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 2023-05-08

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 March 31, 2023
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 April 30, 2023, 56,092,901 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 March 31, 2023
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
5
Notes to Consolidated Financial Statements
6
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
41
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
64
Item 4.
Controls and Procedures
64
PART II
Item 1A.
Risk Factors
65
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
65
Item 6.
Exhibits
66
67



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries
Consolidated Balance Sheets

(In Thousands, Except Share Data)
(Unaudited)
March 31,
2023		December 31, 2022
Assets
Cash and due from banks$193,818 $193,513 
Interest-bearing balances with banks653,879 382,479 
Cash and cash equivalents847,697 575,992 
Securities held to maturity (net of allowance for credit losses of $32 at each of March 31, 2023 and December 31, 2022) (fair value of $1,204,079 and $1,206,540, respectively)
1,300,240 1,324,040 
Securities available for sale, at fair value1,507,907 1,533,942 
Loans held for sale, at fair value159,318 110,105 
Loans held for investment, net of unearned income11,766,425 11,578,304 
Allowance for credit losses on loans(195,292)(192,090)
Loans, net11,571,133 11,386,214 
Premises and equipment, net287,006 283,595 
Other real estate owned, net4,818 1,763 
Goodwill991,665 991,708 
Other intangible assets, net22,750 24,176 
Bank-owned life insurance375,572 373,808 
Mortgage servicing rights85,039 84,448 
Other assets320,938 298,385 
Total assets$17,474,083 $16,988,176 
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing$4,244,877 $4,558,756 
Interest-bearing9,667,142 8,928,210 
Total deposits13,912,019 13,486,966 
Short-term borrowings732,057 712,232 
Long-term debt431,111 428,133 
Other liabilities211,596 224,829 
Total liabilities15,286,783 14,852,160 
Shareholders’ equity
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
— — 
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,073,658 and 55,953,104 shares outstanding, respectively
296,483 296,483 
Treasury stock, at cost – 3,223,067 and 3,343,621 shares, respectively
(107,559)(111,577)
Additional paid-in capital1,299,458 1,302,422 
Retained earnings891,242 857,725 
Accumulated other comprehensive loss, net of taxes(192,324)(209,037)
Total shareholders’ equity2,187,300 2,136,016 
Total liabilities and shareholders’ equity$17,474,083 $16,988,176 
See Notes to Consolidated Financial Statements.    
1
Renasant Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In Thousands, Except Share Data)
Three Months Ended
 March 31,
 20232022
Interest income
Loans$163,524 $98,692 
Securities
Taxable13,253 8,934 
Tax-exempt1,838 1,901 
Other5,430 664 
Total interest income184,045 110,191 
Interest expense
Deposits32,866 5,637 
Borrowings15,404 4,925 
Total interest expense48,270 10,562 
Net interest income135,775 99,629 
Provision for credit losses on loans7,960 1,500 
Net interest income after provision for credit losses127,815 98,129 
Noninterest income
Service charges on deposit accounts9,120 9,562 
Fees and commissions4,676 3,982 
Insurance commissions2,446 2,554 
Wealth management revenue5,140 5,924 
Mortgage banking income8,517 9,633 
BOLI income3,003 2,153 
Other4,391 3,650 
Total noninterest income37,293 37,458 
Noninterest expense
Salaries and employee benefits69,832 62,239 
Data processing3,633 4,263 
Net occupancy and equipment11,405 11,276 
Other real estate owned30 (241)
Professional fees3,467 3,151 
Advertising and public relations4,686 4,059 
Intangible amortization1,426 1,366 
Communications1,980 2,027 
Merger and conversion related expenses— 687 
Restructuring charges— (455)
Other11,249 5,733 
Total noninterest expense107,708 94,105 
Income before income taxes57,400 41,482 
Income taxes11,322 7,935 
Net income$46,078 $33,547 
Basic earnings per share$0.82 $0.60 
Diluted earnings per share$0.82 $0.60 
Cash dividends per common share$0.22 $0.22 
See Notes to Consolidated Financial Statements.
2
Renasant Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
 
Three Months Ended
 March 31,
 20232022
Net income$46,078 $33,547 
Other comprehensive income (loss), net of tax:
Securities available for sale:
Unrealized holding gains (losses) on securities15,531 (100,462)
Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category2,328 (74)
Total securities available for sale17,859 (100,536)
Derivative instruments:
Unrealized holding (losses) gains on derivative instruments(1,232)6,379 
Total derivative instruments(1,232)6,379 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost86 31 
Total defined benefit pension and post-retirement benefit plans86 31 
Other comprehensive income (loss), net of tax16,713 (94,126)
Comprehensive income (loss)$62,791 $(60,579)

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
Three Months Ended March 31, 2023SharesAmount
Balance at January 1, 202355,953,104 $296,483 $(111,577)$1,302,422 $857,725 $(209,037)$2,136,016 
Net income— — — — 46,078 — 46,078 
Other comprehensive income— — — — — 16,713 16,713 
Comprehensive income62,791 
Cash dividends ($0.22 per share)
— — — — (12,561)— (12,561)
Issuance of common stock for stock-based compensation awards120,554 — 4,018 (6,409)— — (2,391)
Stock-based compensation expense— — — 3,445 — — 3,445 
Balance at March 31, 202356,073,658 $296,483 $(107,559)$1,299,458 $891,242 $(192,324)$2,187,300 
Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Three Months Ended March 31, 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 

See Notes to Consolidated Financial Statements.
4
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
 Three Months Ended March 31,
 20232022
Operating activities
Net income$46,078 $33,547 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses7,960 1,500 
Depreciation, amortization and accretion9,237 12,804 
Deferred income tax expense2,667 4,649 
Funding of mortgage loans held for sale(258,946)(595,046)
Proceeds from sales of mortgage loans held for sale212,755 769,797 
Gains on sales of mortgage loans held for sale(4,769)(6,047)
Losses (gains) on sales of premises and equipment2 (3)
Stock-based compensation expense3,445 3,338 
(Increase) decrease in other assets(10,945)5,746 
Decrease in other liabilities(14,866)(24,469)
Net cash (used in) provided by operating activities(7,382)205,816 
Investing activities
Purchases of securities available for sale— (285,635)
Proceeds from call/maturities of securities available for sale45,342 128,155 
Purchases of securities held to maturity— (79,434)
Proceeds from call/maturities of securities held to maturity25,424 7,620 
Net increase in loans(195,617)(264,251)
Purchases of premises and equipment(8,237)(2,030)
Proceeds from sales of premises and equipment— 100 
Purchase of bank-owned life insurance— (80,000)
Net change in FHLB stock(22,130)(422)
Proceeds from sales of other assets647 956 
Net cash paid in acquisition of businesses— (10,066)
Other, net1,340 207 
Net cash used in investing activities(153,231)(584,800)
Financing activities
Net decrease in noninterest-bearing deposits(313,879)(11,868)
Net increase in interest-bearing deposits738,933 97,041 
Net increase in short-term borrowings19,825 67,852 
Repayment of long-term debt— (32,008)
Cash paid for dividends(12,561)(12,505)
Net cash provided by financing activities432,318 108,512 
Net increase (decrease) in cash and cash equivalents271,705 (270,472)
Cash and cash equivalents at beginning of period575,992 1,877,965 
Cash and cash equivalents at end of period$847,697 $1,607,493 
Supplemental disclosures
Cash paid for interest$41,239 $10,324 
Cash paid for income taxes$17,443 $6,195 
Noncash transactions:
Transfers of loans to other real estate owned$3,623 $200 
Recognition of operating right-of-use assets$531 $30 
Recognition of operating lease liabilities$531 $30 

See Notes to Consolidated Financial Statements.
5
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., Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as “Republic Business Credit”). Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from offices located throughout the Southeast as well as offers factoring and asset-based lending on a nationwide basis.
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 the Company operates.
The Bank acquired Republic Business Credit, a factoring and asset-based lending company headquartered in New Orleans, Louisiana (“RBC”), effective December 30, 2022.
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, 2022 filed with the Securities and Exchange Commission on February 24, 2023.
Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material.

Impact of Recently-Issued Accounting Standards and Pronouncements:
In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminates the accounting guidance for troubled debt restructurings in Accounting Standards Codification (“ASC”) Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors,” while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. ASU 2022-02 was effective on January 1, 2023. The adoption of this accounting pronouncement had no impact on the Company’s financial statements aside from additional and revised disclosures.
In March 2023, FASB issued ASU 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”), which permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 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 historical financial statements but could influence the Company’s decisions with respect to investments in certain tax credits prospectively.
6
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 March 31, 2023 or December 31, 2022.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2023
Obligations of other U.S. Government agencies and corporations$170,000 $— $(4,110)$165,890 
Obligations of states and political subdivisions149,646 377 (6,866)143,157 
Residential mortgage backed securities:
Government agency mortgage backed securities487,834 77 (45,812)442,099 
Government agency collateralized mortgage obligations589,560 — (95,044)494,516 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,128 — (900)10,228 
Government agency collateralized mortgage obligations207,032 — (24,236)182,796 
Other debt securities73,051 15 (3,845)69,221 
$1,688,251 $469 $(180,813)$1,507,907 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2022
Obligations of other U.S. Government agencies and corporations$170,000 $— $(5,340)$164,660 
Obligations of states and political subdivisions154,066 204 (9,368)144,902 
Residential mortgage backed securities:
Government agency mortgage backed securities508,415 37 (52,036)456,416 
Government agency collateralized mortgage obligations605,033 — (103,864)501,169 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,166 — (1,053)10,113 
Government agency collateralized mortgage obligations211,435 — (25,589)185,846 
Other debt securities74,885 — (4,049)70,836 
$1,735,000 $241 $(201,299)$1,533,942 


7
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
March 31, 2023
Obligations of states and political subdivisions$290,983 $91 $(38,774)$252,300 
Residential mortgage backed securities
Government agency mortgage backed securities470,833 — (19,656)451,177 
Government agency collateralized mortgage obligations415,243 — (25,330)389,913 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,001 — (2,931)14,070 
Government agency collateralized mortgage obligations45,144 — (6,321)38,823 
Other debt securities61,068 — (3,272)57,796 
$1,300,272 $91 $(96,284)$1,204,079 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,300,240 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2022
Obligations of states and political subdivisions$291,886 $17 $(48,325)$243,578 
Residential mortgage backed securities
Government agency mortgage backed securities483,560 — (24,432)459,128 
Government agency collateralized mortgage obligations423,315 — (30,706)392,609 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,006 — (3,261)13,745 
Government agency collateralized mortgage obligations45,430 — (6,559)38,871 
Other debt securities62,875 — (4,266)58,609 
$1,324,072 $17 $(117,549)$1,206,540 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,324,040 

There were no securities sold during the three months ended March 31, 2023 or 2022.
At March 31, 2023 and December 31, 2022, securities with a carrying value of $879,751 and $824,417, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $15,549 and $18,184 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2023 and December 31, 2022, respectively.
The amortized cost and fair value of securities at March 31, 2023 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.
 
