,031  
Real estate – 1-4 family mortgage:
Primary2  290  183  
Home equity1  159  162  
Total real estate – 1-4 family mortgage3  449  345  
Real estate – commercial mortgage:
Owner-occupied1  69  69  
Non-owner occupied1  542  544  
Total real estate – commercial mortgage2  611  613  
Installment loans to individuals1  25  19  
Total7  2,114  2,008  
Six months ended June 30, 2019
Commercial, financial, agricultural1  $2,520  $2,520  
Real estate – commercial mortgage1  80  76  
Total2  $2,600  $2,596  

25
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
With respect to loans that were restructured during the six months ended June 30, 2020 and June 30, 2019, none have subsequently defaulted, and remain outstanding, as of the date of this report.

There were three restructured loans in the amount of $207 contractually 90 days past due or more and still accruing at June 30, 2020 and one restructured loan in the amount of $167 contractually 90 days past due or more and still accruing at June 30, 2019. The outstanding balance of restructured loans on nonaccrual status was $7,851 and $1,276 at June 30, 2020 and June 30, 2019, respectively.

Changes in the Company’s restructured loans are set forth in the table below:
 
Number of
Loans		Recorded
Investment
Totals at January 1, 202054  $7,275  
Additional advances or loans with concessions7  2,154  
Reductions due to:
Reclassified to nonperforming loans(12) (2,449) 
Paid in full(2) (422) 
Charge-offs(1) (3) 
Principal paydowns—  (101) 
Totals at June 30, 202046  $6,454  

The allocated allowance for credit losses on loans attributable to restructured loans was $302 and $79 at June 30, 2020 and June 30, 2019, respectively. The Company had $242 and $3 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2020 and June 30, 2019, respectively.

As discussed in Note 3, “Non Purchased Loans,” the Company has implemented a loan deferral program in response to the COVID-19 pandemic. As of June 30, 2020, the Company had approximately 1,700 loans with total balances of approximately $515,000 on deferral. Under the applicable guidance, none of these loans were considered “restructured loans.”
26
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Credit Quality
A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans.” The following table presents the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2020
Commercial, Financial, Agricultural$—  $742  $39,570  $36,382  $31,060  $32,779  $70,440  $1,620  $212,593  
Pass—  742  25,777  28,743  29,527  28,470  57,591  1,246  172,096  
Pass-Watch—  —  11  1,471  45  1,203  2,082  128  4,940  
Substandard—  —  13,782  6,168  1,488  3,106  10,767  246  35,557  
Real Estate - Construction$—  $—  $11,046  $9,315  $10,112  $3,763  $—  $—  $34,236  
Residential$—  $—  $3,055  $210  $683  $—  $—  $—  $3,948  
Pass—  —  3,055  210  683  —  —  —  3,948  
Pass-Watch—  —  —  —  —  —  —  —  —  
Substandard—  —  —  —  —  —  —  —  —  
Commercial$—  $—  $7,991  $9,105  $9,429  $3,763  $—  $—  $30,288  
Pass—  —  7,991  9,105  9,429  3,763  —  —  30,288  
Pass-Watch—  —  —  —  —  —  —  —  —  
Substandard—  —  —  —  —  —  —  —  —  
Real Estate - 1-4 Family Mortgage$—  $—  $16,517  $13,892  $2,726  $49,341  $2,072  $253  $84,801  
Primary$—  $—  $7,913  $6,563  $626  $20,054  $—  $—  $35,156  
Pass—  —  6,634  6,563  613  14,781  —  —  28,591  
Pass-Watch—  —  —  —  —  319  —  —  319  
Substandard—  —  1,279  —  13  4,954  —  —  6,246  
Home Equity$—  $—  $—  $—  $—  $—  $1,888  $253  $2,141  
Pass—  —  —  —  —  —  1,236  —  1,236  
Pass-Watch—  —  —  —  —  —  77  —  77  
Substandard—  —  —  —  —  —  575  253  828  
Rental/Investment$—  $—  $—  $1,180  $833  $26,097  $184  $—  $28,294  
Pass—  —  —  1,180  833  23,421  184  —  25,618  
Pass-Watch—  —  —  —  —  210  —  —  210  
Substandard—  —  —  —  —  2,466  —  —  2,466  
Land Development$—  $—  $8,604  $6,149  $1,267  $3,190  $—  $—  $19,210  
Pass—  —  8,342  6,122  1,267  1,903  —  —  17,634  
Pass-Watch—  —  262  —  —  —  —  —  262  
Substandard—  —  —  27  —  1,287  —  —  1,314  
27
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Real Estate - Commercial Mortgage$—  $—  $86,409  $173,083  $185,955  $495,960  $22,383  $4,821  $968,611  
Owner-Occupied$—  $—  $21,894  $42,531  $64,247  $223,581  $14,970  $2  $367,225  
Pass—  —  20,440  40,202  44,852  198,677  14,969  —  319,140  
Pass-Watch—  —  1,453  33  16,828  3,783  —  —  22,097  
Substandard—  —  1  2,296  2,567  21,121  1  2  25,988  
Non-Owner Occupied$—  $—  $57,176  $125,247  $118,697  $257,126  $6,701  $4,819  $569,766  
Pass—  —  37,368  115,056  118,697  241,071  6,701  4,819  523,712  
Pass-Watch—  —  3,442  2,521  —  4,465  —  —  10,428  
Substandard—  —  16,366  7,670  —  11,590  —  —  35,626  
Land Development$—  $—  $7,339  $5,305  $3,011  $15,253  $712  $—  $31,620  
Pass—  —  6,465  5,251  2,827  8,353  598  —  23,494  
Pass-Watch—  —  874  54  45  5,501  114  —  6,588  
Substandard—  —  —  —  139  1,399  —  —  1,538  
Total loans subject to risk rating$—  $742  $153,542  $232,672  $229,853  $581,843  $94,895  $6,694  $1,300,241  
Pass—  742  116,072  212,432  208,728  520,439  81,279  6,065  1,145,757  
Pass-Watch—  —  6,042  4,079  16,918  15,481  2,273  128  44,921  
Substandard—  —  31,428  16,161  4,207  45,923  11,343  501  109,563  

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating by origination date:
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2020
Commercial, Financial, Agricultural$—  $—  $26  $397  $356  $2,690  $9,241  $52  $12,762  
Performing Loans—  —  26  397  356  2,690  9,144  52  12,665  
Non-Performing Loans—  —  —  —  —  —  97  —  97  
Real Estate - Construction$—  $—  $—  $—  $—  $—  $—  $—  $—  
Residential$—  $—  $—  $—  $—  $—  $—  $—  $—  
Performing Loans—  —  —  —  —  —  —  —  —  
Non-Performing Loans—  —  —  —  —  —  —  —  —  
Real Estate - 1-4 Family Mortgage$—  $376  $3,535  $45,995  $35,822  $182,420  $90,241  $2,336  $360,725  
Primary$—  $252  $2,292  $40,863  $33,404  $167,492  $461  $137  $244,901  
Performing Loans—  252  2,181  40,099  33,380  161,495  461  51  237,919  
Non-Performing Loans—  —  111  764  24  5,997  —  86  6,982  
Home Equity$—  $—  $745  $5,017  $1,887  $1,014  $89,691  $2,199  $100,553  
Performing Loans—  —  745  5,017  1,887  947  89,148  1,506  99,250  
Non-Performing Loans—  —  —  —  —  67  543  693  1,303  
Rental/Investment$—  $124  $—  $70  $211  $12,368  $89  $—  $12,862  
Performing Loans—  124  —  70  211  12,219  89  —  12,713  
Non-Performing Loans—  —  —  —  —  149  —  —  149  
Land Development$—  $—  $498  $45  $320  $1,546  $—  $—  $2,409  
Performing Loans—  —  498  —  76  1,546  —  —  2,120  
28
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Non-Performing Loans—  —  —  45  244  —  —  —  289  
Real Estate - Commercial Mortgage$—  $342  $641  $925  $1,026  $36,776  $1,714  $—  $41,424  
Owner-Occupied$—  $—  $—  $590  $691  $20,675  $1,296  $—  $23,252  
Performing Loans—  —  —  590  691  20,471  1,296  —  23,048  
Non-Performing Loans—  —  —  —  —  204  —  —  204  
Non-Owner Occupied$—  $342  $482  $—  $68  $11,763  $148  $—  $12,803  
Performing Loans—  342  482  —  68  11,617  148  —  12,657  
Non-Performing Loans—  —  —  —  —  146  —  —  146  
Land Development$—  $—  $159  $335  $267  $4,338  $270  $—  $5,369  
Performing Loans—  —  159  335  267  4,190  270  —  5,221  
Non-Performing Loans—  —  —  —  —  148  —  —  148  
Installment loans to individuals$—  $—  $47,185  $18,982  $1,474  $4,848  $3,514  $48  $76,051  
Performing Loans—  —  47,162  18,863  1,391  4,715  3,503  48  75,682  
Non-Performing Loans—  —  23  119  83  133  11  —  369  
Total loans not subject to risk rating$—  $718  $51,387  $66,299  $38,678  $226,734  $104,710  $2,436  $490,962  
Performing Loans—  718  51,253  65,371  38,327  219,890  104,059  1,657  481,275  
Non-Performing Loans—  —  134  928  351  6,844  651  779  9,687  

The following disclosures are presented under GAAP in effect prior to the adoption of CECL. The Company has included these disclosures to address the applicable prior period.

A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans,” and is applicable to these tables. The following table presents the Company’s loan portfolio by internal risk-rating grades as of the date presented:

PassWatchSubstandardTotal
December 31, 2019
Commercial, financial, agricultural$259,760  $7,166  $5,220  $272,146  
Real estate – construction48,994  —  —  48,994  
Real estate – 1-4 family mortgage78,105  791  3,935  82,831  
Real estate – commercial mortgage909,513  56,334  15,835  981,682  
Installment loans to individuals—  —  —  —  
Total$1,296,372  $64,291  $24,990  $1,385,653  

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the date presented:
 
29
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
PerformingNon-
Performing		Total
December 31, 2019
Commercial, financial, agricultural$13,935  $—  $13,935  
Real estate – construction1,725  —  1,725  
Real estate – 1-4 family mortgage394,476  3,638  398,114  
Real estate – commercial mortgage30,472  101  30,573  
Installment loans to individuals99,139  261  99,400  
Total$539,747  $4,000  $543,747  

The following disclosures are presented under GAAP in effect prior to the adoption of CECL that are no longer applicable or required. The Company has included these disclosures to address the applicable prior periods.
Impaired Loans
The Company’s former policies with respect to the determination of whether a loan is impaired and the treatment of such loans are described above in Note 3, “Non Purchased Loans.”
Loans formerly accounted for under ASC 310-20, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
 
Unpaid
Contractual
Principal
Balance		Recorded
Investment
With
Allowance		Recorded
Investment
With No
Allowance		Total
Recorded
Investment		Related
Allowance
December 31, 2019
Commercial, financial, agricultural$2,979  $1,837  $901  $2,738  $212  
Real estate – construction3,269  2,499  772  3,271  16  
Real estate – 1-4 family mortgage7,464  2,801  3,772  6,573  17  
Real estate – commercial mortgage1,148  981  128  1,109  6  
Installment loans to individuals202  110  71  181  2  
Totals$15,062  $8,228  $5,644  $13,872  $253  

The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-20 and which are impaired loans for the period presented:
Three Months EndedSix Months Ended
 June 30, 2019June 30, 2019
 Average
Recorded
Investment		Interest
Income
Recognized		Average
Recorded
Investment		Interest
Income
Recognized
Commercial, financial, agricultural$1,010  $2  $941  $4  
Real estate – construction256  —  256  3  
Real estate – 1-4 family mortgage5,415  36  5,450  66  
Real estate – commercial mortgage2,082  12  2,109  25  
Installment loans to individuals370  —  372  —  
Total$9,133  $50  $9,128  $98  

Loans formerly accounted for under ASC 310-30, and which are impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the date presented:
 
30
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Unpaid
Contractual
Principal
Balance		Recorded
Investment
With
Allowance		Recorded
Investment
With No
Allowance		Total
Recorded
Investment		Related
Allowance
December 31, 2019
Commercial, financial, agricultural$49,162  $3,695  $25,843  $29,538  $292  
Real estate – construction882  —  863  863  —  
Real estate – 1-4 family mortgage42,969  10,061  25,482  35,543  291  
Real estate – commercial mortgage119,929  52,501  50,632  103,133  1,386  
Installment loans to individuals5,411  640  2,547  3,187  2  
Totals$218,353  $66,897  $105,367  $172,264  $1,971  

The following table presents the average recorded investment and interest income recognized on loans formerly accounted for under ASC 310-30 and which are impaired loans for the period presented:
Three Months EndedSix Months Ended
 June 30, 2019June 30, 2019
 Average
Recorded
Investment		Interest
Income
Recognized		Average
Recorded
Investment		Interest
Income
Recognized
Commercial, financial, agricultural$23,976  $388  $25,667  $863  
Real estate – construction—  —  —  —  
Real estate – 1-4 family mortgage43,011  571  43,360  1,161  
Real estate – commercial mortgage122,455  1,674  123,526  3,474  
Installment loans to individuals3,560  95  3,780  201  
Total$193,002  $2,728  $196,333  $5,699  

Loans Purchased with Deteriorated Credit Quality
Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the date presented:
 
Total Purchased Credit Deteriorated Loans
December 31, 2019
Commercial, financial, agricultural$29,538  
Real estate – construction863  
Real estate – 1-4 family mortgage35,543  
Real estate – commercial mortgage103,133  
Installment loans to individuals3,187  
Total$172,264  


31
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 5 – Allowance for Credit Losses
(In Thousands)
The following is a summary of total non purchased and purchased loans as of the dates presented:
 
June 30,
2020		December 31, 2019
Commercial, financial, agricultural$2,641,598  $1,367,972  
Lease financing84,271  85,700  
Real estate – construction:
Residential295,931  289,050  
Commercial495,177  537,433  
Total real estate – construction791,108  826,483  
Real estate – 1-4 family mortgage:
Primary1,756,253  1,781,948  
Home equity543,468  573,540  
Rental/investment318,803  335,100  
Land development169,989  176,025  
Total real estate – 1-4 family mortgage2,788,513  2,866,613  
Real estate – commercial mortgage:
Owner-occupied1,660,674  1,637,281  
Non-owner occupied2,594,313  2,450,895  
Land development155,766  156,089  
Total real estate – commercial mortgage4,410,753  4,244,265  
Installment loans to individuals284,553  302,430  
Gross loans11,000,796  9,693,463  
Unearned income(3,492) (3,825) 
Loans, net of unearned income10,997,304  9,689,638  
Allowance for credit losses on loans(145,387) (52,162) 
Net loans$10,851,917  $9,637,476  

