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 2021-08-06

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, 2021
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 30, 2021, 56,352,052 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, 2021
CONTENTS
 
  Page
PART I
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets
1
Consolidated Statements of Income
2
Consolidated Statements of Comprehensive Income
3
Consolidated Statements of Changes in Shareholders’ Equity
4
Consolidated Statements of Cash Flows
6
Notes to Consolidated Financial Statements
7
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
54
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
83
Item 4.
Controls and Procedures
83
PART II
Item 1A.
Risk Factors
84
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
84
Item 6.
Exhibits
85
86



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries
Consolidated Balance Sheets

(In Thousands, Except Share Data)
(Unaudited)
June 30,
2021		December 31, 2020
Assets
Cash and due from banks$221,205 $176,372 
Interest-bearing balances with banks1,384,283 456,831 
Cash and cash equivalents1,605,488 633,203 
Securities available for sale, at fair value2,163,820 1,343,457 
Loans held for sale, at fair value448,959 417,771 
Loans, net of unearned income:
Non purchased loans and leases8,892,544 9,419,540 
Purchased loans1,256,698 1,514,107 
Total loans, net of unearned income10,149,242 10,933,647 
Allowance for credit losses(172,354)(176,144)
Loans, net9,976,888 10,757,503 
Premises and equipment, net293,203 300,496 
Other real estate owned:
Non purchased1,675 2,045 
Purchased3,264 3,927 
Total other real estate owned, net4,939 5,972 
Goodwill939,683 939,683 
Other intangible assets, net27,003 30,139 
Bank-owned life insurance279,444 230,609 
Mortgage servicing rights84,912 62,994 
Other assets198,047 207,785 
Total assets$16,022,386 $14,929,612 
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing$4,349,135 $3,685,048 
Interest-bearing8,766,216 8,374,033 
Total deposits13,115,351 12,059,081 
Short-term borrowings14,933 21,340 
Long-term debt469,406 474,970 
Other liabilities218,889 241,488 
Total liabilities13,818,579 12,796,879 
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; 56,350,878 and 56,200,487 shares outstanding, respectively
296,483 296,483 
Treasury stock, at cost – 2,945,847 and 3,096,238 shares, respectively
(97,249)(101,554)
Additional paid-in capital1,295,879 1,296,963 
Retained earnings689,444 615,773 
Accumulated other comprehensive income, net of taxes19,250 25,068 
Total shareholders’ equity2,203,807 2,132,733 
Total liabilities and shareholders’ equity$16,022,386 $14,929,612 
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,
 2021202020212020
Interest income
Loans$113,325 $115,672 $228,330 $236,277 
Securities
Taxable5,619 6,418 10,536 13,720 
Tax-exempt1,702 1,670 3,359 3,124 
Other345 195 528 1,007 
Total interest income120,991 123,955 242,753 254,128 
Interest expense
Deposits7,669 13,871 15,949 32,366 
Borrowings3,743 4,302 7,577 9,378 
Total interest expense11,412 18,173 23,526 41,744 
Net interest income109,579 105,782 219,227 212,384 
Provision for loan losses— 26,900 — 53,250 
Provision for other credit losses— — — — 
Provision for credit losses— 26,900 — 53,250 
Net interest income after provision for credit losses109,579 78,882 219,227 159,134 
Noninterest income
Service charges on deposit accounts9,458 6,832 17,481 15,902 
Fees and commissions4,110 2,971 8,010 6,025 
Insurance commissions2,422 2,125 4,659 4,116 
Wealth management revenue5,019 3,824 9,811 7,826 
Mortgage banking income20,853 45,490 71,586 61,025 
Net gain on sales of securities— 31 1,357 31 
BOLI income1,644 1,329 3,716 2,492 
Other4,104 1,568 12,027 4,323 
Total noninterest income47,610 64,170 128,647 101,740 
Noninterest expense
Salaries and employee benefits70,293 79,361 148,989 152,550 
Data processing5,652 5,047 11,103 10,053 
Net occupancy and equipment11,374 13,511 23,912 27,631 
Other real estate owned104 620 145 1,038 
Professional fees2,674 2,517 5,595 5,159 
Advertising and public relations3,100 2,920 6,352 6,320 
Intangible amortization1,539 1,834 3,137 3,729 
Communications2,291 2,181 4,583 4,379 
Restructuring charges15 — 307 — 
Debt prepayment penalty— 90 — 90 
Other11,735 10,204 20,589 22,377 
Total noninterest expense108,777 118,285 224,712 233,326 
Income before income taxes48,412 24,767 123,162 27,548 
Income taxes7,545 4,637 24,387 5,410 
Net income$40,867 $20,130 $98,775 $22,138 
Basic earnings per share$0.73 $0.36 $1.75 $0.39 
Diluted earnings per share$0.72 $0.36 $1.75 $0.39 
Cash dividends per common share$0.22 $0.22 $0.44 $0.44 
See Notes to Consolidated Financial Statements.
2
Renasant Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Net income$40,867 $20,130 $98,775 $22,138 
Other comprehensive income, net of tax:
Securities available for sale:
Unrealized holding gains (losses) on securities3,702 2,603 (11,241)19,297 
Reclassification adjustment for gains realized in net income— (23)(1,012)(23)
Total securities available for sale3,702 2,580 (12,253)19,274 
Derivative instruments:
Unrealized holding (losses) gains on derivative instruments(4,648)(793)6,336 (3,796)
Total derivative instruments(4,648)(793)6,336 (3,796)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost57 51 99 97 
Total defined benefit pension and post-retirement benefit plans57 51 99 97 
Other comprehensive (loss) income, net of tax(889)1,838 (5,818)15,575 
Comprehensive income$39,978 $21,968 $92,957 $37,713 

See Notes to Consolidated Financial Statements.
3

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 Income (Loss)Total
Six Months Ended June 30, 2021SharesAmount
Balance at January 1, 202156,200,487 $296,483 $(101,554)$1,296,963 $615,773 $25,068 $2,132,733 
Net income— — — — 57,908 — 57,908 
Other comprehensive loss— — — — — (4,929)(4,929)
Comprehensive income52,979 
Cash dividends ($0.22 per share)
— — — — (12,564)— (12,564)
Issuance of common stock for stock-based compensation awards93,859 — 2,605 (4,808)— — (2,203)
Stock-based compensation expense— — — 2,756 — — 2,756 
Balance at March 31, 202156,294,346 $296,483 $(98,949)$1,294,911 $661,117 $20,139 $2,173,701 
Net income— — — — 40,867 — 40,867 
Other comprehensive loss— — — — — (889)(889)
Comprehensive income39,978 
Cash dividends ($0.22 per share)
— — — — (12,540)— (12,540)
Issuance of common stock for stock-based compensation awards56,532 — 1,700 (1,417)— — 283 
Stock-based compensation expense— — — 2,385 — — 2,385 
Balance at June 30, 202156,350,878 $296,483 $(97,249)$1,295,879 $689,444 $19,250 $2,203,807 
4
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 

See Notes to Consolidated Financial Statements.
5
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
 Six Months Ended June 30,
 20212020
Operating activities
Net income$98,775 $22,138 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses— 53,250 
Depreciation, amortization and accretion22,459 13,247 
Deferred income tax expense (benefit)4,975 (9,812)
Funding of mortgage loans held for sale(2,222,822)(2,023,834)
Proceeds from sales of mortgage loans held for sale2,249,240 2,070,701 
Gains on sales of mortgage loans held for sale(51,482)(68,342)
Valuation adjustment to mortgage servicing rights(13,561)14,522 
Gains on sales of securities(1,357)(31)
Penalty on prepayment of debt— 90 
(Gains) losses on sales of premises and equipment(687)35 
Stock-based compensation expense5,142 5,748 
Increase in other assets(15,117)(68,031)
(Decrease) increase in other liabilities(25,985)45,232 
Net cash provided by operating activities49,580 54,913 
Investing activities
Purchases of securities available for sale(1,190,400)(182,745)
Proceeds from sales of securities available for sale155,391 8,773 
Proceeds from call/maturities of securities available for sale195,114 183,807 
Net decrease (increase) in loans783,838 (1,296,880)
Purchases of premises and equipment(12,953)(3,856)
Proceeds from sales of premises and equipment8,715 — 
Purchase of bank-owned life insurance(45,000)— 
Net change in FHLB stock(1,207)(496)
Proceeds from sales of other assets3,378 2,228 
Other, net2,803 — 
Net cash used in investing activities(100,321)(1,289,169)
Financing activities
Net increase in noninterest-bearing deposits664,087 1,188,526 
Net increase in interest-bearing deposits392,183 444,810 
Net decrease in short-term borrowings(6,407)(147,281)
Repayment of long-term debt(1,733)(177)
Cash paid for dividends(25,104)(25,080)
Repurchase of shares in connection with stock repurchase program— (24,569)
Net cash provided by financing activities1,023,026 1,436,229 
Net increase in cash and cash equivalents972,285 201,973 
Cash and cash equivalents at beginning of period633,203 414,930 
Cash and cash equivalents at end of period$1,605,488 $616,903 
Supplemental disclosures
Cash paid for interest$24,146 $43,564 
Cash paid for income taxes$31,443 $16,163 
Noncash transactions:
Transfers of loans to other real estate owned$2,503 $4,259 
Financed sales of other real estate owned$130 $154 
Recognition of operating right-of-use assets$3,624 $4,235 
Recognition of operating lease liabilities$3,624 $2,766 

See Notes to Consolidated Financial Statements.
6
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. and Park Place Capital Corporation. Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from full service offices located throughout Mississippi, Tennessee, Alabama, Georgia, Florida, North Carolina and South Carolina.
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. 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, 2020 filed with the Securities and Exchange Commission on February 26, 2021.
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 March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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.
7
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 2 – Securities
(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of June 30, 2021 or December 31, 2020.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2021
U.S. Treasury securities$3,021 $16 $— $3,037 
Obligations of states and political subdivisions314,675 11,270 (425)325,520 
Residential mortgage backed securities:
Government agency mortgage backed securities742,392 13,670 (1,572)754,490 
Government agency collateralized mortgage obligations800,299 2,267 (4,324)798,242 
Commercial mortgage backed securities:
Government agency mortgage backed securities21,461 795 — 22,256 
Government agency collateralized mortgage obligations197,401 1,729 (1,571)197,559 
Other debt securities59,523 3,193 — 62,716 
$2,138,772 $32,940 $(7,892)$2,163,820 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2020
U.S. Treasury securities$7,047 $32 $— $7,079 
Obligations of other U.S. Government agencies and corporations1,003 6 — 1,009 
Obligations of states and political subdivisions291,231 14,015 (45)305,201 
Residential mortgage backed securities:
Government agency mortgage backed securities581,105 21,564 (23)602,646 
Government agency collateralized mortgage obligations218,373 1,946 (51)220,268 
Commercial mortgage backed securities:
Government agency mortgage backed securities29,053 1,235 (1)30,287 
Government agency collateralized mortgage obligations99,377 2,992 (21)102,348 
Trust preferred securities12,013 — (3,001)9,012 
Other debt securities62,771 2,909 (73)65,607 
$1,301,973 $44,699 $(3,215)$1,343,457 


8
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Securities sold were as set forth in the tables below. There were no securities sold during the three months ended June 30, 2021 and 2020.
Carrying ValueNet ProceedsGain/(Loss)
Six months ended June 30, 2021
Obligations of states and political subdivisions$47 $50 $3 
Residential mortgage backed securities:
Government agency mortgage backed securities136,340 139,735 3,395 
Government agency collateralized mortgage obligations5,626 5,646 20 
Trust preferred securities12,021 9,960 (2,061)
$154,034 $155,391 $1,357 

Carrying ValueNet ProceedsGain/(Loss)
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 

Gross realized gains and losses on sales of securities available for sale for the three and six months ended June 30, 2021 were as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Gross gains on sales of securities available for sale$— $166 $3,508 $166 
Gross losses on sales of securities available for sale— (135)(2,151)(135)
Gains on sales of securities available for sale, net$— $31 $1,357 $31 

At June 30, 2021 and December 31, 2020, securities with a carrying value of $596,836 and $582,338, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $20,873 and $32,272 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2021 and December 31, 2020, respectively.
The amortized cost and fair value of securities at June 30, 2021 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.
 
9
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Available for Sale
 Amortized
Cost		Fair
Value
Due within one year$36,914 $39,268 
Due after one year through five years23,273 24,061 
Due after five years through ten years57,089 59,654 
Due after ten years228,196 234,605 
Residential mortgage backed securities:
Government agency mortgage backed securities742,392 754,490 
Government agency collateralized mortgage obligations800,299 798,242 
Commercial mortgage backed securities:
Government agency mortgage backed securities21,461 22,256 
Government agency collateralized mortgage obligations197,401 197,559 
Other debt securities31,747 33,685 
$2,138,772 $2,163,820 
10
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, 2021
Obligations of states and political subdivisions20$40,176 $(414)1$2,166 $(11)21$42,342 $(425)
Residential mortgage backed securities:
Government agency mortgage backed securities25210,509 (1,572)—— — 25210,509 (1,572)
Government agency collateralized mortgage obligations25537,594 (4,324)—— — 25537,594 (4,324)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 1446 — 1446 — 
Government agency collateralized mortgage obligations—— — 13115,433 (1,571)13115,433 (1,571)
Other debt securities11,000 — —— — 11,000 — 
Total71$789,279 $(6,310)15$118,045 $(1,582)86$907,324 $(7,892)
December 31, 2020
Obligations of states and political subdivisions6$9,403 $(45)—$— $— 6$9,403 $(45)
Residential mortgage backed securities:
Government agency mortgage backed securities219,755 (23)—— — 219,755 (23)
Government agency collateralized mortgage obligations527,143 (51)—— — 527,143 (51)
Commercial mortgage backed securities:
Government agency mortgage backed securities11,538 (1)1459 — 21,997 (1)
Government agency collateralized mortgage obligations314,190 (21)—— — 314,190 (21)
Trust preferred securities—— — 29,012 (3,001)29,012 (3,001)
Other debt securities43,330 (70)1566 (3)53,896 (73)
Total21$75,359 $(211)4$10,037 $(3,004)25$85,396 $(3,215)
 
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 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 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, 2021.


11
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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,
2021		December 31, 2020
Commercial, financial, agricultural(1)
$1,509,908 $2,360,471 
Lease financing78,028 80,022 
Real estate – construction:
Residential274,599 243,814 
Commercial764,014 583,338 
Total real estate – construction1,038,613 827,152 
Real estate – 1-4 family mortgage:
Primary1,623,987 1,536,181 
Home equity426,845 432,768 
Rental/investment271,397 264,436 
Land development113,345 123,179 
Total real estate – 1-4 family mortgage2,435,574 2,356,564 
Real estate – commercial mortgage:
Owner-occupied1,373,150 1,334,765 
Non-owner occupied2,249,112 2,194,739 
Land development101,047 120,125 
Total real estate – commercial mortgage3,723,309 3,649,629 
Installment loans to individuals111,137 149,862 
Gross loans8,896,569 9,423,700 
Unearned income(4,025)(4,160)
Loans, net of unearned income$8,892,544 $9,419,540 

(1)Includes Paycheck Protection Program (“PPP”) loans of $246,931 and $1,128,703 as of June 30, 2021 and December 31, 2020, respectively.