8
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 $150 $10,205 $10,201 
Due after one year through five years3,323 3,174 231,194 226,806 
Due after five years through ten years63,319 56,205 90,554 85,065 
Due after ten years224,191 192,771 51,463 47,748 
Residential mortgage backed securities:
Government agency mortgage backed securities470,833 451,177 487,834 442,099 
Government agency collateralized mortgage obligations415,243 389,913 589,560 494,516 
Commercial mortgage backed securities:
Government agency mortgage backed securities17,001 14,070 11,128 10,228 
Government agency collateralized mortgage obligations45,144 38,823 207,032 182,796 
Other debt securities61,068 57,796 9,281 8,448 
$1,300,272 $1,204,079 $1,688,251 $1,507,907 
9
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:
March 31, 2023
Obligations of other U.S. Government agencies and corporations5$165,890 $(4,110)—$— $— 5$165,890 $(4,110)
Obligations of states and political subdivisions3938,653 (248)4181,072 (6,618)80119,725 (6,866)
Residential mortgage backed securities:
Government agency mortgage backed securities63128,869 (4,799)62309,322 (41,013)125438,191 (45,812)
Government agency collateralized mortgage obligations430,958 (728)48463,558 (94,316)52494,516 (95,044)
Commercial mortgage backed securities:
Government agency mortgage backed securities1395 (1)39,833 (899)410,228 (900)
Government agency collateralized mortgage obligations733,579 (836)28149,217 (23,400)35182,796 (24,236)
Other debt securities1535,768 (1,177)923,608 (2,668)2459,376 (3,845)
Total134$434,112 $(11,899)191$1,036,610 $(168,914)325$1,470,722 $(180,813)
December 31, 2022
Obligations of other U.S. Government agencies and corporations5$164,660 $(5,340)—$— $— 5$164,660 $(5,340)
Obligations of states and political subdivisions84$96,939 $(4,869)11$33,038 $(4,499)95$129,977 $(9,368)
Residential mortgage backed securities:
Government agency mortgage backed securities97214,516 (15,115)29237,970 (36,921)126452,486 (52,036)
Government agency collateralized mortgage obligations16109,753 (8,552)36391,416 (95,312)52501,169 (103,864)
Commercial mortgage backed securities:
Government agency mortgage backed securities410,114 (1,053)—— — 410,114 (1,053)
Government agency collateralized mortgage obligations1667,026 (3,828)21118,821 (21,760)37185,847 (25,588)
Other debt securities2563,423 (3,167)17,412 (883)2670,835 (4,050)
Total247$726,431 $(41,924)98$788,657 $(159,375)345$1,515,088 $(201,299)
10
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:
March 31, 2023
Obligations of states and political subdivisions1$440 $— 127$247,694 $(38,774)128$248,134 $(38,774)
Residential mortgage backed securities:
Government agency mortgage backed securities242,422 (751)68408,755 (18,905)70451,177 (19,656)
Government agency collateralized mortgage obligations251,648 (1,622)16338,265 (23,708)18389,913 (25,330)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 114,069 (2,931)114,069 (2,931)
Government agency collateralized mortgage obligations27,656 (623)731,167 (5,698)938,823 (6,321)
Other debt securities123,156 (625)934,639 (2,647)1057,795 (3,272)
Total8$125,322 $(3,621)228$1,074,589 $(92,663)236$1,199,911 $(96,284)
December 31, 2022
Obligations of states and political subdivisions105$191,442 $(35,871)24$49,697 $(12,454)129$241,139 $(48,325)
Residential mortgage backed securities:
Government agency mortgage backed securities894,258 (4,186)62364,870 (20,246)70459,128 (24,432)
Government agency collateralized mortgage obligations498,912 (5,479)14293,698 (25,227)18392,610 (30,706)
Commercial mortgage backed securities:
Government agency mortgage backed securities113,745 (3,261)—— — 113,745 (3,261)
Government agency collateralized mortgage obligations27,651 (626)731,220 (5,933)938,871 (6,559)
Other debt securities242,567 (2,013)816,042 (2,253)1058,609 (4,266)
Total122$448,575 $(51,436)115$755,527 $(66,113)237$1,204,102 $(117,549)
 
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 currently 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 March 31, 2023, 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 three months of 2023.

The allowance for credit losses on held to maturity securities was $32 at March 31, 2023 and December 31, 2022. 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 March 31, 2023, 99.99% of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.

11
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

12
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 3 – Loans
(In Thousands, Except Number of Loans)

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

The following is a summary of loans and leases as of the dates presented:
 
March 31,
2023		December 31, 2022
Commercial, financial, agricultural$1,740,778 $1,673,883 
Lease financing128,274 122,167 
Real estate – construction:
Residential333,439 355,500 
Commercial1,090,913 974,837 
Total real estate – construction1,424,352 1,330,337 
Real estate – 1-4 family mortgage:
Primary2,288,592 2,222,856 
Home equity497,925 501,906 
Rental/investment344,705 334,382 
Land development147,758 157,119 
Total real estate – 1-4 family mortgage3,278,980 3,216,263 
Real estate – commercial mortgage:
Owner-occupied1,521,327 1,539,296 
Non-owner occupied3,447,217 3,452,910 
Land development117,269 125,857 
Total real estate – commercial mortgage5,085,813 5,118,063 
Installment loans to individuals115,356 124,745 
Gross loans11,773,553 11,585,458 
Unearned income(7,128)(7,154)
Loans, net of unearned income$11,766,425 $11,578,304 


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.
13
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
March 31, 2023
Commercial, financial, agricultural$1,978 $— $1,727,418 $1,729,396 $13 $2,552 $8,817 $11,382 $1,740,778 
Lease financing— — 128,274 128,274 — — — — 128,274 
Real estate – construction:
Residential445 — 332,842 333,287 — — 152 152 333,439 
Commercial— — 1,090,913 1,090,913 — — — — 1,090,913 
Total real estate – construction445 — 1,423,755 1,424,200 — — 152 152 1,424,352 
Real estate – 1-4 family mortgage:
Primary22,507 — 2,231,330 2,253,837 11,647 8,151 14,957 34,755 2,288,592 
Home equity2,335 — 493,312 495,647 109 994 1,175 2,278 497,925 
Rental/investment780 1,738 341,076 343,594 744 87 280 1,111 344,705 
Land development27 17 147,711 147,755 — 3 — 3 147,758 
Total real estate – 1-4 family mortgage25,649 1,755 3,213,429 3,240,833 12,500 9,235 16,412 38,147 3,278,980 
Real estate – commercial mortgage:
Owner-occupied6,047 16,724 1,494,891 1,517,662 126 2,159 1,380 3,665 1,521,327 
Non-owner occupied15,688 — 3,428,566 3,444,254 — 2,963 — 2,963 3,447,217 
Land development275 185 116,729 117,189 — — 80 80 117,269 
Total real estate – commercial mortgage22,010 16,909 5,040,186 5,079,105 126 5,122 1,460 6,708 5,085,813 
Installment loans to individuals910 — 114,209 115,119 31 49 157 237 115,356 
Unearned income— — (7,128)(7,128)— — — — (7,128)
Loans, net of unearned income$50,992 $18,664 $11,640,143 $11,709,799 $12,670 $16,958 $26,998 $56,626 $11,766,425 
 
14
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, 2022
Commercial, financial, agricultural$1,303 $69 $1,660,037 $1,661,409 $18 $2,373 $10,083 $12,474 $1,673,883 
Lease financing— — 122,167 122,167 — — — — 122,167 
Real estate – construction:
Residential49 — 355,374 355,423 — — 77 77 355,500 
Commercial8,525 — 966,312 974,837 — — — — 974,837 
Total real estate – construction8,574 — 1,321,686 1,330,260 — — 77 77 1,330,337 
Real estate – 1-4 family mortgage:
Primary28,198 — 2,164,582 2,192,780 6,015 12,503 11,558 30,076 2,222,856 
Home equity5,376 — 494,621 499,997 450 754 705 1,909 501,906 
Rental/investment720 38 332,648 333,406 20 331 625 976 334,382 
Land development174 — 156,863 157,037 46 36 — 82 157,119 
Total real estate – 1-4 family mortgage34,468 38 3,148,714 3,183,220 6,531 13,624 12,888 33,043 3,216,263 
Real estate – commercial mortgage:
Owner-occupied8,557 219 1,525,240 1,534,016 1,495 2,244 1,541 5,280 1,539,296 
Non-owner occupied3,521 — 3,444,047 3,447,568 5,304 — 38 5,342 3,452,910 
Land development279 — 125,507 125,786 — 40 31 71 125,857 
Total real estate – commercial mortgage12,357 219 5,094,794 5,107,370 6,799 2,284 1,610 10,693 5,118,063 
Installment loans to individuals2,001 5 122,481 124,487 38 100 120 258 124,745 
Unearned income— — (7,154)(7,154)— — — — (7,154)
Loans, net of unearned income$58,703 $331 $11,462,725 $11,521,759 $13,386 $18,381 $24,778 $56,545 $11,578,304 

Certain Modifications to Borrowers Experiencing Financial Difficulty
Certain modifications of loans made to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension, excluding covenant waivers and modification of contingent acceleration clauses are required to be disclosed in accordance with ASU 2022-02. The amortized cost of these modifications, all of which were in the form of interest rate reductions, totaled $1,184 during the first quarter of 2023, of which $1,029 and $155 were Real estate - commercial mortgage, non-owner occupied and Real estate - commercial mortgage, owner-occupied, respectively. These modifications represent an immaterial percentage of total loans. For modified loans in the Real estate - commercial mortgage, non-owner occupied class, the weighted average interest rate at modification was 6.67% and was reduced to 6.55%. For modified loans in the Real estate - commercial mortgage, owner occupied class, the weighted average interest rate at modification was 5.43% and was reduced to 4.75%. These loan modifications were current and accruing at March 31, 2023, and had no unused commitments. Upon the Company's determination that a modified loan has been subsequently deemed uncollectible, the loan, or portion of the loan, is charged off, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted accordingly. See Note 4, “Allowance for Credit Losses,” for more information on the allowance for credit losses.
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 10 and 95, with 10 being loans with the least credit risk. Loans within the “Pass” grade (those with a risk rating between 10 and 60) 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 70) 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
15
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
migrate toward the “Substandard” grade (those with a risk rating between 80 and 95) 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
 20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
March 31, 2023
Commercial, Financial, Agricultural$116,077 $368,138 $210,939 $131,648 $72,135 $92,677 $734,968 $7,549 $1,734,131 
Pass116,027 361,587 210,444 130,659 71,369 80,240 723,341 6,525 1,700,192 
Special Mention— 138 118 937 128 636 9,062 76 11,095 
Substandard50 6,413 377 52 638 11,801 2,565 948 22,844 
Lease Financing Receivables$12,933 $59,874 $16,481 $17,419 $9,122 $5,317 $— $— $121,146 
Pass12,933 56,812 16,481 15,108 8,069 3,943 — — 113,346 
Special Mention— — — — — 324 — — 324 
Substandard— 3,062 — 2,311 1,053 1,050 — — 7,476 
Real Estate - Construction$71,159 $599,389 $505,187 $100,439 $— $1,885 $18,675 $— $1,296,734 
Residential54,092 140,184 7,138 584 — 379 3,444 — 205,821 
Pass53,845 135,551 7,138 584 — 379 3,444 — 200,941 
Special Mention247 4,091 — — — — — — 4,338 
Substandard— 542 — — — — — — 542 
Commercial17,067 459,205 498,049 99,855 — 1,506 15,231 — 1,090,913 
Pass17,067 459,205 498,049 99,855 — 1,506 15,231 — 1,090,913 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$38,818 $211,413 $134,661 $47,942 $22,490 $54,820 $25,233 $2,200 $537,577 
Primary1,043 11,486 7,147 4,860 2,340 11,971 4,003 1,000 43,850 
Pass857 11,229 6,839 4,860 2,327 11,473 4,003 1,000 42,588 
Special Mention186 — — — — 47 — — 233 
Substandard— 257 308 — 13 451 — — 1,029 
Home Equity745 189 1,079 — 37 31 14,323 118 16,522 
Pass745 189 1,079 — 37 31 14,291 — 16,372 
Special Mention— — — — — — 32 — 32 
Substandard— — — — — — — 118 118 
Rental/Investment19,615 135,062 86,466 42,566 19,930 34,078 5,773 1,082 344,572 
Pass19,377 134,639 86,253 40,136 18,525 32,240 5,773 721 337,664 
Special Mention51 229 — — — 173 — — 453 
Substandard187 194 213 2,430 1,405 1,665 — 361 6,455 
Land Development17,415 64,676 39,969 516 183 8,740 1,134 — 132,633 
Pass17,374 64,676 39,969 512 183 8,643 1,134 — 132,491 
Special Mention— — — — — — — — — 
Substandard41 — — 4 — 97 — — 142 
Real Estate - Commercial Mortgage$106,196 $1,609,693 $1,008,812 $718,231 $485,850 $1,007,547 $110,736 $24,977 $5,072,042 
Owner-Occupied33,207 314,821 317,958 233,070 173,009 395,505 50,089 3,538 1,521,197 
Pass33,207 302,753 314,593 230,140 170,149 373,294 40,485 3,253 1,467,874 
Special Mention— 313 3,035 807 305 837 — — 5,297 
Substandard— 11,755 330 2,123 2,555 21,374 9,604 285 48,026 
Non-Owner Occupied66,313 1,242,726 673,257 479,353 306,706 602,322 55,265 21,248 3,447,190 
16
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Pass66,313 1,239,253 670,786 471,954 282,890 507,750 55,265 12,063 3,306,274 
Special Mention— 501 2,323 7,399 7,014 25,784 — — 43,021 
Substandard— 2,972 148 — 16,802 68,788 — 9,185 97,895 
Land Development6,676 52,146 17,597 5,808 6,135 9,720 5,382 191 103,655 
Pass6,640 52,146 17,558 5,504 6,135 9,197 5,382 191 102,753 
Special Mention— — 39 — — — — — 39 
Substandard36 — — 304 — 523 — — 863 
Installment loans to individuals$281 $— $— $— $18 $— $— $— $299 
Pass281 — — — 18 — — — 299 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$345,464 $2,848,507 $1,876,080 $1,015,679 $589,615 $1,162,246 $889,612 $34,726 $8,761,929 
Pass344,666 2,818,040 1,869,189 999,312 559,702 1,028,696 868,349 23,753 8,511,707 
Special Mention484 5,272 5,515 9,143 7,447 27,801 9,094 76 64,832 
Substandard314 25,195 1,376 7,224 22,466 105,749 12,169 10,897 185,390 