Allowance for Credit Losses on Loans

The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio and is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis. Expected credit loss inherent in non-cancellable off-balance-sheet credit exposures is accounted for as a separate liability in the Consolidated Balance Sheets. The allowance for credit losses for loans held for investment, as reported in the Company’s Consolidated Balance Sheets, is adjusted by a provision for credit losses, which is reported in earnings, and reduced by net charge-offs. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.
The credit loss estimation process involves procedures to appropriately consider the unique characteristics of the Company’s loan portfolio segments. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in the Company’s process for the estimation of expected credit losses. Credit quality monitoring procedures and indicators can include an assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including the Company’s risk rating system, regulatory guidance and economic conditions, such as the unemployment rate and GDP growth in the markets in which the Company operates, as well as trends in the market values of underlying collateral securing loans, all as determined based on input from management, loan review staff and other sources. This evaluation is complex and inherently subjective, as it requires estimates by management that are inherently uncertain and therefore susceptible to significant revision as more information becomes available. In future periods, evaluations of the overall
32
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and provision for credit losses in those future periods.
The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, a collective or pooled component for estimating expected credit losses for pools of loans that share similar risk characteristics; and second, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans.
Loans Evaluated on a Collective (Pool) Basis
The allowance for credit losses for loans that share similar risk characteristics with other loans is calculated on a collective or pool basis, where such loans are segregated into loan portfolio segments based upon similarity of credit risk. The Company’s primary loan portfolio segments are as follows:
Commercial, Financial, and Agricultural (“Commercial”) - Commercial loans are customarily granted to established local business customers in the Company’s market area on a collateralized basis to meet their credit needs. Maturities are typically short term in nature and are commensurate with the secondary source of repayment that serves as the Company’s collateral. Although commercial loans may be collateralized by equipment or other business assets, the repayment of this type of loan depends primarily on the creditworthiness and projected cash flow of the borrower (and any guarantors). Thus, the chief considerations when assessing the risk of a commercial loan are the local business borrower’s ability to sell its products/services, thereby generating sufficient operating revenue to repay the Company under the agreed upon terms and conditions, and the general business conditions of the local economy or other market that the business serves.
Real Estate - Construction - The Company’s construction loan portfolio consists of loans for the construction of single family residential properties, multi-family properties and commercial projects. Maturities for construction loans generally range from 9 to 12 months for residential properties and from 24 to 36 months for non-residential and multi-family properties. The source of repayment of a construction loan comes from the sale or lease of newly-constructed property, although often construction loans are repaid with the proceeds of a commercial real estate loan that the Company makes to the owner or lessor of the newly-constructed property.
Real Estate - 1-4 Family Mortgage - This segment of the Company’s loan portfolio includes loans secured by first or second liens on residential real estate in which the property is the principal residence of the borrower, as well as loans secured by residential real estate in which the property is rented to tenants or is not the principal residence of the borrower; loans for the preparation of residential real property prior to construction are also included in this segment. Finally, this segment includes home equity loans or lines of credit and term loans secured by first and second mortgages on the residences of borrowers who elect to use the accumulated equity in their homes for purchases, refinances, home improvements, education and other personal expenditures. The Company attempts to minimize the risk associated with residential real estate loans by scrutinizing the financial condition of the borrower; typically, the maximum loan-to-value ratio is also limited.
Real Estate - Commercial Mortgage - Included in this portfolio segment (referred to collectively as “commercial real estate loans”) are “owner-occupied” loans in which the owner develops a property with the intention of locating its business there. Payments on these loans are dependent on the successful development and management of the business as well as the borrower’s ability to generate sufficient operating revenue to repay the loan. In some instances, in addition to the mortgage on the underlying real estate of the business, the commercial real estate loans are secured by other non-real estate collateral, such as equipment or other assets used in the business. In addition to owner-occupied commercial real estate loans, the Company offers loans in which the owner develops a property where the source of repayment of the loan will come from the sale or lease of the developed property, for example, retail shopping centers, hotels, storage facilities, etc. These loans are referred to as “non-owner occupied” commercial real estate loans. The Company also offers commercial real estate loans to developers of commercial properties for purposes of site acquisition and preparation and other development prior to actual construction (referred to as “commercial land development loans”). Non-owner occupied commercial real estate loans and commercial land development loans are dependent on the successful completion of the project and may be affected by adverse conditions in the real estate market or the economy as a whole.
Lease Financing - This segment of the Company’s loan portfolio includes loans granted to provide capital to businesses for commercial equipment needs. These loans are generally granted for periods ranging between two and five years at fixed rates of interest. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to the Company. In the event of default, a shortfall in the value of the collateral may pose a loss in this loan category. The Company obtains a lien against the collateral securing the loan and holds title (if applicable) until the loan is repaid in full. Transportation, manufacturing, healthcare, material handling, printing and construction are the industries that typically obtain lease financing.
33
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Installment Loans to Individuals - Installment loans to individuals (or “consumer loans”) are granted to individuals for the purchase of personal goods. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to the Company. In the event of default, a shortfall in the value of the collateral may pose a loss in this loan category. Before granting a consumer loan, the Company assesses the applicant’s credit history and ability to meet existing and proposed debt obligations. Although the applicant’s creditworthiness is the primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. The Company obtains a lien against the collateral securing the loan and holds title until the loan is repaid in full.
In determining the allowance for credit losses on loans evaluated on a collective basis, the Company categorizes loan pools based on loan type and/or risk rating. The Company uses two CECL models: (1) a loss rate model, based on average historical life-of-loan loss rates, is used for the Real Estate - 1-4 Family Mortgage, Real Estate - Construction and the Installment Loans to Individuals portfolio segments, and (2) for the Commercial, Real Estate - Commercial Mortgage and Lease Financing portfolio segments, the Company uses a probability of default/loss given default model, which calculates an expected loss percentage for each loan pool by considering (a) the probability of default, based on the migration of loans from performing (using risk ratings) to default using life-of-loan analysis periods, and (b) the historical severity of loss, based on the aggregate net lifetime losses incurred per loan pool.
The historical loss rates calculated as described above are adjusted, as necessary, for both internal and external qualitative factors where there are differences in the historical loss data of the Company and current or projected future conditions. Internal factors include loss history, changes in credit quality (including movement between risk ratings) and/or credit concentration, the nature and volume of the respective loan portfolio segments, and changes in lending or loan review staffing. External factors include current and reasonable and supportable forecasted economic conditions, the competitive environment and changes in collateral values. These factors are used to adjust the historical loss rates (as described above) to ensure that they reflect management’s expectation of future conditions based on a reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, when necessary, the models immediately revert back to the historical loss rates adjusted for qualitative factors related to current conditions.
Loans Evaluated on an Individual Basis
For loans that do not share similar risk characteristics with other loans, an individual analysis is performed to determine the expected credit loss. If the respective loan is collateral dependent (that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral), the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of collateral is initially based on external appraisals. Generally, collateral values for loans for which measurement of expected losses is dependent on collateral values are updated every twelve months, either from external third parties or in-house certified appraisers. Third-party appraisals are obtained from a pre-approved list of independent, third-party, local appraisal firms. The fair value of the collateral derived from external appraisal is then adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Other acceptable methods for determining the expected credit losses for individually evaluated loans (typically used when the loan is not collateral dependent) is a discounted cash flow approach or, if applicable, an observable market price. Once the expected credit loss amount is determined, an allowance equal to such expected credit loss is included in the allowance for credit losses.
The Company considers the loans in the Real Estate - Construction, Real Estate - 1-4 Family Mortgage and Real Estate - Commercial Mortgage loan segments disclosed as individually evaluated in the table below as collateral dependent with the type of collateral being real estate.
34
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the period presented:
CommercialReal Estate -
Construction		Real Estate -
1-4 Family
Mortgage		Real Estate  -
Commercial
Mortgage		Lease FinancingInstallment
Loans to Individuals		Total
Three Months Ended June 30, 2020
Allowance for credit losses:
Beginning balance$25,937  $10,924  $27,320  $44,237  $1,588  $10,179  $120,185  
Charge-offs(1,156) (532) (142) —  —  (1,736) (3,566) 
Recoveries108  —  48  41  5  1,666  1,868  
Net (charge-offs) recoveries(1,048) (532) (94) 41  5  (70) (1,698) 
Provision for credit losses on loans5,796  2,146  2,175  15,783  219  781  26,900  
Ending balance$30,685  $12,538  $29,401  $60,061  $1,812  $10,890  $145,387  
Six Months Ended June 30, 2020
Allowance for credit losses:
Beginning balance$10,658  $5,029  $9,814  $24,990  $910  $761  $52,162  
Impact of the adoption of ASC 32611,351  3,505  14,314  4,293  521  8,500  42,484  
Charge-offs(1,549) (532) (363) (2,047) —  (4,424) (8,915) 
Recoveries298  —  136  1,740  10  4,222  6,406  
Net (charge-offs) recoveries(1,251) (532) (227) (307) 10  (202) (2,509) 
Provision for credit losses on loans9,927  4,536  5,500  31,085  371  1,831  53,250  
Ending balance$30,685  $12,538  $29,401  $60,061  $1,812  $10,890  $145,387  
Period-End Amount Allocated to:
Individually evaluated$3,882  $—  $378  $550  $—  $270  $5,080  
Collectively evaluated 26,803  12,538  29,023  59,511  1,812  10,620  140,307  
Ending balance$30,685  $12,538  $29,401  $60,061  $1,812  $10,890  $145,387  
Loans:
Individually evaluated$9,736  $—  $5,142  $7,883  $—  $626  $23,387  
Collectively evaluated 2,631,862  791,108  2,783,371  4,402,870  80,779  283,927  10,973,917  
Ending balance$2,641,598  $791,108  $2,788,513  $4,410,753  $80,779  $284,553  $10,997,304  
Nonaccruing loans with no allowance for credit losses$720  $—  $2,503  $3,910  $—  $2  $7,135  

Upon adoption of ASC 326 on January 1, 2020, the allowance for credit losses on loans was increased by $42,484. The Company recorded a second quarter provision for credit losses on loans of $26,900 and has recorded $53,250 in total provision for credit losses on loans during the six months ending June 30, 2020. The significant provision recorded during the current quarter and year-to-date period is primarily driven by the current and future economic uncertainty caused by the COVID-19 pandemic, including the current projections of a high national unemployment rate throughout 2020 and into 2021 and forecasted negative GDP growth, and the increased likelihood of a more prolonged economic recovery period than previously expected. The Company also factored into its estimate the potential benefit and risk of the government programs implemented through the CARES Act and the internal loan deferral program being offered to qualified customers. The Company utilized a
35
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
one year reasonable and supportable forecast range during the current period. The Company continues to monitor loans in certain industries the Company currently believes pose a greater risk in the current environment (i.e. hotel/motel, restaurant, entertainment, and retail trade industries). The Company has concluded that the risk associated with loans in the c-store and transportation industries is no longer elevated as to require heightened monitoring. The Company will continue to monitor the performance of all portfolios, the severity and duration of the pandemic and potential subsequent recovery of the economic environment.
The following table provides a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology prior to the adoption of ASC 326 for the period presented:
CommercialReal Estate -
Construction		Real Estate -
1-4 Family
Mortgage		Real Estate  -
Commercial
Mortgage
Installment
and  Other(1)
Total
Three Months Ended June 30, 2019
Allowance for credit losses:
Beginning balance$9,622  $4,778  $9,491  $24,643  $1,301  $49,835  
Charge-offs(694) —  (378) (167) (212) (1,451) 
Recoveries241  —  115  366  53  775  
Net (charge-offs) recoveries(453) —  (263) 199  (159) (676) 
Provision for credit losses on loans365  524  388  (540) 163  900  
Ending balance$9,534  $5,302  $9,616  $24,302  $1,305  $50,059  
Six Months Ended June 30, 2019
Allowance for credit losses:
Beginning balance$8,269  $4,755  $10,139  $24,492  $1,371  $49,026  
Charge-offs(952) —  (875) (729) (432) (2,988) 
Recoveries615  7  312  611  76  1,621  
Net (charge-offs) recoveries(337) 7  (563) (118) (356) (1,367) 
Provision for credit losses on loans1,602  540  40  (72) 290  2,400  
Ending balance$9,534  $5,302  $9,616  $24,302  $1,305  $50,059  
Period-End Amount Allocated to:
Individually evaluated for impairment$1,191  $8  $188  $482  $4  $1,873  
Collectively evaluated for impairment8,172  5,294  8,913  21,842  1,299  45,520  
Purchased with deteriorated credit quality171  —  515  1,978  2  2,666  
Ending balance$9,534  $5,302  $9,616  $24,302  $1,305  $50,059  
(1)Includes lease financing receivables.

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s former impairment methodology prior to the adoption of ASC 326.
CommercialReal Estate  -
Construction		Real Estate -
1-4 Family
Mortgage		Real Estate  -
Commercial
Mortgage
Installment
and  Other(1)
Total
December 31, 2019
Individually evaluated for impairment$8,460  $12,416  $20,262  $9,550  $491  $51,179  
Collectively evaluated for impairment1,329,974  813,204  2,810,808  4,131,582  380,627  9,466,195  
Purchased with deteriorated credit quality29,538  863  35,543  103,133  3,187  172,264  
Ending balance$1,367,972  $826,483  $2,866,613  $4,244,265  $384,305  $9,689,638  
 
36
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
(1)Includes lease financing receivables.

Allowance for Credit Losses on Unfunded Loan 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. The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments.
Three Months Ended June 30, 2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$14,735  
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) 2,600  
Ending balance$17,335  
Six Months Ended June 30, 2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$946  
Impact of the adoption of ASC 326
10,389  
Provision for credit losses on unfunded loan commitments (included in other noninterest expense)6,000  
Ending balance$17,335  

Note 6 – Other Real Estate Owned
(In Thousands)

The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of
valuation allowances and direct write-downs, as of the dates presented:
 
Purchased OREONon Purchased OREOTotal
OREO
June 30, 2020
Residential real estate$361  $540  $901  
Commercial real estate1,356  1,158  2,514  
Residential land development533  2,507  3,040  
Commercial land development2,181  489  2,670  
Total$4,431  $4,694  $9,125  
December 31, 2019
Residential real estate$890  $415  $1,305  
Commercial real estate2,106  1,548  3,654  
Residential land development530  369  899  
Commercial land development1,722  430  2,152  
Total$5,248  $2,762  $8,010  

Changes in the Company’s purchased and non purchased OREO were as follows:
 
37
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Purchased
OREO		Non Purchased OREOTotal
OREO
Balance at January 1, 2020$5,248  $2,762  $8,010  
Transfers of loans791  3,468  4,259  
Impairments(588) (239) (827) 
Dispositions(1,020) (1,297) (2,317) 
Balance at June 30, 2020$4,431  $4,694  $9,125  

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Repairs and maintenance$85  $116  $170  $211  
Property taxes and insurance16  19  149  126  
Impairments630  140  827  868  
Net (gains) losses on OREO sales(101) (19) (89) 60  
Rental income(10) (4) (19) (9) 
Total$620  $252  $1,038  $1,256  


Note 7 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the six months ended June 30, 2020 were as follows:
 Community BanksInsuranceTotal
Balance at January 1, 2020$936,916  $2,767  $939,683  
Addition to goodwill from acquisition—  —  —  
Balance at June 30, 2020$936,916  $2,767  $939,683  

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, 2020
Core deposit intangibles$82,492  $(50,238) $32,254  
Customer relationship intangible2,470  (1,193) 1,277  
Total finite-lived intangible assets$84,962  $(51,431) $33,531  
December 31, 2019
Core deposit intangibles$82,492  $(46,599) $35,893  
Customer relationship intangible2,470  (1,103) 1,367  
Total finite-lived intangible assets$84,962  $(47,702) $37,260  

Current year amortization expense for finite-lived intangible assets is presented in the table below.
38
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
Amortization expense for:
  Core deposit intangibles$1,789  $2,020  $3,639  $4,097  
  Customer relationship intangible45  33  90  66  
Total intangible amortization$1,834  $2,053  $3,729  $4,163  

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2020 and the succeeding four years is summarized as follows:
Core Deposit IntangiblesCustomer Relationship IntangibleTotal
2020$6,939  $181  $7,120  
20215,860  181  6,041  
20224,940  181  5,121  
20234,044  181  4,225  
20243,498  181  3,679  

Note 8 – Mortgage Servicing Rights
(In Thousands)
The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions, including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors, and is subject to significant fluctuation as a result of actual prepayment speeds, default rates and losses differing from estimates thereof. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. Impairment is recognized through a valuation allowance in the amount that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in "Mortgage banking income" on the Consolidated Statements of Income.
There were $14,522 of valuation adjustments on MSRs during the six months ended June 30, 2020, primarily arising on account of the difference between actual prepayment speeds and the Company's assumptions with respect to prepayment speeds; no valuation adjustments were recognized during the six months ended June 30, 2019. A continued decline in mortgage interest rates and an increase in actual prepayment speeds may cause additional negative adjustments to the valuation of the Company's MSRs.
Changes in the Company’s MSRs were as follows: 
Balance at January 1, 2020$53,208  
Capitalization19,425  
Amortization(6,637) 
Valuation adjustment(14,522) 
Balance at June 30, 2020$51,474  

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
39
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
June 30, 2020December 31, 2019
Unpaid principal balance$5,942,477  $4,871,155  
Weighted-average prepayment speed (CPR)14.67 %11.48 %
Estimated impact of a 10% increase$(1,793) $(2,469) 
Estimated impact of a 20% increase(3,464) (4,774) 
Discount rate9.88 %9.69 %
Estimated impact of a 10% increase$(4,685) $(2,027) 
Estimated impact of a 20% increase(6,176) (3,908) 
Weighted-average coupon interest rate3.85 %4.04 %
Weighted-average servicing fee (basis points)29.71  29.20  
Weighted-average remaining maturity (in years)5.296.35
The Company recorded servicing fees of $2,990 and $2,481 for the three months ended June 30, 2020 and 2019, respectively, which are included in “Mortgage banking income” in the Consolidated Statements of Income. The Company recorded servicing fees of $5,612 and $4,735 for the six months ended June 30, 2020 and 2019, respectively.

Note 9 - Employee Benefit and Deferred Compensation Plans
(In Thousands, Except Share Data)

Pension and Post-retirement Medical Plans
The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996 and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company's group medical plan.

Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:
 
Pension BenefitsOther Benefits
Three Months EndedThree Months Ended
 June 30,June 30,
 2020201920202019
Service cost $—  $—  $1  $1  
Interest cost250  315  2  8  
Expected return on plan assets(413) (362) —  —  
Recognized actuarial loss (gain)96  135  (27) 3  
Net periodic (return) benefit cost $(67) $88  $(24) $12  
 
Pension BenefitsOther Benefits
Six Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Service cost$—  $—  $3  $3  
Interest cost492  588  7  16  
Expected return on plan assets(826) (725) —  —  
Recognized actuarial loss (gain)175  221  (45) (11) 
Net periodic (return) benefit cost$(159) $84  $(35) $8  

Incentive Compensation Plans
40
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted, nor compensation expense associated with options recorded, during the six months ended June 30, 2020 or 2019.
The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2020:
SharesWeighted Average Exercise Price
Options outstanding at beginning of period29,250  $15.86  
Granted—  —  
Exercised—  —  
Forfeited—  —  
Options outstanding at end of period29,250  $15.86  

The Company also 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.
The following table summarizes the changes in restricted stock as of and for the six months ended June 30, 2020:

Performance-Based Restricted StockWeighted Average Grant-Date Fair ValueTime-Based Restricted StockWeighted Average Grant-Date Fair Value
Nonvested at beginning of period115,725  $34.00  500,932  $36.34  
Awarded81,423  35.42  235,293  34.35  
Vested—  —  (124,094) 38.37  
Cancelled(2,233) 33.70  (30,645) 37.16  
Nonvested at end of period194,915  $34.60  581,486  $35.06  
During the six months ended June 30, 2020, the Company reissued 138,644 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $2,998 and $2,082 for the three months ended June 30, 2020 and 2019, respectively and $5,748 and $4,719 for the six months ended June 30, 2020 and 2019, respectively.