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 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.
12
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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, 2021
Commercial, financial, agricultural$2,909 $113 $1,501,970 $1,504,992 $10 $1,512 $3,394 $4,916 $1,509,908 
Lease financing20 — 78,008 78,028 — — — — 78,028 
Real estate – construction:
Residential— — 274,599 274,599 — — — — 274,599 
Commercial— — 764,014 764,014 — — — — 764,014 
Total real estate – construction— — 1,038,613 1,038,613 — — — — 1,038,613 
Real estate – 1-4 family mortgage:
Primary3,345 505 1,610,000 1,613,850 1,414 3,545 5,178 10,137 1,623,987 
Home equity975 — 425,225 426,200 30 446 169 645 426,845 
Rental/investment723 138 269,930 270,791 — 103 503 606 271,397 
Land development39 — 113,117 113,156 — 104 85 189 113,345 
Total real estate – 1-4 family mortgage5,082 643 2,418,272 2,423,997 1,444 4,198 5,935 11,577 2,435,574 
Real estate – commercial mortgage:
Owner-occupied2,342 — 1,368,353 1,370,695 477 706 1,272 2,455 1,373,150 
Non-owner occupied82 2 2,241,403 2,241,487 — 2,002 5,623 7,625 2,249,112 
Land development89 42 100,717 100,848 — 159 40 199 101,047 
Total real estate – commercial mortgage2,513 44 3,710,473 3,713,030 477 2,867 6,935 10,279 3,723,309 
Installment loans to individuals769 — 110,039 110,808 10 168 151 329 111,137 
Unearned income— — (4,025)(4,025)— — — — (4,025)
Loans, net of unearned income$11,293 $800 $8,853,350 $8,865,443 $1,941 $8,745 $16,415 $27,101 $8,892,544 
 
13
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 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, 2020
Commercial, financial, agricultural$1,124 $231 $2,354,716 $2,356,071 $164 $1,804 $2,432 $4,400 $2,360,471 
Lease financing— — 79,974 79,974 — 48 — 48 80,022 
Real estate – construction:
Residential— — 243,317 243,317 — 497 — 497 243,814 
Commercial— — 583,338 583,338 — — — — 583,338 
Total real estate – construction— — 826,655 826,655 — 497 — 497 827,152 
Real estate – 1-4 family mortgage:
Primary11,889 1,754 1,513,716 1,527,359 1,865 2,744 4,213 8,822 1,536,181 
Home equity1,152 360 430,702 432,214 66 111 377 554 432,768 
Rental/investment663 210 263,064 263,937 61 194 244 499 264,436 
Land development97 — 123,051 123,148 — — 31 31 123,179 
Total real estate – 1-4 family mortgage13,801 2,324 2,330,533 2,346,658 1,992 3,049 4,865 9,906 2,356,564 
Real estate – commercial mortgage:
Owner-occupied779 795 1,330,155 1,331,729 — 2,598 438 3,036 1,334,765 
Non-owner occupied922 127 2,191,440 2,192,489 — 2,197 53 2,250 2,194,739 
Land development113 115 119,820 120,048 44 29 4 77 120,125 
Total real estate – commercial mortgage1,814 1,037 3,641,415 3,644,266 44 4,824 495 5,363 3,649,629 
Installment loans to individuals896 191 148,620 149,707 4 117 34 155 149,862 
Unearned income— — (4,160)(4,160)— — — — (4,160)
Loans, net of unearned income$17,635 $3,783 $9,377,753 $9,399,171 $2,204 $10,339 $7,826 $20,369 $9,419,540 

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 no restructured loans contractually 90 days past due or more and still accruing at June 30, 2021 and three restructured loans in the amount of $352 contractually 90 days past due or more and still accruing at June 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $11,241 and $2,306 at June 30, 2021 and June 30, 2020, respectively.
14
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, 2021
Commercial, financial, agricultural6 $5,228 $5,228 
Real estate – 1-4 family mortgage:
Primary9 1,371 1,377 
Total15 $6,599 $6,605 
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 
Non-owner occupied1 189 189 
Total real estate – commercial mortgage2 2,852 2,802 
Installment loans to individuals2 24 21 
Total21 $5,627 $5,577 
15
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, 2021
Commercial, financial, agricultural6 $5,228 $5,228 
Real estate – 1-4 family mortgage:
Primary12 1,803 1,812 
Real estate – commercial mortgage:
Non-owner occupied1 837 810 
Total19 $7,868 $7,850 
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 
Non-owner occupied1 189 189 
Total real estate – commercial mortgage2 2,852 2,802 
Installment loans to individuals2 24 21 
Total26 $6,971 $6,924 
With respect to loans that were restructured during the six months ended June 30, 2021, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the six months ended June 30, 2020, $84 have subsequently defaulted, and remain outstanding, as of the date of this report.

Changes in the Company’s restructured loans are set forth in the table below:
 
Number of
Loans		Recorded
Investment
Totals at January 1, 202176 $11,761 
Additional advances or loans with concessions19 7,865 
Reclassified as performing restructured loan1 35 
Reductions due to:
Reclassified as nonperforming(1)(179)
Paid in full(5)(428)
Principal paydowns— (216)
Totals at June 30, 202190 $18,838 

The allowance for credit losses attributable to restructured loans was $612 and $299 at June 30, 2021 and June 30, 2020, respectively. The Company had $305 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2021. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2020.

In response to the economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the second quarter of 2020 to provide temporary payment relief to both consumer and commercial customers. Any
16
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
customer current on loan payments, taxes and insurance qualified for an initial 90-day deferral of principal and interest payments. A second 90-day deferral was available to borrowers that remained current on taxes and insurance through the first deferral period and also satisfied underwriting standards established by the Company that analyzed 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 operated. The Company’s loan deferral program complied 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, 2021, the Company has discontinued its deferral program but 108 loans with total balances of approximately $18,300 remained on deferral. In accordance with the applicable guidance, none of these loans are considered “restructured loans.”
Credit Quality
For loans with a commercial purpose, internal risk-rating grades are assigned by lending, credit administration or 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 commercial and commercial real estate secured loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans within the “Pass” grade (reserved for loans with a risk rating between 1 and 4C) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Special Mention” grade (those with a risk rating of 4E) represents a loan where a significant adverse risk-modifying action is anticipated in the near term and, left uncorrected, could result in deterioration of the credit quality of the loan. 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 those related loan balances.
The following tables present 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
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2021
Commercial, Financial, Agricultural$161,337 $521,228 $171,979 $61,489 $30,000 $17,698 $441,033 $2,941 $1,407,705 
Pass160,584 520,874 168,388 58,126 24,990 15,221 439,248 2,137 1,389,568 
Special Mention— 115 2,527 298 673 1,410 252 — 5,275 
Substandard753 239 1,064 3,065 4,337 1,067 1,533 804 12,862 
Real Estate - Construction$221,640 $407,728 $293,244 $29,050 $149 $— $6,907 $5,803 $964,521 
Residential$130,319 $58,469 $2,093 $— $— $— $6,907 $5,803 $203,591 
Pass130,319 57,922 2,093 — — — 6,907 5,803 203,044 
Special Mention— 547 — — — — — — 547 
Substandard— — — — — — — — — 
Commercial$91,321 $349,259 $291,151 $29,050 $149 $— $— $— $760,930 
Pass91,321 349,259 286,471 29,050 149 — — — 756,250 
Special Mention— — 4,680 — — — — — 4,680 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$83,874 $82,347 $57,180 $22,817 $19,601 $12,129 $13,870 $538 $292,356 
Primary$6,270 $7,639 $4,917 $3,754 $3,913 $972 $4,930 $— $32,395 
Pass6,270 7,639 4,131 3,754 3,913 960 4,930 — 31,597 
Special Mention— — 120 — — — — — 120 
Substandard— — 666 — — 12 — — 678 
Home Equity$1,171 $200 $— $— $— $— $3,676 $— $5,047 
Pass1,171 200 — — — — 3,676 — 5,047 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Rental/Investment$46,639 $48,640 $24,234 $18,526 $15,448 $10,668 $985 $538 $165,678 
17
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Pass46,619 48,541 23,172 18,394 15,324 10,326 985 538 163,899 
Special Mention— — — — — 74 — — 74 
Substandard20 99 1,062 132 124 268 — — 1,705 
Land Development$29,794 $25,868 $28,029 $537 $240 $489 $4,279 $— $89,236 
Pass29,794 23,192 27,922 537 240 489 4,279 — 86,453 
Special Mention— 2,676 — — — — — — 2,676 
Substandard— — 107 — — — — — 107 
Real Estate - Commercial Mortgage$401,283 $910,479 $734,366 $398,252 $344,733 $502,800 $99,932 $21,054 $3,412,899 
Owner-Occupied$145,768 $297,847 $226,086 $165,077 $143,037 $155,885 $33,928 $9,132 $1,176,760 
Pass144,957 295,064 224,524 160,888 136,955 146,755 33,562 7,395 1,150,100 
Special Mention— 2,205 832 — 1,877 5,568 351 1,737 12,570 
Substandard811 578 730 4,189 4,205 3,562 15 — 14,090 
Non-Owner Occupied$241,893 $591,175 $493,814 $227,568 $198,930 $343,230 $60,008 $11,922 $2,168,540 
Pass240,138 582,245 484,917 214,227 154,425 311,334 60,008 11,922 2,059,216 
Special Mention1,545 8,930 246 13,341 38,928 16,081 — — 79,071 
Substandard210 — 8,651 — 5,577 15,815 — — 30,253 
Land Development$13,622 $21,457 $14,466 $5,607 $2,766 $3,685 $5,996 $— $67,599 
Pass13,577 19,325 14,466 5,607 2,707 3,674 5,996 — 65,352 
Special Mention45 — — — 59 — — — 104 
Substandard— 2,132 — — — 11 — — 2,143 
Installment loans to individuals$— $6 $2 $— $— $— $— $— $8 
Pass— 6 2 — — — — — 8 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$868,134 $1,921,788 $1,256,771 $511,608 $394,483 $532,627 $561,742 $30,336 $6,077,489 
Pass864,750 1,904,267 1,236,086 490,583 338,703 488,759 559,591 27,795 5,910,534 
Special Mention1,590 14,473 8,405 13,639 41,537 23,133 603 1,737 105,117 
Substandard1,794 3,048 12,280 7,386 14,243 20,735 1,548 804 61,838 

 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2020
Commercial, Financial, Agricultural$1,448,273 $183,627 $76,912 $36,866 $18,124 $15,844 $255,522 $2,449 $2,037,617 
Pass1,447,594 180,979 73,325 31,362 16,308 14,626 250,528 1,562 2,016,284 
Special Mention128 1,952 2,091 3,850 1,416 109 187 — 9,733 
Substandard551 696 1,496 1,654 400 1,109 4,807 887 11,600 
Real Estate - Construction$398,891 $266,471 $52,520 $29,300 $— $— $13,927 $— $761,109 
Residential$154,649 $9,836 $2,114 $— $— $— $13,923 $— $180,522 
Pass154,419 9,339 2,114 — — — 13,923 — 179,795 
Special Mention— — — — — — — — — 
Substandard230 497 — — — — — — 727 
Commercial$244,242 $256,635 $50,406 $29,300 $— $— $4 $— $580,587 
Pass244,242 251,937 50,406 29,300 — — 4 — 575,889 
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
Special Mention— 4,698 — — — — — — 4,698 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$110,246 $78,482 $36,613 $30,018 $13,197 $7,172 $10,658 $1,909 $288,295 
Primary$9,422 $6,691 $3,988 $4,644 $371 $1,060 $629 $— $26,805 
Pass9,422 5,870 3,988 4,644 371 1,045 629 — 25,969 
Special Mention— 125 — — — — — — 125 
Substandard— 696 — — — 15 — — 711 
Home Equity$157 $184 $— $— $— $— $6,051 $— $6,392 
Pass157 184 — — — — 6,051 — 6,392 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Rental/Investment$50,558 $32,656 $27,483 $25,019 $12,620 $5,699 $1,066 $557 $155,658 
Pass50,371 31,724 26,695 24,872 12,439 5,166 1,066 557 152,890 
Special Mention— — — 83 77 133 — — 293 
Substandard187 932 788 64 104 400 — — 2,475 
Land Development$50,109 $38,951 $5,142 $355 $206 $413 $2,912 $1,352 $99,440 
Pass50,109 38,388 5,142 355 203 413 2,912 1,352 98,874 
Special Mention— — — — — — — — — 
Substandard— 563 — — 3 — — — 566 
Real Estate - Commercial Mortgage$967,746 $801,083 $444,205 $402,110 $340,774 $277,789 $76,115 $20,845 $3,330,667 
Owner-Occupied$295,642 $256,807 $199,082 $169,527 $99,540 $85,614 $16,683 $9,733 $1,132,628 
Pass293,851 255,206 193,716 163,358 96,128 83,582 16,043 7,896 1,109,780 
Special Mention1,167 847 — 2,067 228 311 — 1,837 6,457 
Substandard624 754 5,366 4,102 3,184 1,721 640 — 16,391 
Non-Owner Occupied$635,232 $522,998 $237,075 $229,304 $236,347 $189,077 $52,456 $11,112 $2,113,601 
Pass624,289 514,030 237,075 184,673 218,106 175,702 52,456 11,112 2,017,443 
Special Mention9,105 — — 39,007 4,688 10,788 — — 63,588 
Substandard1,838 8,968 — 5,624 13,553 2,587 — — 32,570 
Land Development$36,872 $21,278 $8,048 $3,279 $4,887 $3,098 $6,976 $— $84,438 
Pass34,719 21,278 6,925 3,210 3,274 3,098 6,976 — 79,480 
Special Mention— — 1,123 69 46 — — — 1,238 
Substandard2,153 — — — 1,567 — — — 3,720 
Installment loans to individuals$74 $4 $— $— $— $— $— $16 $94 
Pass74 4 — — — — — 16 94 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$2,925,230 $1,329,667 $610,250 $498,294 $372,095 $300,805 $356,222 $25,219 $6,417,782 
Pass2,909,247 1,308,939 599,386 441,774 346,829 283,632 350,588 22,495 6,262,890 
Special Mention10,400 7,622 3,214 45,076 6,455 11,341 187 1,837 86,132 
Substandard5,583 13,106 7,650 11,444 18,811 5,832 5,447 887 68,760 