 Term Loans Amortized Cost Basis by Origination Year
 20222021202020192018PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2022
Commercial, Financial, Agricultural$460,604 $209,964 $142,790 $63,164 $25,099 $35,142 $717,422 $3,522 $1,657,707 
Pass450,559 209,580 141,712 62,370 21,963 28,014 704,491 2,384 1,621,073 
Special Mention719 — 1,010 383 678 — 11,616 80 14,486 
Substandard9,326 384 68 411 2,458 7,128 1,315 1,058 22,148 
Lease Financing Receivables$61,424 $18,379 $18,318 $10,628 $4,557 $1,707 $— $— $115,013 
Pass58,204 18,379 15,846 9,060 3,269 1,353 — — 106,111 
Watch— — — — — 354 — — 354 
Substandard3,220 — 2,472 1,568 1,288 — — — 8,548 
Real Estate - Construction$595,185 $476,190 $109,705 $8,525 $381 $6,858 $13,757 $424 $1,211,025 
Residential214,386 16,483 589 — 381 — 3,925 424 236,188 
Pass214,371 16,483 589 — 381 — 3,925 424 236,173 
Special Mention6 — — — — — — — 6 
Substandard9 — — — — — — — 9 
Commercial380,799 459,707 109,116 8,525 — 6,858 9,832 — 974,837 
Pass380,799 459,707 109,116 8,525 — 6,858 9,832 — 974,837 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
17
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 - 1-4 Family Mortgage$233,370 $141,066 $48,653 $24,664 $25,604 $35,971 $26,920 $1,238 $537,486 
Primary12,877 7,965 5,068 2,435 4,522 8,723 4,931 106 46,627 
Pass12,616 7,965 5,068 2,421 4,522 8,419 4,931 106 46,048 
Special Mention— — — — — 51 — — 51 
Substandard261 — — 14 — 253 — — 528 
Home Equity272 1,187 — 38 5 27 14,485 141 16,155 
Pass272 1,187 — 38 5 27 14,485 7 16,021 
Special Mention— — — — — — — — — 
Substandard— — — — — — — 134 134 
Rental/Investment138,481 85,711 42,056 21,997 14,785 24,448 5,972 787 334,237 
Pass138,137 85,522 41,604 21,097 14,671 22,899 5,972 482 330,384 
Special Mention231 — — — — 174 — — 405 
Substandard113 189 452 900 114 1,375 — 305 3,448 
Land Development81,740 46,203 1,529 194 6,292 2,773 1,532 204 140,467 
Pass80,514 46,203 1,525 194 6,292 2,723 1,532 204 139,187 
Special Mention1,226 — — — — — — — 1,226 
Substandard— — 4 — — 50 — — 54 
Real Estate - Commercial Mortgage$1,624,197 $1,000,563 $713,303 $531,424 $277,862 $810,919 $121,305 $25,173 $5,104,746 
Owner-Occupied309,792 319,174 239,946 178,137 128,452 302,495 57,869 3,300 1,539,165 
Pass298,851 314,429 237,058 175,262 122,537 282,657 50,640 3,300 1,484,734 
Special Mention9,640 3,047 815 1,670 — 672 4,808 — 20,652 
Substandard1,301 1,698 2,073 1,205 5,915 19,166 2,421 — 33,779 
Non-Owner Occupied1,256,098 657,121 466,703 346,908 144,872 501,863 57,637 21,680 3,452,882 
Pass1,252,484 647,937 466,703 322,997 127,358 418,294 57,637 12,142 3,305,552 
Special Mention506 — — 21,961 17,509 8,975 — — 48,951 
Substandard3,108 9,184 — 1,950 5 74,594 — 9,538 98,379 
Land Development58,307 24,268 6,654 6,379 4,538 6,561 5,799 193 112,699 
Pass58,307 24,228 6,342 6,379 4,465 6,067 5,799 193 111,780 
Special Mention— 40 — — — — — — 40 
Substandard— — 312 — 73 494 — — 879 
Installment loans to individuals$— $— $— $24 $— $— $— $— $24 
Pass— — — 24 — — — — 24 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$2,974,780 $1,846,162 $1,032,769 $638,429 $333,503 $890,597 $879,404 $30,357 $8,626,001 
Pass2,945,114 1,831,620 1,025,563 608,367 305,463 777,311 859,244 19,242 8,371,924 
Special Mention12,328 3,087 1,825 24,014 18,187 10,226 16,424 80 86,171 
Substandard17,338 11,455 5,381 6,048 9,853 103,060 3,736 11,035 167,906 

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
18
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
March 31, 2023
Commercial, Financial, Agricultural$— $13 $— $— $— $6,635 $— $— $6,648 
Performing Loans— 13 — — — 6,635 — — 6,648 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$5,640 $74,105 $47,582 $291 $— $— $— $— $127,618 
Residential5,640 74,105 47,582 291 — — — — 127,618 
Performing Loans5,640 73,953 47,582 291 — — — — 127,466 
Non-Performing Loans— 152 — — — — — — 152 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$91,446 $715,261 $550,406 $342,567 $150,212 $410,823 $475,448 $5,240 $2,741,403 
Primary90,554 706,700 547,270 341,603 149,663 408,894 — 58 2,244,742 
Performing Loans90,495 704,525 543,912 335,424 145,203 390,530 — 58 2,210,147 
Non-Performing Loans59 2,175 3,358 6,179 4,460 18,364 — — 34,595 
Home Equity— — 111 — — 662 475,448 5,182 481,403 
Performing Loans— — 111 — — 596 474,188 4,230 479,125 
Non-Performing Loans— — — — — 66 1,260 952 2,278 
Rental/Investment— — — — — 133 — — 133 
Performing Loans— — — — — 133 — — 133 
Non-Performing Loans— — — — — — — — — 
Land Development892 8,561 3,025 964 549 1,134 — — 15,125 
Performing Loans892 8,561 3,025 964 549 1,134 — — 15,125 
Non-Performing Loans— — — — — — — — — 
Real Estate - Commercial Mortgage$1,678 $4,299 $3,353 $2,378 $1,192 $871 $— $— $13,771 
Owner-Occupied— — — 130 — — — — 130 
Performing Loans— — — 130 — — — — 130 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — 27 — — — — 27 
Performing Loans— — — 27 — — — — 27 
Non-Performing Loans— — — — — — — — — 
Land Development1,678 4,299 3,353 2,221 1,192 871 — — 13,614 
Performing Loans1,678 4,254 3,353 2,217 1,192 871 — — 13,565 
Non-Performing Loans— 45 — 4 — — — — 49 
Installment loans to individuals$10,016 $35,603 $12,894 $5,347 $12,941 $24,340 $13,880 $36 $115,057 
Performing Loans9,988 35,581 12,872 5,320 12,901 24,246 13,879 33 114,820 
Non-Performing Loans28 22 22 27 40 94 1 3 237 
Total loans not subject to risk rating$108,780 $829,281 $614,235 $350,583 $164,345 $442,669 $489,328 $5,276 $3,004,497 
Performing Loans108,693 826,887 610,855 344,373 159,845 424,145 488,067 4,321 2,967,186 
Non-Performing Loans87 2,394 3,380 6,210 4,500 18,524 1,261 955 37,311 
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
December 31, 2022
Commercial, Financial, Agricultural$13 $— $— $— $— $16,163 $— $— $16,176 
Performing Loans13 — — — — 16,163 — — 16,176 
Non-Performing Loans— — — — — — — — — 
Lease Financing Receivables$— $— $— $— $— $— $— $— $— 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$57,570 $61,245 $497 $— $— $— $— $— $119,312 
Residential57,570 61,245 497 — — — — — 119,312 
Performing Loans57,493 61,245 497 — — — — — 119,235 
Non-Performing Loans77 — — — — — — — 77 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$704,214 $546,256 $351,213 $155,549 $116,951 $319,567 $481,254 $3,773 $2,678,777 
Primary694,941 541,801 350,205 154,979 115,876 318,364 — 63 2,176,229 
Performing Loans694,221 538,870 345,912 150,821 109,156 307,178 — 63 2,146,221 
Non-Performing Loans720 2,931 4,293 4,158 6,720 11,186 — — 30,008 
Home Equity— 111 — — — 676 481,254 3,710 485,751 
Performing Loans— 111 — — — 609 480,094 3,026 483,840 
Non-Performing Loans— — — — — 67 1,160 684 1,911 
Rental/Investment— — — — — 145 — — 145 
Performing Loans— — — — — 145 — — 145 
Non-Performing Loans— — — — — — — — — 
Land Development9,273 4,344 1,008 570 1,075 382 — — 16,652 
Performing Loans9,257 4,344 1,008 570 1,075 319 — — 16,573 
Non-Performing Loans16 — — — — 63 — — 79 
Real Estate - Commercial Mortgage$4,805 $3,518 $2,587 $1,281 $691 $435 $— $— $13,317 
Owner-Occupied— — 131 — — — — — 131 
Performing Loans— — 131 — — — — — 131 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — 28 — — — — — 28 
Performing Loans— — 28 — — — — — 28 
Non-Performing Loans— — — — — — — — — 
Land Development4,805 3,518 2,428 1,281 691 435 — — 13,158 
Performing Loans4,805 3,518 2,422 1,281 691 435 — — 13,152 
Non-Performing Loans— — 6 — — — — — 6 
Installment loans to individuals$44,255 $15,976 $6,416 $14,252 $17,095 $10,626 $16,062 $39 $124,721 
Performing Loans44,227 15,927 6,389 14,211 17,076 10,532 16,062 35 124,459 
Non-Performing Loans28 49 27 41 19 94 — 4 262 
Total loans not subject to risk rating$810,857 $626,995 $360,713 $171,082 $134,737 $346,791 $497,316 $3,812 $2,952,303 
Performing Loans810,016 624,015 356,387 166,883 127,998 335,381 496,156 3,124 2,919,960 
Non-Performing Loans841 2,980 4,326 4,199 6,739 11,410 1,160 688 32,343 
20
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table represents gross charge-offs by year of origination for the three months ended March 31, 2023:

20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal Charge-offs
Commercial, financial, agricultural— 277 103 — — 134 15 — 529 
Real estate – 1-4 family mortgage:
Primary— — — — — 3 — — 3 
Total real estate – 1-4 family mortgage— — — — — 3 — — 3 
Real estate – commercial mortgage:
Owner-occupied— — — — — 128 — — 128 
Non-owner occupied— — — 2,442 — 2,545 — — 4,987 
Total real estate – commercial mortgage— — — 2,442 — 2,673 — — 5,115 
Installment loans to individuals— 33 21 26 132 598 — — 810 
Loans, net of unearned income— 310 124 2,468 132 3,408 15 — 6,457 
21
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 4 – Allowance for Credit Losses
(In Thousands)

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 and such losses are reasonably quantified. 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, 2022.
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 March 31, 2023 and December 31, 2022, the Company had accrued interest receivable for loans of $52,202 and $49,850, respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets. Although the Company made the election to exclude accrued interest from the measurement of the allowance for credit losses, the Company did have an allowance for credit losses on interest deferred as part of the loan deferral program established in 2020 in response to the COVID-19 pandemic of $1,248 as of March 31, 2023 and December 31, 2022.