Note 10 – Derivative Instruments
(In Thousands)
The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, 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 also from time to time enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At June 30, 2020, the Company had notional amounts of $261,213 on interest rate contracts with corporate customers and $261,213 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.

In June 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are each accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four-year and five-year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, the Bank pays a fixed interest rate and receives a variable interest rate based on the three-month LIBOR plus a pre-determined spread, with quarterly net settlements.
41
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. Under these swap agreements, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures.
In April 2018, the Company entered into an interest rate swap agreement effective June 15, 2018. Under this swap agreement, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreement, which terminates in June 2028, is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the Company’s junior subordinated debentures.
In March 2020, the Company entered into a forward interest rate swap contract on floating rate liabilities with a notional amount of $100,000. The interest rate swap contract is accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a ten-year period beginning March 23, 2022 and ending March 23, 2032. Under this contract, the Company pays a fixed interest rate and receives a variable interest rate based on one-month LIBOR with monthly net settlements.
In May 2020, the Company entered into a forward interest rate swap contract on floating rate liabilities with a notional amount of $25,000. The interest rate swap contract is accounted for as a cash flow hedge with the objective of protecting against any interest rate volatility on future FHLB borrowings for a three-year period beginning on May 1, 2022 and ending on May 1, 2025. Under this contract, the Company pays a fixed interest rate and receives a variable interest rate based on one-month LIBOR with monthly net settlements.
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 notional amount of commitments to fund fixed-rate and adjustable-rate mortgage loans was $850,919 and $215,751 at June 30, 2020 and December 31, 2019, respectively. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The notional amount of commitments to sell residential mortgage loans to secondary market investors was $828,182 and $414,000 at June 30, 2020 and December 31, 2019, respectively.
The following table provides details on the Company’s derivative financial instruments as of the dates presented:
 
  Fair Value
 Balance Sheet
Location		June 30,
2020		December 31, 2019
Derivative assets:
Not designated as hedging instruments:
Interest rate contractsOther Assets$11,615  $3,880  
Interest rate lock commitmentsOther Assets29,367  4,579  
Forward commitmentsOther Assets—  39  
Totals$40,982  $8,498  
Derivative liabilities:
Designated as hedging instruments:
Interest rate swapsOther Liabilities$10,113  $5,021  
Totals$10,113  $5,021  
Not designated as hedging instruments:
Interest rate contractsOther Liabilities$11,615  $3,880  
Interest rate lock commitmentsOther Liabilities—  3  
Forward commitmentsOther Liabilities5,206  1,096  
Totals$16,821  $4,979  

Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the periods presented:
42
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Derivatives not designated as hedging instruments:
Interest rate contracts:
Included in interest income on loans$523  $989  $1,259  $2,035  
Interest rate lock commitments:
Included in mortgage banking income2,924  2,176  24,745  3,398  
Forward commitments
Included in mortgage banking income11,321  (1,421) (4,149) (520) 
Total$14,768  $1,744  $21,855  $4,913  

For the Company’s derivatives designated as cash flow hedges, changes in fair value of the 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 ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the six months ended June 30, 2020 or 2019. The impact on other comprehensive income for the six months ended June 30, 2020 and 2019, respectively, can be seen at Note 13, “Other Comprehensive Income.”

Offsetting

Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” 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. 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:

Offsetting Derivative AssetsOffsetting Derivative Liabilities
June 30,
2020		December 31, 2019June 30,
2020		December 31, 2019
Gross amounts recognized$2  $61  $27,463  $9,974  
Gross amounts offset in the Consolidated Balance Sheets—  —  —  —  
Net amounts presented in the Consolidated Balance Sheets2  61  27,463  9,974  
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments2  61  2  61  
Financial collateral pledged—  —  19,385  8,698  
Net amounts$—  $—  $8,076  $1,215  

Note 11 – Income Taxes

(In Thousands)

The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.
43
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

June 30,December 31,
20202019
Deferred tax assets
Allowance for credit losses$39,448  $14,304  
Loans11,336  10,284  
Deferred compensation10,390  12,050  
Impairment of assets1,353  1,108  
Net operating loss carryforwards4,785  9,387  
Lease liabilities under operating leases22,357  22,686  
Other1,782  934  
Total deferred tax assets91,451  70,753  
Deferred tax liabilities
Net unrealized gains on securities5,507  190  
Investment in partnerships807  967  
Fixed assets2,951  2,952  
Mortgage servicing rights13,027  13,472  
Junior subordinated debt2,260  2,304  
Lease right-of-use asset21,354  21,727  
Other1,615  1,859  
Total deferred tax liabilities47,521  43,471  
Net deferred tax assets$43,930  $27,282  

For the six months ended June 30, 2020 and 2019, the Company recorded a provision for income taxes totaling $5,410 and $27,535, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. The effective tax rate was 19.64% and 23.09% for the six months ended June 30, 2020 and 2019, respectively.
The Company and its subsidiary file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and the state departments of revenue for the years ending December 31, 2015 through December 31, 2018.
The Company acquired both federal and state net operating losses as part of its previous acquisitions with varying expiration periods. The federal and state net operating losses acquired in its acquisition of Brand Group Holdings, Inc. (“Brand”) were $81,288 and $55,067, respectively, as of the September 1, 2018 acquisition date, all created in 2018. As part of The Tax Cuts and Jobs Act and corresponding state tax laws, the federal net operating losses and the majority of the state net operating losses created by Brand have an indefinite carryforward period. As of June 30, 2020, there are federal and state net operating losses acquired in the Brand acquisition, without expiration periods of $12,089 and $31,981, respectively. The federal and state net operating losses acquired in the Company’s acquisition of Heritage Financial Group, Inc. (“Heritage”) in 2015 were $18,321 and $16,849, respectively, of which $3,510 and $2,830 remain to be utilized as of June 30, 2020. The net operating losses related to the Heritage acquisition begin to expire in 2029 and are expected to be utilized. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the period ending June 30, 2020.


Note 12 – Fair Value Measurements
(In Thousands)
Fair Value Measurements and the Fair Level Hierarchy
ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and also 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
44
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
identical assets and liabilities (Level 1), moderate 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 and liabilities 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, mortgage-backed securities and trust preferred 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. 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: The Company uses derivatives to manage various financial risks. 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 interest rate swaps and other interest rate contracts such as 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: Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy.
The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
 
Level 1Level 2Level 3Totals
June 30, 2020
Financial assets:
Trust preferred securities$—  $—  $7,679  $7,679  
Other available for sale securities—  1,295,815  —  1,295,815  
Total securities available for sale—  1,295,815  7,679  1,303,494  
Derivative instruments—  40,982  —  40,982  
Mortgage loans held for sale in loans held for sale—  339,747  —  339,747  
Total financial assets$—  $1,676,544  $7,679  $1,684,223  
Financial liabilities:
Derivative instruments:$—  $26,934  $—  $26,934  

45
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Level 1Level 2Level 3Totals
December 31, 2019
Financial assets:
Trust preferred securities$—  $—  $9,986  $9,986  
Other available for sale securities—  1,280,627  —  1,280,627  
Total securities available for sale—  1,280,627  9,986  1,290,613  
Derivative instruments—  8,498  —  8,498  
Mortgage loans held for sale in loans held for sale—  318,272  —  318,272  
Total financial assets$—  $1,607,397  $9,986  $1,617,383  
Financial liabilities:
Derivative instruments$—  $10,000  $—  $10,000  

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, 2020.
The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, as of the dates presented:
 
 20202019
Three Months Ended June 30, 2020Trust preferred
securities		Trust preferred
securities
Three Months Ended June 30,
Balance at beginning of period$8,604  $10,246  
   Accretion included in net income9  9  
   Unrealized losses included in other comprehensive income(903) 154  
   Settlements(31) (23) 
Balance at end of period$7,679  $10,386  
Six Months Ended June 30,
Balance at beginning of period$9,986  $10,633  
   Accretion included in net income18  18  
   Unrealized losses included in other comprehensive income(2,222) (133) 
   Settlements(103) (132) 
Balance at end of period$7,679  $10,386  
 
For each of the three and six months ended June 30, 2020 and 2019, 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 following table presents information as of June 30, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a recurring basis:
 
Financial instrumentFair
Value		Valuation TechniqueSignificant
Unobservable Inputs		Range of Inputs
Trust preferred securities$7,679  Discounted cash flowsDefault rate
0-100%

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.
46
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table provides 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, 2020Level 1Level 2Level 3Totals
Impaired loans$—  $—  $7,479  $7,479  
OREO—  —  1,550  1,550  
Mortgage servicing rights—  —  51,474  51,474  
Total$—  $—  $60,503  $60,503  
 
December 31, 2019Level 1Level 2Level 3Totals
Impaired loans$—  $—  $27,348  $27,348  
OREO—  —  2,820  2,820  
Mortgage servicing rights—  —  53,208  53,208  
Total$—  $—  $83,376  $83,376  

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:

Impaired loans: Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans that were measured or re-measured at fair value had a carrying value of $9,563 and $29,606 at June 30, 2020 and December 31, 2019, respectively, and a specific reserve for these loans of $2,084 and $2,258 was included in the allowance for credit losses as of such dates.
Other real estate owned: OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3.
The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of the dates presented:
 
June 30,
2020		December 31, 2019
Carrying amount prior to remeasurement$2,154  $3,726  
Impairment recognized in results of operations(604) (906) 
Fair value$1,550  $2,820  

Mortgage servicing rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. 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, 2020 and December 31, 2019. There were $14,522 of valuation adjustments on MSRs during the six months ended June 30, 2020 and $1,836 of valuation adjustments recognized during the twelve months ended December 31, 2019.
47
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table presents information as of June 30, 2020 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
 
Financial instrumentFair
Value		Valuation TechniqueSignificant
Unobservable Inputs		Range of Inputs
Impaired loans$7,479  Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO1,550  Appraised value of property less estimated costs to sellEstimated costs to sell
4-10%

Fair Value Option
The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 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.
Net gains of $9,617 and $3,543 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2020 and 2019, respectively. The amount does not reflect changes in fair values of related derivative instruments used to 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, 2020 and December 31, 2019:
 
Aggregate
Fair  Value		Aggregate
Unpaid
Principal
Balance		Difference
June 30, 2020
Mortgage loans held for sale measured at fair value$339,747  $320,018  $19,729  
December 31, 2019
Mortgage loans held for sale measured at fair value$318,272  $308,160  $10,112  

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:
 
48
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
  Fair Value
As of June 30, 2020Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$616,903  $616,903  $—  $—  $616,903  
Securities available for sale1,303,494  —  1,295,815  7,679  1,303,494  
Loans held for sale339,747  —  339,747  —  339,747  
Loans, net10,851,917  —  —  10,646,335  10,646,335  
Mortgage servicing rights51,474  —  —  51,474  51,474  
Derivative instruments40,982  —  40,982  —  40,982  
Financial liabilities
Deposits$11,846,358  $9,860,461  $2,008,383  $—  $11,868,844  
Short-term borrowings341,810  341,810  —  —  341,810  
Federal Home Loan Bank advances152,250  —  158,173  —  158,173  
Junior subordinated debentures110,505  —  89,591  —  89,591  
Subordinated notes113,925  —  111,550  —  111,550  
Derivative instruments26,934  —  26,934  —  26,934  
 
  Fair Value
As of December 31, 2019Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$414,930  $414,930  $—  $—  $414,930  
Securities available for sale1,290,613  —  1,280,627  9,986  1,290,613  
Loans held for sale318,272  —  318,272  —  318,272  
Loans, net9,637,476  —  —  9,321,039  9,321,039  
Mortgage servicing rights53,208  —  —  53,208  53,208  
Derivative instruments8,498  —  8,498  —  8,498  
Financial liabilities
Deposits$10,213,168  $8,052,536  $2,158,431  $—  $10,210,967  
Short-term borrowings489,091  489,091  —  —  489,091  
Federal Home Loan Bank advances152,337  —  152,321  —  152,321  
Junior subordinated debentures110,215  —  104,480  —  104,480  
Subordinated notes113,955  —  117,963  —  117,963  
Derivative instruments10,000  —  10,000  —  10,000  
49
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 13 – Other Comprehensive Income
(In Thousands)
Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:
 
Pre-TaxTax Expense
(Benefit)		Net of Tax
Three months ended June 30, 2020
Securities available for sale:
Unrealized holding gains on securities$3,496  $893  $2,603  
Reclassification adjustment for gains realized in net income(31) (8) (23) 
Total securities available for sale3,465  885  2,580  
Derivative instruments:
Unrealized holding losses on derivative instruments(1,064) (271) (793) 
Total derivative instruments(1,064) (271) (793) 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost68  17  51  
Total defined benefit pension and post-retirement benefit plans68  17  51  
Total other comprehensive income$2,469  $631  $1,838  
Three months ended June 30, 2019
Securities available for sale:
Unrealized holding gains on securities$12,599  $3,206  $9,393  
Reclassification adjustment for losses realized in net income8  2  6  
Total securities available for sale12,607  3,208  9,399  
Derivative instruments:
Unrealized holding losses on derivative instruments(2,067) (526) (1,541) 
Total derivative instruments(2,067) (526) (1,541) 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost137  35  102  
Total defined benefit pension and post-retirement benefit plans137  35  102  
Total other comprehensive income$10,677  $2,717  $7,960  
50
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Pre-TaxTax Expense
(Benefit)		Net of Tax
Six months ended June 30, 2020
Securities available for sale:
Unrealized holding gains on securities$25,885  $6,588  $19,297  
Reclassification adjustment for gains realized in net income(31) (8) (23) 
Total securities available for sale25,854  6,580  19,274  
Derivative instruments:
Unrealized holding losses on derivative instruments(5,092) (1,296) (3,796) 
Total derivative instruments(5,092) (1,296) (3,796) 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost130  33  97  
Total defined benefit pension and post-retirement benefit plans130  33  97  
Total other comprehensive income$20,892  $5,317  $15,575  
Six months ended June 30, 2019
Securities available for sale:
Unrealized holding losses on securities$27,780  $7,070  $20,710  
Reclassification adjustment for gains realized in net income(5) (1) (4) 
Total securities available for sale27,775  7,069  20,706  
Derivative instruments:
Unrealized holding losses on derivative instruments(3,294) (838) (2,456) 
Total derivative instruments(3,294) (838) (2,456) 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost209  53  156  
Total defined benefit pension and post-retirement benefit plans209  53  156  
Total other comprehensive income$24,690  $6,284  $18,406  

The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:
 
June 30,
2020		December 31, 2019
Unrealized gains on securities$40,837  $21,563  
Non-credit related portion of previously recorded other-than-temporary impairment on securities(11,319) (11,319) 
Unrealized losses on derivative instruments(6,643) (2,847) 
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations(6,536) (6,633) 
Total accumulated other comprehensive income$16,339  $764  
51
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 14 – Net Income Per Common Share
(In Thousands, Except 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 and outstanding stock options were exercised into common shares, 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,
 20202019
Basic
Net income applicable to common stock$20,130  $46,625  
Average common shares outstanding56,165,452  58,461,024  
Net income per common share - basic$0.36  $0.80  
Diluted
Net income applicable to common stock$20,130  $46,625  
Average common shares outstanding56,165,452  58,461,024  
Effect of dilutive stock-based compensation160,024  157,952  
Average common shares outstanding - diluted56,325,476  58,618,976  
Net income per common share - diluted$0.36  $0.80  
Six Months Ended
 June 30,
 20202019
Basic
Net income applicable to common stock$22,138  $91,735  
Average common shares outstanding56,350,134  58,523,007  
Net income per common share - basic$0.39  $1.57  
Diluted
Net income applicable to common stock$22,138  $91,735  
Average common shares outstanding56,350,134  58,523,007  
Effect of dilutive stock-based compensation164,465  146,049  
Average common shares outstanding - diluted56,514,599  58,669,056  
Net income per common share - diluted$0.39  $1.56  

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,
 20202019
Number of shares264,1834,524
Exercise prices (for stock option awards)——
Six Months Ended
 June 30,
 20202019
Number of shares247,093643
Exercise prices (for stock option awards)——
52
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 15 – Regulatory Matters
(In Thousands)
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

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 TiersTier 1 Capital to
Average Assets
(Leverage)		Common Equity Tier 1 to
Risk - Weighted Assets		Tier 1 Capital to
Risk - Weighted
Assets		 Total Capital to
Risk - Weighted
Assets
Well capitalized
5% or above
6.5% or above
 
8% or above
 
10% or above
Adequately capitalized
4% or above
4.5% or above
 
6% or above
 
8% or above
Undercapitalized
Less than 4%
Less than 4.5%
 
Less than 6%
 
Less than 8%
Significantly undercapitalized
Less than 3%
Less than 3%
 
Less than 4%
 
Less than 6%
Critically undercapitalized
 Tangible Equity / Total Assets less than 2%

The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented:

 June 30, 2020December 31, 2019
 AmountRatioAmountRatio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)$1,253,267  9.12 %$1,262,588  10.37 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,146,354  10.69 %1,156,828  11.12 %
Tier 1 Capital to Risk-Weighted Assets1,253,267  11.69 %1,262,588  12.14 %
Total Capital to Risk-Weighted Assets1,470,733  13.72 %1,432,949  13.78 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)$1,320,611  9.62 %$1,331,809  10.95 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,320,611  12.33 %1,331,809  12.81 %
Tier 1 Capital to Risk-Weighted Assets1,320,611  12.33 %1,331,809  12.81 %
Total Capital to Risk-Weighted Assets1,424,377  13.30 %1,388,553  13.36 %

Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 capital in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. The required capital conservation buffer is 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. As shown in the tables above, as of June 30, 2020, the Company’s CET1 capital was in excess of the capital conservation buffer.