The following tables present 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
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2021
Commercial, Financial, Agricultural$15,099 $16,477 $11,460 $7,023 $4,389 $11,052 $36,398 $305 $102,203 
Performing Loans15,099 16,477 11,313 6,915 4,174 10,969 36,151 305 101,403 
Non-Performing Loans— — 147 108 215 83 247 — 800 
Lease Financing Receivables$14,387 $25,526 $19,722 $9,276 $3,046 $2,046 $— $— $74,003 
Performing Loans14,387 25,526 19,722 9,276 3,046 2,046 — — 74,003 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$20,974 $50,321 $2,777 $— $20 $— $— $— $74,092 
Residential$19,370 $49,080 $2,538 $— $20 $— $— $— $71,008 
Performing Loans19,370 49,080 2,538 — 20 — — — 71,008 
Non-Performing Loans— — — — — — — — — 
Commercial$1,604 $1,241 $239 $— $— $— $— $— $3,084 
Performing Loans1,604 1,241 239 — — — — — 3,084 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$295,117 $508,702 $274,815 $210,531 $159,432 $268,946 $422,623 $3,052 $2,143,218 
Primary$267,460 $468,784 $257,747 $192,337 $143,698 $259,743 $1,823 $— $1,591,592 
Performing Loans267,460 468,317 255,346 188,569 142,013 257,432 1,812 — 1,580,949 
Non-Performing Loans— 467 2,401 3,768 1,685 2,311 11 — 10,643 
Home Equity$342 $— $124 $364 $— $614 $417,798 $2,556 $421,798 
Performing Loans342 — 124 364 — 538 417,373 2,411 421,152 
Non-Performing Loans— — — — — 76 425 145 646 
Rental/Investment$19,972 $29,786 $15,217 $15,178 $14,417 $7,991 $2,662 $496 $105,719 
Performing Loans19,834 29,786 15,143 15,178 14,340 7,826 2,662 496 105,265 
Non-Performing Loans138 — 74 — 77 165 — — 454 
Land Development$7,343 $10,132 $1,727 $2,652 $1,317 $598 $340 $— $24,109 
Performing Loans7,343 10,132 1,727 2,650 1,234 494 340 — 23,920 
Non-Performing Loans— — — 2 83 104 — — 189 
Real Estate - Commercial Mortgage$49,654 $73,344 $61,707 $45,145 $38,791 $31,790 $9,536 $443 $310,410 
Owner-Occupied$28,626 $45,009 $39,590 $29,545 $26,029 $22,529 $4,762 $300 $196,390 
Performing Loans28,626 45,009 39,113 29,545 25,871 22,225 4,762 300 195,451 
Non-Performing Loans— — 477 — 158 304 — — 939 
Non-Owner Occupied$14,585 $17,891 $16,379 $11,892 $10,548 $6,853 $2,281 $143 $80,572 
Performing Loans14,585 17,891 16,379 11,892 10,548 6,806 2,281 143 80,525 
Non-Performing Loans— — — — — 47 — — 47 
Land Development$6,443 $10,444 $5,738 $3,708 $2,214 $2,408 $2,493 $— $33,448 
Performing Loans6,443 10,439 5,738 3,666 2,214 2,264 2,493 — 33,257 
Non-Performing Loans— 5 — 42 — 144 — — 191 
Installment loans to individuals$23,111 $31,025 $31,744 $10,187 $2,875 $2,372 $9,770 $45 $111,129 
Performing Loans23,055 30,940 31,661 10,162 2,857 2,330 9,770 25 110,800 
Non-Performing Loans56 85 83 25 18 42 — 20 329 
Total loans not subject to risk rating$418,342 $705,395 $402,225 $282,162 $208,553 $316,206 $478,327 $3,845 $2,815,055 
Performing Loans418,148 704,838 399,043 278,217 206,317 312,930 477,644 3,680 2,800,817 
Non-Performing Loans194 557 3,182 3,945 2,236 3,276 683 165 14,238 
20
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
December 31, 2020
Commercial, Financial, Agricultural$33,805 $16,455 $10,381 $6,396 $2,826 $7,201 $245,485 $305 $322,854 
Performing Loans33,794 16,343 10,340 6,026 2,748 7,181 245,059 305 321,796 
Non-Performing Loans11 112 41 370 78 20 426 — 1,058 
Lease Financing Receivables$32,150 $25,270 $10,999 $4,231 $1,040 $2,172 $— $— $75,862 
Performing Loans32,150 25,270 10,999 4,231 992 2,172 — — 75,814 
Non-Performing Loans— — — — 48 — — — 48 
Real Estate - Construction$54,918 $10,334 $295 $153 $— $— $343 $— $66,043 
Residential$53,108 $9,393 $295 $153 $— $— $343 $— $63,292 
Performing Loans53,108 9,393 295 153 — — 343 — 63,292 
Non-Performing Loans— — — — — — — — — 
Commercial$1,810 $941 $— $— $— $— $— $— $2,751 
Performing Loans1,810 941 — — — — — — 2,751 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$517,553 $344,643 $261,735 $196,777 $105,216 $212,214 $426,437 $3,694 $2,068,269 
Primary$470,034 $321,155 $239,542 $176,926 $92,195 $207,721 $1,758 $45 $1,509,376 
Performing Loans470,034 318,929 235,816 175,219 91,479 205,530 1,747 45 1,498,799 
Non-Performing Loans— 2,226 3,726 1,707 716 2,191 11 — 10,577 
Home Equity$— $203 $372 $— $45 $799 $421,838 $3,119 $426,376 
Performing Loans— 203 372 — 45 684 421,516 2,642 425,462 
Non-Performing Loans— — — — — 115 322 477 914 
Rental/Investment$34,079 $20,499 $18,319 $17,758 $11,907 $3,356 $2,330 $530 $108,778 
Performing Loans34,079 20,404 18,245 17,595 11,901 3,196 2,330 530 108,280 
Non-Performing Loans— 95 74 163 6 160 — — 498 
Land Development$13,440 $2,786 $3,502 $2,093 $1,069 $338 $511 $— $23,739 
Performing Loans13,440 2,786 3,502 2,062 1,069 338 511 — 23,708 
Non-Performing Loans— — — 31 — — — — 31 
Real Estate - Commercial Mortgage$81,953 $71,063 $56,193 $47,013 $35,801 $15,679 $10,772 $488 $318,962 
Owner-Occupied$48,814 $44,606 $36,661 $30,266 $23,974 $11,608 $5,919 $289 $202,137 
Performing Loans48,814 44,344 36,349 30,097 23,885 11,216 5,904 289 200,898 
Non-Performing Loans— 262 312 169 89 392 15 — 1,239 
Non-Owner Occupied$20,483 $18,585 $14,544 $13,821 $8,068 $3,491 $1,999 $147 $81,138 
Performing Loans20,483 18,460 14,486 13,821 8,068 3,439 1,999 147 80,903 
Non-Performing Loans— 125 58 — — 52 — — 235 
Land Development$12,656 $7,872 $4,988 $2,926 $3,759 $580 $2,854 $52 $35,687 
Performing Loans12,656 7,872 4,988 2,922 3,759 466 2,854 52 35,569 
Non-Performing Loans— — — 4 — 114 — — 118 
Installment loans to individuals$60,133 $57,198 $13,704 $4,019 $2,459 $1,535 $10,661 $59 $149,768 
Performing Loans60,081 57,119 13,611 3,986 2,407 1,535 10,661 21 149,421 
Non-Performing Loans52 79 93 33 52 — — 38 347 
Total loans not subject to risk rating$780,512 $524,963 $353,307 $258,589 $147,342 $238,801 $693,698 $4,546 $3,001,758 
Performing Loans780,449 522,064 349,003 256,112 146,353 235,757 692,924 4,031 2,986,693 
Non-Performing Loans63 2,899 4,304 2,477 989 3,044 774 515 15,065 
21
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,
2021		December 31, 2020
Commercial, financial, agricultural$124,725 $176,513 
Real estate – construction:
Residential2,564 2,859 
Commercial10,182 28,093 
Total real estate – construction12,746 30,952 
Real estate – 1-4 family mortgage:
Primary166,535 214,770 
Home equity63,088 80,392 
Rental/investment25,944 31,928 
Land development10,950 14,654 
Total real estate – 1-4 family mortgage266,517 341,744 
Real estate – commercial mortgage:
Owner-occupied290,041 323,041 
Non-owner occupied492,917 552,728 
Land development23,902 29,454 
Total real estate – commercial mortgage806,860 905,223 
Installment loans to individuals45,850 59,675 
Loans$1,256,698 $1,514,107 
22
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 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, 2021
Commercial, financial, agricultural$376 $— $113,802 $114,178 $1,293 $1,698 $7,556 $10,547 $124,725 
Real estate – construction:
Residential46 — 2,518 2,564 — — — — 2,564 
Commercial— — 10,182 10,182 — — — — 10,182 
Total real estate – construction46 — 12,700 12,746 — — — — 12,746 
Real estate – 1-4 family mortgage:
Primary1,530 37 160,292 161,859 625 1,958 2,093 4,676 166,535 
Home equity555 — 61,140 61,695 36 680 677 1,393 63,088 
Rental/investment104 — 25,730 25,834 41 56 13 110 25,944 
Land development100 — 10,838 10,938 — — 12 12 10,950 
Total real estate – 1-4 family mortgage2,289 37 258,000 260,326 702 2,694 2,795 6,191 266,517 
Real estate – commercial mortgage:
Owner-occupied60 — 287,642 287,702 89 654 1,596 2,339 290,041 
Non-owner occupied— 845 484,120 484,965 — — 7,952 7,952 492,917 
Land development86 55 23,481 23,622 — 138 142 280 23,902 
Total real estate – commercial mortgage146 900 795,243 796,289 89 792 9,690 10,571 806,860 
Installment loans to individuals926 8 44,535 45,469 12 148 221 381 45,850 
Loans, net of unearned income$3,783 $945 $1,224,280 $1,229,008 $2,096 $5,332 $20,262 $27,690 $1,256,698 

23
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 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, 2020
Commercial, financial, agricultural$818 $101 $163,658 $164,577 $74 $2,024 $9,838 $11,936 $176,513 
Real estate – construction:
Residential— — 2,859 2,859 — — — — 2,859 
Commercial— — 28,093 28,093 — — — — 28,093 
Total real estate – construction— — 30,952 30,952 — — — — 30,952 
Real estate – 1-4 family mortgage:
Primary2,394 74 206,635 209,103 687 2,799 2,181 5,667 214,770 
Home equity294 43 78,739 79,076 4 674 638 1,316 80,392 
Rental/investment180 14 30,931 31,125 — 724 79 803 31,928 
Land development109 — 14,231 14,340 — — 314 314 14,654 
Total real estate – 1-4 family mortgage2,977 131 330,536 333,644 691 4,197 3,212 8,100 341,744 
Real estate – commercial mortgage:
Owner-occupied2,511 — 317,997 320,508 193 447 1,893 2,533 323,041 
Non-owner occupied207 — 544,694 544,901 7,682 — 145 7,827 552,728 
Land development112 — 28,962 29,074 — 164 216 380 29,454 
Total real estate – commercial mortgage2,830 — 891,653 894,483 7,875 611 2,254 10,740 905,223 
Installment loans to individuals2,026 35 57,339 59,400 31 136 108 275 59,675 
Loans, net of unearned income$8,651 $267 $1,474,138 $1,483,056 $8,671 $6,968 $15,412 $31,051 $1,514,107 

There was one restructured loan in the aggregate amount of $37 contractually 90 days past due or more and still accruing at June 30, 2021 and three restructured loans in the aggregate amount of $207 contractually 90 days past due or more and still accruing at June 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $18,279 and $7,851 at June 30, 2021 and June 30, 2020, respectively.

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.
24
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Number of
Loans		Pre-
Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment
Three months ended June 30, 2021
Real estate – 1-4 family mortgage:
Primary1 862 862 
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 
Number of
Loans		Pre-
Modification
Outstanding
Recorded
Investment		Post-
Modification
Outstanding
Recorded
Investment
Six months ended June 30, 2021
Commercial, financial, agricultural1 $135 $135 
Real estate – 1-4 family mortgage:
Primary1 862 862 
Total2 $997 $997 
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 

With respect to loans that were restructured during the six months ended June 30, 2021 and June 30, 2020, none have subsequently defaulted and remain outstanding as of the date of this report.





25
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Changes in the Company’s restructured loans are set forth in the table below:
 
Number of
Loans		Recorded
Investment
Totals at January 1, 202148 $8,687 
Additional advances or loans with concessions2 1,236 
Reductions due to:
Reclassified to nonperforming loans(3)(2,470)
Paid in full(4)(1,222)
Charge-offs(1)(205)
Principal paydowns— (154)
Totals at June 30, 202142 $5,872 

The allowance for credit losses attributable to restructured loans was $127 and $302 at June 30, 2021 and June 30, 2020, respectively. The Company had $1 and $242 in remaining availability under commitments to lend additional funds on these restructured loans at June 30, 2021 and June 30, 2020, respectively.

As discussed in Note 3, “Non Purchased Loans,” the Company implemented a loan deferral program in response to the COVID-19 pandemic. As of June 30, 2021, the Company had 33 loans with total balances of approximately $2,300 remaining 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 tables present 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
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2021
Commercial, Financial, Agricultural$— $— $679 $18,481 $16,855 $30,643 $47,497 $1,879 $116,034 
Pass— — 679 16,261 11,563 23,206 42,942 412 95,063 
Special Mention— — — — — — — — — 
Substandard— — — 2,220 5,292 7,437 4,555 1,467 20,971 
Real Estate - Construction$— $— $— $1,005 $452 $10,867 $— $— $12,324 
Residential$— $— $— $1,005 $452 $685 $— $— $2,142 
Pass— — — 1,005 452 685 — — 2,142 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Commercial$— $— $— $— $— $10,182 $— $— $10,182 
Pass— — — — — 10,182 — — 10,182 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$— $— $— $11,373 $4,555 $30,598 $888 $226 $47,640 
Primary$— $— $— $4,239 $2,600 $13,586 $— $— $20,425 
Pass— — — 4,239 2,514 9,567 — — 16,320 
Special Mention— — — — — 1,014 — — 1,014 
Substandard— — — — 86 3,005 — — 3,091 
Home Equity$— $— $— $— $— $— $651 $226 $877 
Pass— — — — — — 162 — 162 
Special Mention— — — — — — — — — 
Substandard— — — — — — 489 226 715 
Rental/Investment$— $— $— $— $1,841 $14,415 $237 $— $16,493 
Pass— — — — 1,841 13,564 87 — 15,492 
Special Mention— — — — — — — — — 
Substandard— — — — — 851 150 — 1,001 
Land Development$— $— $— $7,134 $114 $2,597 $— $— $9,845 
Pass— — — 7,134 87 1,184 — — 8,405 
Special Mention— — — — — — — — — 
Substandard— — — — 27 1,413 — — 1,440 
27
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Real Estate - Commercial Mortgage$— $— $— $57,113 $159,064 $528,632 $9,749 $14,559 $769,117 
Owner-Occupied$— $— $— $14,682 $33,181 $217,414 $3,174 $2 $268,453 
Pass— — — 14,682 29,288 193,496 3,166 — 240,632 
Special Mention— — — — 1,582 1,971 — — 3,553 
Substandard— — — — 2,311 21,947 8 2 24,268 
Non-Owner Occupied$— $— $— $40,506 $122,120 $297,530 $6,380 $14,557 $481,093 
Pass— — — 24,133 114,441 254,147 6,380 — 399,101 
Special Mention— — — — — 10,570 — — 10,570 
Substandard— — — 16,373 7,679 32,813 — 14,557 71,422 
Land Development$— $— $— $1,925 $3,763 $13,688 $195 $— $19,571 
Pass— — — 1,925 3,763 7,522 195 — 13,405 
Special Mention— — — — — 5,253 — — 5,253 
Substandard— — — — — 913 — — 913 
Installment loans to individuals$— $— $— $— $— $— $— $— $— 
Pass— — — — — — — — — 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$— $— $679 $87,972 $180,926 $600,740 $58,134 $16,664 $945,115 
Pass— — 679 69,379 163,949 513,553 52,932 412 800,904 
Special Mention— — — — 1,582 18,808 — — 20,390 
Substandard— — — 18,593 15,395 68,379 5,202 16,252 123,821 

 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2020
Commercial, Financial, Agricultural$— $711 $28,242 $27,222 $22,377 $20,759 $64,563 $1,788 $165,662 
Pass— 711 24,211 20,930 17,240 16,880 56,736 409 137,117 
Special Mention— — 357 97 104 — — — 558 
Substandard— — 3,674 6,195 5,033 3,879 7,827 1,379 27,987 
Real Estate - Construction$— $— $10,522 $9,228 $10,781 $— $— $— $30,531 
Residential$— $— $1,543 $211 $684 $— $— $— $2,438 
Pass— — 1,543 211 684 — — — 2,438 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Commercial$— $— $8,979 $9,017 $10,097 $— $— $— $28,093 
Pass— — 8,979 9,017 10,097 — — — 28,093 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
28
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Real Estate - 1-4 Family Mortgage$— $— $14,022 $7,126 $1,112 $38,747 $957 $253 $62,217 
Primary$— $— $6,873 $3,212 $595 $17,223 $249 $— $28,152 
Pass— — 5,556 3,212 594 12,665 249 — 22,276 
Special Mention— — — — — 1,120 — — 1,120 
Substandard— — 1,317 — 1 3,438 — — 4,756 
Home Equity$— $— $— $— $— $— $697 $253 $950 
Pass— — — — — — 59 — 59 
Special Mention— — — — — — — — — 
Substandard— — — — — — 638 253 891 
Rental/Investment$— $— $— $1,883 $232 $18,275 $9 $— $20,399 
Pass— — — 1,883 232 16,139 9 — 18,263 
Special Mention— — — — — 44 — — 44 
Substandard— — — — — 2,092 — — 2,092 
Land Development$— $— $7,149 $2,031 $285 $3,249 $2 $— $12,716 
Pass— — 7,149 2,009 285 1,793 2 — 11,238 
Special Mention— — — — — — — — — 
Substandard— — — 22 — 1,456 — — 1,478 
Real Estate - Commercial Mortgage$— $— $76,557 $153,960 $171,487 $435,073 $22,631 $4,688 $864,396 
Owner-Occupied$— $— $15,001 $32,567 $61,568 $181,007 $9,723 $2 $299,868 
Pass— — 15,001 29,276 43,962 161,790 5,808 — 255,837 
Special Mention— — — — 9,670 — — — 9,670 
Substandard— — — 3,291 7,936 19,217 3,915 2 34,361 
Non-Owner Occupied$— $— $55,962 $117,592 $107,004 $242,249 $12,720 $4,686 $540,213 
Pass— — 37,002 109,910 83,738 221,423 6,431 — 458,504 
Special Mention— — 2,591 — 5,302 2,622 — — 10,515 
Substandard— — 16,369 7,682 17,964 18,204 6,289 4,686 71,194 
Land Development$— $— $5,594 $3,801 $2,915 $11,817 $188 $— $24,315 
Pass— — 5,594 3,801 2,780 4,962 188 — 17,325 
Special Mention— — — — — 5,438 — — 5,438 
Substandard— — — — 135 1,417 — — 1,552 
Installment loans to individuals$— $— $— $— $— $— $— $— $— 
Pass— — — — — — — — — 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$— $711 $129,343 $197,536 $205,757 $494,579 $88,151 $6,729 $1,122,806 
Pass— 711 105,035 180,249 159,612 435,652 69,482 409 951,150 
Special Mention— — 2,948 97 15,076 9,224 — — 27,345 
Substandard— — 21,360 17,190 31,069 49,703 18,669 6,320 144,311 