22
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following tables provide a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented:
CommercialReal Estate -
Construction		Real Estate -
1-4 Family
Mortgage		Real Estate  -
Commercial
Mortgage		Lease FinancingInstallment
Loans to Individuals		Total
Three Months Ended March 31, 2023
Allowance for credit losses:
Beginning balance$44,255 $19,114 $44,727 $71,798 $2,463 $9,733 $192,090 
Initial impact of purchased credit deteriorated (“PCD”) loans acquired
(26)— — — — — (26)
Charge-offs(529)— (3)(5,115)— (810)(6,457)
Recoveries725 — 24 211 5 760 1,725 
Net (charge-offs) recoveries196 — 21 (4,904)5 (50)(4,732)
Provision for (recovery of) credit losses on loans253 845 1,233 5,876 (31)(216)7,960 
Ending balance$44,678 $19,959 $45,981 $72,770 $2,437 $9,467 $195,292 
Period-End Amount Allocated to:
Individually evaluated$14,162 $35 $608 $1,734 $— $270 $16,809 
Collectively evaluated 30,516 19,924 45,373 71,036 2,437 9,197 178,483 
Ending balance$44,678 $19,959 $45,981 $72,770 $2,437 $9,467 $195,292 
Loans:
Individually evaluated$24,985 $652 $12,637 $10,375 $— $274 $48,923 
Collectively evaluated 1,715,793 1,423,700 3,266,343 5,075,438 121,146 115,082 11,717,502 
Ending balance$1,740,778 $1,424,352 $3,278,980 $5,085,813 $121,146 $115,356 $11,766,425 
Nonaccruing loans with no allowance for credit losses$768 $— $9,710 $5,511 $— $5 $15,994 


23
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 March 31, 2022
Allowance for credit losses:
Beginning balance$33,922 $16,419 $32,356 $68,940 $1,486 $11,048 $164,171 
Initial impact of PCD loans acquired1,648 — — — — — 1,648 
Charge-offs(2,102)— (163)(6)(7)(779)(3,057)
Recoveries1,136 — 178 155 12 725 2,206 
Net (charge-offs) recoveries(966)— 15 149 5 (54)(851)
(Recovery of) provision for credit losses on loans(998)1,992 4,477 (3,858)91 (204)1,500 
Ending balance$33,606 $18,411 $36,848 $65,231 $1,582 $10,790 $166,468 
Period-End Amount Allocated to:
Individually evaluated$9,225 $— $396 $2,660 $— $570 $12,851 
Collectively evaluated24,381 18,411 36,452 62,571 1,582 10,220 153,617 
Ending balance$33,606 $18,411 $36,848 $65,231 $1,582 $10,790 $166,468 
Loans:
Individually evaluated$13,070 $— $4,477 $15,464 $— $570 $33,581 
Collectively evaluated1,432,537 1,222,052 2,836,502 4,562,400 89,842 136,545 10,279,878 
Ending balance$1,445,607 $1,222,052 $2,840,979 $4,577,864 $89,842 $137,115 $10,313,459 
Nonaccruing loans with no allowance for credit losses$435 $— $2,614 $5,298 $— $2 $8,349 
 
The Company recorded a provision for credit losses of $7,960 during the first quarter of 2023, as compared to a provision for credit losses $1,500 recorded in the first quarter of 2022. 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 increase in provision for credit losses on loans in the first quarter as compared to the provision in the first quarter of the prior year was driven by loan growth coupled with a slight deterioration in our economic forecast.
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, 2022.
The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.
Three Months Ended March 31,20232022
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,118 $20,035 
Recovery of credit losses on unfunded loan commitments (included in other noninterest expense) (1,500)(550)
Ending balance$18,618 $19,485 

24
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 5 – Other Real Estate Owned
(In Thousands)

The following table provides details of the Company’s other real estate owned (“OREO”), net of valuation allowances and direct write-downs, as of the dates presented:
 
March 31, 2023December 31, 2022
Residential real estate$551 $699 
Commercial real estate3,507 62 
Residential land development4 246 
Commercial land development756 756 
Total$4,818 $1,763 

Changes in the Company’s OREO were as follows:
 
Total
OREO
Balance at January 1, 2023$1,763 
Transfers of loans3,623 
Dispositions(552)
Other(16)
Balance at March 31, 2023$4,818 

At March 31, 2023 and December 31, 2022, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $392 and $375, respectively.
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
 
Three Months Ended
 March 31,
 20232022
Repairs and maintenance$16 $3 
Property taxes and insurance111 35 
Impairments— 14 
Net gains on OREO sales(95)(291)
Rental income(2)(2)
Total$30 $(241)


Note 6 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the three months ended March 31, 2023 were as follows:
 Community BanksInsuranceTotal
Balance at January 1, 2023$988,941 $2,767 $991,708 
Deductions to goodwill and other adjustments(43)— (43)
Balance at March 31, 2023$988,898 $2,767 $991,665 

25
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table provides a summary of finite-lived intangible assets as of the dates presented:
 
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
March 31, 2023
Core deposit intangibles$82,492 $(65,431)$17,061 
Customer relationship intangible7,670 (1,981)5,689 
Total finite-lived intangible assets$90,162 $(67,412)$22,750 
December 31, 2022
Core deposit intangibles$82,492 $(64,339)$18,153 
Customer relationship intangible7,670 (1,647)6,023 
Total finite-lived intangible assets$90,162 $(65,986)$24,176 

Current year amortization expense for finite-lived intangible assets is presented in the table below.
Three Months Ended
March 31,
20232022
Amortization expense for:
  Core deposit intangibles$1,092 $1,321 
  Customer relationship intangible334 45 
Total intangible amortization$1,426 $1,366 

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2023 and the succeeding four years is summarized as follows:
Core Deposit IntangiblesCustomer Relationship IntangibleTotal
2023$4,043 $1,337 $5,380 
20243,498 1,192 4,690 
20253,102 1,048 4,150 
20262,899 860 3,759 
20272,774 628 3,402 

Note 7 – 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 three months ended March 31, 2023 or 2022.
26
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Changes in the Company’s MSRs were as follows:
Balance at January 1, 2023$84,448 
Capitalization2,915 
Amortization(2,324)
Balance at March 31, 2023$85,039 

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
March 31, 2023December 31, 2022
Unpaid principal balance$7,537,652 $7,494,413 
Weighted-average prepayment speed (CPR)7.49 %7.00 %
Estimated impact of a 10% increase$(2,308)$(5,393)
Estimated impact of a 20% increase(4,922)(10,354)
Discount rate10.31 %10.30 %
Estimated impact of a 10% increase$(5,149)$(1,765)
Estimated impact of a 20% increase(9,894)(3,957)
Weighted-average coupon interest rate3.58 %3.51 %
Weighted-average servicing fee (basis points)32.46 32.44 
Weighted-average remaining maturity (in years)8.068.33

The Company recorded servicing fees of $4,265 and $4,423 for the three months ended March 31, 2023 and 2022, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

Note 8 - Employee Benefit and Deferred Compensation Plans
(In Thousands, Except Share Data)

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
 March 31,March 31,
 2023202220232022
Service cost $— $— $— $1 
Interest cost249 184 6 3 
Expected return on plan assets(309)(421)— — 
Recognized actuarial loss (gain)131 61 (15)(19)
Net periodic benefit cost (return)$71 $(176)$(9)$(15)
 

27
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 three months ended March 31, 2023 or 2022. There were no stock options outstanding as of March 31, 2023.
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 three months ended March 31, 2023:

Performance-Based Restricted StockWeighted Average Grant-Date Fair ValueTime-Based Restricted StockWeighted Average Grant-Date Fair Value
Nonvested at beginning of period155,838 $36.23 680,403 $36.23 
Awarded67,118 37.52 293,577 36.56 
Vested— — (176,826)35.94 
Cancelled— — (19,250)34.48 
Nonvested at end of period222,956 $36.62 777,904 $36.46 

During the three months ended March 31, 2023, the Company reissued 120,554 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $3,445 and $3,338 for the three months ended March 31, 2023 and 2022, respectively.

Note 9 – Derivative Instruments
(In Thousands)
The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions.
Non-hedge derivatives
The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. 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:
28
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Balance SheetMarch 31, 2023December 31, 2022
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate contractsOther Assets$305,029 $10,429 $258,646 $11,354 
  Interest rate lock commitmentsOther Assets135,187 3,382 92,901 1,231 
Forward commitmentsOther Assets56,000 215 84,000 484 
Totals$496,216 $14,026 $435,547 $13,069 
Derivative liabilities:
  Interest rate contractsOther Liabilities$305,029 $10,429 $258,646 $11,354 
Interest rate lock commitmentsOther Liabilities3,120 12 19,488 98 
  Forward commitmentsOther Liabilities176,000 1,419 73,000 1,198 
Totals$484,149 $11,860 $351,134 $12,650 
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 March 31,
 20232022
Interest rate contracts:
Included in interest income on loans$1,742 $305 
Interest rate lock commitments:
Included in mortgage banking income2,237 (5,823)
Forward commitments
Included in mortgage banking income(490)10,188 
Total$3,489 $4,670 
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 March 31, 2023, 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 SheetMarch 31, 2023December 31, 2022
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate swapsOther Assets$130,000 $21,080 $130,000 $24,514 
  Interest rate collarsOther Assets450,000 1,496 200,000 464 
Total$580,000 $22,576 $330,000 $24,978 
Derivative liabilities:
  Interest rate swapsOther Liabilities$— $— $— $— 
  Interest rate collarsOther Liabilities— — 250,000 746 
Totals$— $— $250,000 $746 
29
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the three months ended March 31, 2023 or 2022. The impact on other comprehensive income for the three months ended March 31, 2023 and 2022 is discussed in Note 12, “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 SheetMarch 31, 2023December 31, 2022
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative liabilities:
  Interest rate swapsOther Liabilities$100,000 $17,268 $100,000 $19,789 
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 March 31,
 Location20232022
Derivative liabilities:
  Interest rate swaps - subordinated notesInterest Expense$2,521 $(6,343)
Derivative liabilities - hedged items:
  Interest rate swaps - subordinated notesInterest Expense$(2,521)$6,343 
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 LocationMarch 31, 2023December 31, 2022March 31, 2023December 31, 2022
Long-term debt$81,445 $78,881 $17,268 $19,789 
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:

30
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Offsetting Derivative AssetsOffsetting Derivative Liabilities
March 31,
2023		December 31, 2022March 31,
2023		December 31, 2022
Gross amounts recognized$31,041 $36,493 $20,866 $22,056 
Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amounts presented in the Consolidated Balance Sheets31,041 36,493 20,866 22,056 
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments19,662 22,056 19,662 22,056 
Financial collateral pledged— — 701 — 
Net amounts$11,379 $14,437 $503 $— 

Note 10 – 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.