In addition, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency’s rules for calculating risk-weighted assets have been revised in recent years to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision. These revisions affect the calculation of the denominator of a
53
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
banking organization’s risk-based capital ratios to reflect the higher-risk nature of certain types of loans. For example, residential mortgages are risk-weighted between 35% and 200%, depending on the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include, among others, the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income, while a 150% risk weight applies to both certain high volatility commercial real estate acquisition, development and construction loans as well as non-residential mortgage loans 90 days past due or on nonaccrual status (in both cases, as opposed to the former 100% risk weight). Also, “hybrid” capital items like trust preferred securities no longer enjoy Tier 1 capital treatment, subject to various grandfathering and transition rules.
As previously disclosed, the Company adopted CECL as of January 1, 2020. The Company has elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay.


Note 16 – Segment Reporting
(In Thousands)
The operations of the Company’s reportable segments are described as follows:
•The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities.
•The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.
•The Wealth Management segment offers a broad range of fiduciary services which include the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer.
In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. 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 which are necessary for purposes of reconciling to the consolidated amounts.
The following table provides financial information for the Company’s operating segments as of and for the periods presented:
54
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Three months ended June 30, 2020
Net interest income (loss)$108,110  $111  $397  $(2,836) $105,782  
Provision for loan losses26,861  —  39  —  26,900  
Noninterest income58,115  2,153  4,312  (410) 64,170  
Noninterest expense112,776  1,848  3,452  209  118,285  
Income (loss) before income taxes26,588  416  1,218  (3,455) 24,767  
Income tax expense (benefit)5,425  111  —  (899) 4,637  
Net income (loss)$21,163  $305  $1,218  $(2,556) $20,130  
Total assets$14,775,811  $29,095  $68,257  $24,044  $14,897,207  
Goodwill$936,916  $2,767  —  —  $939,683  
Three months ended June 30, 2019
Net interest income (loss)$115,664  $171  $409  $(3,444) $112,800  
Provision for loan losses900  —  —  —  900  
Noninterest income 36,293  2,222  3,890  (445) 41,960  
Noninterest expense87,596  1,898  3,464  332  93,290  
Income (loss) before income taxes63,461  495  835  (4,221) 60,570  
Income tax expense (benefit)14,910  128  —  (1,093) 13,945  
Net income (loss)$48,551  $367  $835  $(3,128) $46,625  
Total assets$12,790,623  $26,722  $61,363  $13,945  $12,892,653  
Goodwill$930,204  $2,767  —  —  $932,971  
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Six months ended June 30, 2020
Net interest income (loss)$216,970  $298  $847  $(5,731) $212,384  
Provision for credit losses on loans53,073  —  177  —  53,250  
Noninterest income (loss)88,798  5,093  8,656  (807) 101,740  
Noninterest expense (benefit)222,060  3,734  7,397  135  233,326  
Income (loss) before income taxes30,635  1,657  1,929  (6,673) 27,548  
Income tax expense (benefit)6,705  441  —  (1,736) 5,410  
Net income (loss)$23,930  $1,216  $1,929  $(4,937) $22,138  
Total assets$14,775,811  $29,095  $68,257  $24,044  $14,897,207  
Goodwill$936,916  $2,767  $—  $—  $939,683  
Six months ended June 30, 2019
Net interest income (loss)$231,722  $339  $759  $(6,873) $225,947  
Provision for credit losses on loans2,400  —  —  —  2,400  
Noninterest income 65,878  5,101  7,549  (683) 77,845  
Noninterest expense170,909  3,713  6,912  588  182,122  
Income (loss) before income taxes124,291  1,727  1,396  (8,144) 119,270  
Income tax expense (benefit)29,196  448  —  (2,109) 27,535  
Net income (loss)$95,095  $1,279  $1,396  $(6,035) $91,735  
Total assets$12,790,623  $26,722  $61,363  $13,945  $12,892,653  
Goodwill$930,204  $2,767  $—  $—  $932,971  
55
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”, “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,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and 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 for 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.
Currently, the most important factor that could cause the Company’s actual results to differ materially from those in forward-looking statements is the continued impact of the COVID-19 pandemic and related governmental measures to respond to the pandemic on the United States economy and the economies of the markets in which the Company operates. In this Form 10-Q, the Company addresses the historical impact of the pandemic on certain aspects of the Company’s operations and sets forth certain expectations regarding the COVID-19 pandemic’s future impact on the Company’s business, financial condition, results of operations, liquidity, asset quality, capital, cash flows and prospects. The Company believes that its statements regarding future events and conditions in light of the COVID-19 pandemic are reasonable, but these statements are based on assumptions regarding, among other things, how long the pandemic will continue, the duration, extent and effectiveness of the governmental measures implemented to contain the pandemic and ameliorate its impact on businesses and individuals throughout the United States, and the impact of the pandemic and the government’s virus containment measures on national and local economies, all of which are out of the Company’s control. If the Company’s assumptions underlying its statements about future events prove to be incorrect, the Company’s business, financial condition, results of operations, liquidity, asset quality, capital, cash flows and prospects may be materially and adversely affected.
Important factors other than the COVID-19 pandemic currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: (1) the Company’s ability to efficiently integrate acquisitions into its 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; (2) the effect of economic conditions and interest rates on a national, regional or international basis; (3) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (4) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (5) the financial resources of, and products available from, competitors; (6) changes in laws and regulations as well as changes in accounting standards, such as the adoption of ASC 326 (or CECL) as of January 1, 2020; (7) changes in policy by regulatory agencies; (8) changes in the securities and foreign exchange markets; (9) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (10) 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; (11) an insufficient allowance for credit losses as a result of inaccurate assumptions; (12) general economic, market or business conditions, including the impact of inflation; (13) changes in demand for loan products and financial services; (14) concentration of credit exposure; (15) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (16) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (17) natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (18) the impact, extent and timing of technological changes; and (19) other circumstances, many of which are beyond management’s control. The COVID-19 pandemic has exacerbated, and is likely to continue to exacerbate, the impact of any of these factors on the Company. Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate.
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.
56

COVID-19 Response Update
The Company’s branch lobbies continue to remain accessible by appointment only (and appointments are generally limited to services that require access inside a branch, such as access to a safe-deposit box to address a pressing need), while protocols designed to minimize Company employees’ exposure to COVID-19, such as working remotely, reconfiguring work spaces to promote social distancing and adjusting staff levels, continue to remain in place. As discussed in more detail below, the Company continued to incur expenses, primarily related to employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and expects that it will continue to incur elevated expenses even while conditions presenting significant challenges to growth persist. At this time, it remains difficult to accurately predict the duration and lasting impact of this new operating reality. Management’s decision on when to return to pre-pandemic operating procedures will take into account the best interests of all of the Company’s stakeholders. Readers are directed to the cautionary note regarding forward-looking statements at the beginning of this Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The Company has been active in the Paycheck Protection Program (“PPP”) and as of June 30, 2020, the balance of such loans included in the Company’s Consolidated Balance Sheet approximated $1,281,278. The impact of these loans on the Company’s results of operations is discussed in more detail below.

Financial Condition
The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2020 compared to December 31, 2019.
Assets
Total assets were $14,897,207 at June 30, 2020 compared to $13,400,618 at December 31, 2019.
Investments
The securities portfolio is used to provide a source for meeting liquidity needs and to supply securities to be used in collateralizing certain deposits and other types of borrowings. The following table shows the carrying value of our securities portfolio, all of which are classified as available for sale, by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented:
June 30, 2020December 31, 2019
BalancePercentage of
Portfolio		BalancePercentage of
Portfolio
U.S. Treasury securities$7,639  0.59 %$499  0.04 %
Obligations of other U.S. Government agencies and corporations2,530  0.19  2,531  0.20  
Obligations of states and political subdivisions272,971  20.94  223,131  17.29  
Mortgage-backed securities951,805  73.02  998,101  77.33  
Trust preferred securities7,679  0.59  9,986  0.77  
Other debt securities60,870  4.67  56,365  4.37  
$1,303,494  100.00 %$1,290,613  100.00 %
During the six months ended June 30, 2020, we purchased $182,745 in investment securities. Mortgage-backed securities and collateralized mortgage obligations (“CMOs”), in the aggregate, comprised approximately 52% of these purchases. CMOs are included in the “Mortgage-backed securities” line item in the above table. The mortgage-backed securities and CMOs held in our investment portfolio are primarily issued by government sponsored entities. Obligations of state and political subdivisions comprised approximately 40% of purchases made during the first six months of 2020.
Proceeds from maturities, calls and principal payments on securities during the first six months of 2020 totaled $183,807. The Company sold municipal securities and residential mortgage backed securities with a carrying value of $8,742 at the time of sale for net proceeds of $8,773, resulting in net gain on sale of $31 during the first six months of 2020. Proceeds from the maturities, calls and principal payments on securities during the first six months of 2019 totaled $120,738. During the first six
57
months of 2019, the Company sold municipal securities and residential mortgage backed securities with a carrying value of $12,607 at the time of sale for net proceeds of $12,612, resulting in a net gain on sale of $5.
For more information about the Company’s security portfolio, see Note 2, “Securities,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report.
Loans Held for Sale
Loans held for sale, which primarily consist of residential mortgage loans being held until they are sold on the secondary market, were $339,747 at June 30, 2020, as compared to $318,272 at December 31, 2019. 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 30-40 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
Total loans, excluding loans held for sale, were $10,997,304 at June 30, 2020 and $9,689,638 at December 31, 2019. Non purchased loans totaled $9,206,101 at June 30, 2020 compared to $7,587,974 at December 31, 2019. Loans purchased in previous acquisitions totaled $1,791,203 and $2,101,664 at June 30, 2020 and December 31, 2019, respectively.
The tables below set forth the balance of loans, net of unearned income and excluding loans held for sale, outstanding by loan type and the percentage of each loan type to total loans as of the dates presented:
 June 30, 2020
 Non PurchasedPurchasedTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural (1)
$2,416,243  $225,355  $2,641,598  24.02 %
Lease financing, net of unearned income80,779  —  80,779  0.73  
Real estate – construction:
Residential291,983  3,948  295,931  2.69  
Commercial464,889  30,288  495,177  4.50  
Total real estate – construction756,872  34,236  791,108  7.19  
Real estate – 1-4 family mortgage:
Primary1,476,196  280,057  1,756,253  15.97  
Home equity440,774  102,694  543,468  4.94  
Rental/investment277,647  41,156  318,803  2.90  
Land development148,370  21,619  169,989  1.55  
Total real estate – 1-4 family mortgage2,342,987  445,526  2,788,513  25.36  
Real estate – commercial mortgage:
Owner-occupied1,270,197  390,477  1,660,674  15.10  
Non-owner occupied2,011,744  582,569  2,594,313  23.59  
Land development118,777  36,989  155,766  1.42  
Total real estate – commercial mortgage3,400,718  1,010,035  4,410,753  40.11  
Installment loans to individuals208,502  76,051  284,553  2.59  
Total loans, net of unearned income$9,206,101  $1,791,203  $10,997,304  100.00 %
(1)Includes PPP loans of $1,281,278 as of June 30, 2020.
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 December 31, 2019
 Non PurchasedPurchasedTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural$1,052,353  $315,619  $1,367,972  14.12 %
Lease financing, net of unearned income81,875  —  81,875  0.84  
Real estate – construction:
Residential272,643  16,407  289,050  2.98  
Commercial502,258  35,175  537,433  5.55  
Total real estate – construction774,901  51,582  826,483  8.53  
Real estate – 1-4 family mortgage:
Primary1,449,219  332,729  1,781,948  18.39  
Home equity456,265  117,275  573,540  5.92  
Rental/investment291,931  43,169  335,100  3.46  
Land development152,711  23,314  176,025  1.82  
Total real estate – 1-4 family mortgage2,350,126  516,487  2,866,613  29.59  
Real estate – commercial mortgage:
Owner-occupied1,209,204  428,077  1,637,281  16.90  
Non-owner occupied1,803,587  647,308  2,450,895  25.29  
Land development116,085  40,004  156,089  1.61  
Total real estate – commercial mortgage3,128,876  1,115,389  4,244,265  43.80  
Installment loans to individuals199,843  102,587  302,430  3.12  
Total loans, net of unearned income$7,587,974  $2,101,664  $9,689,638  100.00 %
Loan concentrations are considered to exist when there are amounts loaned 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, 2020, there were no concentrations of loans exceeding 10% of total loans which are not disclosed as a category of loans separate from the categories listed above.
The Company is participating in the Paycheck Protection Program (“PPP”) and as of June 30, 2020 had $1,281,278 in PPP loans included in our commercial, financial and agricultural loan portfolio. Excluding the growth attributable to its PPP lending, the Company experienced moderate loan growth in our commercial mortgage loan portfolio, but such growth was largely offset by declines in other portfolio segments. Our corporate specialty banking group, which consists of corporate commercial and industrial, corporate commercial real estate, healthcare and senior housing groups, contributed $241,957 to the increase in total loans from December 31, 2019, and our secured lending group, which consists of our asset-based lending, factoring, and equipment lease financing banking groups as well as loans meeting the criteria to be guaranteed by the SBA (excluding PPP loans), contributed $75,203 to the increase in total loans from December 31, 2019.
Looking at the change in loans geographically, loans, including PPP loans, in our Central Region (which includes Alabama and the Florida panhandle), Eastern Region (which includes Georgia and east Florida), Western Region (which includes Mississippi as well as corporately managed loans) and Northern Region (which includes Tennessee) markets increased $400,298, $546,864, $249,333 and $111,171, respectively, when compared to December 31, 2019. Of our total PPP loans, $218,354 were originated in the Central Region, $609,516 in the Eastern Region, $264,661 in the Western Region and $188,747 in the Northern Region.
Deposits
The Company relies on deposits as its major source of funds. Total deposits were $11,846,358 and $10,213,168 at June 30, 2020 and December 31, 2019, respectively. Noninterest-bearing deposits were $3,740,296 and $2,551,770 at June 30, 2020 and December 31, 2019, respectively, while interest-bearing deposits were $8,106,062 and $7,661,398 at June 30, 2020 and December 31, 2019, respectively.
The growth in noninterest-bearing deposits across the Company’s footprint during the current year is driven by the Company’s PPP lending (as loan proceeds are held as Company deposits until the borrower utilizes the funds), Economic Impact Payments provided for in the government stimulus package and core growth. Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits. Noninterest bearing deposits represented 31.57% of total deposits at June 30, 2020, as compared to 24.99% of total deposits at December 31, 2019. Under
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certain circumstances, however, management may seek to acquire non-core deposits in the form of time 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 and how those terms assist us in mitigating interest rate risk, maintaining our liquidity position and managing our net interest margin. 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 municipalities, including school boards and utilities. Public fund deposits were $1,411,637 and $1,367,827 at June 30, 2020 and December 31, 2019, respectively.
Looking at the change in deposits geographically, deposits in our Western Region, which includes corporately managed deposits such as brokered deposits, Eastern Region, Northern Region and Central Region markets increased $637,339, $583,125, $231,115 and $181,611, respectively, from December 31, 2019.
Borrowed Funds
Total borrowings include federal funds purchased, securities sold under agreements to repurchase, advances from the FHLB, subordinated notes and junior subordinated debentures and are classified on the Consolidated Balance Sheets as either short-term borrowings or long-term debt. Short-term borrowings have original maturities less than one year and typically include federal funds purchased, securities sold under agreements to repurchase, and short-term FHLB advances. In the first six months of 2020, we used the proceeds of our deposit growth and other sources of liquidity to reduce our short-term borrowings. The following table presents our short-term borrowings by type as of the dates presented:
June 30, 2020December 31, 2019
BalanceBalance
Security repurchase agreements$11,810  $9,091  
Short-term borrowings from the FHLB330,000  480,000  
$341,810  $489,091  
At June 30, 2020, long-term debt consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes. The following table presents our long-term debt by type as of the dates presented:
June 30, 2020December 31, 2019
BalanceBalance
Long-term FHLB advances$152,250  $152,337  
Junior subordinated debentures110,505  110,215  
Subordinated notes113,925  113,955  
$376,680  $376,507  
Long-term FHLB borrowings are generally used to match-fund against large, fixed rate commercial or real estate loans with long-term maturities, which negates interest rate exposure when rates rise. In the fourth quarter of 2019, however, as interest rates declined following the Federal Reserve’s interest rate cuts, we used long-term FHLB borrowings as a source of liquidity in lieu of higher-costing deposits, which had not repriced as quickly following the interest rate cuts. These borrowings were still outstanding at June 30, 2020. At June 30, 2020, there were $120 in long-term FHLB advances outstanding scheduled to mature within twelve months or less. The Company had $3,331,108 of availability on unused lines of credit with the FHLB at June 30, 2020, as compared to $3,159,942 at December 31, 2019.
The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated
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debentures issued by the Company (or by companies that the Company subsequently acquired.) The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities.
The Company owns subordinated notes, the proceeds of which 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 the Bank as regulatory capital. The subordinated notes qualify as Tier 2 capital under the current regulatory guidelines.