29
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following tables present 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
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2021
Commercial, Financial, Agricultural$— $— $— $383 $337 $2,727 $5,021 $223 $8,691 
Performing Loans— — — 383 337 2,727 5,001 223 8,671 
Non-Performing Loans— — — — — — 20 — 20 
Real Estate - Construction$— $— $— $422 $— $— $— $— $422 
Residential$— $— $— $422 $— $— $— $— $422 
Performing Loans— — — 422 — — — — 422 
Non-Performing Loans— — — — — — — — — 
Commercial$— $— $— $— $— $— $— $— $— 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$— $— $363 $2,233 $26,840 $131,914 $55,416 $2,111 $218,877 
Primary$— $— $243 $1,684 $24,349 $119,577 $166 $91 $146,110 
Performing Loans— — 243 1,574 23,741 115,772 166 22 141,518 
Non-Performing Loans— — — 110 608 3,805 — 69 4,592 
Home Equity$— $— $— $549 $2,295 $2,109 $55,238 $2,020 $62,211 
Performing Loans— — — 549 2,295 2,031 54,552 1,618 61,045 
Non-Performing Loans— — — — — 78 686 402 1,166 
Rental/Investment$— $— $120 $— $124 $9,195 $12 $— $9,451 
Performing Loans— — 120 — 124 9,112 12 — 9,368 
Non-Performing Loans— — — — — 83 — — 83 
Land Development$— $— $— $— $72 $1,033 $— $— $1,105 
Performing Loans— — — — 72 1,033 — — 1,105 
Non-Performing Loans— — — — — — — — — 
Real Estate - Commercial Mortgage$— $— $331 $1,199 $1,112 $33,778 $1,323 $— $37,743 
Owner-Occupied$— $— $— $644 $589 $19,562 $793 $— $21,588 
Performing Loans— — — 644 589 19,301 793 — 21,327 
Non-Performing Loans— — — — — 261 — — 261 
Non-Owner Occupied$— $— $331 $404 $138 $10,536 $415 $— $11,824 
Performing Loans— — 331 404 — 10,409 415 — 11,559 
Non-Performing Loans— — — — 138 127 — — 265 
Land Development$— $— $— $151 $385 $3,680 $115 $— $4,331 
Performing Loans— — — 151 385 3,625 115 — 4,276 
Non-Performing Loans— — — — — 55 — — 55 
Installment loans to individuals$— $— $— $26,952 $12,424 $4,625 $1,785 $64 $45,850 
Performing Loans— — — 26,908 12,370 4,367 1,785 32 45,462 
Non-Performing Loans— — — 44 54 258 — 32 388 
Total loans not subject to risk rating$— $— $694 $31,189 $40,713 $173,044 $63,545 $2,398 $311,583 
Performing Loans— — 694 31,035 39,913 168,377 62,839 1,895 304,753 
Non-Performing Loans— — — 154 800 4,667 706 503 6,830 
30
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20202019201820172016PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2020
Commercial, Financial, Agricultural$— $— $445 $349 $303 $2,899 $6,809 $46 $10,851 
Performing Loans— — 445 349 303 2,899 6,784 46 10,826 
Non-Performing Loans— — — — — — 25 — 25 
Real Estate - Construction$— $— $421 $— $— $— $— $— $421 
Residential$— $— $421 $— $— $— $— $— $421 
Performing Loans— — 421 — — — — — 421 
Non-Performing Loans— — — — — — — — — 
Commercial$— $— $— $— $— $— $— $— $— 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$— $371 $3,082 $33,674 $28,169 $140,689 $70,870 $2,672 $279,527 
Primary$— $248 $1,953 $30,078 $25,956 $127,642 $630 $111 $186,618 
Performing Loans— 248 1,842 29,321 25,935 122,970 630 25 180,971 
Non-Performing Loans— — 111 757 21 4,672 — 86 5,647 
Home Equity$— $— $742 $3,324 $1,668 $1,027 $70,120 $2,561 $79,442 
Performing Loans— — 742 3,324 1,668 960 69,518 2,124 78,336 
Non-Performing Loans— — — — — 67 602 437 1,106 
Rental/Investment$— $123 $— $200 $193 $10,893 $120 $— $11,529 
Performing Loans— 123 — 200 193 10,800 120 — 11,436 
Non-Performing Loans— — — — — 93 — — 93 
Land Development$— $— $387 $72 $352 $1,127 $— $— $1,938 
Performing Loans— — 387 30 117 1,127 — — 1,661 
Non-Performing Loans— — — 42 235 — — — 277 
Real Estate - Commercial Mortgage$— $337 $597 $1,063 $982 $35,946 $1,902 $— $40,827 
Owner-Occupied$— $— $— $625 $660 $20,531 $1,357 $— $23,173 
Performing Loans— — — 625 660 20,253 1,357 — 22,895 
Non-Performing Loans— — — — — 278 — — 278 
Non-Owner Occupied$— $337 $443 $49 $66 $11,467 $153 $— $12,515 
Performing Loans— 337 443 49 66 11,331 153 — 12,379 
Non-Performing Loans— — — — — 136 — — 136 
Land Development$— $— $154 $389 $256 $3,948 $392 $— $5,139 
Performing Loans— — 154 389 256 3,890 392 — 5,081 
Non-Performing Loans— — — — — 58 — — 58 
Installment loans to individuals$— $— $34,976 $15,497 $1,118 $4,348 $3,676 $60 $59,675 
Performing Loans— — 34,942 15,405 1,051 4,262 3,676 29 59,365 
Non-Performing Loans— — 34 92 67 86 — 31 310 
Total loans not subject to risk rating$— $708 $39,521 $50,583 $30,572 $183,882 $83,257 $2,778 $391,301 
Performing Loans— 708 39,376 49,692 30,249 178,492 82,630 2,224 383,371 
Non-Performing Loans— — 145 891 323 5,390 627 554 7,930 

 

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,
2021		December 31, 2020
Commercial, financial, agricultural$1,634,633 $2,536,984 
Lease financing78,028 80,022 
Real estate – construction:
Residential277,163 246,673 
Commercial774,196 611,431 
Total real estate – construction1,051,359 858,104 
Real estate – 1-4 family mortgage:
Primary1,790,522 1,750,951 
Home equity489,933 513,160 
Rental/investment297,341 296,364 
Land development124,295 137,833 
Total real estate – 1-4 family mortgage2,702,091 2,698,308 
Real estate – commercial mortgage:
Owner-occupied1,663,191 1,657,806 
Non-owner occupied2,742,029 2,747,467 
Land development124,949 149,579 
Total real estate – commercial mortgage4,530,169 4,554,852 
Installment loans to individuals156,987 209,537 
Gross loans10,153,267 10,937,807 
Unearned income(4,025)(4,160)
Loans, net of unearned income10,149,242 10,933,647 
Allowance for credit losses on loans(172,354)(176,144)
Net loans$9,976,888 $10,757,503 

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 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 on 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. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
The Company has made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses in the Company’s loan portfolio. As of June 30, 2021 and December 31, 2020, the Company had accrued interest receivable for loans of $48,774 and $56,459, respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets. Although the Company made the election to exclude accrued interest from the measurement of the allowance for credit losses, the Company did have an allowance for credit losses on interest deferred as part of the loan deferral program of $1,367 and $1,500, respectively, as of June 30, 2021 and December 31, 2020. The decrease in the balance during the first half of 2021 is due to the charge-off of deferred interest balances.
32
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following tables provide 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 periods 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, 2021
Allowance for credit losses:
Beginning balance$37,592 $14,977 $31,694 $76,225 $1,546 $11,072 $173,106 
Charge-offs(1,184)— (152)(171)— (1,347)(2,854)
Recoveries233 — 401 143 14 1,311 2,102 
Net (charge-offs) recoveries(951)— 249 (28)14 (36)(752)
Provision for credit losses on loans353 752 (640)(1,304)(49)888 — 
Ending balance$36,994 $15,729 $31,303 $74,893 $1,511 $11,924 $172,354 
Six Months Ended June 30, 2021
Allowance for credit losses:
Beginning balance$39,031 $16,047 $32,165 $76,127 $1,624 $11,150 $176,144 
Charge-offs(4,682)(52)(253)(232)— (3,005)(8,224)
Recoveries522 13 662 314 25 2,898 4,434 
Net (charge-offs) recoveries(4,160)(39)409 82 25 (107)(3,790)
Provision for credit losses on loans2,123 (279)(1,271)(1,316)(138)881 — 
Ending balance$36,994 $15,729 $31,303 $74,893 $1,511 $11,924 $172,354 
Period-End Amount Allocated to:
Individually evaluated$9,121 $— $228 $4,207 $— $612 $14,168 
Collectively evaluated 27,873 15,729 31,075 70,686 1,511 11,312 158,186 
Ending balance$36,994 $15,729 $31,303 $74,893 $1,511 $11,924 $172,354 
Loans:
Individually evaluated$14,409 $— $5,017 $20,810 $— $636 $40,872 
Collectively evaluated 1,620,224 1,051,359 2,697,074 4,509,359 74,003 156,351 10,108,370 
Ending balance$1,634,633 $1,051,359 $2,702,091 $4,530,169 $74,003 $156,987 $10,149,242 
Nonaccruing loans with no allowance for credit losses$2,826 $— $2,841 $4,953 $— $10 $10,630 


33
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
CommercialReal Estate -
Construction		Real Estate -
1-4 Family
Mortgage		Real Estate  -
Commercial
Mortgage		Lease FinancingInstallment Loans to IndividualsTotal
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 326
11,351 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 evaluated26,803 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 evaluated2,631,862 791,108 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 
 
The Company did not record a provision for credit losses during the second quarter or first half of 2021, as compared to a provision for credit losses on loans of $26,900 in the second quarter of 2020 and $53,250 in the first half of 2020. The Company’s allowance for credit loss model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. Based on the continual improvements in these forecasts over the last few quarters, the Company determined that additional provisioning during the second quarter of 2021 was not necessary.
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. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in
34
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
The following tables provide a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.
Three Months Ended June 30,20212020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,535 $14,735 
Provision for credit losses on unfunded loan commitments (included in other noninterest expense) — 2,600 
Ending balance$20,535 $17,335 
Six Months Ended June 30,20212020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,535 $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$20,535 $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, 2021
Residential real estate$197 $64 $261 
Commercial real estate1,048 1,548 2,596 
Residential land development337 4 341 
Commercial land development1,682 59 1,741 
Total$3,264 $1,675 $4,939 
December 31, 2020
Residential real estate$72 $107 $179 
Commercial real estate1,741 924 2,665 
Residential land development337 676 1,013 
Commercial land development1,777 338 2,115 
Total$3,927 $2,045 $5,972 

Changes in the Company’s purchased and non purchased OREO were as follows:
 
35
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Purchased
OREO		Non Purchased OREOTotal
OREO
Balance at January 1, 2021$3,927 $2,045 $5,972 
Transfers of loans967 1,536 2,503 
Impairments(47)(70)(117)
Dispositions(1,492)(1,836)(3,328)
Other(91)— (91)
Balance at June 30, 2021$3,264 $1,675 $4,939 

At June 30, 2021 and December 31, 2020, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $58 and $1,308, respectively.
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,
 2021202020212020
Repairs and maintenance$22 $85 $42 $170 
Property taxes and insurance37 16 48 149 
Impairments47 630 117 827 
Net losses (gains) on OREO sales6 (101)(50)(89)
Rental income(8)(10)(12)(19)
Total$104 $620 $145 $1,038 


Note 7 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the six months ended June 30, 2021 were as follows:
 Community BanksInsuranceTotal
Balance at January 1, 2021$936,916 $2,767 $939,683 
Additions to goodwill and other adjustments— — — 
Balance at June 30, 2021$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, 2021
Core deposit intangibles$82,492 $(56,584)$25,908 
Customer relationship intangible2,470 (1,375)1,095 
Total finite-lived intangible assets$84,962 $(57,959)$27,003 
December 31, 2020
Core deposit intangibles$82,492 $(53,539)$28,953 
Customer relationship intangible2,470 (1,284)1,186 
Total finite-lived intangible assets$84,962 $(54,823)$30,139 

Current year amortization expense for finite-lived intangible assets is presented in the table below.
36
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Amortization expense for:
  Core deposit intangibles$1,494 $1,789 $3,046 $3,639 
  Customer relationship intangible45 45 91 90 
Total intangible amortization$1,539 $1,834 $3,137 $3,729 

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2021 and the succeeding four years is summarized as follows:
Core Deposit IntangiblesCustomer Relationship IntangibleTotal
2021$5,860 $181 $6,041 
20224,940 181 5,121 
20234,044 181 4,225 
20243,498 181 3,679 
20253,103 181 3,284 

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. For example, a decline in mortgage interest rates or an increase in actual prepayment speeds may cause negative adjustments to the valuation of the Company’s MSRs.
Servicing rights are evaluated for impairment (or reversals of prior impairments) quarterly 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 was a positive valuation adjustment of $13,561 during the six months ended June 30, 2021 on MSRs. This positive adjustment primarily arose from an increase in mortgage interest rates and a corresponding decrease in actual prepayment speeds. During the six months ended June 30, 2020 there was a negative valuation adjustment of $14,522 which was caused by a difference between actual prepayment speeds and the Company’s assumptions with respect to prepayment speeds.
Changes in the Company’s MSRs were as follows: 
Balance at January 1, 2021$62,994 
Capitalization19,922 
Amortization(11,565)
Valuation adjustment13,561 
Balance at June 30, 2021$84,912 

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
37
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
June 30, 2021December 31, 2020
Unpaid principal balance$8,364,217 $7,322,671 
Weighted-average prepayment speed (CPR)12.07 %15.05 %
Estimated impact of a 10% increase$(4,177)$(4,001)
Estimated impact of a 20% increase(8,080)(7,674)
Discount rate9.81 %9.86 %
Estimated impact of a 10% increase$(3,212)$(2,144)
Estimated impact of a 20% increase(6,198)(4,144)
Weighted-average coupon interest rate3.38 %3.58 %
Weighted-average servicing fee (basis points)30.28 29.94 
Weighted-average remaining maturity (in years)6.095.14
The Company recorded servicing fees of $4,616 and $2,990 for the three months ended June 30, 2021 and 2020, respectively, and servicing fees of $8,687 and $5,612 for the six months ended June 30, 2021 and 2020, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

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,
 2021202020212020
Service cost $— $— $1 $1 
Interest cost175 250 3 2 
Expected return on plan assets(441)(413)— — 
Recognized actuarial loss (gain)78 96 (2)(27)
Net periodic (return) benefit cost $(188)$(67)$2 $(24)

 
Pension BenefitsOther Benefits
Six Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Service cost$— $— $2 $3 
Interest cost341 492 7 7 
Expected return on plan assets(884)(826)— — 
Recognized actuarial loss (gain)132 175 (2)(45)
Net periodic (return) benefit cost$(411)$(159)$7 $(35)
38
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Incentive Compensation Plans
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, 2021 or 2020.
The following table summarizes information about options outstanding, exercised and forfeited as of and for the six months ended June 30, 2021:
SharesWeighted Average Exercise Price
Options outstanding at beginning of period10,500 $14.96 
Granted— — 
Exercised(5,000)14.96 
Forfeited— — 
Options outstanding at end of period5,500 $14.96 

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, 2021:

Performance-Based Restricted StockWeighted Average Grant-Date Fair ValueTime-Based Restricted StockWeighted Average Grant-Date Fair Value
Nonvested at beginning of period132,827 $32.88 548,416 $34.15 
Awarded78,230 34.02 250,483 37.24 
Vested— — (126,121)37.20 
Cancelled— — (53,007)37.67 
Nonvested at end of period211,057 $33.30 619,771 $34.48 
During the six months ended June 30, 2021, the Company reissued 126,147 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 $2,385 and $2,998 for the three months ended June 30, 2021 and 2020, respectively and $5,141 and $5,748 for the six months ended June 30, 2021 and 2020, respectively.

Note 10 – Derivative Instruments
(In Thousands)
The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions.
Non-hedge derivatives
The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures.
The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors.
39
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:
 Balance SheetJune 30, 2021December 31, 2020
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate contractsOther Assets$204,113 $6,450 $222,933 $9,884 
  Interest rate lock commitmentsOther Assets517,860 10,448 589,701 19,824 
Forward commitmentsOther Assets73,000 68 — — 
Totals$794,973 $16,966 $812,634 $29,708 
Derivative liabilities:
  Interest rate contractsOther Liabilities$204,113 $6,450 $222,933 $9,884 
Interest rate lock commitmentsOther Liabilities10,908 28 — — 
  Forward commitmentsOther Liabilities723,000 1,878 716,000 5,090 
Totals$938,021 $8,356 $938,933 $14,974 
Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Interest rate contracts:
Included in interest income on loans$836 $523 $1,206 $1,259 
Interest rate lock commitments:
Included in mortgage banking income(1,082)2,924 (9,404)24,745 
Forward commitments
Included in mortgage banking income(15,523)11,321 3,280 (4,149)
Total$(15,769)$14,768 $(4,918)$21,855 
Derivatives designated as cash flow hedges
Cash flow hedge relationships mitigate exposure to the variability of future cash flow or other forecasted transactions. The Company uses interest rate swap contracts in an effort to manage future interest rate exposure on borrowings. The hedging strategy converts the LIBOR-based variable interest rate on the forecasted borrowings to a fixed interest rate. As of June 30, 2021, the Company is hedging its exposure to the variability of future cash flows through 2030 and a portion of these hedges are forward starting.
The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:
 Balance SheetJune 30, 2021December 31, 2020
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate swapsOther Assets$200,000 $10,504 $175,000 $3,866 
Derivative liabilities:
  Interest rate swapsOther Liabilities$62,000 $4,062 $87,000 $5,924 
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, 2021 or 2020. The impact on other comprehensive income for the six months ended June 30, 2021 and 2020 is discussed in Note 13, “Other Comprehensive Income (Loss).”
40
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Derivatives designated as fair value hedges
Fair value hedges protect against changes in the fair value of an asset, liability, or firm commitment. The Company enters into interest rate swap agreements to manage interest rate exposure on certain of the Company’s fixed-rate subordinated notes. The agreements convert the fixed interest rates to LIBOR-based variable interest rates.
The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:
 Balance SheetJune 30, 2021December 31, 2020
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative liabilities:
  Interest rate swapsOther Liabilities$100,000 $4,386 $100,000 $209 
The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:
 Amount of Gain (Loss) Recognized in Income
Income StatementThree Months Ended June 30,Six Months Ended June 30,
 Location2021202020212020
Derivative liabilities:
  Interest rate swaps - subordinated notesInterest Expense$3,264 $— $(4,177)$— 
Derivative liabilities - hedged items:
  Interest rate swaps - subordinated notesInterest Expense$(3,264)$— $4,177 $— 
The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:
Carrying Amount of the Hedged LiabilityCumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet LocationJune 30, 2021December 31, 2020June 30, 2021December 31, 2020
Long-term debt$94,024 $98,114 $4,386 $209 
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:

41
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Offsetting Derivative AssetsOffsetting Derivative Liabilities
June 30,
2021		December 31, 2020June 30,
2021		December 31, 2020
Gross amounts recognized$10,643 $3,866 $16,705 $21,107 
Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amounts presented in the Consolidated Balance Sheets10,643 3,866 16,705 21,107 
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments5,987 3,866 5,987 3,866 
Financial collateral pledged— — 9,092 14,042 
Net amounts$4,656 $— $1,626 $3,199 

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.

