Companies: 10,793     total market cap: $134.669 T
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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 2022-11-04

Renasant Corp - 10-Q quarterly report FY


Text size:
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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 September 30, 2022
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 October 31, 2022, 55,953,104 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 September 30, 2022
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
8
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
56
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
85
Item 4.
Controls and Procedures
85
PART II
Item 1A.
Risk Factors
87
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
87
Item 6.
Exhibits
88
89



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries
Consolidated Balance Sheets

(In Thousands, Except Share Data)
(Unaudited)
September 30,
2022		December 31, 2021
Assets
Cash and due from banks$206,943 $182,710 
Interest-bearing balances with banks272,557 1,695,255 
Cash and cash equivalents479,500 1,877,965 
Securities held to maturity (net of allowance for credit losses of $32 at each of September 30, 2022 and December 31, 2021) (fair value of $1,218,656 and $415,552, respectively)
1,353,502 416,357 
Securities available for sale, at fair value1,569,242 2,386,052 
Loans held for sale, at fair value144,642 453,533 
Loans, net of unearned income:
Non purchased loans and leases10,259,840 9,011,011 
Purchased loans845,164 1,009,903 
Total loans, net of unearned income11,105,004 10,020,914 
Allowance for credit losses on loans(174,356)(164,171)
Loans, net10,930,648 9,856,743 
Premises and equipment, net284,062 293,122 
Other real estate owned:
Non purchased867 951 
Purchased1,545 1,589 
Total other real estate owned, net2,412 2,540 
Goodwill946,291 939,683 
Other intangible assets, net20,170 24,098 
Bank-owned life insurance371,650 287,359 
Mortgage servicing rights81,980 89,018 
Other assets287,000 183,841 
Total assets$16,471,099 $16,810,311 
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing$4,827,220 $4,718,124 
Interest-bearing8,604,904 9,187,600 
Total deposits13,432,124 13,905,724 
Short-term borrowings312,818 13,947 
Long-term debt426,821 471,209 
Other liabilities207,055 209,578 
Total liabilities14,378,818 14,600,458 
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; 55,953,104 and 55,756,233 shares outstanding, respectively
296,483 296,483 
Treasury stock, at cost – 3,343,621 and 3,540,492 shares, respectively
(111,577)(118,027)
Additional paid-in capital1,299,476 1,300,192 
Retained earnings823,951 741,648 
Accumulated other comprehensive loss, net of taxes(216,052)(10,443)
Total shareholders’ equity2,092,281 2,209,853 
Total liabilities and shareholders’ equity$16,471,099 $16,810,311 
See Notes to Consolidated Financial Statements.    
1
Renasant Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In Thousands, Except Share Data)
Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Interest income
Loans$125,175 $105,004 $332,862 $333,334 
Securities
Taxable12,636 6,749 32,137 17,285 
Tax-exempt1,864 1,667 5,669 5,025 
Other3,458 593 6,076 1,122 
Total interest income143,133 114,013 376,744 356,766 
Interest expense
Deposits7,241 6,972 17,896 22,920 
Borrowings5,574 3,749 15,386 11,327 
Total interest expense12,815 10,721 33,282 34,247 
Net interest income130,318 103,292 343,462 322,519 
Provision for (recovery of provision for) credit losses on loans9,800 (1,200)13,300 (1,200)
Provision for (recovery of provision for) credit losses9,800 (1,200)13,300 (1,200)
Net interest income after provision for credit losses120,518 104,492 330,162 323,719 
Noninterest income
Service charges on deposit accounts10,216 9,337 29,512 26,818 
Fees and commissions4,148 3,837 12,798 11,847 
Insurance commissions3,108 2,829 8,253 7,488 
Wealth management revenue5,467 5,371 17,102 15,182 
Mortgage banking income12,675 23,292 30,624 94,878 
Net gain on sales of securities— 764 — 2,121 
BOLI income2,296 1,602 6,780 5,318 
Other3,276 3,723 10,789 15,750 
Total noninterest income41,186 50,755 115,858 179,402 
Noninterest expense
Salaries and employee benefits66,463 69,115 194,282 218,104 
Data processing3,526 5,277 11,379 16,380 
Net occupancy and equipment11,266 11,748 33,697 35,660 
Other real estate owned34 168 (394)313 
Professional fees3,087 2,972 9,016 8,566 
Advertising and public relations3,229 2,922 10,694 9,274 
Intangible amortization1,251 1,481 3,927 4,618 
Communications1,999 2,198 5,930 6,781 
Merger and conversion related expenses— — 687 — 
Restructuring charges— — 732 307 
Other10,719 8,118 23,923 28,708 
Total noninterest expense101,574 103,999 293,873 328,711 
Income before income taxes60,130 51,248 152,147 174,410 
Income taxes13,563 11,185 32,355 35,572 
Net income$46,567 $40,063 $119,792 $138,838 
Basic earnings per share$0.83 $0.71 $2.14 $2.47 
Diluted earnings per share$0.83 $0.71 $2.13 $2.46 
Cash dividends per common share$0.22 $0.22 $0.66 $0.66 
See Notes to Consolidated Financial Statements.
2
Renasant Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Net income$46,567 $40,063 $119,792 $138,838 
Other comprehensive loss, net of tax:
Securities available for sale:
Unrealized holding losses on securities(63,579)(9,250)(220,999)(20,491)
Reclassification adjustment for gains realized in net income— (570)— (1,582)
Amortization of unrealized holding gains on securities transferred to the held to maturity category1,207 — 969 — 
Total securities available for sale(62,372)(9,820)(220,030)(22,073)
Derivative instruments:
Unrealized holding gains on derivative instruments1,687 1,215 14,328 7,551 
Total derivative instruments1,687 1,215 14,328 7,551 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost31 49 93 148 
Total defined benefit pension and post-retirement benefit plans31 49 93 148 
Other comprehensive loss, net of tax(60,654)(8,556)(205,609)(14,374)
Comprehensive (loss) income$(14,087)$31,507 $(85,817)$124,464 

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 LossTotal
Nine Months Ended September 30, 2022SharesAmount
Balance at January 1, 202255,756,233 $296,483 $(118,027)$1,300,192 $741,648 $(10,443)$2,209,853 
Net income— — — — 33,547 — 33,547 
Other comprehensive loss— — — — — (94,126)(94,126)
Comprehensive loss(60,579)
Cash dividends ($0.22 per share)
— — — — (12,505)— (12,505)
Issuance of common stock for stock-based compensation awards124,433 — 3,977 (6,442)— — (2,465)
Stock-based compensation expense— — — 3,338 — — 3,338 
Balance at March 31, 202255,880,666 $296,483 $(114,050)$1,297,088 $762,690 $(104,569)$2,137,642 
Net income— — — — 39,678 — 39,678 
Other comprehensive loss— — — — — (50,829)(50,829)
Comprehensive loss(11,151)
Cash dividends ($0.22 per share)
— — — — (12,488)— (12,488)
Issuance of common stock for stock-based compensation awards51,351 — 1,755 (1,833)— — (78)
Stock-based compensation expense— — — 2,952 — — 2,952 
Balance at June 30, 202255,932,017 $296,483 $(112,295)$1,298,207 $789,880 $(155,398)$2,116,877 
Net income— — — — 46,567 — 46,567 
Other comprehensive loss— — — — — (60,654)(60,654)
Comprehensive income(14,087)
Cash dividends ($0.22 per share)
— — — — (12,496)— (12,496)
Issuance of common stock for stock-based compensation awards21,087 — 718 (1,000)— — (282)
Stock-based compensation expense— — — 2,269 — — 2,269 
Balance at September 30, 202255,953,104 $296,483 $(111,577)$1,299,476 $823,951 $(216,052)$2,092,281 
4
Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Nine Months Ended September 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 
Net income— — — — 40,063 — 40,063 
Other comprehensive loss— — — — — (8,556)(8,556)
Comprehensive income31,507 
Cash dividends ($0.22 per share)
— — — — (12,474)— (12,474)
Repurchase of shares in connection with stock repurchase program(612,107)— (21,314)— — — (21,314)
Issuance of common stock for stock-based compensation awards8,636 — 275 (451)— — (176)
Stock-based compensation expense— — — 2,594 — — 2,594 
Balance at September 30, 202155,747,407 $296,483 $(118,288)$1,298,022 $717,033 $10,694 $2,203,944 

See Notes to Consolidated Financial Statements.
5
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
 Nine Months Ended September 30,
 20222021
Operating activities
Net income$119,792 $138,838 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (recovery of provision for) credit losses13,300 (1,200)
Depreciation, amortization and accretion33,590 34,421 
Deferred income tax expense3,600 5,071 
Proceeds from sale of MSR18,525 — 
Gain on sale of MSR(2,960)— 
Funding of mortgage loans held for sale(1,436,158)(3,189,474)
Proceeds from sales of mortgage loans held for sale1,757,353 3,230,039 
Gains on sales of mortgage loans held for sale(9,808)(71,598)
Valuation adjustment to mortgage servicing rights— (13,561)
Gains on sales of securities— (2,121)
Gains on sales of premises and equipment(245)(519)
Stock-based compensation expense8,558 7,736 
Increase in other assets(32,187)(16,429)
Decrease in other liabilities(10,253)(31,032)
Net cash provided by operating activities463,107 90,171 
Investing activities
Purchases of securities available for sale(708,457)(1,743,105)
Proceeds from sales of securities available for sale— 176,406 
Proceeds from call/maturities of securities available for sale336,504 329,520 
Purchases of securities held to maturity(91,803)— 
Proceeds from call/maturities of securities held to maturity35,980 — 
Net (increase) decrease in loans(1,057,998)917,343 
Purchases of premises and equipment(10,374)(16,797)
Proceeds from sales of premises and equipment1,230 8,715 
Purchase of bank-owned life insurance(80,000)(50,000)
Net change in FHLB stock(7,538)(1,226)
Proceeds from sales of other assets2,458 4,081 
Net cash paid in acquisition of businesses(10,066)— 
Other, net2,607 2,803 
Net cash used in investing activities(1,587,457)(372,260)
Financing activities
Net increase in noninterest-bearing deposits109,096 807,602 
Net (decrease) increase in interest-bearing deposits(582,696)388,146 
Net increase (decrease) in short-term borrowings269,391 (10,087)
Repayment of long-term debt(32,417)(1,742)
Cash paid for dividends(37,489)(37,578)
Repurchase of shares in connection with stock repurchase program— (21,314)
Net cash (used in) provided by financing activities(274,115)1,125,027 
Net (decrease) increase in cash and cash equivalents(1,398,465)842,938 
Cash and cash equivalents at beginning of period1,877,965 633,203 
Cash and cash equivalents at end of period$479,500 $1,476,141 
Supplemental disclosures
Cash paid for interest$32,506 $37,827 
Cash paid for income taxes$19,245 $41,248 
Noncash transactions:
Transfers of loans to other real estate owned$1,828 $3,171 
Recognition of operating right-of-use assets$3,045 $6,718 
Recognition of operating lease liabilities$3,045 $6,718 
6

See Notes to Consolidated Financial Statements.
7
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Summary of Significant Accounting Policies

(In Thousands)
Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc. 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.
The Bank acquired Southeastern Commercial Finance, LLC (“SCF”), an asset-based lending company headquartered in Birmingham, Alabama, effective March 1, 2022. Prior to the end of the third quarter of 2022, all of SCF's assets were distributed to the Bank in connection with the conversion and integration of SCF into the Bank.
In September 2022, the Bank formed Renasant Capital Funding Corporation (the “REIT”), which is intended to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended. The REIT will purchase from the Bank, either by assignment or participation, eligible loans collateralized by real estate located in Georgia and Florida, which allows for more effective monitoring of the loans and better managing liquidity related to such real estate assets. The arrangement provides tax benefits in certain states in which we operate.
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, 2021 filed with the Securities and Exchange Commission on February 25, 2022.
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 September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations” (“ASU 2022-04”), which enhances the transparency of supplier finance programs by requiring that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 will be effective on January 1, 2023. Early adoption is permitted, including in an interim period. The adoption of this accounting pronouncement will have no impact on the Company's financial statements.
In June 2022, FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. It also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. In addition, ASU 2022-03 requires the following disclosures for equity securities subject to contractual sale restrictions: (1) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (2) the nature and remaining duration of the restriction(s) and (3) the circumstances that could cause a lapse in the restrictions(s). ASU 2022-03 will be effective on January 1, 2024. Early adoption is permitted, including in an interim period. The adoption of this accounting pronouncement will have no impact on the Company's financial statements aside from additional and revised disclosures.
8
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 September 30, 2022 or December 31, 2021.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
September 30, 2022
Obligations of other U.S. Government agencies and corporations$170,000 $— $(5,480)$164,520 
Obligations of states and political subdivisions155,188 88 (14,635)140,641 
Residential mortgage backed securities:
Government agency mortgage backed securities528,196 13 (59,181)469,028 
Government agency collateralized mortgage obligations626,821 — (102,823)523,998 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,204 — (957)10,247 
Government agency collateralized mortgage obligations214,617 — (25,129)189,488 
Other debt securities74,888 3 (3,571)71,320 
$1,780,914 $104 $(211,776)$1,569,242 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2021
U.S. Treasury securities$3,007 $3 $— $3,010 
Obligations of states and political subdivisions153,847 5,532 (269)159,110 
Residential mortgage backed securities:
Government agency mortgage backed securities967,497 7,854 (6,816)968,535 
Government agency collateralized mortgage obligations1,008,514 457 (20,371)988,600 
Commercial mortgage backed securities:
Government agency mortgage backed securities14,717 365 (1)15,081 
Government agency collateralized mortgage obligations216,859 812 (3,419)214,252 
Other debt securities36,515 1,097 (148)37,464 
$2,400,956 $16,120 $(31,024)$2,386,052 


9
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
September 30, 2022
Obligations of states and political subdivisions$292,769 $— $(63,602)$229,167 
Residential mortgage backed securities
Government agency mortgage backed securities499,348 — (29,278)470,070 
Government agency collateralized mortgage obligations433,407 — (27,038)406,369 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,011 — (3,429)13,582 
Government agency collateralized mortgage obligations45,655 — (6,200)39,455 
Other debt securities65,344 — (5,331)60,013 
$1,353,534 $— $(134,878)$1,218,656 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,353,502 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2021
Obligations of states and political subdivisions$267,641 $333 $(685)$267,289 
Residential mortgage backed securities
Government agency mortgage backed securities60,507 1 (198)60,310 
Government agency collateralized mortgage obligations24,832 — (92)24,740 
Commercial mortgage backed securities:
Government agency mortgage backed securities1,855 — — 1,855 
Government agency collateralized mortgage obligations39,505 — (117)39,388 
Other debt securities22,049 — (79)21,970 
$416,389 $334 $(1,171)$415,552 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$416,357 

During the third quarter, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has no intention to sell these securities. The related net unrealized loss of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. No gains or losses were recognized at the time of transfer.
10
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
There were no securities sold during the three and nine months ended September 30, 2022. Securities sold during the three and nine months ended September 30, 2021 were as set forth in the table below.
Carrying ValueNet ProceedsGain/(Loss)
Three months ended September 30, 2021
Residential mortgage backed securities:
Government agency mortgage backed securities$9,232 $9,739 $507 
Government agency collateralized mortgage obligations6,736 6,866 130 
Other debt securities4,283 4,410 127 
$20,251 $21,015 $764 
Nine months ended September 30, 2021
Obligations of states and political subdivisions$47 $50 $3 
Residential mortgage backed securities:
Government agency mortgage backed securities145,572 149,474 3,902 
Government agency collateralized mortgage obligations12,362 12,512 150 
Trust preferred securities12,021 9,960 (2,061)
Other debt securities4,283 4,410 127 
$174,285 $176,406 $2,121 

Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2021 were as follows:
Three Months EndedNine Months Ended
 September 30,September 30,
 20212021
Gross gains on sales of securities available for sale$825 $4,333 
Gross losses on sales of securities available for sale(61)(2,212)
Gains on sales of securities available for sale, net$764 $2,121 

At September 30, 2022 and December 31, 2021, securities with a carrying value of $804,161 and $607,681, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $17,472 and $21,493 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2022 and December 31, 2021, respectively.
The amortized cost and fair value of securities at September 30, 2022 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 
11
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Held to MaturityAvailable for Sale
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due within one year$150 $147 $8,900 $8,864 
Due after one year through five years1,863 1,750 227,785 221,447 
Due after five years through ten years44,350 37,553 77,471 71,942 
Due after ten years246,406 189,717 75,791 65,160 
Residential mortgage backed securities:
Government agency mortgage backed securities500,348 471,070 528,196 469,028 
Government agency collateralized mortgage obligations433,407 406,369 626,821 523,998 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,011 13,582 11,204 10,247 
Government agency collateralized mortgage obligations45,655 39,455 214,617 189,488 
Other debt securities64,344 59,013 10,129 9,068 
$1,353,534 $1,218,656 $1,780,914 $1,569,242 
12
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)