Results of Operations
Net Income
Net income for the second quarter of 2020 was $20,130 compared to net income of $46,625 for the second quarter of 2019. Basic and diluted earnings per share (“EPS”) for the second quarter of 2020 were $0.36, as compared to basic and diluted EPS of $0.80 for the second quarter of 2019. Net income for the six months ended June 30, 2020, was $22,138 compared to net income of $91,735 for the same period in 2019. Basic and diluted EPS were $0.39 for the first six months of 2020, as compared to $1.57 and $1.56, respectively, for the first six months of 2019. As discussed in more detail below, our net income was significantly impacted by expenses associated with the COVID-19 pandemic, an adjustment to the valuation of our mortgage servicing rights (“MSR”) and the adoption of CECL.
From time to time, the Company incurs expenses and charges in connection with certain transactions with respect to which management is unable to accurately predict when these expenses or charges will be incurred or, when incurred, the amount of such expenses or charges. The following table presents the impact of these expenses and charges on reported EPS for the second quarter and the first six months of 2020. There were no such expenses and charges that had a material impact during the second quarter of 2019 or the first six months of 2019. The “COVID-19 related expenses” line item in the table below primarily consists of (a) employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning. The MSR valuation adjustment is discussed below under the “Noninterest Income” heading in this Item.
Three Months Ended
 June 30, 2020
Pre-taxAfter-taxImpact to Diluted EPS
MSR valuation adjustment$4,951  $4,047  $0.07  
COVID-19 related expenses6,257  5,113  0.09  
Six Months Ended
 June 30, 2020
Pre-taxAfter-taxImpact to Diluted EPS
MSR valuation adjustment$14,522  $11,835  $0.21  
COVID-19 related expenses9,160  7,465  0.13  
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 62.61% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second quarter of 2020 and 67.96% of total revenue for the first six months of 2020. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.
Net interest income was $105,782 and $212,384 for the three and six months ended June 30, 2020, respectively, as compared to $112,800 and $225,947 for the same respective periods in 2019. On a tax equivalent basis, net interest income was $107,457 and $215,773 for the three and six months ended June 30, 2020, respectively, as compared to $114,223 and $228,854 for the same respective time periods in 2019.
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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 for the periods presented:
 Three Months Ended June 30,
 20202019
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment:
Non purchased$7,872,371  $81,836  4.18 %$6,622,202  $83,922  5.08 %
Purchased1,877,698  26,005  5.57  2,421,586  38,783  6.42  
Paycheck Protection Program866,078  5,886  2.73  —  —  —  
Total loans held for investment10,616,147  113,727  4.31  9,043,788  122,705  5.44  
Loans held for sale340,582  2,976  3.51  353,103  5,191  5.90  
Securities:
Taxable(1)
1,031,740  6,386  2.49  1,084,736  7,699  2.85  
Tax-exempt263,799  2,346  3.58  177,535  1,860  4.20  
Interest-bearing balances with banks524,376  195  0.15  283,330  1,830  2.59  
Total interest-earning assets12,776,644  125,630  3.95  10,942,492  139,285  5.11  
Cash and due from banks214,079  178,606  
Intangible assets974,237  974,628  
Other assets741,067  668,943  
Total assets$14,706,027  $12,764,669  
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$5,151,713  $5,524  0.43 %$4,737,780  $10,495  0.89 %
Savings deposits747,173  173  0.09  644,540  329  0.20  
Time deposits2,034,149  8,174  1.62  2,368,666  10,167  1.72  
Total interest-bearing deposits7,933,035  13,871  0.70  7,750,986  20,991  1.09  
Borrowed funds1,000,789  4,302  1.73  354,234  4,071  4.61  
Total interest-bearing liabilities8,933,824  18,173  0.82  8,105,220  25,062  1.24  
Noninterest-bearing deposits3,439,634  2,395,899  
Other liabilities231,477  161,457  
Shareholders’ equity2,101,092  2,102,093  
Total liabilities and shareholders’ equity$14,706,027  $12,764,669  
Net interest income/net interest margin$107,457  3.38 %$114,223  4.19 %
(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.
(2)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
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 Six Months Ended June 30,
 20202019
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment:
Non purchased$7,763,516  $170,390  4.41 %$6,538,998  $165,106  5.09 %
Purchased1,955,161  56,192  5.78  2,512,753  78,968  6.34  
Paycheck Protection Program433,039  5,886  2.73  —  —  —  
Total loans held for investment10,151,716  232,468  4.61  9,051,751  244,074  5.44  
Loans held for sale338,706  5,964  3.54  349,205  11,028  6.37  
Securities:
Taxable(1)
1,049,507  13,675  2.62  1,073,422  15,591  2.93  
Tax-exempt244,700  4,404  3.62  184,350  3,882  4.25  
Interest-bearing balances with banks408,432  1,006  0.50  260,251  3,288  2.55  
Total interest-earning assets12,193,061  257,517  4.25  10,918,979  277,863  5.13  
Cash and due from banks200,198  185,198  
Intangible assets975,085  975,718  
Other assets720,945  668,002  
Total assets$14,089,289  $12,747,897  
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$5,045,735  $14,777  0.59 %$4,763,837  $20,569  0.87 %
Savings deposits714,177  426  0.12  637,644  621  0.20  
Time deposits2,075,412  17,163  1.66  2,373,823  19,573  1.66  
Total interest-bearing deposits7,835,324  32,366  0.83  7,775,304  40,763  1.06  
Borrowed funds915,054  9,378  2.06  358,662  8,246  4.64  
Total interest-bearing liabilities8,750,378  41,744  0.96  8,133,966  49,009  1.22  
Noninterest-bearing deposits3,013,298  2,369,300  
Other liabilities222,495  160,798  
Shareholders’ equity2,103,118  2,083,833  
Total liabilities and shareholders’ equity$14,089,289  $12,747,897  
Net interest income/net interest margin$215,773  3.56 %$228,854  4.23 %
(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.
(2)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
The average balances of nonaccruing assets are included in the tables above. 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 a state tax rate of 4.45%, which is net of federal tax benefit.
Net interest margin and net interest income are influenced by internal and external factors. Internal factors include balance sheet changes in volume, mix and pricing decisions. External factors include changes in market interest rates, competition and the shape of the interest rate yield curve. As discussed in more detail below, for both the three and six months ended June 30, 2020, as compared to the same respective periods in 2019, the decline in loan yields as a result of the Federal Reserve’s decision to cut interest rates as well as changes in the mix of earning assets during the quarter due to excess liquidity on the balance sheet were the largest contributing factors to the decrease in net interest income. The Company has continued to focus on lowering the cost of funding through growing noninterest-bearing deposits and aggressively lowering interest rates on
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interest-bearing deposits, while also continuing to be opportunistic when rates offered on wholesale borrowings are advantageous.
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 both the three and six months ended June 30, 2020, as compared to the same respective periods in 2019 (the changes attributable to the combined impact of yield/rate and volume have been allocated on a pro-rata basis using the absolute ratio value of amounts calculated):
Three Months Ended June 30, 2020 Compared to the Three Months Ended June 30, 2019
VolumeRateNet
Interest income:
Loans held for investment:
Non purchased$14,237  $(16,323) $(2,086) 
Purchased(8,028) (4,750) (12,778) 
Paycheck Protection Program5,886  —  5,886  
Loans held for sale(299) (1,916) (2,215) 
Securities:
Taxable(367) (946) (1,313) 
Tax-exempt794  (308) 486  
Interest-bearing balances with banks856  (2,491) (1,635) 
Total interest-earning assets13,079  (26,734) (13,655) 
Interest expense:
Interest-bearing demand deposits842  (5,813) (4,971) 
Savings deposits46  (202) (156) 
Time deposits(1,390) (603) (1,993) 
Borrowed funds3,953  (3,722) 231  
Total interest-bearing liabilities3,451  (10,340) (6,889) 
Change in net interest income$9,628  $(16,394) $(6,766) 
Six months ended June 30, 2020 Compared to the Six Months Ended June 30, 2019
VolumeRateNet
Interest income:
Loans held for investment:
Non purchased $28,463  $(23,179) $5,284  
Purchased(16,307) (6,469) (22,776) 
Paycheck Protection Program5,886  —  5,886  
Loans held for sale(675) (4,389) (5,064) 
Securities:
Taxable(334) (1,582) (1,916) 
Tax-exempt1,150  (628) 522  
Interest-bearing balances with banks1,249  (3,531) (2,282) 
Total interest-earning assets19,432  (39,778) (20,346) 
Interest expense:
Interest-bearing demand deposits1,163  (6,955) (5,792) 
Savings deposits69  (264) (195) 
Time deposits(2,414) 4  (2,410) 
Borrowed funds7,579  (6,447) 1,132  
Total interest-bearing liabilities6,397  (13,662) (7,265) 
Change in net interest income$13,035  $(26,116) $(13,081) 
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Interest income, on a tax equivalent basis, was $125,630 and $257,517, respectively, for the three and six months ended June 30, 2020, as compared to $139,285 and $277,863, respectively, for the same periods in 2019. This decrease in interest income, on a tax equivalent basis, is due primarily to the aforementioned interest rate cuts by the Federal Reserve and changes in the mix of earning assets during the quarter due to excess liquidity on the balance sheet, the effects of which the Company was able to partially offset by loan growth. The excess cash carried on the Company’s balance sheet, as evidenced in the tables below, reduced margin by 15 basis points and 9 basis points in the second quarter and first half of 2020, respectively.
The following table presents the percentage of total average earning assets, by type and yield, for the periods presented:
 Percentage of Total Average Earning AssetsYield
Three Months EndedThree Months Ended
 June 30,June 30,
 2020201920202019
Loans held for investment excl. PPP76.31 %82.65 %4.45 %5.44 %
Paycheck Protection Program6.78  —  2.73  —  
Loans held for sale2.67  3.23  3.51  5.90  
Securities10.14  11.54  2.71  3.04  
Other4.10  2.58  0.15  2.59  
Total earning assets100.00 %100.00 %3.95 %5.11 %
 Percentage of Total Average Earning AssetsYield
Six Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Loans held for investment excl. PPP79.71 %82.90 %4.69 %5.44 %
Paycheck Protection Program3.55  —  2.73  —  
Loans held for sale2.78  3.20  3.54  6.37  
Securities10.61  11.52  2.81  3.12  
Interest-bearing balances with banks3.35  2.38  0.50  2.55  
Total earning assets100.00 %100.00 %4.25 %5.13 %

For the second quarter of 2020, interest income on loans held for investment, on a tax equivalent basis, decreased $14,864 to $113,727 from $122,705 in the same period in 2019. For the six months ended June 30, 2020, interest income on loans held for investment, on a tax equivalent basis, decreased $11,606 to $232,468 from $244,074 in the same period in 2019. Interest income attributable to PPP loans included in loan interest income for the three and six months ended June 30, 2020, was approximately $5,889, which consisted of $2,324 in interest income and $3,564 in accretion of net origination fees. As of June 30, 2020, the Company received approximately $44,720 in gross origination fees from PPP loans. Such fees, net of agent fees paid and other origination costs, are being accreted into interest income over the life of the loan. If a PPP loan is forgiven in whole or in part, as provided under the CARES Act, the Company will recognize the non-accreted portion of the net origination fee attributable to the forgiven portion of such loan as of the date of the final forgiveness determination. Interest income on loans held for investment decreased primarily due to decreases in loan yields in response to the Federal Reserve’s rate cuts and the funding of PPP loans during the quarter, which bear an interest rate fixed by regulation that is significantly lower than the yield on loans originated in the ordinary course of business. PPP loans reduced margin and loan yield by 5 basis points and 14 basis points, respectively, in the second quarter of 2020 and 3 basis points and 8 basis points, respectively, in the first half of 2020.
For the second quarter of 2020, interest income on loans held for sale (consisting of mortgage loans held for sale), on a tax equivalent basis, decreased $2,215 to $2,976 from $5,191 in the same period in 2019. For the six months ended June 30, 2020, interest income on loans held for sale, on a tax equivalent basis, decreased $5,064 to $5,964 from $11,028 in the same period in 2019. The average balance of loans held for sale during the second quarter and first six months of 2019 includes a portfolio of non-mortgage consumer loans, which earned a higher yield than mortgage loans held for sale. These non-mortgage consumer loans were reclassified to loans held for investment in the third quarter of 2019. The transfer of the higher earning assets out of loans held for sale coupled with the lower rates earned on mortgage loans held for sale during 2020 accounts for the decrease in interest income on loans held for sale from 2019.
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The following table presents reported taxable equivalent yield on loans, including loans held for sale, for the periods presented.
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Taxable equivalent interest income on loans $116,703  $127,896  $238,432  $255,102  
Average loans, including loans held for sale10,956,729  9,396,891  10,490,422  9,400,956  
Loan yield4.28 %5.46 %3.04 %5.47 %
The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans, including loans held for sale, loan yield and net interest margin is shown in the following table for the period presented.
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Net interest income collected on problem loans$384  $2,173  $602  $2,985  
Accretable yield recognized on purchased loans(1)
4,700  7,513  10,169  15,056  
Total impact to interest income on loans$5,084  $9,686  $10,771  $18,041  
Impact to loan yield0.19 %0.41 %0.21 %0.39 %
Impact to net interest margin0.16 %0.36 %0.18 %0.33 %
(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,731 and $4,197, for the second quarter of 2020 and 2019, respectively. The impact was $3,919 and $8,030 for the six months ended June 30, 2020 and 2019, respectively. This additional interest income increased total loan yield by 6 basis points and 18 basis points for the second quarter of 2020 and 2019, respectively, while increasing net interest margin by 5 and 15 basis points for the same periods. For the six months ended June 30, 2020 and 2019, the additional interest income increased total loan yield by 8 basis points and 17 basis points, respectively, while increasing net interest margin by 6 basis points and 15 basis points, respectively.
Investment income, on a tax equivalent basis, decreased $827 to $8,732 for the second quarter of 2020 from $9,559 for the second quarter of 2019. Investment income, on a tax equivalent basis, decreased $1,394 to $18,079 for the six months ended June 30, 2020 from $19,473 for the same period in 2019. The tax equivalent yield on the investment portfolio for the second quarter of 2020 was 2.71%, down 33 basis points from 3.04% in the same period in 2019. The tax equivalent yield on the investment portfolio for the six months ended June 30, 2020 was 2.81%, down 31 basis points from 3.12% in the same period in 2019. The decrease in taxable equivalent yield on securities was a result of an increase in premium amortization caused by the increase in prepayment speeds experienced in the Company’s mortgage backed securities portfolio given the current interest rate environment.
Interest expense was $18,173 for the second quarter of 2020 as compared to $25,062 for the same period in 2019. Interest expense for the six months ended June 30, 2020 was $41,744 as compared to $49,009 for the same period in 2019.
The following tables present, 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:
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 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Three Months EndedThree Months Ended
 June 30,June 30,
 2020201920202019
Noninterest-bearing demand27.80 %22.82 %— %— %
Interest-bearing demand41.64  45.12  0.43  0.89  
Savings6.04  6.14  0.09  0.20  
Time deposits16.44  22.56  1.62  1.72  
Short term borrowings5.04  0.85  0.75  2.38  
Long-term Federal Home Loan Bank advances1.23  0.06  0.84  3.24  
Subordinated notes0.92  1.40  5.60  6.07  
Other borrowed funds0.89  1.05  4.52  4.59  
Total deposits and borrowed funds100.00 %100.00 %0.59 %0.96 %
 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Six Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Noninterest-bearing demand25.62 %22.56 %— %— %
Interest-bearing demand42.89  45.36  0.59  0.87  
Savings6.07  6.07  0.12  0.20  
Time deposits17.64  22.60  1.66  1.66  
Short-term borrowings4.58  0.91  1.04  2.52  
Long-term Federal Home Loan Bank advances1.29  0.06  1.13  3.26  
Subordinated notes0.97  1.39  5.60  6.10  
Other long term borrowings0.94  1.05  4.69  4.59  
Total deposits and borrowed funds100.00 %100.00 %0.71 %0.94 %

Interest expense on deposits was $13,871 and $20,991 for the three months ended June 30, 2020 and 2019, respectively. The cost of total deposits was 0.49% and 0.83% for the same respective periods. Interest expense on deposits was $32,366 and $40,763 for the six months ended June 30, 2020 and 2019, respectively, with the costs of total deposits being 0.60% and 0.81% for the same respective periods. The decrease in both deposit expense and cost is attributable to the Company’s efforts to reduce deposit rates in order to mitigate the effect of the Federal Reserve’s rate cuts on the Company’s loan yields. During 2020, the Company has continued its efforts to grow non-interest bearing deposits, and such deposits represent 31.57% of total deposits at June 30, 2020 compared to 24.99% of total deposits at December 31, 2019. The growth in non-interest bearing deposits during the quarter was primarily driven by the Company’s PPP lending (as loan proceeds were held as Company deposits until the borrower utilized the funds), Economic Impact Payments provided for in the government stimulus package and core growth. Low cost deposits continue to be the preferred choice of funding; however, the Company may rely on wholesale borrowings when rates are advantageous.