June 30,December 31,
20212020
Deferred tax assets
Allowance for credit losses$53,316 $53,597 
Loans4,123 5,526 
Deferred compensation12,280 13,114 
Investment in partnerships114 — 
Impairment of assets655 1,067 
Net operating loss carryforwards1,477 1,857 
Lease liabilities under operating leases16,804 17,732 
Other4,043 3,539 
Total deferred tax assets92,812 96,432 
Deferred tax liabilities
Net unrealized gains on securities6,501 8,434 
Investment in partnerships— 793 
Fixed assets1,942 3,285 
Mortgage servicing rights20,211 14,623 
Junior subordinated debt2,200 2,245 
Intangibles3,524 3,882 
Lease right-of-use asset15,907 16,833 
Other903 1,672 
Total deferred tax liabilities51,188 51,767 
Net deferred tax assets$41,624 $44,665 

For the six months ended June 30, 2021 and 2020, the Company recorded a provision for income taxes totaling $24,387 and $5,410, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. During the second quarter of 2021 the Company recognized a one-time state tax credit investment of $3,460 which reduced income taxes as a discrete item. The effective tax rate, excluding discrete items, was 22.21% and 19.64% for the six months ended June 30, 2021 and 2020, respectively.
42
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The Company and its subsidiaries 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 state departments of revenue for the years ending December 31, 2017 through December 31, 2019.

Note 12 – Fair Value Measurements
(In Thousands)
Fair Value Measurements and the Fair Level Hierarchy
FASB Accounting Standards Codification Topic (“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 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: 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 tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
 
43
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Level 1Level 2Level 3Totals
June 30, 2021
Financial assets:
Securities available for sale$— $2,163,820 $— $2,163,820 
Derivative instruments— 27,470 — 27,470 
Mortgage loans held for sale in loans held for sale— 448,959 — 448,959 
Total financial assets$— $2,640,249 $— $2,640,249 
Financial liabilities:
Derivative instruments:$— $16,804 $— $16,804 

Level 1Level 2Level 3Totals
December 31, 2020
Financial assets:
Trust preferred securities$— $— $9,012 $9,012 
Other available for sale securities— 1,334,445 — 1,334,445 
Total securities available for sale— 1,334,445 9,012 1,343,457 
Derivative instruments— 33,574 — 33,574 
Mortgage loans held for sale in loans held for sale— 417,771 — 417,771 
Total financial assets$— $1,785,790 $9,012 $1,794,802 
Financial liabilities:
Derivative instruments$— $21,107 $— $21,107 

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, 2021.
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:
 
 20212020
Three Months Ended June 30, 2021Trust preferred
securities		Trust preferred
securities
Three Months Ended June 30,
Balance at beginning of period$— $8,604 
   Accretion included in net income— 9 
   Unrealized losses included in other comprehensive income— (903)
   Settlements— (31)
Balance at end of period$— $7,679 
Six Months Ended June 30,
Balance at beginning of period$9,012 $9,986 
   Accretion included in net income7 18 
   Unrealized gains (losses) included in other comprehensive income941 (2,222)
   Realized losses2,061 — 
   Purchases(12,021)— 
   Settlements— (103)
Balance at end of period$— $7,679 
44
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 
For each of the three and six months ended June 30, 2021 and 2020, 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.

Nonrecurring Fair Value Measurements
Certain assets and liabilities may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
 
June 30, 2021Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $11,150 $11,150 
OREO— — 549 549 
Mortgage servicing rights— — 84,912 84,912 
Total$— $— $96,611 $96,611 
 
December 31, 2020Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $24,145 $24,145 
OREO— — 2,736 2,736 
Mortgage servicing rights— — 62,994 62,994 
Total$— $— $89,875 $89,875 

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:

Individually evaluated loans: Loans are individually evaluated for credit losses each quarter taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets 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. Individually evaluated loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $16,141 and $36,990 at June 30, 2021 and December 31, 2020, respectively, and a specific reserve for these loans of $4,991 and $12,845 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,
2021		December 31, 2020
Carrying amount prior to remeasurement$596 $4,051 
Impairment recognized in results of operations(47)(1,315)
Fair value$549 $2,736 

45
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Mortgage servicing rights: Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at June 30, 2021 and fair value at December 31, 2020. There were $13,561 of positive valuation adjustments on MSRs during the six months ended June 30, 2021 and $14,522 of negative valuation adjustments recognized during the six months ended June 30, 2020.
The following table presents information as of June 30, 2021 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
Individually evaluated loans, net of allowance for credit losses$11,150 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$549 Appraised value of property less estimated costs to sellEstimated costs to sell
4-10%

Fair Value Option
The Company has elected to measure all mortgage loans held for sale at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them.
Net losses of $7,520 and net gains of $9,617 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2021 and 2020, 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, 2021 and December 31, 2020:
 
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
June 30, 2021
Mortgage loans held for sale measured at fair value$448,959 $434,310 $14,649 
December 31, 2020
Mortgage loans held for sale measured at fair value$417,771 $395,602 $22,169 

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:
 
46
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
  Fair Value
As of June 30, 2021Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$1,605,488 $1,605,488 $— $— $1,605,488 
Securities available for sale2,163,820 — 2,163,820 — 2,163,820 
Loans held for sale448,959 — 448,959 — 448,959 
Loans, net9,976,888 — — 9,868,318 9,868,318 
Mortgage servicing rights84,912 — — 87,531 87,531 
Derivative instruments27,470 — 27,470 — 27,470 
Financial liabilities
Deposits$13,115,351 $11,582,111 $1,537,071 $— $13,119,182 
Short-term borrowings14,933 14,933 — — 14,933 
Federal Home Loan Bank advances150,434 — 155,828 — 155,828 
Junior subordinated debentures111,083 — 100,243 — 100,243 
Subordinated notes207,889 — 219,676 — 219,676 
Derivative instruments16,804 — 16,804 — 16,804 
 
  Fair Value
As of December 31, 2020Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$633,203 $633,203 $— $— $633,203 
Securities available for sale1,343,457 — 1,334,445 9,012 1,343,457 
Loans held for sale417,771 — 417,771 — 417,771 
Loans, net10,757,503 — — 10,668,625 10,668,625 
Mortgage servicing rights62,994 — — 62,994 62,994 
Derivative instruments33,574 — 33,574 — 33,574 
Financial liabilities
Deposits$12,059,081 $10,363,193 $1,706,005 $— $12,069,198 
Short-term borrowings21,340 21,340 — — 21,340 
Federal Home Loan Bank advances152,167 — 158,914 — 158,914 
Junior subordinated debentures110,794 — 93,092 — 93,092 
Subordinated notes212,009 — 217,575 — 217,575 
Derivative instruments21,107 — 21,107 — 21,107 
47
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 13 – Other Comprehensive Income (Loss)
(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, 2021
Securities available for sale:
Unrealized holding gains on securities$4,965 $1,263 $3,702 
Total securities available for sale4,965 1,263 3,702 
Derivative instruments:
Unrealized holding losses on derivative instruments(6,234)(1,586)(4,648)
Total derivative instruments(6,234)(1,586)(4,648)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost76 19 57 
Total defined benefit pension and post-retirement benefit plans76 19 57 
Total other comprehensive loss$(1,193)$(304)$(889)
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 $1,838 
48
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Pre-TaxTax Expense
(Benefit)		Net of Tax
Six months ended June 30, 2021
Securities available for sale:
Unrealized holding losses on securities$(15,079)$(3,838)$(11,241)
Reclassification adjustment for gains realized in net income(1,357)(345)(1,012)
Total securities available for sale(16,436)(4,183)(12,253)
Derivative instruments:
Unrealized holding gains on derivative instruments8,500 2,164 6,336 
Total derivative instruments8,500 2,164 6,336 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost130 31 99 
Total defined benefit pension and post-retirement benefit plans130 31 99 
Total other comprehensive loss$(7,806)$(1,988)$(5,818)
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 

The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:
 
June 30,
2021		December 31, 2020
Unrealized gains on securities$18,674 $42,246 
Non-credit related portion of previously recorded other-than-temporary impairment on securities— (11,319)
Unrealized gains (losses) on derivative instruments5,698 (638)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations(5,122)(5,221)
Total accumulated other comprehensive income$19,250 $25,068 
49
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,
 20212020
Basic
Net income applicable to common stock$40,867 $20,130 
Average common shares outstanding56,325,717 56,165,452 
Net income per common share - basic$0.73 $0.36 
Diluted
Net income applicable to common stock$40,867 $20,130 
Average common shares outstanding56,325,717 56,165,452 
Effect of dilutive stock-based compensation310,181 160,024 
Average common shares outstanding - diluted56,635,898 56,325,476 
Net income per common share - diluted$0.72 $0.36 
Six Months Ended
 June 30,
 20212020
Basic
Net income applicable to common stock$98,775 $22,138 
Average common shares outstanding56,283,195 56,350,134 
Net income per common share - basic$1.75 $0.39 
Diluted
Net income applicable to common stock$98,775 $22,138 
Average common shares outstanding56,283,195 56,350,134 
Effect of dilutive stock-based compensation295,385 164,465 
Average common shares outstanding - diluted56,578,580 56,514,599 
Net income per common share - diluted$1.75 $0.39 

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,
 20212020
Number of shares19,929264,183
Exercise prices (for stock option awards)——
Six Months Ended
 June 30,
 20212020
Number of shares19,929247,093
Exercise prices (for stock option awards)——
50
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, 2021December 31, 2020
 AmountRatioAmountRatio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)$1,385,657 9.30 %$1,306,597 9.37 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,278,165 11.14 %1,199,394 10.93 %
Tier 1 Capital to Risk-Weighted Assets1,385,657 12.07 %1,306,597 11.91 %
Total Capital to Risk-Weighted Assets1,734,376 15.11 %1,653,694 15.07 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)$1,444,582 9.70 %$1,369,994 9.83 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,444,582 12.59 %1,369,994 12.49 %
Tier 1 Capital to Risk-Weighted Assets1,444,582 12.59 %1,369,994 12.49 %
Total Capital to Risk-Weighted Assets1,581,025 13.78 %1,504,985 13.73 %

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, 2021, the Company’s CET1 capital was in excess of the capital conservation buffer.

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 Accounting Standards Codification Topic 326, “Financial Instruments - Credit Losses” (“ASC
51
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
326”), often referred to as 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, through the Trust division, offers a broad range of fiduciary services including the administration (as trustee or in other fiduciary or representative capacities) of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts, and custodial accounts, as well as accounting and money management for trust accounts. In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable 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 tables provide financial information for the Company’s operating segments as of and for the periods presented:
52
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Three months ended June 30, 2021
Net interest income (loss)$112,780 $111 $396 $(3,708)$109,579 
Provision for loan losses— — — — — 
Noninterest income40,149 2,475 5,430 (444)47,610 
Noninterest expense102,426 1,987 4,047 317 108,777 
Income (loss) before income taxes50,503 599 1,779 (4,469)48,412 
Income tax expense (benefit)8,547 153 — (1,155)7,545 
Net income (loss)$41,956 $446 $1,779 $(3,314)$40,867 
Total assets$15,910,027 $31,978 $63,656 $16,725 $16,022,386 
Goodwill$936,916 $2,767 — — $939,683 
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 income 58,115 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 
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Six months ended June 30, 2021
Net interest income (loss)$225,728 $218 $780 $(7,499)$219,227 
Provision for credit losses— — — — — 
Noninterest income (loss)113,219 5,723 10,601 (896)128,647 
Noninterest expense212,012 3,910 8,148 642 224,712 
Income (loss) before income taxes126,935 2,031 3,233 (9,037)123,162 
Income tax expense (benefit)26,203 520 — (2,336)24,387 
Net income (loss)$100,732 $1,511 $3,233 $(6,701)$98,775 
Total assets$15,910,027 $31,978 $63,656 $16,725 $16,022,386 
Goodwill$936,916 $2,767 $— $— $939,683 
Six months ended June 30, 2020
Net interest income (loss)$216,970 $298 $847 $(5,731)$212,384 
Provision for credit losses53,073 — 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 
53
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 of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.
Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) the continued impact of the COVID-19 pandemic and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) 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; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) 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; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond management’s control. 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.