The following tables present 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:
September 30, 2022
Obligations of other U.S. Government agencies and corporations5$164,520 $(5,480)—$— $— 5$164,520 $(5,480)
Obligations of states and political subdivisions95100,822 (8,433)1131,571 (6,202)106132,393 (14,635)
Residential mortgage backed securities:
Government agency mortgage backed securities104291,428 (28,600)22176,036 (30,581)126467,464 (59,181)
Government agency collateralized mortgage obligations28248,142 (39,982)24275,856 (62,841)52523,998 (102,823)
Commercial mortgage backed securities:
Government agency mortgage backed securities410,247 (957)—— — 410,247 (957)
Government agency collateralized mortgage obligations18119,176 (11,340)1170,312 (13,789)29189,488 (25,129)
Other debt securities3270,317 (3,571)—— — 3270,317 (3,571)
Total286$1,004,652 $(98,363)68$553,775 $(113,413)354$1,558,427 $(211,776)
December 31, 2021
Obligations of states and political subdivisions8$34,303 $(216)3$3,892 $(53)11$38,195 $(269)
Residential mortgage backed securities:
Government agency mortgage backed securities41727,546 (6,312)112,305 (504)42739,851 (6,816)
Government agency collateralized mortgage obligations49966,126 (20,371)—— — 49966,126 (20,371)
Commercial mortgage backed securities:
Government agency mortgage backed securities11,791 (1)1432 — 22,223 (1)
Government agency collateralized mortgage obligations21160,919 (3,072)29,005 (347)23169,924 (3,419)
Trust preferred securities—— — —— — —— — 
Other debt securities18,699 (148)—— — 18,699 (148)
Total121$1,899,384 $(30,120)7$25,634 $(904)128$1,925,018 $(31,024)
13
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Less than 12 Months12 Months or MoreTotal
 #Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Held to Maturity:
September 30, 2022
Obligations of states and political subdivisions125$212,242 $(57,474)5$16,925 $(6,128)130$229,167 $(63,602)
Residential mortgage backed securities:
Government agency mortgage backed securities48272,247 (14,993)23197,823 (14,285)71470,070 (29,278)
Government agency collateralized mortgage obligations9206,711 (12,589)9199,658 (14,449)18406,369 (27,038)
Commercial mortgage backed securities:
Government agency mortgage backed securities113,582 (3,429)—— — 113,582 (3,429)
Government agency collateralized mortgage obligations313,190 (1,522)626,265 (4,678)939,455 (6,200)
Other debt securities1060,013 (5,331)—— — 1060,013 (5,331)
Total196$777,985 $(95,338)43$440,671 $(39,540)239$1,218,656 $(134,878)
December 31, 2021
Obligations of states and political subdivisions24$62,131 $(685)—$— $— 24$62,131 $(685)
Residential mortgage backed securities:
Government agency mortgage backed securities5053,560 (181)15,354 (17)5158,914 (198)
Government agency collateralized mortgage obligations124,740 (92)—— — 124,740 (92)
Commercial mortgage backed securities:
Government agency collateralized mortgage obligations739,388 (117)—— — 739,388 (117)
Other debt securities821,972 (79)—— — 821,972 (79)
Total90$201,791 $(1,154)1$5,354 $(17)91$207,145 $(1,171)
 
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, 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. Based upon its review of securities with unrealized losses as of September 30, 2022, the Company determined that all such losses resulted from factors not deemed credit related. As such, the Company did not record any impairment for the first nine months of 2022.

The allowance for credit losses on held to maturity securities was $32 at September 30, 2022 and December 31, 2021. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by third party ratings agencies. Updated investment grades are obtained as they become available from agencies. As of September 30, 2022, 99.99% of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.


14
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:
 
September 30,
2022		December 31, 2021
Commercial, financial, agricultural(1)
$1,435,275 $1,332,962 
Lease financing108,517 80,192 
Real estate – construction:
Residential359,367 300,988 
Commercial848,941 798,914 
Total real estate – construction1,208,308 1,099,902 
Real estate – 1-4 family mortgage:
Primary2,041,885 1,682,050 
Home equity456,765 423,108 
Rental/investment306,165 268,245 
Land development151,986 135,070 
Total real estate – 1-4 family mortgage2,956,801 2,508,473 
Real estate – commercial mortgage:
Owner-occupied1,368,196 1,329,219 
Non-owner occupied2,963,631 2,446,370 
Land development120,026 110,395 
Total real estate – commercial mortgage4,451,853 3,885,984 
Installment loans to individuals104,246 107,565 
Gross loans10,265,000 9,015,078 
Unearned income(5,160)(4,067)
Loans, net of unearned income$10,259,840 $9,011,011 
(1)Includes Paycheck Protection Program (“PPP”) loans of $5,476 and $58,391 as of September 30, 2022 and December 31, 2021, 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. For loans that are placed on nonaccrual status or charged-off, all interest accrued for the current year but not collected 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.
15
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
September 30, 2022
Commercial, financial, agricultural$10,754 $64 $1,423,095 $1,433,913 $— $934 $428 $1,362 $1,435,275 
Lease financing— — 108,517 108,517 — — — — 108,517 
Real estate – construction:
Residential179 — 358,956 359,135 153 79 — 232 359,367 
Commercial507 — 848,433 848,940 — 1 — 1 848,941 
Total real estate – construction686 — 1,207,389 1,208,075 153 80 — 233 1,208,308 
Real estate – 1-4 family mortgage:
Primary6,207 29 2,016,242 2,022,478 2,730 10,105 6,572 19,407 2,041,885 
Home equity2,116 — 453,351 455,467 119 636 543 1,298 456,765 
Rental/investment542 44 304,407 304,993 — 587 585 1,172 306,165 
Land development57 — 150,481 150,538 100 1,302 46 1,448 151,986 
Total real estate – 1-4 family mortgage8,922 73 2,924,481 2,933,476 2,949 12,630 7,746 23,325 2,956,801 
Real estate – commercial mortgage:
Owner-occupied1,041 — 1,361,701 1,362,742 — 3,534 1,920 5,454 1,368,196 
Non-owner occupied256 — 2,951,655 2,951,911 — — 11,720 11,720 2,963,631 
Land development397 — 119,572 119,969 — 17 40 57 120,026 
Total real estate – commercial mortgage1,694 — 4,432,928 4,434,622 — 3,551 13,680 17,231 4,451,853 
Installment loans to individuals605 — 103,460 104,065 13 64 104 181 104,246 
Unearned income— — (5,160)(5,160)— — — — (5,160)
Loans, net of unearned income$22,661 $137 $10,194,710 $10,217,508 $3,115 $17,259 $21,958 $42,332 $10,259,840 
 
16
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, 2021
Commercial, financial, agricultural$3,325 $103 $1,323,774 $1,327,202 $1,669 $2,665 $1,426 $5,760 $1,332,962 
Lease financing— — 80,181 80,181 — 11 — 11 80,192 
Real estate – construction:
Residential1,077 — 299,911 300,988 — — — — 300,988 
Commercial— — 798,914 798,914 — — — — 798,914 
Total real estate – construction1,077 — 1,098,825 1,099,902 — — — — 1,099,902 
Real estate – 1-4 family mortgage:
Primary14,785 389 1,652,940 1,668,114 1,920 8,195 3,821 13,936 1,682,050 
Home equity1,468 — 420,695 422,163 182 546 217 945 423,108 
Rental/investment401 445 266,353 267,199 — 771 275 1,046 268,245 
Land development431 — 134,382 134,813 — 65 192 257 135,070 
Total real estate – 1-4 family mortgage17,085 834 2,474,370 2,492,289 2,102 9,577 4,505 16,184 2,508,473 
Real estate – commercial mortgage:
Owner-occupied720 36 1,325,776 1,326,532 163 822 1,702 2,687 1,329,219 
Non-owner occupied260 89 2,440,513 2,440,862 — — 5,508 5,508 2,446,370 
Land development476 — 109,575 110,051 — 292 52 344 110,395 
Total real estate – commercial mortgage1,456 125 3,875,864 3,877,445 163 1,114 7,262 8,539 3,885,984 
Installment loans to individuals978 12 106,318 107,308 30 95 132 257 107,565 
Unearned income— — (4,067)(4,067)— — — — (4,067)
Loans, net of unearned income$23,921 $1,074 $8,955,265 $8,980,260 $3,964 $13,462 $13,325 $30,751 $9,011,011 

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 September 30, 2022 or September 30, 2021. The outstanding balance of restructured loans on nonaccrual status was $14,186 and $12,411 at September 30, 2022 and September 30, 2021, respectively.
17
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
Amortized
Cost		Post-
Modification
Amortized
Cost
Three months ended September 30, 2022
Real estate – 1-4 family mortgage:
Primary3 $436 $442 
Total3 $436 $442 
Three months ended September 30, 2021
Commercial, financial, agricultural1 $30 $30 
Real estate – 1-4 family mortgage:
Primary11 1,518 1,538 
Total12 $1,548 $1,568 

Number of
Loans		Pre-
Modification
Amortized
Cost		Post-
Modification
Amortized
Cost
Nine months ended September 30, 2022
Real estate – 1-4 family mortgage:
Primary15 $2,146 $2,168 
Real estate – commercial mortgage:
Owner-occupied1 246 246 
Non-owner occupied1 6,500 6,500 
Total real estate – commercial mortgage2 6,746 6,746 
Total17 $8,892 $8,914 
Nine months ended September 30, 2021
Commercial, financial, agricultural7 $5,258 $5,258 
Real estate – 1-4 family mortgage:
Primary23 3,321 3,350 
Real estate – commercial mortgage:
Non-owner occupied1 837 810 
Total31 $9,416 $9,418 
With respect to loans that were restructured during the nine months ended September 30, 2022, $258 have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the nine months ended September 30, 2021, none have subsequently defaulted as of the date of this report.


18
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		Amortized Cost
Totals at January 1, 202297 $14,650 
Additional advances or loans with concessions17 8,944 
Reclassified as performing restructured loan3 1,226 
Reductions due to:
Reclassified as nonperforming(12)(1,845)
Paid in full(13)(1,907)
Charge-offs— — 
Transfer to other real estate owned— — 
Principal paydowns— (416)
Lapse of concession period— — 
Totals at September 30, 202292 $20,652 

The allowance for credit losses attributable to restructured loans was $834 and $260 at September 30, 2022 and September 30, 2021, respectively. The Company had no restructured loans with remaining availability under commitments to lend additional funds at either September 30, 2022 or September 30, 2021.
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 4B) 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, if 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
 20222021202020192018PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
September 30, 2022
Commercial, Financial, Agricultural$278,691 $229,188 $157,408 $65,049 $26,542 $13,316 $626,010 $2,961 $1,399,165 
Pass277,634 228,252 150,963 64,457 24,154 13,278 617,768 2,246 1,378,752 
Special Mention594 — — 162 256 — 6,993 — 8,005 
Substandard463 936 6,445 430 2,132 38 1,249 715 12,408 
Lease Financing Receivables$44,088 $20,889 $19,530 $11,785 $5,208 $1,857 $— $— $103,357 
Pass40,708 20,889 16,898 9,982 3,682 1,462 — — 93,621 
Special Mention— — — — — 395 — — 395 
Substandard3,380 — 2,632 1,803 1,526 — — — 9,341 
Real Estate - Construction$447,899 $459,751 $122,418 $47,829 $— $— $18,516 $— $1,096,413 
Residential198,849 42,847 593 — — — 5,183 — 247,472 
Pass198,849 42,694 593 — — — 5,183 — 247,319 
Special Mention— — — — — — — — — 
Substandard— 153 — — — — — — 153 
19
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20222021202020192018PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Commercial249,050 416,904 121,825 47,829 — — 13,333 — 848,941 
Pass249,050 416,904 121,825 47,829 — — 13,333 — 848,941 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$203,241 $155,577 $52,387 $25,732 $18,635 $14,716 $29,166 $733 $500,187 
Primary13,310 9,906 6,089 2,513 2,959 2,329 5,781 108 42,995 
Pass11,071 9,906 6,089 2,498 2,959 2,329 5,781 108 40,741 
Special Mention— — — — — — — — — 
Substandard2,239 — — 15 — — — — 2,254 
Home Equity228 1,201 — 39 121 — 15,032 8 16,629 
Pass228 1,201 — 39 121 — 15,032 8 16,629 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Rental/Investment111,564 90,875 44,333 22,974 15,408 12,311 7,755 617 305,837 
Pass111,456 90,708 44,311 22,065 15,256 11,644 7,472 584 303,496 
Special Mention— — — — — 33 — — 33 
Substandard108 167 22 909 152 634 283 33 2,308 
Land Development78,139 53,595 1,965 206 147 76 598 — 134,726 
Pass77,138 53,595 1,664 206 147 76 598 — 133,424 
Special Mention— — — — — — — — — 
Substandard1,001 — 301 — — — — — 1,302 
Real Estate - Commercial Mortgage$1,218,578 $1,065,547 $797,002 $558,703 $252,272 $424,024 $107,234 $15,780 $4,439,140 
Owner-Occupied259,980 317,839 264,207 178,756 124,945 173,537 45,455 3,345 1,368,064 
Pass259,492 314,960 261,115 177,213 117,283 158,319 45,197 3,345 1,336,924 
Special Mention— 1,157 1,024 327 — — — — 2,508 
Substandard488 1,722 2,068 1,216 7,662 15,218 258 — 28,632 
Non-Owner Occupied912,598 718,884 521,624 373,079 122,806 248,669 53,702 12,240 2,963,602 
Pass912,363 709,652 521,624 359,844 105,306 179,055 53,702 12,240 2,853,786 
Special Mention— — — 11,266 17,500 24,294 — — 53,060 
Substandard235 9,232 — 1,969 — 45,320 — — 56,756 
Land Development46,000 28,824 11,171 6,868 4,521 1,818 8,077 195 107,474 
Pass46,000 28,783 10,850 6,868 4,445 1,818 8,077 195 107,036 
Special Mention— 41 — — — — — — 41 
Substandard— — 321 — 76 — — — 397 
Installment loans to individuals$61 $— $— $28 $— $— $— $— $89 
Pass61 — — 28 — — — — 89 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$2,192,558 $1,930,952 $1,148,745 $709,126 $302,657 $453,913 $780,926 $19,474 $7,538,351 
Pass2,184,050 1,917,544 1,135,932 691,029 273,353 367,981 772,143 18,726 7,360,758 
Special Mention594 1,198 1,024 11,755 17,756 24,722 6,993 — 64,042 
Substandard7,914 12,210 11,789 6,342 11,548 61,210 1,790 748 113,551 


20
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
December 31, 2021
Commercial, Financial, Agricultural$300,748 $245,940 $122,350 $44,533 $15,384 $11,103 $557,628 $2,757 $1,300,443 
Pass299,731 245,657 120,102 43,042 14,603 8,605 553,541 2,002 1,287,283 
Special Mention— 136 1,798 281 605 1,196 651 — 4,667 
Substandard1,017 147 450 1,210 176 1,302 3,436 755 8,493 
Real Estate - Construction$461,370 $371,694 $174,369 $14,813 $— $— $3,769 $2,428 $1,028,443 
Residential210,734 12,598 — — — — 3,769 2,428 229,529 
Pass210,734 12,598 — — — — 3,769 2,428 229,529 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Commercial250,636 359,096 174,369 14,813 — — — — 798,914 
Pass250,636 359,096 174,369 14,813 — — — — 798,914 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
21
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 - 1-4 Family Mortgage$205,137 $83,038 $60,240 $30,044 $28,340 $8,846 $25,534 $941 $442,120 
Primary15,599 7,698 3,662 5,985 4,150 1,066 4,727 — 42,887 
Pass15,599 7,698 3,496 5,985 4,066 1,057 4,716 — 42,617 
Special Mention— — — — — — — — — 
Substandard— — 166 — 84 9 11 — 270 
Home Equity1,318 — 42 131 — — 13,615 10 15,116 
Pass1,318 — 42 131 — — 13,615 10 15,116 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Rental/Investment111,006 61,801 33,734 23,520 23,890 7,469 5,554 931 267,905 
Pass110,987 60,855 32,733 23,246 23,708 7,098 5,554 931 265,112 
Special Mention— 249 — — — — — — 249 
Substandard19 697 1,001 274 182 371 — — 2,544 
Land Development77,214 13,539 22,802 408 300 311 1,638 — 116,212 
Pass74,818 13,539 22,769 408 300 311 1,638 — 113,783 
Special Mention2,396 — — — — — — — 2,396 
Substandard— — 33 — — — — — 33 
Real Estate - Commercial Mortgage$1,168,118 $836,549 $680,506 $344,089 $298,644 $376,652 $147,446 $21,644 $3,873,648 
Owner-Occupied312,031 305,686 220,057 164,345 140,265 117,767 59,126 9,748 1,329,025 
Pass310,736 304,555 218,447 161,521 134,410 109,577 59,126 8,036 1,306,408 
Special Mention1,210 1,131 — — 1,733 328 — 1,712 6,114 
Substandard85 — 1,610 2,824 4,122 7,862 — — 16,503 
Non-Owner Occupied809,784 511,803 449,409 173,123 155,175 256,133 79,016 11,896 2,446,339 
Pass800,348 503,009 436,062 165,843 102,446 242,665 79,016 11,896 2,341,285 
Special Mention9,235 8,794 11,356 7,280 33,176 8,024 — — 77,865 
Substandard201 — 1,991 — 19,553 5,444 — — 27,189 
Land Development46,303 19,060 11,040 6,621 3,204 2,752 9,304 — 98,284 
Pass46,034 17,030 11,040 6,569 3,204 2,752 9,304 — 95,933 
Special Mention44 — — — — — — — 44 
Substandard225 2,030 — 52 — — — — 2,307 
Installment loans to individuals$— $— $42 $— $— $— $— $— $42 
Pass— — 42 — — — — — 42 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$2,135,373 $1,537,221 $1,037,507 $433,479 $342,368 $396,601 $734,377 $27,770 $6,644,696 
Pass2,120,941 1,524,037 1,019,102 421,558 282,737 372,065 730,279 25,303 6,496,022 
Special Mention12,885 10,310 13,154 7,561 35,514 9,548 651 1,712 91,335 
Substandard1,547 2,874 5,251 4,360 24,117 14,988 3,447 755 57,339 