Interest expense on total borrowings was $4,302 and $4,071 for the three months ended June 30, 2020 and 2019, respectively. Interest expense on total borrowings was $9,378 and $8,246 for the six months ended June 30, 2020 and 2019, respectively. The increase in interest expense as a result of higher borrowings was offset slightly by lower interest rates charged on our FHLB advances as rates fell during 2020.
A more detailed discussion of the cost of our funding sources is set forth below under the heading “Liquidity and Capital Resources” in this Item.
Noninterest Income
 
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Noninterest Income to Average Assets
Three Months Ended June 30,Six Months Ended June 30,
2020 20192020 2019
1.75% 1.32%1.45% 1.23%
Total noninterest income includes fees generated from deposit services and other fees and commissions, income from our insurance, wealth management and mortgage banking operations, realized gains on the sale of securities and all other noninterest income. Our focus is to develop and enhance our products that generate noninterest income in order to diversify our revenue sources. Noninterest income was $64,170 for the second quarter of 2020 as compared to $41,960 for the same period in 2019. Noninterest income was $101,740 for the six months ended June 30, 2020 as compared to $77,845 for the same period in 2019.
Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees. Service charges on deposit accounts were $6,832 and $8,605 for the second quarter of 2020 and 2019, respectively, and $15,902 and $17,707 for the six months ended June 30, 2020 and 2019, respectively. Overdraft fees, the largest component of service charges on deposits, were $3,740 for the three months ended June 30, 2020 as compared to $5,289 for the same period in 2019. These fees were $9,636 for the six months ended June 30, 2020 compared to $11,428 for the same period in 2019. The decrease in the second quarter of 2020 and for the first half of the year relative to prior periods is attributable to excess customer liquidity driven by the various government stimulus programs initiated in response to the pandemic as well as an overall decrease in consumer spending as shelter-in-place and similar government restrictions were imposed across the country due to the COVID-19 pandemic.
Fees and commissions were $2,971 during the second quarter of 2020 as compared to $7,047 for the same period in 2019, and were $6,025 for the first six months of 2020 as compared to $13,518 for the same period in 2019. Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions. For the second quarter of 2020, interchange fees were $2,158 as compared to $5,988 for the same period in 2019. Interchange fees were $4,212 for the six months ended June 30, 2020 as compared to $11,316 for the same period in 2019. Effective July 1, 2019, we became subject to the limitations on interchange fees imposed pursuant to §1075 of the Dodd-Frank Act (this provision, which is commonly referred to as the “Durbin Amendment,” is discussed in more detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 which was filed with the SEC on February 27, 2020). The Durbin Amendment limitations reduced interchange fees by approximately $3,000 for the second quarter of 2020 and approximately $6,000 for the first half of 2020 based on the volume and dollar amount of debit card transactions processed during the respective periods. Management is continuing to develop and enhance strategies to offset this impact.
Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers. Income earned on insurance products was $2,125 and $2,190 for the three months ended June 30, 2020 and 2019, respectively, and was $4,116 and $4,306 for the six months ended June 30, 2020 and 2019, respectively. Contingency income is a bonus received from the insurance underwriters and is based both on commission income and claims experience on our clients’ policies during the previous year. Increases and decreases in contingency income are reflective of corresponding increases and decreases in the number of claims paid by insurance carriers. Contingency income, which is included in “Other noninterest income” in the Consolidated Statements of Income, was $25 and $28 for the three months ended June 30, 2020 and 2019, respectively, and $918 and $785 for the six months ended June 30, 2020 and 2019, respectively.
Our Wealth Management segment has two primary divisions: Trust and Financial Services. The Trust division operates on a custodial basis which includes administration of employee benefit plans, as well as accounting and money management for trust accounts. The division manages a number of trust accounts inclusive of personal and corporate accounts, self-directed IRAs, and custodial accounts. Fees for managing these accounts are based on changes in market values of the assets under management in the account, with the amount of the fee depending on the type of account. The Financial Services division provides specialized products and services to our customers, which include fixed and variable annuities, mutual funds, and stocks offered through a third party provider. Wealth Management revenue was $3,824 for the second quarter of 2020 compared to $3,601 for the same period in 2019 and was $7,826 for the six months ended June 30, 2020 compared to $6,925 for the same period in 2019. The market value of assets under management or administration was $3,806,023 and $3,553,785 at June 30, 2020 and June 30, 2019, 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 $1,308,074 in the second quarter of 2020 compared to $554,722 for the same period in 2019. Mortgage loan originations totaled $2,023,834 in the six months ended June 30, 2020 compared to $938,825 for the same period in 2019. The increase in mortgage loan originations is due to the current interest rate environment as well as an increase
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in producers throughout our footprint during the second half of 2019. Mortgage banking income, specifically mortgage servicing income, was negatively impacted during the second quarter and first six months of 2020 by a mortgage servicing rights valuation adjustment of $4,951 and $14,522, respectively, as actual prepayment speeds of the mortgages the Company serviced exceeded the Company’s estimates of prepayment speeds. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.
Three Months Ended June 30,Six Months Ended June 30,
2020 20192020 2019
Gain on sales of loans, net$46,560  $12,901  $68,342  $20,789  
Fees, net5,309  2,945  8,228  4,638  
Mortgage servicing (loss) income, net(1,428) 774  (1,023) 1,594  
MSR valuation adjustment(4,951) —  (14,522) —  
Mortgage banking income, net$45,490  $16,620  $61,025  $27,021  
Bank-owned life insurance (“BOLI”) income is derived from changes in the cash surrender value of the bank-owned life insurance policies and death benefits received on covered individuals. BOLI income was $1,329 for the three months ended June 30, 2020 as compared to $1,340 for the same period in 2019, and $2,492 for the first six months of June 30, 2020 as compared to $2,748 for the same period in 2019.
Other noninterest income was $1,568 and $2,565 for the three months ended June 30, 2020 and 2019, respectively, and $4,323 and $5,615 for the six months ended June 30, 2020 and 2019, respectively. Other noninterest income includes income from our SBA banking division and other miscellaneous income and can fluctuate based on production in our SBA banking division and recognition of other nonseasonal income items. 
Noninterest Expense
Noninterest Expense to Average Assets
Three Months Ended June 30,Six Months Ended June 30,
2020 20192020 2019
3.24%2.93%3.33% 2.88%
Noninterest expense was $118,285 and $93,290 for the second quarter of 2020 and 2019, respectively, and was $233,326 and $182,122 for the six months ended June 30, 2020 and 2019, respectively.
Salaries and employee benefits increased $19,036 to $79,361 for the second quarter of 2020 as compared to $60,325 for the same period in 2019. Salaries and employee benefits increased $34,875 to $152,550 for the six months ended June 30, 2020 as compared to $117,675 for the same period in 2019. The increase in salaries and employee benefits is primarily due to the strategic production hires the Company made throughout its footprint during the last nine months of 2019 as well as increased mortgage commissions and incentives related to the increased mortgage production during the second quarter and first half of 2020. Salaries and employee benefits for the second quarter and first six months of 2020 also includes approximately $5,768 and $8,260, respectively, in expense related to employee overtime and employee benefit accruals directly related to the Company's response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act.
Data processing costs increased to $5,047 in the second quarter of 2020 from $4,698 for the same period in 2019 and were $10,053 for the six months ended June 30, 2020 as compared to $9,604 for the same period in 2019. The Company continues to negotiate favorable contract terms to offset the increased variable cost components of our data processing costs, such as new accounts and increased transaction volume.
Net occupancy and equipment expense for the second quarter of 2020 was $13,511, up from $11,544 for the same period in 2019. These expenses for the first six months of 2020 were $27,631, up from $23,379 for the same period in 2019. The increase in occupancy and equipment expense is primarily attributable to the new locations added to the Company’s footprint during the last nine months of 2019.
Expenses related to other real estate owned for the second quarter of 2020 were $620 as compared to $252 for the same period in 2019 and were $1,038 and $1,256, respectively, for the first six months of 2020 and 2019. Expenses on other real estate owned included write downs of the carrying value to fair value on certain pieces of property held in other real estate owned of $827 and $868 for the first six months of 2020 and 2019, respectively. For the six months ended June 30, 2020 and 2019, other
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real estate owned with a cost basis of $2,317 and $3,235, respectively, was sold, resulting in a net gain of $89 and net loss of $60, respectively.
Professional fees include fees for legal and accounting services, such as routine litigation matters, external audit services as well as assistance in complying with newly-enacted and existing banking and governmental regulation. Professional fees were $2,517 for the second quarter of 2020 as compared to $2,431 for the same period in 2019 and $5,159 for the six months ended June 30, 2020 as compared to $4,885 for the same period in 2019.
Advertising and public relations expense was $2,920 for the second quarter of 2020 as compared to $2,648 for the same period in 2019, and $6,320 for the six months ended June 30, 2020 compared to $5,515 for the same period in 2019.This increase is primarily attributable to an increased focus on digital marketing and branding throughout our footprint as well as an increase in the marketing of the Company’s community involvement.
Amortization of intangible assets totaled $1,834 and $2,053 for the second quarter of 2020 and 2019, respectively, and $3,729 and $4,163 for the six months ended June 30, 2020 and 2019, respectively. This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at acquisition. These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 month to approximately 10 years.
Communication expenses, those expenses incurred for communication to clients and between employees, were $2,181 for the second quarter of 2020 as compared to $2,348 for the same period in 2019. Communication expenses were $4,379 for the six months ended June 30, 2020 as compared to $4,243 for the same period in 2019.
Other noninterest expense includes the provision for unfunded commitments, business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses. Other noninterest expense was $10,204 and $22,377 for the three and six months ended June 30, 2020, respectively, as compared to $6,812 and $11,223 for the same periods in 2019, respectively. The provision for unfunded commitments was $2,600 and $6,000 for the three months and six months ended June 30, 2020, respectively. No such provision was included in other noninterest expense for the same periods in 2019. Also included in noninterest expense for the second quarter and first half of 2020 were approximately $488 and $900, respectively, in expenses incurred to supply our branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning in response to the COVID-19 pandemic.
Efficiency Ratio
Efficiency Ratio
Three Months Ended June 30,Six Months Ended June 30,
2020 20192020 2019
Efficiency ratio (GAAP)68.92 %59.73 %73.49 % 59.38 %
Adjusted efficiency ratio (Non-GAAP)(1)
60.89 %58.30 %64.56 %57.97 %
(1)A reconciliation of this financial measure from GAAP to non-GAAP can be found under the “Non-GAAP Financial Measures” heading at the end of this Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The efficiency ratio is one measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that 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 table above shows the impact on the efficiency ratio of expenses that (1) the Company does not consider to be part of our core operating activities, such as amortization of intangibles, or (2) the Company incurred in connection with certain transactions where management is unable to accurately predict the timing of when these expenses will be incurred or, when incurred, the amount of such expenses, such as expenses incurred in connection with our response to the COVID-19 pandemic and our MSR valuation adjustment. We remain committed to aggressively managing our costs within the framework of our business model. We expect the efficiency ratio to improve from currently reported levels as a result of revenue growth while at the same time controlling noninterest expenses.
Income Taxes
Income tax expense for the second quarter of 2020 and 2019 was $4,637 and $13,945, respectively. The effective tax rates for those periods were 18.72% and 23.02%, respectively. Income tax expenses for the six months ended June 30, 2020 and 2019 were $5,410 and $27,535, respectively. The effective tax rates for those periods were 19.64% and 23.09%, respectively.

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Risk Management

The management of risk is an on-going process. Primary risks that are associated with the Company include credit, interest rate and liquidity risk. Credit risk and interest rate risk are discussed below, while liquidity risk is discussed in the next subsection under the heading “Liquidity and Capital Resources.”
Credit Risk and Allowance for Credit Losses on Loans and Unfunded Commitments

At June 30, 2020, the Company’s credit quality metrics remained strong. During the first quarter of 2020, in response to the potential economic impact of COVID-19 the Company proactively identified customers in potentially high-risk industries. In the second quarter, the Company continued this heightened attention on borrowers in the hospitality (such as hotel/motel), restaurant, entertainment and retail trade industries. The Company is continuing to monitor all asset categories given that any category or borrower could be negatively impacted by the pandemic. In addition, to provide necessary relief to the Company’s borrowers – both consumer and commercial clients – the Company established loan deferral programs allowing qualified clients to defer principal and interest payments for up to 90 days. A second 90-day deferral has been made available to borrowers that remain current on taxes and insurance and also satisfy underwriting standards established by the Company that analyze the ability of the borrower to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the borrower, its industry and the markets in which it operates.

The Company’s credit quality in future quarters will be impacted by both external and internal factors. External factors outside the Company’s control include items such as federal, state and local government measures, “shelter-in-place” orders, the economic impact of government programs and the future spread of the COVID-19 virus. Internal factors that will potentially impact credit quality include items such as the Company’s loan deferral programs, involvement in government offered programs and the related financial impact of these programs. The impact of each of these items are unknown at this time and could materially and adversely impact future credit quality.
Management of Credit Risk. Inherent in any lending activity is credit risk, that is, the risk of loss should a borrower default. Credit risk is monitored and managed on an ongoing basis by a credit administration department, a problem asset resolution committee and the Board of Directors Credit Review Committee. Credit quality, adherence to policies and loss mitigation are major concerns of credit administration and these committees. The Company’s central appraisal review department reviews and approves third-party appraisals obtained by the Company on real estate collateral and monitors loan maturities to ensure updated appraisals are obtained. This department is managed by a State Certified General Real Estate Appraiser and employs four additional State Certified General Real Estate Appraisers and four real estate evaluators.
We have a number of documented loan policies and procedures that set forth the approval and monitoring process of the lending function. Adherence to these policies and procedures is monitored by management and the Board of Directors. A number of committees and an underwriting staff oversee the lending operations of the Company. These include in-house problem asset resolution committees and the Board of Directors Credit Review Committee. In addition, we maintain a loan review staff to independently monitor loan quality and lending practices. Loan review personnel monitor and, if necessary, adjust the grades assigned to loans through periodic examination, focusing their review on commercial and real estate loans rather than consumer and small balance consumer mortgage loans, such as 1-4 family mortgage loans.
In compliance with loan policy, the lending staff is given lending limits based on their knowledge and experience. In addition, each lending officer’s prior performance is evaluated for credit quality and compliance as a tool for establishing and enhancing lending limits. Before funds are advanced on consumer and commercial loans below certain dollar thresholds, loans are reviewed and scored using centralized underwriting methodologies. Loan quality, or “risk-rating,” grades are assigned based upon certain factors, which include the scoring of the loans. This information is used to assist management in monitoring credit quality. Loan requests of amounts greater than an officer’s lending limits are reviewed for approval by senior credit officers.
For commercial and commercial real estate secured loans, risk-rating grades are assigned by lending, credit administration and loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Loan grades range from 1 to 9, with 1 being loans with the least credit risk.
Management’s problem asset resolution committee and the Board of Directors’ Credit Review Committee monitor loans that are past due or those that have been downgraded and placed on the Company’s internal watch list due to a decline in the collateral value or cash flow of the debtor; the committees then adjust loan grades accordingly. This information is used to assist management in monitoring credit quality. When the ultimate collectability of a loan’s principal is in doubt, wholly or partially, the loan is placed on nonaccrual.
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After all collection efforts have failed, collateral securing loans may be repossessed and sold or, for loans secured by real estate, foreclosure proceedings initiated. The collateral is sold at public auction for fair market value (based upon recent appraisals described in the above paragraph), with fees associated with the foreclosure being deducted from the sales price. The purchase price is applied to the outstanding loan balance. If the loan balance is greater than the sales proceeds, the deficient balance is sent to the Board of Directors’ Credit Review Committee for charge-off approval. These charge-offs reduce the allowance for credit losses on loans. Charge-offs reflect the realization of losses in the portfolio that were recognized previously through the provision for credit losses on loans.
The Company’s practice is to charge off estimated losses as soon as such losses are identified and reasonably quantified. Net charge-offs for the first six months of 2020 were $2,509, or 0.05% of average loans (annualized), compared to net charge-offs of $1,367, or 0.03% of average loans (annualized), for the same period in 2019. The charge-offs were fully reserved for in the Company’s allowance for credit losses on loans.

Allowance for Credit Losses on Loans and Unfunded Commitments; Provision for Credit Losses on Loans and Unfunded Commitments. On January 1, 2020, the Company began calculating the allowance for credit losses under CECL. As of the date of adoption, the Company increased the allowance for credit losses on loans by $42,484 and the reserve for unfunded commitments by $10,389. Management evaluates the adequacy of the allowance on a quarterly basis. The allowance for credit losses is available to absorb probable credit losses inherent in the loans held for investment portfolio. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including loans evaluated on a collective (pooled) basis and those evaluated on an individual basis as set forth in the ASC 326. The credit loss estimation process involves procedures to appropriately consider the unique characteristics of the Company’s loan portfolio segments. Credit quality is assessed and monitored by evaluating various attributes, and the results of those evaluations are utilized in underwriting new loans and in the Company’s process for the estimation of expected credit losses. Credit quality monitoring procedures and indicators can include an assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories, and other factors, including our risk rating system, regulatory guidance and economic conditions, such as the unemployment rate and GDP growth in the markets in which we operate as well as trends in the market values of underlying collateral securing loans, all as determined based on input from management, loan review staff and other sources. This evaluation is complex and inherently subjective, as it requires estimates by management that are inherently uncertain and therefore susceptible to significant revision as more information becomes available. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and provision for credit loss in those future periods.

The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, a collective or pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics; and second, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans.

•The allowance for credit losses for loans that share similar risk characteristics with other loans is calculated on a collective (or pool) basis, where such loans are segregated into loan portfolio segments based upon similarity of credit risk. In determining the allowance for credit losses on loans evaluated on a collective basis, the Company categorizes loan pools based on loan type and/or risk rating. The Company uses two CECL models: (1) a loss rate model, based on average historical life-of-loan loss rates, is used for the Real Estate - 1-4 Family Mortgage, Real Estate - Construction and the Installment Loans to Individuals portfolio segments, and (2) for the Commercial, Real Estate - Commercial Mortgage and Lease Financing portfolio segments, the Company uses a probability of default/loss given default model, which calculates an expected loss percentage for each loan pool by considering (a) the probability of default, based on the migration of loans from performing (using risk ratings) to default using life-of-loan analysis periods, and (b) the historical severity of loss, based on the aggregate net lifetime losses incurred per loan pool.