Financial Condition
The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2021 compared to December 31, 2020.
Assets
Total assets were $16,022,386 at June 30, 2021 compared to $14,929,612 at December 31, 2020.
Investments
The securities portfolio is a liquid source of interest income that also can 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
54
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, 2021December 31, 2020
BalancePercentage of
Portfolio		BalancePercentage of
Portfolio
U.S. Treasury securities$3,037 0.14 %$7,079 0.53 %
Obligations of other U.S. Government agencies and corporations— — 1,009 0.08 
Obligations of states and political subdivisions325,520 15.04 305,201 22.72 
Mortgage-backed securities1,772,547 81.92 955,549 71.12 
Trust preferred securities— — 9,012 0.67 
Other debt securities62,716 2.90 65,607 4.88 
$2,163,820 100.00 %$1,343,457 100.00 %
During the six months ended June 30, 2021, we deployed a portion of our excess liquidity into the securities portfolio and purchased $1,190,400 in investment securities. Mortgage-backed securities and collateralized mortgage obligations (“CMOs”), in the aggregate, comprised approximately 97% 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 3% of purchases made during the first six months of 2021.
Proceeds from maturities, calls and principal payments on securities during the first six months of 2021 totaled $195,114. The Company sold municipal securities, residential mortgage backed securities, and trust preferred securities with a carrying value of $154,034 at the time of sale for net proceeds of $155,391, resulting in a net gain on sale of $1,357 during the first six months of 2021. Proceeds from the 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.
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 consist of residential mortgage loans being held until they are sold in the secondary market, were $448,959 at June 30, 2021, as compared to $417,771 at December 31, 2020. 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 $10,149,242 at June 30, 2021 and $10,933,647 at December 31, 2020. Non purchased loans totaled $8,892,544 at June 30, 2021 compared to $9,419,540 at December 31, 2020. Loans purchased in previous acquisitions totaled $1,256,698 and $1,514,107 at June 30, 2021 and December 31, 2020, respectively.
The tables below set forth the balance of loans outstanding, net of unearned income and excluding loans held for sale, by loan type and the percentage of each loan type to total loans as of the dates presented:
55
 June 30, 2021
 Non PurchasedPurchasedTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural (1)
$1,509,908 $124,725 $1,634,633 16.11 %
Lease financing, net of unearned income74,003 — 74,003 0.73 
Real estate – construction:
Residential274,599 2,564 277,163 2.73 
Commercial764,014 10,182 774,196 7.63 
Total real estate – construction1,038,613 12,746 1,051,359 10.36 
Real estate – 1-4 family mortgage:
Primary1,623,987 166,535 1,790,522 17.64 
Home equity426,845 63,088 489,933 4.83 
Rental/investment271,397 25,944 297,341 2.93 
Land development113,345 10,950 124,295 1.22 
Total real estate – 1-4 family mortgage2,435,574 266,517 2,702,091 26.62 
Real estate – commercial mortgage:
Owner-occupied1,373,150 290,041 1,663,191 16.39 
Non-owner occupied2,249,112 492,917 2,742,029 27.01 
Land development101,047 23,902 124,949 1.23 
Total real estate – commercial mortgage3,723,309 806,860 4,530,169 44.63 
Installment loans to individuals111,137 45,850 156,987 1.55 
Total loans, net of unearned income$8,892,544 $1,256,698 $10,149,242 100.00 %
(1)Includes Paycheck Protection Program (“PPP”) loans of $246,931 as of June 30, 2021.
 December 31, 2020
 Non PurchasedPurchasedTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural (1)
$2,360,471 $176,513 $2,536,984 23.20 %
Lease financing, net of unearned income75,862 — 75,862 0.69 
Real estate – construction:
Residential243,814 2,859 246,673 2.26 
Commercial583,338 28,093 611,431 5.59 
Total real estate – construction827,152 30,952 858,104 7.85 
Real estate – 1-4 family mortgage:
Primary1,536,181 214,770 1,750,951 16.02 
Home equity432,768 80,392 513,160 4.69 
Rental/investment264,436 31,928 296,364 2.71 
Land development123,179 14,654 137,833 1.26 
Total real estate – 1-4 family mortgage2,356,564 341,744 2,698,308 24.68 
Real estate – commercial mortgage:
Owner-occupied1,334,765 323,041 1,657,806 15.16 
Non-owner occupied2,194,739 552,728 2,747,467 25.13 
Land development120,125 29,454 149,579 1.37 
Total real estate – commercial mortgage3,649,629 905,223 4,554,852 41.66 
Installment loans to individuals149,862 59,675 209,537 1.92 
Total loans, net of unearned income$9,419,540 $1,514,107 $10,933,647 100.00 %
(1)Includes PPP loans of $1,128,703 as of December 31, 2020.
56
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, 2021, 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.
Deposits
The Company relies on deposits as its major source of funds. Total deposits were $13,115,351 and $12,059,081 at June 30, 2021 and December 31, 2020, respectively. Noninterest-bearing deposits were $4,349,135 and $3,685,048 at June 30, 2021 and December 31, 2020, respectively, while interest-bearing deposits were $8,766,216 and $8,374,033 at June 30, 2021 and December 31, 2020, respectively.
The growth in noninterest-bearing deposits across the Company’s footprint during the current year has been driven by government stimulus payments and client sentiment to maintain liquidity. Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits (that is, deposits excluding time deposits greater than $250,000). Noninterest bearing deposits represented 33.16% of total deposits at June 30, 2021, as compared to 30.56% of total deposits at December 31, 2020. Under certain circumstances, however, management may elect 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 public universities and municipalities, including school boards and utilities. Public fund deposits were $1,563,608 and $1,398,330 at June 30, 2021 and December 31, 2020, respectively.
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. The following table presents our short-term borrowings by type as of the dates presented:
June 30, 2021December 31, 2020
Security repurchase agreements$14,933 $10,947 
Federal funds purchased— 10,393 
$14,933 $21,340 
At June 30, 2021, 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, 2021December 31, 2020
Long-term FHLB advances$150,434 $152,167 
Junior subordinated debentures111,083 110,794 
Subordinated notes207,889 212,009 
$469,406 $474,970 
Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. At June 30, 2021, there were no outstanding long-term FHLB advances
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scheduled to mature within twelve months or less. The Company had $3,864,732 of availability on unused lines of credit with the FHLB at June 30, 2021, as compared to $3,784,520 at December 31, 2020.
The Company has issued 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 Renasant Bank (the “Bank”) as regulatory capital. The subordinated notes qualify as Tier 2 capital under the current regulatory guidelines.
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 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.

Results of Operations
Net Income
Net income for the second quarter of 2021 was $40,867 compared to net income of $20,130 for the second quarter of 2020. Basic and diluted earnings per share (“EPS”) for the second quarter of 2021 were $0.73 and $0.72, respectively, as compared to basic and diluted EPS of $0.36 for the second quarter of 2020. Net income for the six months ended June 30, 2021, was $98,775 compared to net income of $22,138 for the same period in 2020. Basic and diluted EPS were $1.75 for the first six months of 2021 as compared to $0.39 for the first six months of 2020. As discussed in more detail below, our net income was significantly impacted by mortgage banking income, including an adjustment to the valuation of our mortgage servicing rights (“MSR”), and the absence of a provision for credit losses expense in the second quarter of 2021.
From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented. The “COVID-19 related expenses” line item in the table below primarily consists of (a) employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.
Three Months Ended
 June 30, 2021June 30, 2020
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
MSR valuation adjustment$— $— $— $4,951 $4,047 $0.07 
Restructuring charges15 12 — — — — 
COVID-19 related expenses370 289 0.01 6,257 5,113 0.09 
Six Months Ended
 June 30, 2021June 30, 2020
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
MSR valuation adjustment$(13,561)$(10,549)$(0.19)$14,522 $11,835 $0.21 
Restructuring charges307 239 — — — — 
COVID-19 related expenses1,154 898 0.02 9,160 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 70.02% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second quarter of 2021 and 63.36% of total revenue for the first six months of 2021. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.
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Net interest income was $109,579 and $219,227 for the three and six months ended June 30, 2021, respectively, as compared to $105,782 and $212,384 for the same respective periods in 2020. On a tax equivalent basis, net interest income was $111,205 and $222,469 for the three and six months ended June 30, 2021, respectively, as compared to $107,457 and $215,773 for the same respective periods in 2020.
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,
 20212020
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment:
Non purchased$8,521,028 $82,774 3.90 %$7,872,371 $81,836 4.18 %
Purchased1,328,631 17,891 5.40 1,877,698 26,005 5.57 
Paycheck Protection Program628,462 10,120 6.46 866,078 5,886 2.73 
Total loans held for investment10,478,121 110,785 4.24 10,616,147 113,727 4.31 
Loans held for sale461,752 3,604 3.12 340,582 2,976 3.51 
Securities:
Taxable(1)
1,503,605 5,549 1.48 1,031,740 6,386 2.49 
Tax-exempt317,824 2,333 2.94 263,799 2,346 3.58 
Interest-bearing balances with banks1,227,962 346 0.11 524,376 195 0.15 
Total interest-earning assets13,989,264 122,617 3.51 12,776,644 125,630 3.95 
Cash and due from banks195,982 214,079 
Intangible assets967,430 974,237 
Other assets678,342 741,067 
Total assets$15,831,018 $14,706,027 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$6,109,956 $4,069 0.27 %$5,151,713 $5,524 0.43 %
Savings deposits969,982 185 0.08 747,173 173 0.09 
Time deposits1,564,448 3,415 0.88 2,034,149 8,174 1.62 
Total interest-bearing deposits8,644,386 7,669 0.36 7,933,035 13,871 0.70 
Borrowed funds483,081 3,743 3.11 1,000,789 4,302 1.73 
Total interest-bearing liabilities9,127,467 11,412 0.50 8,933,824 18,173 0.82 
Noninterest-bearing deposits4,271,464 3,439,634 
Other liabilities218,344 231,477 
Shareholders’ equity2,213,743 2,101,092 
Total liabilities and shareholders’ equity$15,831,018 $14,706,027 
Net interest income/net interest margin$111,205 3.19 %$107,457 3.38 %
(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
(2)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
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 Six Months Ended June 30,
 20212020
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment:
Non purchased$8,441,910 $164,702 3.93 %$7,763,516 $170,390 4.41 %
Purchased1,391,634 38,347 5.55 1,955,161 56,192 5.78 
Paycheck Protection Program807,012 20,807 5.20 433,039 5,886 2.73 
Total loans held for investment10,640,556 223,856 4.24 10,151,716 232,468 4.61 
Loans held for sale434,075 6,604 3.05 338,706 5,964 3.54 
Securities:
Taxable(1)
1,284,692 10,389 1.62 1,049,507 13,675 2.62 
Tax-exempt312,084 4,617 2.96 244,700 4,404 3.62 
Interest-bearing balances with banks1,002,564 529 0.11 408,432 1,006 0.50 
Total interest-earning assets13,673,971 245,995 3.62 12,193,061 257,517 4.25 
Cash and due from banks200,906 200,198 
Intangible assets968,215 975,085 
Other assets674,262 720,945 
Total assets$15,517,354 $14,089,289 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$6,008,093 $8,002 0.27 %$5,045,735 $14,777 0.59 %
Savings deposits926,370 354 0.08 714,177 426 0.12 
Time deposits1,610,113 7,593 0.95 2,075,412 17,163 1.66 
Total interest-bearing deposits8,544,576 15,949 0.38 7,835,324 32,366 0.83 
Borrowed funds483,494 7,577 3.16 915,054 9,378 2.06 
Total interest-bearing liabilities9,028,070 23,526 0.53 8,750,378 41,744 0.96 
Noninterest-bearing deposits4,066,943 3,013,298 
Other liabilities229,257 222,495 
Shareholders’ equity2,193,084 2,103,118 
Total liabilities and shareholders’ equity$15,517,354 $14,089,289 
Net interest income/net interest margin$222,469 3.28 %$215,773 3.56 %
(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
(2)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

The 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, the decline in loan yields due to the current low interest rate environment as well as changes in the mix of earning assets during the quarter due to increased liquidity on the balance sheet were the largest contributing factors to the decrease in net interest margin for the three and six months ended June 30, 2021, as compared to the same periods in 2020. The Company has continued to focus on lowering the cost of funding through growing noninterest-bearing deposits and aggressively lowering interest rates on interest-bearing deposits.
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The following tables set 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, 2021, as compared to the same respective periods in 2020 (the changes attributable to the combined impact of yield/rate and volume have been allocated on a pro-rata basis using the absolute value of amounts calculated):
Three Months Ended June 30, 2021 Compared to the Three Months Ended June 30, 2020
VolumeRateNet
Interest income:
Loans held for investment:
Non purchased$6,642 $(5,704)$938 
Purchased(7,355)(759)(8,114)
Paycheck Protection Program(1,986)6,220 4,234 
Loans held for sale984 (356)628 
Securities:
Taxable2,315 (3,152)(837)
Tax-exempt443 (456)(13)
Interest-bearing balances with banks210 (59)151 
Total interest-earning assets1,253 (4,266)(3,013)
Interest expense:
Interest-bearing demand deposits906 (2,361)(1,455)
Savings deposits46 (34)12 
Time deposits(1,594)(3,165)(4,759)
Borrowed funds(2,928)2,369 (559)
Total interest-bearing liabilities(3,570)(3,191)(6,761)
Change in net interest income$4,823 $(1,075)$3,748 
Six months ended June 30, 2021 Compared to the Six Months Ended June 30, 2020
VolumeRateNet
Interest income:
Loans held for investment:
Non purchased $14,008 $(19,696)$(5,688)
Purchased(15,683)(2,162)(17,845)
Paycheck Protection Program7,298 7,623 14,921 
Loans held for sale1,542 (902)640 
Securities:
Taxable2,652 (5,938)(3,286)
Tax-exempt1,094 (881)213 
Interest-bearing balances with banks718 (1,195)(477)
Total interest-earning assets11,629 (23,151)(11,522)
Interest expense:
Interest-bearing demand deposits2,415 (9,190)(6,775)
Savings deposits105 (177)(72)
Time deposits(3,291)(6,279)(9,570)
Borrowed funds(5,542)3,741 (1,801)
Total interest-bearing liabilities(6,313)(11,905)(18,218)
Change in net interest income$17,942 $(11,246)$6,696 
Interest income, on a tax equivalent basis, was $122,617 and $245,995, respectively, for the three and six months ended June 30, 2021, as compared to $125,630 and $257,517, respectively, for the same periods in 2020. This decrease in interest income,
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on a tax equivalent basis, is due primarily to the Federal Reserve maintaining low interest rates since March 2020 and changes in the mix of earning assets during the quarter due to increased liquidity on the balance sheet.
The following tables present 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,
 2021202020212020
Loans held for investment, excl. PPP70.41 %76.31 %4.10 %4.45 %
Paycheck Protection Program4.49 6.78 6.46 2.73 
Loans held for sale3.30 2.67 3.12 3.51 
Securities13.02 10.14 1.73 2.71 
Other8.78 4.10 0.11 0.15 
Total earning assets100.00 %100.00 %3.51 %3.95 %
 Percentage of Total Average Earning AssetsYield
Six Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Loans held for investment excl. PPP71.91 %79.71 %4.16 %4.69 %
Paycheck Protection Program5.90 3.55 5.20 2.73 
Loans held for sale3.17 2.78 3.05 3.54 
Securities11.68 10.61 1.88 2.81 
Interest-bearing balances with banks7.34 3.35 0.11 0.50 
Total earning assets100.00 %100.00 %3.62 %4.25 %

For the second quarter of 2021, interest income on loans held for investment, on a tax equivalent basis, decreased $2,942 to $110,785 from $113,727 in the same period in 2020. For the six months ended June 30, 2021, interest income on loans held for investment, on a tax equivalent basis, decreased $8,612 to $223,856 from $232,468 in the same period in 2020. Interest income on loans held for investment decreased primarily due to the Federal Reserve maintaining low interest rates since March 2020. Interest income attributable to PPP loans included in loan interest income for the three months ended June 30, 2021, was $10,120, which consisted of $1,524 in interest income and $8,596 in accretion of net origination fees, as compared to $5,889 for the three months ended June 30, 2020, which consisted of $2,324 in interest income and $3,565 in accretion of net origination fees. Interest income attributable to PPP loans included in loan interest income for the six months ended June 30, 2021, was $20,807, which consisted of $3,916 in interest income and $16,891 in accretion of net origination fees, as compared to $5,889 for the six months ended June 30, 2020, which consisted of $2,324 in interest income and $3,565 in accretion of net origination fees. The PPP origination 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. PPP loans increased margin and loan yield by 15 basis points and 14 basis points, respectively, during the second quarter of 2021, and 12 basis points and eight basis points, respectively, in the first half of 2021. PPP loans reduced margin and loan yield by five basis points and 14 basis points, respectively, in the second quarter of 2020 and three basis points and eight basis points, respectively, in the first half of 2020.
The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following table for the periods presented.
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Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Net interest income collected on problem loans$1,339 $384 $3,519 $602 
Accretable yield recognized on purchased loans(1)
2,638 4,700 5,726 10,169 
Total impact to interest income on loans$3,977 $5,084 $9,245 $10,771 
Impact to loan yield0.15 %0.19 %0.18 %0.21 %
Impact to net interest margin0.11 %0.16 %0.14 %0.18 %
(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,224 and $1,731, for the second quarter of 2021 and 2020, respectively. The impact was $2,496 and $3,919 for the six months ended June 30, 2021 and 2020, respectively. This additional interest income increased total loan yield by five basis points and six basis points for the second quarter of 2021 and 2020, respectively, while increasing net interest margin by four and five basis points for the same respective periods. For the six months ended June 30, 2021 and 2020, the additional interest income increased total loan yields by five basis points and eight basis points, respectively, while increasing net interest margin by four basis points and six basis points, respectively.
For the second quarter of 2021, interest income on loans held for sale (consisting of mortgage loans held for sale), on a tax equivalent basis, increased $628 to $3,604 from $2,976 in the same period in 2020. For the six months ended June 30, 2021, interest income on loans held for sale (consisting of mortgage loans held for sale), on a tax equivalent basis, increased $640 to $6,604 from $5,964 for the same period in 2020.
Investment income, on a tax equivalent basis, decreased $850 to $7,882 for the second quarter of 2021 from $8,732 for the second quarter of 2020. Investment income, on a tax equivalent basis, decreased $3,073 to $15,006 for the six months ended June 30, 2021 from $18,079 for the same period in 2020. The tax equivalent yield on the investment portfolio for the second quarter of 2021 was 1.73%, down 98 basis points from 2.71% for the same period in 2020. The tax equivalent yield on the investment portfolio for the six months ended June 30, 2021 was 1.88%, down 93 basis points from 2.81% in the same period in 2020. The decrease in taxable equivalent yield on securities was a result of the current interest rate environment.
Interest expense was $11,412 for the second quarter of 2021 as compared to $18,173 for the same period in 2020. Interest expense for the six months ended June 30, 2021 was $23,526 as compared to $41,744 for the same period in 2020.
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:
 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Three Months EndedThree Months Ended
 June 30,June 30,
 2021202020212020
Noninterest-bearing demand31.88 %27.80 %— %— %
Interest-bearing demand45.59 41.64 0.27 0.43 
Savings7.24 6.04 0.08 0.09 
Time deposits11.68 16.44 0.88 1.62 
Short term borrowings0.10 5.04 0.31 0.75 
Long-term Federal Home Loan Bank advances1.13 1.23 0.04 0.84 
Subordinated notes1.54 0.92 4.96 5.60 
Other borrowed funds0.84 0.89 4.21 4.52 
Total deposits and borrowed funds100.00 %100.00 %0.34 %0.59 %
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 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Six Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Noninterest-bearing demand31.06 %25.62 %— %— %
Interest-bearing demand45.88 42.89 0.27 0.59 
Savings7.07 6.07 0.08 0.12 
Time deposits12.30 17.64 0.95 1.66 
Short-term borrowings0.10 4.58 0.31 1.04 
Long-term Federal Home Loan Bank advances1.16 1.29 0.04 1.13 
Subordinated notes1.58 0.97 5.06 5.60 
Other long term borrowings0.85 0.94 4.22 4.69 
Total deposits and borrowed funds100.00 %100.00 %0.36 %0.71 %