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
22
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20222021202020192018PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
September 30, 2022
Commercial, Financial, Agricultural$— $— $— $— $— $16,774 $19,336 $— $36,110 
Performing Loans— — — — — 16,774 19,336 — 36,110 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$37,074 $72,550 $1,694 $577 $— $— $— $— $111,895 
Residential37,074 72,550 1,694 577 — — — — 111,895 
Performing Loans37,074 72,472 1,694 577 — — — — 111,817 
Non-Performing Loans— 78 — — — — — — 78 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$584,747 $548,163 $364,506 $160,804 $122,688 $236,271 $436,673 $2,762 $2,456,614 
Primary576,169 543,197 362,828 160,212 121,295 235,189 — — 1,998,890 
Performing Loans575,894 541,053 360,179 157,445 115,494 229,418 — — 1,979,483 
Non-Performing Loans275 2,144 2,649 2,767 5,801 5,771 — — 19,407 
Home Equity— 111 — — 223 367 436,673 2,762 440,136 
Performing Loans— 111 — — 223 298 435,952 2,254 438,838 
Non-Performing Loans— — — — — 69 721 508 1,298 
Rental/Investment— — — — — 328 — — 328 
Performing Loans— — — — — 155 — — 155 
Non-Performing Loans— — — — — 173 — — 173 
Land Development8,578 4,855 1,678 592 1,170 387 — — 17,260 
Performing Loans8,578 4,855 1,678 592 1,170 241 — — 17,114 
Non-Performing Loans— — — — — 146 — — 146 
Real Estate - Commercial Mortgage$3,764 $3,992 $2,883 $1,348 $603 $123 $— $— $12,713 
Owner-Occupied— — 132 — — — — — 132 
Performing Loans— — 132 — — — — — 132 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — 29 — — — — — 29 
Performing Loans— — 29 — — — — — 29 
Non-Performing Loans— — — — — — — — — 
Land Development3,764 3,992 2,722 1,348 603 123 — — 12,552 
Performing Loans3,764 3,992 2,700 1,348 603 123 — — 12,530 
Non-Performing Loans— — 22 — — — — — 22 
Installment loans to individuals$35,560 $21,583 $7,661 $15,827 $5,621 $2,260 $15,613 $32 $104,157 
Performing Loans35,535 21,548 7,644 15,787 5,610 2,214 15,613 24 103,975 
Non-Performing Loans25 35 17 40 11 46 — 8 182 
Total loans not subject to risk rating$661,145 $646,288 $376,744 $178,556 $128,912 $255,428 $471,622 $2,794 $2,721,489 
Performing Loans660,845 644,031 374,056 175,749 123,100 249,223 470,901 2,278 2,700,183 
Non-Performing Loans300 2,257 2,688 2,807 5,812 6,205 721 516 21,306 
23
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
December 31, 2021
Commercial, Financial, Agricultural$71 $— $— $1 $— $8,983 $23,464 $— $32,519 
Performing Loans71 — — 1 — 8,983 23,464 — 32,519 
Non-Performing Loans— — — — — — — — — 
Lease Financing Receivables$26,301 $23,270 $15,504 $7,713 $2,169 $1,168 $— $— $76,125 
Performing Loans26,301 23,270 15,504 7,713 2,167 1,159 — — 76,114 
Non-Performing Loans— — — — 2 9 — — 11 
Real Estate - Construction$57,283 $12,561 $1,615 $— $— $— $— $— $71,459 
Residential57,283 12,561 1,615 — — — — — 71,459 
Performing Loans57,283 12,561 1,615 — — — — — 71,459 
Non-Performing Loans— — — — — — — — — 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$554,483 $419,252 $205,014 $155,535 $117,619 $207,381 $404,293 $2,776 $2,066,353 
Primary542,659 415,863 203,739 153,717 116,689 206,496 — — 1,639,163 
Performing Loans542,053 414,931 201,273 148,649 114,669 203,416 — — 1,624,991 
Non-Performing Loans606 932 2,466 5,068 2,020 3,080 — — 14,172 
Home Equity111 — 79 225 — 508 404,293 2,776 407,992 
Performing Loans111 — 79 225 — 435 403,598 2,599 407,047 
Non-Performing Loans— — — — — 73 695 177 945 
Rental/Investment— — 99 — 23 218 — — 340 
Performing Loans— — 99 — 23 164 — — 286 
Non-Performing Loans— — — — — 54 — — 54 
Land Development11,713 3,389 1,097 1,593 907 159 — — 18,858 
Performing Loans11,688 3,298 1,065 1,593 832 159 — — 18,635 
Non-Performing Loans25 91 32 — 75 — — — 223 
Real Estate - Commercial Mortgage$5,265 $3,584 $2,082 $800 $468 $137 $— $— $12,336 
Owner-Occupied— 136 58 — — — — — 194 
Performing Loans— 136 58 — — — — — 194 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— 31 — — — — — — 31 
Performing Loans— 31 — — — — — — 31 
Non-Performing Loans— — — — — — — — — 
Land Development5,265 3,417 2,024 800 468 137 — — 12,111 
Performing Loans5,265 3,417 2,008 800 468 86 — — 12,044 
Non-Performing Loans— — 16 — — 51 — — 67 
Installment loans to individuals$44,302 $15,436 $23,114 $7,717 $1,985 $1,917 $13,016 $36 $107,523 
Performing Loans44,254 15,360 23,035 7,704 1,958 1,890 13,016 36 107,253 
Non-Performing Loans48 76 79 13 27 27 — — 270 
Total loans not subject to risk rating$687,705 $474,103 $247,329 $171,766 $122,241 $219,586 $440,773 $2,812 $2,366,315 
Performing Loans687,026 473,004 244,736 166,685 120,117 216,292 440,078 2,635 2,350,573 
Non-Performing Loans679 1,099 2,593 5,081 2,124 3,294 695 177 15,742 
24
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:
 
September 30,
2022		December 31, 2021
Commercial, financial, agricultural$77,816 $90,308 
Real estate – construction:
Residential387 1,287 
Commercial6,361 3,707 
Total real estate – construction6,748 4,994 
Real estate – 1-4 family mortgage:
Primary102,234 134,070 
Home equity42,861 51,496 
Rental/investment16,679 20,229 
Land development9,314 9,978 
Total real estate – 1-4 family mortgage171,088 215,773 
Real estate – commercial mortgage:
Owner-occupied194,756 234,132 
Non-owner occupied356,485 410,577 
Land development13,571 18,344 
Total real estate – commercial mortgage564,812 663,053 
Installment loans to individuals24,700 35,775 
Loans$845,164 $1,009,903 


25
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
September 30, 2022
Commercial, financial, agricultural$379 $— $73,564 $73,943 $— $2,059 $1,814 $3,873 $77,816 
Real estate – construction:
Residential— — 387 387 — — — — 387 
Commercial— — 6,361 6,361 — — — — 6,361 
Total real estate – construction— — 6,748 6,748 — — — — 6,748 
Real estate – 1-4 family mortgage:
Primary1,163 — 95,377 96,540 1,359 2,468 1,867 5,694 102,234 
Home equity658 — 41,659 42,317 95 119 330 544 42,861 
Rental/investment26 — 16,629 16,655 — — 24 24 16,679 
Land development62 — 9,252 9,314 — — — — 9,314 
Total real estate – 1-4 family mortgage1,909 — 162,917 164,826 1,454 2,587 2,221 6,262 171,088 
Real estate – commercial mortgage:
Owner-occupied439 1,432 191,217 193,088 33 152 1,483 1,668 194,756 
Non-owner occupied— — 356,480 356,480 — — 5 5 356,485 
Land development— — 13,535 13,535 — 36 — 36 13,571 
Total real estate – commercial mortgage439 1,432 561,232 563,103 33 188 1,488 1,709 564,812 
Installment loans to individuals715 18 23,865 24,598 1 45 56 102 24,700 
Loans, net of unearned income$3,442 $1,450 $828,326 $833,218 $1,488 $4,879 $5,579 $11,946 $845,164 

26
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, 2021
Commercial, financial, agricultural$122 $— $82,918 $83,040 $42 $1,618 $5,608 $7,268 $90,308 
Real estate – construction:
Residential— — 1,287 1,287 — — — — 1,287 
Commercial— — 3,707 3,707 — — — — 3,707 
Total real estate – construction— — 4,994 4,994 — — — — 4,994 
Real estate – 1-4 family mortgage:
Primary1,042 36 127,820 128,898 257 2,225 2,690 5,172 134,070 
Home equity149 — 50,573 50,722 — 373 401 774 51,496 
Rental/investment20 — 20,105 20,125 26 — 78 104 20,229 
Land development— — 9,978 9,978 — — — — 9,978 
Total real estate – 1-4 family mortgage1,211 36 208,476 209,723 283 2,598 3,169 6,050 215,773 
Real estate – commercial mortgage:
Owner-occupied1,511 323 230,305 232,139 — 289 1,704 1,993 234,132 
Non-owner occupied— — 407,639 407,639 — — 2,938 2,938 410,577 
Land development— — 18,218 18,218 — — 126 126 18,344 
Total real estate – commercial mortgage1,511 323 656,162 657,996 — 289 4,768 5,057 663,053 
Installment loans to individuals839 8 34,690 35,537 15 11 212 238 35,775 
Loans, net of unearned income$3,683 $367 $987,240 $991,290 $340 $4,516 $13,757 $18,613 $1,009,903 

There were no restructured loans contractually 90 days past due or more and still accruing at September 30, 2022. There was one restructured loan in the amount of $40 contractually 90 days past due or more and still accruing at September 30, 2021. The outstanding balance of restructured loans on nonaccrual status was $3,029 and $17,726 at September 30, 2022 and September 30, 2021, 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. No loans were restructured during the three months ended September 30, 2022.
Number of
Loans		Pre-
Modification
Amortized Cost		Post-
Modification
Amortized Cost
Three months ended September 30, 2021
Real estate – 1-4 family mortgage:
Primary1 $164 $164 
Total1 $164 $164 

27
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Number of
Loans		Pre-
Modification
Amortized Cost		Post-
Modification
Amortized Cost
Nine months ended September 30, 2022
Real estate – 1-4 family mortgage:
Land development3 $98 $94 
Nine months ended September 30, 2021
Commercial, financial, agricultural1 $135 $135 
Real estate – 1-4 family mortgage:
Primary2 1,026 1,026 
Total3 $1,161 $1,161 

With respect to loans that were restructured during the nine months ended September 30, 2022 and September 30, 2021, none have subsequently defaulted 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, 202238 $5,609 
Additional advances or loans with concessions3 206 
Reclassified as performing restructured loan8 4,064 
Reductions due to:
Reclassified to nonperforming loans(6)(231)
Paid in full(6)(2,064)
Principal paydowns— (568)
Totals at September 30, 202237 $7,016 

The allowance for credit losses attributable to restructured loans was $37 and $111 at September 30, 2022 and September 30, 2021, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2022, as compared to $2 in remaining availability at September 30, 2021.


28
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
 20222021202020192018PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
September 30, 2022
Commercial, Financial, Agricultural$— $— $— $993 $927 $26,235 $48,917 $744 $77,816 
Pass— — — 993 378 19,174 47,121 403 68,069 
Special Mention— — — — 226 — — — 226 
Substandard— — — — 323 7,061 1,796 341 9,521 
Real Estate - Construction$— $— $— $— $387 $6,361 $— $— $6,748 
Residential— — — — 387 — — — 387 
Pass— — — — 387 — — — 387 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Commercial— — — — — 6,361 — — 6,361 
Pass— — — — — 6,361 — — 6,361 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$— $— $— $145 $8,721 $26,322 $335 $157 $35,680 
Primary— — — 33 2,230 7,116 — — 9,379 
Pass— — — 33 2,230 6,683 — — 8,946 
Special Mention— — — — — 54 — — 54 
Substandard— — — — — 379 — — 379 
Home Equity— — — — — 30 333 157 520 
Pass— — — — — 30 333 — 363 
Special Mention— — — — — — — — — 
Substandard— — — — — — — 157 157 
Rental/Investment— — — 112 308 16,259 — — 16,679 
Pass— — — 112 308 15,550 — — 15,970 
Special Mention— — — — — — — — — 
Substandard— — — — — 709 — — 709 
Land Development— — — — 6,183 2,917 2 — 9,102 
Pass— — — — 6,183 2,866 2 — 9,051 
Special Mention— — — — — — — — — 
Substandard— — — — — 51 — — 51 
29
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20222021202020192018PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Real Estate - Commercial Mortgage$— $— $— $319 $45,713 $499,483 $8,923 $9,752 $564,190 
Owner-Occupied— — — — 10,461 177,284 7,011 — 194,756 
Pass— — — — 10,461 167,960 7,011 — 185,432 
Special Mention— — — — — 595 — — 595 
Substandard— — — — — 8,729 — — 8,729 
Non-Owner Occupied— — — 319 35,013 309,833 1,568 9,752 356,485 
Pass— — — 319 35,008 287,093 1,568 — 323,988 
Special Mention— — — — — — — — — 
Substandard— — — — 5 22,740 — 9,752 32,497 
Land Development— — — — 239 12,366 344 — 12,949 
Pass— — — — 239 6,767 344 — 7,350 
Special Mention— — — — — 4,966 — — 4,966 
Substandard— — — — — 633 — — 633 
Installment loans to individuals$— $— $— $— $— $— $— $— $— 
Pass— — — — — — — — — 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$— $— $— $1,457 $55,748 $558,401 $58,175 $10,653 $684,434 
Pass— — — 1,457 55,194 512,484 56,379 403 625,917 
Special Mention— — — — 226 5,615 — — 5,841 
Substandard— — — — 328 40,302 1,796 10,250 52,676 

 Term Loans Amortized Cost Basis by Origination Year
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2021
Commercial, Financial, Agricultural$— $— $646 $12,199 $12,247 $25,562 $38,328 $1,326 $90,308 
Pass— — 646 11,612 8,918 18,877 37,555 899 78,507 
Special Mention— — — 246 — — — — 246 
Substandard— — — 341 3,329 6,685 773 427 11,555 
Real Estate - Construction$— $— $— $601 $— $4,393 $— $— $4,994 
Residential— — — 601 — 686 — — 1,287 
Pass— — — 601 — 686 — — 1,287 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Commercial— — — — — 3,707 — — 3,707 
Pass— — — — — 3,707 — — 3,707 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
30
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Real Estate - 1-4 Family Mortgage$— $— $152 $10,151 $2,781 $32,841 $1,476 $201 $47,602 
Primary— — 34 2,485 1,367 12,336 161 — 16,383 
Pass— — 34 2,485 1,367 9,408 161 — 13,455 
Special Mention— — — — — 59 — — 59 
Substandard— — — — — 2,869 — — 2,869 
Home Equity— — — — — 42 1,087 201 1,330 
Pass— — — — — 42 717 — 759 
Special Mention— — — — — — — — — 
Substandard— — — — — — 370 201 571 
Rental/Investment— — 118 804 1,273 17,806 228 — 20,229 
Pass— — 118 804 1,273 17,035 77 — 19,307 
Special Mention— — — — — 38 — — 38 
Substandard— — — — — 733 151 — 884 
Land Development— — — 6,862 141 2,657 — — 9,660 
Pass— — — 6,862 111 1,249 — — 8,222 
Special Mention— — — — — — — — — 
Substandard— — — — 30 1,408 — — 1,438 
Real Estate - Commercial Mortgage$— $— $325 $50,519 $123,254 $467,983 $5,912 $14,324 $662,317 
Owner-Occupied— — — 13,344 17,621 200,111 3,056 — 234,132 
Pass— — — 13,344 13,888 182,779 3,056 — 213,067 
Special Mention— — — — 1,553 394 — — 1,947 
Substandard— — — — 2,180 16,938 — — 19,118 
Non-Owner Occupied— — 325 35,887 103,739 254,080 2,222 14,324 410,577 
Pass— — 325 19,510 100,682 222,048 2,222 4,418 349,205 
Special Mention— — — 16,370 — 359 — — 16,729 
Substandard— — — 7 3,057 31,673 — 9,906 44,643 
Land Development— — — 1,288 1,894 13,792 634 — 17,608 
Pass— — — 1,288 1,894 7,904 634 — 11,720 
Special Mention— — — — — 5,141 — — 5,141 
Substandard— — — — — 747 — — 747 
Installment loans to individuals$— $— $— $— $— $— $— $— $— 
Pass— — — — — — — — — 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$— $— $1,123 $73,470 $138,282 $530,779 $45,716 $15,851 $805,221 
Pass— — 1,123 56,506 128,133 463,735 44,422 5,317 699,236 
Special Mention— — — 16,616 1,553 5,991 — — 24,160 
Substandard— — — 348 8,596 61,053 1,294 10,534 81,825 