The historical loss rates calculated as described above are adjusted, as necessary, for both internal and external qualitative factors where there are differences in the historical loss data of the Company and current or projected future conditions. Internal factors include loss history, changes in credit quality (including movement between risk ratings) and/or credit concentration, the nature and volume of the respective loan portfolio segments, and changes in lending or loan review staffing. External factors include current and reasonable and supportable forecasted economic conditions, the competitive environment and changes in collateral values. These factors are used to adjust the historical loss rates (as described above) to ensure that they reflect management’s expectation of future conditions based on a reasonable and supportable forecast
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period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, when necessary, the models immediately revert back to the historical loss rates adjusted for qualitative factors related to current conditions.

•For loans that do not share similar risk characteristics with other loans, an individual analysis is performed to determine the expected credit loss. If the respective loan is collateral dependent (that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral), the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of collateral is initially based on external appraisals. Generally, collateral values for loans for which measurement of expected losses is dependent on collateral values are updated every twelve months, either from external third parties or in-house certified appraisers. Third-party appraisals are obtained from a pre-approved list of independent, third-party, local appraisal firms. The fair value of the collateral derived from the external appraisal is then adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Other acceptable methods for determining the expected credit losses for individually evaluated loans (typically used for loans that are not collateral dependent) is a discounted cash flow approach or, if applicable, an observable market price. Once the expected credit loss amount is determined, an allowance equal to such expected credit loss is included in the allowance for credit losses.

For periods prior to January 1, 2020, the Company calculated the allowance for credit losses using the incurred loss methodology.

In addition to its quarterly analysis of the allowance for credit losses, on a regular basis, management and the Board of Directors review loan ratios. These ratios include the allowance for credit losses as a percentage of total loans, net charge-offs as a percentage of average loans, the provision for credit losses as a percentage of average loans, nonperforming loans as a percentage of total loans and the allowance coverage on nonperforming loans. Also, management reviews past due ratios by officer, community bank and the Company as a whole.

The following table presents the allocation of the allowance for credit losses on loans by loan category and the percentage of loans in each category to total loans as of the dates presented:
 
June 30, 2020December 31, 2019June 30, 2019
Balance% of TotalBalance% of TotalBalance% of Total
Commercial, financial, agricultural$30,685  24.02 %$10,658  14.12 %$9,534  14.40 %
Lease financing1,812  0.73 %910  0.84 %665  0.65 %
Real estate – construction12,538  7.19 %5,029  8.53 %5,302  8.15 %
Real estate – 1-4 family mortgage29,401  25.36 %9,814  29.59 %9,616  30.47 %
Real estate – commercial mortgage60,061  40.11 %24,990  43.80 %24,302  44.93 %
Installment loans to individuals10,890  2.59 %761  3.12 %640  1.40 %
Total$145,387  100.00 %$52,162  100.00 %$50,059  100.00 %

The provision for credit losses on loans charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for credit losses on loans at a level that is believed to be adequate to meet the inherent risks of losses in our loan portfolio. The provision for credit losses on loans was $26,900 and $900 for the three months ended June 30, 2020 and 2019, respectively, and $53,250 and $2,400 for the six months ended June 30, 2020 and 2019, respectively. The table below reflects the activity in the allowance for credit losses on loans for the periods presented:
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Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Balance at beginning of period$120,185  $49,835  $52,162  $49,026  
Impact of the adoption of ASC 326—  —  42,484  —  
Charge-offs
Commercial, financial, agricultural1,156  694  1,549  952  
Lease financing—  —  —  —  
Real estate – construction532  —  532  —  
Real estate – 1-4 family mortgage142  378  363  875  
Real estate – commercial mortgage—  167  2,047  729  
Installment loans to individuals1,736  212  4,424  432  
Total charge-offs3,566  1,451  8,915  2,988  
Recoveries
Commercial, financial, agricultural108  241  298  615  
Lease financing5  2  10  2  
Real estate – construction—  —  —  7  
Real estate – 1-4 family mortgage48  115  136  312  
Real estate – commercial mortgage41  366  1,740  611  
Installment loans to individuals1,666  51  4,222  74  
Total recoveries1,868  775  6,406  1,621  
Net charge-offs1,698  676  2,509  1,367  
Provision for credit losses on loans26,900  900  53,250  2,400  
Balance at end of period$145,387  $50,059  $145,387  $50,059  
Net charge-offs (annualized) to average loans0.06 %0.03 %0.05 %0.03 %
Allowance for credit losses on loans to:
Total loans1.32 %0.55 %
Total loans excluding PPP loans1.50 %—  
Nonperforming loans329.65 %149.97 %
The following table provides further details of the Company’s net charge-offs (recoveries) of loans secured by real estate for the periods presented:
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Real estate – construction:
Residential$532  $—  $532  $(7) 
Total real estate – construction532  —  532  (7) 
Real estate – 1-4 family mortgage:
Primary109  184  260  432  
Home equity(11) (31) (22) 98  
Rental/investment—  155  28  153  
Land development(4) (45) (39) (120) 
Total real estate – 1-4 family mortgage94  263  227  563  
Real estate – commercial mortgage:
Owner-occupied(29) (192) 1,414  44  
Non-owner occupied(12) (5) (1,130) 123  
Land development—  (2) 23  (49) 
Total real estate – commercial mortgage(41) (199) 307  118  
Total net charge-offs of loans secured by real estate$585  $64  $1,066  $674  
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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 loss 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, 2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$14,735  
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) 2,600  
Ending balance$17,335  
Six Months Ended June 30, 2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$946  
Impact of the adoption of ASC 32610,389  
Provision for credit losses on unfunded loan commitments (included in other noninterest expense)6,000  
Ending balance$17,335  
Nonperforming Assets. Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are those on which the accrual of interest has stopped or loans which 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 problem asset resolution committee and our loan review staff closely monitor loans that are considered to be nonperforming.

Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for credit losses on loans. 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 non purchased and purchased nonperforming assets as of the dates presented.
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Non PurchasedPurchased Total
June 30, 2020
Nonaccruing loans$16,591  $21,361  $37,952  
Accruing loans past due 90 days or more3,993  2,158  6,151  
Total nonperforming loans20,584  23,519  44,103  
Other real estate owned4,694  4,431  9,125  
Total nonperforming assets$25,278  $27,950  $53,228  
Nonperforming loans to total loans0.40 %
Nonperforming assets to total assets0.36 %
December 31, 2019
Nonaccruing loans$21,509  $7,038  $28,547  
Accruing loans past due 90 days or more3,458  4,317  7,775  
Total nonperforming loans24,967  11,355  36,322  
Other real estate owned2,762  5,248  8,010  
Total nonperforming assets$27,729  $16,603  $44,332  
Nonperforming loans to total loans0.37 %
Nonperforming assets to total assets0.33 %

The level of nonperforming loans increased $7,781 from December 31, 2019 to June 30, 2020, while OREO increased $1,115 during the same period. The implementation of CECL, which requires purchased credit deteriorated loans to be classified as nonaccrual based on performance, contributed $5,266 to the increase in nonaccruing loans.
The following table presents nonperforming loans by loan category as of the dates presented:
June 30,
2020		December 31, 2019June 30,
2019
Commercial, financial, agricultural$10,526  $8,458  $7,437  
Lease financing151  226  70  
Real estate – construction:
Residential—  —  —  
Commercial—  —  —  
Total real estate – construction—  —  —  
Real estate – 1-4 family mortgage:
Primary17,077  14,270  10,988  
Home equity2,219  2,328  2,033  
Rental/investment1,596  1,958  1,547  
Land development426  367  496  
Total real estate – 1-4 family mortgage21,318  18,923  15,064  
Real estate – commercial mortgage:
Owner-occupied8,695  4,526  6,254  
Non-owner occupied2,126  2,459  3,483  
Land development609  1,109  483  
Total real estate – commercial mortgage11,430  8,094  10,220  
Installment loans to individuals678  621  589  
Total nonperforming loans$44,103  $36,322  $33,380  
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Total nonperforming loans as a percentage of total loans were 0.40% as of June 30, 2020 as compared to 0.37% as of December 31, 2019 and June 30, 2019. The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 329.65% as of June 30, 2020 as compared to 143.61% as of December 31, 2019 and 149.97% as of June 30, 2019. As discussed above, the adoption of CECL resulted in an increase of $5,266 in nonaccruing loans as of June 30, 2020. Although nonperforming loans have increased as of June 30, 2020, the coverage ratios have increased as a result of the increase in the allowance for credit losses discussed above.

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 at June 30, 2020. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due were $9,675 at June 30, 2020 as compared to $37,668 at December 31, 2019 and $27,418 at June 30, 2019.

Although not classified as nonperforming loans, restructured loans are another category of assets that contribute to our credit risk. Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or placed on nonaccrual status are reported as nonperforming loans.

As shown below, restructured loans totaled $18,078 at June 30, 2020 as compared to $11,954 at December 31, 2019 and $15,509 at June 30, 2019. At June 30, 2020, loans restructured through interest rate concessions represented 34% of total restructured loans, while loans restructured by a concession in payment terms represented the remainder. The following table provides further details of the Company’s restructured loans in compliance with their modified terms as of the dates presented:

June 30,
2020		December 31, 2019June 30,
2019
Commercial, financial, agricultural$3,286  $523  $2,669  
Real estate – 1-4 family mortgage:
Primary8,680  6,987  7,020  
Home equity374  213  332  
Rental/investment696  596  1,833  
Total real estate – 1-4 family mortgage9,750  7,796  9,185  
Real estate – commercial mortgage:
Owner-occupied3,679  3,096  3,121  
Non-owner occupied1,077  503  534  
Land development189  36  —  
Total real estate – commercial mortgage4,945  3,635  3,655  
Installment loans to individuals97  —  —  
Total restructured loans in compliance with modified terms$18,078  $11,954  $15,509  
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Changes in the Company’s restructured loans are set forth in the table below:
 
20202019
Balance at January 1,$11,954  $12,820  
Additional advances or loans with concessions9,105  3,321  
Reclassified as performing restructured loan188  1,502  
Reductions due to:
Reclassified as nonperforming(2,539) (1,211) 
Paid in full(422) (542) 
Charge-offs(3) —  
Paydowns(205) (381) 
Balance at June 30,$18,078  $15,509  

In response to the current economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the first quarter of 2020 that provides temporary payment relief to both consumer and commercial customers. Any customer that is current on loan payments, taxes and insurance can qualify for a 90-day deferral of principal and interest payments. A second 90-day deferral has been made available to customers that remain current on taxes and insurance and also satisfy underwriting standards established by the Company that analyze the ability of the customer to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the customer, its industry and the markets in which it operates. The Company’s loan deferral program complies with the guidance set forth in the CARES Act and related guidance from the FDIC and other banking regulators. As of June 30, 2020, the Company had approximately 5,200 loans on deferral, or 21.5% of our loan portfolio (excluding PPP loans) by dollar value. The aggregate balance of loans on deferral at June 30, 2020 was approximately $2,094,000. In accordance with the applicable guidance, none of these loans were considered “restructured loans”.
The following table shows the principal amounts of nonperforming and restructured loans as of the dates presented. All loans where information exists about possible credit problems that would cause us to have serious doubts about the borrower’s ability to comply with the current repayment terms of the loan have been reflected in the table below.
 
June 30,
2020		December 31, 2019June 30,
2019
Nonaccruing loans$37,952  $28,547  $21,518  
Accruing loans past due 90 days or more6,151  7,775  11,862  
Total nonperforming loans44,103  36,322  33,380  
Restructured loans in compliance with modified terms18,078  11,954  15,509  
Total nonperforming and restructured loans$62,181  $48,276  $48,889  
The following table provides details of the Company’s other real estate owned as of the dates presented:
 
June 30,
2020		December 31, 2019June 30,
2019
Residential real estate$901  $1,305  $5,179  
Commercial real estate2,514  3,654  1,604  
Residential land development3,040  899  1,023  
Commercial land development2,670  2,152  927  
Total other real estate owned$9,125  $8,010  $8,733  

Changes in the Company’s other real estate owned were as follows:
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20202019
Balance at January 1,$8,010  $11,040  
Transfers of loans4,259  1,796  
Impairments(827) (868) 
Dispositions(2,317) (3,235) 
Balance at June 30,$9,125  $8,733  
Other real estate owned with a cost basis of $2,317 was sold during the six months ended June 30, 2020, resulting in a net gain of $89, while other real estate owned with a cost basis of $3,235 was sold during the six months ended June 30, 2019, resulting in a net loss of $60.

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 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.
Because of the impact of interest rate fluctuations on our profitability, the Board of Directors and management actively monitor and manage our interest rate risk exposure. We have an Asset/Liability Committee (“ALCO”) that is authorized by the Board of Directors to monitor our interest rate sensitivity and to make decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital. 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, which could impact the results presented in the table below.
Net interest income 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 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, 2020, in each case as compared to the result under rates present in the market on June 30, 2020. The changes in interest rates assume an instantaneous and parallel shift in the yield curve and do not take into account 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)
Static1-12 Months13-24 Months
+40042.45%14.15%26.50%
+30033.95%10.67%20.05%
+20022.91%7.00%13.37%
+10012.55%3.12%6.51%
-100(13.57)%(6.14)%(9.53)%

The rate shock results for the net interest income simulations for the next twenty-four months produce an asset sensitive position at June 30, 2020 and are all within the parameters set by the Board of Directors. The preceding measures assume no change in the size or asset/liability compositions of the balance sheet, and they do not reflect future actions the ALCO may undertake in response to such changes in interest rates.
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The scenarios assume instantaneous movements in interest rates in increments of plus 100, 200, 300 and 400 basis points and minus 100 basis points. As interest rates are adjusted over a period of 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, 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, caps and/or floors, 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 derivative financial instruments, see the “Off-Balance Sheet Transactions” section below and Note 10, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.

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 time deposits and public fund deposits, are the major source of funds used by the Bank to meet cash flow needs. Maintaining the ability to acquire these funds as needed in a variety of markets is the key to assuring the Bank’s liquidity. Management continually monitors the Bank’s liquidity and non-core dependency ratios to ensure compliance with targets established by the Asset/Liability Management Committee.

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 28.18% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types and short-term borrowings. At June 30, 2020, securities with a carrying value of $522,772 were pledged to secure public fund deposits and as collateral for short-term borrowings and derivative instruments as compared to securities with a carrying value of $444,603 similarly pledged at December 31, 2019.

Other sources available for meeting liquidity needs include federal funds purchased and short-term and long-term advances from the FHLB. Interest is charged at the prevailing market rate on federal funds purchased and FHLB advances. There were short-term borrowings from the FHLB in the amount of $330,000 at June 30, 2020 compared to $480,000 at December 31, 2019. Long-term funds obtained from the FHLB are used primarily 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. At June 30, 2020, the balance of our outstanding long-term advances with the FHLB was $152,250 compared to $152,337 at December 31, 2019. The total amount of the remaining credit available to us from the FHLB at June 30, 2020 was $3,333,108. We also maintain lines of credit with other commercial banks totaling $180,000. 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, 2020 or December 31, 2019.

In 2016 we accessed the capital markets to generate liquidity in the form of subordinated notes. As part of the Metropolitan acquisition, the Company assumed $15,000 aggregate principal amount of 6.50% fixed-to-floating rate subordinated notes due July 1, 2026. The carrying value of the subordinated notes, net of unamortized debt issuance costs, was $113,925 at June 30, 2020.

Although we currently have a significant amount of on-balance sheet liquidity and other available sources of funding, as detailed below, we are also able to participate in the Paycheck Protection Program Liquidity Facility (“PPPLF”) established by the Federal Reserve. Because of the favorable capital treatment and interest rate of PPPLF borrowings, we may access the PPPLF to offset any impact on our liquidity resulting from the high level of PPP lending that we engaged in during the second quarter of 2020. Under the PPPLF, PPP loans may be pledged as collateral, and borrowings under the PPPLF bear interest at a rate of 0.35%. 

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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 FundsCost of Funds
Six Months EndedSix Months Ended
 June 30,June 30,
 2020201920202019
Noninterest-bearing demand25.62 %22.56 %— %— %
Interest-bearing demand42.89  45.36  0.59  0.87  
Savings6.07  6.07  0.12  0.20  
Time deposits17.64  22.60  1.66  1.66  
Short-term borrowings4.58  0.91  1.04  2.52  
Long-term Federal Home Loan Bank advances1.29  0.06  1.13  3.26  
Subordinated notes0.97  1.39  5.60  6.10  
Other borrowed funds0.94  1.05  4.69  4.59  
Total deposits and borrowed funds100.00 %100.00 %0.71 %0.94 %

Our strategy in choosing funds is focused on minimizing cost in the context of our balance sheet composition and interest rate risk position. Accordingly, management targets growth of 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 $616,903 at June 30, 2020, as compared to $443,862 at June 30, 2019. Cash used in investing activities for the six months ended June 30, 2020 was $1,289,169, as compared to cash provided by investing activities of $55,237 for the six months ended June 30, 2019. Proceeds from the sale, maturity or call of securities within our investment portfolio were $192,580 for the six months ended June 30, 2020, as compared to $133,350 for the same period in 2019. These proceeds were reinvested into the investment portfolio or used to fund loan growth. Purchases of investment securities were $182,745 for the first six months of 2020, as compared to $125,503 for the same period in 2019.