Interest expense on deposits was $7,669 and $13,871 for the three months ended June 30, 2021 and 2020, respectively. The cost of total deposits was 0.24% and 0.49% for the same respective periods. Interest expense on deposits was $15,949 and $32,366 for the six months ended June 30, 2021 and 2020, respectively, and the cost of total deposits was 0.26% and 0.60% for the same respective periods. The decrease in both deposit expense and cost is attributable to the Company’s efforts to reduce deposit rates as they reprice in the current low interest rate environment. During 2021, the Company has continued its efforts to grow non-interest bearing deposits, and such deposits represent 33.16% of total deposits at June 30, 2021 compared to 30.56% of total deposits at December 31, 2020. The growth in non-interest bearing deposits during the year to date has been primarily driven by government stimulus payments and client sentiment. 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 $3,743 and $4,302 for the three months ended June 30, 2021 and 2020, respectively. Interest expense on total borrowings was $7,577 and $9,378 for the six months ended June 30, 2021 and 2020, respectively. The decrease in interest expense is a result of lower average borrowings.
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
Noninterest Income to Average Assets
Three Months Ended June 30,Six Months Ended June 30,
2021 20202021 2020
1.21% 1.75%1.67% 1.45%
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 revenue sources. Noninterest income was $47,610 for the second quarter of 2021 as compared to $64,170 for the same period in 2020. Noninterest income was $128,647 for the six months ended June 30, 2021 as compared to $101,740 for the same period in 2020. During the second quarter of 2021, with the exception of mortgage banking operations, all categories of noninterest income increased when compared to the prior period as market activity returned to normal conditions with the lifting of pandemic-related restrictions across our footprint.
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 $9,458 and $6,832 for the second quarter of 2021 and 2020, respectively, and $17,481 and $15,902 for the six months ended June 30, 2021 and 2020, respectively. Overdraft fees, the largest component of service charges on deposits, were $4,998 for the three months ended June 30, 2021, as compared to $3,740 for the same period in 2020. These fees were $8,954 for the six months ended June 30, 2021 compared to $9,636 for the same period in 2020.
Fees and commissions were $4,110 during the second quarter of 2021 as compared to $2,971 for the same period in 2020, and were $8,010 for the first six months of 2021 as compared to $6,025 for the same period in 2020. Fees and commissions include
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fees related to deposit services, such as ATM fees and interchange fees on debit card transactions. For the second quarter of 2021, interchange fees were $2,823 as compared to $2,158 for the same period in 2020. Interchange fees were $5,215 for the six months ended June 30, 2021 as compared to $4,212 for the same period in 2020.
Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers. Income earned on insurance products was $2,422 and $2,125 for the three months ended June 30, 2021 and 2020, respectively, and was $4,659 and $4,116 for the six months ended June 30, 2021 and 2020, 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 $47 and $25 for the three months ended June 30, 2021 and 2020, respectively, and $1,053 and $918 for the six months ended June 30, 2021 and 2020, 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 benefit plans, as well as accounting and money management for trust accounts. The division manages a number of trust accounts inclusive of personal and corporate benefit accounts, IRAs, and custodial accounts. Fees for managing these accounts are based on changes in market values of the assets under management in the account, with the amount of the fee depending on the type of account. The Financial Services division provides specialized products and services to our customers, which include fixed and variable annuities, mutual funds, and stocks offered through a third party provider. Wealth Management revenue was $5,019 for the second quarter of 2021 compared to $3,824 for the same period in 2020 and was $9,811 for the six months ended June 30, 2021 compared to $7,826 for the same period in 2020. The market value of assets under management or administration was $4,560,891 and $3,806,023 at June 30, 2021 and June 30, 2020, 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 $1,079,474 in the second quarter of 2021 compared to $1,308,074 for the same period in 2020. Mortgage loan originations totaled $2,222,822 in the six months ended June 30, 2021 compared to $2,023,834 for the same period in 2020. While mortgage loan originations remain elevated compared to pre-pandemic levels, margins have compressed as the interest rate environment has begun to rise and housing inventories are below demand. Mortgage banking income was $20,853 and $45,490 for the three months ended June 30, 2021 and 2020, respectively, and was $71,586 for the first six months ended June 30, 2021 compared to $61,025 for the same period in 2020. 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,
2021 20202021 2020
Gain on sales of loans, net$17,581 $46,560 $51,482 $68,342 
Fees, net4,519 5,309 9,421 8,228 
Mortgage servicing loss, net(1,247)(1,428)(2,878)(1,023)
MSR valuation adjustment— (4,951)13,561 (14,522)
Mortgage banking income, net$20,853 $45,490 $71,586 $61,025 
Bank-owned life insurance (“BOLI”) income is derived from changes in the cash surrender value of the bank-owned life insurance policies and proceeds received upon the death of covered individuals. BOLI income was $1,644 for the three months ended June 30, 2021 as compared to $1,329 for the same period in 2020, and $3,716 for the first six months of June 30, 2021 as compared to $2,492 for the same period in 2020. The increase is primarily due to the $1,222 of life insurance proceeds received during the first six months of 2021. There were no life insurance proceeds received during the six months ended June 30, 2020.
Other noninterest income was $4,104 and $1,568 for the three months ended June 30, 2021 and 2020, respectively, and was $12,027 and $4,323 for the six months ended June 30, 2021 and 2020, 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 seasonal income items.  In the first six months of 2021, the Company entered into a referral relationship with a third party to utilize its technology platform to originate PPP loans under the latest round of funding. The Company earned $3,734 of PPP referral fees from its partner during the six months ended June 30, 2021.
Noninterest Expense
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Noninterest Expense to Average Assets
Three Months Ended June 30,Six Months Ended June 30,
2021 20202021 2020
2.76%3.24%2.92% 3.33%
Noninterest expense was $108,777 and $118,285 for the second quarter of 2021 and 2020, respectively, and was $224,712 and $233,326 for the six months ended June 30, 2021 and 2020, respectively. The decrease in noninterest expense for both the three and six month periods ending June 30, 2021, as compared to the corresponding periods in 2020, was largely a result of declines in salary and employee benefits and net occupancy and equipment expenses.
Salaries and employee benefits decreased $9,068 to $70,293 for the second quarter of 2021 as compared to $79,361 for the same period in 2020. Salaries and employee benefits decreased $3,561 to $148,989 for the six months ended June 30, 2021 as compared to $152,550 for the same period in 2020. The decrease in salaries and employee benefits is primarily due to a decrease in incentive expenses recognized for the six months ended June 30, 2021 and the cost savings realized by the voluntary early retirement program offered during the fourth quarter of 2020.
Data processing costs increased to $5,652 in the second quarter of 2021 from $5,047 for the same period in 2020 and were $11,103 for the six months ended June 30, 2021 as compared to $10,053 for the same period in 2020. The Company continues to examine new and existing contracts to negotiate favorable 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 2021 was $11,374, down from $13,511 for the same period in 2020. These expenses for the first six months of 2021 were $23,912, down from $27,631 for the same period in 2020. The decrease in occupancy and equipment expense is primarily attributable to the restructuring and non-renewal of certain branch leases.
Expenses related to other real estate owned for the second quarter of 2021 were $104 as compared to $620 for the same period in 2020 and were $145 and $1,038, respectively, for the first six months of 2021 and 2020. 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 $117 and $827 for the first six months of 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, other real estate owned with a cost basis of $3,328 and $2,317, respectively, was sold, resulting in a net gain of $50 and $89, 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 regulations. Professional fees were $2,674 for the second quarter of 2021 as compared to $2,517 for the same period in 2020 and $5,595 for the six months ended June 30, 2021 as compared to $5,159 for the same period in 2020.
Advertising and public relations expense was $3,100 for the second quarter of 2021 as compared to $2,920 for the same period in 2020, and $6,352 for the six months ended June 30, 2021 compared to $6,320 for the same period in 2020.
Amortization of intangible assets totaled $1,539 and $1,834 for the second quarter of 2021 and 2020, respectively, and $3,137 and $3,729 for the six months ended June 30, 2021 and 2020, 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 2 years to 8 years.
Communication expenses, those expenses incurred for communication to clients and between employees, were $2,291 for the second quarter of 2021 as compared to $2,181 for the same period in 2020. Communication expenses were $4,583 for the six months ended June 30, 2021 as compared to $4,379 for the same period in 2020.
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 $11,735 and $20,589 for the three and six months ended June 30, 2021 as compared to $10,204 and $22,377 for the same periods in 2020. The provision for unfunded commitments was $2,600 and $6,000 for the three and six months ended June 30, 2020. There was no provision recorded for unfunded commitments recorded for the same periods in 2021.
Efficiency Ratio
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Efficiency Ratio
Three Months Ended June 30,Six Months Ended June 30,
2021 20202021 2020
Efficiency ratio (GAAP)68.49 %68.92 %64.00 % 73.49 %
Adjusted efficiency ratio (Non-GAAP)(1)
67.28 %60.89 %65.47 %64.56 %
(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 a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. The table above shows the impact on the efficiency ratio of items 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 items will be incurred or, when incurred, the amount of such items, such as expenses or recoveries incurred in connection with our response to the COVID-19 pandemic, our MSR valuation adjustment and the provision for unfunded commitments. We remain committed to aggressively managing our costs within the framework of our business model. Our goal is to improve the efficiency ratio over time 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 2021 and 2020 was $7,545 and $4,637, respectively. The effective tax rates for those periods were 21.62% and 18.72%, respectively. Income tax expenses for the six months ended June 30, 2021 and 2020 were $24,387 and $5,410, respectively. The effective tax rates for those periods were 22.21% and 19.64%, respectively. In the second quarter of 2021 the Company received a benefit from a one-time state tax credit investment. The investment of $3,112 was fully amortized in other noninterest expense and the credit of $3,460 reduced income taxes for the second quarter of 2021.

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

COVID-19 Update. At June 30, 2021, the Company’s credit quality metrics remained stable. The Company is continuing to monitor all asset categories given that any category or borrower could be negatively impacted by the pandemic, with enhanced monitoring of loans remaining on deferral as well as a focus on those industries more highly impacted by the pandemic, primarily the hospitality and senior living industries. To provide necessary relief to the Company’s borrowers – both consumer and commercial clients – in 2020 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 was available to borrowers that remained current on taxes and insurance and also satisfied underwriting standards established by the Company that analyzed 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 operated. The Company has discontinued its deferral programs as economic conditions in the Company’s markets have improved to the extent that management viewed a broad deferral program as no longer necessary. At June 30, 2021, the Company had 141 loans (not in thousands) on deferral with an aggregate balance of approximately $20,600, or 0.21% of our loan portfolio (excluding PPP loans) by dollar value. In accordance with the applicable guidance, none of these loans are considered “restructured loans” and thus are not included in the discussion of our restructured loans below.

The Company’s credit quality in future quarters may be impacted by both external and internal factors related to the pandemic in addition to those factors that traditionally affect credit quality. External factors outside the Company’s control include items such as the spread of variants of COVID-19, the pace at which the COVID-19 vaccine is administered to residents in the Company’s markets and the United States generally, the effectiveness of vaccinations on COVID-19 variants, federal, state and local government measures, the re-imposition of “shelter-in-place” orders, and the economic impact of government programs, including additional fiscal stimulus. Internal factors that will potentially impact credit quality include items such as the performance of the Company’s loans that remain on deferral, involvement in government offered programs and the related
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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. Oversight of the Company’s lending operations (including adherence to our policies and procedures governing the loan approval and monitoring process), credit quality 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 three additional State Certified General Real Estate Appraisers and four real estate evaluators. 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 limit are reviewed for approval by senior credit officers.
For loans with a commercial purpose, 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 rated loans having 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 borrower; 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.
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 as described above), 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 2021 were $3,790, or 0.07% of average loans (annualized), compared to net charge-offs of $2,509, or 0.05% of average loans (annualized), for the same period in 2020. The charge-offs were fully reserved for in the Company’s allowance for credit losses on loans.

Allowance for Credit Losses on Loans; Provision for Credit Losses on Loans. The allowance for credit losses is available to absorb credit losses inherent in the loans held for investment portfolio. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management evaluates the adequacy of the allowance on a quarterly basis.

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 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 national and local economies as well as trends in
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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 pooled) 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 and the nature and volume of the respective loan portfolio segments. External factors include current and reasonable and supportable forecasted economic conditions 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.

•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 the fair value of such collateral 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.

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, among others. 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:
 
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June 30, 2021December 31, 2020June 30, 2020
Balance% of TotalBalance% of TotalBalance% of Total
Commercial, financial, agricultural$36,994 16.11 %$39,031 23.20 %$30,685 24.02 %
Lease financing1,511 0.73 %1,624 0.69 %1,812 0.73 %
Real estate – construction15,729 10.36 %16,047 7.85 %12,538 7.19 %
Real estate – 1-4 family mortgage31,303 26.62 %32,165 24.68 %29,401 25.36 %
Real estate – commercial mortgage74,893 44.63 %76,127 41.66 %60,061 40.11 %
Installment loans to individuals11,924 1.55 %11,150 1.92 %10,890 2.59 %
Total$172,354 100.00 %$176,144 100.00 %$145,387 100.00 %

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 Company did not record a provision for credit losses during the second quarter or first half of 2021, as compared to a provision for credit losses on loans of $26,900 in the second quarter of 2020 and $53,250 in the first half of 2020. The Company’s allowance for credit loss model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. Based on the continual improvements in these forecasts over the last few quarters, the Company determined that additional provisioning during the first half of 2021 was not necessary.

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The table below reflects the activity in the allowance for credit losses on loans for the periods presented:
Three Months EndedSix Months Ended
 June 30,June 30,
 2021202020212020
Balance at beginning of period$173,106 $120,185 $176,144 $52,162 
Impact of the adoption of ASC 326— — — 42,484 
Charge-offs
Commercial, financial, agricultural1,184 1,156 4,682 1,549 
Lease financing— — — — 
Real estate – construction— 532 52 532 
Real estate – 1-4 family mortgage152 142 253 363 
Real estate – commercial mortgage171 — 232 2,047 
Installment loans to individuals1,347 1,736 3,005 4,424 
Total charge-offs2,854 3,566 8,224 8,915 
Recoveries
Commercial, financial, agricultural233 108 522 298 
Lease financing14 5 25 10 
Real estate – construction— — 13 — 
Real estate – 1-4 family mortgage401 48 662 136 
Real estate – commercial mortgage143 41 314 1,740 
Installment loans to individuals1,311 1,666 2,898 4,222 
Total recoveries2,102 1,868 4,434 6,406 
Net charge-offs752 1,698 3,790 2,509 
Provision for credit losses on loans— 26,900 — 53,250 
Balance at end of period$172,354 $145,387 $172,354 $145,387 
Net charge-offs (annualized) to average loans0.03 %0.06 %0.07 %0.05 %
Net charge-offs to allowance for credit losses on loans0.44 %1.17 %2.20 %1.73 %
Allowance for credit losses on loans to:
Total loans1.70 %1.32 %
Total loans excluding PPP loans(1)
1.74 %1.50 %
Nonperforming loans304.86 %329.65 %
Nonaccrual loans314.57 %383.08 %
(1) Allowance for credit losses on loans to total loans excluding PPP loans is a non-GAAP financial measure. A reconciliation of this financial measure from GAAP to non-GAAP as well as an explanation of why the Company provides non-GAAP financial measures 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 table below reflects annualized net charge-offs to daily average loans outstanding, by loan category, during the periods presented:
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Six Months Ended
June 30, 2021June 30, 2020
Net Charge-offsAverage LoansAnnualized Net Charge-offs to Average LoansNet Charge-offsAverage LoansAnnualized Net Charge-offs to Average Loans
Commercial, financial, agricultural$4,160$2,208,4240.38%$1,251$1,828,9750.14%
Lease financing(25)75,159(0.07)(10)82,682(0.02)
Real estate – construction39946,4970.01532817,7250.13
Real estate – 1-4 family mortgage(409)2,687,224(0.03)2272,831,7830.02
Real estate – commercial mortgage(82)4,545,471—3074,281,9910.01
Installment loans to individuals107177,7810.12202308,5600.13
Total$3,790$10,640,5560.07%$2,509$10,151,7160.05%