31
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
 20222021202020192018PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
September 30, 2022
Commercial, Financial, Agricultural$— $— $— $— $— $— $— $— $— 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$— $— $— $— $— $— $— $— $— 
Residential— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$— $— $— $196 $1,061 $96,323 $36,430 $1,398 $135,408 
Primary— — — 196 523 92,068 — 68 92,855 
Performing Loans— — — 196 378 86,567 — 68 87,209 
Non-Performing Loans— — — — 145 5,501 — — 5,646 
Home Equity— — — — 538 4,043 36,430 1,330 42,341 
Performing Loans— — — — 538 3,992 36,154 1,114 41,798 
Non-Performing Loans— — — — — 51 276 216 543 
Rental/Investment— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Land Development— — — — — 212 — — 212 
Performing Loans— — — — — 212 — — 212 
Non-Performing Loans— — — — — — — — — 
Real Estate - Commercial Mortgage$— $— $— $— $141 $481 $— $— $622 
Owner-Occupied— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Land Development— — — — 141 481 — — 622 
Performing Loans— — — — 141 481 — — 622 
Non-Performing Loans— — — — — — — — — 
Installment loans to individuals$— $— $— $— $13,734 $9,644 $1,272 $50 $24,700 
Performing Loans— — — — 13,721 9,571 1,272 14 24,578 
Non-Performing Loans— — — — 13 73 — 36 122 
Total loans not subject to risk rating$— $— $— $196 $14,936 $106,448 $37,702 $1,448 $160,730 
Performing Loans— — — 196 14,778 100,823 37,426 1,196 154,419 
Non-Performing Loans— — — — 158 5,625 276 252 6,311 
32
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20212020201920182017PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2021
Commercial, Financial, Agricultural$— $— $— $— $— $— $— $— $— 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$— $— $— $— $— $— $— $— $— 
Residential— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$— $— $202 $1,480 $19,988 $101,060 $44,086 $1,355 $168,171 
Primary— — 202 938 17,505 98,961 — 81 117,687 
Performing Loans— — 202 829 16,902 94,607 — 81 112,621 
Non-Performing Loans— — — 109 603 4,354 — — 5,066 
Home Equity— — — 542 2,441 1,823 44,086 1,274 50,166 
Performing Loans— — — 542 2,441 1,769 43,700 1,141 49,593 
Non-Performing Loans— — — — — 54 386 133 573 
Rental/Investment— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Land Development— — — — 42 276 — — 318 
Performing Loans— — — — 42 276 — — 318 
Non-Performing Loans— — — — — — — — — 
Real Estate - Commercial Mortgage$— $— $— $147 $31 $558 $— $— $736 
Owner-Occupied— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Land Development— — — 147 31 558 — — 736 
Performing Loans— — — 147 31 558 — — 736 
Non-Performing Loans— — — — — — — — — 
Installment loans to individuals$— $— $— $20,581 $9,721 $3,881 $1,558 $34 $35,775 
Performing Loans— — — 20,566 9,714 3,684 1,541 23 35,528 
Non-Performing Loans— — — 15 7 197 17 11 247 
Total loans not subject to risk rating$— $— $202 $22,208 $29,740 $105,499 $45,644 $1,389 $204,682 
Performing Loans— — 202 22,084 29,130 100,894 45,241 1,245 198,796 
Non-Performing Loans— — — 124 610 4,605 403 144 5,886 

 

33
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:
 
September 30,
2022		December 31, 2021
Commercial, financial, agricultural (1)
$1,513,091 $1,423,270 
Lease financing108,517 80,192 
Real estate – construction:
Residential359,754 302,275 
Commercial855,302 802,621 
Total real estate – construction1,215,056 1,104,896 
Real estate – 1-4 family mortgage:
Primary2,144,119 1,816,120 
Home equity499,626 474,604 
Rental/investment322,844 288,474 
Land development161,300 145,048 
Total real estate – 1-4 family mortgage3,127,889 2,724,246 
Real estate – commercial mortgage:
Owner-occupied1,562,952 1,563,351 
Non-owner occupied3,320,116 2,856,947 
Land development133,597 128,739 
Total real estate – commercial mortgage5,016,665 4,549,037 
Installment loans to individuals128,946 143,340 
Gross loans11,110,164 10,024,981 
Unearned income(5,160)(4,067)
Loans, net of unearned income11,105,004 10,020,914 
Allowance for credit losses on loans(174,356)(164,171)
Net loans$10,930,648 $9,856,743 
(1)Includes Paycheck Protection Program (“PPP”) loans of $5,476 and $58,391 as of September 30, 2022 and December 31, 2021, respectively.

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, 2021.
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 September 30, 2022 and December 31, 2021, the Company had accrued interest receivable for loans of $45,293 and $41,692, 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
34
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
deferral program established in 2020 in response to the COVID-19 pandemic of $1,263 and $1,273, respectively, as of September 30, 2022 and December 31, 2021.
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 September 30, 2022
Allowance for credit losses:
Beginning balance$30,193 $17,290 $41,910 $64,373 $1,802 $10,563 $166,131 
Charge-offs(373)— (208)(1,956)— (722)(3,259)
Recoveries415 — 378 50 113 728 1,684 
Net (charge-offs) recoveries42 — 170 (1,906)113 6 (1,575)
(Recovery of) provision for credit losses on loans268 1,454 1,452 6,800 399 (573)9,800 
Ending balance$30,503 $18,744 $43,532 $69,267 $2,314 $9,996 $174,356 
Nine Months Ended September 30, 2022
Allowance for credit losses:
Beginning balance$33,922 $16,419 $32,356 $68,940 $1,486 $11,048 $164,171 
Impact of PCD loans acquired during the period1,648 — — — — — 1,648 
Charge-offs(4,714)— (532)(2,670)(7)(2,351)(10,274)
Recoveries1,982 — 725 397 136 2,271 5,511 
Net (charge-offs) recoveries(2,732)— 193 (2,273)129 (80)(4,763)
(Recovery of) provision for credit losses on loans(2,335)2,325 10,983 2,600 699 (972)13,300 
Ending balance$30,503 $18,744 $43,532 $69,267 $2,314 $9,996 $174,356 
Period-End Amount Allocated to:
Individually evaluated$4,064 $— $— $2,649 $— $370 $7,083 
Collectively evaluated 26,439 18,744 43,532 66,618 2,314 9,626 167,273 
Ending balance$30,503 $18,744 $43,532 $69,267 $2,314 $9,996 $174,356 
Loans:
Individually evaluated$9,088 $153 $5,965 $19,043 $— $370 $34,619 
Collectively evaluated 1,504,003 1,214,903 3,121,924 4,997,622 103,357 128,576 11,070,385 
Ending balance$1,513,091 $1,215,056 $3,127,889 $5,016,665 $103,357 $128,946 $11,105,004 
Nonaccruing loans with no allowance for credit losses$429 $153 $5,809 $4,633 $— $2 $11,026 


35
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 September 30, 2021
Allowance for credit losses:
Beginning balance$36,994 $15,729 $31,303 $74,893 $1,511 $11,924 $172,354 
Charge-offs(1,225)— (276)(184)(13)(1,281)(2,979)
Recoveries418 — 193 190 11 1,051 1,863 
Net (charge-offs) recoveries(807)— (83)6 (2)(230)(1,116)
(Recovery of) Provision for credit losses on loans(1,210)440 961 (1,004)61 (448)(1,200)
Ending balance$34,977 $16,169 $32,181 $73,895 $1,570 $11,246 $170,038 
Nine Months Ended September 30, 2021
Allowance for credit losses:
Beginning balance$39,031 $16,047 $32,165 $76,127 $1,624 $11,150 $176,144 
Charge-offs(5,907)(52)(529)(416)(13)(4,286)(11,203)
Recoveries940 13 855 504 36 3,949 6,297 
Net (charge-offs) recoveries(4,967)(39)326 88 23 (337)(4,906)
(Recovery of) Provision for credit losses on loans913 161 (310)(2,320)(77)433 (1,200)
Ending balance$34,977 $16,169 $32,181 $73,895 $1,570 $11,246 $170,038 
Period-End Amount Allocated to:
Individually evaluated$9,717 $— $206 $5,968 $— $607 $16,498 
Collectively evaluated25,260 16,169 31,975 67,927 1,570 10,639 153,540 
Ending balance$34,977 $16,169 $32,181 $73,895 $1,570 $11,246 $170,038 
Loans:
Individually evaluated$15,193 $— $5,311 $19,120 $— $617 $40,241 
Collectively evaluated1,420,826 1,091,296 2,719,432 4,516,610 79,215 149,204 9,976,583 
Ending balance$1,436,019 $1,091,296 $2,724,743 $4,535,730 $79,215 $149,821 $10,016,824 
Nonaccruing loans with no allowance for credit losses$2,658 $— $3,039 $2,865 $— $10 $8,572 
 
The Company recorded a provision for credit losses of $9,800 during the third quarter of 2022, as compared to a negative provision for credit losses $1,200 recorded in the third quarter of 2021. The Company’s allowance for credit losses model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. The provision activity during the current quarter was primarily driven by strong loan growth.
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 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, 2021.
The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.
36
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months Ended September 30,20222021
Allowance for credit losses on unfunded loan commitments:
Beginning balance$19,935 $20,535 
Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense) — (200)
Ending balance$19,935 $20,335 
Nine Months Ended September 30,20222021
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,035 $20,535 
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense)(100)(200)
Ending balance$19,935 $20,335 

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
September 30, 2022
Residential real estate$173 $740 $913 
Commercial real estate— 62 62 
Residential land development242 4 246 
Commercial land development1,130 61 1,191 
Total$1,545 $867 $2,412 
December 31, 2021
Residential real estate$93 $166 $259 
Commercial real estate39 722 761 
Residential land development301 4 305 
Commercial land development1,156 59 1,215 
Total$1,589 $951 $2,540 

Changes in the Company’s purchased and non purchased OREO were as follows:
 
Purchased
OREO		Non Purchased OREOTotal
OREO
Balance at January 1, 2022$1,589 $951 $2,540 
Transfers of loans190 1,638 1,828 
Impairments(96)(14)(110)
Dispositions(137)(1,710)(1,847)
Other(1)2 1 
Balance at September 30, 2022$1,545 $867 $2,412 

At September 30, 2022 and December 31, 2021, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $780 and $22, respectively.
37
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Repairs and maintenance$24 $17 $44 $60 
Property taxes and insurance7 6 69 54 
Impairments59 173 110 290 
Net (gains) losses on OREO sales(54)(24)(611)(74)
Rental income(2)(4)(6)(17)
Total$34 $168 $(394)$313 



Note 7 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2022 were as follows:
 Community BanksInsuranceTotal
Balance at January 1, 2022$936,916 $2,767 $939,683 
Additions to goodwill from the Southeastern Commercial Finance, LLC acquisition6,608 — 6,608 
Balance at September 30, 2022$943,524 $2,767 $946,291 

The following table provides a summary of finite-lived intangible assets as of the dates presented:
 
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
September 30, 2022
Core deposit intangibles$82,492 $(63,190)$19,302 
Customer relationship intangible2,470 (1,602)868 
Total finite-lived intangible assets$84,962 $(64,792)$20,170 
December 31, 2021
Core deposit intangibles$82,492 $(59,399)$23,093 
Customer relationship intangible2,470 (1,465)1,005 
Total finite-lived intangible assets$84,962 $(60,864)$24,098 

Current year amortization expense for finite-lived intangible assets is presented in the table below.
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Amortization expense for:
  Core deposit intangibles$1,206 $1,436 $3,791 $4,482 
  Customer relationship intangible45 45 136 136 
Total intangible amortization$1,251 $1,481 $3,927 $4,618 

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2022 and the succeeding four years is summarized as follows:
38
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Core Deposit IntangiblesCustomer Relationship IntangibleTotal
2022$4,941 $181 $5,122 
20234,044 181 4,225 
20243,498 181 3,679 
20253,102 181 3,283 
20262,899 138 3,037 

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, an increase in mortgage interest rates or a decrease in actual prepayment speeds may cause positive adjustments to the valuation of the Company’s MSRs.
MSRs 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 no valuation adjustment on MSRs during the nine months ended September 30, 2022. During the nine months ended September 30, 2021, there was a positive valuation adjustment of $13,561 which was caused primarily by an increase in mortgage interest rates and a corresponding decrease in actual prepayment speeds.
During the third quarter of 2022, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance of $1,700,823 to a third party for net proceeds of $18,525, resulting in a gain of $2,960.
Changes in the Company’s MSRs were as follows: 
Balance at January 1, 2022$89,018 
Sale of MSRs(15,565)
Capitalization18,052 
Amortization(9,525)
Balance at September 30, 2022$81,980 

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
39
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
September 30, 2022December 31, 2021
Unpaid principal balance$7,406,373 $8,728,629 
Weighted-average prepayment speed (CPR)7.08 %10.56 %
Estimated impact of a 10% increase$(5,254)$(3,875)
Estimated impact of a 20% increase(10,089)(7,464)
Discount rate10.34 %9.82 %
Estimated impact of a 10% increase$(323)$(4,153)
Estimated impact of a 20% increase(891)(8,119)
Weighted-average coupon interest rate3.43 %3.29 %
Weighted-average servicing fee (basis points)32.14 30.37 
Weighted-average remaining maturity (in years)8.246.69

The Company recorded servicing fees of $4,445 and $4,891 for the three months ended September 30, 2022 and 2021, respectively, and servicing fees of $13,868 and $13,578 for the nine months ended September 30, 2022 and 2021, 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
 September 30,September 30,
 2022202120222021
Service cost $— $— $1 $2 
Interest cost185 171 3 4 
Expected return on plan assets(421)(442)— — 
Recognized actuarial loss (gain)60 67 (19)— 
Net periodic (return) benefit cost $(176)$(204)$(15)$6 
 
Pension BenefitsOther Benefits
Nine Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Service cost$— $— $3 $4 
Interest cost554 512 9 11 
Expected return on plan assets(1,263)(1,326)— — 
Recognized actuarial loss (gain)182 199 (57)(2)
Net periodic (return) benefit cost$(527)$(615)$(45)$13 

40
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 nine months ended September 30, 2022 or 2021. There were no stock options outstanding as of September 30, 2022.
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 nine months ended September 30, 2022:

Performance-Based Restricted StockWeighted Average Grant-Date Fair ValueTime-Based Restricted StockWeighted Average Grant-Date Fair Value
Nonvested at beginning of period146,561 $34.67 603,714 $34.48 
Awarded63,308 38.62 295,406 37.51 
Vested— — (222,283)32.81 
Cancelled(5,465)37.26 (23,461)37.23 
Nonvested at end of period204,404 $35.83 653,376 $36.32 

During the nine months ended September 30, 2022, the Company reissued 187,951 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $2,268 and $2,595 for the three months ended September 30, 2022 and 2021, respectively, and $8,558 and $7,736 for the nine months ended September 30, 2022, 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 and adjustable-rate residential mortgage loans. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors.
The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:
41
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Balance SheetSeptember 30, 2022December 31, 2021
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate contractsOther Assets$223,569 $11,343 $185,447 $4,711 
  Interest rate lock commitmentsOther Assets44,785 657 310,941 5,304 
Forward commitmentsOther Assets225,000 8,941 280,000 667 
Totals$493,354 $20,941 $776,388 $10,682 
Derivative liabilities:
  Interest rate contractsOther Liabilities$223,569 $11,343 $185,447 $4,711 
Interest rate lock commitmentsOther Liabilities84,830 1,861 19,961 43 
  Forward commitmentsOther Liabilities10,000 49 320,000 736 
Totals$318,399 $13,253 $525,408 $5,490 
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 September 30,Nine Months Ended September 30,
 2022202120222021
Interest rate contracts:
Included in interest income on loans$811 $589 $1,255 $1,795 
Interest rate lock commitments:
Included in mortgage banking income(4,046)(3,251)(6,466)(12,655)
Forward commitments
Included in mortgage banking income9,381 5,310 8,962 8,590 
Total$6,146 $2,648 $3,751 $(2,270)
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 both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings. The swap hedging strategy converts the LIBOR-based variable interest rate on the forecasted borrowings to a fixed interest rate. The collar hedging strategy stabilizes interest rate fluctuation by setting both a floor and a cap. The Company entered into an interest rate collar in June 2022 with a 2.25% floor and 4.57% cap. The Company entered into a second interest rate collar in October 2022 with a 2.75% floor and 4.75% cap. As of September 30, 2022, the Company is hedging its exposure to the variability of future cash flows through 2032 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 SheetSeptember 30, 2022December 31, 2021
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate swapsOther Assets$130,000 $25,266 $100,000 $7,016 
Derivative liabilities:
  Interest rate swapsOther Liabilities$— $— $62,000 $2,902 
  Interest rate collarsOther Liabilities250,000 1,934 — — 
Totals$250,000 $1,934 $62,000 $2,902 
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.
42
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
There were no ineffective portions for the nine months ended September 30, 2022 or 2021. The impact on other comprehensive income for the nine months ended September 30, 2022 and 2021 is discussed in Note 13, “Other Comprehensive Income (Loss).”
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 SheetSeptember 30, 2022December 31, 2021
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative liabilities:
  Interest rate swapsOther Liabilities$100,000 $20,643 $100,000 $5,411 
The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:
 Amount of Gain (Loss) Recognized in Income
Income StatementThree Months Ended September 30,Nine Months Ended September 30,
 Location2022202120222021
Derivative liabilities:
  Interest rate swaps - subordinated notesInterest Expense$(10,495)$(764)$(15,232)$(4,941)
Derivative liabilities - hedged items:
  Interest rate swaps - subordinated notesInterest Expense$10,495 $764 $15,232 $4,941 
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 LocationSeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021
Long-term debt$77,984 $93,085 $20,643 $5,411 
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:

43
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Offsetting Derivative AssetsOffsetting Derivative Liabilities
September 30,
2022		December 31, 2021September 30,
2022		December 31, 2021
Gross amounts recognized$45,510 $8,007 $22,665 $13,436 
Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amounts presented in the Consolidated Balance Sheets45,510 8,007 22,665 13,436 
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments22,665 7,208 22,665 7,208 
Financial collateral pledged— — — 6,228 
Net amounts$22,845 $799 $— $— 

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.