Cash provided by financing activities for the six months ended June 30, 2020 was $1,436,229, as compared to cash used in financing activities for the same period in 2019 of $225,298. Deposits increased $1,633,336 and $62,178 for the six months ended June 30, 2020 and 2019, 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 the Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance (the “DBCF”). In addition, the FDIC also has the authority to prohibit the Bank from engaging in business practices that the FDIC considers to be unsafe or unsound, which, depending on the financial condition of the bank, could include the payment of dividends. Accordingly, the approval of the DBCF is required prior to the Bank paying dividends to the Company, and under certain circumstances the approval of the FDIC may be required.
In addition to the FDIC and DBCF restrictions on dividends payable by the Bank to the Company, in July 2020 the Federal Reserve provided guidance regarding the criteria that it will use to evaluate the request by a bank holding company to pay dividends in an aggregate amount that will exceed the company’s earnings for the period in which the dividends will be paid. For purposes of this analysis, “dividend” includes not only dividends on preferred and common equity but also dividends on debt underlying trust preferred securities and other Tier 1 capital instruments. The Federal Reserve’s criteria evaluates whether the holding company (1) has net income over the past four quarters sufficient to fully fund the proposed dividend (taking into account prior dividends paid during this period), (2) is considering stock repurchases or redemptions in the quarter, (3) does not have a concentration in commercial real estate and (4) is in good supervisory condition, based on its overall condition and its asset quality risk. A holding company not meeting this criteria will require more in-depth consultations with the Federal Reserve. The Company’s dividends for the second quarter of 2020 did not exceed the Company’s earnings for such quarter.

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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, 2020, the maximum amount available for transfer from the Bank to the Company in the form of loans was $142,438. The Company maintains a line of credit collateralized by cash with the Bank totaling $3,061. There were no amounts outstanding under this line of credit at June 30, 2020.

These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 2020, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations.
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Off-Balance Sheet Transactions
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, 2020December 31, 2019
Loan commitments$2,534,315  $2,324,262  
Standby letters of credit94,000  94,824  

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 will continue this process as new commitments are entered into or existing commitments are renewed. For a more detailed discussion 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, 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, 2020, the Company had notional amounts of $261,213 on interest rate contracts with corporate customers and $261,213 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.
The Company has also entered into forward interest rate swap contracts on FHLB borrowings, as well as interest rate swap agreements on junior subordinated debentures that are all accounted for as cash flow hedges. Under each of these contracts, the Company will pay a fixed rate of interest and will receive a variable rate of interest based on the one-month or three-month LIBOR plus a predetermined spread.
For more information about the Company’s off-balance sheet transactions, see Note 10, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.

Shareholders’ Equity and Regulatory Matters

Total shareholders’ equity of the Company was $2,082,946 at June 30, 2020 compared to $2,125,689 at December 31, 2019. Book value per share was $37.07 and $37.39 at June 30, 2020 and December 31, 2019, respectively. The decrease in shareholders’ equity was attributable to the day one impact of our adoption of CECL, an increased provision for credit losses during the first six months of 2020 offsetting much of our earnings in 2020 while maintaining the quarterly dividends, and common stock repurchased through the stock repurchase program.

The Company maintains a shelf registration statement with the Securities and Exchange Commission (“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
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supplement applicable to the offering and could include the expansion of the Company’s banking, insurance and wealth management operations as well as other business opportunities.

During the first quarter of 2020, the Company suspended its stock repurchase program in response to the COVID-19 pandemic. There is approximately $5,500 of repurchase availability remaining under the $50,000 stock repurchase program, which will remain in effect until the earlier of October 2020 or the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.

The Company has junior subordinated debentures with a carrying value of $110,505 at June 30, 2020, of which $106,914 is included in the Company’s Tier 1 capital. Federal Reserve guidelines limit the amount of securities that, similar to our junior subordinated debentures, are includable in Tier 1 capital, but these guidelines did not impact the amount of debentures we include in Tier 1 capital at June 30, 2020. Although our existing junior subordinated debentures are currently unaffected by these Federal Reserve guidelines, on account of changes enacted as part of the Dodd-Frank Act, any new trust preferred securities are not includable in Tier 1 capital. Further, if as a result of an acquisition we exceed $15,000,000 in assets, or if we make any acquisition after we have exceeded $15,000,000 in assets, we will lose Tier 1 treatment of our junior subordinated debentures.

The Company has subordinated notes with a carrying value of $113,925 at June 30, 2020, of which $113,700 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 TiersTier 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 capitalized5% or above6.5% or above 8% or above 10% or above
Adequately capitalized4% or above4.5% or above 6% or above 8% or above
UndercapitalizedLess than 4%Less than 4.5% Less than 6% Less than 8%
Significantly undercapitalizedLess 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 and risk-based capital and leverage ratios for the Company and for Renasant Bank as of the dates presented:
 ActualMinimum Capital
Requirement to be
Well Capitalized		Minimum Capital
Requirement to be
Adequately
Capitalized (including the Capital Conservation Buffer)
 AmountRatioAmountRatioAmountRatio
June 30, 2020
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,146,354  10.69 %$696,751  6.50 %$750,347  7.00 %
Tier 1 risk-based capital ratio1,253,267  11.69 %857,540  8.00 %911,136  8.50 %
Total risk-based capital ratio1,470,733  13.72 %1,071,924  10.00 %1,125,521  10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,253,267  9.12 %687,402  5.00 %549,922  4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,320,611  12.33 %$696,205  6.50 %$749,759  7.00 %
Tier 1 risk-based capital ratio1,320,611  12.33 %856,868  8.00 %910,422  8.50 %
Total risk-based capital ratio1,424,377  13.30 %1,071,085  10.00 %1,124,639  10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,320,611  9.62 %686,486  5.00 %549,189  4.00 %
December 31, 2019
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,156,828  11.12 %$676,106  6.50 %$728,114  7.00 %
Tier 1 risk-based capital ratio1,262,588  12.14 %832,131  8.00 %884,139  8.50 %
Total risk-based capital ratio1,432,949  13.78 %1,040,163  10.00 %1,092,171  10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,262,588  10.37 %608,668  5.00 %486,934  4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,331,809  12.81 %$675,581  6.50 %$727,548  7.00 %
Tier 1 risk-based capital ratio1,331,809  12.81 %831,484  8.00 %883,452  8.50 %
Total risk-based capital ratio1,388,553  13.36 %1,039,355  10.00 %1,091,323  10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,331,809  10.95 %607,907  5.00 %486,326  4.00 %

As previously disclosed, the Company adopted CECL as of January 1, 2020. The Company has elected to take advantage of transitional relief offered by the Federal Reserve and 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.

For more information regarding the capital adequacy guidelines applicable to the Company and Renasant Bank, please refer to Note 15, “Regulatory Matters,” in the Notes to the Consolidated Financial Statements of the Company in Item 1, Financial Statements.
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Non-GAAP Financial Measures

This report presents the Company’s efficiency ratio in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Additionally, this report presents an adjusted efficiency ratio, which is a non-GAAP financial measure. We calculated the efficiency ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. The adjusted efficiency ratio excludes expenses that (1) the Company does not consider to be part of our core operating activities, such as amortization of intangibles, or (2) the Company incurred in connection with certain transactions where management is unable to accurately predict the timing of when these expenses will be incurred or, when incurred, the amount of such expenses, such as, when applicable, COVID-19 related expenses, merger and conversion related expenses, debt prepayment penalties and asset valuation adjustments. Management uses the adjusted efficiency ratio to evaluate ongoing operating results and efficiency of the Company’s operations. The reconciliation from GAAP to non-GAAP for this financial measure is below.

Efficiency Ratio
Three months ended June 30,Six months ended June 30,
2020201920202019
Interest income (fully tax equivalent basis)$125,630  $139,285  $257,517  $277,863  
Interest expense18,173  25,062  41,744  49,009  
Net interest income (fully tax equivalent basis)107,457  114,223  215,773  228,854  
Total noninterest income64,170  41,960  101,740  77,845  
Net gains (losses) on sales of securities31  (8) 31  5  
MSR valuation adjustment(4,951) —  (14,522) —  
Adjusted noninterest income69,090  41,968  116,231  77,840  
Total noninterest expense118,285  93,290  233,326  182,122  
Intangible amortization1,834  2,053  3,729  4,163  
Merger and conversion related expenses—  179  —  179  
Extinguishment of debt90  —  90  —  
COVID-19 related expenses6,257  —  9,160  
Provision for unfunded commitments2,600  —  6,000  —  
Adjusted noninterest expense107,504  91,058  214,347  177,780  
Efficiency Ratio (GAAP)68.92 %59.73 %73.49 %59.38 %
Adjusted Efficiency Ratio (non-GAAP)60.89 %58.30 %64.56 %57.97 %

The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Readers of this Form 10-Q should note that, because there are no standard definitions for the calculations as well as the results, the Company’s calculations may not be comparable to a similarly-titled measure presented by other companies. Also, there may be limits in the usefulness of this measure to readers of this document. As a result, the Company encourages readers to consider its consolidated financial statements and footnotes thereto in their entirety and not to rely on any single financial measure.


Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in our market risk since December 31, 2019. For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2019.

Item 4. CONTROLS AND PROCEDURES
Based on their evaluation as of the end of the period covered by this quarterly report on Form 10-Q, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules
86
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) are effective for ensuring that information the Company is required to disclose in reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Principal Executive and Principal Financial Officers, as appropriate to allow timely decisions regarding required disclosure. There were no changes in the Company’s internal control over financial reporting during the fiscal quarter covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Part II. OTHER INFORMATION

Item 1A. RISK FACTORS

When evaluating the risk of an investment in the Company’s common stock, potential investors should carefully consider the risk factors appearing in Part I, Item 1A, Risk Factors, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Except as set forth below, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K.
The ongoing COVID-19 pandemic and measures intended to arrest the virus’s spread have adversely affected, and are expected to continue to adversely affect, the Company’s business, operations, financial condition and results of operations.
The spread of the COVID-19 virus has created a global public health crisis that has resulted in unprecedented uncertainty, volatility and disruption in financial markets and in governmental, commercial and consumer activity in the United States and globally. In an effort to prevent the further spread of the virus, federal and state governments, including state and local governments in the markets in which we operate, have imposed various levels of restrictions on all businesses and the activities of individuals outside their residences, ranging from the required closure of “non-essential” businesses and restrictions on the number of customers that a business may allow inside its premises to orders mandating that all individuals wear protective face coverings and observe social distancing in all instances. In addition, most businesses, including the Company, have taken steps to protect the health and well-being of their customers and employees and to promote efforts to limit the transmission of the disease, and these steps, to varying degrees, have limited (if not entirely halted) the normal operations of these businesses. These actions (including those that remain in place and those that have lapsed as of the date hereof) by federal and state governments, businesses and individuals have had, and continue to have, a severe negative impact on the global and United States economies as well as the local economies across our footprint, including, for example, a significant decrease in commercial and consumer activity and changes in the manner of conducting permitted activities, a decrease in the demand for the Company’s services and products, a rapid rise in U.S. unemployment, disrupted U.S. and global supply chains, a broad decline in U.S. equity market valuations and a concomitant increase in market volatility as well as other disruptions in the financial markets, and credit deterioration and defaults in many industries. The markets in which we operate have been significantly and adversely affected by the pandemic, which may in turn have a material and adverse effect on our business, operations, financial condition and results of operations. Furthermore, additional measures taken in the future to address the pandemic by government, businesses in general and the Company may exacerbate the economic impact of the pandemic on us, especially if the current level of restrictions on business activity fails to arrest the ongoing spread of the COVID-19 virus.
Federal and state governments have taken unprecedented actions to assist businesses and individuals impacted by the COVID-19 virus and to stabilize the financial markets and otherwise limit the impact of the pandemic on the economy as a whole, and additional legislation and other actions are currently being contemplated. The Company has itself implemented measures to assist its qualified commercial and consumer clients, including allowing principal and interest payments on loans to be deferred for a period of up to three months (with qualifying customers having the ability to defer for a second three-month period). It is unclear at this time how successful, if at all, these past, present and future governmental actions as well as the Company’s own efforts will be in supporting businesses and individuals, the markets and the broader economy and generally ameliorating the impact of the COVID-19 virus on the United States as a whole and the particular markets in which we operate. In the meantime, these governmental actions, along with the steps the Company has taken, may have a material adverse effect on our business, operations, financial condition and results of operations. In addition, the Company faces an increased risk of litigation and governmental and regulatory scrutiny as a result of the effects of the pandemic on market and economic conditions and actions governmental authorities take in response to those conditions.
The extent to which the pandemic impacts our business, operations, financial condition and results of operations ultimately depends on the duration of the pandemic, the effectiveness of the measures implemented and to be implemented by governments and businesses, including the Company, to address it and the time it will take the global, national and local economies to recover to their pre-pandemic levels once they reopen, all of which are highly uncertain and cannot be predicted at this time. Further, there can be no assurance that any of these efforts will be effective. In the meantime, until the effects of the pandemic subside, we expect continued draws on lines of credit, reduced revenues in our business, and increased customer defaults. As described above in the “Risk Management” section in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of this Form 10-Q, the Company significantly increased its allowance for credit losses in the first six months of 2020, and the impact of the pandemic may result in further increases to our allowance for credit losses. Even after the pandemic has subsided, we may continue to experience adverse impacts to our business, operations, financial condition and results of operations, which could be material, as a result of the economic impact and any recession that has occurred or may occur in the future.
The COVID-19 virus has also resulted in heightened operational risks. Much of our workforce is currently working remotely, and increased levels of remote access create additional cybersecurity risk and opportunities for cybercriminals to exploit vulnerabilities. Cybercriminals may increase their attempts to compromise business emails, including an increase in phishing attempts, and fraudulent vendors or other parties may view the pandemic as an opportunity to prey upon consumers and
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businesses during this time. This could result in increased fraud losses to us or our customers. The increase in online and remote banking activities may also increase the risk of fraud in certain instances. In addition, state and local orders and regulations limiting the conduct of in-person business operations may impact our ability to operate at normal levels and to restore operations to their pre-pandemic level for an unknown period of time. Separately, our third-party service providers have also been impacted by the pandemic, and we have experienced some disruption to certain services performed by vendors. To date, these disruptions have not been material and we have developed solutions to work around these disruptions, but we may experience additional disruption in the future, which could adversely impact our business.
Finally, our Annual Report on Form 10-K for the year ended December 31, 2019 lists numerous risk factors relating to the Company in particular as well as the financial services industry and public companies in general. These risk factors can be found in Item 1A, “Risk Factors,” of such Annual Report. The impact of the COVID-19 virus may also have the effect of exacerbating the adverse impact of these other risk factors on our business, operations, financial condition or results of operations.


Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities

During the three month period ended June 30, 2020, the Company repurchased shares of its common stock as indicated in the following table:
Total Number of Shares Purchased(1)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs(2)
April 1, 2020 to April 30, 2020—  $—  —  $5,464  
May 1, 2020 to May 31, 20206,152  24.98  —  5,464  
June 1, 2020 to June 30, 2020460  24.82  —  5,464  
Total6,612  $24.97  —  
(1)The Company announced a $50.0 million stock repurchase program in October 2019, under which the Company was authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. The Company suspended stock repurchases under this program in March 2020, and no shares were repurchased during the second quarter of 2020. The program will remain in effect until the earlier of October 2020 or (if the Company lifts the aforementioned suspension) the repurchase of the entire amount of common stock authorized to be repurchased by the Board of Directors.
For the three months ended June 30, 2020, share amounts in this column represent shares of Renasant Corporation common stock withheld to satisfy federal and state tax liabilities related to the vesting of time-based restricted stock awards during the period. A total of 6,152 and 460 shares were withheld for such purpose in May and June 2020, respectively; no shares were withheld for tax purposes in April 2020.
(2)Dollars in thousands
Please refer to the information discussing restrictions on the Company’s ability to pay dividends under the heading “Liquidity and Capital Resources” in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of this report, which is incorporated by reference herein.
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Table of Contents

Item 6. EXHIBITS
 
Exhibit
Number		 Description
(3)(i) 
(3)(ii) 
(10)(i)
(10)(ii)
(31)(i) 
(31)(ii) 
(32)(i) 
(32)(ii) 
(101) The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 were formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity and (v) Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements (Unaudited).
(104)The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Inline XBRL (included in Exhibit 101).

(1)Filed as exhibit 3.1 to the Form 10-Q of the Company filed with the Securities and Exchange Commission (the “Commission”) on May 10, 2016 and incorporated herein by reference.
(2)Filed as exhibit 3(ii) to the Form 8-K of the Company filed with the Commission on July 20, 2018 and incorporated herein by reference.
(3)Filed as exhibit 10.1 to the Form 8-K of the Company filed with the Commission on May 8, 2020 and incorporated herein by reference.
(4)Filed as exhibit 10.1 to the Form 8-K of the Company filed with the Commission on July 31, 2020 and incorporated herein by reference.

The Company does not have any long-term debt instruments under which securities are authorized exceeding ten percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company will furnish to the Securities and Exchange Commission, upon its request, a copy of all long-term debt instruments.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 RENASANT CORPORATION
 (Registrant)
Date:August 5, 2020/s/ C. Mitchell Waycaster
 C. Mitchell Waycaster
 President and
 Chief Executive Officer
 (Principal Executive Officer)
Date:August 5, 2020/s/ Kevin D. Chapman
 Kevin D. Chapman
 Executive Vice President and
 Chief Operating Officer
 (Principal Financial Officer)
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