March 31,December 31,
20232022
Deferred tax assets
Allowance for credit losses$53,030 $52,551 
Loans2,335 2,518 
Deferred compensation10,752 14,447 
Net unrealized losses on securities64,140 70,999 
Impairment of assets180 316 
Net operating loss carryforwards320 497 
Investment in partnerships1,204 1,164 
Lease liabilities under operating leases14,369 14,641 
Other4,707 3,523 
Total deferred tax assets151,037 160,656 
Deferred tax liabilities
Fixed assets10,999 10,342 
Mortgage servicing rights19,775 19,624 
Junior subordinated debt1,888 1,948 
Intangibles2,612 2,702 
Lease right-of-use asset13,736 14,018 
Other1,145 1,614 
Total deferred tax liabilities50,155 50,248 
Net deferred tax assets$100,882 $110,408 

For the three months ended March 31, 2023 and 2022, the Company recorded a provision for income taxes totaling $11,322 and $7,935, 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, 2020 through December 31, 2022.
31
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 11 – Fair Value Measurements
(In Thousands)
Fair Value Measurements and the Fair Level Hierarchy
ASC 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and 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:
 
32
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Level 1Level 2Level 3Totals
March 31, 2023
Financial assets:
Securities available for sale$— $1,507,907 $— $1,507,907 
Derivative instruments— 36,602 — 36,602 
Mortgage loans held for sale in loans held for sale— 159,318 — 159,318 
Total financial assets$— $1,703,827 $— $1,703,827 
Financial liabilities:
Derivative instruments:$— $29,128 $— $29,128 

Level 1Level 2Level 3Totals
December 31, 2022
Financial assets:
Securities available for sale$— $1,533,942 $— $1,533,942 
Derivative instruments— 38,047 — 38,047 
Mortgage loans held for sale in loans held for sale— 110,105 — 110,105 
Total financial assets$— $1,682,094 $— $1,682,094 
Financial liabilities:
Derivative instruments$— $33,185 $— $33,185 

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 three months ended March 31, 2023.
For the three months ended March 31, 2023 and 2022, respectively, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs.
 
Nonrecurring Fair Value Measurements
Certain assets and liabilities may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following tables provide the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:
 
March 31, 2023Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $20,114 $20,114 
OREO— — 4,818 4,818 
Total$— $— $24,932 $24,932 
 
December 31, 2022Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $14,732 $14,732 
OREO— — 1,763 1,763 
Total$— $— $16,495 $16,495 

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:

33
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 $35,184 and $18,288 at March 31, 2023 and December 31, 2022, respectively, and a specific reserve for these loans of $15,070 and $3,556 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:
 
March 31,
2023		December 31, 2022
Carrying amount prior to remeasurement$4,818 $1,842 
Impairment recognized in results of operations— (79)
Fair value$4,818 $1,763 

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 March 31, 2023 and December 31, 2022. There were no valuation adjustments on MSRs during the three months ended March 31, 2023 or 2022.
The following table presents information as of March 31, 2023 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
 
Financial instrumentFair
Value		Valuation TechniqueSignificant
Unobservable Inputs		Range of Inputs
Individually evaluated loans, net of allowance for credit losses$20,114 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$4,818 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.
A net gain of $1,780 and net loss of $13,021 resulting from fair value changes of these mortgage loans were recorded in income during the three months ended March 31, 2023 and 2022, 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.
34
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 March 31, 2023 and December 31, 2022:
 
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
March 31, 2023
Mortgage loans held for sale measured at fair value$159,318 $155,576 $3,742 
December 31, 2022
Mortgage loans held for sale measured at fair value$110,105 $108,143 $1,962 

Fair Value of Financial Instruments
The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:
 
  Fair Value
As of March 31, 2023Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$847,697 $847,697 $— $— $847,697 
Securities held to maturity1,300,240 — 1,204,079 — 1,204,079 
Securities available for sale1,507,907 — 1,507,907 — 1,507,907 
Loans held for sale159,318 — 159,318 — 159,318 
Loans, net11,571,133 — — 11,117,319 11,117,319 
Mortgage servicing rights85,039 — — 119,556 119,556 
Derivative instruments36,602 — 36,602 — 36,602 
Financial liabilities
Deposits$13,912,019 $11,409,503 $2,466,863 $— $13,876,366 
Short-term borrowings732,057 732,057 — — 732,057 
Junior subordinated debentures112,276 — 94,423 — 94,423 
Subordinated notes318,835 — 263,350 — 263,350 
Derivative instruments29,128 — 29,128 — 29,128 
 
35
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
  Fair Value
As of December 31, 2022Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$575,992 $575,992 $— $— $575,992 
Securities held to maturity1,324,040 — 1,206,540 — 1,206,540 
Securities available for sale1,533,942 — 1,533,942 — 1,533,942 
Loans held for sale110,105 — 110,105 — 110,105 
Loans, net11,386,214 — — 10,850,181 10,850,181 
Mortgage servicing rights84,448 — — 122,454 122,454 
Derivative instruments38,047 — 38,047 — 38,047 
Financial liabilities
Deposits$13,486,966 $11,791,526 $1,653,891 $— $13,445,417 
Short-term borrowings712,232 712,232 — — 712,232 
Junior subordinated debentures112,042 — 98,754 — 98,754 
Subordinated notes316,091 — 277,500 — 277,500 
Derivative instruments33,185 — 33,185 — 33,185 
36
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 12 – Other Comprehensive Income (Loss)
(In Thousands)
Changes in the components of other comprehensive income (loss), net of tax, were as follows for the periods presented:
 
Pre-TaxTax Expense
(Benefit)		Net of Tax
Three months ended March 31, 2023
Securities available for sale:
Unrealized holding gains on securities$20,714 $5,183 $15,531 
Amortization of unrealized holding losses on securities transferred to the held to maturity category3,128 800 2,328 
Total securities available for sale23,842 5,983 17,859 
Derivative instruments:
Unrealized holding losses on derivative instruments(1,656)(424)(1,232)
Reclassification adjustment for gains realized in net income— — — 
Total derivative instruments(1,656)(424)(1,232)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost116 30 86 
Total defined benefit pension and post-retirement benefit plans116 30 86 
Total other comprehensive income$22,302 $5,589 $16,713 
Three months ended March 31, 2022
Securities available for sale:
Unrealized holding losses on securities$(134,756)$(34,294)$(100,462)
Amortization of unrealized holding gains on securities transferred to the held to maturity category(99)(25)(74)
Total securities available for sale(134,855)(34,319)(100,536)
Derivative instruments:
Unrealized holding gains on derivative instruments8,556 2,177 6,379 
Total derivative instruments8,556 2,177 6,379 
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$(126,257)$(32,131)$(94,126)

The accumulated balances for each component of other comprehensive loss, net of tax, were as follows as of the dates presented:
 
March 31,
2023		December 31, 2022
Unrealized losses on securities$(201,907)$(219,766)
Unrealized gains on derivative instruments17,724 18,956 
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations(8,141)(8,227)
Total accumulated other comprehensive loss$(192,324)$(209,037)
37
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 13 – 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
 March 31,
 20232022
Basic
Net income applicable to common stock$46,078 $33,547 
Average common shares outstanding56,008,741 55,809,192 
Net income per common share - basic$0.82 $0.60 
Diluted
Net income applicable to common stock$46,078 $33,547 
Average common shares outstanding56,008,741 55,809,192 
Effect of dilutive stock-based compensation261,478 272,671 
Average common shares outstanding - diluted56,270,219 56,081,863 
Net income per common share - diluted$0.82 $0.60 


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
 March 31,
 20232022
Number of shares68,7712,200


Note 14 – Regulatory Matters
(In Thousands)
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications:
38
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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:

 March 31, 2023December 31, 2022
 AmountRatioAmountRatio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)$1,503,086 9.18 %$1,481,197 9.36 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,394,401 10.19 %1,372,747 10.21 %
Tier 1 Capital to Risk-Weighted Assets1,503,086 10.98 %1,481,197 11.01 %
Total Capital to Risk-Weighted Assets2,009,552 14.68 %1,968,001 14.63 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)$1,651,005 10.08 %$1,630,389 10.30 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,651,005 12.03 %1,630,389 12.10 %
Tier 1 Capital to Risk-Weighted Assets1,651,005 12.03 %1,630,389 12.10 %
Total Capital to Risk-Weighted Assets1,821,367 13.28 %1,781,312 13.22 %

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 March 31, 2023, 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.

Note 15 – 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, factoring, equipment leasing and treasury management services, 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,
39
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 March 31, 2023
Net interest income (loss)$140,757 $286 $1,050 $(6,318)$135,775 
Provision for credit losses7,960 — — — 7,960 
Noninterest income (loss)28,493 3,362 5,812 (374)37,293 
Noninterest expense100,381 2,039 4,928 360 107,708 
Income (loss) before income taxes60,909 1,609 1,934 (7,052)57,400 
Income tax expense (benefit)12,722 416 4 (1,820)11,322 
Net income (loss)$48,187 $1,193 $1,930 $(5,232)$46,078 
Total assets$17,362,799 $37,168 $79,452 $(5,336)$17,474,083 
Goodwill$988,898 $2,767 — — $991,665 
Three months ended March 31, 2022
Net interest income (loss)$103,932 $93 $490 $(4,886)$99,629 
Provision for credit losses1,500 — — — 1,500 
Noninterest income (loss)28,306 3,097 6,505 (450)37,458 
Noninterest expense86,871 2,116 4,755 363 94,105 
Income (loss) before income taxes43,867 1,074 2,240 (5,699)41,482 
Income tax expense (benefit)9,131 281 — (1,477)7,935 
Net income (loss)$34,736 $793 $2,240 $(4,222)$33,547 
Total assets$16,757,670 $33,794 $64,761 $7,532 $16,863,757 
Goodwill$943,524 $2,767 — — $946,291 
40
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, factoring and 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 or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xi) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xii) changes in the sources and costs of the capital we use to make loans and otherwise fund our operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xiii) general economic, market or business conditions, including the impact and cost of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics (including the re-emergence of the COVID-19 pandemic) and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond management’s control. Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate.
The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

Financial Condition
The following discussion provides details regarding the changes in significant balance sheet accounts at March 31, 2023 compared to December 31, 2022.
Assets
Total assets were $17,474,083 at March 31, 2023 compared to $16,988,176 at December 31, 2022.
Investments
41
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:
March 31, 2023December 31, 2022
BalancePercentage of
Portfolio		BalancePercentage of
Portfolio
Obligations of other U.S. Government agencies and corporations$165,890 5.91 %$164,660 5.76 %
Obligations of states and political subdivisions434,140 15.46 436,788 15.28 
Mortgage-backed securities2,077,860 73.99 2,122,855 74.28 
Other debt securities130,289 4.64 133,711 4.68 
$2,808,179 100.00 %$2,858,014 100.00 %
Allowance for credit losses - held to maturity securities(32)(32)
Securities, net of allowance for credit losses$2,808,147 $2,857,982 
The Company did not purchase any securities during the three months ended March 31, 2023.
During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has the intent and ability to hold these securities until their maturity. The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. At March 31, 2023, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $66,284. No gains or losses were recognized at the time of transfer.
Proceeds from maturities, calls and principal payments on securities during the first three months of 2023 totaled $70,766. The Company did not sell any securities during the first three months of 2023. Proceeds from the maturities, calls and principal payments on securities during the first three months of 2022 totaled $135,775. The Company did not sell any securities during the first three months of 2022.
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 $159,318 at March 31, 2023, as compared to $110,105 at December 31, 2022. Mortgage loans to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement. Under a “best efforts” sales agreement, residential real estate originations are locked in at a contractual rate with third party private investors or directly with government sponsored agencies, and the Company is obligated to sell the mortgages to such investors only if the mortgages are closed and funded. The risk we assume is conditioned upon loan underwriting and market conditions in the national mortgage market. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor if we fail to satisfy the contract. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. Our standard practice is to sell the loans within 30-40 days after the loan is funded. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market.
Loans
Total loans, excluding loans held for sale, were $11,766,425 at March 31, 2023 and $11,578,304 at December 31, 2022.
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:
42
 March 31, 2023December 31, 2022
 Total
Loans		Percentage of Total LoansTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural$1,740,778 14.79 %$1,673,883 14.46 %
Lease financing, net of unearned income121,146 1.03 115,013 0.99 
Real estate – construction:
Residential333,439 2.83 355,500 3.07 
Commercial1,090,913 9.27 974,837 8.42 
Total real estate – construction1,424,352 12.10 1,330,337 11.49 
Real estate – 1-4 family mortgage:
Primary2,288,592 19.45 2,222,856 19.20 
Home equity497,925 4.23 501,906 4.33 
Rental/investment344,705 2.93 334,382 2.89 
Land development147,758 1.26 157,119 1.36 
Total real estate – 1-4 family mortgage3,278,980 27.87 3,216,263 27.78 
Real estate – commercial mortgage:
Owner-occupied1,521,327 12.93 1,539,296 13.29 
Non-owner occupied3,447,217 29.30 3,452,910 29.82 
Land development117,269 1.00 125,857 1.09 
Total real estate – commercial mortgage5,085,813 43.23 5,118,063 44.20 
Installment loans to individuals115,356 0.98 124,745 1.08 
Total loans, net of unearned income$11,766,425 100.00 %$11,578,304 100.00 %