September 30,December 31,
20222021
Deferred tax assets
Allowance for credit losses$51,156 $50,712 
Loans2,017 2,855 
Deferred compensation14,029 14,522 
Net unrealized losses on securities73,827 3,545 
Impairment of assets355 392 
Net operating loss carryforwards682 1,211 
Investment in partnerships1,010 890 
Lease liabilities under operating leases15,013 17,106 
Other2,954 3,241 
Total deferred tax assets161,043 94,474 
Deferred tax liabilities
Fixed assets9,735 5,339 
Mortgage servicing rights18,984 20,779 
Junior subordinated debt2,018 2,130 
Intangibles2,817 3,177 
Lease right-of-use asset14,395 16,209 
Other1,178 1,607 
Total deferred tax liabilities49,127 49,241 
Net deferred tax assets$111,916 $45,233 

For the nine months ended September 30, 2022 and 2021, the Company recorded a provision for income taxes totaling $32,355 and $35,572, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences.
The 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, 2018 through December 31, 2020.
44
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

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 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 and mortgage-backed securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. 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, interest rate collars 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:
 
45
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Level 1Level 2Level 3Totals
September 30, 2022
Financial assets:
Securities available for sale$— $1,569,242 $— $1,569,242 
Derivative instruments— 46,207 — 46,207 
Mortgage loans held for sale in loans held for sale— 144,642 — 144,642 
Total financial assets$— $1,760,091 $— $1,760,091 
Financial liabilities:
Derivative instruments:$— $35,830 $— $35,830 

Level 1Level 2Level 3Totals
December 31, 2021
Financial assets:
Securities available for sale$— $2,386,052 $— $2,386,052 
Derivative instruments— 17,698 — 17,698 
Mortgage loans held for sale in loans held for sale— 453,533 — 453,533 
Total financial assets$— $2,857,283 $— $2,857,283 
Financial liabilities:
Derivative instruments$— $13,803 $— $13,803 

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 nine months ended September 30, 2022.
For the three and nine months ended September 30, 2022 and the three months ended September 30, 2021, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs. The following table provides a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs, for the nine months ended September 30, 2021.
 2021
Three Months Ended September 30, 2022Trust preferred
securities
Nine Months Ended September 30,
Balance at beginning of period$9,012 
   Accretion included in net income7 
   Unrealized gains included in other comprehensive income941 
   Realized losses2,061 
   Purchases(12,021)
Balance at end of period$— 
 

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:
 
46
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
September 30, 2022Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $12,107 $12,107 
OREO— — 2,412 2,412 
Total$— $— $14,519 $14,519 
 
December 31, 2021Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $7,928 $7,928 
OREO— — 2,540 2,540 
Total$— $— $10,468 $10,468 

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 $14,774 and $12,939 at September 30, 2022 and December 31, 2021, respectively, and a specific reserve for these loans of $2,667 and $5,011 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:
 
September 30,
2022		December 31, 2021
Carrying amount prior to remeasurement$2,517 $2,556 
Impairment recognized in results of operations(105)(16)
Fair value$2,412 $2,540 

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 September 30, 2022 and December 31, 2021. There were no valuation adjustments on MSRs during the nine months ended September 30, 2022 and $13,561 of positive valuation adjustments recognized during the nine months ended September 30, 2021.
The following table presents information as of September 30, 2022 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
 
47
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Financial instrumentFair
Value		Valuation TechniqueSignificant
Unobservable Inputs		Range of Inputs
Individually evaluated loans, net of allowance for credit losses$12,107 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$2,412 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 $14,537 and $10,425 resulting from fair value changes of these mortgage loans were recorded in income during the nine months ended September 30, 2022 and 2021, 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 September 30, 2022 and December 31, 2021:
 
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
September 30, 2022
Mortgage loans held for sale measured at fair value$144,642 $147,363 $(2,721)
December 31, 2021
Mortgage loans held for sale measured at fair value$453,533 $441,717 $11,816 

Fair Value of Financial Instruments
The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
 
48
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
  Fair Value
As of September 30, 2022Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$479,500 $479,500 $— $— $479,500 
Securities held to maturity1,353,502 — 1,218,656 — 1,218,656 
Securities available for sale1,569,242 — 1,569,242 — 1,569,242 
Loans held for sale144,642 — 144,642 — 144,642 
Loans, net10,930,648 — — 10,392,244 10,392,244 
Mortgage servicing rights81,980 — — 119,752 119,752 
Derivative instruments46,207 — 46,207 — 46,207 
Financial liabilities
Deposits$13,432,124 $12,225,041 $1,167,728 $— $13,392,769 
Short-term borrowings312,818 312,818 — — 312,818 
Junior subordinated debentures111,807 — 101,088 — 101,088 
Subordinated notes315,014 — 284,000 — 284,000 
Derivative instruments35,830 — 35,830 — 35,830 
 
  Fair Value
As of December 31, 2021Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$1,877,965 $1,877,965 $— $— $1,877,965 
Securities held to maturity416,357 — 415,552 — 415,552 
Securities available for sale2,386,052 — 2,386,052 — 2,386,052 
Loans held for sale453,533 — 453,533 — 453,533 
Loans, net9,856,743 — — 9,690,604 9,690,604 
Mortgage servicing rights89,018 — — 99,425 99,425 
Derivative instruments17,698 — 17,698 — 17,698 
Financial liabilities
Deposits$13,905,724 $12,494,342 $1,408,397 $— $13,902,739 
Short-term borrowings13,947 13,947 — — 13,947 
Federal Home Loan Bank advances417 — 422 — 422 
Junior subordinated debentures111,373 — 106,682 — 106,682 
Subordinated notes359,419 — 373,950 — 373,950 
Derivative instruments13,803 — 13,803 — 13,803 
49
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 September 30, 2022
Securities available for sale:
Unrealized holding losses on securities$(85,283)$(21,704)$(63,579)
Amortization of unrealized holding gains on securities transferred to the held to maturity category1,619 412 1,207 
Total securities available for sale(83,664)(21,292)(62,372)
Derivative instruments:
Unrealized holding gains on derivative instruments2,262 575 1,687 
Total derivative instruments2,262 575 1,687 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost42 11 31 
Total defined benefit pension and post-retirement benefit plans42 11 31 
Total other comprehensive loss$(81,360)$(20,706)$(60,654)
Three months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities$(12,408)$(3,158)$(9,250)
Reclassification adjustment for gains realized in net income(764)(194)(570)
Total securities available for sale(13,172)(3,352)(9,820)
Derivative instruments:
Unrealized holding gains on derivative instruments1,629 414 1,215 
Total derivative instruments1,629 414 1,215 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost67 18 49 
Total defined benefit pension and post-retirement benefit plans67 18 49 
Total other comprehensive loss$(11,476)$(2,920)$(8,556)
50
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Pre-TaxTax Expense
(Benefit)		Net of Tax
Nine months ended September 30, 2022
Securities available for sale:
Unrealized holding losses on securities$(296,444)$(75,445)$(220,999)
Amortization of unrealized holding gains on securities transferred to the held to maturity category1,300 331 969 
Total securities available for sale(295,144)(75,114)(220,030)
Derivative instruments:
Unrealized holding gains on derivative instruments19,219 4,891 14,328 
Total derivative instruments19,219 4,891 14,328 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost125 32 93 
Total defined benefit pension and post-retirement benefit plans125 32 93 
Total other comprehensive loss$(275,800)$(70,191)$(205,609)
Nine months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities$(27,487)$(6,996)$(20,491)
Reclassification adjustment for gains realized in net income(2,121)(539)(1,582)
Total securities available for sale(29,608)(7,535)(22,073)
Derivative instruments:
Unrealized holding gains on derivative instruments10,129 2,578 7,551 
Total derivative instruments10,129 2,578 7,551 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost197 49 148 
Total defined benefit pension and post-retirement benefit plans197 49 148 
Total other comprehensive loss$(19,282)$(4,908)$(14,374)

The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:
 
September 30,
2022		December 31, 2021
Unrealized losses on securities$(229,146)$(9,116)
Unrealized gains on derivative instruments18,290 3,963 
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations(5,196)(5,290)
Total accumulated other comprehensive loss$(216,052)$(10,443)
51
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 14 – Net Income Per Common Share
(In Thousands, Except Share Data)
Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, assuming outstanding service-based restricted stock awards fully vested, 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
 September 30,
 20222021
Basic
Net income applicable to common stock$46,567 $40,063 
Average common shares outstanding55,947,214 56,146,285 
Net income per common share - basic$0.83 $0.71 
Diluted
Net income applicable to common stock$46,567 $40,063 
Average common shares outstanding55,947,214 56,146,285 
Effect of dilutive stock-based compensation301,506 300,899 
Average common shares outstanding - diluted56,248,720 56,447,184 
Net income per common share - diluted$0.83 $0.71 

Nine Months Ended
 September 30,
 20222021
Basic
Net income applicable to common stock$119,792 $138,838 
Average common shares outstanding55,888,226 56,237,056 
Net income per common share - basic$2.14 $2.47 
Diluted
Net income applicable to common stock$119,792 $138,838 
Average common shares outstanding55,888,226 56,237,056 
Effect of dilutive stock-based compensation281,660 296,038 
Average common shares outstanding - diluted56,169,886 56,533,094 
Net income per common share - diluted$2.13 $2.46 

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
 September 30,
 20222021
Number of shares9,75019,929

Nine Months Ended
 September 30,
 20222021
Number of shares19,75019,929

Note 15 – Regulatory Matters
52
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
(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:

 September 30, 2022December 31, 2021
 AmountRatioAmountRatio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)$1,493,705 9.39 %$1,422,077 9.15 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,385,489 10.64 %1,314,295 11.18 %
Tier 1 Capital to Risk-Weighted Assets1,493,705 11.47 %1,422,077 12.10 %
Total Capital to Risk-Weighted Assets1,973,206 15.15 %1,897,167 16.14 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)$1,645,539 10.34 %$1,580,904 10.18 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,645,539 12.61 %1,580,904 13.46 %
Tier 1 Capital to Risk-Weighted Assets1,645,539 12.61 %1,580,904 13.46 %
Total Capital to Risk-Weighted Assets1,789,382 13.71 %1,697,163 14.44 %

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 table above, as of September 30, 2022, the Company’s CET1 capital was in excess of the capital conservation buffer.

The Company elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of ASC Topic 326, “Financial Instruments - Credit Losses” (“ASC 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. The three-year transitional period began on January 1, 2022.