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,
 2021202020212020
Real estate – construction:
Residential$— $532 $39 $532 
Total real estate – construction— 532 39 532 
Real estate – 1-4 family mortgage:
Primary21 109 (58)260 
Home equity29 (11)(63)(22)
Rental/investment(232)— (199)28 
Land development(67)(4)(89)(39)
Total real estate – 1-4 family mortgage(249)94 (409)227 
Real estate – commercial mortgage:
Owner-occupied43 (29)(116)1,414 
Non-owner occupied(15)(12)10 (1,130)
Land development— — 24 23 
Total real estate – commercial mortgage28 (41)(82)307 
Total net charge-offs of loans secured by real estate$(221)$585 $(452)$1,066 

Allowance for Credit Losses on Unfunded Commitments; Provision for Credit Losses on Unfunded Commitments. The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the tables below.
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Three Months Ended June 30,20212020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,535 $14,735 
Provision for credit losses on unfunded loan commitments (included in other noninterest expense)— 2,600 
Ending balance$20,535 $17,335 
Six Months Ended June 30,20212020
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,535 $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$20,535 $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 tables provide details of the Company’s non purchased and purchased nonperforming assets as of the dates presented.
Non PurchasedPurchased Total
June 30, 2021
Nonaccruing loans$27,101 $27,690 $54,791 
Accruing loans past due 90 days or more800 945 1,745 
Total nonperforming loans27,901 28,635 56,536 
Other real estate owned1,675 3,264 4,939 
Total nonperforming assets$29,576 $31,899 $61,475 
Nonperforming loans to total loans0.56 %
Nonaccruing loans to total loans0.54 %
Nonperforming assets to total assets0.38 %
December 31, 2020
Nonaccruing loans$20,369 $31,051 $51,420 
Accruing loans past due 90 days or more3,783 267 4,050 
Total nonperforming loans24,152 31,318 55,470 
Other real estate owned2,045 3,927 5,972 
Total nonperforming assets$26,197 $35,245 $61,442 
Nonperforming loans to total loans0.51 %
Nonaccruing loans to total loans0.47 %
Nonperforming assets to total assets0.41 %
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The level of nonperforming loans increased $1,066 from December 31, 2020 to June 30, 2021, while OREO decreased $1,033 during the same period.
The following table presents nonperforming loans by loan category as of the dates presented:
June 30,
2021		December 31, 2020June 30,
2020
Commercial, financial, agricultural$15,576 $16,668 $10,526 
Lease financing— 48 151 
Real estate – construction:
Residential— 497 — 
Commercial— — — 
Total real estate – construction— 497 — 
Real estate – 1-4 family mortgage:
Primary15,355 16,317 17,077 
Home equity2,038 2,273 2,219 
Rental/investment854 1,526 1,596 
Land development201 345 426 
Total real estate – 1-4 family mortgage18,448 20,461 21,318 
Real estate – commercial mortgage:
Owner-occupied4,794 6,364 8,695 
Non-owner occupied16,424 10,204 2,126 
Land development576 572 609 
Total real estate – commercial mortgage21,794 17,140 11,430 
Installment loans to individuals718 656 678 
Total nonperforming loans$56,536 $55,470 $44,103 

Total nonperforming loans as a percentage of total loans were 0.56% as of June 30, 2021 as compared to 0.51% and 0.40% as of December 31, 2020 and June 30, 2020, respectively. The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 304.85% as of June 30, 2021 as compared to 317.55% as of December 31, 2020 and 329.65% as of June 30, 2020.

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, 2021. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due but still accruing interest were $15,076 at June 30, 2021 as compared to $26,286 at December 31, 2020 and $9,675 at June 30, 2020.

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 $24,710 at June 30, 2021 as compared to $20,448 at December 31, 2020 and $18,078 at June 30, 2020. At June 30, 2021, loans restructured through interest rate concessions represented 26% 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:

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June 30,
2021		December 31, 2020June 30,
2020
Commercial, financial, agricultural$6,523 $2,326 $3,286 
Real estate – 1-4 family mortgage:
Primary10,183 9,460 8,680 
Home equity299 332 374 
Rental/investment420 432 696 
Total real estate – 1-4 family mortgage10,902 10,224 9,750 
Real estate – commercial mortgage:
Owner-occupied5,633 6,838 3,679 
Non-owner occupied1,575 797 1,077 
Land development— 183 189 
Total real estate – commercial mortgage7,208 7,818 4,945 
Installment loans to individuals77 80 97 
Total restructured loans in compliance with modified terms$24,710 $20,448 $18,078 

Changes in the Company’s restructured loans are set forth in the table below:
 
20212020
Balance at January 1,$20,448 $11,954 
Additional advances or loans with concessions9,101 9,105 
Reclassified as performing restructured loan35 188 
Reductions due to:
Reclassified as nonperforming(2,649)(2,539)
Paid in full(1,650)(422)
Charge-offs(205)(3)
Paydowns(370)(205)
Balance at June 30,$24,710 $18,078 

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,
2021		December 31, 2020June 30,
2020
Nonaccruing loans$54,791 $51,420 $37,952 
Accruing loans past due 90 days or more1,745 4,050 6,151 
Total nonperforming loans56,536 55,470 44,103 
Restructured loans in compliance with modified terms24,710 20,448 18,078 
Total nonperforming and restructured loans$81,246 $75,918 $62,181 
The following table provides details of the Company’s other real estate owned as of the dates presented:
 
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June 30,
2021		December 31, 2020June 30,
2020
Residential real estate$261 $179 $901 
Commercial real estate2,596 2,665 2,514 
Residential land development341 1,013 3,040 
Commercial land development1,741 2,115 2,670 
Total other real estate owned$4,939 $5,972 $9,125 

Changes in the Company’s other real estate owned were as follows:
20212020
Balance at January 1,$5,972 $8,010 
Transfers of loans2,503 4,259 
Impairments(117)(827)
Dispositions(3,328)(2,317)
Other(91)— 
Balance at June 30,$4,939 $9,125 
Other real estate owned with a cost basis of $3,328 was sold during the six months ended June 30, 2021, resulting in a net gain of $50, while 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.

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, 2021, in each case as compared to the result under rates present in the market on June 30, 2021. The changes in interest rates assume an instantaneous and parallel shift in the yield curve and do not account for changes in the slope of the yield curve.
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 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
+20018.87%21.38%30.35%
+10010.52%10.72%15.57%

The rate shock results for the net interest income simulations for the next twenty-four months produce an asset sensitive position at June 30, 2021 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.
The scenarios assume instantaneous movements in interest rates in increments of plus 100 and 200. 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, 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, 2021, the Company had notional amounts of $204,113 on interest rate contracts with corporate customers and $204,113 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 also enters into forward interest rate swap contracts on its FHLB borrowings and its junior subordinated debentures that are accounted for as cash flow hedges. Under each of these contracts, the Company pays a fixed rate of interest and receives a variable rate of interest based on the three-month or one-month LIBOR plus a predetermined spread. The Company entered into an interest rate swap contract on its subordinated notes that is accounted for as a fair value hedge. Under this contract, the Company pays a variable rate of interest based on the three-month LIBOR plus a predetermined spread and receives a fixed rate of interest.
For more information about the Company’s derivatives, see 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 greater than $250,000, 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 16.50% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types, short-term
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borrowings and derivative instruments. At June 30, 2021, securities with a carrying value of $617,709 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 $614,610 similarly pledged at December 31, 2020.

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 no short-term borrowings from the FHLB at June 30, 2021 or December 31, 2020. Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. At June 30, 2021, the balance of our outstanding long-term advances with the FHLB was $150,434 compared to $152,167 at December 31, 2020. The total amount of the remaining credit available to us from the FHLB at June 30, 2021 was $3,864,732. 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, 2021 or December 31, 2020.

In 2016 and 2020, we accessed the capital markets to generate liquidity in the form of subordinated notes. In addition, we assumed subordinated notes in connection with our acquisition of Metropolitan BancGroup, Inc. in 2017. The carrying value of the subordinated notes, net of unamortized debt issuance costs, was $207,889 at June 30, 2021.

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,
 2021202020212020
Noninterest-bearing demand31.06 %25.62 %— %— %
Interest-bearing demand45.88 42.89 0.27 0.59 
Savings7.07 6.07 0.08 0.12 
Time deposits12.30 17.64 0.95 1.66 
Short-term borrowings0.10 4.58 0.31 1.04 
Long-term Federal Home Loan Bank advances1.16 1.29 0.04 1.13 
Subordinated notes1.58 0.97 5.06 5.60 
Other borrowed funds0.85 0.94 4.22 4.69 
Total deposits and borrowed funds100.00 %100.00 %0.36 %0.71 %

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 $1,605,488 at June 30, 2021, as compared to $616,903 at June 30, 2020. Cash used in investing activities for the six months ended June 30, 2021 was $100,321, as compared to cash used in investing activities of $1,289,169 for the six months ended June 30, 2020. Proceeds from the sale, maturity or call of securities within our investment portfolio were $350,505 for the six months ended June 30, 2021, as compared to $192,580 for the same period in 2020. These proceeds were primarily reinvested into the investment portfolio. Purchases of investment securities were $1,190,400 for the first six months of 2021, as compared to $182,745 for the same period in 2020.

Cash provided by financing activities for the six months ended June 30, 2021 was $1,023,026, as compared to $1,436,229 for the same period in 2020. Deposits increased $1,056,270 and $1,633,336 for the six months ended June 30, 2021 and 2020, 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 Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances.
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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.
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, 2021, the maximum amount available for transfer from the Bank to the Company in the form of loans was $158,102. The Company maintains a line of credit collateralized by cash with the Bank totaling $3,079. There were no amounts outstanding under this line of credit at June 30, 2021.
These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 2021, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations.

Potential Demands on Liquidity from Off-Balance Sheet Arrangements
The Company enters into loan commitments and standby letters of credit in the normal course of its business. Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies, including establishing a provision for credit losses on unfunded commitments. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer.
Loan commitments and standby letters of credit do not necessarily represent future cash requirements of the Company in that while the borrower has the ability to draw upon these commitments at any time, these commitments often expire without being drawn upon. The Company’s unfunded loan commitments and standby letters of credit outstanding were as follows as of the dates presented:
June 30, 2021December 31, 2020
Loan commitments$2,953,982 $2,749,988 
Standby letters of credit95,473 90,597 

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.


Shareholders’ Equity and Regulatory Matters

Total shareholders’ equity of the Company was $2,203,807 at June 30, 2021 compared to $2,132,733 at December 31, 2020. Book value per share was $39.11 and $37.95 at June 30, 2021 and December 31, 2020, respectively. The growth in shareholders’ equity was attributable to earnings retention offset by changes in accumulated other comprehensive income and dividends declared.

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 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.

On October 20, 2020, the Company’s Board of Directors approved a stock repurchase program, authorizing the Company to repurchase up to $50,000 of its outstanding common stock, either in open market purchases or privately-negotiated transactions. The repurchase program will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock
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authorized to be repurchased. The Company did not repurchase any of its common stock under the stock repurchase plan during the first six months of 2021.

The Company has junior subordinated debentures with a carrying value of $111,083 at June 30, 2021, of which $107,492 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 debentures we include in Tier 1 capital at June 30, 2021. 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 $207,889 at June 30, 2021, of which $212,275 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, 2021
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,278,165 11.14 %$745,917 6.50 %$803,295 7.00 %
Tier 1 risk-based capital ratio1,385,657 12.07 %918,052 8.00 %975,430 8.50 %
Total risk-based capital ratio1,734,376 15.11 %1,147,564 10.00 %1,204,943 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,385,657 9.30 %744,961 5.00 %595,969 4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,444,582 12.59 %$745,647 6.50 %$803,004 7.00 %
Tier 1 risk-based capital ratio1,444,582 12.59 %917,719 8.00 %975,076 8.50 %
Total risk-based capital ratio1,581,025 13.78 %1,147,149 10.00 %1,204,506 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,444,582 9.70 %744,592 5.00 %595,674 4.00 %
December 31, 2020
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,199,394 10.93 %$713,086 6.50 %$767,939 7.00 %
Tier 1 risk-based capital ratio1,306,597 11.91 %877,644 8.00 %932,497 8.50 %
Total risk-based capital ratio1,653,694 15.07 %1,097,055 10.00 %1,151,908 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,306,597 9.37 %697,579 5.00 %558,063 4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,369,994 12.49 %$712,709 6.50 %$767,533 7.00 %
Tier 1 risk-based capital ratio1,369,994 12.49 %877,181 8.00 %932,004 8.50 %
Total risk-based capital ratio1,504,985 13.73 %1,096,476 10.00 %1,151,299 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,369,994 9.83 %696,738 5.00 %557,391 4.00 %

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

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this document contains certain non-GAAP financial measures, namely, an adjusted efficiency ratio and the allowance for credit losses on loans to total loans, excluding PPP loans (the “adjusted allowance ratio”). The adjusted allowance ratio only excludes PPP loans; the adjusted efficiency ratio adjusts GAAP financial measures to exclude the amortization of intangible assets and certain items (such as, when applicable, COVID-19 related expenses, debt prepayment penalties, restructuring charges, provision for unfunded commitments, gains on sales of securities and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these items will be incurred or, when incurred, the amount thereof. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item are readily quantifiable and possess the same characteristics with respect to management’s inability to accurately predict the timing or amount thereof as the other items excluded when calculating non-GAAP financial measures. Management uses the adjusted efficiency ratio when evaluating capital utilization and adequacy, while it uses the adjusted allowance ratio to determine the adequacy of our allowance with respect to loans not fully guaranteed by the U.S. Small Business Administration. In addition, the Company believes that non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because the amortization of intangible assets and items such as restructuring charges and COVID-19 related expenses can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. The reconciliations from GAAP to non-GAAP for these financial measures are below.

Adjusted Efficiency Ratio
Three months ended June 30,Six months ended June 30,
2021202020212020
Interest income (fully tax equivalent basis)$122,617 $125,630 $245,995 $257,517 
Interest expense11,412 18,173 23,526 41,744 
Net interest income (fully tax equivalent basis)111,205 107,457 222,469 215,773 
Total noninterest income47,610 64,170 128,647 101,740 
Net gains on sales of securities— 31 1,357 31 
MSR valuation adjustment— (4,951)13,561 (14,522)
Adjusted noninterest income47,610 69,090 113,729 116,231 
Total noninterest expense108,777 118,285 224,712 233,326 
Intangible amortization1,539 1,834 3,137 3,729 
Debt prepayment penalty— 90 — 90 
Restructuring charges15 — 307 — 
COVID-19 related expenses370 6,257 1,155 9,160 
Provision for unfunded commitments— 2,600 — 6,000 
Adjusted noninterest expense106,853 107,504 220,113 214,347 
Efficiency Ratio (GAAP)68.49 %68.92 %64.00 %73.49 %
Adjusted Efficiency Ratio (non-GAAP)67.28 %60.89 %65.47 %64.56 %

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Allowance for Credit Losses on Loans to Total Loans, excluding PPP Loans
June 30, 2021December 31, 2020
Total loans (GAAP)$10,149,242 $10,933,647 
Less PPP loans246,931 1,128,703 
Adjusted total loans (non-GAAP)$9,902,311 $9,804,944 
Allowance for Credit Losses on Loans$172,354 $176,144 
ACL/Total loans (GAAP)1.70 %1.61 %
ACL/Total loans excluding PPP loans (non-GAAP)1.74 %1.80 %

The presentation of these non-GAAP financial measures 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, 2020. For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2020.

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 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, 2020. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K.

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, 2021, the Company repurchased shares of its common stock as indicated in the following table:
Total Number of Shares Purchased(1)
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans(1)
Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under Share Repurchase Plans(2)
April 1, 2021 to April 30, 2021188 $41.97 — $50,000 
May 1, 2021 to May 31, 20215,045 42.65 — 50,000 
June 1, 2021 to June 30, 2021629 41.83 — 50,000 
Total5,862 $42.54 — 
(1)Share amounts in this column represent shares of Renasant Corporation stock withheld to satisfy federal and state tax liabilities related to the exercise of stock options and the vesting of time-based restricted stock awards.
The Company announced a $50.0 million stock repurchase program on October 20, 2020 which will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased. No shares were repurchased during the second quarter of 2021 under this plan.
(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) 
(3)(iii)
(10)(i)
(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, 2021 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, (v) Consolidated Statements of Cash Flows and (vi) 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, 2021, 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 3(ii) to the Form 8-K of the Company filed with the Commission on April 30, 2021 and incorporated herein by reference.
(4)Filed as exhibit 10(i) to the Form 10-Q of the Company filed with the Commission on May 7, 2021 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 6, 2021/s/ C. Mitchell Waycaster
 C. Mitchell Waycaster
 President and
 Chief Executive Officer
 (Principal Executive Officer)
Date:August 6, 2021/s/ James C. Mabry IV
 James C. Mabry IV
 Executive Vice President and
 Chief Financial Officer
 (Principal Financial Officer)
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What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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