Loan concentrations are considered to exist when there are amounts loaned to a number of borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At March 31, 2023, 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 $13,912,019 and $13,486,966 at March 31, 2023 and December 31, 2022, respectively. Noninterest-bearing deposits were $4,244,877 and $4,558,756 at March 31, 2023 and December 31, 2022, respectively, while interest-bearing deposits were $9,667,142 and $8,928,210 at March 31, 2023 and December 31, 2022, respectively. Interest-bearing deposits included brokered deposits of $856,946 and $233,133 at March 31, 2023 and December 31, 2022, respectively.
Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits (that is, deposits excluding brokered deposits and time deposits greater than $250,000). Noninterest-bearing deposits represented 30.51% of total deposits at March 31, 2023, as compared to 33.80% of total deposits at December 31, 2022. The decrease in noninterest-bearing deposits reflects both deposit customers transferring noninterest-bearing deposits to interest-bearing deposits such as money market funds offered by financial institutions and other financial services companies, and the impact of our increase in brokered deposits in the first quarter of 2023 as compared to brokered deposits at December 31, 2022. Under certain circumstances, management may elect to acquire non-core deposits (in the form of brokered deposits) or public fund deposits (which are deposits of counties, municipalities or other political subdivisions). The source of funds that we select depends on the terms 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
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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 $1,882,616 and $1,760,460 at March 31, 2023 and December 31, 2022, respectively, and represented 13.53% and 13.05% of total deposits as of March 31, 2023 and December 31, 2022, 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:
March 31, 2023December 31, 2022
Security repurchase agreements$7,057 $12,232 
Short-term borrowings from the FHLB725,000 700,000 
$732,057 $712,232 
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:
March 31, 2023December 31, 2022
Junior subordinated debentures$112,276 $112,042 
Subordinated notes318,835 316,091 
$431,111 $428,133 
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. There were no long-term advances from the FHLB outstanding at March 31, 2023 or December 31, 2022. The Company had $2,923,320 of availability on unused lines of credit with the FHLB at March 31, 2023, as compared to $3,651,678 at December 31, 2022.
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.
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 first quarter of 2023 was $46,078 compared to net income of $33,547 for the first quarter of 2022. Basic and diluted earnings per share (“EPS”) for the first quarter of 2023 were $0.82 as compared to basic and diluted EPS of $0.60 for the first quarter of 2022.
From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented.
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Three Months Ended
 March 31, 2023March 31, 2022
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Merger and conversion expenses$— $— $— $687 $556 $0.01 
Restructuring benefit$— $— $— $(455)$(368)$(0.01)
Net Interest Income
Net interest income, the difference between interest earned on assets and the cost of interest-bearing liabilities, is the largest component of our net income, comprising 78.79% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the first quarter of 2023. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.
Net interest income was $135,775 for the three months ended March 31, 2023, as compared to $99,629 for the same period in 2022. On a tax equivalent basis, net interest income was $138,529 for the three months ended March 31, 2023, as compared to $101,383 same period in 2022.
The following table sets 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 March 31,
 20232022
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$11,688,534 $163,970 5.68 %$10,108,511 $97,001 3.88 %
Loans held for sale103,410 1,737 6.72 330,442 2,863 3.48 
Securities:
Taxable2,588,148 13,054 2.02 2,499,822 8,782 1.41 
Tax-exempt(1)
443,996 2,608 2.35 438,380 2,635 2.40 
Interest-bearing balances with banks464,229 5,430 4.74 1,463,991 664 0.18 
Total interest-earning assets15,288,317 186,799 4.94 14,841,146 111,945 3.05 
Cash and due from banks197,782 206,224 
Intangible assets1,011,557 965,430 
Other assets660,242 684,464 
Total assets$17,157,898 $16,697,264 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$6,066,770 $20,298 1.36 %$6,636,392 $3,647 0.22 %
Savings deposits1,052,802 826 0.32 1,097,560 139 0.05 
Brokered deposits395,942 4,318 4.42 — — — 
Time deposits1,564,658 7,424 1.92 1,374,722 1,851 0.55 
Total interest-bearing deposits9,080,172 32,866 1.47 9,108,674 5,637 0.25 
Borrowed funds1,281,552 15,404 4.86 485,777 4,925 4.08 
Total interest-bearing liabilities10,361,724 48,270 1.89 9,594,451 10,562 0.44 
Noninterest-bearing deposits4,386,998 4,651,793 
Other liabilities222,382 201,353 
Shareholders’ equity2,186,794 2,249,667 
Total liabilities and shareholders’ equity$17,157,898 $16,697,264 
Net interest income/net interest margin$138,529 3.66 %$101,383 2.76 %
(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 and mix and pricing decisions. External factors include changes in market interest rates, competition and other factors affecting the banking industry in general, and the shape of the interest rate yield curve. The largest contributing factors to the increase in net interest income for the three months ended March 31, 2023, as compared to the same period in 2022, were the rising interest rate environment throughout 2022 and thus far in 2023, for both interest-earning assets and interest-bearing liabilities, coupled with steady loan growth, offset by the Company’s decision to increase on-balance sheet liquidity following the bank failures in March 2023. The Company has continued to focus on mitigating increases in the cost of funding through maintaining 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, such as brokered deposits. In the first quarter of 2023, however, ensuring the safe and sound operation of the Bank in light of industry-wide conditions was management’s paramount concern, which led to the Company electing to significantly increase its brokered deposits and borrowed funds in the first quarter of 2023, as compared to the same quarter in 2022.
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The following tables set forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the three months ended March 31, 2023, as compared to the same period in 2022 (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 March 31, 2023 Compared to the Three Months Ended March 31, 2022
VolumeRateNet
Interest income:
Loans held for investment$16,897 $50,072 $66,969 
Loans held for sale(2,716)1,590 (1,126)
Securities:
Taxable334 3,938 4,272 
Tax-exempt33 (60)(27)
Interest-bearing balances with banks(755)5,521 4,766 
Total interest-earning assets13,793 61,061 74,854 
Interest expense:
Interest-bearing demand deposits(340)16,991 16,651 
Savings deposits(6)693 687 
Brokered deposits4,318 — 4,318 
Time deposits289 5,284 5,573 
Borrowed funds9,433 1,046 10,479 
Total interest-bearing liabilities13,694 24,014 37,708 
Change in net interest income$99 $37,047 $37,146 
Interest income, on a tax equivalent basis, was $186,799 for the three months ended March 31, 2023, as compared to $111,945 for the same period in 2022. The increase in interest income, on a tax equivalent basis, for the three months ended March 31, 2023 as compared to the same time period in 2022 is due primarily to additional interest rate increases by the Federal Reserve since March 2022, coupled with an improved mix of earning assets as excess cash was deployed into higher yielding assets since March 2022.
The following table presents the percentage of total average earning assets, by type and yield, for the periods presented:
 Percentage of Total Average Earning AssetsYield
Three Months EndedThree Months Ended
 March 31,March 31,
 2023202220232022
Loans held for investment76.45 %68.11 %5.68 %3.88 %
Loans held for sale0.68 2.23 6.72 3.48 
Securities19.83 19.80 2.07 1.55 
Other3.04 9.86 4.74 0.18 
Total earning assets100.00 %100.00 %4.94 %3.05 %

For the first quarter of 2023, interest income on loans held for investment, on a tax equivalent basis, increased $66,969 to $163,970 from $97,001 for the same period in 2022. In addition to loan growth since the first quarter of 2022, the Federal Reserve began to raise interest rates in March 2022, which positively impacted the Company’s loan pricing, and the average balance of loans held for investment increased $1,580,023 from March 2022, thereby resulting in the increase in interest income on loans held for investment for the first quarter of 2023 as compared to the first quarter of 2022.
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 Ended
 March 31,
 20232022
Net interest income collected on problem loans$392 $434 
Accretable yield recognized on purchased loans(1)
670 1,235 
Total impact to interest income on loans$1,062 $1,669 
Impact to loan yield0.04 %0.07 %
Impact to net interest margin0.03 %0.05 %
(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $261 and $373 for the first quarter of 2023 and 2022, respectively. This additional interest income increased total loan yield by one basis point for the first quarter of 2023 and 2022, while increasing net interest margin by one basis point for the same respective periods.
For the first quarter of 2023, interest income on loans held for sale (consisting of mortgage loans held for sale) decreased $1,126 to $1,737 from $2,863 for the same period in 2022.
Investment income, on a tax equivalent basis, increased $4,245 to $15,662 for the first quarter of 2023 from $11,417 for the first quarter of 2022. The tax equivalent yield on the investment portfolio for the first quarter of 2023 was 2.07%, up 52 basis points from 1.55% for the same period in 2022. The increase in taxable equivalent yield on securities for the three months ended March 31, 2023 as compared to the same period in 2022 was due to purchases of higher yielding securities. The increase in yield, coupled with growth in the securities portfolio during 2022 led to the growth in investment income, on a tax equivalent basis.
Interest expense was $48,270 for the first quarter of 2023 as compared to $10,562 for the same period in 2022.
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
 March 31,March 31,
 2023202220232022
Noninterest-bearing demand29.74 %32.65 %— %— %
Interest-bearing demand41.13 46.59 1.36 0.22 
Savings7.14 7.70 0.32 0.05 
Brokered deposits2.68 — 4.42 — 
Time deposits10.61 9.65 1.92 0.55 
Short term borrowings5.78 0.19 4.31 0.48 
Long-term Federal Home Loan Bank advances— 0.01 — 1.86 
Subordinated notes2.15 2.43 5.33 4.26 
Other borrowed funds0.77 0.78 7.67 4.41 
Total deposits and borrowed funds100.00 %100.00 %1.33 %0.30 %