53
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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.
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:
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Three months ended September 30, 2022
Net interest income (loss)$134,528 $98 $794 $(5,102)$130,318 
Provision for credit losses9,800 — — — 9,800 
Noninterest income (loss)32,324 3,123 6,132 (393)41,186 
Noninterest expense94,474 2,190 4,553 357 101,574 
Income (loss) before income taxes62,578 1,031 2,373 (5,852)60,130 
Income tax expense (benefit)14,811 268 — (1,516)13,563 
Net income (loss)$47,767 $763 $2,373 $(4,336)$46,567 
Total assets$16,369,592 $35,761 $73,704 $(7,958)$16,471,099 
Goodwill$943,524 $2,767 — — $946,291 
Three months ended September 30, 2021
Net interest income (loss)$106,506 $115 $404 $(3,733)$103,292 
Provision for (recovery of provision for) credit losses(1,088)— (112)— (1,200)
Noninterest income (loss)42,546 2,835 5,820 (446)50,755 
Noninterest expense97,437 2,095 4,189 278 103,999 
Income (loss) before income taxes52,703 855 2,147 (4,457)51,248 
Income tax expense (benefit)12,117 220 — (1,152)11,185 
Net income (loss)$40,586 $635 $2,147 $(3,305)$40,063 
Total assets$16,040,728 $33,036 $67,204 $14,582 $16,155,550 
Goodwill$936,916 $2,767 — — $939,683 
54
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Nine months ended September 30, 2022
Net interest income (loss)$356,040 $286 $1,813 $(14,677)$343,462 
Provision for credit losses13,300 — — — 13,300 
Noninterest income (loss)89,359 8,831 18,952 (1,284)115,858 
Noninterest expense272,594 6,311 13,899 1,069 293,873 
Income (loss) before income taxes159,505 2,806 6,866 (17,030)152,147 
Income tax expense (benefit)36,035 734 — (4,414)32,355 
Net income (loss)$123,470 $2,072 $6,866 $(12,616)$119,792 
Total assets$16,369,592 $35,761 $73,704 $(7,958)$16,471,099 
Goodwill$943,524 $2,767 $— $— $946,291 
Nine months ended September 30, 2021
Net interest income (loss)$332,234 $333 $1,184 $(11,232)$322,519 
Provision for (recovery of provision for) credit losses(1,088)— (112)— (1,200)
Noninterest income (loss)155,765 8,558 16,421 (1,342)179,402 
Noninterest expense309,449 6,005 12,337 920 328,711 
Income (loss) before income taxes179,638 2,886 5,380 (13,494)174,410 
Income tax expense (benefit)38,320 740 — (3,488)35,572 
Net income (loss)$141,318 $2,146 $5,380 $(10,006)$138,838 
Total assets$16,040,728 $33,036 $67,204 $14,582 $16,155,550 
Goodwill$936,916 $2,767 $— $— $939,683 
55
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(In Thousands, Except Share Data)
This Form 10-Q may contain or incorporate by reference statements regarding Renasant Corporation (referred to herein as the “Company”, “we”, “our”, or “us”) that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “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 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; (ii) the effect of economic conditions and interest rates on a national, regional or international basis; (iii) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (iv) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (v) the financial resources of, and products available from, competitors; (vi) changes in laws and regulations as well as changes in accounting standards; (vii) changes in policy by regulatory agencies; (viii) changes in the securities and foreign exchange markets; (ix) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (x) 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; (xi) an insufficient allowance for credit losses on loans or unfunded commitments as a result of inaccurate assumptions; (xii) general economic, market or business conditions, including the impact of inflation and changes in monetary policy by the Federal Reserve Board; (xiii) changes in demand for loan products and financial services; (xiv) concentration of credit exposure; (xv) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvi) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xvii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in the Company’s geographic area; (xviii) the impact, extent and timing of technological changes; and (xix) 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 September 30, 2022 compared to December 31, 2021.
Assets
Total assets were $16,471,099 at September 30, 2022 compared to $16,810,311 at December 31, 2021. Renasant Bank (“Renasant Bank” or the “Bank”) acquired Southeastern Commercial Finance, LLC, an asset-based lending company headquartered in Birmingham, Alabama, effective March 1, 2022, which added $43,946 in total assets, including $28,110 in loans, on the date of acquisition.
Investments
56
The securities portfolio is used to provide a source for meeting liquidity needs and to supply securities to be used in collateralizing certain deposits and certain types of borrowings. The securities portfolio also serves as an outlet to deploy excess liquidity and generate interest income rather than hold such excess funds as cash. The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented:
September 30, 2022December 31, 2021
BalancePercentage of
Portfolio		BalancePercentage of
Portfolio
U.S. Treasury securities$— — %$3,010 0.11 %
Obligations of other U.S. Government agencies and corporations164,520 5.63 — — 
Obligations of states and political subdivisions433,410 14.83 426,751 15.23 
Mortgage-backed securities2,188,182 74.87 2,313,167 82.54 
Other debt securities136,664 4.67 59,513 2.12 
$2,922,776 100.00 %$2,802,441 100.00 %
Allowance for credit losses - held to maturity securities(32)(32)
Securities, net of allowance for credit losses$2,922,744 $2,802,409 
During the nine months ended September 30, 2022, we deployed a portion of our excess liquidity into the securities portfolio and purchased $800,260 in investment securities. Mortgage-backed securities and collateralized mortgage obligations (“CMOs”), in the aggregate, comprised approximately 62% 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 other U.S. Government agencies and corporations comprised approximately 21% of purchases made during the first nine months of 2022. Obligations of state and political subdivisions comprised approximately 5% of purchases made during the first nine months of 2022. Other debt securities in our investment portfolio, consisting of corporate debt securities, issuances from the Small Business Administration (“SBA”) and subordinated debt issuances, comprised the remaining 12% of purchases made during the first nine months of 2022.
During the third quarter, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has no intention to sell these securities. The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. No gains or losses were recognized at the time of transfer.
Rising interest rates in the first three quarters of 2022 had a negative impact on the value of our securities portfolio resulting in a fair market value adjustment of our available for sale securities of $296,442, which contributed to our accumulated other comprehensive loss.
Proceeds from maturities, calls and principal payments on securities during the first nine months of 2022 totaled $372,484. The Company did not sell any securities during the first nine months of 2022. Proceeds from the maturities, calls and principal payments on securities during the first nine months of 2021 totaled $329,520. The Company sold municipal securities, residential mortgage backed securities, trust preferred securities and other debt securities with a carrying value of $174,285 at the time of sale for net proceeds of $176,406, resulting in a net gain on sale of $2,121 during the first nine months of 2021.
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 $144,642 at September 30, 2022, as compared to $453,533 at December 31, 2021. 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
57
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 $11,105,004 at September 30, 2022 and $10,020,914 at December 31, 2021. Non purchased loans totaled $10,259,840 at September 30, 2022 compared to $9,011,011 at December 31, 2021. Loans purchased in previous acquisitions totaled $845,164 and $1,009,903 at September 30, 2022 and December 31, 2021, 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:
 September 30, 2022
 Non PurchasedPurchasedTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural (1)
$1,435,275 $77,816 $1,513,091 13.63 %
Lease financing, net of unearned income103,357 — 103,357 0.93 
Real estate – construction:
Residential359,367 387 359,754 3.24 
Commercial848,941 6,361 855,302 7.70 
Total real estate – construction1,208,308 6,748 1,215,056 10.94 
Real estate – 1-4 family mortgage:
Primary2,041,885 102,234 2,144,119 19.31 
Home equity456,765 42,861 499,626 4.50 
Rental/investment306,165 16,679 322,844 2.91 
Land development151,986 9,314 161,300 1.45 
Total real estate – 1-4 family mortgage2,956,801 171,088 3,127,889 28.17 
Real estate – commercial mortgage:
Owner-occupied1,368,196 194,756 1,562,952 14.07 
Non-owner occupied2,963,631 356,485 3,320,116 29.90 
Land development120,026 13,571 133,597 1.20 
Total real estate – commercial mortgage4,451,853 564,812 5,016,665 45.17 
Installment loans to individuals104,246 24,700 128,946 1.16 
Total loans, net of unearned income$10,259,840 $845,164 $11,105,004 100.00 %
(1)Includes Paycheck Protection Program (“PPP”) loans of $5,477 as of September 30, 2022.
58
 December 31, 2021
 Non PurchasedPurchasedTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural (1)
$1,332,962 $90,308 $1,423,270 14.20 %
Lease financing, net of unearned income76,125 — 76,125 0.76 
Real estate – construction:
Residential300,988 1,287 302,275 3.02 
Commercial798,914 3,707 802,621 8.01 
Total real estate – construction1,099,902 4,994 1,104,896 11.03 
Real estate – 1-4 family mortgage:
Primary1,682,050 134,070 1,816,120 18.12 
Home equity423,108 51,496 474,604 4.74 
Rental/investment268,245 20,229 288,474 2.88 
Land development135,070 9,978 145,048 1.45 
Total real estate – 1-4 family mortgage2,508,473 215,773 2,724,246 27.19 
Real estate – commercial mortgage:
Owner-occupied1,329,219 234,132 1,563,351 15.60 
Non-owner occupied2,446,370 410,577 2,856,947 28.51 
Land development110,395 18,344 128,739 1.28 
Total real estate – commercial mortgage3,885,984 663,053 4,549,037 45.39 
Installment loans to individuals107,565 35,775 143,340 1.43 
Total loans, net of unearned income$9,011,011 $1,009,903 $10,020,914 100.00 %
(1)Includes PPP loans of $58,391 as of December 31, 2021.
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 September 30, 2022, 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 $13,432,124 and $13,905,724 at September 30, 2022 and December 31, 2021, respectively. Noninterest-bearing deposits were $4,827,220 and $4,718,124 at September 30, 2022 and December 31, 2021, respectively, while interest-bearing deposits were $8,604,904 and $9,187,600 at September 30, 2022 and December 31, 2021, respectively. Although there was an overall decline in deposits, noninterest-bearing deposits increased $109,096, and the Company's liquidity position remains strong.
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 35.94% of total deposits at September 30, 2022, as compared to 33.93% of total deposits at December 31, 2021. Under certain circumstances, 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 $1,696,290 and
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$1,787,414 at September 30, 2022 and December 31, 2021, respectively, and represented 12.63% and 12.85% of total deposits as of September 30, 2022 and December 31, 2021, 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:
September 30, 2022December 31, 2021
Security repurchase agreements$12,818 $13,947 
Short-term borrowings from the FHLB300,000 — 
$312,818 $13,947 
Long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes. The following table presents our long-term debt by type as of the dates presented:
September 30, 2022December 31, 2021
Long-term FHLB advances$— $417 
Junior subordinated debentures111,807 111,373 
Subordinated notes315,014 359,419 
$426,821 $471,209 
Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. The Company had $3,818,637 of availability on unused lines of credit with the FHLB at September 30, 2022, as compared to $4,214,274 at December 31, 2021.
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 as regulatory capital. The subordinated notes qualify as Tier 2 capital under current regulatory guidelines.
On March 1, 2022, the Company redeemed at par the remaining $30,000 of its $60,000 5.00% fixed-to-floating rate subordinated notes. The Company redeemed the initial $30,000 of these notes in December 2021.
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 third quarter of 2022 was $46,567 compared to net income of $40,063 for the third quarter of 2021. Basic and diluted earnings per share (“EPS”) for the third quarter of 2022 were $0.83 as compared to basic and diluted EPS of $0.71 for the third quarter of 2021. Net income for the nine months ended September 30, 2022, was $119,792 compared to net income of $138,838 for the same period in 2021. Basic and diluted EPS were $2.14 and $2.13, respectively, for the first nine months of 2022 as compared to $2.47 and $2.46 for the first nine months of 2021.
From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented. The “COVID-19 related expenses” line item in the table below primarily consists of (a) employee overtime and
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employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.
Three Months Ended
 September 30, 2022September 30, 2021
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Gain on sale of MSR$(2,960)$(2,292)$(0.04)$— $— $— 
COVID-19 related expenses— — — 323 253 — 
Nine Months Ended
 September 30, 2022September 30, 2021
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Merger and conversion expenses$687 $541 $0.01 $— $— $— 
Gain on sale of MSR(2,960)(2,330)(0.04)
MSR valuation adjustment— — — (13,561)(10,549)(0.19)
Restructuring charges732 576 0.01 307 239 — 
COVID-19 related expenses— — — 1,478 1,151 0.02 
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 76.28% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the third quarter of 2022. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.
Net interest income was $130,318 and $343,462 for the three and nine months ended September 30, 2022, as compared to $103,292 and $322,519 for the same periods in 2021. On a tax equivalent basis, net interest income was $132,435 and $349,139 for the three and nine months ended September 30, 2022, as compared to $105,002 and $327,471 same periods in 2021.
The following tables set forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or interest paid and the average yield or average rate paid on each such category on a tax-equivalent basis for the periods presented:
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 Three Months Ended September 30,
 20222021
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$10,829,137 $124,614 4.57 %$10,017,742 $103,770 4.11 %
Loans held for sale143,837 2,075 5.77 451,586 2,376 2.13 
Securities:
Taxable2,773,924 12,439 1.79 1,942,647 6,688 1.38 
Tax-exempt(1)
449,927 2,664 2.37 324,219 2,297 2.83 
Interest-bearing balances with banks663,218 3,458 2.07 1,520,227 592 0.15 
Total interest-earning assets14,860,043 145,250 3.89 14,256,421 115,723 3.23 
Cash and due from banks191,358 195,095 
Intangible assets967,154 965,960 
Other assets626,926 712,673 
Total assets$16,645,481 $16,130,149 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
        Interest-bearing demand(2)
$6,462,940 $6,061 0.37 %$6,231,718 $3,821 0.24 %
Savings deposits1,134,665 155 0.05 1,006,847 192 0.08 
Time deposits1,240,439 1,025 0.33 1,506,192 2,959 0.78 
Total interest-bearing deposits8,838,044 7,241 0.33 8,744,757 6,972 0.32 
Borrowed funds572,376 5,574 3.88 482,709 3,749 3.08 
Total interest-bearing liabilities9,410,420 12,815 0.54 9,227,466 10,721 0.46 
Noninterest-bearing deposits4,867,314 4,470,262 
Other liabilities194,339 212,990 
Shareholders’ equity2,173,408 2,219,431 
Total liabilities and shareholders’ equity$16,645,481 $16,130,149 
Net interest income/net interest margin$132,435 3.54 %$105,002 2.93 %
(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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 Nine Months Ended September 30,
 20222021
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$10,474,305 $329,227 4.20 %$10,431,436 $327,625 4.20 %
Loans held for sale233,266 7,524 4.30 439,954 8,980 2.73 
Securities:
Taxable2,653,735 31,576 1.59 1,505,611 17,077 1.51 
Tax-exempt(1)
446,762 8,018 2.39 316,159 6,915 2.92 
Interest-bearing balances with banks1,041,145 6,076 0.78 1,176,378 1,121 0.13 
Total interest-earning assets14,849,213 382,421 3.44 13,869,538 361,718 3.49 
Cash and due from banks201,436 198,955 
Intangible assets967,023 967,458 
Other assets640,403 687,159 
Total assets$16,658,075 $15,723,110 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$6,556,454 $13,306 0.27 %$6,083,179 $11,821 0.26 %
Savings deposits1,123,433 441 0.05 953,391 547 0.08 
Time deposits1,305,800 4,149 0.42 1,575,220 10,552 0.90 
Total interest-bearing deposits8,985,687 17,896 0.27 8,611,790 22,920 0.36 
Borrowed funds534,296 15,386 3.84 483,230 11,327 3.13 
Total interest-bearing liabilities9,519,983 33,282 0.47 9,095,020 34,247 0.50 
Noninterest-bearing deposits4,745,409 4,202,364 
Other liabilities192,744 223,796 
Shareholders’ equity2,199,939 2,201,930 
Total liabilities and shareholders’ equity$16,658,075 $15,723,110 
Net interest income/net interest margin$349,139 3.14 %$327,471 3.16 %
(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. The rising interest rate environment this year coupled with steady loan growth were the largest contributing factors to the increase in net interest income for the three and nine months ended September 30, 2022, as compared to the same periods in 2021. The Company has continued to focus on lowering, or at least mitigating increases in the cost of funding through growing noninterest-bearing deposits, staying disciplined yet competitive in pricing on interest-bearing deposits in the current rising rate environment and accessing alternative sources of liquidity. During the first six months of 2022, the Company also increased its purchases of investment securities in order to mitigate the pressure on net interest margin. During the third quarter of 2022, the Company slowed its purchases of investment securities, and cash flows were primarily reinvested in the securities portfolio or used to fund loan growth.
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 the three and nine months ended September 30, 2022, as compared to
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the same periods in 2021 (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 September 30, 2022 Compared to the Three Months Ended September 30, 2021
VolumeRateNet
Interest income:
Loans held for investment$8,763 $12,082 $20,845 
Loans held for sale(2,431)2,130 (301)
Securities:
Taxable3,320 2,430 5,750 
Tax-exempt792 (425)367 
Interest-bearing balances with banks(514)3,380 2,866 
Total interest-earning assets9,930 19,597 29,527 
Interest expense:
Interest-bearing demand deposits147 2,093 2,240 
Savings deposits22 (59)(37)
Time deposits(451)(1,483)(1,934)
Borrowed funds760 1,065 1,825 
Total interest-bearing liabilities478 1,616 2,094 
Change in net interest income$9,452 $17,981 $27,433 
Nine months ended September 30, 2022 Compared to the Nine Months Ended September 30, 2021
VolumeRateNet
Interest income:
Loans held for investment$1,438 $164 $1,602 
Loans held for sale(5,301)3,845 (1,456)
Securities:
Taxable13,623 876 14,499 
Tax-exempt2,494 (1,391)1,103 
Interest-bearing balances with banks(143)5,098 4,955 
Total interest-earning assets12,111 8,592 20,703 
Interest expense:
Interest-bearing demand deposits945 540 1,485 
Savings deposits86 (192)(106)
Time deposits(1,571)(4,832)(6,403)
Borrowed funds1,284 2,775 4,059 
Total interest-bearing liabilities744 (1,709)(965)
Change in net interest income$11,367 $10,301 $21,668 
Interest income, on a tax equivalent basis, was $145,250 and $382,421, respectively, for the three and nine months ended September 30, 2022, as compared to $115,723 and $361,718, for the same periods in 2021. The increase in interest income, on a tax equivalent basis, for the three and nine months ended September 30, 2022 as compared to the same time periods in 2021 is due primarily to continued loan growth as well as the additional interest rate increases by the Federal Reserve since March 2022.
The following table presents the percentage of total average earning assets, by type and yield, for the periods presented:
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 Percentage of Total Average Earning AssetsYield
Three Months EndedThree Months Ended
 September 30,September 30,
 2022202120222021
Loans held for investment, excl. PPP72.83 %69.38 %4.57 %4.02 %
Paycheck Protection Program0.04 0.89 0.29 10.95 
Loans held for sale0.97 3.17 5.77 2.13 
Securities21.69 15.90 1.87 1.59 
Other4.47 10.66 2.07 0.15 
Total earning assets100.00 %100.00 %3.89 %3.23 %

 Percentage of Total Average Earning AssetsYield
Nine Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Loans held for investment excl. PPP70.42 %71.04 %4.20 %4.12 %
Paycheck Protection Program0.12 4.17 5.22 5.62 
Loans held for sale1.57 3.17 4.30 2.73 
Securities20.88 13.14 1.70 1.76 
Interest-bearing balances with banks7.01 8.48 0.78 0.13 
Total earning assets100.00 %100.00 %3.44 %3.49 %

For the third quarter of 2022, interest income on loans held for investment, on a tax equivalent basis, increased $20,845 to $124,614 from $103,770 for the same period in 2021. For the nine months ended September 30, 2022, interest income on loans held for investment, on a tax equivalent basis, increased $1,602 to $329,227 from $327,625 in the same period in 2021. The Federal Reserve began to raise interest rates in March 2022, which impacted the Company's loan pricing, thereby resulting in the increase in interest income on loans held for investment for the quarterly and year-to-date periods in 2022 as compared to the corresponding periods in 2021. Interest income attributable to PPP loans included in loan interest income for the three months ended September 30, 2022, was $5, which consisted of $17 in interest income and $12 in amortization of net origination costs, as compared to $3,503 for the three months ended September 30, 2021, which consisted of $306 in interest income and $3,197 in accretion of net origination fees. Interest income attributable to PPP loans included in loan interest income for the nine months ended September 30, 2022, was $697, which consisted of $130 in interest income and $567 in accretion of net origination fees, as compared to $24,310 for the nine months ended September 30, 2021, which consisted of $4,222 in interest income and $20,088 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 did not impact margin or loan yield during the three or nine months ended September 30, 2022. PPP loans increased margin and loan yield by seven basis points and nine basis points, respectively, in the third quarter of 2021, and 11 basis points and eight basis points, respectively, in the first nine months of 2021.
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 EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Net interest income collected on problem loans$78 $316 $2,788 $3,835 
Accretable yield recognized on purchased loans(1)
1,317 2,871 4,573 8,597 
Total impact to interest income on loans$1,395 $3,187 $7,361 $12,432 
Impact to loan yield0.05 %0.13 %0.09 %0.16 %
Impact to net interest margin0.04 %0.09 %0.07 %0.12 %
(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $713 and $1,649 for the third quarter of 2022 and 2021, respectively. The impact was $2,269 and $4,145 for the nine months ended September 30, 2022 and 2021, respectively. This additional interest income increased total loan yield by three and seven basis points for the third quarter of 2022 and 2021, respectively, while increasing net interest margin by two and five basis points for the same respective periods. For the nine months ended September 30, 2022 and 2021, the additional interest income increased total loan yields by three and five basis points, respectively, while increasing net interest margin by two and four basis points, respectively.
For the third quarter of 2022, interest income on loans held for sale (consisting of mortgage loans held for sale) decreased $301 to $2,075 from $2,376 for the same period in 2021. For the nine months ended September 30, 2022, interest income on loans held for sale (consisting of mortgage loans held for sale), decreased $1,456 to $7,524 from $8,980 for the same period in 2021.
Investment income, on a tax equivalent basis, increased $6,118 to $15,103 for the third quarter of 2022 from $8,985 for the third quarter of 2021. Investment income, on a tax equivalent basis, increased $15,602 to $39,594 for the nine months ended September 30, 2022 from $23,992 for the same period in 2021. The tax equivalent yield on the investment portfolio for the third quarter of 2022 was 1.87%, up 28 basis points from 1.59% for the same period in 2021. The tax equivalent yield on the investment portfolio for the nine months ended September 30, 2022 was 1.70%, down 6 basis points from 1.76% in the same period in 2021. The decrease in taxable equivalent yield on securities for the nine months ended September 30, 2022 as compared to the same period in 2021 was a result of the low interest rate environment during the first half of the year before the Federal Reserve rate increases began to be seen in investment security yields. The growth in the Company’s investment securities portfolio during the year offset the loss of investment income due to lower yield on securities and caused the increase in taxable equivalent yield for the three months ended September 30, 2022 as compared to the same period in 2021.
Interest expense was $12,815 for the third quarter of 2022 as compared to $10,721 for the same period in 2021. Interest expense for the nine months ended September 30, 2022 was $33,282 as compared to $34,247 for the same period in 2021.
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
 September 30,September 30,
 2022202120222021
Noninterest-bearing demand34.09 %32.64 %— %— %
Interest-bearing demand45.27 45.49 0.37 0.24 
Savings7.95 7.35 0.05 0.08 
Time deposits8.69 11.00 0.33 0.78 
Short term borrowings0.99 0.09 1.30 0.29 
Long-term Federal Home Loan Bank advances— 1.10 — 0.01 
Subordinated notes2.23 1.52 4.55 4.79 
Other borrowed funds0.78 0.81 5.24 4.36 
Total deposits and borrowed funds100.00 %100.00 %0.36 %0.31 %
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 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Nine Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Noninterest-bearing demand33.27 %31.60 %— %— %
Interest-bearing demand45.96 45.75 0.27 0.26 
Savings7.88 7.17 0.05 0.08 
Time deposits9.15 11.85 0.42 0.90 
Short-term borrowings0.66 0.10 0.98 0.30 
Long-term Federal Home Loan Bank advances— 1.14 1.88 0.03 
Subordinated notes2.30 1.56 4.39 4.97 
Other long term borrowings0.78 0.83 4.66 4.27 
Total deposits and borrowed funds100.00 %100.00 %0.31 %0.34 %