Interest expense on deposits was $32,866 and $5,637 for the three months ended March 31, 2023 and 2022, respectively. The cost of total deposits was 0.99% and 0.17% for the three months ended March 31, 2023 and 2022, respectively. The increase in both deposit expense and cost is attributable to the Company’s efforts to offer competitive deposit rates in the rising interest rate environment and its decision to maintain additional on-balance sheet liquidity following the bank failures and broader industry concerns about bank liquidity that arose in March 2023. The Company has continued its efforts to maintain non-interest bearing deposits. Low cost deposits continue to be the preferred choice of funding; however, the Company may rely on brokered deposits or wholesale borrowings when advantageous or otherwise deemed advisable due to market conditions.
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Interest expense on total borrowings was $15,404 and $4,925 for the three months ended March 31, 2023 and 2022, respectively. The increase in interest expense is a result of higher average borrowings and interest rates primarily due to an increase in short-term FHLB borrowings during the first quarter of 2023.
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 March 31,
2023 2022
0.88% 0.91%
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 $37,293 for the first quarter of 2023 as compared to $37,458 for the same period in 2022.
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 $9,120 and $9,562 for the first quarter of 2023 and 2022, respectively. Overdraft fees, the largest component of service charges on deposits, were $4,580 for the three months ended March 31, 2023, as compared to $5,178 for the same period in 2022. The Company eliminated consumer non-sufficient funds fees as well as transfer fees to linked customer accounts effective January 1, 2023. The fees eliminated totaled approximately $1,300 for the first quarter of 2022.
Fees and commissions were $4,676 during the first quarter of 2023 as compared to $3,982 for the same period in 2022. Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions. For the first quarter of 2023, interchange fees were $2,327 as compared to $2,431 for the same period in 2022.
Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers. Income earned on insurance products was $2,446 and $2,554 for the three months ended March 31, 2023 and 2022. 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 $910 and $534 for the three months ended March 31, 2023 and 2022, respectively.
Our Wealth Management segment has two 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 $5,140 for the first quarter of 2023 compared to $5,924 for the same period in 2022. The market value of assets under management or administration was $4,980,887 and $5,021,299 at March 31, 2023 and March 31, 2022, 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. Interest rate lock commitments and originations of mortgage loans to be sold totaled $629,833 and $258,946, respectively, in the first quarter of 2023 compared to $1,174,146 and $595,045, respectively for the same period in 2022. The decrease in both interest rate lock commitments and mortgage loan originations was due to material increases in mortgage interest rates from historically low rates, significantly dampening demand for mortgages nationwide. In the third quarter of 2022, the Company sold a portion of its mortgage servicing rights portfolio with a carrying value of $15,565 for a pre-tax gain of $2,960. Mortgage banking income was $8,517 and $9,633 for the three months ended March 31, 2023 and 2022, respectively. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.
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Three Months Ended March 31,
2023 2022
Gain on sales of loans, net (1)
$4,770 $6,047 
Fees, net1,806 3,053 
Mortgage servicing income, net1,941 533 
Mortgage banking income, net$8,517 $9,633 
(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 $3,003 for the three months ended March 31, 2023 as compared to $2,153 for the same period in 2022. The Company purchased an additional $80,000 in BOLI policies during the first quarter of 2022. No such purchases were made in the first quarter of 2023.
Other noninterest income was $4,391 and $3,650 for the three months ended March 31, 2023 and 2022, respectively. Other noninterest income includes income from our SBA banking division, our capital markets division and other miscellaneous income and can fluctuate based on production in our SBA banking and capital markets divisions and recognition of other seasonal income items.
Noninterest Expense
Noninterest Expense to Average Assets
Three Months Ended March 31,
2023 2022
2.55%2.29%
Noninterest expense was $107,708 and $94,105 for the first quarter of 2023 and 2022, respectively.
Salaries and employee benefits increased $7,593 to $69,832 for the first quarter of 2023 as compared to $62,239 for the same period in 2022. The increase in salaries and employee benefits is due to increases in the minimum wage we pay our employees that were implemented in May 2022. The Company also incurred higher levels of performance-based incentive expense and medical and other insurance related expense in the first quarter of 2023. The acquisition of RBC added $1,563 to salaries and employee benefits expense in the first quarter of 2023.
Data processing costs decreased to $3,633 in the first quarter of 2023 from $4,263 for the same period in 2022. The decline in the first quarter of 2023 as compared to the same period in 2022 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 first quarter of 2023 was $11,405, as compared to $11,276 for the same period in 2022.
For the first quarter of 2023 the Company had expenses of $30 related to other real estate owned as compared to a net gain of $241 for the same period in 2022. 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 $14 for the first three months of 2022. There were no such write downs during the first quarter of 2023. For the three months ended March 31, 2023 and 2022, other real estate owned with a cost basis of $552 and $665, respectively, was sold, resulting in a net gain of $95 and $291, 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 $3,467 for the first quarter of 2023 as compared to $3,151 for the same period in 2022.
Advertising and public relations expense was $4,686 for the first quarter of 2023 as compared to $4,059 for the same period in 2022. During the three months ended March 31, 2023 and 2022, the Company contributed approximately $1,067 and $1,000, respectively, to charitable organizations throughout Mississippi and Georgia, 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 $1,426 and $1,366 for the first quarter of 2023 and 2022, respectively. This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at
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acquisition. These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 year to 8 years.
Communication expenses, those expenses incurred for communication to clients and between employees, were $1,980 for the first quarter of 2023 as compared to $2,027 for the same period in 2022.
Other noninterest expense includes the provision for unfunded commitments, business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses. Other noninterest expense was $11,249 for the three months ended March 31, 2023 as compared to $5,733 for the same period in 2022. The increase in other noninterest expense is primarily attributable to lower deferred loan origination expense in the first quarter of 2023 compared to the same period in 2022. The amount of loan origination expense deferred is directly correlated to the volume and mix of our loan production during the quarter. A negative provision (recovery) for unfunded commitments of $1,500 and $550 was recorded for the first quarter of 2023 and 2022, respectively.
Efficiency Ratio
Efficiency Ratio
Three Months Ended March 31,
2023 2022
Efficiency ratio (GAAP)61.26 %67.78 %

The efficiency ratio is a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. 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 first quarter of 2023 and 2022 was $11,322 and $7,935, respectively. The Company recognized tax credits of approximately $1,067 in the first quarter of 2023 (as mentioned above in the advertising and public relations discussion) as compared to approximately $1,000 in the first quarter of 2022.

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.
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
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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 10 to 95, with 10 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 three months of 2023 were $4,732, or 0.16% of average loans (annualized), compared to net charge-offs of $851, or 0.03% of average loans (annualized), for the same period in 2022. 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 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.

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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:
 
March 31, 2023December 31, 2022March 31, 2022
Balance% of TotalBalance% of TotalBalance% of Total
Commercial, financial, agricultural$44,678 14.79 %$44,255 14.46 %$33,606 14.02 %
Lease financing2,437 1.03 %2,463 0.99 %1,582 0.87 %
Real estate – construction19,959 12.10 %19,114 11.49 %18,411 11.85 %
Real estate – 1-4 family mortgage45,981 27.87 %44,727 27.78 %36,848 27.54 %
Real estate – commercial mortgage72,770 43.23 %71,798 44.20 %65,231 44.39 %
Installment loans to individuals9,467 0.98 %9,733 1.08 %10,790 1.33 %
Total$195,292 100.00 %$192,090 100.00 %$166,468 100.00 %

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 $7,960 in the first quarter of 2023, as compared to $1,500 in the first quarter of 2022. 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 loan growth coupled with a slight deterioration in our economic forecast.
The table below reflects the activity in the allowance for credit losses on loans for the periods presented:
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Three Months Ended
 March 31,
 20232022
Balance at beginning of period$192,090 $164,171 
Impact of PCD loans acquired during the period(26)1,648 
Charge-offs
Commercial, financial, agricultural529 2,102 
Lease financing— 7 
Real estate – 1-4 family mortgage3 163 
Real estate – commercial mortgage5,115 6 
Installment loans to individuals810 779 
Total charge-offs6,457 3,057 
Recoveries
Commercial, financial, agricultural725 1,136 
Lease financing5 12 
Real estate – 1-4 family mortgage24 178 
Real estate – commercial mortgage211 155 
Installment loans to individuals760 725 
Total recoveries1,725 2,206 
Net charge-offs4,732 851 
Provision for credit losses on loans7,960 1,500 
Balance at end of period$195,292 $166,468 
Net charge-offs (annualized) to average loans0.16 %0.03 %
Net charge-offs to allowance for credit losses on loans2.42 %0.51 %
Allowance for credit losses on loans to:
Total loans1.66 %1.61 %
Nonperforming loans259.39 %318.65 %
Nonaccrual loans344.88 %320.16 %


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

Three Months Ended
March 31, 2023March 31, 2022
Net Charge-offsAverage LoansAnnualized Net Charge-offs to Average LoansNet Charge-offsAverage LoansAnnualized Net Charge-offs to Average Loans
Commercial, financial, agricultural$(196)$1,721,838(0.05)%$966$1,424,5650.28%
Lease financing(5)116,164(0.02)(5)84,681(0.02)%
Real estate – construction—1,310,125——1,107,529—%
Real estate – 1-4 family mortgage(21)3,319,795—(15)2,810,988—%
Real estate – commercial mortgage4,9045,101,7520.39(149)4,540,731(0.01)%
Installment loans to individuals50118,8600.1754140,0170.16%
Total$4,732$11,688,5340.16%$851$10,108,5110.03%

The following table provides further details of the Company’s net charge-offs (recoveries) of loans secured by real estate for the periods presented:
 
Three Months Ended
 March 31,
 20232022
Real estate – construction:
Residential$— $— 
Total real estate – construction— — 
Real estate – 1-4 family mortgage:
Primary(10)62 
Home equity(3)22 
Rental/investment(2)(2)
Land development(6)(97)
Total real estate – 1-4 family mortgage(21)(15)
Real estate – commercial mortgage:
Owner-occupied(78)(149)
Non-owner occupied4,982 — 
Land development— — 
Total real estate – commercial mortgage4,904 (149)
Total net charge-offs (recoveries) of loans secured by real estate$4,883 $(164)

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 table below.
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Three Months Ended March 31,20232022
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,118 $20,035 
Provision for (recovery of provision for) credit losses on unfunded loan commitments (included in other noninterest expense)(1,500)(550)
Ending balance$18,618 $19,485 
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 nonperforming assets as of the dates presented.
March 31, 2023December 31, 2022
Nonaccruing loans$56,626 $56,545 
Accruing loans past due 90 days or more18,664 331 
Total nonperforming loans75,290 56,876 
Other real estate owned4,818 1,763 
Total nonperforming assets$80,108 $58,639 
Nonperforming loans to total loans0.64 %0.49 %
Nonaccruing loans to total loans0.49 %0.49 %
Nonperforming assets to total assets0.46 %0.35 %

The following table presents nonperforming loans by loan category as of the dates presented:
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March 31,
2023		December 31, 2022March 31,
2022
Commercial, financial, agricultural$11,382 $12,543 $13,177 
Lease financing— — — 
Real estate – construction:
Residential152 77 — 
Commercial— — — 
Total real estate – construction152 77 — 
Real estate – 1-4 family mortgage:
Primary34,755 30,076 20,331 
Home equity2,278 1,909 2,233 
Rental/investment2,849 1,014 878 
Land development20 82 521 
Total real estate – 1-4 family mortgage39,902 33,081 23,963 
Real estate – commercial mortgage:
Owner-occupied20,389 5,499 5,700 
Non-owner occupied2,963 5,342 8,558 
Land development265 71 485 
Total real estate – commercial mortgage23,617 10,912 14,743 
Installment loans to individuals237 263 359 
Total nonperforming loans$75,290 $56,876 $52,242 

Total nonperforming loans as a percentage of total loans were 0.64% as of March 31, 2023 as compared to 0.49% and 0.51% as of December 31, 2022 and March 31, 2022, respectively. The increase in nonperforming loans is primarily due to two loans, both of which are fully secured and with respect to which the Company expects no loss. The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 259.39% as of March 31, 2023 as compared to 337.73% as of December 31, 2022 and 318.65% as of March 31, 2022.
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 March 31, 2023. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due but still accruing interest were $50,992, or 0.43% of total loans, at March 31, 2023 as compared to $58,703, or 0.51% of total loans, at December 31, 2022 and $30,617, or 0.30% of total loans, at March 31, 2022.
Certain modifications of loans made to borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension, excluding covenant waivers and modification of contingent acceleration clauses are required to be disclosed in accordance with ASU 2022-02 and can contribute to our credit risk. The amortized cost of these modifications, all of which were in the form of interest rate reductions, totaled $1,184 during the first quarter of 2023, of which $1,029 and $155 were Real estate - commercial mortgage, non-owner occupied and Real estate - commercial mortgage, owner-occupied, respectively. These modifications represent an insignificant percentage of total loans. For modified loans in the Real estate - commercial mortgage, non-owner occupied class, the weighted average interest rate at modification was 6.67% and was reduced to 6.55%. For modified loans in the Real estate - commercial mortgage, owner occupied class, the weighted average interest rate at modification was 5.43% and was reduced to 4.75%. These loan modifications were current and accruing at March 31, 2023, and had no unused commitments. Upon the Company’s determination that a modified loan has been subsequently deemed uncollectible, the loan, or portion of the loan, is charged off, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted accordingly.
The following table provides details of the Company’s other real estate owned as of the dates presented:
 