Interest expense on deposits was $7,241 and $6,972 for the three months ended September 30, 2022 and 2021, respectively. The cost of total deposits was 0.21% for both periods. Interest expense on deposits was $17,896 and $22,920 for the nine months ended September 30, 2022 and 2021, respectively, and the cost of total deposits was 0.17% and 0.24% for the same respective periods. The decrease in both deposit expense and cost for the nine months ended September 30, 2022 compared to the same period in 2021 is attributable to the Company’s efforts to reduce deposit rates as they repriced in a low interest rate environment. The increase in deposit expense for the third quarter of 2022 compared to the same period in 2021 is due to the recent rising rate environment which has resulted in higher deposit costs, which is expected to continue through the remainder of 2022. During 2022, the Company has continued its efforts to grow and maintain non-interest bearing deposits, and such deposits represent 35.94% of total deposits at September 30, 2022 compared to 33.93% of total deposits at December 31, 2021. Low cost deposits continue to be the preferred choice of funding; however, the Company may rely on wholesale borrowings when rates are advantageous as well as higher-costing deposits as dictated by liquidity needs.
Interest expense on total borrowings was $5,574 and $3,749 for the three months ended September 30, 2022 and 2021, respectively. Interest expense on total borrowings was $15,386 and $11,327 for the nine months ended September 30, 2022 and 2021, respectively. The increase in interest expense is a result of higher average borrowings, primarily due to the Company's issuance of $200,000 of subordinated notes in November 2021 and $300,000 in short-term advances from the FHLB in September 2022.
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 September 30,Nine Months Ended September 30,
2022 20212022 2021
0.98% 1.25%0.93% 1.53%
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 $41,186 for the third quarter of 2022 as compared to $50,755 for the same period in 2021. Noninterest income was $115,858 for the nine months ended September 30, 2022 as compared to $179,402 for the same period in 2021. This decrease is primarily due to the reduction in mortgage banking income during the first nine months of 2022 (discussed in more detail below) as compared to record production during the first nine months of 2021.
Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees (which encompasses traditional overdraft fees as well as non-sufficient funds fees). Service charges on deposit accounts were $10,216 and $9,337 for the third quarter of 2022 and 2021, respectively, and $29,512 and $26,818 for the nine months ended September 30, 2022 and 2021, respectively. Overdraft fees, the largest component of service charges on deposits, were $5,540 for the three months ended September 30, 2022, as compared to $4,876 for the same period in 2021. These fees were $15,967 for the nine months ended September 30, 2022 compared to $13,830 for the same period in 2021. The Company plans to eliminate consumer non-sufficient funds fees as well as transfer fees to linked
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customer accounts. These changes will take effect January 1, 2023. The fees to be eliminated totaled approximately $1,500 and $4,100 for the three and nine months ended September 30, 2022, respectively.
Fees and commissions were $4,148 during the third quarter of 2022 as compared to $3,837 for the same period in 2021, and were $12,798 for the first nine months of 2022 as compared to $11,847 for the same period in 2021. Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions. For the third quarter of 2022, interchange fees were $2,341 as compared to $2,685 for the same period in 2021. Interchange fees were $7,419 for the nine months ended September 30, 2022 as compared to $7,901 for the same period in 2021.
Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers. Income earned on insurance products was $3,108 and $2,829 for the three months ended September 30, 2022 and 2021, respectively, and was $8,253 and $7,488 for the nine months ended September 30, 2022 and 2021, 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 $10 and $4 for the three months ended September 30, 2022 and 2021, respectively, and $559 and $1,057 for the nine months ended September 30, 2022 and 2021, 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 $5,467 for the third quarter of 2022 compared to $5,371 for the same period in 2021, and was $17,102 for the nine months ended September 30, 2022 compared to $15,182 for the same period in 2021. The market value of assets under management or administration was $4,842,723 and $4,687,357 at September 30, 2022 and September 30, 2021, 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 $359,444 in the third quarter of 2022 compared to $966,651 for the same period in 2021. Mortgage loan originations totaled $1,436,158 in the nine months ended September 30, 2022 compared to $3,189,474 for the same period in 2021. During the first nine months of 2022 mortgage loan originations continued to normalize and trend toward pre-pandemic levels while margins on the sale of loans in the secondary market compressed as interest rates rose and housing inventories remained below demand. Mortgage banking income was $12,675 and $23,292 for the three months ended September 30, 2022 and 2021, respectively, and was $30,624 for the first nine months ended September 30, 2022 compared to $94,878 for the same period in 2021. During the third quarter of 2022, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance of $1,700,823 to a third party for net proceeds of $18,525, resulting in a gain of $2,960. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.
Three Months Ended September 30,Nine Months Ended September 30,
2022 20212022 2021
Gain on sales of loans, net (1)
$5,263 $20,116 $14,800 $71,598 
Fees, net2,405 3,420 8,522 12,841 
Mortgage servicing income (loss), net2,047 (244)4,342 (3,122)
Gain on sale of MSRs2,960 — 2,960 — 
MSR valuation adjustment— — — 13,561 
Mortgage banking income, net$12,675 $23,292 $30,624 $94,878 
(1) Gain on sales of loans, net includes pipeline fair value adjustments
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 $2,296 for the three months ended September 30, 2022 as compared to $1,602 for the same period in 2021, and $6,780 for the nine months ended
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September 30, 2022 as compared to $5,318 for the same period in 2021. The Company purchased an additional $80,000 in BOLI policies during the first quarter of 2022.
Other noninterest income was $3,276 and $3,723 for the three months ended September 30, 2022 and 2021, respectively, and was $10,789 and $15,750 for the nine months ended September 30, 2022 and 2021, 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.
Noninterest Expense
Noninterest Expense to Average Assets
Three Months Ended September 30,Nine Months Ended September 30,
2022 20212022 2021
2.42%2.56%2.36% 2.80%
Noninterest expense was $101,574 and $103,999 for the third quarter of 2022 and 2021, respectively, and was $293,873 and $328,711 for the nine months ended September 30, 2022 and 2021, respectively.
Salaries and employee benefits decreased $2,652 to $66,463 for the third quarter of 2022 as compared to $69,115 for the same period in 2021. Salaries and employee benefits decreased $23,822 to $194,282 for the nine months ended September 30, 2022 as compared to $218,104 for the same period in 2021. The decrease in salaries and employee benefits is primarily due to a decrease in mortgage commissions and incentives, driven by the decrease in mortgage production described above, offset by increases in the minimum wage we pay our employees that were implemented in May 2022.
Data processing costs decreased to $3,526 in the third quarter of 2022 from $5,277 for the same period in 2021 and were $11,379 for the nine months ended September 30, 2022 as compared to $16,380 for the same period in 2021. The decline in the first nine months of 2022 as compared to the same period in 2021 is primarily due to the Company's renegotiation of certain vendor contracts. 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 third quarter of 2022 was $11,266, down from $11,748 for the same period in 2021. These expenses for the first nine months of 2022 were $33,697, down from $35,660 for the same period in 2021. The decrease in occupancy and equipment expense is primarily attributable to the restructuring and non-renewal or termination of certain branch leases.
For the third quarter of 2022 the Company had expenses of $34 related to other real estate owned as compared to expenses of $168 for the same period in 2021. The Company experienced a net gain of $394 in other real estate expense for the first nine months of 2022 as compared to expenses of $313 for the same period in 2021. 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 $110 and $290 for the first nine months of 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, other real estate owned with a cost basis of $1,847 and $4,007, respectively, was sold, resulting in a net gain of $611 and $74, 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 $3,087 for the third quarter of 2022 as compared to $2,972 for the same period in 2021, and $9,016 for the nine months ended September 30, 2022 as compared to $8,566 for the same period in 2021.
Advertising and public relations expense was $3,229 for the third quarter of 2022 as compared to $2,922 for the same period in 2021, and $10,694 for the nine months ended September 30, 2022 as compared to $9,274 for the same period in 2021. During the nine months ended September 30, 2022, the Company contributed approximately $1,350 to charitable organizations throughout Mississippi, Georgia and Alabama, which contributions are included in our advertising and public relations expense, for which it received a dollar-for-dollar tax credit.
Amortization of intangible assets totaled $1,251 and $1,481 for the third quarter of 2022 and 2021, respectively, and $3,927 and $4,618 for the nine months ended September 30, 2022 and 2021, respectively. This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at acquisition. These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 year to 7 years.
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Communication expenses, those expenses incurred for communication to clients and between employees, were $1,999 for the third quarter of 2022 as compared to $2,198 for the same period in 2021. Communication expenses were $5,930 for the nine months ended September 30, 2022 as compared to $6,781 for the same period in 2021.
Other noninterest expense includes the provision for unfunded commitments, business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses. Other noninterest expense was $10,719 and $23,923 for the three and nine months ended September 30, 2022 as compared to $8,118 and $28,708 for the same periods in 2021. There was no provision for unfunded commitments recorded for the third quarter of 2022 and a recovery of provision for unfunded commitments of $100 for the nine months ended September 30, 2022. The provision for unfunded commitments was $200 for the three and nine months ended September 30, 2021.
Efficiency Ratio
Efficiency Ratio
Three Months Ended September 30,Nine Months Ended September 30,
2022 20212022 2021
Efficiency ratio (GAAP)58.50 %66.77 %63.20 % 64.85 %
Adjusted efficiency ratio (Non-GAAP)(1)
58.78 %66.06 %62.47 %65.66 %
(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 its 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, for the third quarter of 2022, the gain from our sale of mortgage servicing rights. 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 third quarter of 2022 and 2021 was $13,563 and $11,185, respectively, and $32,355 and $35,572 for the nine months ended September 30, 2022 and 2021, respectively. The Company recognized tax credits of approximately $1,350 in the first nine months of 2022 (as mentioned above in the advertising and public relations discussion) as compared to the one-time state tax credit of $3,460 that reduced income taxes for the first nine months 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
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 our credit administration department, our 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.
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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 to criticized due to a decline in the collateral value or cash flow of the borrower. 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. Any remaining balance is charged-off, which reduces 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 management believes the uncollectability of a loan balance is confirmed and such losses are reasonably quantified. Net charge-offs for the first nine months of 2022 were $4,763, or 0.06% of average loans (annualized), compared to net charge-offs of $4,906, or 0.06% of average loans (annualized), for the same period in 2021. The charge-offs were fully reserved for in the Company’s allowance for credit losses on loans. Subsequent recoveries, if any, are credited to the 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. 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 change in GDP in the national and local economies as well as trends in the market values of underlying collateral securing loans, all as determined based on input from management, loan review staff and other sources. This evaluation is complex and inherently subjective, as it requires estimates by management that are inherently uncertain and therefore susceptible to significant revision as more information becomes available. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and provision for credit loss in those future periods.
The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, a collective or pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics; and second, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans.

•The allowance for credit losses for loans that share similar risk characteristics with other loans is calculated on a collective (or pooled) basis, where such loans are segregated into loan portfolio segments. In determining the allowance for credit losses on loans evaluated on a collective basis, the Company further categorizes the loan segments based on risk rating. The Company uses two CECL models: (1) for the Real Estate - 1-4 Family Mortgage, Real Estate - Construction and the Installment Loans to Individuals portfolio segments, the Company uses a loss rate model, based on average historical life-of-loan loss rates, 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
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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 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, 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:
 
September 30, 2022December 31, 2021September 30, 2021
Balance% of TotalBalance% of TotalBalance% of Total
Commercial, financial, agricultural$30,503 13.63 %$33,922 14.20 %$34,977 14.34 %
Lease financing2,314 0.93 %1,486 0.76 %1,570 0.79 %
Real estate – construction18,744 10.94 %16,419 11.03 %16,169 10.89 %
Real estate – 1-4 family mortgage43,532 28.17 %32,356 27.19 %32,181 27.21 %
Real estate – commercial mortgage69,267 45.17 %68,940 45.39 %73,895 45.27 %
Installment loans to individuals9,996 1.16 %11,048 1.43 %11,246 1.50 %
Total$174,356 100.00 %$164,171 100.00 %$170,038 100.00 %

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 recorded a provision for credit losses of $9,800 in the third quarter of 2022 and $13,300 in the first nine months of 2022, as compared to a $1,200 recovery of provision for credit losses recorded for the three and nine months of 2021. The Company’s allowance for credit losses model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. The provision activity during the current quarter was primarily driven by strong loan growth.
The table below reflects the activity in the allowance for credit losses on loans for the periods presented:
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Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Balance at beginning of period$166,131 $172,354 $164,171 $176,144 
Impact of PCD loans acquired during the period— — 1,648 — 
Charge-offs
Commercial, financial, agricultural373 1,225 4,714 5,907 
Lease financing— 13 7 13 
Real estate – construction— — — 52 
Real estate – 1-4 family mortgage208 276 532 529 
Real estate – commercial mortgage1,956 184 2,670 416 
Installment loans to individuals722 1,281 2,351 4,286 
Total charge-offs3,259 2,979 10,274 11,203 
Recoveries
Commercial, financial, agricultural415 418 1,982 940 
Lease financing113 11 136 36 
Real estate – construction— — — 13 
Real estate – 1-4 family mortgage378 193 725 855 
Real estate – commercial mortgage50 190 397 504 
Installment loans to individuals728 1,051 2,271 3,949 
Total recoveries1,684 1,863 5,511 6,297 
Net charge-offs1,575 1,116 4,763 4,906 
Provision for credit losses on loans9,800 (1,200)13,300 (1,200)
Balance at end of period$174,356 $170,038 $174,356 $170,038 
Net charge-offs (annualized) to average loans0.06 %0.04 %0.06 %0.06 %
Net charge-offs to allowance for credit losses on loans0.90 %0.66 %2.73 %2.89 %
Allowance for credit losses on loans to:
Total loans1.57 %1.70 %
Total loans excluding PPP loans(1)
1.57 %1.71 %
Nonperforming loans312.10 %299.68 %
Nonaccrual loans321.23 %304.96 %
(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.


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The table below reflects annualized net charge-offs to daily average loans outstanding, by loan category, during the periods presented:

Nine Months Ended
September 30, 2022September 30, 2021
Net Charge-offsAverage LoansAnnualized Net Charge-offs to Average LoansNet Charge-offsAverage LoansAnnualized Net Charge-offs to Average Loans
Commercial, financial, agricultural$2,732$1,474,6330.25%$4,967$1,968,5410.34%
Lease financing(129)93,838(0.18)(23)75,620(0.04)%
Real estate – construction—1,124,713—39986,3370.01%
Real estate – 1-4 family mortgage(193)2,976,081(0.01)(326)2,711,619(0.02)%
Real estate – commercial mortgage2,2734,670,5080.07(88)4,519,793—%
Installment loans to individuals80134,5320.08337169,5260.27%
Total$4,763$10,474,3050.06%$4,906$10,431,4360.06%

The following table provides further details of the Company’s net charge-offs of loans secured by real estate for the periods presented:
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Real estate – construction:
Residential$— $— $— $39 
Total real estate – construction— — — 39 
Real estate – 1-4 family mortgage:
Primary(59)115 98 57 
Home equity(44)(46)(92)(109)
Rental/investment(19)7 (40)(192)
Land development(48)7 (159)(82)
Total real estate – 1-4 family mortgage(170)83 (193)(326)
Real estate – commercial mortgage:
Owner-occupied(36)18 490 (98)
Non-owner occupied1,951 (24)1,949 (14)
Land development(9)— (166)24 
Total real estate – commercial mortgage1,906 (6)2,273 (88)
Total net charge-offs of loans secured by real estate$1,736 $77 $2,080 $(375)

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 September 30,20222021
Allowance for credit losses on unfunded loan commitments:
Beginning balance$19,935 $20,535 
Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense)— (200)
Ending balance$19,935 $20,335 
Nine Months Ended September 30,20222021
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,035 $20,535 
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense)(100)(200)
Ending balance$19,935 $20,335 
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
September 30, 2022
Nonaccruing loans$42,332 $11,946 $54,278 
Accruing loans past due 90 days or more137 1,450 1,587 
Total nonperforming loans42,469 13,396 55,865 
Other real estate owned867 1,545 2,412 
Total nonperforming assets$43,336 $14,941 $58,277 
Nonperforming loans to total loans0.50 %
Nonaccruing loans to total loans0.49 %
Nonperforming assets to total assets0.35 %
December 31, 2021
Nonaccruing loans$30,751 $18,613 $49,364 
Accruing loans past due 90 days or more1,074 367 1,441 
Total nonperforming loans31,825 18,980 50,805 
Other real estate owned951 1,589 2,540 
Total nonperforming assets$32,776 $20,569 $53,345 
Nonperforming loans to total loans0.51 %
Nonaccruing loans to total loans0.49 %
Nonperforming assets to total assets0.32 %
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The following table presents nonperforming loans by loan category as of the dates presented:
September 30,
2022		December 31, 2021September 30,
2021
Commercial, financial, agricultural$5,299 $13,131 $16,027 
Lease financing— 11 11 
Real estate – construction:
Residential232 — — 
Commercial1 — — 
Total real estate – construction233 — — 
Real estate – 1-4 family mortgage:
Primary25,130 19,533 17,378 
Home equity1,842 1,719 2,041 
Rental/investment1,240 1,595 1,016 
Land development1,448 257 243 
Total real estate – 1-4 family mortgage29,660 23,104 20,678 
Real estate – commercial mortgage:
Owner-occupied8,554 5,039 5,732 
Non-owner occupied11,725 8,535 13,412 
Land development93 470 366 
Total real estate – commercial mortgage20,372 14,044 19,510 
Installment loans to individuals301 515 514 
Total nonperforming loans$55,865 $50,805 $56,740 

Total nonperforming loans as a percentage of total loans were 0.50% as of September 30, 2022 as compared to 0.51% and 0.57% as of December 31, 2021 and September 30, 2021, respectively. The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 312.10% as of September 30, 2022 as compared to 323.14% as of December 31, 2021 and 299.68% as of September 30, 2021.
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 September 30, 2022. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due but still accruing interest were $26,103, or 0.25% of total loans, at September 30, 2022 as compared to $27,604, or 0.26% of total loans, at December 31, 2021 and $14,806, or 0.15% of total loans, at September 30, 2021.
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 $27,669 at September 30, 2022 as compared to $20,259 at December 31, 2021 and $20,183 at September 30, 2021. At September 30, 2022, loans restructured through interest rate concessions represented 15% 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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September 30,
2022		December 31, 2021September 30,
2021
Commercial, financial, agricultural$5,232 $967 $1,062 
Real estate – 1-4 family mortgage:
Primary10,688 11,750 11,415 
Home equity157 298 299 
Rental/investment238 350 354 
Land development90 — — 
Total real estate – 1-4 family mortgage11,173 12,398 12,068 
Real estate – commercial mortgage:
Owner-occupied3,623 5,407 5,546 
Non-owner occupied7,515 1,341 1,357 
Land development72 75 76 
Total real estate – commercial mortgage11,210 6,823 6,979 
Installment loans to individuals54 71 74 
Total restructured loans in compliance with modified terms$27,669 $20,259 $20,183 

Changes in the Company’s restructured loans are set forth in the table below:
 
20222021
Balance at January 1,$20,259 $20,448 
Additional advances or loans with concessions9,150 10,852 
Reclassified as performing restructured loan5,290 150 
Reductions due to:
Reclassified as nonperforming(2,076)(2,855)
Paid in full(3,971)(7,341)
Charge-offs— (205)
Paydowns(984)(866)
Balance at September 30,$27,668 $20,183 

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.
 
September 30,
2022		December 31, 2021September 30,
2021
Nonaccruing loans$54,278 $49,364 $55,758 
Accruing loans past due 90 days or more1,587 1,441 982 
Total nonperforming loans55,865 50,805 56,740 
Restructured loans in compliance with modified terms27,669 20,259 20,183 
Total nonperforming and restructured loans$83,534 $71,064 $76,923 

The following table provides details of the Company’s other real estate owned as of the dates presented:
 
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September 30,
2022		December 31, 2021September 30,
2021
Residential real estate$913 $259 $503 
Commercial real estate62 761 2,671 
Residential land development246 305 315 
Commercial land development1,191 1,215 1,216 
Total other real estate owned$2,412 $2,540 $4,705 

Changes in the Company’s other real estate owned were as follows:
20222021
Balance at January 1,$2,540 $5,972 
Transfers of loans1,828 3,171 
Impairments(110)(290)
Dispositions(1,847)(4,007)
Other1 (141)
Balance at September 30,$2,412 $4,705 

Other real estate owned with a cost basis of $1,847 was sold during the nine months ended September 30, 2022, resulting in a net gain of $611, while other real estate owned with a cost basis of $4,007 was sold during the nine months ended September 30, 2021, resulting in a net gain of $74.
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 forecast simulations measure the short and medium-term earnings exposure from changes in market interest rates in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate future net interest income under various hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time for a given set of market rate assumptions. An increase in EVE due to a specified rate change indicates an improvement in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet.
The following table presents the projected impact of a change in interest rates on (1) static EVE and (2) earnings at risk (that is, net interest income) for the 1-12 and 13-24 month periods commencing October 1, 2022, in each case as compared to the result under rates present in the market on September 30, 2022. 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
+4004.77%17.57%23.58%
+3004.10%13.40%17.88%
+2003.02%9.25%12.27%
+1001.74%4.72%6.25%
-100(4.62)%(6.77)%(8.90)%
-200(12.51)%(15.06)%(19.96)%
-300(23.15)%(23.25)%(32.22)%

The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at September 30, 2022. 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, 200, 300 and 400 and minus 100, 200 and 300 basis points. As interest rates are adjusted over a period of time, it is our strategy to proactively change the volume and mix of our balance sheet in order to mitigate our interest rate risk. The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions, including asset prepayment speeds, the impact of competitive factors on our pricing of loans and deposits, how responsive our deposit repricing is to the change in market rates and the expected life of non-maturity deposits. These business assumptions are based upon our experience, business plans and published industry experience; however, such assumptions may not necessarily reflect the manner or timing in which cash flows, asset yields and liability costs respond to changes in market rates. Because these assumptions are inherently uncertain, actual results will differ from simulated results.
The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, caps and/or floors, forward commitments, and interest rate lock commitments, as part of its ongoing efforts to mitigate its interest rate risk exposure. For more information about the Company’s derivatives, see the information under the heading “Loan Commitments and Other Off-Balance Sheet Arrangements” in the Liquidity and Capital Resources section below and Note 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 ALCO.
Our investment portfolio is another alternative for meeting liquidity needs. These assets generally have readily available markets that offer conversions to cash as needed. Within the next twelve months, the securities portfolio is forecasted to generate cash flow through principal payments and maturities equal to approximately 17.28% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types, short-term borrowings and derivative instruments. At September 30, 2022, securities with a carrying value of $821,633 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 $629,174 similarly pledged at December 31, 2021.
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 $300,000 in short-term borrowings from the FHLB at September 30, 2022, as compared to no such borrowings at December 31, 2021. 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 September 30, 2022, there were no outstanding long-term advances with the FHLB as compared to $417 at December 31, 2021. The total amount of the remaining credit available to us from the FHLB at September 30, 2022 was $3,818,637. We also maintain lines of credit with other commercial banks totaling
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$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 September 30, 2022 or December 31, 2021.
Finally, we can access the capital markets to meet liquidity needs, as we did in 2016, 2020 and 2021 in the form of subordinated notes. 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. The carrying value of the subordinated notes, net of unamortized debt issuance costs, was $315,014 at September 30, 2022. We redeemed $30,000 of subordinated notes in the first quarter of 2022.
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
Nine Months EndedNine Months Ended
 September 30,September 30,
 2022202120222021
Noninterest-bearing demand33.27 %31.60 %— %— %
Interest-bearing demand45.96 45.75 0.27 0.26 
Savings7.88 7.17 0.05 0.08 
Time deposits9.15 11.85 0.42 0.90 
Short-term borrowings0.66 0.10 0.98 0.30 
Long-term Federal Home Loan Bank advances— 1.14 1.88 0.03 
Subordinated notes2.30 1.56 4.39 4.97 
Other borrowed funds0.78 0.83 4.66 4.27 
Total deposits and borrowed funds100.00 %100.00 %0.31 %0.34 %

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 $479,500 at September 30, 2022, as compared to $1,476,141 at September 30, 2021. Cash used in investing activities for the nine months ended September 30, 2022 was $1,587,457, as compared to cash used in investing activities of $372,260 for the nine months ended September 30, 2021. Proceeds from the sale, maturity or call of securities within our investment portfolio were $372,484 for the nine months ended September 30, 2022, as compared to $505,926 for the same period in 2021. These proceeds were primarily reinvested into the investment portfolio or, during 2022, used to fund loan growth. Purchases of investment securities were $800,260 for the first nine months of 2022, as compared to $1,743,105 for the same period in 2021.
Cash used in financing activities for the nine months ended September 30, 2022 was $274,115, as compared to cash provided by financing activities of $1,125,027 for the same period in 2021. Deposits decreased $473,600 and increased $1,195,748 for the nine months ended September 30, 2022 and 2021, respectively.
Restrictions on Bank Dividends, Loans and Advances
The Company’s liquidity and capital resources, as well as its ability to pay dividends to its shareholders, are substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. 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
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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 September 30, 2022, the maximum amount available for transfer from the Bank to the Company in the form of loans was $178,938. The Company maintains a $3,000 line of credit collateralized by cash with the Bank. There were no amounts outstanding under this line of credit at September 30, 2022.
These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the nine months ended September 30, 2022, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations.
Loan Commitments and Other Off-Balance Sheet Arrangements
The Company enters into loan commitments and standby letters of credit in the normal course of its business. Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies, including establishing a provision for credit losses on unfunded commitments. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer.
Loan commitments and standby letters of credit do not necessarily represent future cash requirements of the Company in that while the borrower has the ability to draw upon these commitments at any time, these commitments often expire without being drawn upon. The Company’s unfunded loan commitments and standby letters of credit outstanding were as follows as of the dates presented:
September 30, 2022December 31, 2021
Loan commitments$3,476,743 $3,104,940 
Standby letters of credit98,075 89,830 

The Company closely monitors the amount of remaining future commitments to borrowers in light of prevailing economic conditions and adjusts these commitments and the provision related thereto as necessary; the Company also reviews these commitments as part of its analysis of loan concentrations within the loan portfolio. The Company will continue this process as new commitments are entered into or existing commitments are renewed. For a more detailed discussion related to the allowance and provision for credit losses on unfunded loan commitments, refer to the “Risk Management” section above.
The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, 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 September 30, 2022, the Company had notional amounts of $223,569 on interest rate contracts with corporate customers and $223,569 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. Additionally, the Company entered into an interest rate collar on forecasted borrowings in June 2022 with a 2.25% floor and 4.57% cap, which is accounted for as a cash flow hedge. The Company entered into a second interest rate collar in October 2022 with a 2.75% floor and 4.75% cap. The collar hedging strategy stabilizes interest rate fluctuation by setting both a floor and a cap.
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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.

Shareholders’ Equity and Regulatory Matters
Total shareholders’ equity of the Company was $2,092,281 at September 30, 2022 compared to $2,209,853 at December 31, 2021. Book value per share was $37.39 and $39.63 at September 30, 2022 and December 31, 2021, respectively. The decrease in shareholders’ equity was attributable to changes in accumulated other comprehensive income and dividends declared, partially offset by current period earnings.
On October 26, 2021, 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, which expired in October 2022 and was replaced with a new stock repurchase program, authorizing the Company to repurchase up to $100,000 of its outstanding common stock, either in open market purchases or privately-negotiated transactions. The new repurchase program will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased. The Company did not repurchase any of its common stock under the stock repurchase plan in the first nine months of 2022.
The Company has junior subordinated debentures with a carrying value of $111,807 at September 30, 2022, of which $108,216 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 September 30, 2022. 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 we make any acquisition of a financial institution now that 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 par value of $340,000 at September 30, 2022, of which $335,657 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
September 30, 2022
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,385,489 10.64 %$846,403 6.50 %$911,511 7.00 %
Tier 1 risk-based capital ratio1,493,705 11.47 %1,041,727 8.00 %1,106,835 8.50 %
Total risk-based capital ratio1,973,206 15.15 %1,302,159 10.00 %1,367,267 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,493,705 9.39 %795,621 5.00 %636,497 4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,645,539 12.61 %$848,358 6.50 %$913,616 7.00 %
Tier 1 risk-based capital ratio1,645,539 12.61 %1,044,132 8.00 %1,109,391 8.50 %
Total risk-based capital ratio1,789,382 13.71 %1,305,165 10.00 %1,370,424 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,645,539 10.34 %795,852 5.00 %636,681 4.00 %
December 31, 2021
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,314,295 11.18 %$763,952 6.50 %$822,717 7.00 %
Tier 1 risk-based capital ratio1,422,077 12.10 %940,248 8.00 %999,014 8.50 %
Total risk-based capital ratio1,897,167 16.14 %1,175,610 10.00 %1,234,076 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,422,077 9.15 %777,289 5.00 %621,831 4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,580,904 13.46 %$763,713 6.50 %$822,460 7.00 %
Tier 1 risk-based capital ratio1,580,904 13.46 %939,954 8.00 %998,702 8.50 %
Total risk-based capital ratio1,697,163 14.44 %1,174,943 10.00 %1,233,690 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,580,904 10.18 %776,700 5.00 %621,360 4.00 %

The Company elected to take advantage of transitional relief offered by the Federal Reserve and FDIC to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay. The three-year transitional period began on January 1, 2022.
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.
Critical Accounting Estimates
We have identified certain accounting estimates that involve significant judgment and estimates which can have a material impact on our financial condition or results of operations. Our accounting policies are more fully described in Note 1,
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“Significant Accounting Policies,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 25, 2022. Actual amounts and values as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date.
The critical accounting estimates that we believe to be the most critical in preparing our consolidated financial statements relate to the allowance for credit losses and acquisition accounting, which are described under “Critical Accounting Policies and Estimates” in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2021. Since December 31, 2021, there have been no material changes in these critical accounting estimates.

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, among others, merger and conversion related expenses, COVID-19 related expenses and a recovery of a portion of the reserve for unfunded commitments, gains on sales of securities and mortgage servicing rights 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 gains from the sale of mortgage servicing rights 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.

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Adjusted Efficiency Ratio
Three months ended September 30,Nine months ended September 30,
2022202120222021
Interest income (fully tax equivalent basis)$145,250 $115,723 $382,421 $361,718 
Interest expense12,815 10,721 33,282 34,247 
Net interest income (fully tax equivalent basis)132,435 105,002 349,139 327,471 
Total noninterest income41,186 50,755 115,858 179,402 
Net gains on sales of securities— 764 — 2,121 
MSR valuation adjustment— — — 13,561 
Gain on sale of MSR2,960 — 2,960 — 
Adjusted noninterest income38,226 49,991 112,898 163,720 
Total noninterest expense101,574 103,999 293,873 328,711 
Intangible amortization1,251 1,481 3,927 4,618 
Merger and conversion related expenses— — 687 — 
Restructuring (benefit) charges— — 732 307 
COVID-19 related expenses— 323 — 1,478 
Partial recovery of reserves for unfunded commitments— (200)(100)(200)
Adjusted noninterest expense100,323 102,395 288,627 322,508 
Efficiency Ratio (GAAP)58.50 %66.77 %63.20 %64.85 %
Adjusted Efficiency Ratio (non-GAAP)58.78 %66.06 %62.47 %65.66 %

Allowance for Credit Losses on Loans to Total Loans, excluding PPP Loans
September 30, 2022December 31, 2021
Total loans (GAAP)$11,105,004 $10,020,914 
Less PPP loans5,476 58,391 
Adjusted total loans (non-GAAP)$11,099,528 $9,962,523 
Allowance for Credit Losses on Loans$174,356 $164,171 
ACL/Total loans (GAAP)1.57 %1.64 %
ACL/Total loans excluding PPP loans (non-GAAP)1.57 %1.65 %

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, 2021. For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 25, 2022.

Item 4. CONTROLS AND PROCEDURES
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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 was no change in the Company’s internal control over financial reporting during the fiscal quarter covered by this quarterly report that has materially affected, or is 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, 2021. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2022.

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 September 30, 2022, the Company repurchased shares of its common stock as indicated in the following table:
Total Number of Shares Purchased(1)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans
Maximum Number of Shares or Approximate Dollar Value of Shares That May Yet Be Purchased Under Share Repurchase Plans(2)
July 1, 2022 to July 31, 20225,840 $30.80 — $50,000 
August 1, 2022 to August 31, 20222,993 33.40 — 50,000 
September 1, 2022 to September 30, 202264 33.23 — 50,000 
Total8,897 $31.69 — 
(1)All shares in this column represent shares of Renasant Corporation stock withheld to satisfy the federal and state tax liabilities related to the vesting of time-based restricted stock awards.
The Company announced a $50.0 million stock repurchase program in October 2021 under which the Company was authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. No shares were repurchased during the third quarter of 2022 under this plan, which expired in October 2022 and was replaced with a $100.0 million stock repurchase program approved in October 2022. This new plan will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased.
(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)
(3)(iv) 
(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 September 30, 2022 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 September 30, 2022, 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 3(ii) to the Form 8-K of the Company filed with the Commission on January 28, 2022 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:November 4, 2022/s/ C. Mitchell Waycaster
 C. Mitchell Waycaster
 President and
 Chief Executive Officer
 (Principal Executive Officer)
Date:November 4, 2022/s/ James C. Mabry IV
 James C. Mabry IV
 Executive Vice President and
 Chief Financial Officer
 (Principal Financial Officer)
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