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March 31,
2023		December 31, 2022March 31,
2022
Residential real estate$551 $699 $376 
Commercial real estate3,507 62 175 
Residential land development4 246 295 
Commercial land development756 756 1,216 
Total other real estate owned$4,818 $1,763 $2,062 

Changes in the Company’s other real estate owned were as follows:
20232022
Balance at January 1$1,763 $2,540 
Transfers of loans3,623 200 
Impairments— (14)
Dispositions(552)(665)
Other(16)1 
Balance at March 31$4,818 $2,062 

Other real estate owned with a cost basis of $552 was sold during the three months ended March 31, 2023, resulting in a net gain of $95, while other real estate owned with a cost basis of $665 was sold during the three months ended March 31, 2022, resulting in a net gain of $291.
Interest Rate Risk
Market risk is the risk of loss from adverse changes in market prices and rates. The majority of assets and liabilities of a financial institution are monetary in nature and therefore differ greatly from most commercial and industrial companies that have significant investments in fixed assets and inventories. Our market risk arises primarily from interest rate risk inherent in lending, investing and deposit-taking activities. Management believes a significant impact on the Company’s financial results stems from our ability to react to changes in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis. Changes in rates may also limit our liquidity, making it more costly for the Company to generate funds to make loans and to satisfy customers wishing to withdraw deposits.
Because of the impact of interest rate fluctuations on our profitability and liquidity, 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 liquidity risk and to make decisions relating to these processes. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk and preserving adequate liquidity so as to minimize the adverse impact of changes in interest rates on net interest income, liquidity and capital. We regularly monitor liquidity and stress our liquidity position in various simulated scenarios, which are incorporated in our contingency funding plan outlining different potential liquidity environments. The ALCO uses an asset/liability model as the primary quantitative tool in measuring the amount of interest rate risk associated with changing market rates. The model is used to perform both net interest income forecast simulations for multiple year horizons and economic value of equity (“EVE”) analyses, each under various interest rate scenarios, 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 April 1, 2023, in each case as compared to the result under rates present in the market on March 31, 2023. 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
+2001.63%5.71%5.76%
+1001.31%3.01%3.06%
-100(3.31)%(4.05)%(4.47)%
-200(9.31)%(8.80)%(10.33)%

The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at March 31, 2023. The preceding measures assume no change in the size or asset/liability compositions of the balance sheet, and they do not reflect future actions the ALCO may undertake in response to such changes in interest rates.
The scenarios assume instantaneous movements in interest rates in increments described in the table above. As interest rates are adjusted over 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, deposits and borrowings, how responsive our deposit repricing is to the change in market rates and the expected life of non-maturity deposits. These business assumptions are based upon our experience, business plans and published industry experience; however, such assumptions may not necessarily reflect the manner or timing in which cash flows, asset yields and liability costs respond to changes in market rates. Because these assumptions are inherently uncertain, actual results will differ from simulated results.
The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, caps and/or floors, forward commitments, and interest rate lock commitments, as part of its ongoing efforts to mitigate its interest rate risk exposure. For more information about the Company’s derivatives, see the information under the heading “Loan Commitments and Other Off-Balance Sheet Arrangements” in the Liquidity and Capital Resources section below and Note 9, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements. The Liquidity and Capital Resources section also details our available sources of liquidity, both on and off-balance sheet.

Liquidity and Capital Resources
Liquidity management is the ability to meet the cash flow requirements of customers who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs.
Core deposits, which are deposits excluding brokered deposits and 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. We may also access the brokered deposit market where rates are favorable to other sources of liquidity (especially in light of collateral requirements for certain borrowings, as described below) and core deposits are not sufficient for meeting our current and anticipated liquidity needs. During the first quarter of 2023, brokered deposits increased by $623,813 as compared to the balance at December 31, 2022. 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 17.29% 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 March 31, 2023, securities with a carrying value of $895,300 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 $842,601 similarly pledged at December 31, 2022.
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 $725,000 in short-term borrowings from the FHLB at March 31, 2023, as compared to $700,000 at December 31, 2022. Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no outstanding long-term advances with the FHLB at March 31, 2023 or December 31, 2022. The total amount of the remaining credit available to us from the FHLB at March 31, 2023 was $2,923,320. We also maintain lines of credit with other commercial banks totaling $180,000. These are unsecured lines of
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credit with the majority maturing at various times within the next twelve months. There were no amounts outstanding under these lines of credit at March 31, 2023 or December 31, 2022.
Finally, we can access the capital markets to meet liquidity needs. 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. In previous years, we have accessed the capital markets to generate liquidity in the form of common stock and subordinated notes. We have also assumed subordinated notes as part of acquisitions. The carrying value of subordinated notes, net of unamortized debt issuance costs, was $318,835 at March 31, 2023.
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
Three Months EndedThree Months Ended
 March 31,March 31,
 2023202220232022
Noninterest-bearing demand29.74 %32.65 %— %— %
Interest-bearing demand41.13 46.59 1.36 0.22 
Savings7.14 7.70 0.32 0.05 
Brokered deposits2.68 — 4.42 — 
Time deposits10.61 9.65 1.92 0.55 
Short-term borrowings5.78 0.19 4.31 0.48 
Long-term Federal Home Loan Bank advances— 0.01 — 1.86 
Subordinated notes2.15 2.43 5.33 4.26 
Other borrowed funds0.77 0.78 7.67 4.41 
Total deposits and borrowed funds100.00 %100.00 %1.33 %0.30 %

The estimated amount of uninsured and uncollateralized deposits at March 31, 2023 was $4,147,639. Collateralized public funds over the FDIC insurance limits were $1,485,827.

Our strategy in choosing funds is focused on minimizing cost in the context of our balance sheet composition, interest rate risk position and liquidity forecast. Accordingly, management targets growth of core deposits, focusing on noninterest-bearing deposits. While we do not control the types of deposit instruments our clients choose, we do influence those choices with the rates and the deposit specials we offer. We constantly monitor our funds position and evaluate the effect that various funding sources have on our financial position.
Cash and cash equivalents were $847,697 at March 31, 2023, as compared to $1,607,493 at March 31, 2022. Cash used in investing activities for the three months ended March 31, 2023 was $153,231, as compared to cash used in investing activities of $584,800 for the three months ended March 31, 2022. Proceeds from the sale, maturity or call of securities within our investment portfolio were $70,766 for the three months ended March 31, 2023, as compared to $135,775 for the same period in 2022. These proceeds were primarily used to fund loan growth in 2023, while they were primarily reinvested into the investment portfolio in 2022. There were no purchases of investment securities during the first three months of 2023, as compared to $365,069 for the same period in 2022.
Cash provided by financing activities for the three months ended March 31, 2023 was $432,318, as compared to cash provided by financing activities of $108,512 for the same period in 2022. Deposits increased $425,054 and $85,173 for the three months ended March 31, 2023 and 2022, respectively.
Restrictions on Bank Dividends, Loans and Advances
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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 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 March 31, 2023, the maximum amount available for transfer from the Bank to the Company in the form of loans was $182,137. 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 March 31, 2023.
These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the three months ended March 31, 2023, 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:
March 31, 2023December 31, 2022
Loan commitments$3,484,332 $3,577,614 
Standby letters of credit120,787 98,357 

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 March 31, 2023, the Company had notional amounts of $305,029 on interest rate contracts with corporate customers and $305,029 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 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
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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.
For more information about the Company’s derivatives, see Note 9, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.

Shareholders’ Equity and Regulatory Matters
Total shareholders’ equity of the Company was $2,187,300 at March 31, 2023 compared to $2,136,016 at December 31, 2022. Book value per share was $39.01 and $38.18 at March 31, 2023 and December 31, 2022, respectively. The growth in shareholders’ equity was attributable to changes in accumulated other comprehensive income and current period earnings, offset by dividends declared.
In October 2022, the Company’s Board of Directors approved a 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 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 quarter of 2023.
The Company has junior subordinated debentures with a carrying value of $112,276 at March 31, 2023, of which $108,685 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 March 31, 2023. 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 March 31, 2023, of which $336,104 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
March 31, 2023
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,394,401 10.19 %$889,836 6.50 %$958,285 7.00 %
Tier 1 risk-based capital ratio1,503,086 10.98 %1,095,183 8.00 %1,163,632 8.50 %
Total risk-based capital ratio2,009,552 14.68 %1,368,979 10.00 %1,437,428 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,503,086 9.18 %818,319 5.00 %654,655 4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,651,005 12.03 %$891,753 6.50 %$960,349 7.00 %
Tier 1 risk-based capital ratio1,651,005 12.03 %1,097,542 8.00 %1,166,138 8.50 %
Total risk-based capital ratio1,821,367 13.28 %1,371,927 10.00 %1,440,524 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,651,005 10.08 %818,664 5.00 %654,931 4.00 %
December 31, 2022
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,372,747 10.21 %$874,093 6.50 %$941,331 7.00 %
Tier 1 risk-based capital ratio1,481,197 11.01 %1,075,807 8.00 %1,143,045 8.50 %
Total risk-based capital ratio1,968,001 14.63 %1,344,758 10.00 %1,411,996 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,481,197 9.36 %790,853 5.00 %632,683 4.00 %
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,630,389 12.10 %$876,066 6.50 %$943,455 7.00 %
Tier 1 risk-based capital ratio1,630,389 12.10 %1,078,235 8.00 %1,145,624 8.50 %
Total risk-based capital ratio1,781,312 13.22 %1,347,794 10.00 %1,415,183 10.50 %
Leverage capital ratios:
Tier 1 leverage ratio1,630,389 10.30 %791,299 5.00 %633,040 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 14, “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, 2022, filed with the Securities and Exchange Commission on February 24, 2023. 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, 2022. Since December 31, 2022, there have been no material changes in these critical accounting estimates.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in our market risk since December 31, 2022. For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 24, 2023.

Item 4. CONTROLS AND PROCEDURES
Based on their evaluation as of the end of the period covered by this quarterly report on Form 10-Q, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) are effective for ensuring that information the Company is required to disclose in reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its Principal Executive and Principal Financial Officers, as appropriate to allow timely decisions regarding required disclosure. There 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, 2022. Except as set forth below, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K.
Our business, financial condition and results of operations could be materially affected by adverse developments impacting the financial services industry, such as recent bank failures or concerns involving liquidity.
Recent bank failures have created general uncertainty and generated concerns regarding the adequacy of liquidity of the banking sector generally, resulting in significant volatility in stock prices of publicly-traded bank holding companies. These developments appear to have negatively impacted some customers’ confidence in banks, prompting these customers to maintain their deposits with larger financial institutions, and additional bank failures or sales of distressed banks in anticipation of their failure could prolong customer concerns. In addition, competition for deposits has increased in recent periods, and the cost of funding, both for deposits and other sources of liquidity, has increased. If the concerns surrounding the banking sector persist, our businesses, financial condition and results of operations could be materially adversely impacted.

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 March 31, 2023, 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)(3)
January 1, 2023 to January 31, 202326,331 $37.59 — $100,000 
February 1, 2023 to February 28, 2023— — — 100,000 
March 1, 2023 to March 31, 202345,125 31.08 — 100,000 
Total71,456 $33.48 — 
(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 performance- and time-based restricted stock awards.
(2)The Company announced a $100.0 million stock repurchase program in October 2022 under which the Company was authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. This plan will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased. No shares were repurchased during the first quarter of 2023 under this plan.
(3)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 March 31, 2023 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 March 31, 2023, 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:May 8, 2023/s/ C. Mitchell Waycaster
 C. Mitchell Waycaster
 President and
 Chief Executive Officer
 (Principal Executive Officer)
Date:May 8, 2023/s/ James C. Mabry IV
 James C. Mabry IV
 Executive Vice President and
 Chief Financial Officer
 (Principal Financial Officer)
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